MOL GROUP Annual Report

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IAS 1 Presentation of Financial StatementsThe amendment to IAS 1 clarifies that the entity may elect to present the analysis of other comprehensive income by itemeither in the statement of changes in equity or in the notes to the financial statements.IAS 27 Consolidated and Separate Financial StatementsThe amendment to IAS 27 clarifies that amendments made to IAS 21, IAS 28, and IAS 31 as a result of IAS 27 revisions in 2008should be applied prospectively with some exceptions. The amendment is effective 1 July 2010.3 Segmental information2010ExplorationandProductionRefiningandMarketingGas &PowerPetrochemicalsCorporateand otherIntersegmenttransfersTotalIAS 34 Interim Financial ReportingAmendments to IAS 34 clarify how significant events and transactions in interim periods should update the relevantinformation presented in the most recent annual financial report.IFRIC 13 Customer Loyalty ProgrammesAmendment to IFRIC 13 specifies that fair value of award credits should consider the discount or incentives that customerswho have not earned award credits would otherwise received as well as any expected forfeitures.HUF million HUF million HUF million HUF million HUF million HUF million HUF millionNet RevenueSales to external customers 518,406 3,160,919 190,638 395,590 33,156 4,298,709Inter-segment sales 253,854 475,873 327,074 128,615 131,330 (1,316,746) -Total revenue 772,260 3,636,792 517,712 524,205 164,486 (1,316,746) 4,298,709Results -Profit/(loss) from operations 206,857 31,808 67,666 1,098 (68,716) 345 239,058Net finance costs 79,057Income from associates 12,013 12,013Profit before tax 172,014Income tax expense/(benefit) 63,297Profit for the year 108,7172009ExplorationandProductionRefiningandMarketingGas &PowerPetrochemicalsCorporateand otherIntersegmenttransfersHUF million HUF million HUF million HUF million HUF million HUF million HUF millionNet RevenueSales to external customers 301,788 2,396,450 236,166 289,128 31,168 - 3,254,700Inter-segment sales 188,075 324,389 277,590 99,152 133,510 (1,022,716) -Total revenue 489,863 2,720,839 513,756 388,280 164,678 (1,022,716) 3,254,700ResultsProfit/(loss) from operations 136,722 15,474 61,902 (15,219) 28,000 5,500 232,379Net finance costs 60,343Income from associates (1,664) (1,664)Profit before tax 170,372Income tax expense/(benefit) 80,131Profit for the year 90,241TotalNotes to the financialstatements2010 Assets and liabilities ExplorationandProductionRefiningandMarketingGas &PowerPetrochemicalsCorporateand otherIntersegmenttransfersTotalHUF million HUF million HUF million HUF million HUF million HUF million HUF millionProperty, plant and equipment, net 1,065,969 972,857 429,791 176,587 96,268 (65,210) 2,676,262Intangible assets, net 192,560 93,798 9,540 4,972 20,332 (3,044) 318,158Inventories 39,708 355,215 2,036 14,633 9,965 (3,496) 418,061Trade receivables, net 80,554 368,322 22,090 68,877 32,237 (108,408) 463,672Investments in associates 73,004 73,004Not allocated assets 536,572Total assets 4,485,729Trade payables 49,825 355,452 33,452 59,493 45,113 (110,387) 432,948Not allocated liabilities 2,078,304Total liabilities 2,511,252110 MOL Group annual report 2010 111
2010 Other segment informationExplorationandProductionRefiningandMarketingGas &PowerPetrochemicalsCorporateand otherIntersegmenttransfersHUF million HUF million HUF million HUF million HUF million HUF million HUF millionCapital expenditure: 109,324 103,482 88,011 9,828 7,237 - 317,882Property, plant and equipment 79,590 101,762 86,044 9,279 3,556 - 280,231Intangible assets 29,734 1,720 1,967 549 3,681 - 37,651Depreciation and amortization 127,639 99,100 19,899 17,847 18,038 (3,454) 279,069From this: impairment lossesrecognized in income statement19,128 5,067 448 210 238 - 25,091From this: reversal of impairmentrecognized in income statementTotal(5,727) (1,816) - - - - (7,543)The operating profit of the segments includes the profit arising both from sales to third parties and transfers to the otherbusiness segments. Exploration and Production transfers crude oil, condensates and LPG to Refining and Marketing andnatural gas to the Gas and Power segment. Refining and Marketing transfers chemical feedstock, propylene and isobutane toPetrochemicals and Petrochemicals transfers various by-products to Refining and Marketing. The subsidiaries of Corporatesegment provide maintenance, insurance and other services to the business segments. The internal transfer prices used arebased on prevailing market prices. Divisional figures contain the results of the fully consolidated subsidiaries engaged in therespective divisions.4 Intangible assets2009 Assetsand liabilitiesExplorationandProductionRefiningandMarketingGas &PowerPetrochemicalsCorporateand otherIntersegmenttransfersThe profit from operations