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OMV PETROM S.A. - SNP

2017 Q3 report

Release Date: 11/9/2017 8:30:04 AM

IRIS Code: BC99A

 

 

 

 

OMV Petrom Group: results for Q3 and January – September 2017

including interim condensed consolidated financial statements as of and for the period ended September 30, 2017

Highlights Q3/17

u  Strong free cash flow of RON 959 mn

u  Clean CCS Operating Result at RON 1,042 mn, of which around 60% from Downstream

u  Excellent clean CCS EPS at RON 0.0137

u  Free float increased to 18.35%

Mariana Gheorghe, CEO of OMV Petrom S.A.:

“In Q3/17, we enjoyed another quarter with strong macroeconomic fundamentals supporting higher demand for our products and higher sales volumes. We benefitted from increased commodity prices and very strong refining margins. In addition, we continued our strict cost discipline to increase our competitive position and moved forward with investments.

As a result, our 9m/17 Clean CCS Operating Result reached RON 2.7 bn, with both Upstream and Downstream showing significant increases. In Upstream, further reduced production costs overcompensated the impact of production decline. In Downstream Oil, the solid results reflected higher sales volumes, mostly in retail, and a continued high asset utilisation. Downstream Gas had an improved performance and benefitted from the booking of insurance revenues for the Brazi power plant. The free cash flow improvement was a result of higher operating cash flow and lower investments.

We expect 2017 CAPEX to be below EUR 0.7 bn, while maintaining the guidance for the daily average production decline.

On September 21, 2017, our free float increased to 18.35% as a result of the sale of a 2.56% stake by Fondul Proprietatea.

We have recently seen progress with respect to government proposals regarding the royalty regime, for both onshore and offshore, as well as the operational framework for offshore activities.”

 

Q3/17

Q2/17

Q3/16

Δ%

Key performance indicators (in RON mn)

9m/17

9m/16

Δ%

1,042

892

604

72

Clean CCS Operating Result

2,701

1,247

117

873

779

575

52

Operating Result

2,450

1,141

115

778

690

442

76

Clean CCS net income attributable to stockholders  

2,054

899

128

639

592

473

35

Net income attributable to stockholders

1,849

882

110

0.0137

0.0122

0.0078

76

Clean CCS EPS (RON)

0.0363

0.0159

128

0.0113

0.0104

0.0084

35

Earnings Per Share (RON)

0.0326

0.0156

110

1,470

1,714

1,613

(9)

Cash flow from operating activities

4,446

3,384

31

959

397

1,115

(14)

Free cash flow after dividends

2,002

1,126

78

 

 

 

Please access the link here below to view the full report.

 



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