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OMV AG Interim / Quarterly Report 2020

Apr 29, 2020

751_10-q_2020-04-29_64c7a1ca-5d1e-4aef-a0ac-57e795bb64ca.pdf

Interim / Quarterly Report

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Table of Contents

Directors' Report (condensed, unaudited) 4
Group performance 4
Outlook 8
Business segments 9
Upstream 9
Downstream 11
Group Interim Financial Statements (condensed, unaudited) 13
Declaration of the Management 22
Further Information 24

Disclaimer regarding forward-looking statements

This report contains forward-looking statements. Forward-looking statements usually 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 securities in OMV.

OMV Group Report January–March 2020 including condensed consolidated interim financial statements as of March 31, 2020

Key Performance Indicators 1

Group

  • ► Clean CCS Operating Result decreased by 8% to EUR 699 mn
  • ► Clean CCS net income attributable to stockholders amounted to EUR 316 mn, clean CCS Earnings Per Share were EUR 0.97
  • ► High cash flow from operating activities of EUR 1,121 mn
  • ► Organic free cash flow before dividends of EUR 594 mn
  • ► Clean CCS ROACE at 11%
  • ► Lost-Time Injury Rate at 0.15

Upstream

  • ► Production flat at 472 kboe/d
  • ► Production cost declined to USD 6.4/boe

Downstream

  • ► OMV indicator refining margin increased to USD 4.9/bbl
  • ► Natural gas sales increased by 26% to 48.0 TWh

Key events

Note: Figures in the following tables may not add up due to rounding differences. Differences between percentages are displayed as percentage points throughout the document. 1 Figures reflect the Q1/20 period; all comparisons described relate to the same quarter in the previous year except where otherwise mentioned.

Directors' Report (condensed, unaudited)

Group performance

Financial highlights
In EUR mn (unless otherwise stated)
Q1/20 Q4/19 Q1/19 Δ% 1 2019
4,760 6,074 5,403 (12) Sales revenues 2 23,461
699 781 759 (8) Clean CCS Operating Result 3 3,536
137 459 393 (65) Clean Operating Result Upstream 3 1,951
501 385 374 34 Clean CCS Operating Result Downstream 3 1,677
(15) (31) (12) (24) Clean Operating Result Corporate and Other 3 (67)
77 (33) 4 n.m. Consolidation: elimination of intersegmental profits (25)
33 43 34 (1) Clean CCS Group tax rate in % 38
420 420 482 (13) Clean CCS net income 3 2,121
316 310 346 (9) Clean CCS net income attributable to stockholders 3, 4 1,624
0.97 0.95 1.06 (9) Clean CCS EPS in EUR 3 4.97
699 781 759 (8) Clean CCS Operating Result 3 3,536
(165) 7 12 n.m. Special items 5 (64)
(453) 37 (5) n.m. CCS effects: inventory holding gains/(losses) 110
81 824 766 (89) Operating Result Group 3,582
(9) 448 406 n.m. Operating Result Upstream 1,879
(18) 449 407 n.m. Operating Result Downstream 1,847
(20) (36) (24) 18 Operating Result Corporate and Other (91)
128 (36) (23) n.m. Consolidation: elimination of intersegmental profits (54)
(77) (47) (28) (175) Net financial result (129)
5 777 738 (99) Profit before tax 3,453
n.m. 41 33 n.m. Group tax rate in % 38
(68) 458 496 n.m. Net income 2,147
(159) 355 354 n.m. Net income attributable to stockholders 4 1,678
(0.49) 1.09 1.08 n.m. Earnings Per Share (EPS) in EUR 5.14
1,121 981 866 29 Cash flow from operating activities 4,056
481 342 (124) n.m. Free cash flow before dividends (583)
481 256 (124) n.m. Free cash flow after dividends (1,441)
594 378 418 42 Organic free cash flow before dividends 6 2,119
3,232 3,633 2,205 47 Net debt excluding leases 3,633
4,262 4,686 3,186 34 Net debt including leases 4,686
19 22 14 6 Gearing ratio excluding leases in % 22
469 773 881 (47) Capital expenditure 7 4,916
422 746 404 4 Organic capital expenditure 8 2,251
11 11 12 (2) Clean CCS ROACE in % 3 11
8 11 12 (3) ROACE in % 11
19,702 19,845 20,225 (3) Employees 19,845
0.15 0.28 0.39 (62) Lost-Time Injury Rate per 1 mn hours worked 0.34

1Q1/20 compared to Q1/19

2 Sales revenues excluding petroleum excise tax

3 Adjusted for special items and CCS effects; further information can be found below the table "Special items and CCS effects"

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

5 The disclosure of special items is considered appropriate in order to facilitate the analysis of the ordinary business performance. To reflect comparable figures, certain items affecting the result are added back or deducted. Special items from equity-accounted companies and temporary effects from commodity hedging for material transactions are included.

6 Organic free cash flow before dividends is cash flow from operating activities less cash flow from investing activities excluding disposals and material inorganic cash flow components

(e.g., acquisitions).

7 Capital expenditure including acquisitions

8 Organic capital expenditure is defined as capital expenditure including capitalized Exploration and Appraisal expenditure and excluding acquisitions and contingent considerations.

First quarter 2020 (Q1/20) compared to first quarter 2019 (Q1/19)

Consolidated sales revenues decreased by 12% to EUR 4,760 mn, driven by the overall lower global commodity price environment. The clean CCS Operating Result declined by 8% from EUR 759 mn to EUR 699 mn. The contribution of Upstream was EUR 137 mn (Q1/19: EUR 393 mn). In Downstream, the clean CCS Operating Result amounted to EUR 501 mn (Q1/19: EUR 374 mn). The consolidation line was EUR 77 mn in Q1/20 (Q1/19: EUR 4 mn). OMV Petrom's clean CCS Operating Result totaled EUR 203 mn (Q1/19: EUR 262 mn).

The clean CCS Group tax rate was 33%, remaining on a similar level as Q1/19 (34%). The clean CCS net income dropped to EUR 420 mn (Q1/19: EUR 482 mn). The clean CCS net income attributable to stockholders was EUR 316 mn (Q1/19: EUR 346 mn). Clean CCS Earnings Per Share came in at EUR 0.97 (Q1/19: EUR 1.06).

