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26 – Liabilities

Liabilities

In EUR mn

 

 

 

 

 

 

 

2023

2022

 

Short-term

Long-term

Total

Short-term

Long-term

Total

Bonds

540

5,534

6,073

1,290

6,030

7,320

Other interest-bearing debts

427

1,043

1,470

128

1,359

1,487

Lease liabilities

181

1,404

1,585

155

1,322

1,476

Trade payables

3,955

3,955

5,259

5,259

Other financial liabilities

1,424

316

1,740

2,172

489

2,662

Other liabilities

1,613

102

1,715

1,527

124

1,652

Liabilities

8,140

8,398

16,538

10,531

9,325

19,856

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

Lease liabilities increased mainly due to the leasing contracts for storage infrastructure related to the propane dehydrogenation plant (PDH) in Kallo, Belgium and a new leasing contract related to a charter vessel, Navigator Aurora, to source Borealis crackers in Sweden and Finland. For further details on lease contracts please refer to Note 17 – Property, plant and equipment.

For further details on cash and non-cash effective changes in bonds, other interest-bearing debts, and lease liabilities please refer to Note 28 – Consolidated Statement of Cash Flows.

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 these 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 the original liabilities to which the arrangement applies because neither was legal release obtained nor was the original liability 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 cash flow from operating activities.

Bonds

International corporate bonds

In EUR mn

 

 

 

 

 

 

 

2023

2022

Nominal

Coupon

Repayment

Carrying amount December 31

Carrying amount December 31

EUR 750,000,000

0.00% fixed

06/16/2023

749

EUR 500,000,000

0.75% fixed

12/04/2023

500

EUR 500,000,000

1.50% fixed

04/09/2024

505

504

EUR 500,000,000

0.00% fixed

07/03/2025

499

498

EUR 300,000,000

1.75% fixed

12/10/2025

309

315

EUR 1,000,000,000

1.00% fixed

12/14/2026

997

996

EUR 750,000,000

3.50% fixed

09/27/2027

753

752

EUR 500,000,000

2.00% fixed

04/09/2028

506

506

EUR 500,000,000

1.875% fixed

12/04/2028

500

499

EUR 750,000,000

0.75% fixed

06/16/2030

749

748

EUR 750,000,000

2.375% fixed

04/09/2032

759

758

EUR 500,000,000

1.00% fixed

07/03/2034

497

496

International corporate bonds

 

 

6,073

7,320

Bonds and other interest-bearing debts

As at December 31, 2023, the OMV Group was in compliance with all financial covenants and had significant headroom compared to the thresholds stipulated by the loan agreements.

Bonds and other interest-bearing debts

In EUR mn

 

 

 

2023

2022

Short-term loan financing

106

65

Short-term component of long-term financing

860

1,353

Total short-term

967

1,417

Maturities of long-term financing

 

 

2024/2023 (short-term component of long-term financing)

860

1,353

2025/2024

1,149

823

2026/2025

1,189

1,149

2027/2026

875

1,185

2028/2027

1,158

871

2029/2028 and subsequent years

2,205

3,360

Total for 2024/2023 onward

7,436

8,742

Breakdown of bonds and other interest-bearing debts

In EUR mn

 

 

 

 

 

 

 

2023

2022

 

 

 

Weighted average interest rate

 

Weighted average interest rate

Bonds and other long-term interest-bearing debts1

 

 

 

 

Fixed rates

EUR

6,911

1.53%

8,148

1.34%

 

USD

265

4.06%

319

4.24%

Total

 

7,176

1.63%

8,467

1.45%

Variable rates2

EUR

45

4.85%

49

3.13%

 

USD

183

6.64%

190

5.04%

 

Other currencies

32

0.45%

36

0.45%

Total

 

260

5.57%

274

4.10%

Other short-term interest-bearing debts

 

 

 

 

EUR

 

52

65

0.07%

NOK

 

54

Total

 

106

65

0.07%

1

Including short-term components of long-term debts

2

Rates at year-end

Other financial liabilities

Other financial liabilities

In EUR mn

 

 

 

 

Short-term

Long-term

Total

 

 

 

 

 

2023

Derivative financial liabilities

386

150

536

Liabilities on derivatives designated and effective as hedging instruments

33

34

67

Liabilities on other derivatives

353

116

469

Other sundry financial liabilities

1,038

166

1,204

Other financial liabilities

1,424

316

1,740

 

 

 

 

 

2022

Derivative financial liabilities

1,263

353

1,615

Liabilities on derivatives designated and effective as hedging instruments

41

4

44

Liabilities on other derivatives

1,222

349

1,571

Other sundry financial liabilities

910

137

1,047

Other financial liabilities

2,172

489

2,662

The table below 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

 

 

 

 

 

 

2023

Bonds

597

3,845

2,113

6,555

Other interest-bearing debt

459

857

231

1,547

Lease liabilities

219

588

1,231

2,038

Trade payables

3,955

3,955

Derivative financial liabilities

393

157

550

Other sundry financial liabilities1

1,039

82

139

1,260

Financial liabilities (undiscounted cash flows)

6,662

5,529

3,713

15,904

 

 

 

 

 

 

2022

Bonds

1,351

3,394

3,160

7,905

Other interest-bearing debts

141

1,018

393

1,552

Lease liabilities

186

514

1,131

1,831

Trade payables

5,259

5,259

Derivative financial liabilities

1,260

350

1,610

Other sundry financial liabilities1

910

100

102

1,111

Financial liabilities (undiscounted cash flows)

9,107

5,375

4,786

19,268

1

Including the book value of the financial guarantees issued by Borealis to Bayport Polymers LLC; for further details on the guarantees and the maximum exposure related to it please refer to Note 30 – Risk management.

Other liabilities

In EUR mn

 

 

 

 

Short-term

Long-term

Total

 

 

 

 

 

2023

Other taxes and social security liabilities

1,168

1,168

Payments received in advance

79

31

109

Contract liabilities

165

66

231

Other sundry liabilities

202

5

208

Other liabilities

1,613

102

1,715

 

 

 

 

 

2022

Other taxes and social security liabilities

1,040

1,040

Payments received in advance

57

14

71

Contract liabilities

148

79

227

Other sundry liabilities

282

32

314

Other liabilities

1,527

124

1,652

In 2023, Other taxes and social security liabilities was mainly impacted by the introduction of the solidarity tax on refined crude oil in Romania. Further details are included in Note 13 – Solidarity tax on refined crude oil.

The decrease in other sundry liabilities in 2023 was mainly impacted by lower non-financial liabilities related to oil product exchange contracts concluded between the OMV Group and the national stockholding company in Germany. Furthermore, 2022 was additionally impacted by a product exchange contract between the OMV Group and the national stockholding company in Slovakia. For more details please refer to Note 30 – Risk management.

Contract liabilities

In EUR mn

 

 

 

2023

2022

January 1

227

228

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

–140

–126

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

144

125

December 31

231

227

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, as well as of sold vouchers and cash received for customer loyalty programs from OMV’s retail business.