MOL GROUP Annual Report

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6 Subsidiaries and jointly controlled entitiesCompany nameIntegrated subsidiariesCountry(Incorporation/Branch)Range of activityOwnership2010Ownership2009INA-Industrija nafte d.d. Croatia Integrated oil and gas company 47% 47%Exploration and ProductionAdriagas S.r.l. Italy Pipeline project company 47% 47%BHM OIL-Invest Ltd Cyprus Exploration investment management 100% 100%Surgut Trading Ltd Russia Trade of crude oil 50% 50%BMN Investment Ltd Cyprus / India Exploration and production activity 100% 100%Crosco Naftni Servisi d.o.o. Croatia Oilfield services 47% 47%CorteCros d.o.o. Croatia Production of anticorrosion products 28% 28%Crosco B.V. Netherlands Oilfield services 47% 47%Nordic Shipping Ltd. Marshall Islands Platform ownership 47% 47%Crosco International d.o.o. (Slovenia) Slovenia Oilfield services 47% 47%Crosco International d.o.o. (Tuzla)Bosnia andHerzegovinaOilfield services 47% 47%Crosco International Ltd. United Kingdom Oilfield services 47% 47%Crosco S.A. DE C.V Mexico Maintaining services 47% 47%Geotechnika International LLCUnited ArabEmiratesOilfield services, drilling wells 23% 23%Mideast Integrated Drilling & Well ServicesCompany LLCOmanIntegrated drillingand completion services23% 23%Rotary Zrt. Hungary Oilfield services 47% 47%Rotary Pumping Services Kft. Hungary Oilfield services c) 47%Drill-Trans Zrt. Hungary Road cargo transport f) 47%Mobilgas Zrt. Hungary Road cargo transport f) 47%Drill-Car Kft. Hungary Car rental f) 47%Sea Horse Shipping Inc. Marshall Islands Platform ownership 47% 47%Geoinform Kft. Hungary Hydrocarbon exploration 100% 100%GES Kft.HungaryGeophysical surveyingand data processing100% 100%Geophysical Services Middle-East LLCOmanGeophysical surveyingand data processing70% 70%Greentrade Ltd Cyprus Exploration investment management 100% 100%Matjushkinskaya Vertical LLC Russia Exploration and production activity 100% 100%Hawasina GmbHSwitzerland /OmanExploration and production activity 100% 100%Prirodni plin d.o.o. Croatia Natural gas trading 47% 47%INA Naftaplin International Exploration andProduction LtdUnited Kingdom Exploration and production activity 47% 47%Kalegran LtdCyprus / IraqExploration investment management/ Exploration and production activity100% 100%Lamorak Enterprises Ltd Cyprus / Tunisia Exploration and production activity 100% 100%MOL Caspian Oil and Gas Ltd Cyprus / Kazakhstan Exploration investment management 100% 100%Ural Group Ltd (joint venture)British VirginIslandExploration and production activity 28% 28%Ural Oil Group Ltd (joint venture) Kazakhstan Exploration and production activity 28% 28%MOL Central Asia Oil and Gas Co. B.V.Netherlands / Syria/ KazakhstanExploration and production activity 100% 100%MOL CIS Oil and Gas Ltd. Cyprus Exploration investment management 100% 100%ZMB Ltd (joint venture) Russia Exploration and production activity 50% 50%MOL Pakistan Oil and Gas Co. B.V.Netherlands / PakistanExploration and production activity 100% 100%MOL Yemen Oil and Gas (Cyprus) Ltd Cyprus / Yemen Exploration and production activity 100% 100%Platounko Investments Ltd Cyprus Exploration financing 100% 100%Pronodar Ltd Cyprus / Cameroon Exploration and production activity 100% 100%Pyrogol Ltd Cyprus Exploration and production activity 100% 100%RUSI Services Ltd Cyprus Exploration financing 100% 100%SHM Seven Investments Ltd Cyprus Exploration investment management 100% 100%MOL Western Siberia LLC Russia Exploration and production activity 100% 100%MOL-RUSS Ooo. Russia Management services 100% 100%UBA Services Ltd Cyprus / Russia Exploration investment management 100% 100%Company nameCountry(Incorporation/Branch)Range of activityOwnership2010Ownership2009USI Ltd Cyprus Exploration investment management 100% 100%BaiTex LLC Russia Exploration and production activity 100% 100%Gas & PowerCM European Power International B.V.(joint venture)Netherlands Power plant investment management 50% 50%CM European Power International s.r.o.(joint venture)Slovakia Power plant investment management 50% 50%CM European Power Slovakia s.r.o. Slovakia Operation of thermo-power plant 50%, a) 50%, a)MOL-CEZ European Power Hungary Kft.