CAPEX, Operating Result before depreciation, clean CCS Operating Result before depreciation
Economic environment
Outlook
The subsequent tables may contain rounding differences.
Dislaimer: This document is given for information purposes only and was not audited.
Data supplement Q2/21
OMV Aktiengesellschaft
Financial highlights
Index
Financial highlights
In EUR mn (unless otherwise stated)
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Sales revenues 1
4,760
3,138
3,138
4,956
16,550
6,429
7,266
Clean CCS Operating Result 2
699
145
317
524
1,686
870
1,299
thereof clean CCS Operating Result OMV Petrom 2
203
56
118
95
472
135
172
Clean Operating Result Exploration & Production 2
137
-152
-24
184
145
361
498
Clean CCS Operating Result Refining & Marketing 2
367
231
236
161
996
108
181
Clean CCS Operating Result Chemicals & Materials 2
133
78
99
208
519
442
647
Clean Operating Result Corporate & Other 2
-15
-3
-12
-17
-47
-7
-16
Clean Consolidation: elimination of inter-segmental profits
77
-9
18
-12
74
-34
-10
Clean CCS Group tax rate in %
33
19
38
33
32
27
33
Clean CCS net income 2
420
124
160
321
1,026
599
853
Clean CCS net income attributable to stockholders 2, 3
316
65
80
219
679
424
643
Clean CCS EPS in EUR 2
0.97
0.20
0.24
0.67
2.08
1.30
1.97
Clean CCS Operating Result 2
699
145
317
524
1,686
870
1,299
Special items 4
-165
-12
-997
954
-220
63
-127
thereof personnel restructuring
-3
-3
-33
0
-39
-6
-14
thereof unscheduled depreciation / write-ups
-117
-52
-914
0
-1,084
3
-21
thereof asset disposals
-
3
3
13
19
3
1
thereof other
-44
40
-53
942
885
63
-92
CCS effects: Inventory holding gains/(losses)
-453
-70
72
35
-416
225
66
Operating Result Group
81
63
-607
1,513
1,050
1,158
1,238
thereof Operating Result OMV Petrom
173
29
-10
110
302
146
122
Operating Result Exploration & Production
-9
-237
-1,044
153
-1,137
349
383
Operating Result Refining & Marketing
-151
246
353
144
592
400
207
Operating Result Chemicals & Materials
133
96
91
1,247
1,568
465
678
Operating Result Corporate & Other
-20
-5
-12
-19
-56
-10
-20
Consolidation: Elimination of inter-segmental profits
128
-38
5
-12
83
-46
-10
Net financial result
-77
8
-59
-47
-175
-46
-31
Profit before tax
5
70
-666
1,466
875
1,112
1,207
Group tax rate in %
n.m.
18
31
-33
-69
25
33
Net income
-68
58
-458
1,946
1,478
835
809
Net income attributable to stockholders 3
-159
24
-487
1,880
1,258
654
622
Earnings Per Share (EPS) in EUR
-0.49
0.07
-1.49
5.75
3.85
2.00
1.90
Cash flow from operating activities excluding net working capital effects
838
431
687
830
2,786
1,711
1,725
Cash flow from operating activities
1,121
545
791
679
3,137
1,065
1,561
Free cash flow before dividends
481
111
368
-3,771
-2,811
414
1,450
Free cash flow after dividends
481
-109
368
-4,430
-3,690
376
604
Organic free cash flow before dividends 5
594
120
432
126
1,273
532
948
Organic free cash flow after dividends 6
594
-100
432
-533
394
494
102
Cash flow per share in EUR
3.43
1.67
2.42
2.08
9.60
3.26
4.78
Dividend Per Share (DPS) in EUR
1.85
Net debt excluding leases
3,232
3,401
1,830
8,130
8,130
7,870
7,148
Gearing ratio excluding leases in %
19
21
11
41
41
37
34
Net debt including leases
4,262
4,416
2,853
9,347
9,347
9,077
8,339
Leverage ratio in % 7
20
21
15
32
32
30
28
Capital expenditure 8
469
386
363
4,830
6,048
493
659
Organic capital expenditure 9
422
372
363
726
1,884
487
632
Clean CCS ROACE in % 2
11
8
6
5
5
6
8
ROACE in %
8
5
1
8
8
11
13
ROE in %
10
6
-0
9
9
13
17
Employees
19,702
19,434
19,228
25,291
25,291
24,197
23,530
Total Recordable Injury Rate (TRIR) 10
0.84
0.65
0.54
0.60
0.60
0.80
0.94
Note: As of Q1/21 the business segment Downstream was split into Refining & Marketing and Chemicals & Materials. For comparison only, 2020 figures are presented in the new structure.
1 Sales revenues excluding petroleum excise tax
2 Adjusted for special items and CCS effects
3 After deducting net income attributable to hybrid capital owners and net income attributable to non-controlling interests
4 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 hedging effects for material transactions are included.
5 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).
6 Organic free cash flow after dividends is cash flow from operating activities less cash flow from investing activities excluding disposals and material inorganic cash flow components (e.g., acquisitions), and less dividend payments.
7 Leverage ratio defined as (net debt including leases) / (equity + net debt including leases)
8 Capital expenditure including acquisitions
9 Organic capital expenditure is defined as capital expenditure including capitalized Exploration and Appraisal expenditure and excluding acquisitions and contingent considerations.
