Presentaci.n WEBCAST 4Q 2004 Definitiva · 2012. 4. 18. · Former Blocks Package 1 NC-200. 14...

43
4 th QUARTER & FULL YEAR 2004 PRELIMINARY RESULTS WEBCAST-CONFERENCE CALL 14.00 H CET February, 22 nd 2005

Transcript of Presentaci.n WEBCAST 4Q 2004 Definitiva · 2012. 4. 18. · Former Blocks Package 1 NC-200. 14...

Page 1: Presentaci.n WEBCAST 4Q 2004 Definitiva · 2012. 4. 18. · Former Blocks Package 1 NC-200. 14 Downstream results 1,196 1,629 0 900 1,800 2003 2004 Operating Income Operating Income

0

4th QUARTER & FULL YEAR 2004 PRELIMINARY RESULTS

WEBCAST-CONFERENCE CALL14.00 H CET

February, 22nd 2005

Page 2: Presentaci.n WEBCAST 4Q 2004 Definitiva · 2012. 4. 18. · Former Blocks Package 1 NC-200. 14 Downstream results 1,196 1,629 0 900 1,800 2003 2004 Operating Income Operating Income

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Disclaimer

Safe harbor statement under the Private Securities Litigation Reform Act of 1995:

This document contains statements that Repsol YPF believes constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements regarding the intent, belief or current expectations of Repsol YPF and its management, including with respect to trends affecting Repsol YPF’s financial condition, results of operations, business, strategy, production volume and reserves, as well as Repsol YPF’s plans with respect to capital expenditures and investments. These statements are not guarantees of future performance and are subject to material risks, uncertainties, changes and other factors which may be beyond Repsol YPF’s control or may be difficult to predict.

Repsol YPF’s future financial condition, results of operations, business, strategy, production volumes, reserves, capital expenditures and investments could differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental and regulatory considerations and general economic and business conditions, as well as those factors described in the filings made by Repsol YPF and its affiliates with the Comisión Nacional del Mercado de Valores in Spain, the Comisión Nacionalde Valores in Argentina and the Securities and Exchange Commission in the United States; in particular, those described in Section 1.3 “Key Information about Repsol YPF―Risk Factors” and Section 3 “Operating and Financial Review and Prospects” in Repsol YPF’s annual report on Form 20-F for the fiscal year ended December 31, 2003 filed with the Securities and Exchange Commission.

Repsol YPF does not undertake to publicly update or revise these forward looking statements even if experience or future changes make it clear that the projected results or condition expressed or implied therein will not be realized.

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HIGHLIGHTS

Antonio BrufauChairman & CEOAntonio Brufau

Chairman & CEO

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New Organization

Highlights

• Company oriented to results and target fulfilment

• Decision making process decentralized

• Increasing managers’ direct responsibility for earnings

• Enhancing empowerment to foster cost cutting

• Reducing the size of the corporation

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New Organization

Highlights

Rafael Piqueras

Corporate D. OfLegal Affairs

Luis Mañas

Corporate D. OfFinance

Cristina Sanz

Corporate D. OfResources

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Repsol YPF

Highlights

• Well balanced between Upstream and Downstream

• Good reserves to production ratio, particularly in gas

• Ample possibilities for growth

• Unique relationship with Gas Natural sdg

• Leadership in Latin America

• Very cost efficient operator

• Low organic replacement ratio in 2003 and 2004

• Limited E&P diversification

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Strategy Update

Highlights

• Selective growth strategy

• Geographical diversification

• Larger investment in new upstream projects

• Capital discipline and cost contention

• Committed to continuing as a low-cost operator

Strategy Day in May 2005

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7

Million Euro

Net IncomeNet Net IncomeIncome

2004 Results

2,020 1,950

1,000

2,000

2003 2004

2,676 2,864

0

1,500

3,000

2003 2004

-3.5%

Adjusted Net IncomeAdjustedAdjusted Net Net IncomeIncome

+7.0%

Highlights

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Hydrocarbon Production

Liquids Gas

0

600

1,200

2003 2004

Reported Reported Reported

(KBOE/D)

