OMV AG — Interim / Quarterly Report 2012

Feb 21, 2013

Investor News

February 21, 2013 6:30 am (GMT), 7:30 am (CET)

Report January–December and Q4 2012

• Full year 2012: Clean CCS EBIT +35%, clean CCS net income attributable to stockholders +42%
• Strong operating performance in Q4/12 with clean CCS EBIT at EUR 956 mn, up 30% vs. Q4/11
• Clean CCS net income attributable to stockholders is up 19% vs. Q4/11 to EUR 393 mn
• In October, OMV acquired a 20% stake in the Edvard Grieg oil field development in the Norwegian North Sea
• In November, OMV sold its marketing subsidiary in Bosnia-Herzegovina
• The performance improvement program "energize OMV" delivered EUR 690 mn working capital reduction by year-end
• Gearing ratio further decreased to 26% vs. 34% in Q4/11
• The Executive Board proposes a dividend of EUR 1.20 per share for 2012

Gerhard Roiss, CEO of OMV:

"In 2012, we managed to deliver a record financial performance while successfully progressing our strategy. We benefited from the return of production in Libya and from a stabilized, on-target production in Romania and Austria. The E&P project pipeline was significantly strengthened and the major deep water gas discovery in the Romanian Black Sea, as well as the acquisitions in Norway, have all laid the ground for further growth. The downstream divestment program and our performance improvement program "energize OMV" are well on track and have already delivered significant milestones. We have set ourselves ambitious targets but I am convinced that we are fit for the future and we will continue to deliver on our commitment to profitable growth."

Q3/12	Q4/12	Q4/11	Δ%	in EUR mn 1	2012	2011	Δ%
779	791	539	47	EBIT	3,104	2,494	24
786	956	737	30	Clean CCS EBIT	3,407	2,530	35
311	317	211	50	Net income attributable to stockholders 2	1,363	1,079	26
317	393	330	19	Clean CCS net income attributable to stockholders 2	1,544	1,084	42
0.95	0.97	0.65	50	EPS in EUR	4.18	3.43	22
0.97	1.20	1.01	19	Clean CCS EPS in EUR	4.73	3.45	37
974	1,044	380	174	Cash flow from operating activities	3,813	2,514	52
-	-	-	n.a.	Dividend per share in EUR 3	1.20	1.10	9

¹ As of March 31, 2012, figures for 2011 were adjusted according to the revised accounting rules for post-employment benefits (IAS 19 revised).

² After deducting net income attributable to hybrid capital owners and net income attributable to non-controlling interests.

³ 2012: As proposed by the Executive Board. Subject to approval by the Supervisory Board and the Annual General Meeting 2013.

Content

2| Directors' report 2| Financial highlights

• (unaudited) 3| Business segments
• 9| Outlook

10| Group financial statements and notes (unaudited)

20| Declaration of the management 21| Further information

Directors' report (condensed, unaudited)

Financial highlights

Q3/12	Q4/12	Q4/11	Δ%	in EUR mn 1	2012	2011	Δ%
10,903	11,390	9,352	22	Sales 2	42,649	34,053	25
575	782	528	48	EBIT E&P 3	2,743	2,091	31
7	(70)	134		n.m. EBIT G&P	43	239	(82)
278	31	(81)		n.m. EBIT R&M	417	282	48
(14)	(21)	(38)		(44) EBIT Corporate and Other	(66)	(69)	(6)
(67)	70	(3)		n.m. Consolidation	(33)	(48)	(31)
779	791	539	47	EBIT Group	3,104	2,494	24
284	372	272	37	thereof EBIT Petrom group	1,273	1,165	9
(38)	(128)	(166)		(23) Special items 4	(304)	(212)	44
(2)	(18)	(16)	13	thereof: Personnel and restructuring	(45)	(39)	15
(15)	(45)	(31)	42	Unscheduled depreciation	(162)	(57)	182
6	85	(1)	n.m.	Asset disposal	91	23	n.m.
(26)	(150)	(117)	28	Other	(190)	(140)	36
30	(37)	(32)	14	CCS effects: Inventory holding gains/(losses)	1	176	(99)
617	698	553	26	Clean EBIT E&P 3, 5	2,824	2,154	31
7	59	134		(56) Clean EBIT G&P 5	184	240	(23)
243	145	85	71	Clean CCS EBIT R&M 5	488	243	101
(13)	(16)	(32)		(49) Clean EBIT Corporate and Other 5	(56)	(59)	(4)
(67)	70	(3)		n.m. Consolidation	(33)	(48)	(31)
786	956	737	30	Clean CCS EBIT 5	3,407	2,530	35
293	406	396	2	thereof clean CCS EBIT Petrom group 5	1,316	1,292	2
673	687	497	38	Income from ordinary activities	2,857	2,221	29
401	403	365	10	Net income	1,790	1,588	13
311	317	211	50	Net income attributable to stockholders 6	1,363	1,079	26
317	393	330	19	Clean CCS net income attributable to stockholders 5, 6	1,544	1,084	42
0.95	0.97	0.65	50	EPS in EUR	4.18	3.43	22
0.97	1.20	1.01	19	Clean CCS EPS in EUR 5	4.73	3.45	37
974	1,044	380	174	Cash flow from operating activities	3,813	2,514	52
2.99	3.20	1.17	174	Cash flow per share in EUR	11.69	8.00	46
4,026	3,747	4,603		(19) Net debt	3,747	4,603	(19)
28	26	34		(25) Gearing in %	26	34	(25)
474	1,063	886	20	Capital expenditure	2,426	3,146	(23)
-	-	-		n.a. Dividend per share in EUR 7	1.20	1.10	9
-	-	-		n.a. ROFA in % 8	18	14	23
-	-	-		n.a. ROACE in % 8, 9	11	11	(1)
-	-	-		n.a. Clean CCS ROACE in % 5	12	11	8
-	-	-		n.a. ROE in % 8	13	13	(1)
40	41	27	56	Group tax rate in %	37	29	31
29,066	28,658	29,800		(4) Employees	28,658	29,800	(4)

Figures in this and the following tables may not add up due to rounding differences.

¹ As of March 31, 2012, figures for 2011 were adjusted according to the revised accounting rules for post-employment benefits (IAS 19 revised).

² Sales excluding petroleum excise tax.

³ Excluding intersegmental profit elimination shown in the line "Consolidation".

⁴ Special items are exceptional, non-recurring items which are added back or deducted from EBIT. For more details please refer to each specific segment.

⁵ Adjusted for special items. Clean CCS figures exclude inventory holding gains/losses (CCS effects) resulting from the fuels refineries and Petrol Ofisi.

⁶ After deducting net income attributable to hybrid capital owners and net income attributable to non-controlling interests.

⁷ 2012: As proposed by the Executive Board. Subject to approval by the Supervisory Board and the Annual General Meeting 2013.

⁸ As of Q4/12, calculated on a rolling basis based on the previous four consecutive quarters. Historic figures were adjusted accordingly.

⁹ As of Q4/12, the definitions for NOPAT and capital employed were adjusted. Please see section "abbreviations and definitions" for details. Historic figures were adapted accordingly.

Business segments

Exploration and Production (E&P)

Q3/12	Q4/12	Q4/11	Δ%	in EUR mn 1	2012	2011	Δ%
575	782	528	48	EBIT	2,743	2,091	31
(42)	84	(25)		n.m. Special items	(81)	(64)	28
617	698	553	26	Clean EBIT	2,824	2,154	31
309,000	301,000	289,000	4	Total hydrocarbon production in boe/d	303,000	288,000	5
182,000	183,000	186,000	(1)	thereof Petrom group	183,000	186,000	(2)
15.5	14.6	13.1	11	Crude oil and NGL production in mn bbl	59.2	52.2	13
72.9	73.3	75.5		(3) Natural gas production in bcf	290.6	296.4	(2)
109.50	110.08	109.35	1	Average Brent price in USD/bbl	111.67	111.26	0
96.66	99.12	93.81	6	Average realized crude price in USD/bbl	99.73	96.31	4
1.250	1.297	1.348		(4) Average EUR-USD FX-rate	1.285	1.392	(8)
107	158	121	31	Exploration expenditure in EUR mn	476	492	(3)
12.10	13.48	14.21		(5) OPEX in USD/boe	12.79	14.30	(11)

¹ As of March 31, 2012, figures for 2011 were adjusted according to the revised accounting rules for post-employment benefits (IAS 19 revised).

