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1 |
Basis of preparation
OMV Aktiengesellschaft (registered in the Austrian Register of Companies with its office based at Trabrennstra\u00dfe 6\u20138, 1020 Vienna, Austria) is an integrated, international oil, gas, and chemicals company with activities in the divisions Chemicals, Fuels and Feedstock, and Energy.
These financial statements have been prepared and are in compliance with IFRS Accounting Standards (IFRS) as adopted by the EU and in accordance with the supplementary accounting regulations pursuant to Sec. 245a, Para. 1 of the Austrian Commercial Code (UGB). The financial year corresponds to the calendar year.
The consolidated financial statements are in general based on the historical cost principle, except for certain positions that have been measured at fair value. The accounting policies adopted are consistent with those of the previous financial year, except where otherwise indicated.
The consolidated financial statements have been prepared in million EUR (EUR mn, EUR\u00a01,000,000). Accordingly, there may be rounding differences.
The consolidated financial statements for 2024 were prepared by the Executive Board of OMV on March 14, 2025 and submitted to the Supervisory Board for approval.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "OMV Aktiengesellschaft", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "Aktiengesellschaft", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "Trabrennstra\u00dfe 6\u20138, 1020 Vienna, Austria", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "Trabrennstra\u00dfe 6\u20138, 1020 Vienna, Austria", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "Austria", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "Austria", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "an integrated, international oil, gas, and chemicals company with activities in the divisions Chemicals, Fuels and Feedstock, and Energy.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-9": { "value": "
These financial statements have been prepared and are in compliance with IFRS Accounting Standards (IFRS) as adopted by the EU and in accordance with the supplementary accounting regulations pursuant to Sec. 245a, Para. 1 of the Austrian Commercial Code (UGB). The financial year corresponds to the calendar year.
The consolidated financial statements are in general based on the historical cost principle, except for certain positions that have been measured at fair value. The accounting policies adopted are consistent with those of the previous financial year, except where otherwise indicated.
The consolidated financial statements have been prepared in million EUR (EUR mn, EUR\u00a01,000,000). Accordingly, there may be rounding differences.
The consolidated financial statements for 2024 were prepared by the Executive Board of OMV on March 14, 2025 and submitted to the Supervisory Board for approval.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-10": { "value": "
These financial statements have been prepared and are in compliance with IFRS Accounting Standards (IFRS) as adopted by the EU and in accordance with the supplementary accounting regulations pursuant to Sec. 245a, Para. 1 of the Austrian Commercial Code (UGB). The financial year corresponds to the calendar year.
The consolidated financial statements are in general based on the historical cost principle, except for certain positions that have been measured at fair value. The accounting policies adopted are consistent with those of the previous financial year, except where otherwise indicated.
The consolidated financial statements have been prepared in million EUR (EUR mn, EUR\u00a01,000,000). Accordingly, there may be rounding differences.
2 |
Accounting policies, judgments, and estimates
Significant accounting policies
The accounting policies for the individual items in the balance sheet and the income statement are presented in the respective sections of the Notes.
Principles of consolidation
The consolidated financial statements comprise the financial statements of OMV Aktiengesellschaft and the entities it controls as well as OMV\u2019s interests in jointly controlled and equity-accounted investments.
The financial statements of all consolidated companies are prepared in accordance with uniform Group-wide accounting policies.
Business combinations and goodwill
Business combinations are accounted for using the acquisition method. Assets and liabilities of subsidiaries acquired are included at their fair value at the time of acquisition. The non-controlling interests are measured at the proportionate share of the acquiree\u2019s identifiable net assets.
Goodwill is calculated as the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling interest in the acquiree, and, if applicable, the fair value of the equity previously held by OMV in the acquired entity over the net identifiable assets acquired and liabilities assumed.
Any gain on a bargain purchase is recognized in profit or loss immediately.
Associated companies and joint arrangements
Associated companies are those entities in which the Group has a significant influence, but no control or joint control over the financial and operating policies. Joint arrangements, which are arrangements of which the Group has joint control together with one or more parties, are classified into joint ventures or joint operations. Joint ventures are joint arrangements in which the parties that share control have rights to the net assets of the arrangement. Joint operations are joint arrangements in which the parties that share joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement.
Investments in associated companies and joint ventures are accounted for using the equity method, under which the investment is initially recognized at cost and subsequently adjusted for the Group\u2019s share of the profit or loss less dividends received and the Group\u2019s share of other comprehensive income and other movements in equity.
Significant joint exploration and production activities in the E&P business in the Energy segment are conducted through joint operations that are not structured through a separate vehicle. For these joint operations, OMV recognizes in the consolidated financial statements its share of the assets held and liabilities and expenses incurred jointly with the other partners, as well as the Group\u2019s income from the sale of its share of the output and any liabilities and expenses that the Group has incurred in relation to the joint operation. Acquisitions of interests in a joint operation, in which the activity of the joint operation constitutes a business, are accounted for according to the relevant IFRS 3 principles for business combination accounting.
In addition, there are contractual arrangements similar to joint operations that are not jointly controlled and therefore do not meet the definition of a joint operation according to IFRS 11. This is the case when the main decisions can be taken by more than one combination of affirmative votes of the involved parties or where one other party has control. OMV assesses whether such arrangements are within or outside the scope of IFRS 11 on the basis of the relevant legal arrangements such as concession, license, or joint operating agreements which define how and by whom the relevant decisions for these activities are taken. The accounting treatment for these arrangements is basically the same as for joint operations. As acquisitions of interests in such arrangements are not within the scope of IFRS 3, OMV\u2019s accounting policy is to treat such transactions as asset acquisitions.
Foreign currency translation
Monetary foreign currency balances are measured at closing rates, and exchange gains and losses accrued at the statement of financial position date are recognized in the income statement.
The financial statements of Group companies with functional currencies that differ from the Group\u2019s presentation currency are translated using the closing rate method. Differences arising from statement of financial position items translated at closing rates are disclosed in other comprehensive income. Income statement items are translated at average rates for the period. The use of average rates for the income statement creates additional differences compared to the application of the closing rates in the statement of financial position, and these are directly adjusted in other comprehensive income.
The most significant rates applied in translating currencies to EUR were as follows:
Foreign currency translation
2024
2023
Statement of
financial
position date
Average
Statement of
financial
position date
Average
Hungarian forint (HUF)
411.350
395.300
382.800
381.850
New Zealand dollar (NZD)
1.853
1.788
1.750
1.762
Norwegian krone (NOK)
11.795
11.629
11.241
11.425
Romanian leu (RON)
4.974
4.975
4.976
4.947
Swedish krona (SEK)
11.459
11.433
11.096
11.479
US dollar (USD)
1.039
1.082
1.105
1.081
Solidarity contribution on refined crude oil
As a direct consequence of the energy crisis in Europe, regulatory measures like price caps, subsidy schemes, and the EU solidarity contribution have been implemented in some of the countries in which the OMV Group is active. The Council Regulation (EU) 2022/1854 introduced a solidarity contribution, which was transposed into the local legislation of the member states and was applicable for 2022 and/or 2023.
On May 12, 2023, law no. 119/2023 for the approval of the Government Emergency Ordinance 186/2022 to implement the EU regulation regarding the solidarity contribution was published in the Official Gazette in Romania. For companies that produce and refine crude oil, the law introduced the obligation to pay a contribution of RON 350 for each ton of crude oil processed during 2022 and 2023.
In 2023, a solidarity contribution totaling EUR 552 mn was recognized for the quantities of crude oil processed during 2022 (EUR 300 mn) and 2023 (EUR 252 mn).
The aim of the EU regulation was to introduce a solidarity contribution that tackles surplus profits. However, the solidarity contribution in Romania was not based on profits but on quantities of processed crude oil and therefore did not fall within the scope of IAS 12 \u2013 Income taxes. Due to its specific nature, the solidarity contribution in Romania was not presented in the Consolidated Income Statement as part of the operating result, but as a separate line above the \u201cTaxes on income and profit\u201d line.
Changes in accounting policies
The Group adopted the following amendments to IFRS starting on January 1, 2024:
\uf097
Amendments to IAS 1: Classification of Liabilities as Current and Non-Current
\uf097
Amendments to IAS 1: Non-Current Liabilities with Covenants
\uf097
Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
\uf097
Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements
The amendments did not have any material impact on OMV\u2019s Group financial statements.
New and amended accounting standards that are not yet mandatory
OMV has not applied the following standards and amendments to standards that have been issued but are not yet effective. EU endorsement is still pending in some cases.
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 \u2013 Presentation of Financial Statements and applies for annual reporting periods beginning on or after January 1, 2027. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be significant.
OMV is currently assessing the detailed implications of applying the new standard on the Group\u2019s consolidated financial statements. From the high-level preliminary assessment performed, the following potential impacts have been identified:
\uf097
OMV expects that grouping items of income and expenses in the income statement into the new categories will impact how the operating result is calculated and reported. The main impact will be related to the net income from equity-accounted investments, which will, in the future, be reported in the investing category and therefore no longer included in the operating result. However, there will not be any impact on the Group\u2019s net income.
\uf097
In the cash flow statement, the main impact will come from changes to the presentation of interest received and paid and dividends received. Interest and dividends received will be presented as cash flows from investing activities, which is a change from their current presentation as part of cash flow from operating activities. Interest paid will be presented as cash flow from financing activities and no longer presented within cash flow from operating activities.
\uf097
New disclosures will be required for management-defined performance measures. In addition, a break-down of the defined nature of expenses for line items presented by function in the operating category of the consolidated income statement will be disclosed.
OMV will apply the new standard from its mandatory effective date of January 1, 2027. Retrospective application is required, and so the comparative information for the financial year ending December 31, 2026, will be restated in accordance with IFRS 18.
Other accounting standards
The following amended accounting standards are not expected to have a significant impact on the Group\u2019s consolidated financial statements:
Amendments to IFRS
IASB effective date
Amendments to IAS 21: Lack of Exchangeability
January 1, 2025
Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments
January 1, 2026
Annual Improvements to IFRS Accounting Standards - Volume 11
January 1, 2026
Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity
January 1, 2026
OMV uses two different scenarios: the base case and the \u201cnet zero emissions by 2050\u201d case. The scenarios differ in the underlying expectations of the pace of future worldwide decarbonization and lead to different assumptions for demand, prices, and margins of fossil commodities.
The base case is guided by the IEA Announced Pledges Scenario (APS), which assumes that all decarbonization pledges announced by governments around the world will be implemented in full and on time.53 In this scenario, the temperature increase by 2100 will be limited to 1.7\u00b0C with a probability of 50%. Underlying supply and demand are inspired by APS and the corresponding price assumptions were developed by the internal Strategic Intelligence department. The base case is used for mid-term planning as well as for estimates relating to the measurement of various items in the Group financial statements, including impairment testing of non-financial assets and the measurement of provisions.
Emissions certificates and CO2 costs
Accounting policy

Emission allowances are measured at cost and presented within other short-term assets. Certificates received free of charge from government authorities (EU Emissions Trading Scheme for greenhouse gas emission allowances) are recognized with acquisition costs of zero.

The emissions caused create an obligation to surrender emission rights. A provision is created for this obligation, which is valued at the acquisition costs of the emissions certificates held, forward prices of open forward purchases, and, for any remaining shortfall, at the market value.
5 |
Assets and liabilities held for sale
Accounting policy

Non-current assets and disposal groups are classified as held for sale if their carrying amounts are to be realized by sale rather than through continued use. This is the case when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. At OMV, these conditions are normally considered not to be fulfilled before binding offers from interested parties are received.

Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets once classified as held for sale are no longer amortized or depreciated and investments in associates and joint ventures are no longer accounted for at equity.
Accounting Policy

For business management purposes, OMV is divided into three operating business segments as well as the segment Corporate and Other (C&O). Each segment represents a strategic unit and operates in different markets. Each Business Segment is managed independently. Strategic business decisions are made by the Executive Board of OMV. With the exception of C&O, the reportable segments of OMV are the same as the operating segments.

Total assets include intangible assets as well as property, plant, and equipment. Sales to external customers are split up according to geographical areas on the basis of where the risk is transferred to customers. The net revenues of commodity trading activities within the scope of IFRS 9 and hedging results are reported in the country in which the reporting subsidiary is located. Accounting policies of the operating segments are the same as those described in the summary of significant accounting policies, with certain exceptions for intra-group sales and cost allocations by the parent company, which are determined in accordance with internal OMV policies. Management is of the opinion that the transfer prices of goods and services exchanged between segments correspond to market prices. Business transactions not attributable to operating segments are included in the results of the C&O segment.
Accounting policy

Revenues from contracts with customers

Revenue is generally recognized when control over a product or a service is transferred to a customer. It is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties.

When goods such as crude oil, LNG, oil and chemical products and similar goods are sold, the delivery of each quantity unit normally represents a single performance obligation. Revenue is recognized when control of the goods has transferred to the customer, which is the point in time when legal ownership and the risk of loss have passed to the customer and is determined on the basis of the Incoterm agreed in the contract with the customer. These sales are conducted with normal credit terms according to the industry standard.

Revenue from the production of crude oil, in which OMV has an interest with other producers, is recognized according to the sales method. This means that revenue is recognized based on the actual sales to third parties, regardless of the Group\u2019s percentage interest or entitlement. An adjustment of production costs is recognized at average cost for the difference between the costs associated with the output sold and the costs incurred based on entitlement to output, with a counter entry in the other assets or liabilities.

In the F&F retail business, revenues from the sale of fuels are recognized when products are supplied to customers. Depending on whether OMV is principal or agent in the sale of shop merchandise, revenue and costs related to such sales are presented gross or net in the income statement. OMV is principal if it controls the goods before they are transferred to the customer, which is mainly indicated by OMV having the inventory risk. At filling stations, payments are due immediately at the time of purchase or, in the case of payments using fuel cards, in the month following the purchase.

OMV\u2019s gas and power supply contracts include a single performance obligation that is satisfied over the agreed delivery period. Revenue is recognized according to the consumption by the customer and in line with the amount OMV has a right to invoice.

In some customer contracts for the delivery of natural gas, the fees charged to the customer comprise a fixed charge plus a variable fee depending on the volumes delivered. These contracts contain only one performance obligation, which is to stand ready for the delivery of gas over a certain period. The revenue from the fixed charges and the variable fees is recognized in line with the amount chargeable to the customer. Gas and power deliveries are billed and paid on a monthly basis.

Gas storage contracts contain a stand-ready obligation to provide storage services over an agreed period of time. Revenue is recognized according to the amount OMV has a right to invoice. These services are billed and paid on a monthly basis.

There are some customer contracts at OMV for the delivery of oil and gas and for the provision of gas storage services that have a term of more than one year. In principle, IFRS 15 requires the disclosure of the total amount of transaction prices allocated to unperformed performance obligations for such contracts. Contracts for the delivery of oil contain variable prices based on market prices on the delivery date, as is common in the oil industry. For these contracts it is therefore not possible to allocate the transaction price to unsatisfied performance obligations. For gas delivery and gas storage contracts OMV applies the practical expedient according to IFRS\u00a015.121 (b), based on which this information need not be disclosed for contracts where revenue is recognized in the amount the entity has a right to invoice. OMV, therefore, does not disclose this information.

Revenues from other sources

Revenues from other sources include revenues from commodity contracts that are within the scope of IFRS 9. Sales and purchases of commodities are reported net, when the forward sales and purchase contracts are determined to be for trading purposes and not for the final physical delivery.

In addition, revenues from other sources include an adjustment of revenues related to certain production sharing agreements in the E&P business because the national oil company\u2019s profit share is considered as income tax. Realized and unrealized results from the hedging of sales transactions are also included in this line item.
Accounting policy

Impairment of assets

Intangible assets, property, plant, and equipment (including oil and gas assets), and investments in associated companies and joint ventures are tested for impairment whenever events or changes in circumstances indicate that an asset may be impaired. Impairment tests are performed on the level of the asset or the smallest group of assets that generates cash inflows that are largely independent of those from other assets or groups of assets, called cash-generating units (CGUs).

If assets are determined to be impaired, the carrying amounts are written down to their recoverable amount, which is the higher of fair value less costs of disposal or value in use.

In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. The cash flows are generally derived from the recent budgets and planning calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated.

The fair value less costs of disposal is determined on the basis of recent market transactions, if available. If no such transactions can be identified, an appropriate valuation model is used.

If the reasons for impairment no longer apply in a subsequent period, a reversal is recognized in profit or loss. The increased carrying amount related to the reversal of an impairment loss shall not exceed the carrying amount that would have been determined (net of amortization and depreciation) had no impairment loss been recognized in prior years.

Impairment losses are part of the income statement line \u201cDepreciation, amortization, impairments and write-ups,\u201d except for impairment losses related to exploration and appraisal assets, which are shown in \u201cExploration expenses.\u201d
Accounting policy

Exploration expenses relate exclusively to the E&P business in the Energy segment and comprise the costs associated with unproved reserves. These include geological and geophysical costs for the identification and investigation of areas with possible oil and gas reserves and the administrative, legal, and consulting costs associated with exploration. They also include all impairments on exploration wells where no proved reserves could be demonstrated.
Accounting Policy

For OMV Petrom SA, the unwinding expenses for decommissioning provisions are included net of the unwinding income from receivables recoverable from the Romanian State.
Accounting policy

In addition to corporate income taxes and trade earnings taxes, typical E&P taxes from oil and gas production like the country/national oil company\u2019s profit share for certain EPSAs are disclosed as income taxes.

Exploration and production sharing agreements (EPSAs) are contracts for oil and gas licenses in which the oil or gas production is shared between one or more oil companies and the host country/national oil company in defined proportions. Exploration expenditures are carried by the oil companies as a rule and recovered from the state or the national oil company through what is known as \u201ccost oil\u201d in a successful case only. Under certain EPSA contracts the host country\u2019s/national oil company\u2019s profit share represents imposed income taxes and is treated as such for the purpose of the income statement presentation.

Deferred taxes are recognized for temporary differences. Deferred tax assets (hereinafter: DTA) are recognized to the extent that it is probable that taxable profit will be available against which the unused tax losses, unused tax credits, and deductible temporary differences can be utilized.

The Group has applied the mandatory temporary exception to recognizing and disclosing information about DTA and deferred tax liabilities (hereinafter: DTL) arising from Pillar Two income taxes.
Accounting policy

The calculation of diluted Earnings Per Share takes into account the weighted average number of shares in issue following the conversion of all potentially diluting ordinary shares.
Accounting policy

Intangible assets including goodwill

Intangible assets are stated at cost, less accumulated amortization and impairment. Development costs are capitalized if the recognition criteria according to IAS 38 are fulfilled. All other research and development costs are recognized as an expense in the period in which they incur. Software, licenses, concessions, and similar intangible assets are amortized on a straight-line basis over the contract or license period or the useful economic life, which is between 3 and 20 years.

Goodwill acquired in a business combination is tested for impairment at least yearly. Impairments are recorded immediately through profit or loss; subsequent write-ups are not possible.
Oil and gas assets with unproved reserves

E&P activities are recorded using the successful efforts method. The acquisition costs of geological and geophysical studies before the discovery of proved reserves are recognized in the period in which they are incurred. The costs of wells are capitalized and reported as intangible assets until the existence or absence of potentially commercially viable oil or gas reserves is determined. Wells that are not commercially viable are expensed. The costs of exploration wells whose commercial viability has not yet been determined continue to be capitalized as long as the following conditions are fulfilled:
1.
Sufficient oil and gas reserves have been discovered that would justify completion as a production well.
2.
Sufficient progress is being made in assessing the economic and technical feasibility to justify beginning field development in the near future.
3.
The period for which the entity has the right to explore in the specific area has not expired.

Exploratory wells in progress at year-end that are determined to be unsuccessful subsequent to the statement of financial position date are treated as non-adjusting events, meaning that the costs incurred for such exploratory wells remain capitalized in the financial statements of the reporting period under review and will be expensed in the subsequent period.

License acquisition costs and capitalized exploration and appraisal activities are not amortized as long as they are related to unproved reserves, but tested for impairment when there is an indication of potential impairment.

When the decision to develop a particular asset is made, the related intangible exploration and evaluation assets are reclassified to Property, plant and equipment.
Accounting policy

Property, plant, and equipment are recognized at costs of acquisition or construction (including costs of major inspection and general overhauls).

Borrowing costs directly attributable to the acquisition, construction, or production of qualified assets are capitalized until these assets are substantially ready for their intended use or sale. All other costs of borrowing are expensed in the period in which they are incurred.

The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset when a decommissioning provision is recognized (see Note 25 \u2013 Decommissioning and other provisions). Costs for replacing components are capitalized and the carrying values of the replaced parts are derecognized. Costs relating to minor maintenance and repairs are treated as expenses in the year in which they are incurred.

Property, plant, and equipment (except for oil and gas assets) are amortized or depreciated on a straight-line basis over the useful economic life.
Useful life
Years
Intangible assets
Software
3\u20137 or license duration
Concessions, licenses, contract-related intangible assets, etc.
3\u201320 or contract duration
Business-specific property, plant and equipment
Chemicals
Chemical production facilities
15\u201320
F&F
Pipelines
20\u201330
Storage tanks
40
Refinery facilities
25
Filling stations
5\u201320
Energy
Oil and gas wells
Unit-of-production method
Gas power plant
8\u201330
Other property, plant and equipment
Production and office buildings
20\u201350
Other technical plant and equipment
10\u201320
Fixtures and fittings
3\u201315
Oil and gas assets with proved reserves are included in property, plant, and equipment. They are reclassified from intangible assets once the reserves are proved and commercial viability is established. Development expenditure on the construction, installation, or completion of infrastructure facilities such as platforms and pipelines and drilling development wells is capitalized within tangible assets.

Once production of oil and gas assets starts, depreciation commences. Capitalized exploration and development costs as well as auxiliary facilities are generally depreciated based on proved developed reserves by applying the unit-of-production method; only capitalized exploration rights and acquired reserves are amortized on the basis of total proved reserves, unless a different reserves basis is more adequate. Depreciation of economically successful exploration and production assets is reported as depreciation, amortization, impairment charges and write-ups.
Accounting policy

As a lessee, OMV recognizes lease liabilities and right-of-use assets for lease contracts according to IFRS 16. It applies the recognition exemption for short-term leases and leases in which the underlying asset is of low value and therefore does not recognize right-of-use assets and lease liabilities for such leases. Leases to explore for and use oil and natural gas, which comprise mainly land leases used for such activities, are not in the scope of IFRS 16. The rent for these contracts is recognized as expense on a straight-line basis over the lease term.

Non-lease components are separated from the lease components for the measurement of right-of-use assets and lease liabilities. Lease liabilities are recognized at the present value of fixed lease payments and lease payments that depend on an index or rate over the determined lease term with the applicable discount rate. Right-of-use assets are recognized at the value of the lease liability plus prepayments and initial direct costs and presented within property, plant and equipment.
Accounting policy

Inventories are recognized at the lower of cost and net realizable value. Costs incurred are generally determined based on the individual costs for goods that are not interchangeable, the average price method for oil and gas inventories, or the FIFO method for chemical products. Costs of production comprise directly attributable material and labor costs as well as fixed and variable indirect material and production overhead costs. In refineries, a carrying capacity approach is applied according to which the production costs are allocated to product groups on the basis of their relative market values at the end of the period.
Accounting policy

At initial recognition, OMV classifies its financial assets as subsequently measured at amortized cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The classification depends on both the Group\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. All regular way trades are recognized and derecognized on the trade date, i.e., the date that the Group commits to purchasing or selling the asset.

Debt instruments are mainly measured at amortized cost and to a small extent at fair value.

OMV recognizes allowances for expected credit losses (ECLs) for all financial assets measured at amortized costs. The ECL calculation is based on the external or internal credit ratings of the counterparty and associated probabilities of default or based on a probability-weighted amount that was determined by evaluating a range of possible outcomes in one specific case. Available forward-looking information is considered, if it has a material impact on the amount of the valuation allowance recognized.

ECLs are recognized in two stages. Where there has not been a significant increase in the credit risk since initial recognition, credit losses are measured at twelve-month ECLs. The twelve-month ECL is the credit loss that could result from default events that are possible within the next twelve months. The Group considers a financial asset to have low credit risk when its credit risk rating is equivalent to the definition of \u201cinvestment grade\u201d.

Where there has been a significant increase in the credit risk since initial recognition, a loss allowance is required for the lifetime ECL, i.e., the expected credit losses resulting from possible default events over the expected life of a financial asset. For this assessment, OMV considers all reasonable and supportable information that is available without undue cost or effort. Furthermore, OMV assumes that the credit risk on a financial asset has significantly increased if it is more than 30 days past due. If credit quality improves for a lifetime ECL asset, OMV reverts to recognizing allowances on a twelve-month ECL basis. A financial asset is considered to be in default when the financial asset is 90 days past due, unless there is reasonable and supportable information demonstrating that a more lagging default criterion is appropriate. A financial asset is written off when there is no reasonable expectation that the contractual cash flows will be recovered.

For trade receivables and contract assets from contracts with customers, a simplified approach is adopted, where the impairment losses are recognized at an amount equal to lifetime expected credit losses. If there are credit insurances or securities held against the balances outstanding, the ECL calculation is based on the probability of default of the insurer/securer for the insured/secured element of the outstanding balance and for the remaining amount on the probability of default of the counterparty.

Non-derivative financial assets classified as at fair value through profit or loss (FVTPL) include trade receivables from sales contracts with provisional pricing and investment funds because the contractual cash flows do not solely represent payments of principal and interest on the principal amount outstanding. Furthermore, this measurement category includes portfolios of trade receivables held with an intention to sell them. These assets are measured at fair value, with any gains or losses arising on remeasurement recognized in profit or loss.

Equity instruments are either measured at fair value through profit or loss (FVTPL) or at fair value through OCI (FVOCI).OMV decided irrevocably to classify as investments at FVOCI the majority of its non-listed equity investments, which are held for strategic purposes and not trading.

OMV derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.The investments in the Russian entities JSC GAZPROM YRGM Development (YRGM) and OJSC Severneftegazprom (SNGP) are accounted for at fair value through profit or loss according to IFRS\u00a09 since their deconsolidation was triggered by the Russian war on Ukraine.

On December 19, 2023, the Russian President signed a decree regarding the Yuzhno-Russkoye field. According to this decree, OMV\u2019s shareholdings in Russian entities and consequently its interests in the gas field are to be transferred to new Russian companies. Those companies will ultimately be held by the insurance company JSC SOGAZ and Gazprom. The proceeds from the transfer of the OMV interest to JSC SOGAZ are to be paid into a Russian special account. This decree equals a unilateral and irreversible expropriation by seizing the interests of OMV in return for compensation that will be determined by Russia and placed in accounts that will eventually be under Russian control. On July 1, 2024, the Russian government established the new companies. According to the public records, the shares attributable to OMV interest have not been transferred to SOGAZ until year-end 2024. Based on these developments and the unchanged situation with regard to the Russian war on Ukraine, OMV considers its investments in YRGM and SNGP to have a fair value of nil as of December 31, 2024 (2023: nil).
Accounting policy

According to IFRS, the net proceeds of the hybrid notes are treated fully as equity because the repayment of the principal and the payments of interest are solely at the discretion of OMV.
Accounting policy

For repurchased own shares, the costs of repurchased shares are reflected as a reduction in equity. Gains or losses on the re-issue of treasury shares (issue proceeds less acquisition cost) result in an increase or a reduction in capital reserves.Accounting policy

With regard to pensions and similar obligations, a distinction is made between defined benefit and defined contribution plans. In the case of defined contribution plans, current contributions are recognized as an expense.

In the case of defined benefit obligations, provisions for pensions, severance payments, and jubilee payments are calculated using the projected unit credit method, which divides the costs of the estimated benefit entitlements over the whole period of employment and thus takes future increases in remuneration into account. Actuarial gains and losses for defined benefit pension and severance payment obligations are recognized in full in the period in which they occur in other comprehensive income. Such actuarial gains and losses are not reclassified to profit or loss in subsequent periods. Actuarial gains and losses on obligations for jubilee payments are recognized in profit or loss. Net interest expenses are calculated on the basis of the net defined benefit obligation and disclosed as part of the financial result. The difference between the return on plan assets and interest income on plan assets included in the net interest expenses is recognized in other comprehensive income.

Provisions for voluntary and mandatory separations under restructuring programs are recognized if a detailed plan has been approved by management and communicated to those affected prior to the statement of financial position date and an irrevocable commitment is thereby established. Expenses related to such restructuring programs are included in the line \u201cOther operating expenses\u201d in the Consolidated Income Statement. Voluntary modifications to employees\u2019 remuneration arrangements are recognized on the basis of the expected number of employees accepting the employing company\u2019s offer. Provisions for obligations related to individual separation agreements that lead to fixed payments over a defined period of time are recognized at the present value of the obligation.Accounting policy

A provision is recorded for present obligations to third parties when it is probable that an obligation will occur, and the settlement amount can be estimated reliably. Provisions for individual obligations are based on the best estimate of the amount necessary to settle the obligation, discounted to the present value in the case of long-term obligations.

The Group recognizes provisions for decommissioning and environmental obligations.The Group\u2019s core activities regularly lead to obligations related to dismantling and removal, asset retirement, and soil remediation activities. These decommissioning and restoration obligations are principally of material importance in the Energy segment (oil and gas wells, surface facilities) and in connection with filling stations on third-party property. At the time the obligation arises, it is provided for in full by recognizing the present value of future decommissioning and restoration expenses as a provision. An equivalent amount is capitalized as part of the carrying amount of long-lived assets. Any such obligation is calculated on the basis of best estimates. The unwinding of discounting leads to interest expenses and accordingly to increased obligations at each statement of financial position date until decommissioning or restoration. For other environmental risks and measures, provisions are recognized if such obligations are probable, and the amount of the obligation can be estimated reliably.

Provisions for onerous contracts are recognized for contracts in which the unavoidable costs of meeting a contractual obligation exceed the economic benefits expected to be received under the contract. These provisions are measured at the lower amount of the cost of fulfilling the contract and any potential penalties or compensation arising in the event of non-performance.
Accounting policy

OMV has entered into supplier finance arrangements with various finance providers. The Group has not derecognized the majority of original liabilities to which the arrangement applies because neither legal release was obtained nor was the original liability substantially modified while entering into the arrangement. The liabilities are shown within trade payables and other financial liabilities until payment. From OMV\u2019s 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.
Accounting policy

Cash and cash equivalents include cash balances, bank accounts, and highly liquid short-term investments with low realization risk, i.e., negligible short-term exchange and interest risks. The maximum maturity at the time of acquisition for such investments is three months.
Accounting policy

Derivative financial instruments are used to hedge market risks resulting from changes in currency exchange rates, commodity prices, and interest rates and for trading purposes. Derivative instruments are recognized at fair value. Unrealized gains and losses are recognized as income or expenses, except where hedge accounting according to IFRS 9 is applied.

Those derivatives qualifying and designated as hedges are either 1) a fair value hedge when hedging exposure to changes in the fair value of a recognized asset or liability, 2) a cash flow hedge when hedging exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction, or 3) a net investment hedge when hedging the foreign exchange risk in a net investment in a foreign operation.

For cash flow hedges, the effective part of the changes in fair value is recognized in other comprehensive income, while the ineffective part is recognized immediately in the income statement. Where the hedging of cash flows results in the recognition of a non-financial asset or liability, the carrying value of that item will be adjusted for the accumulated gains or losses recognized directly in OCI.

Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in OCI and accumulated in the reserve for currency translation differences. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is disposed of or sold.

Contracts to buy or sell non-financial items that can be settled net in cash or another financial instrument are accounted for as financial instruments and measured at fair value. Associated gains or losses are recognized in profit or loss. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of non-financial items in accordance with the Group\u2019s expected purchase, sale, or usage requirements are not accounted for as derivative financial instruments, but as executory contracts.

OMV has contracted several long-term power purchase agreements, which were entered into and continue to be held for own use. They are therefore accounted for as executory contracts.
Accounting policy

The fair value is the amount for which an asset or liability could be transferred at the measurement date, based on the assumption that such transfers take place between participants in principal markets and, where applicable, taking the highest and best use into account.

Fair values are determined according to the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities. For the OMV Group, this category will, in most cases, only berelevant for securities, bonds, investment funds, and futures contracts.

Level 2: Valuation technique using directly or indirectly observable inputs. To determine the fair value for financial instruments within Level 2, forward prices of crude oil or natural gas, interest rates and foreign exchange rates are usually used as inputs to the valuation model. In addition, counterparty credit risk and volatility indicators, if applicable, are considered.

Level 3: Valuation techniques such as discounted cash flow models using significant unobservable inputs (e.g., long-term price assumptions and reserves estimates).
31 |
Offsetting of financial assets and financial liabilities
Accounting policy

Financial assets and financial liabilities are offset only when the Group has a current and legally enforceable right to set off the recognized amounts and when there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

In the normal course of business, OMV enters into various master netting arrangements in the form of International Swaps and Derivatives Association (ISDA) agreements, European Federation of Energy Traders (EFET) agreements or other similar arrangements.
33 |
Share-based payments
Accounting policy

The fair value of share-based compensation expenses arising from the Long-Term Incentive (LTI) Plan \u2013 OMV\u2019s main equity-settled plan \u2013 is estimated using a model based on the expected target achievements and the expected share prices. For cash-settled awards, a provision based on the fair value of the amount payable is built up over the vesting period, so that by the end of the vesting period the fair value of the bonus shares to be granted is fully provided for. The provision is remeasured at the end of each reporting period up to the date of settlement, with any changes in fair value recognized in profit or loss. For share-settled awards, the grant date fair value is recognized as an expense (including income tax), with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to subsequent changes in parameters other than market parameters.

In addition, the Equity Deferral part of the annual bonus is settled in shares. Accordingly, the related expense is recognized against equity. For share-based awards, the award is settled net of tax to the participants.
Accounting policy

OMV sells trade receivables in a securitization program and continues to service and collect the receivables. The risk retained by the OMV Group is insignificant and therefore the trade receivables sold are derecognized in their entirety.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-11": { "value": "
These financial statements have been prepared and are in compliance with IFRS Accounting Standards (IFRS) as adopted by the EU and in accordance with the supplementary accounting regulations pursuant to Sec. 245a, Para. 1 of the Austrian Commercial Code (UGB). The financial year corresponds to the calendar year.
The consolidated financial statements have been prepared in million EUR (EUR mn, EUR\u00a01,000,000). Accordingly, there may be rounding differences.
Principles of consolidation
The consolidated financial statements comprise the financial statements of OMV Aktiengesellschaft and the entities it controls as well as OMV\u2019s interests in jointly controlled and equity-accounted investments.
The financial statements of all consolidated companies are prepared in accordance with uniform Group-wide accounting policies.
38 |
Direct and indirect investments of OMV Aktiengesellschaft
Changes in the consolidated group
Name of company
Registered office
Type of change1
Effective date
Chemicals
Integra Plastics AD
Sofia
First consolidation (A)
March 28, 2024
Petrogas International B.V.2
Eindhoven
Deconsolidation (I)
December 31, 2024
Fuels & Feedstock
OMV Renewable Fuels & Feedstock US Inc.
Wilmington
First consolidation
May 17, 2024
Renovatio Asset Management
Bucharest
First consolidation (A)
May 31, 2024
AP-NewCo GmbH3
Vienna
First consolidation (A)
July 25, 2024
Respira Verde SRL2
Cheriu
First consolidation (A)
December 30, 2024
Energy
OMV Petrom Energy Solution SRL
Bucharest
First consolidation (I)
January 1, 2024
JR Constanta SRL
Bucharest
First consolidation (A)
September 26, 2024
JR Solar Teleorman SRL
Bucharest
First consolidation (A)
September 26, 2024
JR TELEORMAN SRL
Bucharest
First consolidation (A)
September 26, 2024
ATS Energy SA
Vetis
First consolidation (A)
September 27, 2024
BridgeConstruct SRL
Iasi
First consolidation (A)
September 27, 2024
Intertrans Karla SRL
Buzau
First consolidation (A)
September 27, 2024
Electrocentrale Borzesti SRL2
Bucharest
First consolidation (A)
September 30, 2024
Cil PV Plant SRL2
Bucharest
First consolidation (A)
November 29, 2024
Enerintens Solar SRL2
Bucharest
First consolidation (A)
November 29, 2024
Tenersolar Park SRL2
Bucharest
First consolidation (A)
November 29, 2024
SapuraOMV Block 30, S. de R.L. de C.V.
Mexico City
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Americas) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Australia) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Holding) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Malaysia) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Mexico) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (NZ) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Oceania) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Sarawak) Inc.
Nassau
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Western Australia) Pty Ltd
Perth
Deconsolidation
December 9, 2024
SapuraOMV Upstream Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
IROKO CCS ANS4
Sandnes
First consolidation
December 16, 2024
OMV Russia Upstream GmbH
Vienna
Deconsolidation (I)
December 31, 2024
1 \u201cFirst consolidation\u201d refers to newly formed companies, \u201cFirst consolidation (A)\u201d indicates the acquisition of a company, while companies marked with \u201cFirst consolidation (I)\u201d have been included in the consolidation after originally not being consolidated due to immateriality. \u201cDeconsolidation\u201d refers to companies that have been excluded from the Group investments following a sale, while \u201cDeconsolidation (I)\u201d refers to companies that were deconsolidated due to immateriality.
2 Company (previously) consolidated at-equity
3 Company\u00b4s legal name changed in 2025 to AP Truck Mobility GmbH
4 Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
For further information on major disposals, refer to Note 4 \u2013 Significant changes in Group structure.
Number of consolidated companies
2024
2023
Full
consolidation
Equity
consolidation
Accounting for OMV\u00b4s share1
Full
consolidation
Equity
consolidation
Accounting for OMV\u00b4s share1
January 1
115
23
6
123
23
4
Included for the first time
10
5
1
6
3
2
Change in consolidation type
\u2014
\u20131
\u2014
1
\u20131
\u2014
Deconsolidated during the year
\u201311
\u2014
\u2014
\u201315
\u20132
\u2014
December 31
114
27
7
115
23
6
thereof domiciled and operating abroad
81
22
6
82
18
5
thereof domiciled in Austria and
operating abroad
9
\u2014
\u2014
10
\u2014
\u2014
1 Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
List of investments
List of subsidiaries, equity-accounted investments, and other investments of OMV Aktiengesellschaft with an interest of at least 20%
Parent
company
Type of
consoli-
dation1
Equity
interest
in % as of
December 31, 2024
Equity
interest
in % as of
December 31, 2023
Chemicals
Bayport Polymers LLC, Pasadena
BNOVUS
AEJ
50.00
50.00
BlueAlp Holding B.V., Groot-Ammers
BRENBE
AEA
21.25
21.25
Borealis AB, Stenungsund (BABSWE)
BSVSWE
C
100.00
100.00
Borealis AG, Vienna (BORAAG)
BHOLAT
C
39.00
39.00
OMVRM
32.67
32.67
OMV AG
3.33
3.33
Borealis Antwerpen N.V., Zwijndrecht
BORAAG
C
100.00
100.00
Borealis Argentina SRL, Buenos Aires
BORAAG
NC
98.00
98.00
BSVSWE
2.00
2.00
BOREALIS ASIA LIMITED, Hong Kong
BORAAG
NC
100.00
100.00
Borealis BoNo Holdings LLC, Houston (BBNHUS)
BUS
C
100.00
100.00
Borealis Brasil S.A., Itatiba
BORAAG
C
80.00
80.00
BOREALIS CHEMICALS ZA (PTY) LTD, Germiston
BORAAG
NC
100.00
100.00
Borealis Chile SpA, Santiago
BORAAG
NC
100.00
100.00
Borealis Chimie S.A.R.L., Casablanca
BORAAG
NC
100.00
100.00
Borealis Circular Solutions Holding GmbH, Vienna (BCIRC)
BORAAG
C
100.00
100.00
Borealis Colombia S.A.S., Bogota
BORAAG
NC
100.00
100.00
Borealis Compounds Inc., Port Murray (BCOMUS)
BUS
C
100.00
100.00
Borealis Denmark ApS, Copenhagen
BORAAG
NC
100.00
100.00
Borealis Digital Studio B.V., Mechelen
BORAAG
NC
100.00
100.00
Borealis Financial Services N.V., Mechelen
BORAAG
C
100.00
100.00
Borealis France S.A.S., Courbevoie (BFR)
BORAAG
C
100.00
100.00
Borealis Group Services AS, Bamble
BABSWE
C
100.00
100.00
Borealis Insurance A/S (captive insurance company), Copenhagen
BORAAG
C
100.00
100.00
Borealis ITALIA S.p.A., Monza
BORAAG
C
100.00
100.00
Borealis Kallo N.V., Kallo
BORAAG
C
100.00
100.00
Borealis M\u00e9xico, S.A. de C.V., Mexico City
BORAAG
NC
100.00
100.00
BCOMUS
0.00
0.00
Borealis Middle East Holding GmbH, Vienna (BORMEH)
BORAAG
C
100.00
100.00
Borealis Plasticos, S.A. de C.V., Mexico City
BORAAG
NC
100.00
100.00
BCOMUS
0.00
0.00
Borealis Plastik ve Kimyasal Maddeler Ticaret Limited Sirketi, Istanbul
BORAAG
NC
100.00
100.00
Borealis Plastomers B.V., Geleen
BORAAG
C
100.00
100.00
Borealis Poliolefinas da Am\u00e9rica do Sul Ltda., Itatiba
BORAAG
NC
99.99
99.99
BSVSWE
0.01
0.01
Borealis Polska Sp. z o.o., Warsaw
BORAAG
NC
100.00
100.00
Borealis Polymere GmbH, Burghausen (BPODE)
BORAAG
C
100.00
100.00
Borealis Polymers N.V., Beringen
BORAAG
C
100.00
100.00
Borealis Polymers Oy, Porvoo
BORAAG
C
100.00
100.00
Borealis Polyolefine GmbH, Schwechat (BPOAT)
BORAAG
C
100.00
100.00
BSVSWE
0.00
0.00
Borealis Polyolefins d.o.o., Zagreb
BORAAG
NC
100.00
100.00
Borealis Polyolefins S.R.L., Bucharest
BORAAG
NC
100.00
100.00
Borealis Polyolefins s.r.o., Bratislava
BORAAG
NC
100.00
100.00
Borealis Qu\u00edmica Espa\u00f1a S.A., Barcelona
BORAAG
C
100.00
100.00
Borealis RUS LLC, Moscow
BORAAG
NC
\u2014
100.00
Borealis s.r.o., Prague
BORAAG
NC
100.00
100.00
Borealis Services S.A.S., Paris
BFR
NC
100.00
100.00
Borealis Sverige AB, Stenungsund (BSVSWE)
BORAAG
C
100.00
100.00
Borealis Technology Oy, Porvoo
BORAAG
C
100.00
100.00
BOREALIS UK LTD, Manchester
BORAAG
C
100.00
100.00
Borealis USA Inc., Houston (BUS)
BORAAG
C
100.00
100.00
Borouge 4 LLC, Abu Dhabi
BORMEH
AEJ
40.00
40.00
Borouge PLC, Abu Dhabi (BOROLC)
BORMEH
AEJ
36.00
36.00
Borouge Pte. Ltd., Singapore
BOROLC
AEJ
84.75
84.75
BORMEH
15.25
15.25
Circular Feedstock Walld\u00fcrn GmbH, Walld\u00fcrn2
OMVD
C
89.90
89.90
DYM SOLUTION CO., LTD, Cheonan
BORAAG
C
100.00
100.00
Ecoplast Kunststoffrecycling GmbH, Wildon
BORAAG
C
100.00
100.00
EPS Ethylen-Pipeline-S\u00fcd Gesch\u00e4ftsf\u00fchrungs GmbH, Munich
OMVD
NC-I
15.46
15.46
BPODE
7.73
7.73
EPS Ethylen-Pipeline-S\u00fcd GmbH & Co KG, Munich
OMVD
AEA
20.66
20.66
BPODE
10.33
10.33
Etenf\u00f6rs\u00f6rjning i Stenungsund AB, Stenungsund
BABSWE
C
80.00
80.00
Hallbar Kemi i Stenungsund, Stenungsund
BABSWE
NC-I
20.00
20.00
Industrins R\u00e4ddningstj\u00e4nst i Stenungsund AB, Stenungsund
BABSWE
NC-I
25.00
25.00
Integra Plastics EAD, Sofia
BORAAG
C
100.00
KB Munker\u00f6d 1:72, Stenungsund
BABSWE
NC
100.00
100.00
BSVSWE
0.00
0.00
Kilpilahden Voimalaitos Oy, Porvoo
BORAAG
AEA
20.00
20.00
mtm compact GmbH, Niedergebra
BORAAG
C
100.00
100.00
mtm plastics GmbH, Niedergebra
BORAAG
C
100.00
100.00
Novealis Holdings LLC, Houston (BNOVUS)
BBNHUS
C
50.00
50.00
BSBHUS
50.00
50.00
OMV Borealis Holding GmbH, Vienna (BHOLAT)
OMVRM
C
100.00
100.00
Petrogas International B.V., Eindhoven3
BRENBE
NC-I
25.00
25.00
PetroPort Holding AB, Stenungsund
BABSWE
AEJ
50.00
50.00
Recelerate GmbH, Herborn
BORAAG
AEJ
50.00
50.00
Renasci N.V., Ostend (BRENBE)
BCIRC
C
99.18
98.56
Renasci Oostende Holding N.V., Ostend (BRHOBE)
BRENBE
C
100.00
100.00
Renasci Oostende Recycling N.V., Ostend
BRHOBE
C
100.00
100.00
Renasci Oostende SCP N.V., Ostend
BRHOBE
C
100.00
100.00
Rialti S.p.A., Taino
BORAAG
C
100.00
100.00
Star Bridge Holdings LLC, Houston (BSBHUS)
BUS
C
100.00
100.00
Fuels & Feedstock
Abu Dhabi Oil Refining Company, Abu Dhabi
OMVRM
AEA
15.00
15.00
Abu Dhabi Petroleum Investments LLC, Abu Dhabi (ADPINV)
OMVRM
AEJ
25.00
25.00
ADNOC Global Trading LTD, Abu Dhabi
OMVRM
AEA
15.00
15.00
Aircraft Refuelling Company GmbH, Vienna
OMVRM
NC-I
33.33
33.33
AP Truck Mobility GmbH, Vienna4
OMVRM
C
100.00
Autobahn - Betriebe Gesellschaft m.b.H., Vienna
OMVRM
NC-I
47.19
47.19
BSP Bratislava-Schwechat Pipeline GmbH in Liqu., Vienna
OMVRM
NC-I
\u2014
26.00
Deutsche Transalpine Oelleitung GmbH, Munich
OMVD
AEA
32.26
32.26
DUNAT\u00c0R K\u00f6olajterm\u00e9k T\u00e1rol\u00f3 \u00e9s Kereskedelmi Kft., Budapest
OHUN
C
100.00
100.00
Erd\u00f6l-Lagergesellschaft m.b.H., Lannach5
OMVRM
AEA
55.60
55.60
GENOL Gesellschaft m.b.H., Korneuburg
OMVRM
AEA
29.00
29.00
OMV - International Services Ges.m.b.H., Vienna
OMVRM
C
100.00
100.00
OMV BULGARIA OOD, Sofia
PETROM
C
99.90
99.90
OMVRM
0.10
0.10
OMV \u010cesk\u00e1 republika, s.r.o., Prague
OMVRM
C
100.00
100.00
OMV Deutschland Services GmbH, Burghausen (OMVDS)
OMVD
C
100.00
100.00
OMV Downstream SLO, trgovina z nafto in naftnimi derivati, d.o.o., Ljubljana
OMVRM
NC
100.00
OMV Hung\u00e1ria \u00c1sv\u00e1nyolaj Korl\u00e1tolt Felel\u00f6ss\u00e9g\u00fc T\u00e1rsas\u00e1g, Budapest (OHUN)
OMVRM
C
100.00
100.00
OMV PETROM Aviation S.R.L., Otopeni
PETROM
C
100.00
100.00
ROMAN
0.00
0.00
OMV Petrom Biofuels SRL, Bucharest
PETROM
C
25.00
25.00
OMVRM
75.00
75.00
OMV PETROM MARKETING SRL, Bucharest (ROMAN)
PETROM
C
100.00
100.00
OMV Refining & Marketing Middle East & Asia GmbH, Vienna
OMVRM
C
100.00
100.00
OMV Renewable Fuels & Feedstock B.V., Beveren
OMVRM
C
100.00
100.00
OMV Renewable Fuels & Feedstock US Inc., Wilmington
OMVRM
C
100.00
OMV Slovensko s.r.o., Bratislava
OMVRM
C
99.99
99.99
OMV SRBIJA d.o.o., Belgrade
PETROM
C
99.96
99.96
OMVRM
0.04
0.04
OMV Supply & Trading Italia S.r.l., Trieste
OMVRM
C
100.00
100.00
OMV Supply & Trading Limited, London (OTRAD)
OMVRM
C
100.00
100.00
OMV Supply & Trading Singapore PTE LTD., Singapore
OTRAD
NC
100.00
100.00
OMV Switzerland Holding AG in Liquidation, Zug6
OGI
NC
100.00
100.00
Pak-Arab Refinery Limited, Karachi
ADPINV
AEJ
40.00
40.00
Petrom-Moldova S.R.L., Chisinau
PETROM
C
100.00
100.00
Renovatio Asset Management, Bucharest
PETROM
C
100.00
Respira Verde SRL, Cheriu
PETROM
AEJ
40.48
Routex B.V., Amsterdam
OMVRM
NC-I
20.00
20.00
Salzburg Fuelling GmbH, Salzburg
OMVRM
NC-I
50.00
50.00
Societ\u00e0 Italiana per l'Oleodotto Transalpino S.p.A., Trieste
OMVRM
AEA
32.26
32.26
SuperShop Marketing Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g, Budapest
OHUN
NC-I
50.00
50.00
TGN Tankdienst-Gesellschaft N\u00fcrnberg GbR, Nuremberg
OMVD
NC-I
33.33
33.33
Transalpine \u00d6lleitung in \u00d6sterreich Gesellschaft m.b.H., Matrei in Osttirol
OMVRM
AEA
32.26
32.26
Energy
ATS Energy SA, Vetis
PETROM
C
100.00
BridgeConstruct SRL, Iasi
PETROM
C
100.00
Central European Gas Hub AG, Vienna (HUB)
OGI
C
65.00
65.00
Cil PV Plant SRL, Bucharest
PETROM
AEJ
50.00
deeep Tiefengeothermie GmbH, Vienna
OGEO
PC
49.00
49.00
EEX CEGH Gas Exchange Services GmbH, Vienna
HUB
AEA
49.00
49.00
Electrocentrale Borzesti SRL, Bucharest
PETROM
AEJ
50.00
Energy Infrastructure Limited, Wellington
NZEA
C
100.00
100.00
Energy Petroleum Holdings Limited, Wellington
NZEA
C
100.00
100.00
Energy Petroleum Investments Limited, Wellington
NZEA
C
100.00
100.00
Enerintens Solar SRL, Bucharest
PETROM
AEJ
50.00
Freya Bunde-Etzel GmbH & Co. KG, Bonn
OGSG
AEA
39.99
39.99
Intertrans Karla SRL, Buzau
PETROM
C
100.00
IROKO CCS ANS, Sandnes
ONOR
PC
30.00
JR Constanta SRL, Bucharest
PETROM
C
100.00
JR Solar Teleorman SRL, Bucharest
PETROM
C
100.00
JR TELEORMAN S.R.L., Bucharest
PETROM
C
100.00
JSC GAZPROM YRGM Development, St. Petersburg7,8
OMVEP
NC-I
\u2014
\u2014
OJSC Severneftegazprom, Krasnoselkup8
OMVEP
NC-I
24.99
24.99
OMV (Berenty) Exploration GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV (IRAN) onshore Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (Mandabe) Exploration GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV (NAMIBIA) Exploration GmbH, Vienna
ONAFRU
NC
100.00
100.00
OMV (NORGE) AS, Stavanger (ONOR)
OMVEP
C
100.00
100.00
OMV (Tunesien) Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (TUNESIEN) Sidi Mansour GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV (Yemen Block S 2) Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (YEMEN) Al Mabar Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV (YEMEN) South Sanau Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Abu Dhabi E&P GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Abu Dhabi Offshore GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Abu Dhabi Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV AUSTRALIA PTY LTD, Perth (OAUST)
OMV AG
C
100.00
100.00
OMV Austria Exploration & Production GmbH, Vienna (OEPA)
OMVEP
C
100.00
100.00
OMV Austria Geothermal GmbH, Vienna (OGEO)
OGREEN
C
100.00
100.00
OMV Barrow Pty Ltd, Perth
OAUST
NC
100.00
100.00
OMV Beagle Pty Ltd, Perth
OAUST
NC
100.00
100.00
OMV Beteiligungsverwaltungs GmbH, Vienna
OMVRM
NC
100.00
\u2014
OMV AG
\u2014
100.00
OMV Bina Bawi GmbH, Vienna
PETEX
NC
100.00
100.00
OMV Block 70 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Croatia Geothermal GmbH, Vienna
OGREEN
NC
100.00
100.00
OMV East Abu Dhabi Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Enerji Ticaret Anonim \u015eirketi, Istanbul
OMVRM
C
100.00
100.00
OMV Exploration & Production GmbH, Vienna (OMVEP)
OMV AG
C
100.00
100.00
OMV Gas Logistics Holding GmbH, Vienna (OGI)
OMV AG
C
100.00
100.00
OMV Gas Marketing & Trading Belgium, Brussels
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading Deutschland GmbH, D\u00fcsseldorf
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading GmbH, Vienna (ECOGAS)
OMVRM
C
100.00
100.00
OMV Gas Marketing & Trading Hung\u00e1ria Kft., Budapest
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading Italia S.r.l., Milan
ECOGAS
NC
100.00
100.00
OMV Gas Marketing Trading & Finance B.V., Amsterdam
OFS
C
100.00
100.00
OMV Gas Storage Germany GmbH, Cologne (OGSG)
OMVDS
C
100.00
100.00
OMV Gas Storage GmbH, Vienna
OGI
C
100.00
100.00
OMV Gaz Iletim A.S., Istanbul
OMVRM
C
100.00
100.00
OMV Green Energy GmbH, Vienna (OGREEN)
OMVEP
C
100.00
100.00
OMV Jardan Block 3 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Maurice Energy GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Middle East & Africa GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Myrre Block 86 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV New Zealand Limited, Wellington (NZEA)
OMVEP
C
100.00
100.00
OMV NZ Production Limited, Wellington
NZEA
C
100.00
100.00
OMV OF LIBYA LIMITED, Douglas
OMVEP
C
100.00
100.00
OMV Offshore (Namibia) GmbH, Vienna (ONAFRU)
OMVEP
NC
100.00
100.00
OMV Offshore Bulgaria GmbH, Vienna
PETROM
C
100.00
100.00
OMV Offshore Morondava GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV Oil and Gas Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Oil Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Oil Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Orient Hydrocarbon GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV Orient Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Petroleum Exploration GmbH, Vienna (PETEX)
OMVEP
NC
100.00
100.00
OMV Petroleum Pty Ltd, Perth
NZEA
NC
100.00
100.00
OMV PETROM E&P BULGARIA S.R.L., Bucharest
PETROM
C
100.00
100.00
OMV Petrom Energy Solution SRL, Bucharest3
PETROM
C
100.00
100.00
OMV PETROM GEORGIA LLC, Tbilisi
PETROM
C
100.00
100.00
OMV Proterra GmbH, Vienna
OEPA
NC
100.00
100.00
OMV Russia Upstream GmbH, Vienna3
OMVEP
NC
100.00
100.00
OMV Upstream International GmbH, Vienna (OUPI)
OMVEP
C
100.00
100.00
Pearl Petroleum Company Limited, Road Town
OUPI
AEA
10.00
10.00
PEI Venezuela Gesellschaft mit beschr\u00e4nkter Haftung, Burghausen
OMVEP
NC
100.00
100.00
PETROM EXPLORATION & PRODUCTION LIMITED, Douglas
PETROM
NC
100.00
100.00
POSEIDON EXL 005 ANS, Lysaker
ONOR
PC
50.00
50.00
Preussag Energie International GmbH, Burghausen
OMVEP
NC
100.00
100.00
S. PARC FOTOVOLTAIC ISALNITA S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. PARC FOTOVOLTAIC ROVINARI EST S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. PARC FOTOVOLTAIC TISMANA 1 S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. SOLARIST TISMANA 2 S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
SapuraOMV Block 30, S. de R.L. de C.V., Mexico City
SEUPMY
C
\u2014
99.00
SEMXMY
\u2014
1.00
SapuraOMV Upstream (Americas) Sdn. Bhd., Kuala Lumpur (SEAMMY)
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Australia) Sdn. Bhd., Kuala Lumpur (SEAUMY)
SEOCMY
C
\u2014
100.00
SapuraOMV Upstream (Holding) Sdn. Bhd., Kuala Lumpur (SEUPMY)
SOUPMY
C
\u2014
100.00
SAPURAOMV UPSTREAM (MALAYSIA) SDN. BHD., Kuala Lumpur
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Mexico) Sdn. Bhd., Kuala Lumpur (SEMXMY)
SEAMMY
C
\u2014
100.00
SapuraOMV Upstream (NZ) Sdn. Bhd., Kuala Lumpur (SENZMY)
SEOCMY
C
\u2014
100.00
SapuraOMV Upstream (Oceania) Sdn. Bhd., Kuala Lumpur (SEOCMY)
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Sarawak) Inc., Nassau
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Western Australia) Pty Ltd, Perth
SEAUMY
C
\u2014
100.00
SapuraOMV Upstream JV Sdn. Bhd., Kuala Lumpur
SENZMY
NC
\u2014
100.00
SapuraOMV Upstream Sdn. Bhd., Kuala Lumpur (SOUPMY)
OMVEP
C
\u2014
50.00
Tenersolar Park SRL, Bucharest
PETROM
AEJ
50.00
Corporate & Other
ASOCIATIA ROMANA PENTRU RELATIA CU INVESTITORII, Bucharest
PETROM
NC-I
20.00
20.00
Diramic Insurance Limited, Gibraltar
OMV AG
C
100.00
100.00
OMV Clearing und Treasury GmbH, Vienna
SNO
C
100.00
100.00
OMV Finance Services GmbH, Vienna (OFS)
SNO
C
100.00
100.00
OMV Finance Services NOK GmbH, Vienna
SNO
C
100.00
100.00
OMV Finance Solutions USD GmbH, Vienna
SNO
C
100.00
100.00
OMV Insurance Broker GmbH in Liqu., Vienna
OMV AG
NC
\u2014
100.00
OMV International Oil & Gas GmbH, Baar
OMV AG
C
100.00
100.00
OMV Petrom Global Solutions SRL, Bucharest
SNO
C
75.00
75.00
PETROM
25.00
25.00
OMV Solutions GmbH, Vienna (SNO)
OMV AG
C
100.00
100.00
PETROMED SOLUTIONS SRL, Bucharest
PETROM
C
100.00
100.00
Assigned to multiple segments9
BTF Industriepark Schwechat GmbH, Schwechat
BPOAT
NC
50.00
50.00
OMVRM
50.00
50.00
C2PAT GmbH, Vienna
BORAAG
AEJ
25.00
25.00
OMVRM
25.00
25.00
OMV Deutschland GmbH, Burghausen (OMVD)
OMVRM
C
90.00
90.00
OMV AG
10.00
10.00
OMV Deutschland Marketing & Trading GmbH & Co. KG, Burghausen10
OMVD
C
99.99
99.99
OMVDS
0.01
0.01
OMV Deutschland Operations GmbH & Co. KG, Burghausen
OMVD
C
99.99
99.99
OMVDS
0.01
0.01
OMV Downstream GmbH, Vienna (OMVRM)
OMV AG
C
100.00
100.00
OMV PETROM SA, Bucharest (PETROM)
OMV AG
C
51.16
51.16
1 Type of consolidation:
C Consolidated subsidiary
AEA Associated companies accounted at-equity
AEJ Joint venture accounted at-equity
PC Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
NC-I Other non consolidated investment; associated companies and joint ventures of relatively little importance to the assets and earnings of the consolidated financial statements
NC Non-consolidated subsidiary; shell or distribution companies of relative insignificance individually and collectively to the consolidated financial statements
2 Economic share 100.00%
3 Type of consolidation was changed compared to 2023.
4 Company\u00b4s legal name changed in 2025; previously AP-NewCo GmbH
5 Despite majority interest not being fully consolidated, but accounted for at-equity due to absence of control.
6 Company\u2019s legal name changed following the initiation of liquidation.
7 Economic share 99.99%
8 The decree of the Russian President No.965 stipulates the expropriation of the shares
9 Assigned to the relevant segments in the segment reporting
10 In the 2024 financial year, OMV Deutschland Marketing & Trading GmbH & Co. KG made use of the exemption provision for the preparation of the annual financial statement and director\u2019s report, audit and disclosure pursuant to Section 264b HGB in conjunction with Section 325 HGB. The company's exemption is mentioned in its notes and published in the Federal Gazette with reference to this provision and an indication of the parent company.
All the companies that are not consolidated either have low business volumes or are distribution companies; the total sales, net income/losses, and equity of such companies represent less than 1% of the Group totals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-12": { "value": "These financial statements have been prepared and are in compliance with IFRS Accounting Standards (IFRS) as adopted by the EU and in accordance with the supplementary accounting regulations pursuant to Sec. 245a, Para. 1 of the Austrian Commercial Code (UGB).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-13": { "value": "The consolidated financial statements for 2024 were prepared by the Executive Board of OMV on March 14, 2025 and submitted to the Supervisory Board for approval.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-14": { "value": "
2 |
Accounting policies, judgments, and estimates
Significant judgments and estimates
Preparation of the consolidated financial statements requires management to make estimates and judgments that affect the amounts reported for assets, liabilities, income, and expenses, as well as the amounts disclosed in the notes. These estimates and assumptions are based on historical experience and other factors that are deemed reasonable at the date of preparation of these financial statements. Actual outcomes could differ from these estimates.
Key accounting estimates, assumptions, and judgments that are involved in preparing the consolidated financial statements are listed in the table below.
Note
Key accounting estimates and judgments
Estimate/Judgment
Note 3 \u2013 Effects of climate change and the energy transition
Assumptions on decarbonisation pathways and commodity prices for valuation of assets and liabilities
Estimate
Note 9 \u2013 Depreciation, amortization, impairments and write-ups
Recoverability of non-financial assets
Estimate
Note 14 \u2013 Taxes on income and profit
Recoverability of deferred tax assets
Estimate
Note 16 \u2013 Intangible assets
Recoverability of unproved oil and gas assets
Estimate
Note 17 \u2013 Property, plant, and equipment
Estimate of oil and gas reserves
Estimate
Note 17 \u2013 Property, plant, and equipment
Prolongation and termination options in lease contracts
Judgment
Note 20 \u2013 Financial assets
Recoverability and fair value measurement of financial assets
Estimate
Note 24 \u2013 Provisions for pensions and similar obligations
Assumptions for measurement of provisions for pensions and similar obligations
Estimate
Note 25 \u2013 Decommissioning and other provisions
Assumptions for measurement of decommissioning and onerous contract provisions
Estimate
Note 29 \u2013 Risk management
Classification of contracts for the purchase or sale of natural gas as \"own use contracts\" outside of the scope of IFRS 9
Judgment
3 |
Effects of climate change and the energy transition
OMV has considered the short- and long-term effects of climate change and the energy transition in preparing the consolidated financial statements. They are subject to uncertainty, and they may have a significant impact on the assets and liabilities currently reported by the Group.
The Group is exposed to climate risks and risks associated with the energy transition, including risks for stranded assets, decrease in demand for fossil products, and regulatory risks. The risks from climate change and their management are described in the Directors\u2019 Report.
OMV\u2019s targets and commitments to decarbonization
In 2022, OMV defined quantitative short-, medium-, and long-term targets for its emissions reductions and committed to becoming a net-zero emissions company by 2050 (Scopes 1, 2, and 3). For Scope 1 and 2 emissions, OMV is aiming for an absolute reduction of at least 30% by 2030 and of at least 60% by 2040. For the defined categories in Scope 3 emissions, OMV is striving for a reduction of at least 20% by 2030 and of 50% by 2040.51 These absolute GHG emissions reductions and the increase in zero-carbon product energy sales are the key to reducing the carbon intensity of OMV\u2019s energy supply. In 2024, OMV revised its carbon intensity target until 2030 due to a shift in the timeline of projects and pursues now a decline of 15- 20% by 2030. For 2040, OMV continues to target a 50% decrease in its carbon intensity of energy supply.52
According to the most recent mid-term planning, OMV plans to invest organic capital expenditure of approximately EUR 9.2 bn in 2025\u20132029 for projects relating to sustainable business transformation, development of low-carbon business solutions, and energy efficiency measures.
Effects on estimation uncertainty
The significant accounting estimates performed by management incorporate the future effects of OMV\u2019s own strategic decisions and commitments on having its portfolio aligned with the energy transition targets, short and long-term impacts of climate risks and the energy transition to lower carbon energy sources, together with management\u2019s best estimate on global supply and demand, including forecast commodities prices.
Nevertheless, there is significant uncertainty surrounding the changes in the mix of energy sources over the next 30 years and the extent to which such changes will meet the ambitions of the Paris Agreement. While companies can commit to such ambitions, financial reporting under IFRS requires the use of assumptions that represent management\u2019s current best estimate of the range of expected future economic conditions, which may differ from such targets. These assumptions include expectations of future worldwide decarbonization efforts and the transition of economies to net zero emissions.
OMV uses two different scenarios: the base case and the \u201cnet zero emissions by 2050\u201d case. The scenarios differ in the underlying expectations of the pace of future worldwide decarbonization and lead to different assumptions for demand, prices, and margins of fossil commodities.
The base case is guided by the IEA Announced Pledges Scenario (APS), which assumes that all decarbonization pledges announced by governments around the world will be implemented in full and on time.53 In this scenario, the temperature increase by 2100 will be limited to 1.7\u00b0C with a probability of 50%. Underlying supply and demand are inspired by APS and the corresponding price assumptions were developed by the internal Strategic Intelligence department. The base case is used for mid-term planning as well as for estimates relating to the measurement of various items in the Group financial statements, including impairment testing of non-financial assets and the measurement of provisions.
The \u201cnet zero emissions by 2050\u201d case, which is based on a faster decarbonization path than the base case is used for calculating sensitivities in order to recognize the uncertainty of the pace of the energy transition and to better understand the financial risk of the energy transition on OMV\u2019s existing assets. The assumptions used in this case are in line with the Net Zero Emissions by 2050 (NZE) scenario modeled by the IEA, where available.53 It shows a pathway for the global energy sector to achieve net zero GHG emissions by 2050 and is compatible with limiting the temperature increase to 1.5\u00b0C.
For investment decisions, business cases are calculated using the price and demand assumptions according to the base case, along with the aim to reach a net-zero status by 2050. These assumptions are the same as for mid-term planning and impairment tests. In addition, a stress test based on the commodity price assumptions of the \u201cnet zero emissions by 2050\u201d scenario is mandatory for all investment decisions in order to assess the risk of stranded assets in this decarbonization scenario.
Recoverability of\u00a0assets\u00a0
The following table summarizes the carrying amounts of the Group\u2019s intangible assets (incl. goodwill), PPE, and equity-accounted investments disaggregated according to the type of assets:
Carrying amounts as of December 31
In EUR mn
Segment
Intangible
assets (incl. goodwill)
Property, plant and equipment
Equity-
accounted
investments
2024
Chemical production and recycling (incl. chemical part of refineries)
Chemicals
1,047
6,087
4,777
Refining
F&F
185
3,508
1,524
Retail
F&F
45
1,285
\u2014
Oil and gas exploration and evaluation
Energy
285
\u2014
\u2014
Oil and gas production
Energy
360
8,679
288
Gas storages and power plant
Energy
16
515
0
Other
85
352
72
Total
2,023
20,426
6,661
2023
Chemical production and recycling (incl. chemical part of refineries)
Chemicals
975
5,643
4,747
Refining
F&F
101
3,255
1,655
Retail
F&F
23
1,129
\u2014
Oil and gas exploration and evaluation
Energy
270
\u2014
\u2014
Oil and gas production
Energy
356
9,313
264
Gas storages and power plant
Energy
17
523
0
Other
38
217
2
Total
1,779
20,081
6,668
Commodity price assumptions have a significant impact on the recoverable amounts of E&A assets, PPE, and goodwill. For the impairment tests, the price set as defined for mid-term planning and derived from the base case as described above was used. Costs for CO2 emissions are taken into account to the extent that carbon pricing schemes are in place in the respective countries. Disclosures on the impairment tests are included in Note 9 \u2013 Depreciation, amortization, impairments and write-ups.
The base case price assumptions and the EUR\u2013USD exchange rates used for impairment testing are listed below (in 2024 real terms for 2024 and 2023 real terms for 2023):
2024 Price assumptions for base case and impairment testing
2025
2026
2027
2028
2029
2030
2040
2050
Brent oil price (USD/bbl)
73
72
71
69
68
67
63
56
EUR\u2013USD exchange rate
1.10
1.15
1.15
1.15
1.15
1.15
1.15
1.15
Brent oil price (EUR/bbl)
67
63
61
60
59
58
55
48
Gas price THE (EUR/MWh)
32
30
26
23
23
22
24
24
CO2 price EUA (EUR/t)
69
86
104
111
118
125
147
147
2023 Price assumptions for base case and impairment testing
2024
2025
2026
2027
2028
2030
2040
2050
Brent oil price (USD/bbl)
78
71
65
64
59
59
55
55
EUR\u2013USD exchange rate
1.10
1.10
1.15
1.15
1.15
1.15
1.15
1.15
Brent oil price (EUR/bbl)
71
65
57
56
51
51
48
48
Gas price THE (EUR/MWh)
44
38
34
25
22
22
22
22
CO2 price EUA (EUR/t)
92
99
106
112
118
130
144
144
Sensitivities based on the \u201cnet zero emissions by 2050\u201d climate scenario have been calculated to test the resilience of assets against the risks of the energy transition.
The assumptions used in the sensitivity analysis are included in the table below (prices in 2024 real terms):
2024 Price assumptions for \u201cnet zero emissions by 2050\u201d sensitivities
2025
2026
2027
2028
2029
2030
2040
2050
Brent oil price (USD/bbl)
64
58
52
47
42
38
30
23
EUR\u2013USD exchange rate
1.10
1.15
1.15
1.15
1.15
1.15
1.15
1.15
Brent oil price (EUR/bbl)
58
50
45
41
37
33
26
20
Gas price THE (EUR/MWh)
24
22
20
18
16
14
14
14
CO2 prices (EUR/t):
EUA/Advanced economies with net zero pledges
88
98
107
117
125
134
191
231
Emerging and developing economies with net zero pledges
35
44
53
64
74
86
149
185
Selected emerging and developing economies
8
11
13
17
20
24
79
166
Other emerging and developing economies
4
6
8
10
12
14
33
51
The \u201cnet zero emissions by 2050\u201d sensitivities for oil and gas assets were calculated using a simplified method and are based on a discounted cash flow model in line with the impairment testing calculations. The cash flows are based on adjusted mid-term planning for the next five years and life of field planning for the remaining years until abandonment. The \u201cnet zero emissions by 2050\u201d case does not include any changes to input factors other than prices and volumes. The calculation considers an earlier economic cut-off date for oil and gas fields if the revenues impacted by lower prices are not sufficient to cover the costs. But it especially does not take into account any restructurings, cost reduction measures, divestments, or other changes in the business plans that are not included in the base case. The amounts presented therefore should not be seen as a best estimate of an expected impairment impact following such a scenario.
The CO2 costs considered for oil and gas assets are based on the CO2 prices in the IEA NZE by 2050 scenario. CO2 costs are included for 100% of OMV\u2019s share of direct emissions, except for emissions from E&P Austria and Romania where CO2 costs are only considered to the extent that the activities are within the scope of the European Emissions Trading Scheme (ETS) in the years until 2030 and for 100% of OMV\u2019s share of direct emissions after 2030.
The sensitivities calculated based on the \u201cnet zero emissions by 2050\u201d case indicate that there is a risk of impairments of oil and gas assets. The carrying amounts of the oil and gas assets with proved reserves (incl. E&P at-equity investments) would decrease by EUR 4.2 bn and goodwill would decrease by EUR 0.1 bn. In addition, all oil and gas assets with unproved reserves would be abandoned with a pre-tax loss of EUR 0.3 bn. The total post-tax impact on profit or loss would be EUR 3.1 bn.
As far as the Chemicals segment is concerned, management would not foresee negative effects on the overall demand of polyolefin solutions in the accelerated decarbonization scenario. Pricing of polyolefins is mainly driven by base chemical markets like naphtha, ethane, and propane. An accelerated change in the world\u2019s energy landscape might lead to different price movements in those relevant base chemicals, temporarily affecting the profitability of some assets in the polyolefin value chain. Due to the expected strong demand for polyolefin solutions, management does not foresee any substantial negative effects on the overall integrated value chain.
OMV plans to transform its European refineries so that they will stay competitive as the decarbonization of the fuels and chemical sector progresses. Crude oil distillation throughput will be decreased. The product mix will be adapted to reduce heating oil and diesel output while increasing the chemical yield. In parallel, a production portfolio of renewable fuels and sustainable chemical feedstocks will be developed. It is expected that declines in demand for fossil products caused by the energy transition will progress more slowly in the markets in the Middle East and Asia to which ADNOC Refining has access.
Given the high level of uncertainty and the complexity of the interplay between various driving factors in a \u201cnet zero emissions by 2050\u201d climate scenario for refineries, sensitivities based on changes in margins and utilization rates are disclosed.
OMV refining indicator margins applied for impairment testing by reference to value in use average USD 6.0/bbl for the six years until 2030 and gradually decline thereafter. All other things being equal, a change of USD \u20131.0/bbl or +1.0/bbl to refining margins over the entire cash flow projection period and in the terminal value would result in a pre-tax impairment of EUR 0.3 bn or no impairment reversals of the refinery Petrobrazi in Romania and no impairment or impairment reversal of the refineries in Austria and Germany.
The utilization rates assumed in the impairment tests of the European refineries average 91% for the six years until 2030 and gradually decline in the long term. All other things being equal, a change of \u201310% or +10% in the utilization rates over the entire cash flow projection period and in the terminal value would result in a pre-tax impairment of EUR 0.2 bn or no impairment reversals of the refinery Petrobrazi in Romania and no impairment or impairment reversal of the refineries in Austria and Germany.
In the impairment test for the investment in ADNOC Refining (including ADNOC Trading), gross refining margins are assumed at an average of USD 9.4/bbl for the six years until 2030 and slightly lower thereafter. All other things being equal, a change of USD \u20131.0/bbl or +1.0/bbl to gross refining margins over the entire cash flow projection period and in the terminal value would result in an impairment of the investment in ADNOC Refining of EUR 0.3 bn or an impairment reversal of up to EUR 0.6 bn, respectively.
For retail, cash flows of less than ten years were sufficient to demonstrate the recoverability of the carrying amounts of the assets currently held. Consequently, there was no need to perform a calculation under the \u201cnet zero emissions by 2050\u201d scenario.
Useful life
The pace of the energy transition may have an impact on the remaining useful life of assets. The majority of fixed assets in the Chemicals business will be fully depreciated over the next 10 years or less. The depreciable fixed assets in the refineries will in average be fully depreciated over the next 9 years and in retail over the next 5 to 11 years. Demand for petroleum and chemical products is expected to stay\u00a0robust\u00a0over this period\u00a0of time. In addition, OMV has already started implementing an investment program to transform its refinery and retail assets. It is therefore predicted that the energy transition will not have a material impact on the expected useful life\u00a0of existing property,\u00a0plant,\u00a0and equipment in the F&F and Chemicals segments.\u00a0
In the Energy segment, oil and gas assets are depreciated using the unit-of-production method which is based on proved reserves. According to the current production plans, 41% of proved reserves as of December 31, 2024, will be left by 2030, 8% by 2040, and 2% by 2050. The existing oil and gas assets with proved reserves (without considering any future investments) will therefore be significantly depreciated by 2030 and, with the exception of one field, fully depreciated by 2050.
Decommissioning provisions\u00a0
The carrying amounts and maturity profile of decommissioning provisions are as follows:
Estimation of maturities and cash outflows of decommissioning and restoration obligations1
In EUR mn
2024
2023
Carrying amount
Undiscounted inflated costs
Carrying amount
Undiscounted inflated costs
\u22641 year
71
76
69
78
1\u201310 years
1,617
2,340
1,239
1,762
11\u201320 years
1,923
4,315
2,421
4,673
21\u201330 years
296
791
233
730
>30 years
187
753
185
679
Total
4,093
8,275
4,148
7,922
1 Mainly related to decommissioning and restoration obligations in the Energy business segment
The speed of the energy transition will influence the timing of the decommissioning of oil and gas facilities. In the \u201cnet zero emissions by 2050\u201d scenario, some oil and gas fields could be shut down earlier. Given the low real interest rates used in the calculation and assuming a similar yearly abandonment capacity, there would not be any material impact on the book value of the decommissioning provisions.
For refinery and chemical sites built on owned land, no decommissioning provisions are recognized because these plants are long-lived assets that will continue to be used in an energy transition scenario. For OMV\u2019s European refinery sites, there are significant investments planned in the coming years with the goal of transforming them in the direction of renewable fuels and chemical feedstock production with deeper chemicals integration. Furthermore, ADNOC Refining is expected to continue to operate under a Paris-aligned scenario because of its favorable positioning in the market.
Deferred tax assets
In the \u201cnet zero emissions by 2050\u201d scenario, based on the simplified recoverability analysis, deferred tax assets related to additional impairments would for the most part be considered recoverable. No material effects with respect to the net deferred tax asset position of the Austrian tax group would be expected.
Impact on ability to pay dividends
The management assessed the impact of the \u201cnet zero emissions by 2050\u201d scenario on the ability of OMV Aktiengesellschaft to pay dividends. The potential impairment loss in this scenario in the period 2024 would not impact the ability to pay dividends in 2025 because of the strong result and financial reserves at the level of the stand-alone financial statements of OMV Aktiengesellschaft which are the basis for dividend payments.
Significant estimates: recoverability of assets

Evaluating whether assets or CGUs are impaired or whether past impairments should be reversed, requires the use of various estimates and assumptions such as price and margin developments, production volumes and discount rates.

Changes in the economic situation, expectations of climate-related risks or other facts and circumstances might require a revision of these assumptions and could lead to impairments of assets or reversals of impairments within the next financial year. The management performs this analysis for each material CGU.

The price and margin assumptions used in impairment testing are reviewed annually by management and approved by the Supervisory Board as part of mid-term planning (MTP). They are based on management\u2019s best estimate and consistent with external sources. Whereas prices in the near term are anchored in recent forward prices and market developments, long-term price assumptions are developed using a variety of long-term forecasts by reputable experts and consider long-term views of global supply and demand. OMV\u2019s long-term assumptions take into consideration the impacts of climate change and the energy transition to lower-carbon energy sources (see more information in Note 3 \u2013 Effects of climate change and the energy transition).

The key valuation assumptions for the recoverable amounts of E&P assets are oil and gas prices, production volumes, and exchange and discount rates. The production profiles were estimated based on reserves estimates (see Note 17 \u2013 Property, plant, and equipment) and past experience and represent management\u2019s best estimate of future production. The cash flow projections for the first five years are based on the mid-term plan and thereafter on \u201clife of field\u201d planning and therefore cover the whole life span of the field.

In the F&F and Chemicals business segments, the main assumptions for the calculation of the recoverable amounts are the relevant margins and volumes plus discount, inflation, and growth rates. The value in use calculation is based on the cash flows of the\u00a0five-year\u00a0mid-term plan and a terminal value.

The price sets used for the value in use calculations are included in Note 3 \u2013 Effects of climate change and the energy transition.Significant estimates: recoverability of DTA

The recognition of DTA requires an assessment of when those assets are likely to reverse, and an evaluation as to whether or not there will be sufficient taxable profits available to offset the assets when they reverse. This assessment of recoverability requires assumptions regarding future taxable profits and is therefore uncertain. At OMV, this assessment is based on detailed tax planning that covers the life span of fields in E&P entities and a five-year period in the other entities.

In both 2024 and the previous year, a valuation allowance for the DTA of the Austrian tax group was recognized. The DTA recognized for the Austrian tax group as of December 31, 2024, reflects the expected utilization of deductible temporary differences of balance sheet items and tax losses carried forward based on the mid-term plan for the period 2025\u20132029. A limitation to the usage of tax losses of 75%, as stipulated by the Austrian Corporate Income Tax Act, was considered in the assessment of the recoverable DTA within and after the planning period.

Changes in the assumptions regarding future taxable profits can lead to an increase or decrease in the amount of DTA recognized, which has an impact on the net income in the period in which the change occurs.
Significant estimates: recoverability of unproved oil and gas assets

There may be cases when costs related to unproved oil and gas properties remain capitalized over longer periods while various appraisal and seismic activities continue in order to assess the size of the reservoir and its commerciality. Further decisions on the optimum timing of such developments are made from a resource and portfolio point of view. As soon as there is no further intention to develop a discovery, the assets are immediately impaired.
Significant estimate: oil and gas reserves

The oil and gas reserves are estimated by the Group\u2019s petroleum experts in accordance with industry standards and reassessed at least once per year. In addition, external reviews are performed regularly. During 2024, the reserves of the oil and gas assets in Tunisia and the Kurdistan Region of Iraq (KRI) up to December 31, 2023, were externally reviewed by DeGolyer and MacNaughton (D&M). The reserves of the other material oil and gas assets were externally reviewed the year before.

The results of the external reviews did not show significant deviations from the internal estimates, apart from a few exceptional cases. In the case of significant deviations, OMV performs further analysis, involving additional independent experts where necessary.

Oil and gas reserve estimates have a significant impact on the assessment of the recoverability of the carrying amounts of the Group\u2019s oil and gas assets. Downward revisions of these estimates could lead to impairment of the asset\u2019s carrying amount. In addition, changes to the estimates of oil and gas reserves prospectively impact the amount of amortization and depreciation.
Significant judgments: prolongation and termination options of lease contracts

OMV has a significant number of contracts in which it leases filling stations. Many of those contracts include prolongation and termination options. Prolongation options or periods after termination options are included in the lease term if it is reasonably certain that the lease will be prolonged or not terminated. When determining the lease term, the Group takes into account all relevant facts and circumstances that create an economic incentive for shortening or prolonging the lease term using the available options. When assessing the lease term of leases in filling stations for periods covered by prolongation or termination options, the assumption was applied that the lease term will not exceed 20 years.

Optional periods not taken into account in the measurement of the leases, exist mainly for E&P equipment in Romania, office buildings, a plot of land in Belgium and gas storage caverns in Germany. The prolongation option for the office buildings and the gas storage caverns can only be exercised in the distant future.Significant estimates: recoverability and fair value measurement of financial assets

The management periodically assesses the receivable related to expenditure recoverable from the Romanian State regarding obligations for decommissioning and restoration costs in OMV Petrom SA. The assessment process takes into consideration aspects such as the history of amounts claimed, documentation process-related requirements, potential litigation, and arbitration proceedings.

The investments in the Russian entities JSC GAZPROM YRGM Development (YRGM) and OJSC Severneftegazprom (SNGP) are accounted for at fair value through profit or loss according to IFRS\u00a09 since their deconsolidation was triggered by the Russian war on Ukraine.

On December 19, 2023, the Russian President signed a decree regarding the Yuzhno-Russkoye field. According to this decree, OMV\u2019s shareholdings in Russian entities and consequently its interests in the gas field are to be transferred to new Russian companies. Those companies will ultimately be held by the insurance company JSC SOGAZ and Gazprom. The proceeds from the transfer of the OMV interest to JSC SOGAZ are to be paid into a Russian special account. This decree equals a unilateral and irreversible expropriation by seizing the interests of OMV in return for compensation that will be determined by Russia and placed in accounts that will eventually be under Russian control. On July 1, 2024, the Russian government established the new companies. According to the public records, the shares attributable to OMV interest have not been transferred to SOGAZ until year-end 2024. Based on these developments and the unchanged situation with regard to the Russian war on Ukraine, OMV considers its investments in YRGM and SNGP to have a fair value of nil as of December 31, 2024 (2023: nil).

OMV has a contractual position toward Gazprom from the redetermination of the reserves of the Yuzhno Russkoye gas field, which was taken over as part of the acquisition of the participation in this field in 2017. According to this agreement, the volume of gas reserves in the Yuzhno Russkoye field is contractually defined and if the reserves are higher or lower than what was assumed in the agreement, either OMV could be obligated to compensate Gazprom (but would have profited in the future from higher sales volumes) or Gazprom could be obligated to compensate OMV. The payment for the reserve redetermination is linked to the actual amount of the gas reserves.

Based on the reserves determined by an independent expert, who was appointed according to the swap agreement, OMV would be entitled to compensation. In the current difficult political and legal environment in Russia, however, at this stage OMV does not expect this contractual position to be recoverable and measures this asset with a value of zero (2023: nil).Significant estimates: pensions and similar obligations

The projected unit credit method of calculating provisions for pensions, severance, and jubilee entitlements requires estimates of discount rates, future increases in salaries, and future increases in pensions.

The biometrical basis for calculating provisions for pensions, severance, and jubilee entitlements of Austrian Group companies is provided by AV\u00d6 2018 P \u2013 Angestellte - Rechnungsgrundlagen f\u00fcr die Pensionsversicherung (Biometric Tables for Pension Insurance), using the variant for salaried employees. In other countries, similar actuarial parameters are used. Employee turnover was computed based on age or years of service, respectively. The expected retirement age used for calculations is based on the relevant country\u2019s legislation.Significant estimates: decommissioning and onerous contract provisions

The most significant decommissioning obligations of the Group are related to the plugging of wells, the abandonment of facilities, and the removal and disposal of offshore installations. The majority of these activities are planned to occur many years in the future, while decommissioning technologies, costs, regulations, and public expectations are constantly changing. Estimates of future restoration costs are based on reports prepared by Group experts or partner companies and on past experience. Any significant downward changes in the expected future costs or postponement in the future affect both the provision and the related asset, to the extent that there is sufficient carrying amount. Otherwise, the provision is reversed in income. Significant upward revisions trigger the assessment of the recoverability of the underlying asset. Provisions for decommissioning and restoration costs require estimates of discount and inflation rates, which have material effects on the amounts of the provision.

Management believes that compliance with current laws and regulations and future, more stringent laws and regulations will not have a material negative impact on the Group\u2019s results, financial position, or cash flows in the near future.

OMV concluded several long-term, non-cancellable contracts that became onerous due to the negative development of market conditions. This led to the recognition of onerous contract provisions in the Group\u2019s financial statements for the unavoidable costs of meeting the contract obligations. The estimates used for calculating the positive contributions that partly cover the fixed costs were based on external sources and management expectations.
28 |
Contingent liabilities and contingent assets
OMV Management is of the opinion that litigations, to the extent not covered by provisions or insurance, either do no present an obligation and/or the outflow is remote and/or they will not materially affect the Group\u2019s financial position.
OMV entered into guarantees as part of the ordinary course of the Group\u2019s business, mainly under credit facilities granted by banks, without cash collateral. No material losses are likely to arise from these. Further information on financial guarantees is included in Note 29 \u2013 Risk management.
As of December 31, 2024, a proceeding was pending against OMV that related to local service contractors in one of the subsidiaries. OMV\u2019s share of the claimed amount is around USD 300 mn. Management currently does not believe that any of the alleged matters will have a material effect on the financial position or results of operations. However, this assessment is based on assumptions deemed reasonable by management including those about future events and uncertainties. The outcome of these matters is ultimately uncertain, such that unanticipated events and circumstances might occur that might cause management to change these assumptions and give rise to a material adverse effect on the financial position in the future.
The Russian invasion of Ukraine and subsequent sanctions led to gas supply disruptions in Austria, causing significant operational losses for OMV Group due to high natural gas prices and volatility. In January 2023, OMV initiated arbitration at the Stockholm Chamber of Commerce (SCC) under the Austrian supply contract, seeking damages from Gazprom Export LLC (GPE) due to unpredictable deliveries under the Austrian contract expiring in 2040. Following a unilateral full supply cut by GPE on November 16, 2024, OMV terminated the Austrian contract on December 11, 2024 with immediate effect. On December 23, 2024, OMV declared a partial set-off of its open damage claims in the amount of EUR 48 mn against liabilities under the Austrian gas supply contract. However, as the SCC arbitration proceedings were still ongoing as of December 31, 2024, OMV did not consider the gain of such set-off in the Consolidated Income Statement but as a contingent asset in 2024. For further details please refer to Note 37 \u2013 Subsequent events.
Significant judgment: classification of contracts for the purchase or sale of natural gas as \u201cown use\u201d contracts

The classification of contracts for the purchase or sale of natural gas as \u201cown use\u201d contracts, which are outside the scope of IFRS 9, requires significant judgment. OMV systematically analyzes the gas supply and sales contracts to determine whether they fulfill the conditions for application of the own use exemption. Contracts are classified as \u201cown use\u201d contracts if it can be demonstrated that they are entered into and continue to be held for the purpose of physical delivery or receipt of the natural gas in accordance with the Group\u2019s expected purchase, sale, or usage requirements and that the Group does not have any practice of settling similar contracts on a net basis. In addition, this analysis consists of demonstrating that the \u201cown use\u201d contracts do not include any written options such as volume flexibilities that go beyond the needs of the ordinary business and therefore are financial options according to IFRS 9. Only contracts fulfilling these criteria are treated as \u201cown use\u201d contracts outside the scope of IFRS 9 and are accounted for as executory contracts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-15": { "value": "
Significant judgments and estimates
Preparation of the consolidated financial statements requires management to make estimates and judgments that affect the amounts reported for assets, liabilities, income, and expenses, as well as the amounts disclosed in the notes. These estimates and assumptions are based on historical experience and other factors that are deemed reasonable at the date of preparation of these financial statements. Actual outcomes could differ from these estimates.
Key accounting estimates, assumptions, and judgments that are involved in preparing the consolidated financial statements are listed in the table below.
Note
Key accounting estimates and judgments
Estimate/Judgment
Note 3 \u2013 Effects of climate change and the energy transition
Assumptions on decarbonisation pathways and commodity prices for valuation of assets and liabilities
Estimate
Note 9 \u2013 Depreciation, amortization, impairments and write-ups
Recoverability of non-financial assets
Estimate
Note 14 \u2013 Taxes on income and profit
Recoverability of deferred tax assets
Estimate
Note 16 \u2013 Intangible assets
Recoverability of unproved oil and gas assets
Estimate
Note 17 \u2013 Property, plant, and equipment
Estimate of oil and gas reserves
Estimate
Note 17 \u2013 Property, plant, and equipment
Prolongation and termination options in lease contracts
Judgment
Note 20 \u2013 Financial assets
Recoverability and fair value measurement of financial assets
Estimate
Note 24 \u2013 Provisions for pensions and similar obligations
Assumptions for measurement of provisions for pensions and similar obligations
Estimate
Note 25 \u2013 Decommissioning and other provisions
Assumptions for measurement of decommissioning and onerous contract provisions
Estimate
Note 29 \u2013 Risk management
Classification of contracts for the purchase or sale of natural gas as \"own use contracts\" outside of the scope of IFRS 9
Judgment
3 |
Effects of climate change and the energy transition
OMV has considered the short- and long-term effects of climate change and the energy transition in preparing the consolidated financial statements. They are subject to uncertainty, and they may have a significant impact on the assets and liabilities currently reported by the Group.
The Group is exposed to climate risks and risks associated with the energy transition, including risks for stranded assets, decrease in demand for fossil products, and regulatory risks. The risks from climate change and their management are described in the Directors\u2019 Report.
OMV\u2019s targets and commitments to decarbonization
In 2022, OMV defined quantitative short-, medium-, and long-term targets for its emissions reductions and committed to becoming a net-zero emissions company by 2050 (Scopes 1, 2, and 3). For Scope 1 and 2 emissions, OMV is aiming for an absolute reduction of at least 30% by 2030 and of at least 60% by 2040. For the defined categories in Scope 3 emissions, OMV is striving for a reduction of at least 20% by 2030 and of 50% by 2040.51 These absolute GHG emissions reductions and the increase in zero-carbon product energy sales are the key to reducing the carbon intensity of OMV\u2019s energy supply. In 2024, OMV revised its carbon intensity target until 2030 due to a shift in the timeline of projects and pursues now a decline of 15- 20% by 2030. For 2040, OMV continues to target a 50% decrease in its carbon intensity of energy supply.52
According to the most recent mid-term planning, OMV plans to invest organic capital expenditure of approximately EUR 9.2 bn in 2025\u20132029 for projects relating to sustainable business transformation, development of low-carbon business solutions, and energy efficiency measures.
Effects on estimation uncertainty
The significant accounting estimates performed by management incorporate the future effects of OMV\u2019s own strategic decisions and commitments on having its portfolio aligned with the energy transition targets, short and long-term impacts of climate risks and the energy transition to lower carbon energy sources, together with management\u2019s best estimate on global supply and demand, including forecast commodities prices.
Nevertheless, there is significant uncertainty surrounding the changes in the mix of energy sources over the next 30 years and the extent to which such changes will meet the ambitions of the Paris Agreement. While companies can commit to such ambitions, financial reporting under IFRS requires the use of assumptions that represent management\u2019s current best estimate of the range of expected future economic conditions, which may differ from such targets. These assumptions include expectations of future worldwide decarbonization efforts and the transition of economies to net zero emissions.
OMV uses two different scenarios: the base case and the \u201cnet zero emissions by 2050\u201d case. The scenarios differ in the underlying expectations of the pace of future worldwide decarbonization and lead to different assumptions for demand, prices, and margins of fossil commodities.
The base case is guided by the IEA Announced Pledges Scenario (APS), which assumes that all decarbonization pledges announced by governments around the world will be implemented in full and on time.53 In this scenario, the temperature increase by 2100 will be limited to 1.7\u00b0C with a probability of 50%. Underlying supply and demand are inspired by APS and the corresponding price assumptions were developed by the internal Strategic Intelligence department. The base case is used for mid-term planning as well as for estimates relating to the measurement of various items in the Group financial statements, including impairment testing of non-financial assets and the measurement of provisions.
The \u201cnet zero emissions by 2050\u201d case, which is based on a faster decarbonization path than the base case is used for calculating sensitivities in order to recognize the uncertainty of the pace of the energy transition and to better understand the financial risk of the energy transition on OMV\u2019s existing assets. The assumptions used in this case are in line with the Net Zero Emissions by 2050 (NZE) scenario modeled by the IEA, where available.53 It shows a pathway for the global energy sector to achieve net zero GHG emissions by 2050 and is compatible with limiting the temperature increase to 1.5\u00b0C.
For investment decisions, business cases are calculated using the price and demand assumptions according to the base case, along with the aim to reach a net-zero status by 2050. These assumptions are the same as for mid-term planning and impairment tests. In addition, a stress test based on the commodity price assumptions of the \u201cnet zero emissions by 2050\u201d scenario is mandatory for all investment decisions in order to assess the risk of stranded assets in this decarbonization scenario.
Recoverability of\u00a0assets\u00a0
The following table summarizes the carrying amounts of the Group\u2019s intangible assets (incl. goodwill), PPE, and equity-accounted investments disaggregated according to the type of assets:
Carrying amounts as of December 31
In EUR mn
Segment
Intangible
assets (incl. goodwill)
Property, plant and equipment
Equity-
accounted
investments
2024
Chemical production and recycling (incl. chemical part of refineries)
Chemicals
1,047
6,087
4,777
Refining
F&F
185
3,508
1,524
Retail
F&F
45
1,285
\u2014
Oil and gas exploration and evaluation
Energy
285
\u2014
\u2014
Oil and gas production
Energy
360
8,679
288
Gas storages and power plant
Energy
16
515
0
Other
85
352
72
Total
2,023
20,426
6,661
2023
Chemical production and recycling (incl. chemical part of refineries)
Chemicals
975
5,643
4,747
Refining
F&F
101
3,255
1,655
Retail
F&F
23
1,129
\u2014
Oil and gas exploration and evaluation
Energy
270
\u2014
\u2014
Oil and gas production
Energy
356
9,313
264
Gas storages and power plant
Energy
17
523
0
Other
38
217
2
Total
1,779
20,081
6,668
Commodity price assumptions have a significant impact on the recoverable amounts of E&A assets, PPE, and goodwill. For the impairment tests, the price set as defined for mid-term planning and derived from the base case as described above was used. Costs for CO2 emissions are taken into account to the extent that carbon pricing schemes are in place in the respective countries. Disclosures on the impairment tests are included in Note 9 \u2013 Depreciation, amortization, impairments and write-ups.
The base case price assumptions and the EUR\u2013USD exchange rates used for impairment testing are listed below (in 2024 real terms for 2024 and 2023 real terms for 2023):
2024 Price assumptions for base case and impairment testing
2025
2026
2027
2028
2029
2030
2040
2050
Brent oil price (USD/bbl)
73
72
71
69
68
67
63
56
EUR\u2013USD exchange rate
1.10
1.15
1.15
1.15
1.15
1.15
1.15
1.15
Brent oil price (EUR/bbl)
67
63
61
60
59
58
55
48
Gas price THE (EUR/MWh)
32
30
26
23
23
22
24
24
CO2 price EUA (EUR/t)
69
86
104
111
118
125
147
147
2023 Price assumptions for base case and impairment testing
2024
2025
2026
2027
2028
2030
2040
2050
Brent oil price (USD/bbl)
78
71
65
64
59
59
55
55
EUR\u2013USD exchange rate
1.10
1.10
1.15
1.15
1.15
1.15
1.15
1.15
Brent oil price (EUR/bbl)
71
65
57
56
51
51
48
48
Gas price THE (EUR/MWh)
44
38
34
25
22
22
22
22
CO2 price EUA (EUR/t)
92
99
106
112
118
130
144
144
Sensitivities based on the \u201cnet zero emissions by 2050\u201d climate scenario have been calculated to test the resilience of assets against the risks of the energy transition.
The assumptions used in the sensitivity analysis are included in the table below (prices in 2024 real terms):
2024 Price assumptions for \u201cnet zero emissions by 2050\u201d sensitivities
2025
2026
2027
2028
2029
2030
2040
2050
Brent oil price (USD/bbl)
64
58
52
47
42
38
30
23
EUR\u2013USD exchange rate
1.10
1.15
1.15
1.15
1.15
1.15
1.15
1.15
Brent oil price (EUR/bbl)
58
50
45
41
37
33
26
20
Gas price THE (EUR/MWh)
24
22
20
18
16
14
14
14
CO2 prices (EUR/t):
EUA/Advanced economies with net zero pledges
88
98
107
117
125
134
191
231
Emerging and developing economies with net zero pledges
35
44
53
64
74
86
149
185
Selected emerging and developing economies
8
11
13
17
20
24
79
166
Other emerging and developing economies
4
6
8
10
12
14
33
51
The \u201cnet zero emissions by 2050\u201d sensitivities for oil and gas assets were calculated using a simplified method and are based on a discounted cash flow model in line with the impairment testing calculations. The cash flows are based on adjusted mid-term planning for the next five years and life of field planning for the remaining years until abandonment. The \u201cnet zero emissions by 2050\u201d case does not include any changes to input factors other than prices and volumes. The calculation considers an earlier economic cut-off date for oil and gas fields if the revenues impacted by lower prices are not sufficient to cover the costs. But it especially does not take into account any restructurings, cost reduction measures, divestments, or other changes in the business plans that are not included in the base case. The amounts presented therefore should not be seen as a best estimate of an expected impairment impact following such a scenario.
The CO2 costs considered for oil and gas assets are based on the CO2 prices in the IEA NZE by 2050 scenario. CO2 costs are included for 100% of OMV\u2019s share of direct emissions, except for emissions from E&P Austria and Romania where CO2 costs are only considered to the extent that the activities are within the scope of the European Emissions Trading Scheme (ETS) in the years until 2030 and for 100% of OMV\u2019s share of direct emissions after 2030.
The sensitivities calculated based on the \u201cnet zero emissions by 2050\u201d case indicate that there is a risk of impairments of oil and gas assets. The carrying amounts of the oil and gas assets with proved reserves (incl. E&P at-equity investments) would decrease by EUR 4.2 bn and goodwill would decrease by EUR 0.1 bn. In addition, all oil and gas assets with unproved reserves would be abandoned with a pre-tax loss of EUR 0.3 bn. The total post-tax impact on profit or loss would be EUR 3.1 bn.
As far as the Chemicals segment is concerned, management would not foresee negative effects on the overall demand of polyolefin solutions in the accelerated decarbonization scenario. Pricing of polyolefins is mainly driven by base chemical markets like naphtha, ethane, and propane. An accelerated change in the world\u2019s energy landscape might lead to different price movements in those relevant base chemicals, temporarily affecting the profitability of some assets in the polyolefin value chain. Due to the expected strong demand for polyolefin solutions, management does not foresee any substantial negative effects on the overall integrated value chain.
OMV plans to transform its European refineries so that they will stay competitive as the decarbonization of the fuels and chemical sector progresses. Crude oil distillation throughput will be decreased. The product mix will be adapted to reduce heating oil and diesel output while increasing the chemical yield. In parallel, a production portfolio of renewable fuels and sustainable chemical feedstocks will be developed. It is expected that declines in demand for fossil products caused by the energy transition will progress more slowly in the markets in the Middle East and Asia to which ADNOC Refining has access.
Given the high level of uncertainty and the complexity of the interplay between various driving factors in a \u201cnet zero emissions by 2050\u201d climate scenario for refineries, sensitivities based on changes in margins and utilization rates are disclosed.
OMV refining indicator margins applied for impairment testing by reference to value in use average USD 6.0/bbl for the six years until 2030 and gradually decline thereafter. All other things being equal, a change of USD \u20131.0/bbl or +1.0/bbl to refining margins over the entire cash flow projection period and in the terminal value would result in a pre-tax impairment of EUR 0.3 bn or no impairment reversals of the refinery Petrobrazi in Romania and no impairment or impairment reversal of the refineries in Austria and Germany.
The utilization rates assumed in the impairment tests of the European refineries average 91% for the six years until 2030 and gradually decline in the long term. All other things being equal, a change of \u201310% or +10% in the utilization rates over the entire cash flow projection period and in the terminal value would result in a pre-tax impairment of EUR 0.2 bn or no impairment reversals of the refinery Petrobrazi in Romania and no impairment or impairment reversal of the refineries in Austria and Germany.
In the impairment test for the investment in ADNOC Refining (including ADNOC Trading), gross refining margins are assumed at an average of USD 9.4/bbl for the six years until 2030 and slightly lower thereafter. All other things being equal, a change of USD \u20131.0/bbl or +1.0/bbl to gross refining margins over the entire cash flow projection period and in the terminal value would result in an impairment of the investment in ADNOC Refining of EUR 0.3 bn or an impairment reversal of up to EUR 0.6 bn, respectively.
For retail, cash flows of less than ten years were sufficient to demonstrate the recoverability of the carrying amounts of the assets currently held. Consequently, there was no need to perform a calculation under the \u201cnet zero emissions by 2050\u201d scenario.
Useful life
The pace of the energy transition may have an impact on the remaining useful life of assets. The majority of fixed assets in the Chemicals business will be fully depreciated over the next 10 years or less. The depreciable fixed assets in the refineries will in average be fully depreciated over the next 9 years and in retail over the next 5 to 11 years. Demand for petroleum and chemical products is expected to stay\u00a0robust\u00a0over this period\u00a0of time. In addition, OMV has already started implementing an investment program to transform its refinery and retail assets. It is therefore predicted that the energy transition will not have a material impact on the expected useful life\u00a0of existing property,\u00a0plant,\u00a0and equipment in the F&F and Chemicals segments.\u00a0
In the Energy segment, oil and gas assets are depreciated using the unit-of-production method which is based on proved reserves. According to the current production plans, 41% of proved reserves as of December 31, 2024, will be left by 2030, 8% by 2040, and 2% by 2050. The existing oil and gas assets with proved reserves (without considering any future investments) will therefore be significantly depreciated by 2030 and, with the exception of one field, fully depreciated by 2050.
Decommissioning provisions\u00a0
The carrying amounts and maturity profile of decommissioning provisions are as follows:
Estimation of maturities and cash outflows of decommissioning and restoration obligations1
In EUR mn
2024
2023
Carrying amount
Undiscounted inflated costs
Carrying amount
Undiscounted inflated costs
\u22641 year
71
76
69
78
1\u201310 years
1,617
2,340
1,239
1,762
11\u201320 years
1,923
4,315
2,421
4,673
21\u201330 years
296
791
233
730
>30 years
187
753
185
679
Total
4,093
8,275
4,148
7,922
1 Mainly related to decommissioning and restoration obligations in the Energy business segment
The speed of the energy transition will influence the timing of the decommissioning of oil and gas facilities. In the \u201cnet zero emissions by 2050\u201d scenario, some oil and gas fields could be shut down earlier. Given the low real interest rates used in the calculation and assuming a similar yearly abandonment capacity, there would not be any material impact on the book value of the decommissioning provisions.
For refinery and chemical sites built on owned land, no decommissioning provisions are recognized because these plants are long-lived assets that will continue to be used in an energy transition scenario. For OMV\u2019s European refinery sites, there are significant investments planned in the coming years with the goal of transforming them in the direction of renewable fuels and chemical feedstock production with deeper chemicals integration. Furthermore, ADNOC Refining is expected to continue to operate under a Paris-aligned scenario because of its favorable positioning in the market.
Deferred tax assets
In the \u201cnet zero emissions by 2050\u201d scenario, based on the simplified recoverability analysis, deferred tax assets related to additional impairments would for the most part be considered recoverable. No material effects with respect to the net deferred tax asset position of the Austrian tax group would be expected.
Impact on ability to pay dividends
The management assessed the impact of the \u201cnet zero emissions by 2050\u201d scenario on the ability of OMV Aktiengesellschaft to pay dividends. The potential impairment loss in this scenario in the period 2024 would not impact the ability to pay dividends in 2025 because of the strong result and financial reserves at the level of the stand-alone financial statements of OMV Aktiengesellschaft which are the basis for dividend payments.
Significant estimates: recoverability of assets

Evaluating whether assets or CGUs are impaired or whether past impairments should be reversed, requires the use of various estimates and assumptions such as price and margin developments, production volumes and discount rates.

Changes in the economic situation, expectations of climate-related risks or other facts and circumstances might require a revision of these assumptions and could lead to impairments of assets or reversals of impairments within the next financial year. The management performs this analysis for each material CGU.

The price and margin assumptions used in impairment testing are reviewed annually by management and approved by the Supervisory Board as part of mid-term planning (MTP). They are based on management\u2019s best estimate and consistent with external sources. Whereas prices in the near term are anchored in recent forward prices and market developments, long-term price assumptions are developed using a variety of long-term forecasts by reputable experts and consider long-term views of global supply and demand. OMV\u2019s long-term assumptions take into consideration the impacts of climate change and the energy transition to lower-carbon energy sources (see more information in Note 3 \u2013 Effects of climate change and the energy transition).

The key valuation assumptions for the recoverable amounts of E&P assets are oil and gas prices, production volumes, and exchange and discount rates. The production profiles were estimated based on reserves estimates (see Note 17 \u2013 Property, plant, and equipment) and past experience and represent management\u2019s best estimate of future production. The cash flow projections for the first five years are based on the mid-term plan and thereafter on \u201clife of field\u201d planning and therefore cover the whole life span of the field.

In the F&F and Chemicals business segments, the main assumptions for the calculation of the recoverable amounts are the relevant margins and volumes plus discount, inflation, and growth rates. The value in use calculation is based on the cash flows of the\u00a0five-year\u00a0mid-term plan and a terminal value.

The price sets used for the value in use calculations are included in Note 3 \u2013 Effects of climate change and the energy transition.Significant estimates: recoverability of DTA

The recognition of DTA requires an assessment of when those assets are likely to reverse, and an evaluation as to whether or not there will be sufficient taxable profits available to offset the assets when they reverse. This assessment of recoverability requires assumptions regarding future taxable profits and is therefore uncertain. At OMV, this assessment is based on detailed tax planning that covers the life span of fields in E&P entities and a five-year period in the other entities.

In both 2024 and the previous year, a valuation allowance for the DTA of the Austrian tax group was recognized. The DTA recognized for the Austrian tax group as of December 31, 2024, reflects the expected utilization of deductible temporary differences of balance sheet items and tax losses carried forward based on the mid-term plan for the period 2025\u20132029. A limitation to the usage of tax losses of 75%, as stipulated by the Austrian Corporate Income Tax Act, was considered in the assessment of the recoverable DTA within and after the planning period.

Changes in the assumptions regarding future taxable profits can lead to an increase or decrease in the amount of DTA recognized, which has an impact on the net income in the period in which the change occurs.
Significant estimates: recoverability of unproved oil and gas assets

There may be cases when costs related to unproved oil and gas properties remain capitalized over longer periods while various appraisal and seismic activities continue in order to assess the size of the reservoir and its commerciality. Further decisions on the optimum timing of such developments are made from a resource and portfolio point of view. As soon as there is no further intention to develop a discovery, the assets are immediately impaired.
Significant estimate: oil and gas reserves

The oil and gas reserves are estimated by the Group\u2019s petroleum experts in accordance with industry standards and reassessed at least once per year. In addition, external reviews are performed regularly. During 2024, the reserves of the oil and gas assets in Tunisia and the Kurdistan Region of Iraq (KRI) up to December 31, 2023, were externally reviewed by DeGolyer and MacNaughton (D&M). The reserves of the other material oil and gas assets were externally reviewed the year before.

The results of the external reviews did not show significant deviations from the internal estimates, apart from a few exceptional cases. In the case of significant deviations, OMV performs further analysis, involving additional independent experts where necessary.

Oil and gas reserve estimates have a significant impact on the assessment of the recoverability of the carrying amounts of the Group\u2019s oil and gas assets. Downward revisions of these estimates could lead to impairment of the asset\u2019s carrying amount. In addition, changes to the estimates of oil and gas reserves prospectively impact the amount of amortization and depreciation.
Significant judgments: prolongation and termination options of lease contracts

OMV has a significant number of contracts in which it leases filling stations. Many of those contracts include prolongation and termination options. Prolongation options or periods after termination options are included in the lease term if it is reasonably certain that the lease will be prolonged or not terminated. When determining the lease term, the Group takes into account all relevant facts and circumstances that create an economic incentive for shortening or prolonging the lease term using the available options. When assessing the lease term of leases in filling stations for periods covered by prolongation or termination options, the assumption was applied that the lease term will not exceed 20 years.

Optional periods not taken into account in the measurement of the leases, exist mainly for E&P equipment in Romania, office buildings, a plot of land in Belgium and gas storage caverns in Germany. The prolongation option for the office buildings and the gas storage caverns can only be exercised in the distant future.Significant estimates: recoverability and fair value measurement of financial assets

The management periodically assesses the receivable related to expenditure recoverable from the Romanian State regarding obligations for decommissioning and restoration costs in OMV Petrom SA. The assessment process takes into consideration aspects such as the history of amounts claimed, documentation process-related requirements, potential litigation, and arbitration proceedings.

The investments in the Russian entities JSC GAZPROM YRGM Development (YRGM) and OJSC Severneftegazprom (SNGP) are accounted for at fair value through profit or loss according to IFRS\u00a09 since their deconsolidation was triggered by the Russian war on Ukraine.

On December 19, 2023, the Russian President signed a decree regarding the Yuzhno-Russkoye field. According to this decree, OMV\u2019s shareholdings in Russian entities and consequently its interests in the gas field are to be transferred to new Russian companies. Those companies will ultimately be held by the insurance company JSC SOGAZ and Gazprom. The proceeds from the transfer of the OMV interest to JSC SOGAZ are to be paid into a Russian special account. This decree equals a unilateral and irreversible expropriation by seizing the interests of OMV in return for compensation that will be determined by Russia and placed in accounts that will eventually be under Russian control. On July 1, 2024, the Russian government established the new companies. According to the public records, the shares attributable to OMV interest have not been transferred to SOGAZ until year-end 2024. Based on these developments and the unchanged situation with regard to the Russian war on Ukraine, OMV considers its investments in YRGM and SNGP to have a fair value of nil as of December 31, 2024 (2023: nil).

OMV has a contractual position toward Gazprom from the redetermination of the reserves of the Yuzhno Russkoye gas field, which was taken over as part of the acquisition of the participation in this field in 2017. According to this agreement, the volume of gas reserves in the Yuzhno Russkoye field is contractually defined and if the reserves are higher or lower than what was assumed in the agreement, either OMV could be obligated to compensate Gazprom (but would have profited in the future from higher sales volumes) or Gazprom could be obligated to compensate OMV. The payment for the reserve redetermination is linked to the actual amount of the gas reserves.

Based on the reserves determined by an independent expert, who was appointed according to the swap agreement, OMV would be entitled to compensation. In the current difficult political and legal environment in Russia, however, at this stage OMV does not expect this contractual position to be recoverable and measures this asset with a value of zero (2023: nil).Significant estimates: pensions and similar obligations

The projected unit credit method of calculating provisions for pensions, severance, and jubilee entitlements requires estimates of discount rates, future increases in salaries, and future increases in pensions.

The biometrical basis for calculating provisions for pensions, severance, and jubilee entitlements of Austrian Group companies is provided by AV\u00d6 2018 P \u2013 Angestellte - Rechnungsgrundlagen f\u00fcr die Pensionsversicherung (Biometric Tables for Pension Insurance), using the variant for salaried employees. In other countries, similar actuarial parameters are used. Employee turnover was computed based on age or years of service, respectively. The expected retirement age used for calculations is based on the relevant country\u2019s legislation.Significant estimates: decommissioning and onerous contract provisions

The most significant decommissioning obligations of the Group are related to the plugging of wells, the abandonment of facilities, and the removal and disposal of offshore installations. The majority of these activities are planned to occur many years in the future, while decommissioning technologies, costs, regulations, and public expectations are constantly changing. Estimates of future restoration costs are based on reports prepared by Group experts or partner companies and on past experience. Any significant downward changes in the expected future costs or postponement in the future affect both the provision and the related asset, to the extent that there is sufficient carrying amount. Otherwise, the provision is reversed in income. Significant upward revisions trigger the assessment of the recoverability of the underlying asset. Provisions for decommissioning and restoration costs require estimates of discount and inflation rates, which have material effects on the amounts of the provision.

Management believes that compliance with current laws and regulations and future, more stringent laws and regulations will not have a material negative impact on the Group\u2019s results, financial position, or cash flows in the near future.

OMV concluded several long-term, non-cancellable contracts that became onerous due to the negative development of market conditions. This led to the recognition of onerous contract provisions in the Group\u2019s financial statements for the unavoidable costs of meeting the contract obligations. The estimates used for calculating the positive contributions that partly cover the fixed costs were based on external sources and management expectations.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-16": { "value": "
Principles of consolidation
The consolidated financial statements comprise the financial statements of OMV Aktiengesellschaft and the entities it controls as well as OMV\u2019s interests in jointly controlled and equity-accounted investments.
The financial statements of all consolidated companies are prepared in accordance with uniform Group-wide accounting policies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-17": { "value": "
Business combinations and goodwill
Business combinations are accounted for using the acquisition method. Assets and liabilities of subsidiaries acquired are included at their fair value at the time of acquisition. The non-controlling interests are measured at the proportionate share of the acquiree\u2019s identifiable net assets.
Goodwill is calculated as the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling interest in the acquiree, and, if applicable, the fair value of the equity previously held by OMV in the acquired entity over the net identifiable assets acquired and liabilities assumed.
Any gain on a bargain purchase is recognized in profit or loss immediately.
Goodwill acquired in a business combination is tested for impairment at least yearly. Impairments are recorded immediately through profit or loss; subsequent write-ups are not possible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-18": { "value": "
Business combinations and goodwill
Business combinations are accounted for using the acquisition method. Assets and liabilities of subsidiaries acquired are included at their fair value at the time of acquisition. The non-controlling interests are measured at the proportionate share of the acquiree\u2019s identifiable net assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-19": { "value": "
Goodwill is calculated as the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling interest in the acquiree, and, if applicable, the fair value of the equity previously held by OMV in the acquired entity over the net identifiable assets acquired and liabilities assumed.
Any gain on a bargain purchase is recognized in profit or loss immediately.
Goodwill acquired in a business combination is tested for impairment at least yearly. Impairments are recorded immediately through profit or loss; subsequent write-ups are not possible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-20": { "value": "
Goodwill is calculated as the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling interest in the acquiree, and, if applicable, the fair value of the equity previously held by OMV in the acquired entity over the net identifiable assets acquired and liabilities assumed.
Any gain on a bargain purchase is recognized in profit or loss immediately.
Accounting policy

Intangible assets including goodwill

Intangible assets are stated at cost, less accumulated amortization and impairment. Development costs are capitalized if the recognition criteria according to IAS 38 are fulfilled. All other research and development costs are recognized as an expense in the period in which they incur. Software, licenses, concessions, and similar intangible assets are amortized on a straight-line basis over the contract or license period or the useful economic life, which is between 3 and 20 years.

Goodwill acquired in a business combination is tested for impairment at least yearly. Impairments are recorded immediately through profit or loss; subsequent write-ups are not possible.
Oil and gas assets with unproved reserves

E&P activities are recorded using the successful efforts method. The acquisition costs of geological and geophysical studies before the discovery of proved reserves are recognized in the period in which they are incurred. The costs of wells are capitalized and reported as intangible assets until the existence or absence of potentially commercially viable oil or gas reserves is determined. Wells that are not commercially viable are expensed. The costs of exploration wells whose commercial viability has not yet been determined continue to be capitalized as long as the following conditions are fulfilled:
1.
Sufficient oil and gas reserves have been discovered that would justify completion as a production well.
2.
Sufficient progress is being made in assessing the economic and technical feasibility to justify beginning field development in the near future.
3.
The period for which the entity has the right to explore in the specific area has not expired.

Exploratory wells in progress at year-end that are determined to be unsuccessful subsequent to the statement of financial position date are treated as non-adjusting events, meaning that the costs incurred for such exploratory wells remain capitalized in the financial statements of the reporting period under review and will be expensed in the subsequent period.

License acquisition costs and capitalized exploration and appraisal activities are not amortized as long as they are related to unproved reserves, but tested for impairment when there is an indication of potential impairment.

When the decision to develop a particular asset is made, the related intangible exploration and evaluation assets are reclassified to Property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-21": { "value": "
Associated companies and joint arrangements
Joint operations are joint arrangements in which the parties that share joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement.
Significant joint exploration and production activities in the E&P business in the Energy segment are conducted through joint operations that are not structured through a separate vehicle. For these joint operations, OMV recognizes in the consolidated financial statements its share of the assets held and liabilities and expenses incurred jointly with the other partners, as well as the Group\u2019s income from the sale of its share of the output and any liabilities and expenses that the Group has incurred in relation to the joint operation. Acquisitions of interests in a joint operation, in which the activity of the joint operation constitutes a business, are accounted for according to the relevant IFRS 3 principles for business combination accounting.
In addition, there are contractual arrangements similar to joint operations that are not jointly controlled and therefore do not meet the definition of a joint operation according to IFRS 11. This is the case when the main decisions can be taken by more than one combination of affirmative votes of the involved parties or where one other party has control. OMV assesses whether such arrangements are within or outside the scope of IFRS 11 on the basis of the relevant legal arrangements such as concession, license, or joint operating agreements which define how and by whom the relevant decisions for these activities are taken. The accounting treatment for these arrangements is basically the same as for joint operations. As acquisitions of interests in such arrangements are not within the scope of IFRS 3, OMV\u2019s accounting policy is to treat such transactions as asset acquisitions.
Equity instruments are either measured at fair value through profit or loss (FVTPL) or at fair value through OCI (FVOCI).OMV decided irrevocably to classify as investments at FVOCI the majority of its non-listed equity investments, which are held for strategic purposes and not trading.The investments in the Russian entities JSC GAZPROM YRGM Development (YRGM) and OJSC Severneftegazprom (SNGP) are accounted for at fair value through profit or loss according to IFRS\u00a09 since their deconsolidation was triggered by the Russian war on Ukraine.

On December 19, 2023, the Russian President signed a decree regarding the Yuzhno-Russkoye field. According to this decree, OMV\u2019s shareholdings in Russian entities and consequently its interests in the gas field are to be transferred to new Russian companies. Those companies will ultimately be held by the insurance company JSC SOGAZ and Gazprom. The proceeds from the transfer of the OMV interest to JSC SOGAZ are to be paid into a Russian special account. This decree equals a unilateral and irreversible expropriation by seizing the interests of OMV in return for compensation that will be determined by Russia and placed in accounts that will eventually be under Russian control. On July 1, 2024, the Russian government established the new companies. According to the public records, the shares attributable to OMV interest have not been transferred to SOGAZ until year-end 2024. Based on these developments and the unchanged situation with regard to the Russian war on Ukraine, OMV considers its investments in YRGM and SNGP to have a fair value of nil as of December 31, 2024 (2023: nil).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-22": { "value": "Associated companies and joint arrangementsAssociated companies are those entities in which the Group has a significant influence, but no control or joint control over the financial and operating policies. Joint arrangements, which are arrangements of which the Group has joint control together with one or more parties, are classified into joint ventures or joint operations. Joint ventures are joint arrangements in which the parties that share control have rights to the net assets of the arrangement.
Investments in associated companies and joint ventures are accounted for using the equity method, under which the investment is initially recognized at cost and subsequently adjusted for the Group\u2019s share of the profit or loss less dividends received and the Group\u2019s share of other comprehensive income and other movements in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-23": { "value": "Associated companies are those entities in which the Group has a significant influence, but no control or joint control over the financial and operating policies
Investments in associated companies and joint ventures are accounted for using the equity method, under which the investment is initially recognized at cost and subsequently adjusted for the Group\u2019s share of the profit or loss less dividends received and the Group\u2019s share of other comprehensive income and other movements in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-24": { "value": "Joint arrangements, which are arrangements of which the Group has joint control together with one or more parties, are classified into joint ventures or joint operations. Joint ventures are joint arrangements in which the parties that share control have rights to the net assets of the arrangement
Investments in associated companies and joint ventures are accounted for using the equity method, under which the investment is initially recognized at cost and subsequently adjusted for the Group\u2019s share of the profit or loss less dividends received and the Group\u2019s share of other comprehensive income and other movements in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-25": { "value": "
Foreign currency translation
Monetary foreign currency balances are measured at closing rates, and exchange gains and losses accrued at the statement of financial position date are recognized in the income statement.
The financial statements of Group companies with functional currencies that differ from the Group\u2019s presentation currency are translated using the closing rate method. Differences arising from statement of financial position items translated at closing rates are disclosed in other comprehensive income. Income statement items are translated at average rates for the period. The use of average rates for the income statement creates additional differences compared to the application of the closing rates in the statement of financial position, and these are directly adjusted in other comprehensive income.
The most significant rates applied in translating currencies to EUR were as follows:
Foreign currency translation
2024
2023
Statement of
financial
position date
Average
Statement of
financial
position date
Average
Hungarian forint (HUF)
411.350
395.300
382.800
381.850
New Zealand dollar (NZD)
1.853
1.788
1.750
1.762
Norwegian krone (NOK)
11.795
11.629
11.241
11.425
Romanian leu (RON)
4.974
4.975
4.976
4.947
Swedish krona (SEK)
11.459
11.433
11.096
11.479
US dollar (USD)
1.039
1.082
1.105
1.081
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-26": { "value": "
The financial statements of Group companies with functional currencies that differ from the Group\u2019s presentation currency are translated using the closing rate method. Differences arising from statement of financial position items translated at closing rates are disclosed in other comprehensive income. Income statement items are translated at average rates for the period. The use of average rates for the income statement creates additional differences compared to the application of the closing rates in the statement of financial position, and these are directly adjusted in other comprehensive income.
The most significant rates applied in translating currencies to EUR were as follows:
Foreign currency translation
2024
2023
Statement of
financial
position date
Average
Statement of
financial
position date
Average
Hungarian forint (HUF)
411.350
395.300
382.800
381.850
New Zealand dollar (NZD)
1.853
1.788
1.750
1.762
Norwegian krone (NOK)
11.795
11.629
11.241
11.425
Romanian leu (RON)
4.974
4.975
4.976
4.947
Swedish krona (SEK)
11.459
11.433
11.096
11.479
US dollar (USD)
1.039
1.082
1.105
1.081
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-27": { "value": "
Foreign currency translation
2024
2023
Statement of
financial
position date
Average
Statement of
financial
position date
Average
Hungarian forint (HUF)
411.350
395.300
382.800
381.850
New Zealand dollar (NZD)
1.853
1.788
1.750
1.762
Norwegian krone (NOK)
11.795
11.629
11.241
11.425
Romanian leu (RON)
4.974
4.975
4.976
4.947
Swedish krona (SEK)
11.459
11.433
11.096
11.479
US dollar (USD)
1.039
1.082
1.105
1.081
8 |
Other operating income and net income from equity-accounted investments
Other operating income and net income from equity-accounted investments
In EUR mn
2024
2023
Foreign exchange gains from operating activities
169
200
Gains from the disposal of businesses, subsidiaries, and tangible and intangible assets
74
237
Residual other operating income
445
305
Other operating income
688
742
Income from equity-accounted investments
497
580
Expenses from equity-accounted investments
\u2013197
\u2013254
Net income from equity-accounted investments
299
326
Foreign exchange gains from operating activities were mainly impacted by the development of the USD foreign exchange rate in 2024 and 2023.
Other operating expenses
In EUR mn
2024
2023
Foreign exchange losses from operating activities
185
182
Losses from the disposals of businesses, subsidiaries, and tangible and intangible assets
\u20139
31
Net impairment losses on financial assets measured at amortized cost
16
38
Personnel reduction schemes
19
9
Research and development expenses
87
76
Residual other operating expenses
127
125
Other operating expenses
426
462
Foreign exchange losses from operating activities were mainly impacted by the development of the USD foreign exchange rate in 2024 and 2023.
Other financial income and expenses
In EUR mn
2024
2023
Carrying amount of sold trade and other receivables
\u201311,881
\u201311,825
Proceeds on sold trade and other receivables
11,801
11,748
Financing charges for factoring and securitization
\u201380
\u201377
Net foreign exchange gains (+)/losses (\u2013)
20
\u201329
Other
\u20138
\u201332
Other financial income and expenses
\u201369
\u2013138
In 2024, the net foreign exchange result was predominantly impacted by USD.
Intangible assets
In EUR mn
Concessions,
software,
licenses,
rights
Development costs
Oil and gas
assets
with unproved
reserves
Goodwill
Total
2024
Development of costs
January 1
1,385
695
963
384
3,428
Currency translation differences
\u20133
0
17
21
34
Changes in the consolidated group
20
\u2014
\u2014
106
125
Additions
93
101
139
\u2014
333
Transfers
30
0
\u201315
\u2014
16
Assets held for sale
\u2014
\u2014
\u201341
\u2014
\u201341
Disposals
\u201312
\u20131
\u201342
\u2014
\u201355
December 31
1,512
795
1,022
511
3,840
Development of amortization
January 1
842
119
688
\u2014
1,649
Currency translation differences
\u20132
\u20130
15
\u2014
13
Amortization
98
36
0
\u2014
134
Impairments
0
6
89
\u2014
95
Transfers
\u20137
\u2014
\u2014
\u2014
\u20137
Assets held for sale
\u2014
\u2014
\u201315
\u2014
\u201315
Disposals
\u201312
\u20130
\u201340
\u2014
\u201353
December 31
920
161
737
\u2014
1,817
Carrying amount January 1
543
576
275
384
1,779
Carrying amount December 31
593
635
285
511
2,023
2023
Development of costs
January 1
1,330
572
1,811
585
4,298
Currency translation differences
\u20133
\u20130
\u201328
\u201317
\u201348
Changes in the consolidated group
28
\u2014
\u2014
21
49
Additions
39
112
201
\u2014
352
Transfers
20
14
\u2013583
\u2014
\u2013549
Assets held for sale
\u20130
\u2014
\u2013243
\u2013205
\u2013448
Disposals
\u201328
\u20133
\u2013195
\u2014
\u2013225
December 31
1,385
695
963
384
3,428
Development of amortization
January 1
769
86
934
\u2014
1,788
Currency translation differences
\u20132
\u2014
\u201321
\u2014
\u201323
Amortization
93
34
0
\u2014
127
Impairments
11
3
158
\u2014
171
Transfers
\u20130
\u2014
\u201314
\u2014
\u201314
Assets held for sale
\u20130
\u2014
\u2013173
\u2014
\u2013173
Disposals
\u201329
\u20133
\u2013195
\u2014
\u2013227
Write-ups
\u2014
\u2014
\u20131
\u2014
\u20131
December 31
842
119
688
\u2014
1,649
Carrying amount January 1
562
486
878
585
2,510
Carrying amount December 31
543
576
275
384
1,779
Property, plant, and equipment including right-of-use assets
In EUR mn
Land and
buildings
Oil and
gas assets
with proved
reserves
Plant and
machinery
Other
fixtures,
fittings,
and
equipment
Assets
under construction
Total
2024
Development of costs
January 1
3,606
26,425
13,191
2,178
2,479
47,878
Currency translation differences
\u201320
\u20138
\u201362
\u20134
\u20132
\u201396
Changes in the consolidated group
40
\u2014
37
1
73
150
Additions
85
1,333
281
196
1,473
3,366
New obligations and change in estimates for decommissioning
14
\u2013141
\u201311
0
34
\u2013105
Transfers
120
17
702
130
\u2013984
\u201316
Assets held for sale
\u20130
406
1
2
11
420
Disposals
\u201332
\u2013954
\u201365
\u2013125
\u201315
\u20131,191
December 31
3,811
27,078
14,074
2,377
3,067
50,408
Development of depreciation
January 1
1,900
17,498
6,844
1,540
15
27,798
Currency translation differences
\u201311
\u201380
\u201345
\u20133
\u20130
\u2013140
Depreciation
145
1,191
788
179
\u2014
2,302
Impairments
5
495
36
2
14
552
Transfers
6
1
1
0
\u20131
7
Assets held for sale
\u20130
648
0
2
7
657
Disposals
\u201328
\u2013953
\u201363
\u2013124
\u201312
\u20131,179
Write-ups
\u20130
1
\u201316
\u20130
\u20130
\u201315
December 31
2,017
18,800
7,547
1,596
22
29,982
Carrying amount January 1
1,705
8,927
6,347
637
2,464
20,081
Carrying amount December 31
1,794
8,278
6,527
782
3,046
20,426
Property, plant, and equipment including right-of-use assets
In EUR mn
Land and
buildings
Oil and
gas assets
with proved
reserves
Plant and
machinery
Other
fixtures,
fittings
and
equipment
Assets
under construction
Total
2023
Development of costs
January 1
3,512
26,549
12,002
2,043
2,061
46,168
Currency translation differences
\u20139
\u2013700
\u201321
\u20134
\u20135
\u2013738
Changes in consolidated Group
11
\u2014
53
2
12
78
Additions
143
1,265
491
95
1,389
3,383
New obligations and change in estimates for decommissioning
4
309
12
0
\u2014
326
Transfers
\u201333
592
848
121
\u2013969
559
Assets held for sale
\u20136
\u20131,431
0
\u20130
\u20138
\u20131,444
Disposals
\u201318
\u2013160
\u2013195
\u201379
\u20132
\u2013454
December 31
3,606
26,425
13,191
2,178
2,479
47,878
Development of depreciation
January 1
1,805
17,205
6,378
1,457
6
26,851
Currency translation differences
\u20135
\u2013467
\u20136
\u20133
0
\u2013480
Changes in consolidated Group
\u20131
\u2014
\u20134
\u20130
\u2014
\u20135
Depreciation
159
1,330
674
150
\u2014
2,314
Impairments
0
59
29
1
12
101
Transfers
\u201337
16
34
2
\u2014
14
Assets held for sale
\u20136
\u2013370
\u2014
\u20130
\u20133
\u2013380
Disposals
\u201313
\u2013158
\u2013191
\u201367
\u20131
\u2013429
Write-ups
\u20132
\u2013116
\u201370
\u20130
\u2014
\u2013188
December 31
1,900
17,498
6,844
1,540
15
27,798
Carrying amount January 1
1,706
9,344
5,624
586
2,055
19,317
Carrying amount December 31
1,705
8,927
6,347
637
2,464
20,081
Carrying amount reconciliation
In EUR mn
2024
2023
Associate
Joint
Ventures
Associate
Joint
Ventures
Abu Dhabi
Oil Refining
Company
Borouge
investments
Bayport
Polymers LLC
Abu Dhabi
Oil Refining
Company
Borouge
investments
Bayport
Polymers LLC
January 1
1,444
3,737
586
1,524
4,030
674
Currency translation differences
83
230
32
\u201354
\u2013117
\u201322
Additions and other changes
\u2014
\u2014
\u2014
\u2014
\u2014
921
Net income
\u201315
359
\u2013140
178
281
\u2013158
Other comprehensive income
1
2
\u2014
2
\u20131
\u2014
Dividends distributed
\u2013202
\u2013434
\u2014
\u2013206
\u2013455
\u2014
December 31
1,311
3,895
478
1,444
3,737
586
1 Refers to capital contribution
Carrying amount reconciliation for individually immaterial associates and joint ventures
In EUR mn
2024
2023
Associates1
Joint ventures
Associates1
Joint ventures
January 1
458
443
568
498
Currency translation differences
25
26
\u201315
\u201333
Changes in the consolidated group2
\u2014
70
7
\u2014
Additions and other changes
\u2014
\u2014
\u2014
2
Net income
122
\u201327
23
2
Impairments3
\u2014
\u2014
\u201323
\u2014
Disposals and other changes
\u2014
\u2014
\u20131
\u20132
Dividends distributed
\u2013116
\u201324
\u2013102
\u201323
December 31
488
489
458
443
1 Including associated companies accounted at-cost.
2 Changes in the consolidated group in 2024 represented the acquisitions of shares in jointly controlled entities in the area of renewable energy. For further details, please refer to
Note 38 \u2013 Direct and indirect investments of OMV Aktiengesellschaft.
3 Refers to the impairment for the investment in BlueAlp Holding B.V. in 2023
Impairments of trade receivables
In EUR mn
2024
2023
January 1
101
65
Amounts written off
\u20136
\u20133
Net remeasurement of expected credit losses
25
41
Currency translation differences
3
\u20131
Reclassification to/from assets held for sale
3
\u20131
December 31
127
101
Impairments of other financial assets at amortized cost
In EUR mn
12-month ECL
Lifetime ECL
not credit
impaired
Lifetime ECL
credit impaired
Total
2024
January 1
13
32
1,442
1,487
Amounts written off
\u20130
\u2014
\u20133
\u20133
Net remeasurement of expected credit losses
\u20131
\u201310
155
144
Currency translation differences
\u20130
2
5
7
December 311, 2
12
23
1,600
1,635
2023
January 1
10
44
1,311
1,365
Amounts written off
\u20131
\u2014
\u20135
\u20136
Net remeasurement of expected credit losses
4
\u201311
140
133
Currency translation differences
\u20130
\u20131
\u20133
\u20135
December 311, 2
13
32
1,442
1,487
1 \u201cLifetime ECL credit impaired\u201d included fully impaired gross carrying amount of loan receivables including accrued interest related to the financing agreements for the Nord Stream 2 pipeline project in the amount of EUR 1.4 bn (2023: EUR 1.2 bn).
2 \u201c12-month ECL\u201d included an amount of EUR 1 mn (2023: EUR 1 mn) and \u201cLifetime ECL credit impaired\u201d an amount of EUR 9 mn (2023: EUR 8 mn) related to expenditure recoverable from the Romanian State, which are outside the scope of IFRS 9.
The gains and losses recognized directly in other comprehensive income and their related tax effects were as follows:
Tax effects relating to each component of other comprehensive income
In EUR mn
2024
2023
Pre-tax
expense (\u2013)
income (+)
Tax
expense (\u2013)
benefit (+)1
Net-of-tax
expense (\u2013)
income (+)
Pre-tax
expense (\u2013)
income (+)
Tax
expense (\u2013)
benefit (+)1
Net-of-tax
expense (\u2013)
income (+)
Currency translation differences
511
0
511
\u2013542
\u20130
\u2013542
Gains (+)/losses (\u2013) on hedges
\u20138
2
\u20136
\u2013360
83
\u2013277
Remeasurement gains (+)/losses (\u2013)
on defined benefit plans
\u201316
0
\u201316
\u201358
7
\u201351
Gains (+)/losses (\u2013) on equity
investments
\u20133
1
\u20133
\u20132
1
\u20132
Gains (+)/losses (\u2013) on hedges that
are subsequently transferred to
the carrying amount of the
hedged item
4
\u20131
3
\u201327
6
\u201321
Share of other comprehensive
income of equity-accounted
investments
42
n.a.
4
02
n.a.
0
Other comprehensive income
for the year
491
2
493
\u2013989
97
\u2013893
1 Including valuation allowances for deferred tax assets for the Austrian tax group. For further details please refer to Note 14 \u2013 Taxes on income and profit.
2 Represents net-of-tax amounts
Present value of obligations
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Present value of obligations as of January 1
1,332
145
1,302
135
Current service costs
21
4
21
4
Past service costs
2
6
\u2014
\u2014
Interest costs
45
6
46
6
Amounts recognized in the income statement
69
16
67
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Total remeasurements of the period (OCI)
22
2
52
13
Actual benefit payments
\u201389
\u201322
\u201389
\u201313
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20135
1
\u20131
\u20130
Reclassification to/from liabilities associated
with assets held for sale
\u2014
15
\u2014
\u2014
Present value of obligations as of December 31
1,329
157
1,332
145
Provisions and expenses
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Provisions as of January\u00a01
734
145
775
135
Current service costs
21
4
21
4
Past service cost
2
6
\u2014
\u2014
Net interest costs
24
6
27
6
Amounts recognized in the income statement
48
16
48
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Return on plan assets excluding interest income
\u20138
\u2014
\u20136
\u2014
Total remeasurements of the period (OCI)
15
2
46
13
Actual benefit payments
\u201331
\u201322
\u201332
\u201313
Actual employer contributions
\u201351
\u2014
\u2013104
\u2014
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20133
1
0
\u20130
Reclassification to/from liabilities associated with assets held for sale
\u2014
15
\u2014
\u2014
Provisions as of December\u00a031
711
157
734
145
Decommissioning and other provisions
In EUR mn
Decommissioning
and restoration
obligations
Other provisions
Total
January 1, 2024
4,148
1,200
5,347
Currency translation differences
\u201341
\u20133
\u201344
Changes in the consolidated group
0
1
1
Usage
\u2013127
\u2013725
\u2013852
Releases
\u2013210
\u201373
\u2013283
Allocations
325
876
1,202
Transfers
\u20130
40
40
Reclassified to/from liabilities associated with assets held for sale
\u20132
11
9
December 31, 2024
4,093
1,327
5,420
thereof short-term as of December 31, 2024
71
940
1,011
thereof short-term as of January 1, 2024
69
777
846
Provisions for decommissioning and restoration obligations
In EUR mn
Carrying amount
January 1, 2024
4,148
Currency translation differences
\u201341
New obligations
84
Increase arising from revisions in estimates
48
Reduction arising from revisions in estimates
\u2013210
Unwinding of discounting
193
Reclassified to/from liabilities associated with assets held for sale
\u20132
Usage, disposals, and other changes
\u2013127
December 31, 2024
4,093
Changes in liabilities arising from financing activities (incl. liabilities associated with assets held for sale)
In EUR mn
2024
Bonds
Other
interest-
bearing
debts
Lease
liabilities
Total
January 1
6,073
1,470
1,587
9,130
Increase in long-term borrowings
990
\u2014
\u2014
990
Repayments of long-term borrowings
\u2013500
\u2013307
\u2013240
\u20131,047
Repayment of hybrid bond
\u2013500
\u2014
\u2014
\u2013500
Decrease (\u2013)/increase (+) in short-term borrowings
\u2014
\u2013113
\u2014
\u2013113
Total cash flows related to financing activities
\u201310
\u2013421
\u2013240
\u2013671
Currency translation differences
\u2014
14
8
22
Changes in the consolidated group
\u2014
18
21
39
Reclassification of hybrid bond from equity to financial liabilities
510
\u2014
\u2014
510
Difference between interest expenses and interest paid
8
\u201313
2
\u20133
Other changes
\u2014
\u2014
3901
390
Total non-cash changes
519
20
420
959
Coupon payment from hybrid bond before reclassification from equity 2
\u2013112
\u2014
\u2014
\u201311
December 31
6,570
1,070
1,767
9,407
1 Mainly related to new lease agreements
2 Shown in the line \u201cDividends paid to stockholders of the parent (incl. hybrid coupons)\u201d in the Statement of Cash Flows
Changes in liabilities arising from financing activities (incl. liabilities associated with assets held for sale)
In EUR mn
2023
Bonds
Other
interest-
bearing
debts
Lease
liabilities
Total
January 1
7,320
1,487
1,524
10,331
Repayments of long-term borrowings
\u20131,250
\u201344
\u2013184
\u20131,477
Decrease (\u2013)/increase (+) in short-term borrowings
\u2014
40
\u2014
40
Total cash flows related to financing activities
\u20131,250
\u20133
\u2013184
\u20131,437
Currency translation differences
\u2014
\u201322
\u20134
\u201325
Changes in the consolidated group
\u2014
24
\u201323
1
Difference between interest expenses and interest paid
3
\u201315
1
\u201311
Other changes
\u2014
\u2014
2721
272
Total non-cash changes
3
\u201314
247
236
December 31
6,073
1,470
1,587
9,130
1 Mainly related to new lease agreements
Reserve for unrealized exchange gains (+)/losses (\u2013) for net investment hedge1
In EUR mn
Foreign currency risk
2024
2023
Reserve as of January 1 (net of tax)
\u20139
\u201313
Valuation of the USD loans
\u20135
6
Tax effects
1
\u20131
Reserve as of December 31 (net of tax)
\u201313
\u20139
1 Included in currency translation differences within other comprehensive income
For financial instruments, sensitivity analysis is performed for changes in foreign exchange rates of currencies material to the Group. On Group level, the EUR\u2013RON sensitivity not only includes the net RON exposure versus the EUR but also the net RON exposure versus the USD, since the USD\u2013RON exposure can be split into EUR\u2013RON and EUR\u2013USD exposure. The same is true for the EUR\u2013NOK, EUR\u2013SEK, and EUR\u2013NZD exposure.
Sensitivity analysis for financial instruments affecting profit before tax1
In EUR mn
2024
2023
10% appreciation
of the EUR
10% depreciation
of the EUR
10% appreciation
of the EUR
10% depreciation
of the EUR
EUR\u2013RON
\u201318
18
\u201312
12
EUR\u2013USD
\u20136
6
\u201323
23
EUR\u2013NZD
\u201334
34
\u201317
17
EUR\u2013NOK
5
\u20135
7
\u20137
EUR\u2013SEK
\u20132
2
\u20134
4
1 Refers only to financial instruments and is not the same as the Group\u2019s overall foreign exchange rate sensitivity in terms of operating result.
Sensitivity analysis for financial instruments affecting other comprehensive income before tax1
In EUR mn
2024
2023
10% appreciation
of the EUR
10% depreciation
of the EUR
10% appreciation
of the EUR
10% depreciation
of the EUR
EUR\u2013USD
25
\u201325
28
\u201328
EUR\u2013SEK
\u201314
14
\u201312
12
1 Including sensitivity of the net investment hedge
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-28": { "value": "
Solidarity contribution on refined crude oil
As a direct consequence of the energy crisis in Europe, regulatory measures like price caps, subsidy schemes, and the EU solidarity contribution have been implemented in some of the countries in which the OMV Group is active. The Council Regulation (EU) 2022/1854 introduced a solidarity contribution, which was transposed into the local legislation of the member states and was applicable for 2022 and/or 2023.
On May 12, 2023, law no. 119/2023 for the approval of the Government Emergency Ordinance 186/2022 to implement the EU regulation regarding the solidarity contribution was published in the Official Gazette in Romania. For companies that produce and refine crude oil, the law introduced the obligation to pay a contribution of RON 350 for each ton of crude oil processed during 2022 and 2023.
In 2023, a solidarity contribution totaling EUR 552 mn was recognized for the quantities of crude oil processed during 2022 (EUR 300 mn) and 2023 (EUR 252 mn).
The aim of the EU regulation was to introduce a solidarity contribution that tackles surplus profits. However, the solidarity contribution in Romania was not based on profits but on quantities of processed crude oil and therefore did not fall within the scope of IAS 12 \u2013 Income taxes. Due to its specific nature, the solidarity contribution in Romania was not presented in the Consolidated Income Statement as part of the operating result, but as a separate line above the \u201cTaxes on income and profit\u201d line.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-29": { "value": "
Changes in accounting policies
The Group adopted the following amendments to IFRS starting on January 1, 2024:
\uf097
Amendments to IAS 1: Classification of Liabilities as Current and Non-Current
\uf097
Amendments to IAS 1: Non-Current Liabilities with Covenants
\uf097
Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
\uf097
Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements
The amendments did not have any material impact on OMV\u2019s Group financial statements.
New and amended accounting standards that are not yet mandatory
OMV has not applied the following standards and amendments to standards that have been issued but are not yet effective. EU endorsement is still pending in some cases.
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 \u2013 Presentation of Financial Statements and applies for annual reporting periods beginning on or after January 1, 2027. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be significant.
OMV is currently assessing the detailed implications of applying the new standard on the Group\u2019s consolidated financial statements. From the high-level preliminary assessment performed, the following potential impacts have been identified:
\uf097
OMV expects that grouping items of income and expenses in the income statement into the new categories will impact how the operating result is calculated and reported. The main impact will be related to the net income from equity-accounted investments, which will, in the future, be reported in the investing category and therefore no longer included in the operating result. However, there will not be any impact on the Group\u2019s net income.
\uf097
In the cash flow statement, the main impact will come from changes to the presentation of interest received and paid and dividends received. Interest and dividends received will be presented as cash flows from investing activities, which is a change from their current presentation as part of cash flow from operating activities. Interest paid will be presented as cash flow from financing activities and no longer presented within cash flow from operating activities.
\uf097
New disclosures will be required for management-defined performance measures. In addition, a break-down of the defined nature of expenses for line items presented by function in the operating category of the consolidated income statement will be disclosed.
OMV will apply the new standard from its mandatory effective date of January 1, 2027. Retrospective application is required, and so the comparative information for the financial year ending December 31, 2026, will be restated in accordance with IFRS 18.
Other accounting standards
The following amended accounting standards are not expected to have a significant impact on the Group\u2019s consolidated financial statements:
Amendments to IFRS
IASB effective date
Amendments to IAS 21: Lack of Exchangeability
January 1, 2025
Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments
January 1, 2026
Annual Improvements to IFRS Accounting Standards - Volume 11
January 1, 2026
Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity
January 1, 2026
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-30": { "value": "
Changes in accounting policies
The Group adopted the following amendments to IFRS starting on January 1, 2024:
\uf097
Amendments to IAS 1: Classification of Liabilities as Current and Non-Current
\uf097
Amendments to IAS 1: Non-Current Liabilities with Covenants
\uf097
Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
\uf097
Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements
The amendments did not have any material impact on OMV\u2019s Group financial statements.
New and amended accounting standards that are not yet mandatory
OMV has not applied the following standards and amendments to standards that have been issued but are not yet effective. EU endorsement is still pending in some cases.
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 \u2013 Presentation of Financial Statements and applies for annual reporting periods beginning on or after January 1, 2027. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be significant.
OMV is currently assessing the detailed implications of applying the new standard on the Group\u2019s consolidated financial statements. From the high-level preliminary assessment performed, the following potential impacts have been identified:
\uf097
OMV expects that grouping items of income and expenses in the income statement into the new categories will impact how the operating result is calculated and reported. The main impact will be related to the net income from equity-accounted investments, which will, in the future, be reported in the investing category and therefore no longer included in the operating result. However, there will not be any impact on the Group\u2019s net income.
\uf097
In the cash flow statement, the main impact will come from changes to the presentation of interest received and paid and dividends received. Interest and dividends received will be presented as cash flows from investing activities, which is a change from their current presentation as part of cash flow from operating activities. Interest paid will be presented as cash flow from financing activities and no longer presented within cash flow from operating activities.
\uf097
New disclosures will be required for management-defined performance measures. In addition, a break-down of the defined nature of expenses for line items presented by function in the operating category of the consolidated income statement will be disclosed.
OMV will apply the new standard from its mandatory effective date of January 1, 2027. Retrospective application is required, and so the comparative information for the financial year ending December 31, 2026, will be restated in accordance with IFRS 18.
Other accounting standards
The following amended accounting standards are not expected to have a significant impact on the Group\u2019s consolidated financial statements:
Amendments to IFRS
IASB effective date
Amendments to IAS 21: Lack of Exchangeability
January 1, 2025
Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments
January 1, 2026
Annual Improvements to IFRS Accounting Standards - Volume 11
January 1, 2026
Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity
January 1, 2026
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-31": { "value": "
OMV uses two different scenarios: the base case and the \u201cnet zero emissions by 2050\u201d case. The scenarios differ in the underlying expectations of the pace of future worldwide decarbonization and lead to different assumptions for demand, prices, and margins of fossil commodities.
The base case is guided by the IEA Announced Pledges Scenario (APS), which assumes that all decarbonization pledges announced by governments around the world will be implemented in full and on time.53 In this scenario, the temperature increase by 2100 will be limited to 1.7\u00b0C with a probability of 50%. Underlying supply and demand are inspired by APS and the corresponding price assumptions were developed by the internal Strategic Intelligence department. The base case is used for mid-term planning as well as for estimates relating to the measurement of various items in the Group financial statements, including impairment testing of non-financial assets and the measurement of provisions.
Accounting policy

Impairment of assets

Intangible assets, property, plant, and equipment (including oil and gas assets), and investments in associated companies and joint ventures are tested for impairment whenever events or changes in circumstances indicate that an asset may be impaired. Impairment tests are performed on the level of the asset or the smallest group of assets that generates cash inflows that are largely independent of those from other assets or groups of assets, called cash-generating units (CGUs).

