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.
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 “Other changes” 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 250 mn for the solidarity contribution on refined crude oil related to the year 2023. For further details please refer to Note 2 – Accounting policies, judgments, and estimates.
Cash flow from operating activities excluding net working capital effects in 2024 included a positive impact of EUR 259 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 – Other operating income and net income from equity-accounted investments.
In 2023, the line “Other changes” included the adjustment for the solidarity contribution on refined crude oil in the amount of EUR 252 mn related to the year 2023, which was payable in 2024. Additionally, this line comprised the deduction of the gain from the divestment of OMV’s 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 – 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 “Repayment of hybrid bond” comprised the repayment of a hybrid bond with a nominal value of EUR 500 mn. For further details, please refer to Note 22 – Equity of stockholders of the parent.
In EUR mn |
|
|
|
|
||||
|---|---|---|---|---|---|---|---|---|
|
2024 |
|||||||
|
Bonds |
Other interestbearing debts |
Lease liabilities |
Total |
||||
January 1 |
6,073 |
1,470 |
1,587 |
9,130 |
||||
|
|
|
|
|
||||
Increase in long-term borrowings |
990 |
– |
– |
990 |
||||
Repayments of long-term borrowings |
–500 |
–307 |
–240 |
–1,047 |
||||
Repayment of hybrid bond |
–500 |
– |
– |
–500 |
||||
Decrease (–)/increase (+) in short-term borrowings |
– |
–113 |
– |
–113 |
||||
Total cash flows related to financing activities |
–10 |
–421 |
–240 |
–671 |
||||
|
|
|
|
|
||||
Currency translation differences |
– |
14 |
8 |
22 |
||||
Changes in the consolidated group |
– |
18 |
21 |
39 |
||||
Reclassification of hybrid bond from equity to financial liabilities |
510 |
– |
– |
510 |
||||
Difference between interest expenses and interest paid |
8 |
–13 |
2 |
–3 |
||||
Other changes |
– |
– |
3901 |
390 |
||||
Total non-cash changes |
519 |
20 |
420 |
959 |
||||
|
|
|
|
|
||||
Coupon payment from hybrid bond before reclassification from equity2 |
–112 |
– |
– |
–11 |
||||
|
|
|
|
|
||||
December 31 |
6,570 |
1,070 |
1,767 |
9,407 |
||||
|
||||||||
In EUR mn |
|
|
|
|
||
|---|---|---|---|---|---|---|
|
2023 |
|||||
|
Bonds |
Other interestbearing debts |
Lease liabilities |
Total |
||
January 1 |
7,320 |
1,487 |
1,524 |
10,331 |
||
|
|
|
|
|
||
Repayments of long-term borrowings |
–1,250 |
–44 |
–184 |
–1,477 |
||
Decrease (–)/increase (+) in short-term borrowings |
– |
40 |
– |
40 |
||
Total cash flows related to financing activities |
–1,250 |
–3 |
–184 |
–1,437 |
||
|
|
|
|
|
||
Currency translation differences |
– |
–22 |
–4 |
–25 |
||
Changes in the consolidated group |
– |
24 |
–23 |
1 |
||
Difference between interest expenses and interest paid |
3 |
–15 |
1 |
–11 |
||
Other changes |
– |
– |
2721 |
272 |
||
Total non-cash changes |
3 |
–14 |
247 |
236 |
||
|
|
|
|
|
||
December 31 |
6,073 |
1,470 |
1,587 |
9,130 |
||
|
||||||
The total cash outflow related to lease liabilities amounted to EUR 283 mn (2023: EUR 218 mn).
As of December 31, 2024, the Group had available EUR 4,173 mn 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 – Related parties.