OREANDA-NEWS. Good operating performance in Q1/13 with clean CCS EBIT at EUR 851 mn, up 6% vs. Q1/12

Cash flow from operating activities for the quarter at EUR 1,405 mn

Gearing ratio further decreased to 15%

In February, OMV sold its marketing subsidiary in Croatia

The performance improvement program “energize OMV” further delivered more than EUR 500 mn working capital reduction

Declaration of Commerciality has been submitted for Bina Bawi in the Kurdistan Region of Iraq

Gerhard Roiss, CEO of OMV:

"In the first quarter of 2013, we again showed a strong operational performance and continued to deliver on our strategy. We managed to increase production vs. Q4/12, in spite of the divestments in the UK North Sea and production at Schiehallion being suspended in order to progress the field redevelopment. We took the final investment decision to develop the promising Aasta Hansteen gas field, including new pipeline infrastructure, which will further embed Norway as a core country within our portfolio. In downstream, we took another important step in implementing our strategy by divesting our marketing subsidiary in Croatia. We also reduced our working capital by more than EUR 500 mn as part of our performance improvement program “energize OMV”. These excellent first quarter results and our strong cash flow generation confirm the progress we are making in order to achieve our ambitious profitability targets and to support our investment program."