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Wintershall Dea Annual Report 2019

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PAVING THE WAY FOR PROFITABLE GROWTH IN THE ENERGY TRANSITION ANNUAL REPORT 2019 WINTERSHALL DEA ANNUAL REPORT 2019 WINTERSHALL DEA AT A GLANCE Company 245 2,847 YEARS OF COMBINED HISTORY EMPLOYEES Global footprint MIDSTREAM 4,140 km onshore gas pipelines NORTHERN EUROPE 2,460 km Nord Stream Production: 201 mboe/d 2P reserves: 916 mmboe RUSSIA Production: 289 mboe/d 2P reserves: 2,234 mmboe MENA Production: 51 mboe/d 2P reserves: 423 mmboe LATIN AMERICA Production: 76 mboe/d 2P reserves: 254 mmboe 4 13 REGIONS COUNTRIES 2 WINTERSHALL DEA ANNUAL REPORT 2019 Key figures 2019¹ -170 76 275 51 201 320 617* 1,671 mboe/d € 2.8 bn 270 72 % gas 289 463 PRODUCTION EBITDAX 110 4 329 Northern Europe 35 € 1.7 bn Russia 1,198 Middle East/North Africa Latin America Midstream CAPEX (excl. acquisitions) Other * Excluding 25 mboe/d of Libyan onshore production € 1.9 bn € 190 m $ 4.3 per boe OPERATING CASH FLOW FREE CASH FLOW PRODUCTION COSTS 3.8 bn boe 109 % 17 2P RESERVES RRR 2P R/P 1 The numbers for the calendar year 2019 are an aggregation of the consolidated financial statements of Wintershall Dea for the period May-December 2019, the consolidated financial statements of Wintershall for the period January-April 2019 and the consolidated financial statements of Dea for the period January-April 2019. 3 WINTERSHALL DEA ANNUAL REPORT 2019 DISCLAIMER This annual report contains forward-looking statements Therefore, we cannot assume responsibility for the cor- regarding the future development of the Wintershall Dea rectness of these statements. Wintershall Dea does not Group and its companies as well as of the economic and assume any obligation to update the forward-looking political environment. These statements are assessments statements contained in this report above and beyond that we have made based on information available to us the legal requirements. at the time this document was prepared. Forward-looking statements are not guarantees of the future develop- ments and results outlined therein. In the event that the underlying assumptions do not materialise or unforeseen risks arise, actual developments may deviate from the currently predicted developments. 4 WINTERSHALL DEA ANNUAL REPORT 2019 TABLE OF CONTENTS 2 Wintershall Dea at a glance 4 Disclaimer 6 Chief executive letter 8 Our values 10 Our purpose Strategic report Management report 12 Who is Wintershall Dea? 88 The Wintershall Dea Group 14 The history of Wintershall and Dea 90 Our strategy 16 Our strategy 91 The Wintershall Dea Group’s Business year 24 Integration 112 Non-financial performance indicators 26 Portfolio overview 118 Forecast 58 Our Sustainability goals 64 Corporate governance Financial Statements 68 Compliance 70 Responsible employer 128 Consolidated Statement of Income 73 Our competency model 129 Consolidated Statement of Comprehensive Income 130 Consolidated Balance Sheet 132 Consolidated Statement of Changes in Equity 133 Consolidated Statement of Cash Flows 134 Notes to the consolidated financial statements 219 Declaration by the Board of Directors 220 Independent Auditor’s Report 224 Report of the Supervisory Board 226 Glossar 230 Contact and Imprint 5 WINTERSHALL DEA ANNUAL REPORT 2019 MARIO MEHREN CHIEF EXECUTIVE LETTER Dear Stakeholders, 2019 was a pivotal year for our business. From Wintershall Our integration process is progressing smoothly and on and DEA, two E&P companies with long and proud histo- time. We have already generated €100 million in cash ries, we have created something new: the leading Europe- synergies in 2019 and are targeting €200 million of annual an independent gas and oil company – Wintershall Dea. cash synergies by 2022. Our new company is built on solid foundations. A more We have set our finances on a strong long-term footing. than 120-year tradition of German engineering excellence. In September 2019, we completed our post-merger A geographically diverse portfolio focused on selected refinancing with the issuance of our inaugural corporate regions. A common culture, and a history of good co- bond. This was the largest ever debut corporate bond operation. issuance in the European market and was 2.7 times over- subscribed. A clear and strong signal of investor interest Creating value – together. We have a clear view of in Wintershall Dea. Wintershall Dea‘s purpose: to tackle the two major challenges of meeting growing global energy demand, As energy markets face growing supply and demand while also decarbonising. Our strategy focuses on a gas- uncertainty, we expect price volatility to increase even weighted portfolio and selected regions to deliver profi- further. With some of the lowest production costs in the table growth, while contributing to affordable and industry and a robust portfolio fit for all seasons, we are lower-carbon energy for the economies and societies well prepared to prosper whatever future