The presentation by
was broadcast as a live webcast at 11.30 am (CET).
A replay of the presentation is here available.
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."