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 20094.1.6. Current and non-current assets ratioCurrent assets + Accruals and prepaymentsNon-current assets* 1002008 2009828,670 765,548= 46.91 %1,766,6451,972,693= 38.81 %The change in the indicator value is affected by the fall in current assets and the growth in non-current assets.4.2. Financial positionAcid liquidity ratioCash and cash equivalents + Receivables + SecuritiesShort-term liabilities + Accrued cost and expenses2008 2009668,582 625,338376,165= 1.78388,539= 1.61The liquidity ratio of the Company decreased slightly compared to the previous year, but still exceeds the minimallevel (1.0) significantly. The total amount of the cash and cash equivalents, receivables and securities decreasedby 6.5 % year-on-year as the significant decrease in cash and cash equivalents was mostly compensated by theincrease in receivables and securities. At the same time the short-term liabilities and deferred cost and expensesincreased to a smaller extent, by 3.3 %, basically due to higher short-term debt (HUF + 18.7 billion), short-termloan taken from subsidiaries (HUF 16.1 billion) VAT (HUF + 9.6 billion) and excise duty (HUF+ 4.3 billion), whilethe other liabilities dropped moderating the rises due to the above mentioned reasons. The increase was slightlydiminished by the decrease of deferred expenses compared to the basic period. (Deferred expenses - accountedin 2008 - related to subsequent settlement in connection with gas business sale was released in 2009.)Debtor’s daysAdjusted average receivable from customers1 day sales revenue2008 2009156,565 141,9066,074= 25.785,086= 27.90Debtor’s days increased slightly over the period, because the decrease of the 1 day sales revenue exceeded thedecrease of the average value of the receivables. Change of sales revenue/day was basically determined by thedecrease of crude oil products’ sales prices, sales volumes and natural gas sales prices. The decrease indebtors’ chronological average was influenced by the lower sales prices and volumes of crude oil products.32
MOL Hungarian Oil and Gas Public Limited CompanySupplementary Notes for the year ending on 31 December 20094.3. Profitability indicatorsAsset efficiencyProfit before tax + interests and interests-type expensesChronological Average of Asset* 1002008 2009(186,315) 292,8342,952,050= (6.31)%2,834,937= 10.33 %The positive value of the indicator was the consequence of the favourable profit before tax of HUF 272.8 billion,while the chronologic average of assets decreased by 4.0 % despite the considerable acquisitions realised in2009 (Pearl acquisition, international exploration projects). The significant result was driven by the morefavourable operating profit compared to the previous year and the HUF 84.6 billion financial profit. The latter wasfuelled by the positive foreign exchange impact on profit (option re-evaluation, FX gain on receivables andliabilities in foreign currencies), just as the received dividend and FX gain on non-current assets and shares.4.4. Return and performance indicatorsReturn on AssetsProfit after taxTotal assets* 1002008 2009(223,007) 253,0162,595,315= (8.59)%2,738,241= 9.24 %The positive value of the indicator was driven by the higher operating profit and more favourable financial resultdue to the above mentioned impacts.ROACE (Return on Average Capital Employed)Operating profit after taxAverage capital employed* 1002008 200981,832 134,105903,526=9.06 %618,976= 21.67 %The considerable improvement of 12.61 % point in the indicator value was basically driven by the 63.9 % growthin operating profit after tax. The main reason for the operating profit rise was the lower cost spending besides thepositive change in own produced inventory. The more favourable change in profit after tax improved the indicatorby 5.8 % point in itself.Further improvement was fuelled by the drop of 31.5 % in average capital employed. The lower average capitalemployed was mainly caused by the decrease in receivables of 2008 year, which was not reflected fully in 2008yearly average capital employed due to the high closing value of 2007. The closing capital employed in 2009 wasstable compared to 2008 (in 2008: HUF 633.2 billion, in 2009: HUF 604.7 billion)33
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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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MOL Hungarian Oil and Gas Public Limited Company

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