Report January – December and Q4 2010
February 23, 2011 - 7:30 am (CET)
Recovering environment drives strong results
- Clean results up vs. Q4/09: Clean CCS EBIT increased by 37% to EUR 567 mn supported by the higher crude price, better refining margins and a strong G&P business; clean CCS net income after minorities is up 85% to EUR 216 mn
- Strong full year performance: EPS up by 61% to EUR 3.08; proposed dividend of EUR 1.00 per share at previous year’s level
- Outlook for 2011: In E&P, production is expected to be at a similar level to 2010; in R&M, the inclusion of Petrol Ofisi should support the results; in G&P, the start of commercial operation of the first power projects is expected in H2/11
Wolfgang Ruttenstorfer, CEO of OMV:
“We look back at 2010 as a year of outstanding operational performance coupled with transformational acquisition steps in line with our integrated growth strategy. On the operational side, 2010 EBIT has increased 66% vs. 2009 on the back of a more favorable oil price and refining margin environment as well as a strong contribution from the G&P business. The results were further supported by reaching our target of reducing overhead costs by EUR 300 mn by the end of 2010 and we decided to extend this program with the aim to save another EUR 200 mn until 2012. In pursuit of our strategy we have managed to close the acquisition of a further 54.14% in Petrol Ofisi and will now focus on integrating the company into the Group as well as strengthening Turkey as a third strategic hub. In February, we further enlarged our E&P portfolio by closing the acquisition of 100% of the Tunisian subsidiaries of Pioneer. All in all, I am confident that OMV will be in great shape when I hand over to my colleague Gerhard Roiss, my successor as CEO, at the end of March.”
Further information please find in the attached report January - December and Q4 2010: