“I am thrilled to be hosting my first results event as Galp’s CEO. Galp has been successfully investing for sustainable growth along the energy value chain, holding a high-quality asset base, with an enviable upstream and integrated gas portfolio, a solid downstream position supported on a strong brand, and already a robust renewables platform in place to support further growth. I am very excited to work with Galp’s people building a more efficient and cleaner integrated energy Company, thriving through the energy transition while ensuring a competitive value proposition to all stakeholders.”
Andy Brown, CEO
· CFFO was €1.03 billion while RCA Ebitda amounted to €1.57 billion, both reflecting the significantly weaker macro conditions resulting from the pandemic
· Net capex, considering the proceeds from the unitisation processes, stood at €830 million, including the €325 paid do ACS for the solar PV acquisition made in the 3rd quarter of 2020. Renewables & New Businesses accounted for 39% and Upstream for 36% of total investments
· FCF was €42 million, during one of the most challenging years ever for the industry and considering the strategic acquisition in the renewables division. Accounting for the GGND sale, FCF would have stood at €410 million
· The board will propose a dividend of 35 cents per share relative to 2020 earnings, a 50% reduction in shareholder remuneration from the previous year, reflecting the impact of the particularly adverse market conditions
Please read the full earnings statements by following this link.