Omv Ag · VIE:OMV
Omv — OMV Aktiengesellschaft — Q1 2014 Earnings Presentation
28 slides from Omv's earnings presentation, May 13, 2014
Slide 1: OMV results Q1/14 and E&P update
OMV results Q1/14 and E&P update May 13, 2014 OMV Aktiengesellschaft
Slide 2: Results Q1/14
Results Q1/14 David C. Davies, Deputy Chairman of the Executive Board and CFO OMV Aktiengesellschaft
Slide 3: Q1/14 Highlights
Q1/14 Highlights Clean CCS EBIT in EUR mn Production at 311 kboe/d, increased by 3%; 849 E&P sales volumes increased by 10% Average Brent price down by 4% at USD 108/bbl; 668 EUR/USD at 1.37 vs. 1.32 in Q1/13 Higher depreciation, mainly in Norway and 653 Romania 603 G&P affected by reduced w
Slide 4: Economic environment
Economic environment Oil price and EUR/USD Gas prices in EUR/MWh OMV indicator refining margin in USD/bbl 29 140 1.37 1.4 30 4.0 1.32 27 135 3.5 130 1.3 25 27 3.0 125 25 3.0 120 1.2 20 113 2.5 115 16 108 110 1.1 15 2.0 1.6 105 10 1.5 100 1.0 10 95 1.0 90 0.9 5 0.5 85 80 0.8 0 0.0 Q1/13 Q2/13 Q3/13 Q
Slide 5: Results in Q1/14
Results in Q1/14 Clean CCS net income attributable in EUR mn Q1/14 Q1/13 to stockholders in EUR mn 1 EBIT 675 1,259 (46)% Financial result (63) (56) 11% Profit from ordinary 613 1,203 (49)% activities 349 Taxes (175) (252) (31)% Effective tax rate 29% 21% 36% 302 Net income 438 951 (54)% Minoritie
Slide 6: Special items and CCS effect
Special items and CCS effect Q1/14 in EUR mn Q1/14 Q1/13 in EUR mn 668 675 Clean CCS EBIT 668 849 (19) (4) (1) 10 22 CCS gains/(losses) (19) (17) Clean EBIT 649 832 Personnel related costs (4) (2) Unscheduled depreciation (1) (21) Asset disposals 10 444 Other 22 6 Total special items 26 427 EBIT 675
Slide 7: Cash flow
Cash flow Q1/14 in EUR mn Q1/14 Q1/13 in EUR mn Net income 438 951 (54)% 35 Depreciation and (108) 543 489 11% amortization Other 35 (415) n.m. 543 Sources of funds 1,015 1,024 (1)% Change in net working (108) 382 n.m. 438 capital (965) Cash flow from 907 1,406 (35)% operating activities Cash flow
Slide 8: CAPEX and EBITD
CAPEX and EBITD Q1/14 in EUR mn Key investments in Q1/14 1,218 Petrom drilling, workovers and redevelopments Field developments in Norway (Gullfaks, Edvard Grieg, Aasta Hansteen and Gudrun) 748 Schiehallion redevelopment in UK 981 Habban field development in Yemen Butadiene plants (Schwech
Slide 9: Exploration and Production Clean EBIT
Exploration and Production Clean EBIT in EUR mn Q1/14 vs. Q4/13 Q1/14 vs. Q1/13 653 39 (111) (33) 603 (58) 107 603 2 (27) 145 236 257 (4) Q4/13 Realization Volume Exploration DD&A Other Q1/14 Q1/13 Realization Volume Exploration DD&A Other Q1/14 expenses expenses Higher sales volumes in Norway, Li
Slide 10: Exploration and Production Key Performance Indicators
Exploration and Production Key Performance Indicators Hydrocarbon production (in kboe/d) Q1/14 vs. Q4/13 302 297 311 275 277 Production increased by 12% 163 159 162 Full contribution from Gullfaks (Norway) 142 138 Higher production in New Zealand due to Maari back on stream 139 138 133 139 149
Slide 11: Exploration and Production Petrom group
Exploration and Production Petrom group Hydrocarbon production (in kboe/d) Q1/14 vs. Q4/13 183 184 182 181 182 Clean EBIT at EUR 305 mn up by 7%, mainly 88 due to lower production costs and exploration 89 88 87 87 expenses Romanian production higher by 1 kboe/d vs. 94 96 94 94 95 Q4/13 Q1/13 Q2/
Slide 12: Gas and Power Clean EBIT
Gas and Power Clean EBIT in EUR mn Q1/14 vs. Q1/13 (48) 102 (9) (8) 1 36 Q1/13 Supply, Gas logistics Power Other Q1/14 marketing and trading Significantly lower gas margins mainly driven by reduced withdrawal from storage and milder winter Continued challenging gas storage market environment L
Slide 13: Gas and Power Key Performance Indicators
Gas and Power Key Performance Indicators Gas sales and trading volumes in TWh Q1/14 vs. Q1/13 136 118 132 Gas sales volumes down by 20% mainly due to 85 86 a mild winter weak industry demand low power plant demand Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Gas trading volumes up by 6% Trading volumes P
Slide 14: Refining and Marketing Clean CCS EBIT
Refining and Marketing Clean CCS EBIT in EUR mn Q1/14 vs. Q1/13 (71) 111 9 1 49 Q1/13 Fuels Petrochemicals Marketing Q1/14 Considerably lower OMV indicator refining margin Higher propylene margins largely compensated by lower ethylene and butadiene margins Improved marketing result mainly due
