Conference Call
3Q12 Results
November/2012
Economic-Financial Office and Investor Relations Office
Notice
This presentation may contain forward-looking statements referring to
SABESP’s business outlook. operating and financial results estimates. and growth
prospects. These are only projections. and as such. they are exclusively based
on SABESP’s management expectation in relation to the future of business and its
continuous access to capital to finance the Company’s business plan. These
forward-looking statements largely depend on changes in market conditions.
governmental rules. industry performance and the Brazilian economy. amongst
other factors. in addition to risks exhibited in disclosure documents filed by
SABESP. Therefore. they are subject to changes without prior notice.
2
Billed Volume
Total water and sewage billed volume, including wholesale (million m³)
2.5%
2,699.4
2,632.8
3.1%
3.2%
879.0
Sewage
Water
370.6
3.8%
2.8%
1,141.8
1,107.5
907.2
2.1%
384.5
508.4
522.7
3Q11
3Q12
1,525.3
1,557.6
9M11
9M12
Losses
Billed Water Volume
Produced Water Volume
770.2
754.0
741.0
760.8
750.7
3Q11
4Q11
519.7
523.7
522.7
25.9
511.4
508.4
25.8
25.7
1Q12
2Q12
3Q12
3Q11
4Q11
1Q12
2Q12
3Q12
3Q11
25.6
4Q11
25.7
1Q12
2Q12
3Q12
3
Financial Highlights
2,711.0
Net operating
revenue
2,591.3
1,988.6
Costs and expenses
1,943.1
0,4%
2.3%
902.0
EBITDA
814.2
10.8%
721.8
EBIT
Net Income
4.6%
646.0
11.7%
361.8
38,9%
432.1%
169.1%
68.0
3Q12
3Q11
4
Costs and Expenses (R$ million)
Costs and expenses in 3Q11: R$ 1,943.1
(8.7%)
Costs and expenses in 3Q12: R$ 1,988.6
2.3%
656
(0.1%)
427
599
427
6.7%
245
Payroll and
Benefits
Construction
costs
8.5%
4.8%
43 46
37 39
Supplies
Treatment
supplies
262
8.0%
0.6%
144 145
194
7.1%
210
168
180
310.5%
(7.8%)
71
17
Services
Electric
power
3Q11
General
Expenses
Depreciation
and
Amortization
12 11
Credit writeoffs
Tax expenses
3Q12
% of Net Revenue in 3Q11
16.5%
25.3%
1.6%
1.4%
9.5%
5.6%
7.5%
6.5%
0.7%
0.4%
% of Net Revenue in 3Q12
15.7%
22.1%
1.7%
1.4%
9.6%
5.3%
7.7%
6.6%
2.6%
0.4%
5
Net Income – Main variations
Net Income
3Q11
N.O.R.
Costs and
Expenses
3Q11
Net Income 3Q11
2,591.3
Net Operating Revenue
(1,943.0)
Costs and Expenses
(14.8)
Other Revenues and Expenses
(510.7)
Net Financial
(54.7)
Income Tax and Social Contrib.
3Q12
2,711.0
(1,988.5)
(60.1)
(109.3)
(191.2)
Var.
68.0
119.7
(45.5)
(45.3)
401.4
(136.5)
Net Financial
401.4
Income Tax
and Social
Contribution
Net Income
3Q12
(136.5)
361.8
361.8
Net Income 3Q12
119.7
Other Rev.
and Expenses
(45.5)
(45.3)
68.0
6
Long term low, cost funding
Total Debt Breakdown
B Brasil
6.9%
BIRD 0.4%
Others
1.7%
Total Debt by Currency
JICA 11.7%
Yen
11.7%
Currency
Basket*
3.3%
CEF 18.5%
BID 14.8%
US
Dollar
23.8%
Local
Currency
61.2%
Eurobônus
12.1%
BNDES
12.5%
(*) Index that measures the variations of the world’s major currencies –
type of international currency (IDB 713 agreement)
Debêntures
21.5%
Debt Amortization Profile
R$ million
1,650
1,500
1,350
1,200
1,050
900
750
600
450
300
150
0
Local Currency
Foregin Currency
1,309
1,276
1,042
754
761
779
507
611
601
220
2012
2013
2014
2015
2016
2017
2018
2019
2020
287
248
2021
2022
2023+
7
New Tariff Methodology
Volume (M3)
BRR0
BRRT = BRR0 + ∑(CAPEX+∆ CG-DEP)
CAPEX + OPEX + IRCS + ∆ CG
P0  TIR = WACC
May 18, 2011
ARSESP discloses WACC of 8.06%
Jan 16, 2012
ARSESP’s proposal for tariff review methodology is disclosed.
Feb 29, 2012 to
Mar 14, 2012
Public Hearings are held to discuss the methodology on which the tariff review will be based
Aug 30, 2012
Nov 13, 2012
Sabesp submits to ARSESP the Regulatory Asset Base (BRR) and the detailed Business Plan
ARSESP discloses the final methodology on which the tariff review will be based
ARSESP discloses the proposed preliminary Initial Maximum Average Tariff (P0) and Efficiency Gain Factor (X) and calls for a
public hearing
Dec 13, 2012
Public hearing is held to discuss the preliminary Initial Maximum Average Tariff (P0) and the Efficiency Gains Factor (X)
Dec 29, 2012
Tariff Review Results relating to preliminary Initial Maximum Average Tariff (P0) and the Efficiency Gains Factor (X) are
disclosed
Apr 30, 2013
SABESP submits its Tariff Structure proposal
Jun 10, 2013
ARSESP calls for a public hearing on the final Maximum Average Tariff (P0), Tariff Structure and tariff values
Jul 12, 2013
Public hearing is held to discuss the final Maximum Average Tariff (P0) and the Tariff Structure
Aug 9, 2013
ARSESP discloses the final Maximum Average Tariff (P0) and the Tariff Structure
8
www.sabesp.com.br
IR Contacts
Mario Azevedo de Arruda Sampaio
[email protected]
+55 (11) 3388-8664
Angela Beatriz Airoldi
[email protected]
+55 (11) 3388-8793