Fourth quarter 2012 (Q4/12) vs. fourth quarter 2011 (Q4/11)

• Higher sales volumes and a stronger USD positively influenced Q4/12 results
• Production increased due to recovered volumes from Libya
• Higher production volumes and positive FX effects led to lower OPEX in USD/boe
• Successful completion of two development project acquisitions in Norway

The Brent price in USD was 1% above the Q4/11 level, while the Group's average realized crude price increased by 6% to USD 99.12/bbl, reflecting a lower negative hedging result than in Q4/11. The OMV Group's average realized gas price in EUR was at the same level as in Q4/11.

Clean EBIT increased by 26% to EUR 698 mn, mainly due to higher sales volumes in Libya and favorable FX effects which more than offset higher exploration expenses (EUR 122 mn vs. EUR 52 mn in Q4/11). The latter was mainly driven by the start of 3D seismic campaigns in Romania and Austria. The net result of oil price and EUR-USD hedges adversely impacted EBIT by EUR (36) mn vs. EUR (48) mn in Q4/11. Net special income of EUR 84 mn, which mainly related to the gain from divestments in the UK North Sea, led to a reported EBIT of EUR 782 mn, 48% above the level of Q4/11 (EUR 528 mn).

Production costs excluding royalties (OPEX) in USD/boe decreased by 5% mainly due to positive FX effects and higher production volumes mainly from Libya. At Petrom, OPEX in USD/boe stayed at the same level as a weakened RON against the USD was counterbalanced by higher personnel expenses following the finalization of collective labor agreement negotiations in Q2/12. OMV Group's total exploration expenditure increased by 31% to EUR 158 mn as a consequence of more intensive exploration activities in Tunisia, Austria and Romania in Q4/12, which were not fully offset by lower activity levels in the UK and the Kurdistan Region of Iraq.

Total OMV daily production of oil, NGL and gas was 4% above Q4/11 at 301 kboe. Petrom's total daily production was, however, 1% below the Q4/11 level. Total OMV daily oil and NGL production increased by 11%, mainly reflecting the production from Libya, which had only partially resumed in Q4/11 after the armed conflict in the country. Total OMV daily gas production was down 3% vs. Q4/11 due to lower contributions from Pakistan (natural decline in Sawan and capacity constraints in the processing plant for Latif volumes) and the UK due to the sold North Sea assets. The total sales quantity increased by 13% mainly due to sales volumes in Libya which were not contributing in Q4/11.

Fourth quarter 2012 (Q4/12) vs. third quarter 2012 (Q3/12)

Clean EBIT increased by 13%, mainly due to higher sales volumes and lower exploration expenses. The hedging result was EUR (36) mn vs. EUR (41) mn in Q3/12. EBIT came in 36% above the Q3/12 level due to the above mentioned net special income of EUR 84 mn supporting the Q4/12 result (vs. net special charges of EUR (42) mn in Q3/12). Total daily production decreased by 3%. Daily oil production was down by 5% mainly as a consequence of a five day production interruption in December in Libya due to peaceful local protests, a sabotaged export pipeline in Yemen and workover

activities as well as planned maintenance in New Zealand. Daily gas production increased by 1% as a result of seasonally higher production in Austria and Romania offsetting lower gas production mainly from New Zealand. Overall sales volumes increased by 4% as a result of the first liftings of the year in Yemen and lifting schedules in Tunisia.

January to December 2012 vs. January to December 2011

The Brent price in USD remained at the same level compared to 2011. The Group's average realized crude price in USD/bbl increased by 4% to USD 99.73/bbl mainly reflecting a higher proportion of sales of high-quality Libyan crude. The Group's average realized gas price in EUR stayed at the same level as in 2011.

Clean EBIT came in 31% above 2011 at EUR 2,824 mn, mainly due to significantly higher sales volumes in Libya and a favorable FX environment. The net result of oil price and EUR-USD hedges adversely impacted EBIT by EUR (174) mn vs. EUR (163) mn in 2011. Net special charges of EUR (81) mn in 2012 were related inter alia to the gain from divestments in the UK North Sea and the impairment of the gas field Strasshof (Austria) in Q2/12 and led to a reported EBIT of EUR 2,743 mn, 31% above the level of 2011.

Production costs excluding royalties in USD/boe (OPEX) decreased by 11% compared to 2011, mainly reflecting positive FX effects as well as an increase in volumes from Libya. At Petrom, OPEX was down by 5% mainly due to favorable FX effects. Exploration expenditure was down by 3% in 2012, mainly driven by lower activities in Australia (Zola), the UK and Norway. Total OMV daily production of oil, NGL and gas was 5% above the level of 2011, mainly due to higher volumes from Libya, which more than compensated for lower volumes from Romania and New Zealand. Total OMV daily oil and NGL production was up by 13%, mainly reflecting the resumed production in Libya (in 2011, no Libyan production was reported starting in March and continuing until November). Total OMV daily gas production was down by 2% vs. 2011, as the decline in Pakistan and Romania was not compensated by production increases in New Zealand and Tunisia. Higher sales volumes in Libya more than compensated lower sales volumes in Austria, Romania and New Zealand, thus the total sales quantity increased by 8%.

As of December 31, 2012, proved oil and gas reserves were 1,118 mn boe (of which 775 mn boe related to Petrom). Proved and probable oil and gas reserves amounted to 1,767 mn boe (Petrom: 1,091 mn boe). The three-year average reserve replacement rate stood at 79% in 2012 (2011: 78%). For the single year 2012, this rate was 86% (2011: 81%).

Gas and Power (G&P)

Q3/12	Q4/12	Q4/11	Δ%	in EUR mn 1	2012	2011	Δ%
7	(70)	134		n.m. EBIT	43	239	(82)
0	(129)	0		n.m. Special items	(142)	0	n.m.
7	59	134		(56) Clean EBIT	184	240	(23)
100.39	128.67	91.62	40	Gas sales volumes in TWh	437.18	272.28	60
914,832	1,167,981	924,066	26	Average storage capacities sold in cbm/h	944,249	869,878	9
25.81	26.25	25.46	3	Total gas transportation sold in bcm	103.15	101.37	2

¹ As of March 31, 2012, figures for 2011 were adjusted according to the revised accounting rules for post-employment benefits (IAS 19 revised).

Fourth quarter 2012 (Q4/12) vs. fourth quarter 2011 (Q4/11)

• EconGas result negatively impacted by the persisting wide spread between long-term oil-linked supply and hub-priced sales
• Good performance of the gas transportation business
• Power result improved vs. Q4/11 but impacted by low net electrical output of Brazi power plant

Clean EBIT decreased by 56% to EUR 59 mn mainly due to the settlement of the price adjustment for the long-term gas supply contract with Gazprom in Q4/11 and the negative contribution from EconGas in Q4/12. The supply, marketing and trading business recorded an overall positive result as the positive contribution from the gas business in Romania and Turkey was not offset by the negative performance of EconGas. The gas logistics business reported a stable performance but the result came in below the Q4/11 level due to start-up costs of the storage Etzel in Germany. The power business result improved vs. Q4/11. The reported EBIT decreased significantly to EUR (70) mn as a consequence of net special charges of EUR (129) mainly due to provisions for onerous contracts booked in Q4/12, related to contracted long-term transport and LNG capacity bookings of EconGas.