global energy we serve. markets may bring. Strong operational and financial performance is the One change dominates the outlook for our industry. basis for delivering our strategy. In 2019, we achieved Climate change is real and the global energy transition that against a backdrop of high price volatility. Our full is happening. We are ready for it. We have strategically year production was 642,000 boe per day and EBITDAX defined ourselves as a gas and oil company, turning the for the year was €2.8 billion. Despite high levels of normal wording of our industry on its head. That‘s be- investments in future production, we achieved around cause our portfolio is heavily and deliberately weighted €200 million of positive cash flow. to gas (rd. 70%), and will remain so. 6 WINTERSHALL DEA ANNUAL REPORT 2019 Mario Mehren Chief Executive Officer Natural gas has played, and will continue to play, a major Last but not least, safety and responsibility are the bedrock role in decarbonising economies in Europe and around of our business. I am personally clear that our licence to the world. Wintershall Dea‘s strategy is to take advantage operate is not guaranteed but must be earned afresh of its position as the leading European independent gas every day. and oil company. Wintershall Dea is ready to meet the challenges and Looking to the future, we have a strong growth pipeline opportunities of the future. Technologically world-class. that will deliver future growth. Significant growth projects A diverse, robust portfolio for all kinds of weather. Natural include Nova, Dvalin and Njord in Norway; Achimov 4A gas-weighted and energy transition-ready. We know what and 5A, and the Turonian layer in Russia and Raven in we do. And we have all that we need to make the future Egypt. After we deliver these projects, we expect the a success. growth rate to moderate, as we look to balance future investments with cash returns to shareholders. We aim to deliver profitable growth and dividends for our share- holders through the commodity cycle, while maintaining Mario Mehren our investment grade rating. None of our achievements would be possible without a committed, world-class team. We explicitly value diversity in our team. It makes us stronger: bringing the widest possible range of skills, experience and perspectives. And less than a year since the merger, I also see distinct evi- dence of a shared and strong culture: of a team with the minds of engineers, and the hearts of pioneers. I thank all of our people, in our 13 operational countries, for their effort and commitment. 7 WINTERSHALL DEA ANNUAL REPORT 2019 OUR VALUES The values that guide us We know that as a company, we are measured at all levels by our actions. Our four corporate values of trust, care, open-mindedness and bravery are therefore extremely important to us in all our relations – both internally and externally. Our values guide our actions and define how we want to work together – as a team, with our stakeholders and our partners. They are pivotal in defining Wintershall Dea‘s culture. WE ARE WE WE TRUST WE CARE OPEN-MINDED ARE BRAVE Trust is the basis for all our We care for our people, the en- We are convinced that We are ready to accept big values and also their outcome. vironment, our assets and our open-mindedness is key challenges, be they demand- We believe in respect and capital. We accept responsibil- to being innovative, to achiev- ing fields, new opportunities or sustainability as the founda- ity and act on it. We do not shy ing robustness, to securing our social responsibility to ad- tion for our success. We also away from difficult conversa- exciting projects and providing vance the gas and oil industry. believe in trust as the basis for tions and weigh our decisions an inspiring work environment. We have a strong focus on per- achieving our goals and em- carefully. Safe operations that We work on the assumption formance delivery and strive powering our organisation. We pose no threat to people and that we can learn something for excellence in all that we do. trust people to make informed the environment are always from every person whom we We seize opportunities while decisions. our top priority. interact with. managing risks intelligently. 8 WINTERSHALL DEA ANNUAL REPORT 2019 MANAGEMENT BOARD Hugo Dijkgraaf Mario Mehren Paul Smith Thilo Wieland Maria Moræus Hanssen, Chief Operating Officer (COO) and Deputy CEO for the Region EMEA from 1 May until 31 December 2019 left the company on 31 December 2019. Dawn Summers is to be appointed to the Executive Board of Wintershall Dea. As Chief Operating Officer (COO) she will be responsible for the Business Units Germany, Norway, the Netherlands, UK and Denmark, Egypt, Libya, Algeria and UAE as of June 1st, 2020. 9 OUR PURPOSE Our guiding principles Wintershall Dea as the new European champion is committed to producing natural gas and crude oil in the most efficient and environmentally friendly way.
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