Slide 1: Results Q1/11
Results Q1/11 David C. Davies, Deputy Chairman of the Executive Board and CFO May 11, 2011 1 | OMV Group, Q1/11 Move & More.
Slide 2: Strong oil price compensates impact of political instability
Strong oil price compensates impact of political instability Oil price increase and stronger petrochemical margins drive improved results, compensating lower production Average oil price in Q1/11 USD 105.43/bbl, 38% above Q1 last year (USD 76.36/bbl), and 22% above Q4/10 levels (USD 86.46/bbl)
Slide 3: Results for Q1/11
Results for Q1/11 Q4/10 Q1/11 Q1/10 in EUR mn 2010 2009 Q1/10 2009 582 807 710 14% EBIT 2,334 1,410 66% (247) (108) (13) n.m. Financial result (373) (228) 64% (139) (225) (241) (7)% Taxes (747) (465) 61% 42% 32% 35% (7)% Effective tax rate 38% 39% (3)% 195 473 456 4% Net income (NIAT) 1,214 717
Slide 4: Cash flow
Cash flow Q4/10 Q1/11 Q1/10 in EUR mn 2010 2009 Q1/10 2009 195 473 456 4% Net income 1,214 717 69% 375 366 287 27% Depreciation and amortisation 1,578 1,325 19% 299 133 (12) n.m. Other 182 (38) n.m. 869 972 732 33% Sources of funds 2,974 2,004 48% 35 (80) 16 n.m. Change in net working capital (8
Slide 5: Gearing ratio development
Gearing ratio development 50 Gearing ratio (net debt / equity) Gearing ratio target ≤ 30% 47 46 40 30 29 29 30 in % 20 10 0 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Maintaining a strong investment grade rating remains key priority Group currently assessing best refinancing option for Petrol Ofisi 5 | OMV G
Slide 6: CAPEX and EBITD
CAPEX and EBITD CAPEX EBITD Q1/11: EUR 1,039 mn Q1/11: EUR 1,173 mn 1,000 886 895 CAPEX Q1/11 EBITD Q1/11 800 600 400 225 200 93 80 52 8 0 (4) (22) (200) (200) E&P R&M G&P Co&O Consolidation 6 | OMV Group, Q1/11
Slide 7: Special items
Special items Q4/10 Q1/11 Q1/10 in EUR mn 2010 2009 582 807 710 Reported EBIT 2,334 1,410 (39) (2) (3) Personnel related costs (101) (54) 3 0 0 Unscheduled depreciation (258) (119) 8 2 19 Asset disposals 32 22 1 (20) 1 Other 4 (29) (27) (20) 16 Total special items (323) (180) 609 827 694 Clean EBIT
Slide 8: Clean CCS EBIT Q1/11
Clean CCS EBIT Q1/11 OMV Group clean CCS EBIT Q1/11: EUR 726 mn (Q1/10: EUR 647 mn) 800 Q1/10 726 677 Q1/11 647 600 556 400 200 87 73 27 11 0 (3) (22) (20) (14) (200) E&P R&M G&P Co&O Consolidation Total thereof Petrom group clean CCS EBIT: E&P R&M G&P Co&O Consolidation Total Q1/10 Q1/11 Q1/10 Q1/1
Slide 9: Economic environment
Economic environment 50% 800 726 40% 647 623 632 30% 567 600 20% 10% EUR mn 0% 400 (10)% (20)% 200 (30)% (40)% (50)% 0 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Clean CCS EBIT in EUR mn (right hand scale) Regulated domestic gas price for producers (USD) Average Brent price OMV indicator refining margin Q4/1
Slide 10: Exchange rate development
Exchange rate development Q1/11 Q1/10 Average EUR-USD FX rate 1.368 1.383 (1)% Average USD-TRY FX rate 1.578 1.510 5% OMV Group has two significant FX exposures: EUR-USD: Oil price is denominated in USD. A stronger USD is therefore favourable for the results. USD-TRY: Petrol Ofisi has a net US
Slide 11: Group E&P: EBIT supported by a favourable oil price in Q1/11, partly offset by lower production in Libya and Yemen
Group E&P: EBIT supported by a favourable oil price in Q1/11, partly offset by lower production in Libya and Yemen Favourable oil price environment main driver of strong Q1/11 results Lower production volumes in Libya and Yemen brought total production down by 4% Sales volumes almost at Q1/10
Slide 12: Petrom E&P: Q1/11 results supported by a higher oil price
Petrom E&P: Q1/11 results supported by a higher oil price Significantly higher oil price drives Q1/11 results, partly offset by increased exploration expenses and negative hedging results Production figures slightly above Q1/10 level helped by increased production in Kazakhstan and higher gas vo
Slide 13: Group R&M: Challenging margin environment
Group R&M: Challenging margin environment OMV indicator margin in Q1/11 negatively impacted by the increase in crude price The increased crude price led to positive CCS effects (inventory holding gains) After lower values in Q4/10 the olefin margins were on an increasing trend in Q1/11, which
Slide 14: Petrom R&M: Low refining margin and high CCS effects
Petrom R&M: Low refining margin and high CCS effects Lower refining margin environment due to higher crude prices Positive effect from lower fixed costs compared to Q4/10 which was affected by one-off effects (e.g. write-offs of storage tanks and spare parts in Arpechim) The increased crude pr
Slide 15: Petrol Ofisi R&M: Challenging downstream market
Petrol Ofisi R&M: Challenging downstream market Total market share slightly increased to 27.1% as of Q1/11 Difficult marketing margin environment in Q1/11 Depressed refining margins reduce international supply advantage Result contains effects from OMV purchase price allocation Total refined
Slide 16: Group G&P: Higher trading volumes but supply margins under pressure
Group G&P: Higher trading volumes but supply margins under pressure Gas sales volumes at EconGas increased significantly compared to Q1/10, mainly driven by higher wholesale quantities Margins of EconGas were under pressure impacted by lower withdrawals from storage driven by mild weather in Mar
Slide 17: Petrom G&P: Result negatively influenced by higher import quota and import prices
Petrom G&P: Result negatively influenced by higher import quota and import prices Gas sales volumes at Petrom were in line with Q1/10 EBIT in Q1/11 was negatively influenced by import obligation for internal consumption EBIT was unfavourably influenced by higher costs related to the upcoming s
Slide 18: Outlook 2011: Main market drivers remain highly volatile
Outlook 2011: Main market drivers remain highly volatile In E&P, the production level is expected to decrease due to the political instability in the Middle East and North Africa In R&M, the margin environment will remain challenging while refining margins are expected to recover somewhat Full
Slide 19: Disclaimer
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Slide 20: 20 | OMV Group, Q1/11
20 | OMV Group, Q1/11