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 />
Enhancing the maturity<br />
profile<br />
5-year low gearing ratio<br />
MOL Plc. has extended EUR 561mn by 1 additional year, up to 10 th<br />
June, 2017, out of its EUR 1bn revolving credit facility agreement,<br />
signed on 10 th June, 2011, originally with 5 years’ tenor. To further<br />
diversify the Group’s funding portfolio, MOL Group Finance S.A. (a<br />
100% subsidiary of MOL Plc.) established a USD 1bn Euro Medium-<br />
Term Note Program guaranteed by MOL on 12 th September, 2012.<br />
Under the program, a senior unsecured bond was issued in the<br />
amount of USD 500mn on 26 th September, 2012, with 7 years’ tenor<br />
and a 6.250% fixed coupon. MOL Plc. signed an 8.5 year USD 150mn<br />
loan agreement with the European Bank for Reconstruction &<br />
Development (EBRD) on 2 nd July, 2012, to finance capital<br />
expenditures on a new LDPE unit and the upgrade of a steam cracker<br />
at the Slovnaft site.<br />
Indebtedness<br />
2011 2012<br />
Simplified Net debt/EBITDA 1.44 1.38<br />
Net gearing 28.0% 24.8%<br />
70% EURO-denominated<br />
debt<br />
Proportion and amount of total debt denominated in the following<br />
currencies<br />
31 Dec 2011<br />
(bn own<br />
currency)<br />
31 Dec 2011<br />
(bn HUF)<br />
Portion<br />
%<br />
Currency 31 Dec 2012 31 Dec 2012(bn Portio<br />
(bn own<br />
currency)<br />
HUF) n %<br />
1.18 283 27.1 USD 1.16 255 27.0<br />
2.34 728 69.6 EUR 2.29 665 70.4<br />
n.a. 35 3.3 Other* n.a. 25 2.6<br />
n.a. 1,046 100 Total n.a. 945 100<br />
* Includes mainly HUF, as well as HRK- and PLN-denominated debt<br />
NOTES TO <strong>THE</strong> PROFIT & LOSS STATEMENT<br />
Sales, Operating Expenses and Operating Profits<br />
Increases in sales revenues<br />
Decreases in operating<br />
expenses<br />
Non-recurring items in total<br />
operating expenses<br />
Despite the lack of Syrian contribution, Group net sales revenues<br />
increased by 3% to HUF 5,552.3bn. Other operating income<br />
increased by 29% to HUF 30.0bn mainly due to the foreign exchange<br />
gain realised on trade receivables and payables (HUF 14.3bn).<br />
Other operating expenses decreased by HUF 10.9bn to HUF 370.5bn<br />
in 2012, mainly as the combined effect of a decrease in mining<br />
royalty expenses (HUF 8.0bn) and foreign exchange loss on trade<br />
receivables and payables (HUF 10.5bn) in the comparative period.<br />
The temporary crisis tax imposed on the energy sector increased<br />
Other operating expenses by HUF 30.4bn and HUF 29.0bn in 2012<br />
and 2011, respectively. Depreciation expenses in 2012 included a<br />
HUF 6.6bn impairment recorded with respect to the refining assets<br />
28/94
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