10 Calculated as 12 months rolling average per 1 mn hours worked
Exploration & Production
Index
Exploration & Production
In EUR mn (unless otherwise stated)
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Clean Operating Result before depreciation and amortization, impairments and write-ups
588
207
315
518
1,627
731
881
Clean Operating Result
137
-152
-24
184
145
361
498
Special items
-146
-85
-1,020
-31
-1,282
-12
-114
Operating Result
-9
-237
-1,044
153
-1,137
349
383
Capital expenditure 1
335
251
204
301
1,090
266
291
Exploration expenditure
112
50
26
39
227
46
47
Exploration expenses
119
83
650
44
896
38
45
Production cost in USD/boe
6.44
6.21
7.50
6.22
6.58
6.86
6.78
Key Performance Indicators
Total hydrocarbon production in kboe/d
472
464
444
472
463
495
490
thereof crude oil and NGL production in kboe/d
183
177
165
182
177
206
203
thereof natural gas production in kboe/d
289
287
279
290
286
289
287
Crude oil and NGL production in mn bbl
16.6
16.1
15.2
16.8
64.7
18.5
18.4
Natural gas production in bcf
153.6
152.5
150.0
155.9
612.0
152.1
153.1
Natural gas production in bcm
4.3
4.3
4.2
4.4
17.2
4.3
4.3
Total hydrocarbon sales volumes in in kboe/d
446
434
422
454
439
457
459
thereof crude oil and NGL sales volumes in kboe/d
182
173
165
190
177
189
194
thereof natural gas sales volumes in kboe/d
264
261
258
264
262
268
265
Total hydrocarbon sales volumes in mn boe
40.6
39.5
38.8
41.8
160.7
41.1
41.7
Average Brent price in USD/bbl
50.10
29.56
42.94
44.16
41.84
61.12
68.97
Average realized crude oil price in USD/bbl 2
46.78
25.64
37.35
41.60
37.97
55.14
59.94
Average realized natural gas price in USD/1,000 cf 2
3.71
2.77
2.64
3.37
3.12
3.82
4.53
Average realized natural gas price in EUR/1,000 cbm 2
119.35
89.41
79.23
100.71
97.28
113.13
133.81
Average realized natural gas price in EUR/MWh 2, 3
10.99
8.23
7.27
9.26
8.94
10.38
12.28
1 Capital expenditure including acquisitions
2 Average realized prices include hedging effects.
3 The average realized natural gas price is converted to MWh using a standardized calorific value across the portfolio of 10.8 MWh for 1,000 cubic meters of natural gas.
Thereof OMV Petrom (included above)
In EUR mn (unless otherwise stated)
