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The Leading Oil and Gas Group in Central Europe. Investor Presentation. OMV Group. Exploration and Production. Worldwide activities in 5 core regions Production: 330,000 boe/d (52% oil - 48% gas) Reserves: 1,365 mn boe (57% oil - 43% gas). Refining and Marketing incl. petrochemicals. - PowerPoint PPT Presentation
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OMV Aktiengesellschaft
Move & More.
The Leading Oil and Gas Group in Central Europe
Investor Presentation
2 Q2 2006OMV Group
OMV Group
Refining and Marketing incl. petrochemicals
Gas
Exploration and Production Worldwide activities in 5 core regions
Production: 330,000 boe/d (52% oil - 48% gas) Reserves: 1,365 mn boe (57% oil - 43% gas)
Active in 13 Central European countries (market share 20%) 5 refineries with capacity of 26.4 mn t (540,000 boe/d) Marketing: >2,500 retail stations 35% Borealis (#2 polyolefins producers in Europe)
2,000 km pipeline system (43 bcm transport capacity) 1/3 of Russias gas exports via Baumgarten to Western Europe Gas sales: 14.2 bcm 50% of EconGas GmbH
3 Q2 2006OMV Group
Petrom – The Transformational Deal
New refining capacity in the East of D-13 Arpechim: 3.5 mn t Petrobrazi: 4.5 mn t
Daily oil and gas production of 217,000 boe/d (2005)
49% oil – 51% gas
Oil and gas reserves of 991 mn boe (Dec. 31, 2005)
60% oil – 40% gas
635 retail stations Market share in Romania >30%
Through the acquisition of 51% of Petrom, OMV became the undisputed leading integrated oil and gas group in Central and Eastern Europe
PetrobraziArpechim
Romania
BulgariaSerbia
4 Q2 2006OMV Group
Integration of Petrom Restructuring program on track
Centralizing organization and accounting structures Personnel restructuring program New agreement for major services reached with Petromservice Acquisition of Rafiserv to increase efficiency and service quality Closing down of 70 uneconomic filling stations and
108 storage farms Launch of a franchise system for 60 filling stations
New exploration program started - 3D seismic and 3 new licenses
Regulated gas price increased by about 1/3 in 2005, currently stable
Market related pricing policy implemented Petrom's crude supply integrated in OMV Group Transfer of OMV’s Marketing activities in Romania, Bulgaria
and Serbia to Petrom
5 Q2 2006OMV Group
Figures in this and the following tables may not add up due to rounding differences1 Figures amended after stock split at the rate of 1:10 on July 11, 20052 Figures exclude results from discontinued operations
Strong Financial PerformanceQ1/0
6Q2/0
6Q2/0
5
Q2/05 in EUR mn6m/
066m/
05
6m/05
541 621 510 22% EBIT 1,16
2937 24%
(15) 22 (3) n.a. Financial result 7 (26) n.a.
526 643 507 27%Income from ordinary activities 1,169 911 28%
(102) (177) (124) 43% Taxes (279) (218) 28%
19% 28% 24% 13% Effective tax rate 24% 24% O%
6 8 – n.a. Discontinued operations 14 – n.a.
