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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.