MOL GROUP Annual Report

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INDEPENDENT AuDITOR’S REPORTMOL Hungarian Oil and Gas PublicLimited Company and SubsidiariesTo the Shareholders of MOL Hungarian Oil and Gas Public Limited Company1.) We have audited the accompanying 2010 consolidated annual financial statements of MOL Hungarian Oil and Gas Plc.(“the Company”), which comprises the consolidated balance sheet as at 31 December 2010 - showing a balance sheet totalof HuF 4,485,729 million and a profit for the year of HuF 108,717 million -, the related consolidated income statement,consolidated statement of comprehensive income for the year then ended, consolidated statement of changes in equity,consolidated statement of cash flows for the year then ended and the summary of significant accounting policies and otherexplanatory notes.Independent Auditors’Report2.) We issued an unqualified opinion on the Company’s consolidated annual financial statements prepared in accordancewith the International Financial Reporting Standards as adopted by Eu as at 31 December 2009 on 25 March 2010.CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITHINTERNATIONAL FINANCIAL REPORTING STANDARDS TOGETHER WITH THEINDEPENDENT AuDITORS’ REPORT31 December 2010Management’s Responsibility for the Consolidated Financial Statements3.) Management is responsible for the preparation and fair presentation of these consolidated financial statements inaccordance with the International Financial Reporting Standards as adopted by Eu. This responsibility includes: designing,implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated financialstatements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriateaccounting policies; and making accounting estimates that are reasonable in the circumstances.Auditor’s Responsibility4.) Our responsibility is to express an opinion on these consolidated financial statements based on the audit and to assesswhether the consolidated business report is consistent with the consolidated financial statements. We conducted our auditin accordance with Hungarian National and International Auditing Standards and with applicable laws and regulations inHungary. Those standards require that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance whether the consolidated financial statements are free from material misstatement.5.) An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidatedfinancial statements. The procedures selected depend on the auditor’s judgment, including the assessment of therisks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making thoserisk assessments the auditor considers internal control relevant to the entity’s preparation and fair presentation of theconsolidated financial statements in order to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, aswell as evaluating the overall presentation of the consolidated financial statements. Our work regarding the consolidatedbusiness report is restricted to assessing whether the consolidated business report is consistent with the consolidatedfinancial statements and does not include reviewing other information originated from non-audited financial records.6.) We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.82 MOL GROUP AnnUAL REPORT 2010 83
Opinion7.) We have audited the elements of and disclosures in the consolidated annual financial statements, along with underlyingrecords and supporting documentation, of MOL Hungarian Oil and Gas Plc. in accordance with Hungarian National andInternational Auditing Standards and have gained sufficient and appropriate evidence that the consolidated annual financialstatements have been prepared in accordance with the International Financial Reporting Standards as adopted by Eu. Inour opinion the consolidated annual financial statements give a true and fair view of the equity and financial position ofMOL Hungarian Oil and Gas Plc. as at 31 December 2010 and of the results of its operations for the year then ended. Theconsolidated business report corresponds to the disclosures in the consolidated financial statements.Budapest, 24 March 2011MOL Hungarian Oil and Gas Plc. and SubsidiariesJudit SzilágyiErnst & young Kft.Registered AuditorRegistration No. 001165 Chamber membership No.: 001368CONSOLIDATED FINANCIAL STATEMENTSPREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTINGSTANDARDS31 December 2010Independent Auditors’ReportBudapest, 24 March 2011Zsolt HernádiChairman of the Board of DirectorsChief Executive OfficerJózsef MolnárExecutive Vice President for Finance84 MOL GROUP AnnUAL REPORT 2010 85
Page 1 and 2: MOL GROuP ANNuAL REPORT 2010MOL GRO
Page 4 and 5: Key financial and operating dataKey
Page 6 and 7: Overview of the environmentWorld ec
Page 8 and 9: Exploration and ProductionHIGHLIGHT
Page 10 and 11: OTHER RESuLTSSustainable developmen
Page 12 and 13: upstreaPortfolio EleentsRuSSIASPE 2
Page 14 and 15: ize MOL and INA sales channels in C
Page 16 and 17: PetrochemicalsPetrochemicalsPetroch
Page 18 and 19: Downstream portfolioelementsDomesti
Page 20 and 21: The most important events of 2010Th
Page 22 and 23: Gas and PowerGas and PowerThe Gas a
Page 24 and 25: Financial and Operational Performan
Page 26 and 27: 1.) We have audited the accompanyin
Page 28 and 29: Moderating growth in world economy,
Page 30 and 31: Higher personal expenses due to ful
Page 32 and 33: Unit OPEX slightly increasedStronge
Page 34 and 35: …and in SPE P1 reserves2010 was t
Page 36 and 37: In Slovakia sales volumes recovered
Page 38 and 39: has been granted an IPPC and a Buil
Page 40 and 41: Refining & MarketingCAPEX down by 5
Page 44 and 45: Consolidated balance sheet31 Decemb
Page 46 and 47: Consolidated cash flow statement31
Page 48 and 49: Joint venturesA joint venture is a
Page 50 and 51: vi) HedgingFor the purpose of hedge
Page 52 and 53: off. Upon determination of economic
Page 54 and 55: At each balance sheet date, the Com
Page 56 and 57: IAS 1 Presentation of Financial Sta
Page 58 and 59: Exploration costsTransfers from exp
Page 60 and 61: 6 Subsidiaries and jointly controll
Page 62 and 63: 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
Page 79 and 80: Operating leasesOperating lease lia
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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The main programme elements are Ext
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Employee engagementWe conduct a Gro
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Ethical notifications received and
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4 Sustainability data (Performance
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5 Notes on Non-Financial Reporting5
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6 Assurance statements6.1 Independe
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CorporateCorporate GovernanceCorpor
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The Board of Directors prepares a f
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The chairman of the Supervisory Boa
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The main role of Financial Risk Man
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7.10.11.8.9.7. Mr. József Molnár
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6. Mr. József Simola (44)Corporate
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7.Mr. József Kohán (59)Member of
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Ownership Structure31.12.2009 31.12
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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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