OMV Aktiengesellschaft

EANS-Adhoc: OMV Aktiengesellschaft
OMV has reached an agreement for the sale of OMV Petrol Ofisi to Vitol Group

  Disclosed inside information pursuant to article 17 Market Abuse Regulation
  (MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
  The issuer is solely responsible for the content of this announcement.
other/Sale / Oil / Gas / Austria / Turkey

Today, OMV has reached an agreement for the sale of its Turkish fuel supply and
distribution company OMV Petrol Ofisi A.S. to VIP Turkey Enerji A.S., a
subsidiary of Vitol Investment Partnership Ltd. The transaction is effected via
a sale of 100% of the shares of OMV's Turkish holding company OMV Petrol Ofisi
Holding A.S. The total purchase price of the transaction amounts to EUR 1,368
mn. Thereof EUR 81 mn relate to net cash proceeds from a prior carve-out of
OMV's Turkish gas entities. The execution and implementation of the transaction
has already been approved by the Supervisory Board of OMV. The transaction is
still subject to the signing of the relevant transaction documentation by the
parties. The signing is expected to take place during the course of today. 

Based on the total purchase price of EUR 1,368 mn, OMV will record a further
impairment of EUR 186 mn in its Q 4/2016 financial accounts. This booking is in
addition to the impairment of EUR 148 mn recorded as of 31 December 2016 when
OMV reclassified OMV Petrol Ofisi A.S. as "asset held for sale". 

Upon closing of the transaction, a negative foreign exchange rate effect of
approximately EUR 1.1 bn has to be recorded in OMV group net income. This stems
from the negative development of the Turkish Lira against the Euro since the
acquisition of OMV Petrol Ofisi A.S in 2010. This does not affect OMV Group
equity since corresponding currency exchange translation effects were directly
charged to OMV group equity in prior periods. 

The transaction is subject to conditions, including the relevant regulatory
approvals, and is anticipated to close in Q 3 2017 at the latest.

Further inquiry note:
Investor Relations:
Magdalena Moll
Tel. +43 1 40 440-21600

Public Relations:
Robert Lechner 
Tel. +43 1 40 440-21472
Internet Homepage:

end of announcement                               euro adhoc 

issuer:      OMV Aktiengesellschaft
             Trabrennstraße  6-8
             A-1020 Wien
phone:       +43 1 40440/21600
FAX:         +43 1 40440/621600
sector:      Oil & Gas - Downstream activities
ISIN:        AT0000743059
indexes:     ATX Prime, ATX
stockmarkets: official market: Wien 
language:   English

Weitere Meldungen: OMV Aktiengesellschaft

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