OMV: Strong full year 2008 results, Q4/08 impacted by challenging environment
February 25, 2009 - 7:30 am (CET)
- Record financial performance in 2008: Clean EBIT increased by 31% to EUR 3,105 mn; clean net income after minorities up by 5% to EUR 1,738 mn; dividend at EUR 1.00 per share and payout ratio of 22%
- Q4/08 affected by adverse oil price environment: Clean EBIT down by 56% to EUR 301 mn; excluding negative inventory effects of EUR 484 mn in refining clean EBIT was EUR 786 mn; Clean net income after minorities was EUR (4) mn in Q4/08 due to a loss of EUR (66) mn from associated companies affected by FX losses at Petrol Ofisi and reduced market demand at Borealis
- Conservative financial strategy: With a gearing ratio of 37% OMV remains in a strong position to face the challenges of the current operating conditions
Wolfgang Ruttenstorfer, CEO of OMV:
"Despite the significantly weakening business environment and taking into consideration high negative inventory effects in refining we again delivered solid results in Q4/08. As a result of the successful implementation of OMV’s growth strategy over the past few years, we have strong and profitable integrated businesses. We are prepared to face a significantly more challenging environment. We have completed the restructuring and optimization of our western refining operations and are developing several oil and gas fields which will lead to production growth in 2009. We are on track to implement our first power projects and are pursuing the Nabucco pipeline project with the aim to securing additional gas supply for Europe. Benefits from the modernization of Petrom are becoming more and more visible. With the ongoing efficiency and cost control program we will continue to ensure the Company remains competitive in a challenging economic climate. Our solid financial structure and our conservative financial policy position us well to cope with challenges and to take advantage of opportunities in the weakening market environment."
Further information please find in the attached report regarding the full year 2008 results: