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"value": "Galp Energia SGPS, S.A. (the Company) is the parent company of Galp Group. On January 2, 2024, the Company has changed its head office to Avenida da \u00cdndia in Lisbon, Portugal. Galp shares are listed on Euronext Lisbon. The Group develops its activities in the energy sector, namely electricity from renewable sources, exploration, production and commercialization of hydrocarbons (oil & natural gas), refining and distribution of lubricants, gas, gasoline, diesel, fuel oil, jet fuel, asphalts and others and the acquisition and wholesale distribution of natural gas. 1. Basis of preparation The consolidated financial statements of Galp Energia SGPS, S.A. and its subsidiaries (collectively referred to herein as Galp or the Galp Group) have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and endorsed by the European Union (EU). The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments, financial assets at fair value through comprehensive income and financial assets at fair value through profit or loss. The accounting policies set out below have been applied consistently to the preparation of the consolidated financial statements for the years presented, except for the adoption as from January 1, 2023, of IFRS 17 Insurance contracts (IFRS 17) and IAS 12 Income taxes (IAS 12) amendments. The transition to the accounting pronouncements as listed below has no material impact on Galp\u2019s consolidated financial statements (Note 3). The consolidated financial statements are presented in Euros, and all the values are rounded to the nearest million Euros, except where otherwise indicated. Therefore, the subtotals and totals of the tables presented in these consolidated financial statements and accompanying notes may not equal the sum of the amounts presented, due to rounding. 33. Approval of the consolidated financial statements The consolidated financial statements were approved by the Board of Directors on 5 April 2024. However, they are still subject to approval by the General Meeting of Shareholders, in accordance with the commercial law applicable in Portugal. ",
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"value": "The Group develops its activities in the energy sector, namely electricity from renewable sources, exploration, production and commercialization of hydrocarbons (oil & natural gas), refining and distribution of lubricants, gas, gasoline, diesel, fuel oil, jet fuel, asphalts and others and the acquisition and wholesale distribution of natural gas. ",
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"f19973": {
"value": "1. Basis of preparation The consolidated financial statements of Galp Energia SGPS, S.A. and its subsidiaries (collectively referred to herein as Galp or the Galp Group) have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and endorsed by the European Union (EU). The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments, financial assets at fair value through comprehensive income and financial assets at fair value through profit or loss. The accounting policies set out below have been applied consistently to the preparation of the consolidated financial statements for the years presented, except for the adoption as from January 1, 2023, of IFRS 17 Insurance contracts (IFRS 17) and IAS 12 Income taxes (IAS 12) amendments. The transition to the accounting pronouncements as listed below has no material impact on Galp\u2019s consolidated financial statements (Note 3). The consolidated financial statements are presented in Euros, and all the values are rounded to the nearest million Euros, except where otherwise indicated. Therefore, the subtotals and totals of the tables presented in these consolidated financial statements and accompanying notes may not equal the sum of the amounts presented, due to rounding. Basis of consolidation The consolidated financial statements incorporate the financial statements of the parent company Galp Energia SGPS, S.A. and the entities under its control. Control exists where Galp has effective power over an entity and is exposed to variable returns arising from its involvement with the entity. Where necessary, adjustments are made to bring the financial statements of the subsidiaries in line with the Group\u2019s accounting policies. All intragroup transactions, balances, income and expenses are eliminated in full upon consolidation. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition up to the effective date of disposal. Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to Galp\u2019s shareholders. ",
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"f19974": {
"value": "1. Basis of preparation The consolidated financial statements of Galp Energia SGPS, S.A. and its subsidiaries (collectively referred to herein as Galp or the Galp Group) have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and endorsed by the European Union (EU). The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments, financial assets at fair value through comprehensive income and financial assets at fair value through profit or loss. The accounting policies set out below have been applied consistently to the preparation of the consolidated financial statements for the years presented, except for the adoption as from January 1, 2023, of IFRS 17 Insurance contracts (IFRS 17) and IAS 12 Income taxes (IAS 12) amendments. The transition to the accounting pronouncements as listed below has no material impact on Galp\u2019s consolidated financial statements (Note 3). The consolidated financial statements are presented in Euros, and all the values are rounded to the nearest million Euros, except where otherwise indicated. Therefore, the subtotals and totals of the tables presented in these consolidated financial statements and accompanying notes may not equal the sum of the amounts presented, due to rounding. ",
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"value": "1. Basis of preparation The consolidated financial statements of Galp Energia SGPS, S.A. and its subsidiaries (collectively referred to herein as Galp or the Galp Group) have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and endorsed by the European Union (EU). ",
"dimensions": {
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"f19992": {
"value": "2. Information about material accounting policies, judgments, estimates and changes 2.1 Information about material accounting policies, judgments and estimates Accounting policies Galp\u2019s material accounting policies are disclosed in the related notes within these consolidated financial statements. Applying materiality The consolidated financial statements are the result of the aggregation of a large number of transactions by nature. When they are aggregated, the transactions are presented in classes of similar items. If a line item is not individually material, it is aggregated with other items of a similar nature in the consolidated financial statements, or in the notes thereto. Management makes the specific disclosures required by the IFRS unless the information is considered immaterial to the economic decision-making of the users of these financial statements or is otherwise not applicable. Basis of consolidation The consolidated financial statements incorporate the financial statements of the parent company Galp Energia SGPS, S.A. and the entities under its control. Control exists where Galp has effective power over an entity and is exposed to variable returns arising from its involvement with the entity. Where necessary, adjustments are made to bring the financial statements of the subsidiaries in line with the Group\u2019s accounting policies. All intragroup transactions, balances, income and expenses are eliminated in full upon consolidation. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition up to the effective date of disposal. Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to Galp\u2019s shareholders. Translation of foreign currencies Functional currency Items included in the financial statements of Galp Group entities are measured using the currency of the primary economic environment in which the subsidiary operates (the functional currency). The presentation currency of the consolidated group is the Euro, which is the functional currency of the parent. Translation of transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing as of the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year-end exchange rates of monetary assets and liabilities, are recognized in the income statement. Translation of Group companies Upon consolidation, the assets and liabilities of non-Euro entities are translated into Euros at the year-end rates of exchange, while their statements of income, other comprehensive income and cash flows are translated at the annual average rates. The resulting translation differences are recognized as currency translation differences within other comprehensive income. The following exchange differences are recognized in other comprehensive income: (i) Foreign subsidiaries\u2019 statements of comprehensive income are translated at the historical average of the year-end exchange rates; (ii) Loans granted by shareholders to subsidiaries in currencies other than the parent\u2019s functional currency that have no stipulated repayment terms are treated as net hedges on the investments in these foreign subsidiaries. This means that the foreign exchange differences arising from these loans that have not been eliminated upon consolidation are reclassified in the income statement from shareholders\u2019 equity to the line item \u201cCurrency translation reserves\u201d. Key accounting estimates and judgments Inherent in the application of the accounting policies used for the preparation of these consolidated financial statements is the need for Galp\u2019s management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses. The actual amounts could differ from the estimates and assumptions used. Accounting judgments and estimates which could have a material impact on the results of the group are described in the Notes to the financial statements alongside the material accounting policies. Those areas requiring the most significant judgment and the use of estimates when preparing these consolidated financial statements are: (i) Accounting for interests in joint arrangements and associates (Note 9); (ii) Accounting for oil and natural gas properties, including the estimation of oil and gas reserves and future commodity prices (Note 5); (iii) Recoverability of the carrying value of assets (Notes 5, 6, 8 and 9); (iv) Provisions and contingencies (Note 18); (v) Pensions and other post-employment benefits (Note 17); (vi) Income taxes (Note 16); (vii) Leases (Note 7); (viii) Derivatives financial instruments, including fair value measurements of financial instruments (Note 19 and 20). Where an estimate carries a significant risk of resulting in material adjustments to the carrying amounts of assets and liabilities within the next financial year, this is specifically stated within the respective note. Energy Transition Energy transition refers to the gradual shift from fossil-based energy production and consumption to renewable energy sources such as wind, solar and hydropower, as well as lithium-ion batteries, hydrogen and biofuels. While energy consumption is expected to continue rising, the higher penetration of renewable energy sources into the energy supply mix, the increasing electrification in transport, manufacturing and buildings, and the subsequent needs of improved energy storage, new mobility solutions and energy efficient technologies are all important drivers and challenges of the energy transition. Galp aims to play an important role in the energy transition, adapting its business portfolio to accompany the shifting paradigm in energy sources, while taking advantage, as much as possible, of synergies with existing businesses and distribution networks. The Group has already taken, in recent years, significant steps to diversify its asset base, simultaneously working towards improved operational energy efficiency and electrification, with a view to mitigate the carbon footprint of fossil fuel related business areas, remaining committed towards its ongoing sustainability journey, as the integration of low carbon energies and the increased renewable power generation will be fundamental to preparing Galp to address future options and continue to decarbonise its portfolio, maintaining an alignment with society and EU targets. Refer to section 2.1 to 2.3 in chapter 2, in the Integrated Management Report (Book I) for further details on strategic framework related to energy transition. This note describes how Galp has considered climate-related impacts in some key areas of the financial statements and how this translates into the valuation of assets and measurement of liabilities as Galp progresses in the energy transition. The material accounting policies, judgements and estimates section above provides the specific reference to the notes where the relevant uncertainties, including those that have the potential to have a material effect on the Consolidated Balance Sheet in the next 12 months, are described. This note describes the key areas of climate impacts that potentially have short- and longer-term effects on amounts recognized in the Consolidated Balance Sheet at December 31, 2023. Where relevant, this note contains references to other notes to the Consolidated Financial Statements and aims to provide an overarching summary. Financial planning and assumptions Group\u2019s decarbonization ambitions (See above) are embedded in Galp\u2019s business plan. Galp will continue to revise its business plan, price outlooks and assumptions as it moves towards net-zero emissions by 2050. The financial plan includes expected cost for evolving carbon regulations based on a forecast of Galp\u2019s equity share of emissions from operated and non-operated assets also considering the estimated impact of free allowances. Carbon cost estimates range around \u20ac120 per tonne of GHG emissions in 2030, \u20ac220 per tonne in 2040 and \u20ac330 per tonne in 2050 (nominal terms). Potential Accounting Impact of Energy Transition Changes in future commodity prices and potential impairments As noted, in accordance with IFRS, Galp\u2019s financial statements are based on reasonable and supportable assumptions that represent management\u2019s current best estimate of the range of economic conditions that may exist in the foreseeable future. Energy transition is expected to bring volatility and there is large uncertainty as to how commodity prices will develop over the next decades. External climate price scenarios differ with some presenting a structural lower price during the transition period, while other price lines see structural higher commodity prices as a result of changes in both supply and demand. Refer to Note 5 for Galp\u2019s best estimate for future oil and gas prices, including refining margins, and related sensitivities. If different price outlooks from external and often normative climate change scenarios were used, this may impact the recoverability of certain assets recognized in the Consolidated financial position as at December 31, 2023. These external scenarios are not representative of management price reasonable estimate. Change of portfolio Galp\u2019s strategy to play an important role in the energy transition may also result in new asset investments and/or divestments, which will impact the balance sheet and the Group\u2019s future results. Portfolio changes have started in previous years with the closure of the Matosinhos refinery, the acquisition of Titan 2020, S.A. (obtaining full control in 2022 following the acquisition of the remaining 25% stake) a large solar PV player and the divestment from its mature upstream assets in Angola (Note 2.2.2), focusing on its lowest carbon intensity assets. The Group continues to execute its strategy proposition focusing on the successful execution of key projects, combining growth and transformation in its portfolio with financial discipline and strong focus on profitable growth. Earlier than expected termination of abandonment provisions Energy transition may lead to earlier than planned decommissioning and restoration commitments. Galp has recognized in its accounts abandonment provisions for all assets where the abandonment commitments are material, except for Sines refinery industrial complex. Galp seeks to uphold its operations in its industrial site in Sines, naturally transforming and decarbonising towards the needs of a lower carbon energy system and ensuring longer-term viability. Recent final investment decision (FID) on one of the biggest electrolysers projects in Europe for renewable hydrogen production and a large advanced biofuels plant to produce HVO and SAF, showcase Galp\u2019s commitment to ensure the energy supplies of the future. Climate Changes As with the Energy Transition, Galp has been working in the assessment of the potential impact of climate change risks in its activities. This analysis has the double objective of valuing the resilience of Galp\u2019s strategy under different scenarios while at the same time identify relevant opportunities and threats. Galp integrated the TCFD recommendations in the identification of climate change related risks. A set of physical and market variables were collected in order to estimate the impact of climate change risks in Galp\u2019s operations and value at risk. Potential Accounting Impact of Climate Change Physical risks of Assets due to weather catastrophes Galp is in the process of conducting multiple studies aimed at expanding the understanding of physical risks. These studies will allow a better understanding of the resilience of Galp\u2019s physical assets in the short to medium term given the estimated pace of climate change. Galp has several core assets near the coastline and holds interests in joint operations in deep waters with Floating Production and Offloading Vessels (FPSO). These core assets, as well as other Galp assets, are covered by insurance. Change of commodity and CO 2 prices Climate change may affect the supply and demand of energy both at a local and a global level which, in turn, may have an impact on the financial statements of Galp Group through variables such as CO2 prices or the price and quantities traded of commodities in general. Such risks are closely monitored and are appropriately reflected in the financial statements when and if they occur. 2.2 Significant changes during the year 2.2.1 Change of Head-office address On 2 January 2024 Galp has changed its head office address to Avenida da \u00cdndia, 8 in Lisbon, Portugal. 2.2.2 Non-current Assets and Liabilities classified as held for sale On 16 December 2022, the Board of Directors decided to proceed with the divestment of the Angolan Upstream, through the sale of Galp Energia Overseas Block 32 BV and Galp Energia Overseas Block 14 BV. On 13 February 2023, Galp has signed an agreement for the sale of its upstream assets in Angola. Proceeds are expected to reach c.$830 m, already net of capital gain taxes, including c.$655 m to be received until completion and $175 m in contingent payments due in 2024 and 2025 dependent on Brent price. Completion of the transactions is now expected during 2024. In 2023, Galp has received \u20ac77 m of initial proceeds (down payment) (which is accounted in \u201cOther deferred income\u201d caption in Note 13) and \u20ac132 m of leakage (distribution of interim dividends). The Board considered that the criteria to be classified as Non-current assets held for sale is still met: (i) the assets are available for immediate sale and can be sold to the buyer in its current condition; (ii) the actions to complete the sale were initiated and are expected to be completed within one year from the date of initial classification; (iii) a potential buyer has been identified and negotiations as at the reporting date are at an advance stage. The respective assets and liabilities of the upstream entities in Angola are classified as \u2018Non-current assets held for sale\u2019 and \u2018Liabilities directly associated with non-current assets classified as held for sale\u2019, presented separately, as current, in the consolidated financial statements as at December 31, 2023. The assets, liabilities and cumulative translation reserve in equity that comprise the values shown in the Primary statements are as following: Unit: \u20acm 2023 Non-current assets held for sale 537 Intangible assets 7 Tangible assets 487 Right-of-use assets 1 Inventories 5 Other receivables 37 Liabilities directly associated with non-current assets held for sale (97) Deferred tax liability (5) Provisions (78) Other payables (15) Equity (142) Cumulative translation reserves (142) 2.2.3 Changes to the consolidation perimeter During the twelve-month period ended on the 31 December 2023 Galp has entered into the following main transactions: Legal Entity Country % Transaction Consolidation Method Acau\u00e3 Solar Energia SPE Ltda Brazil 100% Returned to SER - Citrino Solar Energia SPE Ltda Brazil 100% Returned to SER - C-M-791 \u2013 joint operation Brazil 20% Returned to Brazilian authorities - PEPB-M-783 \u2013 joint operations Brazil 20% Returned to Brazilian authorities - PEPB-M-839 \u2013 joint operation Brazil 20% Returned to Brazilian authorities - Ventos de Santo Ant\u00e3o Energias Renov\u00e1veis, S.A. Brazil 100% Acquisition Full consolidation Vereda Solar Energia, S.A. (8 entities from II-IX) Brazil 100% Founded Full consolidation Enacolgest, Lda Cape Verde 48% Merger Merged with Enacol, S.A.R.L. (the surviving entity) Carri\u00e7o Cogera\u00e7\u00e3o, S.A. Portugal 65% Liquidation - For further details of Consolidation perimeter and Galp financial interests in entities see Note 31. 2.2.4. Non-bearing interest loans fair value determination The Group has established back in 2017 a non-bearing interest loan with fixed term with Coral FLNG to support its activities. Under IFRS 9, at initial recognition the loan shall be measured at its fair value and, subsequently, measured at amortized cost, by estimating the loan reimbursement schedule up to the loan maturity and also, determining a discount rate that reflects both maturity and the Company credit risk for similar financial liabilities. At origination, the difference between the loan amount and its fair value (present value using current market rates for similar instruments) is treated as an equity contribution to Coral FLNG, which represents a further investment by the Group in Coral FLNG. In 2023, as a result of the modification of the shareholders loan reimbursement schedule, Management reassessed the accounting treatment of the loan under IFRS 9 (which was previously being characterized for accounting purposes as a capital contribution \u2013 equity investment) (Note 9). 2.2.5 Acquisition of owns shares Own equity instruments that are reacquired (own shares or treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Galp has initiated on 15 February 2023 a programme to repurchase Galp Energia SGPS, S.A. own shares in the amount of \u20ac500 m. On 15 December 2023 Galp concluded this share repurchase programme. Pursuant to the conclusion of the programme, Galp\u2019s Board of Directors approved the reduction of the Company\u2019s share capital through the extinction of 42,028,823 own-shares, representative of approximately 5.16% of its share capital on 1 January 2023. Average price of the repurchase of the shares was \u20ac11.90/share. 5. Tangible assets Accounting policies Recognition Tangible assets are stated at cost, less accumulated depreciation and cumulative impairment losses. The acquisition cost includes the purchase amount, plus transport and assembly costs, any decommissioning obligations and financial interest incurred during the construction phase. Tangible work-in-progress assets refer to assets under construction and are stated at cost less cumulative impairment losses. Major maintenance and repairs Expenditure on major maintenance or repairs represents the cost of replacement assets or parts of assets, inspection costs and overhaul costs. Where an asset or part of an asset that was depreciated separately is replaced, and it is probable that the future economic benefits associated with the item will flow to the group, the expenditure is capitalised, and the carrying amount of the replaced asset is derecognized. Inspection costs associated with major maintenance programmes are capitalised and amortized over the period until the next inspection. Overhaul costs for major maintenance programmes, and all other maintenance costs, are expensed as they are incurred. Upstream Tangible Assets Hydrocarbon exploration costs are accounted for under the successful efforts\u2019 method: exploration costs are recognized in income when incurred (i.e. expenditure related to G&G \u2013 Geological & Geophysical \u2013 and G&A \u2013 General & Administrative), except for exploratory drilling costs, which are included in tangible assets (work-in- progress assets) pending determination of proved reserves and are subject to impairment test when triggers are identified. Dry wells are recorded as expenses for the year. At the start of production capitalised costs are depreciated based on the depreciation policy in force. Depreciation Upstream Tangible Assets Tangible assets related to hydrocarbon production activities, including related pipelines, mineral rights and future decommissioning costs are in principle depreciated on a unit-of-production (UOP) basis over the proved developed reserves of the field concerned. The UoP rate for the depreciation of common facilities considers the expenditure incurred to date, together with the estimated future capital expenditure expected to be incurred in relation to the as-yet undeveloped reserves expected to be processed using these common facilities. Floating platforms (FPSOs) are currently depreciated using the straight-line method, based on the lower of the estimated asset\u2019s useful life and the concession period of the field where the platform is deployed. Depreciation rates for Tangible Assets The average annual depreciation rates used are as follows: Depreciation rates 2023 2022 Buildings and other constructions 4.0% 2.2% Machinery and equipment 10.0% 13.4% Transport equipment 12.0% 11.0% Tools and utensils 11.0% 20.0% Administrative equipment 14.0% 27.0% Reusable containers 11.0% 14.0% Other tangible assets 12.0% 13.0% Impairment analysis Impairment testing is performed at the date of the financial statements and whenever events or changes in circumstances indicate that the carrying amounts for those assets may not be recoverable or previous years impairments are to be reversed. When performing impairment testing, tangible assets are allocated to the respective cash generating unit (CGU). The recoverable amount of an asset is estimated as part of the CGU to which it belongs, according to the discounted cash flow method. The discount rates are calculated by adjusting the post-tax rate to reflect the specific risk levels of the CGUs. Industrial & Midstream and Commercial segments impairment tests Tangible and intangible assets related to the Industrial & Midstream and Commercial segments are assessed by the Group for impairment at the end of each reporting period or when impairment indicators (or indicators for impairment reversal) are identified, considering internal and external sources of information. Commercial In its annual impairment testing of Commercial segment, the Group considers the service station cash generating unit as being each individual service station. The impairment testing carried out by the Group is based on the estimated recoverable amount of each service station compared to its net book value at the end of each reporting period. The recoverable amount (value in use) determined by the Group corresponds to the present value of the expected future cash flow, which in turn is determined based on the annual budgets and business plans for the service station, using a post-tax discount rate adjusted for the specific risks of that segment. Industrial & Midstream Impairment testing is also performed on the other assets of the Industrial & Midstream segment, including Sines refinery and tangible assets associated with logistics and storage activities. The period of the cash flow projection varies as a function of the CGU\u2019s average economic useful life. The determination of the value in use of refining assets was based on the assumptions defined in the business plan, as follows: i. Refining margin ii. Carbon prices iii. Refinery availability iv. Future operating and investments costs v. Discount rate Upstream segment impairment testing Impairment on exploration and production assets are recorded when: \u2022 Economically feasible reserves are not found; \u2022 The exploration licence expires and is not expected to be renewed; \u2022 When an acquired area is relinquished or abandoned; and \u2022 When the carrying amount exceed its recoverable amount. Tangible and intangible assets related to the Upstream segment are assessed for impairment by the Group periodically (annually, or quarterly where indications of impairment are identified). The selected CGU will be the project or the individual block, depending on the stage of maturity of the respective investment. The assessment for impairment is carried out in accordance with the expected monetary value (EMV model), comparing the carrying amount of the investment with the present value of the expected future cash flow using a post-tax discount rate adjusted for the risks specific to the asset for which the future cash flow estimates have not been adjusted, calculated considering the estimates of: i. The probable reserves; ii. The investment and future operating costs needed to recover the probable reserves; iii. The amount of any contingent resources, adjusted to reflect the probability of geological success; iv. The investment and future operating costs required to recover the contingent resources; v. The reference price of a barrel of Brent crude; vi. The applicable exchange rates; vii. The CGU taxation mechanisms; viii. The estimated production level and concession period; and ix. The asset retirement obligations. The EMV model considers in its calculation the PoS (the probability of geological success a.k.a. the probability of success), which is a conditional statistical probability (Bayesian probability). This probability is used in geological science as part of a probability matrix based on seismic information and other G&G information. This underlying information takes into account the quantity, quality and certainty of the reserves (data controls). The cash flow projection period is equal to the recovery of the reserves and resources during the concession period, up to the limit of the terms of the respective concession agreements, if applicable. Galp can carry out impairment testing at any stage of exploration and production, i.e. in the exploration, development and production stages, when facts and circumstances suggest that the carrying amount of an exploration and production asset may exceed its recoverable amount. In the exploration phase, the CGU depends on the stage at which the investment is made in each project. For example, at an early investment stage, the CGU will be the country-level entity, given that the investment also includes investments in signature bonuses and any generic research performed in the area. Once an overall area is divided into blocks by the relevant country\u2019s authorities, Galp will recognise each block as a CGU, down levelling the assessment for the purposes of impairment testing. As there are no reserves at this stage, Galp carries out impairment testing of prospective and contingent resources with a very low PoS. If proved reserves are booked, the investment moves into the development stage, having already been subject to impairment testing. During the development phase and if required, the impairment analysis also considers the PoS (which is higher than at earlier stages, since there is now an estimate of the commercially viable reserves) and 2P reserves (probable reserves) in order to estimate the future cashflows that are expected to be generated by the block under analysis. Accounting estimates and judgments Commodity price assumptions Future commodity price assumptions and refining margin used in the impairment testing in the Upstream and Industrial & Midstream (refining asset) segments, respectively, are regularly assessed by management. Management\u2019s estimate of refining margins used in the impairment testing was based on a linear refinery simulation software considering the current refinery configuration and to generate, on an optimized basis, estimated refinery products yields and energy consumption data based on a refining mixture of available brent and other refinery feedstocks. Galp\u2019s refining margin also incorporates the costs associated with CO2 emissions. Future commodities prices and refining margins used in impairment testing provide a source of estimation uncertainty as referred to in paragraph 125 of IAS 1 Presentation of Financial Statements (IAS 1.125). Information about the carrying amounts of assets and impairments and their sensitivity to changes in significant estimates are presented in this Note 5. Oil and gas reserves The estimate of oil and gas reserves is an integral part of the decision-making process relating to the exploration and development of Upstream assets. The volume of proved reserves is used to calculate the depreciation of exploration and production assets, in accordance with the units of production method. The expected production volumes, which comprise proved reserves and unproved volumes is used to assess the project\u2019s recoverable amount. The estimated proved reserves are also used to assess the annual abandonment costs. The estimated proved reserves are subject to judgment, and to future revision based on newly available information, including information relating to the development activities, drilling or production, prices or contract termination. The impact of any changes to the estimates of reserves are accounted for on a prospective basis. The estimates of oil and gas reserves, and any movements occurring during the year, are described in the Supplementary Information of the Integrated Report, which is not audited. Useful lives and residual values of tangible assets The calculation of the assets\u2019 residual values and useful lives, as well as the method to be applied, are necessary to determine the depreciation to be recognized in the consolidated income statement for each period. These parameters are set based on management\u2019s judgment, as well as being in line with the practices adopted in the industry. Changes in assets\u2019 economic useful lives are accounted for on a prospective basis. 6. Intangible assets Accounting policies Recognition Intangible assets are measured at cost, less accumulated amortisation and impairment losses. Intangible assets are identifiable non-monetary intangible assets, which are only recorded if it is probable that they will result in future economic benefits to the Group, these benefits are controlled by the Group and they can be reliably measured. Intangible assets include costs incurred for the development of information systems, bonuses paid to retailers of Galp products, and land rights, which are amortized over the periods of the respective agreements. Research and development Research expenses not related to petroleum exploration and production activities are recognized as expenses for the period. Development expenses are only recognized as intangible assets if the Group has the technical and financial ability to develop the asset, decides to complete the development and starts commercially exploiting or using it, and it is probable that the asset created will generate future economic benefits. Upstream Signature bonuses (i.e. Mineral Rights) are ownership rights to explore oil and gas resources and are recognized as intangible assets. See further details of the recognition policies for Upstream assets in Note 5. Amortisation Intangible assets with finite useful lives are amortized on a straight-line basis. The amortisation rates are set in accordance with the terms of the existing contracts, or with the expected use of the intangible assets. Intangible assets recognized in the exploration and production segment, namely signature bonuses, are recorded at their acquisition cost and are amortized on a UoP basis from the date on which production starts. Impairment The impairment testing of intangible assets is based on Management\u2019s projections of the net present value of the estimated future cash flows. The residual values used are based on the expected lives of the related products, the forecast lifecycle and the cash flow over that period, and on the economically useful lives of the underlying assets. Accounting estimates and judgments Useful lives and residual values of intangible assets The calculation of the assets\u2019 residual values and useful lives, as well as the amortisation method to be applied, are essential to determine the amortisation recognized in the consolidated income statement for each period. These parameters are set based on the judgment of Management, as well as the practices adopted by peers in the industry. Impairment of intangible assets Determining whether impairment of assets has occurred requires a high level of judgment by management, specifically around identifying and evaluating indicators for impairment or impairment reversal, projection of future cashflows, applicable discount rates, useful lives and residual amounts. Refer to Note 5. for further details on impairment analysis. 7. Leases Accounting policies Recognition The Group recognises both a right-of-use asset and a lease liability as of the lease commencement date. The right-of-use asset is initially measured at cost, which represents the initial amount of the lease liability, adjusted for any lease payments made on or before the commencement date, plus any initial direct costs incurred, plus an estimate of the costs required to dismantle and remove the underlying asset or restore the site on which it is located (if applicable), less any lease incentives received. The lease liability is initially measured at the present value of the lease payments that have not yet been paid up to the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot readily be determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The types of lease payments included in the measurement of the lease liability are as follows: \u2022 Fixed payments, including in-kind fixed payments; \u2022 Variable lease payments that are pegged to an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 Amounts expected to be payable under a residual value guarantee; and \u2022 The exercise price under a purchase option that the Group is reasonably certain to be able to exercise, lease payments over an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for the early termination of a lease, unless the Group is reasonably certain not to terminate it early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there are changes in the amounts of future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or it is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets and lease liabilities in a separate line in the statement of financial position. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of assets that have lease terms of 12 months or less, and leases of low-value assets. The Group recognises the lease payments associated with these leases as expenses on a straight-line basis over the lease term. Depreciation The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined as those used for the property and equipment items. Accounting estimates and judgments Useful lives, residual values of assets and discount rates The calculation of the assets\u2019 residual values, the estimation of the useful lives, and the discount rates used are based on the premises of the lease contracts (or for similar assets) and are set based on Management\u2019s judgment, as well as the practices in the industry. Impairment of Right-of-use Assets Identifying impairment indicators, estimating future cash flow and determining the fair value of assets requires Management to use significant judgment in terms of the identification and evaluation of the different impairment indicators, the expected cash flow, the applicable discount rates, useful lives and residual amounts. Rights-of-use assets are subject to existing impairment requirements as set out in \u201cTangible assets\u201d (Note 5). 8. Goodwill Recognition The differences between the investee\u2019s acquisition cost and the fair value of the identifiable assets and liabilities of the acquired entities at the acquisition date, if positive, are recorded within goodwill (when they result from goodwill in Group companies) or included in the line item \u201cInvestments in associated companies\u201d (when they result from goodwill in associates). The negative differences are recognized immediately in the income statement. Impairment The carrying value of Goodwill is allocated to the respective CGU, and the recoverable amount is also estimated for the CGU, using the value in use methodology. The value in use represents the expected future cash flow from the CGU, discounted at an appropriate discount rate that reflects the risks specific to the CGU. The carrying amount of goodwill is tested for impairment annually. Refer to Note 5. for further details on impairment analysis. 9. Investments in associates and joint ventures Accounting policies Joint Arrangements and Associates Arrangements under which Galp has contractually agreed to share control with another party or parties are deemed to be joint arrangements. These may be joint ventures where the parties have rights to the net assets of the arrangement, or joint operations where the parties have rights to the assets and obligations arising from the liabilities relating to the arrangement. Investments in entities over which Galp has the right to exercise significant influence but has neither control nor joint control, are classified as associates. Investments in joint ventures and associates are accounted for using the equity method, under which the investment is initially recognized at cost and subsequently adjusted for Galp\u2019s share of post-acquisition net results. The investments are also adjusted for the dividends received and for Galp\u2019s share of other comprehensive income. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The statement of profit or loss reflects Galp\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of Galp\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, Galp recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between Group Galp and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The financial statements of the associate or joint venture are prepared for the same reporting period as Galp Group. When necessary, adjustments are made to the financial statements of joint ventures and associates to bring the accounting policies used into line with those of Galp. Galp recognises its assets and liabilities relating to its interests in joint operations, including its share of any assets held jointly and liabilities incurred jointly with other partners. Impairment After application of the equity method, Galp determines whether it is necessary to recognise an impairment loss on its investment in its associate or joint venture. At each reporting date, Galp determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, Galp calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss within \u201cEarnings from associates and joint ventures\u201d in the statement of profit or loss. Accounting estimates and judgements Impairment Determining whether impairment of assets has occurred requires a high level of judgment by management, specifically around identifying and evaluating indicators for impairment or impairment reversal, projection of future cashflows and applicable discount rates. The key assumptions used to determine the recoverable amount for the relevant joint venture (Coral FLNG), which belongs to Upstream segment are disclosed in Note 5. Information about joint arrangements and associates can be found in Note 31. 10. Inventories Accounting policies Inventories, other than Crude Oil held for trading, are stated at the lower of the acquisition cost (in the case of goods and raw and subsidiary materials) or the production cost (in the case of finished and semi-finished products and work in progress) or the inventories\u2019 net realisable value. The net realisable value corresponds to the normal selling price less costs to complete production and to sell. Whenever the cost exceeds the net realisable value, the difference is recorded in operating costs as part of the cost of sales. 11. Trade and other receivables Accounting policies Accounts receivable are initially recorded at the transaction value and subsequently measured at amortized cost, less any impairment losses. The amortized cost of these assets does not differ from their nominal value or their fair value. Galp undertakes over \u2013 and underlifting activities for its share of crude. Under \u2013 and overlifting are common industry practices intended to optimise the allocation of transportation costs between partners. Payments and receipts related to over \u2013 and underlifting are made at a subsequent date in barrels of crude, as defined by the applicable production sharing agreement (PSA). Trade and other receivables are derecognized when the contractual rights to the cash flow expire (i.e. they are collected), when they are transferred (e.g. sold) or when they are impaired. Accounting estimates and judgments Impairment of accounts receivable The Group applies the IFRS 9 simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. Trade receivables were grouped by business segment for the purposes of the assessment of expected credit losses. The credit risk of the accounts receivable balance is evaluated at each reporting date, taking into consideration the client\u2019s credit risk profile. The credit risk analysis is based on the annual default probability, and also takes into account the loss in the event of default. The default probability represents an annual probability of default, reflecting the current and projected information and taking into account macroeconomic factors, whereas the loss in the event of default represents the expected loss when a default occurs. Accounts receivable are adjusted for Management\u2019s estimate of the collection risks as of the statement of financial position date, which may differ from the actual impairment to be incurred. Credit Risk For Credit Risk purposes, if wholesale customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, the Credit Risk assessment considers the credit quality of the customer, taking into account their financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the board. Wholesale customers\u2019 compliance with credit limits is regularly monitored by Management. Sales to retail customers are required to be settled in cash or using major credit cards, thus mitigating the credit risk. There are no significant concentrations of credit risk, whether through exposure to individual customers, specific industry sectors and/or regions. For further credit risk mitigation measures, guarantees and insurance policies for eventual credit defaults are a standard part of Galp\u2019s overall risk policy. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics. 12. Other financial assets Accounting policies For accounting policies regarding Other financial assets, please refer to the disclosure in Note 20. 13. Cash and cash equivalents Accounting policies The amounts included in cash and cash equivalents correspond to cash values, bank deposits, time deposits and other cash investments with maturities less than three months, and which can be immediately mobilised with a risk of insignificant changes in value. For the purposes of the cash flow statement, cash and cash equivalents also include bank overdrafts recorded as loans and overdrafts in the statement of financial position. Financial resources consist of cash and cash equivalents, marketable securities with original maturities less than three months and undrawn committed credit facilities expiring after more than one year. 14. Debt Accounting policy Loans are initially recorded at fair value, net of the expenses incurred on the issuance of these loans. Loans are subsequently measured at amortized cost. Interest expenses are calculated at the effective interest rate and recorded in the income statement on an accruals basis in accordance with each loan agreement. 15. Trade payables and other liabilities Accounting policy Trade payables and other payables are initially measured at fair value and subsequently measured at amortized cost using the effective interest rate method. Usually, the amortized cost does not differ from the nominal value. 16. Taxes, deferred income taxes and contributions Accounting policies Income tax is calculated based on the taxable results of the companies included in the consolidation in accordance with the applicable tax rules in each country in which Galp operates. Deferred income taxes arise from temporary differences between the accounting and taxable values of the individual consolidated companies and from the realisable tax loss carried forward. The taxable value of the tax loss carried forward is included in deferred tax assets to the extent that these are expected to be utilised against future taxable income. The deferred income taxes are measured according to the current tax rules and the tax rates substantially enacted up to the end of the reporting period. The Group pays taxes and Special Participation Tax on its Upstream activity, which the Company classifies as income taxes and Special Participation Tax, namely: \u2022 Petroleum income tax (IRP) in Angola, as regulated under Law 13/04. The rate applicable to the PSA contracts is 50% on the projects\u2019 \u201cprofit oil\u201d. The IRP calculation is in all respects similar to an income tax. Thus, oil companies subject to IRP are not subject to other income taxes in Angola; \u2022 Special Participation Tax (SPT) in Brazil, as regulated under Decree-Law No 2.705 issued by the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis (ANP). SPT is a contribution, due on a quarterly basis, calculated by oil and natural gas concessionaires based on the production from each project. The Special Participation is calculated on the determined income, from which operational costs related to the production of hydrocarbons are deducted. The SPT rate varies between 0% and 40% depending on the project\u2019s production level. Accounting estimates and judgments Galp is subject to income taxes in the locations in which it operates. Significant judgments and estimates are required to determine the worldwide accrual for income taxes, deferred income tax assets and liabilities, and the provision for uncertain tax positions. Deferred tax assets Deferred tax assets are recognized only when there is reasonable assurance that future taxable profits will be available against which the temporary differences can be used, or when there are deferred tax liabilities for which reversal is expected within the same period as that in which the deferred tax assets are reversed. Deferred tax assets are evaluated by Management at the end of each period, taking into account expectations of the Group\u2019s future performance (i.e. the Budget Plan), and such assets are only recognized if there is a high expectancy of future recovery. Estimates regarding uncertain tax positions As part of conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Management\u2019s judgment is used to assess the possible outcome of such disputes. The most-probable-outcome method is applied when making provisions for uncertain tax positions and Galp considers the booked provisions to be adequate. Nevertheless, the actual obligation may differ, and depends on the results of litigation and settlements with the relevant authorities. 17. Retirement benefit obligations Accounting policies Defined-contribution plans Galp has a defined-contribution plan funded by a pension fund which is managed by an independent entity. Galp\u2019s contributions to the defined-contribution plan are charged to the statement of income in the relevant year. Defined-benefit plans Galp has a defined-benefit plan that provides the following benefits: pension supplements for retirement, disability and pension supplements for survivors; pre-retirement; early retirement; retirement bonuses; and voluntary social insurance. The payment of pension supplements for old age and disability, as well as survivors\u2019 pensions, is funded by a pension fund managed by independent entities. Recognition of defined benefit plans The costs for the year for defined benefit plans are determined using the projected unit credit method. This reflects services rendered by employees as of the valuation dates, and is based on actuarial assumptions, primarily regarding the discount rates used to determine the present value of benefits and the projected rates of remuneration growth. The discount rates are based on the market yields of Euro denominated high-rated corporate bonds of the euro-zone. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income during the period in which they arise. Past service costs are recognized immediately in the income statement. The surplus of a net defined benefit plan (i.e. asset) is only recognized to the extent that Galp is able to derive future economic benefits, such as refunds from the plan, or reductions in future contributions. Where a plan is unfunded, a liability for the retirement benefit obligation is recognized in the statement of financial position. Costs recognized for retirement benefits are included in employee costs. The net obligation recognized in the statement of financial position is reported within non-current liabilities. Other post-employment benefits Along with the aforementioned plans, Galp provides additional benefits related to healthcare, life insurance and a minimum benefit (for disability and survival). Accounting estimates and judgments Demographic and financial assumptions used to calculate the retirement benefit liabilities Accounting for pensions and other post-retirement benefits requires estimates to be made when measuring the group\u2019s pension plan surpluses and deficits. These estimates require assumptions to be made regarding uncertain events, including discount rates, inflation and life expectancy. 18. Provisions and contingent assets and liabilities Accounting policies Provisions are recorded when, and only when: 1) the Group has a present obligation resulting from a past event; 2) it is probable that an outflow of resources entailing economic benefits will be required to settle the obligation; and 3) a reliable estimate can be made of the amount of the obligation. Galp calculates its estimate based on an evaluation of the most likely outcome. Disputes for which no reliable estimate can be made are disclosed as contingent liabilities. Provisions for decommissioning and restoration costs of blocks are intended to cover all the costs incurred by Galp at the end of the useful production life of oil fields. Provisions are based on the operator\u2019s estimate of the total abandonment costs, which are recognized by Galp on a proportional basis as it builds each production well. These provisions are capitalized as part of the assets (Note 5). Provisions for environmental expenditures arises principally in connection with oil products manufacturing facilities, such as refinery, logistics and storage facilities. Environmental expenditures that are required in order for the Group to obtain future economic benefits from its assets are capitalized as part of those assets. Expenditures that relate to an existing condition caused by past operations that do not contribute to future earnings are expensed. Liabilities for environmental costs are recognized when a legal or constructive obligation arises or a clean-up is probable and the associated costs can be reliably estimated. Such obligations may also crystalize during the period of operation of a facility or item of plant through change in legislation or through a commitment to a formal plan of action, a decision to terminate operations or, if earlier, on divestment or on closure of inactive sites. The amount recognized is the best estimate of the expenditure required to settle the obligation. Provisions for environmental liabilities are estimated using existed technology, at future prices and discounted using a nominal discount rate. Other provisions are recognized in the period in which an obligation arises, and the amount can be reasonably estimated. Provisions for legal disputes include ongoing legal disputes namely related to taxation matters. Management makes estimates regarding provisions and contingencies, including the probability of the outcomes of pending and potential future litigation. These are by nature dependent on inherently uncertain future events. When determining the likely outcomes of litigation, Management considers the input of external counsel, as well as past experience. Although Management believes that the total amounts of provisions for legal proceedings are adequate based on the currently available information, there can be no assurance that there will be no changes in the facts, or that the amounts of any future lawsuits, claims, proceedings or investigations will not be material. Accounting estimates and judgments Provisions for lawsuits and other litigations The estimated final costs of lawsuits, settlements and other litigation can vary based on different interpretations of the rules, opinions and final assessments of the losses. Consequently, any changes in circumstances relating to these types of contingencies could have a significant effect on the recorded amounts of contingencies. Decommissioning provisions Provisions for decommissioning and restoration costs, which arise principally in connection with hydrocarbon production facilities and pipelines, are measured on the basis of current requirements, technology and price levels; the present value is calculated using amounts discounted over the useful economic life of the assets. The liability is recognized (together with a corresponding amount as part of the related tangible asset) once a legal or constructive obligation to dismantle an item of property, plant and equipment and to restore the site on which it is located exists and when a reasonable estimate can be made. The effects of changes resulting from revisions to the timing or the amount of the original estimate of the provision are reflected on a prospective basis, generally by adjustment to the carrying amount of the related tangible asset. However, where there is no related asset, or the change reduces the carrying amount to nil, the effect, or the amount in excess of the reduction in the related asset to nil, is recognized in income. The discount rate applied at 31 December 2023, was between 3.68% \u2013 4.25% (2022: 3% - 4.6%). Environmental provisions Galp makes judgments and estimates to calculate its known obligations relating essentially to the known requirements regarding abandonment of facilities and soil decontamination, based on current information relating to the expected intervention costs and plans. Such costs can vary due to changes in the legislation and regulations, changes in the condition of a specific location, as well as changes in decontamination technologies. Consequently, any changes in the circumstances relating to such provisions, as well as in the legislation and regulations, could significantly affect the provisions for such matters. The timing and amount of future expenditures relating to environmental provisions are reviewed annually, together with the interest rate used in discounting the cashflows. The discount rate applied at 31 December 2023, was between 2.11%-3.63% (2022: 3%-4.6%). Costs of abandonment of facilities (dismantling) associated with refining, logistics and storage facilities are generally not recognized since potential obligations cannot be measured, given their indeterminate settlement dates. In respect of refining assets (Sines), management is developing plans for the existing site remaining in the portfolio, which would be compatible with the Energy Transition strategy of Galp (Note 2.1). Galp periodically reviews its long-live refinery, logistics and storage facilities assets on a regular basis to determine any changes in facts and circumstances, including expected life, that could result in the recognition of a provision. 19. Derivative financial instruments Accounting policies Derivative financial instruments The Group may use financial derivatives to hedge the interest rate risk and other market risks, particularly the risk of variations in crude oil prices, finished products and refining margins, as well as the price variation risk of natural gas and electricity, which affects the financial value of the assets and the future cash flow expected from its activities. The realised gains and losses on the financial settlement of commodities (i.e. Brent, electricity and gas) futures and swaps are presented within cost of sales, except if commodity futures are physically settled where the gain or loss will be recorded in sales as a price adjustment of the commodity sold. Changes in the fair value of open positions are presented in financial income, within income from financial instruments. As futures are exchange- traded, subject to central clearing, gains and losses are continuously recorded within income from financial instruments until the maturity date of the derivative, unless designated in cash flow relationships in which case they are recorded in the cash flow hedge reserve. Realised gains and losses on Forwards and FX Swaps are presented within cost of sales if they are connected to commodities transactions, and are otherwise presented in financial income, under realised FX differences. Changes to the fair values of open positions are presented in financial income, under unrealised FX differences. Some physically settled TTF bilateral contracts are accounted for as derivatives because they meet the net settlement criteria and do not meet the own use exemption criteria. The fair values of these contracts are presented together as Swaps in the financial statements. Financial assets and liabilities are offset if Galp has a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net basis or to realise the asset and liability simultaneously. Day 1 gain or losses on derivatives that are categorized as level 3 in the fair value hierarchy do not qualify for recognition in the financial statements. These day 1 gains and losses are disclosed in the financial statements and only recognized when the prices become sufficiently observable or as the contract matures. The cumulative amounts of MTM of day 1 gains not recognised where \u20ac5.7 m (2022: \u20ac6.3 m). The cumulative amount is recognised during the life span of the derivative. Hedge accounting Derivative instruments that qualify for hedge accounting are designated in cash flow hedges of commodity price risk associated with highly probable forecast gas purchases. Derivative instruments used by the Group to hedge the interest rate risk of floating rate debt are designated in qualifying cashflow hedges of interest rate risk. The indices are the same as those applicable to the contracts signed with customers and banks reducing hedge in- effectiveness. Certain derivatives that are entered into for risk management purposes, such as those that hedge the overall net position of commodity prices (oil margins) and forecast purchases of electricity and gas, are not designated in qualifying IFRS 9 hedge relationships and are therefore accounted for as trading derivatives with their changes in fair value recorded immediately in the statement of profit or loss. Changes in the fair values of derivatives designated in qualifying cash flow hedge relationships are recorded in equity in the cash flow hedge reserve. Where the derivative instrument no longer meets the criteria for recording as a cashflow hedge, the accumulated fair value differences deferred in equity within hedging reserves are added to the book value of the asset which gave rise to the hedging transaction only if the derivative was mature and is effective. Otherwise, if the hedge is not effective, subsequent revaluations are recognized directly in the income statement. If the hedge is discontinued because the transaction is no longer expected all of the deferred MTM in equity is reclassified to profit or loss. If there is a change in risk management objective but the hedged transaction is still expected to occur, the amount in the cash flow hedge reserve is taken to profit or loss when the previously hedged transaction affects the statement of profit or loss. Hedge accounting is discontinued prospectively. Hedge accounting is discontinued when all of the derivative instruments mature, are sold, when management changes the risk management strategy or objective, or when a hedged transaction is no longer highly probable. In 2023, the hedge of highly probable forecast purchase of electricity has been discontinued and matured, with all amounts previously deferred in the cash flow hedge reserve being reclassified to profit and loss with previously hedged transactions. Financial derivatives are measured at fair value. For further explanation of valuation methods used and risk management activities using derivatives, see Note 20. 20. Financial assets and liabilities Accounting policies Galp classifies financial assets and liabilities into the following categories: a) Financial assets at fair value through other comprehensive income; b) Financial assets and liabilities carried at amortized cost; c) Financial assets and liabilities at fair value through profit or loss (derivatives). Management determines the classification of its financial assets on initial recognition and re-evaluates it at the end of each reporting period if, and only if, there is a change in the business model. For financial liabilities, such changes in classification are not allowed. Recognition and measurement Purchases and sales of investments are recognized as of the trade date. Investments are initially recognized at fair value. Financial assets at fair value through other comprehensive income and financial assets at fair value through profit or loss are subsequently carried at fair value. Fair value disclosures are made separately for each class of financial instruments at the end of the reporting period. Nevertheless, assets at fair value through other comprehensive income are measured at cost as a proxy for their fair value. As, they are not quoted on a stock exchange, no recent available information is available to measure their fair value reliably, and the amounts involved are immaterial. Derecognition of financial assets Financial Assets are derecognized from the statement of financial position when the rights to receive cash flow from investments have expired or have been transferred and Galp has transferred substantially all of the risks and rewards of ownership. Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income consist mainly of equity investments. When these kinds of financial assets are derecognized, the gain or loss will be kept in equity. Dividends received are recognized in profit or loss. Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are non-derivative financial assets which are held solely for payments of principal and interests (SPPI). If collection is expected within one year (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables and other receivables are recognized initially at fair value. Subsequently they are measured at amortized cost using the effective interest method, less impairment. Fair value hierarchy In accordance with the accounting rules, an entity must classify the fair value measurement based on a fair value hierarchy that reflects the meaning of the inputs used for measurement. The fair value hierarchy has the following levels: \u2022 Level 1 \u2013 the fair value of the assets or liabilities is based on active liquid market quotation as of the date of the statement of financial position; \u2022 Level 2 \u2013 the fair value of the assets or liabilities is determined through valuation models based on observable market inputs; and \u2022 Level 3 \u2013 the fair value of the assets or liabilities is determined through valuation models, whose main inputs are not observable in the market. Accounting estimates and judgements When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using internal valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets when possible, but when this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in valuation methodologies and in assumptions relating to these factors could affect the reported fair value of financial instruments. 21. Financial risk management Accounting policy Galp Group has standards, models, methodologies, and systems in place to support the identification, evaluation, monitoring and mitigation of various risks it is exposed to, including financial risks, and uses various financial instruments to hedge, in accordance with the corporate guidelines that are applicable across the Company. Management has assessed the following key financial risks: Type Exposure to risk Commodity-price risk High Exchange-rate risk Medium Interest-rate risk Medium Liquidity & Insurance risk High Credit risk Medium 24. Revenue and Income Accounting policies For the Industrial & Midstream, the Commercial and the Renewables and New Businesses segments, revenue is recognized when Galp has satisfied a performance obligation by transferring the promised products or services to the customer. The product is transferred when the customer obtains control of the same. Sales are measured at the fair value of the consideration received or receivable. Sales are recognized net of taxes, with the exception of tax on petroleum products, discounts and rebates. For the Upstream segment, revenue resulting from hydrocarbon production from properties in which Galp has an interest in joint arrangements is recognized on the basis of Galp\u2019s working interest (entitlement method). Revenue resulting from the production of oil under production-sharing contracts is recognized for those amounts relating to Galp\u2019s cost recovery, and Galp\u2019s share of the remaining production. As mentioned in Note 11, Galp undertakes under- and overlifting activities. Underlifting occurs when the overtaker lifts the barrels from Galp and sells them. When this happens, underlifting income is recognized against an asset (debtor). In similar ways, overlifting occurs when Galp lifts the barrels to which it is not yet entitled. These balances are presented in Other operating income and Other operating costs (Note 25), respectively. Exchange differences arising from supplier and customer balances are recognized in the operating results. The IFRS 15 accounting principle considers a principal vs. agent framework in relation to cost incurred and goods and services provided. In accordance with this, Galp analyzed, among others, a service related to the natural gas and electricity commercialization activities, namely due to the electricity and gas tariffs paid to distribution entities and recognized as costs. Services provided or promised to final customers contains the cost of the tariffs included in the price tag and recognized as operating income. Galp concluded that each contract performance obligation to provide the specified goods or services is the responsibility of the Group, thus controlling the goods or services before delivering them to the final customers. Galp is therefore a Principal rather than an Agent when performing its contract obligations. 26. Employee costs Accounting policies Employee costs Wages, salaries, social security contributions, annual leave and sick leave, bonuses and non-monetary benefits are recognized in the year in which the respective services are rendered by Galp employees. Remuneration of the Board of Directors In accordance with the current policy, the remuneration of Galp\u2019s Corporate Board members includes all the remuneration due for the positions held in Group companies and all accrued amounts related to the current period. Share-based payments The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments on the date which they are granted and is recognised as an expense from the date of grant over the vesting period with a corresponding increase (credit) directly in equity. Galp measure the fair value of the services received by reference to the fair value of the equity instruments granted. The cost of cash-settled transactions is recognized as an expense over the vesting period, measured by reference to the fair value of the corresponding liability which is recognized on the financial position (as other payables). The liability is remeasured at fair value at each balance sheet date until settlement, with changes in fair value recognised in income statements (as employee costs). 27. Financial income and expenses Accounting policies Financial income and expenses include interest on loans and bonds, leasing and retirement and other benefit plans. Other financial income and expenses from other financial assets or liabilities are not included in this caption. The financial charges on loans obtained are recorded as financial expenses on an accruals basis. Financial charges arising from general and specific loans obtained to finance investments in fixed assets are assigned to tangible and intangible assets in progress, in proportion to the total expenses incurred on those investments net of investment government grants, until the commencement of operations. The remainder is recognized under the heading of financial expenses in the income statement for the year. Any interest income from loans directly related to the financing of fixed assets which are in the process of construction is deducted from the financial charges capitalized. Those financial charges included within fixed assets are depreciated over the useful lives of the respective assets. 29. Related party transactions Accounting policies A related party is a person or entity that is related to the entity preparing its financial statements, as follows: (a) A person or a close member of that person's family is related to a reporting entity if that person: (i) has control or joint control over the reporting entity; (ii) has significant influence over the reporting entity; or (iii) is a member of the key management personnel of the reporting entity or of a parent of the reporting entity. (b) An entity is related to a reporting entity if any of the following conditions applies: (i) The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others); (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member); (iii) Both entities are joint ventures of the same third party; (iv) One entity is a joint venture of a third entity, and the other entity is an associate of the third entity; (v) The entity is a post-employment defined benefit plan for the benefit of the employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity; (vi) The entity is controlled or jointly controlled by a person identified in (a); (vii) a person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). 30. Environmental matters Greenhouse gas emissions (CO2 emissions) Accounting policies Galp makes judgements and estimations for the calculation of environmental obligations such as those resulting from greenhouse gas (CO2) emissions. Galp receives annually free licenses, Emission Unit allowances (EUA), from the Portuguese Environment Agency to meet the emission of greenhouse gases. If the free allowances are insufficient to meet greenhouse gas emissions, Galp may purchase complementary allowances (EUA) assuming a cost that is recorded under \u201cCost of sales \u2013 Cost with the emissions of CO2\u201d. However, if greenhouse gas emissions are higher than the equivalent of the allowances in the portfolio at the end of the financial year, a cost is specialized for the best estimate of the expenditure to be made at the spot market quotation of the allowances. CO2 emissions from the Group\u2019s industrial installations and CO2 allowances allocated to it under the National CO2 Allowance Allocation Plan do not give rise to any asset recognition, provided that: (i) the existence of costs to be incurred by the Group with the acquisition of emission allowances on the market is not estimated, situation in which a cost specialization is recognized or; (ii) it is considered that they are not sold. In case of surpluses and sale of these allowances a profit is recognized. Galp has recognized in \u201cCost of sales \u2013 Costs with the emissions of CO2\u201d an amount of \u20ac74 m (Note 25). As of 31 December 2023, the certificates held in the portfolio are recognized in \u201cOther receivables \u2013 Deferred charges \u2013 Other deferred charges\u201d, amounting to \u20ac73 m (2022: \u20ac85 m) (Note 11) and the estimated cost to cover the shortage of certificates in \u201cOther payables \u2013 Accrued costs \u2013 other accrued costs\u201d, amounting to \u20ac74 m (2022: \u20ac87 m) (Note 15). CO2 allowances (portfolio of allowances held) and the liability for CO2 emissions are both derecognized on the settlement of the liability (which usually occurs in the following year with the delivery of the respective allowances) with the official environment agency. Biofuels certificates Accounting policies In the absence of specific guidance on the accounting of biofuel certificates, IAS 20 allows non-monetary government grants and related assets (in this case biofuel certificates) received to be measured at nominal value. Biofuel certificates awarded free of charge by ENSE, E.P.E. (National Energy Sector Entity, E.P.E.) are recognized at nominal value (i.e. at zero value). The obligation for biofuels is recognized under \u201cOther payables\u201d when the obligation arises under local regulations. To the extent that covered by the biofuel certificates held for the purposes of legal compliance, liability is measured according to the value of those certificates held and the remaining part not covered at market value. Biofuel certificates and biofuel liability are both derecognized on the settlement of the liability with the government environment agency. Annually, national targets and obligations for biofuel incorporation are defined. Biofuels are mixed with existing fuels, such as petrol and diesel, to reduce net emissions. The biofuel quota in the total fuel sales mix is used to meet regulatory requirements. This can be achieved by mixing biofuels in refineries and/or distribution warehouses, by importing biofuels (to jurisdictions granting biofuel certificates at the point of importation) or by purchasing certificated from third parties (for jurisdictions that have a tradable biofuel certificate mechanism). As of 31 December 2023, the following impacts were recognized on the financial statements: \u2022 Operating cost \u2013 recognized under \"Cost of sales\": \u20ac125 m (2022: \u20ac172 m) \u2022 Asset (arising from the purchase of certificates) \u2013 recognized under \"Inventories\": \u20ac17 m (2022: \u20ac20 m) \u2022 Liabilities \u2013 recognized under \"Other payables \u2013 Accrued costs \u2013 other accrued costs\": \u20ac0 m (2022: \u20ac0 m) 32. Subsequent events Accounting policy Events occurring after the date of the financial statements and which provide indications of conditions that exist after the date of the financial statements, if material, are disclosed in the Notes to the consolidated financial statements. Shares buyback programme 2024 On 12 February 2024, Galp has announced the start of a \u20ac350 m share repurchase of Galp Energia SGPS, S.A. shares with the purpose to reduce the issued share capital of the Company, following the capital allocation guidelines related to the 2023 fiscal year and the authorisations in place. The buyback is planned to be done in 2024. In addition, Galp\u2019s Board of Directors has approved a share-based remuneration plan as part of the Company\u2019s long-term incentives. Hence, Galp will also repurchase shares for such purpose, up to 1% of the share capital as per the authorisations in place. Namibia Exploration (PEL 83) Galp together with its partners, has drilled and logged the first exploration well (Mopane-1X) in block PEL83, offshore Namibia, which had begun in November 2023. Galp confirmed on 10 January 2024 the discovery of a significant column of light oil in reservoir-bearing sands of high quality. In addition, on 14 March 2024, Galp has successfully drilled the second exploration well (Mopane-2X), discovering a significant column with light oil in reservoirs of high quality. No impact on the Consolidated Statement of Income, Consolidated Statements of Financial Position or Consolidated Statement of Cash Flows from the events mentioned above. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "2. Information about material accounting policies, judgments, estimates and changes 2.1 Information about material accounting policies, judgments and estimates Accounting policies Galp\u2019s material accounting policies are disclosed in the related notes within these consolidated financial statements. Applying materiality The consolidated financial statements are the result of the aggregation of a large number of transactions by nature. When they are aggregated, the transactions are presented in classes of similar items. If a line item is not individually material, it is aggregated with other items of a similar nature in the consolidated financial statements, or in the notes thereto. Management makes the specific disclosures required by the IFRS unless the information is considered immaterial to the economic decision-making of the users of these financial statements or is otherwise not applicable. Basis of consolidation The consolidated financial statements incorporate the financial statements of the parent company Galp Energia SGPS, S.A. and the entities under its control. Control exists where Galp has effective power over an entity and is exposed to variable returns arising from its involvement with the entity. Where necessary, adjustments are made to bring the financial statements of the subsidiaries in line with the Group\u2019s accounting policies. All intragroup transactions, balances, income and expenses are eliminated in full upon consolidation. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition up to the effective date of disposal. Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to Galp\u2019s shareholders. Translation of foreign currencies Functional currency Items included in the financial statements of Galp Group entities are measured using the currency of the primary economic environment in which the subsidiary operates (the functional currency). The presentation currency of the consolidated group is the Euro, which is the functional currency of the parent. Translation of transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing as of the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year-end exchange rates of monetary assets and liabilities, are recognized in the income statement. Translation of Group companies Upon consolidation, the assets and liabilities of non-Euro entities are translated into Euros at the year-end rates of exchange, while their statements of income, other comprehensive income and cash flows are translated at the annual average rates. The resulting translation differences are recognized as currency translation differences within other comprehensive income. The following exchange differences are recognized in other comprehensive income: (i) Foreign subsidiaries\u2019 statements of comprehensive income are translated at the historical average of the year-end exchange rates; (ii) Loans granted by shareholders to subsidiaries in currencies other than the parent\u2019s functional currency that have no stipulated repayment terms are treated as net hedges on the investments in these foreign subsidiaries. This means that the foreign exchange differences arising from these loans that have not been eliminated upon consolidation are reclassified in the income statement from shareholders\u2019 equity to the line item \u201cCurrency translation reserves\u201d. Key accounting estimates and judgments Inherent in the application of the accounting policies used for the preparation of these consolidated financial statements is the need for Galp\u2019s management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses. The actual amounts could differ from the estimates and assumptions used. Accounting judgments and estimates which could have a material impact on the results of the group are described in the Notes to the financial statements alongside the material accounting policies. Those areas requiring the most significant judgment and the use of estimates when preparing these consolidated financial statements are: (i) Accounting for interests in joint arrangements and associates (Note 9); (ii) Accounting for oil and natural gas properties, including the estimation of oil and gas reserves and future commodity prices (Note 5); (iii) Recoverability of the carrying value of assets (Notes 5, 6, 8 and 9); (iv) Provisions and contingencies (Note 18); (v) Pensions and other post-employment benefits (Note 17); (vi) Income taxes (Note 16); (vii) Leases (Note 7); (viii) Derivatives financial instruments, including fair value measurements of financial instruments (Note 19 and 20). Where an estimate carries a significant risk of resulting in material adjustments to the carrying amounts of assets and liabilities within the next financial year, this is specifically stated within the respective note. Energy Transition Energy transition refers to the gradual shift from fossil-based energy production and consumption to renewable energy sources such as wind, solar and hydropower, as well as lithium-ion batteries, hydrogen and biofuels. While energy consumption is expected to continue rising, the higher penetration of renewable energy sources into the energy supply mix, the increasing electrification in transport, manufacturing and buildings, and the subsequent needs of improved energy storage, new mobility solutions and energy efficient technologies are all important drivers and challenges of the energy transition. Galp aims to play an important role in the energy transition, adapting its business portfolio to accompany the shifting paradigm in energy sources, while taking advantage, as much as possible, of synergies with existing businesses and distribution networks. The Group has already taken, in recent years, significant steps to diversify its asset base, simultaneously working towards improved operational energy efficiency and electrification, with a view to mitigate the carbon footprint of fossil fuel related business areas, remaining committed towards its ongoing sustainability journey, as the integration of low carbon energies and the increased renewable power generation will be fundamental to preparing Galp to address future options and continue to decarbonise its portfolio, maintaining an alignment with society and EU targets. Refer to section 2.1 to 2.3 in chapter 2, in the Integrated Management Report (Book I) for further details on strategic framework related to energy transition. This note describes how Galp has considered climate-related impacts in some key areas of the financial statements and how this translates into the valuation of assets and measurement of liabilities as Galp progresses in the energy transition. The material accounting policies, judgements and estimates section above provides the specific reference to the notes where the relevant uncertainties, including those that have the potential to have a material effect on the Consolidated Balance Sheet in the next 12 months, are described. This note describes the key areas of climate impacts that potentially have short- and longer-term effects on amounts recognized in the Consolidated Balance Sheet at December 31, 2023. Where relevant, this note contains references to other notes to the Consolidated Financial Statements and aims to provide an overarching summary. Financial planning and assumptions Group\u2019s decarbonization ambitions (See above) are embedded in Galp\u2019s business plan. Galp will continue to revise its business plan, price outlooks and assumptions as it moves towards net-zero emissions by 2050. The financial plan includes expected cost for evolving carbon regulations based on a forecast of Galp\u2019s equity share of emissions from operated and non-operated assets also considering the estimated impact of free allowances. Carbon cost estimates range around \u20ac120 per tonne of GHG emissions in 2030, \u20ac220 per tonne in 2040 and \u20ac330 per tonne in 2050 (nominal terms). Potential Accounting Impact of Energy Transition Changes in future commodity prices and potential impairments As noted, in accordance with IFRS, Galp\u2019s financial statements are based on reasonable and supportable assumptions that represent management\u2019s current best estimate of the range of economic conditions that may exist in the foreseeable future. Energy transition is expected to bring volatility and there is large uncertainty as to how commodity prices will develop over the next decades. External climate price scenarios differ with some presenting a structural lower price during the transition period, while other price lines see structural higher commodity prices as a result of changes in both supply and demand. Refer to Note 5 for Galp\u2019s best estimate for future oil and gas prices, including refining margins, and related sensitivities. If different price outlooks from external and often normative climate change scenarios were used, this may impact the recoverability of certain assets recognized in the Consolidated financial position as at December 31, 2023. These external scenarios are not representative of management price reasonable estimate. Change of portfolio Galp\u2019s strategy to play an important role in the energy transition may also result in new asset investments and/or divestments, which will impact the balance sheet and the Group\u2019s future results. Portfolio changes have started in previous years with the closure of the Matosinhos refinery, the acquisition of Titan 2020, S.A. (obtaining full control in 2022 following the acquisition of the remaining 25% stake) a large solar PV player and the divestment from its mature upstream assets in Angola (Note 2.2.2), focusing on its lowest carbon intensity assets. The Group continues to execute its strategy proposition focusing on the successful execution of key projects, combining growth and transformation in its portfolio with financial discipline and strong focus on profitable growth. Earlier than expected termination of abandonment provisions Energy transition may lead to earlier than planned decommissioning and restoration commitments. Galp has recognized in its accounts abandonment provisions for all assets where the abandonment commitments are material, except for Sines refinery industrial complex. Galp seeks to uphold its operations in its industrial site in Sines, naturally transforming and decarbonising towards the needs of a lower carbon energy system and ensuring longer-term viability. Recent final investment decision (FID) on one of the biggest electrolysers projects in Europe for renewable hydrogen production and a large advanced biofuels plant to produce HVO and SAF, showcase Galp\u2019s commitment to ensure the energy supplies of the future. Climate Changes As with the Energy Transition, Galp has been working in the assessment of the potential impact of climate change risks in its activities. This analysis has the double objective of valuing the resilience of Galp\u2019s strategy under different scenarios while at the same time identify relevant opportunities and threats. Galp integrated the TCFD recommendations in the identification of climate change related risks. A set of physical and market variables were collected in order to estimate the impact of climate change risks in Galp\u2019s operations and value at risk. Potential Accounting Impact of Climate Change Physical risks of Assets due to weather catastrophes Galp is in the process of conducting multiple studies aimed at expanding the understanding of physical risks. These studies will allow a better understanding of the resilience of Galp\u2019s physical assets in the short to medium term given the estimated pace of climate change. Galp has several core assets near the coastline and holds interests in joint operations in deep waters with Floating Production and Offloading Vessels (FPSO). These core assets, as well as other Galp assets, are covered by insurance. Change of commodity and CO 2 prices Climate change may affect the supply and demand of energy both at a local and a global level which, in turn, may have an impact on the financial statements of Galp Group through variables such as CO2 prices or the price and quantities traded of commodities in general. Such risks are closely monitored and are appropriately reflected in the financial statements when and if they occur. 2.2 Significant changes during the year 2.2.1 Change of Head-office address On 2 January 2024 Galp has changed its head office address to Avenida da \u00cdndia, 8 in Lisbon, Portugal. 2.2.2 Non-current Assets and Liabilities classified as held for sale On 16 December 2022, the Board of Directors decided to proceed with the divestment of the Angolan Upstream, through the sale of Galp Energia Overseas Block 32 BV and Galp Energia Overseas Block 14 BV. On 13 February 2023, Galp has signed an agreement for the sale of its upstream assets in Angola. Proceeds are expected to reach c.$830 m, already net of capital gain taxes, including c.$655 m to be received until completion and $175 m in contingent payments due in 2024 and 2025 dependent on Brent price. Completion of the transactions is now expected during 2024. In 2023, Galp has received \u20ac77 m of initial proceeds (down payment) (which is accounted in \u201cOther deferred income\u201d caption in Note 13) and \u20ac132 m of leakage (distribution of interim dividends). The Board considered that the criteria to be classified as Non-current assets held for sale is still met: (i) the assets are available for immediate sale and can be sold to the buyer in its current condition; (ii) the actions to complete the sale were initiated and are expected to be completed within one year from the date of initial classification; (iii) a potential buyer has been identified and negotiations as at the reporting date are at an advance stage. The respective assets and liabilities of the upstream entities in Angola are classified as \u2018Non-current assets held for sale\u2019 and \u2018Liabilities directly associated with non-current assets classified as held for sale\u2019, presented separately, as current, in the consolidated financial statements as at December 31, 2023. The assets, liabilities and cumulative translation reserve in equity that comprise the values shown in the Primary statements are as following: Unit: \u20acm 2023 Non-current assets held for sale 537 Intangible assets 7 Tangible assets 487 Right-of-use assets 1 Inventories 5 Other receivables 37 Liabilities directly associated with non-current assets held for sale (97) Deferred tax liability (5) Provisions (78) Other payables (15) Equity (142) Cumulative translation reserves (142) 2.2.3 Changes to the consolidation perimeter During the twelve-month period ended on the 31 December 2023 Galp has entered into the following main transactions: Legal Entity Country % Transaction Consolidation Method Acau\u00e3 Solar Energia SPE Ltda Brazil 100% Returned to SER - Citrino Solar Energia SPE Ltda Brazil 100% Returned to SER - C-M-791 \u2013 joint operation Brazil 20% Returned to Brazilian authorities - PEPB-M-783 \u2013 joint operations Brazil 20% Returned to Brazilian authorities - PEPB-M-839 \u2013 joint operation Brazil 20% Returned to Brazilian authorities - Ventos de Santo Ant\u00e3o Energias Renov\u00e1veis, S.A. Brazil 100% Acquisition Full consolidation Vereda Solar Energia, S.A. (8 entities from II-IX) Brazil 100% Founded Full consolidation Enacolgest, Lda Cape Verde 48% Merger Merged with Enacol, S.A.R.L. (the surviving entity) Carri\u00e7o Cogera\u00e7\u00e3o, S.A. Portugal 65% Liquidation - For further details of Consolidation perimeter and Galp financial interests in entities see Note 31. 2.2.4. Non-bearing interest loans fair value determination The Group has established back in 2017 a non-bearing interest loan with fixed term with Coral FLNG to support its activities. Under IFRS 9, at initial recognition the loan shall be measured at its fair value and, subsequently, measured at amortized cost, by estimating the loan reimbursement schedule up to the loan maturity and also, determining a discount rate that reflects both maturity and the Company credit risk for similar financial liabilities. At origination, the difference between the loan amount and its fair value (present value using current market rates for similar instruments) is treated as an equity contribution to Coral FLNG, which represents a further investment by the Group in Coral FLNG. In 2023, as a result of the modification of the shareholders loan reimbursement schedule, Management reassessed the accounting treatment of the loan under IFRS 9 (which was previously being characterized for accounting purposes as a capital contribution \u2013 equity investment) (Note 9). 2.2.5 Acquisition of owns shares Own equity instruments that are reacquired (own shares or treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Galp has initiated on 15 February 2023 a programme to repurchase Galp Energia SGPS, S.A. own shares in the amount of \u20ac500 m. On 15 December 2023 Galp concluded this share repurchase programme. Pursuant to the conclusion of the programme, Galp\u2019s Board of Directors approved the reduction of the Company\u2019s share capital through the extinction of 42,028,823 own-shares, representative of approximately 5.16% of its share capital on 1 January 2023. Average price of the repurchase of the shares was \u20ac11.90/share. 9. Investments in associates and joint ventures Accounting policies Joint Arrangements and Associates Arrangements under which Galp has contractually agreed to share control with another party or parties are deemed to be joint arrangements. These may be joint ventures where the parties have rights to the net assets of the arrangement, or joint operations where the parties have rights to the assets and obligations arising from the liabilities relating to the arrangement. Investments in entities over which Galp has the right to exercise significant influence but has neither control nor joint control, are classified as associates. Investments in joint ventures and associates are accounted for using the equity method, under which the investment is initially recognized at cost and subsequently adjusted for Galp\u2019s share of post-acquisition net results. The investments are also adjusted for the dividends received and for Galp\u2019s share of other comprehensive income. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The statement of profit or loss reflects Galp\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of Galp\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, Galp recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between Group Galp and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The financial statements of the associate or joint venture are prepared for the same reporting period as Galp Group. When necessary, adjustments are made to the financial statements of joint ventures and associates to bring the accounting policies used into line with those of Galp. Galp recognises its assets and liabilities relating to its interests in joint operations, including its share of any assets held jointly and liabilities incurred jointly with other partners. Impairment After application of the equity method, Galp determines whether it is necessary to recognise an impairment loss on its investment in its associate or joint venture. At each reporting date, Galp determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, Galp calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss within \u201cEarnings from associates and joint ventures\u201d in the statement of profit or loss. Accounting estimates and judgements Impairment Determining whether impairment of assets has occurred requires a high level of judgment by management, specifically around identifying and evaluating indicators for impairment or impairment reversal, projection of future cashflows and applicable discount rates. The key assumptions used to determine the recoverable amount for the relevant joint venture (Coral FLNG), which belongs to Upstream segment are disclosed in Note 5. Information about joint arrangements and associates can be found in Note 31. As of 31 December 2023 and of 31 December 2022, the net book values of investments in joint ventures and associates were as follows: Unit: \u20acm 2023 2022 255 417 Joint ventures 131 292 Associates 124 125 Movements in Joint Ventures are as follows: Unit: \u20acm As at 31 December 2022 Share capital increase/ decrease Equity Method Other adjustments Dividends Reclassification As at 31 December 2023 292 (182) (23) 47 (4) 0 131 Coral FLNG, S.A. 279 (174) (23) 28 0 0 110 Other joint ventures 13 (7) 0 19 (4) 0 21 The decrease of \u20ac174 m in Coral FLNG stake is related to the \u201cShareholder Loan Agreement\u201d reclassification into \u201cFinancial assets not measured at fair value (Note 12). The non-bearing interest loan has a final repayment date of 31 January 2035 and was discounted using current market interest rates for similar instruments. The difference between the loan amount and its fair value, which, at origination, is treated as an equity contribution to Coral FLNG (being presented under this caption), amounts to \u20ac76 m. A summary of the financial indicators of the significant joint ventures as of 31 December 2023 is shown below: Unit: \u20acm Coral FLNG, S.A.* Total non-current assets 7,247 Total current assets 624 Of which cash and cash equivalents 434 Total assets 7,871 Total non-current liabilities 5,783 Of which debt 4,200 Total current liabilities 854 Of which debt - Total liabilities 6,637 Total operating income 102 Total operating costs (120) Operating results (18) Net financial results (144) Profit before taxes (161) Income taxes 28 Net income for the year (133) * Provisional financial statement as of the closing date used to apply the equity method, converted at the spot and average exchange rates, respectively, for balance sheet and results indicators. Movements in Associates are as follows: Unit: \u20acm As at 31 December 2022 Share capital increase/ decrease Equity Method Foreign exchange rate differences and other adjustments Dividends Reclassification As at 31 December 2023 125 (17) 33 (7) (9) 0 124 Bel\u00e9m Bioenergia Brasil, S.A. 73 (19) 25 3 (3) 0 79 Floene Energias, S.A. 8 0 0 0 0 0 8 Other associates 43 2 8 (10) (6) 0 37 For comparative information on Joint Ventures and Associates, please refer to the consolidated financial statements for the year ended 31 December 2022. Earnings from associate and joint ventures amount to a gain of \u20ac10 m. Dividends received in the period plus share capital reductions distributions amounted to \u20ac31 m (2022: \u20ac26 m). Based on the impairment analysis carried out for the relevant investments in joint ventures and associates, no evidence of impairment exists and, as such, no impairment has been recorded. Transactions with joint ventures and associates Refer to Note 29 for details on the nature of the transactions and balances. 12. Other financial assetsUnit: \u20acm 2023 2022 Notes Current Non-current Current Non-current 207 351 339 256 Financial Assets at fair value through profit & loss \u2013 derivatives 19 165 96 304 110 Financial Assets at fair value through comprehensive income 0 1 0 3 Financial Assets not measured at fair value \u2013 Loans and Capital subscription 41 235 34 102 Others 1 19 1 42 Financial assets at fair value through profit or loss refer to financial derivatives (Note 19). The increase of Financial assets not measured at fair value \u2013 Loans and Capital subscription includes a reclassification of a loan from Investments in joint ventures amounting to \u20ac174 m (Note 9). As at 31 December 2023, the fair value of Coral FLNG \u201cShareholder Loan Agreement\u201d amounts to \u20ac 169 m (Note 29). During the year the loan to Galp IPG Matola Terminal Lda. was fully reimbursed (\u20ac 39 m). 20. Financial assets and liabilities Accounting policies Galp classifies financial assets and liabilities into the following categories: a) Financial assets at fair value through other comprehensive income; b) Financial assets and liabilities carried at amortized cost; c) Financial assets and liabilities at fair value through profit or loss (derivatives). Management determines the classification of its financial assets on initial recognition and re-evaluates it at the end of each reporting period if, and only if, there is a change in the business model. For financial liabilities, such changes in classification are not allowed. Recognition and measurement Purchases and sales of investments are recognized as of the trade date. Investments are initially recognized at fair value. Financial assets at fair value through other comprehensive income and financial assets at fair value through profit or loss are subsequently carried at fair value. Fair value disclosures are made separately for each class of financial instruments at the end of the reporting period. Nevertheless, assets at fair value through other comprehensive income are measured at cost as a proxy for their fair value. As, they are not quoted on a stock exchange, no recent available information is available to measure their fair value reliably, and the amounts involved are immaterial. Derecognition of financial assets Financial Assets are derecognized from the statement of financial position when the rights to receive cash flow from investments have expired or have been transferred and Galp has transferred substantially all of the risks and rewards of ownership. Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income consist mainly of equity investments. When these kinds of financial assets are derecognized, the gain or loss will be kept in equity. Dividends received are recognized in profit or loss. Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are non-derivative financial assets which are held solely for payments of principal and interests (SPPI). If collection is expected within one year (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables and other receivables are recognized initially at fair value. Subsequently they are measured at amortized cost using the effective interest method, less impairment. Fair value hierarchy In accordance with the accounting rules, an entity must classify the fair value measurement based on a fair value hierarchy that reflects the meaning of the inputs used for measurement. The fair value hierarchy has the following levels: \u2022 Level 1 \u2013 the fair value of the assets or liabilities is based on active liquid market quotation as of the date of the statement of financial position; \u2022 Level 2 \u2013 the fair value of the assets or liabilities is determined through valuation models based on observable market inputs; and \u2022 Level 3 \u2013 the fair value of the assets or liabilities is determined through valuation models, whose main inputs are not observable in the market. Accounting estimates and judgements When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using internal valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets when possible, but when this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in valuation methodologies and in assumptions relating to these factors could affect the reported fair value of financial instruments. 23. Non-controlling interests As of 31 December 2023, the changes in non-controlling interests during the year and included in equity are as follows: Unit: \u20ac m 31/12/2022 Net profit for the period Currency translation reserves Dividends Liquidation of Carri\u00e7o Cogera\u00e7\u00e3o 31/12/2023 956 209 -46 -197 -2 920 Dividends during 2023 were attributed mainly to Sinopec (stake in Petrogal Basil, S.A.). 31. Companies in the Galp Group Judgment is required whenever an entity is acquired or modified in order to give a proper and clear image of the consolidated financial statements. In order to do this, several items are analysed to support the accounting decisions, namely: \u2022 Power over the investee; \u2022 Exposure or rights in relation to the variable results arising through its relationship with the investee; and \u2022 Ability to use its power over the investee to impact the amounts of the results to the investors. Shareholder agreements are also thoroughly analysed to identify any contract clauses which give substantive power or give only protection rights to the investor. An analysis of the substance rather than the legal form is necessary for proper accounting treatment. Consolidation perimeter The Companies consolidated in accordance with the full consolidation method are disclosed below: Activity: \u2022 Upstream \u2022 Industrial & Energy Management \u2022 Commercial \u2022 Renewables & New Businesses \u2022 Others Company and country Percentage of shares owned Activity Parent company Galp Energia, SGPS, S.A., Portugal Subsidiaries by groups Galp Energia, S.A., Portugal 100% \u2022 Galp Energia E&P Subgroup Galp Energia E&P, BV, The Netherlands 100% \u2022 Galp Sinopec Brazil Services BV, The Netherlands 70% \u2022 Galp E&P Brazil BV, The Netherlands 100% \u2022 Galp Energia Brasil, S.A., Brazil 100% \u2022 Cascudo Solar Energia I, Ltd, Brazil 100% \u2022 Cascudo II Solar Energia, S.A., Brazil 100% \u2022 Cascudo III Solar Energia, S.A., Brazil 100% \u2022 Company and country Percentage of shares owned Activity Cascudo IV Solar Energia, S.A., Brazil 100% \u2022 Cascudo V Solar Energia, S.A., Brazil 100% \u2022 Cascudo VI Solar Energia , S.A., Brazil 100% \u2022 Cascudo VII Solar Energia, S.A., Brazil 100% \u2022 Murion Solar Energia SPE Ltda, Brazil 100% \u2022 Murion II Solar Energia, S.A., Brazil 100% \u2022 Murion III Solar Energia, S.A., Brazil 100% \u2022 Murion IV Solar Energia, S.A., Brazil 100% \u2022 Murion V Solar Energia, S.A., Brazil 100% \u2022 Murion VI Solar Energia, S.A., Brazil 100% \u2022 Murion VII Solar Energia, S.A., Brazil 100% \u2022 Murion VIII Solar Energia, S.A., Brazil 100% \u2022 Ventos de Santo Ant\u00e3o Energias Renov\u00e1veis, S.A., Brazil 100% \u2022 Ventos de Santo Ant\u00e3o II Energias Renov\u00e1veis, S.A., Brazil 100% \u2022 Ventos de Santo Ant\u00e3o III Energias Renov\u00e1veis, S.A., Brazil 100% \u2022 Ventos de Santo Ant\u00e3o IV Energias Renov\u00e1veis, S.A., Brazil 100% \u2022 Chalana Solar Energia Ltda, Brazil 100% \u2022 A\u00e7ucena Solar Energia Ltda, Brazil 100% \u2022 Cerrado Solar Energia Ltda, Brazil 100% \u2022 Vereda II Solar Energia S.A., Brazil 100% \u2022 Vereda III Solar Energia S.A., Brazil 100% \u2022 Vereda IV Solar Energia S.A., Brazil 100% \u2022 Vereda V Solar Energia S.A., Brazil 100% \u2022 Vereda VI Solar Energia S.A., Brazil 100% \u2022 Vereda VII Solar Energia S.A., Brazil 100% \u2022 Vereda VIII Solar Energia S.A., Brazil 100% \u2022 Vereda IX Solar Energia S.A., Brazil 100% \u2022 Petrogal Brasil, BV, The Netherlands 100% \u2022 Petrogal Brasil, S.A., Brazil 70% \u2022 Petrogal Brasil Comercializadora, Lda.(ex-Galp Explora\u00e7\u00e3o Servi\u00e7os do Brasil, Lda), Brazil 70% \u2022 Galp East Africa BV, The Netherlands 100% \u2022 Galp Energia Portugal Holdings BV, The Netherlands 1 100% \u2022 Activity: \u2022 Upstream \u2022 Industrial & Energy Management \u2022 Commercial \u2022 Renewables & New Businesses \u2022 Others Company and country Percentage of shares owned Activity Galp Energia Rovuma BV, The Netherlands 100% \u2022 Galp Energia Rovuma BV(Mozambique branch), Mozambique - \u2022 Galp West Africa, SA (ex-Galp Explora\u00e7\u00e3o e Produ\u00e7\u00e3o Petrol\u00edfera, S.A.), Portugal 100% \u2022 Galp S\u00e3o Tom\u00e9 e Pr\u00edncipe Unipessoal, Limitada, S\u00e3o Tom\u00e9 and Pr\u00edncipe 100% \u2022 Windhoek PEL 23 BV, The Netherlands 100% \u2022 Windhoek PEL 23 BV (Branch in Namibia), Namibia \u2010 \u2022 Windhoek PEL 28 BV,The Netherlands 100% \u2022 Windhoek PEL 28 BV (Branch in Namibia), Namibia - \u2022 Galp Energia Overseas Block 14 BV, The Netherlands * 2 100% \u2022 Galp Energia Overseas Block 14 BV \u2013 Branch in Angola, Angola * \u2010 \u2022 Galp Energia Overseas Block 32 BV, The Netherlands * 2 100% \u2022 Galp Energia Overseas Block 32 BV \u2013 Branch in Angola, Angola * \u2010 \u2022 Galp Trading, S.A., Switzerland 100% \u2022 Tagus Re, S.A., Luxembourg 100% \u2022 Galp New Energies Subgroup Galp New Energies, S.A., Portugal 100% GDP G\u00e1s de Portugal, S.A. (ex-GDP \u2013 G\u00e1s de Portugal, S.A.), Portugal 100% \u2022 Enerfuel, S.A., Portugal 100% \u2022 Galp Bioenergy BV, The Netherlands 100% \u2022 Galp Parques Fotovoltaicos de Alcoutim Lda, Portugal 100% \u2022 GowithFlow, S.A., Portugal 100% \u2022 Enercapital Power Italia Uno SRL, Italy 100% \u2022 Fornax Energy, S.L.U., Spain 100% \u2022 Magallon 400, S.L., Spain 3 68% \u2022 ISDC International Solar Development Corporation, Lda., Portugal 100% \u2022 QNO \u2013 Sociedade Agr\u00edcola, Unipessoal, Lda, Portugal 100% \u2022 Bujeo 2021, SLU (ex-\u00c9ter Solarbay S.L.), Spain 100% \u2022 Jerjes Energia, SLU (ex-C\u00edclope Solarbay, S.L.), Spain 100% \u2022 Duplexia Experts, S.L.U., Spain 100% \u2022 Gastroselector Market, S.L.U., Spain 100% \u2022 * Entities classified as Non-current assets held for sale on 31 December 2023 and expected to be sold in 2024. Company and country Percentage of shares owned Activity Pitarco Energia, S.L.U., Spain 100% \u2022 Ventinveste, S.A., Portugal 100% \u2022 Parque E\u00f3lico de Vale Grande, S.A., Portugal 100% \u2022 Titan 2020, S.A.U., Spain 100% \u2022 Renovables Sp\u00ednola I, S.L.U., Spain 100% \u2022 Energia de Suria, S.L.U., Spain 100% \u2022 Energia Faet\u00f3n, S.L.U., Spain 100% \u2022 Logro Solar, S.L.U., Spain 100% \u2022 Ictio Solar Orion, S.L.U., Spain 100% \u2022 Navabuena Solar, S.L.U., Spain 100% \u2022 PV XXVI Rescesvinto, S.L., Spain 100% \u2022 Ictio Toledo Solar, S.L.U., Spain 100% \u2022 Ictio Solar, S.L.U., Spain 100% \u2022 Ictio Solar Auriga, S.L.U., Spain 100% \u2022 Ictio Manzanares Solar, S.L.U., Spain 100% \u2022 Caliza Solar, S.L.U., Spain 100% \u2022 Taburete Solar, S.L.U., Spain 100% \u2022 PV XXIX \u00c9gica, S.L.U., Spain 100% \u2022 Ah\u00edn PV Solar, S.L.U., Spain 100% \u2022 Ictio Solar Andr\u00f3meda, S.L.U., Spain 100% \u2022 Ictio Solar Berenice, S.L.U., Spain 100% \u2022 Alca\u00f1iz Solar, S.L.U., Spain 100% \u2022 Ictio Solar Perseus, S.L.U., Spain 100% \u2022 Instalaciones y Servicios Sp\u00ednola I, S.L.U., Spain 100% \u2022 Instalaciones y Servicios Sp\u00ednola II, S.L.U., Spain 100% \u2022 Energia Sierrezuela, S.L.U., Spain 100% \u2022 Titan 2020 PV, S.L.U., Spain 100% \u2022 Palabra Solar, S.L.U., Spain 100% \u2022 Planta Solar Alc\u00e1zar 1, S.L.U., Spain 100% \u2022 Planta Solar Alc\u00e1zar 2, S.L.U., Spain 100% \u2022 PE Valdecarro, S.L.U., Spain 100% \u2022 Energ\u00edas Ambientales de Soria, S.L.U., Spain 100% \u2022 El Robledo E\u00f3lica, S.L.U., Spain 100% \u2022 Activity: \u2022 Upstream \u2022 Industrial & Energy Management \u2022 Commercial \u2022 Renewables & New Businesses \u2022 Others Company and country Percentage of shares owned Activity Ribagrande Energia, S.L.U., Spain 100% \u2022 Valdelagua Wind Power, S.L.U., Spain 100% \u2022 Escarnes Solar, S.L.U., Spain 100% \u2022 Envitero Solar, S.L.U., Spain 100% \u2022 Mocatero Solar, S.L.U., Spain 100% \u2022 Escatr\u00f3n Solar, S.L.U., Spain 100% \u2022 Ignis Solar Uno, S.L.U., Spain 100% \u2022 Emoci\u00f3n Solar, S.L.U., Spain 100% \u2022 Mediomonte Solar, S.L.U., Spain 100% \u2022 Esplendor Solar, S.L.U., Spain 100% \u2022 Haza\u00f1a Solar, S.L.U., Spain 100% \u2022 Talento Solar, S.L.U., Spain 100% \u2022 Petrogal Subgroup Petrogal, S.A., Portugal 100% \u2022 \u2022 Petrogal, S.A. (Branch in Spain), Spain \u2010 \u2022 Galp Energia Espa\u00f1a, S.A.U., Spain 100% \u2022 Galpgest \u2013 Petrogal Estaciones de Servicio, S.L.U., Spain 100% \u2022 Galp Energia Independiente, S.L.U. (ex-Recule Investments SL), Spain 100% \u2022 Galp Energia Independiente SL (Branch in Portugal), Portugal - \u2022 EI Galp, S.A. (ex-Perfeito e Empolgante, S.A.), Portugal 100% \u2022 Galp A\u00e7ores S.A., Portugal 100% \u2022 Saaga \u2013 Sociedade A\u00e7oreana de Armazenagem de G\u00e1s, S.A., Portugal 68% \u2022 Galp Madeira S.A., Portugal 100% \u2022 CLCM \u2013 Companhia Logistica de Combust\u00edveis da Madeira, S.A., Portugal 75% \u2022 Sacor Mar\u00edtima, S.A., Portugal 100% \u2022 C.L.T. \u2013 Companhia Log\u00edstica de Terminais Mar\u00edtimos, S.A., Portugal 100% \u2022 Sempre a Postos \u2013 Produtos Alimentares e Utilidades, Lda., Portugal 75% \u2022 Tanquisado \u2013 Terminais Mar\u00edtimos, S.A., Portugal 100% \u2022 Galpgeste \u2013 Gest\u00e3o de \u00c1reas de Servi\u00e7o, S.A., Portugal 100% \u2022 Portcogera\u00e7\u00e3o, S.A., Portugal 100% \u2022 Galp Marketing Internacional, S.A., Portugal 100% \u2022 Company and country Percentage of shares owned Activity Petrogal Guin\u00e9-Bissau, Lda., Guinea-Bissau 100% \u2022 Petromar \u2013 Sociedade de Abastecimentos de Combust\u00edveis, Lda., Guinea- Bissau 80% \u2022 Petrog\u00e1s \u2013 Importa\u00e7\u00e3o, Armazenagem e Distribui\u00e7\u00e3o de G\u00e1s, Lda., Guinea- Bissau 65% \u2022 C.L.C. Guin\u00e9 Bissau \u2013 Companhia Log\u00edstica de Combust\u00edveis da Guin\u00e9 Bissau, Lda., Guinea-Bissua 90% \u2022 Empresa Nacional de Combust\u00edveis \u2013 Enacol, S.A.R.L, Cape Verde* 48% \u2022 Enamar \u2013 Sociedade Transportes Mar\u00edtimos, Sociedade Unipessoal, S.A., Cape Verde 48% \u2022 Petrogal Mo\u00e7ambique, Lda., Mozambique 100% \u2022 Galp Mo\u00e7ambique, Lda., Mozambique 100% \u2022 Galp Mo\u00e7ambique, Lda. (Branch in Malawi), Malawi \u2010 \u2022 Galp Eswatini (PTY) Limited, Eswatini 100% \u2022 Petrogal Angola, Lda., Angola 100% \u2022 Galp G\u00e1s Natural, S.A., Portugal 100% \u2022 \u2022 GDP \u2013 G\u00e1s de Portugal, S.A. (ex-Transg\u00e1s Armazenagem, S.A.), Portugal 100% \u2022 Transg\u00e1s, S.A., Portugal 100% \u2022 Lisboag\u00e1s Comercializa\u00e7\u00e3o, S.A., Portugal 100% \u2022 Lusitaniag\u00e1s Comercializa\u00e7\u00e3o, S.A., Portugal 100% \u2022 Setg\u00e1s Comercializa\u00e7\u00e3o, S.A., Portugal 100% \u2022 Agroger \u2013 Sociedade de Cogera\u00e7\u00e3o do Oeste, S.A., Portugal 100% \u2022 LGA \u2013 Log\u00edstica Global de Avia\u00e7\u00e3o, Lda, Portugal 60% \u2022 * During 2023 Enacolgest merged with Enacol, S.A. The Group controls Enacol\u2019s financial and operational policies and is expected to continue to do so by means of a representative majority of votes at the Board of Directors\u2019 meetings. 1 73.24% of the interest held by Galp Energia E&P, BV and 26.76% held by Petrogal, S.A. 2 61.84% of the interest held by Galp Energia E&P, BV and 38.16% held by Galp West Africa, S.A. 3 53.24% of the interest held by Fornax Energy, SLU, 7.14% held by Duplexia Experts, SL and 7.14% held by Gastroselector Market, SL. Unincorporated joint operations Joint operations \u2013 Oil Consortia Consortium Galp's participation interest Oil Consortium in Brazil BM-S-8 20% Joint operations \u2013 Oil Consortia Consortium Galp's participation interest BM-S-11 10% BM-S-11 A 1 10% BM-S-24 2 20% BAR-300 10% BAR-342 10% BAR-344 10% BAR-388 10% Carcar\u00e1 Norte 20% Block Uirapuru 14% Cabinuas 10% Oil Consortium in Mozambique Area 4 10% Oil Consortium in Namibia PEL83 80% Oil Consortium in S\u00e3o Tom\u00e9 and Pr\u00edncipe Block 6 45% Block 11 20% Block 12 41% Oil Consortium in Angola Block 14** 9% Block 14K** 4.5% Block 32** 5% Sonagas* 10% Oil Consortium in Uruguay* Area 3 20% Area 4 20% * Joint operations with no activity during 2023 and in process of closing ** In sales process 1 Includes the field Atap\u00fa (Galp share 1.7%) 2 Includes the field S\u00e9pia (Galp share 2.4%) Incorporated Joint Operations Activity: \u2022 Upstream \u2022 Industrial & Energy Management \u2022 Commercial \u2022 Renewables & New Businesses \u2022 Others Company and country Percentage of shares owned Activity Sig\u00e1s \u2013 Armazenagem de G\u00e1s, A.C.E., Portugal 60.00% \u2022 Perg\u00e1s \u2013 Armazenamento de G\u00e1s, A.C.E., Portugal 51.00% \u2022 Comunidad de Bienes Chiprana Este, Spain 100.00% \u2022 Comunidad de Bienes Jarrina, Spain 100.00% \u2022 Comunidad de Bienes Aragon Sul, Spain 100.00% \u2022 Comunidad de Bienes Samper de Calanda, Spain 100.00% \u2022 Comunidad de Bienes Peaker, Spain 83.33% \u2022 Comunidad de Bienes El Corralito, Spain 68.08% \u2022 Multiservicios Galp Barcelona, Spain 50.00% \u2022 Joint Ventures Activity: \u2022 Upstream \u2022 Industrial & Energy Management \u2022 Commercial \u2022 Renewables & New Businesses \u2022 Others Company and country Percentage of shares owned Activity Tupi B.V., The Netherlands* 6.48% \u2022 Iara B.V., The Netherlands* 1.20% \u2022 Coral FLNG, S.A., Mozambique* 10.00% \u2022 Coral South FLNG DMCC, United Arab Emirates* 10.00% \u2022 Rovuma LNG, S.A., Mozambique* 10.00% \u2022 Rovuma LNG Investments (DIFC) LTD., United Arab Emirates* 10.00% \u2022 C.L.C. \u2013 Companhia Log\u00edstica de Combust\u00edveis, S.A., Portugal* 65.00% \u2022 Asa \u2013 Abastecimento e Servi\u00e7os de Avia\u00e7\u00e3o, Lda., Portugal 50.00% \u2022 Aurora Lith, S.A., Portugal 50.00% \u2022 Talar Renewable Energy, S.L., Spain 50.00% \u2022 *Galp has joint control for the selected entities even if it holds more or less than 50% of the shares by means of a Shareholder agreement that conveys substantive power to conclude joint control for the joint shareholder or Galp. Investment in Associates Activity: \u2022 Upstream \u2022 Industrial & Energy Management \u2022 Commercial \u2022 Renewables & New Businesses \u2022 Others Company and country Percentage of shares owned Activity Aero Servi\u00e7os, SARL \u2013 Sociedade Abastecimento de Servi\u00e7os Aeroportu\u00e1rios, Guinea-Bissau* 50.00% \u2022 EMPL \u2013 Europe Maghreb Pipeline, Ltd, Spain 22.80% \u2022 Galp IPG Matola Terminal Lda, Mozambique 45.00% \u2022 Geo Alternativa, S.L., Spain 25.00% \u2022 IPG Galp Beira Terminal Lda, Mozambique 45.00% \u2022 Metragaz, S.A., Marocco 22.64% \u2022 Sodig\u00e1s-Sociedade Industrial de Gases, S.A.R.L, Cape Verde 23.05% \u2022 Sonangalp \u2013 Sociedade Distribui\u00e7\u00e3o e Comercializa\u00e7\u00e3o de Combust\u00edveis, Lda., Angola 49.00% \u2022 Hytlantic, S.A., Portugal 28.50% \u2022 Terparque \u2013 Armazenagem de Combust\u00edveis, Lda., Portugal 15.90% \u2022 Imopetro \u2013 Importadora Mo\u00e7ambicana de Petr\u00f3leos, Lda, Mozambique 5.88% \u2022 CMD \u2013 Aeroportos Canarios S.L., Spain*** 15.00% \u2022 SABA \u2013 Sociedade abastecedora de Aeronaves, Lda., Portugal 25.00% \u2022 Belem Bioenergia Brasil, S.A., Brazil 49.99% \u2022 Galp G\u00e1s Natural Distribui\u00e7\u00e3o Subgroup Floene Energias, S.A. (ex-Galp G\u00e1s Natural Distibui\u00e7\u00e3o, S.A.), Portugal** 2.49% \u2022 Beirag\u00e1s \u2013 Companhia de G\u00e1s das Beiras, S.A., Portugal** 1.48% \u2022 Dianag\u00e1s \u2013 Soc. Distrib. de G\u00e1s Natural de \u00c9vora, S.A., Portugal** 2.49% \u2022 Durienseg\u00e1s \u2013 Soc. Distrib. de G\u00e1s Natural do Douro, S.A., Portugal** 2.49% \u2022 Lisboag\u00e1s \u2013 Sociedade Distribuidora de G\u00e1s Natural de Lisboa, S.A., Portugal** 2.49% \u2022 Lusitaniag\u00e1s \u2013 Companhia de G\u00e1s do Centro, S.A., Portugal** 2.42% \u2022 Medig\u00e1s \u2013 Soc. Distrib. de G\u00e1s Natural do Algarve, S.A., Portugal** 2.49% \u2022 Paxg\u00e1s \u2013 Soc. Distrib. de G\u00e1s Natural de Beja, S.A., Portugal** 2.49% \u2022 Setg\u00e1s \u2013 Sociedade de Produ\u00e7\u00e3o e Distribui\u00e7\u00e3o de G\u00e1s, S.A., Portugal** 2.49% \u2022 Tagusg\u00e1s \u2013 Empresa de G\u00e1s do Vale do Tejo, S.A., Portugal** 2.47% \u2022 * Galp has significant influence even though it holds 50%, of the shares of Aero Servi\u00e7os SARL. ** Galp has significant influence even though it holds less then 20% of the shares. *** The shares held on CMD (15%) results of a liquidation process of former entity Galp Disa Aviaci\u00f3n whereas Galp had a stake of 50% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19994": {
"value": "2. Information about material accounting policies, judgments, estimates and changes 2.1 Information about material accounting policies, judgments and estimates Accounting policies Galp\u2019s material accounting policies are disclosed in the related notes within these consolidated financial statements. Applying materiality The consolidated financial statements are the result of the aggregation of a large number of transactions by nature. When they are aggregated, the transactions are presented in classes of similar items. If a line item is not individually material, it is aggregated with other items of a similar nature in the consolidated financial statements, or in the notes thereto. Management makes the specific disclosures required by the IFRS unless the information is considered immaterial to the economic decision-making of the users of these financial statements or is otherwise not applicable. Basis of consolidation The consolidated financial statements incorporate the financial statements of the parent company Galp Energia SGPS, S.A. and the entities under its control. Control exists where Galp has effective power over an entity and is exposed to variable returns arising from its involvement with the entity. Where necessary, adjustments are made to bring the financial statements of the subsidiaries in line with the Group\u2019s accounting policies. All intragroup transactions, balances, income and expenses are eliminated in full upon consolidation. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition up to the effective date of disposal. Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to Galp\u2019s shareholders. Translation of foreign currencies Functional currency Items included in the financial statements of Galp Group entities are measured using the currency of the primary economic environment in which the subsidiary operates (the functional currency). The presentation currency of the consolidated group is the Euro, which is the functional currency of the parent. Translation of transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing as of the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year-end exchange rates of monetary assets and liabilities, are recognized in the income statement. Translation of Group companies Upon consolidation, the assets and liabilities of non-Euro entities are translated into Euros at the year-end rates of exchange, while their statements of income, other comprehensive income and cash flows are translated at the annual average rates. The resulting translation differences are recognized as currency translation differences within other comprehensive income. The following exchange differences are recognized in other comprehensive income: (i) Foreign subsidiaries\u2019 statements of comprehensive income are translated at the historical average of the year-end exchange rates; (ii) Loans granted by shareholders to subsidiaries in currencies other than the parent\u2019s functional currency that have no stipulated repayment terms are treated as net hedges on the investments in these foreign subsidiaries. This means that the foreign exchange differences arising from these loans that have not been eliminated upon consolidation are reclassified in the income statement from shareholders\u2019 equity to the line item \u201cCurrency translation reserves\u201d. Key accounting estimates and judgments Inherent in the application of the accounting policies used for the preparation of these consolidated financial statements is the need for Galp\u2019s management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses. The actual amounts could differ from the estimates and assumptions used. Accounting judgments and estimates which could have a material impact on the results of the group are described in the Notes to the financial statements alongside the material accounting policies. Those areas requiring the most significant judgment and the use of estimates when preparing these consolidated financial statements are: (i) Accounting for interests in joint arrangements and associates (Note 9); (ii) Accounting for oil and natural gas properties, including the estimation of oil and gas reserves and future commodity prices (Note 5); (iii) Recoverability of the carrying value of assets (Notes 5, 6, 8 and 9); (iv) Provisions and contingencies (Note 18); (v) Pensions and other post-employment benefits (Note 17); (vi) Income taxes (Note 16); (vii) Leases (Note 7); (viii) Derivatives financial instruments, including fair value measurements of financial instruments (Note 19 and 20). Where an estimate carries a significant risk of resulting in material adjustments to the carrying amounts of assets and liabilities within the next financial year, this is specifically stated within the respective note. Energy Transition Energy transition refers to the gradual shift from fossil-based energy production and consumption to renewable energy sources such as wind, solar and hydropower, as well as lithium-ion batteries, hydrogen and biofuels. While energy consumption is expected to continue rising, the higher penetration of renewable energy sources into the energy supply mix, the increasing electrification in transport, manufacturing and buildings, and the subsequent needs of improved energy storage, new mobility solutions and energy efficient technologies are all important drivers and challenges of the energy transition. Galp aims to play an important role in the energy transition, adapting its business portfolio to accompany the shifting paradigm in energy sources, while taking advantage, as much as possible, of synergies with existing businesses and distribution networks. The Group has already taken, in recent years, significant steps to diversify its asset base, simultaneously working towards improved operational energy efficiency and electrification, with a view to mitigate the carbon footprint of fossil fuel related business areas, remaining committed towards its ongoing sustainability journey, as the integration of low carbon energies and the increased renewable power generation will be fundamental to preparing Galp to address future options and continue to decarbonise its portfolio, maintaining an alignment with society and EU targets. Refer to section 2.1 to 2.3 in chapter 2, in the Integrated Management Report (Book I) for further details on strategic framework related to energy transition. This note describes how Galp has considered climate-related impacts in some key areas of the financial statements and how this translates into the valuation of assets and measurement of liabilities as Galp progresses in the energy transition. The material accounting policies, judgements and estimates section above provides the specific reference to the notes where the relevant uncertainties, including those that have the potential to have a material effect on the Consolidated Balance Sheet in the next 12 months, are described. This note describes the key areas of climate impacts that potentially have short- and longer-term effects on amounts recognized in the Consolidated Balance Sheet at December 31, 2023. Where relevant, this note contains references to other notes to the Consolidated Financial Statements and aims to provide an overarching summary. Financial planning and assumptions Group\u2019s decarbonization ambitions (See above) are embedded in Galp\u2019s business plan. Galp will continue to revise its business plan, price outlooks and assumptions as it moves towards net-zero emissions by 2050. The financial plan includes expected cost for evolving carbon regulations based on a forecast of Galp\u2019s equity share of emissions from operated and non-operated assets also considering the estimated impact of free allowances. Carbon cost estimates range around \u20ac120 per tonne of GHG emissions in 2030, \u20ac220 per tonne in 2040 and \u20ac330 per tonne in 2050 (nominal terms). Potential Accounting Impact of Energy Transition Changes in future commodity prices and potential impairments As noted, in accordance with IFRS, Galp\u2019s financial statements are based on reasonable and supportable assumptions that represent management\u2019s current best estimate of the range of economic conditions that may exist in the foreseeable future. Energy transition is expected to bring volatility and there is large uncertainty as to how commodity prices will develop over the next decades. External climate price scenarios differ with some presenting a structural lower price during the transition period, while other price lines see structural higher commodity prices as a result of changes in both supply and demand. Refer to Note 5 for Galp\u2019s best estimate for future oil and gas prices, including refining margins, and related sensitivities. If different price outlooks from external and often normative climate change scenarios were used, this may impact the recoverability of certain assets recognized in the Consolidated financial position as at December 31, 2023. These external scenarios are not representative of management price reasonable estimate. Change of portfolio Galp\u2019s strategy to play an important role in the energy transition may also result in new asset investments and/or divestments, which will impact the balance sheet and the Group\u2019s future results. Portfolio changes have started in previous years with the closure of the Matosinhos refinery, the acquisition of Titan 2020, S.A. (obtaining full control in 2022 following the acquisition of the remaining 25% stake) a large solar PV player and the divestment from its mature upstream assets in Angola (Note 2.2.2), focusing on its lowest carbon intensity assets. The Group continues to execute its strategy proposition focusing on the successful execution of key projects, combining growth and transformation in its portfolio with financial discipline and strong focus on profitable growth. Earlier than expected termination of abandonment provisions Energy transition may lead to earlier than planned decommissioning and restoration commitments. Galp has recognized in its accounts abandonment provisions for all assets where the abandonment commitments are material, except for Sines refinery industrial complex. Galp seeks to uphold its operations in its industrial site in Sines, naturally transforming and decarbonising towards the needs of a lower carbon energy system and ensuring longer-term viability. Recent final investment decision (FID) on one of the biggest electrolysers projects in Europe for renewable hydrogen production and a large advanced biofuels plant to produce HVO and SAF, showcase Galp\u2019s commitment to ensure the energy supplies of the future. Climate Changes As with the Energy Transition, Galp has been working in the assessment of the potential impact of climate change risks in its activities. This analysis has the double objective of valuing the resilience of Galp\u2019s strategy under different scenarios while at the same time identify relevant opportunities and threats. Galp integrated the TCFD recommendations in the identification of climate change related risks. A set of physical and market variables were collected in order to estimate the impact of climate change risks in Galp\u2019s operations and value at risk. Potential Accounting Impact of Climate Change Physical risks of Assets due to weather catastrophes Galp is in the process of conducting multiple studies aimed at expanding the understanding of physical risks. These studies will allow a better understanding of the resilience of Galp\u2019s physical assets in the short to medium term given the estimated pace of climate change. Galp has several core assets near the coastline and holds interests in joint operations in deep waters with Floating Production and Offloading Vessels (FPSO). These core assets, as well as other Galp assets, are covered by insurance. Change of commodity and CO 2 prices Climate change may affect the supply and demand of energy both at a local and a global level which, in turn, may have an impact on the financial statements of Galp Group through variables such as CO2 prices or the price and quantities traded of commodities in general. Such risks are closely monitored and are appropriately reflected in the financial statements when and if they occur. 2.2 Significant changes during the year 2.2.1 Change of Head-office address On 2 January 2024 Galp has changed its head office address to Avenida da \u00cdndia, 8 in Lisbon, Portugal. 2.2.2 Non-current Assets and Liabilities classified as held for sale On 16 December 2022, the Board of Directors decided to proceed with the divestment of the Angolan Upstream, through the sale of Galp Energia Overseas Block 32 BV and Galp Energia Overseas Block 14 BV. On 13 February 2023, Galp has signed an agreement for the sale of its upstream assets in Angola. Proceeds are expected to reach c.$830 m, already net of capital gain taxes, including c.$655 m to be received until completion and $175 m in contingent payments due in 2024 and 2025 dependent on Brent price. Completion of the transactions is now expected during 2024. In 2023, Galp has received \u20ac77 m of initial proceeds (down payment) (which is accounted in \u201cOther deferred income\u201d caption in Note 13) and \u20ac132 m of leakage (distribution of interim dividends). The Board considered that the criteria to be classified as Non-current assets held for sale is still met: (i) the assets are available for immediate sale and can be sold to the buyer in its current condition; (ii) the actions to complete the sale were initiated and are expected to be completed within one year from the date of initial classification; (iii) a potential buyer has been identified and negotiations as at the reporting date are at an advance stage. The respective assets and liabilities of the upstream entities in Angola are classified as \u2018Non-current assets held for sale\u2019 and \u2018Liabilities directly associated with non-current assets classified as held for sale\u2019, presented separately, as current, in the consolidated financial statements as at December 31, 2023. The assets, liabilities and cumulative translation reserve in equity that comprise the values shown in the Primary statements are as following: Unit: \u20acm 2023 Non-current assets held for sale 537 Intangible assets 7 Tangible assets 487 Right-of-use assets 1 Inventories 5 Other receivables 37 Liabilities directly associated with non-current assets held for sale (97) Deferred tax liability (5) Provisions (78) Other payables (15) Equity (142) Cumulative translation reserves (142) 2.2.3 Changes to the consolidation perimeter During the twelve-month period ended on the 31 December 2023 Galp has entered into the following main transactions: Legal Entity Country % Transaction Consolidation Method Acau\u00e3 Solar Energia SPE Ltda Brazil 100% Returned to SER - Citrino Solar Energia SPE Ltda Brazil 100% Returned to SER - C-M-791 \u2013 joint operation Brazil 20% Returned to Brazilian authorities - PEPB-M-783 \u2013 joint operations Brazil 20% Returned to Brazilian authorities - PEPB-M-839 \u2013 joint operation Brazil 20% Returned to Brazilian authorities - Ventos de Santo Ant\u00e3o Energias Renov\u00e1veis, S.A. Brazil 100% Acquisition Full consolidation Vereda Solar Energia, S.A. (8 entities from II-IX) Brazil 100% Founded Full consolidation Enacolgest, Lda Cape Verde 48% Merger Merged with Enacol, S.A.R.L. (the surviving entity) Carri\u00e7o Cogera\u00e7\u00e3o, S.A. Portugal 65% Liquidation - For further details of Consolidation perimeter and Galp financial interests in entities see Note 31. 2.2.4. Non-bearing interest loans fair value determination The Group has established back in 2017 a non-bearing interest loan with fixed term with Coral FLNG to support its activities. Under IFRS 9, at initial recognition the loan shall be measured at its fair value and, subsequently, measured at amortized cost, by estimating the loan reimbursement schedule up to the loan maturity and also, determining a discount rate that reflects both maturity and the Company credit risk for similar financial liabilities. At origination, the difference between the loan amount and its fair value (present value using current market rates for similar instruments) is treated as an equity contribution to Coral FLNG, which represents a further investment by the Group in Coral FLNG. In 2023, as a result of the modification of the shareholders loan reimbursement schedule, Management reassessed the accounting treatment of the loan under IFRS 9 (which was previously being characterized for accounting purposes as a capital contribution \u2013 equity investment) (Note 9). 2.2.5 Acquisition of owns shares Own equity instruments that are reacquired (own shares or treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Galp has initiated on 15 February 2023 a programme to repurchase Galp Energia SGPS, S.A. own shares in the amount of \u20ac500 m. On 15 December 2023 Galp concluded this share repurchase programme. Pursuant to the conclusion of the programme, Galp\u2019s Board of Directors approved the reduction of the Company\u2019s share capital through the extinction of 42,028,823 own-shares, representative of approximately 5.16% of its share capital on 1 January 2023. Average price of the repurchase of the shares was \u20ac11.90/share. 23. Non-controlling interests As of 31 December 2023, the changes in non-controlling interests during the year and included in equity are as follows: Unit: \u20ac m 31/12/2022 Net profit for the period Currency translation reserves Dividends Liquidation of Carri\u00e7o Cogera\u00e7\u00e3o 31/12/2023 956 209 -46 -197 -2 920 Dividends during 2023 were attributed mainly to Sinopec (stake in Petrogal Basil, S.A.). 31. Companies in the Galp GroupConsolidation perimeter The Companies consolidated in accordance with the full consolidation method are disclosed below: Activity: \u2022 Upstream \u2022 Industrial & Energy Management \u2022 Commercial \u2022 Renewables & New Businesses \u2022 Others Company and country Percentage of shares owned Activity Parent company Galp Energia, SGPS, S.A., Portugal Subsidiaries by groups Galp Energia, S.A., Portugal 100% \u2022 Galp Energia E&P Subgroup Galp Energia E&P, BV, The Netherlands 100% \u2022 Galp Sinopec Brazil Services BV, The Netherlands 70% \u2022 Galp E&P Brazil BV, The Netherlands 100% \u2022 Galp Energia Brasil, S.A., Brazil 100% \u2022 Cascudo Solar Energia I, Ltd, Brazil 100% \u2022 Cascudo II Solar Energia, S.A., Brazil 100% \u2022 Cascudo III Solar Energia, S.A., Brazil 100% \u2022 Company and country Percentage of shares owned Activity Cascudo IV Solar Energia, S.A., Brazil 100% \u2022 Cascudo V Solar Energia, S.A., Brazil 100% \u2022 Cascudo VI Solar Energia , S.A., Brazil 100% \u2022 Cascudo VII Solar Energia, S.A., Brazil 100% \u2022 Murion Solar Energia SPE Ltda, Brazil 100% \u2022 Murion II Solar Energia, S.A., Brazil 100% \u2022 Murion III Solar Energia, S.A., Brazil 100% \u2022 Murion IV Solar Energia, S.A., Brazil 100% \u2022 Murion V Solar Energia, S.A., Brazil 100% \u2022 Murion VI Solar Energia, S.A., Brazil 100% \u2022 Murion VII Solar Energia, S.A., Brazil 100% \u2022 Murion VIII Solar Energia, S.A., Brazil 100% \u2022 Ventos de Santo Ant\u00e3o Energias Renov\u00e1veis, S.A., Brazil 100% \u2022 Ventos de Santo Ant\u00e3o II Energias Renov\u00e1veis, S.A., Brazil 100% \u2022 Ventos de Santo Ant\u00e3o III Energias Renov\u00e1veis, S.A., Brazil 100% \u2022 Ventos de Santo Ant\u00e3o IV Energias Renov\u00e1veis, S.A., Brazil 100% \u2022 Chalana Solar Energia Ltda, Brazil 100% \u2022 A\u00e7ucena Solar Energia Ltda, Brazil 100% \u2022 Cerrado Solar Energia Ltda, Brazil 100% \u2022 Vereda II Solar Energia S.A., Brazil 100% \u2022 Vereda III Solar Energia S.A., Brazil 100% \u2022 Vereda IV Solar Energia S.A., Brazil 100% \u2022 Vereda V Solar Energia S.A., Brazil 100% \u2022 Vereda VI Solar Energia S.A., Brazil 100% \u2022 Vereda VII Solar Energia S.A., Brazil 100% \u2022 Vereda VIII Solar Energia S.A., Brazil 100% \u2022 Vereda IX Solar Energia S.A., Brazil 100% \u2022 Petrogal Brasil, BV, The Netherlands 100% \u2022 Petrogal Brasil, S.A., Brazil 70% \u2022 Petrogal Brasil Comercializadora, Lda.(ex-Galp Explora\u00e7\u00e3o Servi\u00e7os do Brasil, Lda), Brazil 70% \u2022 Galp East Africa BV, The Netherlands 100% \u2022 Galp Energia Portugal Holdings BV, The Netherlands 1 100% \u2022 Activity: \u2022 Upstream \u2022 Industrial & Energy Management \u2022 Commercial \u2022 Renewables & New Businesses \u2022 Others Company and country Percentage of shares owned Activity Galp Energia Rovuma BV, The Netherlands 100% \u2022 Galp Energia Rovuma BV(Mozambique branch), Mozambique - \u2022 Galp West Africa, SA (ex-Galp Explora\u00e7\u00e3o e Produ\u00e7\u00e3o Petrol\u00edfera, S.A.), Portugal 100% \u2022 Galp S\u00e3o Tom\u00e9 e Pr\u00edncipe Unipessoal, Limitada, S\u00e3o Tom\u00e9 and Pr\u00edncipe 100% \u2022 Windhoek PEL 23 BV, The Netherlands 100% \u2022 Windhoek PEL 23 BV (Branch in Namibia), Namibia \u2010 \u2022 Windhoek PEL 28 BV,The Netherlands 100% \u2022 Windhoek PEL 28 BV (Branch in Namibia), Namibia - \u2022 Galp Energia Overseas Block 14 BV, The Netherlands * 2 100% \u2022 Galp Energia Overseas Block 14 BV \u2013 Branch in Angola, Angola * \u2010 \u2022 Galp Energia Overseas Block 32 BV, The Netherlands * 2 100% \u2022 Galp Energia Overseas Block 32 BV \u2013 Branch in Angola, Angola * \u2010 \u2022 Galp Trading, S.A., Switzerland 100% \u2022 Tagus Re, S.A., Luxembourg 100% \u2022 Galp New Energies Subgroup Galp New Energies, S.A., Portugal 100% GDP G\u00e1s de Portugal, S.A. (ex-GDP \u2013 G\u00e1s de Portugal, S.A.), Portugal 100% \u2022 Enerfuel, S.A., Portugal 100% \u2022 Galp Bioenergy BV, The Netherlands 100% \u2022 Galp Parques Fotovoltaicos de Alcoutim Lda, Portugal 100% \u2022 GowithFlow, S.A., Portugal 100% \u2022 Enercapital Power Italia Uno SRL, Italy 100% \u2022 Fornax Energy, S.L.U., Spain 100% \u2022 Magallon 400, S.L., Spain 3 68% \u2022 ISDC International Solar Development Corporation, Lda., Portugal 100% \u2022 QNO \u2013 Sociedade Agr\u00edcola, Unipessoal, Lda, Portugal 100% \u2022 Bujeo 2021, SLU (ex-\u00c9ter Solarbay S.L.), Spain 100% \u2022 Jerjes Energia, SLU (ex-C\u00edclope Solarbay, S.L.), Spain 100% \u2022 Duplexia Experts, S.L.U., Spain 100% \u2022 Gastroselector Market, S.L.U., Spain 100% \u2022 * Entities classified as Non-current assets held for sale on 31 December 2023 and expected to be sold in 2024. Company and country Percentage of shares owned Activity Pitarco Energia, S.L.U., Spain 100% \u2022 Ventinveste, S.A., Portugal 100% \u2022 Parque E\u00f3lico de Vale Grande, S.A., Portugal 100% \u2022 Titan 2020, S.A.U., Spain 100% \u2022 Renovables Sp\u00ednola I, S.L.U., Spain 100% \u2022 Energia de Suria, S.L.U., Spain 100% \u2022 Energia Faet\u00f3n, S.L.U., Spain 100% \u2022 Logro Solar, S.L.U., Spain 100% \u2022 Ictio Solar Orion, S.L.U., Spain 100% \u2022 Navabuena Solar, S.L.U., Spain 100% \u2022 PV XXVI Rescesvinto, S.L., Spain 100% \u2022 Ictio Toledo Solar, S.L.U., Spain 100% \u2022 Ictio Solar, S.L.U., Spain 100% \u2022 Ictio Solar Auriga, S.L.U., Spain 100% \u2022 Ictio Manzanares Solar, S.L.U., Spain 100% \u2022 Caliza Solar, S.L.U., Spain 100% \u2022 Taburete Solar, S.L.U., Spain 100% \u2022 PV XXIX \u00c9gica, S.L.U., Spain 100% \u2022 Ah\u00edn PV Solar, S.L.U., Spain 100% \u2022 Ictio Solar Andr\u00f3meda, S.L.U., Spain 100% \u2022 Ictio Solar Berenice, S.L.U., Spain 100% \u2022 Alca\u00f1iz Solar, S.L.U., Spain 100% \u2022 Ictio Solar Perseus, S.L.U., Spain 100% \u2022 Instalaciones y Servicios Sp\u00ednola I, S.L.U., Spain 100% \u2022 Instalaciones y Servicios Sp\u00ednola II, S.L.U., Spain 100% \u2022 Energia Sierrezuela, S.L.U., Spain 100% \u2022 Titan 2020 PV, S.L.U., Spain 100% \u2022 Palabra Solar, S.L.U., Spain 100% \u2022 Planta Solar Alc\u00e1zar 1, S.L.U., Spain 100% \u2022 Planta Solar Alc\u00e1zar 2, S.L.U., Spain 100% \u2022 PE Valdecarro, S.L.U., Spain 100% \u2022 Energ\u00edas Ambientales de Soria, S.L.U., Spain 100% \u2022 El Robledo E\u00f3lica, S.L.U., Spain 100% \u2022 Activity: \u2022 Upstream \u2022 Industrial & Energy Management \u2022 Commercial \u2022 Renewables & New Businesses \u2022 Others Company and country Percentage of shares owned Activity Ribagrande Energia, S.L.U., Spain 100% \u2022 Valdelagua Wind Power, S.L.U., Spain 100% \u2022 Escarnes Solar, S.L.U., Spain 100% \u2022 Envitero Solar, S.L.U., Spain 100% \u2022 Mocatero Solar, S.L.U., Spain 100% \u2022 Escatr\u00f3n Solar, S.L.U., Spain 100% \u2022 Ignis Solar Uno, S.L.U., Spain 100% \u2022 Emoci\u00f3n Solar, S.L.U., Spain 100% \u2022 Mediomonte Solar, S.L.U., Spain 100% \u2022 Esplendor Solar, S.L.U., Spain 100% \u2022 Haza\u00f1a Solar, S.L.U., Spain 100% \u2022 Talento Solar, S.L.U., Spain 100% \u2022 Petrogal Subgroup Petrogal, S.A., Portugal 100% \u2022 \u2022 Petrogal, S.A. (Branch in Spain), Spain \u2010 \u2022 Galp Energia Espa\u00f1a, S.A.U., Spain 100% \u2022 Galpgest \u2013 Petrogal Estaciones de Servicio, S.L.U., Spain 100% \u2022 Galp Energia Independiente, S.L.U. (ex-Recule Investments SL), Spain 100% \u2022 Galp Energia Independiente SL (Branch in Portugal), Portugal - \u2022 EI Galp, S.A. (ex-Perfeito e Empolgante, S.A.), Portugal 100% \u2022 Galp A\u00e7ores S.A., Portugal 100% \u2022 Saaga \u2013 Sociedade A\u00e7oreana de Armazenagem de G\u00e1s, S.A., Portugal 68% \u2022 Galp Madeira S.A., Portugal 100% \u2022 CLCM \u2013 Companhia Logistica de Combust\u00edveis da Madeira, S.A., Portugal 75% \u2022 Sacor Mar\u00edtima, S.A., Portugal 100% \u2022 C.L.T. \u2013 Companhia Log\u00edstica de Terminais Mar\u00edtimos, S.A., Portugal 100% \u2022 Sempre a Postos \u2013 Produtos Alimentares e Utilidades, Lda., Portugal 75% \u2022 Tanquisado \u2013 Terminais Mar\u00edtimos, S.A., Portugal 100% \u2022 Galpgeste \u2013 Gest\u00e3o de \u00c1reas de Servi\u00e7o, S.A., Portugal 100% \u2022 Portcogera\u00e7\u00e3o, S.A., Portugal 100% \u2022 Galp Marketing Internacional, S.A., Portugal 100% \u2022 Company and country Percentage of shares owned Activity Petrogal Guin\u00e9-Bissau, Lda., Guinea-Bissau 100% \u2022 Petromar \u2013 Sociedade de Abastecimentos de Combust\u00edveis, Lda., Guinea- Bissau 80% \u2022 Petrog\u00e1s \u2013 Importa\u00e7\u00e3o, Armazenagem e Distribui\u00e7\u00e3o de G\u00e1s, Lda., Guinea- Bissau 65% \u2022 C.L.C. Guin\u00e9 Bissau \u2013 Companhia Log\u00edstica de Combust\u00edveis da Guin\u00e9 Bissau, Lda., Guinea-Bissua 90% \u2022 Empresa Nacional de Combust\u00edveis \u2013 Enacol, S.A.R.L, Cape Verde* 48% \u2022 Enamar \u2013 Sociedade Transportes Mar\u00edtimos, Sociedade Unipessoal, S.A., Cape Verde 48% \u2022 Petrogal Mo\u00e7ambique, Lda., Mozambique 100% \u2022 Galp Mo\u00e7ambique, Lda., Mozambique 100% \u2022 Galp Mo\u00e7ambique, Lda. (Branch in Malawi), Malawi \u2010 \u2022 Galp Eswatini (PTY) Limited, Eswatini 100% \u2022 Petrogal Angola, Lda., Angola 100% \u2022 Galp G\u00e1s Natural, S.A., Portugal 100% \u2022 \u2022 GDP \u2013 G\u00e1s de Portugal, S.A. (ex-Transg\u00e1s Armazenagem, S.A.), Portugal 100% \u2022 Transg\u00e1s, S.A., Portugal 100% \u2022 Lisboag\u00e1s Comercializa\u00e7\u00e3o, S.A., Portugal 100% \u2022 Lusitaniag\u00e1s Comercializa\u00e7\u00e3o, S.A., Portugal 100% \u2022 Setg\u00e1s Comercializa\u00e7\u00e3o, S.A., Portugal 100% \u2022 Agroger \u2013 Sociedade de Cogera\u00e7\u00e3o do Oeste, S.A., Portugal 100% \u2022 LGA \u2013 Log\u00edstica Global de Avia\u00e7\u00e3o, Lda, Portugal 60% \u2022 * During 2023 Enacolgest merged with Enacol, S.A. The Group controls Enacol\u2019s financial and operational policies and is expected to continue to do so by means of a representative majority of votes at the Board of Directors\u2019 meetings. 1 73.24% of the interest held by Galp Energia E&P, BV and 26.76% held by Petrogal, S.A. 2 61.84% of the interest held by Galp Energia E&P, BV and 38.16% held by Galp West Africa, S.A. 3 53.24% of the interest held by Fornax Energy, SLU, 7.14% held by Duplexia Experts, SL and 7.14% held by Gastroselector Market, SL. ",
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"f19995": {