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Operating Result
27
-21
-232
21
-204
62
88
Special items
-6
6
-221
16
-205
-2
-8
Clean Operating Result
33
-26
-11
5
1
64
96
Key Performance Indicators
Total hydrocarbon production in kboe/d
150
147
141
140
145
139
134
thereof crude oil and NGL production in kboe/d
72
71
69
67
70
67
65
thereof natural gas production in kboe/d
79
76
73
73
75
72
69
Crude oil and NGL production in mn bbl
6.5
6.5
6.3
6.2
25.5
6.0
5.9
Natural gas production in bcf
38.7
37.5
36.1
36.3
148.6
34.9
33.9
Natural gas production in bcm
1.1
1.1
1.0
1.0
4.2
1.0
1.0
Average Urals price in USD/bbl
48.10
29.86
43.38
44.39
41.58
60.05
67.25
Average realized crude oil price in USD/bbl
40.60
24.45
36.29
37.22
34.51
50.92
58.38
Production cost in USD/boe
10.87
10.02
11.24
11.42
10.88
12.53
12.44
Hydrocarbon production by core region
In kboe/d
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Central and Eastern Europe
174
169
163
161
167
159
152
thereof crude oil and NGL
82
82
79
77
80
77
75
thereof natural gas
91
87
84
84
86
82
77
Middle East and Africa
48
44
39
59
47
86
83
thereof crude oil and NGL
39
34
29
48
37
69
68
thereof natural gas
8
10
10
11
10
17
15
North Sea
87
90
80
86
86
83
92
thereof crude oil and NGL
42
43
39
40
41
42
44
thereof natural gas
45
47
40
46
44
40
48
Russia
101
96
86
97
95
96
92
thereof crude oil and NGL
thereof natural gas
101
96
86
97
95
96
92
Asia-Pacific
62
65
77
69
68
71
71
thereof crude oil and NGL
19
18
18
17
18
17
16
thereof natural gas
44
47
59
53
51
54
55
Hydrocarbon production by country
In kboe/d
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Romania
143
140
134
134
138
133
131
thereof crude oil and NGL
66
65
63
62
64
62
62
thereof natural gas
78
75
72
72
74
71
69
Austria
24
22
21
21
22
20
18
thereof crude oil and NGL
11
11
10
10
10
10
10
thereof natural gas
13
11
11
11
11
10
8
Kazakhstan 1
7
7
7
6
7
6
3
thereof crude oil and NGL
6
6
6
5
6
5
2
thereof natural gas
1
1
1
1
1
1
0
Libya
8
1
-2
19
7
35
32
thereof crude oil and NGL
8
1
-2
19
7
35
32
thereof natural gas
New Zealand
37
39
37
33
37
34
33
thereof crude oil and NGL
11
11
10
10
10
10
10
thereof natural gas
26
28
28
24
26
24
23
Norway
87
90
80
86
86
83
92
thereof crude oil and NGL
42
43
39
40
41
42
44
thereof natural gas
45
47
40
46
44
40
48
Tunisia
4
6
4
5
5
12
11
thereof crude oil and NGL
2
2
1
1
2
3
3
thereof natural gas
2
4
4
4
3
9
8
Yemen
4
4
3
4
4
3
3
thereof crude oil and NGL
4
4
3
4
4
3
3
thereof natural gas
0
Kurdistan Region of Iraq
9
9
9
9
9
10
10
thereof crude oil and NGL
3
3
3
3
3
3
3
thereof natural gas
7
6
7
7
7
8
7
Russia
101
96
86
97
95
96
92
thereof crude oil and NGL
thereof natural gas
101
96
86
97
95
96
92
United Arab Emirates
22
25
23
22
23
25
27
thereof crude oil and NGL
22
25
23
22
23
25
27
thereof natural gas
Malaysia
25
26
40
36
32
37
38
thereof crude oil and NGL
7
8
8
7
8
8
6
thereof natural gas
18
19
31
29
24
30
32
1 In May, 2021, OMV Petrom closed the divestment of the production assets in Kazakhstan.
Refining & Marketing
Index
Refining & Marketing
In EUR mn (unless otherwise stated)
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Clean CCS Operating Result before depreciation and amortization, impairments and write-ups 1
487
341
341
269
1,434
217
287
Clean CCS Operating Result 1
367
231
236
161
996
108
181
thereof ADNOC Refining & Trading
-7
-18
-49
-33
-107
-25
-5
thereof gas
92
89
78
79
337
70
26
Special items
-14
56
32
-52
22
55
-40
CCS effects: Inventory holding gains/(losses)
-504
-41
85
36
-425
237
66
Operating Result
-151
246
353
144
592
400
207
Capital expenditure 2
110
115
138
207
570
91
126
Note: As of Q1/21 the business segment Downstream was split into Refining & Marketing and Chemicals & Materials. For comparison only, 2020 figures are presented in the new structure.
1 Adjusted for special items and CCS effects
2 Capital expenditure including acquisitions
Key Performance Indicators
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
OMV refining indicator margin Europe in USD/bbl 1
4.93
2.26
0.87
1.71
2.44
1.68
2.21
Refining input Europe in mn t
4.56
3.90
4.44
4.06
16.96
3.96
4.19
Utilization rate refineries Europe in %
94
79
90
81
86
81
85
Fuels and other sales volumes Europe in mn t
3.99
3.59
4.10
3.78
15.45
3.32
4.01
thereof retail sales volumes in mn t
1.44
1.23
1.75
1.47
5.88
1.33
1.59
Filling stations
2,082
2,086
2,085
2,085
2,085
2,082
2,085
Natural gas sales volumes in TWh
48.03
32.32
33.27
50.39
164.01
59.02
44.43
thereof OMV Gas Marketing and Trading natural gas sales volumes in TWh
31.55
20.25
23.63
39.39
114.82
47.04
34.57
thereof OMV Petrom natural gas sales volumes in TWh
16.08
11.77
9.28
10.62
47.75
11.65
9.57
thereof OMV Turkey natural gas sales volumes in TWh
0.41
0.29
0.36
0.39
1.44
0.32
0.30
Natural gas trading volumes in TWh
278.83
229.51
201.41
246.70
956.45
284.24
219.56
Net electrical output in TWh
1.12
0.57
1.31
1.18
4.17
1.18
0.70
1 Actual refining margins realized by OMV may vary from the OMV refining indicator margin due to factors including different crude oil slate, product yield, and operating conditions.
Thereof OMV Petrom (included above)
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Operating Result
66
86
224
103
478
128
55
Special items
30
-3
104
-9
122
-9
-56
CCS effects: Inventory holding gains/(losses)
-101
-1
2
9
-91
36
17
Clean CCS Operating Result 1
137
90
118
103
448
101
94
1 Adjusted for special items and CCS effects
Key Performance Indicators
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
OMV refining indicator margin East in USD/bbl 1
6.75
1.85
0.94
2.00
2.89
2.80
4.27
Refining input in mn t
1.17
1.09
1.05
1.18
4.50
1.14
1.13
Utilization rate refineries in %
96
89
86
96
92
95
91
Total refined product sales in mn t
1.13
1.13
1.34
1.23
4.83
1.12
1.21
thereof retail sales volumes in mn t
0.62
0.53
0.79
0.68
2.62
0.62
0.73
Filling stations
800
802
798
793
793
790
789
Natural gas sales volumes in TWh
16.08
11.77
9.28
10.62
47.75
11.65
9.57
Net electrical output in TWh
1.12
0.57
1.31
1.18
4.17
1.18
0.70
1 Actual refining margins realized by OMV may vary from the OMV refining indicator margin due to factors including different crude oil slate, product yield, and operating conditions.
Chemicals & Materials
Index
Chemicals & Materials
In EUR mn (unless otherwise stated)
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Clean Operating Result before depreciation and amortization, impairments and write-ups
147
92
113
317
672
588
776
Clean Operating Result
133
78
99
208
519
442
647
thereof Borealis excluding JVs
54
24
59
81
219
270
430
thereof Borealis JVs
-
-
-
81
81
124
136
Special items
0
18
-9
1,039
1,049
23
31
Operating Result
133
96
91
1,247
1,568
465
678
Capital expenditure 1
18
13
17
4,312
4,360
130
236
Note: As of Q1/21 the business segment Downstream was split into Refining & Marketing and Chemicals & Materials. For comparison only, 2020 figures are presented in the new structure. Following the closing of the acquisition of the additional 39% stake on October 29, 2020, Borealis is fully consolidated in OMV's figures and the at-equity contributions stemming from Borealis JVs are reported separately.
