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Name | Symbol | Market | Type |
---|---|---|---|
Companhia Sanea | NYSE:SBS | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.07 | 0.46% | 15.18 | 15.395 | 15.171 | 15.36 | 540,115 | 01:00:00 |
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.
Yes ______ No ___X___
CIA. DE SANEAMENTO BÁSICO DO ESTADO DE SÃO PAULO - SABESP
Rui de Britto Álvares Affonso
Chief Financial Officer and Investor Relations Officer
Mario Azevedo de Arruda Sampaio
Head of Capital Markets and Investor Relations
SABESP announces 1Q19 results
|
|
São Paulo, May 9, 2019 - Companhia de Saneamento Básico do Estado de São Paulo - SABESP (B3: SBSP3; NYSE: SBS), one of the largest water and sewage services providers in the world based on the number of costumers, announces today its 1Q18 results . The Company’s operating and financial information, except when indicated otherwise is presented in Brazilian Reais, in accordance with the Brazilian Corporate Law. All comparisons in this release, unless otherwise stated, refer to the same period of 2018 . |
SBSP3: R$ 47.80/share SBS: US$ 12.11 (ADR=1 share) Total shares: 683,509,869 Market value: R$ 32.672 billion Closing quote: 05/09/2019
|
1. Financial highlights
R$ million | |||||
1Q19 | 1Q18 | Var. (R$) | % | ||
Gross operating revenue ¹ | 3,536.1 | 3,280.8 | 255.3 | 7.8 | |
Construction revenue | 603.5 | 647.2 | (43.7) | (6.8) | |
COFINS and PASEP and TRCF taxes ² | (261.1) | (228.4) | (32.7) | 14.3 | |
(=) | Net operating revenue | 3,878.5 | 3,699.6 | 178.9 | 4.8 |
Costs and expenses | (2,156.4) | (1,998.7) | (157.7) | 7.9 | |
Construction costs | (590.0) | (632.7) | 42.7 | (6.7) | |
Equity result | 1.8 | 2.8 | (1.0) | (35.7) | |
Other operating revenue (expenses), net | 7.8 | 11.5 | (3.7) | (32.2) | |
(=) | Earnings before financial result, income tax and social contribution | 1,141.7 | 1,082.5 | 59.2 | 5.5 |
Financial result | (150.5) | (193.9) | 43.4 | (22.4) | |
(=) | Earnings before income tax and social contribution | 991.2 | 888.6 | 102.6 | 11.5 |
Income tax and social contribution | (343.9) | (308.2) | (35.7) | 11.6 | |
(=) | Net income | 647.3 | 580.4 | 66.9 | 11.5 |
Earnings per share* (R$) | 0.95 | 0.85 |
(1) Includes Regulation, Control and Inspection Fee (TRCF), totaling R$16.7 million in 1Q19 and R$15.5 million in 1Q18.
(2) Includes TRCF transfer, totaling R$14.6 million in 1Q19 and R$13.5 million in 1Q18.
(*) Total shares = 683,509,869
Adjusted EBITDA Reconciliation (Non-accounting measures)
R$ million | |||||
1Q19 | 1Q18 | Var. (R$) | % | ||
Net income | 647.3 | 580.4 | 66.9 | 11.5 | |
Income tax and social contribution | 343.9 | 308.2 | 35.7 | 11.6 | |
Financial result | 150.5 | 193.9 | (43.4) | (22.4) | |
Other operating revenues (expenses), net | (7.8) | (11.5) | 3.7 | (32.2) | |
(=) | Adjusted EBIT* | 1,133.9 | 1,071.0 | 62.9 | 5.9 |
Depreciation and amortization | 410.8 | 328.0 | 82.8 | 25.2 | |
(=) | Adjusted EBITDA ** | 1,544.7 | 1,399.0 | 145.7 | 10.4 |
(%) Adjusted EBITDA margin | 39.8 | 37.8 |
* Adjusted EBIT is net income before: (i) other operating revenues/expenses, net; (ii) financial result; and (iii) income tax and social contribution.
