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Omv Annual Report 2018 / Interview with the Chairman of the Executive Board Annual Report 2018 7 reasons why we’re excited about tomorrow WorldReginfo - 82751621-876c-4c73-a706-473b2e0e1446 At a Glance Five-Year Summary 2018 2017 2016 2015 2014 1 Sales 2 in EUR mn 22,930 20,222 19,260 22,527 35,913 Operating Result in EUR mn 3,524 1,732 (32) (1,661) 1,149 Profit from ordinary activities in EUR mn 3,298 1,486 (230) (1,909) 792 Taxes on income in EUR mn (1,305) (634) 47 654 (265) Net income for the year in EUR mn 1,993 853 (183) (1,255) 527 Net income attributable to stockholders of the parent in EUR mn 1,438 435 (403) (1,100) 278 Clean CCS Operating Result 3 in EUR mn 3,646 2,958 1,535 1,737 2,418 Clean CCS net income attributable to stockholders of the parent 3 in EUR mn 1,594 1,624 995 1,148 1,132 Balance sheet total in EUR mn 36,961 31,576 32,112 32,664 33,855 Equity in EUR mn 15,342 14,334 13,925 14,298 14,514 Net debt in EUR mn 2,014 2,005 2,969 4,038 4,902 Average capital employed in EUR mn 16,850 15,550 17,943 19,972 19,760 Cash flow from operating activities in EUR mn 4,396 3,448 2,878 2,834 3,666 Capital expenditure in EUR mn 3,676 3,376 1,878 2,769 3,832 Organic capital expenditure 4 in EUR mn 1,893 1,636 1,868 2,749 3,580 Free cash flow in EUR mn 1,043 1,681 1,081 (39) 272 Free cash flow after dividends in EUR mn 263 1,013 615 (569) (377) Net Operating Profit After Tax (NOPAT) in EUR mn 2,097 987 (88) (1,119) 627 Clean CCS NOPAT 3 in EUR mn 2,196 2,169 1,325 1,522 1,697 Return On Average Capital Employed (ROACE) in % 12 6 0 (6) 3 Clean CCS ROACE 3 in % 13 14 7 8 9 Return On Equity (ROE) in % 14 6 (1) (9) 4 Equity ratio in % 42 45 43 44 43 Gearing ratio in % 13 14 21 28 34 Earnings Per Share (EPS) in EUR 4.40 1.33 (1.24) (3.37) 0.85 Clean CCS Earnings Per Share 3 in EUR 4.88 4.97 3.05 3.52 3.47 Cash flow per share 5 in EUR 13.46 10.56 8.82 8.68 11.24 Dividend Per Share (DPS) 6 in EUR 1.75 1.50 1.20 1.0 0 1.25 Payout ratio in % 40 113 n.m. n.m. 147 Employees as of December 31 20,231 20,721 22,544 24,124 25,501 Production in kboe/d 427 348 3 11 303 309 Proved reserves in mn boe 1,270 1,146 1,030 1,028 1,090 Total refined product sales in mn t 20 24 31 30 31 Natural gas sales volumes 7 in TWh 114 113 109 110 114 Lost-Time Injury Rate (LTIR) per mn h worked 0.30 0.34 0.40 0.27 0.44 1 As of 2015, figures for 2014 were adjusted according to IAS 8 2 Sales excluding petroleum excise tax 3 Adjusted for special items. Clean CCS figures exclude inventory holding gains/losses (CCS effects) resulting from the fuels refineries and OMV Petrol Ofisi. 4 Organic capital expenditure is defined as capital expenditure including capitalized Exploration and Appraisal expenditure excluding acquisitions and contingent considerations. 5 Cash flow from operating activities 6 2018: As proposed by the Executive Board and confirmed by the Supervisory Board, subject to confirmation by the Annual General Meeting 2019. 7 As of 2015, this KPI reflects only third-party volumes and excludes trading volumes, historical figures were adjusted accordingly. WorldReginfo - 82751621-876c-4c73-a706-473b2e0e1446 Fields of Activity Upstream OMV Upstream explores and produces oil and gas in its five core regions Central and Eastern Europe, Russia, the North Sea, Middle East and Africa, and Asia-Pacific. Daily pro duction in 2018 was 427 kboe/d (equal to 156 mn boe). While gas production accounted for 57% of production, oil amounted to 43%. At year- end, proven reserves amounted to 1.27 bn boe. Central and Middle East Russia North Sea Asia-Pacific Eastern Europe and Africa Austria Norway Kurdistan Region of Iraq Australia Bulgaria Libya Malaysia 2 Romania Madagascar New Zealand Kazakhstan Pakistan 1 Tunisia United Arab Emirates Yemen Annual production per country 2018 In mn boe Norway 27.3 Russia Kazakhstan 36.4 2.5 Romania 55.8 Austria 9.4 Tunisia 1.8 Pakistan 1 Kurdistan 1.3 Region of Iraq United Arab 2.8 Emirates 1.8 Libya 10.9 Yemen 1.1 Malaysia 2 New Zealand 4.8 1 The upstream business in Pakistan was divested on June 28, 2018. WorldReginfo - 82751621-876c-4c73-a706-473b2e0e1446 2 On January 31, 2019 OMV acquired a 50% interest in SapuraOMV Upstream Sdn. Bhd. In addition to the Malaysian footprint, SapuraOMV Upstream has exploration assets in New Zealand, Australia and Mexico. Downstream Downstream Oil (incl. Petrochemicals) operates three refineries in Austria, Germany and Romania, an international multibrand filling station retail