1Q19 Results
Economic-Financial Office and Investor Relations Office
DISCLAIMER
This presentation may contain forward-looking statements referring to SABESP's business outlook, operating and financial results estimates, and growth prospects. These are only forecasts, 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, among other factors, in addition to risks exhibited in disclosure documents filed by SABESP. Therefore, they are subject to changes without prior notice.
AGENDA
1COMPANY OVERVIEW
2OUR OPERATIONS
3OUR FINANCIAL PERFORMANCE
4SPMR - WATER SITUATION
...ONE OF THE LARGEST WATER AND SEWAGE PROVIDERS IN THE WORLD
COMPANY OVERVIEW
Sabesp is one of the largest water and sewage service providers in the world based on the number of Customers
Provides water to 26.2 million people and sewage services to 22.8million people
Also sells wholesale treated water to 4* municipalities (1.7 million people)
Natural monopoly, low operating risk
Serves the City of São Paulo and 369 out of 645 municipalities in the State
Covers around 66% of State's urban population, including the wholesale
Operations in the São Paulo Metropolitan Region** represent 69.8% of our total revenues
*Operation in Guarulhos started in Jan/2019
**The Metropolitan Region we consider for this estimate, includes 8 municipalities outside the legal boundaries of the São Paulo Metropolitan Region and represents the municipalities served by the Company's Metropolitan Division
MAIN OPERATIONAL INDICATORS(1)
Water | Sewage | |
Connections (million)(2) | 9.5 | 7.9 |
Coverage(3)(%) | 97 | 89 |
Service(4)(%) | 94 | 83 |
Treatment(5)(%) | 76 | |
Billed Volume (m³ million) | 532.6 | 439.8 |
(1)As of March 31, 2019
(2)Active and Inacttive water connections. It includes Guarulhos
(3)Services Available. It includes Guarulhos
(4)Connected households. It includes Guarulhos
(5)Consumer units connected to the sewage treatment - It does not include Guarulhos
Regional Systems
Metropolitan Region
4
...WITH STRONG CORPORATE GOVERNANCE
We are a mixed capital company,majority-owned by the State of São Paulo, with significant private ownership
State law requires the State of São Paulo to own at least 50% + 1 voting shares at all times
Currently the Government of São Paulo has 50.3% share
100% common shares
Market Cap: R$ 28.7 billion (as of March, 2019)
Law nº 13.303/16 -Government-Controlled Companies Law
OWNERSHIP STRUCTURE % (1)
(¹) March/2019 | 5 |
AGENDA
1THE COMPANY
2OUR OPERATIONS
3OUR FINANCIAL PERFORMANCE
4SPMR - WATER SITUATION
DIVERSIFIED CONSUMER BASE
WATER BILLED VOLUME BY TYPE OF CUSTOMER | SEWAGE BILLED VOLUME BY TYPE OF CUSTOMER |
80% of water volume and revenue come from residential, commercial and industrial customer
WATER REVENUES BY TYPE OF CUSTOMER*
90% of sewage volume and revenue come from residential, commercial and industrial customer
SEWAGE REVENUES BY TYPE OF CUSTOMER*
*Managerial information | 7 |
BROAD COVERAGE OF MUNICIPALITIES
CONTRACTS
Nº CONTRACTS | % OF REVENUE | |
Renewed/Secured (Program and Service Contract from 2007 to Mar/2019) | 307* | 83.6% |
Metropolitan Region Without Contract | 25 | 6.9% |
Expired Contracts / under negotiation | 10 | 0.9% |
To be expired (2019 - 2025) | 4 | 0.2% |