Net special items of EUR (165) mn were recorded in Q1/20 (Q1/19: EUR 12 mn). The reduction was mainly a consequence of Upstream asset impairments in New Zealand, Tunisia, and Austria following revised short term oil and gas price assumptions. CCSeffects of EUR (453) mn were recognized in Q1/20. The OMV Group's reported Operating Result fell by 89% to EUR 81 mn (Q1/19: EUR 766 mn). OMV Petrom's contribution to the Group's reported Operating Result declined by 35% to EUR 173 mn (Q1/19: EUR 268 mn).

The net financial result amounted to EUR (77) mn (Q1/19: EUR (28) mn) mainly due to negative FX effects on the Russian ruble. The high Group tax rate in Q1/20 was the consequence of an overall low profit from ordinary activities and result contributions from high tax regimes in the Upstream Business Segment. The net income attributable to stockholders declined to EUR (159) mn (Q1/19: EUR 354 mn). Earnings Per Share amounted to EUR (0.49) (Q1/19: EUR 1.08).

As of March 31, 2020, the net debt excluding leases equaled EUR 3,232 mn compared to EUR 2,205 mn as of March 31, 2019. The gearing ratio excluding leases increased to 19% (March 31, 2019: 14%). The increase is mainly due to a decreased cash position resulting from major acquisitions in 2019.

Total capital expenditure came in at EUR 469 mn (Q1/19: EUR 881 mn). In Q1/19, capital expenditure included a payment in the amount of USD 540 mn for a 50% interest in the newly formed company SapuraOMV. In Q1/20, organic capital expenditure increased by 4% to EUR 422 mn (Q1/19: EUR 404 mn).

Special items and CCS effects

In EUR mn
Q1/20 Q4/19 Q1/19 Δ% 1 2019
699 781 759 (8) Clean CCS Operating Result 2 3,536
(165) 7 12 n.m. Special items (64)
(3) (4) (9) n.m. thereof personnel and restructuring (34)
(117) (25) (1) n.m. thereof unscheduled depreciation (39)
0 (8) 12 n.a. thereof asset disposal 5
(44) 44 10 n.m. thereof other 4
(453) 37 (5) n.m. CCS effects: inventory holding gains/(losses) 110
81 824 766 (89) Operating Result Group 3,582

1Q1/20 compared to Q1/19

2 Adjusted for special items and CCS effects

The disclosure of special items is considered appropriate in order to facilitate the analysis of the ordinary business performance. To reflect comparable figures, certain items affecting the result are added back or deducted. These items can be divided into four subcategories: personnel restructuring, unscheduled depreciation and write-ups, asset disposals, and other.

Furthermore, to enable effective performance management in an environment of volatile prices and comparability with peers, the Current Cost of Supply (CCS) effect is eliminated from the accounting result. The CCS effect, also called inventory holding gains and losses, is the difference between the cost of sales calculated using the current cost of supply and the cost of sales calculated using the weighted average method after adjusting for any changes in valuation allowances. In volatile energy markets, measurement of the costs of petroleum products sold based on historical values (e.g., weighted average cost) can have distorting effects on reported results. This performance measurement enhances the transparency of results and is commonly used in the oil industry. OMV, therefore, publishes this measurement in addition to the Operating Result determined according to IFRS.

Cash flow Summarized cash flow statement

In EUR mn
Q1/20 Q4/19 Q1/19 Δ%1 2019
838 963 1,196 (30) Sources of funds 4,264
1,121 981 866 29 Cash flow from operating activities 4,056
(641) (639) (990) 35 Cash flow from investing activities (4,638)
481 342 (124) n.m. Free cash flow (583)
(606) (549) (230) (164) Cash flow from financing activities (484)
(38) (13) (9) n.m. Effect of exchange rate changes on cash and cash equivalents (22)
(162) (219) (363) 55 Net (decrease)/increase in cash and cash equivalents (1,088)
2,938 3,157 4,026 (27) Cash and cash equivalents at beginning of period 4,026
2,776 2,938 3,664 (24) Cash and cash equivalents at end of period 2,938
7 7 – n.a. thereof cash disclosed within assets held for sale 7
2,769 2,931 3,664 (24) Cash and cash equivalents presented in the consolidated statement of financial
position		 2,931
481 256 (124) n.m. Free cash flow after dividends (1,441)
594 378 418 42 Organic free cash flow before dividends 2 2,119

1 Q1/20 compared to Q1/19

2 Organic free cash flow before dividends is cash flow from operating activities less cash flow from investing activities, excluding disposals and material inorganic cash flow components (e.g. acquisitions).

First quarter 2020 (Q1/20) compared to first quarter 2019 (Q1/19)

In Q1/20, sources of funds decreased to EUR 838 mn (Q1/19: EUR 1,196 mn), significantly impacted by worsened market environment. Net working capital effects generated a cash inflow of EUR 283 mn, while in Q1/19 they led to an outflow of EUR (330) mn. As a result, cash flow from operating activities amounted to EUR 1,121 mn in Q1/20 (Q1/19: EUR 866 mn).

Cash flow from investing activities showed an outflow of EUR (641) mn compared to EUR (990) mn in Q1/19. The deviation is mainly attributable to a cash outflow of EUR (460) mn related to the acquisition of a 50% interest in the new company SapuraOMV in Q1/19.

Free cash flow amounted to EUR 481 mn (Q1/19: EUR (124) mn).

Cash flow from financing activities recorded an outflow of EUR (606) mn compared to EUR (230) mn in Q1/19, mainly attributable to the repayment of a EUR 500 mn bond in Q1/20.

Free cash flow after dividends improved to EUR 481 mn in Q1/20 (Q1/19: EUR (124) mn).

Organic free cash flow before dividends increased to EUR 594 mn (Q1/19: EUR 418 mn).

Risk management

As an international oil and gas company with operations extending from hydrocarbon exploration and production through to trading and marketing of mineral products and gas, OMV is exposed to a variety of risks, including market risks, financial risks, operational risks, and strategic risks. A detailed description of risks and risk management activities can be found in the 2019 Annual Report (pages 80–82).

The main uncertainties that can influence the OMV Group's performance are the commodity price risk, FX risk, operational risks, and also political and regulatory risks. The commodity price risk is being monitored constantly and appropriate protective measures with respect to cash flow are taken, if required. The inherent exposure to safety and environmental risks is monitored through HSSE (Health, Safety, Security, and Environment) and risk management programs, which have a clear commitment to keeping OMV's risks in line with industry standards.

