OMV Petrom S.A.
29 October 2020
OMV Petrom Group results for January - September and Q3 2020
including unaudited interim condensed consolidated financial statements as of and for the period ended September 30, 2020
Highlights Q3/20 vs Q3/19
Group
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Results supported by demand recovery from the COVID-19 crisis lows and enhanced by vertical integration
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Clean CCS Operating Result at RON 0.6 bn, 54% lower
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Clean CCS net income attributable to stockholders at RON 0.5 bn, down 54%
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Cash flow from operating activities at RON 1.7 bn, 18% lower
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CAPEX at RON 0.8 bn, down 24%
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Free cash flow after dividends at RON 1.1 bn, 23% lower
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Clean CCS ROACE at 8.4%, 6 pp lower
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LTIR: 0.19 (Q3/19: 0.40)
Upstream
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Clean
Operating Result at RON (46) mn vs. RON 546 mn in Q3/19, mainly due to lower oil and gas prices
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Production decline at 6%, reflecting natural decline and planned maintenance activities
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OPEX up 8% to USD 11.2/boe, on lower production available for sale and unfavorable FX
Downstream Oil
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Clean CCS Operating Result at RON 373 mn, 36% lower, on declining refining margins, partly counterbalanced by good performance of the sales channels in the context of the pandemic crisis
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OMV Petrom indicator refining margin at USD 0.94/bbl, down by 85%
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Refinery utilization rate at 86%, reflecting the planned shutdown in July
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Retail volumes lower by only 3%, reflecting recovering demand
Downstream Gas
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Clean Operating Result at RON 190 mn, more than 3 times higher, driven by the excellent power business performance
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Net electrical output 30% higher at 1.31 TWh, supported by positive spark spreads
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Gas sales volumes dropped 9%, on lower quantities sold to wholesalers
Key events
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OMV Petrom completed the acquisition of Han Asparuh offshore Bulgaria interest
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OMV Petrom and Auchan Retail Romania announced the agreement to extend their partnership. Approximately 400 MyAuchan proximity stores will be opened in the Petrom-branded filling stations network in Romania, in the next five years
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OMV Petrom and Enel X partnered to install 10 fast recharging stations for electric cars in filling stations in Romania
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OMV Petrom recorded net impairments of RON 399 mn before tax, triggered by revision of mid- and long-term price assumptions
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OMV Petrom's Supervisory Board appointed Mr. Christopher Veit as new Executive Board member responsible for Upstream
Please access the link here below to view the full report.
http://www.rns-pdf.londonstockexchange.com/rns/5925D_1-2020-10-29.pdf