network, and a high-quality commercial business. In 2018, OMV processing capacity was 17.8 mn t. Downstream Gas operates across the gas value chain from the ACTIVITY OF FIELDS wellhead to the burner tip of the end customer with a fully integrated gas business.1 It includes the Group’s power busi- ness activities, with one gas-fired power plant in Romania. Downstream Downstream Oil market Downstream Gas market Oil & Gas market Austria Bulgaria Netherlands Germany Czech Republic Turkey Hungary Moldova Romania Serbia Slovenia Slovakia Downstream presence in 2018 139 92 197 558 82 294 430 118 61 93 2 OMV Number of Equity Gas Gas Gas-fired LNG refineries filling stations gas storage pipelines power plant terminal 1 OMV’s gas business is operated in strict adherence to the applicable gas unbundling rules. WorldReginfo - 82751621-876c-4c73-a706-473b2e0e1446 2 OMV divested the Samsun power plant in Turkey on September 6, 2018. 7 reasons why we’re excited about tomorrow 7 reasons that pinpoint what will determine the future success of our industry. 7 reasons that show what makes our company special. In recent years OMV has proven that it delivers on its promises. We have secured a healthy foundation, formulated a clear strategy, and are bringing it to life together with over 20,000 employees worldwide. We understand our business and we know what is important today along with what we need to be successful tomorrow. Last but by no means least, we have customers, shareholders, and partners who have placed their trust in us for decades. We wish you an exciting journey through the world of OMV. WorldReginfo - 82751621-876c-4c73-a706-473b2e0e1446 FINANCIAL CALENDAR April 10, 2019 Trading Update Q1 2019 May 3, 2019 Results January– March 2019 May 4, 2019 Record date for the Ordinary Annual General Meeting" May 14, 2019 Ordinary Annual General Meeting May 21, 2019 Dividend ex-date May 22, 2019 Dividend record date May 23, 2019 Dividend payment date July 9, 2019 Trading Update Q2 2019 July 31, 2019 Results January–June and Q2 2019 October 9, 2019 Trading Update Q3 2019 October 30, 2019 Results January– September and Q3 2019 January, 2020 Trading Update Q4 2019 February, 2020 Results January– December and Q4 2019 March, 2020 Publication of the Annual Report 2019 Please check here for final confirmation: www.omv.com/financial-calendar 2 WorldReginfo - 82751621-876c-4c73-a706-473b2e0e1446 Contents 4 7 REASONS WHY WE'RE EXCITED ABOUT TOMORROW 25 1 — TO OUR SHAREHOLDERS 26 Interview with the Chairman of the Executive Board 30 OMV Executive Board 32 Report of the Supervisory Board 36 OMV on the Capital Markets 41 2 — DIRECTORS’ REPORT 42 About OMV 43 Strategy 48 Sustainability 51 Health, Safety, Security, and Environment 53 Employees 56 OMV Group Business Year 64 Upstream 71 Downstream 76 Outlook 77 Risk Management 80 Other Information 83 3 — CONSOLIDATED CORPORATE GOVERNANCE REPORT 103 4 — CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 104 Auditor’s Report 114 Consolidated Income Statement for 2018 115 Consolidated Statement of Comprehensive Income for 2018 116 Consolidated Statement of Financial Position as of December 31, 2018 118 Consolidated Statement of Changes in Equity for 2018 120 Consolidated Statement of Cash Flows for 2018 121 Notes to the Consolidated Financial Statements 225 5 — FURTHER INFORMATION 226 Consolidated Report on the Payments Made to Governments 232 Abbreviations and Definitions 235 Contacts and Imprint 3 WorldReginfo - 82751621-876c-4c73-a706-473b2e0e1446 1. We know that success requires perfect balance. The future belongs to those who can stand firm on their own two feet and yet still move freely. OMV explores, finds, produces, transports, and refines oil and gas. It then sells both – also via captive distribution channels – to the end customer. The business model integrating Upstream and Downstream enables us to balance out market fluctuations and safeguards earnings against volatile oil and gas prices. The growth of the Upstream portfolio and the expansion of the value chain in the Downstream business are opening up additional opportunities for the company to increase value. WorldReginfo - 82751621-876c-4c73-a706-473b2e0e1446 We know that success requires perfect balance. Liudmila Konovalova, prima ballerina of the Vienna State Ballet. OMV is the general sponsor of the Vienna State Opera. WorldReginfo - 82751621-876c-4c73-a706-473b2e0e1446 WorldReginfo - 82751621-876c-4c73-a706-473b2e0e1446 2.
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