18 – Financial assets
In EUR mn |
|
|
|
|
|
|
||
|
Valued at fair value through profit or loss |
Valued at fair value through other comprehensive income |
Valued at amortized cost |
Total carrying amount |
thereof |
thereof |
||
---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
||
|
2021 |
|||||||
Trade receivables from contracts with customers |
258 |
— |
3,671 |
3,929 |
3,929 |
— |
||
Other trade receivables |
— |
— |
589 |
589 |
589 |
— |
||
Total trade receivables |
258 |
— |
4,260 |
4,518 |
4,518 |
— |
||
Investments in other companies |
1 |
16 |
— |
17 |
— |
17 |
||
Investment funds |
30 |
— |
— |
30 |
— |
30 |
||
Bonds |
— |
— |
63 |
63 |
24 |
40 |
||
Derivatives designated and effective as hedging instruments |
— |
398 |
— |
398 |
312 |
87 |
||
Other derivatives |
4,220 |
— |
— |
4,220 |
3,425 |
795 |
||
Loans |
— |
— |
2,015 |
2,015 |
115 |
1,900 |
||
Other sundry financial assets |
432 |
— |
1,703 |
2,135 |
1,272 |
862 |
||
Total other financial assets |
4,683 |
415 |
3,781 |
8,879 |
5,148 |
3,730 |
||
Financial assets |
4,941 |
415 |
8,041 |
13,397 |
9,667 |
3,730 |
||
|
|
|
|
|
|
|
||
|
2020 |
|||||||
Trade receivables from contracts with customers |
71 |
— |
1,806 |
1,876 |
1,876 |
— |
||
Other trade receivables |
— |
— |
1,440 |
1,440 |
1,440 |
— |
||
Total trade receivables |
71 |
— |
3,245 |
3,316 |
3,316 |
— |
||
Investments in other companies |
1 |
14 |
— |
15 |
— |
15 |
||
Investment funds |
35 |
— |
— |
35 |
— |
35 |
||
Bonds |
— |
— |
64 |
64 |
0 |
63 |
||
Derivatives designated and effective as hedging instruments |
— |
71 |
— |
71 |
63 |
8 |
||
Other derivatives |
2,502 |
— |
— |
2,502 |
2,105 |
397 |
||
Loans |
— |
— |
1,720 |
1,720 |
85 |
1,636 |
||
Other sundry financial assets |
744 |
— |
1,313 |
2,058 |
765 |
1,293 |
||
Total other financial assets |
3,283 |
84 |
3,097 |
6,464 |
3,018 |
3,447 |
||
Financial assets |
3,353 |
84 |
6,343 |
9,780 |
6,334 |
3,447 |
||
|
The carrying amount of financial assets at fair value through profit or loss as at December 31, 2021 was EUR 4,941 mn (2020: EUR 3,353 mn). These mainly consisted of financial assets held for trading.
Moreover, it included an acquired contractual position towards Gazprom with regard to the reserves redetermination in amount of EUR 432 mn (2020: EUR 688 mn) in connection with the acquisition of interests in the Yuzhno Russkoye field. In 2020 this position included also financial assets amounting to EUR 57 mn related to the contingent considerations from the divestment of the 30% stake in Rosebank and from the divestment of OMV (U.K.) Limited, which are dependent on the date when the Rosebank project coventurers will approve the final investment decision. In 2021 the fair value of these financial assets was reduced to zero. For details with regards to valuation of these financial assets at fair value through profit or loss please refer to Note 9 – Other operating expenses.
In 2021, the position loans included drawdowns and the related accrued interests under the financing agreements for the Nord Stream 2 pipeline project in amount of EUR 987 mn (2020: EUR 953 mn). The increase was mainly related to a higher position of accrued interest. This position also included drawdowns and the related accrued interests under a member loan agreement towards Bayport Polymers LLC in amount of EUR 987 mn (2020: EUR 736 mn). The drawdowns made during 2021 amounted to EUR 183 mn (2020: EUR 93 mn). For further details see Note 11 – Net financial result as well as Note 35 – Related Parties.
Other sundry financial assets included expenditure recoverable from Romanian State amounting to EUR 372 mn (2020: EUR 493 mn) related to obligations for decommissioning and environmental costs in OMV Petrom SA. The receivables consisted of EUR 352 mn (2020: EUR 442 mn) for costs relating to decommissioning and EUR 20 mn (2020: EUR 51 mn) for costs relating to environmental cleanup.
On March 7, 2017, OMV AG, as party in the OMV Petrom privatization agreement, initiated arbitration proceedings against the Romanian Ministry of Environment, in accordance with the International Chamber of Commerce Rules, regarding certain claims unpaid by this ministry for cost incurred by OMV Petrom relating to well decommissioning and environmental remediation works amounting to EUR 58 mn. On July 9, 2020, the Arbitral Tribunal issued the Final Award on the arbitration and requested the Romanian Ministry of Environment to reimburse to OMV Petrom almost entirely the amount claimed and related interest. During 2021, the amount of EUR 58 mn representing the principal was collected.
On October 2, 2020, OMV AG, as party in the privatization agreement, initiated arbitration proceedings against the Romanian Ministry of Environment in accordance with the International Chamber of Commerce Rules, regarding certain claims unpaid by the Romanian Ministry of Environment in relation to well decommissioning and environmental remediation works amounting to EUR 31 mn. As of December 31, 2021, the arbitration procedure is ongoing.
