results presentation 4 q10

COMPANHIA DE GÁS DE SÃO PAULO

Institutional Presentation

Financial Results - December 2010

222

HistóricoHistórico

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Sales volume reached 4.9 M³ in 2010, an increase of 15.2% compared to 2009;

Continuous growth in the residential segment: over 108 thousand new residential connections in the year;

The number of meters grew by 9.12% over the year, to reach 767,214;

In the year 2010 were declared R$ 427 million in dividends and interest on equity;

Year of strong appreciation of Comgás stocks, the preferred (CGAS5) increase of 19.08% and 22.03%

appreciation of the ordinary (CGAS3),

The company ended the year with a negative Regulatory Current Account of $ 230 million;

Comgás investments reached R$ 405 million in 2010;

Signing contracts with European Investment Bank (EIB), totaling € 200 million, for the Company's

expansion;

Comgás adopted International Financial Reporting Standards (IFRS) beginning in 2Q10;

Highlights: December 2010

333


HistóricoVolume per Segment

In thousand M3

* Excluding Thermal Generation

4Q10 3Q10 4Q09∆

4Q10/3Q10∆

4Q10/4Q0912M10 12M09

∆ 12M10/12M09

42,956 46,958 37,209 -8.52% 15.44% RESIDENTIAL 162,849 143,980 13.11%

26,679 26,396 26,395 1.07% 1.08% COMMERCIAL 101,169 95,399 6.05%

907,780 946,874 898,656 -4.13% 1.02% INDUSTRIAL 3,688,066 3,313,937 11.29%

138,897 117,238 123 18.47% N,A, THERMAL GENERATION 307,620 20,706 N,A,

93,870 91,217 86,815 2.91% 8.13% COGENERATION 332,581 318,139 4.54%

77,051 76,594 92,953 0.60% -17.11% NGV 317,675 368,804 -13.86%

1,287,234 1,305,277 1,142,151 -1.38% 12.70% 4,909,960 4,260,965 15.23%

12,5 12,9 12,4 -3.34% 0.55% Mi m³/day* 12,6 11,6 8.54%

444


Histórico

* UDAs (Householders)

Meters per Segment

dec/10 set/10 dec/09∆

dec10/set10∆

dec10/dez09

756,080 735,967 692,448 RESIDENTIAL 2.73% 9.19%

977,750 945,327 869,138 UDAs* 3.43% 12.50%

9,760 9,568 9,265 COMMERCIAL 2.01% 5.34%

982 974 973 INDUSTRIAL 0.82% 0.92%

2 2 2 THERMAL GENERATION 0.00% 0.00%

23 20 23 COGENERATION 15.00% 0.00%

367 373 373 NGV -1.61% -1.61%

767,214 746,904 703,084 2.72% 9.12%

555


HistóricoVolume per Segment

20102009

4,261 4,910

15.23%

In Mi M3

666


HistóricoGross Revenue per Segment

In R$ Thousand

20102009

4,820,1894,911,218

-1.85%

9,1%

4,1%

74,3%

0,2%

4,6%7,7%

RESIDENTIAL

COMMERCIAL

INDUSTRIAL

THERMAL GENERATION

COGENERATION

NGV

9,9%

4,1%

73,8%

2,0%4,5%

5,7%

777


HistóricoMargin per Segment

-8.88%

20102009

1,663,231 1,515,468

In R$ Thousand

888


Histórico

CONTRACTS

Natural Gas Supply

Firm GSA: Comgás buys natural gas from Petrobras and distributes to existing markets receiving its distribution margin, the Natural Gas couldn’t be

interrupted;

Firm Flexible Agreement: under this type of agreement, Petrobras supplies natural gas or indemnifies clients for the additional costs incurred due

to the consumption of an alternative fuel, Gas supply may be interrupted at the discretion of Petrobras, but with no risk of supply cuts for Comgás

consumers, Petrobras will also bear the cost of the financial impacts incurred by Comgás and the clients in question;

999


HistóricoFinancial Results

In R$ Thousand4Q10 3Q10 4Q09∆

4Q10/3Q10∆

4Q10/4Q0912M10 12M09

∆ 12M10/12M09

1,050,216 1,084,078 1,032,820 -3.12% 1.68% Net Sales Revenue 4,095,343 4,116,279 -0.51%

-677,148 -642,142 -616,456 5.45% 9.85%Cost of Goods Sold and/ or Services

Rendered-2,575,560 -2,444,000 5.38%

373,068 441,936 416,364 -15.58% -10.40% GROSS RESULT 1,519,783 1,672,279 -9.12%

-102,753 -85,822 -97,352 19.73% 5.55% Selling General and Adm, Expenses -331,809 -308,818 7.45%

270,315 356,115 319,012 -24.09% -15.26% EBTIDA 1,187,974 1,363,461 -12.87%

-53,976 -52,392 -49,505 3.02% 9.03% Depreciation and Amortization -209,702 -177,602 18.07%