If assets are determined to be impaired, the carrying amounts are written down to their recoverable amount, which is the higher of fair value less costs of disposal or value in use.

In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. The cash flows are generally derived from the recent budgets and planning calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated.

The fair value less costs of disposal is determined on the basis of recent market transactions, if available. If no such transactions can be identified, an appropriate valuation model is used.

If the reasons for impairment no longer apply in a subsequent period, a reversal is recognized in profit or loss. The increased carrying amount related to the reversal of an impairment loss shall not exceed the carrying amount that would have been determined (net of amortization and depreciation) had no impairment loss been recognized in prior years.

Impairment losses are part of the income statement line \u201cDepreciation, amortization, impairments and write-ups,\u201d except for impairment losses related to exploration and appraisal assets, which are shown in \u201cExploration expenses.\u201dGoodwill acquired in a business combination is tested for impairment at least yearly. Impairments are recorded immediately through profit or loss; subsequent write-ups are not possible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-32": { "value": "
OMV uses two different scenarios: the base case and the \u201cnet zero emissions by 2050\u201d case. The scenarios differ in the underlying expectations of the pace of future worldwide decarbonization and lead to different assumptions for demand, prices, and margins of fossil commodities.
The base case is guided by the IEA Announced Pledges Scenario (APS), which assumes that all decarbonization pledges announced by governments around the world will be implemented in full and on time.53 In this scenario, the temperature increase by 2100 will be limited to 1.7\u00b0C with a probability of 50%. Underlying supply and demand are inspired by APS and the corresponding price assumptions were developed by the internal Strategic Intelligence department. The base case is used for mid-term planning as well as for estimates relating to the measurement of various items in the Group financial statements, including impairment testing of non-financial assets and the measurement of provisions.
Accounting policy

Impairment of assets

Intangible assets, property, plant, and equipment (including oil and gas assets), and investments in associated companies and joint ventures are tested for impairment whenever events or changes in circumstances indicate that an asset may be impaired. Impairment tests are performed on the level of the asset or the smallest group of assets that generates cash inflows that are largely independent of those from other assets or groups of assets, called cash-generating units (CGUs).

If assets are determined to be impaired, the carrying amounts are written down to their recoverable amount, which is the higher of fair value less costs of disposal or value in use.

In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. The cash flows are generally derived from the recent budgets and planning calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated.

The fair value less costs of disposal is determined on the basis of recent market transactions, if available. If no such transactions can be identified, an appropriate valuation model is used.

If the reasons for impairment no longer apply in a subsequent period, a reversal is recognized in profit or loss. The increased carrying amount related to the reversal of an impairment loss shall not exceed the carrying amount that would have been determined (net of amortization and depreciation) had no impairment loss been recognized in prior years.

Impairment losses are part of the income statement line \u201cDepreciation, amortization, impairments and write-ups,\u201d except for impairment losses related to exploration and appraisal assets, which are shown in \u201cExploration expenses.\u201dGoodwill acquired in a business combination is tested for impairment at least yearly. Impairments are recorded immediately through profit or loss; subsequent write-ups are not possible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-33": { "value": "
Recoverability of\u00a0assets\u00a0
The following table summarizes the carrying amounts of the Group\u2019s intangible assets (incl. goodwill), PPE, and equity-accounted investments disaggregated according to the type of assets:
Carrying amounts as of December 31
In EUR mn
Segment
Intangible
assets (incl. goodwill)
Property, plant and equipment
Equity-
accounted
investments
2024
Chemical production and recycling (incl. chemical part of refineries)
Chemicals
1,047
6,087
4,777
Refining
F&F
185
3,508
1,524
Retail
F&F
45
1,285
\u2014
Oil and gas exploration and evaluation
Energy
285
\u2014
\u2014
Oil and gas production
Energy
360
8,679
288
Gas storages and power plant
Energy
16
515
0
Other
85
352
72
Total
2,023
20,426
6,661
2023
Chemical production and recycling (incl. chemical part of refineries)
Chemicals
975
5,643
4,747
Refining
F&F
101
3,255
1,655
Retail
F&F
23
1,129
\u2014
Oil and gas exploration and evaluation
Energy
270
\u2014
\u2014
Oil and gas production
Energy
356
9,313
264
Gas storages and power plant
Energy
17
523
0
Other
38
217
2
Total
1,779
20,081
6,668
In addition, OMV holds minority stakes in various equity-accounted investments, the most significant ones being Borouge (United Arab Emirates), a Borealis joint venture with ADNOC that operates the largest petrochemical complex in the world, and the Baystar joint venture (Pasadena, United States), which has operated an ethane cracker since 2022 and started up an additional polyethylene plant using the unique Borstar\u00ae technology in 2023.OMV holds minority stakes in various equity-accounted investments, the most significant being the 15% participation in ADNOC Refining (United Arab Emirates) with an annual capacity of 7.1 mn t (OMV share).
Segment reporting\u00a0
In EUR mn
2024
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,431
18,765
12,587
503
41,286
\u20137,305
33,981
Intersegmental sales
\u20131,007
\u20132,210
\u20133,603
\u2013485
\u20137,305
7,305
\u2014
Sales to third parties
8,424
16,554
8,984
18
33,981
\u2014
33,981
Other operating income
102
90
433
63
688
\u2014
688
Net income from equity-accounted investments
178
79
43
\u2014
299
\u2014
299
Depreciation and amortization
599
489
1,307
41
2,435
\u2014
2,435
Impairment losses (incl. exploration & appraisal)
16
18
620
1
654
\u2014
654
Write-ups
\u2014
16
\u20130
\u2014
15
\u2014
15
Operating Result
404
709
3,205
\u201380
4,238
16
4,254
Special items for personnel restructuring
8
0
6
\u2014
15
\u2014
15
Special items for unscheduled depreciation and write-ups
16
16
472
\u2014
504
\u2014
504
Special items for asset disposal
\u2014
\u2014
\u201323
\u2014
\u201323
\u2014
\u201323
Other special items
31
82
149
6
268
\u2014
268
Special items
55
98
605
6
764
\u2014
764
Clean Operating Result
459
808
3,810
\u201373
5,003
16
5,018
CCS effect
\u2014
119
\u2014
\u2014
119
4
123
Clean CCS Operating Result
459
927
3,810
\u201373
5,122
19
5,141
Segment assets2
7,134
5,023
10,031
261
22,449
\u2014
22,449
Additions to PPE/IA3
1,087
871
1,679
59
3,697
\u2014
3,697
Equity-accounted investments4
4,777
1,530
355
\u2014
6,661
\u2014
6,661
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
Segment reporting
In EUR mn
2023
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,650
20,186
17,038
471
47,346
\u20137,883
39,463
Intersegmental sales
\u20131,305
\u20132,433
\u20133,694
\u2013451
\u20137,883
7,883
\u2014
Sales to third parties
8,345
17,753
13,344
20
39,463
\u2014
39,463
Other operating income
129
336
208
69
742
\u2014
742
Net income from equity-accounted investments
101
296
\u201371
\u2014
326
\u2014
326
Depreciation and amortization
541
425
1,434
40
2,439
\u2014
2,439
Impairment losses (incl. exploration & appraisal)
126
7
231
1
365
\u2014
365
Write-ups
\u2014
\u2014
189
0
189
\u2014
189
Operating Result
\u2013120
1,671
3,771
\u201365
5,257
\u201331
5,226
Special items for personnel restructuring
5
0
\u2014
\u2014
6
\u2014
6
Special items for unscheduled depreciation and write-ups
135
\u2014
\u201391
\u2014
44
\u2014
44
Special items for asset disposal
12
\u2013221
\u2014
\u2014
\u2013208
\u2014
\u2013208
Other special items
62
74
677
14
827
\u2014
827
Special items
214
\u2013146
586
14
668
\u2014
668
Clean Operating Result
94
1,525
4,357
\u201351
5,925
\u201331
5,894
CCS effect
\u2014
126
\u2014
\u2014
126
4
130
Clean CCS Operating Result
94
1,651
4,357
\u201351
6,050
\u201327
6,024
Segment assets2
6,618
4,508
10,488
246
21,859
\u2014
21,859
Additions to PPE/IA3
1,110
986
1,585
54
3,736
\u2014
3,736
Equity-accounted investments4
4,747
1,655
266
\u2014
6,668
\u2014
6,668
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
Information on geographical areas
In EUR mn
2024
2023
Sales to third parties
Segment
assets1
Equity-
accounted
investments2
Sales to third parties
Segment
assets1
Equity-
accounted
investments2
Austria
7,154
5,109
12
9,097
4,918
13
Belgium
717
2,840
25
814
2,384
29
Germany
5,371
1,391
25
6,302
1,301
30
New Zealand
303
339
\u2014
451
676
\u2014
Norway
861
941
\u2014
1,045
1,056
\u2014
Romania
6,003
6,480
70
6,728
6,013
\u2014
United Arab Emirates
1,511
1,547
5,644
1,459
1,682
5,638
Rest of CEE3
5,072
676
\u2014
5,677
568
\u2014
Rest of Europe
4,785
1,841
23
5,545
1,859
24
Rest of the world4
2,205
1,286
862
2,344
1,072
934
Allocated
33,981
22,449
6,661
39,463
21,529
6,668
Unallocated assets
\u2014
\u2014
\u2014
\u2014
330
\u2014
Total
33,981
22,449
6,661
39,463
21,859
6,668
1 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
2 Equity-accounted investments are allocated based on the seat of the registered office of the parent company, excluding assets held for sale.
3 Including T\u00fcrkiye
4 Rest of the world: principally Algeria, Argentina, Australia, Brazil, Canada, Chile, China, Colombia, Egypt, Ghana, India, Libya, Malaysia, Mexico, Morocco, Nigeria, Peru, Saudi Arabia, South Africa, South Korea, Taiwan, Tunisia, and the United States of America
8 |
Other operating income and net income from equity-accounted investments
Other operating income and net income from equity-accounted investments
In EUR mn
2024
2023
Foreign exchange gains from operating activities
169
200
Gains from the disposal of businesses, subsidiaries, and tangible and intangible assets
74
237
Residual other operating income
445
305
Other operating income
688
742
Income from equity-accounted investments
497
580
Expenses from equity-accounted investments
\u2013197
\u2013254
Net income from equity-accounted investments
299
326
Income from equity-accounted investments was mainly impacted by the Borouge investments and ADNOC Global Trading. Expenses from equity-accounted investments predominantly stemmed from Bayport Polymers LLC, while 2023 was additionally impacted by an impairment within Pearl Petroleum Company Limited. For further details see Note 18 \u2013 Equity-accounted investments.
Also in 2023, the acquisition of the additional 48.55% stake in Renasci N.V. on November 30, 2023, triggered a reassessment, which led to an impairment in the amount of EUR 54 mn, of which EUR\u00a023\u00a0mn was allocated to the equity-accounted investment BlueAlp Holding B.V.
18 |
Equity-accounted investments
Material associates and joint ventures
Borealis owns a 36% stake (2023: 36%) in Borouge PLC (PLC) and Abu Dhabi National Oil Company owns 54%, the remaining 10% is listed on the Abu Dhabi Securities Exchange. PLC is registered in Abu Dhabi and is the holding company for its 100% interest in Abu Dhabi Polymers Company Limited (Borouge) (ADP) and its 84.75% interest in Borouge Pte. Ltd. (PTE).
As of December 31, 2024, the fair value of the Group\u2019s interest in PLC, which is listed on the Abu Dhabi Securities Exchange of the United Arab Emirates (UAE), was EUR\u00a06,807\u00a0mn, based on the quoted market price available on the UAE stock exchange. The corresponding book value of PLC was EUR\u00a03,799\u00a0mn as of December 31, 2024.
The \u201cBorouge investments\u201d (representing the total OMV share in PLC, ADP, PTE) are a leading provider of innovative, value-creating plastic solutions for the energy, infrastructure, automotive, health care, and agriculture industries, as well as advanced packaging applications. They are also responsible for the marketing and sales of the products produced. As joint control is exercised, Borouge investments are accounted for as a joint venture.
Bayport Polymers LLC (Baystar), registered in Pasadena (incorporated in Wilmington), is a petrochemical company primarily engaged in the manufacturing and sales of polyethylene and ethylene, under the trade name Baystar. As OMV has joint control over Bayport Polymers LLC (50/50 share split) and rights to the net assets, it accounts for the company as a joint venture.
OMV also holds a 15% (2023: 15%) interest in Abu Dhabi Oil Refining Company, registered in Abu Dhabi, which runs a refinery hub with integrated petrochemicals. According to the contractual agreement between the shareholders, OMV has strong participation rights that represent a significant influence as per the definition in IAS\u00a028.
The tables below contain summarized financial information for the material associates and joint ventures:
Statement of comprehensive income \u2013 material associates
In EUR mn
2024
2023
Abu Dhabi
Oil Refining
Company
Abu Dhabi
Oil Refining
Company
Sales revenue
25,498
29,259
Net income for the year
\u2013101
1,187
Other comprehensive income
7
11
Total comprehensive income
\u201394
1,198
Statement of financial position \u2013 material associates
In EUR mn
2024
2023
Abu Dhabi
Oil Refining
Company
Abu Dhabi
Oil Refining
Company
Non-current assets
16,961
16,212
Current assets
5,328
5,846
Non-current liabilities
5,226
4,289
Current liabilities
4,403
4,456
Equity
12,661
13,313
Group\u2019s share
1,899
1,997
Impairment of investment
\u2013588
\u2013553
Carrying amount of investment
1,311
1,444
Dividends received
202
206
Statement of comprehensive income \u2013 material joint ventures
In EUR mn
2024
2023
Borouge
investments
Bayport
Polymers LLC
Borouge
investments
Bayport
Polymers LLC
Sales revenue
5,566
644
5,356
577
Depreciation, amortization, impairments, and write-ups
\u2013746
\u2013200
\u2013760
\u2013135
Interest income
26
2
25
2
Interest expenses
\u2013189
\u2013199
\u2013204
\u2013107
Taxes on income and profit
\u2013397
\u20131
\u2013301
\u20130
Net income for the year
978
\u2013280
764
\u2013317
Other comprehensive income
4
\u2014
\u20137
\u2014
Total comprehensive income
982
\u2013280
757
\u2013317
Statement of financial position \u2013 material joint ventures
In EUR mn
2024
2023
Borouge
investments
Bayport
Polymers LLC
Borouge
investments
Bayport
Polymers LLC
Non-current assets
7,159
3,992
7,318
3,871
Current assets
2,090
266
1,823
352
thereof cash and cash equivalents
403
22
320
41
Non-current liabilities
3,428
2,915
3,479
2,683
thereof non-current financial liabilities
(excl. other liabilities and provisions)
2,985
2,912
2,988
2,681
Current liabilities
900
363
815
343
thereof current financial liabilities
(excl. trade payables, other liabilities, and provisions)
9
178
8
195
Equity
4,922
980
4,846
1,197
Group\u2019s share
1,784
490
1,752
598
Goodwill
2,113
\u2014
1,986
\u2014
Intercompany profit elimination
\u20132
\u201312
\u20132
\u201312
Carrying amount of investment
3,895
478
3,737
586
Dividends received
436
\u2014
455
\u2014
Carrying amount reconciliation
In EUR mn
2024
2023
Associate
Joint
Ventures
Associate
Joint
Ventures
Abu Dhabi
Oil Refining
Company
Borouge
investments
Bayport
Polymers LLC
Abu Dhabi
Oil Refining
Company
Borouge
investments
Bayport
Polymers LLC
January 1
1,444
3,737
586
1,524
4,030
674
Currency translation differences
83
230
32
\u201354
\u2013117
\u201322
Additions and other changes
\u2014
\u2014
\u2014
\u2014
\u2014
921
Net income
\u201315
359
\u2013140
178
281
\u2013158
Other comprehensive income
1
2
\u2014
2
\u20131
\u2014
Dividends distributed
\u2013202
\u2013434
\u2014
\u2013206
\u2013455
\u2014
December 31
1,311
3,895
478
1,444
3,737
586
1 Refers to capital contribution
Individually immaterial associates and joint ventures
OMV holds a 55.6% (2023: 55.6%) share in Erd\u00f6l-Lagergesellschaft m.b.H (ELG), registered in Lannach, which holds the majority of the emergency stock of crude and petroleum products in Austria. In spite of holding the majority of voting rights in the general assembly, OMV does not have control over ELG. Any major decisions on financial and operating policies are delegated to the standing shareholder\u2019s committee, in which a quorum of two-thirds of the share capital is required for decisions.
Borealis owns a 40% stake (2023: 40%) in Borouge 4 LLC, registered in Abu Dhabi. The company executes the ongoing Borouge 4 project by developing an ethane-based steam cracker, two polyolefin plants, a 1-Hexene unit, a cross-linked polyethylene plant (XPLE), and an in-depth study for a carbon capture unit. The Borouge 4 project was previously part of the 40% direct interest in ADP but was scoped out of Borouge PLC, following the Initial Public Offering in June 2022, and was therefore transferred to this newly founded company. However, it is intended to recontribute Borouge 4 at a later point. Given that no board-reserved matters, which affect all relevant activities, can be decided without an affirmative vote by Borealis, OMV has joint control over Borouge 4 LLC and accounts for it as a joint venture.
OMV exercises joint control over Abu Dhabi Petroleum Investments LLC (ADPINV, OMV\u2019s interest 25%, 2023: 25%), registered in Abu Dhabi, and Pak-Arab Refinery Limited (PARCO; indirect interest of OMV amounts to 10%, 2023: 10%), registered in Karachi, and accounts for both investments at-equity. ADPINV is a holding company for its 40% interest in PARCO. As unanimous consent of the parties is required for decisions about relevant activities and OMV has rights to the net assets based on the legal structure, OMV classifies the companies as joint ventures according to IFRS 11.
Furthermore, OMV has a 10% interest (2023: 10%) in Pearl Petroleum Company Limited, registered in Road Town, British Virgin Islands, which is involved in the exploration and production of hydrocarbons in the Kurdistan Region of Iraq. According to the joint venture agreement, OMV has significant influence within the meaning of IAS 28, as unanimous consent is required for some strategic decisions. Therefore, Pearl is accounted for using the equity method even though OMV\u2019s share is just 10%. In 2023, exploration & appraisal assets included in OMV\u2019s initial purchase price allocation of its share in Pearl were partly impaired.
Statement of comprehensive income for individually immaterial associates and joint ventures \u2013 Group\u2019s share
In EUR mn
2024
2023
Associates
Joint ventures
Associates
Joint ventures
Sales revenue
6,212
329
5,797
360
Net income for the year
122
\u201327
23
2
Total comprehensive income
122
\u201327
23
2
Carrying amount reconciliation for individually immaterial associates and joint ventures
In EUR mn
2024
2023
Associates1
Joint ventures
Associates1
Joint ventures
January 1
458
443
568
498
Currency translation differences
25
26
\u201315
\u201333
Changes in the consolidated group2
\u2014
70
7
\u2014
Additions and other changes
\u2014
\u2014
\u2014
2
Net income
122
\u201327
23
2
Impairments3
\u2014
\u2014
\u201323
\u2014
Disposals and other changes
\u2014
\u2014
\u20131
\u20132
Dividends distributed
\u2013116
\u201324
\u2013102
\u201323
December 31
488
489
458
443
1 Including associated companies accounted at-cost.
2 Changes in the consolidated group in 2024 represented the acquisitions of shares in jointly controlled entities in the area of renewable energy. For further details, please refer to
Note 38 \u2013 Direct and indirect investments of OMV Aktiengesellschaft.
3 Refers to the impairment for the investment in BlueAlp Holding B.V. in 2023
The gains and losses recognized directly in other comprehensive income and their related tax effects were as follows:
Tax effects relating to each component of other comprehensive income
In EUR mn
2024
2023
Pre-tax
expense (\u2013)
income (+)
Tax
expense (\u2013)
benefit (+)1
Net-of-tax
expense (\u2013)
income (+)
Pre-tax
expense (\u2013)
income (+)
Tax
expense (\u2013)
benefit (+)1
Net-of-tax
expense (\u2013)
income (+)
Currency translation differences
511
0
511
\u2013542
\u20130
\u2013542
Gains (+)/losses (\u2013) on hedges
\u20138
2
\u20136
\u2013360
83
\u2013277
Remeasurement gains (+)/losses (\u2013)
on defined benefit plans
\u201316
0
\u201316
\u201358
7
\u201351
Gains (+)/losses (\u2013) on equity
investments
\u20133
1
\u20133
\u20132
1
\u20132
Gains (+)/losses (\u2013) on hedges that
are subsequently transferred to
the carrying amount of the
hedged item
4
\u20131
3
\u201327
6
\u201321
Share of other comprehensive
income of equity-accounted
investments
42
n.a.
4
02
n.a.
0
Other comprehensive income
for the year
491
2
493
\u2013989
97
\u2013893
1 Including valuation allowances for deferred tax assets for the Austrian tax group. For further details please refer to Note 14 \u2013 Taxes on income and profit.
2 Represents net-of-tax amounts
38 |
Direct and indirect investments of OMV Aktiengesellschaft
Changes in the consolidated group
Name of company
Registered office
Type of change1
Effective date
Chemicals
Integra Plastics AD
Sofia
First consolidation (A)
March 28, 2024
Petrogas International B.V.2
Eindhoven
Deconsolidation (I)
December 31, 2024
Fuels & Feedstock
OMV Renewable Fuels & Feedstock US Inc.
Wilmington
First consolidation
May 17, 2024
Renovatio Asset Management
Bucharest
First consolidation (A)
May 31, 2024
AP-NewCo GmbH3
Vienna
First consolidation (A)
July 25, 2024
Respira Verde SRL2
Cheriu
First consolidation (A)
December 30, 2024
Energy
OMV Petrom Energy Solution SRL
Bucharest
First consolidation (I)
January 1, 2024
JR Constanta SRL
Bucharest
First consolidation (A)
September 26, 2024
JR Solar Teleorman SRL
Bucharest
First consolidation (A)
September 26, 2024
JR TELEORMAN SRL
Bucharest
First consolidation (A)
September 26, 2024
ATS Energy SA
Vetis
First consolidation (A)
September 27, 2024
BridgeConstruct SRL
Iasi
First consolidation (A)
September 27, 2024
Intertrans Karla SRL
Buzau
First consolidation (A)
September 27, 2024
Electrocentrale Borzesti SRL2
Bucharest
First consolidation (A)
September 30, 2024
Cil PV Plant SRL2
Bucharest
First consolidation (A)
November 29, 2024
Enerintens Solar SRL2
Bucharest
First consolidation (A)
November 29, 2024
Tenersolar Park SRL2
Bucharest
First consolidation (A)
November 29, 2024
SapuraOMV Block 30, S. de R.L. de C.V.
Mexico City
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Americas) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Australia) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Holding) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Malaysia) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Mexico) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (NZ) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Oceania) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Sarawak) Inc.
Nassau
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Western Australia) Pty Ltd
Perth
Deconsolidation
December 9, 2024
SapuraOMV Upstream Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
IROKO CCS ANS4
Sandnes
First consolidation
December 16, 2024
OMV Russia Upstream GmbH
Vienna
Deconsolidation (I)
December 31, 2024
1 \u201cFirst consolidation\u201d refers to newly formed companies, \u201cFirst consolidation (A)\u201d indicates the acquisition of a company, while companies marked with \u201cFirst consolidation (I)\u201d have been included in the consolidation after originally not being consolidated due to immateriality. \u201cDeconsolidation\u201d refers to companies that have been excluded from the Group investments following a sale, while \u201cDeconsolidation (I)\u201d refers to companies that were deconsolidated due to immateriality.
2 Company (previously) consolidated at-equity
3 Company\u00b4s legal name changed in 2025 to AP Truck Mobility GmbH
4 Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
For further information on major disposals, refer to Note 4 \u2013 Significant changes in Group structure.
Number of consolidated companies
2024
2023
Full
consolidation
Equity
consolidation
Accounting for OMV\u00b4s share1
Full
consolidation
Equity
consolidation
Accounting for OMV\u00b4s share1
January 1
115
23
6
123
23
4
Included for the first time
10
5
1
6
3
2
Change in consolidation type
\u2014
\u20131
\u2014
1
\u20131
\u2014
Deconsolidated during the year
\u201311
\u2014
\u2014
\u201315
\u20132
\u2014
December 31
114
27
7
115
23
6
thereof domiciled and operating abroad
81
22
6
82
18
5
thereof domiciled in Austria and
operating abroad
9
\u2014
\u2014
10
\u2014
\u2014
1 Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
List of investments
List of subsidiaries, equity-accounted investments, and other investments of OMV Aktiengesellschaft with an interest of at least 20%
Parent
company
Type of
consoli-
dation1
Equity
interest
in % as of
December 31, 2024
Equity
interest
in % as of
December 31, 2023
Chemicals
Bayport Polymers LLC, Pasadena
BNOVUS
AEJ
50.00
50.00
BlueAlp Holding B.V., Groot-Ammers
BRENBE
AEA
21.25
21.25
Borealis AB, Stenungsund (BABSWE)
BSVSWE
C
100.00
100.00
Borealis AG, Vienna (BORAAG)
BHOLAT
C
39.00
39.00
OMVRM
32.67
32.67
OMV AG
3.33
3.33
Borealis Antwerpen N.V., Zwijndrecht
BORAAG
C
100.00
100.00
Borealis Argentina SRL, Buenos Aires
BORAAG
NC
98.00
98.00
BSVSWE
2.00
2.00
BOREALIS ASIA LIMITED, Hong Kong
BORAAG
NC
100.00
100.00
Borealis BoNo Holdings LLC, Houston (BBNHUS)
BUS
C
100.00
100.00
Borealis Brasil S.A., Itatiba
BORAAG
C
80.00
80.00
BOREALIS CHEMICALS ZA (PTY) LTD, Germiston
BORAAG
NC
100.00
100.00
Borealis Chile SpA, Santiago
BORAAG
NC
100.00
100.00
Borealis Chimie S.A.R.L., Casablanca
BORAAG
NC
100.00
100.00
Borealis Circular Solutions Holding GmbH, Vienna (BCIRC)
BORAAG
C
100.00
100.00
Borealis Colombia S.A.S., Bogota
BORAAG
NC
100.00
100.00
Borealis Compounds Inc., Port Murray (BCOMUS)
BUS
C
100.00
100.00
Borealis Denmark ApS, Copenhagen
BORAAG
NC
100.00
100.00
Borealis Digital Studio B.V., Mechelen
BORAAG
NC
100.00
100.00
Borealis Financial Services N.V., Mechelen
BORAAG
C
100.00
100.00
Borealis France S.A.S., Courbevoie (BFR)
BORAAG
C
100.00
100.00
Borealis Group Services AS, Bamble
BABSWE
C
100.00
100.00
Borealis Insurance A/S (captive insurance company), Copenhagen
BORAAG
C
100.00
100.00
Borealis ITALIA S.p.A., Monza
BORAAG
C
100.00
100.00
Borealis Kallo N.V., Kallo
BORAAG
C
100.00
100.00
Borealis M\u00e9xico, S.A. de C.V., Mexico City
BORAAG
NC
100.00
100.00
BCOMUS
0.00
0.00
Borealis Middle East Holding GmbH, Vienna (BORMEH)
BORAAG
C
100.00
100.00
Borealis Plasticos, S.A. de C.V., Mexico City
BORAAG
NC
100.00
100.00
BCOMUS
0.00
0.00
Borealis Plastik ve Kimyasal Maddeler Ticaret Limited Sirketi, Istanbul
BORAAG
NC
100.00
100.00
Borealis Plastomers B.V., Geleen
BORAAG
C
100.00
100.00
Borealis Poliolefinas da Am\u00e9rica do Sul Ltda., Itatiba
BORAAG
NC
99.99
99.99
BSVSWE
0.01
0.01
Borealis Polska Sp. z o.o., Warsaw
BORAAG
NC
100.00
100.00
Borealis Polymere GmbH, Burghausen (BPODE)
BORAAG
C
100.00
100.00
Borealis Polymers N.V., Beringen
BORAAG
C
100.00
100.00
Borealis Polymers Oy, Porvoo
BORAAG
C
100.00
100.00
Borealis Polyolefine GmbH, Schwechat (BPOAT)
BORAAG
C
100.00
100.00
BSVSWE
0.00
0.00
Borealis Polyolefins d.o.o., Zagreb
BORAAG
NC
100.00
100.00
Borealis Polyolefins S.R.L., Bucharest
BORAAG
NC
100.00
100.00
Borealis Polyolefins s.r.o., Bratislava
BORAAG
NC
100.00
100.00
Borealis Qu\u00edmica Espa\u00f1a S.A., Barcelona
BORAAG
C
100.00
100.00
Borealis RUS LLC, Moscow
BORAAG
NC
\u2014
100.00
Borealis s.r.o., Prague
BORAAG
NC
100.00
100.00
Borealis Services S.A.S., Paris
BFR
NC
100.00
100.00
Borealis Sverige AB, Stenungsund (BSVSWE)
BORAAG
C
100.00
100.00
Borealis Technology Oy, Porvoo
BORAAG
C
100.00
100.00
BOREALIS UK LTD, Manchester
BORAAG
C
100.00
100.00
Borealis USA Inc., Houston (BUS)
BORAAG
C
100.00
100.00
Borouge 4 LLC, Abu Dhabi
BORMEH
AEJ
40.00
40.00
Borouge PLC, Abu Dhabi (BOROLC)
BORMEH
AEJ
36.00
36.00
Borouge Pte. Ltd., Singapore
BOROLC
AEJ
84.75
84.75
BORMEH
15.25
15.25
Circular Feedstock Walld\u00fcrn GmbH, Walld\u00fcrn2
OMVD
C
89.90
89.90
DYM SOLUTION CO., LTD, Cheonan
BORAAG
C
100.00
100.00
Ecoplast Kunststoffrecycling GmbH, Wildon
BORAAG
C
100.00
100.00
EPS Ethylen-Pipeline-S\u00fcd Gesch\u00e4ftsf\u00fchrungs GmbH, Munich
OMVD
NC-I
15.46
15.46
BPODE
7.73
7.73
EPS Ethylen-Pipeline-S\u00fcd GmbH & Co KG, Munich
OMVD
AEA
20.66
20.66
BPODE
10.33
10.33
Etenf\u00f6rs\u00f6rjning i Stenungsund AB, Stenungsund
BABSWE
C
80.00
80.00
Hallbar Kemi i Stenungsund, Stenungsund
BABSWE
NC-I
20.00
20.00
Industrins R\u00e4ddningstj\u00e4nst i Stenungsund AB, Stenungsund
BABSWE
NC-I
25.00
25.00
Integra Plastics EAD, Sofia
BORAAG
C
100.00
KB Munker\u00f6d 1:72, Stenungsund
BABSWE
NC
100.00
100.00
BSVSWE
0.00
0.00
Kilpilahden Voimalaitos Oy, Porvoo
BORAAG
AEA
20.00
20.00
mtm compact GmbH, Niedergebra
BORAAG
C
100.00
100.00
mtm plastics GmbH, Niedergebra
BORAAG
C
100.00
100.00
Novealis Holdings LLC, Houston (BNOVUS)
BBNHUS
C
50.00
50.00
BSBHUS
50.00
50.00
OMV Borealis Holding GmbH, Vienna (BHOLAT)
OMVRM
C
100.00
100.00
Petrogas International B.V., Eindhoven3
BRENBE
NC-I
25.00
25.00
PetroPort Holding AB, Stenungsund
BABSWE
AEJ
50.00
50.00
Recelerate GmbH, Herborn
BORAAG
AEJ
50.00
50.00
Renasci N.V., Ostend (BRENBE)
BCIRC
C
99.18
98.56
Renasci Oostende Holding N.V., Ostend (BRHOBE)
BRENBE
C
100.00
100.00
Renasci Oostende Recycling N.V., Ostend
BRHOBE
C
100.00
100.00
Renasci Oostende SCP N.V., Ostend
BRHOBE
C
100.00
100.00
Rialti S.p.A., Taino
BORAAG
C
100.00
100.00
Star Bridge Holdings LLC, Houston (BSBHUS)
BUS
C
100.00
100.00
Fuels & Feedstock
Abu Dhabi Oil Refining Company, Abu Dhabi
OMVRM
AEA
15.00
15.00
Abu Dhabi Petroleum Investments LLC, Abu Dhabi (ADPINV)
OMVRM
AEJ
25.00
25.00
ADNOC Global Trading LTD, Abu Dhabi
OMVRM
AEA
15.00
15.00
Aircraft Refuelling Company GmbH, Vienna
OMVRM
NC-I
33.33
33.33
AP Truck Mobility GmbH, Vienna4
OMVRM
C
100.00
Autobahn - Betriebe Gesellschaft m.b.H., Vienna
OMVRM
NC-I
47.19
47.19
BSP Bratislava-Schwechat Pipeline GmbH in Liqu., Vienna
OMVRM
NC-I
\u2014
26.00
Deutsche Transalpine Oelleitung GmbH, Munich
OMVD
AEA
32.26
32.26
DUNAT\u00c0R K\u00f6olajterm\u00e9k T\u00e1rol\u00f3 \u00e9s Kereskedelmi Kft., Budapest
OHUN
C
100.00
100.00
Erd\u00f6l-Lagergesellschaft m.b.H., Lannach5
OMVRM
AEA
55.60
55.60
GENOL Gesellschaft m.b.H., Korneuburg
OMVRM
AEA
29.00
29.00
OMV - International Services Ges.m.b.H., Vienna
OMVRM
C
100.00
100.00
OMV BULGARIA OOD, Sofia
PETROM
C
99.90
99.90
OMVRM
0.10
0.10
OMV \u010cesk\u00e1 republika, s.r.o., Prague
OMVRM
C
100.00
100.00
OMV Deutschland Services GmbH, Burghausen (OMVDS)
OMVD
C
100.00
100.00
OMV Downstream SLO, trgovina z nafto in naftnimi derivati, d.o.o., Ljubljana
OMVRM
NC
100.00
OMV Hung\u00e1ria \u00c1sv\u00e1nyolaj Korl\u00e1tolt Felel\u00f6ss\u00e9g\u00fc T\u00e1rsas\u00e1g, Budapest (OHUN)
OMVRM
C
100.00
100.00
OMV PETROM Aviation S.R.L., Otopeni
PETROM
C
100.00
100.00
ROMAN
0.00
0.00
OMV Petrom Biofuels SRL, Bucharest
PETROM
C
25.00
25.00
OMVRM
75.00
75.00
OMV PETROM MARKETING SRL, Bucharest (ROMAN)
PETROM
C
100.00
100.00
OMV Refining & Marketing Middle East & Asia GmbH, Vienna
OMVRM
C
100.00
100.00
OMV Renewable Fuels & Feedstock B.V., Beveren
OMVRM
C
100.00
100.00
OMV Renewable Fuels & Feedstock US Inc., Wilmington
OMVRM
C
100.00
OMV Slovensko s.r.o., Bratislava
OMVRM
C
99.99
99.99
OMV SRBIJA d.o.o., Belgrade
PETROM
C
99.96
99.96
OMVRM
0.04
0.04
OMV Supply & Trading Italia S.r.l., Trieste
OMVRM
C
100.00
100.00
OMV Supply & Trading Limited, London (OTRAD)
OMVRM
C
100.00
100.00
OMV Supply & Trading Singapore PTE LTD., Singapore
OTRAD
NC
100.00
100.00
OMV Switzerland Holding AG in Liquidation, Zug6
OGI
NC
100.00
100.00
Pak-Arab Refinery Limited, Karachi
ADPINV
AEJ
40.00
40.00
Petrom-Moldova S.R.L., Chisinau
PETROM
C
100.00
100.00
Renovatio Asset Management, Bucharest
PETROM
C
100.00
Respira Verde SRL, Cheriu
PETROM
AEJ
40.48
Routex B.V., Amsterdam
OMVRM
NC-I
20.00
20.00
Salzburg Fuelling GmbH, Salzburg
OMVRM
NC-I
50.00
50.00
Societ\u00e0 Italiana per l'Oleodotto Transalpino S.p.A., Trieste
OMVRM
AEA
32.26
32.26
SuperShop Marketing Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g, Budapest
OHUN
NC-I
50.00
50.00
TGN Tankdienst-Gesellschaft N\u00fcrnberg GbR, Nuremberg
OMVD
NC-I
33.33
33.33
Transalpine \u00d6lleitung in \u00d6sterreich Gesellschaft m.b.H., Matrei in Osttirol
OMVRM
AEA
32.26
32.26
Energy
ATS Energy SA, Vetis
PETROM
C
100.00
BridgeConstruct SRL, Iasi
PETROM
C
100.00
Central European Gas Hub AG, Vienna (HUB)
OGI
C
65.00
65.00
Cil PV Plant SRL, Bucharest
PETROM
AEJ
50.00
deeep Tiefengeothermie GmbH, Vienna
OGEO
PC
49.00
49.00
EEX CEGH Gas Exchange Services GmbH, Vienna
HUB
AEA
49.00
49.00
Electrocentrale Borzesti SRL, Bucharest
PETROM
AEJ
50.00
Energy Infrastructure Limited, Wellington
NZEA
C
100.00
100.00
Energy Petroleum Holdings Limited, Wellington
NZEA
C
100.00
100.00
Energy Petroleum Investments Limited, Wellington
NZEA
C
100.00
100.00
Enerintens Solar SRL, Bucharest
PETROM
AEJ
50.00
Freya Bunde-Etzel GmbH & Co. KG, Bonn
OGSG
AEA
39.99
39.99
Intertrans Karla SRL, Buzau
PETROM
C
100.00
IROKO CCS ANS, Sandnes
ONOR
PC
30.00
JR Constanta SRL, Bucharest
PETROM
C
100.00
JR Solar Teleorman SRL, Bucharest
PETROM
C
100.00
JR TELEORMAN S.R.L., Bucharest
PETROM
C
100.00
JSC GAZPROM YRGM Development, St. Petersburg7,8
OMVEP
NC-I
\u2014
\u2014
OJSC Severneftegazprom, Krasnoselkup8
OMVEP
NC-I
24.99
24.99
OMV (Berenty) Exploration GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV (IRAN) onshore Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (Mandabe) Exploration GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV (NAMIBIA) Exploration GmbH, Vienna
ONAFRU
NC
100.00
100.00
OMV (NORGE) AS, Stavanger (ONOR)
OMVEP
C
100.00
100.00
OMV (Tunesien) Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (TUNESIEN) Sidi Mansour GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV (Yemen Block S 2) Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (YEMEN) Al Mabar Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV (YEMEN) South Sanau Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Abu Dhabi E&P GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Abu Dhabi Offshore GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Abu Dhabi Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV AUSTRALIA PTY LTD, Perth (OAUST)
OMV AG
C
100.00
100.00
OMV Austria Exploration & Production GmbH, Vienna (OEPA)
OMVEP
C
100.00
100.00
OMV Austria Geothermal GmbH, Vienna (OGEO)
OGREEN
C
100.00
100.00
OMV Barrow Pty Ltd, Perth
OAUST
NC
100.00
100.00
OMV Beagle Pty Ltd, Perth
OAUST
NC
100.00
100.00
OMV Beteiligungsverwaltungs GmbH, Vienna
OMVRM
NC
100.00
\u2014
OMV AG
\u2014
100.00
OMV Bina Bawi GmbH, Vienna
PETEX
NC
100.00
100.00
OMV Block 70 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Croatia Geothermal GmbH, Vienna
OGREEN
NC
100.00
100.00
OMV East Abu Dhabi Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Enerji Ticaret Anonim \u015eirketi, Istanbul
OMVRM
C
100.00
100.00
OMV Exploration & Production GmbH, Vienna (OMVEP)
OMV AG
C
100.00
100.00
OMV Gas Logistics Holding GmbH, Vienna (OGI)
OMV AG
C
100.00
100.00
OMV Gas Marketing & Trading Belgium, Brussels
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading Deutschland GmbH, D\u00fcsseldorf
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading GmbH, Vienna (ECOGAS)
OMVRM
C
100.00
100.00
OMV Gas Marketing & Trading Hung\u00e1ria Kft., Budapest
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading Italia S.r.l., Milan
ECOGAS
NC
100.00
100.00
OMV Gas Marketing Trading & Finance B.V., Amsterdam
OFS
C
100.00
100.00
OMV Gas Storage Germany GmbH, Cologne (OGSG)
OMVDS
C
100.00
100.00
OMV Gas Storage GmbH, Vienna
OGI
C
100.00
100.00
OMV Gaz Iletim A.S., Istanbul
OMVRM
C
100.00
100.00
OMV Green Energy GmbH, Vienna (OGREEN)
OMVEP
C
100.00
100.00
OMV Jardan Block 3 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Maurice Energy GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Middle East & Africa GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Myrre Block 86 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV New Zealand Limited, Wellington (NZEA)
OMVEP
C
100.00
100.00
OMV NZ Production Limited, Wellington
NZEA
C
100.00
100.00
OMV OF LIBYA LIMITED, Douglas
OMVEP
C
100.00
100.00
OMV Offshore (Namibia) GmbH, Vienna (ONAFRU)
OMVEP
NC
100.00
100.00
OMV Offshore Bulgaria GmbH, Vienna
PETROM
C
100.00
100.00
OMV Offshore Morondava GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV Oil and Gas Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Oil Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Oil Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Orient Hydrocarbon GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV Orient Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Petroleum Exploration GmbH, Vienna (PETEX)
OMVEP
NC
100.00
100.00
OMV Petroleum Pty Ltd, Perth
NZEA
NC
100.00
100.00
OMV PETROM E&P BULGARIA S.R.L., Bucharest
PETROM
C
100.00
100.00
OMV Petrom Energy Solution SRL, Bucharest3
PETROM
C
100.00
100.00
OMV PETROM GEORGIA LLC, Tbilisi
PETROM
C
100.00
100.00
OMV Proterra GmbH, Vienna
OEPA
NC
100.00
100.00
OMV Russia Upstream GmbH, Vienna3
OMVEP
NC
100.00
100.00
OMV Upstream International GmbH, Vienna (OUPI)
OMVEP
C
100.00
100.00
Pearl Petroleum Company Limited, Road Town
OUPI
AEA
10.00
10.00
PEI Venezuela Gesellschaft mit beschr\u00e4nkter Haftung, Burghausen
OMVEP
NC
100.00
100.00
PETROM EXPLORATION & PRODUCTION LIMITED, Douglas
PETROM
NC
100.00
100.00
POSEIDON EXL 005 ANS, Lysaker
ONOR
PC
50.00
50.00
Preussag Energie International GmbH, Burghausen
OMVEP
NC
100.00
100.00
S. PARC FOTOVOLTAIC ISALNITA S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. PARC FOTOVOLTAIC ROVINARI EST S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. PARC FOTOVOLTAIC TISMANA 1 S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. SOLARIST TISMANA 2 S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
SapuraOMV Block 30, S. de R.L. de C.V., Mexico City
SEUPMY
C
\u2014
99.00
SEMXMY
\u2014
1.00
SapuraOMV Upstream (Americas) Sdn. Bhd., Kuala Lumpur (SEAMMY)
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Australia) Sdn. Bhd., Kuala Lumpur (SEAUMY)
SEOCMY
C
\u2014
100.00
SapuraOMV Upstream (Holding) Sdn. Bhd., Kuala Lumpur (SEUPMY)
SOUPMY
C
\u2014
100.00
SAPURAOMV UPSTREAM (MALAYSIA) SDN. BHD., Kuala Lumpur
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Mexico) Sdn. Bhd., Kuala Lumpur (SEMXMY)
SEAMMY
C
\u2014
100.00
SapuraOMV Upstream (NZ) Sdn. Bhd., Kuala Lumpur (SENZMY)
SEOCMY
C
\u2014
100.00
SapuraOMV Upstream (Oceania) Sdn. Bhd., Kuala Lumpur (SEOCMY)
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Sarawak) Inc., Nassau
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Western Australia) Pty Ltd, Perth
SEAUMY
C
\u2014
100.00
SapuraOMV Upstream JV Sdn. Bhd., Kuala Lumpur
SENZMY
NC
\u2014
100.00
SapuraOMV Upstream Sdn. Bhd., Kuala Lumpur (SOUPMY)
OMVEP
C
\u2014
50.00
Tenersolar Park SRL, Bucharest
PETROM
AEJ
50.00
Corporate & Other
ASOCIATIA ROMANA PENTRU RELATIA CU INVESTITORII, Bucharest
PETROM
NC-I
20.00
20.00
Diramic Insurance Limited, Gibraltar
OMV AG
C
100.00
100.00
OMV Clearing und Treasury GmbH, Vienna
SNO
C
100.00
100.00
OMV Finance Services GmbH, Vienna (OFS)
SNO
C
100.00
100.00
OMV Finance Services NOK GmbH, Vienna
SNO
C
100.00
100.00
OMV Finance Solutions USD GmbH, Vienna
SNO
C
100.00
100.00
OMV Insurance Broker GmbH in Liqu., Vienna
OMV AG
NC
\u2014
100.00
OMV International Oil & Gas GmbH, Baar
OMV AG
C
100.00
100.00
OMV Petrom Global Solutions SRL, Bucharest
SNO
C
75.00
75.00
PETROM
25.00
25.00
OMV Solutions GmbH, Vienna (SNO)
OMV AG
C
100.00
100.00
PETROMED SOLUTIONS SRL, Bucharest
PETROM
C
100.00
100.00
Assigned to multiple segments9
BTF Industriepark Schwechat GmbH, Schwechat
BPOAT
NC
50.00
50.00
OMVRM
50.00
50.00
C2PAT GmbH, Vienna
BORAAG
AEJ
25.00
25.00
OMVRM
25.00
25.00
OMV Deutschland GmbH, Burghausen (OMVD)
OMVRM
C
90.00
90.00
OMV AG
10.00
10.00
OMV Deutschland Marketing & Trading GmbH & Co. KG, Burghausen10
OMVD
C
99.99
99.99
OMVDS
0.01
0.01
OMV Deutschland Operations GmbH & Co. KG, Burghausen
OMVD
C
99.99
99.99
OMVDS
0.01
0.01
OMV Downstream GmbH, Vienna (OMVRM)
OMV AG
C
100.00
100.00
OMV PETROM SA, Bucharest (PETROM)
OMV AG
C
51.16
51.16
1 Type of consolidation:
C Consolidated subsidiary
AEA Associated companies accounted at-equity
AEJ Joint venture accounted at-equity
PC Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
NC-I Other non consolidated investment; associated companies and joint ventures of relatively little importance to the assets and earnings of the consolidated financial statements
NC Non-consolidated subsidiary; shell or distribution companies of relative insignificance individually and collectively to the consolidated financial statements
2 Economic share 100.00%
3 Type of consolidation was changed compared to 2023.
4 Company\u00b4s legal name changed in 2025; previously AP-NewCo GmbH
5 Despite majority interest not being fully consolidated, but accounted for at-equity due to absence of control.
6 Company\u2019s legal name changed following the initiation of liquidation.
7 Economic share 99.99%
8 The decree of the Russian President No.965 stipulates the expropriation of the shares
9 Assigned to the relevant segments in the segment reporting
10 In the 2024 financial year, OMV Deutschland Marketing & Trading GmbH & Co. KG made use of the exemption provision for the preparation of the annual financial statement and director\u2019s report, audit and disclosure pursuant to Section 264b HGB in conjunction with Section 325 HGB. The company's exemption is mentioned in its notes and published in the Federal Gazette with reference to this provision and an indication of the parent company.
All the companies that are not consolidated either have low business volumes or are distribution companies; the total sales, net income/losses, and equity of such companies represent less than 1% of the Group totals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-34": { "value": "
Recoverability of\u00a0assets\u00a0
The following table summarizes the carrying amounts of the Group\u2019s intangible assets (incl. goodwill), PPE, and equity-accounted investments disaggregated according to the type of assets:
Carrying amounts as of December 31
In EUR mn
Segment
Intangible
assets (incl. goodwill)
Property, plant and equipment
Equity-
accounted
investments
2024
Chemical production and recycling (incl. chemical part of refineries)
Chemicals
1,047
6,087
4,777
Refining
F&F
185
3,508
1,524
Retail
F&F
45
1,285
\u2014
Oil and gas exploration and evaluation
Energy
285
\u2014
\u2014
Oil and gas production
Energy
360
8,679
288
Gas storages and power plant
Energy
16
515
0
Other
85
352
72
Total
2,023
20,426
6,661
2023
Chemical production and recycling (incl. chemical part of refineries)
Chemicals
975
5,643
4,747
Refining
F&F
101
3,255
1,655
Retail
F&F
23
1,129
\u2014
Oil and gas exploration and evaluation
Energy
270
\u2014
\u2014
Oil and gas production
Energy
356
9,313
264
Gas storages and power plant
Energy
17
523
0
Other
38
217
2
Total
1,779
20,081
6,668
Acquisitions \u2013 Business Combinations
During 2024, OMV finalized the acquisition of 100% of the shares in the following companies, for which the rules of IFRS\u00a03\u00a0\u2013 Business Combinations have been applied. They have been fully consolidated in the Group\u2019s financial statements:
\uf097
March 28, 2024: Integra Plastics AD (after acquisition renamed Integra Plastics EAD), which operates a modern advanced mechanical recycling plant built in 2019 with state-of-the-art equipment and an annual output capacity of more than 20 kt. Integra Plastics EAD has the ability to transform post-consumer waste into high-quality polyolefin recyclates suitable for demanding applications.
\uf097
May 31, 2024: Renovatio Asset Management S.R.L, which owns the largest charging network for electric vehicles in Romania.
\uf097
July 25, 2024: AP-NewCo GmbH (after acquisition renamed AP Truck Mobility GmbH), which owns a filling stations network in Austria.
\uf097
September 27, 2024: Intertrans Karla S.R.L., Bridgeconstruct S.R.L., and ATS Energy S.A., which owns 18 MW operational capacity of renewable energy assets consisting of wind power and hydropower plants.
Aggregated financial information for those acquisitions is displayed in the following table:
Fair values of net assets acquired
In EUR mn
2024
Non-current assets
89
Current assets
34
Total assets
123
Non-current liabilities
16
Current liabilities
42
Total liabilities
58
Net assets acquired
65
Total purchase price consideration
167
Goodwill
102
Consideration and fair value of the assets acquired and liabilities assumed for the above mentioned business combinations, with exception of AP-NewCo GmbH, are measured on a provisional basis. The goodwill of EUR\u00a0102\u00a0mn was mainly associated with the acquisition of AP-NewCo GmbH and primarily arises from expected synergies, leveraging refinery utilization and enhanced planning flexibility provided by AP filling stations as volume outlets.
Segment reporting\u00a0
In EUR mn
2024
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,431
18,765
12,587
503
41,286
\u20137,305
33,981
Intersegmental sales
\u20131,007
\u20132,210
\u20133,603
\u2013485
\u20137,305
7,305
\u2014
Sales to third parties
8,424
16,554
8,984
18
33,981
\u2014
33,981
Other operating income
102
90
433
63
688
\u2014
688
Net income from equity-accounted investments
178
79
43
\u2014
299
\u2014
299
Depreciation and amortization
599
489
1,307
41
2,435
\u2014
2,435
Impairment losses (incl. exploration & appraisal)
16
18
620
1
654
\u2014
654
Write-ups
\u2014
16
\u20130
\u2014
15
\u2014
15
Operating Result
404
709
3,205
\u201380
4,238
16
4,254
Special items for personnel restructuring
8
0
6
\u2014
15
\u2014
15
Special items for unscheduled depreciation and write-ups
16
16
472
\u2014
504
\u2014
504
Special items for asset disposal
\u2014
\u2014
\u201323
\u2014
\u201323
\u2014
\u201323
Other special items
31
82
149
6
268
\u2014
268
Special items
55
98
605
6
764
\u2014
764
Clean Operating Result
459
808
3,810
\u201373
5,003
16
5,018
CCS effect
\u2014
119
\u2014
\u2014
119
4
123
Clean CCS Operating Result
459
927
3,810
\u201373
5,122
19
5,141
Segment assets2
7,134
5,023
10,031
261
22,449
\u2014
22,449
Additions to PPE/IA3
1,087
871
1,679
59
3,697
\u2014
3,697
Equity-accounted investments4
4,777
1,530
355
\u2014
6,661
\u2014
6,661
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
Segment reporting
In EUR mn
2023
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,650
20,186
17,038
471
47,346
\u20137,883
39,463
Intersegmental sales
\u20131,305
\u20132,433
\u20133,694
\u2013451
\u20137,883
7,883
\u2014
Sales to third parties
8,345
17,753
13,344
20
39,463
\u2014
39,463
Other operating income
129
336
208
69
742
\u2014
742
Net income from equity-accounted investments
101
296
\u201371
\u2014
326
\u2014
326
Depreciation and amortization
541
425
1,434
40
2,439
\u2014
2,439
Impairment losses (incl. exploration & appraisal)
126
7
231
1
365
\u2014
365
Write-ups
\u2014
\u2014
189
0
189
\u2014
189
Operating Result
\u2013120
1,671
3,771
\u201365
5,257
\u201331
5,226
Special items for personnel restructuring
5
0
\u2014
\u2014
6
\u2014
6
Special items for unscheduled depreciation and write-ups
135
\u2014
\u201391
\u2014
44
\u2014
44
Special items for asset disposal
12
\u2013221
\u2014
\u2014
\u2013208
\u2014
\u2013208
Other special items
62
74
677
14
827
\u2014
827
Special items
214
\u2013146
586
14
668
\u2014
668
Clean Operating Result
94
1,525
4,357
\u201351
5,925
\u201331
5,894
CCS effect
\u2014
126
\u2014
\u2014
126
4
130
Clean CCS Operating Result
94
1,651
4,357
\u201351
6,050
\u201327
6,024
Segment assets2
6,618
4,508
10,488
246
21,859
\u2014
21,859
Additions to PPE/IA3
1,110
986
1,585
54
3,736
\u2014
3,736
Equity-accounted investments4
4,747
1,655
266
\u2014
6,668
\u2014
6,668
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
Information on geographical areas
In EUR mn
2024
2023
Sales to third parties
Segment
assets1
Equity-
accounted
investments2
Sales to third parties
Segment
assets1
Equity-
accounted
investments2
Austria
7,154
5,109
12
9,097
4,918
13
Belgium
717
2,840
25
814
2,384
29
Germany
5,371
1,391
25
6,302
1,301
30
New Zealand
303
339
\u2014
451
676
\u2014
Norway
861
941
\u2014
1,045
1,056
\u2014
Romania
6,003
6,480
70
6,728
6,013
\u2014
United Arab Emirates
1,511
1,547
5,644
1,459
1,682
5,638
Rest of CEE3
5,072
676
\u2014
5,677
568
\u2014
Rest of Europe
4,785
1,841
23
5,545
1,859
24
Rest of the world4
2,205
1,286
862
2,344
1,072
934
Allocated
33,981
22,449
6,661
39,463
21,529
6,668
Unallocated assets
\u2014
\u2014
\u2014
\u2014
330
\u2014
Total
33,981
22,449
6,661
39,463
21,859
6,668
1 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
2 Equity-accounted investments are allocated based on the seat of the registered office of the parent company, excluding assets held for sale.
3 Including T\u00fcrkiye
4 Rest of the world: principally Algeria, Argentina, Australia, Brazil, Canada, Chile, China, Colombia, Egypt, Ghana, India, Libya, Malaysia, Mexico, Morocco, Nigeria, Peru, Saudi Arabia, South Africa, South Korea, Taiwan, Tunisia, and the United States of America
In 2023, the unallocated assets contained goodwill in the amount of EUR 330 mn related to the cash-generating unit \u201cMiddle East and Africa\u201d. This goodwill was reallocated in 2024 to the countries Libya, the United Arab Emirates, and Tunisia. For further details see Note 16 \u2013 Intangible assets.
In 2024, Borealis recognized impairments totaling EUR 16 mn, including EUR 10 mn for idle tangible assets at Renasci N.V. and EUR 6 mn for intangible assets.
Reported impairment losses attributable to exploration and appraisal amounted to EUR 79 mn, mainly related to unsuccessful exploration wells in Austria and Norway.
Impairment losses in 2023 included impairments of EUR 152 mn mainly related to unsuccessful exploration wells and expired exploration licenses in Malaysia and Norway.
16 |
Intangible assets
Accounting policy

Intangible assets including goodwill

Intangible assets are stated at cost, less accumulated amortization and impairment. Development costs are capitalized if the recognition criteria according to IAS 38 are fulfilled. All other research and development costs are recognized as an expense in the period in which they incur. Software, licenses, concessions, and similar intangible assets are amortized on a straight-line basis over the contract or license period or the useful economic life, which is between 3 and 20 years.

Goodwill acquired in a business combination is tested for impairment at least yearly. Impairments are recorded immediately through profit or loss; subsequent write-ups are not possible.
Oil and gas assets with unproved reserves

E&P activities are recorded using the successful efforts method. The acquisition costs of geological and geophysical studies before the discovery of proved reserves are recognized in the period in which they are incurred. The costs of wells are capitalized and reported as intangible assets until the existence or absence of potentially commercially viable oil or gas reserves is determined. Wells that are not commercially viable are expensed. The costs of exploration wells whose commercial viability has not yet been determined continue to be capitalized as long as the following conditions are fulfilled:
1.
Sufficient oil and gas reserves have been discovered that would justify completion as a production well.
2.
Sufficient progress is being made in assessing the economic and technical feasibility to justify beginning field development in the near future.
3.
The period for which the entity has the right to explore in the specific area has not expired.

Exploratory wells in progress at year-end that are determined to be unsuccessful subsequent to the statement of financial position date are treated as non-adjusting events, meaning that the costs incurred for such exploratory wells remain capitalized in the financial statements of the reporting period under review and will be expensed in the subsequent period.

License acquisition costs and capitalized exploration and appraisal activities are not amortized as long as they are related to unproved reserves, but tested for impairment when there is an indication of potential impairment.

When the decision to develop a particular asset is made, the related intangible exploration and evaluation assets are reclassified to Property, plant and equipment.
Significant estimates: recoverability of unproved oil and gas assets

There may be cases when costs related to unproved oil and gas properties remain capitalized over longer periods while various appraisal and seismic activities continue in order to assess the size of the reservoir and its commerciality. Further decisions on the optimum timing of such developments are made from a resource and portfolio point of view. As soon as there is no further intention to develop a discovery, the assets are immediately impaired.
Intangible assets
In EUR mn
Concessions,
software,
licenses,
rights
Development costs
Oil and gas
assets
with unproved
reserves
Goodwill
Total
2024
Development of costs
January 1
1,385
695
963
384
3,428
Currency translation differences
\u20133
0
17
21
34
Changes in the consolidated group
20
\u2014
\u2014
106
125
Additions
93
101
139
\u2014
333
Transfers
30
0
\u201315
\u2014
16
Assets held for sale
\u2014
\u2014
\u201341
\u2014
\u201341
Disposals
\u201312
\u20131
\u201342
\u2014
\u201355
December 31
1,512
795
1,022
511
3,840
Development of amortization
January 1
842
119
688
\u2014
1,649
Currency translation differences
\u20132
\u20130
15
\u2014
13
Amortization
98
36
0
\u2014
134
Impairments
0
6
89
\u2014
95
Transfers
\u20137
\u2014
\u2014
\u2014
\u20137
Assets held for sale
\u2014
\u2014
\u201315
\u2014
\u201315
Disposals
\u201312
\u20130
\u201340
\u2014
\u201353
December 31
920
161
737
\u2014
1,817
Carrying amount January 1
543
576
275
384
1,779
Carrying amount December 31
593
635
285
511
2,023
2023
Development of costs
January 1
1,330
572
1,811
585
4,298
Currency translation differences
\u20133
\u20130
\u201328
\u201317
\u201348
Changes in the consolidated group
28
\u2014
\u2014
21
49
Additions
39
112
201
\u2014
352
Transfers
20
14
\u2013583
\u2014
\u2013549
Assets held for sale
\u20130
\u2014
\u2013243
\u2013205
\u2013448
Disposals
\u201328
\u20133
\u2013195
\u2014
\u2013225
December 31
1,385
695
963
384
3,428
Development of amortization
January 1
769
86
934
\u2014
1,788
Currency translation differences
\u20132
\u2014
\u201321
\u2014
\u201323
Amortization
93
34
0
\u2014
127
Impairments
11
3
158
\u2014
171
Transfers
\u20130
\u2014
\u201314
\u2014
\u201314
Assets held for sale
\u20130
\u2014
\u2013173
\u2014
\u2013173
Disposals
\u201329
\u20133
\u2013195
\u2014
\u2013227
Write-ups
\u2014
\u2014
\u20131
\u2014
\u20131
December 31
842
119
688
\u2014
1,649
Carrying amount January 1
562
486
878
585
2,510
Carrying amount December 31
543
576
275
384
1,779
Changes in the consolidated group in 2024 were mainly due to the acquisition of AP-NewCo GmbH, which led to EUR 94 mn of changes in the consolidated group in intangible assets, including EUR 82 mn goodwill, and the acquisition of Renovatio Asset Management SRL, which resulted in EUR 10 mn of goodwill. Both acquisitions were related to the Fuels & Feedstock segment. Further details can be found in Note 4 \u2013 Significant changes in Group structure.
Additions to intangible assets in 2024 included EUR\u00a035\u00a0mn (2023: EUR\u00a037\u00a0mn) of additions to internally generated assets, mainly related to capitalized development costs.
In 2023, transfers were mainly related to OMV Petrom following the final investment decision for the Neptun Deep project. Consequently, the related oil and gas assets in the amount of EUR 483 mn were reclassified from intangible assets to property, plant, and equipment.
In 2024, intangible assets reclassified to assets held for sale were mainly related to certain oil and gas assets in the Energy segment for which a divestment process was initiated. In 2023, these assets were mainly related to the SapuraOMV disposal group. For details see Note 5 \u2013 Assets and liabilities held for sale.
Further details on impairmentsand write-ups can be found in Note 9 \u2013 Depreciation, amortization, impairments and write-ups.
Goodwill allocation
In EUR mn
2024
2023
Goodwill allocated to Energy
357
330
Goodwill allocated to Fuels & Feedstock
125
33
Goodwill allocated to Chemicals
29
21
Goodwill
511
384
In August 2024, OMV implemented a new target operating model for the Energy segment, transitioning from a regional split to a structure based on operated and non-operated countries. As a result, the goodwill that was previously assigned to the region Middle East and Africa was reallocated to the countries Libya, the United Arab Emirates, and Tunisia. The reallocation was based on the relative fair value of the operations in these countries. This reallocation did not result in any impact on the income statement. As of December 31, 2024, the goodwill balances of these countries consisted of EUR 198 mn for Libya, EUR 120 mn for the United Arab Emirates, and EUR 33 mn for Tunisia, and are included in the Energy segment.
Goodwill impairment tests based on a value in use calculation were performed and did not lead to any impairments.
For details on contractual obligations for the acquisition of intangible assets, refer to Note 17 \u2013 Property, plant, and equipment.
Contractual obligations for acquisitions
In EUR mn
2024
2023
Intangible assets
248
296
Property, plant, and equipment
3,221
3,345
Contractual obligations
3,470
3,640
In 2024, the contractual commitments for acquisitions of fixed assets were mainly related to activities in the Energy segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-35": { "value": "
Recoverability of\u00a0assets\u00a0
The following table summarizes the carrying amounts of the Group\u2019s intangible assets (incl. goodwill), PPE, and equity-accounted investments disaggregated according to the type of assets:
Carrying amounts as of December 31
In EUR mn
Segment
Intangible
assets (incl. goodwill)
Property, plant and equipment
Equity-
accounted
investments
2024
Chemical production and recycling (incl. chemical part of refineries)
Chemicals
1,047
6,087
4,777
Refining
F&F
185
3,508
1,524
Retail
F&F
45
1,285
\u2014
Oil and gas exploration and evaluation
Energy
285
\u2014
\u2014
Oil and gas production
Energy
360
8,679
288
Gas storages and power plant
Energy
16
515
0
Other
85
352
72
Total
2,023
20,426
6,661
2023
Chemical production and recycling (incl. chemical part of refineries)
Chemicals
975
5,643
4,747
Refining
F&F
101
3,255
1,655
Retail
F&F
23
1,129
\u2014
Oil and gas exploration and evaluation
Energy
270
\u2014
\u2014
Oil and gas production
Energy
356
9,313
264
Gas storages and power plant
Energy
17
523
0
Other
38
217
2
Total
1,779
20,081
6,668
Segment reporting\u00a0
In EUR mn
2024
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,431
18,765
12,587
503
41,286
\u20137,305
33,981
Intersegmental sales
\u20131,007
\u20132,210
\u20133,603
\u2013485
\u20137,305
7,305
\u2014
Sales to third parties
8,424
16,554
8,984
18
33,981
\u2014
33,981
Other operating income
102
90
433
63
688
\u2014
688
Net income from equity-accounted investments
178
79
43
\u2014
299
\u2014
299
Depreciation and amortization
599
489
1,307
41
2,435
\u2014
2,435
Impairment losses (incl. exploration & appraisal)
16
18
620
1
654
\u2014
654
Write-ups
\u2014
16
\u20130
\u2014
15
\u2014
15
Operating Result
404
709
3,205
\u201380
4,238
16
4,254
Special items for personnel restructuring
8
0
6
\u2014
15
\u2014
15
Special items for unscheduled depreciation and write-ups
16
16
472
\u2014
504
\u2014
504
Special items for asset disposal
\u2014
\u2014
\u201323
\u2014
\u201323
\u2014
\u201323
Other special items
31
82
149
6
268
\u2014
268
Special items
55
98
605
6
764
\u2014
764
Clean Operating Result
459
808
3,810
\u201373
5,003
16
5,018
CCS effect
\u2014
119
\u2014
\u2014
119
4
123
Clean CCS Operating Result
459
927
3,810
\u201373
5,122
19
5,141
Segment assets2
7,134
5,023
10,031
261
22,449
\u2014
22,449
Additions to PPE/IA3
1,087
871
1,679
59
3,697
\u2014
3,697
Equity-accounted investments4
4,777
1,530
355
\u2014
6,661
\u2014
6,661
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
Segment reporting
In EUR mn
2023
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,650
20,186
17,038
471
47,346
\u20137,883
39,463
Intersegmental sales
\u20131,305
\u20132,433
\u20133,694
\u2013451
\u20137,883
7,883
\u2014
Sales to third parties
8,345
17,753
13,344
20
39,463
\u2014
39,463
Other operating income
129
336
208
69
742
\u2014
742
Net income from equity-accounted investments
101
296
\u201371
\u2014
326
\u2014
326
Depreciation and amortization
541
425
1,434
40
2,439
\u2014
2,439
Impairment losses (incl. exploration & appraisal)
126
7
231
1
365
\u2014
365
Write-ups
\u2014
\u2014
189
0
189
\u2014
189
Operating Result
\u2013120
1,671
3,771
\u201365
5,257
\u201331
5,226
Special items for personnel restructuring
5
0
\u2014
\u2014
6
\u2014
6
Special items for unscheduled depreciation and write-ups
135
\u2014
\u201391
\u2014
44
\u2014
44
Special items for asset disposal
12
\u2013221
\u2014
\u2014
\u2013208
\u2014
\u2013208
Other special items
62
74
677
14
827
\u2014
827
Special items
214
\u2013146
586
14
668
\u2014
668
Clean Operating Result
94
1,525
4,357
\u201351
5,925
\u201331
5,894
CCS effect
\u2014
126
\u2014
\u2014
126
4
130
Clean CCS Operating Result
94
1,651
4,357
\u201351
6,050
\u201327
6,024
Segment assets2
6,618
4,508
10,488
246
21,859
\u2014
21,859
Additions to PPE/IA3
1,110
986
1,585
54
3,736
\u2014
3,736
Equity-accounted investments4
4,747
1,655
266
\u2014
6,668
\u2014
6,668
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
Information on geographical areas
In EUR mn
2024
2023
Sales to third parties
Segment
assets1
Equity-
accounted
investments2
Sales to third parties
Segment
assets1
Equity-
accounted
investments2
Austria
7,154
5,109
12
9,097
4,918
13
Belgium
717
2,840
25
814
2,384
29
Germany
5,371
1,391
25
6,302
1,301
30
New Zealand
303
339
\u2014
451
676
\u2014
Norway
861
941
\u2014
1,045
1,056
\u2014
Romania
6,003
6,480
70
6,728
6,013
\u2014
United Arab Emirates
1,511
1,547
5,644
1,459
1,682
5,638
Rest of CEE3
5,072
676
\u2014
5,677
568
\u2014
Rest of Europe
4,785
1,841
23
5,545
1,859
24
Rest of the world4
2,205
1,286
862
2,344
1,072
934
Allocated
33,981
22,449
6,661
39,463
21,529
6,668
Unallocated assets
\u2014
\u2014
\u2014
\u2014
330
\u2014
Total
33,981
22,449
6,661
39,463
21,859
6,668
1 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
2 Equity-accounted investments are allocated based on the seat of the registered office of the parent company, excluding assets held for sale.
3 Including T\u00fcrkiye
4 Rest of the world: principally Algeria, Argentina, Australia, Brazil, Canada, Chile, China, Colombia, Egypt, Ghana, India, Libya, Malaysia, Mexico, Morocco, Nigeria, Peru, Saudi Arabia, South Africa, South Korea, Taiwan, Tunisia, and the United States of America
In 2024, Borealis recognized impairments totaling EUR 16 mn, including EUR 10 mn for idle tangible assets at Renasci N.V. and EUR 6 mn for intangible assets.
Impairments and write-ups in Energy
In 2024, an impairment of EUR 222 mn was recognized for certain gas assets with proved reserves in New Zealand. This impairment was driven by expected lower production volumes. The recoverable amount of related assets, determined based on the value in use, was EUR 40 mn. The after-tax discount rate applied was 8.25%.
An impairment of EUR 121 mn was recognized for several CGUs in Romania, primarily affecting oil and gas assets, mainly driven by updated general operating costs increases in the context of high inflationary pressure. The recoverable amount of related assets, determined based on the value in use, was EUR 671 mn. The after-tax discount rate applied was 9.50%.
Other impairments in 2024 included EUR 65 mn related mainly to unsuccessful workovers and obsolete or replaced assets in Romania.
In 2023, a write-up of EUR 114 mn was recognized in some CGUs in Libya following stabilized production in recent years. Moreover, an impairment test was performed for the Etzel gas storage facility in Germany in 2023, resulting in a write-up of EUR 72 mn due to the improved market environment for gas storage facilities in Europe.
Also in 2023, other impairments were mainly related to unsuccessful workovers and obsolete or replaced assets in Romania (EUR 55 mn).
17 |
Property, plant, and equipment
Accounting policy

Property, plant, and equipment are recognized at costs of acquisition or construction (including costs of major inspection and general overhauls).

Borrowing costs directly attributable to the acquisition, construction, or production of qualified assets are capitalized until these assets are substantially ready for their intended use or sale. All other costs of borrowing are expensed in the period in which they are incurred.

The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset when a decommissioning provision is recognized (see Note 25 \u2013 Decommissioning and other provisions). Costs for replacing components are capitalized and the carrying values of the replaced parts are derecognized. Costs relating to minor maintenance and repairs are treated as expenses in the year in which they are incurred.

Property, plant, and equipment (except for oil and gas assets) are amortized or depreciated on a straight-line basis over the useful economic life.
Useful life
Years
Intangible assets
Software
3\u20137 or license duration
Concessions, licenses, contract-related intangible assets, etc.
3\u201320 or contract duration
Business-specific property, plant and equipment
Chemicals
Chemical production facilities
15\u201320
F&F
Pipelines
20\u201330
Storage tanks
40
Refinery facilities
25
Filling stations
5\u201320
Energy
Oil and gas wells
Unit-of-production method
Gas power plant
8\u201330
Other property, plant and equipment
Production and office buildings
20\u201350
Other technical plant and equipment
10\u201320
Fixtures and fittings
3\u201315
Oil and gas assets with proved reserves are included in property, plant, and equipment. They are reclassified from intangible assets once the reserves are proved and commercial viability is established. Development expenditure on the construction, installation, or completion of infrastructure facilities such as platforms and pipelines and drilling development wells is capitalized within tangible assets.

Once production of oil and gas assets starts, depreciation commences. Capitalized exploration and development costs as well as auxiliary facilities are generally depreciated based on proved developed reserves by applying the unit-of-production method; only capitalized exploration rights and acquired reserves are amortized on the basis of total proved reserves, unless a different reserves basis is more adequate. Depreciation of economically successful exploration and production assets is reported as depreciation, amortization, impairment charges and write-ups.
Significant estimate: oil and gas reserves

The oil and gas reserves are estimated by the Group\u2019s petroleum experts in accordance with industry standards and reassessed at least once per year. In addition, external reviews are performed regularly. During 2024, the reserves of the oil and gas assets in Tunisia and the Kurdistan Region of Iraq (KRI) up to December 31, 2023, were externally reviewed by DeGolyer and MacNaughton (D&M). The reserves of the other material oil and gas assets were externally reviewed the year before.

The results of the external reviews did not show significant deviations from the internal estimates, apart from a few exceptional cases. In the case of significant deviations, OMV performs further analysis, involving additional independent experts where necessary.

Oil and gas reserve estimates have a significant impact on the assessment of the recoverability of the carrying amounts of the Group\u2019s oil and gas assets. Downward revisions of these estimates could lead to impairment of the asset\u2019s carrying amount. In addition, changes to the estimates of oil and gas reserves prospectively impact the amount of amortization and depreciation.
Property, plant, and equipment including right-of-use assets
In EUR mn
Land and
buildings
Oil and
gas assets
with proved
reserves
Plant and
machinery
Other
fixtures,
fittings,
and
equipment
Assets
under construction
Total
2024
Development of costs
January 1
3,606
26,425
13,191
2,178
2,479
47,878
Currency translation differences
\u201320
\u20138
\u201362
\u20134
\u20132
\u201396
Changes in the consolidated group
40
\u2014
37
1
73
150
Additions
85
1,333
281
196
1,473
3,366
New obligations and change in estimates for decommissioning
14
\u2013141
\u201311
0
34
\u2013105
Transfers
120
17
702
130
\u2013984
\u201316
Assets held for sale
\u20130
406
1
2
11
420
Disposals
\u201332
\u2013954
\u201365
\u2013125
\u201315
\u20131,191
December 31
3,811
27,078
14,074
2,377
3,067
50,408
Development of depreciation
January 1
1,900
17,498
6,844
1,540
15
27,798
Currency translation differences
\u201311
\u201380
\u201345
\u20133
\u20130
\u2013140
Depreciation
145
1,191
788
179
\u2014
2,302
Impairments
5
495
36
2
14
552
Transfers
6
1
1
0
\u20131
7
Assets held for sale
\u20130
648
0
2
7
657
Disposals
\u201328
\u2013953
\u201363
\u2013124
\u201312
\u20131,179
Write-ups
\u20130
1
\u201316
\u20130
\u20130
\u201315
December 31
2,017
18,800
7,547
1,596
22
29,982
Carrying amount January 1
1,705
8,927
6,347
637
2,464
20,081
Carrying amount December 31
1,794
8,278
6,527
782
3,046
20,426
Property, plant, and equipment including right-of-use assets
In EUR mn
Land and
buildings
Oil and
gas assets
with proved
reserves
Plant and
machinery
Other
fixtures,
fittings
and
equipment
Assets
under construction
Total
2023
Development of costs
January 1
3,512
26,549
12,002
2,043
2,061
46,168
Currency translation differences
\u20139
\u2013700
\u201321
\u20134
\u20135
\u2013738
Changes in consolidated Group
11
\u2014
53
2
12
78
Additions
143
1,265
491
95
1,389
3,383
New obligations and change in estimates for decommissioning
4
309
12
0
\u2014
326
Transfers
\u201333
592
848
121
\u2013969
559
Assets held for sale
\u20136
\u20131,431
0
\u20130
\u20138
\u20131,444
Disposals
\u201318
\u2013160
\u2013195
\u201379
\u20132
\u2013454
December 31
3,606
26,425
13,191
2,178
2,479
47,878
Development of depreciation
January 1
1,805
17,205
6,378
1,457
6
26,851
Currency translation differences
\u20135
\u2013467
\u20136
\u20133
0
\u2013480
Changes in consolidated Group
\u20131
\u2014
\u20134
\u20130
\u2014
\u20135
Depreciation
159
1,330
674
150
\u2014
2,314
Impairments
0
59
29
1
12
101
Transfers
\u201337
16
34
2
\u2014
14
Assets held for sale
\u20136
\u2013370
\u2014
\u20130
\u20133
\u2013380
Disposals
\u201313
\u2013158
\u2013191
\u201367
\u20131
\u2013429
Write-ups
\u20132
\u2013116
\u201370
\u20130
\u2014
\u2013188
December 31
1,900
17,498
6,844
1,540
15
27,798
Carrying amount January 1
1,706
9,344
5,624
586
2,055
19,317
Carrying amount December 31
1,705
8,927
6,347
637
2,464
20,081
The EUR 150 mn of changes in the consolidated group in 2024 was due to several acquisitions, in particular, AP-NewCo GmbH, Integra Plastics AD, JR Constanta S.R.L., JR Solar Teleorman S.R.L., and JR Teleorman S.R.L. Further details can be found in Note 4 \u2013 Significant changes in Group structure. In 2023, the EUR\u00a084\u00a0mn of changes in the consolidated group resulted mainly from the change in the consolidation method of Renasci N.V. after Borealis increased its stake from 27.42% to 50.01% as of January 11, 2023, and the acquisition by Borealis of 100% of the shares in Rialti S.p.A. on October 31, 2023.
In 2023, transfers were mainly related to OMV Petrom following the final investment decision for the Neptun Deep project. Consequently, the related oil and gas assets in the amount of EUR 483 mn were reclassified from intangible assets to property, plant, and equipment.
In 2024, property, plant and equipment with a total carrying amount of EUR 237 mn (2023: EUR 1,065 mn) were reclassified to assets held for sale. These were mainly related to certain oil and gas assets in the Energy segment for which a divestment process was initiated. In 2023, these assets mainly related to the SapuraOMV disposal group. For more details see Note 5 \u2013 Assets and liabilities held for sale.
Further details on impairments and write-ups can be found in Note 9 \u2013 Depreciation, amortization, impairments and write-ups.
Contractual obligations for acquisitions
In EUR mn
2024
2023
Intangible assets
248
296
Property, plant, and equipment
3,221
3,345
Contractual obligations
3,470
3,640
In 2024, the contractual commitments for acquisitions of fixed assets were mainly related to activities in the Energy segment.
OMV as a lessee
Accounting policy

As a lessee, OMV recognizes lease liabilities and right-of-use assets for lease contracts according to IFRS 16. It applies the recognition exemption for short-term leases and leases in which the underlying asset is of low value and therefore does not recognize right-of-use assets and lease liabilities for such leases. Leases to explore for and use oil and natural gas, which comprise mainly land leases used for such activities, are not in the scope of IFRS 16. The rent for these contracts is recognized as expense on a straight-line basis over the lease term.

Non-lease components are separated from the lease components for the measurement of right-of-use assets and lease liabilities. Lease liabilities are recognized at the present value of fixed lease payments and lease payments that depend on an index or rate over the determined lease term with the applicable discount rate. Right-of-use assets are recognized at the value of the lease liability plus prepayments and initial direct costs and presented within property, plant and equipment.

Significant judgments: prolongation and termination options of lease contracts

OMV has a significant number of contracts in which it leases filling stations. Many of those contracts include prolongation and termination options. Prolongation options or periods after termination options are included in the lease term if it is reasonably certain that the lease will be prolonged or not terminated. When determining the lease term, the Group takes into account all relevant facts and circumstances that create an economic incentive for shortening or prolonging the lease term using the available options. When assessing the lease term of leases in filling stations for periods covered by prolongation or termination options, the assumption was applied that the lease term will not exceed 20 years.

Optional periods not taken into account in the measurement of the leases, exist mainly for E&P equipment in Romania, office buildings, a plot of land in Belgium and gas storage caverns in Germany. The prolongation option for the office buildings and the gas storage caverns can only be exercised in the distant future.
Right-of-use assets mainly included leases for filling station sites and buildings, other land, vessels, pipelines, and office buildings. In addition, OMV leases the storage infrastructure related to the propane dehydrogenation (PDH) plant in Kallo, Belgium, a hydrogen plant at the Petrobrazi refinery in Romania, gas storage facilities in Austria and Germany, technical equipment, and vehicles.
Leases not yet commenced in 2024 but committed amounted to EUR 251 mn, mainly in relation to vessels (2023: EUR\u00a094\u00a0mn).
Right-of-use assets recognized under IFRS 16
In EUR mn
Land and
buildings
Plant and
machinery
Other
fixtures,
fittings
and
equipment
Total
2024
January 1
556
692
149
1,397
Changes in the consolidated group1
24
\u2014
0
24
Additions
72
86
186
345
Depreciation
\u201363
\u201371
\u201391
\u2013226
Other movements
10
\u20137
0
3
December 31
599
701
244
1,543
2023
January 1
581
504
149
1,233
Changes in the consolidated group1
\u2014
29
\u2014
29
Additions
123
80
81
283
Depreciation
\u201382
\u201325
\u201369
\u2013176
Other movements
\u201366
105
\u201311
27
December 31
556
692
149
1,397
1 Mainly from the acquisition of JR Constanta S.R.L., JR Solar Teleorman S.R.L., JR Teleorman S.R.L., and AP-NewCo GmbH in 2024; in 2023, mainly from the change in the consolidation method of Renasci N.V. For further details on acquisitions refer to Note 4 \u2013 Significant changes in Group structure.
For information on lease liabilities see Note 26 \u2013 Liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-36": { "value": "
Decommissioning provisions\u00a0
The carrying amounts and maturity profile of decommissioning provisions are as follows:
Estimation of maturities and cash outflows of decommissioning and restoration obligations1
In EUR mn
2024
2023
Carrying amount
Undiscounted inflated costs
Carrying amount
Undiscounted inflated costs
\u22641 year
71
76
69
78
1\u201310 years
1,617
2,340
1,239
1,762
11\u201320 years
1,923
4,315
2,421
4,673
21\u201330 years
296
791
233
730
>30 years
187
753
185
679
Total
4,093
8,275
4,148
7,922
1 Mainly related to decommissioning and restoration obligations in the Energy business segment
Emissions certificates and CO2 costs
Accounting policy

Emission allowances are measured at cost and presented within other short-term assets. Certificates received free of charge from government authorities (EU Emissions Trading Scheme for greenhouse gas emission allowances) are recognized with acquisition costs of zero.

The emissions caused create an obligation to surrender emission rights. A provision is created for this obligation, which is valued at the acquisition costs of the emissions certificates held, forward prices of open forward purchases, and, for any remaining shortfall, at the market value.
Directive 2003/87/EC of the European Parliament and the European Council established a greenhouse gas emissions trading scheme, requiring member states to draw up national plans to allocate emissions certificates. The directive sets up a cap-and-trade system, where a cap is placed on the total amount of certain greenhouse gases that can be emitted by installations covered by the system. Companies report their emissions annually and surrender enough allowances to cover their emissions. Under this scheme, affected OMV Group companies are entitled to a yearly allocation of free emissions certificates and purchase additional certificates for any remaining shortfall.
The New Zealand government established a greenhouse gas emissions trading scheme under the Climate Change Response Act 2002. Under this scheme, New Zealand companies are not entitled to receive free emissions certificates. OMV has purchased certificates to meet its own use liability. Apart from purchased certificates, each sale of gas to domestic customers in New Zealand creates an obligation for OMV. To meet this obligation, OMV receives emissions certificates from these customers. The certificates received are treated as pass-through items.
In Germany, the Fuel Emissions Trading Act (BEHG; Brennstoffemissionshandelsgesetz) is the basis for the national emissions trading scheme for the heating and transport sectors. It obliges companies that place fuels on the market to acquire fee-based certificates from the German Emissions Trading Authority (DEHSt, Deutsche Emissionshandelsstelle). The certificates are currently not eligible for trading and there are no free allocations.
Total expensed CO2 costs and carbon taxes amounted to EUR 474 mn in 2024 (2023: EUR 368 mn). The provisions for CO2 emissions are presented within current other provisions and amounted to EUR\u00a0509\u00a0mn in 2024 (2023: EUR\u00a0437\u00a0mn).
In 2025, OMV expects to surrender 8,194 thousand emissions certificates from the European Emissions Trading Scheme, 3,867 thousand BEHG certificates, and 1,683 thousand NZ certificates for (not yet externally verified) emissions, of which 1,506 thousand emissions certificates are expected to be received from customers in New Zealand.
Emissions certificates1
Number of certificates, in thousands
2024
2023
European
Trading
Scheme
NZ
Trading
Scheme
DE
Trading
Scheme
European
Trading
Scheme
NZ
Trading
Scheme
DE
Trading
Scheme
Certificates held as of January 1
11,506
2,079
3,472
13,569
1,901
3,183
Free allocation for the year
3,588
\u2014
\u2014
5,541
\u2014
\u2014
Certificates surrendered2
\u20137,618
\u20132,730
\u20133,668
\u20139,743
\u20132,292
\u20133,504
Net purchases and sales during the year
3,424
26
3,836
3,429
156
3,793
Certificates received from customers
\u2014
1,983
\u2014
\u2014
2,314
\u2014
Changes in the consolidated group3
\u2014
\u2014
\u2014
\u20131,292
\u2014
\u2014
Certificates held as of December 31
10,899
1,358
3,640
11,506
2,079
3,472
1 One certificate entitles the holder to emit 1 t of green house gases (in CO2e) during a defined period of time.
2 According to verified emissions for the prior year.
3 Relates to the sale of the nitrogen business in Borealis in 2023.
Interest expenses
In EUR mn
2024
2023
Bonds
108
104
Lease liabilities
44
36
Other financial and non-financial liabilities
34
49
Provisions for decommissioning and restoration obligations
205
204
Provisions for jubilee payments, personnel reduction schemes, and other employee benefits
4
5
Provisions for pensions and severance payments
30
33
Provisions for onerous contracts
5
5
Other
8
3
Interest expenses, gross
439
437
Capitalized borrowing costs
\u201326
\u201323
Interest expenses
412
415
Interest expenses on provisions for decommissioning and restoration obligations in 2024 were impacted by unwinding effects in the amount of EUR\u00a0174\u00a0mn (2023: EUR\u00a0181\u00a0mn). The remaining part of the interest expenses on provisions for decommissioning and restoration obligations related entirely to the negative reassessment effects of receivables recoverable from the Romanian State amounting to EUR\u00a031\u00a0mn (2023:\u00a0EUR\u00a023\u00a0mn).
Interest expenses on provisions for pension and severance payments were netted against interest income on pension plan assets, which amounted to EUR 21 mn (2023: EUR 19 mn).
24 |
Provisions for pensions and similar obligations
Accounting policy

With regard to pensions and similar obligations, a distinction is made between defined benefit and defined contribution plans. In the case of defined contribution plans, current contributions are recognized as an expense.

In the case of defined benefit obligations, provisions for pensions, severance payments, and jubilee payments are calculated using the projected unit credit method, which divides the costs of the estimated benefit entitlements over the whole period of employment and thus takes future increases in remuneration into account. Actuarial gains and losses for defined benefit pension and severance payment obligations are recognized in full in the period in which they occur in other comprehensive income. Such actuarial gains and losses are not reclassified to profit or loss in subsequent periods. Actuarial gains and losses on obligations for jubilee payments are recognized in profit or loss. Net interest expenses are calculated on the basis of the net defined benefit obligation and disclosed as part of the financial result. The difference between the return on plan assets and interest income on plan assets included in the net interest expenses is recognized in other comprehensive income.

Provisions for voluntary and mandatory separations under restructuring programs are recognized if a detailed plan has been approved by management and communicated to those affected prior to the statement of financial position date and an irrevocable commitment is thereby established. Expenses related to such restructuring programs are included in the line \u201cOther operating expenses\u201d in the Consolidated Income Statement. Voluntary modifications to employees\u2019 remuneration arrangements are recognized on the basis of the expected number of employees accepting the employing company\u2019s offer. Provisions for obligations related to individual separation agreements that lead to fixed payments over a defined period of time are recognized at the present value of the obligation.

Significant estimates: pensions and similar obligations

The projected unit credit method of calculating provisions for pensions, severance, and jubilee entitlements requires estimates of discount rates, future increases in salaries, and future increases in pensions.

The biometrical basis for calculating provisions for pensions, severance, and jubilee entitlements of Austrian Group companies is provided by AV\u00d6 2018 P \u2013 Angestellte - Rechnungsgrundlagen f\u00fcr die Pensionsversicherung (Biometric Tables for Pension Insurance), using the variant for salaried employees. In other countries, similar actuarial parameters are used. Employee turnover was computed based on age or years of service, respectively. The expected retirement age used for calculations is based on the relevant country\u2019s legislation.
The following tables include details on funded and unfunded pension plans (mainly in Austria, Germany, Sweden, and Belgium) and severance plans (mainly in Austria), which are operated under broadly similar regulatory frameworks.
Pensions and similar obligations
In EUR mn
2024
2023
Present value of funded pension obligations
867
853
Fair value of plan assets
\u2013618
\u2013598
Provisions for funded pension obligations
249
255
Present value of unfunded pension obligations
462
479
Present value of obligations for severance and other plans
157
145
Provisions for pensions, severance, and other plans
867
879
Present value of obligations for other long-term benefits
89
87
Total provisions for pensions and similar obligations
956
966
Other long-term benefits mainly comprise jubilee payments. Employees in Austria and Germany are entitled to jubilee payments after completion of a given number of years of service. These plans are non-contributory and unfunded.
Present value of obligations
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Present value of obligations as of January 1
1,332
145
1,302
135
Current service costs
21
4
21
4
Past service costs
2
6
\u2014
\u2014
Interest costs
45
6
46
6
Amounts recognized in the income statement
69
16
67
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Total remeasurements of the period (OCI)
22
2
52
13
Actual benefit payments
\u201389
\u201322
\u201389
\u201313
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20135
1
\u20131
\u20130
Reclassification to/from liabilities associated
with assets held for sale
\u2014
15
\u2014
\u2014
Present value of obligations as of December 31
1,329
157
1,332
145
Fair value of plan assets
In EUR mn
2024
2023
Fair value of plan assets as of January\u00a01
598
526
Interest income
21
19
Return on plan assets excluding interest income (OCI)
8
6
Actual benefit payments
\u201358
\u201357
Actual employer contributions
51
104
Currency translation differences
\u20131
\u20131
Fair value of plan assets as of December\u00a031
618
598
Provisions and expenses
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Provisions as of January\u00a01
734
145
775
135
Current service costs
21
4
21
4
Past service cost
2
6
\u2014
\u2014
Net interest costs
24
6
27
6
Amounts recognized in the income statement
48
16
48
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Return on plan assets excluding interest income
\u20138
\u2014
\u20136
\u2014
Total remeasurements of the period (OCI)
15
2
46
13
Actual benefit payments
\u201331
\u201322
\u201332
\u201313
Actual employer contributions
\u201351
\u2014
\u2013104
\u2014
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20133
1
0
\u20130
Reclassification to/from liabilities associated with assets held for sale
\u2014
15
\u2014
\u2014
Provisions as of December\u00a031
711
157
734
145
Pensions
OMV has both defined contribution and defined benefit pension plans. In the case of defined contribution plans, OMV has no obligations beyond payment of the agreed premiums.
In contrast, participants in defined benefit plans are entitled to pensions at certain levels and are generally based on years of service and the employee\u2019s average compensation. These defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate risk, inflation risk (as a result of the indexation of the pension), and market risk.
Pension commitments were calculated based on country- and plan-specific assumptions. A large portion of the pension commitments of several OMV companies was transferred to country-specific external pension funds, however, there is also a number of unfunded plans where the benefit payment obligation lies with the Group. The benefits provided depend on the employee\u2019s length of service and salary in the final years leading up to retirement and, generally, they are updated in line with the consumer price index or a similar index.
The majority of pension commitments are attributable to plans in Austria and Belgium, which are mainly funded, and to Germany and Sweden, which are unfunded.
In Austria, the majority of pension commitments were transferred to external pension funds managed by APK Pensionskasse AG and in Belgium to Vivium, Towers Watson LifeSight, and KBC Asset Management. The investment of plan assets in Austria is governed by Section 25 of the Austrian Pension Fund Act and the Investment Fund Act. In addition to these regulations, the investment guidelines of APK Pensionskasse AG regulate the spread of asset allocation, the use of umbrella funds, and the selection of fund managers. The investment plans in Belgium follow the investment strategy of the respective insurance company as well as local legal regulations.
The allocation of plan assets was mainly in debt securities and insurance contracts. Aside from the insurance contracts, which are not quoted, the majority of plan assets are invested in liquid active markets for which quoted prices are available.
Expected contributions to post-employment benefit plans for the year 2025 total EUR\u00a028\u00a0mn. Moreover, defined benefit contributions related to 2024 in the amount of EUR 22 mn are expected to be paid in 2025.
Severance and other plans
Employees of Austrian Group companies whose service began before December 31, 2002, are entitled to severance payments upon termination of employment or upon reaching the normal retirement age. The entitlements depend on years of service and final compensation levels. Entitlement to severance payments for employees whose service began after December\u00a031, 2002, is covered by defined contribution plans. Similar obligations to entitlement to severance payments also exist in other countries where the Group provides employment. These defined benefit plans expose the Group to actuarial risks, mainly interest rate risk and inflation risk (as a result of the indexation of the salary).
Underlying assumptions for calculating pension expenses and expected defined benefit entitlements as of December 31
2024
2023

Pensions
Severance and other plans

Pensions
Severance and other plans
Capital market interest rate
3.25%\u20134.50%
3.00%\u20137.00%
3.25%\u20135.00%
3.75%\u20136.25%
Future increases in salaries
3.00%\u20135.50%
3.00%\u20135.50%
2.69%\u20135.00%
3.25%\u20134.00%
Future increases in pensions
1.75%\u20133.25%
\u2014
1.75%\u20133.50%
\u2014
The following actuarial assumptions for calculating pension expenses and expected defined benefit entitlements are considered as material and are stress tested within the following ranges. The increase or decrease compared to the values accounted for defined benefit obligations in relative deviation terms and in absolute values are as follows:
Sensitivities \u2013 percentage change
2024
Capital market interest rate
Future increases in salaries
Future increases in pensions
+0.50%
\u20130.50%
+0.50%
\u20130.50%
+0.50%
\u20130.50%
Pensions
\u20135.05%
5.54%
1.72%
\u20131.61%
3.67%
\u20133.40%
Severance and other plans
\u20133.68%
3.94%
3.29%
\u20133.13%
\u2014
\u2014
Sensitivities \u2013 absolute change
In EUR mn
2024
Capital market interest rate
Future increases in salaries
Future increases in pensions
+0.50%
\u20130.50%
+0.50%
\u20130.50%
+0.50%
\u20130.50%
Pensions
\u201367
74
23
\u201321
49
\u201345
Severance and other plans
\u20135
5
5
\u20134
\u2014
\u2014
Duration profiles and average duration of defined benefit obligations as of December 31
In EUR mn
2024
Duration profiles
Duration
1\u20135 years
6\u201310 years
>10 years
in years
Pensions
400
343
587
11
Severance and other plans
72
51
35
8
Allocation of plan assets as of December\u00a031
2024
2023
Asset category
Equity securities
19%
17%
Debt securities
33%
33%
Cash and money market investments
2%
5%
Insurance contracts
37%
36%
Other
9%
10%
Total
100%
100%
25 |
Decommissioning and other provisions
Accounting policy

A provision is recorded for present obligations to third parties when it is probable that an obligation will occur, and the settlement amount can be estimated reliably. Provisions for individual obligations are based on the best estimate of the amount necessary to settle the obligation, discounted to the present value in the case of long-term obligations.

The Group recognizes provisions for decommissioning and environmental obligations.The Group\u2019s core activities regularly lead to obligations related to dismantling and removal, asset retirement, and soil remediation activities. These decommissioning and restoration obligations are principally of material importance in the Energy segment (oil and gas wells, surface facilities) and in connection with filling stations on third-party property. At the time the obligation arises, it is provided for in full by recognizing the present value of future decommissioning and restoration expenses as a provision. An equivalent amount is capitalized as part of the carrying amount of long-lived assets. Any such obligation is calculated on the basis of best estimates. The unwinding of discounting leads to interest expenses and accordingly to increased obligations at each statement of financial position date until decommissioning or restoration. For other environmental risks and measures, provisions are recognized if such obligations are probable, and the amount of the obligation can be estimated reliably.

Provisions for onerous contracts are recognized for contracts in which the unavoidable costs of meeting a contractual obligation exceed the economic benefits expected to be received under the contract. These provisions are measured at the lower amount of the cost of fulfilling the contract and any potential penalties or compensation arising in the event of non-performance.

Significant estimates: decommissioning and onerous contract provisions

The most significant decommissioning obligations of the Group are related to the plugging of wells, the abandonment of facilities, and the removal and disposal of offshore installations. The majority of these activities are planned to occur many years in the future, while decommissioning technologies, costs, regulations, and public expectations are constantly changing. Estimates of future restoration costs are based on reports prepared by Group experts or partner companies and on past experience. Any significant downward changes in the expected future costs or postponement in the future affect both the provision and the related asset, to the extent that there is sufficient carrying amount. Otherwise, the provision is reversed in income. Significant upward revisions trigger the assessment of the recoverability of the underlying asset. Provisions for decommissioning and restoration costs require estimates of discount and inflation rates, which have material effects on the amounts of the provision.

Management believes that compliance with current laws and regulations and future, more stringent laws and regulations will not have a material negative impact on the Group\u2019s results, financial position, or cash flows in the near future.

OMV concluded several long-term, non-cancellable contracts that became onerous due to the negative development of market conditions. This led to the recognition of onerous contract provisions in the Group\u2019s financial statements for the unavoidable costs of meeting the contract obligations. The estimates used for calculating the positive contributions that partly cover the fixed costs were based on external sources and management expectations.
Decommissioning and other provisions
In EUR mn
Decommissioning
and restoration
obligations
Other provisions
Total
January 1, 2024
4,148
1,200
5,347
Currency translation differences
\u201341
\u20133
\u201344
Changes in the consolidated group
0
1
1
Usage
\u2013127
\u2013725
\u2013852
Releases
\u2013210
\u201373
\u2013283
Allocations
325
876
1,202
Transfers
\u20130
40
40
Reclassified to/from liabilities associated with assets held for sale
\u20132
11
9
December 31, 2024
4,093
1,327
5,420
thereof short-term as of December 31, 2024
71
940
1,011
thereof short-term as of January 1, 2024
69
777
846
Provisions for decommissioning and restoration obligations
Provisions for decommissioning and restoration obligations
In EUR mn
Carrying amount
January 1, 2024
4,148
Currency translation differences
\u201341
New obligations
84
Increase arising from revisions in estimates
48
Reduction arising from revisions in estimates
\u2013210
Unwinding of discounting
193
Reclassified to/from liabilities associated with assets held for sale
\u20132
Usage, disposals, and other changes
\u2013127
December 31, 2024
4,093
The reduction arising from revisions in estimates was mainly driven by increased real interest rates for RON and USD compared to 2023.
Main assumptions for calculating decommissioning and restoration obligations as of December 311
2024
Discount rate
Inflation rate
Real
discount rate
Eurozone (EUR)
2.25\u20132.50%
2.00%
0.25\u20130.50%
New Zealand (NZD)
3.75\u20135.25%
2.25%
1.50\u20133.00%
Norway (NOK)
3.75%
2.00%
1.75%
Romania (RON)
7.50%
3.25%
4.25%
United States (USD)
4.50\u20134.75%
2.00%
2.50\u20132.75%
1 Based on the main currencies of the underlying obligations. Multiple discount rates per currency arise due to different maturities.
A decrease of 1\u00a0percentage point in the real discount rates used to calculate the decommissioning provisions would lead to an additional provision of EUR\u00a0548\u00a0mn; in the opposite case, the provision would decrease by EUR\u00a0467\u00a0mn. For details on the estimation of maturities and cash outflows of decommissioning and restoration obligations, refer to Note 3 \u2013 Effects of climate change and the energy transition.
The provisions for decommissioning and restoration costs included obligations attributable to OMV Petrom\u00a0SA amounting to EUR\u00a01,726\u00a0mn (2023:\u00a0EUR\u00a01,786\u00a0mn). Part of the obligations is to be recovered from the Romanian State in accordance with the privatization agreement. For further information see Note 20 \u2013 Financial assets.
Other provisions
Other provisions
In EUR mn
2024
2023
Short-term
Long-term
Short-term
Long-term
Environmental costs
27
98
16
119
Onerous contracts
43
158
64
194
Other personnel provisions
172
10
146
9
Emissions certificates
509
\u2014
437
\u2014
Residual other provisions
189
120
114
100
Other provisions
940
387
777
422
As of December 31, 2024, the provision for environmental costs included EUR\u00a051\u00a0mn (2023: EUR\u00a057\u00a0mn) relating to the provision for soil remediation at the Arpechim refinery site in Romania.
The provisions for onerous contracts were mainly related to associated transportation commitments of OMV Gas Marketing & Trading GmbH.
At the end of 2024, the provision for the related non-cancellable transportation commitments of OMV Gas Marketing & Trading GmbH amounted to EUR\u00a0199\u00a0mn (2023: EUR\u00a0258\u00a0mn). The decrease in the provision was mainly driven by the abolition of the gas storage neutrality charge in Germany. The calculation is based on the difference between the fixed costs for using the capacities and the net profit from usage expected to be generated by using the capacities. The discount rate applied was 2.25% (2023: 2.00%). Besides the discount rate, the key assumptions are the gas prices at the relevant gas hubs, which are based on forward rates or on management\u2019s best estimates of future prices.
Other personnel provisions included short-term provisions related to personnel reduction schemes of EUR\u00a017\u00a0mn (2023: EUR\u00a014\u00a0mn). The remaining amount was mainly related to provisions for bonuses.
Emissions certificates provisions increased in 2024, mainly due to increase in the fixed price for emission certificates in Germany, according to the Emissions Trading Act (BEHG). For further details on emissions trading schemes applicable to OMV Group refer to Note 3 \u2013 Effects of climate change and the energy transition.
Long-Term Incentive Plans
2024 plan
2023 plan
2022 plan
2021 plan
Start of plan
01/01/2024
01/01/2023
01/01/2022
01/01/2021
End of performance period
12/31/2026
12/31/2025
12/31/2024
12/31/2023
Vesting date
03/31/2027
03/31/2026
03/31/2025
03/31/2024
Shareholding requirement


Executive Board Chairman
200% of
annual gross
base salary
200% of
annual gross
base salary
200% of
annual gross
base salary
200% of
annual gross
base salary


Executive Board Deputy Chairman
175% of
annual gross
base salary
175% of
annual gross
base salary
175% of
annual gross
base salary
175% of
annual gross
base salary


Other Executive Board members
150% of
annual gross
base salary
150% of
annual gross
base salary
150% of
annual gross
base salary
150% of
annual gross
base salary



Senior Managers
75% of the
respective
Target Long-
Term Incentive
75% of the
respective
Target Long-
Term Incentive
75% of the
respective
Target Long-
Term Incentive
75% of the
respective
Target Long-
Term Incentive
Details per Plan
Share Price (fair value) at Grant Date
47.50
42.17
43.94
\u2014
Equity reserve (in EUR mn) as of December 31, 2024
3
3
4
\u2014
Maximum shares as of December 31, 2024
850,210
675,790
586,370
\u2014
Expected shares as of December 31, 2024
504,096
263,308
257,605
\u2014
thereof settled in shares
188,325
103,918
87,384
\u2014
thereof settled in cash
315,771
159,390
170,221
\u2014
Fair value of plan - Average share price
36.14
37.08
38.18
\u2014
Fair value of plan (in EUR mn) as of December 31, 2024\u00b9
18
10
10
\u2014
Provision (in EUR mn) as of December 31, 2024\u00b9
4
4
6
\u2014
1 Excluding incidental wage costs
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-37": { "value": "
Emissions certificates and CO2 costs
Accounting policy

Emission allowances are measured at cost and presented within other short-term assets. Certificates received free of charge from government authorities (EU Emissions Trading Scheme for greenhouse gas emission allowances) are recognized with acquisition costs of zero.

The emissions caused create an obligation to surrender emission rights. A provision is created for this obligation, which is valued at the acquisition costs of the emissions certificates held, forward prices of open forward purchases, and, for any remaining shortfall, at the market value.
Directive 2003/87/EC of the European Parliament and the European Council established a greenhouse gas emissions trading scheme, requiring member states to draw up national plans to allocate emissions certificates. The directive sets up a cap-and-trade system, where a cap is placed on the total amount of certain greenhouse gases that can be emitted by installations covered by the system. Companies report their emissions annually and surrender enough allowances to cover their emissions. Under this scheme, affected OMV Group companies are entitled to a yearly allocation of free emissions certificates and purchase additional certificates for any remaining shortfall.
The New Zealand government established a greenhouse gas emissions trading scheme under the Climate Change Response Act 2002. Under this scheme, New Zealand companies are not entitled to receive free emissions certificates. OMV has purchased certificates to meet its own use liability. Apart from purchased certificates, each sale of gas to domestic customers in New Zealand creates an obligation for OMV. To meet this obligation, OMV receives emissions certificates from these customers. The certificates received are treated as pass-through items.
In Germany, the Fuel Emissions Trading Act (BEHG; Brennstoffemissionshandelsgesetz) is the basis for the national emissions trading scheme for the heating and transport sectors. It obliges companies that place fuels on the market to acquire fee-based certificates from the German Emissions Trading Authority (DEHSt, Deutsche Emissionshandelsstelle). The certificates are currently not eligible for trading and there are no free allocations.
Total expensed CO2 costs and carbon taxes amounted to EUR 474 mn in 2024 (2023: EUR 368 mn). The provisions for CO2 emissions are presented within current other provisions and amounted to EUR\u00a0509\u00a0mn in 2024 (2023: EUR\u00a0437\u00a0mn).
In 2025, OMV expects to surrender 8,194 thousand emissions certificates from the European Emissions Trading Scheme, 3,867 thousand BEHG certificates, and 1,683 thousand NZ certificates for (not yet externally verified) emissions, of which 1,506 thousand emissions certificates are expected to be received from customers in New Zealand.
Emissions certificates1
Number of certificates, in thousands
2024
2023
European
Trading
Scheme
NZ
Trading
Scheme
DE
Trading
Scheme
European
Trading
Scheme
NZ
Trading
Scheme
DE
Trading
Scheme
Certificates held as of January 1
11,506
2,079
3,472
13,569
1,901
3,183
Free allocation for the year
3,588
\u2014
\u2014
5,541
\u2014
\u2014
Certificates surrendered2
\u20137,618
\u20132,730
\u20133,668
\u20139,743
\u20132,292
\u20133,504
Net purchases and sales during the year
3,424
26
3,836
3,429
156
3,793
Certificates received from customers
\u2014
1,983
\u2014
\u2014
2,314
\u2014
Changes in the consolidated group3
\u2014
\u2014
\u2014
\u20131,292
\u2014
\u2014
Certificates held as of December 31
10,899
1,358
3,640
11,506
2,079
3,472
1 One certificate entitles the holder to emit 1 t of green house gases (in CO2e) during a defined period of time.
2 According to verified emissions for the prior year.
3 Relates to the sale of the nitrogen business in Borealis in 2023.
Interest expenses
In EUR mn
2024
2023
Bonds
108
104
Lease liabilities
44
36
Other financial and non-financial liabilities
34
49
Provisions for decommissioning and restoration obligations
205
204
Provisions for jubilee payments, personnel reduction schemes, and other employee benefits
4
5
Provisions for pensions and severance payments
30
33
Provisions for onerous contracts
5
5
Other
8
3
Interest expenses, gross
439
437
Capitalized borrowing costs
\u201326
\u201323
Interest expenses
412
415
Decommissioning and other provisions
In EUR mn
Decommissioning
and restoration
obligations
Other provisions
Total
January 1, 2024
4,148
1,200
5,347
Currency translation differences
\u201341
\u20133
\u201344
Changes in the consolidated group
0
1
1
Usage
\u2013127
\u2013725
\u2013852
Releases
\u2013210
\u201373
\u2013283
Allocations
325
876
1,202
Transfers
\u20130
40
40
Reclassified to/from liabilities associated with assets held for sale
\u20132
11
9
December 31, 2024
4,093
1,327
5,420
thereof short-term as of December 31, 2024
71
940
1,011
thereof short-term as of January 1, 2024
69
777
846
Other provisions
Other provisions
In EUR mn
2024
2023
Short-term
Long-term
Short-term
Long-term
Environmental costs
27
98
16
119
Onerous contracts
43
158
64
194
Other personnel provisions
172
10
146
9
Emissions certificates
509
\u2014
437
\u2014
Residual other provisions
189
120
114
100
Other provisions
940
387
777
422
As of December 31, 2024, the provision for environmental costs included EUR\u00a051\u00a0mn (2023: EUR\u00a057\u00a0mn) relating to the provision for soil remediation at the Arpechim refinery site in Romania.
The provisions for onerous contracts were mainly related to associated transportation commitments of OMV Gas Marketing & Trading GmbH.
At the end of 2024, the provision for the related non-cancellable transportation commitments of OMV Gas Marketing & Trading GmbH amounted to EUR\u00a0199\u00a0mn (2023: EUR\u00a0258\u00a0mn). The decrease in the provision was mainly driven by the abolition of the gas storage neutrality charge in Germany. The calculation is based on the difference between the fixed costs for using the capacities and the net profit from usage expected to be generated by using the capacities. The discount rate applied was 2.25% (2023: 2.00%). Besides the discount rate, the key assumptions are the gas prices at the relevant gas hubs, which are based on forward rates or on management\u2019s best estimates of future prices.
Other personnel provisions included short-term provisions related to personnel reduction schemes of EUR\u00a017\u00a0mn (2023: EUR\u00a014\u00a0mn). The remaining amount was mainly related to provisions for bonuses.
Emissions certificates provisions increased in 2024, mainly due to increase in the fixed price for emission certificates in Germany, according to the Emissions Trading Act (BEHG). For further details on emissions trading schemes applicable to OMV Group refer to Note 3 \u2013 Effects of climate change and the energy transition.
28 |
Contingent liabilities and contingent assets
OMV Management is of the opinion that litigations, to the extent not covered by provisions or insurance, either do no present an obligation and/or the outflow is remote and/or they will not materially affect the Group\u2019s financial position.
OMV entered into guarantees as part of the ordinary course of the Group\u2019s business, mainly under credit facilities granted by banks, without cash collateral. No material losses are likely to arise from these. Further information on financial guarantees is included in Note 29 \u2013 Risk management.
As of December 31, 2024, a proceeding was pending against OMV that related to local service contractors in one of the subsidiaries. OMV\u2019s share of the claimed amount is around USD 300 mn. Management currently does not believe that any of the alleged matters will have a material effect on the financial position or results of operations. However, this assessment is based on assumptions deemed reasonable by management including those about future events and uncertainties. The outcome of these matters is ultimately uncertain, such that unanticipated events and circumstances might occur that might cause management to change these assumptions and give rise to a material adverse effect on the financial position in the future.
The Russian invasion of Ukraine and subsequent sanctions led to gas supply disruptions in Austria, causing significant operational losses for OMV Group due to high natural gas prices and volatility. In January 2023, OMV initiated arbitration at the Stockholm Chamber of Commerce (SCC) under the Austrian supply contract, seeking damages from Gazprom Export LLC (GPE) due to unpredictable deliveries under the Austrian contract expiring in 2040. Following a unilateral full supply cut by GPE on November 16, 2024, OMV terminated the Austrian contract on December 11, 2024 with immediate effect. On December 23, 2024, OMV declared a partial set-off of its open damage claims in the amount of EUR 48 mn against liabilities under the Austrian gas supply contract. However, as the SCC arbitration proceedings were still ongoing as of December 31, 2024, OMV did not consider the gain of such set-off in the Consolidated Income Statement but as a contingent asset in 2024. For further details please refer to Note 37 \u2013 Subsequent events.
On January 3, 2025, the Stockholm Chamber of Commerce (SCC) ruled in favor of OMV in the arbitration proceedings relating to the Austrian supply contract, awarding OMV compensation by Gazprom Export LLC. In light of this favorable award, the financial impact of the partial set-off against liabilities under the Austrian gas supply contract was recorded in other operating income in 2025 in the amount of EUR 48 mn, since the gain was no longer contingent.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-38": { "value": "
Emissions certificates and CO2 costs
Accounting policy

Emission allowances are measured at cost and presented within other short-term assets. Certificates received free of charge from government authorities (EU Emissions Trading Scheme for greenhouse gas emission allowances) are recognized with acquisition costs of zero.

The emissions caused create an obligation to surrender emission rights. A provision is created for this obligation, which is valued at the acquisition costs of the emissions certificates held, forward prices of open forward purchases, and, for any remaining shortfall, at the market value.
Accounting Policy

For OMV Petrom SA, the unwinding expenses for decommissioning provisions are included net of the unwinding income from receivables recoverable from the Romanian State.
Accounting policy

With regard to pensions and similar obligations, a distinction is made between defined benefit and defined contribution plans. In the case of defined contribution plans, current contributions are recognized as an expense.

In the case of defined benefit obligations, provisions for pensions, severance payments, and jubilee payments are calculated using the projected unit credit method, which divides the costs of the estimated benefit entitlements over the whole period of employment and thus takes future increases in remuneration into account. Actuarial gains and losses for defined benefit pension and severance payment obligations are recognized in full in the period in which they occur in other comprehensive income. Such actuarial gains and losses are not reclassified to profit or loss in subsequent periods. Actuarial gains and losses on obligations for jubilee payments are recognized in profit or loss. Net interest expenses are calculated on the basis of the net defined benefit obligation and disclosed as part of the financial result. The difference between the return on plan assets and interest income on plan assets included in the net interest expenses is recognized in other comprehensive income.

Provisions for voluntary and mandatory separations under restructuring programs are recognized if a detailed plan has been approved by management and communicated to those affected prior to the statement of financial position date and an irrevocable commitment is thereby established. Expenses related to such restructuring programs are included in the line \u201cOther operating expenses\u201d in the Consolidated Income Statement. Voluntary modifications to employees\u2019 remuneration arrangements are recognized on the basis of the expected number of employees accepting the employing company\u2019s offer. Provisions for obligations related to individual separation agreements that lead to fixed payments over a defined period of time are recognized at the present value of the obligation.Accounting policy

A provision is recorded for present obligations to third parties when it is probable that an obligation will occur, and the settlement amount can be estimated reliably. Provisions for individual obligations are based on the best estimate of the amount necessary to settle the obligation, discounted to the present value in the case of long-term obligations.

The Group recognizes provisions for decommissioning and environmental obligations.The Group\u2019s core activities regularly lead to obligations related to dismantling and removal, asset retirement, and soil remediation activities. These decommissioning and restoration obligations are principally of material importance in the Energy segment (oil and gas wells, surface facilities) and in connection with filling stations on third-party property. At the time the obligation arises, it is provided for in full by recognizing the present value of future decommissioning and restoration expenses as a provision. An equivalent amount is capitalized as part of the carrying amount of long-lived assets. Any such obligation is calculated on the basis of best estimates. The unwinding of discounting leads to interest expenses and accordingly to increased obligations at each statement of financial position date until decommissioning or restoration. For other environmental risks and measures, provisions are recognized if such obligations are probable, and the amount of the obligation can be estimated reliably.

Provisions for onerous contracts are recognized for contracts in which the unavoidable costs of meeting a contractual obligation exceed the economic benefits expected to be received under the contract. These provisions are measured at the lower amount of the cost of fulfilling the contract and any potential penalties or compensation arising in the event of non-performance.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-39": { "value": "
Emissions certificates and CO2 costs
Accounting policy

Emission allowances are measured at cost and presented within other short-term assets. Certificates received free of charge from government authorities (EU Emissions Trading Scheme for greenhouse gas emission allowances) are recognized with acquisition costs of zero.

