Slide 1: Q4 2022 Results Conference Call
Q4 2022 Results Conference Call Alfred Stern Chairman of the Executive Board and CEO February 2, 2023 1 | Q4 2022 Conference Call, February 2, 2023 © OMV Group
Slide 2: Disclaimer
Q4 2022 Results conference call Disclaimer This presentation contains forward-looking statements. Forward-looking statements may be identified by the use of terms such as “outlook”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “target”, “objective”, “estimate”, “goal”, “may”, “will”, and sim
Slide 3: Macro environment
Macro environment Strong refining margins, softer oil and gas prices and weak chemical market environment Oil prices Gas prices USD/bbl EUR/MWh Realized gas price 201 Central European Gas Hub 114 102 101 80 89 107 95 101 102 99 90 99 77 86 27 38 82 Average Brent price Average realized crude price 57
Slide 4: Key messages
Q4 2022 Results conference call Key messages FINANCIAL OPERATIONS DELIVERING THE PERFORMANCE Q4/22 Q4/22 STRATEGY Clean CCS Operating Result of Polyolefin sales incl. JVs Signed MoU for ReOil® technology EUR 2.1 bn (5)% y-o-y licensing +5% y-o-y Total fuel sales and others Joined Methanol-to-SAF con
Slide 5: Clean CCS Earnings
Clean CCS Earnings Resilient performance supported by high oil and gas prices, impacted by elevated tax rate Clean CCS Operating Result Clean CCS net income attributable to Clean CCS Earnings Per Share EUR mn stockholders EUR EUR mn Chemicals & Materials Refining & Marketing Exploration & Production
Slide 6: Chemicals & Materials
Chemicals & Materials Weaker market environment, negative inventory valuation, and lower performance of JVs Clean Operating Result EUR mn ● Market environment ● Slightly higher European ethylene indicator margin (+7%), but lower propylene indicator margin (-12%) (455) ● Significantly lower European
Slide 7: Refining & Marketing
Refining & Marketing Significantly higher refining margins and stronger contribution from ADNOC Refining & Trading, partially offset by Gas & Power East Clean CCS Operating Result EUR mn +355 ● Significantly higher refining indicator margin Europe (USD 17.5/bbl vs. 6.2/bbl) ● Operational performance
Slide 8: Exploration & Production
Exploration & Production Substantially higher oil and gas prices, partly offset by the exclusion of Russian volumes and weaker Gas West result Clean Operating Result EUR mn ● Significantly stronger market environment +169 ● Average realized crude oil price increased by 12% ● Average realized natural
Slide 9: Cash Flow
Cash Flow Cash flow from operating activities excluding net working capital effects increased to EUR 9.8 bn in 2022 Cash flow 12m/22 vs. 12m/21 EUR bn ● Increase of ~ EUR 0.9 bn in cash flow from operating activities excluding net working capital effects vs. 2021 +0.9 12m/21 ● Net working capital ef
Slide 10: Strong balance sheet
Strong balance sheet Leverage ratio at 8%, reflecting the strong underlying cash generation Leverage ratio Net debt in EUR bn 9.3 End of December 2022 OMV cash position1 32% 6.0 5.2 EUR 8.1 bn 4.7 4.6 22% 21% End of December 2022 18% 2.7 OMV undrawn committed 15% 2.2 credit facilities 9% 8% EUR 5.2
Slide 11: Updated capital allocation priorities
Updated capital allocation priorities Special dividends as a new instrument to reward shareholders 1 2 3 4 5 M&A to accelerate Special shareholder Progressive Organic CAPEX Deleveraging rewards dividend policy the transition ● Pursue the ● Increase ordinary ● Further growth and ● Long-term target ●
Slide 12: Shareholder rewards
Shareholder rewards Increase of regular dividend by >20% to EUR 2.80 per share, strongly delivering on progressive dividend policy 5.05 Special dividend 2.25 New instrument in shareholder distributions added in 2022 2.30 Regular dividend 1.85 According to progressive dividend policy 1.75 1.75 1.50 1
Slide 13: Synergies program
Synergies program Significant Borealis synergies achieved in the first two years ≥800 EUR mn by year-end 2025 Operational cost savings >200 >200 150–200 150–200 150–200 Combined purchasing Debottlenecking Value chain optimization 2021 Actual 2022 Actual 2023 2024 2025 Tax benefits 13 | Q4 2022 Confe
Slide 14: Investments
Investments Disciplined organic growth investments in 2023 Main projects in 2023 Organic CAPEX EUR bn EUR 3.7 bn, thereof ~EUR 0.2 bn non-cash leases 3.7 ~3.7 ~3.5 Chemicals & Materials Construction of PDH plant in Kallo, Belgium 1.1 1.4 Mechanical recycling plant in Schwechat, Austria Re-
Slide 15: Outlook 2023
Q4 2022 Results Outlook 2023 2022 2023 Brent oil price (USD/bbl) 101 >80 Average realized gas price (EUR/MWh) 54 ~35 Europe ethylene indicator margin (EUR/t) 560 ~530 Europe propylene indicator margin (EUR/t) 534 ~480 Europe polyethylene indicator margin (EUR/t)1 390 ~350 Europe polypropylene indica
Slide 16: Appendix
APPENDIX 16 | Q4 2022 Conference Call, February 2, 2023 © OMV Group
Slide 17: Chemicals & Materials
Chemicals & Materials Weaker market environment, negative inventory valuation effects, and lower JVs performance Clean Operating Result EUR mn ● Market environment ● Lower ethylene and propylene indicator margins (-13%, -23%) (157) ● Higher European PE and PP indicator margins (+19%, +12% ) ● OMV ba
Slide 18: Refining & Marketing
Refining & Marketing Stronger refining margins, partially offset by significantly lower Gas & Power East and retail contribution Clean CCS Operating Result EUR mn +114 +19% 714 20 ● Higher refining indicator margin Europe (USD 17.5. vs. 14.4 /bbl) ● Operational performance 94 600 ● Higher refinery u
Slide 19: Exploration & Production
Exploration & Production Weaker market environment and lower oil sales, partly offset by improved Gas Marketing Western Europe result Clean Operating Result EUR mn (1,362) ● Improved market environment 2,686 ● Realized oil price decreased by -13% ● Realized gas price decreased by -44% ● Negative FX
Slide 20: Balance sheet
Balance sheet Strong balance sheet Balance sheet December 31, 2022 vs. September 30, 2022 EUR bn 63.4 63.4 Overall significant effects from decrease in gas 56.4 56.4 prices Q4 vs. Q3, impacting: Tangible & 20.2 21.9 intangible assets ● Decrease of other assets as well as other Stockholders’ equity l
Slide 21: 2023 Sensitivities
2023 Sensitivities Sensitivities of the OMV Group results in 2023 Annual impact excl. hedging Clean CCS Operating Operating cash flow in EUR mn Result Brent oil price (USD +1/bbl) +55 +25 Realized gas price (EUR +1/MWh) +75 +40 OMV indicator refining margin Europe (USD +1/bbl) +110 +85 Ethylene indi