"value": "2. Information about material accounting policies, judgments, estimates and changes 2.1 Information about material accounting policies, judgments and estimates Accounting policies Galp\u2019s material accounting policies are disclosed in the related notes within these consolidated financial statements. Applying materiality The consolidated financial statements are the result of the aggregation of a large number of transactions by nature. When they are aggregated, the transactions are presented in classes of similar items. If a line item is not individually material, it is aggregated with other items of a similar nature in the consolidated financial statements, or in the notes thereto. Management makes the specific disclosures required by the IFRS unless the information is considered immaterial to the economic decision-making of the users of these financial statements or is otherwise not applicable. Basis of consolidation The consolidated financial statements incorporate the financial statements of the parent company Galp Energia SGPS, S.A. and the entities under its control. Control exists where Galp has effective power over an entity and is exposed to variable returns arising from its involvement with the entity. Where necessary, adjustments are made to bring the financial statements of the subsidiaries in line with the Group\u2019s accounting policies. All intragroup transactions, balances, income and expenses are eliminated in full upon consolidation. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition up to the effective date of disposal. Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to Galp\u2019s shareholders. Translation of foreign currencies Functional currency Items included in the financial statements of Galp Group entities are measured using the currency of the primary economic environment in which the subsidiary operates (the functional currency). The presentation currency of the consolidated group is the Euro, which is the functional currency of the parent. Translation of transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing as of the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year-end exchange rates of monetary assets and liabilities, are recognized in the income statement. Translation of Group companies Upon consolidation, the assets and liabilities of non-Euro entities are translated into Euros at the year-end rates of exchange, while their statements of income, other comprehensive income and cash flows are translated at the annual average rates. The resulting translation differences are recognized as currency translation differences within other comprehensive income. The following exchange differences are recognized in other comprehensive income: (i) Foreign subsidiaries\u2019 statements of comprehensive income are translated at the historical average of the year-end exchange rates; (ii) Loans granted by shareholders to subsidiaries in currencies other than the parent\u2019s functional currency that have no stipulated repayment terms are treated as net hedges on the investments in these foreign subsidiaries. This means that the foreign exchange differences arising from these loans that have not been eliminated upon consolidation are reclassified in the income statement from shareholders\u2019 equity to the line item \u201cCurrency translation reserves\u201d. Key accounting estimates and judgments Inherent in the application of the accounting policies used for the preparation of these consolidated financial statements is the need for Galp\u2019s management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses. The actual amounts could differ from the estimates and assumptions used. Accounting judgments and estimates which could have a material impact on the results of the group are described in the Notes to the financial statements alongside the material accounting policies. Those areas requiring the most significant judgment and the use of estimates when preparing these consolidated financial statements are: (i) Accounting for interests in joint arrangements and associates (Note 9); (ii) Accounting for oil and natural gas properties, including the estimation of oil and gas reserves and future commodity prices (Note 5); (iii) Recoverability of the carrying value of assets (Notes 5, 6, 8 and 9); (iv) Provisions and contingencies (Note 18); (v) Pensions and other post-employment benefits (Note 17); (vi) Income taxes (Note 16); (vii) Leases (Note 7); (viii) Derivatives financial instruments, including fair value measurements of financial instruments (Note 19 and 20). Where an estimate carries a significant risk of resulting in material adjustments to the carrying amounts of assets and liabilities within the next financial year, this is specifically stated within the respective note. Energy Transition Energy transition refers to the gradual shift from fossil-based energy production and consumption to renewable energy sources such as wind, solar and hydropower, as well as lithium-ion batteries, hydrogen and biofuels. While energy consumption is expected to continue rising, the higher penetration of renewable energy sources into the energy supply mix, the increasing electrification in transport, manufacturing and buildings, and the subsequent needs of improved energy storage, new mobility solutions and energy efficient technologies are all important drivers and challenges of the energy transition. Galp aims to play an important role in the energy transition, adapting its business portfolio to accompany the shifting paradigm in energy sources, while taking advantage, as much as possible, of synergies with existing businesses and distribution networks. The Group has already taken, in recent years, significant steps to diversify its asset base, simultaneously working towards improved operational energy efficiency and electrification, with a view to mitigate the carbon footprint of fossil fuel related business areas, remaining committed towards its ongoing sustainability journey, as the integration of low carbon energies and the increased renewable power generation will be fundamental to preparing Galp to address future options and continue to decarbonise its portfolio, maintaining an alignment with society and EU targets. Refer to section 2.1 to 2.3 in chapter 2, in the Integrated Management Report (Book I) for further details on strategic framework related to energy transition. This note describes how Galp has considered climate-related impacts in some key areas of the financial statements and how this translates into the valuation of assets and measurement of liabilities as Galp progresses in the energy transition. The material accounting policies, judgements and estimates section above provides the specific reference to the notes where the relevant uncertainties, including those that have the potential to have a material effect on the Consolidated Balance Sheet in the next 12 months, are described. This note describes the key areas of climate impacts that potentially have short- and longer-term effects on amounts recognized in the Consolidated Balance Sheet at December 31, 2023. Where relevant, this note contains references to other notes to the Consolidated Financial Statements and aims to provide an overarching summary. Financial planning and assumptions Group\u2019s decarbonization ambitions (See above) are embedded in Galp\u2019s business plan. Galp will continue to revise its business plan, price outlooks and assumptions as it moves towards net-zero emissions by 2050. The financial plan includes expected cost for evolving carbon regulations based on a forecast of Galp\u2019s equity share of emissions from operated and non-operated assets also considering the estimated impact of free allowances. Carbon cost estimates range around \u20ac120 per tonne of GHG emissions in 2030, \u20ac220 per tonne in 2040 and \u20ac330 per tonne in 2050 (nominal terms). Potential Accounting Impact of Energy Transition Changes in future commodity prices and potential impairments As noted, in accordance with IFRS, Galp\u2019s financial statements are based on reasonable and supportable assumptions that represent management\u2019s current best estimate of the range of economic conditions that may exist in the foreseeable future. Energy transition is expected to bring volatility and there is large uncertainty as to how commodity prices will develop over the next decades. External climate price scenarios differ with some presenting a structural lower price during the transition period, while other price lines see structural higher commodity prices as a result of changes in both supply and demand. Refer to Note 5 for Galp\u2019s best estimate for future oil and gas prices, including refining margins, and related sensitivities. If different price outlooks from external and often normative climate change scenarios were used, this may impact the recoverability of certain assets recognized in the Consolidated financial position as at December 31, 2023. These external scenarios are not representative of management price reasonable estimate. Change of portfolio Galp\u2019s strategy to play an important role in the energy transition may also result in new asset investments and/or divestments, which will impact the balance sheet and the Group\u2019s future results. Portfolio changes have started in previous years with the closure of the Matosinhos refinery, the acquisition of Titan 2020, S.A. (obtaining full control in 2022 following the acquisition of the remaining 25% stake) a large solar PV player and the divestment from its mature upstream assets in Angola (Note 2.2.2), focusing on its lowest carbon intensity assets. The Group continues to execute its strategy proposition focusing on the successful execution of key projects, combining growth and transformation in its portfolio with financial discipline and strong focus on profitable growth. Earlier than expected termination of abandonment provisions Energy transition may lead to earlier than planned decommissioning and restoration commitments. Galp has recognized in its accounts abandonment provisions for all assets where the abandonment commitments are material, except for Sines refinery industrial complex. Galp seeks to uphold its operations in its industrial site in Sines, naturally transforming and decarbonising towards the needs of a lower carbon energy system and ensuring longer-term viability. Recent final investment decision (FID) on one of the biggest electrolysers projects in Europe for renewable hydrogen production and a large advanced biofuels plant to produce HVO and SAF, showcase Galp\u2019s commitment to ensure the energy supplies of the future. Climate Changes As with the Energy Transition, Galp has been working in the assessment of the potential impact of climate change risks in its activities. This analysis has the double objective of valuing the resilience of Galp\u2019s strategy under different scenarios while at the same time identify relevant opportunities and threats. Galp integrated the TCFD recommendations in the identification of climate change related risks. A set of physical and market variables were collected in order to estimate the impact of climate change risks in Galp\u2019s operations and value at risk. Potential Accounting Impact of Climate Change Physical risks of Assets due to weather catastrophes Galp is in the process of conducting multiple studies aimed at expanding the understanding of physical risks. These studies will allow a better understanding of the resilience of Galp\u2019s physical assets in the short to medium term given the estimated pace of climate change. Galp has several core assets near the coastline and holds interests in joint operations in deep waters with Floating Production and Offloading Vessels (FPSO). These core assets, as well as other Galp assets, are covered by insurance. Change of commodity and CO 2 prices Climate change may affect the supply and demand of energy both at a local and a global level which, in turn, may have an impact on the financial statements of Galp Group through variables such as CO2 prices or the price and quantities traded of commodities in general. Such risks are closely monitored and are appropriately reflected in the financial statements when and if they occur. 2.2 Significant changes during the year 2.2.1 Change of Head-office address On 2 January 2024 Galp has changed its head office address to Avenida da \u00cdndia, 8 in Lisbon, Portugal. 2.2.2 Non-current Assets and Liabilities classified as held for sale On 16 December 2022, the Board of Directors decided to proceed with the divestment of the Angolan Upstream, through the sale of Galp Energia Overseas Block 32 BV and Galp Energia Overseas Block 14 BV. On 13 February 2023, Galp has signed an agreement for the sale of its upstream assets in Angola. Proceeds are expected to reach c.$830 m, already net of capital gain taxes, including c.$655 m to be received until completion and $175 m in contingent payments due in 2024 and 2025 dependent on Brent price. Completion of the transactions is now expected during 2024. In 2023, Galp has received \u20ac77 m of initial proceeds (down payment) (which is accounted in \u201cOther deferred income\u201d caption in Note 13) and \u20ac132 m of leakage (distribution of interim dividends). The Board considered that the criteria to be classified as Non-current assets held for sale is still met: (i) the assets are available for immediate sale and can be sold to the buyer in its current condition; (ii) the actions to complete the sale were initiated and are expected to be completed within one year from the date of initial classification; (iii) a potential buyer has been identified and negotiations as at the reporting date are at an advance stage. The respective assets and liabilities of the upstream entities in Angola are classified as \u2018Non-current assets held for sale\u2019 and \u2018Liabilities directly associated with non-current assets classified as held for sale\u2019, presented separately, as current, in the consolidated financial statements as at December 31, 2023. The assets, liabilities and cumulative translation reserve in equity that comprise the values shown in the Primary statements are as following: Unit: \u20acm 2023 Non-current assets held for sale 537 Intangible assets 7 Tangible assets 487 Right-of-use assets 1 Inventories 5 Other receivables 37 Liabilities directly associated with non-current assets held for sale (97) Deferred tax liability (5) Provisions (78) Other payables (15) Equity (142) Cumulative translation reserves (142) 2.2.3 Changes to the consolidation perimeter During the twelve-month period ended on the 31 December 2023 Galp has entered into the following main transactions: Legal Entity Country % Transaction Consolidation Method Acau\u00e3 Solar Energia SPE Ltda Brazil 100% Returned to SER - Citrino Solar Energia SPE Ltda Brazil 100% Returned to SER - C-M-791 \u2013 joint operation Brazil 20% Returned to Brazilian authorities - PEPB-M-783 \u2013 joint operations Brazil 20% Returned to Brazilian authorities - PEPB-M-839 \u2013 joint operation Brazil 20% Returned to Brazilian authorities - Ventos de Santo Ant\u00e3o Energias Renov\u00e1veis, S.A. Brazil 100% Acquisition Full consolidation Vereda Solar Energia, S.A. (8 entities from II-IX) Brazil 100% Founded Full consolidation Enacolgest, Lda Cape Verde 48% Merger Merged with Enacol, S.A.R.L. (the surviving entity) Carri\u00e7o Cogera\u00e7\u00e3o, S.A. Portugal 65% Liquidation - For further details of Consolidation perimeter and Galp financial interests in entities see Note 31. 2.2.4. Non-bearing interest loans fair value determination The Group has established back in 2017 a non-bearing interest loan with fixed term with Coral FLNG to support its activities. Under IFRS 9, at initial recognition the loan shall be measured at its fair value and, subsequently, measured at amortized cost, by estimating the loan reimbursement schedule up to the loan maturity and also, determining a discount rate that reflects both maturity and the Company credit risk for similar financial liabilities. At origination, the difference between the loan amount and its fair value (present value using current market rates for similar instruments) is treated as an equity contribution to Coral FLNG, which represents a further investment by the Group in Coral FLNG. In 2023, as a result of the modification of the shareholders loan reimbursement schedule, Management reassessed the accounting treatment of the loan under IFRS 9 (which was previously being characterized for accounting purposes as a capital contribution \u2013 equity investment) (Note 9). 2.2.5 Acquisition of owns shares Own equity instruments that are reacquired (own shares or treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Galp has initiated on 15 February 2023 a programme to repurchase Galp Energia SGPS, S.A. own shares in the amount of \u20ac500 m. On 15 December 2023 Galp concluded this share repurchase programme. Pursuant to the conclusion of the programme, Galp\u2019s Board of Directors approved the reduction of the Company\u2019s share capital through the extinction of 42,028,823 own-shares, representative of approximately 5.16% of its share capital on 1 January 2023. Average price of the repurchase of the shares was \u20ac11.90/share. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f19996": {
"value": "2. Information about material accounting policies, judgments, estimates and changes Functional currency Items included in the financial statements of Galp Group entities are measured using the currency of the primary economic environment in which the subsidiary operates (the functional currency). The presentation currency of the consolidated group is the Euro, which is the functional currency of the parent. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f19997": {
"value": "2. Information about material accounting policies, judgments, estimates and changes 2.2 Significant changes during the year2.2.2 Non-current Assets and Liabilities classified as held for sale On 16 December 2022, the Board of Directors decided to proceed with the divestment of the Angolan Upstream, through the sale of Galp Energia Overseas Block 32 BV and Galp Energia Overseas Block 14 BV. On 13 February 2023, Galp has signed an agreement for the sale of its upstream assets in Angola. Proceeds are expected to reach c.$830 m, already net of capital gain taxes, including c.$655 m to be received until completion and $175 m in contingent payments due in 2024 and 2025 dependent on Brent price. Completion of the transactions is now expected during 2024. In 2023, Galp has received \u20ac77 m of initial proceeds (down payment) (which is accounted in \u201cOther deferred income\u201d caption in Note 13) and \u20ac132 m of leakage (distribution of interim dividends). The Board considered that the criteria to be classified as Non-current assets held for sale is still met: (i) the assets are available for immediate sale and can be sold to the buyer in its current condition; (ii) the actions to complete the sale were initiated and are expected to be completed within one year from the date of initial classification; (iii) a potential buyer has been identified and negotiations as at the reporting date are at an advance stage. The respective assets and liabilities of the upstream entities in Angola are classified as \u2018Non-current assets held for sale\u2019 and \u2018Liabilities directly associated with non-current assets classified as held for sale\u2019, presented separately, as current, in the consolidated financial statements as at December 31, 2023. The assets, liabilities and cumulative translation reserve in equity that comprise the values shown in the Primary statements are as following: Unit: \u20acm 2023 Non-current assets held for sale 537 Intangible assets 7 Tangible assets 487 Right-of-use assets 1 Inventories 5 Other receivables 37 Liabilities directly associated with non-current assets held for sale (97) Deferred tax liability (5) Provisions (78) Other payables (15) Equity (142) Cumulative translation reserves (142) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19998": {
"value": "2. Information about material accounting policies, judgments, estimates and changes 2.2 Significant changes during the year2.2.2 Non-current Assets and Liabilities classified as held for sale On 16 December 2022, the Board of Directors decided to proceed with the divestment of the Angolan Upstream, through the sale of Galp Energia Overseas Block 32 BV and Galp Energia Overseas Block 14 BV. On 13 February 2023, Galp has signed an agreement for the sale of its upstream assets in Angola. Proceeds are expected to reach c.$830 m, already net of capital gain taxes, including c.$655 m to be received until completion and $175 m in contingent payments due in 2024 and 2025 dependent on Brent price. Completion of the transactions is now expected during 2024. In 2023, Galp has received \u20ac77 m of initial proceeds (down payment) (which is accounted in \u201cOther deferred income\u201d caption in Note 13) and \u20ac132 m of leakage (distribution of interim dividends). The Board considered that the criteria to be classified as Non-current assets held for sale is still met: (i) the assets are available for immediate sale and can be sold to the buyer in its current condition; (ii) the actions to complete the sale were initiated and are expected to be completed within one year from the date of initial classification; (iii) a potential buyer has been identified and negotiations as at the reporting date are at an advance stage. The respective assets and liabilities of the upstream entities in Angola are classified as \u2018Non-current assets held for sale\u2019 and \u2018Liabilities directly associated with non-current assets classified as held for sale\u2019, presented separately, as current, in the consolidated financial statements as at December 31, 2023. The assets, liabilities and cumulative translation reserve in equity that comprise the values shown in the Primary statements are as following: Unit: \u20acm 2023 Non-current assets held for sale 537 Intangible assets 7 Tangible assets 487 Right-of-use assets 1 Inventories 5 Other receivables 37 Liabilities directly associated with non-current assets held for sale (97) Deferred tax liability (5) Provisions (78) Other payables (15) Equity (142) Cumulative translation reserves (142) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19999": {
"value": "2. Information about material accounting policies, judgments, estimates and changes 2.2.3 Changes to the consolidation perimeter During the twelve-month period ended on the 31 December 2023 Galp has entered into the following main transactions: Legal Entity Country % Transaction Consolidation Method Acau\u00e3 Solar Energia SPE Ltda Brazil 100% Returned to SER - Citrino Solar Energia SPE Ltda Brazil 100% Returned to SER - C-M-791 \u2013 joint operation Brazil 20% Returned to Brazilian authorities - PEPB-M-783 \u2013 joint operations Brazil 20% Returned to Brazilian authorities - PEPB-M-839 \u2013 joint operation Brazil 20% Returned to Brazilian authorities - Ventos de Santo Ant\u00e3o Energias Renov\u00e1veis, S.A. Brazil 100% Acquisition Full consolidation Vereda Solar Energia, S.A. (8 entities from II-IX) Brazil 100% Founded Full consolidation Enacolgest, Lda Cape Verde 48% Merger Merged with Enacol, S.A.R.L. (the surviving entity) Carri\u00e7o Cogera\u00e7\u00e3o, S.A. Portugal 65% Liquidation - For further details of Consolidation perimeter and Galp financial interests in entities see Note 31. 8. Goodwill Recognition The differences between the investee\u2019s acquisition cost and the fair value of the identifiable assets and liabilities of the acquired entities at the acquisition date, if positive, are recorded within goodwill (when they result from goodwill in Group companies) or included in the line item \u201cInvestments in associated companies\u201d (when they result from goodwill in associates). The negative differences are recognized immediately in the income statement. Impairment The carrying value of Goodwill is allocated to the respective CGU, and the recoverable amount is also estimated for the CGU, using the value in use methodology. The value in use represents the expected future cash flow from the CGU, discounted at an appropriate discount rate that reflects the risks specific to the CGU. The carrying amount of goodwill is tested for impairment annually. Refer to Note 5. for further details on impairment analysis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20000": {
"value": "2. Information about material accounting policies, judgments, estimates and changes 2.2 Significant changes during the year2.2.5 Acquisition of owns shares Own equity instruments that are reacquired (own shares or treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Galp has initiated on 15 February 2023 a programme to repurchase Galp Energia SGPS, S.A. own shares in the amount of \u20ac500 m. On 15 December 2023 Galp concluded this share repurchase programme. Pursuant to the conclusion of the programme, Galp\u2019s Board of Directors approved the reduction of the Company\u2019s share capital through the extinction of 42,028,823 own-shares, representative of approximately 5.16% of its share capital on 1 January 2023. Average price of the repurchase of the shares was \u20ac11.90/share. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20001": {
"value": "2. Information about material accounting policies, judgments, estimates and changes Translation of transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing as of the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year-end exchange rates of monetary assets and liabilities, are recognized in the income statement. Translation of Group companies Upon consolidation, the assets and liabilities of non-Euro entities are translated into Euros at the year-end rates of exchange, while their statements of income, other comprehensive income and cash flows are translated at the annual average rates. The resulting translation differences are recognized as currency translation differences within other comprehensive income. The following exchange differences are recognized in other comprehensive income: (i) Foreign subsidiaries\u2019 statements of comprehensive income are translated at the historical average of the year-end exchange rates; (ii) Loans granted by shareholders to subsidiaries in currencies other than the parent\u2019s functional currency that have no stipulated repayment terms are treated as net hedges on the investments in these foreign subsidiaries. This means that the foreign exchange differences arising from these loans that have not been eliminated upon consolidation are reclassified in the income statement from shareholders\u2019 equity to the line item \u201cCurrency translation reserves\u201d. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20002": {
"value": "2. Information about material accounting policies, judgments, estimates and changes Translation of transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing as of the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year-end exchange rates of monetary assets and liabilities, are recognized in the income statement. Translation of Group companies Upon consolidation, the assets and liabilities of non-Euro entities are translated into Euros at the year-end rates of exchange, while their statements of income, other comprehensive income and cash flows are translated at the annual average rates. The resulting translation differences are recognized as currency translation differences within other comprehensive income. The following exchange differences are recognized in other comprehensive income: (i) Foreign subsidiaries\u2019 statements of comprehensive income are translated at the historical average of the year-end exchange rates; (ii) Loans granted by shareholders to subsidiaries in currencies other than the parent\u2019s functional currency that have no stipulated repayment terms are treated as net hedges on the investments in these foreign subsidiaries. This means that the foreign exchange differences arising from these loans that have not been eliminated upon consolidation are reclassified in the income statement from shareholders\u2019 equity to the line item \u201cCurrency translation reserves\u201d. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20005": {
"value": "2.1 Information about material accounting policies, judgments and estimates Key accounting estimates and judgments Inherent in the application of the accounting policies used for the preparation of these consolidated financial statements is the need for Galp\u2019s management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses. The actual amounts could differ from the estimates and assumptions used. Accounting judgments and estimates which could have a material impact on the results of the group are described in the Notes to the financial statements alongside the material accounting policies. Those areas requiring the most significant judgment and the use of estimates when preparing these consolidated financial statements are: (i) Accounting for interests in joint arrangements and associates (Note 9); (ii) Accounting for oil and natural gas properties, including the estimation of oil and gas reserves and future commodity prices (Note 5); (iii) Recoverability of the carrying value of assets (Notes 5, 6, 8 and 9); (iv) Provisions and contingencies (Note 18); (v) Pensions and other post-employment benefits (Note 17); (vi) Income taxes (Note 16); (vii) Leases (Note 7); (viii) Derivatives financial instruments, including fair value measurements of financial instruments (Note 19 and 20). Where an estimate carries a significant risk of resulting in material adjustments to the carrying amounts of assets and liabilities within the next financial year, this is specifically stated within the respective note. Energy Transition Energy transition refers to the gradual shift from fossil-based energy production and consumption to renewable energy sources such as wind, solar and hydropower, as well as lithium-ion batteries, hydrogen and biofuels. While energy consumption is expected to continue rising, the higher penetration of renewable energy sources into the energy supply mix, the increasing electrification in transport, manufacturing and buildings, and the subsequent needs of improved energy storage, new mobility solutions and energy efficient technologies are all important drivers and challenges of the energy transition. Galp aims to play an important role in the energy transition, adapting its business portfolio to accompany the shifting paradigm in energy sources, while taking advantage, as much as possible, of synergies with existing businesses and distribution networks. The Group has already taken, in recent years, significant steps to diversify its asset base, simultaneously working towards improved operational energy efficiency and electrification, with a view to mitigate the carbon footprint of fossil fuel related business areas, remaining committed towards its ongoing sustainability journey, as the integration of low carbon energies and the increased renewable power generation will be fundamental to preparing Galp to address future options and continue to decarbonise its portfolio, maintaining an alignment with society and EU targets. Refer to section 2.1 to 2.3 in chapter 2, in the Integrated Management Report (Book I) for further details on strategic framework related to energy transition. This note describes how Galp has considered climate-related impacts in some key areas of the financial statements and how this translates into the valuation of assets and measurement of liabilities as Galp progresses in the energy transition. The material accounting policies, judgements and estimates section above provides the specific reference to the notes where the relevant uncertainties, including those that have the potential to have a material effect on the Consolidated Balance Sheet in the next 12 months, are described. This note describes the key areas of climate impacts that potentially have short- and longer-term effects on amounts recognized in the Consolidated Balance Sheet at December 31, 2023. Where relevant, this note contains references to other notes to the Consolidated Financial Statements and aims to provide an overarching summary. Financial planning and assumptions Group\u2019s decarbonization ambitions (See above) are embedded in Galp\u2019s business plan. Galp will continue to revise its business plan, price outlooks and assumptions as it moves towards net-zero emissions by 2050. The financial plan includes expected cost for evolving carbon regulations based on a forecast of Galp\u2019s equity share of emissions from operated and non-operated assets also considering the estimated impact of free allowances. Carbon cost estimates range around \u20ac120 per tonne of GHG emissions in 2030, \u20ac220 per tonne in 2040 and \u20ac330 per tonne in 2050 (nominal terms). Potential Accounting Impact of Energy Transition Changes in future commodity prices and potential impairments As noted, in accordance with IFRS, Galp\u2019s financial statements are based on reasonable and supportable assumptions that represent management\u2019s current best estimate of the range of economic conditions that may exist in the foreseeable future. Energy transition is expected to bring volatility and there is large uncertainty as to how commodity prices will develop over the next decades. External climate price scenarios differ with some presenting a structural lower price during the transition period, while other price lines see structural higher commodity prices as a result of changes in both supply and demand. Refer to Note 5 for Galp\u2019s best estimate for future oil and gas prices, including refining margins, and related sensitivities. If different price outlooks from external and often normative climate change scenarios were used, this may impact the recoverability of certain assets recognized in the Consolidated financial position as at December 31, 2023. These external scenarios are not representative of management price reasonable estimate. Change of portfolio Galp\u2019s strategy to play an important role in the energy transition may also result in new asset investments and/or divestments, which will impact the balance sheet and the Group\u2019s future results. Portfolio changes have started in previous years with the closure of the Matosinhos refinery, the acquisition of Titan 2020, S.A. (obtaining full control in 2022 following the acquisition of the remaining 25% stake) a large solar PV player and the divestment from its mature upstream assets in Angola (Note 2.2.2), focusing on its lowest carbon intensity assets. The Group continues to execute its strategy proposition focusing on the successful execution of key projects, combining growth and transformation in its portfolio with financial discipline and strong focus on profitable growth. Earlier than expected termination of abandonment provisions Energy transition may lead to earlier than planned decommissioning and restoration commitments. Galp has recognized in its accounts abandonment provisions for all assets where the abandonment commitments are material, except for Sines refinery industrial complex. Galp seeks to uphold its operations in its industrial site in Sines, naturally transforming and decarbonising towards the needs of a lower carbon energy system and ensuring longer-term viability. Recent final investment decision (FID) on one of the biggest electrolysers projects in Europe for renewable hydrogen production and a large advanced biofuels plant to produce HVO and SAF, showcase Galp\u2019s commitment to ensure the energy supplies of the future. Climate Changes As with the Energy Transition, Galp has been working in the assessment of the potential impact of climate change risks in its activities. This analysis has the double objective of valuing the resilience of Galp\u2019s strategy under different scenarios while at the same time identify relevant opportunities and threats. Galp integrated the TCFD recommendations in the identification of climate change related risks. A set of physical and market variables were collected in order to estimate the impact of climate change risks in Galp\u2019s operations and value at risk. Potential Accounting Impact of Climate Change Physical risks of Assets due to weather catastrophes Galp is in the process of conducting multiple studies aimed at expanding the understanding of physical risks. These studies will allow a better understanding of the resilience of Galp\u2019s physical assets in the short to medium term given the estimated pace of climate change. Galp has several core assets near the coastline and holds interests in joint operations in deep waters with Floating Production and Offloading Vessels (FPSO). These core assets, as well as other Galp assets, are covered by insurance. Change of commodity and CO 2 prices Climate change may affect the supply and demand of energy both at a local and a global level which, in turn, may have an impact on the financial statements of Galp Group through variables such as CO2 prices or the price and quantities traded of commodities in general. Such risks are closely monitored and are appropriately reflected in the financial statements when and if they occur. 5. Tangible assets Accounting estimates and judgments Commodity price assumptions Future commodity price assumptions and refining margin used in the impairment testing in the Upstream and Industrial & Midstream (refining asset) segments, respectively, are regularly assessed by management. Management\u2019s estimate of refining margins used in the impairment testing was based on a linear refinery simulation software considering the current refinery configuration and to generate, on an optimized basis, estimated refinery products yields and energy consumption data based on a refining mixture of available brent and other refinery feedstocks. Galp\u2019s refining margin also incorporates the costs associated with CO2 emissions. Future commodities prices and refining margins used in impairment testing provide a source of estimation uncertainty as referred to in paragraph 125 of IAS 1 Presentation of Financial Statements (IAS 1.125). Information about the carrying amounts of assets and impairments and their sensitivity to changes in significant estimates are presented in this Note 5. Oil and gas reserves The estimate of oil and gas reserves is an integral part of the decision-making process relating to the exploration and development of Upstream assets. The volume of proved reserves is used to calculate the depreciation of exploration and production assets, in accordance with the units of production method. The expected production volumes, which comprise proved reserves and unproved volumes is used to assess the project\u2019s recoverable amount. The estimated proved reserves are also used to assess the annual abandonment costs. The estimated proved reserves are subject to judgment, and to future revision based on newly available information, including information relating to the development activities, drilling or production, prices or contract termination. The impact of any changes to the estimates of reserves are accounted for on a prospective basis. The estimates of oil and gas reserves, and any movements occurring during the year, are described in the Supplementary Information of the Integrated Report, which is not audited. Useful lives and residual values of tangible assets The calculation of the assets\u2019 residual values and useful lives, as well as the method to be applied, are necessary to determine the depreciation to be recognized in the consolidated income statement for each period. These parameters are set based on management\u2019s judgment, as well as being in line with the practices adopted in the industry. Changes in assets\u2019 economic useful lives are accounted for on a prospective basis. 6. Intangible assetsAccounting estimates and judgments Useful lives and residual values of intangible assets The calculation of the assets\u2019 residual values and useful lives, as well as the amortisation method to be applied, are essential to determine the amortisation recognized in the consolidated income statement for each period. These parameters are set based on the judgment of Management, as well as the practices adopted by peers in the industry. Impairment of intangible assets Determining whether impairment of assets has occurred requires a high level of judgment by management, specifically around identifying and evaluating indicators for impairment or impairment reversal, projection of future cashflows, applicable discount rates, useful lives and residual amounts. Refer to Note 5. for further details on impairment analysis. 7. LeasesAccounting estimates and judgments Useful lives, residual values of assets and discount rates The calculation of the assets\u2019 residual values, the estimation of the useful lives, and the discount rates used are based on the premises of the lease contracts (or for similar assets) and are set based on Management\u2019s judgment, as well as the practices in the industry. Impairment of Right-of-use Assets Identifying impairment indicators, estimating future cash flow and determining the fair value of assets requires Management to use significant judgment in terms of the identification and evaluation of the different impairment indicators, the expected cash flow, the applicable discount rates, useful lives and residual amounts. Rights-of-use assets are subject to existing impairment requirements as set out in \u201cTangible assets\u201d (Note 5). 9. Investments in associates and joint venturesAccounting estimates and judgements Impairment Determining whether impairment of assets has occurred requires a high level of judgment by management, specifically around identifying and evaluating indicators for impairment or impairment reversal, projection of future cashflows and applicable discount rates. The key assumptions used to determine the recoverable amount for the relevant joint venture (Coral FLNG), which belongs to Upstream segment are disclosed in Note 5. Information about joint arrangements and associates can be found in Note 31. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20439": {
"value": "4. Segment information Operating segments The Group operates across four different operating segments based on the types of products sold and services rendered: (i) Upstream, (ii) Industrial & Midstream; (iii) Commercial and (iv) Renewables & New Businesses. The Upstream segment represents Galp\u2019s presence in the Upstream sector of the oil and gas industry, which involves the management of all activities relating to the exploration, development and production of hydrocarbons, mainly focused on Brazil, Mozambique, Namibia and Angola 1 (until the end of 2022). The Industrial & Midstream segment operates the Sines industrial site in Portugal, which includes all current refining activities, as well as all activities relating to the Midstream, namely the energy management of oil products, gas and electricity. This segment also comprises all storage and transportation infrastructure for oil, gas products and the sale of electricity to the grid in Portugal and Spain, for both export and import. The Commercial segment encompasses the area of retail to final B2B and B2C customers of oil, gas, electricity and convenience. 1 Despite Angolan upstream entities being classified as non-current Assets held for sale, their profit or loss is included in the consolidated income statement. The Renewables & New businesses segment represents Galp\u2019s presence in the renewable and new energies space. Besides the four operating segments above, the Group classified in the category \u201cOthers\u201d the holding company Galp Energia, SGPS, S.A., and companies with activities that differ from the Company\u2019s core business, including Tagus Re, S.A. and Galp Energia, S.A., a reinsurance company and a provider of shared services at the corporate level, respectively. The segment reporting is presented on a replacement cost (RC) basis, which is the earnings measure used by the Chief Operating Decision Maker (in this case the Executive Board) to make decisions regarding the allocation of resources and the assessment of performance. Based on the RC method, the current method of measuring cost of sales under IFRS (the weighted average cost method) is replaced by the crude reference price (i.e. Brent-dated) as of the balance sheet date, as though the cost of sales had been measured at the replacement cost of the inventory sold. We have also disclosed in this note a reconciliation between the results under IFRS and those presented in the segment information. The financial information of the segments identified above, as of 31 December 2023 and 2022, is presented as follows: Unit: \u20acm Consolidated Upstream Industrial & Midstream Commercial Renewables & New businesses Others Consolidation adjustments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Sales and services rendered 20,769 26,840 3,717 4,401 8,317 11,000 10,296 13,410 161 190 293 236 (2,016) (2,320) Cost of sales (14,521) (20,956) (193) (367) (6,542) (9,904) (9,444) (12,472) 26 (91) (19) (8) 1,651 1,811 of which Variation of Production (121) 304 (136) (28) 15 332 0 0 0 1 0 0 0 0 Other revenue & expenses (2,479) (2,035) (1,036) (951) (846) (645) (563) (640) (57) (48) (342) (263) 365 509 of which Under & Overlifting 24 55 24 55 0 0 0 0 0 0 0 0 0 0 EBITDA at Replacement Cost 3,769 3,849 2,488 3,083 929 451 290 298 131 50 (69) (34) 0 0 Amortisation, depreciation and impairment losses on fixed assets (987) (1,380) (532) (855) (154) (266) (157) (217) (113) (18) (32) (24) 0 0 Provisions (net) (105) (124) 4 1 (82) (119) (1) (7) 0 0 (25) 1 0 0 EBIT at Replacement Cost 2,676 2,345 1,960 2,229 693 66 132 75 18 32 (126) (57) 0 0 Earnings from associates and joint ventures 49 152 (32) 28 51 (13) 7 8 21 126 2 3 0 0 Financial results (81) 713 Taxes and SPT at Replacement Cost (1,017) (1,432) Energy Sector Extraordinary Contribution (44) (34) 0 0 (21) (20) (14) 0 0 0 (9) (14) 0 0 Windfall tax (95) (53) (64) 0 0 0 (31) 0 0 0 0 (53) 0 0 Consolidated net income at Replacement Cost, of which: 1,489 1,691 Attributable to non-controlling interests 209 251 Attributable to shareholders of Galp Energia SGPS SA 1,280 1,440 OTHER INFORMATION Segment Assets 1 Financial investments 2 255 417 110 283 29 18 27 35 89 81 0 0 0 0 Other assets 16,351 15,678 8,528 7,540 3,538 3,263 2,850 2,889 1,704 2,061 2,743 2,536 (3,012) (2,611) Segment Assets 16,606 16,096 8,638 7,823 3,567 3,281 2,877 2,924 1,792 2,142 2,743 2,536 (3,012) (2,611) of which Rights of use of assets 1,630 1,116 1,070 702 235 165 159 167 91 70 75 12 0 (0) of which tangible and intangible assets 6,732 6,442 3,860 3,825 741 662 700 711 1,308 1,168 123 76 0 (0) Investment in Tangible and Intangible Assets 3 1,091 1,078 581 595 196 72 125 113 147 260 41 39 0 0 1 Net amount 2 Includes \u201cInvestments in associates and joint ventures\u201d (Note 9) and \u201cOther financial assets \u2013 Financial assets not measured at fair value - Loans and capital subscription\u201d (Note 12) 3 Excludes Abandonment provisions (\u20ac53 m) and Carry interest of Upstream segment (\u20ac20 m) The detailed information on sales and services rendered, tangible and intangible assets and investments in associates and joint ventures for each geographical region in which Galp operates is as follows: Unit: \u20acm Sales and services rendered 1 Tangible and intangible assests Financial investiments 2023 2022 2023 2022 2023 2022 20,769 26,840 6,732 6,442 255 417 Africa 758 757 830 710 130 301 Latin America 2,567 3,971 3,122 3,218 79 77 Europe 17,444 22,112 2,779 2,514 45 39 1 Net consolidation operation Commercial and financial transactions between related parties are performed according to the usual market conditions, similarly to the transactions between independent parties. The reconciliation between the Segment Reporting and the Consolidated Income Statement for the year ended 31 December 2023 and 2022 is as follows: Unit: \u20acm 2023 2022 Sales and services rendered 20,769 26,840 Cost of sales (14,580) (20,920) Replacement cost adjustments (1) 59 (36) Cost of sales at Replacement Cost (14,521) (20,956) Other revenue and expenses (2,479) (2,035) Amortisation, depreciation and impairment on fixed assets (987) (1,380) Provisions (net) (105) (124) Earnings from associates and joint ventures 49 152 Financial results (81) 713 Profit before taxes and other contributions at Replacement Cost 2,645 3,210 Replacement Cost adjustments (59) 36 Profit before taxes and other contributions at IFRS 2,585 3,246 Income tax (997) (1,434) Income tax on Replacement Cost Adjustment (2) (20) 2 Energy Sector Extraordinary Contribution (44) (34) Windfall tax (95) (53) Consolidated net income for the period at Replacement Cost 1,489 1,691 Replacement Cost (1) +(2) (38) 35 Consolidated net income for the period based on IFRS 1,451 1,726 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20441": {
"value": "4. Segment informationThe financial information of the segments identified above, as of 31 December 2023 and 2022, is presented as follows: Unit: \u20acm Consolidated Upstream Industrial & Midstream Commercial Renewables & New businesses Others Consolidation adjustments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Sales and services rendered 20,769 26,840 3,717 4,401 8,317 11,000 10,296 13,410 161 190 293 236 (2,016) (2,320) Cost of sales (14,521) (20,956) (193) (367) (6,542) (9,904) (9,444) (12,472) 26 (91) (19) (8) 1,651 1,811 of which Variation of Production (121) 304 (136) (28) 15 332 0 0 0 1 0 0 0 0 Other revenue & expenses (2,479) (2,035) (1,036) (951) (846) (645) (563) (640) (57) (48) (342) (263) 365 509 of which Under & Overlifting 24 55 24 55 0 0 0 0 0 0 0 0 0 0 EBITDA at Replacement Cost 3,769 3,849 2,488 3,083 929 451 290 298 131 50 (69) (34) 0 0 Amortisation, depreciation and impairment losses on fixed assets (987) (1,380) (532) (855) (154) (266) (157) (217) (113) (18) (32) (24) 0 0 Provisions (net) (105) (124) 4 1 (82) (119) (1) (7) 0 0 (25) 1 0 0 EBIT at Replacement Cost 2,676 2,345 1,960 2,229 693 66 132 75 18 32 (126) (57) 0 0 Earnings from associates and joint ventures 49 152 (32) 28 51 (13) 7 8 21 126 2 3 0 0 Financial results (81) 713 Taxes and SPT at Replacement Cost (1,017) (1,432) Energy Sector Extraordinary Contribution (44) (34) 0 0 (21) (20) (14) 0 0 0 (9) (14) 0 0 Windfall tax (95) (53) (64) 0 0 0 (31) 0 0 0 0 (53) 0 0 Consolidated net income at Replacement Cost, of which: 1,489 1,691 Attributable to non-controlling interests 209 251 Attributable to shareholders of Galp Energia SGPS SA 1,280 1,440 OTHER INFORMATION Segment Assets 1 Financial investments 2 255 417 110 283 29 18 27 35 89 81 0 0 0 0 Other assets 16,351 15,678 8,528 7,540 3,538 3,263 2,850 2,889 1,704 2,061 2,743 2,536 (3,012) (2,611) Segment Assets 16,606 16,096 8,638 7,823 3,567 3,281 2,877 2,924 1,792 2,142 2,743 2,536 (3,012) (2,611) of which Rights of use of assets 1,630 1,116 1,070 702 235 165 159 167 91 70 75 12 0 (0) of which tangible and intangible assets 6,732 6,442 3,860 3,825 741 662 700 711 1,308 1,168 123 76 0 (0) Investment in Tangible and Intangible Assets 3 1,091 1,078 581 595 196 72 125 113 147 260 41 39 0 0 1 Net amount 2 Includes \u201cInvestments in associates and joint ventures\u201d (Note 9) and \u201cOther financial assets \u2013 Financial assets not measured at fair value - Loans and capital subscription\u201d (Note 12) 3 Excludes Abandonment provisions (\u20ac53 m) and Carry interest of Upstream segment (\u20ac20 m) The detailed information on sales and services rendered, tangible and intangible assets and investments in associates and joint ventures for each geographical region in which Galp operates is as follows: Unit: \u20acm Sales and services rendered 1 Tangible and intangible assests Financial investiments 2023 2022 2023 2022 2023 2022 20,769 26,840 6,732 6,442 255 417 Africa 758 757 830 710 130 301 Latin America 2,567 3,971 3,122 3,218 79 77 Europe 17,444 22,112 2,779 2,514 45 39 1 Net consolidation operation 11. Trade and other receivablesOther receivables Unit: \u20acm 2023 2022 Notes Current Non-current Current Non-current 931 305 942 263 State and other Public Entities 109 0 82 0 Other debtors 328 225 320 167 Non-operated oil blocks 26 0 65 0 Underlifting 108 0 90 0 Other receivables 195 225 165 167 Related Parties 2 0 2 0 Contract Assets 347 48 401 64 Sales and services rendered but not yet invoiced 224 0 323 0 Adjustment to tariff deviation \u2013 \"pass through\" 26 0 27 0 Other accrued income 97 48 51 64 Deferred charges 154 32 147 32 Energy sector extraordinary contribution 16 6 11 8 16 Deferred charges for services 4 11 4 13 Other deferred charges 144 11 134 3 Impairment of other receivables (10) 0 (10) 0 15. Trade payables and other liabilitiesUnit: \u20acm 2023 2022 Current Non-current Current Non-current Suppliers 1,268 0 1,005 0 Other creditors 1,758 95 1,506 99 State and other public entities 421 0 346 0 Payable VAT 264 0 246 0 \"ISP\" \u2013 Tax on oil products 107 0 88 0 Other taxes 51 0 12 0 Other payables 279 43 331 44 Tangible and intangible assets suppliers 184 43 196 44 Other Creditors 95 0 135 0 Related parties 38 (3) 20 0 Other accounts payables 130 11 88 10 Accrued costs 781 23 701 36 External supplies and services 579 0 515 0 Holiday, holiday subsidy and corresponding contributions 102 1 83 6 Other accrued costs 101 21 103 30 Contract liabilities 28 0 17 0 Other deferred income 81 21 4 10 24. Revenue and Income Accounting policies For the Industrial & Midstream, the Commercial and the Renewables and New Businesses segments, revenue is recognized when Galp has satisfied a performance obligation by transferring the promised products or services to the customer. The product is transferred when the customer obtains control of the same. Sales are measured at the fair value of the consideration received or receivable. Sales are recognized net of taxes, with the exception of tax on petroleum products, discounts and rebates. For the Upstream segment, revenue resulting from hydrocarbon production from properties in which Galp has an interest in joint arrangements is recognized on the basis of Galp\u2019s working interest (entitlement method). Revenue resulting from the production of oil under production-sharing contracts is recognized for those amounts relating to Galp\u2019s cost recovery, and Galp\u2019s share of the remaining production. As mentioned in Note 11, Galp undertakes under- and overlifting activities. Underlifting occurs when the overtaker lifts the barrels from Galp and sells them. When this happens, underlifting income is recognized against an asset (debtor). In similar ways, overlifting occurs when Galp lifts the barrels to which it is not yet entitled. These balances are presented in Other operating income and Other operating costs (Note 25), respectively. Exchange differences arising from supplier and customer balances are recognized in the operating results. The IFRS 15 accounting principle considers a principal vs. agent framework in relation to cost incurred and goods and services provided. In accordance with this, Galp analyzed, among others, a service related to the natural gas and electricity commercialization activities, namely due to the electricity and gas tariffs paid to distribution entities and recognized as costs. Services provided or promised to final customers contains the cost of the tariffs included in the price tag and recognized as operating income. Galp concluded that each contract performance obligation to provide the specified goods or services is the responsibility of the Group, thus controlling the goods or services before delivering them to the final customers. Galp is therefore a Principal rather than an Agent when performing its contract obligations. Unit: \u20acm Notes 2023 2022 21,394 28,188 Total sales 20,455 26,485 Goods 10,121 14,875 Products 10,333 11,609 Services rendered 314 355 Other operating income 441 321 Underlifting income 24 55 Others 417 265 Earnings from associates and joint ventures 9 49 152 Financial income 27 134 877 Services rendered include, among others, the recharge of costs related to electricity and gas tariffs, storage and logistics services, freight and transportation services. Other operating income \u2013 others include mainly the recharge of costs related to freight and other costs and charges to third party for the use of gas assets associated with the upstream segment activity. In 2022, Sales - Goods included a negative effect of \u20ac401 m regarding an adjustment of the price of gas sold due to the settlement of Futures (Note 19). Earnings from associate and joint ventures of \u20ac49 m includes Galp\u2019s share of the results (equity method) of associates and joint ventures amounting to \u20ac10 m (Note 9) and a gain of \u20ac39 m mainly resulting from a partial reversion of the provision of CESE I assumed by Galp in relation to Floene Energias, S.A. (\u20ac44 m) and an impairment of \u20ac5 m regarding a minority stake held in a research entity. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20442": {
"value": "4. Segment informationThe financial information of the segments identified above, as of 31 December 2023 and 2022, is presented as follows: Unit: \u20acm Consolidated Upstream Industrial & Midstream Commercial Renewables & New businesses Others Consolidation adjustments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Sales and services rendered 20,769 26,840 3,717 4,401 8,317 11,000 10,296 13,410 161 190 293 236 (2,016) (2,320) Cost of sales (14,521) (20,956) (193) (367) (6,542) (9,904) (9,444) (12,472) 26 (91) (19) (8) 1,651 1,811 of which Variation of Production (121) 304 (136) (28) 15 332 0 0 0 1 0 0 0 0 Other revenue & expenses (2,479) (2,035) (1,036) (951) (846) (645) (563) (640) (57) (48) (342) (263) 365 509 of which Under & Overlifting 24 55 24 55 0 0 0 0 0 0 0 0 0 0 EBITDA at Replacement Cost 3,769 3,849 2,488 3,083 929 451 290 298 131 50 (69) (34) 0 0 Amortisation, depreciation and impairment losses on fixed assets (987) (1,380) (532) (855) (154) (266) (157) (217) (113) (18) (32) (24) 0 0 Provisions (net) (105) (124) 4 1 (82) (119) (1) (7) 0 0 (25) 1 0 0 EBIT at Replacement Cost 2,676 2,345 1,960 2,229 693 66 132 75 18 32 (126) (57) 0 0 Earnings from associates and joint ventures 49 152 (32) 28 51 (13) 7 8 21 126 2 3 0 0 Financial results (81) 713 Taxes and SPT at Replacement Cost (1,017) (1,432) Energy Sector Extraordinary Contribution (44) (34) 0 0 (21) (20) (14) 0 0 0 (9) (14) 0 0 Windfall tax (95) (53) (64) 0 0 0 (31) 0 0 0 0 (53) 0 0 Consolidated net income at Replacement Cost, of which: 1,489 1,691 Attributable to non-controlling interests 209 251 Attributable to shareholders of Galp Energia SGPS SA 1,280 1,440 OTHER INFORMATION Segment Assets 1 Financial investments 2 255 417 110 283 29 18 27 35 89 81 0 0 0 0 Other assets 16,351 15,678 8,528 7,540 3,538 3,263 2,850 2,889 1,704 2,061 2,743 2,536 (3,012) (2,611) Segment Assets 16,606 16,096 8,638 7,823 3,567 3,281 2,877 2,924 1,792 2,142 2,743 2,536 (3,012) (2,611) of which Rights of use of assets 1,630 1,116 1,070 702 235 165 159 167 91 70 75 12 0 (0) of which tangible and intangible assets 6,732 6,442 3,860 3,825 741 662 700 711 1,308 1,168 123 76 0 (0) Investment in Tangible and Intangible Assets 3 1,091 1,078 581 595 196 72 125 113 147 260 41 39 0 0 1 Net amount 2 Includes \u201cInvestments in associates and joint ventures\u201d (Note 9) and \u201cOther financial assets \u2013 Financial assets not measured at fair value - Loans and capital subscription\u201d (Note 12) 3 Excludes Abandonment provisions (\u20ac53 m) and Carry interest of Upstream segment (\u20ac20 m) The detailed information on sales and services rendered, tangible and intangible assets and investments in associates and joint ventures for each geographical region in which Galp operates is as follows: Unit: \u20acm Sales and services rendered 1 Tangible and intangible assests Financial investiments 2023 2022 2023 2022 2023 2022 20,769 26,840 6,732 6,442 255 417 Africa 758 757 830 710 130 301 Latin America 2,567 3,971 3,122 3,218 79 77 Europe 17,444 22,112 2,779 2,514 45 39 1 Net consolidation operation 11. Trade and other receivablesOther receivables Unit: \u20acm 2023 2022 Notes Current Non-current Current Non-current 931 305 942 263 State and other Public Entities 109 0 82 0 Other debtors 328 225 320 167 Non-operated oil blocks 26 0 65 0 Underlifting 108 0 90 0 Other receivables 195 225 165 167 Related Parties 2 0 2 0 Contract Assets 347 48 401 64 Sales and services rendered but not yet invoiced 224 0 323 0 Adjustment to tariff deviation \u2013 \"pass through\" 26 0 27 0 Other accrued income 97 48 51 64 Deferred charges 154 32 147 32 Energy sector extraordinary contribution 16 6 11 8 16 Deferred charges for services 4 11 4 13 Other deferred charges 144 11 134 3 Impairment of other receivables (10) 0 (10) 0 15. Trade payables and other liabilitiesUnit: \u20acm 2023 2022 Current Non-current Current Non-current Suppliers 1,268 0 1,005 0 Other creditors 1,758 95 1,506 99 State and other public entities 421 0 346 0 Payable VAT 264 0 246 0 \"ISP\" \u2013 Tax on oil products 107 0 88 0 Other taxes 51 0 12 0 Other payables 279 43 331 44 Tangible and intangible assets suppliers 184 43 196 44 Other Creditors 95 0 135 0 Related parties 38 (3) 20 0 Other accounts payables 130 11 88 10 Accrued costs 781 23 701 36 External supplies and services 579 0 515 0 Holiday, holiday subsidy and corresponding contributions 102 1 83 6 Other accrued costs 101 21 103 30 Contract liabilities 28 0 17 0 Other deferred income 81 21 4 10 24. Revenue and IncomeUnit: \u20acm Notes 2023 2022 21,394 28,188 Total sales 20,455 26,485 Goods 10,121 14,875 Products 10,333 11,609 Services rendered 314 355 Other operating income 441 321 Underlifting income 24 55 Others 417 265 Earnings from associates and joint ventures 9 49 152 Financial income 27 134 877 Services rendered include, among others, the recharge of costs related to electricity and gas tariffs, storage and logistics services, freight and transportation services. Other operating income \u2013 others include mainly the recharge of costs related to freight and other costs and charges to third party for the use of gas assets associated with the upstream segment activity. In 2022, Sales - Goods included a negative effect of \u20ac401 m regarding an adjustment of the price of gas sold due to the settlement of Futures (Note 19). Earnings from associate and joint ventures of \u20ac49 m includes Galp\u2019s share of the results (equity method) of associates and joint ventures amounting to \u20ac10 m (Note 9) and a gain of \u20ac39 m mainly resulting from a partial reversion of the provision of CESE I assumed by Galp in relation to Floene Energias, S.A. (\u20ac44 m) and an impairment of \u20ac5 m regarding a minority stake held in a research entity. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f20934": {
"value": "5. Tangible assets Accounting policies Recognition Tangible assets are stated at cost, less accumulated depreciation and cumulative impairment losses. The acquisition cost includes the purchase amount, plus transport and assembly costs, any decommissioning obligations and financial interest incurred during the construction phase. Tangible work-in-progress assets refer to assets under construction and are stated at cost less cumulative impairment losses. Major maintenance and repairs Expenditure on major maintenance or repairs represents the cost of replacement assets or parts of assets, inspection costs and overhaul costs. Where an asset or part of an asset that was depreciated separately is replaced, and it is probable that the future economic benefits associated with the item will flow to the group, the expenditure is capitalised, and the carrying amount of the replaced asset is derecognized. Inspection costs associated with major maintenance programmes are capitalised and amortized over the period until the next inspection. Overhaul costs for major maintenance programmes, and all other maintenance costs, are expensed as they are incurred. Upstream Tangible Assets Hydrocarbon exploration costs are accounted for under the successful efforts\u2019 method: exploration costs are recognized in income when incurred (i.e. expenditure related to G&G \u2013 Geological & Geophysical \u2013 and G&A \u2013 General & Administrative), except for exploratory drilling costs, which are included in tangible assets (work-in- progress assets) pending determination of proved reserves and are subject to impairment test when triggers are identified. Dry wells are recorded as expenses for the year. At the start of production capitalised costs are depreciated based on the depreciation policy in force. Depreciation Upstream Tangible Assets Tangible assets related to hydrocarbon production activities, including related pipelines, mineral rights and future decommissioning costs are in principle depreciated on a unit-of-production (UOP) basis over the proved developed reserves of the field concerned. The UoP rate for the depreciation of common facilities considers the expenditure incurred to date, together with the estimated future capital expenditure expected to be incurred in relation to the as-yet undeveloped reserves expected to be processed using these common facilities. Floating platforms (FPSOs) are currently depreciated using the straight-line method, based on the lower of the estimated asset\u2019s useful life and the concession period of the field where the platform is deployed. Depreciation rates for Tangible Assets The average annual depreciation rates used are as follows: Depreciation rates 2023 2022 Buildings and other constructions 4.0% 2.2% Machinery and equipment 10.0% 13.4% Transport equipment 12.0% 11.0% Tools and utensils 11.0% 20.0% Administrative equipment 14.0% 27.0% Reusable containers 11.0% 14.0% Other tangible assets 12.0% 13.0% Impairment analysis Impairment testing is performed at the date of the financial statements and whenever events or changes in circumstances indicate that the carrying amounts for those assets may not be recoverable or previous years impairments are to be reversed. When performing impairment testing, tangible assets are allocated to the respective cash generating unit (CGU). The recoverable amount of an asset is estimated as part of the CGU to which it belongs, according to the discounted cash flow method. The discount rates are calculated by adjusting the post-tax rate to reflect the specific risk levels of the CGUs. Industrial & Midstream and Commercial segments impairment tests Tangible and intangible assets related to the Industrial & Midstream and Commercial segments are assessed by the Group for impairment at the end of each reporting period or when impairment indicators (or indicators for impairment reversal) are identified, considering internal and external sources of information. Commercial In its annual impairment testing of Commercial segment, the Group considers the service station cash generating unit as being each individual service station. The impairment testing carried out by the Group is based on the estimated recoverable amount of each service station compared to its net book value at the end of each reporting period. The recoverable amount (value in use) determined by the Group corresponds to the present value of the expected future cash flow, which in turn is determined based on the annual budgets and business plans for the service station, using a post-tax discount rate adjusted for the specific risks of that segment. Industrial & Midstream Impairment testing is also performed on the other assets of the Industrial & Midstream segment, including Sines refinery and tangible assets associated with logistics and storage activities. The period of the cash flow projection varies as a function of the CGU\u2019s average economic useful life. The determination of the value in use of refining assets was based on the assumptions defined in the business plan, as follows: i. Refining margin ii. Carbon prices iii. Refinery availability iv. Future operating and investments costs v. Discount rate Upstream segment impairment testing Impairment on exploration and production assets are recorded when: \u2022 Economically feasible reserves are not found; \u2022 The exploration licence expires and is not expected to be renewed; \u2022 When an acquired area is relinquished or abandoned; and \u2022 When the carrying amount exceed its recoverable amount. Tangible and intangible assets related to the Upstream segment are assessed for impairment by the Group periodically (annually, or quarterly where indications of impairment are identified). The selected CGU will be the project or the individual block, depending on the stage of maturity of the respective investment. The assessment for impairment is carried out in accordance with the expected monetary value (EMV model), comparing the carrying amount of the investment with the present value of the expected future cash flow using a post-tax discount rate adjusted for the risks specific to the asset for which the future cash flow estimates have not been adjusted, calculated considering the estimates of: i. The probable reserves; ii. The investment and future operating costs needed to recover the probable reserves; iii. The amount of any contingent resources, adjusted to reflect the probability of geological success; iv. The investment and future operating costs required to recover the contingent resources; v. The reference price of a barrel of Brent crude; vi. The applicable exchange rates; vii. The CGU taxation mechanisms; viii. The estimated production level and concession period; and ix. The asset retirement obligations. The EMV model considers in its calculation the PoS (the probability of geological success a.k.a. the probability of success), which is a conditional statistical probability (Bayesian probability). This probability is used in geological science as part of a probability matrix based on seismic information and other G&G information. This underlying information takes into account the quantity, quality and certainty of the reserves (data controls). The cash flow projection period is equal to the recovery of the reserves and resources during the concession period, up to the limit of the terms of the respective concession agreements, if applicable. Galp can carry out impairment testing at any stage of exploration and production, i.e. in the exploration, development and production stages, when facts and circumstances suggest that the carrying amount of an exploration and production asset may exceed its recoverable amount. In the exploration phase, the CGU depends on the stage at which the investment is made in each project. For example, at an early investment stage, the CGU will be the country-level entity, given that the investment also includes investments in signature bonuses and any generic research performed in the area. Once an overall area is divided into blocks by the relevant country\u2019s authorities, Galp will recognise each block as a CGU, down levelling the assessment for the purposes of impairment testing. As there are no reserves at this stage, Galp carries out impairment testing of prospective and contingent resources with a very low PoS. If proved reserves are booked, the investment moves into the development stage, having already been subject to impairment testing. During the development phase and if required, the impairment analysis also considers the PoS (which is higher than at earlier stages, since there is now an estimate of the commercially viable reserves) and 2P reserves (probable reserves) in order to estimate the future cashflows that are expected to be generated by the block under analysis. Accounting estimates and judgments Commodity price assumptions Future commodity price assumptions and refining margin used in the impairment testing in the Upstream and Industrial & Midstream (refining asset) segments, respectively, are regularly assessed by management. Management\u2019s estimate of refining margins used in the impairment testing was based on a linear refinery simulation software considering the current refinery configuration and to generate, on an optimized basis, estimated refinery products yields and energy consumption data based on a refining mixture of available brent and other refinery feedstocks. Galp\u2019s refining margin also incorporates the costs associated with CO2 emissions. Future commodities prices and refining margins used in impairment testing provide a source of estimation uncertainty as referred to in paragraph 125 of IAS 1 Presentation of Financial Statements (IAS 1.125). Information about the carrying amounts of assets and impairments and their sensitivity to changes in significant estimates are presented in this Note 5. Oil and gas reserves The estimate of oil and gas reserves is an integral part of the decision-making process relating to the exploration and development of Upstream assets. The volume of proved reserves is used to calculate the depreciation of exploration and production assets, in accordance with the units of production method. The expected production volumes, which comprise proved reserves and unproved volumes is used to assess the project\u2019s recoverable amount. The estimated proved reserves are also used to assess the annual abandonment costs. The estimated proved reserves are subject to judgment, and to future revision based on newly available information, including information relating to the development activities, drilling or production, prices or contract termination. The impact of any changes to the estimates of reserves are accounted for on a prospective basis. The estimates of oil and gas reserves, and any movements occurring during the year, are described in the Supplementary Information of the Integrated Report, which is not audited. Useful lives and residual values of tangible assets The calculation of the assets\u2019 residual values and useful lives, as well as the method to be applied, are necessary to determine the depreciation to be recognized in the consolidated income statement for each period. These parameters are set based on management\u2019s judgment, as well as being in line with the practices adopted in the industry. Changes in assets\u2019 economic useful lives are accounted for on a prospective basis. Unit: \u20acm Land, natural resources and buildings Plant and machinery Other equipment Assets under construction Total As at 31 December 2023 Acquisition cost 1,338 11,401 534 2,641 15,913 Impairment (37) (226) (3) (234) (501) Accumulated depreciation and depletion (812) (8,131) (441) 0 (9,384) Net value 489 3,044 90 2,406 6,029 As at 31 December 2022 Acquisition cost 1,300 11,167 523 2,189 15,179 Impairment (39) (232) (3) (279) (553) Accumulated depreciation and depletion (801) (7,668) (456) 0 (8,925) Net value 459 3,267 64 1,910 5,700 Movements in tangible assets in 2023 and 2022 are as follows: Unit: \u20acm Land, natural resources and buildings Plant and machinery Other equipment Assets under construction Total Balance as at 1 January 2022 462 2,866 46 1,794 5,169 Additions 0 321 1 714 1,036 Depreciation, depletion and impairment (36) (763) (19) (176) (994) Disposals/Write-offs (2) (16) (2) (5) (25) Transfers 21 580 25 (625) 0 Currency exchange differences and other adjustments 13 279 13 209 514 Balance as at 31 December 2022 459 3,267 64 1,910 5,700 Balance as at 1 January 2023 459 3,267 64 1,910 5,700 Additions 1 56 0 1,056 1,113 Depreciation, depletion and impairment (22) (594) (25) (35) (677) Disposals/Write-offs (3) (34) 0 (50) (87) Transfers 54 443 51 (548) 0 Currency exchange differences and other adjustments 1 (94) 0 73 (20) Balance as at 31 December 2023 489 3,044 90 2,406 6,029 During the year ended 31 December 2023, the Group made mainly investments in the Upstream segment in relation to projects in Brazil (\u20ac431 m), Mozambique (\u20ac43 m) and Namibia (\u20ac117 m). Investments were made also in the segments of Industrial & Midstream (\u20ac196 m), Commercial (\u20ac119 m), Renewables (\u20ac145 m) and Others (\u20ac14 m). The amounts mentioned above exclude the capitalisation of financial charges in the amount of \u20ac48 m (Note 27). In the current year, Galp recognized an impairment on tangible assets of \u20ac40 m mainly related with renewables assets in Brazil (\u20ac5 m) and in Spain (\u20ac6 m), industrial and commercial assets in Portugal (\u20ac15 m) and retail distribution assets (Portugal and Spain) (\u20ac3,5 m). The disposals/write-offs in the period related with fully impaired exploration and appraisal assets in Brazil (\u20ac50 m) and industrial assets (\u20ac 33 m). Upstream segment assets Details of assets under construction and assets in production for the Upstream segment for the years ended 31 December 2023 and 2022, including Tangible and Intangible Assets, are presented in the table below: Unit: \u20acm Africa Latin America Total 2023 2022 2023 2022 2023 2022 Exploration and Production Assets 740 623 3.121 3,203 3,860 3,826 Assets under construction 541 382 1,616 1,161 2,157 1,543 Mineral Rights 0 0 0 0 0 0 In exploration 389 322 0 137 389 459 In development 115 0 1,492 981 1,607 981 Financial interests 9 37 123 43 132 80 Others 28 23 0 0 28 23 Assets already in production 199 241 1,505 2,042 1,704 2,283 Mineral Rights 6 9 0 289 6 298 In production 193 216 1,503 1,639 1,696 1,855 Financial interests 0 16 2 113 2 129 Others 0 0 0 1 0 1 Impairment Analysis Refinery, logistics and storage facilities Impairment testing was carried out for several CGUs of the Industrial & Midstream segment, including Refinery and Storage facilities. Based on the impairment testing carried out, the expected future benefits from the assets are higher than the carrying amount. The future cash flow projections at the CGU level have been discounted using an appropriate discount rate which reflects the asset\u2019s specific risks (2023: 8.3% and 2022: 9.2%). Year-end analysis of the sensitivity of the carrying amount of the refining assets included fluctuations in the cashflows, refining margin and discount rates. The forecast refining margin (nominal terms) considered in the impairment testing were in a range from $6.7/bbl to $8.8/bbl during the business plan period, decreasing to around $4/bbl on the long term (2034 onwards). The sensitivity test assumptions were a 10% decrease in cashflows or a 1% increase in the discount rate with no impairment identified. Retail distribution assets A total impairment of \u20ac3.5 m in Tangible assets regarding the retail distribution assets in Portugal and Spain. The future cash flow projections at the CGU level have been discounted using an appropriate discount rate which reflects the asset\u2019s specific risks (2023:6.3-6.5% and 2022:6.6%). The sensitivity test assumptions were a 10% decrease in cashflows or an increase of 1% in the discount rate, could lead to an additional potential impairment of \u20ac18 m regarding the retail distribution assets in Portugal and Spain. Upstream segment assets Tangible and intangible assets of the Upstream segment were subject to an impairment test and year-end analysis of the sensitivity of the carrying value of the main assets to fluctuations in the Brent price. The forecast Brent prices (nominal terms) considered in the impairment testing were as follows: 80 $/bbl to 83 $/bbl during the period of 2024 to 2028, 81 $/bbl to 87 $/bbl from 2029 to 2033 and, for the long-term (2034 onwards) around 70 $/bbl (in real terms). For those assets already in development and production, and despite the fact that no triggers were identified, the impairment assessments show that the expected future benefits from the assets are higher than the carrying value per CGU for the regions in which Galp operates (Mozambique and Brazil). For Angola a fair value analysis was made since the assets will be sold rather then used by Galp. No impairment is expected on the assets that are available for sale. The discount rate used in the impairment test reflects the risks specific to the Upstream assets for which the future cash flow estimates have not been adjusted, calculated on a USD basis (2023:11.7% and 2022:11.6%). A sensitivity analysis was carried out to test the impact of the volatility of the Brent price on the value of the main Upstream assets. The sensitivity analysis was prepared using a 10% decrease in cash flows and an increase of 1% in the discount rate. The results from the analysis indicate that no potential impairment in the geographical areas mentioned. Renewables segment assets Impairment test was done to tangible and intangible assets of the renewables segment. The cash flow projections at the CGU level were discounted using an appropriate discount rate which reflects the asset\u00b4s specific risks (2023:5.8%-6.2%; 2022:6.4%). An impairment of \u20ac52 m was recognised regarding renewables in Brazil (of which \u20ac5 m related to tangible assets and \u20ac42 m related to intangible assets) and in Spain (of which \u20ac6 m related to tangible assets). For other renewables assets a sensitivity analysis was conducted considering 10% decrease in cashflows or an increase of 1% in the discount rate. Using these assumptions could lead to a potential impairment of \u20ac8 m. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f20935": {
