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Brazil continues to outperform

  • 06 Mar 16

The group reported its Q4 15 figures which slightly better than expected. Adjusted net income was in profit at €149m, higher than the expected €120m. EBITDA came down 22.5% to €309m for Q4 15 and up 19% for the full year at €1.56bn. By division: 1) In the E&P division, EBITDA came down 48% yoy to €53m. Production costs (in unit terms) decreased by around $1/bbl to $10.5/bbl. Working production reached 52.1kbpd, up 43% thanks to the FPSO 3 reaching plateau production (after the connection of the fifth producer well) and production continuing to rise for FPSO4. The development of the Lula/Iracema project is the key driver. 94% of production was oil, and production in Brazil accounted for 84%. Solid Track Record in Brazil Source: Galp 2) In the Refining & Marketing division, EBITDA came down 13% yoy to €166m. Raw material processed was up 4.2%, with crude accounting for 89% of the raw material, of which 78% corresponded to medium and heavy crudes. Consumption and losses accounted for 8% of raw materials processed, in line yoy. The refining margin was $4.1/bbl, while the marketing of oil products maintained its contribution to results despite lower volumes. During Q4 15, the Iberian market for oil products reached 15.1mt, or a 0.3% increase. Road diesel consumption experienced the largest increase, benefiting from lower retail prices and some economic recovery in the region. 3) In the Gas & power division, EBITDA came down 13% yoy to €88m, mainly due to lower activity in power because of sub-optimal utilisation of the cogeneration in the Matosinhos refinery. Natural gas sales decreased to 1,692cm mainly due to lower volumes in the trading segment. The spread between the Asian LNG (JKM) and natural gas in Europe (NBP) tightened from $2.9mmbtu during Q4 15 and $1.4/mmbtu in Q4 14. JKM decreased more due to the increased use of nuclear energy in the region and higher LNG supply from the start of production of the new gas liquefaction plant in Australia. In Q4 15, the Iberian natural gas market increased by 4.8%. The electrical segment consumption was up 28% given low hydroelectric generation which led to a greater use of natural gas. Cash flow Cash flow from operations came in at €272m in Q4 15, and capex at €431m, of which 75% for the E&P division. Net debt at the end 2015 was €1.7bn considering the balance of the loan to Sinopec as cash & equivalents. Excluding Sinopec, debt stood at €2.4bn, stable yoy. Indeed, for the full year, cash flow from operations (€1.7bn) covered both the capex (e1.2bn) and the dividend (€0.3bn). Outlook Regarding the outlook, the key driver remains Upstream. Upstream as a driver Source: Galp