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Annual Report 2018 Worldreginfo - 25D956e2-5C97-4F9d-B1c1-64Eb283fc40f Contents Annual Report 2018 WorldReginfo - 25d956e2-5c97-4f9d-b1c1-64eb283fc40f Contents Who we are 1 The energy for a better life 2 An integrated energy company 3 Our business model 4 Why invest in OMV Petrom 5 From sound performance to attractive returns 6 Partner for Romania Company 8 Statement of the Chief Executive Officer 10 OMV Petrom on the capital markets 14 OMV Petrom Strategy 18 Business environment 21 Business segments’ operational performance 21 Upstream 26 Downstream Oil 29 Downstream Gas Report of the governing bodies 32 Report of the Supervisory Board 36 Directors’ report 48 Corporate governance report 59 Corporate governance statement 71 Declaration of the management 72 Abbreviations and definitions Consolidated financial statements and notes 76 Independent auditor‘s report 86 Consolidated statement of financial position 88 Consolidated income statement 89 Consolidated statement of comprehensive income 90 Consolidated statement of changes in equity 92 Consolidated statement of cash flows 94 Notes to the consolidated financial statements 187 Consolidated report on payments to governments OMV Petrom Group in figures Note: In this report, “the company”, “OMV Petrom”, “OMV Petrom Group” and “the Group” are sometimes used for convenience where references are made to OMV Petrom S.A. and its subsidiaries in general. The financials presented in the report are audited and represent OMV Petrom Group’s consolidated results prepared according to IFRS; all the figures refer to OMV Petrom Group unless otherwise stated. Figures may not add up due to rounding differences. Starting January 2017, OMV Petrom’s Consolidated Income Statement has been restructured in line with industry best practice in order to better reflect the operations of the Group and enhance transparency for the users of the financial statements. For more information, please see OMV Petrom’s Investor News published on April 6, 2017, which can be found on the company’s website www.omvpetrom.com, section Investors › Investor News. WorldReginfo - 25d956e2-5c97-4f9d-b1c1-64eb283fc40f OMV Petrom Annual Report 2018 | Who we are The energy for a better life Every single day, OMV Petrom makes people's lives better. Every single day, OMV Petrom produces and supplies the energy for millions of people - for their comfort, their need for mobility or the passion to travel. Energy is part of our lives: fuel is the basis for mobility, gas is used for heating homes, and electricity powers the household appliances that make our lives easier. Behind all this stands the energy of OMV Petrom. OMV Petrom leverages on industry’s expertise in Romania, one of the first oil producing countries in the world. At the same time, the company successfully applies innovation and technical know-how to contribute to improving the quality of life. We produce energy in all its forms: fuels, gas and electricity. Safely. Securely. Responsibly. Today and tomorrow. The energy for a better life 1 WorldReginfo - 25d956e2-5c97-4f9d-b1c1-64eb283fc40f An integrated energy company OMV Petrom is the largest energy company in In 2018, our portfolio consisted of 532 mn boe Southeastern Europe. proved (1P) reserves and around 58 mn boe hydrocarbon production (thereof 3.7 mn tons of The company is active along the entire energy crude oil and natural gas liquids and 4.8 bn cubic value chain: from exploration and production of meters of natural gas). oil and gas, to refining and fuels distribution, and further on to power generation and marketing of In Downstream Oil, we operate the Petrobrazi gas and power. refinery, which has a capacity of 4.5 mn tons per year and can process OMV Petrom’s entire The company is organized into three operationally Romanian equity crude oil. integrated business segments – Upstream, Downstream Oil, Downstream Gas. OMV We are present on the oil products retail market Petrom’s integrated business model provides through a network of 794 filling stations located in financial resilience due to synergies and natural Romania, Moldova, Bulgaria, and Serbia. These hedging against oil price volatility. filling stations are operated under two brands: Petrom and OMV. In 2018, the Downstream Oil In Upstream, OMV Petrom is present in Romania segment recorded 5.0 mn tons of refined product and Kazakhstan. sales, of which 2.7 mn tons were retail sales. Our expertise varies from deep onshore exploration to mature fields and shallow offshore In Downstream Gas, we are engaged in electricity production. production, and gas and power sales. We operate the Brazi gas fired power plant, which has a capacity of 860 MWh. In 2018, the Downstream Gas segment recorded gas sales volumes of 47.3 TWh (thereof 38.9 TWh to third parties), the equivalent of 4.4 bcm, and generated 3.8 TWh of electricity. Every day, millions of people and thousands of businesses in Romania and in the region use our energy. OMV Petrom’s fuels and energy products enable mobility, provide heat for living and working, and form the basis for a variety of plastics and high- end petrochemical products used daily. OMV Petrom has a long tradition of sustainable and responsible behavior in delivering energy with the purpose of improving people’s lives. Sustainability for OMV Petrom means creating long-term value for our customers and shareholders, while being an innovative company and an employer of choice. We conduct our business in a responsible way, respecting the environment and adding value to the societies in which we operate. 