OMV Petrom S.A.

Earnings Release • Oct 31, 2018

National Storage Mechanism | Additional information

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RNS Number : 8251F

OMV Petrom S.A.

31 October 2018

OMV Petrom S.A.

Investor News

October 31, 2018, 8:00 am (local time), 7:00 am (CET), 6:00 am (GMT)

OMV Petrom Group results for January - September and Q3 2018

including unaudited interim condensed consolidated financial statements as of and for the period ended September 30, 2018

Highlights Q3/18

u Clean CCS Operating Result RON 1.7 bn, up 62% yoy

u Operating cash flow RON 2.4 bn, up 62% yoy

u Clean CCS EPS up 78% yoy

u Clean CCS ROACE at 11.8%

In the first nine months of 2018, OMV Petrom benefited from improved commodity prices and higher power demand. Our 9m/18 Clean CCS Operating Result reached RON 3.4 bn, 25% higher yoy, with Upstream being the main contributor. The Downstream Clean CCS Operating Result amounted to RON 1.2 bn with a strong operational performance partially compensating the effects of the refinery turnaround in Q2/18 and the weaker refining margin environment compared to 2017.

Our operating cash flow increased to RON 5.6 bn in 9m/18, mirroring the Clean CCS Operating Result trend. In line with our guidance, we increased investments yoy, almost doubling the number of wells and sidetracks in Upstream, completing the refinery turnaround and advancing other Downstream Oil projects. As a result, our cash outflow for investing activities reached RON 3.1 bn. The 9m/18 free cash flow after dividends amounted to RON 1.3 bn.

In September 2018, we signed the transfer of nine marginal fields to Mazarine Energy, continuing our Upstream portfolio optimization initiatives. 

The offshore law was approved by Parliament. We are currently reviewing the law to understand how it will impact our offshore business. Given the timeframe, we do not see a Neptun Deep final investment decision in Q4/18.    

Q3/18	Q2/18	Q3/17	Δ%	Key performance indicators (in RON mn)	9m/18	9m/17	Δ%
1,685	735	1,042	62	Clean CCS Operating Result	3,378	2,701	25
1,681	701	873	93	Operating Result	3,462	2,450	41
1,382	462	778	78	Clean CCS net income attributable to stockholders	2,597	2,054	26
1,379	434	639	116	Net income attributable to stockholders	2,667	1,849	44
0.0244	0.0082	0.0137	78	Clean CCS EPS (RON)	0.0458	0.0363	26
0.0243	0.0077	0.0113	116	EPS (RON)	0.0471	0.0326	44
2,376	1,388	1,470	62	Cash flow from operating activities	5,561	4,446	25
1,217	(637)	959	27	Free cash flow after dividends	1,310	2,002	(35)

OMV Petrom will organize a live presentation of the company's results for Q3 2018 on October 31, 2018, starting 14.30hrs (local time) / 13.30hrs (CET) / 12.30hrs (GMT). The presentation will last approximately 20 minutes, followed by a Q&A session, and will be hosted by Christina Verchere (CEO & President of the Executive Board) and Stefan Waldner (CFO & Member of the Executive Board).

The presentation will be held in English and will be broadcasted through a live audio webcast, which can be accessed from the company's website, www.omvpetrom.com, section Investors › Publications › Quarterly Results.  

Please access the link here below to view the full report.

http://www.rns-pdf.londonstockexchange.com/rns/8251F_1-2018-10-31.pdf 

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