Mol Hungarian Oil & Gas Plc Class A · BET:MOL
Mol Hungarian Oil & Gas Plc Class A — MOL Group — Investor Day (November 2019)
59 slides from Mol Hungarian Oil & Gas Plc Class A's investor day presentation, Nov 7, 2019
Slide 1: MOL Group Investor Day
MOL GROUP INVESTOR DAY London, 7 November 2019
Slide 2: MOL 2030 Strategy – Progress Tracker and Sustainability
MOL 2030 STRATEGY – PROGRESS TRACKER AND SUSTAINABILITY
Slide 3: MOL Group 2030: Deliver Today, Ready to Deliver Tomorrow
MOL GROUP 2030: DELIVER TODAY, READY TO DELIVER TOMORROW TODAY TOMORROW Significantly reducing motor fuel yield FROM FUELS Becoming the leading CEE chemicals company TO CHEMICALS FROM FUEL Becoming a true consumer goods retailer TO CONSUMER RETAILING Leading the revolution of transport in CEE GOODS/
Slide 4: MOL 2030: Tracking Progress in 2017-19 – We Are Delivering
MOL 2030: TRACKING PROGRESS IN 2017-19 – WE ARE DELIVERING INTERIM TARGETS 2017-2019 STATUS DS2022 EFFICIENCY DELIVERED USD 110MN 2018, DOWNSTREAM EFFICIENCY ON TRACK TO ADD USD 50MN IN 2019 ENTER NEW CHEMICAL POLYOL PROJECT ON SCHEDULE, ON BUDGET, REACHED 35%+ COMPLETION, PRODUCT LINE(S) CONSTRUCTI
Slide 5: 2019: Slight Macro Tailwind Drives EBITDA Guidance Upgrade
2019: SLIGHT MACRO TAILWIND DRIVES EBITDA GUIDANCE UPGRADE SLIGHTLY STRONGER OIL PRICE AND DOWNSTREAM MARGINS TO ADD USD 100MN TO NORMALIZED EBITDA EBITDA GENERATION AND OUR GUIDANCE EVOLUTION IN 2019 (USD MN)1 The original 2019 Clean CCS EBITDA 2,687 -380 40 -40 guidance was fully driven by rebasin
Slide 6: Sustainable Investments, ESG Integration on the Rise
SUSTAINABLE INVESTMENTS, ESG INTEGRATION ON THE RISE TREND TO IMPACT OIL & GAS, TRIGGERING MORE FOCUS ON SUSTAINABILITY SUSTAINABLE FUND ASSETS IN EUROPE (EUR BN)1 MOL RESPONSE Launch of sustainable initiatives, emphasis on climate change, decarbonization MOL to remain leader in ESG disclosure, adop
Slide 7: Next Steps Towards Adapting to a Low(er) Carbon World
NEXT STEPS TOWARDS ADAPTING TO A LOW(ER) CARBON WORLD A NEW COMPREHENSIVE CARBON/SUSTAINABILITY STRATEGY TO BE INTEGRATED INTO MOL 2030 CLIMATE CHANGE, 2030 STRATEGY AND MOL’S FUTURE PRODUCT PORTFOLIO Several initiatives and projects are already in progress that help mitigating transition risk cause
Slide 8: Exploration and Production
EXPLORATION AND PRODUCTION
Slide 9: Fully on Track to Deliver on Promises
FULLY ON TRACK TO DELIVER ON PROMISES EFFICIENCY SUSTAINED Unit direct production cost stands at ~6 USD/boe in 2019 Post-ACG unit production cost to decline to ~5-6 USD/boe Q1-Q3 2019 production at ~112 mboepd PRODUCTION GUIDANCE DELIVERED, FURTHER VOLUMES FROM 2020 Post-ACG daily production to incr
Slide 10: 2019 – Another Year of Strong Performance
2019 – ANOTHER YEAR OF STRONG PERFORMANCE PRODUCTION PREVIOUS SIMPLIFIED FREE CASH FLOW GUIDANCE mboepd Guidance for 2019: ~110 mboepd Unit SFCF 113 107 111 112 2019 Target (last year’s USD 500mn+ SFCF promised @60 USD/bbl 13 USD/bbl guidance) 2016A 2017A 2018A 2019 Q1-Q3 UNIT DIRECT PRODUCTION COST
Slide 11: Current Portfolio Outlook
CURRENT PORTFOLIO OUTLOOK KEY PROJECTS IN 2020-23 CEE INTERNATIONAL MOL GROUP’S OPERATIONS CAPEX: USD 1bn+ CAPEX: USD 700mn+ Number of wells to be drilled: 100+ Number of wells to be drilled: 100+ HUNGARY PAKISTAN: Maintain and extend Unconventional and shallow gas exploration production plateau, ex
Slide 12: MOL to Acquire 9.57% Stake in Azerbaijan's Super-Giant Field
MOL TO ACQUIRE 9.57% STAKE IN AZERBAIJAN’S SUPER-GIANT FIELD A SIGNIFICANT STEP TOWARDS RESERVES REPLACEMENT AND TRANSFORMING TO INTERNATIONAL E&P DEAL SUMMARY USD 1.57bn transaction value includes Chevron’s 9.57% interest in ACG, 8.9% in the BTC pipeline and related midstream assets The transaction
Slide 13: Transaction Rationale: What Is the Deal Bringing for MOL?