Substantially higher trading activities were the main reason for the 40% increase in total gas sales volumes in the business unit supply, marketing and trading. Trading volumes accounted for approximately 65% of total reported gas sales volumes in Q4/12. EconGas increased sales volumes via the subsidiaries in Hungary, Italy and Germany but the most significant volume increase came from wholesale and trading activities where only slim margins are achievable in the current market environment. The European LNG business environment continued to be challenging due to high offtakeprices in Asia, which led to a very low utilization of the contracted capacity in Gate LNG. Overall, the persisting wide spread between long-term oil-linked gas supply and hub-priced sales led to a negative result contribution of EconGas. The result contribution of the gas business in Petrom was slightly below the level of last year's quarter due to lower gas sales volumes. Gas sales volumes decreased by 11% to 14.44 TWh in Q4/12 vs. 16.23 TWh in Q4/11 whereas the estimated natural gas consumption in Romania was 6% below the Q4/11 level. The deviation from the market development was mainly due to the slightly higher import quota since Petrom predominantly sells domestic gas. The average actual import price, which was retrospectively published by the Romanian regulator for October and November 2012 (latest available data), was USD 409/1,000 cbm (EUR 30/MWh) whereas the gas price for domestic producers recognized by the Romanian regulator remained at RON 495/1,000 cbm (EUR 10/MWh). Petrom's gas margins remained favorable. In Turkey, OMV sold approx. 3.02 TWh of natural gas and LNG, which contributed positively to the result.

In the business unit gas logistics, the storage business recorded a 26% increase in average storage capacities sold due to the contribution of the storage Etzel in Germany. However, higher costs in Germany and Austria in Q4/12 led to a lower result contribution of the storage business vs. Q4/11. The increase of 3% in total gas transportation volumes sold and a lower cost level led to a higher profit contribution of the transportation business.

The business unit power reported a total net electrical output of 0.78 TWh in Q4/12, mainly from the gas-fired power plant in Brazi (Romania). The output of the power plant Brazi was lower than expected due to extended repair works performed by Transelectrica in their switchyard as well as some scheduled preventative maintenance works at one gas turbine. The construction of the power plant in Samsun (Turkey) has been finalized and the units at site are being prepared for commercial operation.

Fourth quarter 2012 (Q4/12) vs. third quarter 2012 (Q3/12)

Clean EBIT increased significantly due to seasonal development of the supply, marketing and trading business. Total gas sales volumes were up by 28% due to seasonality and further increased trading activities. EconGas continued to be negatively impacted by the persisting wide spread between long-term oil-linked supply and hub-priced sales but showed an improvement due to seasonality. Petrom's gas sales volumes seasonally increased by 56%, which is below the 108%

increase in estimated Romanian gas consumption as the majority of Petrom's customers purchase domestic gas only and the import quota was higher than in Q3/12. The margin level remained favorable. In Turkey, gas sales volumes increased by 9%. The transportation business reported a volume increase of 2%, which led to a higher result vs. Q3/12. The contribution of the storage Etzel in Germany triggered the increase in average storage capacities sold but the profit contribution of the storage business was below Q3/12 mainly due to the start-up costs of the storage Etzel. Total net electrical output decreased by 3% due to the aforementioned reduced output of the power plant Brazi, which led to a lower result.

January to December 2012 vs. January to December 2011

Clean EBIT decreased by 23% to EUR 184 mn vs. EUR 240 mn in 2011 driven by the negative performance of EconGas due to the wide spread between long-term oil-linked supply and hub-priced sales. The gas business in Romania and Turkey as well as the gas logistics and power business were able to increase their performance. Reported EBIT decreased significantly by 82% to EUR 43 mn vs. EUR 239 mn in 2011 due to the provisions for transport and LNG capacity bookings in EconGas mentioned above and the impairment of the storage project Schönkirchen Tief (Austria) in Q2/12.

The business unit supply, marketing and trading recorded a 60% increase in gas sales volumes compared to 2011, mainly due to increased trading activities. However, EconGas was negatively impacted by intense pressure on gas margins as well as a low utilization of long-term contracted transport and LNG capacities. Gas sales of Petrom decreased, in line with the estimated Romanian gas consumption, by 4% to 52.16 TWh vs. 54.17 TWh in 2011. Profit contribution of the gas business in Petrom increased significantly driven by improved margins mainly due to better domestic gas sales contracts. In Turkey, OMV started successfully direct gas sales activities in January 2012 and sold approx. 11.61 TWh of natural gas and LNG in 2012. The gas business in Turkey contributed positively to the result.

The gas logistics business showed a good performance and increased the profit contribution vs. 2011. The transportation business benefited mainly from the 2% increase of the total gas transportation sold. The storage business recorded a higher average storage capacity sold due to the start-up of the storage Etzel in Germany. However, the storage result was below the 2011 level due to increased costs mainly related to the storage Etzel.

In line with management's decision to exit the chemicals business, Petrom continued the Doljchim closure and made further progress with the dismantling and decontamination of the plant in compliance with European environmental and safety standards.

The power business recorded an improved result as the first power plants in operations contributed. The construction progress at the power plant Samsun in Turkey manifested itself in an increased cost level. In total, the net electrical output stood at 1.69 TWh mainly from the gas-fired power plant in Brazi (Romania) which started operations in August 2012 and has been supplied only with domestic gas since September 2012.

Refining and Marketing (R&M)

Q3/12	Q4/12	Q4/11	Δ%	in EUR mn 1	2012	2011	Δ%
278	31	(81)		n.m. EBIT	417	282	48
5	(78)	(134)		(42) Special items	(72)	(138)	(48)
30	(37)	(32)	14	CCS effects: Inventory holding gains/(losses) 2	1	176	(99)
243	145	85	71	Clean CCS EBIT 2	488	243	101
5.28	4.03	1.77	128	OMV indicator refining margin in USD/bbl	3.85	1.83	110
257	345	297	16	Ethylene/propylene net margin in EUR/t 3	320	342	(6)
4.87	4.91	4.93	0	Refining output in mn t	18.94	18.97	0
8.16	7.65	7.83		(2) Total refined product sales in mn t	30.23	30.98	(2)
5.99	5.34	5.64	(5)	thereof marketing sales volumes in mn t	21.48	22.61	(5)
0.56	0.55	0.50	10	thereof petrochemicals in mn t	2.20	1.96	12

¹ As of March 31, 2012, figures for 2011 were adjusted according to the revised accounting rules for post-employment benefits (IAS 19 revised).

² Current cost of supply (CCS): Clean CCS figures exclude special items and inventory holding gains/losses (CCS effects) resulting from the fuels refineries and Petrol Ofisi.

³ Calculated based on West European Contract Prices (WECP).

Fourth quarter 2012 (Q4/12) vs. fourth quarter 2011 (Q4/11)

Strong result driven by an increase in the OMV indicator refining margin

Significant result contribution from refining West

Difficult marketing environment, however, strong Petrol Ofisi contribution

At EUR 145 mn, clean CCS EBIT increased strongly vs. EUR 85 mn in Q4/11, reflecting the significantly higher OMV indicator refining margin and a very strong contribution from refining West. Net special charges in Q4/12 were EUR (78) mn, mainly related to the impairment of marketing retail assets in Hungary and Moldova. Crude oil prices weakened in EUR terms over the quarter, causing a negative CCS effect of EUR (37) mn which led to a reported EBIT of EUR 31 mn (vs. EUR (81) mn in Q4/11).

The clean CCS EBIT in refining was significantly above the level of Q4/11, reflecting a strong performance in refining West. The OMV indicator refining margin increased from USD 1.77/bbl in Q4/11 to USD 4.03/bbl, mainly as a result of improved product spreads. At EUR 9 mn, the clean petrochemicals EBIT was below the EUR 13 mn recorded in Q4/11, despite higher WECP margins, since the actual margins were burdened by higher input prices. Refining West benefited strongly from the increase of the OMV indicator refining margin West from USD 3.38/bbl in Q4/11 to USD 5.58/bbl in Q4/12. At Petrom, the refining result contributed positively due to the incremental yield structure improvements in the Petrobrazi refinery after the scheduled six-week shutdown in Q2/12, in spite of the OMV indicator refining margin East remaining negative at USD (2.51)/bbl vs. USD (4.62)/bbl in Q4/11.

