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OMV’s Results Impacted by Political Turmoil
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The events in North Africa and the Middle East adversely impacted results of the Austrian oil and gas group: clean CCS EBIT and net income were both down 25%.
OMV’s Results Impacted by Political Turmoil / Picture: © Wikimedia Commons / DanielZanetti [CC BY 3.0 (https://creativecommons.org/licenses/by/3.0)]
Clean CCS EBIT decreased by 25% to € 468m burdened by the loss of production in Libya and Yemen, high exploration expenses as well as lower refining margins; clean CCS net income attributable to stockholders is down 25% to € 236m. After completion of the capital increase and hybrid bond issue in Q2/11, the gearing ratio came down to 34% versus 47% in the end of Q1/11.
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