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OMV Group Report January – June and Q2 2016

News Release, August 10, 2016 - 07:30 am (CEST)
including interim consolidated financial statements as of June 30, 2016

  • Q2/16: Clean CCS EBIT at EUR 214 mn, down by 43% vs. Q2/15, Clean CCS net income attributable to stockholders at EUR 222 mn, down by 39% vs. Q2/15
  • Strong cash flow from operating activities at EUR 1,036 mn, up by 21% vs. Q2/15; positive free cash flow after dividends in Q2/16
  • Cost reduction of EUR 100 mn planned for 2017, to be achieved ahead of schedule in 2016
  • Norway production contribution continues to increase, supported by ramp-up of Edvard Grieg and additional wells in Gullfaks and Gudrun
  • Sale agreement for a 30% stake in the Rosebank field (UK) signed

Rainer Seele, CEO of OMV:
"In a challenging market environment, in Q2/16 OMV delivered a strong cash flow from operating activities exceeding EUR 1 bn and a positive free cash flow after dividends. However, decreased oil and gas prices and lower refining margins have impacted the results of OMV Group. Clean CCS EBIT dropped by 43% and clean CCS net income attributable to stockholders decreased by 39%. In line with our strategy to optimize the Upstream portfolio, we are divesting a 30% stake in the Rosebank field in the UK. This sale reduces OMV’s related future investment commitments. In addition, we continue to focus on cash and costs. The cost reduction program that started this year aimed for a reduction of EUR 100 mn in 2017, but we expect to reach this goal already in 2016. Thus, we have set a new cost reduction target of more than EUR 150 mn in 2017 versus 2015. We have also continued with our rigorous CAPEX discipline and thus reduced our CAPEX guidance to EUR 2.2 bn in 2016. This is lower than the initially announced target of EUR 2.4 bn.”