TRANSACTION RATIONALE: WHAT IS THE DEAL BRINGING FOR MOL? THE RIGHT ASSET, THE RIGHT SIZE, THE RIGHT PARTNERS, THE RIGHT COUNTRY THE ASSET A major step towards the 2030 strategic targets of transforming MOL E&P into an international platform Further strengthen the resilient, integrated business mode
Slide 14: Delivering the 2030 Strategy
DELIVERING THE 2030 STRATEGY ACCELERATING INTO INTERNATIONAL E&P – BROADENING PORTFOLIO KEY FINANCIAL INDICATORS ACROSS THE PORTFOLIO PRODUCTION EBITDA CAPEX SFCF mboepd USD mn USD mn USD mn 46% 42% 42% 52% 55% 50% 63% 64% 54% 58% 58% 48% 45% 50% 37% 36% 2019FC 2020-23 2019FC 2020-23 2019FC 2020-23
Slide 15: Production to Increase to 120-130 mboepd Post-Transaction
PRODUCTION TO INCREASE TO 120-130 MBOEPD POST-TRANSACTION PRODUCTION PROFILE (MBOEPD) 140 ~120-130 120 113 112 107 111 100 80 60 40 20 0 2016A 2017A 2018A 2019 Q1-Q3 2020-23 E&P International CEE New guidance 15 Note: figures include equity assets and ACG/BTC contribution from Q3 2020
Slide 16: Upgrading Our SFCF Guidance to USD 700mn (from USD 500mn+)
UPGRADING OUR SFCF GUIDANCE TO USD 700MN (FROM USD 500MN+) AT USD 60/BBL BRENT PRICE AND INCLUDING THE ANNUALIZED CONTRIBUTION OF THE ACQUISITION PRICE REALIZATION, EBITDA, SIMPLIFIED FCF1 (USD/BOE) 71 70 65 Brent price 60 52 54 44 Realized HC price Unit EBITDA Unit Simplified FCF 24 20 15 19 15 7 1
Slide 17: The E&P Segment Remains a Core Cash Engine of MOL
THE E&P SEGMENT REMAINS A CORE CASH ENGINE OF MOL EBITDA, CAPEX AND FCF (USD BN)1 KEY MESSAGES Brent @ 70 Acquisitions2 2017-2019 post tax FCF (USD ~1.7 bn) USD/bbl +USD Current portfolio comfortably covers the ACG/BTC ~0.9 bn transaction and contributes to the Brent @ 60 EBITDA 6.3 2.9 dividend poo
Slide 18: Appendix
APPENDIX
Slide 19: ACG: Azerbaijan's Flagship Super-Giant Field
ACG: AZERBAIJAN’S FLAGSHIP SUPER-GIANT FIELD KEY HIGHLIGHTS OF AZERI-CHIRAG-GUNASHLI OIL FIELD AND THE BTC PIPELINE First oil in 1997, peak production of 823 mboepd in 2010; 584 mboepd production in 2018 First oil 1997 At the end of 2018, 164 wells were operating over 6 platforms: 117 producers, 44
Slide 20: ACG: New Development Stage to Add mboepd Oil from 2023
ACG: NEW DEVELOPMENT STAGE TO ADD 100 MBOEPD OIL FROM 2023 GIANT FIELD HAS BEEN DEVELOPED IN 3 PHASES AFTER CHIRAG EARLY OIL PROJECT SANCTIONED IN 1997 STAGES PRODUCTION (2018) AZERI CENTRAL EAST (ACE) PROJECT (PHASE III) EARLY OIL Sanctioned in 2019, first oil expected in 2023 PROJECT Chirag (1997)
Slide 21: Summary of Midstream Assets
SUMMARY OF MIDSTREAM ASSETS SECURED EXPORT ROUTES TO ATTRACTIVE MARKETS ACG TERMINAL AND OFFTAKE ROUTES SANGACHAL TERMINAL HIGHLIGHTS Operated by BP, oil and gas volumes from ACG and Shah Deniz Processing capacity: 1.2 mmbbl/d oil, 1.7 bcf/d gas 4 mmbbl storage capacity Exports oil via WREP, BTC and
Slide 22: PSA Regime/Profile
PSA REGIME/PROFILE ACG PSA SCHEME HIGHLIGHTS Investing Government Original PSA signed in 1994 companies Signature Latest amendment in 2017 with the expiry date Bonus of 2049 ACG shareholders have access to own Gross Production entitlement production OPEX Limit of 100% of revenues per quarter Recover
Slide 23: Downstream
DOWNSTREAM
Slide 24: 2023 Targets on Track, Focusing on Transition
2023 TARGETS ON TRACK, FOCUSING ON TRANSITION EMPLOYEE ENGAGEMENT SAFETY EBITDA: Define BEST IN THE REGION 1ST QUARTILE USD 220mn ROADMAP 2030 CUSTOMER SATISFACTION Roadmap finalization from 89% to 95% TRANSITION INTO BE THE FIRST expected in 2020 A MORE FLEXIBLE CHOICE ASSET BASE GROW IN POLYOL 202
Slide 25: CEE Fuel Market Demand Grew by 13% Since 2016
CEE FUEL MARKET DEMAND GREW BY 13% SINCE 2016 PROVIDING SOME MORE FLEXIBILITY TO ACHIEVE LONG-TERM TRANSITION TARGETS CEE MOTOR FUEL DEMAND (2008 = 100%) MOL GROUP REFINERY MARGIN (USD/BBL) 1.50 +13% 7 1.40 1.30 6 1.20 5 1.10 1.00 4 0.90 0.80 3 0.70 0.60 2 2008 2009 2010 2011 2012 2013 2014 2015 201
Slide 26: USD 600mn EBITDA Uplift Potential in Downstream by 2023
USD 600MN EBITDA UPLIFT POTENTIAL IN DOWNSTREAM BY 2023 USD 150MN ALREADY DELIVERED IN 2018-19 THROUGH EFFICIENCY IMPROVEMENT CLEAN CCS EBITDA EVOLUTION (USD MN) Consumer Services Ref. margin: -2.0 USD/bbl Petchem margin: -150 EUR/t ~320 1,600+ 1,530 250 940 ~400 358 350 1,200+ ~560 1,172 350 2011 M
Slide 27: Efficiency by 2022, Projects Ramp Up by 2023
EFFICIENCY BY 2022, PROJECTS RAMP UP BY 2023 STRATEGIC PROJECTS REQUIRE USD 3BN+ TOTAL CAPEX INCREMENTAL EBITDA POTENTIAL BY 2023 (USD MN) STRATEGIC CAPEX PROJECTION (2019-23, USD MN) 110 600 ~500 3,200 Polyol 175 150 Other strategic ~500 Efficiency 1,200 500 100 220 850 55 50 850 1,940 110 230 170
Slide 28: Downstream Transition Is Under Way
DOWNSTREAM TRANSITION IS UNDER WAY IN RESPONSE TO THE 2030 CHALLENGES FUELS TO PETCHEM VALUE CHAIN EXTENSION SUSTAINABILITY Increasing petchem Entering into further semi- Aiming to become a CEE feedstock and other high- commodity/specialty chemicals leader in recycling value products by 1 to 2mn pro
Slide 29: Project Portfolio Pipeline by 2030
PROJECT PORTFOLIO PIPELINE BY 2030 <20% PROBABILITY 100% THINK ASSESS SELECT DEFINE IMPLEMENT CAPEX UNDER CONSIDERATION (USD BN) ~3.5 Compounding 2 Base Oil and Wax production Fuels to Petchem strategy 2nd wave ~2.5 Aromatic Unit Revamp MOL Blending alternative crudes MOL New Maleic Anhydride Unit P
Slide 30: Significant Shift in Yields by 2030 and Beyond
SIGNIFICANT SHIFT IN YIELDS BY 2030 AND BEYOND PETCHEM FEEDSTOCK, OTHER HIGH-VALUE PRODUCTS TO INCREASE BY 1-2 MN TONS GROUP REFINERIES’ YIELD (Mt) NON-FUEL YIELD INCREASE ROADMAP 2015 2030 Short-to-mid term opportunities, shifting 500-700kt: Utilizing existing flexibility to produce more naphtha, F
Slide 31: Extension of the Chemical Value Chain: Polyol
EXTENSION OF THE CHEMICAL VALUE CHAIN: POLYOL EARLY R&D, MARKETING EFFORTS TO SUPPORT GRADUAL PRODUCTION RAMP-UP PRODUCTION RAMP-UP OF THE POLYOL PLANT MARKET OPPORUNITIES OF POLYETHER POLYOL Propylene-glycol 100% Polyol capacity • CASE (1) VALUE ADDED • Rigid foam • Flexible foam 2021 2022 2023 Mid
Slide 32: New R&D Lab Supporting Polyol Product Development
NEW R&D LAB SUPPORTING POLYOL PRODUCT DEVELOPMENT 32
Slide 33: What Comes Beyond Polyol?
