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 2021, 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 |
|
|
|
|
||
|
2021 |
2020 |
||||
---|---|---|---|---|---|---|
|
Sales and other income |
Trade receivables |
Sales and other income |
Trade receivables |
||
Abu Dhabi Oil Refining Company |
3 |
2 |
4 |
1 |
||
Abu Dhabi Polymers Company Limited (Borouge) |
108 |
40 |
16 |
22 |
||
ADNOC Global Trading LTD |
3 |
1 |
1 |
1 |
||
Bayport Polymers LLC |
6 |
1 |
2 |
1 |
||
Borealis AG |
— |
— |
897 |
— |
||
Borouge Pte. Ltd. |
331 |
71 |
40 |
37 |
||
EEX CEGH Gas Exchange Services GmbH |
1 |
0 |
1 |
0 |
||
Erdöl-Lagergesellschaft m.b.H. |
43 |
0 |
51 |
0 |
||
GENOL Gesellschaft m.b.H. |
124 |
17 |
93 |
13 |
||
Kilpilahden Voimalaitos Oy |
4 |
0 |
0 |
0 |
||
Société d’Intérêt Collectif Agricole par Actions Simplifiée de Gouaix (SICA de Gouaix) |
1 |
— |
— |
— |
||
Société d’Intérêt Collectif Agricole Laignes Agrifluides (SICA Laignes Agrifluides) |
7 |
1 |
— |
— |
||
Trans Austria Gasleitung GmbH1 |
4 |
— |
10 |
1 |
||
Total |
635 |
134 |
1,116 |
78 |
||
|
In EUR mn |
|
|
|
|
||||||
|
2021 |
2020 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
|
Purchases and services received |
Trade payables |
Purchases and services received |
Trade payables |
||||||
Abu Dhabi Polymers Company Limited (Borouge) |
7 |
— |
0 |
— |
||||||
Borealis AG |
— |
— |
31 |
— |
||||||
Borouge Pte. Ltd. |
494 |
108 |
51 |
64 |
||||||
Chemiepark Linz Betriebsfeuerwehr GmbH1 |
4 |
0 |
1 |
0 |
||||||
Deutsche Transalpine Oelleitung GmbH |
29 |
2 |
27 |
2 |
||||||
EPS Ethylen-Pipeline-Süd GmbH & Co KG |
3 |
— |
2 |
— |
||||||
Erdöl-Lagergesellschaft m.b.H. |
81 |
63 |
68 |
27 |
||||||
GENOL Gesellschaft m.b.H. |
0 |
— |
1 |
— |
||||||
Kilpilahden Voimalaitos Oy |
74 |
— |
0 |
0 |
||||||
Neochim AD2 |
10 |
0 |
0 |
— |
||||||
OJSC Severneftegazprom |
127 |
14 |
133 |
12 |
||||||
PetroPort Holding AB |
3 |
0 |
1 |
0 |
||||||
Trans Austria Gasleitung GmbH3 |
11 |
— |
23 |
2 |
||||||
Total |
843 |
188 |
338 |
106 |
||||||
|
In EUR mn |
|
|
||
|
2021 |
2020 |
||
---|---|---|---|---|
Abu Dhabi Petroleum Investments LLC |
— |
5 |
||
Abu Dhabi Polymers Company Limited (Borouge) |
1,876 |
— |
||
Bayport Polymers LLC |
21 |
21 |
||
Borealis AG |
— |
108 |
||
Borouge Pte. Ltd. |
42 |
— |
||
Deutsche Transalpine Oelleitung GmbH |
1 |
1 |
||
EEX CEGH Gas Exchange Services GmbH |
1 |
1 |
||
OJSC Severneftegazprom |
17 |
14 |
||
Pearl Petroleum Company Limited |
30 |
25 |
||
Società Italiana per l’Oleodotto Transalpino S.p.A. |
1 |
1 |
||
Trans Austria Gasleitung GmbH1 |
9 |
16 |
||
Dividend distributed from equity-accounted investments |
1,999 |
191 |
||
|
In EUR mn |
|
|
||||
|
2021 |
2020 |
||||
---|---|---|---|---|---|---|
Kilpilahden Voimalaitos Oy |
18 |
17 |
||||
Bayport Polymers LLC |
987 |
736 |
||||
Renasci N.V. |
12 |
— |
||||
SMATRICS GmbH & Co KG1 |
— |
2 |
||||
Loan receivables |
1,017 |
754 |
||||
Kilpilahden Voimalaitos Oy |
12 |
13 |
||||
Renasci N.V. |
10 |
— |
||||
Neochim AD2 |
— |
3 |
||||
Advance payments |
22 |
16 |
||||
Freya Bunde-Etzel GmbH & Co. KG |
8 |
7 |
||||
Other receivables |
8 |
7 |
||||
Abu Dhabi Polymers Company Limited (Borouge) |
8 |
1 |
||||
Bayport Polymers LLC |
7 |
7 |
||||
Contract assets |
16 |
7 |
||||
C2PAT GmbH & Co KG |
1 |
— |
||||
Bayport Polymers LLC |
— |
143 |
||||
Other payables |
1 |
143 |
||||
Contract liabilities Erdöl-Lagergesellschaft m.b.H. |
120 |
144 |
||||
|
The loan receivables (including the related accrued interests) towards Bayport Polymers LLC stemmed from drawdowns under a member loan agreement with a total value of EUR 1,236 mn. The undrawn financing commitments provided to Bayport Polymers LLC amounted to EUR 251 mn as of December 31, 2021 (December 31, 2020: EUR 407 mn).
At the reporting date, financing commitments towards Kilpilahden Voimalaitos Oy amounted to EUR 16 mn (December 31, 2020: EUR 16 mn). The entitlements are dependent on the fulfilment of specific events, as defined in the underlying contracts.