"value": "5. Tangible assets Accounting policies Recognition Tangible assets are stated at cost, less accumulated depreciation and cumulative impairment losses. The acquisition cost includes the purchase amount, plus transport and assembly costs, any decommissioning obligations and financial interest incurred during the construction phase. Tangible work-in-progress assets refer to assets under construction and are stated at cost less cumulative impairment losses. Major maintenance and repairs Expenditure on major maintenance or repairs represents the cost of replacement assets or parts of assets, inspection costs and overhaul costs. Where an asset or part of an asset that was depreciated separately is replaced, and it is probable that the future economic benefits associated with the item will flow to the group, the expenditure is capitalised, and the carrying amount of the replaced asset is derecognized. Inspection costs associated with major maintenance programmes are capitalised and amortized over the period until the next inspection. Overhaul costs for major maintenance programmes, and all other maintenance costs, are expensed as they are incurred. Upstream Tangible Assets Hydrocarbon exploration costs are accounted for under the successful efforts\u2019 method: exploration costs are recognized in income when incurred (i.e. expenditure related to G&G \u2013 Geological & Geophysical \u2013 and G&A \u2013 General & Administrative), except for exploratory drilling costs, which are included in tangible assets (work-in- progress assets) pending determination of proved reserves and are subject to impairment test when triggers are identified. Dry wells are recorded as expenses for the year. At the start of production capitalised costs are depreciated based on the depreciation policy in force. Depreciation Upstream Tangible Assets Tangible assets related to hydrocarbon production activities, including related pipelines, mineral rights and future decommissioning costs are in principle depreciated on a unit-of-production (UOP) basis over the proved developed reserves of the field concerned. The UoP rate for the depreciation of common facilities considers the expenditure incurred to date, together with the estimated future capital expenditure expected to be incurred in relation to the as-yet undeveloped reserves expected to be processed using these common facilities. Floating platforms (FPSOs) are currently depreciated using the straight-line method, based on the lower of the estimated asset\u2019s useful life and the concession period of the field where the platform is deployed. Depreciation rates for Tangible Assets The average annual depreciation rates used are as follows: Depreciation rates 2023 2022 Buildings and other constructions 4.0% 2.2% Machinery and equipment 10.0% 13.4% Transport equipment 12.0% 11.0% Tools and utensils 11.0% 20.0% Administrative equipment 14.0% 27.0% Reusable containers 11.0% 14.0% Other tangible assets 12.0% 13.0% Impairment analysis Impairment testing is performed at the date of the financial statements and whenever events or changes in circumstances indicate that the carrying amounts for those assets may not be recoverable or previous years impairments are to be reversed. When performing impairment testing, tangible assets are allocated to the respective cash generating unit (CGU). The recoverable amount of an asset is estimated as part of the CGU to which it belongs, according to the discounted cash flow method. The discount rates are calculated by adjusting the post-tax rate to reflect the specific risk levels of the CGUs. Industrial & Midstream and Commercial segments impairment tests Tangible and intangible assets related to the Industrial & Midstream and Commercial segments are assessed by the Group for impairment at the end of each reporting period or when impairment indicators (or indicators for impairment reversal) are identified, considering internal and external sources of information. Commercial In its annual impairment testing of Commercial segment, the Group considers the service station cash generating unit as being each individual service station. The impairment testing carried out by the Group is based on the estimated recoverable amount of each service station compared to its net book value at the end of each reporting period. The recoverable amount (value in use) determined by the Group corresponds to the present value of the expected future cash flow, which in turn is determined based on the annual budgets and business plans for the service station, using a post-tax discount rate adjusted for the specific risks of that segment. Industrial & Midstream Impairment testing is also performed on the other assets of the Industrial & Midstream segment, including Sines refinery and tangible assets associated with logistics and storage activities. The period of the cash flow projection varies as a function of the CGU\u2019s average economic useful life. The determination of the value in use of refining assets was based on the assumptions defined in the business plan, as follows: i. Refining margin ii. Carbon prices iii. Refinery availability iv. Future operating and investments costs v. Discount rate Upstream segment impairment testing Impairment on exploration and production assets are recorded when: \u2022 Economically feasible reserves are not found; \u2022 The exploration licence expires and is not expected to be renewed; \u2022 When an acquired area is relinquished or abandoned; and \u2022 When the carrying amount exceed its recoverable amount. Tangible and intangible assets related to the Upstream segment are assessed for impairment by the Group periodically (annually, or quarterly where indications of impairment are identified). The selected CGU will be the project or the individual block, depending on the stage of maturity of the respective investment. The assessment for impairment is carried out in accordance with the expected monetary value (EMV model), comparing the carrying amount of the investment with the present value of the expected future cash flow using a post-tax discount rate adjusted for the risks specific to the asset for which the future cash flow estimates have not been adjusted, calculated considering the estimates of: i. The probable reserves; ii. The investment and future operating costs needed to recover the probable reserves; iii. The amount of any contingent resources, adjusted to reflect the probability of geological success; iv. The investment and future operating costs required to recover the contingent resources; v. The reference price of a barrel of Brent crude; vi. The applicable exchange rates; vii. The CGU taxation mechanisms; viii. The estimated production level and concession period; and ix. The asset retirement obligations. The EMV model considers in its calculation the PoS (the probability of geological success a.k.a. the probability of success), which is a conditional statistical probability (Bayesian probability). This probability is used in geological science as part of a probability matrix based on seismic information and other G&G information. This underlying information takes into account the quantity, quality and certainty of the reserves (data controls). The cash flow projection period is equal to the recovery of the reserves and resources during the concession period, up to the limit of the terms of the respective concession agreements, if applicable. Galp can carry out impairment testing at any stage of exploration and production, i.e. in the exploration, development and production stages, when facts and circumstances suggest that the carrying amount of an exploration and production asset may exceed its recoverable amount. In the exploration phase, the CGU depends on the stage at which the investment is made in each project. For example, at an early investment stage, the CGU will be the country-level entity, given that the investment also includes investments in signature bonuses and any generic research performed in the area. Once an overall area is divided into blocks by the relevant country\u2019s authorities, Galp will recognise each block as a CGU, down levelling the assessment for the purposes of impairment testing. As there are no reserves at this stage, Galp carries out impairment testing of prospective and contingent resources with a very low PoS. If proved reserves are booked, the investment moves into the development stage, having already been subject to impairment testing. During the development phase and if required, the impairment analysis also considers the PoS (which is higher than at earlier stages, since there is now an estimate of the commercially viable reserves) and 2P reserves (probable reserves) in order to estimate the future cashflows that are expected to be generated by the block under analysis. Accounting estimates and judgments Commodity price assumptions Future commodity price assumptions and refining margin used in the impairment testing in the Upstream and Industrial & Midstream (refining asset) segments, respectively, are regularly assessed by management. Management\u2019s estimate of refining margins used in the impairment testing was based on a linear refinery simulation software considering the current refinery configuration and to generate, on an optimized basis, estimated refinery products yields and energy consumption data based on a refining mixture of available brent and other refinery feedstocks. Galp\u2019s refining margin also incorporates the costs associated with CO2 emissions. Future commodities prices and refining margins used in impairment testing provide a source of estimation uncertainty as referred to in paragraph 125 of IAS 1 Presentation of Financial Statements (IAS 1.125). Information about the carrying amounts of assets and impairments and their sensitivity to changes in significant estimates are presented in this Note 5. Oil and gas reserves The estimate of oil and gas reserves is an integral part of the decision-making process relating to the exploration and development of Upstream assets. The volume of proved reserves is used to calculate the depreciation of exploration and production assets, in accordance with the units of production method. The expected production volumes, which comprise proved reserves and unproved volumes is used to assess the project\u2019s recoverable amount. The estimated proved reserves are also used to assess the annual abandonment costs. The estimated proved reserves are subject to judgment, and to future revision based on newly available information, including information relating to the development activities, drilling or production, prices or contract termination. The impact of any changes to the estimates of reserves are accounted for on a prospective basis. The estimates of oil and gas reserves, and any movements occurring during the year, are described in the Supplementary Information of the Integrated Report, which is not audited. Useful lives and residual values of tangible assets The calculation of the assets\u2019 residual values and useful lives, as well as the method to be applied, are necessary to determine the depreciation to be recognized in the consolidated income statement for each period. These parameters are set based on management\u2019s judgment, as well as being in line with the practices adopted in the industry. Changes in assets\u2019 economic useful lives are accounted for on a prospective basis. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20936": {
"value": "5. Tangible assets Major maintenance and repairs Expenditure on major maintenance or repairs represents the cost of replacement assets or parts of assets, inspection costs and overhaul costs. Where an asset or part of an asset that was depreciated separately is replaced, and it is probable that the future economic benefits associated with the item will flow to the group, the expenditure is capitalised, and the carrying amount of the replaced asset is derecognized. Inspection costs associated with major maintenance programmes are capitalised and amortized over the period until the next inspection. Overhaul costs for major maintenance programmes, and all other maintenance costs, are expensed as they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20939": {
"value": "5. Tangible assetsUpstream Tangible Assets Hydrocarbon exploration costs are accounted for under the successful efforts\u2019 method: exploration costs are recognized in income when incurred (i.e. expenditure related to G&G \u2013 Geological & Geophysical \u2013 and G&A \u2013 General & Administrative), except for exploratory drilling costs, which are included in tangible assets (work-in- progress assets) pending determination of proved reserves and are subject to impairment test when triggers are identified. Dry wells are recorded as expenses for the year. At the start of production capitalised costs are depreciated based on the depreciation policy in force. Upstream segment assets Details of assets under construction and assets in production for the Upstream segment for the years ended 31 December 2023 and 2022, including Tangible and Intangible Assets, are presented in the table below: Unit: \u20acm Africa Latin America Total 2023 2022 2023 2022 2023 2022 Exploration and Production Assets 740 623 3.121 3,203 3,860 3,826 Assets under construction 541 382 1,616 1,161 2,157 1,543 Mineral Rights 0 0 0 0 0 0 In exploration 389 322 0 137 389 459 In development 115 0 1,492 981 1,607 981 Financial interests 9 37 123 43 132 80 Others 28 23 0 0 28 23 Assets already in production 199 241 1,505 2,042 1,704 2,283 Mineral Rights 6 9 0 289 6 298 In production 193 216 1,503 1,639 1,696 1,855 Financial interests 0 16 2 113 2 129 Others 0 0 0 1 0 1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20940": {
"value": "5. Tangible assetsThe amounts mentioned above exclude the capitalisation of financial charges in the amount of \u20ac48 m (Note 27). 27. Financial income and expenses Accounting policies Financial income and expenses include interest on loans and bonds, leasing and retirement and other benefit plans. Other financial income and expenses from other financial assets or liabilities are not included in this caption. The financial charges on loans obtained are recorded as financial expenses on an accruals basis. Financial charges arising from general and specific loans obtained to finance investments in fixed assets are assigned to tangible and intangible assets in progress, in proportion to the total expenses incurred on those investments net of investment government grants, until the commencement of operations. The remainder is recognized under the heading of financial expenses in the income statement for the year. Any interest income from loans directly related to the financing of fixed assets which are in the process of construction is deducted from the financial charges capitalized. Those financial charges included within fixed assets are depreciated over the useful lives of the respective assets. Unit: \u20acm Notes 2023 2022 (81) 713 Financial income 134 877 Interest on bank deposits 108 51 Interest and other income with related companies 21 11 Other financial income 5 9 Results from derivative financial instruments 19 0 806 Financial expenses (215) (164) Interest on bank loans, bonds, overdrafts and others (121) (61) Interest on related party loans 0 (1) Interest capitalized in fixed assets 5 49 30 Interest on lease liabilities 7 (102) (85) Net interest on retirement and other benefits 17 (7) (3) Charges relating to loans, bonds and credit lines (10) (10) Exchange gains/(losses) 29 (8) Results from derivative financial instruments 19 (22) 0 Other financial costs (32) (26) In previous year, Financial income of \u20ac877 m relate mostly to Results from derivative financial instruments \u20ac806 m. This gain arose mostly due to derivatives that were liabilities in 2021 (losses) maturing during 2022 with the realized MTM losses being presented in cost of sales and sales. The negative impact of the settlement of derivatives (\u20ac983 m) in relation with financial net settlement is reflected in Cost of Sales (negative \u20ac640 m) (Note 25), settlement of FX derivatives (positive \u20ac59 m) is reflected in other costs (Note 25) and physical settlement of derivatives with gas sold (negative \u20ac401 m) in Sales (Note 24). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20941": {
"value": "5. Tangible assetsImpairment analysis Impairment testing is performed at the date of the financial statements and whenever events or changes in circumstances indicate that the carrying amounts for those assets may not be recoverable or previous years impairments are to be reversed. When performing impairment testing, tangible assets are allocated to the respective cash generating unit (CGU). The recoverable amount of an asset is estimated as part of the CGU to which it belongs, according to the discounted cash flow method. The discount rates are calculated by adjusting the post-tax rate to reflect the specific risk levels of the CGUs. Industrial & Midstream and Commercial segments impairment tests Tangible and intangible assets related to the Industrial & Midstream and Commercial segments are assessed by the Group for impairment at the end of each reporting period or when impairment indicators (or indicators for impairment reversal) are identified, considering internal and external sources of information. Commercial In its annual impairment testing of Commercial segment, the Group considers the service station cash generating unit as being each individual service station. The impairment testing carried out by the Group is based on the estimated recoverable amount of each service station compared to its net book value at the end of each reporting period. The recoverable amount (value in use) determined by the Group corresponds to the present value of the expected future cash flow, which in turn is determined based on the annual budgets and business plans for the service station, using a post-tax discount rate adjusted for the specific risks of that segment. Industrial & Midstream Impairment testing is also performed on the other assets of the Industrial & Midstream segment, including Sines refinery and tangible assets associated with logistics and storage activities. The period of the cash flow projection varies as a function of the CGU\u2019s average economic useful life. The determination of the value in use of refining assets was based on the assumptions defined in the business plan, as follows: i. Refining margin ii. Carbon prices iii. Refinery availability iv. Future operating and investments costs v. Discount rate Upstream segment impairment testing Impairment on exploration and production assets are recorded when: \u2022 Economically feasible reserves are not found; \u2022 The exploration licence expires and is not expected to be renewed; \u2022 When an acquired area is relinquished or abandoned; and \u2022 When the carrying amount exceed its recoverable amount. Tangible and intangible assets related to the Upstream segment are assessed for impairment by the Group periodically (annually, or quarterly where indications of impairment are identified). The selected CGU will be the project or the individual block, depending on the stage of maturity of the respective investment. The assessment for impairment is carried out in accordance with the expected monetary value (EMV model), comparing the carrying amount of the investment with the present value of the expected future cash flow using a post-tax discount rate adjusted for the risks specific to the asset for which the future cash flow estimates have not been adjusted, calculated considering the estimates of: i. The probable reserves; ii. The investment and future operating costs needed to recover the probable reserves; iii. The amount of any contingent resources, adjusted to reflect the probability of geological success; iv. The investment and future operating costs required to recover the contingent resources; v. The reference price of a barrel of Brent crude; vi. The applicable exchange rates; vii. The CGU taxation mechanisms; viii. The estimated production level and concession period; and ix. The asset retirement obligations. The EMV model considers in its calculation the PoS (the probability of geological success a.k.a. the probability of success), which is a conditional statistical probability (Bayesian probability). This probability is used in geological science as part of a probability matrix based on seismic information and other G&G information. This underlying information takes into account the quantity, quality and certainty of the reserves (data controls). The cash flow projection period is equal to the recovery of the reserves and resources during the concession period, up to the limit of the terms of the respective concession agreements, if applicable. Galp can carry out impairment testing at any stage of exploration and production, i.e. in the exploration, development and production stages, when facts and circumstances suggest that the carrying amount of an exploration and production asset may exceed its recoverable amount. In the exploration phase, the CGU depends on the stage at which the investment is made in each project. For example, at an early investment stage, the CGU will be the country-level entity, given that the investment also includes investments in signature bonuses and any generic research performed in the area. Once an overall area is divided into blocks by the relevant country\u2019s authorities, Galp will recognise each block as a CGU, down levelling the assessment for the purposes of impairment testing. As there are no reserves at this stage, Galp carries out impairment testing of prospective and contingent resources with a very low PoS. If proved reserves are booked, the investment moves into the development stage, having already been subject to impairment testing. During the development phase and if required, the impairment analysis also considers the PoS (which is higher than at earlier stages, since there is now an estimate of the commercially viable reserves) and 2P reserves (probable reserves) in order to estimate the future cashflows that are expected to be generated by the block under analysis. In the current year, Galp recognized an impairment on tangible assets of \u20ac40 m mainly related with renewables assets in Brazil (\u20ac5 m) and in Spain (\u20ac6 m), industrial and commercial assets in Portugal (\u20ac15 m) and retail distribution assets (Portugal and Spain) (\u20ac3,5 m). The disposals/write-offs in the period related with fully impaired exploration and appraisal assets in Brazil (\u20ac50 m) and industrial assets (\u20ac 33 m). Impairment Analysis Refinery, logistics and storage facilities Impairment testing was carried out for several CGUs of the Industrial & Midstream segment, including Refinery and Storage facilities. Based on the impairment testing carried out, the expected future benefits from the assets are higher than the carrying amount. The future cash flow projections at the CGU level have been discounted using an appropriate discount rate which reflects the asset\u2019s specific risks (2023: 8.3% and 2022: 9.2%). Year-end analysis of the sensitivity of the carrying amount of the refining assets included fluctuations in the cashflows, refining margin and discount rates. The forecast refining margin (nominal terms) considered in the impairment testing were in a range from $6.7/bbl to $8.8/bbl during the business plan period, decreasing to around $4/bbl on the long term (2034 onwards). The sensitivity test assumptions were a 10% decrease in cashflows or a 1% increase in the discount rate with no impairment identified. Retail distribution assets A total impairment of \u20ac3.5 m in Tangible assets regarding the retail distribution assets in Portugal and Spain. The future cash flow projections at the CGU level have been discounted using an appropriate discount rate which reflects the asset\u2019s specific risks (2023:6.3-6.5% and 2022:6.6%). The sensitivity test assumptions were a 10% decrease in cashflows or an increase of 1% in the discount rate, could lead to an additional potential impairment of \u20ac18 m regarding the retail distribution assets in Portugal and Spain. Upstream segment assets Tangible and intangible assets of the Upstream segment were subject to an impairment test and year-end analysis of the sensitivity of the carrying value of the main assets to fluctuations in the Brent price. The forecast Brent prices (nominal terms) considered in the impairment testing were as follows: 80 $/bbl to 83 $/bbl during the period of 2024 to 2028, 81 $/bbl to 87 $/bbl from 2029 to 2033 and, for the long-term (2034 onwards) around 70 $/bbl (in real terms). For those assets already in development and production, and despite the fact that no triggers were identified, the impairment assessments show that the expected future benefits from the assets are higher than the carrying value per CGU for the regions in which Galp operates (Mozambique and Brazil). For Angola a fair value analysis was made since the assets will be sold rather then used by Galp. No impairment is expected on the assets that are available for sale. The discount rate used in the impairment test reflects the risks specific to the Upstream assets for which the future cash flow estimates have not been adjusted, calculated on a USD basis (2023:11.7% and 2022:11.6%). A sensitivity analysis was carried out to test the impact of the volatility of the Brent price on the value of the main Upstream assets. The sensitivity analysis was prepared using a 10% decrease in cash flows and an increase of 1% in the discount rate. The results from the analysis indicate that no potential impairment in the geographical areas mentioned. Renewables segment assets Impairment test was done to tangible and intangible assets of the renewables segment. The cash flow projections at the CGU level were discounted using an appropriate discount rate which reflects the asset\u00b4s specific risks (2023:5.8%-6.2%; 2022:6.4%). An impairment of \u20ac52 m was recognised regarding renewables in Brazil (of which \u20ac5 m related to tangible assets and \u20ac42 m related to intangible assets) and in Spain (of which \u20ac6 m related to tangible assets). For other renewables assets a sensitivity analysis was conducted considering 10% decrease in cashflows or an increase of 1% in the discount rate. Using these assumptions could lead to a potential impairment of \u20ac8 m. 6. Intangible assets Impairment The impairment testing of intangible assets is based on Management\u2019s projections of the net present value of the estimated future cash flows. The residual values used are based on the expected lives of the related products, the forecast lifecycle and the cash flow over that period, and on the economically useful lives of the underlying assets. In the current year, Galp recognized an impairment of \u20ac42 m related with the renewables assets in Brazil.7. LeasesImpairment of Right-of-use Assets Identifying impairment indicators, estimating future cash flow and determining the fair value of assets requires Management to use significant judgment in terms of the identification and evaluation of the different impairment indicators, the expected cash flow, the applicable discount rates, useful lives and residual amounts. Rights-of-use assets are subject to existing impairment requirements as set out in \u201cTangible assets\u201d (Note 5). 8. GoodwillImpairment The carrying value of Goodwill is allocated to the respective CGU, and the recoverable amount is also estimated for the CGU, using the value in use methodology. The value in use represents the expected future cash flow from the CGU, discounted at an appropriate discount rate that reflects the risks specific to the CGU. The carrying amount of goodwill is tested for impairment annually. Refer to Note 5. for further details on impairment analysis. ",
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"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20942": {
"value": "5. Tangible assetsOil and gas reserves The estimate of oil and gas reserves is an integral part of the decision-making process relating to the exploration and development of Upstream assets. The volume of proved reserves is used to calculate the depreciation of exploration and production assets, in accordance with the units of production method. The expected production volumes, which comprise proved reserves and unproved volumes is used to assess the project\u2019s recoverable amount. The estimated proved reserves are also used to assess the annual abandonment costs. The estimated proved reserves are subject to judgment, and to future revision based on newly available information, including information relating to the development activities, drilling or production, prices or contract termination. The impact of any changes to the estimates of reserves are accounted for on a prospective basis. The estimates of oil and gas reserves, and any movements occurring during the year, are described in the Supplementary Information of the Integrated Report, which is not audited. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20943": {
"value": "5. Tangible assetsImpairment analysis Impairment testing is performed at the date of the financial statements and whenever events or changes in circumstances indicate that the carrying amounts for those assets may not be recoverable or previous years impairments are to be reversed. When performing impairment testing, tangible assets are allocated to the respective cash generating unit (CGU). The recoverable amount of an asset is estimated as part of the CGU to which it belongs, according to the discounted cash flow method. The discount rates are calculated by adjusting the post-tax rate to reflect the specific risk levels of the CGUs. Industrial & Midstream and Commercial segments impairment tests Tangible and intangible assets related to the Industrial & Midstream and Commercial segments are assessed by the Group for impairment at the end of each reporting period or when impairment indicators (or indicators for impairment reversal) are identified, considering internal and external sources of information. Commercial In its annual impairment testing of Commercial segment, the Group considers the service station cash generating unit as being each individual service station. The impairment testing carried out by the Group is based on the estimated recoverable amount of each service station compared to its net book value at the end of each reporting period. The recoverable amount (value in use) determined by the Group corresponds to the present value of the expected future cash flow, which in turn is determined based on the annual budgets and business plans for the service station, using a post-tax discount rate adjusted for the specific risks of that segment. Industrial & Midstream Impairment testing is also performed on the other assets of the Industrial & Midstream segment, including Sines refinery and tangible assets associated with logistics and storage activities. The period of the cash flow projection varies as a function of the CGU\u2019s average economic useful life. The determination of the value in use of refining assets was based on the assumptions defined in the business plan, as follows: i. Refining margin ii. Carbon prices iii. Refinery availability iv. Future operating and investments costs v. Discount rate Upstream segment impairment testing Impairment on exploration and production assets are recorded when: \u2022 Economically feasible reserves are not found; \u2022 The exploration licence expires and is not expected to be renewed; \u2022 When an acquired area is relinquished or abandoned; and \u2022 When the carrying amount exceed its recoverable amount. Tangible and intangible assets related to the Upstream segment are assessed for impairment by the Group periodically (annually, or quarterly where indications of impairment are identified). The selected CGU will be the project or the individual block, depending on the stage of maturity of the respective investment. The assessment for impairment is carried out in accordance with the expected monetary value (EMV model), comparing the carrying amount of the investment with the present value of the expected future cash flow using a post-tax discount rate adjusted for the risks specific to the asset for which the future cash flow estimates have not been adjusted, calculated considering the estimates of: i. The probable reserves; ii. The investment and future operating costs needed to recover the probable reserves; iii. The amount of any contingent resources, adjusted to reflect the probability of geological success; iv. The investment and future operating costs required to recover the contingent resources; v. The reference price of a barrel of Brent crude; vi. The applicable exchange rates; vii. The CGU taxation mechanisms; viii. The estimated production level and concession period; and ix. The asset retirement obligations. The EMV model considers in its calculation the PoS (the probability of geological success a.k.a. the probability of success), which is a conditional statistical probability (Bayesian probability). This probability is used in geological science as part of a probability matrix based on seismic information and other G&G information. This underlying information takes into account the quantity, quality and certainty of the reserves (data controls). The cash flow projection period is equal to the recovery of the reserves and resources during the concession period, up to the limit of the terms of the respective concession agreements, if applicable. Galp can carry out impairment testing at any stage of exploration and production, i.e. in the exploration, development and production stages, when facts and circumstances suggest that the carrying amount of an exploration and production asset may exceed its recoverable amount. In the exploration phase, the CGU depends on the stage at which the investment is made in each project. For example, at an early investment stage, the CGU will be the country-level entity, given that the investment also includes investments in signature bonuses and any generic research performed in the area. Once an overall area is divided into blocks by the relevant country\u2019s authorities, Galp will recognise each block as a CGU, down levelling the assessment for the purposes of impairment testing. As there are no reserves at this stage, Galp carries out impairment testing of prospective and contingent resources with a very low PoS. If proved reserves are booked, the investment moves into the development stage, having already been subject to impairment testing. During the development phase and if required, the impairment analysis also considers the PoS (which is higher than at earlier stages, since there is now an estimate of the commercially viable reserves) and 2P reserves (probable reserves) in order to estimate the future cashflows that are expected to be generated by the block under analysis. 6. Intangible assets Impairment The impairment testing of intangible assets is based on Management\u2019s projections of the net present value of the estimated future cash flows. The residual values used are based on the expected lives of the related products, the forecast lifecycle and the cash flow over that period, and on the economically useful lives of the underlying assets. 7. LeasesImpairment of Right-of-use Assets Identifying impairment indicators, estimating future cash flow and determining the fair value of assets requires Management to use significant judgment in terms of the identification and evaluation of the different impairment indicators, the expected cash flow, the applicable discount rates, useful lives and residual amounts. Rights-of-use assets are subject to existing impairment requirements as set out in \u201cTangible assets\u201d (Note 5). 8. GoodwillImpairment The carrying value of Goodwill is allocated to the respective CGU, and the recoverable amount is also estimated for the CGU, using the value in use methodology. The value in use represents the expected future cash flow from the CGU, discounted at an appropriate discount rate that reflects the risks specific to the CGU. The carrying amount of goodwill is tested for impairment annually. Refer to Note 5. for further details on impairment analysis. 11. Trade and other receivablesImpairment of accounts receivable The Group applies the IFRS 9 simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. Trade receivables were grouped by business segment for the purposes of the assessment of expected credit losses. The credit risk of the accounts receivable balance is evaluated at each reporting date, taking into consideration the client\u2019s credit risk profile. The credit risk analysis is based on the annual default probability, and also takes into account the loss in the event of default. The default probability represents an annual probability of default, reflecting the current and projected information and taking into account macroeconomic factors, whereas the loss in the event of default represents the expected loss when a default occurs. Accounts receivable are adjusted for Management\u2019s estimate of the collection risks as of the statement of financial position date, which may differ from the actual impairment to be incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20944": {
"value": "5. Tangible assetsImpairment analysis Impairment testing is performed at the date of the financial statements and whenever events or changes in circumstances indicate that the carrying amounts for those assets may not be recoverable or previous years impairments are to be reversed. When performing impairment testing, tangible assets are allocated to the respective cash generating unit (CGU). The recoverable amount of an asset is estimated as part of the CGU to which it belongs, according to the discounted cash flow method. The discount rates are calculated by adjusting the post-tax rate to reflect the specific risk levels of the CGUs. Industrial & Midstream and Commercial segments impairment tests Tangible and intangible assets related to the Industrial & Midstream and Commercial segments are assessed by the Group for impairment at the end of each reporting period or when impairment indicators (or indicators for impairment reversal) are identified, considering internal and external sources of information. Commercial In its annual impairment testing of Commercial segment, the Group considers the service station cash generating unit as being each individual service station. The impairment testing carried out by the Group is based on the estimated recoverable amount of each service station compared to its net book value at the end of each reporting period. The recoverable amount (value in use) determined by the Group corresponds to the present value of the expected future cash flow, which in turn is determined based on the annual budgets and business plans for the service station, using a post-tax discount rate adjusted for the specific risks of that segment. Industrial & Midstream Impairment testing is also performed on the other assets of the Industrial & Midstream segment, including Sines refinery and tangible assets associated with logistics and storage activities. The period of the cash flow projection varies as a function of the CGU\u2019s average economic useful life. The determination of the value in use of refining assets was based on the assumptions defined in the business plan, as follows: i. Refining margin ii. Carbon prices iii. Refinery availability iv. Future operating and investments costs v. Discount rate Upstream segment impairment testing Impairment on exploration and production assets are recorded when: \u2022 Economically feasible reserves are not found; \u2022 The exploration licence expires and is not expected to be renewed; \u2022 When an acquired area is relinquished or abandoned; and \u2022 When the carrying amount exceed its recoverable amount. Tangible and intangible assets related to the Upstream segment are assessed for impairment by the Group periodically (annually, or quarterly where indications of impairment are identified). The selected CGU will be the project or the individual block, depending on the stage of maturity of the respective investment. The assessment for impairment is carried out in accordance with the expected monetary value (EMV model), comparing the carrying amount of the investment with the present value of the expected future cash flow using a post-tax discount rate adjusted for the risks specific to the asset for which the future cash flow estimates have not been adjusted, calculated considering the estimates of: i. The probable reserves; ii. The investment and future operating costs needed to recover the probable reserves; iii. The amount of any contingent resources, adjusted to reflect the probability of geological success; iv. The investment and future operating costs required to recover the contingent resources; v. The reference price of a barrel of Brent crude; vi. The applicable exchange rates; vii. The CGU taxation mechanisms; viii. The estimated production level and concession period; and ix. The asset retirement obligations. The EMV model considers in its calculation the PoS (the probability of geological success a.k.a. the probability of success), which is a conditional statistical probability (Bayesian probability). This probability is used in geological science as part of a probability matrix based on seismic information and other G&G information. This underlying information takes into account the quantity, quality and certainty of the reserves (data controls). The cash flow projection period is equal to the recovery of the reserves and resources during the concession period, up to the limit of the terms of the respective concession agreements, if applicable. Galp can carry out impairment testing at any stage of exploration and production, i.e. in the exploration, development and production stages, when facts and circumstances suggest that the carrying amount of an exploration and production asset may exceed its recoverable amount. In the exploration phase, the CGU depends on the stage at which the investment is made in each project. For example, at an early investment stage, the CGU will be the country-level entity, given that the investment also includes investments in signature bonuses and any generic research performed in the area. Once an overall area is divided into blocks by the relevant country\u2019s authorities, Galp will recognise each block as a CGU, down levelling the assessment for the purposes of impairment testing. As there are no reserves at this stage, Galp carries out impairment testing of prospective and contingent resources with a very low PoS. If proved reserves are booked, the investment moves into the development stage, having already been subject to impairment testing. During the development phase and if required, the impairment analysis also considers the PoS (which is higher than at earlier stages, since there is now an estimate of the commercially viable reserves) and 2P reserves (probable reserves) in order to estimate the future cashflows that are expected to be generated by the block under analysis. 6. Intangible assets Impairment The impairment testing of intangible assets is based on Management\u2019s projections of the net present value of the estimated future cash flows. The residual values used are based on the expected lives of the related products, the forecast lifecycle and the cash flow over that period, and on the economically useful lives of the underlying assets. 7. LeasesImpairment of Right-of-use Assets Identifying impairment indicators, estimating future cash flow and determining the fair value of assets requires Management to use significant judgment in terms of the identification and evaluation of the different impairment indicators, the expected cash flow, the applicable discount rates, useful lives and residual amounts. Rights-of-use assets are subject to existing impairment requirements as set out in \u201cTangible assets\u201d (Note 5). 8. GoodwillImpairment The carrying value of Goodwill is allocated to the respective CGU, and the recoverable amount is also estimated for the CGU, using the value in use methodology. The value in use represents the expected future cash flow from the CGU, discounted at an appropriate discount rate that reflects the risks specific to the CGU. The carrying amount of goodwill is tested for impairment annually. Refer to Note 5. for further details on impairment analysis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20945": {
"value": "5. Tangible assetsTangible work-in-progress assets refer to assets under construction and are stated at cost less cumulative impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20946": {
"value": "5. Tangible assetsUpstream Tangible Assets Hydrocarbon exploration costs are accounted for under the successful efforts\u2019 method: exploration costs are recognized in income when incurred (i.e. expenditure related to G&G \u2013 Geological & Geophysical \u2013 and G&A \u2013 General & Administrative), except for exploratory drilling costs, which are included in tangible assets (work-in- progress assets) pending determination of proved reserves and are subject to impairment test when triggers are identified. Dry wells are recorded as expenses for the year. At the start of production capitalised costs are depreciated based on the depreciation policy in force. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20947": {
"value": "5. Tangible assetsDepreciation Upstream Tangible Assets Tangible assets related to hydrocarbon production activities, including related pipelines, mineral rights and future decommissioning costs are in principle depreciated on a unit-of-production (UOP) basis over the proved developed reserves of the field concerned. The UoP rate for the depreciation of common facilities considers the expenditure incurred to date, together with the estimated future capital expenditure expected to be incurred in relation to the as-yet undeveloped reserves expected to be processed using these common facilities. Floating platforms (FPSOs) are currently depreciated using the straight-line method, based on the lower of the estimated asset\u2019s useful life and the concession period of the field where the platform is deployed. Depreciation rates for Tangible Assets The average annual depreciation rates used are as follows: Depreciation rates 2023 2022 Buildings and other constructions 4.0% 2.2% Machinery and equipment 10.0% 13.4% Transport equipment 12.0% 11.0% Tools and utensils 11.0% 20.0% Administrative equipment 14.0% 27.0% Reusable containers 11.0% 14.0% Other tangible assets 12.0% 13.0% 25. Costs and Expenses The operating costs for the years ended 31 December 2023 and 2022 were as follows: Unit: \u20acm Notes 2023 2022 Total costs and expenditure: 18,807 24,942 Cost of sales 14,580 20,920 Raw and subsidiary materials 3,123 4,352 Goods 8,837 13,682 Tax on oil products 2,494 2,402 Variation in production 121 (304) Write downs on inventories 10 (36) 70 Costs with the emissions of CO2 74 81 Financial derivatives 19 (33) 640 Exchange differences (0) (2) External supplies and services 2,224 1,888 Subcontracts \u2013 network use 88 176 Transport of goods 338 249 E&P \u2013 production costs 392 167 Royalties 282 345 E&P \u2013 exploration costs 14 25 Other costs 1,110 926 Employee costs 26 450 370 Amortisation, depreciation and impairment losses on fixed assets 5/6/7 987 1,380 Provision and impairment losses on receivables 11/18 162 133 Other costs 189 88 Other taxes 49 39 Other operating costs 140 49 Financial expenses 27 215 164 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20948": {
"value": "5. Tangible assetsDepreciation Upstream Tangible Assets Tangible assets related to hydrocarbon production activities, including related pipelines, mineral rights and future decommissioning costs are in principle depreciated on a unit-of-production (UOP) basis over the proved developed reserves of the field concerned. The UoP rate for the depreciation of common facilities considers the expenditure incurred to date, together with the estimated future capital expenditure expected to be incurred in relation to the as-yet undeveloped reserves expected to be processed using these common facilities. Floating platforms (FPSOs) are currently depreciated using the straight-line method, based on the lower of the estimated asset\u2019s useful life and the concession period of the field where the platform is deployed. Depreciation rates for Tangible Assets The average annual depreciation rates used are as follows: Depreciation rates 2023 2022 Buildings and other constructions 4.0% 2.2% Machinery and equipment 10.0% 13.4% Transport equipment 12.0% 11.0% Tools and utensils 11.0% 20.0% Administrative equipment 14.0% 27.0% Reusable containers 11.0% 14.0% Other tangible assets 12.0% 13.0% ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21529": {
"value": "6. Intangible assets Accounting policies Recognition Intangible assets are measured at cost, less accumulated amortisation and impairment losses. Intangible assets are identifiable non-monetary intangible assets, which are only recorded if it is probable that they will result in future economic benefits to the Group, these benefits are controlled by the Group and they can be reliably measured. Intangible assets include costs incurred for the development of information systems, bonuses paid to retailers of Galp products, and land rights, which are amortized over the periods of the respective agreements. Research and development Research expenses not related to petroleum exploration and production activities are recognized as expenses for the period. Development expenses are only recognized as intangible assets if the Group has the technical and financial ability to develop the asset, decides to complete the development and starts commercially exploiting or using it, and it is probable that the asset created will generate future economic benefits. Upstream Signature bonuses (i.e. Mineral Rights) are ownership rights to explore oil and gas resources and are recognized as intangible assets. See further details of the recognition policies for Upstream assets in Note 5. Amortisation Intangible assets with finite useful lives are amortized on a straight-line basis. The amortisation rates are set in accordance with the terms of the existing contracts, or with the expected use of the intangible assets. Intangible assets recognized in the exploration and production segment, namely signature bonuses, are recorded at their acquisition cost and are amortized on a UoP basis from the date on which production starts. Impairment The impairment testing of intangible assets is based on Management\u2019s projections of the net present value of the estimated future cash flows. The residual values used are based on the expected lives of the related products, the forecast lifecycle and the cash flow over that period, and on the economically useful lives of the underlying assets. Accounting estimates and judgments Useful lives and residual values of intangible assets The calculation of the assets\u2019 residual values and useful lives, as well as the amortisation method to be applied, are essential to determine the amortisation recognized in the consolidated income statement for each period. These parameters are set based on the judgment of Management, as well as the practices adopted by peers in the industry. Impairment of intangible assets Determining whether impairment of assets has occurred requires a high level of judgment by management, specifically around identifying and evaluating indicators for impairment or impairment reversal, projection of future cashflows, applicable discount rates, useful lives and residual amounts. Refer to Note 5. for further details on impairment analysis. Unit: \u20acm Industrial properties and other rights Intangible assets in progress Total As at 31 December 2023 Acquisition cost 1,319 93 1,412 Impairment (169) (23) (192) Accumulated amortisation (561) 0 (561) Net Value 589 69 659 As at 31 December 2022 Acquisition cost 1,247 126 1,372 Impairment (156) (24) (180) Accumulated amortisation (520) 0 (520) Net Value 571 102 672 Movements in intangible assets in 2023 and 2022 are as follows: Unit: \u20acm Industrial properties and other rights Intangible assets in progress Total Balance as at 1 January 2022 595 50 645 Additions (7) 48 41 Amortisation and impairment (182) 0 (182) Write-offs/Disposals 0 0 0 Transfers 37 (37) 0 Currency exchange differences and other adjustments 129 41 170 Balance as at 31 December 2022 572 101 672 Balance as at 1 January 2023 572 101 672 Additions 6 45 51 Amortisation and impairment (92) 0 (92) Write-offs/Disposals (21) 0 (21) Transfers 45 (45) 0 Currency exchange differences and other adjustments 81 (32) 48 Balance as at 31 December 2023 589 69 659 Additions to intangible assets occurred essentially in the Commercial segment of \u20ac24 m and Corporate of \u20ac27 m. In the current year, Galp recognized an impairment of \u20ac42 m related with the renewables assets in Brazil. 8. Goodwill Recognition The differences between the investee\u2019s acquisition cost and the fair value of the identifiable assets and liabilities of the acquired entities at the acquisition date, if positive, are recorded within goodwill (when they result from goodwill in Group companies) or included in the line item \u201cInvestments in associated companies\u201d (when they result from goodwill in associates). The negative differences are recognized immediately in the income statement. Impairment The carrying value of Goodwill is allocated to the respective CGU, and the recoverable amount is also estimated for the CGU, using the value in use methodology. The value in use represents the expected future cash flow from the CGU, discounted at an appropriate discount rate that reflects the risks specific to the CGU. The carrying amount of goodwill is tested for impairment annually. Refer to Note 5. for further details on impairment analysis. Unit: \u20acm 2023 2022 44 70 Galp Comercializa\u00e7\u00e3o Portugal, S.A. (incorporated in Petrogal) 34 34 Galp Eswatini (PTY) Limited 0 21 Galpgest \u2013 Petrogal Estaciones de Servicio, S.L.U. 6 6 Empresa Nacional de Combust\u00edveis \u2013 Enacol, S.A.R.L. 4 4 Galp Mo\u00e7ambique, Lda. 0 4 Others 0 1 The movement of Goodwill during 2023 and 2022 was as follows: Unit: \u20acm Goodwill Balance as at 1 January 2023 70 Additions 0 Impairment (25) Currency exchange differences and other adjustments (1) Balance as at 31 December 2023 44 Balance as at 1 January 2022 84 Additions 1 Impairment (16) Currency exchange differences and other adjustments 0 Balance as at 31 December 2022 70 Impairment losses in 2023 related to African commercial business (retail assets), amounting to \u20ac25 m. Impairment losses in 2022 related with retail distribution assets in Portugal. Goodwill impairment was reflected in the Consolidated Income Statement in the caption of \u201cAmortisation, depreciation and impairment losses on fixed assets\u201d. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21530": {
"value": "6. Intangible assets Accounting policies Recognition Intangible assets are measured at cost, less accumulated amortisation and impairment losses. Intangible assets are identifiable non-monetary intangible assets, which are only recorded if it is probable that they will result in future economic benefits to the Group, these benefits are controlled by the Group and they can be reliably measured. Intangible assets include costs incurred for the development of information systems, bonuses paid to retailers of Galp products, and land rights, which are amortized over the periods of the respective agreements. Research and development Research expenses not related to petroleum exploration and production activities are recognized as expenses for the period. Development expenses are only recognized as intangible assets if the Group has the technical and financial ability to develop the asset, decides to complete the development and starts commercially exploiting or using it, and it is probable that the asset created will generate future economic benefits. Upstream Signature bonuses (i.e. Mineral Rights) are ownership rights to explore oil and gas resources and are recognized as intangible assets. See further details of the recognition policies for Upstream assets in Note 5. Amortisation Intangible assets with finite useful lives are amortized on a straight-line basis. The amortisation rates are set in accordance with the terms of the existing contracts, or with the expected use of the intangible assets. Intangible assets recognized in the exploration and production segment, namely signature bonuses, are recorded at their acquisition cost and are amortized on a UoP basis from the date on which production starts. Impairment The impairment testing of intangible assets is based on Management\u2019s projections of the net present value of the estimated future cash flows. The residual values used are based on the expected lives of the related products, the forecast lifecycle and the cash flow over that period, and on the economically useful lives of the underlying assets. Accounting estimates and judgments Useful lives and residual values of intangible assets The calculation of the assets\u2019 residual values and useful lives, as well as the amortisation method to be applied, are essential to determine the amortisation recognized in the consolidated income statement for each period. These parameters are set based on the judgment of Management, as well as the practices adopted by peers in the industry. Impairment of intangible assets Determining whether impairment of assets has occurred requires a high level of judgment by management, specifically around identifying and evaluating indicators for impairment or impairment reversal, projection of future cashflows, applicable discount rates, useful lives and residual amounts. Refer to Note 5. for further details on impairment analysis. 8. Goodwill Recognition The differences between the investee\u2019s acquisition cost and the fair value of the identifiable assets and liabilities of the acquired entities at the acquisition date, if positive, are recorded within goodwill (when they result from goodwill in Group companies) or included in the line item \u201cInvestments in associated companies\u201d (when they result from goodwill in associates). The negative differences are recognized immediately in the income statement. Impairment The carrying value of Goodwill is allocated to the respective CGU, and the recoverable amount is also estimated for the CGU, using the value in use methodology. The value in use represents the expected future cash flow from the CGU, discounted at an appropriate discount rate that reflects the risks specific to the CGU. The carrying amount of goodwill is tested for impairment annually. Refer to Note 5. for further details on impairment analysis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21531": {
"value": "6. Intangible assets Accounting policies Recognition Intangible assets are measured at cost, less accumulated amortisation and impairment losses. Intangible assets are identifiable non-monetary intangible assets, which are only recorded if it is probable that they will result in future economic benefits to the Group, these benefits are controlled by the Group and they can be reliably measured. Intangible assets include costs incurred for the development of information systems, bonuses paid to retailers of Galp products, and land rights, which are amortized over the periods of the respective agreements. Research and development Research expenses not related to petroleum exploration and production activities are recognized as expenses for the period. Development expenses are only recognized as intangible assets if the Group has the technical and financial ability to develop the asset, decides to complete the development and starts commercially exploiting or using it, and it is probable that the asset created will generate future economic benefits. Upstream Signature bonuses (i.e. Mineral Rights) are ownership rights to explore oil and gas resources and are recognized as intangible assets. See further details of the recognition policies for Upstream assets in Note 5. Amortisation Intangible assets with finite useful lives are amortized on a straight-line basis. The amortisation rates are set in accordance with the terms of the existing contracts, or with the expected use of the intangible assets. Intangible assets recognized in the exploration and production segment, namely signature bonuses, are recorded at their acquisition cost and are amortized on a UoP basis from the date on which production starts. Impairment The impairment testing of intangible assets is based on Management\u2019s projections of the net present value of the estimated future cash flows. The residual values used are based on the expected lives of the related products, the forecast lifecycle and the cash flow over that period, and on the economically useful lives of the underlying assets. Accounting estimates and judgments Useful lives and residual values of intangible assets The calculation of the assets\u2019 residual values and useful lives, as well as the amortisation method to be applied, are essential to determine the amortisation recognized in the consolidated income statement for each period. These parameters are set based on the judgment of Management, as well as the practices adopted by peers in the industry. Impairment of intangible assets Determining whether impairment of assets has occurred requires a high level of judgment by management, specifically around identifying and evaluating indicators for impairment or impairment reversal, projection of future cashflows, applicable discount rates, useful lives and residual amounts. Refer to Note 5. for further details on impairment analysis. Unit: \u20acm Industrial properties and other rights Intangible assets in progress Total As at 31 December 2023 Acquisition cost 1,319 93 1,412 Impairment (169) (23) (192) Accumulated amortisation (561) 0 (561) Net Value 589 69 659 As at 31 December 2022 Acquisition cost 1,247 126 1,372 Impairment (156) (24) (180) Accumulated amortisation (520) 0 (520) Net Value 571 102 672 Movements in intangible assets in 2023 and 2022 are as follows: Unit: \u20acm Industrial properties and other rights Intangible assets in progress Total Balance as at 1 January 2022 595 50 645 Additions (7) 48 41 Amortisation and impairment (182) 0 (182) Write-offs/Disposals 0 0 0 Transfers 37 (37) 0 Currency exchange differences and other adjustments 129 41 170 Balance as at 31 December 2022 572 101 672 Balance as at 1 January 2023 572 101 672 Additions 6 45 51 Amortisation and impairment (92) 0 (92) Write-offs/Disposals (21) 0 (21) Transfers 45 (45) 0 Currency exchange differences and other adjustments 81 (32) 48 Balance as at 31 December 2023 589 69 659 Additions to intangible assets occurred essentially in the Commercial segment of \u20ac24 m and Corporate of \u20ac27 m. In the current year, Galp recognized an impairment of \u20ac42 m related with the renewables assets in Brazil. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21532": {
"value": "6. Intangible assets Accounting policies Recognition Intangible assets are measured at cost, less accumulated amortisation and impairment losses. Intangible assets are identifiable non-monetary intangible assets, which are only recorded if it is probable that they will result in future economic benefits to the Group, these benefits are controlled by the Group and they can be reliably measured. Intangible assets include costs incurred for the development of information systems, bonuses paid to retailers of Galp products, and land rights, which are amortized over the periods of the respective agreements. Research and development Research expenses not related to petroleum exploration and production activities are recognized as expenses for the period. Development expenses are only recognized as intangible assets if the Group has the technical and financial ability to develop the asset, decides to complete the development and starts commercially exploiting or using it, and it is probable that the asset created will generate future economic benefits. Upstream Signature bonuses (i.e. Mineral Rights) are ownership rights to explore oil and gas resources and are recognized as intangible assets. See further details of the recognition policies for Upstream assets in Note 5. Amortisation Intangible assets with finite useful lives are amortized on a straight-line basis. The amortisation rates are set in accordance with the terms of the existing contracts, or with the expected use of the intangible assets. Intangible assets recognized in the exploration and production segment, namely signature bonuses, are recorded at their acquisition cost and are amortized on a UoP basis from the date on which production starts. Impairment The impairment testing of intangible assets is based on Management\u2019s projections of the net present value of the estimated future cash flows. The residual values used are based on the expected lives of the related products, the forecast lifecycle and the cash flow over that period, and on the economically useful lives of the underlying assets. Accounting estimates and judgments Useful lives and residual values of intangible assets The calculation of the assets\u2019 residual values and useful lives, as well as the amortisation method to be applied, are essential to determine the amortisation recognized in the consolidated income statement for each period. These parameters are set based on the judgment of Management, as well as the practices adopted by peers in the industry. Impairment of intangible assets Determining whether impairment of assets has occurred requires a high level of judgment by management, specifically around identifying and evaluating indicators for impairment or impairment reversal, projection of future cashflows, applicable discount rates, useful lives and residual amounts. Refer to Note 5. for further details on impairment analysis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21537": {
"value": "6. Intangible assetsResearch and development Research expenses not related to petroleum exploration and production activities are recognized as expenses for the period. Development expenses are only recognized as intangible assets if the Group has the technical and financial ability to develop the asset, decides to complete the development and starts commercially exploiting or using it, and it is probable that the asset created will generate future economic benefits. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21538": {
"value": "6. Intangible assetsResearch and development Research expenses not related to petroleum exploration and production activities are recognized as expenses for the period. Development expenses are only recognized as intangible assets if the Group has the technical and financial ability to develop the asset, decides to complete the development and starts commercially exploiting or using it, and it is probable that the asset created will generate future economic benefits. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21705": {
"value": "7. Leases Accounting policies Recognition The Group recognises both a right-of-use asset and a lease liability as of the lease commencement date. The right-of-use asset is initially measured at cost, which represents the initial amount of the lease liability, adjusted for any lease payments made on or before the commencement date, plus any initial direct costs incurred, plus an estimate of the costs required to dismantle and remove the underlying asset or restore the site on which it is located (if applicable), less any lease incentives received. The lease liability is initially measured at the present value of the lease payments that have not yet been paid up to the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot readily be determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The types of lease payments included in the measurement of the lease liability are as follows: \u2022 Fixed payments, including in-kind fixed payments; \u2022 Variable lease payments that are pegged to an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 Amounts expected to be payable under a residual value guarantee; and \u2022 The exercise price under a purchase option that the Group is reasonably certain to be able to exercise, lease payments over an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for the early termination of a lease, unless the Group is reasonably certain not to terminate it early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there are changes in the amounts of future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or it is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets and lease liabilities in a separate line in the statement of financial position. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of assets that have lease terms of 12 months or less, and leases of low-value assets. The Group recognises the lease payments associated with these leases as expenses on a straight-line basis over the lease term. Depreciation The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined as those used for the property and equipment items. Accounting estimates and judgments Useful lives, residual values of assets and discount rates The calculation of the assets\u2019 residual values, the estimation of the useful lives, and the discount rates used are based on the premises of the lease contracts (or for similar assets) and are set based on Management\u2019s judgment, as well as the practices in the industry. Impairment of Right-of-use Assets Identifying impairment indicators, estimating future cash flow and determining the fair value of assets requires Management to use significant judgment in terms of the identification and evaluation of the different impairment indicators, the expected cash flow, the applicable discount rates, useful lives and residual amounts. Rights-of-use assets are subject to existing impairment requirements as set out in \u201cTangible assets\u201d (Note 5). The details of right-of-use assets are as follows: Unit: \u20acm FPSO's 1 Buildings Service stations Time Charter Other usage rights Total As at 31 December 2023 Acquisition cost 1,200 93 319 316 284 2,212 Accumulated depreciation (237) (18) (78) (132) (83) (549) Impairment 0 0 (33) 0 0 (33) Net Value 963 75 208 184 200 1,630 As at 31 December 2022 Acquisition cost 697 37 291 227 288 1,540 Accumulated depreciation (187) (21) (43) (76) (64) (391) Impairment 0 0 (33) 0 0 (33) Net Value 510 16 215 151 224 1,116 Movements in right-of-use assets in 2023 and 2022 are as follows: Unit: \u20acm FPSO's 1 Buildings Service stations Time Charter Other usage rights Total As at 1 January 2022 565 75 212 59 168 1,079 Additions 0 0 29 137 23 189 Depreciation (47) (5) (68) (50) (15) (185) Write-offs/Disposals 0 (54) 0 0 0 (54) Currency exchange differences and other adjustments (8) 0 41 5 48 86 Balance as at 31 December 2022 510 16 215 151 224 1,116 As at 1 January 2023 510 16 215 151 224 1,116 Additions 485 69 29 96 29 708 Depreciations and impairments (58) (7) (36) (59) (18) (178) Write-offs/Disposals 0 0 0 0 0 0 Currency exchange differences and other adjustments 26 (3) 0 (4) (35) (15) Balance as at 31 December 2023 963 75 208 184 201 1,630 1 Floating, production, storage and offloading unit \u2013 floating oil production system, built on a ship structure, with a capacity for oil and natural gas production processing, liquid storage and transfer of oil to tankers (it includes the FLNG Vessel (Floating liquified natural gas)). In the current year Galp had several new lease contracts, being the most relevant in relation to the Coral FLNG vessel (\u20ac485 m), the new head-office lease (\u20ac69 m) and the new longterm charter agreement for a LNG carrier (\u20ac90 m). Lease liabilities are as follows: Unit: \u20acm 2023 2022 Maturity analysis \u2013 contractual undiscounted cash flow 2,649 1,835 Less than one year 309 209 One to five years 1,038 697 More than five years 1,301 929 Lease liabilities included in the consolidated statement of financial position 1,810 1,277 Current 267 182 Non-current 1,543 1,095 The amounts recognized in consolidated profit or loss are as follows: Unit: \u20acm Notes 2023 2022 769 600 Interest on lease liabilities 27 102 85 Expenses related to short term, low value and variable payments of operating leases 1 667 515 1 Includes variable payments and short-term leases recognised under the heading Transport of goods. The amounts recognized in the consolidated statement of cash flow are as follows: Unit: \u20acm 2023 2022 Financing activities 259 217 Payments relating to leases 157 132 Payments relating to lease interests 102 85 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21706": {
"value": "7. Leases Accounting policies Recognition The Group recognises both a right-of-use asset and a lease liability as of the lease commencement date. The right-of-use asset is initially measured at cost, which represents the initial amount of the lease liability, adjusted for any lease payments made on or before the commencement date, plus any initial direct costs incurred, plus an estimate of the costs required to dismantle and remove the underlying asset or restore the site on which it is located (if applicable), less any lease incentives received. The lease liability is initially measured at the present value of the lease payments that have not yet been paid up to the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot readily be determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The types of lease payments included in the measurement of the lease liability are as follows: \u2022 Fixed payments, including in-kind fixed payments; \u2022 Variable lease payments that are pegged to an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 Amounts expected to be payable under a residual value guarantee; and \u2022 The exercise price under a purchase option that the Group is reasonably certain to be able to exercise, lease payments over an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for the early termination of a lease, unless the Group is reasonably certain not to terminate it early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there are changes in the amounts of future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or it is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets and lease liabilities in a separate line in the statement of financial position. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of assets that have lease terms of 12 months or less, and leases of low-value assets. The Group recognises the lease payments associated with these leases as expenses on a straight-line basis over the lease term. Depreciation The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined as those used for the property and equipment items. Accounting estimates and judgments Useful lives, residual values of assets and discount rates The calculation of the assets\u2019 residual values, the estimation of the useful lives, and the discount rates used are based on the premises of the lease contracts (or for similar assets) and are set based on Management\u2019s judgment, as well as the practices in the industry. Impairment of Right-of-use Assets Identifying impairment indicators, estimating future cash flow and determining the fair value of assets requires Management to use significant judgment in terms of the identification and evaluation of the different impairment indicators, the expected cash flow, the applicable discount rates, useful lives and residual amounts. Rights-of-use assets are subject to existing impairment requirements as set out in \u201cTangible assets\u201d (Note 5). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22016": {
"value": "8. Goodwill Recognition The differences between the investee\u2019s acquisition cost and the fair value of the identifiable assets and liabilities of the acquired entities at the acquisition date, if positive, are recorded within goodwill (when they result from goodwill in Group companies) or included in the line item \u201cInvestments in associated companies\u201d (when they result from goodwill in associates). The negative differences are recognized immediately in the income statement. Impairment The carrying value of Goodwill is allocated to the respective CGU, and the recoverable amount is also estimated for the CGU, using the value in use methodology. The value in use represents the expected future cash flow from the CGU, discounted at an appropriate discount rate that reflects the risks specific to the CGU. The carrying amount of goodwill is tested for impairment annually. Refer to Note 5. for further details on impairment analysis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22018": {
"value": "8. Goodwill Recognition The differences between the investee\u2019s acquisition cost and the fair value of the identifiable assets and liabilities of the acquired entities at the acquisition date, if positive, are recorded within goodwill (when they result from goodwill in Group companies) or included in the line item \u201cInvestments in associated companies\u201d (when they result from goodwill in associates). The negative differences are recognized immediately in the income statement. Impairment The carrying value of Goodwill is allocated to the respective CGU, and the recoverable amount is also estimated for the CGU, using the value in use methodology. The value in use represents the expected future cash flow from the CGU, discounted at an appropriate discount rate that reflects the risks specific to the CGU. The carrying amount of goodwill is tested for impairment annually. Refer to Note 5. for further details on impairment analysis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22019": {
"value": "8. Goodwill Recognition The differences between the investee\u2019s acquisition cost and the fair value of the identifiable assets and liabilities of the acquired entities at the acquisition date, if positive, are recorded within goodwill (when they result from goodwill in Group companies) or included in the line item \u201cInvestments in associated companies\u201d (when they result from goodwill in associates). The negative differences are recognized immediately in the income statement. Impairment The carrying value of Goodwill is allocated to the respective CGU, and the recoverable amount is also estimated for the CGU, using the value in use methodology. The value in use represents the expected future cash flow from the CGU, discounted at an appropriate discount rate that reflects the risks specific to the CGU. The carrying amount of goodwill is tested for impairment annually. Refer to Note 5. for further details on impairment analysis. Unit: \u20acm 2023 2022 44 70 Galp Comercializa\u00e7\u00e3o Portugal, S.A. (incorporated in Petrogal) 34 34 Galp Eswatini (PTY) Limited 0 21 Galpgest \u2013 Petrogal Estaciones de Servicio, S.L.U. 6 6 Empresa Nacional de Combust\u00edveis \u2013 Enacol, S.A.R.L. 4 4 Galp Mo\u00e7ambique, Lda. 0 4 Others 0 1 The movement of Goodwill during 2023 and 2022 was as follows: Unit: \u20acm Goodwill Balance as at 1 January 2023 70 Additions 0 Impairment (25) Currency exchange differences and other adjustments (1) Balance as at 31 December 2023 44 Balance as at 1 January 2022 84 Additions 1 Impairment (16) Currency exchange differences and other adjustments 0 Balance as at 31 December 2022 70 Impairment losses in 2023 related to African commercial business (retail assets), amounting to \u20ac25 m. Impairment losses in 2022 related with retail distribution assets in Portugal. Goodwill impairment was reflected in the Consolidated Income Statement in the caption of \u201cAmortisation, depreciation and impairment losses on fixed assets\u201d. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22020": {
