DOCUMENTS FOR THE ANNUAL GENERAL MEETING
DOCUMENTS FOR THE ANNUAL GENERAL MEETING
DOCUMENTS FOR THE ANNUAL GENERAL MEETING
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MOL Plc. Annual General Meeting 2013 Documents<br />
last quarter of 2012, however, large plants returned to full capacity<br />
leading to a record decline in global margins as they hit 2011 lows.<br />
The reason for this is the persistent capacity overhang in the global<br />
system. Integrated petrochemicals margins were poisoned as well, by<br />
a correspondingly oversupplied environment.<br />
FY 2011 FY 2012 Ch. %<br />
Brent dated (USD/bbl) 111.3 111.7 0<br />
Brent Ural spread (USD/bbl) 1.67 1.09 (35)<br />
Crack spread – premium unleaded (USD/t) 143 192 34<br />
Crack spread – gasoil 10ppm (USD/t) 117 135 15<br />
Crack spread – naphtha (USD/t) 64 65 2<br />
Crack spread – fuel oil 3.5 (USD/t) (238) (220) 8<br />
Crack spread – premium unleaded (USD/bbl)<br />
6.9 12.8 86<br />
Crack spread – gasoil 10ppm (USD/bbl) 17.4 19.9 14<br />
Crack spread – naphtha (USD/bbl) (9.6) (9.5) 1<br />
Crack spread – fuel oil 3.5 (USD/bbl) (15.9) (13.0) 18<br />
Integrated petrochemicals margin (EUR/t) 279 262 (6)<br />
Almost 30% of the New<br />
Downstream Program target<br />
was already achieved in<br />
2012...<br />
To meet the challenges of the environment, a MOL Group-level<br />
Downstream Program was launched to improve profitability through<br />
the whole value chain and to reach USD 500-550mn EBITDA growth<br />
by 2014 on a like-for-like basis, compared with 2011. In 2012, the<br />
program delivered USD 150mn in savings, with like-for-like<br />
comparison, which is fully in line, or even slightly above, our<br />
expectations. The most profitable initiatives affected different key<br />
elements in our value chain:<br />
Energy management: a ca. USD 20mn cost decrease was the<br />
result of energy efficiency and optimisation measures and<br />
additional profit improvement was achieved by renegotiated<br />
gas, electricity and steam contracts.<br />
<br />
Hydrocarbon loss reduction: loss-decreasing actions were<br />
implemented in our 5 refineries, logistics and retail network. The<br />
total effect of these efforts was worth more than USD 10mn in<br />
2012.<br />
Refining and Petrochemicals margin revenues: portfolio revision<br />
and optimisation of monomer, polymer and fuel sales delivered<br />
a revenue increase of USD 50mn.<br />
However, the positive effects of efficiency improvements were partly<br />
offset by the above-mentioned negative effects of the business<br />
environment.<br />
In 2012, Downstream EBITDA, excluding special items, amounted to<br />
HUF 169 bn, representing a more than 40% improvement compared<br />
with the previous year with a much higher contribution from the<br />
19/94
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