euro adhoc: OMV Aktiengesellschaft / Financial Figures/Balance Sheet / Report January - December and Q4 2007:
Another year of excellent results driven by strong underlying performance in
all busines
Geschrieben am 26-02-2008 |
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
quaterly report/OMV/Oil/Gas
26.02.2008
- Record financial performance in 2007: Clean EBIT increased by 5% to EUR 2,377 mn; clean net income up by 8% to EUR 1,649 mn; dividend to be increased by 19% to EUR 1.25 per share - Clean EBIT for Q4/07 of EUR 688 mn up 23% versus Q4/06; Petrom contributed EUR 237 mn, up 23%; Q4 clean net income at EUR 408 mn, down 1% on Q4/06 due to exceptionally high effective tax rate of 31%; clean EPS of EUR 1.37, down 1%; reported EPS up 8% to EUR 1.07 - Outlook 2008: We again expect to deliver robust earnings, supported by new field developments in the upstream, benefits of optimization programs in the downstream, further expansion of the international gas business and the gas logistics business and continued modernization at Petrom
Fourth quarter 2007 (Q4/07)
In Q4/07, OMV again experienced a favorable crude price environment. Brent continued to rise, exceeding last year's level by 48% on average, but the weaker USD burdened the upstream business. Refining margins recovered after the weak Q3/07 and exceeded Q4/06. The Group's EBIT of EUR 492 mn was 25% above the level of Q4/06. The EBIT contribution of Petrom was EUR 74 mn. Net income from associated companies fell behind Q4/06 reflecting the reduced Borealis at equity result due to a weaker margin environment. Net income after minorities of EUR 318 mn was 8% above last year's level. Clean EBIT rose by 23% to EUR 688 mn after excluding mainly net special charges for personnel costs, unscheduled depreciation, impairments and provisions for litigation in Romania. Petrom's clean EBIT contribution increased by 23% to EUR 237 mn. Clean net income after minorities was EUR 408 mn and clean EPS after minorities were EUR 1.37, 1% down on Q4/06.
In Exploration and Production (E&P), clean EBIT increased by 34% compared to Q4/06 despite the negative impact of USD exchange rates, reflecting the favorable oil price environment and strong lifting activities. The Group's oil and gas production was 2% below Q4/06 at 323,000 boe/d, mainly due to lower volumes in Romania and the UK, which were not fully compensated by higher volumes in New Zealand, Yemen and Austria.
In Refining and Marketing (R&M), clean EBIT was EUR (9) mn, substantially below the EUR 40 mn of Q4/06. The negative impact of two major refinery shutdowns (Burghausen and Petrobrazi) and weak petrochemical and marketing margins could not be offset by positive inventory effects. The high oil price had a negative effect on the costs of the own energy consumption.
In Gas, clean EBIT was up by 61%, mainly due to the strong contribution of EconGas and also supported by Petrom and the strong logistics business. In addition to the good results at the storage business and increased transport capacity sold, Baumgarten-Oberkappel Gasleitungsgesellschaft m.b.H. was included for the first time in the consolidated result.
January - December 2007
The Brent price in USD in 2007 was 11% higher than last year. Overall, the Group generated the fifth record financial performance in a row, with EBIT and net income clearly above last year's levels. The Group's EBIT of EUR 2,184 mn was 6% above the level of 2006; the EBIT contribution of Petrom amounted to EUR 581 mn, a decline by 14% compared to 2006. The increase in net income from associated companies reflects the good performance of Borealis and the inclusion of the stake in Petrol Ofisi. Net income after minorities of EUR 1,579 mn was 14% above last year's level. Clean EBIT was 5% above last year's level, at EUR 2,377 mn after excluding net special charges relating to personnel costs, unscheduled depreciation and retail network optimisation, litigation provisions and special income from asset disposals and provision. Petrom's clean EBIT contribution thus stood at EUR 708 mn, down by 13%. Clean net income after minorities was EUR 1,649 mn and clean EPS after minorities was EUR 5.52, 8% above 2006.
In Exploration and Production, clean EBIT was in line with last year's level. Generally higher price levels and higher production volumes mainly in New Zealand and Libya compensated for lower volumes of Petrom and the negative currency impact. The Group's oil and gas production stood at 321,000 boe/d, just 1% below last year.
In Refining and Marketing, clean EBIT increased by 3% compared to 2006, reflecting an overall stronger margin environment in bulk refining as well as the progress in Marketing, especially in Romania.
In Gas, clean EBIT was boosted by the full consolidation of EconGas (first included in Q4/06), better results in Petrom and the significant contribution from the logistics business, which was supported by increased storage utilization and higher transport capacity sold.
end of announcement euro adhoc --------------------------------------------------------------------------------
ots Originaltext: OMV Aktiengesellschaft Im Internet recherchierbar: http://www.presseportal.de
Further inquiry note:
OMV
Investor Relations:
Ana-Barbara Kuncic
Tel. +43 1 40 440-21443; e-mail: investor.relations@omv.com
Press:
Bettina Gneisz-Al-Ani
Tel. +43 1 40 440-21660; e-mail: bettina.gneisz@omv.com
Thomas Huemer
Tel. +43 1 40 440-21660; e-mail: thomas.huemer@omv.com
Internet Homepage: http://www.omv.com
Branche: Oil & Gas - Downstream activities ISIN: AT0000743059 WKN: 874341 Index: ATX Prime, ATX Börsen: Wiener Börse AG / official dealing
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