1 Capital expenditure including acquisitions
Key Performance Indicators
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Ethylene indicator margin Europe in EUR/t 1
517
421
402
397
435
406
480
Propylene indicator margin Europe in EUR/t 2
402
365
347
340
364
360
457
Polyethylene indicator margin Europe in EUR/t 3
265
391
367
378
350
548
803
Polypropylene indicator margin Europe in EUR/t 4
395
453
392
405
413
608
898
Utilization rate steam crackers in %
95
74
64
60
73
89
93
Polyolefin sales volumes in mn t
1.41
1.46
1.52
1.56
5.95
1.53
1.42
thereof polyethylene sales volumes excl. JVs in mn t
0.44
0.45
0.43
0.44
1.76
0.48
0.45
thereof polypropylene sales volumes excl. JVs in mn t
3 HD BM FD EU Domestic EOM (ICIS low) - Ethylene CP WE (ICIS)
4 PP Homo FD EU Domestic EOM (ICIS low) - Propylene CP WE (ICIS)
5 Pro-rata volumes of at-equity consolidated companies
Income statement
Index
Income statement (unaudited)
In EUR mn (unless otherwise stated)
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Sales revenues
4,760
3,138
3,696
4,956
16,550
6,429
7,266
Other operating income
199
122
95
1,461
1,877
182
158
Net income from equity-accounted investments
-45
-22
42
62
38
170
162
thereof Borealis
54
23
59
35
172
-
-
Total revenues and other income
4,914
3,238
3,833
6,480
18,465
6,781
7,585
Purchases (net of inventory variation)
-2,961
-1,625
-1,987
-3,024
-9,598
-3,340
-3,996
Production and operating expenses
-438
-402
-432
-620
-1,892
-816
-816
Production and similar taxes
-111
-72
-67
-75
-325
-93
-116
Depreciation, amortization, impairments and write-ups
-629
-494
-749
-546
-2,418
-614
-619
Selling, distribution and administrative expenses
-470
-424
-456
-546
-1,896
-652
-663
Exploration expenses
-119
-83
-650
-44
-896
-38
-45
Other operating expenses
-104
-75
-98
-111
-389
-70
-93
Operating Result
81
63
-607
1,513
1,050
1,158
1,238
Dividend income
-
17
2
0
19
0
18
Interest income
34
54
40
49
177
38
39
Interest expenses
-75
-63
-71
-70
-280
-77
-76
Other financial income and expenses
-36
0
-30
-25
-91
-7
-12
Net financial result
-77
8
-59
-47
-175
-46
-31
Profit before tax
5
70
-666
1,466
875
1,112
1,207
Taxes on income and profit
-73
-13
208
480
603
-277
-399
Net income for the period
-68
58
-458
1,946
1,478
835
809
thereof attributable to stockholders of the parent
-159
24
-487
1,880
1,258
654
622
thereof attributable to hybrid capital owners
19
19
21
25
84
25
25
thereof attributable to non-controlling interests
72
15
8
41
136
156
162
Basic Earnings Per Share in EUR
-0.49
0.07
-1.49
5.75
3.85
2.00
1.90
Diluted Earnings Per Share in EUR
-0.49
0.07
-1.49
5.75
3.85
2.00
1.90
Dividend Per Share (DPS) in EUR
1.85
Statement of compr. income
Index
Statement of comprehensive income (condensed, unaudited)
In EUR mn
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Net income for the period
-68
58
-458
1,946
1,478
835
809
Currency translation differences
-338
-8
-434
-455
-1,234
515
-168
Gains/(losses) on hedges
373
-196
-86
-53
38
-55
44
Share of other comprehensive income of equity-accounted investments
-6
-12
-56
-28
-102
-
-
Total of items that may be reclassified ("recycled") subsequently to the income statement
29
-215
-576
-536
-1,298
460
-124
Remeasurement gains/(losses) on defined benefit plans
100
-56
-43
4
4
73
-6
Gains/(losses) on investments
-
-
-
-2
-2
-
-
Gains/(losses) on hedges that are subsequently transferred to the carrying amount of the hedged item
-1
-28
-94
9
-113
1
8
Share of other comprehensive income of equity-accounted investments
-1
-8
0
3
-6
0
0
Total of items that will not be reclassified ("recycled") subsequently to the income statement
98
-92
-137
13
-118
73
2
Income taxes relating to items that may be reclassified ("recycled") subsequently to the income statement
-84
44
21
10
-10
15
-3
Income taxes relating to items that will not be reclassified ("recycled") subsequently to the income statement
-13
14
27
-11
18
-7
10
Total income taxes relating to components of other comprehensive income
-97
59
48
-2
8
8
7
Other comprehensive income for the period, net of tax
31
-249
-665
-524
-1,407
541
-115
Total comprehensive income for the period
-38
-191
-1,123
1,422
70
1,376
694
thereof attributable to stockholders of the parent
-127
-200
-1,114
1,437
-4
1,156
525
thereof attributable to hybrid capital owners
19
19
21
25
84
25
25
thereof attributable to non-controlling interests
70
-9
-30
-40
-9
196
144
Statement of fin. position
Index
Statement of financial position (unaudited)
In EUR mn
Dec. 31, 2020
Mar. 31, 2021
Jun. 30, 2021
Assets
Intangible assets
3,443
3,493
3,347
Property, plant and equipment
19,203
18,178
18,229
Equity-accounted investments
8,321
8,698
8,586
Other financial assets
3,447
3,614
4,395
Other assets
103
89
90
Deferred taxes
1,179
1,179
1,174
Non-current assets
35,695
35,251
35,821
Inventories
2,352
2,370
2,558
Trade receivables
3,316
4,047
3,891
Other financial assets
3,018
3,572
9,009
Income tax receivables
36
64
39
Other assets
537
508
408
Cash and cash equivalents
2,854
3,427
3,092
Current assets
12,112
13,989
18,997
Assets held for sale
1,464
2,674
1,812
Total assets
49,271
51,914
56,629
Equity and liabilities
Share capital
327
327
327
Hybrid capital
3,228
3,228
3,228
Reserves
10,184
11,370
11,302
Equity of stockholders of the parent
13,739
