Omv Petrom Sa · BVB:SNP
Omv Petrom Sa — Investor Presentation (April 2024)
81 slides from Omv Petrom Sa's investor presentation, April 2024
Slide 1: Capital Market Story
OMV Petrom S.A. Capital Market Story April 2024
Slide 2: Contents
Contents 1 | Investment proposition 2 | Strategy 2030 3 | Q4/23 results 4 | Outlook 5 | FY23 results 6 | Appendix All figures throughout this presentation refer to OMV Petrom Group (hereinafter also referred to as “the Group”), unless otherwise stated; figures are rounded, and they may not add up. T
Slide 3: Disclaimer
Disclaimer This presentation does not, and is not intended to, constitute or form part of, and None of the future projections, expectations, estimates or prospects in this should not be construed as, constituting or forming part of, any actual offer to sell presentation, including (without being lim
Slide 4: Investment proposition
OMV Petrom S.A. Investment proposition
Slide 5: Growth, dividends and sustainability
OMV Petrom investment proposition Growth, dividends and sustainability Strong value creation Strong balance sheet Reduce carbon footprint Gearing ratio below 20% through the Net zero operations by 2050 period Rigorous capital discipline Sustainability at the core of our business CAPEX of EUR ~11 bn1
Slide 6: Highly competitive dividend distribution over the strategic cycle
Our commitment Highly competitive dividend distribution over the strategic cycle Dividend increase Special dividends Dividends p.a. on average % of operating cash flow 1 In favorable market environment, at management discretion, provided that our 5%-10% CAPEX plans are funded. € ~40% Committed to de
Slide 7: Largest integrated energy company in South Eastern Europe
Our business model Largest integrated energy company in South Eastern Europe Moldova Ukraine Romania 69 Moldova Romania 163 49% 48% Production 1P reserves Black Sea 41 mn boe 424 mn boe 392 Refinery Serbia 52% Gas-fired 51% power plant Gas Oil 63 93 Bulgaria Bulgaria - Han Asparuh Bulgaria Refining
Slide 8: In top 3 of BSE listed company by market capitalization
Shareholder structure and capital market environment In top 3 of BSE listed company by market capitalization OMV Petrom S.A. shareholder structure1 Share price performance4 % Index Jan 2021 = 100 28% 51% 21% OMV2: Austria’s leading integrated international oil and gas company Share information Roman
Slide 9: Strategy 2030: Transforming for a lower carbon future
1 | Strategy overview 2 | Energy context 3 | Transition to low and zero carbon Strategy 2030: 4 | Grow regional gas Transforming for a 5 | Optimize traditional business lower carbon future 6 | Financial frame OMV Petrom S.A.
Slide 10: Transforming for a lower carbon future
OMV Petrom Strategy 2030 Transforming for a lower carbon future We will lead the energy transition in South-East Europe, capitalizing on emerging market opportunities Romania is among the fastest growing economies in Europe, driving increasing energy demand OMV Petrom is well placed to meet th
Slide 11: Transforming for a lower carbon future
OMV Petrom Strategy 2030 Transforming for a lower carbon future Strong capital discipline & dividend policy Transition to low and zero carbon Energy transition leader for Romania and SEE Optimize traditional Grow regional business gas Innovation & People & Responsible Digitalization Communities oper
Slide 12: Building a diversified, integrated energy transition business
OMV Petrom Strategy 2030 Building a diversified, integrated energy transition business OMV Petrom portfolio 2030 Clean CCS EBIT CAPEX % % 1 7 15 35 Renewable power Gas Biofuels 35 Gas based Alternative 20 power mobility 100 92 Fuels CCU&S Adding 50 45 5 low carbon Blue and Oil business activities gr
Slide 13: Strategy 2030: Transforming for a lower carbon future
1 | Strategy overview 2 | Energy context 3 | Transition to low and zero carbon Strategy 2030: 4 | Grow regional gas Transforming for a 5 | Optimize traditional business lower carbon future 6 | Financial frame OMV Petrom S.A.