of the Group in 2010 was influenced by HUF 25,754 million crisis tax implemented in the currentyear and also a non-recurring HUF 30,387 million retroactively paid mining royalty according to the declaration of theEuropean Committee in 2010 (see Note 27).TotalHUF million HUF million HUF million HUF million HUF million HUF million HUF millionProperty, plant and equipment, net 1,029,595 950,683 357,778 183,080 101,328 (67,244) 2,555,220Intangible assets, net 228,481 93,764 5,980 4,766 23,086 (249) 355,828Inventories 24,321 281,867 2,567 12,017 12,031 (4,793) 328,010Trade receivables, net 56,672 331,210 50,591 58,906 41,429 (126,501) 412,307Investments in associates 59,830 59,830Not allocated assets 456,412Total assets 4,167,607Trade payables 57,302 331,508 54,669 49,232 47,589 (128,022) 412,278Not allocated liabilities 1,925,677Total liabilities 2,337,9552009 OthersegmentinformationExplorationandProductionRefiningandMarketingGas &PowerPetrochemicalsCorporateand otherIntersegmenttransfersHUF million HUF million HUF million HUF million HUF million HUF million HUF millionCapital expenditure: 107,732 102,229 61,100 16,681 7,244 - 294,986Property, plant and equipment 89,631 101,318 59,389 16,452 4,367 - 271,157Intangible assets 18,101 911 1,711 229 2,877 - 23,829Depreciation and amortization 67,536 93,494 15,691 18,308 15,227 (3,116) 207,140From this: impairment lossesrecognized in income statement5,108 8,200 708 248 1,063 - 15,327From this: reversal of impairmentrecognized in income statement(1,271) (657) (21) (266) (46) (2,261)TotalAt 1 January, 2009Rights Software ExplorationcostsGoodwillTotalHUF million HUF million HUF million HUF million HUF millionGross book value 57,997 65,436 60,240 71,760 255,433Accumulated amortization and impairment (12,143) (42,992) (8,896) - (64,031)Net book value 45,854 22,444 51,344 71,760 191,402Year ended 31 December, 2009- additions 2,581 3,510 17,738 - 23,829- acquisition of subsidiary 14,175 6,863 138,703 3,655 163,396- amortization for the year (7,641) (5,582) (76) - (13,299)- impairment (203) (627) (782) (4,656) (6,268)- disposals (33) (45) - - (78)- exchange adjustment 231 45 (2,686) 1,583 (827)- transfers and other movements 2,803 (1,637) (1,277) (2,216) (2,327)Closing net book value 57,767 24,971 202,964 70,126 355,828At 31 December, 2009Gross book value 77,861 73,012 212,753 74,744 438,370Accumulated amortization and impairment (20,094) (48,041) (9,789) (4,618) (82,542)Net book value 57,767 24,971 202,964 70,126 355,828Year ended 31 December, 2010- additions 3,709 3,838 30,104 - 37,651- divestition of subsidiary (29) - - - (29)- amortization for the year (5,925) (8,753) (192) - (14,870)- impairment (5,350) (50) (9,674) - (15,074)- disposals - - - - -- exchange adjustment 2,988 224 7,016 905 11,133- transfers and other movements - 1,946 (58,427) - (56,481)Closing net book value 53,160 22,176 171,791 71,031 318,158At 31 December, 2010Gross book value 83,951 77,697 187,355 73,200 422,203Accumulated amortization and impairment (30,791) (55,521) (15,564) (2,169) (104,045)Net book value 53,160 22,176 171,791 71,031 318,158Notes to the financialstatementsImpact of the crisis tax on the profit from operations of the reporting segments of the Group were as follows: HUF 2,652million at Exporation and Production segment, HUF 21,896 million at Refining and Marketing segment, HUF 453 million atGas and Power segment, HUF 302 million at Petrochemicals segment and HUF 541 million recorded at Corporate segment.The HUF 30,387 mining royalty paid retroactively has been recorded at Exploration and Production segment.The profit from operations of the Group in 2009 had been influenced by the following: HUF 28,156 million subsequentsettlement from E.ON Ruhrgas International AG in connection with the gas business sales, HUF 21,285 million as part of thefair value of the net asset of INA and Energopetrol exceeding the purchase price and HUF 22,925 million as a fair valuation gainon the previous investment of INA and Energopetrol (see Note 7). These items were recorded in the profit from operationsof Corporate segment.112 MOL Group annual report 2010 113
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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 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 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
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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
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Putting into productionAccomplishme
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Content tableTopic of interestCover
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Statementresponsibilityofundersigne
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MOL GROUP Annual Report

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