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Omv Annual Report 2019 / Statement of the Chairman of the Executive Board

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Omv Annual Report 2019 / Statement of the Chairman of the Executive Board 20,000 reasons why we’re excited about tomorrow. Annual Report 2019 OMV Aktiengesellschaft Trabrennstraße 6–8 1020 Vienna Austria Tel. + 43 1 40440-0 www.omv.com www.omv.com/socialmedia Annual Report 2019 WorldReginfo - b03e9216-3945-40d9-ae09-c830c3ed8c49 At a Glance Five-year summary 2019 2018 2017 2016 2015 Sales revenues 1 in EUR mn 23,461 22,930 20,222 19,260 22,527 Operating Result in EUR mn 3,582 3,524 1,732 (32) (1,661) Profit before tax in EUR mn 3,453 3,298 1,486 (230) (1,909) Taxes on income and profit in EUR mn (1,306) (1,305) (634) 47 654 Net income for the year in EUR mn 2,147 1,993 853 (183) (1,255) Net income attributable to stockholders of the parent in EUR mn 1,678 1,438 435 (403) (1,100) Clean CCS Operating Result 2 in EUR mn 3,536 3,646 2,958 1,535 1,737 Clean CCS net income 2 in EUR mn 2,121 2,108 2,035 1,230 1,355 Clean CCS net income attributable to stockholders of the parent 2 in EUR mn 1,624 1,594 1,624 995 1,148 Balance sheet total in EUR mn 40,375 36,961 31,576 32,112 32,664 Equity in EUR mn 16,863 15,342 14,334 13,925 14,298 Net debt in EUR mn 4,686 2,014 2,005 2,969 4,038 Average capital employed in EUR mn 19,923 16,850 15,550 17,943 19,972 Cash flow from operating activities in EUR mn 4,056 4,396 3,448 2,878 2,834 Capital expenditure in EUR mn 4,916 3,676 3,376 1,878 2,769 Organic capital expenditure 3 in EUR mn 2,251 1,893 1,636 1,868 2,749 Free cash flow in EUR mn (583) 1,043 1,681 1,081 (39) Free cash flow after dividends in EUR mn (1,441) 263 1,013 615 (569) Net Operating Profit After Tax (NOPAT) in EUR mn 2,230 2,097 987 (88) (1,119) Clean CCS NOPAT 2 in EUR mn 2,204 2,196 2,169 1,325 1,522 Return On Average Capital Employed (ROACE) in % 11 12 6 0 (6) Clean CCS ROACE 2 in % 11 13 14 7 8 Return On Equity (ROE) in % 13 14 6 (1) (9) Equity ratio in % 42 42 45 43 44 Gearing ratio in % 28 13 14 21 28 Earnings Per Share (EPS) in EUR 5.14 4.40 1.33 (1.24) (3.37) Clean CCS EPS 2 in EUR 4.97 4.88 4.97 3.05 3.52 Cash flow per share 4 in EUR 12.41 13.45 10.56 8.82 8.68 Dividend Per Share (DPS) 5 in EUR 2.00 1.75 1.50 1.20 1.00 Payout ratio in % 39 40 113 n.m. n.m. Employees as of December 31 19,845 20,231 20,721 22,544 24,124 Production cost 6 in USD/boe 6.61 7.01 8.79 10.58 13.24 Production in kboe/d 487 427 348 311 303 Proved reserves in mn boe 1,332 1,270 1,146 1,030 1,028 Total refined product sales in mn t 21 20 24 31 30 Natural gas sales volumes in TWh 137 114 113 109 110 Lost-Time Injury Rate (LTIR) in mn hours worked 0.34 0.30 0.34 0.40 0.27 1 Sales excluding petroleum excise tax 2 Adjusted for special items. Clean CCS figures exclude inventory holding gains/losses (CCS effects) resulting from the fuels of refineries and OMV Petrol Ofisi. 3 Organic capital expenditure is defined as capital expenditure including capitalized Exploration and Appraisal expenditure excluding acquisitions and contin- gent considerations. 4 Cash flow from operating activities 5 2019: as proposed by the Executive Board and confirmed by the Supervisory Board, subject to confirmation by the Annual General Meeting 2020 6 In 2016, the reported production cost was USD 11.59/boe; effective January 1, 2017, production cost excludes administrative expenses and selling and distribu- tion costs; the 2016 production cost figure of USD 10.58/boe presented in the table has been calculated based on the new definition for future comparability. WorldReginfo - b03e9216-3945-40d9-ae09-c830c3ed8c49 Fields of Activity Upstream OMV Upstream explores for and produces oil and gas in its five core regions of Central and Eastern Europe, the Middle East and Africa, the North Sea, Russia, and Asia-Pacific. In 2019, daily production was 487 kboe/d (equal to 177.9 mn boe). While gas output accounted for 57% of total produc- tion, oil and NGL flows made up 43%. At year-end 2019, proven reserves amounted to 1.33 bn boe. Central and Middle East North Sea Russia Asia-Pacific Eastern Europe and Africa Austria Kurdistan Region of Iraq Norway Australia Bulgaria Libya Malaysia1 Kazakhstan Tunisia New Zealand Romania United Arab Emirates Yemen Annual production per country in 2019 In kboe/d Norway 87 Russia Kazakhstan 100 6 Romania 145 Austria 24 Bulgaria Exploration only