3 – Changes in group structure

A full list of OMV investments as well as changes in consolidated group can be found in Note 38 – Direct and indirect investments of OMV Aktiengesellschaft. Major changes in consolidated Group are described below.

Chemicals & Materials

On June 3, 2022, Borouge PLC has successfully listed on ADX, the Abu Dhabi Securities Exchange. Following the IPO (Initial Public Offering), the shareholding in Borouge PLC has changed to Borealis owning a 36% stake in Borouge PLC and Abu Dhabi National Oil Company owning 54% respectively. For details refer to Note 16 – Equity-accounted investments.

Based on the final offer price of AED 2.45 per share, the IPO has raised gross proceeds of EUR 1.9 bn for the offering of 10% of the company’s total issued share capital. This transaction led to a net gain (including FX recycling effects) of EUR 341 mn, which is part of the line “Other operating income” in the consolidated income statement.

Refining & Marketing

On May 1, 2022, OMV closed the transaction to sell its filling station business in Germany to EG Group. The agreed purchase price before customary closing adjustments amounted to EUR 485 mn. The transaction led to a gain of EUR 409 mn recognized in the line “Other operating income” in the consolidated income statement.

Exploration & Production

OMV ceased to fully consolidate JSC GAZPROM YRGM Development (YRGM) and to equity account for OJSC Severneftegazprom (SNGP) and therefore, starting March 1, 2022, the investments in SNGP and YRGM are accounted for at fair value through profit or loss according to IFRS 9. For further details refer to Note 2 – Accounting policies, judgements and estimates, section ‘Impact of Russia’s invasion of Ukraine and related significant estimates and assumptions’.

Cash flow impact of changes in group structure

Cash flow from investing activities included inflows from the IPO of Borouge PLC in the amount of EUR 745 mn, shown in the line “Proceeds in relation to non-current assets and financial assets”.

Furthermore, cash flow from investing activities contained an inflow related to the divestment of the filling station business in Germany in the amount of EUR 432 mn, presented in the line “Proceeds from the sale of subsidiaries and businesses, net of cash disposed” and an outflow of EUR 208 mn related to the loss of control of JSC GAZPROM YRGM Development, included in the line “Cash disposed due to the loss of control.” Further details are presented in the following tables: