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Management Report and Consolidated Accounts 2016

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Rua Rainha Ginga n. 29-31 Caixa Postal 1316 Luanda – República de Angola Tel.: (002442) 226642010 · Fax: (002442) 332578|396496 E-mail: [email protected] MANAGEMENT REPORT AND CONSOLIDATED ACCOUNTS 2016 Sociedade Nacional de Combustíveis de Angola SUMMARY OF GENERAL INDEX 1 LETTER TO THE SHAREHOLDERS 6 00 2 SONANGOL E.P. 10 2.1 BUSINESS MODEL OF SONANGOL, E.P. 12 2.2 CORPORATE BODIES 15 SUMMARY 3 STRATEGIC FRAMEWORK 18 3.1 INTERNATIONAL FRAMEWORK 20 OF GENERAL 3.2 NATIONAL CONTEXT 20 3.3 SONANGOL CONTEXT 21 INDEX 3.4 SONANGOL STRATEGY 21 4 SUMMARY OF RESULTS 24 4.1 EXECUTIVE SUMMARY 26 4.2 OPERATING PERFORMANCE – EBITDA 26 4.3 OPERATING PERFORMANCE – NET INCOME 27 4.4 INVESTMENTS 27 5 PERFORMANCE BY BUSINESS SECTOR 30 5.1 CONCESSIONAIRE 32 5.2 PRIMARY VALUE CHAIN – UPSTREAM SEGMENT 48 5.3 PRIMARY VALUE CHAIN – MIDSTREAM SEGMENT 51 5.4 PRIMARY CHAIN - DOWNSTREAM SEGMENT 56 5.5 NON-NUCLEAR BUSINESS 64 5.6 WORKFORCE BY BUSINESS SEGMENT 70 6 COMMITMENT TO SOCIETY 74 7 PROSPECTS FOR THE FUTURE 78 7.1 EVOLUTION OF THE NATIONAL AND INTERNATIONAL CONTEXT 80 7.2 NEW PRODUCTION 81 7.3 IMPLEMENTATION OF THE TRANSFORMATION PROGRAM 81 8 PROPOSAL FOR THE APPLICATION OF THE RESULTS 82 9 ANNEX 86 9.1 CONSOLIDATED FINANCIAL STATEMENTS AS AT 31ST DECEMBER 2016 88 9.2 REPORT OF THE INDEPENDENT AUDITOR ON THE CONSOLIDATED ACCOUNTS AS OF DECEMBER 31, 2016 90 9.3 OPINION OF THE FISCAL COUNCIL ON THE CONSOLIDATED ACCOUNTS AS AT 31ST DECEMBER 2016 93 4 MANAGEMENT REPORT AND CONSOLIDATED ACCOUNTS 2016 5 01 LETTER TO THE SHAREHOLDERS 6 MANAGEMENT REPORT AND CONSOLIDATED ACCOUNTS 2016 7 01 In turn, the Process Redesign initiative is contributing to execute more and better control while the Organizational Optimization effort has been creating LETTER better structured and more agile organizations, both in the various corporate divisions and in the Sonangol subsidiaries. At the same time, the Change TO THE Management Program has created the conditions for building a more capable, motivated and mobilized SHAREHOLDER workforce for the Group's priority objectives. In total alignment with these global strategic pillars, each company and subsidiary are also undergoing a thorough restructuring process, reviewing business It was with a great sense of mission and responsibility models, increasing their efficiency and effectiveness, that I assumed in June 2016 one of the greatest optimizing their investments and thus transforming challenges of my professional life when I started my itself organizationally. term as Chairwoman of Sonangol E.P. The restructuring is being carried out together with the Since then, Executive and Non-Executive Directors, reinforcement of our commitment to Safety, Quality with the support of the Employees of the company, in and Environment. I emphasize the reduction in the cooperation with the Business Partners and in number of accidents and accident indicators in 2016, coordination with the State Shareholder, they have which motivates us to continue the implementation of been carrying out a demanding and challenging the best safety practices throughout the group. process of transformation of the Group Sonangol. It is also important to highlight that one of the priorities in 2016 was the development of our human capital, It is important to keep in mind that this transformation investing in training, promoting high potential internal process takes place in a complex external context staff and externally recruiting professionals, where characterized by high market volatility, low oil prices, a necessary, for critical positions whose profiles were decrease in the international appetite for investment in nonexistent in the Group. exploration and by lower domestic demand on many businesses of Group Sonangol. Simultaneously, the Much has already been done in 2016. Much more than internal analysis of the company's situation revealed some believed was possible. But the most stimulating financial, organizational, cultural and procedural is how much is possible and what is being done to make challenges that surpassed what was initially expected. Sonangol a profitable Business Group, which is a In these circumstances, the immediate priority was the reference in terms of economic development and financial restructuring, the improvement of efficiency human capital. I am, like the entire Board of Directors, in its various operations, focus on the oil and natural deeply committed to returning to this symbol of our gas value chain, and creation of the foundations for an country's wealth and potential for the respect it organizational and sustainable cultural change. This deserves from business partners, customers, other effort to restructure the company has been based on national and