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.
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.
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
n.m.
Not meaningful
NCI
Non-controlling interests
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.
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
OCI
Other comprehensive income
ÖBAG
Österreichische Beteiligungs AG
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