To be expired (2026 - 2030) | 27 | 7.5% |
Total Retail | 373 | 99.1% |
Wholesale | 4** | 0.9% |
Total Sabesp | 377 | 100.0% |
* Includes 2 partial contracts with Mogi das Cruzes, Aguaí and Guarulhos ** It does not include the contract with Guarulhos
CONTRACT WITH THE MUNICIPALITY OF SÃO PAULO
30-year-serviceagreement between Sabesp, Municipality of São Paulo and State Government (expires in 2040)
Minimum investment of 13% of the Gross Revenue, net of Cofins and Pasep
Transfer of 7.5% of the Gross Revenue, net of Cofins and Pasep, to the Municipal Environmental Sanitation and Infrastructure Fund
Since May/18 -Pass-through of 4%
TOP 10 CONTRACTS
Municipalities | % of Total Revenue | Remaining |
(1Q19) | Period (years) | |
São Paulo | 46.8 | 21 |
São Bernardo do Campo | 3.8 | 15 |
Santos | 2.1 | 26 |
Osasco | 2.1 | 11 |
Praia Grande | 2.1 | 29 |
São José dos Campos | 1.8 | 20 |
Barueri | 1.7 | 26 |
Diadema | 1.3 | 25 |
Itaquaquecetuba | 1.2 | 28 |
Suzano | 1.1 | 22 |
Total 10+ / Média | 64.1 | 24 |
Guarulhos - Operation started in January 2019. Participation of total revenue accounted for 2.4%8
CONTRACT WITH GUARULHOS
TERM OF DEBT ADJUSTMENT
The municipality withdraws pending appeals of Sabesp's collections legal procedings
Sabesp: Court orders debt payments ("Precatórios")
Sabesp suspends the judicial collection of debt
The payments remains suspended during the contract term
The amounts are used as guarantees in the service contract
If the service contract is interrupted, the court orders will be reactivated
Transfer R$ 50 million to the municipality in order to end SAAE's activities
SAAEs employees ceded to Sabesp:
During 6 months - All SAAE's employees will be ceded to Sabesp
From month 7 up to a maximum of 4 years up to 400 employees will continue to be ceded
CONTRACT
40-yearservice contract
Water Supply Service
Sewage collection, removal and treatment services(*)
(*)Part of the removal and treatment services will be remaine under the municipality's direct and indirect responsibility
Contract signing parties: State, Municipality and Sabesp
Planning shared among State and Municipality (SPMR)
Regulator: ARSESP Tariff, control and monitoring
Tariff: the same as SPMR (adjustment -catch-up period of approximately 2 years)
Expected investment of R$ 2 billion over 40 years
Transfers to the Municipal Fund for Environmental Sanitation and Infrastructure
R$ 150 million in 5 years (R$ 30 million per year)
4% of net revenue | 9 |
REGULATORY FRAMEWORK
FEDERAL LAW 11.445/07 / FEDERAL DECREES: 7.217/10, 8.211/14, 8.629/15, 9.254/17
Obligatory creation of a Regulatory Agency → Municipal or State level
Clarifies the payment conditions ofnon-amortized investments → up to 4 years
Disbursement of federal funds conditioned to the existence of a sanitation plan
CONCESSION POWER IN METROPOLITAN REGIONS
Legal proceeding related to this matter under Supreme Court (STF) appraisal was ruled in March 2013
The decision was released in September 2013
Sanitation services in metro regions are subject toshared responsibilitybetween State and Municipality
State Legislative has to create an entity and mechanisms to implement the ruling to adjust to the legislation
PROVISIONAL MEASURE Nº 868