Overall capacity utilization stood at 94% vs. 90% in Q4/11. In refining West, the utilization rate was at a level of 94% vs. 92% in Q4/11. The utilization rate of the refinery Petrobrazi reached 93% in Q4/12 compared to 83% in the same period of last year, reflecting the nameplate capacity adjustment to 4.2 mn t per year after the modernization of the crude vacuum distillation unit performed in Q2/12 (previously 4.5 mn t per year). Total OMV refining output was at the level of Q4/11.

The contribution from Borealis (which is accounted for at equity and therefore shown in the financial result of OMV Group) increased by EUR 11 mn to EUR 36 mn in Q4/12 as a result of the continued strong performance of both Borouge and the fertilizer business. The Borouge 3 expansion project is on track and will increase the annual production capacity of the integrated olefins/polyolefins site in Abu Dhabi from 2 mn t to 4.5 mn t by mid-2014.

The clean marketing EBIT was below the level of Q4/11, reflecting the generally difficult margin and market environment, especially in the Western European countries. Petrol Ofisi significantly increased its contribution vs. Q4/11, supported by an improved operational performance. Overall, marketing sales volumes were down by 5% compared to Q4/11. As of December 31, 2012, the total number of filling stations in OMV Group stood at 4,432 compared to 4,484 at the end of December 2011, mainly due to the closure of filling stations in Austria.

Fourth quarter 2012 (Q4/12) vs. third quarter 2012 (Q3/12)

At EUR 145 mn, clean CCS EBIT of the business segment R&M came in significantly lower than the EUR 243 mn in Q3/12, driven by a decrease in the OMV indicator refining margin and seasonally lower sales volumes. The OMV indicator refining margin decreased mainly because of the significant drop in gasoline spreads. Crude oil prices weakened in EUR terms over the quarter, causing negative CCS effects. In refining East, the performance decreased compared to Q3/12, despite

higher volumes, driven by lower margins. The petrochemicals result was at EUR 9 mn below the level of Q3/12, despite higher WECP margins, since the actual margins were burdened by higher input prices. The marketing business was negatively impacted by seasonal effects compared to Q3/12. Petrol Ofisi's result came in strong, but decreased slightly compared to Q3/12, due to seasonally lower sales volumes and lower margins in the commercial business.

January to December 2012 vs. January to December 2011

At EUR 488 mn, clean CCS EBIT came in significantly higher than the EUR 243 mn in 2011, mainly reflecting a better margin environment in the refining business. Special charges of EUR (72) mn were recognized in 2012, mainly related to the impairment of marketing retail assets in Hungary and Moldova as well as the sale of non-core assets in Petrol Ofisi. A stable oil price environment caused only a minor positive CCS effect of EUR 1 mn (vs. EUR 176 mn in 2011) which led to a reported EBIT above last year's level (EUR 417 mn vs. EUR 282 mn in 2011).

The refining result was up compared to 2011, mainly due to an increase in the OMV indicator refining margin as a result of increased gasoline and middle distillate spreads in refining West. The OMV indicator refining margin East of USD (1.39)/bbl remained negative but improved compared to the level of 2011 which was USD (2.40)/bbl.

At 88%, overall capacity utilization remained broadly in line with the level of 87% in 2011. Total refining output was stable.

The clean petrochemicals EBIT was down by 1%, in spite of higher volumes and higher ethylene margins which were compensated by lower propylene and butadiene margins.

The clean marketing result came in below the level of 2011, despite the very strong contribution from Petrol Ofisi, as a consequence of the difficult overall market environment.

Outlook 2013

Market environment

For 2013, OMV expects the average Brent oil price to remain above USD 100/bbl, whilst the Brent-Urals spread is anticipated to stay relatively tight. In the European gas market, hub prices are expected to increasingly influence market prices over oil-linked gas prices. In Romania, the published roadmap towards gas price liberalization foresees three further domestic gas price increases for industrial customers in 2013. Refining margins, which experienced a high in 2012, are expected to return to more modest levels in 2013 as capacity returns to OMV's main markets. In the petrochemical business margins are expected to remain at the 2012 level with modest economic growth in the key markets anticipated to weigh on profitability. Marketing volumes are expected to remain similar to the level of 2012.

Group

• CAPEX before acquisitions for 2013 is expected to increase to around EUR 2.8 bn following the recent acquisitions in Norway
• OMV aims to achieve world class HSSE standards with zero fatalities and the reduction of the lost-time injury rate (LTIR) from 0.69 in 2012
• The group-wide performance improvement program "energize OMV", which targets a 2% points ROACE increase by 2014, is on track and will be further progressed

Exploration and Production

• In 2013, production is expected to be broadly similar to 2012
• Capital expenditure will increase in 2013, representing approx. 70% of Group CAPEX before acquisitions, with a big part expected for the newly acquired projects Edvard Grieg and Aasta Hansteen in Norway
• In the UK, FID for Rosebank is expected for 2013; the Schiehallion FPSO vessel will be taken out of operation and production has been halted in early 2013
• In Romania, a large 3D seismic survey of the Neptun block is ongoing. Following data interpretation, further exploration is anticipated to start end of 2013
• In Libya, production is expected to remain at current levels, however, the security situation remains volatile
• In Yemen, production has recovered following the repair of an export pipeline, but the security situation again remains uncertain. Appropriate security measures are being undertaken to enable a restart of the Habban development
• In the Kurdistan Region of Iraq, extended well test facilities for Bina Bawi are under construction and production testing for sale into the local market is expected to start in H1/13
• In Pakistan, construction of a condensate pipeline and central processing facility for the Mehar project is ongoing and production start is expected for 2013
• E&P will significantly increase its exploration and appraisal expenditure vs. 2012. In 2013, the high impact wells planned to be drilled are Bonna, Wisting and Apollo in the Barents Sea as well as Matuku offshore New Zealand.

Gas and Power

• EconGas will focus in particular on renegotiating long-term gas supply contracts to adjust pricing to current market circumstances. The contract with Gazprom allows for the possibility of a price adjustment from April 2013
• Nabucco West, which was selected as the most competitive route into Central Europe, and the Shah Deniz II consortium have recently signed cooperation and equity option agreements. The final decision by the Shah Deniz II consortium for their preferred transport partner is expected in 2013
• The gas-fired power plant Samsun is expected to be ready for start-up in H1/13. Commercial operation, however, is subject to final court rulings on the legal validity of the re-zoning decision as well as the electricity generation license
• A one month shutdown of Brazi power plant for the installation of a gas treatment plant is planned for Q2/13 subject to further alignment with the Romanian grid operator

Refining and Marketing

• Further steps of the Petrobrazi refinery modernization program are ongoing, with finalization due in 2014
• A regular maintenance shutdown of the Bayernoil crude distillation unit in Vohburg is planned for four weeks in Q1/13. No further major shutdowns are planned in 2013
• The divestment program with the aim of generating up to EUR 1 bn by 2014 will be progressed further
• Petrol Ofisi is expected to deliver a continued strong performance in 2013 and to further improve profitability
• As part of "energize OMV" working capital will be further reduced by approx. EUR 350 mn. The sale of parts of OMV's Austrian emergency stocks will contribute approx. EUR 180 mn upon closing of the transaction

Legal principles and general accounting policies

The preliminary, condensed, unaudited, consolidated financial statements for 2012 have been prepared in line with the accounting policies that will be used in preparing the OMV Annual Report, which are consistent with those used in the 2011 Annual Report, except as described herein. The final, audited, consolidated financial statements will be published at the end of March 2013 as part of the 2012 Annual Report.

Amendments to IAS 19 Employee Benefits have been adopted by the EU in June 2012. The revised standard foresees immediate recognition of actuarial gains and losses in other comprehensive income and becomes mandatory as from the financial year 2013. Until 2011, the corridor method has been applied for post-employment benefits. OMV came to the conclusion that immediate recognition of actuarial gains and losses provides a more faithful representation of the financial effect of defined benefit plans on the Group and is easier to understand. Therefore, management has decided to apply the amendments already in 2012. In line with IAS 8, this change has been applied retrospectively. In view of the forthcoming endorsement, OMV had already changed its accounting policy in respect of post-employment benefits in Q1/12, based on IAS 19.93A (2008).