"value": "8. Goodwill Recognition The differences between the investee\u2019s acquisition cost and the fair value of the identifiable assets and liabilities of the acquired entities at the acquisition date, if positive, are recorded within goodwill (when they result from goodwill in Group companies) or included in the line item \u201cInvestments in associated companies\u201d (when they result from goodwill in associates). The negative differences are recognized immediately in the income statement. Impairment The carrying value of Goodwill is allocated to the respective CGU, and the recoverable amount is also estimated for the CGU, using the value in use methodology. The value in use represents the expected future cash flow from the CGU, discounted at an appropriate discount rate that reflects the risks specific to the CGU. The carrying amount of goodwill is tested for impairment annually. Refer to Note 5. for further details on impairment analysis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22111": {
"value": "9. Investments in associates and joint ventures Accounting policies Joint Arrangements and Associates Arrangements under which Galp has contractually agreed to share control with another party or parties are deemed to be joint arrangements. These may be joint ventures where the parties have rights to the net assets of the arrangement, or joint operations where the parties have rights to the assets and obligations arising from the liabilities relating to the arrangement. Investments in entities over which Galp has the right to exercise significant influence but has neither control nor joint control, are classified as associates. Investments in joint ventures and associates are accounted for using the equity method, under which the investment is initially recognized at cost and subsequently adjusted for Galp\u2019s share of post-acquisition net results. The investments are also adjusted for the dividends received and for Galp\u2019s share of other comprehensive income. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The statement of profit or loss reflects Galp\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of Galp\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, Galp recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between Group Galp and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The financial statements of the associate or joint venture are prepared for the same reporting period as Galp Group. When necessary, adjustments are made to the financial statements of joint ventures and associates to bring the accounting policies used into line with those of Galp. Galp recognises its assets and liabilities relating to its interests in joint operations, including its share of any assets held jointly and liabilities incurred jointly with other partners. Impairment After application of the equity method, Galp determines whether it is necessary to recognise an impairment loss on its investment in its associate or joint venture. At each reporting date, Galp determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, Galp calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss within \u201cEarnings from associates and joint ventures\u201d in the statement of profit or loss. Accounting estimates and judgements Impairment Determining whether impairment of assets has occurred requires a high level of judgment by management, specifically around identifying and evaluating indicators for impairment or impairment reversal, projection of future cashflows and applicable discount rates. The key assumptions used to determine the recoverable amount for the relevant joint venture (Coral FLNG), which belongs to Upstream segment are disclosed in Note 5. Information about joint arrangements and associates can be found in Note 31. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22112": {
"value": "9. Investments in associates and joint ventures Accounting policies Joint Arrangements and Associates Arrangements under which Galp has contractually agreed to share control with another party or parties are deemed to be joint arrangements. These may be joint ventures where the parties have rights to the net assets of the arrangement, or joint operations where the parties have rights to the assets and obligations arising from the liabilities relating to the arrangement. Investments in entities over which Galp has the right to exercise significant influence but has neither control nor joint control, are classified as associates. Investments in joint ventures and associates are accounted for using the equity method, under which the investment is initially recognized at cost and subsequently adjusted for Galp\u2019s share of post-acquisition net results. The investments are also adjusted for the dividends received and for Galp\u2019s share of other comprehensive income. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The statement of profit or loss reflects Galp\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of Galp\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, Galp recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between Group Galp and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The financial statements of the associate or joint venture are prepared for the same reporting period as Galp Group. When necessary, adjustments are made to the financial statements of joint ventures and associates to bring the accounting policies used into line with those of Galp. Galp recognises its assets and liabilities relating to its interests in joint operations, including its share of any assets held jointly and liabilities incurred jointly with other partners. Impairment After application of the equity method, Galp determines whether it is necessary to recognise an impairment loss on its investment in its associate or joint venture. At each reporting date, Galp determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, Galp calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss within \u201cEarnings from associates and joint ventures\u201d in the statement of profit or loss. Accounting estimates and judgements Impairment Determining whether impairment of assets has occurred requires a high level of judgment by management, specifically around identifying and evaluating indicators for impairment or impairment reversal, projection of future cashflows and applicable discount rates. The key assumptions used to determine the recoverable amount for the relevant joint venture (Coral FLNG), which belongs to Upstream segment are disclosed in Note 5. Information about joint arrangements and associates can be found in Note 31. As of 31 December 2023 and of 31 December 2022, the net book values of investments in joint ventures and associates were as follows: Unit: \u20acm 2023 2022 255 417 Joint ventures 131 292 Associates 124 125 Movements in Joint Ventures are as follows: Unit: \u20acm As at 31 December 2022 Share capital increase/ decrease Equity Method Other adjustments Dividends Reclassification As at 31 December 2023 292 (182) (23) 47 (4) 0 131 Coral FLNG, S.A. 279 (174) (23) 28 0 0 110 Other joint ventures 13 (7) 0 19 (4) 0 21 The decrease of \u20ac174 m in Coral FLNG stake is related to the \u201cShareholder Loan Agreement\u201d reclassification into \u201cFinancial assets not measured at fair value (Note 12). The non-bearing interest loan has a final repayment date of 31 January 2035 and was discounted using current market interest rates for similar instruments. The difference between the loan amount and its fair value, which, at origination, is treated as an equity contribution to Coral FLNG (being presented under this caption), amounts to \u20ac76 m. A summary of the financial indicators of the significant joint ventures as of 31 December 2023 is shown below: Unit: \u20acm Coral FLNG, S.A.* Total non-current assets 7,247 Total current assets 624 Of which cash and cash equivalents 434 Total assets 7,871 Total non-current liabilities 5,783 Of which debt 4,200 Total current liabilities 854 Of which debt - Total liabilities 6,637 Total operating income 102 Total operating costs (120) Operating results (18) Net financial results (144) Profit before taxes (161) Income taxes 28 Net income for the year (133) * Provisional financial statement as of the closing date used to apply the equity method, converted at the spot and average exchange rates, respectively, for balance sheet and results indicators. Movements in Associates are as follows: Unit: \u20acm As at 31 December 2022 Share capital increase/ decrease Equity Method Foreign exchange rate differences and other adjustments Dividends Reclassification As at 31 December 2023 125 (17) 33 (7) (9) 0 124 Bel\u00e9m Bioenergia Brasil, S.A. 73 (19) 25 3 (3) 0 79 Floene Energias, S.A. 8 0 0 0 0 0 8 Other associates 43 2 8 (10) (6) 0 37 For comparative information on Joint Ventures and Associates, please refer to the consolidated financial statements for the year ended 31 December 2022. Earnings from associate and joint ventures amount to a gain of \u20ac10 m. Dividends received in the period plus share capital reductions distributions amounted to \u20ac31 m (2022: \u20ac26 m). Based on the impairment analysis carried out for the relevant investments in joint ventures and associates, no evidence of impairment exists and, as such, no impairment has been recorded. Transactions with joint ventures and associates Refer to Note 29 for details on the nature of the transactions and balances. 31. Companies in the Galp GroupUnincorporated joint operations Joint operations \u2013 Oil Consortia Consortium Galp's participation interest Oil Consortium in Brazil BM-S-8 20% Joint operations \u2013 Oil Consortia Consortium Galp's participation interest BM-S-11 10% BM-S-11 A 1 10% BM-S-24 2 20% BAR-300 10% BAR-342 10% BAR-344 10% BAR-388 10% Carcar\u00e1 Norte 20% Block Uirapuru 14% Cabinuas 10% Oil Consortium in Mozambique Area 4 10% Oil Consortium in Namibia PEL83 80% Oil Consortium in S\u00e3o Tom\u00e9 and Pr\u00edncipe Block 6 45% Block 11 20% Block 12 41% Oil Consortium in Angola Block 14** 9% Block 14K** 4.5% Block 32** 5% Sonagas* 10% Oil Consortium in Uruguay* Area 3 20% Area 4 20% * Joint operations with no activity during 2023 and in process of closing ** In sales process 1 Includes the field Atap\u00fa (Galp share 1.7%) 2 Includes the field S\u00e9pia (Galp share 2.4%) Incorporated Joint Operations Activity: \u2022 Upstream \u2022 Industrial & Energy Management \u2022 Commercial \u2022 Renewables & New Businesses \u2022 Others Company and country Percentage of shares owned Activity Sig\u00e1s \u2013 Armazenagem de G\u00e1s, A.C.E., Portugal 60.00% \u2022 Perg\u00e1s \u2013 Armazenamento de G\u00e1s, A.C.E., Portugal 51.00% \u2022 Comunidad de Bienes Chiprana Este, Spain 100.00% \u2022 Comunidad de Bienes Jarrina, Spain 100.00% \u2022 Comunidad de Bienes Aragon Sul, Spain 100.00% \u2022 Comunidad de Bienes Samper de Calanda, Spain 100.00% \u2022 Comunidad de Bienes Peaker, Spain 83.33% \u2022 Comunidad de Bienes El Corralito, Spain 68.08% \u2022 Multiservicios Galp Barcelona, Spain 50.00% \u2022 Joint Ventures Activity: \u2022 Upstream \u2022 Industrial & Energy Management \u2022 Commercial \u2022 Renewables & New Businesses \u2022 Others Company and country Percentage of shares owned Activity Tupi B.V., The Netherlands* 6.48% \u2022 Iara B.V., The Netherlands* 1.20% \u2022 Coral FLNG, S.A., Mozambique* 10.00% \u2022 Coral South FLNG DMCC, United Arab Emirates* 10.00% \u2022 Rovuma LNG, S.A., Mozambique* 10.00% \u2022 Rovuma LNG Investments (DIFC) LTD., United Arab Emirates* 10.00% \u2022 C.L.C. \u2013 Companhia Log\u00edstica de Combust\u00edveis, S.A., Portugal* 65.00% \u2022 Asa \u2013 Abastecimento e Servi\u00e7os de Avia\u00e7\u00e3o, Lda., Portugal 50.00% \u2022 Aurora Lith, S.A., Portugal 50.00% \u2022 Talar Renewable Energy, S.L., Spain 50.00% \u2022 *Galp has joint control for the selected entities even if it holds more or less than 50% of the shares by means of a Shareholder agreement that conveys substantive power to conclude joint control for the joint shareholder or Galp. Investment in Associates Activity: \u2022 Upstream \u2022 Industrial & Energy Management \u2022 Commercial \u2022 Renewables & New Businesses \u2022 Others Company and country Percentage of shares owned Activity Aero Servi\u00e7os, SARL \u2013 Sociedade Abastecimento de Servi\u00e7os Aeroportu\u00e1rios, Guinea-Bissau* 50.00% \u2022 EMPL \u2013 Europe Maghreb Pipeline, Ltd, Spain 22.80% \u2022 Galp IPG Matola Terminal Lda, Mozambique 45.00% \u2022 Geo Alternativa, S.L., Spain 25.00% \u2022 IPG Galp Beira Terminal Lda, Mozambique 45.00% \u2022 Metragaz, S.A., Marocco 22.64% \u2022 Sodig\u00e1s-Sociedade Industrial de Gases, S.A.R.L, Cape Verde 23.05% \u2022 Sonangalp \u2013 Sociedade Distribui\u00e7\u00e3o e Comercializa\u00e7\u00e3o de Combust\u00edveis, Lda., Angola 49.00% \u2022 Hytlantic, S.A., Portugal 28.50% \u2022 Terparque \u2013 Armazenagem de Combust\u00edveis, Lda., Portugal 15.90% \u2022 Imopetro \u2013 Importadora Mo\u00e7ambicana de Petr\u00f3leos, Lda, Mozambique 5.88% \u2022 CMD \u2013 Aeroportos Canarios S.L., Spain*** 15.00% \u2022 SABA \u2013 Sociedade abastecedora de Aeronaves, Lda., Portugal 25.00% \u2022 Belem Bioenergia Brasil, S.A., Brazil 49.99% \u2022 Galp G\u00e1s Natural Distribui\u00e7\u00e3o Subgroup Floene Energias, S.A. (ex-Galp G\u00e1s Natural Distibui\u00e7\u00e3o, S.A.), Portugal** 2.49% \u2022 Beirag\u00e1s \u2013 Companhia de G\u00e1s das Beiras, S.A., Portugal** 1.48% \u2022 Dianag\u00e1s \u2013 Soc. Distrib. de G\u00e1s Natural de \u00c9vora, S.A., Portugal** 2.49% \u2022 Durienseg\u00e1s \u2013 Soc. Distrib. de G\u00e1s Natural do Douro, S.A., Portugal** 2.49% \u2022 Lisboag\u00e1s \u2013 Sociedade Distribuidora de G\u00e1s Natural de Lisboa, S.A., Portugal** 2.49% \u2022 Lusitaniag\u00e1s \u2013 Companhia de G\u00e1s do Centro, S.A., Portugal** 2.42% \u2022 Medig\u00e1s \u2013 Soc. Distrib. de G\u00e1s Natural do Algarve, S.A., Portugal** 2.49% \u2022 Paxg\u00e1s \u2013 Soc. Distrib. de G\u00e1s Natural de Beja, S.A., Portugal** 2.49% \u2022 Setg\u00e1s \u2013 Sociedade de Produ\u00e7\u00e3o e Distribui\u00e7\u00e3o de G\u00e1s, S.A., Portugal** 2.49% \u2022 Tagusg\u00e1s \u2013 Empresa de G\u00e1s do Vale do Tejo, S.A., Portugal** 2.47% \u2022 * Galp has significant influence even though it holds 50%, of the shares of Aero Servi\u00e7os SARL. ** Galp has significant influence even though it holds less then 20% of the shares. *** The shares held on CMD (15%) results of a liquidation process of former entity Galp Disa Aviaci\u00f3n whereas Galp had a stake of 50% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22113": {
"value": "9. Investments in associates and joint ventures Accounting policies Joint Arrangements and Associates Arrangements under which Galp has contractually agreed to share control with another party or parties are deemed to be joint arrangements. These may be joint ventures where the parties have rights to the net assets of the arrangement, or joint operations where the parties have rights to the assets and obligations arising from the liabilities relating to the arrangement. Investments in entities over which Galp has the right to exercise significant influence but has neither control nor joint control, are classified as associates. Investments in joint ventures and associates are accounted for using the equity method, under which the investment is initially recognized at cost and subsequently adjusted for Galp\u2019s share of post-acquisition net results. The investments are also adjusted for the dividends received and for Galp\u2019s share of other comprehensive income. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The statement of profit or loss reflects Galp\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of Galp\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, Galp recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between Group Galp and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The financial statements of the associate or joint venture are prepared for the same reporting period as Galp Group. When necessary, adjustments are made to the financial statements of joint ventures and associates to bring the accounting policies used into line with those of Galp. Galp recognises its assets and liabilities relating to its interests in joint operations, including its share of any assets held jointly and liabilities incurred jointly with other partners. Impairment After application of the equity method, Galp determines whether it is necessary to recognise an impairment loss on its investment in its associate or joint venture. At each reporting date, Galp determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, Galp calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss within \u201cEarnings from associates and joint ventures\u201d in the statement of profit or loss. Accounting estimates and judgements Impairment Determining whether impairment of assets has occurred requires a high level of judgment by management, specifically around identifying and evaluating indicators for impairment or impairment reversal, projection of future cashflows and applicable discount rates. The key assumptions used to determine the recoverable amount for the relevant joint venture (Coral FLNG), which belongs to Upstream segment are disclosed in Note 5. Information about joint arrangements and associates can be found in Note 31. As of 31 December 2023 and of 31 December 2022, the net book values of investments in joint ventures and associates were as follows: Unit: \u20acm 2023 2022 255 417 Joint ventures 131 292 Associates 124 125 Movements in Joint Ventures are as follows: Unit: \u20acm As at 31 December 2022 Share capital increase/ decrease Equity Method Other adjustments Dividends Reclassification As at 31 December 2023 292 (182) (23) 47 (4) 0 131 Coral FLNG, S.A. 279 (174) (23) 28 0 0 110 Other joint ventures 13 (7) 0 19 (4) 0 21 The decrease of \u20ac174 m in Coral FLNG stake is related to the \u201cShareholder Loan Agreement\u201d reclassification into \u201cFinancial assets not measured at fair value (Note 12). The non-bearing interest loan has a final repayment date of 31 January 2035 and was discounted using current market interest rates for similar instruments. The difference between the loan amount and its fair value, which, at origination, is treated as an equity contribution to Coral FLNG (being presented under this caption), amounts to \u20ac76 m. A summary of the financial indicators of the significant joint ventures as of 31 December 2023 is shown below: Unit: \u20acm Coral FLNG, S.A.* Total non-current assets 7,247 Total current assets 624 Of which cash and cash equivalents 434 Total assets 7,871 Total non-current liabilities 5,783 Of which debt 4,200 Total current liabilities 854 Of which debt - Total liabilities 6,637 Total operating income 102 Total operating costs (120) Operating results (18) Net financial results (144) Profit before taxes (161) Income taxes 28 Net income for the year (133) * Provisional financial statement as of the closing date used to apply the equity method, converted at the spot and average exchange rates, respectively, for balance sheet and results indicators. Movements in Associates are as follows: Unit: \u20acm As at 31 December 2022 Share capital increase/ decrease Equity Method Foreign exchange rate differences and other adjustments Dividends Reclassification As at 31 December 2023 125 (17) 33 (7) (9) 0 124 Bel\u00e9m Bioenergia Brasil, S.A. 73 (19) 25 3 (3) 0 79 Floene Energias, S.A. 8 0 0 0 0 0 8 Other associates 43 2 8 (10) (6) 0 37 For comparative information on Joint Ventures and Associates, please refer to the consolidated financial statements for the year ended 31 December 2022. Earnings from associate and joint ventures amount to a gain of \u20ac10 m. Dividends received in the period plus share capital reductions distributions amounted to \u20ac31 m (2022: \u20ac26 m). Based on the impairment analysis carried out for the relevant investments in joint ventures and associates, no evidence of impairment exists and, as such, no impairment has been recorded. Transactions with joint ventures and associates Refer to Note 29 for details on the nature of the transactions and balances. 31. Companies in the Galp GroupInvestment in Associates Activity: \u2022 Upstream \u2022 Industrial & Energy Management \u2022 Commercial \u2022 Renewables & New Businesses \u2022 Others Company and country Percentage of shares owned Activity Aero Servi\u00e7os, SARL \u2013 Sociedade Abastecimento de Servi\u00e7os Aeroportu\u00e1rios, Guinea-Bissau* 50.00% \u2022 EMPL \u2013 Europe Maghreb Pipeline, Ltd, Spain 22.80% \u2022 Galp IPG Matola Terminal Lda, Mozambique 45.00% \u2022 Geo Alternativa, S.L., Spain 25.00% \u2022 IPG Galp Beira Terminal Lda, Mozambique 45.00% \u2022 Metragaz, S.A., Marocco 22.64% \u2022 Sodig\u00e1s-Sociedade Industrial de Gases, S.A.R.L, Cape Verde 23.05% \u2022 Sonangalp \u2013 Sociedade Distribui\u00e7\u00e3o e Comercializa\u00e7\u00e3o de Combust\u00edveis, Lda., Angola 49.00% \u2022 Hytlantic, S.A., Portugal 28.50% \u2022 Terparque \u2013 Armazenagem de Combust\u00edveis, Lda., Portugal 15.90% \u2022 Imopetro \u2013 Importadora Mo\u00e7ambicana de Petr\u00f3leos, Lda, Mozambique 5.88% \u2022 CMD \u2013 Aeroportos Canarios S.L., Spain*** 15.00% \u2022 SABA \u2013 Sociedade abastecedora de Aeronaves, Lda., Portugal 25.00% \u2022 Belem Bioenergia Brasil, S.A., Brazil 49.99% \u2022 Galp G\u00e1s Natural Distribui\u00e7\u00e3o Subgroup Floene Energias, S.A. (ex-Galp G\u00e1s Natural Distibui\u00e7\u00e3o, S.A.), Portugal** 2.49% \u2022 Beirag\u00e1s \u2013 Companhia de G\u00e1s das Beiras, S.A., Portugal** 1.48% \u2022 Dianag\u00e1s \u2013 Soc. Distrib. de G\u00e1s Natural de \u00c9vora, S.A., Portugal** 2.49% \u2022 Durienseg\u00e1s \u2013 Soc. Distrib. de G\u00e1s Natural do Douro, S.A., Portugal** 2.49% \u2022 Lisboag\u00e1s \u2013 Sociedade Distribuidora de G\u00e1s Natural de Lisboa, S.A., Portugal** 2.49% \u2022 Lusitaniag\u00e1s \u2013 Companhia de G\u00e1s do Centro, S.A., Portugal** 2.42% \u2022 Medig\u00e1s \u2013 Soc. Distrib. de G\u00e1s Natural do Algarve, S.A., Portugal** 2.49% \u2022 Paxg\u00e1s \u2013 Soc. Distrib. de G\u00e1s Natural de Beja, S.A., Portugal** 2.49% \u2022 Setg\u00e1s \u2013 Sociedade de Produ\u00e7\u00e3o e Distribui\u00e7\u00e3o de G\u00e1s, S.A., Portugal** 2.49% \u2022 Tagusg\u00e1s \u2013 Empresa de G\u00e1s do Vale do Tejo, S.A., Portugal** 2.47% \u2022 * Galp has significant influence even though it holds 50%, of the shares of Aero Servi\u00e7os SARL. ** Galp has significant influence even though it holds less then 20% of the shares. *** The shares held on CMD (15%) results of a liquidation process of former entity Galp Disa Aviaci\u00f3n whereas Galp had a stake of 50% ",
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"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"f22114": {
"value": "9. Investments in associates and joint ventures Accounting policies Joint Arrangements and Associates Arrangements under which Galp has contractually agreed to share control with another party or parties are deemed to be joint arrangements. These may be joint ventures where the parties have rights to the net assets of the arrangement, or joint operations where the parties have rights to the assets and obligations arising from the liabilities relating to the arrangement. Investments in entities over which Galp has the right to exercise significant influence but has neither control nor joint control, are classified as associates. Investments in joint ventures and associates are accounted for using the equity method, under which the investment is initially recognized at cost and subsequently adjusted for Galp\u2019s share of post-acquisition net results. The investments are also adjusted for the dividends received and for Galp\u2019s share of other comprehensive income. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The statement of profit or loss reflects Galp\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of Galp\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, Galp recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between Group Galp and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The financial statements of the associate or joint venture are prepared for the same reporting period as Galp Group. When necessary, adjustments are made to the financial statements of joint ventures and associates to bring the accounting policies used into line with those of Galp. Galp recognises its assets and liabilities relating to its interests in joint operations, including its share of any assets held jointly and liabilities incurred jointly with other partners. Impairment After application of the equity method, Galp determines whether it is necessary to recognise an impairment loss on its investment in its associate or joint venture. At each reporting date, Galp determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, Galp calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss within \u201cEarnings from associates and joint ventures\u201d in the statement of profit or loss. Accounting estimates and judgements Impairment Determining whether impairment of assets has occurred requires a high level of judgment by management, specifically around identifying and evaluating indicators for impairment or impairment reversal, projection of future cashflows and applicable discount rates. The key assumptions used to determine the recoverable amount for the relevant joint venture (Coral FLNG), which belongs to Upstream segment are disclosed in Note 5. Information about joint arrangements and associates can be found in Note 31. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22115": {
"value": "9. Investments in associates and joint ventures Accounting policies Joint Arrangements and Associates Arrangements under which Galp has contractually agreed to share control with another party or parties are deemed to be joint arrangements. These may be joint ventures where the parties have rights to the net assets of the arrangement, or joint operations where the parties have rights to the assets and obligations arising from the liabilities relating to the arrangement. Investments in entities over which Galp has the right to exercise significant influence but has neither control nor joint control, are classified as associates. Investments in joint ventures and associates are accounted for using the equity method, under which the investment is initially recognized at cost and subsequently adjusted for Galp\u2019s share of post-acquisition net results. The investments are also adjusted for the dividends received and for Galp\u2019s share of other comprehensive income. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The statement of profit or loss reflects Galp\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of Galp\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, Galp recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between Group Galp and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The financial statements of the associate or joint venture are prepared for the same reporting period as Galp Group. When necessary, adjustments are made to the financial statements of joint ventures and associates to bring the accounting policies used into line with those of Galp. Galp recognises its assets and liabilities relating to its interests in joint operations, including its share of any assets held jointly and liabilities incurred jointly with other partners. Impairment After application of the equity method, Galp determines whether it is necessary to recognise an impairment loss on its investment in its associate or joint venture. At each reporting date, Galp determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, Galp calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss within \u201cEarnings from associates and joint ventures\u201d in the statement of profit or loss. Accounting estimates and judgements Impairment Determining whether impairment of assets has occurred requires a high level of judgment by management, specifically around identifying and evaluating indicators for impairment or impairment reversal, projection of future cashflows and applicable discount rates. The key assumptions used to determine the recoverable amount for the relevant joint venture (Coral FLNG), which belongs to Upstream segment are disclosed in Note 5. Information about joint arrangements and associates can be found in Note 31. As of 31 December 2023 and of 31 December 2022, the net book values of investments in joint ventures and associates were as follows: Unit: \u20acm 2023 2022 255 417 Joint ventures 131 292 Associates 124 125 Movements in Joint Ventures are as follows: Unit: \u20acm As at 31 December 2022 Share capital increase/ decrease Equity Method Other adjustments Dividends Reclassification As at 31 December 2023 292 (182) (23) 47 (4) 0 131 Coral FLNG, S.A. 279 (174) (23) 28 0 0 110 Other joint ventures 13 (7) 0 19 (4) 0 21 The decrease of \u20ac174 m in Coral FLNG stake is related to the \u201cShareholder Loan Agreement\u201d reclassification into \u201cFinancial assets not measured at fair value (Note 12). The non-bearing interest loan has a final repayment date of 31 January 2035 and was discounted using current market interest rates for similar instruments. The difference between the loan amount and its fair value, which, at origination, is treated as an equity contribution to Coral FLNG (being presented under this caption), amounts to \u20ac76 m. A summary of the financial indicators of the significant joint ventures as of 31 December 2023 is shown below: Unit: \u20acm Coral FLNG, S.A.* Total non-current assets 7,247 Total current assets 624 Of which cash and cash equivalents 434 Total assets 7,871 Total non-current liabilities 5,783 Of which debt 4,200 Total current liabilities 854 Of which debt - Total liabilities 6,637 Total operating income 102 Total operating costs (120) Operating results (18) Net financial results (144) Profit before taxes (161) Income taxes 28 Net income for the year (133) * Provisional financial statement as of the closing date used to apply the equity method, converted at the spot and average exchange rates, respectively, for balance sheet and results indicators. Movements in Associates are as follows: Unit: \u20acm As at 31 December 2022 Share capital increase/ decrease Equity Method Foreign exchange rate differences and other adjustments Dividends Reclassification As at 31 December 2023 125 (17) 33 (7) (9) 0 124 Bel\u00e9m Bioenergia Brasil, S.A. 73 (19) 25 3 (3) 0 79 Floene Energias, S.A. 8 0 0 0 0 0 8 Other associates 43 2 8 (10) (6) 0 37 For comparative information on Joint Ventures and Associates, please refer to the consolidated financial statements for the year ended 31 December 2022. Earnings from associate and joint ventures amount to a gain of \u20ac10 m. Dividends received in the period plus share capital reductions distributions amounted to \u20ac31 m (2022: \u20ac26 m). Based on the impairment analysis carried out for the relevant investments in joint ventures and associates, no evidence of impairment exists and, as such, no impairment has been recorded. Transactions with joint ventures and associates Refer to Note 29 for details on the nature of the transactions and balances. 31. Companies in the Galp GroupUnincorporated joint operations Joint operations \u2013 Oil Consortia Consortium Galp's participation interest Oil Consortium in Brazil BM-S-8 20% Joint operations \u2013 Oil Consortia Consortium Galp's participation interest BM-S-11 10% BM-S-11 A 1 10% BM-S-24 2 20% BAR-300 10% BAR-342 10% BAR-344 10% BAR-388 10% Carcar\u00e1 Norte 20% Block Uirapuru 14% Cabinuas 10% Oil Consortium in Mozambique Area 4 10% Oil Consortium in Namibia PEL83 80% Oil Consortium in S\u00e3o Tom\u00e9 and Pr\u00edncipe Block 6 45% Block 11 20% Block 12 41% Oil Consortium in Angola Block 14** 9% Block 14K** 4.5% Block 32** 5% Sonagas* 10% Oil Consortium in Uruguay* Area 3 20% Area 4 20% * Joint operations with no activity during 2023 and in process of closing ** In sales process 1 Includes the field Atap\u00fa (Galp share 1.7%) 2 Includes the field S\u00e9pia (Galp share 2.4%) Incorporated Joint Operations Activity: \u2022 Upstream \u2022 Industrial & Energy Management \u2022 Commercial \u2022 Renewables & New Businesses \u2022 Others Company and country Percentage of shares owned Activity Sig\u00e1s \u2013 Armazenagem de G\u00e1s, A.C.E., Portugal 60.00% \u2022 Perg\u00e1s \u2013 Armazenamento de G\u00e1s, A.C.E., Portugal 51.00% \u2022 Comunidad de Bienes Chiprana Este, Spain 100.00% \u2022 Comunidad de Bienes Jarrina, Spain 100.00% \u2022 Comunidad de Bienes Aragon Sul, Spain 100.00% \u2022 Comunidad de Bienes Samper de Calanda, Spain 100.00% \u2022 Comunidad de Bienes Peaker, Spain 83.33% \u2022 Comunidad de Bienes El Corralito, Spain 68.08% \u2022 Multiservicios Galp Barcelona, Spain 50.00% \u2022 Joint Ventures Activity: \u2022 Upstream \u2022 Industrial & Energy Management \u2022 Commercial \u2022 Renewables & New Businesses \u2022 Others Company and country Percentage of shares owned Activity Tupi B.V., The Netherlands* 6.48% \u2022 Iara B.V., The Netherlands* 1.20% \u2022 Coral FLNG, S.A., Mozambique* 10.00% \u2022 Coral South FLNG DMCC, United Arab Emirates* 10.00% \u2022 Rovuma LNG, S.A., Mozambique* 10.00% \u2022 Rovuma LNG Investments (DIFC) LTD., United Arab Emirates* 10.00% \u2022 C.L.C. \u2013 Companhia Log\u00edstica de Combust\u00edveis, S.A., Portugal* 65.00% \u2022 Asa \u2013 Abastecimento e Servi\u00e7os de Avia\u00e7\u00e3o, Lda., Portugal 50.00% \u2022 Aurora Lith, S.A., Portugal 50.00% \u2022 Talar Renewable Energy, S.L., Spain 50.00% \u2022 *Galp has joint control for the selected entities even if it holds more or less than 50% of the shares by means of a Shareholder agreement that conveys substantive power to conclude joint control for the joint shareholder or Galp. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22116": {
"value": "9. Investments in associates and joint ventures Accounting policies Joint Arrangements and Associates Arrangements under which Galp has contractually agreed to share control with another party or parties are deemed to be joint arrangements. These may be joint ventures where the parties have rights to the net assets of the arrangement, or joint operations where the parties have rights to the assets and obligations arising from the liabilities relating to the arrangement. Investments in entities over which Galp has the right to exercise significant influence but has neither control nor joint control, are classified as associates. Investments in joint ventures and associates are accounted for using the equity method, under which the investment is initially recognized at cost and subsequently adjusted for Galp\u2019s share of post-acquisition net results. The investments are also adjusted for the dividends received and for Galp\u2019s share of other comprehensive income. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The statement of profit or loss reflects Galp\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of Galp\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, Galp recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between Group Galp and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The financial statements of the associate or joint venture are prepared for the same reporting period as Galp Group. When necessary, adjustments are made to the financial statements of joint ventures and associates to bring the accounting policies used into line with those of Galp. Galp recognises its assets and liabilities relating to its interests in joint operations, including its share of any assets held jointly and liabilities incurred jointly with other partners. Impairment After application of the equity method, Galp determines whether it is necessary to recognise an impairment loss on its investment in its associate or joint venture. At each reporting date, Galp determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, Galp calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss within \u201cEarnings from associates and joint ventures\u201d in the statement of profit or loss. Accounting estimates and judgements Impairment Determining whether impairment of assets has occurred requires a high level of judgment by management, specifically around identifying and evaluating indicators for impairment or impairment reversal, projection of future cashflows and applicable discount rates. The key assumptions used to determine the recoverable amount for the relevant joint venture (Coral FLNG), which belongs to Upstream segment are disclosed in Note 5. Information about joint arrangements and associates can be found in Note 31. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22333": {
"value": "10. Inventories Accounting policies Inventories, other than Crude Oil held for trading, are stated at the lower of the acquisition cost (in the case of goods and raw and subsidiary materials) or the production cost (in the case of finished and semi-finished products and work in progress) or the inventories\u2019 net realisable value. The net realisable value corresponds to the normal selling price less costs to complete production and to sell. Whenever the cost exceeds the net realisable value, the difference is recorded in operating costs as part of the cost of sales. Unit: \u20acm 2023 2022 1,447 1,361 Raw, subsidiary and consumable materials 383 276 Crude oil 19 103 Crude oil in transit 115 0 Other raw materials 96 126 Gas 4 0 Raw materials in transit 150 46 Finished and semi-finished products 713 811 Finished and semi-finished products in transit 44 0 Goods 375 389 Write-downs (69) (115) The changes to write-downs were as follows: Unit: \u20acm Notes Raw, subsidiary and consumable materials Finished and semi-finished products Goods Total Write-downs at the beginning of the year 43 57 14 115 Net reductions 25 (33) (17) 13 (37) Other adjustments 0 0 (9) (9) Write-downs at the end of the year 10 40 18 69 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22334": {
"value": "10. Inventories Accounting policies Inventories, other than Crude Oil held for trading, are stated at the lower of the acquisition cost (in the case of goods and raw and subsidiary materials) or the production cost (in the case of finished and semi-finished products and work in progress) or the inventories\u2019 net realisable value. The net realisable value corresponds to the normal selling price less costs to complete production and to sell. Whenever the cost exceeds the net realisable value, the difference is recorded in operating costs as part of the cost of sales. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22417": {
"value": "11. Trade and other receivables Accounting policies Accounts receivable are initially recorded at the transaction value and subsequently measured at amortized cost, less any impairment losses. The amortized cost of these assets does not differ from their nominal value or their fair value. Galp undertakes over \u2013 and underlifting activities for its share of crude. Under \u2013 and overlifting are common industry practices intended to optimise the allocation of transportation costs between partners. Payments and receipts related to over \u2013 and underlifting are made at a subsequent date in barrels of crude, as defined by the applicable production sharing agreement (PSA). Trade and other receivables are derecognized when the contractual rights to the cash flow expire (i.e. they are collected), when they are transferred (e.g. sold) or when they are impaired. Accounting estimates and judgments Impairment of accounts receivable The Group applies the IFRS 9 simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. Trade receivables were grouped by business segment for the purposes of the assessment of expected credit losses. The credit risk of the accounts receivable balance is evaluated at each reporting date, taking into consideration the client\u2019s credit risk profile. The credit risk analysis is based on the annual default probability, and also takes into account the loss in the event of default. The default probability represents an annual probability of default, reflecting the current and projected information and taking into account macroeconomic factors, whereas the loss in the event of default represents the expected loss when a default occurs. Accounts receivable are adjusted for Management\u2019s estimate of the collection risks as of the statement of financial position date, which may differ from the actual impairment to be incurred. Credit Risk For Credit Risk purposes, if wholesale customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, the Credit Risk assessment considers the credit quality of the customer, taking into account their financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the board. Wholesale customers\u2019 compliance with credit limits is regularly monitored by Management. Sales to retail customers are required to be settled in cash or using major credit cards, thus mitigating the credit risk. There are no significant concentrations of credit risk, whether through exposure to individual customers, specific industry sectors and/or regions. For further credit risk mitigation measures, guarantees and insurance policies for eventual credit defaults are a standard part of Galp\u2019s overall risk policy. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics. Trade receivables Unit: \u20acm Notes 2023 2022 1,395 1,464 Trade receivables 1,507 1,595 Allowance for doubtful amounts (111) (131) Ageing of trade receivables Exposure to risk 1,395 1,464 Not yet due Low 1,304 1,382 Overdue up to 180 days Medium 74 24 Overdue between 181 days and 365 days High 3 16 Overdue over 365 days Very High 14 42 Movements in allowance for doubtful trade receivables Allowance at the beginning of the year 131 136 Increase 25 38 9 Decrease 25 (50) (4) Utilisation (7) (7) Other adjustments 0 (3) Allowance at the end of the year 111 131 Other receivables Unit: \u20acm 2023 2022 Notes Current Non-current Current Non-current 931 305 942 263 State and other Public Entities 109 0 82 0 Other debtors 328 225 320 167 Non-operated oil blocks 26 0 65 0 Underlifting 108 0 90 0 Other receivables 195 225 165 167 Related Parties 2 0 2 0 Contract Assets 347 48 401 64 Sales and services rendered but not yet invoiced 224 0 323 0 Adjustment to tariff deviation \u2013 \"pass through\" 26 0 27 0 Other accrued income 97 48 51 64 Deferred charges 154 32 147 32 Energy sector extraordinary contribution 16 6 11 8 16 Deferred charges for services 4 11 4 13 Other deferred charges 144 11 134 3 Impairment of other receivables (10) 0 (10) 0 Non-operated oil blocks debtors decrease is mainly related to the decrease in Petrogal Brasil, S.A. debtors. Non-current other deferred charges include the amount of \u20ac9 m (2022: \u20ac1 m) related to the post-employment benefits asset (Note 17). Other deferred charges (current) include \u20ac73 m (2022: \u20ac85 m) of acquired CO2 licenses to be used essentially in 2024 to satisfy environmental obligations. Other non-current receivables include a \u20ac222 m (2022: \u20ac164 m) judicial deposit in relation to a claim between the BM-S-11 consortium and ANP. The ANP agency stated that the oilfields of Lula and Cernambi, which are within BM-S-11, should be unified for SPT purposes, although the consortium claims otherwise; thus, the judicial deposit represents part of the difference between the two criteria under discussion. Sales and services rendered but not yet invoiced decreased compared to prior year reflecting a lower commodity price environment (gas and power) at year-end and lower demand on natural gas. Other accrued income (current) includes mainly accruals regarding other operating revenue while non-current includes natural gas tariffs deviations from regulated market. 12. Other financial assetsUnit: \u20acm 2023 2022 Notes Current Non-current Current Non-current 207 351 339 256 Financial Assets at fair value through profit & loss \u2013 derivatives 19 165 96 304 110 Financial Assets at fair value through comprehensive income 0 1 0 3 Financial Assets not measured at fair value \u2013 Loans and Capital subscription 41 235 34 102 Others 1 19 1 42 Financial assets at fair value through profit or loss refer to financial derivatives (Note 19). The increase of Financial assets not measured at fair value \u2013 Loans and Capital subscription includes a reclassification of a loan from Investments in joint ventures amounting to \u20ac174 m (Note 9). As at 31 December 2023, the fair value of Coral FLNG \u201cShareholder Loan Agreement\u201d amounts to \u20ac 169 m (Note 29). During the year the loan to Galp IPG Matola Terminal Lda. was fully reimbursed (\u20ac 39 m). 13. Cash and cash equivalentsFor the periods ending 31 December 2023 and 2022, the details of cash and cash equivalents were as follows: Unit: \u20acm Notes 2023 2022 2,071 2,421 Cash in banks 2,200 2,432 Bank overdrafts 14 (129) (11) 14. Debt Accounting policy Loans are initially recorded at fair value, net of the expenses incurred on the issuance of these loans. Loans are subsequently measured at amortized cost. Interest expenses are calculated at the effective interest rate and recorded in the income statement on an accruals basis in accordance with each loan agreement. Unit: \u20acm 2023 2022 Notes Current Non-current Current Non-current 575 3,026 800 3,187 Bank loans 279 1,392 50 1,470 Origination fees 0 (6) (0) (6) Loans and commercial paper 150 1,398 39 1,476 Bank overdrafts 13 129 0 11 0 Bonds and notes 295 1,634 750 1,717 Origination fees 0 (5) 0 (7) Bonds 295 1,139 250 1,224 Notes 0 500 500 500 The average cost of financial debt for the period under review, including charges for credit lines and overdrafts, amounted to 3.53% (1.68% in 2022). As of 31 December 2023, of the total amount of \u20ac3,601 m related to total debt (excluding credit lines and overdrafts), approximately \u20ac1,489 m refers to loan at fixed-rate interest. The fair value of the note was \u20ac484 m as of 31 December 2023 and \u20ac460 m as of 31 December 2022, measured based on observable market variables, and classified at Level 1 of the Fair Value hierarchy (see Fair Value Hierarchy in Note 20). Current and non-current loans and bonds, excluding origination fees and bank overdrafts, have the following repayment plan as of 31 December 2023: Unit: \u20acm Maturity Loans Total Current Non-current 3,483 445 3,038 2024 445 445 0 2025 543 0 543 2026 784 0 784 2027 1,046 0 1,046 2028 onwards 665 0 665 For comparative information, please refer to the consolidated financial statements for the year ended 31 December 2022. Changes in debt during the period from 31 December 2023 to 31 December 2022 were as follows: Unit: \u20acm Initial balance Loans obtained Principal Repayment Changes in Overdrafts Foreign exchange rate differences and others Ending balance 3,987 1,904 (2,409) 118 (0) 3,600 Bank Loans: 1,520 1,685 (1,654) 118 2 1,671 Origination fees (6) 0 0 0 0 (6) Loans and commercial papers 1,515 1,685 (1,654) 0 2 1,548 Bank overdrafts 11 0 0 118 0 129 Bonds and Notes: 2,467 219 (755) 0 (2) 1,929 Origination fees (7) 0 0 0 2 (5) Bonds 1,474 219 (255) 0 (4) 1,434 Notes 1,000 0 (500) 0 0 500 For comparative information, please refer to the consolidated financial statements for the year ended 31 December 2022. The bonds issued during 2023 were as follows: Unit: \u20acm Issuance Due amount Interest rate Maturity 219 GALP ENERGIA/2023 150 Euribor 6M + spread March 2028 GALP PARQUES FOTOVOLTAICOS DE ALCOUTIM/2023 69 Euribor 6M + spread June 2043 The bond reimbursements during 2023 were as follows: Unit: \u20acm Reimbursements Due amount Interest rate Maturity Reimbursement 750 GALP ENERGIA/2017-EMTN-EUR 500.000.000 FIXED RATE NOTES 500 Fixed February 2023 February 2023 EUR 100,000,000 Floating Rate Notes due 2023 100 Euribor 6M + spread February 2023 February 2023 EUR 150,000,000 Floating Rate Notes due 2023 150 Euribor 6M + spread March 2023 March 2023 Additionally, Galp reimbursed \u20ac5m of scheduled Project Finance debt during 2023. 15. Trade payables and other liabilities Accounting policy Trade payables and other payables are initially measured at fair value and subsequently measured at amortized cost using the effective interest rate method. Usually, the amortized cost does not differ from the nominal value. Unit: \u20acm 2023 2022 Current Non-current Current Non-current Suppliers 1,268 0 1,005 0 Other creditors 1,758 95 1,506 99 State and other public entities 421 0 346 0 Payable VAT 264 0 246 0 \"ISP\" \u2013 Tax on oil products 107 0 88 0 Other taxes 51 0 12 0 Other payables 279 43 331 44 Tangible and intangible assets suppliers 184 43 196 44 Other Creditors 95 0 135 0 Related parties 38 (3) 20 0 Other accounts payables 130 11 88 10 Accrued costs 781 23 701 36 External supplies and services 579 0 515 0 Holiday, holiday subsidy and corresponding contributions 102 1 83 6 Other accrued costs 101 21 103 30 Contract liabilities 28 0 17 0 Other deferred income 81 21 4 10 The amounts recorded as suppliers mainly relate to purchases of crude oil, natural gas, electricity and goods in transit on those dates. \u201cState and other public entities \u2013 other taxes\u201d includes an amount of \u20ac33 m referring to amounts payable related to the windfall taxes. \u201cOther creditors\u201d include \u20ac18 m of advances from Clients (2022: \u20ac49 m) and \u20ac75 m of payables to non- operating oil blocks (2022: \u20ac89 m). \u201cOther deferred income\u201d includes \u20ac77 m of the initial proceeds (downpayment) related to the sale of Angola Upstream assets (Note 2.2.2). 19. Derivative financial instruments Accounting policies Derivative financial instruments The Group may use financial derivatives to hedge the interest rate risk and other market risks, particularly the risk of variations in crude oil prices, finished products and refining margins, as well as the price variation risk of natural gas and electricity, which affects the financial value of the assets and the future cash flow expected from its activities. The realised gains and losses on the financial settlement of commodities (i.e. Brent, electricity and gas) futures and swaps are presented within cost of sales, except if commodity futures are physically settled where the gain or loss will be recorded in sales as a price adjustment of the commodity sold. Changes in the fair value of open positions are presented in financial income, within income from financial instruments. As futures are exchange- traded, subject to central clearing, gains and losses are continuously recorded within income from financial instruments until the maturity date of the derivative, unless designated in cash flow relationships in which case they are recorded in the cash flow hedge reserve. Realised gains and losses on Forwards and FX Swaps are presented within cost of sales if they are connected to commodities transactions, and are otherwise presented in financial income, under realised FX differences. Changes to the fair values of open positions are presented in financial income, under unrealised FX differences. Some physically settled TTF bilateral contracts are accounted for as derivatives because they meet the net settlement criteria and do not meet the own use exemption criteria. The fair values of these contracts are presented together as Swaps in the financial statements. Financial assets and liabilities are offset if Galp has a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net basis or to realise the asset and liability simultaneously. Day 1 gain or losses on derivatives that are categorized as level 3 in the fair value hierarchy do not qualify for recognition in the financial statements. These day 1 gains and losses are disclosed in the financial statements and only recognized when the prices become sufficiently observable or as the contract matures. The cumulative amounts of MTM of day 1 gains not recognised where \u20ac5.7 m (2022: \u20ac6.3 m). The cumulative amount is recognised during the life span of the derivative. Hedge accounting Derivative instruments that qualify for hedge accounting are designated in cash flow hedges of commodity price risk associated with highly probable forecast gas purchases. Derivative instruments used by the Group to hedge the interest rate risk of floating rate debt are designated in qualifying cashflow hedges of interest rate risk. The indices are the same as those applicable to the contracts signed with customers and banks reducing hedge in- effectiveness. Certain derivatives that are entered into for risk management purposes, such as those that hedge the overall net position of commodity prices (oil margins) and forecast purchases of electricity and gas, are not designated in qualifying IFRS 9 hedge relationships and are therefore accounted for as trading derivatives with their changes in fair value recorded immediately in the statement of profit or loss. Changes in the fair values of derivatives designated in qualifying cash flow hedge relationships are recorded in equity in the cash flow hedge reserve. Where the derivative instrument no longer meets the criteria for recording as a cashflow hedge, the accumulated fair value differences deferred in equity within hedging reserves are added to the book value of the asset which gave rise to the hedging transaction only if the derivative was mature and is effective. Otherwise, if the hedge is not effective, subsequent revaluations are recognized directly in the income statement. If the hedge is discontinued because the transaction is no longer expected all of the deferred MTM in equity is reclassified to profit or loss. If there is a change in risk management objective but the hedged transaction is still expected to occur, the amount in the cash flow hedge reserve is taken to profit or loss when the previously hedged transaction affects the statement of profit or loss. Hedge accounting is discontinued prospectively. Hedge accounting is discontinued when all of the derivative instruments mature, are sold, when management changes the risk management strategy or objective, or when a hedged transaction is no longer highly probable. In 2023, the hedge of highly probable forecast purchase of electricity has been discontinued and matured, with all amounts previously deferred in the cash flow hedge reserve being reclassified to profit and loss with previously hedged transactions. Financial derivatives are measured at fair value. For further explanation of valuation methods used and risk management activities using derivatives, see Note 20. The financial position of derivative financial instruments as of 31 December 2023 and 2022 is detailed as follows: Unit: \u20acm 2023 2022 Assets (Note 12) Liabilities Equity Assets (Note 12) Liabilities Equity Current Non-current Current Non-current Current Non-current Current Non-current 169 96 (100) (99) 71 304 110 (373) (48) 18 Designated hedge derivatives Gas Swaps 44 29 0 0 74 0 0 0 0 0 Electricity Futures 0 0 0 0 0 15 0 0 0 15 Interest rate Swaps (IRS) 0 2 0 (6) (4) 0 3 0 0 3 Non designated hedge derivatives Oil Futures 0 0 0 0 0 1 0 0 0 0 Swaps 1 0 (1) 0 0 125 0 (205) 0 0 Gas Futures 4 0 0 0 0 25 0 0 0 0 Swaps 87 36 (89) (39) 0 60 29 (155) (36) 0 Options 18 2 (7) (1) 0 0 0 0 0 Electricity Futures 7 0 0 0 0 13 0 0 0 0 Swaps 8 1 (3) (53) 0 63 38 (10) (12) 0 Foreign Exchange Forwards 0 0 0 0 0 4 0 (3) 0 0 Interest rate Swaps (IRS) 0 26 0 0 0 0 40 0 0 0 Derivatives are classified as current and non-current in accordance with the expected settlement. During 2023 and 2022 the Group entered into derivative financial instruments with the objective of hedging the economic exposure mainly related to changes in crude, power, natural gas prices and interest rates. Derivatives to cover interest rates, and some derivatives to cover gas prices were designated in qualifying Cashflow hedges. The notional prices of the open derivatives and their respective maturities are shown below: Unit: \u20acm December 2023 December 2022 Maturity Maturity Less than 1 year 1 year and more Less than 1 year 1 year and more 34 (418) (48) (437) Designated hedge derivatives Futuros Purchase 0 0 (6) 0 Sales 0 0 0 0 Commodity swaps Purchase 0 0 0 0 Sales 126 99 0 0 IRS Purchase 0 (130) 0 (16) Sales 0 0 0 0 Non designated hedge derivatives Commodity futures Purchase (237) (2) (875) (4) Sales 205 2 876 4 Commodity swaps Purchase (243) (291) (547) (231) Sales 209 160 525 75 Commodity options Purchase (62) (8) 0 0 Sales 36 5 0 0 IRS Purchase 0 (253) 0 (265) Sales 0 0 0 0 Currency forwards and swaps Purchase 0 0 (43) 0 Sales 0 0 22 0 Notional = Fixed Price x Quantity The accounting impact as of 31 December 2023 and 31 December 2022 of the gains and losses on derivative financial instruments is presented in the following table: Unit: \u20acm 2023 2022 Income statement Equity Income statement Equity MTM Realised (Note 25) MTM + Realised MTM Realised (Note 25) MTM + Realised (23) 47 24 53 787 (983) (196) (13) Designated hedge derivatives Gas Swaps (Cash flow hedge) 0 0 0 74 0 0 0 0 Electricity Futures 0 0 0 (15) 0 35 35 (34) Swaps 0 0 0 0 0 (12) (12) 18 Interest rate Swaps (IRS) 0 1 1 (7) 0 0 0 3 Non designated hedge derivatives Oil Futures 0 0 0 0 0 10 10 0 Swaps 80 (77) 3 0 (84) (363) (447) 0 Options 0 0 0 0 4 (4) 0 0 Gas Futures (97) 140 43 0 590 (899) (308) 0 Swaps 95 (5) 89 0 318 153 471 0 Options 13 0 13 0 0 0 0 0 Electricity Futuros 32 (45) (13) 0 1 (40) (39) 0 Swaps (131) 20 (111) 0 (44) 78 34 0 Foreign Exchange Forwards 0 5 5 0 (19) 59 40 0 Interest rate Swaps (IRS) (14) 8 (6) 0 21 0 21 0 MTM relating to FX Swaps and Forwards (2023: nill) is recognized in Financial Results within Exchange differences and realized amounts are recognized within Other operating costs (positive \u20ac5 m) among settlement of other Foreign exchanges of Invoices with Clients and Suppliers. The 2023 financial position shows in shareholders\u2019 equity, under the heading hedging reserves, the positive amount of \u20ac71 m relating to cash flow hedges. The cash flow hedges reflected in equity, when settled, are reclassified to the statement of profit or loss in the same period or periods during which the hedged expected cash flows affect profit or loss (when hedged forecast sale occurs). The amount of settled hedging instruments regarding cash flow hedges amounts to positive \u20ac1 m in 2023 and positive \u20ac23 m in 2022 and was recognized under the heading cost of sales. In 2022, realised MTM on commodity futures included a cost of \u20ac401 m that relates to gas futures that were physically settled with the Exchange, which was reflected in sales as an adjustment of the price of gas sold (Note 24). Significant accounting estimate Unrealised MTM on undesignated electricity swaps of (negative \u20ac131 m) includes negative MTM of (\u20ac119 m), related to Synthetic Power Purchase Agreements (PPA) of solar projects in Spain, for which the fair value valuation was not based on observable market data (level 3). The derivatives have several commencement dates, the first beginning in the second half of 2020 and all have a life span of c. 12 years. Included in these Synthetic Power Purchase Agreements is a fixed quantity of Guarantees of Origin that transferred from the solar projects to Galp during the same time frame. The entire agreement is accounted for as a single unit of account at FVTPL without any separate accounting for the Guarantee of Origin. Inputs into the valuation model include fixed contractual volumes, forecast electricity prices, selection of scenario for the forward price and tax on energy production in Spain. The fair value estimate is highly sensitive to changes in unobservable inputs and changes in those inputs might result in a significantly higher or lower fair value measurement. The total MTM of these PPA\u2019s at 31 December 2023 is \u20ac48 m liability. The heading income from financial instruments includes the unrealised value of MTM of commodities derivatives, as shown in the following table: Unit: \u20acm 2023 2022 (22) 806 Commodity Swaps 44 170 Options 13 4 Commodity Futures (65) 591 Interest rate swaps (14) 41 Other trading operations (0) 0 The table above includes MTM of all financial derivatives, except FX derivatives which are accounted in the heading exchange differences. The maturities of derivative liabilities in the statement of financial position are as follows: Unit: \u20acm Less than 1 year Between 1 and 2 years 2 years and more Total 2023 Commodity swaps 93 51 41 185 IRS 0 0 6 6 Commodity options 7 1 0 7 2022 Commodity swaps and options 370 35 13 418 Foreign exchange forwards 3 0 0 3 Note that despite the current position of liabilities is \u20ac198 m (2022: \u20ac422 m), Group Galp has a \u20ac165 m (2022: \u20ac414 m) current position of assets regarding derivatives to receive. Net position is a liability of \u20ac33 m (2022: \u20ac8 m). 20. Financial assets and liabilities Accounting policies Galp classifies financial assets and liabilities into the following categories: a) Financial assets at fair value through other comprehensive income; b) Financial assets and liabilities carried at amortized cost; c) Financial assets and liabilities at fair value through profit or loss (derivatives). Management determines the classification of its financial assets on initial recognition and re-evaluates it at the end of each reporting period if, and only if, there is a change in the business model. For financial liabilities, such changes in classification are not allowed. Recognition and measurement Purchases and sales of investments are recognized as of the trade date. Investments are initially recognized at fair value. Financial assets at fair value through other comprehensive income and financial assets at fair value through profit or loss are subsequently carried at fair value. Fair value disclosures are made separately for each class of financial instruments at the end of the reporting period. Nevertheless, assets at fair value through other comprehensive income are measured at cost as a proxy for their fair value. As, they are not quoted on a stock exchange, no recent available information is available to measure their fair value reliably, and the amounts involved are immaterial. Derecognition of financial assets Financial Assets are derecognized from the statement of financial position when the rights to receive cash flow from investments have expired or have been transferred and Galp has transferred substantially all of the risks and rewards of ownership. Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income consist mainly of equity investments. When these kinds of financial assets are derecognized, the gain or loss will be kept in equity. Dividends received are recognized in profit or loss. Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are non-derivative financial assets which are held solely for payments of principal and interests (SPPI). If collection is expected within one year (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables and other receivables are recognized initially at fair value. Subsequently they are measured at amortized cost using the effective interest method, less impairment. Fair value hierarchy In accordance with the accounting rules, an entity must classify the fair value measurement based on a fair value hierarchy that reflects the meaning of the inputs used for measurement. The fair value hierarchy has the following levels: \u2022 Level 1 \u2013 the fair value of the assets or liabilities is based on active liquid market quotation as of the date of the statement of financial position; \u2022 Level 2 \u2013 the fair value of the assets or liabilities is determined through valuation models based on observable market inputs; and \u2022 Level 3 \u2013 the fair value of the assets or liabilities is determined through valuation models, whose main inputs are not observable in the market. Accounting estimates and judgements When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using internal valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets when possible, but when this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in valuation methodologies and in assumptions relating to these factors could affect the reported fair value of financial instruments. Unit: \u20acm 2023 Fair value measurement using Carrying amount Total Fair value Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets at FVTPL Note Swaps 19 236 0 236 0 236 Options 19 18 0 18 0 18 Commodity Futures 19 7 7 0 0 7 Financial assets measured FV OCI Equity investment 12 1 0 0 1 1 262 7 254 1 262 Financial assets measured at amortized cost for which fair value is required to be disclosed Loans and Capital Subscription 12 277 0 0 277 277 Trade receivables and other debtors 11 2,631 0 0 2,631 2,631 Financial liabilities measured FVTPL Swaps 19 (191) 0 (149) (42) (191) Options 19 (7) 0 (7) 0 (7) (198) 0 (156) (42) (198) Financial liabilities measured at amortized cost for which fair value is required to be disclosed Loans and Commercial paper 14 1,547 0 1,547 0 1,547 Trade payables and other payables 15 3,121 0 0 3,121 3,121 Bonds 14 1,434 0 1,434 0 1,434 Notes 14 484 484 0 0 500 Unit: \u20acm 2022 Fair value measurement using Carrying amount Total Fair value Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets at FVTPL Note Swaps 19 355 0 265 90 355 Commodity Futures 19 53 53 0 0 53 Forwards 19 4 4 0 0 4 Financial assets measured FV OCI Equity investment 12 3 0 0 3 3 414 56 265 93 414 Financial assets measured at amortized cost for which fair value is required to be disclosed Loans and Capital Subscription 12 136 0 0 136 136 Trade receivables and other debtors 11 2,669 0 0 2,669 2,669 Financial liabilities measured FVTPL Swaps 19 (418) 0 (399) (19) (418) Forwards 19 (3) (3) 0 0 (3) (421) (3) (399) (19) (421) Financial liabilities measured at amortized cost for which fair value is required to be disclosed Loans and Commercial paper 14 1,515 0 1,515 0 1,515 Trade payables and other payables 15 2,609 0 0 2,609 2,609 Bonds 14 1,474 0 1,474 0 1,474 Notes 14 959 959 0 0 1,000 21. Financial risk management Accounting policy Galp Group has standards, models, methodologies, and systems in place to support the identification, evaluation, monitoring and mitigation of various risks it is exposed to, including financial risks, and uses various financial instruments to hedge, in accordance with the corporate guidelines that are applicable across the Company. Management has assessed the following key financial risks: Type Exposure to risk Commodity-price risk High Exchange-rate risk Medium Interest-rate risk Medium Liquidity & Insurance risk High Credit risk Medium Commodities price risk Factors such as macroeconomic uncertainties, geopolitical risks (including the prolonged conflict in Ukraine and a potential escalation of the conflict between Israel and Hamas), technological risks, supply constraints, and operational circumstances can impact the supply and demand for oil, petroleum products, natural gas, LNG, and electricity. Changes in consumption patterns, increased demand for lower-carbon solutions, natural disasters, and extreme situations like pandemics can also affect the demand and supply of oil and gas, influencing the prices of these commodities. The volatility risk in commodities prices is mitigated through hedging instruments available in the exchange and over the counter (OTC) markets, such as Futures and Swaps. (Note 19). The management of these risks is set out in a specific risk policy, including hedging strategies and exposure limits, and a Strategic Hedging Program is annually defined/reviewed. Additionally, in regard to oil, natural gas and electricity activities, the Group mitigates this risk by establishing brent, natural gas and electricity purchase and sale contracts with similar indexes to protect the business margin against adverse market changes. Analysis of commodity price sensitivity The sensitivity analysis was performed for balances relating to financial derivatives on commodities. An immediate 10% devaluation in the following commodities price would impact Galp\u2019s income, as outlined in the table below: Unit: \u20acm 2023 2022 Risk exposure Impact on Income Statement Risk exposure Impact on Income Statement Derivatives on natural gas commodities 1 84 (2) 13 (1) TTF's (natural gas) contracts 0 0 (90) 10 Derivatives on oil commodities 4 0 (79) 12 Derivatives on electricity 2 (42) 4 91 (31) 1 Excludes the impact of derivatives classified as cash flow hedges on 31/12/2023. 2 Excludes the impact of derivatives classified as cash flow hedges on 31/12/2022 Exchange-rate risk Associated with macroeconomic factors, exchange rate risk results from fluctuations in the exchange rates of the currencies in which the Company conducts its business and in which it prepares its financial statements. The US Dollar is the currency used as the reference price in the oil and natural gas markets, however, Galp prepares its financial statements in Euros, which, among other factors, exposes its operations to exchange rate risk. Given that the operating margin is most sensitive to fluctuations in the US Dollar, the Company is exposed to fluctuations in exchange rates, which can contribute positively or negatively to income and margins. Considering that this risk is associated with other variables, such as oil and natural gas prices, and that the level of the cash flow exposure, and especially the financial position statement, is a function of these prices. The Group adopts a cautious approach to hedging exchange-rate risk, as there are natural hedges between the statement of financial position and the cash flow. As a result of the above, Galp controls its exchange-rate exposure on an integrated basis rather than on an individual transaction basis, except in specific cases. Given that the purpose of exchange rate risk management is to limit the uncertainty resulting from exchange rates fluctuations, Galp manages this risk centrally through variable and fixed rate financial instruments and hedging derivatives. As of 31 December 2023, Galp held derivatives such as FX Forwards and Swaps to minimise exchange-rate risk (Note 19). Foreign exchange sensitivity analysis The sensitivity analysis includes the significant balances of monetary assets and liabilities denominated in foreign currency that impact Galp\u2019s income statement. A 10% devaluation of the Euro against other currencies would impact Galp\u2019s income, as outlined in the table below: Unit: \u20acm 2023 2022 Risk exposure Impact on Income Statement Risk exposure Impact on Income Statement Loans obtained and Finance Lease debt (83) (8) (94) (9) Marketable securities (included in cash and cash equivalents) 50 4 222 22 Derivatives 1 0 0 (78) (6) Trade and Other Receivables 535 54 379 38 Trade and Other Payables (290) (29) (830) (83) 1 Includes derivatives in USD and FX Forwards, taking into account fluctuations in MTM. Key currencies exchange rate Unit: \u20acm 2023 2022 Average Year-end Average Year-end EUR/USD 1.08 1.10 1.05 1.07 EUR/BRL 5.40 5.36 5.44 5.64 USD/BRL 5.00 4.87 5.17 5.22 EUR/CHF 1.08 0.93 1.01 0.99 Interest rate risk The interest rate risk, linked to the volatility of interest rates on bank loans or other debt instruments used by the company to finance its activities, Galp\u2019s debt, mainly bank loans and interest-bearing bonds is exposed to interest rate volatility, stemming from both economic and political factors. Adverse changes in interest rates may have a material adverse effect on Galp\u2019s financial performance and results. To reduce the volatility of financial costs in the income statement, Galp centrally manages interest rate risk through variable and fixed-rate financial instruments and hedging derivatives, following an interest-rate risk management policy. As of 31 December 2023, Galp holds interest-rate derivatives (IRS) positions to cover variability in interest rates on project financing loans. Interest rate sensitivity analysis An analysis of interest rate risk includes variable interest rate loans. A 0.5% increase in the interest rate would impact Galp\u2019s financial income as outlined in the table below: Unit: \u20acm 2023 2022 Exposure risk Impact on Income Statement Exposure risk Impact on Income Statement Loans obtained (3,600) (9) (4,000) (9) Fixed rate interest (1,607) 0 (1,441) 0 Variable-rate interest (1,992) (9) (2,559) (9) Derivatives (IRS) 1 22 5 43 6 Marketable securities 1,316 0 864 1 Note: Cash and equivalents in the statement of financial position comprise marketable securities 1 Excludes impact of derivatives qualified as Cash-flow hedges. Interest rate derivatives reduce the exposure to interest rate fluctuations on the P&L regarding project finance loans in Titan Group. Liquidity & Insurance risk Liquidity risk is associated with the capacity to access the financial and capital markets to obtain the necessary financial resources to execute Galp\u2019s strategy. Insurance risk is associated with insurers lower appetite for the O&G sector. The inability to access funds to finance its strategy and obtain insurance quotes for its investment projects may have a negative effect on the Group\u2019s profit and/or cash flow. Galp finances itself through the cash flow generated by its operations and maintains a diversified portfolio of loans and bonds. The Group has access to credit lines that are not fully used, but that are at its disposal. The available short term and medium/ long-term credit lines that are not being used amount to \u20ac1.6 bn at 31 December 2023 (\u20ac1.5 bn at 31 December 2022). Galp has readily available cash equivalents amounting to \u20ac2.2 bn at 31 December 2023 (\u20ac2.5 bn at 31 December 2022). These combined amounts add up to \u20ac3.8 bn at 31 December 2023 (\u20ac4.0 bn at 31 December 2022). With regard to insurance, Galp has a broad Insurance programme (property damage, third party liability, business interruption, environmental liability, trade credit, among others) aligned with its business structure and risk appetite. Credit risk Credit risk arises from the possibility that a counterparty may not fulfil its contractual payment obligations, including those related to financial investments and hedging instruments (relating to exchange rates, interest rates or others), as well as those arising from commercial relationships between the Company and its counterparties, associated with the counterparty\u2019s risk level. Credit risk is mitigated through a diversified portfolio of both financial counterparties and customers, the selection of reference financial counterparties, the careful drafting of contracts including appropriate commercial terms, and the establishment of collaterals, when relevant. The management of this risk follows internal standards, namely the Credit Management Manual, which establishes procedures for assessing exposure to credit risk and ensures its transversal management. A risk rating is assigned to each customer, to establish its credit limit and to calculate the respective risk-return ratio. See Note 11 for further risk assessments, specifically regarding Trade receivables and other receivables. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22418": {
