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Wintershall Dea Q2 2020 Group Financial Statements

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Wintershall Dea Q2 2020 Group Financial Statements Wintershall Dea GmbH Group Management Report and Consolidated Financial Statements 1 January – 30 June 2020 Group Management Report of the Wintershall Dea Group for the period 1 January to 30 June 2020 (1st half-year 2020) 1. Material changes and key events The reporting period for the first half-year 2020 comprises the months of January to June 2020. Since the preceding fiscal year covered the period from May to December 2019 (short fiscal year), the comparison period according to IAS 34 comprises the months of May to September 2019. Therefore, the amounts presented in the interim financial statements for reporting and comparison periods are not fully comparable. In addition to the comparison of the reporting period (1 January – 30 June 2020) with the comparison period (1 May – 30 September 2019; comparison period), for the sake of comparability, the results of operations for the second quarter 2020 (1 April – 30 June 2020) were compared with the results of operations for the sec- ond quarter of the calendar year 2019 (1 April – 30 June 2019), derived from the addition of the consolidated financial statements of the Wintershall Group for April 2019, the consolidated financial statements of the Dea Group for April 2019 and the consolidated financial state- ments of the Wintershall Dea Group for May - June 2019. Just for the sake of comparability, the amounts for the first half-year 2019 (January – June 2019) , derived from the addition of the consolidated financial statements of the Wintershall Group for January – April 2019, the con- solidated financial statements of the Dea Group for January – April 2019 and the consolidated financial statement of the Wintershall Dea Group for May - June 2019, are reported as well. The periods January - June 2019 and April - June 2019 including the described comparisons are presented on a voluntary basis for illustrative purpose only (in the following "like-for-like infor- mation for illustrative purposes"). For computational reasons, rounding differences to the ex- act mathematical figures (monetary units, percentages, etc.) may occur. During the period under review, Dawn Summers became a new member of the Executive Board of Wintershall Dea GmbH, Celle as of 1 June 2020. As Chief Operator Officer (COO) she is re- sponsible for the business units Germany, Norway, the Netherlands, UK and Denmark, Egypt, Libya. Algeria and UAE. In Norway, the Norwegian government has enacted temporary changes in the petroleum tax system in June 2020 due to the COVID-19 situation. The changes include an increase of the uplift allowance to 24% for investments and immediate tax expense of both uplift allowance and capital expenditures in the special petroleum tax regime in 2020 and 2021. In addition, cash refunds for the tax value of losses from Norwegian tax authorities are expected in the second half of 2020. Furthermore, we secured interests in nine new exploration licenses in Norway, including three as the operator. In the Awards for Predefined Areas (APA) 2019 licensing round, we received participating interest in one license in the Barents Sea, four in the Norwegian Sea, and four in the North Sea. In the Netherlands, our JV Wintershall Noordzee B.V. has successfully started gas production at the own-operated Sillimanite field with two production wells in the first half-year 2020. 1 In Mexico, together with our license partners we have made significant oil discoveries on the Polak and the Chinwol prospects in Block 29 offshore Mexico. In Egypt, we signed the concession agreement for the East Damanhour block. The block is lo- cated to the west of Wintershall Dea’s Disouq development in the onshore Nile Delta. Following the deconsolidation of the WIGA Group in December 2019, the cash pooling contract with the equity investment WIGA was amended during the reporting period. From May 2020 onwards, WIGA is pooling about 50% of their cash balances with WD Group (formerly 100%) and about 50% with Gazprom Germania Group resulting in a significant reduction of about € 300 million in cash balances of WD Group. Since the beginning of this year, the spread of Covid-19 has resulted in a global health pan- demic, providing significant risk to the health of individuals. Wintershall Dea is carefully moni- toring the development of the virus in all jurisdictions where we operate. Our priority is to avoid any harm to our employees and contractors, and in addition to actions taken to date we will continue to evaluate the effects for both the current year, and the longer term. In addition, the rapid spread of Covid-19 has resulted in a significant global decline in economic activity, and a corresponding steep decline in commodity prices. Therefore, Wintershall Dea performed an impairment testing triggered by revised commodity price assumptions resulting in an impair- ment on assets for the first half of 2020 of € 952 million. Moreover, a shareholder loan granted to an investment valued at equity was fully impaired (€ 75 million). Net of tax, the impairment losses had an impact on half-year result of € 776 million. 