Galp Energia, Sgps S.a. Class B · EURONEXT:GALP
Galp Energia, Sgps S.a. Class B — Q1 2019 Earnings Presentation
15 slides from Galp Energia, Sgps S.a. Class B's earnings presentation, Apr 29, 2019
Slide 1: 1Q19 Results
1Q19 Results April 29, 2019
Slide 2: Cautionary Statement
2 Cautionary Statement By attending or reading this presentation, you acknowledge and agree to be bound by the following limitations and restrictions. This presentation has been prepared by Galp Energia, SGPS, S.A. (“Galp” or the “Company") and may be amended and supplemented, but may not be relied
Slide 3: Key Highlights
Key Highlights First oil in FPSO #9 (Lula North) and in Kaombo South (Angola) in April Second oil discovery in Carcard North Solid contribution despite stable production QoQ and lower oil price Weaker refining performance impacted by lower refining margins and operational constraints Strong G&P supp
Slide 4: Operational performance
Slide 5: Executing world-class upstream developments
Executing world-class upstream developments 1Q Overview Vv Vv WI Production of 113 kboepd, given Continuing development activities planned maintenance in Brazil in lara towards first oil in 2H19, and awaiting unitisation approval First oil in FPSO #9 in Lula North Proceeding with appraisal works in
Slide 6: Challenging refining and strong G&P performance
Challenging refining and strong G&P performance 6 |1Q19 Results 1Q Overview > Refining & Marketing Refining performance impacted by gasoline cracks and operational restrictions Gas & Power Robust performance from the sales of NG and electricity to direct clients Supportive sales to direct clients Ex
Slide 7: Financial performance
‘Financial performa ay
Slide 8: Stable Ebitda YoY at €450 m (ex-IFRS 16)
Stable Ebitda YoY at €450 m (ex-IFRS 16) Profit & Loss (€m) 1Q18 4Q18 1Q19 tens w/o IFRS 16 RCA Ebitda ASS A493 494 A450 Upstream Ebitda up YoY supported by production growth, although stable QoQ ESP 293 339 374 341 R&M 122 118 70 59 Downstream impacted by a low contribution from refining despite GS
Slide 9: Solid cash generation despite challenging operational environment
Solid cash generation despite challenging operational environment FCF 1Q19 (€m) IFRS 16 z 39685 CFFO of €353 m (ex-IFRS 16), up €108 m YoY Adjusted by working capital and oe IFRS 16, CFFO would be up QoQ, despite the still low refining 8 contribution 159 FCF of €159 m, not affected by IFRS 167 Ebit
Slide 10: Maintaining a strong financial position
Maintaining a strong financial position Balance sheet (€m) 31Dec. 31 Mar. 2018 2019 Net fixed assets 7,340 7,380 Rights of use (IFRS 16) fe} 1,209 Working capital 814 81 Loan to Sinopec 176 oO Other assets/liabilities (546) (704) Net debt 1,737 1,603 Operating leases (IFRS 16) oO 1,230 Equity 6,047
Slide 11: Appendix
Slide 12: 1Q19 E&P
1Q19 E&P Stable production QoQ Main E&P data 1Q19 1Q18 A4Q18 1Q19 g @ @ w/o IFRS Working interest production kboepd 104.1 113.1 112.6 Production in line QoQ, with FPSO #9 - start-up and ramp-up of #8 in Brazil Oil production kbpd 91.6 99.8 99.5 offset by planned maintenance N itl i kl 102. 11.7 110.
Slide 13: 1Q19 R&M
1Q19 R&M Weak quarter impacted by a lower refining contribution Main R&M data Galp refining margin Refining cost Hedging impact on Ebitda Raw materials processed Total oil product sales Sales to direct clients RCA Ebitda RCA Ebit Net Income from R&M Associates Capex 13 | 1Q19 Results USD/boe USD/boe
Slide 14: 1Q19 G&P
1Q19 G&P Robust results on a stronger commercial business Main GSP data 19 Tew w/o IFRS 16 NG/LNG total sales volumes mm?> 1,975 1,725 1,971 Sales to direct clients mm°> 1,225 118° 1,157 Trading mm? 750 544 814 Sales of electricity to direct clients GWh 1,077 879 841 Sales of electricity to the grid
Slide 15: galp.com