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Contracts Restatment 353

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					9M 2008 Results
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Table of Contents


Key figures
Financial Review
  Income statement
  Income statement items
  Cash Flow
  Cash Flow
  Capital Expenditures
  Balance Sheet
Debt Detail
Segment Review
  Exploration and Production
  Refining and Marketing
  Gas & Power
People
Major Holdings
Income from Associated Companies
Reconciliation of reported and adjusted figures
  Adjusted operating profit by segment
  Non recurrent items
Financial Statements
  Consolidated Income Statement
  Consolidated Balance Sheet
Key Figures
  Financial Data                                                                                                                                 Table of Contents
  Key market indicators
  Operating Data
  Market Indicators


Financial Data

Million euros
                                                                             2005                            2006                                    2007                               2008
                                                                        3Q          4Q        1Q        2Q          3Q       4Q        1Q       2Q          3Q       4Q        1Q        2Q       3Q
     Turnover                                                           2,925       3,196     3,026     3,104       3,263    2,796     2,750    3,135       3,238    3,421     3,493     4,044    3,970
     EBITDA                                                              391         158       227       390         532      110       242      405         283      359       316       531          96
     EBITDA replacement cost                                             222         222       212       204         605      240       228      276         216      175       233       211      280
     Adjusted EBITDA1                                                    223         222       210       195         339      230       226      274         211      179       234       216      282
     Operating profit                                                    332             19    159       318         458          32    179      338         218      275       247       477           8
     Operating profit replacement cost                                   163             84    144       132         531      163       166      209         151          91    165       157      193
     Operating profit replacement cost adjusted 1                        164         117       142       124         261      158       165      214         147          95    169       148      198
     Net profit                                                          261             25    117       237         369          32    143      258         188      188       175       349          (3)
     Net profit replacement cost                                         134             79        93        81      442      108       122      161         118          40    106       112      134
                                                1
     Net profit replacement cost adjusted                                134             99        91        76      207       94       119      166          91          42    109       105      139


1
    Adjusted figures exclude inventory effects and other non recurrent items.

Key market indicators

Million euros
                                                                             2005                            2006                                    2007                               2008
                                                                        3Q          4Q        1Q        2Q          3Q       4Q        1Q       2Q          3Q       4Q        1Q        2Q       3Q
     Rotterdam cracking refining margin 1 (Usd/bbl)                       n.a.        n.a.      1.2       3.0         1.9      0.2       2.0      5.0         2.2      2.2       0.6       2.7      2.8
     Rotterdam hydroskimming + aromatics + base oil refining margin 1
     (Usd/bbl)                                                            n.a.        n.a.      1.1       1.1         2.0      1.9       2.5      2.1        (0.0)    (1.0)     (2.2)     (1.7)     1.8
     Henry hub natural gas price2 (Usd/MMbtu)                             6.9        12.4       7.7       6.5         6.1      6.6       7.2      7.5         6.2      7.0       8.6      11.4      9.0
     Average brent dated price3 (Usd/bbl)                                61.6        56.9      61.8      69.6        69.5     59.7      57.8     68.8        74.9     88.7      96.9     121.4    114.8
     Average exchange rate4 (Eur/Usd)                                    1.21        1.19      1.20      1.26        1.27     1.29      1.31     1.35        1.37     1.45      1.50      1.56     1.51
     Euribor - six month4 (%)                                             2.2         2.5       2.8       2.7         3.4      3.7       3.9      4.2         4.6      4.7       4.5       4.9      5.2


1
  Source: Platts.
2
  Source: Reuters.
3
  Source: Platts.
4
  Source: European Central Bank. Euribor 360.

Operating data

Million euros
                                                                             2005                            2006                                    2007                               2008
                                                                        3Q          4Q        1Q        2Q          3Q       4Q        1Q       2Q          3Q       4Q        1Q        2Q       3Q
     Average working production (kbbl/day)                                4.9         4.4       5.2       6.5        11.5     14.6      17.2     17.0        18.3     15.7      13.8      15.5     15.5
     Average net entitlement production (kbbl/day)                        4.3         3.5       3.8       4.6         8.9     11.6      12.6     12.3        14.5     10.6       9.9      11.3      9.1
     Galp Energia refining margin (Usd/bbl)                               7.5         7.8       4.7       5.8         6.0      5.0       5.7      7.3         4.1      4.6       3.0       4.0      5.4
     Raw materials processed (million tonnes)                             3.8         3.6       3.6       3.8         3.8      3.6       3.4      3.7         3.6      3.1       3.5       3.6      3.0
     Oil sales direct clients (million tonnes)                            2.3         2.3       2.3       2.3         2.2      2.2       2.3      2.3         2.4      2.3       2.3       2.3      2.2
     Natural gas sales (million m3)                                     1,008       1,090     1,184     1,040       1,377     996      1,111    1,355       1,299    1,612     1,471     1,478    1,464
     Power generation1 (GWh)                                              370         231       408       369         392     392        416      365         406      423       398       376      414


1
    Includes unconsolidated companies where Galp Energia has a significant interest.

Market Indicators

Million euros
                                                                             2005                            2006                                    2007                               2008
                                                                        3Q          4Q        1Q        2Q          3Q       4Q        1Q       2Q          3Q       4Q        1Q        2Q       3Q
                                 1
     Average brent dated price (Usd/bbl)                                 61.6        56.9      61.8      69.6        69.5     59.7      57.8     68.8        74.9     88.7      96.9     121.4    114.8
                  2
     Diesel crack (Usd/bbl)                                              17.6        17.8      13.7      15.9        15.8     15.0      14.1     14.7        15.6     20.5      21.9      35.3     29.5
              3
     Gasoline crack (Usd/bbl)                                            23.3        14.2      12.7      24.0        19.8     10.0      15.2     28.8        18.8     15.1      13.8      17.2     16.2
                      4
     Fuel oil crack (Usd/bbl)                                           (23.6)      (18.5)    (20.9)    (28.0)      (29.2)   (25.9)    (25.5)   (26.9)      (25.7)   (28.0)    (33.4)    (42.4)   (31.6)
                                            1
     Rotterdam cracking refining margin (Usd/bbl)                         n.a.        n.a.      1.2       3.0         1.9      0.2       2.0      5.0         2.2      2.2       0.6       2.7      2.8
     Rotterdam hydroskimming refining margin 1 (Usd/bbl)                  n.a.        n.a.     (2.0)     (2.4)       (3.3)    (3.8)     (2.7)    (1.1)       (2.3)    (2.0)     (4.0)     (2.9)    (0.9)
     Portuguese oil market5 (million ton)                                 3.0         2.8       2.8       2.8         2.8      2.8       2.7      2.7         2.8      2.8       2.6       2.7      2.7
     Spanish oil market6 (million ton)                                    n.a.        n.a.     13.0      12.2        12.8     12.9      12.9       8.3       13.1     13.4      12.9        8.3    12.3
     Portuguese natural gas market7 (million m3)                            -           -     1,088      956        1,065     834       971     1,058       1,010    1,193     1,240     1,158    1,185


1
  Source: Platts.
2
  Source: Platts; ULSD 50 ppm NWE CIF ARA.
3
  Source: Platts; Prem Unleaded NWE FOB Barges.
4
  Source: Platts; 1%/LSFO NWE FOB Cargoes.
5
  Source: Apetro.
6
  Source: Cores.
7
  Source: Galp Energia.
Financial Review                                                                                                               Table of Contents
   Income statement
   Income statement items
       Sales and Services Rendered
       Operating expenses
       Depreciations
       Provisions
       Other net operating revenue
       Income Tax
       Cash Flow
   Capital expenditures
   Balance Sheet

Income statement

Million euros
                                                      2005                                 2006                                             2007                                       2008
                                                3Q           4Q          1Q          2Q           3Q          4Q          1Q          2Q           3Q          4Q          1Q           2Q          3Q
   Turnover                                     2,925        3,196       3,026       3,104        3,263       2,796       2,750        3,135       3,238       3,421       3,493        4,044       3,970
   Operating expenses                           (2,546)      (3,033)     (2,805)     (2,712)      (3,028)     (2,713)     (2,520)     (2,745)      (2,979)     (3,081)     (3,193)      (3,514)     (3,888)
   Other operating revenues (expenses)               12            (5)          6          (3)      297            27          12          14           24          20          16             2         14
   EBITDA                                         391          158         227         390          532         110         242         405          283         359         316          531            96
   Depreciations and provisions                      (59)     (138)           (68)        (72)         (74)        (78)        (62)        (67)         (65)        (83)        (68)         (54)        (88)
   Operating profit                               332             19       159         318          458            32       179         338          218         275         247          477              8
   Net profit from associated companies              11           17          14            5          10          11          19          12           15          14          12           10          11
   Net profit from investments                         -           (1)          0           0          (20)          1           1          (0)         21           (0)          -           (0)         (0)
   Net interest expenses                               1          (16)         (8)        (12)         (10)         (0)        (11)         (8)         (13)        (11)         (9)          (4)        (31)
   Profit before tax and minority interests       344             20       165         312          438            43       188         341          242         278         250          483            (12)
   Income tax                                        (82)           6         (47)        (74)         (68)        (11)        (44)        (82)         (53)        (89)        (73)     (134)             9
   Minority Interests                                 (1)          (1)         (1)         (1)          (1)         (1)         (2)         (1)          (1)         (1)         (2)          (1)         (1)
   Net profit                                     261             25       117         237          369            32       143         258          188         188         175          349             (3)

