MOL GROUP Annual Report

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1.3.5.2.4.6.1. Mr. Zsolt Hernádi (50)Chairman of the Board of Directors since 7th July, 2000, Chairman & Chief Executive Officer since 11th June, 2001, memberof the Board since 24th February, 1999.Member of the Corporate Governance and Remuneration Committee.Between 1989-1994 he occupied various posts at the Kereskedelmi és Hitelbank Plc., and between 1992-1994 he was itsDeputy General Manager. He was CEO of the Central Bank of Hungarian Savings Cooperatives between 1994 and 2001, anda member of its Board of Directors between 1994 and 2002. Between 1995 and 2001, Mr. Hernádi was Board member of theHungarian Banking Association. Since 2001, he has been a member of the European Round Table of Industrials.Since September, 2009 he has become the honorary citizen of the Corvinus University of Budapest.2. Dr. Sándor Csányi (57)Member of the Board of Directors since 20th October, 2000, and Vice Chairman since 2001.Chairman of the Corporate Governance and Remuneration Committee.Specializing in finance at university, where he also took doctorate, he later became licensed pricing specialist and a charteredaccountant, and his first job was at the Ministry of Finance. He also worked for the Ministry of Food & Agriculture and at the HungarianCredit Bank. From 1989 to 1992 he was Deputy CEO of the Commercial & Credit Bank (K&H), and since 1992, he has been the Chairman& CEO of the National Savings and Commercial Bank Plc. (OTP Bank Plc.). On 28th April, 2006, the annual shareholders meeting reelectedhim for an other five-year term as Chairman & CEO of OTP Bank Plc. He is European Board member of MasterCard, one of theworld’s leading payment systems and co-chairman of the National Association of Entrepreneurs & Employers (VOSZ), member of theBoard of the Hungarian Banking Association. He is also Chairman of the Supervisory Board of OTP Bank Group member, DSK Bank inBulgaria. He has been an honorary professor of the University of Western Hungary since 2004. Dr. Sándor Csányi is a member of theInternational Association of Business Leaders, and of the Institut International d’Etudes Bancaires.3. Mr. Mulham Al-Jarf (40)Member of the Board of Directors since 24th April 2008.He graduated international Business and Finance from the USA and he is registered Barrister at Law of the Bar of Englandand Wales. He is the deputy CEO of Oman Oil Company since 2004. He is member of the board in the following companies:Sohar Aluminium Co LLC, Oman Arab Bank SAOC, Oman Oil Marketing Co SAOG, Takamul Investments SAOC, and ChinaGas Holdings Ltd. And director in the Gulf Energy Maritime PSC. He has work experience in Oman Gas Company, Ministry ofOil and Gas and General Telecommunications Co in Oman. He is a citizen of Oman.4. Dr. Miklós Dobák (55)Member of the Board of Directors since 29th May 1996.Chairman of the Finance and Risk management Committee.He is Chairman of the Institute of Management and Professor of the Department of Management & Organisation at CorvinusUniversity. He is an international partner of Horváth & Partners Consulting Company.Board of Directors5. Dr. Gábor Horváth (54)Member of the Board of Directors since 24th February, 1999.Member of the Corporate Governance and Remuneration Committee.He has headed up an independent attorney’s office since 1990. His main activities cover corporate, corporate financial and companyorganisations law. He is the Vice president of the Supervisory Board and Chairman of the Audit Committee of OTP Bank Plc.6. Mr. Zsigmond Járai (59)Member of the Board of Directors from 29th April, 2010.Member of the Finance and Risk Management Committee.Various managerial positions in the State Development Bank between 1976-1986. In the mean time consultant in theMinistry of Water Supply of Mongolia in 1977-78. Director, then Deputy General Manager in Budapest Bank Plc. in 1987-1989.Deputy minister in the Ministry of Finance and Director of State Bank Supervision in 1989-90. In 1990-92 Director of East-Europe in James Capel & Co., London. Between 1993 and 1995 Managing Director of Samuel Montagu Financial Consultantand Securities Company. Between 1995 and 1998 Chief Executive Officer, then Chairman & CEO of ABN AMRO Bank Rt.(formerly Hungarian Credit Bank Ltd.). At the same time Chairman of Budapest Stock Exchange in 1996-1998. Minister ofFinance between 1998 and 2000, then Chairman of the National Bank of Hungary from 2001 until 2007. From 2007 founderand Chairman of Supervisory Board of CIG Pannonia Life Insurance Ltd. From 2010 chairman of the Supervisory Board ofthe National Bank of Hungary.Board of Directors226 MOL Group annual report 2010 227