(joint venture)HungarySteam and hot water supply, electricityproduction50% 50%FGSZ Földgázszállító Zrt. Hungary Natural gas transmission 100% 100%MOL Commodity Trading Kft. Hungary Financial services 100% e)MMBF Földgáztároló Zrt. Hungary Strategic natural gas storage 72% 72%MOLTRADE-Mineralimpex Zrt.HungaryImporting and exporting energeticalproducts100% 100%Refining and MarketingCrobenz d.d. Croatia Trading of oil products b) 47%Energopetrol d.d.Bosnia andHerzegovinaRetail trade 49% 49%FPC Ltd. United Kingdom Trading of oil products 47% 47%Holdina (Guernsey) Ltd United Kingdom Trading of oil products 47% 47%Inter Ina (Guernsey) Ltd United Kingdom Trading of oil products 47% 47%Holdina (Cyprus) Ltd Cyprus Intermediate holding company 47% 47%Holdina (Ireland) Ltd Ireland Supply of technical services 47% 47%Holdina d.o.o.Bosnia andHerzegovinaTrading of oil products 47% 47%IES SpAItalyRefinery and marketingof oil products100% 100%Enersol S.c.r.l. Italy Marketing of oil products d) 81%Greengas S.r.l. Italy Hydrogen plant operation 49%, a) 49%, a)Nelsa S.r.l. Italy Marketing of oil products 74% 74%Panta Distribuzione S.r.l. Italy Marketing of oil products 100% 100%INA d.o.o. Serbia Trading of oil products 47% 47%INA BH d.d.Bosnia andHerzegovinaTrading of oil products 47% 47%INA BL d.o.o.Bosnia andHerzegovinaTrading of oil products 47% 47%INA Crna Gora d.o.o Montenegro Trading of oil products 47% 47%INA Hungary Kft. Hungary Trading of oil products 47% 47%INA Kosovo d.o.o Kosovo Trading of oil products 47% 47%INA-Osijek – Petrol d.d. Croatia Trading of oil products 36% 36%Interina d.o.o. Ljubljana Slovenia Trading of oil products 47% 47%Interina d.o.o. Skopje (under liquidation) Macedonia Trading of oil products 47% 47%Inter Ina Ltd United Kingdom Trading of oil products 47% 47%Intermol d.o.o. Serbia Retail trade of fuels and lubricants 100% 100%Maziva Zagreb d.o.o. Croatia Lubricants production and trading 47% 47%MK Mineralkontor GmbH Germany Trade of oil products 100% 100%MOL Austria GmbHAustriaWholesale trade of lubricantsand oil products100% 100%MOL Tankstellen GmbH Austria Retail trade 100% 100%Roth Heizöle GmbH Austria Trading of oil products 100% 100%Alpenkohle Mineralölhandels GmbH Austria Trading of oil products c) 100%Egon von Lenz GmbH Austria Trading of oil products c) 100%Heizöl Blitz Stadler GmbH Austria Trading of oil products c) 100%Rumpold Energie & BrennstoffhandelsGmbHAustria Trading of oil products 100% 100%MOL-LUB Kft. Hungary Production and trade of lubricants 100% 100%MOL Romania PP s.r.l.RomaniaRetail and wholesale trade of fuelsand lubricants100% 100%MOL Slovenija d.o.o. Slovenia Retail trade of fuels and lubricants 100% 100%Moltrans Kft. Hungary Transportation services 100% 100%Petrol d.d. Croatia Trading of oil products 39% 39%Notes to the financialstatements118 MOL Group annual report 2010 119
Company nameCountry(Incorporation/Branch)Range of activityOwnership2010Ownership2009Polybit d.o.o. Croatia Production and trading 47% 24%Proplin, d.o.o. Croatia Production and LPG trading 47% 47%Rossi Biofuel Zrt. (joint venture) Hungary Biofuel component production 25% 25%Slovnaft a.s.SlovakiaRefinery and marketing of oiland petrochemical products98% 98%Apollo Oil Rohstoffhandels GmbH Austria Trading of crude oil d) 66%Apollo Rafinéria s.r.o. Slovakia Wholesale and retail trade 98% 98%Meroco a.s. (joint venture)SlovakiaProduction of bio-diesel component(FAME)25% 25%MOL Slovensko spol s.r.o. Slovakia Wholesale and retail trade 98% 98%Slovnaft Polska S.A. Poland Wholesale and retail trade 98% 98%Slovnaft Trans a.s. Slovakia Transportation services 98% 98%SWS s.r.o. Slovakia Transport support services 50% 50%Zväz pre skladovanie zásob a.s.SlovakiaWholesale and retail trade,warehousing98% 98%Slovnaft VÚRUP a.s. Slovakia Research & development 98% 98%Slovnaft Ceska Republika s.r.o. Czech Republic Wholesale and retail 100% 100%Terméktároló Zrt. Hungary Oil product storage 74% 74%Tifon d.o.o. Croatia Retail trade of fuels and lubricants 100% 100%PetrochemicalsSlovnaft Petrochemicals s.r.o.SlovakiaPetrochemical productionand trading98% 98%TVK Plc.HungaryPetrochemical productionand trading95% 95%Tisza-WTP Kft. Hungary Feed water and raw water supply 0%, a) 