Kurdistan Tunisia Region of Iraq 4 9 United Arab Emirates 22 Libya 30 Australia Yemen Exploration only 5 Malaysia1 New Zealand 13 42 1 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. WorldReginfo - b03e9216-3945-40d9-ae09-c830c3ed8c49 Downstream Downstream Oil (incl. Petrochemicals) operates three refineries in Austria, Germany, and Romania, and holds a 15% share in ADNOC Refining and Trading JV. In 2019, the processing capacity amounted to 24.9 mn t (equaling more than 500 kbbl/d). Furthermore, OMV operates an international multibrand filling ACTIVITY OF FIELDS station retail network and a high-quality commercial business. Downstream Gas operates across the gas value chain from the wellhead to the burner tip with a fully integrated gas business.1 It includes the Group’s power business activities, with one gas- fired power plant in Romania. Downstream Downstream Oil market Downstream Gas market Oil & Gas market Austria Bulgaria Belgium Germany Czech Republic Netherlands Hungary Moldova Turkey Romania Serbia Slovakia Slovenia United Arab Emirates Downstream presence in 2019 140 94 199 556 81 300 428 121 62 94 OMV Number of fill- Equity Gas Gas Gas-fired LNG refineries ing stations gas storage pipelines power plant terminal 1 OMV’s gas business is operated in strict adherence to the applicable gas unbundling rules. WorldReginfo - b03e9216-3945-40d9-ae09-c830c3ed8c49 20,000 reasons why we’re excited about tomorrow. The thing that makes OMV stand out across continents and oceans is best illustrated by the 20,000 people who drove the company’s success in 2019. And each and every one of them has a personal reason for being excited about a bright future. People who work in many corners of the globe, sometimes in the most difficult conditions, to search for precious resources, find, transport and refine them. Whose dedication and ideas maintain our quality of life and freedom of movement, day in, day out. Who work on solutions that will give us the energy to safeguard our future wellbeing at the same time as preserving our planet. People who are proud of delivering the energy for a better life – and being the energy for a better life. We have invited some of them into the spotlight on the following pages. We hope you will join us! WorldReginfo - b03e9216-3945-40d9-ae09-c830c3ed8c49 FINANCIAL CALENDAR April 8, 2020 Trading Update Q1 2020 April 29, 2020 Results January– March 2020 July 8, 2020 Trading Update Q2 2020 July 29, 2020 Results January–June and Q2 2020 October 8, 2020 Trading Update Q3 2020 October 29, 2020 Results January– September and Q3 2020 This financial calendar represents only an extract of the planned dates in 2020. The complete financial calendar and confirmation of the dates can be found at: www.omv.com/financial-calendar The HTML version of this annual report can be found here: www.reports.omv.com/en/annual-report/2019 The PDF version of this annual report can be found here: www.omv.com/annual-report-2019 2 WorldReginfo - b03e9216-3945-40d9-ae09-c830c3ed8c49 Contents 4 20,000 REASONS WHY WE' RE EXCITED ABOUT TOMORROW 27 1 — TO OUR SHAREHOLDERS 28 Statement of 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 52 Health, Safety, Security, and Environment 55 Employees 57 OMV Group Business Year 66 Upstream 73 Downstream 79 Outlook 80 Risk Management 83 Other Information 87 3 — CONSOLIDATED CORPORATE GOVERNANCE REPORT 107 4 — CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 108 Auditor’s Report 118 Consolidated Income Statement for 2019 119 Consolidated Statement of Comprehensive Income for 2019 120 Consolidated Statement of Financial Position as of December 31, 2019 122 Consolidated Statement of Changes in Equity for 2019 124 Consolidated Statement of Cash Flows for 2019 125 Notes to the Consolidated Financial Statements 229 5 — FURTHER INFORMATION 230 Consolidated Report on the Payments Made to Governments 237 Abbreviations and Definitions 240 Contacts and Imprint 3 WorldReginfo - b03e9216-3945-40d9-ae09-c830c3ed8c49 Sara Aldhaheri uses market and competition intelligence to form the basis for OMV’s ongoing international growth. WorldReginfo - b03e9216-3945-40d9-ae09-c830c3ed8c49 “I’m excited about tomorrow because our energy knows no bounds.” Overcoming boundaries, enhancing performance: we have laid the framework for success with our commitment in the growth regions of Middle East/Africa, Russia, and Asia Pacific.
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