Vladimír Urbánek (Kurzy.cz)
World markets  |  February 01, 2013 09:40:55

OMV operating results for 4Q mild disappointment


OMV reported operating data for 4Q12. Most important from our perspective is the volume of daily production, which reached 301 thousand. barrels, which is slightly below our estimate (-2.9%). The reason for this decline is a quarterly loss of production in Libya, the ongoing problems in Yemen and planned shutdown of operations in N. Zealand. Like other companies in the sector refining margins fell. The decline is deeper against our estimate of when I consider similar dynamics as for Unipetrol. Conversely positively surprised volume of gas sold, which is likely due to seasonality increased to quarterly and annual basis (+28,2% and +40.4%). Negative impact on the economy will be hedging of EUR 36 millionCZK and a single negative item of EUR 120 million relating to the commission contracts for transportation and LNG operations. Given the decline in inventories in 4Q12 realizes OMV at the consolidated level printing about 70 million. Due to the decline in production and negative non-recurring items, which are to some extent compensated report evaluated as slightly negative. OMV Results for 4Q12 will be published on the 21st February.

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