** Adjusted EBITDA is net income before: (i) depreciation and amortization expenses; (ii) income tax and social contribution; (iii) financial result; and (iv) other operating revenues/expenses, net.
In 1Q19, net operating revenue, which considers construction revenue, totaled R$3,878.5 million, up 4.8% year-over-year.
Costs and expenses, which consider construction costs, totaled R$2,746.4 million, up 4.4% year-over-year.
Adjusted EBIT, totaling R$1,133.9 million, up 5.9% over the R$1,071.0 million reported in 1Q18.
Adjusted EBITDA, totaling R$1,544.7 million, up 10.4% over the R$1,399.0 million reported in 1Q18 (R$6,686.3 million in the last 12 months).
The adjusted EBITDA margin in 1Q19 was of 39.8%, over 37.8% in 1Q18 (41.1% in the last 12 months).
Excluding the effects of revenue and construction costs, adjusted EBITDA margin reached 46.8% in 1Q19, over 45.4% in 1Q18 (49.1% in the last 12 months).
In 1Q19, net income reached R$647.3 million, over a net income of R$580.4 million in 1Q18.
2. Gross operating revenue
The gross operating revenue related to the sanitation services, totaling R$3,536.1 million, which does not consider construction revenue, had an increase of R$255.3 million or 7.8%, when compared to the R$3,280.8 million in 1Q18.
The main factors that led to the increase were:
Page 2 of 11
· 3.5% tariff repositioning index since June 2018;
· 3.1% increase in total billed volume: 0.3% in water and 6.6% in sewage ; and
· Beginning of operations in the municipality of Guarulhos in January 2019, generating an increase of R$70.2 million in operating revenue.
3. Construction revenue
Construction revenue decreased by R$43.7 million or 6.8% year-over-year. This variation was mainly due to the increase in asset investments carried out in 1Q18, mostly in São Lourenço Production System (PPP).
4. Billed volume
The tables below show billed volumes of water and sewage, quarter-over-quarter, according to the consumer category and region.
WATER AND SEWAGE BILLED VOLUME (1) PER CUSTOMER CATEGORY - million m 3 | |||||||||
Water | Sewage | Water + Sewage | |||||||
Category | 1Q19 | 1Q18 | % | 1Q19 | 1Q18 | % | 1Q19 | 1Q18 | % |
Residential | 432.1 | 406.8 | 6.2 | 369.7 | 346.5 | 6.7 | 801.8 | 753.3 | 6.4 |
Commercial | 43.6 | 42.0 | 3.8 | 42.3 | 40.0 | 5.7 | 85.9 | 82.0 | 4.8 |
Industrial | 8.2 | 7.8 | 5.1 | 9.9 | 9.7 | 2.1 | 18.1 | 17.5 | 3.4 |
Public | 10.4 | 9.7 | 7.2 | 9.3 | 8.7 | 6.9 | 19.7 | 18.4 | 7.1 |
Total retail | 494.3 | 466.3 | 6.0 | 431.2 | 404.9 | 6.5 | 925.5 | 871.2 | 6.2 |
Wholesale (3) | 38.3 | 64.7 | (40.8) | 8.6 | 7.7 | 11.7 | 46.9 | 72.4 | (35.2) |
Total | 532.6 | 531.0 | 0.3 | 439.8 | 412.6 | 6.6 | 972.4 | 943.6 | 3.1 |
WATER AND SEWAGE BILLED VOLUME (1) PER REGION - million m 3 | |||||||||
Water | Sewage | Water + Sewage | |||||||
Region | 1Q19 | 1Q18 | % | 1Q19 | 1Q18 | % | 1Q19 | 1Q18 | % |
Metropolitan | 322.2 | 299.7 | 7.5 | 281.3 | 260.7 | 7.9 | 603.7 | 560.4 | 7.7 |
Regional (2) | 172.1 | 166.6 | 3.3 | 149.9 | 144.2 | 4.0 | 322.0 | 310.8 | 3.6 |
Total retail | 494.3 | 466.3 | 6.0 | 431.2 | 404.9 | 6.5 | 925.5 | 871.2 | 6.2 |
Wholesale (3) | 38.3 | 64.7 | (40.8) | 8.6 | 7.7 | 11.7 | 46.9 | 72.4 | (35.2) |
Total | 532.6 | 531.0 | 0.3 | 439.8 | 412.6 | 6.6 | 972.4 | 943.6 | 3.1 |
(1) Unaudited.
