20 – Assets and liabilities held for sale
In EUR mn |
|
|
|
|
|
|
|
|
|
OMV retail business Germany |
OMV retail business Slovenia |
Total |
|
|
|
|
Exploration & Production |
Refining & Marketing |
Chemicals & Materials |
Corporate & Other |
OMV Group |
||
|---|---|---|---|---|---|---|---|
|
|
|
|||||
|
2021 |
||||||
Intangible assets |
27 |
10 |
0 |
10 |
1 |
— |
38 |
Property, plant and equipment |
32 |
247 |
119 |
366 |
260 |
3 |
661 |
At-equity accounted investments |
— |
— |
— |
— |
6 |
— |
6 |
Other assets incl. deferred taxes |
— |
44 |
0 |
44 |
27 |
— |
71 |
Non-current assets |
58 |
301 |
119 |
420 |
294 |
3 |
776 |
Inventories |
10 |
24 |
52 |
76 |
221 |
— |
308 |
Trade receivables |
1 |
43 |
51 |
93 |
222 |
— |
316 |
Other assets |
2 |
0 |
1 |
1 |
62 |
— |
65 |
Cash in hand and at bank |
1 |
0 |
2 |
2 |
11 |
— |
14 |
Current assets |
14 |
67 |
106 |
173 |
516 |
— |
703 |
Total assets |
73 |
368 |
225 |
593 |
810 |
3 |
1,479 |
Provision for pensions and similar obligations |
— |
0 |
0 |
0 |
62 |
— |
63 |
Lease liabilities |
— |
114 |
35 |
149 |
5 |
— |
154 |
Provisions for decommissioning and restoration obligations |
85 |
23 |
— |
23 |
12 |
— |
120 |
Other liabilities incl. provisions and deferred taxes |
— |
52 |
2 |
54 |
41 |
— |
95 |
Non-current liabilities |
85 |
189 |
37 |
227 |
120 |
— |
432 |
Trade payables |
10 |
40 |
39 |
79 |
236 |
— |
325 |
Other liabilities incl. provisions |
— |
28 |
47 |
75 |
78 |
— |
153 |
Current liabilities |
10 |
67 |
86 |
153 |
314 |
— |
477 |
Total liabilities |
95 |
257 |
123 |
380 |
434 |
— |
909 |
In EUR mn |
|
|
|
|
|
|
|
|
Gas Connect Group |
OMV retail business Germany |
Other |
Total |
|
|
Exploration & Production |
Refining & Marketing |
OMV Group |
|||
|---|---|---|---|---|---|---|
|
|
|
||||
|
2020 |
|||||
Intangible assets |
26 |
68 |
10 |
— |
77 |
104 |
Property, plant and equipment |
255 |
629 |
231 |
10 |
870 |
1,124 |
At-equity accounted investments |
— |
54 |
— |
— |
54 |
54 |
Other assets incl. deferred taxes |
13 |
13 |
4 |
— |
17 |
30 |
Non-current assets |
293 |
763 |
245 |
10 |
1,018 |
1,312 |
Inventories |
14 |
6 |
19 |
— |
25 |
39 |
Trade receivables |
9 |
17 |
36 |
— |
53 |
62 |
Other assets |
27 |
9 |
0 |
— |
9 |
36 |
Cash in hand and at bank |
15 |
0 |
— |
— |
0 |
15 |
Current assets |
64 |
32 |
56 |
— |
88 |
152 |
Total assets |
358 |
795 |
301 |
10 |
1,106 |
1,464 |
Provision for pensions and similar obligations |
— |
58 |
0 |
— |
59 |
59 |
Lease liabilities |
3 |
4 |
125 |
— |
129 |
131 |
Other interest bearing debts |
— |
147 |
— |
— |
147 |
147 |
Provisions for decommissioning and restoration obligations |
186 |
5 |
23 |
— |
27 |
214 |
Other liabilities incl. provisions and deferred taxes |
7 |
13 |
— |
— |
13 |
20 |
Non-current liabilities |
197 |
226 |
148 |
— |
374 |
571 |
Trade payables |
21 |
24 |
52 |
— |
76 |
97 |
Provisions for decommissioning and restoration obligations |
11 |
— |
— |
— |
— |
11 |
Other liabilities incl. provisions |
15 |
19 |
22 |
— |
42 |
56 |
Current liabilities |
47 |
43 |
75 |
— |
118 |
165 |
Total liabilities |
243 |
269 |
223 |
— |
492 |
736 |
Exploration & Production
On May 14, 2021, OMV Petrom finalized the sale of its 100% share in Kom-Munai LLP and Tasbulat Oil corporation LLP (both based in Aktau, Kazakhstan) to Magnetic Oil Limited.
