REG - OMV Petrom S.A. - 1st Quarter Results <Origin Href="QuoteRef">ROSNP.BX</Origin>

OMV Petrom SAAnnouncement

11/05/2017 07:00

RNS Number : 8245E
OMV Petrom S.A.
11 May 2017
OMV Petrom Group: results for January - March 2017
including interim condensed consolidated financial statements as of and for the period ended March 31, 2017
Highlights Q1/17
u Strong free cash flow of RON 646 mn 
u Clean CCS Operating Result at RON 767 mn; more than half from Upstream
u OPEX reduced to USD 10.5/boe
Mariana Gheorghe, CEO of OMV Petrom S.A.: 
"In Q1/17, we were able to convert improved market fundamentals into a solid operational and financial performance. We recorded a substantially improved operating cash flow of RON 1.3 bn, which together with CAPEX reduction led to a free cash flow of RON 646 mn. Increased oil prices and higher retail demand for fuels, coupled with our continued cost discipline, were reflected in a Clean CCS Operating Result of RON 767 mn, almost half of the entire 2016 figure. In Upstream, we further reduced production costs, while production decline was in line with our 2017 guidance, helped by the contribution from the Lebada Est NAG project. The Downstream Clean CCS Operating Result increased by 3% yoy, due to improved overall performance, strict cost management, and supported by strong refining margins. Our Q1/17 Operating Result was also supported by fiscal easing in Romania, in particular the elimination of the tax on special constructions starting January 2017. 
Overall, our strong Q1/17 performance shows delivery in terms of operational excellence in all business segments, in line with our strategic objectives to enhance competitiveness in the existing portfolio."
Q4/16
Q1/17
Q1/16
%
Key performance indicators (in RON mn)
2016
335
798
346
131
Operating Result
1,476
453
767
412
86
Clean CCS Operating Result
1,700
162
619
291
113
Net income attributable to stockholders
1,043
263
586
330
77
Clean CCS net income attributable to stockholders
1,162
0.0029
0.0109
0.0051 
114
EPS (RON)
0.0184
0.0046
0.0103
0.0058 
77
Clean CCS EPS (RON)
0.0205
1,070
1,262
888 
42
Cash flow from operating activities 
4,454
432
646
(118)
n.m.
Free cash flow after dividends
1,558
-
-
-
n.a.
Dividend per share (RON)
0.015
OMV Petrom will organize a live presentation of the Q1/2017 results on May 11, 2017, starting 3.00pm (local time) / 2.00pm (CEST) / 1.00pm (BST). The presentation will last approximately 30 minutes, followed by a Q&A session, and will be hosted by:
 Mariana Gheorghe, President of the Executive Board & CEO
 Andreas Matje, Executive Board Member & CFO
The presentation will be held in English and will be broadcasted through a live audio webcast, which can be accessed from the company's website, www.omvpetrom.com, section Investor Relations>Financial calendar and results>Q1/2017.
Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/8245E_1-2017-5-11.pdf

This information is provided by RNS
The company news service from the London Stock Exchange
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