Omv Ag · VIE:OMV
Omv — OMV Aktiengesellschaft — Q3 2019 Earnings Presentation
17 slides from Omv's earnings presentation, Oct 30, 2019
Slide 1: OMV Q3/19 Conference Call
OMV Q3/19 Conference Call Rainer Seele Chairman of the Executive Board and CEO October 30, 2019 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-look
Slide 3: Macro environment – Strong refining margins and healthy petrochemicals margins offset by lower oil and gas prices
Macro environment – Strong refining margins and healthy petrochemicals margins offset by lower oil and gas prices Oil prices USD/bbl OMV indicator refining margin USD/bbl 80 75 6 5.7 5.5 69 69 5.2 63 62 5 60 68 66 4.0 62 60 59 4 3.2 40 3 Average Brent price 2 20 Average realized crude price 1 0 0 Q3
Slide 4: Key messages Q3 2019
Key messages Q3 2019 FINANCIAL STRONG DELIVERING THE PERFORMANCE OPERATIONS STRATEGY Earnings of EUR 949 mn Quarterly production of Closed acquisition of 15% share (-10% y-o-y) in a weak oil and gas 480 kboe/d in ADNOC Refining and global market environment Trading JV Production cost Strong Downstre
Slide 5: Clean CCS Operating Result was impacted by weaker oil and gas prices
Clean CCS Operating Result was impacted by weaker oil and gas prices Clean CCS Operating Result Clean CCS Net Income attributable Clean CCS Earnings Per Share EUR mn to stockholders EUR Upstream Corporate & Other, Consolidation EUR mn Downstream 1,050 1,047 1.56 949 510 1.39 1.40 455 457 554 650 449
Slide 6: Upstream – Significantly higher production offset by weak market environment and higher depreciation
Upstream – Significantly higher production offset by weak market environment and higher depreciation Q3/19 vs. Q3/18 Clean Operating Result EUR mn Realized oil price decreased by 13% Realized gas price decreased by 17% (104) -19% Positive FX impact due to stronger USD/EUR 554 Production of 4
Slide 7: Downstream – Strong operational performance and earnings
Downstream – Strong operational performance and earnings Q3/19 vs. Q3/18 Clean CCS Operating Result EUR mn Oil Similar market environment +6 Refining indicator margin at USD 5.5/bbl (-4%) +1% Ethylene/propylene net margins at EUR 441/t (+3%) 484 30 26 490 Gas 2 25 Strong operational performa
Slide 8: Increase of cash flow from operating activities excluding net working capital effects to EUR 3.3 bn in 9m/19
Increase of cash flow from operating activities excluding net working capital effects to EUR 3.3 bn in 9m/19 Organic cash flow 9m/19 EUR bn 3.2 3.3 Cash flows 9m/19 vs. 9m/18 Increase of sources of funds of EUR 106 mn No interim Borealis dividends in Q3/19, to be paid in Q4/19 (Q3/18: EUR 108 mn
Slide 9: Healthy balance sheet and strong cash position
Healthy balance sheet and strong cash position Net debt and gearing ratio EUR bn 29% 28% Gearing ratio Cash position 21% 21% EUR bn 1 20% 3.2 14% 13% 4.9 Undrawn revolving Net credit facilities 4.0 debt EUR bn 1 3.2 3.3 3.0 2.0 2.0 3.2 1 As of September 30, 2019 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-
Slide 10: Outlook 2019
Outlook 2019 2018 Outlook 2019 Brent oil price (USD/bbl) 71 65 NCG gas price (EUR/MWh) 23 <23 Total hydrocarbon production (kboe/d) 427 < 500 1 OMV indicator refining margin (USD/bbl) 5.2 <5.0 Ethylene/propylene net margin (EUR/t) 448 448 Utilization rate refineries (%) 92 >92 Organic CAPEX (EUR bn)
Slide 11: BACKUP
BACKUP OMV Aktiengesellschaft
Slide 12: Upstream – Earnings impacted by annual maintenance and weak market environment
Upstream – Earnings impacted by annual maintenance and weak market environment Clean Operating Result Q3/19 vs. Q2/19 EUR mn Realized oil price decreased by 11% (200) Realized gas price decreased by 12% 650 Production of 480 kboe/d (-10 kboe/d) Russia (-6 kboe/d) due to annual maintenance an
Slide 13: Downstream – Higher earnings supported by stronger refining margin and improved gas result
Downstream – Higher earnings supported by stronger refining margin and improved gas result Clean CCS Operating Result EUR mn Q3/19 vs. Q2/19 +63 Oil Stronger market environment 52 44 490 25 Significantly higher refining margin (+72%) 428 54 Slightly lower ethylene/propylene net margins (-7%) G
Slide 14: Operational KPIs
Operational KPIs Hydrocarbon production Refined product sales Retail sales kboe/d mn t mn t 490 480 5.50 5.38 5.60 1.74 1.81 1.63 406 Q3/18 Q2/19 Q3/19 Q3/18 Q2/19 Q3/19 Q3/18 Q2/19 Q3/19 Hydrocarbon sales Refinery utilization rate Natural gas sales mn boe % TWh 44.1 42.8 98 96 96 26.8 27.2 35.2 23.
Slide 15: Strong balance sheet
Strong balance sheet Balance sheet Sep 30, 2019 vs. Jun 30, 2019 EUR bn 40.3 40.3 38.5 38.5 Stockholders’ equity 12.9 12.3 The increase in other non-current assets reflects 20.9 the acquisition of a 15% share in the ADNOC Tangible & intangible assets 20.6 refining business Non-controlling interest
Slide 16: Sensitivities of OMV Group in 2019
Sensitivities of OMV Group in 2019 Annual impact 1 Clean CCS Operating Operating cash flow in EUR mn Result Brent oil price (USD +1/bbl) +60 +30 OMV invoiced gas price (EUR +1/MWh) +150 +105 CEGH/NCG gas price 3 (EUR +1/MWh) +50 +25 OMV indicator refining margin (USD +1/bbl) 2 +105 +80 Ethylene/prop
Slide 17: OMV Aktiengesellschaft
OV OMV OMV Aktiengesellschaft ouv OMV
OMV Aktiengesellschaft — Q3 2019 Earnings Presentation on 6ix