international companies, its employees five fundamental values - Rigor, Profitability, and of all Angolans. Transparency, Excellence and Commitment - through which the urgent changes were reconciled with the I reinforce, one year after this Board of Directors took necessary stability. up office, that we are more than ever committed to the implementation of a culture of excellence, because this In 2016, the bases of several programs were launched will allow us to successfully face the great challenges whose progressive implementation will allow to create that the oil sector's situation places on Sonangol and a competitive group worldwide. Among these the Country. programs, we highlight Sonalight, which is already contributing to the increase of efficiency, elimination of waste and cost reduction, and Sonaplus, which has allowed to increase revenues and monetize the company's assets. Both have been key programs to ISABEL DOS SANTOS BOARD OF DIRECTORS CHAIRWOMAN ensure the results presented in 2016 and project their future improvement. 8 MANAGEMENT REPORT AND CONSOLIDATED ACCOUNTS 2016 9 02 SONANGOL E. P. 10 MANAGEMENT REPORT AND CONSOLIDATED ACCOUNTS 2016 11 02 FIGURE 1 SONANGOL, E.P. AS AN INTEGRATED OIL AND GAS COMPANY EXPLORATION TRANSPORTATION MARKETING AND PRODUCTION AND STORAGE LNG / REFINERY DISTRIBUTION AND TRADING SONANGOL UPSTREAM UPSTREAM MIDSTREAM DOWNSTREAM PRIMARY LOGISTICS SECONDARY LOGISTIC E. P. SONANGOL TRADING COMERCIALIZAÇÃO INTERNACIONAL SONANGOL OTHER OPERATORS TRAINS AVIATION 2.1 BUSINESS MODEL OF SONANGOL, E.P. TERMINALS NAVY AND STORAGE FACILITIES B2B SHIPS Sonangol develops its activities through 18 • Logistics and Distribution (Downstream): PLATAFORMAS SHIPS REFINERY LUBRICANTS subsidiaries, being generally responsible for defining which are engaged in the supply, storage, TANK TRUCKS strategic lines, providing guidance, supervision and distribution and marketing of refined crude oil SONANGOL GÁS NATURAL GPL PIPELINES management support, especially in the decision- and gas products, namely: SONANGOL PESQUISA E PRODUÇÃO SONANGOL SONANGOL SONANGOL making process. These companies operate on the REFINAÇÃO DISTRIBUIDORA DISTRIBUIDORA . Sonangol Logística; SONANGOL market in a three-dimensional form, namely: HIDROCARBONETOS SONANGOL SONANGOL SONANGOL SONANGOL SONANGOL . Sonangol Distribuidora; INTERNACIONAL SHIPPING GÁS NATURAL LOGÍSTICA GÁS NATURAL GÁS NATURAL . Sonangol Comercialização Internacional. • Sonangol, E.P., exercises the function of national CORPORATE AND FINANCE SONANGOL FINANCE SONANGOL E.P. Concessionaire, having been granted by the State CRUDE the mining rights for the exploration, research, OIL BY-PRODUCTS development and production of liquid or gaseous hydrocarbons. As a national Concessionaire, it is authorized to associate with foreign or national entities to carry out oil operations in the national • In addition, Sonangol operates in two other social nature and related to the development territory, which can now be carried out in the form business segments, namely: of human capital, or whose priority is support of association agreements, production sharing • Corporate & Financing: constituted by for economic development support for the agreements and contracts of risky services; companies that ensure the development of country’s development: • In addition, Sonangol E.P. acts as an integrated the concessionary function, corporate cross- . Sonair, MS Telcom, Sonangol Holdings, oil and gas company, acting as a centralized cutting functions, support and monitoring of Sonangol Investimentos Industriais operating holding company, constituted by the companies, specifically: (SIIND), Sonangol Imobiliária e following companies in its primary value chain: . Sonangol E.P. (Concessionaire) e Sonangol Propriedades (SONIP), Clínica Girassol, • Exploration and Production (Upstream): Finance. Academia Sonangol and Sonangol Vida. consists of a group of subsidiary companies • Non-core activities: consisting of the group of whose main activity is the exploration, subsidiary companies whose main activity is to development and production of hydrocarbons support the core business of Sonangol E.P., as (crude oil and natural gas), namely: well as companies that conduct business of a . Sonangol Exploration e Production; . Sonangol Hidrocarbonetos Internacional; . Sonangol Gas Natural. • Refining and Transport (Midstream): gather refining and shipping companies for crude oil and refined products, namely: . Sonangol Shipping Holdings Limited; . Sonangol Refinação; . Refinação. 12 MANAGEMENT REPORT AND CONSOLIDATED ACCOUNTS 2016 13 2.2 CORPORATE BODIES FIGURE 2 CORPORATE MATRIX OF SONANGOL E.P. AND OVERVIEW OF ITS SUBSIDIARIES CORPORATE ILUSTRATIVE – AFFILIATED EXPLORATION ILUSTRATIVE – AFFILIATED ENTITIES OF SONANGOL E.P. AND PRODUCTION AND
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