At year end 2021, the Group had further financing commitments to grant a convertible loan towards Renasci N.V. amounting to EUR 12 mn. The entitlements are dependent on the fulfilment of certain conditions of utilisation, as defined in the underlying contract.
The contract liabilities towards Erdöl-Lagergesellschaft m.b.H. are related to a long-term contract for rendering of services.
In 2020 the other payables towards Bayport Polymers LLC were related to an equity contribution.
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 May 31, 2021 OMV closed the transaction to sell its 51% stake in Gas Connect Austria to VERBUND AG. For more details see Note 3 – Changes in group structure. Moverover, as per September 30, 2021 OMV finalized the sale of its 40% share in SMATRICS GmbH & Co KG and its 40% share in E-Mobility Provide Austria GmbH to VERBUNDAG. Furthermore, OMV founded together with Lafarge Perlmooser GmbH and VERBUND Energy4Business GmbH a joint venture for the joint planning and construction of a full-scale plant by 2030 to capture CO2 and process it into synthetic fuels, plastics and other chemicals. Additionally, OMV and VERBUND AG have a cooperation agreement related to the photovoltaic plant in Lobau, Austria. In 2020 the strategic energy cooperation between OMV and VERBUND AG have started up the ground-mounted photovoltaic plant in Schönkirchen-Reyersdorf, Austria.
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 2021, there were supplies of goods and services for instance to Compañía Española de Petróleos, S.A. (CEPSA), Abu Dhabi National Oil Company (ADNOC), NOVA Chemicals Corporation (NOVA) and ADNOC Trading Limited. On October 29, 2020 OMV acquired an additional 39% share in Borealis AG from Mubadala Investment Company (Abu Dhabi). Furthermore, OMV cooperates with ADNOC in several Exploration & Production arrangements and closed strategic equity partnerships with ADNOC covering both the ADNOC Refining business and a Trading Joint Venture.
Key management personnel compensation
In EUR mn |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
2021 |
||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
active members of the Executive Board as of December 31, 2021 |
former members of the Executive Board |
|
||||||||||||||||||||||||||||||
|
Stern3 |
Pleininger |
Florey |
Skvortsova |
van Koten7 |
Seele8 |
Gangl9 |
Leitner12 |
Total |
||||||||||||||||||||||||
Short term benefits |
0.69 |
1.77 |
1.77 |
1.38 |
0.30 |
2.55 |
0.65 |
— |
9.12 |
||||||||||||||||||||||||
Fixed (base salary) |
0.69 |
0.75 |
0.76 |
0.58 |
0.29 |
1.10 |
0.14 |
— |
4.30 |
||||||||||||||||||||||||
Fixed (one-off payment) |
— |
— |
— |
0.545 |
— |
— |
— |
— |
0.54 |
||||||||||||||||||||||||
Variable (cash bonus)1 |
— |
1.01 |
0.97 |
0.16 |
— |
1.44 |
0.50 |
— |
4.09 |
||||||||||||||||||||||||
Benefits in kind |
0.01 |
0.01 |
0.054 |
0.106 |
0.01 |
0.01 |
0.00 |
— |
0.20 |
||||||||||||||||||||||||
Post employment benefits |
0.18 |
0.19 |
0.19 |
0.14 |
0.07 |
0.28 |
0.03 |
— |
1.08 |
||||||||||||||||||||||||
Pension fund contributions |
0.18 |
0.19 |
0.19 |
0.14 |
0.07 |
0.28 |
0.03 |
— |
1.08 |
||||||||||||||||||||||||
Termination benefits |
— |
— |
— |
— |
— |
— |
0.0210 |
— |
0.02 |
||||||||||||||||||||||||
Share based benefits |
— |
1.09 |
0.90 |
0.11 |
— |
2.48 |
0.20 |
0.41 |
5.17 |
||||||||||||||||||||||||
Variable (Equity Deferral 2020) |
— |
0.32 |
0.27 |
0.11 |
— |
0.40 |
0.20 |
— |
1.30 |
||||||||||||||||||||||||
Variable (LTIP 2018)2 |
— |
0.76 |
0.63 |
— |
— |
2.08 |
—11 |
0.41 |
3.88 |
||||||||||||||||||||||||
Remuneration received by the Executive Board |
0.87 |
3.05 |
2.86 |
1.63 |
0.37 |
5.31 |
0.90 |
0.41 |
15.39 |
||||||||||||||||||||||||
|
In EUR mn |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
2020 |
||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
active members of the Executive Board as of December 31, 2020 |
former members of the Executive Board |
|
||||||||||||||||||||||||||||||
|
Seele |
Pleininger |
Florey |
Gangl6 |
Skvortsova8 |
Leitner10 |
Davies11 |
Roiss12 |
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) |
0.333 |
— |
— |
— |
— |
— |
— |
— |
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 |
0.054 |
0.01 |
0.199 |
— |
— |
— |
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 |
||||||||||||||||||||||||
Share 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 |
0.255 |
—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 |
|
|
||||
|
2021 |
2020 |
||||
---|---|---|---|---|---|---|
Salaries and bonuses |
25.8 |
19.0 |
||||
Pension fund contribution |
1.3 |
1.1 |
||||
Other post-employment benefits including termination benefits |
2.2 |
0.4 |
||||
Share-based benefits |
3.5 |
3.7 |
||||
Other long term benefits |
1.8 |
0.0 |
||||
Remuneration received by top executives (excl. Executive Board)2 |
34.6 |
24.2 |
||||
|
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 2021, remuneration expenses for the Supervisory Board amounted to EUR 0.6 mn (2020: EUR 0.6 mn).