DOCSLIB.ORG

Interim Management Report for the First Half 2021

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish version prevails. ABOUT THIS REPORT The Interim Management Report of the Repsol Group1 should be read in conjunction with the consolidated Management Report for 20202. In conjunction with this report, Repsol has published condensed interim consolidated financial statements3 for the first half of 2021 (hereinafter, “interim financial statements for the first half of 2021”). The Board of Directors of Repsol, S.A. approved both reports of Repsol, S.A. at its meeting of July 28, 2021. The financial information contained in this document, unless expressly indicated otherwise, has been prepared in accordance with the Group’s reporting model, as described below: Repsol presents its segment results including joint ventures and other companies that are jointly managed in accordance with the Group’s investment percentage, considering operational and economic indicators within the same perspective and degree of detail as those for companies consolidated under the full consolidation method. Thus, the Group considers that the nature of its businesses and the way in which results are analyzed for decision- making purposes are adequately reflected in this report. Given the nature of its business and in order to make its disclosures more readily comparable with those of its peers, the Group relies on Adjusted Net Income when measuring the results of each business segment. Adjusted Net Income means the current cost of supply (CCS), net of taxes and minority interests and excluding certain specific items of income and expense (“Special items”). For current cost of supply (CCS) earnings, the cost of volumes sold is calculated on the basis of procurement and production costs incurred during the period in question and not based on weighted average cost, which is the accepted methodology under European accounting law and regulations. The difference between CCS earnings and earnings at weighted average cost is included in the so-called Inventory Effect, which also includes other adjustments to the valuation of inventories (write-offs, economic hedges, etc.) and is presented net of taxes and minority interests. This Inventory Effect largely affects the Industrial segment. Furthermore, Adjusted Net Income does not include Special Items, i.e. certain material items that are presented separately to provide a more reliable view of the ordinary management of the businesses. This standard report uses Alternative Performance Measures (APMs), meaning measures that are “adjusted” to those presented under IFRS-EU. The information, breakdowns and reconciliations are included in Appendix I — Alternative Performance Measures of this report and are updated quarterly on the Repsol website (www.repsol.com). The balance sheet, income statement and statement of cash flows prepared under the Group’s reporting model are presented in Appendix II. The non-financial information regarding the sustainability indicators included in this document has been calculated in accordance with the corporate rules that set out the standard criteria and methodology to be applied in each case. For more information, see section 8 – Sustainability of the Group’s 2020 Management Report. 1 Hereinafter, the names “Repsol”, “Repsol Group” or “the Company” will be used indistinctly to refer to the group of companies comprising Repsol, S.A. and its subsidiaries, associates and joint ventures. 2 This interim Management Report has been drawn up for the sole purpose of updating the information contained in the 2020 Management Report. 3 The interim financial statements for the first half of the year have undergone a limited independent review by the Group’s auditor. 2 ............................................................................................... 4 ....................................................................................................................................................... 8 .......................................................................................................................................................... 8 ...................................................................................................................................................................... 8 .......................................................................................................................................... 10 ......................................................................... 11 ...................................................................................................................................................................................... 11 ................................................................................................................................................................................. 15 .................................................................................................................................................................... 15 ................................................................................................................................................. 17 ................................................................................................................................................. 19 ................................................................................................................................................................................... 19 .................................................................................................................................................................................. 22 ................................................................................................................................................ 24 ................................................................................................................................................... 26 .................................................................................................................................. 29 ............................................................................................................................................................. 30 ..................................................................................................................................................................................... 30 ............................................................................................................................................................... 32 ......................................................................................................................... 32 ................................................................................................. 33 .................................................. 42 ....................................................................................... 45 3 RECOVERY SCENARIO In the first half of 2020, the global crisis triggered by COVID-19 caused demand and our raw materials and product prices to plummet. So far in 2021, the progress of vaccination programs and public policies to help Prices and shake off the crisis have fueled a gradual recovery in economic activity and mobility -albeit still uneven demand across countries- which has boosted demand and pushed up prices for these goods. These price dynamics recovery fed through to Brent crude oil, which climbed above $70/bbl in June (averaging $65.0/bbl in the first half of the year). PERFORMANCE AND FINANCIAL POSITION This improved environment, together with the measures deployed by the company to overcome the crisis and join the recovery, enabled Repsol to post net income of 1,235 million euros in the first half of 2021, with a significant increase in cash generation across the businesses. RESULTS FOR THE PERIOD (Million euros) 1H 2021 1H 2020 ∆ Upstream 678 (51) 729 Good results Industrial 239 296 (57) supported by Commercial and Renewables 228 163 65 an integrated Corporate and other (186) (219) 33 model Adjusted net income 959 189 770 Inventory effect 489 (1,088) 1,577 Special items (213) (1,585) 1,372 Net income 1,235 (2,484) 3,719 Adjusted net income amounted to 959 million euros (189 million euros in 2020), with the Upstream, Chemicals and Mobility businesses all outperforming. The improvement in results at Upstream was due to rallying crude oil and gas prices, together with the efficiency measures put in place and the contribution made by Libya, where production had been halted for most of last year. At the Industrial segment, the decline in international margins at Refining due to the drop in demand was offset by the remarkable performance of Chemicals, which reported extraordinarily high profit margins. The results of the Commercial and Renewables segment were driven by recovering sales at the Mobility businesses -which at the end of the period were close to pre-pandemic levels for gasoline and diesel fuels- and also efficient cost management. The increase in international prices for crude oil and other products has had a significant lifting effect on the value of inventories, thus generating a substantial inventory effect. Meanwhile, special items -which in 2020 reflected accounting write-downs of Upstream assets- mainly include provisions and workforce restructuring costs. Total net income obtained in the period came to 1,235 million euros (-2,484 million euros in 2020). Solid
Recommended publications
  • Report on Sustainability 2020 CEO Message

