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Financial Review of the Year

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Key financials

 

 

 

 

 

 

 

2022

2021

Δ

Sales revenues

in EUR mn

62,298

35,555

75%

Clean CCS Operating Result1

in EUR mn

11,175

5,961

87%

Clean Operating Result Chemicals & Materials1

in EUR mn

1,457

2,224

(34)%

Clean CCS Operating Result Refining & Marketing1

in EUR mn

2,415

945

155%

Clean Operating Result Exploration & Production1

in EUR mn

7,396

2,892

156%

Clean Operating Result Corporate & Other1

in EUR mn

(50)

(62)

19%

Consolidation: elimination of inter-segmental profits

in EUR mn

(43)

(39)

(11)%

Clean CCS Group tax rate

in %

48

36

12

Clean CCS net income1

in EUR mn

5,807

3,710

57%

Clean CCS net income attributable to stockholders of the parent1,2

in EUR mn

4,394

2,866

53%

Clean CCS EPS1

in EUR

13.44

8.77

53%

 

 

 

 

 

Special items3

in EUR mn

861

(1,315)

n.m.

thereof Chemicals & Materials

in EUR mn

582

(396)

n.m.

thereof Refining & Marketing

in EUR mn

774

(509)

n.m.

thereof Exploration & Production

in EUR mn

(460)

(398)

(16)%

thereof Corporate & Other

in EUR mn

(36)

(12)

(198)%

CCS effects: inventory holding gains/(losses)

in EUR mn

210

418

(50)%

Operating Result Group

in EUR mn

12,246

5,065

142%

Operating Result Chemicals & Materials

in EUR mn

2,039

1,828

12%

Operating Result Refining & Marketing

in EUR mn

3,392

451

n.m.

Operating Result Exploration & Production

in EUR mn

6,936

2,910

138%

Operating Result Corporate & Other

in EUR mn

(86)

(74)

(16)%

Consolidation: elimination of inter-segmental profits

in EUR mn

(35)

(51)

31%

Net financial result

in EUR mn

(1,481)

(194)

n.m.

Group tax rate

in %

52

42

10

Net income

in EUR mn

5,175

2,804

85%

Net income attributable to stockholders of the parent2

in EUR mn

3,634

2,093

74%

Earnings Per Share (EPS)

in EUR

11.12

6.40

74%

 

 

 

 

 

Cash flow from operating activities

in EUR mn

7,758

7,017

11%

Free cash flow before dividends

in EUR mn

5,792

5,196

11%

Free cash flow after dividends

in EUR mn

4,333

4,199

3%

Organic free cash flow before dividends

in EUR mn

4,891

4,536

8%

Organic free cash flow after dividends

in EUR mn

3,432

3,539

(3)%

 

 

 

 

 

Gearing ratio excluding leases

in %

3

22

(19)

Leverage ratio

in %

8

21

(14)

Capital expenditure4

in EUR mn

4,201

2,691

56%

Organic capital expenditure5

in EUR mn

3,711

2,650

40%

Clean CCS ROACE

in %

19

13

6

ROACE

in %

17

10

7

Note: As of 2022, the gas business, previously reported in Refining & Marketing, was split into Gas Marketing Western Europe reported under Exploration & Production, and Gas & Power Eastern Europe reported under Refining & Marketing. For comparison only, 2021 figures are presented in the new structure.

1

Adjusted for special items and CCS effects; further information can be found in Note 4 – Segment Reporting – of the Consolidated Financial Statements

2

After deducting net income attributable to hybrid capital owners and net income attributable to non-controlling interests

3

The disclosure of special items is considered appropriate in order to facilitate the analysis of the ordinary business performance. To reflect comparable figures, certain items affecting the result are added back or deducted. Special items from equity-accounted companies and temporary hedging effects for material transactions are included.

4

Capital expenditure including acquisitions

5

Organic capital expenditure is defined as capital expenditure including capitalized exploration and appraisal expenditure and excluding acquisitions and contingent considerations.

Notes to key financials

Clean CCS Operating Result

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Special items and CCS effect

In EUR mn

 

 

 

 

2022

2021

Δ

Clean CCS Operating Result1

11,175

5,961

87%

Special items

861

(1,315)

n.m.

thereof: personnel restructuring

(8)

(30)

75%

thereof: unscheduled depreciation/write-ups

58

(1,297)

n.m.

thereof: asset disposal

724

223

n.m.

thereof: other

87

(210)

n.m.

CCS effects: inventory holding gains/(losses)

210

418

(50)%

Operating Result Group

12,246

5,065

142%

1

Adjusted for special items and CCS effects

Clean CCS Operating Result

In EUR mn

Clean CCS Operating Result (bar chart)

Operating Result adjusted for and , details of which are depicted in the table on the left.

2022 performance:

With slightly over EUR 11 bn, OMV achieved a strong in 2022. All three business segments contributed significantly, supported by the overall favorable market environment. Especially the Exploration & Production segment benefitted from the rise in oil and gas prices, while results were burdened by the impact of the war in Ukraine, including the change of the consolidation method of E&P Russian assets as well as supply curtailments in Gas Marketing Western Europe.

Clean CCS Group tax rate

In %

Clean CCS Group tax rate (bar chart)

Group tax rate adjusted for special items and CCS effects. It represents the average rate at which the Group’s profit before tax is taxed.

2022 performance:

Coming in at 48%, the clean CCS Group tax rate increased by 12 percentage points compared to 36% in the previous year, stemming from an increased contribution from Exploration & Production, in particular from countries with a high tax regime.

Clean CCS net income attributable to stockholders of the parent

In EUR mn

Clean CCS net income attributable to stockholders (bar chart)

attributable to stockholders of the parent, adjusted for the after-tax effect of special items and CCS.