The global spread of the coronavirus (COVID-19) has abruptly transformed people's lives and significantly worsened the economic environment. The related containment measures have a major impact on global economic development and have led to a sharp decline in demand for products and services. At the same time, oil supply was increased due to a conflict between major oil producers enforcing the effect of reduced demand for oil and oil products. The extent and duration of the economic impact cannot be reliably estimated from today's perspective. However, OMV is closely monitoring the development and regularly evaluating the impact on the Group's cash flow and liquidity position. OMV is responding to the situation with targeted measures to safeguard the Company's economic stability and the secure supply of energy. The health and wellbeing of every employee is the top priority. At the same time, OMV is implementing targeted measures to safeguard the Company's financial strength, namely reduction of investments, cost cutting and postponing acquisition projects.

OMV Group Report January–March 2020

April 29, 2020

From today's perspective, we assume that based on the measures listed above the Company's ability to continue as a going concern is not impacted.

More information on current risks can be found in the Outlook section of the Directors' Report.

Transactions with related parties

Please refer to the selected explanatory notes of the consolidated interim financial statements for disclosures on significant transactions with related parties.

Outlook

The outbreak of the coronavirus (COVID-19) and the efforts to contain it affect the global economy and, as a result, have a negative impact on prices and demand for oil products and crude oil. Based on the knowledge OMV had until publication date, the COVID-19 impact is included in the outlook.

Market environment

► For the year 2020, OMV expects the average Brent oil price to be at USD 40/bbl (previous forecast: USD 60/bbl; 2019: USD 64/bbl). In 2020, the average realized gas price is anticipated to be at EUR 10/MWh (previous forecast: lower than previous year; 2019: EUR 11.9/MWh).

Group

► In 2020, organic CAPEX (including capitalized E&A and excluding acquisitions) is projected to come in below EUR 1.8 bn (previous forecast: EUR 2.4 bn; 2019: EUR 2.3 bn).

Upstream

  • ► OMV expects total production to be between 440 kboed/d and 470 kboe/d in 2020 (previous forecast: around 500 kboe/d; 2019: 487 kboe/d) depending on the security situation in Libya and imposed production cuts by governments.
  • ► Organic CAPEX for Upstream (including capitalized E&A and excluding acquisitions) is anticipated to come in at EUR 1.1 bn in 2020 (previous forecast: around EUR 1.6 bn; 2019: EUR 1.6 bn).
  • ► In 2020, Exploration and Appraisal (E&A) expenditure is expected to be at EUR 250 mn (previous forecast: EUR 350 mn; 2019: EUR 360 mn).

Downstream

  • ► The OMV indicator refining margin is expected to be around USD 4/bbl (previous forecast: above USD 5/bbl; 2019: USD 4.4/bbl).
  • ► Petrochemical margins are anticipated to be at the previous year's level (previous forecast: slightly below EUR 400/t; 2019: EUR 433/t).
  • ► Total refined product sales in 2020 are forecasted to be lower compared to 2019 (previous forecast: similar level compared to previous year; 2019: 20.9 mn t). In OMV's markets, retail and commercial margins are predicted to be at the prior-year level.
  • ► The utilization rate of the European refineries is expected to be around 80% (previous forecast: around 95%; 2019: 97%). In 2020, there is no major turnaround planned for our refineries in Europe.
  • ► Natural gas sales volumes in 2020 are projected to be above those in 2019 (2019: 137 TWh).

Business segments

Upstream

In EUR mn (unless otherwise stated)
Q1/20 Q4/19 Q1/19 Δ% 1 2019
588 896 812 (28) Clean Operating Result before depreciation and amortization, impairments and write 3,722
ups
137 459 393 (65) Clean Operating Result 1,951
(146) (11) 13 n.m. Special items (71)
(9) 448 406 n.m. Operating Result 1,879
335 489 792 (58) Capital expenditure 2 2,070
112 120 69 62 Exploration expenditure 360
119 73 46 157 Exploration expenses 229
6.44 6.39 6.81 (5) Production cost in USD/boe 6.61
Key Performance Indicators
472 505 474 (1) Total hydrocarbon production in kboe/d 487
183 214 195 (6) thereof oil and NGL production in kboe/d 209
289 291 280 3 thereof natural gas production in kboe/d 279
16.6 19.7 17.5 (5) Crude oil and NGL production in mn bbl 76.1
153.6 156.2 146.7 5 Natural gas production in bcf 593.1
446 477 427 4 Total hydrocarbon sales volumes in kboe/d 464
182 211 173 5 thereof oil and NGL sales volumes in kboe/d 210
264 266 254 4 thereof natural gas sales volumes in kboe/d 253
50.10 63.08 63.13 (21) Average Brent price in USD/bbl 64.21
46.78 60.96 60.01 (22) Average realized crude price in USD/bbl 3 61.66
3.71 3.81 4.72 (21) Average realized gas price in USD/1,000 cf 3 4.08
10.99 11.26 13.58 (19) Average realized gas price in EUR/MWh 3, 4 11.91
1.103 1.107 1.136 (3) Average EUR-USD exchange rate 1.120

1 Q1/20 compared to Q1/19

2 In Q1/19, capital expenditure including acquisitions in particular included a payment in the amount of USD 540 mn for a 50% interest in the newly formed company SapuraOMV.

3 Average realized prices include hedging effects.

4 The average realized gas price is converted to MWh using a standardized calorific value across the portfolio.

First quarter 2020 (Q1/20) compared to first quarter 2019 (Q1/19)

► Production remained flat at 472 kboe/d

► Production costs decreased to USD 6.4/boe

The clean Operating Result sharply declined from EUR 393 mn in Q1/19 to EUR 137 mn. The adverse market environment and reduced operational performance negatively impacted the result. Less depreciation could only partially offset these effects. Net market effects of EUR (235) mn impacted the result negatively. Significantly decreased average realized oil and gas prices were the main reason. Conversely, hedging gains and positive FX effects provided some support. The operational performance lowered the result by EUR 59 mn, mainly owing to write-offs of E&A wells in Austria, New Zealand, and Malaysia. These reductions were partially offset by higher sales volumes, mainly due to the start-up of the offshore gas field Larak in Malaysia and higher liftings in Norway. Depreciation decreased by EUR (38) mn and had a positive impact. This was mainly due to reserves revisions in New Zealand in Q4/19. In Q1/20, OMV Petrom contributed EUR 33 mn to the clean Operating Result, compared to EUR 174 mn in Q1/19.