    Report on Sustainability 2020 CEO Message

    Report on Sustainability 2020 CEO message As I write this, the world is contending with the health and economic effects of a global pandemic which has not only impacted lives, but has brought about disruptions to fnancial markets, businesses, and the way we work and live. Mark Little president and chief executive offcer This crisis is highlighting how interconnected environmental, social and economic systems are. Responding and recovering from the effects of the pandemic and fostering resiliency will require cooperation and collaboration among all stakeholders. Our collective actions can have an enormous impact when we work together to fnd solutions. At Suncor we use our purpose – Our purpose embodies to provide trusted energy that enhances people’s lives, while caring for each other and our commitment to the earth – to guide our decisions and actions. sustainability and is our As much as our world has changed through COVID-19, Suncor remains fully committed to our strategy, sustainability leadership and our role in the energy transition to a low-carbon future. guide in these times of Our commitment is unwavering and continues to be at the heart of everything we do. uncertainty. We all have a We continue to see outstanding progress being made on the social goal we’ve set, including role to play in our shared increasing the participation of Indigenous Peoples in energy development. In 2019, we spent more than $800 million with Indigenous businesses, representing 8% of our total supply chain energy future. spend. We have also increased the number of Petro-Canada™ stations that are Indigenous-owned Mark Little and operated.
  • Billing Code: 4310-MR

    Billing Code: 4310-MR

    This document is scheduled to be published in the Federal Register on 02/21/2013 and available online at http://federalregister.gov/a/2013-03994, and on FDsys.gov Billing Code: 4310-MR DEPARTMENT OF THE INTERIOR Bureau of Ocean Energy Management Environmental Documents Prepared for Oil, Gas, and Mineral Operations by the Gulf of Mexico Outer Continental Shelf (OCS) Region AGENCY: Bureau of Ocean Energy Management (BOEM), Interior. ACTION: Notice of the Availability of Environmental Documents Prepared for OCS Mineral Proposals by the Gulf of Mexico OCS Region. SUMMARY: BOEM, in accordance with Federal regulations that implement the National Environmental Policy Act (NEPA), announces the availability of NEPA-related Site-Specific Environmental Assessments (SEAs) and Findings of No Significant Impact (FONSIs). These documents were prepared during the period October 1, 2012, through December 31, 2012, for oil, gas, and mineral-related activities that were proposed in the Gulf of Mexico, and are more specifically described in the Supplementary Information Section of this notice. FOR FURTHER INFORMATION CONTACT: Bureau of Ocean Energy Management, Gulf of Mexico OCS Region, Attention: Public Information Office (GM 250E), 1201 Elmwood Park Boulevard, Room 250, New Orleans, Louisiana 70123-2394, or by calling 1- 800-200-GULF. SUPPLEMENTARY INFORMATION: BOEM prepares SEAs and FONSIs for certain proposals that relate to exploration, development, production, and transport of oil, gas, and mineral resources on the Federal OCS. These SEAs examine the potential environmental effects of proposed activities and present BOEM conclusions regarding the significance of those effects. The SEAs are used as a basis for determining whether or not approval of the proposals constitutes a major Federal action that significantly affects the quality of the human environment in accordance with NEPA Section 102(2)(C).
  • Climate and Energy Benchmark in Oil and Gas Insights Report