2022 performance:

The of the parent in the amount of EUR 4.4 bn increased significantly compared to EUR 2.9 bn in 2021 following the strong Operating Result.

Leverage ratio & Gearing ratio excl. leases

In %

Gearing ratio excl. leases & leverage ratio (bar chart)

The is calculated by dividing incl. leases through equity plus net debt incl. leases. The excl. leases is calculated by net debt (interest-bearing debts including bonds less liquid funds) excluding leases divided by equity, expressed as a percentage.

2022 performance:

OMV’s strong financial performance as well as positive contribution from inorganic cash flow from investing activities, such as the Borouge IPO, partial loan repayment from Bayport Polymers LLC (Baystar), as well as the sale of filling stations in Germany, have led to a continuous deleveraging throughout the year, resulting in a leverage ratio of 8%. The gearing ratio excluding leases came in at 3%.

Clean CCS ROACE

In %

Clean CCS ROACE (bar chart)

The (%) is calculated as Net Operating Profit After Tax ( – as a sum of the current and last three quarters) adjusted for the after-tax effect of special items and CCS, divided by average (equity including non-controlling interests plus net debt).

2022 performance:

Driven by the strong operational performance, OMV was able to deliver a clean CCS NOPAT of EUR 5.7 bn in 2022, compared to EUR 3.8 bn in 2021. As average capital employed was on a comparable level, the clean improved from 13% in 2021 to 19% in 2022.

Cash flow from operating activities excl. net working capital effects

In EUR mn

Cash flow from operating activities excl. net working capital effects (bar chart)

Amount of cash OMV Group generates through its ordinary business activities which excludes effects from net working capital positions

2022 performance:

Operating cash flow excl. net working capital effects came in at EUR 9.8 bn above the EUR 8.9 bn from 2021, supported by the overall strong market environment.

Organic free cash flow

In EUR mn

Organic free cash flow (bar chart)

The organic free cash flow is cash flow from operating activities less cash flow from investing activities excluding disposals and material inorganic cash flow components (e.g., acquisitions).

2022 performance:

An organic free cash flow before dividends of EUR 4.9 bn was recorded in 2022, slightly above prior year’s level.

Organic capital expenditure

In EUR mn

Organic capital expenditure (bar chart)

The amount is defined as capital expenditure including capitalized exploration and appraisal expenditure, excluding equity injections into at-equity and fully consolidated companies, acquisitions, and contingent considerations.

2022 performance:

Organic capital expenditure increased by 40% to EUR 3.7 bn compared to EUR 2.6 bn in 2021, mainly due to non-cash leases related to the construction of the propane dehydrogenation (PDH) plant at Kallo (Belgium) by Borealis.

Special items
Special items are expenses and income reflected in the financial statements that are disclosed separately, as they are not part of underlying ordinary business operations. They are being disclosed separately in order to enable investors to better understand and evaluate the OMV Group’s reported financial performance.
CCS/CCS effects/inventory holding gains/(losses)
Current Cost of Supply
Inventory holding gains and losses represent the difference between the cost of sales calculated using the current cost of supply and the cost of sales calculated using the weighted average method after adjusting for any changes in valuation allowances in case the net realizable value of the inventory is lower than its cost. In volatile energy markets, measurement of the costs of petroleum products sold based on historical values (e.g., weighted average cost) can have distorting effects on reported results (Operating Result, net income, etc.). The amount disclosed as CCS effect represents the difference between the charge to the income statement for inventory on a weighted average basis (adjusted for the change in valuation allowances related to net realizable value) and the charge based on the current cost of supply. The current cost of supply is calculated monthly using data from supply and production systems at the Refining & Marketing level.
Clean CCS Operating Result
Operating Result adjusted for special items and CCS effects
The Group clean CCS Operating Result is calculated by adding the clean CCS Operating Result of Refining & Marketing, the clean Operating Result of other segments and the reported consolidation effect adjusted for changes in valuation allowances, in case the net realizable value of the inventory is lower than its cost.
Net income
Net operating profit or loss after interest and tax
Clean CCS net income attributable to stockholders
Net income attributable to stockholders, adjusted for the after-tax effect of special items and CCS
leverage ratio
Net debt divided by capital employed, expressed as a percentage
Net debt
Interest-bearing debts including bonds and finance lease liabilities less liquid funds (cash and cash equivalents)
Gearing ratio
Net debt divided by equity, expressed as a percentage
Clean CCS ROACE
The clean CCS Return On Average Capital Employed is calculated as NOPAT (as a sum of current and last three quarters) adjusted for the after-tax effect of special items and CCS, divided by average capital employed (%).
NOPAT
Net Operating Profit After Tax
Net income + Net interest related to financing – Tax effect of net interest related to financing.
NOPAT is a KPI that shows the financial performance after tax, independent of the financing structure of the company.
Capital employed
Equity including non-controlling interests plus net debt
CCS/CCS effects/inventory holding gains/(losses)
Current Cost of Supply
Inventory holding gains and losses represent the difference between the cost of sales calculated using the current cost of supply and the cost of sales calculated using the weighted average method after adjusting for any changes in valuation allowances in case the net realizable value of the inventory is lower than its cost. In volatile energy markets, measurement of the costs of petroleum products sold based on historical values (e.g., weighted average cost) can have distorting effects on reported results (Operating Result, net income, etc.). The amount disclosed as CCS effect represents the difference between the charge to the income statement for inventory on a weighted average basis (adjusted for the change in valuation allowances related to net realizable value) and the charge based on the current cost of supply. The current cost of supply is calculated monthly using data from supply and production systems at the Refining & Marketing level.
ROACE
Return On Average Capital Employed; NOPAT divided by average capital employed expressed as a percentage

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