35 – Related parties

Under  24, details of relationships with related parties and related enterprises not included in consolidation must be disclosed. Enterprises and individuals are considered to be related if one party is able to control or exercise significant influence over the business of the other. Österreichische Beteiligungs AG (), Vienna, holds an interest of 31.5% and Mubadala Petroleum and Petrochemicals Holding Company L.L.C., () Abu Dhabi, holds an interest of 24.9% in OMV Aktiengesellschaft; both are related parties under IAS 24.

In 2020, there were following arm’s-length supplies of goods and services (including the granting of licences for the use of technologies of the Group) between the Group and equity-accounted companies, except for gas purchases from OJSC Severneftegazprom which are not based on market prices but on cost plus defined margin.

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Transactions with equity-accounted investments – Sales and Receivables

In EUR mn

 

 

 

 

 

2020

2019

 

Sales and other income

Trade receivables

Sales and other income

Trade receivables

Abu Dhabi Oil Refining Company

4

1

0

0

Abu Dhabi Polymers Company Limited (Borouge)

16

22

—

—

Abu Dhabi Trading LTD

1

1

—

—

Bayport Polymers LLC

2

1

—

—

Borealis AG

897

—

1,284

58

Borouge Pte. Ltd.

40

37

—

—

Erdöl-Lagergesellschaft m.b.H.

51

0

76

5

GENOL Gesellschaft m.b.H. 1

93

13

196

20

PEGAS CEGH Gas Exchange Services GmbH

1

0

1

0

Trans Austria Gasleitung GmbH 2

10

1

10

1

Total

1,116

78

1,567

84

1

In 2019 transactions with GENOL Gesellschaft m.b.H. as well as GENOL Gesellschaft m.b.H. & Co KG are included, while 2020 transactions were only with GENOL Gesellschaft m.b.H (business of GENOL Gesellschaft m.b.H. & Co KG was transferred to GENOL Gesellschaft m.b.H in October 2019)

2

Trans Austria Gasleitung GmbH was reclassified to held for sale in 2020.

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Transactions with equity-accounted investments – Purchases and Payables

In EUR mn

 

 

 

 

 

2020

2019

 

Purchases and services received

Trade payables

Purchases and services received

Trade payables

Borealis AG

31

—

42

9

Borouge Pte. Ltd.

51

64

—

—

Chemiepark Linz Betriebsfeuerwehr GmbH

1

0

—

—

Deutsche Transalpine Oelleitung GmbH

27

2

34

3

Enerco Enerji Sanayi Ve Ticaret A.Ş.

—

—

9

—

EPS Ethylen-Pipeline-Süd GmbH & Co KG

2

—

2

—

Erdöl-Lagergesellschaft m.b.H.

68

27

59

29

GENOL Gesellschaft m.b.H. 1

1

—

2

0

OJSC Severneftegazprom

133

12

179

20

PetroPort Holding AB

1

0

—

—

Trans Austria Gasleitung GmbH 2

23

2

22

1

Total

338

106

348

63

1

In 2019 transactions with GENOL Gesellschaft m.b.H. as well as GENOL Gesellschaft m.b.H. & Co KG are included, while 2020 transactions were only with GENOL Gesellschaft m.b.H (business of GENOL Gesellschaft m.b.H. & Co KG was transferred to GENOL Gesellschaft m.b.H in October 2019).

2

Trans Austria Gasleitung GmbH was reclassified to held for sale in 2020.

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Dividend distributed from equity-accounted investments

In EUR mn

 

 

 

2020

2019

Abu Dhabi Oil Refining Company

—

34

Abu Dhabi Petroleum Investments LLC

5

—

Bayport Polymers LLC

21

—

Borealis AG

108

297

Deutsche Transalpine Oelleitung GmbH

1

—

GENOL Gesellschaft m.b.H. 1

0

1

OJSC SEVERNEFTEGAZPROM

14

6

Pearl Petroleum Company Limited

25

31

PEGAS CEGH Gas Exchange Services GmbH

1

1

Società Italiana per l’Oleodotto Transalpino S.p.A.

1

—

Trans Austria Gasleitung GmbH 2

16

14

Dividend distributed from equity-accounted investments

191

384

1

2019 includes dividends from GENOL Gesellschaft m.b.H. & Co KG, while 2020 includes dividends from GENOL Gesellschaft m.b.H. (business of GENOL Gesellschaft m.b.H. & Co KG was transferred to GENOL Gesellschaft m.b.H in October 2019).

