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32 – Offsetting of financial assets and financial liabilities

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.

OMV enters in the normal course of business 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’s 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

 

 

 

 

 

 

 

 

 

2023

Derivative financial instruments

20

3,359

–2,417

942

–122

820

Trade receivables

20

4,535

–1,081

3,455

–65

3,390

Other sundry financial assets

20

1,626

–13

1,612

–1

1,611

Total

 

9,520

–3,511

6,009

–187

5,822

 

 

 

 

 

 

 

 

 

2022

Derivative financial instruments

 

13,466

–10,219

3,247

–547

2,700

Trade receivables

 

6,086

–1,864

4,222

–106

4,116

Other sundry financial assets

 

1,892

–42

1,850

–1

1,849

Total

 

21,444

–12,125

9,318

–654

8,664

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

 

 

 

 

 

 

 

 

 

2023

Derivative financial instruments

26

2,953

–2,417

536

–122

415

Trade payables

26

5,035

–1,081

3,955

–65

3,890

Other sundry financial liabilities

26

1,217

–13

1,204

–1

1,203

Total

 

9,206

–3,511

5,695

–187

5,508

 

 

 

 

 

 

 

 

 

2022

Derivative financial instruments

 

11,835

–10,219

1,615

–547

1,068

Trade payables

 

7,123

–1,864

5,259

–106

5,153

Other sundry financial liabilities

 

1,089

–42

1,047

–1

1,046

Total

 

20,046

–12,125

7,921

–654

7,267