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Mineralölindustrie: Kraftstoffverbrauch bleibt im 1. Halbjahr stabil

Utl.: Ferien-Halbzeit: Kraftstoffpreise seit 2012 kontinuierlich gesunken

Wien (OTS) - In der halbjährlichen Verbrauchseinschätzung des Mineralölmarktes durch den Fachverband der Mineralölindustrie (FVMI) zeigen sich im Vergleich zu den ersten sechs Monaten des Vorjahres kaum Veränderungen beim heimischen Kraftstoffverbrauch. Einzig bei Heizöl und Flugturbinentreibstoff konnte ein nennenswerter Verbrauchsanstieg registriert werden.

Im ersten Halbjahr 2015 betrug der Verbrauch von Benzin und Diesel in Österreich 3,8 Millionen Tonnen. Umgerechnet in Liter waren dies circa 4,6 Milliarden Liter Kraftstoff (inkl. Bioanteile), die sich auf eine Milliarde Liter Benzin und 3,6 Milliarden Liter Diesel aufteilten.

57 % des Dieselkraftstoffes wurden über öffentlich zugängliche Tankstellen verkauft, während 43 % im Commercial-Geschäft bei Großkunden vertrieben wurden. Bei Benzin, welches fast zur Gänze über die Tankstellen verkauft wird, ergibt die Markteinschätzung der Mineralölindustrie einen leichten Rückgang um 1,2 %. Bei Diesel kam es hingegen zu einem geringen Verbrauchsanstieg von 0,8 %. "Da am österreichischen Mineralölmarkt an die 80 % Dieselkraftstoff verkauft wird, ergibt sich gesamt ein leichtes Plus von 0,4 %", fasst Dr. Christoph Capek, Geschäftsführer des Fachverbands der Mineralölindustrie (FVMI), zusammen.

Zwtl.: Konsumenten nutzen Heizöl-Preistief

Trotz zweier relativ milder Winter hintereinander stieg der Verbrauch von Heizöl Extra Leicht im 1. Halbjahr 2015 um 8,7 % auf 587.000 Tonnen oder knapp 700 Millionen Liter. "Aufgrund deutlich gesunkener Heizölpreise sind die Verkäufe seit der zweiten Jahreshälfte 2014 deutlich angestiegen. Die Konsumenten haben das anhaltende Preistief auch im Frühjahr genutzt und ihre Tanks nach dem Winter rasch wieder aufgefüllt", so Capek.

Zwtl.: Rückgang bei Bitumen, Anstieg bei Flugturbinentreibstoff

Das auch im Straßenbau eingesetzte Bitumen erfuhr nach einem starken Zuwachs 2014 von Jänner bis Juni 2015 ein Minus von 4,1 % auf rund 146.000 Tonnen. Der Verbrauch von Flugturbinentreibstoff stieg hingegen deutlich um 5,9 % auf 331.000 Tonnen an.

Zwtl.: Kraftstoffpreise sinken kontinuierlich

Viele Österreicherinnen und Österreicher befinden sich derzeit auf Urlaub. Vergleicht man zur Halbzeit der Ferien die aktuellen Spritpreise mit jenen zum Zeitpunkt der vergangen drei Jahre, dann muss man feststellen, dass die Kraftstoffpreise von Jahr zu Jahr kontinuierlich gesunken sind. In Summe ist Benzin seit 2012 um 11% und Diesel um 19% billiger geworden. "Dehnt man den Betrachtungszeitraum noch weiter aus und stellt Vergleiche mit dem Verbraucherpreisindex 1986 an, dann sind Kraftstoffe inflationsbereinigt und bei Weglassen der mehrfachen Mineralöl-Steuererhöhungen seit 1986 sogar günstiger geworden", sagt Capek.

MOL Group Announces 2015 Half Year Results

  • Best ever quarterly result - HUF 180bn (USD 648mn) - with strong contribution from Downstream
  • Half Year Clean CCS EBITDA at HUF 334bn (USD 1.2bn), up 67% year-on-year
  • Clean CCS EBITDA target upgraded by 10% to USD 2.2bn for the year
  • Net profit at HUF 71.7bn (USD 258mn), a 60% increase compared with H1 2014

Budapest, 5th August 2015 – Today, MOL Group announced its second quarter and half year results. With half year Clean CCS-based Group EBITDA reaching USD 1.2bn, MOL Group raised its 2015 target to USD 2.2bn. MOL Group achieved its best ever quarterly result with the Downstream business fully capturing the favorable external conditions.

In the first half of 2015, MOL delivered a Clean CCS EBITDA of USD 1.2bn which bodes well with the upgraded full year’s target of USD 2.2bn. Organic CAPEX spending amounted to USD 557mn in the first two quarters and operating cash-flow (excluding working capital adjustments) well exceeds organic investments, which is a great achievement in the current business environment.