1,133 1,166+ 2.9%

Exploration & Production

• € 2.6 Billion Operating Income

• 2.9% Total Production Growth

700750800850900950

1,0001,0501,1001,1501,200

2002 2003 2004

REPORTED PRODUCTION 2002-2004REPORTED PRODUCTION 2002-2004

Kboepd

C.A.G.R. 7.9 %

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(MBOE)Proved ReservesProved ReservesProved Reserves

Reserves at December 31st

Conversion Factor Gas 1 Boe = 5.615scf

Exploration & Production

1,882

3,551

1,683

3,243

(427)

(223)3

139

2003 Incorporations Revisiones Acquisitions/Divestments Production 2004Additions Acq/Div Production 2004Revisions 2003

4,9265,433

Liquids Gas

100% Externally Certified

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Exploration Activity

3D Seismic Km23D Seismic Km2

2D Seismic Km2D Seismic Km

22,321 17,017

87,786

2002 2003 2004

Exploration & Production

13,428

30,661

44,315

2002 2003 2004

• Total acreage up 77% since 2002

to 487,000 Km2

• 2005 Exploration Capex: 450 M$

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New Projects

Exploration & Production

Algeria

ALGIERS

H. R’Mel

H.Messaoud

Reggane

ALGIERS

M’Sari Akabli

TFT

TIFERNINE

Gassi Touil –Rhourde Nouss

Hamra

Rhourde Es Seguir(401 d)

Gassi Chergui OuestREPSOL/Gas Natural

ARZEW

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New ProjectsIran

Exploration & Production

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New ProjectsLibya

Exploration & Production

SIR TE

KU F R A

M U R ZU Q

G H A D AM ES

PE LA G IAN SH E LF

C YR E N A IC A

G U LF O F S IR TE

O 10

S36

K3

K1

M 1

NC 1 87

NC 186

NC 115

NC 190O 9

Former Blocks

Package 1

NC-200

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Downstream results

1,196

1,629

0

900

1,800

2003 2004

Operating Income Operating Income Operating Income

+ 36.2%

• Record refining margins

• Average mid-cycle petrochemicals

margins

• Lower LPG and marketing margins in

Europe

• Negative marketing margins in Argentina

Million Euro

Downstream

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Repsol YPF’s Historic Refining Margins

0

1

2

3

4

5

6

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

Downstream

$/Bbl

Average 1995-2003

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Downstream acquisitions in Portugal

Downstream

• 303 Service Stations

• Borealis Petrochemical Plan

• LPG assets from Shell

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Argentina, Bolivia and Brazil (ABB)

Argentina, Bolivia and Brazil

• Structural change in natural gas market over last years

• Natural gas price increases in Argentina, scheduled for May and July

2005

• Increase in Bolivian natural gas export prices to Argentina, up to more

than $2.14/mscf at the border

• Argentina nears agreement with debtors and IMF

• Bolivian Hydrocarbon Law still pending

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2004 Highlights

• Production growth 2002-2004 above 5% targeted for 2002-2007

• Record downstream operating results

• Record EBITDA in Chemicals, in a mid-cycle year

• Strong cash flow generation

• 25% dividend increase

Highlights

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Major Developments for the future

• Normalization of Argentina

• Oil price stable above 40$/bbl

• Downstream margins above historical levels

• Strong gas demand in the Southern Cone

• Two major LNG projects in the Mediterranean and Far East

Highlights

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RESULTS

Luis MañasCorporate Director of Finance

Luis MañasCorporate Director of Finance

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Adjusted Net Income

786

754

675 649 616

0

400

800

4Q 03 1Q 04 2Q 04 3Q 04 4Q 04

Million euro Results

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Operating Income

1,227

1,200 1,119

1,001 852

0

750

1,500

4Q 03 1Q 04 2Q 04 3Q 04 4Q 04

Million euro Results

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Year on Year Comparison

Results

REPORTEDREPORTEDREPORTED

Operating Income 29.5% 29.5%17.8%

Adj. Net Income 17.6% 26.2%7.0%

Net Cash Flow 31.8% 37.3%19.9%

Adj. by€/$

Exchange Rate

Adj. byAdj. by€/$€/$

Exchange Exchange RateRate

Adj. byTax RateAdj. byAdj. by

TaxTax RateRate++

Net Income 6.1% 16.6%-3.5%

Page 25: Presentaci.n WEBCAST 4Q 2004 Definitiva · 2012. 4. 18. · Former Blocks Package 1 NC-200. 14 Downstream results 1,196 1,629 0 900 1,800 2003 2004 Operating Income Operating Income