"value": "11. Trade and other receivables Accounting policies Accounts receivable are initially recorded at the transaction value and subsequently measured at amortized cost, less any impairment losses. The amortized cost of these assets does not differ from their nominal value or their fair value. Galp undertakes over \u2013 and underlifting activities for its share of crude. Under \u2013 and overlifting are common industry practices intended to optimise the allocation of transportation costs between partners. Payments and receipts related to over \u2013 and underlifting are made at a subsequent date in barrels of crude, as defined by the applicable production sharing agreement (PSA). Trade and other receivables are derecognized when the contractual rights to the cash flow expire (i.e. they are collected), when they are transferred (e.g. sold) or when they are impaired. Accounting estimates and judgments Impairment of accounts receivable The Group applies the IFRS 9 simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. Trade receivables were grouped by business segment for the purposes of the assessment of expected credit losses. The credit risk of the accounts receivable balance is evaluated at each reporting date, taking into consideration the client\u2019s credit risk profile. The credit risk analysis is based on the annual default probability, and also takes into account the loss in the event of default. The default probability represents an annual probability of default, reflecting the current and projected information and taking into account macroeconomic factors, whereas the loss in the event of default represents the expected loss when a default occurs. Accounts receivable are adjusted for Management\u2019s estimate of the collection risks as of the statement of financial position date, which may differ from the actual impairment to be incurred. Credit Risk For Credit Risk purposes, if wholesale customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, the Credit Risk assessment considers the credit quality of the customer, taking into account their financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the board. Wholesale customers\u2019 compliance with credit limits is regularly monitored by Management. Sales to retail customers are required to be settled in cash or using major credit cards, thus mitigating the credit risk. There are no significant concentrations of credit risk, whether through exposure to individual customers, specific industry sectors and/or regions. For further credit risk mitigation measures, guarantees and insurance policies for eventual credit defaults are a standard part of Galp\u2019s overall risk policy. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics. 14. Debt Accounting policy Loans are initially recorded at fair value, net of the expenses incurred on the issuance of these loans. Loans are subsequently measured at amortized cost. Interest expenses are calculated at the effective interest rate and recorded in the income statement on an accruals basis in accordance with each loan agreement. 15. Trade payables and other liabilities Accounting policy Trade payables and other payables are initially measured at fair value and subsequently measured at amortized cost using the effective interest rate method. Usually, the amortized cost does not differ from the nominal value. 19. Derivative financial instruments Accounting policies Derivative financial instruments The Group may use financial derivatives to hedge the interest rate risk and other market risks, particularly the risk of variations in crude oil prices, finished products and refining margins, as well as the price variation risk of natural gas and electricity, which affects the financial value of the assets and the future cash flow expected from its activities. The realised gains and losses on the financial settlement of commodities (i.e. Brent, electricity and gas) futures and swaps are presented within cost of sales, except if commodity futures are physically settled where the gain or loss will be recorded in sales as a price adjustment of the commodity sold. Changes in the fair value of open positions are presented in financial income, within income from financial instruments. As futures are exchange- traded, subject to central clearing, gains and losses are continuously recorded within income from financial instruments until the maturity date of the derivative, unless designated in cash flow relationships in which case they are recorded in the cash flow hedge reserve. Realised gains and losses on Forwards and FX Swaps are presented within cost of sales if they are connected to commodities transactions, and are otherwise presented in financial income, under realised FX differences. Changes to the fair values of open positions are presented in financial income, under unrealised FX differences. Some physically settled TTF bilateral contracts are accounted for as derivatives because they meet the net settlement criteria and do not meet the own use exemption criteria. The fair values of these contracts are presented together as Swaps in the financial statements. Financial assets and liabilities are offset if Galp has a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net basis or to realise the asset and liability simultaneously. Day 1 gain or losses on derivatives that are categorized as level 3 in the fair value hierarchy do not qualify for recognition in the financial statements. These day 1 gains and losses are disclosed in the financial statements and only recognized when the prices become sufficiently observable or as the contract matures. The cumulative amounts of MTM of day 1 gains not recognised where \u20ac5.7 m (2022: \u20ac6.3 m). The cumulative amount is recognised during the life span of the derivative. Hedge accounting Derivative instruments that qualify for hedge accounting are designated in cash flow hedges of commodity price risk associated with highly probable forecast gas purchases. Derivative instruments used by the Group to hedge the interest rate risk of floating rate debt are designated in qualifying cashflow hedges of interest rate risk. The indices are the same as those applicable to the contracts signed with customers and banks reducing hedge in- effectiveness. Certain derivatives that are entered into for risk management purposes, such as those that hedge the overall net position of commodity prices (oil margins) and forecast purchases of electricity and gas, are not designated in qualifying IFRS 9 hedge relationships and are therefore accounted for as trading derivatives with their changes in fair value recorded immediately in the statement of profit or loss. Changes in the fair values of derivatives designated in qualifying cash flow hedge relationships are recorded in equity in the cash flow hedge reserve. Where the derivative instrument no longer meets the criteria for recording as a cashflow hedge, the accumulated fair value differences deferred in equity within hedging reserves are added to the book value of the asset which gave rise to the hedging transaction only if the derivative was mature and is effective. Otherwise, if the hedge is not effective, subsequent revaluations are recognized directly in the income statement. If the hedge is discontinued because the transaction is no longer expected all of the deferred MTM in equity is reclassified to profit or loss. If there is a change in risk management objective but the hedged transaction is still expected to occur, the amount in the cash flow hedge reserve is taken to profit or loss when the previously hedged transaction affects the statement of profit or loss. Hedge accounting is discontinued prospectively. Hedge accounting is discontinued when all of the derivative instruments mature, are sold, when management changes the risk management strategy or objective, or when a hedged transaction is no longer highly probable. In 2023, the hedge of highly probable forecast purchase of electricity has been discontinued and matured, with all amounts previously deferred in the cash flow hedge reserve being reclassified to profit and loss with previously hedged transactions. Financial derivatives are measured at fair value. For further explanation of valuation methods used and risk management activities using derivatives, see Note 20. 20. Financial assets and liabilities Accounting policies Galp classifies financial assets and liabilities into the following categories: a) Financial assets at fair value through other comprehensive income; b) Financial assets and liabilities carried at amortized cost; c) Financial assets and liabilities at fair value through profit or loss (derivatives). Management determines the classification of its financial assets on initial recognition and re-evaluates it at the end of each reporting period if, and only if, there is a change in the business model. For financial liabilities, such changes in classification are not allowed. Recognition and measurement Purchases and sales of investments are recognized as of the trade date. Investments are initially recognized at fair value. Financial assets at fair value through other comprehensive income and financial assets at fair value through profit or loss are subsequently carried at fair value. Fair value disclosures are made separately for each class of financial instruments at the end of the reporting period. Nevertheless, assets at fair value through other comprehensive income are measured at cost as a proxy for their fair value. As, they are not quoted on a stock exchange, no recent available information is available to measure their fair value reliably, and the amounts involved are immaterial. Derecognition of financial assets Financial Assets are derecognized from the statement of financial position when the rights to receive cash flow from investments have expired or have been transferred and Galp has transferred substantially all of the risks and rewards of ownership. Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income consist mainly of equity investments. When these kinds of financial assets are derecognized, the gain or loss will be kept in equity. Dividends received are recognized in profit or loss. Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are non-derivative financial assets which are held solely for payments of principal and interests (SPPI). If collection is expected within one year (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables and other receivables are recognized initially at fair value. Subsequently they are measured at amortized cost using the effective interest method, less impairment. Fair value hierarchy In accordance with the accounting rules, an entity must classify the fair value measurement based on a fair value hierarchy that reflects the meaning of the inputs used for measurement. The fair value hierarchy has the following levels: \u2022 Level 1 \u2013 the fair value of the assets or liabilities is based on active liquid market quotation as of the date of the statement of financial position; \u2022 Level 2 \u2013 the fair value of the assets or liabilities is determined through valuation models based on observable market inputs; and \u2022 Level 3 \u2013 the fair value of the assets or liabilities is determined through valuation models, whose main inputs are not observable in the market. Accounting estimates and judgements When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using internal valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets when possible, but when this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in valuation methodologies and in assumptions relating to these factors could affect the reported fair value of financial instruments. 21. Financial risk management Accounting policy Galp Group has standards, models, methodologies, and systems in place to support the identification, evaluation, monitoring and mitigation of various risks it is exposed to, including financial risks, and uses various financial instruments to hedge, in accordance with the corporate guidelines that are applicable across the Company. Management has assessed the following key financial risks: Type Exposure to risk Commodity-price risk High Exchange-rate risk Medium Interest-rate risk Medium Liquidity & Insurance risk High Credit risk Medium ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22419": {
"value": "11. Trade and other receivables Accounting policies Accounts receivable are initially recorded at the transaction value and subsequently measured at amortized cost, less any impairment losses. The amortized cost of these assets does not differ from their nominal value or their fair value. Galp undertakes over \u2013 and underlifting activities for its share of crude. Under \u2013 and overlifting are common industry practices intended to optimise the allocation of transportation costs between partners. Payments and receipts related to over \u2013 and underlifting are made at a subsequent date in barrels of crude, as defined by the applicable production sharing agreement (PSA). Trade and other receivables are derecognized when the contractual rights to the cash flow expire (i.e. they are collected), when they are transferred (e.g. sold) or when they are impaired. Accounting estimates and judgments Impairment of accounts receivable The Group applies the IFRS 9 simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. Trade receivables were grouped by business segment for the purposes of the assessment of expected credit losses. The credit risk of the accounts receivable balance is evaluated at each reporting date, taking into consideration the client\u2019s credit risk profile. The credit risk analysis is based on the annual default probability, and also takes into account the loss in the event of default. The default probability represents an annual probability of default, reflecting the current and projected information and taking into account macroeconomic factors, whereas the loss in the event of default represents the expected loss when a default occurs. Accounts receivable are adjusted for Management\u2019s estimate of the collection risks as of the statement of financial position date, which may differ from the actual impairment to be incurred. Credit Risk For Credit Risk purposes, if wholesale customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, the Credit Risk assessment considers the credit quality of the customer, taking into account their financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the board. Wholesale customers\u2019 compliance with credit limits is regularly monitored by Management. Sales to retail customers are required to be settled in cash or using major credit cards, thus mitigating the credit risk. There are no significant concentrations of credit risk, whether through exposure to individual customers, specific industry sectors and/or regions. For further credit risk mitigation measures, guarantees and insurance policies for eventual credit defaults are a standard part of Galp\u2019s overall risk policy. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics. Trade receivables Unit: \u20acm Notes 2023 2022 1,395 1,464 Trade receivables 1,507 1,595 Allowance for doubtful amounts (111) (131) Ageing of trade receivables Exposure to risk 1,395 1,464 Not yet due Low 1,304 1,382 Overdue up to 180 days Medium 74 24 Overdue between 181 days and 365 days High 3 16 Overdue over 365 days Very High 14 42 Movements in allowance for doubtful trade receivables Allowance at the beginning of the year 131 136 Increase 25 38 9 Decrease 25 (50) (4) Utilisation (7) (7) Other adjustments 0 (3) Allowance at the end of the year 111 131 Other receivables Unit: \u20acm 2023 2022 Notes Current Non-current Current Non-current 931 305 942 263 State and other Public Entities 109 0 82 0 Other debtors 328 225 320 167 Non-operated oil blocks 26 0 65 0 Underlifting 108 0 90 0 Other receivables 195 225 165 167 Related Parties 2 0 2 0 Contract Assets 347 48 401 64 Sales and services rendered but not yet invoiced 224 0 323 0 Adjustment to tariff deviation \u2013 \"pass through\" 26 0 27 0 Other accrued income 97 48 51 64 Deferred charges 154 32 147 32 Energy sector extraordinary contribution 16 6 11 8 16 Deferred charges for services 4 11 4 13 Other deferred charges 144 11 134 3 Impairment of other receivables (10) 0 (10) 0 Non-operated oil blocks debtors decrease is mainly related to the decrease in Petrogal Brasil, S.A. debtors. Non-current other deferred charges include the amount of \u20ac9 m (2022: \u20ac1 m) related to the post-employment benefits asset (Note 17). Other deferred charges (current) include \u20ac73 m (2022: \u20ac85 m) of acquired CO2 licenses to be used essentially in 2024 to satisfy environmental obligations. Other non-current receivables include a \u20ac222 m (2022: \u20ac164 m) judicial deposit in relation to a claim between the BM-S-11 consortium and ANP. The ANP agency stated that the oilfields of Lula and Cernambi, which are within BM-S-11, should be unified for SPT purposes, although the consortium claims otherwise; thus, the judicial deposit represents part of the difference between the two criteria under discussion. Sales and services rendered but not yet invoiced decreased compared to prior year reflecting a lower commodity price environment (gas and power) at year-end and lower demand on natural gas. Other accrued income (current) includes mainly accruals regarding other operating revenue while non-current includes natural gas tariffs deviations from regulated market. ",
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"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22420": {
"value": "11. Trade and other receivables Accounting policies Accounts receivable are initially recorded at the transaction value and subsequently measured at amortized cost, less any impairment losses. The amortized cost of these assets does not differ from their nominal value or their fair value. Galp undertakes over \u2013 and underlifting activities for its share of crude. Under \u2013 and overlifting are common industry practices intended to optimise the allocation of transportation costs between partners. Payments and receipts related to over \u2013 and underlifting are made at a subsequent date in barrels of crude, as defined by the applicable production sharing agreement (PSA). Trade and other receivables are derecognized when the contractual rights to the cash flow expire (i.e. they are collected), when they are transferred (e.g. sold) or when they are impaired. Accounting estimates and judgments Impairment of accounts receivable The Group applies the IFRS 9 simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. Trade receivables were grouped by business segment for the purposes of the assessment of expected credit losses. The credit risk of the accounts receivable balance is evaluated at each reporting date, taking into consideration the client\u2019s credit risk profile. The credit risk analysis is based on the annual default probability, and also takes into account the loss in the event of default. The default probability represents an annual probability of default, reflecting the current and projected information and taking into account macroeconomic factors, whereas the loss in the event of default represents the expected loss when a default occurs. Accounts receivable are adjusted for Management\u2019s estimate of the collection risks as of the statement of financial position date, which may differ from the actual impairment to be incurred. Credit Risk For Credit Risk purposes, if wholesale customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, the Credit Risk assessment considers the credit quality of the customer, taking into account their financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the board. Wholesale customers\u2019 compliance with credit limits is regularly monitored by Management. Sales to retail customers are required to be settled in cash or using major credit cards, thus mitigating the credit risk. There are no significant concentrations of credit risk, whether through exposure to individual customers, specific industry sectors and/or regions. For further credit risk mitigation measures, guarantees and insurance policies for eventual credit defaults are a standard part of Galp\u2019s overall risk policy. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22422": {
"value": "11. Trade and other receivablesOther receivables Unit: \u20acm 2023 2022 Notes Current Non-current Current Non-current 931 305 942 263 State and other Public Entities 109 0 82 0 Other debtors 328 225 320 167 Non-operated oil blocks 26 0 65 0 Underlifting 108 0 90 0 Other receivables 195 225 165 167 Related Parties 2 0 2 0 Contract Assets 347 48 401 64 Sales and services rendered but not yet invoiced 224 0 323 0 Adjustment to tariff deviation \u2013 \"pass through\" 26 0 27 0 Other accrued income 97 48 51 64 Deferred charges 154 32 147 32 Energy sector extraordinary contribution 16 6 11 8 16 Deferred charges for services 4 11 4 13 Other deferred charges 144 11 134 3 Impairment of other receivables (10) 0 (10) 0 15. Trade payables and other liabilitiesUnit: \u20acm 2023 2022 Current Non-current Current Non-current Suppliers 1,268 0 1,005 0 Other creditors 1,758 95 1,506 99 State and other public entities 421 0 346 0 Payable VAT 264 0 246 0 \"ISP\" \u2013 Tax on oil products 107 0 88 0 Other taxes 51 0 12 0 Other payables 279 43 331 44 Tangible and intangible assets suppliers 184 43 196 44 Other Creditors 95 0 135 0 Related parties 38 (3) 20 0 Other accounts payables 130 11 88 10 Accrued costs 781 23 701 36 External supplies and services 579 0 515 0 Holiday, holiday subsidy and corresponding contributions 102 1 83 6 Other accrued costs 101 21 103 30 Contract liabilities 28 0 17 0 Other deferred income 81 21 4 10 The amounts recorded as suppliers mainly relate to purchases of crude oil, natural gas, electricity and goods in transit on those dates. \u201cState and other public entities \u2013 other taxes\u201d includes an amount of \u20ac33 m referring to amounts payable related to the windfall taxes. \u201cOther creditors\u201d include \u20ac18 m of advances from Clients (2022: \u20ac49 m) and \u20ac75 m of payables to non- operating oil blocks (2022: \u20ac89 m). \u201cOther deferred income\u201d includes \u20ac77 m of the initial proceeds (downpayment) related to the sale of Angola Upstream assets (Note 2.2.2). 16. Taxes, deferred income taxes and contributionsAs of 31 December 2023, and 31 December 2022, the current income tax payable is as follows: Unit: \u20acm Assets Liabilities 2023 2022 2023 2022 0 3 (311) (361) State and other public entities 0 3 (311) (361) ",
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"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22424": {
"value": "11. Trade and other receivablesImpairment of accounts receivable The Group applies the IFRS 9 simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. Trade receivables were grouped by business segment for the purposes of the assessment of expected credit losses. The credit risk of the accounts receivable balance is evaluated at each reporting date, taking into consideration the client\u2019s credit risk profile. The credit risk analysis is based on the annual default probability, and also takes into account the loss in the event of default. The default probability represents an annual probability of default, reflecting the current and projected information and taking into account macroeconomic factors, whereas the loss in the event of default represents the expected loss when a default occurs. Accounts receivable are adjusted for Management\u2019s estimate of the collection risks as of the statement of financial position date, which may differ from the actual impairment to be incurred. Trade receivables Unit: \u20acm Notes 2023 2022 1,395 1,464 Trade receivables 1,507 1,595 Allowance for doubtful amounts (111) (131) Ageing of trade receivables Exposure to risk 1,395 1,464 Not yet due Low 1,304 1,382 Overdue up to 180 days Medium 74 24 Overdue between 181 days and 365 days High 3 16 Overdue over 365 days Very High 14 42 Movements in allowance for doubtful trade receivables Allowance at the beginning of the year 131 136 Increase 25 38 9 Decrease 25 (50) (4) Utilisation (7) (7) Other adjustments 0 (3) Allowance at the end of the year 111 131 21. Financial risk managementCredit risk Credit risk arises from the possibility that a counterparty may not fulfil its contractual payment obligations, including those related to financial investments and hedging instruments (relating to exchange rates, interest rates or others), as well as those arising from commercial relationships between the Company and its counterparties, associated with the counterparty\u2019s risk level. Credit risk is mitigated through a diversified portfolio of both financial counterparties and customers, the selection of reference financial counterparties, the careful drafting of contracts including appropriate commercial terms, and the establishment of collaterals, when relevant. The management of this risk follows internal standards, namely the Credit Management Manual, which establishes procedures for assessing exposure to credit risk and ensures its transversal management. A risk rating is assigned to each customer, to establish its credit limit and to calculate the respective risk-return ratio. See Note 11 for further risk assessments, specifically regarding Trade receivables and other receivables. ",
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"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22425": {
"value": "11. Trade and other receivablesImpairment of accounts receivable The Group applies the IFRS 9 simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. Trade receivables were grouped by business segment for the purposes of the assessment of expected credit losses. The credit risk of the accounts receivable balance is evaluated at each reporting date, taking into consideration the client\u2019s credit risk profile. The credit risk analysis is based on the annual default probability, and also takes into account the loss in the event of default. The default probability represents an annual probability of default, reflecting the current and projected information and taking into account macroeconomic factors, whereas the loss in the event of default represents the expected loss when a default occurs. Accounts receivable are adjusted for Management\u2019s estimate of the collection risks as of the statement of financial position date, which may differ from the actual impairment to be incurred. Trade receivables Unit: \u20acm Notes 2023 2022 1,395 1,464 Trade receivables 1,507 1,595 Allowance for doubtful amounts (111) (131) Ageing of trade receivables Exposure to risk 1,395 1,464 Not yet due Low 1,304 1,382 Overdue up to 180 days Medium 74 24 Overdue between 181 days and 365 days High 3 16 Overdue over 365 days Very High 14 42 Movements in allowance for doubtful trade receivables Allowance at the beginning of the year 131 136 Increase 25 38 9 Decrease 25 (50) (4) Utilisation (7) (7) Other adjustments 0 (3) Allowance at the end of the year 111 131 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22426": {
"value": "11. Trade and other receivablesImpairment of accounts receivable The Group applies the IFRS 9 simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. Trade receivables were grouped by business segment for the purposes of the assessment of expected credit losses. The credit risk of the accounts receivable balance is evaluated at each reporting date, taking into consideration the client\u2019s credit risk profile. The credit risk analysis is based on the annual default probability, and also takes into account the loss in the event of default. The default probability represents an annual probability of default, reflecting the current and projected information and taking into account macroeconomic factors, whereas the loss in the event of default represents the expected loss when a default occurs. Accounts receivable are adjusted for Management\u2019s estimate of the collection risks as of the statement of financial position date, which may differ from the actual impairment to be incurred. 20. Financial assets and liabilities Accounting policies Galp classifies financial assets and liabilities into the following categories: a) Financial assets at fair value through other comprehensive income; b) Financial assets and liabilities carried at amortized cost; c) Financial assets and liabilities at fair value through profit or loss (derivatives). Management determines the classification of its financial assets on initial recognition and re-evaluates it at the end of each reporting period if, and only if, there is a change in the business model. For financial liabilities, such changes in classification are not allowed. Recognition and measurement Purchases and sales of investments are recognized as of the trade date. Investments are initially recognized at fair value. Financial assets at fair value through other comprehensive income and financial assets at fair value through profit or loss are subsequently carried at fair value. Fair value disclosures are made separately for each class of financial instruments at the end of the reporting period. Nevertheless, assets at fair value through other comprehensive income are measured at cost as a proxy for their fair value. As, they are not quoted on a stock exchange, no recent available information is available to measure their fair value reliably, and the amounts involved are immaterial. Derecognition of financial assets Financial Assets are derecognized from the statement of financial position when the rights to receive cash flow from investments have expired or have been transferred and Galp has transferred substantially all of the risks and rewards of ownership. Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income consist mainly of equity investments. When these kinds of financial assets are derecognized, the gain or loss will be kept in equity. Dividends received are recognized in profit or loss. Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are non-derivative financial assets which are held solely for payments of principal and interests (SPPI). If collection is expected within one year (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables and other receivables are recognized initially at fair value. Subsequently they are measured at amortized cost using the effective interest method, less impairment. Fair value hierarchy In accordance with the accounting rules, an entity must classify the fair value measurement based on a fair value hierarchy that reflects the meaning of the inputs used for measurement. The fair value hierarchy has the following levels: \u2022 Level 1 \u2013 the fair value of the assets or liabilities is based on active liquid market quotation as of the date of the statement of financial position; \u2022 Level 2 \u2013 the fair value of the assets or liabilities is determined through valuation models based on observable market inputs; and \u2022 Level 3 \u2013 the fair value of the assets or liabilities is determined through valuation models, whose main inputs are not observable in the market. Accounting estimates and judgements When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using internal valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets when possible, but when this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in valuation methodologies and in assumptions relating to these factors could affect the reported fair value of financial instruments. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22427": {
"value": "11. Trade and other receivablesImpairment of accounts receivable The Group applies the IFRS 9 simplified approach to measure expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. Trade receivables were grouped by business segment for the purposes of the assessment of expected credit losses. The credit risk of the accounts receivable balance is evaluated at each reporting date, taking into consideration the client\u2019s credit risk profile. The credit risk analysis is based on the annual default probability, and also takes into account the loss in the event of default. The default probability represents an annual probability of default, reflecting the current and projected information and taking into account macroeconomic factors, whereas the loss in the event of default represents the expected loss when a default occurs. Accounts receivable are adjusted for Management\u2019s estimate of the collection risks as of the statement of financial position date, which may differ from the actual impairment to be incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22662": {
"value": "12. Other financial assetsUnit: \u20acm 2023 2022 Notes Current Non-current Current Non-current 207 351 339 256 Financial Assets at fair value through profit & loss \u2013 derivatives 19 165 96 304 110 Financial Assets at fair value through comprehensive income 0 1 0 3 Financial Assets not measured at fair value \u2013 Loans and Capital subscription 41 235 34 102 Others 1 19 1 42 Financial assets at fair value through profit or loss refer to financial derivatives (Note 19). The increase of Financial assets not measured at fair value \u2013 Loans and Capital subscription includes a reclassification of a loan from Investments in joint ventures amounting to \u20ac174 m (Note 9). As at 31 December 2023, the fair value of Coral FLNG \u201cShareholder Loan Agreement\u201d amounts to \u20ac 169 m (Note 29). During the year the loan to Galp IPG Matola Terminal Lda. was fully reimbursed (\u20ac 39 m). 20. Financial assets and liabilities Accounting policies Galp classifies financial assets and liabilities into the following categories: a) Financial assets at fair value through other comprehensive income; b) Financial assets and liabilities carried at amortized cost; c) Financial assets and liabilities at fair value through profit or loss (derivatives). Management determines the classification of its financial assets on initial recognition and re-evaluates it at the end of each reporting period if, and only if, there is a change in the business model. For financial liabilities, such changes in classification are not allowed. Recognition and measurement Purchases and sales of investments are recognized as of the trade date. Investments are initially recognized at fair value. Financial assets at fair value through other comprehensive income and financial assets at fair value through profit or loss are subsequently carried at fair value. Fair value disclosures are made separately for each class of financial instruments at the end of the reporting period. Nevertheless, assets at fair value through other comprehensive income are measured at cost as a proxy for their fair value. As, they are not quoted on a stock exchange, no recent available information is available to measure their fair value reliably, and the amounts involved are immaterial. Derecognition of financial assets Financial Assets are derecognized from the statement of financial position when the rights to receive cash flow from investments have expired or have been transferred and Galp has transferred substantially all of the risks and rewards of ownership. Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income consist mainly of equity investments. When these kinds of financial assets are derecognized, the gain or loss will be kept in equity. Dividends received are recognized in profit or loss. Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are non-derivative financial assets which are held solely for payments of principal and interests (SPPI). If collection is expected within one year (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables and other receivables are recognized initially at fair value. Subsequently they are measured at amortized cost using the effective interest method, less impairment. Fair value hierarchy In accordance with the accounting rules, an entity must classify the fair value measurement based on a fair value hierarchy that reflects the meaning of the inputs used for measurement. The fair value hierarchy has the following levels: \u2022 Level 1 \u2013 the fair value of the assets or liabilities is based on active liquid market quotation as of the date of the statement of financial position; \u2022 Level 2 \u2013 the fair value of the assets or liabilities is determined through valuation models based on observable market inputs; and \u2022 Level 3 \u2013 the fair value of the assets or liabilities is determined through valuation models, whose main inputs are not observable in the market. Accounting estimates and judgements When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using internal valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets when possible, but when this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in valuation methodologies and in assumptions relating to these factors could affect the reported fair value of financial instruments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22664": {
"value": "12. Other financial assetsUnit: \u20acm 2023 2022 Notes Current Non-current Current Non-current 207 351 339 256 Financial Assets at fair value through profit & loss \u2013 derivatives 19 165 96 304 110 Financial Assets at fair value through comprehensive income 0 1 0 3 Financial Assets not measured at fair value \u2013 Loans and Capital subscription 41 235 34 102 Others 1 19 1 42 Financial assets at fair value through profit or loss refer to financial derivatives (Note 19). The increase of Financial assets not measured at fair value \u2013 Loans and Capital subscription includes a reclassification of a loan from Investments in joint ventures amounting to \u20ac174 m (Note 9). As at 31 December 2023, the fair value of Coral FLNG \u201cShareholder Loan Agreement\u201d amounts to \u20ac 169 m (Note 29). During the year the loan to Galp IPG Matola Terminal Lda. was fully reimbursed (\u20ac 39 m). 19. Derivative financial instrumentsThe financial position of derivative financial instruments as of 31 December 2023 and 2022 is detailed as follows: Unit: \u20acm 2023 2022 Assets (Note 12) Liabilities Equity Assets (Note 12) Liabilities Equity Current Non-current Current Non-current Current Non-current Current Non-current 169 96 (100) (99) 71 304 110 (373) (48) 18 Designated hedge derivatives Gas Swaps 44 29 0 0 74 0 0 0 0 0 Electricity Futures 0 0 0 0 0 15 0 0 0 15 Interest rate Swaps (IRS) 0 2 0 (6) (4) 0 3 0 0 3 Non designated hedge derivatives Oil Futures 0 0 0 0 0 1 0 0 0 0 Swaps 1 0 (1) 0 0 125 0 (205) 0 0 Gas Futures 4 0 0 0 0 25 0 0 0 0 Swaps 87 36 (89) (39) 0 60 29 (155) (36) 0 Options 18 2 (7) (1) 0 0 0 0 0 Electricity Futures 7 0 0 0 0 13 0 0 0 0 Swaps 8 1 (3) (53) 0 63 38 (10) (12) 0 Foreign Exchange Forwards 0 0 0 0 0 4 0 (3) 0 0 Interest rate Swaps (IRS) 0 26 0 0 0 0 40 0 0 0 Derivatives are classified as current and non-current in accordance with the expected settlement. During 2023 and 2022 the Group entered into derivative financial instruments with the objective of hedging the economic exposure mainly related to changes in crude, power, natural gas prices and interest rates. Derivatives to cover interest rates, and some derivatives to cover gas prices were designated in qualifying Cashflow hedges. The notional prices of the open derivatives and their respective maturities are shown below: Unit: \u20acm December 2023 December 2022 Maturity Maturity Less than 1 year 1 year and more Less than 1 year 1 year and more 34 (418) (48) (437) Designated hedge derivatives Futuros Purchase 0 0 (6) 0 Sales 0 0 0 0 Commodity swaps Purchase 0 0 0 0 Sales 126 99 0 0 IRS Purchase 0 (130) 0 (16) Sales 0 0 0 0 Non designated hedge derivatives Commodity futures Purchase (237) (2) (875) (4) Sales 205 2 876 4 Commodity swaps Purchase (243) (291) (547) (231) Sales 209 160 525 75 Commodity options Purchase (62) (8) 0 0 Sales 36 5 0 0 IRS Purchase 0 (253) 0 (265) Sales 0 0 0 0 Currency forwards and swaps Purchase 0 0 (43) 0 Sales 0 0 22 0 Notional = Fixed Price x Quantity The accounting impact as of 31 December 2023 and 31 December 2022 of the gains and losses on derivative financial instruments is presented in the following table: Unit: \u20acm 2023 2022 Income statement Equity Income statement Equity MTM Realised (Note 25) MTM + Realised MTM Realised (Note 25) MTM + Realised (23) 47 24 53 787 (983) (196) (13) Designated hedge derivatives Gas Swaps (Cash flow hedge) 0 0 0 74 0 0 0 0 Electricity Futures 0 0 0 (15) 0 35 35 (34) Swaps 0 0 0 0 0 (12) (12) 18 Interest rate Swaps (IRS) 0 1 1 (7) 0 0 0 3 Non designated hedge derivatives Oil Futures 0 0 0 0 0 10 10 0 Swaps 80 (77) 3 0 (84) (363) (447) 0 Options 0 0 0 0 4 (4) 0 0 Gas Futures (97) 140 43 0 590 (899) (308) 0 Swaps 95 (5) 89 0 318 153 471 0 Options 13 0 13 0 0 0 0 0 Electricity Futuros 32 (45) (13) 0 1 (40) (39) 0 Swaps (131) 20 (111) 0 (44) 78 34 0 Foreign Exchange Forwards 0 5 5 0 (19) 59 40 0 Interest rate Swaps (IRS) (14) 8 (6) 0 21 0 21 0 MTM relating to FX Swaps and Forwards (2023: nill) is recognized in Financial Results within Exchange differences and realized amounts are recognized within Other operating costs (positive \u20ac5 m) among settlement of other Foreign exchanges of Invoices with Clients and Suppliers. The 2023 financial position shows in shareholders\u2019 equity, under the heading hedging reserves, the positive amount of \u20ac71 m relating to cash flow hedges. The cash flow hedges reflected in equity, when settled, are reclassified to the statement of profit or loss in the same period or periods during which the hedged expected cash flows affect profit or loss (when hedged forecast sale occurs). The amount of settled hedging instruments regarding cash flow hedges amounts to positive \u20ac1 m in 2023 and positive \u20ac23 m in 2022 and was recognized under the heading cost of sales. In 2022, realised MTM on commodity futures included a cost of \u20ac401 m that relates to gas futures that were physically settled with the Exchange, which was reflected in sales as an adjustment of the price of gas sold (Note 24). Significant accounting estimate Unrealised MTM on undesignated electricity swaps of (negative \u20ac131 m) includes negative MTM of (\u20ac119 m), related to Synthetic Power Purchase Agreements (PPA) of solar projects in Spain, for which the fair value valuation was not based on observable market data (level 3). The derivatives have several commencement dates, the first beginning in the second half of 2020 and all have a life span of c. 12 years. Included in these Synthetic Power Purchase Agreements is a fixed quantity of Guarantees of Origin that transferred from the solar projects to Galp during the same time frame. The entire agreement is accounted for as a single unit of account at FVTPL without any separate accounting for the Guarantee of Origin. Inputs into the valuation model include fixed contractual volumes, forecast electricity prices, selection of scenario for the forward price and tax on energy production in Spain. The fair value estimate is highly sensitive to changes in unobservable inputs and changes in those inputs might result in a significantly higher or lower fair value measurement. The total MTM of these PPA\u2019s at 31 December 2023 is \u20ac48 m liability. The heading income from financial instruments includes the unrealised value of MTM of commodities derivatives, as shown in the following table: Unit: \u20acm 2023 2022 (22) 806 Commodity Swaps 44 170 Options 13 4 Commodity Futures (65) 591 Interest rate swaps (14) 41 Other trading operations (0) 0 The table above includes MTM of all financial derivatives, except FX derivatives which are accounted in the heading exchange differences. The maturities of derivative liabilities in the statement of financial position are as follows: Unit: \u20acm Less than 1 year Between 1 and 2 years 2 years and more Total 2023 Commodity swaps 93 51 41 185 IRS 0 0 6 6 Commodity options 7 1 0 7 2022 Commodity swaps and options 370 35 13 418 Foreign exchange forwards 3 0 0 3 Note that despite the current position of liabilities is \u20ac198 m (2022: \u20ac422 m), Group Galp has a \u20ac165 m (2022: \u20ac414 m) current position of assets regarding derivatives to receive. Net position is a liability of \u20ac33 m (2022: \u20ac8 m). 20. Financial assets and liabilities Accounting policies Galp classifies financial assets and liabilities into the following categories: a) Financial assets at fair value through other comprehensive income; b) Financial assets and liabilities carried at amortized cost; c) Financial assets and liabilities at fair value through profit or loss (derivatives). Management determines the classification of its financial assets on initial recognition and re-evaluates it at the end of each reporting period if, and only if, there is a change in the business model. For financial liabilities, such changes in classification are not allowed. Recognition and measurement Purchases and sales of investments are recognized as of the trade date. Investments are initially recognized at fair value. Financial assets at fair value through other comprehensive income and financial assets at fair value through profit or loss are subsequently carried at fair value. Fair value disclosures are made separately for each class of financial instruments at the end of the reporting period. Nevertheless, assets at fair value through other comprehensive income are measured at cost as a proxy for their fair value. As, they are not quoted on a stock exchange, no recent available information is available to measure their fair value reliably, and the amounts involved are immaterial. Derecognition of financial assets Financial Assets are derecognized from the statement of financial position when the rights to receive cash flow from investments have expired or have been transferred and Galp has transferred substantially all of the risks and rewards of ownership. Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income consist mainly of equity investments. When these kinds of financial assets are derecognized, the gain or loss will be kept in equity. Dividends received are recognized in profit or loss. Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are non-derivative financial assets which are held solely for payments of principal and interests (SPPI). If collection is expected within one year (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables and other receivables are recognized initially at fair value. Subsequently they are measured at amortized cost using the effective interest method, less impairment. Fair value hierarchy In accordance with the accounting rules, an entity must classify the fair value measurement based on a fair value hierarchy that reflects the meaning of the inputs used for measurement. The fair value hierarchy has the following levels: \u2022 Level 1 \u2013 the fair value of the assets or liabilities is based on active liquid market quotation as of the date of the statement of financial position; \u2022 Level 2 \u2013 the fair value of the assets or liabilities is determined through valuation models based on observable market inputs; and \u2022 Level 3 \u2013 the fair value of the assets or liabilities is determined through valuation models, whose main inputs are not observable in the market. Accounting estimates and judgements When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using internal valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets when possible, but when this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in valuation methodologies and in assumptions relating to these factors could affect the reported fair value of financial instruments. Unit: \u20acm 2023 Fair value measurement using Carrying amount Total Fair value Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets at FVTPL Note Swaps 19 236 0 236 0 236 Options 19 18 0 18 0 18 Commodity Futures 19 7 7 0 0 7 Financial assets measured FV OCI Equity investment 12 1 0 0 1 1 262 7 254 1 262 Financial assets measured at amortized cost for which fair value is required to be disclosed Loans and Capital Subscription 12 277 0 0 277 277 Trade receivables and other debtors 11 2,631 0 0 2,631 2,631 Financial liabilities measured FVTPL Swaps 19 (191) 0 (149) (42) (191) Options 19 (7) 0 (7) 0 (7) (198) 0 (156) (42) (198) Financial liabilities measured at amortized cost for which fair value is required to be disclosed Loans and Commercial paper 14 1,547 0 1,547 0 1,547 Trade payables and other payables 15 3,121 0 0 3,121 3,121 Bonds 14 1,434 0 1,434 0 1,434 Notes 14 484 484 0 0 500 Unit: \u20acm 2022 Fair value measurement using Carrying amount Total Fair value Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets at FVTPL Note Swaps 19 355 0 265 90 355 Commodity Futures 19 53 53 0 0 53 Forwards 19 4 4 0 0 4 Financial assets measured FV OCI Equity investment 12 3 0 0 3 3 414 56 265 93 414 Financial assets measured at amortized cost for which fair value is required to be disclosed Loans and Capital Subscription 12 136 0 0 136 136 Trade receivables and other debtors 11 2,669 0 0 2,669 2,669 Financial liabilities measured FVTPL Swaps 19 (418) 0 (399) (19) (418) Forwards 19 (3) (3) 0 0 (3) (421) (3) (399) (19) (421) Financial liabilities measured at amortized cost for which fair value is required to be disclosed Loans and Commercial paper 14 1,515 0 1,515 0 1,515 Trade payables and other payables 15 2,609 0 0 2,609 2,609 Bonds 14 1,474 0 1,474 0 1,474 Notes 14 959 959 0 0 1,000 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22718": {
"value": "13. Cash and cash equivalents Accounting policies The amounts included in cash and cash equivalents correspond to cash values, bank deposits, time deposits and other cash investments with maturities less than three months, and which can be immediately mobilised with a risk of insignificant changes in value. For the purposes of the cash flow statement, cash and cash equivalents also include bank overdrafts recorded as loans and overdrafts in the statement of financial position. Financial resources consist of cash and cash equivalents, marketable securities with original maturities less than three months and undrawn committed credit facilities expiring after more than one year. For the periods ending 31 December 2023 and 2022, the details of cash and cash equivalents were as follows: Unit: \u20acm Notes 2023 2022 2,071 2,421 Cash in banks 2,200 2,432 Bank overdrafts 14 (129) (11) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22719": {
"value": "13. Cash and cash equivalents Accounting policies The amounts included in cash and cash equivalents correspond to cash values, bank deposits, time deposits and other cash investments with maturities less than three months, and which can be immediately mobilised with a risk of insignificant changes in value. For the purposes of the cash flow statement, cash and cash equivalents also include bank overdrafts recorded as loans and overdrafts in the statement of financial position. Financial resources consist of cash and cash equivalents, marketable securities with original maturities less than three months and undrawn committed credit facilities expiring after more than one year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22721": {
"value": "13. Cash and cash equivalentsFor the periods ending 31 December 2023 and 2022, the details of cash and cash equivalents were as follows: Unit: \u20acm Notes 2023 2022 2,071 2,421 Cash in banks 2,200 2,432 Bank overdrafts 14 (129) (11) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22760": {
"value": "14. DebtUnit: \u20acm 2023 2022 Notes Current Non-current Current Non-current 575 3,026 800 3,187 Bank loans 279 1,392 50 1,470 Origination fees 0 (6) (0) (6) Loans and commercial paper 150 1,398 39 1,476 Bank overdrafts 13 129 0 11 0 Bonds and notes 295 1,634 750 1,717 Origination fees 0 (5) 0 (7) Bonds 295 1,139 250 1,224 Notes 0 500 500 500 The average cost of financial debt for the period under review, including charges for credit lines and overdrafts, amounted to 3.53% (1.68% in 2022). As of 31 December 2023, of the total amount of \u20ac3,601 m related to total debt (excluding credit lines and overdrafts), approximately \u20ac1,489 m refers to loan at fixed-rate interest. The fair value of the note was \u20ac484 m as of 31 December 2023 and \u20ac460 m as of 31 December 2022, measured based on observable market variables, and classified at Level 1 of the Fair Value hierarchy (see Fair Value Hierarchy in Note 20). Current and non-current loans and bonds, excluding origination fees and bank overdrafts, have the following repayment plan as of 31 December 2023: Unit: \u20acm Maturity Loans Total Current Non-current 3,483 445 3,038 2024 445 445 0 2025 543 0 543 2026 784 0 784 2027 1,046 0 1,046 2028 onwards 665 0 665 For comparative information, please refer to the consolidated financial statements for the year ended 31 December 2022. Changes in debt during the period from 31 December 2023 to 31 December 2022 were as follows: Unit: \u20acm Initial balance Loans obtained Principal Repayment Changes in Overdrafts Foreign exchange rate differences and others Ending balance 3,987 1,904 (2,409) 118 (0) 3,600 Bank Loans: 1,520 1,685 (1,654) 118 2 1,671 Origination fees (6) 0 0 0 0 (6) Loans and commercial papers 1,515 1,685 (1,654) 0 2 1,548 Bank overdrafts 11 0 0 118 0 129 Bonds and Notes: 2,467 219 (755) 0 (2) 1,929 Origination fees (7) 0 0 0 2 (5) Bonds 1,474 219 (255) 0 (4) 1,434 Notes 1,000 0 (500) 0 0 500 For comparative information, please refer to the consolidated financial statements for the year ended 31 December 2022. The bonds issued during 2023 were as follows: Unit: \u20acm Issuance Due amount Interest rate Maturity 219 GALP ENERGIA/2023 150 Euribor 6M + spread March 2028 GALP PARQUES FOTOVOLTAICOS DE ALCOUTIM/2023 69 Euribor 6M + spread June 2043 The bond reimbursements during 2023 were as follows: Unit: \u20acm Reimbursements Due amount Interest rate Maturity Reimbursement 750 GALP ENERGIA/2017-EMTN-EUR 500.000.000 FIXED RATE NOTES 500 Fixed February 2023 February 2023 EUR 100,000,000 Floating Rate Notes due 2023 100 Euribor 6M + spread February 2023 February 2023 EUR 150,000,000 Floating Rate Notes due 2023 150 Euribor 6M + spread March 2023 March 2023 Additionally, Galp reimbursed \u20ac5m of scheduled Project Finance debt during 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22761": {
"value": "14. DebtUnit: \u20acm 2023 2022 Notes Current Non-current Current Non-current 575 3,026 800 3,187 Bank loans 279 1,392 50 1,470 Origination fees 0 (6) (0) (6) Loans and commercial paper 150 1,398 39 1,476 Bank overdrafts 13 129 0 11 0 Bonds and notes 295 1,634 750 1,717 Origination fees 0 (5) 0 (7) Bonds 295 1,139 250 1,224 Notes 0 500 500 500 The average cost of financial debt for the period under review, including charges for credit lines and overdrafts, amounted to 3.53% (1.68% in 2022). As of 31 December 2023, of the total amount of \u20ac3,601 m related to total debt (excluding credit lines and overdrafts), approximately \u20ac1,489 m refers to loan at fixed-rate interest. The fair value of the note was \u20ac484 m as of 31 December 2023 and \u20ac460 m as of 31 December 2022, measured based on observable market variables, and classified at Level 1 of the Fair Value hierarchy (see Fair Value Hierarchy in Note 20). Current and non-current loans and bonds, excluding origination fees and bank overdrafts, have the following repayment plan as of 31 December 2023: Unit: \u20acm Maturity Loans Total Current Non-current 3,483 445 3,038 2024 445 445 0 2025 543 0 543 2026 784 0 784 2027 1,046 0 1,046 2028 onwards 665 0 665 For comparative information, please refer to the consolidated financial statements for the year ended 31 December 2022. Changes in debt during the period from 31 December 2023 to 31 December 2022 were as follows: Unit: \u20acm Initial balance Loans obtained Principal Repayment Changes in Overdrafts Foreign exchange rate differences and others Ending balance 3,987 1,904 (2,409) 118 (0) 3,600 Bank Loans: 1,520 1,685 (1,654) 118 2 1,671 Origination fees (6) 0 0 0 0 (6) Loans and commercial papers 1,515 1,685 (1,654) 0 2 1,548 Bank overdrafts 11 0 0 118 0 129 Bonds and Notes: 2,467 219 (755) 0 (2) 1,929 Origination fees (7) 0 0 0 2 (5) Bonds 1,474 219 (255) 0 (4) 1,434 Notes 1,000 0 (500) 0 0 500 For comparative information, please refer to the consolidated financial statements for the year ended 31 December 2022. The bonds issued during 2023 were as follows: Unit: \u20acm Issuance Due amount Interest rate Maturity 219 GALP ENERGIA/2023 150 Euribor 6M + spread March 2028 GALP PARQUES FOTOVOLTAICOS DE ALCOUTIM/2023 69 Euribor 6M + spread June 2043 The bond reimbursements during 2023 were as follows: Unit: \u20acm Reimbursements Due amount Interest rate Maturity Reimbursement 750 GALP ENERGIA/2017-EMTN-EUR 500.000.000 FIXED RATE NOTES 500 Fixed February 2023 February 2023 EUR 100,000,000 Floating Rate Notes due 2023 100 Euribor 6M + spread February 2023 February 2023 EUR 150,000,000 Floating Rate Notes due 2023 150 Euribor 6M + spread March 2023 March 2023 Additionally, Galp reimbursed \u20ac5m of scheduled Project Finance debt during 2023. 20. Financial assets and liabilitiesFinancial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are non-derivative financial assets which are held solely for payments of principal and interests (SPPI). If collection is expected within one year (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables and other receivables are recognized initially at fair value. Subsequently they are measured at amortized cost using the effective interest method, less impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f23005": {
"value": "15. Trade payables and other liabilities Accounting policy Trade payables and other payables are initially measured at fair value and subsequently measured at amortized cost using the effective interest rate method. Usually, the amortized cost does not differ from the nominal value. Unit: \u20acm 2023 2022 Current Non-current Current Non-current Suppliers 1,268 0 1,005 0 Other creditors 1,758 95 1,506 99 State and other public entities 421 0 346 0 Payable VAT 264 0 246 0 \"ISP\" \u2013 Tax on oil products 107 0 88 0 Other taxes 51 0 12 0 Other payables 279 43 331 44 Tangible and intangible assets suppliers 184 43 196 44 Other Creditors 95 0 135 0 Related parties 38 (3) 20 0 Other accounts payables 130 11 88 10 Accrued costs 781 23 701 36 External supplies and services 579 0 515 0 Holiday, holiday subsidy and corresponding contributions 102 1 83 6 Other accrued costs 101 21 103 30 Contract liabilities 28 0 17 0 Other deferred income 81 21 4 10 The amounts recorded as suppliers mainly relate to purchases of crude oil, natural gas, electricity and goods in transit on those dates. \u201cState and other public entities \u2013 other taxes\u201d includes an amount of \u20ac33 m referring to amounts payable related to the windfall taxes. \u201cOther creditors\u201d include \u20ac18 m of advances from Clients (2022: \u20ac49 m) and \u20ac75 m of payables to non- operating oil blocks (2022: \u20ac89 m). \u201cOther deferred income\u201d includes \u20ac77 m of the initial proceeds (downpayment) related to the sale of Angola Upstream assets (Note 2.2.2). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f23006": {
"value": "15. Trade payables and other liabilities Accounting policy Trade payables and other payables are initially measured at fair value and subsequently measured at amortized cost using the effective interest rate method. Usually, the amortized cost does not differ from the nominal value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f23128": {
"value": "16. Taxes, deferred income taxes and contributions Accounting policies Income tax is calculated based on the taxable results of the companies included in the consolidation in accordance with the applicable tax rules in each country in which Galp operates. Deferred income taxes arise from temporary differences between the accounting and taxable values of the individual consolidated companies and from the realisable tax loss carried forward. The taxable value of the tax loss carried forward is included in deferred tax assets to the extent that these are expected to be utilised against future taxable income. The deferred income taxes are measured according to the current tax rules and the tax rates substantially enacted up to the end of the reporting period. The Group pays taxes and Special Participation Tax on its Upstream activity, which the Company classifies as income taxes and Special Participation Tax, namely: \u2022 Petroleum income tax (IRP) in Angola, as regulated under Law 13/04. The rate applicable to the PSA contracts is 50% on the projects\u2019 \u201cprofit oil\u201d. The IRP calculation is in all respects similar to an income tax. Thus, oil companies subject to IRP are not subject to other income taxes in Angola; \u2022 Special Participation Tax (SPT) in Brazil, as regulated under Decree-Law No 2.705 issued by the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis (ANP). SPT is a contribution, due on a quarterly basis, calculated by oil and natural gas concessionaires based on the production from each project. The Special Participation is calculated on the determined income, from which operational costs related to the production of hydrocarbons are deducted. The SPT rate varies between 0% and 40% depending on the project\u2019s production level. Accounting estimates and judgments Galp is subject to income taxes in the locations in which it operates. Significant judgments and estimates are required to determine the worldwide accrual for income taxes, deferred income tax assets and liabilities, and the provision for uncertain tax positions. Deferred tax assets Deferred tax assets are recognized only when there is reasonable assurance that future taxable profits will be available against which the temporary differences can be used, or when there are deferred tax liabilities for which reversal is expected within the same period as that in which the deferred tax assets are reversed. Deferred tax assets are evaluated by Management at the end of each period, taking into account expectations of the Group\u2019s future performance (i.e. the Budget Plan), and such assets are only recognized if there is a high expectancy of future recovery. Estimates regarding uncertain tax positions As part of conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Management\u2019s judgment is used to assess the possible outcome of such disputes. The most-probable-outcome method is applied when making provisions for uncertain tax positions and Galp considers the booked provisions to be adequate. Nevertheless, the actual obligation may differ, and depends on the results of litigation and settlements with the relevant authorities. As of 31 December 2023, and 31 December 2022, the current income tax payable is as follows: Unit: \u20acm Assets Liabilities 2023 2022 2023 2022 0 3 (311) (361) State and other public entities 0 3 (311) (361) The total income tax, IRP, SPT and CESE I paid during the year 2023 was \u20ac1,355 m (2022: \u20ac1,087 m). Taxes for the year ended 31 December 2023 and 2022 were as follows: Unit: \u20acm 2023 2022 Current tax Deferred tax Total Current tax Deferred tax Total Taxes for the year 1,147 (149) 997 1,615 (181) 1,434 Current income tax 507 (152) 355 771 (180) 591 \u201cIRP\u201d \u2013 Oil Income Tax 25 2 28 26 (1) 25 \u201cSPT\u201d \u2013 Special Participation Tax 615 0 615 818 0 818 As of 31 December 2023, the extraordinary taxes for the energy sector were as follows: Unit: \u20acm Statement of financial position Income statement State and other public entities Provisions (Note 18) \"CESE II\" Deferred Charges (Note 11) Energy Sector Extraordinary Contribution Windfall tax Other taxes Windfall tax CESE I CESE II Current Non-current As at 1 January 2023 0 (53) (133) (247) 8 16 0 0 Increase (95) 0 (11) (11) 0 0 44 95 Decrease 0 0 1 0 (3) (6) 0 0 Utilisation 116 0 79 0 0 0 0 0 Other adjustments (53) 53 0 0 0 0 0 0 31 December 2023 (33) 0 (64) (258) 6 11 44 95 In the caption \u201cWindfall tax\u201d the other adjustments are regarding to a reclassification from \u201cProvisions- Windfall tax\u201d (Note 18) to the caption \u201cState and other public entities \u2013 Other taxes\u201d. During the period a cost of \u20ac95 m (2022: \u20ac53 m) was recognised as \u201cWindfall tax\u201d (\u20ac31 m of Iberian windfall tax and \u20ac64 m of Brazilian windfall tax \u2013 temporary levy on export of oil products), which was reflected in the statement of financial position in the caption \u201cState and other public entities \u2013 Other taxes\u201d. During the period an amount of \u20ac116 m was paid in respect of windfall taxes (Iberia and Brazil), plus \u20ac79 m in respect of CESE I (Note 18). Additionally, a cost of \u20ac44 m (2022: \u20ac34 m) was recognised as \u201cEnergy Sector Extraordinary Contribution\" in the period, of which \u20ac14 m already paid. The Caption \u201cState and other public entities \u2013 Other taxes\u201d of the table above is referring only to Windfall tax. Galp Group operates across various geographies, through locally established legal entities, whose taxable income is calculated based on the legal rates in force in each jurisdiction, varying between 25% in Spain, 25.8% in the Netherlands, 31.5% in Portugal and 34% in Brazil. Unit: \u20acm 2023 2022 Effective tax rate 38.50% 44.50% Corporate income tax rate of Galp Energia SGPS, SA 31.50% 31.50% Application of the equity method (0.60%) (1.30%) \"SPT\" \u2013 Special participation and \"IRP\" \u2013 Tax on Oil Income * 24.80% 26.10% Other additions and deductions (17.20%) (11.80%) * The SPT expense recorded through profit or loss is deductible for income tax purpose in Brazil. During the year ended 31 December 2023, the movements in deferred tax assets and liabilities were as follows: Unit: \u20acm As at 1 January 2023 Impact on the income statement Impact on equity Foreign exchange rate changes As at 31 December 2023 Deferred Taxes \u2013 Assets 559 70 (19) 4 616 Adjustments to tangible and intangible assets 126 58 0 2 187 Retirement benefits and other benefits 73 (7) 0 0 66 Tax losses carried forward 36 (7) 0 0 29 Regulated revenue 8 (5) 0 0 2 Temporarily non-deductible provisions 246 (12) 0 2 237 Others 70 43 (19) 0 95 Deferred Taxes \u2013 Liabilities (555) 79 0 (476) Adjustments to tangible and intangible assets (540) 83 0 0 (457) Regulated revenue (14) 5 0 0 (9) Others (1) (9) 0 0 (10) Tax losses for which deferred tax assets were recognized were as follows: Unit: \u20acm Tax losses carried forward Limit year to use Deferred Tax Tax losses carried forward 110 27 Spain 65 No limit 16 Mozambique 34 2029 8 Portugal 11 No limit 2 In addition to the \u20ac110 m above, there are \u20ac65m (2022: \u20ac105 m) of tax losses carried forward in Spain for which no deferred tax assets have been booked, based on management judgement regarding the likely timing and the level of future taxable profits. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f23129": {
"value": "16. Taxes, deferred income taxes and contributions Accounting policies Income tax is calculated based on the taxable results of the companies included in the consolidation in accordance with the applicable tax rules in each country in which Galp operates. Deferred income taxes arise from temporary differences between the accounting and taxable values of the individual consolidated companies and from the realisable tax loss carried forward. The taxable value of the tax loss carried forward is included in deferred tax assets to the extent that these are expected to be utilised against future taxable income. The deferred income taxes are measured according to the current tax rules and the tax rates substantially enacted up to the end of the reporting period. The Group pays taxes and Special Participation Tax on its Upstream activity, which the Company classifies as income taxes and Special Participation Tax, namely: \u2022 Petroleum income tax (IRP) in Angola, as regulated under Law 13/04. The rate applicable to the PSA contracts is 50% on the projects\u2019 \u201cprofit oil\u201d. The IRP calculation is in all respects similar to an income tax. Thus, oil companies subject to IRP are not subject to other income taxes in Angola; \u2022 Special Participation Tax (SPT) in Brazil, as regulated under Decree-Law No 2.705 issued by the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis (ANP). SPT is a contribution, due on a quarterly basis, calculated by oil and natural gas concessionaires based on the production from each project. The Special Participation is calculated on the determined income, from which operational costs related to the production of hydrocarbons are deducted. The SPT rate varies between 0% and 40% depending on the project\u2019s production level. Accounting estimates and judgments Galp is subject to income taxes in the locations in which it operates. Significant judgments and estimates are required to determine the worldwide accrual for income taxes, deferred income tax assets and liabilities, and the provision for uncertain tax positions. Deferred tax assets Deferred tax assets are recognized only when there is reasonable assurance that future taxable profits will be available against which the temporary differences can be used, or when there are deferred tax liabilities for which reversal is expected within the same period as that in which the deferred tax assets are reversed. Deferred tax assets are evaluated by Management at the end of each period, taking into account expectations of the Group\u2019s future performance (i.e. the Budget Plan), and such assets are only recognized if there is a high expectancy of future recovery. Estimates regarding uncertain tax positions As part of conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Management\u2019s judgment is used to assess the possible outcome of such disputes. The most-probable-outcome method is applied when making provisions for uncertain tax positions and Galp considers the booked provisions to be adequate. Nevertheless, the actual obligation may differ, and depends on the results of litigation and settlements with the relevant authorities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f23130": {
"value": "16. Taxes, deferred income taxes and contributions Accounting policies Income tax is calculated based on the taxable results of the companies included in the consolidation in accordance with the applicable tax rules in each country in which Galp operates. Deferred income taxes arise from temporary differences between the accounting and taxable values of the individual consolidated companies and from the realisable tax loss carried forward. The taxable value of the tax loss carried forward is included in deferred tax assets to the extent that these are expected to be utilised against future taxable income. The deferred income taxes are measured according to the current tax rules and the tax rates substantially enacted up to the end of the reporting period. The Group pays taxes and Special Participation Tax on its Upstream activity, which the Company classifies as income taxes and Special Participation Tax, namely: \u2022 Petroleum income tax (IRP) in Angola, as regulated under Law 13/04. The rate applicable to the PSA contracts is 50% on the projects\u2019 \u201cprofit oil\u201d. The IRP calculation is in all respects similar to an income tax. Thus, oil companies subject to IRP are not subject to other income taxes in Angola; \u2022 Special Participation Tax (SPT) in Brazil, as regulated under Decree-Law No 2.705 issued by the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis (ANP). SPT is a contribution, due on a quarterly basis, calculated by oil and natural gas concessionaires based on the production from each project. The Special Participation is calculated on the determined income, from which operational costs related to the production of hydrocarbons are deducted. The SPT rate varies between 0% and 40% depending on the project\u2019s production level. Accounting estimates and judgments Galp is subject to income taxes in the locations in which it operates. Significant judgments and estimates are required to determine the worldwide accrual for income taxes, deferred income tax assets and liabilities, and the provision for uncertain tax positions. Deferred tax assets Deferred tax assets are recognized only when there is reasonable assurance that future taxable profits will be available against which the temporary differences can be used, or when there are deferred tax liabilities for which reversal is expected within the same period as that in which the deferred tax assets are reversed. Deferred tax assets are evaluated by Management at the end of each period, taking into account expectations of the Group\u2019s future performance (i.e. the Budget Plan), and such assets are only recognized if there is a high expectancy of future recovery. Estimates regarding uncertain tax positions As part of conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Management\u2019s judgment is used to assess the possible outcome of such disputes. The most-probable-outcome method is applied when making provisions for uncertain tax positions and Galp considers the booked provisions to be adequate. Nevertheless, the actual obligation may differ, and depends on the results of litigation and settlements with the relevant authorities. Taxes for the year ended 31 December 2023 and 2022 were as follows: Unit: \u20acm 2023 2022 Current tax Deferred tax Total Current tax Deferred tax Total Taxes for the year 1,147 (149) 997 1,615 (181) 1,434 Current income tax 507 (152) 355 771 (180) 591 \u201cIRP\u201d \u2013 Oil Income Tax 25 2 28 26 (1) 25 \u201cSPT\u201d \u2013 Special Participation Tax 615 0 615 818 0 818 During the year ended 31 December 2023, the movements in deferred tax assets and liabilities were as follows: Unit: \u20acm As at 1 January 2023 Impact on the income statement Impact on equity Foreign exchange rate changes As at 31 December 2023 Deferred Taxes \u2013 Assets 559 70 (19) 4 616 Adjustments to tangible and intangible assets 126 58 0 2 187 Retirement benefits and other benefits 73 (7) 0 0 66 Tax losses carried forward 36 (7) 0 0 29 Regulated revenue 8 (5) 0 0 2 Temporarily non-deductible provisions 246 (12) 0 2 237 Others 70 43 (19) 0 95 Deferred Taxes \u2013 Liabilities (555) 79 0 (476) Adjustments to tangible and intangible assets (540) 83 0 0 (457) Regulated revenue (14) 5 0 0 (9) Others (1) (9) 0 0 (10) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f23131": {
"value": "16. Taxes, deferred income taxes and contributions Accounting policies Income tax is calculated based on the taxable results of the companies included in the consolidation in accordance with the applicable tax rules in each country in which Galp operates. Deferred income taxes arise from temporary differences between the accounting and taxable values of the individual consolidated companies and from the realisable tax loss carried forward. The taxable value of the tax loss carried forward is included in deferred tax assets to the extent that these are expected to be utilised against future taxable income. The deferred income taxes are measured according to the current tax rules and the tax rates substantially enacted up to the end of the reporting period. The Group pays taxes and Special Participation Tax on its Upstream activity, which the Company classifies as income taxes and Special Participation Tax, namely: \u2022 Petroleum income tax (IRP) in Angola, as regulated under Law 13/04. The rate applicable to the PSA contracts is 50% on the projects\u2019 \u201cprofit oil\u201d. The IRP calculation is in all respects similar to an income tax. Thus, oil companies subject to IRP are not subject to other income taxes in Angola; \u2022 Special Participation Tax (SPT) in Brazil, as regulated under Decree-Law No 2.705 issued by the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis (ANP). SPT is a contribution, due on a quarterly basis, calculated by oil and natural gas concessionaires based on the production from each project. The Special Participation is calculated on the determined income, from which operational costs related to the production of hydrocarbons are deducted. The SPT rate varies between 0% and 40% depending on the project\u2019s production level. Accounting estimates and judgments Galp is subject to income taxes in the locations in which it operates. Significant judgments and estimates are required to determine the worldwide accrual for income taxes, deferred income tax assets and liabilities, and the provision for uncertain tax positions. Deferred tax assets Deferred tax assets are recognized only when there is reasonable assurance that future taxable profits will be available against which the temporary differences can be used, or when there are deferred tax liabilities for which reversal is expected within the same period as that in which the deferred tax assets are reversed. Deferred tax assets are evaluated by Management at the end of each period, taking into account expectations of the Group\u2019s future performance (i.e. the Budget Plan), and such assets are only recognized if there is a high expectancy of future recovery. Estimates regarding uncertain tax positions As part of conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Management\u2019s judgment is used to assess the possible outcome of such disputes. The most-probable-outcome method is applied when making provisions for uncertain tax positions and Galp considers the booked provisions to be adequate. Nevertheless, the actual obligation may differ, and depends on the results of litigation and settlements with the relevant authorities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f23132": {
"value": "16. Taxes, deferred income taxes and contributions Accounting policies Income tax is calculated based on the taxable results of the companies included in the consolidation in accordance with the applicable tax rules in each country in which Galp operates. Deferred income taxes arise from temporary differences between the accounting and taxable values of the individual consolidated companies and from the realisable tax loss carried forward. The taxable value of the tax loss carried forward is included in deferred tax assets to the extent that these are expected to be utilised against future taxable income. The deferred income taxes are measured according to the current tax rules and the tax rates substantially enacted up to the end of the reporting period. The Group pays taxes and Special Participation Tax on its Upstream activity, which the Company classifies as income taxes and Special Participation Tax, namely: \u2022 Petroleum income tax (IRP) in Angola, as regulated under Law 13/04. The rate applicable to the PSA contracts is 50% on the projects\u2019 \u201cprofit oil\u201d. The IRP calculation is in all respects similar to an income tax. Thus, oil companies subject to IRP are not subject to other income taxes in Angola; \u2022 Special Participation Tax (SPT) in Brazil, as regulated under Decree-Law No 2.705 issued by the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis (ANP). SPT is a contribution, due on a quarterly basis, calculated by oil and natural gas concessionaires based on the production from each project. The Special Participation is calculated on the determined income, from which operational costs related to the production of hydrocarbons are deducted. The SPT rate varies between 0% and 40% depending on the project\u2019s production level. Accounting estimates and judgments Galp is subject to income taxes in the locations in which it operates. Significant judgments and estimates are required to determine the worldwide accrual for income taxes, deferred income tax assets and liabilities, and the provision for uncertain tax positions. Deferred tax assets Deferred tax assets are recognized only when there is reasonable assurance that future taxable profits will be available against which the temporary differences can be used, or when there are deferred tax liabilities for which reversal is expected within the same period as that in which the deferred tax assets are reversed. Deferred tax assets are evaluated by Management at the end of each period, taking into account expectations of the Group\u2019s future performance (i.e. the Budget Plan), and such assets are only recognized if there is a high expectancy of future recovery. Estimates regarding uncertain tax positions As part of conducting business globally, tax and transfer pricing disputes with tax authorities may occur. Management\u2019s judgment is used to assess the possible outcome of such disputes. The most-probable-outcome method is applied when making provisions for uncertain tax positions and Galp considers the booked provisions to be adequate. Nevertheless, the actual obligation may differ, and depends on the results of litigation and settlements with the relevant authorities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f23470": {