Additionally, other sundry financial assets contained receivables towards partners in the Exploration & Production business as well as seller participation notes in Carnuntum DAC (see Note 36 – Unconsolidated structured entities – for further details).
In EUR mn |
|
|
|
|
|
|
|
2021 |
2020 |
||||
---|---|---|---|---|---|---|
Investment |
Fair value |
Fair value adjustment through OCI |
Dividend recognized as income |
Fair value |
Fair value adjustment through OCI |
Dividend recognized as income |
APK-Pensionskasse Aktiengesellschaft |
2 |
(0) |
0 |
3 |
0 |
— |
BSP Bratislava-Schwechat Pipeline GmbH |
— |
— |
— |
— |
(3) |
— |
Wiener Börse AG |
4 |
(0) |
1 |
5 |
0 |
0 |
FSH Flughafen-Schwechat-Hydranten-Gesellschaft GmbH & Co OG |
2 |
— |
— |
2 |
— |
0 |
WAV Wärme Austria VertriebsgmbH |
2 |
— |
0 |
2 |
— |
0 |
Bockatech Limited |
3 |
— |
— |
— |
— |
— |
Oil Insurance Limited |
— |
— |
4 |
0 |
— |
2 |
Other |
2 |
— |
4 |
2 |
0 |
0 |
Equity investments measured at FVOCI |
16 |
(1) |
9 |
14 |
(2) |
3 |
|
|
|
|
|
Equivalent to external credit rating |
Probability of default |
|
---|---|---|---|
|
|
2021 |
2020 |
Risk Class 1 |
AAA, AA+, AA |
0.07% |
0.07% |
Risk Class 2 |
BBB+, BBB, BBB- |
0.24% |
0.25% |
Risk Class 3 |
BB+, BB, BB- |
1.21% |
1.19% |
Risk Class 4 |
B+, B, B-, CCC/C |
10.37% |
10.26% |
Risk Class 5 |
SD/D |
100.00% |
100.00% |
For further details on the credit risk management see Note 28 – Risk Management.
In EUR mn |
|
|
|
2021 |
2020 |
---|---|---|
January 1 |
61 |
62 |
Amounts written off |
(2) |
(2) |
Net remeasurement of expected credit losses |
(6) |
4 |
Currency translation differences |
(0) |
(2) |
Reclassification to assets held for sale |
(1) |
(1) |
December 31 |
51 |
61 |
Net remeasurement of expected credit losses was mainly related to the trade receivables from contracts with customers.
In EUR mn |
|
|
|
2021 |
2020 |
---|---|---|
Risk Class 1 |
1,653 |
999 |
Risk Class 2 |
1,133 |
981 |
Risk Class 3 |
944 |
1,031 |
Risk Class 4 |
538 |
238 |
Risk Class 5 |
43 |
57 |
Total gross carrying amount |
4,311 |
3,306 |
Expected credit loss |
(51) |
(61) |
Total |
4,260 |
3,245 |
In EUR mn |
|
|
|
|
||
|
12-month ECL |
Lifetime ECL not credit impaired |
Lifetime ECL credit impaired |
Total |
||
---|---|---|---|---|---|---|
|
|
|||||
|
2021 |
|||||
January 1 |
7 |
73 |
155 |
235 |
||
Amounts written off |
(0) |
— |
(2) |
(2) |
||
Net remeasurement of expected credit losses |
2 |
0 |
13 |
15 |
||
Currency translation differences |
0 |
6 |
(1) |
5 |
||
Reclassification to assets held for sale |
— |
— |
(2) |
(2) |
||
December 311 |
9 |
79 |
162 |
251 |
||
|
|
|
|
|
||
|
2020 |
|||||
January 1 |
5 |
80 |
154 |
238 |
||
Net remeasurement of expected credit losses |
2 |
(0) |
11 |
13 |
||
Currency translation differences |
(0) |
(7) |
(3) |
(10) |
||
Reclassification to assets held for sale |
— |
— |
(3) |
(3) |
||
December 311 |
7 |
73 |
155 |
235 |
||
|
In EUR mn |
|
|
|
|
|
|
|
|
||||
|
12-month ECL |
Lifetime ECL not credit impaired |
Lifetime ECL credit impaired |
Total |
12-month ECL |
Lifetime ECL not credit impaired |
Lifetime ECL credit impaired |
Total |
||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
||||||||||
|
2021 |
2020 |
||||||||||
Risk Class 1 |
2,069 |
113 |
19 |
2,202 |
1,252 |
154 |
9 |
1,415 |
||||
Risk Class 21 |
1,464 |
— |
10 |
1,473 |
1,554 |
— |
9 |
1,563 |
||||
Risk Class 3 |
209 |
— |
2 |
210 |
217 |
— |
4 |
221 |
||||
Risk Class 4 |
14 |
— |
22 |
36 |
0 |
— |
22 |
22 |
||||
Risk Class 5 |
0 |
— |
111 |
111 |
0 |
— |
111 |
111 |
||||
Total gross carrying amount |
3,756 |
113 |
162 |
4,032 |
3,022 |
154 |
155 |
3,332 |
||||
Expected credit loss2 |
(9) |
(79) |
(162) |
(251) |
(7) |
(73) |
(155) |
(235) |
||||
Total |
3,747 |
34 |
— |
3,781 |
3,016 |
81 |
(0) |
3,097 |
||||
|