The emissions caused create an obligation to surrender emission rights. A provision is created for this obligation, which is valued at the acquisition costs of the emissions certificates held, forward prices of open forward purchases, and, for any remaining shortfall, at the market value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-40": { "value": "
4 |
Significant changes in Group structure
A full list of OMV investments and changes in the consolidated group can be found in Note 38 \u2013 Direct and indirect investments of OMV Aktiengesellschaft. Major changes to the consolidated Group are described below.
Acquisitions \u2013 Business Combinations
During 2024, OMV finalized the acquisition of 100% of the shares in the following companies, for which the rules of IFRS\u00a03\u00a0\u2013 Business Combinations have been applied. They have been fully consolidated in the Group\u2019s financial statements:
\uf097
March 28, 2024: Integra Plastics AD (after acquisition renamed Integra Plastics EAD), which operates a modern advanced mechanical recycling plant built in 2019 with state-of-the-art equipment and an annual output capacity of more than 20 kt. Integra Plastics EAD has the ability to transform post-consumer waste into high-quality polyolefin recyclates suitable for demanding applications.
\uf097
May 31, 2024: Renovatio Asset Management S.R.L, which owns the largest charging network for electric vehicles in Romania.
\uf097
July 25, 2024: AP-NewCo GmbH (after acquisition renamed AP Truck Mobility GmbH), which owns a filling stations network in Austria.
\uf097
September 27, 2024: Intertrans Karla S.R.L., Bridgeconstruct S.R.L., and ATS Energy S.A., which owns 18 MW operational capacity of renewable energy assets consisting of wind power and hydropower plants.
Aggregated financial information for those acquisitions is displayed in the following table:
Fair values of net assets acquired
In EUR mn
2024
Non-current assets
89
Current assets
34
Total assets
123
Non-current liabilities
16
Current liabilities
42
Total liabilities
58
Net assets acquired
65
Total purchase price consideration
167
Goodwill
102
Consideration and fair value of the assets acquired and liabilities assumed for the above mentioned business combinations, with exception of AP-NewCo GmbH, are measured on a provisional basis. The goodwill of EUR\u00a0102\u00a0mn was mainly associated with the acquisition of AP-NewCo GmbH and primarily arises from expected synergies, leveraging refinery utilization and enhanced planning flexibility provided by AP filling stations as volume outlets.
Divestments
On December 9, 2024, OMV closed the transaction to sell its 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. to TotalEnergies. The transaction led in 2024 to a gain of EUR 59 mn recognized in the line \u201cOther operating income\u201d in the Consolidated Income Statement in the Energy segment and included FX recycling effects.
In addition, OMV holds minority stakes in various equity-accounted investments, the most significant ones being Borouge (United Arab Emirates), a Borealis joint venture with ADNOC that operates the largest petrochemical complex in the world, and the Baystar joint venture (Pasadena, United States), which has operated an ethane cracker since 2022 and started up an additional polyethylene plant using the unique Borstar\u00ae technology in 2023.OMV holds minority stakes in various equity-accounted investments, the most significant being the 15% participation in ADNOC Refining (United Arab Emirates) with an annual capacity of 7.1 mn t (OMV share).
8 |
Other operating income and net income from equity-accounted investments
Other operating income and net income from equity-accounted investments
In EUR mn
2024
2023
Foreign exchange gains from operating activities
169
200
Gains from the disposal of businesses, subsidiaries, and tangible and intangible assets
74
237
Residual other operating income
445
305
Other operating income
688
742
Income from equity-accounted investments
497
580
Expenses from equity-accounted investments
\u2013197
\u2013254
Net income from equity-accounted investments
299
326
Gains from the disposal of businesses, subsidiaries, and tangible and intangible assets related mostly to gains from the divestment of OMV\u2019s 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. For further details see Note 4 \u2013 Significant changes in Group structure. 2023 gains were mostly related to gains from the divestment of OMV\u2019s filling station and wholesale business in Slovenia.
In addition, the position included storage income related to Erd\u00f6l-Lagergesellschaft m.b.H. of EUR\u00a046\u00a0mn (2023: EUR\u00a042 mn).
Income from equity-accounted investments was mainly impacted by the Borouge investments and ADNOC Global Trading. Expenses from equity-accounted investments predominantly stemmed from Bayport Polymers LLC, while 2023 was additionally impacted by an impairment within Pearl Petroleum Company Limited. For further details see Note 18 \u2013 Equity-accounted investments.
Also in 2023, the acquisition of the additional 48.55% stake in Renasci N.V. on November 30, 2023, triggered a reassessment, which led to an impairment in the amount of EUR 54 mn, of which EUR\u00a023\u00a0mn was allocated to the equity-accounted investment BlueAlp Holding B.V.
Other operating expenses
In EUR mn
2024
2023
Foreign exchange losses from operating activities
185
182
Losses from the disposals of businesses, subsidiaries, and tangible and intangible assets
\u20139
31
Net impairment losses on financial assets measured at amortized cost
16
38
Personnel reduction schemes
19
9
Research and development expenses
87
76
Residual other operating expenses
127
125
Other operating expenses
426
462
Residual other operating expenses contained expenses relating to various digitalization initiatives amounting to EUR 12 mn (2023: EUR 22 mn) as well as expenses related to the minimum stockholding obligation outsourced to Erd\u00f6l-Lagergesellschaft m.b.H. in the amount of EUR 56 mn (2023: EUR 46 mn).
Interest income from loans included EUR\u00a064\u00a0mn (2023:\u00a0EUR\u00a059\u00a0mn) from the loan agreement with Bayport Polymers LLC, with remaining income attributable to other loans made to at-equity consolidated companies. For further details see Note 35 \u2013 Related parties.
Changes in the consolidated group in 2024 were mainly due to the acquisition of AP-NewCo GmbH, which led to EUR 94 mn of changes in the consolidated group in intangible assets, including EUR 82 mn goodwill, and the acquisition of Renovatio Asset Management SRL, which resulted in EUR 10 mn of goodwill. Both acquisitions were related to the Fuels & Feedstock segment. Further details can be found in Note 4 \u2013 Significant changes in Group structure.
The EUR 150 mn of changes in the consolidated group in 2024 was due to several acquisitions, in particular, AP-NewCo GmbH, Integra Plastics AD, JR Constanta S.R.L., JR Solar Teleorman S.R.L., and JR Teleorman S.R.L. Further details can be found in Note 4 \u2013 Significant changes in Group structure. In 2023, the EUR\u00a084\u00a0mn of changes in the consolidated group resulted mainly from the change in the consolidation method of Renasci N.V. after Borealis increased its stake from 27.42% to 50.01% as of January 11, 2023, and the acquisition by Borealis of 100% of the shares in Rialti S.p.A. on October 31, 2023.
18 |
Equity-accounted investments
Material associates and joint ventures
Borealis owns a 36% stake (2023: 36%) in Borouge PLC (PLC) and Abu Dhabi National Oil Company owns 54%, the remaining 10% is listed on the Abu Dhabi Securities Exchange. PLC is registered in Abu Dhabi and is the holding company for its 100% interest in Abu Dhabi Polymers Company Limited (Borouge) (ADP) and its 84.75% interest in Borouge Pte. Ltd. (PTE).
As of December 31, 2024, the fair value of the Group\u2019s interest in PLC, which is listed on the Abu Dhabi Securities Exchange of the United Arab Emirates (UAE), was EUR\u00a06,807\u00a0mn, based on the quoted market price available on the UAE stock exchange. The corresponding book value of PLC was EUR\u00a03,799\u00a0mn as of December 31, 2024.
The \u201cBorouge investments\u201d (representing the total OMV share in PLC, ADP, PTE) are a leading provider of innovative, value-creating plastic solutions for the energy, infrastructure, automotive, health care, and agriculture industries, as well as advanced packaging applications. They are also responsible for the marketing and sales of the products produced. As joint control is exercised, Borouge investments are accounted for as a joint venture.
Bayport Polymers LLC (Baystar), registered in Pasadena (incorporated in Wilmington), is a petrochemical company primarily engaged in the manufacturing and sales of polyethylene and ethylene, under the trade name Baystar. As OMV has joint control over Bayport Polymers LLC (50/50 share split) and rights to the net assets, it accounts for the company as a joint venture.
OMV also holds a 15% (2023: 15%) interest in Abu Dhabi Oil Refining Company, registered in Abu Dhabi, which runs a refinery hub with integrated petrochemicals. According to the contractual agreement between the shareholders, OMV has strong participation rights that represent a significant influence as per the definition in IAS\u00a028.
The tables below contain summarized financial information for the material associates and joint ventures:
Statement of comprehensive income \u2013 material associates
In EUR mn
2024
2023
Abu Dhabi
Oil Refining
Company
Abu Dhabi
Oil Refining
Company
Sales revenue
25,498
29,259
Net income for the year
\u2013101
1,187
Other comprehensive income
7
11
Total comprehensive income
\u201394
1,198
Statement of financial position \u2013 material associates
In EUR mn
2024
2023
Abu Dhabi
Oil Refining
Company
Abu Dhabi
Oil Refining
Company
Non-current assets
16,961
16,212
Current assets
5,328
5,846
Non-current liabilities
5,226
4,289
Current liabilities
4,403
4,456
Equity
12,661
13,313
Group\u2019s share
1,899
1,997
Impairment of investment
\u2013588
\u2013553
Carrying amount of investment
1,311
1,444
Dividends received
202
206
Statement of comprehensive income \u2013 material joint ventures
In EUR mn
2024
2023
Borouge
investments
Bayport
Polymers LLC
Borouge
investments
Bayport
Polymers LLC
Sales revenue
5,566
644
5,356
577
Depreciation, amortization, impairments, and write-ups
\u2013746
\u2013200
\u2013760
\u2013135
Interest income
26
2
25
2
Interest expenses
\u2013189
\u2013199
\u2013204
\u2013107
Taxes on income and profit
\u2013397
\u20131
\u2013301
\u20130
Net income for the year
978
\u2013280
764
\u2013317
Other comprehensive income
4
\u2014
\u20137
\u2014
Total comprehensive income
982
\u2013280
757
\u2013317
Statement of financial position \u2013 material joint ventures
In EUR mn
2024
2023
Borouge
investments
Bayport
Polymers LLC
Borouge
investments
Bayport
Polymers LLC
Non-current assets
7,159
3,992
7,318
3,871
Current assets
2,090
266
1,823
352
thereof cash and cash equivalents
403
22
320
41
Non-current liabilities
3,428
2,915
3,479
2,683
thereof non-current financial liabilities
(excl. other liabilities and provisions)
2,985
2,912
2,988
2,681
Current liabilities
900
363
815
343
thereof current financial liabilities
(excl. trade payables, other liabilities, and provisions)
9
178
8
195
Equity
4,922
980
4,846
1,197
Group\u2019s share
1,784
490
1,752
598
Goodwill
2,113
\u2014
1,986
\u2014
Intercompany profit elimination
\u20132
\u201312
\u20132
\u201312
Carrying amount of investment
3,895
478
3,737
586
Dividends received
436
\u2014
455
\u2014
Carrying amount reconciliation
In EUR mn
2024
2023
Associate
Joint
Ventures
Associate
Joint
Ventures
Abu Dhabi
Oil Refining
Company
Borouge
investments
Bayport
Polymers LLC
Abu Dhabi
Oil Refining
Company
Borouge
investments
Bayport
Polymers LLC
January 1
1,444
3,737
586
1,524
4,030
674
Currency translation differences
83
230
32
\u201354
\u2013117
\u201322
Additions and other changes
\u2014
\u2014
\u2014
\u2014
\u2014
921
Net income
\u201315
359
\u2013140
178
281
\u2013158
Other comprehensive income
1
2
\u2014
2
\u20131
\u2014
Dividends distributed
\u2013202
\u2013434
\u2014
\u2013206
\u2013455
\u2014
December 31
1,311
3,895
478
1,444
3,737
586
1 Refers to capital contribution
Individually immaterial associates and joint ventures
OMV holds a 55.6% (2023: 55.6%) share in Erd\u00f6l-Lagergesellschaft m.b.H (ELG), registered in Lannach, which holds the majority of the emergency stock of crude and petroleum products in Austria. In spite of holding the majority of voting rights in the general assembly, OMV does not have control over ELG. Any major decisions on financial and operating policies are delegated to the standing shareholder\u2019s committee, in which a quorum of two-thirds of the share capital is required for decisions.
Borealis owns a 40% stake (2023: 40%) in Borouge 4 LLC, registered in Abu Dhabi. The company executes the ongoing Borouge 4 project by developing an ethane-based steam cracker, two polyolefin plants, a 1-Hexene unit, a cross-linked polyethylene plant (XPLE), and an in-depth study for a carbon capture unit. The Borouge 4 project was previously part of the 40% direct interest in ADP but was scoped out of Borouge PLC, following the Initial Public Offering in June 2022, and was therefore transferred to this newly founded company. However, it is intended to recontribute Borouge 4 at a later point. Given that no board-reserved matters, which affect all relevant activities, can be decided without an affirmative vote by Borealis, OMV has joint control over Borouge 4 LLC and accounts for it as a joint venture.
OMV exercises joint control over Abu Dhabi Petroleum Investments LLC (ADPINV, OMV\u2019s interest 25%, 2023: 25%), registered in Abu Dhabi, and Pak-Arab Refinery Limited (PARCO; indirect interest of OMV amounts to 10%, 2023: 10%), registered in Karachi, and accounts for both investments at-equity. ADPINV is a holding company for its 40% interest in PARCO. As unanimous consent of the parties is required for decisions about relevant activities and OMV has rights to the net assets based on the legal structure, OMV classifies the companies as joint ventures according to IFRS 11.
Furthermore, OMV has a 10% interest (2023: 10%) in Pearl Petroleum Company Limited, registered in Road Town, British Virgin Islands, which is involved in the exploration and production of hydrocarbons in the Kurdistan Region of Iraq. According to the joint venture agreement, OMV has significant influence within the meaning of IAS 28, as unanimous consent is required for some strategic decisions. Therefore, Pearl is accounted for using the equity method even though OMV\u2019s share is just 10%. In 2023, exploration & appraisal assets included in OMV\u2019s initial purchase price allocation of its share in Pearl were partly impaired.
Statement of comprehensive income for individually immaterial associates and joint ventures \u2013 Group\u2019s share
In EUR mn
2024
2023
Associates
Joint ventures
Associates
Joint ventures
Sales revenue
6,212
329
5,797
360
Net income for the year
122
\u201327
23
2
Total comprehensive income
122
\u201327
23
2
Carrying amount reconciliation for individually immaterial associates and joint ventures
In EUR mn
2024
2023
Associates1
Joint ventures
Associates1
Joint ventures
January 1
458
443
568
498
Currency translation differences
25
26
\u201315
\u201333
Changes in the consolidated group2
\u2014
70
7
\u2014
Additions and other changes
\u2014
\u2014
\u2014
2
Net income
122
\u201327
23
2
Impairments3
\u2014
\u2014
\u201323
\u2014
Disposals and other changes
\u2014
\u2014
\u20131
\u20132
Dividends distributed
\u2013116
\u201324
\u2013102
\u201323
December 31
488
489
458
443
1 Including associated companies accounted at-cost.
2 Changes in the consolidated group in 2024 represented the acquisitions of shares in jointly controlled entities in the area of renewable energy. For further details, please refer to
Note 38 \u2013 Direct and indirect investments of OMV Aktiengesellschaft.
3 Refers to the impairment for the investment in BlueAlp Holding B.V. in 2023
In 2024 the position loans included loans and the related accrued interests under a member loan agreement with Bayport Polymers LLC in the amount of EUR\u00a0769\u00a0mn (2023: EUR\u00a0701\u00a0mn) and EUR\u00a0435\u00a0mn (2023: EUR\u00a0155\u00a0mn) from drawdowns and the related interest accrued from a shareholder loan agreement entered into with Borouge\u00a04\u00a0LLC. For further details please refer to Note 35 \u2013 Related parties.
Financial guarantee contracts
Borealis AG has an oustanding guarantee, which it provided for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement.
In addition, Borealis and its joint venture partner TotalEnergies granted a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC (Baystar) as a liquidity instrument to conduct its ordinary cause of business.
In 2022, Bayport Polymers LLC partially re-paid its loan to the Group. This repayment was facilitated through issuance of two tranches of senior notes in the amount of EUR 337 mn and EUR\u00a0289 mn, which mature in 2027 and 2032, respectively. These senior notes, totaling EUR 626 mn, are fully guaranteed by Borealis AG.
Furthermore, in 2022, Borealis provided a parental guarantee for a lease of railcars.
For further details see the Credit Risk Management section.
Credit risk exists in relation to the financial guarantee contracts issued by Borealis to Bayport Polymers LLC and Borouge 4 LLC, which are accounted for using the equity method, where the guaranteed amount as of December 31, 2024 amounted to EUR 1,735 mn plus interest (2023: EUR\u00a01,234\u00a0mn plus interest). Details on guarantees provided by Borealis AG are further described thereafter.
Borealis AG granted a guarantee for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement. The total guarantee amounts to EUR 1,228 mn plus interest (2023: EUR 1,155 mn plus interest). Based on the already drawn financing by Borouge 4 LLC the guaranteed amount as of December\u00a031,\u00a02024 totaled EUR\u00a01,009\u00a0mn plus interest (2023: EUR\u00a0536\u00a0mn plus interest).
The guarantee granted to Bayport Polymers LLC of EUR\u00a0626\u00a0mn plus interest (2023: EUR\u00a0588\u00a0mn plus interest) terminates earliest upon payment and/or termination of the obligation in 2027 and 2032, respectively and could be called at any time.
In addition, a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC as a liquidity instrument to conduct its ordinary course of business was granted by Borealis in 2023, and was utilized in the amount of EUR\u00a082\u00a0mn plus interest at year-end (2023: EUR 90 mn). The total guaranteed amount as of December 31, 2024 amounted to EUR 96 mn plus interest (2023: EUR 90 mn plus interest).
Furthermore, a parental guarantee for a lease of railcars by Bayport Polymers LLC with maximum exposure of EUR\u00a019 mn (2023: EUR\u00a020\u00a0mn) remains in effect.
In general, a payment under the guarantee agreement is triggered by the non-performance by the guaranteed party of the obligation covered by the guarantee. Therefore, a financial liability initially measured at fair value was recognized.
Maximum credit exposure1
In EUR mn
2024
2023
Trade receivables
2,842
3,455
Investments
135
85
Bonds
91
285
Derivatives
307
942
Loans
1,286
910
Other sundry financial assets
1,370
1,612
Cash and cash equivalents
6,182
6,920
Financial guarantee contracts2
1,735
1,234
Total maximum credit exposure
13,950
15,442
1 Excluding items reclassified to held for sale
2 Maximum exposure of financial guarantee contracts based on drawdowns of financing facilities as of December 31 excluding interest accrued.
On March 3, 2025 OMV and ADNOC signed a binding agreement for the combination of their shareholdings in Borealis and Borouge into Borouge Group International. ADNOC has also entered in a share purchase agreement with Nova Chemicals Holdings GmbH, an indirectly wholly owned company of Mubadala Investment Company P.J.S.C. for 100% of Nova Chemicals for an enterprise value of USD 13.4 bn. ADNOC and OMV have also agreed that upon completion of the combination, Borouge Group International will acquire Nova Chemicals further expanding its footprint in North America.
OMV and ADNOC will have equal shareholdings of 46.94% each and equal partnership in Borouge Group International following a cash injection of EUR 1.6 bn (reduced by dividends paid out until closing) by OMV into the new company. The new entity will be headquartered and domiciled in Vienna, Austria, with regional headquarters in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange (ADX). It is intended that Borouge Group International will have a dual listing on the Vienna Stock Exchange (ATX) in the future. The equal shareholding structure enables joint control between OMV and ADNOC, allowing both parties to have equal decision-making rights in all strategic matters.
Once fully operational, Borouge 4 is envisaged to be retransferred to Borouge Group International at the end of 2026. When combined, the three highly complementary world-class businesses will create the fourth-largest global polyolefin group with equal shareholdings by OMV and ADNOC.
The acquisition of Nova Chemicals, a North American-based polyolefin producer and a leader in advanced packaging solutions and proprietary technologies, will further strengthen Borouge Group International\u2019s presence across the Americas and increase its exposure to advantaged feedstock. Borouge Group International will be uniquely positioned to create value and generate superior through-cycle shareholder returns, supported by synergies and a strong pipeline of organic growth projects. The Nova Chemicals transaction will be funded through acquisition debt, which is expected to be refinanced in the capital markets. The valuation implies an Enterprise Value to EBITDA multiple of around 7.5 on the basis of an expected through-the-cycle EBITDA of USD 1.8 bn.
The combination of Borouge and Borealis and the acquisition of Nova Chemicals will be closed simultaneously, with expected completion in Q1 2026 subject to regulatory approvals and other customary conditions.
This subsequent event is expected to have a significant impact on OMVs consolidated financial statements as follows.
\uf097
Based on the signed agreement, OMV is expected to lose control over Borealis group (excluding the Borouge investments) leading to deconsolidation after closing of the transaction. Consequently, on March 3, 2025 Borealis Group (excluding the Borouge investments) will be reclassified to \u201cheld for sale\u201d according to IFRS 5.
Upon the reclassification to \u201cheld for sale\u201d depreciation of non-current assets and at-equity accounting of the disposal group will cease in line with IFRS 5 requirements.
\uf097
Borealis Group (excluding the Borouge investments) represents a separate major line of business for OMV and will therefore be reported as a discontinued operation in line with IFRS 5.32. This will trigger a restatement of the financial statements of 2024 as comparative period and will be published as part of OMV Group Report for Q1/25.
\uf097
Borouge investments are currently jointly controlled by OMV and ADNOC and will continue to be jointly controlled after the closing of the transaction.
\uf097
Some entities of Borealis Group are members of the Austrian Tax Group and will continue to be part of the Austrian Tax Group after closing of the transaction via joint tax grouping (Beteiligungsgemeinschaft). This joint tax group will be formed by the Austrian shareholders of Borealis Group and the proportional share of taxable result of the joint tax group will be attributable to the Austrian Tax Group. Expected partial disposal of Borealis Group from the Austrian Tax Group will trigger the reassessment of the net deferred tax asset position (DTA) of the Austrian Tax Group in OMV Aktiengesellschaft. As a consequence, DTA of the Austrian tax Group will be decreased by approx. EUR 100 mn and will be presented in the line \u201cTaxes on income and profit\u201d in the Consolidated Income Statement in Q1/25.
38 |
Direct and indirect investments of OMV Aktiengesellschaft
Changes in the consolidated group
Name of company
Registered office
Type of change1
Effective date
Chemicals
Integra Plastics AD
Sofia
First consolidation (A)
March 28, 2024
Petrogas International B.V.2
Eindhoven
Deconsolidation (I)
December 31, 2024
Fuels & Feedstock
OMV Renewable Fuels & Feedstock US Inc.
Wilmington
First consolidation
May 17, 2024
Renovatio Asset Management
Bucharest
First consolidation (A)
May 31, 2024
AP-NewCo GmbH3
Vienna
First consolidation (A)
July 25, 2024
Respira Verde SRL2
Cheriu
First consolidation (A)
December 30, 2024
Energy
OMV Petrom Energy Solution SRL
Bucharest
First consolidation (I)
January 1, 2024
JR Constanta SRL
Bucharest
First consolidation (A)
September 26, 2024
JR Solar Teleorman SRL
Bucharest
First consolidation (A)
September 26, 2024
JR TELEORMAN SRL
Bucharest
First consolidation (A)
September 26, 2024
ATS Energy SA
Vetis
First consolidation (A)
September 27, 2024
BridgeConstruct SRL
Iasi
First consolidation (A)
September 27, 2024
Intertrans Karla SRL
Buzau
First consolidation (A)
September 27, 2024
Electrocentrale Borzesti SRL2
Bucharest
First consolidation (A)
September 30, 2024
Cil PV Plant SRL2
Bucharest
First consolidation (A)
November 29, 2024
Enerintens Solar SRL2
Bucharest
First consolidation (A)
November 29, 2024
Tenersolar Park SRL2
Bucharest
First consolidation (A)
November 29, 2024
SapuraOMV Block 30, S. de R.L. de C.V.
Mexico City
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Americas) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Australia) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Holding) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Malaysia) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Mexico) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (NZ) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Oceania) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Sarawak) Inc.
Nassau
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Western Australia) Pty Ltd
Perth
Deconsolidation
December 9, 2024
SapuraOMV Upstream Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
IROKO CCS ANS4
Sandnes
First consolidation
December 16, 2024
OMV Russia Upstream GmbH
Vienna
Deconsolidation (I)
December 31, 2024
1 \u201cFirst consolidation\u201d refers to newly formed companies, \u201cFirst consolidation (A)\u201d indicates the acquisition of a company, while companies marked with \u201cFirst consolidation (I)\u201d have been included in the consolidation after originally not being consolidated due to immateriality. \u201cDeconsolidation\u201d refers to companies that have been excluded from the Group investments following a sale, while \u201cDeconsolidation (I)\u201d refers to companies that were deconsolidated due to immateriality.
2 Company (previously) consolidated at-equity
3 Company\u00b4s legal name changed in 2025 to AP Truck Mobility GmbH
4 Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
For further information on major disposals, refer to Note 4 \u2013 Significant changes in Group structure.
Number of consolidated companies
2024
2023
Full
consolidation
Equity
consolidation
Accounting for OMV\u00b4s share1
Full
consolidation
Equity
consolidation
Accounting for OMV\u00b4s share1
January 1
115
23
6
123
23
4
Included for the first time
10
5
1
6
3
2
Change in consolidation type
\u2014
\u20131
\u2014
1
\u20131
\u2014
Deconsolidated during the year
\u201311
\u2014
\u2014
\u201315
\u20132
\u2014
December 31
114
27
7
115
23
6
thereof domiciled and operating abroad
81
22
6
82
18
5
thereof domiciled in Austria and
operating abroad
9
\u2014
\u2014
10
\u2014
\u2014
1 Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
List of investments
List of subsidiaries, equity-accounted investments, and other investments of OMV Aktiengesellschaft with an interest of at least 20%
Parent
company
Type of
consoli-
dation1
Equity
interest
in % as of
December 31, 2024
Equity
interest
in % as of
December 31, 2023
Chemicals
Bayport Polymers LLC, Pasadena
BNOVUS
AEJ
50.00
50.00
BlueAlp Holding B.V., Groot-Ammers
BRENBE
AEA
21.25
21.25
Borealis AB, Stenungsund (BABSWE)
BSVSWE
C
100.00
100.00
Borealis AG, Vienna (BORAAG)
BHOLAT
C
39.00
39.00
OMVRM
32.67
32.67
OMV AG
3.33
3.33
Borealis Antwerpen N.V., Zwijndrecht
BORAAG
C
100.00
100.00
Borealis Argentina SRL, Buenos Aires
BORAAG
NC
98.00
98.00
BSVSWE
2.00
2.00
BOREALIS ASIA LIMITED, Hong Kong
BORAAG
NC
100.00
100.00
Borealis BoNo Holdings LLC, Houston (BBNHUS)
BUS
C
100.00
100.00
Borealis Brasil S.A., Itatiba
BORAAG
C
80.00
80.00
BOREALIS CHEMICALS ZA (PTY) LTD, Germiston
BORAAG
NC
100.00
100.00
Borealis Chile SpA, Santiago
BORAAG
NC
100.00
100.00
Borealis Chimie S.A.R.L., Casablanca
BORAAG
NC
100.00
100.00
Borealis Circular Solutions Holding GmbH, Vienna (BCIRC)
BORAAG
C
100.00
100.00
Borealis Colombia S.A.S., Bogota
BORAAG
NC
100.00
100.00
Borealis Compounds Inc., Port Murray (BCOMUS)
BUS
C
100.00
100.00
Borealis Denmark ApS, Copenhagen
BORAAG
NC
100.00
100.00
Borealis Digital Studio B.V., Mechelen
BORAAG
NC
100.00
100.00
Borealis Financial Services N.V., Mechelen
BORAAG
C
100.00
100.00
Borealis France S.A.S., Courbevoie (BFR)
BORAAG
C
100.00
100.00
Borealis Group Services AS, Bamble
BABSWE
C
100.00
100.00
Borealis Insurance A/S (captive insurance company), Copenhagen
BORAAG
C
100.00
100.00
Borealis ITALIA S.p.A., Monza
BORAAG
C
100.00
100.00
Borealis Kallo N.V., Kallo
BORAAG
C
100.00
100.00
Borealis M\u00e9xico, S.A. de C.V., Mexico City
BORAAG
NC
100.00
100.00
BCOMUS
0.00
0.00
Borealis Middle East Holding GmbH, Vienna (BORMEH)
BORAAG
C
100.00
100.00
Borealis Plasticos, S.A. de C.V., Mexico City
BORAAG
NC
100.00
100.00
BCOMUS
0.00
0.00
Borealis Plastik ve Kimyasal Maddeler Ticaret Limited Sirketi, Istanbul
BORAAG
NC
100.00
100.00
Borealis Plastomers B.V., Geleen
BORAAG
C
100.00
100.00
Borealis Poliolefinas da Am\u00e9rica do Sul Ltda., Itatiba
BORAAG
NC
99.99
99.99
BSVSWE
0.01
0.01
Borealis Polska Sp. z o.o., Warsaw
BORAAG
NC
100.00
100.00
Borealis Polymere GmbH, Burghausen (BPODE)
BORAAG
C
100.00
100.00
Borealis Polymers N.V., Beringen
BORAAG
C
100.00
100.00
Borealis Polymers Oy, Porvoo
BORAAG
C
100.00
100.00
Borealis Polyolefine GmbH, Schwechat (BPOAT)
BORAAG
C
100.00
100.00
BSVSWE
0.00
0.00
Borealis Polyolefins d.o.o., Zagreb
BORAAG
NC
100.00
100.00
Borealis Polyolefins S.R.L., Bucharest
BORAAG
NC
100.00
100.00
Borealis Polyolefins s.r.o., Bratislava
BORAAG
NC
100.00
100.00
Borealis Qu\u00edmica Espa\u00f1a S.A., Barcelona
BORAAG
C
100.00
100.00
Borealis RUS LLC, Moscow
BORAAG
NC
\u2014
100.00
Borealis s.r.o., Prague
BORAAG
NC
100.00
100.00
Borealis Services S.A.S., Paris
BFR
NC
100.00
100.00
Borealis Sverige AB, Stenungsund (BSVSWE)
BORAAG
C
100.00
100.00
Borealis Technology Oy, Porvoo
BORAAG
C
100.00
100.00
BOREALIS UK LTD, Manchester
BORAAG
C
100.00
100.00
Borealis USA Inc., Houston (BUS)
BORAAG
C
100.00
100.00
Borouge 4 LLC, Abu Dhabi
BORMEH
AEJ
40.00
40.00
Borouge PLC, Abu Dhabi (BOROLC)
BORMEH
AEJ
36.00
36.00
Borouge Pte. Ltd., Singapore
BOROLC
AEJ
84.75
84.75
BORMEH
15.25
15.25
Circular Feedstock Walld\u00fcrn GmbH, Walld\u00fcrn2
OMVD
C
89.90
89.90
DYM SOLUTION CO., LTD, Cheonan
BORAAG
C
100.00
100.00
Ecoplast Kunststoffrecycling GmbH, Wildon
BORAAG
C
100.00
100.00
EPS Ethylen-Pipeline-S\u00fcd Gesch\u00e4ftsf\u00fchrungs GmbH, Munich
OMVD
NC-I
15.46
15.46
BPODE
7.73
7.73
EPS Ethylen-Pipeline-S\u00fcd GmbH & Co KG, Munich
OMVD
AEA
20.66
20.66
BPODE
10.33
10.33
Etenf\u00f6rs\u00f6rjning i Stenungsund AB, Stenungsund
BABSWE
C
80.00
80.00
Hallbar Kemi i Stenungsund, Stenungsund
BABSWE
NC-I
20.00
20.00
Industrins R\u00e4ddningstj\u00e4nst i Stenungsund AB, Stenungsund
BABSWE
NC-I
25.00
25.00
Integra Plastics EAD, Sofia
BORAAG
C
100.00
KB Munker\u00f6d 1:72, Stenungsund
BABSWE
NC
100.00
100.00
BSVSWE
0.00
0.00
Kilpilahden Voimalaitos Oy, Porvoo
BORAAG
AEA
20.00
20.00
mtm compact GmbH, Niedergebra
BORAAG
C
100.00
100.00
mtm plastics GmbH, Niedergebra
BORAAG
C
100.00
100.00
Novealis Holdings LLC, Houston (BNOVUS)
BBNHUS
C
50.00
50.00
BSBHUS
50.00
50.00
OMV Borealis Holding GmbH, Vienna (BHOLAT)
OMVRM
C
100.00
100.00
Petrogas International B.V., Eindhoven3
BRENBE
NC-I
25.00
25.00
PetroPort Holding AB, Stenungsund
BABSWE
AEJ
50.00
50.00
Recelerate GmbH, Herborn
BORAAG
AEJ
50.00
50.00
Renasci N.V., Ostend (BRENBE)
BCIRC
C
99.18
98.56
Renasci Oostende Holding N.V., Ostend (BRHOBE)
BRENBE
C
100.00
100.00
Renasci Oostende Recycling N.V., Ostend
BRHOBE
C
100.00
100.00
Renasci Oostende SCP N.V., Ostend
BRHOBE
C
100.00
100.00
Rialti S.p.A., Taino
BORAAG
C
100.00
100.00
Star Bridge Holdings LLC, Houston (BSBHUS)
BUS
C
100.00
100.00
Fuels & Feedstock
Abu Dhabi Oil Refining Company, Abu Dhabi
OMVRM
AEA
15.00
15.00
Abu Dhabi Petroleum Investments LLC, Abu Dhabi (ADPINV)
OMVRM
AEJ
25.00
25.00
ADNOC Global Trading LTD, Abu Dhabi
OMVRM
AEA
15.00
15.00
Aircraft Refuelling Company GmbH, Vienna
OMVRM
NC-I
33.33
33.33
AP Truck Mobility GmbH, Vienna4
OMVRM
C
100.00
Autobahn - Betriebe Gesellschaft m.b.H., Vienna
OMVRM
NC-I
47.19
47.19
BSP Bratislava-Schwechat Pipeline GmbH in Liqu., Vienna
OMVRM
NC-I
\u2014
26.00
Deutsche Transalpine Oelleitung GmbH, Munich
OMVD
AEA
32.26
32.26
DUNAT\u00c0R K\u00f6olajterm\u00e9k T\u00e1rol\u00f3 \u00e9s Kereskedelmi Kft., Budapest
OHUN
C
100.00
100.00
Erd\u00f6l-Lagergesellschaft m.b.H., Lannach5
OMVRM
AEA
55.60
55.60
GENOL Gesellschaft m.b.H., Korneuburg
OMVRM
AEA
29.00
29.00
OMV - International Services Ges.m.b.H., Vienna
OMVRM
C
100.00
100.00
OMV BULGARIA OOD, Sofia
PETROM
C
99.90
99.90
OMVRM
0.10
0.10
OMV \u010cesk\u00e1 republika, s.r.o., Prague
OMVRM
C
100.00
100.00
OMV Deutschland Services GmbH, Burghausen (OMVDS)
OMVD
C
100.00
100.00
OMV Downstream SLO, trgovina z nafto in naftnimi derivati, d.o.o., Ljubljana
OMVRM
NC
100.00
OMV Hung\u00e1ria \u00c1sv\u00e1nyolaj Korl\u00e1tolt Felel\u00f6ss\u00e9g\u00fc T\u00e1rsas\u00e1g, Budapest (OHUN)
OMVRM
C
100.00
100.00
OMV PETROM Aviation S.R.L., Otopeni
PETROM
C
100.00
100.00
ROMAN
0.00
0.00
OMV Petrom Biofuels SRL, Bucharest
PETROM
C
25.00
25.00
OMVRM
75.00
75.00
OMV PETROM MARKETING SRL, Bucharest (ROMAN)
PETROM
C
100.00
100.00
OMV Refining & Marketing Middle East & Asia GmbH, Vienna
OMVRM
C
100.00
100.00
OMV Renewable Fuels & Feedstock B.V., Beveren
OMVRM
C
100.00
100.00
OMV Renewable Fuels & Feedstock US Inc., Wilmington
OMVRM
C
100.00
OMV Slovensko s.r.o., Bratislava
OMVRM
C
99.99
99.99
OMV SRBIJA d.o.o., Belgrade
PETROM
C
99.96
99.96
OMVRM
0.04
0.04
OMV Supply & Trading Italia S.r.l., Trieste
OMVRM
C
100.00
100.00
OMV Supply & Trading Limited, London (OTRAD)
OMVRM
C
100.00
100.00
OMV Supply & Trading Singapore PTE LTD., Singapore
OTRAD
NC
100.00
100.00
OMV Switzerland Holding AG in Liquidation, Zug6
OGI
NC
100.00
100.00
Pak-Arab Refinery Limited, Karachi
ADPINV
AEJ
40.00
40.00
Petrom-Moldova S.R.L., Chisinau
PETROM
C
100.00
100.00
Renovatio Asset Management, Bucharest
PETROM
C
100.00
Respira Verde SRL, Cheriu
PETROM
AEJ
40.48
Routex B.V., Amsterdam
OMVRM
NC-I
20.00
20.00
Salzburg Fuelling GmbH, Salzburg
OMVRM
NC-I
50.00
50.00
Societ\u00e0 Italiana per l'Oleodotto Transalpino S.p.A., Trieste
OMVRM
AEA
32.26
32.26
SuperShop Marketing Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g, Budapest
OHUN
NC-I
50.00
50.00
TGN Tankdienst-Gesellschaft N\u00fcrnberg GbR, Nuremberg
OMVD
NC-I
33.33
33.33
Transalpine \u00d6lleitung in \u00d6sterreich Gesellschaft m.b.H., Matrei in Osttirol
OMVRM
AEA
32.26
32.26
Energy
ATS Energy SA, Vetis
PETROM
C
100.00
BridgeConstruct SRL, Iasi
PETROM
C
100.00
Central European Gas Hub AG, Vienna (HUB)
OGI
C
65.00
65.00
Cil PV Plant SRL, Bucharest
PETROM
AEJ
50.00
deeep Tiefengeothermie GmbH, Vienna
OGEO
PC
49.00
49.00
EEX CEGH Gas Exchange Services GmbH, Vienna
HUB
AEA
49.00
49.00
Electrocentrale Borzesti SRL, Bucharest
PETROM
AEJ
50.00
Energy Infrastructure Limited, Wellington
NZEA
C
100.00
100.00
Energy Petroleum Holdings Limited, Wellington
NZEA
C
100.00
100.00
Energy Petroleum Investments Limited, Wellington
NZEA
C
100.00
100.00
Enerintens Solar SRL, Bucharest
PETROM
AEJ
50.00
Freya Bunde-Etzel GmbH & Co. KG, Bonn
OGSG
AEA
39.99
39.99
Intertrans Karla SRL, Buzau
PETROM
C
100.00
IROKO CCS ANS, Sandnes
ONOR
PC
30.00
JR Constanta SRL, Bucharest
PETROM
C
100.00
JR Solar Teleorman SRL, Bucharest
PETROM
C
100.00
JR TELEORMAN S.R.L., Bucharest
PETROM
C
100.00
JSC GAZPROM YRGM Development, St. Petersburg7,8
OMVEP
NC-I
\u2014
\u2014
OJSC Severneftegazprom, Krasnoselkup8
OMVEP
NC-I
24.99
24.99
OMV (Berenty) Exploration GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV (IRAN) onshore Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (Mandabe) Exploration GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV (NAMIBIA) Exploration GmbH, Vienna
ONAFRU
NC
100.00
100.00
OMV (NORGE) AS, Stavanger (ONOR)
OMVEP
C
100.00
100.00
OMV (Tunesien) Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (TUNESIEN) Sidi Mansour GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV (Yemen Block S 2) Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (YEMEN) Al Mabar Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV (YEMEN) South Sanau Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Abu Dhabi E&P GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Abu Dhabi Offshore GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Abu Dhabi Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV AUSTRALIA PTY LTD, Perth (OAUST)
OMV AG
C
100.00
100.00
OMV Austria Exploration & Production GmbH, Vienna (OEPA)
OMVEP
C
100.00
100.00
OMV Austria Geothermal GmbH, Vienna (OGEO)
OGREEN
C
100.00
100.00
OMV Barrow Pty Ltd, Perth
OAUST
NC
100.00
100.00
OMV Beagle Pty Ltd, Perth
OAUST
NC
100.00
100.00
OMV Beteiligungsverwaltungs GmbH, Vienna
OMVRM
NC
100.00
\u2014
OMV AG
\u2014
100.00
OMV Bina Bawi GmbH, Vienna
PETEX
NC
100.00
100.00
OMV Block 70 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Croatia Geothermal GmbH, Vienna
OGREEN
NC
100.00
100.00
OMV East Abu Dhabi Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Enerji Ticaret Anonim \u015eirketi, Istanbul
OMVRM
C
100.00
100.00
OMV Exploration & Production GmbH, Vienna (OMVEP)
OMV AG
C
100.00
100.00
OMV Gas Logistics Holding GmbH, Vienna (OGI)
OMV AG
C
100.00
100.00
OMV Gas Marketing & Trading Belgium, Brussels
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading Deutschland GmbH, D\u00fcsseldorf
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading GmbH, Vienna (ECOGAS)
OMVRM
C
100.00
100.00
OMV Gas Marketing & Trading Hung\u00e1ria Kft., Budapest
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading Italia S.r.l., Milan
ECOGAS
NC
100.00
100.00
OMV Gas Marketing Trading & Finance B.V., Amsterdam
OFS
C
100.00
100.00
OMV Gas Storage Germany GmbH, Cologne (OGSG)
OMVDS
C
100.00
100.00
OMV Gas Storage GmbH, Vienna
OGI
C
100.00
100.00
OMV Gaz Iletim A.S., Istanbul
OMVRM
C
100.00
100.00
OMV Green Energy GmbH, Vienna (OGREEN)
OMVEP
C
100.00
100.00
OMV Jardan Block 3 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Maurice Energy GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Middle East & Africa GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Myrre Block 86 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV New Zealand Limited, Wellington (NZEA)
OMVEP
C
100.00
100.00
OMV NZ Production Limited, Wellington
NZEA
C
100.00
100.00
OMV OF LIBYA LIMITED, Douglas
OMVEP
C
100.00
100.00
OMV Offshore (Namibia) GmbH, Vienna (ONAFRU)
OMVEP
NC
100.00
100.00
OMV Offshore Bulgaria GmbH, Vienna
PETROM
C
100.00
100.00
OMV Offshore Morondava GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV Oil and Gas Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Oil Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Oil Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Orient Hydrocarbon GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV Orient Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Petroleum Exploration GmbH, Vienna (PETEX)
OMVEP
NC
100.00
100.00
OMV Petroleum Pty Ltd, Perth
NZEA
NC
100.00
100.00
OMV PETROM E&P BULGARIA S.R.L., Bucharest
PETROM
C
100.00
100.00
OMV Petrom Energy Solution SRL, Bucharest3
PETROM
C
100.00
100.00
OMV PETROM GEORGIA LLC, Tbilisi
PETROM
C
100.00
100.00
OMV Proterra GmbH, Vienna
OEPA
NC
100.00
100.00
OMV Russia Upstream GmbH, Vienna3
OMVEP
NC
100.00
100.00
OMV Upstream International GmbH, Vienna (OUPI)
OMVEP
C
100.00
100.00
Pearl Petroleum Company Limited, Road Town
OUPI
AEA
10.00
10.00
PEI Venezuela Gesellschaft mit beschr\u00e4nkter Haftung, Burghausen
OMVEP
NC
100.00
100.00
PETROM EXPLORATION & PRODUCTION LIMITED, Douglas
PETROM
NC
100.00
100.00
POSEIDON EXL 005 ANS, Lysaker
ONOR
PC
50.00
50.00
Preussag Energie International GmbH, Burghausen
OMVEP
NC
100.00
100.00
S. PARC FOTOVOLTAIC ISALNITA S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. PARC FOTOVOLTAIC ROVINARI EST S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. PARC FOTOVOLTAIC TISMANA 1 S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. SOLARIST TISMANA 2 S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
SapuraOMV Block 30, S. de R.L. de C.V., Mexico City
SEUPMY
C
\u2014
99.00
SEMXMY
\u2014
1.00
SapuraOMV Upstream (Americas) Sdn. Bhd., Kuala Lumpur (SEAMMY)
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Australia) Sdn. Bhd., Kuala Lumpur (SEAUMY)
SEOCMY
C
\u2014
100.00
SapuraOMV Upstream (Holding) Sdn. Bhd., Kuala Lumpur (SEUPMY)
SOUPMY
C
\u2014
100.00
SAPURAOMV UPSTREAM (MALAYSIA) SDN. BHD., Kuala Lumpur
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Mexico) Sdn. Bhd., Kuala Lumpur (SEMXMY)
SEAMMY
C
\u2014
100.00
SapuraOMV Upstream (NZ) Sdn. Bhd., Kuala Lumpur (SENZMY)
SEOCMY
C
\u2014
100.00
SapuraOMV Upstream (Oceania) Sdn. Bhd., Kuala Lumpur (SEOCMY)
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Sarawak) Inc., Nassau
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Western Australia) Pty Ltd, Perth
SEAUMY
C
\u2014
100.00
SapuraOMV Upstream JV Sdn. Bhd., Kuala Lumpur
SENZMY
NC
\u2014
100.00
SapuraOMV Upstream Sdn. Bhd., Kuala Lumpur (SOUPMY)
OMVEP
C
\u2014
50.00
Tenersolar Park SRL, Bucharest
PETROM
AEJ
50.00
Corporate & Other
ASOCIATIA ROMANA PENTRU RELATIA CU INVESTITORII, Bucharest
PETROM
NC-I
20.00
20.00
Diramic Insurance Limited, Gibraltar
OMV AG
C
100.00
100.00
OMV Clearing und Treasury GmbH, Vienna
SNO
C
100.00
100.00
OMV Finance Services GmbH, Vienna (OFS)
SNO
C
100.00
100.00
OMV Finance Services NOK GmbH, Vienna
SNO
C
100.00
100.00
OMV Finance Solutions USD GmbH, Vienna
SNO
C
100.00
100.00
OMV Insurance Broker GmbH in Liqu., Vienna
OMV AG
NC
\u2014
100.00
OMV International Oil & Gas GmbH, Baar
OMV AG
C
100.00
100.00
OMV Petrom Global Solutions SRL, Bucharest
SNO
C
75.00
75.00
PETROM
25.00
25.00
OMV Solutions GmbH, Vienna (SNO)
OMV AG
C
100.00
100.00
PETROMED SOLUTIONS SRL, Bucharest
PETROM
C
100.00
100.00
Assigned to multiple segments9
BTF Industriepark Schwechat GmbH, Schwechat
BPOAT
NC
50.00
50.00
OMVRM
50.00
50.00
C2PAT GmbH, Vienna
BORAAG
AEJ
25.00
25.00
OMVRM
25.00
25.00
OMV Deutschland GmbH, Burghausen (OMVD)
OMVRM
C
90.00
90.00
OMV AG
10.00
10.00
OMV Deutschland Marketing & Trading GmbH & Co. KG, Burghausen10
OMVD
C
99.99
99.99
OMVDS
0.01
0.01
OMV Deutschland Operations GmbH & Co. KG, Burghausen
OMVD
C
99.99
99.99
OMVDS
0.01
0.01
OMV Downstream GmbH, Vienna (OMVRM)
OMV AG
C
100.00
100.00
OMV PETROM SA, Bucharest (PETROM)
OMV AG
C
51.16
51.16
1 Type of consolidation:
C Consolidated subsidiary
AEA Associated companies accounted at-equity
AEJ Joint venture accounted at-equity
PC Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
NC-I Other non consolidated investment; associated companies and joint ventures of relatively little importance to the assets and earnings of the consolidated financial statements
NC Non-consolidated subsidiary; shell or distribution companies of relative insignificance individually and collectively to the consolidated financial statements
2 Economic share 100.00%
3 Type of consolidation was changed compared to 2023.
4 Company\u00b4s legal name changed in 2025; previously AP-NewCo GmbH
5 Despite majority interest not being fully consolidated, but accounted for at-equity due to absence of control.
6 Company\u2019s legal name changed following the initiation of liquidation.
7 Economic share 99.99%
8 The decree of the Russian President No.965 stipulates the expropriation of the shares
9 Assigned to the relevant segments in the segment reporting
10 In the 2024 financial year, OMV Deutschland Marketing & Trading GmbH & Co. KG made use of the exemption provision for the preparation of the annual financial statement and director\u2019s report, audit and disclosure pursuant to Section 264b HGB in conjunction with Section 325 HGB. The company's exemption is mentioned in its notes and published in the Federal Gazette with reference to this provision and an indication of the parent company.
All the companies that are not consolidated either have low business volumes or are distribution companies; the total sales, net income/losses, and equity of such companies represent less than 1% of the Group totals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-41": { "value": "
4 |
Significant changes in Group structure
A full list of OMV investments and changes in the consolidated group can be found in Note 38 \u2013 Direct and indirect investments of OMV Aktiengesellschaft. Major changes to the consolidated Group are described below.
Acquisitions \u2013 Business Combinations
During 2024, OMV finalized the acquisition of 100% of the shares in the following companies, for which the rules of IFRS\u00a03\u00a0\u2013 Business Combinations have been applied. They have been fully consolidated in the Group\u2019s financial statements:
\uf097
March 28, 2024: Integra Plastics AD (after acquisition renamed Integra Plastics EAD), which operates a modern advanced mechanical recycling plant built in 2019 with state-of-the-art equipment and an annual output capacity of more than 20 kt. Integra Plastics EAD has the ability to transform post-consumer waste into high-quality polyolefin recyclates suitable for demanding applications.
\uf097
May 31, 2024: Renovatio Asset Management S.R.L, which owns the largest charging network for electric vehicles in Romania.
\uf097
July 25, 2024: AP-NewCo GmbH (after acquisition renamed AP Truck Mobility GmbH), which owns a filling stations network in Austria.
\uf097
September 27, 2024: Intertrans Karla S.R.L., Bridgeconstruct S.R.L., and ATS Energy S.A., which owns 18 MW operational capacity of renewable energy assets consisting of wind power and hydropower plants.
Aggregated financial information for those acquisitions is displayed in the following table:
Fair values of net assets acquired
In EUR mn
2024
Non-current assets
89
Current assets
34
Total assets
123
Non-current liabilities
16
Current liabilities
42
Total liabilities
58
Net assets acquired
65
Total purchase price consideration
167
Goodwill
102
Consideration and fair value of the assets acquired and liabilities assumed for the above mentioned business combinations, with exception of AP-NewCo GmbH, are measured on a provisional basis. The goodwill of EUR\u00a0102\u00a0mn was mainly associated with the acquisition of AP-NewCo GmbH and primarily arises from expected synergies, leveraging refinery utilization and enhanced planning flexibility provided by AP filling stations as volume outlets.
Divestments
On December 9, 2024, OMV closed the transaction to sell its 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. to TotalEnergies. The transaction led in 2024 to a gain of EUR 59 mn recognized in the line \u201cOther operating income\u201d in the Consolidated Income Statement in the Energy segment and included FX recycling effects.
8 |
Other operating income and net income from equity-accounted investments
Other operating income and net income from equity-accounted investments
In EUR mn
2024
2023
Foreign exchange gains from operating activities
169
200
Gains from the disposal of businesses, subsidiaries, and tangible and intangible assets
74
237
Residual other operating income
445
305
Other operating income
688
742
Income from equity-accounted investments
497
580
Expenses from equity-accounted investments
\u2013197
\u2013254
Net income from equity-accounted investments
299
326
Gains from the disposal of businesses, subsidiaries, and tangible and intangible assets related mostly to gains from the divestment of OMV\u2019s 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. For further details see Note 4 \u2013 Significant changes in Group structure. 2023 gains were mostly related to gains from the divestment of OMV\u2019s filling station and wholesale business in Slovenia.
Also in 2023, the acquisition of the additional 48.55% stake in Renasci N.V. on November 30, 2023, triggered a reassessment, which led to an impairment in the amount of EUR 54 mn, of which EUR\u00a023\u00a0mn was allocated to the equity-accounted investment BlueAlp Holding B.V.
Changes in the consolidated group in 2024 were mainly due to the acquisition of AP-NewCo GmbH, which led to EUR 94 mn of changes in the consolidated group in intangible assets, including EUR 82 mn goodwill, and the acquisition of Renovatio Asset Management SRL, which resulted in EUR 10 mn of goodwill. Both acquisitions were related to the Fuels & Feedstock segment. Further details can be found in Note 4 \u2013 Significant changes in Group structure.
The EUR 150 mn of changes in the consolidated group in 2024 was due to several acquisitions, in particular, AP-NewCo GmbH, Integra Plastics AD, JR Constanta S.R.L., JR Solar Teleorman S.R.L., and JR Teleorman S.R.L. Further details can be found in Note 4 \u2013 Significant changes in Group structure. In 2023, the EUR\u00a084\u00a0mn of changes in the consolidated group resulted mainly from the change in the consolidation method of Renasci N.V. after Borealis increased its stake from 27.42% to 50.01% as of January 11, 2023, and the acquisition by Borealis of 100% of the shares in Rialti S.p.A. on October 31, 2023.
On March 3, 2025 OMV and ADNOC signed a binding agreement for the combination of their shareholdings in Borealis and Borouge into Borouge Group International. ADNOC has also entered in a share purchase agreement with Nova Chemicals Holdings GmbH, an indirectly wholly owned company of Mubadala Investment Company P.J.S.C. for 100% of Nova Chemicals for an enterprise value of USD 13.4 bn. ADNOC and OMV have also agreed that upon completion of the combination, Borouge Group International will acquire Nova Chemicals further expanding its footprint in North America.
OMV and ADNOC will have equal shareholdings of 46.94% each and equal partnership in Borouge Group International following a cash injection of EUR 1.6 bn (reduced by dividends paid out until closing) by OMV into the new company. The new entity will be headquartered and domiciled in Vienna, Austria, with regional headquarters in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange (ADX). It is intended that Borouge Group International will have a dual listing on the Vienna Stock Exchange (ATX) in the future. The equal shareholding structure enables joint control between OMV and ADNOC, allowing both parties to have equal decision-making rights in all strategic matters.
Once fully operational, Borouge 4 is envisaged to be retransferred to Borouge Group International at the end of 2026. When combined, the three highly complementary world-class businesses will create the fourth-largest global polyolefin group with equal shareholdings by OMV and ADNOC.
The acquisition of Nova Chemicals, a North American-based polyolefin producer and a leader in advanced packaging solutions and proprietary technologies, will further strengthen Borouge Group International\u2019s presence across the Americas and increase its exposure to advantaged feedstock. Borouge Group International will be uniquely positioned to create value and generate superior through-cycle shareholder returns, supported by synergies and a strong pipeline of organic growth projects. The Nova Chemicals transaction will be funded through acquisition debt, which is expected to be refinanced in the capital markets. The valuation implies an Enterprise Value to EBITDA multiple of around 7.5 on the basis of an expected through-the-cycle EBITDA of USD 1.8 bn.
The combination of Borouge and Borealis and the acquisition of Nova Chemicals will be closed simultaneously, with expected completion in Q1 2026 subject to regulatory approvals and other customary conditions.
This subsequent event is expected to have a significant impact on OMVs consolidated financial statements as follows.
\uf097
Based on the signed agreement, OMV is expected to lose control over Borealis group (excluding the Borouge investments) leading to deconsolidation after closing of the transaction. Consequently, on March 3, 2025 Borealis Group (excluding the Borouge investments) will be reclassified to \u201cheld for sale\u201d according to IFRS 5.
Upon the reclassification to \u201cheld for sale\u201d depreciation of non-current assets and at-equity accounting of the disposal group will cease in line with IFRS 5 requirements.
\uf097
Borealis Group (excluding the Borouge investments) represents a separate major line of business for OMV and will therefore be reported as a discontinued operation in line with IFRS 5.32. This will trigger a restatement of the financial statements of 2024 as comparative period and will be published as part of OMV Group Report for Q1/25.
\uf097
Borouge investments are currently jointly controlled by OMV and ADNOC and will continue to be jointly controlled after the closing of the transaction.
\uf097
Some entities of Borealis Group are members of the Austrian Tax Group and will continue to be part of the Austrian Tax Group after closing of the transaction via joint tax grouping (Beteiligungsgemeinschaft). This joint tax group will be formed by the Austrian shareholders of Borealis Group and the proportional share of taxable result of the joint tax group will be attributable to the Austrian Tax Group. Expected partial disposal of Borealis Group from the Austrian Tax Group will trigger the reassessment of the net deferred tax asset position (DTA) of the Austrian Tax Group in OMV Aktiengesellschaft. As a consequence, DTA of the Austrian tax Group will be decreased by approx. EUR 100 mn and will be presented in the line \u201cTaxes on income and profit\u201d in the Consolidated Income Statement in Q1/25.
38 |
Direct and indirect investments of OMV Aktiengesellschaft
Changes in the consolidated group
Name of company
Registered office
Type of change1
Effective date
Chemicals
Integra Plastics AD
Sofia
First consolidation (A)
March 28, 2024
Petrogas International B.V.2
Eindhoven
Deconsolidation (I)
December 31, 2024
Fuels & Feedstock
OMV Renewable Fuels & Feedstock US Inc.
Wilmington
First consolidation
May 17, 2024
Renovatio Asset Management
Bucharest
First consolidation (A)
May 31, 2024
AP-NewCo GmbH3
Vienna
First consolidation (A)
July 25, 2024
Respira Verde SRL2
Cheriu
First consolidation (A)
December 30, 2024
Energy
OMV Petrom Energy Solution SRL
Bucharest
First consolidation (I)
January 1, 2024
JR Constanta SRL
Bucharest
First consolidation (A)
September 26, 2024
JR Solar Teleorman SRL
Bucharest
First consolidation (A)
September 26, 2024
JR TELEORMAN SRL
Bucharest
First consolidation (A)
September 26, 2024
ATS Energy SA
Vetis
First consolidation (A)
September 27, 2024
BridgeConstruct SRL
Iasi
First consolidation (A)
September 27, 2024
Intertrans Karla SRL
Buzau
First consolidation (A)
September 27, 2024
Electrocentrale Borzesti SRL2
Bucharest
First consolidation (A)
September 30, 2024
Cil PV Plant SRL2
Bucharest
First consolidation (A)
November 29, 2024
Enerintens Solar SRL2
Bucharest
First consolidation (A)
November 29, 2024
Tenersolar Park SRL2
Bucharest
First consolidation (A)
November 29, 2024
SapuraOMV Block 30, S. de R.L. de C.V.
Mexico City
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Americas) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Australia) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Holding) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Malaysia) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Mexico) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (NZ) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Oceania) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Sarawak) Inc.
Nassau
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Western Australia) Pty Ltd
Perth
Deconsolidation
December 9, 2024
SapuraOMV Upstream Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
IROKO CCS ANS4
Sandnes
First consolidation
December 16, 2024
OMV Russia Upstream GmbH
Vienna
Deconsolidation (I)
December 31, 2024
1 \u201cFirst consolidation\u201d refers to newly formed companies, \u201cFirst consolidation (A)\u201d indicates the acquisition of a company, while companies marked with \u201cFirst consolidation (I)\u201d have been included in the consolidation after originally not being consolidated due to immateriality. \u201cDeconsolidation\u201d refers to companies that have been excluded from the Group investments following a sale, while \u201cDeconsolidation (I)\u201d refers to companies that were deconsolidated due to immateriality.
2 Company (previously) consolidated at-equity
3 Company\u00b4s legal name changed in 2025 to AP Truck Mobility GmbH
4 Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
For further information on major disposals, refer to Note 4 \u2013 Significant changes in Group structure.
Number of consolidated companies
2024
2023
Full
consolidation
Equity
consolidation
Accounting for OMV\u00b4s share1
Full
consolidation
Equity
consolidation
Accounting for OMV\u00b4s share1
January 1
115
23
6
123
23
4
Included for the first time
10
5
1
6
3
2
Change in consolidation type
\u2014
\u20131
\u2014
1
\u20131
\u2014
Deconsolidated during the year
\u201311
\u2014
\u2014
\u201315
\u20132
\u2014
December 31
114
27
7
115
23
6
thereof domiciled and operating abroad
81
22
6
82
18
5
thereof domiciled in Austria and
operating abroad
9
\u2014
\u2014
10
\u2014
\u2014
1 Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
List of investments
List of subsidiaries, equity-accounted investments, and other investments of OMV Aktiengesellschaft with an interest of at least 20%
Parent
company
Type of
consoli-
dation1
Equity
interest
in % as of
December 31, 2024
Equity
interest
in % as of
December 31, 2023
Chemicals
Bayport Polymers LLC, Pasadena
BNOVUS
AEJ
50.00
50.00
BlueAlp Holding B.V., Groot-Ammers
BRENBE
AEA
21.25
21.25
Borealis AB, Stenungsund (BABSWE)
BSVSWE
C
100.00
100.00
Borealis AG, Vienna (BORAAG)
BHOLAT
C
39.00
39.00
OMVRM
32.67
32.67
OMV AG
3.33
3.33
Borealis Antwerpen N.V., Zwijndrecht
BORAAG
C
100.00
100.00
Borealis Argentina SRL, Buenos Aires
BORAAG
NC
98.00
98.00
BSVSWE
2.00
2.00
BOREALIS ASIA LIMITED, Hong Kong
BORAAG
NC
100.00
100.00
Borealis BoNo Holdings LLC, Houston (BBNHUS)
BUS
C
100.00
100.00
Borealis Brasil S.A., Itatiba
BORAAG
C
80.00
80.00
BOREALIS CHEMICALS ZA (PTY) LTD, Germiston
BORAAG
NC
100.00
100.00
Borealis Chile SpA, Santiago
BORAAG
NC
100.00
100.00
Borealis Chimie S.A.R.L., Casablanca
BORAAG
NC
100.00
100.00
Borealis Circular Solutions Holding GmbH, Vienna (BCIRC)
BORAAG
C
100.00
100.00
Borealis Colombia S.A.S., Bogota
BORAAG
NC
100.00
100.00
Borealis Compounds Inc., Port Murray (BCOMUS)
BUS
C
100.00
100.00
Borealis Denmark ApS, Copenhagen
BORAAG
NC
100.00
100.00
Borealis Digital Studio B.V., Mechelen
BORAAG
NC
100.00
100.00
Borealis Financial Services N.V., Mechelen
BORAAG
C
100.00
100.00
Borealis France S.A.S., Courbevoie (BFR)
BORAAG
C
100.00
100.00
Borealis Group Services AS, Bamble
BABSWE
C
100.00
100.00
Borealis Insurance A/S (captive insurance company), Copenhagen
BORAAG
C
100.00
100.00
Borealis ITALIA S.p.A., Monza
BORAAG
C
100.00
100.00
Borealis Kallo N.V., Kallo
BORAAG
C
100.00
100.00
Borealis M\u00e9xico, S.A. de C.V., Mexico City
BORAAG
NC
100.00
100.00
BCOMUS
0.00
0.00
Borealis Middle East Holding GmbH, Vienna (BORMEH)
BORAAG
C
100.00
100.00
Borealis Plasticos, S.A. de C.V., Mexico City
BORAAG
NC
100.00
100.00
BCOMUS
0.00
0.00
Borealis Plastik ve Kimyasal Maddeler Ticaret Limited Sirketi, Istanbul
BORAAG
NC
100.00
100.00
Borealis Plastomers B.V., Geleen
BORAAG
C
100.00
100.00
Borealis Poliolefinas da Am\u00e9rica do Sul Ltda., Itatiba
BORAAG
NC
99.99
99.99
BSVSWE
0.01
0.01
Borealis Polska Sp. z o.o., Warsaw
BORAAG
NC
100.00
100.00
Borealis Polymere GmbH, Burghausen (BPODE)
BORAAG
C
100.00
100.00
Borealis Polymers N.V., Beringen
BORAAG
C
100.00
100.00
Borealis Polymers Oy, Porvoo
BORAAG
C
100.00
100.00
Borealis Polyolefine GmbH, Schwechat (BPOAT)
BORAAG
C
100.00
100.00
BSVSWE
0.00
0.00
Borealis Polyolefins d.o.o., Zagreb
BORAAG
NC
100.00
100.00
Borealis Polyolefins S.R.L., Bucharest
BORAAG
NC
100.00
100.00
Borealis Polyolefins s.r.o., Bratislava
BORAAG
NC
100.00
100.00
Borealis Qu\u00edmica Espa\u00f1a S.A., Barcelona
BORAAG
C
100.00
100.00
Borealis RUS LLC, Moscow
BORAAG
NC
\u2014
100.00
Borealis s.r.o., Prague
BORAAG
NC
100.00
100.00
Borealis Services S.A.S., Paris
BFR
NC
100.00
100.00
Borealis Sverige AB, Stenungsund (BSVSWE)
BORAAG
C
100.00
100.00
Borealis Technology Oy, Porvoo
BORAAG
C
100.00
100.00
BOREALIS UK LTD, Manchester
BORAAG
C
100.00
100.00
Borealis USA Inc., Houston (BUS)
BORAAG
C
100.00
100.00
Borouge 4 LLC, Abu Dhabi
BORMEH
AEJ
40.00
40.00
Borouge PLC, Abu Dhabi (BOROLC)
BORMEH
AEJ
36.00
36.00
Borouge Pte. Ltd., Singapore
BOROLC
AEJ
84.75
84.75
BORMEH
15.25
15.25
Circular Feedstock Walld\u00fcrn GmbH, Walld\u00fcrn2
OMVD
C
89.90
89.90
DYM SOLUTION CO., LTD, Cheonan
BORAAG
C
100.00
100.00
Ecoplast Kunststoffrecycling GmbH, Wildon
BORAAG
C
100.00
100.00
EPS Ethylen-Pipeline-S\u00fcd Gesch\u00e4ftsf\u00fchrungs GmbH, Munich
OMVD
NC-I
15.46
15.46
BPODE
7.73
7.73
EPS Ethylen-Pipeline-S\u00fcd GmbH & Co KG, Munich
OMVD
AEA
20.66
20.66
BPODE
10.33
10.33
Etenf\u00f6rs\u00f6rjning i Stenungsund AB, Stenungsund
BABSWE
C
80.00
80.00
Hallbar Kemi i Stenungsund, Stenungsund
BABSWE
NC-I
20.00
20.00
Industrins R\u00e4ddningstj\u00e4nst i Stenungsund AB, Stenungsund
BABSWE
NC-I
25.00
25.00
Integra Plastics EAD, Sofia
BORAAG
C
100.00
KB Munker\u00f6d 1:72, Stenungsund
BABSWE
NC
100.00
100.00
BSVSWE
0.00
0.00
Kilpilahden Voimalaitos Oy, Porvoo
BORAAG
AEA
20.00
20.00
mtm compact GmbH, Niedergebra
BORAAG
C
100.00
100.00
mtm plastics GmbH, Niedergebra
BORAAG
C
100.00
100.00
Novealis Holdings LLC, Houston (BNOVUS)
BBNHUS
C
50.00
50.00
BSBHUS
50.00
50.00
OMV Borealis Holding GmbH, Vienna (BHOLAT)
OMVRM
C
100.00
100.00
Petrogas International B.V., Eindhoven3
BRENBE
NC-I
25.00
25.00
PetroPort Holding AB, Stenungsund
BABSWE
AEJ
50.00
50.00
Recelerate GmbH, Herborn
BORAAG
AEJ
50.00
50.00
Renasci N.V., Ostend (BRENBE)
BCIRC
C
99.18
98.56
Renasci Oostende Holding N.V., Ostend (BRHOBE)
BRENBE
C
100.00
100.00
Renasci Oostende Recycling N.V., Ostend
BRHOBE
C
100.00
100.00
Renasci Oostende SCP N.V., Ostend
BRHOBE
C
100.00
100.00
Rialti S.p.A., Taino
BORAAG
C
100.00
100.00
Star Bridge Holdings LLC, Houston (BSBHUS)
BUS
C
100.00
100.00
Fuels & Feedstock
Abu Dhabi Oil Refining Company, Abu Dhabi
OMVRM
AEA
15.00
15.00
Abu Dhabi Petroleum Investments LLC, Abu Dhabi (ADPINV)
OMVRM
AEJ
25.00
25.00
ADNOC Global Trading LTD, Abu Dhabi
OMVRM
AEA
15.00
15.00
Aircraft Refuelling Company GmbH, Vienna
OMVRM
NC-I
33.33
33.33
AP Truck Mobility GmbH, Vienna4
OMVRM
C
100.00
Autobahn - Betriebe Gesellschaft m.b.H., Vienna
OMVRM
NC-I
47.19
47.19
BSP Bratislava-Schwechat Pipeline GmbH in Liqu., Vienna
OMVRM
NC-I
\u2014
26.00
Deutsche Transalpine Oelleitung GmbH, Munich
OMVD
AEA
32.26
32.26
DUNAT\u00c0R K\u00f6olajterm\u00e9k T\u00e1rol\u00f3 \u00e9s Kereskedelmi Kft., Budapest
OHUN
C
100.00
100.00
Erd\u00f6l-Lagergesellschaft m.b.H., Lannach5
OMVRM
AEA
55.60
55.60
GENOL Gesellschaft m.b.H., Korneuburg
OMVRM
AEA
29.00
29.00
OMV - International Services Ges.m.b.H., Vienna
OMVRM
C
100.00
100.00
OMV BULGARIA OOD, Sofia
PETROM
C
99.90
99.90
OMVRM
0.10
0.10
OMV \u010cesk\u00e1 republika, s.r.o., Prague
OMVRM
C
100.00
100.00
OMV Deutschland Services GmbH, Burghausen (OMVDS)
OMVD
C
100.00
100.00
OMV Downstream SLO, trgovina z nafto in naftnimi derivati, d.o.o., Ljubljana
OMVRM
NC
100.00
OMV Hung\u00e1ria \u00c1sv\u00e1nyolaj Korl\u00e1tolt Felel\u00f6ss\u00e9g\u00fc T\u00e1rsas\u00e1g, Budapest (OHUN)
OMVRM
C
100.00
100.00
OMV PETROM Aviation S.R.L., Otopeni
PETROM
C
100.00
100.00
ROMAN
0.00
0.00
OMV Petrom Biofuels SRL, Bucharest
PETROM
C
25.00
25.00
OMVRM
75.00
75.00
OMV PETROM MARKETING SRL, Bucharest (ROMAN)
PETROM
C
100.00
100.00
OMV Refining & Marketing Middle East & Asia GmbH, Vienna
OMVRM
C
100.00
100.00
OMV Renewable Fuels & Feedstock B.V., Beveren
OMVRM
C
100.00
100.00
OMV Renewable Fuels & Feedstock US Inc., Wilmington
OMVRM
C
100.00
OMV Slovensko s.r.o., Bratislava
OMVRM
C
99.99
99.99
OMV SRBIJA d.o.o., Belgrade
PETROM
C
99.96
99.96
OMVRM
0.04
0.04
OMV Supply & Trading Italia S.r.l., Trieste
OMVRM
C
100.00
100.00
OMV Supply & Trading Limited, London (OTRAD)
OMVRM
C
100.00
100.00
OMV Supply & Trading Singapore PTE LTD., Singapore
OTRAD
NC
100.00
100.00
OMV Switzerland Holding AG in Liquidation, Zug6
OGI
NC
100.00
100.00
Pak-Arab Refinery Limited, Karachi
ADPINV
AEJ
40.00
40.00
Petrom-Moldova S.R.L., Chisinau
PETROM
C
100.00
100.00
Renovatio Asset Management, Bucharest
PETROM
C
100.00
Respira Verde SRL, Cheriu
PETROM
AEJ
40.48
Routex B.V., Amsterdam
OMVRM
NC-I
20.00
20.00
Salzburg Fuelling GmbH, Salzburg
OMVRM
NC-I
50.00
50.00
Societ\u00e0 Italiana per l'Oleodotto Transalpino S.p.A., Trieste
OMVRM
AEA
32.26
32.26
SuperShop Marketing Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g, Budapest
OHUN
NC-I
50.00
50.00
TGN Tankdienst-Gesellschaft N\u00fcrnberg GbR, Nuremberg
OMVD
NC-I
33.33
33.33
Transalpine \u00d6lleitung in \u00d6sterreich Gesellschaft m.b.H., Matrei in Osttirol
OMVRM
AEA
32.26
32.26
Energy
ATS Energy SA, Vetis
PETROM
C
100.00
BridgeConstruct SRL, Iasi
PETROM
C
100.00
Central European Gas Hub AG, Vienna (HUB)
OGI
C
65.00
65.00
Cil PV Plant SRL, Bucharest
PETROM
AEJ
50.00
deeep Tiefengeothermie GmbH, Vienna
OGEO
PC
49.00
49.00
EEX CEGH Gas Exchange Services GmbH, Vienna
HUB
AEA
49.00
49.00
Electrocentrale Borzesti SRL, Bucharest
PETROM
AEJ
50.00
Energy Infrastructure Limited, Wellington
NZEA
C
100.00
100.00
Energy Petroleum Holdings Limited, Wellington
NZEA
C
100.00
100.00
Energy Petroleum Investments Limited, Wellington
NZEA
C
100.00
100.00
Enerintens Solar SRL, Bucharest
PETROM
AEJ
50.00
Freya Bunde-Etzel GmbH & Co. KG, Bonn
OGSG
AEA
39.99
39.99
Intertrans Karla SRL, Buzau
PETROM
C
100.00
IROKO CCS ANS, Sandnes
ONOR
PC
30.00
JR Constanta SRL, Bucharest
PETROM
C
100.00
JR Solar Teleorman SRL, Bucharest
PETROM
C
100.00
JR TELEORMAN S.R.L., Bucharest
PETROM
C
100.00
JSC GAZPROM YRGM Development, St. Petersburg7,8
OMVEP
NC-I
\u2014
\u2014
OJSC Severneftegazprom, Krasnoselkup8
OMVEP
NC-I
24.99
24.99
OMV (Berenty) Exploration GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV (IRAN) onshore Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (Mandabe) Exploration GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV (NAMIBIA) Exploration GmbH, Vienna
ONAFRU
NC
100.00
100.00
OMV (NORGE) AS, Stavanger (ONOR)
OMVEP
C
100.00
100.00
OMV (Tunesien) Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (TUNESIEN) Sidi Mansour GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV (Yemen Block S 2) Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (YEMEN) Al Mabar Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV (YEMEN) South Sanau Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Abu Dhabi E&P GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Abu Dhabi Offshore GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Abu Dhabi Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV AUSTRALIA PTY LTD, Perth (OAUST)
OMV AG
C
100.00
100.00
OMV Austria Exploration & Production GmbH, Vienna (OEPA)
OMVEP
C
100.00
100.00
OMV Austria Geothermal GmbH, Vienna (OGEO)
OGREEN
C
100.00
100.00
OMV Barrow Pty Ltd, Perth
OAUST
NC
100.00
100.00
OMV Beagle Pty Ltd, Perth
OAUST
NC
100.00
100.00
OMV Beteiligungsverwaltungs GmbH, Vienna
OMVRM
NC
100.00
\u2014
OMV AG
\u2014
100.00
OMV Bina Bawi GmbH, Vienna
PETEX
NC
100.00
100.00
OMV Block 70 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Croatia Geothermal GmbH, Vienna
OGREEN
NC
100.00
100.00
OMV East Abu Dhabi Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Enerji Ticaret Anonim \u015eirketi, Istanbul
OMVRM
C
100.00
100.00
OMV Exploration & Production GmbH, Vienna (OMVEP)
OMV AG
C
100.00
100.00
OMV Gas Logistics Holding GmbH, Vienna (OGI)
OMV AG
C
100.00
100.00
OMV Gas Marketing & Trading Belgium, Brussels
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading Deutschland GmbH, D\u00fcsseldorf
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading GmbH, Vienna (ECOGAS)
OMVRM
C
100.00
100.00
OMV Gas Marketing & Trading Hung\u00e1ria Kft., Budapest
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading Italia S.r.l., Milan
ECOGAS
NC
100.00
100.00
OMV Gas Marketing Trading & Finance B.V., Amsterdam
OFS
C
100.00
100.00
OMV Gas Storage Germany GmbH, Cologne (OGSG)
OMVDS
C
100.00
100.00
OMV Gas Storage GmbH, Vienna
OGI
C
100.00
100.00
OMV Gaz Iletim A.S., Istanbul
OMVRM
C
100.00
100.00
OMV Green Energy GmbH, Vienna (OGREEN)
OMVEP
C
100.00
100.00
OMV Jardan Block 3 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Maurice Energy GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Middle East & Africa GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Myrre Block 86 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV New Zealand Limited, Wellington (NZEA)
OMVEP
C
100.00
100.00
OMV NZ Production Limited, Wellington
NZEA
C
100.00
100.00
OMV OF LIBYA LIMITED, Douglas
OMVEP
C
100.00
100.00
OMV Offshore (Namibia) GmbH, Vienna (ONAFRU)
OMVEP
NC
100.00
100.00
OMV Offshore Bulgaria GmbH, Vienna
PETROM
C
100.00
100.00
OMV Offshore Morondava GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV Oil and Gas Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Oil Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Oil Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Orient Hydrocarbon GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV Orient Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Petroleum Exploration GmbH, Vienna (PETEX)
OMVEP
NC
100.00
100.00
OMV Petroleum Pty Ltd, Perth
NZEA
NC
100.00
100.00
OMV PETROM E&P BULGARIA S.R.L., Bucharest
PETROM
C
100.00
100.00
OMV Petrom Energy Solution SRL, Bucharest3
PETROM
C
100.00
100.00
OMV PETROM GEORGIA LLC, Tbilisi
PETROM
C
100.00
100.00
OMV Proterra GmbH, Vienna
OEPA
NC
100.00
100.00
OMV Russia Upstream GmbH, Vienna3
OMVEP
NC
100.00
100.00
OMV Upstream International GmbH, Vienna (OUPI)
OMVEP
C
100.00
100.00
Pearl Petroleum Company Limited, Road Town
OUPI
AEA
10.00
10.00
PEI Venezuela Gesellschaft mit beschr\u00e4nkter Haftung, Burghausen
OMVEP
NC
100.00
100.00
PETROM EXPLORATION & PRODUCTION LIMITED, Douglas
PETROM
NC
100.00
100.00
POSEIDON EXL 005 ANS, Lysaker
ONOR
PC
50.00
50.00
Preussag Energie International GmbH, Burghausen
OMVEP
NC
100.00
100.00
S. PARC FOTOVOLTAIC ISALNITA S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. PARC FOTOVOLTAIC ROVINARI EST S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. PARC FOTOVOLTAIC TISMANA 1 S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. SOLARIST TISMANA 2 S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
SapuraOMV Block 30, S. de R.L. de C.V., Mexico City
SEUPMY
C
\u2014
99.00
SEMXMY
\u2014
1.00
SapuraOMV Upstream (Americas) Sdn. Bhd., Kuala Lumpur (SEAMMY)
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Australia) Sdn. Bhd., Kuala Lumpur (SEAUMY)
SEOCMY
C
\u2014
100.00
SapuraOMV Upstream (Holding) Sdn. Bhd., Kuala Lumpur (SEUPMY)
SOUPMY
C
\u2014
100.00
SAPURAOMV UPSTREAM (MALAYSIA) SDN. BHD., Kuala Lumpur
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Mexico) Sdn. Bhd., Kuala Lumpur (SEMXMY)
SEAMMY
C
\u2014
100.00
SapuraOMV Upstream (NZ) Sdn. Bhd., Kuala Lumpur (SENZMY)
SEOCMY
C
\u2014
100.00
SapuraOMV Upstream (Oceania) Sdn. Bhd., Kuala Lumpur (SEOCMY)
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Sarawak) Inc., Nassau
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Western Australia) Pty Ltd, Perth
SEAUMY
C
\u2014
100.00
SapuraOMV Upstream JV Sdn. Bhd., Kuala Lumpur
SENZMY
NC
\u2014
100.00
SapuraOMV Upstream Sdn. Bhd., Kuala Lumpur (SOUPMY)
OMVEP
C
\u2014
50.00
Tenersolar Park SRL, Bucharest
PETROM
AEJ
50.00
Corporate & Other
ASOCIATIA ROMANA PENTRU RELATIA CU INVESTITORII, Bucharest
PETROM
NC-I
20.00
20.00
Diramic Insurance Limited, Gibraltar
OMV AG
C
100.00
100.00
OMV Clearing und Treasury GmbH, Vienna
SNO
C
100.00
100.00
OMV Finance Services GmbH, Vienna (OFS)
SNO
C
100.00
100.00
OMV Finance Services NOK GmbH, Vienna
SNO
C
100.00
100.00
OMV Finance Solutions USD GmbH, Vienna
SNO
C
100.00
100.00
OMV Insurance Broker GmbH in Liqu., Vienna
OMV AG
NC
\u2014
100.00
OMV International Oil & Gas GmbH, Baar
OMV AG
C
100.00
100.00
OMV Petrom Global Solutions SRL, Bucharest
SNO
C
75.00
75.00
PETROM
25.00
25.00
OMV Solutions GmbH, Vienna (SNO)
OMV AG
C
100.00
100.00
PETROMED SOLUTIONS SRL, Bucharest
PETROM
C
100.00
100.00
Assigned to multiple segments9
BTF Industriepark Schwechat GmbH, Schwechat
BPOAT
NC
50.00
50.00
OMVRM
50.00
50.00
C2PAT GmbH, Vienna
BORAAG
AEJ
25.00
25.00
OMVRM
25.00
25.00
OMV Deutschland GmbH, Burghausen (OMVD)
OMVRM
C
90.00
90.00
OMV AG
10.00
10.00
OMV Deutschland Marketing & Trading GmbH & Co. KG, Burghausen10
OMVD
C
99.99
99.99
OMVDS
0.01
0.01
OMV Deutschland Operations GmbH & Co. KG, Burghausen
OMVD
C
99.99
99.99
OMVDS
0.01
0.01
OMV Downstream GmbH, Vienna (OMVRM)
OMV AG
C
100.00
100.00
OMV PETROM SA, Bucharest (PETROM)
OMV AG
C
51.16
51.16
1 Type of consolidation:
C Consolidated subsidiary
AEA Associated companies accounted at-equity
AEJ Joint venture accounted at-equity
PC Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
NC-I Other non consolidated investment; associated companies and joint ventures of relatively little importance to the assets and earnings of the consolidated financial statements
NC Non-consolidated subsidiary; shell or distribution companies of relative insignificance individually and collectively to the consolidated financial statements
2 Economic share 100.00%
3 Type of consolidation was changed compared to 2023.
4 Company\u00b4s legal name changed in 2025; previously AP-NewCo GmbH
5 Despite majority interest not being fully consolidated, but accounted for at-equity due to absence of control.
6 Company\u2019s legal name changed following the initiation of liquidation.
7 Economic share 99.99%
8 The decree of the Russian President No.965 stipulates the expropriation of the shares
9 Assigned to the relevant segments in the segment reporting
10 In the 2024 financial year, OMV Deutschland Marketing & Trading GmbH & Co. KG made use of the exemption provision for the preparation of the annual financial statement and director\u2019s report, audit and disclosure pursuant to Section 264b HGB in conjunction with Section 325 HGB. The company's exemption is mentioned in its notes and published in the Federal Gazette with reference to this provision and an indication of the parent company.
All the companies that are not consolidated either have low business volumes or are distribution companies; the total sales, net income/losses, and equity of such companies represent less than 1% of the Group totals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-42": { "value": "
Acquisitions \u2013 Business Combinations
During 2024, OMV finalized the acquisition of 100% of the shares in the following companies, for which the rules of IFRS\u00a03\u00a0\u2013 Business Combinations have been applied. They have been fully consolidated in the Group\u2019s financial statements:
\uf097
March 28, 2024: Integra Plastics AD (after acquisition renamed Integra Plastics EAD), which operates a modern advanced mechanical recycling plant built in 2019 with state-of-the-art equipment and an annual output capacity of more than 20 kt. Integra Plastics EAD has the ability to transform post-consumer waste into high-quality polyolefin recyclates suitable for demanding applications.
\uf097
May 31, 2024: Renovatio Asset Management S.R.L, which owns the largest charging network for electric vehicles in Romania.
\uf097
July 25, 2024: AP-NewCo GmbH (after acquisition renamed AP Truck Mobility GmbH), which owns a filling stations network in Austria.
\uf097
September 27, 2024: Intertrans Karla S.R.L., Bridgeconstruct S.R.L., and ATS Energy S.A., which owns 18 MW operational capacity of renewable energy assets consisting of wind power and hydropower plants.
Aggregated financial information for those acquisitions is displayed in the following table:
Fair values of net assets acquired
In EUR mn
2024
Non-current assets
89
Current assets
34
Total assets
123
Non-current liabilities
16
Current liabilities
42
Total liabilities
58
Net assets acquired
65
Total purchase price consideration
167
Goodwill
102
Consideration and fair value of the assets acquired and liabilities assumed for the above mentioned business combinations, with exception of AP-NewCo GmbH, are measured on a provisional basis. The goodwill of EUR\u00a0102\u00a0mn was mainly associated with the acquisition of AP-NewCo GmbH and primarily arises from expected synergies, leveraging refinery utilization and enhanced planning flexibility provided by AP filling stations as volume outlets.
Information on geographical areas
In EUR mn
2024
2023
Sales to third parties
Segment
assets1
Equity-
accounted
investments2
Sales to third parties
Segment
assets1
Equity-
accounted
investments2
Austria
7,154
5,109
12
9,097
4,918
13
Belgium
717
2,840
25
814
2,384
29
Germany
5,371
1,391
25
6,302
1,301
30
New Zealand
303
339
\u2014
451
676
\u2014
Norway
861
941
\u2014
1,045
1,056
\u2014
Romania
6,003
6,480
70
6,728
6,013
\u2014
United Arab Emirates
1,511
1,547
5,644
1,459
1,682
5,638
Rest of CEE3
5,072
676
\u2014
5,677
568
\u2014
Rest of Europe
4,785
1,841
23
5,545
1,859
24
Rest of the world4
2,205
1,286
862
2,344
1,072
934
Allocated
33,981
22,449
6,661
39,463
21,529
6,668
Unallocated assets
\u2014
\u2014
\u2014
\u2014
330
\u2014
Total
33,981
22,449
6,661
39,463
21,859
6,668
1 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
2 Equity-accounted investments are allocated based on the seat of the registered office of the parent company, excluding assets held for sale.
3 Including T\u00fcrkiye
4 Rest of the world: principally Algeria, Argentina, Australia, Brazil, Canada, Chile, China, Colombia, Egypt, Ghana, India, Libya, Malaysia, Mexico, Morocco, Nigeria, Peru, Saudi Arabia, South Africa, South Korea, Taiwan, Tunisia, and the United States of America
In 2023, the unallocated assets contained goodwill in the amount of EUR 330 mn related to the cash-generating unit \u201cMiddle East and Africa\u201d. This goodwill was reallocated in 2024 to the countries Libya, the United Arab Emirates, and Tunisia. For further details see Note 16 \u2013 Intangible assets.
Intangible assets
In EUR mn
Concessions,
software,
licenses,
rights
Development costs
Oil and gas
assets
with unproved
reserves
Goodwill
Total
2024
Development of costs
January 1
1,385
695
963
384
3,428
Currency translation differences
\u20133
0
17
21
34
Changes in the consolidated group
20
\u2014
\u2014
106
125
Additions
93
101
139
\u2014
333
Transfers
30
0
\u201315
\u2014
16
Assets held for sale
\u2014
\u2014
\u201341
\u2014
\u201341
Disposals
\u201312
\u20131
\u201342
\u2014
\u201355
December 31
1,512
795
1,022
511
3,840
Development of amortization
January 1
842
119
688
\u2014
1,649
Currency translation differences
\u20132
\u20130
15
\u2014
13
Amortization
98
36
0
\u2014
134
Impairments
0
6
89
\u2014
95
Transfers
\u20137
\u2014
\u2014
\u2014
\u20137
Assets held for sale
\u2014
\u2014
\u201315
\u2014
\u201315
Disposals
\u201312
\u20130
\u201340
\u2014
\u201353
December 31
920
161
737
\u2014
1,817
Carrying amount January 1
543
576
275
384
1,779
Carrying amount December 31
593
635
285
511
2,023
2023
Development of costs
January 1
1,330
572
1,811
585
4,298
Currency translation differences
\u20133
\u20130
\u201328
\u201317
\u201348
Changes in the consolidated group
28
\u2014
\u2014
21
49
Additions
39
112
201
\u2014
352
Transfers
20
14
\u2013583
\u2014
\u2013549
Assets held for sale
\u20130
\u2014
\u2013243
\u2013205
\u2013448
Disposals
\u201328
\u20133
\u2013195
\u2014
\u2013225
December 31
1,385
695
963
384
3,428
Development of amortization
January 1
769
86
934
\u2014
1,788
Currency translation differences
\u20132
\u2014
\u201321
\u2014
\u201323
Amortization
93
34
0
\u2014
127
Impairments
11
3
158
\u2014
171
Transfers
\u20130
\u2014
\u201314
\u2014
\u201314
Assets held for sale
\u20130
\u2014
\u2013173
\u2014
\u2013173
Disposals
\u201329
\u20133
\u2013195
\u2014
\u2013227
Write-ups
\u2014
\u2014
\u20131
\u2014
\u20131
December 31
842
119
688
\u2014
1,649
Carrying amount January 1
562
486
878
585
2,510
Carrying amount December 31
543
576
275
384
1,779
Goodwill allocation
In EUR mn
2024
2023
Goodwill allocated to Energy
357
330
Goodwill allocated to Fuels & Feedstock
125
33
Goodwill allocated to Chemicals
29
21
Goodwill
511
384
In August 2024, OMV implemented a new target operating model for the Energy segment, transitioning from a regional split to a structure based on operated and non-operated countries. As a result, the goodwill that was previously assigned to the region Middle East and Africa was reallocated to the countries Libya, the United Arab Emirates, and Tunisia. The reallocation was based on the relative fair value of the operations in these countries. This reallocation did not result in any impact on the income statement. As of December 31, 2024, the goodwill balances of these countries consisted of EUR 198 mn for Libya, EUR 120 mn for the United Arab Emirates, and EUR 33 mn for Tunisia, and are included in the Energy segment.
Goodwill impairment tests based on a value in use calculation were performed and did not lead to any impairments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-43": { "value": "
Acquisitions \u2013 Business Combinations
During 2024, OMV finalized the acquisition of 100% of the shares in the following companies, for which the rules of IFRS\u00a03\u00a0\u2013 Business Combinations have been applied. They have been fully consolidated in the Group\u2019s financial statements:
\uf097
March 28, 2024: Integra Plastics AD (after acquisition renamed Integra Plastics EAD), which operates a modern advanced mechanical recycling plant built in 2019 with state-of-the-art equipment and an annual output capacity of more than 20 kt. Integra Plastics EAD has the ability to transform post-consumer waste into high-quality polyolefin recyclates suitable for demanding applications.
\uf097
May 31, 2024: Renovatio Asset Management S.R.L, which owns the largest charging network for electric vehicles in Romania.
\uf097
July 25, 2024: AP-NewCo GmbH (after acquisition renamed AP Truck Mobility GmbH), which owns a filling stations network in Austria.
\uf097
September 27, 2024: Intertrans Karla S.R.L., Bridgeconstruct S.R.L., and ATS Energy S.A., which owns 18 MW operational capacity of renewable energy assets consisting of wind power and hydropower plants.
Aggregated financial information for those acquisitions is displayed in the following table:
Fair values of net assets acquired
In EUR mn
2024
Non-current assets
89
Current assets
34
Total assets
123
Non-current liabilities
16
Current liabilities
42
Total liabilities
58
Net assets acquired
65
Total purchase price consideration
167
Goodwill
102
Consideration and fair value of the assets acquired and liabilities assumed for the above mentioned business combinations, with exception of AP-NewCo GmbH, are measured on a provisional basis. The goodwill of EUR\u00a0102\u00a0mn was mainly associated with the acquisition of AP-NewCo GmbH and primarily arises from expected synergies, leveraging refinery utilization and enhanced planning flexibility provided by AP filling stations as volume outlets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-44": { "value": "
Divestments
On December 9, 2024, OMV closed the transaction to sell its 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. to TotalEnergies. The transaction led in 2024 to a gain of EUR 59 mn recognized in the line \u201cOther operating income\u201d in the Consolidated Income Statement in the Energy segment and included FX recycling effects.
Segment reporting\u00a0
In EUR mn
2024
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,431
18,765
12,587
503
41,286
\u20137,305
33,981
Intersegmental sales
\u20131,007
\u20132,210
\u20133,603
\u2013485
\u20137,305
7,305
\u2014
Sales to third parties
8,424
16,554
8,984
18
33,981
\u2014
33,981
Other operating income
102
90
433
63
688
\u2014
688
Net income from equity-accounted investments
178
79
43
\u2014
299
\u2014
299
Depreciation and amortization
599
489
1,307
41
2,435
\u2014
2,435
Impairment losses (incl. exploration & appraisal)
16
18
620
1
654
\u2014
654
Write-ups
\u2014
16
\u20130
\u2014
15
\u2014
15
Operating Result
404
709
3,205
\u201380
4,238
16
4,254
Special items for personnel restructuring
8
0
6
\u2014
15
\u2014
15
Special items for unscheduled depreciation and write-ups
16
16
472
\u2014
504
\u2014
504
Special items for asset disposal
\u2014
\u2014
\u201323
\u2014
\u201323
\u2014
\u201323
Other special items
31
82
149
6
268
\u2014
268
Special items
55
98
605
6
764
\u2014
764
Clean Operating Result
459
808
3,810
\u201373
5,003
16
5,018
CCS effect
\u2014
119
\u2014
\u2014
119
4
123
Clean CCS Operating Result
459
927
3,810
\u201373
5,122
19
5,141
Segment assets2
7,134
5,023
10,031
261
22,449
\u2014
22,449
Additions to PPE/IA3
1,087
871
1,679
59
3,697
\u2014
3,697
Equity-accounted investments4
4,777
1,530
355
\u2014
6,661
\u2014
6,661
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
Segment reporting
In EUR mn
2023
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,650
20,186
17,038
471
47,346
\u20137,883
39,463
Intersegmental sales
\u20131,305
\u20132,433
\u20133,694
\u2013451
\u20137,883
7,883
\u2014
Sales to third parties
8,345
17,753
13,344
20
39,463
\u2014
39,463
Other operating income
129
336
208
69
742
\u2014
742
Net income from equity-accounted investments
101
296
\u201371
\u2014
326
\u2014
326
Depreciation and amortization
541
425
1,434
40
2,439
\u2014
2,439
Impairment losses (incl. exploration & appraisal)
126
7
231
1
365
\u2014
365
Write-ups
\u2014
\u2014
189
0
189
\u2014
189
Operating Result
\u2013120
1,671
3,771
\u201365
5,257
\u201331
5,226
Special items for personnel restructuring
5
0
\u2014
\u2014
6
\u2014
6
Special items for unscheduled depreciation and write-ups
135
\u2014
\u201391
\u2014
44
\u2014
44
Special items for asset disposal
12
\u2013221
\u2014
\u2014
\u2013208
\u2014
\u2013208
Other special items
62
74
677
14
827
\u2014
827
Special items
214
\u2013146
586
14
668
\u2014
668
Clean Operating Result
94
1,525
4,357
\u201351
5,925
\u201331
5,894
CCS effect
\u2014
126
\u2014
\u2014
126
4
130
Clean CCS Operating Result
94
1,651
4,357
\u201351
6,050
\u201327
6,024
Segment assets2
6,618
4,508
10,488
246
21,859
\u2014
21,859
Additions to PPE/IA3
1,110
986
1,585
54
3,736
\u2014
3,736
Equity-accounted investments4
4,747
1,655
266
\u2014
6,668
\u2014
6,668
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
8 |
Other operating income and net income from equity-accounted investments
Other operating income and net income from equity-accounted investments
In EUR mn
2024
2023
Foreign exchange gains from operating activities
169
200
Gains from the disposal of businesses, subsidiaries, and tangible and intangible assets
74
237
Residual other operating income
445
305
Other operating income
688
742
Income from equity-accounted investments
497
580
Expenses from equity-accounted investments
\u2013197
\u2013254
Net income from equity-accounted investments
299
326
Foreign exchange gains from operating activities were mainly impacted by the development of the USD foreign exchange rate in 2024 and 2023.
Gains from the disposal of businesses, subsidiaries, and tangible and intangible assets related mostly to gains from the divestment of OMV\u2019s 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. For further details see Note 4 \u2013 Significant changes in Group structure. 2023 gains were mostly related to gains from the divestment of OMV\u2019s filling station and wholesale business in Slovenia.
Following concluded arbitration proceedings in relation to the German gas supply contract with Gazprom Export under International Chamber of Commerce (ICC) rules in November 2024, OMV received an arbitral award that granted damages to OMV which were set off against liabilities under the Austrian gas supply contract. This led to a positive impact of EUR 259 mn in the Consolidated Income Statement, thereof EUR 234 mn reflected in the line items \u201cOther operating income\u201d (included in \u201cResidual other operating income\u201d in the above table) and EUR 25 mn in \u201cInterest income\u201d.
Residual other operating income also contained governmental grants in both years. In addition, the position included storage income related to Erd\u00f6l-Lagergesellschaft m.b.H. of EUR\u00a046\u00a0mn (2023: EUR\u00a042 mn).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-45": { "value": "
Divestments
On December 9, 2024, OMV closed the transaction to sell its 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. to TotalEnergies. The transaction led in 2024 to a gain of EUR 59 mn recognized in the line \u201cOther operating income\u201d in the Consolidated Income Statement in the Energy segment and included FX recycling effects.
Segment reporting\u00a0
In EUR mn
2024
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,431
18,765
12,587
503
41,286
\u20137,305
33,981
Intersegmental sales
\u20131,007
\u20132,210
\u20133,603
\u2013485
\u20137,305
7,305
\u2014
Sales to third parties
8,424
16,554
8,984
18
33,981
\u2014
33,981
Other operating income
102
90
433
63
688
\u2014
688
Net income from equity-accounted investments
178
79
43
\u2014
299
\u2014
299
Depreciation and amortization
599
489
1,307
41
2,435
\u2014
2,435
Impairment losses (incl. exploration & appraisal)
16
18
620
1
654
\u2014
654
Write-ups
\u2014
16
\u20130
\u2014
15
\u2014
15
Operating Result
404
709
3,205
\u201380
4,238
16
4,254
Special items for personnel restructuring
8
0
6
\u2014
15
\u2014
15
Special items for unscheduled depreciation and write-ups
16
16
472
\u2014
504
\u2014
504
Special items for asset disposal
\u2014
\u2014
\u201323
\u2014
\u201323
\u2014
\u201323
Other special items
31
82
149
6
268
\u2014
268
Special items
55
98
605
6
764
\u2014
764
Clean Operating Result
459
808
3,810
\u201373
5,003
16
5,018
CCS effect
\u2014
119
\u2014
\u2014
119
4
123
Clean CCS Operating Result
459
927
3,810
\u201373
5,122
19
5,141
Segment assets2
7,134
5,023
10,031
261
22,449
\u2014
22,449
Additions to PPE/IA3
1,087
871
1,679
59
3,697
\u2014
3,697
Equity-accounted investments4
4,777
1,530
355
\u2014
6,661
\u2014
6,661
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
Segment reporting
In EUR mn
2023
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,650
20,186
17,038
471
47,346
\u20137,883
39,463
Intersegmental sales
\u20131,305
\u20132,433
\u20133,694
\u2013451
\u20137,883
7,883
\u2014
Sales to third parties
8,345
17,753
13,344
20
39,463
\u2014
39,463
Other operating income
129
336
208
69
742
\u2014
742
Net income from equity-accounted investments
101
296
\u201371
\u2014
326
\u2014
326
Depreciation and amortization
541
425
1,434
40
2,439
\u2014
2,439
Impairment losses (incl. exploration & appraisal)
126
7
231
1
365
\u2014
365
Write-ups
\u2014
\u2014
189
0
189
\u2014
189
Operating Result
\u2013120
1,671
3,771
\u201365
5,257
\u201331
5,226
Special items for personnel restructuring
5
0
\u2014
\u2014
6
\u2014
6
Special items for unscheduled depreciation and write-ups
135
\u2014
\u201391
\u2014
44
\u2014
44
Special items for asset disposal
12
\u2013221
\u2014
\u2014
\u2013208
\u2014
\u2013208
Other special items
62
74
677
14
827
\u2014
827
Special items
214
\u2013146
586
14
668
\u2014
668
Clean Operating Result
94
1,525
4,357
\u201351
5,925
\u201331
5,894
CCS effect
\u2014
126
\u2014
\u2014
126
4
130
Clean CCS Operating Result
94
1,651
4,357
\u201351
6,050
\u201327
6,024
Segment assets2
6,618
4,508
10,488
246
21,859
\u2014
21,859
Additions to PPE/IA3
1,110
986
1,585
54
3,736
\u2014
3,736
Equity-accounted investments4
4,747
1,655
266
\u2014
6,668
\u2014
6,668
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
8 |
Other operating income and net income from equity-accounted investments
Other operating income and net income from equity-accounted investments
In EUR mn
2024
2023
Foreign exchange gains from operating activities
169
200
Gains from the disposal of businesses, subsidiaries, and tangible and intangible assets
74
237
Residual other operating income
445
305
Other operating income
688
742
Income from equity-accounted investments
497
580
Expenses from equity-accounted investments
\u2013197
\u2013254
Net income from equity-accounted investments
299
326
Foreign exchange gains from operating activities were mainly impacted by the development of the USD foreign exchange rate in 2024 and 2023.
Gains from the disposal of businesses, subsidiaries, and tangible and intangible assets related mostly to gains from the divestment of OMV\u2019s 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. For further details see Note 4 \u2013 Significant changes in Group structure. 2023 gains were mostly related to gains from the divestment of OMV\u2019s filling station and wholesale business in Slovenia.
Following concluded arbitration proceedings in relation to the German gas supply contract with Gazprom Export under International Chamber of Commerce (ICC) rules in November 2024, OMV received an arbitral award that granted damages to OMV which were set off against liabilities under the Austrian gas supply contract. This led to a positive impact of EUR 259 mn in the Consolidated Income Statement, thereof EUR 234 mn reflected in the line items \u201cOther operating income\u201d (included in \u201cResidual other operating income\u201d in the above table) and EUR 25 mn in \u201cInterest income\u201d.
Residual other operating income also contained governmental grants in both years. In addition, the position included storage income related to Erd\u00f6l-Lagergesellschaft m.b.H. of EUR\u00a046\u00a0mn (2023: EUR\u00a042 mn).
11 |
Other operating expenses
Other operating expenses
In EUR mn
2024
2023
Foreign exchange losses from operating activities
185
182
Losses from the disposals of businesses, subsidiaries, and tangible and intangible assets
\u20139
31
Net impairment losses on financial assets measured at amortized cost
16
38
Personnel reduction schemes
19
9
Research and development expenses
87
76
Residual other operating expenses
127
125
Other operating expenses
426
462
Foreign exchange losses from operating activities were mainly impacted by the development of the USD foreign exchange rate in 2024 and 2023.
Net impairment losses on financial assets measured at amortized cost were mainly related to impairments of receivables in Tunisia amounting to EUR\u00a017\u00a0mn (2023: EUR 26 mn).
Residual other operating expenses contained expenses relating to various digitalization initiatives amounting to EUR 12 mn (2023: EUR 22 mn) as well as expenses related to the minimum stockholding obligation outsourced to Erd\u00f6l-Lagergesellschaft m.b.H. in the amount of EUR 56 mn (2023: EUR 46 mn). In addition, this position included a tax on turnover amounting to EUR 43 mn, which was introduced in Romania in 2024.
12 |
Personnel expenses and average number of employees
Personnel expenses
In EUR mn
2024
2023
Wages and salaries
1,498
1,418
Costs of defined benefit plans
38
29
Costs of defined contribution plans
66
62
Personnel reduction schemes
19
9
Other employee benefits
263
230
Taxes and social contributions
260
275
Personnel expenses
2,144
2,023
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-46": { "value": "
Cash flow impact of changes in Group structure
In addition to the acquisitions accounted for as business combinations, the line \u201cAcquisitions of subsidiaries and businesses, net of cash acquired\u201d in the Consolidated Statement of Cash Flows contained the acquisitions of subsidiaries outside the scope of IFRS\u00a03. In 2024, acquisitions outside the scope of IFRS 3 were mainly related to JR Constanta SRL, JR Solar Teleorman SRL and JR TELEORMAN SRL. See Note 38 \u2013 Direct and indirect investments of OMV Aktiengesellschaft for further details.
Cash flow from investing activities contained an inflow of EUR\u00a0766\u00a0mn related to the divestment of SapuraOMV Upstream Sdn. Bhd., consisting of EUR\u00a0886\u00a0mn consideration received less EUR\u00a0120\u00a0mn cash disposed.
Further details are presented in the following tables:
Cash impact from the acquisition of subsidiaries and businesses
In EUR mn
2024
Consideration paid
\u2013213
Less cash acquired
14
Acquisitions of subsidiaries and businesses, net of cash acquired
\u2013199
Cash impact from the sale of subsidiaries and businesses
In EUR mn
2024
Consideration received
934
Less cash disposed
\u2013120
Cash inflows from the sale of subsidiaries and businesses, net of cash disposed
814
Net assets of disposed subsidiaries and businesses
In EUR mn
2024
Non-current assets
1,500
Current assets
236
Non-current liabilities
407
Current liabilities
151
Net assets
1,178
The following financial information reflects the amounts included in the Group totals for the exploration and appraisal of oil and natural gas resources. These activities are all accounted for within the Energy segment.
Exploration and appraisal of mineral resources
In EUR mn
2024
2023
Impairment losses (exploration & appraisal)
79
152
Other exploration expenses
72
70
Exploration expenses
151
222
Net cash used in operating activities
71
75
Net cash used in investing activities
141
171
27 |
Consolidated Statement of Cash Flows
Accounting policy

Cash and cash equivalents include cash balances, bank accounts, and highly liquid short-term investments with low realization risk, i.e., negligible short-term exchange and interest risks. The maximum maturity at the time of acquisition for such investments is three months.
Cash and cash equivalents
In EUR mn
2024
2023
Cash at bank and in hand
573
884
Short-term deposits
5,610
6,126
Cash and cash equivalents
6,182
7,011
Significant non-cash items
The line \u201cOther changes\u201d in the Consolidated Statement of Cash Flows contains several cash and non-cash adjustments, amongst others, adjustments related to realized and unrealized derivatives as well as non-cash valuation adjustments of inventories and receivables. Moreover, in 2024 this line contained the payment of EUR\u00a0250\u00a0mn for the solidarity contribution on refined crude oil related to the year 2023. For further details please refer to Note 2 \u2013 Accounting policies, judgments, and estimates.
Cash flow from operating activities excluding net working capital effects in 2024 included a positive impact of EUR\u00a0259 mn following concluded arbitration proceedings with Gazprom Export. This positive impact did not result from a direct cash payment, but from set off against liabilities under the Austrian gas supply contract. For further details please see Note 8 \u2013 Other operating income and net income from equity-accounted investments.
In 2023, the line \u201cOther changes\u201d included the adjustment for the solidarity contribution on refined crude oil in the amount of EUR\u00a0252\u00a0mn related to the year 2023, which was payable in 2024. Additionally, this line comprised the deduction of the gain from the divestment of OMV\u2019s filling station and wholesale business in Slovenia.
In 2024 and 2023, non-cash additions to fixed assets mainly included effects of new lease contracts and the reassessment of decommissioning and restoration obligations.
Cash flow from investing activities
For details about the cash flow effect from the divestment of subsidiaries and businesses, please refer to Note 4 \u2013 Significant changes in Group structure.
Cash flow from financing activities
2024 was positively impacted by the issuance of two bonds (EUR 500 mn each), partly offset by the repayment of a bond with a nominal value of EUR 500 mn. Moreover, the line \u201cRepayment of hybrid bond\u201d comprised the repayment of a hybrid bond with a nominal value of EUR\u00a0500\u00a0mn. For further details, please refer to Note 22 \u2013 Equity of stockholders of the parent.
Changes in liabilities arising from financing activities (incl. liabilities associated with assets held for sale)
In EUR mn
2024
Bonds
Other
interest-
bearing
debts
Lease
liabilities
Total
January 1
6,073
1,470
1,587
9,130
Increase in long-term borrowings
990
\u2014
\u2014
990
Repayments of long-term borrowings
\u2013500
\u2013307
\u2013240
\u20131,047
Repayment of hybrid bond
\u2013500
\u2014
\u2014
\u2013500
Decrease (\u2013)/increase (+) in short-term borrowings
\u2014
\u2013113
\u2014
\u2013113
Total cash flows related to financing activities
\u201310
\u2013421
\u2013240
\u2013671
Currency translation differences
\u2014
14
8
22
Changes in the consolidated group
\u2014
18
21
39
Reclassification of hybrid bond from equity to financial liabilities
510
\u2014
\u2014
510
Difference between interest expenses and interest paid
8
\u201313
2
\u20133
Other changes
\u2014
\u2014
3901
390
Total non-cash changes
519
20
420
959
Coupon payment from hybrid bond before reclassification from equity 2
\u2013112
\u2014
\u2014
\u201311
December 31
6,570
1,070
1,767
9,407
1 Mainly related to new lease agreements
2 Shown in the line \u201cDividends paid to stockholders of the parent (incl. hybrid coupons)\u201d in the Statement of Cash Flows
Changes in liabilities arising from financing activities (incl. liabilities associated with assets held for sale)
In EUR mn
2023
Bonds
Other
interest-
bearing
debts
Lease
liabilities
Total
January 1
7,320
1,487
1,524
10,331
Repayments of long-term borrowings
\u20131,250
\u201344
\u2013184
\u20131,477
Decrease (\u2013)/increase (+) in short-term borrowings
\u2014
40
\u2014
40
Total cash flows related to financing activities
\u20131,250
\u20133
\u2013184
\u20131,437
Currency translation differences
\u2014
\u201322
\u20134
\u201325
Changes in the consolidated group
\u2014
24
\u201323
1
Difference between interest expenses and interest paid
3
\u201315
1
\u201311
Other changes
\u2014
\u2014
2721
272
Total non-cash changes
3
\u201314
247
236
December 31
6,073
1,470
1,587
9,130
1 Mainly related to new lease agreements
The total cash outflow related to lease liabilities amounted to EUR\u00a0283\u00a0mn (2023: EUR\u00a0218\u00a0mn).
As of December 31, 2024, the Group had available EUR\u00a04,173\u00a0mn of undrawn committed borrowing facilities that can be used for future activities (December 31, 2023: EUR 5,310 mn).
Financing commitments provided to related parties are detailed in Note 35 \u2013 Related parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-47": { "value": "
5 |
Assets and liabilities held for sale
Accounting policy

Non-current assets and disposal groups are classified as held for sale if their carrying amounts are to be realized by sale rather than through continued use. This is the case when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. At OMV, these conditions are normally considered not to be fulfilled before binding offers from interested parties are received.

Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets once classified as held for sale are no longer amortized or depreciated and investments in associates and joint ventures are no longer accounted for at equity.
Assets and liabilities held for sale
In EUR mn
Energy
OMV
Group
2024
Intangible assets
31
31
Property, plant and equipment
385
385
Non-current assets
416
416
Inventories
2
2
Other assets
7
7
Current assets
9
9
Total assets
425
425
Provisions for decommissioning and restoration obligations
2
2
Other liabilities
18
18
Non-current liabilities
19
19
Other liabilities incl. provisions
37
37
Current liabilities
37
37
Total liabilities
56
56
Assets and liabilities held for sale
In EUR mn
Sapura
OMV
Yemen
Energy
OMV
Group
2023
Intangible assets
272
\u2014
272
Property, plant, and equipment
1,059
8
1,067
Other assets incl. deferred taxes
4
2
6
Non-current assets
1,335
10
1,345
Inventories
1
21
22
Trade receivables
30
0
30
Other assets
153
31
184
Cash at bank and in hand
88
3
91
Current assets
272
55
327
Total assets
1,607
65
1,671
Provisions for pensions and similar obligations
\u2014
15
15
Provisions for decommissioning and restoration obligations
6
\u2014
6
Other liabilities incl. provisions
0
10
10
Deferred taxes
319
\u2014
319
Non-current liabilities
325
25
351
Trade payables
208
9
217
Provisions for decommissioning and restoration obligations
2
\u2014
2
Other liabilities incl. provisions
36
17
52
Current liabilities
245
26
271
Total liabilities
571
51
622
Energy
On December 9, 2024, the sale of OMVs 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. to TotalEnergies was finalized. For further details please refer to Note 4 \u2013 Significant changes in Group structure.
In 2024, OMV decided to no longer pursue the sale of its Yemen entities and consequently they were reclassified back from assets held for sale and liabilities associated with assets held for sale.
A divestment process that has been initiated in 2024 for an oil and gas asset in the Energy segment, which led to the reclassification to held for sale. Based on the fair value less costs to sell, an impairment in the amount of EUR\u00a0125\u00a0mn was recognized. Assets held for sale and liabilities associated with assets held for sale as of December 31, 2024 were fully related to this divestment process.
A divestment process was initiated for certain oil and gas assets in the Energy segment, leading to their reclassification to assets held for sale in Q2/24. Due to revaluation to fair value less costs to sell, an impairment of EUR 125 mn was recognized.
Intangible assets
In EUR mn
Concessions,
software,
licenses,
rights
Development costs
Oil and gas
assets
with unproved
reserves
Goodwill
Total
2024
Development of costs
January 1
1,385
695
963
384
3,428
Currency translation differences
\u20133
0
17
21
34
Changes in the consolidated group
20
\u2014
\u2014
106
125
Additions
93
101
139
\u2014
333
Transfers
30
0
\u201315
\u2014
16
Assets held for sale
\u2014
\u2014
\u201341
\u2014
\u201341
Disposals
\u201312
\u20131
\u201342
\u2014
\u201355
December 31
1,512
795
1,022
511
3,840
Development of amortization
January 1
842
119
688
\u2014
1,649
Currency translation differences
\u20132
\u20130
15
\u2014
13
Amortization
98
36
0
\u2014
134
Impairments
0
6
89
\u2014
95
Transfers
\u20137
\u2014
\u2014
\u2014
\u20137
Assets held for sale
\u2014
\u2014
\u201315
\u2014
\u201315
Disposals
\u201312
\u20130
\u201340
\u2014
\u201353
December 31
920
161
737
\u2014
1,817
Carrying amount January 1
543
576
275
384
1,779
Carrying amount December 31
593
635
285
511
2,023
2023
Development of costs
January 1
1,330
572
1,811
585
4,298
Currency translation differences
\u20133
\u20130
\u201328
\u201317
\u201348
Changes in the consolidated group
28
\u2014
\u2014
21
49
Additions
39
112
201
\u2014
352
Transfers
20
14
\u2013583
\u2014
\u2013549
Assets held for sale
\u20130
\u2014
\u2013243
\u2013205
\u2013448
Disposals
\u201328
\u20133
\u2013195
\u2014
\u2013225
December 31
1,385
695
963
384
3,428
Development of amortization
January 1
769
86
934
\u2014
1,788
Currency translation differences
\u20132
\u2014
\u201321
\u2014
\u201323
Amortization
93
34
0
\u2014
127
Impairments
11
3
158
\u2014
171
Transfers
\u20130
\u2014
\u201314
\u2014
\u201314
Assets held for sale
\u20130
\u2014
\u2013173
\u2014
\u2013173
Disposals
\u201329
\u20133
\u2013195
\u2014
\u2013227
Write-ups
\u2014
\u2014
\u20131
\u2014
\u20131
December 31
842
119
688
\u2014
1,649
Carrying amount January 1
562
486
878
585
2,510
Carrying amount December 31
543
576
275
384
1,779
In 2024, intangible assets reclassified to assets held for sale were mainly related to certain oil and gas assets in the Energy segment for which a divestment process was initiated. In 2023, these assets were mainly related to the SapuraOMV disposal group. For details see Note 5 \u2013 Assets and liabilities held for sale.
Property, plant, and equipment including right-of-use assets
In EUR mn
Land and
buildings
Oil and
gas assets
with proved
reserves
Plant and
machinery
Other
fixtures,
fittings,
and
equipment
Assets
under construction
Total
2024
Development of costs
January 1
3,606
26,425
13,191
2,178
2,479
47,878
Currency translation differences
\u201320
\u20138
\u201362
\u20134
\u20132
\u201396
Changes in the consolidated group
40
\u2014
37
1
73
150
Additions
85
1,333
281
196
1,473
3,366
New obligations and change in estimates for decommissioning
14
\u2013141
\u201311
0
34
\u2013105
Transfers
120
17
702
130
\u2013984
\u201316
Assets held for sale
\u20130
406
1
2
11
420
Disposals
\u201332
\u2013954
\u201365
\u2013125
\u201315
\u20131,191
December 31
3,811
27,078
14,074
2,377
3,067
50,408
Development of depreciation
January 1
1,900
17,498
6,844
1,540
15
27,798
Currency translation differences
\u201311
\u201380
\u201345
\u20133
\u20130
\u2013140
Depreciation
145
1,191
788
179
\u2014
2,302
Impairments
5
495
36
2
14
552
Transfers
6
1
1
0
\u20131
7
Assets held for sale
\u20130
648
0
2
7
657
Disposals
\u201328
\u2013953
\u201363
\u2013124
\u201312
\u20131,179
Write-ups
\u20130
1
\u201316
\u20130
\u20130
\u201315
December 31
2,017
18,800
7,547
1,596
22
29,982
Carrying amount January 1
1,705
8,927
6,347
637
2,464
20,081
Carrying amount December 31
1,794
8,278
6,527
782
3,046
20,426
Property, plant, and equipment including right-of-use assets
In EUR mn
Land and
buildings
Oil and
gas assets
with proved
reserves
Plant and
machinery
Other
fixtures,
fittings
and
equipment
Assets
under construction
Total
2023
Development of costs
January 1
3,512
26,549
12,002
2,043
2,061
46,168
Currency translation differences
\u20139
\u2013700
\u201321
\u20134
\u20135
\u2013738
Changes in consolidated Group
11
\u2014
53
2
12
78
Additions
143
1,265
491
95
1,389
3,383
New obligations and change in estimates for decommissioning
4
309
12
0
\u2014
326
Transfers
\u201333
592
848
121
\u2013969
559
Assets held for sale
\u20136
\u20131,431
0
\u20130
\u20138
\u20131,444
Disposals
\u201318
\u2013160
\u2013195
\u201379
\u20132
\u2013454
December 31
3,606
26,425
13,191
2,178
2,479
47,878
Development of depreciation
January 1
1,805
17,205
6,378
1,457
6
26,851
Currency translation differences
\u20135
\u2013467
\u20136
\u20133
0
\u2013480
Changes in consolidated Group
\u20131
\u2014
\u20134
\u20130
\u2014
\u20135
Depreciation
159
1,330
674
150
\u2014
2,314
Impairments
0
59
29
1
12
101
Transfers
\u201337
16
34
2
\u2014
14
Assets held for sale
\u20136
\u2013370
\u2014
\u20130
\u20133
\u2013380
Disposals
\u201313
\u2013158
\u2013191
\u201367
\u20131
\u2013429
Write-ups
\u20132
\u2013116
\u201370
\u20130
\u2014
\u2013188
December 31
1,900
17,498
6,844
1,540
15
27,798
Carrying amount January 1
1,706
9,344
5,624
586
2,055
19,317
Carrying amount December 31
1,705
8,927
6,347
637
2,464
20,081
In 2024, property, plant and equipment with a total carrying amount of EUR 237 mn (2023: EUR 1,065 mn) were reclassified to assets held for sale. These were mainly related to certain oil and gas assets in the Energy segment for which a divestment process was initiated. In 2023, these assets mainly related to the SapuraOMV disposal group. For more details see Note 5 \u2013 Assets and liabilities held for sale.
Impairments of trade receivables
In EUR mn
2024
2023
January 1
101
65
Amounts written off
\u20136
\u20133
Net remeasurement of expected credit losses
25
41
Currency translation differences
3
\u20131
Reclassification to/from assets held for sale
3
\u20131
December 31
127
101
Impairments of other financial assets at amortized cost
In EUR mn
12-month ECL
Lifetime ECL
not credit
impaired
Lifetime ECL
credit impaired
Total
2024
January 1
13
32
1,442
1,487
Amounts written off
\u20130
\u2014
\u20133
\u20133
Net remeasurement of expected credit losses
\u20131
\u201310
155
144
Currency translation differences
\u20130
2
5
7
December 311, 2
12
23
1,600
1,635
2023
January 1
10
44
1,311
1,365
Amounts written off
\u20131
\u2014
\u20135
\u20136
Net remeasurement of expected credit losses
4
\u201311
140
133
Currency translation differences
\u20130
\u20131
\u20133
\u20135
December 311, 2
13
32
1,442
1,487
1 \u201cLifetime ECL credit impaired\u201d included fully impaired gross carrying amount of loan receivables including accrued interest related to the financing agreements for the Nord Stream 2 pipeline project in the amount of EUR 1.4 bn (2023: EUR 1.2 bn).
2 \u201c12-month ECL\u201d included an amount of EUR 1 mn (2023: EUR 1 mn) and \u201cLifetime ECL credit impaired\u201d an amount of EUR 9 mn (2023: EUR 8 mn) related to expenditure recoverable from the Romanian State, which are outside the scope of IFRS 9.
Present value of obligations
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Present value of obligations as of January 1
1,332
145
1,302
135
Current service costs
21
4
21
4
Past service costs
2
6
\u2014
\u2014
Interest costs
45
6
46
6
Amounts recognized in the income statement
69
16
67
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Total remeasurements of the period (OCI)
22
2
52
13
Actual benefit payments
\u201389
\u201322
\u201389
\u201313
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20135
1
\u20131
\u20130
Reclassification to/from liabilities associated
with assets held for sale
\u2014
15
\u2014
\u2014
Present value of obligations as of December 31
1,329
157
1,332
145
Provisions and expenses
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Provisions as of January\u00a01
734
145
775
135
Current service costs
21
4
21
4
Past service cost
2
6
\u2014
\u2014
Net interest costs
24
6
27
6
Amounts recognized in the income statement
48
16
48
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Return on plan assets excluding interest income
\u20138
\u2014
\u20136
\u2014
Total remeasurements of the period (OCI)
15
2
46
13
Actual benefit payments
\u201331
\u201322
\u201332
\u201313
Actual employer contributions
\u201351
\u2014
\u2013104
\u2014
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20133
1
0
\u20130
Reclassification to/from liabilities associated with assets held for sale
\u2014
15
\u2014
\u2014
Provisions as of December\u00a031
711
157
734
145
Decommissioning and other provisions
In EUR mn
Decommissioning
and restoration
obligations
Other provisions
Total
January 1, 2024
4,148
1,200
5,347
Currency translation differences
\u201341
\u20133
\u201344
Changes in the consolidated group
0
1
1
Usage
\u2013127
\u2013725
\u2013852
Releases
\u2013210
\u201373
\u2013283
Allocations
325
876
1,202
Transfers
\u20130
40
40
Reclassified to/from liabilities associated with assets held for sale
\u20132
11
9
December 31, 2024
4,093
1,327
5,420
thereof short-term as of December 31, 2024
71
940
1,011
thereof short-term as of January 1, 2024
69
777
846
Provisions for decommissioning and restoration obligations
In EUR mn
Carrying amount
January 1, 2024
4,148
Currency translation differences
\u201341
New obligations
84
Increase arising from revisions in estimates
48
Reduction arising from revisions in estimates
\u2013210
Unwinding of discounting
193
Reclassified to/from liabilities associated with assets held for sale
\u20132
Usage, disposals, and other changes
\u2013127
December 31, 2024
4,093
Fair value hierarchy of financial assets1 and net amount of assets and liabilities held for sale at fair value
In EUR mn
Carrying amount
Fair value level
Valued at amortized
cost
Valued at
fair value
Total
Level 1
Level 2
Level 3
Total
2024
Trade receivables
2,714
128
2,842
\u2014
128
\u2014
128
Equity investments
\u2014
106
106
19
62
25
106
Investment funds
\u2014
29
29
29
\u2014
\u2014
29
Bonds
91
\u2014
91
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
39
39
\u2014
39
\u2014
39
Other derivatives
\u2014
269
269
5
264
\u2014
269
Loans
1,286
\u2014
1,286
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,369
2
1,370
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
369
369
\u2014
369
\u2014
369
Total
5,460
941
6,401
52
862
27
941
2023
Trade receivables
3,356
99
3,455
\u2014
99
\u2014
99
Equity investments
\u2014
57
57
\u2014
34
23
57
Investment funds
\u2014
28
28
28
\u2014
\u2014
28
Bonds
285
\u2014
285
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
52
52
\u2014
52
\u2014
52
Other derivatives
\u2014
890
890
0
890
\u2014
890
Loans
910
\u2014
910
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,610
2
1,612
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
13
13
\u2014
13
\u2014
13
Total
6,160
1,141
7,301
28
1,088
25
1,141
1 Excluding assets that were reclassified to held for sale
\uf097
Based on the signed agreement, OMV is expected to lose control over Borealis group (excluding the Borouge investments) leading to deconsolidation after closing of the transaction. Consequently, on March 3, 2025 Borealis Group (excluding the Borouge investments) will be reclassified to \u201cheld for sale\u201d according to IFRS 5.
Upon the reclassification to \u201cheld for sale\u201d depreciation of non-current assets and at-equity accounting of the disposal group will cease in line with IFRS 5 requirements.
\uf097
Borealis Group (excluding the Borouge investments) represents a separate major line of business for OMV and will therefore be reported as a discontinued operation in line with IFRS 5.32. This will trigger a restatement of the financial statements of 2024 as comparative period and will be published as part of OMV Group Report for Q1/25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-48": { "value": "
5 |
Assets and liabilities held for sale
Accounting policy

Non-current assets and disposal groups are classified as held for sale if their carrying amounts are to be realized by sale rather than through continued use. This is the case when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. At OMV, these conditions are normally considered not to be fulfilled before binding offers from interested parties are received.

Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets once classified as held for sale are no longer amortized or depreciated and investments in associates and joint ventures are no longer accounted for at equity.
Assets and liabilities held for sale
In EUR mn
Energy
OMV
Group
2024
Intangible assets
31
31
Property, plant and equipment
385
385
Non-current assets
416
416
Inventories
2
2
Other assets
7
7
Current assets
9
9
Total assets
425
425
Provisions for decommissioning and restoration obligations
2
2
Other liabilities
18
18
Non-current liabilities
19
19
Other liabilities incl. provisions
37
37
Current liabilities
37
37
Total liabilities
56
56
Assets and liabilities held for sale
In EUR mn
Sapura
OMV
Yemen
Energy
OMV
Group
2023
Intangible assets
272
\u2014
272
Property, plant, and equipment
1,059
8
1,067
Other assets incl. deferred taxes
4
2
6
Non-current assets
1,335
10
1,345
Inventories
1
21
22
Trade receivables
30
0
30
Other assets
153
31
184
Cash at bank and in hand
88
3
91
Current assets
272
55
327
Total assets
1,607
65
1,671
Provisions for pensions and similar obligations
\u2014
15
15
Provisions for decommissioning and restoration obligations
6
\u2014
6
Other liabilities incl. provisions
0
10
10
Deferred taxes
319
\u2014
319
Non-current liabilities
325
25
351
Trade payables
208
9
217
Provisions for decommissioning and restoration obligations
2
\u2014
2
Other liabilities incl. provisions
36
17
52
Current liabilities
245
26
271
Total liabilities
571
51
622
Energy
On December 9, 2024, the sale of OMVs 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. to TotalEnergies was finalized. For further details please refer to Note 4 \u2013 Significant changes in Group structure.
In 2024, OMV decided to no longer pursue the sale of its Yemen entities and consequently they were reclassified back from assets held for sale and liabilities associated with assets held for sale.
A divestment process that has been initiated in 2024 for an oil and gas asset in the Energy segment, which led to the reclassification to held for sale. Based on the fair value less costs to sell, an impairment in the amount of EUR\u00a0125\u00a0mn was recognized. Assets held for sale and liabilities associated with assets held for sale as of December 31, 2024 were fully related to this divestment process.
A divestment process was initiated for certain oil and gas assets in the Energy segment, leading to their reclassification to assets held for sale in Q2/24. Due to revaluation to fair value less costs to sell, an impairment of EUR 125 mn was recognized.
Intangible assets
In EUR mn
Concessions,
software,
licenses,
rights
Development costs
Oil and gas
assets
with unproved
reserves
Goodwill
Total
2024
Development of costs
January 1
1,385
695
963
384
3,428
Currency translation differences
\u20133
0
17
21
34
Changes in the consolidated group
20
\u2014
\u2014
106
125
Additions
93
101
139
\u2014
333
Transfers
30
0
\u201315
\u2014
16
Assets held for sale
\u2014
\u2014
\u201341
\u2014
\u201341
Disposals
\u201312
\u20131
\u201342
\u2014
\u201355
December 31
1,512
795
1,022
511
3,840
Development of amortization
January 1
842
119
688
\u2014
1,649
Currency translation differences
\u20132
\u20130
15
\u2014
13
Amortization
98
36
0
\u2014
134
Impairments
0
6
89
\u2014
95
Transfers
\u20137
\u2014
\u2014
\u2014
\u20137
Assets held for sale
\u2014
\u2014
\u201315
\u2014
\u201315
Disposals
\u201312
\u20130
\u201340
\u2014
\u201353
December 31
920
161
737
\u2014
1,817
Carrying amount January 1
543
576
275
384
1,779
Carrying amount December 31
593
635
285
511
2,023
2023
Development of costs
January 1
1,330
572
1,811
585
4,298
Currency translation differences
\u20133
\u20130
\u201328
\u201317
\u201348
Changes in the consolidated group
28
\u2014
\u2014
21
49
Additions
39
112
201
\u2014
352
Transfers
20
14
\u2013583
\u2014
\u2013549
Assets held for sale
\u20130
\u2014
\u2013243
\u2013205
\u2013448
Disposals
\u201328
\u20133
\u2013195
\u2014
\u2013225
December 31
1,385
695
963
384
3,428
Development of amortization
January 1
769
86
934
\u2014
1,788
Currency translation differences
\u20132
\u2014
\u201321
\u2014
\u201323
Amortization
93
34
0
\u2014
127
Impairments
11
3
158
\u2014
171
Transfers
\u20130
\u2014
\u201314
\u2014
\u201314
Assets held for sale
\u20130
\u2014
\u2013173
\u2014
\u2013173
Disposals
\u201329
\u20133
\u2013195
\u2014
\u2013227
Write-ups
\u2014
\u2014
\u20131
\u2014
\u20131
December 31
842
119
688
\u2014
1,649
Carrying amount January 1
562
486
878
585
2,510
Carrying amount December 31
543
576
275
384
1,779
In 2024, intangible assets reclassified to assets held for sale were mainly related to certain oil and gas assets in the Energy segment for which a divestment process was initiated. In 2023, these assets were mainly related to the SapuraOMV disposal group. For details see Note 5 \u2013 Assets and liabilities held for sale.
Property, plant, and equipment including right-of-use assets
In EUR mn
Land and
buildings
Oil and
gas assets
with proved
reserves
Plant and
machinery
Other
fixtures,
fittings,
and
equipment
Assets
under construction
Total
2024
Development of costs
January 1
3,606
26,425
13,191
2,178
2,479
47,878
Currency translation differences
\u201320
\u20138
\u201362
\u20134
\u20132
\u201396
Changes in the consolidated group
40
\u2014
37
1
73
150
Additions
85
1,333
281
196
1,473
3,366
New obligations and change in estimates for decommissioning
14
\u2013141
\u201311
0
34
\u2013105
Transfers
120
17
702
130
\u2013984
\u201316
Assets held for sale
\u20130
406
1
2
11
420
Disposals
\u201332
\u2013954
\u201365
\u2013125
\u201315
\u20131,191
December 31
3,811
27,078
14,074
2,377
3,067
50,408
Development of depreciation
January 1
1,900
17,498
6,844
1,540
15
27,798
Currency translation differences
\u201311
\u201380
\u201345
\u20133
\u20130
\u2013140
Depreciation
145
1,191
788
179
\u2014
2,302
Impairments
5
495
36
2
14
552
Transfers
6
1
1
0
\u20131
7
Assets held for sale
\u20130
648
0
2
7
657
Disposals
\u201328
\u2013953
\u201363
\u2013124
\u201312
\u20131,179
Write-ups
\u20130
1
\u201316
\u20130
\u20130
\u201315
December 31
2,017
18,800
7,547
1,596
22
29,982
Carrying amount January 1
1,705
8,927
6,347
637
2,464
20,081
Carrying amount December 31
1,794
8,278
6,527
782
3,046
20,426
Property, plant, and equipment including right-of-use assets
In EUR mn
Land and
buildings
Oil and
gas assets
with proved
reserves
Plant and
machinery
Other
fixtures,
fittings
and
equipment
Assets
under construction
Total
2023
Development of costs
January 1
3,512
26,549
12,002
2,043
2,061
46,168
Currency translation differences
\u20139
\u2013700
\u201321
\u20134
\u20135
\u2013738
Changes in consolidated Group
11
\u2014
53
2
12
78
Additions
143
1,265
491
95
1,389
3,383
New obligations and change in estimates for decommissioning
4
309
12
0
\u2014
326
Transfers
\u201333
592
848
121
\u2013969
559
Assets held for sale
\u20136
\u20131,431
0
\u20130
\u20138
\u20131,444
Disposals
\u201318
\u2013160
\u2013195
\u201379
\u20132
\u2013454
December 31
3,606
26,425
13,191
2,178
2,479
47,878
Development of depreciation
January 1
1,805
17,205
6,378
1,457
6
26,851
Currency translation differences
\u20135
\u2013467
\u20136
\u20133
0
\u2013480
Changes in consolidated Group
\u20131
\u2014
\u20134
\u20130
\u2014
\u20135
Depreciation
159
1,330
674
150
\u2014
2,314
Impairments
0
59
29
1
12
101
Transfers
\u201337
16
34
2
\u2014
14
Assets held for sale
\u20136
\u2013370
\u2014
\u20130
\u20133
\u2013380
Disposals
\u201313
\u2013158
\u2013191
\u201367
\u20131
\u2013429
Write-ups
\u20132
\u2013116
\u201370
\u20130
\u2014
\u2013188
December 31
1,900
17,498
6,844
1,540
15
27,798
Carrying amount January 1
1,706
9,344
5,624
586
2,055
19,317
Carrying amount December 31
1,705
8,927
6,347
637
2,464
20,081
In 2024, property, plant and equipment with a total carrying amount of EUR 237 mn (2023: EUR 1,065 mn) were reclassified to assets held for sale. These were mainly related to certain oil and gas assets in the Energy segment for which a divestment process was initiated. In 2023, these assets mainly related to the SapuraOMV disposal group. For more details see Note 5 \u2013 Assets and liabilities held for sale.
Impairments of trade receivables
In EUR mn
2024
2023
January 1
101
65
Amounts written off
\u20136
\u20133
Net remeasurement of expected credit losses
25
41
Currency translation differences
3
\u20131
Reclassification to/from assets held for sale
3
\u20131
December 31
127
101
Impairments of other financial assets at amortized cost
In EUR mn
12-month ECL
Lifetime ECL
not credit
impaired
Lifetime ECL
credit impaired
Total
2024
January 1
13
32
1,442
1,487
Amounts written off
\u20130
\u2014
\u20133
\u20133
Net remeasurement of expected credit losses
\u20131
\u201310
155
144
Currency translation differences
\u20130
2
5
7
December 311, 2
12
23
1,600
1,635
2023
January 1
10
44
1,311
1,365
Amounts written off
\u20131
\u2014
\u20135
\u20136
Net remeasurement of expected credit losses
4
\u201311
140
133
Currency translation differences
\u20130
\u20131
\u20133
\u20135
December 311, 2
13
32
1,442
1,487
1 \u201cLifetime ECL credit impaired\u201d included fully impaired gross carrying amount of loan receivables including accrued interest related to the financing agreements for the Nord Stream 2 pipeline project in the amount of EUR 1.4 bn (2023: EUR 1.2 bn).
2 \u201c12-month ECL\u201d included an amount of EUR 1 mn (2023: EUR 1 mn) and \u201cLifetime ECL credit impaired\u201d an amount of EUR 9 mn (2023: EUR 8 mn) related to expenditure recoverable from the Romanian State, which are outside the scope of IFRS 9.
Present value of obligations
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Present value of obligations as of January 1
1,332
145
1,302
135
Current service costs
21
4
21
4
Past service costs
2
6
\u2014
\u2014
Interest costs
45
6
46
6
Amounts recognized in the income statement
69
16
67
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Total remeasurements of the period (OCI)
22
2
52
13
Actual benefit payments
\u201389
\u201322
\u201389
\u201313
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20135
1
\u20131
\u20130
Reclassification to/from liabilities associated
with assets held for sale
\u2014
15
\u2014
\u2014
Present value of obligations as of December 31
1,329
157
1,332
145
Provisions and expenses
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Provisions as of January\u00a01
734
145
775
135
Current service costs
21
4
21
4
Past service cost
2
6
\u2014
\u2014
Net interest costs
24
6
27
6
Amounts recognized in the income statement
48
16
48
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Return on plan assets excluding interest income
\u20138
\u2014
\u20136
\u2014
Total remeasurements of the period (OCI)
15
2
46
13
Actual benefit payments
\u201331
\u201322
\u201332
\u201313
Actual employer contributions
\u201351
\u2014
\u2013104
\u2014
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20133
1
0
\u20130
Reclassification to/from liabilities associated with assets held for sale
\u2014
15
\u2014
\u2014
Provisions as of December\u00a031
711
157
734
145
Decommissioning and other provisions
In EUR mn
Decommissioning
and restoration
obligations
Other provisions
Total
January 1, 2024
4,148
1,200
5,347
Currency translation differences
\u201341
\u20133
\u201344
Changes in the consolidated group
0
1
1
Usage
\u2013127
\u2013725
\u2013852
Releases
\u2013210
\u201373
\u2013283
Allocations
325
876
1,202
Transfers
\u20130
40
40
Reclassified to/from liabilities associated with assets held for sale
\u20132
11
9
December 31, 2024
4,093
1,327
5,420
thereof short-term as of December 31, 2024
71
940
1,011
thereof short-term as of January 1, 2024
69
777
846
Provisions for decommissioning and restoration obligations
In EUR mn
Carrying amount
January 1, 2024
4,148
Currency translation differences
\u201341
New obligations
84
Increase arising from revisions in estimates
48
Reduction arising from revisions in estimates
\u2013210
Unwinding of discounting
193
Reclassified to/from liabilities associated with assets held for sale
\u20132
Usage, disposals, and other changes
\u2013127
December 31, 2024
4,093
Fair value hierarchy of financial assets1 and net amount of assets and liabilities held for sale at fair value
In EUR mn
Carrying amount
Fair value level
Valued at amortized
cost
Valued at
fair value
Total
Level 1
Level 2
Level 3
Total
2024
Trade receivables
2,714
128
2,842
\u2014
128
\u2014
128
Equity investments
\u2014
106
106
19
62
25
106
Investment funds
\u2014
29
29
29
\u2014
\u2014
29
Bonds
91
\u2014
91
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
39
39
\u2014
39
\u2014
39
Other derivatives
\u2014
269
269
5
264
\u2014
269
Loans
1,286
\u2014
1,286
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,369
2
1,370
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
369
369
\u2014
369
\u2014
369
Total
5,460
941
6,401
52
862
27
941
2023
Trade receivables
3,356
99
3,455
\u2014
99
\u2014
99
Equity investments
\u2014
57
57
\u2014
34
23
57
Investment funds
\u2014
28
28
28
\u2014
\u2014
28
Bonds
285
\u2014
285
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
52
52
\u2014
52
\u2014
52
Other derivatives
\u2014
890
890
0
890
\u2014
890
Loans
910
\u2014
910
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,610
2
1,612
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
13
13
\u2014
13
\u2014
13
Total
6,160
1,141
7,301
28
1,088
25
1,141
1 Excluding assets that were reclassified to held for sale
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-49": { "value": "
5 |
Assets and liabilities held for sale
Accounting policy

Non-current assets and disposal groups are classified as held for sale if their carrying amounts are to be realized by sale rather than through continued use. This is the case when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. At OMV, these conditions are normally considered not to be fulfilled before binding offers from interested parties are received.

Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets once classified as held for sale are no longer amortized or depreciated and investments in associates and joint ventures are no longer accounted for at equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-50": { "value": "
5 |
Assets and liabilities held for sale
Accounting policy

Non-current assets and disposal groups are classified as held for sale if their carrying amounts are to be realized by sale rather than through continued use. This is the case when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. At OMV, these conditions are normally considered not to be fulfilled before binding offers from interested parties are received.

Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets once classified as held for sale are no longer amortized or depreciated and investments in associates and joint ventures are no longer accounted for at equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-51": { "value": "
6 |
Segment Reporting
Accounting Policy

For business management purposes, OMV is divided into three operating business segments as well as the segment Corporate and Other (C&O). Each segment represents a strategic unit and operates in different markets. Each Business Segment is managed independently. Strategic business decisions are made by the Executive Board of OMV. With the exception of C&O, the reportable segments of OMV are the same as the operating segments.

