38 – Unconsolidated structured entities

OMV sells trade receivables in a securitization program to Carnuntum DAC, based in Dublin, Ireland. Although OMV continues to service the receivables, OMV does not control Carnuntum Ltd. OMV performs the collection of the receivables strictly according to the defined Credit & Collection Policy and any decisions related to overdue receivables may only be taken by the Purchaser. In 2023, OMV transferred trade receivables amounting to EUR 6,032 mn to Carnuntum DAC (2022: EUR 5,746 mn).

As of December 31, 2023, OMV held seller participation notes amounting to EUR 137 mn (2022: EUR 168 mn) and complementary notes amounting to EUR 108 mn (2022: EUR 105 mn) in Carnuntum DAC shown in other financial assets. As of December 31, 2023, the maximum exposure to loss from the securitization program was EUR 187 mn (2022: EUR 196 mn).

The seller participation notes are senior to a loss reserve and 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 the 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 53 mn in 2023 (2022: EUR 37 mn). Interest income on the notes held in Carnuntum DAC amounted to EUR 12 mn in 2023 (2022: EUR 5 mn). In addition, OMV received a service fee for the debtor management services provided for the receivables sold.