MOL GROUP Annual Report

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Consolidated balance sheet31 December 2010Consolidated income statement31 December 2010Notes 20102009RestatedASSETS HUF million HUF millionNon-current assetsIntangible assets 4 318,158 355,828Property, plant and equipment, net 5 2,676,262 2,555,220Investments in associated companies 10 73,004 59,830Available-for-sale investments 11 21,501 18,614Deferred tax assets 30 12,682 36,855Other non-current assets 12 42,104 47,512Total non-current assets 3,143,711 3,073,859Current assetsInventories 13 418,061 328,010Trade receivables, net 14 463,672 412,307Other current assets 15 141,508 116,635Prepaid taxes 5,611 22,104Cash and cash equivalents 16, 37 313,166 177,105Assets classified as held for sale 31 - 37,587Total current assets 1,342,018 1,093,748TOTAL ASSETS 4,485,729 4,167,607EQUITY AND LIABILITIESEquity attributable to equity holders of the parentShare capital 17 79,202 79,202Reserves 18 1,251,910 1,119,745Profit for the year attributable to equity holders of the parent 103,958 95,058Equity attributable to equity holders of the parent 1,435,070 1,294,005Non-controlling interests 539,407 535,647Total equity 1,974,477 1,829,652Non-current liabilitiesLong-term debt, net of current portion 19 947,910 829,111Provisions 20 280,535 282,693Deferred tax liabilities 30 118,312 122,376Other non-current liabilities 21 46,110 38,745Total non-current liabilities 1,392,867 1,272,925Current liabilitiesTrade and other payables 22 800,958 737,826Current tax payable 10,672 2,784Provisions 20 43,842 32,865Short-term debt 23 160,863 178,457Current portion of long-term debt 19 102,050 103,577Liabilities classified as held for sale 32 - 9,521Total current liabilities 1,118,385 1,065,030TOTAL EQUITY AND LIABILITIES 4,485,729 4,167,607The notes are an integral part of these consolidated financial statements.Notes 20102009RestatedHUF million HUF millionNet revenue 24 4,298,709 3,254,700Other operating income 25 25,839 112,038Total operating income 4,324,548 3,366,738Raw materials and consumables used 3,254,939 2,555,587Personnel expenses 26 271,968 200,938Depreciation, depletion, amortisation and impairment 279,069 207,140Other operating expenses 27 374,944 258,409Change in inventories of finished goods and work in progress (50,932) (55,837)Work performed by the enterprise and capitalized (44,498) (31,878)Total operating expenses 4,085,490 3,134,359Operating profit 239,058 232,379Financial income 28 25,872 16,388Of which: Fair valuation difference of conversion option 28 - -Financial expense 28 104,929 76,731Of which: Fair valuation difference of conversion option 28 5,381 19,698Financial expense, net 28 79,057 60,343Income from associates 12,013 (1,664)Profit before tax 172,014 170,372Income tax expense 30 63,297 80,131Profit for the year 108,717 90,241Attributable to:Equity holders of the parent103,958 95,058Non-controlling interests 4,759 (4,817)Basic earnings per shareAttributable to ordinary equity holders of the parent (HUF)32 1,231 1,114Diluted earnings per shareAttributable to ordinary equity holders of the parent (HUF)32 1,209 1,114Consolidated Statement of comprehensive income31 December 2010Notes 20102009RestatedHUF million HUF millionProfit for the year 108,717 90,241Other comprehensive incomeExchange differences on translating foreign operations 29 42,875 755Available-for-sale financial assets, net of deferred tax 29 (1,423) 5,003Cash-flow hedges, net of deferred tax 29 351 1,338Share of other comprehensive income for associates 29 7,672 (9,383)Other comprehensive income for the year, net of tax 49,475 (2,287)Total comprehensive income for the year 158,192 87,954Attributable to:Equity holders of the parent 145,599 91,989Non-controlling interest 12,593 (4,035)Consolidated financialstatements (IFRS)The notes are an integral part of these consolidated financial statements.86 <strong>MOL</strong> Group annual report 2010 87
Consolidated statement of changes in equity31 December 2010Share capitalShare premiumFair valuation reserveTranslation reserveEquity component ofdebt and difference inbuy-back pricesRetained earningsTotal reservesProfit for the year attributableto equity holdersof the parentEquity attributable to equityholders of the parentNon-controlling interestsTotal equityHUF million HUF million HUF million HUF million HUF million HUF million HUF million HUF million HUF million HUF million HUF millionClosing balance 31 December 2008 72,812 (392,814) (1,455) 124,080 (8,074) 1,177,014 898,751 141,418 1,112,981 118,419 1,231,400Retained profit for the year - - - - - - - 95,058 95,058 (4,817) 90,241Other comprehensive income for the year - - 9,802 (12,871) - - (3,069) - (3,069) 782 (2,287)Total comprehensive income for the year - - 9,802 (12,871) - - (3,069) 95,058 91,989 (4,035) 87,954Transfer to reserves of retained profit for the previous year - - - - - 141,418 141,418 (141,418) - - -Dividends to non-controlling interests - - - - - - - - - (8,501) (8,501)Net change in balance of treasury shares held, net of tax 6,390 67,145 - - - 18,363 85,508 - 91,898 - 91,898Acquisition of non-controlling interests - - - - - (2,863) (2,863) - (2,863) (148) (3,011)Transactions with non-controlling interests - - - - - - - - - 5,788 5,788Consolidation of Subsidiaries previously accounted for as Associates - - - - - - - - - 424,124 424,124Closing balance 31 December 2009 79,202 (325,669) 8,347 111,209 (8,074) 1,333,932 1,119,745 95,058 1,294,005 535,647 1,829,652Retained profit for the year - - - - - - - 103,958 103,958 4,759 108,717Other comprehensive income for the year - - (813) 42,454 - - 41,641 - 41,641 7,834 49,475Total comprehensive income for the year - - (813) 42,454 - - 41,641 103,958 145,599 12,593 158,192Transfer to reserves of retained profit for the previous year - - - - - 95,058 95,058 (95,058) - - -Dividends to non-controlling interests - - - - - - - - - (8,729) (8,729)Net change in balance of treasury shares held, net of tax - - - - - (4,534) (4,534) - (4,534) - (4,534)Transactions with non-controlling interests - - - - - - - - - (104) (104)Closing balance 31 December 2010 79,202 (325,669) 7,534 153,663 (8,074) 1,424,456 1,251,910 103,958 1,435,070 539,407 1,974,477Consolidated financialstatements (IFRS)The notes are an integral part of these consolidated financial statements.88 <strong>MOL</strong> Group annual report 2010 89
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 42 and 43: INDEPENDENT AuDITOR’S REPORTMOL H
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
Page 95 and 96:
The main programme elements are Ext
Page 97 and 98:
Employee engagementWe conduct a Gro
Page 99 and 100:
Ethical notifications received and
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
Page 111 and 112:
The chairman of the Supervisory Boa
Page 113 and 114:
The main role of Financial Risk Man
Page 115 and 116:
7.10.11.8.9.7. Mr. József Molnár
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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