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Growing Energy Growing energy ANNUAL REPORT AND ACCOUNTS 2012 Growing energy ANNUAL REPORT AND ACCOUNTS 2012 www.galpenergia.com ANNUAL REPORT AND ACCOUNTS 2012 01 Galp Energia 6 1.1 GALP ENERGIA IN THE WORLD 8 1.2 BOARD OF DIRECTors’ sTATEMENT 10 1.3 STRATegY 14 1.4 MAIN INDICATORS 16 02 Activities 18 2.1 MARKET ENVIRONMENT 19 2.2 EXPLORATION & PRODUCTION 22 2.3 REFINING & MARKETING 32 2.4 GAS & POWER 36 03 Financial performance 39 3.1 EXECUTIVE SUMMARY 40 3.2 RESULTS ANALYSIS 40 3.3 INVESTMENT 42 3.4 CAPITAL STRUCTURE ANALYSIS 42 04 Principal risks 44 4.1 RISKS FACED BY GALP ENERGIA 45 4.2 RISK MANAGEMENT AND INTERNAL CONTROL SYSTEM 48 05 Commitment to society 50 5.1 CORPORATE GOVERNANCE 51 5.2 HUMAN RESOURCES 58 5.3 LOCAL COMMUNITY DEVELOPMENT 61 5.4 HEALTH, SAFETY AND ENVIRONMENT 62 5.5 QUALITY 65 5.6 INNOVATION, RESEARCH AND DEVELOPMENT 65 06 Appendices 66 6.1 PROPOSED ALLOCATION OF NET PROFIT 67 6.2 ADDITIONAL INFORMATION 67 6.3 CONSOLIDATED FINANCIAL STATEMENTS 70 6.4 REPORTS AND OPINIONS 157 6.5 GLOSSARY AND ACRONYMS 161 4 GALP ENERGIA ANNUAL REPORT AND ACCOUNTS 2012 01 GALP ENERGIA ACTIVITIES FINANCIAL PERFORMANCE PRINCIPAL RISKS COMMITMENT TO SOCIETY APPENDICES Galp Energia growing energY to create sustainaBLE VALUE Who we are • We are an integrated energy operator focused on exploration and production, with a portfolio of assets which will lead to a unique profitable growth in the industry. • Our exploration and production activities are focused on three core countries, namely Brazil, Mozambique and Angola, within a diversified portfolio spread across 10 countries. • Our profitable and resilient Iberian businesses will contribute to outstanding growth in exploration and production. Our vision • To be an integrated energy player renowned for the quality of its exploration activities, delivering and purpose sustainable value to its shareholders. Our strategy • To strengthen our exploration and production activities in order to deliver profitable and sustainable growth to shareholders, based on an efficient and competitive Iberian business, on solid financial capacity and on highly responsible practices. Our strategic • Greater focus on exploration. drivers • Development of world-class production projects. • Solid financial capacity. Our competitive • We are the national flag carrier. advantages • We offer integrated know-how. • We benefit from a solid and flexible organisation. • We establish successful and enduring partnerships. • We have acquired skills from some of the most promising projects worldwide. 15 COUNTRIES WHERE 6.3 bcm GALP ENERGIA OPERATES SALES OF natural gas €9,752 m 1,486 MARKet capitalisation SERVICE stations mton €360 m 16.4 Net profit RCA SALES OF REFINED proDucts 7,241 330 kbopd emploYEES REFINING CAPACITY 783 mboe 3P RESERVES 3,203 mboe1 3,245 mboe EXPLORATION RESOURCES 3C CONTINGENT RESOURCES Figures for 2012 or year ended 2012, as the case may be. For more information, please see our website www.galpenergia.com. 1 Mean unrisked estimate. GALP ENERGIA ANNUAL REPORT AND ACCOUNTS 2012 5 01 GALP ENERGIA ACTIVITIES FINANCIAL PERFORMANCE PRINCIPAL RISKS COMMITMENT TO SOCIETY APPENDICES 01 Galp Energia 1.1 GALP ENERGIA IN THE WORLD 1.2 BOARD OF DIRECTors’ sTATEMENT 1.3 STRATegY 1.4 MAIN INDICATORS 6 GALP ENERGIA ANNUAL REPORT AND ACCOUNTS 2012 01 GALP ENERGIA ACTIVITIES FINANCIAL PERFORMANCE PRINCIPAL RISKS COMMITMENT TO SOCIETY APPENDICES Exploration & Production Galp Energia is focused on exploration and production activities, particularly following the world-class discoveries in the pre-salt area of the Santos basin in Brazil and in the Rovuma basin in Mozambique. The Exploration & Production (E&P) business, the main driver behind the Company’s growth, centres its activities in both of these countries as well as in Angola, although its portfolio extends to more than 50 projects in 10 countries. Based on discoveries already 50+ made, Galp Energia is preparing to present an increase in production which is PROJECTS IN OUR unparalleled in the industry. Its goal is to produce 300 thousand barrels of oil PORTFOLIO equivalent per day (kboepd), which represents more than 10 times its current production. Refining & Marketing The Refining & Marketing (R&M) business is centred on the Iberian Peninsula, although the Company continues to expand its marketing of oil products in Africa. Galp Energia has two refineries with a processing capacity totalling 330 thousand barrels of oil per day (kbopd), and its marketing of oil products 10.0 mton has turned it into one of the most important players in the Iberian Peninsula. SALES TO DIRECT CLIENTS Gas & Power Galp Energia distributes and supplies natural gas in the Iberian