   Net profit                                     261             25       117         237          369            32       143         258          188         188         175          349             (3)
   Inventory effect                              (127)            54          (24)    (156)            72          76          (21)        (97)         (70)    (148)           (69)     (237)        137
   Net profit replacement cost                    134             79          93          81        442         108         122         161          118            40       106          112         134
   Non recurrent items                                 1          20           (2)         (6)     (235)           (14)         (3)          5          (27)          2           3           (7)          5
   Net profit replacement cost adjusted           134             99          91          76        207            94       119         166             91          42       109          105         139




Million euros
                                                      2005                                 2006                                             2007                                       2008
                                                3Q           4Q          1Q          2Q           3Q          4Q          1Q          2Q           3Q          4Q          1Q           2Q          3Q
   Exploration & Production                          27           (19)         (4)          6          34          27          31          39           48          28          39           45          29
   Refining & Marketing                           247             (31)        86       259             84          (61)     100         242          134         179         121          341            (89)
   Gas & Power                                       61           56          75          52        343            76          47          53           36          77          84           87          69
   Others                                             (3)         14            2           1           (2)        (11)          1           2            0          (9)          4            4          (1)
   Operating profit                               332             19       159         318          458            32       179         338          218         275         247          477              8

   Operating profit                               332             19       159         318          458            32       179         338          218         275         247          477              8
   Inventory effect                              (169)            64          (14)    (186)            73       131            (13)     (128)           (67)    (184)           (83)     (320)        184
   Operating profit replacement cost              163             84       144         132          531         163         166         209          151            91       165          157         193
   Non recurrent items                                 1          33           (2)         (8)     (270)            (5)         (2)          5           (4)          3           4           (9)          6
   Operating profit replacement cost adjusted     164          117         142         124          261         158         165         214          147            95       169          148         198




Income statement items
Sales and Sevices Rendered


Million euros
                                                      2005                                 2006                                             2007                                       2008
                                                3Q           4Q          1Q          2Q           3Q          4Q          1Q          2Q           3Q          4Q          1Q           2Q          3Q
   Exploration & Production                          35             1           -         22           50          68          42          51           52          87          65           89          17
   Refining & Marketing                         2,635        2,894       2,656       2,785        2,884       2,512       2,432        2,808       2,902       2,974       3,056        3,588       3,454
   Gas & Power                                    256          332         378         303          391         324         330         336          342         447         450          466         520
   Others                                            19           41          29          29           29          11          24          25           26          12          28           30          29
   Consolidation adjustments                         (19)         (72)        (37)        (36)         (92)    (119)           (78)        (85)         (84)        (99)    (107)        (129)           (50)
                                                2,925        3,196       3,026       3,104        3,263       2,796       2,750        3,135       3,238       3,421       3,493        4,044       3,970




Operating expenses


Million euros
                                                      2005                                 2006                                             2007                                       2008
                                                3Q           4Q          1Q          2Q           3Q          4Q          1Q          2Q           3Q          4Q          1Q           2Q          3Q
   Cost of goods sold                           2,377        2,779       2,616       2,505        2,809       2,476       2,311        2,526       2,763       2,837       2,967        3,296       3,660
   Supply and services                            106          172         123         133          135         156         146         153          148         160         155          154         158
   Personnel costs                                   62           83          66          74           84          82          64          66           67          84          71           65          70
                                                2,546        3,033       2,805       2,712        3,028       2,713       2,520        2,745       2,979       3,081       3,193        3,514       3,888
Financial Review                                                                                                             Table of Contents


Depreciations


Million euros
                                                    2005                                 2006                                             2007                                       2008
                                              3Q           4Q          1Q          2Q           3Q          4Q          1Q          2Q           3Q          4Q          1Q           2Q          3Q
     Exploration & Production                        0            9           4           4            7           9         11          16           13          15          14           14          21
     Refining & Marketing                          45           90          44          43           56          52          38          38           39          52          35           24          36
     Gas & Power                                   14           16          14          16            (0)          7           8           8            8         10            8            9           6
     Others                                          0            1           0           0            0           0           0           0            0           0           0            0           0
                                                   59       115             62          63           63          68          57          62           60          77          58           47          63

     Depreciations                                 59       115             62          63           63          68          57          62           60          77          58           47          63
     Non recurrent items                             -          (21)          -           -            5           1          (1)         (3)           0           2          (3)         14           (0)
     Adjusted depreciations                        59           94          62          63           68          70          56          59           60          80          55           62          63




Provisions


Million euros
                                                    2005                                 2006                                             2007                                       2008
                                              3Q           4Q          1Q          2Q           3Q          4Q          1Q          2Q           3Q          4Q          1Q           2Q          3Q
     Exploration & Production                       (0)           3           2           2            1           5           1           1            1           1           1            1           1
     Refining & Marketing                            1          19            3           5            9           7           3           2            2           1           1           (1)          6
     Gas & Power                                    (0)           2           0           1            1          (6)          1           2            2           5           9            7         17
     Others                                         (0)          (0)          0          (0)           -           3           -           -            -           -          (0)          (1)         (0)
                                                     1          23            6           8          11            9           5           5            5           6         10             7         24

     Provisions                                      1          23            6           8          11            9           5           5            5           6         10             7         24
     Non recurrent items                             -          (12)          0          (0)          (1)         (6)         (0)         (4)          (1)         (1)         (1)          (0)         (4)
     Adjusted provisions                             1          11            6           8          10            3           5           1            4           5         10             7         20




Other net operating revenues


Million euros
                                                    2005                                 2006                                             2007                                       2008
                                              3Q           4Q          1Q          2Q           3Q          4Q          1Q          2Q           3Q          4Q          1Q           2Q          3Q
     Other net operating revenues                  12            (5)          6          (3)      297            27          12          14           24          20          16             2         14
     Non recurrent items                            (2)          (0)         (2)         (2)     (275)            (3)         (3)         (4)          (5)          1           0            8           1
     Adjusted other net oper. revenues             13            (5)          4          (4)         22          24            9         11           19          21          16           10          15




Income Tax

Million euros (except otherwise noted)
                                                    2005                                 2006                                             2007                                       2008
                                              3Q           4Q          1Q          2Q           3Q          4Q          1Q          2Q           3Q          4Q          1Q           2Q          3Q
     Income tax IFRS1                              82            (6)        47          74           68          11          44          82           53          89          73       134              (9)
         Effective income tax                  24%          -29%        28%         24%           15%        25%         23%          24%         22%         32%         29%          28%         n.m.
     Inventory effect                              (42)         11            9         (31)           1         54            8         (31)           3         (36)        (13)         (84)        47
     Income tax replacement cost                   40             5         56          43           68          65          52          51           56          53          59           50          38
     Non recurrent items                             0          10           (0)         (3)         (16)         (7)         (0)         (0)           0           2           1           (2)          1
     Income tax replacement cost adjusted          41           15          56          41           53          58          51          51           56          54          61           48          39
         Effective income tax                  23%          13%         38%         35%           20%        33%         30%          23%         38%         56%         35%          31%         22%


1
    Includes IRP from Angola since 2007

Cash-Flow


Million euros
                                                    2005                                 2006                                             2007                                       2008
                                              3Q           4Q          1Q          2Q           3Q          4Q          1Q          2Q           3Q          4Q          1Q           2Q          3Q
     Operating profit                              n.a.         38      159         318           458            32      179          338         218         275         247          477               8
     Non cash costs                                n.a.         92          62          63           63          68          57          62           60          77          58           47          63
     Change in working capital                     n.a.         (73)    (288)       132              22          44          13       (147)       140             21          60       (235)       137
     Cash flow from operating activities           n.a.         57          (67)    514           543        145         249          252         418         374         365          290         209

     Net capital expenditures and disposals        n.a.         (77)        (44)        (71)      618        (106)           (80)        (86)         (93)    (226)           (93)     (119)       (205)
     Change in strategic stocks holdings           n.a.          (0)        80      (133)            14      111             10          (34)         (28)        (62)    (113)        (215)           30
     Cash flow from investing activities           n.a.         (77)        36      (204)         632              5         (70)     (120)       (121)       (288)       (205)        (333)       (175)

     Financial Investments                         n.a.         (16)          2          (3)         12            1           1          (1)           1          (9)          0            5         (12)
     Interest expenses                             n.a.          (4)        (12)        (13)          (7)          2          (9)         (9)          (7)         (9)         (9)          (9)        (12)
     Taxes                                         n.a.         (57)          2         (58)     (102)           (40)        (17)        (87)     (132)           (43)        (12)         (46)        (76)
     Subsidies                                     n.a.           -           4           2          10            3           7          (0)           0         56            -            2          (0)
     Dividends paid / received                     n.a.           -           -         13      (1,091)          28            -      (230)             -         (93)          1      (124)             0
     Others                                        n.a.     201              (4)         (6)         (34)         (9)        17          (13)         40           (5)         (3)           1           3
     Cash flow from financing activities           n.a.     125              (8)        (64)    (1,212)          (15)         (1)     (340)           (98)    (103)           (23)     (171)           (96)

     Total                                         n.a.     105             (39)    246              (37)    134         178          (208)       200             (16)    136          (215)           (63)
Financial Review                                                                                                                    Table of Contents

Capital Expenditures

Million euros
                                                 2005                                       2006                                                     2007                                          2008
                                           3Q            4Q           1Q            2Q             3Q            4Q            1Q            2Q             3Q           4Q            1Q            2Q            3Q
   Exploration & Production                     19            27           16            26             24            44            40            41             44           68            64            54            34
   Refining & Marketing                         29            75              6          24             28            73            21            20             29           98            21            47          128
   Gas & Power                                  20            30           20            28             31            31            16            22             25           40            14            17            49
   Others                                                     (0)             0             0              -             1             0             2           (1)             0             0             0           0
                                                68         132             43            78             83         148              76            86             97        207              99         117            211




Balance Sheet


Million euros (except otherwise noted)
                                                 2005                                       2006                                                     2007                                          2008
                                         Sept, 30      Dec, 31      Mar, 31       Jun, 30       Sept, 30       Dec, 31       Mar, 31       Jun, 30       Sept, 30      Dec, 31       Mar, 31       Jun, 30       Sept, 30
   Fixed assets                                 n.a.      3,086            n.a.      3,077         2,394          2,413         2,445         2,459         2,514         2,584         2,629         2,689         2,853
   Strategic stock                              n.a.       524             n.a.       578            585           453           443           477            505          566           679           894            864
   Other assets (liabilities)                   n.a.       (154)           n.a.       (234)         (212)          (149)         (192)         (184)         (131)         (170)         (235)         (319)         (243)
   Working capital                              n.a.       121             n.a.          78          261           207           194           352            202          180           121           355            219
                                                n.a.      3,577            n.a.      3,499         3,027          2,924         2,889         3,104         3,089         3,160         3,194         3,619         3,692

   Short term debt                              n.a.       257             n.a.       267            610           587           353           600            358          336           260           644            460
   Long term debt                               n.a.      1,092            n.a.       994            531           513           509           499            492          505           499           493            525
   Total debt                                   n.a.      1,349            n.a.      1,260         1,141          1,099          862          1,099           850          841           760          1,138           985
   Cash                                         n.a.       158             n.a.       276            119           212           152           182            132          107           162           325            109
   Total net debt                               n.a.      1,192            n.a.       985          1,021           887           709           918            718          734           598           812            875
   Total shareholder's equity                   n.a.      2,386            n.a.      2,515         2,006          2,037         2,180         2,186         2,371         2,426         2,596         2,807         2,817
   Capital employed                             n.a.      3,577            n.a.      3,499         3,027          2,924         2,889         3,104         3,089         3,160         3,194         3,619         3,692

   Net debt to equity                           n.a.       50%             n.a.       39%            51%           44%           33%           42%            30%          30%           23%           29%            31%
                                                                                                                                                                                               Table of Contents
Debt detail


Debt detail

Million euros
                                                  2005                                                                                        2006                                                                                                                    2007                                                                                                   2008
                                      3Q                             4Q                            1Q                             2Q                            3Q                            4Q                            1Q                            2Q                            3Q                            4Q                            1Q                            2Q                            3Q
                         Short term        Long Term    Short term        Long Term   Short term        Long Term    Short term        Long Term   Short term        Long Term   Short term        Long Term   Short term        Long Term   Short term        Long Term   Short term        Long Term   Short term        Long Term   Short term        Long Term   Short term        Long Term   Short term        Long Term
    Bonds                       n.a.             n.a.            -             310           n.a.             n.a.          50              260           50              260           20              226           20               226            -             226             -             226             -              226            -             226          210                16            2                -
    Bank debt                   n.a.             n.a.         207              782           n.a.             n.a.         212              734          273              271          291              287          233               283         325              273          223              266          171               280         155              274          234              268          238              258
    Commercial paper            n.a.             n.a.           50                -          n.a.             n.a.            5                -          288                          275                 -          100                -         275                 -         135                 -         165                 -         105                 -         200              210          220              267
    Cash                        n.a.             n.a.        (166)                -          n.a.             n.a.        (276)                -        (119)                         (212)                -        (152)                -        (181)                -        (132)                -        (107)                -        (162)                -        (325)                -        (109)                -
    Net debt                                     n.a.            1,183                                        n.a.                985                       1,021                          887                              709                        918                           718                              734                           598                           812                           875

    Average life                                 n.a.            4.96                                         n.a.            4.86                          2.22                          2.39                          3.27                          2.39                          2.81                          2.75                          3.03                          2.39                          3.05
    Net debt to equity                           n.a.            50%                                          n.a.            39%                           51%                           44%                           33%                           42%                           30%                           30%                           23%                           29%                           31%
Segment Review                                                                                                                                   Table of Contents
   Explorations & Production
   Refining & Marketing
   Gas & Power

Explorations & Production

Million euros (except otherwise noted)
                                                                              2005                              2006                                            2007                                    2008
                                                                         3Q          4Q        1Q          2Q          3Q          4Q          1Q          2Q          3Q          4Q          1Q        2Q          3Q
      Turnover                                                             35             1          -       22          50          68          42          51          52          87          65        89             17
      Operating profit                                                     27          (19)         (4)         6        34          27          31          39          48          28          39        45             29
      Non recurrent items                                                      -          -          -           -           -          (0)          -          4           (2)         1           3         6           0
      Operating profit replacement cost adjusted                           27          (19)         (4)         6        34          27          31          44          46          29          42        52             29

      Average working production (kbbl/day)                                4.9         4.4       5.2         6.5        11.5        14.6        17.2        17.0        18.3        15.7        13.8      15.5        15.5
      Average net entitlement production (kbbl/day)                        4.3         3.5       3.8         4.6         8.9        11.6        12.6        12.3        14.5        10.6         9.9      11.3         9.1
      Total net entitlement production (million bbl)                       0.4         0.3       0.3         0.4         0.8         1.1         1.1         1.1         1.3         1.0         0.9       1.0         0.8
           Kuito (million bbl)                                             0.4         0.3       0.3         0.2         0.2         0.2         0.1         0.1         0.1         0.1         0.1       0.1         0.1
           BBLT (million bbl)                                                  -          -      0.1         0.2         0.6         0.9         1.0         1.0         1.2         0.8         0.8       0.9         0.7
          TL (million bbl)                                                     -          -          -       0.0         0.0         0.0         0.0         0.0         0.0         0.0         0.0       0.0         0.1
                                 1
      Average realized sale price (Usd/bbl)                                n.a.       46.4           -           -      69.2        61.4        56.1        74.5        68.1        83.6       107.5     117.3       103.7
      Total sales2 (million bbl)                                           0.7         0.9           -           -       0.9         2.0         1.0         0.9         0.9         1.9         1.0       0.9             -
      Net total assets                                                     n.a.       274       307         396         412         435         458         570         487         570         635       700         644


1
    Considers the effective sales and the loans granted and received.
2
    Considers effective sales.

Refining & Marketing

Million euros (except otherwise noted)
                                                                              2005                              2006                                            2007                                    2008
                                                                         3Q          4Q        1Q          2Q          3Q          4Q          1Q          2Q          3Q          4Q          1Q        2Q          3Q
      Turnover                                                           2,635       2,894     2,656       2,785       2,884       2,512       2,432       2,808       2,902       2,974       3,056     3,588       3,454
      Operating profit                                                    247          (31)      86         259          84          (61)       100         242         134         179         121       341          (89)
      Inventory holding effect                                            (162)        76        (21)       (188)        79         138          (22)       (130)        (68)       (177)        (83)     (318)       199
      Non recurrent items                                                     1        33           (2)         (8)      (21)        13             (2)         3           (1)         1           0      (16)           2
      Operating profit replacement cost adjusted                           86          78        62          63         142          90          76         115          66             4        38           7       111
                                          1
      Rotterdam cracking refining margin (Usd/bbl)                         n.a.        n.a.      1.2         3.0         1.9         0.2         2.0         5.0         2.2         2.2         0.6       2.7         2.8
      Rotterdam hydroskimming + aromatics + base oil refining margin1
      (Usd/bbl)                                                            n.a.        n.a.      1.1         1.1         2.0         1.9         2.5         2.1        (0.0)       (1.0)       (2.2)     (1.7)        1.8
      Galp Energia refining margin (Usd/bbl)                               7.5         7.8       4.7         5.8         6.0         5.0         5.7         7.3         4.1         4.6         3.0       4.0         5.4
      Crude processed (k bbl)                                           25,490      24,850    24,507      25,153      24,785      24,056      22,642      25,581      24,549      19,154      23,649    25,119      20,221
      Raw material processed (million tonnes)                              3.8         3.6       3.6         3.8         3.8         3.6         3.4         3.7         3.6         3.1         3.5       3.6         3.0

      Total refined product sales (million tonnes)                         4.1         4.0       3.9         4.1         4.2         4.0         3.9         4.1         4.2         3.8         3.9       4.1         3.8
      Sales to direct clients (million tonnes)                             2.3         2.3       2.3         2.3         2.2         2.2         2.3         2.3         2.4         2.3         2.3       2.3         2.2
           Wholesale                                                       1.2         1.1       1.1         1.1         1.2         1.1         1.0         1.1         1.1         1.2         1.1       1.1         1.1
           Retail                                                          0.7         0.6       0.6         0.6         0.6         0.6         0.6         0.6         0.7         0.6         0.6       0.6         0.6
           LPG                                                             0.1         0.1       0.1         0.1         0.1         0.1         0.1         0.1         0.1         0.1         0.1       0.1         0.1
           Others                                                          0.4         0.5       0.5         0.4         0.4         0.4         0.6         0.5         0.5         0.4         0.5       0.5         0.4
      Exports (million tonnes)                                             0.7         0.6       0.7         0.8         0.9         0.8         0.6         0.7         0.7         0.4         0.6       0.7         0.5
      Number of service stations                                         1,006       1,060     1,050       1,043       1,046       1,045       1,041       1,041       1,040       1,038       1,025     1,024       1,015
      Number of c-stores                                                  158         183       184         189         198         201         203         207         208         210         213       225         233
      Net total assets                                                     n.a.      3,746     3,928       3,966       3,812       3,539       3,569       4,056       3,686       4,056       4,123     4,780       4,414


1
    Source: Platts.

Gas & Power

Million euros (except otherwise noted)
                                                                              2005                              2006                                            2007                                    2008
                                                                         3Q          4Q        1Q          2Q          3Q          4Q          1Q          2Q          3Q          4Q          1Q        2Q          3Q
      Turnover                                                            256         332       378         303         391         324         330         336         342         447         450       466         520
      Operating profit                                                     61          56        75          52         343          76          47          53          36          77          84        87             69
      Inventory holding effect                                                (7)      (12)         7           2           (6)         (8)         9           1           1           (7)         1         (3)      (15)
      Non recurrent items                                                     0           0         (0)         0       (255)        (21)           1           (2)         (2)         1           1         0           4
      Operating profit replacement cost adjusted                           55          44        82          54          82          48          56          53          35          71          85        85             59
           Supply                                                                                                                                26          36          27          47          53        65             46
           Infrastruture                                                                                                                         31          17             9        23          32        19             12
           Power                                                                                                                                    0           (0)         (0)         0           0         1           1

      NG supply total sales volumes (million m3)                         1,008       1,090     1,184       1,040       1,377        996        1,111       1,355       1,299       1,612       1,471     1,478       1,464
      Liberalised market sales volumes (million m3)                        88             1      96          83         313         162         474         789         780         980         825       881         926
           Electrical                                                          -          -          -           -           -           -      335         491         491         561         594       560         643
           Industrial                                                          -          -          -           -           -           -           -           -           -           -       16        19             36
           Trading                                                         88             1      96          83         313         162         139         297         289         419         215       302         248
      Regulated market sales volumes (million m3)                         920        1,088     1,088        956        1,065        834         637         566         519         632         646       597         537
           Industrial                                                                                                                           491         463         439         498         491       477         442
           Commercial                                                                                                                            16          11             8        12          23        17             14
           Residencial                                                                                                                           64          41          30          48          67        42             38
         Other supply companies                                                                                                                  66          51          42          74          66        61             44
      NG distribution clients1 (thousands)                                                                                                      772         781         799         816         832       841         853
      Power generation2 (GWh)                                             370         231       408         369         392         392         416         365         406         423         398       376         414
      Sales of electricity to the grid2                                   131          94       153         125         140         148         153         130         147         148         134       108         135
                                    3
      Natural gas net fixed assets                                       1,421       1,416     1,416       1,428        706         725         729         727         745         727         733       740         747
      Net total assets                                                     n.a.      2,030     2,168       2,166       1,720       1,801       1,770       1,488       1,543       1,488       1,616     1,704       1,625


1
  Includes unconsolidated companies where Galp Energia holds a significant interest.
2
  Includes Energin, a company consolidated under the equity method, where Galp Energia holds 35%. In the nine months 2008 Energin power generation and sales to the grid were 701.7 GWh
and 192.9 GWh, respectively.
3
  Excludes financial investment.
                                                                                                                                                     Table of Contents
People

People


                               2005                      2006                                                2007                                                        2008
                               Dec, 31        Sept, 30          Dec, 31        Mar, 31        Jun, 30               Sept, 30         Dec, 31             Mar, 31         Jun, 30         Sept, 30
  Exploration & Production               36              54               48             48             56                      59              62                  63              64              63
  Refining & Marketing             4,867           4,950            4,790          4,774           4,825                  4,807           4,747               4,792           4,829            4,819
  Gas & Power                         685            487              491            459            461                        460             462                 472             469          471
  Corporte & Others                   578            553              540            527            522                        527             527                 527             528          527
  Total on site employees          6,166           6,044            5,869          5,808           5,864                  5,853           5,798               5,854           5,890            5,880
  Service stations employees       2,200           2,306            2,245          2,253           2,315                  2,277           2,243               2,257           2,302            2,273
  Total off site employees         3,966           3,738            3,624          3,555           3,549                  3,576           3,555               3,597           3,588            3,607
                                                                                                              Table of Contents


Major Holdings
Income from Associated Companies

Major Holdings


                                                                            Business                          Consolidation
                         Company                             Country                        Equity Share
                                                                            Segment                           method
Petróleos de Portugal, Petrogal, S.A.                        Portugal         R&M              100%               Full
Galp Energia España, S.A.                                     Spain           R&M              100%               Full
Galp Exploração e Produção Petrolífera, S.A.                 Portugal         E&P              100%               Full
CLCM - Companhia Logística da Madeira, S.A.                  Portugal         R&M               75%               Full
CLC - Companhia Logística de Combustíveis, S.A.              Portugal         R&M               65%           Proportional
CLH - Compañia Logística de Hidrocarboros, S.A.               Spain           R&M               5%               Equity
GDP, Gás de Portugal, SGPS, S.A.                             Portugal         G&P              100%                Full
Galp Gás Natural, S.A.1                                      Portugal         G&P              100%                Full
Transgás, S.A.2                                              Portugal         G&P              100%                Full
Transgás, Armazenagem, S.A.                                  Portugal         G&P              100%                Full
EMPL - Europe MaghrebPipeline, Ltd                            Spain           G&P               27%              Equity
Gasoduto Al-Andaluz, S.A.                                     Spain           G&P               33%              Equity
Gasoduto Extremadura, S.A.                                    Spain           G&P               49%              Equity
GDP Distribuição, SGPS, S.A.                                 Portugal         G&P              100%                Full
Lisboagas, S.A.                                              Portugal         G&P              100%               Full
Lusitaniagás, S.A.                                           Portugal         G&P               85%                Full
Setgás, S.A.                                                 Portugal         G&P               45%              Equity
Beiragás, S.A.                                               Portugal         G&P               59%                Full
Duriensegás, S.A.                                            Portugal         G&P              100%                Full
Tagusgás, S.A.                                               Portugal         G&P               41%              Equity
Galp Power, SGPS, S.A.                                       Portugal         G&P              100%               Full
Galp Energia, S.A.                                           Portugal         Others           100%                Full


