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24 – Liabilities

Liabilities1

In EUR mn

 

 

 

 

 

 

 

2021

2020

 

Short-term

Long-term

Total

Short-term

Long-term

Total

Bonds

795

7,275

8,070

850

8,019

8,869

Other interest-bearing debts

350

1,415

1,765

703

1,280

1,983

Lease liabilities

131

887

1,018

141

943

1,084

Trade payables

4,860

4,860

4,304

4,304

Other financial liabilities

4,367

587

4,955

3,095

454

3,549

Other liabilities

1,440

118

1,558

868

135

1,003

Liabilities

11,943

10,282

22,225

9,961

10,830

20,791

1

Excluding liabilities associated with assets held for sale, which are described in Note 20 – Assets and Liabilities held for sale.

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 issued

In EUR mn

 

 

 

 

 

 

 

 

 

2021

2020

 

Nominal

Coupon

Repayment

Carrying amount December 31

Carrying amount December 31

Private Placement

EUR 300,000,000

0.106% floating1

06/11/2021

300

International corporate bonds

EUR 500,000,000

4.25% fixed

10/12/2021

504

 

EUR 750,000,000

2.625% fixed

09/27/2022

754

753

 

EUR 750,000,000

0.00% fixed

06/16/2023

747

746

 

EUR 500,000,000

0.75% fixed

12/04/2023

499

498

 

EUR 500,000,000

1.50% fixed

04/09/2024

503

501

 

EUR 500,000,000

0.00% fixed

07/03/2025

497

496

 

EUR 300,000,000

1.75% fixed

12/10/2025

319

324

 

EUR 1,000,000,000

1.00% fixed

12/14/2026

994

993

 

EUR 750,000,000

3.50% fixed

09/27/2027

751

750

 

EUR 500,000,000

2.00% fixed

04/09/2028

505

505

 

EUR 500,000,000

1.875% fixed

12/04/2028

499

499

 

EUR 750,000,000

0.75% fixed

06/16/2030

748

747

 

EUR 750,000,000

2.375% fixed

04/09/2032

758

757

 

EUR 500,000,000

1.00% fixed

07/03/2034

496

495

Bonds issued

 

 

 

8,070

8,869

1

Rate as of 31.12.2020

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.

Bonds and other interest-bearing debts

In EUR mn

 

 

 

2021

2020

Short-term loan financing

254

184

Short-term component of long-term financing

891

1,369

Total short-term

1,145

1,553

Maturities of long-term financing

 

 

2022/2021 (short-term component of long-term financing)

891

1,369

2023/2022

1,277

844

2024/2023

822

1,303

2025/2024

1,174

862

2026/2025

1,183

1,141

2027/2026 and subsequent years

4,233

5,149

Total for 2022/2021 onwards

9,581

10,668

Breakdown of bonds and other interest-bearing debts

In EUR mn

 

 

 

 

 

 

 

2021

2020

 

 

 

Weighted average interest rate

 

Weighted average interest rate

Bonds and other long-term interest-bearing debts1

 

 

 

 

Fixed rates

EUR

8,959

1.45%

9,363

1.63%

 

USD

312

4.27%

288

4.27%

 

Other currencies

33

9.40%

Total

 

9,271

1.54%

9,685

1.74%

Variable rates2

EUR

77

0.77%

661

0.27%

 

USD

194

1.24%

282

1.56%

 

Other currencies

38

0.46%

41

0.66%

Total

 

310

1.02%

984

0.66%

Other short-term interest-bearing debts

 

 

 

 

EUR

 

250

(0.22)%

182

0.17%

USD

 

4

0

Other currencies

 

2

0.95%

Total

 

254

(0.22)%

184

0.18%

1

Including short-term components of long-term debts

2

Rates as of year-end

Other financial liabilities

Other financial liabilities

In EUR mn

 

 

 

 

Short-term

Long-term

Total

 

 

 

 

 

2021

Derivative financial liabilities

3,607

471

4,079

Liabilities on derivatives designated and effective as hedging instruments

102

102

Liabilities on other derivatives

3,506

471

3,977

Other sundry financial liabilities

760

116

876

Other financial liabilities

4,367

587

4,955

 

 

 

 

 

2020

Derivative financial liabilities

2,169

347

2,516

Liabilities on derivatives designated and effective as hedging instruments

86

12

98

Liabilities on other derivatives

2,083

335

2,418

Other sundry financial liabilities

926

106

1,033

Other financial liabilities

3,095

454

3,549

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

Financial liabilities (undiscounted cash flows)

In EUR mn

 

 

 

 

 

≤1 year

1 – 5 years

>5 years

Total

 

 

 

 

 

 

2021

Bonds

870

3,921

3,984

8,775

Other interest-bearing debt

373

940

511

1,824

Lease liabilities

155

420

739

1,314

Trade payables

4,860

4,860

Derivative financial liabilities

3,608

471

4,079

Other sundry financial liabilities

761

22

151

934

Financial liabilities (undiscounted cash flows)

10,627

5,774

5,385

21,786

 

 

 

 

 

 

2020

Bonds

942

3,707

5,068

9,717

Other interest bearing debts

723

881

437

2,041

Lease liabilties

169

430

777

1,377

Trade payables

4,304

4,304

Derivative financial liabilities

2,169

347

2,516

Other sundry financial liabilities

926

22

113

1,062

Financial liabilities (undiscounted cash flows)

9,233

5,387

6,395

21,016

Other liabilities

In EUR mn

 

 

 

 

Short-term

Long-term

Total

 

 

 

 

 

2021

Other taxes and social security liabilities

1,027

1,027

Payments received in advance

128

16

144

Contract liabilities

129

98

228

Other sundry liabilities

155

4

159

Other liabilities

1,440

118

1,558

 

 

 

 

 

2020

Other taxes and social security liabilities

607

607

Payments received in advance

34

15

49

Contract liabilities

96

117

214

Other sundry liabilities

131

3

134

Other liabilities

868

135

1,003

Contract liabilities

In EUR mn

 

 

 

2021

2020

January 1

214

222

Currency translation differences

1

(3)

Revenue recognized that was included in the contract liability balance at the beginning of the period

(80)

(71)

Increases due to cash received, excluding amounts recognized as revenue during the period

95

69

Other changes

(1)

(3)

December 31

228

214

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.