Compared to the previously published financial statements, the retrospective adjustment (which was implemented in Q1/12) led to the following changes: As per December 31, 2011, provisions for pensions and similar obligations increased by EUR 101.50 mn. Deferred tax liabilities decreased by EUR 25.48 mn and deferred tax assets increased by EUR 0.09 mn. Personnel expenses diminished by EUR 20.74 mn in 2011 (Q4/11: by EUR 6.12 mn) and income tax expenses accordingly increased by EUR 5.19 mn (Q4/11: by EUR 1.53 mn). Other comprehensive income decreased by EUR 14.82 mn in 2011 (Q4/11: by EUR 14.82 mn).

Changes in the consolidated Group

Compared with the consolidated financial statements as of December 31, 2011, the consolidated Group changed as follows:

In E&P, OMV Abu Dhabi E&P GmbH, Vienna, was included starting with Q3/12. OMV Offshore Bulgaria GmbH, Vienna, was included starting with Q4/12.

The sale of Korned LLP, Almaty, was closed on October 2, 2012.

In G&P, EconGas d.o.o., Zagreb, was included starting with Q2/12. OMV Gaz Depolama A.Ş., Istanbul, was included starting with Q4/12.

In R&M, OMV Supply & Trading Singapore PTE LTD., Singapore, was included as of July 25, 2012.

Seasonality and cyclicality

Seasonality is of significance, especially in G&P and R&M. For details please refer to the section "Business segments".

In addition to the financial statements and notes, further information on main items affecting the financial statements as of December 31, 2012, is given as part of the description of OMV's business segments.

Income statement (unaudited)

Q3/12	Q4/12		Q4/11 Consolidated income statement in EUR mn 1	2012	2011
10,903.08	11,389.67		9,351.97 Sales revenues	42,649.23	34,053.19
(97.38)	(89.27)		(74.48) Direct selling expenses	(363.55)	(304.93)
(9,460.05)	(9,833.77)		(8,197.09) Production costs of sales	(36,970.52)	(29,285.31)
1,345.64	1,466.63		1,080.40 Gross profit	5,315.16	4,462.96
34.97	132.23		99.79 Other operating income	258.35	288.64
(224.02)	(324.42)		(278.45) Selling expenses	(1,018.74)	(946.20)
(101.99)	(99.37)		(101.46) Administrative expenses	(421.75)	(433.67)
(179.26)	(122.00)		(52.06) Exploration expenses	(488.49)	(353.81)
(3.38)	(10.03)		(5.69) Research and development expenses	(21.04)	(15.94)
(93.00)	(251.54)		(203.68) Other operating expenses	(519.77)	(507.83)
778.97	791.50		538.84 Earnings before interest and taxes (EBIT)	3,103.72	2,494.14
50.81	35.59		35.58 Income from associated companies	200.44	224.12
46.21	36.01	24.65	thereof Borealis	172.49	185.55
0.49	0.23		0.92 Dividend income	11.89	8.04
(97.00)	(117.89)		(91.51) Net interest result	(376.07)	(351.79)
(60.47)	(22.06)		13.64 Other financial income and expenses	(82.49)	(153.66)
(106.17)	(104.14)		(41.37) Net financial result	(246.23)	(273.28)
672.80	687.36		497.47 Profit from ordinary activities	2,857.49	2,220.86
(271.51)	(284.23)		(132.11) Taxes on income	(1,067.03)	(632.96)
401.29	403.13		365.36 Net income for the period	1,790.46	1,587.90
311.23	316.89	211.18	thereof attributable to stockholders of the parent	1,363.35	1,078.99
9.57	9.57	9.54	thereof attributable to hybrid capital owners	38.04	21.99
80.49	76.67	144.64	thereof attributable to non-controlling interests	389.07	486.91
0.95	0.97		0.65 Basic earnings per share in EUR	4.18	3.43
0.95	0.97		0.65 Diluted earnings per share in EUR	4.17	3.42
–	–		– Dividend per share in EUR 2	1.20	1.10

¹ As of March 31, 2012, figures for 2011 were adjusted according to the revised accounting rules for post-employment benefits (IAS 19 revised).

² 2012: As proposed by the Executive Board. Subject to approval by the Supervisory Board and the Annual General Meeting 2013.

Statement of comprehensive income (condensed, unaudited)

Q3/12	Q4/12		Q4/11 in EUR mn 1	2012	2011
401.29	403.13		365.36 Net income for the period	1,790.46	1,587.90
			Exchange differences from translation of foreign
(196.43)	(7.98)	199.34	operations	(50.92)	(354.28)
1.20	0.80		0.09 Gains/(losses) on available-for-sale financial assets	3.85	(1.97)
(84.60)	67.98		(66.04) Gains/(losses) on hedges	74.54	(58.78)
0.00	(76.43)		(19.64) Remeasurement gains/(losses) on defined benefit plans	(76.43)	(19.64)
			Share of other comprehensive income of associated
(5.05)	(28.53)	10.12	companies	(9.92)	(9.46)
			Income tax relating to components of other
16.56	3.70	17.34	comprehensive income	2.60	16.62
(268.33)	(40.46)		141.22 Other comprehensive income for the period, net of tax	(56.28)	(427.50)
132.97	362.67		506.59 Total comprehensive income for the period	1,734.18	1,160.39
108.88	216.12	348.47	thereof attributable to stockholders of the parent	1,354.53	701.85
9.57	9.57	9.54	thereof attributable to hybrid capital owners	38.04	21.99
14.52	136.98	148.58	thereof attributable to non-controlling interests	341.62	436.55

¹ As of March 31, 2012, figures for 2011 were adjusted according to the revised accounting rules for post-employment benefits (IAS 19 revised).

Notes to the income statement

Fourth quarter 2012 (Q4/12) vs. fourth quarter 2011 (Q4/11)

Consolidated sales increased by 22% vs. Q4/11, mainly driven by higher product prices and increased gas sales volumes. The Group's reported EBIT at EUR 791 mn was above Q4/11 (EUR 539 mn), mainly due to a stronger USD and higher oil price environment, higher sales volumes from Libya as well as higher refining margins, partly offset by lower marketing sales volumes and a negative EconGas contribution due to the persisting wide spread between long-term oil-linked gas supply and hub-priced sales. Petrom group's reported EBIT was EUR 372 mn, above Q4/11 (EUR 272 mn), since Q4/11 was burdened by a provision for the fine imposed on Petrom as a result of the antitrust investigation by the Romanian Competition Council. In Q4/12, net special charges amounted to EUR (128) mn, mainly due to the provision for onerous contracts booked in Q4/12 related to contracted long-term transport and LNG capacity bookings of EconGas. Additionally, after the receipt of preliminary, unexpected results of a tax review of the years 2009 and 2010 of OMV Petrom S.A. in February, net special charges at the amount of EUR (47) mn for a provision for alleged late payment interest charges were recorded in the financial result. OMV Petrom S.A. is reviewing all legal options including the contestation of the tax review result. Negative CCS effects of EUR (37) mn were recognized. Clean CCS EBIT increased from EUR 737 mn in Q4/11 to EUR 956 mn. Petrom's contribution to the Group's clean CCS EBIT was EUR 406 mn, 2% higher vs. Q4/11.

The net financial result of EUR (104) mn was substantially lower than in Q4/11 (EUR (41) mn). This was mainly a consequence of a provision for alleged late payment interest charges relating to a tax review of OMV Petrom S.A. and FX losses on USD loans granted by Petrom to its Kazakh subsidiaries due to devaluation of USD against RON in Q4/12. This effect was positively counterbalanced by the decrease in interest expenses due to the improved financing structure in 2012.

Current taxes on Group income of EUR 321 mn and income from deferred taxes of EUR 37 mn were recognized in Q4/12. The effective tax rate in Q4/12 was 41% (Q4/11: 27%). The substantial increase in effective tax rate is predominantly a result of resumed production in highly taxed Libya.

