OMV’s growth path continues
Posted: 20 August 2007
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OMV, Central Europe’s largest oil and gas group generated good results in the first half year 2007 with a strengthened international E&P, strong performance of gas segment, and is well-positioned for future consolidation.
Austria's OMV Group demonstrated a no. 1 position in Central Europe in R&M with a 20 per cent market share as group sales increased by 3 per cent to EUR 9.18 billion from January to June 2007.
EBIT (earnings before interest and taxes) amounted to EUR 1.07 billion and decreased by 8 per cent as compared to the same period 2006. The EBIT contribution of P etrom was EUR 306 million.
“As an integrated oil and gas group we have a very stable basis and the strong results confirm our profitable growth strategy,” said Wolfgang Ruttenstorfer, CEO, OMV Group.
With OMV as majority owner, Petrom is part of the group with oil and gas reserves of over 1.4 billion boe, a daily production of around 340,000 boe and an annual refining capacity of 26.4 million metric tonnes.
“The contribution of P etrom to the results was again considerably, where oil production was stabilised thanks to successful restructuring and where the modernisation of the marketing segment has almost been completed,” Ruttenstorfer added.
Further, net income after minorities compared to the first half year 2006 increased by 3 per cent to EUR 743 million. Cash flow of operations increased by 5 per cent to EUR 1.13 billion. The gearing ratio is 18 per cent.
“As the clear no. 1 player in Central Europe we want to continue to utilise the potential of our core markets in the best way possible. Therefore it is also our responsibility to evaluate further options to secure long-term value growth for the Group.
The group has positioned itself for the next wave of consolidation in CEE by increasing stakes in MOL to nearly 19 per cent in the first half year 2007.
“The benefits and synergies that could be generated by combining OMV and MOL provide an opportunity to generate a strong Central European company and value for the stakeholders of both companies,” the CEO said. |
