If you can see this message, your browser does not support canvas and needs an update. Sorry. :(
Thursday, September 20, 2018 
Market Status: CLOSE
About us and Governance Investor Relations Contact
Advanced search

Market News


OMV PETROM S.A. - SNP

2017 preliminary financial results

Release Date: 2/21/2018 8:00:10 AM

IRIS Code: 908FF

 

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

 

Highlights Q4/17

u   Clean CCS Operating Result at RON 573 mn, up 26% yoy

u   EPS at RON 0.0113, being 4 times higher yoy

u   Free cash flow after dividends at RON 664 mn, up 54% yoy 

u   Clean CCS ROACE at 10%

 

Dividend proposal 20172: 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“.

 

Q4/17

Q3/17

Q4/16

Δ%

Key performance indicators (in RON mn)

2017

2016

Δ%

 

573

1,042

453

26

Clean CCS Operating Result

3,273

1,700

92

820

873

335

145

Operating Result

3,270

1,476

122

434

778

263

65

Clean CCS net income attributable to stockholders  

2,488

1,162

114

642

639

162

297

Net income attributable to stockholders

2,491

1,043

139

0.0077

0.0137

0.0046

65

Clean CCS EPS (RON)

0.0439

0.0205

114

0.0113

0.0113

0.0029

297

Earnings Per Share (RON)

0.0440

0.0184

139

1,508

1,470

1,070

41

Cash flow from operating activities

5,954

4,454

34

664

959

432

54

Free cash flow after dividends

2,666

1,558

71

-

-

-

-

Dividend/share (RON)

0.020*

0.015

33

* Subject to approval by the Supervisory Board and the General Meeting of Shareholders

 

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

 



 Print

Information provided by IRIS, the news platform of the Bucharest Stock Exchange.

______________________

Bucharest Stock Exchange ("BVB") is not responsible for the content of this News item. Issuers whose financial instruments are traded on markets operated by BVB are required to report in accordance with current legal and regulatory provisions. BVB publishes these Reports as market administrator, appointed by ASF. When, for investors’ information, Reports are published, either signed by different persons, or with conflicting information, legal liability lies fully with the signatories. BVB disclaims any obligation or responsibility towards issuers or third parties, regarding the reality, completeness and accuracy of information provided by them and distributed by BVB. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.


©2016 Bucharest Stock Exchange. All rights reserved