Net income attributable to stockholders was EUR 317 mn vs. EUR 211 mn in Q4/11. Minority and hybrid interests were EUR 86 mn (Q4/11: EUR 154 mn). Clean CCS net income attributable to stockholders was EUR 393 mn (Q4/11: EUR 330 mn). EPS for the quarter was at EUR 0.97 and clean CCS EPS was at EUR 1.20 (Q4/11: EUR 0.65 and EUR 1.01 respectively).

Fourth quarter 2012 (Q4/12) vs. third quarter 2012 (Q3/12)

Sales increased by 4%, mainly due to first liftings of the year in Yemen, higher sales volumes in Tunisia and the seasonal increase in gas sales volumes. The reported EBIT was at EUR 791 mn higher than Q3/12 (EUR 779 mn), mainly driven by divestments in the UK North Sea and lower exploration expenses. Clean CCS EBIT increased by 22%. The net financial result was slightly above last quarter, driven mainly by an improved FX result of Petrom in relation to EUR denominated bank loans and one-time financing costs in connection with the restructuring of part of the Group's financing in Q3/12. These effects were counterbalanced by a provision for alleged late payment interest charges relating to a tax review of OMV Petrom S.A. and lower income from associated companies in Q4/12. The Group's effective tax rate in Q4/12 was 41% (Q3/12: 40%). The increase was mainly driven by additional tax charges resulting from a tax review of OMV Petrom S.A. and the provision for onerous contracts booked in Q4/12 related to contracted long-term transport and LNG capacity bookings of EconGas. Net income attributable to stockholders was EUR 317 mn (Q3/12: EUR 311 mn). Clean CCS net income attributable to stockholders increased to EUR 393 mn vs. EUR 317 mn in Q3/12.

January to December 2012 vs. January to December 2011

The 25% increase in consolidated sales vs. 2011 was mainly driven by higher product prices as well as increased gas sales and trading volumes. The Group's reported EBIT was above 2011, at EUR 3,104 mn, favored by higher oil prices, a stronger USD and higher sales volumes from Libya, partly compensated by lower marketing sales volumes and unfavorable gas supply contracts in EconGas. Petrom's contribution to reported EBIT increased to EUR 1,273 mn vs. EUR 1,165 mn in 2011, mainly due to the fine imposed on Petrom as a result of the antitrust investigation end of 2011 and better domestic gas sales contracts in Romania. Net special charges of EUR (304) mn (2011: EUR (212) mn), mainly due to the provision for onerous contracts booked in EconGas, the impairment of the gas field Strasshof in Austria and the impairments of marketing retail assets in Hungary and Moldova, were partly offset by the gain from the divestments in the UK North Sea. Positive CCS effects of EUR 1 mn were recognized (2011: EUR 176 mn). Clean CCS EBIT increased by 35% to EUR 3,407 mn. Petrom's contribution was EUR 1,316 mn, 2% above 2011.

In 2012, the net financial result of EUR (246) mn was above that in 2011 (EUR (273) mn).This was mainly caused by the improved financing structure of the Group, which led to decreased interest expenses and to a significant reduction in FX losses. This effect was counterbalanced by a provision for alleged late payment interest charges relating to a tax review of OMV Petrom S.A. and lower income from associated companies in 2012.

Current taxes on Group income of EUR 1,206 mn and income from deferred taxes of EUR 139 mn were recognized in 2012. The effective tax rate was 37% (2011: 29%), mainly driven by a significantly higher contribution of highly taxed profits from Libya.

Net income attributable to stockholders was EUR 1,363 mn, above 2011 (EUR 1,079 mn). Minority and hybrid interests were EUR 427 mn (2011: EUR 509 mn). Clean CCS net income attributable to stockholders was EUR 1,544 mn (2011: EUR 1,084 mn). EPS was EUR 4.18, clean CCS EPS was EUR 4.73 (2011: EUR 3.43 and EUR 3.45 respectively).

Balance sheet, capital expenditure and gearing (unaudited)

Consolidated balance sheet in EUR mn 1	Dec. 31, 2012	Dec. 31, 2011
Assets
Intangible assets	3,479.57	3,427.14
Property, plant and equipment	14,347.11	13,981.19
Investments in associated companies	1,811.00	1,671.07
Other financial assets	1,016.24	1,165.13
Other assets	119.27	117.23
Deferred taxes	299.92	198.48
Non-current assets	21,073.11	20,560.25
Inventories	3,202.24	3,148.99
Trade receivables	3,821.75	3,540.61
Other financial assets	477.17	383.50
Income tax receivables	152.12	164.16
Other assets	310.14	237.02
Cash and cash equivalents	1,227.30	358.83
Non-current assets held for sale	255.34	20.11
Current assets	9,446.06	7,853.22
Total assets	30,519.17	28,413.47
Equity and liabilities
Capital stock	327.27	327.27
Hybrid capital	740.79	740.79
Reserves	10,834.40	9,826.27
OMV equity of the parent	11,902.46	10,894.34
Non-controlling interests	2,627.51	2,509.56
Equity	14,529.97	13,403.90
Provisions for pensions and similar obligations	978.03	938.32
Bonds	3,527.15	2,492.67
Interest-bearing debts	886.08	1,792.83
Provisions for decommissioning and restoration obligations	1,995.12	1,983.86
Other provisions	298.30	287.79
Other financial liabilities	243.01	136.51
Other liabilities	6.78	7.60
Deferred taxes	778.39	879.36
Non-current liabilities	8,712.86	8,518.95
Trade payables	4,290.44	3,431.21
Bonds	213.62	77.17
Interest-bearing debts	162.13	482.33
Provisions for income taxes	193.73	160.52
Provisions for decommissioning and restoration obligations	81.44	75.08
Other provisions	568.90	560.96
Other financial liabilities	408.72	539.15
Other liabilities	1,261.26	1,163.47
Liabilities associated with assets held for sale	96.10	0.73
Current liabilities	7,276.33	6,490.62
Total equity and liabilities	30,519.17	28,413.47

¹ As of March 31, 2012, figures for 2011 were adjusted according to the revised accounting rules for post-employment benefits (IAS 19 revised).

Notes to the balance sheet as of December 31, 2012

Capital expenditure decreased to EUR 2,426 mn (2011: EUR 3,146 mn). The main driver for the significantly higher capital expenditure in 2011 was the purchase of the Tunisian subsidiaries of Pioneer.

E&P invested EUR 1,598 mn (2011: EUR 2,066 mn) mainly in field developments in Romania and Austria as well as in the purchase of interests in the Norwegian field developments Aasta Hansteen and Edvard Grieg. CAPEX in the G&P segment of EUR 351 mn (2011: EUR 468 mn) was mainly related to commissioning of the gas storage Etzel in Germany,

investments in the power plant projects in Brazi (Romania) and Samsun (Turkey) and the WAG pipeline expansion project in Austria. CAPEX in the R&M segment amounted to EUR 435 mn (2011: EUR 575 mn), mainly comprising investments in the modernization of the Petrobrazi refinery in Romania as well as the construction and remodelling of filling stations and terminals. CAPEX in the Co&O segment was EUR 42 mn (2011: EUR 37 mn).

Compared to year-end 2011, total assets increased by EUR 2,106 mn or 7% to EUR 30,519 mn. Increasing effects came primarily from the rise in cash and cash equivalents as well as trade receivables resulting from higher sales.

Equity increased by approximately 8%. The Group's equity ratio increased slightly to 48% on December 31, 2012, compared with 47% at the end of 2011.

The total number of own shares held by the Company as of December 31, 2012 amounted to 1,078,780 (December 31, 2011: 1,198,875).

Short- and long-term borrowings, bonds and finance leases stood at EUR 4,974 mn (December 31, 2011: EUR 4,962 mn), thereof EUR 185 mn liabilities for finance leases (December 31, 2011: EUR 117 mn).

On September 19, 2012, OMV launched and priced a new EUR 1.5 bn dual tranche Eurobond transaction. The transaction comprised of a EUR 750 mn 10 year tranche, with a coupon of 2.625% and a maturity date of September 27, 2022 and a EUR 750 mn 15 year tranche, with a coupon of 3.50% and a maturity date of September 27, 2027. These transactions resulted in a higher cash position of EUR 1,227 mn (December 31, 2011: EUR 359 mn). OMV reduced its net debt position to EUR 3,747 mn compared to EUR 4,603 mn at the end of 2011.