Slide 14: Romania is one of Europe's fastest growing economies
Energy context Romania is one of Europe’s fastest growing economies European energy environment is going through Romanian GDP per capita set to significant transformation grow1 CAGR, % 4.3 3.4 Energy security Fit for 55 2.3 1.5 0.4 -0.5 2010-20 2021-30 Technology and Romania Other SEE EU innovation
Slide 15: Strong growth estimated for Romania to 2030
Energy demand Strong growth estimated for Romania to 2030 Gas - household Power - household Gas demand Power demand consumption1 consumption1 Romania2 Romania2 MWh per capita MWh per capita TWh TWh 2.3 Romania Other SEE +20% -10% EU 1.7 1.6 1.5 121 +10% 1.0 +10% 60 0.4 2019 2019 2019 2030 2040 2019
Slide 16: Economic growth and rising living standards drive growth to 2030
Fuel demand Economic growth and rising living standards drive growth to 2030 Motorization rate1 Diesel demand2,3 Gasoline demand2,3 Jet demand2,3 cars/1000 inhabitants mn t mn t mn t +20% +10% +5% -30% -15% +10% 12.9 2.6 1.1 570 1.0 2.4 0.9 10.8 2.2 440 9.0 360 Fossil Bio 2019 2019 2030 2040 2019 20
Slide 17: Strategy 2030: Transforming for a lower carbon future
1 | Strategy overview 2 | Energy context 3 | Transition to low and zero carbon Strategy 2030: 4 | Grow regional gas Transforming for a 5 | Optimize traditional business lower carbon future 6 | Financial frame OMV Petrom S.A.
Slide 18: Key directions
Decarbonization strategy Key directions Decarbonize current operations Expand lower carbon gas business Pursue new low and zero carbon business opportunities 18 OMV Petrom Capital Market Story – April 2024
Slide 19: Paving the way to Net Zero operations in 2050
Decarbonization strategy Paving the way to Net Zero operations in 2050 Scope 1 – 21 emissions Scope 1 – 2 carbon intensity2 mn t CO2 eq reduction % 4.9 -50% E&P Refining Power 4.3 -30% > 15% > 20% Gas & Power Refining & Marketing Exploration & Production > 70% 2010 2019 2030 -30% Actions aimed at re
Slide 20: Carbon intensity of energy supply to drop ~20% by 2030
Decarbonization strategy Carbon intensity of energy supply to drop ~20% by 2030 Scope 1 – 3 Net carbon intensity of energy supply g CO2 eq/MJ -35% 80 -20% 70 ~20% reduction in Scope 1-3 carbon emissions1 EU Taxonomy eligible CAPEX to reach 35%2 Lower and zero carbon energy for customers, to ac
Slide 21: Photovoltaic
Well positioned to capture opportunities Romania's solar potential to enable renewable power portfolio Photovoltaic Renewable Opportunities OMV Petrom target total capacity, power including partnerships, GW Photovoltaic ► Romania: the highest solar potential in the region ► > 10% contribution to the
Slide 22: Biofuels
Well positioned to capture opportunities Biofuels to exceed 15% in our total fuel production in 2030 Biofuels Biofuel Opportunities OMV Petrom target capacity, kt/year Advanced ethanol: ► Romania: unique combination of straw availability and cost Cellulosic ethanol ► Upgrading agricultural residues
Slide 23: Future mobility: new energy mix
Well positioned to capture opportunities Future mobility: new energy mix Electro Mobility Charging points with alternative fuels Grow e-mobility offer and become the preferred partner for electric fleets > 500 H2 mobility Active contribution to the development of H2 mobility - solution to decarboniz
Slide 24: New energy technologies
New energy technologies Unique opportunities beyond renewables, sustainable fuels, mobility Carbon capture, utilization & storage Hydrogen ► Romania: significant on- & offshore long-term CO2 storage ► Romania: gas production and renewable energy availability - potential to be evaluated opportunity f
Slide 25: Investing in low and zero carbon businesses
Investing in low and zero carbon businesses Generating attractive return Future mobility (EV, H2, Gas) Capex1 Biofuels New technologies ~EUR 3.7 bn (CCS, H2 etc.) IRR 9-15% Renewable power 1 Projects selection and prioritization will be based on risk and return assessments, including regulatory deve
Slide 26: Strategy 2030: Transforming for a lower carbon future
1 | Strategy overview 2 | Energy context 3 | Transition to low and zero carbon Strategy 2030: 4 | Grow regional gas Transforming for a 5 | Optimize traditional business lower carbon future 6 | Financial frame OMV Petrom S.A.
