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36 – Unconsolidated structured entities

OMV is selling trade receivables in a securitization program to Carnuntum DAC, based in Dublin, Ireland. In 2022, OMV transferred trade receivables amounting to EUR 5,746 mn to Carnuntum DAC (2021: EUR 4,573 mn).

As of December 31, 2022, OMV held seller participation notes amounting to EUR 168 mn (2021: EUR 95 mn) and complementary notes amounting to EUR 105 mn (2021: EUR 89 mn) in Carnuntum DAC shown in other financial assets. As of December 31, 2022, the maximum exposure to loss from the securitization program was EUR 196 mn (2021: EUR 110 mn).

The seller participation notes are senior to a loss reserve and a third party investor participation. The complementary notes are senior to seller participation notes and are of the same seniority as the senior notes issued by the program. The risk retained by OMV Group is insignificant and therefore the trade receivables sold are derecognized in their entirety. The receivables are sold at their nominal amount less a discount. The discount was recognized in profit or loss and amounted in total to EUR 37 mn in 2022 (2021: EUR 29 mn). Interest income on the notes held in Carnuntum DAC amounted to EUR 5 mn in 2022 (2021: EUR 2 mn). In addition, OMV received a service fee for the debtor management services provided for the receivables sold.