31. Offsetting of financial assets and financial liabilities

Accounting policy

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.

In the normal course of business, OMV enters 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

 

 

 

 

 

 

 

 

 

2024

Derivative financial instruments

20

1,805

–1,498

307

–38

269

Trade receivables

20

4,018

–1,176

2,842

–85

2,757

Other sundry financial assets

20

1,374

–3

1,370

–0

1,370

Total

 

7,197

–2,677

4,520

–123

4,397

 

 

 

 

 

 

 

 

 

2023

Derivative financial instruments

 

3,359

–2,417

942

–122

820

Trade receivables

 

4,535

–1,081

3,455

–65

3,390

Other sundry financial assets

 

1,626

–13

1,612

–1

1,611

Total

 

9,520

–3,511

6,009

–187

5,822

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

 

 

 

 

 

 

 

 

 

2024

Derivative financial instruments

26

1,900

–1,498

403

–38

365

Trade payables

26

4,899

–1,176

3,723

–85

3,638

Other sundry financial liabilities

26

885

–3

882

–0

882

Total

 

7,684

–2,677

5,007

–123

4,884

 

 

 

 

 

 

 

 

 

2023

Derivative financial instruments

 

2,953

–2,417

536

–122

415

Trade payables

 

5,035

–1,081

3,955

–65

3,890

Other sundry financial liabilities

 

1,217

–13

1,204

–1

1,203

Total

 

9,206

–3,511

5,695

–187

5,508

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