OMV : Report January – September and Q3 2015

November 5, 2015 - 07:30 am (CET)

• Q3/15: Clean CCS net income attributable to stockholders at EUR 367 mn, up by 31% vs. Q3/14, clean CCS EBIT at EUR 495 mn, down by 25% vs. Q3/14
• Very strong result contribution from Downstream
• Positive free cash flow at EUR 524 mn in Q3/15
• Capital expenditure at EUR 1,997 mn in 9m/15, down by 28% vs. 9m/14
• Impairments amounting to approximately EUR 1 bn recorded in Q3/15
• Gearing ratio improved to 38% vs. 40% in Q2/15
• Production guidance of approximately 300 kboe/d for 2015 confirmed

Rainer Seele, CEO of OMV:
'In Q3/15, OMV's clean results continued to benefit from the integrated business model in this low oil price environment. Clean CCS EBIT in Q3/15 improved by 32% vs. Q2/15 reflecting the strong performance from the Downstream Business Segment and the clean CCS earnings per share increased to EUR 1.13 in Q3/15. Cash flow generation remains a priority, which is visible in the improvement of the free cash flow before dividends which increased to EUR 524 mn this quarter. Given the ongoing challenging oil price environment, we have decided to reduce our future oil price assumptions resulting in asset impairments in the Upstream business. Despite these impairments, the effect of the strong cash generation is reflected in the gearing ratio, which improved to 38% compared to the previous quarter. Recently, we have achieved several strategic milestones. We have signed a term sheet with Gazprom for OMV's participation in the project Achimov IV/V based on an exchange of assets as well as the shareholder agreement for the Nord Stream 2 pipeline project. Additionally, we decided to sell a stake of up to 49% of Gas Connect Austria and reached a provisional agreement on the full takeover of EconGas by OMV, both of which mark important steps towards the optimization of the Downstream Gas portfolio. The review of the Group's strategy is progressing well and we will present the results in February 2016.'