Total assets include intangible assets as well as property, plant, and equipment. Sales to external customers are split up according to geographical areas on the basis of where the risk is transferred to customers. The net revenues of commodity trading activities within the scope of IFRS 9 and hedging results are reported in the country in which the reporting subsidiary is located. Accounting policies of the operating segments are the same as those described in the summary of significant accounting policies, with certain exceptions for intra-group sales and cost allocations by the parent company, which are determined in accordance with internal OMV policies. Management is of the opinion that the transfer prices of goods and services exchanged between segments correspond to market prices. Business transactions not attributable to operating segments are included in the results of the C&O segment.
Business operations and key markets
The Chemicals business segment is one of the world\u2019s leading providers of advanced and circular polyolefin solutions and a European market leader in base chemicals and plastics recycling.
OMV Group has a production capacity, including joint ventures, of 7.0 mn t of base chemicals, 6.4 mn t of polyolefins, and 0.8 mn t of compounding. The majority of production is located in Europe, with two overseas manufacturing facilities in the United States, one in Brazil, and one in South Korea. In addition, OMV holds minority stakes in various equity-accounted investments, the most significant ones being Borouge (United Arab Emirates), a Borealis joint venture with ADNOC that operates the largest petrochemical complex in the world, and the Baystar joint venture (Pasadena, United States), which has operated an ethane cracker since 2022 and started up an additional polyethylene plant using the unique Borstar\u00ae technology in 2023.
OMV Group is pursuing various initiatives in mechanical and chemical recycling and renewable polyolefins. Borealis is building a propane dehydrogenation plant in Belgium to leverage expected growth in propylene demand in Europe. The new facility will have a production capacity of 0.7 mn t of propylene. Together with ADNOC, Borealis is building Borouge 4 (Ruwais, United Arab Emirates), an ethane-based steam cracker with a capacity of 1.5\u00a0mn t (OMV share 0.6 mn t) and polyolefin plants with a capacity of 1.4\u00a0mn\u00a0t (OMV share 0.6 mn t) using the unique Borstar\u00ae technology.
The Fuels & Feedstock (F&F) business segment refines and markets crude oil and other feedstock. It operates refineries with an annual capacity of 17.8 mn t in Schwechat (Austria), Burghausen (Germany), and Petrobrazi (Romania). In these refineries, crude oil is processed into petroleum products, which are sold to commercial and private customers.
OMV has a strong position in the markets located within the areas of its supply, serving commercial customers and operating a retail business of 1,702 filling stations.
OMV holds minority stakes in various equity-accounted investments, the most significant being the 15% participation in ADNOC Refining (United Arab Emirates) with an annual capacity of 7.1 mn t (OMV share).
Energy operates three businesses in three core regions: North, CEE, and South. The Exploration & Production business focuses on the exploration, development, and production of crude oil, natural gas liquids, and natural gas. The Gas business manages a comprehensive natural gas sales and logistics network from the wellhead to the end customer, including trading and the Group\u2019s power activities. The Energy segment\u2019s Low Carbon Business develops sustainable energy sources, such as geothermal projects, Carbon Capture and Storage, and renewable power solutions.
Group management, financing, and insurance activities, as well as certain service functions, are concentrated in the Corporate & Other (C&O) segment.
One of the key measures of operating performance for the Group is the Clean CCS Operating Result.
The disclosure of special items is considered appropriate in order to facilitate analysis of ordinary business performance. To reflect comparable figures, certain items affecting the result are added back or deducted. These items can be divided into four subcategories: personnel restructuring, unscheduled depreciation and write-ups, asset disposals, and other.
Furthermore, to enable effective performance management in an environment of volatile prices and comparability with peers, the CCS effect is eliminated from the accounting result. The CCS effect, also called inventory holding gains and losses, is the difference between the cost of sales calculated using the current cost of supply, and the cost of sales calculated using the weighted average method after adjusting for any changes in valuation allowances. In volatile energy markets, measuring of the costs of petroleum products sold based on historical values (e.g., weighted average cost) can have distorting effects on reported results. This performance measurement enhances the transparency of results and is commonly used in the oil industry. OMV therefore publishes this measure in addition to the Operating Result determined according to IFRS.
Segment reporting\u00a0
In EUR mn
2024
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,431
18,765
12,587
503
41,286
\u20137,305
33,981
Intersegmental sales
\u20131,007
\u20132,210
\u20133,603
\u2013485
\u20137,305
7,305
\u2014
Sales to third parties
8,424
16,554
8,984
18
33,981
\u2014
33,981
Other operating income
102
90
433
63
688
\u2014
688
Net income from equity-accounted investments
178
79
43
\u2014
299
\u2014
299
Depreciation and amortization
599
489
1,307
41
2,435
\u2014
2,435
Impairment losses (incl. exploration & appraisal)
16
18
620
1
654
\u2014
654
Write-ups
\u2014
16
\u20130
\u2014
15
\u2014
15
Operating Result
404
709
3,205
\u201380
4,238
16
4,254
Special items for personnel restructuring
8
0
6
\u2014
15
\u2014
15
Special items for unscheduled depreciation and write-ups
16
16
472
\u2014
504
\u2014
504
Special items for asset disposal
\u2014
\u2014
\u201323
\u2014
\u201323
\u2014
\u201323
Other special items
31
82
149
6
268
\u2014
268
Special items
55
98
605
6
764
\u2014
764
Clean Operating Result
459
808
3,810
\u201373
5,003
16
5,018
CCS effect
\u2014
119
\u2014
\u2014
119
4
123
Clean CCS Operating Result
459
927
3,810
\u201373
5,122
19
5,141
Segment assets2
7,134
5,023
10,031
261
22,449
\u2014
22,449
Additions to PPE/IA3
1,087
871
1,679
59
3,697
\u2014
3,697
Equity-accounted investments4
4,777
1,530
355
\u2014
6,661
\u2014
6,661
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
Segment reporting
In EUR mn
2023
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,650
20,186
17,038
471
47,346
\u20137,883
39,463
Intersegmental sales
\u20131,305
\u20132,433
\u20133,694
\u2013451
\u20137,883
7,883
\u2014
Sales to third parties
8,345
17,753
13,344
20
39,463
\u2014
39,463
Other operating income
129
336
208
69
742
\u2014
742
Net income from equity-accounted investments
101
296
\u201371
\u2014
326
\u2014
326
Depreciation and amortization
541
425
1,434
40
2,439
\u2014
2,439
Impairment losses (incl. exploration & appraisal)
126
7
231
1
365
\u2014
365
Write-ups
\u2014
\u2014
189
0
189
\u2014
189
Operating Result
\u2013120
1,671
3,771
\u201365
5,257
\u201331
5,226
Special items for personnel restructuring
5
0
\u2014
\u2014
6
\u2014
6
Special items for unscheduled depreciation and write-ups
135
\u2014
\u201391
\u2014
44
\u2014
44
Special items for asset disposal
12
\u2013221
\u2014
\u2014
\u2013208
\u2014
\u2013208
Other special items
62
74
677
14
827
\u2014
827
Special items
214
\u2013146
586
14
668
\u2014
668
Clean Operating Result
94
1,525
4,357
\u201351
5,925
\u201331
5,894
CCS effect
\u2014
126
\u2014
\u2014
126
4
130
Clean CCS Operating Result
94
1,651
4,357
\u201351
6,050
\u201327
6,024
Segment assets2
6,618
4,508
10,488
246
21,859
\u2014
21,859
Additions to PPE/IA3
1,110
986
1,585
54
3,736
\u2014
3,736
Equity-accounted investments4
4,747
1,655
266
\u2014
6,668
\u2014
6,668
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
In 2024, special items for unscheduled depreciation and write-ups were mainly attributable to impairments of E&P assets in the Energy segment. For further details on impairments and write-ups, see Note 9 \u2013 Depreciation, amortization, impairments and write-ups.
Special items for asset disposals were related to the sale OMV\u2019s 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. For further details see Note 4 \u2013 Significant changes in Group structure.
Other special items mainly consisted of temporary valuation effects.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-52": { "value": "
Accounting Policy

For business management purposes, OMV is divided into three operating business segments as well as the segment Corporate and Other (C&O). Each segment represents a strategic unit and operates in different markets. Each Business Segment is managed independently. Strategic business decisions are made by the Executive Board of OMV. With the exception of C&O, the reportable segments of OMV are the same as the operating segments.

Total assets include intangible assets as well as property, plant, and equipment. Sales to external customers are split up according to geographical areas on the basis of where the risk is transferred to customers. The net revenues of commodity trading activities within the scope of IFRS 9 and hedging results are reported in the country in which the reporting subsidiary is located. Accounting policies of the operating segments are the same as those described in the summary of significant accounting policies, with certain exceptions for intra-group sales and cost allocations by the parent company, which are determined in accordance with internal OMV policies. Management is of the opinion that the transfer prices of goods and services exchanged between segments correspond to market prices. Business transactions not attributable to operating segments are included in the results of the C&O segment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-53": { "value": "In addition, OMV holds minority stakes in various equity-accounted investments, the most significant ones being Borouge (United Arab Emirates), a Borealis joint venture with ADNOC that operates the largest petrochemical complex in the world, and the Baystar joint venture (Pasadena, United States), which has operated an ethane cracker since 2022 and started up an additional polyethylene plant using the unique Borstar\u00ae technology in 2023.
8 |
Other operating income and net income from equity-accounted investments
Other operating income and net income from equity-accounted investments
In EUR mn
2024
2023
Foreign exchange gains from operating activities
169
200
Gains from the disposal of businesses, subsidiaries, and tangible and intangible assets
74
237
Residual other operating income
445
305
Other operating income
688
742
Income from equity-accounted investments
497
580
Expenses from equity-accounted investments
\u2013197
\u2013254
Net income from equity-accounted investments
299
326
Income from equity-accounted investments was mainly impacted by the Borouge investments and ADNOC Global Trading. Expenses from equity-accounted investments predominantly stemmed from Bayport Polymers LLC, while 2023 was additionally impacted by an impairment within Pearl Petroleum Company Limited. For further details see Note 18 \u2013 Equity-accounted investments.
Interest income from loans included EUR\u00a064\u00a0mn (2023:\u00a0EUR\u00a059\u00a0mn) from the loan agreement with Bayport Polymers LLC, with remaining income attributable to other loans made to at-equity consolidated companies. For further details see Note 35 \u2013 Related parties.
Material associates and joint ventures
Borealis owns a 36% stake (2023: 36%) in Borouge PLC (PLC) and Abu Dhabi National Oil Company owns 54%, the remaining 10% is listed on the Abu Dhabi Securities Exchange. PLC is registered in Abu Dhabi and is the holding company for its 100% interest in Abu Dhabi Polymers Company Limited (Borouge) (ADP) and its 84.75% interest in Borouge Pte. Ltd. (PTE).
As of December 31, 2024, the fair value of the Group\u2019s interest in PLC, which is listed on the Abu Dhabi Securities Exchange of the United Arab Emirates (UAE), was EUR\u00a06,807\u00a0mn, based on the quoted market price available on the UAE stock exchange. The corresponding book value of PLC was EUR\u00a03,799\u00a0mn as of December 31, 2024.
The \u201cBorouge investments\u201d (representing the total OMV share in PLC, ADP, PTE) are a leading provider of innovative, value-creating plastic solutions for the energy, infrastructure, automotive, health care, and agriculture industries, as well as advanced packaging applications. They are also responsible for the marketing and sales of the products produced. As joint control is exercised, Borouge investments are accounted for as a joint venture.
Bayport Polymers LLC (Baystar), registered in Pasadena (incorporated in Wilmington), is a petrochemical company primarily engaged in the manufacturing and sales of polyethylene and ethylene, under the trade name Baystar. As OMV has joint control over Bayport Polymers LLC (50/50 share split) and rights to the net assets, it accounts for the company as a joint venture.
The tables below contain summarized financial information for the material associates and joint ventures:
Statement of comprehensive income \u2013 material joint ventures
In EUR mn
2024
2023
Borouge
investments
Bayport
Polymers LLC
Borouge
investments
Bayport
Polymers LLC
Sales revenue
5,566
644
5,356
577
Depreciation, amortization, impairments, and write-ups
\u2013746
\u2013200
\u2013760
\u2013135
Interest income
26
2
25
2
Interest expenses
\u2013189
\u2013199
\u2013204
\u2013107
Taxes on income and profit
\u2013397
\u20131
\u2013301
\u20130
Net income for the year
978
\u2013280
764
\u2013317
Other comprehensive income
4
\u2014
\u20137
\u2014
Total comprehensive income
982
\u2013280
757
\u2013317
Statement of financial position \u2013 material joint ventures
In EUR mn
2024
2023
Borouge
investments
Bayport
Polymers LLC
Borouge
investments
Bayport
Polymers LLC
Non-current assets
7,159
3,992
7,318
3,871
Current assets
2,090
266
1,823
352
thereof cash and cash equivalents
403
22
320
41
Non-current liabilities
3,428
2,915
3,479
2,683
thereof non-current financial liabilities
(excl. other liabilities and provisions)
2,985
2,912
2,988
2,681
Current liabilities
900
363
815
343
thereof current financial liabilities
(excl. trade payables, other liabilities, and provisions)
9
178
8
195
Equity
4,922
980
4,846
1,197
Group\u2019s share
1,784
490
1,752
598
Goodwill
2,113
\u2014
1,986
\u2014
Intercompany profit elimination
\u20132
\u201312
\u20132
\u201312
Carrying amount of investment
3,895
478
3,737
586
Dividends received
436
\u2014
455
\u2014
Carrying amount reconciliation
In EUR mn
2024
2023
Associate
Joint
Ventures
Associate
Joint
Ventures
Abu Dhabi
Oil Refining
Company
Borouge
investments
Bayport
Polymers LLC
Abu Dhabi
Oil Refining
Company
Borouge
investments
Bayport
Polymers LLC
January 1
1,444
3,737
586
1,524
4,030
674
Currency translation differences
83
230
32
\u201354
\u2013117
\u201322
Additions and other changes
\u2014
\u2014
\u2014
\u2014
\u2014
921
Net income
\u201315
359
\u2013140
178
281
\u2013158
Other comprehensive income
1
2
\u2014
2
\u20131
\u2014
Dividends distributed
\u2013202
\u2013434
\u2014
\u2013206
\u2013455
\u2014
December 31
1,311
3,895
478
1,444
3,737
586
1 Refers to capital contribution
Individually immaterial associates and joint ventures
Borealis owns a 40% stake (2023: 40%) in Borouge 4 LLC, registered in Abu Dhabi. The company executes the ongoing Borouge 4 project by developing an ethane-based steam cracker, two polyolefin plants, a 1-Hexene unit, a cross-linked polyethylene plant (XPLE), and an in-depth study for a carbon capture unit. The Borouge 4 project was previously part of the 40% direct interest in ADP but was scoped out of Borouge PLC, following the Initial Public Offering in June 2022, and was therefore transferred to this newly founded company. However, it is intended to recontribute Borouge 4 at a later point. Given that no board-reserved matters, which affect all relevant activities, can be decided without an affirmative vote by Borealis, OMV has joint control over Borouge 4 LLC and accounts for it as a joint venture.
OMV exercises joint control over Abu Dhabi Petroleum Investments LLC (ADPINV, OMV\u2019s interest 25%, 2023: 25%), registered in Abu Dhabi, and Pak-Arab Refinery Limited (PARCO; indirect interest of OMV amounts to 10%, 2023: 10%), registered in Karachi, and accounts for both investments at-equity. ADPINV is a holding company for its 40% interest in PARCO. As unanimous consent of the parties is required for decisions about relevant activities and OMV has rights to the net assets based on the legal structure, OMV classifies the companies as joint ventures according to IFRS 11.
Statement of comprehensive income for individually immaterial associates and joint ventures \u2013 Group\u2019s share
In EUR mn
2024
2023
Associates
Joint ventures
Associates
Joint ventures
Sales revenue
6,212
329
5,797
360
Net income for the year
122
\u201327
23
2
Total comprehensive income
122
\u201327
23
2
Carrying amount reconciliation for individually immaterial associates and joint ventures
In EUR mn
2024
2023
Associates1
Joint ventures
Associates1
Joint ventures
January 1
458
443
568
498
Currency translation differences
25
26
\u201315
\u201333
Changes in the consolidated group2
\u2014
70
7
\u2014
Additions and other changes
\u2014
\u2014
\u2014
2
Net income
122
\u201327
23
2
Impairments3
\u2014
\u2014
\u201323
\u2014
Disposals and other changes
\u2014
\u2014
\u20131
\u20132
Dividends distributed
\u2013116
\u201324
\u2013102
\u201323
December 31
488
489
458
443
1 Including associated companies accounted at-cost.
2 Changes in the consolidated group in 2024 represented the acquisitions of shares in jointly controlled entities in the area of renewable energy. For further details, please refer to
Note 38 \u2013 Direct and indirect investments of OMV Aktiengesellschaft.
3 Refers to the impairment for the investment in BlueAlp Holding B.V. in 2023
In 2024 the position loans included loans and the related accrued interests under a member loan agreement with Bayport Polymers LLC in the amount of EUR\u00a0769\u00a0mn (2023: EUR\u00a0701\u00a0mn) and EUR\u00a0435\u00a0mn (2023: EUR\u00a0155\u00a0mn) from drawdowns and the related interest accrued from a shareholder loan agreement entered into with Borouge\u00a04\u00a0LLC. For further details please refer to Note 35 \u2013 Related parties.
Financial guarantee contracts
Borealis AG has an oustanding guarantee, which it provided for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement.
In addition, Borealis and its joint venture partner TotalEnergies granted a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC (Baystar) as a liquidity instrument to conduct its ordinary cause of business.
In 2022, Bayport Polymers LLC partially re-paid its loan to the Group. This repayment was facilitated through issuance of two tranches of senior notes in the amount of EUR 337 mn and EUR\u00a0289 mn, which mature in 2027 and 2032, respectively. These senior notes, totaling EUR 626 mn, are fully guaranteed by Borealis AG.
Furthermore, in 2022, Borealis provided a parental guarantee for a lease of railcars.
For further details see the Credit Risk Management section.
Credit risk exists in relation to the financial guarantee contracts issued by Borealis to Bayport Polymers LLC and Borouge 4 LLC, which are accounted for using the equity method, where the guaranteed amount as of December 31, 2024 amounted to EUR 1,735 mn plus interest (2023: EUR\u00a01,234\u00a0mn plus interest). Details on guarantees provided by Borealis AG are further described thereafter.
Borealis AG granted a guarantee for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement. The total guarantee amounts to EUR 1,228 mn plus interest (2023: EUR 1,155 mn plus interest). Based on the already drawn financing by Borouge 4 LLC the guaranteed amount as of December\u00a031,\u00a02024 totaled EUR\u00a01,009\u00a0mn plus interest (2023: EUR\u00a0536\u00a0mn plus interest).
The guarantee granted to Bayport Polymers LLC of EUR\u00a0626\u00a0mn plus interest (2023: EUR\u00a0588\u00a0mn plus interest) terminates earliest upon payment and/or termination of the obligation in 2027 and 2032, respectively and could be called at any time.
In addition, a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC as a liquidity instrument to conduct its ordinary course of business was granted by Borealis in 2023, and was utilized in the amount of EUR\u00a082\u00a0mn plus interest at year-end (2023: EUR 90 mn). The total guaranteed amount as of December 31, 2024 amounted to EUR 96 mn plus interest (2023: EUR 90 mn plus interest).
Furthermore, a parental guarantee for a lease of railcars by Bayport Polymers LLC with maximum exposure of EUR\u00a019 mn (2023: EUR\u00a020\u00a0mn) remains in effect.
In general, a payment under the guarantee agreement is triggered by the non-performance by the guaranteed party of the obligation covered by the guarantee. Therefore, a financial liability initially measured at fair value was recognized.
Maximum credit exposure1
In EUR mn
2024
2023
Trade receivables
2,842
3,455
Investments
135
85
Bonds
91
285
Derivatives
307
942
Loans
1,286
910
Other sundry financial assets
1,370
1,612
Cash and cash equivalents
6,182
6,920
Financial guarantee contracts2
1,735
1,234
Total maximum credit exposure
13,950
15,442
1 Excluding items reclassified to held for sale
2 Maximum exposure of financial guarantee contracts based on drawdowns of financing facilities as of December 31 excluding interest accrued.
On March 3, 2025 OMV and ADNOC signed a binding agreement for the combination of their shareholdings in Borealis and Borouge into Borouge Group International. ADNOC has also entered in a share purchase agreement with Nova Chemicals Holdings GmbH, an indirectly wholly owned company of Mubadala Investment Company P.J.S.C. for 100% of Nova Chemicals for an enterprise value of USD 13.4 bn. ADNOC and OMV have also agreed that upon completion of the combination, Borouge Group International will acquire Nova Chemicals further expanding its footprint in North America.
OMV and ADNOC will have equal shareholdings of 46.94% each and equal partnership in Borouge Group International following a cash injection of EUR 1.6 bn (reduced by dividends paid out until closing) by OMV into the new company. The new entity will be headquartered and domiciled in Vienna, Austria, with regional headquarters in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange (ADX). It is intended that Borouge Group International will have a dual listing on the Vienna Stock Exchange (ATX) in the future. The equal shareholding structure enables joint control between OMV and ADNOC, allowing both parties to have equal decision-making rights in all strategic matters.
Once fully operational, Borouge 4 is envisaged to be retransferred to Borouge Group International at the end of 2026. When combined, the three highly complementary world-class businesses will create the fourth-largest global polyolefin group with equal shareholdings by OMV and ADNOC.
The acquisition of Nova Chemicals, a North American-based polyolefin producer and a leader in advanced packaging solutions and proprietary technologies, will further strengthen Borouge Group International\u2019s presence across the Americas and increase its exposure to advantaged feedstock. Borouge Group International will be uniquely positioned to create value and generate superior through-cycle shareholder returns, supported by synergies and a strong pipeline of organic growth projects. The Nova Chemicals transaction will be funded through acquisition debt, which is expected to be refinanced in the capital markets. The valuation implies an Enterprise Value to EBITDA multiple of around 7.5 on the basis of an expected through-the-cycle EBITDA of USD 1.8 bn.
The combination of Borouge and Borealis and the acquisition of Nova Chemicals will be closed simultaneously, with expected completion in Q1 2026 subject to regulatory approvals and other customary conditions.
This subsequent event is expected to have a significant impact on OMVs consolidated financial statements as follows.
\uf097
Based on the signed agreement, OMV is expected to lose control over Borealis group (excluding the Borouge investments) leading to deconsolidation after closing of the transaction. Consequently, on March 3, 2025 Borealis Group (excluding the Borouge investments) will be reclassified to \u201cheld for sale\u201d according to IFRS 5.
Upon the reclassification to \u201cheld for sale\u201d depreciation of non-current assets and at-equity accounting of the disposal group will cease in line with IFRS 5 requirements.
\uf097
Borealis Group (excluding the Borouge investments) represents a separate major line of business for OMV and will therefore be reported as a discontinued operation in line with IFRS 5.32. This will trigger a restatement of the financial statements of 2024 as comparative period and will be published as part of OMV Group Report for Q1/25.
\uf097
Borouge investments are currently jointly controlled by OMV and ADNOC and will continue to be jointly controlled after the closing of the transaction.
List of investments
List of subsidiaries, equity-accounted investments, and other investments of OMV Aktiengesellschaft with an interest of at least 20%
Parent
company
Type of
consoli-
dation1
Equity
interest
in % as of
December 31, 2024
Equity
interest
in % as of
December 31, 2023
Chemicals
Bayport Polymers LLC, Pasadena
BNOVUS
AEJ
50.00
50.00
BlueAlp Holding B.V., Groot-Ammers
BRENBE
AEA
21.25
21.25
Borealis AB, Stenungsund (BABSWE)
BSVSWE
C
100.00
100.00
Borealis AG, Vienna (BORAAG)
BHOLAT
C
39.00
39.00
OMVRM
32.67
32.67
OMV AG
3.33
3.33
Borealis Antwerpen N.V., Zwijndrecht
BORAAG
C
100.00
100.00
Borealis Argentina SRL, Buenos Aires
BORAAG
NC
98.00
98.00
BSVSWE
2.00
2.00
BOREALIS ASIA LIMITED, Hong Kong
BORAAG
NC
100.00
100.00
Borealis BoNo Holdings LLC, Houston (BBNHUS)
BUS
C
100.00
100.00
Borealis Brasil S.A., Itatiba
BORAAG
C
80.00
80.00
BOREALIS CHEMICALS ZA (PTY) LTD, Germiston
BORAAG
NC
100.00
100.00
Borealis Chile SpA, Santiago
BORAAG
NC
100.00
100.00
Borealis Chimie S.A.R.L., Casablanca
BORAAG
NC
100.00
100.00
Borealis Circular Solutions Holding GmbH, Vienna (BCIRC)
BORAAG
C
100.00
100.00
Borealis Colombia S.A.S., Bogota
BORAAG
NC
100.00
100.00
Borealis Compounds Inc., Port Murray (BCOMUS)
BUS
C
100.00
100.00
Borealis Denmark ApS, Copenhagen
BORAAG
NC
100.00
100.00
Borealis Digital Studio B.V., Mechelen
BORAAG
NC
100.00
100.00
Borealis Financial Services N.V., Mechelen
BORAAG
C
100.00
100.00
Borealis France S.A.S., Courbevoie (BFR)
BORAAG
C
100.00
100.00
Borealis Group Services AS, Bamble
BABSWE
C
100.00
100.00
Borealis Insurance A/S (captive insurance company), Copenhagen
BORAAG
C
100.00
100.00
Borealis ITALIA S.p.A., Monza
BORAAG
C
100.00
100.00
Borealis Kallo N.V., Kallo
BORAAG
C
100.00
100.00
Borealis M\u00e9xico, S.A. de C.V., Mexico City
BORAAG
NC
100.00
100.00
BCOMUS
0.00
0.00
Borealis Middle East Holding GmbH, Vienna (BORMEH)
BORAAG
C
100.00
100.00
Borealis Plasticos, S.A. de C.V., Mexico City
BORAAG
NC
100.00
100.00
BCOMUS
0.00
0.00
Borealis Plastik ve Kimyasal Maddeler Ticaret Limited Sirketi, Istanbul
BORAAG
NC
100.00
100.00
Borealis Plastomers B.V., Geleen
BORAAG
C
100.00
100.00
Borealis Poliolefinas da Am\u00e9rica do Sul Ltda., Itatiba
BORAAG
NC
99.99
99.99
BSVSWE
0.01
0.01
Borealis Polska Sp. z o.o., Warsaw
BORAAG
NC
100.00
100.00
Borealis Polymere GmbH, Burghausen (BPODE)
BORAAG
C
100.00
100.00
Borealis Polymers N.V., Beringen
BORAAG
C
100.00
100.00
Borealis Polymers Oy, Porvoo
BORAAG
C
100.00
100.00
Borealis Polyolefine GmbH, Schwechat (BPOAT)
BORAAG
C
100.00
100.00
BSVSWE
0.00
0.00
Borealis Polyolefins d.o.o., Zagreb
BORAAG
NC
100.00
100.00
Borealis Polyolefins S.R.L., Bucharest
BORAAG
NC
100.00
100.00
Borealis Polyolefins s.r.o., Bratislava
BORAAG
NC
100.00
100.00
Borealis Qu\u00edmica Espa\u00f1a S.A., Barcelona
BORAAG
C
100.00
100.00
Borealis RUS LLC, Moscow
BORAAG
NC
\u2014
100.00
Borealis s.r.o., Prague
BORAAG
NC
100.00
100.00
Borealis Services S.A.S., Paris
BFR
NC
100.00
100.00
Borealis Sverige AB, Stenungsund (BSVSWE)
BORAAG
C
100.00
100.00
Borealis Technology Oy, Porvoo
BORAAG
C
100.00
100.00
BOREALIS UK LTD, Manchester
BORAAG
C
100.00
100.00
Borealis USA Inc., Houston (BUS)
BORAAG
C
100.00
100.00
Borouge 4 LLC, Abu Dhabi
BORMEH
AEJ
40.00
40.00
Borouge PLC, Abu Dhabi (BOROLC)
BORMEH
AEJ
36.00
36.00
Borouge Pte. Ltd., Singapore
BOROLC
AEJ
84.75
84.75
BORMEH
15.25
15.25
Circular Feedstock Walld\u00fcrn GmbH, Walld\u00fcrn2
OMVD
C
89.90
89.90
DYM SOLUTION CO., LTD, Cheonan
BORAAG
C
100.00
100.00
Ecoplast Kunststoffrecycling GmbH, Wildon
BORAAG
C
100.00
100.00
EPS Ethylen-Pipeline-S\u00fcd Gesch\u00e4ftsf\u00fchrungs GmbH, Munich
OMVD
NC-I
15.46
15.46
BPODE
7.73
7.73
EPS Ethylen-Pipeline-S\u00fcd GmbH & Co KG, Munich
OMVD
AEA
20.66
20.66
BPODE
10.33
10.33
Etenf\u00f6rs\u00f6rjning i Stenungsund AB, Stenungsund
BABSWE
C
80.00
80.00
Hallbar Kemi i Stenungsund, Stenungsund
BABSWE
NC-I
20.00
20.00
Industrins R\u00e4ddningstj\u00e4nst i Stenungsund AB, Stenungsund
BABSWE
NC-I
25.00
25.00
Integra Plastics EAD, Sofia
BORAAG
C
100.00
KB Munker\u00f6d 1:72, Stenungsund
BABSWE
NC
100.00
100.00
BSVSWE
0.00
0.00
Kilpilahden Voimalaitos Oy, Porvoo
BORAAG
AEA
20.00
20.00
mtm compact GmbH, Niedergebra
BORAAG
C
100.00
100.00
mtm plastics GmbH, Niedergebra
BORAAG
C
100.00
100.00
Novealis Holdings LLC, Houston (BNOVUS)
BBNHUS
C
50.00
50.00
BSBHUS
50.00
50.00
OMV Borealis Holding GmbH, Vienna (BHOLAT)
OMVRM
C
100.00
100.00
Petrogas International B.V., Eindhoven3
BRENBE
NC-I
25.00
25.00
PetroPort Holding AB, Stenungsund
BABSWE
AEJ
50.00
50.00
Recelerate GmbH, Herborn
BORAAG
AEJ
50.00
50.00
Renasci N.V., Ostend (BRENBE)
BCIRC
C
99.18
98.56
Renasci Oostende Holding N.V., Ostend (BRHOBE)
BRENBE
C
100.00
100.00
Renasci Oostende Recycling N.V., Ostend
BRHOBE
C
100.00
100.00
Renasci Oostende SCP N.V., Ostend
BRHOBE
C
100.00
100.00
Rialti S.p.A., Taino
BORAAG
C
100.00
100.00
Star Bridge Holdings LLC, Houston (BSBHUS)
BUS
C
100.00
100.00
Fuels & Feedstock
Abu Dhabi Oil Refining Company, Abu Dhabi
OMVRM
AEA
15.00
15.00
Abu Dhabi Petroleum Investments LLC, Abu Dhabi (ADPINV)
OMVRM
AEJ
25.00
25.00
ADNOC Global Trading LTD, Abu Dhabi
OMVRM
AEA
15.00
15.00
Aircraft Refuelling Company GmbH, Vienna
OMVRM
NC-I
33.33
33.33
AP Truck Mobility GmbH, Vienna4
OMVRM
C
100.00
Autobahn - Betriebe Gesellschaft m.b.H., Vienna
OMVRM
NC-I
47.19
47.19
BSP Bratislava-Schwechat Pipeline GmbH in Liqu., Vienna
OMVRM
NC-I
\u2014
26.00
Deutsche Transalpine Oelleitung GmbH, Munich
OMVD
AEA
32.26
32.26
DUNAT\u00c0R K\u00f6olajterm\u00e9k T\u00e1rol\u00f3 \u00e9s Kereskedelmi Kft., Budapest
OHUN
C
100.00
100.00
Erd\u00f6l-Lagergesellschaft m.b.H., Lannach5
OMVRM
AEA
55.60
55.60
GENOL Gesellschaft m.b.H., Korneuburg
OMVRM
AEA
29.00
29.00
OMV - International Services Ges.m.b.H., Vienna
OMVRM
C
100.00
100.00
OMV BULGARIA OOD, Sofia
PETROM
C
99.90
99.90
OMVRM
0.10
0.10
OMV \u010cesk\u00e1 republika, s.r.o., Prague
OMVRM
C
100.00
100.00
OMV Deutschland Services GmbH, Burghausen (OMVDS)
OMVD
C
100.00
100.00
OMV Downstream SLO, trgovina z nafto in naftnimi derivati, d.o.o., Ljubljana
OMVRM
NC
100.00
OMV Hung\u00e1ria \u00c1sv\u00e1nyolaj Korl\u00e1tolt Felel\u00f6ss\u00e9g\u00fc T\u00e1rsas\u00e1g, Budapest (OHUN)
OMVRM
C
100.00
100.00
OMV PETROM Aviation S.R.L., Otopeni
PETROM
C
100.00
100.00
ROMAN
0.00
0.00
OMV Petrom Biofuels SRL, Bucharest
PETROM
C
25.00
25.00
OMVRM
75.00
75.00
OMV PETROM MARKETING SRL, Bucharest (ROMAN)
PETROM
C
100.00
100.00
OMV Refining & Marketing Middle East & Asia GmbH, Vienna
OMVRM
C
100.00
100.00
OMV Renewable Fuels & Feedstock B.V., Beveren
OMVRM
C
100.00
100.00
OMV Renewable Fuels & Feedstock US Inc., Wilmington
OMVRM
C
100.00
OMV Slovensko s.r.o., Bratislava
OMVRM
C
99.99
99.99
OMV SRBIJA d.o.o., Belgrade
PETROM
C
99.96
99.96
OMVRM
0.04
0.04
OMV Supply & Trading Italia S.r.l., Trieste
OMVRM
C
100.00
100.00
OMV Supply & Trading Limited, London (OTRAD)
OMVRM
C
100.00
100.00
OMV Supply & Trading Singapore PTE LTD., Singapore
OTRAD
NC
100.00
100.00
OMV Switzerland Holding AG in Liquidation, Zug6
OGI
NC
100.00
100.00
Pak-Arab Refinery Limited, Karachi
ADPINV
AEJ
40.00
40.00
Petrom-Moldova S.R.L., Chisinau
PETROM
C
100.00
100.00
Renovatio Asset Management, Bucharest
PETROM
C
100.00
Respira Verde SRL, Cheriu
PETROM
AEJ
40.48
Routex B.V., Amsterdam
OMVRM
NC-I
20.00
20.00
Salzburg Fuelling GmbH, Salzburg
OMVRM
NC-I
50.00
50.00
Societ\u00e0 Italiana per l'Oleodotto Transalpino S.p.A., Trieste
OMVRM
AEA
32.26
32.26
SuperShop Marketing Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g, Budapest
OHUN
NC-I
50.00
50.00
TGN Tankdienst-Gesellschaft N\u00fcrnberg GbR, Nuremberg
OMVD
NC-I
33.33
33.33
Transalpine \u00d6lleitung in \u00d6sterreich Gesellschaft m.b.H., Matrei in Osttirol
OMVRM
AEA
32.26
32.26
Energy
ATS Energy SA, Vetis
PETROM
C
100.00
BridgeConstruct SRL, Iasi
PETROM
C
100.00
Central European Gas Hub AG, Vienna (HUB)
OGI
C
65.00
65.00
Cil PV Plant SRL, Bucharest
PETROM
AEJ
50.00
deeep Tiefengeothermie GmbH, Vienna
OGEO
PC
49.00
49.00
EEX CEGH Gas Exchange Services GmbH, Vienna
HUB
AEA
49.00
49.00
Electrocentrale Borzesti SRL, Bucharest
PETROM
AEJ
50.00
Energy Infrastructure Limited, Wellington
NZEA
C
100.00
100.00
Energy Petroleum Holdings Limited, Wellington
NZEA
C
100.00
100.00
Energy Petroleum Investments Limited, Wellington
NZEA
C
100.00
100.00
Enerintens Solar SRL, Bucharest
PETROM
AEJ
50.00
Freya Bunde-Etzel GmbH & Co. KG, Bonn
OGSG
AEA
39.99
39.99
Intertrans Karla SRL, Buzau
PETROM
C
100.00
IROKO CCS ANS, Sandnes
ONOR
PC
30.00
JR Constanta SRL, Bucharest
PETROM
C
100.00
JR Solar Teleorman SRL, Bucharest
PETROM
C
100.00
JR TELEORMAN S.R.L., Bucharest
PETROM
C
100.00
JSC GAZPROM YRGM Development, St. Petersburg7,8
OMVEP
NC-I
\u2014
\u2014
OJSC Severneftegazprom, Krasnoselkup8
OMVEP
NC-I
24.99
24.99
OMV (Berenty) Exploration GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV (IRAN) onshore Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (Mandabe) Exploration GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV (NAMIBIA) Exploration GmbH, Vienna
ONAFRU
NC
100.00
100.00
OMV (NORGE) AS, Stavanger (ONOR)
OMVEP
C
100.00
100.00
OMV (Tunesien) Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (TUNESIEN) Sidi Mansour GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV (Yemen Block S 2) Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (YEMEN) Al Mabar Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV (YEMEN) South Sanau Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Abu Dhabi E&P GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Abu Dhabi Offshore GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Abu Dhabi Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV AUSTRALIA PTY LTD, Perth (OAUST)
OMV AG
C
100.00
100.00
OMV Austria Exploration & Production GmbH, Vienna (OEPA)
OMVEP
C
100.00
100.00
OMV Austria Geothermal GmbH, Vienna (OGEO)
OGREEN
C
100.00
100.00
OMV Barrow Pty Ltd, Perth
OAUST
NC
100.00
100.00
OMV Beagle Pty Ltd, Perth
OAUST
NC
100.00
100.00
OMV Beteiligungsverwaltungs GmbH, Vienna
OMVRM
NC
100.00
\u2014
OMV AG
\u2014
100.00
OMV Bina Bawi GmbH, Vienna
PETEX
NC
100.00
100.00
OMV Block 70 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Croatia Geothermal GmbH, Vienna
OGREEN
NC
100.00
100.00
OMV East Abu Dhabi Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Enerji Ticaret Anonim \u015eirketi, Istanbul
OMVRM
C
100.00
100.00
OMV Exploration & Production GmbH, Vienna (OMVEP)
OMV AG
C
100.00
100.00
OMV Gas Logistics Holding GmbH, Vienna (OGI)
OMV AG
C
100.00
100.00
OMV Gas Marketing & Trading Belgium, Brussels
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading Deutschland GmbH, D\u00fcsseldorf
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading GmbH, Vienna (ECOGAS)
OMVRM
C
100.00
100.00
OMV Gas Marketing & Trading Hung\u00e1ria Kft., Budapest
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading Italia S.r.l., Milan
ECOGAS
NC
100.00
100.00
OMV Gas Marketing Trading & Finance B.V., Amsterdam
OFS
C
100.00
100.00
OMV Gas Storage Germany GmbH, Cologne (OGSG)
OMVDS
C
100.00
100.00
OMV Gas Storage GmbH, Vienna
OGI
C
100.00
100.00
OMV Gaz Iletim A.S., Istanbul
OMVRM
C
100.00
100.00
OMV Green Energy GmbH, Vienna (OGREEN)
OMVEP
C
100.00
100.00
OMV Jardan Block 3 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Maurice Energy GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Middle East & Africa GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Myrre Block 86 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV New Zealand Limited, Wellington (NZEA)
OMVEP
C
100.00
100.00
OMV NZ Production Limited, Wellington
NZEA
C
100.00
100.00
OMV OF LIBYA LIMITED, Douglas
OMVEP
C
100.00
100.00
OMV Offshore (Namibia) GmbH, Vienna (ONAFRU)
OMVEP
NC
100.00
100.00
OMV Offshore Bulgaria GmbH, Vienna
PETROM
C
100.00
100.00
OMV Offshore Morondava GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV Oil and Gas Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Oil Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Oil Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Orient Hydrocarbon GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV Orient Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Petroleum Exploration GmbH, Vienna (PETEX)
OMVEP
NC
100.00
100.00
OMV Petroleum Pty Ltd, Perth
NZEA
NC
100.00
100.00
OMV PETROM E&P BULGARIA S.R.L., Bucharest
PETROM
C
100.00
100.00
OMV Petrom Energy Solution SRL, Bucharest3
PETROM
C
100.00
100.00
OMV PETROM GEORGIA LLC, Tbilisi
PETROM
C
100.00
100.00
OMV Proterra GmbH, Vienna
OEPA
NC
100.00
100.00
OMV Russia Upstream GmbH, Vienna3
OMVEP
NC
100.00
100.00
OMV Upstream International GmbH, Vienna (OUPI)
OMVEP
C
100.00
100.00
Pearl Petroleum Company Limited, Road Town
OUPI
AEA
10.00
10.00
PEI Venezuela Gesellschaft mit beschr\u00e4nkter Haftung, Burghausen
OMVEP
NC
100.00
100.00
PETROM EXPLORATION & PRODUCTION LIMITED, Douglas
PETROM
NC
100.00
100.00
POSEIDON EXL 005 ANS, Lysaker
ONOR
PC
50.00
50.00
Preussag Energie International GmbH, Burghausen
OMVEP
NC
100.00
100.00
S. PARC FOTOVOLTAIC ISALNITA S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. PARC FOTOVOLTAIC ROVINARI EST S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. PARC FOTOVOLTAIC TISMANA 1 S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. SOLARIST TISMANA 2 S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
SapuraOMV Block 30, S. de R.L. de C.V., Mexico City
SEUPMY
C
\u2014
99.00
SEMXMY
\u2014
1.00
SapuraOMV Upstream (Americas) Sdn. Bhd., Kuala Lumpur (SEAMMY)
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Australia) Sdn. Bhd., Kuala Lumpur (SEAUMY)
SEOCMY
C
\u2014
100.00
SapuraOMV Upstream (Holding) Sdn. Bhd., Kuala Lumpur (SEUPMY)
SOUPMY
C
\u2014
100.00
SAPURAOMV UPSTREAM (MALAYSIA) SDN. BHD., Kuala Lumpur
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Mexico) Sdn. Bhd., Kuala Lumpur (SEMXMY)
SEAMMY
C
\u2014
100.00
SapuraOMV Upstream (NZ) Sdn. Bhd., Kuala Lumpur (SENZMY)
SEOCMY
C
\u2014
100.00
SapuraOMV Upstream (Oceania) Sdn. Bhd., Kuala Lumpur (SEOCMY)
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Sarawak) Inc., Nassau
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Western Australia) Pty Ltd, Perth
SEAUMY
C
\u2014
100.00
SapuraOMV Upstream JV Sdn. Bhd., Kuala Lumpur
SENZMY
NC
\u2014
100.00
SapuraOMV Upstream Sdn. Bhd., Kuala Lumpur (SOUPMY)
OMVEP
C
\u2014
50.00
Tenersolar Park SRL, Bucharest
PETROM
AEJ
50.00
Corporate & Other
ASOCIATIA ROMANA PENTRU RELATIA CU INVESTITORII, Bucharest
PETROM
NC-I
20.00
20.00
Diramic Insurance Limited, Gibraltar
OMV AG
C
100.00
100.00
OMV Clearing und Treasury GmbH, Vienna
SNO
C
100.00
100.00
OMV Finance Services GmbH, Vienna (OFS)
SNO
C
100.00
100.00
OMV Finance Services NOK GmbH, Vienna
SNO
C
100.00
100.00
OMV Finance Solutions USD GmbH, Vienna
SNO
C
100.00
100.00
OMV Insurance Broker GmbH in Liqu., Vienna
OMV AG
NC
\u2014
100.00
OMV International Oil & Gas GmbH, Baar
OMV AG
C
100.00
100.00
OMV Petrom Global Solutions SRL, Bucharest
SNO
C
75.00
75.00
PETROM
25.00
25.00
OMV Solutions GmbH, Vienna (SNO)
OMV AG
C
100.00
100.00
PETROMED SOLUTIONS SRL, Bucharest
PETROM
C
100.00
100.00
Assigned to multiple segments9
BTF Industriepark Schwechat GmbH, Schwechat
BPOAT
NC
50.00
50.00
OMVRM
50.00
50.00
C2PAT GmbH, Vienna
BORAAG
AEJ
25.00
25.00
OMVRM
25.00
25.00
OMV Deutschland GmbH, Burghausen (OMVD)
OMVRM
C
90.00
90.00
OMV AG
10.00
10.00
OMV Deutschland Marketing & Trading GmbH & Co. KG, Burghausen10
OMVD
C
99.99
99.99
OMVDS
0.01
0.01
OMV Deutschland Operations GmbH & Co. KG, Burghausen
OMVD
C
99.99
99.99
OMVDS
0.01
0.01
OMV Downstream GmbH, Vienna (OMVRM)
OMV AG
C
100.00
100.00
OMV PETROM SA, Bucharest (PETROM)
OMV AG
C
51.16
51.16
1 Type of consolidation:
C Consolidated subsidiary
AEA Associated companies accounted at-equity
AEJ Joint venture accounted at-equity
PC Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
NC-I Other non consolidated investment; associated companies and joint ventures of relatively little importance to the assets and earnings of the consolidated financial statements
NC Non-consolidated subsidiary; shell or distribution companies of relative insignificance individually and collectively to the consolidated financial statements
2 Economic share 100.00%
3 Type of consolidation was changed compared to 2023.
4 Company\u00b4s legal name changed in 2025; previously AP-NewCo GmbH
5 Despite majority interest not being fully consolidated, but accounted for at-equity due to absence of control.
6 Company\u2019s legal name changed following the initiation of liquidation.
7 Economic share 99.99%
8 The decree of the Russian President No.965 stipulates the expropriation of the shares
9 Assigned to the relevant segments in the segment reporting
10 In the 2024 financial year, OMV Deutschland Marketing & Trading GmbH & Co. KG made use of the exemption provision for the preparation of the annual financial statement and director\u2019s report, audit and disclosure pursuant to Section 264b HGB in conjunction with Section 325 HGB. The company's exemption is mentioned in its notes and published in the Federal Gazette with reference to this provision and an indication of the parent company.
All the companies that are not consolidated either have low business volumes or are distribution companies; the total sales, net income/losses, and equity of such companies represent less than 1% of the Group totals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-54": { "value": "OMV holds minority stakes in various equity-accounted investments, the most significant being the 15% participation in ADNOC Refining (United Arab Emirates) with an annual capacity of 7.1 mn t (OMV share).
8 |
Other operating income and net income from equity-accounted investments
Other operating income and net income from equity-accounted investments
In EUR mn
2024
2023
Foreign exchange gains from operating activities
169
200
Gains from the disposal of businesses, subsidiaries, and tangible and intangible assets
74
237
Residual other operating income
445
305
Other operating income
688
742
Income from equity-accounted investments
497
580
Expenses from equity-accounted investments
\u2013197
\u2013254
Net income from equity-accounted investments
299
326
In addition, the position included storage income related to Erd\u00f6l-Lagergesellschaft m.b.H. of EUR\u00a046\u00a0mn (2023: EUR\u00a042 mn).Income from equity-accounted investments was mainly impacted by the Borouge investments and ADNOC Global Trading.
Also in 2023, the acquisition of the additional 48.55% stake in Renasci N.V. on November 30, 2023, triggered a reassessment, which led to an impairment in the amount of EUR 54 mn, of which EUR\u00a023\u00a0mn was allocated to the equity-accounted investment BlueAlp Holding B.V.
Other operating expenses
In EUR mn
2024
2023
Foreign exchange losses from operating activities
185
182
Losses from the disposals of businesses, subsidiaries, and tangible and intangible assets
\u20139
31
Net impairment losses on financial assets measured at amortized cost
16
38
Personnel reduction schemes
19
9
Research and development expenses
87
76
Residual other operating expenses
127
125
Other operating expenses
426
462
Residual other operating expenses contained expenses relating to various digitalization initiatives amounting to EUR 12 mn (2023: EUR 22 mn) as well as expenses related to the minimum stockholding obligation outsourced to Erd\u00f6l-Lagergesellschaft m.b.H. in the amount of EUR 56 mn (2023: EUR 46 mn).
Material associates and joint ventures
OMV also holds a 15% (2023: 15%) interest in Abu Dhabi Oil Refining Company, registered in Abu Dhabi, which runs a refinery hub with integrated petrochemicals. According to the contractual agreement between the shareholders, OMV has strong participation rights that represent a significant influence as per the definition in IAS\u00a028.
The tables below contain summarized financial information for the material associates and joint ventures:
Statement of comprehensive income \u2013 material associates
In EUR mn
2024
2023
Abu Dhabi
Oil Refining
Company
Abu Dhabi
Oil Refining
Company
Sales revenue
25,498
29,259
Net income for the year
\u2013101
1,187
Other comprehensive income
7
11
Total comprehensive income
\u201394
1,198
Statement of financial position \u2013 material associates
In EUR mn
2024
2023
Abu Dhabi
Oil Refining
Company
Abu Dhabi
Oil Refining
Company
Non-current assets
16,961
16,212
Current assets
5,328
5,846
Non-current liabilities
5,226
4,289
Current liabilities
4,403
4,456
Equity
12,661
13,313
Group\u2019s share
1,899
1,997
Impairment of investment
\u2013588
\u2013553
Carrying amount of investment
1,311
1,444
Dividends received
202
206
Carrying amount reconciliation
In EUR mn
2024
2023
Associate
Joint
Ventures
Associate
Joint
Ventures
Abu Dhabi
Oil Refining
Company
Borouge
investments
Bayport
Polymers LLC
Abu Dhabi
Oil Refining
Company
Borouge
investments
Bayport
Polymers LLC
January 1
1,444
3,737
586
1,524
4,030
674
Currency translation differences
83
230
32
\u201354
\u2013117
\u201322
Additions and other changes
\u2014
\u2014
\u2014
\u2014
\u2014
921
Net income
\u201315
359
\u2013140
178
281
\u2013158
Other comprehensive income
1
2
\u2014
2
\u20131
\u2014
Dividends distributed
\u2013202
\u2013434
\u2014
\u2013206
\u2013455
\u2014
December 31
1,311
3,895
478
1,444
3,737
586
1 Refers to capital contribution
Individually immaterial associates and joint ventures
OMV holds a 55.6% (2023: 55.6%) share in Erd\u00f6l-Lagergesellschaft m.b.H (ELG), registered in Lannach, which holds the majority of the emergency stock of crude and petroleum products in Austria. In spite of holding the majority of voting rights in the general assembly, OMV does not have control over ELG. Any major decisions on financial and operating policies are delegated to the standing shareholder\u2019s committee, in which a quorum of two-thirds of the share capital is required for decisions.
Furthermore, OMV has a 10% interest (2023: 10%) in Pearl Petroleum Company Limited, registered in Road Town, British Virgin Islands, which is involved in the exploration and production of hydrocarbons in the Kurdistan Region of Iraq. According to the joint venture agreement, OMV has significant influence within the meaning of IAS 28, as unanimous consent is required for some strategic decisions. Therefore, Pearl is accounted for using the equity method even though OMV\u2019s share is just 10%. In 2023, exploration & appraisal assets included in OMV\u2019s initial purchase price allocation of its share in Pearl were partly impaired.
Statement of comprehensive income for individually immaterial associates and joint ventures \u2013 Group\u2019s share
In EUR mn
2024
2023
Associates
Joint ventures
Associates
Joint ventures
Sales revenue
6,212
329
5,797
360
Net income for the year
122
\u201327
23
2
Total comprehensive income
122
\u201327
23
2
Carrying amount reconciliation for individually immaterial associates and joint ventures
In EUR mn
2024
2023
Associates1
Joint ventures
Associates1
Joint ventures
January 1
458
443
568
498
Currency translation differences
25
26
\u201315
\u201333
Changes in the consolidated group2
\u2014
70
7
\u2014
Additions and other changes
\u2014
\u2014
\u2014
2
Net income
122
\u201327
23
2
Impairments3
\u2014
\u2014
\u201323
\u2014
Disposals and other changes
\u2014
\u2014
\u20131
\u20132
Dividends distributed
\u2013116
\u201324
\u2013102
\u201323
December 31
488
489
458
443
1 Including associated companies accounted at-cost.
2 Changes in the consolidated group in 2024 represented the acquisitions of shares in jointly controlled entities in the area of renewable energy. For further details, please refer to
Note 38 \u2013 Direct and indirect investments of OMV Aktiengesellschaft.
3 Refers to the impairment for the investment in BlueAlp Holding B.V. in 2023
List of investments
List of subsidiaries, equity-accounted investments, and other investments of OMV Aktiengesellschaft with an interest of at least 20%
Parent
company
Type of
consoli-
dation1
Equity
interest
in % as of
December 31, 2024
Equity
interest
in % as of
December 31, 2023
Chemicals
Bayport Polymers LLC, Pasadena
BNOVUS
AEJ
50.00
50.00
BlueAlp Holding B.V., Groot-Ammers
BRENBE
AEA
21.25
21.25
Borealis AB, Stenungsund (BABSWE)
BSVSWE
C
100.00
100.00
Borealis AG, Vienna (BORAAG)
BHOLAT
C
39.00
39.00
OMVRM
32.67
32.67
OMV AG
3.33
3.33
Borealis Antwerpen N.V., Zwijndrecht
BORAAG
C
100.00
100.00
Borealis Argentina SRL, Buenos Aires
BORAAG
NC
98.00
98.00
BSVSWE
2.00
2.00
BOREALIS ASIA LIMITED, Hong Kong
BORAAG
NC
100.00
100.00
Borealis BoNo Holdings LLC, Houston (BBNHUS)
BUS
C
100.00
100.00
Borealis Brasil S.A., Itatiba
BORAAG
C
80.00
80.00
BOREALIS CHEMICALS ZA (PTY) LTD, Germiston
BORAAG
NC
100.00
100.00
Borealis Chile SpA, Santiago
BORAAG
NC
100.00
100.00
Borealis Chimie S.A.R.L., Casablanca
BORAAG
NC
100.00
100.00
Borealis Circular Solutions Holding GmbH, Vienna (BCIRC)
BORAAG
C
100.00
100.00
Borealis Colombia S.A.S., Bogota
BORAAG
NC
100.00
100.00
Borealis Compounds Inc., Port Murray (BCOMUS)
BUS
C
100.00
100.00
Borealis Denmark ApS, Copenhagen
BORAAG
NC
100.00
100.00
Borealis Digital Studio B.V., Mechelen
BORAAG
NC
100.00
100.00
Borealis Financial Services N.V., Mechelen
BORAAG
C
100.00
100.00
Borealis France S.A.S., Courbevoie (BFR)
BORAAG
C
100.00
100.00
Borealis Group Services AS, Bamble
BABSWE
C
100.00
100.00
Borealis Insurance A/S (captive insurance company), Copenhagen
BORAAG
C
100.00
100.00
Borealis ITALIA S.p.A., Monza
BORAAG
C
100.00
100.00
Borealis Kallo N.V., Kallo
BORAAG
C
100.00
100.00
Borealis M\u00e9xico, S.A. de C.V., Mexico City
BORAAG
NC
100.00
100.00
BCOMUS
0.00
0.00
Borealis Middle East Holding GmbH, Vienna (BORMEH)
BORAAG
C
100.00
100.00
Borealis Plasticos, S.A. de C.V., Mexico City
BORAAG
NC
100.00
100.00
BCOMUS
0.00
0.00
Borealis Plastik ve Kimyasal Maddeler Ticaret Limited Sirketi, Istanbul
BORAAG
NC
100.00
100.00
Borealis Plastomers B.V., Geleen
BORAAG
C
100.00
100.00
Borealis Poliolefinas da Am\u00e9rica do Sul Ltda., Itatiba
BORAAG
NC
99.99
99.99
BSVSWE
0.01
0.01
Borealis Polska Sp. z o.o., Warsaw
BORAAG
NC
100.00
100.00
Borealis Polymere GmbH, Burghausen (BPODE)
BORAAG
C
100.00
100.00
Borealis Polymers N.V., Beringen
BORAAG
C
100.00
100.00
Borealis Polymers Oy, Porvoo
BORAAG
C
100.00
100.00
Borealis Polyolefine GmbH, Schwechat (BPOAT)
BORAAG
C
100.00
100.00
BSVSWE
0.00
0.00
Borealis Polyolefins d.o.o., Zagreb
BORAAG
NC
100.00
100.00
Borealis Polyolefins S.R.L., Bucharest
BORAAG
NC
100.00
100.00
Borealis Polyolefins s.r.o., Bratislava
BORAAG
NC
100.00
100.00
Borealis Qu\u00edmica Espa\u00f1a S.A., Barcelona
BORAAG
C
100.00
100.00
Borealis RUS LLC, Moscow
BORAAG
NC
\u2014
100.00
Borealis s.r.o., Prague
BORAAG
NC
100.00
100.00
Borealis Services S.A.S., Paris
BFR
NC
100.00
100.00
Borealis Sverige AB, Stenungsund (BSVSWE)
BORAAG
C
100.00
100.00
Borealis Technology Oy, Porvoo
BORAAG
C
100.00
100.00
BOREALIS UK LTD, Manchester
BORAAG
C
100.00
100.00
Borealis USA Inc., Houston (BUS)
BORAAG
C
100.00
100.00
Borouge 4 LLC, Abu Dhabi
BORMEH
AEJ
40.00
40.00
Borouge PLC, Abu Dhabi (BOROLC)
BORMEH
AEJ
36.00
36.00
Borouge Pte. Ltd., Singapore
BOROLC
AEJ
84.75
84.75
BORMEH
15.25
15.25
Circular Feedstock Walld\u00fcrn GmbH, Walld\u00fcrn2
OMVD
C
89.90
89.90
DYM SOLUTION CO., LTD, Cheonan
BORAAG
C
100.00
100.00
Ecoplast Kunststoffrecycling GmbH, Wildon
BORAAG
C
100.00
100.00
EPS Ethylen-Pipeline-S\u00fcd Gesch\u00e4ftsf\u00fchrungs GmbH, Munich
OMVD
NC-I
15.46
15.46
BPODE
7.73
7.73
EPS Ethylen-Pipeline-S\u00fcd GmbH & Co KG, Munich
OMVD
AEA
20.66
20.66
BPODE
10.33
10.33
Etenf\u00f6rs\u00f6rjning i Stenungsund AB, Stenungsund
BABSWE
C
80.00
80.00
Hallbar Kemi i Stenungsund, Stenungsund
BABSWE
NC-I
20.00
20.00
Industrins R\u00e4ddningstj\u00e4nst i Stenungsund AB, Stenungsund
BABSWE
NC-I
25.00
25.00
Integra Plastics EAD, Sofia
BORAAG
C
100.00
KB Munker\u00f6d 1:72, Stenungsund
BABSWE
NC
100.00
100.00
BSVSWE
0.00
0.00
Kilpilahden Voimalaitos Oy, Porvoo
BORAAG
AEA
20.00
20.00
mtm compact GmbH, Niedergebra
BORAAG
C
100.00
100.00
mtm plastics GmbH, Niedergebra
BORAAG
C
100.00
100.00
Novealis Holdings LLC, Houston (BNOVUS)
BBNHUS
C
50.00
50.00
BSBHUS
50.00
50.00
OMV Borealis Holding GmbH, Vienna (BHOLAT)
OMVRM
C
100.00
100.00
Petrogas International B.V., Eindhoven3
BRENBE
NC-I
25.00
25.00
PetroPort Holding AB, Stenungsund
BABSWE
AEJ
50.00
50.00
Recelerate GmbH, Herborn
BORAAG
AEJ
50.00
50.00
Renasci N.V., Ostend (BRENBE)
BCIRC
C
99.18
98.56
Renasci Oostende Holding N.V., Ostend (BRHOBE)
BRENBE
C
100.00
100.00
Renasci Oostende Recycling N.V., Ostend
BRHOBE
C
100.00
100.00
Renasci Oostende SCP N.V., Ostend
BRHOBE
C
100.00
100.00
Rialti S.p.A., Taino
BORAAG
C
100.00
100.00
Star Bridge Holdings LLC, Houston (BSBHUS)
BUS
C
100.00
100.00
Fuels & Feedstock
Abu Dhabi Oil Refining Company, Abu Dhabi
OMVRM
AEA
15.00
15.00
Abu Dhabi Petroleum Investments LLC, Abu Dhabi (ADPINV)
OMVRM
AEJ
25.00
25.00
ADNOC Global Trading LTD, Abu Dhabi
OMVRM
AEA
15.00
15.00
Aircraft Refuelling Company GmbH, Vienna
OMVRM
NC-I
33.33
33.33
AP Truck Mobility GmbH, Vienna4
OMVRM
C
100.00
Autobahn - Betriebe Gesellschaft m.b.H., Vienna
OMVRM
NC-I
47.19
47.19
BSP Bratislava-Schwechat Pipeline GmbH in Liqu., Vienna
OMVRM
NC-I
\u2014
26.00
Deutsche Transalpine Oelleitung GmbH, Munich
OMVD
AEA
32.26
32.26
DUNAT\u00c0R K\u00f6olajterm\u00e9k T\u00e1rol\u00f3 \u00e9s Kereskedelmi Kft., Budapest
OHUN
C
100.00
100.00
Erd\u00f6l-Lagergesellschaft m.b.H., Lannach5
OMVRM
AEA
55.60
55.60
GENOL Gesellschaft m.b.H., Korneuburg
OMVRM
AEA
29.00
29.00
OMV - International Services Ges.m.b.H., Vienna
OMVRM
C
100.00
100.00
OMV BULGARIA OOD, Sofia
PETROM
C
99.90
99.90
OMVRM
0.10
0.10
OMV \u010cesk\u00e1 republika, s.r.o., Prague
OMVRM
C
100.00
100.00
OMV Deutschland Services GmbH, Burghausen (OMVDS)
OMVD
C
100.00
100.00
OMV Downstream SLO, trgovina z nafto in naftnimi derivati, d.o.o., Ljubljana
OMVRM
NC
100.00
OMV Hung\u00e1ria \u00c1sv\u00e1nyolaj Korl\u00e1tolt Felel\u00f6ss\u00e9g\u00fc T\u00e1rsas\u00e1g, Budapest (OHUN)
OMVRM
C
100.00
100.00
OMV PETROM Aviation S.R.L., Otopeni
PETROM
C
100.00
100.00
ROMAN
0.00
0.00
OMV Petrom Biofuels SRL, Bucharest
PETROM
C
25.00
25.00
OMVRM
75.00
75.00
OMV PETROM MARKETING SRL, Bucharest (ROMAN)
PETROM
C
100.00
100.00
OMV Refining & Marketing Middle East & Asia GmbH, Vienna
OMVRM
C
100.00
100.00
OMV Renewable Fuels & Feedstock B.V., Beveren
OMVRM
C
100.00
100.00
OMV Renewable Fuels & Feedstock US Inc., Wilmington
OMVRM
C
100.00
OMV Slovensko s.r.o., Bratislava
OMVRM
C
99.99
99.99
OMV SRBIJA d.o.o., Belgrade
PETROM
C
99.96
99.96
OMVRM
0.04
0.04
OMV Supply & Trading Italia S.r.l., Trieste
OMVRM
C
100.00
100.00
OMV Supply & Trading Limited, London (OTRAD)
OMVRM
C
100.00
100.00
OMV Supply & Trading Singapore PTE LTD., Singapore
OTRAD
NC
100.00
100.00
OMV Switzerland Holding AG in Liquidation, Zug6
OGI
NC
100.00
100.00
Pak-Arab Refinery Limited, Karachi
ADPINV
AEJ
40.00
40.00
Petrom-Moldova S.R.L., Chisinau
PETROM
C
100.00
100.00
Renovatio Asset Management, Bucharest
PETROM
C
100.00
Respira Verde SRL, Cheriu
PETROM
AEJ
40.48
Routex B.V., Amsterdam
OMVRM
NC-I
20.00
20.00
Salzburg Fuelling GmbH, Salzburg
OMVRM
NC-I
50.00
50.00
Societ\u00e0 Italiana per l'Oleodotto Transalpino S.p.A., Trieste
OMVRM
AEA
32.26
32.26
SuperShop Marketing Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g, Budapest
OHUN
NC-I
50.00
50.00
TGN Tankdienst-Gesellschaft N\u00fcrnberg GbR, Nuremberg
OMVD
NC-I
33.33
33.33
Transalpine \u00d6lleitung in \u00d6sterreich Gesellschaft m.b.H., Matrei in Osttirol
OMVRM
AEA
32.26
32.26
Energy
ATS Energy SA, Vetis
PETROM
C
100.00
BridgeConstruct SRL, Iasi
PETROM
C
100.00
Central European Gas Hub AG, Vienna (HUB)
OGI
C
65.00
65.00
Cil PV Plant SRL, Bucharest
PETROM
AEJ
50.00
deeep Tiefengeothermie GmbH, Vienna
OGEO
PC
49.00
49.00
EEX CEGH Gas Exchange Services GmbH, Vienna
HUB
AEA
49.00
49.00
Electrocentrale Borzesti SRL, Bucharest
PETROM
AEJ
50.00
Energy Infrastructure Limited, Wellington
NZEA
C
100.00
100.00
Energy Petroleum Holdings Limited, Wellington
NZEA
C
100.00
100.00
Energy Petroleum Investments Limited, Wellington
NZEA
C
100.00
100.00
Enerintens Solar SRL, Bucharest
PETROM
AEJ
50.00
Freya Bunde-Etzel GmbH & Co. KG, Bonn
OGSG
AEA
39.99
39.99
Intertrans Karla SRL, Buzau
PETROM
C
100.00
IROKO CCS ANS, Sandnes
ONOR
PC
30.00
JR Constanta SRL, Bucharest
PETROM
C
100.00
JR Solar Teleorman SRL, Bucharest
PETROM
C
100.00
JR TELEORMAN S.R.L., Bucharest
PETROM
C
100.00
JSC GAZPROM YRGM Development, St. Petersburg7,8
OMVEP
NC-I
\u2014
\u2014
OJSC Severneftegazprom, Krasnoselkup8
OMVEP
NC-I
24.99
24.99
OMV (Berenty) Exploration GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV (IRAN) onshore Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (Mandabe) Exploration GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV (NAMIBIA) Exploration GmbH, Vienna
ONAFRU
NC
100.00
100.00
OMV (NORGE) AS, Stavanger (ONOR)
OMVEP
C
100.00
100.00
OMV (Tunesien) Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (TUNESIEN) Sidi Mansour GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV (Yemen Block S 2) Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (YEMEN) Al Mabar Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV (YEMEN) South Sanau Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Abu Dhabi E&P GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Abu Dhabi Offshore GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Abu Dhabi Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV AUSTRALIA PTY LTD, Perth (OAUST)
OMV AG
C
100.00
100.00
OMV Austria Exploration & Production GmbH, Vienna (OEPA)
OMVEP
C
100.00
100.00
OMV Austria Geothermal GmbH, Vienna (OGEO)
OGREEN
C
100.00
100.00
OMV Barrow Pty Ltd, Perth
OAUST
NC
100.00
100.00
OMV Beagle Pty Ltd, Perth
OAUST
NC
100.00
100.00
OMV Beteiligungsverwaltungs GmbH, Vienna
OMVRM
NC
100.00
\u2014
OMV AG
\u2014
100.00
OMV Bina Bawi GmbH, Vienna
PETEX
NC
100.00
100.00
OMV Block 70 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Croatia Geothermal GmbH, Vienna
OGREEN
NC
100.00
100.00
OMV East Abu Dhabi Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Enerji Ticaret Anonim \u015eirketi, Istanbul
OMVRM
C
100.00
100.00
OMV Exploration & Production GmbH, Vienna (OMVEP)
OMV AG
C
100.00
100.00
OMV Gas Logistics Holding GmbH, Vienna (OGI)
OMV AG
C
100.00
100.00
OMV Gas Marketing & Trading Belgium, Brussels
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading Deutschland GmbH, D\u00fcsseldorf
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading GmbH, Vienna (ECOGAS)
OMVRM
C
100.00
100.00
OMV Gas Marketing & Trading Hung\u00e1ria Kft., Budapest
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading Italia S.r.l., Milan
ECOGAS
NC
100.00
100.00
OMV Gas Marketing Trading & Finance B.V., Amsterdam
OFS
C
100.00
100.00
OMV Gas Storage Germany GmbH, Cologne (OGSG)
OMVDS
C
100.00
100.00
OMV Gas Storage GmbH, Vienna
OGI
C
100.00
100.00
OMV Gaz Iletim A.S., Istanbul
OMVRM
C
100.00
100.00
OMV Green Energy GmbH, Vienna (OGREEN)
OMVEP
C
100.00
100.00
OMV Jardan Block 3 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Maurice Energy GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Middle East & Africa GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Myrre Block 86 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV New Zealand Limited, Wellington (NZEA)
OMVEP
C
100.00
100.00
OMV NZ Production Limited, Wellington
NZEA
C
100.00
100.00
OMV OF LIBYA LIMITED, Douglas
OMVEP
C
100.00
100.00
OMV Offshore (Namibia) GmbH, Vienna (ONAFRU)
OMVEP
NC
100.00
100.00
OMV Offshore Bulgaria GmbH, Vienna
PETROM
C
100.00
100.00
OMV Offshore Morondava GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV Oil and Gas Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Oil Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Oil Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Orient Hydrocarbon GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV Orient Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Petroleum Exploration GmbH, Vienna (PETEX)
OMVEP
NC
100.00
100.00
OMV Petroleum Pty Ltd, Perth
NZEA
NC
100.00
100.00
OMV PETROM E&P BULGARIA S.R.L., Bucharest
PETROM
C
100.00
100.00
OMV Petrom Energy Solution SRL, Bucharest3
PETROM
C
100.00
100.00
OMV PETROM GEORGIA LLC, Tbilisi
PETROM
C
100.00
100.00
OMV Proterra GmbH, Vienna
OEPA
NC
100.00
100.00
OMV Russia Upstream GmbH, Vienna3
OMVEP
NC
100.00
100.00
OMV Upstream International GmbH, Vienna (OUPI)
OMVEP
C
100.00
100.00
Pearl Petroleum Company Limited, Road Town
OUPI
AEA
10.00
10.00
PEI Venezuela Gesellschaft mit beschr\u00e4nkter Haftung, Burghausen
OMVEP
NC
100.00
100.00
PETROM EXPLORATION & PRODUCTION LIMITED, Douglas
PETROM
NC
100.00
100.00
POSEIDON EXL 005 ANS, Lysaker
ONOR
PC
50.00
50.00
Preussag Energie International GmbH, Burghausen
OMVEP
NC
100.00
100.00
S. PARC FOTOVOLTAIC ISALNITA S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. PARC FOTOVOLTAIC ROVINARI EST S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. PARC FOTOVOLTAIC TISMANA 1 S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. SOLARIST TISMANA 2 S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
SapuraOMV Block 30, S. de R.L. de C.V., Mexico City
SEUPMY
C
\u2014
99.00
SEMXMY
\u2014
1.00
SapuraOMV Upstream (Americas) Sdn. Bhd., Kuala Lumpur (SEAMMY)
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Australia) Sdn. Bhd., Kuala Lumpur (SEAUMY)
SEOCMY
C
\u2014
100.00
SapuraOMV Upstream (Holding) Sdn. Bhd., Kuala Lumpur (SEUPMY)
SOUPMY
C
\u2014
100.00
SAPURAOMV UPSTREAM (MALAYSIA) SDN. BHD., Kuala Lumpur
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Mexico) Sdn. Bhd., Kuala Lumpur (SEMXMY)
SEAMMY
C
\u2014
100.00
SapuraOMV Upstream (NZ) Sdn. Bhd., Kuala Lumpur (SENZMY)
SEOCMY
C
\u2014
100.00
SapuraOMV Upstream (Oceania) Sdn. Bhd., Kuala Lumpur (SEOCMY)
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Sarawak) Inc., Nassau
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Western Australia) Pty Ltd, Perth
SEAUMY
C
\u2014
100.00
SapuraOMV Upstream JV Sdn. Bhd., Kuala Lumpur
SENZMY
NC
\u2014
100.00
SapuraOMV Upstream Sdn. Bhd., Kuala Lumpur (SOUPMY)
OMVEP
C
\u2014
50.00
Tenersolar Park SRL, Bucharest
PETROM
AEJ
50.00
Corporate & Other
ASOCIATIA ROMANA PENTRU RELATIA CU INVESTITORII, Bucharest
PETROM
NC-I
20.00
20.00
Diramic Insurance Limited, Gibraltar
OMV AG
C
100.00
100.00
OMV Clearing und Treasury GmbH, Vienna
SNO
C
100.00
100.00
OMV Finance Services GmbH, Vienna (OFS)
SNO
C
100.00
100.00
OMV Finance Services NOK GmbH, Vienna
SNO
C
100.00
100.00
OMV Finance Solutions USD GmbH, Vienna
SNO
C
100.00
100.00
OMV Insurance Broker GmbH in Liqu., Vienna
OMV AG
NC
\u2014
100.00
OMV International Oil & Gas GmbH, Baar
OMV AG
C
100.00
100.00
OMV Petrom Global Solutions SRL, Bucharest
SNO
C
75.00
75.00
PETROM
25.00
25.00
OMV Solutions GmbH, Vienna (SNO)
OMV AG
C
100.00
100.00
PETROMED SOLUTIONS SRL, Bucharest
PETROM
C
100.00
100.00
Assigned to multiple segments9
BTF Industriepark Schwechat GmbH, Schwechat
BPOAT
NC
50.00
50.00
OMVRM
50.00
50.00
C2PAT GmbH, Vienna
BORAAG
AEJ
25.00
25.00
OMVRM
25.00
25.00
OMV Deutschland GmbH, Burghausen (OMVD)
OMVRM
C
90.00
90.00
OMV AG
10.00
10.00
OMV Deutschland Marketing & Trading GmbH & Co. KG, Burghausen10
OMVD
C
99.99
99.99
OMVDS
0.01
0.01
OMV Deutschland Operations GmbH & Co. KG, Burghausen
OMVD
C
99.99
99.99
OMVDS
0.01
0.01
OMV Downstream GmbH, Vienna (OMVRM)
OMV AG
C
100.00
100.00
OMV PETROM SA, Bucharest (PETROM)
OMV AG
C
51.16
51.16
1 Type of consolidation:
C Consolidated subsidiary
AEA Associated companies accounted at-equity
AEJ Joint venture accounted at-equity
PC Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
NC-I Other non consolidated investment; associated companies and joint ventures of relatively little importance to the assets and earnings of the consolidated financial statements
NC Non-consolidated subsidiary; shell or distribution companies of relative insignificance individually and collectively to the consolidated financial statements
2 Economic share 100.00%
3 Type of consolidation was changed compared to 2023.
4 Company\u00b4s legal name changed in 2025; previously AP-NewCo GmbH
5 Despite majority interest not being fully consolidated, but accounted for at-equity due to absence of control.
6 Company\u2019s legal name changed following the initiation of liquidation.
7 Economic share 99.99%
8 The decree of the Russian President No.965 stipulates the expropriation of the shares
9 Assigned to the relevant segments in the segment reporting
10 In the 2024 financial year, OMV Deutschland Marketing & Trading GmbH & Co. KG made use of the exemption provision for the preparation of the annual financial statement and director\u2019s report, audit and disclosure pursuant to Section 264b HGB in conjunction with Section 325 HGB. The company's exemption is mentioned in its notes and published in the Federal Gazette with reference to this provision and an indication of the parent company.
All the companies that are not consolidated either have low business volumes or are distribution companies; the total sales, net income/losses, and equity of such companies represent less than 1% of the Group totals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-55": { "value": "
One of the key measures of operating performance for the Group is the Clean CCS Operating Result.
The disclosure of special items is considered appropriate in order to facilitate analysis of ordinary business performance. To reflect comparable figures, certain items affecting the result are added back or deducted. These items can be divided into four subcategories: personnel restructuring, unscheduled depreciation and write-ups, asset disposals, and other.
Furthermore, to enable effective performance management in an environment of volatile prices and comparability with peers, the CCS effect is eliminated from the accounting result. The CCS effect, also called inventory holding gains and losses, is the difference between the cost of sales calculated using the current cost of supply, and the cost of sales calculated using the weighted average method after adjusting for any changes in valuation allowances. In volatile energy markets, measuring of the costs of petroleum products sold based on historical values (e.g., weighted average cost) can have distorting effects on reported results. This performance measurement enhances the transparency of results and is commonly used in the oil industry. OMV therefore publishes this measure in addition to the Operating Result determined according to IFRS.
Segment reporting\u00a0
In EUR mn
2024
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,431
18,765
12,587
503
41,286
\u20137,305
33,981
Intersegmental sales
\u20131,007
\u20132,210
\u20133,603
\u2013485
\u20137,305
7,305
\u2014
Sales to third parties
8,424
16,554
8,984
18
33,981
\u2014
33,981
Other operating income
102
90
433
63
688
\u2014
688
Net income from equity-accounted investments
178
79
43
\u2014
299
\u2014
299
Depreciation and amortization
599
489
1,307
41
2,435
\u2014
2,435
Impairment losses (incl. exploration & appraisal)
16
18
620
1
654
\u2014
654
Write-ups
\u2014
16
\u20130
\u2014
15
\u2014
15
Operating Result
404
709
3,205
\u201380
4,238
16
4,254
Special items for personnel restructuring
8
0
6
\u2014
15
\u2014
15
Special items for unscheduled depreciation and write-ups
16
16
472
\u2014
504
\u2014
504
Special items for asset disposal
\u2014
\u2014
\u201323
\u2014
\u201323
\u2014
\u201323
Other special items
31
82
149
6
268
\u2014
268
Special items
55
98
605
6
764
\u2014
764
Clean Operating Result
459
808
3,810
\u201373
5,003
16
5,018
CCS effect
\u2014
119
\u2014
\u2014
119
4
123
Clean CCS Operating Result
459
927
3,810
\u201373
5,122
19
5,141
Segment assets2
7,134
5,023
10,031
261
22,449
\u2014
22,449
Additions to PPE/IA3
1,087
871
1,679
59
3,697
\u2014
3,697
Equity-accounted investments4
4,777
1,530
355
\u2014
6,661
\u2014
6,661
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
Segment reporting
In EUR mn
2023
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,650
20,186
17,038
471
47,346
\u20137,883
39,463
Intersegmental sales
\u20131,305
\u20132,433
\u20133,694
\u2013451
\u20137,883
7,883
\u2014
Sales to third parties
8,345
17,753
13,344
20
39,463
\u2014
39,463
Other operating income
129
336
208
69
742
\u2014
742
Net income from equity-accounted investments
101
296
\u201371
\u2014
326
\u2014
326
Depreciation and amortization
541
425
1,434
40
2,439
\u2014
2,439
Impairment losses (incl. exploration & appraisal)
126
7
231
1
365
\u2014
365
Write-ups
\u2014
\u2014
189
0
189
\u2014
189
Operating Result
\u2013120
1,671
3,771
\u201365
5,257
\u201331
5,226
Special items for personnel restructuring
5
0
\u2014
\u2014
6
\u2014
6
Special items for unscheduled depreciation and write-ups
135
\u2014
\u201391
\u2014
44
\u2014
44
Special items for asset disposal
12
\u2013221
\u2014
\u2014
\u2013208
\u2014
\u2013208
Other special items
62
74
677
14
827
\u2014
827
Special items
214
\u2013146
586
14
668
\u2014
668
Clean Operating Result
94
1,525
4,357
\u201351
5,925
\u201331
5,894
CCS effect
\u2014
126
\u2014
\u2014
126
4
130
Clean CCS Operating Result
94
1,651
4,357
\u201351
6,050
\u201327
6,024
Segment assets2
6,618
4,508
10,488
246
21,859
\u2014
21,859
Additions to PPE/IA3
1,110
986
1,585
54
3,736
\u2014
3,736
Equity-accounted investments4
4,747
1,655
266
\u2014
6,668
\u2014
6,668
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
In 2024, special items for unscheduled depreciation and write-ups were mainly attributable to impairments of E&P assets in the Energy segment. For further details on impairments and write-ups, see Note 9 \u2013 Depreciation, amortization, impairments and write-ups.
Special items for asset disposals were related to the sale OMV\u2019s 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. For further details see Note 4 \u2013 Significant changes in Group structure.
Other special items mainly consisted of temporary valuation effects.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-56": { "value": "
Segment reporting\u00a0
In EUR mn
2024
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,431
18,765
12,587
503
41,286
\u20137,305
33,981
Intersegmental sales
\u20131,007
\u20132,210
\u20133,603
\u2013485
\u20137,305
7,305
\u2014
Sales to third parties
8,424
16,554
8,984
18
33,981
\u2014
33,981
Other operating income
102
90
433
63
688
\u2014
688
Net income from equity-accounted investments
178
79
43
\u2014
299
\u2014
299
Depreciation and amortization
599
489
1,307
41
2,435
\u2014
2,435
Impairment losses (incl. exploration & appraisal)
16
18
620
1
654
\u2014
654
Write-ups
\u2014
16
\u20130
\u2014
15
\u2014
15
Operating Result
404
709
3,205
\u201380
4,238
16
4,254
Special items for personnel restructuring
8
0
6
\u2014
15
\u2014
15
Special items for unscheduled depreciation and write-ups
16
16
472
\u2014
504
\u2014
504
Special items for asset disposal
\u2014
\u2014
\u201323
\u2014
\u201323
\u2014
\u201323
Other special items
31
82
149
6
268
\u2014
268
Special items
55
98
605
6
764
\u2014
764
Clean Operating Result
459
808
3,810
\u201373
5,003
16
5,018
CCS effect
\u2014
119
\u2014
\u2014
119
4
123
Clean CCS Operating Result
459
927
3,810
\u201373
5,122
19
5,141
Segment assets2
7,134
5,023
10,031
261
22,449
\u2014
22,449
Additions to PPE/IA3
1,087
871
1,679
59
3,697
\u2014
3,697
Equity-accounted investments4
4,777
1,530
355
\u2014
6,661
\u2014
6,661
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
Segment reporting
In EUR mn
2023
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,650
20,186
17,038
471
47,346
\u20137,883
39,463
Intersegmental sales
\u20131,305
\u20132,433
\u20133,694
\u2013451
\u20137,883
7,883
\u2014
Sales to third parties
8,345
17,753
13,344
20
39,463
\u2014
39,463
Other operating income
129
336
208
69
742
\u2014
742
Net income from equity-accounted investments
101
296
\u201371
\u2014
326
\u2014
326
Depreciation and amortization
541
425
1,434
40
2,439
\u2014
2,439
Impairment losses (incl. exploration & appraisal)
126
7
231
1
365
\u2014
365
Write-ups
\u2014
\u2014
189
0
189
\u2014
189
Operating Result
\u2013120
1,671
3,771
\u201365
5,257
\u201331
5,226
Special items for personnel restructuring
5
0
\u2014
\u2014
6
\u2014
6
Special items for unscheduled depreciation and write-ups
135
\u2014
\u201391
\u2014
44
\u2014
44
Special items for asset disposal
12
\u2013221
\u2014
\u2014
\u2013208
\u2014
\u2013208
Other special items
62
74
677
14
827
\u2014
827
Special items
214
\u2013146
586
14
668
\u2014
668
Clean Operating Result
94
1,525
4,357
\u201351
5,925
\u201331
5,894
CCS effect
\u2014
126
\u2014
\u2014
126
4
130
Clean CCS Operating Result
94
1,651
4,357
\u201351
6,050
\u201327
6,024
Segment assets2
6,618
4,508
10,488
246
21,859
\u2014
21,859
Additions to PPE/IA3
1,110
986
1,585
54
3,736
\u2014
3,736
Equity-accounted investments4
4,747
1,655
266
\u2014
6,668
\u2014
6,668
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
Depreciation, amortization, impairments (excluding exploration & appraisal) and write-ups
In EUR mn
2024
2023
Depreciation and amortization
2,435
2,439
Write-ups
\u201315
\u2013189
Impairment losses (excl. exploration & appraisal)
575
213
Depreciation, amortization, impairment losses (excluding exploration & appraisal) and write-ups
2,994
2,463
Depreciation, amortization, impairments and write-ups \u2013 split by function
In EUR mn
2024
2023
Depreciation and amortization
2,435
2,439
attributable to exploration expenses
\u2014
\u2014
attributable to production and operating expenses
2,121
2,152
attributable to selling, distribution and administrative expenses
314
287
Write-ups
\u201315
\u2013189
attributable to exploration expenses
\u2014
-1
attributable to production and operating expenses
\u201315
\u2013116
attributable to selling, distribution and administrative expenses
\u20130
\u201372
Impairment losses (incl. exploration & appraisal)
654
365
attributable to exploration expenses
80
158
attributable to production and operating expenses
555
203
attributable to selling, distribution and administrative expenses
19
4
Intangible assets
In EUR mn
Concessions,
software,
licenses,
rights
Development costs
Oil and gas
assets
with unproved
reserves
Goodwill
Total
2024
Development of costs
January 1
1,385
695
963
384
3,428
Currency translation differences
\u20133
0
17
21
34
Changes in the consolidated group
20
\u2014
\u2014
106
125
Additions
93
101
139
\u2014
333
Transfers
30
0
\u201315
\u2014
16
Assets held for sale
\u2014
\u2014
\u201341
\u2014
\u201341
Disposals
\u201312
\u20131
\u201342
\u2014
\u201355
December 31
1,512
795
1,022
511
3,840
Development of amortization
January 1
842
119
688
\u2014
1,649
Currency translation differences
\u20132
\u20130
15
\u2014
13
Amortization
98
36
0
\u2014
134
Impairments
0
6
89
\u2014
95
Transfers
\u20137
\u2014
\u2014
\u2014
\u20137
Assets held for sale
\u2014
\u2014
\u201315
\u2014
\u201315
Disposals
\u201312
\u20130
\u201340
\u2014
\u201353
December 31
920
161
737
\u2014
1,817
Carrying amount January 1
543
576
275
384
1,779
Carrying amount December 31
593
635
285
511
2,023
2023
Development of costs
January 1
1,330
572
1,811
585
4,298
Currency translation differences
\u20133
\u20130
\u201328
\u201317
\u201348
Changes in the consolidated group
28
\u2014
\u2014
21
49
Additions
39
112
201
\u2014
352
Transfers
20
14
\u2013583
\u2014
\u2013549
Assets held for sale
\u20130
\u2014
\u2013243
\u2013205
\u2013448
Disposals
\u201328
\u20133
\u2013195
\u2014
\u2013225
December 31
1,385
695
963
384
3,428
Development of amortization
January 1
769
86
934
\u2014
1,788
Currency translation differences
\u20132
\u2014
\u201321
\u2014
\u201323
Amortization
93
34
0
\u2014
127
Impairments
11
3
158
\u2014
171
Transfers
\u20130
\u2014
\u201314
\u2014
\u201314
Assets held for sale
\u20130
\u2014
\u2013173
\u2014
\u2013173
Disposals
\u201329
\u20133
\u2013195
\u2014
\u2013227
Write-ups
\u2014
\u2014
\u20131
\u2014
\u20131
December 31
842
119
688
\u2014
1,649
Carrying amount January 1
562
486
878
585
2,510
Carrying amount December 31
543
576
275
384
1,779
Property, plant, and equipment including right-of-use assets
In EUR mn
Land and
buildings
Oil and
gas assets
with proved
reserves
Plant and
machinery
Other
fixtures,
fittings,
and
equipment
Assets
under construction
Total
2024
Development of costs
January 1
3,606
26,425
13,191
2,178
2,479
47,878
Currency translation differences
\u201320
\u20138
\u201362
\u20134
\u20132
\u201396
Changes in the consolidated group
40
\u2014
37
1
73
150
Additions
85
1,333
281
196
1,473
3,366
New obligations and change in estimates for decommissioning
14
\u2013141
\u201311
0
34
\u2013105
Transfers
120
17
702
130
\u2013984
\u201316
Assets held for sale
\u20130
406
1
2
11
420
Disposals
\u201332
\u2013954
\u201365
\u2013125
\u201315
\u20131,191
December 31
3,811
27,078
14,074
2,377
3,067
50,408
Development of depreciation
January 1
1,900
17,498
6,844
1,540
15
27,798
Currency translation differences
\u201311
\u201380
\u201345
\u20133
\u20130
\u2013140
Depreciation
145
1,191
788
179
\u2014
2,302
Impairments
5
495
36
2
14
552
Transfers
6
1
1
0
\u20131
7
Assets held for sale
\u20130
648
0
2
7
657
Disposals
\u201328
\u2013953
\u201363
\u2013124
\u201312
\u20131,179
Write-ups
\u20130
1
\u201316
\u20130
\u20130
\u201315
December 31
2,017
18,800
7,547
1,596
22
29,982
Carrying amount January 1
1,705
8,927
6,347
637
2,464
20,081
Carrying amount December 31
1,794
8,278
6,527
782
3,046
20,426
Property, plant, and equipment including right-of-use assets
In EUR mn
Land and
buildings
Oil and
gas assets
with proved
reserves
Plant and
machinery
Other
fixtures,
fittings
and
equipment
Assets
under construction
Total
2023
Development of costs
January 1
3,512
26,549
12,002
2,043
2,061
46,168
Currency translation differences
\u20139
\u2013700
\u201321
\u20134
\u20135
\u2013738
Changes in consolidated Group
11
\u2014
53
2
12
78
Additions
143
1,265
491
95
1,389
3,383
New obligations and change in estimates for decommissioning
4
309
12
0
\u2014
326
Transfers
\u201333
592
848
121
\u2013969
559
Assets held for sale
\u20136
\u20131,431
0
\u20130
\u20138
\u20131,444
Disposals
\u201318
\u2013160
\u2013195
\u201379
\u20132
\u2013454
December 31
3,606
26,425
13,191
2,178
2,479
47,878
Development of depreciation
January 1
1,805
17,205
6,378
1,457
6
26,851
Currency translation differences
\u20135
\u2013467
\u20136
\u20133
0
\u2013480
Changes in consolidated Group
\u20131
\u2014
\u20134
\u20130
\u2014
\u20135
Depreciation
159
1,330
674
150
\u2014
2,314
Impairments
0
59
29
1
12
101
Transfers
\u201337
16
34
2
\u2014
14
Assets held for sale
\u20136
\u2013370
\u2014
\u20130
\u20133
\u2013380
Disposals
\u201313
\u2013158
\u2013191
\u201367
\u20131
\u2013429
Write-ups
\u20132
\u2013116
\u201370
\u20130
\u2014
\u2013188
December 31
1,900
17,498
6,844
1,540
15
27,798
Carrying amount January 1
1,706
9,344
5,624
586
2,055
19,317
Carrying amount December 31
1,705
8,927
6,347
637
2,464
20,081
Right-of-use assets recognized under IFRS 16
In EUR mn
Land and
buildings
Plant and
machinery
Other
fixtures,
fittings
and
equipment
Total
2024
January 1
556
692
149
1,397
Changes in the consolidated group1
24
\u2014
0
24
Additions
72
86
186
345
Depreciation
\u201363
\u201371
\u201391
\u2013226
Other movements
10
\u20137
0
3
December 31
599
701
244
1,543
2023
January 1
581
504
149
1,233
Changes in the consolidated group1
\u2014
29
\u2014
29
Additions
123
80
81
283
Depreciation
\u201382
\u201325
\u201369
\u2013176
Other movements
\u201366
105
\u201311
27
December 31
556
692
149
1,397
1 Mainly from the acquisition of JR Constanta S.R.L., JR Solar Teleorman S.R.L., JR Teleorman S.R.L., and AP-NewCo GmbH in 2024; in 2023, mainly from the change in the consolidation method of Renasci N.V. For further details on acquisitions refer to Note 4 \u2013 Significant changes in Group structure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-57": { "value": "
Segment reporting\u00a0
In EUR mn
2024
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,431
18,765
12,587
503
41,286
\u20137,305
33,981
Intersegmental sales
\u20131,007
\u20132,210
\u20133,603
\u2013485
\u20137,305
7,305
\u2014
Sales to third parties
8,424
16,554
8,984
18
33,981
\u2014
33,981
Other operating income
102
90
433
63
688
\u2014
688
Net income from equity-accounted investments
178
79
43
\u2014
299
\u2014
299
Depreciation and amortization
599
489
1,307
41
2,435
\u2014
2,435
Impairment losses (incl. exploration & appraisal)
16
18
620
1
654
\u2014
654
Write-ups
\u2014
16
\u20130
\u2014
15
\u2014
15
Operating Result
404
709
3,205
\u201380
4,238
16
4,254
Special items for personnel restructuring
8
0
6
\u2014
15
\u2014
15
Special items for unscheduled depreciation and write-ups
16
16
472
\u2014
504
\u2014
504
Special items for asset disposal
\u2014
\u2014
\u201323
\u2014
\u201323
\u2014
\u201323
Other special items
31
82
149
6
268
\u2014
268
Special items
55
98
605
6
764
\u2014
764
Clean Operating Result
459
808
3,810
\u201373
5,003
16
5,018
CCS effect
\u2014
119
\u2014
\u2014
119
4
123
Clean CCS Operating Result
459
927
3,810
\u201373
5,122
19
5,141
Segment assets2
7,134
5,023
10,031
261
22,449
\u2014
22,449
Additions to PPE/IA3
1,087
871
1,679
59
3,697
\u2014
3,697
Equity-accounted investments4
4,777
1,530
355
\u2014
6,661
\u2014
6,661
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
Segment reporting
In EUR mn
2023
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,650
20,186
17,038
471
47,346
\u20137,883
39,463
Intersegmental sales
\u20131,305
\u20132,433
\u20133,694
\u2013451
\u20137,883
7,883
\u2014
Sales to third parties
8,345
17,753
13,344
20
39,463
\u2014
39,463
Other operating income
129
336
208
69
742
\u2014
742
Net income from equity-accounted investments
101
296
\u201371
\u2014
326
\u2014
326
Depreciation and amortization
541
425
1,434
40
2,439
\u2014
2,439
Impairment losses (incl. exploration & appraisal)
126
7
231
1
365
\u2014
365
Write-ups
\u2014
\u2014
189
0
189
\u2014
189
Operating Result
\u2013120
1,671
3,771
\u201365
5,257
\u201331
5,226
Special items for personnel restructuring
5
0
\u2014
\u2014
6
\u2014
6
Special items for unscheduled depreciation and write-ups
135
\u2014
\u201391
\u2014
44
\u2014
44
Special items for asset disposal
12
\u2013221
\u2014
\u2014
\u2013208
\u2014
\u2013208
Other special items
62
74
677
14
827
\u2014
827
Special items
214
\u2013146
586
14
668
\u2014
668
Clean Operating Result
94
1,525
4,357
\u201351
5,925
\u201331
5,894
CCS effect
\u2014
126
\u2014
\u2014
126
4
130
Clean CCS Operating Result
94
1,651
4,357
\u201351
6,050
\u201327
6,024
Segment assets2
6,618
4,508
10,488
246
21,859
\u2014
21,859
Additions to PPE/IA3
1,110
986
1,585
54
3,736
\u2014
3,736
Equity-accounted investments4
4,747
1,655
266
\u2014
6,668
\u2014
6,668
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
9 |
Depreciation, amortization, impairments and write-ups
Accounting policy

Impairment of assets

Intangible assets, property, plant, and equipment (including oil and gas assets), and investments in associated companies and joint ventures are tested for impairment whenever events or changes in circumstances indicate that an asset may be impaired. Impairment tests are performed on the level of the asset or the smallest group of assets that generates cash inflows that are largely independent of those from other assets or groups of assets, called cash-generating units (CGUs).

If assets are determined to be impaired, the carrying amounts are written down to their recoverable amount, which is the higher of fair value less costs of disposal or value in use.

In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. The cash flows are generally derived from the recent budgets and planning calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated.

The fair value less costs of disposal is determined on the basis of recent market transactions, if available. If no such transactions can be identified, an appropriate valuation model is used.

If the reasons for impairment no longer apply in a subsequent period, a reversal is recognized in profit or loss. The increased carrying amount related to the reversal of an impairment loss shall not exceed the carrying amount that would have been determined (net of amortization and depreciation) had no impairment loss been recognized in prior years.

Impairment losses are part of the income statement line \u201cDepreciation, amortization, impairments and write-ups,\u201d except for impairment losses related to exploration and appraisal assets, which are shown in \u201cExploration expenses.\u201d

Significant estimates: recoverability of assets

Evaluating whether assets or CGUs are impaired or whether past impairments should be reversed, requires the use of various estimates and assumptions such as price and margin developments, production volumes and discount rates.

Changes in the economic situation, expectations of climate-related risks or other facts and circumstances might require a revision of these assumptions and could lead to impairments of assets or reversals of impairments within the next financial year. The management performs this analysis for each material CGU.

The price and margin assumptions used in impairment testing are reviewed annually by management and approved by the Supervisory Board as part of mid-term planning (MTP). They are based on management\u2019s best estimate and consistent with external sources. Whereas prices in the near term are anchored in recent forward prices and market developments, long-term price assumptions are developed using a variety of long-term forecasts by reputable experts and consider long-term views of global supply and demand. OMV\u2019s long-term assumptions take into consideration the impacts of climate change and the energy transition to lower-carbon energy sources (see more information in Note 3 \u2013 Effects of climate change and the energy transition).

The key valuation assumptions for the recoverable amounts of E&P assets are oil and gas prices, production volumes, and exchange and discount rates. The production profiles were estimated based on reserves estimates (see Note 17 \u2013 Property, plant, and equipment) and past experience and represent management\u2019s best estimate of future production. The cash flow projections for the first five years are based on the mid-term plan and thereafter on \u201clife of field\u201d planning and therefore cover the whole life span of the field.

In the F&F and Chemicals business segments, the main assumptions for the calculation of the recoverable amounts are the relevant margins and volumes plus discount, inflation, and growth rates. The value in use calculation is based on the cash flows of the\u00a0five-year\u00a0mid-term plan and a terminal value.

The price sets used for the value in use calculations are included in Note 3 \u2013 Effects of climate change and the energy transition.
The following tables provide a reconciliation to the amounts reported in the income statement.
Depreciation, amortization, impairments (excluding exploration & appraisal) and write-ups
In EUR mn
2024
2023
Depreciation and amortization
2,435
2,439
Write-ups
\u201315
\u2013189
Impairment losses (excl. exploration & appraisal)
575
213
Depreciation, amortization, impairment losses (excluding exploration & appraisal) and write-ups
2,994
2,463
Impairment losses (including exploration & appraisal)
In EUR mn
2024
2023
Impairment losses (excl. exploration & appraisal)
575
213
Impairment losses (exploration & appraisal)
79
152
Impairment losses (including exploration & appraisal)
654
365
Depreciation, amortization, impairments and write-ups \u2013 split by function
In EUR mn
2024
2023
Depreciation and amortization
2,435
2,439
attributable to exploration expenses
\u2014
\u2014
attributable to production and operating expenses
2,121
2,152
attributable to selling, distribution and administrative expenses
314
287
Write-ups
\u201315
\u2013189
attributable to exploration expenses
\u2014
-1
attributable to production and operating expenses
\u201315
\u2013116
attributable to selling, distribution and administrative expenses
\u20130
\u201372
Impairment losses (incl. exploration & appraisal)
654
365
attributable to exploration expenses
80
158
attributable to production and operating expenses
555
203
attributable to selling, distribution and administrative expenses
19
4
Impairments in Chemicals
In 2024, Borealis recognized impairments totaling EUR 16 mn, including EUR 10 mn for idle tangible assets at Renasci N.V. and EUR 6 mn for intangible assets.
In 2023, the sale of the nitrogen business unit in the Borealis Group, including fertilizer, technical nitrogen, and melamine products, to AGROFERT, a.s. was completed. To reflect the fair value less cost of disposal, based on the Sales Purchase Agreement with AGROFERT, a.s., an impairment of EUR 57 mn was recognized.
Also in 2023, the acquisition of the additional 48.55% stake in Renasci N.V. on November 30, 2023, triggered a reassessment, which led to an impairment in the amount of EUR 54 mn, of which EUR\u00a023\u00a0mn was allocated to the equity-accounted investment BlueAlp Holding B.V.
Impairments and write-ups in Energy
In 2024, an impairment of EUR 222 mn was recognized for certain gas assets with proved reserves in New Zealand. This impairment was driven by expected lower production volumes. The recoverable amount of related assets, determined based on the value in use, was EUR 40 mn. The after-tax discount rate applied was 8.25%.
An impairment of EUR 121 mn was recognized for several CGUs in Romania, primarily affecting oil and gas assets, mainly driven by updated general operating costs increases in the context of high inflationary pressure. The recoverable amount of related assets, determined based on the value in use, was EUR 671 mn. The after-tax discount rate applied was 9.50%.
A divestment process was initiated for certain oil and gas assets in the Energy segment, leading to their reclassification to assets held for sale in Q2/24. Due to revaluation to fair value less costs to sell, an impairment of EUR 125 mn was recognized.
Reported impairment losses attributable to exploration and appraisal amounted to EUR 79 mn, mainly related to unsuccessful exploration wells in Austria and Norway.
Other impairments in 2024 included EUR 65 mn related mainly to unsuccessful workovers and obsolete or replaced assets in Romania.
In 2023, a write-up of EUR 114 mn was recognized in some CGUs in Libya following stabilized production in recent years. Moreover, an impairment test was performed for the Etzel gas storage facility in Germany in 2023, resulting in a write-up of EUR 72 mn due to the improved market environment for gas storage facilities in Europe.
Impairment losses in 2023 included impairments of EUR 152 mn mainly related to unsuccessful exploration wells and expired exploration licenses in Malaysia and Norway.
Also in 2023, other impairments were mainly related to unsuccessful workovers and obsolete or replaced assets in Romania (EUR 55 mn).
The following financial information reflects the amounts included in the Group totals for the exploration and appraisal of oil and natural gas resources. These activities are all accounted for within the Energy segment.
Exploration and appraisal of mineral resources
In EUR mn
2024
2023
Impairment losses (exploration & appraisal)
79
152
Other exploration expenses
72
70
Exploration expenses
151
222
Net cash used in operating activities
71
75
Net cash used in investing activities
141
171
Intangible assets
In EUR mn
Concessions,
software,
licenses,
rights
Development costs
Oil and gas
assets
with unproved
reserves
Goodwill
Total
2024
Development of costs
January 1
1,385
695
963
384
3,428
Currency translation differences
\u20133
0
17
21
34
Changes in the consolidated group
20
\u2014
\u2014
106
125
Additions
93
101
139
\u2014
333
Transfers
30
0
\u201315
\u2014
16
Assets held for sale
\u2014
\u2014
\u201341
\u2014
\u201341
Disposals
\u201312
\u20131
\u201342
\u2014
\u201355
December 31
1,512
795
1,022
511
3,840
Development of amortization
January 1
842
119
688
\u2014
1,649
Currency translation differences
\u20132
\u20130
15
\u2014
13
Amortization
98
36
0
\u2014
134
Impairments
0
6
89
\u2014
95
Transfers
\u20137
\u2014
\u2014
\u2014
\u20137
Assets held for sale
\u2014
\u2014
\u201315
\u2014
\u201315
Disposals
\u201312
\u20130
\u201340
\u2014
\u201353
December 31
920
161
737
\u2014
1,817
Carrying amount January 1
543
576
275
384
1,779
Carrying amount December 31
593
635
285
511
2,023
2023
Development of costs
January 1
1,330
572
1,811
585
4,298
Currency translation differences
\u20133
\u20130
\u201328
\u201317
\u201348
Changes in the consolidated group
28
\u2014
\u2014
21
49
Additions
39
112
201
\u2014
352
Transfers
20
14
\u2013583
\u2014
\u2013549
Assets held for sale
\u20130
\u2014
\u2013243
\u2013205
\u2013448
Disposals
\u201328
\u20133
\u2013195
\u2014
\u2013225
December 31
1,385
695
963
384
3,428
Development of amortization
January 1
769
86
934
\u2014
1,788
Currency translation differences
\u20132
\u2014
\u201321
\u2014
\u201323
Amortization
93
34
0
\u2014
127
Impairments
11
3
158
\u2014
171
Transfers
\u20130
\u2014
\u201314
\u2014
\u201314
Assets held for sale
\u20130
\u2014
\u2013173
\u2014
\u2013173
Disposals
\u201329
\u20133
\u2013195
\u2014
\u2013227
Write-ups
\u2014
\u2014
\u20131
\u2014
\u20131
December 31
842
119
688
\u2014
1,649
Carrying amount January 1
562
486
878
585
2,510
Carrying amount December 31
543
576
275
384
1,779
Goodwill impairment tests based on a value in use calculation were performed and did not lead to any impairments.
Property, plant, and equipment including right-of-use assets
In EUR mn
Land and
buildings
Oil and
gas assets
with proved
reserves
Plant and
machinery
Other
fixtures,
fittings,
and
equipment
Assets
under construction
Total
2024
Development of costs
January 1
3,606
26,425
13,191
2,178
2,479
47,878
Currency translation differences
\u201320
\u20138
\u201362
\u20134
\u20132
\u201396
Changes in the consolidated group
40
\u2014
37
1
73
150
Additions
85
1,333
281
196
1,473
3,366
New obligations and change in estimates for decommissioning
14
\u2013141
\u201311
0
34
\u2013105
Transfers
120
17
702
130
\u2013984
\u201316
Assets held for sale
\u20130
406
1
2
11
420
Disposals
\u201332
\u2013954
\u201365
\u2013125
\u201315
\u20131,191
December 31
3,811
27,078
14,074
2,377
3,067
50,408
Development of depreciation
January 1
1,900
17,498
6,844
1,540
15
27,798
Currency translation differences
\u201311
\u201380
\u201345
\u20133
\u20130
\u2013140
Depreciation
145
1,191
788
179
\u2014
2,302
Impairments
5
495
36
2
14
552
Transfers
6
1
1
0
\u20131
7
Assets held for sale
\u20130
648
0
2
7
657
Disposals
\u201328
\u2013953
\u201363
\u2013124
\u201312
\u20131,179
Write-ups
\u20130
1
\u201316
\u20130
\u20130
\u201315
December 31
2,017
18,800
7,547
1,596
22
29,982
Carrying amount January 1
1,705
8,927
6,347
637
2,464
20,081
Carrying amount December 31
1,794
8,278
6,527
782
3,046
20,426
Property, plant, and equipment including right-of-use assets
In EUR mn
Land and
buildings
Oil and
gas assets
with proved
reserves
Plant and
machinery
Other
fixtures,
fittings
and
equipment
Assets
under construction
Total
2023
Development of costs
January 1
3,512
26,549
12,002
2,043
2,061
46,168
Currency translation differences
\u20139
\u2013700
\u201321
\u20134
\u20135
\u2013738
Changes in consolidated Group
11
\u2014
53
2
12
78
Additions
143
1,265
491
95
1,389
3,383
New obligations and change in estimates for decommissioning
4
309
12
0
\u2014
326
Transfers
\u201333
592
848
121
\u2013969
559
Assets held for sale
\u20136
\u20131,431
0
\u20130
\u20138
\u20131,444
Disposals
\u201318
\u2013160
\u2013195
\u201379
\u20132
\u2013454
December 31
3,606
26,425
13,191
2,178
2,479
47,878
Development of depreciation
January 1
1,805
17,205
6,378
1,457
6
26,851
Currency translation differences
\u20135
\u2013467
\u20136
\u20133
0
\u2013480
Changes in consolidated Group
\u20131
\u2014
\u20134
\u20130
\u2014
\u20135
Depreciation
159
1,330
674
150
\u2014
2,314
Impairments
0
59
29
1
12
101
Transfers
\u201337
16
34
2
\u2014
14
Assets held for sale
\u20136
\u2013370
\u2014
\u20130
\u20133
\u2013380
Disposals
\u201313
\u2013158
\u2013191
\u201367
\u20131
\u2013429
Write-ups
\u20132
\u2013116
\u201370
\u20130
\u2014
\u2013188
December 31
1,900
17,498
6,844
1,540
15
27,798
Carrying amount January 1
1,706
9,344
5,624
586
2,055
19,317
Carrying amount December 31
1,705
8,927
6,347
637
2,464
20,081
Carrying amount reconciliation for individually immaterial associates and joint ventures
In EUR mn
2024
2023
Associates1
Joint ventures
Associates1
Joint ventures
January 1
458
443
568
498
Currency translation differences
25
26
\u201315
\u201333
Changes in the consolidated group2
\u2014
70
7
\u2014
Additions and other changes
\u2014
\u2014
\u2014
2
Net income
122
\u201327
23
2
Impairments3
\u2014
\u2014
\u201323
\u2014
Disposals and other changes
\u2014
\u2014
\u20131
\u20132
Dividends distributed
\u2013116
\u201324
\u2013102
\u201323
December 31
488
489
458
443
1 Including associated companies accounted at-cost.
2 Changes in the consolidated group in 2024 represented the acquisitions of shares in jointly controlled entities in the area of renewable energy. For further details, please refer to
Note 38 \u2013 Direct and indirect investments of OMV Aktiengesellschaft.
3 Refers to the impairment for the investment in BlueAlp Holding B.V. in 2023
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-58": { "value": "
Segment reporting\u00a0
In EUR mn
2024
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,431
18,765
12,587
503
41,286
\u20137,305
33,981
Intersegmental sales
\u20131,007
\u20132,210
\u20133,603
\u2013485
\u20137,305
7,305
\u2014
Sales to third parties
8,424
16,554
8,984
18
33,981
\u2014
33,981
Other operating income
102
90
433
63
688
\u2014
688
Net income from equity-accounted investments
178
79
43
\u2014
299
\u2014
299
Depreciation and amortization
599
489
1,307
41
2,435
\u2014
2,435
Impairment losses (incl. exploration & appraisal)
16
18
620
1
654
\u2014
654
Write-ups
\u2014
16
\u20130
\u2014
15
\u2014
15
Operating Result
404
709
3,205
\u201380
4,238
16
4,254
Special items for personnel restructuring
8
0
6
\u2014
15
\u2014
15
Special items for unscheduled depreciation and write-ups
16
16
472
\u2014
504
\u2014
504
Special items for asset disposal
\u2014
\u2014
\u201323
\u2014
\u201323
\u2014
\u201323
Other special items
31
82
149
6
268
\u2014
268
Special items
55
98
605
6
764
\u2014
764
Clean Operating Result
459
808
3,810
\u201373
5,003
16
5,018
CCS effect
\u2014
119
\u2014
\u2014
119
4
123
Clean CCS Operating Result
459
927
3,810
\u201373
5,122
19
5,141
Segment assets2
7,134
5,023
10,031
261
22,449
\u2014
22,449
Additions to PPE/IA3
1,087
871
1,679
59
3,697
\u2014
3,697
Equity-accounted investments4
4,777
1,530
355
\u2014
6,661
\u2014
6,661
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
Segment reporting
In EUR mn
2023
Chemicals
F&F
Energy
C&O
Total
Consoli-dation
OMV
Group
Sales revenues1
9,650
20,186
17,038
471
47,346
\u20137,883
39,463
Intersegmental sales
\u20131,305
\u20132,433
\u20133,694
\u2013451
\u20137,883
7,883
\u2014
Sales to third parties
8,345
17,753
13,344
20
39,463
\u2014
39,463
Other operating income
129
336
208
69
742
\u2014
742
Net income from equity-accounted investments
101
296
\u201371
\u2014
326
\u2014
326
Depreciation and amortization
541
425
1,434
40
2,439
\u2014
2,439
Impairment losses (incl. exploration & appraisal)
126
7
231
1
365
\u2014
365
Write-ups
\u2014
\u2014
189
0
189
\u2014
189
Operating Result
\u2013120
1,671
3,771
\u201365
5,257
\u201331
5,226
Special items for personnel restructuring
5
0
\u2014
\u2014
6
\u2014
6
Special items for unscheduled depreciation and write-ups
135
\u2014
\u201391
\u2014
44
\u2014
44
Special items for asset disposal
12
\u2013221
\u2014
\u2014
\u2013208
\u2014
\u2013208
Other special items
62
74
677
14
827
\u2014
827
Special items
214
\u2013146
586
14
668
\u2014
668
Clean Operating Result
94
1,525
4,357
\u201351
5,925
\u201331
5,894
CCS effect
\u2014
126
\u2014
\u2014
126
4
130
Clean CCS Operating Result
94
1,651
4,357
\u201351
6,050
\u201327
6,024
Segment assets2
6,618
4,508
10,488
246
21,859
\u2014
21,859
Additions to PPE/IA3
1,110
986
1,585
54
3,736
\u2014
3,736
Equity-accounted investments4
4,747
1,655
266
\u2014
6,668
\u2014
6,668
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
Information on geographical areas
In EUR mn
2024
2023
Sales to third parties
Segment
assets1
Equity-
accounted
investments2
Sales to third parties
Segment
assets1
Equity-
accounted
investments2
Austria
7,154
5,109
12
9,097
4,918
13
Belgium
717
2,840
25
814
2,384
29
Germany
5,371
1,391
25
6,302
1,301
30
New Zealand
303
339
\u2014
451
676
\u2014
Norway
861
941
\u2014
1,045
1,056
\u2014
Romania
6,003
6,480
70
6,728
6,013
\u2014
United Arab Emirates
1,511
1,547
5,644
1,459
1,682
5,638
Rest of CEE3
5,072
676
\u2014
5,677
568
\u2014
Rest of Europe
4,785
1,841
23
5,545
1,859
24
Rest of the world4
2,205
1,286
862
2,344
1,072
934
Allocated
33,981
22,449
6,661
39,463
21,529
6,668
Unallocated assets
\u2014
\u2014
\u2014
\u2014
330
\u2014
Total
33,981
22,449
6,661
39,463
21,859
6,668
1 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
2 Equity-accounted investments are allocated based on the seat of the registered office of the parent company, excluding assets held for sale.
3 Including T\u00fcrkiye
4 Rest of the world: principally Algeria, Argentina, Australia, Brazil, Canada, Chile, China, Colombia, Egypt, Ghana, India, Libya, Malaysia, Mexico, Morocco, Nigeria, Peru, Saudi Arabia, South Africa, South Korea, Taiwan, Tunisia, and the United States of America
7 |
Sales revenue
Accounting policy

Revenues from contracts with customers

Revenue is generally recognized when control over a product or a service is transferred to a customer. It is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties.

When goods such as crude oil, LNG, oil and chemical products and similar goods are sold, the delivery of each quantity unit normally represents a single performance obligation. Revenue is recognized when control of the goods has transferred to the customer, which is the point in time when legal ownership and the risk of loss have passed to the customer and is determined on the basis of the Incoterm agreed in the contract with the customer. These sales are conducted with normal credit terms according to the industry standard.

Revenue from the production of crude oil, in which OMV has an interest with other producers, is recognized according to the sales method. This means that revenue is recognized based on the actual sales to third parties, regardless of the Group\u2019s percentage interest or entitlement. An adjustment of production costs is recognized at average cost for the difference between the costs associated with the output sold and the costs incurred based on entitlement to output, with a counter entry in the other assets or liabilities.

In the F&F retail business, revenues from the sale of fuels are recognized when products are supplied to customers. Depending on whether OMV is principal or agent in the sale of shop merchandise, revenue and costs related to such sales are presented gross or net in the income statement. OMV is principal if it controls the goods before they are transferred to the customer, which is mainly indicated by OMV having the inventory risk. At filling stations, payments are due immediately at the time of purchase or, in the case of payments using fuel cards, in the month following the purchase.

OMV\u2019s gas and power supply contracts include a single performance obligation that is satisfied over the agreed delivery period. Revenue is recognized according to the consumption by the customer and in line with the amount OMV has a right to invoice.

In some customer contracts for the delivery of natural gas, the fees charged to the customer comprise a fixed charge plus a variable fee depending on the volumes delivered. These contracts contain only one performance obligation, which is to stand ready for the delivery of gas over a certain period. The revenue from the fixed charges and the variable fees is recognized in line with the amount chargeable to the customer. Gas and power deliveries are billed and paid on a monthly basis.

Gas storage contracts contain a stand-ready obligation to provide storage services over an agreed period of time. Revenue is recognized according to the amount OMV has a right to invoice. These services are billed and paid on a monthly basis.

There are some customer contracts at OMV for the delivery of oil and gas and for the provision of gas storage services that have a term of more than one year. In principle, IFRS 15 requires the disclosure of the total amount of transaction prices allocated to unperformed performance obligations for such contracts. Contracts for the delivery of oil contain variable prices based on market prices on the delivery date, as is common in the oil industry. For these contracts it is therefore not possible to allocate the transaction price to unsatisfied performance obligations. For gas delivery and gas storage contracts OMV applies the practical expedient according to IFRS\u00a015.121 (b), based on which this information need not be disclosed for contracts where revenue is recognized in the amount the entity has a right to invoice. OMV, therefore, does not disclose this information.

Revenues from other sources

Revenues from other sources include revenues from commodity contracts that are within the scope of IFRS 9. Sales and purchases of commodities are reported net, when the forward sales and purchase contracts are determined to be for trading purposes and not for the final physical delivery.

In addition, revenues from other sources include an adjustment of revenues related to certain production sharing agreements in the E&P business because the national oil company\u2019s profit share is considered as income tax. Realized and unrealized results from the hedging of sales transactions are also included in this line item.
Sales revenues
In EUR mn
2024
2023
Revenues from contracts with customers
32,411
37,451
Revenues from other sources
1,569
2,012
Sales revenues
33,981
39,463
Revenues from contracts with customers
In EUR mn
Chemicals
Fuels & Feedstock
Energy
Corporate &
Other
OMV
Group
2024
Crude oil, NGL, and condensates
\u2014
319
846
\u2014
1,166
Natural gas and LNG
\u2014
7
7,263
\u2014
7,270
Fuel, heating oil, and other refining products
\u2014
13,754
\u2014
\u2014
13,754
Chemical products
8,330
58
\u2014
\u2014
8,388
Other goods and services1
91
958
768
16
1,833
Revenues from contracts with customers
8,422
15,097
8,877
16
32,411
2023
Crude oil, NGL, and condensates
\u2014
508
1,050
\u2014
1,558
Natural gas and LNG
\u2014
4
10,947
\u2014
10,950
Fuel, heating oil, and other refining products
\u2014
14,928
\u2014
\u2014
14,928
Chemical products
8,193
40
\u2014
\u2014
8,233
Other goods and services1
135
872
756
18
1,782
Revenues from contracts with customers
8,329
16,351
12,753
18
37,451
1 Mainly retail non-oil business in Fuels & Feedstock and power sales in Energy
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-59": { "value": "
7 |
Sales revenue
Accounting policy

Revenues from contracts with customers

Revenue is generally recognized when control over a product or a service is transferred to a customer. It is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties.

When goods such as crude oil, LNG, oil and chemical products and similar goods are sold, the delivery of each quantity unit normally represents a single performance obligation. Revenue is recognized when control of the goods has transferred to the customer, which is the point in time when legal ownership and the risk of loss have passed to the customer and is determined on the basis of the Incoterm agreed in the contract with the customer. These sales are conducted with normal credit terms according to the industry standard.

Revenue from the production of crude oil, in which OMV has an interest with other producers, is recognized according to the sales method. This means that revenue is recognized based on the actual sales to third parties, regardless of the Group\u2019s percentage interest or entitlement. An adjustment of production costs is recognized at average cost for the difference between the costs associated with the output sold and the costs incurred based on entitlement to output, with a counter entry in the other assets or liabilities.

In the F&F retail business, revenues from the sale of fuels are recognized when products are supplied to customers. Depending on whether OMV is principal or agent in the sale of shop merchandise, revenue and costs related to such sales are presented gross or net in the income statement. OMV is principal if it controls the goods before they are transferred to the customer, which is mainly indicated by OMV having the inventory risk. At filling stations, payments are due immediately at the time of purchase or, in the case of payments using fuel cards, in the month following the purchase.

OMV\u2019s gas and power supply contracts include a single performance obligation that is satisfied over the agreed delivery period. Revenue is recognized according to the consumption by the customer and in line with the amount OMV has a right to invoice.

In some customer contracts for the delivery of natural gas, the fees charged to the customer comprise a fixed charge plus a variable fee depending on the volumes delivered. These contracts contain only one performance obligation, which is to stand ready for the delivery of gas over a certain period. The revenue from the fixed charges and the variable fees is recognized in line with the amount chargeable to the customer. Gas and power deliveries are billed and paid on a monthly basis.

Gas storage contracts contain a stand-ready obligation to provide storage services over an agreed period of time. Revenue is recognized according to the amount OMV has a right to invoice. These services are billed and paid on a monthly basis.

There are some customer contracts at OMV for the delivery of oil and gas and for the provision of gas storage services that have a term of more than one year. In principle, IFRS 15 requires the disclosure of the total amount of transaction prices allocated to unperformed performance obligations for such contracts. Contracts for the delivery of oil contain variable prices based on market prices on the delivery date, as is common in the oil industry. For these contracts it is therefore not possible to allocate the transaction price to unsatisfied performance obligations. For gas delivery and gas storage contracts OMV applies the practical expedient according to IFRS\u00a015.121 (b), based on which this information need not be disclosed for contracts where revenue is recognized in the amount the entity has a right to invoice. OMV, therefore, does not disclose this information.

Revenues from other sources

Revenues from other sources include revenues from commodity contracts that are within the scope of IFRS 9. Sales and purchases of commodities are reported net, when the forward sales and purchase contracts are determined to be for trading purposes and not for the final physical delivery.

In addition, revenues from other sources include an adjustment of revenues related to certain production sharing agreements in the E&P business because the national oil company\u2019s profit share is considered as income tax. Realized and unrealized results from the hedging of sales transactions are also included in this line item.
Sales revenues
In EUR mn
2024
2023
Revenues from contracts with customers
32,411
37,451
Revenues from other sources
1,569
2,012
Sales revenues
33,981
39,463
Revenues from contracts with customers
In EUR mn
Chemicals
Fuels & Feedstock
Energy
Corporate &
Other
OMV
Group
2024
Crude oil, NGL, and condensates
\u2014
319
846
\u2014
1,166
Natural gas and LNG
\u2014
7
7,263
\u2014
7,270
Fuel, heating oil, and other refining products
\u2014
13,754
\u2014
\u2014
13,754
Chemical products
8,330
58
\u2014
\u2014
8,388
Other goods and services1
91
958
768
16
1,833
Revenues from contracts with customers
8,422
15,097
8,877
16
32,411
2023
Crude oil, NGL, and condensates
\u2014
508
1,050
\u2014
1,558
Natural gas and LNG
\u2014
4
10,947
\u2014
10,950
Fuel, heating oil, and other refining products
\u2014
14,928
\u2014
\u2014
14,928
Chemical products
8,193
40
\u2014
\u2014
8,233
Other goods and services1
135
872
756
18
1,782
Revenues from contracts with customers
8,329
16,351
12,753
18
37,451
1 Mainly retail non-oil business in Fuels & Feedstock and power sales in Energy
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-60": { "value": "
Accounting policy

Revenues from contracts with customers

Revenue is generally recognized when control over a product or a service is transferred to a customer. It is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties.

When goods such as crude oil, LNG, oil and chemical products and similar goods are sold, the delivery of each quantity unit normally represents a single performance obligation. Revenue is recognized when control of the goods has transferred to the customer, which is the point in time when legal ownership and the risk of loss have passed to the customer and is determined on the basis of the Incoterm agreed in the contract with the customer. These sales are conducted with normal credit terms according to the industry standard.

Revenue from the production of crude oil, in which OMV has an interest with other producers, is recognized according to the sales method. This means that revenue is recognized based on the actual sales to third parties, regardless of the Group\u2019s percentage interest or entitlement. An adjustment of production costs is recognized at average cost for the difference between the costs associated with the output sold and the costs incurred based on entitlement to output, with a counter entry in the other assets or liabilities.

In the F&F retail business, revenues from the sale of fuels are recognized when products are supplied to customers. Depending on whether OMV is principal or agent in the sale of shop merchandise, revenue and costs related to such sales are presented gross or net in the income statement. OMV is principal if it controls the goods before they are transferred to the customer, which is mainly indicated by OMV having the inventory risk. At filling stations, payments are due immediately at the time of purchase or, in the case of payments using fuel cards, in the month following the purchase.

OMV\u2019s gas and power supply contracts include a single performance obligation that is satisfied over the agreed delivery period. Revenue is recognized according to the consumption by the customer and in line with the amount OMV has a right to invoice.

In some customer contracts for the delivery of natural gas, the fees charged to the customer comprise a fixed charge plus a variable fee depending on the volumes delivered. These contracts contain only one performance obligation, which is to stand ready for the delivery of gas over a certain period. The revenue from the fixed charges and the variable fees is recognized in line with the amount chargeable to the customer. Gas and power deliveries are billed and paid on a monthly basis.

Gas storage contracts contain a stand-ready obligation to provide storage services over an agreed period of time. Revenue is recognized according to the amount OMV has a right to invoice. These services are billed and paid on a monthly basis.

There are some customer contracts at OMV for the delivery of oil and gas and for the provision of gas storage services that have a term of more than one year. In principle, IFRS 15 requires the disclosure of the total amount of transaction prices allocated to unperformed performance obligations for such contracts. Contracts for the delivery of oil contain variable prices based on market prices on the delivery date, as is common in the oil industry. For these contracts it is therefore not possible to allocate the transaction price to unsatisfied performance obligations. For gas delivery and gas storage contracts OMV applies the practical expedient according to IFRS\u00a015.121 (b), based on which this information need not be disclosed for contracts where revenue is recognized in the amount the entity has a right to invoice. OMV, therefore, does not disclose this information.

Revenues from other sources

Revenues from other sources include revenues from commodity contracts that are within the scope of IFRS 9. Sales and purchases of commodities are reported net, when the forward sales and purchase contracts are determined to be for trading purposes and not for the final physical delivery.