On December 31, 2012, the gearing ratio stood at 25.8% (December 31, 2011: 34.3%).

Cash flows (condensed, unaudited)

Q3/12	Q4/12		Q4/11 Summarized statement of cash flows in EUR mn 1	2012	2011
401.29	403.13		365.36 Net income for the period	1,790.46	1,587.90
545.76	485.34		416.33 Depreciation and amortization including write-ups	2,033.71	1,623.84
(7.54)	(36.67)		5.00 Deferred taxes	(138.92)	73.07
3.43	(82.24)		4.49 Losses/(gains) on the disposal of non-current assets	(96.36)	(2.74)
(4.44)	98.04		(78.81) Net change in long-term provisions	72.91	(83.25)
44.92	59.61		56.03 Other adjustments	(86.11)	(152.92)
983.42	927.21		768.41 Sources of funds	3,575.70	3,045.90
(529.00)	249.05		199.15 (Increase)/decrease in inventories	(125.43)	(358.01)
(127.47)	223.39		(81.32) (Increase)/decrease in receivables	(444.81)	(503.50)
706.64	(399.04)		(485.29) (Decrease)/increase in liabilities	920.40	317.42
(59.09)	43.13		(20.49) (Decrease)/increase in short-term provisions	(112.88)	12.19
974.49	1,043.75		380.46 Net cash from operating activities	3,812.97	2,514.00
			Investments
(547.01)	(914.11)		(725.90) Intangible assets and property, plant and equipment	(2,484.86)	(2,462.28)
			Investments, loans and other financial assets including
(0.95)	(3.89)	(39.84)	changes in short-term financial assets	(12.70)	(58.47)
			Acquisitions of subsidiaries and businesses net of cash
0.00	0.00	(39.04)	acquired	0.00	(795.30)
			Disposals
21.32	117.39		126.56 Proceeds from sale of non-current assets	183.61	197.49
0.00	34.46	(7.10)	Proceeds from the sale of subsidiaries, net of cash disposed	34.46	12.22
(526.64)	(766.15)		(685.32) Net cash used in investing activities	(2,279.49)	(3,106.34)
1,280.20	(607.54)		467.10 (Decrease)/increase in long-term borrowings	618.44	(548.17)
6.60	0.00		0.11 Change in non-controlling interest	6.60	(22.97)
(5.85)	(511.43)		(166.43) (Decrease)/increase in short-term borrowings	(656.68)	(439.80)
(11.88)	(0.84)		(0.62) Dividends paid	(626.28)	(441.46)
0.00	0.00		0.00 Capital increase and hybrid bond	0.00	1,473.23
0.00	0.00		0.00 (Repurchase)/sale of treasury shares	0.00	0.12
1,269.07	(1,119.81)		300.16 Net cash from financing activities	(657.93)	20.95
			Effect of exchange rate changes on cash and cash
(5.40)	(2.94)	(16.98)	equivalents	(7.08)	(15.91)
1,711.52	(845.15)		(21.67) Net (decrease)/increase in cash and cash equivalents	868.47	(587.30)
360.93	2,072.45		380.50 Cash and cash equivalents at beginning of period	358.83	946.13
2,072.45	1,227.30		358.83 Cash and cash equivalents at end of period	1,227.30	358.83

¹ As of March 31, 2012, figures for 2011 were adjusted according to the revised accounting rules for post-employment benefits (IAS 19 revised).

Notes to the cash flows

In 2012, the inflow of funds from net income, adjusted for non-cash items such as depreciation, net change in long-term provisions, non-cash income from investments and other positions, was EUR 3,576 mn (2011: EUR 3,046 mn). Net working capital generated a cash inflow of EUR 237 mn (2011: Outflow of EUR 532 mn), which led to a EUR 1,299 mn increase in cash flow from operating activities as compared to 2011, reaching EUR 3,813 mn.

In 2012, the net cash used in investing activities amounted to EUR 2,279 mn (2011: Outflow of EUR 3,106 mn). In 2011, apart from the payments for investments in intangible assets and property, plant and equipment (EUR 2,462 mn), there was a net cash outflow for the purchase of the Tunisian subsidiaries of Pioneer and Medco (EUR 660 mn) and the Pakistan subsidiary of Petronas.

Free cash flow (defined as net cash from operating activities less net cash used in investing activities) showed an inflow of funds of EUR 1,533 mn (2011: Outflow of EUR 592 mn). Dividends of EUR 626 mn were paid out in 2012, higher than the 2011 value of EUR 441 mn resulting from the EUR 45 mn payment made to the hybrid capital owners, the increased dividend per share and the higher number of shares. Free cash flow less dividend payments resulted in a cash inflow of EUR 907 mn (2011: Outflow of EUR 1,034 mn).

Cash flow from financing activities reflected a net outflow of funds amounting to EUR 658 mn (2011: Net inflow of EUR 21 mn) following the new EUR 1.5 bn Eurobonds issued at the end of September, compensated by significant repayments of short- and long-term loan liabilities and the dividends paid during the period. 2011 also included the inflows related to issuance of new shares (EUR 732 mn) and the hybrid bond (EUR 741 mn), together with the additional purchase of shares from the minority shareholders of Petrol Ofisi A.S. totaling EUR 23 mn.

Statement of changes in equity (condensed, unaudited)

in EUR mn	Share capital	Capital reserves	Hybrid capital	Revenue reserves	Other reserves 1	Treasury shares	OMV equity of the parent	Non controlling interests	Total equity
January 1, 2012	327.27	1,489.13	740.79	8,901.40	(551.09)	(13.16)	10,894.34	2,509.56	13,403.90
Net income for the period				1,401.39			1,401.39	389.07	1,790.46
Other comprehensive income for the period				(57.26)	48.44		(8.82)	(47.46)	(56.28)
Total comprehensive income for the period				1,344.13	48.44		1,392.57	341.62	1,734.18
Dividend distribution and hybrid coupon				(404.13)			(404.13)	(225.42)	(629.55)
Tax effects on transactions with owners				12.68			12.68		12.68
Disposal of treasury shares		1.88				1.32	3.20		3.20
Share-based payments		4.79					4.79		4.79
Increase/(decrease) in non-controlling interests				(0.99)			(0.99)	1.76	0.77
December 31, 2012	327.27	1,495.80	740.79	9,853.10	(502.66)	(11.85)	11,902.46	2,627.51	14,529.97
in EUR mn	Share capital	Capital reserves	Hybrid capital	Revenue reserves 2	Other reserves 1	Treasury shares	OMV equity of the parent	Non controlling interests	Total equity
January 1, 2011	300.00	783.90	–	8,198.65	(188.76)	(13.21)	9,080.58	2,233.91	11,314.49
Impact of change in accounting policy 2				(76.63)			(76.63)	(0.04)	(76.67)
January 1, 2011 adjusted	300.00	783.90	–	8,122.02	(188.76)	(13.21)	9,003.95	2,233.87	11,237.82
Net income for the period				1,100.99			1,100.99	486.91	1,587.90
Other comprehensive income for the period				(14.80)	(362.34)		(377.14)	(50.36)	(427.50)
Total comprehensive income for the period				1,086.18	(362.34)		723.84	436.55	1,160.39
Capital increase	27.27	705.16	740.79				1,473.23		1,473.23
Dividend distribution				(298.80)			(298.80)	(144.87)	(443.66)
Tax effects on transactions with
owners Sale of treasury shares		0.07		7.33		0.05	7.33 0.12		7.33 0.12
Increase/(decrease) in non-controlling interests				(15.34)			(15.34)	(16.00)	(31.34)
December 31, 2011	327.27	1,489.13	740.79	8,901.40	(551.09)	(13.16)	10,894.34	2,509.56	13,403.90

¹ Other reserves contain exchange differences from the translation of foreign operations, unrealized gains and losses from hedges and available-for-sale financial assets as well as the share of associates' other comprehensive income.