Net special items amounted to EUR (146) mn in Q1/20 (Q1/19: EUR 13 mn). The decrease was mainly due to asset impairments in New Zealand, Tunisia, and Austria following revised short-term oil and gas price assumptions. The Operating Result decreased strongly to EUR (9) mn (Q1/19: EUR 406 mn).

Production cost excluding royalties declined by 5% year over year to USD 6.4/boe. OMV Petrom decreased its production cost to USD 10.9/boe.

Total hydrocarbon production remained flat at 472 kboe/d. Lower production in Libya due to force majeure and slightly lower production in Russia and Romania were partially offset by the production start-up of the offshore gas field Larak in Malaysia. OMV Petrom's total production was down by 3 kboe/d to 150 kboe/d mostly because of natural decline. Total hydrocarbon sales volumes rose to 446 kboe/d (Q1/19: 427 kboe/d) following the mentioned production start-up in Malaysia and higher liftings in Norway. This was partially offset by lower sales volumes in Russia. As in Q1/19 there were no liftings in Libya in Q1/20.

OMV Group Report January–March 2020

April 29, 2020

In Q1/20, oil prices dropped sharply following a disagreement on further production cuts in an OPEC+ meeting on March 6. In addition, the COVID-19 pandemic started to have a large negative impact on crude oil demand, further depressing oil prices. On a quarterly comparison, the average Brent price went down by 21% to USD 50/bbl. The Group's average realized crude price declined by 22%. European gas markets have been negatively impacted by a combination of full storages and warmer than expected temperatures. On top of this already weak market environment, starting from mid-March 2020, a substantial negative impact from COVID-19 could be seen throughout Europe. Significant global LNG oversupply triggered by massive capacity ramp-ups further depressed gas prices. The average realized gas price in USD/1,000 cf decreased by 21%. Realized gas prices were supported by a hedging gain of EUR 9 mn in Q1/20.

Capital expenditure including capitalized E&A amounted to EUR 335 mn in Q1/20 (Q1/19: EUR 792 mn). In Q1/19, capital expenditure included in particular a payment in the amount of USD 540 mn for a 50% interest in the newly formed company SapuraOMV. In Q1/20, organic capital expenditure was primarily directed to projects in Romania, Norway, the United Arab Emirates, and New Zealand. Exploration expenditure rose by 62% to EUR 112 mn in Q1/20 and was mainly related to exploration activities in New Zealand, Malaysia, and Austria.

Downstream

In EUR mn (unless otherwise stated)
Q1/20 Q4/19 Q1/19 Δ% 1 2019
634 526 506 25 Clean CCS Operating Result before depreciation and amortization, impairments and
write-ups 2		 2,223
501 385 374 34 Clean CCS Operating Result 2 1,677
93 35 70 32 thereof petrochemicals 241
54 50 72 (25) thereof Borealis 314
(7) 18 n.a. n.a. thereof ADNOC Refining & Trading 8
92 84 78 18 thereof gas 194
(14) 23 11 n.m. Special items 31
(504) 40 22 n.m. CCS effects: inventory holding gains/(losses) 139
(18) 449 407 n.m. Operating Result 1,847
128 270 83 54 Capital expenditure 3 2,774
Key Performance Indicators
4.93 5.02 4.04 22 OMV indicator refining margin in USD/bbl 4 4.44
459 363 452 2 Ethylene/propylene net margin in EUR/t 4, 5 433
94 98 98 (4) Utilization rate refineries in % 97
4.60 5.17 4.79 (4) Total refined product sales in mn t 20.94
1.44 1.64 1.45 (1) thereof retail sales volumes in mn t 6.53
0.61 0.59 0.63 (2) thereof petrochemicals in mn t 2.34
48.03 44.71 38.06 26 Natural gas sales volumes in TWh 136.71

Note: As of Q1/20 the reporting structure of the Downstream Business Segment was restructured to comprehensively reflect the operations of the Downstream business. For comparison only, figures of previous periods are presented in the same structure.

1 Q1/20 compared to Q1/19

2 Adjusted for special items and CCS effects; further information can be found below the table "Special items and CCS effects"

3 Capital expenditure including acquisitions, notably the acquisition of a 15% stake in ADNOC Refining and Trading JV to the amount of USD 2.43 bn in Q3/19

4 Actual refining and petrochemical margins realized by OMV may vary from the OMV indicator refining margin, the ethylene/propylene net margin, and the market margins due to factors including different crude oil slate, product yield, operating conditions, or feedstock.

5 Calculated based on West European Contract Prices (WECP) with naphtha as feedstock

First quarter 2020 (Q1/20) compared to first quarter 2019 (Q1/19)

► Q1/20 refinery utilization rate remained at a high rate of 94% despite a decline during the second half of March

► Significant positive result contribution from middle distillate margin hedges

► Strong performance of the retail and petrochemicals businesses

The clean CCS Operating Result improved considerably by 34% to EUR 501 mn (Q1/19: EUR 374 mn), essentially a consequence from a one-off effect from monetization of CO2 certificates, a significant positive contribution of middle distillate margin hedges, and a strong petrochemicals and retail business. OMV Petrom's input to the clean CCS Operating Result of Downstream amounted to EUR 137 mn (Q1/19: EUR 83 mn).

The OMV indicator refining margin grew by 22% to USD 4.9/bbl (Q1/19: USD 4.0/bbl). While middle distillate margins declined, light distillate and heavy fuel oil margins rose. Feedstock costs dropped considerably as a result of lower crude oil prices. The utilization rate of the refineries in Q1/20 was at a high level of 94% (Q1/19: 98%) despite a decrease in the second half of March as travel restrictions tightened due to COVID-19. At 4.6 mn t, total refined product sales went down by 4%, also reflecting the travel restrictions. The result from the retail business increased as a consequence of higher margins, despite slightly lower sales volumes. The commercial business marginally outperformed the Q1/19 result following higher margins, offsetting a sales volume decline. In Q1/19 the commercial business had benefited from a refinery outage of a competitor.