In addition, revenues from other sources include an adjustment of revenues related to certain production sharing agreements in the E&P business because the national oil company\u2019s profit share is considered as income tax. Realized and unrealized results from the hedging of sales transactions are also included in this line item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-61": { "value": "
Revenues from other sources

Revenues from other sources include revenues from commodity contracts that are within the scope of IFRS 9. Sales and purchases of commodities are reported net, when the forward sales and purchase contracts are determined to be for trading purposes and not for the final physical delivery.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-62": { "value": "
Sales revenues
In EUR mn
2024
2023
Revenues from contracts with customers
32,411
37,451
Revenues from other sources
1,569
2,012
Sales revenues
33,981
39,463
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-63": { "value": "
8 |
Other operating income and net income from equity-accounted investments
Other operating income and net income from equity-accounted investments
In EUR mn
2024
2023
Foreign exchange gains from operating activities
169
200
Gains from the disposal of businesses, subsidiaries, and tangible and intangible assets
74
237
Residual other operating income
445
305
Other operating income
688
742
Income from equity-accounted investments
497
580
Expenses from equity-accounted investments
\u2013197
\u2013254
Net income from equity-accounted investments
299
326
Residual other operating income also contained governmental grants in both years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-64": { "value": "
Following concluded arbitration proceedings in relation to the German gas supply contract with Gazprom Export under International Chamber of Commerce (ICC) rules in November 2024, OMV received an arbitral award that granted damages to OMV which were set off against liabilities under the Austrian gas supply contract. This led to a positive impact of EUR 259 mn in the Consolidated Income Statement, thereof EUR 234 mn reflected in the line items \u201cOther operating income\u201d (included in \u201cResidual other operating income\u201d in the above table) and EUR 25 mn in \u201cInterest income\u201d.
Interest income
In EUR mn
2024
2023
Cash and cash equivalents
300
355
Discounted receivables
9
14
Other financial and non-financial assets
63
35
Loans
83
69
Interest income
455
473
Interest income on cash and cash equivalents in 2024 was primarily related to interest income on EUR, RON, and USD bank deposits.
Interest income from other financial and non-financial assets included interest income of EUR 25 mn following concluded arbitration proceedings in relation to the German gas supply contract with Gazprom Export. For further details see Note 8 \u2013 Other operating income and net income from equity-accounted investments.
Interest income from loans included EUR\u00a064\u00a0mn (2023:\u00a0EUR\u00a059\u00a0mn) from the loan agreement with Bayport Polymers LLC, with remaining income attributable to other loans made to at-equity consolidated companies. For further details see Note 35 \u2013 Related parties.
Other financial income and expenses
In EUR mn
2024
2023
Carrying amount of sold trade and other receivables
\u201311,881
\u201311,825
Proceeds on sold trade and other receivables
11,801
11,748
Financing charges for factoring and securitization
\u201380
\u201377
Net foreign exchange gains (+)/losses (\u2013)
20
\u201329
Other
\u20138
\u201332
Other financial income and expenses
\u201369
\u2013138
Fair value of plan assets
In EUR mn
2024
2023
Fair value of plan assets as of January\u00a01
598
526
Interest income
21
19
Return on plan assets excluding interest income (OCI)
8
6
Actual benefit payments
\u201358
\u201357
Actual employer contributions
51
104
Currency translation differences
\u20131
\u20131
Fair value of plan assets as of December\u00a031
618
598
32 |
Result on financial instruments
Result on financial instruments
In EUR mn
Amount
Financial
instruments at fair value
through profit or loss
Equity instruments
designated as
measured at
fair value
through other
comprehensive
income
Financial
assets at
amortized
cost
Financial
liabilities at
amortized
cost
2024
Fair value changes of financial assets
and derivatives
\u2013212
\u2013212
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201316
\u2014
\u2014
\u201316
\u2014
Result on financial instruments
within operating result
\u2013228
\u2013212
\u2014
\u201316
\u2014
Dividend income
7
\u2014
6
\u2014
\u2014
Interest income
455
\u2014
\u2014
448
\u2014
Interest expenses
\u2013412
\u2014
\u2014
\u2014
\u2013155
Fair value changes of FX derivatives
\u2013107
\u2013107
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201380
\u201380
\u2014
\u2014
\u2014
Impairments of financial
instruments, net
\u20137
\u2014
\u2014
\u20132
\u2014
Other
\u20131
\u2014
0
0
0
Result on financial instruments
within financial result
\u2013146
\u2013187
6
446
\u2013155
2023
Fair value changes of financial assets
and derivatives
111
111
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201338
\u2014
\u2014
\u201338
\u2014
Result on financial instruments
within operating result
73
111
\u2014
\u201338
\u2014
Dividend income
10
\u2014
4
\u2014
\u2014
Interest income
473
\u2014
\u2014
473
\u2014
Interest expenses
\u2013415
\u20133
\u2014
\u2014
\u2013148
Fair value changes of financial instruments
\u201321
\u201321
\u2014
\u2014
\u2014
Fair value changes of FX derivatives
\u2013191
\u2013191
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201377
\u201377
\u2014
\u2014
\u2014
Impairments of financial instruments, net
\u20135
\u2014
\u2014
\u20132
\u2014
Other
\u20136
\u20130
\u20131
0
\u20135
Result on financial instruments
within financial result
\u2013232
\u2013292
3
471
\u2013153
Interest income on the notes held in Carnuntum DAC amounted to EUR\u00a011\u00a0mn in 2024 (2023: EUR\u00a012\u00a0mn).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-65": { "value": "
Following concluded arbitration proceedings in relation to the German gas supply contract with Gazprom Export under International Chamber of Commerce (ICC) rules in November 2024, OMV received an arbitral award that granted damages to OMV which were set off against liabilities under the Austrian gas supply contract. This led to a positive impact of EUR 259 mn in the Consolidated Income Statement, thereof EUR 234 mn reflected in the line items \u201cOther operating income\u201d (included in \u201cResidual other operating income\u201d in the above table) and EUR 25 mn in \u201cInterest income\u201d.
13 |
Net financial result
Accounting Policy

For OMV Petrom SA, the unwinding expenses for decommissioning provisions are included net of the unwinding income from receivables recoverable from the Romanian State.
Interest income
In EUR mn
2024
2023
Cash and cash equivalents
300
355
Discounted receivables
9
14
Other financial and non-financial assets
63
35
Loans
83
69
Interest income
455
473
Interest income on cash and cash equivalents in 2024 was primarily related to interest income on EUR, RON, and USD bank deposits.
Interest income from other financial and non-financial assets included interest income of EUR 25 mn following concluded arbitration proceedings in relation to the German gas supply contract with Gazprom Export. For further details see Note 8 \u2013 Other operating income and net income from equity-accounted investments.
Interest income from loans included EUR\u00a064\u00a0mn (2023:\u00a0EUR\u00a059\u00a0mn) from the loan agreement with Bayport Polymers LLC, with remaining income attributable to other loans made to at-equity consolidated companies. For further details see Note 35 \u2013 Related parties.
Interest expenses
In EUR mn
2024
2023
Bonds
108
104
Lease liabilities
44
36
Other financial and non-financial liabilities
34
49
Provisions for decommissioning and restoration obligations
205
204
Provisions for jubilee payments, personnel reduction schemes, and other employee benefits
4
5
Provisions for pensions and severance payments
30
33
Provisions for onerous contracts
5
5
Other
8
3
Interest expenses, gross
439
437
Capitalized borrowing costs
\u201326
\u201323
Interest expenses
412
415
For further details on bonds and lease liabilities see Note 26 \u2013 Liabilities.
Interest expenses on provisions for decommissioning and restoration obligations in 2024 were impacted by unwinding effects in the amount of EUR\u00a0174\u00a0mn (2023: EUR\u00a0181\u00a0mn). The remaining part of the interest expenses on provisions for decommissioning and restoration obligations related entirely to the negative reassessment effects of receivables recoverable from the Romanian State amounting to EUR\u00a031\u00a0mn (2023:\u00a0EUR\u00a023\u00a0mn).
Interest expenses on provisions for pension and severance payments were netted against interest income on pension plan assets, which amounted to EUR 21 mn (2023: EUR 19 mn).
Capitalized borrowings costs applied to the carrying value of qualifying assets were mainly related to the propane dehydrogenation plant under construction at the Borealis production site in Kallo, Belgium, and construction of the ReOil\u00ae and co-processing plants in Austria.
Other financial income and expenses
In EUR mn
2024
2023
Carrying amount of sold trade and other receivables
\u201311,881
\u201311,825
Proceeds on sold trade and other receivables
11,801
11,748
Financing charges for factoring and securitization
\u201380
\u201377
Net foreign exchange gains (+)/losses (\u2013)
20
\u201329
Other
\u20138
\u201332
Other financial income and expenses
\u201369
\u2013138
In 2024, the net foreign exchange result was predominantly impacted by USD.
The position Other was mainly related to bank charges. In 2023, it additionally included negative fair value adjustments of investments in Russia in the amount of EUR 23 mn.
Present value of obligations
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Present value of obligations as of January 1
1,332
145
1,302
135
Current service costs
21
4
21
4
Past service costs
2
6
\u2014
\u2014
Interest costs
45
6
46
6
Amounts recognized in the income statement
69
16
67
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Total remeasurements of the period (OCI)
22
2
52
13
Actual benefit payments
\u201389
\u201322
\u201389
\u201313
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20135
1
\u20131
\u20130
Reclassification to/from liabilities associated
with assets held for sale
\u2014
15
\u2014
\u2014
Present value of obligations as of December 31
1,329
157
1,332
145
Fair value of plan assets
In EUR mn
2024
2023
Fair value of plan assets as of January\u00a01
598
526
Interest income
21
19
Return on plan assets excluding interest income (OCI)
8
6
Actual benefit payments
\u201358
\u201357
Actual employer contributions
51
104
Currency translation differences
\u20131
\u20131
Fair value of plan assets as of December\u00a031
618
598
Provisions and expenses
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Provisions as of January\u00a01
734
145
775
135
Current service costs
21
4
21
4
Past service cost
2
6
\u2014
\u2014
Net interest costs
24
6
27
6
Amounts recognized in the income statement
48
16
48
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Return on plan assets excluding interest income
\u20138
\u2014
\u20136
\u2014
Total remeasurements of the period (OCI)
15
2
46
13
Actual benefit payments
\u201331
\u201322
\u201332
\u201313
Actual employer contributions
\u201351
\u2014
\u2013104
\u2014
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20133
1
0
\u20130
Reclassification to/from liabilities associated with assets held for sale
\u2014
15
\u2014
\u2014
Provisions as of December\u00a031
711
157
734
145
Provisions for decommissioning and restoration obligations
In EUR mn
Carrying amount
January 1, 2024
4,148
Currency translation differences
\u201341
New obligations
84
Increase arising from revisions in estimates
48
Reduction arising from revisions in estimates
\u2013210
Unwinding of discounting
193
Reclassified to/from liabilities associated with assets held for sale
\u20132
Usage, disposals, and other changes
\u2013127
December 31, 2024
4,093
32 |
Result on financial instruments
Result on financial instruments
In EUR mn
Amount
Financial
instruments at fair value
through profit or loss
Equity instruments
designated as
measured at
fair value
through other
comprehensive
income
Financial
assets at
amortized
cost
Financial
liabilities at
amortized
cost
2024
Fair value changes of financial assets
and derivatives
\u2013212
\u2013212
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201316
\u2014
\u2014
\u201316
\u2014
Result on financial instruments
within operating result
\u2013228
\u2013212
\u2014
\u201316
\u2014
Dividend income
7
\u2014
6
\u2014
\u2014
Interest income
455
\u2014
\u2014
448
\u2014
Interest expenses
\u2013412
\u2014
\u2014
\u2014
\u2013155
Fair value changes of FX derivatives
\u2013107
\u2013107
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201380
\u201380
\u2014
\u2014
\u2014
Impairments of financial
instruments, net
\u20137
\u2014
\u2014
\u20132
\u2014
Other
\u20131
\u2014
0
0
0
Result on financial instruments
within financial result
\u2013146
\u2013187
6
446
\u2013155
2023
Fair value changes of financial assets
and derivatives
111
111
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201338
\u2014
\u2014
\u201338
\u2014
Result on financial instruments
within operating result
73
111
\u2014
\u201338
\u2014
Dividend income
10
\u2014
4
\u2014
\u2014
Interest income
473
\u2014
\u2014
473
\u2014
Interest expenses
\u2013415
\u20133
\u2014
\u2014
\u2013148
Fair value changes of financial instruments
\u201321
\u201321
\u2014
\u2014
\u2014
Fair value changes of FX derivatives
\u2013191
\u2013191
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201377
\u201377
\u2014
\u2014
\u2014
Impairments of financial instruments, net
\u20135
\u2014
\u2014
\u20132
\u2014
Other
\u20136
\u20130
\u20131
0
\u20135
Result on financial instruments
within financial result
\u2013232
\u2013292
3
471
\u2013153
The interest expenses not allocated mainly referred to the unwinding of provisions. For further details see
Note 13 \u2013 Net financial result.
The receivables are sold at their nominal amount less a discount. The discount was recognized in profit or loss and amounted to EUR\u00a051\u00a0mn in 2024 (2023: EUR 53\u00a0mn). Interest income on the notes held in Carnuntum DAC amounted to EUR\u00a011\u00a0mn in 2024 (2023: EUR\u00a012\u00a0mn).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-66": { "value": "
Following concluded arbitration proceedings in relation to the German gas supply contract with Gazprom Export under International Chamber of Commerce (ICC) rules in November 2024, OMV received an arbitral award that granted damages to OMV which were set off against liabilities under the Austrian gas supply contract. This led to a positive impact of EUR 259 mn in the Consolidated Income Statement, thereof EUR 234 mn reflected in the line items \u201cOther operating income\u201d (included in \u201cResidual other operating income\u201d in the above table) and EUR 25 mn in \u201cInterest income\u201d.
Interest income
In EUR mn
2024
2023
Cash and cash equivalents
300
355
Discounted receivables
9
14
Other financial and non-financial assets
63
35
Loans
83
69
Interest income
455
473
Interest income on cash and cash equivalents in 2024 was primarily related to interest income on EUR, RON, and USD bank deposits.
Interest income from other financial and non-financial assets included interest income of EUR 25 mn following concluded arbitration proceedings in relation to the German gas supply contract with Gazprom Export. For further details see Note 8 \u2013 Other operating income and net income from equity-accounted investments.
Interest income from loans included EUR\u00a064\u00a0mn (2023:\u00a0EUR\u00a059\u00a0mn) from the loan agreement with Bayport Polymers LLC, with remaining income attributable to other loans made to at-equity consolidated companies. For further details see Note 35 \u2013 Related parties.
Fair value of plan assets
In EUR mn
2024
2023
Fair value of plan assets as of January\u00a01
598
526
Interest income
21
19
Return on plan assets excluding interest income (OCI)
8
6
Actual benefit payments
\u201358
\u201357
Actual employer contributions
51
104
Currency translation differences
\u20131
\u20131
Fair value of plan assets as of December\u00a031
618
598
32 |
Result on financial instruments
Result on financial instruments
In EUR mn
Amount
Financial
instruments at fair value
through profit or loss
Equity instruments
designated as
measured at
fair value
through other
comprehensive
income
Financial
assets at
amortized
cost
Financial
liabilities at
amortized
cost
2024
Fair value changes of financial assets
and derivatives
\u2013212
\u2013212
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201316
\u2014
\u2014
\u201316
\u2014
Result on financial instruments
within operating result
\u2013228
\u2013212
\u2014
\u201316
\u2014
Dividend income
7
\u2014
6
\u2014
\u2014
Interest income
455
\u2014
\u2014
448
\u2014
Interest expenses
\u2013412
\u2014
\u2014
\u2014
\u2013155
Fair value changes of FX derivatives
\u2013107
\u2013107
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201380
\u201380
\u2014
\u2014
\u2014
Impairments of financial
instruments, net
\u20137
\u2014
\u2014
\u20132
\u2014
Other
\u20131
\u2014
0
0
0
Result on financial instruments
within financial result
\u2013146
\u2013187
6
446
\u2013155
2023
Fair value changes of financial assets
and derivatives
111
111
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201338
\u2014
\u2014
\u201338
\u2014
Result on financial instruments
within operating result
73
111
\u2014
\u201338
\u2014
Dividend income
10
\u2014
4
\u2014
\u2014
Interest income
473
\u2014
\u2014
473
\u2014
Interest expenses
\u2013415
\u20133
\u2014
\u2014
\u2013148
Fair value changes of financial instruments
\u201321
\u201321
\u2014
\u2014
\u2014
Fair value changes of FX derivatives
\u2013191
\u2013191
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201377
\u201377
\u2014
\u2014
\u2014
Impairments of financial instruments, net
\u20135
\u2014
\u2014
\u20132
\u2014
Other
\u20136
\u20130
\u20131
0
\u20135
Result on financial instruments
within financial result
\u2013232
\u2013292
3
471
\u2013153
Interest income on the notes held in Carnuntum DAC amounted to EUR\u00a011\u00a0mn in 2024 (2023: EUR\u00a012\u00a0mn).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-67": { "value": "
Following concluded arbitration proceedings in relation to the German gas supply contract with Gazprom Export under International Chamber of Commerce (ICC) rules in November 2024, OMV received an arbitral award that granted damages to OMV which were set off against liabilities under the Austrian gas supply contract. This led to a positive impact of EUR 259 mn in the Consolidated Income Statement, thereof EUR 234 mn reflected in the line items \u201cOther operating income\u201d (included in \u201cResidual other operating income\u201d in the above table) and EUR 25 mn in \u201cInterest income\u201d.
Interest income
In EUR mn
2024
2023
Cash and cash equivalents
300
355
Discounted receivables
9
14
Other financial and non-financial assets
63
35
Loans
83
69
Interest income
455
473
Interest income on cash and cash equivalents in 2024 was primarily related to interest income on EUR, RON, and USD bank deposits.
Interest income from other financial and non-financial assets included interest income of EUR 25 mn following concluded arbitration proceedings in relation to the German gas supply contract with Gazprom Export. For further details see Note 8 \u2013 Other operating income and net income from equity-accounted investments.
Interest income from loans included EUR\u00a064\u00a0mn (2023:\u00a0EUR\u00a059\u00a0mn) from the loan agreement with Bayport Polymers LLC, with remaining income attributable to other loans made to at-equity consolidated companies. For further details see Note 35 \u2013 Related parties.
Interest expenses
In EUR mn
2024
2023
Bonds
108
104
Lease liabilities
44
36
Other financial and non-financial liabilities
34
49
Provisions for decommissioning and restoration obligations
205
204
Provisions for jubilee payments, personnel reduction schemes, and other employee benefits
4
5
Provisions for pensions and severance payments
30
33
Provisions for onerous contracts
5
5
Other
8
3
Interest expenses, gross
439
437
Capitalized borrowing costs
\u201326
\u201323
Interest expenses
412
415
For further details on bonds and lease liabilities see Note 26 \u2013 Liabilities.
Interest expenses on provisions for decommissioning and restoration obligations in 2024 were impacted by unwinding effects in the amount of EUR\u00a0174\u00a0mn (2023: EUR\u00a0181\u00a0mn). The remaining part of the interest expenses on provisions for decommissioning and restoration obligations related entirely to the negative reassessment effects of receivables recoverable from the Romanian State amounting to EUR\u00a031\u00a0mn (2023:\u00a0EUR\u00a023\u00a0mn).
Interest expenses on provisions for pension and severance payments were netted against interest income on pension plan assets, which amounted to EUR 21 mn (2023: EUR 19 mn).
Capitalized borrowings costs applied to the carrying value of qualifying assets were mainly related to the propane dehydrogenation plant under construction at the Borealis production site in Kallo, Belgium, and construction of the ReOil\u00ae and co-processing plants in Austria.
Present value of obligations
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Present value of obligations as of January 1
1,332
145
1,302
135
Current service costs
21
4
21
4
Past service costs
2
6
\u2014
\u2014
Interest costs
45
6
46
6
Amounts recognized in the income statement
69
16
67
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Total remeasurements of the period (OCI)
22
2
52
13
Actual benefit payments
\u201389
\u201322
\u201389
\u201313
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20135
1
\u20131
\u20130
Reclassification to/from liabilities associated
with assets held for sale
\u2014
15
\u2014
\u2014
Present value of obligations as of December 31
1,329
157
1,332
145
Fair value of plan assets
In EUR mn
2024
2023
Fair value of plan assets as of January\u00a01
598
526
Interest income
21
19
Return on plan assets excluding interest income (OCI)
8
6
Actual benefit payments
\u201358
\u201357
Actual employer contributions
51
104
Currency translation differences
\u20131
\u20131
Fair value of plan assets as of December\u00a031
618
598
Provisions and expenses
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Provisions as of January\u00a01
734
145
775
135
Current service costs
21
4
21
4
Past service cost
2
6
\u2014
\u2014
Net interest costs
24
6
27
6
Amounts recognized in the income statement
48
16
48
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Return on plan assets excluding interest income
\u20138
\u2014
\u20136
\u2014
Total remeasurements of the period (OCI)
15
2
46
13
Actual benefit payments
\u201331
\u201322
\u201332
\u201313
Actual employer contributions
\u201351
\u2014
\u2013104
\u2014
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20133
1
0
\u20130
Reclassification to/from liabilities associated with assets held for sale
\u2014
15
\u2014
\u2014
Provisions as of December\u00a031
711
157
734
145
Provisions for decommissioning and restoration obligations
In EUR mn
Carrying amount
January 1, 2024
4,148
Currency translation differences
\u201341
New obligations
84
Increase arising from revisions in estimates
48
Reduction arising from revisions in estimates
\u2013210
Unwinding of discounting
193
Reclassified to/from liabilities associated with assets held for sale
\u20132
Usage, disposals, and other changes
\u2013127
December 31, 2024
4,093
32 |
Result on financial instruments
Result on financial instruments
In EUR mn
Amount
Financial
instruments at fair value
through profit or loss
Equity instruments
designated as
measured at
fair value
through other
comprehensive
income
Financial
assets at
amortized
cost
Financial
liabilities at
amortized
cost
2024
Fair value changes of financial assets
and derivatives
\u2013212
\u2013212
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201316
\u2014
\u2014
\u201316
\u2014
Result on financial instruments
within operating result
\u2013228
\u2013212
\u2014
\u201316
\u2014
Dividend income
7
\u2014
6
\u2014
\u2014
Interest income
455
\u2014
\u2014
448
\u2014
Interest expenses
\u2013412
\u2014
\u2014
\u2014
\u2013155
Fair value changes of FX derivatives
\u2013107
\u2013107
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201380
\u201380
\u2014
\u2014
\u2014
Impairments of financial
instruments, net
\u20137
\u2014
\u2014
\u20132
\u2014
Other
\u20131
\u2014
0
0
0
Result on financial instruments
within financial result
\u2013146
\u2013187
6
446
\u2013155
2023
Fair value changes of financial assets
and derivatives
111
111
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201338
\u2014
\u2014
\u201338
\u2014
Result on financial instruments
within operating result
73
111
\u2014
\u201338
\u2014
Dividend income
10
\u2014
4
\u2014
\u2014
Interest income
473
\u2014
\u2014
473
\u2014
Interest expenses
\u2013415
\u20133
\u2014
\u2014
\u2013148
Fair value changes of financial instruments
\u201321
\u201321
\u2014
\u2014
\u2014
Fair value changes of FX derivatives
\u2013191
\u2013191
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201377
\u201377
\u2014
\u2014
\u2014
Impairments of financial instruments, net
\u20135
\u2014
\u2014
\u20132
\u2014
Other
\u20136
\u20130
\u20131
0
\u20135
Result on financial instruments
within financial result
\u2013232
\u2013292
3
471
\u2013153
The interest expenses not allocated mainly referred to the unwinding of provisions. For further details see
Note 13 \u2013 Net financial result.
Interest income on the notes held in Carnuntum DAC amounted to EUR\u00a011\u00a0mn in 2024 (2023: EUR\u00a012\u00a0mn).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-68": { "value": "
Impairment losses (including exploration & appraisal)
In EUR mn
2024
2023
Impairment losses (excl. exploration & appraisal)
575
213
Impairment losses (exploration & appraisal)
79
152
Impairment losses (including exploration & appraisal)
654
365
Depreciation, amortization, impairments and write-ups \u2013 split by function
In EUR mn
2024
2023
Depreciation and amortization
2,435
2,439
attributable to exploration expenses
\u2014
\u2014
attributable to production and operating expenses
2,121
2,152
attributable to selling, distribution and administrative expenses
314
287
Write-ups
\u201315
\u2013189
attributable to exploration expenses
\u2014
-1
attributable to production and operating expenses
\u201315
\u2013116
attributable to selling, distribution and administrative expenses
\u20130
\u201372
Impairment losses (incl. exploration & appraisal)
654
365
attributable to exploration expenses
80
158
attributable to production and operating expenses
555
203
attributable to selling, distribution and administrative expenses
19
4
Reported impairment losses attributable to exploration and appraisal amounted to EUR 79 mn, mainly related to unsuccessful exploration wells in Austria and Norway.
Impairment losses in 2023 included impairments of EUR 152 mn mainly related to unsuccessful exploration wells and expired exploration licenses in Malaysia and Norway.
10 |
Exploration expenses
Accounting policy

Exploration expenses relate exclusively to the E&P business in the Energy segment and comprise the costs associated with unproved reserves. These include geological and geophysical costs for the identification and investigation of areas with possible oil and gas reserves and the administrative, legal, and consulting costs associated with exploration. They also include all impairments on exploration wells where no proved reserves could be demonstrated.
The following financial information reflects the amounts included in the Group totals for the exploration and appraisal of oil and natural gas resources. These activities are all accounted for within the Energy segment.
Exploration and appraisal of mineral resources
In EUR mn
2024
2023
Impairment losses (exploration & appraisal)
79
152
Other exploration expenses
72
70
Exploration expenses
151
222
Net cash used in operating activities
71
75
Net cash used in investing activities
141
171
Intangible assets
In EUR mn
Concessions,
software,
licenses,
rights
Development costs
Oil and gas
assets
with unproved
reserves
Goodwill
Total
2024
Development of costs
January 1
1,385
695
963
384
3,428
Currency translation differences
\u20133
0
17
21
34
Changes in the consolidated group
20
\u2014
\u2014
106
125
Additions
93
101
139
\u2014
333
Transfers
30
0
\u201315
\u2014
16
Assets held for sale
\u2014
\u2014
\u201341
\u2014
\u201341
Disposals
\u201312
\u20131
\u201342
\u2014
\u201355
December 31
1,512
795
1,022
511
3,840
Development of amortization
January 1
842
119
688
\u2014
1,649
Currency translation differences
\u20132
\u20130
15
\u2014
13
Amortization
98
36
0
\u2014
134
Impairments
0
6
89
\u2014
95
Transfers
\u20137
\u2014
\u2014
\u2014
\u20137
Assets held for sale
\u2014
\u2014
\u201315
\u2014
\u201315
Disposals
\u201312
\u20130
\u201340
\u2014
\u201353
December 31
920
161
737
\u2014
1,817
Carrying amount January 1
543
576
275
384
1,779
Carrying amount December 31
593
635
285
511
2,023
2023
Development of costs
January 1
1,330
572
1,811
585
4,298
Currency translation differences
\u20133
\u20130
\u201328
\u201317
\u201348
Changes in the consolidated group
28
\u2014
\u2014
21
49
Additions
39
112
201
\u2014
352
Transfers
20
14
\u2013583
\u2014
\u2013549
Assets held for sale
\u20130
\u2014
\u2013243
\u2013205
\u2013448
Disposals
\u201328
\u20133
\u2013195
\u2014
\u2013225
December 31
1,385
695
963
384
3,428
Development of amortization
January 1
769
86
934
\u2014
1,788
Currency translation differences
\u20132
\u2014
\u201321
\u2014
\u201323
Amortization
93
34
0
\u2014
127
Impairments
11
3
158
\u2014
171
Transfers
\u20130
\u2014
\u201314
\u2014
\u201314
Assets held for sale
\u20130
\u2014
\u2013173
\u2014
\u2013173
Disposals
\u201329
\u20133
\u2013195
\u2014
\u2013227
Write-ups
\u2014
\u2014
\u20131
\u2014
\u20131
December 31
842
119
688
\u2014
1,649
Carrying amount January 1
562
486
878
585
2,510
Carrying amount December 31
543
576
275
384
1,779
In 2023, transfers were mainly related to OMV Petrom following the final investment decision for the Neptun Deep project. Consequently, the related oil and gas assets in the amount of EUR 483 mn were reclassified from intangible assets to property, plant, and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-69": { "value": "
Depreciation, amortization, impairments and write-ups \u2013 split by function
In EUR mn
2024
2023
Depreciation and amortization
2,435
2,439
attributable to exploration expenses
\u2014
\u2014
attributable to production and operating expenses
2,121
2,152
attributable to selling, distribution and administrative expenses
314
287
Write-ups
\u201315
\u2013189
attributable to exploration expenses
\u2014
-1
attributable to production and operating expenses
\u201315
\u2013116
attributable to selling, distribution and administrative expenses
\u20130
\u201372
Impairment losses (incl. exploration & appraisal)
654
365
attributable to exploration expenses
80
158
attributable to production and operating expenses
555
203
attributable to selling, distribution and administrative expenses
19
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-70": { "value": "
In 2024, Borealis recognized impairments totaling EUR 16 mn, including EUR 10 mn for idle tangible assets at Renasci N.V. and EUR 6 mn for intangible assets.
Reported impairment losses attributable to exploration and appraisal amounted to EUR 79 mn, mainly related to unsuccessful exploration wells in Austria and Norway.
Impairment losses in 2023 included impairments of EUR 152 mn mainly related to unsuccessful exploration wells and expired exploration licenses in Malaysia and Norway.
Intangible assets
In EUR mn
Concessions,
software,
licenses,
rights
Development costs
Oil and gas
assets
with unproved
reserves
Goodwill
Total
2024
Development of costs
January 1
1,385
695
963
384
3,428
Currency translation differences
\u20133
0
17
21
34
Changes in the consolidated group
20
\u2014
\u2014
106
125
Additions
93
101
139
\u2014
333
Transfers
30
0
\u201315
\u2014
16
Assets held for sale
\u2014
\u2014
\u201341
\u2014
\u201341
Disposals
\u201312
\u20131
\u201342
\u2014
\u201355
December 31
1,512
795
1,022
511
3,840
Development of amortization
January 1
842
119
688
\u2014
1,649
Currency translation differences
\u20132
\u20130
15
\u2014
13
Amortization
98
36
0
\u2014
134
Impairments
0
6
89
\u2014
95
Transfers
\u20137
\u2014
\u2014
\u2014
\u20137
Assets held for sale
\u2014
\u2014
\u201315
\u2014
\u201315
Disposals
\u201312
\u20130
\u201340
\u2014
\u201353
December 31
920
161
737
\u2014
1,817
Carrying amount January 1
543
576
275
384
1,779
Carrying amount December 31
593
635
285
511
2,023
2023
Development of costs
January 1
1,330
572
1,811
585
4,298
Currency translation differences
\u20133
\u20130
\u201328
\u201317
\u201348
Changes in the consolidated group
28
\u2014
\u2014
21
49
Additions
39
112
201
\u2014
352
Transfers
20
14
\u2013583
\u2014
\u2013549
Assets held for sale
\u20130
\u2014
\u2013243
\u2013205
\u2013448
Disposals
\u201328
\u20133
\u2013195
\u2014
\u2013225
December 31
1,385
695
963
384
3,428
Development of amortization
January 1
769
86
934
\u2014
1,788
Currency translation differences
\u20132
\u2014
\u201321
\u2014
\u201323
Amortization
93
34
0
\u2014
127
Impairments
11
3
158
\u2014
171
Transfers
\u20130
\u2014
\u201314
\u2014
\u201314
Assets held for sale
\u20130
\u2014
\u2013173
\u2014
\u2013173
Disposals
\u201329
\u20133
\u2013195
\u2014
\u2013227
Write-ups
\u2014
\u2014
\u20131
\u2014
\u20131
December 31
842
119
688
\u2014
1,649
Carrying amount January 1
562
486
878
585
2,510
Carrying amount December 31
543
576
275
384
1,779
Changes in the consolidated group in 2024 were mainly due to the acquisition of AP-NewCo GmbH, which led to EUR 94 mn of changes in the consolidated group in intangible assets, including EUR 82 mn goodwill, and the acquisition of Renovatio Asset Management SRL, which resulted in EUR 10 mn of goodwill. Both acquisitions were related to the Fuels & Feedstock segment. Further details can be found in Note 4 \u2013 Significant changes in Group structure.
Additions to intangible assets in 2024 included EUR\u00a035\u00a0mn (2023: EUR\u00a037\u00a0mn) of additions to internally generated assets, mainly related to capitalized development costs.
In 2023, transfers were mainly related to OMV Petrom following the final investment decision for the Neptun Deep project. Consequently, the related oil and gas assets in the amount of EUR 483 mn were reclassified from intangible assets to property, plant, and equipment.
In 2024, intangible assets reclassified to assets held for sale were mainly related to certain oil and gas assets in the Energy segment for which a divestment process was initiated. In 2023, these assets were mainly related to the SapuraOMV disposal group. For details see Note 5 \u2013 Assets and liabilities held for sale.
Contractual obligations for acquisitions
In EUR mn
2024
2023
Intangible assets
248
296
Property, plant, and equipment
3,221
3,345
Contractual obligations
3,470
3,640
In 2024, the contractual commitments for acquisitions of fixed assets were mainly related to activities in the Energy segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-71": { "value": "
Accounting policy

Exploration expenses relate exclusively to the E&P business in the Energy segment and comprise the costs associated with unproved reserves. These include geological and geophysical costs for the identification and investigation of areas with possible oil and gas reserves and the administrative, legal, and consulting costs associated with exploration. They also include all impairments on exploration wells where no proved reserves could be demonstrated.
Oil and gas assets with unproved reserves

E&P activities are recorded using the successful efforts method. The acquisition costs of geological and geophysical studies before the discovery of proved reserves are recognized in the period in which they are incurred. The costs of wells are capitalized and reported as intangible assets until the existence or absence of potentially commercially viable oil or gas reserves is determined. Wells that are not commercially viable are expensed. The costs of exploration wells whose commercial viability has not yet been determined continue to be capitalized as long as the following conditions are fulfilled:
1.
Sufficient oil and gas reserves have been discovered that would justify completion as a production well.
2.
Sufficient progress is being made in assessing the economic and technical feasibility to justify beginning field development in the near future.
3.
The period for which the entity has the right to explore in the specific area has not expired.

Exploratory wells in progress at year-end that are determined to be unsuccessful subsequent to the statement of financial position date are treated as non-adjusting events, meaning that the costs incurred for such exploratory wells remain capitalized in the financial statements of the reporting period under review and will be expensed in the subsequent period.

License acquisition costs and capitalized exploration and appraisal activities are not amortized as long as they are related to unproved reserves, but tested for impairment when there is an indication of potential impairment.

When the decision to develop a particular asset is made, the related intangible exploration and evaluation assets are reclassified to Property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-72": { "value": "
11 |
Other operating expenses
Other operating expenses
In EUR mn
2024
2023
Foreign exchange losses from operating activities
185
182
Losses from the disposals of businesses, subsidiaries, and tangible and intangible assets
\u20139
31
Net impairment losses on financial assets measured at amortized cost
16
38
Personnel reduction schemes
19
9
Research and development expenses
87
76
Residual other operating expenses
127
125
Other operating expenses
426
462
Foreign exchange losses from operating activities were mainly impacted by the development of the USD foreign exchange rate in 2024 and 2023.
Net impairment losses on financial assets measured at amortized cost were mainly related to impairments of receivables in Tunisia amounting to EUR\u00a017\u00a0mn (2023: EUR 26 mn).
Residual other operating expenses contained expenses relating to various digitalization initiatives amounting to EUR 12 mn (2023: EUR 22 mn) as well as expenses related to the minimum stockholding obligation outsourced to Erd\u00f6l-Lagergesellschaft m.b.H. in the amount of EUR 56 mn (2023: EUR 46 mn). In addition, this position included a tax on turnover amounting to EUR 43 mn, which was introduced in Romania in 2024.
12 |
Personnel expenses and average number of employees
Personnel expenses
In EUR mn
2024
2023
Wages and salaries
1,498
1,418
Costs of defined benefit plans
38
29
Costs of defined contribution plans
66
62
Personnel reduction schemes
19
9
Other employee benefits
263
230
Taxes and social contributions
260
275
Personnel expenses
2,144
2,023
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-73": { "value": "
Other operating expenses
In EUR mn
2024
2023
Foreign exchange losses from operating activities
185
182
Losses from the disposals of businesses, subsidiaries, and tangible and intangible assets
\u20139
31
Net impairment losses on financial assets measured at amortized cost
16
38
Personnel reduction schemes
19
9
Research and development expenses
87
76
Residual other operating expenses
127
125
Other operating expenses
426
462
Net impairment losses on financial assets measured at amortized cost were mainly related to impairments of receivables in Tunisia amounting to EUR\u00a017\u00a0mn (2023: EUR 26 mn).
Interest income
In EUR mn
2024
2023
Cash and cash equivalents
300
355
Discounted receivables
9
14
Other financial and non-financial assets
63
35
Loans
83
69
Interest income
455
473
Interest income from other financial and non-financial assets included interest income of EUR 25 mn following concluded arbitration proceedings in relation to the German gas supply contract with Gazprom Export. For further details see Note 8 \u2013 Other operating income and net income from equity-accounted investments.
Interest income from loans included EUR\u00a064\u00a0mn (2023:\u00a0EUR\u00a059\u00a0mn) from the loan agreement with Bayport Polymers LLC, with remaining income attributable to other loans made to at-equity consolidated companies. For further details see Note 35 \u2013 Related parties.
Financial assets
In EUR mn
Valued at
fair value
through
profit or loss
Valued at
fair value through other comprehen-
sive income
Valued at amortized cost
Total
carrying
amount
thereof
short-term
thereof
long-term
2024
Trade receivables from contracts with customers
128
\u2014
2,230
2,358
2,358
\u2014
Other trade receivables
\u2014
\u2014
484
484
484
\u2014
Total trade receivables
128
\u2014
2,714
2,842
2,842
\u2014
Equity investments
1
105
\u2014
106
\u2014
106
Investment funds
29
\u2014
\u2014
29
\u2014
29
Bonds
\u2014
\u2014
91
91
59
33
Derivatives designated as hedging instruments
\u2014
39
\u2014
39
27
12
Other derivatives
269
\u2014
\u2014
269
193
75
Loans
\u2014
\u2014
1,286
1,286
5
1,282
Other sundry financial assets
2
\u2014
1,369
1,370
790
581
Total other financial assets
301
143
2,746
3,190
1,074
2,116
Financial assets
429
143
5,460
6,032
3,916
2,116
2023
Trade receivables from contracts with customers
99
\u2014
2,571
2,670
2,670
\u2014
Other trade receivables
\u2014
\u2014
785
785
785
\u2014
Total trade receivables
99
\u2014
3,356
3,455
3,455
\u2014
Equity investments
1
56
\u2014
57
\u2014
57
Investment funds
28
\u2014
\u2014
28
\u2014
28
Bonds
\u2014
\u2014
285
285
245
39
Derivatives designated as hedging instruments
\u2014
52
\u2014
52
50
2
Other derivatives
890
\u2014
\u2014
890
692
198
Loans
\u2014
\u2014
910
910
5
905
Other sundry financial assets
2
\u2014
1,610
1,612
1,139
474
Total other financial assets
921
108
2,805
3,834
2,130
1,704
Financial assets
1,020
108
6,160
7,288
5,584
1,704
Financial assets at fair value through profit or loss mainly consisted of financial assets held for trading.
In 2024 the position loans included loans and the related accrued interests under a member loan agreement with Bayport Polymers LLC in the amount of EUR\u00a0769\u00a0mn (2023: EUR\u00a0701\u00a0mn) and EUR\u00a0435\u00a0mn (2023: EUR\u00a0155\u00a0mn) from drawdowns and the related interest accrued from a shareholder loan agreement entered into with Borouge\u00a04\u00a0LLC. For further details please refer to Note 35 \u2013 Related parties.
Other sundry financial assets included expenditure recoverable from the Romanian State amounting to EUR\u00a0429\u00a0mn (2023: EUR\u00a0399\u00a0mn) related to obligations for decommissioning and environmental costs in OMV Petrom S.A. The receivables consisted of EUR\u00a0419\u00a0mn (2023: EUR\u00a0391\u00a0mn) for costs relating to decommissioning and EUR\u00a09\u00a0mn (2023: EUR\u00a08\u00a0mn) for costs relating to environmental remediation.
On October 2, 2020, as party in the privatization agreement, OMV Aktiengesellschaft initiated arbitration proceedings against the Romanian Ministry of Environment, in accordance with the International Chamber of Commerce (ICC) Rules, regarding certain claims unpaid by the Ministry of Environment in relation to well decommissioning and environmental restoration obligations amounting to EUR 31 mn. On August 30, 2022, the Arbitral Tribunal issued the Final Award on the arbitration and requested the Ministry of Environment to reimburse to OMV Petrom S.A. the amount of EUR\u00a031 mn and related interest. In October 2022, the Ministry of Environment challenged the award at the Paris Court of Appeal, a procedure that was still ongoing as of December\u00a031,\u00a02024.
In Q4/22, OMV Aktiengesellschaft, as party in the privatization agreement, initiated arbitration proceedings against the Romanian Ministry of Environment, in accordance with the ICC Rules, which have been further consolidated in a single case, regarding certain claims unpaid by the Ministry of Environment in relation to well decommissioning and environmental remediation works amounting to EUR 47 mn. On January 15, 2025, the Arbitral Tribunal issued the Final Award on the arbitration, requesting the Ministry of Environment to reimburse OMV Petrom S.A. the full amount requested, along with related interest.
On December 20, 2024, OMV Aktiengesellschaft, as party in the privatization agreement, initiated arbitration proceedings against the Romanian Ministry of Environment, in accordance with the ICC Rules, regarding certain claims unpaid by the Ministry of Environment in relation to well decommissioning works amounting to EUR 50 mn. As of December 31, 2024, the arbitration procedure was ongoing.
Additionally, other sundry financial assets contained receivables towards partners in the Exploration & Production business as well as seller participation notes and complementary notes in Carnuntum DAC (see Note 36 \u2013 Unconsolidated structured entities \u2013 for further details).
Impairments of other financial assets at amortized cost
In EUR mn
12-month ECL
Lifetime ECL
not credit
impaired
Lifetime ECL
credit impaired
Total
2024
January 1
13
32
1,442
1,487
Amounts written off
\u20130
\u2014
\u20133
\u20133
Net remeasurement of expected credit losses
\u20131
\u201310
155
144
Currency translation differences
\u20130
2
5
7
December 311, 2
12
23
1,600
1,635
2023
January 1
10
44
1,311
1,365
Amounts written off
\u20131
\u2014
\u20135
\u20136
Net remeasurement of expected credit losses
4
\u201311
140
133
Currency translation differences
\u20130
\u20131
\u20133
\u20135
December 311, 2
13
32
1,442
1,487
1 \u201cLifetime ECL credit impaired\u201d included fully impaired gross carrying amount of loan receivables including accrued interest related to the financing agreements for the Nord Stream 2 pipeline project in the amount of EUR 1.4 bn (2023: EUR 1.2 bn).
2 \u201c12-month ECL\u201d included an amount of EUR 1 mn (2023: EUR 1 mn) and \u201cLifetime ECL credit impaired\u201d an amount of EUR 9 mn (2023: EUR 8 mn) related to expenditure recoverable from the Romanian State, which are outside the scope of IFRS 9.
21 |
Other assets
Other assets
In EUR mn
2024
2023
Short-term
Long-term
Short-term
Long-term
Prepaid expenses
87
12
89
13
Advance payments on fixed assets
221
13
184
\u2014
Other payments on account
193
17
124
25
Receivables from other taxes and social security
287
43
202
40
Emission rights1
666
\u2014
630
\u2014
Emission rights to be received from customers1
23
\u2014
42
\u2014
Other non-financial assets
125
116
81
87
Other assets
1,603
200
1,351
165
1 For further details refer to Note 3 \u2013 Effects of climate change and the energy transition.
The increase in advance payments on fixed assets and other payments on account was mainly attributable to the Neptun Deep project in Romania.
Receivables from other taxes and social security increased mainly in relation to excises in Romania, as per changes in legislation.
Maximum credit exposure1
In EUR mn
2024
2023
Trade receivables
2,842
3,455
Investments
135
85
Bonds
91
285
Derivatives
307
942
Loans
1,286
910
Other sundry financial assets
1,370
1,612
Cash and cash equivalents
6,182
6,920
Financial guarantee contracts2
1,735
1,234
Total maximum credit exposure
13,950
15,442
1 Excluding items reclassified to held for sale
2 Maximum exposure of financial guarantee contracts based on drawdowns of financing facilities as of December 31 excluding interest accrued.
Fair value hierarchy of financial assets1 and net amount of assets and liabilities held for sale at fair value
In EUR mn
Carrying amount
Fair value level
Valued at amortized
cost
Valued at
fair value
Total
Level 1
Level 2
Level 3
Total
2024
Trade receivables
2,714
128
2,842
\u2014
128
\u2014
128
Equity investments
\u2014
106
106
19
62
25
106
Investment funds
\u2014
29
29
29
\u2014
\u2014
29
Bonds
91
\u2014
91
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
39
39
\u2014
39
\u2014
39
Other derivatives
\u2014
269
269
5
264
\u2014
269
Loans
1,286
\u2014
1,286
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,369
2
1,370
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
369
369
\u2014
369
\u2014
369
Total
5,460
941
6,401
52
862
27
941
2023
Trade receivables
3,356
99
3,455
\u2014
99
\u2014
99
Equity investments
\u2014
57
57
\u2014
34
23
57
Investment funds
\u2014
28
28
28
\u2014
\u2014
28
Bonds
285
\u2014
285
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
52
52
\u2014
52
\u2014
52
Other derivatives
\u2014
890
890
0
890
\u2014
890
Loans
910
\u2014
910
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,610
2
1,612
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
13
13
\u2014
13
\u2014
13
Total
6,160
1,141
7,301
28
1,088
25
1,141
1 Excluding assets that were reclassified to held for sale
Offsetting of financial assets
In EUR mn
Note
Financial
instruments
(gross)
Amounts set
off in the
statement of
financial
position
Financial
instruments in
the statement
of financial
position (net)
Liabilities with
right of set-off
(not offset)
Net
2024
Derivative financial instruments
20
1,805
\u20131,498
307
\u201338
269
Trade receivables
20
4,018
\u20131,176
2,842
\u201385
2,757
Other sundry financial assets
20
1,374
\u20133
1,370
\u20130
1,370
Total
7,197
\u20132,677
4,520
\u2013123
4,397
2023
Derivative financial instruments
3,359
\u20132,417
942
\u2013122
820
Trade receivables
4,535
\u20131,081
3,455
\u201365
3,390
Other sundry financial assets
1,626
\u201313
1,612
\u20131
1,611
Total
9,520
\u20133,511
6,009
\u2013187
5,822
As of December 31, 2024, OMV held seller participation notes amounting to EUR 83 mn (2023: EUR\u00a0137\u00a0mn) and complementary notes amounting to EUR\u00a096\u00a0mn (2023: EUR\u00a0108\u00a0mn) in Carnuntum DAC, shown in other financial assets. As of December 31, 2024, the maximum exposure to loss from the securitization program was EUR\u00a0107\u00a0mn (2023: EUR\u00a0187\u00a0mn).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-74": { "value": "
Other operating expenses
In EUR mn
2024
2023
Foreign exchange losses from operating activities
185
182
Losses from the disposals of businesses, subsidiaries, and tangible and intangible assets
\u20139
31
Net impairment losses on financial assets measured at amortized cost
16
38
Personnel reduction schemes
19
9
Research and development expenses
87
76
Residual other operating expenses
127
125
Other operating expenses
426
462
Net impairment losses on financial assets measured at amortized cost were mainly related to impairments of receivables in Tunisia amounting to EUR\u00a017\u00a0mn (2023: EUR 26 mn).The remaining part of the interest expenses on provisions for decommissioning and restoration obligations related entirely to the negative reassessment effects of receivables recoverable from the Romanian State amounting to EUR\u00a031\u00a0mn (2023:\u00a0EUR\u00a023\u00a0mn).
Other financial income and expenses
In EUR mn
2024
2023
Carrying amount of sold trade and other receivables
\u201311,881
\u201311,825
Proceeds on sold trade and other receivables
11,801
11,748
Financing charges for factoring and securitization
\u201380
\u201377
Net foreign exchange gains (+)/losses (\u2013)
20
\u201329
Other
\u20138
\u201332
Other financial income and expenses
\u201369
\u2013138
Financial assets
In EUR mn
Valued at
fair value
through
profit or loss
Valued at
fair value through other comprehen-
sive income
Valued at amortized cost
Total
carrying
amount
thereof
short-term
thereof
long-term
2024
Trade receivables from contracts with customers
128
\u2014
2,230
2,358
2,358
\u2014
Other trade receivables
\u2014
\u2014
484
484
484
\u2014
Total trade receivables
128
\u2014
2,714
2,842
2,842
\u2014
Equity investments
1
105
\u2014
106
\u2014
106
Investment funds
29
\u2014
\u2014
29
\u2014
29
Bonds
\u2014
\u2014
91
91
59
33
Derivatives designated as hedging instruments
\u2014
39
\u2014
39
27
12
Other derivatives
269
\u2014
\u2014
269
193
75
Loans
\u2014
\u2014
1,286
1,286
5
1,282
Other sundry financial assets
2
\u2014
1,369
1,370
790
581
Total other financial assets
301
143
2,746
3,190
1,074
2,116
Financial assets
429
143
5,460
6,032
3,916
2,116
2023
Trade receivables from contracts with customers
99
\u2014
2,571
2,670
2,670
\u2014
Other trade receivables
\u2014
\u2014
785
785
785
\u2014
Total trade receivables
99
\u2014
3,356
3,455
3,455
\u2014
Equity investments
1
56
\u2014
57
\u2014
57
Investment funds
28
\u2014
\u2014
28
\u2014
28
Bonds
\u2014
\u2014
285
285
245
39
Derivatives designated as hedging instruments
\u2014
52
\u2014
52
50
2
Other derivatives
890
\u2014
\u2014
890
692
198
Loans
\u2014
\u2014
910
910
5
905
Other sundry financial assets
2
\u2014
1,610
1,612
1,139
474
Total other financial assets
921
108
2,805
3,834
2,130
1,704
Financial assets
1,020
108
6,160
7,288
5,584
1,704
Impairments of trade receivables
In EUR mn
2024
2023
January 1
101
65
Amounts written off
\u20136
\u20133
Net remeasurement of expected credit losses
25
41
Currency translation differences
3
\u20131
Reclassification to/from assets held for sale
3
\u20131
December 31
127
101
Credit quality of trade receivables
In EUR mn
2024
2023
Risk Class 1
666
1,155
Risk Class 2
700
855
Risk Class 3
952
873
Risk Class 4
262
252
Risk Class 5
225
268
Risk Class 6
37
53
Total gross carrying amount
2,841
3,457
Expected credit losses
\u2013127
\u2013101
Total
2,714
3,356
Maximum credit exposure1
In EUR mn
2024
2023
Trade receivables
2,842
3,455
Investments
135
85
Bonds
91
285
Derivatives
307
942
Loans
1,286
910
Other sundry financial assets
1,370
1,612
Cash and cash equivalents
6,182
6,920
Financial guarantee contracts2
1,735
1,234
Total maximum credit exposure
13,950
15,442
1 Excluding items reclassified to held for sale
2 Maximum exposure of financial guarantee contracts based on drawdowns of financing facilities as of December 31 excluding interest accrued.
Fair value hierarchy of financial assets1 and net amount of assets and liabilities held for sale at fair value
In EUR mn
Carrying amount
Fair value level
Valued at amortized
cost
Valued at
fair value
Total
Level 1
Level 2
Level 3
Total
2024
Trade receivables
2,714
128
2,842
\u2014
128
\u2014
128
Equity investments
\u2014
106
106
19
62
25
106
Investment funds
\u2014
29
29
29
\u2014
\u2014
29
Bonds
91
\u2014
91
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
39
39
\u2014
39
\u2014
39
Other derivatives
\u2014
269
269
5
264
\u2014
269
Loans
1,286
\u2014
1,286
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,369
2
1,370
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
369
369
\u2014
369
\u2014
369
Total
5,460
941
6,401
52
862
27
941
2023
Trade receivables
3,356
99
3,455
\u2014
99
\u2014
99
Equity investments
\u2014
57
57
\u2014
34
23
57
Investment funds
\u2014
28
28
28
\u2014
\u2014
28
Bonds
285
\u2014
285
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
52
52
\u2014
52
\u2014
52
Other derivatives
\u2014
890
890
0
890
\u2014
890
Loans
910
\u2014
910
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,610
2
1,612
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
13
13
\u2014
13
\u2014
13
Total
6,160
1,141
7,301
28
1,088
25
1,141
1 Excluding assets that were reclassified to held for sale
Offsetting of financial assets
In EUR mn
Note
Financial
instruments
(gross)
Amounts set
off in the
statement of
financial
position
Financial
instruments in
the statement
of financial
position (net)
Liabilities with
right of set-off
(not offset)
Net
2024
Derivative financial instruments
20
1,805
\u20131,498
307
\u201338
269
Trade receivables
20
4,018
\u20131,176
2,842
\u201385
2,757
Other sundry financial assets
20
1,374
\u20133
1,370
\u20130
1,370
Total
7,197
\u20132,677
4,520
\u2013123
4,397
2023
Derivative financial instruments
3,359
\u20132,417
942
\u2013122
820
Trade receivables
4,535
\u20131,081
3,455
\u201365
3,390
Other sundry financial assets
1,626
\u201313
1,612
\u20131
1,611
Total
9,520
\u20133,511
6,009
\u2013187
5,822
36 |
Unconsolidated structured entities
Accounting policy

OMV sells trade receivables in a securitization program and continues to service and collect the receivables. The risk retained by the OMV Group is insignificant and therefore the trade receivables sold are derecognized in their entirety.
OMV sells trade receivables in a securitization program to Carnuntum DAC, based in Dublin, Ireland. Although OMV continues to service the receivables, OMV does not control Carnuntum DAC. OMV performs the collection of the receivables strictly according to the defined Credit & Collection Policy and any decisions related to overdue receivables may only be taken by the Purchaser. In 2024, OMV transferred trade receivables amounting to EUR\u00a05,505\u00a0mn to Carnuntum DAC (2023: EUR\u00a06,032\u00a0mn). The receivables are sold at their nominal amount less a discount. The discount was recognized in profit or loss and amounted to EUR\u00a051\u00a0mn in 2024 (2023: EUR 53\u00a0mn). Interest income on the notes held in Carnuntum DAC amounted to EUR\u00a011\u00a0mn in 2024 (2023: EUR\u00a012\u00a0mn). In addition, OMV received a service fee for the debtor management services provided for the receivables sold.
The seller participation notes are senior to a loss reserve and third-party investor participation. The complementary notes are senior to seller participation notes and are of the same seniority as the senior notes issued by the program. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-75": { "value": "
Other operating expenses
In EUR mn
2024
2023
Foreign exchange losses from operating activities
185
182
Losses from the disposals of businesses, subsidiaries, and tangible and intangible assets
\u20139
31
Net impairment losses on financial assets measured at amortized cost
16
38
Personnel reduction schemes
19
9
Research and development expenses
87
76
Residual other operating expenses
127
125
Other operating expenses
426
462
12 |
Personnel expenses and average number of employees
Personnel expenses
In EUR mn
2024
2023
Wages and salaries
1,498
1,418
Costs of defined benefit plans
38
29
Costs of defined contribution plans
66
62
Personnel reduction schemes
19
9
Other employee benefits
263
230
Taxes and social contributions
260
275
Personnel expenses
2,144
2,023
The gains and losses recognized directly in other comprehensive income and their related tax effects were as follows:
Tax effects relating to each component of other comprehensive income
In EUR mn
2024
2023
Pre-tax
expense (\u2013)
income (+)
Tax
expense (\u2013)
benefit (+)1
Net-of-tax
expense (\u2013)
income (+)
Pre-tax
expense (\u2013)
income (+)
Tax
expense (\u2013)
benefit (+)1
Net-of-tax
expense (\u2013)
income (+)
Currency translation differences
511
0
511
\u2013542
\u20130
\u2013542
Gains (+)/losses (\u2013) on hedges
\u20138
2
\u20136
\u2013360
83
\u2013277
Remeasurement gains (+)/losses (\u2013)
on defined benefit plans
\u201316
0
\u201316
\u201358
7
\u201351
Gains (+)/losses (\u2013) on equity
investments
\u20133
1
\u20133
\u20132
1
\u20132
Gains (+)/losses (\u2013) on hedges that
are subsequently transferred to
the carrying amount of the
hedged item
4
\u20131
3
\u201327
6
\u201321
Share of other comprehensive
income of equity-accounted
investments
42
n.a.
4
02
n.a.
0
Other comprehensive income
for the year
491
2
493
\u2013989
97
\u2013893
1 Including valuation allowances for deferred tax assets for the Austrian tax group. For further details please refer to Note 14 \u2013 Taxes on income and profit.
2 Represents net-of-tax amounts
24 |
Provisions for pensions and similar obligations
Accounting policy

With regard to pensions and similar obligations, a distinction is made between defined benefit and defined contribution plans. In the case of defined contribution plans, current contributions are recognized as an expense.

In the case of defined benefit obligations, provisions for pensions, severance payments, and jubilee payments are calculated using the projected unit credit method, which divides the costs of the estimated benefit entitlements over the whole period of employment and thus takes future increases in remuneration into account. Actuarial gains and losses for defined benefit pension and severance payment obligations are recognized in full in the period in which they occur in other comprehensive income. Such actuarial gains and losses are not reclassified to profit or loss in subsequent periods. Actuarial gains and losses on obligations for jubilee payments are recognized in profit or loss. Net interest expenses are calculated on the basis of the net defined benefit obligation and disclosed as part of the financial result. The difference between the return on plan assets and interest income on plan assets included in the net interest expenses is recognized in other comprehensive income.

Provisions for voluntary and mandatory separations under restructuring programs are recognized if a detailed plan has been approved by management and communicated to those affected prior to the statement of financial position date and an irrevocable commitment is thereby established. Expenses related to such restructuring programs are included in the line \u201cOther operating expenses\u201d in the Consolidated Income Statement. Voluntary modifications to employees\u2019 remuneration arrangements are recognized on the basis of the expected number of employees accepting the employing company\u2019s offer. Provisions for obligations related to individual separation agreements that lead to fixed payments over a defined period of time are recognized at the present value of the obligation.

Significant estimates: pensions and similar obligations

The projected unit credit method of calculating provisions for pensions, severance, and jubilee entitlements requires estimates of discount rates, future increases in salaries, and future increases in pensions.

The biometrical basis for calculating provisions for pensions, severance, and jubilee entitlements of Austrian Group companies is provided by AV\u00d6 2018 P \u2013 Angestellte - Rechnungsgrundlagen f\u00fcr die Pensionsversicherung (Biometric Tables for Pension Insurance), using the variant for salaried employees. In other countries, similar actuarial parameters are used. Employee turnover was computed based on age or years of service, respectively. The expected retirement age used for calculations is based on the relevant country\u2019s legislation.
The following tables include details on funded and unfunded pension plans (mainly in Austria, Germany, Sweden, and Belgium) and severance plans (mainly in Austria), which are operated under broadly similar regulatory frameworks.
Pensions and similar obligations
In EUR mn
2024
2023
Present value of funded pension obligations
867
853
Fair value of plan assets
\u2013618
\u2013598
Provisions for funded pension obligations
249
255
Present value of unfunded pension obligations
462
479
Present value of obligations for severance and other plans
157
145
Provisions for pensions, severance, and other plans
867
879
Present value of obligations for other long-term benefits
89
87
Total provisions for pensions and similar obligations
956
966
Other long-term benefits mainly comprise jubilee payments. Employees in Austria and Germany are entitled to jubilee payments after completion of a given number of years of service. These plans are non-contributory and unfunded.
Present value of obligations
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Present value of obligations as of January 1
1,332
145
1,302
135
Current service costs
21
4
21
4
Past service costs
2
6
\u2014
\u2014
Interest costs
45
6
46
6
Amounts recognized in the income statement
69
16
67
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Total remeasurements of the period (OCI)
22
2
52
13
Actual benefit payments
\u201389
\u201322
\u201389
\u201313
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20135
1
\u20131
\u20130
Reclassification to/from liabilities associated
with assets held for sale
\u2014
15
\u2014
\u2014
Present value of obligations as of December 31
1,329
157
1,332
145
Fair value of plan assets
In EUR mn
2024
2023
Fair value of plan assets as of January\u00a01
598
526
Interest income
21
19
Return on plan assets excluding interest income (OCI)
8
6
Actual benefit payments
\u201358
\u201357
Actual employer contributions
51
104
Currency translation differences
\u20131
\u20131
Fair value of plan assets as of December\u00a031
618
598
Provisions and expenses
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Provisions as of January\u00a01
734
145
775
135
Current service costs
21
4
21
4
Past service cost
2
6
\u2014
\u2014
Net interest costs
24
6
27
6
Amounts recognized in the income statement
48
16
48
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Return on plan assets excluding interest income
\u20138
\u2014
\u20136
\u2014
Total remeasurements of the period (OCI)
15
2
46
13
Actual benefit payments
\u201331
\u201322
\u201332
\u201313
Actual employer contributions
\u201351
\u2014
\u2013104
\u2014
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20133
1
0
\u20130
Reclassification to/from liabilities associated with assets held for sale
\u2014
15
\u2014
\u2014
Provisions as of December\u00a031
711
157
734
145
Pensions
OMV has both defined contribution and defined benefit pension plans. In the case of defined contribution plans, OMV has no obligations beyond payment of the agreed premiums.
In contrast, participants in defined benefit plans are entitled to pensions at certain levels and are generally based on years of service and the employee\u2019s average compensation. These defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate risk, inflation risk (as a result of the indexation of the pension), and market risk.
Pension commitments were calculated based on country- and plan-specific assumptions. A large portion of the pension commitments of several OMV companies was transferred to country-specific external pension funds, however, there is also a number of unfunded plans where the benefit payment obligation lies with the Group. The benefits provided depend on the employee\u2019s length of service and salary in the final years leading up to retirement and, generally, they are updated in line with the consumer price index or a similar index.
The majority of pension commitments are attributable to plans in Austria and Belgium, which are mainly funded, and to Germany and Sweden, which are unfunded.
In Austria, the majority of pension commitments were transferred to external pension funds managed by APK Pensionskasse AG and in Belgium to Vivium, Towers Watson LifeSight, and KBC Asset Management. The investment of plan assets in Austria is governed by Section 25 of the Austrian Pension Fund Act and the Investment Fund Act. In addition to these regulations, the investment guidelines of APK Pensionskasse AG regulate the spread of asset allocation, the use of umbrella funds, and the selection of fund managers. The investment plans in Belgium follow the investment strategy of the respective insurance company as well as local legal regulations.
The allocation of plan assets was mainly in debt securities and insurance contracts. Aside from the insurance contracts, which are not quoted, the majority of plan assets are invested in liquid active markets for which quoted prices are available.
Expected contributions to post-employment benefit plans for the year 2025 total EUR\u00a028\u00a0mn. Moreover, defined benefit contributions related to 2024 in the amount of EUR 22 mn are expected to be paid in 2025.
Severance and other plans
Employees of Austrian Group companies whose service began before December 31, 2002, are entitled to severance payments upon termination of employment or upon reaching the normal retirement age. The entitlements depend on years of service and final compensation levels. Entitlement to severance payments for employees whose service began after December\u00a031, 2002, is covered by defined contribution plans. Similar obligations to entitlement to severance payments also exist in other countries where the Group provides employment. These defined benefit plans expose the Group to actuarial risks, mainly interest rate risk and inflation risk (as a result of the indexation of the salary).
Underlying assumptions for calculating pension expenses and expected defined benefit entitlements as of December 31
2024
2023

Pensions
Severance and other plans

Pensions
Severance and other plans
Capital market interest rate
3.25%\u20134.50%
3.00%\u20137.00%
3.25%\u20135.00%
3.75%\u20136.25%
Future increases in salaries
3.00%\u20135.50%
3.00%\u20135.50%
2.69%\u20135.00%
3.25%\u20134.00%
Future increases in pensions
1.75%\u20133.25%
\u2014
1.75%\u20133.50%
\u2014
The following actuarial assumptions for calculating pension expenses and expected defined benefit entitlements are considered as material and are stress tested within the following ranges. The increase or decrease compared to the values accounted for defined benefit obligations in relative deviation terms and in absolute values are as follows:
Sensitivities \u2013 percentage change
2024
Capital market interest rate
Future increases in salaries
Future increases in pensions
+0.50%
\u20130.50%
+0.50%
\u20130.50%
+0.50%
\u20130.50%
Pensions
\u20135.05%
5.54%
1.72%
\u20131.61%
3.67%
\u20133.40%
Severance and other plans
\u20133.68%
3.94%
3.29%
\u20133.13%
\u2014
\u2014
Sensitivities \u2013 absolute change
In EUR mn
2024
Capital market interest rate
Future increases in salaries
Future increases in pensions
+0.50%
\u20130.50%
+0.50%
\u20130.50%
+0.50%
\u20130.50%
Pensions
\u201367
74
23
\u201321
49
\u201345
Severance and other plans
\u20135
5
5
\u20134
\u2014
\u2014
Duration profiles and average duration of defined benefit obligations as of December 31
In EUR mn
2024
Duration profiles
Duration
1\u20135 years
6\u201310 years
>10 years
in years
Pensions
400
343
587
11
Severance and other plans
72
51
35
8
Allocation of plan assets as of December\u00a031
2024
2023
Asset category
Equity securities
19%
17%
Debt securities
33%
33%
Cash and money market investments
2%
5%
Insurance contracts
37%
36%
Other
9%
10%
Total
100%
100%
Other provisions
In EUR mn
2024
2023
Short-term
Long-term
Short-term
Long-term
Environmental costs
27
98
16
119
Onerous contracts
43
158
64
194
Other personnel provisions
172
10
146
9
Emissions certificates
509
\u2014
437
\u2014
Residual other provisions
189
120
114
100
Other provisions
940
387
777
422
Other personnel provisions included short-term provisions related to personnel reduction schemes of EUR\u00a017\u00a0mn (2023: EUR\u00a014\u00a0mn). The remaining amount was mainly related to provisions for bonuses.
Key management personnel compensation
Remuneration received by active members of the Executive Board as of December 31, 2024
In EUR mn
2024
Stern
Florey
Gaso
van Koten
Vlad5
Total
Short-term benefits
2.24
1.87
1.30
1.36
1.32
8.09
Fixed (base salary)
1.04
0.87
0.60
0.62
0.58
3.70
Variable (cash bonus)1
1.19
0.99
0.63
0.72
0.66
4.18
Benefits in kind2
0.01
0.01
0.073
0.034
0.093
0.21
Post-employment benefits
0.26
0.22
0.15
0.15
0.14
0.93
Pension fund contributions
0.26
0.22
0.15
0.15
0.14
0.93
Share-based benefits
1.58
1.19
0.35
0.61
0.36
4.09
Variable (Equity Deferral 2023)
0.87
0.72
0.35
0.40
0.36
2.70
Variable (LTIP 2021)
0.71
0.47
\u2014
0.21
\u2014
1.39
Remuneration received by the Executive Board
4.08
3.27
1.80
2.13
1.82
13.10
1 The variable components relate to target achievement in 2023, for which bonuses were paid in 2024.
2 Including cash payments for allowances
3 Including rental, advisory costs, and related taxes
4 Including car allowances
5 Daniela Vlad resigned from the Executive Board effective February 28, 2025.
Remuneration received by former members of the Executive Board as of December 31, 2024
In EUR mn
2024
Pleininger3
Skvortsova4
Seele5
Gangl6
Total
Short-term benefits
0.34
0.34
\u2014
\u2014
0.68
Variable (cash bonus)1
0.34
0.33
\u2014
\u2014
0.67
Benefits in kind2
\u2014
0.01
\u2014
\u2014
0.01
Share-based benefits
0.88
0.61
1.80
0.11
3.39
Variable (Equity Deferral 2023)
0.27
0.18
\u2014
\u2014
0.46
Variable (LTIP 2021)
0.60
0.43
1.80
0.11
2.94
Remuneration received by former Executive Board members
1.22
0.95
1.80
0.11
4.07
1 The variable components relate to target achievement in 2023, for which bonuses were paid in 2024.
2 Including cash payments for allowances
3 Johann Pleininger resigned from the Executive Board effective December 31, 2022 and his contract ended on April 30, 2023.
4 Elena Skvortsova resigned from the Executive Board effective October 31, 2022 and her contract ended on June 14, 2023.
5 Rainer Seele resigned from the Executive Board effective August 31, 2021 and his contract ended on June 30, 2022.
6 Thomas Gangl resigned from the Executive Board effective March 31, 2021.
Remuneration received by active members of the Executive Board as of December 31, 2023
In EUR mn
2023
Stern
Florey
Gaso4
van Koten
Vlad8
Total
Short-term benefits
2.16
1.83
1.24
1.31
0.86
7.39
Fixed (base salary)
0.99
0.81
0.50
0.58
0.53
3.41
Fixed (one-off payment)
\u2014
\u2014
0.635
\u2014
0.269
0.89
Variable (cash bonus)1
1.16
0.97
\u2014
0.70
\u2014
2.83
Benefits in kind2
0.01
0.053
0.116
0.037
0.0710
0.26
Post-employment benefits
0.25
0.20
0.13
0.14
0.13
0.86
Pension fund contributions
0.25
0.20
0.13
0.14
0.13
0.86
Share-based benefits
0.68
1.04
\u2014
0.31
\u2014
2.04
Variable (Equity Deferral 2022)
0.68
0.57
\u2014
0.31
\u2014
1.56
Variable (LTIP 2020)
\u2014
0.48
\u2014
\u2014
\u2014
0.48
Remuneration received by the Executive Board
3.09
3.07
1.37
1.76
0.99
10.28
1 The variable components relate to target achievement in 2022, for which bonuses were paid in 2023.
2 Including cash payments for allowances
3 Including schooling costs and related taxes
4 Berislav Gaso joined the Executive Board on March 1, 2023.
5 Berislav Gaso received a compensation payment for forfeited remuneration in the 2023 financial year in settlement of the variable remuneration that was demonstrably forfeited due to the transfer from the MOL Group to OMV Aktiengesellschaft.
6 Including relocation, rental costs, and related taxes
7 Including car allowances
8 Daniela Vlad joined the Executive Board on February 1, 2023.
9 Daniela Vlad received a compensation payment for forfeited remuneration in the 2023 financial year in settlement of the variable remuneration that was demonstrably forfeited due to the transfer from AkzoNobel N.V. to OMV Aktiengesellschaft.
10 Including relocation, rental costs, and related taxes
Remuneration received by former members of the Executive Board as of December 31, 2023
In EUR mn
2023
Pleininger3
Skvortsova5
Seele7
Gangl8
Total
Short-term benefits
1.52
1.04
0.72
\u2014
3.28
Fixed (base salary)
0.25
0.26
\u2014
\u2014
0.51
Fixed (one-off payment)
0.274
\u2014
\u2014
\u2014
0.27
Variable (cash bonus)1
1.00
0.70
0.72
\u2014
2.42
Benefits in kind2
0.00
0.086
\u2014
\u2014
0.08
Post-employment benefits
0.12
0.07
\u2014
\u2014
0.19
Pension fund contributions
0.12
0.07
\u2014
\u2014
0.19
Share-based benefits
1.26
0.55
2.16
0.44
4.40
Variable (Equity Deferral 2022)
0.65
0.31
0.32
\u2014
1.27
Variable (LTIP 2020)
0.61
0.24
1.84
0.44
3.13
Remuneration received by former Executive Board members
2.90
1.66
2.88
0.44
7.87
1 The variable components relate to target achievement in 2022, for which bonuses were paid in 2023.
2 Including cash payments for allowances
3 Johann Pleininger resigned from the Executive Board effective December 31, 2022 and his contract ended on April 30, 2023.
4 Johann Pleininger received compensation for the shortened phase-out period for the period from May 1 until August 31, 2023.
5 Elena Skvortsova resigned from the Executive Board effective October 31, 2022 and her contract ended on June 14, 2023.
6 Including rental, advisory costs, and related taxes
7 Rainer Seele resigned from the Executive Board effective August 31, 2021 and his contract ended on June 30, 2022.
8 Thomas Gangl resigned from the Executive Board effective March 31, 2021.
Remuneration received by top executives (excl. Executive Board)1
In EUR mn
2024
2023
Salaries and bonuses
27.0
28.5
Pension fund contributions
1.5
1.5
Other post-employment benefits including termination benefits
0.0
2.5
Share-based benefits
5.9
6.4
Other long-term benefits
0.1
0.1
Remuneration received by top executives (excl. Executive Board)
34.5
39.0
1 In 2024, there were on average 48 top executives (2023: 51) based on the months of service in the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-76": { "value": "
Other operating expenses
In EUR mn
2024
2023
Foreign exchange losses from operating activities
185
182
Losses from the disposals of businesses, subsidiaries, and tangible and intangible assets
\u20139
31
Net impairment losses on financial assets measured at amortized cost
16
38
Personnel reduction schemes
19
9
Research and development expenses
87
76
Residual other operating expenses
127
125
Other operating expenses
426
462
Net impairment losses on financial assets measured at amortized cost were mainly related to impairments of receivables in Tunisia amounting to EUR\u00a017\u00a0mn (2023: EUR 26 mn).
Impairments of trade receivables
In EUR mn
2024
2023
January 1
101
65
Amounts written off
\u20136
\u20133
Net remeasurement of expected credit losses
25
41
Currency translation differences
3
\u20131
Reclassification to/from assets held for sale
3
\u20131
December 31
127
101
Credit quality of trade receivables
In EUR mn
2024
2023
Risk Class 1
666
1,155
Risk Class 2
700
855
Risk Class 3
952
873
Risk Class 4
262
252
Risk Class 5
225
268
Risk Class 6
37
53
Total gross carrying amount
2,841
3,457
Expected credit losses
\u2013127
\u2013101
Total
2,714
3,356
Impairments of other financial assets at amortized cost
In EUR mn
12-month ECL
Lifetime ECL
not credit
impaired
Lifetime ECL
credit impaired
Total
2024
January 1
13
32
1,442
1,487
Amounts written off
\u20130
\u2014
\u20133
\u20133
Net remeasurement of expected credit losses
\u20131
\u201310
155
144
Currency translation differences
\u20130
2
5
7
December 311, 2
12
23
1,600
1,635
2023
January 1
10
44
1,311
1,365
Amounts written off
\u20131
\u2014
\u20135
\u20136
Net remeasurement of expected credit losses
4
\u201311
140
133
Currency translation differences
\u20130
\u20131
\u20133
\u20135
December 311, 2
13
32
1,442
1,487
1 \u201cLifetime ECL credit impaired\u201d included fully impaired gross carrying amount of loan receivables including accrued interest related to the financing agreements for the Nord Stream 2 pipeline project in the amount of EUR 1.4 bn (2023: EUR 1.2 bn).
2 \u201c12-month ECL\u201d included an amount of EUR 1 mn (2023: EUR 1 mn) and \u201cLifetime ECL credit impaired\u201d an amount of EUR 9 mn (2023: EUR 8 mn) related to expenditure recoverable from the Romanian State, which are outside the scope of IFRS 9.
Credit quality of other financial assets at amortized cost
In EUR mn
12-month ECL
Lifetime
ECL not
credit
impaired
Lifetime
ECL
credit
impaired
Total
12-month ECL
Lifetime
ECL not
credit
impaired
Lifetime
ECL
credit
impaired
Total
2024
2023
Risk Class 1
452
\u2014
\u2014
452
826
\u2013
\u2013
826
Risk Class 21
832
81
91
1,004
751
\u2014
8
759
Risk Class 3
1,401
0
\u2014
1,401
1,140
94
77
1,312
Risk Class 4
0
\u2014
\u2014
0
2
\u2014
\u2014
2
Risk Class 5
15
\u2014
22
37
36
\u2014
22
58
Risk Class 62
\u2014
\u2014
1,487
1,487
\u2014
\u2014
1,335
1,335
Total gross carrying amount
2,700
81
1,600
4,381
2,755
94
1,442
4,292
Expected credit losses3
\u201312
\u201323
\u20131,600
\u20131,635
\u201313
\u201332
\u20131,442
\u20131,487
Total
2,688
58
\u2014
2,746
2,742
62
\u2014
2,805
1 \u201c12-month ECL\u201d included an amount of EUR 430 mn (2023: EUR 401 mn) and \u201cLifetime ECL credit impaired\u201d an amount of EUR 9 mn (2023: EUR 8 mn) related to expenditure recoverable from the Romanian State, which are outside the scope of IFRS 9.
2 \u201cLifetime ECL credit impaired\u201d included fully impaired gross carrying amount of loan receivables including accrued interests related to the financing agreements for the Nord Stream\u00a02 pipeline project in the amount of EUR 1.4 bn (2023: EUR 1.2 bn).
3 \u201c12-month ECL\u201d included an amount of EUR 1 mn (2023: EUR 1 mn) and \u201cLifetime ECL credit impaired\u201d an amount of EUR 9 mn (2023: EUR 8 mn) related to expenditure recoverable from the Romanian State, which are outside the scope of IFRS 9.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-77": { "value": "
Other operating expenses
In EUR mn
2024
2023
Foreign exchange losses from operating activities
185
182
Losses from the disposals of businesses, subsidiaries, and tangible and intangible assets
\u20139
31
Net impairment losses on financial assets measured at amortized cost
16
38
Personnel reduction schemes
19
9
Research and development expenses
87
76
Residual other operating expenses
127
125
Other operating expenses
426
462
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-78": { "value": "
Other operating expenses
In EUR mn
2024
2023
Foreign exchange losses from operating activities
185
182
Losses from the disposals of businesses, subsidiaries, and tangible and intangible assets
\u20139
31
Net impairment losses on financial assets measured at amortized cost
16
38
Personnel reduction schemes
19
9
Research and development expenses
87
76
Residual other operating expenses
127
125
Other operating expenses
426
462
Net impairment losses on financial assets measured at amortized cost were mainly related to impairments of receivables in Tunisia amounting to EUR\u00a017\u00a0mn (2023: EUR 26 mn).
Other financial income and expenses
In EUR mn
2024
2023
Carrying amount of sold trade and other receivables
\u201311,881
\u201311,825
Proceeds on sold trade and other receivables
11,801
11,748
Financing charges for factoring and securitization
\u201380
\u201377
Net foreign exchange gains (+)/losses (\u2013)
20
\u201329
Other
\u20138
\u201332
Other financial income and expenses
\u201369
\u2013138
The position Other was mainly related to bank charges. In 2023, it additionally included negative fair value adjustments of investments in Russia in the amount of EUR 23 mn.
20 |
Financial assets
Accounting policy

At initial recognition, OMV classifies its financial assets as subsequently measured at amortized cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The classification depends on both the Group\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. All regular way trades are recognized and derecognized on the trade date, i.e., the date that the Group commits to purchasing or selling the asset.

Debt instruments are mainly measured at amortized cost and to a small extent at fair value.

OMV recognizes allowances for expected credit losses (ECLs) for all financial assets measured at amortized costs. The ECL calculation is based on the external or internal credit ratings of the counterparty and associated probabilities of default or based on a probability-weighted amount that was determined by evaluating a range of possible outcomes in one specific case. Available forward-looking information is considered, if it has a material impact on the amount of the valuation allowance recognized.

ECLs are recognized in two stages. Where there has not been a significant increase in the credit risk since initial recognition, credit losses are measured at twelve-month ECLs. The twelve-month ECL is the credit loss that could result from default events that are possible within the next twelve months. The Group considers a financial asset to have low credit risk when its credit risk rating is equivalent to the definition of \u201cinvestment grade\u201d.

Where there has been a significant increase in the credit risk since initial recognition, a loss allowance is required for the lifetime ECL, i.e., the expected credit losses resulting from possible default events over the expected life of a financial asset. For this assessment, OMV considers all reasonable and supportable information that is available without undue cost or effort. Furthermore, OMV assumes that the credit risk on a financial asset has significantly increased if it is more than 30 days past due. If credit quality improves for a lifetime ECL asset, OMV reverts to recognizing allowances on a twelve-month ECL basis. A financial asset is considered to be in default when the financial asset is 90 days past due, unless there is reasonable and supportable information demonstrating that a more lagging default criterion is appropriate. A financial asset is written off when there is no reasonable expectation that the contractual cash flows will be recovered.

For trade receivables and contract assets from contracts with customers, a simplified approach is adopted, where the impairment losses are recognized at an amount equal to lifetime expected credit losses. If there are credit insurances or securities held against the balances outstanding, the ECL calculation is based on the probability of default of the insurer/securer for the insured/secured element of the outstanding balance and for the remaining amount on the probability of default of the counterparty.

Non-derivative financial assets classified as at fair value through profit or loss (FVTPL) include trade receivables from sales contracts with provisional pricing and investment funds because the contractual cash flows do not solely represent payments of principal and interest on the principal amount outstanding. Furthermore, this measurement category includes portfolios of trade receivables held with an intention to sell them. These assets are measured at fair value, with any gains or losses arising on remeasurement recognized in profit or loss.

Equity instruments are either measured at fair value through profit or loss (FVTPL) or at fair value through OCI (FVOCI).OMV decided irrevocably to classify as investments at FVOCI the majority of its non-listed equity investments, which are held for strategic purposes and not trading.

OMV derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.

Significant estimates: recoverability and fair value measurement of financial assets

The management periodically assesses the receivable related to expenditure recoverable from the Romanian State regarding obligations for decommissioning and restoration costs in OMV Petrom SA. The assessment process takes into consideration aspects such as the history of amounts claimed, documentation process-related requirements, potential litigation, and arbitration proceedings.

The investments in the Russian entities JSC GAZPROM YRGM Development (YRGM) and OJSC Severneftegazprom (SNGP) are accounted for at fair value through profit or loss according to IFRS\u00a09 since their deconsolidation was triggered by the Russian war on Ukraine.

On December 19, 2023, the Russian President signed a decree regarding the Yuzhno-Russkoye field. According to this decree, OMV\u2019s shareholdings in Russian entities and consequently its interests in the gas field are to be transferred to new Russian companies. Those companies will ultimately be held by the insurance company JSC SOGAZ and Gazprom. The proceeds from the transfer of the OMV interest to JSC SOGAZ are to be paid into a Russian special account. This decree equals a unilateral and irreversible expropriation by seizing the interests of OMV in return for compensation that will be determined by Russia and placed in accounts that will eventually be under Russian control. On July 1, 2024, the Russian government established the new companies. According to the public records, the shares attributable to OMV interest have not been transferred to SOGAZ until year-end 2024. Based on these developments and the unchanged situation with regard to the Russian war on Ukraine, OMV considers its investments in YRGM and SNGP to have a fair value of nil as of December 31, 2024 (2023: nil).

OMV has a contractual position toward Gazprom from the redetermination of the reserves of the Yuzhno Russkoye gas field, which was taken over as part of the acquisition of the participation in this field in 2017. According to this agreement, the volume of gas reserves in the Yuzhno Russkoye field is contractually defined and if the reserves are higher or lower than what was assumed in the agreement, either OMV could be obligated to compensate Gazprom (but would have profited in the future from higher sales volumes) or Gazprom could be obligated to compensate OMV. The payment for the reserve redetermination is linked to the actual amount of the gas reserves.

Based on the reserves determined by an independent expert, who was appointed according to the swap agreement, OMV would be entitled to compensation. In the current difficult political and legal environment in Russia, however, at this stage OMV does not expect this contractual position to be recoverable and measures this asset with a value of zero (2023: nil).
Financial assets
In EUR mn
Valued at
fair value
through
profit or loss
Valued at
fair value through other comprehen-
sive income
Valued at amortized cost
Total
carrying
amount
thereof
short-term
thereof
long-term
2024
Trade receivables from contracts with customers
128
\u2014
2,230
2,358
2,358
\u2014
Other trade receivables
\u2014
\u2014
484
484
484
\u2014
Total trade receivables
128
\u2014
2,714
2,842
2,842
\u2014
Equity investments
1
105
\u2014
106
\u2014
106
Investment funds
29
\u2014
\u2014
29
\u2014
29
Bonds
\u2014
\u2014
91
91
59
33
Derivatives designated as hedging instruments
\u2014
39
\u2014
39
27
12
Other derivatives
269
\u2014
\u2014
269
193
75
Loans
\u2014
\u2014
1,286
1,286
5
1,282
Other sundry financial assets
2
\u2014
1,369
1,370
790
581
Total other financial assets
301
143
2,746
3,190
1,074
2,116
Financial assets
429
143
5,460
6,032
3,916
2,116
2023
Trade receivables from contracts with customers
99
\u2014
2,571
2,670
2,670
\u2014
Other trade receivables
\u2014
\u2014
785
785
785
\u2014
Total trade receivables
99
\u2014
3,356
3,455
3,455
\u2014
Equity investments
1
56
\u2014
57
\u2014
57
Investment funds
28
\u2014
\u2014
28
\u2014
28
Bonds
\u2014
\u2014
285
285
245
39
Derivatives designated as hedging instruments
\u2014
52
\u2014
52
50
2
Other derivatives
890
\u2014
\u2014
890
692
198
Loans
\u2014
\u2014
910
910
5
905
Other sundry financial assets
2
\u2014
1,610
1,612
1,139
474
Total other financial assets
921
108
2,805
3,834
2,130
1,704
Financial assets
1,020
108
6,160
7,288
5,584
1,704
Financial assets at fair value through profit or loss mainly consisted of financial assets held for trading.
In 2024 the position loans included loans and the related accrued interests under a member loan agreement with Bayport Polymers LLC in the amount of EUR\u00a0769\u00a0mn (2023: EUR\u00a0701\u00a0mn) and EUR\u00a0435\u00a0mn (2023: EUR\u00a0155\u00a0mn) from drawdowns and the related interest accrued from a shareholder loan agreement entered into with Borouge\u00a04\u00a0LLC. For further details please refer to Note 35 \u2013 Related parties.
Other sundry financial assets included expenditure recoverable from the Romanian State amounting to EUR\u00a0429\u00a0mn (2023: EUR\u00a0399\u00a0mn) related to obligations for decommissioning and environmental costs in OMV Petrom S.A. The receivables consisted of EUR\u00a0419\u00a0mn (2023: EUR\u00a0391\u00a0mn) for costs relating to decommissioning and EUR\u00a09\u00a0mn (2023: EUR\u00a08\u00a0mn) for costs relating to environmental remediation.
On October 2, 2020, as party in the privatization agreement, OMV Aktiengesellschaft initiated arbitration proceedings against the Romanian Ministry of Environment, in accordance with the International Chamber of Commerce (ICC) Rules, regarding certain claims unpaid by the Ministry of Environment in relation to well decommissioning and environmental restoration obligations amounting to EUR 31 mn. On August 30, 2022, the Arbitral Tribunal issued the Final Award on the arbitration and requested the Ministry of Environment to reimburse to OMV Petrom S.A. the amount of EUR\u00a031 mn and related interest. In October 2022, the Ministry of Environment challenged the award at the Paris Court of Appeal, a procedure that was still ongoing as of December\u00a031,\u00a02024.
In Q4/22, OMV Aktiengesellschaft, as party in the privatization agreement, initiated arbitration proceedings against the Romanian Ministry of Environment, in accordance with the ICC Rules, which have been further consolidated in a single case, regarding certain claims unpaid by the Ministry of Environment in relation to well decommissioning and environmental remediation works amounting to EUR 47 mn. On January 15, 2025, the Arbitral Tribunal issued the Final Award on the arbitration, requesting the Ministry of Environment to reimburse OMV Petrom S.A. the full amount requested, along with related interest.
On December 20, 2024, OMV Aktiengesellschaft, as party in the privatization agreement, initiated arbitration proceedings against the Romanian Ministry of Environment, in accordance with the ICC Rules, regarding certain claims unpaid by the Ministry of Environment in relation to well decommissioning works amounting to EUR 50 mn. As of December 31, 2024, the arbitration procedure was ongoing.
Additionally, other sundry financial assets contained receivables towards partners in the Exploration & Production business as well as seller participation notes and complementary notes in Carnuntum DAC (see Note 36 \u2013 Unconsolidated structured entities \u2013 for further details).
Equity investments measured at FVOCI
In EUR mn
2024
2023
Investment
Fair value
Fair value adjustment through OCI
Dividend recognized as income
Fair value
Fair value adjustment through OCI
Dividend recognized as income
Eavor Technologies Inc.
53
\u20131
\u2014
34
\u2014
\u2014
Vulcan Energy Resources Limited
19
\u20131
\u2014
\u2014
\u2014
\u2014
Hycamite TCD Technologies Ltd.
9
\u2014
\u2014
5
\u2014
\u2014
Wiener B\u00f6rse AG
7
1
1
6
\u20131
1
KIC InnoEnergy SE
6
\u20132
\u2014
\u2014
\u2014
\u2014
Other
12
1
5
11
\u20131
4
Equity investments measured at FVOCI
105
\u20133
6
56
\u20132
4
Probability of default
Equivalent to external credit rating
Probability of default
2024
2023
Risk Class 1
AAA, AA+, AA,
AA\u2013, A+, A, A\u2013
0.13%
0.13%
Risk Class 2
BBB+, BBB, BBB\u2013
0.44%
0.44%
Risk Class 3
BB+, BB, BB\u2013
1.18%
1.18%
Risk Class 4
B+, B, B\u2013
8.52%
8.52%
Risk Class 5
CCC/C
29.54%
29.54%
Risk Class 6
SD/D
100.00%
100.00%
For further details on credit risk management see Note 29 \u2013 Risk management.
Impairments of trade receivables
In EUR mn
2024
2023
January 1
101
65
Amounts written off
\u20136
\u20133
Net remeasurement of expected credit losses
25
41
Currency translation differences
3
\u20131
Reclassification to/from assets held for sale
3
\u20131
December 31
127
101
Credit quality of trade receivables
In EUR mn
2024
2023
Risk Class 1
666
1,155
Risk Class 2
700
855
Risk Class 3
952
873
Risk Class 4
262
252
Risk Class 5
225
268
Risk Class 6
37
53
Total gross carrying amount
2,841
3,457
Expected credit losses
\u2013127
\u2013101
Total
2,714
3,356
Impairments of other financial assets at amortized cost
In EUR mn
12-month ECL
Lifetime ECL
not credit
impaired
Lifetime ECL
credit impaired
Total
2024
January 1
13
32
1,442
1,487
Amounts written off
\u20130
\u2014
\u20133
\u20133
Net remeasurement of expected credit losses
\u20131
\u201310
155
144
Currency translation differences
\u20130
2
5
7
December 311, 2
12
23
1,600
1,635
2023
January 1
10
44
1,311
1,365
Amounts written off
\u20131
\u2014
\u20135
\u20136
Net remeasurement of expected credit losses
4
\u201311
140
133
Currency translation differences
\u20130
\u20131
\u20133
\u20135
December 311, 2
13
32
1,442
1,487
1 \u201cLifetime ECL credit impaired\u201d included fully impaired gross carrying amount of loan receivables including accrued interest related to the financing agreements for the Nord Stream 2 pipeline project in the amount of EUR 1.4 bn (2023: EUR 1.2 bn).
2 \u201c12-month ECL\u201d included an amount of EUR 1 mn (2023: EUR 1 mn) and \u201cLifetime ECL credit impaired\u201d an amount of EUR 9 mn (2023: EUR 8 mn) related to expenditure recoverable from the Romanian State, which are outside the scope of IFRS 9.
Credit quality of other financial assets at amortized cost
In EUR mn
12-month ECL
Lifetime
ECL not
credit
impaired
Lifetime
ECL
credit
impaired
Total
12-month ECL
Lifetime
ECL not
credit
impaired
Lifetime
ECL
credit
impaired
Total
2024
2023
Risk Class 1
452
\u2014
\u2014
452
826
\u2013
\u2013
826
Risk Class 21
832
81
91
1,004
751
\u2014
8
759
Risk Class 3
1,401
0
\u2014
1,401
1,140
94
77
1,312
Risk Class 4
0
\u2014
\u2014
0
2
\u2014
\u2014
2
Risk Class 5
15
\u2014
22
37
36
\u2014
22
58
Risk Class 62
\u2014
\u2014
1,487
1,487
\u2014
\u2014
1,335
1,335
Total gross carrying amount
2,700
81
1,600
4,381
2,755
94
1,442
4,292
Expected credit losses3
\u201312
\u201323
\u20131,600
\u20131,635
\u201313
\u201332
\u20131,442
\u20131,487
Total
2,688
58
\u2014
2,746
2,742
62
\u2014
2,805
1 \u201c12-month ECL\u201d included an amount of EUR 430 mn (2023: EUR 401 mn) and \u201cLifetime ECL credit impaired\u201d an amount of EUR 9 mn (2023: EUR 8 mn) related to expenditure recoverable from the Romanian State, which are outside the scope of IFRS 9.
2 \u201cLifetime ECL credit impaired\u201d included fully impaired gross carrying amount of loan receivables including accrued interests related to the financing agreements for the Nord Stream\u00a02 pipeline project in the amount of EUR 1.4 bn (2023: EUR 1.2 bn).
3 \u201c12-month ECL\u201d included an amount of EUR 1 mn (2023: EUR 1 mn) and \u201cLifetime ECL credit impaired\u201d an amount of EUR 9 mn (2023: EUR 8 mn) related to expenditure recoverable from the Romanian State, which are outside the scope of IFRS 9.
The gains and losses recognized directly in other comprehensive income and their related tax effects were as follows:
Tax effects relating to each component of other comprehensive income
In EUR mn
2024
2023
Pre-tax
expense (\u2013)
income (+)
Tax
expense (\u2013)
benefit (+)1
Net-of-tax
expense (\u2013)
income (+)
Pre-tax
expense (\u2013)
income (+)
Tax
expense (\u2013)
benefit (+)1
Net-of-tax
expense (\u2013)
income (+)
Currency translation differences
511
0
511
\u2013542
\u20130
\u2013542
Gains (+)/losses (\u2013) on hedges
\u20138
2
\u20136
\u2013360
83
\u2013277
Remeasurement gains (+)/losses (\u2013)
on defined benefit plans
\u201316
0
\u201316
\u201358
7
\u201351
Gains (+)/losses (\u2013) on equity
investments
\u20133
1
\u20133
\u20132
1
\u20132
Gains (+)/losses (\u2013) on hedges that
are subsequently transferred to
the carrying amount of the
hedged item
4
\u20131
3
\u201327
6
\u201321
Share of other comprehensive
income of equity-accounted
investments
42
n.a.
4
02
n.a.
0
Other comprehensive income
for the year
491
2
493
\u2013989
97
\u2013893
1 Including valuation allowances for deferred tax assets for the Austrian tax group. For further details please refer to Note 14 \u2013 Taxes on income and profit.
2 Represents net-of-tax amounts
Bonds and other interest-bearing debts
As of December 31, 2024, long-term bonds and other interest-bearing debts included EUR\u00a0510\u00a0mn loan arrangements, which were subject to OMV Group complying with financial covenants.
As of December 31, 2024 and as of December 31, 2023, the OMV Group was in compliance with all those financial covenants and had significant headroom compared to the thresholds stipulated by the loans agreements.
Other financial liabilities
Other financial liabilities
In EUR mn
Short-term
Long-term
Total
2024
Derivative financial liabilities
302
100
403
Liabilities on derivatives designated as hedging instruments
44
16
60
Liabilities on other derivatives
258
85
342
Other sundry financial liabilities
744
137
882
Other financial liabilities
1,047
238
1,284
2023
Derivative financial liabilities
386
150
536
Liabilities on derivatives designated 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
The table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted cash flows:
Financial liabilities (undiscounted cash flows)
In EUR mn
\u22641 year
1\u20135 years
>5 years
Total
2024
Bonds
924
3,124
3,248
7,297
Other interest-bearing debts
356
592
151
1,098
Lease liabilities
277
662
1,234
2,173
Trade payables
3,723
\u2014
\u2014
3,723
Derivative financial liabilities
315
102
\u2014
417
Other sundry financial liabilities1
744
82
89
916
Financial liabilities (undiscounted cash flows)
6,339
4,562
4,722
15,623
2023
Bonds
597
3,845
2,113
6,555
Other interest-bearing debts
459
857
231
1,547
Lease liabilities
219
588
1,231
2,038
Trade payables
3,955
\u2014
\u2014
3,955
Derivative financial liabilities
393
157
\u2014
550
Other sundry financial liabilities1
1,039
82
139
1,260
Financial liabilities (undiscounted cash flows)
6,662
5,529
3,713
15,904
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 29 \u2013 Risk management.
Market risk
Accounting policy

Derivative financial instruments are used to hedge market risks resulting from changes in currency exchange rates, commodity prices, and interest rates and for trading purposes. Derivative instruments are recognized at fair value. Unrealized gains and losses are recognized as income or expenses, except where hedge accounting according to IFRS 9 is applied.

Those derivatives qualifying and designated as hedges are either 1) a fair value hedge when hedging exposure to changes in the fair value of a recognized asset or liability, 2) a cash flow hedge when hedging exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction, or 3) a net investment hedge when hedging the foreign exchange risk in a net investment in a foreign operation.

For cash flow hedges, the effective part of the changes in fair value is recognized in other comprehensive income, while the ineffective part is recognized immediately in the income statement. Where the hedging of cash flows results in the recognition of a non-financial asset or liability, the carrying value of that item will be adjusted for the accumulated gains or losses recognized directly in OCI.

Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in OCI and accumulated in the reserve for currency translation differences. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is disposed of or sold.

Contracts to buy or sell non-financial items that can be settled net in cash or another financial instrument are accounted for as financial instruments and measured at fair value. Associated gains or losses are recognized in profit or loss. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of non-financial items in accordance with the Group\u2019s expected purchase, sale, or usage requirements are not accounted for as derivative financial instruments, but as executory contracts.

OMV has contracted several long-term power purchase agreements, which were entered into and continue to be held for own use. They are therefore accounted for as executory contracts.
Significant judgment: classification of contracts for the purchase or sale of natural gas as \u201cown use\u201d contracts

The classification of contracts for the purchase or sale of natural gas as \u201cown use\u201d contracts, which are outside the scope of IFRS 9, requires significant judgment. OMV systematically analyzes the gas supply and sales contracts to determine whether they fulfill the conditions for application of the own use exemption. Contracts are classified as \u201cown use\u201d contracts if it can be demonstrated that they are entered into and continue to be held for the purpose of physical delivery or receipt of the natural gas in accordance with the Group\u2019s expected purchase, sale, or usage requirements and that the Group does not have any practice of settling similar contracts on a net basis. In addition, this analysis consists of demonstrating that the \u201cown use\u201d contracts do not include any written options such as volume flexibilities that go beyond the needs of the ordinary business and therefore are financial options according to IFRS 9. Only contracts fulfilling these criteria are treated as \u201cown use\u201d contracts outside the scope of IFRS 9 and are accounted for as executory contracts.
For the purpose of mitigating market price risks, the Group enters into derivative financial instruments such as OTC swaps, options, futures, and forwards.
Swaps do not involve an investment at the time the contracts are concluded; settlement normally takes place at the end of the quarter or month. The premiums on purchased options are payable when the contract is concluded; where options are exercised, payment of the difference between the strike price and average market price for the period takes place at contract expiration.
Commodity price risk management refers to analysis, assessment, reporting, and hedging of market price risk exposure arising from non-trading and trading activities, covering production (oil, gas, power, and feedstock prices), refining (refinery margin, inventories up to a defined threshold), oil and gas marketing activities (marketing margin, inventories up to a defined threshold), and producing power (spark spreads) in addition to proprietary trading positions.
Limited proprietary trading activities may be performed for the purpose of creating market access within the oil, power, and gas markets up to a defined threshold.
Hedges are generally placed in the legal entities where the underlying exposure exists. When certain conditions are met, the Group may elect to apply IFRS\u00a09 hedge accounting principles in order to recognize the offsetting effects on profit or loss of changes in the fair value of the hedging instruments at the same time as the hedged items.
Derivatives are mostly used for economic hedging purposes and not as speculative investments. However, where derivatives are not designated as hedging instruments (i.e., hedge accounting is not applied), they are valued at fair value through profit or loss for accounting purposes.
The following tables show the fair values of derivative financial instruments together with their notional amounts. The notional amount, recorded gross, is the amount of a derivative\u2019s underlying asset, reference rate, or index and is the basis upon which changes in the value of derivatives are measured. The notional amounts indicate the volume of the transactions outstanding at year-end and are not indicative of either the market risk or the credit risk.
Nominal and fair value of open derivative financial instruments
In EUR mn
2024
2023
Nominal
Fair value
assets
Fair value
liabilities
Nominal
Fair value
assets
Fair value
liabilities
Commodity price risk
Oil incl. oil products
1,609
21
\u20131
1,120
27
\u20138
Gas
15
\u2014
\u20131
31
\u2014
\u2014
Power
393
16
\u201348
411
13
\u201359
Commodity hedges (designated in
hedge relationship)1
2,017
38
\u201350
1,562
39
\u201367
Oil incl. oil products
11,232
2
\u201324
10,614
2
\u201340
Gas
17,450
133
\u2013231
16,104
714
\u2013386
Power
1,058
86
\u201368
262
47
\u201329
Other2
176
44
\u20137
190
98
\u20133
Commodity hedges
29,915
265
\u2013330
27,171
861
\u2013458
Foreign currency risk
USD
180
\u2014
\u201310
159
3
\u20130
SEK
138
1
\u20131
123
7
\u2014
Foreign currency hedges (designated in
hedge relationship)1
317
1
\u201311
282
10
\u20130
USD
1,471
1
\u201310
702
5
\u201311
NOK
800
2
\u20133
817
23
\u20130
SEK
14
0
\u2014
35
0
\u20130
Other
80
0
\u20130
153
1
\u20130
Foreign currency hedges
2,366
3
\u201313
1,707
29
\u201311
Interest rate risk
Interest rate hedges (designated in
hedge relationship)1
\u2014
\u2014
\u2014
100
3
\u2014
1 Including ineffective part of hedges designated in a hedging relationship
2 Includes derivatives for European Emission Allowances
The Group\u2019s hedging reserve disclosed in the Consolidated Statement of Changes in Equity relates to the following hedging instruments:
Cash flow hedging \u2013 impact of hedge accounting
In EUR mn
Forecast purchases
Forecast sales
Foreign currency, firm commit-
ments
Foreign
currency
Interest rate
Total
Thereof cost of hedging
reserve
Commodity price risk
Foreign currency risk
Interest
rate risk
2024
Cash flow hedge reserve as of January 1 (net of tax)
\u201321
9
\u2014
7
2
\u20132
\u2014
Gains (+)/losses (\u2013) of the period recognized in OCI
\u201326
\u201315
\u201321
\u201317
0
\u201379
\u20137
Amounts reclassified to the income statement
44
14
21
\u20132
\u20133
74
7
Amounts reclassified to the balance sheet
\u20133
\u2014
\u2014
\u2014
\u2014
\u20133
\u2014
Tax effects
\u20134
0
\u2014
5
1
2
\u2014
Cash flow hedge reserve as of December 31 (net of tax)
\u20139
8
\u2014
\u20137
\u2014
\u20138
\u2014
2023
Cash flow hedge reserve as of January 1 (net of tax)
245
8
\u2014
3
7
264
\u2014
Gains (+)/losses (\u2013) of the period recognized in OCI
\u2013326
\u201324
\u2014
5
\u20132
\u2013347
\u2014
Amounts reclassified to the income statement
\u201362
24
\u2014
1
\u20134
\u201340
\u2014
Amounts reclassified to the balance sheet
42
\u2014
\u2014
\u2014
\u2014
42
\u2014
Tax effects
80
\u20130
\u2014
\u20131
1
80
\u2014
Cash flow hedge reserve as of December 31 (net of tax)
\u201321
9
\u2014
7
2
\u20132
\u2014
Reserve for unrealized exchange gains (+)/losses (\u2013) for net investment hedge1
In EUR mn
Foreign currency risk
2024
2023
Reserve as of January 1 (net of tax)
\u20139
\u201313
Valuation of the USD loans
\u20135
6
Tax effects
1
\u20131
Reserve as of December 31 (net of tax)
\u201313
\u20139
1 Included in currency translation differences within other comprehensive income
At December 31, 2024, and December 31, 2023, the Group held the following items designated in a fair value hedge relationship:
Impact of fair value hedge accounting on the income statement and statement of financial position
In EUR mn
Hedged item
Carrying amount of the
liability
Cumulative amount of fair
value hedge adjustment
included in the carrying
amount of the hedged
item
Effective gains (+)/
losses (\u2013) of the period
recognized in the income
statement
Line item in the statement
of financial position
2024
Non-financial liability
40
\u20137
1
Other liabilities
2023
Non-financial liability
28
\u20138
1
Other liabilities
At December 31, 2024, and December 31, 2023, the Group held the following cash flow, fair value, and net investment hedging relationships. The table shows the profile of the timing (maturity) of the nominal amount of the hedging instruments:
Impact of hedge accounting on the statement of financial position
In EUR mn
Forecast
purchases
Forecast
sales
Recognized
liability
Net
investment
hedge
Foreign
currency
Interest
hedges
Commodity price risk
Foreign currency risk
Interest
rate risk
Total
2024
Nominal value
1,976
\u2014
41
68
317
\u2014
2,403
Below one year
1,427
\u2014
41
29
317
\u2014
1,814
More than one year
549
\u2014
\u2014
39
\u2014
\u2014
588
Fair value \u2013 assets
37
0
n.a.
1
\u2014
39
Fair value \u2013 liabilities
49
1
n.a.
11
\u2014
60
2023
Nominal value
1,447
85
29
109
282
100
2,052
Below one year
1,251
85
29
44
282
100
1,792
More than one year
196
\u2014
\u2014
64
\u2014
\u2014
260
Fair value \u2013 assets
39
\u2014
n.a.
10
3
52
Fair value \u2013 liabilities
66
1
n.a.
0
\u2014
67
The fair value assets and liabilities shown above are presented in the line items Other financial assets and Other financial liabilities in OMV\u2019s Consolidated Statement of Financial Position.
Commodity price risk
European Emission Allowances
All of OMV\u2019s business segments are exposed to fluctuations in the price of greenhouse gas emissions (GHG emissions) under the EU Emissions Trading Scheme (ETS). European Emission Allowance purchases are always executed in due time and it is OMV\u2019s highest priority to fulfill all legal obligations under the ETS. OMV monitors price risks from emission allowances and manages them using derivative instruments (forwards) traded bilaterally on the secondary market (known as over-the-counter or OTC transactions).
Electricity prices
OMV\u2019s business segments are exposed to fluctuations in electricity prices and, hence, closely monitor related price risks. OMV\u2019s business segments hedge parts of the forecasted electricity purchases using derivative instruments and power purchase agreements (PPAs) in order to smooth out the effects of potentially extreme market price movements.
Chemicals
For petrochemical production, some of the forecasted cracker feedstock purchases and finished product sales are hedged through refined oil product swaps. Cash flow hedge accounting is applied to those derivatives, except for the derivatives that are used to limit the price risk on the inventory held for immediate consumption. Contracts not designated as cash flow hedges are classified as fair value through profit or loss and stated at fair value.
Borealis hedges its forecasted electricity purchases using electricity swaps. For these derivatives, cash flow hedge accounting is applied.
Fuels & Feedstock
Fuels & Feedstock is exposed to market price risks arising from trading and non-trading activities, covering production, refining and marketing activities associated with crude oil and oil products in addition to limited proprietary trading positions aiming to create market access within oil and oil product markets.
In Fuels & Feedstock, derivative instruments are used for both hedging selected product sales and reducing exposure to price risks on inventory fluctuations. Crude oil and product swaps are used to hedge the refining margin (crack spread), which is the difference between crude oil prices and bulk product prices.
Furthermore, exchange-traded oil futures as well as OTC contracts (contracts for difference and swaps) are used to hedge short-term purchase and sales market price risks.
Energy
Operational commodity price risk management in Energy includes hedging of market price risk exposure arising from non-trading and trading activities of gas marketing (hedge of the price risk on inventory fluctuations and the differences in terms and conditions of purchases and sales), as well as limited proprietary trading positions for the purpose of creating market access within the gas markets.
No hedge accounting was applied applied for any of these derivative instruments.
Hedge accounting of commodity hedges in Chemicals and Fuels & Feedstock
In the Chemicals and Fuels & Feedstock business segments, OMV is particularly exposed to volatile refining margins and inventory risks. In order to mitigate these risks, appropriate commodity hedging activities are taken, for which hedge accounting may be applied.
When hedge accounting is applied, for \u201cForecast purchases\u201d and the \u201cHedge of a recognized liability\u201d the hedge ineffectiveness is included in the line item Purchases (net of inventory variation) in OMV\u2019s Consolidated Income Statement. The hedge ineffectiveness and recycling of \u201cForecast sales\u201d for hedges where a risk component of the non-financial item is designated as the hedged item in the hedging relationship, is shown in line item \u2018Sales revenues\u2019 in OMV\u2019s Consolidated Income Statement.
In Chemicals, cash flow hedge accounting is applied to forecast electricity purchases and forecast natural gas purchases, in addition to hedges conducted for future sales and purchases of the crackers which have been designated in a cash flow hedge relationship.
In Fuels & Feedstock, stock hedges may be used to mitigate price exposure whenever actual priced stock levels deviate from target levels. Forecast sales for oil products and forecast purchase transactions for crude oil and oil products are designated as the hedged item in such cases. In general, brent crude oil is typically the main risk for stock prices, however in some cases oil products priced by Platts/Argus may be used for hedging. The hedging relationship is established with a hedge ratio of 1:1 ratio, matching commodity derivatives to the hedged risks. Ineffectiveness can arise from timing and pricing differences between derivatives and actual transactions. As of December 31, 2024 there was no active hedge relationship for stock hedges.
In case of refinery margin hedges, crude oil and products can generally be hedged separately to protect future margins. These hedging mandates and activities are documented and defined within the Annual Plan. As of December 31, 2024 there was no active hedge relationship for refinery margin hedges.
Furthermore in 2024 as well as in 2023, physical oil product exchange contracts were concluded between the OMV Group and the national stockholding company in Germany. In order to reduce the risk of market price fluctuations between the withdrawal and return of products, derivative swap deals (sell fix, buy floating at the time of withdrawal and buy fix, sell floating at the time of return) were concluded and designated in a fair value hedge relationship (hedge of a recognized liability).
Foreign exchange risk management
OMV operates in many countries and currencies, therefore industry-specific activities and the corresponding foreign exchange rate risks need to be analyzed precisely. The USD represents OMV\u2019s biggest risk exposure, due to movement of the USD against the EUR and also against OMV Group\u2019s other main currencies (RON, NOK, NZD, and SEK). Movements of these currencies against the EUR are also significant sources of risk. Other currencies have only a limited impact on cash flow and the operating result. The transaction risk to foreign currency cash flows is monitored on an ongoing basis. The Group\u2019s long and short net position is reviewed on a semiannual basis as a minimum and the sensitivity is calculated. This analysis provides the basis for the management of transaction risks on currencies. Since OMV produces commodities that are mainly traded in USD, the OMV Group has an economic USD long position.
FX options, forwards, and swaps may be used to hedge foreign exchange rate risks on outstanding receivables and payables. The market value of these instruments will move in the opposite direction to the value of the underlying receivable or liability if the relevant foreign exchange rate changes. When certain conditions are met, the Group may elect to apply IFRS\u00a09 hedge accounting principles in order to recognize the offsetting effects on profit or loss of changes in the fair value of the hedging instruments at the same time as the hedged items. Certain hedges, that refer to a forecasted currency position are therefore classified as cash flow hedges and stated at fair value through other comprehensive income.
Translation risk is also monitored on an ongoing basis at Group level and the risk position is evaluated. Translation risk arises on the consolidation of subsidiaries, associated companies and joint ventures with functional currencies different from EUR. The largest exposure results from changes in RON, USD, NOK, and SEK denominated assets against the EUR.
Foreign exchange translation differences relating to these net investments are recognized in other comprehensive income.
Borealis has hedged part of its investment in a joint venture that has USD as its functional currency by designating certain external loans in USD as hedges of the Group\u2019s investments in its foreign operations. The hedged risk in the net investment hedge is the risk of a weakening USD against the EUR that would result in a reduction in the carrying amount of the Group\u2019s net investment in the joint venture in USD. The EUR/USD impact on the measurement of the loans is recognized in other comprehensive income.
To assess hedge effectiveness, the Group determines the economic relationship between the hedging instrument and the hedged item by comparing changes in the carrying amount of the debt that is attributable to a change in the spot rate with changes in the net investment in the foreign operation due to movements in the spot rate (the dollar-offset method). The Group\u2019s policy is to hedge the net investment only to the extent of the debt principal.
There is an economic relationship between the hedged item and the hedging instrument, as the net investment creates a translation risk that will match the foreign exchange risk on the USD borrowing. The Group has established a hedge ratio of 1:1, as the underlying risk of the hedging instrument is identical to the hedged risk component.
Interest rate management
OMV\u2019s debt portfolio as of December 31, 2024 had only limited exposure to changes in interest rates, with almost all liabilities having fixed interest rates. Any future financing activities will be exposed to the prevailing market conditions at the time and this could potentially lead to higher interest expenses.
To facilitate the management of interest rate risk, OMV\u2019s existing liabilities are analyzed in terms of fixed and floating rate borrowings, currencies and maturities. Appropriate ratios for the various categories are established and, where necessary, derivative instruments are used to hedge fluctuations outside predetermined ranges.
Interest rate swaps can be used to convert fixed rate debt into floating rate debt and vice versa.
The hedge ineffectiveness and recycling of interest rate swaps are both shown in the line item \u201dinterest expenses\u201d in OMV\u2019s Consolidated Income Statement.
Sensitivity analysis
For open hedging contracts, sensitivity analysis is performed to determine the effect of market price fluctuations (+/\u201310%) on market value. The sensitivity of the OMV Group\u2019s overall earnings differs from the sensitivity shown below, since the contracts concluded are used to hedge operational exposure.
The effect of market price fluctuations on the income statement or other comprehensive income depends on the type of derivative used and whether hedge accounting is applied. Market price sensitivity for derivatives to which cash flow hedge accounting is applied is shown in the sensitivity table for other comprehensive income. Sensitivity to market price fluctuations for all other open derivatives is shown in the sensitivity tables for profit before tax.
Sensitivity analysis for open commodity derivatives affecting profit before tax
In EUR mn
2024
2023
Market price
+10%
Market price
\u201310%
Market price
+10%
Market price
\u201310%
Oil incl. oil products
\u201322
22
\u20134
4
Oil incl. oil products \u2013 designated in a hedge relationship1
4
\u20134
3
\u20133
Gas
\u201358
58
\u201334
34
Power
\u20139
9
2
\u20132
Other2
21
\u201321
28
\u201328
Total
\u201364
64
\u20134
4
1 Includes hedging instruments designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany. For further details see section Hedge Accounting of commodity hedges in Chemicals and Fuels & Feedstock section.
2 Includes derivatives for European Emission Allowances
Sensitivity analysis for open commodity derivatives affecting other comprehensive income before tax
In EUR mn
2024
2023
Market price
+10%
Market price
\u201310%
Market price
+10%
Market price
\u201310%
Oil incl. oil products
\u201316
16
\u201334
34
Gas
1
\u20131
2
\u20132
Power
29
\u201329
31
\u201331
Commodity hedges (designated in a hedge relationship)
14
\u201314
\u20131
1
For financial instruments, sensitivity analysis is performed for changes in foreign exchange rates of currencies material to the Group. On Group level, the EUR\u2013RON sensitivity not only includes the net RON exposure versus the EUR but also the net RON exposure versus the USD, since the USD\u2013RON exposure can be split into EUR\u2013RON and EUR\u2013USD exposure. The same is true for the EUR\u2013NOK, EUR\u2013SEK, and EUR\u2013NZD exposure.
Sensitivity analysis for financial instruments affecting profit before tax1
In EUR mn
2024
2023
10% appreciation
of the EUR
10% depreciation
of the EUR
10% appreciation
of the EUR
10% depreciation
of the EUR
EUR\u2013RON
\u201318
18
\u201312
12
EUR\u2013USD
\u20136
6
\u201323
23
EUR\u2013NZD
\u201334
34
\u201317
17
EUR\u2013NOK
5
\u20135
7
\u20137
EUR\u2013SEK
\u20132
2
\u20134
4
1 Refers only to financial instruments and is not the same as the Group\u2019s overall foreign exchange rate sensitivity in terms of operating result.
Sensitivity analysis for financial instruments affecting other comprehensive income before tax1
In EUR mn
2024
2023
10% appreciation
of the EUR
10% depreciation
of the EUR
10% appreciation
of the EUR
10% depreciation
of the EUR
EUR\u2013USD
25
\u201325
28
\u201328
EUR\u2013SEK
\u201314
14
\u201312
12
1 Including sensitivity of the net investment hedge
OMV regularly analyzes the impact of interest rate changes on interest income and expenses from floating rate deposits and borrowings. Currently, the effects of changes in interest rates are not considered to be a material risk.
Credit risk management
The main counterparty credit risks are assessed and monitored at Group and segment level using predetermined criteria and limits for all counterparties, banks, and security providers. On the basis of a risk assessment, counterparties, banks, and security providers are assigned a credit limit, an internal risk class, and a specific limit validity. The risk assessments are reviewed annually as a minimum or on an ad hoc basis. The credit risk processes are governed by guidelines at OMV Group level stipulating the Group-wide minimum requirements. The main counterparties with contracts involving derivative financial instruments have investment-grade credit ratings. OMV uses commercial trade insurance for parts of its receivables in some business areas to mitigate credit risk. Due to the high economic uncertainty resulting from the current geopolitical situation, special attention is paid to early warning signals like changes in payment behavior.
Credit risk is the risk that the OMV Group\u2019s counterparties will not meet their obligation under a financial instrument or customer contract, leading to a financial loss.
Credit risk exists in relation to the financial guarantee contracts issued by Borealis to Bayport Polymers LLC and Borouge 4 LLC, which are accounted for using the equity method, where the guaranteed amount as of December 31, 2024 amounted to EUR 1,735 mn plus interest (2023: EUR\u00a01,234\u00a0mn plus interest). Details on guarantees provided by Borealis AG are further described thereafter.
Borealis AG granted a guarantee for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement. The total guarantee amounts to EUR 1,228 mn plus interest (2023: EUR 1,155 mn plus interest). Based on the already drawn financing by Borouge 4 LLC the guaranteed amount as of December\u00a031,\u00a02024 totaled EUR\u00a01,009\u00a0mn plus interest (2023: EUR\u00a0536\u00a0mn plus interest).
The guarantee granted to Bayport Polymers LLC of EUR\u00a0626\u00a0mn plus interest (2023: EUR\u00a0588\u00a0mn plus interest) terminates earliest upon payment and/or termination of the obligation in 2027 and 2032, respectively and could be called at any time.
In addition, a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC as a liquidity instrument to conduct its ordinary course of business was granted by Borealis in 2023, and was utilized in the amount of EUR\u00a082\u00a0mn plus interest at year-end (2023: EUR 90 mn). The total guaranteed amount as of December 31, 2024 amounted to EUR 96 mn plus interest (2023: EUR 90 mn plus interest).
Furthermore, a parental guarantee for a lease of railcars by Bayport Polymers LLC with maximum exposure of EUR\u00a019 mn (2023: EUR\u00a020\u00a0mn) remains in effect.
In general, a payment under the guarantee agreement is triggered by the non-performance by the guaranteed party of the obligation covered by the guarantee. Therefore, a financial liability initially measured at fair value was recognized.
Maximum credit exposure1
In EUR mn
2024
2023
Trade receivables
2,842
3,455
Investments
135
85
Bonds
91
285
Derivatives
307
942
Loans
1,286
910
Other sundry financial assets
1,370
1,612
Cash and cash equivalents
6,182
6,920
Financial guarantee contracts2
1,735
1,234
Total maximum credit exposure
13,950
15,442
1 Excluding items reclassified to held for sale
2 Maximum exposure of financial guarantee contracts based on drawdowns of financing facilities as of December 31 excluding interest accrued.
30 |
Fair value hierarchy
Accounting policy

The fair value is the amount for which an asset or liability could be transferred at the measurement date, based on the assumption that such transfers take place between participants in principal markets and, where applicable, taking the highest and best use into account.

Fair values are determined according to the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities. For the OMV Group, this category will, in most cases, only berelevant for securities, bonds, investment funds, and futures contracts.

Level 2: Valuation technique using directly or indirectly observable inputs. To determine the fair value for financial instruments within Level 2, forward prices of crude oil or natural gas, interest rates and foreign exchange rates are usually used as inputs to the valuation model. In addition, counterparty credit risk and volatility indicators, if applicable, are considered.

Level 3: Valuation techniques such as discounted cash flow models using significant unobservable inputs (e.g., long-term price assumptions and reserves estimates).
Fair value hierarchy of financial assets1 and net amount of assets and liabilities held for sale at fair value
In EUR mn
Carrying amount
Fair value level
Valued at amortized
cost
Valued at
fair value
Total
Level 1
Level 2
Level 3
Total
2024
Trade receivables
2,714
128
2,842
\u2014
128
\u2014
128
Equity investments
\u2014
106
106
19
62
25
106
Investment funds
\u2014
29
29
29
\u2014
\u2014
29
Bonds
91
\u2014
91
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
39
39
\u2014
39
\u2014
39
Other derivatives
\u2014
269
269
5
264
\u2014
269
Loans
1,286
\u2014
1,286
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,369
2
1,370
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
369
369
\u2014
369
\u2014
369
Total
5,460
941
6,401
52
862
27
941
2023
Trade receivables
3,356
99
3,455
\u2014
99
\u2014
99
Equity investments
\u2014
57
57
\u2014
34
23
57
Investment funds
\u2014
28
28
28
\u2014
\u2014
28
Bonds
285
\u2014
285
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
52
52
\u2014
52
\u2014
52
Other derivatives
\u2014
890
890
0
890
\u2014
890
Loans
910
\u2014
910
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,610
2
1,612
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
13
13
\u2014
13
\u2014
13
Total
6,160
1,141
7,301
28
1,088
25
1,141
1 Excluding assets that were reclassified to held for sale
Fair value hierarchy of financial liabilities and other liabilities at fair value1
In EUR mn
Carrying amount
Fair value level
Valued at
amortized
cost
Valued at fair
value
Total
Level 1
Level 2
Level 3
Total
2024
Trade payables
3,723
\u2014
3,723
\u2014
\u2014
\u2014
\u2014
Bonds
6,570
\u2014
6,570
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,767
\u2014
1,767
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,070
\u2014
1,070
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
60
60
\u2014
60
\u2014
60
Liabilities on other derivatives
\u2014
342
342
28
315
\u2014
342
Other financial liabilities
865
16
882
\u2014
16
\u2014
16
Other liabilities at fair value2
\u2014
40
40
\u2014
40
\u2014
40
Total
13,996
459
14,455
28
431
\u2014
459
2023
Trade payables
3,955
\u2014
3,955
\u2014
\u2014
\u2014
\u2014
Bonds
6,073
\u2014
6,073
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,585
\u2014
1,585
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,470
\u2014
1,470
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
67
67
\u2014
67
\u2014
67
Liabilities on other derivatives
\u2014
469
469
37
432
\u2014
469
Other financial liabilities
1,204
\u2014
1,204
\u2014
\u2014
\u2014
\u2014
Other liabilities at fair value2
\u2014
28
28
\u2014
28
\u2014
28
Total
14,287
564
14,851
37
528
\u2014
564
1 Excluding liabilities that were reclassified to held for sale
2 Includes hedged items designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany.
Financial liabilities for which fair values are disclosed
In EUR mn
Carrying amount
Fair value
Fair value level
Level 1
Level 2
2024
Bonds
6,570
6,359
6,359
\u2014
Other interest-bearing debt
1,070
989
\u2014
989
Financial liabilities
7,640
7,349
6,359
989
2023
Bonds
6,073
5,766
5,766
\u2014
Other interest-bearing debt
1,470
1,349
\u2014
1,349
Financial liabilities
7,543
7,115
5,766
1,349
The table above shows the carrying amount and fair value of financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information of other financial assets and liabilities measured at amortized costs, as the carrying amount represents an adequate approximation to the fair value.
31 |
Offsetting of financial assets and financial liabilities
Accounting policy

Financial assets and financial liabilities are offset only when the Group has a current and legally enforceable right to set off the recognized amounts and when there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

In the normal course of business, OMV enters into various master netting arrangements in the form of International Swaps and Derivatives Association (ISDA) agreements, European Federation of Energy Traders (EFET) agreements or other similar arrangements.
The tables below show the carrying amounts of recognized financial assets and financial liabilities that are subject to various netting arrangements. The net column would be in the Group\u2019s statement of financial position, if all set-off rights were exercised.
Offsetting of financial assets
In EUR mn
Note
Financial
instruments
(gross)
Amounts set
off in the
statement of
financial
position
Financial
instruments in
the statement
of financial
position (net)
Liabilities with
right of set-off
(not offset)
Net
2024
Derivative financial instruments
20
1,805
\u20131,498
307
\u201338
269
Trade receivables
20
4,018
\u20131,176
2,842
\u201385
2,757
Other sundry financial assets
20
1,374
\u20133
1,370
\u20130
1,370
Total
7,197
\u20132,677
4,520
\u2013123
4,397
2023
Derivative financial instruments
3,359
\u20132,417
942
\u2013122
820
Trade receivables
4,535
\u20131,081
3,455
\u201365
3,390
Other sundry financial assets
1,626
\u201313
1,612
\u20131
1,611
Total
9,520
\u20133,511
6,009
\u2013187
5,822
Offsetting of financial liabilities
In EUR mn
Note
Financial
instruments
(gross)
Amounts set
off in the
statement of
financial
position
Financial
instruments in
the statement
of financial
position (net)
Assets with
right of set-off
(not offset)
Net
2024
Derivative financial instruments
26
1,900
\u20131,498
403
\u201338
365
Trade payables
26
4,899
\u20131,176
3,723
\u201385
3,638
Other sundry financial liabilities
26
885
\u20133
882
\u20130
882
Total
7,684
\u20132,677
5,007
\u2013123
4,884
2023
Derivative financial instruments
2,953
\u20132,417
536
\u2013122
415
Trade payables
5,035
\u20131,081
3,955
\u201365
3,890
Other sundry financial liabilities
1,217
\u201313
1,204
\u20131
1,203
Total
9,206
\u20133,511
5,695
\u2013187
5,508
32 |
Result on financial instruments
Result on financial instruments
In EUR mn
Amount
Financial
instruments at fair value
through profit or loss
Equity instruments
designated as
measured at
fair value
through other
comprehensive
income
Financial
assets at
amortized
cost
Financial
liabilities at
amortized
cost
2024
Fair value changes of financial assets
and derivatives
\u2013212
\u2013212
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201316
\u2014
\u2014
\u201316
\u2014
Result on financial instruments
within operating result
\u2013228
\u2013212
\u2014
\u201316
\u2014
Dividend income
7
\u2014
6
\u2014
\u2014
Interest income
455
\u2014
\u2014
448
\u2014
Interest expenses
\u2013412
\u2014
\u2014
\u2014
\u2013155
Fair value changes of FX derivatives
\u2013107
\u2013107
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201380
\u201380
\u2014
\u2014
\u2014
Impairments of financial
instruments, net
\u20137
\u2014
\u2014
\u20132
\u2014
Other
\u20131
\u2014
0
0
0
Result on financial instruments
within financial result
\u2013146
\u2013187
6
446
\u2013155
2023
Fair value changes of financial assets
and derivatives
111
111
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201338
\u2014
\u2014
\u201338
\u2014
Result on financial instruments
within operating result
73
111
\u2014
\u201338
\u2014
Dividend income
10
\u2014
4
\u2014
\u2014
Interest income
473
\u2014
\u2014
473
\u2014
Interest expenses
\u2013415
\u20133
\u2014
\u2014
\u2013148
Fair value changes of financial instruments
\u201321
\u201321
\u2014
\u2014
\u2014
Fair value changes of FX derivatives
\u2013191
\u2013191
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201377
\u201377
\u2014
\u2014
\u2014
Impairments of financial instruments, net
\u20135
\u2014
\u2014
\u20132
\u2014
Other
\u20136
\u20130
\u20131
0
\u20135
Result on financial instruments
within financial result
\u2013232
\u2013292
3
471
\u2013153
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-79": { "value": "
12 |
Personnel expenses and average number of employees
Personnel expenses
In EUR mn
2024
2023
Wages and salaries
1,498
1,418
Costs of defined benefit plans
38
29
Costs of defined contribution plans
66
62
Personnel reduction schemes
19
9
Other employee benefits
263
230
Taxes and social contributions
260
275
Personnel expenses
2,144
2,023
Share-based payments were part of other employee benefits. For further information please refer to Note 33 \u2013 Share-based payments.
Earnings Per Share (EPS)
2024
2023
Basic
Diluted
Basic
Diluted
Earnings attributable to stockholders of the parent in EUR mn
1,389
1,389
1,480
1,480
Weighted average number of shares outstanding
327,001,732
327,226,795
326,940,897
327,169,060
Earnings Per Share in EUR
4.25
4.24
4.53
4.52
The potentially diluting ordinary shares included 225,063 (2023: 228,163) contingently issuable bonus shares related to Long-Term Incentive Plans and the Equity Deferral.
33 |
Share-based payments
Accounting policy

The fair value of share-based compensation expenses arising from the Long-Term Incentive (LTI) Plan \u2013 OMV\u2019s main equity-settled plan \u2013 is estimated using a model based on the expected target achievements and the expected share prices. For cash-settled awards, a provision based on the fair value of the amount payable is built up over the vesting period, so that by the end of the vesting period the fair value of the bonus shares to be granted is fully provided for. The provision is remeasured at the end of each reporting period up to the date of settlement, with any changes in fair value recognized in profit or loss. For share-settled awards, the grant date fair value is recognized as an expense (including income tax), with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to subsequent changes in parameters other than market parameters.

In addition, the Equity Deferral part of the annual bonus is settled in shares. Accordingly, the related expense is recognized against equity. For share-based awards, the award is settled net of tax to the participants.
Long Term Incentive (LTI) plans
LTI plans with similar conditions are granted annually to the Executive Board and selected Senior Managers in the Group. On the vesting date, shares will be granted to the participants. The number of bonus shares is determined depending on the achievement of defined performance criteria. The performance criteria and their corresponding typical weightings for the Executive Board members are defined in the Remuneration Policy and as of 2022 are as follows: Relative Total Shareholder Return (30%), Clean CCS (Current Cost of Supply) ROACE (40%), ESG targets (30%). Based on predefined criteria (e.g., fatalities, Total Recordable Injury Rate (TRIR), process safety \u2013 also in comparison to industry benchmarks), a Health & Safety Malus of between 0.8 and 1.0 is applied to the overall target achievement for Executive Board members. In case of severe incidents, the Remuneration Committee may reduce the payout to zero. For Senior Managers, as of 2022, the following performance criteria apply: Relative Total Shareholder Return (30%), Free Cash Flow (35%), and ESG targets/Transformation targets (35%). The defined performance criteria may not be amended during the performance period of the LTI plans. However\u00a0\u2013 in order to maintain the incentivizing character of the program\u00a0\u2013the responsible governing body has the discretion to adjust for Senior Managers the threshold/target/maximum levels of the Free Cash Flow, in case of material changes in external factors such as oil and gas prices. The adjustment can be made in both directions.
Disbursement is made in cash or in shares. Since 2022, the OMV Petrom LTI plan payment has been made in shares only. Executive Board members and Senior Managers as active participants of the plans are required to build up an appropriate volume of shares and to hold those shares until retirement or departure from the company. For Senior Managers, if the eligibility of the LTI plan lapses but they are still in active employment with the company, the shareholding requirement expires when the last LTI plan is paid out. The shareholding requirement is defined as a percentage of the annual gross base salary, for the Executive Board, and as a percentage of the respective Target Long-Term Incentive for Senior Managers. Executive Board members have to fulfill the shareholding requirement within five years after the initial respective appointment. Until fulfillment of the shareholding requirement, disbursement takes the form of shares whilst thereafter the plan participants can decide between cash or share settlement. As long as the shareholding requirements are not fulfilled the granted shares after deduction of taxes are transferred to a trustee deposit, managed by the company.
For payments in shares the grant date fair values are spread as expenses over the three years performance period with a corresponding increase in shareholders\u2019 equity. In the case of assumed cash-settlements, a provision is made for the expected future costs of the LTI plans on the statement of financial position date based on fair values.
Long-Term Incentive Plans
2024 plan
2023 plan
2022 plan
2021 plan
Start of plan
01/01/2024
01/01/2023
01/01/2022
01/01/2021
End of performance period
12/31/2026
12/31/2025
12/31/2024
12/31/2023
Vesting date
03/31/2027
03/31/2026
03/31/2025
03/31/2024
Shareholding requirement


Executive Board Chairman
200% of
annual gross
base salary
200% of
annual gross
base salary
200% of
annual gross
base salary
200% of
annual gross
base salary


Executive Board Deputy Chairman
175% of
annual gross
base salary
175% of
annual gross
base salary
175% of
annual gross
base salary
175% of
annual gross
base salary


Other Executive Board members
150% of
annual gross
base salary
150% of
annual gross
base salary
150% of
annual gross
base salary
150% of
annual gross
base salary



Senior Managers
75% of the
respective
Target Long-
Term Incentive
75% of the
respective
Target Long-
Term Incentive
75% of the
respective
Target Long-
Term Incentive
75% of the
respective
Target Long-
Term Incentive
Details per Plan
Share Price (fair value) at Grant Date
47.50
42.17
43.94
\u2014
Equity reserve (in EUR mn) as of December 31, 2024
3
3
4
\u2014
Maximum shares as of December 31, 2024
850,210
675,790
586,370
\u2014
Expected shares as of December 31, 2024
504,096
263,308
257,605
\u2014
thereof settled in shares
188,325
103,918
87,384
\u2014
thereof settled in cash
315,771
159,390
170,221
\u2014
Fair value of plan - Average share price
36.14
37.08
38.18
\u2014
Fair value of plan (in EUR mn) as of December 31, 2024\u00b9
18
10
10
\u2014
Provision (in EUR mn) as of December 31, 2024\u00b9
4
4
6
\u2014
1 Excluding incidental wage costs
Equity Deferral
The Equity Deferral serves as a long-term compensation instrument for the members of the Executive Board that promotes retention and shareholder alignment in OMV. It combines the interests of management and shareholders via a long-term investment in restricted shares. The holding period of the Equity Deferral is three years from vesting. The plan also seeks to prevent inadequate risk-taking.
The performance criteria and their typical weightings for the Executive Board are defined in the Remuneration Policy and are as follows: Reported Net Income (40%), Free Cash Flow (30%), Operational target (15%), and ESG target (15%). Based on predefined criteria (e.g., fatalities, TRIR, and process safety \u2013 also in comparison to industry benchmarks), a Health & Safety Malus of between 0.8 and 1.0 is applied to overall target achievement. In case of severe incidents, the Remuneration Committee may reduce the payout to zero.
The Annual Bonus is capped at 180% of the target Annual Bonus. A minimum of one-third of the Annual Bonus is granted in shares. The determined bonus achievement is settled on March 31 following the end of the period whereby at the statement of financial position date the target achievements and the share price are estimated (the latter on the basis of market quotes).
Given the volatility of commodity prices and market conditions inherent to the industry, the variable remuneration plans give the Remuneration Committee the authority (in line with general practices in the Oil and Gas industry) to adjust the threshold, target, and maximum levels of the financial targets based on oil/gas prices and EUR/USD exchange rates compared with assumptions at the time the targets were set. Adjustments can be applied in both directions. They are determined by the Remuneration Committee and published in the Remuneration Report. The granted shares after deduction of taxes are transferred to a trustee deposit, managed by the Company, to be held for three years.
In 2024, expenses amounting to EUR 2 mn were recorded with a corresponding increase in equity (2023: EUR 3 mn).
Personal investment held in shares1
12/31/2024
Active Executive Board members as of December 31, 2024
Stern
41,308
Florey
54,380
van Koten
10,821
Gaso
3,550
Vlad2
3,720
Former Executive Board members
Pleininger3
14,203
Skvortsova4
7,329
Seele5
7,795
Gangl6
533
Total - Executive Board
143,639
Other Senior Managers
243,899
Total personal investment
387,538
1 Personal investment held in shares refer to open LTI plans and Equity Deferral if shares are held in the OMV trustee deposit.
2 Daniela Vlad resigned from the Executive Board effective February 28, 2025.
3 Johann Pleininger resigned from the Executive Board effective December 31, 2022.
4 Elena Skvortsova resigned from the Executive Board effective October 31, 2022.
5 Rainer Seele resigned from the Executive Board effective August 31, 2021.
6 Thomas Gangl resigned from the Executive Board effective March 31, 2021.
Total expenses
Expenses related to all share-based payment transactions are summarized in the table below.
Expenses related to share-based payment transactions1
In EUR mn
2024
2023
Cash settled
6
6
Equity settled
7
6
Total expenses arising from share based payment transactions
13
12
1 Excluding incidental wage costs
Key management personnel compensation
Remuneration received by active members of the Executive Board as of December 31, 2024
In EUR mn
2024
Stern
Florey
Gaso
van Koten
Vlad5
Total
Short-term benefits
2.24
1.87
1.30
1.36
1.32
8.09
Fixed (base salary)
1.04
0.87
0.60
0.62
0.58
3.70
Variable (cash bonus)1
1.19
0.99
0.63
0.72
0.66
4.18
Benefits in kind2
0.01
0.01
0.073
0.034
0.093
0.21
Post-employment benefits
0.26
0.22
0.15
0.15
0.14
0.93
Pension fund contributions
0.26
0.22
0.15
0.15
0.14
0.93
Share-based benefits
1.58
1.19
0.35
0.61
0.36
4.09
Variable (Equity Deferral 2023)
0.87
0.72
0.35
0.40
0.36
2.70
Variable (LTIP 2021)
0.71
0.47
\u2014
0.21
\u2014
1.39
Remuneration received by the Executive Board
4.08
3.27
1.80
2.13
1.82
13.10
1 The variable components relate to target achievement in 2023, for which bonuses were paid in 2024.
2 Including cash payments for allowances
3 Including rental, advisory costs, and related taxes
4 Including car allowances
5 Daniela Vlad resigned from the Executive Board effective February 28, 2025.
Remuneration received by former members of the Executive Board as of December 31, 2024
In EUR mn
2024
Pleininger3
Skvortsova4
Seele5
Gangl6
Total
Short-term benefits
0.34
0.34
\u2014
\u2014
0.68
Variable (cash bonus)1
0.34
0.33
\u2014
\u2014
0.67
Benefits in kind2
\u2014
0.01
\u2014
\u2014
0.01
Share-based benefits
0.88
0.61
1.80
0.11
3.39
Variable (Equity Deferral 2023)
0.27
0.18
\u2014
\u2014
0.46
Variable (LTIP 2021)
0.60
0.43
1.80
0.11
2.94
Remuneration received by former Executive Board members
1.22
0.95
1.80
0.11
4.07
1 The variable components relate to target achievement in 2023, for which bonuses were paid in 2024.
2 Including cash payments for allowances
3 Johann Pleininger resigned from the Executive Board effective December 31, 2022 and his contract ended on April 30, 2023.
4 Elena Skvortsova resigned from the Executive Board effective October 31, 2022 and her contract ended on June 14, 2023.
5 Rainer Seele resigned from the Executive Board effective August 31, 2021 and his contract ended on June 30, 2022.
6 Thomas Gangl resigned from the Executive Board effective March 31, 2021.
Remuneration received by active members of the Executive Board as of December 31, 2023
In EUR mn
2023
Stern
Florey
Gaso4
van Koten
Vlad8
Total
Short-term benefits
2.16
1.83
1.24
1.31
0.86
7.39
Fixed (base salary)
0.99
0.81
0.50
0.58
0.53
3.41
Fixed (one-off payment)
\u2014
\u2014
0.635
\u2014
0.269
0.89
Variable (cash bonus)1
1.16
0.97
\u2014
0.70
\u2014
2.83
Benefits in kind2
0.01
0.053
0.116
0.037
0.0710
0.26
Post-employment benefits
0.25
0.20
0.13
0.14
0.13
0.86
Pension fund contributions
0.25
0.20
0.13
0.14
0.13
0.86
Share-based benefits
0.68
1.04
\u2014
0.31
\u2014
2.04
Variable (Equity Deferral 2022)
0.68
0.57
\u2014
0.31
\u2014
1.56
Variable (LTIP 2020)
\u2014
0.48
\u2014
\u2014
\u2014
0.48
Remuneration received by the Executive Board
3.09
3.07
1.37
1.76
0.99
10.28
1 The variable components relate to target achievement in 2022, for which bonuses were paid in 2023.
2 Including cash payments for allowances
3 Including schooling costs and related taxes
4 Berislav Gaso joined the Executive Board on March 1, 2023.
5 Berislav Gaso received a compensation payment for forfeited remuneration in the 2023 financial year in settlement of the variable remuneration that was demonstrably forfeited due to the transfer from the MOL Group to OMV Aktiengesellschaft.
6 Including relocation, rental costs, and related taxes
7 Including car allowances
8 Daniela Vlad joined the Executive Board on February 1, 2023.
9 Daniela Vlad received a compensation payment for forfeited remuneration in the 2023 financial year in settlement of the variable remuneration that was demonstrably forfeited due to the transfer from AkzoNobel N.V. to OMV Aktiengesellschaft.
10 Including relocation, rental costs, and related taxes
Remuneration received by former members of the Executive Board as of December 31, 2023
In EUR mn
2023
Pleininger3
Skvortsova5
Seele7
Gangl8
Total
Short-term benefits
1.52
1.04
0.72
\u2014
3.28
Fixed (base salary)
0.25
0.26
\u2014
\u2014
0.51
Fixed (one-off payment)
0.274
\u2014
\u2014
\u2014
0.27
Variable (cash bonus)1
1.00
0.70
0.72
\u2014
2.42
Benefits in kind2
0.00
0.086
\u2014
\u2014
0.08
Post-employment benefits
0.12
0.07
\u2014
\u2014
0.19
Pension fund contributions
0.12
0.07
\u2014
\u2014
0.19
Share-based benefits
1.26
0.55
2.16
0.44
4.40
Variable (Equity Deferral 2022)
0.65
0.31
0.32
\u2014
1.27
Variable (LTIP 2020)
0.61
0.24
1.84
0.44
3.13
Remuneration received by former Executive Board members
2.90
1.66
2.88
0.44
7.87
1 The variable components relate to target achievement in 2022, for which bonuses were paid in 2023.
2 Including cash payments for allowances
3 Johann Pleininger resigned from the Executive Board effective December 31, 2022 and his contract ended on April 30, 2023.
4 Johann Pleininger received compensation for the shortened phase-out period for the period from May 1 until August 31, 2023.
5 Elena Skvortsova resigned from the Executive Board effective October 31, 2022 and her contract ended on June 14, 2023.
6 Including rental, advisory costs, and related taxes
7 Rainer Seele resigned from the Executive Board effective August 31, 2021 and his contract ended on June 30, 2022.
8 Thomas Gangl resigned from the Executive Board effective March 31, 2021.
Remuneration received by top executives (excl. Executive Board)1
In EUR mn
2024
2023
Salaries and bonuses
27.0
28.5
Pension fund contributions
1.5
1.5
Other post-employment benefits including termination benefits
0.0
2.5
Share-based benefits
5.9
6.4
Other long-term benefits
0.1
0.1
Remuneration received by top executives (excl. Executive Board)
34.5
39.0
1 In 2024, there were on average 48 top executives (2023: 51) based on the months of service in the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-80": { "value": "
12 |
Personnel expenses and average number of employees
Average number of employees1
2024
2023
OMV Group excluding OMV Petrom Group and Borealis Group
6,959
6,724
OMV Petrom Group
8,337
7,711
Borealis Group
6,110
6,859
OMV Group
21,406
21,295
1 Calculated as the average of the number of employees at month-end during the year
33 |
Share-based payments
Accounting policy

The fair value of share-based compensation expenses arising from the Long-Term Incentive (LTI) Plan \u2013 OMV\u2019s main equity-settled plan \u2013 is estimated using a model based on the expected target achievements and the expected share prices. For cash-settled awards, a provision based on the fair value of the amount payable is built up over the vesting period, so that by the end of the vesting period the fair value of the bonus shares to be granted is fully provided for. The provision is remeasured at the end of each reporting period up to the date of settlement, with any changes in fair value recognized in profit or loss. For share-settled awards, the grant date fair value is recognized as an expense (including income tax), with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to subsequent changes in parameters other than market parameters.