430 474 383 24% Net income (NIAT) 904 693 30%
(111) (74) (46) 61% Minorities (185) (100) 85%
319 400 337 19% NIAT after minorities 719 594 21%
1.07 1.34 1.13 19% EPS after minorities1 2.41 1.99 21%
491 662 586 13% Clean EBIT 1,15
31,02
313%
297 413 371 11%Clean NIAT after minorities 2 710 635 12%
1.00 1.38 1.24 11%Clean EPS after minorities 1,2 2.38 2.13 12%
6 Q2 2006OMV Group
Vision for 2010: OMV Develops Along the EU Growth Belt
Expand from mature into growing markets
Increase the lead to other regional competitors
Further boost profitability potential
Continued growth
7 Q2 2006OMV Group
Growth and Targets for 2010
Basis 2001 2004 2005
Target2010
Oil and gas production (boe/d)
78,000 125,000 338,000 500,000
Market share in Danube area (%)
9 14 18 20
Retail stations 1,160 1,773 2,451 —
Refining capacity (mn t) 13.0 18.4 26.4 <50.0
Gas marketing volumes (bcm)
6.6 8.41 14.22 20.02
1 OMV Erdgas and EconGas2 OMV Erdgas, EconGas and Petrom
8 Q2 2006OMV Group
Leading Position in the Attractive CEE Market
OMV Refineries Petrom Refineries Danube RiverOther Large Refineries (>3.5 mn t or c.70,000 b/d)
MOLDOVA
5 refineries with a total capacity of 26.4 mn t
2,500 retail sites
17 mn t marketing sales volume
Market share D-13: 20%
9 Q2 2006OMV Group
Exploration and ProductionA new Dimension with Petrom
Austria 151Petrom 991Rest of Europe 26Africa 95Middle East/Caspian 50Australia/New Zealand 36South America 16TOTAL 1,365 Libya
Iran
Yemen
UK
Pakistan
Kazakhstan
Tunisia
Germany
AlbaniaBulgaria
AustriaRomania
Ireland
Australia
New Zealand
Proved Reserves as of December 31, 2005 in mn boe
Austria 39,000Petrom 208,000 Rest of Europe 13,000Africa 35,000Middle East/Caspian 19,000Australia/New Zealand 7,000South America 8,000TOTAL 330,000
Production in 6m/06, in boe/d
OMV’s five core regions
OMV Exploration OMV Exploration & Production Petrom Exploration & Production
10 Q2 2006OMV Group
Production Targets 2010
37 50
214210
87
240
80
70
20
92
(90)
(10)
0
100
200
300
400
500
600
2005 Natural Decline ProductionOptimization
Disposals Developments Exploration Acquisitions 2010
Austria Romania International
Targeting significant production growth in international business outside Austria and Romania
Pro
duct
ion
in 1
,000 b
oe/d
338
500
CAGR 2006 – 20104% excl. acquisitions8% incl. acquisitions
11 Q2 2006OMV Group
Gas Business
► 90% market share of gas imports into Austria in 2005
► Principal provider of gas storage in Austria
► OMV’s infrastructure handles approximately 33% of all Russian gas exports to Western Europe
► Nabucco pipeline project: Development phase started
► Leading position in Austrian gas supply
► 50% stake in market leader EconGas
Leading position in gas transportation and storage
12 Q2 2006OMV Group
VIENNA
BUCHAREST
SOFIA
ANKARA
ISTANBUL
BUDAPEST
Upstream: Access to new (equity) supply sources Middle East, Caspian Region (EP Iran, Bulgaria, Romania)
Midstream: additional transmission business in Austria and abroad and combined storage business (Austria and Romania)
Strengthen turntable position Baumgarten Swap possibilities with international partnersDownstream: Markets along entire pipe route, physical link between CEE
markets and sales cluster (EconGas, Petrom)
Nabucco Pipeline: An Essential Growth Project
?Investment in infrastructure is necessary to monetise gas value in other parts of the chain (E&P, Sales & Trading, Logistics)
Potential entry points (selection)
Investment: EUR 4.6 bnDistance: 3,300 kmFirst gas expected in 2011Capacity: starting 10 bcm
final up to 30 bcm
Decision to be made end of 2007
13 Q2 2006OMV Group
2005Targets
2010ROACE 19.9% 13%
ROE 22.2% 16%-18%
Gearing ratio
(2)% 30%
Payout ratio
21% 30%
13% ROACE is Primary Target
Targets based on mid cycle assumptions: Brent USD 30/bbl EUR/USD 1:1.20 Refining margin (OMV asset mix) USD 4.80/bbl
14 Q2 2006OMV Group
Growth45%
Running business
55%
CAPEX Program for 2006 to 2010
E&P40%
Gas and Corporate
15%
R&M45%
EUR 1,700 mn CAPEX per yearon average excluding acquisitions
Total CAPEX per division CAPEX running business/growth
15 Q2 2006OMV Group
Outlook for 2006
In the current high oil price environment we expect to exceed the excellent performance of 2005, despite the more challenging refining environment
E&P: Crude prices expected to be above last year’s level; additional production from New Zealand, Libya and Yemen, however production forecasted to be 5% below last year; write down for Venezuela being evaluated
R&M: Significantly weaker refining margins compared to last year; high crude prices impact costs of own energy consumption; cracker
on stream in Schwechat leads to higher volumes despite fire incidents; due to high price levels Marketing margins remain under pressure; negative impact from introduction of excise tax on product exports in Romania
Gas: Improvements in storage business expected; gas price liberalization approach in Romania still under discussion
16 Q2 2006OMV Group