37 – Subsequent events

As of January 1, 2023 the Group introduced a new corporate structure, designed to fully enable the delivery of Strategy 2030. Following the reorganization and starting from Q1/23, the Group will report on the following business segments: Chemicals & Materials, Fuels & Feedstock (former Refining & Marketing) and Energy (former Exploration & Production). As part of the introduction of the new corporate structure, Gas & Power Eastern Europe, which includes Supply, Marketing and Trading of gas in Romania and Turkey and one gas-fired power plant in Romania, was transferred from Fuels & Feedstock to Energy business segment. The internal reporting and the relevant information provided to the chief operating decision maker in order to assess performance and allocate resources have been updated to reflect the new organizational structure. Comparative information for 2022 has been adjusted retrospectively and will be published together with the Q1/23 report.

On January 2, 2023, the sale of Borealis’ shares in Rosier SA to YILDIRIM Group’s YILFERT BENELUX B.V. has been completed. Following the completion of the sale, Borealis no longer holds any shares in Rosier SA.

On January 11, 2023, Borealis has further increased its stake in Renasci N.V. (Renasci) from 27.42% to 50.01%, signaling ongoing confidence in the potential of Renasci’s patented SCP concept to drive the circular transformation. The stake increase was reached through a capital increase of EUR 5 mn and the acquisition of 35,719 shares for EUR 10.5 mn. Following this transaction, Renasci will become a fully consolidated subsidiary in 2023 (2022: at-equity accounted).

On February 3, 2023 Borouge 4 LLC as the borrower and Borealis AG as lender, entered into a shareholder loan agreement (SHL) in the amount of USD 1,068 mn to part finance the Borouge 4 CAPEX requirements of Borouge 4 LLC. The SHL is structured as a facility with a 5 year tenor. Borealis retains the right to accelerate the prepayment of the outstanding amounts at the point of reintegration.

On February 27, 2023, the Executive Board of OMV has decided to explore the possibilities of selling the E&P assets in the Asia-Pacific region and to initiate the related sales process for the potential divestment of its 50% stake in the issued share capital of SapuraOMV Upstream Sdn. Bhd. in Malaysia and 100% of the shares in OMV New Zealand Limited. A potential divestment aims at optimizing the E&P portfolio in line with the OMV Strategy 2030.

As part of the sales process, OMV, in coordination with competent regulators and governmental authorities, will invite potentially interested parties, in a first step, to submit expressions of interest and, in a second step, to submit binding offers. The sales process is expected to take place over the next months. A potential sale is still subject to the approval of the Supervisory Board of OMV and competent governmental authorities.