Notes to the Income Statement
In EUR mn |
|
|
|
|
2020 |
2019 |
Δ |
|---|---|---|---|
Sales revenues |
16,550 |
23,461 |
(29)% |
Other operating income and net income from equity-accounted investments |
1,915 |
665 |
188% |
Total revenues and other income |
18,465 |
24,127 |
(23)% |
Purchases (net of inventory variation) |
(9,598) |
(13,608) |
(29)% |
Production and operating expenses incl. production and similar taxes |
(2,217) |
(2,191) |
1% |
Depreciation, amortization, impairments and write-ups |
(2,418) |
(2,302) |
5% |
Selling, distribution and administrative expenses |
(1,896) |
(1,892) |
n.m. |
Exploration expenses |
(896) |
(229) |
n.m. |
Other operating expenses |
(389) |
(322) |
21% |
Operating Result |
1,050 |
3,582 |
(71)% |
Net financial result |
(175) |
(129) |
35% |
Profit before tax |
875 |
3,453 |
(75)% |
Taxes on income and profit |
603 |
(1,306) |
n.m. |
Net income for the year |
1,478 |
2,147 |
(31)% |
thereof attributable to hybrid capital owners |
84 |
75 |
11% |
thereof attributable to non-controlling interests |
136 |
393 |
(65)% |
Net income attributable to stockholders of the parent |
1,258 |
1,678 |
(25)% |
Effective tax rate (%) |
(69) |
38 |
(107) |
Sales to third parties 2020 (2019)
In EUR mn if not otherwise stated (prior year)
Total not consolidated sales 2020 (2019)
In EUR mn if not otherwise stated (prior year)
Sales revenues decreased mainly due to overall lower global commodity price environment and reduced sales volumes for most products, predominantly caused by the effects of the COVID-19 pandemic. The sales split by geographical areas can be found in the Notes to the Consolidated Financial Statements (Note 4 – Segment Reporting).
Other operating income increased from EUR 280 mn in 2019 to EUR 1,877 mn in 2020 and was mainly impacted by EUR 1,284 mn gains from revaluation and recycling effects related to the previously held at-equity share of 36% in Borealis. Further details on the Borealis acquisition can be found in the Notes to the Consolidated Financial Statements (Note 3 – Changes in group structure).
Net income from equity-accounted investments decreased from EUR 386 mn to EUR 38 mn mainly due to the negative contribution of Abu Dhabi Oil Refining Company, driven by negative inventory effects due to prolonged turnaround and negative market environment. Also, there was a lower contribution from Borealis as it was consolidated at-equity only until October 2020 and additionally the result was negatively impacted by a drop in petrochemical margins following COVID-19 impact on polyolefin business and negative inventory effects in the first half of 2020.
In Q3/20, OMV updated its mid-term plan and revised its long-term planning assumptions which lead to significant impairments, impacting the lines “Depreciation, amortization, impairments and write-ups” as well as “Exploration expenses”. Details can be found in the Notes to the Consolidated Financial Statements (Note 7– Depreciation, amortization, impairments and write-ups).
Net financial result decreased mainly due to negative FX result which was only partly offset by lower interest expenses. For further details refer to the Notes to the Consolidated Financial Statements (Note 11 – Net financial result).
The effective tax rate was significantly affected by income from tax synergies from the acquisition of additional shares in Borealis that led to write-up of deferred tax assets in the Austrian tax group (among other effects). For further details on the group’s effective tax rate, please refer to Note 12 – Taxes on income and profit – of the Consolidated Financial Statements.