35 – Related parties
Under IAS 24, details of relationships with related parties and related enterprises not included in consolidation must be disclosed. Enterprises and individuals are considered to be related if one party is able to control or exercise significant influence over the business of the other. Österreichische Beteiligungs AG (ÖBAG), Vienna, holds an interest of 31.5% and Mubadala Petroleum and Petrochemicals Holding Company L.L.C., (MPPH) Abu Dhabi, holds an interest of 24.9% in OMV Aktiengesellschaft; both are related parties under IAS 24.
In 2020, there were following arm’s-length supplies of goods and services (including the granting of licences for the use of technologies of the Group) between the Group and equity-accounted companies, except for gas purchases from OJSC Severneftegazprom which are not based on market prices but on cost plus defined margin.
In EUR mn |
|
|
|
|
||||
|
2020 |
2019 |
||||||
|---|---|---|---|---|---|---|---|---|
|
Sales and other income |
Trade receivables |
Sales and other income |
Trade receivables |
||||
Abu Dhabi Oil Refining Company |
4 |
1 |
0 |
0 |
||||
Abu Dhabi Polymers Company Limited (Borouge) |
16 |
22 |
— |
— |
||||
Abu Dhabi Trading LTD |
1 |
1 |
— |
— |
||||
Bayport Polymers LLC |
2 |
1 |
— |
— |
||||
Borealis AG |
897 |
— |
1,284 |
58 |
||||
Borouge Pte. Ltd. |
40 |
37 |
— |
— |
||||
Erdöl-Lagergesellschaft m.b.H. |
51 |
0 |
76 |
5 |
||||
GENOL Gesellschaft m.b.H. 1 |
93 |
13 |
196 |
20 |
||||
PEGAS CEGH Gas Exchange Services GmbH |
1 |
0 |
1 |
0 |
||||
Trans Austria Gasleitung GmbH 2 |
10 |
1 |
10 |
1 |
||||
Total |
1,116 |
78 |
1,567 |
84 |
||||
|
||||||||
In EUR mn |
|
|
|
|
||||
|
2020 |
2019 |
||||||
|---|---|---|---|---|---|---|---|---|
|
Purchases and services received |
Trade payables |
Purchases and services received |
Trade payables |
||||
Borealis AG |
31 |
— |
42 |
9 |
||||
Borouge Pte. Ltd. |
51 |
64 |
— |
— |
||||
Chemiepark Linz Betriebsfeuerwehr GmbH |
1 |
0 |
— |
— |
||||
Deutsche Transalpine Oelleitung GmbH |
27 |
2 |
34 |
3 |
||||
Enerco Enerji Sanayi Ve Ticaret A.Ş. |
— |
— |
9 |
— |
||||
EPS Ethylen-Pipeline-Süd GmbH & Co KG |
2 |
— |
2 |
— |
||||
Erdöl-Lagergesellschaft m.b.H. |
68 |
27 |
59 |
29 |
||||
GENOL Gesellschaft m.b.H. 1 |
1 |
— |
2 |
0 |
||||
OJSC Severneftegazprom |
133 |
12 |
179 |
20 |
||||
PetroPort Holding AB |
1 |
0 |
— |
— |
||||
Trans Austria Gasleitung GmbH 2 |
23 |
2 |
22 |
1 |
||||
Total |
338 |
106 |
348 |
63 |
||||
|
||||||||
In EUR mn |
|
|
||||
|
2020 |
2019 |
||||
|---|---|---|---|---|---|---|
Abu Dhabi Oil Refining Company |
— |
34 |
||||
Abu Dhabi Petroleum Investments LLC |
5 |
— |
||||
Bayport Polymers LLC |
21 |
— |
||||
Borealis AG |
108 |
297 |
||||
Deutsche Transalpine Oelleitung GmbH |
1 |
— |
||||
GENOL Gesellschaft m.b.H. 1 |
0 |
1 |
||||
OJSC SEVERNEFTEGAZPROM |
14 |
6 |
||||
Pearl Petroleum Company Limited |
25 |
31 |
||||
PEGAS CEGH Gas Exchange Services GmbH |
1 |
1 |
||||
Società Italiana per l’Oleodotto Transalpino S.p.A. |
1 |
— |
||||
Trans Austria Gasleitung GmbH 2 |
16 |
14 |
||||
Dividend distributed from equity-accounted investments |
191 |
384 |
||||
|
||||||
In EUR mn |
|
|
|
2020 |
2019 |
|---|---|---|
Kilpilahti Power Plant LTD |
17 |
— |
Bayport Polymers LLC |
735 |
— |
SMATRICS GmbH & Co KG |
2 |
— |
Loans receivables |
753 |
— |
Kilpilahti Power Plant LTD |
13 |
— |
Bayport Polymers LLC |
3 |
— |
Advance payments |
16 |
— |
Abu Dhabi Oil Refining Company |
— |
34 |
Freya Bunde-Etzel GmbH & Co. KG |
7 |
7 |
Other receivables |
7 |
41 |
Abu Dhabi Polymers Company Limited (Borouge) |
1 |
— |
Bayport Polymers LLC |
7 |
— |
Contract assets |
7 |
— |
Trans Austria Gasleitung GmbH |
0 |
1 |
Bayport Polymers LLC |
143 |
— |
Other payables |
143 |
1 |
Contract liabilities Erdöl-Lagergesellschaft m.b.H. |
144 |
170 |
The loans receivables (including the related accrued interests) towards Bayport Polymers LLC stemmed from drawdowns under a member loan agreement. The undrawn financing commitments provided to Bayport Polymers LLC amounted to EUR 407 mn as of December 31, 2020.
