Contact
OMV Websites
en de
OMV Websites
OMV Websites
OMV www.omv.com Austria www.omv.at Bulgaria www.omv.bg Czech Rep. www.omv.cz Germany www.omv.de Hungary www.omv.hu New Zealand www.omv.nz Norway www.omv.no Romania www.omv.ro Russia www.omv.ru Serbia www.omv.co.rs Slovakia www.omv.sk Slovenia www.omv.si Tunisia www.omv.tn Turkey www.omv.com.tr UAE www.omv.ae
OMV Gas Websites
OMV Gas www.omv-gas.com Austria www.omv-gas.at Belgium www.omv-gas.be Germany www.omv-gas.de Hungary www.omv-gas.hu Netherlands www.omv-gas.nl
OMV Petrom Websites
OMV Petrom www.omvpetrom.com Petrom Romania www.petrom.ro Petrom Moldova www.petrom.md
Borealis Websites
Borealis Group www.borealisgroup.com
Close

Report January – June and Q2 2011

Political turmoil in North Africa and Middle East adversely impacts results

August 10, 2010 - 7:30 am (CET)

EBIT down vs. Q2/10: Clean CCS EBIT decreased by 25% to EUR 468 mn burdened by the loss of production in Libya and Yemen, high exploration expenses as well as lower refining margins; clean CCS net income attributable to stockholders is down 25% to EUR 236 mn

Strong improvement of gearing ratio: After completion of the capital increase and hybrid bond issue in Q2/11, the gearing ratio came down to 34% versus 47% in the end of Q1/11

Outlook for 2011: In E&P, production is expected to remain below the level of 2010 due to production disruptions in North Africa and the Middle East; in R&M, the full consolidation 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

Gerhard Roiss, CEO of OMV:
“The second quarter brought multiple challenges some of which we were not able to influence. The political instability in North Africa and the Middle East is still prevailing, costing us a significant amount of production every day. The loss in volumes could not be offset by higher crude prices. In R&M as well as in G&P, the overriding theme was margin pressure which has left its mark on these segments’ results. With regard to managing our balance sheet, we have successfully closed two major capital markets transactions last quarter – a capital increase and a hybrid bond each EUR 750 mn in size – and thereby reduced our gearing to 34%. I am also happy about the successes stemming from our exploration endeavors which have recently yielded three promising discoveries. Clearly, we will continue to face challenges in the future but, with our updated strategy to be announced in September, we will be strongly positioned to manage them.”

Further information please find in the attached report January - June and Q2 2011: