Mol Hungarian Oil & Gas Plc Class A · BET:MOL
Mol Hungarian Oil & Gas Plc Class A — Q4 2010 Earnings Presentation
15 slides from Mol Hungarian Oil & Gas Plc Class A's earnings presentation, Feb 15, 2011
Slide 1: 2010 Fourth Quarter and Full Year Results
2010 Fourth Quarter and Full Year Results 15 February 2011
Slide 2: Disclaimer
Disclaimer "This "T presentation and the associated slides and discussion contain forward-looking statements. These statements are naturally subject to uncertainty and changes in circumstances. Those forward-looking statements may include, but are not limited to, those regarding capital employed, ca
Slide 3: Mixed divisional performances in Q4 2010, but strong FY results
Mixed divisonal performances in Q4 2010, but strong FY results Q3 2010 Q4 2009 FY 2009 Ch (IFRS), in HUF billion Q4 2010 restated Ch % restated FY 2010 restated % Net sales revenues 1,189.9 1,177.1 991.4 19 3,254.7 4,297.0 32 EBITDA 150.6 139.1 118.0 18 439.5 519.2 18 EBITDA excl. special items 180.
Slide 4: Stable cash-flow and improved financial position
Stable cash-flow and improved financial positiion Operating cash flow before changes in working capital (HUF bn) 500 39 400 300 509 Increased operating cash flow before changes in 200 367 working capital: HUF 509 bn (39% increase) 100 Changes of working capital affected negatively the operating 0 ca
Slide 5: CAPEX spending was in line with our plan
CAPEX spending was in line with our plan In HUF bn* 200 187 160 123 120 108 102 89 80 63 40 17 10 7 7 0 E&P R&M G&P Petchem C&O FY 2009, MOL incl INA Q3,Q4 contribution FY 2010, MOL incl INA MOL - Non cash item (Pearl) ► CAPEX spending was HUF 332 bn in 2010 (13% lower than previous year), including
Slide 6: Upstream – Crude price increase dominated the macro environment
Upstream – Crude price increase dominated the macro environment Brent (USD/bbl) HUF/USD average Total realized hydrocarbon price (USD/boe) 100 240 80 -7 ► Oil prices increased considerably 80 12 200 6 160 60 due to tightening supply-demand 60 120 40 fundamentals both in Q4 q-o-q and 86,5 218,7 40 76
Slide 7: Upstream – Strong increase y-o-y in 2010 and slight growth q-o-q in Q4
Upstream – Strong increase y-o-y in 2010 and slight growth q-o-q in Q4 Daily hydrocarbon production (boepd) Daily hydrocarbon production (boepd) 150 150 1,3 0,9 0,7 2 6,9 Other International 6,8 Other International 6,1 condensate condensate 5,8 5,7 6 33 8,6 9,9 Croatian condensate 8,6 Croatian conde
Slide 8: Strong, growing Upstream results both in Q4 and FY 2010
Strong, growing Upstream results both in Q4 and FY 2010 ► In Q4 operating profit excluding special items, increased by 24% q-o-q to 85.7 bn, while ► In 2010 increased by 80% to HUF 260.5 bn Realized hydrocarbon Main profit drivers of Q4 y-o-y Operating profit* (HUF bn) price (USD/boe) ► Higher hydro
Slide 9: Downstream – better margins, but mixed macro environment
Downstream – better margins, but mixed macro environment Brent-Ural differential Crack spread – premium Crack spread – gas oil ► Crack spreads increased in Q4 q-o-q, in line with (USD/bbl) unleaded (USD/t) (USD/t) recovery of global economic activity. 3 150 ► Both diesel and gasoline crack spreads 1
Slide 10: Downstream – Slight improvement of diesel demand continued in Q4 2010
Downstream – Slight improvement of diesel demand continued in Q4 2010 Gasoline Diesel Motor Gasoline Diesel Motor % change Real GDP Q4 2010 Q4 2010 Fuel 2010 2010 Fuel y-o-y for 2010 Q4 2010 2010 Legend: demand change in Hungary 1.1 (15.2) 0.8 (4.6) (12.7) (5.9) (8.3) CEE Q4 2010 / Q4 2009 (%) 8.1%
Slide 11: Downstream – volatile FX and lower sales eliminate margin improvement in Q4
Downstream – volatile FX and lower sales eliminate margin improvement in Q4, strong FY 2010 result was reached Main profit drivers q-o-q Operating profit* (HUF bn) Total external refined ► Unfavorable forex changes resulted significant product sales (Mt) 80 6 FX loss on trade receivables and payable
Slide 12: Petrochemicals turned to positive in 2010 but weak environment deteriorate Q4 results
Petrochemicals turned to positive in 2010 but weak environment deteriorate Q4 results ► Operating profit, excluding special items turned to positive and reached HUF 1.5 bn in 2010 Main profit drivers – q-o-q Operating profit* (HUF bn) Integrated petrochemical margin (EUR/t) ► Decreased integrated pe
Slide 13: Gas & Power – solid cash generation in 2010
Gas & Power – solid cash generation in 2010, while temporary freezing of gas tariffs deteriorated FGSZ results ► Operating profit, excluding special items, increased by 9% to HUF 67.7 bn in 2010 ► Seasonally stronger Q4 with higher gas transit volume Gas & Power Operating Transit volume FGSZ Zrt. pr
Slide 14: OUTLOOK
OUTLOOK ► MOL closed a successful year in 2010 and exploited the EBITDA contribution (2010) better environment ► Upstream contribution dominated our results and MOL became more international. ► In 2011 gradual macro improvement expected to result healthy oil price and better refinery margin ► MOL is
Slide 15: Thank you for your attention!
Thank you for your attention! Financial reports, announcements, other information and download possibilities can be found on our homepage: www.mol.hu MOL Investor Relations: Tel: +361-464-1395 E-mail: investorrelations@mol.hu 15
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