Galp Energia, Sgps S.a. Class B · EURONEXT:GALP
Galp Energia, Sgps S.a. Class B — Galp Energia — FY2009 Earnings Presentation
14 slides from Galp Energia, Sgps S.a. Class B's earnings presentation, Feb 25, 2010
Slide 1: Fourth Quarter and Full Year 2009 Results
FOURTH QUARTER AND FULL YEAR 2009 RESULTS FEBRUARY 25 2010 Extending success into new challenges Investor Relations
Slide 2: Highlights
HIGHLIGHTS Fourth Quarter and Full Year 2009 Results Investor Relations
Slide 3: Fourth Quarter and Full Year 2009 Results Highlights
FOURTH QUARTER AND FULL YEAR 2009 RESULTS HIGHLIGHTS EXPLORATION & First Tupi’s production with impact in results PRODUCTION REFINING & Continued depressed refining environment MARKETING GAS & Stable contribution of Natural Gas Distribution business POWER FINANCIALS 4Q09 net profit RCA of €34 mln (-
Slide 4: Business Overview
BUSINESS OVERVIEW Fourth Quarter and Full Year 2009 Results Investor Relations
Slide 5: First Tupi's production with impact in results
FIRST TUPI’S PRODUCTION WITH IMPACT IN RESULTS MAIN DATA E&P ▪ Tupi’s EWT contributed with a production of 283 4Q09 4Q08 YoY QoQ 12M09 YoY thousand barrels Working interest production kbbl/d 17.7 15.5 +14% +24% 14.7 (3%) Net entitlement production kbbl/d 12.2 9.7 +26% +37% 9.7 (3%) ▪ OPEC cuts and d
Slide 6: Continued depressed refining environment
CONTINUED DEPRESSED REFINING ENVIRONMENT MAIN DATA R&M 4Q09 4Q08 YoY QoQ 12M09 YoY ▪ Increase in premium to Galp Energia refining margin $/bbl 0.9 5.8 (84%) +2% 1.5 (67%) benchmark QoQ as light/heavy crude spread Spread over benchmark $/bbl 1.6 1.2 +27% +68% 0.8 (68%) widened Crude processed M bbl 2
Slide 7: Stable contribution of Natural Gas Distribution business
STABLE CONTRIBUTION OF NATURAL GAS DISTRIBUTION BUSINESS MAIN DATA G&P ▪ Decrease in volumes 4Q09 4Q08 YoY QoQ 12M09 YoY sold driven by higher hydro NG supply total sales volumes M m3 1,198 1,225 (2%) (7%) 4,680 (17%) Liberalized markets sales volumes M m3 882 586 +50% (17%) 3,208 0% Electrical and
Slide 8: Financial Overview
FINANCIAL OVERVIEW Fourth Quarter and Full Year 2009 Results Investor Relations
Slide 9: 4Q09 net profit RCA of €34 mln (-73% YoY)
4Q09 NET PROFIT RCA OF €34 MLN (-73% YoY) PROFIT & LOSS ▪ Higher non-cash costs € Mln 4Q09 4Q08 YoY QoQ 12M09 YoY due to higher investment levels Turnover 2,911 3,579 (19%) (11%) 11,960 (21%) EBITDA 147 244 (40%) (23%) 619 (37%) E&P 39 33 +18% +36% 112 (46%) ▪ Lower financial results R&M 61 269 (77%
Slide 10: Capex mainly channelled to upgrade project
CAPEX MAINLY CHANELLED TO UPGRADE PROJECT CAPEX G&P € Mln R&M ▪ E&P capex focused in E&P Tômbua-Lândana’s and 1,560 1,600 1,580 1,560 1,540 Tupi’s fields 1,520 1,500 1,480 1,460 1,440 1,420 1,400 1,380 1,360 1,340 1,320 1,300 1,280 1,260 1,240 1,220 1,200 1,180 1,132 1,160 1,140 1,120 1,100 ▪ Upgrad
Slide 11: Efficient net working capital management
EFFICIENT NET WORKING CAPITAL MANAGEMENT FINANCIAL POSITION ▪ €1 bln allocated to fixed € Mln Dec. 2009 Sept. 2009 Dec - Sept Dec. 2008 Dec - Dec assets not yet generating return Fixed assets 4,154 3,941 +213 3,881 +273 Work in progress 1,015 1,145 (130) 868 +147 Strategic stock 575 636 (62) 480 +95
Slide 12: Major debt reimbursement starting in 2011
MAJOR DEBT REIMBURSEMENT STARTING IN 2011 Debt structure as of December 2009 61% 80% ▪ Net debt totalled €1.9 Bln 39% 20% ▪ Average M/L-term debt Floating Fixed Short-term M/L-term maturity of 4.0 years M/L-term M/L-term ▪ Average interest rate of 3.8% M/L-term debt reimbursement profile € Mln 1 600
Slide 13: Disclaimer
DISCLAIMER RCA figures except otherwise noted. Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements are statements other than in respect of historical facts. The words “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may,” "co
Slide 14: Fourth Quarter and Full Year 2009 Results
FOURTH QUARTER AND FULL YEAR 2009 RESULTS FEBRUARY 25 2010 Tiago Villas-Boas Investor Relations Officer tiagovb@galpenergia.com T: +351 21 724 08 66 Extending success into new challenges www.galpenergia.com F: +351 21 724 29 65