Revenues rose by 146 percent to 15.8 billion euros, mainly because of the high gas prices. The CCS operating profit before special items, adjusted for inventory effects, tripled from 870 million to 2.62 billion euros, the company reported on Friday morning.
The CCS net profit for the period attributable to the shareholders before special effects more than doubled from 424 million to 1.07 billion euros. The CCS earnings per share before special effects improved from EUR 1.30 to EUR 3.27.
However, the profit actually achieved (after special effects) was depressed by heavy write-downs: On March 5, an outstanding amount of a good 1 billion euros (incl. Accrued interest) “fully impaired”. This non-cash value adjustment in the financial result is reported as a special effect for Q1.
OMV has adjusted the consolidation method for the 24.99 percent stake in the Yuzhno Russkoye gas field – due to the counter-sanctions announced by the Russian government on February 28. As of March 1, they will be measured at fair value in accordance with IFRS 9. In addition, a value adjustment was made to the contractual position with Gazprom from the reassessment of the reserves of this gas field.
At EUR 546 million, the profit for the period attributable to shareholders was therefore below the result for the first quarter of 2021 (EUR 654 million).
OMV expects an average Brent crude oil price of around USD 95 per barrel in 2022 – the previous price forecast was USD 75. In 2021, a barrel of North Sea Brent would cost an average of $71. The average gas price realized this year is expected to be EUR 45 per megawatt hour (MWh). So far, a gas price of 25 euros per MWh was expected for this year; in 2021 it was 16.5 euros per MWh.
Source: Nachrichten
