OMV Group provides report to June 2015

Published Aug 13, 2015

•Q2/15: Clean CCS EBIT at EUR 375 mn up by 2% vs. Q2/14, clean CCS net income attributable to stockholders at EUR 364 mn, up by 80% vs. Q2/14 •Strong result contribution from Downstream and higher contribution from Borealis •Production increased to 307 kboe/d in Q2/15 despite production in Libya and Yemen being shut-in •Capital expenditure at EUR 1,396 mn in 6m/15, down by 23% vs. 6m/14 •Positive free cash flow before dividends at EUR 97 mn in Q2/15 •OMV intends to issue hybrid notes of at least benchmark volume

Rainer Seele, CEO of OMV, 'In Q2/15, the oil price showed some improvement versus the beginning of the year, the operating environment for OMV, however, remains challenging. Clean CCS EBIT in Q2/15 improved by 13% vs. Q1/15 since we benefited from the higher oil price, increased sales volumes and managed to capture the strong margin environment in Downstream Oil. A comparison with results from Q2/14 illustrates the natural hedge from our integrated business model. While the Upstream result decreased, the Downstream Business Segment managed to offset nearly all of this decline in Q2/15. Additionally, the implemented cost reduction measures are supporting the result. The Clean CCS Earnings per Share reached EUR 1.11 in Q2/15, which is an improvement versus the compared quarters. This is mainly the consequence of a good operating performance and a strong contribution of Borealis. Our priority remains the focus on cash flow. In Q2/15, we achieved a positive free cash flow before dividends, which shows a considerable improvement in the operating cash cycle after a difficult first quarter. Together with my team, I have started to thoroughly review the Group's strategy. We will continue to rely on the successful integrated business model and focus on Upstream growth, however, we will evaluate all strategic options to improve cash generation and profitability of the Company.'

Tags: OMV Group


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