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

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Disclosed inside information pursuant to article 17 Market Abuse Regulation
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The issuer is solely responsible for the content of this announcement.
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other/Sale / Oil / Gas / Austria / Turkey
03.03.2017

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:
OMV
Investor Relations:
Magdalena Moll
Tel. +43 1 40 440-21600
e-mail: investor.relations@omv.com

Public Relations:
Robert Lechner
Tel. +43 1 40 440-21472
e-mail: public.relations@omv.com

Internet Homepage: http://www.omv.com

end of announcement euro adhoc
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issuer: OMV Aktiengesellschaft
Trabrennstraße 6-8
A-1020 Wien
phone: +43 1 40440/21600
FAX: +43 1 40440/621600
mail: investor.relations@omv.com
WWW: http://www.omv.com
sector: Oil & Gas - Downstream activities
ISIN: AT0000743059
indexes: ATX Prime, ATX
stockmarkets: official market: Wien
language: English

Original-Content von: OMV Aktiengesellschaft, übermittelt durch news aktuell