OMV Company News - OMV 3Q 20 Conference Call Notes
Below we summarize the main take-aways from todays earnings call of OMV.Borealis acquisition: As announced earlier today, the company has finalized the acquisition of an additional stake in Borealis, which increased OMVs ownership to 75%, hence will be fully consolidating Borealis as of 4Q 20. As a result of this transaction, OMVs balance sheet shall expand by ca. EUR 8.0 bn, including a positive impact on equity of ca. EUR 1.6 bn (revaluation of its 36% stake in Borealis, deferred tax effect). OMVs groups gearing is expected at to mid-30% and go down towards 30% in the longer run. Borealis consolidation is expected to have a minor positive impact on Groups FCFs in 2021s and a significantly stronger impact beyond 2021e. Through this acquisition, OMV is making an important step forward towards meeting its long-term decarbonization targets. OMV has revised upwards the synergy potential with Borealis to EUR 800 mn (EUR 700 mn prev.).
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).
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