WHAT COMES BEYOND POLYOL? REPLICATING THE DOWNSTREAM SUCCESS STORY WITH STRONG CEE FOCUS INVESTMENT LOGIC VAST OPPORTUNITIES TO EXPAND ALONG THE PETCHEM VALUE CHAIN Crude oil (naphtha) based chemistry and feedstock integration Attractive end-user markets (Demand) Limited regional competition (Supply
Slide 34: First Steps Towards Decarbonization
FIRST STEPS TOWARDS DECARBONIZATION Strategic partnership for solvent-based recycling SOLVENT RECLYING Cooperation started in 2018 Acquisition of German recycled plastic compounder COMPOUNDING Closing expected by end of 2019 Proprietary technology to recycle used tires since 2013 Expansion project o
Slide 35: Transformation Program of INA R&M
TRANSFORMATION PROGRAM OF INA R&M DELAYED COKER INVESTMENT TO RECEIVE FID IN Q4 2019 COMPLEX UPGRADE OF THE RIJEKA RIJEKA REFINERY REFINERY Continuing the upgrade of the refinery USD via the installation of a Delayed Coker 100+ (DC) unit enabling full conversion and TRANSFORM SISAK INTO AN INDUSTRIA
Slide 36: Significant Upside Potential from IMO 2020
SIGNIFICANT UPSIDE POTENTIAL FROM IMO 2020 LANDLOCKED REFINERIES: 47% MIDDLE DISTILLATES, NO MATERIAL FUEL OIL GROUP REFINERY YIELD, 2018 (%) PRODUCT FORWARDS (USD/BBL)1 Diesel HFO Brent-Ural 9.2% 2.6% 8.9% 8.1% 15.9 15.7 8.1% LPG 14.8 15.1 14.5 2.7% Naphta 12.0 18.2% 19.0% Motor gasoline -0.4 4.6%
Slide 37: Downstream to Generate Over 5bn EBITDA in 2019-2023
DOWNSTREAM TO GENERATE OVER 5BN EBITDA IN 2019-2023 SUFFICIENT CASH FLOW TO COVER AMBITIOUS TRANSITION EFFORTS OF THE BUSINESS BY 2023 EBITDA, CAPEX AND FCF 2019-23 (USD BN) Ref margin: USD 1.1bn pre-tax free cash flow achieved in +1USD/bbl + USD 0.9-1.0bn 2017-2018 and Petchem EBITDA Current assets
Slide 38: Consumer Services
CONSUMER SERVICES
Slide 39: Three Strategic Goals in Consumer Services
THREE STRATEGIC GOALS IN CONSUMER SERVICES STRATEGIC GOALS STATUS STRATEGIC TARGETS EBITDA: Upgraded EBITDA target of USD Becoming a true USD 423mn in 2018; 600mn+ by 2023 consumer goods Upgraded non-fuel margin 1. RETAIL retailer 2019 YTD: +8% YoY contribution target of 35% by 2023 Non-fuel margin:
Slide 40: 2023 EBITDA Target Raised to USD 600mn+
2023 EBITDA TARGET RAISED TO USD 600MN+ CONSUMER SERVICES EBITDA (USD MN) HISTORIC PERFORMANCE 15% annual growth rate in 2016-19 700 Foreign exchange fluctuations of local currencies ~+5% can significantly influence USD-denominated 600+ results 600 +15% 500 4681 427 FUTURE AMBITIONS 400 371 324 -10
Slide 41: Both Fuel and Non-Fuel Margin Growth Drove EBITDA Expansion
BOTH FUEL AND NON-FUEL MARGIN GROWTH DROVE EBITDA EXPANSION 2016-2019F CAGR COMMENTS Volume growth slightly ahead of market implying Fuel volume +4.4% market share growth Uplift driven by regional consolidation and improving Fuel unit margin +4.8% demand EBITDA (+15% CAGR) Extending supply chain ope
Slide 42: Market-Driven Tailwind Likely to Slow Down
MARKET-DRIVEN TAILWIND LIKELY TO SLOW DOWN INCREASING MARKET SHARE MAY DRIVE FURTHER GROWTH IN FUEL MARGIN TOTAL MOL GROUP FUEL VOLUME (BN LITERS) POSITIVE MID-TERM OUTLOOK +14% Volume 8 5.55 5.71 5.97 CEE markets may grow further albeit at a lower 6 5.24 2.03 pace than in the previous years 1.65 1.
