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Lusa - Business News - Portugal: Galp loses €45M in the first nine months of the year

Lisbon, Oct.26,2020(Lusa)- Galp's net profits fell to negative figures in the first nine months of the year, reaching a loss of €45 million, which contrasts with the €403 million profit for the same period in 2019, according to official figures.

According to the results for the third quarter of the year reported by the company to the Securities Market Commission (CMVM), between July and September the oil company saw its cash flow from operating activities fall by 10% to €391 million, impacted by adverse market conditions during the period, still reflecting the Covid-19 pandemic, although it showed initial signs of recovery.

The adjusted net result in the 3rd quarter of the year indicates a negative figure of €23 million, down from €101 million in profit over the same period last year.

EBITDA stood at €1.16 billion in the first nine months of the year, after reaching €401 million in the third quarter of the year (a fall of 35% compared to the same period of the previous year, but an increase on the previous quarter, when it stood at €291 million).

In a statement, the oil company led by Carlos Gomes da Silva said that Galp's operational resilience and the competitiveness of its portfolio were fundamental to its robust performance in the quarter.

"We continued to develop our projects following strategic guidelines, despite unprecedented market conditions, positioning Galp as a leading solar player in the Iberian Peninsula and promoting our sustainable growth," Carlos Gomes da Silva said in the statement.

The company said that investment totalled €724 million, with the Renewables and New Business area corresponding to 46%, after the payment of €325 million relating to the transaction of 2.9 GW of photovoltaic solar energy projects in Spain, already in the third quarter.

The average production (WI) - gross production of raw materials, mainly oil, which includes all costs arising from operations - increased 7% over the same period to 133.8 thousand barrels/day, supported by the higher contribution of projects in blocks BM-S-11/11A in Brazil, although partially impacted by some operational restrictions that occurred during the period, the company said, recalling that natural gas production accounted for 10% of total production.

In Brazil, production increased 8% over the same period to 120,200 barrels/day, supported by the ramp-up of the FPSO allocated in Tupi Norte, which is producing at plateau level after the connection of the 6th producing well, also benefiting from the contribution of the recently commissioned FPSO in the Atapu area. Already in the beginning of October, was connected the 4at producer well of the FPSO allocated to Berbigão/Sururu, the company said.

In Angola, average production (WI) fell from the same period of the previous year of 14,200 to 13,700 barrels/day, with the performance also reflecting the gradual decline of Block 14.

In commercial terms, sales of oil products in the 3rd quarter of the year fell 30% compared to the same period last year, reflecting lower demand, mainly in the aviation and marine segments, as a result of the less favourable economic environment.

Volumes of natural gas sold fell 24%, impacted by market conditions and lower levels of consumption, mainly by B2B customers in the Iberian Peninsula and electricity sales increased 14% compared to the same period last year, due to a larger customer base in the Iberian Peninsula, they said.

Net debt increased to €2.1 billion, considering dividends paid to shareholders and minority interests, as well as the payment of the solar project's transaction.

The company also said, in a statement, that the strategic plan foresees the gradual decarbonisation of its portfolio and noted that it established long-term objectives for reducing carbon intensity, aligning its portfolio with the vision of carbon neutrality in Europe by 2050 and committing to reduce the intensity of its activities by at least 15% by 2030 (2017 as the reference year).



Agency : LUSA

Date : 2020-10-27 09:54:00


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