0%, a)TVK-Erőmű Kft.HungaryElectricity productionand distribution25%, a) 25%, a)TVK France S.a.r.l. France Wholesale and retail trade 95% 95%TVK Inter-Chemol GmbH Germany Wholesale and retail trade 95% 95%TVK Italia Srl. Italy Wholesale and retail trade 95% 95%TVK Polska Sp.Zoo. Poland Wholesale and retail trade 95% 95%TVK UK Ltd United Kindgom Wholesale and retail trade 95% 95%TVK Ukrajna tov. Ukraine Wholesale and retail trade 95% 95%Corporate and otherBalatongáz Kft. (under liquidation)HungaryGas-utility developmentand management77% 77%EMS Management Services Ltd Cyprus Management services 100% 100%FER Tűzoltóság és Szolgáltató Kft. Hungary Fire service, ambulance service 92% 82%Hermész Tanácsadó Kft. Hungary Consultancy 100% 100%Hostin d.o.o. Croatia Tourism 47% 47%I&C Energo a.s. Czech Republic Power plant engineering 100% 99%ITR d.o.o. Croatia Car rental 47% 47%Magnolia Finance Ltd Jersey Financial services 0%, a) 0%, a)MOL Reinsurance Ltd Cyprus Captive insurance 100% 100%Petrolszolg Kft. Hungary Maintenance services 100% 100%Sinaco d.o.o. Croatia Security 47% 47%Slovnaft Montáže a opravy a.s. Slovakia Repairs and maintenance 98% 98%STSI integrirani tehnički servisi d.o.o. Croatia Technical services 47% 47%TVK Ingatlankezelő Kft. Hungary Real estate management 95% 95%7 Business combinationsAcquisitions in 2010No major acquisition took place in 2010.Acquisitions in 2009INA GroupOn 16 October 2008 MOL has increased its ownership in INA to 47.16% via a successful voluntary public offer, for a purchaseprice of HRK 2,800 per share (equal to HUF 227,262 million for the 22.16% shareholding offered). INA was consolidated usingthe equity method as of 31 December 2008. Until obtaining control (see below), INA Group contributed a loss of HUF 3,539million to the profit for the Group in 2009, recorded as income from associates.As a result of the successful voluntary public offer for INA shares MOL has become the largest shareholder of INA in October,2008. The parties have agreed to amend the Shareholders’ Agreement to reflect the new ownership structure of INA in thecorporate governance of the company. After closing the transaction, MOL gained control over the operations of INA. Themajor changes of the Shareholders’ Agreement were as follows:– MOL delegates five out of the nine members in the Supervisory Board and has controlling influence over theManagement Board.– The Government retains certain veto rights ensuring the national security of energy supply and some decisionswith respect to strategic assets of INA.Upon obtaining the Croatian competition office approval, the shareholders’ meeting has been called on 10 June 2009 to electthe new Supervisory Board of INA. The shareholder’s meeting was deemed to be the date when control is passed to MOL,therefore the business combination has been accounted for as of that date (using 30 June 2009 as valuation date).The increase of MOL’s shareholding in INA was a core element of MOL’s regional growth strategy. The strategic plan of theGroup regarding INA is to improve its business performance and market position in Croatia, South Eastern Europe andin the Adriatic region via supporting focused investments of INA into its own asset base, improvement of its commercialcapabilities and enhanced customer orientation.Notes to the financialstatementsa) Consolidated as required by SIC-12 Consolidation - Special Purpose Entitiesb) Sold in 2010c) Merged into its parent company in 2010.d) Liquidated in 2010e) Operating from 2009f) Merged into Rotary Zrt. in 2010120 MOL Group annual report 2010 121
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MOL GROuP ANNuAL REPORT 2010MOL GRO
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Key financial and operating dataKey
Page 6 and 7:
Overview of the environmentWorld ec
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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 56 and 57: IAS 1 Presentation of Financial Sta
Page 58 and 59: Exploration costsTransfers from exp
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
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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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