2 An integrated energy company WorldReginfo - 25d956e2-5c97-4f9d-b1c1-64eb283fc40f OMV Petrom Annual Report 2018 | Who we are Our business model Our business model 3 WorldReginfo - 25d956e2-5c97-4f9d-b1c1-64eb283fc40f Why invest in OMV Petrom OMV Petrom is the largest energy company in been an enormous amount of change to get the Southeastern Europe and the largest Romanian best out of our assets, align ourselves with best company listed on the Bucharest Stock Exchange, practice and industry trends and be leaders in the with a market capitalization of EUR 3.6 bn at the way we develop our people. end of 2018. During this period, OMV Petrom has provided 18.35% of OMV Petrom’s capital is free float a stable base for Romania’s economy as a traded as shares on the Bucharest Stock reliable energy supplier, a major employer, and a Exchange and as GDRs on the London Stock significant contributor to the state budget. Exchange. Creating value for its customers by enhancing The company has a leading position in the fuels their satisfaction and experience has been and natural gas markets in Romania and an one of the company’s prime objectives. Also, important contribution to the country’s security of OMV Petrom considers its responsibilities to its electricity supply. employees and the environment to be a priority. To this end, the company has worked hard to OMV Petrom’s success is based on its integrated lower the lost time injury rate and to consistently business model, on operational excellence and on reduce its greenhouse gas emissions and water financial discipline, which are key in generating intensity. sustainable growth and attractive returns for our shareholders. The company confers great importance upon the principles of good corporate governance OMV Petrom also benefits from the expertise considering corporate governance a key element and international exposure of OMV, the underpinning the sustainable growth of the majority shareholder with 51.01% of shares, an business and also the enhancement of long-term internationally active energy company based in value for shareholders. To remain competitive in a Austria. changing world, OMV Petrom constantly develops and updates its corporate governance practices, Since its privatization 14 years ago, OMV so that it can meet new demands and future Petrom’s story has been about transformation, opportunities. restructuring and modernization. There has After years of hard work that paid off, OMV Petrom has consolidated its position in the oil and gas market and has turned into an efficient business. We have come a long way during these years and our ambition is to go much further. We are proud of the strong and sound foundation we have built, which allows us to further create sustainable value for our stakeholders. OMV Petrom is committed to deliver a competitive shareholder return throughout the business cycle, including paying a progressive dividend. We aim to increase our dividend each year or at least maintain it at the previous year’s level, in line with the financial performance and investment needs, considering the long term financial health of the company. 4 Why invest in OMV Petrom WorldReginfo - 25d956e2-5c97-4f9d-b1c1-64eb283fc40f OMV Petrom Annual Report 2018 | Who we are From sound performance to attractive returns Clean CCS Operating Clean ccs Net Income Net Income Attributable Result1 Attributable To To Stockholders2 Stockholders1,2,3 (In 2017: RON 2.5 bn) (In 2017: RON 3.3 bn) (In 2017: RON 2.5 bn) RON RON RON 4.8 bn 3.7 bn 4.1 bn Cash Flow from Operating Capital Expenditure Total Dividends Activities (In 2017: RON 3.0 bn) (In 2017: RON 1.1 bn) (In 2017: RON 6.0 bn) RON RON RON 7.4 bn 4.3 bn 1.5 bn4 Free Cash Flow After Clean CCS ROACE1,3 Dividend Per Share Dividends (In 2017: 9.8%) (In 2017: RON 0.020) (In 2017: RON 2.7 bn) RON RON 2.0 bn 14.3% 0.0274 Payout Ratio Dividend Yield5 Total Shareholder (In 2017: 45%) (In 2017: 7%) Return6 (In 2017: 15.3%) 38%4 9% 11.5% All values refer to 2018, unless otherwise stated. 1 Adjusted for exceptional, non-recurring items; Clean CCS (current cost of supply) figures exclude special items and inventory holding effects (CCS effects) resulting from Downstream Oil; starting with 2017, special items include temporary effects from commodity hedging (in order to mitigate Income Statement volatility); 2 After deducting net result attributable to non-controlling interests; 3 Excludes additional special income from a legal dispute reflected in the financial result; 4 Dividend subject to GMS approval on April 19, 2019; 5 Calculated with the share prices at the end of the previous year; 6 Calculated with previous year DPS.
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