Slide 43: Significant Upside Remains in Non-Fuel Margin
SIGNIFICANT UPSIDE REMAINS IN NON-FUEL MARGIN NON-FUEL MARGIN CONTRIBUTION TO RISE CLOSE TO 35% BY 2023 NON-FUEL SALES (MN USD) FRESH CORNER ROLLOUT (SITES) 1,400 +46% 1,400 1,200 1,200 1,000 1,000 800 800 600 1,101 1,177 600 1,250 400 957 808 400 687 794 200 200 447 248 0 0 23 2016 2017 2018 2019F
Slide 44: Strengthening Control over the Supply Chain
STRENGTHENING CONTROL OVER THE SUPPLY CHAIN BUILDING UP OWN LOGISTICS AND FOCUSING ON ACTIVE SUPPLIER MANAGEMENT RESULTS OF LOGISTICS OPERATIONS SUPPLIER CONTRIBUTION OF NON-FUEL MARGIN (%) 97.3% 20 3.5 94.6% 100 Ambition: to close gap until 3.0 20% (FMCG retailer 74.5% 2.59 80 15 benchmark) in next
Slide 45: Coffee Is the Biggest Contributor to Non-Fuel Margin Growth
COFFEE IS THE BIGGEST CONTRIBUTOR TO NON-FUEL MARGIN GROWTH COFFEE HELPS TO BUILD THE FRESH CORNER BRAND AND EXPERIENCE IN DEVELOPING GASTRO OFFERS SHARE OF COFFEE OF TOTAL CONSUMER GOODS COFFEES SOLD/SITE IN TOP5 MARKETS MARGIN (%) ’000 cups/site/year 20 +18% 15 CZ 37 44 51 10 19.0 17.2 2017 2018 2
Slide 46: What Will Be the Next Coffee?
WHAT WILL BE THE NEXT COFFEE? COFFEE WITH ~30% SALES CAGR; FURTHER POTENTIAL IN GROCERY AND NON-COFFEE GASTRO 2019F NON-FUEL SALES AND MARGIN BREAKDOWN (%) 2017-2019F SALES CAGR OF GROCERY AND GASTRO (USD MN) Grocery 100% 100% +12% Grocery 16% Gastro coffee 31% 181 201 Gastro non-coffee 161 6% Nonfo
Slide 47: Executing Proficient 4P Strategies
EXECUTING PROFICIENT 4P STRATEGIES Product Price Price elasticity and location segmentation-based Number of available non-alcoholic and snack SKUs1 on an pricing average service station (in thousand pieces) Joint business plan with category leader suppliers and COGS management in gastro and grocery
Slide 48: Early Benefit from Advanced Analytics in Hungary
EARLY BENEFIT FROM ADVANCED ANALYTICS IN HUNGARY IMPLEMENTATION ON OTHER MARKETS IS IN PROGRESS Workforce Grocery Pricing Digital Signage Efficiency Optimization Measurement Optimizing human Improving grocery Margin increase through resource need at service margin through location- product display o
Slide 49: Gradual Build-Up of Mobility Services Goes According to Plan
GRADUAL BUILD-UP OF MOBILITY SERVICES GOES ACCORDING TO PLAN Alternative fuels (EV charging) Fleet management Car sharing Public transport Future plans Strategic aims Build capabilities Connect MOL Develop Exploring are to develop to manage the brand and capabilities and additional only high future
Slide 50: ~USD 1.5bn Simplified FCF in 2019-23
~USD 1.5BN SIMPLIFIED FCF IN 2019-23 UPGRADED EBITDA TARGETS TO YIELD HIGHER SIMPLIFIED FREE CASH FLOW IN 2019-2023 EBITDA IN STRATEGIC ACTIONS EBITDA AND FCF IN 2019-2023 (MN USD) DRIVERS 2014-2018 100 50 Increasing gross margin 150 contribution of consumer goods Product & shelf from 27% in 2018 to