The Provisional Measure Nº 868 of December 28, 2018, provides changes on the following Laws:
9,8984/2000 - Creation of the Brazilian National Water Agency (ANA)
10,768/2003 - Disposal of Staff for the Brazilian National Water Agency (ANA)
11,445/2007 - National Guidelines for the Basic Sanitation
13,529/2017 - Authorizes the Federal Government to participate in fund to finance specialized
..... | ..technical services |
The Proposed Bill was approved by the Joint Commission on May 7. The deadline to be voted by the Lower House and Senate is June 3, otherwise will lose its effectiveness
10
TARIFF REVIEW
METHODOLOGY OF TARIFF REVIEW (PRICE CAP)
Required Revenue | = | + | RABt- RAB0 | |||||||||||||||||||
OPEX | CAPEX | + | Taxes | + | WACC | |||||||||||||||||
Average | Personnel | Water | Income | Cost of Equity | ||||||||||||||||||
Billed | Energy | Amortization | ||||||||||||||||||||
Tariff (P0) | ||||||||||||||||||||||
Sewage | Taxes | Cost of Debt | ||||||||||||||||||||
Volume | Materials | Rate | ||||||||||||||||||||
PRICE CAP | Others | Revenue | ||||||||||||||||||||
Others | ||||||||||||||||||||||
Taxes | ||||||||||||||||||||||
Reduced by X | Sabesp 4 year Business Plan | Asset | ||||||||||||||||||||
Output of | Arsesp | |||||||||||||||||||||
Factor Xdefined by | + | Useful Life | ||||||||||||||||||||
the Model | Technical | |||||||||||||||||||||
Arsesp (after year1) | Arsesp Review | |||||||||||||||||||||
Note | ||||||||||||||||||||||
ANNUAL TARIFF ADJUSTMENT FORMULA |
Inflation | - | |||
New Average | (IPCA) | |||
= 1+ | ||||
Tariff |
100
Productivity Factor | |||||
(0.8885%) | Previous | Quality | |||
x | - | ||||
Average Tariff | Factor* | ||||
*Not defined yet
11
TARIFF READJUSTMENTS AND REVISIONS
READJUSTMENTS AND REVISIONS INDEXES
IPCA Index - Between the readjustement/revision periods
OTR- Ordinary Tariff Revision
ETR- Extraordinary Tariff Revision
2015 -Readjustment + Residual + ETR = 15.24%
ORDINARY TARIFF REVISION (OTR) - 2º CYCLE FROM 2017 TO 2020
Initial Phase - Oct/2017 | Final Phase- May/2018 | |||
Preliminary | Final | Preliminary | Final | |
RAB(1)(R$ Billion) | 40.3 | 40.3 | 38.4 | 39.0 |
WACC (%) | 8.01 | 8.11 | 8.11 | 8.11 |
Current Average Tariff (R$/m³ ) | 3.47484 | 3.37255 | 3.6466 | 3.6425 |
X Factor(%) | - | - | 0.9287 | 0.8885 |
P0 (R$/m³ ) | 3.62652 | 3.63861 | 3.8207 | 3.7702 |
TRI(2)(%) | 4.365 | 7.8888 | 4.7744 | 3.507 |
ARSESP's responds to the requests filed by Sabesp:
•Reconsideration request Not accepted
•Clarification and revision request Partially accepted (Adjustment of 0.8408% in May 2019)
ARSESP's Resolutions nº 865 and nº 866 → Tariff Structure Revision (to be defined by June 2020)
(1)Regulatory Asset Base
(2)Tariff Repositioning Index
12
WATER AND SEWAGE OPERATIONS
WATER CONNECTION EVOLUTION (million) | WATER COVERAGE (Connection in 000's) | |
Add 954 thousand new connections by 2023 |
SEWAGE CONNECTION EVOLUTION (million) | SEWAGE COVERAGE (´000s) |
Add 1.2 million new connections by 2023 Coverage: 93% in 2023
Treatment: 84% in 2023
13
CAPEX AND FINANCING
CAPEX PLAN OF R$ 18.7 BILLION FROM 2019 TO 2023
Financial Values (in R$ million)
788*
228**
(*) Book Value - Includes non-cash items (**) Book Value - Items that affected cash - Additional information is presented in
