Galp Energia SGPS SA Q2 2020 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Joshua Eliot Dweck Stone - Barclays Bank PLC, Research Division - Analyst : I've got 2 questions, please. First, just going back on the cash flow. Certainly, it was particularly weak during the first half of the year. You've highlighted a number of factors, you had timing effects on working capital. Is there a number we should be adding back to get to an underlying cash flow, if I look at that EUR 404 million on the Slide 12 of CFFO? Are you thinking about adding something back to help us with those moving parts? And then secondly, on the commercial business, it does look like margins have been pretty resilient despite the lockdown. The fall in earnings has pretty much matched the fall in volumes. So can you talk about what's driving this and how you managed to perform so well?

Question: Jorge Guimarpes - JB Capital Markets, Sociedad de Valores, S.A., Research Division - Analyst : I have 3. Firstly, is it possible to give us some visibility about how volumes are evolving in July in Portugal and in Spain, mainly in the context of concerns about tourists? The second one would be related on your CapEx comments, CapEx and OpEx reduction. Should I assume that on the -- over 90% reduction in CapEx and OpEx is already included the reduction in CapEx from the change in the structure of the ACS still? This would be the second one. And the third one, it's also related to this change in renewables. I thought to understand that you mentioned in the question that you expect the JV to be self-funded after the initial acquisition. Is this so? And if not, what are the equity CapEx needs of the JV with the new capital structure?