értekezés - Budapesti Corvinus Egyetem

10. ábra - A vállalati stratégia mint kockázat meghatározó tényező
Source: Risk Magazine, August 2004, pp. 68-69.
11. ábra - CF@R a tevékenységek portfoliójának értékelésére
Displaying the risk-return relationship of MOL Group’s business units
based on 2003 budget data
HUF billions, budget 2003 data
EBITDA
MOL Group
100
trend line
80
MOL E&P
60
MOL Wholesale
MOL Refinery +
40
Wholesale
TVK
Slovnaft
Petrochem
20
MOL Petrochem
Retail
Slovnaft Refinery +
MOL
Wholesale
Natural Gas
Slovnaft Retail
0
0 10 20 30 40 50
Key takeaways
• Compared to the Group
average, the following
activities have a better or
equivalent risk/return
profile
–Retail
– MOL wholesale
– MOL E&P
• The other activities are
more risky/less profitable
than the Group average
–Refinery
– Petrochemicals
– Natural gas
-20
MOL Refinery
* at 95% confidence level; BUs on a stand-alone basis
CFaR*
Source: MOL Group Risk Management Department, McKinsey&Co
240