The contribution of the petrochemicals business expanded by 32% to EUR 93 mn (Q1/19: EUR 70 mn) due to lower costs of the feedstock mix, which also includes other intermediates besides naphtha. The ethylene/propylene net margin grew slightly, while the benzene net margin, which was impacted in Q1/19 by an oversupplied market, increased sharply. The butadiene net margin weakened considerably.

The contribution of Borealis decreased by EUR 18 mn to EUR 54 mn (Q1/19: EUR 72 mn) mainly attributable to a lower result from Borouge due to weak market conditions in Asia. The fertilizer business improved thanks to lower natural gas prices and higher volumes.

In Q1/20, the contribution of ADNOC Refining & Trading amounted to EUR (7) mn. As of Q1/20 the ADNOC Refining & Trading result is calculated based on Current Cost of Supply (CCS) and excludes inventory holding gains/losses. The result in Q1/20 was

negatively impacted by an extensive turnaround of the Ruwais refinery complex, which started at the beginning of February and lasted until mid April. In addition, a weak market environment in Asia weighed on the result. The Trading JV is currently in the set-up phase.

The contribution of the gas business grew by 18% to EUR 92 mn (Q1/19: EUR 78 mn), mainly as a consequence of a better performance of the storage business. Gas Connect Austria was reclassified as an asset held for sale. Natural gas sales volumes stepped up significantly from 38.1 TWh to 48.0 TWh, driven by higher sales volumes in Romania, the Netherlands and Belgium. The increase in natural gas sales volumes in Romania was partially a consequence of allocations to the regulated gas market.

Net special items amounted to EUR (14) mn (Q1/19: EUR 11 mn) and were mainly related to unrealized commodity derivatives. CCS effects of EUR (504) mn were caused by the sharp drop in crude oil prices in Q1/20. As a result the Operating Result of Downstream decreased to EUR (18) mn compared to EUR 407 mn in Q1/19.

Capital expenditure in Downstream amounted to EUR 128 mn (Q1/19: EUR 83 mn). In Q1/20, organic capital expenditure was predominantly related to investments in the European refineries and in the retail business.

Group Interim Financial Statements (condensed, unaudited)

Income statement (unaudited)

In EUR mn (unless otherwise stated)
Q1/20 Q4/19 Q1/19 2019
4,760 6,074 5,403 Sales revenues 23,461
203 72 109 Other operating income 315
(45) 89 87 Net income from equity-accounted investments 386
54 50 72 thereof Borealis 314
4,918 6,235 5,600 Total revenues and other income 24,162
(2,961) (3,590) (3,211) Purchases (net of inventory variation) (13,608)
(438) (426) (386) Production and operating expenses (1,695)
(111) (134) (124) Production and similar taxes (496)
(633) (624) (549) Depreciation, amortization, and impairment charges (2,337)
(470) (476) (459) Selling, distribution, and administrative expenses (1,892)
(119) (73) (46) Exploration expenses (229)
(104) (88) (59) Other operating expenses (322)
81 824 766 Operating Result 3,582
0 0 0 Dividend income 5
34 39 41 Interest income 169
(75) (73) (75) Interest expenses (304)
(36) (13) 6 Other financial income and expenses 1
(77) (47) (28) Net financial result (129)
5 777 738 Profit before tax 3,453
(73) (320) (242) Taxes on income (1,306)
(68) 458 496 Net income for the period 2,147
(159) 355 354 thereof attributable to stockholders of the parent 1,678
19 19 19 thereof attributable to hybrid capital owners 75
72 83 123 thereof attributable to non-controlling interests 393
(0.49) 1.09 1.08 Basic Earnings Per Share in EUR 5.14
(0.49) 1.09 1.08 Diluted Earnings Per Share in EUR 5.13

Statement of comprehensive income (condensed, unaudited)

In EUR mn
Q1/20 Q4/19 Q1/19 2019
(68) 458 496 Net income for the period 2,147
(338) (231) 90 Exchange differences from translation of foreign operations 39
373 36 (59) Gains/(losses) on hedges (45)
(6) (16) 1 Share of other comprehensive income of equity-accounted investments (1)
Total of items that may be reclassified ("recycled") subsequently to the income
29 (211) 32 statement (7)
100 48 (78) Remeasurement gains/(losses) on defined benefit plans (90)
— 1 0 Gains/(losses) on investments 1
(1) 7 65 Gains/(losses) on hedges that are subsequently transferred to the carrying amount of 95
the hedged item
(1) 10 9 Share of other comprehensive income of equity-accounted investments (6)
98 67 (4) Total of items that will not be reclassified ("recycled") subsequently to the 0
income statement
Income taxes relating to items that may be reclassified ("recycled") subsequently to the
(84) (15) 15 income statement 10
Income taxes relating to items that will not be reclassified ("recycled") subsequently to
(13) (2) (16) the income statement (7)
(97) (17) (2) Total income taxes relating to components of other comprehensive income 4
31 (161) 26 Other comprehensive income for the period, net of tax (3)
(38) 297 523 Total comprehensive income for the period 2,144
(127) 226 441 thereof attributable to stockholders of the parent 1,752
19 19 19 thereof attributable to hybrid capital owners 75
70 52 63 thereof attributable to non-controlling interests 316

Statement of financial position (unaudited)

In EUR mn
Mar. 31, 2020 Dec. 31, 2019
Assets
Intangible assets 3,864 4,163
Property, plant and equipment 15,333 16,479
Equity-accounted investments 4,941 5,151
Other financial assets 2,985 2,414
Other assets 58 56
Deferred taxes 660 686
Non-current assets 27,841 28,950
Inventories 1,441 1,845
Trade receivables 2,610 3,042
Other financial assets 6,405 3,121
Income tax receivables 14 11
Other assets 341 297
Cash and cash equivalents 2 2,769 2,931
Current assets 13,579 11,248
Assets held for sale 927 177
Total assets 42,348 40,375
Equity and liabilities
Share capital 327 327
Hybrid capital 1,987 1,987
Reserves 10,597 10,698
Equity of stockholders of the parent 12,911 13,012
Non-controlling interests 3,927 3,851
Equity 16,838 16,863
Provisions for pensions and similar obligations 949 1,111
Bonds 5,263 5,262
Lease liabilities 908 934
Other interest-bearing debts 151 620
Provisions for decommissioning and restoration obligations 3,600 3,872
Other provisions 548 572
Other financial liabilities 809 301
Other liabilities 147 157
Deferred taxes 1,070 1,132
Non-current liabilities 13,445 13,961
Trade payables 3,455 4,155
Bonds 44 540
Lease liabilities 116 120
Other interest-bearing debts 402 148
Income tax liabilities 327 332
Provisions for decommissioning and restoration obligations 94 87
Other provisions 300 293
Other financial liabilities 6,116 2,818
Other liabilities 806 903
Current liabilities 11,659 9,395
Liabilities associated with assets held for sale 406 156
Total equity and liabilities 42,348 40,375