(2) Including costal and interior regions.
(3) Wholesale volumes of reuse water and non-domestic sewage are included.
5. Costs, administrative & selling expenses and construction costs
Costs, administrative and commercial expenses and construction costs increased by R$115.0 million in 1Q19 (4.4%). Excluding construction costs, there was an increase of R$157.7 million (7.9%).
As a participation of net revenue, administrative and selling expenses and construction costs accounted for 70.8% in 1Q19, versus 71.1% in 1Q18.
Page 3 of 11
R$ million | ||||
1Q19 | 1Q18 | Var. (R$) | % | |
Salaries and payroll charges and Pension plan obligations | 681.0 | 630.0 | 51.0 | 8.1 |
General supplies | 57.4 | 55.0 | 2.4 | 4.4 |
Treatment supplies | 86.7 | 75.9 | 10.8 | 14.2 |
Services | 422.2 | 377.1 | 45.1 | 12.0 |
Electricity | 283.0 | 221.9 | 61.1 | 27.5 |
General expenses | 191.7 | 246.2 | (54.5) | (22.1) |
Tax expenses | 15.8 | 16.0 | (0.2) | (1.3) |
Sub-total | 1,737.8 | 1,622.1 | 115.7 | 7.1 |
Depreciation and amortization | 410.8 | 328.0 | 82.8 | 25.2 |
Allowance for doubtful accounts | 7.8 | 48.6 | (40.8) | (84.0) |
Sub-total | 418.6 | 376.6 | 42.0 | 11.2 |
Costs, administrative and selling expenses | 2,156.4 | 1,998.7 | 157.7 | 7.9 |
Construction costs | 590.9 | 632.7 | (42.7) | (6.7) |
Costs, adm & selling expenses and construction costs | 2,746.4 | 2,631.4 | 115.0 | 4.4 |
% of net revenue | 70.8 | 71.1 |
5.1. Salaries and payroll charges and Pension plan obligations
In 1Q19, there was an increase of R$51.0 million or 8.1%, due to the following:
· Increase of R$53.3 million in medical expenses;
· Increase of R$13.3 million in salaries, mainly due to the salary increase of 1.3% in May 2018, the hiring of 1,019 employees in 2018 and the application of 1.0% referring to the Carrer and Salaries Plan (Plano de Cargos e Salários) in February 2019;
· Higher overtime expense, reaching R$7.5 million; and
· Increase in expenses with meal voucher and food supplies basket, reaching R$5.0 million.
The above increases were partially offset due to:
· Decrease of R$25.5 million in the provision for the Profit-Sharing Program; and
· Lower provision for retired Consent Decree ( Termo de Ajustamento de Conduta – TAC) expenses, reaching R$5.3 million.
5.2. Treatment materials
Increase of R$10.8 million or 14.2%, mainly due to the greater need to use coagulants and disinfectants in the water treatment, mainly in Water Treatment Station ABV.
5.3. Services
Expenses with services, totaling R$422.2 million, increased by R$45.1 million or 12.0% over the R$377.1 million in 1Q18. The increase was mainly due the :
· Increase of hiring of technical and professional services in 1Q19, totaling R$20.4 million, mainly related to: (i) the start of operations in the municipality of Guarulhos in January 2019, totaling R$7.6 million; (ii) services of management and operation of call centers, totaling R$3.1 million; and (iii) maintenance services and IT technical support, totaling R$2.9 million; and
· Greater use of maintenance services in water and sewage networks and systems, totaling R$16.2 million.