1
    Fomer Transgás, S.A.
2
    Former Transgás Industria, S.A.

Income from Associated Companies


Million euros (except otherwise noted)
                                                                       2006                                                           2007                                        2008
                                                  1Q           2Q              3Q                4Q                1Q           2Q           3Q         4Q           1Q            2Q           3Q
     CLH                                               1.7          0.3             2.9               1.1                 0.7        2.7          2.3        2.4          1.8           1.8          2.5
     International Pipelines                           9.6          9.0             7.3            11.1                   9.1        8.4          9.7    10.2             9.5           9.1          9.3
     Setgás - Natural Gas Distribution Company         1.2          0.2             0.5               0.8                 1.2        0.5          0.2        0.4          1.0           0.3          0.3
     Others                                            0.4          0.1             (0.9)             0.6                 0.4        0.4          1.7        1.1          0.1           0.4          1.0
     Sub total                                     12.9             9.6             9.9            13.6               11.3        11.9        13.9       14.1         12.4          11.6         13.2
     Consolidation adjustments                         1.5          (4.6)           0.3               (2.7)               7.7        0.0          1.6        (0.5)        (0.5)         (1.4)        (2.1)
     Total                                         14.4             5.0           10.2             10.9               19.0        12.0        15.5       13.6         11.9          10.2         11.1
Reconciliation of reported and adjusted figures
Adjusted operating profit by segment                                                                                                                                                                                                                                                         Table of Contents
                          2008
                          2007
                          2006
                          2005
Adjusted EBITDA by segment
                          2008
                          2007
                          2006
                          2005

Adjusted operating profit by segment

2008
Million euros
                                                                      1Q                                                                          2Q                                                                              3Q
                                                                   Operating                                                                   Operating                                                                       Operating
                                                                                     Non          Adjusted                                                       Non          Adjusted                                                           Non              Adjusted
                                  Operating       Inventory         profit at                                   Operating     Inventory         profit at                                   Operating     Inventory             profit at
                                                                                  recurrent       operating                                                   recurrent       operating                                                       recurrent           operating
                                    profit          effect        replacement                                     profit        effect        replacement                                     profit        effect            replacement
                                                                                    items           profit                                                      items           profit                                                          items               profit
                                                                       cost                                                                        cost                                                                            cost
Operating profit                        247              (83)            165                  4         169           477          (320)             157              (9)           148             8           184                    193                6             198
       E&P                               39                   -            39                 3          42            45                 -            45                 6          52            29                 -                29                 0              29
       R&M                              121              (83)              37                 0          38           341          (318)               23            (16)             7           (89)          199                    110                2             111
       G&P                               84                   1            84                 1          85            87             (3)              84                 0          85            69            (15)                  55                 4              59
       Others                             4                   -             4                 -           4             4                 -             4                 0           4             (1)               -                 (1)               -               (1)

2007


Million euros
                                                                      1Q                                                                          2Q                                                                              3Q                                                                                 4Q
                                                                   Operating                                                                   Operating                                                                       Operating                                                                           Operating
                                                                                     Non          Adjusted                                                       Non          Adjusted                                                           Non              Adjusted                                                          Non          Adjusted
                                  Operating       Inventory         profit at                                   Operating     Inventory         profit at                                   Operating     Inventory             profit at                                       Operating     Inventory             profit at
                                                                                  recurrent       operating                                                   recurrent       operating                                                       recurrent           operating                                                      recurrent       operating
                                    profit          effect        replacement                                     profit        effect        replacement                                     profit        effect            replacement                                         profit        effect            replacement
                                                                                    items           profit                                                      items           profit                                                          items               profit                                                         items           profit
                                                                       cost                                                                        cost                                                                            cost                                                                                cost
Operating profit                        179              (13)            166              (2)           165           338          (128)             209                  5         214           218            (67)                  151            (4)               147           276          (184)                  92             3              95
       E&P                               31                   -            31                 -          31            39                 -            39                 4          44            48                 -                48             (2)                46            28                 -               28             1              29
       R&M                              100              (22)              78             (2)            76           242          (130)             113                  3         115           134            (68)                  66             (1)                66           179          (177)                    2            2               4
       G&P                               47                   9            56                 1          56            53                 1            55             (2)            53            36                 1                37             (2)                35            77             (7)                 70             0              71
       Others                             1                   -             1                 -           1             2                 -             2                 -           2             0                 -                 0                 -               0            (8)                -                (8)           -              (8)


2006


Million euros
                                                                      1Q                                                                          2Q                                                                              3Q                                                                                 4Q
                                                                   Operating                                                                   Operating                                                                       Operating                                                                           Operating
                                                                                     Non          Adjusted                                                       Non          Adjusted                                                           Non              Adjusted                                                          Non          Adjusted
                                  Operating       Inventory         profit at                                   Operating     Inventory         profit at                                   Operating     Inventory             profit at                                       Operating     Inventory             profit at
                                                                                  recurrent       operating                                                   recurrent       operating                                                       recurrent           operating                                                      recurrent       operating
                                    profit          effect        replacement                                     profit        effect        replacement                                     profit        effect            replacement                                         profit        effect            replacement
                                                                                    items           profit                                                      items           profit                                                          items               profit                                                         items           profit
                                                                       cost                                                                        cost                                                                            cost                                                                                cost
Operating profit                        159              (14)            144              (2)           142           318          (186)             132              (8)           124           458            73                    531         (270)                261            32           131                   163           (5)            158
       E&P                                (4)                 -             (4)               -           (4)           6                 -             6                 -           6            34                 -                34                 -              34            27                 -               27            (0)             27
       R&M                               86              (21)              65             (2)            62           259          (188)               71             (8)            63            84            79                    163           (21)               142           (61)          138                   77           13               90
       G&P                               75                   7            82             (0)            82            52                 2            54                 0          54           343             (6)                  336         (255)                 82            76             (8)                 69           (21)             48
       Others                             2                   -             2                 0           2             0                 -             0                 0           0             (2)               -                 (2)               5               3           (11)                -               (11)           3              (7)




2005


Million euros
                                                                      1Q                                                                          2Q                                                                              3Q                                                                                 4Q
                                                                   Operating                                                                   Operating                                                                       Operating                                                                           Operating
                                                                                     Non          Adjusted                                                       Non          Adjusted                                                           Non              Adjusted                                                          Non          Adjusted
                                  Operating       Inventory         profit at                                   Operating     Inventory         profit at                                   Operating     Inventory             profit at                                       Operating     Inventory             profit at
                                                                                  recurrent       operating                                                   recurrent       operating                                                       recurrent           operating                                                      recurrent       operating
                                    profit          effect        replacement                                     profit        effect        replacement                                     profit        effect            replacement                                         profit        effect            replacement
                                                                                    items           profit                                                      items           profit                                                          items               profit                                                         items           profit
                                                                       cost                                                                        cost                                                                            cost                                                                                cost
Operating profit                         n.a.            n.a.              n.a.          n.a.            n.a.          n.a.          n.a.              n.a.          n.a.            n.a.          332         (169)                   163                1              164           19             64                   84           33             117
       E&P                               n.a.            n.a.              n.a.          n.a.            n.a.          n.a.          n.a.              n.a.          n.a.            n.a.           27                    -             27                    -           27          (19)                    -           (19)               -         (19)
       R&M                               n.a.            n.a.              n.a.          n.a.            n.a.          n.a.          n.a.              n.a.          n.a.            n.a.          247         (162)                    85                1               86          (31)            76                   45           33               78
       G&P                               n.a.            n.a.              n.a.          n.a.            n.a.          n.a.          n.a.              n.a.          n.a.            n.a.           61            (7)                   55                0               55           56            (12)                  44            0               44
       Others                            n.a.            n.a.              n.a.          n.a.            n.a.          n.a.          n.a.              n.a.          n.a.            n.a.           (3)                   -             (3)                   -           (3)          14                     -            14            ()              14
Reconciliation of reported and adjusted figures
Adjusted operating profit by segment                                                                                                                                                                                                                                                    Table of Contents
                          2008
                          2007
                          2006
                          2005
Adjusted EBITDA by segment
                          2008
                          2007
                          2006
                          2005

Adjusted EBITDA by segment

2008
Million euros
                                                                      1Q                                                                          2Q                                                                              3Q
                                                                   EBITDA at         Non                                                       EBITDA at         Non                                                           EBITDA at         Non
                                                  Inventory                                       Adjusted                    Inventory                                       Adjusted                    Inventory                                           Adjusted
                                   EBITDA                         replacement     recurrent                      EBITDA                       replacement     recurrent                      EBITDA                           replacement     recurrent
                                                    effect                                        EBITDA                        effect                                        EBITDA                        effect                                            EBITDA
                                                                       cost         items                                                          cost         items                                                              cost         items
EBITDA                                  316              (83)            233                  0         234          531           (320)             211                  5         216           96            184                    280                1         282
       E&P                               54                   -            54                 0          54           61                  -            61                 9          70           51                  -                51                 0          51
       R&M                              157              (83)              74                 0          74          365           (318)               47             (4)            43          (47)           199                    152                2         154
       G&P                              100                   1          101              (0)           101          103              (3)            100              (0)           100           93             (15)                  78             (0)            78
       Others                               4                 -             4                 -              4            3               -             3                 0              3        (1)                 -                 (1)               -          (1)

