36 – Unconsolidated structured entities

OMV is selling trade receivables in a securitization program to Carnuntum DAC, based in Dublin, Ireland. In 2020, OMV transferred trade receivables amounting in total to EUR 3,458 mn to Carnuntum DAC (2019: EUR 4,805 mn).

As at December 31, 2020, OMV held seller participation notes in Carnuntum DAC amounting to EUR 88 mn (2019 seller participation and complimentary notes: EUR 160 mn) shown in other financial assets. As of December 31, 2020, the maximum exposure to loss from the securitization transaction was EUR 80 mn (2019: EUR 108 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 21 mn in 2020 (2019: EUR 29 mn). Interest income on the notes held in Carnuntum DAC amounted to EUR 2 mn in 2020 (2019: EUR 4 mn). In addition, OMV received a service fee for the debtor management services provided for the receivables sold.