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Quarter on Quarter Comparison

Results

REPORTEDREPORTEDREPORTED

Operating Income 54.8% 54.8%44.0%

Adj. Net Income 37.3% 41.2%27.4%

Net Cash Flow 79.3% 82.7%68.2%

Adj. by€/$

Exchange Rate

Adj. byAdj. by€/$€/$

Exchange Exchange RateRate

Adj. byTax RateAdj. byAdj. by

TaxTax RateRate++

Net Income -30.5% -27.3%-38.3%

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25Results

Full Year Results

601

3,860

-409-142

1,024

4,547

-285-102

0

3,000

6,000

2003 Oil gas Prices Down. Margins Volume $/€ Exploration Exp. Others 2004

Operating IncomeOperating IncomeOperating IncomeMillion euro

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Operating income by business areas

2,3522,638

0

1,500

3,000

2003 2004

+12.2%

E&PE&PE&P

Million euro

1,196

1,629

0

900

1,800

2003 2004

+36.2%

R&MR&MR&M

212274

0

150

300

2003 2004

+29.2%

G&PG&PG&P

155

253

0

150

300

2003 2004

+63.2%

ChemicalsChemicalsChemicals

Exploration & Production

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$/bbl

WTIWTIWTI

Price Realizations

31.141.5

0

25

50

2003 2004

25.530.9

0

25

50

2003 2004

+10.4$

Repsol YPF Repsol YPF Repsol YPF

+5.4$

Exploration & Production

• Wider differentials for heavy crudes

• Higher discounts on internal sales in Argentina

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Evolution of Gas Price realisation

1.27

0.84

1.42

0.70

0.00

0.75

1.50

4Q 01 4Q 02 4Q 03 4Q 04

US$/mscf

Exploration & Production

Page 30: Presentaci.n WEBCAST 4Q 2004 Definitiva · 2012. 4. 18. · Former Blocks Package 1 NC-200. 14 Downstream results 1,196 1,629 0 900 1,800 2003 2004 Operating Income Operating Income

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Operating Costs

Lifting Cost (US$/boe)Lifting Cost (US$/boe)

2001 2002 2003 2004

2.57

1.93

- 24.9%

Exploration & Production

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30

Operating income by business areas

2,3522,638

0

1,500

3,000

2003 2004

+12.2%

E&PE&PE&P

Million euro

1,196

1,629

0

900

1,800

2003 2004

+36.2%

R&MR&MR&M

212274

0

150

300

2003 2004

+29.2%

G&PG&PG&P

155

253

0

150

300

2003 2004

+63.2%

ChemicalsChemicalsChemicals

Refining and Marketing

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31

Refining Margins

7.92

5.92

3.54

5.45

3.082.722.72

4.24

0

4

8

1Q 03 2Q 03 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 4Q 04

Refining and Marketing

$/Bbl

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Volume Growth

3,193 3,217

2003 2004

Sales of LPGSales of LPGSales of LPGSales of Oil Products

Sales of Sales of Oil ProductsOil Products

+0.8%53,577 54,968

2003 2004

+2.6%

Thousand Tons

Refining and Marketing

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Operating income by business areas

2,3522,638

0

1,500

3,000

2003 2004

+12.2%

E&PE&PE&P

Million euro

1,196

1,629

0

900

1,800

2003 2004

+36.2%

R&MR&MR&M

212274

0

150

300

2003 2004

+29.2%

G&PG&PG&P

155

253

0

150

300

2003 2004

+63.2%

ChemicalsChemicalsChemicals

Chemicals

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Chemicals operating income and Cash Flow

