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 2009EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ratioEBITDANet sales revenue* 1002008 2009159,601 243,3122,223,171=7.18 %1,856,301= 13.11 %EBITDA ratio increased in 2009 as a result of the HUF 83.7 billion (+ 52.5 %) growth in EBITDA, while the netsales revenue was lower by HUF 366.9 billion (16.5 %). The income statement’s figures show that theexpenditure in the ratio of net revenue decreased. Further improving effect was the positive change in ownproduced inventory (HUF + 20.0 billion).IndebtednessLong-term credits and loans, liabilities from the issue of bonds + Short-term credits and loans -Securities – Cash and cash equivalentsLong-term credits and loans, liabilities from the issue of bonds + Short-term credits and loans -Securities – Cash and cash equivalents + Shareholders’ equity* 1002008 2009553,683 512,5221,930,580= 28.68 %2,140,887= 23.94 %Data of the indicator include loans received from related parties.Gearing ratio showed an improvement compared to the last year, in which both the decrease in liabilities and theShareholders’ equity increase took a part. The net debts declined by HUF 41.2 billion as a joint effect of the lowerlevel of the long-term credits and loans (by HUF 129.3 billion) and cash and cash equivalents, while theShareholders’ equity was higher by HUF 251.5 billion than in 2008 due to the change in net income.34
MOL Hungarian Oil and Gas Public Limited CompanySupplementary Notes for the year ending on 31 December 20095. Cash Flow StatementHUF millionDescription 2008 2009Profit before taxation (223,007) 272,779Dividend received (65,701) (51,237)Research expenses 8,889 11,494Exchange rate difference (780) 204Fair valuation difference 199,472 (33,351)Profit without cash flow 0 51,846Final (not revocable) asset transfer (236) (195)Treasury share withdrawal 117,243 0Adjusted profit before taxation 35,880 251,540Depreciation and impairment 57,923 65,638Write off and reversal 238,796 (37,768)Provision recognition and release, net 3,597 11,050Gain or loss, realised on sale of non-current assets 42,267 (141)Change of liabilities to suppliers (20,764) (7,164)Change of other short-term liabilities (12,893) (21,025)Change of accruals (1,766) (1,099)Change of trade receivables 31,506 (33,020)Change of current assets (excluding trade receivables and cash) 162,566 (92,744)Change of prepayments 51,243 (7,202)Change of reserves 0 (3,097)Corporate tax paid, payable (22,870) (11,451)Dividend paid, payable (84,706) (224)Operating cash flow 480,779 113,293Purchase of non-current assets (64,775) (33,052)Purchase of non-current financial investments (514,393) (94,966)Sale of non-current assets 2,625 455Sale of non-current financial investments, capital withdrawal (27,215) 0Final (not repayable) Cash and cash equivalent given (105) (141)Research expenses (8,889) (11,494)Dividend received 65,701 51,237Investment cash flow (547,051) (87,961)Withdrawal of bonds and debt securities (2,020) 0Long-term loans received 1,100,176 499,016Non repayable cash received 16 18Repayment of long-term credits and loans (900,908) (613,101)Change of short-term credits and loans (2,144) 16,473Financing cash flow 195,120 (97,594)Change of cash 128,848 (72,262)35
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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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