15 slides from Galp Energia, Sgps S.a. Class B's earnings presentation, Apr 26, 2021
Slide 1: 1Q21 Results
1Q21 RESULTS April 26 2021 An integrated energy player developing profitable and sustainable businesses 1
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT This document may include forward-looking statements, including, without limitation, regarding future results, namely cash flows, dividends, and shareholder returns; liquidity; capital and operating expenditures; performance levels, operational or environmental goals, targets or
Slide 3: 1Q21 Highlights
1Q21 HIGHLIGHTS Strong cash generation, benefiting from improved conditions and completion of GGND transaction 499€ m RCA Ebitda 518 € m Free Cash Flow 445 € m Adjusted operating 1.1 x Net Debt to RCA Ebitda cash flow1 3 1Q21 Results 1 The adjusted operating cash flow indicator represents a proxy of
Slide 4: Resilient Results Despite Challenging Downstream Environment
RESILIENT RESULTS DESPITE CHALLENGING DOWNSTREAM ENVIRONMENT RENEWABLES & NEW UPSTREAM COMMERCIAL REFINING & MIDSTREAM BUSINESSES RCA Ebitda RCA Ebitda RCA Ebitda RCA Ebitda 1 €m 438 € m 69 € m -6 € m -2 € m Proforma Ebitda1 ▪ Production up 2% QoQ ▪ Oil and gas products’ ▪ Sines refining margin up,
Slide 5: Group RCA Ebitda of €499 m, up 22% QoQ
GROUP RCA EBITDA OF €499 M, UP 22% QoQ SUPPORTED BY A ROBUST UPSTREAM PERFORMANCE P&L (RCA figures, € m) 1Q20 4Q20 1Q21 RCA figures adjusted from 1Q21 onwards for RCA Ebitda 469 410 499 Matosinhos decommissioning and MTM from derivatives RCA Ebit 217 159 284 Associates 19 8 0 Financial results -60 -
Slide 6: Adjusted Operating Cash Flow of €445 m
ADJUSTED OPERATING CASH FLOW OF €445 M PROVIDING A BETTER RUN RATE INDICATOR Cash flow (€ m) 1Q20 4Q20 1Q21 RCA Ebitda 469 410 499 Adjusted operating cash flow follows the Dividends from associates 1 38 48 strong Ebitda and taxes paid mostly on the Upstream Taxes paid -165 -74 -102 Adjusted operatin
Slide 7: Financial Position
FINANCIAL POSITION NET DEBT 25% DOWN TO C.€1.6 BN Financial position (€ m) 31 Dec., 31 Mar., Other assets/liabilities reflecting 2020 2021 €343 m in cash proceeds from Net fixed assets 6,308 6,472 GGND stake sale Rights of use (IFRS 16) 1,002 1,033 Working capital 703 916 Net debt down by €513 m sup
Slide 8: Appendix
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Slide 9: Upstream Results
UPSTREAM RESULTS SUPPORTED BY HIGHER OIL PRICES 1Q20 4Q20 1Q21 Working interest production kboepd 131.4 122.8 125.2 WI production up 2% QoQ, considering Oil production kbpd 118.1 111.1 112.2 fewer maintenance activities Net entitlement production kboepd 129.6 121.1 123.5 Production impacted, mostly
Slide 10: Commercial Results
COMMERCIAL RESULTS PERFORMANCE STILL REFLECTING WEAK MACRO ENVIRONMENT 1Q20 4Q20 1Q21 Commercial sales to clients Oil products mton 1.8 1.5 1.3 Oil products and natural gas sales down QoQ reflecting the lower demand in Iberia Natural gas TWh 6.7 5.8 4.9 as a result of lock down measures Electricity
Slide 11: Refining & Midstream Results
REFINING & MIDSTREAM RESULTS IMPACTED BY GAS SOURCING RESTRICTIONS AND HIGHER REGASIFICATION COSTS 1Q20 4Q20 1Q21 Raw materials processed mboe 26.8 23.5 19.7 Galp refining margin USD/boe 1.9 1.6 2.0 Galp refining margin up QoQ, following the improvement in the international market Oil products suppl
Slide 12: Renewables & New Businesses Results
RENEWABLES & NEW BUSINESSES RESULTS OPERATING PERFORMANCE MOSTLY REFLECTING SEASONALITY 1Q20 4Q20 1Q21 Renewable power generation Gross GWh 8 170 191 Renewable generation up QoQ, supported by seasonally higher sunlight hours, but Net to Galp GWh 4 125 141 still impacted by some transformers’ upset G
Slide 13: Debt Indicators
DEBT INDICATORS Debt indicators Debt reimbursement (€m) 31 Dec., 31 Mar., €m 2020 2021 Cash and cash equivalents 1,678 1,739 1,000 Undrawn credit facilities 1,262 1,263 800 Gross debt 3,743 3,291 600 Average funding cost 1.7% 1.5% 400 Net debt 2,066 1,552 200 Operating leases (IFRS 16) 1,089 1,125 0
Slide 14: Galp Leading ESG Performance
GALP LEADING ESG PERFORMANCE CONSISTENT WITH OUR SUSTAINABLE STRATEGIC GOALS Dow Jones Sustainability CDP climate Index A-, Leadership Level Best score in Europe, 3rd worldwide in the Oil & Gas sector2 Industry average: B Sustainalytics MSCI Medium risk (26.8) AAA Incorporating best disclosure pract
Slide 15: www.galp.com investor.relations@galp.com
www.galp.com investor.relations@galp.com 15