Upstream EBITDA, excluding special items, amounted to HUF 114bn (USD 414mn) in H1 2015, lower by HUF 27bn compared to H1 2014. The average daily hydrocarbon production increased by 8% in comparison to the base period and averaged 103,500 barrel per day during H1 2015. Production increased even in the matured CEE region (by 4%) due to successful well optimization programs, new offshore wells and improved reserves transfer.

In H1 2015, Downstream clean CCS-based EBITDA increased fourfold to HUF 202bn (USD 730mn). Each business segment substantially improved its contribution to the Group result. Clean EBITDA of Refining and Marketing as well as petrochemicals increased fivefold during the period, the latter representing 35% of the total Downstream result in H1 2015. Apart from the better margins, improving market demand and continuous internal efficiency improvement contributed to the record-high results to a large extent.

In the first half of 2015, MOL Group generated HUF 313bn (USD 1.135bn) operating cash flow, before working capital changes, which is 55% higher than in the same period in 2014, mainly supported by strong Downstream performance. Meanwhile, net gearing increased slightly, from 18.4% to 21.4% by the end of the period.

Looking at the quarterly results, in Q2 2015 MOL Group generated a clean CCS EBITDA of HUF 180bn (or USD 648mn) which is the best ever result by the Group. The Downstream business delivered by far its strongest ever quarterly result and contributed more than two-thirds to the corporate clean CCS EBITDA.

“MOL Group delivered its best ever quarterly results. We expect to significantly exceed our previous expectations and surpass our 2015 clean EBITDA target by 10%, reaching a level around USD 2.2bn and matching our 2014 performance. This is a great achievement in light of on-going weakened oil prices and demonstrates the strength of our integrated business model. We are proud of our Downstream team, which delivered its best ever results. This shows that we are well-placed to benefit from the present opportunities in the downstream sector and also reflects the successful implementation of our efficiency enhancement measures. Meanwhile, in order to ensure efficient capital allocation we have further scrutinized potential spending. Currently we expect around USD 1.3bn organic investment. We will maintain our excellent free cash flow generation and strong financial position, which is a key advantage in the current volatile environment.” – commented Chairman-CEO Zsolt Hernádi the results.

Watch MOL Group CFO József Simola discuss MOL Group’s results and outlook at www.molgroup.info

MOL Group Completes the Acquisition of ENI Service Stations in the Czech Republic and Slovakia

  • MOL Group has successfully acquired 125 Agip service stations in Czech Republic and 41 service stations in Slovakia from ENI
  • Retail network expansion confirms MOL Group’s leading role in CEE
  • MOL Group’s retail network grows to more than 1900 service stations across 11 countries

BUDAPEST, Hungary – 31st July 2015 – MOL Group has successfully completed the acquisition of ENI´s Czech and Slovak downstream business, including retail network under Agip brand. The acquisition includes 125 service stations in the Czech Republic and 41 service stations in Slovakia. This step confirms MOL Group’s leading role in CEE – in Czech Republic the company becomes second largest retail player and in Slovakia further improves its countrywide coverage. Agip service station in both countries will be rebranded, in the Czech Republic mostly to MOL brand and in Slovakia to Slovnaft brand.

"This transaction significantly contributes to the MOL Group’s strategy of increasing our presence in the CEE. We see a great potential in leveraging the newly acquired ENI selling points in line with our new Retail concept: we envisage to become customers’ obvious choice in fuel and in convenience retailing. To reach this goal our mission is to provide relevant high quality products and services at our service stations to improve the customer experience.” said Lars Höglund, Senior Vice President, MOL Group Retail.

As a result of this transaction and an acquisition of Lukoil Ceska Republika’s service stations at the end of 2014, MOL Group will now own the total number of 316 service stations in the Czech Republic. The company continues in a process of the retail rebranding towards uniting the whole network under two brands – MOL and Pap Oil. By the end of the year, MOL plans to offer its quality fuel and services on more than 80 MOL service stations in the Czech Republic including almost 40 newly acquired service stations and 44 former Lukoil service stations. As a result of current acquisitions, the new organization will belong to the 10 biggest companies on the Czech market.

In Slovakia MOL Group will operate 253 service stations under Slovnaft brand. Rebranding of newly acquired service stations will start in autumn. Rebranding process should be finished in 2016.

The acquisition in both countries, a share deal, includes also the wholesale activities and aviation business as well as taking over the personnel of the headquarters. It excludes, however, the ENI business of branded wholesale lubricants and specialties.

Earlier this year MOL Group completed the acquisition of 42 ENI service stations in Romania.


About MOL Group
MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 27,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 14 countries. MOL Group operates four refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia and Croatia, and owns a network of more nearly 2,000 service stations across 11 countries in Central & South Eastern Europe.

