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Results

Financial Review of the Year

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Key financials

 

 

 

 

 

 

 

2023

2022

Δ

Sales revenues

in EUR mn

39,463

62,298

–37%

Clean CCS Operating Result1

in EUR mn

6,024

11,175

–46%

Clean Operating Result Chemicals & Materials1

in EUR mn

94

1,457

–94%

Clean CCS Operating Result Fuels & Feedstock1

in EUR mn

1,651

1,810

–9%

Clean Operating Result Energy1

in EUR mn

4,357

8,001

–46%

Clean Operating Result Corporate & Other1

in EUR mn

–51

–50

–2%

Consolidation: elimination of inter-segmental profits

in EUR mn

–27

–43

38%

Clean CCS Group tax rate

in %

43

48

–5

Clean CCS net income1

in EUR mn

3,421

5,807

–41%

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

in EUR mn

2,593

4,394

–41%

Clean CCS EPS1

in EUR

7.93

13.44

–41%

 

 

 

 

 

Special items3

in EUR mn

–668

861

n.m.

thereof Chemicals & Materials

in EUR mn

–214

582

n.m.

thereof Fuels & Feedstock

in EUR mn

146

426

–66%

thereof Energy

in EUR mn

–586

–111

n.m.

thereof Corporate & Other

in EUR mn

–14

–36

62%

CCS effects: inventory holding gains (+)/losses (−)

in EUR mn

–130

210

n.m.

Operating Result Group

in EUR mn

5,226

12,246

–57%

Operating Result Chemicals & Materials

in EUR mn

–120

2,039

n.m.

Operating Result Fuels & Feedstock

in EUR mn

1,671

2,438

–31%

Operating Result Energy

in EUR mn

3,771

7,890

–52%

Operating Result Corporate & Other

in EUR mn

–65

–86

24%

Consolidation: elimination of inter-segmental profits

in EUR mn

–31

–35

12%

Net financial result

in EUR mn

–70

–1,481

95%

Group tax rate

in %

58

52

6

Net income

in EUR mn

1,917

5,175

–63%

Net income attributable to stockholders of the parent2

in EUR mn

1,480

3,634

–59%

Earnings Per Share (EPS)

in EUR

4.53

11.12

–59%

 

 

 

 

 

Cash flow from operating activities

in EUR mn

5,709

7,758

–26%

Free cash flow before dividends

in EUR mn

2,682

5,792

–54%

Free cash flow after dividends

in EUR mn

349

4,333

–92%

Organic free cash flow before dividends

in EUR mn

2,272

4,891

–54%

Organic free cash flow after dividends

in EUR mn

–61

3,432

n.m.

 

 

 

 

 

Leverage ratio

in %

8

8

0

Capital expenditure4

in EUR mn

3,965

4,201

–6%

Organic capital expenditure5

in EUR mn

3,748

3,711

1%

Clean CCS ROACE

in %

12

19

–7

ROACE

in %

7

17

–11

Note: As of 2023, the Gas & Power Eastern Europe business was transferred from Fuels & Feedstock to the Energy business segment and is now reported together with Gas Marketing Western Europe under “Gas Marketing & Power.” For comparison only, 2022 figures are presented in the new structure.

1

Adjusted for special items and CCS effects; further information can be found in Note 5 – Segment Reporting – of the Notes to 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

(XLSX:) Download

Special items and CCS effect

In EUR mn

 

 

 

 

2023

2022

Δ

Clean CCS Operating Result1

6,024

11,175

–46%

Special items

–668

861

n.m.

thereof: personnel restructuring

–6

–8

27%

thereof: unscheduled depreciation/write-ups

–44

58

n.m.

thereof: asset disposal

208

724

–71%

thereof: other

–827

87

n.m.

CCS effects: inventory holding gains (+)/losses (–)

–130

210

n.m.

Operating Result Group

5,226

12,246

–57%

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 special items and , details of which are depicted in the table on the left.

2023 performance:

With a result of slightly over EUR 6 bn, OMV achieved the second best of all time in 2023. It declined substantially from the 2022 result by 46% due to significantly lower market prices. All three business segments had a lower contribution compared to 2022 following a less favorable market environment.

Clean CCS Group tax rate

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.

2023 performance:

Coming in at 43%, the clean CCS Group tax rate decreased by 5 percentage points compared to 48% in the previous year, stemming from a decreased share in the overall Group profits of the Energy segment companies located in 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 of the parent (bar chart)

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

2023 performance:

The clean of the parent in the amount of EUR 2.6 bn decreased markedly compared to EUR 4.4 bn in 2022 following the Operating Result.

Leverage ratio

Leverage ratio (bar chart)

The is calculated by dividing incl. leases through equity plus net debt incl. leases.

2023 performance:

OMV’s strong financial performance resulted in maintaining the leverage ratio in 2023 at the same level as last year at 8%. This exhibits OMV’s financial strength despite ongoing investing activities and a record dividend paid to shareholders.

Clean CCS ROACE

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 capital employed.

2023 performance:

Driven by the strong operational performance, OMV was able to deliver a clean CCS NOPAT of EUR 3.3 bn in 2023, compared to EUR 5.7 bn in 2022. Even though the average capital employed decreased also by 6%, the substantially lower clean CCS NOPAT led to a decrease in clean CCS from 19% in 2022 to 12% in 2023.

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

2023 performance:

Operating cash flow excl. net working capital effects came in at EUR 4.6 bn below the EUR 9.8 bn from 2022, due to the overall weaker market environment.

Organic free cash flow before dividends

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).

2023 performance:

An organic free cash flow before dividends of EUR 2.3 bn was recorded in 2023, 54% below 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.

2023 performance:

Organic capital expenditure was stable at EUR 3.7 bn as the increase in investments in Fuels & Feedstock and Energy was offset by a decrease in investments in Chemicals & Materials.

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

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