Page 4 of 11
5.4. Electricity
Electricity expenses totaled R$283.0 million in 1Q19, up R$ 61.1 million or 27.5% over R$221.9 million in 1Q18. The key factors that influenced this variation were:
· Average decrease of 2.2% in energy prices of the Free market tariffs ( Ambiente de Contratação Livre - ACL), down 5.3% in consumption;
· Average increase of 34.6% in the Grid market tariffs ( Tarifas de Uso do Sistema de Distribuição - TUSD), down 26.2% in consumption; and
· Average increase of 16.1% in Regulated market tariffs ( Ambiente de Contratação Regulada - ACR), up 43.8% in consumption.
In 1Q19, of total electricity expenses, the free market accounted for 22%, while TUSD corresponded to 11% and the regulated market accounted for 67% of this total.
5.5. General expenses
A decrease of R$54.5 million or 22.1%, totaling R$191.7 million in 1Q19, over R$246.2 million in 1Q18, mainly due to reversals of lawsuits, totaling R$45.9 million, due to changes in expected loss.
5.6. Depreciation and Amortization
Depreciation and amortization expenses increased R$82.8 million or 25.2%, due to the start-up of intangible assets, totaling R$6.1 billion, of which R$3.2 billion referring to the São Lourenço Production System.
5.7. Allowance for doubtful accounts
Decrease of R$40.8 million, mainly due to the lower delinquency rate in 1Q19, of which R$29.9 million is related to the provisioning of revenue losses with the municipality of Guarulhos in 1Q18.
6. Financial result
R$ million | ||||
1Q19 | 1Q18 | Var. | % | |
Financial expenses, net of income | (150.7) | (67.2) | (83.5) | 124.3 |
Net monetary and exchange variation | 0.2 | (126.7) | 126.9 | (100.2) |
Financial result | (150.5) | (193.9) | 43.4 | (22.4) |
6.1. Financial expenses, net of income
R$ million | ||||
1Q19 | 1Q18 | Var. | % | |
Financial expenses | ||||
Interest and charges on domestic loans and financing | (81.2) | (78.2) | (3.0) | 3.8 |
Interest and charges on international loans and financing | (42.4) | (36.6) | (5.8) | 15.8 |
Other financial expenses | (104.2) | (14.9) | (89.3) | 599.3 |
Total financial expenses | (227.8) | (129.7) | (98.1) | 75.6 |
Financial income | 77.1 | 62.5 | 14.6 | 23.4 |
Financial expenses net of income | (150.7) | (67.2) | (83.5) | 124.3 |
6.1.1. Financial expenses
Increase of R$98.1 million, mainly due to:
Page 5 of 11
· Increase of R$5.8 million in interest and charges on foreign loans and financing, mainly due to the higher US Dollar appreciation in 1Q19 (0.6%), when compared to the appreciation in 1Q18 (0.5%); and
· Increase of R$89.3 million in other financial expenses, mainly due to: (i) higher recognition of interest related to the Public-Private Partnership contracts in 1Q19, reaching R$53.4 million, due to the full start-up of operations of the São Lourenço Production System, in July 2018; and (ii) higher recognition of interest on lawsuits, totaling R$32.4 million.
6.1.2. Financial income
Increase of R$14.6 million, mainly due to the higher recognition of interest on installment agreements in 1Q19.
6.2. Monetary and exchange variation, net
R$ million | ||||
1Q19 | 1Q18 | Var. | % | |
Monetary variation on loans and financing | (16.7) | (19.6) | 2.9 | (14.8) |
Currency exchange variation on loans and financing | (0.2) | (112.0) | 111.8 | (99.8) |
Other monetary variations | (8.0) | (9.7) | 1.7 | (17.5) |
Monetary/exchange rate variation on liabilities | (24.9) | (141.3) | 116.4 | (82.4) |
Monetary/exchange rate variation on assets | 25.1 | 14.6 | 10.5 | 71.9 |
Monetary/exchange rate variation, net | 0.2 | (126.7) | 126.9 | (100.2) |
The effect of the net monetary and exchange rate variations in 1Q19 decreased R$126.9 over 1Q18, mainly due to the decrease of R$111.8 million in exchange rate changes on loans and financing due to the depreciation of the yen versus the real in 1Q19 (-0.2%), when compared to the appreciation in 1Q18 (6.3%), and the fact that the US dollar had no significant variation in the comparison period .
