results presentation 4 q09

111

COMPANHIA DE GÁS

DE SÃO PAULO

Financial Results

- December 2008 -

222

Highlights: 2008

Volume sold 5.2 billion Cu.M. in 2008, up 3.6% when compared to 2007;

Net Revenue of R$ 4.0 billion in 2008, an increase of 24.2% related to 2007;

Net Income of R$ 514.0 million in 2008, 16.0% growth compared to 2007;

EBITDA of R$ 1,035 billion in 2008, 11.9% growth compared 2007;

R$ 275.4 million in dividends paid in 2008, related to 2007 results;

Over 81.4 thousand residential units added in 12 months, reflecting the focus of the company in the

expansion of residential market;

Annual CAPEX totaled R$ 403 million.

333

Contracts:

Natural Gas Supply – Year 2008

• DCQ: 0.6 MM Cu.M./day

• Contract Expiration: May 2011

Commodity:

Oil Basket (Brent)

+ Exchange Rate

Transport:

USA Inflation (CPI)

TCQ CONTRACT: Natural Gas coming from Bolivia


• Contract Expiration: June 2019

BG CONTRACT: Natural Gas coming from Bolivia

FIRM GSA “Novo Contrato Firme”


• Contract Expiration : December 2012

70%

Oil Basket (Brent) +

Exchange Rate

30%

Brazilian PPI (IGPM)

FIRM ENERGY GSA “Contrato Firme Flexível”


• Contract Expiration: December 2012

PREFERENCIAL GSA “Contrato Interruptível”

• DCQ: 0 to 1.5 MM Cu.M./day

• Contract Expiration: December 2010

PRICE:

70%

Oil Basket (Brent) +

Exchange Rate

30%

Brazilian PPI (IGPM)

FIRM

444

Comgás: Sales per SegmentIn Thousand Cu.M.

* MMm3/day excluding thermal generation

4Q08 3Q08 4Q07 D

4Q08/3Q08

D

4Q08/4Q072008 2007

D

2008/2007

35,999 38,334 31,755 -6.1% 13.4% Residential 135,944 120,742 12.6%

25,429 26,087 25,484 -2.5% -0.2% Commercial 99,633 98,600 1.0%

882,194 1,003,070 961,239 -12.1% -8.2% Industrial 3,855,030 3,960,145 -2.7%

71,459 55,439 76,942 28.9% -7.1% Thermal generation 333,301 81,937 N.A.

73,408 75,028 75,856 -2.2% -3.2% Cogeneration 304,403 225,875 34.8%

124,356 127,288 150,367 -2.3% -17.3% NGV 524,725 582,066 -9.9%

1,212,846 1,325,246 1,321,643 -8.5% -8.2% 5,253,036 5,069,365 3.6%

12.4 13.8 13.5 MMm3/day* 13.4 13.7

555

Comgás: Meters per Segment

* UDAs (Householders).

Dec-08 Sep-08 Dec-07D

Dec08/Sep08

D

Dec08/Dec07

Residential

Number of UDAs *

Commercial

Industrial

Thermal Generation

Cogeneration

NGV

620,191 604,430 562,175 2.6% 10.3%

765,103 745,144 683,692 2.7% 11.9%

8,885 8,755 8,563 1.5% 3.8%

1,004 1,011 989 -0.7% 1.5%

2 2 2 0.0% 0.0%

20 19 16 5.3% 25.0%

401 403 384 -0.5% 4.4%

630,503 614,620 572,129 2.6% 10.2%

NGV401 403 384

666

78.1%73.4%

2.4%2.6%

1.9%

1.9%

11.5%

10.0%

4.5%

5.8%

1.6%

6.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008

Thermal Generation

Cogeneration

NGV

Commercial

Residential

Industrial

Volumes per Segment

MM Cu.M.