Slide 27: Neptun Deep: A growth project for OMV Petrom and Romania
Neptun Deep A growth project for OMV Petrom and Romania Robust economics to support Delivering on Ensure Romania’s OMV Petrom’s Strategy 2030 security of supply transformation and dividend policy ~50% increase in Gas production will Romania will become the OMV Petrom 2030 double and account for EU l
Slide 28: Neptun Deep – a transformational project
Key highlights Neptun Deep – a transformational project Project view: 100% interest ● Final investment decision: June 2023 Neptun Deep ● First Gas: 2027 ● Production at plateau 1: ~140 kboe/d Operator, 50% ● Production cost 2: ~3 USD/boe ● Estimated recoverable volumes 3: ~100 bcm ● Development CAPE
Slide 29: Our journey to the Development phase
Timeline Our journey to the Development phase 2008 2011-12 2014-15 Q1 2023 JV with First drilling Second drilling Tuzla-Podisor XOM campaign campaign capacity signed booking Domino 1 Pelican South signed with first discovery discovery Transgaz 2009 2012-13 August 2022 2023 First 3D Second 3D OMV Pet
Slide 30: Development concept to bring novelties
Block area Development concept to bring novelties ● Zero harm ● Deploy innovative policy solutions 5 1 Domino reservoir ● ~1,000 m water depth ● Will produce via two subsea drill centers from 6 wells 4 2 Pelican South reservoir ● ~120 m water depth 2 ● Will produce via one subsea drill center from 4
Slide 31: Leveraging our experience while adding new capabilities
Project team Leveraging our experience while adding new capabilities Deep water mega project Shallow offshore management skills ● Gas fields operator for more than four decades ● International capabilities with strong ● Shallow offshore currently at ~25% of total gas experience in global deep-water
Slide 32: Neptun Deep gas to have access to Romania and other potential gas markets
Accessibility and optionality Neptun Deep gas to have access to Romania and other potential gas markets EU 1 Hungary1 Moldova1 ~315 bcm ~8 bcm ~1 bcm Romania1 ~10 bcm Market demand 2023 Bulgaria1 Interconnecting Capacities in place ~2 bcm 1 Net importer 32 OMV Petrom Capital Market Story – April 202
Slide 33: A game-changer for OMV Petrom and Romania
Neptun Deep A game-changer for OMV Petrom and Romania Significantly boosts our Generates strong growth Improves carbon hydrocarbon production in profits to support competitiveness of our and shifts gas weight to investments in low and upstream portfolio as it 70% from current 50% zero carbon busines
Slide 34: Black Sea: Build additional opportunities
Black Sea Build additional opportunities New offshore exploration wells 2-4 By 2030 Exploration expenditures EUR mn ~30 Annual average 2022-2030 Bulgaria – Han Asparuh Black Sea OMV Petrom took over operatorship Bulgaria - Han Asparuh Georgia - Block II Status: 5,000 km2 3D seismic data processi
Slide 35: Strategy 2030: Transforming for a lower carbon future
1 | Strategy overview 2 | Energy context 3 | Transition to low and zero carbon Strategy 2030: 4 | Grow regional gas Transforming for a 5 | Optimize traditional business lower carbon future 6 | Financial frame OMV Petrom S.A.