14,925
14,857
Non-controlling interests
6,159
6,322
6,094
Equity
19,899
21,248
20,951
Provisions for pensions and similar obligations
1,458
1,317
1,316
Bonds
8,019
8,021
8,022
Lease liabilities
943
887
880
Interest-bearing debts
1,280
1,436
1,398
Provisions for decommissioning and restoration obligations
3,926
3,666
3,655
Other provisions
576
562
646
Other financial liabilities
454
518
1,162
Other liabilities
135
134
125
Deferred taxes
1,229
1,309
1,357
Non-current liabilities
18,020
17,849
18,561
Trade payables
4,304
4,516
4,182
Bonds
850
885
579
Lease liabilities
141
135
133
Other interest bearing debt
703
810
276
Income tax liabilities
278
399
547
Provisions for decommissioning and restoration obligations
72
75
69
Other provisions
304
345
382
Other financial liabilities
3,095
3,472
8,925
Other liabilities
868
1,005
1,166
Current liabilities
10,616
11,643
16,258
Liabilities associated with assets held for sale
736
1,174
859
Total equity and liabilities
49,271
51,914
56,629
Statement of changes in equity
Index
Statement of changes in equity (condensed, unaudited)
In EUR mn
6m/20
Share capital
Capital reserves
Hybrid capital
Revenue reserves
Other reserves 1
Treasury shares
Equity of stockholders of the parent 2
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
-98
-98
87
-11
Other comprehensive income for the period
40
-232
-192
-26
-218
Total comprehensive income for the period
-57
-232
-290
61
-229
Dividend distribution and hybrid coupon
-14
-14
-209
-223
Disposal of treasury shares
3
1
4
4
Share-based payments
-5
-5
-5
Reclassification of cash flow hedges to balance sheet
35
35
8
43
June 30, 2020
327
1,504
1,987
9,760
-832
-3
12,742
3,711
16,453
6m/21
January 1, 2021
327
1,506
3,228
10,502
-1,820
-3
13,739
6,159
19,899
Net income for the period
1,326
1,326
318
1,644
Other comprehensive income for the period
65
339
405
22
427
Total comprehensive income for the period
1,391
339
1,730
340
2,070
Dividend distribution and hybrid coupon
-619
-619
-268
-887
Disposal of treasury shares
1
0
2
2
Share-based payments
2
2
2
Increase/(decrease) in non-controlling interests
-144
-144
Reclassification of cash flow hedges to balance sheet
4
4
6
10
June 30, 2021
327
1,508
3,228
11,274
-1,477
-3
14,857
6,094
20,951
1 "Other reserves" contain currency translation differences, exchange differences from the translation of foreign operations, unrealized gains and losses from hedges, and the share of other comprehensive income of equity-accounted investments.
Cash flows
Index
Summarized statement of cash flows (condensed, unaudited)
In EUR mn
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Net income for the period
-68
58
-458
1,946
1,478
835
809
Depreciation, amortization and impairments including write-ups
711
545
1,381
561
3,197
632
651
Deferred taxes
-81
81
-258
-589
-846
63
61
Losses/(gains) on the disposal of non-current assets
0
-2
-2
-8
-12
-4
-1
Net change in provisions
8
61
57
-165
-40
73
50
Other adjustments
268
-311
-34
-914
-991
112
155
Cash flow from operating activities excluding net working capital effects
838
431
687
830
2,786
1,711
1,725
(Increase)/decrease in inventories
360
69
-91
-50
288
-145
-243
(Increase)/decrease in receivables
333
382
186
-757
145
-1,037
129
(Decrease)/increase in liabilities
-410
-338
9
656
-82
536
-50
Cash flow from operating activities
1,121
545
791
679
3,137
1,065
1,561
Investments
Intangible assets and property, plant and equipment
-584
-424
-388
-564
-1,960
-539
-621
Investments, loans and other financial assets
-56
-18
-24
-95
-194
-145
-78
Acquisitions of subsidiaries and businesses net of cash acquired
-14
-
-51
-3,815
-3,880
-
-
Disposals
Proceeds from sale of non-current assets
13
9
40
10
72
7
14
Proceeds from the sale of subsidiaries and businesses, net of cash disposed
-
-
-
15
15
25
575
Cash flow from investing activities
-641
-434
-423
-4,450
-5,948
-651
-111
(Decrease)/increase in long-term borrowings
-558
3,203
-81
-23
2,541
40
-666
(Decrease)/increase in short-term borrowings
-48
-39
-3
-7
-96
189
-273
Dividends paid
0
-220
0
-659
-879
-38
-846
Hybrid bond
-
-
1,241
0
1,241
-
-
Cash flow from financing activities
-606
2,945
1,158
-689
2,808
192
-1,785
Effect of exchange rate changes on cash and cash equivalents
-38
0
-24
-5
-66
-9
-2
Net (decrease)/increase in cash and cash equivalents
-162
3,056
1,502
-4,465
-69
596
-337
Cash and cash equivalents at beginning of period
2,938
2,776
5,832
7,334
2,938
2,869
3,465
Cash and cash equivalents at end of period
2,776
5,832
7,334
2,869
2,869
3,465
3,128
thereof cash disclosed within Assets held for sale
7
2
3
15
15
38
36
Cash and cash equivalents presented in the consolidated statement of financial position
2,769
5,830
7,331
2,854
2,854
3,427
3,092
Free cash flow
481
111
368
-3,771
-2,811
414
1,450
Free cash flow after dividends
481
-109
368
-4,430
-3,690
376
604
Organic free cash flow before dividends 1
594
120
432
126
1,273
532
948
Organic free cash flow after dividends 2
594
-100
432
-533
394
494
102
1 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).
2 Organic free cash flow after dividends is cash flow from operating activities less cash flow from investing activities excluding disposals and material inorganic cash flow components (e.g., acquisitions), and less dividend payments.
