DOCUMENTS FOR THE ANNUAL GENERAL MEETING

MOL Plc. Annual General Meeting 2013 Documents
Proposal to Item 1 of the Agenda
Report of the Supervisory Board and the Audit Committee on the 2012 financial statements
and the proposal for the distribution of profit after taxation
The Supervisory Board and the Audit Committee performed its duties in full accordance with its
statutory obligations, both two committees held 5 meetings during the year, discussing some of the
agenda points in common meetings. Regular agenda points of the meetings include the quarterly
report of the Board of Directors on Company’s operations and the reports of Internal Audit,
Corporate Security and Audit Committee. In addition, the Supervisory Board reviewed the proposals
for the Annual General Meeting. The report of the Supervisory Board has been prepared pursuant to
the report of the Board of Directors, the opinion of the auditors, the scheduled regular midyear
reviews and the work of the Audit Committee. On its meetings during 2012, the Supervisory Board
dealt in detail with the business situation of the MOL Group, the strategic development of the Group
and its Divisions. The Supervisory Board regularly got information about the decisions of the Board of
Directors and issues concerning the Company.
MOL, with its USD 8.4 billion market capitalisation at year end, is a leading integrated, upstreamdriven
company in the region and the largest company in Hungary. In 2011, the weighted average
stock exchange price 1 of MOL shares was HUF 19,729 while in 2012 it decreased to HUF 17,626. On
the other hand the year end closing price slightly increased. At the end of 2011 the share price closed
at HUF 17,350 , while in 2012 HUF 17,755 was the closing price.
The Company’s 2012 financial statements - in accordance with Accounting Law - provide a true and
fair picture of its economic activities and were audited by Ernst & Young Kft. The accounting methods
applied in developing the financial reports are supported by the report of the Audit Committee,
comply with the provisions of the Accounting Act and are consistent with the accounting policies of
the Company. All figures in the balance sheet are supported by analytical registration. Assessment
and payment of tax obligations were implemented as prescribed by law.
A total of 128 companies were fully, and a further 11 companies were partially consolidated in MOL
Group, using the equity method. Last year the ownership structure changed: at the end of 2012,
compared to the end of last year the shareholding of foreign institutional investors increased from
25.5% to 26.2%, while the ownership of domestic institutional and private investors decreased from
5.0% to 4.4%. According to the received request for the registration of the shares and the published
shareholders notifications the Company had seven shareholders (shareholder groups) that held more
than 5% voting rights on the 31st December 2012. Our largest shareholder is the Hungarian State
holding 24.6% of MOL shares. The Company held 4.9% treasury shares at the end of December 2012.
Despite the challenging business environment MOL Group closed another successful year in 2012.
The Upstream division - with close to 70% EBITDA contribution to the Group profitability – achieved
relatively firm results even though Syrian upstream assets have not been contributing any production
due to the announced “fource majeur” since early 2012. Our intensive exploration activity delivered
successes in the core countries, similar to previous years we maintained the outstanding exploration
1 Calculated with closing prices.
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