² As of March 31, 2012, figures for 2010 and 2011 were adjusted according to the revised accounting rules for post-employment benefits (IAS 19 revised).

Dividends and interest on hybrid capital

On May 10, 2012, the ordinary Annual General Meeting approved the payment of an increased dividend of EUR 1.10 per share, resulting in a total dividend payment of EUR 359 mn to OMV Aktiengesellschaft shareholders. Dividend payments to minorities amounted to EUR 225 mn (paid in Q2/12). The first interest payment to hybrid capital owners amounted to EUR 45 mn (also paid in Q2/12).

Segment reporting

Intersegmental sales

Q3/12	Q4/12	Q4/11	Δ%	in EUR mn	2012	2011	Δ%
1,116.33	1,219.36	1,016.88	20	Exploration and Production	4,687.39	4,193.42	12
44.10	59.91	43.73	37	Gas and Power	176.34	143.96	22
14.25	15.70	13.36	18	Refining and Marketing	57.50	46.18	25
95.98	102.06	137.62		(26) Corporate and Other	389.04	390.59	0
1,270.66	1,397.03	1,211.58	15	OMV Group	5,310.27	4,774.14	11

Sales to external customers

Q3/12	Q4/12	Q4/11	Δ%	in EUR mn	2012	2011	Δ%
339.40	327.97	157.02	109	Exploration and Production	1,387.32	766.10	81
2,654.34	3,613.22	2,564.19	41	Gas and Power	11,706.59	6,856.43	71
7,907.87	7,447.74	6,629.49	12	Refining and Marketing	29,550.68	26,425.97	12
1.47	0.74	1.28		(42) Corporate and Other	4.63	4.70	(1)
10,903.08	11,389.67	9,351.97	22	OMV Group	42,649.23	34,053.19	25

Total sales

Q3/12	Q4/12	Q4/11	Δ%	in EUR mn	2012	2011	Δ%
1,455.73	1,547.33	1,173.91	32	Exploration and Production	6,074.71	4,959.52	22
2,698.44	3,673.13	2,607.91	41	Gas and Power	11,882.93	7,000.39	70
7,922.12	7,463.44	6,642.84	12	Refining and Marketing	29,608.19	26,472.15	12
97.45	102.80	138.89		(26) Corporate and Other	393.68	395.28	0
12,173.74	12,786.70	10,563.56	21	OMV Group	47,959.50	38,827.34	24

Segment and Group profit ¹

Q3/12	Q4/12	Q4/11	Δ%	in EUR mn	2012	2011	Δ%
575.06	781.77	527.50	48	EBIT Exploration and Production 2	2,743.32	2,090.61	31
6.85	(69.78)	133.55		n.m. EBIT Gas and Power	42.53	239.43	(82)
278.20	31.10	(81.15)		n.m. EBIT Refining and Marketing	416.82	281.86	48
(14.00)	(21.23)	(37.60)		(44) EBIT Corporate and Other	(65.56)	(69.43)	(6)
846.11	721.86	542.30	33	EBIT segment total	3,137.11	2,542.47	23
(67.14)	69.64	(3.46)		n.m. Consolidation: Elimination of intersegmental profits	(33.39)	(48.33)	(31)
778.97	791.50	538.84	47	OMV Group EBIT	3,103.72	2,494.14	24
(106.17)	(104.14)	(41.37)	152	Net financial result	(246.23)	(273.28)	(10)
672.80	687.36	497.47	38	OMV Group profit from ordinary activities	2,857.49	2,220.86	29

¹ As of March 31, 2012, figures for 2011 were adjusted according to the revised accounting rules for post-employment benefits (IAS 19 revised).

² Excluding intersegmental profit elimination shown in the line "Consolidation".

Assets ¹

in EUR mn	Dec. 31, 2012	Dec. 31, 2011
Exploration and Production	9,188.36	8,809.89
Gas and Power	2,348.81	2,020.61
Refining and Marketing	6,053.77	6,337.08
Corporate and Other	235.74	240.76
Total	17,826.68	17,408.33

¹ Segment assets consist of intangible assets and property, plant and equipment.

Other notes

Significant transactions with related parties

Business transactions in the form of supplies of goods and services take place on a constant and regular basis with the associated companies Borealis AG and Bayernoil Raffineriegesellschaft mbH.

Subsequent events

On January 18, 2013, OMV and Erdöllagergesellschaft m.b.H. (ELG) agreed the sale of Lagermanagementgesellschaft m.b.H. (a 100% subsidiary of OMV Aktiengesellschaft) to ELG.

On February 1, 2013, OMV signed an agreement to sell its 100% marketing subsidiary in Croatia, OMV Hrvatska d.o.o., to Crodux derivati d.o.o., a member of the Croatian Crodux Plin group.

Declaration of the management

We confirm to the best of our knowledge that the preliminary and unaudited consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group as required by the applicable accounting standards and that the Group Directors' report gives a true and fair view of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties the Group faces.

Vienna, February 21, 2013

The Executive Board

Gerhard Roiss Chairman of the Executive Board and Chief Executive Officer

David C. Davies Deputy Chairman of the Executive Board and Chief Financial Officer

Hans-Peter Floren Member of the Executive Board Gas and Power

Jaap Huijskes Member of the Executive Board Exploration and Production

Manfred Leitner Member of the Executive Board Refining and Marketing including petrochemicals

Abbreviations and definitions

bbl: barrel(s), i.e. 159 liters; bcf: billion cubic feet; bcm: billion cubic meters; bn: billion; boe: barrels of oil equivalent; boe/d: boe per day; capital employed: equity including minorities plus net debt ; cbm: cubic meter; CCS: current cost of supply; Co&O: Corporate and Other; E&P: Exploration and Production; EPS: earnings per share; EUR: euro; FX: foreign exchange; G&P: Gas and Power; Gearing ratio: Net debt divided by equity; kbbl, kbbl/d: Thousand barrels, kbbl per day; kboe, kboe/d: Thousand barrel oil equivalent, kboe per day; LNG: liquefied natural gas; LTIR: Lost-Time Injury Rate per million hours worked; m: meter; mn: million; MWh: Megawatt hours; n.a.: not available; n.m.: not meaningful; NGL: natural gas liquids; NOPAT: Net Operating Profit After Tax. Profit on ordinary activities after taxes plus net interest on net borrowings, +/– result from discontinued operations, +/– tax effect of adjustments; NWE: North-West European; R&M: Refining and Marketing including petrochemicals; ROFA: Return On Fixed Assets. EBIT divided by average intangible and tangible assets expressed as a percentage; ROACE: Return On Average Capital Employed. NOPAT divided by average capital employed expressed as a percentage; ROE: Return On Equity. Net income for the year divided by average equity expressed as a percentage; RON: Romanian leu; t: metric tonnes; TRY: Turkish lira; TWh: Terawatt hours; USD: US dollar

OMV contacts

Lăcrămioara Diaconu-Pinţea, Investor Relations Tel. +43 1 40440-21600; e-mail: investor.relations@omv.com Johannes Vetter, Media Relations Tel. +43 1 40440-21661; e-mail: media.relations@omv.com

Please find additional information on our webpage www.omv.com where also a quarterly data supplement is made available.

Disclaimer regarding forward looking statements

This report contains forward looking statements. Forward looking statements may be identified by the use of terms such as "outlook", "expect", "anticipate", "target", "estimate", "goal", "plan", "intend", "may", "objective", "will" and similar terms, or by their context. These forward looking statements are based on beliefs and assumptions currently held by and information currently available to OMV. By their nature, forward looking statements are subject to risks and uncertainties, both known and unknown, because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of OMV. Consequently, the actual results may differ materially from those expressed or implied by the forward looking statements. Therefore, recipients of this report are cautioned not to place undue reliance on these forward looking statements.

Neither OMV nor any other person assumes responsibility for the accuracy and completeness of any of the forward looking statements contained in this report. OMV disclaims any obligation to update these forward looking statements to reflect actual results, revised assumptions and expectations and future developments and events. This report does not contain any recommendation or invitation to buy or sell shares in OMV.