Galp Energia SGPS SA Q3 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 more questions, please. Firstly, just on net debt. You've talked about a level below EUR 1.7 billion. Should we see that as a level you're comfortable with inside the business? Or actually next year, would you rather see that number go lower over time during the next -- over those next 12 months? And then secondly, back on CapEx. When you look to next year, can you talk about your willingness to pursue more or get inorganic opportunities in the market? Or given your transactions this year, should we see the rate of M&A slowing down?

Question: Jorge Guimarpes - JB Capital Markets, Sociedad de Valores, S.A., Research Division - Analyst : My 2 questions would be, first, is it possible to elaborate on the mark-to-market losses in the gas trading? Because I believe you approached this issue early in the call, but I did not quite understand your explanation. And together with this, if there are any news about the Q2 losses that you booked in Q2? And the second one would be related to the Rovuma project in Mozambique. There were some news that the consortium was looking for reductions in CapEx. Is it possible for you to comment on this? And does it mean that the FID will be delayed, let's say to 2022?