Changes in segment reporting
Index
Changes in segment reporting
Intersegmental sales
In EUR mn
Q1/20
Q2/20
Q3/20
Q4/20
2020
Reported
Upstream
673
413
460
632
2,178
Downstream
23
15
15
9
63
Corporate and Other
88
88
89
82
348
Total
784
516
565
724
2,589
Restated
Exploration & Production
673
413
460
632
2,178
Refining & Marketing
401
241
338
365
1,345
Chemicals & Materials
155
88
143
129
515
Corporate & Other
88
88
89
82
348
Total
1,317
831
1,030
1,209
4,387
Sales to third parties
In EUR mn
Q1/20
Q2/20
Q3/20
Q4/20
2020
Reported
Upstream
499
286
372
370
1,527
Downstream
4,260
2,850
3,322
4,586
15,019
Corporate and Other
1
1
1
1
4
Total
4,760
3,138
3,696
4,956
16,550
Restated
Exploration & Production
499
286
372
370
1,527
Refining & Marketing
3,827
2,563
2,974
3,287
12,651
Chemicals & Materials
433
288
348
1,299
2,368
Corporate & Other
1
1
1
1
4
Total
4,760
3,138
3,696
4,956
16,550
Total sales (not consolidated)
In EUR mn
Q1/20
Q2/20
Q3/20
Q4/20
2020
Reported
Upstream
1,171
700
832
1,002
3,705
Downstream
4,284
2,865
3,338
4,595
15,082
Corporate and Other
89
89
91
83
352
Total
5,545
3,654
4,260
5,680
19,139
Restated
Exploration & Production
1,171
700
832
1,002
3,705
Refining & Marketing
4,228
2,804
3,312
3,652
13,996
Chemicals & Materials
589
376
491
1,428
2,884
Corporate & Other
89
89
91
83
352
Total
6,077
3,968
4,726
6,165
20,937
Operating Result
In EUR mn
Q1/20
Q2/20
Q3/20
Q4/20
2020
Reported
Upstream
-9
-237
-1,044
153
-1,137
Downstream
-18
342
444
1,392
2,160
Corporate and Other
-20
-5
-12
-19
-56
Segment total
-47
100
-612
1,526
967
Consolidation: elimination of intersegmental profits
128
-38
5
-12
83
OMV Group Operating Result
81
63
-607
1,513
1,050
Restated
Exploration & Production
-9
-237
-1,044
153
-1,137
Refining & Marketing
-151
246
353
144
592
Chemicals & Materials
133
96
91
1,247
1,568
Corporate & Other
-20
-5
-12
-19
-56
Segment total
-47
100
-612
1,526
967
Consolidation: elimination of intersegmental profits
128
-38
5
-12
83
OMV Group Operating Result
81
63
-607
1,513
1,050
Assets
In EUR mn
Mar. 31, 2020
Jun. 30, 2020
Sep. 30, 2020
Dec. 31, 2020
Reported
Upstream
14,302
14,308
12,700
12,662
Downstream
4,623
4,376
4,488
9,721
Corporate and Other
272
269
262
262
Total
19,198
18,953
17,450
22,646
Restated
Exploration & Production
14,302
14,308
12,700
12,662
Refining & Marketing
4,014
3,767
3,873
3,955
Chemicals & Materials
609
609
614
5,767
Corporate & Other
272
269
262
262
Total
19,198
18,953
17,450
22,646
Clean CCS Operating Result
In EUR mn
Q1/20
Q4/20
Q4/20
Q4/20
2020
Reported
Upstream
137
-152
-24
184
145
Downstream
501
309
335
369
1,514
Corporate and Other
-15
-3
-12
-17
-47
Consolidation: elimination of intersegmental profits
77
-9
18
-12
74
Total
699
145
317
524
1,686
Restated
Exploration & Production
137
-152
-24
184
145
Refining & Marketing
367
231
236
161
996
Chemicals & Materials
133
78
99
208
519
Corporate & Other
-15
-3
-12
-17
-47
Consolidation: elimination of intersegmental profits
77
-9
18
-12
74
Total
699
145
317
524
1,686
CF impact of major divestments
Index
Cash flow impact of major divestments
Net cash inflows from disposal of subsidiaries and businesses
In EUR mn
Gas Connect Austria
Kom-Munai LLP and Tasbulat Oil corporation LLP
Consideration received
451
100
less cash disposed
(8)
(5)
Net cash inflows
443
94
Sales split
Index
Sales split
Sales revenues
In EUR mn
6m/21
6m/20
Revenues from contracts with customers
13,662
7,644
Revenues from other sources
33
254
Total sales revenues
13,695
7,898
Revenues from contracts with customers
In EUR mn
6m/21
Exploration & Production
Refining & Marketing
Chemicals & Materials
Corporate & Other
Total
Crude oil, NGL, condensates
500
424
925
Natural gas and LNG
439
2,669
3,108
Fuel, heating oil and other refining products
4,145
4,145
Chemical products
23
4,743
4,766
Gas storage, transmission, distribution and transportation
5
99
104
Other goods and services
15
521
71
6
613
Total
959
7,883
4,814
6
13,662
6m/20
Exploration & Production
Refining & Marketing
Chemicals & Materials
Corporate & Other
Total
Crude oil, NGL, condensates
394
262
655
Natural gas and LNG
394
1,709
2,103
Fuel, heating oil and other refining products
3,460
3,460
Chemical products
8
709
716
Gas storage, transmission, distribution and transportation
6
115
121
Other goods and services
14
560
12
2
588
Total
808
6,114
721
2
7,644
Taxes on income and profit
Index
Taxes on income and profit
In EUR mn (unless otherwise stated)
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Current taxes
-154
69
-50
-109
-244
-214
-338
Deferred taxes
81
-81
258
589
846
-63
-61
Taxes on income and profit
-73
-13
208
480
603
-277
-399
Effective tax rate in %
n.m.