2007


Million euros
                                                                      1Q                                                                          2Q                                                                              3Q                                                                            4Q
                                                                   EBITDA at         Non                                                       EBITDA at         Non                                                           EBITDA at         Non                                                          EBITDA at        Non
                                                  Inventory                                       Adjusted                    Inventory                                       Adjusted                    Inventory                                           Adjusted                   Inventory                                          Adjusted
                                   EBITDA                         replacement     recurrent                      EBITDA                       replacement     recurrent                      EBITDA                           replacement     recurrent                      EBITDA                          replacement    recurrent
                                                    effect                                        EBITDA                        effect                                        EBITDA                        effect                                            EBITDA                       effect                                           EBITDA
                                                                       cost         items                                                          cost         items                                                              cost         items                                                             cost        items
EBITDA                                  242              (13)            228              (2)           226          405           (128)             276              (2)           274          283             (67)                  216            (5)           211          359          (184)                  175            4            179
       E&P                               43                   -            43                 -          43           56                  -            56                 -          56           62                  -                62             (2)            59           44                 -               44             4             47
       R&M                              142              (22)            119              (2)           117          283           (130)             153                  1         155          175             (68)                  107            (0)           107          231          (177)                  54             1             56
       G&P                               55                   9            64                 0          64           63                  1            64             (3)            61           46                  1                47             (3)            44           92             (7)                 85            (1)            84
       Others                               1                 -             1                 -              1            3               -             3                 -              3            0               -                 0                 -              0        (8)                -                (8)           -              (8)




2006


Million euros
                                                                      1Q                                                                          2Q                                                                              3Q                                                                            4Q
                                                                   EBITDA at         Non                                                       EBITDA at         Non                                                           EBITDA at         Non                                                          EBITDA at        Non
                                                  Inventory                                       Adjusted                    Inventory                                       Adjusted                    Inventory                                           Adjusted                   Inventory                                          Adjusted
                                   EBITDA                         replacement     recurrent                      EBITDA                       replacement     recurrent                      EBITDA                           replacement     recurrent                      EBITDA                          replacement    recurrent
                                                    effect                                        EBITDA                        effect                                        EBITDA                        effect                                            EBITDA                       effect                                           EBITDA
                                                                       cost         items                                                          cost         items                                                              cost         items                                                             cost        items
EBITDA                                  227              (14)            212              (2)           210          390           (186)             204              (9)           195          532             73                    605         (266)            339          110           131                   240          (10)           230
       E&P                                  2                 -             2                 -              2        13                  -            13                 -          13           41                  -                41                 -          41           41                 -               41            (0)            41
       R&M                              133              (21)            112              (2)           110          306           (188)             119              (9)           110          149             79                    229           (31)           198           (3)          138                   136            6            141
       G&P                               89                   7            97                 0          97           70                  2            72                 0          72          343              (6)                  337         (240)             97           78             (8)                 70           (15)            55
       Others                               2                 -             2                 0              2            1               -             1             (0)                1        (1)                 -                 (1)               5              4        (7)                -                (7)           0              (7)




2005


Million euros
                                                                      1Q                                                                          2Q                                                                              3Q                                                                            4Q
                                                                   EBITDA at         Non                                                       EBITDA at         Non                                                           EBITDA at         Non                                                          EBITDA at        Non
                                                  Inventory                                       Adjusted                    Inventory                                       Adjusted                    Inventory                                           Adjusted                   Inventory                                          Adjusted
                                   EBITDA                         replacement     recurrent                      EBITDA                       replacement     recurrent                      EBITDA                           replacement     recurrent                      EBITDA                          replacement    recurrent
                                                    effect                                        EBITDA                        effect                                        EBITDA                        effect                                            EBITDA                       effect                                           EBITDA
                                                                       cost         items                                                          cost         items                                                              cost         items                                                             cost        items
EBITDA                                   n.a.            n.a.              n.a.          n.a.           n.a.         n.a.            n.a.              n.a.          n.a.           n.a.         391           (169)                   222                1         223          158             64                  222            ()            222
       E&P                               n.a.            n.a.              n.a.          n.a.           n.a.         n.a.            n.a.              n.a.          n.a.           n.a.          27                      -             27           n.a.           n.a.          (7)                    -            (7)               -          (7)
       R&M                               n.a.            n.a.              n.a.          n.a.           n.a.         n.a.            n.a.              n.a.          n.a.           n.a.         292           (162)                   130           n.a.           n.a.          77             76                  153            ()            153
       G&P                               n.a.            n.a.              n.a.          n.a.           n.a.         n.a.            n.a.              n.a.          n.a.           n.a.          75              (7)                   68           n.a.           n.a.          74            (12)                  61            0              61
       Others                            n.a.            n.a.              n.a.          n.a.           n.a.         n.a.            n.a.              n.a.          n.a.           n.a.          (3)                     -             (3)          n.a.           n.a.          14                     -            14            ()             14
Reconciliation of reported and adjusted figures                                                                                                                        Table of Contents
   Non recurrent items
                Exploration & Production
                Refining & Marketing
                Gas & Power
                Others
                Consolidated



Non recurrent items
Exploration & Production


Million euros
                                                                              2005                                     2006                                                        2007                                          2008
                                                                       3Q            4Q            1Q           2Q            3Q            4Q            1Q                2Q             3Q            4Q           1Q          2Q         3Q
     Exclusion of non recurrent items                                                                                                                                               -
     Indemnities                                                               -              -            -                                         -            -                 -               -            -           -           -          -
     Gains / losses on disposal of assets                                      -              -            -                                      (0.0)           -                 -               -         3.6            -           -          -
     Assets Write offs                                                         -              -            -            -              -             -            -                 -               -            -           -         9.3        0.2
     Restructuring provision                                                   -              -            -            -              -             -            -                 -               -            -           -           -          -
     Assets impairments                                                        -              -            -            -              -             -            -              4.3              0.3         (2.3)        2.9      (2.9)     (0.1)
     Others                                                                    -              -            -                           -             -            -                 -            (2.3)        0.0                      0.0        0.3
     Non recurrent items of operating profit                                   -              -            -            -              -          (0.0)           -              4.3             (2.0)        1.2          2.9         6.4        0.3
     Other financial results                                                   -              -            -                           -             -            -                 -            (1.5)        0.1                        -          -
     Non recurrent items before income taxes                                   -              -            -            -              -          (0.0)           -              4.3             (3.6)        1.3          2.9         6.4        0.3
     Income taxes on non recurrent items                                       -              -            -            -              -          (0.0)           -                -             (0.8)        (0.5)    (1.0)        (2.2)     (0.0)
     Total non recurrent items                                                 -              -            -            -              -          (0.0)           -              4.3             (4.3)         0.9      1.9          4.3       0.3




Refining & Marketing


Million euros
                                                                              2005                                     2006                                                        2007                                          2008
                                                                       3Q            4Q            1Q           2Q            3Q            4Q            1Q                2Q             3Q            4Q           1Q          2Q         3Q
     Exclusion of non recurrent items                                                                                                                                                               -
     Sale of strategic stock                                                (0.4)             -            -         (7.1)           0.0           3.7         0.3                  -               -            -           -      (3.7)           -
     Restructuring provision                                                   -              -            -            -              -          (1.2)           -                 -               -            -           -           -          -
     Indemnities                                                               -           (6.3)           -            -              -             -            -                 -               -            -           -           -          -
     Monobuoy restatment                                                       -              -            -            -          (38.9)            -            -                 -               -            -           -           -          -
     Gains / losses on disposal of assets                                   1.4            (2.3)        (2.0)        (0.2)          (0.3)         (5.2)        (2.7)             (0.3)           (0.1)        (5.8)    (0.0)           0.1    (0.7)
     Assets write offs                                                         -            8.6            -         0.2             0.0           2.9            -              0.0              0.0         3.7            -         0.0        0.3
     Employees contracts rescission                                            -              -            -            -            8.6           5.3                           1.7             (0.0)        3.4            -         0.5        0.7
     Restructuring provision                                                   -              -            -            -              -             -            -                 -               -            -           -           -          -
     Restruturing costs                                                        -            8.1            -            -              -             -            -                 -               -            -           -           -          -
     Provisions for environmental charges                                      -            3.9            -            -            0.5           8.7            -              2.3             (0.2)        0.1          0.1      (0.1)         0.0
     Assets impairments                                                        -          21.1          (0.2)        0.2             9.3          (1.2)        0.2               (0.8)           (0.3)        (0.0)        0.1     (11.6)         0.4
     Others                                                                    -              -            -         (1.5)             -             -         0.0                  -               -         0.0          0.4      (1.3)         0.9
     Non recurrent items of operating profit                                1.0           33.1          (2.3)        (8.4)         (20.7)        13.0          (2.1)             2.9             (0.6)        1.3          0.5     (15.9)         1.6
     Capital gains / losses on disposal of financial investments   -                          -            -            -            0.0          (1.3)        (1.1)                -               -         0.2            -           -          -
     Non recurrent items before income taxes                                1.0           33.1          (2.3)        (8.4)         (20.7)        11.7          (3.3)             2.9             (0.6)        1.5          0.5     (15.9)         1.6
     Income taxes on non recurrent items                           -                      (10.1)         0.3          2.6            5.8          (2.6)         0.4              (0.2)            0.1         (0.6)    (0.1)         4.3      (0.3)
     Total non recurrent items                                              1.0            23.0         (1.9)        (5.8)         (14.9)          9.2         (2.9)              2.7            (0.5)         0.9      0.4        (11.6)      1.3