Statement of changes in equity (condensed, unaudited)

In EUR mn

Share
capital		 Capital
reserves		 Hybrid
capital		 Revenue
reserves		 Other
reserves 1		 Treasury
shares		 Equity of
stock
holders
of the
parent		 Non
controlling
interests		 Total
equity
January 1, 2020 327 1,506 1,987 9,832 (635) (4) 13,012 3,851 16,863
Net income for the period - - - (141) - - (141) 72 (68)
Other comprehensive income
for the period		 - - - 91 (58) - 33 (2) 31
Total comprehensive income
for the period		 - - - (50) (58) - (108) 70 (38)
Share-based payments
Reclassification of cash flow		 - 1 - - - - 1 - 1
hedges to balance sheet
March 31, 2020		 -
327		 -
1,507		 -
1,987		 -
9,782		 6
(687)		 -
(4)		 6
12,911		 5
3,927		 11
16,838

1 "Other reserves" contain exchange differences from the translation of foreign operations, unrealized gains and losses from hedges, as well as the share of other comprehensive income of equity-accounted investments.

Equity of
stock
holders Non
Share Capital Hybrid Revenue Other Treasury of the controlling Total
capital reserves capital reserves reserves 1 shares parent interests equity
January 1, 2019 327 1,511 1,987 8,830 (744) (6) 11,905 3,436 15,342
Adjustments on initial
application of IFRS 16		 - - - (1) - - (1) - (1)
Adjusted balance January 1,
2019		 327 1,511 1,987 8,829 (744) (6) 11,904 3,436 15,340
Net income for the period - - - 373 - - 373 123 496
Other comprehensive income
for the period		 - - - (78) 164 - 87 (60) 26
Total comprehensive income - - - 295 164 - 459 63 523
for the period
Share-based payments - 1 - - - - 1 - 1
Increase/(decrease) in non
controlling interests - - - - - - - 309 309
Reclassification of cash flow - - - - 7 - 7 - 7
hedges to balance sheet
March 31, 2019 327 1,513 1,987 9,124 (573) (6) 12,372 3,808 16,180

1 "Other reserves" contain exchange differences from the translation of foreign operations, unrealized gains and losses from hedges, as well as the share of other comprehensive income of equity-accounted investments.

Summarized statement of cash flows (condensed, unaudited)

In EUR mn
Q1/20 Q4/19 Q1/19 2019
(68) 458 496 Net income for the period 2,147
711 615 562 Depreciation, amortization and impairments including write-ups 2,395
(81) 35 20 Deferred taxes 100
(0) 7 (13) Losses/(gains) on the disposal of non-current assets (7)
8 (31) 35 Net change in provisions (24)
268 (121) 97 Other adjustments (346)
838 963 1,196 Sources of funds 4,264
360 5 (172) (Increase)/decrease in inventories (260)
333 15 (180) (Increase)/decrease in receivables 372
(410) (2) 22 (Decrease)/increase in liabilities (320)
1,121 981 866 Cash flow from operating activities 4,056
Investments
(584) (605) (518) Intangible assets and property, plant and equipment (2,158)
(56) (58) (77) Investments, loans and other financial assets (2,265)
(14) — (460) Acquisitions of subsidiaries and businesses net of cash acquired (460)
Disposals
13 24 48 Proceeds in relation to non-current assets 209
0 0 17 Proceeds from the sale of subsidiaries and businesses, net of cash disposed 36
(641) (639) (990) Cash flow from investing activities (4,638)
(558) (490) (366) (Decrease)/increase in long-term borrowings 396
(48) 27 137 (Decrease)/increase in short-term borrowings (22)
(0) (86) 0 Dividends paid (858)
(606) (549) (230) Cash flow from financing activities (484)
(38) (13) (9) Effect of exchange rate changes on cash and cash equivalents (22)
(162) (219) (363) Net (decrease)/increase in cash and cash equivalents (1,088)
2,938 3,157 4,026 Cash and cash equivalents at beginning of period 4,026
2,776 2,938 3,664 Cash and cash equivalents at end of period 2,938
7 7 — thereof cash disclosed within assets held for sale 7
Cash and cash equivalents presented in the consolidated statement of financial
2,769 2,931 3,664 position 2,931
481 342 (124) Free cash flow (583)
481 256 (124) Free cash flow after dividends (1,441)

Selected notes to the consolidated interim financial statements

Legal principles

The condensed consolidated interim financial statements for the three months ended March 31, 2020, have been prepared in accordance with IAS 34 Interim Financial Statements.

The condensed consolidated interim financial statements do not include all the information and disclosures required in the annual statements and should be read in conjunction with the Group's annual financial statements as of December 31, 2019.

The condensed consolidated interim financial statements for Q1/20 are unaudited and an external review by an auditor was not performed.

The condensed consolidated interim financial statements for Q1/20 have been prepared in million EUR (EUR mn, EUR 1,000,000). Accordingly, there may be rounding differences.

In addition to the consolidated interim financial statements, further information on main items affecting the consolidated interim financial statements as of March 31, 2020, is given as part of the description of OMV's Business Segments in the Directors' Report.

Accounting policies

The accounting policies in effect on December 31, 2019 remain largely unchanged. The amendments effective since January 1, 2020 do not have a material effect on the Group's financial statements.

Changes in the consolidated Group

Compared with the consolidated financial statements as of December 31, 2019, there were no changes to the consolidated Group.

Other significant transactions

Downstream

On March 12, 2020, OMV and Mubadala Investment Company, the Abu Dhabi-based strategic investment company, signed the share purchase agreement for the acquisition of the additional 39% share in Borealis AG for a purchase price of USD 4.68 bn, whereby OMV is entitled to all dividends in relation to such additional share in Borealis distributed after December 31, 2019. The amendment agreement signed on March 26, 2020, provides for the purchase price to be paid by OMV in two tranches: USD 2.34 bn at closing of the transaction and USD 2.34 bn no later than December 31, 2021 at a market interest rate from closing. OMV has the option to pay the deferred amount in full or in part at closing of the transaction or following closing at the end of each month until December 31, 2021.

