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Energy on the Move Annual Report and Accounts 2014

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Energy on the Move Annual Report and Accounts 2014 Energy on the move Annual Report and Accounts 2014 Energy on the move Annual Report and Accounts 2014 www.galpenergia.com This translation of the Portuguese document was made only for the convenience of non-Portuguese speaking interested parties. For all intents and purposes, the Portuguese version shall prevail. ENERGY ON THE MOVE To evolve is to become adapted to the challenges of our surroundings, it is to adjust to new realities and to find ways to overcome our goals. It is for this reason that we can today think of Galp Energia as a living organism, where concepts such as resilience, adaptation, adjustment, involvement and joint construction allow for continuous evolution. Exploration & Production Refining & Marketing Gas & Power Galp Energia + + = Annual Report and Accounts 2014 01 Galp Energia 8 1.1 Galp Energia in the world 10 1.2 Statement of the Board of Directors 12 1.3 Strategy 16 1.4 Main indicators 18 02 Activities 20 2.1 Market environment 21 2.2 Exploration & Production 25 2.3 Refining & Marketing 37 2.4 Gas & Power 41 03 Financial performance 44 3.1 Executive summary 45 3.2 Results analysis 45 3.3 Capital expenditure 47 3.4 Cash flow 47 3.5 Financial debt 48 04 Risk management 49 4.1 Risk management model 50 4.2 Internal control system 51 4.3 Main risks 52 05 Commitment to stakeholders 59 5.1 Corporate governance 60 5.2 Human capital 67 5.3 Research and technology 69 5.4 Health, safety and environment 70 5.5 Quality 72 5.6 Local community development 73 06 Appendices 74 6.1 Proposed allocation of net profit 75 6.2 Additional information 75 6.3 Consolidated financial statements 78 6.4 Reports and opinions 170 6.5 Glossary and acronyms 177 This page is intentionally left blank. 01 Galp Energia Activities Financial performance Risk management Commitment to stakeholders Appendices Galp Energia: energy on the move OUR VISION AND PURPOSE • To be an integrated energy player recognised for its exploration and production activities, creating sustainable value for its Who we are shareholders. An integrated energy player focused OUR STRATEGY on exploration and production, with • To strengthen our exploration and production activities, a portfolio of assets that will lead complemented by an efficient and competitive downstream to a unique growth within the industry. and gas business and supported by a solid financial capacity and sustainable practices. Exploration and production activities anchored in three core countries: OUR STRATEGIC DRIVERS Brazil, Angola and Mozambique. • Efficient business development. • Financial discipline and value creation. Significant presence in the downstream • Organisational efficiency. oil and gas businesses in the • Differentiated human capital development. Iberian Peninsula and in Africa. • Commitment to sustainability. Iberian presence in the distribution OUR COMPETITIVE ADVANTAGES and marketing of natural gas and • Successful and enduring partnerships with leading companies electricity, with a growing LNG in the industry. structured trading activity. • Integrated skills and know-how of the business. • Financial capacity and flexible organisation. • Participation in some of the most promising projects worldwide. 14 countries where 638 mmboe Galp Energia operates 2P reserves 6,855 1,672 mmboe employees 2C contingent resources €373 m 330 kbopd net profit RCA refining capacity 7.5 bcm 1,449 sales of natural gas service stations All figures throughout the report are for 2014 or end of 2014, as the case may be, and except otherwise indicated. To learn more, visit http://www.galpenergia.com GALP ENERGIA ANNUAL REPORT AND ACCOUNTS 2014 7 01 Galp Energia Activities Financial performance Risk management Commitment to stakeholders Appendices © Manuel Aguiar/ Galp Energia Galp Aguiar/ Manuel © 01 AGalp Galp Energia Energia 1.1 A Galp1.1 Energia Galp no Energia mundo in the world 1.2 Mensagem do Conselho de Administração 1.2 Statement of the Board of Directors 1.3 Estratégia 1.4 Principais1.3 indicadoresStrategy 1.4 Main indicators 8 GALP ENERGIA ANNUAL REPORT AND ACCOUNTS 2014 01 Galp Energia Activities Financial performance Risk management Commitment to stakeholders Appendices EXPLORATION & PRODUCTION Galp Energia is currently focused on the development of its exploration and production projects, particularly following the world-class discoveries in the pre-salt of the Santos basin in Brazil and in the Rovuma basin c.50 in Mozambique. The Exploration & Production (E&P) portfolio business, the main driver behind the Company’s projects growth, anchors its activities on both of these countries as well as on Angola, although its diversified portfolio extends across eight countries with around 50 projects. Galp Energia is expected to deliver production growth which is unparalleled in the industry, based on discoveries already made. REFINING & MARKETING Galp Energia is an operator of reference in the Iberian Peninsula, integrating its refining, distribution and marketing of oil products activity in this region. The