18
31
-33
-69
25
33
Gearing ratio excluding leases
Index
Gearing ratio excluding leases 1
In EUR mn (unless otherwise stated)
Q2/21
Q4/20
Δ
Bonds
8,601
8,869
-3%
Other interest bearing debt
1,675
2,130
-21%
Debt excluding leases
10,276
10,999
-7%
Cash and cash equivalents
3,128
2,869
9%
Net debt
7,148
8,130
-12%
Equity
20,951
19,899
5%
Gearing ratio exclusing leases in %
34
41
-7
1 Including assets and liabilities reclassified to held for sale
Fair value measurement
Index
Fair value hierarchy of financial assets 1 and net amount of assets and liabilities held for sale at fair value
In EUR mn
June 30, 2021
June 30, 2020
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Equity investments
15
15
15
15
Inventories
1
1
Investment funds
29
29
35
35
Derivatives designated and effective as hedging instruments
173
173
71
71
Other derivatives
223
8,759
8,981
69
2,433
2,502
Other financial assets at fair value 2
782
782
744
744
Net amount of assets and liabilities associated with assets held for sale
7
7
98
98
Total
253
8,938
797
9,989
104
2,602
759
3,465
1 Excluding assets held for sale
2 Includes 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.
Fair value hierarchy of financial liabilities
In EUR mn
June 30, 2021
June 30, 2020
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Liabilities on derivatives designated and effective as hedging instruments
108
108
98
98
Liabilities on other derivatives
242
8,746
8,988
70
2,349
2,418
Total
242
8,854
9,096
70
2,446
2,516
Financial assets and liabilities valued at amortized cost for which fair values are disclosed 1
In EUR mn
Fair value level
Carrying amount
Fair Value
Level 1
Level 2
Level 3
June 30, 2021
Bonds
64
64
64
Financial assets
64
64
64
Bonds
8,601
9,222
9,222
Other interest-bearing debt
1,675
1,685
1,685
Financial liabilities
10,276
10,907
9,222
1,685
Dec. 31, 2020
Bonds
64
64
64
Financial assets
64
64
64
Bonds
8,869
9,652
9,352
300
Other interest-bearing debt
1,983
2,002
2,002
Financial liabilities
10,852
11,654
9,352
2,302
1 Excluding assets and liabilities that were reclassified to held for sale
Segment reporting
Index
Segment reporting
Intersegmental sales
In EUR mn
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Exploration & Production
673
413
460
632
2,178
745
929
Refining & Marketing
401
241
338
365
1,345
522
566
Chemicals & Materials
155
88
143
129
515
193
256
Corporate & Other
88
88
89
82
348
90
89
Total
1,317
831
1,030
1,209
4,387
1,549
1,838
Sales to third parties
In EUR mn
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Exploration & Production
499
286
372
370
1,527
475
410
Refining & Marketing
3,827
2,563
2,974
3,287
12,651
3,634
4,346
Chemicals & Materials
433
288
348
1,299
2,368
2,317
2,506
Corporate & Other
1
1
1
1
4
3
3
Total
4,760
3,138
3,696
4,956
16,550
6,429
7,266
Total sales (not consolidated)
In EUR mn
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Exploration & Production
1,171
700
832
1,002
3,705
1,220
1,338
Refining & Marketing
4,228
2,804
3,312
3,652
13,996
4,156
4,912
Chemicals & Materials
589
376
491
1,428
2,884
2,509
2,762
Corporate & Other
89
89
91
83
352
93
92
Total
6,077
3,968
4,726
6,165
20,937
7,978
9,104
Segment and Group profit before tax
In EUR mn
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Operating Result Exploration & Production
-9
-237
-1,044
153
-1,137
349
383
Operating Result Refining & Marketing
-151
246
353
144
592
400
207
Operating Result Chemicals & Materials
133
96
91
1,247
1,568
465
678
Operating Result Corporate & Other
-20
-5
-12
-19
-56
-10
-20
Operating Result Segment total
-47
100
-612
1,526
967
1,204
1,248
Consolidation: elimination of intersegmental profits
128
-38
5
-12
83
-46
-10
OMV Group Operating Result
81
63
-607
1,513
1,050
1,158
1,238
Net financial result
-77
8
-59
-47
-175
-46
-31
OMV Group profit before tax
5
70
-666
1,466
875
1,112
1,207
Assets 1
In EUR mn
Mar. 31, 2020
Jun. 30, 2020
Sep. 30, 2020
Dec. 31, 2020
Mar. 31, 2021
Jun. 30, 2021
Exploration & Production
14,302
14,308
12,700
12,662
12,533
12,369
Refining & Marketing
4,014
3,767
3,873
3,955
3,787
3,794
Chemicals & Materials
609
609
614
5,767
5,103
5,170
Corporate & Other
0
269
262
262
248
243
Total
19,198
18,953
17,450
22,646
21,671
21,576
1 Segment assets consist of intangible assets and property, plant and equipment. They do not include assets reclassified to held for sale.
Related parties
Index
Material transactions with equity-accounted investments
In EUR mn
6m/21
6m/20
Sales and other income
Purchases and services received
Sales and other income
Purchases and services received
Abu Dhabi Oil Refining Company
6
2
Abu Dhabi Polymers Company Limited (Borouge)
37
7
Borealis AG
535
19
Borouge Pte. Ltd.
150
225
GENOL Gesellschaft m.b.H.
49
0
54
0
Erdöl-Lagergesellschaft m.b.H.
26
30
26
38
Deutsche Transalpine Oelleitung GmbH
0
14
0
14
Kilpilahti Power Plant LTD
1
27
Neochim AD
6
OJSC Severneftegazprom
61
82
Trans Austria Gasleitung GmbH 1
4
11
4
11
1 Trans Austria Gasleitung GmbH was sold as of 31.05.2021 being part of the Gas Connect Austria disposal group
Balances with equity-accounted investments
In EUR mn
June 30, 2021
Dec. 31, 2020
Loans receivables
835
753
Advance Payments
13
16
Trade receivables
101
78
Other receivables
23
7
Contract assets
7
7
Trade payables
143
106
Other payables
143
Contract liabilities
136
144
Dividend income from equity-accounted investments
In EUR mn
6m/21
6m/20
Abu Dhabi Petroleum Investments LLC
5
Abu Dhabi Polymers Company Limited (Borouge)
284
Borealis AG
108
Borouge Pte. Ltd.