At the reporting date, further financing commitments towards Kilpilahti Power Plant LTD amounted to EUR 16 mn. The entitlements are depending on the fulfilment of specific events, as defined in the underlying contracts.
The other payables towards Bayport Polymers LLC are related to an equity contribution.
The contract liabilities towards Erdöl-Lagergesellschaft m.b.H. are related to a long-term contract for rendering of services.
In 2019 the other receivable balance towards Abu Dhabi Oil Refining Company was related to an outstanding dividend receivable.
Government-related entities
Based on the OMV ownership structure, the Republic of Austria has an indirect relationship with OMV via ÖBAG and is therefore, together with companies in which the Republic of Austria is a majority shareholder, considered a related party. OMV has transactions at arm´s length in the normal course of business mainly with Österreichische Post Aktiengesellschaft, Verbund AG, Österreichische Bundesbahnen-Holding Aktiengesellschaft, Bundesbeschaffung GmbH and their subsidiaries.
As per September 23, 2020 OMV signed the transaction contract with Verbund AG for the planned sale of OMV’s 51% stake in Gas Connect Austria GmbH. Furthermore, the strategic energy cooperation between OMV and Verbund AG finished the construction of the largest ground-ounted photovoltaic plant in Austria in 2020.
Via MPPH, OMV has an indirect relationship with the Emirate of Abu Dhabi, which is, together with the companies under control of Abu Dhabi also considered a related party. In 2020, there were supplies of goods and services for instance with Compañía Española de Petróleos (CEPSA), Abu Dhabi National Oil Company (ADNOC) and NOVA Chemicals Corporation (NOVA). On October 29, 2020 OMV acquired an additional 39% share in Borealis AG from Mubadala Investment Company (Abu Dhabi). For more details see Note 3 – Changes in group structure. OMV cooperates with ADNOC in several Upstream arrangements. In 2019 OMV and ADNOC closed the strategic equity partnerships covering both the existing ADNOC Refining business and a new Trading Joint Venture.
