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 />
Improving Downstream<br />
performance, supported<br />
by<br />
the R&M Division..<br />
Refining & Marketing Division on one hand, but deteriorated by<br />
Petrochemicals Division losses on the other. Despite a higher level of<br />
maintenance activities in the actual year the Refining & Marketing<br />
Division’s clean CCS-based EBITDA doubled compared with the base<br />
period, supported by the following:<br />
• Key positive effects were<br />
(1) higher average crack spreads of motor fuels, especially<br />
gasoline<br />
(2) internal efficiency improvements as part of the New<br />
Downstream Program - roughly a positive effect of USD<br />
150mn<br />
(3) an improved product slate<br />
(4) a weaker HUF versus the USD.<br />
• Negative effects moderated the improvement, due to<br />
(1) a tightening light-heavy crude oil differential – a negative<br />
effect of<br />
ca. HUF 20bn<br />
(2) a significant drop in regional product demand due to weak<br />
economic conditions and high fuel prices<br />
(3) rising energy prices, (a negative effect of ca. HUF 20bn)<br />
(4) a higher level of maintenance activities<br />
(5) unplanned shutdowns in the year at the Danube and<br />
Bratislava refineries decreased throughput and sales<br />
volumes.<br />
CCS-based R&M EBITDA 3,4 FY 2011 FY 2012 Ch. %<br />
MOL Group 81.5 167.6 106<br />
MOL excl. INA 135.3 187.0 38<br />
INA (53.8) (19.4) 64<br />
CCS-based R&M operating profits 3,4 FY 2011 FY 2012 Ch. %<br />
MOL Group (19.9) 54.8 n.a.<br />
MOL excl. INA 51.6 101.9 97<br />
INA (71.5) (47.1) 34<br />
3,4 Notes and special items listed in Appendix I and II.<br />
Excluding INA’s contribution, ‘clean’ CCS-based EBITDA increased<br />
significantly by 38%. While crack spreads improved, depressed<br />
regional demand and a longer shutdown period resulted in 1 Mt<br />
lower sales year-on-year. INA’s clean CCS-based EBITDA improved<br />
significantly in 2012 but the figure was still in the red. Enhanced<br />
feedstock selection as well as smoother operations and higher VGO<br />
processing in the new Rijeka HCK unit improved product yield,<br />
resulting in 6% higher white product output. On-demand operations<br />
at the Sisak refinery also supported these results. On the other hand,<br />
higher volumes and the price of energy purchased had a dampening<br />
effect on profits.<br />
20/94
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