26 – Liabilities

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

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

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

OMV participates in several supplier finance programs under which its suppliers may elect to receive early payment of their invoice from a bank by factoring their receivable from the Group to the bank. Under the arrangement, the bank agrees to pay amounts to a supplier participating in the program in respect of invoices owed by the Group and receives settlement from OMV later. The principal purpose of these programs is to facilitate efficient payment processing and enable the consenting suppliers to sell their receivables due from OMV to a bank before their maturity. The Group has not derecognized the majority of the original liabilities to which the arrangement applies because neither was legal release obtained nor was the original liability substantially modified while entering into the arrangement. Most liabilities remain within trade payables and other financial liabilities until payment. From OMV’s perspective, these arrangements do not significantly extend payment terms beyond the normal terms agreed with other suppliers that are not participating in the programs. Consequently, cash effects are included in the cash flow from operating activities.

Bonds

Bonds and other interest-bearing debts

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

Other financial liabilities

The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted cash flows:

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

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

The contract liabilities consisted mainly of non-refundable prepayments of storage fees received from Erdöl-Lagergesellschaft m.b.H., Lannach on the basis of long-term service contracts, as well as of sold vouchers and cash received for customer loyalty programs from OMV’s retail business.