Note 31 of the 1Q19 Financial Information
FINANCING | MAIN PROGRAMS |
Metropolitan Water Program
Tietê Project
Corporate Program for Water Loss Reduction
Clean Stream Program
Clean Wave Program
14
AGENDA
1COMPANY OVERVIEW
2OUR OPERATIONS
3OUR FINANCIAL PERFORMANCE
4SPMR - WATER SITUATION
LONG TERM AND LOW COST FUNDING
TOTAL DEBT BREAKDOWN | TOTAL DEBT BY CURRENCY |
DEBT AMORTIZATION PROFILE (R$ million)
16
CONSISTENT PERFORMANCES
NET REVENUE (R$ million) | NET INCOME (R$ million) |
ADJUSTED EBITDA (R$ million) | DIVIDENDS / PAY OUT | ||||||
2013 2014 2015 2016 2017 2018 | |||||||
Dividends declared (R$) | 0.8 | 0.4 | 0.2 | 1.2 | 1.0 | 1.2 | |
Pay Out % | 27.9 | 27.9 | 27.9 | 27.9 | 27.9 | 27.9 | |
Outstanding Shares | 683.5 683.5 683.5 683.5 683.5 683.5 | ||||||
(million) |
Adjusted EBITDA - Last 12 months Adjusted EBTIDA Margin - Last 12 months Adjusted EBITDA Margin Without Construction - Last 12 months | 17 |
HISTORICAL LEVERAGE (R$ million)
ADJUSTED TOTAL DEBT VS. ADJUSTED EBITDA* | ADJUSTED EBITDA* VS. FINANCIAL EXPENSES** | |
Covenant: 2.35 | ||
Covenant: 3.65 |
Adjusted Total Debt = Total Debt - Interest | |
NET DEBT VS. ADJUSTED EBITDA* | NET DEBT VS. EQUITY |
Covenant: 3.50
* Adjusted EBITDA - LTM | ** Financial Explosures paid - LTM | 18 |
Calculated in accordance with CPCs/IFRS |
COVENANT - ADJUSTED NET DEBT vs. EBITDA
19
COVENANT - ADJUSTED TOTAL DEBT vs. EBITDA
20
FINANCIAL HIGHLIGHTS (R$ million)
2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008* | 2009* | 2010* | 2011* | 2012* | 2013* | 2014* | 2015* | 2016* | 2017* | 2018* | 1Q19 | |
Gross Revenues w/ construction | 3,962 | 4,308 | 4,642 | 5,356 | 5,984 | 6,448 | 6,839 | 9,085 | 9,787 | 10,530 | 11,391 | 11,985 | 11,823 | 12,284 | 14,855 | 15,375 | 17,056 | 4,140 |
Net Revenues | 3,767 | 4,131 | 4,397 | 4,953 | 5,527 | 5,971 | 7,809 | 8,580 | 9,231 | 9,927 | 10,738 | 11,316 | 11,213 | 11,712 | 14,098 | 14,608 | 16,085 | 3,879 |
Adjusted EBITDA | 1,860 | 2,076 | 1,927 | 2,286 | 2,446 | 2,699 | 2,865 | 2,727 | 3,222 | 3,371 | 3,605 | 4,007 | 2,919 | 3,974 | 4,572 | 5,269 | 6,541 | 1,545 |
Adjusted EBITDA Margin | 49.4 | 50.3 | 43.8 | 46.1 | 44.3 | 45.2 | 36.7 | 31.8 | 34.9 | 34.0 | 33.6 | 35.4 | 26.0 | 33.9 | 32.4 | 36.1 | 40.7 | 39.8 |
Adjusted EBITDA without | ||||||||||||||||||
Construction Margin | 46.3 | 41.2 | 44.7 | 43.2 | 43.0 | 44.6 | 34.4 | 46.6 | 43.3 | 45.4 | 48.8 | 46.8 | ||||||
Net Income | (651) | 833 | 513 | 866 | 789 | 1,055 | 863 | 1,508 | 1,630 | 1,381 | 1,912 | 1,924 | 903 | 536 | 2,947 | 2,519 | 2,835 | 647 |
Net Margin (%) | 20.2 | 11.7 | 17.5 | 14.3 | 17.7 | 11.0 | 17.6 | 17.7 | 13.9 | 17.8 | 17.0 | 8.1 | 4.6 | 20.9 | 17.2 | 17.6 | 16.7 | |
Total Assets | 16,332 | 16,590 | 16,784 | 17,431 | 18,000 | 18,660 | 17,206 | 20,243 | 23,293 | 25,019 | 26,476 | 28,274 | 30,355 | 33,707 | 36,745 | 39,546 | 43,565 | 43,313 |
Total Debt | 7,878 | 7,264 | 7,051 | 6,664 | 6,327 | 5,685 | 6,865 | 6,560 | 8,209 | 8,423 | 8,875 | 9,450 | 10,786 | 13,122 | 11,964 | 12,101 | 13,153 | 12,181 |
Short-term Debt | 1,132 | 997 | 1,497 | 759 | 853 | 742 | 1,449 | 1,010 | 1,240 | 1,629 | 1,343 | 641 | 1,207 | 1,526 | 1,247 | 1,747 | 2,104 | 1,488 |