Company has an integrated refining system comprising two refineries in Portugal, with 9.3 mton a processing capacity totalling 330 thousand barrels sales of oil per day (kbopd), together with a vast oil product to direct clients distribution network in the Iberian Peninsula, including approximately 1,300 service stations. Although the Refining & Marketing (R&M) business is centred on the Iberian Peninsula, the Company continues to expand its sales of oil products in selected markets in Africa. GAS & POWER Through its Gas & Power (G&P) business, Galp Energia distributes and supplies natural gas in the Iberian Peninsula as well as in the international market, where it has been consolidating its trading of liquefied natural gas (LNG). In the Iberian Peninsula, where it is the second-largest supplier of natural gas, the Company 7.5 bcm has also been consolidating its power business as an sales integrated operator. In fact, Galp Energia is now the only of natural gas operator with a triple offer on the market, combining the supply of oil products, natural gas and electricity. GALP ENERGIA ANNUAL REPORT AND ACCOUNTS 2014 9 01 Galp Energia Activities Financial performance Risk management Commitment to stakeholders Appendices 1.1 Galp Energia in the world IBERIAN PENINSULA 7E&P projects 12.9 mton sales of refined products 4 bcm sales of natural gas MOROCCO 1 E&P project. OTHER AFRICAN COUNTRIES Marketing of oil products in Cape Verde, Gambia, Guinea-Bissau, Malawi and Swaziland, through BRAZIL a network of 68 service stations. c.75% ANGOLA reserves and contingent 1 Present in resources 29 E&P projects. Working interest 4 E&P projects production Working interest production of c.20 kboepd. of c.11 kbopd in 2014. URUGUAY Annual oil products sales of 205 kton. 1 E&P project. ¹ Considers 2P reserves and 2C contingent resources. 10 GALP ENERGIA ANNUAL REPORT AND ACCOUNTS 2014 01 Galp Energia Activities Financial performance Risk management Commitment to stakeholders Appendices Energy on the move Galp Energia has been expanding This growth will be supported its Exploration & Production by the contribution of the portfolio, which currently includes Refining & Marketing and around 50 projects. The Company Gas & Power businesses, whose is focused on the execution activities are centred on the of its E&P development projects Iberian Peninsula, where the and is positioned to achieve Company is a leading player. unparalleled growth in the sector. NIGERIA AND ALGERIA 6 bcm Long-term supply contracts for natural FAR EAST gas and LNG per year. One of the main destinations for LNG trading. MOZAMBIQUE +85 tcf EAST TIMOR natural gas 1 E&P project. discoveries NAMIBIA 1 project for production 3 E&P projects. and liquefaction of natural gas. Marketing of oil products through a network of 32 service stations. Exploration & Production Refining & Marketing Gas & Power GALP ENERGIA ANNUAL REPORT AND ACCOUNTS 2014 11 01 Galp Energia Activities Financial performance Risk management Commitment to stakeholders Appendices 1.2 Statement of the Board of Directors STATEMENT BY THE CHAIRMAN Américo Amorim Chairman of Galp Energia Dear shareholders, 2014, as well as the beginning of 2015, has been marked In order to execute its strategy, it is essential for Galp Energia by significant changes in the oil and gas industry. If, on the one to pursue a strict financial discipline policy, in order to maintain hand, the global demand for oil and natural gas has continued a solid capital structure. to increase, the price environment, on the other, was marked by extreme volatility, leading companies in the sector In view of the challenges faced by the Company, and in order to increase their focus on the efficiency of operations, to better to ensure sustainable value creation in the long term, we are suit the new market dynamics. Greater efficiency should lead committed to the implementation of responsible policies, to an increase in the return on the capital invested. namely addressing the principles of ethics and of respect for human rights, and we are focused in the pursuit of adequate It is under this new paradigm that Galp Energia will continue safety practices. to execute its growth strategy. Galp Energia will continue to invest in its human capital, The Company is committed to the efficient development developing the skills of its employees for a successful of its business portfolio, and is particularly focused on the execution of its strategy. execution of its Exploration & Production development projects, namely in the Brazilian pre-salt and in the Rovuma basin The Board of Directors will propose at the general shareholders in Mozambique. In fact, we believe that these projects will meeting the payment of a dividend of €0.3456 per share be Galp Energia’s main drivers for growth over the next decade. related to the 2014 fiscal year. This reflects the dividend policy in place since 2012 and which envisages an annual increase The Company also remains focused on maximising the of 20% on average, aiming to align shareholder remuneration profitability of its downstream and gas businesses, whose with the growth of the Company’s results.
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