Glossary

A

ACC
Austrian Commercial Code

ACCG
Austrian Code of Corporate Governance

AGM
Annual General Meeting

B

bbl
Barrel (1 barrel equals approximately 159 liters)

bbl/d
Barrels per day

bcf
Billion standard cubic feet (60°F/16°C)

bcm
Billion standard cubic meters (32°F/0°C)

bn
Billion

boe
Barrel of oil equivalent

boe/d
Barrel of oil equivalent per day

C

CAGR
Compounded annual growth rate

CAPEX
Capital expenditure

Capital employed
Equity including non-controlling interests plus net debt

cbm
Standard cubic meters (32°F/0°C)

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.

CEE
Central and Eastern Europe

CEGH
Central European Gas Hub

cf
Standard cubic feet
(60°F/16°C)

CGU
Cash generating unit

Clean CCS EPS
Clean CCS Earnings Per Share are calculated as clean CCS net income attributable to stockholders divided by weighted number of shares.

Clean CCS net income attributable to stockholders
Net income attributable to stockholders, adjusted for the after-tax effect of special items and CCS

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.

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 (%).

C&M
Chemicals & Materials business segment

Co&O
Corporate and Other

CPI
Consumer price index

E

ECL
Expected credit losses

E&P
Exploration & Production business segment

EPS
Earnings Per Share; net income attributable to stockholders divided by total weighted average shares

EPSA
Exploration and Production Sharing Agreement

Equity ratio
Equity divided by balance sheet total, expressed as a percentage

F

F&F
Fuels & Feedstock business segment

FVOCI
Fair value through other comprehensive income

FVTPL
Fair value through the statement of profit or loss

FX
Foreign exchange

G

G2P
Gas-to-power

GDP
Gross Domestic Product

Gearing ratio
Net debt divided by equity, expressed as a percentage

H

HSSE
Health, Safety, Security, and Environment

I

IASs
International Accounting Standards

IFRSs
International Financial Reporting Standards

IMF
International Monetary Fund

K

kbbl/d
Thousand barrels per day

kboe
Thousand barrels of oil equivalent

kboe/d
Thousand barrels of oil equivalent per day

km²
Square kilometer

KPI
Key Performance Indicator

KStG
Austrian Corporate Income Tax Act

L

Leverage ratio
Net debt divided by capital employed, expressed as a percentage

LNG
Liquefied Natural Gas

LTIR
Lost-Time Injury Rate per million hours worked

M

min
Minute

mn
Million

MPPH
Mubadala Petroleum and Petrochemicals Holding Company L.L.C.

MW
Megawatt

MWh
Megawatt hour

N

n.a.
Not available

NCI
Non-controlling interests

n.m.
Not meaningful

Net assets
Intangible assets, property, plant and equipment, equity-accounted investments, investments in other companies, loans granted to equity-accounted investments, and total net working capital less provisions for decommissioning and restoration obligations

Net debt
Interest-bearing debts including bonds and finance lease liabilities less liquid funds (cash and cash equivalents)

Net income
Net operating profit or loss after interest and tax

NGL
Natural Gas Liquids; natural gas that is extracted in liquid form during the production of hydrocarbons

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.

O

ÖBAG
Österreichische Beteiligungs AG

OCI
Other comprehensive income

OECD
Organisation for Economic Cooperation and Development

OTC
Over-the-counter

P

Payout ratio
Dividend per share divided by earnings per share, expressed as a percentage

Pearl
Pearl Petroleum Company Limited

R

R&M
Refining & Marketing business segment

ROACE
Return On Average Capital Employed; NOPAT divided by average capital employed expressed as a percentage

ROE
Return On Equity; net income/loss for the year divided by average equity, expressed as a percentage

RRR
Reserve Replacement Rate; total changes in reserves excluding production, divided by total production

S

Sales revenues
Sales excluding petroleum excise tax

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.

T

t
Metric ton

toe
Metric ton of oil equivalent

TSR
Total Shareholder Return

TWh
Terawatt hour

U

UAE
United Arab Emirates