Omv Ag · VIE:OMV
Omv — OMV Aktiengesellschaft — Q2 2021 Earnings Presentation
20 slides from Omv's earnings presentation, Jul 28, 2021
Slide 1: Q2 2021 Results Conference Call
Q2 2021 Results Conference Call Rainer Seele Chairman of the Executive Board and CEO July 28, 2021 OMV Aktiengesellschaft
Slide 2: Disclaimer
Disclaimer This report contains forward-looking statements. Forward-looking statements may be identified by the use of terms such as “outlook,” “expect,” “anticipate,” “target,” “estimate,” “goal,” “plan,” “intend,” “may,” “objective,” “will”, and similar terms or by their context. These forward-loo
Slide 3: Macro environment – improved crude oil and gas prices, record high polyolefin margins
Macro environment – improved crude oil and gas prices, record high polyolefin margins Oil prices & Refining indicator margin Europe Olefin indicator margins Europe 2 USD/bbl EUR/t Average Brent price Average realized crude price 70 3 700 OMV Refining Indicator Margin Ethylene Propylene 60 2.3 60 600
Slide 4: Key messages
Key messages FINANCIAL STRONG DELIVERING THE PERFORMANCE OPERATIONS STRATEGY Clean CCS Operating Result of EUR Quarterly production of Closed divestment of Kazakhstan E&P 1.3 bn, thereof Chemicals & Materials 490 kboe/d business ~50% Production cost Closed divestment of 51% stake in Gas + 796% y-o-y
Slide 5: Clean CCS Operating Result – strong market environment and improved operational performance
Clean CCS Operating Result – strong market environment and improved operational performance Clean CCS Operating Result Clean CCS net income attributable Clean CCS Earnings Per Share EUR mn to stockholders EUR Exploration & Production Corporate & Other EUR mn Refining & Marketing Chemicals & Material
Slide 6: Exploration & Production – higher realized oil and gas prices, increased sales volumes
Exploration & Production – higher realized oil and gas prices, increased sales volumes Clean Operating Result Q2/21 vs. Q2/20 EUR mn Significantly stronger market environment Average realized oil price increased by 134% +650 -428% Average realized gas price increased by 49% 498 1 Realized he
Slide 7: Refining & Marketing – weaker gas business, partially offset by stronger retail and positive AGT contribution
Refining & Marketing – weaker gas business, partially offset by stronger retail and positive AGT contribution Clean CCS Operating Result EUR mn Q2/21 vs. Q2/20 (51) Slightly weaker market environment -22% 231 Slightly lower refining indicator margin Europe (–2%) 3 Operational performance 47
Slide 8: Chemicals & Materials – strong market environment and positive inventory valuation effects
Chemicals & Materials – strong market environment and positive inventory valuation effects Clean Operating Result Q2/21 vs. Q2/20 EUR mn Significantly stronger market environment Higher ethylene and propylene indicator margins +569 (+14%, +25%) 647 Record high European PE and PP indicator marg
Slide 9: Record cash flow from operating activities excluding net working capital effects of EUR 3.4 bn in H1/21
Record cash flow from operating activities excluding net working capital effects of EUR 3.4 bn in H1/21 Cash flow 6m/21 vs. 6m/20 EUR bn Increase of EUR 2.2 bn in cash flow from operating activities excluding net working capital effects 3.4 Net working capital effects of EUR (810) mn (6m/20: EUR
Slide 10: Deleveraging well on track
Deleveraging well on track Gearing ratio excluding leases Gearing ratio excluding leases considering divestments signed Net debt excluding leases in EUR bn 8.1 7.9 7.1 End of June 2021 Signed 41% divestments OMV cash position 37% 34% EUR 3.1 bn 30% 3.6 3.2 3.4 22% End of June 2021 OMV 19% 21% undraw
Slide 11: Excellent progress on the EUR bn divestment program
Excellent progress on the EUR 2 bn divestment program Closed 51% share in Gas Connect Austria Net debt reduction of ~ EUR 590 mn 021 Kazakhstan E&P operations Signed OMV retail network in Germany EUR Ongoing Net debt reduction of ~ EUR 500 mn 2.0 bn Closing expected in H2 2021H2 2021 B
Slide 12: Updated outlook 2021
Updated outlook 2021 2020 Updated outlook 2021 Brent oil price (USD/bbl) 42 65–70 (previously 60–65) Average realized gas price (EUR/MWh) 8.9 >12 (previously >11) Total hydrocarbon production (kboe/d) 463 ~ 480 OMV indicator refining margin Europe (USD/bbl) 2.4 ~ 2.4 (previously >2.4) Utilization ra
Slide 13: 2015 – H1 2021 Transformation
2015 – H1 2021 Transformation Clean CCS Operating Result Cash flow from operating activities excl. NWC in EUR bn in EUR bn 3.6 3.5 Half-year 4.2 4.3 Half-year 3.9 3.0 3.4 3.2 3.0 2.8 2.2 1.7 1.5 1.7 2015 2016 2017 2018 2019 2020 H1/21 2015 2016 2017 2018 2019 2020 H1/21 Gearing ratio (excl. leases)
Slide 14: BACKUP
BACKUP OMV Aktiengesellschaft
Slide 15: Exploration & Production – stronger crude oil and gas prices
Exploration & Production – stronger crude oil and gas prices Clean Operating Result EUR mn Q2/21 vs. Q1/21 Improved market environment +137 498 Realized oil price increased by 9% 4 26 Realized gas price increased by 18% 115 Realized hedging loss of EUR (72) mn in Q2/21 361 (Q1/21: EUR (27) m
Slide 16: Refining & Marketing – stronger retail business and contribution from AGT, partially offset by lower gas business
Refining & Marketing – stronger retail business and contribution from AGT, partially offset by lower gas business Clean CCS Operating Result EUR mn Q2/21 vs. Q1/21 +73 +67% 181 Slightly better market environment 26 Refining indicator margin Europe at USD 2.2/bbl (+32%) 60 Operational performan
Slide 17: Chemicals & Materials – stronger polyolefin market environment, slightly offset by lower inventory valuation effects
Chemicals & Materials – stronger polyolefin market environment, slightly offset by lower inventory valuation effects Clean Operating Result EUR mn Q2/21 vs. Q1/21 +205 Significantly stronger market environment 5 32 647 Higher ethylene and propylene indicator margins 10 (+18%, +27%) 231 Record
Slide 18: Strong balance sheet
Strong balance sheet Balance sheet June 30, 2021, vs. March 31, 2021 EUR bn 56.6 56.6 51.9 51.9 Other assets and liabilities significantly impacted Stockholders’ equity 14.9 by higher derivatives positions, driven by and hybrid capital 21.6 increased commodity prices 14.9 Tangible & 21.7 intangibl
Slide 19: Sensitivities of the OMV Group results in 2021
Sensitivities of the OMV Group results in 2021 Annual impact excl. hedging Clean CCS Operating Operating cash flow in EUR mn Result Brent oil price (USD +1/bbl) +60 +25 Realized gas price (EUR +1/MWh) +150 +100 OMV indicator refining margin Europe (USD +1/bbl) +110 +85 Ethylene indicator margin Euro
Slide 20: OMV Aktiengesellschaft
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