Key management personnel compensation
In EUR mn |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
2020 |
||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
active members of the Executive Board as of December 31, 2020 |
former members of the Executive Board |
|
||||||||||||||||||||||||||||||
|
Seele |
Pleininger |
Florey |
Gangl 6 |
Skvortsova 8 |
Leitner 10 |
Davies 11 |
Roiss 12 |
Total |
||||||||||||||||||||||||
Short term benefits |
2.27 |
1.34 |
1.30 |
0.79 |
0.50 |
1.12 |
— |
— |
7.33 |
||||||||||||||||||||||||
Fixed (base salary) |
1.10 |
0.75 |
0.70 |
0.58 |
0.31 |
— |
— |
— |
3.44 |
||||||||||||||||||||||||
Fixed (functional allowance) |
0.33 3 |
— |
— |
— |
— |
— |
— |
— |
0.33 |
||||||||||||||||||||||||
Variable (cash bonus) 1 |
0.83 |
0.58 |
0.56 |
0.20 |
— |
1.12 |
— |
— |
3.29 |
||||||||||||||||||||||||
Benefits in kind |
0.01 |
0.01 |
0.05 4 |
0.01 |
0.19 9 |
— |
— |
— |
0.27 |
||||||||||||||||||||||||
Post employment benefits |
0.28 |
0.19 |
0.18 |
0.14 |
0.08 |
— |
— |
— |
0.86 |
||||||||||||||||||||||||
Pension fund contributions |
0.28 |
0.19 |
0.18 |
0.14 |
0.08 |
— |
— |
— |
0.86 |
||||||||||||||||||||||||
Shared based benefits |
0.90 |
0.52 |
0.53 |
0.10 |
— |
0.82 |
0.06 |
0.27 |
3.20 |
||||||||||||||||||||||||
Variable (Equity Deferral 2019) |
0.41 |
0.29 |
0.28 |
0.10 |
— |
0.28 |
— |
— |
1.35 |
||||||||||||||||||||||||
Variable (LTIP 2017) 2 |
0.49 |
0.24 |
0.25 5 |
— 7 |
— |
0.55 |
0.06 |
0.27 |
1.85 |
||||||||||||||||||||||||
Remuneration received by the Executive Board |
3.45 |
2.05 |
2.01 |
1.03 |
0.58 |
1.94 |
0.06 |
0.27 |
11.39 |
||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
In EUR mn |
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
2019 |
||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
active members of the Executive Board as of December 31, 2019 |
former members of the Executive Board |
|
||||||||||||||||||||||||
|
Seele |
Pleininger |
Florey |
Gangl 5 |
Leitner 6 |
Davies 7 |
Huijskes 8 |
Roiss 9 |
Total |
||||||||||||||||||
Short term benefits |
3.36 |
1.64 |
1.59 |
0.29 |
1.55 |
— |
— |
— |
8.43 |
||||||||||||||||||
Fixed (base salary) |
1.10 |
0.75 |
0.70 |
0.29 |
0.70 |
— |
— |
— |
3.54 |
||||||||||||||||||
Fixed (functional allowance) |
1.00 2 |
— |
— |
— |
— |
— |
— |
— |
1.00 |
||||||||||||||||||
Variable (cash bonus) 1 |
1.25 |
0.87 |
0.84 |
— |
0.84 |
— |
— |
— |
3.80 |
||||||||||||||||||
Benefits in kind |
0.01 |
0.01 |
0.04 3 |
0.01 |
0.01 |
— |
— |
— |
0.09 |
||||||||||||||||||
Post employment benefits |
0.28 |
0.19 |
0.18 |
0.07 |
0.18 |
— |
— |
— |
0.88 |
||||||||||||||||||
Pension fund contributions |
0.28 |
0.19 |
0.18 |
0.07 |
0.18 |
— |
— |
— |
0.88 |
||||||||||||||||||
Termination benefits |
— |
— |
— |
— |
0.22 4 |
— |
— |
— |
0.22 |
||||||||||||||||||
Shared based benefits |
3.60 |
1.75 |
1.16 |
— |
2.08 |
0.25 |
0.42 |
3.13 |
12.39 |
||||||||||||||||||
Variable (Equity Deferral 2018) |
0.70 |
0.49 |
0.47 |
— |
0.47 |
— |
— |
— |
2.13 |
||||||||||||||||||
Variable (LTIP 2016) |
2.90 |
1.26 |
0.69 |
— |
1.61 |
0.25 |
0.42 |
3.13 |
10.26 |
||||||||||||||||||
Remuneration received by the Executive Board |
7.23 |
3.58 |
2.93 |
0.37 |
4.03 |
0.25 |
0.42 |
3.13 |
21.92 |
||||||||||||||||||
|
|||||||||||||||||||||||||||
In EUR mn |
|
|
||
|
2020 |
2019 |
||
|---|---|---|---|---|
Salaries and bonuses |
19.0 |
17.1 |
||
Pension fund contribution |
1.1 |
1.0 |
||
Severance benefits |
0.4 |
0.6 |
||
Share-based benefits |
3.7 |
15.3 |
||
Remuneration received by top executives (excl. Executive Board) 1 |
24.2 |
34.0 |
||
|
||||
The members of the Executive Board and the members of the Supervisory Board are covered by directors and officers liability insurance (D&O) and criminal legal expenses insurance. A large number of other OMV employees also benefit from these two forms of insurance, and the insurers levy lump-sum premiums, which are not specifically attributed to the Board members.
See Note 32 – Shared based payments – for details on Long Term Incentive Plans and Equity Deferral.
In 2020, remuneration expenses for the Supervisory Board amounted to EUR 0.6 mn (2019: EUR 0.6 mn).