    Climate and Energy Benchmark in Oil and Gas Insights Report

    Climate and Energy Benchmark in Oil and Gas Insights Report Partners XxxxContents Introduction 3 Five key findings 5 Key finding 1: Staying within 1.5°C means companies must 6 keep oil and gas in the ground Key finding 2: Smoke and mirrors: companies are deflecting 8 attention from their inaction and ineffective climate strategies Key finding 3: Greatest contributors to climate change show 11 limited recognition of emissions responsibility through targets and planning Key finding 4: Empty promises: companies’ capital 12 expenditure in low-carbon technologies not nearly enough Key finding 5:National oil companies: big emissions, 16 little transparency, virtually no accountability Ranking 19 Module Summaries 25 Module 1: Targets 25 Module 2: Material Investment 28 Module 3: Intangible Investment 31 Module 4: Sold Products 32 Module 5: Management 34 Module 6: Supplier Engagement 37 Module 7: Client Engagement 39 Module 8: Policy Engagement 41 Module 9: Business Model 43 CLIMATE AND ENERGY BENCHMARK IN OIL AND GAS - INSIGHTS REPORT 2 Introduction Our world needs a major decarbonisation and energy transformation to WBA’s Climate and Energy Benchmark measures and ranks the world’s prevent the climate crisis we’re facing and meet the Paris Agreement goal 100 most influential oil and gas companies on their low-carbon transition. of limiting global warming to 1.5°C. Without urgent climate action, we will The Oil and Gas Benchmark is the first comprehensive assessment experience more extreme weather events, rising sea levels and immense of companies in the oil and gas sector using the International Energy negative impacts on ecosystems.
  • Petronor Annual Report 2020

    Petronor Annual Report 2020

    PETRONOR E&P LIMITED (ABN 87 125 419 730) Annual Report and Financial Statements For the year ended 31 December 2020 Annual Report 31 December 2020 PetroNor E&P Limited CONTENTS Group at a glance statement 2 Chairman’s statement 3 Chief Executive Officer Strategic Review 4 Annual statement of reserves 6 Directors’ report 10 Auditor’s independence declaration 20 Consolidated statement of profit or loss and other comprehensive income 21 Consolidated statement of financial position 22 Consolidated statement of changes in equity 23 Consolidated statement of cash flows 24 Notes to the consolidated financial statements 25 Directors’ declaration and statement of responsibility 51 Independent Auditor’s report to the members 52 Glossary and Definitions 55 Corporate directory 55 Page | 1 Annual Report 31 December 2020 PetroNor E&P Limited GROUP AT A GLANCE STATEMENT KEY FIGURES 2020 2019 EBITDA (USD mill) 33.97 49.00 EBIT (USD mill) 29.33 45.77 Net profit / (loss) (USD mill) 11.15 (5.76) 2P Reserves (MMbbl) 12.62 10.76 2C Contingent Resources (MMbbl) 8.81 7.31 2020 HIGHLIGHTS AND SUBSEQUENT EVENTS Completed a capital raise of NOK 340 million in March 2021. PetroNor has increased its indirect ownership in PNGF Sud up to 16.83% through increasing is shareholding in Hemla E&P Congo and Hemla Africa Holding. The latter transaction is awaiting approval by the EGM 4th May 2021. PNGF Sud production had a 4% growth in the oil production compared to 2019 with a gross field average production of 22,713 bopd in 2020. PetroNor has re-established a highly attractive exploration portfolio in the West African margin through the entry in the Esperança and Sinapa licenses in Guinea-Bissau at highly attractive terms following the acquisition of SPE Guinea-Bissau AB from Svenska Petroleum Exploration AB.
  • Document De Référence 2007