Million euroChemicals

Operating Cash-Flow

Operating Income

0

100

200

300

400

500

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

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35

Volume Growth

4,038 4,151

2003 2004

Petrochemical SalesPetrochemical SalesPetrochemical Sales

+2.8%

Thousand Tons

Chemicals

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36

Operating income by business areas

2,3522,638

0

1,500

3,000

2003 2004

+12.2%

E&PE&PE&P

Million euro

1,196

1,629

0

900

1,800

2003 2004

+36.2%

R&MR&MR&M

212274

0

150

300

2003 2004

+29.2%

G&PG&PG&P

155

253

0

150

300

2003 2004

+63.2%

ChemicalsChemicalsChemicals

Gas & Power

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37

Extraordinary Items

Results

Total extraordinary items in the quarter were -667 M€:

• -411 M€: Provisions for fiscal contingencies in Spain

and Latin America

• -229 M€: Asset and Contract depreciation

• -220 M€: Other provisions for legal claims in Argentina,

labour restructuring and pensions, etc

• +193M€: Revision of ceiling test provisions, asset sales

Page 39: Presentaci.n WEBCAST 4Q 2004 Definitiva · 2012. 4. 18. · Former Blocks Package 1 NC-200. 14 Downstream results 1,196 1,629 0 900 1,800 2003 2004 Operating Income Operating Income

38Financial Evolution

Net Debt Variation of 2004

(*) Excluding financial investments or divestments that don’t affect net debt.

Million Euro

5,047 4,920

404691

8631,881

604

0

2,750

5,500

Working Capital & oher

EXCHANGE RATE

DIFFERENCES

December, 31 2004NET CASH FLOW

– NET INVESTMENTS

WORKING CAPITAL &

OTHER

DIVIDENDSDecember, 31

2003

YPF 2003 tax payment

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Million Euro

Net Interest ExpensesNet Interest ExpensesNet Interest Expenses

Financial Expense

447351

0

250

500

2003 2004

105

63

0

60

120

4Q 03 4Q 04

- 21.5%

Financial ResultFinancial Financial ResultResult

- 40.0%

Financial Evolution

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40Million euro Financial Evolution

Financial Ratios

21.9

5,04723,072

6,1560.82

4,477

88.7

13.8

447

31 Dec2003

20.7

4,92023,777

7,0580.70

5,367

109.1

20.4

351

31 Dec2004

22.1

5,59825,346

5,1440.82

3,794

90.4

20.0

257

30 Sep 2004

NET DEBT

NET DEBT / BOOK CAPITALIZATION (%)

BOOK CAPITALIZATION

EBITDANET DEBT / EBITDA (X)

NET CASH-FLOW

NET CASH-FLOW / NET DEBT (%)

EBITDA / NET INTEREST (X)

NET INTEREST EXPENSES

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41

IFRSs: A New Accounting Metric

• Fully detailed presentation on March 31st 2005

• Important effects for Repsol YPF, primarily due to treatment of:

Deferred taxes (IAS 12)

Goodwill amortization (IFRS 3)

Provisions for asset depreciation (IAS 36)

Valuation of financial instruments (IAS 39)

• OUTCOME:

Reduction of shareholders equity and capital employed

Increase in net income

Increase in return metrics (ROCE, ROE, …)

International Financial Reporting Standards

Page 43: Presentaci.n WEBCAST 4Q 2004 Definitiva · 2012. 4. 18. · Former Blocks Package 1 NC-200. 14 Downstream results 1,196 1,629 0 900 1,800 2003 2004 Operating Income Operating Income

SpainPº Castellana 278-28028046 Madrid (Spain)

Tlf: 34 913 48 55 48Fax: 34 913 48 87 77

44thth QUARTER & FULL YEAR QUARTER & FULL YEAR 20020044 RESULTSRESULTS

USA 410 Park Avenue, Suite 440New York 10022Tlf: +1 212 588 1087Fax: +1 212 355 0910

E-mail: [email protected]

Website: www.repsolypf.com

Investor Relations