DOCUMENTS FOR THE ANNUAL GENERAL MEETING

MOL Plc. Annual General Meeting 2013 Documents
model. FGSZ was therefore among the first companies to receive an
Independent Transmission Operator (ITO) licence in 2012.
A stable operating profit
contribution
Domestic transmission
revenues increased by 8%
after the end of tariff
freezing
Slightly higher transit
revenues due to the
favourable FX effects
Higher gas prices and higher
depreciation increased
operating costs
Changes in regulated gas
transmission tariffs
Operating profits for FGSZ in 2012 were in line with higher revenues
which were able to compensate for increased expenditure.
Revenues from domestic transmission totalled HUF 79.8bn, 8%
higher than the base period, mainly due to surplus daily and monthly
capacity bookings and lower base figures as a result of tariff freezing
which had no effect in 2012.
Revenue from natural gas transit showed a 9% increase compared
with the base period, mainly due to southward (Serbian and Bosnian)
transit transmission. While volumes decreased by 6%, favourable
changes in foreign exchange rates over-compensated for this
negative effect.
Operating costs were higher by 13% than the base period mainly due
to increased natural gas consumption by the transmission system,
increased natural gas prices and increased depreciation as a result of
tangible assets capitalised in the previous year.
Changes in the regulatory environment
A dual tariff system was introduced on 4 th December, 2010. In
compliance with this system, tariffs for 2012 were calculated on an
asset-based return of 4.5% with regard to consumers entitled to
universal service, while for customers purchasing gas in the
competitive marketplace, the calculation continued to be on assetbased
returns of 8.78%.
Taking into account the rate of consumers entitled to universal
service, which rate is used by the Hungarian Energy Office to
calculate transmission tariffs. The weighted average revenue of the
natural gas transmission system was therefore approximately 6.5%
in 2012. The unfavourable effect of the change in the number of
consumers entitled to universal service in the second half of 2012
was compensated for by higher revenues and cost reductions.
Starting from 1 st January 2013, the asset-based return was decreased
to 2.28% from 4.5% for consumers entitled to universal service,
while for customers purchasing gas in the competitive marketplace,
the calculation remained unchanged. This implied a weighted
average natural gas transmission system revenue of approximately
5.5%, for the time being.
MMBF Ltd.
Strategic and commercial gas
storage
With three years operational experience, the underground gas
storage facility proved to be a reliable part of Hungary’s domestic
gas infrastructure which guarantees the security of supply.
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