Financial outlook Claudio De Marco Chief Financial Officer 1 Capital Markets Day - March 14th 2011
Shifting our capex focus A new source of growth Funding the growth Committed to a strong capital structure Final remarks Appendix 2 Capital Markets Day - March 14th 2011
Galp Energia doubled capex level in just three years Capex Historical capex channelled to maintenance and NG infrastructure 2010 2007 In 2007 transformational projects were yet to take off From 2008 onwards Galp Energia 0.5 Bln…
2011 is a transition year for capex profile Capex 2011-2015 (Mln ) G&P R&M E&P 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 From a refiner towards an integrated energy player 4 Capital Markets Day - March…
Finalizing our upgrade project according to plan Capex 2011 Refining upgrade project will account for c.500 Mln of 2011 capex Lula/Cernambi development with 200 Mln capex [1.2 to 1.5 Bln] Exploration activities accounting for…
Capex plan focused on upstream growth Capex 2012 2015 Upstream projects gaining focus and accounting for c.70% of capex Lula/Cernambi development accounting for c.45% of upstream 3.5 Bln capex Maintenance capex in Iberian…
Shifting our capex focus A new source of growth Funding the growth Committed to a strong capital structure Final remarks Appendix 7 Capital Markets Day - March 14th 2011
Upstream EBITDA gaining weight going ahead EBITDA (Mln ) Galp Energias strategic decisions 2007 20151 paying off with strong EBITDA growth in the coming years Brazil as a new source of EBITDA, 891 Mln with Lula/Cernambi…
Incremental EBITDA from our transformational projects EBITDA (Mln ) Additional c.3.5/bbl from the upgrade project with full year impact on 2012 and stable going ahead Steady E&P EBITDA growth through time Lula/Cernambi…
Positive oil price outlook Oil price outlook (/bbl) Galp Energia oil price outlook with a conservative approach vs market 120 consensus Positive outlook for oil price improving future operating cash flow 80 40 2005 2005…
EBITDA generation with considerable upside driven by higher oil price EBITDA (Mln ) Room for higher value to be captured from oil price increase Based on consensus oil price assumptions EBITDA CAGR would be up by 3 p.p. (or more…
Shifting our capex focus A new source of growth Funding the growth Committed to a strong capital structure Final remarks Appendix 13 Capital Markets Day - March 14th 2011
Transformational projects execution stretched our capital structure Net debt to Equity (%) vs Capex (Mln ) 2011 capex estimate will drive capital 150% 2,000 structure to an unbalanced level 1,500 Conclusion of downstream 100%…
Using E&P Brazil for potential cash in of c.2 Bln Brazilian portfolio Assets in different life cycle stages from exploration to development Brazilian acreage, mainly pre-salt Santos basin, capturing companies interest worldwide…
Funding solution to sustain further growth Funding option focused on upstream assets Anticipation of Keep assets under time to market Galp Energia of resources control Brazilian assets monetization 16 Capital Markets…
Stronger capital structure after execution of funding solution Net debt to equity (%) Strengthening our capital structure without resorting to shareholders equity on the holding level 100% Execution risk of future projects…
Shifting our capex focus A new source of growth Funding the growth Committed to a strong capital structure Final remarks Appendix 18 Capital Markets Day - March 14th 2011
Strict financial policy to maintain trustable capital structure Net debt to EBITDA target lower than 2.5x Long term net debt to equity below 50% Liquidity position to continue at comfortable levels Diversify sources of funding…
Maintaining a solid capital structure Net debt to equity1 (%) 105%…
Shifting our capex focus A new source of growth Funding the growth Committed to a strong capital structure Final remarks Appendix 21 Capital Markets Day - March 14th 2011
A new era of sustainable growth Upstream development activities gaining importance in Galp Energias future No major development capex to be allocated to the downstream business Cash flow generation exposed to considerable upside…
Shifting our capex focus A new source of growth Funding the growth Committed to a strong capital structure Final remarks Appendix 23 Capital Markets Day - March 14th 2011
2011-2015 Business plan assumptions Mid-cycle assumptions Average 2009 2010 2011-2015 Oil price /bbl 61.5 79.5 72.0 Benchmark refining margin /bbl 0.91 1.18 1.62 EUR:USD 1.39 1.33 1.30 24 Capital Markets Day - March 14th…
Acronyms Number HR Human Resources United States dollar IOC International Oil Company % Percentage IPO Initial Public Offering 2D Two dimensional seismic Kboepd Thousand barrels of oil equivalent per day 3D Three dimensional…
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