MOL Hungarian Oil and Gas Public Limited Company

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MOL Hungarian Oil and Gas Public Limited CompanySupplementary Notes for the year ending on 31 December 20094.1.3. RevenuesDescription 2008 2009Breakdown (%)2008 2009 Change (%)Net domestic salesrevenuesExport net salesrevenuesTotal net salesrevenues1,750,497 1,501,656 78.74 80.90 (14.22)472,674 354,645 21.26 19.10 (24.97)2,223,171 1,856,301 100.00 100.00 (16.50)The net sales revenue lagged behind the basic year by 16.5 %. The retail and wholesale revenue from crude oilproducts and related services - which amounted to 87.4 % from the total net sales revenue of MOL Plc -decreased by 17.7 % compared to 2008. Domestic net sales revenue of crude oil products (includinghydrocarbon products, LPG and purchased hydrocarbon product sales) decreased by 14.1 % compared to thebasic year, mainly driven by the drop in crude oil products’ quoted prices.The fall of 29.0 % in the export net sales revenue of crude oil products was essentially caused by the volumedecrease of 18.8 %, but the lower crude oil products’ quoted prices took also a part in the decrease.The natural gas sales revenue went down by 9.7 %, which was caused by the decrease of sales prices by 8.6 %and by the lower level of sales volume by 1.1 % (based on data calculated in GJ).4.1.4. Costs, expenditures compared to revenueDescriptionBreakdown (%)2008 2009 2008 2009Change(%)Net sales revenues total 2,223,171 1,856,301 100.00 100.00 (16.50)Raw material costs 1,044,399 737,351 46.98 39.72 (29.40)Value of services used 97,831 88,151 4.40 4.75 (9.89)Other services 224,168 192,687 10.08 10.38 (14.04)Cost of goods sold 218,229 243,961 9.82 13.14 11.79Value of services sold(intermediated)48,818 36,526 2.20 1.97 (25.18)MATERIAL TYPE EXPENSES 1,633,445 1,298,676 73.47 69.96 (20.49)Payroll expenses 35,089 35,959 1.58 1.94 2.48Other personnel-type expenses 7,474 6,550 0.34 0.35 (12.36)Tax and contributions 12,383 12,263 0.56 0.66 (0.97)PERSONNEL TYPE EXPENSES 54,946 54,772 2.47 2.95 (0.32)DEPRECIATION 57,311 57,055 2.58 3.07 (0.45)OTHER OPERATING EXPENSES 445,471 384,263 20.04 20.70 (13.74)TOTAL COSTS AND EXPENSES 2,191,173 1,794,766 98.56 96.69 (18.09)The costs and expenditures in proportion to the net sales revenues showed slight decrease of 1.87 %-pointcompared to 2008, although net sales revenue decreased by 16.5 %.30
MOL Hungarian Oil and Gas Public Limited CompanySupplementary Notes for the year ending on 31 December 2009Decrease of material type expenditures (HUF (334.8) billion) was primarily caused by the change of material cost(HUF (307.0) billion) mainly as a result of the lower costs of purchased production materials (basically due to thelower crude oil purchase prices and lower other production material cost related to crude prices). The cost ofgoods sold slightly went up by HUF 25.7 billion, mainly as a result of the higher purchase value of crude oil (HUF+ 32.9 billion) and green house gas emission rights (HUF + 19.9 billion). The increase was significantlymoderated by the lower purchase value of naphtha (HUF (8.7) billion) and gas products (HUF (7.5) billion)compared to the basic period. Further decreasing effect was the drop in value of services used – mainly due tolower cost of railway transport (due to lower transportation volumes), maintenance and management cost. Thecost of other services also decreased as a consequence of lower level of mining royalty by HUF 39.1 billioncaused by lower natural gas prices.Personnel type expenditures lagged behind the previous year level to a small extent (by 0.3 %) despite the salaryincrease of 3.7 %. Cost increasing effect of salary rise was significantly moderated by the cost decreasing impactof lower average headcount as a result of cost efficiency measures and the cost saving on other personnel- typeexpenses.Changes in amortisation and depreciation basically reflected the lower amortisation of the producing wells andpipelines related to the economically recoverable hydrocarbon reserves. This drop was moderated by theamortisation increasing effect of the revision on the field abandonment provision capitalisation (HUF 1.8 billion) in2009.Other expenditures were lower by HUF 61.2 billion compared to 2008. The main reason for the decrease was therecorded impairment recorded on the lent treasury shares in 2008 (HUF (84.3) billion). The latter positive effectwas moderated by HUF 10.5 billion higher taxes and duties (of which: excise duty liability HUF + 12.5 billion) andthe change in provision for the future liabilities (HUF + 18.7 billion).4.1.5. Financial indicatorsEquity ratioShareholders’ equityTotal shareholders’ equity and liabilities* 1002008 20091,376,897 1,628,365=53.05 %2,595,3152,738,241= 59.47 %The Shareholders’ equity increased to a larger extent than the total shareholders’ equity and liability causinggrowth in the indicator value. The shareholders’ equity rise was mainly driven by the net income of 2009. Theimprovement in net income was influenced by the favourable operating and financial profit change, besides theextraordinary loss in 2008 due to the extraordinary expenditure in connection with share withdrawal.31
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Our gearing ratio improved from 28.
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Refining & MarketingFinancial ratio
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compared to the base level, which w
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ensured its financial stability and
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Carrying amount2008 2009HUF million
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(4) Liability from swap agreementOn
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As result of the successful 750M EU
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accordance with the so-called GRI (
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Information on shareholders structu
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Exercise of the call options regard
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