7. Income tax and Social contribution
The increase of R$35.7 million was due to the higher taxable income in 1Q19, mainly affected by the increase in operating revenue, mostly due to the beginning of the operation in the city of Guarulhos; and mitigated by the increase in costs with electricity and salaries.
8. Indicators
8.1. Operating
Operating indicators * | 1Q19 | 1Q18 | % |
Water connections (1) | 9,484 | 8,908 | 6.5 |
Sewage connections (1) | 7,893 | 7,345 | 7.5 |
Population directly served - water (2) | 26.2 | 24.9 | 5.2 |
Population directly served - sewage (2) | 22.8 | 21.6 | 5.6 |
Number of employees | 14,213 | 13,610 | 4.4 |
Water volume produced in the year (3) | 719 | 702 | 2.5 |
IPM - Measured water loss (%) (4) | 29.9 | 30.4 | (1.6) |
IPDt (liters/connection x day) (4) | 291 | 298 | (2.3) |
(1) Total connections, active and inactive, in thousand units at the end of the period.
(2) In million inhabitants, at the end of the period. Does not include wholesale.
(3) In millions of cubic meters.
(4) Does not include Guarulhos
(*) Unaudited.
Page 6 of 11
8.2. Economic
Economic Variables at the close of the period* | 1Q19 | 1Q18 |
Amplified Consumer Price Index (1) | 1.51 | 0.7 |
National Consumer Price Index (1) | 1.68 | 0.48 |
Consumer Price Index (1) | 1.64 | 0.04 |
Referential Rate (1) | 0.0000 | 0.0000 |
Interbank Deposit Certificate (2) | 6.40 | 6.39 |
US DOLAR (3) | 3.8967 | 3.3238 |
YEN (3) | 0.03521 | 0.03126 |
(1) Annual accrual, in %
(2) Annual average
(3) Ptax sale rate on the last day
(*) Unaudited
9. Loans and financing
10. Capex
A total of R$ 787.5 million was invested in the first quarter of 2019.
11. Conference calls
In English May 14, 2019 - Tuesday 1:00 pm US ET / 2:00 pm (Brasília) Dial in: + 1 (412) 317-6399 Conference ID: Sabesp
Replay available for 7 days Dial in: +1 (412) 317-0088 Replay ID: 10130641
Click here for the webcast |
In Portuguese
May 14, 2019 – Tuesday
Dial in: +55 (11) 4210-1803 Conference ID: Sabesp
Replay available for 7 days Dial in: +55 (11) 3193-1012 Replay ID: 10000894#
Click here for the webcast |
Page 7 of 11
For more information, please contact:
Mario Arruda Sampaio
Head of Capital Markets and Investor Relations
Phone.(55 11) 3388-8664
E-mail: maasampaio@sabesp.com.br
Angela Beatriz Airoldi
Investor Relations Manager
Phone.(55 11) 3388-8793
E-mail: abairoldi@sabesp.com.br
Statements contained in this press release may contain information that is forward-looking and reflects management's current view and estimates of future economic circumstances, industry conditions, SABESP performance, and financial results. Any statements, expectations, capabilities, plans and assumptions contained in this press release that do not describe historical facts, such as statements regarding the declaration or payment of dividends, the direction of future operations, the implementation of principal operating and financing strategies and capital expenditure plans, the factors or trends affecting financial condition, liquidity or results of operations are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. There is no guarantee that these results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
Page 8 of 11
Income Statement
Brazilian Corporate Law | R$ '000 | |
1Q19 | 1Q18 | |
Net Operating Income | 3,878,504 | 3,699,668 |
Operating Costs | (2,337,103) | (2,139,237) |
Gross Profit | 1,541,401 | 1,560,431 |
Operating Expenses | ||
Selling | (191,195) | (175,524) |
Estimated losses with doubtful accounts | (7,760) | (48,631) |
