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Ordinary General Meeting of Shareholders of OMV Petrom S.A. approved distribution of dividends in gross amount of approximately 1.76 billion lei for financial year 2019

OMV Petrom announces the resolutions passed by the Ordinary General Meeting of Shareholders on April 27, 2020. They include, among others, the approval of OMV Petrom S.A. budget for the current year and the distribution of dividends for the financial year 2019. 

“We maintained our dividend distribution proposal, despite the pressure undergone by our industry, in the context of the coronavirus pandemic and the steep decline of crude oil price. The approved dividend reflects the performance of OMV Petrom in 2019. During these difficult times, we maintain our commitments to our shareholders – including the Romanian state”, said Christina Verchere, CEO OMV Petrom. 

The Ordinary General Meeting of Shareholders approved the Executive Board proposal to distribute gross dividends of 0.031 lei/share for the financial year 2019, an amount 15% higher than in 2018. The total gross value of the dividends to be distributed amounts to approximately 1.76 billion lei, accounting for 48% of the net profit attributable to OMV Petrom S.A. shareholders for 2019. 

Approximately 362 million lei will go to the Romanian state who holds 20.639% of OMV Petrom S.A. shares, via the Ministry of Economy, Energy and Business Environment. Between 2005 and 2019, OMV Petrom distributed dividends in amount of approximately 3 billion lei to the Romanian state. 

Also, the Ordinary General Meeting of Shareholders approved the OMV Petrom S.A. budget for 2020. This was drafted based on the prerequisites existing before the COVID-19 pandemic, namely based on an average Brent oil price of 60 USD/boe. 

The company is permanently monitoring the situation and will provide the optimum estimations on the response measures regarding the current crisis, as well as the estimated development in 2020 of the main operational and market indicators, on April 29, 2020, when the Group publishes its consolidated results for the first quarter of 2020.