5,069 5,253

+ 3.6%

777

74.0% 72.7%

8.9% 8.9%

4.1% 3.8%

9.4%8.5%

3.0% 4.0%

0.6% 2.1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008

Thermal Generation

Cogeneration

NGV

Commercial

Residential

Industrial

Gross Revenue per SegmentR$ thousand+ 24.2%

4,025,920 4,999,759

888

65.0% 64.8%

19.4% 19.9%

7.5% 7.1%

5.7% 4.7%

2.2% 2.8%0.3%

0.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008

Thermal Generation

Cogeneration

NGV

Commercial

Residential

Industrial

Margin per Segment

R$ thousand

1,223,359 1,415,535

+ 15.7%

999

Comgás: Financial Results

R$ thousand

1,054,801 1,130,233 836,377 -6.7% 26.1% 3,989,074 3,211,912 24.2%

(728,483) (727,908) (514,817) 0.1% 41.5% (2,622,738) (1,998,081) 31.3%

326,318 402,325 321,560 -18.9% 1.5% 1,366,336 1,213,831 12.6%

(135,915) (115,218) (117,348) 18.0% 15.8% (466,291) (397,639) 17.3%

(35,400) (34,772) (30,223) 1.8% 17.1% (134,946) (109,125) 23,7%

(34,874) (32,199) (38,502) 8.3% -9.4% (122,159) (134,120) -8.9%

155,529 254,908 165,710 -39.0% -6.1% 777,886 682,072 14.0%

(14,902) (16,816) (18,241) -11.4% -18.3% (61,285) (59,419) 3.1%

225,803 321,879 234,435 -29.8% -3.7% 1,034,991 925,317 11.9%

Net Sales Revenue

Cost of Goods Sold and/or Services Rendered

Gross Income

Selling, General and Administrative Expenses

Depreciation and Amortization

Financial Results

Operating Income

Net Income

EBITDA

2.3%-38.6%100,495167,550102,806 514,045 442,991 16.0%

Non Operating Result

23.7%

4Q08 3Q08 4Q074Q08/3Q08 4Q08/4Q07

2008 20072008/2007

D D D

101010

Comgás: Financial Indicators

Note:

(1) Results achieved during the period were annualized;

4Q08 3Q08 4Q07 2008 2007

9.5 9.7 8.9 Equity per shares ($) 9.5 9.0

0.9 1.4 0.8 Earnings per shares ($) 4.3 3.7

124.7% 109.0% 108.5% Net Debt/ Equity (%) 124.7% 108.5%

0.8 0.8 0.7 Current Ratio (x) 0.8 0.7

30.9% 35.6% 38.4% Gross Margin (%) 34.3% 37.8%

9.7% 14.8% 12.0% Net Margin (%) 12.9% 13.8%

21.4% 28.5% 28.0% EBITDA Margin (%) 25.9% 28.8%

10.2% 18.2% 12.8% Return on Assets (%) 12.8% 14.1%

36.2% 57.4% 37.3% Return on Equity (%) 45.2% 41.2%

4Q08 3Q08 4Q07 2008 2007


0.9 1.4 0.8 Earnings per shares ($) 4.3 3.7

124.7% 109.0% 108.5% Net Debt/ Equity (%) 124.7% 108.5%

0.8 0.8 0.7 Current Ratio (x) 0.8 0.7

30.9% 35.6% 38.4% Gross Margin (%) 34.3% 37.8%

9.7% 14.8% 12.0% Net Margin (%) 12.9% 13.8%

21.4% 28.5% 28.0% EBITDA Margin (%) 25.9% 28.8%

10.2% 18.2% 12.8% Return on Assets (%) 12.8% 14.1%

36.2% 57.4% 37.3% Return on Equity (%) 45.2% 41.2%

4Q08 3Q08 4Q07 2008 2007


0.9 1.4 0.8 4.3 3.7

126.5% 109.0% 108.5% Net Debt/ Equity (%) 126.5% 108.5%

0.8 0.8 0.7 0.8 0.7

30.9% 35.6% 38.4% Gross Margin (%) 34.3% 37.8%

9.7% 14.8% 12.0% 12.9% 13.8%

21.4% 28.5% 28.0% EBITDA Margin (%) 25.9% 28.8%

10.2% 18.2% 12.8% 12.8% 14.1%

36.2% 57.4% 37.3% Return on Equity (%) 45.2% 41.2%

111111

R$ MM

153(b)

100(c)

50(a)

152(b)

178(a)

120(b)

59.5(b)

46(a)

59.4(b)

49(a)

150(b)

62.7(b)

62.7(b)

Dividends Paid

(c) Intermediate dividends over retained earnings

(b) Dividends referring to previous year

(a) Interpolate dividends over the current year result

10% 77%95%26%15%17% 75% PAYOUT53%

121212

Investments – 2000 to 2008

Over R$ 2.7 billion invested in the period

Network Extension:

Dec/07: 5,255 km’s

Dec/08: 5,704 km’s

Main Projects:

Campinas Project

Castelo Branco Project

Santos/ São Vicente Project

CAPEXR$ MM

131313

Investor Relations

Companhia de Gás de São Paulo – COMGÁSwww.comgas.com.br/en/investors/

Roberto Lage

CFO and IRO

Renata Oliva

Investor Relations

Rua Olimpíadas, nº 205, 10º andar - Vila Olímpia - CEP 04551-000 / São Paulo - SP - Brazil

results presentation 4 q09

Business