MOL Group Successfully Completed its First Acquisition in Norway

  • MOL Group has successfully completed a deal to acquire Ithaca Petroleum Norge
  • The deal doubles the size of MOL Group’s exploration portfolio
  • Entry into Norwegian market takes company closer to becoming an offshore operator in North Sea

BUDAPEST, 9 July 2015 - MOL Group today announced the successful completion of a deal to acquire 100% ownership of Ithaca Petroleum Norge (IPN) from Ithaca Petroleum Ltd. The deal doubles the size of MOL Group’s exploration portfolio, adding 600 million barrels of net un-risked best estimate prospective reserves. Entry into the Norwegian market also takes the company a step closer towards becoming an offshore operator in the North Sea.

Entry into Norway is a measured step for MOL Group, reflecting the company’s active approach to portfolio development. The move balances and grows MOL Group’s global upstream portfolio and includes 14 licenses in the Norwegian Continental Shelf, three of which are currently operated by IPN.

The investor-friendly nature of Norway and its political and fiscal stability were key reasons MOL Group decided to acquire IPN. Closure of the deal now extends MOL Group’s presence in the North Sea and builds on last year’s entry into the UK.

Alexander Dodds, Group Executive Vice President for Upstream added:

“Entering Norway as one of the most investor friendly countries is an important milestone in our E&P Strategy. Norway will become a key exploration hub for MOL Group in the future and will help us achieve our goal of becoming an offshore operator in the North Sea. We believe Norway has a best in class approach to exploration, and we know that the new MOL Norge has an excellent team in place.”

While MOL Group will provide additional operational resources and support where needed, MOL Norge continues as a Norwegian company, and all staff will become part of the new entity.

Lars Thorrud, MOL Norge CEO with Brian Glover, MOL Group Exploration&Business Development SVP

 

“Just Ask Siri” Team Wins MOL Group Freshhh 2015 Competition

  • Winners of the student competition Freshhh 2015 live final is “Just Ask Siri”
  • This year the applications for Freshhh increased: 2,210 teams from 70 countries have faced the real-life challenges of the oil and gas industry during the competition period of eight weeks.
  • The top three teams get the opportunity to join MOL Group and the top 3 teams also receive a grand prize of 25,000 Euro.

Budapest, 28 May 2015 – Today MOL Group will proudly announce the winners of the Freshhh competition. The top five teams out of 2,210 international teams compete against each other at the live final event in Budapest, Hungary. The team “Just ask Siri” with three students from the University of Economics of Prague and Czech Technical University is ranked as the top team of the international online competition Freshhh in 2015. MOL Group, a leading international oil and gas company, is continuously searching for top talents in the oil and gas industry.

“We congratulate the top three teams for winning the Freshhh competition 2015. I would like to thank all participants for their endless efforts during the competition. It is incredible to see, how young students work with such difficult real-life cases and always find new solutions. The outstanding results from the participants and number of applications are showing us once more that we are heading in the right direction in order to attract top talents of the oil and gas industry”, said Zdravka Demeter Bubalo, HR Vice President of MOL Group.

In 2015 the top five teams named “Chunters”, “Decore”, “Just Ask Siri”, “Oil’s Creed” and “Upright Solutions” from Croatia, Slovakia/Czech Republic, Hungary, Russia and Slovenia reached the live final event. The students from different scientific fields, varying from chemical engineering to mathematics, had to face different real-life challenges during the three rounds of the competition. They had to build up a new oil corporation from the ground and make decisions on research and development projects to find rich reservoirs, build a refinery for different products and find the best product portfolio to make profit. The top three teams now get the opportunity to join MOL Group.

The first prize goes to the “Just Ask Siri” team (Filip Biznár, Jakub Kubis and Petr Boros) from the University of Economics of Prague and Czech Technical University. “We feel extremely excited winning the Freshhh 2015 competition. Now we know all the time and effort that we have put in throughout the competition paid off. This challenge proved that with focus, critical thinking and hard work you can achieve great results.”, said the winning team.

Second place goes to Oil’s Creed from Budapest University of Technology and Economics and Corvinus University of Budapest, and the third place goes to “Decor” team from Faculty of Chemistry and Chemical Technology of the University of Ljubljana. MOL Group’s program Freshhh is in line with the corporate strategy: MOL Group attracts top talents through its innovative, award-winning talent acquisition programs.

For more information about the Freshhh program please visit: www.freshhh.net and https://www.facebook.com/molfreshhh

MOL Group Announces New Discovery in Pakistan and Enters DG Khan Block

  • MOL Group announces its seventh discovery in TAL Block
  • MOL Group has signed a farm-in agreement by acquiring 30% non-operating interest
  • MOL Pakistan (100% subsidiary of MOL Group) has a proven track record in Pakistan since 1999

Budapest, HUNGARY, 19th May, 2015 – Today, MOL Group announces a new commercial discovery from the MOL operated exploration well Mardan Khel-1 in the TAL Block. In addition, MOL has signed a farm-in agreement for the DG Khan block in Pakistan. MOL is acquiring a 30% non-operating interest from Pakistan Oil Fields Limited (“POL”) in the block.