"value": "17. Retirement benefit obligations Accounting policies Defined-contribution plans Galp has a defined-contribution plan funded by a pension fund which is managed by an independent entity. Galp\u2019s contributions to the defined-contribution plan are charged to the statement of income in the relevant year. Defined-benefit plans Galp has a defined-benefit plan that provides the following benefits: pension supplements for retirement, disability and pension supplements for survivors; pre-retirement; early retirement; retirement bonuses; and voluntary social insurance. The payment of pension supplements for old age and disability, as well as survivors\u2019 pensions, is funded by a pension fund managed by independent entities. Recognition of defined benefit plans The costs for the year for defined benefit plans are determined using the projected unit credit method. This reflects services rendered by employees as of the valuation dates, and is based on actuarial assumptions, primarily regarding the discount rates used to determine the present value of benefits and the projected rates of remuneration growth. The discount rates are based on the market yields of Euro denominated high-rated corporate bonds of the euro-zone. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income during the period in which they arise. Past service costs are recognized immediately in the income statement. The surplus of a net defined benefit plan (i.e. asset) is only recognized to the extent that Galp is able to derive future economic benefits, such as refunds from the plan, or reductions in future contributions. Where a plan is unfunded, a liability for the retirement benefit obligation is recognized in the statement of financial position. Costs recognized for retirement benefits are included in employee costs. The net obligation recognized in the statement of financial position is reported within non-current liabilities. Other post-employment benefits Along with the aforementioned plans, Galp provides additional benefits related to healthcare, life insurance and a minimum benefit (for disability and survival). Accounting estimates and judgments Demographic and financial assumptions used to calculate the retirement benefit liabilities Accounting for pensions and other post-retirement benefits requires estimates to be made when measuring the group\u2019s pension plan surpluses and deficits. These estimates require assumptions to be made regarding uncertain events, including discount rates, inflation and life expectancy. Post-employment benefits Unit: \u20acm Notes 2023 2022 Asset under the heading of \"Other Receivables\"(non-current) 11 9 1 Liability (225) (252) Net responsibilities (216) (250) Obligations, of which: (414) (453) Past service liability covered by the pension fund (188) (202) Other employee benefit liabilities (226) (251) Assets 198 203 Post-employment obligations Unit: \u20acm 2023 2022 Past service liability at the end of the current year 414 453 Past service liability at the end of the previous year 453 500 Current service cost 5 6 Interest cost 13 7 Actuarial (gain)/loss (3) 1 Benefit payments made by the fund (21) (21) Benefit payments made by the company (30) (34) Changes in the benefit plan 0 0 Cut back \u2013 Early retirement 0 0 Cut back \u2013 Pre-retirement 1 1 Cut back \u2013 Migration to DC 0 1 Other changes (4) (8) The average maturity of the liabilities under the defined benefit plans is 8.3 years (in 2022: 8.5 years). As of 31 December 2023, the breakdown of the expected value of future benefit payments for the next four years is as follows: Unit: \u20acm Payment expectation by the Group Total Retirement benefits Other benefits 97 51 46 2024 29 18 12 2025 26 14 12 2026 22 11 11 2027 20 8 11 Defined-benefit pension fund Unit: \u20acm Notes 2023 2022 Assets at the end of the current year 198 203 Assets at the end of the previous year 203 248 Net interest 26 6 4 Associates' contribution 0 0 Benefit payments (21) (21) Cut back 0 1 Financial gain/(loss) 10 (29) The hierarchy of fair value of the assets is mainly Level 1 for Shares and Other Investments, and an even mix of Level 1 and 2 for Bonds and Real Estate. Level 1 includes financial instruments valued based on liquid market quotations, including from Bloomberg. Level 2 includes financial instruments valued based on observable prices in current liquid markets for the same financial instruments supplied by external counterparties, available through Bloomberg. Type of assets 2023 Liquidity 0% Other investments 2% Shares 20% Real Estate 22% Bonds 56% Unit: \u20acm 2023 2022 Real return on plan assets (%) 8.36% (10.45%) Real return on plan assets 16 (26) The number of participants in the pension funds was 5,385 in December 2023 and 5,564 in December 2022. Post-employment benefit expenses Unit: \u20acm Notes 2023 2022 Current service cost 26 5 6 Interest cost 27 7 3 Net cost for the year before special events 12 9 Cut back impact \u2013 early retirement 26 0 0 Cut back impact \u2013 pre-retirement 26 1 1 Other adjustments 26 (6) (9) Net cost for the year of defined-benefit plan expenses 8 1 Defined contribution 26 6 5 Net cost for the year of defined-contribution plan expenses 6 5 Total 14 6 Remeasurements Unit: \u20acm Notes 2023 2022 (13) (30) Gains recognised through comprehensive income (13) (30) (Loss)/Gains from actuarial experience (23) (14) (Loss)/Gains from changes in actuarial assumptions 0 12 Financial (loss)/gain 10 (29) Other gains/losses 0 0 Taxes related to actuarial gains and losses 16 0 0 Assumptions Retirement benefits Other benefits 2023 2022 2023 2022 Rate of return on assets 3.75% 3.00% - - Discount rate 3.75% 3.00% 3.75% 3.00% Rate of increase in salary costs 3% (2024);2% (2025);1% (2026-) 4% (2023-24);1% (2025-) 3% (2024);2% (2025);1% (2026-) 4% (2023-24);1% (2025-) Rate of increase in pension costs 1.50% (2024);1.00% (2025);0.5% (2026-) [1.40% \u2013 4.00%] -2023-24: [0.5%-1.40%]- 2025- [1.40% \u2013 3.00%] -2024-25: [0.5%-1.40%]- 2026- 4.00% (2023-24);1.00% (2025-) Current personnel and pre-retiree mortality table TV88/90 TV88/90 TV88/90 TV88/90 Retired personnel mortality table TV88/90 TV88/90 TV88/90 TV88/90 Disability table 50% EVK 80 50% EVK 80 50%EVK80 50%EVK80 Common age for retirement 67 years, except for the cases of anticipation to 66 or 65 years with at least 43 or 46 years of S.S. contributions at 65 years respectively 67 years, except for the cases of anticipation to 66 or 65 years with at least 43 or 46 years of S.S. contributions at 65 years respectively 67 years, except for the cases of anticipation to 66 or 65 years with at least 43 or 46 years of S.S. contributions at 65 years respectively 67 years, except for the cases of anticipation to 66 or 65 years with at least 43 or 46 years of S.S. contributions at 65 years respectively Method Projected credit unit Projected credit unit Projected credit unit Projected credit unit Sensitivity Analysis Sensitivity analysis of the discount rate Unit: \u20acm Discount rate 3.75% -0.25% Total 414 8 Retirement benefits 263 4 Other benefits 151 4 Sensitivity analysis of the growth rate of health insurance costs Unit: \u20acm Growth rate of 3% -1.00% 1.00% Past Service 132 (13) 16 26. Employee costs Accounting policies Employee costs Wages, salaries, social security contributions, annual leave and sick leave, bonuses and non-monetary benefits are recognized in the year in which the respective services are rendered by Galp employees. Remuneration of the Board of Directors In accordance with the current policy, the remuneration of Galp\u2019s Corporate Board members includes all the remuneration due for the positions held in Group companies and all accrued amounts related to the current period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f23471": {
"value": "17. Retirement benefit obligations Accounting policies Defined-contribution plans Galp has a defined-contribution plan funded by a pension fund which is managed by an independent entity. Galp\u2019s contributions to the defined-contribution plan are charged to the statement of income in the relevant year. Defined-benefit plans Galp has a defined-benefit plan that provides the following benefits: pension supplements for retirement, disability and pension supplements for survivors; pre-retirement; early retirement; retirement bonuses; and voluntary social insurance. The payment of pension supplements for old age and disability, as well as survivors\u2019 pensions, is funded by a pension fund managed by independent entities. Recognition of defined benefit plans The costs for the year for defined benefit plans are determined using the projected unit credit method. This reflects services rendered by employees as of the valuation dates, and is based on actuarial assumptions, primarily regarding the discount rates used to determine the present value of benefits and the projected rates of remuneration growth. The discount rates are based on the market yields of Euro denominated high-rated corporate bonds of the euro-zone. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income during the period in which they arise. Past service costs are recognized immediately in the income statement. The surplus of a net defined benefit plan (i.e. asset) is only recognized to the extent that Galp is able to derive future economic benefits, such as refunds from the plan, or reductions in future contributions. Where a plan is unfunded, a liability for the retirement benefit obligation is recognized in the statement of financial position. Costs recognized for retirement benefits are included in employee costs. The net obligation recognized in the statement of financial position is reported within non-current liabilities. Other post-employment benefits Along with the aforementioned plans, Galp provides additional benefits related to healthcare, life insurance and a minimum benefit (for disability and survival). Accounting estimates and judgments Demographic and financial assumptions used to calculate the retirement benefit liabilities Accounting for pensions and other post-retirement benefits requires estimates to be made when measuring the group\u2019s pension plan surpluses and deficits. These estimates require assumptions to be made regarding uncertain events, including discount rates, inflation and life expectancy. 26. Employee costs Accounting policies Employee costs Wages, salaries, social security contributions, annual leave and sick leave, bonuses and non-monetary benefits are recognized in the year in which the respective services are rendered by Galp employees. Remuneration of the Board of Directors In accordance with the current policy, the remuneration of Galp\u2019s Corporate Board members includes all the remuneration due for the positions held in Group companies and all accrued amounts related to the current period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f23849": {
"value": "18. Provisions and contingent assets and liabilities Accounting policies Provisions are recorded when, and only when: 1) the Group has a present obligation resulting from a past event; 2) it is probable that an outflow of resources entailing economic benefits will be required to settle the obligation; and 3) a reliable estimate can be made of the amount of the obligation. Galp calculates its estimate based on an evaluation of the most likely outcome. Disputes for which no reliable estimate can be made are disclosed as contingent liabilities. Provisions for decommissioning and restoration costs of blocks are intended to cover all the costs incurred by Galp at the end of the useful production life of oil fields. Provisions are based on the operator\u2019s estimate of the total abandonment costs, which are recognized by Galp on a proportional basis as it builds each production well. These provisions are capitalized as part of the assets (Note 5). Provisions for environmental expenditures arises principally in connection with oil products manufacturing facilities, such as refinery, logistics and storage facilities. Environmental expenditures that are required in order for the Group to obtain future economic benefits from its assets are capitalized as part of those assets. Expenditures that relate to an existing condition caused by past operations that do not contribute to future earnings are expensed. Liabilities for environmental costs are recognized when a legal or constructive obligation arises or a clean-up is probable and the associated costs can be reliably estimated. Such obligations may also crystalize during the period of operation of a facility or item of plant through change in legislation or through a commitment to a formal plan of action, a decision to terminate operations or, if earlier, on divestment or on closure of inactive sites. The amount recognized is the best estimate of the expenditure required to settle the obligation. Provisions for environmental liabilities are estimated using existed technology, at future prices and discounted using a nominal discount rate. Other provisions are recognized in the period in which an obligation arises, and the amount can be reasonably estimated. Provisions for legal disputes include ongoing legal disputes namely related to taxation matters. Management makes estimates regarding provisions and contingencies, including the probability of the outcomes of pending and potential future litigation. These are by nature dependent on inherently uncertain future events. When determining the likely outcomes of litigation, Management considers the input of external counsel, as well as past experience. Although Management believes that the total amounts of provisions for legal proceedings are adequate based on the currently available information, there can be no assurance that there will be no changes in the facts, or that the amounts of any future lawsuits, claims, proceedings or investigations will not be material. Accounting estimates and judgments Provisions for lawsuits and other litigations The estimated final costs of lawsuits, settlements and other litigation can vary based on different interpretations of the rules, opinions and final assessments of the losses. Consequently, any changes in circumstances relating to these types of contingencies could have a significant effect on the recorded amounts of contingencies. Decommissioning provisions Provisions for decommissioning and restoration costs, which arise principally in connection with hydrocarbon production facilities and pipelines, are measured on the basis of current requirements, technology and price levels; the present value is calculated using amounts discounted over the useful economic life of the assets. The liability is recognized (together with a corresponding amount as part of the related tangible asset) once a legal or constructive obligation to dismantle an item of property, plant and equipment and to restore the site on which it is located exists and when a reasonable estimate can be made. The effects of changes resulting from revisions to the timing or the amount of the original estimate of the provision are reflected on a prospective basis, generally by adjustment to the carrying amount of the related tangible asset. However, where there is no related asset, or the change reduces the carrying amount to nil, the effect, or the amount in excess of the reduction in the related asset to nil, is recognized in income. The discount rate applied at 31 December 2023, was between 3.68% \u2013 4.25% (2022: 3% - 4.6%). Environmental provisions Galp makes judgments and estimates to calculate its known obligations relating essentially to the known requirements regarding abandonment of facilities and soil decontamination, based on current information relating to the expected intervention costs and plans. Such costs can vary due to changes in the legislation and regulations, changes in the condition of a specific location, as well as changes in decontamination technologies. Consequently, any changes in the circumstances relating to such provisions, as well as in the legislation and regulations, could significantly affect the provisions for such matters. The timing and amount of future expenditures relating to environmental provisions are reviewed annually, together with the interest rate used in discounting the cashflows. The discount rate applied at 31 December 2023, was between 2.11%-3.63% (2022: 3%-4.6%). Costs of abandonment of facilities (dismantling) associated with refining, logistics and storage facilities are generally not recognized since potential obligations cannot be measured, given their indeterminate settlement dates. In respect of refining assets (Sines), management is developing plans for the existing site remaining in the portfolio, which would be compatible with the Energy Transition strategy of Galp (Note 2.1). Galp periodically reviews its long-live refinery, logistics and storage facilities assets on a regular basis to determine any changes in facts and circumstances, including expected life, that could result in the recognition of a provision. As of 31 December 2023 and 31 December 2022, the provisions were as follows: Unit: \u20acm December 2023 December 2022 Decommissioning/ environmental provisions CESE (I and II) Windfall tax Other provisions Total At the beginning of the year 715 380 53 282 1,430 1,208 Additional provisions and increases to existing provisions 33 22 0 58 113 219 Decreases of existing provisions (11) (1) 0 (1) (13) (2) Amount used during the year (6) (79) 0 (11) (96) (30) Regularisation 52 0 (53) (44) (45) (64) Adjustments during the year (14) 0 0 62 48 99 At the end of the year 769 322 0 346 1,437 1,430 Increases and decreases in provisions during the year are as follows: Unit: \u20acm Judicial processes Provisions Tangible Assets Financial (income) and expenses CESE Deferred charges CESE Results from financial investments Other Total 2023 34 49 (42) 16 30 (8) 0 22 100 Decommissioning/environmental costs 0 47 (42) 16 0 0 0 1 22 Windfall tax 0 0 0 0 0 0 0 0 0 CESE I and II 0 0 0 0 30 (8) 0 (1) 21 Other provisions 34 2 0 0 0 0 0 21 57 For comparative information, please refer to the consolidated financial statements for the year ended 31 December 2022. Decommissioning of blocks and environmental costs The amount of \u20ac769 m includes essentially a provision for the abandonment of blocks (\u20ac389 m), established to cover the costs to be incurred for asset retirement obligations at the end of the useful lives of those areas (\u20ac370 m in Brazil and \u20ac19 m in Mozambique) and a provision for environmental costs established in connection with dismantling, decommissioning and decontamination costs of Matosinhos refinery (\u20ac269 m) and provisions for dismantling and decontamination of service stations and logistic parks (\u20ac70 m). CESE I and II In the year ending 31 December 2023, the caption of CESE (I and II) \u2013 \"Energy Sector Extraordinary Contribution I and II\u201d in the amount of \u20ac322 m represents the total responsibility as of that date and corresponds to the contributions for the years 2014 to 2023. In 2023, the Group has paid an amount of \u20ac79 m, in respect of CESE I for the years of 2014 to 2017. In 2014, the Group was subject to a special tax (Energy Sector Extraordinary Contribution CESE I), pursuant to Article 228 of Law 83C/2013 of 31 December, which states that energy companies that carry net assets in certain activities, from 1 January 2014, are subject to a tax calculated on the balance of the eligible net assets as of that date. In 2015, the Group was subject to a special tax (Energy Sector Extraordinary Contribution CESE II), pursuant to Law 33/2015 of 27 April and Order No. 157-B/2015 of 28 May. CESE II applies to the value of future sales, based on the four existing long-term LNG sourcing contracts which are on a take-or-pay basis. In 2017, pursuant to Order No. 92-A/2017 of 2 March, the economic value of the take-or-pay contracts changed, which was reflected in the increase of the CESE provision. Following the law and tax regulations, Galp properly accounted for the legal obligation from CESE I and II, although these obligations are currently subject to legal dispute. Other provisions The amount of \u20ac344 m of other provisions includes a provision of \u20ac222 m (2022: \u20ac162 m) that relates to the dispute between ANP and the BM-S-11 consortium, as explained in Note 11, and a provision of \u20ac26 m (2022: \u20ac72 m) regarding the commitment to reimburse CESE I to the shareholders of Floene as per share sale and purchase agreement. The regularization in the period, amounting to \u20ac44 m, relates to a partial reversal of the obligation (CESE I) resulting from the favourable decision of the constitutional court to an entity belonging to Floene Energias, S.A. Group regarding to the existing dispute with the tax authority. The adjustments in the period, amounting to \u20ac62 m, mainly relates to the increase of \u20ac 60 m of ANP dispute. Contingent liabilities As of 31 December 2023, the Company and its subsidiaries had additional Corporate Income Tax assessments under dispute amounting to \u20ac33 m, for which a provision of \u20ac11 m was recorded in prior years. No provisions were recognized for tax contingencies related to Brazilian operations in the amount \u20ac318 m (2022: \u20ac230 m), essentially related with withholding tax (IRRF) and other taxes and levies (PIS/COFINS and CIDE) related to rental payments on overseas vessels (2023: \u20ac185 m and 2022: \u20ac159 m). It is not expected that a payment will be required to settle the obligation. Should Galp be required to pay such taxes and levies, it could result in a potential total liability of approximately \u20ac318 m (\u20ac230 m in 2022). ",
"dimensions": {
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}
},
"f23850": {
"value": "18. Provisions and contingent assets and liabilities Accounting policies Provisions are recorded when, and only when: 1) the Group has a present obligation resulting from a past event; 2) it is probable that an outflow of resources entailing economic benefits will be required to settle the obligation; and 3) a reliable estimate can be made of the amount of the obligation. Galp calculates its estimate based on an evaluation of the most likely outcome. Disputes for which no reliable estimate can be made are disclosed as contingent liabilities. Provisions for decommissioning and restoration costs of blocks are intended to cover all the costs incurred by Galp at the end of the useful production life of oil fields. Provisions are based on the operator\u2019s estimate of the total abandonment costs, which are recognized by Galp on a proportional basis as it builds each production well. These provisions are capitalized as part of the assets (Note 5). Provisions for environmental expenditures arises principally in connection with oil products manufacturing facilities, such as refinery, logistics and storage facilities. Environmental expenditures that are required in order for the Group to obtain future economic benefits from its assets are capitalized as part of those assets. Expenditures that relate to an existing condition caused by past operations that do not contribute to future earnings are expensed. Liabilities for environmental costs are recognized when a legal or constructive obligation arises or a clean-up is probable and the associated costs can be reliably estimated. Such obligations may also crystalize during the period of operation of a facility or item of plant through change in legislation or through a commitment to a formal plan of action, a decision to terminate operations or, if earlier, on divestment or on closure of inactive sites. The amount recognized is the best estimate of the expenditure required to settle the obligation. Provisions for environmental liabilities are estimated using existed technology, at future prices and discounted using a nominal discount rate. Other provisions are recognized in the period in which an obligation arises, and the amount can be reasonably estimated. Provisions for legal disputes include ongoing legal disputes namely related to taxation matters. Management makes estimates regarding provisions and contingencies, including the probability of the outcomes of pending and potential future litigation. These are by nature dependent on inherently uncertain future events. When determining the likely outcomes of litigation, Management considers the input of external counsel, as well as past experience. Although Management believes that the total amounts of provisions for legal proceedings are adequate based on the currently available information, there can be no assurance that there will be no changes in the facts, or that the amounts of any future lawsuits, claims, proceedings or investigations will not be material. Accounting estimates and judgments Provisions for lawsuits and other litigations The estimated final costs of lawsuits, settlements and other litigation can vary based on different interpretations of the rules, opinions and final assessments of the losses. Consequently, any changes in circumstances relating to these types of contingencies could have a significant effect on the recorded amounts of contingencies. Decommissioning provisions Provisions for decommissioning and restoration costs, which arise principally in connection with hydrocarbon production facilities and pipelines, are measured on the basis of current requirements, technology and price levels; the present value is calculated using amounts discounted over the useful economic life of the assets. The liability is recognized (together with a corresponding amount as part of the related tangible asset) once a legal or constructive obligation to dismantle an item of property, plant and equipment and to restore the site on which it is located exists and when a reasonable estimate can be made. The effects of changes resulting from revisions to the timing or the amount of the original estimate of the provision are reflected on a prospective basis, generally by adjustment to the carrying amount of the related tangible asset. However, where there is no related asset, or the change reduces the carrying amount to nil, the effect, or the amount in excess of the reduction in the related asset to nil, is recognized in income. The discount rate applied at 31 December 2023, was between 3.68% \u2013 4.25% (2022: 3% - 4.6%). Environmental provisions Galp makes judgments and estimates to calculate its known obligations relating essentially to the known requirements regarding abandonment of facilities and soil decontamination, based on current information relating to the expected intervention costs and plans. Such costs can vary due to changes in the legislation and regulations, changes in the condition of a specific location, as well as changes in decontamination technologies. Consequently, any changes in the circumstances relating to such provisions, as well as in the legislation and regulations, could significantly affect the provisions for such matters. The timing and amount of future expenditures relating to environmental provisions are reviewed annually, together with the interest rate used in discounting the cashflows. The discount rate applied at 31 December 2023, was between 2.11%-3.63% (2022: 3%-4.6%). Costs of abandonment of facilities (dismantling) associated with refining, logistics and storage facilities are generally not recognized since potential obligations cannot be measured, given their indeterminate settlement dates. In respect of refining assets (Sines), management is developing plans for the existing site remaining in the portfolio, which would be compatible with the Energy Transition strategy of Galp (Note 2.1). Galp periodically reviews its long-live refinery, logistics and storage facilities assets on a regular basis to determine any changes in facts and circumstances, including expected life, that could result in the recognition of a provision. ",
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"f23852": {
"value": "18. Provisions and contingent assets and liabilitiesDecommissioning provisions Provisions for decommissioning and restoration costs, which arise principally in connection with hydrocarbon production facilities and pipelines, are measured on the basis of current requirements, technology and price levels; the present value is calculated using amounts discounted over the useful economic life of the assets. The liability is recognized (together with a corresponding amount as part of the related tangible asset) once a legal or constructive obligation to dismantle an item of property, plant and equipment and to restore the site on which it is located exists and when a reasonable estimate can be made. The effects of changes resulting from revisions to the timing or the amount of the original estimate of the provision are reflected on a prospective basis, generally by adjustment to the carrying amount of the related tangible asset. However, where there is no related asset, or the change reduces the carrying amount to nil, the effect, or the amount in excess of the reduction in the related asset to nil, is recognized in income. The discount rate applied at 31 December 2023, was between 3.68% \u2013 4.25% (2022: 3% - 4.6%). As of 31 December 2023 and 31 December 2022, the provisions were as follows: Unit: \u20acm December 2023 December 2022 Decommissioning/ environmental provisions CESE (I and II) Windfall tax Other provisions Total At the beginning of the year 715 380 53 282 1,430 1,208 Additional provisions and increases to existing provisions 33 22 0 58 113 219 Decreases of existing provisions (11) (1) 0 (1) (13) (2) Amount used during the year (6) (79) 0 (11) (96) (30) Regularisation 52 0 (53) (44) (45) (64) Adjustments during the year (14) 0 0 62 48 99 At the end of the year 769 322 0 346 1,437 1,430 Increases and decreases in provisions during the year are as follows: Unit: \u20acm Judicial processes Provisions Tangible Assets Financial (income) and expenses CESE Deferred charges CESE Results from financial investments Other Total 2023 34 49 (42) 16 30 (8) 0 22 100 Decommissioning/environmental costs 0 47 (42) 16 0 0 0 1 22 Windfall tax 0 0 0 0 0 0 0 0 0 CESE I and II 0 0 0 0 30 (8) 0 (1) 21 Other provisions 34 2 0 0 0 0 0 21 57 For comparative information, please refer to the consolidated financial statements for the year ended 31 December 2022. Decommissioning of blocks and environmental costs The amount of \u20ac769 m includes essentially a provision for the abandonment of blocks (\u20ac389 m), established to cover the costs to be incurred for asset retirement obligations at the end of the useful lives of those areas (\u20ac370 m in Brazil and \u20ac19 m in Mozambique) and a provision for environmental costs established in connection with dismantling, decommissioning and decontamination costs of Matosinhos refinery (\u20ac269 m) and provisions for dismantling and decontamination of service stations and logistic parks (\u20ac70 m). CESE I and II In the year ending 31 December 2023, the caption of CESE (I and II) \u2013 \"Energy Sector Extraordinary Contribution I and II\u201d in the amount of \u20ac322 m represents the total responsibility as of that date and corresponds to the contributions for the years 2014 to 2023. In 2023, the Group has paid an amount of \u20ac79 m, in respect of CESE I for the years of 2014 to 2017. In 2014, the Group was subject to a special tax (Energy Sector Extraordinary Contribution CESE I), pursuant to Article 228 of Law 83C/2013 of 31 December, which states that energy companies that carry net assets in certain activities, from 1 January 2014, are subject to a tax calculated on the balance of the eligible net assets as of that date. In 2015, the Group was subject to a special tax (Energy Sector Extraordinary Contribution CESE II), pursuant to Law 33/2015 of 27 April and Order No. 157-B/2015 of 28 May. CESE II applies to the value of future sales, based on the four existing long-term LNG sourcing contracts which are on a take-or-pay basis. In 2017, pursuant to Order No. 92-A/2017 of 2 March, the economic value of the take-or-pay contracts changed, which was reflected in the increase of the CESE provision. Following the law and tax regulations, Galp properly accounted for the legal obligation from CESE I and II, although these obligations are currently subject to legal dispute. Other provisions The amount of \u20ac344 m of other provisions includes a provision of \u20ac222 m (2022: \u20ac162 m) that relates to the dispute between ANP and the BM-S-11 consortium, as explained in Note 11, and a provision of \u20ac26 m (2022: \u20ac72 m) regarding the commitment to reimburse CESE I to the shareholders of Floene as per share sale and purchase agreement. The regularization in the period, amounting to \u20ac44 m, relates to a partial reversal of the obligation (CESE I) resulting from the favourable decision of the constitutional court to an entity belonging to Floene Energias, S.A. Group regarding to the existing dispute with the tax authority. The adjustments in the period, amounting to \u20ac62 m, mainly relates to the increase of \u20ac 60 m of ANP dispute. Contingent liabilities As of 31 December 2023, the Company and its subsidiaries had additional Corporate Income Tax assessments under dispute amounting to \u20ac33 m, for which a provision of \u20ac11 m was recorded in prior years. No provisions were recognized for tax contingencies related to Brazilian operations in the amount \u20ac318 m (2022: \u20ac230 m), essentially related with withholding tax (IRRF) and other taxes and levies (PIS/COFINS and CIDE) related to rental payments on overseas vessels (2023: \u20ac185 m and 2022: \u20ac159 m). It is not expected that a payment will be required to settle the obligation. Should Galp be required to pay such taxes and levies, it could result in a potential total liability of approximately \u20ac318 m (\u20ac230 m in 2022). ",
"dimensions": {
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f23853": {
"value": "18. Provisions and contingent assets and liabilitiesDecommissioning provisions Provisions for decommissioning and restoration costs, which arise principally in connection with hydrocarbon production facilities and pipelines, are measured on the basis of current requirements, technology and price levels; the present value is calculated using amounts discounted over the useful economic life of the assets. The liability is recognized (together with a corresponding amount as part of the related tangible asset) once a legal or constructive obligation to dismantle an item of property, plant and equipment and to restore the site on which it is located exists and when a reasonable estimate can be made. The effects of changes resulting from revisions to the timing or the amount of the original estimate of the provision are reflected on a prospective basis, generally by adjustment to the carrying amount of the related tangible asset. However, where there is no related asset, or the change reduces the carrying amount to nil, the effect, or the amount in excess of the reduction in the related asset to nil, is recognized in income. The discount rate applied at 31 December 2023, was between 3.68% \u2013 4.25% (2022: 3% - 4.6%). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f23854": {
"value": "18. Provisions and contingent assets and liabilitiesContingent liabilities As of 31 December 2023, the Company and its subsidiaries had additional Corporate Income Tax assessments under dispute amounting to \u20ac33 m, for which a provision of \u20ac11 m was recorded in prior years. No provisions were recognized for tax contingencies related to Brazilian operations in the amount \u20ac318 m (2022: \u20ac230 m), essentially related with withholding tax (IRRF) and other taxes and levies (PIS/COFINS and CIDE) related to rental payments on overseas vessels (2023: \u20ac185 m and 2022: \u20ac159 m). It is not expected that a payment will be required to settle the obligation. Should Galp be required to pay such taxes and levies, it could result in a potential total liability of approximately \u20ac318 m (\u20ac230 m in 2022). 28. Commitments The total contractual obligations and recognized non-current liabilities can be specified as follows (payments due for each period): Unit: \u20acm 1-3 years 4-5 years More than 5 years Total Total obligation recognized in the statement of financial position 78 38 101 216 Post-employment benefits 43 16 1 60 Other benefits 35 22 99 157 Total obligation not recognized in the statement of financial position 3,092 861 10,867 14,820 Natural gas purchases 4,134 1,789 13,772 19,695 Natural gas sales (1,042) (928) (2,905) (4,874) These contracts require a minimum purchase quantity and are subject to price revision mechanisms indexed to international oil/gas quotes. The amounts were calculated based on the outstanding period of time of each of the different contracts, and management assumption of future natural gas prices as of 31 December 2023. As part of its ongoing business operations, the Group has entered into agreements where commitments have been given for commercial, regulatory or other operational purposes. As of 31 December 2023 and 2022 obligations subject to collaterals granted are as follows: Unit: \u20acm 2023 2022 Guarantees provided 10,956 9,492 Rio Grande LNG, LLC 1,962 2,032 Venture Global, LLC 1,810 1,875 Charter Agreement FPSO 1,778 1,516 Coral South FLNG project 445 472 Grenergy 155 155 Cercena Investments, S.L.U. 125 151 Solar power guarantees given to government agencies 75 53 Brazilian ANP 50 23 Petrobras 35 38 Others related to core activities 4,521 3,177 Under the contracts with Venture Global LLC and Rio Grande LNG LLC, related to the LNG Sales and Purchase Agreement, Galp provided a Parent Company Guarantee in the total amount of the contract \u20ac1,810 m (2022: \u20ac1,875 m) and \u20ac1,962 m (2022: \u20ac2,032 m), respectively. Related to the six charter agreements for FPSOs, Galp provided a Parent Company Guarantee amounting to \u20ac1,778 m (2022: \u20ac1,516 m), in the name of Tupi, B.V., which represents Galp\u2019s proportion of the BM-S-11 consortium. Under the financing of the Coral South FLNG project, Galp Energia SGPS S.A. is providing a Parent Company Guarantee related to the Debt Service Undertaking (DSU) agreement, on the total outstanding debt amount at any time in proportion to its participation. This guarantee expires at the time of the Actual Completion Date (estimated for the year 2024) if no obligations are outstanding under the DSU. As of 31 December 2023, Galp\u2019s stake in the obligation amounted to \u20ac401 m (2022: \u20ac425 m). Also within the scope of this financing, Galp Energia SGPS S.A. provides a guarantee covering 1/9 of the DSU on behalf of ENH Empresa Nacional de Hidrocarbonetos (ENH), one of consortium members of the Coral South FLNG project, which corresponds to Galp\u2019s share of the consortium, excluding ENH. As of 31 December 2023, Galp\u2019s stake in the responsibility taken on in relation to ENH amounts to \u20ac45 m (2022: \u20ac48 m). The Group has entered into Power Purchase Agreement (PPA) with X-Elio (aka Cercena Investments) and Grenergy to supply solar energy for which it has provided Parent Company Guarantees amounting to \u20ac125 m and \u20ac155 m, respectively (2022: \u20ac151 m and \u20ac155 m, respectively). The collateral granted to Petr\u00f3leo Brasileiro S.A. (\u201cPetrobras\u201d) amounting to \u20ac35 m is due to guarantees for gas supply contracts from the development modules of Lula Pilot and Lula NE. The collateral for crude oil exploration concession agreements has been granted to the Brazilian Agency of Petroleum, Natural Gas and Biofuels (\u201cANP\u201d), for an amount of \u20ac50 m (2022: \u20ac23 m). The collateral has been granted in connection with the Minimum Exploration Programmes where Galp, as a consortium member, is required to perform certain seismic and drilling and well activities during the exploration period. Other guarantees related to core activities are essentially in relation to commercial and oil trading activity. The increase of the amount in guarantees is due to guarantees given for commercial activity. Galp Group has financial debt that, in some cases, have covenants that can, if triggered by banks, lead to the early repayment of debt amounts. As of 31 December 2023, the total debt amounted to \u20ac3.6 bn, of which \u20ac2bn with covenants. The existing covenants are essentially designed to ensure compliance with financial ratios that monitor the financial position of the Company, including its ability to service debt. The Total Net Debt to consolidated EBITDA RC (excluding leases - IFRS 16) ratio is the most frequently used and, as of 31 December 2023 was 0.37 x in accordance with the methodology stated in the loan agreements. The ratio stipulated in the contracts in general must be equal or below the range of 3.25 \u2013 3.75 x EBITDA. ",
"dimensions": {
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"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f23855": {
"value": "18. Provisions and contingent assets and liabilitiesContingent liabilities As of 31 December 2023, the Company and its subsidiaries had additional Corporate Income Tax assessments under dispute amounting to \u20ac33 m, for which a provision of \u20ac11 m was recorded in prior years. No provisions were recognized for tax contingencies related to Brazilian operations in the amount \u20ac318 m (2022: \u20ac230 m), essentially related with withholding tax (IRRF) and other taxes and levies (PIS/COFINS and CIDE) related to rental payments on overseas vessels (2023: \u20ac185 m and 2022: \u20ac159 m). It is not expected that a payment will be required to settle the obligation. Should Galp be required to pay such taxes and levies, it could result in a potential total liability of approximately \u20ac318 m (\u20ac230 m in 2022). ",
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"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24124": {
"value": "19. Derivative financial instruments Accounting policies Derivative financial instruments The Group may use financial derivatives to hedge the interest rate risk and other market risks, particularly the risk of variations in crude oil prices, finished products and refining margins, as well as the price variation risk of natural gas and electricity, which affects the financial value of the assets and the future cash flow expected from its activities. The realised gains and losses on the financial settlement of commodities (i.e. Brent, electricity and gas) futures and swaps are presented within cost of sales, except if commodity futures are physically settled where the gain or loss will be recorded in sales as a price adjustment of the commodity sold. Changes in the fair value of open positions are presented in financial income, within income from financial instruments. As futures are exchange- traded, subject to central clearing, gains and losses are continuously recorded within income from financial instruments until the maturity date of the derivative, unless designated in cash flow relationships in which case they are recorded in the cash flow hedge reserve. Realised gains and losses on Forwards and FX Swaps are presented within cost of sales if they are connected to commodities transactions, and are otherwise presented in financial income, under realised FX differences. Changes to the fair values of open positions are presented in financial income, under unrealised FX differences. Some physically settled TTF bilateral contracts are accounted for as derivatives because they meet the net settlement criteria and do not meet the own use exemption criteria. The fair values of these contracts are presented together as Swaps in the financial statements. Financial assets and liabilities are offset if Galp has a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net basis or to realise the asset and liability simultaneously. Day 1 gain or losses on derivatives that are categorized as level 3 in the fair value hierarchy do not qualify for recognition in the financial statements. These day 1 gains and losses are disclosed in the financial statements and only recognized when the prices become sufficiently observable or as the contract matures. The cumulative amounts of MTM of day 1 gains not recognised where \u20ac5.7 m (2022: \u20ac6.3 m). The cumulative amount is recognised during the life span of the derivative. Hedge accounting Derivative instruments that qualify for hedge accounting are designated in cash flow hedges of commodity price risk associated with highly probable forecast gas purchases. Derivative instruments used by the Group to hedge the interest rate risk of floating rate debt are designated in qualifying cashflow hedges of interest rate risk. The indices are the same as those applicable to the contracts signed with customers and banks reducing hedge in- effectiveness. Certain derivatives that are entered into for risk management purposes, such as those that hedge the overall net position of commodity prices (oil margins) and forecast purchases of electricity and gas, are not designated in qualifying IFRS 9 hedge relationships and are therefore accounted for as trading derivatives with their changes in fair value recorded immediately in the statement of profit or loss. Changes in the fair values of derivatives designated in qualifying cash flow hedge relationships are recorded in equity in the cash flow hedge reserve. Where the derivative instrument no longer meets the criteria for recording as a cashflow hedge, the accumulated fair value differences deferred in equity within hedging reserves are added to the book value of the asset which gave rise to the hedging transaction only if the derivative was mature and is effective. Otherwise, if the hedge is not effective, subsequent revaluations are recognized directly in the income statement. If the hedge is discontinued because the transaction is no longer expected all of the deferred MTM in equity is reclassified to profit or loss. If there is a change in risk management objective but the hedged transaction is still expected to occur, the amount in the cash flow hedge reserve is taken to profit or loss when the previously hedged transaction affects the statement of profit or loss. Hedge accounting is discontinued prospectively. Hedge accounting is discontinued when all of the derivative instruments mature, are sold, when management changes the risk management strategy or objective, or when a hedged transaction is no longer highly probable. In 2023, the hedge of highly probable forecast purchase of electricity has been discontinued and matured, with all amounts previously deferred in the cash flow hedge reserve being reclassified to profit and loss with previously hedged transactions. Financial derivatives are measured at fair value. For further explanation of valuation methods used and risk management activities using derivatives, see Note 20. The financial position of derivative financial instruments as of 31 December 2023 and 2022 is detailed as follows: Unit: \u20acm 2023 2022 Assets (Note 12) Liabilities Equity Assets (Note 12) Liabilities Equity Current Non-current Current Non-current Current Non-current Current Non-current 169 96 (100) (99) 71 304 110 (373) (48) 18 Designated hedge derivatives Gas Swaps 44 29 0 0 74 0 0 0 0 0 Electricity Futures 0 0 0 0 0 15 0 0 0 15 Interest rate Swaps (IRS) 0 2 0 (6) (4) 0 3 0 0 3 Non designated hedge derivatives Oil Futures 0 0 0 0 0 1 0 0 0 0 Swaps 1 0 (1) 0 0 125 0 (205) 0 0 Gas Futures 4 0 0 0 0 25 0 0 0 0 Swaps 87 36 (89) (39) 0 60 29 (155) (36) 0 Options 18 2 (7) (1) 0 0 0 0 0 Electricity Futures 7 0 0 0 0 13 0 0 0 0 Swaps 8 1 (3) (53) 0 63 38 (10) (12) 0 Foreign Exchange Forwards 0 0 0 0 0 4 0 (3) 0 0 Interest rate Swaps (IRS) 0 26 0 0 0 0 40 0 0 0 Derivatives are classified as current and non-current in accordance with the expected settlement. During 2023 and 2022 the Group entered into derivative financial instruments with the objective of hedging the economic exposure mainly related to changes in crude, power, natural gas prices and interest rates. Derivatives to cover interest rates, and some derivatives to cover gas prices were designated in qualifying Cashflow hedges. The notional prices of the open derivatives and their respective maturities are shown below: Unit: \u20acm December 2023 December 2022 Maturity Maturity Less than 1 year 1 year and more Less than 1 year 1 year and more 34 (418) (48) (437) Designated hedge derivatives Futuros Purchase 0 0 (6) 0 Sales 0 0 0 0 Commodity swaps Purchase 0 0 0 0 Sales 126 99 0 0 IRS Purchase 0 (130) 0 (16) Sales 0 0 0 0 Non designated hedge derivatives Commodity futures Purchase (237) (2) (875) (4) Sales 205 2 876 4 Commodity swaps Purchase (243) (291) (547) (231) Sales 209 160 525 75 Commodity options Purchase (62) (8) 0 0 Sales 36 5 0 0 IRS Purchase 0 (253) 0 (265) Sales 0 0 0 0 Currency forwards and swaps Purchase 0 0 (43) 0 Sales 0 0 22 0 Notional = Fixed Price x Quantity The accounting impact as of 31 December 2023 and 31 December 2022 of the gains and losses on derivative financial instruments is presented in the following table: Unit: \u20acm 2023 2022 Income statement Equity Income statement Equity MTM Realised (Note 25) MTM + Realised MTM Realised (Note 25) MTM + Realised (23) 47 24 53 787 (983) (196) (13) Designated hedge derivatives Gas Swaps (Cash flow hedge) 0 0 0 74 0 0 0 0 Electricity Futures 0 0 0 (15) 0 35 35 (34) Swaps 0 0 0 0 0 (12) (12) 18 Interest rate Swaps (IRS) 0 1 1 (7) 0 0 0 3 Non designated hedge derivatives Oil Futures 0 0 0 0 0 10 10 0 Swaps 80 (77) 3 0 (84) (363) (447) 0 Options 0 0 0 0 4 (4) 0 0 Gas Futures (97) 140 43 0 590 (899) (308) 0 Swaps 95 (5) 89 0 318 153 471 0 Options 13 0 13 0 0 0 0 0 Electricity Futuros 32 (45) (13) 0 1 (40) (39) 0 Swaps (131) 20 (111) 0 (44) 78 34 0 Foreign Exchange Forwards 0 5 5 0 (19) 59 40 0 Interest rate Swaps (IRS) (14) 8 (6) 0 21 0 21 0 MTM relating to FX Swaps and Forwards (2023: nill) is recognized in Financial Results within Exchange differences and realized amounts are recognized within Other operating costs (positive \u20ac5 m) among settlement of other Foreign exchanges of Invoices with Clients and Suppliers. The 2023 financial position shows in shareholders\u2019 equity, under the heading hedging reserves, the positive amount of \u20ac71 m relating to cash flow hedges. The cash flow hedges reflected in equity, when settled, are reclassified to the statement of profit or loss in the same period or periods during which the hedged expected cash flows affect profit or loss (when hedged forecast sale occurs). The amount of settled hedging instruments regarding cash flow hedges amounts to positive \u20ac1 m in 2023 and positive \u20ac23 m in 2022 and was recognized under the heading cost of sales. In 2022, realised MTM on commodity futures included a cost of \u20ac401 m that relates to gas futures that were physically settled with the Exchange, which was reflected in sales as an adjustment of the price of gas sold (Note 24). Significant accounting estimate Unrealised MTM on undesignated electricity swaps of (negative \u20ac131 m) includes negative MTM of (\u20ac119 m), related to Synthetic Power Purchase Agreements (PPA) of solar projects in Spain, for which the fair value valuation was not based on observable market data (level 3). The derivatives have several commencement dates, the first beginning in the second half of 2020 and all have a life span of c. 12 years. Included in these Synthetic Power Purchase Agreements is a fixed quantity of Guarantees of Origin that transferred from the solar projects to Galp during the same time frame. The entire agreement is accounted for as a single unit of account at FVTPL without any separate accounting for the Guarantee of Origin. Inputs into the valuation model include fixed contractual volumes, forecast electricity prices, selection of scenario for the forward price and tax on energy production in Spain. The fair value estimate is highly sensitive to changes in unobservable inputs and changes in those inputs might result in a significantly higher or lower fair value measurement. The total MTM of these PPA\u2019s at 31 December 2023 is \u20ac48 m liability. The heading income from financial instruments includes the unrealised value of MTM of commodities derivatives, as shown in the following table: Unit: \u20acm 2023 2022 (22) 806 Commodity Swaps 44 170 Options 13 4 Commodity Futures (65) 591 Interest rate swaps (14) 41 Other trading operations (0) 0 The table above includes MTM of all financial derivatives, except FX derivatives which are accounted in the heading exchange differences. The maturities of derivative liabilities in the statement of financial position are as follows: Unit: \u20acm Less than 1 year Between 1 and 2 years 2 years and more Total 2023 Commodity swaps 93 51 41 185 IRS 0 0 6 6 Commodity options 7 1 0 7 2022 Commodity swaps and options 370 35 13 418 Foreign exchange forwards 3 0 0 3 Note that despite the current position of liabilities is \u20ac198 m (2022: \u20ac422 m), Group Galp has a \u20ac165 m (2022: \u20ac414 m) current position of assets regarding derivatives to receive. Net position is a liability of \u20ac33 m (2022: \u20ac8 m). ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f24125": {
"value": "19. Derivative financial instruments Accounting policies Derivative financial instruments The Group may use financial derivatives to hedge the interest rate risk and other market risks, particularly the risk of variations in crude oil prices, finished products and refining margins, as well as the price variation risk of natural gas and electricity, which affects the financial value of the assets and the future cash flow expected from its activities. The realised gains and losses on the financial settlement of commodities (i.e. Brent, electricity and gas) futures and swaps are presented within cost of sales, except if commodity futures are physically settled where the gain or loss will be recorded in sales as a price adjustment of the commodity sold. Changes in the fair value of open positions are presented in financial income, within income from financial instruments. As futures are exchange- traded, subject to central clearing, gains and losses are continuously recorded within income from financial instruments until the maturity date of the derivative, unless designated in cash flow relationships in which case they are recorded in the cash flow hedge reserve. Realised gains and losses on Forwards and FX Swaps are presented within cost of sales if they are connected to commodities transactions, and are otherwise presented in financial income, under realised FX differences. Changes to the fair values of open positions are presented in financial income, under unrealised FX differences. Some physically settled TTF bilateral contracts are accounted for as derivatives because they meet the net settlement criteria and do not meet the own use exemption criteria. The fair values of these contracts are presented together as Swaps in the financial statements. Financial assets and liabilities are offset if Galp has a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net basis or to realise the asset and liability simultaneously. Day 1 gain or losses on derivatives that are categorized as level 3 in the fair value hierarchy do not qualify for recognition in the financial statements. These day 1 gains and losses are disclosed in the financial statements and only recognized when the prices become sufficiently observable or as the contract matures. The cumulative amounts of MTM of day 1 gains not recognised where \u20ac5.7 m (2022: \u20ac6.3 m). The cumulative amount is recognised during the life span of the derivative. Hedge accounting Derivative instruments that qualify for hedge accounting are designated in cash flow hedges of commodity price risk associated with highly probable forecast gas purchases. Derivative instruments used by the Group to hedge the interest rate risk of floating rate debt are designated in qualifying cashflow hedges of interest rate risk. The indices are the same as those applicable to the contracts signed with customers and banks reducing hedge in- effectiveness. Certain derivatives that are entered into for risk management purposes, such as those that hedge the overall net position of commodity prices (oil margins) and forecast purchases of electricity and gas, are not designated in qualifying IFRS 9 hedge relationships and are therefore accounted for as trading derivatives with their changes in fair value recorded immediately in the statement of profit or loss. Changes in the fair values of derivatives designated in qualifying cash flow hedge relationships are recorded in equity in the cash flow hedge reserve. Where the derivative instrument no longer meets the criteria for recording as a cashflow hedge, the accumulated fair value differences deferred in equity within hedging reserves are added to the book value of the asset which gave rise to the hedging transaction only if the derivative was mature and is effective. Otherwise, if the hedge is not effective, subsequent revaluations are recognized directly in the income statement. If the hedge is discontinued because the transaction is no longer expected all of the deferred MTM in equity is reclassified to profit or loss. If there is a change in risk management objective but the hedged transaction is still expected to occur, the amount in the cash flow hedge reserve is taken to profit or loss when the previously hedged transaction affects the statement of profit or loss. Hedge accounting is discontinued prospectively. Hedge accounting is discontinued when all of the derivative instruments mature, are sold, when management changes the risk management strategy or objective, or when a hedged transaction is no longer highly probable. In 2023, the hedge of highly probable forecast purchase of electricity has been discontinued and matured, with all amounts previously deferred in the cash flow hedge reserve being reclassified to profit and loss with previously hedged transactions. Financial derivatives are measured at fair value. For further explanation of valuation methods used and risk management activities using derivatives, see Note 20. ",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"f24126": {
"value": "19. Derivative financial instruments Accounting policies Derivative financial instruments The Group may use financial derivatives to hedge the interest rate risk and other market risks, particularly the risk of variations in crude oil prices, finished products and refining margins, as well as the price variation risk of natural gas and electricity, which affects the financial value of the assets and the future cash flow expected from its activities. The realised gains and losses on the financial settlement of commodities (i.e. Brent, electricity and gas) futures and swaps are presented within cost of sales, except if commodity futures are physically settled where the gain or loss will be recorded in sales as a price adjustment of the commodity sold. Changes in the fair value of open positions are presented in financial income, within income from financial instruments. As futures are exchange- traded, subject to central clearing, gains and losses are continuously recorded within income from financial instruments until the maturity date of the derivative, unless designated in cash flow relationships in which case they are recorded in the cash flow hedge reserve. Realised gains and losses on Forwards and FX Swaps are presented within cost of sales if they are connected to commodities transactions, and are otherwise presented in financial income, under realised FX differences. Changes to the fair values of open positions are presented in financial income, under unrealised FX differences. Some physically settled TTF bilateral contracts are accounted for as derivatives because they meet the net settlement criteria and do not meet the own use exemption criteria. The fair values of these contracts are presented together as Swaps in the financial statements. Financial assets and liabilities are offset if Galp has a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net basis or to realise the asset and liability simultaneously. Day 1 gain or losses on derivatives that are categorized as level 3 in the fair value hierarchy do not qualify for recognition in the financial statements. These day 1 gains and losses are disclosed in the financial statements and only recognized when the prices become sufficiently observable or as the contract matures. The cumulative amounts of MTM of day 1 gains not recognised where \u20ac5.7 m (2022: \u20ac6.3 m). The cumulative amount is recognised during the life span of the derivative. Hedge accounting Derivative instruments that qualify for hedge accounting are designated in cash flow hedges of commodity price risk associated with highly probable forecast gas purchases. Derivative instruments used by the Group to hedge the interest rate risk of floating rate debt are designated in qualifying cashflow hedges of interest rate risk. The indices are the same as those applicable to the contracts signed with customers and banks reducing hedge in- effectiveness. Certain derivatives that are entered into for risk management purposes, such as those that hedge the overall net position of commodity prices (oil margins) and forecast purchases of electricity and gas, are not designated in qualifying IFRS 9 hedge relationships and are therefore accounted for as trading derivatives with their changes in fair value recorded immediately in the statement of profit or loss. Changes in the fair values of derivatives designated in qualifying cash flow hedge relationships are recorded in equity in the cash flow hedge reserve. Where the derivative instrument no longer meets the criteria for recording as a cashflow hedge, the accumulated fair value differences deferred in equity within hedging reserves are added to the book value of the asset which gave rise to the hedging transaction only if the derivative was mature and is effective. Otherwise, if the hedge is not effective, subsequent revaluations are recognized directly in the income statement. If the hedge is discontinued because the transaction is no longer expected all of the deferred MTM in equity is reclassified to profit or loss. If there is a change in risk management objective but the hedged transaction is still expected to occur, the amount in the cash flow hedge reserve is taken to profit or loss when the previously hedged transaction affects the statement of profit or loss. Hedge accounting is discontinued prospectively. Hedge accounting is discontinued when all of the derivative instruments mature, are sold, when management changes the risk management strategy or objective, or when a hedged transaction is no longer highly probable. In 2023, the hedge of highly probable forecast purchase of electricity has been discontinued and matured, with all amounts previously deferred in the cash flow hedge reserve being reclassified to profit and loss with previously hedged transactions. Financial derivatives are measured at fair value. For further explanation of valuation methods used and risk management activities using derivatives, see Note 20. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24128": {
"value": "19. Derivative financial instrumentsHedge accounting Derivative instruments that qualify for hedge accounting are designated in cash flow hedges of commodity price risk associated with highly probable forecast gas purchases. Derivative instruments used by the Group to hedge the interest rate risk of floating rate debt are designated in qualifying cashflow hedges of interest rate risk. The indices are the same as those applicable to the contracts signed with customers and banks reducing hedge in- effectiveness. Certain derivatives that are entered into for risk management purposes, such as those that hedge the overall net position of commodity prices (oil margins) and forecast purchases of electricity and gas, are not designated in qualifying IFRS 9 hedge relationships and are therefore accounted for as trading derivatives with their changes in fair value recorded immediately in the statement of profit or loss. Changes in the fair values of derivatives designated in qualifying cash flow hedge relationships are recorded in equity in the cash flow hedge reserve. Where the derivative instrument no longer meets the criteria for recording as a cashflow hedge, the accumulated fair value differences deferred in equity within hedging reserves are added to the book value of the asset which gave rise to the hedging transaction only if the derivative was mature and is effective. Otherwise, if the hedge is not effective, subsequent revaluations are recognized directly in the income statement. If the hedge is discontinued because the transaction is no longer expected all of the deferred MTM in equity is reclassified to profit or loss. If there is a change in risk management objective but the hedged transaction is still expected to occur, the amount in the cash flow hedge reserve is taken to profit or loss when the previously hedged transaction affects the statement of profit or loss. Hedge accounting is discontinued prospectively. Hedge accounting is discontinued when all of the derivative instruments mature, are sold, when management changes the risk management strategy or objective, or when a hedged transaction is no longer highly probable. In 2023, the hedge of highly probable forecast purchase of electricity has been discontinued and matured, with all amounts previously deferred in the cash flow hedge reserve being reclassified to profit and loss with previously hedged transactions. Financial derivatives are measured at fair value. For further explanation of valuation methods used and risk management activities using derivatives, see Note 20. ",
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"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24129": {
"value": "19. Derivative financial instrumentsThe financial position of derivative financial instruments as of 31 December 2023 and 2022 is detailed as follows: Unit: \u20acm 2023 2022 Assets (Note 12) Liabilities Equity Assets (Note 12) Liabilities Equity Current Non-current Current Non-current Current Non-current Current Non-current 169 96 (100) (99) 71 304 110 (373) (48) 18 Designated hedge derivatives Gas Swaps 44 29 0 0 74 0 0 0 0 0 Electricity Futures 0 0 0 0 0 15 0 0 0 15 Interest rate Swaps (IRS) 0 2 0 (6) (4) 0 3 0 0 3 Non designated hedge derivatives Oil Futures 0 0 0 0 0 1 0 0 0 0 Swaps 1 0 (1) 0 0 125 0 (205) 0 0 Gas Futures 4 0 0 0 0 25 0 0 0 0 Swaps 87 36 (89) (39) 0 60 29 (155) (36) 0 Options 18 2 (7) (1) 0 0 0 0 0 Electricity Futures 7 0 0 0 0 13 0 0 0 0 Swaps 8 1 (3) (53) 0 63 38 (10) (12) 0 Foreign Exchange Forwards 0 0 0 0 0 4 0 (3) 0 0 Interest rate Swaps (IRS) 0 26 0 0 0 0 40 0 0 0 Derivatives are classified as current and non-current in accordance with the expected settlement. During 2023 and 2022 the Group entered into derivative financial instruments with the objective of hedging the economic exposure mainly related to changes in crude, power, natural gas prices and interest rates. Derivatives to cover interest rates, and some derivatives to cover gas prices were designated in qualifying Cashflow hedges. The notional prices of the open derivatives and their respective maturities are shown below: Unit: \u20acm December 2023 December 2022 Maturity Maturity Less than 1 year 1 year and more Less than 1 year 1 year and more 34 (418) (48) (437) Designated hedge derivatives Futuros Purchase 0 0 (6) 0 Sales 0 0 0 0 Commodity swaps Purchase 0 0 0 0 Sales 126 99 0 0 IRS Purchase 0 (130) 0 (16) Sales 0 0 0 0 Non designated hedge derivatives Commodity futures Purchase (237) (2) (875) (4) Sales 205 2 876 4 Commodity swaps Purchase (243) (291) (547) (231) Sales 209 160 525 75 Commodity options Purchase (62) (8) 0 0 Sales 36 5 0 0 IRS Purchase 0 (253) 0 (265) Sales 0 0 0 0 Currency forwards and swaps Purchase 0 0 (43) 0 Sales 0 0 22 0 Notional = Fixed Price x Quantity The accounting impact as of 31 December 2023 and 31 December 2022 of the gains and losses on derivative financial instruments is presented in the following table: Unit: \u20acm 2023 2022 Income statement Equity Income statement Equity MTM Realised (Note 25) MTM + Realised MTM Realised (Note 25) MTM + Realised (23) 47 24 53 787 (983) (196) (13) Designated hedge derivatives Gas Swaps (Cash flow hedge) 0 0 0 74 0 0 0 0 Electricity Futures 0 0 0 (15) 0 35 35 (34) Swaps 0 0 0 0 0 (12) (12) 18 Interest rate Swaps (IRS) 0 1 1 (7) 0 0 0 3 Non designated hedge derivatives Oil Futures 0 0 0 0 0 10 10 0 Swaps 80 (77) 3 0 (84) (363) (447) 0 Options 0 0 0 0 4 (4) 0 0 Gas Futures (97) 140 43 0 590 (899) (308) 0 Swaps 95 (5) 89 0 318 153 471 0 Options 13 0 13 0 0 0 0 0 Electricity Futuros 32 (45) (13) 0 1 (40) (39) 0 Swaps (131) 20 (111) 0 (44) 78 34 0 Foreign Exchange Forwards 0 5 5 0 (19) 59 40 0 Interest rate Swaps (IRS) (14) 8 (6) 0 21 0 21 0 MTM relating to FX Swaps and Forwards (2023: nill) is recognized in Financial Results within Exchange differences and realized amounts are recognized within Other operating costs (positive \u20ac5 m) among settlement of other Foreign exchanges of Invoices with Clients and Suppliers. The 2023 financial position shows in shareholders\u2019 equity, under the heading hedging reserves, the positive amount of \u20ac71 m relating to cash flow hedges. The cash flow hedges reflected in equity, when settled, are reclassified to the statement of profit or loss in the same period or periods during which the hedged expected cash flows affect profit or loss (when hedged forecast sale occurs). The amount of settled hedging instruments regarding cash flow hedges amounts to positive \u20ac1 m in 2023 and positive \u20ac23 m in 2022 and was recognized under the heading cost of sales. In 2022, realised MTM on commodity futures included a cost of \u20ac401 m that relates to gas futures that were physically settled with the Exchange, which was reflected in sales as an adjustment of the price of gas sold (Note 24). Significant accounting estimate Unrealised MTM on undesignated electricity swaps of (negative \u20ac131 m) includes negative MTM of (\u20ac119 m), related to Synthetic Power Purchase Agreements (PPA) of solar projects in Spain, for which the fair value valuation was not based on observable market data (level 3). The derivatives have several commencement dates, the first beginning in the second half of 2020 and all have a life span of c. 12 years. Included in these Synthetic Power Purchase Agreements is a fixed quantity of Guarantees of Origin that transferred from the solar projects to Galp during the same time frame. The entire agreement is accounted for as a single unit of account at FVTPL without any separate accounting for the Guarantee of Origin. Inputs into the valuation model include fixed contractual volumes, forecast electricity prices, selection of scenario for the forward price and tax on energy production in Spain. The fair value estimate is highly sensitive to changes in unobservable inputs and changes in those inputs might result in a significantly higher or lower fair value measurement. The total MTM of these PPA\u2019s at 31 December 2023 is \u20ac48 m liability. The heading income from financial instruments includes the unrealised value of MTM of commodities derivatives, as shown in the following table: Unit: \u20acm 2023 2022 (22) 806 Commodity Swaps 44 170 Options 13 4 Commodity Futures (65) 591 Interest rate swaps (14) 41 Other trading operations (0) 0 The table above includes MTM of all financial derivatives, except FX derivatives which are accounted in the heading exchange differences. The maturities of derivative liabilities in the statement of financial position are as follows: Unit: \u20acm Less than 1 year Between 1 and 2 years 2 years and more Total 2023 Commodity swaps 93 51 41 185 IRS 0 0 6 6 Commodity options 7 1 0 7 2022 Commodity swaps and options 370 35 13 418 Foreign exchange forwards 3 0 0 3 Note that despite the current position of liabilities is \u20ac198 m (2022: \u20ac422 m), Group Galp has a \u20ac165 m (2022: \u20ac414 m) current position of assets regarding derivatives to receive. Net position is a liability of \u20ac33 m (2022: \u20ac8 m). ",
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"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24777": {
"value": "20. Financial assets and liabilities Accounting policies Galp classifies financial assets and liabilities into the following categories: a) Financial assets at fair value through other comprehensive income; b) Financial assets and liabilities carried at amortized cost; c) Financial assets and liabilities at fair value through profit or loss (derivatives). Management determines the classification of its financial assets on initial recognition and re-evaluates it at the end of each reporting period if, and only if, there is a change in the business model. For financial liabilities, such changes in classification are not allowed. Recognition and measurement Purchases and sales of investments are recognized as of the trade date. Investments are initially recognized at fair value. Financial assets at fair value through other comprehensive income and financial assets at fair value through profit or loss are subsequently carried at fair value. Fair value disclosures are made separately for each class of financial instruments at the end of the reporting period. Nevertheless, assets at fair value through other comprehensive income are measured at cost as a proxy for their fair value. As, they are not quoted on a stock exchange, no recent available information is available to measure their fair value reliably, and the amounts involved are immaterial. Derecognition of financial assets Financial Assets are derecognized from the statement of financial position when the rights to receive cash flow from investments have expired or have been transferred and Galp has transferred substantially all of the risks and rewards of ownership. Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income consist mainly of equity investments. When these kinds of financial assets are derecognized, the gain or loss will be kept in equity. Dividends received are recognized in profit or loss. Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are non-derivative financial assets which are held solely for payments of principal and interests (SPPI). If collection is expected within one year (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables and other receivables are recognized initially at fair value. Subsequently they are measured at amortized cost using the effective interest method, less impairment. Fair value hierarchy In accordance with the accounting rules, an entity must classify the fair value measurement based on a fair value hierarchy that reflects the meaning of the inputs used for measurement. The fair value hierarchy has the following levels: \u2022 Level 1 \u2013 the fair value of the assets or liabilities is based on active liquid market quotation as of the date of the statement of financial position; \u2022 Level 2 \u2013 the fair value of the assets or liabilities is determined through valuation models based on observable market inputs; and \u2022 Level 3 \u2013 the fair value of the assets or liabilities is determined through valuation models, whose main inputs are not observable in the market. Accounting estimates and judgements When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using internal valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets when possible, but when this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in valuation methodologies and in assumptions relating to these factors could affect the reported fair value of financial instruments. ",
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"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24779": {
"value": "20. Financial assets and liabilities Accounting policies Galp classifies financial assets and liabilities into the following categories: a) Financial assets at fair value through other comprehensive income; b) Financial assets and liabilities carried at amortized cost; c) Financial assets and liabilities at fair value through profit or loss (derivatives). Management determines the classification of its financial assets on initial recognition and re-evaluates it at the end of each reporting period if, and only if, there is a change in the business model. For financial liabilities, such changes in classification are not allowed. Recognition and measurement Purchases and sales of investments are recognized as of the trade date. Investments are initially recognized at fair value. Financial assets at fair value through other comprehensive income and financial assets at fair value through profit or loss are subsequently carried at fair value. Fair value disclosures are made separately for each class of financial instruments at the end of the reporting period. Nevertheless, assets at fair value through other comprehensive income are measured at cost as a proxy for their fair value. As, they are not quoted on a stock exchange, no recent available information is available to measure their fair value reliably, and the amounts involved are immaterial. Derecognition of financial assets Financial Assets are derecognized from the statement of financial position when the rights to receive cash flow from investments have expired or have been transferred and Galp has transferred substantially all of the risks and rewards of ownership. Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income consist mainly of equity investments. When these kinds of financial assets are derecognized, the gain or loss will be kept in equity. Dividends received are recognized in profit or loss. Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are non-derivative financial assets which are held solely for payments of principal and interests (SPPI). If collection is expected within one year (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables and other receivables are recognized initially at fair value. Subsequently they are measured at amortized cost using the effective interest method, less impairment. Fair value hierarchy In accordance with the accounting rules, an entity must classify the fair value measurement based on a fair value hierarchy that reflects the meaning of the inputs used for measurement. The fair value hierarchy has the following levels: \u2022 Level 1 \u2013 the fair value of the assets or liabilities is based on active liquid market quotation as of the date of the statement of financial position; \u2022 Level 2 \u2013 the fair value of the assets or liabilities is determined through valuation models based on observable market inputs; and \u2022 Level 3 \u2013 the fair value of the assets or liabilities is determined through valuation models, whose main inputs are not observable in the market. Accounting estimates and judgements When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using internal valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets when possible, but when this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in valuation methodologies and in assumptions relating to these factors could affect the reported fair value of financial instruments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24782": {
