Report January - December and Q4 2013
- Strong operating cash flow at EUR 4.1 bn, higher by 8% in 2013
- Romanian production in 2013 increased year-on-year for the first time since Petrom’s privatization in 2004
- Clean CCS EBIT at EUR 444 mn in Q4/13
- Acquisition of assets from Statoil closed on October 31, contributing 18 kboe/d to production in Q4/13
- Gearing ratio at 30% in line with the long-term target, despite high investment level
- Long-term gas supply contract with Statoil renegotiated; interim agreement reached with Gazprom
- Downstream restructuring on track: Sale of OMV’s 45% stake in the Bayernoil refinery network signed
- The Executive Board proposes an increased dividend of EUR 1.25 per share for 2013
Gerhard Roiss, CEO of OMV:
"2013 was a pivotal year for OMV, a year in which we made substantial progress in shaping the company from an integrated, predominantly downstream organization to an integrated but strongly upstream-focused company. Despite challenges in Libya and Yemen, historically low refining margins and depressed spot prices in the gas sector, we have laid the foundations for a strong profitable future. The USD 2.65 bn acquisition of upstream assets from Statoil will play a key part in delivering our strategy; this acquisition was largely funded by our successful efforts to reduce working capital and leaves balance sheet gearing at the end of the year at 30%, consistent with our long-term target. Furthermore, we strengthened the exploration portfolio by acquiring interests in Madagascar and Gabon and made promising discoveries in Norway, Pakistan and Libya. In downstream, we renegotiated our long-term gas supply contract with Statoil, reached an interim agreement with Gazprom and made substantial progress in our divestment program by signing the sale of OMV’s 45% stake in the Bayernoil refinery network. We have now built the portfolio to successfully deliver our 2016 targets, enabling us to grow our long-term profitability as the projects within the portfolio are delivered."
Further information please find in the download report January - December and Q4 2013 in the sidebar.