Slide 36: Maximize potential of current E&P assets
Operational excellence Maximize potential of current E&P assets Focus on most profitable Value over volume Strict cost management barrels Maximize economic recovery: Enhance competitiveness Portfolio optimization through cost optimization > 400 workovers p.a. Disciplined approach on Stre
Slide 37: Transforming while delivering strong cash flows
Core E&P business highly cash generative Transforming while delivering strong cash flows Hydrocarbon production1 Production cost Operating cash flow kboe/d USD/boe USD/boe > 160 -35% 138 > 5% 30% ~16 CAGR 11 ~100 46% 50% >7 11 70% 54% 50% 2020 2025 2030 2020 2025 2030 2020 2025 2030 Gas Oil 1 Exclud
Slide 38: Petrobrazi to capture demand growth
Maximize value through integration and efficiency Petrobrazi to capture demand growth Refinery utilization1 >95 % Annual average 2022-2030 Expand aromatics kt/year +50 2026 Black liquid products yield2 -50% 2030 vs 2020 Bottom of the barrel upgrade3 ~200 kt/year 2030 1 Refers to crude distillation u
Slide 39: Dual brand strategy to drive new value
Our Retail proposition Dual brand strategy to drive new value Customer focus Throughput per filling station1 Profitability per filling station2 Non-fuel business margin2 mn l k EUR EUR mn 20% 20% 100% 5 80 2020 2025 2030 2020 2025 2030 2020 2025 2030 1 In Romania; 2 Data refer to OMV Petrom operatin
Slide 40: Continue to explore all alternative energy and fuel solutions
Mobility services of the future Continue to explore all alternative energy and fuel solutions #The future is diverse #Mobility and service hub #Digitally enabled smart mobility Customer access – is a competitive Service stations – enable our network One single digital gate to our brand – advantage w
Slide 41: Support gas and power customers in their energy transition
Supplier of choice Support gas and power customers in their energy transition Total gas sales TWh 70 2030 Customers increase 20x 2030 vs 2020 Net electrical output TWh/year >3.5 Average 2022-2030 Green power sales volume % in total >20% 2030 41 OMV Petrom Capital Market Story – April 2024
Slide 42: Outstanding year for strategy execution
Strategy 2030 in action Outstanding year for strategy execution Neptun Deep Renewable power E-mobility Attractive dividends • FID taken in June 2023 • CE Oltenia partnership1: • 270 charging points installed • Record high paid in 2023 • >80% of execution 450 MW; EU financing at end-2023 • Base DPS:
Slide 43: Base dividend up 10% yoy, special dividend to be announced
Dividend proposal for 2023 Base dividend up 10% yoy, special dividend to be announced Progressive base dividends Competitive among our peers Dividend yield 2022-2023 2,3 DPS RON/share % 19.6 0.0791 0.0825 0.0450 0.0450 6.5 5.6 +10% +10% 8.9 7.2 1 0.0341 0.0375 0.0413 2021 2022 2023 2022 2023 Special
Slide 44: Auchan partnership strengthens our retail business
Delivering on our retail strategy Auchan partnership strengthens our retail business Successful partnership MoU signed in 2019 based on good results of the pilot phase, project accelerated in 2021 MyAuchan proximity stores in all Petrom branded filling stations in Romania (~400 stations) Strong
Slide 45: Strategy 2030: Transforming for a lower carbon future
1 | Strategy overview 2 | Energy context 3 | Transition to low and zero carbon Strategy 2030: 4 | Grow regional gas Transforming for a 5 | Optimize traditional business lower carbon future 6 | Financial frame OMV Petrom S.A.