Administrative expenses | (210,381) | (267,980) |
Other operating revenue (expenses), net | 7,827 | 11,492 |
Operating Income Before Shareholdings | 1,139,892 | 1,079,788 |
Equity Result | 1,764 | 2,817 |
Earnings Before Financial Results, net | 1,141,656 | 1,082,605 |
Financial, net | (149,546) | (81,784) |
Exchange gain (loss), net | (910) | (112,149) |
Earnings before Income Tax and Social Contribution | 991,200 | 888,672 |
Income Tax and Social Contribution | ||
Current | (310,485) | (325,870) |
Deferred | (33,424) | 17,629 |
Net Income for the period | 647,291 | 580,431 |
Registered common shares ('000) | 683,509 | 683,509 |
Earnings per shares - R$ (per share) | 0.95 | 0.85 |
Depreciation and Amortization | (410,863) | (327,899) |
Adjusted EBITDA | 1,544,692 | 1,399,012 |
% over net revenue | 39.8% | 37.8% |
Page 9 of 11
Balance Sheet
Brazilian Corporate Law | R$ '000 | ||
ASSETS | 03/31/2019 | 12/31/2018 | |
Current assets | |||
Cash and cash equivalents | 2,205,083 | 3,029,191 | |
Trade receivables | 1,974,708 | 1,843,333 | |
Related parties and transactions | 169,052 | 174,148 | |
Inventories | 70,572 | 65,596 | |
Restricted cash | 25,993 | 31,900 | |
Currrent recoverable taxes | 336,079 | 380,703 | |
Other receivables | 146,274 | 77,371 | |
Total current assets | 4,927,761 | 5,602,242 | |
Noncurrent assets | |||
Trade receivables | 197,170 | 209,083 | |
Related parties and transactions | 670,019 | 669,102 | |
Escrow deposits | 201,645 | 152,018 | |
Water National Agency – ANA | 43,965 | 49,136 | |
Other receivables | 111,053 | 103,310 | |
Equity investments | 57,053 | 44,587 | |
Investment properties | 47,608 | 47,620 | |
Contract assets | 7,837,583 | 7,407,948 | |
Intangible assets | 28,940,478 | 29,012,460 | |
Property, plant and equipment | 279,120 | 267,612 | |
Total noncurrent assets | 38,385,694 | 37,962,876 | |
Total assets | 43,313,455 | 43,565,118 | |
LIABILITIES AND EQUITY | 03/31/2019 | 12/31/2018 | |
Current liabilities | |||
Trade payables | 427,383 | 465,993 | |
Borrowings and financing | 1,488,194 | 2,103,612 | |
Accrued payroll and related charges | 510,708 | 564,830 | |
Taxes and contributions | 168,037 | 200,563 | |
Dividends and interest on capital payable | 673,744 | 673,765 | |
Provisions | 504,394 | 458,387 | |
Services payable | 580,377 | 454,022 | |
Public-Private Partnership – PPP | 122,431 | 137,827 | |
Program Contract Commitments | 260,017 | 230,695 | |
Other liabilities | 139,486 | 108,938 | |
Total current liabilities | 4,874,771 | 5,398,632 | |
Noncurrent liabilities | |||
Borrowings and financing | 10,692,566 | 11,049,184 | |
Deferred income tax and social contribution | 294,666 | 261,242 | |
Deferred Cofins and Pasep | 140,007 | 140,830 | |
Provisions | 365,921 | 434,475 | |
Pension obligations | 2,986,813 | 2,970,009 | |
Public-Private Partnership – PPP | 3,279,258 | 3,275,297 | |
Program Contract Commitments | 117,471 | 142,314 | |
Other liabilities | 363,003 | 341,447 | |
Total noncurrent liabilities | 18,239,705 | 18,614,798 | |
Total liabilities | 23,114,476 | 24,013,430 | |
Equity | |||
Paid-up capital | 15,000,000 | 15,000,000 | |
Profit reserve | 5,100,783 | 5,100,783 | |
Other comprehensive income | (549,095) | (549,095) | |
Retained earnings | 647,291 | - | |
Total equity | 20,198,979 | 19,551,688 | |
Total equity and liabilities | 43,313,455 | 43,565,118 |
Page 10 of 11
Cash Flow
Brazilian Corporate Law | R$ '000 | ||
Jan-Mar | Jan-Mar | ||
2019 | 2018 | ||
Cash flow from operating activities | |||