Slide 15: Refining and Marketing Key Performance Indicators
Refining and Marketing Key Performance Indicators Refining utilization rate in % Q1/14 vs. Q1/13 95 92 94 90 96 90 87 86 88 92 Overall refining utilization rate at 89%, up by 3% Marketing sales volumes increased slightly Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Further filling station network West East o
Slide 16: Key financial indicators
Key financial indicators Gearing ratio in % 30 29 15 15 12 Key financial principles Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Long-term gearing ratio target of ≤30% Payout ratio and DPS 1.20 1.25 Maintain a strong investment grade rating 1.00 1.10 Sustainable dividend policy: Long-term 32 32 29 35 payout
Slide 17: Outlook 2014
Outlook 2014 Oil price above USD 100/bbl G&P markets remain highly challenging Refining margins remain under pressure Marketing volumes remain under pressure Production in the range of 310-330 kboe/d CAPEX EUR ~3.9 bn (~80% E&P) E&A 1 expenditure EUR ~700 mn 1 Exploration and Appraisal 17 | OMV Grou
Slide 18: Exploration and Production Update
Exploration and Production Update Jaap Huijskes, Executive Board member responsible for E&P Picture: Oeyvind Haugsdal - Statoil OMV Aktiengesellschaft
Slide 19: E&P project update
E&P project update Exploration only Exploration and production Continuous strong project pipeline (>1bn boe) Zidane Increased share in Cambo field and takeover Cambo Gudrun of operatorship Rosebank Edvard Grieg Gudrun production start up in April Romania Internal Nawara FID taken – awaiting fi
Slide 20: More than 1 billion barrels on the way
More than 1 billion barrels on the way New ventures Exploration Appraisal Development Execution Middle East Black Sea Domino (Black Sea) FRDs (Romania) FRDs (Romania) Africa Norway FRDs (Austria, Romania) FRDs (Austria) FRDs (Austria) UK Bina Bawi (KRI 1) Rosebank (UK) Habban (Yemen) Faroe Islands W
Slide 21: Major projects under development
Major projects under development New ventures Exploration Appraisal Development Execution Production Peak Project Working Project Country Type 2P reserves Operated start production investments interest primary year mn boe kboe/d EUR mn % FRD Romania Oil/Gas 2013-2015 ~100 ~17 ~500-550 100.0 1 OP FRD
Slide 22: Gudrun
Gudrun Statoil (Operator, 51%), GdF Suez (25%), OMV (24%) Oil / condensate Production started in April 2014; Expected production after full ramp-up in 2014: ~14 kboe/d ► Development of main field and of the Gudrun Øst satellite; water depth ~100 meter Gudrun ► Complex reservoir with high pressure/hi
Slide 23: Major projects under appraisal
Major projects under appraisal New ventures Exploration Appraisal Development Execution Production Cumulative Working Project Country Type Operated start production interest primary year mn boe % FRD Romania Oil/Gas 2014-2017 ~200-250 100.0 1 OP FRD Austria Oil/Gas 2015 ~5 100.0 OP WoS 2 / CNS 3 Oil
Slide 24: Exploration update
Exploration update Exploration only Exploration and production Around the world High impact well Drilling: Byrkje Austria: Successful exploration well Hoeflein 5b and appraisal well Prottes Tief Süd 3b Hanssen (Wisting) appraisal well drilling started seven months after the discovery Newly secur
Slide 25: High impact wells 2014/15
High impact wells 1 2014/15 Exploration only Spud Working Exploration and Production Well Country Basin/Block Type 2 Operated Atlantis date 3 interest Apollo High impact well NO Hanssen (Wisting) Affanga Deep GA Gabon offshore E Drilling 30% n Sula-Stelkur Hagar Okala Gabon offshore E H1/14 10% NO B
Slide 26: Our path to 400 kboe/d
Our path to 400 kboe/d Production kboe/d 2010 318 2011 288 Impacted by 2012 303 political Production 2013 288 unrest 1 Project Country Type 2 FID start Norway FRDs Romania Oil/Gas 2013-2015 Tunisia FRDs Austria Oil/Gas 2013-2015 Yemen Gudrun Oil started Libya Austria/ Maari Growth Oil 2014 R
Slide 27: Disclaimer
Disclaimer This document does not constitute a recommendation, an offer or invitation, or solicitation of an offer, to subscribe for or purchase any securities and neither this document nor anything contained herein shall form the basis of any contract, investment decisions or commitment whatsoever.
Slide 28: OMV Aktiengesellschaft
OV OMV OMV Aktiengesellschaft ouv Moving more. Moving the future. O M V
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