Omv Ag · VIE:OMV
Omv — OMV Aktiengesellschaft — Q1 2019 Earnings Presentation
18 slides from Omv's earnings presentation, May 3, 2019
Slide 1: OMV Q1/19 Conference Call
OMV Q1/19 Conference Call Rainer Seele Chairman of the Executive Board and CEO May 3, 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 – Brent and gas prices down, weaker refining margins
Macro environment – Brent and gas prices down, weaker refining margins Oil prices USD/bbl OMV indicator refining margin USD/bbl 80 74 75 6 5.7 67 69 5.2 5.2 63 4.8 5 60 68 4.0 61 62 60 4 58 40 3 Average Brent price 2 20 Average realized crude price 1 0 0 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q1/18 Q2/18 Q3/
Slide 4: Key messages Q1 2019
Key messages Q1 2019 FINANCIAL STRONG DELIVERING THE PERFORMANCE OPERATIONS STRATEGY Earnings impacted by temporary Production at 474 kboe/d Signed acquisition of 15% share field shutdown in Libya in ADNOC Refining and global Production cost Trading JV Resilient Downstream at USD 6.8/boe earnings Cl
Slide 5: Clean CCS Operating Result impacted by the security situation in Libya and higher depreciation
Clean CCS Operating Result impacted by the security situation in Libya and higher depreciation Clean CCS Operating Result Clean CCS net income attributable Clean CCS Earnings Per Share EUR mn to stockholders EUR Upstream Corporate & Others, Consolidation EUR mn Downstream 1,053 1.50 490 818 1.15 759
Slide 6: Upstream – Missing earnings contribution from Libya and higher depreciation
Upstream – Missing earnings contribution from Libya and higher depreciation partially compensated by higher realized prices Clean Operating Result Q1/19 vs. Q1/18 EUR mn Realized oil price increased by 3% Realized gas price increased by 5% (45) -10% Production of 474 kboe/d (up by +37 kboe/d):
Slide 7: Downstream – Solid operational performance and resilient earnings
Downstream – Solid operational performance and resilient earnings Clean CCS Operating Result Q1/19 vs. Q1/18 EUR mn Oil (2) Weaker market environment -1% Refining indicator margin at USD 4.0/bbl (-16%) 376 15 374 12 25 Flat ethylene/propylene net margins (+1%) Gas 94 75 Strong operational pe
Slide 8: Strong cash generation from operating activities of EUR 1.2 bn, excluding net working capital effects
Strong cash generation from operating activities of EUR 1.2 bn, excluding net working capital effects Cash flow Q1/2019 EUR mn Organic cash flows 1,173 1,196 Slight increase of cash flow from operating activities excl. net working capital effects Borealis interim dividends for H2 2018 of EUR 144
Slide 9: IFRS 16 Impact on OMV Group
IFRS 16 Impact on OMV Group Income statement 2019 Cash flow statement 2019 Balance sheet EUR mn EUR mn EUR mn Capital employed ~700 at Jan. 1, 2019 Depreciation ~90 Net debt Operating Free ~700 at Jan. 1, 2019 result ~5 cash flow ~85 Gearing ratio Net 2019 ~4 - 5 ppt income ~5 Capex ~1
Slide 10: Healthy balance sheet and strong cash position
Healthy balance sheet and strong cash position Net debt and gearing ratio EUR bn 28% Gearing ratio Cash position 21% EUR bn 1 20% ~0.7 IFRS 16 impact 3.7 14% 13% 4.0 Undrawn revolving Net credit facilities 3.0 debt EUR bn 1 2.5 2.0 2.0 3.1 1 As of end of Mar 2019 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec
Slide 11: 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 (previously ~5.0) Ethylene/propylene net margin (EUR/t) 448 <448 Utilization rate refineries (%) 92 >92 Org
Slide 12: OMV Aktiengesellschaft
OV OMV OMV Aktiengesellschaft ouv OMV
Slide 13: BACKUP
BACKUP OMV Aktiengesellschaft
Slide 14: Upstream – Result impacted by a weaker macroenvironment, field shutdown in Libya and higher depreciation
Upstream – Result impacted by a weaker macroenvironment, field shutdown in Libya and higher depreciation Clean Operating Result Q1/19 vs. Q4/18 EUR mn Realized oil price decreased by 4% (185) Realized gas price almost stable (-1%) 578 Positive FX impact due to stronger USD/EUR 21 Production
Slide 15: Downstream – Significantly weaker refining margins
Downstream – Significantly weaker refining margins Clean CCS Operating Result EUR mn Q1/19 vs. Q4/18 (71) Oil 445 Lower refining margin (-23%) Gas 64 64 Lower ethylene/propylene net margins (-10%) 374 11 5 Stable high utilization rate (98%) 75 Lower positive effect from supply situation in s
Slide 16: Operational KPIs
Operational KPIs Hydrocarbon production Refined product sales Retail sales kboe/d mn t mn t 447 474 5.25 1.58 437 4.53 4.79 1.41 1.45 Q1/18 Q4/18 Q1/19 Q1/18 Q4/18 Q1/19 Q1/18 Q4/18 Q1/19 Hydrocarbon sales Refinery utilization rate Natural gas sales mn boe % TWh 38.5 39.4 38.4 93 98 98 38.1 33.0 32.
Slide 17: Strong balance sheet
Strong balance sheet Balance sheet Mar 31, 2019 vs. Dec 31, 2018 Highlights EUR bn 38.7 38.7 Successful closing of acquisition of 50% share in 37.0 37.0 SapuraOMV in Q1/19 leading to a significant increase of tangible and intangible assets as well as Stockholders’ equity 12.4 deferred tax liabilit
Slide 18: 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
OMV Aktiengesellschaft — Q1 2019 Earnings Presentation on 6ix