OMV - Ambitious new strategy targets doubling the size
Since oil price slumps OMV has successfully restructured its cost base, streamlined its asset portfolio by divestments assets with high investments needs and OpEx (UK) and low return (Turkey), and strengthened its financial position by reducing debt and improving W/C management. As a result, within two years, OMV doubled its clean CCS EBIT to EUR 3 bln and managed to reduce the oil price free cash flow breakeven after dividends from USD 70/bbl to USD 25/bbl, which is one of the lowest in Europe, whereas oil price hardly changed.
OMV is an international energy company with activities in Exploration and Production (E&P), Refining and Marketing including petrochemicals (R&M), and Gas and Power (G&P). Co. explores and develops oil and gas resources and supply energy to over 100 million people. OMV has three operating segments: Exploration and Production (E&P), Refining and Marketing, including petrochemicals (R&M), and Gas and Power (G&P), as well as the segment Corporate and Other (Co&O).
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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