On August 1, 2021, SapuraOMV Upstream Sdn. Bhd. sold its entire share in SapuraOMV Upstream (PM) Inc., which held various producing assets located offshore Peninsular Malaysia, to Jadestone Energy PLC, a Singapore-based, London-listed independent oil and gas company.
On December 1, 2021, OMV Petrom finalized the sale of 40 marginal onshore oil and gas fields in Romania.
The above mentioned sales transactions did not have a significant impact on the income statement.
During 2021 OMV (NORGE) AS decided to sell its entire 25% stake in the Wisting licenses to Lundin Energy AB. Sale transaction was closed on December 17, 2021 whereas the economic effective date of transaction was January 1, 2021. For further details regarding the effects of the sale of Wisting licenses please refer to Note 6 – Other operating income and net income from equity accounted investments – and Note 26 – Statement of cash flows.
As of December 31, 2021, assets held for sale and liabilities associated with assets held for sale in Exploration & Production entirely consisted of a 69% interest in Maari field, located in New Zealand’s offshore Taranaki Basin.
Refining & Marketing
On May 31, 2021, OMV closed the transaction to sell its 51% interest in Gas Connect Austria GmbH (based in Vienna) to VERBUND. The sales transaction did not have a significant impact on the income statement.
During 2021, OMV Downstream GmbH decided to sell its 40% shares in SMATRICS GmbH & Co KG and E-Mobility Provider Austria GmbH (both based in Vienna) to VERBUND. The sales transaction was closed on September 30, 2021.
On December 3, 2021, OMV finalized the sale of its 100% share in Haramidere Depoculuk Anonim Şirketi (based in Instanbul) to CAN ULUSLARALASI YATIRIM ANONIM SIRKETI.
As of December 31, 2021, assets held for sale and liabilities associated with assets held for sale in Refining & Marketing related to OMV retail businesses in Germany and Slovenia.
On December 14, 2020, OMV and EG Group reached an agreement for EG Group to acquire the OMV retail business (285 filling stations) in Germany. The transaction is subject to required regulatory approvals and closing is expected in 2022.
During 2021 OMV decided to sell its retail business in Slovenia (120 filling stations) which led to the reclassification to assets and liabilities to held for sale. This reclassification did not lead to an impairment loss. On June 8, 2021 OMV and MOL Group reached an agreement for MOL Group to acquire OMV Slovenia. The transaction is subject to required regulatory approvals and closing is expected in 2022.
Chemicals & Materials
As of December 31, 2021, assets held for sale and liabilities associated with assets held for sale in Chemicals & Materials related entirely to the nitrogen business unit of Borealis Group.
During 2021 OMV decided to sell the nitrogen business unit in Borealis Group (75% held by OMV) including fertilizer, technical nitrogen and melamine products. This led to the reclassification of the disposal group to assets and liabilities held for sale without having an impact on the income statement at that time. The Borealis Group’s share in fertilizer production sites in the Netherlands and Belgium (“Rosier”) is presently not being considered within the potential sales process. Closing of the sales transaction is expected in 2022.
OMV determines the net position of emission certificates for the Group. As of December 31, 2021 an obligation to surrender 2,277,248 emission certificates (market value: EUR 172 mn) related to the nitrogen business unit was not included in the balance sheet line “Liabilities associated with assets held for sale”, due to the net presentation policy.
The result of the measurement at fair value less cost of disposal of the nitrogen business as of December 31, 2021 has led to an impairment which is described in more details in the Note 7 – Depreciation, amortization, impairments and write-ups.