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Q3 2008 RESULTS – Galp Energia

Galp Energia · Nov 12, 2008 · 22 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. Q3 2008 RESULTS – Galp Energia – slide 1
    NINE MONTHS 2008 RESULTS Lisbon, 12 November 2008
  2. Q3 2008 RESULTS – Galp Energia – slide 2
    HIGHLIGHTS
  3. Q3 2008 RESULTS – Galp Energia – slide 3
    VERY STRONG 3Q08 WITH RC ADJUSTED NET PROFIT UP 52% YoY 3Q 2008 ( Mln) 9M 2008 ( Mln) 731 353 282 139 EBITDA NET PROFIT EBITDA NET PROFIT 1 1 RC ADJ. RC ADJ. RC ADJ.1 RC ADJ.1 YoY +33% 52% YoY +3% (6%) Quarterly…
  4. Q3 2008 RESULTS – Galp Energia – slide 4
    RC ADJUSTED NET PROFIT OF 353 MILLION, DOWN 6% Replacement Cost IFRS Adjusted 1 9M07 9M08 % Ch. Million 9M07 9M08 % Ch. 9,124 11,507 +26% Turnover 9,120 11,483 +26% 930 943 +1% EBITDA 712 731 +3% 735 733 (0%) EBIT 526 515…
  5. Q3 2008 RESULTS – Galp Energia – slide 5
    BUSINESS OVERVIEW
  6. Q3 2008 RESULTS – Galp Energia – slide 6
    STABLE WORKING INTEREST PRODUCTION IN 3Q08 Crude price up 53% YoY pressed net entitlement production down Quarterly increase of TLs working production more than offset Kuitos natural decline Net Entitlement Production by Field…
  7. Q3 2008 RESULTS – Galp Energia – slide 7
    REFINING MARGINS REVERSED TO A POSITIVE TREND 25% quarterly increase in fuel margin, or +10.8 Usd/bbl (3Q08 fuel oils yield of 16%) Strong contribution from base oils in a higher margin environment Volumes down QoQ due to Sines…
  8. Q3 2008 RESULTS – Galp Energia – slide 8
    OVERALL MARKET CONTRACTION IMPACTED VOLUMES SOLD Refining throughput conditioned by Sines refinery programmed outage Iberian demand contracted due to economic environment Exports down in 3Q08 due to Sines outage, notwithstanding…
  9. Q3 2008 RESULTS – Galp Energia – slide 9
    NATURAL GAS VOLUMES UP 13% YoY IN 3Q08 First quarter of fully regulated activity in industrial, commercial and residential segments in Portugal Growth driven by electrical segment, which continued to outperform with volumes up 31%…
  10. Q3 2008 RESULTS – Galp Energia – slide 10
    FINANCIAL OVERVIEW
  11. Q3 2008 RESULTS – Galp Energia – slide 11
    3Q08 RC ADJUSTED EBIT UP 35% YoY UNDERPINNED BY R&M AND G&P 3Q08 RC Adjusted EBIT ( Mln) Lower net entitlement production and higher depreciation impacted E&P performance 59 198 Quarterly favourable refining 111 margin and a…
  12. Q3 2008 RESULTS – Galp Energia – slide 12
    3Q08 RC ADJUSTED NET PROFIT IMPACTED BY FINANCIALS Financial results hit by both devaluation of Real vs Usd, with an impact of 10 mln, and surge in reference rates, which rose 60 bps YoY Effective tax rate of 22%, impacted by lower…
  13. Q3 2008 RESULTS – Galp Energia – slide 13
    3Q08 RC ADJUSTED NET PROFIT BENEFITED FROM R&M PERFORMANCE Replacement Cost IFRS Adjusted 1 3Q07 3Q08 % Ch. Million 3Q07 3Q08 % Ch. 3,238 3,970 +23% Turnover 3,238 3,970 +23% 283 96 (66%) EBITDA 211 282 +33% 218 8 (96%)…
  14. Q3 2008 RESULTS – Galp Energia – slide 14
    R&M SEGMENT BOOSTED CAPEX IN 3Q08 3Q08 Capex ( Mln) Investment in the E&P mainly concentrated in Block 14 in Angola 49 211 with the development of Tombua- Lndana 128 The R&M segment accounted for 60% of total investment,…
  15. Q3 2008 RESULTS – Galp Energia – slide 15
    CASH FLOW GENERATION ENABLES A STRONG CAPITAL STRUCTURE Balance Sheet items ( Mln) Jun. 2008 Sep. 2008 Change Fixed Assets 2,689 2,853 164 Strategic Stock 894 864 (30) Other assets (liabilities) (319) (243) 76 Working Capital…
  16. Q3 2008 RESULTS – Galp Energia – slide 16
    3Q08 HIGHLIGHTS EXPLORATION Lower net entitlement production due to higher crude price in 2008 & PRODUCTION Higher depreciation impacted negatively 3Q08 EBIT REFINING Replacement cost adjusted EBIT up 68% YoY in 3Q08 &…
  17. Q3 2008 RESULTS – Galp Energia – slide 17
    FINANCING AND LIQUIDITY
  18. Q3 2008 RESULTS – Galp Energia – slide 18
    FAVOURABLE SCHEDULE OF M/L TERM DEBT REIMBURSEMENT Debt structure Net debt totals 875 Mln Floating M/L-term Fixed Short-term Average debt maturity of 3.05 years, or 4.98 only considering M/L 87% 47% term debt 53% 13% Debt is…
  19. Q3 2008 RESULTS – Galp Energia – slide 19
    ROBUST LIQUIDITY POSITION AND STRONG CASH FLOW GENERATION Liquidity and Operating Cash Flow ( Bln) Liquidity position robustness and strong cash flow generation from After AGIP and dividend stable businesses secures short- 1.1…
  20. Q3 2008 RESULTS – Galp Energia – slide 20
    PRE-SALT SANTOS BASIN
  21. Q3 2008 RESULTS – Galp Energia – slide 21
    EXTRAORDINARY SUCCESS ACHIEVED IN PRE SALT SANTOS BASIN Six successful wells were drilled which led to major discoveries (Tupi, Tupi Sul, Caramba, Jpiter, Bem-te-vi and Iara), of which Iara discovery and Jpiter completion were…
  22. Q3 2008 RESULTS – Galp Energia – slide 22
    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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