    Document De Référence 2007

    82034_Total_FCover 4/4/07 14:31 Page 1 Document de référence 2006 82034_Total_IFCover 4/4/07 14:31 Page 1 Sommaire 1 Chiffres clés p. 3 6 TOTAL et ses actionnaires p. 129 Informations financières sélectionnées p. 3 Cotation boursière p. 130 Données opérationnelles et de marché p. 4 Dividendes p. 135 Rachats d’actions p. 137 2 Présentation des activités p. 9 Actionnariat p. 142 Communication avec les actionnaires p. 146 Histoire et évolution de TOTAL p. 10 Secteur Amont p. 11 Exploration & Production p. 13 7 Informations financières p. 151 Participation dans les oléoducs et gazoducs p. 37 Informations financières historiques p. 152 Gaz & Électricité p. 38 Vérification des informations financières historiques p. 152 Secteur Aval p. 43 Informations complémentaires p. 153 Raffinage & Marketing p. 44 Politique de distribution des dividendes p. 153 Trading & Shipping p. 49 Procédures judiciaires et d’arbitrage p. 153 Secteur Chimie p. 51 Changements significatifs p. 153 Chimie de Base p. 52 Spécialités p. 55 8 Renseignements généraux p. 155 Investissements p. 57 Capital social p. 156 Organigramme p. 58 Acte constitutif et statuts ; autres informations p. 162 Propriétés immobilières, usines et équipements p. 59 Autres renseignements p. 165 Schéma d’organisation p. 60 Documents accessibles au public p. 166 Informations sur les participations p. 167 3 Rapport de gestion du Conseil d’administration p. 63 9 Annexe 1 - Comptes consolidés p. 169 Examen de la situation financière et du résultat p. 64 Rapport des commissaires aux comptes sur les Trésorerie et capitaux p. 71 comptes consolidés p. 170 Recherche et développement p.
  • Repsol's Green Bond Framework

    Repsol's Green Bond Framework

    ALL RIGHTS ARE RESERVED © REPSOL, S.A. 2017 1 Repsol, S.A. (“Repsol”) is the exclusive owner of this document. No part of this document may be reproduced (including photocopying), stored, duplicated, copied, distributed or introduced into a retrieval system of any nature or transmitted in any form or by any means without the prior written permission of Repsol This document is for information purposes only. This document is not a legally binding document and does not have the effect of creating, recognizing, amending or extinguishing any existing legal or contractual rights or obligations. This document is not a registration document or a prospectus. This document does not constitute an offer or invitation to purchase or subscribe shares or securities, in accordance with the provisions of the Spanish Law on the Securities Market (Royal Legislative Decree 4/2015 of the 23rd of October) or any other legislation. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities in any other jurisdiction. This document contains statements that Repsol believes constitute forward-looking statements which may include statements regarding the intent, belief, or current expectations of Repsol and its management, including statements with respect to trends affecting Repsol’s financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volume and reserves, capital expenditures, costs savings, investments and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates and are generally identified by the words “expects”, “anticipates”, “forecasts”, “believes”, estimates”, “notices” and similar expressions.
  • Negativliste. Fossil Energi

    Negativliste. Fossil Energi

    Bilag 6. Negativliste. Fossil energi Maj 2017 Læsevejledning til negativlisten: Moderselskab / øverste ejer vises med fed skrift til venstre. Med almindelig tekst, indrykket, er de underliggende selskaber, der udsteder aktier og erhvervsobligationer. Det er de underliggende, udstedende selskaber, der er omfattet af negativlisten. Rækkeetiketter Acergy SA SUBSEA 7 Inc Subsea 7 SA Adani Enterprises Ltd Adani Enterprises Ltd Adani Power Ltd Adani Power Ltd Adaro Energy Tbk PT Adaro Energy Tbk PT Adaro Indonesia PT Alam Tri Abadi PT Advantage Oil & Gas Ltd Advantage Oil & Gas Ltd Africa Oil Corp Africa Oil Corp Alpha Natural Resources Inc Alex Energy Inc Alliance Coal Corp Alpha Appalachia Holdings Inc Alpha Appalachia Services Inc Alpha Natural Resource Inc/Old Alpha Natural Resources Inc Alpha Natural Resources LLC Alpha Natural Resources LLC / Alpha Natural Resources Capital Corp Alpha NR Holding Inc Aracoma Coal Co Inc AT Massey Coal Co Inc Bandmill Coal Corp Bandytown Coal Co Belfry Coal Corp Belle Coal Co Inc Ben Creek Coal Co Big Bear Mining Co Big Laurel Mining Corp Black King Mine Development Co Black Mountain Resources LLC Bluff Spur Coal Corp Boone Energy Co Bull Mountain Mining Corp Central Penn Energy Co Inc Central West Virginia Energy Co Clear Fork Coal Co CoalSolv LLC Cobra Natural Resources LLC Crystal Fuels Co Cumberland Resources Corp Dehue Coal Co Delbarton Mining Co Douglas Pocahontas Coal Corp Duchess Coal Co Duncan Fork Coal Co Eagle Energy Inc/US Elk Run Coal Co Inc Exeter Coal Corp Foglesong Energy Co Foundation Coal
  • Leading Energy Companies Announce Transition Principles