Slide 51: Financial Framework
FINANCIAL FRAMEWORK
Slide 52: Resilient, Integrated Business Model Strengthened
RESILIENT, INTEGRATED BUSINESS MODEL STRENGHTENED NO CHANGE IN MOL’S MID-TERM BASE MACRO FRAMEWORK AND ASSUMPTIONS KEY MACRO ASSUMPTIONS EBITDA SENSITIVITY TO KEY EXTERNAL DRIVERS Sensitivity Est. Clean CCS EBITDA % of Group impact (USD mn) EBITDA 2019 2019 8Y 2016 2017 2018 2019-23E YTD AVG +/- 50
Slide 53: Normalized EBITDA to Approach USD 3bn by 2023
NORMALIZED EBITDA TO APPROACH USD 3BN BY 2023 ALL THREE SEGMENTS TO VISIBLY INCREASE THEIR CONTRIBUTION EBITDA GUIDANCE CLEAN CCS EBITDA (USD BN) COMMENTS FOR 2020-23E (USD BN) 2.8-3.0 2020: EBITDA guidance includes time- 2.7 2.4-2.6 proportional contribution from 2.5 2.4 acquisitions 2.2 ~2.4 1.3 2
Slide 54: New Assets to Add to Annual Sustain Capex from 2020
NEW ASSETS TO ADD TO ANNUAL „SUSTAIN” CAPEX FROM 2020 SUSTAIN CAPEX (USD BN) 1.7 1.3 1.2-1.3 0.9 1.1 1.1 1.0 1.0 0.3 0.7 0.3 0.4 Q3 0.3 0.4 0.7 0.4 0.4 0.4 Q2 0.3 0.2 0.1 0.1 0.1 0.1 Q1 0.2 2014 2015 2016 2017 2018 2019E 2020-23E Average Organic US Organic DS Organic CS Organic GM Organic C&O (incl.
Slide 55: USD 3bn+ Downstream Strategic Capex in 2019-2023
USD 3BN+ DOWNSTREAM STRATEGIC CAPEX IN 2019-2023 INCLUDING SOME CAPEX RELATED TO THE 2ND INVESTMENT CYCLE OF MOL 2030 STRATEGIC/TRANSFORMATIONAL CAPEX (USD BN) 0.85 0.85 0.05 0.15 0.20 2nd Investment cycle 0.15 INA Delayed Coker (DS2022) 0.50 0.50 (?) 0.50 (?) Other strategic (DS2022) 0.20 Polyol (D
Slide 56: Acquisitions to Further Boost FCF Until 2023
ACQUISITIONS TO FURTHER BOOST FCF UNTIL 2023 FURTHER SOLIDIFYING THE FINANCIAL FRAMEWORK NEXT 5-YEAR CASH FLOW GENERATION AMBITIONS, 2019-23 (USD BN)1 MOL 2030 13.0-14.0 -5.7-6.2 ACG will visibly add to the cash earnings (EBITDA) as well as to the post-tax FCF pool in the 2020-23 period… …which can
Slide 57: No Change in Approach to Dividends
NO CHANGE IN APPROACH TO DIVIDENDS TARGETING STEADILY RISING BASE DPS, COMPLEMENTED BY POTENTIAL SPECIAL DIVIDENDS DIVIDEND PER SHARE1 (HUF) 3.6% 3.5% 3.0% 2.9% Dividend 2.5% 2.9% 3.3% 3.0% +1% +2% +1.5% +1.5% yield2 ? ? Special dividend Regular dividend BASE DPS: +10% 48 CAGR IN 2014-19 43 Base DPS
Slide 58: Balance Sheet to Remain Robust Post-ACG Completion
BALANCE SHEET TO REMAIN ROBUST POST-ACG COMPLETION PRO-FORMA NET DEBT TO EBITDA (X) MOL 2030 2.5 ACG transaction will lift pro-forma leverage to around 1.4- 1.5x upon completion, still well within our comfort zone 2.0 (tolerance range of 1.0-2.0x on a forward-looking basis under „normal” circumstanc
Slide 59: Disclaimer
DISCLAIMER "THIS 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, CAPIT