Long-Term Debt | 6,593 | 6,267 | 5,554 | 5,905 | 5,474 | 4,943 | 5,416 | 5,548 | 6,970 | 6,794 | 7,533 | 8,809 | 9,579 | 11,595 | 10,718 | 10,354 | 11,049 | 10,693 |
Foreign Currency Debt | 3,708 | 3,013 | 2,681 | 1,576 | 1,472 | 1,242 | 2,281 | 1,746 | 2,249 | 3,053 | 3,216 | 3,699 | 4,346 | 6,618 | 5,660 | 5,673 | 6,669 | 6,609 |
Shareholders' Equity | 4,217 | 7,577 | 7,952 | 8,483 | 9,019 | 9,781 | 6,758 | 8,439 | 9,682 | 10,546 | 11,257 | 12,931 | 13,304 | 13,717 | 15,419 | 17,513 | 19,552 | 20,199 |
Total Debt/Total Cap. (%) | 65.1 | 48.9 | 47.0 | 44.0 | 41.2 | 36.8 | 50.4 | 43.7 | 45.9 | 44.4 | 44 | 42 | 45 | 48.9 | 43.7 | 40.9 | 40.2 | 37.6 |
Investments | 619 | 594 | 601 | 678 | 905 | 921 | 1,734 | 2,059 | 2,194 | 2,440 | 2,536 | 2,716 | 3,211 | 3,482 | 3,878 | 3,388 | 4,177 | 788 |
Dividend Declared (R$/ share) | - | 17.7** | 5.4** | 12.2** | 9.5** | 1.3 | 1.3 | 1.7 | 2.0 | 2.5 | 2.3 | 0.8 | 0.4 | 0.2 | 1.2 | 1.0 | 1.2 | - |
Pay Out (%) | - | 60.5 | 29.8 | 40.2 | 34.7 | 28.5 | 34.3 | 26.1 | 28.0 | 47.3 | 27.9 | 27.9 | 27.9 | 27.9 | 27.9 | 27.9 | 27.9 | - |
Dividend Yield (%) | - | 10.8 | 3.4 | 7.8 | 3.2 | 3.2 | 4.7 | 5.0 | 4.7 | 4.9 | 2.7 | 3.0 | 2.2 | 1.2 | 4.2 | 3.0 | 3.8 | - |
Outstanding shares (million) | 28.5 | 28.5 | 28.5 | 28.5 | 28.5 | 227.8 | 227.8 | 227.8 | 227.8 | 227.8 | 227.8 | 683.5 | 683.5 | 683.5 | 683.5 | 683.5 | 683.5 | 683.5 |
*In accordance with CPCs / IFRS, which includes Construction Costs.
**R$ / 000 shares
21
AGENDA
1COMPANY OVERVIEW
2OUR OPERATIONS
3OUR FINANCIAL PERFORMANCE
4SPMR - WATER SITUATION
SPMR - WATER SITUATION
RAINFALL IN THE MAIN WATER PRODUCTION SYSTEMS (mm)
Cantareira | Guarapiranga | Alto Tietê | |||||||||||||||||||||||||||||||
300,0 | 105% | 400,0 | 400,0 | ||||||||||||||||||||||||||||||
LTA | 177% | 188% | LTA | ||||||||||||||||||||||||||||||
350,0 | 213% | ||||||||||||||||||||||||||||||||
250,0 | 116% | LTA | 350,0 | ||||||||||||||||||||||||||||||
149% | 85% | 2017/2018 | 300,0 | 2017/2018 | 300,0 | 2017/2018 | |||||||||||||||||||||||||||
200,0 | 82% | 2018/2019 | 2018/2019 | 2018/2019 | |||||||||||||||||||||||||||||
101% | 91%93% | 250,0 | 250,0 | 133% | |||||||||||||||||||||||||||||
149% | 94% | 86% | |||||||||||||||||||||||||||||||
173% | 80% | 120% | |||||||||||||||||||||||||||||||
150,0 | 82% | 200,0 | 139% | 79% | |||||||||||||||||||||||||||||
76% | 58% | 47% | 150,0 | 111% 82% | 200,0 | 122% | 80% | ||||||||||||||||||||||||||
100,0 | 88% | 82% | 157% | 150,0 | 62% | ||||||||||||||||||||||||||||
112% | |||||||||||||||||||||||||||||||||
213% | 100,0 | 53% | 92% | 87% | 71%49% | ||||||||||||||||||||||||||||
61% | 100,0 | ||||||||||||||||||||||||||||||||
50,0 | 26% | 81% | 51% | 28% | 70% | 120%50% | |||||||||||||||||||||||||||
50,0 | 34%45% | ||||||||||||||||||||||||||||||||
26% | 32% | ||||||||||||||||||||||||||||||||
17% | 24% | 27% | 50,0 | 31% | |||||||||||||||||||||||||||||
- | 3% | - | 11% | 18%21% | 27% | ||||||||||||||||||||||||||||
- | |||||||||||||||||||||||||||||||||
OCT | NOV | DEC | JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | ||||||||||||||||||||||
Long Term Average - Sep/17 to Oct/18 | |||||||||||||||||||||||||||||||||
VOLUME STORAGE (%) | AVERAGE PRODUCTION (m³/s) |
Until May 08, 2019
23
