EANS-Interim Report: OMV Aktiengesellschaft / Zwischenmitteilung
Geschrieben am 10-11-2009 |
-------------------------------------------------------------------------------- Intermediate report of the management transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
OMV: Report January September and Q3 2009 including interim financial statements as of September 30, 2009 Increasing crude price and cost management improve results
* Results down on record quarter last year: Clean CCS EBIT decreased by 49% to EUR 514 mn; Clean CCS net income after minorities was EUR 259 mn influenced by a financial result significantly below Q3/08 * Environment has improved compared to Q2/09: Although the refining environment remains difficult, higher crude prices vs. Q2/09 and our efforts to reduce costs supported the Q3/09 result * Outlook for 2009: We expect the main market drivers to remain volatile; in E&P, production should be supported by the recent start-up of new fields; in G&P, gas consumption will remain under pressure due to reduced industrial activity particularly in Romania; at Petrom, the planned refining investment is still under review
Third quarter 2009 (Q3/09)
In Q3/09, results reflected the steep year-on-year decline in crude prices and in refining margins. The average Brent price decreased by 41% compared to Q3/08 and the OMV indicator refining margin dropped by 79%. The Group´s reported EBIT of EUR 553 mn was therefore significantly below the level of Q3/08. Petrom´s contribution to reported EBIT was up to EUR 210 mn, as last year´s result was burdened by the EUR 157mn impairment of Arpechim. The net financial result of EUR (20) mn was significantly below the Q3/08 level, mainly due to a lower contribution from Borealis and Petrol Ofisi as well as higher net interest charges. Net income after minorities of EUR 283 mn was down compared to EUR 453 mn in Q3/08. Clean CCS EBIT was down by 49% at EUR 514 mn excluding net special charges of EUR 15 mn. The clean CCS EBIT is stated after eliminating inventory holding gains of EUR 54 mn. Petrom´s clean CCS EBIT was EUR 194 mn. Clean CCS net income after minorities was EUR 259 mn and clean CCS EPS after minorities was EUR 0.87.
In Exploration and Production (E&P), clean EBIT decreased by 31% compared to Q3/08 to EUR 502 mn mainly due to the weaker oil price environment. The Group´s oil and gas production was 317,000 boe/d, slightly above the level of Q3/08.
In Refining and Marketing (R&M), clean CCS EBIT was negative at EUR (14) mn, versus EUR 207 mn in Q3/08. The refining business was heavily impacted by low middle distillate spreads. The clean marketing result was slightly below the level of Q3/08. Retail sales volumes slightly increased, however, overall marketing volumes declined affected by the weak economic environment.
In Gas and Power (G&P), clean EBIT was down 24%, due to lower results at Petrom. Gas supply, marketing and trading faced difficult market conditions as the slowdown in industrial activities due to the economic downturn lowered demand. The logistics business, however, benefited from higher volumes in transportation and storage.
January-September 2009 (9m/09)
In 9m/09, the average Brent price in USD was 48% lower than in 9m/08. Overall, the Group suffered from the drop in the oil price and in refining margins, with EBIT and net income below last year´s level. The Group´s EBIT of EUR 1,056 mn was 57% below the level of 9m/08; despite last year´s impairment of the Arpechim refinery, the EBIT contribution of Petrom amounted to EUR 337 mn, a decrease of 52%. The net financial result of EUR (116) mn decreased significantly, mainly reflecting the drop in dividend income after the MOL sale and the lower contribution from associates. Net income after minorities of EUR 468 mn was 70% below last year´s level. Clean CCS EBIT was 62% lower, at EUR 1,005 mn excluding net special charges of EUR 58 mn. The clean CCS EBIT is stated after eliminating inventory holding gains of EUR 109 mn. Petrom´s clean CCS EBIT contribution stood at EUR 303 mn, down by 66%. Clean CCS net income after minorities was EUR 479 mn and clean CCS EPS after minorities was EUR 1.60, 71% below 9m/08. At the end of September, net debt of the Group was EUR 3,152 mn and the gearing ratio stood at 31.5%.
In E&P, clean EBIT decreased by 56% compared to 9m/08, mainly reflecting significantly lower price levels and slightly lower volumes, despite the positive hedging result for parts of the 2009 oil production, that more than offset the negative hedging result for parts of the 2010 oil production. The Group´s oil and gas production stood at 313,000 boe/d, 1% below last year.
In R&M, clean CCS EBIT was a negative EUR (95) mn, compared to EUR 245 mn in 9m/08 reflecting the depressed margin environment in refining. The marketing result came in above the level of 9m/08.
In G&P, clean EBIT decreased by 5%, due to lower results in Doljchim, which was burdened by lower demand and lower margins, partly offset by improved results of gas supply, marketing and trading.
additional (optional) statements: For more Information: www.omv.com
end of announcement euro adhoc --------------------------------------------------------------------------------
ots Originaltext: OMV Aktiengesellschaft Im Internet recherchierbar: http://www.presseportal.de
Further inquiry note:
Branche: Oil & Gas - Downstream activities ISIN: AT0000743059 WKN: 874341 Index: ATX Prime, ATX Börsen: Wien / official dealing
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