In EUR mn (unless otherwise stated) |
|
|
|
|---|---|---|---|
|
2024 |
2023 |
Δ |
Sales revenues |
33,981 |
39,463 |
–14% |
Other operating income and net income from equity-accounted investments |
988 |
1,068 |
–8% |
Total revenues and other income |
34,968 |
40,531 |
–14% |
Purchases (net of inventory variation) |
–19,787 |
–24,222 |
–18% |
Production and operating expenses incl. production and similar taxes |
–4,542 |
–4,929 |
–8% |
Depreciation, amortization, impairments and write-ups |
–2,994 |
–2,463 |
22% |
Selling, distribution and administrative expenses |
–2,814 |
–3,006 |
–6% |
Exploration expenses |
–151 |
–222 |
–32% |
Other operating expenses |
–426 |
–462 |
–8% |
Operating Result |
4,254 |
5,226 |
–19% |
Net financial result |
–19 |
–70 |
–72% |
Profit before tax prior to solidarity contribution |
4,235 |
5,156 |
–18% |
Solidarity contribution on refined crude oil |
– |
–552 |
–100% |
Profit before tax |
4,235 |
4,604 |
–8% |
Taxes on income and profit |
–2,211 |
–2,687 |
–18% |
Net income for the year |
2,024 |
1,917 |
6% |
thereof attributable to hybrid capital owners |
64 |
72 |
–10% |
thereof attributable to non-controlling interests |
571 |
366 |
56% |
Net income attributable to stockholders of the parent |
1,389 |
1,480 |
–6% |
Effective tax rate (%) |
52 |
58 |
–6 |
Sales to third parties 2024 (2023)
In EUR mn if not otherwise stated (prior year)
Total non-consolidated sales 2024 (2023)
In EUR mn if not otherwise stated (prior year)
Sales revenues decreased by 14% to EUR 33,981 mn mainly due to lower market prices. For the sales split by geographical areas, please refer to the Notes to the Consolidated Financial Statements (Note 6 – Segment Reporting).
Other operating income decreased from EUR 742 mn in 2023 to EUR 688 mn. 2024 was significantly impacted by a gain of EUR 234 mn following the conclusion of arbitration proceeds in relation to the German gas supply contract with Gazprom Export. 2023 was mainly impacted by EUR 221 mn in gains from the divestment of OMV’s filling station and wholesale business in Slovenia. For further details, please refer to the Notes to the Consolidated Financial Statements (Note 8 – Other operating income and net income from equity-accounted investments).
Net income from equity-accounted investments decreased by EUR 26 mn to EUR 299 mn in 2024 mainly due to a lower contribution of from Abu Dhabi Oil Refining. This was driven by a weaker market environment, but partly offset by the 2023 impairment of exploration and appraisal assets included in OMV’s initial purchase price allocation of its share in Pearl Petroleum Company Limited.
Net expenses related to depreciation, amortization, impairments and write-ups increased compared to last year. In 2024, the main impacts were impairments of EUR 222 mn of gas assets in New Zealand, EUR 125 mn of Energy assets for which a divestment process has been initiated, and EUR 121 mn of oil and gas assets in Romania. In 2023, there were write-ups of EUR 186 mn related to assets in Libya and gas storage in Germany, as well as impairments of EUR 57 mn related to the Borealis nitrogen business and EUR 54 mn related to Renasci N.V. and BlueAlp Holding B.V. For further details, please refer to the Notes to the Consolidated Financial Statements (Note 9 – Depreciation, amortization, impairments and write-ups).
Net financial result improved from EUR –70 mn in 2023 to EUR –19 mn in 2024. In 2024, the result was positively impacted by a favorable foreign exchange result and interest income following concluded arbitration proceedings in relation to the German gas supply contract with Gazprom Export. This was partially offset by lower income earned on cash and cash equivalents in 2024 compared to 2023. For further details please refer to the Notes to the Consolidated Financial Statements (Note 13 – Net financial result).
The solidarity contribution on refined crude oil in Romania was introduced in 2023 and resulted in an obligation to pay a contribution for each ton of crude oil processed during 2022 and 2023. In 2023, a solidarity contribution in the amount of EUR 552 mn was recognized for the quantities of crude oil processed during 2022 and 2023. For further details, please refer to the Notes to the Consolidated Financial Statements (Note 2 – Accounting policies, judgments, and estimates).
The effective tax rate decreased from 58% in 2023 to 52% in 2024 and was mainly impacted by the solidarity contribution on refined crude oil in Romania (which decreased profit before tax but was a non-deductible expense for tax purposes). For further details on the Group’s effective tax rate, please refer to the Notes to the Consolidated Financial Statements (Note 14 – Taxes on income and profit).