    Leading Energy Companies Announce Transition Principles

    Leading energy companies announce transition principles December 17, 2020 • Eight leading energy companies have jointly developed and agreed Principles as a collaborative platform for energy transition. • Joint collaborative approach welcomed by investors leading engagement with companies across sector through Climate Action 100+. • Principles support collective industry acceleration to contribute to the Paris Agreement objectives by delivering progress on reducing GHG emissions, the role of carbon sinks, and the importance of transparency and alignment on climate change with trade associations. • Companies are building further on this collaboration to drive more consistency and transparency in Greenhouse Gas reporting, and in measurement of the emissions which may occur at different points in the value chain. Leading energy companies, bp, Eni, Equinor, Galp, Occidental, Repsol, Royal Dutch Shell and Total today announced they have agreed to apply six Energy Transition Principles as they play their part in the energy transition. The six Principles, agreed and embraced by the companies, are to: 1. PUBLIC SUPPORT FOR THE GOALS OF THE PARIS AGREEMENT: publicly support the goals of the Paris Agreement, including international cooperation as a vehicle to ensure these goals can be achieved at the lowest overall cost to the economy. 2. INDUSTRY DECARBONISATION: In line with each company's individual strategy, ambitions and aims, work to reduce emissions from their own operations and strive to reduce emissions from use of energy, together with customers and society. Companies may measure their contributions using carbon intensity and/or absolute metrics at different points in the value chain as determined by their approach. 3. ENERGY SYSTEM COLLABORATION: collaborate with interested stakeholders, including energy users, investors and governments, to develop and promote approaches to reduce emissions from use of energy, in support of countries delivering their Nationally Determined Contributions (NDCs) towards achieving the goals of the Paris Agreement.
  • SB1 Webinar : 2021 Q1 Update June 1St 2021, E

    SB1 Webinar : 2021 Q1 Update June 1St 2021, E

    SB1 Webinar : 2021 Q1 Update June 1st 2021, E. Alhomouz (Chairman), K. Søvold (CEO), C. Frimann-Dahl (CTO), M. Barrett (Geosc. Director) Teodor Sveen-Nilsen (SB1) March 2020 Balanced portfolio across the E&P value chain Portfolio Overview 1 Production base – Congo-Brazzaville – PNGF Sud/Bis > Net production of 3850 bopd > Low cost and high margin production with significant organic growth potential > Operated by Perenco, a world-class operator of mature assets in emerging markets 2 Redevelopment – Nigeria – Aje Field (OML 113) > Producing asset with significant upside potential, acquired at a low entry cost > Preparing a revised development plan to increase field production to 25,000 boepd > Transaction with Panoro and YFP – awaiting governmental approval Reserves and Resources (mmbbl, net)1, 2, 3 3 Exploration – The MSGBC ”hot-spot” Material 2C upsides > Exploration assets with significant potential 2P reserves primarily to be targeted in ~4 bn bbls prospective resource3 in existing Congo Congo and Nigeria production > Sinapa and Esperança 4A/5A in Guinea 18.7 ~4 bn barrels Bissau; A4 exploration block in Gambia; ROP 0.2 6.8 (unrisked) & SOSP disputed blocks in Senegal 7,3 20.2 2P 2C Prospective 1) Congo: PNGF Bis constitutes 6.8 mmbbls of 2C resources in Congo. PetroNor has the right to enter into the PNGF Bis license with net working interest of 23.56% with Perenco as operator. Nigeria: Estimates according to independent competent person’s report prepared by AGR. Volumes as of 1 Jan 2021 on PNGF Sud (AGR 10/3/2021); 2 2) Nigeria: Resources are subject to completion of the Aje transaction (initial net working economic interest of 13.08%, 17.4% within three years based on project payout phases).
  • Trends in U.S. Oil and Natural Gas Upstream Costs