7.10.11.8.9.7. Mr. József Molnár (55)Member of the Board of Directors since 12th October 2007.Group Chief Financial Officer since 3rd September, 2004.From 1978 to 2001, Mr Molnar held various management positions at BorsodChem Plc, including Head of Pricing Departmentfrom 1982 to 1987, and Head of Controlling Department from 1987 to 1991. Between 1991 and 2001, as Chief FinancialOfficer and first deputy to the CEO, he contributed to the crisis management and reorganisation of the company, and laterto the creation of its vision, and subsequent privatisation. He played a key role in the stock exchange listing of BorsodChemshares. He was CEO of TVK between 2001 and 2003, and MOL Group Planning & Controlling Director until his appointmentas Group CFO in September 2004. Between 2004 and 2008 he was a Board member of SLOVNAFT a. s. Since April 2001, hehas been a Board member of TVK, and he is also a member of INA Supervisory and Audit Committee since April 2010.8. Mr. György Mosonyi (61)Group CEO and member of the Board of Directors since 19th July, 1999.Chairman of the Sustainable Development Committee.Chairman of the Board of Directors of TVK Plc.From 1974 onwards, he worked for the Hungarian Agency of Shell International Petroleum Co. and from 1986 he held theposition of commercial director. In 1991 he worked at Shell headquarters, London. Between 1992-93 he was managingdirector of Shell-Interag Ltd and between 1994-1999 Chairman and Chief Executive Officer of Shell Hungary Plc. Duringthis period he became Chairman of Shell’s Central & East European Region and CEO of Shell Czech Republic in 1998. Vicechairmanof the Hungarian Chamber of Commerce & Industry., vice president of Confederation of Hungarian Employers andIndustrialists.9. Dr. László Parragh (48)Member of the Board of Directors from 29th April, 2010.Member of the Sustainable Development Committee.From 1989 Chairman of the Parragh Trade and Holding Ltd. From 1993 member of the Presidium of the Confederationof Hungarian Employers and Industrialists (MGYOSZ), between 1994-2000 Vice President. Member of the AdvisoryCommittee for Economic Affairs of the Prime Minister between 1998-2002. Since 2000 President of the Hungarian Chamberof Commerce and Industry, between 2003-2010 Vice President of GYSEV Plc. Since 2009 Chairman of KAVOSZ GarantiqaPlc. and the Economic and Social Council. Between 2002-2010 Board of Directors’ membership in MEHIB Ltd, EXIM BankPlc, GYESEV Plc. Since 2010 member of the Board of Directors of MALEV. Since 2003 Chairman of the Supervisory Boardof KA-VOSZ Financial Services Trading Close Co. Since 2009 Honorary Professor of the Budapest Business School and theUniversity of West Hungary.10. Mr. Iain Paterson (63)Member of the Board of Directors since 24th February, 1999.Member of the Finance and Risk management Committee and the Sustainable Development Committee.From 1970 onwards, he held various positions at British Petroleum Plc in Great Britain, USA and the Middle East. Between1984 and 1998, he was with Enterprise Oil Plc, serving from 1991 as a Main Board member with responsibility for internationalactivities. He is currently also Chairman of ITE Group Plc, Chairman of AnTech Limited and Chairman of Plebble LoyaltyLimited Mr. Paterson is a British citizen.11. Dr. Martin Roman (41)Member of the Board of Directors from 29th April, 2010.Member of the Corporate Governance and Remuneration CommitteeMartin Roman started his professional career as sales director of the Czech branch of Wolf Bergstrasse; in 1994 he becameCEO of Janka Radotín, where he was appointed Chairman of the Board after the entry of a strategic partner, the US companyLENNOX. Between 2000 and 2004 he restructured a traditional Czech mechanical engineering company, becoming Chairmanand CEO of the new ŠKODA HOLDING. Since February 2004, Mr. Roman has been the Chairman of the Board and CEO ofČEZ, a. s.Besides his membership in CEZ and MOL Boards, Mr. Roman is also Member of the Supervisory Board of the Prague StockExchange, Member of the Board of Directors of Akenerji Elektrik Üretim A.S.; Vice President of the Confederation of Industryand Transport of the Czech Republic (he served as Member of the Supervisory Board of Czech Railways in 2007-2009). In2010 he became Member of the Supervisory Board of VIG (Vienna Insurance Group). In addition, Mr. Roman is a member ofgoverning or supervisory bodies in several foundations and academic institutions. He is a Czech citizen.Board of Directors228 MOL Group annual report 2010 229
