MOL Hungarian Oil and Gas Public Limited Company

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Refining & MarketingFinancial ratiosHUF bn2008 20092009/2008%Operating profit 29.0 26.8 (7.6)EBITDA 58.0 55.2 (4.8)Investment and CAPEX 35.8 24.3 (32.1)Key operating data*2008 20092009/2008%Total sales (kt) 9,164.0 8,552.7 (6.7)o/w: motor gasoline (kt) 1,394.6 1,370.9 (1.7)Diesel and heating oil (kt) 3,734.4 3,434.6 (8.0)naphtha (kt) 1,361.8 1,251.8 (8.1)other (kt) 2,673.2 2,495.4 (6.7)*with Retail transfer salesThe division operating profit, reflecting the unfavourable effect of economic environment,was nearly on the level of 2008. The low-level profit realisation was basically driven by thelower crack-spreads, Ural-Brent spread, crude oil discount and sales volumes, whichnegative effects were significantly compensated by the positive effect of inventory storagecosts, FX rates and the lower operating cost compared to the base period.Refinery product sales volume amounted to 8.6 Mt which was lower by 6.7 % in 2009 thanlast year. Domestic sales amounted to 6.3 Mt, slightly lagged behind the base volume, whileexport sales dropped by 18.8 % to 2.3 Mt.Despite the recession we maintained our position regarding domestic sales, while the drop ingasoil and bitumen sales are reflected in the decrease in export sales.• The motor fuel consumption in Hungary decreased by 0.4 %, but the motor fuel salesof MOL Plc increased by 2%. Increase of our motor gasoline sales was higher by3.0% despite the stagnating domestic market (0.2 %). Diesel consumption increasedon the Hungarian market, our sales exceeded the market growth by 1.1 % (26.5 kt).• Domestic and export sales of Jet A-1 amounted to 234.5 kt lagged behind the baselevel by 37.1 kt. The drop essentially occurred in domestic sales.• Total fuel oil sales was 141.8 kt in 2009, almost remained on base level (+1.5 kt),reflecting the favourable low proportion (similarly to the former period) in the totalsales.• Bitumen sales went down both on the domestic and foreign markets by 7.4 % (-43.4kt) on the whole.• The sales of PB and gas products amounted to 473.2 kt in 2009, which was nearbase level.4
Lower CAPEX spending in 2009 reflects the limited CAPEX use as it was targeted.Retail ServicesFinancial ratiosHUF bn2008 20092009/2008%Operating profit 10.7 5.6 (47.7)EBITDA 13.8 9.0 (34.8)Investments and CAPEX 10.4 11.8 13.5Key operating data2008 20092009/2008%Total sales (kt) 876.7 911.6 4,0o/w: motor gasoline (kt) 375.0 374.0 (0.3)Diesel and heating oil (kt) 488.0 523.0 7.2Other (kt) 13.7 14.6 6.6Retail division’s operating profit showed significant decrease compared to the base perioddespite MOL managed to achieve higher sales volumes and higher margin revenue in thestrong competitive environment. The positive effect of the margin revenue on operating profitwas offset by the impairment of goodwill (Tifon) accounted for as other expenditure and theincrease of internal service costs in connection with sales volumes.In Hungary (MOL Plc) our retail fuel sales volumes increased by 4% year-on-year in 2009 inspite of the economic downturn and the strong competitive environment. Gasoline salesremained stable, while diesel and LPG sales increased by 7% and 6%, respectively. Theretail market was still characterised with strong competition. Our retail fuel market share,according to MÁSZ (Hungarian Petroleum Association), increased to 36.5% in 2009 from35.7% in 2008. The ratio of fleet card sales to our total fuel sales remained stable in 2009 vs.2008. Our shop sales revenues remained stable in 2009 as the increasing sales of tobacco(14%) and pharmacy products (5%) almost offset the decrease in mobile recharges, lowerhighway-ticker sales, lower food and non food revenues.Slightly higher CAPEX spending, despite the limited CAPEX use, was due to the furtherTIFON acquisition in 2009.Components of MOL Plc’s operating profit changeAs a result of the changes in revenues and costs, operating profit was HUF 186.3 bn, higherby HUF 84.0 bn compared to the previous year, reflecting the still significant profit realisationpossibilities of the oil industry.Net sales revenue was HUF 1,856.3 bn, which decreased by 16.5% compared to 2008. Thedifference was caused by the followings:• Gas sales revenue was HUF 166.5 bn in 2009, which was lower by 9.7% compared to2008. The decrease was driven by sales prices which were lower by 8.6% in HUF term5
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