Early response to deteriorating environment bears fruit in Q1/09
May 8, 2009 - 7:30 am (CET)
- Economic environment weighs on Q1/09 results: Clean CCS EBIT decreased by 54% to EUR 340 mn; including negative CCS effects of EUR (82) mn in refining, clean EBIT was EUR 258 mn. Clean CCS net income after minorities was EUR 126 mn in Q1/09 burdened by a loss of EUR (32) mn from associated companies affected by FX losses at Petrol Ofisi and reduced market demand at Borealis as well as a high tax rate
- OMV has quickly adjusted to the changing economic environment, gaining competitive advantage through its strong liquidity position as a result of the hedging strategy in E&P started in Q4/08 and a reprioritized capital budget
- Outlook for 2009: We expect the main market drivers to remain highly volatile; in E&P production rate should be supported by new field developments
Wolfgang Ruttenstorfer, CEO of OMV:
“Against the backdrop of a deteriorating economic situation and crude prices only slightly recovering towards the end of Q1/09, the operational environment remained difficult for OMV. While earnings came under pressure we managed, at the same time, to strengthen our balance sheet, notably through the sale of our 21.2% stake in MOL but also through the issue of a Eurobond and German Loan Notes. More encouragingly, the Maari oil field in New Zealand has been brought on stream and current production rates look very promising. Overall, OMV is well prepared to cope with the global economic downturn. Its operational and financial strength allows the Company to continue pursuing its growth strategy in its core regions, which will offer attractive growth rates in the medium and long term.”
Further information please find in the attached report regarding Q1/09:
Report January - March 2009, (PDF, 233,5 KB) Report January - March 2009, (PDF, 233,5 KB)