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.
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 – Other operating income and net income from equity-accounted investments.
Interest income from loans included EUR 64 mn (2023: EUR 59 mn) 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 – Related parties.
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 |
–26 |
–23 |
Interest expenses |
412 |
415 |
For further details on bonds and lease liabilities see Note 26 – Liabilities.
Interest expenses on provisions for decommissioning and restoration obligations in 2024 were impacted by unwinding effects in the amount of EUR 174 mn (2023: EUR 181 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 31 mn (2023: EUR 23 mn).
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® and co-processing plants in Austria.
In EUR mn |
|
|
|---|---|---|
|
2024 |
2023 |
Carrying amount of sold trade and other receivables |
–11,881 |
–11,825 |
Proceeds on sold trade and other receivables |
11,801 |
11,748 |
Financing charges for factoring and securitization |
–80 |
–77 |
Net foreign exchange gains (+)/losses (–) |
20 |
–29 |
Other |
–8 |
–32 |
Other financial income and expenses |
–69 |
–138 |
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.