SPMR - WATER SITUATION
WATER SUPPLY SYSTEM STRONGER THAN BEFORE THE WATER CRISIS OF 2014/2015
RESERVOIRS | 2013 | 2019 | Var. % | ||
Reservoirs (water right) (m³ /s) | 70.4 | 80.3 | 14% | ||
Maximum storage capacity (hm³ | ) | 1,816 | 2,106 | 16% | |
(without the technical reserve) | |||||
Transfers between reservoirs (m³ | /s) | 13.2 | 35.4 | 168% | |
PRODUCTION AND DISTRIBUTION | 2013 | 2019 | Var. % | ||
Urban population in the area served (source: SEADE) | 20.1 | 20.9 | 3.6% | ||
(million inhabitants) | 730,000 inhab. | ||||
Total water treatment capacity (m³ /s) | 73.4 | 82.3 | 12% | ||
Water production systems | 8 | 9 | - | ||
Average monthly production (m³ | /s) | 69.1 | 63.4 | (8%) | |
Average residential consumption (m³ /month) | 13.0 | 10.8 | (17%) | ||
Treated water transfers between the systems (m³ /s) | Up to 3 | Up to 12 | 300% | ||
IPDT (water loss per connection per day) in the SPMR | 434 | 322 | (26%) | 24 | |
SPMR- WATER SITUATION
WATER PLAN FOR SPMR - FROM 2015 TO 2019 (MAIN ACTIONS)
FLOW (m³ /s)
DESCRIPTION | AVAILABILITY/ | PREV. | PURPOSE | STATUS | ||||||
SECURITY | ||||||||||
INITIATIVES ACCOMPLISHED IN 2015 | ||||||||||
Reversal increase from Guaratuba River to the Ponte Nova | 0.5 | Jan-15 | completed | |||||||
reservoir by 0.5 ³m /s | • | Recover the storage volume and ensure | ||||||||
Reversal from the Guaió River to the Taiaç upeba reservoir: 1 | 1 | May-15 | Alto Tietê 's water source | completed | ||||||
³m /s | ||||||||||
Increase of the ABV Water Treatment Station production | Jun-15 | • | Transfer water from Guarapiranga to the | completed | ||||||
from 15 to 16 ³m /s | Cantareira area via the aqueduct system | |||||||||
Interconnection between: Pequeno River→ | Grande River | •Recover the storage volume and ensure | ||||||||
4 | Sep-15 | the Alto Tietê reservoir | completed | |||||||
(Billings)→ Taiaç upeba (Alto Tietê ) 4 ³m /s | ||||||||||
• | Transfer water to Cantareira' | s area | ||||||||
1 ³m /s transfer increase from Taquacetuba to Guarapiranga | 1 | Dec-15 | • | Ensure Guarapiranga's water source | completed | |||||
(from 4 to 5 ³m /s) | • | Transfer water to Cantareira' | s area | |||||||
TOTAL 2015 | 6.5 | |||||||||
INITIATIVES ACCOMPLISHED IN 2018 | ||||||||||
Jaguari→ Atibainha Interconnection: 5.13 ³m /s to the | 5.13 | mar/18 | • | Recover storage volume and ensure the | completed | |||||
Cantareira system (security increase) | Cantareira System's water source | |||||||||
6.4 | abr/18 | completed | ||||||||
TOTAL 2018 | 11.53 | |||||||||
INITIATIVE PLANNED FOR 2019 | ||||||||||
2 | 2019 | •Recover the storage volume and assure | under development | |||||||
Alto Tietê 's water source | ||||||||||
TOTAL 2019 | 2 | 25 | ||||||||
TOTAL 2015- 2019 | 20.03 | |||||||||
www.sabesp.com.br
IR Contacts
Mario Azevedo de Arruda Sampaio Head of Capital Markets and IR maasampaio@sabesp.com.br +55 (11) 3388-8664
Angela Beatriz Airoldi Investor Relations Manager abairoldi@sabesp.com.br +55 (11) 3388-8793
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Disclaimer
SABESP - Companhia de Saneamento Básico do Estado de São Paulo published this content on 14 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 May 2019 08:12:01 UTC