Profit before income tax and social contribution | 991,200 | 888,672 | |
Adjustment for: | |||
Depreciation and amortization | 410,863 | 327,899 | |
Residual value of property, plant and equipment and intangible assets written-off | 3,143 | 4,282 | |
Allowance for doubtful accounts | 11,070 | 48,631 | |
Provision and inflation adjustment | 46,101 | 36,513 | |
Interest calculated on loans and financing payable | 138,978 | 119,242 | |
Inflation adjustment and foreign exchange gains (losses) on loans and financing | 17,207 | 131,664 | |
Interest and inflation adjustment losses | 9,524 | 8,099 | |
Interest and inflation adjustment gains | (75,621) | (3,929) | |
Financial charges from customers | (197,962) | (60,324) | |
Margin on intangible assets arising from concession | (13,569) | (14,551) | |
Provision for Consent Decree (TAC) and Knowledge retention program (KRP) | (19,313) | 7,387 | |
Equity result | (1,764) | (2,817) | |
Provision from São Paulo agreement | 119,920 | - | |
Pension obligations | 66,860 | 59,948 | |
Other adjustments | (13,163) | 6,303 | |
1,493,474 | 1,557,019 | ||
Changes in assets | |||
Trade accounts receivable | 98,414 | (77,646) | |
Accounts receivable from related parties | 11,513 | 28,282 | |
Inventories | (4,976) | 10,179 | |
Recoverable taxes | 44,624 | 86,069 | |
Escrow deposits | (12,324) | (21,891) | |
Other accounts receivable | (36,159) | (112,021) | |
Changes in liabilities | |||
Trade payables and contractors | (328,719) | (244,286) | |
Services payable | 6,435 | 107,577 | |
Accrued payroll and related charges | (34,809) | 37,686 | |
Taxes and contributions payable | (92,543) | (160,978) | |
Deferred Cofins/Pasep | (823) | (1,413) | |
Provisions | (68,648) | (80,597) | |
Pension obligations | (50,056) | (52,328) | |
Other liabilities | 56,069 | 4,304 | |
Cash generated from operations | 1,081,472 | 1,079,956 | |
Interest paid | (241,164) | (196,060) | |
Income tax and contribution paid | (250,468) | (221,880) | |
Net cash generated from operating activities | 589,840 | 662,016 | |
Cash flows from investing activities | |||
Acquisition of contract assets and intangible assets | (209,552) | (229,976) | |
Restricted cash | 5,907 | 4,758 | |
Purchases of tangible assets | (18,796) | (2,786) | |
Increase in investment | (10,702) | (655) | |
Net cash used in investing activities | (233,143) | (228,659) | |
Cash flow from financing activities | |||
Loans and financing | |||
Proceeds from loans |
103,815 | 943,048 | |
Repayments of loans |
(1,154,042) | (681,698) | |
Payment of interest on shareholders'equity | (21) | - | |
Public-Private Partnership – PPP | (129,157) | (13,892) | |
Program Contract Commitments | (1,400) | - | |
Net cash used in financing activities | (1,180,805) | 247,458 | |
Cash reduce and cash equivalents | (824,108) | 680,815 | |
Represented by: | |||
Cash and cash equivalents at beginning of the year | 3,029,191 | 2,283,047 | |
Cash and cash equivalents at end of the year | 2,205,083 | 2,963,862 | |
Cash reduce and cash equivalents | (824,108) | 680,815 |
Page 11 of 11
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
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By: |
/s/
Rui de Britto Álvares Affonso
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Name: Rui de Britto Álvares Affonso
Title: Chief Financial Officer and Investor Relations Officer
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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
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