In addition, the Equity Deferral part of the annual bonus is settled in shares. Accordingly, the related expense is recognized against equity. For share-based awards, the award is settled net of tax to the participants.
Long Term Incentive (LTI) plans
LTI plans with similar conditions are granted annually to the Executive Board and selected Senior Managers in the Group. On the vesting date, shares will be granted to the participants. The number of bonus shares is determined depending on the achievement of defined performance criteria. The performance criteria and their corresponding typical weightings for the Executive Board members are defined in the Remuneration Policy and as of 2022 are as follows: Relative Total Shareholder Return (30%), Clean CCS (Current Cost of Supply) ROACE (40%), ESG targets (30%). Based on predefined criteria (e.g., fatalities, Total Recordable Injury Rate (TRIR), process safety \u2013 also in comparison to industry benchmarks), a Health & Safety Malus of between 0.8 and 1.0 is applied to the overall target achievement for Executive Board members. In case of severe incidents, the Remuneration Committee may reduce the payout to zero. For Senior Managers, as of 2022, the following performance criteria apply: Relative Total Shareholder Return (30%), Free Cash Flow (35%), and ESG targets/Transformation targets (35%). The defined performance criteria may not be amended during the performance period of the LTI plans. However\u00a0\u2013 in order to maintain the incentivizing character of the program\u00a0\u2013the responsible governing body has the discretion to adjust for Senior Managers the threshold/target/maximum levels of the Free Cash Flow, in case of material changes in external factors such as oil and gas prices. The adjustment can be made in both directions.
Disbursement is made in cash or in shares. Since 2022, the OMV Petrom LTI plan payment has been made in shares only. Executive Board members and Senior Managers as active participants of the plans are required to build up an appropriate volume of shares and to hold those shares until retirement or departure from the company. For Senior Managers, if the eligibility of the LTI plan lapses but they are still in active employment with the company, the shareholding requirement expires when the last LTI plan is paid out. The shareholding requirement is defined as a percentage of the annual gross base salary, for the Executive Board, and as a percentage of the respective Target Long-Term Incentive for Senior Managers. Executive Board members have to fulfill the shareholding requirement within five years after the initial respective appointment. Until fulfillment of the shareholding requirement, disbursement takes the form of shares whilst thereafter the plan participants can decide between cash or share settlement. As long as the shareholding requirements are not fulfilled the granted shares after deduction of taxes are transferred to a trustee deposit, managed by the company.
For payments in shares the grant date fair values are spread as expenses over the three years performance period with a corresponding increase in shareholders\u2019 equity. In the case of assumed cash-settlements, a provision is made for the expected future costs of the LTI plans on the statement of financial position date based on fair values.
Long-Term Incentive Plans
2024 plan
2023 plan
2022 plan
2021 plan
Start of plan
01/01/2024
01/01/2023
01/01/2022
01/01/2021
End of performance period
12/31/2026
12/31/2025
12/31/2024
12/31/2023
Vesting date
03/31/2027
03/31/2026
03/31/2025
03/31/2024
Shareholding requirement


Executive Board Chairman
200% of
annual gross
base salary
200% of
annual gross
base salary
200% of
annual gross
base salary
200% of
annual gross
base salary


Executive Board Deputy Chairman
175% of
annual gross
base salary
175% of
annual gross
base salary
175% of
annual gross
base salary
175% of
annual gross
base salary


Other Executive Board members
150% of
annual gross
base salary
150% of
annual gross
base salary
150% of
annual gross
base salary
150% of
annual gross
base salary



Senior Managers
75% of the
respective
Target Long-
Term Incentive
75% of the
respective
Target Long-
Term Incentive
75% of the
respective
Target Long-
Term Incentive
75% of the
respective
Target Long-
Term Incentive
Details per Plan
Share Price (fair value) at Grant Date
47.50
42.17
43.94
\u2014
Equity reserve (in EUR mn) as of December 31, 2024
3
3
4
\u2014
Maximum shares as of December 31, 2024
850,210
675,790
586,370
\u2014
Expected shares as of December 31, 2024
504,096
263,308
257,605
\u2014
thereof settled in shares
188,325
103,918
87,384
\u2014
thereof settled in cash
315,771
159,390
170,221
\u2014
Fair value of plan - Average share price
36.14
37.08
38.18
\u2014
Fair value of plan (in EUR mn) as of December 31, 2024\u00b9
18
10
10
\u2014
Provision (in EUR mn) as of December 31, 2024\u00b9
4
4
6
\u2014
1 Excluding incidental wage costs
Equity Deferral
The Equity Deferral serves as a long-term compensation instrument for the members of the Executive Board that promotes retention and shareholder alignment in OMV. It combines the interests of management and shareholders via a long-term investment in restricted shares. The holding period of the Equity Deferral is three years from vesting. The plan also seeks to prevent inadequate risk-taking.
The performance criteria and their typical weightings for the Executive Board are defined in the Remuneration Policy and are as follows: Reported Net Income (40%), Free Cash Flow (30%), Operational target (15%), and ESG target (15%). Based on predefined criteria (e.g., fatalities, TRIR, and process safety \u2013 also in comparison to industry benchmarks), a Health & Safety Malus of between 0.8 and 1.0 is applied to overall target achievement. In case of severe incidents, the Remuneration Committee may reduce the payout to zero.
The Annual Bonus is capped at 180% of the target Annual Bonus. A minimum of one-third of the Annual Bonus is granted in shares. The determined bonus achievement is settled on March 31 following the end of the period whereby at the statement of financial position date the target achievements and the share price are estimated (the latter on the basis of market quotes).
Given the volatility of commodity prices and market conditions inherent to the industry, the variable remuneration plans give the Remuneration Committee the authority (in line with general practices in the Oil and Gas industry) to adjust the threshold, target, and maximum levels of the financial targets based on oil/gas prices and EUR/USD exchange rates compared with assumptions at the time the targets were set. Adjustments can be applied in both directions. They are determined by the Remuneration Committee and published in the Remuneration Report. The granted shares after deduction of taxes are transferred to a trustee deposit, managed by the Company, to be held for three years.
In 2024, expenses amounting to EUR 2 mn were recorded with a corresponding increase in equity (2023: EUR 3 mn).
Personal investment held in shares1
12/31/2024
Active Executive Board members as of December 31, 2024
Stern
41,308
Florey
54,380
van Koten
10,821
Gaso
3,550
Vlad2
3,720
Former Executive Board members
Pleininger3
14,203
Skvortsova4
7,329
Seele5
7,795
Gangl6
533
Total - Executive Board
143,639
Other Senior Managers
243,899
Total personal investment
387,538
1 Personal investment held in shares refer to open LTI plans and Equity Deferral if shares are held in the OMV trustee deposit.
2 Daniela Vlad resigned from the Executive Board effective February 28, 2025.
3 Johann Pleininger resigned from the Executive Board effective December 31, 2022.
4 Elena Skvortsova resigned from the Executive Board effective October 31, 2022.
5 Rainer Seele resigned from the Executive Board effective August 31, 2021.
6 Thomas Gangl resigned from the Executive Board effective March 31, 2021.
Total expenses
Expenses related to all share-based payment transactions are summarized in the table below.
Expenses related to share-based payment transactions1
In EUR mn
2024
2023
Cash settled
6
6
Equity settled
7
6
Total expenses arising from share based payment transactions
13
12
1 Excluding incidental wage costs
Key management personnel compensation
Remuneration received by active members of the Executive Board as of December 31, 2024
In EUR mn
2024
Stern
Florey
Gaso
van Koten
Vlad5
Total
Short-term benefits
2.24
1.87
1.30
1.36
1.32
8.09
Fixed (base salary)
1.04
0.87
0.60
0.62
0.58
3.70
Variable (cash bonus)1
1.19
0.99
0.63
0.72
0.66
4.18
Benefits in kind2
0.01
0.01
0.073
0.034
0.093
0.21
Post-employment benefits
0.26
0.22
0.15
0.15
0.14
0.93
Pension fund contributions
0.26
0.22
0.15
0.15
0.14
0.93
Share-based benefits
1.58
1.19
0.35
0.61
0.36
4.09
Variable (Equity Deferral 2023)
0.87
0.72
0.35
0.40
0.36
2.70
Variable (LTIP 2021)
0.71
0.47
\u2014
0.21
\u2014
1.39
Remuneration received by the Executive Board
4.08
3.27
1.80
2.13
1.82
13.10
1 The variable components relate to target achievement in 2023, for which bonuses were paid in 2024.
2 Including cash payments for allowances
3 Including rental, advisory costs, and related taxes
4 Including car allowances
5 Daniela Vlad resigned from the Executive Board effective February 28, 2025.
Remuneration received by former members of the Executive Board as of December 31, 2024
In EUR mn
2024
Pleininger3
Skvortsova4
Seele5
Gangl6
Total
Short-term benefits
0.34
0.34
\u2014
\u2014
0.68
Variable (cash bonus)1
0.34
0.33
\u2014
\u2014
0.67
Benefits in kind2
\u2014
0.01
\u2014
\u2014
0.01
Share-based benefits
0.88
0.61
1.80
0.11
3.39
Variable (Equity Deferral 2023)
0.27
0.18
\u2014
\u2014
0.46
Variable (LTIP 2021)
0.60
0.43
1.80
0.11
2.94
Remuneration received by former Executive Board members
1.22
0.95
1.80
0.11
4.07
1 The variable components relate to target achievement in 2023, for which bonuses were paid in 2024.
2 Including cash payments for allowances
3 Johann Pleininger resigned from the Executive Board effective December 31, 2022 and his contract ended on April 30, 2023.
4 Elena Skvortsova resigned from the Executive Board effective October 31, 2022 and her contract ended on June 14, 2023.
5 Rainer Seele resigned from the Executive Board effective August 31, 2021 and his contract ended on June 30, 2022.
6 Thomas Gangl resigned from the Executive Board effective March 31, 2021.
Remuneration received by active members of the Executive Board as of December 31, 2023
In EUR mn
2023
Stern
Florey
Gaso4
van Koten
Vlad8
Total
Short-term benefits
2.16
1.83
1.24
1.31
0.86
7.39
Fixed (base salary)
0.99
0.81
0.50
0.58
0.53
3.41
Fixed (one-off payment)
\u2014
\u2014
0.635
\u2014
0.269
0.89
Variable (cash bonus)1
1.16
0.97
\u2014
0.70
\u2014
2.83
Benefits in kind2
0.01
0.053
0.116
0.037
0.0710
0.26
Post-employment benefits
0.25
0.20
0.13
0.14
0.13
0.86
Pension fund contributions
0.25
0.20
0.13
0.14
0.13
0.86
Share-based benefits
0.68
1.04
\u2014
0.31
\u2014
2.04
Variable (Equity Deferral 2022)
0.68
0.57
\u2014
0.31
\u2014
1.56
Variable (LTIP 2020)
\u2014
0.48
\u2014
\u2014
\u2014
0.48
Remuneration received by the Executive Board
3.09
3.07
1.37
1.76
0.99
10.28
1 The variable components relate to target achievement in 2022, for which bonuses were paid in 2023.
2 Including cash payments for allowances
3 Including schooling costs and related taxes
4 Berislav Gaso joined the Executive Board on March 1, 2023.
5 Berislav Gaso received a compensation payment for forfeited remuneration in the 2023 financial year in settlement of the variable remuneration that was demonstrably forfeited due to the transfer from the MOL Group to OMV Aktiengesellschaft.
6 Including relocation, rental costs, and related taxes
7 Including car allowances
8 Daniela Vlad joined the Executive Board on February 1, 2023.
9 Daniela Vlad received a compensation payment for forfeited remuneration in the 2023 financial year in settlement of the variable remuneration that was demonstrably forfeited due to the transfer from AkzoNobel N.V. to OMV Aktiengesellschaft.
10 Including relocation, rental costs, and related taxes
Remuneration received by former members of the Executive Board as of December 31, 2023
In EUR mn
2023
Pleininger3
Skvortsova5
Seele7
Gangl8
Total
Short-term benefits
1.52
1.04
0.72
\u2014
3.28
Fixed (base salary)
0.25
0.26
\u2014
\u2014
0.51
Fixed (one-off payment)
0.274
\u2014
\u2014
\u2014
0.27
Variable (cash bonus)1
1.00
0.70
0.72
\u2014
2.42
Benefits in kind2
0.00
0.086
\u2014
\u2014
0.08
Post-employment benefits
0.12
0.07
\u2014
\u2014
0.19
Pension fund contributions
0.12
0.07
\u2014
\u2014
0.19
Share-based benefits
1.26
0.55
2.16
0.44
4.40
Variable (Equity Deferral 2022)
0.65
0.31
0.32
\u2014
1.27
Variable (LTIP 2020)
0.61
0.24
1.84
0.44
3.13
Remuneration received by former Executive Board members
2.90
1.66
2.88
0.44
7.87
1 The variable components relate to target achievement in 2022, for which bonuses were paid in 2023.
2 Including cash payments for allowances
3 Johann Pleininger resigned from the Executive Board effective December 31, 2022 and his contract ended on April 30, 2023.
4 Johann Pleininger received compensation for the shortened phase-out period for the period from May 1 until August 31, 2023.
5 Elena Skvortsova resigned from the Executive Board effective October 31, 2022 and her contract ended on June 14, 2023.
6 Including rental, advisory costs, and related taxes
7 Rainer Seele resigned from the Executive Board effective August 31, 2021 and his contract ended on June 30, 2022.
8 Thomas Gangl resigned from the Executive Board effective March 31, 2021.
Remuneration received by top executives (excl. Executive Board)1
In EUR mn
2024
2023
Salaries and bonuses
27.0
28.5
Pension fund contributions
1.5
1.5
Other post-employment benefits including termination benefits
0.0
2.5
Share-based benefits
5.9
6.4
Other long-term benefits
0.1
0.1
Remuneration received by top executives (excl. Executive Board)
34.5
39.0
1 In 2024, there were on average 48 top executives (2023: 51) based on the months of service in the Group.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-81": { "value": "
Accounting Policy

For OMV Petrom SA, the unwinding expenses for decommissioning provisions are included net of the unwinding income from receivables recoverable from the Romanian State.
The Group recognizes provisions for decommissioning and environmental obligations.The Group\u2019s core activities regularly lead to obligations related to dismantling and removal, asset retirement, and soil remediation activities. These decommissioning and restoration obligations are principally of material importance in the Energy segment (oil and gas wells, surface facilities) and in connection with filling stations on third-party property. At the time the obligation arises, it is provided for in full by recognizing the present value of future decommissioning and restoration expenses as a provision. An equivalent amount is capitalized as part of the carrying amount of long-lived assets. Any such obligation is calculated on the basis of best estimates. The unwinding of discounting leads to interest expenses and accordingly to increased obligations at each statement of financial position date until decommissioning or restoration. For other environmental risks and measures, provisions are recognized if such obligations are probable, and the amount of the obligation can be estimated reliably. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-82": { "value": "
Interest income
In EUR mn
2024
2023
Cash and cash equivalents
300
355
Discounted receivables
9
14
Other financial and non-financial assets
63
35
Loans
83
69
Interest income
455
473
Interest income on cash and cash equivalents in 2024 was primarily related to interest income on EUR, RON, and USD bank deposits.
Cash and cash equivalents
In EUR mn
2024
2023
Cash at bank and in hand
573
884
Short-term deposits
5,610
6,126
Cash and cash equivalents
6,182
7,011
Capital management \u2013 key performance measures
In EUR mn (unless otherwise stated)
2024
2023
Bonds
6,570
6,073
Lease liabilities
1,767
1,587
Other interest-bearing debts
1,070
1,470
Debt
9,407
9,130
Cash and cash equivalents
6,182
7,011
Net debt1
3,225
2,120
Equity
24,617
25,369
Leverage ratio2 in %
12
8
1 Including items that were reclassified to assets or liabilities held for sale
2 The leverage ratio is defined as (net debt including leases)/(equity + net debt including leases).
Maximum credit exposure1
In EUR mn
2024
2023
Trade receivables
2,842
3,455
Investments
135
85
Bonds
91
285
Derivatives
307
942
Loans
1,286
910
Other sundry financial assets
1,370
1,612
Cash and cash equivalents
6,182
6,920
Financial guarantee contracts2
1,735
1,234
Total maximum credit exposure
13,950
15,442
1 Excluding items reclassified to held for sale
2 Maximum exposure of financial guarantee contracts based on drawdowns of financing facilities as of December 31 excluding interest accrued.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-83": { "value": "
Interest income
In EUR mn
2024
2023
Cash and cash equivalents
300
355
Discounted receivables
9
14
Other financial and non-financial assets
63
35
Loans
83
69
Interest income
455
473
Interest income from loans included EUR\u00a064\u00a0mn (2023:\u00a0EUR\u00a059\u00a0mn) from the loan agreement with Bayport Polymers LLC, with remaining income attributable to other loans made to at-equity consolidated companies. For further details see Note 35 \u2013 Related parties.
Interest expenses
In EUR mn
2024
2023
Bonds
108
104
Lease liabilities
44
36
Other financial and non-financial liabilities
34
49
Provisions for decommissioning and restoration obligations
205
204
Provisions for jubilee payments, personnel reduction schemes, and other employee benefits
4
5
Provisions for pensions and severance payments
30
33
Provisions for onerous contracts
5
5
Other
8
3
Interest expenses, gross
439
437
Capitalized borrowing costs
\u201326
\u201323
Interest expenses
412
415
Financial assets
In EUR mn
Valued at
fair value
through
profit or loss
Valued at
fair value through other comprehen-
sive income
Valued at amortized cost
Total
carrying
amount
thereof
short-term
thereof
long-term
2024
Trade receivables from contracts with customers
128
\u2014
2,230
2,358
2,358
\u2014
Other trade receivables
\u2014
\u2014
484
484
484
\u2014
Total trade receivables
128
\u2014
2,714
2,842
2,842
\u2014
Equity investments
1
105
\u2014
106
\u2014
106
Investment funds
29
\u2014
\u2014
29
\u2014
29
Bonds
\u2014
\u2014
91
91
59
33
Derivatives designated as hedging instruments
\u2014
39
\u2014
39
27
12
Other derivatives
269
\u2014
\u2014
269
193
75
Loans
\u2014
\u2014
1,286
1,286
5
1,282
Other sundry financial assets
2
\u2014
1,369
1,370
790
581
Total other financial assets
301
143
2,746
3,190
1,074
2,116
Financial assets
429
143
5,460
6,032
3,916
2,116
2023
Trade receivables from contracts with customers
99
\u2014
2,571
2,670
2,670
\u2014
Other trade receivables
\u2014
\u2014
785
785
785
\u2014
Total trade receivables
99
\u2014
3,356
3,455
3,455
\u2014
Equity investments
1
56
\u2014
57
\u2014
57
Investment funds
28
\u2014
\u2014
28
\u2014
28
Bonds
\u2014
\u2014
285
285
245
39
Derivatives designated as hedging instruments
\u2014
52
\u2014
52
50
2
Other derivatives
890
\u2014
\u2014
890
692
198
Loans
\u2014
\u2014
910
910
5
905
Other sundry financial assets
2
\u2014
1,610
1,612
1,139
474
Total other financial assets
921
108
2,805
3,834
2,130
1,704
Financial assets
1,020
108
6,160
7,288
5,584
1,704
In 2024 the position loans included loans and the related accrued interests under a member loan agreement with Bayport Polymers LLC in the amount of EUR\u00a0769\u00a0mn (2023: EUR\u00a0701\u00a0mn) and EUR\u00a0435\u00a0mn (2023: EUR\u00a0155\u00a0mn) from drawdowns and the related interest accrued from a shareholder loan agreement entered into with Borouge\u00a04\u00a0LLC. For further details please refer to Note 35 \u2013 Related parties.
26 |
Liabilities
Liabilities
In EUR mn
2024
2023
Short-term
Long-term
Total
Short-term
Long-term
Total
Bonds
850
5,720
6,570
540
5,534
6,073
Other interest-bearing debts
353
717
1,070
427
1,043
1,470
Lease liabilities
233
1,534
1,767
181
1,404
1,585
Trade payables
3,723
\u2014
3,723
3,955
\u2014
3,955
Other financial liabilities
1,047
238
1,284
1,424
316
1,740
Other liabilities
1,507
92
1,600
1,613
102
1,715
Liabilities
7,713
8,301
16,014
8,140
8,398
16,538
Other interest-bearing debts predominantly referred to bank loans, but also included private placements and other funding instruments.
Bonds
International corporate bonds
In EUR mn
2024
2023
Nominal
Coupon
Repayment
Carrying
amount
December 31
Carrying
amount
December 31
EUR 500,000,000
1.50% fixed
04/09/2024
\u2014
505
EUR 500,000,000
0.00% fixed
07/03/2025
500
499
EUR 300,000,000
1.75% fixed
12/10/2025
305
309
EUR 1,000,000,000
1.00% fixed
12/14/2026
998
997
EUR 750,000,000
3.50% fixed
09/27/2027
754
753
EUR 500,000,000
2.00% fixed
04/09/2028
506
506
EUR 500,000,000
1.875% fixed
12/04/2028
500
500
EUR 750,000,000
0.75% fixed
06/16/2030
750
749
EUR 500,000,000
3.25% fixed
09/04/2031
501
\u2014
EUR 750,000,000
2.375% fixed
04/09/2032
759
759
EUR 500,000,000
1.00% fixed
07/03/2034
497
497
EUR 500,000,000
3.75% fixed
09/04/2036
500
\u2014
International corporate bonds
6,570
6,073
Bonds and other interest-bearing debts
As of December 31, 2024, long-term bonds and other interest-bearing debts included EUR\u00a0510\u00a0mn loan arrangements, which were subject to OMV Group complying with financial covenants.
As of December 31, 2024 and as of December 31, 2023, the OMV Group was in compliance with all those financial covenants and had significant headroom compared to the thresholds stipulated by the loans agreements.
Bonds and other interest-bearing debts
In EUR mn
2024
2023
Short-term loan financing
6
106
Short-term component of long-term financing
1,197
860
Total short-term
1,203
967
Maturities of long-term financing
2024
\u2014
860
2025
1,197
1,149
2026
1,188
1,189
2027
875
875
2028
1,156
1,158
2029
97
\u2014
2030/2029 and subsequent years
3,121
2,205
Total long-term
7,634
7,436
Breakdown of bonds and other interest-bearing debts
In EUR mn
2024
2023
Weighted
average
interest rate
Weighted
average
interest rate
Bonds and other long-term interest-bearing debts1
Fixed rates
EUR
7,353
1.80%
6,911
1.53%
USD
240
4.19%
265
4.06%
Total
7,592
1.87%
7,176
1.63%
Variable rates2
EUR
26
3.61%
45
4.85%
USD
16
6.57%
183
6.64%
Other currencies
\u2014
\u2014
32
0.45%
Total
42
4.68%
260
5.57%
Other short-term interest-bearing debts
EUR
\u2014
\u2014
52
\u2014
NOK
\u2014
\u2014
54
\u2014
Other currencies
6
4.08%
\u2014
\u2014
Total
6
4.08%
106
\u2014
1 Including short-term components of long-term debts
2 Rates at year-end
The table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted cash flows:
Financial liabilities (undiscounted cash flows)
In EUR mn
\u22641 year
1\u20135 years
>5 years
Total
2024
Bonds
924
3,124
3,248
7,297
Other interest-bearing debts
356
592
151
1,098
Lease liabilities
277
662
1,234
2,173
Trade payables
3,723
\u2014
\u2014
3,723
Derivative financial liabilities
315
102
\u2014
417
Other sundry financial liabilities1
744
82
89
916
Financial liabilities (undiscounted cash flows)
6,339
4,562
4,722
15,623
2023
Bonds
597
3,845
2,113
6,555
Other interest-bearing debts
459
857
231
1,547
Lease liabilities
219
588
1,231
2,038
Trade payables
3,955
\u2014
\u2014
3,955
Derivative financial liabilities
393
157
\u2014
550
Other sundry financial liabilities1
1,039
82
139
1,260
Financial liabilities (undiscounted cash flows)
6,662
5,529
3,713
15,904
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 29 \u2013 Risk management.
Cash flow from financing activities
2024 was positively impacted by the issuance of two bonds (EUR 500 mn each), partly offset by the repayment of a bond with a nominal value of EUR 500 mn. Moreover, the line \u201cRepayment of hybrid bond\u201d comprised the repayment of a hybrid bond with a nominal value of EUR\u00a0500\u00a0mn. For further details, please refer to Note 22 \u2013 Equity of stockholders of the parent.
Changes in liabilities arising from financing activities (incl. liabilities associated with assets held for sale)
In EUR mn
2024
Bonds
Other
interest-
bearing
debts
Lease
liabilities
Total
January 1
6,073
1,470
1,587
9,130
Increase in long-term borrowings
990
\u2014
\u2014
990
Repayments of long-term borrowings
\u2013500
\u2013307
\u2013240
\u20131,047
Repayment of hybrid bond
\u2013500
\u2014
\u2014
\u2013500
Decrease (\u2013)/increase (+) in short-term borrowings
\u2014
\u2013113
\u2014
\u2013113
Total cash flows related to financing activities
\u201310
\u2013421
\u2013240
\u2013671
Currency translation differences
\u2014
14
8
22
Changes in the consolidated group
\u2014
18
21
39
Reclassification of hybrid bond from equity to financial liabilities
510
\u2014
\u2014
510
Difference between interest expenses and interest paid
8
\u201313
2
\u20133
Other changes
\u2014
\u2014
3901
390
Total non-cash changes
519
20
420
959
Coupon payment from hybrid bond before reclassification from equity 2
\u2013112
\u2014
\u2014
\u201311
December 31
6,570
1,070
1,767
9,407
1 Mainly related to new lease agreements
2 Shown in the line \u201cDividends paid to stockholders of the parent (incl. hybrid coupons)\u201d in the Statement of Cash Flows
Changes in liabilities arising from financing activities (incl. liabilities associated with assets held for sale)
In EUR mn
2023
Bonds
Other
interest-
bearing
debts
Lease
liabilities
Total
January 1
7,320
1,487
1,524
10,331
Repayments of long-term borrowings
\u20131,250
\u201344
\u2013184
\u20131,477
Decrease (\u2013)/increase (+) in short-term borrowings
\u2014
40
\u2014
40
Total cash flows related to financing activities
\u20131,250
\u20133
\u2013184
\u20131,437
Currency translation differences
\u2014
\u201322
\u20134
\u201325
Changes in the consolidated group
\u2014
24
\u201323
1
Difference between interest expenses and interest paid
3
\u201315
1
\u201311
Other changes
\u2014
\u2014
2721
272
Total non-cash changes
3
\u201314
247
236
December 31
6,073
1,470
1,587
9,130
1 Mainly related to new lease agreements
Capital management \u2013 key performance measures
In EUR mn (unless otherwise stated)
2024
2023
Bonds
6,570
6,073
Lease liabilities
1,767
1,587
Other interest-bearing debts
1,070
1,470
Debt
9,407
9,130
Cash and cash equivalents
6,182
7,011
Net debt1
3,225
2,120
Equity
24,617
25,369
Leverage ratio2 in %
12
8
1 Including items that were reclassified to assets or liabilities held for sale
2 The leverage ratio is defined as (net debt including leases)/(equity + net debt including leases).
Maximum credit exposure1
In EUR mn
2024
2023
Trade receivables
2,842
3,455
Investments
135
85
Bonds
91
285
Derivatives
307
942
Loans
1,286
910
Other sundry financial assets
1,370
1,612
Cash and cash equivalents
6,182
6,920
Financial guarantee contracts2
1,735
1,234
Total maximum credit exposure
13,950
15,442
1 Excluding items reclassified to held for sale
2 Maximum exposure of financial guarantee contracts based on drawdowns of financing facilities as of December 31 excluding interest accrued.
Fair value hierarchy of financial assets1 and net amount of assets and liabilities held for sale at fair value
In EUR mn
Carrying amount
Fair value level
Valued at amortized
cost
Valued at
fair value
Total
Level 1
Level 2
Level 3
Total
2024
Trade receivables
2,714
128
2,842
\u2014
128
\u2014
128
Equity investments
\u2014
106
106
19
62
25
106
Investment funds
\u2014
29
29
29
\u2014
\u2014
29
Bonds
91
\u2014
91
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
39
39
\u2014
39
\u2014
39
Other derivatives
\u2014
269
269
5
264
\u2014
269
Loans
1,286
\u2014
1,286
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,369
2
1,370
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
369
369
\u2014
369
\u2014
369
Total
5,460
941
6,401
52
862
27
941
2023
Trade receivables
3,356
99
3,455
\u2014
99
\u2014
99
Equity investments
\u2014
57
57
\u2014
34
23
57
Investment funds
\u2014
28
28
28
\u2014
\u2014
28
Bonds
285
\u2014
285
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
52
52
\u2014
52
\u2014
52
Other derivatives
\u2014
890
890
0
890
\u2014
890
Loans
910
\u2014
910
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,610
2
1,612
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
13
13
\u2014
13
\u2014
13
Total
6,160
1,141
7,301
28
1,088
25
1,141
1 Excluding assets that were reclassified to held for sale
Fair value hierarchy of financial liabilities and other liabilities at fair value1
In EUR mn
Carrying amount
Fair value level
Valued at
amortized
cost
Valued at fair
value
Total
Level 1
Level 2
Level 3
Total
2024
Trade payables
3,723
\u2014
3,723
\u2014
\u2014
\u2014
\u2014
Bonds
6,570
\u2014
6,570
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,767
\u2014
1,767
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,070
\u2014
1,070
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
60
60
\u2014
60
\u2014
60
Liabilities on other derivatives
\u2014
342
342
28
315
\u2014
342
Other financial liabilities
865
16
882
\u2014
16
\u2014
16
Other liabilities at fair value2
\u2014
40
40
\u2014
40
\u2014
40
Total
13,996
459
14,455
28
431
\u2014
459
2023
Trade payables
3,955
\u2014
3,955
\u2014
\u2014
\u2014
\u2014
Bonds
6,073
\u2014
6,073
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,585
\u2014
1,585
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,470
\u2014
1,470
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
67
67
\u2014
67
\u2014
67
Liabilities on other derivatives
\u2014
469
469
37
432
\u2014
469
Other financial liabilities
1,204
\u2014
1,204
\u2014
\u2014
\u2014
\u2014
Other liabilities at fair value2
\u2014
28
28
\u2014
28
\u2014
28
Total
14,287
564
14,851
37
528
\u2014
564
1 Excluding liabilities that were reclassified to held for sale
2 Includes hedged items designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany.
Financial liabilities for which fair values are disclosed
In EUR mn
Carrying amount
Fair value
Fair value level
Level 1
Level 2
2024
Bonds
6,570
6,359
6,359
\u2014
Other interest-bearing debt
1,070
989
\u2014
989
Financial liabilities
7,640
7,349
6,359
989
2023
Bonds
6,073
5,766
5,766
\u2014
Other interest-bearing debt
1,470
1,349
\u2014
1,349
Financial liabilities
7,543
7,115
5,766
1,349
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-84": { "value": "
Interest expenses
In EUR mn
2024
2023
Bonds
108
104
Lease liabilities
44
36
Other financial and non-financial liabilities
34
49
Provisions for decommissioning and restoration obligations
205
204
Provisions for jubilee payments, personnel reduction schemes, and other employee benefits
4
5
Provisions for pensions and severance payments
30
33
Provisions for onerous contracts
5
5
Other
8
3
Interest expenses, gross
439
437
Capitalized borrowing costs
\u201326
\u201323
Interest expenses
412
415
For further details on bonds and lease liabilities see Note 26 \u2013 Liabilities.
Interest expenses on provisions for decommissioning and restoration obligations in 2024 were impacted by unwinding effects in the amount of EUR\u00a0174\u00a0mn (2023: EUR\u00a0181\u00a0mn). The remaining part of the interest expenses on provisions for decommissioning and restoration obligations related entirely to the negative reassessment effects of receivables recoverable from the Romanian State amounting to EUR\u00a031\u00a0mn (2023:\u00a0EUR\u00a023\u00a0mn).
Interest expenses on provisions for pension and severance payments were netted against interest income on pension plan assets, which amounted to EUR 21 mn (2023: EUR 19 mn).
Capitalized borrowings costs applied to the carrying value of qualifying assets were mainly related to the propane dehydrogenation plant under construction at the Borealis production site in Kallo, Belgium, and construction of the ReOil\u00ae and co-processing plants in Austria.
Other financial income and expenses
In EUR mn
2024
2023
Carrying amount of sold trade and other receivables
\u201311,881
\u201311,825
Proceeds on sold trade and other receivables
11,801
11,748
Financing charges for factoring and securitization
\u201380
\u201377
Net foreign exchange gains (+)/losses (\u2013)
20
\u201329
Other
\u20138
\u201332
Other financial income and expenses
\u201369
\u2013138
Present value of obligations
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Present value of obligations as of January 1
1,332
145
1,302
135
Current service costs
21
4
21
4
Past service costs
2
6
\u2014
\u2014
Interest costs
45
6
46
6
Amounts recognized in the income statement
69
16
67
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Total remeasurements of the period (OCI)
22
2
52
13
Actual benefit payments
\u201389
\u201322
\u201389
\u201313
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20135
1
\u20131
\u20130
Reclassification to/from liabilities associated
with assets held for sale
\u2014
15
\u2014
\u2014
Present value of obligations as of December 31
1,329
157
1,332
145
Provisions and expenses
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Provisions as of January\u00a01
734
145
775
135
Current service costs
21
4
21
4
Past service cost
2
6
\u2014
\u2014
Net interest costs
24
6
27
6
Amounts recognized in the income statement
48
16
48
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Return on plan assets excluding interest income
\u20138
\u2014
\u20136
\u2014
Total remeasurements of the period (OCI)
15
2
46
13
Actual benefit payments
\u201331
\u201322
\u201332
\u201313
Actual employer contributions
\u201351
\u2014
\u2013104
\u2014
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20133
1
0
\u20130
Reclassification to/from liabilities associated with assets held for sale
\u2014
15
\u2014
\u2014
Provisions as of December\u00a031
711
157
734
145
Provisions for decommissioning and restoration obligations
In EUR mn
Carrying amount
January 1, 2024
4,148
Currency translation differences
\u201341
New obligations
84
Increase arising from revisions in estimates
48
Reduction arising from revisions in estimates
\u2013210
Unwinding of discounting
193
Reclassified to/from liabilities associated with assets held for sale
\u20132
Usage, disposals, and other changes
\u2013127
December 31, 2024
4,093
32 |
Result on financial instruments
Result on financial instruments
In EUR mn
Amount
Financial
instruments at fair value
through profit or loss
Equity instruments
designated as
measured at
fair value
through other
comprehensive
income
Financial
assets at
amortized
cost
Financial
liabilities at
amortized
cost
2024
Fair value changes of financial assets
and derivatives
\u2013212
\u2013212
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201316
\u2014
\u2014
\u201316
\u2014
Result on financial instruments
within operating result
\u2013228
\u2013212
\u2014
\u201316
\u2014
Dividend income
7
\u2014
6
\u2014
\u2014
Interest income
455
\u2014
\u2014
448
\u2014
Interest expenses
\u2013412
\u2014
\u2014
\u2014
\u2013155
Fair value changes of FX derivatives
\u2013107
\u2013107
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201380
\u201380
\u2014
\u2014
\u2014
Impairments of financial
instruments, net
\u20137
\u2014
\u2014
\u20132
\u2014
Other
\u20131
\u2014
0
0
0
Result on financial instruments
within financial result
\u2013146
\u2013187
6
446
\u2013155
2023
Fair value changes of financial assets
and derivatives
111
111
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201338
\u2014
\u2014
\u201338
\u2014
Result on financial instruments
within operating result
73
111
\u2014
\u201338
\u2014
Dividend income
10
\u2014
4
\u2014
\u2014
Interest income
473
\u2014
\u2014
473
\u2014
Interest expenses
\u2013415
\u20133
\u2014
\u2014
\u2013148
Fair value changes of financial instruments
\u201321
\u201321
\u2014
\u2014
\u2014
Fair value changes of FX derivatives
\u2013191
\u2013191
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201377
\u201377
\u2014
\u2014
\u2014
Impairments of financial instruments, net
\u20135
\u2014
\u2014
\u20132
\u2014
Other
\u20136
\u20130
\u20131
0
\u20135
Result on financial instruments
within financial result
\u2013232
\u2013292
3
471
\u2013153
The interest expenses not allocated mainly referred to the unwinding of provisions. For further details see
Note 13 \u2013 Net financial result.
The receivables are sold at their nominal amount less a discount. The discount was recognized in profit or loss and amounted to EUR\u00a051\u00a0mn in 2024 (2023: EUR 53\u00a0mn).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-85": { "value": "
Interest expenses
In EUR mn
2024
2023
Bonds
108
104
Lease liabilities
44
36
Other financial and non-financial liabilities
34
49
Provisions for decommissioning and restoration obligations
205
204
Provisions for jubilee payments, personnel reduction schemes, and other employee benefits
4
5
Provisions for pensions and severance payments
30
33
Provisions for onerous contracts
5
5
Other
8
3
Interest expenses, gross
439
437
Capitalized borrowing costs
\u201326
\u201323
Interest expenses
412
415
For further details on bonds and lease liabilities see Note 26 \u2013 Liabilities.
Interest expenses on provisions for decommissioning and restoration obligations in 2024 were impacted by unwinding effects in the amount of EUR\u00a0174\u00a0mn (2023: EUR\u00a0181\u00a0mn). The remaining part of the interest expenses on provisions for decommissioning and restoration obligations related entirely to the negative reassessment effects of receivables recoverable from the Romanian State amounting to EUR\u00a031\u00a0mn (2023:\u00a0EUR\u00a023\u00a0mn).
Interest expenses on provisions for pension and severance payments were netted against interest income on pension plan assets, which amounted to EUR 21 mn (2023: EUR 19 mn).
Capitalized borrowings costs applied to the carrying value of qualifying assets were mainly related to the propane dehydrogenation plant under construction at the Borealis production site in Kallo, Belgium, and construction of the ReOil\u00ae and co-processing plants in Austria.
Present value of obligations
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Present value of obligations as of January 1
1,332
145
1,302
135
Current service costs
21
4
21
4
Past service costs
2
6
\u2014
\u2014
Interest costs
45
6
46
6
Amounts recognized in the income statement
69
16
67
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Total remeasurements of the period (OCI)
22
2
52
13
Actual benefit payments
\u201389
\u201322
\u201389
\u201313
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20135
1
\u20131
\u20130
Reclassification to/from liabilities associated
with assets held for sale
\u2014
15
\u2014
\u2014
Present value of obligations as of December 31
1,329
157
1,332
145
Provisions and expenses
In EUR mn
2024
2023
Pensions
Severance and other plans
Pensions
Severance and other plans
Provisions as of January\u00a01
734
145
775
135
Current service costs
21
4
21
4
Past service cost
2
6
\u2014
\u2014
Net interest costs
24
6
27
6
Amounts recognized in the income statement
48
16
48
9
Adjustments due to changes in demographic assumptions
1
\u20131
0
\u20130
Adjustments due to changes in financial assumptions
39
3
\u201320
1
Experience adjustments
\u201318
\u20131
72
12
Return on plan assets excluding interest income
\u20138
\u2014
\u20136
\u2014
Total remeasurements of the period (OCI)
15
2
46
13
Actual benefit payments
\u201331
\u201322
\u201332
\u201313
Actual employer contributions
\u201351
\u2014
\u2013104
\u2014
Changes in the consolidated group
\u2014
\u2014
\u2014
1
Currency translation differences
\u20133
1
0
\u20130
Reclassification to/from liabilities associated with assets held for sale
\u2014
15
\u2014
\u2014
Provisions as of December\u00a031
711
157
734
145
Provisions for decommissioning and restoration obligations
In EUR mn
Carrying amount
January 1, 2024
4,148
Currency translation differences
\u201341
New obligations
84
Increase arising from revisions in estimates
48
Reduction arising from revisions in estimates
\u2013210
Unwinding of discounting
193
Reclassified to/from liabilities associated with assets held for sale
\u20132
Usage, disposals, and other changes
\u2013127
December 31, 2024
4,093
32 |
Result on financial instruments
Result on financial instruments
In EUR mn
Amount
Financial
instruments at fair value
through profit or loss
Equity instruments
designated as
measured at
fair value
through other
comprehensive
income
Financial
assets at
amortized
cost
Financial
liabilities at
amortized
cost
2024
Fair value changes of financial assets
and derivatives
\u2013212
\u2013212
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201316
\u2014
\u2014
\u201316
\u2014
Result on financial instruments
within operating result
\u2013228
\u2013212
\u2014
\u201316
\u2014
Dividend income
7
\u2014
6
\u2014
\u2014
Interest income
455
\u2014
\u2014
448
\u2014
Interest expenses
\u2013412
\u2014
\u2014
\u2014
\u2013155
Fair value changes of FX derivatives
\u2013107
\u2013107
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201380
\u201380
\u2014
\u2014
\u2014
Impairments of financial
instruments, net
\u20137
\u2014
\u2014
\u20132
\u2014
Other
\u20131
\u2014
0
0
0
Result on financial instruments
within financial result
\u2013146
\u2013187
6
446
\u2013155
2023
Fair value changes of financial assets
and derivatives
111
111
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201338
\u2014
\u2014
\u201338
\u2014
Result on financial instruments
within operating result
73
111
\u2014
\u201338
\u2014
Dividend income
10
\u2014
4
\u2014
\u2014
Interest income
473
\u2014
\u2014
473
\u2014
Interest expenses
\u2013415
\u20133
\u2014
\u2014
\u2013148
Fair value changes of financial instruments
\u201321
\u201321
\u2014
\u2014
\u2014
Fair value changes of FX derivatives
\u2013191
\u2013191
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201377
\u201377
\u2014
\u2014
\u2014
Impairments of financial instruments, net
\u20135
\u2014
\u2014
\u20132
\u2014
Other
\u20136
\u20130
\u20131
0
\u20135
Result on financial instruments
within financial result
\u2013232
\u2013292
3
471
\u2013153
The interest expenses not allocated mainly referred to the unwinding of provisions. For further details see
Note 13 \u2013 Net financial result.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-86": { "value": "
Interest expenses
In EUR mn
2024
2023
Bonds
108
104
Lease liabilities
44
36
Other financial and non-financial liabilities
34
49
Provisions for decommissioning and restoration obligations
205
204
Provisions for jubilee payments, personnel reduction schemes, and other employee benefits
4
5
Provisions for pensions and severance payments
30
33
Provisions for onerous contracts
5
5
Other
8
3
Interest expenses, gross
439
437
Capitalized borrowing costs
\u201326
\u201323
Interest expenses
412
415
OMV as a lessee
Accounting policy

As a lessee, OMV recognizes lease liabilities and right-of-use assets for lease contracts according to IFRS 16. It applies the recognition exemption for short-term leases and leases in which the underlying asset is of low value and therefore does not recognize right-of-use assets and lease liabilities for such leases. Leases to explore for and use oil and natural gas, which comprise mainly land leases used for such activities, are not in the scope of IFRS 16. The rent for these contracts is recognized as expense on a straight-line basis over the lease term.

Non-lease components are separated from the lease components for the measurement of right-of-use assets and lease liabilities. Lease liabilities are recognized at the present value of fixed lease payments and lease payments that depend on an index or rate over the determined lease term with the applicable discount rate. Right-of-use assets are recognized at the value of the lease liability plus prepayments and initial direct costs and presented within property, plant and equipment.

Significant judgments: prolongation and termination options of lease contracts

OMV has a significant number of contracts in which it leases filling stations. Many of those contracts include prolongation and termination options. Prolongation options or periods after termination options are included in the lease term if it is reasonably certain that the lease will be prolonged or not terminated. When determining the lease term, the Group takes into account all relevant facts and circumstances that create an economic incentive for shortening or prolonging the lease term using the available options. When assessing the lease term of leases in filling stations for periods covered by prolongation or termination options, the assumption was applied that the lease term will not exceed 20 years.

Optional periods not taken into account in the measurement of the leases, exist mainly for E&P equipment in Romania, office buildings, a plot of land in Belgium and gas storage caverns in Germany. The prolongation option for the office buildings and the gas storage caverns can only be exercised in the distant future.
Right-of-use assets mainly included leases for filling station sites and buildings, other land, vessels, pipelines, and office buildings. In addition, OMV leases the storage infrastructure related to the propane dehydrogenation (PDH) plant in Kallo, Belgium, a hydrogen plant at the Petrobrazi refinery in Romania, gas storage facilities in Austria and Germany, technical equipment, and vehicles.
Leases not yet commenced in 2024 but committed amounted to EUR 251 mn, mainly in relation to vessels (2023: EUR\u00a094\u00a0mn).
Right-of-use assets recognized under IFRS 16
In EUR mn
Land and
buildings
Plant and
machinery
Other
fixtures,
fittings
and
equipment
Total
2024
January 1
556
692
149
1,397
Changes in the consolidated group1
24
\u2014
0
24
Additions
72
86
186
345
Depreciation
\u201363
\u201371
\u201391
\u2013226
Other movements
10
\u20137
0
3
December 31
599
701
244
1,543
2023
January 1
581
504
149
1,233
Changes in the consolidated group1
\u2014
29
\u2014
29
Additions
123
80
81
283
Depreciation
\u201382
\u201325
\u201369
\u2013176
Other movements
\u201366
105
\u201311
27
December 31
556
692
149
1,397
1 Mainly from the acquisition of JR Constanta S.R.L., JR Solar Teleorman S.R.L., JR Teleorman S.R.L., and AP-NewCo GmbH in 2024; in 2023, mainly from the change in the consolidation method of Renasci N.V. For further details on acquisitions refer to Note 4 \u2013 Significant changes in Group structure.
For information on lease liabilities see Note 26 \u2013 Liabilities.
Liabilities
In EUR mn
2024
2023
Short-term
Long-term
Total
Short-term
Long-term
Total
Bonds
850
5,720
6,570
540
5,534
6,073
Other interest-bearing debts
353
717
1,070
427
1,043
1,470
Lease liabilities
233
1,534
1,767
181
1,404
1,585
Trade payables
3,723
\u2014
3,723
3,955
\u2014
3,955
Other financial liabilities
1,047
238
1,284
1,424
316
1,740
Other liabilities
1,507
92
1,600
1,613
102
1,715
Liabilities
7,713
8,301
16,014
8,140
8,398
16,538
Lease liabilities increased mainly in relation to leased vessels in Finland, Sweden, and Romania and storage infrastructure in Sweden. For further details on lease contracts please refer to Note 17 \u2013 Property, plant, and equipment.
The table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted cash flows:
Financial liabilities (undiscounted cash flows)
In EUR mn
\u22641 year
1\u20135 years
>5 years
Total
2024
Bonds
924
3,124
3,248
7,297
Other interest-bearing debts
356
592
151
1,098
Lease liabilities
277
662
1,234
2,173
Trade payables
3,723
\u2014
\u2014
3,723
Derivative financial liabilities
315
102
\u2014
417
Other sundry financial liabilities1
744
82
89
916
Financial liabilities (undiscounted cash flows)
6,339
4,562
4,722
15,623
2023
Bonds
597
3,845
2,113
6,555
Other interest-bearing debts
459
857
231
1,547
Lease liabilities
219
588
1,231
2,038
Trade payables
3,955
\u2014
\u2014
3,955
Derivative financial liabilities
393
157
\u2014
550
Other sundry financial liabilities1
1,039
82
139
1,260
Financial liabilities (undiscounted cash flows)
6,662
5,529
3,713
15,904
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 29 \u2013 Risk management.
Changes in liabilities arising from financing activities (incl. liabilities associated with assets held for sale)
In EUR mn
2024
Bonds
Other
interest-
bearing
debts
Lease
liabilities
Total
January 1
6,073
1,470
1,587
9,130
Increase in long-term borrowings
990
\u2014
\u2014
990
Repayments of long-term borrowings
\u2013500
\u2013307
\u2013240
\u20131,047
Repayment of hybrid bond
\u2013500
\u2014
\u2014
\u2013500
Decrease (\u2013)/increase (+) in short-term borrowings
\u2014
\u2013113
\u2014
\u2013113
Total cash flows related to financing activities
\u201310
\u2013421
\u2013240
\u2013671
Currency translation differences
\u2014
14
8
22
Changes in the consolidated group
\u2014
18
21
39
Reclassification of hybrid bond from equity to financial liabilities
510
\u2014
\u2014
510
Difference between interest expenses and interest paid
8
\u201313
2
\u20133
Other changes
\u2014
\u2014
3901
390
Total non-cash changes
519
20
420
959
Coupon payment from hybrid bond before reclassification from equity 2
\u2013112
\u2014
\u2014
\u201311
December 31
6,570
1,070
1,767
9,407
1 Mainly related to new lease agreements
2 Shown in the line \u201cDividends paid to stockholders of the parent (incl. hybrid coupons)\u201d in the Statement of Cash Flows
Changes in liabilities arising from financing activities (incl. liabilities associated with assets held for sale)
In EUR mn
2023
Bonds
Other
interest-
bearing
debts
Lease
liabilities
Total
January 1
7,320
1,487
1,524
10,331
Repayments of long-term borrowings
\u20131,250
\u201344
\u2013184
\u20131,477
Decrease (\u2013)/increase (+) in short-term borrowings
\u2014
40
\u2014
40
Total cash flows related to financing activities
\u20131,250
\u20133
\u2013184
\u20131,437
Currency translation differences
\u2014
\u201322
\u20134
\u201325
Changes in the consolidated group
\u2014
24
\u201323
1
Difference between interest expenses and interest paid
3
\u201315
1
\u201311
Other changes
\u2014
\u2014
2721
272
Total non-cash changes
3
\u201314
247
236
December 31
6,073
1,470
1,587
9,130
1 Mainly related to new lease agreements
The total cash outflow related to lease liabilities amounted to EUR\u00a0283\u00a0mn (2023: EUR\u00a0218\u00a0mn).
Capital management \u2013 key performance measures
In EUR mn (unless otherwise stated)
2024
2023
Bonds
6,570
6,073
Lease liabilities
1,767
1,587
Other interest-bearing debts
1,070
1,470
Debt
9,407
9,130
Cash and cash equivalents
6,182
7,011
Net debt1
3,225
2,120
Equity
24,617
25,369
Leverage ratio2 in %
12
8
1 Including items that were reclassified to assets or liabilities held for sale
2 The leverage ratio is defined as (net debt including leases)/(equity + net debt including leases).
Fair value hierarchy of financial liabilities and other liabilities at fair value1
In EUR mn
Carrying amount
Fair value level
Valued at
amortized
cost
Valued at fair
value
Total
Level 1
Level 2
Level 3
Total
2024
Trade payables
3,723
\u2014
3,723
\u2014
\u2014
\u2014
\u2014
Bonds
6,570
\u2014
6,570
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,767
\u2014
1,767
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,070
\u2014
1,070
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
60
60
\u2014
60
\u2014
60
Liabilities on other derivatives
\u2014
342
342
28
315
\u2014
342
Other financial liabilities
865
16
882
\u2014
16
\u2014
16
Other liabilities at fair value2
\u2014
40
40
\u2014
40
\u2014
40
Total
13,996
459
14,455
28
431
\u2014
459
2023
Trade payables
3,955
\u2014
3,955
\u2014
\u2014
\u2014
\u2014
Bonds
6,073
\u2014
6,073
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,585
\u2014
1,585
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,470
\u2014
1,470
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
67
67
\u2014
67
\u2014
67
Liabilities on other derivatives
\u2014
469
469
37
432
\u2014
469
Other financial liabilities
1,204
\u2014
1,204
\u2014
\u2014
\u2014
\u2014
Other liabilities at fair value2
\u2014
28
28
\u2014
28
\u2014
28
Total
14,287
564
14,851
37
528
\u2014
564
1 Excluding liabilities that were reclassified to held for sale
2 Includes hedged items designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-87": { "value": "
Interest expenses
In EUR mn
2024
2023
Bonds
108
104
Lease liabilities
44
36
Other financial and non-financial liabilities
34
49
Provisions for decommissioning and restoration obligations
205
204
Provisions for jubilee payments, personnel reduction schemes, and other employee benefits
4
5
Provisions for pensions and severance payments
30
33
Provisions for onerous contracts
5
5
Other
8
3
Interest expenses, gross
439
437
Capitalized borrowing costs
\u201326
\u201323
Interest expenses
412
415
Capitalized borrowings costs applied to the carrying value of qualifying assets were mainly related to the propane dehydrogenation plant under construction at the Borealis production site in Kallo, Belgium, and construction of the ReOil\u00ae and co-processing plants in Austria.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-88": { "value": "
Interest expenses
In EUR mn
2024
2023
Bonds
108
104
Lease liabilities
44
36
Other financial and non-financial liabilities
34
49
Provisions for decommissioning and restoration obligations
205
204
Provisions for jubilee payments, personnel reduction schemes, and other employee benefits
4
5
Provisions for pensions and severance payments
30
33
Provisions for onerous contracts
5
5
Other
8
3
Interest expenses, gross
439
437
Capitalized borrowing costs
\u201326
\u201323
Interest expenses
412
415
26 |
Liabilities
Liabilities
In EUR mn
2024
2023
Short-term
Long-term
Total
Short-term
Long-term
Total
Bonds
850
5,720
6,570
540
5,534
6,073
Other interest-bearing debts
353
717
1,070
427
1,043
1,470
Lease liabilities
233
1,534
1,767
181
1,404
1,585
Trade payables
3,723
\u2014
3,723
3,955
\u2014
3,955
Other financial liabilities
1,047
238
1,284
1,424
316
1,740
Other liabilities
1,507
92
1,600
1,613
102
1,715
Liabilities
7,713
8,301
16,014
8,140
8,398
16,538
Other interest-bearing debts predominantly referred to bank loans, but also included private placements and other funding instruments.
Bonds
International corporate bonds
In EUR mn
2024
2023
Nominal
Coupon
Repayment
Carrying
amount
December 31
Carrying
amount
December 31
EUR 500,000,000
1.50% fixed
04/09/2024
\u2014
505
EUR 500,000,000
0.00% fixed
07/03/2025
500
499
EUR 300,000,000
1.75% fixed
12/10/2025
305
309
EUR 1,000,000,000
1.00% fixed
12/14/2026
998
997
EUR 750,000,000
3.50% fixed
09/27/2027
754
753
EUR 500,000,000
2.00% fixed
04/09/2028
506
506
EUR 500,000,000
1.875% fixed
12/04/2028
500
500
EUR 750,000,000
0.75% fixed
06/16/2030
750
749
EUR 500,000,000
3.25% fixed
09/04/2031
501
\u2014
EUR 750,000,000
2.375% fixed
04/09/2032
759
759
EUR 500,000,000
1.00% fixed
07/03/2034
497
497
EUR 500,000,000
3.75% fixed
09/04/2036
500
\u2014
International corporate bonds
6,570
6,073
Bonds and other interest-bearing debts
As of December 31, 2024, long-term bonds and other interest-bearing debts included EUR\u00a0510\u00a0mn loan arrangements, which were subject to OMV Group complying with financial covenants.
As of December 31, 2024 and as of December 31, 2023, the OMV Group was in compliance with all those financial covenants and had significant headroom compared to the thresholds stipulated by the loans agreements.
Bonds and other interest-bearing debts
In EUR mn
2024
2023
Short-term loan financing
6
106
Short-term component of long-term financing
1,197
860
Total short-term
1,203
967
Maturities of long-term financing
2024
\u2014
860
2025
1,197
1,149
2026
1,188
1,189
2027
875
875
2028
1,156
1,158
2029
97
\u2014
2030/2029 and subsequent years
3,121
2,205
Total long-term
7,634
7,436
Breakdown of bonds and other interest-bearing debts
In EUR mn
2024
2023
Weighted
average
interest rate
Weighted
average
interest rate
Bonds and other long-term interest-bearing debts1
Fixed rates
EUR
7,353
1.80%
6,911
1.53%
USD
240
4.19%
265
4.06%
Total
7,592
1.87%
7,176
1.63%
Variable rates2
EUR
26
3.61%
45
4.85%
USD
16
6.57%
183
6.64%
Other currencies
\u2014
\u2014
32
0.45%
Total
42
4.68%
260
5.57%
Other short-term interest-bearing debts
EUR
\u2014
\u2014
52
\u2014
NOK
\u2014
\u2014
54
\u2014
Other currencies
6
4.08%
\u2014
\u2014
Total
6
4.08%
106
\u2014
1 Including short-term components of long-term debts
2 Rates at year-end
The table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted cash flows:
Financial liabilities (undiscounted cash flows)
In EUR mn
\u22641 year
1\u20135 years
>5 years
Total
2024
Bonds
924
3,124
3,248
7,297
Other interest-bearing debts
356
592
151
1,098
Lease liabilities
277
662
1,234
2,173
Trade payables
3,723
\u2014
\u2014
3,723
Derivative financial liabilities
315
102
\u2014
417
Other sundry financial liabilities1
744
82
89
916
Financial liabilities (undiscounted cash flows)
6,339
4,562
4,722
15,623
2023
Bonds
597
3,845
2,113
6,555
Other interest-bearing debts
459
857
231
1,547
Lease liabilities
219
588
1,231
2,038
Trade payables
3,955
\u2014
\u2014
3,955
Derivative financial liabilities
393
157
\u2014
550
Other sundry financial liabilities1
1,039
82
139
1,260
Financial liabilities (undiscounted cash flows)
6,662
5,529
3,713
15,904
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 29 \u2013 Risk management.
Cash flow from financing activities
2024 was positively impacted by the issuance of two bonds (EUR 500 mn each), partly offset by the repayment of a bond with a nominal value of EUR 500 mn. Moreover, the line \u201cRepayment of hybrid bond\u201d comprised the repayment of a hybrid bond with a nominal value of EUR\u00a0500\u00a0mn. For further details, please refer to Note 22 \u2013 Equity of stockholders of the parent.
Changes in liabilities arising from financing activities (incl. liabilities associated with assets held for sale)
In EUR mn
2024
Bonds
Other
interest-
bearing
debts
Lease
liabilities
Total
January 1
6,073
1,470
1,587
9,130
Increase in long-term borrowings
990
\u2014
\u2014
990
Repayments of long-term borrowings
\u2013500
\u2013307
\u2013240
\u20131,047
Repayment of hybrid bond
\u2013500
\u2014
\u2014
\u2013500
Decrease (\u2013)/increase (+) in short-term borrowings
\u2014
\u2013113
\u2014
\u2013113
Total cash flows related to financing activities
\u201310
\u2013421
\u2013240
\u2013671
Currency translation differences
\u2014
14
8
22
Changes in the consolidated group
\u2014
18
21
39
Reclassification of hybrid bond from equity to financial liabilities
510
\u2014
\u2014
510
Difference between interest expenses and interest paid
8
\u201313
2
\u20133
Other changes
\u2014
\u2014
3901
390
Total non-cash changes
519
20
420
959
Coupon payment from hybrid bond before reclassification from equity 2
\u2013112
\u2014
\u2014
\u201311
December 31
6,570
1,070
1,767
9,407
1 Mainly related to new lease agreements
2 Shown in the line \u201cDividends paid to stockholders of the parent (incl. hybrid coupons)\u201d in the Statement of Cash Flows
Changes in liabilities arising from financing activities (incl. liabilities associated with assets held for sale)
In EUR mn
2023
Bonds
Other
interest-
bearing
debts
Lease
liabilities
Total
January 1
7,320
1,487
1,524
10,331
Repayments of long-term borrowings
\u20131,250
\u201344
\u2013184
\u20131,477
Decrease (\u2013)/increase (+) in short-term borrowings
\u2014
40
\u2014
40
Total cash flows related to financing activities
\u20131,250
\u20133
\u2013184
\u20131,437
Currency translation differences
\u2014
\u201322
\u20134
\u201325
Changes in the consolidated group
\u2014
24
\u201323
1
Difference between interest expenses and interest paid
3
\u201315
1
\u201311
Other changes
\u2014
\u2014
2721
272
Total non-cash changes
3
\u201314
247
236
December 31
6,073
1,470
1,587
9,130
1 Mainly related to new lease agreements
Capital management \u2013 key performance measures
In EUR mn (unless otherwise stated)
2024
2023
Bonds
6,570
6,073
Lease liabilities
1,767
1,587
Other interest-bearing debts
1,070
1,470
Debt
9,407
9,130
Cash and cash equivalents
6,182
7,011
Net debt1
3,225
2,120
Equity
24,617
25,369
Leverage ratio2 in %
12
8
1 Including items that were reclassified to assets or liabilities held for sale
2 The leverage ratio is defined as (net debt including leases)/(equity + net debt including leases).
Fair value hierarchy of financial liabilities and other liabilities at fair value1
In EUR mn
Carrying amount
Fair value level
Valued at
amortized
cost
Valued at fair
value
Total
Level 1
Level 2
Level 3
Total
2024
Trade payables
3,723
\u2014
3,723
\u2014
\u2014
\u2014
\u2014
Bonds
6,570
\u2014
6,570
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,767
\u2014
1,767
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,070
\u2014
1,070
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
60
60
\u2014
60
\u2014
60
Liabilities on other derivatives
\u2014
342
342
28
315
\u2014
342
Other financial liabilities
865
16
882
\u2014
16
\u2014
16
Other liabilities at fair value2
\u2014
40
40
\u2014
40
\u2014
40
Total
13,996
459
14,455
28
431
\u2014
459
2023
Trade payables
3,955
\u2014
3,955
\u2014
\u2014
\u2014
\u2014
Bonds
6,073
\u2014
6,073
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,585
\u2014
1,585
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,470
\u2014
1,470
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
67
67
\u2014
67
\u2014
67
Liabilities on other derivatives
\u2014
469
469
37
432
\u2014
469
Other financial liabilities
1,204
\u2014
1,204
\u2014
\u2014
\u2014
\u2014
Other liabilities at fair value2
\u2014
28
28
\u2014
28
\u2014
28
Total
14,287
564
14,851
37
528
\u2014
564
1 Excluding liabilities that were reclassified to held for sale
2 Includes hedged items designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany.
Financial liabilities for which fair values are disclosed
In EUR mn
Carrying amount
Fair value
Fair value level
Level 1
Level 2
2024
Bonds
6,570
6,359
6,359
\u2014
Other interest-bearing debt
1,070
989
\u2014
989
Financial liabilities
7,640
7,349
6,359
989
2023
Bonds
6,073
5,766
5,766
\u2014
Other interest-bearing debt
1,470
1,349
\u2014
1,349
Financial liabilities
7,543
7,115
5,766
1,349
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-89": { "value": "
Interest expenses
In EUR mn
2024
2023
Bonds
108
104
Lease liabilities
44
36
Other financial and non-financial liabilities
34
49
Provisions for decommissioning and restoration obligations
205
204
Provisions for jubilee payments, personnel reduction schemes, and other employee benefits
4
5
Provisions for pensions and severance payments
30
33
Provisions for onerous contracts
5
5
Other
8
3
Interest expenses, gross
439
437
Capitalized borrowing costs
\u201326
\u201323
Interest expenses
412
415
Liabilities
In EUR mn
2024
2023
Short-term
Long-term
Total
Short-term
Long-term
Total
Bonds
850
5,720
6,570
540
5,534
6,073
Other interest-bearing debts
353
717
1,070
427
1,043
1,470
Lease liabilities
233
1,534
1,767
181
1,404
1,585
Trade payables
3,723
\u2014
3,723
3,955
\u2014
3,955
Other financial liabilities
1,047
238
1,284
1,424
316
1,740
Other liabilities
1,507
92
1,600
1,613
102
1,715
Liabilities
7,713
8,301
16,014
8,140
8,398
16,538
Other financial liabilities
Other financial liabilities
In EUR mn
Short-term
Long-term
Total
2024
Derivative financial liabilities
302
100
403
Liabilities on derivatives designated as hedging instruments
44
16
60
Liabilities on other derivatives
258
85
342
Other sundry financial liabilities
744
137
882
Other financial liabilities
1,047
238
1,284
2023
Derivative financial liabilities
386
150
536
Liabilities on derivatives designated 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
The table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted cash flows:
Financial liabilities (undiscounted cash flows)
In EUR mn
\u22641 year
1\u20135 years
>5 years
Total
2024
Bonds
924
3,124
3,248
7,297
Other interest-bearing debts
356
592
151
1,098
Lease liabilities
277
662
1,234
2,173
Trade payables
3,723
\u2014
\u2014
3,723
Derivative financial liabilities
315
102
\u2014
417
Other sundry financial liabilities1
744
82
89
916
Financial liabilities (undiscounted cash flows)
6,339
4,562
4,722
15,623
2023
Bonds
597
3,845
2,113
6,555
Other interest-bearing debts
459
857
231
1,547
Lease liabilities
219
588
1,231
2,038
Trade payables
3,955
\u2014
\u2014
3,955
Derivative financial liabilities
393
157
\u2014
550
Other sundry financial liabilities1
1,039
82
139
1,260
Financial liabilities (undiscounted cash flows)
6,662
5,529
3,713
15,904
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 29 \u2013 Risk management.
Other liabilities
Other liabilities
In EUR mn
Short-term
Long-term
Total
2024
Other taxes and social security liabilities
934
\u2014
934
Payments received in advance
136
32
168
Contract liabilities
201
53
253
Other sundry liabilities
237
7
245
Other liabilities
1,507
92
1,600
2023
Other taxes and social security liabilities
1,168
\u2014
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
The decrease in other taxes and social security liabilities was mainly impacted by the payment of the solidarity tax on refined crude oil in Romania, which was introduced in 2023. Further details are included in Note 2 \u2013 Accounting policies, judgments, and estimates.
Contract liabilities
In EUR mn
2024
2023
January 1
231
227
Revenue recognized that was included in the contract liability balance at the beginning of the period
\u2013159
\u2013140
Increases due to cash received, excluding amounts recognized as revenue during the period
182
144
December 31
253
231
The contract liabilities consisted mainly of non-refundable prepayments of storage fees received from Erd\u00f6l-Lagergesellschaft m.b.H., Lannach on the basis of long-term service contracts, future product deliveries, sold vouchers, and cash received for customer loyalty programs from OMV\u2019s retail business.
Changes in liabilities arising from financing activities (incl. liabilities associated with assets held for sale)
In EUR mn
2024
Bonds
Other
interest-
bearing
debts
Lease
liabilities
Total
January 1
6,073
1,470
1,587
9,130
Increase in long-term borrowings
990
\u2014
\u2014
990
Repayments of long-term borrowings
\u2013500
\u2013307
\u2013240
\u20131,047
Repayment of hybrid bond
\u2013500
\u2014
\u2014
\u2013500
Decrease (\u2013)/increase (+) in short-term borrowings
\u2014
\u2013113
\u2014
\u2013113
Total cash flows related to financing activities
\u201310
\u2013421
\u2013240
\u2013671
Currency translation differences
\u2014
14
8
22
Changes in the consolidated group
\u2014
18
21
39
Reclassification of hybrid bond from equity to financial liabilities
510
\u2014
\u2014
510
Difference between interest expenses and interest paid
8
\u201313
2
\u20133
Other changes
\u2014
\u2014
3901
390
Total non-cash changes
519
20
420
959
Coupon payment from hybrid bond before reclassification from equity 2
\u2013112
\u2014
\u2014
\u201311
December 31
6,570
1,070
1,767
9,407
1 Mainly related to new lease agreements
2 Shown in the line \u201cDividends paid to stockholders of the parent (incl. hybrid coupons)\u201d in the Statement of Cash Flows
Changes in liabilities arising from financing activities (incl. liabilities associated with assets held for sale)
In EUR mn
2023
Bonds
Other
interest-
bearing
debts
Lease
liabilities
Total
January 1
7,320
1,487
1,524
10,331
Repayments of long-term borrowings
\u20131,250
\u201344
\u2013184
\u20131,477
Decrease (\u2013)/increase (+) in short-term borrowings
\u2014
40
\u2014
40
Total cash flows related to financing activities
\u20131,250
\u20133
\u2013184
\u20131,437
Currency translation differences
\u2014
\u201322
\u20134
\u201325
Changes in the consolidated group
\u2014
24
\u201323
1
Difference between interest expenses and interest paid
3
\u201315
1
\u201311
Other changes
\u2014
\u2014
2721
272
Total non-cash changes
3
\u201314
247
236
December 31
6,073
1,470
1,587
9,130
1 Mainly related to new lease agreements
At December 31, 2024, and December 31, 2023, the Group held the following items designated in a fair value hedge relationship:
Impact of fair value hedge accounting on the income statement and statement of financial position
In EUR mn
Hedged item
Carrying amount of the
liability
Cumulative amount of fair
value hedge adjustment
included in the carrying
amount of the hedged
item
Effective gains (+)/
losses (\u2013) of the period
recognized in the income
statement
Line item in the statement
of financial position
2024
Non-financial liability
40
\u20137
1
Other liabilities
2023
Non-financial liability
28
\u20138
1
Other liabilities
Fair value hierarchy of financial liabilities and other liabilities at fair value1
In EUR mn
Carrying amount
Fair value level
Valued at
amortized
cost
Valued at fair
value
Total
Level 1
Level 2
Level 3
Total
2024
Trade payables
3,723
\u2014
3,723
\u2014
\u2014
\u2014
\u2014
Bonds
6,570
\u2014
6,570
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,767
\u2014
1,767
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,070
\u2014
1,070
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
60
60
\u2014
60
\u2014
60
Liabilities on other derivatives
\u2014
342
342
28
315
\u2014
342
Other financial liabilities
865
16
882
\u2014
16
\u2014
16
Other liabilities at fair value2
\u2014
40
40
\u2014
40
\u2014
40
Total
13,996
459
14,455
28
431
\u2014
459
2023
Trade payables
3,955
\u2014
3,955
\u2014
\u2014
\u2014
\u2014
Bonds
6,073
\u2014
6,073
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,585
\u2014
1,585
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,470
\u2014
1,470
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
67
67
\u2014
67
\u2014
67
Liabilities on other derivatives
\u2014
469
469
37
432
\u2014
469
Other financial liabilities
1,204
\u2014
1,204
\u2014
\u2014
\u2014
\u2014
Other liabilities at fair value2
\u2014
28
28
\u2014
28
\u2014
28
Total
14,287
564
14,851
37
528
\u2014
564
1 Excluding liabilities that were reclassified to held for sale
2 Includes hedged items designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany.
Offsetting of financial liabilities
In EUR mn
Note
Financial
instruments
(gross)
Amounts set
off in the
statement of
financial
position
Financial
instruments in
the statement
of financial
position (net)
Assets with
right of set-off
(not offset)
Net
2024
Derivative financial instruments
26
1,900
\u20131,498
403
\u201338
365
Trade payables
26
4,899
\u20131,176
3,723
\u201385
3,638
Other sundry financial liabilities
26
885
\u20133
882
\u20130
882
Total
7,684
\u20132,677
5,007
\u2013123
4,884
2023
Derivative financial instruments
2,953
\u20132,417
536
\u2013122
415
Trade payables
5,035
\u20131,081
3,955
\u201365
3,890
Other sundry financial liabilities
1,217
\u201313
1,204
\u20131
1,203
Total
9,206
\u20133,511
5,695
\u2013187
5,508
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-90": { "value": "
Other financial income and expenses
In EUR mn
2024
2023
Carrying amount of sold trade and other receivables
\u201311,881
\u201311,825
Proceeds on sold trade and other receivables
11,801
11,748
Financing charges for factoring and securitization
\u201380
\u201377
Net foreign exchange gains (+)/losses (\u2013)
20
\u201329
Other
\u20138
\u201332
Other financial income and expenses
\u201369
\u2013138
The position Other was mainly related to bank charges. In 2023, it additionally included negative fair value adjustments of investments in Russia in the amount of EUR 23 mn.
Financial assets
In EUR mn
Valued at
fair value
through
profit or loss
Valued at
fair value through other comprehen-
sive income
Valued at amortized cost
Total
carrying
amount
thereof
short-term
thereof
long-term
2024
Trade receivables from contracts with customers
128
\u2014
2,230
2,358
2,358
\u2014
Other trade receivables
\u2014
\u2014
484
484
484
\u2014
Total trade receivables
128
\u2014
2,714
2,842
2,842
\u2014
Equity investments
1
105
\u2014
106
\u2014
106
Investment funds
29
\u2014
\u2014
29
\u2014
29
Bonds
\u2014
\u2014
91
91
59
33
Derivatives designated as hedging instruments
\u2014
39
\u2014
39
27
12
Other derivatives
269
\u2014
\u2014
269
193
75
Loans
\u2014
\u2014
1,286
1,286
5
1,282
Other sundry financial assets
2
\u2014
1,369
1,370
790
581
Total other financial assets
301
143
2,746
3,190
1,074
2,116
Financial assets
429
143
5,460
6,032
3,916
2,116
2023
Trade receivables from contracts with customers
99
\u2014
2,571
2,670
2,670
\u2014
Other trade receivables
\u2014
\u2014
785
785
785
\u2014
Total trade receivables
99
\u2014
3,356
3,455
3,455
\u2014
Equity investments
1
56
\u2014
57
\u2014
57
Investment funds
28
\u2014
\u2014
28
\u2014
28
Bonds
\u2014
\u2014
285
285
245
39
Derivatives designated as hedging instruments
\u2014
52
\u2014
52
50
2
Other derivatives
890
\u2014
\u2014
890
692
198
Loans
\u2014
\u2014
910
910
5
905
Other sundry financial assets
2
\u2014
1,610
1,612
1,139
474
Total other financial assets
921
108
2,805
3,834
2,130
1,704
Financial assets
1,020
108
6,160
7,288
5,584
1,704
Financial assets at fair value through profit or loss mainly consisted of financial assets held for trading.
Other financial liabilities
In EUR mn
Short-term
Long-term
Total
2024
Derivative financial liabilities
302
100
403
Liabilities on derivatives designated as hedging instruments
44
16
60
Liabilities on other derivatives
258
85
342
Other sundry financial liabilities
744
137
882
Other financial liabilities
1,047
238
1,284
2023
Derivative financial liabilities
386
150
536
Liabilities on derivatives designated 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
Nominal and fair value of open derivative financial instruments
In EUR mn
2024
2023
Nominal
Fair value
assets
Fair value
liabilities
Nominal
Fair value
assets
Fair value
liabilities
Commodity price risk
Oil incl. oil products
1,609
21
\u20131
1,120
27
\u20138
Gas
15
\u2014
\u20131
31
\u2014
\u2014
Power
393
16
\u201348
411
13
\u201359
Commodity hedges (designated in
hedge relationship)1
2,017
38
\u201350
1,562
39
\u201367
Oil incl. oil products
11,232
2
\u201324
10,614
2
\u201340
Gas
17,450
133
\u2013231
16,104
714
\u2013386
Power
1,058
86
\u201368
262
47
\u201329
Other2
176
44
\u20137
190
98
\u20133
Commodity hedges
29,915
265
\u2013330
27,171
861
\u2013458
Foreign currency risk
USD
180
\u2014
\u201310
159
3
\u20130
SEK
138
1
\u20131
123
7
\u2014
Foreign currency hedges (designated in
hedge relationship)1
317
1
\u201311
282
10
\u20130
USD
1,471
1
\u201310
702
5
\u201311
NOK
800
2
\u20133
817
23
\u20130
SEK
14
0
\u2014
35
0
\u20130
Other
80
0
\u20130
153
1
\u20130
Foreign currency hedges
2,366
3
\u201313
1,707
29
\u201311
Interest rate risk
Interest rate hedges (designated in
hedge relationship)1
\u2014
\u2014
\u2014
100
3
\u2014
1 Including ineffective part of hedges designated in a hedging relationship
2 Includes derivatives for European Emission Allowances
The Group\u2019s hedging reserve disclosed in the Consolidated Statement of Changes in Equity relates to the following hedging instruments:
Cash flow hedging \u2013 impact of hedge accounting
In EUR mn
Forecast purchases
Forecast sales
Foreign currency, firm commit-
ments
Foreign
currency
Interest rate
Total
Thereof cost of hedging
reserve
Commodity price risk
Foreign currency risk
Interest
rate risk
2024
Cash flow hedge reserve as of January 1 (net of tax)
\u201321
9
\u2014
7
2
\u20132
\u2014
Gains (+)/losses (\u2013) of the period recognized in OCI
\u201326
\u201315
\u201321
\u201317
0
\u201379
\u20137
Amounts reclassified to the income statement
44
14
21
\u20132
\u20133
74
7
Amounts reclassified to the balance sheet
\u20133
\u2014
\u2014
\u2014
\u2014
\u20133
\u2014
Tax effects
\u20134
0
\u2014
5
1
2
\u2014
Cash flow hedge reserve as of December 31 (net of tax)
\u20139
8
\u2014
\u20137
\u2014
\u20138
\u2014
2023
Cash flow hedge reserve as of January 1 (net of tax)
245
8
\u2014
3
7
264
\u2014
Gains (+)/losses (\u2013) of the period recognized in OCI
\u2013326
\u201324
\u2014
5
\u20132
\u2013347
\u2014
Amounts reclassified to the income statement
\u201362
24
\u2014
1
\u20134
\u201340
\u2014
Amounts reclassified to the balance sheet
42
\u2014
\u2014
\u2014
\u2014
42
\u2014
Tax effects
80
\u20130
\u2014
\u20131
1
80
\u2014
Cash flow hedge reserve as of December 31 (net of tax)
\u201321
9
\u2014
7
2
\u20132
\u2014
At December 31, 2024, and December 31, 2023, the Group held the following items designated in a fair value hedge relationship:
Impact of fair value hedge accounting on the income statement and statement of financial position
In EUR mn
Hedged item
Carrying amount of the
liability
Cumulative amount of fair
value hedge adjustment
included in the carrying
amount of the hedged
item
Effective gains (+)/
losses (\u2013) of the period
recognized in the income
statement
Line item in the statement
of financial position
2024
Non-financial liability
40
\u20137
1
Other liabilities
2023
Non-financial liability
28
\u20138
1
Other liabilities
At December 31, 2024, and December 31, 2023, the Group held the following cash flow, fair value, and net investment hedging relationships. The table shows the profile of the timing (maturity) of the nominal amount of the hedging instruments:
Impact of hedge accounting on the statement of financial position
In EUR mn
Forecast
purchases
Forecast
sales
Recognized
liability
Net
investment
hedge
Foreign
currency
Interest
hedges
Commodity price risk
Foreign currency risk
Interest
rate risk
Total
2024
Nominal value
1,976
\u2014
41
68
317
\u2014
2,403
Below one year
1,427
\u2014
41
29
317
\u2014
1,814
More than one year
549
\u2014
\u2014
39
\u2014
\u2014
588
Fair value \u2013 assets
37
0
n.a.
1
\u2014
39
Fair value \u2013 liabilities
49
1
n.a.
11
\u2014
60
2023
Nominal value
1,447
85
29
109
282
100
2,052
Below one year
1,251
85
29
44
282
100
1,792
More than one year
196
\u2014
\u2014
64
\u2014
\u2014
260
Fair value \u2013 assets
39
\u2014
n.a.
10
3
52
Fair value \u2013 liabilities
66
1
n.a.
0
\u2014
67
The fair value assets and liabilities shown above are presented in the line items Other financial assets and Other financial liabilities in OMV\u2019s Consolidated Statement of Financial Position.
Commodity price risk
European Emission Allowances
All of OMV\u2019s business segments are exposed to fluctuations in the price of greenhouse gas emissions (GHG emissions) under the EU Emissions Trading Scheme (ETS). European Emission Allowance purchases are always executed in due time and it is OMV\u2019s highest priority to fulfill all legal obligations under the ETS. OMV monitors price risks from emission allowances and manages them using derivative instruments (forwards) traded bilaterally on the secondary market (known as over-the-counter or OTC transactions).
Electricity prices
OMV\u2019s business segments are exposed to fluctuations in electricity prices and, hence, closely monitor related price risks. OMV\u2019s business segments hedge parts of the forecasted electricity purchases using derivative instruments and power purchase agreements (PPAs) in order to smooth out the effects of potentially extreme market price movements.
Chemicals
For petrochemical production, some of the forecasted cracker feedstock purchases and finished product sales are hedged through refined oil product swaps. Cash flow hedge accounting is applied to those derivatives, except for the derivatives that are used to limit the price risk on the inventory held for immediate consumption. Contracts not designated as cash flow hedges are classified as fair value through profit or loss and stated at fair value.
Borealis hedges its forecasted electricity purchases using electricity swaps. For these derivatives, cash flow hedge accounting is applied.
Fuels & Feedstock
Fuels & Feedstock is exposed to market price risks arising from trading and non-trading activities, covering production, refining and marketing activities associated with crude oil and oil products in addition to limited proprietary trading positions aiming to create market access within oil and oil product markets.
In Fuels & Feedstock, derivative instruments are used for both hedging selected product sales and reducing exposure to price risks on inventory fluctuations. Crude oil and product swaps are used to hedge the refining margin (crack spread), which is the difference between crude oil prices and bulk product prices.
Furthermore, exchange-traded oil futures as well as OTC contracts (contracts for difference and swaps) are used to hedge short-term purchase and sales market price risks.
Energy
Operational commodity price risk management in Energy includes hedging of market price risk exposure arising from non-trading and trading activities of gas marketing (hedge of the price risk on inventory fluctuations and the differences in terms and conditions of purchases and sales), as well as limited proprietary trading positions for the purpose of creating market access within the gas markets.
No hedge accounting was applied applied for any of these derivative instruments.
Hedge accounting of commodity hedges in Chemicals and Fuels & Feedstock
In the Chemicals and Fuels & Feedstock business segments, OMV is particularly exposed to volatile refining margins and inventory risks. In order to mitigate these risks, appropriate commodity hedging activities are taken, for which hedge accounting may be applied.
When hedge accounting is applied, for \u201cForecast purchases\u201d and the \u201cHedge of a recognized liability\u201d the hedge ineffectiveness is included in the line item Purchases (net of inventory variation) in OMV\u2019s Consolidated Income Statement. The hedge ineffectiveness and recycling of \u201cForecast sales\u201d for hedges where a risk component of the non-financial item is designated as the hedged item in the hedging relationship, is shown in line item \u2018Sales revenues\u2019 in OMV\u2019s Consolidated Income Statement.
In Chemicals, cash flow hedge accounting is applied to forecast electricity purchases and forecast natural gas purchases, in addition to hedges conducted for future sales and purchases of the crackers which have been designated in a cash flow hedge relationship.
In Fuels & Feedstock, stock hedges may be used to mitigate price exposure whenever actual priced stock levels deviate from target levels. Forecast sales for oil products and forecast purchase transactions for crude oil and oil products are designated as the hedged item in such cases. In general, brent crude oil is typically the main risk for stock prices, however in some cases oil products priced by Platts/Argus may be used for hedging. The hedging relationship is established with a hedge ratio of 1:1 ratio, matching commodity derivatives to the hedged risks. Ineffectiveness can arise from timing and pricing differences between derivatives and actual transactions. As of December 31, 2024 there was no active hedge relationship for stock hedges.
In case of refinery margin hedges, crude oil and products can generally be hedged separately to protect future margins. These hedging mandates and activities are documented and defined within the Annual Plan. As of December 31, 2024 there was no active hedge relationship for refinery margin hedges.
Furthermore in 2024 as well as in 2023, physical oil product exchange contracts were concluded between the OMV Group and the national stockholding company in Germany. In order to reduce the risk of market price fluctuations between the withdrawal and return of products, derivative swap deals (sell fix, buy floating at the time of withdrawal and buy fix, sell floating at the time of return) were concluded and designated in a fair value hedge relationship (hedge of a recognized liability).
Foreign exchange risk management
OMV operates in many countries and currencies, therefore industry-specific activities and the corresponding foreign exchange rate risks need to be analyzed precisely. The USD represents OMV\u2019s biggest risk exposure, due to movement of the USD against the EUR and also against OMV Group\u2019s other main currencies (RON, NOK, NZD, and SEK). Movements of these currencies against the EUR are also significant sources of risk. Other currencies have only a limited impact on cash flow and the operating result. The transaction risk to foreign currency cash flows is monitored on an ongoing basis. The Group\u2019s long and short net position is reviewed on a semiannual basis as a minimum and the sensitivity is calculated. This analysis provides the basis for the management of transaction risks on currencies. Since OMV produces commodities that are mainly traded in USD, the OMV Group has an economic USD long position.
FX options, forwards, and swaps may be used to hedge foreign exchange rate risks on outstanding receivables and payables. The market value of these instruments will move in the opposite direction to the value of the underlying receivable or liability if the relevant foreign exchange rate changes. When certain conditions are met, the Group may elect to apply IFRS\u00a09 hedge accounting principles in order to recognize the offsetting effects on profit or loss of changes in the fair value of the hedging instruments at the same time as the hedged items. Certain hedges, that refer to a forecasted currency position are therefore classified as cash flow hedges and stated at fair value through other comprehensive income.
Translation risk is also monitored on an ongoing basis at Group level and the risk position is evaluated. Translation risk arises on the consolidation of subsidiaries, associated companies and joint ventures with functional currencies different from EUR. The largest exposure results from changes in RON, USD, NOK, and SEK denominated assets against the EUR.
Foreign exchange translation differences relating to these net investments are recognized in other comprehensive income.
Borealis has hedged part of its investment in a joint venture that has USD as its functional currency by designating certain external loans in USD as hedges of the Group\u2019s investments in its foreign operations. The hedged risk in the net investment hedge is the risk of a weakening USD against the EUR that would result in a reduction in the carrying amount of the Group\u2019s net investment in the joint venture in USD. The EUR/USD impact on the measurement of the loans is recognized in other comprehensive income.
To assess hedge effectiveness, the Group determines the economic relationship between the hedging instrument and the hedged item by comparing changes in the carrying amount of the debt that is attributable to a change in the spot rate with changes in the net investment in the foreign operation due to movements in the spot rate (the dollar-offset method). The Group\u2019s policy is to hedge the net investment only to the extent of the debt principal.
There is an economic relationship between the hedged item and the hedging instrument, as the net investment creates a translation risk that will match the foreign exchange risk on the USD borrowing. The Group has established a hedge ratio of 1:1, as the underlying risk of the hedging instrument is identical to the hedged risk component.
Interest rate management
OMV\u2019s debt portfolio as of December 31, 2024 had only limited exposure to changes in interest rates, with almost all liabilities having fixed interest rates. Any future financing activities will be exposed to the prevailing market conditions at the time and this could potentially lead to higher interest expenses.
To facilitate the management of interest rate risk, OMV\u2019s existing liabilities are analyzed in terms of fixed and floating rate borrowings, currencies and maturities. Appropriate ratios for the various categories are established and, where necessary, derivative instruments are used to hedge fluctuations outside predetermined ranges.
Interest rate swaps can be used to convert fixed rate debt into floating rate debt and vice versa.
The hedge ineffectiveness and recycling of interest rate swaps are both shown in the line item \u201dinterest expenses\u201d in OMV\u2019s Consolidated Income Statement.
Sensitivity analysis
For open hedging contracts, sensitivity analysis is performed to determine the effect of market price fluctuations (+/\u201310%) on market value. The sensitivity of the OMV Group\u2019s overall earnings differs from the sensitivity shown below, since the contracts concluded are used to hedge operational exposure.
The effect of market price fluctuations on the income statement or other comprehensive income depends on the type of derivative used and whether hedge accounting is applied. Market price sensitivity for derivatives to which cash flow hedge accounting is applied is shown in the sensitivity table for other comprehensive income. Sensitivity to market price fluctuations for all other open derivatives is shown in the sensitivity tables for profit before tax.
Sensitivity analysis for open commodity derivatives affecting profit before tax
In EUR mn
2024
2023
Market price
+10%
Market price
\u201310%
Market price
+10%
Market price
\u201310%
Oil incl. oil products
\u201322
22
\u20134
4
Oil incl. oil products \u2013 designated in a hedge relationship1
4
\u20134
3
\u20133
Gas
\u201358
58
\u201334
34
Power
\u20139
9
2
\u20132
Other2
21
\u201321
28
\u201328
Total
\u201364
64
\u20134
4
1 Includes hedging instruments designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany. For further details see section Hedge Accounting of commodity hedges in Chemicals and Fuels & Feedstock section.
2 Includes derivatives for European Emission Allowances
30 |
Fair value hierarchy
Accounting policy

The fair value is the amount for which an asset or liability could be transferred at the measurement date, based on the assumption that such transfers take place between participants in principal markets and, where applicable, taking the highest and best use into account.

Fair values are determined according to the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities. For the OMV Group, this category will, in most cases, only berelevant for securities, bonds, investment funds, and futures contracts.

Level 2: Valuation technique using directly or indirectly observable inputs. To determine the fair value for financial instruments within Level 2, forward prices of crude oil or natural gas, interest rates and foreign exchange rates are usually used as inputs to the valuation model. In addition, counterparty credit risk and volatility indicators, if applicable, are considered.

Level 3: Valuation techniques such as discounted cash flow models using significant unobservable inputs (e.g., long-term price assumptions and reserves estimates).
Fair value hierarchy of financial assets1 and net amount of assets and liabilities held for sale at fair value
In EUR mn
Carrying amount
Fair value level
Valued at amortized
cost
Valued at
fair value
Total
Level 1
Level 2
Level 3
Total
2024
Trade receivables
2,714
128
2,842
\u2014
128
\u2014
128
Equity investments
\u2014
106
106
19
62
25
106
Investment funds
\u2014
29
29
29
\u2014
\u2014
29
Bonds
91
\u2014
91
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
39
39
\u2014
39
\u2014
39
Other derivatives
\u2014
269
269
5
264
\u2014
269
Loans
1,286
\u2014
1,286
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,369
2
1,370
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
369
369
\u2014
369
\u2014
369
Total
5,460
941
6,401
52
862
27
941
2023
Trade receivables
3,356
99
3,455
\u2014
99
\u2014
99
Equity investments
\u2014
57
57
\u2014
34
23
57
Investment funds
\u2014
28
28
28
\u2014
\u2014
28
Bonds
285
\u2014
285
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
52
52
\u2014
52
\u2014
52
Other derivatives
\u2014
890
890
0
890
\u2014
890
Loans
910
\u2014
910
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,610
2
1,612
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
13
13
\u2014
13
\u2014
13
Total
6,160
1,141
7,301
28
1,088
25
1,141
1 Excluding assets that were reclassified to held for sale
Fair value hierarchy of financial liabilities and other liabilities at fair value1
In EUR mn
Carrying amount
Fair value level
Valued at
amortized
cost
Valued at fair
value
Total
Level 1
Level 2
Level 3
Total
2024
Trade payables
3,723
\u2014
3,723
\u2014
\u2014
\u2014
\u2014
Bonds
6,570
\u2014
6,570
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,767
\u2014
1,767
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,070
\u2014
1,070
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
60
60
\u2014
60
\u2014
60
Liabilities on other derivatives
\u2014
342
342
28
315
\u2014
342
Other financial liabilities
865
16
882
\u2014
16
\u2014
16
Other liabilities at fair value2
\u2014
40
40
\u2014
40
\u2014
40
Total
13,996
459
14,455
28
431
\u2014
459
2023
Trade payables
3,955
\u2014
3,955
\u2014
\u2014
\u2014
\u2014
Bonds
6,073
\u2014
6,073
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,585
\u2014
1,585
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,470
\u2014
1,470
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
67
67
\u2014
67
\u2014
67
Liabilities on other derivatives
\u2014
469
469
37
432
\u2014
469
Other financial liabilities
1,204
\u2014
1,204
\u2014
\u2014
\u2014
\u2014
Other liabilities at fair value2
\u2014
28
28
\u2014
28
\u2014
28
Total
14,287
564
14,851
37
528
\u2014
564
1 Excluding liabilities that were reclassified to held for sale
2 Includes hedged items designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany.
32 |
Result on financial instruments
Result on financial instruments
In EUR mn
Amount
Financial
instruments at fair value
through profit or loss
Equity instruments
designated as
measured at
fair value
through other
comprehensive
income
Financial
assets at
amortized
cost
Financial
liabilities at
amortized
cost
2024
Fair value changes of financial assets
and derivatives
\u2013212
\u2013212
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201316
\u2014
\u2014
\u201316
\u2014
Result on financial instruments
within operating result
\u2013228
\u2013212
\u2014
\u201316
\u2014
Dividend income
7
\u2014
6
\u2014
\u2014
Interest income
455
\u2014
\u2014
448
\u2014
Interest expenses
\u2013412
\u2014
\u2014
\u2014
\u2013155
Fair value changes of FX derivatives
\u2013107
\u2013107
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201380
\u201380
\u2014
\u2014
\u2014
Impairments of financial
instruments, net
\u20137
\u2014
\u2014
\u20132
\u2014
Other
\u20131
\u2014
0
0
0
Result on financial instruments
within financial result
\u2013146
\u2013187
6
446
\u2013155
2023
Fair value changes of financial assets
and derivatives
111
111
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201338
\u2014
\u2014
\u201338
\u2014
Result on financial instruments
within operating result
73
111
\u2014
\u201338
\u2014
Dividend income
10
\u2014
4
\u2014
\u2014
Interest income
473
\u2014
\u2014
473
\u2014
Interest expenses
\u2013415
\u20133
\u2014
\u2014
\u2013148
Fair value changes of financial instruments
\u201321
\u201321
\u2014
\u2014
\u2014
Fair value changes of FX derivatives
\u2013191
\u2013191
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201377
\u201377
\u2014
\u2014
\u2014
Impairments of financial instruments, net
\u20135
\u2014
\u2014
\u20132
\u2014
Other
\u20136
\u20130
\u20131
0
\u20135
Result on financial instruments
within financial result
\u2013232
\u2013292
3
471
\u2013153
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-91": { "value": "
14 |
Taxes on income and profit
Accounting policy

In addition to corporate income taxes and trade earnings taxes, typical E&P taxes from oil and gas production like the country/national oil company\u2019s profit share for certain EPSAs are disclosed as income taxes.

Exploration and production sharing agreements (EPSAs) are contracts for oil and gas licenses in which the oil or gas production is shared between one or more oil companies and the host country/national oil company in defined proportions. Exploration expenditures are carried by the oil companies as a rule and recovered from the state or the national oil company through what is known as \u201ccost oil\u201d in a successful case only. Under certain EPSA contracts the host country\u2019s/national oil company\u2019s profit share represents imposed income taxes and is treated as such for the purpose of the income statement presentation.

Deferred taxes are recognized for temporary differences. Deferred tax assets (hereinafter: DTA) are recognized to the extent that it is probable that taxable profit will be available against which the unused tax losses, unused tax credits, and deductible temporary differences can be utilized.

The Group has applied the mandatory temporary exception to recognizing and disclosing information about DTA and deferred tax liabilities (hereinafter: DTL) arising from Pillar Two income taxes.

Significant estimates: recoverability of DTA

The recognition of DTA requires an assessment of when those assets are likely to reverse, and an evaluation as to whether or not there will be sufficient taxable profits available to offset the assets when they reverse. This assessment of recoverability requires assumptions regarding future taxable profits and is therefore uncertain. At OMV, this assessment is based on detailed tax planning that covers the life span of fields in E&P entities and a five-year period in the other entities.

In both 2024 and the previous year, a valuation allowance for the DTA of the Austrian tax group was recognized. The DTA recognized for the Austrian tax group as of December 31, 2024, reflects the expected utilization of deductible temporary differences of balance sheet items and tax losses carried forward based on the mid-term plan for the period 2025\u20132029. A limitation to the usage of tax losses of 75%, as stipulated by the Austrian Corporate Income Tax Act, was considered in the assessment of the recoverable DTA within and after the planning period.

Changes in the assumptions regarding future taxable profits can lead to an increase or decrease in the amount of DTA recognized, which has an impact on the net income in the period in which the change occurs.
Taxes on income and profit
In EUR mn
2024
2023
Profit before tax
4,235
4,604
Current taxes
2,195
2,512
thereof related to previous years
\u20138
\u201357
Deferred taxes
15
175
Taxes on income and profit
2,211
2,687
Taxes on income and profit accounted for in other comprehensive income
In EUR mn
2024
2023
Deferred taxes
\u20132
\u201397
Current taxes
\u2014
\u2014
Taxes on income and profit accounted for in other comprehensive income
\u20132
\u201397
Changes in deferred taxes1
In EUR mn
2024
2023
Deferred taxes as of January 1
\u2013114
\u201378
Deferred taxes as of December 31
182
\u2013114
Changes in deferred taxes
297
\u201336
Deferred taxes accounted for in OCI or directly in equity
3
87
Changes in the consolidated group, currency translation differences and other changes2
309
52
Deferred tax expenses per income statement
\u201315
\u2013175
The deferred taxes per income statement comprise the following elements:
Change in tax rate
\u20132
\u20134
Non-recognition and changes in valuation allowance of DTA
\u201345
\u2013327
Adjustments within loss carryforwards (not recognized in prior years, expired loss
carryforwards and other adjustments)
\u20133
10
Additions to and usage of loss carryforwards
\u201352
\u201398
Origination and reversal of temporary differences
86
243
1 Deferred tax balances also include deferred tax balances reclassified to held for sale.
2 In 2024, these effects were mainly related to the deconsolidation of SapuraOMV (EUR 349 mn). For further details see Note 4 \u2013 Significant changes in Group structure.
OMV Aktiengesellschaft forms a tax group in accordance with Section 9 of the Austrian Corporate Income Tax Act 1988 (KStG), which aggregates the taxable profits and losses of all the Group\u2019s main subsidiaries in Austria and possibly arising losses of one foreign subsidiary (OMV AUSTRALIA PTY LTD).
Dividend income from domestic subsidiaries is in general exempt from taxation in Austria. Dividends from EU and EEA participations as well as from subsidiaries whose country of residence has a comprehensive mutual administrative assistance agreement with Austria are exempt from taxation in Austria if certain conditions are met. Dividends from other foreign investments that are comparable to Austrian corporations, for which the Group holds a 10% investment share or more for a minimum period of one year, are also excluded from taxation at the level of the Austrian parent company.
The change in the valuation allowance of deferred taxes for the Austrian tax group was reported in the income statement, except to the extent that the DTA arose from transactions or events that were recognized outside profit or loss, i.e., in other comprehensive income or directly in equity.
Solidarity contribution
Based on the EU Council Regulation 2022/1854, a solidarity contribution was introduced and was transposed into the local law of the member states. It represents a contribution for surplus profits of companies operating in the crude petroleum, natural gas, coal, and refinery sectors and was applicable for 2022 and 2023.
In January 2024, despite the EU rules expiring at the end of 2023, the Austrian federal government decided to extend the solidarity contribution retroactively into 2024. The solidarity contribution (Energy Crisis Contribution) is calculated based on the taxable profits of the relevant companies, as determined under the Austrian national tax rules, that are more than 5% higher (2023: 10% higher) than the average taxable profits generated in the period 2018 to 2021. OMV Group companies in Austria were not subject to a solidarity contribution in 2024, as the taxable profit of the relevant companies did not exceed the average taxable profit generated in the period 2018 to 2021.
Details with respect to the solidarity contribution in Romania are provided in Note 2 \u2013 Accounting policies, judgments, and estimates.
Global minimum tax
In December 2023, the Pillar Two legislation (Mindestbesteuerungsgesetz) effective from January 1, 2024, was enacted in Austria, where the ultimate parent company of the Group is incorporated. Under this legislation, Group companies are subject to Pillar Two income taxes on profits that are taxed at an effective tax rate of less than 15%. Certain subsidiaries of the Group are subject to a qualified domestic minimum tax in the countries where Pillar Two rules were transposed into national law.
The Group has performed a preliminary calculation of transitional safe harbors for Pillar Two purposes. Based on the preliminary safe harbor calculation and the detailed Pillar Two calculation for those jurisdictions not qualifying for the safe harbors, no material exposure to Pillar Two income taxes is expected. The relevant jurisdictions in which insignificant exposure to Pillar Two taxes exist are Bulgaria and Moldova, where the statutory tax rates are 10% and 12%, respectively, as well as Gibraltar where the statutory tax rate was 12.5% for the first half of 2024 and afterwards increased to 15%.
Effective tax rate
The effective tax rate is the ratio of income tax to profit before tax. The tables below reconcile the effective tax rate and the standard Austrian corporate income tax rate of 23% (2023: 24%) showing the major influencing factors.
Tax rate reconciliation
2024
2023
In EUR mn
In %
In EUR mn
In %
Theoretical taxes on income based on Austrian income tax rate
974
23.0
1,105
24.0
Tax effect of:
Differing foreign tax rates
1,152
27.2
1,359
29.5
Non-deductible expenses
273
6.5
258
5.6
Non-taxable income and tax incentives
\u201353
\u20131.2
\u2013128
\u20132.8
Income and expenses related to equity-accounted investments
\u2013137
\u20133.2
\u2013128
\u20132.8
Change in tax rate
2
0.0
4
0.1
Permanent effects within tax loss carryforwards
15
0.3
5
0.1
Tax write-downs and write-ups on investments in subsidiaries
\u201332
\u20130.8
\u20131
\u20130.0
Non-recognition and changes in valuation allowance of DTA
45
1.1
327
7.1
Taxes related to previous years
\u20137
\u20130.2
\u20135
\u20130.1
Other
\u201321
\u20130.5
\u2013108
\u20132.4
Total taxes on income and profit
2,211
52.2
2,687
58.4
Differing foreign tax rates effects in 2024 mostly related to subsidiaries operating in tax jurisdictions with high corporate income tax rates (Norway, United Arab Emirates, and Libya). The decrease in the effects related to differing foreign tax rates compared to 2023 was mostly due to the lower profit before tax of those subsidiaries.
Non-deductible expenses related mostly to the impairment of an oil and gas asset in the Energy segment for which the divestment process was initiated in 2024, and the gross-up effects related to exploration and production sharing agreements. 2023 was predominantly impacted by the solidarity contribution on refined crude oil in Romania.
Non-taxable income and tax incentives in 2024 mainly related to government grants and investment allowances, while in 2023 those effects related mostly to the write-up of tangible assets.
Income and expenses related to equity-accounted investments effects in 2024 and 2023 were mainly related to the share of profit from equity-accounted investments.
Non-recognition and changes in valuation allowance of DTA in 2023 was mainly impacted by the increase in valuation allowance on DTA in Austria.
Other effects in 2024 related mostly to hybrid bond interest. 2023 was predominantly impacted by the reversal of outside basis differences with respect to Nitro business and tax credits.
Deferred taxes
Deferred taxes
In EUR mn
Deferred tax
assets total
Deferred tax
assets not
recognized
Deferred tax
assets
recognized
Deferred tax
liabilities
2024
Intangible assets
112
\u2014
112
214
Property, plant, and equipment
223
86
137
2,255
Inventories
47
\u2014
47
33
Derivatives
22
\u2014
22
49
Receivables and other assets
113
22
92
253
Provisions for pensions and similar obligations
209
97
112
109
Provisions for decommissioning, restoration
obligations, and environmental costs
1,208
25
1,183
\u2014
Other provisions
103
\u2014
103
1
Liabilities
345
36
308
0
Tax impairments according to Section 12 (3)/2 of the
Austrian Corporate Income Tax Act (KStG)
476
\u2014
476
\u2014
Tax loss carryforwards
1,438
1,075
364
\u2014
Outside basis differences
141
\u2014
141
\u2014
Total
4,438
1,340
3,097
2,915
Netting (same tax jurisdictions)
\u20131,845
\u20131,845
Deferred taxes as per statement of financial position
1,252
1,070
2023
Intangible assets
141
1
140
199
Property, plant, and equipment
57
9
48
2,259
Inventories
49
\u2014
49
34
Derivatives
81
\u2014
81
206
Receivables and other assets
92
20
73
313
Deferred taxes reclassified to assets and liabilities associated
with assets held for sale
127
124
3
319
Provisions for pensions and similar obligations
212
94
118
106
Provisions for decommissioning, restoration
obligations, and environmental costs
1,247
15
1,233
0
Other provisions
122
\u2014
122
1
Liabilities
354
37
317
10
Tax impairments according to Section 12 (3)/2 of the
Austrian Corporate Income Tax Act (KStG)
574
\u2014
574
\u2014
Tax loss carryforwards
1,536
1,088
448
\u2014
Outside basis differences
144
\u2014
144
17
Total
4,737
1,387
3,350
3,464
Netting (same tax jurisdictions)
\u20132,183
\u20132,183
Deferred taxes reclassified to assets and liabilities associated
with assets held for sale
\u20133
\u2013319
Deferred taxes as per statement of financial position
1,164
962

Deferred taxes were mainly related to different valuation methods, differences in impairments, write-offs, write-ups, and depreciation and amortization, as well as different definitions of costs.
The decrease in DTL related to assets and liabilities associated with assets held for sale was entirely driven by the divestment of SapuraOMV. For further details see Note 5 \u2013 Assets and liabilities held for sale.
As of December 31, 2024, deductible temporary differences for which no DTA was recognized amounted to EUR\u00a0960 mn (2023: EUR 929 mn).
The overall net DTA position of tax jurisdictions that suffered a tax loss either in the current or preceding year amounted to EUR 10 mn (2023: EUR\u00a0503\u00a0mn, of which Austrian tax group EUR\u00a0464\u00a0mn).
Tax loss carryforwards
As of December 31, 2024, OMV recognized tax loss carryforwards of EUR 6,108 mn before allowances (2023: EUR\u00a06,257 mn), of which EUR 1,539 mn (2023: EUR 1,842 mn) is considered recoverable for the calculation of deferred taxes.
The eligibility of losses to be carried forward expires as follows:
Tax loss carryforwards1
In EUR mn
2024
2023
Base
amount
(before
allowances)
thereof not recognized
Base
amount
(before
allowances)
thereof not recognized
2024
\u2014
\u2014
2
2
2025
11
11
11
11
2026
3
3
3
3
2027
3
3
52
3
2028
2
2
2
2
2029
4
3
\u2014
\u2014
After 2029/2028
0
\u2014
2
2
Unlimited
6,085
4,547
6,185
4,393
Tax loss carryforwards
6,108
4,569
6,257
4,415
1 Tax loss carryforwards related to disposal groups reclassified to held for sale are excluded.
In certain tax jurisdictions local tax laws stipulate limitations on the usage of tax losses carried forward. These limitations range from 50% up to 80% of the taxable profit for the year. As of December 31, 2024, tax loss carryforwards related to tax jurisdictions with the aforementioned limitations amounted to EUR 5,725 mn (2023: EUR\u00a05,813 mn), of which EUR 1,470 mn (2023: EUR 1,717 mn) is considered recoverable for the calculation of deferred taxes.
The majority of tax loss carryforwards not recognized referred to the Austrian tax group and France.
Outside basis differences
As of December 31, 2024, the aggregate amount of temporary differences associated with fully consolidated and equity-accounted investments for which deferred tax liabilities have not been recognized amounted to EUR\u00a09,667\u00a0mn (2023: EUR 9,317 mn). The exception criteria as per IAS 12 for not recognizing these deferred tax liabilities is deemed to be fulfilled due to the fact that the Group is able to control or influence the relevant decisions with respect to the timing of the reversal and it is not probable that temporary differences will reverse in the foreseeable future or the Group intends to reinvest undistributed profits. Capital gains on disposals of investments may be realized on various levels of the Group depending on the structuring of potential divestments. Due to the complexity of the Group and the associated tax implications, simplifying assumptions for the calculation have been made that aim to diminish cascade effects.
Cash flow hedging \u2013 impact of hedge accounting
In EUR mn
Forecast purchases
Forecast sales
Foreign currency, firm commit-
ments
Foreign
currency
Interest rate
Total
Thereof cost of hedging
reserve
Commodity price risk
Foreign currency risk
Interest
rate risk
2024
Cash flow hedge reserve as of January 1 (net of tax)
\u201321
9
\u2014
7
2
\u20132
\u2014
Gains (+)/losses (\u2013) of the period recognized in OCI
\u201326
\u201315
\u201321
\u201317
0
\u201379
\u20137
Amounts reclassified to the income statement
44
14
21
\u20132
\u20133
74
7
Amounts reclassified to the balance sheet
\u20133
\u2014
\u2014
\u2014
\u2014
\u20133
\u2014
Tax effects
\u20134
0
\u2014
5
1
2
\u2014
Cash flow hedge reserve as of December 31 (net of tax)
\u20139
8
\u2014
\u20137
\u2014
\u20138
\u2014
2023
Cash flow hedge reserve as of January 1 (net of tax)
245
8
\u2014
3
7
264
\u2014
Gains (+)/losses (\u2013) of the period recognized in OCI
\u2013326
\u201324
\u2014
5
\u20132
\u2013347
\u2014
Amounts reclassified to the income statement
\u201362
24
\u2014
1
\u20134
\u201340
\u2014
Amounts reclassified to the balance sheet
42
\u2014
\u2014
\u2014
\u2014
42
\u2014
Tax effects
80
\u20130
\u2014
\u20131
1
80
\u2014
Cash flow hedge reserve as of December 31 (net of tax)
\u201321
9
\u2014
7
2
\u20132
\u2014
Reserve for unrealized exchange gains (+)/losses (\u2013) for net investment hedge1
In EUR mn
Foreign currency risk
2024
2023
Reserve as of January 1 (net of tax)
\u20139
\u201313
Valuation of the USD loans
\u20135
6
Tax effects
1
\u20131
Reserve as of December 31 (net of tax)
\u201313
\u20139
1 Included in currency translation differences within other comprehensive income
\uf097
Some entities of Borealis Group are members of the Austrian Tax Group and will continue to be part of the Austrian Tax Group after closing of the transaction via joint tax grouping (Beteiligungsgemeinschaft). This joint tax group will be formed by the Austrian shareholders of Borealis Group and the proportional share of taxable result of the joint tax group will be attributable to the Austrian Tax Group. Expected partial disposal of Borealis Group from the Austrian Tax Group will trigger the reassessment of the net deferred tax asset position (DTA) of the Austrian Tax Group in OMV Aktiengesellschaft. As a consequence, DTA of the Austrian tax Group will be decreased by approx. EUR 100 mn and will be presented in the line \u201cTaxes on income and profit\u201d in the Consolidated Income Statement in Q1/25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-93": { "value": "Accounting policy

In addition to corporate income taxes and trade earnings taxes, typical E&P taxes from oil and gas production like the country/national oil company\u2019s profit share for certain EPSAs are disclosed as income taxes.

Exploration and production sharing agreements (EPSAs) are contracts for oil and gas licenses in which the oil or gas production is shared between one or more oil companies and the host country/national oil company in defined proportions. Exploration expenditures are carried by the oil companies as a rule and recovered from the state or the national oil company through what is known as \u201ccost oil\u201d in a successful case only. Under certain EPSA contracts the host country\u2019s/national oil company\u2019s profit share represents imposed income taxes and is treated as such for the purpose of the income statement presentation.

Deferred taxes are recognized for temporary differences. Deferred tax assets (hereinafter: DTA) are recognized to the extent that it is probable that taxable profit will be available against which the unused tax losses, unused tax credits, and deductible temporary differences can be utilized.

The Group has applied the mandatory temporary exception to recognizing and disclosing information about DTA and deferred tax liabilities (hereinafter: DTL) arising from Pillar Two income taxes.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-92": { "value": "Deferred taxes are recognized for temporary differences. Deferred tax assets (hereinafter: DTA) are recognized to the extent that it is probable that taxable profit will be available against which the unused tax losses, unused tax credits, and deductible temporary differences can be utilized.

The Group has applied the mandatory temporary exception to recognizing and disclosing information about DTA and deferred tax liabilities (hereinafter: DTL) arising from Pillar Two income taxes.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-94": { "value": "
Taxes on income and profit
In EUR mn
2024
2023
Profit before tax
4,235
4,604
Current taxes
2,195
2,512
thereof related to previous years
\u20138
\u201357
Deferred taxes
15
175
Taxes on income and profit
2,211
2,687
Taxes on income and profit accounted for in other comprehensive income
In EUR mn
2024
2023
Deferred taxes
\u20132
\u201397
Current taxes
\u2014
\u2014
Taxes on income and profit accounted for in other comprehensive income
\u20132
\u201397
Changes in deferred taxes1
In EUR mn
2024
2023
Deferred taxes as of January 1
\u2013114
\u201378
Deferred taxes as of December 31
182
\u2013114
Changes in deferred taxes
297
\u201336
Deferred taxes accounted for in OCI or directly in equity
3
87
Changes in the consolidated group, currency translation differences and other changes2
309
52
Deferred tax expenses per income statement
\u201315
\u2013175
The deferred taxes per income statement comprise the following elements:
Change in tax rate
\u20132
\u20134
Non-recognition and changes in valuation allowance of DTA
\u201345
\u2013327
Adjustments within loss carryforwards (not recognized in prior years, expired loss
carryforwards and other adjustments)
\u20133
10
Additions to and usage of loss carryforwards
\u201352
\u201398
Origination and reversal of temporary differences
86
243
1 Deferred tax balances also include deferred tax balances reclassified to held for sale.
2 In 2024, these effects were mainly related to the deconsolidation of SapuraOMV (EUR 349 mn). For further details see Note 4 \u2013 Significant changes in Group structure.
The change in the valuation allowance of deferred taxes for the Austrian tax group was reported in the income statement, except to the extent that the DTA arose from transactions or events that were recognized outside profit or loss, i.e., in other comprehensive income or directly in equity.
Tax rate reconciliation
2024
2023
In EUR mn
In %
In EUR mn
In %
Theoretical taxes on income based on Austrian income tax rate
974
23.0
1,105
24.0
Tax effect of:
Differing foreign tax rates
1,152
27.2
1,359
29.5
Non-deductible expenses
273
6.5
258
5.6
Non-taxable income and tax incentives
\u201353
\u20131.2
\u2013128
\u20132.8
Income and expenses related to equity-accounted investments
\u2013137
\u20133.2
\u2013128
\u20132.8
Change in tax rate
2
0.0
4
0.1
Permanent effects within tax loss carryforwards
15
0.3
5
0.1
Tax write-downs and write-ups on investments in subsidiaries
\u201332
\u20130.8
\u20131
\u20130.0
Non-recognition and changes in valuation allowance of DTA
45
1.1
327
7.1
Taxes related to previous years
\u20137
\u20130.2
\u20135
\u20130.1
Other
\u201321
\u20130.5
\u2013108
\u20132.4
Total taxes on income and profit
2,211
52.2
2,687
58.4
Non-recognition and changes in valuation allowance of DTA in 2023 was mainly impacted by the increase in valuation allowance on DTA in Austria.
Deferred taxes
Deferred taxes
In EUR mn
Deferred tax
assets total
Deferred tax
assets not
recognized
Deferred tax
assets
recognized
Deferred tax
liabilities
2024
Intangible assets
112
\u2014
112
214
Property, plant, and equipment
223
86
137
2,255
Inventories
47
\u2014
47
33
Derivatives
22
\u2014
22
49
Receivables and other assets
113
22
92
253
Provisions for pensions and similar obligations
209
97
112
109
Provisions for decommissioning, restoration
obligations, and environmental costs
1,208
25
1,183
\u2014
Other provisions
103
\u2014
103
1
Liabilities
345
36
308
0
Tax impairments according to Section 12 (3)/2 of the
Austrian Corporate Income Tax Act (KStG)
476
\u2014
476
\u2014
Tax loss carryforwards
1,438
1,075
364
\u2014
Outside basis differences
141
\u2014
141
\u2014
Total
4,438
1,340
3,097
2,915
Netting (same tax jurisdictions)
\u20131,845
\u20131,845
Deferred taxes as per statement of financial position
1,252
1,070
2023
Intangible assets
141
1
140
199
Property, plant, and equipment
57
9
48
2,259
Inventories
49
\u2014
49
34
Derivatives
81
\u2014
81
206
Receivables and other assets
92
20
73
313
Deferred taxes reclassified to assets and liabilities associated
with assets held for sale
127
124
3
319
Provisions for pensions and similar obligations
212
94
118
106
Provisions for decommissioning, restoration
obligations, and environmental costs
1,247
15
1,233
0
Other provisions
122
\u2014
122
1
Liabilities
354
37
317
10
Tax impairments according to Section 12 (3)/2 of the
Austrian Corporate Income Tax Act (KStG)
574
\u2014
574
\u2014
Tax loss carryforwards
1,536
1,088
448
\u2014
Outside basis differences
144
\u2014
144
17
Total
4,737
1,387
3,350
3,464
Netting (same tax jurisdictions)
\u20132,183
\u20132,183
Deferred taxes reclassified to assets and liabilities associated
with assets held for sale
\u20133
\u2013319
Deferred taxes as per statement of financial position
1,164
962

Deferred taxes were mainly related to different valuation methods, differences in impairments, write-offs, write-ups, and depreciation and amortization, as well as different definitions of costs.
The decrease in DTL related to assets and liabilities associated with assets held for sale was entirely driven by the divestment of SapuraOMV. For further details see Note 5 \u2013 Assets and liabilities held for sale.
As of December 31, 2024, deductible temporary differences for which no DTA was recognized amounted to EUR\u00a0960 mn (2023: EUR 929 mn).
The overall net DTA position of tax jurisdictions that suffered a tax loss either in the current or preceding year amounted to EUR 10 mn (2023: EUR\u00a0503\u00a0mn, of which Austrian tax group EUR\u00a0464\u00a0mn).
Tax loss carryforwards
As of December 31, 2024, OMV recognized tax loss carryforwards of EUR 6,108 mn before allowances (2023: EUR\u00a06,257 mn), of which EUR 1,539 mn (2023: EUR 1,842 mn) is considered recoverable for the calculation of deferred taxes.
The eligibility of losses to be carried forward expires as follows:
Tax loss carryforwards1
In EUR mn
2024
2023
Base
amount
(before
allowances)
thereof not recognized
Base
amount
(before
allowances)
thereof not recognized
2024
\u2014
\u2014
2
2
2025
11
11
11
11
2026
3
3
3
3
2027
3
3
52
3
2028
2
2
2
2
2029
4
3
\u2014
\u2014
After 2029/2028
0
\u2014
2
2
Unlimited
6,085
4,547
6,185
4,393
Tax loss carryforwards
6,108
4,569
6,257
4,415
1 Tax loss carryforwards related to disposal groups reclassified to held for sale are excluded.
In certain tax jurisdictions local tax laws stipulate limitations on the usage of tax losses carried forward. These limitations range from 50% up to 80% of the taxable profit for the year. As of December 31, 2024, tax loss carryforwards related to tax jurisdictions with the aforementioned limitations amounted to EUR 5,725 mn (2023: EUR\u00a05,813 mn), of which EUR 1,470 mn (2023: EUR 1,717 mn) is considered recoverable for the calculation of deferred taxes.
The majority of tax loss carryforwards not recognized referred to the Austrian tax group and France.
Outside basis differences
As of December 31, 2024, the aggregate amount of temporary differences associated with fully consolidated and equity-accounted investments for which deferred tax liabilities have not been recognized amounted to EUR\u00a09,667\u00a0mn (2023: EUR 9,317 mn). The exception criteria as per IAS 12 for not recognizing these deferred tax liabilities is deemed to be fulfilled due to the fact that the Group is able to control or influence the relevant decisions with respect to the timing of the reversal and it is not probable that temporary differences will reverse in the foreseeable future or the Group intends to reinvest undistributed profits. Capital gains on disposals of investments may be realized on various levels of the Group depending on the structuring of potential divestments. Due to the complexity of the Group and the associated tax implications, simplifying assumptions for the calculation have been made that aim to diminish cascade effects.
The gains and losses recognized directly in other comprehensive income and their related tax effects were as follows:
Tax effects relating to each component of other comprehensive income
In EUR mn
2024
2023
Pre-tax
expense (\u2013)
income (+)
Tax
expense (\u2013)
benefit (+)1
Net-of-tax
expense (\u2013)
income (+)
Pre-tax
expense (\u2013)
income (+)
Tax
expense (\u2013)
benefit (+)1
Net-of-tax
expense (\u2013)
income (+)
Currency translation differences
511
0
511
\u2013542
\u20130
\u2013542
Gains (+)/losses (\u2013) on hedges
\u20138
2
\u20136
\u2013360
83
\u2013277
Remeasurement gains (+)/losses (\u2013)
on defined benefit plans
\u201316
0
\u201316
\u201358
7
\u201351
Gains (+)/losses (\u2013) on equity
investments
\u20133
1
\u20133
\u20132
1
\u20132
Gains (+)/losses (\u2013) on hedges that
are subsequently transferred to
the carrying amount of the
hedged item
4
\u20131
3
\u201327
6
\u201321
Share of other comprehensive
income of equity-accounted
investments
42
n.a.
4
02
n.a.
0
Other comprehensive income
for the year
491
2
493
\u2013989
97
\u2013893
1 Including valuation allowances for deferred tax assets for the Austrian tax group. For further details please refer to Note 14 \u2013 Taxes on income and profit.
2 Represents net-of-tax amounts
\uf097
Some entities of Borealis Group are members of the Austrian Tax Group and will continue to be part of the Austrian Tax Group after closing of the transaction via joint tax grouping (Beteiligungsgemeinschaft). This joint tax group will be formed by the Austrian shareholders of Borealis Group and the proportional share of taxable result of the joint tax group will be attributable to the Austrian Tax Group. Expected partial disposal of Borealis Group from the Austrian Tax Group will trigger the reassessment of the net deferred tax asset position (DTA) of the Austrian Tax Group in OMV Aktiengesellschaft. As a consequence, DTA of the Austrian tax Group will be decreased by approx. EUR 100 mn and will be presented in the line \u201cTaxes on income and profit\u201d in the Consolidated Income Statement in Q1/25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-95": { "value": "
15 |
Earnings Per Share
Accounting policy

The calculation of diluted Earnings Per Share takes into account the weighted average number of shares in issue following the conversion of all potentially diluting ordinary shares.
Earnings Per Share (EPS)
2024
2023
Basic
Diluted
Basic
Diluted
Earnings attributable to stockholders of the parent in EUR mn
1,389
1,389
1,480
1,480
Weighted average number of shares outstanding
327,001,732
327,226,795
326,940,897
327,169,060
Earnings Per Share in EUR
4.25
4.24
4.53
4.52
The potentially diluting ordinary shares included 225,063 (2023: 228,163) contingently issuable bonus shares related to Long-Term Incentive Plans and the Equity Deferral.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-96": { "value": "
Accounting policy

The calculation of diluted Earnings Per Share takes into account the weighted average number of shares in issue following the conversion of all potentially diluting ordinary shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-99": { "value": "Accounting policy

Intangible assets including goodwill

Intangible assets are stated at cost, less accumulated amortization and impairment. Development costs are capitalized if the recognition criteria according to IAS 38 are fulfilled. All other research and development costs are recognized as an expense in the period in which they incur. Software, licenses, concessions, and similar intangible assets are amortized on a straight-line basis over the contract or license period or the useful economic life, which is between 3 and 20 years.
Oil and gas assets with unproved reserves

E&P activities are recorded using the successful efforts method. The acquisition costs of geological and geophysical studies before the discovery of proved reserves are recognized in the period in which they are incurred. The costs of wells are capitalized and reported as intangible assets until the existence or absence of potentially commercially viable oil or gas reserves is determined. Wells that are not commercially viable are expensed. The costs of exploration wells whose commercial viability has not yet been determined continue to be capitalized as long as the following conditions are fulfilled:
1.
Sufficient oil and gas reserves have been discovered that would justify completion as a production well.
2.
Sufficient progress is being made in assessing the economic and technical feasibility to justify beginning field development in the near future.
3.
The period for which the entity has the right to explore in the specific area has not expired.

Exploratory wells in progress at year-end that are determined to be unsuccessful subsequent to the statement of financial position date are treated as non-adjusting events, meaning that the costs incurred for such exploratory wells remain capitalized in the financial statements of the reporting period under review and will be expensed in the subsequent period.

License acquisition costs and capitalized exploration and appraisal activities are not amortized as long as they are related to unproved reserves, but tested for impairment when there is an indication of potential impairment.

When the decision to develop a particular asset is made, the related intangible exploration and evaluation assets are reclassified to Property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-97": { "value": "Development costs are capitalized if the recognition criteria according to IAS 38 are fulfilled. All other research and development costs are recognized as an expense in the period in which they incur.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-98": { "value": "Software, licenses, concessions, and similar intangible assets are amortized on a straight-line basis over the contract or license period or the useful economic life, which is between 3 and 20 years.Property, plant, and equipment (except for oil and gas assets) are amortized or depreciated on a straight-line basis over the useful economic life.
Useful life
Years
Intangible assets
Software
3\u20137 or license duration
Concessions, licenses, contract-related intangible assets, etc.
3\u201320 or contract duration
Business-specific property, plant and equipment
Chemicals
Chemical production facilities
15\u201320
F&F
Pipelines
20\u201330
Storage tanks
40
Refinery facilities
25
Filling stations
5\u201320
Energy
Oil and gas wells
Unit-of-production method
Gas power plant
8\u201330
Other property, plant and equipment
Production and office buildings
20\u201350
Other technical plant and equipment
10\u201320
Fixtures and fittings
3\u201315
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-100": { "value": "
Oil and gas assets with unproved reserves

E&P activities are recorded using the successful efforts method. The acquisition costs of geological and geophysical studies before the discovery of proved reserves are recognized in the period in which they are incurred. The costs of wells are capitalized and reported as intangible assets until the existence or absence of potentially commercially viable oil or gas reserves is determined. Wells that are not commercially viable are expensed. The costs of exploration wells whose commercial viability has not yet been determined continue to be capitalized as long as the following conditions are fulfilled:
1.
Sufficient oil and gas reserves have been discovered that would justify completion as a production well.
2.
Sufficient progress is being made in assessing the economic and technical feasibility to justify beginning field development in the near future.
3.
The period for which the entity has the right to explore in the specific area has not expired.

Exploratory wells in progress at year-end that are determined to be unsuccessful subsequent to the statement of financial position date are treated as non-adjusting events, meaning that the costs incurred for such exploratory wells remain capitalized in the financial statements of the reporting period under review and will be expensed in the subsequent period.

License acquisition costs and capitalized exploration and appraisal activities are not amortized as long as they are related to unproved reserves, but tested for impairment when there is an indication of potential impairment.

When the decision to develop a particular asset is made, the related intangible exploration and evaluation assets are reclassified to Property, plant and equipment.
Useful life
Years
Intangible assets
Software
3\u20137 or license duration
Concessions, licenses, contract-related intangible assets, etc.
3\u201320 or contract duration
Business-specific property, plant and equipment
Chemicals
Chemical production facilities
15\u201320
F&F
Pipelines
20\u201330
Storage tanks
40
Refinery facilities
25
Filling stations
5\u201320
Energy
Oil and gas wells
Unit-of-production method
Gas power plant
8\u201330
Other property, plant and equipment
Production and office buildings
20\u201350
Other technical plant and equipment
10\u201320
Fixtures and fittings
3\u201315
Oil and gas assets with proved reserves are included in property, plant, and equipment. They are reclassified from intangible assets once the reserves are proved and commercial viability is established. Development expenditure on the construction, installation, or completion of infrastructure facilities such as platforms and pipelines and drilling development wells is capitalized within tangible assets.

Once production of oil and gas assets starts, depreciation commences. Capitalized exploration and development costs as well as auxiliary facilities are generally depreciated based on proved developed reserves by applying the unit-of-production method; only capitalized exploration rights and acquired reserves are amortized on the basis of total proved reserves, unless a different reserves basis is more adequate. Depreciation of economically successful exploration and production assets is reported as depreciation, amortization, impairment charges and write-ups.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-101": { "value": "
Accounting policy

Property, plant, and equipment are recognized at costs of acquisition or construction (including costs of major inspection and general overhauls).

Borrowing costs directly attributable to the acquisition, construction, or production of qualified assets are capitalized until these assets are substantially ready for their intended use or sale. All other costs of borrowing are expensed in the period in which they are incurred.

The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset when a decommissioning provision is recognized (see Note 25 \u2013 Decommissioning and other provisions). Costs for replacing components are capitalized and the carrying values of the replaced parts are derecognized. Costs relating to minor maintenance and repairs are treated as expenses in the year in which they are incurred.

Property, plant, and equipment (except for oil and gas assets) are amortized or depreciated on a straight-line basis over the useful economic life.
Useful life
Years
Intangible assets
Software
3\u20137 or license duration
Concessions, licenses, contract-related intangible assets, etc.
3\u201320 or contract duration
Business-specific property, plant and equipment
Chemicals
Chemical production facilities
15\u201320
F&F
Pipelines
20\u201330
Storage tanks
40
Refinery facilities
25
Filling stations
5\u201320
Energy
Oil and gas wells
Unit-of-production method
Gas power plant
8\u201330
Other property, plant and equipment
Production and office buildings
20\u201350
Other technical plant and equipment
10\u201320
Fixtures and fittings
3\u201315
Oil and gas assets with proved reserves are included in property, plant, and equipment. They are reclassified from intangible assets once the reserves are proved and commercial viability is established. Development expenditure on the construction, installation, or completion of infrastructure facilities such as platforms and pipelines and drilling development wells is capitalized within tangible assets.

Once production of oil and gas assets starts, depreciation commences. Capitalized exploration and development costs as well as auxiliary facilities are generally depreciated based on proved developed reserves by applying the unit-of-production method; only capitalized exploration rights and acquired reserves are amortized on the basis of total proved reserves, unless a different reserves basis is more adequate. Depreciation of economically successful exploration and production assets is reported as depreciation, amortization, impairment charges and write-ups.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-105": { "value": "Borrowing costs directly attributable to the acquisition, construction, or production of qualified assets are capitalized until these assets are substantially ready for their intended use or sale. All other costs of borrowing are expensed in the period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-104": { "value": "Borrowing costs directly attributable to the acquisition, construction, or production of qualified assets are capitalized until these assets are substantially ready for their intended use or sale. All other costs of borrowing are expensed in the period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-103": { "value": "Borrowing costs directly attributable to the acquisition, construction, or production of qualified assets are capitalized until these assets are substantially ready for their intended use or sale. All other costs of borrowing are expensed in the period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-102": { "value": "Borrowing costs directly attributable to the acquisition, construction, or production of qualified assets are capitalized until these assets are substantially ready for their intended use or sale. All other costs of borrowing are expensed in the period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-106": { "value": "Costs for replacing components are capitalized and the carrying values of the replaced parts are derecognized. Costs relating to minor maintenance and repairs are treated as expenses in the year in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-107": { "value": "
Contractual obligations for acquisitions
In EUR mn
2024
2023
Intangible assets
248
296
Property, plant, and equipment
3,221
3,345
Contractual obligations
3,470
3,640
In 2024, the contractual commitments for acquisitions of fixed assets were mainly related to activities in the Energy segment.
Leases not yet commenced in 2024 but committed amounted to EUR 251 mn, mainly in relation to vessels (2023: EUR\u00a094\u00a0mn).
As of December 31, 2024, the Group had available EUR\u00a04,173\u00a0mn of undrawn committed borrowing facilities that can be used for future activities (December 31, 2023: EUR 5,310 mn).
28 |
Contingent liabilities and contingent assets
OMV Management is of the opinion that litigations, to the extent not covered by provisions or insurance, either do no present an obligation and/or the outflow is remote and/or they will not materially affect the Group\u2019s financial position.
OMV entered into guarantees as part of the ordinary course of the Group\u2019s business, mainly under credit facilities granted by banks, without cash collateral. No material losses are likely to arise from these. Further information on financial guarantees is included in Note 29 \u2013 Risk management.
As of December 31, 2024, a proceeding was pending against OMV that related to local service contractors in one of the subsidiaries. OMV\u2019s share of the claimed amount is around USD 300 mn. Management currently does not believe that any of the alleged matters will have a material effect on the financial position or results of operations. However, this assessment is based on assumptions deemed reasonable by management including those about future events and uncertainties. The outcome of these matters is ultimately uncertain, such that unanticipated events and circumstances might occur that might cause management to change these assumptions and give rise to a material adverse effect on the financial position in the future.
Financial guarantee contracts
Borealis AG has an oustanding guarantee, which it provided for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement.
In addition, Borealis and its joint venture partner TotalEnergies granted a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC (Baystar) as a liquidity instrument to conduct its ordinary cause of business.
In 2022, Bayport Polymers LLC partially re-paid its loan to the Group. This repayment was facilitated through issuance of two tranches of senior notes in the amount of EUR 337 mn and EUR\u00a0289 mn, which mature in 2027 and 2032, respectively. These senior notes, totaling EUR 626 mn, are fully guaranteed by Borealis AG.
Furthermore, in 2022, Borealis provided a parental guarantee for a lease of railcars.
For further details see the Credit Risk Management section.
Credit risk exists in relation to the financial guarantee contracts issued by Borealis to Bayport Polymers LLC and Borouge 4 LLC, which are accounted for using the equity method, where the guaranteed amount as of December 31, 2024 amounted to EUR 1,735 mn plus interest (2023: EUR\u00a01,234\u00a0mn plus interest). Details on guarantees provided by Borealis AG are further described thereafter.
Borealis AG granted a guarantee for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement. The total guarantee amounts to EUR 1,228 mn plus interest (2023: EUR 1,155 mn plus interest). Based on the already drawn financing by Borouge 4 LLC the guaranteed amount as of December\u00a031,\u00a02024 totaled EUR\u00a01,009\u00a0mn plus interest (2023: EUR\u00a0536\u00a0mn plus interest).
The guarantee granted to Bayport Polymers LLC of EUR\u00a0626\u00a0mn plus interest (2023: EUR\u00a0588\u00a0mn plus interest) terminates earliest upon payment and/or termination of the obligation in 2027 and 2032, respectively and could be called at any time.
In addition, a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC as a liquidity instrument to conduct its ordinary course of business was granted by Borealis in 2023, and was utilized in the amount of EUR\u00a082\u00a0mn plus interest at year-end (2023: EUR 90 mn). The total guaranteed amount as of December 31, 2024 amounted to EUR 96 mn plus interest (2023: EUR 90 mn plus interest).
Furthermore, a parental guarantee for a lease of railcars by Bayport Polymers LLC with maximum exposure of EUR\u00a019 mn (2023: EUR\u00a020\u00a0mn) remains in effect.
As of December 31, 2024, undrawn financial commitments to Borouge 4 LLC totaling EUR 615 mn (December 31, 2023: EUR 818 mn) originated from a shareholder loan agreement (SHL) entered into on February 3, 2023, with Borealis AG as the lender and Borouge 4 LLC as the borrower to part finance the Borouge 4 CAPEX requirements of Borouge 4 LLC. EUR 413 mn out of the total EUR 1,028 mn commitment had been drawn as of December 31, 2024. The SHL is structured as a facility with a five-year tenor. Borealis retains the right to accelerate the repayment of the outstanding amounts at the point of reintegration into Borouge PLC. Furthermore, Borealis AG granted a guarantee for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement. The total guarantee amounts to EUR 1,228 mn plus interest. Based on the already drawn financing by Borouge 4 LLC, the guaranteed amount as of December 31, 2024, totaled EUR 1,009 mn (December 31, 2023: EUR 536 mn).
Borealis granted a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC (Baystar) as a liquidity instrument to conduct its ordinary course of business, which was utilized in the amount of EUR 82 mn plus interest at year-end (December 31, 2023: EUR 90 mn). The maximum amount of the credit facility is EUR 193 mn plus interest as of December 31, 2024 (December 31, 2023: EUR 181 mn), of which 50% (EUR 96 mn plus interest) is guaranteed by Borealis, while the remaining amount is guaranteed by the joint venture partner TotalEnergies.
In 2022, Bayport Polymers LLC repaid a loan to the Group, which was fully financed by two tranches of senior notes. Borealis provided a parental guarantee to Bayport Polymers LLC for the full amount of the senior notes, which amounted to EUR 626 mn plus interest as of December 31, 2024 (December 31, 2023: EUR 588 mn). Additionally, in 2022 Borealis provided a parental guarantee for the lease of railcars by Bayport Polymers LLC with a maximum exposure of EUR 19 mn as of December 31, 2024 (December 31, 2023: EUR 20 mn).
In September 2024, OMV Petrom finalized the acquisition of 50% shares in the joint venture Electrocentrale Borzesti SRL, held together with RNV Infrastructure. Both partners plan to invest approximately EUR 1.3 bn in renewable energy projects according to the shareholders\u2019 agreement, including a large portion of external financing. Therefore, part of the estimated investment will be financed by share capital increase and/or by shareholder loans granted to the joint venture equally by both partners, subject to obtaining the final investment decision for the respective projects. As of December 31, 2024, the loan receivable by OMV Petrom from Electrocentrale Borzesti S.R.L. amounted to EUR 25 mn.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-108": { "value": "
Contractual obligations for acquisitions
In EUR mn
2024
2023
Intangible assets
248
296
Property, plant, and equipment
3,221
3,345
Contractual obligations
3,470
3,640
In 2024, the contractual commitments for acquisitions of fixed assets were mainly related to activities in the Energy segment.
Leases not yet commenced in 2024 but committed amounted to EUR 251 mn, mainly in relation to vessels (2023: EUR\u00a094\u00a0mn).
As of December 31, 2024, the Group had available EUR\u00a04,173\u00a0mn of undrawn committed borrowing facilities that can be used for future activities (December 31, 2023: EUR 5,310 mn).
Financial guarantee contracts
Borealis AG has an oustanding guarantee, which it provided for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement.
In addition, Borealis and its joint venture partner TotalEnergies granted a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC (Baystar) as a liquidity instrument to conduct its ordinary cause of business.
In 2022, Bayport Polymers LLC partially re-paid its loan to the Group. This repayment was facilitated through issuance of two tranches of senior notes in the amount of EUR 337 mn and EUR\u00a0289 mn, which mature in 2027 and 2032, respectively. These senior notes, totaling EUR 626 mn, are fully guaranteed by Borealis AG.
Furthermore, in 2022, Borealis provided a parental guarantee for a lease of railcars.
For further details see the Credit Risk Management section.
Credit risk exists in relation to the financial guarantee contracts issued by Borealis to Bayport Polymers LLC and Borouge 4 LLC, which are accounted for using the equity method, where the guaranteed amount as of December 31, 2024 amounted to EUR 1,735 mn plus interest (2023: EUR\u00a01,234\u00a0mn plus interest). Details on guarantees provided by Borealis AG are further described thereafter.
Borealis AG granted a guarantee for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement. The total guarantee amounts to EUR 1,228 mn plus interest (2023: EUR 1,155 mn plus interest). Based on the already drawn financing by Borouge 4 LLC the guaranteed amount as of December\u00a031,\u00a02024 totaled EUR\u00a01,009\u00a0mn plus interest (2023: EUR\u00a0536\u00a0mn plus interest).
The guarantee granted to Bayport Polymers LLC of EUR\u00a0626\u00a0mn plus interest (2023: EUR\u00a0588\u00a0mn plus interest) terminates earliest upon payment and/or termination of the obligation in 2027 and 2032, respectively and could be called at any time.
In addition, a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC as a liquidity instrument to conduct its ordinary course of business was granted by Borealis in 2023, and was utilized in the amount of EUR\u00a082\u00a0mn plus interest at year-end (2023: EUR 90 mn). The total guaranteed amount as of December 31, 2024 amounted to EUR 96 mn plus interest (2023: EUR 90 mn plus interest).
Furthermore, a parental guarantee for a lease of railcars by Bayport Polymers LLC with maximum exposure of EUR\u00a019 mn (2023: EUR\u00a020\u00a0mn) remains in effect.
As of December 31, 2024, undrawn financial commitments to Borouge 4 LLC totaling EUR 615 mn (December 31, 2023: EUR 818 mn) originated from a shareholder loan agreement (SHL) entered into on February 3, 2023, with Borealis AG as the lender and Borouge 4 LLC as the borrower to part finance the Borouge 4 CAPEX requirements of Borouge 4 LLC. EUR 413 mn out of the total EUR 1,028 mn commitment had been drawn as of December 31, 2024. The SHL is structured as a facility with a five-year tenor. Borealis retains the right to accelerate the repayment of the outstanding amounts at the point of reintegration into Borouge PLC. Furthermore, Borealis AG granted a guarantee for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement. The total guarantee amounts to EUR 1,228 mn plus interest. Based on the already drawn financing by Borouge 4 LLC, the guaranteed amount as of December 31, 2024, totaled EUR 1,009 mn (December 31, 2023: EUR 536 mn).
Borealis granted a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC (Baystar) as a liquidity instrument to conduct its ordinary course of business, which was utilized in the amount of EUR 82 mn plus interest at year-end (December 31, 2023: EUR 90 mn). The maximum amount of the credit facility is EUR 193 mn plus interest as of December 31, 2024 (December 31, 2023: EUR 181 mn), of which 50% (EUR 96 mn plus interest) is guaranteed by Borealis, while the remaining amount is guaranteed by the joint venture partner TotalEnergies.
In 2022, Bayport Polymers LLC repaid a loan to the Group, which was fully financed by two tranches of senior notes. Borealis provided a parental guarantee to Bayport Polymers LLC for the full amount of the senior notes, which amounted to EUR 626 mn plus interest as of December 31, 2024 (December 31, 2023: EUR 588 mn). Additionally, in 2022 Borealis provided a parental guarantee for the lease of railcars by Bayport Polymers LLC with a maximum exposure of EUR 19 mn as of December 31, 2024 (December 31, 2023: EUR 20 mn).
In September 2024, OMV Petrom finalized the acquisition of 50% shares in the joint venture Electrocentrale Borzesti SRL, held together with RNV Infrastructure. Both partners plan to invest approximately EUR 1.3 bn in renewable energy projects according to the shareholders\u2019 agreement, including a large portion of external financing. Therefore, part of the estimated investment will be financed by share capital increase and/or by shareholder loans granted to the joint venture equally by both partners, subject to obtaining the final investment decision for the respective projects. As of December 31, 2024, the loan receivable by OMV Petrom from Electrocentrale Borzesti S.R.L. amounted to EUR 25 mn.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-109": { "value": "Accounting policy

As a lessee, OMV recognizes lease liabilities and right-of-use assets for lease contracts according to IFRS 16. It applies the recognition exemption for short-term leases and leases in which the underlying asset is of low value and therefore does not recognize right-of-use assets and lease liabilities for such leases. Leases to explore for and use oil and natural gas, which comprise mainly land leases used for such activities, are not in the scope of IFRS 16. The rent for these contracts is recognized as expense on a straight-line basis over the lease term.