Gas & Power


Million euros
                                                                              2005                                     2006                                                        2007                                          2008
                                                                       3Q            4Q            1Q           2Q            3Q            4Q            1Q                2Q             3Q            4Q           1Q          2Q         3Q
     Exclusion of non recurrent items                                          -              -            -            -              -             -            -                 -               -            -           -
     Services rendered                                                         -              -            -            -              -         (15.2)                             -               -            -           -           -          -
     Gains / losses on disposal of assets                                      -           (0.0)        (0.1)        (0.0)     (241.1)            (1.1)           -              (0.0)           (2.6)        (1.7)    (0.0)        (0.2)     (0.3)
     Assets Write offs                                                         -            0.1                      0.0               -           0.0            -              0.1             (0.0)        1.2            -         0.1        0.1
     Collections related to the sale of land                                   -              -                         -              -             -            -              (3.5)              -                        -           -          -
     Employees contracts rescission                                            -              -                                      1.0           0.7            -                 -               -         0.3            -           -    (0.1)
     Restructuring provision                                                   -              -                                        -          (0.1)           -                 -               -            -           -           -          -
     Restructuring costs                                                       -              -            -         0.1               -             -            -                 -               -            -           -           -          -
     Provisions for environmental charges                                      -              -            -            -              -             -            -                 -               -            -           -           -          -
     Unbundling depreciations                                                  -              -            -            -          (14.5)            -            -                 -               -            -           -           -          -
     Provisions for other risks and charges                                    -              -            -            -              -          (5.7)        0.5               1.3              0.9         0.9          0.7         0.1        4.2
     Non recurrent items of operating profit                                   -            0.1         (0.1)        0.1       (254.6)           (21.3)        0.5               (2.1)           (1.7)        0.7          0.7         0.0        3.9
     Capital gains / losses on disposal of financial investments               -           (3.0)           -            -          20.0            0.0            -                 -           (20.8)           -           -           -          -
     Other finantial results                                                   -              -            -            -              -         (15.3)           -                 -               -            -           -           -          -
     Others                                                                 0.2               -            -            -              -             -            -                 -               -            -           -           -          -
     Non recurrent items before income taxes                                0.2            (2.9)        (0.1)        0.1       (234.5)           (36.6)        0.5               (2.1)          (22.5)        0.7          0.7         0.0        3.9
     Income taxes on non recurrent items                                    (0.1)          (0.1)         0.1         (0.0)        9.7              9.8         (0.1)              0.6             0.6         (0.4)    (0.2)        (0.0)     (0.2)
     Total non recurrent items                                               0.2           (3.0)        (0.0)         0.1      (224.9)           (26.7)         0.4              (1.6)          (21.9)         0.3      0.5         (0.0)      3.7
Reconciliation of reported and adjusted figures                                                                                                                   Table of Contents

Others


Million euros
                                                                         2005                                     2006                                                        2007                                          2008
                                                                  3Q            4Q            1Q           2Q            3Q            4Q            1Q                2Q             3Q            4Q           1Q          2Q         3Q
    Exclusion of non recurrent items                                                                                                                                           -
    Gains / losses on disposal of assets                                  -           (0.2)        (0.0)        (0.0)           5.0           0.1            -                 -               -            -           -      (0.0)           -
    Assets write-offs                                                                                                          (0.0)            -                              -               -            -           -         0.0    (0.0)
    Provisions for environmental charges                                                 -            -            -            0.1           3.4            -              0.0              0.0            -           -         0.0        0.0
    Non recurrent items of operating profit                               -           (0.2)        (0.0)        (0.0)           5.1           3.5            -              0.0              0.0            -           -         0.0        0.0
    Capital gains / losses on disposal of financial investments           -            0.1            -            -              -             -            -                 -               -            -           -           -          -
    Non recurrent items before income taxes                               -           (0.1)        (0.0)        (0.0)           5.1           3.5            -              0.0              0.0            -           -         0.0        0.0
    Income taxes on non recurrent items                                   -            0.0          0.0          0.0            0.0          (0.0)        (0.0)               -                -            -           -      (0.0)         0.0
    Total non recurrent items                                             -           (0.1)        (0.0)        (0.0)           5.1           3.5         (0.0)             0.0              0.0            -           -      (0.0)         0.0




Consolidated


Million euros
                                                                         2005                                     2006                                                        2007                                          2008
                                                                  3Q            4Q            1Q           2Q            3Q            4Q            1Q                2Q             3Q            4Q           1Q          2Q         3Q
    Exclusion of non recurrent items
    Sale of strategic stock                                               -              -            -         (7.1)           0.0           3.7         0.3                  -               -            -           -      (3.7)           -
    Services rendered                                                     -              -            -            -              -         (16.2)           -                 -               -            -           -           -          -
    Indemnities                                                           -           (6.3)           -            -              -             -            -                 -               -            -           -           -          -
    Monobuoy restatment                                                   -              -            -            -          (38.9)            -            -                 -               -            -           -           -          -
    Gains / losses on disposal of assets                               1.4            (2.6)        (2.1)        (0.3)     (236.3)            (6.2)        (2.7)             (0.3)           (2.7)        (3.9)    (0.0)        (0.1)     (1.0)
    Assets write off                                                      -            8.7            -         0.2             0.0           2.9         0.0               0.1              0.0         4.9          0.0         9.5        0.6
    Collections related to the sale of land                               -              -            -            -              -             -            -              (3.5)              -            -           -           -          -
    Employees contracts rescission                                        -              -            -            -            9.6           6.0            -              1.7             (0.0)        3.7            -         0.5        0.6
    Restructuring costs                                                   -            8.1            -         0.1             0.0          (0.1)           -                 -               -            -           -           -          -
    Provisions for other risks and charges                                -              -            -            -              -             -            -              1.3                -            -           -         0.1          -
    Provisions for environmental charges                                  -            3.9            -            -            0.5         12.1             -              2.3              0.7         1.0          0.1      (0.1)         0.0
    Assets impairments                                                    -          21.1          (0.2)        0.2             9.3          (1.2)        0.2               3.6             (0.1)        (2.4)        3.0     (14.5)         0.3
    Unbundling depreciations                                              -              -            -            -          (14.5)            -            -                 -               -            -           -           -          -
    Others                                                                -              -            -         (1.5)             -          (5.8)        0.5                  -            (2.3)        0.0          1.1      (1.3)         5.3
    Non recurrent items of operating profit                            1.4           33.0          (2.3)        (8.3)     (270.3)            (4.8)        (1.6)             5.1             (4.3)        3.3          4.2      (9.5)         5.9
    Capital gains / losses on disposal of financial investments           -           (2.9)           -            -          20.1           (1.3)        (1.1)                -           (20.8)        0.2            -           -          -
    Other financial results                                               -              -            -            -              -         (15.3)           -                 -            (1.5)        0.1            -           -          -
    Non recurrent items before income taxes                            1.4           30.1          (2.3)        (8.3)     (250.2)           (21.4)        (2.7)             5.1            (26.7)        3.5          4.2      (9.5)         5.9
    Income taxes on non recurrent items                                (0.3)         (10.2)         0.4          2.6        15.5              7.3          0.2              0.3             (0.1)        (1.6)    (1.3)         2.1      (0.5)
    Total non recurrent items                                           1.0           19.9         (2.0)        (5.7)     (234.7)           (14.1)        (2.5)             5.5            (26.8)         2.0      2.8         (7.4)      5.3
Financial Statements                                                                                                                                                                                  Table of Contents
    Consolidated Income Statement
    Consolidated Balance Sheet