42
OJSC Severneftegazprom
17
14
Pearl Petroleum Company Limited
12
13
EEX CEGH Gas Exchange Services GmbH
1
1
Trans Austria Gasleitung GmbH 1
9
16
Total Group
366
156
1 Trans Austria Gasleitung GmbH was sold as of 31.05.2021 being part of the Gas Connect Austria disposal group
CAPEX,(CleanCCS) Op. Result
Index
Capital expenditure
In EUR mn
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Exploration & Production
335
251
204
301
1,090
266
291
Refining & Marketing
110
115
138
207
570
91
126
Chemicals & Materials
18
13
17
4,312
4,360
130
236
Corporate & Other
6
7
4
10
27
6
6
OMV Group
469
386
363
4,830
6,048
493
659
Operating Result before depreciation and amortization, impairments and write-ups
In EUR mn
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Exploration & Production
560
175
318
478
1,531
717
789
Refining & Marketing
-32
355
350
261
929
509
313
Chemicals & Materials
146
110
104
1,356
1,721
610
807
Corporate & Other
-10
5
-2
-9
-17
0
-10
Consolidation: Elimination of inter-segmental profits
128
-38
5
-12
83
-46
-10
OMV Group
792
607
775
2,073
4,247
1,790
1,889
Clean CCS Operating Result before depreciation and amortization, impairments and write-ups 1
In EUR mn
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Exploration & Production
588
207
315
518
1,627
731
881
Refining & Marketing
487
341
341
269
1,434
217
287
Chemicals & Materials
147
92
113
317
672
588
776
Corporate & Other
-5
6
-2
-7
-8
3
-6
Clean Consolidation: elimination of inter-segmental profits
77
-9
18
-12
74
-34
-10
OMV Group
1,293
637
785
1,084
3,799
1,505
1,928
1 Adjusted for special items and CCS effects
Economic environment
Index
Economic environment
Q1/20
Q2/20
Q3/20
Q4/20
2020
Q1/21
Q2/21
Average Brent price in USD/bbl
50.10
29.56
42.94
44.16
41.84
61.12
68.97
Average Urals price in USD/bbl
48.10
29.86
43.38
44.39
41.58
60.05
67.25
Average EUR-USD FX-rate
1.103
1.101
1.169
1.193
1.142
1.205
1.206
Average EUR-RON FX-rate
4.797
4.838
4.845
4.872
4.838
4.879
4.924
Average USD-RON FX-rate
4.351
4.392
4.145
4.084
4.236
4.050
4.084
Average EUR-TRY FX-rate
6.743
7.569
8.458
9.401
8.055
8.916
10.130
Average USD-TRY FX-rate
6.115
6.872
7.236
7.880
7.052
7.400
8.401
NWE refining margin in USD/bbl
4.53
2.76
-0.28
2.12
2.28
1.72
2.13
Average CEGH gas price in EUR/MWh
10.64
6.66
8.79
13.81
9.98
18.08
24.83
Average NCG gas price in EUR/MWh
10.23
5.73
7.57
14.23
9.45
18.49
24.85
Average base load electricity price Romania in EUR/MWh
40.93
26.89
40.26
49.64
39.44
52.68
66.15
Sources: Reuters/Platts, Central European Gas Hub (CEGH), OPCOM, Net Connect Germany (NCG)
Outlook
Index
Outlook 1
2020
2021
Market Environment
Average Brent price
in USD/bbl
42
65 - 70
Average realized natural gas price
in EUR/MWh
8.9
>12
Group
Organic capital expenditure 2
in EUR bn
1.9
~2.7
Exploration & Production
Total hydrocarbon production
in kboe/d
463
~480
Organic capital expenditure
in EUR bn
~1.1
Exploration expenditure
in EUR mn
227
~230
Refining & Marketing
OMV refining indicator margin Europe
in USD/bbl
2.4
~2.4
Fuels and other sales volumes Europe 3
in mn t
15.5
>15.5
Utilization rate refineries Europe
in %
86
~86
Natural gas sales volumes
in TWh
164
>164
Organic capital expenditure 4
in EUR bn
~0.7
Chemicals & Materials
Ethylene indicator margin Europe 5
in EUR/t
435
~435
Propylene indicator margin Europe 6
in EUR/t
364
>364
Utilization rate steam crackers
in %
73
>90
Polyethylene indicator margin Europe 7
in EUR/t
350
≫350
Polypropylene indicator margin Europe 8
in EUR/t
413
≫413
Polyethylene sales volumes excl. JVs
in mn t
1.76
>1.76
Polypropylene sales volumes excl. JVs
in mn t
2.12
>2.12
Organic capital expenditure
in EUR bn
~0.9
1 Disclaimer regarding forward-looking statements Contains forward-looking statements. 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 document 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 document does not contain any recommendation or invitation to buy or sell securities in OMV.
2 Borealis capital expenditure consolidated since October 29, 2020
3 Retail and commercial margins are forecast to be below those in 2020.
4 Organic capital expenditure for Refining & Marketing including Corporate
7 HD BM FD EU Domestic EOM (ICIS low) - Ethylene CP WE (ICIS)
8 PP Homo FD EU Domestic EOM (ICIS low) - Propylene CP WE (ICIS)
Attachments
Original document
Permalink
Disclaimer
OMV AG published this content on 27 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 07:42:03 UTC.
OMV AG is the leading oil and gas group in central Europe. Net sales break down by activity as follows:
- refining and distribution of hydrocarbons (41.4%). At the end of 2022, the group had 3 refineries located in Austria, Germany and Romania, and 1,803 filling stations in Europe;
- exploration and production of oil and gas (38.8%): 392,000 barrels of crude oil and Liquefied Natural Gas (LNG) produced per day in 2022;
- manufacturing of chemical products (19.7%): advanced polyolefins, base chemicals, fertilizers and plastics;
- autres (0.1%).
Net sales are distributed geographically as follows: Austria (23.9%), Germany (22.6%), Romania (16.3%), Norway (2.6%), Belgium (1.6%), Europe (12%), the United Arab Emirates (2.6%), New Zealand (1%), Russia (0.3%) and other (17.1%).
OMV AG 
