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FULL YEAR 2007 RESULTS – Galp Energia

Galp Energia · Mar 6, 2008 · 24 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. FULL YEAR 2007 RESULTS – Galp Energia – slide 1
    FULL YEAR 2007 RESULTS Lisbon, 6 March 2008
  2. FULL YEAR 2007 RESULTS – Galp Energia – slide 2
    MARKET OVERVIEW
  3. FULL YEAR 2007 RESULTS – Galp Energia – slide 3
    CONSTANT UPWARD BRENT DURING 2007 Brent price (Usd/bbl) Rotterdam Cracking (Usd/bbl) Avg. 2007 72.5 Usd/bbl 10 100 Avg. 2007 2007 4.5 Usd/bbl 90 8 80 6 70 Avg. 2006 4 65.1 Usd/bbl 2007 60 2 2006 Avg. 2006 3.3 Usd/bbl…
  4. FULL YEAR 2007 RESULTS – Galp Energia – slide 4
    HIGHLIGHTS
  5. FULL YEAR 2007 RESULTS – Galp Energia – slide 5
    ADJUSTED EPS OF 0.50, UP 11% ON USD AND PRO-FORMA BASIS Replacement Cost IFRS Adjusted1 2006 2 2007 % Ch. Million 2006 2 2007 % Ch. 12,193 12,560 3.0% Turnover 12,090 12,557 3.9% 928 1,289 38.9% EBITDA 886 891 0.5% 643 1,011…
  6. FULL YEAR 2007 RESULTS – Galp Energia – slide 6
    2007 ADJUSTED EBITDA REACHED 891 MILLION E&P and G&P with a positive incremental contribution to EBITDA, but barely enough to compensate the negative impact of R&M division Pro forma replacement cost adjusted EBITDA (M) 106 886…
  7. FULL YEAR 2007 RESULTS – Galp Energia – slide 7
    BUSINESS OVERVIEW
  8. FULL YEAR 2007 RESULTS – Galp Energia – slide 8
    BBLT MAIN CONTRIBUTOR TO PRODUCTION GROWTH IN 2007 Annual net entitlement production increased 72% YoY Production decreased QoQ due to delays in BBLT drilling activities, expected to be solved at the end of 2Q08 Net Entitlement…
  9. FULL YEAR 2007 RESULTS – Galp Energia – slide 9
    2007 REFINING MARGIN DOWN 6% YoY ON EURO BASIS Refining margins impacted by Usd devaluation and high crude prices which enlarged energy costs due to consumption and losses levels Porto and Sines outages hurt operational performance,…
  10. FULL YEAR 2007 RESULTS – Galp Energia – slide 10
    TIME LAG EFFECT IMPACT Diesel Price Example (Usd/ton) Main Considerations Market price Price reference (avg 2 previous weeks) 2007 effect of 67.4 M, and Q4 of Contractual price 27.5 M Areas represent negative time lag 2006…
  11. FULL YEAR 2007 RESULTS – Galp Energia – slide 11
    POSITIVE CONTRIBUTION FROM GALP DIRECT CUSTOMERS Cover ratio of refining throughput increased from 68% to 72% in 2007 Reduction in exports caused by a drop in production, mainly in 4Q Strong contribution from the wholesale segment…
  12. FULL YEAR 2007 RESULTS – Galp Energia – slide 12
    NATURAL GAS VOLUMES UP BY 17% IN 2007 The portuguese market, excluding the electrical segment, grew by 7% in 2007 4Q07 volumes up 62% YoY, benefiting from lack of hydro capacity in Iberia Trading segment benefited from higher…
  13. FULL YEAR 2007 RESULTS – Galp Energia – slide 13
    ADJUSTED EBITDA REACHED 891 MILLION Increase in crude prices off-sets impact of lower production in 4Q07 Rising trend in crude prices with a negative impact on R&M performance in 4Q07 due to time-lag effect (pricing mechanism revised…
  14. FULL YEAR 2007 RESULTS – Galp Energia – slide 14
    FINANCIAL OVERVIEW
  15. FULL YEAR 2007 RESULTS – Galp Energia – slide 15
    ADJUSTED EPS OF 0.50, UP 11% ON USD AND PRO-FORMA BASIS Replacement Cost IFRS 1 Adjusted 2006 2 2007 % Ch. Million 2006 2 2007 % Ch. 12,193 12,560 3.0% Turnover 12,090 12,557 3.9% 928 1,289 38.9% EBITDA 886 891 0.5% 643 1,011…
  16. FULL YEAR 2007 RESULTS – Galp Energia – slide 16
    OPERATIONAL CASHFLOW GENERATION LED TO NET DEBT REDUCTION 2006 (M) 2007 (M) 305 1,703 1,398 Unbundling 153 Dividends 964 976 811 1,049 Dividends Operations Operations Capex Capex 485 Sources Uses Sources Uses Net…
  17. FULL YEAR 2007 RESULTS – Galp Energia – slide 17
    STRONGER CAPITAL STRUCTURE Balance Sheet Items (M) Dec. 2006 Dec. 2007 Ch. Fixed Assets 2,413 2,584 170 Strategic Stock 453 566 114 Other assets (liabilities) (149) (170) (20) Working Capital 207 180 (27) Net Debt 887 734…
  18. FULL YEAR 2007 RESULTS – Galp Energia – slide 18
    DIVIDEND PROPOSAL OF 0.32 PER SHARE 2007 Dividend Dividend proposal of 0.32 2 to be approved in next AGM, on May 6 Target 50% 63% 50% 0.152 already paid on November 7, 2007 Galp policy 2007 dividend proposal1 0.168 to…
  19. FULL YEAR 2007 RESULTS – Galp Energia – slide 19
    2007 RESULTS PRESENTATION APPENDIX ADDITIONAL DISCLOSURE
  20. FULL YEAR 2007 RESULTS – Galp Energia – slide 20
    NEW INFORMATION TO BE DISCLOSED FROM 1Q08 ONWARDS To be disclosed Rationale REFINING Refineries operating cash Understand profitability & costs of Refining and Marketing MARKETING divisions GAS EBIT NG Wholesale and Retail…
  21. FULL YEAR 2007 RESULTS – Galp Energia – slide 21
    2007 RESULTS PRESENTATION APPENDIX IRP REALLOCATION
  22. FULL YEAR 2007 RESULTS – Galp Energia – slide 22
    BASIS OF PRESENTATION RECENT CHANGES In the third quarter of 2007 the method of accounting for IRP, tax on oil revenues payable in Angola, was changed. In order to better specify the nature of costs, this tax formerly accounted…
  23. FULL YEAR 2007 RESULTS – Galp Energia – slide 23
    CHANGES IN 2006 PROFIT AND LOSS 4Q06 4Q06 2006 M Change Former Actual Actual IRP (10) +10 0 0 Adjusted EBIT 148 +10 158 686 Taxes (1) (10) (11) (203) Adjusted Net 94 0 94 468 income E&P Adjusted 18 27 66 EBIT…
  24. FULL YEAR 2007 RESULTS – Galp Energia – slide 24
    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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