Slide 46: Our strategy is enabled by a resilient financial frame
Financial Frame Our strategy is enabled by a resilient financial frame Rigorous capital Strong financial Attractive returns to discipline performance shareholders CAPEX1 of ~EUR 11 bn We target more than 5%-10% p.a. dividend ~35% CAPEX for low & double clean CCS EBIT growth zero carbon busin
Slide 47: Rigorous capital discipline underpins strategic directions
Financial Frame Rigorous capital discipline underpins strategic directions Average annual CAPEX per strategic pillar CAPEX breakdown per business segment EUR bn EUR bn 80% 1.3 1.3 1.1 1.1 IRR > 9% 0.7 0.7 IRR >12% IRR > 12% 2017-2021 2022-2025 2026-2030 2017-2021 2022-2025 2026-2030 Low and zero car
Slide 48: Strong financial performance across the entire business
Financial Frame Strong financial performance across the entire business Clean CCS EBIT Clean CCS EBIT Clean CCS ROACE per strategic pillar1 per business segment1 % EUR bn % > 1.5 5 > 12 40 9 ~ 0.7 7 10 0.5 60 55 33 67 30 2020 2025 2030 2020 2025 2030 2020 2025 2030 Low and zero carbon Gas & Power Re
Slide 49: Still strong financial position
Resilience under downside-price scenario1 Still strong financial position Clean CCS EBIT EUR bn Base case Downside scenario Under downside price scenario: > 1.5 2030 Clean CCS EBIT to double versus 2020 Commitment to pay progressive dividends ~1.0 maintained 0.7 CAPEX plans largely unchanged b
Slide 50: We deliver sustainable long-term value for our shareholders
Compelling investment proposition We deliver sustainable long-term value for our shareholders Sustainable long-term value Attractive shareholder returns Delivering ~35% CAPEX for low & zero carbon sustainable 5% - 10% p.a. growth in base dividend Clean CCS EBIT more than double shareholder P
Slide 51: Price assumptions
Strategy 2030 Price assumptions Base case prices 2022 - 2030 Downside-price scenario 2022 - 2030 Brent oil 65 – 70 Brent oil ~50 USD/bbl USD/bbl Indicator refining margin 5–6 Indicator refining margin 3–4 USD/bbl USD/bbl CO2 55 – 100 CO2 60 – 110 EUR/tCO2 EUR/tCO2 Electricity price 70 – 90 Electrici
Slide 52: Q4/23 results
Q4/23 results OMV Petrom S.A.
Slide 53: Lower commodity prices
Commodity prices Lower commodity prices Oil prices FX OMV Petrom indicator refining margin USD/bbl RON/USD, RON/EUR USD/bbl 4.9 4.9 4.9 4.9 5.0 18.8 4.8 16.6 16.8 4.6 4.5 4.5 4.6 11.2 10.8 89 81 78 87 84 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Avg USD/RON Avg EUR/RON Avg Brent pr
Slide 54: Mixed demand evolution despite economic growth
Romanian environment Mixed demand evolution despite economic growth GDP 4.8% 1.1% 2.1% 3.1% Growth expected 20221 Q4/231 20231 2024e2 Inflation 7.2% 6.6% 4.7% (CPI) On a downward Feb 24/Feb 23 Dec 23/Dec 22 2024e3 trend Romania maintained at investment grade by major rating agencies4 Demand Q4/23 yo
Slide 55: Persisting regulated business environment
Romanian regulatory and fiscal framework Persisting regulated business environment Regulatory interventions Highly regulated gas sales portfolio Gas and power sector: Q4/23 Q3/23 Law 357/2022 and Law 206/2023: price caps for gas and power, price 20% 30% cap for gas used in power production, regulate
Slide 56: Continued to deliver on our Strategy 2030
Key messages Q4/23 Continued to deliver on our Strategy 2030 Good financial performance Clean CCS Operating result Operating Cash Flow Clean CCS ROACE RON 2.2 bn RON 2.0 bn 26.5% +9% yoy +15% yoy -11.5 pp yoy Operational performance Strategic focus Base dividend proposal1: RON 0.0413/share, up 10%
Slide 57: Resilient performance
Operational performance Resilient performance Exploration and Production Refining and Marketing Gas and Power Hydrocarbon production Refinery utilization rate Gas sales volumes kboe/d % TWh -7% -7% -4 pp 0% 118 116 114 113 110 99 98 95 95 12.5 13.1 12.5 11.7 57 56 55 54 54 9.5 31 61 60 59 59 56 Q4/2