"value": "20. Financial assets and liabilities Accounting policies Galp classifies financial assets and liabilities into the following categories: a) Financial assets at fair value through other comprehensive income; b) Financial assets and liabilities carried at amortized cost; c) Financial assets and liabilities at fair value through profit or loss (derivatives). Management determines the classification of its financial assets on initial recognition and re-evaluates it at the end of each reporting period if, and only if, there is a change in the business model. For financial liabilities, such changes in classification are not allowed. Recognition and measurement Purchases and sales of investments are recognized as of the trade date. Investments are initially recognized at fair value. Financial assets at fair value through other comprehensive income and financial assets at fair value through profit or loss are subsequently carried at fair value. Fair value disclosures are made separately for each class of financial instruments at the end of the reporting period. Nevertheless, assets at fair value through other comprehensive income are measured at cost as a proxy for their fair value. As, they are not quoted on a stock exchange, no recent available information is available to measure their fair value reliably, and the amounts involved are immaterial. Derecognition of financial assets Financial Assets are derecognized from the statement of financial position when the rights to receive cash flow from investments have expired or have been transferred and Galp has transferred substantially all of the risks and rewards of ownership. Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income consist mainly of equity investments. When these kinds of financial assets are derecognized, the gain or loss will be kept in equity. Dividends received are recognized in profit or loss. Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are non-derivative financial assets which are held solely for payments of principal and interests (SPPI). If collection is expected within one year (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables and other receivables are recognized initially at fair value. Subsequently they are measured at amortized cost using the effective interest method, less impairment. Fair value hierarchy In accordance with the accounting rules, an entity must classify the fair value measurement based on a fair value hierarchy that reflects the meaning of the inputs used for measurement. The fair value hierarchy has the following levels: \u2022 Level 1 \u2013 the fair value of the assets or liabilities is based on active liquid market quotation as of the date of the statement of financial position; \u2022 Level 2 \u2013 the fair value of the assets or liabilities is determined through valuation models based on observable market inputs; and \u2022 Level 3 \u2013 the fair value of the assets or liabilities is determined through valuation models, whose main inputs are not observable in the market. Accounting estimates and judgements When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using internal valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets when possible, but when this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in valuation methodologies and in assumptions relating to these factors could affect the reported fair value of financial instruments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24785": {
"value": "20. Financial assets and liabilitiesFinancial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are non-derivative financial assets which are held solely for payments of principal and interests (SPPI). If collection is expected within one year (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables and other receivables are recognized initially at fair value. Subsequently they are measured at amortized cost using the effective interest method, less impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24786": {
"value": "20. Financial assets and liabilitiesDerecognition of financial assets Financial Assets are derecognized from the statement of financial position when the rights to receive cash flow from investments have expired or have been transferred and Galp has transferred substantially all of the risks and rewards of ownership. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24787": {
"value": "20. Financial assets and liabilitiesFair value hierarchy In accordance with the accounting rules, an entity must classify the fair value measurement based on a fair value hierarchy that reflects the meaning of the inputs used for measurement. The fair value hierarchy has the following levels: \u2022 Level 1 \u2013 the fair value of the assets or liabilities is based on active liquid market quotation as of the date of the statement of financial position; \u2022 Level 2 \u2013 the fair value of the assets or liabilities is determined through valuation models based on observable market inputs; and \u2022 Level 3 \u2013 the fair value of the assets or liabilities is determined through valuation models, whose main inputs are not observable in the market. Unit: \u20acm 2023 Fair value measurement using Carrying amount Total Fair value Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets at FVTPL Note Swaps 19 236 0 236 0 236 Options 19 18 0 18 0 18 Commodity Futures 19 7 7 0 0 7 Financial assets measured FV OCI Equity investment 12 1 0 0 1 1 262 7 254 1 262 Financial assets measured at amortized cost for which fair value is required to be disclosed Loans and Capital Subscription 12 277 0 0 277 277 Trade receivables and other debtors 11 2,631 0 0 2,631 2,631 Financial liabilities measured FVTPL Swaps 19 (191) 0 (149) (42) (191) Options 19 (7) 0 (7) 0 (7) (198) 0 (156) (42) (198) Financial liabilities measured at amortized cost for which fair value is required to be disclosed Loans and Commercial paper 14 1,547 0 1,547 0 1,547 Trade payables and other payables 15 3,121 0 0 3,121 3,121 Bonds 14 1,434 0 1,434 0 1,434 Notes 14 484 484 0 0 500 Unit: \u20acm 2022 Fair value measurement using Carrying amount Total Fair value Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets at FVTPL Note Swaps 19 355 0 265 90 355 Commodity Futures 19 53 53 0 0 53 Forwards 19 4 4 0 0 4 Financial assets measured FV OCI Equity investment 12 3 0 0 3 3 414 56 265 93 414 Financial assets measured at amortized cost for which fair value is required to be disclosed Loans and Capital Subscription 12 136 0 0 136 136 Trade receivables and other debtors 11 2,669 0 0 2,669 2,669 Financial liabilities measured FVTPL Swaps 19 (418) 0 (399) (19) (418) Forwards 19 (3) (3) 0 0 (3) (421) (3) (399) (19) (421) Financial liabilities measured at amortized cost for which fair value is required to be disclosed Loans and Commercial paper 14 1,515 0 1,515 0 1,515 Trade payables and other payables 15 2,609 0 0 2,609 2,609 Bonds 14 1,474 0 1,474 0 1,474 Notes 14 959 959 0 0 1,000 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24788": {
"value": "20. Financial assets and liabilitiesFair value hierarchy In accordance with the accounting rules, an entity must classify the fair value measurement based on a fair value hierarchy that reflects the meaning of the inputs used for measurement. The fair value hierarchy has the following levels: \u2022 Level 1 \u2013 the fair value of the assets or liabilities is based on active liquid market quotation as of the date of the statement of financial position; \u2022 Level 2 \u2013 the fair value of the assets or liabilities is determined through valuation models based on observable market inputs; and \u2022 Level 3 \u2013 the fair value of the assets or liabilities is determined through valuation models, whose main inputs are not observable in the market. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24789": {
"value": "20. Financial assets and liabilitiesUnit: \u20acm 2023 Fair value measurement using Carrying amount Total Fair value Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets at FVTPL Note Swaps 19 236 0 236 0 236 Options 19 18 0 18 0 18 Commodity Futures 19 7 7 0 0 7 Financial assets measured FV OCI Equity investment 12 1 0 0 1 1 262 7 254 1 262 Financial assets measured at amortized cost for which fair value is required to be disclosed Loans and Capital Subscription 12 277 0 0 277 277 Trade receivables and other debtors 11 2,631 0 0 2,631 2,631 Financial liabilities measured FVTPL Swaps 19 (191) 0 (149) (42) (191) Options 19 (7) 0 (7) 0 (7) (198) 0 (156) (42) (198) Financial liabilities measured at amortized cost for which fair value is required to be disclosed Loans and Commercial paper 14 1,547 0 1,547 0 1,547 Trade payables and other payables 15 3,121 0 0 3,121 3,121 Bonds 14 1,434 0 1,434 0 1,434 Notes 14 484 484 0 0 500 Unit: \u20acm 2022 Fair value measurement using Carrying amount Total Fair value Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets at FVTPL Note Swaps 19 355 0 265 90 355 Commodity Futures 19 53 53 0 0 53 Forwards 19 4 4 0 0 4 Financial assets measured FV OCI Equity investment 12 3 0 0 3 3 414 56 265 93 414 Financial assets measured at amortized cost for which fair value is required to be disclosed Loans and Capital Subscription 12 136 0 0 136 136 Trade receivables and other debtors 11 2,669 0 0 2,669 2,669 Financial liabilities measured FVTPL Swaps 19 (418) 0 (399) (19) (418) Forwards 19 (3) (3) 0 0 (3) (421) (3) (399) (19) (421) Financial liabilities measured at amortized cost for which fair value is required to be disclosed Loans and Commercial paper 14 1,515 0 1,515 0 1,515 Trade payables and other payables 15 2,609 0 0 2,609 2,609 Bonds 14 1,474 0 1,474 0 1,474 Notes 14 959 959 0 0 1,000 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25118": {
"value": "21. Financial risk management Accounting policy Galp Group has standards, models, methodologies, and systems in place to support the identification, evaluation, monitoring and mitigation of various risks it is exposed to, including financial risks, and uses various financial instruments to hedge, in accordance with the corporate guidelines that are applicable across the Company. Management has assessed the following key financial risks: Type Exposure to risk Commodity-price risk High Exchange-rate risk Medium Interest-rate risk Medium Liquidity & Insurance risk High Credit risk Medium Commodities price risk Factors such as macroeconomic uncertainties, geopolitical risks (including the prolonged conflict in Ukraine and a potential escalation of the conflict between Israel and Hamas), technological risks, supply constraints, and operational circumstances can impact the supply and demand for oil, petroleum products, natural gas, LNG, and electricity. Changes in consumption patterns, increased demand for lower-carbon solutions, natural disasters, and extreme situations like pandemics can also affect the demand and supply of oil and gas, influencing the prices of these commodities. The volatility risk in commodities prices is mitigated through hedging instruments available in the exchange and over the counter (OTC) markets, such as Futures and Swaps. (Note 19). The management of these risks is set out in a specific risk policy, including hedging strategies and exposure limits, and a Strategic Hedging Program is annually defined/reviewed. Additionally, in regard to oil, natural gas and electricity activities, the Group mitigates this risk by establishing brent, natural gas and electricity purchase and sale contracts with similar indexes to protect the business margin against adverse market changes. Analysis of commodity price sensitivity The sensitivity analysis was performed for balances relating to financial derivatives on commodities. An immediate 10% devaluation in the following commodities price would impact Galp\u2019s income, as outlined in the table below: Unit: \u20acm 2023 2022 Risk exposure Impact on Income Statement Risk exposure Impact on Income Statement Derivatives on natural gas commodities 1 84 (2) 13 (1) TTF's (natural gas) contracts 0 0 (90) 10 Derivatives on oil commodities 4 0 (79) 12 Derivatives on electricity 2 (42) 4 91 (31) 1 Excludes the impact of derivatives classified as cash flow hedges on 31/12/2023. 2 Excludes the impact of derivatives classified as cash flow hedges on 31/12/2022 Exchange-rate risk Associated with macroeconomic factors, exchange rate risk results from fluctuations in the exchange rates of the currencies in which the Company conducts its business and in which it prepares its financial statements. The US Dollar is the currency used as the reference price in the oil and natural gas markets, however, Galp prepares its financial statements in Euros, which, among other factors, exposes its operations to exchange rate risk. Given that the operating margin is most sensitive to fluctuations in the US Dollar, the Company is exposed to fluctuations in exchange rates, which can contribute positively or negatively to income and margins. Considering that this risk is associated with other variables, such as oil and natural gas prices, and that the level of the cash flow exposure, and especially the financial position statement, is a function of these prices. The Group adopts a cautious approach to hedging exchange-rate risk, as there are natural hedges between the statement of financial position and the cash flow. As a result of the above, Galp controls its exchange-rate exposure on an integrated basis rather than on an individual transaction basis, except in specific cases. Given that the purpose of exchange rate risk management is to limit the uncertainty resulting from exchange rates fluctuations, Galp manages this risk centrally through variable and fixed rate financial instruments and hedging derivatives. As of 31 December 2023, Galp held derivatives such as FX Forwards and Swaps to minimise exchange-rate risk (Note 19). Foreign exchange sensitivity analysis The sensitivity analysis includes the significant balances of monetary assets and liabilities denominated in foreign currency that impact Galp\u2019s income statement. A 10% devaluation of the Euro against other currencies would impact Galp\u2019s income, as outlined in the table below: Unit: \u20acm 2023 2022 Risk exposure Impact on Income Statement Risk exposure Impact on Income Statement Loans obtained and Finance Lease debt (83) (8) (94) (9) Marketable securities (included in cash and cash equivalents) 50 4 222 22 Derivatives 1 0 0 (78) (6) Trade and Other Receivables 535 54 379 38 Trade and Other Payables (290) (29) (830) (83) 1 Includes derivatives in USD and FX Forwards, taking into account fluctuations in MTM. Key currencies exchange rate Unit: \u20acm 2023 2022 Average Year-end Average Year-end EUR/USD 1.08 1.10 1.05 1.07 EUR/BRL 5.40 5.36 5.44 5.64 USD/BRL 5.00 4.87 5.17 5.22 EUR/CHF 1.08 0.93 1.01 0.99 Interest rate risk The interest rate risk, linked to the volatility of interest rates on bank loans or other debt instruments used by the company to finance its activities, Galp\u2019s debt, mainly bank loans and interest-bearing bonds is exposed to interest rate volatility, stemming from both economic and political factors. Adverse changes in interest rates may have a material adverse effect on Galp\u2019s financial performance and results. To reduce the volatility of financial costs in the income statement, Galp centrally manages interest rate risk through variable and fixed-rate financial instruments and hedging derivatives, following an interest-rate risk management policy. As of 31 December 2023, Galp holds interest-rate derivatives (IRS) positions to cover variability in interest rates on project financing loans. Interest rate sensitivity analysis An analysis of interest rate risk includes variable interest rate loans. A 0.5% increase in the interest rate would impact Galp\u2019s financial income as outlined in the table below: Unit: \u20acm 2023 2022 Exposure risk Impact on Income Statement Exposure risk Impact on Income Statement Loans obtained (3,600) (9) (4,000) (9) Fixed rate interest (1,607) 0 (1,441) 0 Variable-rate interest (1,992) (9) (2,559) (9) Derivatives (IRS) 1 22 5 43 6 Marketable securities 1,316 0 864 1 Note: Cash and equivalents in the statement of financial position comprise marketable securities 1 Excludes impact of derivatives qualified as Cash-flow hedges. Interest rate derivatives reduce the exposure to interest rate fluctuations on the P&L regarding project finance loans in Titan Group. Liquidity & Insurance risk Liquidity risk is associated with the capacity to access the financial and capital markets to obtain the necessary financial resources to execute Galp\u2019s strategy. Insurance risk is associated with insurers lower appetite for the O&G sector. The inability to access funds to finance its strategy and obtain insurance quotes for its investment projects may have a negative effect on the Group\u2019s profit and/or cash flow. Galp finances itself through the cash flow generated by its operations and maintains a diversified portfolio of loans and bonds. The Group has access to credit lines that are not fully used, but that are at its disposal. The available short term and medium/ long-term credit lines that are not being used amount to \u20ac1.6 bn at 31 December 2023 (\u20ac1.5 bn at 31 December 2022). Galp has readily available cash equivalents amounting to \u20ac2.2 bn at 31 December 2023 (\u20ac2.5 bn at 31 December 2022). These combined amounts add up to \u20ac3.8 bn at 31 December 2023 (\u20ac4.0 bn at 31 December 2022). With regard to insurance, Galp has a broad Insurance programme (property damage, third party liability, business interruption, environmental liability, trade credit, among others) aligned with its business structure and risk appetite. Credit risk Credit risk arises from the possibility that a counterparty may not fulfil its contractual payment obligations, including those related to financial investments and hedging instruments (relating to exchange rates, interest rates or others), as well as those arising from commercial relationships between the Company and its counterparties, associated with the counterparty\u2019s risk level. Credit risk is mitigated through a diversified portfolio of both financial counterparties and customers, the selection of reference financial counterparties, the careful drafting of contracts including appropriate commercial terms, and the establishment of collaterals, when relevant. The management of this risk follows internal standards, namely the Credit Management Manual, which establishes procedures for assessing exposure to credit risk and ensures its transversal management. A risk rating is assigned to each customer, to establish its credit limit and to calculate the respective risk-return ratio. See Note 11 for further risk assessments, specifically regarding Trade receivables and other receivables. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25123": {
"value": "21. Financial risk managementLiquidity & Insurance risk Liquidity risk is associated with the capacity to access the financial and capital markets to obtain the necessary financial resources to execute Galp\u2019s strategy. Insurance risk is associated with insurers lower appetite for the O&G sector. The inability to access funds to finance its strategy and obtain insurance quotes for its investment projects may have a negative effect on the Group\u2019s profit and/or cash flow. Galp finances itself through the cash flow generated by its operations and maintains a diversified portfolio of loans and bonds. The Group has access to credit lines that are not fully used, but that are at its disposal. The available short term and medium/ long-term credit lines that are not being used amount to \u20ac1.6 bn at 31 December 2023 (\u20ac1.5 bn at 31 December 2022). Galp has readily available cash equivalents amounting to \u20ac2.2 bn at 31 December 2023 (\u20ac2.5 bn at 31 December 2022). These combined amounts add up to \u20ac3.8 bn at 31 December 2023 (\u20ac4.0 bn at 31 December 2022). With regard to insurance, Galp has a broad Insurance programme (property damage, third party liability, business interruption, environmental liability, trade credit, among others) aligned with its business structure and risk appetite. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25125": {
"value": "21. Financial risk managementCommodities price risk Factors such as macroeconomic uncertainties, geopolitical risks (including the prolonged conflict in Ukraine and a potential escalation of the conflict between Israel and Hamas), technological risks, supply constraints, and operational circumstances can impact the supply and demand for oil, petroleum products, natural gas, LNG, and electricity. Changes in consumption patterns, increased demand for lower-carbon solutions, natural disasters, and extreme situations like pandemics can also affect the demand and supply of oil and gas, influencing the prices of these commodities. The volatility risk in commodities prices is mitigated through hedging instruments available in the exchange and over the counter (OTC) markets, such as Futures and Swaps. (Note 19). The management of these risks is set out in a specific risk policy, including hedging strategies and exposure limits, and a Strategic Hedging Program is annually defined/reviewed. Additionally, in regard to oil, natural gas and electricity activities, the Group mitigates this risk by establishing brent, natural gas and electricity purchase and sale contracts with similar indexes to protect the business margin against adverse market changes. Analysis of commodity price sensitivity The sensitivity analysis was performed for balances relating to financial derivatives on commodities. An immediate 10% devaluation in the following commodities price would impact Galp\u2019s income, as outlined in the table below: Unit: \u20acm 2023 2022 Risk exposure Impact on Income Statement Risk exposure Impact on Income Statement Derivatives on natural gas commodities 1 84 (2) 13 (1) TTF's (natural gas) contracts 0 0 (90) 10 Derivatives on oil commodities 4 0 (79) 12 Derivatives on electricity 2 (42) 4 91 (31) 1 Excludes the impact of derivatives classified as cash flow hedges on 31/12/2023. 2 Excludes the impact of derivatives classified as cash flow hedges on 31/12/2022 Exchange-rate risk Associated with macroeconomic factors, exchange rate risk results from fluctuations in the exchange rates of the currencies in which the Company conducts its business and in which it prepares its financial statements. The US Dollar is the currency used as the reference price in the oil and natural gas markets, however, Galp prepares its financial statements in Euros, which, among other factors, exposes its operations to exchange rate risk. Given that the operating margin is most sensitive to fluctuations in the US Dollar, the Company is exposed to fluctuations in exchange rates, which can contribute positively or negatively to income and margins. Considering that this risk is associated with other variables, such as oil and natural gas prices, and that the level of the cash flow exposure, and especially the financial position statement, is a function of these prices. The Group adopts a cautious approach to hedging exchange-rate risk, as there are natural hedges between the statement of financial position and the cash flow. As a result of the above, Galp controls its exchange-rate exposure on an integrated basis rather than on an individual transaction basis, except in specific cases. Given that the purpose of exchange rate risk management is to limit the uncertainty resulting from exchange rates fluctuations, Galp manages this risk centrally through variable and fixed rate financial instruments and hedging derivatives. As of 31 December 2023, Galp held derivatives such as FX Forwards and Swaps to minimise exchange-rate risk (Note 19). Foreign exchange sensitivity analysis The sensitivity analysis includes the significant balances of monetary assets and liabilities denominated in foreign currency that impact Galp\u2019s income statement. A 10% devaluation of the Euro against other currencies would impact Galp\u2019s income, as outlined in the table below: Unit: \u20acm 2023 2022 Risk exposure Impact on Income Statement Risk exposure Impact on Income Statement Loans obtained and Finance Lease debt (83) (8) (94) (9) Marketable securities (included in cash and cash equivalents) 50 4 222 22 Derivatives 1 0 0 (78) (6) Trade and Other Receivables 535 54 379 38 Trade and Other Payables (290) (29) (830) (83) 1 Includes derivatives in USD and FX Forwards, taking into account fluctuations in MTM. Key currencies exchange rate Unit: \u20acm 2023 2022 Average Year-end Average Year-end EUR/USD 1.08 1.10 1.05 1.07 EUR/BRL 5.40 5.36 5.44 5.64 USD/BRL 5.00 4.87 5.17 5.22 EUR/CHF 1.08 0.93 1.01 0.99 Interest rate risk The interest rate risk, linked to the volatility of interest rates on bank loans or other debt instruments used by the company to finance its activities, Galp\u2019s debt, mainly bank loans and interest-bearing bonds is exposed to interest rate volatility, stemming from both economic and political factors. Adverse changes in interest rates may have a material adverse effect on Galp\u2019s financial performance and results. To reduce the volatility of financial costs in the income statement, Galp centrally manages interest rate risk through variable and fixed-rate financial instruments and hedging derivatives, following an interest-rate risk management policy. As of 31 December 2023, Galp holds interest-rate derivatives (IRS) positions to cover variability in interest rates on project financing loans. Interest rate sensitivity analysis An analysis of interest rate risk includes variable interest rate loans. A 0.5% increase in the interest rate would impact Galp\u2019s financial income as outlined in the table below: Unit: \u20acm 2023 2022 Exposure risk Impact on Income Statement Exposure risk Impact on Income Statement Loans obtained (3,600) (9) (4,000) (9) Fixed rate interest (1,607) 0 (1,441) 0 Variable-rate interest (1,992) (9) (2,559) (9) Derivatives (IRS) 1 22 5 43 6 Marketable securities 1,316 0 864 1 Note: Cash and equivalents in the statement of financial position comprise marketable securities 1 Excludes impact of derivatives qualified as Cash-flow hedges. Interest rate derivatives reduce the exposure to interest rate fluctuations on the P&L regarding project finance loans in Titan Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25410": {
"value": "22. Capital structure As of 31 December 2023, the Galp Group presents equity in the amount of \u20ac5.3 bn (2022: \u20ac5.1 bn). Share capital, distribution to shareholders and earnings per share Share capital The share capital of Galp Energia SGPS, S.A. is comprised of 773,082,725 shares, with a nominal value of 1 Euro each and fully subscribed. During 2023 Galp has executed its buyback programme of \u20ac500 m. The number of shares that were acquired was 42,028,823 shares at an average price of \u20ac11.90 per share. These shares were cancelled at 31 December 2023 (Note 2.2.5). Distribution to shareholders In accordance with a resolution of the General Shareholders\u2019 Meeting held on 03 May 2023, Galp Energia, SGPS, S.A.\u2019s shareholders were granted dividends amounting to a maximum of \u20ac425 m (\u20ac0.52/share) related to the distribution of net income for the year 2022, which was paid on 20 September 2022 (\u20ac213 m) and on 23 May 2023 (\u20ac209 m), in accordance with outstanding shares on the date of payment. During the year ending 31 December 2023, an anticipated dividend of \u20ac213 m (\u20ac0.27/share) regarding profits of year 2023 was paid on 25 August 2023. Dividends amounting to \u20ac169 m (2022: \u20ac245 m) have been paid by the subsidiaries of the Galp group to non-controlling shareholders during 2023. As a consequence of the above, during the year ending 31 December 2023, the Group made distributions amounting to \u20ac591 m (2022: \u20ac665 m). Other reserves Other reserves on the financial position amount to \u20ac1,449 m which refer to Cumulative translation reserves of (\u20ac128 m), Cashflow hedging reserves of \u20ac48 m (net of deferred tax), Share-based payments (Long term incentives (LTI) reserve) of \u20ac25 m and other reserves of \u20ac1,504 m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25411": {
"value": "22. Capital structure Distribution to shareholders In accordance with a resolution of the General Shareholders\u2019 Meeting held on 03 May 2023, Galp Energia, SGPS, S.A.\u2019s shareholders were granted dividends amounting to a maximum of \u20ac425 m (\u20ac0.52/share) related to the distribution of net income for the year 2022, which was paid on 20 September 2022 (\u20ac213 m) and on 23 May 2023 (\u20ac209 m), in accordance with outstanding shares on the date of payment. During the year ending 31 December 2023, an anticipated dividend of \u20ac213 m (\u20ac0.27/share) regarding profits of year 2023 was paid on 25 August 2023. Dividends amounting to \u20ac169 m (2022: \u20ac245 m) have been paid by the subsidiaries of the Galp group to non-controlling shareholders during 2023. As a consequence of the above, during the year ending 31 December 2023, the Group made distributions amounting to \u20ac591 m (2022: \u20ac665 m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25415": {
"value": "Share capital The share capital of Galp Energia SGPS, S.A. is comprised of 773,082,725 shares, with a nominal value of 1 Euro each and fully subscribed. During 2023 Galp has executed its buyback programme of \u20ac500 m. The number of shares that were acquired was 42,028,823 shares at an average price of \u20ac11.90 per share. These shares were cancelled at 31 December 2023 (Note 2.2.5). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25425": {
"value": "0.52",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f25429": {
"value": "0.27",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f25434": {
"value": "Other reserves Other reserves on the financial position amount to \u20ac1,449 m which refer to Cumulative translation reserves of (\u20ac128 m), Cashflow hedging reserves of \u20ac48 m (net of deferred tax), Share-based payments (Long term incentives (LTI) reserve) of \u20ac25 m and other reserves of \u20ac1,504 m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25441": {
"value": "23. Non-controlling interests As of 31 December 2023, the changes in non-controlling interests during the year and included in equity are as follows: Unit: \u20ac m 31/12/2022 Net profit for the period Currency translation reserves Dividends Liquidation of Carri\u00e7o Cogera\u00e7\u00e3o 31/12/2023 956 209 -46 -197 -2 920 Dividends during 2023 were attributed mainly to Sinopec (stake in Petrogal Basil, S.A.). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25474": {
"value": "24. Revenue and Income Accounting policies For the Industrial & Midstream, the Commercial and the Renewables and New Businesses segments, revenue is recognized when Galp has satisfied a performance obligation by transferring the promised products or services to the customer. The product is transferred when the customer obtains control of the same. Sales are measured at the fair value of the consideration received or receivable. Sales are recognized net of taxes, with the exception of tax on petroleum products, discounts and rebates. For the Upstream segment, revenue resulting from hydrocarbon production from properties in which Galp has an interest in joint arrangements is recognized on the basis of Galp\u2019s working interest (entitlement method). Revenue resulting from the production of oil under production-sharing contracts is recognized for those amounts relating to Galp\u2019s cost recovery, and Galp\u2019s share of the remaining production. As mentioned in Note 11, Galp undertakes under- and overlifting activities. Underlifting occurs when the overtaker lifts the barrels from Galp and sells them. When this happens, underlifting income is recognized against an asset (debtor). In similar ways, overlifting occurs when Galp lifts the barrels to which it is not yet entitled. These balances are presented in Other operating income and Other operating costs (Note 25), respectively. Exchange differences arising from supplier and customer balances are recognized in the operating results. The IFRS 15 accounting principle considers a principal vs. agent framework in relation to cost incurred and goods and services provided. In accordance with this, Galp analyzed, among others, a service related to the natural gas and electricity commercialization activities, namely due to the electricity and gas tariffs paid to distribution entities and recognized as costs. Services provided or promised to final customers contains the cost of the tariffs included in the price tag and recognized as operating income. Galp concluded that each contract performance obligation to provide the specified goods or services is the responsibility of the Group, thus controlling the goods or services before delivering them to the final customers. Galp is therefore a Principal rather than an Agent when performing its contract obligations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25476": {
"value": "24. Revenue and IncomeUnit: \u20acm Notes 2023 2022 21,394 28,188 Total sales 20,455 26,485 Goods 10,121 14,875 Products 10,333 11,609 Services rendered 314 355 Other operating income 441 321 Underlifting income 24 55 Others 417 265 Earnings from associates and joint ventures 9 49 152 Financial income 27 134 877 Services rendered include, among others, the recharge of costs related to electricity and gas tariffs, storage and logistics services, freight and transportation services. Other operating income \u2013 others include mainly the recharge of costs related to freight and other costs and charges to third party for the use of gas assets associated with the upstream segment activity. In 2022, Sales - Goods included a negative effect of \u20ac401 m regarding an adjustment of the price of gas sold due to the settlement of Futures (Note 19). Earnings from associate and joint ventures of \u20ac49 m includes Galp\u2019s share of the results (equity method) of associates and joint ventures amounting to \u20ac10 m (Note 9) and a gain of \u20ac39 m mainly resulting from a partial reversion of the provision of CESE I assumed by Galp in relation to Floene Energias, S.A. (\u20ac44 m) and an impairment of \u20ac5 m regarding a minority stake held in a research entity. 25. Costs and Expenses The operating costs for the years ended 31 December 2023 and 2022 were as follows: Unit: \u20acm Notes 2023 2022 Total costs and expenditure: 18,807 24,942 Cost of sales 14,580 20,920 Raw and subsidiary materials 3,123 4,352 Goods 8,837 13,682 Tax on oil products 2,494 2,402 Variation in production 121 (304) Write downs on inventories 10 (36) 70 Costs with the emissions of CO2 74 81 Financial derivatives 19 (33) 640 Exchange differences (0) (2) External supplies and services 2,224 1,888 Subcontracts \u2013 network use 88 176 Transport of goods 338 249 E&P \u2013 production costs 392 167 Royalties 282 345 E&P \u2013 exploration costs 14 25 Other costs 1,110 926 Employee costs 26 450 370 Amortisation, depreciation and impairment losses on fixed assets 5/6/7 987 1,380 Provision and impairment losses on receivables 11/18 162 133 Other costs 189 88 Other taxes 49 39 Other operating costs 140 49 Financial expenses 27 215 164 The heading \u201csubcontracts \u2013 network use\u201d refers to charges for the use of: (i) the distribution network (URD); (ii) the transportation network (URT); and (iii) the global system (UGS) as included in the tariffs. The amount of \u20ac282 m of royalties mainly relates to the exploration and production of oil and gas in Brazil. Royalties are calculated taking into account an applicable rate of 10% for the production volumes in proportion to Galp\u2019s share valued at ANP\u2019s reference price. \u201cOther costs\u201d include, among others, subcontracts and specialized services, freight costs, lease rents, insurance costs, electricity, steam, water and fuel costs, storage costs and maintenance and repair. Financial derivatives include the financial settlement of derivatives, with the exception of FX derivatives which are recognized in other cost (positive \u20ac5 m) (2022: \u20ac59 m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25477": {
"value": "24. Revenue and IncomeUnit: \u20acm Notes 2023 2022 21,394 28,188 Total sales 20,455 26,485 Goods 10,121 14,875 Products 10,333 11,609 Services rendered 314 355 Other operating income 441 321 Underlifting income 24 55 Others 417 265 Earnings from associates and joint ventures 9 49 152 Financial income 27 134 877 Services rendered include, among others, the recharge of costs related to electricity and gas tariffs, storage and logistics services, freight and transportation services. Other operating income \u2013 others include mainly the recharge of costs related to freight and other costs and charges to third party for the use of gas assets associated with the upstream segment activity. In 2022, Sales - Goods included a negative effect of \u20ac401 m regarding an adjustment of the price of gas sold due to the settlement of Futures (Note 19). Earnings from associate and joint ventures of \u20ac49 m includes Galp\u2019s share of the results (equity method) of associates and joint ventures amounting to \u20ac10 m (Note 9) and a gain of \u20ac39 m mainly resulting from a partial reversion of the provision of CESE I assumed by Galp in relation to Floene Energias, S.A. (\u20ac44 m) and an impairment of \u20ac5 m regarding a minority stake held in a research entity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25561": {
"value": "25. Costs and Expenses The operating costs for the years ended 31 December 2023 and 2022 were as follows: Unit: \u20acm Notes 2023 2022 Total costs and expenditure: 18,807 24,942 Cost of sales 14,580 20,920 Raw and subsidiary materials 3,123 4,352 Goods 8,837 13,682 Tax on oil products 2,494 2,402 Variation in production 121 (304) Write downs on inventories 10 (36) 70 Costs with the emissions of CO2 74 81 Financial derivatives 19 (33) 640 Exchange differences (0) (2) External supplies and services 2,224 1,888 Subcontracts \u2013 network use 88 176 Transport of goods 338 249 E&P \u2013 production costs 392 167 Royalties 282 345 E&P \u2013 exploration costs 14 25 Other costs 1,110 926 Employee costs 26 450 370 Amortisation, depreciation and impairment losses on fixed assets 5/6/7 987 1,380 Provision and impairment losses on receivables 11/18 162 133 Other costs 189 88 Other taxes 49 39 Other operating costs 140 49 Financial expenses 27 215 164 The heading \u201csubcontracts \u2013 network use\u201d refers to charges for the use of: (i) the distribution network (URD); (ii) the transportation network (URT); and (iii) the global system (UGS) as included in the tariffs. The amount of \u20ac282 m of royalties mainly relates to the exploration and production of oil and gas in Brazil. Royalties are calculated taking into account an applicable rate of 10% for the production volumes in proportion to Galp\u2019s share valued at ANP\u2019s reference price. \u201cOther costs\u201d include, among others, subcontracts and specialized services, freight costs, lease rents, insurance costs, electricity, steam, water and fuel costs, storage costs and maintenance and repair. Financial derivatives include the financial settlement of derivatives, with the exception of FX derivatives which are recognized in other cost (positive \u20ac5 m) (2022: \u20ac59 m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25562": {
"value": "25. Costs and Expenses The operating costs for the years ended 31 December 2023 and 2022 were as follows: Unit: \u20acm Notes 2023 2022 Total costs and expenditure: 18,807 24,942 Cost of sales 14,580 20,920 Raw and subsidiary materials 3,123 4,352 Goods 8,837 13,682 Tax on oil products 2,494 2,402 Variation in production 121 (304) Write downs on inventories 10 (36) 70 Costs with the emissions of CO2 74 81 Financial derivatives 19 (33) 640 Exchange differences (0) (2) External supplies and services 2,224 1,888 Subcontracts \u2013 network use 88 176 Transport of goods 338 249 E&P \u2013 production costs 392 167 Royalties 282 345 E&P \u2013 exploration costs 14 25 Other costs 1,110 926 Employee costs 26 450 370 Amortisation, depreciation and impairment losses on fixed assets 5/6/7 987 1,380 Provision and impairment losses on receivables 11/18 162 133 Other costs 189 88 Other taxes 49 39 Other operating costs 140 49 Financial expenses 27 215 164 The heading \u201csubcontracts \u2013 network use\u201d refers to charges for the use of: (i) the distribution network (URD); (ii) the transportation network (URT); and (iii) the global system (UGS) as included in the tariffs. The amount of \u20ac282 m of royalties mainly relates to the exploration and production of oil and gas in Brazil. Royalties are calculated taking into account an applicable rate of 10% for the production volumes in proportion to Galp\u2019s share valued at ANP\u2019s reference price. \u201cOther costs\u201d include, among others, subcontracts and specialized services, freight costs, lease rents, insurance costs, electricity, steam, water and fuel costs, storage costs and maintenance and repair. Financial derivatives include the financial settlement of derivatives, with the exception of FX derivatives which are recognized in other cost (positive \u20ac5 m) (2022: \u20ac59 m). 26. Employee costsUnit: \u20acm Notes 2023 2022 Employee costs 450 369 Capitalised employee costs 0 0 Total employee costs for the year 450 369 Statutory board salaries 5 8 Employee salaries 336 274 Social charges 76 63 Retirement benefits \u2013 pensions and insurance 17 8 4 Other insurances 13 11 Exchange differences 0 0 Other costs 12 10 Remuneration of the Board Members 5 8 Galp Energia SGPS Board Members 4 6 Salaries and cash bonuses 3 5 Pension funds contribution 1 1 Subsidiaries Board Members 1 1 Salaries and cash bonuses 1 1 Year-end number of full-time employees 7,054 6,715 The share-based employee compensation plans are the long-term incentive (LTI). Awards of shares of the Company under the LTI are granted upon certain conditions to eligible employees. The actual number of shares that may vest ranges from 0% to 160% of the awards, depending on the outcome of the prescribed performance conditions over a three-year period beginning on January 1 of the award year. The LTI plan comprises a 3 year rolling incentives plan, whereas in each year an incentives plan will be concluded and fulfilled by delivering Galp Energia SGPS, S.A. own stock. Total cumulative amount booked in Equity with the share-based payment plan is \u20ac25 m on 31 December 2023 and the amount recognised as cost was \u20ac23 m. Other former LTI plans to employees that were paid in cash were cancelled. LTI plans by triennium and cumulative amounts recognised in Equity against P&L as at: Unit: \u20acm 2023 Total 25 Plan 1 (2021-2023) 8 Plan 2 (2022-2024) 13 Plan 3 (2023-2025) 4 27. Financial income and expensesUnit: \u20acm Notes 2023 2022 (81) 713 Financial income 134 877 Interest on bank deposits 108 51 Interest and other income with related companies 21 11 Other financial income 5 9 Results from derivative financial instruments 19 0 806 Financial expenses (215) (164) Interest on bank loans, bonds, overdrafts and others (121) (61) Interest on related party loans 0 (1) Interest capitalized in fixed assets 5 49 30 Interest on lease liabilities 7 (102) (85) Net interest on retirement and other benefits 17 (7) (3) Charges relating to loans, bonds and credit lines (10) (10) Exchange gains/(losses) 29 (8) Results from derivative financial instruments 19 (22) 0 Other financial costs (32) (26) In previous year, Financial income of \u20ac877 m relate mostly to Results from derivative financial instruments \u20ac806 m. This gain arose mostly due to derivatives that were liabilities in 2021 (losses) maturing during 2022 with the realized MTM losses being presented in cost of sales and sales. The negative impact of the settlement of derivatives (\u20ac983 m) in relation with financial net settlement is reflected in Cost of Sales (negative \u20ac640 m) (Note 25), settlement of FX derivatives (positive \u20ac59 m) is reflected in other costs (Note 25) and physical settlement of derivatives with gas sold (negative \u20ac401 m) in Sales (Note 24). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25563": {
"value": "25. Costs and Expenses The operating costs for the years ended 31 December 2023 and 2022 were as follows: Unit: \u20acm Notes 2023 2022 Total costs and expenditure: 18,807 24,942 Cost of sales 14,580 20,920 Raw and subsidiary materials 3,123 4,352 Goods 8,837 13,682 Tax on oil products 2,494 2,402 Variation in production 121 (304) Write downs on inventories 10 (36) 70 Costs with the emissions of CO2 74 81 Financial derivatives 19 (33) 640 Exchange differences (0) (2) External supplies and services 2,224 1,888 Subcontracts \u2013 network use 88 176 Transport of goods 338 249 E&P \u2013 production costs 392 167 Royalties 282 345 E&P \u2013 exploration costs 14 25 Other costs 1,110 926 Employee costs 26 450 370 Amortisation, depreciation and impairment losses on fixed assets 5/6/7 987 1,380 Provision and impairment losses on receivables 11/18 162 133 Other costs 189 88 Other taxes 49 39 Other operating costs 140 49 Financial expenses 27 215 164 The heading \u201csubcontracts \u2013 network use\u201d refers to charges for the use of: (i) the distribution network (URD); (ii) the transportation network (URT); and (iii) the global system (UGS) as included in the tariffs. The amount of \u20ac282 m of royalties mainly relates to the exploration and production of oil and gas in Brazil. Royalties are calculated taking into account an applicable rate of 10% for the production volumes in proportion to Galp\u2019s share valued at ANP\u2019s reference price. \u201cOther costs\u201d include, among others, subcontracts and specialized services, freight costs, lease rents, insurance costs, electricity, steam, water and fuel costs, storage costs and maintenance and repair. Financial derivatives include the financial settlement of derivatives, with the exception of FX derivatives which are recognized in other cost (positive \u20ac5 m) (2022: \u20ac59 m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25671": {
"value": "26. Employee costsShare-based payments The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments on the date which they are granted and is recognised as an expense from the date of grant over the vesting period with a corresponding increase (credit) directly in equity. Galp measure the fair value of the services received by reference to the fair value of the equity instruments granted. The cost of cash-settled transactions is recognized as an expense over the vesting period, measured by reference to the fair value of the corresponding liability which is recognized on the financial position (as other payables). The liability is remeasured at fair value at each balance sheet date until settlement, with changes in fair value recognised in income statements (as employee costs). The share-based employee compensation plans are the long-term incentive (LTI). Awards of shares of the Company under the LTI are granted upon certain conditions to eligible employees. The actual number of shares that may vest ranges from 0% to 160% of the awards, depending on the outcome of the prescribed performance conditions over a three-year period beginning on January 1 of the award year. The LTI plan comprises a 3 year rolling incentives plan, whereas in each year an incentives plan will be concluded and fulfilled by delivering Galp Energia SGPS, S.A. own stock. Total cumulative amount booked in Equity with the share-based payment plan is \u20ac25 m on 31 December 2023 and the amount recognised as cost was \u20ac23 m. Other former LTI plans to employees that were paid in cash were cancelled. LTI plans by triennium and cumulative amounts recognised in Equity against P&L as at: Unit: \u20acm 2023 Total 25 Plan 1 (2021-2023) 8 Plan 2 (2022-2024) 13 Plan 3 (2023-2025) 4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25672": {
"value": "26. Employee costsRemuneration of the Board of Directors In accordance with the current policy, the remuneration of Galp\u2019s Corporate Board members includes all the remuneration due for the positions held in Group companies and all accrued amounts related to the current period. Share-based payments The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments on the date which they are granted and is recognised as an expense from the date of grant over the vesting period with a corresponding increase (credit) directly in equity. Galp measure the fair value of the services received by reference to the fair value of the equity instruments granted. The cost of cash-settled transactions is recognized as an expense over the vesting period, measured by reference to the fair value of the corresponding liability which is recognized on the financial position (as other payables). The liability is remeasured at fair value at each balance sheet date until settlement, with changes in fair value recognised in income statements (as employee costs). Unit: \u20acm Notes 2023 2022 Employee costs 450 369 Capitalised employee costs 0 0 Total employee costs for the year 450 369 Statutory board salaries 5 8 Employee salaries 336 274 Social charges 76 63 Retirement benefits \u2013 pensions and insurance 17 8 4 Other insurances 13 11 Exchange differences 0 0 Other costs 12 10 Remuneration of the Board Members 5 8 Galp Energia SGPS Board Members 4 6 Salaries and cash bonuses 3 5 Pension funds contribution 1 1 Subsidiaries Board Members 1 1 Salaries and cash bonuses 1 1 Year-end number of full-time employees 7,054 6,715 The share-based employee compensation plans are the long-term incentive (LTI). Awards of shares of the Company under the LTI are granted upon certain conditions to eligible employees. The actual number of shares that may vest ranges from 0% to 160% of the awards, depending on the outcome of the prescribed performance conditions over a three-year period beginning on January 1 of the award year. The LTI plan comprises a 3 year rolling incentives plan, whereas in each year an incentives plan will be concluded and fulfilled by delivering Galp Energia SGPS, S.A. own stock. Total cumulative amount booked in Equity with the share-based payment plan is \u20ac25 m on 31 December 2023 and the amount recognised as cost was \u20ac23 m. Other former LTI plans to employees that were paid in cash were cancelled. LTI plans by triennium and cumulative amounts recognised in Equity against P&L as at: Unit: \u20acm 2023 Total 25 Plan 1 (2021-2023) 8 Plan 2 (2022-2024) 13 Plan 3 (2023-2025) 4 29. Related party transactions Accounting policies A related party is a person or entity that is related to the entity preparing its financial statements, as follows: (a) A person or a close member of that person's family is related to a reporting entity if that person: (i) has control or joint control over the reporting entity; (ii) has significant influence over the reporting entity; or (iii) is a member of the key management personnel of the reporting entity or of a parent of the reporting entity. (b) An entity is related to a reporting entity if any of the following conditions applies: (i) The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others); (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member); (iii) Both entities are joint ventures of the same third party; (iv) One entity is a joint venture of a third entity, and the other entity is an associate of the third entity; (v) The entity is a post-employment defined benefit plan for the benefit of the employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity; (vi) The entity is controlled or jointly controlled by a person identified in (a); (vii) a person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). The Group has had the following material transactions with related parties: Unit: \u20acm 2023 2022 Current Non-current Current Non-current Assets: 64 168 53 29 Associates 61 0 48 29 Joint ventures 1 169 3 0 Other related entities 2 0 2 0 Unit: \u20acm 2023 2022 Current Non-current Current Non-current Liabilities: (102) (26) (68) (53) Associates (5) (26) (3) (53) Joint Ventures (59) 0 (44) 0 Winland International Petroleum, S.A.R.L. (37) 0 (20) 0 Other related entities (1) 0 (1) 0 Unit: \u20acm 2023 2022 Purchases Operating cost/income Financial costs/income Purchases Operating cost/income Financial costs/income Transactions: 0 (36) 13 (2) (18) 0 Associates 0 (28) 4 (2) (34) 0 Joint Ventures 0 (15) 9 0 (11) 0 Other related entities 0 7 0 0 27 0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25673": {
"value": "26. Employee costsRemuneration of the Board of Directors In accordance with the current policy, the remuneration of Galp\u2019s Corporate Board members includes all the remuneration due for the positions held in Group companies and all accrued amounts related to the current period. Share-based payments The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments on the date which they are granted and is recognised as an expense from the date of grant over the vesting period with a corresponding increase (credit) directly in equity. Galp measure the fair value of the services received by reference to the fair value of the equity instruments granted. The cost of cash-settled transactions is recognized as an expense over the vesting period, measured by reference to the fair value of the corresponding liability which is recognized on the financial position (as other payables). The liability is remeasured at fair value at each balance sheet date until settlement, with changes in fair value recognised in income statements (as employee costs). Unit: \u20acm Notes 2023 2022 Employee costs 450 369 Capitalised employee costs 0 0 Total employee costs for the year 450 369 Statutory board salaries 5 8 Employee salaries 336 274 Social charges 76 63 Retirement benefits \u2013 pensions and insurance 17 8 4 Other insurances 13 11 Exchange differences 0 0 Other costs 12 10 Remuneration of the Board Members 5 8 Galp Energia SGPS Board Members 4 6 Salaries and cash bonuses 3 5 Pension funds contribution 1 1 Subsidiaries Board Members 1 1 Salaries and cash bonuses 1 1 Year-end number of full-time employees 7,054 6,715 The share-based employee compensation plans are the long-term incentive (LTI). Awards of shares of the Company under the LTI are granted upon certain conditions to eligible employees. The actual number of shares that may vest ranges from 0% to 160% of the awards, depending on the outcome of the prescribed performance conditions over a three-year period beginning on January 1 of the award year. The LTI plan comprises a 3 year rolling incentives plan, whereas in each year an incentives plan will be concluded and fulfilled by delivering Galp Energia SGPS, S.A. own stock. Total cumulative amount booked in Equity with the share-based payment plan is \u20ac25 m on 31 December 2023 and the amount recognised as cost was \u20ac23 m. Other former LTI plans to employees that were paid in cash were cancelled. LTI plans by triennium and cumulative amounts recognised in Equity against P&L as at: Unit: \u20acm 2023 Total 25 Plan 1 (2021-2023) 8 Plan 2 (2022-2024) 13 Plan 3 (2023-2025) 4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25674": {
"value": "26. Employee costsUnit: \u20acm Notes 2023 2022 Employee costs 450 369 Capitalised employee costs 0 0 Total employee costs for the year 450 369 Statutory board salaries 5 8 Employee salaries 336 274 Social charges 76 63 Retirement benefits \u2013 pensions and insurance 17 8 4 Other insurances 13 11 Exchange differences 0 0 Other costs 12 10 Remuneration of the Board Members 5 8 Galp Energia SGPS Board Members 4 6 Salaries and cash bonuses 3 5 Pension funds contribution 1 1 Subsidiaries Board Members 1 1 Salaries and cash bonuses 1 1 Year-end number of full-time employees 7,054 6,715 The share-based employee compensation plans are the long-term incentive (LTI). Awards of shares of the Company under the LTI are granted upon certain conditions to eligible employees. The actual number of shares that may vest ranges from 0% to 160% of the awards, depending on the outcome of the prescribed performance conditions over a three-year period beginning on January 1 of the award year. The LTI plan comprises a 3 year rolling incentives plan, whereas in each year an incentives plan will be concluded and fulfilled by delivering Galp Energia SGPS, S.A. own stock. Total cumulative amount booked in Equity with the share-based payment plan is \u20ac25 m on 31 December 2023 and the amount recognised as cost was \u20ac23 m. Other former LTI plans to employees that were paid in cash were cancelled. LTI plans by triennium and cumulative amounts recognised in Equity against P&L as at: Unit: \u20acm 2023 Total 25 Plan 1 (2021-2023) 8 Plan 2 (2022-2024) 13 Plan 3 (2023-2025) 4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25799": {
"value": "27. Financial income and expenses Accounting policies Financial income and expenses include interest on loans and bonds, leasing and retirement and other benefit plans. Other financial income and expenses from other financial assets or liabilities are not included in this caption. The financial charges on loans obtained are recorded as financial expenses on an accruals basis. Financial charges arising from general and specific loans obtained to finance investments in fixed assets are assigned to tangible and intangible assets in progress, in proportion to the total expenses incurred on those investments net of investment government grants, until the commencement of operations. The remainder is recognized under the heading of financial expenses in the income statement for the year. Any interest income from loans directly related to the financing of fixed assets which are in the process of construction is deducted from the financial charges capitalized. Those financial charges included within fixed assets are depreciated over the useful lives of the respective assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25800": {
"value": "27. Financial income and expenses Accounting policies Financial income and expenses include interest on loans and bonds, leasing and retirement and other benefit plans. Other financial income and expenses from other financial assets or liabilities are not included in this caption. The financial charges on loans obtained are recorded as financial expenses on an accruals basis. Financial charges arising from general and specific loans obtained to finance investments in fixed assets are assigned to tangible and intangible assets in progress, in proportion to the total expenses incurred on those investments net of investment government grants, until the commencement of operations. The remainder is recognized under the heading of financial expenses in the income statement for the year. Any interest income from loans directly related to the financing of fixed assets which are in the process of construction is deducted from the financial charges capitalized. Those financial charges included within fixed assets are depreciated over the useful lives of the respective assets. Unit: \u20acm Notes 2023 2022 (81) 713 Financial income 134 877 Interest on bank deposits 108 51 Interest and other income with related companies 21 11 Other financial income 5 9 Results from derivative financial instruments 19 0 806 Financial expenses (215) (164) Interest on bank loans, bonds, overdrafts and others (121) (61) Interest on related party loans 0 (1) Interest capitalized in fixed assets 5 49 30 Interest on lease liabilities 7 (102) (85) Net interest on retirement and other benefits 17 (7) (3) Charges relating to loans, bonds and credit lines (10) (10) Exchange gains/(losses) 29 (8) Results from derivative financial instruments 19 (22) 0 Other financial costs (32) (26) In previous year, Financial income of \u20ac877 m relate mostly to Results from derivative financial instruments \u20ac806 m. This gain arose mostly due to derivatives that were liabilities in 2021 (losses) maturing during 2022 with the realized MTM losses being presented in cost of sales and sales. The negative impact of the settlement of derivatives (\u20ac983 m) in relation with financial net settlement is reflected in Cost of Sales (negative \u20ac640 m) (Note 25), settlement of FX derivatives (positive \u20ac59 m) is reflected in other costs (Note 25) and physical settlement of derivatives with gas sold (negative \u20ac401 m) in Sales (Note 24). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25801": {
"value": "27. Financial income and expenses Accounting policies Financial income and expenses include interest on loans and bonds, leasing and retirement and other benefit plans. Other financial income and expenses from other financial assets or liabilities are not included in this caption. The financial charges on loans obtained are recorded as financial expenses on an accruals basis. Financial charges arising from general and specific loans obtained to finance investments in fixed assets are assigned to tangible and intangible assets in progress, in proportion to the total expenses incurred on those investments net of investment government grants, until the commencement of operations. The remainder is recognized under the heading of financial expenses in the income statement for the year. Any interest income from loans directly related to the financing of fixed assets which are in the process of construction is deducted from the financial charges capitalized. Those financial charges included within fixed assets are depreciated over the useful lives of the respective assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25802": {
"value": "27. Financial income and expenses Accounting policies Financial income and expenses include interest on loans and bonds, leasing and retirement and other benefit plans. Other financial income and expenses from other financial assets or liabilities are not included in this caption. The financial charges on loans obtained are recorded as financial expenses on an accruals basis. Financial charges arising from general and specific loans obtained to finance investments in fixed assets are assigned to tangible and intangible assets in progress, in proportion to the total expenses incurred on those investments net of investment government grants, until the commencement of operations. The remainder is recognized under the heading of financial expenses in the income statement for the year. Any interest income from loans directly related to the financing of fixed assets which are in the process of construction is deducted from the financial charges capitalized. Those financial charges included within fixed assets are depreciated over the useful lives of the respective assets. Unit: \u20acm Notes 2023 2022 (81) 713 Financial income 134 877 Interest on bank deposits 108 51 Interest and other income with related companies 21 11 Other financial income 5 9 Results from derivative financial instruments 19 0 806 Financial expenses (215) (164) Interest on bank loans, bonds, overdrafts and others (121) (61) Interest on related party loans 0 (1) Interest capitalized in fixed assets 5 49 30 Interest on lease liabilities 7 (102) (85) Net interest on retirement and other benefits 17 (7) (3) Charges relating to loans, bonds and credit lines (10) (10) Exchange gains/(losses) 29 (8) Results from derivative financial instruments 19 (22) 0 Other financial costs (32) (26) In previous year, Financial income of \u20ac877 m relate mostly to Results from derivative financial instruments \u20ac806 m. This gain arose mostly due to derivatives that were liabilities in 2021 (losses) maturing during 2022 with the realized MTM losses being presented in cost of sales and sales. The negative impact of the settlement of derivatives (\u20ac983 m) in relation with financial net settlement is reflected in Cost of Sales (negative \u20ac640 m) (Note 25), settlement of FX derivatives (positive \u20ac59 m) is reflected in other costs (Note 25) and physical settlement of derivatives with gas sold (negative \u20ac401 m) in Sales (Note 24). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25803": {
"value": "27. Financial income and expenses Accounting policies Financial income and expenses include interest on loans and bonds, leasing and retirement and other benefit plans. Other financial income and expenses from other financial assets or liabilities are not included in this caption. The financial charges on loans obtained are recorded as financial expenses on an accruals basis. Financial charges arising from general and specific loans obtained to finance investments in fixed assets are assigned to tangible and intangible assets in progress, in proportion to the total expenses incurred on those investments net of investment government grants, until the commencement of operations. The remainder is recognized under the heading of financial expenses in the income statement for the year. Any interest income from loans directly related to the financing of fixed assets which are in the process of construction is deducted from the financial charges capitalized. Those financial charges included within fixed assets are depreciated over the useful lives of the respective assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25805": {
"value": "27. Financial income and expensesUnit: \u20acm Notes 2023 2022 (81) 713 Financial income 134 877 Interest on bank deposits 108 51 Interest and other income with related companies 21 11 Other financial income 5 9 Results from derivative financial instruments 19 0 806 Financial expenses (215) (164) Interest on bank loans, bonds, overdrafts and others (121) (61) Interest on related party loans 0 (1) Interest capitalized in fixed assets 5 49 30 Interest on lease liabilities 7 (102) (85) Net interest on retirement and other benefits 17 (7) (3) Charges relating to loans, bonds and credit lines (10) (10) Exchange gains/(losses) 29 (8) Results from derivative financial instruments 19 (22) 0 Other financial costs (32) (26) In previous year, Financial income of \u20ac877 m relate mostly to Results from derivative financial instruments \u20ac806 m. This gain arose mostly due to derivatives that were liabilities in 2021 (losses) maturing during 2022 with the realized MTM losses being presented in cost of sales and sales. The negative impact of the settlement of derivatives (\u20ac983 m) in relation with financial net settlement is reflected in Cost of Sales (negative \u20ac640 m) (Note 25), settlement of FX derivatives (positive \u20ac59 m) is reflected in other costs (Note 25) and physical settlement of derivatives with gas sold (negative \u20ac401 m) in Sales (Note 24). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f25896": {
"value": "28. Commitments The total contractual obligations and recognized non-current liabilities can be specified as follows (payments due for each period): Unit: \u20acm 1-3 years 4-5 years More than 5 years Total Total obligation recognized in the statement of financial position 78 38 101 216 Post-employment benefits 43 16 1 60 Other benefits 35 22 99 157 Total obligation not recognized in the statement of financial position 3,092 861 10,867 14,820 Natural gas purchases 4,134 1,789 13,772 19,695 Natural gas sales (1,042) (928) (2,905) (4,874) These contracts require a minimum purchase quantity and are subject to price revision mechanisms indexed to international oil/gas quotes. The amounts were calculated based on the outstanding period of time of each of the different contracts, and management assumption of future natural gas prices as of 31 December 2023. As part of its ongoing business operations, the Group has entered into agreements where commitments have been given for commercial, regulatory or other operational purposes. As of 31 December 2023 and 2022 obligations subject to collaterals granted are as follows: Unit: \u20acm 2023 2022 Guarantees provided 10,956 9,492 Rio Grande LNG, LLC 1,962 2,032 Venture Global, LLC 1,810 1,875 Charter Agreement FPSO 1,778 1,516 Coral South FLNG project 445 472 Grenergy 155 155 Cercena Investments, S.L.U. 125 151 Solar power guarantees given to government agencies 75 53 Brazilian ANP 50 23 Petrobras 35 38 Others related to core activities 4,521 3,177 Under the contracts with Venture Global LLC and Rio Grande LNG LLC, related to the LNG Sales and Purchase Agreement, Galp provided a Parent Company Guarantee in the total amount of the contract \u20ac1,810 m (2022: \u20ac1,875 m) and \u20ac1,962 m (2022: \u20ac2,032 m), respectively. Related to the six charter agreements for FPSOs, Galp provided a Parent Company Guarantee amounting to \u20ac1,778 m (2022: \u20ac1,516 m), in the name of Tupi, B.V., which represents Galp\u2019s proportion of the BM-S-11 consortium. Under the financing of the Coral South FLNG project, Galp Energia SGPS S.A. is providing a Parent Company Guarantee related to the Debt Service Undertaking (DSU) agreement, on the total outstanding debt amount at any time in proportion to its participation. This guarantee expires at the time of the Actual Completion Date (estimated for the year 2024) if no obligations are outstanding under the DSU. As of 31 December 2023, Galp\u2019s stake in the obligation amounted to \u20ac401 m (2022: \u20ac425 m). Also within the scope of this financing, Galp Energia SGPS S.A. provides a guarantee covering 1/9 of the DSU on behalf of ENH Empresa Nacional de Hidrocarbonetos (ENH), one of consortium members of the Coral South FLNG project, which corresponds to Galp\u2019s share of the consortium, excluding ENH. As of 31 December 2023, Galp\u2019s stake in the responsibility taken on in relation to ENH amounts to \u20ac45 m (2022: \u20ac48 m). The Group has entered into Power Purchase Agreement (PPA) with X-Elio (aka Cercena Investments) and Grenergy to supply solar energy for which it has provided Parent Company Guarantees amounting to \u20ac125 m and \u20ac155 m, respectively (2022: \u20ac151 m and \u20ac155 m, respectively). The collateral granted to Petr\u00f3leo Brasileiro S.A. (\u201cPetrobras\u201d) amounting to \u20ac35 m is due to guarantees for gas supply contracts from the development modules of Lula Pilot and Lula NE. The collateral for crude oil exploration concession agreements has been granted to the Brazilian Agency of Petroleum, Natural Gas and Biofuels (\u201cANP\u201d), for an amount of \u20ac50 m (2022: \u20ac23 m). The collateral has been granted in connection with the Minimum Exploration Programmes where Galp, as a consortium member, is required to perform certain seismic and drilling and well activities during the exploration period. Other guarantees related to core activities are essentially in relation to commercial and oil trading activity. The increase of the amount in guarantees is due to guarantees given for commercial activity. Galp Group has financial debt that, in some cases, have covenants that can, if triggered by banks, lead to the early repayment of debt amounts. As of 31 December 2023, the total debt amounted to \u20ac3.6 bn, of which \u20ac2bn with covenants. The existing covenants are essentially designed to ensure compliance with financial ratios that monitor the financial position of the Company, including its ability to service debt. The Total Net Debt to consolidated EBITDA RC (excluding leases - IFRS 16) ratio is the most frequently used and, as of 31 December 2023 was 0.37 x in accordance with the methodology stated in the loan agreements. The ratio stipulated in the contracts in general must be equal or below the range of 3.25 \u2013 3.75 x EBITDA. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f26030": {
"value": "29. Related party transactions Accounting policies A related party is a person or entity that is related to the entity preparing its financial statements, as follows: (a) A person or a close member of that person's family is related to a reporting entity if that person: (i) has control or joint control over the reporting entity; (ii) has significant influence over the reporting entity; or (iii) is a member of the key management personnel of the reporting entity or of a parent of the reporting entity. (b) An entity is related to a reporting entity if any of the following conditions applies: (i) The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others); (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member); (iii) Both entities are joint ventures of the same third party; (iv) One entity is a joint venture of a third entity, and the other entity is an associate of the third entity; (v) The entity is a post-employment defined benefit plan for the benefit of the employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity; (vi) The entity is controlled or jointly controlled by a person identified in (a); (vii) a person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f26155": {
"value": "30. Environmental matters Greenhouse gas emissions (CO2 emissions) Accounting policies Galp makes judgements and estimations for the calculation of environmental obligations such as those resulting from greenhouse gas (CO2) emissions. Galp receives annually free licenses, Emission Unit allowances (EUA), from the Portuguese Environment Agency to meet the emission of greenhouse gases. If the free allowances are insufficient to meet greenhouse gas emissions, Galp may purchase complementary allowances (EUA) assuming a cost that is recorded under \u201cCost of sales \u2013 Cost with the emissions of CO2\u201d. However, if greenhouse gas emissions are higher than the equivalent of the allowances in the portfolio at the end of the financial year, a cost is specialized for the best estimate of the expenditure to be made at the spot market quotation of the allowances. CO2 emissions from the Group\u2019s industrial installations and CO2 allowances allocated to it under the National CO2 Allowance Allocation Plan do not give rise to any asset recognition, provided that: (i) the existence of costs to be incurred by the Group with the acquisition of emission allowances on the market is not estimated, situation in which a cost specialization is recognized or; (ii) it is considered that they are not sold. In case of surpluses and sale of these allowances a profit is recognized. Galp has recognized in \u201cCost of sales \u2013 Costs with the emissions of CO2\u201d an amount of \u20ac74 m (Note 25). As of 31 December 2023, the certificates held in the portfolio are recognized in \u201cOther receivables \u2013 Deferred charges \u2013 Other deferred charges\u201d, amounting to \u20ac73 m (2022: \u20ac85 m) (Note 11) and the estimated cost to cover the shortage of certificates in \u201cOther payables \u2013 Accrued costs \u2013 other accrued costs\u201d, amounting to \u20ac74 m (2022: \u20ac87 m) (Note 15). CO2 allowances (portfolio of allowances held) and the liability for CO2 emissions are both derecognized on the settlement of the liability (which usually occurs in the following year with the delivery of the respective allowances) with the official environment agency. Biofuels certificates Accounting policies In the absence of specific guidance on the accounting of biofuel certificates, IAS 20 allows non-monetary government grants and related assets (in this case biofuel certificates) received to be measured at nominal value. Biofuel certificates awarded free of charge by ENSE, E.P.E. (National Energy Sector Entity, E.P.E.) are recognized at nominal value (i.e. at zero value). The obligation for biofuels is recognized under \u201cOther payables\u201d when the obligation arises under local regulations. To the extent that covered by the biofuel certificates held for the purposes of legal compliance, liability is measured according to the value of those certificates held and the remaining part not covered at market value. Biofuel certificates and biofuel liability are both derecognized on the settlement of the liability with the government environment agency. Annually, national targets and obligations for biofuel incorporation are defined. Biofuels are mixed with existing fuels, such as petrol and diesel, to reduce net emissions. The biofuel quota in the total fuel sales mix is used to meet regulatory requirements. This can be achieved by mixing biofuels in refineries and/or distribution warehouses, by importing biofuels (to jurisdictions granting biofuel certificates at the point of importation) or by purchasing certificated from third parties (for jurisdictions that have a tradable biofuel certificate mechanism). As of 31 December 2023, the following impacts were recognized on the financial statements: \u2022 Operating cost \u2013 recognized under \"Cost of sales\": \u20ac125 m (2022: \u20ac172 m) \u2022 Asset (arising from the purchase of certificates) \u2013 recognized under \"Inventories\": \u20ac17 m (2022: \u20ac20 m) \u2022 Liabilities \u2013 recognized under \"Other payables \u2013 Accrued costs \u2013 other accrued costs\": \u20ac0 m (2022: \u20ac0 m) ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f27092": {
"value": "32. Subsequent events Accounting policy Events occurring after the date of the financial statements and which provide indications of conditions that exist after the date of the financial statements, if material, are disclosed in the Notes to the consolidated financial statements. Shares buyback programme 2024 On 12 February 2024, Galp has announced the start of a \u20ac350 m share repurchase of Galp Energia SGPS, S.A. shares with the purpose to reduce the issued share capital of the Company, following the capital allocation guidelines related to the 2023 fiscal year and the authorisations in place. The buyback is planned to be done in 2024. In addition, Galp\u2019s Board of Directors has approved a share-based remuneration plan as part of the Company\u2019s long-term incentives. Hence, Galp will also repurchase shares for such purpose, up to 1% of the share capital as per the authorisations in place. Namibia Exploration (PEL 83) Galp together with its partners, has drilled and logged the first exploration well (Mopane-1X) in block PEL83, offshore Namibia, which had begun in November 2023. Galp confirmed on 10 January 2024 the discovery of a significant column of light oil in reservoir-bearing sands of high quality. In addition, on 14 March 2024, Galp has successfully drilled the second exploration well (Mopane-2X), discovering a significant column with light oil in reservoirs of high quality. No impact on the Consolidated Statement of Income, Consolidated Statements of Financial Position or Consolidated Statement of Cash Flows from the events mentioned above. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f27122": {
"value": "33. Approval of the consolidated financial statements The consolidated financial statements were approved by the Board of Directors on 5 April 2024. However, they are still subject to approval by the General Meeting of Shareholders, in accordance with the commercial law applicable in Portugal. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138003319Y7NM75FG53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}