24 – Liabilities

Other interest-bearing debts predominately referred to bank loans, but also included private placements and other funding instruments.

OMV participates in several supplier finance programs under which its suppliers may elect to receive early payment of their invoice from a bank by factoring their receivable from the Group to the bank. Under the arrangement, the bank agrees to pay amounts to a supplier participating in the program in respect of invoices owed by the Group and receives settlement from OMV later. The principal purpose of those programs is to facilitate efficient payment processing and enable the consenting suppliers to sell their receivables due from OMV to a bank before their maturity. The Group has not derecognized the majority of original liabilities to which the arrangement applies because neither legal release was obtained nor the original liability was substantially modified while entering into the arrangement. Most liabilities remain within trade payables and other financial liabilities until payment. From OMV’s perspective, these arrangements do not significantly extend payment terms beyond the normal terms agreed with other suppliers that are not participating in the programs. Consequently, cash effects are included in the cashflow from operating activities.

Bonds

Bonds and other interest-bearing debts

As at December 31, 2021, OMV Group was in compliance with all financial covenants stipulated by the loan agreements.

Other financial liabilities

The table hereafter summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted cash flows:

The contract liabilities consisted mainly of non-refundable prepayments of storage fees received from Erdöl-Lagergesellschaft m.b.H., Lannach on the basis of long-term service contracts.