Galp Energia, Sgps S.a. Class B · EURONEXT:GALP

Galp Energia, Sgps S.a. Class B — Galp Energia — Q3 2018 Earnings Presentation

16 slides from Galp Energia, Sgps S.a. Class B's earnings presentation, Oct 29, 2018

  1. Slide 1: Results Third Quarter 2018

    RESULTS THIRD QUARTER 2018 OCTOBER 29, 2018 INVESTOR RELATIONS

  2. Slide 2: Cautionary Statement

    Cautionary Statement 2 By attending or reading this presentation, you acknowledge and agree presentation must not be acted or relied on by persons who are not impossible to predict and are beyond its control. No assurance, however, to be bound by the following limitations and restrictions. This Rele

  3. Slide 3: Agenda

    Agenda 3 Key Highlights Operational Performance Financial Performance Appendix Third quarter 2018 results

  4. Slide 4: Key highlights

    Key highlights 4  Solid financial performance supporting business plan targets  9M18 FCF of €514 m, more than covering a €0.55/sh dividend  CFFO in 3Q18 of €343 m supported by a solid upstream and downstream performance, despite working capital effect of €186 m related to inventory build  Ebitda

  5. Slide 5: Agenda

    Agenda 5 Key Highlights Operational Performance Financial Performance Appendix Third quarter 2018 results

  6. Slide 6: Q3 upstream performance impacted by planned maintenance

    Q3 upstream performance impacted by planned maintenance 6 P-69 FPSO on location 3Q overview Outlook  Planned maintenance in 3 FPSOs and gas export line in  P-69 started production in Lula Ext. South on October 23 Brazil, with units/infrastructure now fully operational  Lula North sail away to fin

  7. Slide 7: Solid downstream performance despite start of maintenance

    Solid downstream performance despite start of maintenance 7 3Q overview Outlook  Solid performance from the marketing of oil products  Expecting weaker refining environment in Q4, despite a and gas and power activities supportive demand for oil products in Iberia  Refining margin of $5.8/boe, des

  8. Slide 8: Agenda

    Agenda 8 Key Highlights Operational Performance Financial Performance Appendix Third quarter 2018 results

  9. Slide 9: Ebitda increased 38% YoY to €642 m

    Ebitda increased 38% YoY to €642 m 9 Profit & Loss RCA (€m)  Upstream Ebitda supported by higher 3Q17 2Q18 3Q18 realisation prices and production. QoQ Turnover 3,891 4,546 4,540 impacted by maintenance and positive Q2 underlifting adjustments Ebitda 466 628 642 E&P 204 411 396  Downstream Ebitda i

  10. Slide 10: Cash flow impacted by working capital build

    Cash flow impacted by working capital build 10 Cash flow IFRS (€m)  CFFO of €343 m supported by solid upstream 3Q17 2Q18 3Q18 and downstream performance Ebit + DD&A 479 741 686  Inventory build driving working capital Taxes paid (107) (163) (163) investment of €186 m, mainly driven by Dividends fr

  11. Slide 11: Maintaining strong financial position

    Maintaining strong financial position 11 Balance Sheet (€m)  Net fixed assets slightly higher QoQ, with net 31 Dec, 30 Jun, 30 Sep, capex more than offsetting DD&A and the BRL 2017 2018 2018 depreciation Net fixed assets 7,231 7,095 7,157  Loan to Sinopec reduced against capital Working capital 58

  12. Slide 12: Agenda

    Agenda 12 Key Highlights Operational Performance Financial Performance Appendix Third quarter 2018 results

  13. Slide 13: E&P: Supported by higher realised price and production

    E&P: Supported by higher realised price and production 13 Main E&P data1  Projects ramp-up driving YoY production 3Q17 2Q18 3Q18 increase, with QoQ variation reflecting higher concentration of planned maintenance in Working interest production kboepd 94.6 108.1 103.8 Brazil Oil production kbpd 82.8

  14. Slide 14: R&M: Impacted by weaker refining environment

    R&M: Impacted by weaker refining environment 14 Main R&M data1  Raw materials processed down 7% YoY to 3Q17 2Q18 3Q18 27.7 mmboe due to start of planned maintenance in Matosinhos refinery Galp refining margin USD/boe 7.4 6.1 5.8 Refining cost USD/boe 1.6 2.3 2.0  Refining margin of $5.8/boe, down

  15. Slide 15: G&P: Stable contribution to results

    G&P: Stable contribution to results 15 Main G&P data  NG/LNG volumes up 18% YoY, on higher 3Q17 2Q18 3Q18 network trading activity and sales to industrial clients NG/LNG total sales volumes mm3 1,716 1,892 2,024 Sales to direct clients mm3 1,064 1,133 1,201  Ebitda up YoY, benefitting from stable

  16. Slide 16: Third quarter 2018 results

    16 Third quarter 2018 results

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