Consolidated Income Statement

Million euros
                                                                              2005                                              2006                                                             2007                                                    2008
                                                                      3Q               4Q              1Q               2Q               3Q             4Q               1Q              2Q                3Q               4Q             1Q             2Q            3Q
    Operating income
         Sales                                                          2,890            3,153            2,991           3,050            3,237          2,767             2,718          3,106             3,205            3,404           3,461        4,011         3,916
         Services rendered                                                 35               43               35              54               25             29                32             30                33               16              32           33            54
         Other operating income                                            33               22               12              11              339             29                20             20                28               33              20           18            22
    Total operating income                                               2,958            3,218            3,038           3,116            3,601          2,825             2,770          3,155             3,266            3,453           3,513        4,062         3,992
    Operating costs
         Inventories consumed and sold                                 (2,377)          (2,779)          (2,616)         (2,505)          (2,809)        (2,476)           (2,311)        (2,526)            (2,763)         (2,837)         (2,967)       (3,296)       (3,660)
         Material and services consumed                                  (106)            (172)            (123)           (133)            (135)          (156)             (146)          (153)              (148)           (160)           (155)         (154)         (158)
         Personnel costs                                                  (62)             (83)             (66)            (74)             (84)           (82)              (64)           (66)               (67)            (84)            (71)          (65)          (70)
         Amortisation and depreciation cost                               (60)            (115)             (62)            (63)             (63)           (68)              (57)           (62)               (60)            (77)            (58)          (47)          (63)
         Provision and impairment of receivables                            (1)            (23)               (6)             (8)            (11)            (9)                (5)            (5)                (5)             (6)           (10)            (7)         (24)
         Other operating costs                                            (22)             (27)               (6)           (14)             (42)            (2)                (8)            (6)                (4)           (13)              (5)         (17)           (7)
    Total operating costs                                              (2,626)          (3,198)          (2,879)         (2,797)          (3,143)        (2,793)           (2,591)        (2,818)            (3,048)         (3,178)         (3,266)       (3,585)       (3,983)
    Operating profit                                                       332               19              159             318              458             32               179            338                218             275             247           477             8
         Net profit from associated companies                              11               17               14                5              10             11                19             12                 15              14              12            10            11
         Net profit from investments                                         -              (1)                0               0             (20)             1                  1             (0)               21               (1)              -            (0)          (0)
         Financial results
                Financial profit                                             2                (3)              4                3                7            18                 4               3                 5                4              3               3             2
                Financial costs                                            (16)               (9)           (16)             (16)             (14)           (16)             (13)            (12)              (12)             (13)           (13)            (12)           (14)
                Exchange gain (loss)                                        12                (5)              4                0               (1)            (1)              (2)              0                (5)              (1)             1               4           (19)
                Profit and cost on financial instruments                     3                 1               0                1               (2)            (1)               0               1                (0)              (0)            (0)              0            (0)
                Other gains and losses                                                        (0)             (0)              (0)              (0)            (0)              (0)             (0)               (0)              (0)            (0)             (0)           (0)
    Profit before taxes                                                     344               20             165              312              438             43              188             341               242              278            250             483           (12)
    Income tax expense                                                     (82)               (6)           (47)             (74)             (68)           (11)             (44)            (82)              (53)             (89)           (73)           (134)             9
    Profit before minority interest                                         262               26             118              238              370             33              144             259               189              189            177             350            (2)
    Profit attributable to minority interest                                 (1)              (1)             (1)              (1)              (1)            (1)              (2)             (1)               (1)              (1)            (2)             (1)           (1)
    Net profit for the period                                               261               25             117              237              369             32              143             258               188              188            175             349            (3)
    Earnings per share (in Euros)                                          0.31             0.03            0.14             0.29             0.45           0.04             0.17            0.31              0.23             0.23           0.21            0.42         (0.00)




Consolidated Balance Sheet

Million euros (except otherwise noted)
                                                                    2005                             2006                                                       2007                                                      2008
                                                                    Dec, 31          Jun, 30         Sept, 30         Dec, 31          Mar, 31        Jun, 30          Sept, 30        Dec, 31           Mar, 31          Jun, 30        Sept, 30
Assets
Non current assets
    Tangible fixed assets                                               2,555            2,526            1,850           1,927            1,945          1,970             2,001          2,108             2,132            2,197           2,335
    Goodwill                                                                  20               21               18              17               17             17                18             17                17               17              20
    Other intangible fixed assets                                          367              379             367              325              324            323              323             310               320              324            326
    Investments in associates                                                 85               90           163              147              162            152              172             149               156              149            172
    Investments in other participated companies                               64               64               1               1                1              1                 1              1                 4                1               2
    Other receivables                                                         96               88               81           107              104            104                  96             89                87               86              83
    Deferred tax assets                                                    159              162             150              145              148            129              130             132               111              129            129
    Other financial investments                                               0                3                1               1                2              2                 1              1                 1                2               1
                                      Total non current assets          3,346            3,332            2,631           2,671            2,703          2,699             2,741          2,807             2,830            2,906           3,066
Current assets
    Inventories                                                         1,199            1,277            1,278           1,065            1,022          1,191             1,114          1,422             1,547            1,895           1,671
    Trade receivables                                                      898              953             974              960              922         1,008               998          1,077             1,132            1,185           1,058
    Other receivables                                                      323              405             374              318              326            351              280             330               302              374            481
    Other financial investments                                               10               26               34              14               10             16                23             6                 8                34              6
    Current Income tax recoverable                                             -               0                0               0                0              0                 0              0                 0                0                -
    Cash and cash equivalents                                              158              276             119              212              152            182              132             107               162              325            109
                                           Total current assets         2,588            2,936            2,780           2,571            2,434          2,747             2,547          2,943             3,152            3,813           3,325
                                                    Total assets        5,934            6,268            5,411           5,242            5,136          5,446             5,289          5,750             5,982            6,719           6,391
Equity and liabilities
Equity
    Share capital                                                          829              829             829              829              829            829              829             829               829              829            829
    Share premium                                                             82               82               82              82               82             82                82             82                82               82              82
    Translation reserve                                                       (2)              (8)              (7)          (10)             (11)           (13)             (16)            (23)              (29)             (29)           (16)
    Other reserves                                                            85            107             107              107              107            146              146             146               146              174            174
    Hedging reserves                                                          (3)              (0)              (0)             1                1              2                 1              1                 1                1               1
    Retained earnings                                                      669           1,125              255              255           1,010             718              718             592            1,368            1,201           1,201
    Profit attributable to equity holders of the parent                    701              354             723              755              143            401              589             777               175              524            521
         Equity attributable to equity holders of the parent            2,361            2,489            1,988           2,018            2,160          2,165             2,350          2,404             2,573            2,783           2,793
    Minority interest                                                         25               25               18              19               20             21                22             22                23               24              24
                                                    Total equity        2,386            2,515            2,006           2,037            2,180          2,186             2,371          2,426             2,596            2,807           2,817
Liabilities
Non current liabilities
    Bank loans and overdrafts                                              782              734             271              287              283            273              266             280               274              478            525
    Bonds                                                                  310              260             260              226              226            226              226             226               226                 16               -
    Other payables                                                            96               95               93              70               74             68                66             62                61               62              60
    Retirement and other benefit obligations                               214              224             225              242              243            249              251             254               256              257            257
    Deferred tax liabilities                                               132              161             151                 93               88          117              115             148               143              198            167
    Other financial instruments                                               5                2                2               0                0              0                 0              0                 0                0               0
    Provisions                                                                73               75               76              83               90             85                82             83                85               98          108
                                    Total non current liabilities       1,613            1,550            1,078           1,001            1,005          1,018             1,006          1,051             1,044            1,107           1,117
Current liabilities
    Bank loans and overdrafts                                              257              217             560              566              333            600              358             336               260              434            458
    Bonds                                                                      -               50               50              20               20              -                 -              -                 -            210                2
    Trade payables                                                         706              708             712              692              590            664              663             956               968              932            932
    Other payables                                                         916           1,116              932              843              891            916              880             981            1,067            1,108           1,024
    Other financial instruments                                               2                20               2               3                1              8                 8              0                 2                28              1
    Income tax                                                                54               92               70              78            116               54                3               -                44               93              40
                                        Total current liabilities       1,936            2,203            2,327           2,204            1,952          2,242             1,912          2,272             2,342            2,805           2,457
                                                Total liabilities       3,548            3,753            3,405           3,205            2,956          3,260             2,917          3,323             3,386            3,912           3,574
                                     Total equity and liabilities       5,934            6,268            5,411           5,242            5,136          5,446             5,289          5,750             5,982            6,719           6,391

				
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posted:8/13/2011
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Description: Contracts Restatment 353 document sample