- Free cash flow at RON 432 mn on the back of lower investments and excellent operational performance
- Clean CCS EBIT at RON 454 mn, with yoy improved contributions from all business segments
- OMV Petrom GDRs traded on the London Stock Exchange since October 2016
- Free cash flow at RON 1.6 bn, due to investment prioritization and strict cost discipline
- Clean CCS EBIT at RON 1.7 bn, of which 2/3 from Downstream
- Executive Board proposes a dividend per share of RON 0.015, subject to approvals of Supervisory Board and General Meeting of Shareholders
Mariana Gheorghe, CEO of OMV Petrom S.A.:
"In 2016, the market environment remained volatile and challenging, which translated into a decrease of Clean CCS EBIT, offsetting the benefits of our continued cost discipline. Cost savings of around RON 500 mn were achieved at Group level. In Upstream, we further reduced production costs, which more than compensated for the production decline impact, but could not fully offset the lower prices effect. Despite further reduced CAPEX, we managed to limit daily production decline to only 2.5% yoy, well below the upper limit of our guidance. The Downstream clean CCS EBIT decreased by 4% yoy, on declining Downstream Oil segment result, partly offset by improved result of the Downstream Gas segment. However, Downstream contribution in Group results was significantly higher vs. 2015, showing the benefits of our integrated business model.
Based on the preliminary results and strong free cash flow achieved in 2016, the Executive Board proposes a dividend of RON 0.015/share for the 2016 financial year. The final dividend proposal to be submitted to the approval of April 2017 General Meeting of Shareholders will be subject to the approval of the Supervisory Board."
You can find more details in the enclosed report.