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MOL GROuP ANNuAL REPORT 2010MOL GRO
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Key financial and operating dataKey
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Overview of the environmentWorld ec
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Exploration and ProductionHIGHLIGHT
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OTHER RESuLTSSustainable developmen
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upstreaPortfolio EleentsRuSSIASPE 2
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ize MOL and INA sales channels in C
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PetrochemicalsPetrochemicalsPetroch
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Downstream portfolioelementsDomesti
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The most important events of 2010Th
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Gas and PowerGas and PowerThe Gas a
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Financial and Operational Performan
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1.) We have audited the accompanyin
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Moderating growth in world economy,
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Higher personal expenses due to ful
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Unit OPEX slightly increasedStronge
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…and in SPE P1 reserves2010 was t
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In Slovakia sales volumes recovered
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has been granted an IPPC and a Buil
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Refining & MarketingCAPEX down by 5
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INDEPENDENT AuDITOR’S REPORTMOL H
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Consolidated balance sheet31 Decemb
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Consolidated cash flow statement31
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Joint venturesA joint venture is a
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vi) HedgingFor the purpose of hedge
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off. Upon determination of economic
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At each balance sheet date, the Com
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IAS 1 Presentation of Financial Sta
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Exploration costsTransfers from exp
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6 Subsidiaries and jointly controll
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The purchase price allocation for t
Page 64 and 65: 10 Investments in associated compan
Page 66 and 67: 15 Other current assets16 Cash and
Page 68 and 69: Changes in the number of ordinary,
Page 70 and 71: The following table summarises the
Page 72 and 73: 28 Financial (income) / expense30 I
Page 75 and 76: The Group may use cross currency sw
Page 77 and 78: Capital managementThe primary objec
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Page 81 and 82: 37 Notes to the consolidated statem
Page 83 and 84: Historical SummaryHistorical Summar
Page 85 and 86: Gross reserves (according to SPE ru
Page 87 and 88: Petrochmical production (kt) 2005 2
Page 89 and 90: InterviewwithGyörgy MosonyiThe str
Page 91 and 92: Objective Result Fulfillment of the
Page 93 and 94: effluents. We found that the persis
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Page 97 and 98: Employee engagementWe conduct a Gro
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Page 101 and 102: 4 Sustainability data (Performance
Page 103 and 104: 5 Notes on Non-Financial Reporting5
Page 105 and 106: 6 Assurance statements6.1 Independe
Page 107 and 108: CorporateCorporate GovernanceCorpor
Page 109 and 110: The Board of Directors prepares a f
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Page 117 and 118: 6. Mr. József Simola (44)Corporate
Page 119 and 120: 7.Mr. József Kohán (59)Member of
Page 121 and 122: Ownership Structure31.12.2009 31.12
Page 123 and 124: GlossaryAverage production costTota
Page 125 and 126: Putting into productionAccomplishme
Page 127 and 128: Content tableTopic of interestCover
Page 129: Statementresponsibilityofundersigne
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MOL GROUP Annual Report

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