Peninsula, and has been consolidating its activity in the power business. The Company has managed to position itself as the second largest player in the Iberian market 1.3 through the supply of natural gas. Galp Energia has also been focusing on its MILLION trading of liquefied natural gas (LNG) activity, taking advantage of the current NATURAL GAS global dynamics in this market. CLIENTS GALP ENERGIA ANNUAL REPORT AND ACCOUNTS 2012 7 01 GALP ENERGIA ACTIVITIES FINANCIAL PERFORMANCE PRINCIPAL RISKS COMMITMENT TO SOCIETY APPENDICES 1.1 Galp Energia in the world N N PE INS IA U R L E A Eight E&P projects in Portugal. B 12.4 mton I sales OF REFINED Integrated refining system proDucts2 comprising two refineries. Marketing of oil products 4 bcm across a broad network, OF NATURAL GAS to 2 including 1,367 service Direct clients stations. Second largest natural gas player. ORO M CC O Eight E&P projects. 8 AL ND GE A R I A A UELA I EZ R AN E N RIC C F O G bcm E U I 6 A V N N R T E R H 2 I E T S O 4 Participation in two BRA Supply E&P projects. ZI contracts L Marketing of oil for 6 bcm of products through a natural gas network of 69 service per year. stations, in Cape 75% Verde, Gambia, RESERVES AND contingent Guinea-Bissau and 1 Swaziland. ANGO resources LA L GUIN IA E R A O T 20 A projects U Q E 1 MI Present in one natural NA BIA Present across gas liquefaction project. 20 E&P projects. Working interest production of 10.3 kboepd in 2012. UAY UG R U 2 Present in two E&P projects. 8 GALP ENERGIA ANNUAL REPORT AND ACCOUNTS 2012 01 GALP ENERGIA ACTIVITIES FINANCIAL PERFORMANCE PRINCIPAL RISKS COMMITMENT TO SOCIETY APPENDICES growing energY Galp Energia has been expanding its exploration and production portfolio, and is currently involved in over 50 projects. It is the Company’s goal to produce 300 kboepd in 2020, representing a growth of over 10 times the production in 2012. This unparalleled growth in the industry will be supported by the contribution of the Company’s resilient Refining & Marketing and Gas & Power business cash flows, whose activities are centred in the Iberian Peninsula, where the Company is a leading player. FAR EAST D AL N GE 16 A R I LNG A A I CARGOES R E G I Main N destination of 2 bcm annual sales of LNG.3 ZAM MO BIQ U E IMOR ANG T T OL S A A L GUIN E IA E 75Tcf R A Natural gas O T kbopd DiscoVERIES One E&P project, namely for production 2 A 14.1 U WORKING interest and liquefaction of natural gas. Oil Q proDUCTION IN E product distribution with a network of 32 20122 service stations. Two E&P projects. MI NA BIA Five E&P projects. Annual sales in oil products of 247 kton. 7 Exploration & Production Refining & Marketing Present in seven E&P blocks. Gas & Power 1 Considers the 3P reserves and the 3C contingent resources as of the end of 2012, as certified by DeGolyer and MacNaughton. 2 Values regarding 2012. 3 Based on sales in the trading segment in 2012. GALP ENERGIA ANNUAL REPORT AND ACCOUNTS 2012 9 01 GALP ENERGIA ACTIVITIES FINANCIAL PERFORMANCE PRINCIPAL RISKS COMMITMENT TO SOCIETY APPENDICES 1.2 Board of Directors’ statement Chairman’s statement Dear shareholders, The year 2012 was dominated by the continued adverse economic environment in Europe. This was felt particularly in the Iberian Peninsula, where austerity measures had an impact both on consumption and on public and private investment, and, consequently, on economic growth in the countries of the region. Against this background, Galp Energia’s activities have been undoubtedly impacted, particularly regarding the marketing of oil products. On the other hand, emerging markets continued to show economic growth rates that supported the growing demand for oil and natural gas. This proved to be very positive for Galp Energia, given its position in oil production and in the supply of LNG in international markets. It is therefore expected that emerging countries such as China and India will continue to be the engine for growth in the consumption of energy products such as oil and natural gas, supporting demand in the long-term. Since Galp Energia’s strategy is focused on creating value for its shareholders, namely through increased production of oil and natural gas, the Company is well positioned to benefit from the expected increase in demand for these products worldwide. Among others, the Lula/Iracema project development in the pre-salt Santos basin in Brazil and the natural gas project of area 4 in the Rovuma basin, in Mozambique, are considered to be two of the greatest discoveries of oil and natural Américo Amorim, gas in recent decades and will be crucial to the growth in Chairman of Galp Energia’s Board of Directors. Galp Energia’s oil and GNL production.
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