Non-lease components are separated from the lease components for the measurement of right-of-use assets and lease liabilities. Lease liabilities are recognized at the present value of fixed lease payments and lease payments that depend on an index or rate over the determined lease term with the applicable discount rate. Right-of-use assets are recognized at the value of the lease liability plus prepayments and initial direct costs and presented within property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-110": { "value": "
19 |
Inventories
Accounting policy

Inventories are recognized at the lower of cost and net realizable value. Costs incurred are generally determined based on the individual costs for goods that are not interchangeable, the average price method for oil and gas inventories, or the FIFO method for chemical products. Costs of production comprise directly attributable material and labor costs as well as fixed and variable indirect material and production overhead costs. In refineries, a carrying capacity approach is applied according to which the production costs are allocated to product groups on the basis of their relative market values at the end of the period.
Inventories
In EUR mn
2024
2023
Crude oil
652
585
Natural gas
582
367
Petrochemical feedstock
308
364
Other raw materials and supplies
416
341
Refined petroleum products (including work in progress)
1,041
1,013
Petrochemical products (including work in progress)
853
785
Other finished products
84
73
Inventories
3,936
3,529
The line item \u201cPurchases (net of inventory variation)\u201d in OMV\u2019s Consolidated Income Statement includes costs of goods and materials, inventory changes and inventory valuations. In 2024, net income from inventory valuation amounting to EUR 294 mn was recognized, compared to net expenses of EUR 73 mn in 2023. The figures in both years were mainly related to gas in storage.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-111": { "value": "
Accounting policy

Inventories are recognized at the lower of cost and net realizable value. Costs incurred are generally determined based on the individual costs for goods that are not interchangeable, the average price method for oil and gas inventories, or the FIFO method for chemical products. Costs of production comprise directly attributable material and labor costs as well as fixed and variable indirect material and production overhead costs. In refineries, a carrying capacity approach is applied according to which the production costs are allocated to product groups on the basis of their relative market values at the end of the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-112": { "value": "
The line item \u201cPurchases (net of inventory variation)\u201d in OMV\u2019s Consolidated Income Statement includes costs of goods and materials, inventory changes and inventory valuations. In 2024, net income from inventory valuation amounting to EUR 294 mn was recognized, compared to net expenses of EUR 73 mn in 2023. The figures in both years were mainly related to gas in storage.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-118": { "value": "Accounting policy

At initial recognition, OMV classifies its financial assets as subsequently measured at amortized cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The classification depends on both the Group\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. All regular way trades are recognized and derecognized on the trade date, i.e., the date that the Group commits to purchasing or selling the asset.

Debt instruments are mainly measured at amortized cost and to a small extent at fair value.

OMV recognizes allowances for expected credit losses (ECLs) for all financial assets measured at amortized costs. The ECL calculation is based on the external or internal credit ratings of the counterparty and associated probabilities of default or based on a probability-weighted amount that was determined by evaluating a range of possible outcomes in one specific case. Available forward-looking information is considered, if it has a material impact on the amount of the valuation allowance recognized.

ECLs are recognized in two stages. Where there has not been a significant increase in the credit risk since initial recognition, credit losses are measured at twelve-month ECLs. The twelve-month ECL is the credit loss that could result from default events that are possible within the next twelve months. The Group considers a financial asset to have low credit risk when its credit risk rating is equivalent to the definition of \u201cinvestment grade\u201d.

Where there has been a significant increase in the credit risk since initial recognition, a loss allowance is required for the lifetime ECL, i.e., the expected credit losses resulting from possible default events over the expected life of a financial asset. For this assessment, OMV considers all reasonable and supportable information that is available without undue cost or effort. Furthermore, OMV assumes that the credit risk on a financial asset has significantly increased if it is more than 30 days past due. If credit quality improves for a lifetime ECL asset, OMV reverts to recognizing allowances on a twelve-month ECL basis. A financial asset is considered to be in default when the financial asset is 90 days past due, unless there is reasonable and supportable information demonstrating that a more lagging default criterion is appropriate. A financial asset is written off when there is no reasonable expectation that the contractual cash flows will be recovered.

For trade receivables and contract assets from contracts with customers, a simplified approach is adopted, where the impairment losses are recognized at an amount equal to lifetime expected credit losses. If there are credit insurances or securities held against the balances outstanding, the ECL calculation is based on the probability of default of the insurer/securer for the insured/secured element of the outstanding balance and for the remaining amount on the probability of default of the counterparty.

Non-derivative financial assets classified as at fair value through profit or loss (FVTPL) include trade receivables from sales contracts with provisional pricing and investment funds because the contractual cash flows do not solely represent payments of principal and interest on the principal amount outstanding. Furthermore, this measurement category includes portfolios of trade receivables held with an intention to sell them. These assets are measured at fair value, with any gains or losses arising on remeasurement recognized in profit or loss.

Equity instruments are either measured at fair value through profit or loss (FVTPL) or at fair value through OCI (FVOCI).OMV decided irrevocably to classify as investments at FVOCI the majority of its non-listed equity investments, which are held for strategic purposes and not trading.

OMV derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.
Accounting policy

OMV has entered into supplier finance arrangements with various finance providers. The Group has not derecognized the majority of original liabilities to which the arrangement applies because neither legal release was obtained nor was the original liability substantially modified while entering into the arrangement. The liabilities are shown within trade payables and other financial liabilities until payment. From OMV\u2019s 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.
Accounting policy

Cash and cash equivalents include cash balances, bank accounts, and highly liquid short-term investments with low realization risk, i.e., negligible short-term exchange and interest risks. The maximum maturity at the time of acquisition for such investments is three months.
Accounting policy

Derivative financial instruments are used to hedge market risks resulting from changes in currency exchange rates, commodity prices, and interest rates and for trading purposes. Derivative instruments are recognized at fair value. Unrealized gains and losses are recognized as income or expenses, except where hedge accounting according to IFRS 9 is applied.

Those derivatives qualifying and designated as hedges are either 1) a fair value hedge when hedging exposure to changes in the fair value of a recognized asset or liability, 2) a cash flow hedge when hedging exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction, or 3) a net investment hedge when hedging the foreign exchange risk in a net investment in a foreign operation.

For cash flow hedges, the effective part of the changes in fair value is recognized in other comprehensive income, while the ineffective part is recognized immediately in the income statement. Where the hedging of cash flows results in the recognition of a non-financial asset or liability, the carrying value of that item will be adjusted for the accumulated gains or losses recognized directly in OCI.

Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in OCI and accumulated in the reserve for currency translation differences. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is disposed of or sold.

Contracts to buy or sell non-financial items that can be settled net in cash or another financial instrument are accounted for as financial instruments and measured at fair value. Associated gains or losses are recognized in profit or loss. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of non-financial items in accordance with the Group\u2019s expected purchase, sale, or usage requirements are not accounted for as derivative financial instruments, but as executory contracts.

OMV has contracted several long-term power purchase agreements, which were entered into and continue to be held for own use. They are therefore accounted for as executory contracts.
Accounting policy

The fair value is the amount for which an asset or liability could be transferred at the measurement date, based on the assumption that such transfers take place between participants in principal markets and, where applicable, taking the highest and best use into account.

Fair values are determined according to the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities. For the OMV Group, this category will, in most cases, only berelevant for securities, bonds, investment funds, and futures contracts.

Level 2: Valuation technique using directly or indirectly observable inputs. To determine the fair value for financial instruments within Level 2, forward prices of crude oil or natural gas, interest rates and foreign exchange rates are usually used as inputs to the valuation model. In addition, counterparty credit risk and volatility indicators, if applicable, are considered.

Level 3: Valuation techniques such as discounted cash flow models using significant unobservable inputs (e.g., long-term price assumptions and reserves estimates).
31 |
Offsetting of financial assets and financial liabilities
Accounting policy

Financial assets and financial liabilities are offset only when the Group has a current and legally enforceable right to set off the recognized amounts and when there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

In the normal course of business, OMV enters into various master netting arrangements in the form of International Swaps and Derivatives Association (ISDA) agreements, European Federation of Energy Traders (EFET) agreements or other similar arrangements.
Accounting policy

OMV sells trade receivables in a securitization program and continues to service and collect the receivables. The risk retained by the OMV Group is insignificant and therefore the trade receivables sold are derecognized in their entirety.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-117": { "value": "Accounting policy

At initial recognition, OMV classifies its financial assets as subsequently measured at amortized cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The classification depends on both the Group\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. All regular way trades are recognized and derecognized on the trade date, i.e., the date that the Group commits to purchasing or selling the asset.

Debt instruments are mainly measured at amortized cost and to a small extent at fair value.

OMV recognizes allowances for expected credit losses (ECLs) for all financial assets measured at amortized costs. The ECL calculation is based on the external or internal credit ratings of the counterparty and associated probabilities of default or based on a probability-weighted amount that was determined by evaluating a range of possible outcomes in one specific case. Available forward-looking information is considered, if it has a material impact on the amount of the valuation allowance recognized.

ECLs are recognized in two stages. Where there has not been a significant increase in the credit risk since initial recognition, credit losses are measured at twelve-month ECLs. The twelve-month ECL is the credit loss that could result from default events that are possible within the next twelve months. The Group considers a financial asset to have low credit risk when its credit risk rating is equivalent to the definition of \u201cinvestment grade\u201d.

Where there has been a significant increase in the credit risk since initial recognition, a loss allowance is required for the lifetime ECL, i.e., the expected credit losses resulting from possible default events over the expected life of a financial asset. For this assessment, OMV considers all reasonable and supportable information that is available without undue cost or effort. Furthermore, OMV assumes that the credit risk on a financial asset has significantly increased if it is more than 30 days past due. If credit quality improves for a lifetime ECL asset, OMV reverts to recognizing allowances on a twelve-month ECL basis. A financial asset is considered to be in default when the financial asset is 90 days past due, unless there is reasonable and supportable information demonstrating that a more lagging default criterion is appropriate. A financial asset is written off when there is no reasonable expectation that the contractual cash flows will be recovered.

For trade receivables and contract assets from contracts with customers, a simplified approach is adopted, where the impairment losses are recognized at an amount equal to lifetime expected credit losses. If there are credit insurances or securities held against the balances outstanding, the ECL calculation is based on the probability of default of the insurer/securer for the insured/secured element of the outstanding balance and for the remaining amount on the probability of default of the counterparty.

Non-derivative financial assets classified as at fair value through profit or loss (FVTPL) include trade receivables from sales contracts with provisional pricing and investment funds because the contractual cash flows do not solely represent payments of principal and interest on the principal amount outstanding. Furthermore, this measurement category includes portfolios of trade receivables held with an intention to sell them. These assets are measured at fair value, with any gains or losses arising on remeasurement recognized in profit or loss.

Equity instruments are either measured at fair value through profit or loss (FVTPL) or at fair value through OCI (FVOCI).OMV decided irrevocably to classify as investments at FVOCI the majority of its non-listed equity investments, which are held for strategic purposes and not trading.

OMV derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.
Accounting policy

Cash and cash equivalents include cash balances, bank accounts, and highly liquid short-term investments with low realization risk, i.e., negligible short-term exchange and interest risks. The maximum maturity at the time of acquisition for such investments is three months.
Accounting policy

Derivative financial instruments are used to hedge market risks resulting from changes in currency exchange rates, commodity prices, and interest rates and for trading purposes. Derivative instruments are recognized at fair value. Unrealized gains and losses are recognized as income or expenses, except where hedge accounting according to IFRS 9 is applied.

Those derivatives qualifying and designated as hedges are either 1) a fair value hedge when hedging exposure to changes in the fair value of a recognized asset or liability, 2) a cash flow hedge when hedging exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction, or 3) a net investment hedge when hedging the foreign exchange risk in a net investment in a foreign operation.

For cash flow hedges, the effective part of the changes in fair value is recognized in other comprehensive income, while the ineffective part is recognized immediately in the income statement. Where the hedging of cash flows results in the recognition of a non-financial asset or liability, the carrying value of that item will be adjusted for the accumulated gains or losses recognized directly in OCI.

Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in OCI and accumulated in the reserve for currency translation differences. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is disposed of or sold.

Contracts to buy or sell non-financial items that can be settled net in cash or another financial instrument are accounted for as financial instruments and measured at fair value. Associated gains or losses are recognized in profit or loss. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of non-financial items in accordance with the Group\u2019s expected purchase, sale, or usage requirements are not accounted for as derivative financial instruments, but as executory contracts.

OMV has contracted several long-term power purchase agreements, which were entered into and continue to be held for own use. They are therefore accounted for as executory contracts.
31 |
Offsetting of financial assets and financial liabilities
Accounting policy

Financial assets and financial liabilities are offset only when the Group has a current and legally enforceable right to set off the recognized amounts and when there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

In the normal course of business, OMV enters into various master netting arrangements in the form of International Swaps and Derivatives Association (ISDA) agreements, European Federation of Energy Traders (EFET) agreements or other similar arrangements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-115": { "value": "Accounting policy

At initial recognition, OMV classifies its financial assets as subsequently measured at amortized cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The classification depends on both the Group\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. All regular way trades are recognized and derecognized on the trade date, i.e., the date that the Group commits to purchasing or selling the asset.

Debt instruments are mainly measured at amortized cost and to a small extent at fair value.

OMV recognizes allowances for expected credit losses (ECLs) for all financial assets measured at amortized costs. The ECL calculation is based on the external or internal credit ratings of the counterparty and associated probabilities of default or based on a probability-weighted amount that was determined by evaluating a range of possible outcomes in one specific case. Available forward-looking information is considered, if it has a material impact on the amount of the valuation allowance recognized.

ECLs are recognized in two stages. Where there has not been a significant increase in the credit risk since initial recognition, credit losses are measured at twelve-month ECLs. The twelve-month ECL is the credit loss that could result from default events that are possible within the next twelve months. The Group considers a financial asset to have low credit risk when its credit risk rating is equivalent to the definition of \u201cinvestment grade\u201d.

Where there has been a significant increase in the credit risk since initial recognition, a loss allowance is required for the lifetime ECL, i.e., the expected credit losses resulting from possible default events over the expected life of a financial asset. For this assessment, OMV considers all reasonable and supportable information that is available without undue cost or effort. Furthermore, OMV assumes that the credit risk on a financial asset has significantly increased if it is more than 30 days past due. If credit quality improves for a lifetime ECL asset, OMV reverts to recognizing allowances on a twelve-month ECL basis. A financial asset is considered to be in default when the financial asset is 90 days past due, unless there is reasonable and supportable information demonstrating that a more lagging default criterion is appropriate. A financial asset is written off when there is no reasonable expectation that the contractual cash flows will be recovered.

For trade receivables and contract assets from contracts with customers, a simplified approach is adopted, where the impairment losses are recognized at an amount equal to lifetime expected credit losses. If there are credit insurances or securities held against the balances outstanding, the ECL calculation is based on the probability of default of the insurer/securer for the insured/secured element of the outstanding balance and for the remaining amount on the probability of default of the counterparty.

Non-derivative financial assets classified as at fair value through profit or loss (FVTPL) include trade receivables from sales contracts with provisional pricing and investment funds because the contractual cash flows do not solely represent payments of principal and interest on the principal amount outstanding. Furthermore, this measurement category includes portfolios of trade receivables held with an intention to sell them. These assets are measured at fair value, with any gains or losses arising on remeasurement recognized in profit or loss.OMV derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.
Accounting policy

OMV sells trade receivables in a securitization program and continues to service and collect the receivables. The risk retained by the OMV Group is insignificant and therefore the trade receivables sold are derecognized in their entirety.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-113": { "value": "Accounting policy

At initial recognition, OMV classifies its financial assets as subsequently measured at amortized cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The classification depends on both the Group\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. All regular way trades are recognized and derecognized on the trade date, i.e., the date that the Group commits to purchasing or selling the asset.Non-derivative financial assets classified as at fair value through profit or loss (FVTPL) include trade receivables from sales contracts with provisional pricing and investment funds because the contractual cash flows do not solely represent payments of principal and interest on the principal amount outstanding. Furthermore, this measurement category includes portfolios of trade receivables held with an intention to sell them. These assets are measured at fair value, with any gains or losses arising on remeasurement recognized in profit or loss.
Accounting policy

Derivative financial instruments are used to hedge market risks resulting from changes in currency exchange rates, commodity prices, and interest rates and for trading purposes. Derivative instruments are recognized at fair value. Unrealized gains and losses are recognized as income or expenses, except where hedge accounting according to IFRS 9 is applied.

Those derivatives qualifying and designated as hedges are either 1) a fair value hedge when hedging exposure to changes in the fair value of a recognized asset or liability, 2) a cash flow hedge when hedging exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction, or 3) a net investment hedge when hedging the foreign exchange risk in a net investment in a foreign operation.

For cash flow hedges, the effective part of the changes in fair value is recognized in other comprehensive income, while the ineffective part is recognized immediately in the income statement. Where the hedging of cash flows results in the recognition of a non-financial asset or liability, the carrying value of that item will be adjusted for the accumulated gains or losses recognized directly in OCI.

Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in OCI and accumulated in the reserve for currency translation differences. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is disposed of or sold.

Contracts to buy or sell non-financial items that can be settled net in cash or another financial instrument are accounted for as financial instruments and measured at fair value. Associated gains or losses are recognized in profit or loss. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of non-financial items in accordance with the Group\u2019s expected purchase, sale, or usage requirements are not accounted for as derivative financial instruments, but as executory contracts.

OMV has contracted several long-term power purchase agreements, which were entered into and continue to be held for own use. They are therefore accounted for as executory contracts.
Accounting policy

The fair value is the amount for which an asset or liability could be transferred at the measurement date, based on the assumption that such transfers take place between participants in principal markets and, where applicable, taking the highest and best use into account.

Fair values are determined according to the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities. For the OMV Group, this category will, in most cases, only berelevant for securities, bonds, investment funds, and futures contracts.

Level 2: Valuation technique using directly or indirectly observable inputs. To determine the fair value for financial instruments within Level 2, forward prices of crude oil or natural gas, interest rates and foreign exchange rates are usually used as inputs to the valuation model. In addition, counterparty credit risk and volatility indicators, if applicable, are considered.

Level 3: Valuation techniques such as discounted cash flow models using significant unobservable inputs (e.g., long-term price assumptions and reserves estimates).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-114": { "value": "OMV recognizes allowances for expected credit losses (ECLs) for all financial assets measured at amortized costs. The ECL calculation is based on the external or internal credit ratings of the counterparty and associated probabilities of default or based on a probability-weighted amount that was determined by evaluating a range of possible outcomes in one specific case. Available forward-looking information is considered, if it has a material impact on the amount of the valuation allowance recognized.

ECLs are recognized in two stages. Where there has not been a significant increase in the credit risk since initial recognition, credit losses are measured at twelve-month ECLs. The twelve-month ECL is the credit loss that could result from default events that are possible within the next twelve months. The Group considers a financial asset to have low credit risk when its credit risk rating is equivalent to the definition of \u201cinvestment grade\u201d.

Where there has been a significant increase in the credit risk since initial recognition, a loss allowance is required for the lifetime ECL, i.e., the expected credit losses resulting from possible default events over the expected life of a financial asset. For this assessment, OMV considers all reasonable and supportable information that is available without undue cost or effort. Furthermore, OMV assumes that the credit risk on a financial asset has significantly increased if it is more than 30 days past due. If credit quality improves for a lifetime ECL asset, OMV reverts to recognizing allowances on a twelve-month ECL basis. A financial asset is considered to be in default when the financial asset is 90 days past due, unless there is reasonable and supportable information demonstrating that a more lagging default criterion is appropriate. A financial asset is written off when there is no reasonable expectation that the contractual cash flows will be recovered.

For trade receivables and contract assets from contracts with customers, a simplified approach is adopted, where the impairment losses are recognized at an amount equal to lifetime expected credit losses. If there are credit insurances or securities held against the balances outstanding, the ECL calculation is based on the probability of default of the insurer/securer for the insured/secured element of the outstanding balance and for the remaining amount on the probability of default of the counterparty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-116": { "value": "OMV derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-119": { "value": "
Financial assets
In EUR mn
Valued at
fair value
through
profit or loss
Valued at
fair value through other comprehen-
sive income
Valued at amortized cost
Total
carrying
amount
thereof
short-term
thereof
long-term
2024
Trade receivables from contracts with customers
128
\u2014
2,230
2,358
2,358
\u2014
Other trade receivables
\u2014
\u2014
484
484
484
\u2014
Total trade receivables
128
\u2014
2,714
2,842
2,842
\u2014
Equity investments
1
105
\u2014
106
\u2014
106
Investment funds
29
\u2014
\u2014
29
\u2014
29
Bonds
\u2014
\u2014
91
91
59
33
Derivatives designated as hedging instruments
\u2014
39
\u2014
39
27
12
Other derivatives
269
\u2014
\u2014
269
193
75
Loans
\u2014
\u2014
1,286
1,286
5
1,282
Other sundry financial assets
2
\u2014
1,369
1,370
790
581
Total other financial assets
301
143
2,746
3,190
1,074
2,116
Financial assets
429
143
5,460
6,032
3,916
2,116
2023
Trade receivables from contracts with customers
99
\u2014
2,571
2,670
2,670
\u2014
Other trade receivables
\u2014
\u2014
785
785
785
\u2014
Total trade receivables
99
\u2014
3,356
3,455
3,455
\u2014
Equity investments
1
56
\u2014
57
\u2014
57
Investment funds
28
\u2014
\u2014
28
\u2014
28
Bonds
\u2014
\u2014
285
285
245
39
Derivatives designated as hedging instruments
\u2014
52
\u2014
52
50
2
Other derivatives
890
\u2014
\u2014
890
692
198
Loans
\u2014
\u2014
910
910
5
905
Other sundry financial assets
2
\u2014
1,610
1,612
1,139
474
Total other financial assets
921
108
2,805
3,834
2,130
1,704
Financial assets
1,020
108
6,160
7,288
5,584
1,704
21 |
Other assets
Other assets
In EUR mn
2024
2023
Short-term
Long-term
Short-term
Long-term
Prepaid expenses
87
12
89
13
Advance payments on fixed assets
221
13
184
\u2014
Other payments on account
193
17
124
25
Receivables from other taxes and social security
287
43
202
40
Emission rights1
666
\u2014
630
\u2014
Emission rights to be received from customers1
23
\u2014
42
\u2014
Other non-financial assets
125
116
81
87
Other assets
1,603
200
1,351
165
1 For further details refer to Note 3 \u2013 Effects of climate change and the energy transition.
The increase in advance payments on fixed assets and other payments on account was mainly attributable to the Neptun Deep project in Romania.
Receivables from other taxes and social security increased mainly in relation to excises in Romania, as per changes in legislation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-120": { "value": "
Financial assets
In EUR mn
Valued at
fair value
through
profit or loss
Valued at
fair value through other comprehen-
sive income
Valued at amortized cost
Total
carrying
amount
thereof
short-term
thereof
long-term
2024
Trade receivables from contracts with customers
128
\u2014
2,230
2,358
2,358
\u2014
Other trade receivables
\u2014
\u2014
484
484
484
\u2014
Total trade receivables
128
\u2014
2,714
2,842
2,842
\u2014
Equity investments
1
105
\u2014
106
\u2014
106
Investment funds
29
\u2014
\u2014
29
\u2014
29
Bonds
\u2014
\u2014
91
91
59
33
Derivatives designated as hedging instruments
\u2014
39
\u2014
39
27
12
Other derivatives
269
\u2014
\u2014
269
193
75
Loans
\u2014
\u2014
1,286
1,286
5
1,282
Other sundry financial assets
2
\u2014
1,369
1,370
790
581
Total other financial assets
301
143
2,746
3,190
1,074
2,116
Financial assets
429
143
5,460
6,032
3,916
2,116
2023
Trade receivables from contracts with customers
99
\u2014
2,571
2,670
2,670
\u2014
Other trade receivables
\u2014
\u2014
785
785
785
\u2014
Total trade receivables
99
\u2014
3,356
3,455
3,455
\u2014
Equity investments
1
56
\u2014
57
\u2014
57
Investment funds
28
\u2014
\u2014
28
\u2014
28
Bonds
\u2014
\u2014
285
285
245
39
Derivatives designated as hedging instruments
\u2014
52
\u2014
52
50
2
Other derivatives
890
\u2014
\u2014
890
692
198
Loans
\u2014
\u2014
910
910
5
905
Other sundry financial assets
2
\u2014
1,610
1,612
1,139
474
Total other financial assets
921
108
2,805
3,834
2,130
1,704
Financial assets
1,020
108
6,160
7,288
5,584
1,704
21 |
Other assets
Other assets
In EUR mn
2024
2023
Short-term
Long-term
Short-term
Long-term
Prepaid expenses
87
12
89
13
Advance payments on fixed assets
221
13
184
\u2014
Other payments on account
193
17
124
25
Receivables from other taxes and social security
287
43
202
40
Emission rights1
666
\u2014
630
\u2014
Emission rights to be received from customers1
23
\u2014
42
\u2014
Other non-financial assets
125
116
81
87
Other assets
1,603
200
1,351
165
1 For further details refer to Note 3 \u2013 Effects of climate change and the energy transition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-121": { "value": "
Financial assets
In EUR mn
Valued at
fair value
through
profit or loss
Valued at
fair value through other comprehen-
sive income
Valued at amortized cost
Total
carrying
amount
thereof
short-term
thereof
long-term
2024
Trade receivables from contracts with customers
128
\u2014
2,230
2,358
2,358
\u2014
Other trade receivables
\u2014
\u2014
484
484
484
\u2014
Total trade receivables
128
\u2014
2,714
2,842
2,842
\u2014
Equity investments
1
105
\u2014
106
\u2014
106
Investment funds
29
\u2014
\u2014
29
\u2014
29
Bonds
\u2014
\u2014
91
91
59
33
Derivatives designated as hedging instruments
\u2014
39
\u2014
39
27
12
Other derivatives
269
\u2014
\u2014
269
193
75
Loans
\u2014
\u2014
1,286
1,286
5
1,282
Other sundry financial assets
2
\u2014
1,369
1,370
790
581
Total other financial assets
301
143
2,746
3,190
1,074
2,116
Financial assets
429
143
5,460
6,032
3,916
2,116
2023
Trade receivables from contracts with customers
99
\u2014
2,571
2,670
2,670
\u2014
Other trade receivables
\u2014
\u2014
785
785
785
\u2014
Total trade receivables
99
\u2014
3,356
3,455
3,455
\u2014
Equity investments
1
56
\u2014
57
\u2014
57
Investment funds
28
\u2014
\u2014
28
\u2014
28
Bonds
\u2014
\u2014
285
285
245
39
Derivatives designated as hedging instruments
\u2014
52
\u2014
52
50
2
Other derivatives
890
\u2014
\u2014
890
692
198
Loans
\u2014
\u2014
910
910
5
905
Other sundry financial assets
2
\u2014
1,610
1,612
1,139
474
Total other financial assets
921
108
2,805
3,834
2,130
1,704
Financial assets
1,020
108
6,160
7,288
5,584
1,704
The gains and losses recognized directly in other comprehensive income and their related tax effects were as follows:
Tax effects relating to each component of other comprehensive income
In EUR mn
2024
2023
Pre-tax
expense (\u2013)
income (+)
Tax
expense (\u2013)
benefit (+)1
Net-of-tax
expense (\u2013)
income (+)
Pre-tax
expense (\u2013)
income (+)
Tax
expense (\u2013)
benefit (+)1
Net-of-tax
expense (\u2013)
income (+)
Currency translation differences
511
0
511
\u2013542
\u20130
\u2013542
Gains (+)/losses (\u2013) on hedges
\u20138
2
\u20136
\u2013360
83
\u2013277
Remeasurement gains (+)/losses (\u2013)
on defined benefit plans
\u201316
0
\u201316
\u201358
7
\u201351
Gains (+)/losses (\u2013) on equity
investments
\u20133
1
\u20133
\u20132
1
\u20132
Gains (+)/losses (\u2013) on hedges that
are subsequently transferred to
the carrying amount of the
hedged item
4
\u20131
3
\u201327
6
\u201321
Share of other comprehensive
income of equity-accounted
investments
42
n.a.
4
02
n.a.
0
Other comprehensive income
for the year
491
2
493
\u2013989
97
\u2013893
1 Including valuation allowances for deferred tax assets for the Austrian tax group. For further details please refer to Note 14 \u2013 Taxes on income and profit.
2 Represents net-of-tax amounts
Other financial liabilities
Other financial liabilities
In EUR mn
Short-term
Long-term
Total
2024
Derivative financial liabilities
302
100
403
Liabilities on derivatives designated as hedging instruments
44
16
60
Liabilities on other derivatives
258
85
342
Other sundry financial liabilities
744
137
882
Other financial liabilities
1,047
238
1,284
2023
Derivative financial liabilities
386
150
536
Liabilities on derivatives designated 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
The table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted cash flows:
Financial liabilities (undiscounted cash flows)
In EUR mn
\u22641 year
1\u20135 years
>5 years
Total
2024
Bonds
924
3,124
3,248
7,297
Other interest-bearing debts
356
592
151
1,098
Lease liabilities
277
662
1,234
2,173
Trade payables
3,723
\u2014
\u2014
3,723
Derivative financial liabilities
315
102
\u2014
417
Other sundry financial liabilities1
744
82
89
916
Financial liabilities (undiscounted cash flows)
6,339
4,562
4,722
15,623
2023
Bonds
597
3,845
2,113
6,555
Other interest-bearing debts
459
857
231
1,547
Lease liabilities
219
588
1,231
2,038
Trade payables
3,955
\u2014
\u2014
3,955
Derivative financial liabilities
393
157
\u2014
550
Other sundry financial liabilities1
1,039
82
139
1,260
Financial liabilities (undiscounted cash flows)
6,662
5,529
3,713
15,904
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 29 \u2013 Risk management.
Market risk
Accounting policy

Derivative financial instruments are used to hedge market risks resulting from changes in currency exchange rates, commodity prices, and interest rates and for trading purposes. Derivative instruments are recognized at fair value. Unrealized gains and losses are recognized as income or expenses, except where hedge accounting according to IFRS 9 is applied.

Those derivatives qualifying and designated as hedges are either 1) a fair value hedge when hedging exposure to changes in the fair value of a recognized asset or liability, 2) a cash flow hedge when hedging exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction, or 3) a net investment hedge when hedging the foreign exchange risk in a net investment in a foreign operation.

For cash flow hedges, the effective part of the changes in fair value is recognized in other comprehensive income, while the ineffective part is recognized immediately in the income statement. Where the hedging of cash flows results in the recognition of a non-financial asset or liability, the carrying value of that item will be adjusted for the accumulated gains or losses recognized directly in OCI.

Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in OCI and accumulated in the reserve for currency translation differences. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is disposed of or sold.

Contracts to buy or sell non-financial items that can be settled net in cash or another financial instrument are accounted for as financial instruments and measured at fair value. Associated gains or losses are recognized in profit or loss. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of non-financial items in accordance with the Group\u2019s expected purchase, sale, or usage requirements are not accounted for as derivative financial instruments, but as executory contracts.

OMV has contracted several long-term power purchase agreements, which were entered into and continue to be held for own use. They are therefore accounted for as executory contracts.
Significant judgment: classification of contracts for the purchase or sale of natural gas as \u201cown use\u201d contracts

The classification of contracts for the purchase or sale of natural gas as \u201cown use\u201d contracts, which are outside the scope of IFRS 9, requires significant judgment. OMV systematically analyzes the gas supply and sales contracts to determine whether they fulfill the conditions for application of the own use exemption. Contracts are classified as \u201cown use\u201d contracts if it can be demonstrated that they are entered into and continue to be held for the purpose of physical delivery or receipt of the natural gas in accordance with the Group\u2019s expected purchase, sale, or usage requirements and that the Group does not have any practice of settling similar contracts on a net basis. In addition, this analysis consists of demonstrating that the \u201cown use\u201d contracts do not include any written options such as volume flexibilities that go beyond the needs of the ordinary business and therefore are financial options according to IFRS 9. Only contracts fulfilling these criteria are treated as \u201cown use\u201d contracts outside the scope of IFRS 9 and are accounted for as executory contracts.
For the purpose of mitigating market price risks, the Group enters into derivative financial instruments such as OTC swaps, options, futures, and forwards.
Swaps do not involve an investment at the time the contracts are concluded; settlement normally takes place at the end of the quarter or month. The premiums on purchased options are payable when the contract is concluded; where options are exercised, payment of the difference between the strike price and average market price for the period takes place at contract expiration.
Commodity price risk management refers to analysis, assessment, reporting, and hedging of market price risk exposure arising from non-trading and trading activities, covering production (oil, gas, power, and feedstock prices), refining (refinery margin, inventories up to a defined threshold), oil and gas marketing activities (marketing margin, inventories up to a defined threshold), and producing power (spark spreads) in addition to proprietary trading positions.
Limited proprietary trading activities may be performed for the purpose of creating market access within the oil, power, and gas markets up to a defined threshold.
Hedges are generally placed in the legal entities where the underlying exposure exists. When certain conditions are met, the Group may elect to apply IFRS\u00a09 hedge accounting principles in order to recognize the offsetting effects on profit or loss of changes in the fair value of the hedging instruments at the same time as the hedged items.
Derivatives are mostly used for economic hedging purposes and not as speculative investments. However, where derivatives are not designated as hedging instruments (i.e., hedge accounting is not applied), they are valued at fair value through profit or loss for accounting purposes.
The following tables show the fair values of derivative financial instruments together with their notional amounts. The notional amount, recorded gross, is the amount of a derivative\u2019s underlying asset, reference rate, or index and is the basis upon which changes in the value of derivatives are measured. The notional amounts indicate the volume of the transactions outstanding at year-end and are not indicative of either the market risk or the credit risk.
Nominal and fair value of open derivative financial instruments
In EUR mn
2024
2023
Nominal
Fair value
assets
Fair value
liabilities
Nominal
Fair value
assets
Fair value
liabilities
Commodity price risk
Oil incl. oil products
1,609
21
\u20131
1,120
27
\u20138
Gas
15
\u2014
\u20131
31
\u2014
\u2014
Power
393
16
\u201348
411
13
\u201359
Commodity hedges (designated in
hedge relationship)1
2,017
38
\u201350
1,562
39
\u201367
Oil incl. oil products
11,232
2
\u201324
10,614
2
\u201340
Gas
17,450
133
\u2013231
16,104
714
\u2013386
Power
1,058
86
\u201368
262
47
\u201329
Other2
176
44
\u20137
190
98
\u20133
Commodity hedges
29,915
265
\u2013330
27,171
861
\u2013458
Foreign currency risk
USD
180
\u2014
\u201310
159
3
\u20130
SEK
138
1
\u20131
123
7
\u2014
Foreign currency hedges (designated in
hedge relationship)1
317
1
\u201311
282
10
\u20130
USD
1,471
1
\u201310
702
5
\u201311
NOK
800
2
\u20133
817
23
\u20130
SEK
14
0
\u2014
35
0
\u20130
Other
80
0
\u20130
153
1
\u20130
Foreign currency hedges
2,366
3
\u201313
1,707
29
\u201311
Interest rate risk
Interest rate hedges (designated in
hedge relationship)1
\u2014
\u2014
\u2014
100
3
\u2014
1 Including ineffective part of hedges designated in a hedging relationship
2 Includes derivatives for European Emission Allowances
The Group\u2019s hedging reserve disclosed in the Consolidated Statement of Changes in Equity relates to the following hedging instruments:
Cash flow hedging \u2013 impact of hedge accounting
In EUR mn
Forecast purchases
Forecast sales
Foreign currency, firm commit-
ments
Foreign
currency
Interest rate
Total
Thereof cost of hedging
reserve
Commodity price risk
Foreign currency risk
Interest
rate risk
2024
Cash flow hedge reserve as of January 1 (net of tax)
\u201321
9
\u2014
7
2
\u20132
\u2014
Gains (+)/losses (\u2013) of the period recognized in OCI
\u201326
\u201315
\u201321
\u201317
0
\u201379
\u20137
Amounts reclassified to the income statement
44
14
21
\u20132
\u20133
74
7
Amounts reclassified to the balance sheet
\u20133
\u2014
\u2014
\u2014
\u2014
\u20133
\u2014
Tax effects
\u20134
0
\u2014
5
1
2
\u2014
Cash flow hedge reserve as of December 31 (net of tax)
\u20139
8
\u2014
\u20137
\u2014
\u20138
\u2014
2023
Cash flow hedge reserve as of January 1 (net of tax)
245
8
\u2014
3
7
264
\u2014
Gains (+)/losses (\u2013) of the period recognized in OCI
\u2013326
\u201324
\u2014
5
\u20132
\u2013347
\u2014
Amounts reclassified to the income statement
\u201362
24
\u2014
1
\u20134
\u201340
\u2014
Amounts reclassified to the balance sheet
42
\u2014
\u2014
\u2014
\u2014
42
\u2014
Tax effects
80
\u20130
\u2014
\u20131
1
80
\u2014
Cash flow hedge reserve as of December 31 (net of tax)
\u201321
9
\u2014
7
2
\u20132
\u2014
Reserve for unrealized exchange gains (+)/losses (\u2013) for net investment hedge1
In EUR mn
Foreign currency risk
2024
2023
Reserve as of January 1 (net of tax)
\u20139
\u201313
Valuation of the USD loans
\u20135
6
Tax effects
1
\u20131
Reserve as of December 31 (net of tax)
\u201313
\u20139
1 Included in currency translation differences within other comprehensive income
At December 31, 2024, and December 31, 2023, the Group held the following items designated in a fair value hedge relationship:
Impact of fair value hedge accounting on the income statement and statement of financial position
In EUR mn
Hedged item
Carrying amount of the
liability
Cumulative amount of fair
value hedge adjustment
included in the carrying
amount of the hedged
item
Effective gains (+)/
losses (\u2013) of the period
recognized in the income
statement
Line item in the statement
of financial position
2024
Non-financial liability
40
\u20137
1
Other liabilities
2023
Non-financial liability
28
\u20138
1
Other liabilities
At December 31, 2024, and December 31, 2023, the Group held the following cash flow, fair value, and net investment hedging relationships. The table shows the profile of the timing (maturity) of the nominal amount of the hedging instruments:
Impact of hedge accounting on the statement of financial position
In EUR mn
Forecast
purchases
Forecast
sales
Recognized
liability
Net
investment
hedge
Foreign
currency
Interest
hedges
Commodity price risk
Foreign currency risk
Interest
rate risk
Total
2024
Nominal value
1,976
\u2014
41
68
317
\u2014
2,403
Below one year
1,427
\u2014
41
29
317
\u2014
1,814
More than one year
549
\u2014
\u2014
39
\u2014
\u2014
588
Fair value \u2013 assets
37
0
n.a.
1
\u2014
39
Fair value \u2013 liabilities
49
1
n.a.
11
\u2014
60
2023
Nominal value
1,447
85
29
109
282
100
2,052
Below one year
1,251
85
29
44
282
100
1,792
More than one year
196
\u2014
\u2014
64
\u2014
\u2014
260
Fair value \u2013 assets
39
\u2014
n.a.
10
3
52
Fair value \u2013 liabilities
66
1
n.a.
0
\u2014
67
The fair value assets and liabilities shown above are presented in the line items Other financial assets and Other financial liabilities in OMV\u2019s Consolidated Statement of Financial Position.
Commodity price risk
European Emission Allowances
All of OMV\u2019s business segments are exposed to fluctuations in the price of greenhouse gas emissions (GHG emissions) under the EU Emissions Trading Scheme (ETS). European Emission Allowance purchases are always executed in due time and it is OMV\u2019s highest priority to fulfill all legal obligations under the ETS. OMV monitors price risks from emission allowances and manages them using derivative instruments (forwards) traded bilaterally on the secondary market (known as over-the-counter or OTC transactions).
Electricity prices
OMV\u2019s business segments are exposed to fluctuations in electricity prices and, hence, closely monitor related price risks. OMV\u2019s business segments hedge parts of the forecasted electricity purchases using derivative instruments and power purchase agreements (PPAs) in order to smooth out the effects of potentially extreme market price movements.
Chemicals
For petrochemical production, some of the forecasted cracker feedstock purchases and finished product sales are hedged through refined oil product swaps. Cash flow hedge accounting is applied to those derivatives, except for the derivatives that are used to limit the price risk on the inventory held for immediate consumption. Contracts not designated as cash flow hedges are classified as fair value through profit or loss and stated at fair value.
Borealis hedges its forecasted electricity purchases using electricity swaps. For these derivatives, cash flow hedge accounting is applied.
Fuels & Feedstock
Fuels & Feedstock is exposed to market price risks arising from trading and non-trading activities, covering production, refining and marketing activities associated with crude oil and oil products in addition to limited proprietary trading positions aiming to create market access within oil and oil product markets.
In Fuels & Feedstock, derivative instruments are used for both hedging selected product sales and reducing exposure to price risks on inventory fluctuations. Crude oil and product swaps are used to hedge the refining margin (crack spread), which is the difference between crude oil prices and bulk product prices.
Furthermore, exchange-traded oil futures as well as OTC contracts (contracts for difference and swaps) are used to hedge short-term purchase and sales market price risks.
Energy
Operational commodity price risk management in Energy includes hedging of market price risk exposure arising from non-trading and trading activities of gas marketing (hedge of the price risk on inventory fluctuations and the differences in terms and conditions of purchases and sales), as well as limited proprietary trading positions for the purpose of creating market access within the gas markets.
No hedge accounting was applied applied for any of these derivative instruments.
Hedge accounting of commodity hedges in Chemicals and Fuels & Feedstock
In the Chemicals and Fuels & Feedstock business segments, OMV is particularly exposed to volatile refining margins and inventory risks. In order to mitigate these risks, appropriate commodity hedging activities are taken, for which hedge accounting may be applied.
When hedge accounting is applied, for \u201cForecast purchases\u201d and the \u201cHedge of a recognized liability\u201d the hedge ineffectiveness is included in the line item Purchases (net of inventory variation) in OMV\u2019s Consolidated Income Statement. The hedge ineffectiveness and recycling of \u201cForecast sales\u201d for hedges where a risk component of the non-financial item is designated as the hedged item in the hedging relationship, is shown in line item \u2018Sales revenues\u2019 in OMV\u2019s Consolidated Income Statement.
In Chemicals, cash flow hedge accounting is applied to forecast electricity purchases and forecast natural gas purchases, in addition to hedges conducted for future sales and purchases of the crackers which have been designated in a cash flow hedge relationship.
In Fuels & Feedstock, stock hedges may be used to mitigate price exposure whenever actual priced stock levels deviate from target levels. Forecast sales for oil products and forecast purchase transactions for crude oil and oil products are designated as the hedged item in such cases. In general, brent crude oil is typically the main risk for stock prices, however in some cases oil products priced by Platts/Argus may be used for hedging. The hedging relationship is established with a hedge ratio of 1:1 ratio, matching commodity derivatives to the hedged risks. Ineffectiveness can arise from timing and pricing differences between derivatives and actual transactions. As of December 31, 2024 there was no active hedge relationship for stock hedges.
In case of refinery margin hedges, crude oil and products can generally be hedged separately to protect future margins. These hedging mandates and activities are documented and defined within the Annual Plan. As of December 31, 2024 there was no active hedge relationship for refinery margin hedges.
Furthermore in 2024 as well as in 2023, physical oil product exchange contracts were concluded between the OMV Group and the national stockholding company in Germany. In order to reduce the risk of market price fluctuations between the withdrawal and return of products, derivative swap deals (sell fix, buy floating at the time of withdrawal and buy fix, sell floating at the time of return) were concluded and designated in a fair value hedge relationship (hedge of a recognized liability).
Foreign exchange risk management
OMV operates in many countries and currencies, therefore industry-specific activities and the corresponding foreign exchange rate risks need to be analyzed precisely. The USD represents OMV\u2019s biggest risk exposure, due to movement of the USD against the EUR and also against OMV Group\u2019s other main currencies (RON, NOK, NZD, and SEK). Movements of these currencies against the EUR are also significant sources of risk. Other currencies have only a limited impact on cash flow and the operating result. The transaction risk to foreign currency cash flows is monitored on an ongoing basis. The Group\u2019s long and short net position is reviewed on a semiannual basis as a minimum and the sensitivity is calculated. This analysis provides the basis for the management of transaction risks on currencies. Since OMV produces commodities that are mainly traded in USD, the OMV Group has an economic USD long position.
FX options, forwards, and swaps may be used to hedge foreign exchange rate risks on outstanding receivables and payables. The market value of these instruments will move in the opposite direction to the value of the underlying receivable or liability if the relevant foreign exchange rate changes. When certain conditions are met, the Group may elect to apply IFRS\u00a09 hedge accounting principles in order to recognize the offsetting effects on profit or loss of changes in the fair value of the hedging instruments at the same time as the hedged items. Certain hedges, that refer to a forecasted currency position are therefore classified as cash flow hedges and stated at fair value through other comprehensive income.
Translation risk is also monitored on an ongoing basis at Group level and the risk position is evaluated. Translation risk arises on the consolidation of subsidiaries, associated companies and joint ventures with functional currencies different from EUR. The largest exposure results from changes in RON, USD, NOK, and SEK denominated assets against the EUR.
Foreign exchange translation differences relating to these net investments are recognized in other comprehensive income.
Borealis has hedged part of its investment in a joint venture that has USD as its functional currency by designating certain external loans in USD as hedges of the Group\u2019s investments in its foreign operations. The hedged risk in the net investment hedge is the risk of a weakening USD against the EUR that would result in a reduction in the carrying amount of the Group\u2019s net investment in the joint venture in USD. The EUR/USD impact on the measurement of the loans is recognized in other comprehensive income.
To assess hedge effectiveness, the Group determines the economic relationship between the hedging instrument and the hedged item by comparing changes in the carrying amount of the debt that is attributable to a change in the spot rate with changes in the net investment in the foreign operation due to movements in the spot rate (the dollar-offset method). The Group\u2019s policy is to hedge the net investment only to the extent of the debt principal.
There is an economic relationship between the hedged item and the hedging instrument, as the net investment creates a translation risk that will match the foreign exchange risk on the USD borrowing. The Group has established a hedge ratio of 1:1, as the underlying risk of the hedging instrument is identical to the hedged risk component.
Interest rate management
OMV\u2019s debt portfolio as of December 31, 2024 had only limited exposure to changes in interest rates, with almost all liabilities having fixed interest rates. Any future financing activities will be exposed to the prevailing market conditions at the time and this could potentially lead to higher interest expenses.
To facilitate the management of interest rate risk, OMV\u2019s existing liabilities are analyzed in terms of fixed and floating rate borrowings, currencies and maturities. Appropriate ratios for the various categories are established and, where necessary, derivative instruments are used to hedge fluctuations outside predetermined ranges.
Interest rate swaps can be used to convert fixed rate debt into floating rate debt and vice versa.
The hedge ineffectiveness and recycling of interest rate swaps are both shown in the line item \u201dinterest expenses\u201d in OMV\u2019s Consolidated Income Statement.
Sensitivity analysis
For open hedging contracts, sensitivity analysis is performed to determine the effect of market price fluctuations (+/\u201310%) on market value. The sensitivity of the OMV Group\u2019s overall earnings differs from the sensitivity shown below, since the contracts concluded are used to hedge operational exposure.
The effect of market price fluctuations on the income statement or other comprehensive income depends on the type of derivative used and whether hedge accounting is applied. Market price sensitivity for derivatives to which cash flow hedge accounting is applied is shown in the sensitivity table for other comprehensive income. Sensitivity to market price fluctuations for all other open derivatives is shown in the sensitivity tables for profit before tax.
Sensitivity analysis for open commodity derivatives affecting profit before tax
In EUR mn
2024
2023
Market price
+10%
Market price
\u201310%
Market price
+10%
Market price
\u201310%
Oil incl. oil products
\u201322
22
\u20134
4
Oil incl. oil products \u2013 designated in a hedge relationship1
4
\u20134
3
\u20133
Gas
\u201358
58
\u201334
34
Power
\u20139
9
2
\u20132
Other2
21
\u201321
28
\u201328
Total
\u201364
64
\u20134
4
1 Includes hedging instruments designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany. For further details see section Hedge Accounting of commodity hedges in Chemicals and Fuels & Feedstock section.
2 Includes derivatives for European Emission Allowances
Sensitivity analysis for open commodity derivatives affecting other comprehensive income before tax
In EUR mn
2024
2023
Market price
+10%
Market price
\u201310%
Market price
+10%
Market price
\u201310%
Oil incl. oil products
\u201316
16
\u201334
34
Gas
1
\u20131
2
\u20132
Power
29
\u201329
31
\u201331
Commodity hedges (designated in a hedge relationship)
14
\u201314
\u20131
1
For financial instruments, sensitivity analysis is performed for changes in foreign exchange rates of currencies material to the Group. On Group level, the EUR\u2013RON sensitivity not only includes the net RON exposure versus the EUR but also the net RON exposure versus the USD, since the USD\u2013RON exposure can be split into EUR\u2013RON and EUR\u2013USD exposure. The same is true for the EUR\u2013NOK, EUR\u2013SEK, and EUR\u2013NZD exposure.
Sensitivity analysis for financial instruments affecting profit before tax1
In EUR mn
2024
2023
10% appreciation
of the EUR
10% depreciation
of the EUR
10% appreciation
of the EUR
10% depreciation
of the EUR
EUR\u2013RON
\u201318
18
\u201312
12
EUR\u2013USD
\u20136
6
\u201323
23
EUR\u2013NZD
\u201334
34
\u201317
17
EUR\u2013NOK
5
\u20135
7
\u20137
EUR\u2013SEK
\u20132
2
\u20134
4
1 Refers only to financial instruments and is not the same as the Group\u2019s overall foreign exchange rate sensitivity in terms of operating result.
Sensitivity analysis for financial instruments affecting other comprehensive income before tax1
In EUR mn
2024
2023
10% appreciation
of the EUR
10% depreciation
of the EUR
10% appreciation
of the EUR
10% depreciation
of the EUR
EUR\u2013USD
25
\u201325
28
\u201328
EUR\u2013SEK
\u201314
14
\u201312
12
1 Including sensitivity of the net investment hedge
OMV regularly analyzes the impact of interest rate changes on interest income and expenses from floating rate deposits and borrowings. Currently, the effects of changes in interest rates are not considered to be a material risk.
The main counterparties with contracts involving derivative financial instruments have investment-grade credit ratings.
Maximum credit exposure1
In EUR mn
2024
2023
Trade receivables
2,842
3,455
Investments
135
85
Bonds
91
285
Derivatives
307
942
Loans
1,286
910
Other sundry financial assets
1,370
1,612
Cash and cash equivalents
6,182
6,920
Financial guarantee contracts2
1,735
1,234
Total maximum credit exposure
13,950
15,442
1 Excluding items reclassified to held for sale
2 Maximum exposure of financial guarantee contracts based on drawdowns of financing facilities as of December 31 excluding interest accrued.
Fair value hierarchy of financial assets1 and net amount of assets and liabilities held for sale at fair value
In EUR mn
Carrying amount
Fair value level
Valued at amortized
cost
Valued at
fair value
Total
Level 1
Level 2
Level 3
Total
2024
Trade receivables
2,714
128
2,842
\u2014
128
\u2014
128
Equity investments
\u2014
106
106
19
62
25
106
Investment funds
\u2014
29
29
29
\u2014
\u2014
29
Bonds
91
\u2014
91
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
39
39
\u2014
39
\u2014
39
Other derivatives
\u2014
269
269
5
264
\u2014
269
Loans
1,286
\u2014
1,286
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,369
2
1,370
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
369
369
\u2014
369
\u2014
369
Total
5,460
941
6,401
52
862
27
941
2023
Trade receivables
3,356
99
3,455
\u2014
99
\u2014
99
Equity investments
\u2014
57
57
\u2014
34
23
57
Investment funds
\u2014
28
28
28
\u2014
\u2014
28
Bonds
285
\u2014
285
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
52
52
\u2014
52
\u2014
52
Other derivatives
\u2014
890
890
0
890
\u2014
890
Loans
910
\u2014
910
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,610
2
1,612
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
13
13
\u2014
13
\u2014
13
Total
6,160
1,141
7,301
28
1,088
25
1,141
1 Excluding assets that were reclassified to held for sale
Fair value hierarchy of financial liabilities and other liabilities at fair value1
In EUR mn
Carrying amount
Fair value level
Valued at
amortized
cost
Valued at fair
value
Total
Level 1
Level 2
Level 3
Total
2024
Trade payables
3,723
\u2014
3,723
\u2014
\u2014
\u2014
\u2014
Bonds
6,570
\u2014
6,570
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,767
\u2014
1,767
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,070
\u2014
1,070
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
60
60
\u2014
60
\u2014
60
Liabilities on other derivatives
\u2014
342
342
28
315
\u2014
342
Other financial liabilities
865
16
882
\u2014
16
\u2014
16
Other liabilities at fair value2
\u2014
40
40
\u2014
40
\u2014
40
Total
13,996
459
14,455
28
431
\u2014
459
2023
Trade payables
3,955
\u2014
3,955
\u2014
\u2014
\u2014
\u2014
Bonds
6,073
\u2014
6,073
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,585
\u2014
1,585
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,470
\u2014
1,470
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
67
67
\u2014
67
\u2014
67
Liabilities on other derivatives
\u2014
469
469
37
432
\u2014
469
Other financial liabilities
1,204
\u2014
1,204
\u2014
\u2014
\u2014
\u2014
Other liabilities at fair value2
\u2014
28
28
\u2014
28
\u2014
28
Total
14,287
564
14,851
37
528
\u2014
564
1 Excluding liabilities that were reclassified to held for sale
2 Includes hedged items designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany.
31 |
Offsetting of financial assets and financial liabilities
Accounting policy

Financial assets and financial liabilities are offset only when the Group has a current and legally enforceable right to set off the recognized amounts and when there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

In the normal course of business, OMV enters into various master netting arrangements in the form of International Swaps and Derivatives Association (ISDA) agreements, European Federation of Energy Traders (EFET) agreements or other similar arrangements.
The tables below show the carrying amounts of recognized financial assets and financial liabilities that are subject to various netting arrangements. The net column would be in the Group\u2019s statement of financial position, if all set-off rights were exercised.
Offsetting of financial assets
In EUR mn
Note
Financial
instruments
(gross)
Amounts set
off in the
statement of
financial
position
Financial
instruments in
the statement
of financial
position (net)
Liabilities with
right of set-off
(not offset)
Net
2024
Derivative financial instruments
20
1,805
\u20131,498
307
\u201338
269
Trade receivables
20
4,018
\u20131,176
2,842
\u201385
2,757
Other sundry financial assets
20
1,374
\u20133
1,370
\u20130
1,370
Total
7,197
\u20132,677
4,520
\u2013123
4,397
2023
Derivative financial instruments
3,359
\u20132,417
942
\u2013122
820
Trade receivables
4,535
\u20131,081
3,455
\u201365
3,390
Other sundry financial assets
1,626
\u201313
1,612
\u20131
1,611
Total
9,520
\u20133,511
6,009
\u2013187
5,822
Offsetting of financial liabilities
In EUR mn
Note
Financial
instruments
(gross)
Amounts set
off in the
statement of
financial
position
Financial
instruments in
the statement
of financial
position (net)
Assets with
right of set-off
(not offset)
Net
2024
Derivative financial instruments
26
1,900
\u20131,498
403
\u201338
365
Trade payables
26
4,899
\u20131,176
3,723
\u201385
3,638
Other sundry financial liabilities
26
885
\u20133
882
\u20130
882
Total
7,684
\u20132,677
5,007
\u2013123
4,884
2023
Derivative financial instruments
2,953
\u20132,417
536
\u2013122
415
Trade payables
5,035
\u20131,081
3,955
\u201365
3,890
Other sundry financial liabilities
1,217
\u201313
1,204
\u20131
1,203
Total
9,206
\u20133,511
5,695
\u2013187
5,508
32 |
Result on financial instruments
Result on financial instruments
In EUR mn
Amount
Financial
instruments at fair value
through profit or loss
Equity instruments
designated as
measured at
fair value
through other
comprehensive
income
Financial
assets at
amortized
cost
Financial
liabilities at
amortized
cost
2024
Fair value changes of financial assets
and derivatives
\u2013212
\u2013212
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201316
\u2014
\u2014
\u201316
\u2014
Result on financial instruments
within operating result
\u2013228
\u2013212
\u2014
\u201316
\u2014
Dividend income
7
\u2014
6
\u2014
\u2014
Interest income
455
\u2014
\u2014
448
\u2014
Interest expenses
\u2013412
\u2014
\u2014
\u2014
\u2013155
Fair value changes of FX derivatives
\u2013107
\u2013107
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201380
\u201380
\u2014
\u2014
\u2014
Impairments of financial
instruments, net
\u20137
\u2014
\u2014
\u20132
\u2014
Other
\u20131
\u2014
0
0
0
Result on financial instruments
within financial result
\u2013146
\u2013187
6
446
\u2013155
2023
Fair value changes of financial assets
and derivatives
111
111
\u2014
\u2014
\u2014
Net impairment losses on financial assets
\u201338
\u2014
\u2014
\u201338
\u2014
Result on financial instruments
within operating result
73
111
\u2014
\u201338
\u2014
Dividend income
10
\u2014
4
\u2014
\u2014
Interest income
473
\u2014
\u2014
473
\u2014
Interest expenses
\u2013415
\u20133
\u2014
\u2014
\u2013148
Fair value changes of financial instruments
\u201321
\u201321
\u2014
\u2014
\u2014
Fair value changes of FX derivatives
\u2013191
\u2013191
\u2014
\u2014
\u2014
Financial charges for factoring and
securitization
\u201377
\u201377
\u2014
\u2014
\u2014
Impairments of financial instruments, net
\u20135
\u2014
\u2014
\u20132
\u2014
Other
\u20136
\u20130
\u20131
0
\u20135
Result on financial instruments
within financial result
\u2013232
\u2013292
3
471
\u2013153
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-122": { "value": "
Financial assets
In EUR mn
Valued at
fair value
through
profit or loss
Valued at
fair value through other comprehen-
sive income
Valued at amortized cost
Total
carrying
amount
thereof
short-term
thereof
long-term
2024
Trade receivables from contracts with customers
128
\u2014
2,230
2,358
2,358
\u2014
Other trade receivables
\u2014
\u2014
484
484
484
\u2014
Total trade receivables
128
\u2014
2,714
2,842
2,842
\u2014
Equity investments
1
105
\u2014
106
\u2014
106
Investment funds
29
\u2014
\u2014
29
\u2014
29
Bonds
\u2014
\u2014
91
91
59
33
Derivatives designated as hedging instruments
\u2014
39
\u2014
39
27
12
Other derivatives
269
\u2014
\u2014
269
193
75
Loans
\u2014
\u2014
1,286
1,286
5
1,282
Other sundry financial assets
2
\u2014
1,369
1,370
790
581
Total other financial assets
301
143
2,746
3,190
1,074
2,116
Financial assets
429
143
5,460
6,032
3,916
2,116
2023
Trade receivables from contracts with customers
99
\u2014
2,571
2,670
2,670
\u2014
Other trade receivables
\u2014
\u2014
785
785
785
\u2014
Total trade receivables
99
\u2014
3,356
3,455
3,455
\u2014
Equity investments
1
56
\u2014
57
\u2014
57
Investment funds
28
\u2014
\u2014
28
\u2014
28
Bonds
\u2014
\u2014
285
285
245
39
Derivatives designated as hedging instruments
\u2014
52
\u2014
52
50
2
Other derivatives
890
\u2014
\u2014
890
692
198
Loans
\u2014
\u2014
910
910
5
905
Other sundry financial assets
2
\u2014
1,610
1,612
1,139
474
Total other financial assets
921
108
2,805
3,834
2,130
1,704
Financial assets
1,020
108
6,160
7,288
5,584
1,704
Equity investments measured at FVOCI
In EUR mn
2024
2023
Investment
Fair value
Fair value adjustment through OCI
Dividend recognized as income
Fair value
Fair value adjustment through OCI
Dividend recognized as income
Eavor Technologies Inc.
53
\u20131
\u2014
34
\u2014
\u2014
Vulcan Energy Resources Limited
19
\u20131
\u2014
\u2014
\u2014
\u2014
Hycamite TCD Technologies Ltd.
9
\u2014
\u2014
5
\u2014
\u2014
Wiener B\u00f6rse AG
7
1
1
6
\u20131
1
KIC InnoEnergy SE
6
\u20132
\u2014
\u2014
\u2014
\u2014
Other
12
1
5
11
\u20131
4
Equity investments measured at FVOCI
105
\u20133
6
56
\u20132
4
Fair value hierarchy of financial assets1 and net amount of assets and liabilities held for sale at fair value
In EUR mn
Carrying amount
Fair value level
Valued at amortized
cost
Valued at
fair value
Total
Level 1
Level 2
Level 3
Total
2024
Trade receivables
2,714
128
2,842
\u2014
128
\u2014
128
Equity investments
\u2014
106
106
19
62
25
106
Investment funds
\u2014
29
29
29
\u2014
\u2014
29
Bonds
91
\u2014
91
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
39
39
\u2014
39
\u2014
39
Other derivatives
\u2014
269
269
5
264
\u2014
269
Loans
1,286
\u2014
1,286
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,369
2
1,370
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
369
369
\u2014
369
\u2014
369
Total
5,460
941
6,401
52
862
27
941
2023
Trade receivables
3,356
99
3,455
\u2014
99
\u2014
99
Equity investments
\u2014
57
57
\u2014
34
23
57
Investment funds
\u2014
28
28
28
\u2014
\u2014
28
Bonds
285
\u2014
285
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
52
52
\u2014
52
\u2014
52
Other derivatives
\u2014
890
890
0
890
\u2014
890
Loans
910
\u2014
910
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,610
2
1,612
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
13
13
\u2014
13
\u2014
13
Total
6,160
1,141
7,301
28
1,088
25
1,141
1 Excluding assets that were reclassified to held for sale
38 |
Direct and indirect investments of OMV Aktiengesellschaft
Changes in the consolidated group
Name of company
Registered office
Type of change1
Effective date
Chemicals
Integra Plastics AD
Sofia
First consolidation (A)
March 28, 2024
Petrogas International B.V.2
Eindhoven
Deconsolidation (I)
December 31, 2024
Fuels & Feedstock
OMV Renewable Fuels & Feedstock US Inc.
Wilmington
First consolidation
May 17, 2024
Renovatio Asset Management
Bucharest
First consolidation (A)
May 31, 2024
AP-NewCo GmbH3
Vienna
First consolidation (A)
July 25, 2024
Respira Verde SRL2
Cheriu
First consolidation (A)
December 30, 2024
Energy
OMV Petrom Energy Solution SRL
Bucharest
First consolidation (I)
January 1, 2024
JR Constanta SRL
Bucharest
First consolidation (A)
September 26, 2024
JR Solar Teleorman SRL
Bucharest
First consolidation (A)
September 26, 2024
JR TELEORMAN SRL
Bucharest
First consolidation (A)
September 26, 2024
ATS Energy SA
Vetis
First consolidation (A)
September 27, 2024
BridgeConstruct SRL
Iasi
First consolidation (A)
September 27, 2024
Intertrans Karla SRL
Buzau
First consolidation (A)
September 27, 2024
Electrocentrale Borzesti SRL2
Bucharest
First consolidation (A)
September 30, 2024
Cil PV Plant SRL2
Bucharest
First consolidation (A)
November 29, 2024
Enerintens Solar SRL2
Bucharest
First consolidation (A)
November 29, 2024
Tenersolar Park SRL2
Bucharest
First consolidation (A)
November 29, 2024
SapuraOMV Block 30, S. de R.L. de C.V.
Mexico City
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Americas) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Australia) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Holding) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Malaysia) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Mexico) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (NZ) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Oceania) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Sarawak) Inc.
Nassau
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Western Australia) Pty Ltd
Perth
Deconsolidation
December 9, 2024
SapuraOMV Upstream Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
IROKO CCS ANS4
Sandnes
First consolidation
December 16, 2024
OMV Russia Upstream GmbH
Vienna
Deconsolidation (I)
December 31, 2024
1 \u201cFirst consolidation\u201d refers to newly formed companies, \u201cFirst consolidation (A)\u201d indicates the acquisition of a company, while companies marked with \u201cFirst consolidation (I)\u201d have been included in the consolidation after originally not being consolidated due to immateriality. \u201cDeconsolidation\u201d refers to companies that have been excluded from the Group investments following a sale, while \u201cDeconsolidation (I)\u201d refers to companies that were deconsolidated due to immateriality.
2 Company (previously) consolidated at-equity
3 Company\u00b4s legal name changed in 2025 to AP Truck Mobility GmbH
4 Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
For further information on major disposals, refer to Note 4 \u2013 Significant changes in Group structure.
Number of consolidated companies
2024
2023
Full
consolidation
Equity
consolidation
Accounting for OMV\u00b4s share1
Full
consolidation
Equity
consolidation
Accounting for OMV\u00b4s share1
January 1
115
23
6
123
23
4
Included for the first time
10
5
1
6
3
2
Change in consolidation type
\u2014
\u20131
\u2014
1
\u20131
\u2014
Deconsolidated during the year
\u201311
\u2014
\u2014
\u201315
\u20132
\u2014
December 31
114
27
7
115
23
6
thereof domiciled and operating abroad
81
22
6
82
18
5
thereof domiciled in Austria and
operating abroad
9
\u2014
\u2014
10
\u2014
\u2014
1 Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
List of investments
List of subsidiaries, equity-accounted investments, and other investments of OMV Aktiengesellschaft with an interest of at least 20%
Parent
company
Type of
consoli-
dation1
Equity
interest
in % as of
December 31, 2024
Equity
interest
in % as of
December 31, 2023
Chemicals
Bayport Polymers LLC, Pasadena
BNOVUS
AEJ
50.00
50.00
BlueAlp Holding B.V., Groot-Ammers
BRENBE
AEA
21.25
21.25
Borealis AB, Stenungsund (BABSWE)
BSVSWE
C
100.00
100.00
Borealis AG, Vienna (BORAAG)
BHOLAT
C
39.00
39.00
OMVRM
32.67
32.67
OMV AG
3.33
3.33
Borealis Antwerpen N.V., Zwijndrecht
BORAAG
C
100.00
100.00
Borealis Argentina SRL, Buenos Aires
BORAAG
NC
98.00
98.00
BSVSWE
2.00
2.00
BOREALIS ASIA LIMITED, Hong Kong
BORAAG
NC
100.00
100.00
Borealis BoNo Holdings LLC, Houston (BBNHUS)
BUS
C
100.00
100.00
Borealis Brasil S.A., Itatiba
BORAAG
C
80.00
80.00
BOREALIS CHEMICALS ZA (PTY) LTD, Germiston
BORAAG
NC
100.00
100.00
Borealis Chile SpA, Santiago
BORAAG
NC
100.00
100.00
Borealis Chimie S.A.R.L., Casablanca
BORAAG
NC
100.00
100.00
Borealis Circular Solutions Holding GmbH, Vienna (BCIRC)
BORAAG
C
100.00
100.00
Borealis Colombia S.A.S., Bogota
BORAAG
NC
100.00
100.00
Borealis Compounds Inc., Port Murray (BCOMUS)
BUS
C
100.00
100.00
Borealis Denmark ApS, Copenhagen
BORAAG
NC
100.00
100.00
Borealis Digital Studio B.V., Mechelen
BORAAG
NC
100.00
100.00
Borealis Financial Services N.V., Mechelen
BORAAG
C
100.00
100.00
Borealis France S.A.S., Courbevoie (BFR)
BORAAG
C
100.00
100.00
Borealis Group Services AS, Bamble
BABSWE
C
100.00
100.00
Borealis Insurance A/S (captive insurance company), Copenhagen
BORAAG
C
100.00
100.00
Borealis ITALIA S.p.A., Monza
BORAAG
C
100.00
100.00
Borealis Kallo N.V., Kallo
BORAAG
C
100.00
100.00
Borealis M\u00e9xico, S.A. de C.V., Mexico City
BORAAG
NC
100.00
100.00
BCOMUS
0.00
0.00
Borealis Middle East Holding GmbH, Vienna (BORMEH)
BORAAG
C
100.00
100.00
Borealis Plasticos, S.A. de C.V., Mexico City
BORAAG
NC
100.00
100.00
BCOMUS
0.00
0.00
Borealis Plastik ve Kimyasal Maddeler Ticaret Limited Sirketi, Istanbul
BORAAG
NC
100.00
100.00
Borealis Plastomers B.V., Geleen
BORAAG
C
100.00
100.00
Borealis Poliolefinas da Am\u00e9rica do Sul Ltda., Itatiba
BORAAG
NC
99.99
99.99
BSVSWE
0.01
0.01
Borealis Polska Sp. z o.o., Warsaw
BORAAG
NC
100.00
100.00
Borealis Polymere GmbH, Burghausen (BPODE)
BORAAG
C
100.00
100.00
Borealis Polymers N.V., Beringen
BORAAG
C
100.00
100.00
Borealis Polymers Oy, Porvoo
BORAAG
C
100.00
100.00
Borealis Polyolefine GmbH, Schwechat (BPOAT)
BORAAG
C
100.00
100.00
BSVSWE
0.00
0.00
Borealis Polyolefins d.o.o., Zagreb
BORAAG
NC
100.00
100.00
Borealis Polyolefins S.R.L., Bucharest
BORAAG
NC
100.00
100.00
Borealis Polyolefins s.r.o., Bratislava
BORAAG
NC
100.00
100.00
Borealis Qu\u00edmica Espa\u00f1a S.A., Barcelona
BORAAG
C
100.00
100.00
Borealis RUS LLC, Moscow
BORAAG
NC
\u2014
100.00
Borealis s.r.o., Prague
BORAAG
NC
100.00
100.00
Borealis Services S.A.S., Paris
BFR
NC
100.00
100.00
Borealis Sverige AB, Stenungsund (BSVSWE)
BORAAG
C
100.00
100.00
Borealis Technology Oy, Porvoo
BORAAG
C
100.00
100.00
BOREALIS UK LTD, Manchester
BORAAG
C
100.00
100.00
Borealis USA Inc., Houston (BUS)
BORAAG
C
100.00
100.00
Borouge 4 LLC, Abu Dhabi
BORMEH
AEJ
40.00
40.00
Borouge PLC, Abu Dhabi (BOROLC)
BORMEH
AEJ
36.00
36.00
Borouge Pte. Ltd., Singapore
BOROLC
AEJ
84.75
84.75
BORMEH
15.25
15.25
Circular Feedstock Walld\u00fcrn GmbH, Walld\u00fcrn2
OMVD
C
89.90
89.90
DYM SOLUTION CO., LTD, Cheonan
BORAAG
C
100.00
100.00
Ecoplast Kunststoffrecycling GmbH, Wildon
BORAAG
C
100.00
100.00
EPS Ethylen-Pipeline-S\u00fcd Gesch\u00e4ftsf\u00fchrungs GmbH, Munich
OMVD
NC-I
15.46
15.46
BPODE
7.73
7.73
EPS Ethylen-Pipeline-S\u00fcd GmbH & Co KG, Munich
OMVD
AEA
20.66
20.66
BPODE
10.33
10.33
Etenf\u00f6rs\u00f6rjning i Stenungsund AB, Stenungsund
BABSWE
C
80.00
80.00
Hallbar Kemi i Stenungsund, Stenungsund
BABSWE
NC-I
20.00
20.00
Industrins R\u00e4ddningstj\u00e4nst i Stenungsund AB, Stenungsund
BABSWE
NC-I
25.00
25.00
Integra Plastics EAD, Sofia
BORAAG
C
100.00
KB Munker\u00f6d 1:72, Stenungsund
BABSWE
NC
100.00
100.00
BSVSWE
0.00
0.00
Kilpilahden Voimalaitos Oy, Porvoo
BORAAG
AEA
20.00
20.00
mtm compact GmbH, Niedergebra
BORAAG
C
100.00
100.00
mtm plastics GmbH, Niedergebra
BORAAG
C
100.00
100.00
Novealis Holdings LLC, Houston (BNOVUS)
BBNHUS
C
50.00
50.00
BSBHUS
50.00
50.00
OMV Borealis Holding GmbH, Vienna (BHOLAT)
OMVRM
C
100.00
100.00
Petrogas International B.V., Eindhoven3
BRENBE
NC-I
25.00
25.00
PetroPort Holding AB, Stenungsund
BABSWE
AEJ
50.00
50.00
Recelerate GmbH, Herborn
BORAAG
AEJ
50.00
50.00
Renasci N.V., Ostend (BRENBE)
BCIRC
C
99.18
98.56
Renasci Oostende Holding N.V., Ostend (BRHOBE)
BRENBE
C
100.00
100.00
Renasci Oostende Recycling N.V., Ostend
BRHOBE
C
100.00
100.00
Renasci Oostende SCP N.V., Ostend
BRHOBE
C
100.00
100.00
Rialti S.p.A., Taino
BORAAG
C
100.00
100.00
Star Bridge Holdings LLC, Houston (BSBHUS)
BUS
C
100.00
100.00
Fuels & Feedstock
Abu Dhabi Oil Refining Company, Abu Dhabi
OMVRM
AEA
15.00
15.00
Abu Dhabi Petroleum Investments LLC, Abu Dhabi (ADPINV)
OMVRM
AEJ
25.00
25.00
ADNOC Global Trading LTD, Abu Dhabi
OMVRM
AEA
15.00
15.00
Aircraft Refuelling Company GmbH, Vienna
OMVRM
NC-I
33.33
33.33
AP Truck Mobility GmbH, Vienna4
OMVRM
C
100.00
Autobahn - Betriebe Gesellschaft m.b.H., Vienna
OMVRM
NC-I
47.19
47.19
BSP Bratislava-Schwechat Pipeline GmbH in Liqu., Vienna
OMVRM
NC-I
\u2014
26.00
Deutsche Transalpine Oelleitung GmbH, Munich
OMVD
AEA
32.26
32.26
DUNAT\u00c0R K\u00f6olajterm\u00e9k T\u00e1rol\u00f3 \u00e9s Kereskedelmi Kft., Budapest
OHUN
C
100.00
100.00
Erd\u00f6l-Lagergesellschaft m.b.H., Lannach5
OMVRM
AEA
55.60
55.60
GENOL Gesellschaft m.b.H., Korneuburg
OMVRM
AEA
29.00
29.00
OMV - International Services Ges.m.b.H., Vienna
OMVRM
C
100.00
100.00
OMV BULGARIA OOD, Sofia
PETROM
C
99.90
99.90
OMVRM
0.10
0.10
OMV \u010cesk\u00e1 republika, s.r.o., Prague
OMVRM
C
100.00
100.00
OMV Deutschland Services GmbH, Burghausen (OMVDS)
OMVD
C
100.00
100.00
OMV Downstream SLO, trgovina z nafto in naftnimi derivati, d.o.o., Ljubljana
OMVRM
NC
100.00
OMV Hung\u00e1ria \u00c1sv\u00e1nyolaj Korl\u00e1tolt Felel\u00f6ss\u00e9g\u00fc T\u00e1rsas\u00e1g, Budapest (OHUN)
OMVRM
C
100.00
100.00
OMV PETROM Aviation S.R.L., Otopeni
PETROM
C
100.00
100.00
ROMAN
0.00
0.00
OMV Petrom Biofuels SRL, Bucharest
PETROM
C
25.00
25.00
OMVRM
75.00
75.00
OMV PETROM MARKETING SRL, Bucharest (ROMAN)
PETROM
C
100.00
100.00
OMV Refining & Marketing Middle East & Asia GmbH, Vienna
OMVRM
C
100.00
100.00
OMV Renewable Fuels & Feedstock B.V., Beveren
OMVRM
C
100.00
100.00
OMV Renewable Fuels & Feedstock US Inc., Wilmington
OMVRM
C
100.00
OMV Slovensko s.r.o., Bratislava
OMVRM
C
99.99
99.99
OMV SRBIJA d.o.o., Belgrade
PETROM
C
99.96
99.96
OMVRM
0.04
0.04
OMV Supply & Trading Italia S.r.l., Trieste
OMVRM
C
100.00
100.00
OMV Supply & Trading Limited, London (OTRAD)
OMVRM
C
100.00
100.00
OMV Supply & Trading Singapore PTE LTD., Singapore
OTRAD
NC
100.00
100.00
OMV Switzerland Holding AG in Liquidation, Zug6
OGI
NC
100.00
100.00
Pak-Arab Refinery Limited, Karachi
ADPINV
AEJ
40.00
40.00
Petrom-Moldova S.R.L., Chisinau
PETROM
C
100.00
100.00
Renovatio Asset Management, Bucharest
PETROM
C
100.00
Respira Verde SRL, Cheriu
PETROM
AEJ
40.48
Routex B.V., Amsterdam
OMVRM
NC-I
20.00
20.00
Salzburg Fuelling GmbH, Salzburg
OMVRM
NC-I
50.00
50.00
Societ\u00e0 Italiana per l'Oleodotto Transalpino S.p.A., Trieste
OMVRM
AEA
32.26
32.26
SuperShop Marketing Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g, Budapest
OHUN
NC-I
50.00
50.00
TGN Tankdienst-Gesellschaft N\u00fcrnberg GbR, Nuremberg
OMVD
NC-I
33.33
33.33
Transalpine \u00d6lleitung in \u00d6sterreich Gesellschaft m.b.H., Matrei in Osttirol
OMVRM
AEA
32.26
32.26
Energy
ATS Energy SA, Vetis
PETROM
C
100.00
BridgeConstruct SRL, Iasi
PETROM
C
100.00
Central European Gas Hub AG, Vienna (HUB)
OGI
C
65.00
65.00
Cil PV Plant SRL, Bucharest
PETROM
AEJ
50.00
deeep Tiefengeothermie GmbH, Vienna
OGEO
PC
49.00
49.00
EEX CEGH Gas Exchange Services GmbH, Vienna
HUB
AEA
49.00
49.00
Electrocentrale Borzesti SRL, Bucharest
PETROM
AEJ
50.00
Energy Infrastructure Limited, Wellington
NZEA
C
100.00
100.00
Energy Petroleum Holdings Limited, Wellington
NZEA
C
100.00
100.00
Energy Petroleum Investments Limited, Wellington
NZEA
C
100.00
100.00
Enerintens Solar SRL, Bucharest
PETROM
AEJ
50.00
Freya Bunde-Etzel GmbH & Co. KG, Bonn
OGSG
AEA
39.99
39.99
Intertrans Karla SRL, Buzau
PETROM
C
100.00
IROKO CCS ANS, Sandnes
ONOR
PC
30.00
JR Constanta SRL, Bucharest
PETROM
C
100.00
JR Solar Teleorman SRL, Bucharest
PETROM
C
100.00
JR TELEORMAN S.R.L., Bucharest
PETROM
C
100.00
JSC GAZPROM YRGM Development, St. Petersburg7,8
OMVEP
NC-I
\u2014
\u2014
OJSC Severneftegazprom, Krasnoselkup8
OMVEP
NC-I
24.99
24.99
OMV (Berenty) Exploration GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV (IRAN) onshore Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (Mandabe) Exploration GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV (NAMIBIA) Exploration GmbH, Vienna
ONAFRU
NC
100.00
100.00
OMV (NORGE) AS, Stavanger (ONOR)
OMVEP
C
100.00
100.00
OMV (Tunesien) Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (TUNESIEN) Sidi Mansour GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV (Yemen Block S 2) Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (YEMEN) Al Mabar Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV (YEMEN) South Sanau Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Abu Dhabi E&P GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Abu Dhabi Offshore GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Abu Dhabi Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV AUSTRALIA PTY LTD, Perth (OAUST)
OMV AG
C
100.00
100.00
OMV Austria Exploration & Production GmbH, Vienna (OEPA)
OMVEP
C
100.00
100.00
OMV Austria Geothermal GmbH, Vienna (OGEO)
OGREEN
C
100.00
100.00
OMV Barrow Pty Ltd, Perth
OAUST
NC
100.00
100.00
OMV Beagle Pty Ltd, Perth
OAUST
NC
100.00
100.00
OMV Beteiligungsverwaltungs GmbH, Vienna
OMVRM
NC
100.00
\u2014
OMV AG
\u2014
100.00
OMV Bina Bawi GmbH, Vienna
PETEX
NC
100.00
100.00
OMV Block 70 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Croatia Geothermal GmbH, Vienna
OGREEN
NC
100.00
100.00
OMV East Abu Dhabi Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Enerji Ticaret Anonim \u015eirketi, Istanbul
OMVRM
C
100.00
100.00
OMV Exploration & Production GmbH, Vienna (OMVEP)
OMV AG
C
100.00
100.00
OMV Gas Logistics Holding GmbH, Vienna (OGI)
OMV AG
C
100.00
100.00
OMV Gas Marketing & Trading Belgium, Brussels
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading Deutschland GmbH, D\u00fcsseldorf
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading GmbH, Vienna (ECOGAS)
OMVRM
C
100.00
100.00
OMV Gas Marketing & Trading Hung\u00e1ria Kft., Budapest
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading Italia S.r.l., Milan
ECOGAS
NC
100.00
100.00
OMV Gas Marketing Trading & Finance B.V., Amsterdam
OFS
C
100.00
100.00
OMV Gas Storage Germany GmbH, Cologne (OGSG)
OMVDS
C
100.00
100.00
OMV Gas Storage GmbH, Vienna
OGI
C
100.00
100.00
OMV Gaz Iletim A.S., Istanbul
OMVRM
C
100.00
100.00
OMV Green Energy GmbH, Vienna (OGREEN)
OMVEP
C
100.00
100.00
OMV Jardan Block 3 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Maurice Energy GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Middle East & Africa GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Myrre Block 86 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV New Zealand Limited, Wellington (NZEA)
OMVEP
C
100.00
100.00
OMV NZ Production Limited, Wellington
NZEA
C
100.00
100.00
OMV OF LIBYA LIMITED, Douglas
OMVEP
C
100.00
100.00
OMV Offshore (Namibia) GmbH, Vienna (ONAFRU)
OMVEP
NC
100.00
100.00
OMV Offshore Bulgaria GmbH, Vienna
PETROM
C
100.00
100.00
OMV Offshore Morondava GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV Oil and Gas Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Oil Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Oil Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Orient Hydrocarbon GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV Orient Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Petroleum Exploration GmbH, Vienna (PETEX)
OMVEP
NC
100.00
100.00
OMV Petroleum Pty Ltd, Perth
NZEA
NC
100.00
100.00
OMV PETROM E&P BULGARIA S.R.L., Bucharest
PETROM
C
100.00
100.00
OMV Petrom Energy Solution SRL, Bucharest3
PETROM
C
100.00
100.00
OMV PETROM GEORGIA LLC, Tbilisi
PETROM
C
100.00
100.00
OMV Proterra GmbH, Vienna
OEPA
NC
100.00
100.00
OMV Russia Upstream GmbH, Vienna3
OMVEP
NC
100.00
100.00
OMV Upstream International GmbH, Vienna (OUPI)
OMVEP
C
100.00
100.00
Pearl Petroleum Company Limited, Road Town
OUPI
AEA
10.00
10.00
PEI Venezuela Gesellschaft mit beschr\u00e4nkter Haftung, Burghausen
OMVEP
NC
100.00
100.00
PETROM EXPLORATION & PRODUCTION LIMITED, Douglas
PETROM
NC
100.00
100.00
POSEIDON EXL 005 ANS, Lysaker
ONOR
PC
50.00
50.00
Preussag Energie International GmbH, Burghausen
OMVEP
NC
100.00
100.00
S. PARC FOTOVOLTAIC ISALNITA S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. PARC FOTOVOLTAIC ROVINARI EST S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. PARC FOTOVOLTAIC TISMANA 1 S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
S. SOLARIST TISMANA 2 S.A., T\u00e2rgu Jiu
PETROM
PC
50.00
50.00
SapuraOMV Block 30, S. de R.L. de C.V., Mexico City
SEUPMY
C
\u2014
99.00
SEMXMY
\u2014
1.00
SapuraOMV Upstream (Americas) Sdn. Bhd., Kuala Lumpur (SEAMMY)
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Australia) Sdn. Bhd., Kuala Lumpur (SEAUMY)
SEOCMY
C
\u2014
100.00
SapuraOMV Upstream (Holding) Sdn. Bhd., Kuala Lumpur (SEUPMY)
SOUPMY
C
\u2014
100.00
SAPURAOMV UPSTREAM (MALAYSIA) SDN. BHD., Kuala Lumpur
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Mexico) Sdn. Bhd., Kuala Lumpur (SEMXMY)
SEAMMY
C
\u2014
100.00
SapuraOMV Upstream (NZ) Sdn. Bhd., Kuala Lumpur (SENZMY)
SEOCMY
C
\u2014
100.00
SapuraOMV Upstream (Oceania) Sdn. Bhd., Kuala Lumpur (SEOCMY)
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Sarawak) Inc., Nassau
SEUPMY
C
\u2014
100.00
SapuraOMV Upstream (Western Australia) Pty Ltd, Perth
SEAUMY
C
\u2014
100.00
SapuraOMV Upstream JV Sdn. Bhd., Kuala Lumpur
SENZMY
NC
\u2014
100.00
SapuraOMV Upstream Sdn. Bhd., Kuala Lumpur (SOUPMY)
OMVEP
C
\u2014
50.00
Tenersolar Park SRL, Bucharest
PETROM
AEJ
50.00
Corporate & Other
ASOCIATIA ROMANA PENTRU RELATIA CU INVESTITORII, Bucharest
PETROM
NC-I
20.00
20.00
Diramic Insurance Limited, Gibraltar
OMV AG
C
100.00
100.00
OMV Clearing und Treasury GmbH, Vienna
SNO
C
100.00
100.00
OMV Finance Services GmbH, Vienna (OFS)
SNO
C
100.00
100.00
OMV Finance Services NOK GmbH, Vienna
SNO
C
100.00
100.00
OMV Finance Solutions USD GmbH, Vienna
SNO
C
100.00
100.00
OMV Insurance Broker GmbH in Liqu., Vienna
OMV AG
NC
\u2014
100.00
OMV International Oil & Gas GmbH, Baar
OMV AG
C
100.00
100.00
OMV Petrom Global Solutions SRL, Bucharest
SNO
C
75.00
75.00
PETROM
25.00
25.00
OMV Solutions GmbH, Vienna (SNO)
OMV AG
C
100.00
100.00
PETROMED SOLUTIONS SRL, Bucharest
PETROM
C
100.00
100.00
Assigned to multiple segments9
BTF Industriepark Schwechat GmbH, Schwechat
BPOAT
NC
50.00
50.00
OMVRM
50.00
50.00
C2PAT GmbH, Vienna
BORAAG
AEJ
25.00
25.00
OMVRM
25.00
25.00
OMV Deutschland GmbH, Burghausen (OMVD)
OMVRM
C
90.00
90.00
OMV AG
10.00
10.00
OMV Deutschland Marketing & Trading GmbH & Co. KG, Burghausen10
OMVD
C
99.99
99.99
OMVDS
0.01
0.01
OMV Deutschland Operations GmbH & Co. KG, Burghausen
OMVD
C
99.99
99.99
OMVDS
0.01
0.01
OMV Downstream GmbH, Vienna (OMVRM)
OMV AG
C
100.00
100.00
OMV PETROM SA, Bucharest (PETROM)
OMV AG
C
51.16
51.16
1 Type of consolidation:
C Consolidated subsidiary
AEA Associated companies accounted at-equity
AEJ Joint venture accounted at-equity
PC Accounting for OMV\u2019s share of assets, obligations for liabilities, share of income and expenses
NC-I Other non consolidated investment; associated companies and joint ventures of relatively little importance to the assets and earnings of the consolidated financial statements
NC Non-consolidated subsidiary; shell or distribution companies of relative insignificance individually and collectively to the consolidated financial statements
2 Economic share 100.00%
3 Type of consolidation was changed compared to 2023.
4 Company\u00b4s legal name changed in 2025; previously AP-NewCo GmbH
5 Despite majority interest not being fully consolidated, but accounted for at-equity due to absence of control.
6 Company\u2019s legal name changed following the initiation of liquidation.
7 Economic share 99.99%
8 The decree of the Russian President No.965 stipulates the expropriation of the shares
9 Assigned to the relevant segments in the segment reporting
10 In the 2024 financial year, OMV Deutschland Marketing & Trading GmbH & Co. KG made use of the exemption provision for the preparation of the annual financial statement and director\u2019s report, audit and disclosure pursuant to Section 264b HGB in conjunction with Section 325 HGB. The company's exemption is mentioned in its notes and published in the Federal Gazette with reference to this provision and an indication of the parent company.
All the companies that are not consolidated either have low business volumes or are distribution companies; the total sales, net income/losses, and equity of such companies represent less than 1% of the Group totals.
Material joint operations (IFRS 11)
Name
Nature of activities
Principal
place of
business
%
ownership
December 31, 2024
%
ownership
December 31, 2023
Nafoora \u2013 Augila1
Onshore development and production of hydrocarbons
Libya
100
100
Concession 1031
Onshore development and production of hydrocarbons
Libya
100
100
Pohokura
Offshore production of hydrocarbons
New
Zealand
74
74
Neptun Deep
Offshore exploration for and development of hydrocarbons
Romania
50
50
Nawara
Onshore development and production of hydrocarbons
Tunisia
50
50
1 The percentage disclosed represents the second party share. The state-owned Libyan national oil corporation (NOC) is entitled to 88\u201390% of the production (\u201cprimary split\u201d).
Other significant arrangements
Name
Nature of activities
Principal place of business
%
ownership
December 31, 2024
%
ownership
December 31, 2023
NC 1151
Onshore development and production of hydrocarbons
Libya
30
30
NC 1861
Onshore development and production of hydrocarbons
Libya
24
24
SK 4082
Offshore development and production of hydrocarbons
Malaysia
\u2014
40
Aasta Hansteen
Offshore production of hydrocarbons
Norway
15
15
Edvard Grieg
Offshore production of hydrocarbons
Norway
20
20
Gullfaks
Offshore production of hydrocarbons
Norway
19
19
Berling
Offshore development of hydrocarbons
Norway
30
30
Sarb & Umm Lulu
Offshore development and production of hydrocarbons
Abu Dhabi
20
20
Ghasha
Offshore exploration for and development of hydrocarbons
Abu Dhabi
5
5
1 The percentage disclosed represents the second party share. The state owned Libyan national oil corporation (NOC) is entitled to 88\u201390% of the production (\u201cprimary split\u201d).
2 SK408 was part of the SapuraOMV disposal group that was sold on December 9, 2024. For more information refer to Note 4 \u2013 Significant changes in Group structure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-123": { "value": "
Equity investments measured at FVOCI
In EUR mn
2024
2023
Investment
Fair value
Fair value adjustment through OCI
Dividend recognized as income
Fair value
Fair value adjustment through OCI
Dividend recognized as income
Eavor Technologies Inc.
53
\u20131
\u2014
34
\u2014
\u2014
Vulcan Energy Resources Limited
19
\u20131
\u2014
\u2014
\u2014
\u2014
Hycamite TCD Technologies Ltd.
9
\u2014
\u2014
5
\u2014
\u2014
Wiener B\u00f6rse AG
7
1
1
6
\u20131
1
KIC InnoEnergy SE
6
\u20132
\u2014
\u2014
\u2014
\u2014
Other
12
1
5
11
\u20131
4
Equity investments measured at FVOCI
105
\u20133
6
56
\u20132
4
Nominal and fair value of open derivative financial instruments
In EUR mn
2024
2023
Nominal
Fair value
assets
Fair value
liabilities
Nominal
Fair value
assets
Fair value
liabilities
Commodity price risk
Oil incl. oil products
1,609
21
\u20131
1,120
27
\u20138
Gas
15
\u2014
\u20131
31
\u2014
\u2014
Power
393
16
\u201348
411
13
\u201359
Commodity hedges (designated in
hedge relationship)1
2,017
38
\u201350
1,562
39
\u201367
Oil incl. oil products
11,232
2
\u201324
10,614
2
\u201340
Gas
17,450
133
\u2013231
16,104
714
\u2013386
Power
1,058
86
\u201368
262
47
\u201329
Other2
176
44
\u20137
190
98
\u20133
Commodity hedges
29,915
265
\u2013330
27,171
861
\u2013458
Foreign currency risk
USD
180
\u2014
\u201310
159
3
\u20130
SEK
138
1
\u20131
123
7
\u2014
Foreign currency hedges (designated in
hedge relationship)1
317
1
\u201311
282
10
\u20130
USD
1,471
1
\u201310
702
5
\u201311
NOK
800
2
\u20133
817
23
\u20130
SEK
14
0
\u2014
35
0
\u20130
Other
80
0
\u20130
153
1
\u20130
Foreign currency hedges
2,366
3
\u201313
1,707
29
\u201311
Interest rate risk
Interest rate hedges (designated in
hedge relationship)1
\u2014
\u2014
\u2014
100
3
\u2014
1 Including ineffective part of hedges designated in a hedging relationship
2 Includes derivatives for European Emission Allowances
30 |
Fair value hierarchy
Accounting policy

The fair value is the amount for which an asset or liability could be transferred at the measurement date, based on the assumption that such transfers take place between participants in principal markets and, where applicable, taking the highest and best use into account.

Fair values are determined according to the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities. For the OMV Group, this category will, in most cases, only berelevant for securities, bonds, investment funds, and futures contracts.

Level 2: Valuation technique using directly or indirectly observable inputs. To determine the fair value for financial instruments within Level 2, forward prices of crude oil or natural gas, interest rates and foreign exchange rates are usually used as inputs to the valuation model. In addition, counterparty credit risk and volatility indicators, if applicable, are considered.

Level 3: Valuation techniques such as discounted cash flow models using significant unobservable inputs (e.g., long-term price assumptions and reserves estimates).
Fair value hierarchy of financial assets1 and net amount of assets and liabilities held for sale at fair value
In EUR mn
Carrying amount
Fair value level
Valued at amortized
cost
Valued at
fair value
Total
Level 1
Level 2
Level 3
Total
2024
Trade receivables
2,714
128
2,842
\u2014
128
\u2014
128
Equity investments
\u2014
106
106
19
62
25
106
Investment funds
\u2014
29
29
29
\u2014
\u2014
29
Bonds
91
\u2014
91
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
39
39
\u2014
39
\u2014
39
Other derivatives
\u2014
269
269
5
264
\u2014
269
Loans
1,286
\u2014
1,286
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,369
2
1,370
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
369
369
\u2014
369
\u2014
369
Total
5,460
941
6,401
52
862
27
941
2023
Trade receivables
3,356
99
3,455
\u2014
99
\u2014
99
Equity investments
\u2014
57
57
\u2014
34
23
57
Investment funds
\u2014
28
28
28
\u2014
\u2014
28
Bonds
285
\u2014
285
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
52
52
\u2014
52
\u2014
52
Other derivatives
\u2014
890
890
0
890
\u2014
890
Loans
910
\u2014
910
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,610
2
1,612
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
13
13
\u2014
13
\u2014
13
Total
6,160
1,141
7,301
28
1,088
25
1,141
1 Excluding assets that were reclassified to held for sale
Fair value hierarchy of financial liabilities and other liabilities at fair value1
In EUR mn
Carrying amount
Fair value level
Valued at
amortized
cost
Valued at fair
value
Total
Level 1
Level 2
Level 3
Total
2024
Trade payables
3,723
\u2014
3,723
\u2014
\u2014
\u2014
\u2014
Bonds
6,570
\u2014
6,570
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,767
\u2014
1,767
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,070
\u2014
1,070
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
60
60
\u2014
60
\u2014
60
Liabilities on other derivatives
\u2014
342
342
28
315
\u2014
342
Other financial liabilities
865
16
882
\u2014
16
\u2014
16
Other liabilities at fair value2
\u2014
40
40
\u2014
40
\u2014
40
Total
13,996
459
14,455
28
431
\u2014
459
2023
Trade payables
3,955
\u2014
3,955
\u2014
\u2014
\u2014
\u2014
Bonds
6,073
\u2014
6,073
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,585
\u2014
1,585
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,470
\u2014
1,470
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
67
67
\u2014
67
\u2014
67
Liabilities on other derivatives
\u2014
469
469
37
432
\u2014
469
Other financial liabilities
1,204
\u2014
1,204
\u2014
\u2014
\u2014
\u2014
Other liabilities at fair value2
\u2014
28
28
\u2014
28
\u2014
28
Total
14,287
564
14,851
37
528
\u2014
564
1 Excluding liabilities that were reclassified to held for sale
2 Includes hedged items designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany.
Financial liabilities for which fair values are disclosed
In EUR mn
Carrying amount
Fair value
Fair value level
Level 1
Level 2
2024
Bonds
6,570
6,359
6,359
\u2014
Other interest-bearing debt
1,070
989
\u2014
989
Financial liabilities
7,640
7,349
6,359
989
2023
Bonds
6,073
5,766
5,766
\u2014
Other interest-bearing debt
1,470
1,349
\u2014
1,349
Financial liabilities
7,543
7,115
5,766
1,349
The table above shows the carrying amount and fair value of financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information of other financial assets and liabilities measured at amortized costs, as the carrying amount represents an adequate approximation to the fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-124": { "value": "
Probability of default
Equivalent to external credit rating
Probability of default
2024
2023
Risk Class 1
AAA, AA+, AA,
AA\u2013, A+, A, A\u2013
0.13%
0.13%
Risk Class 2
BBB+, BBB, BBB\u2013
0.44%
0.44%
Risk Class 3
BB+, BB, BB\u2013
1.18%
1.18%
Risk Class 4
B+, B, B\u2013
8.52%
8.52%
Risk Class 5
CCC/C
29.54%
29.54%
Risk Class 6
SD/D
100.00%
100.00%
For further details on credit risk management see Note 29 \u2013 Risk management.
Impairments of trade receivables
In EUR mn
2024
2023
January 1
101
65
Amounts written off
\u20136
\u20133
Net remeasurement of expected credit losses
25
41
Currency translation differences
3
\u20131
Reclassification to/from assets held for sale
3
\u20131
December 31
127
101
Credit quality of trade receivables
In EUR mn
2024
2023
Risk Class 1
666
1,155
Risk Class 2
700
855
Risk Class 3
952
873
Risk Class 4
262
252
Risk Class 5
225
268
Risk Class 6
37
53
Total gross carrying amount
2,841
3,457
Expected credit losses
\u2013127
\u2013101
Total
2,714
3,356
Impairments of other financial assets at amortized cost
In EUR mn
12-month ECL
Lifetime ECL
not credit
impaired
Lifetime ECL
credit impaired
Total
2024
January 1
13
32
1,442
1,487
Amounts written off
\u20130
\u2014
\u20133
\u20133
Net remeasurement of expected credit losses
\u20131
\u201310
155
144
Currency translation differences
\u20130
2
5
7
December 311, 2
12
23
1,600
1,635
2023
January 1
10
44
1,311
1,365
Amounts written off
\u20131
\u2014
\u20135
\u20136
Net remeasurement of expected credit losses
4
\u201311
140
133
Currency translation differences
\u20130
\u20131
\u20133
\u20135
December 311, 2
13
32
1,442
1,487
1 \u201cLifetime ECL credit impaired\u201d included fully impaired gross carrying amount of loan receivables including accrued interest related to the financing agreements for the Nord Stream 2 pipeline project in the amount of EUR 1.4 bn (2023: EUR 1.2 bn).
2 \u201c12-month ECL\u201d included an amount of EUR 1 mn (2023: EUR 1 mn) and \u201cLifetime ECL credit impaired\u201d an amount of EUR 9 mn (2023: EUR 8 mn) related to expenditure recoverable from the Romanian State, which are outside the scope of IFRS 9.
Credit quality of other financial assets at amortized cost
In EUR mn
12-month ECL
Lifetime
ECL not
credit
impaired
Lifetime
ECL
credit
impaired
Total
12-month ECL
Lifetime
ECL not
credit
impaired
Lifetime
ECL
credit
impaired
Total
2024
2023
Risk Class 1
452
\u2014
\u2014
452
826
\u2013
\u2013
826
Risk Class 21
832
81
91
1,004
751
\u2014
8
759
Risk Class 3
1,401
0
\u2014
1,401
1,140
94
77
1,312
Risk Class 4
0
\u2014
\u2014
0
2
\u2014
\u2014
2
Risk Class 5
15
\u2014
22
37
36
\u2014
22
58
Risk Class 62
\u2014
\u2014
1,487
1,487
\u2014
\u2014
1,335
1,335
Total gross carrying amount
2,700
81
1,600
4,381
2,755
94
1,442
4,292
Expected credit losses3
\u201312
\u201323
\u20131,600
\u20131,635
\u201313
\u201332
\u20131,442
\u20131,487
Total
2,688
58
\u2014
2,746
2,742
62
\u2014
2,805
1 \u201c12-month ECL\u201d included an amount of EUR 430 mn (2023: EUR 401 mn) and \u201cLifetime ECL credit impaired\u201d an amount of EUR 9 mn (2023: EUR 8 mn) related to expenditure recoverable from the Romanian State, which are outside the scope of IFRS 9.
2 \u201cLifetime ECL credit impaired\u201d included fully impaired gross carrying amount of loan receivables including accrued interests related to the financing agreements for the Nord Stream\u00a02 pipeline project in the amount of EUR 1.4 bn (2023: EUR 1.2 bn).
3 \u201c12-month ECL\u201d included an amount of EUR 1 mn (2023: EUR 1 mn) and \u201cLifetime ECL credit impaired\u201d an amount of EUR 9 mn (2023: EUR 8 mn) related to expenditure recoverable from the Romanian State, which are outside the scope of IFRS 9.
Credit risk management
The main counterparty credit risks are assessed and monitored at Group and segment level using predetermined criteria and limits for all counterparties, banks, and security providers. On the basis of a risk assessment, counterparties, banks, and security providers are assigned a credit limit, an internal risk class, and a specific limit validity. The risk assessments are reviewed annually as a minimum or on an ad hoc basis. The credit risk processes are governed by guidelines at OMV Group level stipulating the Group-wide minimum requirements. The main counterparties with contracts involving derivative financial instruments have investment-grade credit ratings. OMV uses commercial trade insurance for parts of its receivables in some business areas to mitigate credit risk. Due to the high economic uncertainty resulting from the current geopolitical situation, special attention is paid to early warning signals like changes in payment behavior.
Credit risk is the risk that the OMV Group\u2019s counterparties will not meet their obligation under a financial instrument or customer contract, leading to a financial loss.
Credit risk exists in relation to the financial guarantee contracts issued by Borealis to Bayport Polymers LLC and Borouge 4 LLC, which are accounted for using the equity method, where the guaranteed amount as of December 31, 2024 amounted to EUR 1,735 mn plus interest (2023: EUR\u00a01,234\u00a0mn plus interest). Details on guarantees provided by Borealis AG are further described thereafter.
Borealis AG granted a guarantee for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement. The total guarantee amounts to EUR 1,228 mn plus interest (2023: EUR 1,155 mn plus interest). Based on the already drawn financing by Borouge 4 LLC the guaranteed amount as of December\u00a031,\u00a02024 totaled EUR\u00a01,009\u00a0mn plus interest (2023: EUR\u00a0536\u00a0mn plus interest).
The guarantee granted to Bayport Polymers LLC of EUR\u00a0626\u00a0mn plus interest (2023: EUR\u00a0588\u00a0mn plus interest) terminates earliest upon payment and/or termination of the obligation in 2027 and 2032, respectively and could be called at any time.
In addition, a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC as a liquidity instrument to conduct its ordinary course of business was granted by Borealis in 2023, and was utilized in the amount of EUR\u00a082\u00a0mn plus interest at year-end (2023: EUR 90 mn). The total guaranteed amount as of December 31, 2024 amounted to EUR 96 mn plus interest (2023: EUR 90 mn plus interest).
Furthermore, a parental guarantee for a lease of railcars by Bayport Polymers LLC with maximum exposure of EUR\u00a019 mn (2023: EUR\u00a020\u00a0mn) remains in effect.
In general, a payment under the guarantee agreement is triggered by the non-performance by the guaranteed party of the obligation covered by the guarantee. Therefore, a financial liability initially measured at fair value was recognized.
Maximum credit exposure1
In EUR mn
2024
2023
Trade receivables
2,842
3,455
Investments
135
85
Bonds
91
285
Derivatives
307
942
Loans
1,286
910
Other sundry financial assets
1,370
1,612
Cash and cash equivalents
6,182
6,920
Financial guarantee contracts2
1,735
1,234
Total maximum credit exposure
13,950
15,442
1 Excluding items reclassified to held for sale
2 Maximum exposure of financial guarantee contracts based on drawdowns of financing facilities as of December 31 excluding interest accrued.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-125": { "value": "
21 |
Other assets
Other assets
In EUR mn
2024
2023
Short-term
Long-term
Short-term
Long-term
Prepaid expenses
87
12
89
13
Advance payments on fixed assets
221
13
184
\u2014
Other payments on account
193
17
124
25
Receivables from other taxes and social security
287
43
202
40
Emission rights1
666
\u2014
630
\u2014
Emission rights to be received from customers1
23
\u2014
42
\u2014
Other non-financial assets
125
116
81
87
Other assets
1,603
200
1,351
165
1 For further details refer to Note 3 \u2013 Effects of climate change and the energy transition.
The increase in advance payments on fixed assets and other payments on account was mainly attributable to the Neptun Deep project in Romania.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-126": { "value": "
21 |
Other assets
Other assets
In EUR mn
2024
2023
Short-term
Long-term
Short-term
Long-term
Prepaid expenses
87
12
89
13
Advance payments on fixed assets
221
13
184
\u2014
Other payments on account
193
17
124
25
Receivables from other taxes and social security
287
43
202
40
Emission rights1
666
\u2014
630
\u2014
Emission rights to be received from customers1
23
\u2014
42
\u2014
Other non-financial assets
125
116
81
87
Other assets
1,603
200
1,351
165
1 For further details refer to Note 3 \u2013 Effects of climate change and the energy transition.
Receivables from other taxes and social security increased mainly in relation to excises in Romania, as per changes in legislation.
Other liabilities
Other liabilities
In EUR mn
Short-term
Long-term
Total
2024
Other taxes and social security liabilities
934
\u2014
934
Payments received in advance
136
32
168
Contract liabilities
201
53
253
Other sundry liabilities
237
7
245
Other liabilities
1,507
92
1,600
2023
Other taxes and social security liabilities
1,168
\u2014
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
The decrease in other taxes and social security liabilities was mainly impacted by the payment of the solidarity tax on refined crude oil in Romania, which was introduced in 2023. Further details are included in Note 2 \u2013 Accounting policies, judgments, and estimates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-127": { "value": "
22 |
Equity of stockholders of the parent
Capital stock
The capital stock of OMV Aktiengesellschaft consists of 327,272,727 (2023: 327,272,727) fully paid no par value shares with a total nominal value of EUR\u00a0327,272,727 (2023: EUR 327,272,727). There are no different classes of shares and no shares with special rights of control. All shares are entitled to dividends for the financial year 2024, with the exception of treasury shares held by OMV Aktiengesellschaft.
On September 29, 2020, the Annual General Meeting authorized the Executive Board until September 29, 2025 to increase the share capital of OMV Aktiengesellschaft with the consent of the Supervisory Board \u2013 at once or in several tranches \u2013 by an amount of up to EUR\u00a032,727,272 by issuing up to 32,727,272 new no-par value common voting shares in bearer form in return for contributions in cash. The capital increase can also be implemented by way of indirect offer for subscription after taking over by one or several credit institutions according to Section 153 Paragraph 6 of the Austrian Stock Corporation Act. The issue price and the conditions of issuance can be determined by the Executive Board with the consent of the Supervisory Board.
Further, the Annual General Meeting authorized the Executive Board, subject to the approval of the Supervisory Board, to exclude the subscription right of the shareholders if the capital increase serves to (i) adjust fractional amounts or (ii) satisfy stock transfer programs, in particular long term incentive plans, equity deferrals or other participation programs for employees, senior employees and members of the Executive Board/management boards of the Company or one of its affiliates, or other employees stock ownership plans.
In addition, the Supervisory Board was authorized to adopt amendments to the Articles of Association resulting from the issuance of shares according to the authorized capital.
Capital reserves
Capital reserves have been formed by the contribution of funds into OMV Aktiengesellschaft by its shareholders over and above the capital stock, on the basis of their ownership relationship.
Hybrid capital
Accounting policy

According to IFRS, the net proceeds of the hybrid notes are treated fully as equity because the repayment of the principal and the payments of interest are solely at the discretion of OMV.
The hybrid capital recognized in equity in the amount of EUR\u00a01,986\u00a0mn consists of perpetual, subordinated hybrid notes.
On December 7, 2015, OMV issued hybrid notes with an aggregate principal amount of EUR\u00a01,500 mn, in two tranches of EUR\u00a0750\u00a0mn each:
\uf097
The hybrid notes of tranche 1, with the first call date in 2021, were called and redeemed at their principal amount (plus interest accrued) on November 30, 2021.
\uf097
The hybrid notes of tranche 2 bear a fixed interest rate of 6.250% per annum until, but excluding, December 9, 2025, which is the first call date of tranche 2. From December 9, 2025 (including), tranche 2 will bear an interest rate per annum at the relevant five-year-swap rate for the relevant interest period plus a specified margin and a step-up of 100 basis points.
Interest is due and payable annually in arrears on December\u00a09 of each year, unless OMV elects to defer the relevant interest payments. The outstanding deferred interest must be paid under certain circumstances, in particular, if the Annual General Meeting of OMV resolves upon a dividend payment on OMV shares.
On September 1, 2020, OMV issued hybrid notes with an aggregate principal amount of EUR\u00a01,250 mn, in two tranches (Tranche 1: EUR\u00a0750\u00a0mn; Tranche 2: EUR\u00a0500\u00a0mn) with the following interest payable:
\uf097
The hybrid notes of tranche 1 bear a fixed interest rate of 2.500% per annum until, but excluding, September 1, 2026, which is the first reset date of tranche 1. From the first reset date (including) until, but excluding, September\u00a01, 2030, the hybrid notes of tranche 1 will bear interest per annum at a reset interest rate which is determined according to the relevant five-year swap rate plus a specified margin. From September 1, 2030 (including), the hybrid notes of tranche 1 will bear an interest rate per annum at the relevant five-year swap rate for each interest period thereafter plus a specified margin and a step-up of 100 basis points.
\uf097
The hybrid notes of tranche 2 bear a fixed interest rate of 2.875% per annum until, but excluding, September 1, 2029, which is the first reset date of tranche 2. From the first reset date (including) until, but excluding, September 1, 2030, the hybrid notes of tranche 2 will bear interest per annum at a reset interest rate which is determined according to the relevant five-year swap rate plus a specified margin. From September 1, 2030 (including), the hybrid notes of tranche 2 will bear an interest rate per annum at the relevant five-year swap rate for each interest period thereafter plus a specified margin and a step-up of 100 basis points.
Interest is due and payable annually in arrears on September\u00a01 of each year, unless OMV elects to defer the relevant interest payments. The outstanding deferred interest must be paid under certain circumstances, in particular, if the Annual General Meeting of OMV resolves upon a dividend payment on OMV shares.
The hybrid notes outstanding as of December 31, 2024, do not have a scheduled maturity date and they may be redeemed at the option of OMV under certain circumstances. OMV has, in particular, the right to repay the hybrid notes at certain call dates. Any accrued unpaid interest becomes payable when the notes are redeemed. In the case of a change of control, for example, OMV may call the hybrid notes for redemption or else the applicable interest rate will be subject to an increase according to the terms and conditions of the hybrid notes.
On April 3, 2024, the Executive Board approved that OMV exercises its right to call and redeem the EUR 500 mn hybrid notes issued on June 19, 2018, with the first call date in 2024. The fair value of the hybrid note was thus reclassified from equity to short-term bonds. In accordance with Section 5 (3) of the terms and conditions of the hybrid note, OMV called and redeemed the hybrid note at its nominal value plus interest on the first call date, i.e., June 17, 2024.
Revenue reserves
The net income and losses of all companies, within the scope of consolidation are included in the Group\u2019s revenue reserves, adjusted for the purpose of consolidation.
Treasury shares
Accounting policy

For repurchased own shares, the costs of repurchased shares are reflected as a reduction in equity. Gains or losses on the re-issue of treasury shares (issue proceeds less acquisition cost) result in an increase or a reduction in capital reserves.
Most recently, on May 28, 2024, the Annual General Meeting authorized the Executive Board to repurchase, subject to the approval of the Supervisory Board:
1.
bearer shares of no par value of the company up to a maximum of 5% of the company\u2019s nominal capital, in accordance with Section 65 para 1 number 8 Austrian Stock Corporation Act,
2.
over a period of 15 months from the date of adoption of the resolution by the General Meeting,
3.
for a minimum consideration per share being at the utmost 30% lower than the average, unweighted stock exchange closing price over the preceding ten trading days prior to the respective repurchase of the shares, and a maximum consideration per share being at the utmost 20% higher than the average, unweighted stock exchange closing price over the preceding ten trading days prior to the respective repurchase of the shares, whereby any repurchases have to be exercised in such way that the company does not hold more than 1,300,000 treasury shares at any time.
Such repurchases may take place via the stock exchange or a public offering or by any other legal means and for the purpose of share transfer programs, in particular Long Term Incentive Plans, Equity Deferrals, or other stock ownership plans.
The Executive Board was further authorized to cancel stock repurchased or already held by the company subject to the approval of the Supervisory Board but without further resolution of the General Meeting and the Supervisory Board was authorized to adopt amendments to the Articles of Association resulting from the cancellation of shares.
On June 2, 2021, the Annual General Meeting authorized the Executive Board for a period of five years from the adoption of the resolution, therefore, until and including June 1, 2026, subject to the approval of the Supervisory Board, to dispose of or utilize repurchased treasury shares or treasury shares already held by the Company to grant to employees, executive employees, and/or members of the Executive Board/management boards of the Company or its affiliates, including for purposes of share transfer programs, in particular long-term incentive plans including equity deferrals or other stock ownership plans, and to thereby exclude the general purchasing right of shareholders (exclusion of subscription rights). The authorization can be exercised as a whole or in parts or even in several tranches by the Company, by a subsidiary (Section 189a Number 7 of the Austrian Commercial Code), or by third parties for the account of the Company.
The gains and losses recognized directly in other comprehensive income and their related tax effects were as follows:
Tax effects relating to each component of other comprehensive income
In EUR mn
2024
2023
Pre-tax
expense (\u2013)
income (+)
Tax
expense (\u2013)
benefit (+)1
Net-of-tax
expense (\u2013)
income (+)
Pre-tax
expense (\u2013)
income (+)
Tax
expense (\u2013)
benefit (+)1
Net-of-tax
expense (\u2013)
income (+)
Currency translation differences
511
0
511
\u2013542
\u20130
\u2013542
Gains (+)/losses (\u2013) on hedges
\u20138
2
\u20136
\u2013360
83
\u2013277
Remeasurement gains (+)/losses (\u2013)
on defined benefit plans
\u201316
0
\u201316
\u201358
7
\u201351
Gains (+)/losses (\u2013) on equity
investments
\u20133
1
\u20133
\u20132
1
\u20132
Gains (+)/losses (\u2013) on hedges that
are subsequently transferred to
the carrying amount of the
hedged item
4
\u20131
3
\u201327
6
\u201321
Share of other comprehensive
income of equity-accounted
investments
42
n.a.
4
02
n.a.
0
Other comprehensive income
for the year
491
2
493
\u2013989
97
\u2013893
1 Including valuation allowances for deferred tax assets for the Austrian tax group. For further details please refer to Note 14 \u2013 Taxes on income and profit.
2 Represents net-of-tax amounts
On May 28, 2024, the payment of a total dividend of EUR 5.05 per share was approved at the Annual General Meeting, of which EUR\u00a02.95 per eligible share represents the regular dividend and EUR\u00a02.10 per eligible share an additional dividend. The total dividend for the financial year 2023 was paid in June 2024 and amounted to EUR\u00a01,652\u00a0mn. In 2023, the dividend payment for the financial year 2022 amounted to EUR\u00a01,652\u00a0mn (EUR 5.05 per share). The interest paid for hybrid bonds recognized in equity amounted to EUR 80 mn in 2024 (2023: EUR\u00a094\u00a0mn).
On February 4, 2025, the Executive Board of OMV Aktiengesellschaft proposed a total dividend of EUR\u00a04.75 per share for the financial year 2024. The proposed total dividend comprises a regular dividend of EUR\u00a03.05 per share and an additional dividend of EUR\u00a01.70 per share, which are subject to approval at the Annual General Meeting in 2025.
Treasury shares
Number of shares
In EUR mn
January 1, 2023
201,674
2.2
Disposals
\u201359,667
\u20130.7
December 31, 2023
142,007
1.6
Disposals
\u201384,678
\u20130.9
December 31, 2024
57,329
0.6
Development of number of shares in issue
Number of shares
Treasury shares
Shares in issue
January 1, 2023
327,272,727
201,674
327,071,053
Used for share-based compensations
\u2014
\u201359,667
59,667
December 31, 2023
327,272,727
142,007
327,130,720
Used for share-based compensations
\u2014
\u201384,678
84,678
December 31, 2024
327,272,727
57,329
327,215,398
23 |
Non-controlling interests
Subgroups with material non-controlling interests (NCI)
In EUR mn
2024
2023
Subgroups
% NCI
Net income
allocated to
NCI
Accumulated
NCI
% NCI
Net income
allocated to
NCI
Accumulated
NCI
OMV Petrom Group
49%
411
3,823
49%
398
3,848
Borealis Group
25%
108
2,916
25%
\u201321
3,021
SapuraOMV Group
50%
50
\u2014
50%
\u201313
251
Other subsidiaries
n.a.
2
11
n.a.
2
10
OMV Group
n.a.
571
6,749
n.a.
366
7,131
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-128": { "value": "
Capital stock
The capital stock of OMV Aktiengesellschaft consists of 327,272,727 (2023: 327,272,727) fully paid no par value shares with a total nominal value of EUR\u00a0327,272,727 (2023: EUR 327,272,727). There are no different classes of shares and no shares with special rights of control. All shares are entitled to dividends for the financial year 2024, with the exception of treasury shares held by OMV Aktiengesellschaft.
On September 29, 2020, the Annual General Meeting authorized the Executive Board until September 29, 2025 to increase the share capital of OMV Aktiengesellschaft with the consent of the Supervisory Board \u2013 at once or in several tranches \u2013 by an amount of up to EUR\u00a032,727,272 by issuing up to 32,727,272 new no-par value common voting shares in bearer form in return for contributions in cash. The capital increase can also be implemented by way of indirect offer for subscription after taking over by one or several credit institutions according to Section 153 Paragraph 6 of the Austrian Stock Corporation Act. The issue price and the conditions of issuance can be determined by the Executive Board with the consent of the Supervisory Board.
Further, the Annual General Meeting authorized the Executive Board, subject to the approval of the Supervisory Board, to exclude the subscription right of the shareholders if the capital increase serves to (i) adjust fractional amounts or (ii) satisfy stock transfer programs, in particular long term incentive plans, equity deferrals or other participation programs for employees, senior employees and members of the Executive Board/management boards of the Company or one of its affiliates, or other employees stock ownership plans.
In addition, the Supervisory Board was authorized to adopt amendments to the Articles of Association resulting from the issuance of shares according to the authorized capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-129": { "value": "All shares are entitled to dividends for the financial year 2024, with the exception of treasury shares held by OMV Aktiengesellschaft.
Hybrid capital
Accounting policy

According to IFRS, the net proceeds of the hybrid notes are treated fully as equity because the repayment of the principal and the payments of interest are solely at the discretion of OMV.
The hybrid capital recognized in equity in the amount of EUR\u00a01,986\u00a0mn consists of perpetual, subordinated hybrid notes.
On December 7, 2015, OMV issued hybrid notes with an aggregate principal amount of EUR\u00a01,500 mn, in two tranches of EUR\u00a0750\u00a0mn each:
\uf097
The hybrid notes of tranche 1, with the first call date in 2021, were called and redeemed at their principal amount (plus interest accrued) on November 30, 2021.
\uf097
The hybrid notes of tranche 2 bear a fixed interest rate of 6.250% per annum until, but excluding, December 9, 2025, which is the first call date of tranche 2. From December 9, 2025 (including), tranche 2 will bear an interest rate per annum at the relevant five-year-swap rate for the relevant interest period plus a specified margin and a step-up of 100 basis points.
Interest is due and payable annually in arrears on December\u00a09 of each year, unless OMV elects to defer the relevant interest payments. The outstanding deferred interest must be paid under certain circumstances, in particular, if the Annual General Meeting of OMV resolves upon a dividend payment on OMV shares.
On September 1, 2020, OMV issued hybrid notes with an aggregate principal amount of EUR\u00a01,250 mn, in two tranches (Tranche 1: EUR\u00a0750\u00a0mn; Tranche 2: EUR\u00a0500\u00a0mn) with the following interest payable:
\uf097
The hybrid notes of tranche 1 bear a fixed interest rate of 2.500% per annum until, but excluding, September 1, 2026, which is the first reset date of tranche 1. From the first reset date (including) until, but excluding, September\u00a01, 2030, the hybrid notes of tranche 1 will bear interest per annum at a reset interest rate which is determined according to the relevant five-year swap rate plus a specified margin. From September 1, 2030 (including), the hybrid notes of tranche 1 will bear an interest rate per annum at the relevant five-year swap rate for each interest period thereafter plus a specified margin and a step-up of 100 basis points.
\uf097
The hybrid notes of tranche 2 bear a fixed interest rate of 2.875% per annum until, but excluding, September 1, 2029, which is the first reset date of tranche 2. From the first reset date (including) until, but excluding, September 1, 2030, the hybrid notes of tranche 2 will bear interest per annum at a reset interest rate which is determined according to the relevant five-year swap rate plus a specified margin. From September 1, 2030 (including), the hybrid notes of tranche 2 will bear an interest rate per annum at the relevant five-year swap rate for each interest period thereafter plus a specified margin and a step-up of 100 basis points.
Interest is due and payable annually in arrears on September\u00a01 of each year, unless OMV elects to defer the relevant interest payments. The outstanding deferred interest must be paid under certain circumstances, in particular, if the Annual General Meeting of OMV resolves upon a dividend payment on OMV shares.
The hybrid notes outstanding as of December 31, 2024, do not have a scheduled maturity date and they may be redeemed at the option of OMV under certain circumstances. OMV has, in particular, the right to repay the hybrid notes at certain call dates. Any accrued unpaid interest becomes payable when the notes are redeemed. In the case of a change of control, for example, OMV may call the hybrid notes for redemption or else the applicable interest rate will be subject to an increase according to the terms and conditions of the hybrid notes.
On April 3, 2024, the Executive Board approved that OMV exercises its right to call and redeem the EUR 500 mn hybrid notes issued on June 19, 2018, with the first call date in 2024. The fair value of the hybrid note was thus reclassified from equity to short-term bonds. In accordance with Section 5 (3) of the terms and conditions of the hybrid note, OMV called and redeemed the hybrid note at its nominal value plus interest on the first call date, i.e., June 17, 2024.
On May 28, 2024, the payment of a total dividend of EUR 5.05 per share was approved at the Annual General Meeting, of which EUR\u00a02.95 per eligible share represents the regular dividend and EUR\u00a02.10 per eligible share an additional dividend. The total dividend for the financial year 2023 was paid in June 2024 and amounted to EUR\u00a01,652\u00a0mn. In 2023, the dividend payment for the financial year 2022 amounted to EUR\u00a01,652\u00a0mn (EUR 5.05 per share). The interest paid for hybrid bonds recognized in equity amounted to EUR 80 mn in 2024 (2023: EUR\u00a094\u00a0mn).
On February 4, 2025, the Executive Board of OMV Aktiengesellschaft proposed a total dividend of EUR\u00a04.75 per share for the financial year 2024. The proposed total dividend comprises a regular dividend of EUR\u00a03.05 per share and an additional dividend of EUR\u00a01.70 per share, which are subject to approval at the Annual General Meeting in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-130": { "value": "
Capital reserves
Capital reserves have been formed by the contribution of funds into OMV Aktiengesellschaft by its shareholders over and above the capital stock, on the basis of their ownership relationship.
Revenue reserves
The net income and losses of all companies, within the scope of consolidation are included in the Group\u2019s revenue reserves, adjusted for the purpose of consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-131": { "value": "
Accounting policy

According to IFRS, the net proceeds of the hybrid notes are treated fully as equity because the repayment of the principal and the payments of interest are solely at the discretion of OMV.
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-132": { "value": "
Treasury shares
Accounting policy

For repurchased own shares, the costs of repurchased shares are reflected as a reduction in equity. Gains or losses on the re-issue of treasury shares (issue proceeds less acquisition cost) result in an increase or a reduction in capital reserves.
Most recently, on May 28, 2024, the Annual General Meeting authorized the Executive Board to repurchase, subject to the approval of the Supervisory Board:
1.
bearer shares of no par value of the company up to a maximum of 5% of the company\u2019s nominal capital, in accordance with Section 65 para 1 number 8 Austrian Stock Corporation Act,
2.
over a period of 15 months from the date of adoption of the resolution by the General Meeting,
3.
for a minimum consideration per share being at the utmost 30% lower than the average, unweighted stock exchange closing price over the preceding ten trading days prior to the respective repurchase of the shares, and a maximum consideration per share being at the utmost 20% higher than the average, unweighted stock exchange closing price over the preceding ten trading days prior to the respective repurchase of the shares, whereby any repurchases have to be exercised in such way that the company does not hold more than 1,300,000 treasury shares at any time.
Such repurchases may take place via the stock exchange or a public offering or by any other legal means and for the purpose of share transfer programs, in particular Long Term Incentive Plans, Equity Deferrals, or other stock ownership plans.
The Executive Board was further authorized to cancel stock repurchased or already held by the company subject to the approval of the Supervisory Board but without further resolution of the General Meeting and the Supervisory Board was authorized to adopt amendments to the Articles of Association resulting from the cancellation of shares.
On June 2, 2021, the Annual General Meeting authorized the Executive Board for a period of five years from the adoption of the resolution, therefore, until and including June 1, 2026, subject to the approval of the Supervisory Board, to dispose of or utilize repurchased treasury shares or treasury shares already held by the Company to grant to employees, executive employees, and/or members of the Executive Board/management boards of the Company or its affiliates, including for purposes of share transfer programs, in particular long-term incentive plans including equity deferrals or other stock ownership plans, and to thereby exclude the general purchasing right of shareholders (exclusion of subscription rights). The authorization can be exercised as a whole or in parts or even in several tranches by the Company, by a subsidiary (Section 189a Number 7 of the Austrian Commercial Code), or by third parties for the account of the Company.
Treasury shares
Number of shares
In EUR mn
January 1, 2023
201,674
2.2
Disposals
\u201359,667
\u20130.7
December 31, 2023
142,007
1.6
Disposals
\u201384,678
\u20130.9
December 31, 2024
57,329
0.6
Development of number of shares in issue
Number of shares
Treasury shares
Shares in issue
January 1, 2023
327,272,727
201,674
327,071,053
Used for share-based compensations
\u2014
\u201359,667
59,667
December 31, 2023
327,272,727
142,007
327,130,720
Used for share-based compensations
\u2014
\u201384,678
84,678
December 31, 2024
327,272,727
57,329
327,215,398
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-133": { "value": "Accounting policy

For repurchased own shares, the costs of repurchased shares are reflected as a reduction in equity. Gains or losses on the re-issue of treasury shares (issue proceeds less acquisition cost) result in an increase or a reduction in capital reserves.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-134": { "value": "5.05", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-135": { "value": "5.05", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-136": { "value": "3.05", "decimals": 2, "dimensions": { "concept": "omv_afr_esef:RegularDividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-137": { "value": "1.7", "decimals": 2, "dimensions": { "concept": "omv_afr_esef:AdditionalDividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-138": { "value": "
23 |
Non-controlling interests
Subgroups with material non-controlling interests (NCI)
In EUR mn
2024
2023
Subgroups
% NCI
Net income
allocated to
NCI
Accumulated
NCI
% NCI
Net income
allocated to
NCI
Accumulated
NCI
OMV Petrom Group
49%
411
3,823
49%
398
3,848
Borealis Group
25%
108
2,916
25%
\u201321
3,021
SapuraOMV Group
50%
50
\u2014
50%
\u201313
251
Other subsidiaries
n.a.
2
11
n.a.
2
10
OMV Group
n.a.
571
6,749
n.a.
366
7,131
The proportion of ownership corresponds to the proportion of voting rights of the non-controlling interests in all cases.
The main activities of the OMV Petrom Group, the largest integrated energy producer in Southeastern Europe, are oil and gas exploration and production (in Romania and Bulgaria), refining of crudes (in Romania), marketing of petroleum products (in Romania, Bulgaria, Serbia, and Moldova), and sale of natural gas as well as production and sales of electricity (in Romania and neighboring countries).
The Borealis Group is one of the world\u2019s leading providers of advanced and circular polyolefin solutions, a European innovative leader in polyolefins recycling, and a major producer of base chemicals. The majority of Borealis\u2019 production is located in Europe, with two overseas manufacturing facilities in the United States, one in Brazil and one in South Korea.
The SapuraOMV Group is an oil and gas company based in Malaysia with strong growth prospects consisting of sizeable discovered resources and a strong portfolio of exploration prospects. In addition to Malaysia, it has access to exploration blocks in New Zealand, Australia, and Mexico. On December 9, 2024, OMV closed the transaction to sell its 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. to TotalEnergies (see Note 4 \u2013 Significant changes in Group structure).
The following tables summarize the financial information of the subgroups with material non-controlling interests:
Statement of comprehensive income of subgroups with material NCI1
In EUR mn
2024
2023
OMV Petrom
Group
Borealis Group
OMV Petrom
Group
Borealis Group
Sales revenue
7,189
7,853
7,845
7,770
Net income for the year
842
424
815
33
Total comprehensive income
840
670
811
\u2013438
Attributable to NCI
410
168
396
\u2013138
Dividends paid to NCI
430
286
498
88
1 Figures refer to subgroup level, i.e., including at-equity consolidation and after elimination of intercompany transactions and balances within the subgroup.
Statement of financial position as of December 31 of subgroups with material NCI1
In EUR mn
2024
2023
OMV Petrom Group
Borealis Group
OMV Petrom Group
Borealis Group
Non-current assets
7,791
12,296
7,109
11,524
Current assets
3,797
3,485
4,579
4,779
Non-current liabilities
2,083
1,996
2,064
2,646
Current liabilities
1,642
2,137
1,710
1,595
1 Figures refer to subgroup level, i.e. including at-equity consolidation and after elimination of intercompany transactions and balances within the subgroup.
Statement of cash flows of subgroups with material NCI1
In EUR mn
2024
2023
OMV Petrom Group
Borealis Group
OMV Petrom Group
Borealis Group
Operating cash flow
1,300
1,188
2,045
945
Investing cash flow
\u20131,160
\u20131,033
\u20131,158
\u2013359
Financing cash flow
\u2013968
\u20131,471
\u20131,071
\u2013480
Net increase (+)/decrease (\u2013) in cash and cash equivalents
\u2013828
\u20131,320
\u2013198
105
1 Figures refer to subgroup level, i.e., including at-equity consolidation and after elimination of intercompany transactions and balances within the subgroup.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-140": { "value": "Accounting policy

With regard to pensions and similar obligations, a distinction is made between defined benefit and defined contribution plans. In the case of defined contribution plans, current contributions are recognized as an expense.

