10 February 2012 Results FULL YEAR AND FOURTH QUARTER 2011 Delivering growth through exploration and production
Key highlights Business overview Strategy execution update Final remarks Appendix 2 Full Year and Fourth Quarter 2011 results
Key highlights Net profit doubled to 79 Mln in 4Q11 Capital increase ensures development of Brazilian projects Lula/Cernambi development plan being executed Results from Mamba North should be announced shortly 3 Full…
Key highlights Business overview Strategy execution update Final remarks Appendix 4 Full Year and Fourth Quarter 2011 results
Net profit doubled to 79 Mln in 4Q11 Profit & Loss (Mln) 4Q11 4Q10 YoY QoQ 12M11 YoY G&P solid earnings driven by incremental trend in Turnover 4,375 3,538 +24% +2% 16,804 +20% supply margins and power EBITDA 212 177 +20% (4%)…
Net debt impacted by transformational projects execution Balance sheet (Mln) Dec.2011 Sep.2011 Dec - Sep Dec.2010 Dec - Dec 2.2 bln of work in progress to start Fixed assets 5,999 5,884 +115 5,426 +573 generating cash flow in…
Short term outlook 1Q12 working interest production targeted at c.22 kboepd Refining margin to recover from 4Q11 levels Marketing volumes down QoQ, still impacted by the Iberian economic environment Natural gas volumes to…
Key highlights Business overview Strategy execution update Final remarks Appendix 8 Full Year and Fourth Quarter 2011 results
Capital increase ensures strong and sustainable balance sheet Net debt to Equity Financial close expected to the end of February 119% Gearing on a pro-forma basis under 20%, below the sector average 31% < 20% Cash inflow…
Physical completion of Sines refinery almost concluded Sines refinery Towards a fully integrated refining system Production should progressively ramp up from April onwards Stable production expected for the end of 2Q12…
Results from Mamba North should be announced shortly Mozambique Rovuma basin Currently evaluating the drill stem test (DST) results in Mamba North well On track to reinforce the potential of Rovuma basin Larger exploration…
4th producing well in Lula to be connected until the end of 1Q12 FPSO Cidade de Angra dos Reis1 Production wells onstream achieved highly productive rates Lula-1 project should reach full capacity in 2Q12 Additional wells to…
Key highlights Business overview Strategy execution update Final remarks Appendix 13 Full Year and Fourth Quarter 2011 results
Final remarks Funding needs solved on a challenging market environment Upgrade project on track to impact earnings Continuously de-risking exploration portfolio Lula development ahead of expectations 14 Full Year and…
SAVE THE DATE Galp Energia Capital Markets Day 2012 London March 6th 2012 15 Full Year and Fourth Quarter 2011 results
Key highlights Business overview Strategy execution update Final remarks Appendix 16 Full Year and Fourth Quarter 2011 results
Lula production gaining relevance Main E&P data 4Q11 4Q10 YoY QoQ 12M11 YoY Lula field drove working interest production growth Working interest production kboepd 21.6 20.1 +8% +4% 20.8 +7% with 2nd and 3rd producing Net…
EBITDA impacted by adverse market environment Main R&M data 4Q11 4Q10 YoY QoQ 12M11 YoY Refining margin affected Galp Energia refining margin /bbl (0.0) 2.3 (102%) (105%) 0.6 (78%) by negative trend of Spread over benchmark /bbl…
G&P earnings supported by supply activity Main G&P data 4Q11 4Q10 YoY QoQ 12M11 YoY Natural gas supply volumes supported by NG supply total sales volumes M m3 1,414 1,340 +6% +22% 5,365 +9% trading activity Electrical M m3 387…
Capex shift has already been initiated in 4Q11 Capital expenditure (Mln) G&P Development activities R&M in Brazil responsible for E&P majority of E&P capex 1,233 1,000 Upgrade refining project absorbed c. 70% of R&M capex…
Additional facilities of 0.91 Bln M/L-term debt reimbursement profile (Mln) 1,000 Major debt reimbursement 800 scheduled for 2012-14 600 period 400 200 Total net debt of 3.5 Bln, 0 2012 2013 2014 2015 +2016 with an average…
Investor Relations team Tiago Villas-Boas, Head of IR Ctia Lopes Ins Santos Maria Borrega Pedro Pinto Samuel Dias +351 21 724 08 66 investor.relationsgalpenergia.com www.galpenergia.com Results & presentation weblink…
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