2

Trans Austria Gasleitung GmbH was reclassified to held for sale in 2020.

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Other balances with equity-accounted investments

In EUR mn

 

 

 

2020

2019

Kilpilahti Power Plant LTD

17

—

Bayport Polymers LLC

735

—

SMATRICS GmbH & Co KG

2

—

Loans receivables

753

—

Kilpilahti Power Plant LTD

13

—

Bayport Polymers LLC

3

—

Advance payments

16

—

Abu Dhabi Oil Refining Company

—

34

Freya Bunde-Etzel GmbH & Co. KG

7

7

Other receivables

7

41

Abu Dhabi Polymers Company Limited (Borouge)

1

—

Bayport Polymers LLC

7

—

Contract assets

7

—

Trans Austria Gasleitung GmbH

0

1

Bayport Polymers LLC

143

—

Other payables

143

1

Contract liabilities Erdöl-Lagergesellschaft m.b.H.

144

170

The loans receivables (including the related accrued interests) towards Bayport Polymers LLC stemmed from drawdowns under a member loan agreement. The undrawn financing commitments provided to Bayport Polymers LLC amounted to  407 mn as of December 31, 2020.

At the reporting date, further financing commitments towards Kilpilahti Power Plant LTD amounted to EUR 16 mn. The entitlements are depending on the fulfilment of specific events, as defined in the underlying contracts.

The other payables towards Bayport Polymers LLC are related to an equity contribution.

The contract liabilities towards Erdöl-Lagergesellschaft m.b.H. are related to a long-term contract for rendering of services.

In 2019 the other receivable balance towards Abu Dhabi Oil Refining Company was related to an outstanding dividend receivable.

Government-related entities

Based on the OMV ownership structure, the Republic of Austria has an indirect relationship with OMV via ÖBAG and is therefore, together with companies in which the Republic of Austria is a majority shareholder, considered a related party. OMV has transactions at arm´s length in the normal course of business mainly with Österreichische Post Aktiengesellschaft, Verbund AG, Österreichische Bundesbahnen-Holding Aktiengesellschaft, Bundesbeschaffung GmbH and their subsidiaries.

As per September 23, 2020 OMV signed the transaction contract with Verbund AG for the planned sale of OMV’s 51% stake in Gas Connect Austria GmbH. Furthermore, the strategic energy cooperation between OMV and Verbund AG finished the construction of the largest ground-ounted photovoltaic plant in Austria in 2020.

Via MPPH, OMV has an indirect relationship with the Emirate of Abu Dhabi, which is, together with the companies under control of Abu Dhabi also considered a related party. In 2020, there were supplies of goods and services for instance with Compañía Española de Petróleos (CEPSA), Abu Dhabi National Oil Company (ADNOC) and NOVA Chemicals Corporation (NOVA). On October 29, 2020 OMV acquired an additional 39% share in Borealis AG from Mubadala Investment Company (Abu Dhabi). For more details see Note 3 – Changes in group structure. OMV cooperates with ADNOC in several Upstream arrangements. In 2019 OMV and ADNOC closed the strategic equity partnerships covering both the existing ADNOC Refining business and a new Trading Joint Venture.

Key management personnel compensation

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Remuneration received by the Executive Board

In EUR mn

 

 

 

 

 

 

 

 

 

 

2020

 

active members of the Executive Board as of December 31, 2020

former members of the Executive Board

 

 

Seele

Pleininger

Florey

Gangl 6

Skvortsova 8

Leitner 10

Davies 11

Roiss 12

Total

Short term benefits

2.27

1.34

1.30

0.79

0.50

1.12

—

—

7.33

Fixed (base salary)

1.10

0.75

0.70

0.58

0.31

—

—

—

3.44

Fixed (functional allowance)

0.33 3

—

—

—

—

—

—

—

0.33

Variable (cash bonus) 1

0.83

0.58

0.56

0.20

—

1.12

—

—

3.29

Benefits in kind

0.01

0.01

0.05 4

0.01

0.19 9

—

—

—

0.27

Post employment benefits

0.28

0.19

0.18

0.14

0.08

—

—

—

0.86

Pension fund contributions

0.28

0.19

0.18

0.14

0.08

—

—

—

0.86

Shared based benefits

0.90

0.52

0.53

0.10

—

0.82

0.06

0.27

3.20

Variable (Equity Deferral 2019)

0.41

0.29

0.28

0.10

—

0.28

—

—

1.35

Variable (LTIP 2017) 2

0.49

0.24

0.25 5

— 7

—

0.55

0.06

0.27

1.85

Remuneration received by the Executive Board

3.45

2.05

2.01

1.03

0.58

1.94

0.06

0.27

11.39

1

50% of the cash payments due in 2020 under the Annual Bonus 2019 for the active Executive Board members were postponed to January 2021.

