Financial Review of the Year
In EUR mn (unless otherwise stated) |
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2021 |
2020 |
Δ |
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Sales revenues1 |
in EUR mn |
35,555 |
16,550 |
115% |
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Clean CCS Operating Result2 |
in EUR mn |
5,961 |
1,686 |
n.m. |
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Clean Operating Result Exploration & Production2 |
in EUR mn |
2,837 |
145 |
n.m. |
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Clean CCS Operating Result Refining & Marketing2 |
in EUR mn |
1,001 |
996 |
1% |
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Clean CCS Operating Result Chemicals & Materials2 |
in EUR mn |
2,224 |
519 |
n.m. |
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Clean Operating Result Corporate & Other2 |
in EUR mn |
(62) |
(47) |
(31)% |
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Consolidation: elimination of inter-segmental profits |
in EUR mn |
(39) |
74 |
n.m. |
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Clean CCS Group tax rate |
in % |
36 |
32 |
4 |
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Clean CCS net income2 |
in EUR mn |
3,710 |
1,026 |
n.m. |
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Clean CCS net income attributable to stockholders of the parent2,3 |
in EUR mn |
2,866 |
679 |
n.m. |
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Clean CCS EPS2 |
in EUR |
8.77 |
2.08 |
n.m. |
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Special items4 |
in EUR mn |
(1,315) |
(220) |
n.m. |
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thereof Exploration & Production |
in EUR mn |
(398) |
(1,282) |
69% |
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thereof Refining & Marketing |
in EUR mn |
(509) |
22 |
n.m. |
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thereof Chemicals & Materials |
in EUR mn |
(396) |
1,049 |
n.m. |
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thereof Corporate & Other |
in EUR mn |
(12) |
(9) |
n.m. |
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CCS effects: inventory holding gains/(losses) |
in EUR mn |
418 |
(416) |
n.m. |
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Operating Result Group |
in EUR mn |
5,065 |
1,050 |
n.m. |
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Operating Result Exploration & Production |
in EUR mn |
2,439 |
(1,137) |
n.m. |
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Operating Result Refining & Marketing |
in EUR mn |
922 |
592 |
56% |
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Operating Result Chemicals & Materials |
in EUR mn |
1,828 |
1,568 |
17% |
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Operating Result Corporate & Other |
in EUR mn |
(74) |
(56) |
(33)% |
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Consolidation: elimination of inter-segmental profits |
in EUR mn |
(51) |
83 |
n.m. |
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Net financial result |
in EUR mn |
(194) |
(175) |
(11)% |
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Group tax rate |
in % |
42 |
(69) |
111% |
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Net income |
in EUR mn |
2,804 |
1,478 |
90% |
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Net income attributable to stockholders3 |
in EUR mn |
2,093 |
1,258 |
66% |
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Earnings Per Share (EPS) |
in EUR |
6.40 |
3.85 |
66% |
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Cash flow from operating activities |
in EUR mn |
7,017 |
3,137 |
124% |
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Free cash flow before dividends |
in EUR mn |
5,196 |
(2,811) |
n.m. |
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Free cash flow after dividends |
in EUR mn |
4,199 |
(3,690) |
n.m. |
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Organic free cash flow before dividends5 |
in EUR mn |
4,536 |
1,273 |
n.m. |
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Organic free cash flow after dividends |
in EUR mn |
3,539 |
394 |
n.m. |
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Gearing ratio excluding leases |
in % |
22 |
41 |
(19) |
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Leverage ratio |
in % |
21 |
32 |
(11) |
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Capital expenditure6 |
in EUR mn |
2,691 |
6,048 |
(56)% |
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Organic capital expenditure7 |
in EUR mn |
2,650 |
1,884 |
41% |
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Clean CCS ROACE |
in % |
13 |
5 |
8 |
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ROACE |
in % |
10 |
8 |
2 |
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Notes to key financials
Clean CCS Operating Result
In EUR mn |
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|
2021 |
2020 |
Δ |
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---|---|---|---|---|---|
Clean CCS Operating Result1 |
5,961 |
1,686 |
n.m. |
||
Special items |
(1,315) |
(220) |
n.m. |
||
thereof: personnel restructuring |
(30) |
(39) |
22% |
||
thereof: unscheduled depreciation/write-ups |
(1,297) |
(1,084) |
(20)% |
||
thereof: asset disposal |
223 |
19 |
n.m. |
||
thereof: other |
(210) |
885 |
n.m. |
||
CCS effects: inventory holding gains/(losses) |
418 |
(416) |
n.m. |
||
Operating Result Group |
5,065 |
1,050 |
n.m. |
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Operating Result adjusted for special items and CCS effects, details of which are depicted in the table on the left.
2021 performance:
With almost EUR 6 bn OMV achieved an all-time record clean CCS Operating Result in 2021. All three business segments contributed significantly based on a strong operational performance, a favorable market environment as well as a result of the full consolidation of Borealis.
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.
2021 performance:
Coming in at 36% the clean CCS Group tax rate increased by 4 percentage points compared to 32% in the previous year, stemming from an increased contribution from Exploration & Production, in particular from countries with a high tax regime.
Net income attributable to stockholders, adjusted for the after-tax effect of special items and CCS.
2021 performance:
The clean CCS net income attributable to stockholders in the amount of EUR 2.9 bn increased significantly compared to EUR 679 mn in 2020 following the strong Operating Result.
Net debt (interest-bearing debts including bonds less liquid funds) excluding leases divided by equity, expressed as a percentage. The leverage ratio is calculated by dividing net debt incl. leases through equity plus net debt incl. leases.
2021 performance:
OMV’s strong financial performance as well as the successful divestment program have led to a continuous deleveraging throughout the year, resulting in a gearing ratio excluding leases of 22%, thus even surpassing the target level of 30%.
The clean CCS Return on Average Capital Employed (%) is calculated as Net Operating Profit After Tax (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 (equity including non-controlling interests plus net debt).
2021 performance:
Driven by an outstanding operational performance OMV was able to deliver a record clean CCS NOPAT of EUR 3.8 bn, thus further increasing the clean CCS ROACE up to 13% in 2021 despite higher average capital employed.
Amount of cash OMV Group generates through its ordinary business activities which excludes effects from net working capital positions
2021 performance:
The all-time record operating cash flow excl. net working capital effects came in at EUR 8.9 bn well above the EUR 2.8 bn from 2020, mainly due to a strong operational performance, a favorable market environment as well as higher dividend contributions from equity-accounted investments and the contribution from the fully consolidated Borealis.
Amount by which operating cash flow exceeds its working capital needs and capital expenditures. The organic free cash flow after dividends is cash flow from operating activities less cash flow from investing activities excluding disposals and material inorganic cash flow components (e.g. acquisitions).
2021 performance:
A record organic free cash flow before dividends of EUR 4.5 bn was recorded in 2021, thus being considerably above prior years level. This was mainly due to the outstanding cash flow from operating activities in 2021.
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.
2021 performance:
Organic capital expenditure increased by 41% to EUR 2.6 bn compared to EUR 1.9 bn in 2020, mainly due to the full consolidation of Borealis.