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OMV Petrom Group: results for Q4 and January – December 2017

including preliminary and unaudited condensed consolidated financial statements as of and for the period ended December 31, 2017

OMV Petrom published its preliminary results for Q4 and January-December 2017 on February 21, 2018, at 8.00am (local time) / 7.00am (CET) / 6.00am (GMT).

OMV Petrom Group Report Q4/17, (PDF, 1,3 MB)
OMV Petrom Factsheet Q4/17, (PDF, 117,6 KB)
OMV Petrom Q4/17 results presentation, (PDF, 738,2 KB)
OMV Petrom Q4/17 results presentation with speech, (PDF, 1,8 MB)
OMV Petrom Quarterly Historical IFRS figures 2016-2018, (XLS, 264,5 KB)
» Click here to access the webcast

Highlights Q4/17

  • Clean CCS Operating Result at RON 573 mn, up 26% yoy
  • EPS at RON 0.0113, being 4 times higher yoy
  • Free cash flow after dividends at RON 664 mn, up 54% yoy
  • Clean CCS ROACE at 10%

Dividend proposal 2017(1): RON 0.020/share, up 33% yoy.

Mariana Gheorghe, CEO of OMV Petrom S.A.: "In Q4/17 we benefited from increased demand for electricity and fuels as well as higher commodity prices; against this backdrop, the refining margins were lower by USD 1/bbl yoy. We continued our cost optimization initiatives; however, our Q4/17 results were impacted by higher exploration expenses and one-time costs in connection with the renegotiated Collective Labor Agreement.

The 2017 Clean CCS Operating Result almost doubled yoy to RON 3.3 bn, with Upstream and Downstream contributing almost equally. Upstream benefitted from better realized prices, lower OPEX and depreciation. The Downstream Oil result reflected better refining margins and increased demand. The Downstream Gas result mainly reflected strong spark spreads and the insurance revenues related to the Brazi power plant. All the above led to an operating cash flow of RON 6 bn in 2017. During the year, we made investments of RON 3 bn and paid dividends of RON 0.8 bn, resulting in a free cash flow after dividends of RON 2.7 bn.

For 2018, we plan CAPEX at RON 3.7 bn, mainly for ramping up our drilling activity, the Neptun project, the scheduled full-site refinery turnaround and the Polyfuel project. While our focus remains on extracting the highest value from the existing Upstream portfolio, we estimate the daily average production decline to reach 4% yoy, excluding divestments.

Based on the preliminary results and strong free cash flow achieved in 2017, the Executive Board proposes a dividend of RON 0.020/share for the 2017 financial year, 33% up yoy, implying a 45% payout ratio. The final dividend proposal is to be submitted for approval by both the Supervisory Board and the subsequent April 2018 GMS."

You can find additional details in the enclosed report.

(1)Subject to approval by the Supervisory Board and the General Meeting of Shareholders

OMV Petrom Group: results for Q4 and January – December 2017, (PDF, 1,3 MB)