OMV plans the sale of its 51% stake in Gas Connect Austria GmbH. This led to the reclassification of the Gas Connect Group and associated goodwill to assets and liabilities held for sale without an impact on the Income Statement at that time.

Seasonality and cyclicality

Seasonality is of significance, especially in the Downstream Business Segment. For details, please refer to the section "Business Segments."

Notes to the income statement

Impairment charges

Upstream

The global outbreak of the coronavirus (COVID-19) and the related containment measures had a major impact on the global economic development and have led to a sharp decline in demand for products and services. As a consequence, there is a significant downward pressure on oil and gas prices, which resulted in the update of OMV's short-term oil and gas price assumptions. The Brent oil price assumptions are USD 40/bbl for 2020 (reduced from USD 60/bbl) and USD 50/bbl for 2021 (reduced from USD 70/bbl); the expected realized gas price in 2020 is EUR 10/MWh (reduced from EUR 12/MWh). The change in the short-term assumptions led to a post-tax impairment of EUR 84 mn for the producing oil and gas assets, mainly related to assets in New Zealand. The change in the short-term expected oil and gas prices is not considered to have an immediate effect on the E&A portfolio, as none of the major assets is planned to come on stream in the near term.

The extent and duration of the economic impact of the crisis cannot be reliably estimated from today's perspective. OMV continues to analyze the market developments and plans to assess the impacts on the long-term price assumptions during the next quarters. Furthermore, for all producing assets and assets currently in the development phase, long-term price assumptions of USD 60/bbl of Brent crude and EUR 13/MWh realized gas price would lead to additional post-tax impairments of EUR 700 mn to EUR 900 mn, without taking into account cost and CAPEX reduction measures and any other changes in the broader environment.

Inventory valuation

3m/20 was significantly impacted by net impairments of inventories amounting to EUR 74 mn driven by a significant price decrease.

OMV Group Report January–March 2020

April 29, 2020

Sales revenues

In EUR mn
3m/20 3m/19
Revenues from contracts with customers 4,683 5,358
Revenues from other sources 78 45
Total sales revenues 4,760 5,403

Other revenues mainly include net revenues from commodity sales/purchases transactions that are within the scope of IFRS 9 Financial Instruments, the adjustment of revenues from considering the national oil company's profit share as income tax in certain production sharing agreements in the Upstream Business Segment, the hedging result, and rental and lease revenues.

Revenues from contracts with customers

In EUR mn

3m/20
Corporate
Upstream Downstream &Other Total
Crude oil, NGL, condensates 269 162 — 432
Natural gas and LNG 214 1,052 — 1,266
Fuel, heating oil and other refining products — 2,136 — 2,136
Petrochemicals — 432 — 432
Gas storage, transmission, distribution and transportation 4 57 — 61
Other goods and services 7 348 1 357
Total 495 4,187 1 4,683

Revenues from contracts with customers

3m/19
Corporate
Upstream Downstream &Other Total
272 179 — 451
235 1,386 — 1,621
— 2,407 — 2,407
— 468 — 468
6 52 — 58
7 345 1 353
520 4,838 1 5,358

Taxes on income and profit

In EUR mn (unless otherwise stated)
Q1/20 Q4/19 Q1/19 2019
(154) (285) (222) Current taxes (1,207)
81 (35) (20) Deferred taxes (100)
(73) (320) (242) Taxes on income and profit (1,306)
n.m. 41 33 Effective tax rate in % 38

Notes to the statement of financial position

Commitments

As of March 31, 2020, OMV had contractual obligations for the acquisition of intangible assets and property, plant, and equipment of EUR 1,273 mn (December 31, 2019: EUR 1,343 mn), mainly relating to exploration and production activities in Upstream.

Equity

No dividend was distributed and no interest payments were made on hybrid capital to OMV Aktiengesellschaft shareholders in 3m/20. For the year 2019, a dividend payment of EUR 2.00 per share will be proposed to the Annual General Meeting, which will be held on September 29, 2020.

There were no dividend distributions to minority shareholders in 3m/20.

The total number of own shares held by the Company as of March 31, 2020, amounted to 372,613 (December 31, 2019: 372,613).

Financial liabilities

Gearing ratio excluding leases
Q1/20 Q4/19 Δ %
5,308 5,802 (9)
699 769 (9)
6,007 6,570 (9)
2,776 2,938 (6)
3,232 3,632 (11)
16,838 16,863 (0)
19 22 (3)

1 Including other interest-bearing debts that were reclassified to liabilities associated with assets held for sale 2 Including cash and cash equivalents that were reclassified to assets held for sale

On February 10, 2020 there was a repayment of a EUR 500 mn Eurobond.

Fair value measurement

Financial instruments recognized at fair value are disclosed according to the fair value measurement hierarchy as stated in Note 2 of the OMV Consolidated Financial Statements 2019.

Fair value hierarchy
In EUR mn
Mar. 31, 2020 Dec. 31, 2019
Financial assets including assets held
for sale Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Equity investments — — 19 19 — — 24 24
Derivatives designated and effective as
hedging instruments — 407 — 407 — 284 — 284
Other derivatives 1,276 4,911 — 6,187 241 2,150 — 2,391
Other financial assets at fair value 1 — — 709 709 — — 721 721
Net amount of assets and liabilities
associated with asset held for sale — 7 — 7 — 8 — 8
Total 1,276 5,325 729 7,330 241 2,443 745 3,428
Mar. 31, 2020 Dec. 31, 2019
Financial liabilities Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Liabilities on derivatives designated and
effective as hedging instruments — 173 — 173 — 237 — 237
Liabilities on other derivatives 1,252 4,649 — 5,901 266 1,976 — 2,241
Total 1,252 4,822 — 6,074 266 2,213 — 2,478

1Includes an asset from reserves redetermination rights related to the acquisition of interests in the Yuzhno Russkoye field and contingent considerations from the divestments of the 30% stake in the Rosebank field and of OMV (U.K.) Limited

As of March 31, 2020, with the exception of bonds valued at amortized cost (EUR 77 mn, including EUR 7 mn bonds that were reclassified to held for sale), the carrying amounts of other financial assets are the fair values. The fair value of bonds was EUR 76 mn (December 31, 2019: EUR 77 mn), including fair values in the amount of EUR 7 mn for bonds that were reclassified to assets held for sale.