2

50% of the cash payments due in 2020 under the LTIP 2017 for the active Executive Board members (for the cash portion, if applicable) have been postponed to January 2021.

3

Rainer Seele received a payment for the interim responsibility for "Marketing and Trading" until February 28, 2020.

4

Including schooling costs and related taxes

5

Including 50% of LTIP 2017 cash payments and additional value of transferred shares to fulfill the shareholding requirement

6

Thomas Gangl joined the Executive Board effectively July 1, 2019.

7

Thomas Gangl received a cash payment in the amount of EUR 0.06 mn based on the Senior Manager LTIP 2017 .

8

Elena Skvortsova joined the Executive Board effectively June 15, 2020.

9

Including moving and rental costs and related taxes

10

Manfred Leitner resigned from the Executive Board effectively June 30, 2019.

11

David C. Davies resigned from the Executive Board effectively July 31, 2016.

12

Gerhard Roiss resigned from the Executive Board effectively June 30, 2015.

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Remuneration received by the Executive Board

In EUR mn

 

 

 

 

 

 

 

 

 

 

2019

 

active members of the Executive Board as of December 31, 2019

former members of the Executive Board

 

 

Seele

Pleininger

Florey

Gangl 5

Leitner 6

Davies 7

Huijskes 8

Roiss 9

Total

Short term benefits

3.36

1.64

1.59

0.29

1.55

—

—

—

8.43

Fixed (base salary)

1.10

0.75

0.70

0.29

0.70

—

—

—

3.54

Fixed (functional allowance)

1.00 2

—

—

—

—

—

—

—

1.00

Variable (cash bonus) 1

1.25

0.87

0.84

—

0.84

—

—

—

3.80

Benefits in kind

0.01

0.01

0.04 3

0.01

0.01

—

—

—

0.09

Post employment benefits

0.28

0.19

0.18

0.07

0.18

—

—

—

0.88

Pension fund contributions

0.28

0.19

0.18

0.07

0.18

—

—

—

0.88

Termination benefits

—

—

—

—

0.22 4

—

—

—

0.22

Shared based benefits

3.60

1.75

1.16

—

2.08

0.25

0.42

3.13

12.39

Variable (Equity Deferral 2018)

0.70

0.49

0.47

—

0.47

—

—

—

2.13

Variable (LTIP 2016)

2.90

1.26

0.69

—

1.61

0.25

0.42

3.13

10.26

Remuneration received by the Executive Board

7.23

3.58

2.93

0.37

4.03

0.25

0.42

3.13

21.92

1

The variable components relate to target achievement in 2018, for which bonuses were paid in 2019.

2

Rainer Seele received a payment for the interim responsibility for “Marketing and Trading” since July 1, 2019.

3

Including schooling costs and related taxes

4

Manfred Leitner received an annual leave compensation payment amounting to EUR 0.22 mn.

5

Thomas Gangl joined the Executive Board effectively July 1, 2019.

6

Manfred Leitner resigned from the Executive Board effectively June 30, 2019.

7

David C. Davies resigned from the Executive Board effectively July 31, 2016.

8

Jaap Huijskes resigned from the Executive Board effectively August 31, 2015.

9

Gerhard Roiss resigned from the Executive Board effectively June 30, 2015.

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Remuneration received by top executives (excl. Executive Board) 1

In EUR mn

 

 

 

2020

2019

Salaries and bonuses

19.0

17.1

Pension fund contribution

1.1

1.0

Severance benefits

0.4

0.6

Share-based benefits

3.7

15.3

Remuneration received by top executives (excl. Executive Board) 1

24.2

34.0

1

In 2020 there were on average 40 top executives (2019: 38) based on the months included 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 32 – Shared based payments – for details on Long Term Incentive Plans and Equity Deferral.

In 2020, remuneration expenses for the Supervisory Board amounted to EUR 0.6 mn (2019: EUR 0.6 mn).

IASs
International Accounting Standards
ÖBAG
Österreichische Beteiligungs AG
MPPH
Mubadala Petroleum and Petrochemicals Holding Company L.L.C
EUR
Euro

102-45 gri-id41:102-45