Slide 58: Entering the most investment intensive period in our history
CAPEX Entering the most investment intensive period in our history Group CAPEX1 RON bn ~8 2023 2024E RON 4.7 bn: RON ~8 bn: 45 new wells and sidetracks; ~500 Neptun Deep project workovers Wells and sidetracks: ~40; <500 Neptun Deep project workovers 4.7 SAF/HVO2 production unit in Petr
Slide 59: Robust results
Income Statement Robust results Clean CCS Operating Result RON bn Q4/23 Clean CCS Operating Result reflects: +9% -30% 2.2 12.2 ► Lower commodity prices and refining margin 2.1 0.1 0.1 2.9 8.5 0.5 ► Lower electricity sales quantities 0.9 4.0 2.1 0.7 2.5 ► Higher refined products 1.1 0.9 5.4 4.2 0.0
Slide 60: Solid Operating Results
Clean CCS Operating Result Solid Operating Results E&P RON mn Lower E&P taxation 1,076 143 -309 909 Realized crude price -6%; lower realized gas price Hydrocarbon sales -7% Higher production costs Negative FX effect Q4/22 Market effects1 Operational effects Q4/23 R&M and G&P RON mn Refin
Slide 61: Strong cash generation, improved working capital
Cash flow Strong cash generation, improved working capital Cash Flow from Operating Activities RON bn -11% +15% 1.8 11.3 2.0 10.1 Q4/23 Cash Flow from Operating Activities: 2.7 14.9 9.7 2.3 ► Decrease in operating cash flow before working capital changes 1.9 ► Improved working capital -0.3 -3.5 -1
Slide 62: Outlook
OMV Petrom S.A. @® OMV Petrom The energy for a better life.
Slide 63: Outlook 2024-2026
Outlook 2024-2026 Indicators Actual Assumptions/ Targets Assumptions/ Targets 2023 2024 2025-2026 averages Brent oil price USD 82.6/bbl USD ~80/bbl USD ~70-75/bbl Production 1 113.3 kboe/d >106 kboe/d ~100 kboe/d Refining margin USD 14.0/bbl USD ~10/bbl USD ~10/bbl CAPEX RON 4.7 bn RON ~8 bn RON ~8
Slide 64: EBIT impact in 2024: sensitivities
Sensitivities EBIT impact in 2024 2024 sensitivities Change EBIT impact Brent oil price USD +1/bbl ~EUR +15 mn OMV Petrom indicator refining margin USD +1/bbl ~EUR +30 mn Exchange rates EUR/USD USD appreciation by 5 USD cents ~EUR +50 mn 64 OMV Petrom Capital Market Story – April 2024
Slide 65: FY23 results
FY23 results OMV Petrom S.A.
Slide 66: Sustainability targets
Sustainability targets Progress on delivering on our sustainability targets recognized by ESG rating agencies Clear support for Paris Climate Agreement Latest ESG ratings E 24.3: Medium risk 3 -11% -73% Previous rating: 22.5 Carbon intensity, Scope Methane intensity in A- 4 Previous rating: same 1&2
Slide 67: Solid results in all business segments
Clean CCS Operating Results Solid results in all business segments E&P RON mn Realized crude price -18% 5,433 Lower gas price, partially offset by lower royalties and gas over- -217 -1,039 4,177 taxation Higher production costs, +21% Hydrocarbon sales -5% Unfavourable FX 2022 Market effect
Slide 68: Exploration & Production
Operational KPIs Exploration & Production Production cost Key drivers 2023 vs. 2022 +21% USD/boe 15.97 Lower production available for sale 12.73 13.15 10.90 10.88 Increased overall costs Positive one-off in Q2/22 Unfavourable FX 2019 2020 2021 2022 2023 Hydrocarbon production kboe/d 152 145
Slide 69: Refining & Marketing
Operational KPIs Refining & Marketing OMV Petrom Indicator refining margin Key drivers 2023 vs. 2022 USD/bbl -16% 16.59 13.96 Weaker spreads for diesel and jet 4.67 5.47 2.89 2019 2020 2021 2022 2023 Retail sales volumes (mn t) and Retail Operating Result per filling station (trend) Retail sales
Slide 70: Gas & Power
Operational KPIs Gas & Power Gas sales volumes Key drivers 2023 vs. 2022 TWh 57.0 +1% +1% 54.8 Higher sales to end users and regulated customers 48.9 46.1 46.8 Expanded regional sales Lower equity gas quantities available 2019 2020 2021 2022 2023 Brazi net electrical output -17% TWh 5.0 Capp
Slide 71: Appendix
Appendix OMV Petrom S.A.