In the case of defined benefit obligations, provisions for pensions, severance payments, and jubilee payments are calculated using the projected unit credit method, which divides the costs of the estimated benefit entitlements over the whole period of employment and thus takes future increases in remuneration into account. Actuarial gains and losses for defined benefit pension and severance payment obligations are recognized in full in the period in which they occur in other comprehensive income. Such actuarial gains and losses are not reclassified to profit or loss in subsequent periods. Actuarial gains and losses on obligations for jubilee payments are recognized in profit or loss. Net interest expenses are calculated on the basis of the net defined benefit obligation and disclosed as part of the financial result. The difference between the return on plan assets and interest income on plan assets included in the net interest expenses is recognized in other comprehensive income.

Provisions for voluntary and mandatory separations under restructuring programs are recognized if a detailed plan has been approved by management and communicated to those affected prior to the statement of financial position date and an irrevocable commitment is thereby established. Expenses related to such restructuring programs are included in the line \u201cOther operating expenses\u201d in the Consolidated Income Statement. Voluntary modifications to employees\u2019 remuneration arrangements are recognized on the basis of the expected number of employees accepting the employing company\u2019s offer. Provisions for obligations related to individual separation agreements that lead to fixed payments over a defined period of time are recognized at the present value of the obligation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-139": { "value": "Provisions for voluntary and mandatory separations under restructuring programs are recognized if a detailed plan has been approved by management and communicated to those affected prior to the statement of financial position date and an irrevocable commitment is thereby established. Expenses related to such restructuring programs are included in the line \u201cOther operating expenses\u201d in the Consolidated Income Statement. Voluntary modifications to employees\u2019 remuneration arrangements are recognized on the basis of the expected number of employees accepting the employing company\u2019s offer. Provisions for obligations related to individual separation agreements that lead to fixed payments over a defined period of time are recognized at the present value of the obligation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-141": { "value": "
Liabilities
In EUR mn
2024
2023
Short-term
Long-term
Total
Short-term
Long-term
Total
Bonds
850
5,720
6,570
540
5,534
6,073
Other interest-bearing debts
353
717
1,070
427
1,043
1,470
Lease liabilities
233
1,534
1,767
181
1,404
1,585
Trade payables
3,723
\u2014
3,723
3,955
\u2014
3,955
Other financial liabilities
1,047
238
1,284
1,424
316
1,740
Other liabilities
1,507
92
1,600
1,613
102
1,715
Liabilities
7,713
8,301
16,014
8,140
8,398
16,538
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 these arrangements, 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.
Due to access to supplier finance facilities with multiple finance providers, there is no significant liquidity risk related to the supplier finance programs. OMV has agreements with more than one bank in place, reducing the concentration of liquidity risk. The following table represents the impact of the supplier finance arrangements on the liabilities of the Group for 2024 (the carrying amount of liabilities in scope of supplier finance arrangements as of December 31, 2023, amounted to EUR\u00a0102 mn of trade liabilities and EUR 23 mn of other financial liabilities).
Supplier finance arrangements
In EUR mn
2024
Carrying amount of liabilities in scope of supplier finance arrangements
thereof already settled by finance providers
Trade payables
66
50
Other financial liabilities
24
18
Total supplier finance arrangements
90
68
Range of payment due dates
Liabilities that are part of the arrangement
20\u2212180 days
Comparable trade payables that are not part of the arrangement
10\u221290 days
The table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted cash flows:
Financial liabilities (undiscounted cash flows)
In EUR mn
\u22641 year
1\u20135 years
>5 years
Total
2024
Bonds
924
3,124
3,248
7,297
Other interest-bearing debts
356
592
151
1,098
Lease liabilities
277
662
1,234
2,173
Trade payables
3,723
\u2014
\u2014
3,723
Derivative financial liabilities
315
102
\u2014
417
Other sundry financial liabilities1
744
82
89
916
Financial liabilities (undiscounted cash flows)
6,339
4,562
4,722
15,623
2023
Bonds
597
3,845
2,113
6,555
Other interest-bearing debts
459
857
231
1,547
Lease liabilities
219
588
1,231
2,038
Trade payables
3,955
\u2014
\u2014
3,955
Derivative financial liabilities
393
157
\u2014
550
Other sundry financial liabilities1
1,039
82
139
1,260
Financial liabilities (undiscounted cash flows)
6,662
5,529
3,713
15,904
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 29 \u2013 Risk management.
Other liabilities
Other liabilities
In EUR mn
Short-term
Long-term
Total
2024
Other taxes and social security liabilities
934
\u2014
934
Payments received in advance
136
32
168
Contract liabilities
201
53
253
Other sundry liabilities
237
7
245
Other liabilities
1,507
92
1,600
2023
Other taxes and social security liabilities
1,168
\u2014
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
The decrease in other taxes and social security liabilities was mainly impacted by the payment of the solidarity tax on refined crude oil in Romania, which was introduced in 2023. Further details are included in Note 2 \u2013 Accounting policies, judgments, and estimates.
Contract liabilities
In EUR mn
2024
2023
January 1
231
227
Revenue recognized that was included in the contract liability balance at the beginning of the period
\u2013159
\u2013140
Increases due to cash received, excluding amounts recognized as revenue during the period
182
144
December 31
253
231
The contract liabilities consisted mainly of non-refundable prepayments of storage fees received from Erd\u00f6l-Lagergesellschaft m.b.H., Lannach on the basis of long-term service contracts, future product deliveries, sold vouchers, and cash received for customer loyalty programs from OMV\u2019s retail business.
Fair value hierarchy of financial liabilities and other liabilities at fair value1
In EUR mn
Carrying amount
Fair value level
Valued at
amortized
cost
Valued at fair
value
Total
Level 1
Level 2
Level 3
Total
2024
Trade payables
3,723
\u2014
3,723
\u2014
\u2014
\u2014
\u2014
Bonds
6,570
\u2014
6,570
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,767
\u2014
1,767
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,070
\u2014
1,070
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
60
60
\u2014
60
\u2014
60
Liabilities on other derivatives
\u2014
342
342
28
315
\u2014
342
Other financial liabilities
865
16
882
\u2014
16
\u2014
16
Other liabilities at fair value2
\u2014
40
40
\u2014
40
\u2014
40
Total
13,996
459
14,455
28
431
\u2014
459
2023
Trade payables
3,955
\u2014
3,955
\u2014
\u2014
\u2014
\u2014
Bonds
6,073
\u2014
6,073
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,585
\u2014
1,585
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,470
\u2014
1,470
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
67
67
\u2014
67
\u2014
67
Liabilities on other derivatives
\u2014
469
469
37
432
\u2014
469
Other financial liabilities
1,204
\u2014
1,204
\u2014
\u2014
\u2014
\u2014
Other liabilities at fair value2
\u2014
28
28
\u2014
28
\u2014
28
Total
14,287
564
14,851
37
528
\u2014
564
1 Excluding liabilities that were reclassified to held for sale
2 Includes hedged items designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany.
Offsetting of financial liabilities
In EUR mn
Note
Financial
instruments
(gross)
Amounts set
off in the
statement of
financial
position
Financial
instruments in
the statement
of financial
position (net)
Assets with
right of set-off
(not offset)
Net
2024
Derivative financial instruments
26
1,900
\u20131,498
403
\u201338
365
Trade payables
26
4,899
\u20131,176
3,723
\u201385
3,638
Other sundry financial liabilities
26
885
\u20133
882
\u20130
882
Total
7,684
\u20132,677
5,007
\u2013123
4,884
2023
Derivative financial instruments
2,953
\u20132,417
536
\u2013122
415
Trade payables
5,035
\u20131,081
3,955
\u201365
3,890
Other sundry financial liabilities
1,217
\u201313
1,204
\u20131
1,203
Total
9,206
\u20133,511
5,695
\u2013187
5,508
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-142": { "value": "
Liabilities
In EUR mn
2024
2023
Short-term
Long-term
Total
Short-term
Long-term
Total
Bonds
850
5,720
6,570
540
5,534
6,073
Other interest-bearing debts
353
717
1,070
427
1,043
1,470
Lease liabilities
233
1,534
1,767
181
1,404
1,585
Trade payables
3,723
\u2014
3,723
3,955
\u2014
3,955
Other financial liabilities
1,047
238
1,284
1,424
316
1,740
Other liabilities
1,507
92
1,600
1,613
102
1,715
Liabilities
7,713
8,301
16,014
8,140
8,398
16,538
Other financial liabilities
In EUR mn
Short-term
Long-term
Total
2024
Derivative financial liabilities
302
100
403
Liabilities on derivatives designated as hedging instruments
44
16
60
Liabilities on other derivatives
258
85
342
Other sundry financial liabilities
744
137
882
Other financial liabilities
1,047
238
1,284
2023
Derivative financial liabilities
386
150
536
Liabilities on derivatives designated 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
Other liabilities
Other liabilities
In EUR mn
Short-term
Long-term
Total
2024
Other taxes and social security liabilities
934
\u2014
934
Payments received in advance
136
32
168
Contract liabilities
201
53
253
Other sundry liabilities
237
7
245
Other liabilities
1,507
92
1,600
2023
Other taxes and social security liabilities
1,168
\u2014
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-143": { "value": "
Liabilities
In EUR mn
2024
2023
Short-term
Long-term
Total
Short-term
Long-term
Total
Bonds
850
5,720
6,570
540
5,534
6,073
Other interest-bearing debts
353
717
1,070
427
1,043
1,470
Lease liabilities
233
1,534
1,767
181
1,404
1,585
Trade payables
3,723
\u2014
3,723
3,955
\u2014
3,955
Other financial liabilities
1,047
238
1,284
1,424
316
1,740
Other liabilities
1,507
92
1,600
1,613
102
1,715
Liabilities
7,713
8,301
16,014
8,140
8,398
16,538
Other financial liabilities
In EUR mn
Short-term
Long-term
Total
2024
Derivative financial liabilities
302
100
403
Liabilities on derivatives designated as hedging instruments
44
16
60
Liabilities on other derivatives
258
85
342
Other sundry financial liabilities
744
137
882
Other financial liabilities
1,047
238
1,284
2023
Derivative financial liabilities
386
150
536
Liabilities on derivatives designated 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
Other liabilities
Other liabilities
In EUR mn
Short-term
Long-term
Total
2024
Other taxes and social security liabilities
934
\u2014
934
Payments received in advance
136
32
168
Contract liabilities
201
53
253
Other sundry liabilities
237
7
245
Other liabilities
1,507
92
1,600
2023
Other taxes and social security liabilities
1,168
\u2014
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-144": { "value": "
Accounting policy

OMV has entered into supplier finance arrangements with various finance providers. The Group has not derecognized the majority of original liabilities to which the arrangement applies because neither legal release was obtained nor was the original liability substantially modified while entering into the arrangement. The liabilities are shown within trade payables and other financial liabilities until payment. From OMV\u2019s 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.
Accounting policy

Derivative financial instruments are used to hedge market risks resulting from changes in currency exchange rates, commodity prices, and interest rates and for trading purposes. Derivative instruments are recognized at fair value. Unrealized gains and losses are recognized as income or expenses, except where hedge accounting according to IFRS 9 is applied.

Those derivatives qualifying and designated as hedges are either 1) a fair value hedge when hedging exposure to changes in the fair value of a recognized asset or liability, 2) a cash flow hedge when hedging exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction, or 3) a net investment hedge when hedging the foreign exchange risk in a net investment in a foreign operation.

For cash flow hedges, the effective part of the changes in fair value is recognized in other comprehensive income, while the ineffective part is recognized immediately in the income statement. Where the hedging of cash flows results in the recognition of a non-financial asset or liability, the carrying value of that item will be adjusted for the accumulated gains or losses recognized directly in OCI.

Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in OCI and accumulated in the reserve for currency translation differences. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is disposed of or sold.

Contracts to buy or sell non-financial items that can be settled net in cash or another financial instrument are accounted for as financial instruments and measured at fair value. Associated gains or losses are recognized in profit or loss. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of non-financial items in accordance with the Group\u2019s expected purchase, sale, or usage requirements are not accounted for as derivative financial instruments, but as executory contracts.

OMV has contracted several long-term power purchase agreements, which were entered into and continue to be held for own use. They are therefore accounted for as executory contracts.
31 |
Offsetting of financial assets and financial liabilities
Accounting policy

Financial assets and financial liabilities are offset only when the Group has a current and legally enforceable right to set off the recognized amounts and when there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

In the normal course of business, OMV enters into various master netting arrangements in the form of International Swaps and Derivatives Association (ISDA) agreements, European Federation of Energy Traders (EFET) agreements or other similar arrangements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-145": { "value": "
Accounting policy

OMV has entered into supplier finance arrangements with various finance providers. The Group has not derecognized the majority of original liabilities to which the arrangement applies because neither legal release was obtained nor was the original liability substantially modified while entering into the arrangement. The liabilities are shown within trade payables and other financial liabilities until payment. From OMV\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-146": { "value": "
Bonds and other interest-bearing debts
As of December 31, 2024, long-term bonds and other interest-bearing debts included EUR\u00a0510\u00a0mn loan arrangements, which were subject to OMV Group complying with financial covenants.
As of December 31, 2024 and as of December 31, 2023, the OMV Group was in compliance with all those financial covenants and had significant headroom compared to the thresholds stipulated by the loans agreements.
29 |
Risk management
Capital risk
OMV\u2019s financial steering framework is built upon the principles of operational efficiency, capital efficiency, financing efficiency, and sustainable portfolio management. With the focus on strengthening OMV\u2019s balance sheet, delivering a positive free cash flow, and growing its profitability, the financial steering framework represents sustainable, risk-monitored, and future-oriented value creation for OMV and its stakeholders.
OMV manages its capital structure to safeguard its capital base in order to preserve investor, creditor, and capital market confidence, as well as to provide a sustainable financial foundation for the future operational development of the Group. OMV\u2019s financing strategy focuses on cash flow and financial stability. The principal targets are a positive free cash flow after dividends and a strong investment-grade credit rating on the basis of a healthy balance sheet and a long-term leverage ratio of below 30%.
Capital management \u2013 key performance measures
In EUR mn (unless otherwise stated)
2024
2023
Bonds
6,570
6,073
Lease liabilities
1,767
1,587
Other interest-bearing debts
1,070
1,470
Debt
9,407
9,130
Cash and cash equivalents
6,182
7,011
Net debt1
3,225
2,120
Equity
24,617
25,369
Leverage ratio2 in %
12
8
1 Including items that were reclassified to assets or liabilities held for sale
2 The leverage ratio is defined as (net debt including leases)/(equity + net debt including leases).
Liquidity risk
For the purpose of assessing liquidity risk, yearly budgeted operating and financial cash flows of the Group are monitored and analyzed on a monthly basis. Thus, every month the Group generates a forecasted net change in liquidity, which is then compared to the total month end balances of money market deposits and loans, as well as to maturities of the current portfolio and the available liquidity reserves of the same month. This analysis provides the basis for financing decisions and capital commitments.
To ensure that the OMV Group remains solvent at all times and retains the necessary financial flexibility, liquidity reserves in the form of committed credit lines and short term uncommitted money market lines are maintained. As of December 31, 2024, the average weighted maturity of the Group\u2019s debt portfolio (excluding lease liabilities) was 4.5 years (as of December 31, 2023: 4.3 years).
The OMV Group\u2019s operational liquidity management is mainly handled via cash pooling systems, which enable optimum use of existing cash and liquidity reserves to the benefit of every individual member of the cash pooling system and the Group as a whole.
High volatility in commodity prices can potentially lead to peak liquidity demands in order to satisfy margin calls for exchange traded activities at short notice. In order to monitor and actively manage the OMV Group\u2019s exposure to margin calls and the associated liquidity risk, the targeted measures implemented in 2023 remain in effect. Trading units of the Group are required to perform regular stress tests to evaluate the effect of predefined, extreme commodity prices on credit exposures and margin requirements. Additionally, preference is given to over-the-counter transactions vs. exchange traded instruments when entering new transactions.
Details of the OMV Group\u2019s financial liabilities are provided in Note 26 \u2013 Liabilities.
Financial guarantee contracts
Borealis AG has an oustanding guarantee, which it provided for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement.
In addition, Borealis and its joint venture partner TotalEnergies granted a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC (Baystar) as a liquidity instrument to conduct its ordinary cause of business.
In 2022, Bayport Polymers LLC partially re-paid its loan to the Group. This repayment was facilitated through issuance of two tranches of senior notes in the amount of EUR 337 mn and EUR\u00a0289 mn, which mature in 2027 and 2032, respectively. These senior notes, totaling EUR 626 mn, are fully guaranteed by Borealis AG.
Furthermore, in 2022, Borealis provided a parental guarantee for a lease of railcars.
For further details see the Credit Risk Management section.
Market risk
Accounting policy

Derivative financial instruments are used to hedge market risks resulting from changes in currency exchange rates, commodity prices, and interest rates and for trading purposes. Derivative instruments are recognized at fair value. Unrealized gains and losses are recognized as income or expenses, except where hedge accounting according to IFRS 9 is applied.

Those derivatives qualifying and designated as hedges are either 1) a fair value hedge when hedging exposure to changes in the fair value of a recognized asset or liability, 2) a cash flow hedge when hedging exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction, or 3) a net investment hedge when hedging the foreign exchange risk in a net investment in a foreign operation.

For cash flow hedges, the effective part of the changes in fair value is recognized in other comprehensive income, while the ineffective part is recognized immediately in the income statement. Where the hedging of cash flows results in the recognition of a non-financial asset or liability, the carrying value of that item will be adjusted for the accumulated gains or losses recognized directly in OCI.

Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in OCI and accumulated in the reserve for currency translation differences. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is disposed of or sold.

Contracts to buy or sell non-financial items that can be settled net in cash or another financial instrument are accounted for as financial instruments and measured at fair value. Associated gains or losses are recognized in profit or loss. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of non-financial items in accordance with the Group\u2019s expected purchase, sale, or usage requirements are not accounted for as derivative financial instruments, but as executory contracts.

OMV has contracted several long-term power purchase agreements, which were entered into and continue to be held for own use. They are therefore accounted for as executory contracts.
Significant judgment: classification of contracts for the purchase or sale of natural gas as \u201cown use\u201d contracts

The classification of contracts for the purchase or sale of natural gas as \u201cown use\u201d contracts, which are outside the scope of IFRS 9, requires significant judgment. OMV systematically analyzes the gas supply and sales contracts to determine whether they fulfill the conditions for application of the own use exemption. Contracts are classified as \u201cown use\u201d contracts if it can be demonstrated that they are entered into and continue to be held for the purpose of physical delivery or receipt of the natural gas in accordance with the Group\u2019s expected purchase, sale, or usage requirements and that the Group does not have any practice of settling similar contracts on a net basis. In addition, this analysis consists of demonstrating that the \u201cown use\u201d contracts do not include any written options such as volume flexibilities that go beyond the needs of the ordinary business and therefore are financial options according to IFRS 9. Only contracts fulfilling these criteria are treated as \u201cown use\u201d contracts outside the scope of IFRS 9 and are accounted for as executory contracts.
For the purpose of mitigating market price risks, the Group enters into derivative financial instruments such as OTC swaps, options, futures, and forwards.
Swaps do not involve an investment at the time the contracts are concluded; settlement normally takes place at the end of the quarter or month. The premiums on purchased options are payable when the contract is concluded; where options are exercised, payment of the difference between the strike price and average market price for the period takes place at contract expiration.
Commodity price risk management refers to analysis, assessment, reporting, and hedging of market price risk exposure arising from non-trading and trading activities, covering production (oil, gas, power, and feedstock prices), refining (refinery margin, inventories up to a defined threshold), oil and gas marketing activities (marketing margin, inventories up to a defined threshold), and producing power (spark spreads) in addition to proprietary trading positions.
Limited proprietary trading activities may be performed for the purpose of creating market access within the oil, power, and gas markets up to a defined threshold.
Hedges are generally placed in the legal entities where the underlying exposure exists. When certain conditions are met, the Group may elect to apply IFRS\u00a09 hedge accounting principles in order to recognize the offsetting effects on profit or loss of changes in the fair value of the hedging instruments at the same time as the hedged items.
Derivatives are mostly used for economic hedging purposes and not as speculative investments. However, where derivatives are not designated as hedging instruments (i.e., hedge accounting is not applied), they are valued at fair value through profit or loss for accounting purposes.
The following tables show the fair values of derivative financial instruments together with their notional amounts. The notional amount, recorded gross, is the amount of a derivative\u2019s underlying asset, reference rate, or index and is the basis upon which changes in the value of derivatives are measured. The notional amounts indicate the volume of the transactions outstanding at year-end and are not indicative of either the market risk or the credit risk.
Nominal and fair value of open derivative financial instruments
In EUR mn
2024
2023
Nominal
Fair value
assets
Fair value
liabilities
Nominal
Fair value
assets
Fair value
liabilities
Commodity price risk
Oil incl. oil products
1,609
21
\u20131
1,120
27
\u20138
Gas
15
\u2014
\u20131
31
\u2014
\u2014
Power
393
16
\u201348
411
13
\u201359
Commodity hedges (designated in
hedge relationship)1
2,017
38
\u201350
1,562
39
\u201367
Oil incl. oil products
11,232
2
\u201324
10,614
2
\u201340
Gas
17,450
133
\u2013231
16,104
714
\u2013386
Power
1,058
86
\u201368
262
47
\u201329
Other2
176
44
\u20137
190
98
\u20133
Commodity hedges
29,915
265
\u2013330
27,171
861
\u2013458
Foreign currency risk
USD
180
\u2014
\u201310
159
3
\u20130
SEK
138
1
\u20131
123
7
\u2014
Foreign currency hedges (designated in
hedge relationship)1
317
1
\u201311
282
10
\u20130
USD
1,471
1
\u201310
702
5
\u201311
NOK
800
2
\u20133
817
23
\u20130
SEK
14
0
\u2014
35
0
\u20130
Other
80
0
\u20130
153
1
\u20130
Foreign currency hedges
2,366
3
\u201313
1,707
29
\u201311
Interest rate risk
Interest rate hedges (designated in
hedge relationship)1
\u2014
\u2014
\u2014
100
3
\u2014
1 Including ineffective part of hedges designated in a hedging relationship
2 Includes derivatives for European Emission Allowances
The Group\u2019s hedging reserve disclosed in the Consolidated Statement of Changes in Equity relates to the following hedging instruments:
Cash flow hedging \u2013 impact of hedge accounting
In EUR mn
Forecast purchases
Forecast sales
Foreign currency, firm commit-
ments
Foreign
currency
Interest rate
Total
Thereof cost of hedging
reserve
Commodity price risk
Foreign currency risk
Interest
rate risk
2024
Cash flow hedge reserve as of January 1 (net of tax)
\u201321
9
\u2014
7
2
\u20132
\u2014
Gains (+)/losses (\u2013) of the period recognized in OCI
\u201326
\u201315
\u201321
\u201317
0
\u201379
\u20137
Amounts reclassified to the income statement
44
14
21
\u20132
\u20133
74
7
Amounts reclassified to the balance sheet
\u20133
\u2014
\u2014
\u2014
\u2014
\u20133
\u2014
Tax effects
\u20134
0
\u2014
5
1
2
\u2014
Cash flow hedge reserve as of December 31 (net of tax)
\u20139
8
\u2014
\u20137
\u2014
\u20138
\u2014
2023
Cash flow hedge reserve as of January 1 (net of tax)
245
8
\u2014
3
7
264
\u2014
Gains (+)/losses (\u2013) of the period recognized in OCI
\u2013326
\u201324
\u2014
5
\u20132
\u2013347
\u2014
Amounts reclassified to the income statement
\u201362
24
\u2014
1
\u20134
\u201340
\u2014
Amounts reclassified to the balance sheet
42
\u2014
\u2014
\u2014
\u2014
42
\u2014
Tax effects
80
\u20130
\u2014
\u20131
1
80
\u2014
Cash flow hedge reserve as of December 31 (net of tax)
\u201321
9
\u2014
7
2
\u20132
\u2014
Reserve for unrealized exchange gains (+)/losses (\u2013) for net investment hedge1
In EUR mn
Foreign currency risk
2024
2023
Reserve as of January 1 (net of tax)
\u20139
\u201313
Valuation of the USD loans
\u20135
6
Tax effects
1
\u20131
Reserve as of December 31 (net of tax)
\u201313
\u20139
1 Included in currency translation differences within other comprehensive income
At December 31, 2024, and December 31, 2023, the Group held the following items designated in a fair value hedge relationship:
Impact of fair value hedge accounting on the income statement and statement of financial position
In EUR mn
Hedged item
Carrying amount of the
liability
Cumulative amount of fair
value hedge adjustment
included in the carrying
amount of the hedged
item
Effective gains (+)/
losses (\u2013) of the period
recognized in the income
statement
Line item in the statement
of financial position
2024
Non-financial liability
40
\u20137
1
Other liabilities
2023
Non-financial liability
28
\u20138
1
Other liabilities
At December 31, 2024, and December 31, 2023, the Group held the following cash flow, fair value, and net investment hedging relationships. The table shows the profile of the timing (maturity) of the nominal amount of the hedging instruments:
Impact of hedge accounting on the statement of financial position
In EUR mn
Forecast
purchases
Forecast
sales
Recognized
liability
Net
investment
hedge
Foreign
currency
Interest
hedges
Commodity price risk
Foreign currency risk
Interest
rate risk
Total
2024
Nominal value
1,976
\u2014
41
68
317
\u2014
2,403
Below one year
1,427
\u2014
41
29
317
\u2014
1,814
More than one year
549
\u2014
\u2014
39
\u2014
\u2014
588
Fair value \u2013 assets
37
0
n.a.
1
\u2014
39
Fair value \u2013 liabilities
49
1
n.a.
11
\u2014
60
2023
Nominal value
1,447
85
29
109
282
100
2,052
Below one year
1,251
85
29
44
282
100
1,792
More than one year
196
\u2014
\u2014
64
\u2014
\u2014
260
Fair value \u2013 assets
39
\u2014
n.a.
10
3
52
Fair value \u2013 liabilities
66
1
n.a.
0
\u2014
67
The fair value assets and liabilities shown above are presented in the line items Other financial assets and Other financial liabilities in OMV\u2019s Consolidated Statement of Financial Position.
Commodity price risk
European Emission Allowances
All of OMV\u2019s business segments are exposed to fluctuations in the price of greenhouse gas emissions (GHG emissions) under the EU Emissions Trading Scheme (ETS). European Emission Allowance purchases are always executed in due time and it is OMV\u2019s highest priority to fulfill all legal obligations under the ETS. OMV monitors price risks from emission allowances and manages them using derivative instruments (forwards) traded bilaterally on the secondary market (known as over-the-counter or OTC transactions).
Electricity prices
OMV\u2019s business segments are exposed to fluctuations in electricity prices and, hence, closely monitor related price risks. OMV\u2019s business segments hedge parts of the forecasted electricity purchases using derivative instruments and power purchase agreements (PPAs) in order to smooth out the effects of potentially extreme market price movements.
Chemicals
For petrochemical production, some of the forecasted cracker feedstock purchases and finished product sales are hedged through refined oil product swaps. Cash flow hedge accounting is applied to those derivatives, except for the derivatives that are used to limit the price risk on the inventory held for immediate consumption. Contracts not designated as cash flow hedges are classified as fair value through profit or loss and stated at fair value.
Borealis hedges its forecasted electricity purchases using electricity swaps. For these derivatives, cash flow hedge accounting is applied.
Fuels & Feedstock
Fuels & Feedstock is exposed to market price risks arising from trading and non-trading activities, covering production, refining and marketing activities associated with crude oil and oil products in addition to limited proprietary trading positions aiming to create market access within oil and oil product markets.
In Fuels & Feedstock, derivative instruments are used for both hedging selected product sales and reducing exposure to price risks on inventory fluctuations. Crude oil and product swaps are used to hedge the refining margin (crack spread), which is the difference between crude oil prices and bulk product prices.
Furthermore, exchange-traded oil futures as well as OTC contracts (contracts for difference and swaps) are used to hedge short-term purchase and sales market price risks.
Energy
Operational commodity price risk management in Energy includes hedging of market price risk exposure arising from non-trading and trading activities of gas marketing (hedge of the price risk on inventory fluctuations and the differences in terms and conditions of purchases and sales), as well as limited proprietary trading positions for the purpose of creating market access within the gas markets.
No hedge accounting was applied applied for any of these derivative instruments.
Hedge accounting of commodity hedges in Chemicals and Fuels & Feedstock
In the Chemicals and Fuels & Feedstock business segments, OMV is particularly exposed to volatile refining margins and inventory risks. In order to mitigate these risks, appropriate commodity hedging activities are taken, for which hedge accounting may be applied.
When hedge accounting is applied, for \u201cForecast purchases\u201d and the \u201cHedge of a recognized liability\u201d the hedge ineffectiveness is included in the line item Purchases (net of inventory variation) in OMV\u2019s Consolidated Income Statement. The hedge ineffectiveness and recycling of \u201cForecast sales\u201d for hedges where a risk component of the non-financial item is designated as the hedged item in the hedging relationship, is shown in line item \u2018Sales revenues\u2019 in OMV\u2019s Consolidated Income Statement.
In Chemicals, cash flow hedge accounting is applied to forecast electricity purchases and forecast natural gas purchases, in addition to hedges conducted for future sales and purchases of the crackers which have been designated in a cash flow hedge relationship.
In Fuels & Feedstock, stock hedges may be used to mitigate price exposure whenever actual priced stock levels deviate from target levels. Forecast sales for oil products and forecast purchase transactions for crude oil and oil products are designated as the hedged item in such cases. In general, brent crude oil is typically the main risk for stock prices, however in some cases oil products priced by Platts/Argus may be used for hedging. The hedging relationship is established with a hedge ratio of 1:1 ratio, matching commodity derivatives to the hedged risks. Ineffectiveness can arise from timing and pricing differences between derivatives and actual transactions. As of December 31, 2024 there was no active hedge relationship for stock hedges.
In case of refinery margin hedges, crude oil and products can generally be hedged separately to protect future margins. These hedging mandates and activities are documented and defined within the Annual Plan. As of December 31, 2024 there was no active hedge relationship for refinery margin hedges.
Furthermore in 2024 as well as in 2023, physical oil product exchange contracts were concluded between the OMV Group and the national stockholding company in Germany. In order to reduce the risk of market price fluctuations between the withdrawal and return of products, derivative swap deals (sell fix, buy floating at the time of withdrawal and buy fix, sell floating at the time of return) were concluded and designated in a fair value hedge relationship (hedge of a recognized liability).
Foreign exchange risk management
OMV operates in many countries and currencies, therefore industry-specific activities and the corresponding foreign exchange rate risks need to be analyzed precisely. The USD represents OMV\u2019s biggest risk exposure, due to movement of the USD against the EUR and also against OMV Group\u2019s other main currencies (RON, NOK, NZD, and SEK). Movements of these currencies against the EUR are also significant sources of risk. Other currencies have only a limited impact on cash flow and the operating result. The transaction risk to foreign currency cash flows is monitored on an ongoing basis. The Group\u2019s long and short net position is reviewed on a semiannual basis as a minimum and the sensitivity is calculated. This analysis provides the basis for the management of transaction risks on currencies. Since OMV produces commodities that are mainly traded in USD, the OMV Group has an economic USD long position.
FX options, forwards, and swaps may be used to hedge foreign exchange rate risks on outstanding receivables and payables. The market value of these instruments will move in the opposite direction to the value of the underlying receivable or liability if the relevant foreign exchange rate changes. When certain conditions are met, the Group may elect to apply IFRS\u00a09 hedge accounting principles in order to recognize the offsetting effects on profit or loss of changes in the fair value of the hedging instruments at the same time as the hedged items. Certain hedges, that refer to a forecasted currency position are therefore classified as cash flow hedges and stated at fair value through other comprehensive income.
Translation risk is also monitored on an ongoing basis at Group level and the risk position is evaluated. Translation risk arises on the consolidation of subsidiaries, associated companies and joint ventures with functional currencies different from EUR. The largest exposure results from changes in RON, USD, NOK, and SEK denominated assets against the EUR.
Foreign exchange translation differences relating to these net investments are recognized in other comprehensive income.
Borealis has hedged part of its investment in a joint venture that has USD as its functional currency by designating certain external loans in USD as hedges of the Group\u2019s investments in its foreign operations. The hedged risk in the net investment hedge is the risk of a weakening USD against the EUR that would result in a reduction in the carrying amount of the Group\u2019s net investment in the joint venture in USD. The EUR/USD impact on the measurement of the loans is recognized in other comprehensive income.
To assess hedge effectiveness, the Group determines the economic relationship between the hedging instrument and the hedged item by comparing changes in the carrying amount of the debt that is attributable to a change in the spot rate with changes in the net investment in the foreign operation due to movements in the spot rate (the dollar-offset method). The Group\u2019s policy is to hedge the net investment only to the extent of the debt principal.
There is an economic relationship between the hedged item and the hedging instrument, as the net investment creates a translation risk that will match the foreign exchange risk on the USD borrowing. The Group has established a hedge ratio of 1:1, as the underlying risk of the hedging instrument is identical to the hedged risk component.
Interest rate management
OMV\u2019s debt portfolio as of December 31, 2024 had only limited exposure to changes in interest rates, with almost all liabilities having fixed interest rates. Any future financing activities will be exposed to the prevailing market conditions at the time and this could potentially lead to higher interest expenses.
To facilitate the management of interest rate risk, OMV\u2019s existing liabilities are analyzed in terms of fixed and floating rate borrowings, currencies and maturities. Appropriate ratios for the various categories are established and, where necessary, derivative instruments are used to hedge fluctuations outside predetermined ranges.
Interest rate swaps can be used to convert fixed rate debt into floating rate debt and vice versa.
The hedge ineffectiveness and recycling of interest rate swaps are both shown in the line item \u201dinterest expenses\u201d in OMV\u2019s Consolidated Income Statement.
Sensitivity analysis
For open hedging contracts, sensitivity analysis is performed to determine the effect of market price fluctuations (+/\u201310%) on market value. The sensitivity of the OMV Group\u2019s overall earnings differs from the sensitivity shown below, since the contracts concluded are used to hedge operational exposure.
The effect of market price fluctuations on the income statement or other comprehensive income depends on the type of derivative used and whether hedge accounting is applied. Market price sensitivity for derivatives to which cash flow hedge accounting is applied is shown in the sensitivity table for other comprehensive income. Sensitivity to market price fluctuations for all other open derivatives is shown in the sensitivity tables for profit before tax.
Sensitivity analysis for open commodity derivatives affecting profit before tax
In EUR mn
2024
2023
Market price
+10%
Market price
\u201310%
Market price
+10%
Market price
\u201310%
Oil incl. oil products
\u201322
22
\u20134
4
Oil incl. oil products \u2013 designated in a hedge relationship1
4
\u20134
3
\u20133
Gas
\u201358
58
\u201334
34
Power
\u20139
9
2
\u20132
Other2
21
\u201321
28
\u201328
Total
\u201364
64
\u20134
4
1 Includes hedging instruments designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany. For further details see section Hedge Accounting of commodity hedges in Chemicals and Fuels & Feedstock section.
2 Includes derivatives for European Emission Allowances
Sensitivity analysis for open commodity derivatives affecting other comprehensive income before tax
In EUR mn
2024
2023
Market price
+10%
Market price
\u201310%
Market price
+10%
Market price
\u201310%
Oil incl. oil products
\u201316
16
\u201334
34
Gas
1
\u20131
2
\u20132
Power
29
\u201329
31
\u201331
Commodity hedges (designated in a hedge relationship)
14
\u201314
\u20131
1
For financial instruments, sensitivity analysis is performed for changes in foreign exchange rates of currencies material to the Group. On Group level, the EUR\u2013RON sensitivity not only includes the net RON exposure versus the EUR but also the net RON exposure versus the USD, since the USD\u2013RON exposure can be split into EUR\u2013RON and EUR\u2013USD exposure. The same is true for the EUR\u2013NOK, EUR\u2013SEK, and EUR\u2013NZD exposure.
Sensitivity analysis for financial instruments affecting profit before tax1
In EUR mn
2024
2023
10% appreciation
of the EUR
10% depreciation
of the EUR
10% appreciation
of the EUR
10% depreciation
of the EUR
EUR\u2013RON
\u201318
18
\u201312
12
EUR\u2013USD
\u20136
6
\u201323
23
EUR\u2013NZD
\u201334
34
\u201317
17
EUR\u2013NOK
5
\u20135
7
\u20137
EUR\u2013SEK
\u20132
2
\u20134
4
1 Refers only to financial instruments and is not the same as the Group\u2019s overall foreign exchange rate sensitivity in terms of operating result.
Sensitivity analysis for financial instruments affecting other comprehensive income before tax1
In EUR mn
2024
2023
10% appreciation
of the EUR
10% depreciation
of the EUR
10% appreciation
of the EUR
10% depreciation
of the EUR
EUR\u2013USD
25
\u201325
28
\u201328
EUR\u2013SEK
\u201314
14
\u201312
12
1 Including sensitivity of the net investment hedge
OMV regularly analyzes the impact of interest rate changes on interest income and expenses from floating rate deposits and borrowings. Currently, the effects of changes in interest rates are not considered to be a material risk.
Credit risk management
The main counterparty credit risks are assessed and monitored at Group and segment level using predetermined criteria and limits for all counterparties, banks, and security providers. On the basis of a risk assessment, counterparties, banks, and security providers are assigned a credit limit, an internal risk class, and a specific limit validity. The risk assessments are reviewed annually as a minimum or on an ad hoc basis. The credit risk processes are governed by guidelines at OMV Group level stipulating the Group-wide minimum requirements. The main counterparties with contracts involving derivative financial instruments have investment-grade credit ratings. OMV uses commercial trade insurance for parts of its receivables in some business areas to mitigate credit risk. Due to the high economic uncertainty resulting from the current geopolitical situation, special attention is paid to early warning signals like changes in payment behavior.
Credit risk is the risk that the OMV Group\u2019s counterparties will not meet their obligation under a financial instrument or customer contract, leading to a financial loss.
Credit risk exists in relation to the financial guarantee contracts issued by Borealis to Bayport Polymers LLC and Borouge 4 LLC, which are accounted for using the equity method, where the guaranteed amount as of December 31, 2024 amounted to EUR 1,735 mn plus interest (2023: EUR\u00a01,234\u00a0mn plus interest). Details on guarantees provided by Borealis AG are further described thereafter.
Borealis AG granted a guarantee for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement. The total guarantee amounts to EUR 1,228 mn plus interest (2023: EUR 1,155 mn plus interest). Based on the already drawn financing by Borouge 4 LLC the guaranteed amount as of December\u00a031,\u00a02024 totaled EUR\u00a01,009\u00a0mn plus interest (2023: EUR\u00a0536\u00a0mn plus interest).
The guarantee granted to Bayport Polymers LLC of EUR\u00a0626\u00a0mn plus interest (2023: EUR\u00a0588\u00a0mn plus interest) terminates earliest upon payment and/or termination of the obligation in 2027 and 2032, respectively and could be called at any time.
In addition, a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC as a liquidity instrument to conduct its ordinary course of business was granted by Borealis in 2023, and was utilized in the amount of EUR\u00a082\u00a0mn plus interest at year-end (2023: EUR 90 mn). The total guaranteed amount as of December 31, 2024 amounted to EUR 96 mn plus interest (2023: EUR 90 mn plus interest).
Furthermore, a parental guarantee for a lease of railcars by Bayport Polymers LLC with maximum exposure of EUR\u00a019 mn (2023: EUR\u00a020\u00a0mn) remains in effect.
In general, a payment under the guarantee agreement is triggered by the non-performance by the guaranteed party of the obligation covered by the guarantee. Therefore, a financial liability initially measured at fair value was recognized.
Maximum credit exposure1
In EUR mn
2024
2023
Trade receivables
2,842
3,455
Investments
135
85
Bonds
91
285
Derivatives
307
942
Loans
1,286
910
Other sundry financial assets
1,370
1,612
Cash and cash equivalents
6,182
6,920
Financial guarantee contracts2
1,735
1,234
Total maximum credit exposure
13,950
15,442
1 Excluding items reclassified to held for sale
2 Maximum exposure of financial guarantee contracts based on drawdowns of financing facilities as of December 31 excluding interest accrued.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-147": { "value": "
Other liabilities
Other liabilities
In EUR mn
Short-term
Long-term
Total
2024
Other taxes and social security liabilities
934
\u2014
934
Payments received in advance
136
32
168
Contract liabilities
201
53
253
Other sundry liabilities
237
7
245
Other liabilities
1,507
92
1,600
2023
Other taxes and social security liabilities
1,168
\u2014
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-148": { "value": "
Other liabilities
Other liabilities
In EUR mn
Short-term
Long-term
Total
2024
Other taxes and social security liabilities
934
\u2014
934
Payments received in advance
136
32
168
Contract liabilities
201
53
253
Other sundry liabilities
237
7
245
Other liabilities
1,507
92
1,600
2023
Other taxes and social security liabilities
1,168
\u2014
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
Contract liabilities
In EUR mn
2024
2023
January 1
231
227
Revenue recognized that was included in the contract liability balance at the beginning of the period
\u2013159
\u2013140
Increases due to cash received, excluding amounts recognized as revenue during the period
182
144
December 31
253
231
The contract liabilities consisted mainly of non-refundable prepayments of storage fees received from Erd\u00f6l-Lagergesellschaft m.b.H., Lannach on the basis of long-term service contracts, future product deliveries, sold vouchers, and cash received for customer loyalty programs from OMV\u2019s retail business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-149": { "value": "
Accounting policy

Cash and cash equivalents include cash balances, bank accounts, and highly liquid short-term investments with low realization risk, i.e., negligible short-term exchange and interest risks. The maximum maturity at the time of acquisition for such investments is three months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-150": { "value": "
28 |
Contingent liabilities and contingent assets
OMV Management is of the opinion that litigations, to the extent not covered by provisions or insurance, either do no present an obligation and/or the outflow is remote and/or they will not materially affect the Group\u2019s financial position.
OMV entered into guarantees as part of the ordinary course of the Group\u2019s business, mainly under credit facilities granted by banks, without cash collateral. No material losses are likely to arise from these. Further information on financial guarantees is included in Note 29 \u2013 Risk management.
As of December 31, 2024, a proceeding was pending against OMV that related to local service contractors in one of the subsidiaries. OMV\u2019s share of the claimed amount is around USD 300 mn. Management currently does not believe that any of the alleged matters will have a material effect on the financial position or results of operations. However, this assessment is based on assumptions deemed reasonable by management including those about future events and uncertainties. The outcome of these matters is ultimately uncertain, such that unanticipated events and circumstances might occur that might cause management to change these assumptions and give rise to a material adverse effect on the financial position in the future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-151": { "value": "
Capital risk
OMV\u2019s financial steering framework is built upon the principles of operational efficiency, capital efficiency, financing efficiency, and sustainable portfolio management. With the focus on strengthening OMV\u2019s balance sheet, delivering a positive free cash flow, and growing its profitability, the financial steering framework represents sustainable, risk-monitored, and future-oriented value creation for OMV and its stakeholders.
OMV manages its capital structure to safeguard its capital base in order to preserve investor, creditor, and capital market confidence, as well as to provide a sustainable financial foundation for the future operational development of the Group. OMV\u2019s financing strategy focuses on cash flow and financial stability. The principal targets are a positive free cash flow after dividends and a strong investment-grade credit rating on the basis of a healthy balance sheet and a long-term leverage ratio of below 30%.
Capital management \u2013 key performance measures
In EUR mn (unless otherwise stated)
2024
2023
Bonds
6,570
6,073
Lease liabilities
1,767
1,587
Other interest-bearing debts
1,070
1,470
Debt
9,407
9,130
Cash and cash equivalents
6,182
7,011
Net debt1
3,225
2,120
Equity
24,617
25,369
Leverage ratio2 in %
12
8
1 Including items that were reclassified to assets or liabilities held for sale
2 The leverage ratio is defined as (net debt including leases)/(equity + net debt including leases).
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Liquidity risk
For the purpose of assessing liquidity risk, yearly budgeted operating and financial cash flows of the Group are monitored and analyzed on a monthly basis. Thus, every month the Group generates a forecasted net change in liquidity, which is then compared to the total month end balances of money market deposits and loans, as well as to maturities of the current portfolio and the available liquidity reserves of the same month. This analysis provides the basis for financing decisions and capital commitments.
To ensure that the OMV Group remains solvent at all times and retains the necessary financial flexibility, liquidity reserves in the form of committed credit lines and short term uncommitted money market lines are maintained. As of December 31, 2024, the average weighted maturity of the Group\u2019s debt portfolio (excluding lease liabilities) was 4.5 years (as of December 31, 2023: 4.3 years).
The OMV Group\u2019s operational liquidity management is mainly handled via cash pooling systems, which enable optimum use of existing cash and liquidity reserves to the benefit of every individual member of the cash pooling system and the Group as a whole.
High volatility in commodity prices can potentially lead to peak liquidity demands in order to satisfy margin calls for exchange traded activities at short notice. In order to monitor and actively manage the OMV Group\u2019s exposure to margin calls and the associated liquidity risk, the targeted measures implemented in 2023 remain in effect. Trading units of the Group are required to perform regular stress tests to evaluate the effect of predefined, extreme commodity prices on credit exposures and margin requirements. Additionally, preference is given to over-the-counter transactions vs. exchange traded instruments when entering new transactions.
Details of the OMV Group\u2019s financial liabilities are provided in Note 26 \u2013 Liabilities.
Financial guarantee contracts
Borealis AG has an oustanding guarantee, which it provided for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement.
In addition, Borealis and its joint venture partner TotalEnergies granted a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC (Baystar) as a liquidity instrument to conduct its ordinary cause of business.
In 2022, Bayport Polymers LLC partially re-paid its loan to the Group. This repayment was facilitated through issuance of two tranches of senior notes in the amount of EUR 337 mn and EUR\u00a0289 mn, which mature in 2027 and 2032, respectively. These senior notes, totaling EUR 626 mn, are fully guaranteed by Borealis AG.
Furthermore, in 2022, Borealis provided a parental guarantee for a lease of railcars.
For further details see the Credit Risk Management section.
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Market risk
Accounting policy

Derivative financial instruments are used to hedge market risks resulting from changes in currency exchange rates, commodity prices, and interest rates and for trading purposes. Derivative instruments are recognized at fair value. Unrealized gains and losses are recognized as income or expenses, except where hedge accounting according to IFRS 9 is applied.

Those derivatives qualifying and designated as hedges are either 1) a fair value hedge when hedging exposure to changes in the fair value of a recognized asset or liability, 2) a cash flow hedge when hedging exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction, or 3) a net investment hedge when hedging the foreign exchange risk in a net investment in a foreign operation.

For cash flow hedges, the effective part of the changes in fair value is recognized in other comprehensive income, while the ineffective part is recognized immediately in the income statement. Where the hedging of cash flows results in the recognition of a non-financial asset or liability, the carrying value of that item will be adjusted for the accumulated gains or losses recognized directly in OCI.

Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in OCI and accumulated in the reserve for currency translation differences. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is disposed of or sold.

Contracts to buy or sell non-financial items that can be settled net in cash or another financial instrument are accounted for as financial instruments and measured at fair value. Associated gains or losses are recognized in profit or loss. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of non-financial items in accordance with the Group\u2019s expected purchase, sale, or usage requirements are not accounted for as derivative financial instruments, but as executory contracts.

OMV has contracted several long-term power purchase agreements, which were entered into and continue to be held for own use. They are therefore accounted for as executory contracts.
Significant judgment: classification of contracts for the purchase or sale of natural gas as \u201cown use\u201d contracts

The classification of contracts for the purchase or sale of natural gas as \u201cown use\u201d contracts, which are outside the scope of IFRS 9, requires significant judgment. OMV systematically analyzes the gas supply and sales contracts to determine whether they fulfill the conditions for application of the own use exemption. Contracts are classified as \u201cown use\u201d contracts if it can be demonstrated that they are entered into and continue to be held for the purpose of physical delivery or receipt of the natural gas in accordance with the Group\u2019s expected purchase, sale, or usage requirements and that the Group does not have any practice of settling similar contracts on a net basis. In addition, this analysis consists of demonstrating that the \u201cown use\u201d contracts do not include any written options such as volume flexibilities that go beyond the needs of the ordinary business and therefore are financial options according to IFRS 9. Only contracts fulfilling these criteria are treated as \u201cown use\u201d contracts outside the scope of IFRS 9 and are accounted for as executory contracts.
For the purpose of mitigating market price risks, the Group enters into derivative financial instruments such as OTC swaps, options, futures, and forwards.
Swaps do not involve an investment at the time the contracts are concluded; settlement normally takes place at the end of the quarter or month. The premiums on purchased options are payable when the contract is concluded; where options are exercised, payment of the difference between the strike price and average market price for the period takes place at contract expiration.
Commodity price risk management refers to analysis, assessment, reporting, and hedging of market price risk exposure arising from non-trading and trading activities, covering production (oil, gas, power, and feedstock prices), refining (refinery margin, inventories up to a defined threshold), oil and gas marketing activities (marketing margin, inventories up to a defined threshold), and producing power (spark spreads) in addition to proprietary trading positions.
Limited proprietary trading activities may be performed for the purpose of creating market access within the oil, power, and gas markets up to a defined threshold.
Hedges are generally placed in the legal entities where the underlying exposure exists. When certain conditions are met, the Group may elect to apply IFRS\u00a09 hedge accounting principles in order to recognize the offsetting effects on profit or loss of changes in the fair value of the hedging instruments at the same time as the hedged items.
Derivatives are mostly used for economic hedging purposes and not as speculative investments. However, where derivatives are not designated as hedging instruments (i.e., hedge accounting is not applied), they are valued at fair value through profit or loss for accounting purposes.
The following tables show the fair values of derivative financial instruments together with their notional amounts. The notional amount, recorded gross, is the amount of a derivative\u2019s underlying asset, reference rate, or index and is the basis upon which changes in the value of derivatives are measured. The notional amounts indicate the volume of the transactions outstanding at year-end and are not indicative of either the market risk or the credit risk.
Nominal and fair value of open derivative financial instruments
In EUR mn
2024
2023
Nominal
Fair value
assets
Fair value
liabilities
Nominal
Fair value
assets
Fair value
liabilities
Commodity price risk
Oil incl. oil products
1,609
21
\u20131
1,120
27
\u20138
Gas
15
\u2014
\u20131
31
\u2014
\u2014
Power
393
16
\u201348
411
13
\u201359
Commodity hedges (designated in
hedge relationship)1
2,017
38
\u201350
1,562
39
\u201367
Oil incl. oil products
11,232
2
\u201324
10,614
2
\u201340
Gas
17,450
133
\u2013231
16,104
714
\u2013386
Power
1,058
86
\u201368
262
47
\u201329
Other2
176
44
\u20137
190
98
\u20133
Commodity hedges
29,915
265
\u2013330
27,171
861
\u2013458
Foreign currency risk
USD
180
\u2014
\u201310
159
3
\u20130
SEK
138
1
\u20131
123
7
\u2014
Foreign currency hedges (designated in
hedge relationship)1
317
1
\u201311
282
10
\u20130
USD
1,471
1
\u201310
702
5
\u201311
NOK
800
2
\u20133
817
23
\u20130
SEK
14
0
\u2014
35
0
\u20130
Other
80
0
\u20130
153
1
\u20130
Foreign currency hedges
2,366
3
\u201313
1,707
29
\u201311
Interest rate risk
Interest rate hedges (designated in
hedge relationship)1
\u2014
\u2014
\u2014
100
3
\u2014
1 Including ineffective part of hedges designated in a hedging relationship
2 Includes derivatives for European Emission Allowances
The Group\u2019s hedging reserve disclosed in the Consolidated Statement of Changes in Equity relates to the following hedging instruments:
Cash flow hedging \u2013 impact of hedge accounting
In EUR mn
Forecast purchases
Forecast sales
Foreign currency, firm commit-
ments
Foreign
currency
Interest rate
Total
Thereof cost of hedging
reserve
Commodity price risk
Foreign currency risk
Interest
rate risk
2024
Cash flow hedge reserve as of January 1 (net of tax)
\u201321
9
\u2014
7
2
\u20132
\u2014
Gains (+)/losses (\u2013) of the period recognized in OCI
\u201326
\u201315
\u201321
\u201317
0
\u201379
\u20137
Amounts reclassified to the income statement
44
14
21
\u20132
\u20133
74
7
Amounts reclassified to the balance sheet
\u20133
\u2014
\u2014
\u2014
\u2014
\u20133
\u2014
Tax effects
\u20134
0
\u2014
5
1
2
\u2014
Cash flow hedge reserve as of December 31 (net of tax)
\u20139
8
\u2014
\u20137
\u2014
\u20138
\u2014
2023
Cash flow hedge reserve as of January 1 (net of tax)
245
8
\u2014
3
7
264
\u2014
Gains (+)/losses (\u2013) of the period recognized in OCI
\u2013326
\u201324
\u2014
5
\u20132
\u2013347
\u2014
Amounts reclassified to the income statement
\u201362
24
\u2014
1
\u20134
\u201340
\u2014
Amounts reclassified to the balance sheet
42
\u2014
\u2014
\u2014
\u2014
42
\u2014
Tax effects
80
\u20130
\u2014
\u20131
1
80
\u2014
Cash flow hedge reserve as of December 31 (net of tax)
\u201321
9
\u2014
7
2
\u20132
\u2014
Reserve for unrealized exchange gains (+)/losses (\u2013) for net investment hedge1
In EUR mn
Foreign currency risk
2024
2023
Reserve as of January 1 (net of tax)
\u20139
\u201313
Valuation of the USD loans
\u20135
6
Tax effects
1
\u20131
Reserve as of December 31 (net of tax)
\u201313
\u20139
1 Included in currency translation differences within other comprehensive income
At December 31, 2024, and December 31, 2023, the Group held the following items designated in a fair value hedge relationship:
Impact of fair value hedge accounting on the income statement and statement of financial position
In EUR mn
Hedged item
Carrying amount of the
liability
Cumulative amount of fair
value hedge adjustment
included in the carrying
amount of the hedged
item
Effective gains (+)/
losses (\u2013) of the period
recognized in the income
statement
Line item in the statement
of financial position
2024
Non-financial liability
40
\u20137
1
Other liabilities
2023
Non-financial liability
28
\u20138
1
Other liabilities
At December 31, 2024, and December 31, 2023, the Group held the following cash flow, fair value, and net investment hedging relationships. The table shows the profile of the timing (maturity) of the nominal amount of the hedging instruments:
Impact of hedge accounting on the statement of financial position
In EUR mn
Forecast
purchases
Forecast
sales
Recognized
liability
Net
investment
hedge
Foreign
currency
Interest
hedges
Commodity price risk
Foreign currency risk
Interest
rate risk
Total
2024
Nominal value
1,976
\u2014
41
68
317
\u2014
2,403
Below one year
1,427
\u2014
41
29
317
\u2014
1,814
More than one year
549
\u2014
\u2014
39
\u2014
\u2014
588
Fair value \u2013 assets
37
0
n.a.
1
\u2014
39
Fair value \u2013 liabilities
49
1
n.a.
11
\u2014
60
2023
Nominal value
1,447
85
29
109
282
100
2,052
Below one year
1,251
85
29
44
282
100
1,792
More than one year
196
\u2014
\u2014
64
\u2014
\u2014
260
Fair value \u2013 assets
39
\u2014
n.a.
10
3
52
Fair value \u2013 liabilities
66
1
n.a.
0
\u2014
67
The fair value assets and liabilities shown above are presented in the line items Other financial assets and Other financial liabilities in OMV\u2019s Consolidated Statement of Financial Position.
Commodity price risk
European Emission Allowances
All of OMV\u2019s business segments are exposed to fluctuations in the price of greenhouse gas emissions (GHG emissions) under the EU Emissions Trading Scheme (ETS). European Emission Allowance purchases are always executed in due time and it is OMV\u2019s highest priority to fulfill all legal obligations under the ETS. OMV monitors price risks from emission allowances and manages them using derivative instruments (forwards) traded bilaterally on the secondary market (known as over-the-counter or OTC transactions).
Electricity prices
OMV\u2019s business segments are exposed to fluctuations in electricity prices and, hence, closely monitor related price risks. OMV\u2019s business segments hedge parts of the forecasted electricity purchases using derivative instruments and power purchase agreements (PPAs) in order to smooth out the effects of potentially extreme market price movements.
Chemicals
For petrochemical production, some of the forecasted cracker feedstock purchases and finished product sales are hedged through refined oil product swaps. Cash flow hedge accounting is applied to those derivatives, except for the derivatives that are used to limit the price risk on the inventory held for immediate consumption. Contracts not designated as cash flow hedges are classified as fair value through profit or loss and stated at fair value.
Borealis hedges its forecasted electricity purchases using electricity swaps. For these derivatives, cash flow hedge accounting is applied.
Fuels & Feedstock
Fuels & Feedstock is exposed to market price risks arising from trading and non-trading activities, covering production, refining and marketing activities associated with crude oil and oil products in addition to limited proprietary trading positions aiming to create market access within oil and oil product markets.
In Fuels & Feedstock, derivative instruments are used for both hedging selected product sales and reducing exposure to price risks on inventory fluctuations. Crude oil and product swaps are used to hedge the refining margin (crack spread), which is the difference between crude oil prices and bulk product prices.
Furthermore, exchange-traded oil futures as well as OTC contracts (contracts for difference and swaps) are used to hedge short-term purchase and sales market price risks.
Energy
Operational commodity price risk management in Energy includes hedging of market price risk exposure arising from non-trading and trading activities of gas marketing (hedge of the price risk on inventory fluctuations and the differences in terms and conditions of purchases and sales), as well as limited proprietary trading positions for the purpose of creating market access within the gas markets.
No hedge accounting was applied applied for any of these derivative instruments.
Hedge accounting of commodity hedges in Chemicals and Fuels & Feedstock
In the Chemicals and Fuels & Feedstock business segments, OMV is particularly exposed to volatile refining margins and inventory risks. In order to mitigate these risks, appropriate commodity hedging activities are taken, for which hedge accounting may be applied.
When hedge accounting is applied, for \u201cForecast purchases\u201d and the \u201cHedge of a recognized liability\u201d the hedge ineffectiveness is included in the line item Purchases (net of inventory variation) in OMV\u2019s Consolidated Income Statement. The hedge ineffectiveness and recycling of \u201cForecast sales\u201d for hedges where a risk component of the non-financial item is designated as the hedged item in the hedging relationship, is shown in line item \u2018Sales revenues\u2019 in OMV\u2019s Consolidated Income Statement.
In Chemicals, cash flow hedge accounting is applied to forecast electricity purchases and forecast natural gas purchases, in addition to hedges conducted for future sales and purchases of the crackers which have been designated in a cash flow hedge relationship.
In Fuels & Feedstock, stock hedges may be used to mitigate price exposure whenever actual priced stock levels deviate from target levels. Forecast sales for oil products and forecast purchase transactions for crude oil and oil products are designated as the hedged item in such cases. In general, brent crude oil is typically the main risk for stock prices, however in some cases oil products priced by Platts/Argus may be used for hedging. The hedging relationship is established with a hedge ratio of 1:1 ratio, matching commodity derivatives to the hedged risks. Ineffectiveness can arise from timing and pricing differences between derivatives and actual transactions. As of December 31, 2024 there was no active hedge relationship for stock hedges.
In case of refinery margin hedges, crude oil and products can generally be hedged separately to protect future margins. These hedging mandates and activities are documented and defined within the Annual Plan. As of December 31, 2024 there was no active hedge relationship for refinery margin hedges.
Furthermore in 2024 as well as in 2023, physical oil product exchange contracts were concluded between the OMV Group and the national stockholding company in Germany. In order to reduce the risk of market price fluctuations between the withdrawal and return of products, derivative swap deals (sell fix, buy floating at the time of withdrawal and buy fix, sell floating at the time of return) were concluded and designated in a fair value hedge relationship (hedge of a recognized liability).
Foreign exchange risk management
OMV operates in many countries and currencies, therefore industry-specific activities and the corresponding foreign exchange rate risks need to be analyzed precisely. The USD represents OMV\u2019s biggest risk exposure, due to movement of the USD against the EUR and also against OMV Group\u2019s other main currencies (RON, NOK, NZD, and SEK). Movements of these currencies against the EUR are also significant sources of risk. Other currencies have only a limited impact on cash flow and the operating result. The transaction risk to foreign currency cash flows is monitored on an ongoing basis. The Group\u2019s long and short net position is reviewed on a semiannual basis as a minimum and the sensitivity is calculated. This analysis provides the basis for the management of transaction risks on currencies. Since OMV produces commodities that are mainly traded in USD, the OMV Group has an economic USD long position.
FX options, forwards, and swaps may be used to hedge foreign exchange rate risks on outstanding receivables and payables. The market value of these instruments will move in the opposite direction to the value of the underlying receivable or liability if the relevant foreign exchange rate changes. When certain conditions are met, the Group may elect to apply IFRS\u00a09 hedge accounting principles in order to recognize the offsetting effects on profit or loss of changes in the fair value of the hedging instruments at the same time as the hedged items. Certain hedges, that refer to a forecasted currency position are therefore classified as cash flow hedges and stated at fair value through other comprehensive income.
Translation risk is also monitored on an ongoing basis at Group level and the risk position is evaluated. Translation risk arises on the consolidation of subsidiaries, associated companies and joint ventures with functional currencies different from EUR. The largest exposure results from changes in RON, USD, NOK, and SEK denominated assets against the EUR.
Foreign exchange translation differences relating to these net investments are recognized in other comprehensive income.
Borealis has hedged part of its investment in a joint venture that has USD as its functional currency by designating certain external loans in USD as hedges of the Group\u2019s investments in its foreign operations. The hedged risk in the net investment hedge is the risk of a weakening USD against the EUR that would result in a reduction in the carrying amount of the Group\u2019s net investment in the joint venture in USD. The EUR/USD impact on the measurement of the loans is recognized in other comprehensive income.
To assess hedge effectiveness, the Group determines the economic relationship between the hedging instrument and the hedged item by comparing changes in the carrying amount of the debt that is attributable to a change in the spot rate with changes in the net investment in the foreign operation due to movements in the spot rate (the dollar-offset method). The Group\u2019s policy is to hedge the net investment only to the extent of the debt principal.
There is an economic relationship between the hedged item and the hedging instrument, as the net investment creates a translation risk that will match the foreign exchange risk on the USD borrowing. The Group has established a hedge ratio of 1:1, as the underlying risk of the hedging instrument is identical to the hedged risk component.
Interest rate management
OMV\u2019s debt portfolio as of December 31, 2024 had only limited exposure to changes in interest rates, with almost all liabilities having fixed interest rates. Any future financing activities will be exposed to the prevailing market conditions at the time and this could potentially lead to higher interest expenses.
To facilitate the management of interest rate risk, OMV\u2019s existing liabilities are analyzed in terms of fixed and floating rate borrowings, currencies and maturities. Appropriate ratios for the various categories are established and, where necessary, derivative instruments are used to hedge fluctuations outside predetermined ranges.
Interest rate swaps can be used to convert fixed rate debt into floating rate debt and vice versa.
The hedge ineffectiveness and recycling of interest rate swaps are both shown in the line item \u201dinterest expenses\u201d in OMV\u2019s Consolidated Income Statement.
Sensitivity analysis
For open hedging contracts, sensitivity analysis is performed to determine the effect of market price fluctuations (+/\u201310%) on market value. The sensitivity of the OMV Group\u2019s overall earnings differs from the sensitivity shown below, since the contracts concluded are used to hedge operational exposure.
The effect of market price fluctuations on the income statement or other comprehensive income depends on the type of derivative used and whether hedge accounting is applied. Market price sensitivity for derivatives to which cash flow hedge accounting is applied is shown in the sensitivity table for other comprehensive income. Sensitivity to market price fluctuations for all other open derivatives is shown in the sensitivity tables for profit before tax.
Sensitivity analysis for open commodity derivatives affecting profit before tax
In EUR mn
2024
2023
Market price
+10%
Market price
\u201310%
Market price
+10%
Market price
\u201310%
Oil incl. oil products
\u201322
22
\u20134
4
Oil incl. oil products \u2013 designated in a hedge relationship1
4
\u20134
3
\u20133
Gas
\u201358
58
\u201334
34
Power
\u20139
9
2
\u20132
Other2
21
\u201321
28
\u201328
Total
\u201364
64
\u20134
4
1 Includes hedging instruments designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany. For further details see section Hedge Accounting of commodity hedges in Chemicals and Fuels & Feedstock section.
2 Includes derivatives for European Emission Allowances
Sensitivity analysis for open commodity derivatives affecting other comprehensive income before tax
In EUR mn
2024
2023
Market price
+10%
Market price
\u201310%
Market price
+10%
Market price
\u201310%
Oil incl. oil products
\u201316
16
\u201334
34
Gas
1
\u20131
2
\u20132
Power
29
\u201329
31
\u201331
Commodity hedges (designated in a hedge relationship)
14
\u201314
\u20131
1
For financial instruments, sensitivity analysis is performed for changes in foreign exchange rates of currencies material to the Group. On Group level, the EUR\u2013RON sensitivity not only includes the net RON exposure versus the EUR but also the net RON exposure versus the USD, since the USD\u2013RON exposure can be split into EUR\u2013RON and EUR\u2013USD exposure. The same is true for the EUR\u2013NOK, EUR\u2013SEK, and EUR\u2013NZD exposure.
Sensitivity analysis for financial instruments affecting profit before tax1
In EUR mn
2024
2023
10% appreciation
of the EUR
10% depreciation
of the EUR
10% appreciation
of the EUR
10% depreciation
of the EUR
EUR\u2013RON
\u201318
18
\u201312
12
EUR\u2013USD
\u20136
6
\u201323
23
EUR\u2013NZD
\u201334
34
\u201317
17
EUR\u2013NOK
5
\u20135
7
\u20137
EUR\u2013SEK
\u20132
2
\u20134
4
1 Refers only to financial instruments and is not the same as the Group\u2019s overall foreign exchange rate sensitivity in terms of operating result.
Sensitivity analysis for financial instruments affecting other comprehensive income before tax1
In EUR mn
2024
2023
10% appreciation
of the EUR
10% depreciation
of the EUR
10% appreciation
of the EUR
10% depreciation
of the EUR
EUR\u2013USD
25
\u201325
28
\u201328
EUR\u2013SEK
\u201314
14
\u201312
12
1 Including sensitivity of the net investment hedge
OMV regularly analyzes the impact of interest rate changes on interest income and expenses from floating rate deposits and borrowings. Currently, the effects of changes in interest rates are not considered to be a material risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-154": { "value": "
Accounting policy

Derivative financial instruments are used to hedge market risks resulting from changes in currency exchange rates, commodity prices, and interest rates and for trading purposes. Derivative instruments are recognized at fair value. Unrealized gains and losses are recognized as income or expenses, except where hedge accounting according to IFRS 9 is applied.

Those derivatives qualifying and designated as hedges are either 1) a fair value hedge when hedging exposure to changes in the fair value of a recognized asset or liability, 2) a cash flow hedge when hedging exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction, or 3) a net investment hedge when hedging the foreign exchange risk in a net investment in a foreign operation.

For cash flow hedges, the effective part of the changes in fair value is recognized in other comprehensive income, while the ineffective part is recognized immediately in the income statement. Where the hedging of cash flows results in the recognition of a non-financial asset or liability, the carrying value of that item will be adjusted for the accumulated gains or losses recognized directly in OCI.

Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in OCI and accumulated in the reserve for currency translation differences. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is disposed of or sold.

Contracts to buy or sell non-financial items that can be settled net in cash or another financial instrument are accounted for as financial instruments and measured at fair value. Associated gains or losses are recognized in profit or loss. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of non-financial items in accordance with the Group\u2019s expected purchase, sale, or usage requirements are not accounted for as derivative financial instruments, but as executory contracts.

OMV has contracted several long-term power purchase agreements, which were entered into and continue to be held for own use. They are therefore accounted for as executory contracts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-155": { "value": "
Accounting policy

Derivative financial instruments are used to hedge market risks resulting from changes in currency exchange rates, commodity prices, and interest rates and for trading purposes. Derivative instruments are recognized at fair value. Unrealized gains and losses are recognized as income or expenses, except where hedge accounting according to IFRS 9 is applied.

Those derivatives qualifying and designated as hedges are either 1) a fair value hedge when hedging exposure to changes in the fair value of a recognized asset or liability, 2) a cash flow hedge when hedging exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction, or 3) a net investment hedge when hedging the foreign exchange risk in a net investment in a foreign operation.

For cash flow hedges, the effective part of the changes in fair value is recognized in other comprehensive income, while the ineffective part is recognized immediately in the income statement. Where the hedging of cash flows results in the recognition of a non-financial asset or liability, the carrying value of that item will be adjusted for the accumulated gains or losses recognized directly in OCI.

Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in OCI and accumulated in the reserve for currency translation differences. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is disposed of or sold.

Contracts to buy or sell non-financial items that can be settled net in cash or another financial instrument are accounted for as financial instruments and measured at fair value. Associated gains or losses are recognized in profit or loss. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of non-financial items in accordance with the Group\u2019s expected purchase, sale, or usage requirements are not accounted for as derivative financial instruments, but as executory contracts.

OMV has contracted several long-term power purchase agreements, which were entered into and continue to be held for own use. They are therefore accounted for as executory contracts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-156": { "value": "Accounting policy

Derivative financial instruments are used to hedge market risks resulting from changes in currency exchange rates, commodity prices, and interest rates and for trading purposes. Derivative instruments are recognized at fair value. Unrealized gains and losses are recognized as income or expenses, except where hedge accounting according to IFRS 9 is applied.

Those derivatives qualifying and designated as hedges are either 1) a fair value hedge when hedging exposure to changes in the fair value of a recognized asset or liability, 2) a cash flow hedge when hedging exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction, or 3) a net investment hedge when hedging the foreign exchange risk in a net investment in a foreign operation.

For cash flow hedges, the effective part of the changes in fair value is recognized in other comprehensive income, while the ineffective part is recognized immediately in the income statement. Where the hedging of cash flows results in the recognition of a non-financial asset or liability, the carrying value of that item will be adjusted for the accumulated gains or losses recognized directly in OCI.

Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in OCI and accumulated in the reserve for currency translation differences. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is disposed of or sold.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-157": { "value": "
30 |
Fair value hierarchy
Accounting policy

The fair value is the amount for which an asset or liability could be transferred at the measurement date, based on the assumption that such transfers take place between participants in principal markets and, where applicable, taking the highest and best use into account.

Fair values are determined according to the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities. For the OMV Group, this category will, in most cases, only berelevant for securities, bonds, investment funds, and futures contracts.

Level 2: Valuation technique using directly or indirectly observable inputs. To determine the fair value for financial instruments within Level 2, forward prices of crude oil or natural gas, interest rates and foreign exchange rates are usually used as inputs to the valuation model. In addition, counterparty credit risk and volatility indicators, if applicable, are considered.

Level 3: Valuation techniques such as discounted cash flow models using significant unobservable inputs (e.g., long-term price assumptions and reserves estimates).
Fair value hierarchy of financial assets1 and net amount of assets and liabilities held for sale at fair value
In EUR mn
Carrying amount
Fair value level
Valued at amortized
cost
Valued at
fair value
Total
Level 1
Level 2
Level 3
Total
2024
Trade receivables
2,714
128
2,842
\u2014
128
\u2014
128
Equity investments
\u2014
106
106
19
62
25
106
Investment funds
\u2014
29
29
29
\u2014
\u2014
29
Bonds
91
\u2014
91
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
39
39
\u2014
39
\u2014
39
Other derivatives
\u2014
269
269
5
264
\u2014
269
Loans
1,286
\u2014
1,286
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,369
2
1,370
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
369
369
\u2014
369
\u2014
369
Total
5,460
941
6,401
52
862
27
941
2023
Trade receivables
3,356
99
3,455
\u2014
99
\u2014
99
Equity investments
\u2014
57
57
\u2014
34
23
57
Investment funds
\u2014
28
28
28
\u2014
\u2014
28
Bonds
285
\u2014
285
\u2014
\u2014
\u2014
\u2014
Derivatives designated
as hedging instruments
\u2014
52
52
\u2014
52
\u2014
52
Other derivatives
\u2014
890
890
0
890
\u2014
890
Loans
910
\u2014
910
\u2014
\u2014
\u2014
\u2014
Other sundry financial
assets
1,610
2
1,612
\u2014
\u2014
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
13
13
\u2014
13
\u2014
13
Total
6,160
1,141
7,301
28
1,088
25
1,141
1 Excluding assets that were reclassified to held for sale
Fair value hierarchy of financial liabilities and other liabilities at fair value1
In EUR mn
Carrying amount
Fair value level
Valued at
amortized
cost
Valued at fair
value
Total
Level 1
Level 2
Level 3
Total
2024
Trade payables
3,723
\u2014
3,723
\u2014
\u2014
\u2014
\u2014
Bonds
6,570
\u2014
6,570
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,767
\u2014
1,767
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,070
\u2014
1,070
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
60
60
\u2014
60
\u2014
60
Liabilities on other derivatives
\u2014
342
342
28
315
\u2014
342
Other financial liabilities
865
16
882
\u2014
16
\u2014
16
Other liabilities at fair value2
\u2014
40
40
\u2014
40
\u2014
40
Total
13,996
459
14,455
28
431
\u2014
459
2023
Trade payables
3,955
\u2014
3,955
\u2014
\u2014
\u2014
\u2014
Bonds
6,073
\u2014
6,073
\u2014
\u2014
\u2014
\u2014
Lease liabilities
1,585
\u2014
1,585
\u2014
\u2014
\u2014
\u2014
Other interest-bearing debt
1,470
\u2014
1,470
\u2014
\u2014
\u2014
\u2014
Liabilities on derivatives
designated as hedging
instruments
\u2014
67
67
\u2014
67
\u2014
67
Liabilities on other derivatives
\u2014
469
469
37
432
\u2014
469
Other financial liabilities
1,204
\u2014
1,204
\u2014
\u2014
\u2014
\u2014
Other liabilities at fair value2
\u2014
28
28
\u2014
28
\u2014
28
Total
14,287
564
14,851
37
528
\u2014
564
1 Excluding liabilities that were reclassified to held for sale
2 Includes hedged items designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany.
Financial liabilities for which fair values are disclosed
In EUR mn
Carrying amount
Fair value
Fair value level
Level 1
Level 2
2024
Bonds
6,570
6,359
6,359
\u2014
Other interest-bearing debt
1,070
989
\u2014
989
Financial liabilities
7,640
7,349
6,359
989
2023
Bonds
6,073
5,766
5,766
\u2014
Other interest-bearing debt
1,470
1,349
\u2014
1,349
Financial liabilities
7,543
7,115
5,766
1,349
The table above shows the carrying amount and fair value of financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information of other financial assets and liabilities measured at amortized costs, as the carrying amount represents an adequate approximation to the fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-158": { "value": "
Accounting policy

The fair value is the amount for which an asset or liability could be transferred at the measurement date, based on the assumption that such transfers take place between participants in principal markets and, where applicable, taking the highest and best use into account.

Fair values are determined according to the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities. For the OMV Group, this category will, in most cases, only berelevant for securities, bonds, investment funds, and futures contracts.

Level 2: Valuation technique using directly or indirectly observable inputs. To determine the fair value for financial instruments within Level 2, forward prices of crude oil or natural gas, interest rates and foreign exchange rates are usually used as inputs to the valuation model. In addition, counterparty credit risk and volatility indicators, if applicable, are considered.

Level 3: Valuation techniques such as discounted cash flow models using significant unobservable inputs (e.g., long-term price assumptions and reserves estimates).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-159": { "value": "
31 |
Offsetting of financial assets and financial liabilities
Accounting policy

Financial assets and financial liabilities are offset only when the Group has a current and legally enforceable right to set off the recognized amounts and when there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

In the normal course of business, OMV enters into various master netting arrangements in the form of International Swaps and Derivatives Association (ISDA) agreements, European Federation of Energy Traders (EFET) agreements or other similar arrangements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-160": { "value": "
33 |
Share-based payments
Accounting policy

The fair value of share-based compensation expenses arising from the Long-Term Incentive (LTI) Plan \u2013 OMV\u2019s main equity-settled plan \u2013 is estimated using a model based on the expected target achievements and the expected share prices. For cash-settled awards, a provision based on the fair value of the amount payable is built up over the vesting period, so that by the end of the vesting period the fair value of the bonus shares to be granted is fully provided for. The provision is remeasured at the end of each reporting period up to the date of settlement, with any changes in fair value recognized in profit or loss. For share-settled awards, the grant date fair value is recognized as an expense (including income tax), with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to subsequent changes in parameters other than market parameters.

In addition, the Equity Deferral part of the annual bonus is settled in shares. Accordingly, the related expense is recognized against equity. For share-based awards, the award is settled net of tax to the participants.
Long Term Incentive (LTI) plans
LTI plans with similar conditions are granted annually to the Executive Board and selected Senior Managers in the Group. On the vesting date, shares will be granted to the participants. The number of bonus shares is determined depending on the achievement of defined performance criteria. The performance criteria and their corresponding typical weightings for the Executive Board members are defined in the Remuneration Policy and as of 2022 are as follows: Relative Total Shareholder Return (30%), Clean CCS (Current Cost of Supply) ROACE (40%), ESG targets (30%). Based on predefined criteria (e.g., fatalities, Total Recordable Injury Rate (TRIR), process safety \u2013 also in comparison to industry benchmarks), a Health & Safety Malus of between 0.8 and 1.0 is applied to the overall target achievement for Executive Board members. In case of severe incidents, the Remuneration Committee may reduce the payout to zero. For Senior Managers, as of 2022, the following performance criteria apply: Relative Total Shareholder Return (30%), Free Cash Flow (35%), and ESG targets/Transformation targets (35%). The defined performance criteria may not be amended during the performance period of the LTI plans. However\u00a0\u2013 in order to maintain the incentivizing character of the program\u00a0\u2013the responsible governing body has the discretion to adjust for Senior Managers the threshold/target/maximum levels of the Free Cash Flow, in case of material changes in external factors such as oil and gas prices. The adjustment can be made in both directions.
Disbursement is made in cash or in shares. Since 2022, the OMV Petrom LTI plan payment has been made in shares only. Executive Board members and Senior Managers as active participants of the plans are required to build up an appropriate volume of shares and to hold those shares until retirement or departure from the company. For Senior Managers, if the eligibility of the LTI plan lapses but they are still in active employment with the company, the shareholding requirement expires when the last LTI plan is paid out. The shareholding requirement is defined as a percentage of the annual gross base salary, for the Executive Board, and as a percentage of the respective Target Long-Term Incentive for Senior Managers. Executive Board members have to fulfill the shareholding requirement within five years after the initial respective appointment. Until fulfillment of the shareholding requirement, disbursement takes the form of shares whilst thereafter the plan participants can decide between cash or share settlement. As long as the shareholding requirements are not fulfilled the granted shares after deduction of taxes are transferred to a trustee deposit, managed by the company.
For payments in shares the grant date fair values are spread as expenses over the three years performance period with a corresponding increase in shareholders\u2019 equity. In the case of assumed cash-settlements, a provision is made for the expected future costs of the LTI plans on the statement of financial position date based on fair values.
Long-Term Incentive Plans
2024 plan
2023 plan
2022 plan
2021 plan
Start of plan
01/01/2024
01/01/2023
01/01/2022
01/01/2021
End of performance period
12/31/2026
12/31/2025
12/31/2024
12/31/2023
Vesting date
03/31/2027
03/31/2026
03/31/2025
03/31/2024
Shareholding requirement


Executive Board Chairman
200% of
annual gross
base salary
200% of
annual gross
base salary
200% of
annual gross
base salary
200% of
annual gross
base salary


Executive Board Deputy Chairman
175% of
annual gross
base salary
175% of
annual gross
base salary
175% of
annual gross
base salary
175% of
annual gross
base salary


Other Executive Board members
150% of
annual gross
base salary
150% of
annual gross
base salary
150% of
annual gross
base salary
150% of
annual gross
base salary



Senior Managers
75% of the
respective
Target Long-
Term Incentive
75% of the
respective
Target Long-
Term Incentive
75% of the
respective
Target Long-
Term Incentive
75% of the
respective
Target Long-
Term Incentive
Details per Plan
Share Price (fair value) at Grant Date
47.50
42.17
43.94
\u2014
Equity reserve (in EUR mn) as of December 31, 2024
3
3
4
\u2014
Maximum shares as of December 31, 2024
850,210
675,790
586,370
\u2014
Expected shares as of December 31, 2024
504,096
263,308
257,605
\u2014
thereof settled in shares
188,325
103,918
87,384
\u2014
thereof settled in cash
315,771
159,390
170,221
\u2014
Fair value of plan - Average share price
36.14
37.08
38.18
\u2014
Fair value of plan (in EUR mn) as of December 31, 2024\u00b9
18
10
10
\u2014
Provision (in EUR mn) as of December 31, 2024\u00b9
4
4
6
\u2014
1 Excluding incidental wage costs
Equity Deferral
The Equity Deferral serves as a long-term compensation instrument for the members of the Executive Board that promotes retention and shareholder alignment in OMV. It combines the interests of management and shareholders via a long-term investment in restricted shares. The holding period of the Equity Deferral is three years from vesting. The plan also seeks to prevent inadequate risk-taking.
The performance criteria and their typical weightings for the Executive Board are defined in the Remuneration Policy and are as follows: Reported Net Income (40%), Free Cash Flow (30%), Operational target (15%), and ESG target (15%). Based on predefined criteria (e.g., fatalities, TRIR, and process safety \u2013 also in comparison to industry benchmarks), a Health & Safety Malus of between 0.8 and 1.0 is applied to overall target achievement. In case of severe incidents, the Remuneration Committee may reduce the payout to zero.
The Annual Bonus is capped at 180% of the target Annual Bonus. A minimum of one-third of the Annual Bonus is granted in shares. The determined bonus achievement is settled on March 31 following the end of the period whereby at the statement of financial position date the target achievements and the share price are estimated (the latter on the basis of market quotes).
Given the volatility of commodity prices and market conditions inherent to the industry, the variable remuneration plans give the Remuneration Committee the authority (in line with general practices in the Oil and Gas industry) to adjust the threshold, target, and maximum levels of the financial targets based on oil/gas prices and EUR/USD exchange rates compared with assumptions at the time the targets were set. Adjustments can be applied in both directions. They are determined by the Remuneration Committee and published in the Remuneration Report. The granted shares after deduction of taxes are transferred to a trustee deposit, managed by the Company, to be held for three years.
In 2024, expenses amounting to EUR 2 mn were recorded with a corresponding increase in equity (2023: EUR 3 mn).
Personal investment held in shares1
12/31/2024
Active Executive Board members as of December 31, 2024
Stern
41,308
Florey
54,380
van Koten
10,821
Gaso
3,550
Vlad2
3,720
Former Executive Board members
Pleininger3
14,203
Skvortsova4
7,329
Seele5
7,795
Gangl6
533
Total - Executive Board
143,639
Other Senior Managers
243,899
Total personal investment
387,538
1 Personal investment held in shares refer to open LTI plans and Equity Deferral if shares are held in the OMV trustee deposit.
2 Daniela Vlad resigned from the Executive Board effective February 28, 2025.
3 Johann Pleininger resigned from the Executive Board effective December 31, 2022.
4 Elena Skvortsova resigned from the Executive Board effective October 31, 2022.
5 Rainer Seele resigned from the Executive Board effective August 31, 2021.
6 Thomas Gangl resigned from the Executive Board effective March 31, 2021.
Total expenses
Expenses related to all share-based payment transactions are summarized in the table below.
Expenses related to share-based payment transactions1
In EUR mn
2024
2023
Cash settled
6
6
Equity settled
7
6
Total expenses arising from share based payment transactions
13
12
1 Excluding incidental wage costs
Key management personnel compensation
Remuneration received by active members of the Executive Board as of December 31, 2024
In EUR mn
2024
Stern
Florey
Gaso
van Koten
Vlad5
Total
Short-term benefits
2.24
1.87
1.30
1.36
1.32
8.09
Fixed (base salary)
1.04
0.87
0.60
0.62
0.58
3.70
Variable (cash bonus)1
1.19
0.99
0.63
0.72
0.66
4.18
Benefits in kind2
0.01
0.01
0.073
0.034
0.093
0.21
Post-employment benefits
0.26
0.22
0.15
0.15
0.14
0.93
Pension fund contributions
0.26
0.22
0.15
0.15
0.14
0.93
Share-based benefits
1.58
1.19
0.35
0.61
0.36
4.09
Variable (Equity Deferral 2023)
0.87
0.72
0.35
0.40
0.36
2.70
Variable (LTIP 2021)
0.71
0.47
\u2014
0.21
\u2014
1.39
Remuneration received by the Executive Board
4.08
3.27
1.80
2.13
1.82
13.10
1 The variable components relate to target achievement in 2023, for which bonuses were paid in 2024.
2 Including cash payments for allowances
3 Including rental, advisory costs, and related taxes
4 Including car allowances
5 Daniela Vlad resigned from the Executive Board effective February 28, 2025.
Remuneration received by former members of the Executive Board as of December 31, 2024
In EUR mn
2024
Pleininger3
Skvortsova4
Seele5
Gangl6
Total
Short-term benefits
0.34
0.34
\u2014
\u2014
0.68
Variable (cash bonus)1
0.34
0.33
\u2014
\u2014
0.67
Benefits in kind2
\u2014
0.01
\u2014
\u2014
0.01
Share-based benefits
0.88
0.61
1.80
0.11
3.39
Variable (Equity Deferral 2023)
0.27
0.18
\u2014
\u2014
0.46
Variable (LTIP 2021)
0.60
0.43
1.80
0.11
2.94
Remuneration received by former Executive Board members
1.22
0.95
1.80
0.11
4.07
1 The variable components relate to target achievement in 2023, for which bonuses were paid in 2024.
2 Including cash payments for allowances
3 Johann Pleininger resigned from the Executive Board effective December 31, 2022 and his contract ended on April 30, 2023.
4 Elena Skvortsova resigned from the Executive Board effective October 31, 2022 and her contract ended on June 14, 2023.
5 Rainer Seele resigned from the Executive Board effective August 31, 2021 and his contract ended on June 30, 2022.
6 Thomas Gangl resigned from the Executive Board effective March 31, 2021.
Remuneration received by active members of the Executive Board as of December 31, 2023
In EUR mn
2023
Stern
Florey
Gaso4
van Koten
Vlad8
Total
Short-term benefits
2.16
1.83
1.24
1.31
0.86
7.39
Fixed (base salary)
0.99
0.81
0.50
0.58
0.53
3.41
Fixed (one-off payment)
\u2014
\u2014
0.635
\u2014
0.269
0.89
Variable (cash bonus)1
1.16
0.97
\u2014
0.70
\u2014
2.83
Benefits in kind2
0.01
0.053
0.116
0.037
0.0710
0.26
Post-employment benefits
0.25
0.20
0.13
0.14
0.13
0.86
Pension fund contributions
0.25
0.20
0.13
0.14
0.13
0.86
Share-based benefits
0.68
1.04
\u2014
0.31
\u2014
2.04
Variable (Equity Deferral 2022)
0.68
0.57
\u2014
0.31
\u2014
1.56
Variable (LTIP 2020)
\u2014
0.48
\u2014
\u2014
\u2014
0.48
Remuneration received by the Executive Board
3.09
3.07
1.37
1.76
0.99
10.28
1 The variable components relate to target achievement in 2022, for which bonuses were paid in 2023.
2 Including cash payments for allowances
3 Including schooling costs and related taxes
4 Berislav Gaso joined the Executive Board on March 1, 2023.
5 Berislav Gaso received a compensation payment for forfeited remuneration in the 2023 financial year in settlement of the variable remuneration that was demonstrably forfeited due to the transfer from the MOL Group to OMV Aktiengesellschaft.
6 Including relocation, rental costs, and related taxes
7 Including car allowances
8 Daniela Vlad joined the Executive Board on February 1, 2023.
9 Daniela Vlad received a compensation payment for forfeited remuneration in the 2023 financial year in settlement of the variable remuneration that was demonstrably forfeited due to the transfer from AkzoNobel N.V. to OMV Aktiengesellschaft.
10 Including relocation, rental costs, and related taxes
Remuneration received by former members of the Executive Board as of December 31, 2023
In EUR mn
2023
Pleininger3
Skvortsova5
Seele7
Gangl8
Total
Short-term benefits
1.52
1.04
0.72
\u2014
3.28
Fixed (base salary)
0.25
0.26
\u2014
\u2014
0.51
Fixed (one-off payment)
0.274
\u2014
\u2014
\u2014
0.27
Variable (cash bonus)1
1.00
0.70
0.72
\u2014
2.42
Benefits in kind2
0.00
0.086
\u2014
\u2014
0.08
Post-employment benefits
0.12
0.07
\u2014
\u2014
0.19
Pension fund contributions
0.12
0.07
\u2014
\u2014
0.19
Share-based benefits
1.26
0.55
2.16
0.44
4.40
Variable (Equity Deferral 2022)
0.65
0.31
0.32
\u2014
1.27
Variable (LTIP 2020)
0.61
0.24
1.84
0.44
3.13
Remuneration received by former Executive Board members
2.90
1.66
2.88
0.44
7.87
1 The variable components relate to target achievement in 2022, for which bonuses were paid in 2023.
2 Including cash payments for allowances
3 Johann Pleininger resigned from the Executive Board effective December 31, 2022 and his contract ended on April 30, 2023.
4 Johann Pleininger received compensation for the shortened phase-out period for the period from May 1 until August 31, 2023.
5 Elena Skvortsova resigned from the Executive Board effective October 31, 2022 and her contract ended on June 14, 2023.
6 Including rental, advisory costs, and related taxes
7 Rainer Seele resigned from the Executive Board effective August 31, 2021 and his contract ended on June 30, 2022.
8 Thomas Gangl resigned from the Executive Board effective March 31, 2021.
Remuneration received by top executives (excl. Executive Board)1
In EUR mn
2024
2023
Salaries and bonuses
27.0
28.5
Pension fund contributions
1.5
1.5
Other post-employment benefits including termination benefits
0.0
2.5
Share-based benefits
5.9
6.4
Other long-term benefits
0.1
0.1
Remuneration received by top executives (excl. Executive Board)
34.5
39.0
1 In 2024, there were on average 48 top executives (2023: 51) based on the months of service in the Group.
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 33 \u2013 Share-based payments for details on Long-Term Incentive Plans and Equity Deferral.
In 2024, remuneration expenses for the Supervisory Board amounted to EUR 1.1 mn (2023: EUR 1.0 mn).
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33 |
Share-based payments
Accounting policy

The fair value of share-based compensation expenses arising from the Long-Term Incentive (LTI) Plan \u2013 OMV\u2019s main equity-settled plan \u2013 is estimated using a model based on the expected target achievements and the expected share prices. For cash-settled awards, a provision based on the fair value of the amount payable is built up over the vesting period, so that by the end of the vesting period the fair value of the bonus shares to be granted is fully provided for. The provision is remeasured at the end of each reporting period up to the date of settlement, with any changes in fair value recognized in profit or loss. For share-settled awards, the grant date fair value is recognized as an expense (including income tax), with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to subsequent changes in parameters other than market parameters.

In addition, the Equity Deferral part of the annual bonus is settled in shares. Accordingly, the related expense is recognized against equity. For share-based awards, the award is settled net of tax to the participants.
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34 |
Expenses Group auditor
Expenses for services rendered by the Group auditor (including the international network within the meaning of section 271b UGB) comprised the following:
Expenses for services rendered by the Group auditor (including the international network)
In EUR mn
2024
2023
Group auditor
thereof
KPMG Austria GmbH
Wirtschafts-
pr\u00fcfungs- und
Steuerberatungs-
gesellschaft
Group auditor
thereof
KPMG Austria GmbH
Wirtschafts-
pr\u00fcfungs- und
Steuerberatungs-
gesellschaft
Audit of Group accounts and year-end audit
5.70
2.55
5.40
2.38
Other assurance services
1.67
1.48
0.84
0.74
Tax advisory services
2.51
\u2014
2.50
\u2014
Other services
0.55
\u2014
0.74
0.00
Total
10.44
4.03
9.48
3.12
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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. On February 28, 2024, following all conditions under the share purchase agreement between Mubadala Petroleum and Petrochemicals Holding Company (MPPH) and Abu Dhabi National Oil Company P.J.S.C. (ADNOC) having been fulfilled, all shares in OMV Aktiengesellschaft were transferred from MPPH to ADNOC. Consequently, \u00d6sterreichische Beteiligungs AG (\u00d6BAG), Vienna, holds an interest of 31.5% and Abu Dhabi National Oil Company P.J.S.C., Abu Dhabi, holds an interest of 24.9% in OMV Aktiengesellschaft; both are related parties under IAS\u00a024.
In 2024 and 2023, there were the following arm\u2019s length supplies of goods and services (including the granting of licenses for the use of technologies belonging to the Group) between the Group and equity-accounted companies.
Transactions with equity-accounted investments \u2013 Sales and trade receivables
In EUR mn
2024
2023
Sales and
other income
Trade
receivables
Sales and
other income
Trade
receivables
Abu Dhabi Oil Refining Company
2
1
1
1
ADNOC Global Trading LTD
4
1
4
0
Bayport Polymers LLC
11
4
6
3
Borouge investments1
507
126
519
106
Borouge 4 LLC
7
2
6
2
EEX CEGH Gas Exchange Services GmbH
1
0
1
0
Erd\u00f6l-Lagergesellschaft m.b.H.
46
0
148
\u2014
GENOL Gesellschaft m.b.H.
134
22
138
22
Kilpilahden Voimalaitos Oy
5
3
4
0
Recelerate GmbH
1
0
3
0
Soci\u00e9t\u00e9 d'Int\u00e9r\u00eat Collectif Agricole Laignes Agrifluides (SICA Laignes Agrifluides)2
\u2014
\u2014
1
\u2014
Total
719
159
833
135
1 Including Borouge PLC and Borouge Pte. Ltd
2 Deconsolidated on July 5, 2023, as part of the Borealis nitrogen business unit sale.
Additional non-monetary transactions in the amount of EUR 5 mn took place with Erd\u00f6l-Lagergesellschaft m.b.H. in 2024 that are not disclosed in the above table under the position \u201cSales and other income\u201d as these transactions are outside the scope of IFRS 15. They are consequently not shown as revenues in the Consolidated Income Statement as netting with expenses was applied (2023: EUR 51 mn).
Moreover, OMV recognized EUR 7 mn income from financial guarantees granted to equity-accounted investments (2023: EUR 5 mn). Further details see below.
Transactions with equity-accounted investments \u2013 Purchases and trade payables
In EUR mn
2024
2023
Purchases
and services
received
Trade
payables
Purchases
and services
received
Trade
payables
Bayport Polymers LLC
43
3
1
\u2014
Borouge investments1
434
143
377
91
Chemiepark Linz Betriebsfeuerwehr GmbH2
\u2014
\u2014
2
\u2014
Deutsche Transalpine Oelleitung GmbH
33
3
30
3
EPS Ethylen-Pipeline-S\u00fcd GmbH & Co KG
4
\u2014
3
\u2014
Erd\u00f6l-Lagergesellschaft m.b.H.
56
2
60
28
GENOL Gesellschaft m.b.H.
12
1
11
1
Industrins R\u00e4ddningstj\u00e4nst i Stenungsund AB
1
0
\u2014
\u2014
Kilpilahden Voimalaitos Oy
85
\u2014
99
0
PetroPort Holding AB
4
0
4
0
Societ\u00e0 Italiana per l'Oleodotto Transalpino S.p.A.
5
1
4
0
Recelerate GmbH
3
0
3
0
Salzburg Fuelling GmbH
1
0
2
0
Total
679
154
596
125
1 Including Borouge PLC and Borouge Pte. Ltd.
2 Deconsolidated on July 5, 2023, as part of the Borealis nitrogen business unit sale.
Dividends distributed from equity-accounted investments
In EUR mn
2024
2023
Abu Dhabi Oil Refining Company
202
206
Abu Dhabi Petroleum Investments LLC
24
23
ADNOC Global Trading LTD
76
96
Borouge investments1
434
455
Deutsche Transalpine Oelleitung GmbH
1
1
EEX CEGH Gas Exchange Services GmbH
1
1
GENOL Gesellschaft m.b.H.
0
1
Neochim AD2
\u2014
1
Pearl Petroleum Company Limited
35
\u2014
Societ\u00e0 Italiana per l'Oleodotto Transalpino S.p.A.
1
1
Transalpine \u00d6lleitung in \u00d6sterreich Gesellschaft m.b.H.
1
1
Dividends distributed from equity-accounted investments
776
787
1 Including Borouge PLC and Borouge Pte. Ltd
2 Deconsolidated on July 5, 2023, as part of the Borealis nitrogen business unit sale.
Other balances with equity-accounted investments
In EUR mn
2024
2023
Bayport Polymers LLC
769
701
Borouge 4 LLC
435
155
Electrocentrale Borzesti SRL
25
\u2014
Kilpilahden Voimalaitos Oy
55
52
Loan receivables
1,285
909
Bayport Polymers LLC
21
24
C2PAT GmbH
1
1
Freya Bunde-Etzel GmbH & Co. KG
7
8
Other financial receivables
29
33
Borouge investments1
8
8
Contract assets
8
8
Kilpilahden Voimalaitos Oy
10
11
Advance payments
10
11
Bayport Polymers LLC
20
91
Borouge 4 LLC
1
1
Other financial liabilities
21
92
Erd\u00f6l-Lagergesellschaft m.b.H.
66
79
Contract liabilities
66
79
Erd\u00f6l-Lagergesellschaft m.b.H.
32
\u2014
Provisions
32
\u2014
1 Including Borouge PLC and Borouge Pte. Ltd.
As of December 31, 2024, undrawn financial commitments to Borouge 4 LLC totaling EUR 615 mn (December 31, 2023: EUR 818 mn) originated from a shareholder loan agreement (SHL) entered into on February 3, 2023, with Borealis AG as the lender and Borouge 4 LLC as the borrower to part finance the Borouge 4 CAPEX requirements of Borouge 4 LLC. EUR 413 mn out of the total EUR 1,028 mn commitment had been drawn as of December 31, 2024. The SHL is structured as a facility with a five-year tenor. Borealis retains the right to accelerate the repayment of the outstanding amounts at the point of reintegration into Borouge PLC. Furthermore, Borealis AG granted a guarantee for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement. The total guarantee amounts to EUR 1,228 mn plus interest. Based on the already drawn financing by Borouge 4 LLC, the guaranteed amount as of December 31, 2024, totaled EUR 1,009 mn (December 31, 2023: EUR 536 mn).
Borealis granted a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC (Baystar) as a liquidity instrument to conduct its ordinary course of business, which was utilized in the amount of EUR 82 mn plus interest at year-end (December 31, 2023: EUR 90 mn). The maximum amount of the credit facility is EUR 193 mn plus interest as of December 31, 2024 (December 31, 2023: EUR 181 mn), of which 50% (EUR 96 mn plus interest) is guaranteed by Borealis, while the remaining amount is guaranteed by the joint venture partner TotalEnergies.
In 2022, Bayport Polymers LLC repaid a loan to the Group, which was fully financed by two tranches of senior notes. Borealis provided a parental guarantee to Bayport Polymers LLC for the full amount of the senior notes, which amounted to EUR 626 mn plus interest as of December 31, 2024 (December 31, 2023: EUR 588 mn). Additionally, in 2022 Borealis provided a parental guarantee for the lease of railcars by Bayport Polymers LLC with a maximum exposure of EUR 19 mn as of December 31, 2024 (December 31, 2023: EUR 20 mn).
In September 2024, OMV Petrom finalized the acquisition of 50% shares in the joint venture Electrocentrale Borzesti SRL, held together with RNV Infrastructure. Both partners plan to invest approximately EUR 1.3 bn in renewable energy projects according to the shareholders\u2019 agreement, including a large portion of external financing. Therefore, part of the estimated investment will be financed by share capital increase and/or by shareholder loans granted to the joint venture equally by both partners, subject to obtaining the final investment decision for the respective projects. As of December 31, 2024, the loan receivable by OMV Petrom from Electrocentrale Borzesti S.R.L. amounted to EUR 25 mn.
The capital contribution payment of EUR 69 mn to Bayport Polymers LLC led to a decrease in other financial liabilities in 2024.
The contract liabilities toward Erd\u00f6l-Lagergesellschaft m.b.H. are related to a long-term contract for rendering of services.
Government-related entities
Based on the OMV ownership structure, the Republic of Austria has an indirect relationship with OMV via \u00d6BAG and is therefore, together with companies under the control of the Republic of Austria, considered a related party. In its normal course of business, OMV has arm\u2019s length transactions mainly with \u00d6sterreichische Post Aktiengesellschaft, VERBUND AG, \u00d6sterreichische Bundesbahnen-Holding Aktiengesellschaft, Bundesbeschaffung GmbH, and their subsidiaries.
In 2024, OMV concluded a power purchase agreement with VERBUND for the supply of sustainable electricity obtained from hydropower for four years starting in January 2025.
Via ADNOC, OMV has an indirect relationship with the Emirate of Abu Dhabi, which, together with the companies under the control of Abu Dhabi, is also considered a related party. In 2024, there were supplies of goods and services, for instance to Abu Dhabi Company for Offshore Petroleum Operations Ltd, NOVA Chemicals Corporation (NOVA), and Abu Dhabi National Oil Company P.J.S.C. 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
Remuneration received by active members of the Executive Board as of December 31, 2024
In EUR mn
2024
Stern
Florey
Gaso
van Koten
Vlad5
Total
Short-term benefits
2.24
1.87
1.30
1.36
1.32
8.09
Fixed (base salary)
1.04
0.87
0.60
0.62
0.58
3.70
Variable (cash bonus)1
1.19
0.99
0.63
0.72
0.66
4.18
Benefits in kind2
0.01
0.01
0.073
0.034
0.093
0.21
Post-employment benefits
0.26
0.22
0.15
0.15
0.14
0.93
Pension fund contributions
0.26
0.22
0.15
0.15
0.14
0.93
Share-based benefits
1.58
1.19
0.35
0.61
0.36
4.09
Variable (Equity Deferral 2023)
0.87
0.72
0.35
0.40
0.36
2.70
Variable (LTIP 2021)
0.71
0.47
\u2014
0.21
\u2014
1.39
Remuneration received by the Executive Board
4.08
3.27
1.80
2.13
1.82
13.10
1 The variable components relate to target achievement in 2023, for which bonuses were paid in 2024.
2 Including cash payments for allowances
3 Including rental, advisory costs, and related taxes
4 Including car allowances
5 Daniela Vlad resigned from the Executive Board effective February 28, 2025.
Remuneration received by former members of the Executive Board as of December 31, 2024
In EUR mn
2024
Pleininger3
Skvortsova4
Seele5
Gangl6
Total
Short-term benefits
0.34
0.34
\u2014
\u2014
0.68
Variable (cash bonus)1
0.34
0.33
\u2014
\u2014
0.67
Benefits in kind2
\u2014
0.01
\u2014
\u2014
0.01
Share-based benefits
0.88
0.61
1.80
0.11
3.39
Variable (Equity Deferral 2023)
0.27
0.18
\u2014
\u2014
0.46
Variable (LTIP 2021)
0.60
0.43
1.80
0.11
2.94
Remuneration received by former Executive Board members
1.22
0.95
1.80
0.11
4.07
1 The variable components relate to target achievement in 2023, for which bonuses were paid in 2024.
2 Including cash payments for allowances
3 Johann Pleininger resigned from the Executive Board effective December 31, 2022 and his contract ended on April 30, 2023.
4 Elena Skvortsova resigned from the Executive Board effective October 31, 2022 and her contract ended on June 14, 2023.
5 Rainer Seele resigned from the Executive Board effective August 31, 2021 and his contract ended on June 30, 2022.
6 Thomas Gangl resigned from the Executive Board effective March 31, 2021.
Remuneration received by active members of the Executive Board as of December 31, 2023
In EUR mn
2023
Stern
Florey
Gaso4
van Koten
Vlad8
Total
Short-term benefits
2.16
1.83
1.24
1.31
0.86
7.39
Fixed (base salary)
0.99
0.81
0.50
0.58
0.53
3.41
Fixed (one-off payment)
\u2014
\u2014
0.635
\u2014
0.269
0.89
Variable (cash bonus)1
1.16
0.97
\u2014
0.70
\u2014
2.83
Benefits in kind2
0.01
0.053
0.116
0.037
0.0710
0.26
Post-employment benefits
0.25
0.20
0.13
0.14
0.13
0.86
Pension fund contributions
0.25
0.20
0.13
0.14
0.13
0.86
Share-based benefits
0.68
1.04
\u2014
0.31
\u2014
2.04
Variable (Equity Deferral 2022)
0.68
0.57
\u2014
0.31
\u2014
1.56
Variable (LTIP 2020)
\u2014
0.48
\u2014
\u2014
\u2014
0.48
Remuneration received by the Executive Board
3.09
3.07
1.37
1.76
0.99
10.28
1 The variable components relate to target achievement in 2022, for which bonuses were paid in 2023.
2 Including cash payments for allowances
3 Including schooling costs and related taxes
4 Berislav Gaso joined the Executive Board on March 1, 2023.
5 Berislav Gaso received a compensation payment for forfeited remuneration in the 2023 financial year in settlement of the variable remuneration that was demonstrably forfeited due to the transfer from the MOL Group to OMV Aktiengesellschaft.
6 Including relocation, rental costs, and related taxes
7 Including car allowances
8 Daniela Vlad joined the Executive Board on February 1, 2023.
9 Daniela Vlad received a compensation payment for forfeited remuneration in the 2023 financial year in settlement of the variable remuneration that was demonstrably forfeited due to the transfer from AkzoNobel N.V. to OMV Aktiengesellschaft.
10 Including relocation, rental costs, and related taxes
Remuneration received by former members of the Executive Board as of December 31, 2023
In EUR mn
2023
Pleininger3
Skvortsova5
Seele7
Gangl8
Total
Short-term benefits
1.52
1.04
0.72
\u2014
3.28
Fixed (base salary)
0.25
0.26
\u2014
\u2014
0.51
Fixed (one-off payment)
0.274
\u2014
\u2014
\u2014
0.27
Variable (cash bonus)1
1.00
0.70
0.72
\u2014
2.42
Benefits in kind2
0.00
0.086
\u2014
\u2014
0.08
Post-employment benefits
0.12
0.07
\u2014
\u2014
0.19
Pension fund contributions
0.12
0.07
\u2014
\u2014
0.19
Share-based benefits
1.26
0.55
2.16
0.44
4.40
Variable (Equity Deferral 2022)
0.65
0.31
0.32
\u2014
1.27
Variable (LTIP 2020)
0.61
0.24
1.84
0.44
3.13
Remuneration received by former Executive Board members
2.90
1.66
2.88
0.44
7.87
1 The variable components relate to target achievement in 2022, for which bonuses were paid in 2023.
2 Including cash payments for allowances
3 Johann Pleininger resigned from the Executive Board effective December 31, 2022 and his contract ended on April 30, 2023.
4 Johann Pleininger received compensation for the shortened phase-out period for the period from May 1 until August 31, 2023.
5 Elena Skvortsova resigned from the Executive Board effective October 31, 2022 and her contract ended on June 14, 2023.
6 Including rental, advisory costs, and related taxes
7 Rainer Seele resigned from the Executive Board effective August 31, 2021 and his contract ended on June 30, 2022.
8 Thomas Gangl resigned from the Executive Board effective March 31, 2021.
Remuneration received by top executives (excl. Executive Board)1
In EUR mn
2024
2023
Salaries and bonuses
27.0
28.5
Pension fund contributions
1.5
1.5
Other post-employment benefits including termination benefits
0.0
2.5
Share-based benefits
5.9
6.4
Other long-term benefits
0.1
0.1
Remuneration received by top executives (excl. Executive Board)
34.5
39.0
1 In 2024, there were on average 48 top executives (2023: 51) based on the months of service in the Group.
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 33 \u2013 Share-based payments for details on Long-Term Incentive Plans and Equity Deferral.
In 2024, remuneration expenses for the Supervisory Board amounted to EUR 1.1 mn (2023: EUR 1.0 mn).
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37 |
Subsequent events
On January 3, 2025, the Stockholm Chamber of Commerce (SCC) ruled in favor of OMV in the arbitration proceedings relating to the Austrian supply contract, awarding OMV compensation by Gazprom Export LLC. In light of this favorable award, the financial impact of the partial set-off against liabilities under the Austrian gas supply contract was recorded in other operating income in 2025 in the amount of EUR 48 mn, since the gain was no longer contingent.
On March 3, 2025 OMV and ADNOC signed a binding agreement for the combination of their shareholdings in Borealis and Borouge into Borouge Group International. ADNOC has also entered in a share purchase agreement with Nova Chemicals Holdings GmbH, an indirectly wholly owned company of Mubadala Investment Company P.J.S.C. for 100% of Nova Chemicals for an enterprise value of USD 13.4 bn. ADNOC and OMV have also agreed that upon completion of the combination, Borouge Group International will acquire Nova Chemicals further expanding its footprint in North America.
OMV and ADNOC will have equal shareholdings of 46.94% each and equal partnership in Borouge Group International following a cash injection of EUR 1.6 bn (reduced by dividends paid out until closing) by OMV into the new company. The new entity will be headquartered and domiciled in Vienna, Austria, with regional headquarters in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange (ADX). It is intended that Borouge Group International will have a dual listing on the Vienna Stock Exchange (ATX) in the future. The equal shareholding structure enables joint control between OMV and ADNOC, allowing both parties to have equal decision-making rights in all strategic matters.
Once fully operational, Borouge 4 is envisaged to be retransferred to Borouge Group International at the end of 2026. When combined, the three highly complementary world-class businesses will create the fourth-largest global polyolefin group with equal shareholdings by OMV and ADNOC.
The acquisition of Nova Chemicals, a North American-based polyolefin producer and a leader in advanced packaging solutions and proprietary technologies, will further strengthen Borouge Group International\u2019s presence across the Americas and increase its exposure to advantaged feedstock. Borouge Group International will be uniquely positioned to create value and generate superior through-cycle shareholder returns, supported by synergies and a strong pipeline of organic growth projects. The Nova Chemicals transaction will be funded through acquisition debt, which is expected to be refinanced in the capital markets. The valuation implies an Enterprise Value to EBITDA multiple of around 7.5 on the basis of an expected through-the-cycle EBITDA of USD 1.8 bn.
The combination of Borouge and Borealis and the acquisition of Nova Chemicals will be closed simultaneously, with expected completion in Q1 2026 subject to regulatory approvals and other customary conditions.
This subsequent event is expected to have a significant impact on OMVs consolidated financial statements as follows.
\uf097
Based on the signed agreement, OMV is expected to lose control over Borealis group (excluding the Borouge investments) leading to deconsolidation after closing of the transaction. Consequently, on March 3, 2025 Borealis Group (excluding the Borouge investments) will be reclassified to \u201cheld for sale\u201d according to IFRS 5.
Upon the reclassification to \u201cheld for sale\u201d depreciation of non-current assets and at-equity accounting of the disposal group will cease in line with IFRS 5 requirements.
\uf097
Borealis Group (excluding the Borouge investments) represents a separate major line of business for OMV and will therefore be reported as a discontinued operation in line with IFRS 5.32. This will trigger a restatement of the financial statements of 2024 as comparative period and will be published as part of OMV Group Report for Q1/25.
\uf097
Borouge investments are currently jointly controlled by OMV and ADNOC and will continue to be jointly controlled after the closing of the transaction.
\uf097
Some entities of Borealis Group are members of the Austrian Tax Group and will continue to be part of the Austrian Tax Group after closing of the transaction via joint tax grouping (Beteiligungsgemeinschaft). This joint tax group will be formed by the Austrian shareholders of Borealis Group and the proportional share of taxable result of the joint tax group will be attributable to the Austrian Tax Group. Expected partial disposal of Borealis Group from the Austrian Tax Group will trigger the reassessment of the net deferred tax asset position (DTA) of the Austrian Tax Group in OMV Aktiengesellschaft. As a consequence, DTA of the Austrian tax Group will be decreased by approx. EUR 100 mn and will be presented in the line \u201cTaxes on income and profit\u201d in the Consolidated Income Statement in Q1/25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-165": { "value": "
\uf097
Based on the signed agreement, OMV is expected to lose control over Borealis group (excluding the Borouge investments) leading to deconsolidation after closing of the transaction. Consequently, on March 3, 2025 Borealis Group (excluding the Borouge investments) will be reclassified to \u201cheld for sale\u201d according to IFRS 5.
Upon the reclassification to \u201cheld for sale\u201d depreciation of non-current assets and at-equity accounting of the disposal group will cease in line with IFRS 5 requirements.
\uf097
Borealis Group (excluding the Borouge investments) represents a separate major line of business for OMV and will therefore be reported as a discontinued operation in line with IFRS 5.32. This will trigger a restatement of the financial statements of 2024 as comparative period and will be published as part of OMV Group Report for Q1/25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300V62YJ9HTLRI486", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-166": { "value": "
Oil and gas reserve estimation and disclosures (unaudited)
The following tables provide supplementary information in respect of the Group\u2019s oil and gas activities. In the absence of detailed disclosure rules in this area under IFRS, the Group has elected to voluntarily disclose the data that would have been required under the ASC 932 as if it were reporting according to US GAAP.
To the extent that information refers to financial statement data, the information is based on the primary financial statements (IFRS financial statements).
Disclosed financial data refers to the Energy operating business segment excluding gas supply, marketing, trading, and logistics and the Low Carbon Business. Further information on OMV\u2019s operating segments is included in Note 6 \u2013 Segment Reporting.
The regional structure is presented below:1
Romania and Black Sea
Bulgaria and Romania
Austria
Austria
Russia
Russia (until February 2022)
North
Norway
South
Iran (evaluation on hold), Kurdistan Region of Iraq, Libya, Tunisia, United Arab Emirates, Yemen2 (until December 2024)
New Zealand and Australia
Australia and New Zealand
Malaysia
SapuraOMV3 (until December 2024)
1 The regions Central and Eastern Europe (including Romania, the Black Sea and Austria) and Rest of the world (including New Zealand, Australia, and Malaysia) listed in the Directors\u2019 Report are split further in this disclosure to provide the information in a more detailed manner.
2 In 2024 OMV and its international JV partner declared their withdrawal from the joint venture in Block S2 and OMV resigned as the operator.
3 Including not only Malaysia but also SapuraOMV subsidiaries in New Zealand, Australia, and Mexico.
Acquisitions
There were no major acquisitions during 2024, 2023, and 2022.
Disposals and deconsolidation
On December 9, 2024, OMV closed the transaction to sell its 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. to TotalEnergies. Further information is included in Note 4 \u2013 Significant changes in Group structure.
There were no major disposals during 2023.
On March 1, 2022, OMV ceased to fully consolidate JSC GAZPROM YRGM Development due to the loss of control, following the Russian war on Ukraine.
Non-controlling interest
As OMV holds a 51% share in OMV Petrom, it is fully consolidated. Figures therefore include 100% of OMV Petrom\u2019s assets and results.
OMV had a share of 50% in SapuraOMV and it was fully consolidated; figures therefore include 100% of SapuraOMV\u2019s assets and results until its deconsolidation.
Equity-accounted investments
OMV holds a 10% interest in Pearl Petroleum Company Limited (South).
On March 1, 2022, OMV ceased to equity account its 24.99% interest in OJSC Severneftegazprom (Russia region) due to loss of significant influence, following the Russian war on Ukraine.
The disclosures of equity-accounted investments in the tables below represent the interest of OMV in the companies.
Further information on significant impacts
2023 was significantly impacted by the final investment decision (FID) for the execution of the Neptun Deep project in the Black Sea and the Hail and Ghasha development in the United Arab Emirates.
The subsequent tables may contain rounding differences.
Tables
a) Capitalized costs
Capitalized costs represent the sum of capitalized oil and gas assets, including other intangible assets and property, plant, and equipment such as land, plant and machinery, concessions, licenses, and rights.
Capitalized costs \u2013 subsidiaries
In EUR mn
2024
2023
2022
Unproved oil and gas properties
1,068
1,197
1,811
Proved oil and gas properties
28,515
29,501
28,240
Total
29,583
30,698
30,051
Accumulated depreciation
\u201320,223
\u201320,009
\u201319,411
Net capitalized costs
9,360
10,689
10,640
Capitalized costs \u2013 equity-accounted investments
In EUR mn
2024
2023
2022
Unproved oil and gas properties
123
116
151
Proved oil and gas properties
380
344
292
Total
504
460
443
Accumulated depreciation
\u2013214
\u2013193
\u201376
Net capitalized costs
290
267
367
b) Costs incurred
Costs incurred include all costs, capitalized or expensed, during the year in the Group\u2019s oil and gas property acquisition, exploration, and development activities.
Costs incurred
In EUR mn
Romania
and Black
Sea
Austria
Russia
North
South
New
Zealand
and
Australia
Malaysia
Total
2024
Subsidiaries
Acquisition of unproved
properties
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exploration costs
42
41
\u2014
74
40
2
29
229
Development costs
652
48
\u2014
159
312
15
33
1,218
Costs incurred
694
89
\u2014
233
352
17
61
1,447
Equity-accounted
investments
\u2014
\u2014
\u2014
\u2014
14
\u2014
\u2014
14
2023
Subsidiaries
Acquisition of unproved
properties
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exploration costs
35
61
\u2014
62
28
25
38
248
Development costs
338
40
\u2014
168
252
71
154
1,024
Costs incurred
373
101
\u2014
231
280
96
191
1,272
Equity-accounted
investments
\u2014
\u2014
\u2014
\u2014
33
\u2014
\u2014
33
2022
Subsidiaries
Acquisition of unproved
properties
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exploration costs
35
24
\u2014
59
10
26
48
202
Development costs
327
21
\u2014
159
171
188
102
969
Costs incurred
362
45
\u2014
219
181
214
150
1,171
Equity-accounted
investments
\u2014
\u2014
2
\u2014
27
\u2014
\u2014
29
c) Results of operations of oil and gas producing activities
The following tables represent only those revenues and expenses that occur directly in connection with OMV\u2019s oil and gas producing operations. The results of oil and gas activities should not be equated to Energy net income since interest costs, general corporate overhead costs, other costs, and power production, gas supply, marketing, trading, and logistics, and the Low Carbon Business are not allocated. Further information on OMV\u2019s operating segments is included in Note 6 \u2013 Segment Reporting. Income taxes are hypothetically calculated, based on the statutory tax rates and the effect of tax credits on investments and loss carryforwards.
Results of operations of oil and gas producing activities
In EUR mn
Romania
and Black
Sea
Austria
Russia
North
South
New
Zealand
and
Australia
Malaysia
Total
2024
Subsidiaries
Sales to unaffiliated parties1
5
0
\u2014
766
572
159
257
1,759
Intercompany sales
2,107
382
\u2014
885
1,736
172
\u2014
5,281
2,112
383
\u2014
1,651
2,308
330
257
7,041
Production costs
\u2013565
\u201389
\u2014
\u2013182
\u2013173
\u201378
\u201318
\u20131,104
Royalties
\u2013282
\u201380
\u2014
\u2014
\u2013296
\u201325
\u20139
\u2013691
Exploration expenses2
\u201326
\u201354
\u2014
\u201346
\u201313
\u20132
\u201310
\u2013151
Depreciation, amortization,
impairments, and write-ups
\u2013639
\u201398
\u2014
\u2013286
\u2013389
\u2013389
\u20131
\u20131,802
Other costs3
\u201388
\u201318
\u2014
\u2013120
\u201387
\u20137
\u201324
\u2013344
\u20131,601
\u2013339
\u2014
\u2013633
\u2013957
\u2013501
\u201361
\u20134,092
Results before income taxes
511
44
\u2014
1,018
1,351
\u2013170
196
2,949
Income taxes4
\u201379
1
\u2014
\u2013808
\u20131,224
48
\u201363
\u20132,125
Results from oil and gas
production
432
45
\u2014
210
127
\u2013123
132
823
Results of equity-accounted
investments
\u2014
\u2014
\u2014
\u2014
42
\u2014
\u2014
42
2023
Subsidiaries
Sales to unaffiliated parties1
6
1
\u2014
979
635
218
268
2,107
Intercompany sales
2,452
418
\u2014
1,064
1,646
231
\u2014
5,812
2,458
419
\u2014
2,044
2,282
450
268
7,920
Production costs
\u2013535
\u201394
\u2014
\u2013197
\u2013181
\u201383
\u201318
\u20131,108
Royalties
\u2013501
\u201384
\u2014
\u2014
\u2013283
\u201346
\u201310
\u2013925
Exploration expenses2
\u201323
\u20138
\u2014
\u201360
\u201316
\u20138
\u2013107
\u2013222
Depreciation, amortization,
impairments, and write-ups
\u2013475
\u201397
\u2014
\u2013333
\u2013168
\u2013214
\u201372
\u20131,358
Other costs3
\u201354
\u201317
\u2014
\u2013116
\u201350
\u201315
\u201319
\u2013271
\u20131,587
\u2013300
\u2014
\u2013707
\u2013698
\u2013367
\u2013226
\u20133,884
Results before income taxes
871
119
\u2014
1,337
1,584
83
42
4,036
Income taxes4
\u2013124
\u201342
\u2014
\u20131,063
\u20131,273
\u201323
\u201316
\u20132,542
Results from oil and gas
production
746
76
\u2014
274
311
60
26
1,493
Results of equity-accounted
investments
\u2014
\u2014
\u2014
\u2014
\u201372
\u2014
\u2014
\u201372
Results of operations of oil and gas producing activities
In EUR mn
Romania
and Black
Sea
Austria
Russia
North
South
New
Zealand
and
Australia
Malaysia
Total
2022
Subsidiaries
Sales to unaffiliated parties1
5
\u201332
206
1,394
931
225
302
3,032
Intercompany sales
3,281
959
\u2014
3,530
1,927
236
\u2014
9,933
3,286
927
206
4,924
2,858
461
302
12,965
Production costs
\u2013512
\u201391
\u2014
\u2013183
\u2013183
\u201387
\u201316
\u20131,071
Royalties
\u20131,102
\u2013182
\u2014
\u2014
\u2013312
\u201346
\u201321
\u20131,663
Exploration expenses2
\u201328
\u201312
\u2014
\u2013118
2
\u201353
\u201341
\u2013250
Depreciation, amortization,
impairments, and write-ups
\u2013845
\u201343
\u201312
\u2013416
\u2013424
46
\u201391
\u20131,785
Other costs3
\u201365
\u201315
\u201360
\u2013131
\u201364
\u20132
\u201322
\u2013359
\u20132,552
\u2013344
\u201372
\u2013848
\u2013980
\u2013142
\u2013191
\u20135,128
Results before income taxes
734
583
135
4,077
1,878
319
111
7,837
Income taxes4
\u2013121
\u2013229
\u201328
\u20133,274
\u20131,553
\u201383
\u201334
\u20135,322
Results from oil and gas
production
613
354
107
803
325
237
77
2,516
Results of equity-accounted
investments
\u2014
\u2014
3
\u2014
56
\u2014
\u2014
59
1 Including hedging effects; the Austria region includes hedging effects of centrally managed derivatives (2024: nil, 2023: nil, 2022: EUR \u201333 mn).
2 Including impairment losses related to exploration and appraisal
3 Including inventory changes
4 Income taxes in the North and South include corporation tax and special petroleum tax. Income taxes for 2024, 2023, and 2022 in Austria included the EU solidarity contribution.
d) Oil and gas reserve quantities
Proved reserves are those quantities of oil and gas that, through analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulation before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain. Proved oil and gas reserves were estimated based on a twelve-month average price, unless prices are defined by contractual arrangements.
Proved developed reserves are those proved reserves that can be expected to be recovered through existing wells with existing equipment and operating methods, or in which the costs of the required equipment are relatively minor compared with the cost of a new well, and through installed extraction equipment and infrastructure operational at the time of the reserves estimate. It should be reasonably certain that the required future expenditure will be made to safeguard existing equipment within the current budget.
Proved undeveloped reserves are those proved reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where relatively major expenditure is required for recompletion, or substantial new investment is required in order to safeguard or replace aging facilities.
Crude oil and NGL
In mn bbl
Romania
and Black
Sea
Austria
Russia
North
South
New
Zealand
and
Australia
Malaysia
Total
Proved developed and undeveloped reserves \u2013 Subsidiaries
January 1, 2022
258.8
31.4
\u2014
46.4
275.7
12.9
6.5
631.7
Revisions of previous estimates
\u20138.4
1.9
\u2014
15.8
32.3
1.1
0.4
43.1
Purchases
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Extensions and discoveries
0.1
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
0.1
Production
\u201320.9
\u20133.3
\u2014
\u201314.7
\u201327.3
\u20133.0
\u20130.6
\u201369.9
December 31, 2022
229.6
30.0
\u2014
47.6
280.6
11.0
6.2
605.0
Revisions of previous estimates
\u20131.6
0.7
\u2014
6.9
89.9
0.6
2.1
98.6
Purchases
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Extensions and discoveries
0.3
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
0.3
Production
\u201320.0
\u20133.0
\u2014
\u201313.4
\u201329.1
\u20133.6
\u20130.7
\u201369.7
December 31, 2023
208.3
27.7
\u2014
41.1
341.5
8.0
7.6
634.2
Revisions of previous estimates
\u20131.8
1.1
\u2014
3.8
13.7
0.0
0.0
16.9
Purchases
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
\u20134.4
\u2014
\u20136.9
\u201311.3
Extensions and discoveries
0.2
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
0.2
Production
\u201319.1
\u20133.0
\u2014
\u201310.0
\u201329.5
\u20132.9
\u20130.8
\u201365.2
December 31, 2024
187.6
25.8
\u2014
35.0
321.3
5.1
\u2014
574.8
Proved developed and undeveloped reserves \u2013 Equity-accounted investments
December 31, 2022
\u2014
\u2014
\u2014
\u2014
16.0
\u2014
\u2014
16.0
December 31, 2023
\u2014
\u2014
\u2014
\u2014
15.1
\u2014
\u2014
15.1
December 31, 2024
\u2014
\u2014
\u2014
\u2014
15.7
\u2014
\u2014
15.7
Proved developed reserves \u2013 Subsidiaries
December 31, 2022
206.6
30.0
\u2014
39.4
234.5
9.2
1.7
521.4
December 31, 2023
187.6
27.7
\u2014
32.8
252.4
8.0
1.4
509.8
December 31, 2024
171.1
25.8
\u2014
23.6
245.3
4.8
\u2014
470.6
Proved developed reserves \u2013 Equity-accounted investments
December 31, 2022
\u2014
\u2014
\u2014
\u2014
15.4
\u2014
\u2014
15.4
December 31, 2023
\u2014
\u2014
\u2014
\u2014
13.4
\u2014
\u2014
13.4
December 31, 2024
\u2014
\u2014
\u2014
\u2014
14.8
\u2014
\u2014
14.8
Gas
In bcf
Romania
and Black
Sea
Austria
Russia
North
South
New
Zealand
and
Australia
Malaysia
Total
Proved developed and undeveloped reserves \u2013 Subsidiaries
January 1, 2022
865.5
152.4
\u2014
289.2
145.8
274.2
514.7
2,241.7
Revisions of previous estimates
68.1
15.2
\u2014
144.4
\u20131.3
9.0
\u20137.9
227.6
Purchases
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Extensions and discoveries
1.6
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1.6
Production
\u2013122.0
\u201319.7
\u2014
\u2013102.2
\u201314.7
\u201347.1
\u201360.0
\u2013365.6
December 31, 2022\u00b9
813.2
147.9
\u2014
331.4
129.8
236.1
446.8
2,105.2
Revisions of previous estimates
464.3
13.7
\u2014
37.0
195.5
\u201336.5
56.2
730.1
Purchases
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Extensions and discoveries
4.9
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4.9
Production
\u2013115.7
\u201318.0
\u2014
\u201384.5
\u201313.6
\u201353.8
\u201357.9
\u2013343.6
December 31, 2023\u00b9
1,166.8
143.6
\u2014
283.9
311.7
145.7
445.0
2,496.7
Revisions of previous estimates
65.9
20.3
\u2014
49.5
6.6
\u201335.4
1.8
108.7
Purchases
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013389.9
\u2013389.9
Extensions and discoveries
1.9
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1.9
Production
\u2013112.4
\u201318.2
\u2014
\u201386.1
\u20139.2
\u201336.0
\u201356.9
\u2013318.9
December 31, 2024\u00b9
1,122.3
145.7
\u2014
247.2
309.1
74.3
\u2014
1,898.5
Proved developed and undeveloped reserves \u2013 Equity-accounted investments
December 31, 2022
\u2014
\u2014
\u2014
\u2014
303.6
\u2014
\u2014
303.6
December 31, 2023
\u2014
\u2014
\u2014
\u2014
292.5
\u2014
\u2014
292.5
December 31, 2024
\u2014
\u2014
\u2014
\u2014
307.8
\u2014
\u2014
307.8
Proved developed reserves \u2013 Subsidiaries
December 31, 2022
723.4
80.3
\u2014
290.8
39.9
195.9
228.9
1,559.1
December 31, 2023
628.0
76.0
\u2014
246.8
35.0
145.7
158.5
1,290.0
December 31, 2024
621.2
74.9
\u2014
203.9
39.5
56.1
\u2014
995.6
Proved developed reserves \u2013 Equity-accounted investments
December 31, 2022
\u2014
\u2014
\u2014
\u2014
288.3
\u2014
\u2014
288.3
December 31, 2023
\u2014
\u2014
\u2014
\u2014
259.3
\u2014
\u2014
259.3
December 31, 2024
\u2014
\u2014
\u2014
\u2014
268.8
\u2014
\u2014
268.8
1 2024: Including approximately 70.8 bcf of cushion gas held in storage reservoirs
2023: Including approximately 67.6 bcf of cushion gas held in storage reservoirs
2022: Including approximately 67.6 bcf of cushion gas held in storage reservoirs
e) Standardized measure of discounted future net cash flows
The future net cash flow information is based on the assumption that the prevailing economic and operating conditions will persist throughout the time during which proved reserves will be produced. Neither the effects of future pricing changes nor expected changes in technology and operating practices are considered.
Future cash inflows represent the revenues received from production volumes, including cushion gas held in storage reservoirs, assuming that the future production is sold at prices used in estimating year-end quantities of proved reserves (twelve-month average price). Future production costs include the estimated expenditure for production of the proved reserves plus any production taxes without consideration of future inflation. Future decommissioning costs comprise the net costs associated with decommissioning wells and facilities. Future development costs include the estimated costs of development drilling and installation of production facilities. For all three categories, year-end costs without consideration of inflation are assumed. Future income tax payments are calculated on the basis of the income tax rate applicable in each of the countries in which the Group operates. The present cash value results from the discounting of the future net cash flow at a discount rate of 10% per year. The standardized measure does not purport to be an estimate of the fair value of the Group\u2019s proven reserves. An estimate of fair value would also take into account, among many other factors, the expected recovery of reserves in excess of proved reserves, anticipated changes in future prices and costs, and a discount factor representative of the risks inherent in the production of oil and gas.
Standardized measure of discounted future net\u00a0cash\u00a0flows
In EUR mn
Subsidiaries and equity-accounted investments
Romania
and Black
Sea
Austria
Russia
North
South
New
Zealand
and
Australia
Malaysia
Total
2024
Subsidiaries
Future cash inflows
21,487
3,154
\u2014
4,798
24,536
704
\u2014
54,679
Future production and decommissioning costs
\u201312,668
\u20132,071
\u2014
\u20132,240
\u20137,589
\u20131,227
\u2014
\u201325,795
Future development costs
\u20132,652
\u2013335
\u2014
\u2013579
\u20131,551
\u201378
\u2014
\u20135,195
Future net cash flows, before income taxes
6,167
748
\u2014
1,979
15,395
\u2013601
\u2014
23,689
Future income taxes
\u2013783
\u201394
\u2014
\u20131,924
\u201310,831
191
\u2014
\u201313,442
Future net cash flows, before discount
5,384
654
\u2014
55
4,564
\u2013410
\u2014
10,247
10% annual discount for estimated timing of cash\u00a0flows
\u20131,864
\u2013353
\u2014
26
\u20132,237
167
\u2014
\u20134,261
Standardized measure of discounted future net\u00a0cash\u00a0flows
3,519
301
\u2014
81
2,327
\u2013243
\u2014
5,986
Equity-accounted investments
\u2014
\u2014
\u2014
\u2014
370
\u2014
\u2014
370
2023
Subsidiaries
Future cash inflows
30,238
3,656
\u2014
6,457
28,233
1,170
2,256
72,011
Future production and decommissioning costs
\u201313,937
\u20132,276
\u2014
\u20132,397
\u20138,842
\u20131,412
\u2013622
\u201329,486
Future development costs
\u20133,184
\u2013378
\u2014
\u2013512
\u20131,901
\u201386
\u201371
\u20136,131
Future net cash flows, before income taxes
13,117
1,002
\u2014
3,549
17,491
\u2013327
1,563
36,395
Future income taxes
\u20131,857
\u2013129
\u2014
\u20133,265
\u201312,340
168
\u2013461
\u201317,884
Future net cash flows, before discount
11,260
873
\u2014
284
5,150
\u2013159
1,103
18,511
10% annual discount for estimated timing of cash\u00a0flows
\u20134,546
\u2013422
\u2014
\u201311
\u20132,582
169
\u2013297
\u20137,689
Standardized measure of discounted future net\u00a0cash\u00a0flows
6,714
451
\u2014
273
2,568
10
806
10,821
Equity-accounted investments
\u2014
\u2014
\u2014
\u2014
475
\u2014
\u2014
475
Standardized measure of discounted future net\u00a0cash\u00a0flows
In EUR mn
Subsidiaries and equity-accounted investments
Romania
and Black
Sea
Austria
Russia
North
South
New
Zealand
and
Australia
Malaysia
Total
2022
Subsidiaries
Future cash inflows
29,864
7,435
\u2014
14,937
26,611
2,051
2,248
83,145
Future production and decommissioning costs
\u201315,951
\u20132,766
\u2014
\u20132,711
\u20137,771
\u20131,829
\u2013690
\u201331,718
Future development costs
\u20131,424
\u2013246
\u2014
\u2013631
\u2013890
\u2013222
\u2013213
\u20133,626
Future net cash flows, before income taxes
12,489
4,422
\u2014
11,594
17,950
0
1,345
47,800
Future income taxes
\u20131,724
\u20131,028
\u2014
\u201310,465
\u201313,283
132
\u2013380
\u201326,748
Future net cash flows, before discount
10,765
3,394
\u2014
1,129
4,667
132
965
21,053
10% annual discount for estimated timing of cash\u00a0flows
\u20134,718
\u20131,815
\u2014
\u2013184
\u20131,547
213
\u2013296
\u20138,347
Standardized measure of discounted future net\u00a0cash\u00a0flows
6,048
1,579
\u2014
945
3,120
345
669
12,705
Equity-accounted investments
\u2014
\u2014
\u2014
\u2014
451
\u2014
\u2014
451
f) Changes in the standardized measure of discounted future net cash flows
Changes in the standardized measure of discounted future net cash flows
In EUR mn
2024
2023
2022
Subsidiaries
Beginning of year
10,821
12,705
7,373
Oil and gas sales produced during the year, net of related production costs
\u20134,714
\u20137,049
\u20134,102
Net change in prices and production costs related to future periods
\u20134,427
\u20136,538
13,243
Net change due to purchases and sales of minerals in place1
\u2013684
\u2014
\u2014
Net change due to extensions and discoveries
9
32
7
Development and decommissioning costs incurred during the period
1,369
823
895
Changes in estimated future development and decommissioning costs
\u2013436
\u20131,912
\u2013344
Revisions of previous reserve estimates
293
4,239
4,507
Accretion of discount
1,011
1,146
671
Net change in income taxes (incl. tax effects from purchases and sales)
2,908
7,539
\u20139,593
Other2
\u2013165
\u2013165
48
End of year
5,986
10,821
12,705
Equity-accounted investments
370
475
451
1 2024 included the impact of the divestment of SapuraOMV.
2 Contains movements in foreign exchange rates vs. the EUR. 2022 was impacted by the change of consolidation method of the Russian operations.
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