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FIRST HALF 2008 RESULTS – Galp Energia

Galp Energia · Aug 6, 2008 · 21 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. FIRST HALF 2008 RESULTS – Galp Energia – slide 1
    FIRST HALF 2008 RESULTS Lisbon, 6 August 2008
  2. FIRST HALF 2008 RESULTS – Galp Energia – slide 2
    HIGHLIGHTS
  3. FIRST HALF 2008 RESULTS – Galp Energia – slide 3
    WEAK REFINING ENVIRONMENT DROVE NET PROFIT DOWN 25% YoY Replacement Cost IFRS Adjusted 1 1H07 1H08 % Ch. Million 1H07 1H08 % Ch. 5,885 7,537 +28% Turnover 5,882 7,512 +28% 646 847 +31% EBITDA 500 449 (10%) 517 725 +40% EBIT 379…
  4. FIRST HALF 2008 RESULTS – Galp Energia – slide 4
    R&M STOCK EFFECT OF 401 MLN ACCOUNTS FOR THE DIFFERENCE Adjustments to EBITDA IFRS in 1H08 ( Million) 847 +9 (405) (2) 449 EBITDA IFRS E&P R&M G&P EBITDA RC 1 adjusted 1 Excludes inventory effect and non-recurrent…
  5. FIRST HALF 2008 RESULTS – Galp Energia – slide 5
    BUSINESS OVERVIEW
  6. FIRST HALF 2008 RESULTS – Galp Energia – slide 6
    PRODUCTION BOUNCING BACK WITH RECOVERY OF BBLT BBLT drilling development activities regaining normal pace Increase in working production, up 13% QoQ, reflected in net entitlement, notwithstanding surge in crude oil prices Net…
  7. FIRST HALF 2008 RESULTS – Galp Energia – slide 7
    REFINING MARGINS REBOUNDED FROM PREVIOUS QUARTER Margins up 31% QoQ in Usd and 21% in Euro to 2.6 Eur/bbl Fuel oil and gasoline cracks, down 62% and 40% in the 2Q08, impacting margins on a yearly basis 2Q08 refining margins were down…
  8. FIRST HALF 2008 RESULTS – Galp Energia – slide 8
    VOLUMES SOLD REACHED 8 MLN TONS IN THE 1H08 Positive contribution from wholesale segment, with volumes up 3.1% YoY in the 1H08 Exports increased 5.7% YoY in the 1H08, with gasoline weighting 39.0% of 1H08 volumes Million tons 2Q08…
  9. FIRST HALF 2008 RESULTS – Galp Energia – slide 9
    NATURAL GAS VOLUMES IN 1H08 UP 20% YoY TO 3 Bcm All segments posted positive growth on a yearly basis Strong contribution from electrical and trading segments, which benefited from low hydro levels in Iberia, posting an increase in…
  10. FIRST HALF 2008 RESULTS – Galp Energia – slide 10
    FINANCIAL OVERVIEW
  11. FIRST HALF 2008 RESULTS – Galp Energia – slide 11
    REPLACEMENT COST ADJUSTED EBITDA REACHED 449 MLN IN 1H08 Strong contribution from the E&P business, driven by increase in realized price Weaker Usd/Eur, as well as a 2Q08 time lag effect amounting to 54 mln hurt operational performance…
  12. FIRST HALF 2008 RESULTS – Galp Energia – slide 12
    2Q08 NET PROFIT IMPACTED BY THE R&M SEGMENT Replacement Cost Replacement Cost Adjusted 1 Adjusted1 2Q07 2Q08 % Ch. Million 1H07 1H08 % Ch. 3,135 4,020 +28% Turnover 5,882 7,512 +28% 274 216 (21%) EBITDA 500 449 (10%) 214 148…
  13. FIRST HALF 2008 RESULTS – Galp Energia – slide 13
    1H08 CAPEX INCREASE DRIVEN BY E&P SEGMENT 1H08 Cashflow ( Million) 1H08 Capex ( Million) 78 335 30 216 257 Dividends 68 1241 118 Operations Capex SOURCES USES E&P R&M G&P GALP YoY +45% +67% (20%) +33% Net debt…
  14. FIRST HALF 2008 RESULTS – Galp Energia – slide 14
    NET DEBT IMPACTED BY DIVIDEND PAYMENT OF 139 M Balance Sheet Items ( Million) Change vs Change vs Dec. 2007 Mar. 2008 Jun. 2008 Dec. Mar. Fixed Assets 2,584 2,629 2,689 105 60 Strategic Stock 566 679 894 328 215 Other assets…
  15. FIRST HALF 2008 RESULTS – Galp Energia – slide 15
    FIRST HALF HIGHLIGHTS EXPLORATION Contributed to 28% of replacement cost adjusted EBITDA in 1H08 & PRODUCTION Realization price up 73% YoY in the 1H08 REFINING Time lag effect and Usd devaluation hurt refining margins in 1H08 &…
  16. FIRST HALF 2008 RESULTS – Galp Energia – slide 16
    KEY DRIVERS UPDATE
  17. FIRST HALF 2008 RESULTS – Galp Energia – slide 17
    GALP IS A KEY PLAYER IN SANTOS BASIN Key highlights Tupi recoverable oil and natural gas between 5 and 8 billion bbl 1 gas and condensate discovery in BM-S-24 (Jpiter) 1 oil discovery in BM-S-21 (Caramba) Evaluation plan…
  18. FIRST HALF 2008 RESULTS – Galp Energia – slide 18
    IMPACT OF CONVERSION PROJECT HIGHER THAN INITIALLY GUIDED Key highlights Spread diesel vs fuel oil (Usd/bbl) 89 Main equipment already contracted Project on track in terms of timing and cost 71 Subsidy proposal from the…
  19. FIRST HALF 2008 RESULTS – Galp Energia – slide 19
    AGIP AND ESSO RETAIL NETWORKS ACQUISITION RATIONALE Refining coverage (%) 1 1 Galp+Agip Galp +Esso 100 Number of sites 1,038 1,553 72 94 Number of COs/ 670 /210 995 /585 C-stores Iberian retail 12% 8% market share…
  20. FIRST HALF 2008 RESULTS – Galp Energia – slide 20
    INCREASED IBERIAN POSITION CAPTURES ECONOMIES OF SCALE Transactions still subject to approval Million Euros by the relevant authorities Supply management and Logistics costs + Fixed costs dilution 695 25 + 35 + 120 +…
  21. FIRST HALF 2008 RESULTS – Galp Energia – slide 21
    Investor Relations Tiago Villas-Boas Tel.: +351 21 724 08 66 Fax: +351 21 724 29 65 E-mail: tiagovbgalpenergia.com Website: www.galpenergia.com

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