OMV Petrom - Record Results Once Again In Q2/22

• OMV Petrom reported Q2/22 clean CCS EBIT at RON 3.7bn (+330% YoY) amid an exceptionally high and volatile commodity price environment. CCS EBITDA came in at RON 4.53bn (+164% YoY) resulting in total CCS EBITDA of RON 7.5bn in H1/22, which corresponds to 97% of full-year EBITDA in 2022. Clean CCS net income attributable to stockholders came in RON 3bn (+341% % YoY), implying clean CCS EPS of RON 0.0526.
• Cash flow from operating activities was RON 3.7bn, up by 148% YoY, mainly due to higher operating results. Cash CapEx increased significantly to RON 0.7bn from RON 0.3bn YoY, out of which upstream investments accounted for the vast majority. FCF after dividends came in at RON 1.1bn compared to RON -0.4bn in Q2/21.
• Clean ROACE improved from 7.4% to 26.9% mainly due to improved operating performance.
• Net cash including leases amounted to ca. RON 12.3bn at the end of June 2022, or RON 0,218 a share (ca. 42% of current market cap!).
• EGM approved the distribution of RON 0.045/share special dividend, meaning special dividends of RON 2.5bn to be paid starting September 2 and leading to record high total dividends of RON 4.4bn (together with base dividends of RON 1.9bn for 2021), or total DPS of RON 0.079, implying a DIVY of 14.9% on the basis of current share price.