Bonds and other interest-bearing debts (excluding lease liabilities) amounting to EUR 6,007 mn (December 31, 2019: EUR 6,570 mn) are valued at amortized cost. The estimated fair value of these liabilities was EUR 6,521 mn (December 31, 2019: EUR 7,109 mn). The carrying amount of other financial liabilities is effectively the same as their fair value, as they are predominantly short-term.

Segment reporting

Intersegmental sales
In EUR mn
Q1/20 Q4/19 Q1/19 Δ% 1 2019
673 920 863 (22) Upstream 3,656
23 20 23 4 Downstream 84
88 85 85 3 Corporate and Other 341
784 1,025 971 (19) Total 4,081

Sales to third parties

In EUR mn
Q1/20 Q4/19 Q1/19 Δ% 1 2019
499 667 517 (3) Upstream 2,583
4,260 5,406 4,886 (13) Downstream 20,874
1 1 1 47 Corporate and Other 4
4,760 6,074 5,403 (12) Total 23,461

Total sales (not consolidated)

In EUR mn
Q1/20		 Q4/19 Q1/19 Δ% 1 2019
1,171 1,587 1,380 (15) Upstream 6,239
4,284 5,426 4,908 (13) Downstream 20,958
89 86 86 4 Corporate and Other 345
5,545 7,099 6,374 (13) Total 27,542

Segment and Group profit

5 777 738 (99) OMV Group profit before tax 3,453
(77) (47) (28) (175) Net financial result (129)
81 824 766 (89) OMV Group Operating Result 3,582
128 (36) (23) n.m. Consolidation: elimination of intersegmental profits (54)
(47) 861 789 n.m. Operating Result segment total 3,636
(20) (36) (24) 18 Operating Result Corporate and Other (91)
(18) 449 407 n.m. Operating Result Downstream 1,847
(9) 448 406 n.m. Operating Result Upstream 1,879
Q1/20 Q4/19 Q1/19 Δ% 1 2019
In EUR mn

1 Q1/20 compared to Q1/19

Assets 1

In EUR mn
Mar. 31, 2020 Dec. 31, 2019
Upstream 14,302 15,049
Downstream 4,623 5,315
Corporate and Other 272 277
Total 19,198 20,642

1 Segment assets consist of intangible assets and property, plant, and equipment. Does not include assets reclassified to held for sale.

Other notes

Transactions with related parties

In 3m/20, there were arm's length supplies of goods and services between the Group and equity-accounted companies, except for transactions with OJSC Severneftegazprom, which are not based on market prices but on cost plus defined margin.

Material transactions with equity-accounted

investments

In EUR mn
3m/20 3m/19
Purchases Purchases
Sales and and services Sales and and services
other income received other income received
Borealis 311 10 339 12
GENOL Gesellschaft m.b.H. 1 31 0 44 1
Erdöl-Lagergesellschaft m.b.H. 13 24 37 13
Enerco Enerji Sanayi ve Ticaret A.Ş. — — 0 6
Deutsche Transalpine Oelleitung GmbH 0 8 0 6
OJSC Severneftegazprom — 44 — 46
Trans Austria Gasleitung GmbH 3 5 3 5

1 In 2019, transactions with GENOL Gesellschaft m.b.H., as well as GENOL Gesellschaft m.b.H. & Co KG are included, while in 2020, transactions were only with GENOL Gesellschaft m.b.H. (business of GENOL Gesellschaft m.b.H. & Co KG was transferred to GENOL Gesellschaft m.b.H. in October 2019).

Balances with equity-accounted investments

In EUR mn
Mar. 31, 2020 Dec. 31, 2019
Loans receivable 2 —
Trade receivables 104 84
Other receivables 7 41
Trade payables 53 63
Other payables 1 1
Contract liabilities 163 170

Dividend distribution from equity-accounted investments

In EUR mn
3m/20 3m/19
Abu Dhabi Petroleum Investments LLC 5 —
Borealis AG 108 144
Pearl Petroleum Company Limited 13 5
Total Group 126 149

Information on the government-related entities can be found in the OMV Consolidated Financial Statements 2019 (Note 35 – Related Parties). There have been no changes up to the publication of condensed, consolidated, interim financial statements for 3m/20.

On March 12, 2020, OMV and Mubadala Investment Company signed the share purchase agreement for the acquisition of the additional 39% share in Borealis AG. More details can be found in the section "Other significant transactions".

Subsequent events

On April 9, 2020, OMV issued senior bonds with a total volume of EUR 1.75 bn. The transaction consists of three tranches. The first tranche amounting to EUR 0.5 bn at a coupon of 1.500% is due on April 9, 2024, the second tranche amounting to EUR 0.5 bn at a coupon of 2.000% is due on April 9, 2028 and the third tranche amounting to EUR 0.75 bn at a coupon of 2.375% is due on April 9, 2032.

Declaration of the Management

We confirm to the best of our knowledge that the condensed consolidated interim 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 important events that have occurred during the first three months of the financial year and their impact on the condensed consolidated interim financial statements, the principal risks and uncertainties for the remaining nine months of the financial year and the major related-party transactions to be disclosed.

Vienna, April 29, 2020

The Executive Board

Rainer Seele m.p. Chairman of the Executive Board, Chief Executive Officer and Chief Marketing Officer

Reinhard Florey m.p. Chief Financial Officer

Johann Pleininger m.p. Deputy Chairman of the Executive Board and Chief Upstream Operations Officer

Thomas Gangl m.p. Chief Downstream Operations Officer

Further Information

Next events

  • ► OMV Group Trading Update Q2/20: July 8, 2020
  • ► OMV Group Report January–June and Q2 2020: July 29, 2020
  • ► OMV Ordinary Annual General Meeting: September 29, 2020

The entire OMV financial calendar and additional information can be found at www.omv.com.

OMV contacts

Florian Greger, Vice President and Head of Investor Relations Tel.: +43 1 40440-21600; e-mail: [email protected]

Andreas Rinofner, Public Relations Tel.: +43 1 40440-21472; e-mail: [email protected]

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