-33,900 -37,032 -39,112 -8.46% -13.33% Financial Results -134,590 -175,731 -23.41%

-1,483 -4,969 -4,034 -70.15% -63.24% Other operating Result -6,446 -30,491 -78.86%

180,956 261,721 226,361 -30.86% -20.06% OPERATING RESULT 837,236 979,637 -14.54%

127,322 188,335 176,329 -32.40% -27.79% NET INCOME 579,980 690,394 -15.99%

According to the last accountability legislation (unauditaed figures)

-72,211 -102,147 -123,336 -29.31% -41.45% Current Account -259,008 -498,940 -48.09%

202,628 255,966 193,389 -20.84% 4.78% EBTIDA 934,139 838,239 11.44%

80,281 121,536 95,806 -33.94% -16.20% NET INCOME 412,792 367,867 12.21%

101010


HistóricoComgás: Financial Indicators

4Q10 3Q10 4Q09 12M10 12M09

11.5 11.7 10.9 Equity per Share ($) 11.5 10.9

1.1 1.6 1.5 Earnings per Share ($) 4.8 5.8

1.0 1.0 1.1 Net Debt per Equity (x) 1.0 1.1

1.1 1.1 1.0 Net Debt per EBITDA (x) 1.1 1.0

0.7 0.8 0.7 Current Ratio (x) 0.7 0.7

35.5% 40.8% 40.3% Gross Margin (%) 37.1% 40.6%

12.1% 17.4% 17.1% Net Margin (%) 14.2% 16.8%

25.7% 32.8% 30.9% EBITDA Margin (%) 29.0% 33.1%

13.2% 19.2% 18.8% Return on Assets (%) 15.1% 18.4%

37.0% 53.8% 54.1% Return on Equity (%) 42.1% 53.0%

According to the last accountability legislation (unaudited figures)

31.8% 33.6% 30.3% Gross Margin (%) 33.1% 29.5%

8.4% 12.0% 10.0% Net Margin (%) 10.8% 9.5%

21.1% 25.2% 20.2% EBITDA Margin (%) 24.4% 21.6%

111111


HistóricoIndebtedness Structure

In R$ millionT

ota

l In

deb

ted

ness

Lo

ng

term

Deb

ts-

Ag

ing

In R$ million

BNDES

Outros

Indebtedness Composition

Short Term Long Term

1,453

282309

234 216

54106

65 27

1722

30

92

2011 2012 2013 2014 2015 2016 and beyond

In Foreign Currency In Nacional Currency

603

347

1,0161,106

dec/09 dec/10

37%24%

63% 76%

1,619

121212


Histórico

D = 61

D = 204

D = 17

R$

Mill

ion

D = 123

D = 68

D = 111

Comgás: Regulatory Current Account Balance Evolution

Balance of Gas bill receivables: Cash Effect

D = 102

D = 73

131313


HistóricoTotal Shareholder Remuneration

11 16 27 25

303330 334

275 268

427

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

In R$ million

2010 YEAR

Dividends:

R$ 28.1 million related to 2009 results, paid on May 31, 2010;

R$ 286.9 million related to the retained earnings of the previous years, paid in 3 installments in 2010: R$ 76.9 million on June 30th; R$ 110.0 million on August31; and R$ 100.0 million paid on November 30,

R$ 50 million related to 2009 retained earnings, paid on December 17, 2010,

Interest on Equity:

R$ 34.4 million from 2010 results, paid on July 30, 2010;

R$ 9.5 million from 2010 results, paid on September 30, 2010;

R$ 9.5 million from 2010 results, paid on November 30, 2010;

R$ 8.9 million from 2010 results, paid on January 31, 2011,

17% 15%

26%

10%

95%

77% 75%

53%

73% 74%

---- PAYOUT

141414


Histórico

Network Extension (in thousand):

Dec/09: 6,257 Km

Dec/10: 6,900 Km

D: 643 Km

100

229 200 230276

474426 397 403 409 405

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

2.5 2.6 2.93.3 3.6 3.9

4.5 4.9 5.15.7

6.26.7

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Investments

Over R$ 3.5 billion invested in the period

NOTE: UDA’s Added (in 12 months): 108,612

187

In R$ Million

Taubaté

Campinas

Americana

Guarulhos

Santos

Jundiaí

Santo André

Piracicaba

Hortolândia

Main Projects: New Projects:

*Note: From 2009 amounts accounted on IFRS

151515


Histórico

The forward-looking statements in this report related to

the outlook for the business, estimated financial and

operating results and growth prospects of COMGAS are

merely projections and, as such, are based exclusively on

management expectations regarding future performance,

These expectations depend substantially on market

conditions and the performance of the Brazilian economy,

the business sector and the international markets, and

are therefore subject to change without prior notice,

161616


HistóricoInvestor [email protected]/en/investors

ROBERTO LAGECFO and

IRO

PAULO POLEZITreasury and

Investor Relations

RENATA OLIVAInvestor Relations

ALEXANDRE PALHARESInvestor Relations

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

results presentation 4 q10

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