2 2. Macro fundamentals Oil prices Jan - Jun May - Sep Jan - Jun Apr - Jun Apr - Jun $/barrel 2020 2019 20192 2020 20192 Average Brent price for the period1 40 64 66 30 69 1 Source: Heren/Argus/Platts 2 Like-for-like information for illustrative purposes Gas prices Jan - Jun May - Sep Jan - Jun Apr - Jun Apr - Jun $/mscf 2020 2019 20192 2020 20192 Average TTF price (month ahead) for the period1 2.9 4.0 5.9 2.1 4.8 1 Source: Heren/Argus/Platts; FX conversion according to ECB 2 Like-for-like information for illustrative purposes Foreign currency Closing rates € 1 = 30-06-2020 31-12-2019 Argentinian Peso (ARS) 79.02 67.21 Russian Ruble (RUB) 79.63 69.96 Norwegian Krone (NOK) 10.91 9.86 US-Dollar (USD) 1.12 1.12 Average Jan - Jun May - Sep Jan -Jun Apr - Jun Apr - Jun € 1 = 2020 2019 2019 2020 2019 Argentinian Peso (ARS) 71.18 53.57 46.87 74.63 49.46 Russian Ruble (RUB) 76.67 72.11 73.74 79.61 72.56 Norwegian Krone (NOK) 10.73 9.82 9.73 11.01 9.71 US-Dollar (USD) 1.10 1.12 1.13 1.10 1.12 3 3. Business performance and profitability The group uses various key performance indicators to manage and steer its performance and to achieve sustainable and value-oriented growth. Production, adjusted EBITDAX (EBITDAX), development/production capex and free cash flow are the major key metrics used for the pur- poses of internal management control. 3.1. Production Natural gas Jan - Jun May - Sep Jan - Jun Apr - Jun Apr - Jun (mboe/d) 2020 2019 20191, 2020 20192 Northern Europe 111 102 109 110 111 Russia 237 217 237 231 226 Middle East/North Africa 39 40 35 38 38 Latin America 63 70 66 65 67 450 429 447 444 442 Jan - Jun May - Sep Jan - Jun Apr - Jun Apr - Jun Liquids (mboe/d) 2020 2019 20191 2020 20192 Northern Europe 91 95 99 89 99 Russia 57 52 56 56 54 Middle East/North Africa3 10 15 9 8 10 Latin America 9 10 9 9 9 167 172 173 162 172 Jan - Jun May - Sep Jan - Jun Apr - Jun Apr - Jun Total production (mboe/d) 2020 2019 20191 2020 20192 Northern Europe 202 197 208 199 210 Russia 294 269 293 287 280 Middle East/North Africa3 49 55 44 46 48 Latin America 72 80 75 74 76 617 601 620 606 614 mboe/d – thousand barrel of oil equivalent per day 1 The period comprises production for Wintershall Dea Group on a like-for-like basis for illustrative purposes (aggregating production for Wintershall Group for January - April 2019, the production for Dea Group for January - April 2019 and the production for Wintershall Dea Group for May – June 2019) on a working interest basis; including proportional production from at equity accounted companies. 2 The period comprises production for Wintershall Dea Group on a like-for-like basis for illustrative purposes (aggregating production for Wintershall Group for April 2019, the production for Dea Group for April 2019 and the production for Wintershall Dea Group for May – June 2019) on a working interest basis; including proportional production from at equity accounted companies. 3 Excluding Libyan onshore In the first half of 2020, the group’s daily production averaged 617 mboe/d, of which gas was 450 mboe/d and liquids 167 mboe/d. Gas production increased by 21 mboe/d, due to additional wells on stream in Russia and the seasonal maintenance in Russia in the comparison period May - September 2019. The respective increase was partially compensated by lower demand 4 in Argentina. The production of liquids decreased by 5 mboe/d, due to a decrease in production in a few Norwegian production licences. Total production in the second quarter 2020 averaged to 606 mboe/d compared to 614 mboe/d in the period April - June 2019. The gas production increased slightly by 2 mboe/d (+1%) and the production of liquids decreased by 10 mboe/d (-6%) due to a decrease in production in a few Norwegian production licences. 3.2. Realized prices Jan - Jun May - Sep Jan - Jun Apr - Jun Apr - Jun 2020 2019 20191 2020 20191 Average realized liquids price including oil price hedge result 26 40 42 19 41 (in $/bbl) Average realized liquids price excluding oil price hedge result 24 40 41 16 41 (in $/bbl) Northern Europe 34 51 54 22 54 Russia2 8 11 12 6 10 Middle East/North Africa 27 60 61 17 61 Latin America 34 48 52 22 54 Average realized gas price 1.5 2.2 2.5 1.2 2.3 (in $/mscf) Northern Europe 3.1 4.0 5.6 2.1 4.7 2 Russia 0.4 0.8 0.9 0.3 0.9 Middle East/North Africa 2.9 3.5 3.6 2.9 3.5 Latin America 2.1 3.3 3.2 2.0 3.2 1 Like-for-like information for illustrative purposes 2 Includes the deduction of costs and applicable taxes In the reporting period January - June 2020, our realized liquids price (excl.
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