    Trends in U.S. Oil and Natural Gas Upstream Costs

    Trends in U.S. Oil and Natural Gas Upstream Costs March 2016 Independent Statistics & Analysis U.S. Department of Energy www.eia.gov Washington, DC 20585 This report was prepared by the U.S. Energy Information Administration (EIA), the statistical and analytical agency within the U.S. Department of Energy. By law, EIA’s data, analyses, and forecasts are independent of approval by any other officer or employee of the United States Government. The views in this report therefore should not be construed as representing those of the Department of Energy or other federal agencies. U.S. Energy Information Administration | Trends in U.S. Oil and Natural Gas Upstream Costs i March 2016 Contents Summary .................................................................................................................................................. 1 Onshore costs .......................................................................................................................................... 2 Offshore costs .......................................................................................................................................... 5 Approach .................................................................................................................................................. 6 Appendix ‐ IHS Oil and Gas Upstream Cost Study (Commission by EIA) ................................................. 7 I. Introduction……………..………………….……………………….…………………..……………………….. IHS‐3 II. Summary of Results and Conclusions – Onshore Basins/Plays…..………………..…….…
  • Oil and Gas Technologies Supplemental Information

    Oil and Gas Technologies Supplemental Information

    Quadrennial Technology Review 2015 Chapter 7: Advancing Systems and Technologies to Produce Cleaner Fuels Supplemental Information Oil and Gas Technologies Subsurface Science, Technology, and Engineering U.S. DEPARTMENT OF ENERGY Quadrennial Technology Review 2015 Oil and Gas Technologies Chapter 7: Advancing Systems and Technologies to Produce Cleaner Fuels Oil and Gas in the Energy Economy of the United States Fossil fuel resources account for 82% of total U.S. primary energy use because they are abundant, have a relatively low cost of production, and have a high energy density—enabling easy transport and storage. The infrastructure built over decades to supply fossil fuels is the world’s largest enterprise with the largest market capitalization. Of fossil fuels, oil and natural gas make up 63% of energy usage.1 Across the energy economy, the source and mix of fuels used across these sectors is changing, particularly the rapid increase in natural gas production from unconventional resources for electricity generation and the rapid increase in domestic production of shale oil. While oil and gas fuels are essential for the United States’ and the global economy, they also pose challenges: Economic: They must be delivered to users and the markets at competitive prices that encourage economic growth. High fuel prices and/or price volatility can impede this progress. Security: They must be available to the nation in a reliable, continuous way that supports national security and economic needs. Disruption of international fuel supply lines presents a serious geopolitical risk. Environment: They must be supplied and used in ways that have minimal environmental impacts on local, national, and global ecosystems and enables their sustainability.
  • PROGRESSING OPPORTUNITIES Annual Report 2019 SUSTAINABLE RESOURCE DEVELOPMENT

    PROGRESSING OPPORTUNITIES Annual Report 2019 SUSTAINABLE RESOURCE DEVELOPMENT

    PetroNor E&P Limited | Annual Report 2019 PROGRESSING OPPORTUNITIES Annual Report 2019 SUSTAINABLE RESOURCE DEVELOPMENT PetroNor E&P, listed on the Oslo Axess (PNOR), is an independent oil and gas company led by an experienced board and management team, with substantial experience in oil and gas exploration, appraisal, development and production. PetroNor E&P listed on Oslo Axess 12 September 2019 Contents Strategic Report Governance Financial Report Highlights 1 The Board and senior management 22 Declaration of independence 32 Company overview 2 Directors‘ report 24 Consolidated statement of profit or loss Our portfolio 4 and other comprehensive income 33 Chairman’s statement 10 Consolidated statement of financial position 34 Chief Executive Officer Q&A 12 Consolidated statement of changes in equity 35 Annual statement of reserves 16 Consolidated statement of cash flows 36 Responsible business 20 Notes to the consolidated financial statements 37 Directors’ declaration and statement of responsibility 70 Independent Auditor’s Report 71 Unaudited additional shareholder information 73 Glossary and definitions 75 Corporate directory 76 Strategic Report Governance Financial Report Highlights 2019 highlights and subsequent events Assets • Following our entry in 2017 into a producing asset in Republic of Congo (Brazzaville) West Africa, 2019 has been a year to cement our • 10.5% indirect participation interest in the licence success and focus on further expansion through the group of PNGF Sud (Tchibouela II, Tchendo II and merger between the former African Petroleum Tchibeli-Litanzi II) through Hemla E&P Congo SA. Corporation Ltd and PetroNor, and to increase activity in West Africa, primarily in Nigeria. • The Group holds the right to negotiate, in good faith, the terms of the adjacent licence of PNGF Bis and a • Since our acquisition of the interest in the PNGF Sud 14.7% indirect participation.