Slide 72: Exploration and Production map
Regional footprint Exploration and Production map 72 OMV Petrom Capital Market Story – April 2024
Slide 73: Romanian oil market 2023 overview
Romanian oil market 2023 overview Crude Supply Refineries Distribution Production: Refineries Petrobrazi combined nameplate capacity ~13 mn tpa 27% Processed crude oil1 Transportation: Conpet ~10.2 mn t pa of which ~ 7.5 mn t from import Rompetrol (Petromidia, Vega) Imports: various 58% Lukoil (Petr
Slide 74: 780 filling stations at end 2023
OMV Petrom Group filling stations 780 filling stations at end 2023 Retail fuel sales mn l Moldova 3,074 3,160 3,176 2,798 2,922 2,746 69 117 120 97 101 129 142 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 Romania 171 175 147 177 185 186 392 163 Black Sea 2018 2019 2020 2021 2022 2023
Slide 75: Romanian gas market 2023 overview
Romanian gas market 2023 overview Regulatory Supply Distribution Demand Regulatory Production: Storage: Supply: Heat & Power incl. Body Romgaz, Depomures Romanian Romgaz, Energy BSOG,… Industry/ Regulatory Commercial Authority Romgaz, Distrigaz Sud (ANRE) Engie Romania, (Engie), 95% E.ON Energie Del
Slide 76: Romanian power market 2023 overview
Romanian power market 2023 overview Regulatory Supply Market(s) Distribution Demand Regulatory Production: Mid/long term fwd Body contract market(s) Coal 14% (OPCOM / bilateral) Romanian Energy Spot (DAM / ID) Internal market Regulatory Gas 17% Transport & market (OPCOM) Authority Distribution Distr
Slide 77: Cash flow Statement
Financial performance Cash flow Statement RON mn 2019 2020 2021 2022 2023 Cash flow from operating activities (CFO) 6,803 5,556 6,997 11,337 10,114 Thereof, Change in net working capital (NWC) -256 964 -433 -3,544 1,915 Cash flow from investing activities (CFI) -3,556 -3,163 -2,253 -3,104 -5,730 Cas
Slide 78: Income Statement
Financial performance Income Statement RON mn 2019 2020 2021 2022 2023 Sales 25,485 19,717 26,011 61,344 38,808 Clean CCS Operating Result 4,573 2,287 4,346 12,198 8,482 Thereof Exploration & Production 2,845 7 1,814 5,433 4,177 Refining & Marketing 1,501 1,454 2,041 4,019 2,480 Gas & Power 282 718
Slide 79: Operating Result
Financial performance Operating Result RON mn 2019 2020 2021 2022 2023 Clean CCS Operating Result 4,573 2,287 4,346 12,198 8,482 Thereof Exploration & Production 2,845 7 1,814 5,433 4,177 Refining & Marketing 1,501 1,454 2,041 4,019 2,480 Gas & Power 282 718 781 2,942 2,145 Corporate and Other -89 -
Slide 80: Key indicators
Financial performance Key indicators in RON mn 2019 2020 2021 2022 2023 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Sales 25,485 19,717 26,011 61,344 38,808 11,898 13,683 18,667 17,096 9,473 8,391 10,662 10,282 Clean CCS Operating Result 4,573 2,287 4,346 12,198 8,482 2,241 3,660 4,230 2,067 2,0
Slide 81: Contact
Contact OMV Petrom Investor Relations OMV Petrom S.A. investor.relations.petrom@petrom.com 22 Coralilor St, District 1, www.omvpetrom.com Petrom City, Bucharest Tel: +40 372 161 930 Financial calendar 2024 April 24: Annual General Meeting of Shareholders April 30: Q1 2024 results July 31: Q2 2024 re