MOL has a well-established, proven track record and successful presence in the country with five blocks and over 15 years of operation. As the operating shareholder of the TAL Block, MOL is currently responsible for over 70 thousand boepd (kboepd) gross production.

Mardan Khel-1 was drilled as an exploration well in TAL Block, located in the Khyber Pakhtunkhwa Province. It was spudded on September 17, 2014 and the well reached target depth of 4,912 meters on February 17, 2015.

The well tested four formations and all flowed with high volumes of gas and condensate. The current total production capacity of the facilities in the Tal block is 80 kboepd gas and 37 kboepd of liquids per day. This capacity is sufficient to integrate the new well. MOL intends to carry out an appraisal plan including additional wells on the Eastern and Western parts of the structure. Our partners in the JV consortium are OGDC (30%), PPL (30%), POL (25%) and GHPL (5%).

Mr. Alexander Dodds, MOL Group E&P, Executive Vice President commented: MOL Group is extremely pleased to announce its seventh discovery in TAL Block, which we have operated since 1999. MOL Pakistan has a successful track record in the TAL Block and we are grateful to our partners for their continued support and confidence in our capabilities to operate within the JV. Pakistan is a promising and prospective country with significant remaining undeveloped resources and reserves, and MOL Group remains committed to investing in Pakistan’s oil and gas sector as our recent farm-in agreement and continued investment in the TAL block demonstrates.”

Moreover, MOL Pakistan Oil & Gas Co. B.V. has signed a farm-in agreement for the DG Khan block where MOL is acquiring a 30% non-operating interest from Pakistan Oil Fields Limited (“POL”) in the block. POL is besides in the TAL block also our partner in the MOL-operated Margala and Margala-North blocksThe DG Khan Block is a promising gas and condensate exploration opportunity in the provinces of Punjab and Balochistan. After MOL’s farm-in, the block will be operated by POL with a 70% working interest. The consortium intends to acquire seismic data this year followed by drilling of one exploration well in 2017. The transaction is subject to the approval of the Pakistani government.

Mr. Ákos Grósz, CFA, Managing Director of MOL Pakistan added: “MOL Group is committed to help alleviate the energy deficits of Pakistan by efficient exploration and production enhancement through successful application of cutting-edge technologies”.

For a video about our Pakistani operation please click here.

Motorsport legend Klaus Ludwig Meets WTCC Hero Norbert Michelisz

  • WTCC driver Norbert Michelisz is ready to face his next challenge: the WTCC Race of Germany.
  • Today he talked with motorsport legend Klaus Ludwig about the characteristics of the race track and what life-long ambitions drive both of them.
  • With the support of his main sponsor, MOL Group, Norbert Michelisz will continue the WTCC race at Nürburgring tomorrow

Budapest, May 15, 2015 – In preparation of the WTCC Race of Germany, Norbert Michelisz discussed the challenges of the race track and their personal life-long ambitions with Klaus Ludwig, “the king of Nordschleife”, at an exclusive roundtable. Under the motto “Challenge now and then” both motorsport experts shared their experiences: Michelisz explained his first impression of the Nordschleife and Ludwig gave insights into his long experience with the race circuit. The leading international oil and gas company, MOL Group initiated the exclusive round table.

“Racing on the legendary Nordschleife is very important for me because it will be one of the biggest challenges so far in my career. The circuit and the atmosphere are very special here, and I will do my best to carry the momentum on from the race win in Hungary to achieve the best possible result”, said WTCC driver Norbert Michelisz. Additionally Klaus Ludwig commented: “Due to its length and its special character the Nordschleife is one of the most demanding race tracks in the world. I am convinced that it is the absolute challenge for every race driver – then and now. To be successful on the Nordschleife you need to be extremely focused and have great driving skills, discipline and a perfect race car.”

 “The WTCC Race of Germany is one of the most attractive sport events in Germany and we are delighted to show our support of Norbert in front of hundreds of thousands of motorsport addicts”, said Dominic Köfner, Vice President for Corporate Communications at MOL Group. “WTCC is more and more popular internationally, and we are proud to supply racing fuel for the entire WTCC series through our member company Panta Distribuzione S.p.A.”

The race circuit at Nürburgring with the difficult Nordschleife, which is also known as the “Green Hell”, is one of the most challenging race tracks in the world. Watch the race track video commented by Norbert Michelisz here: http://wefuelyourambition.com/nurburgring

You can follow Norbert Michelisz’s 2015 WTCC achievements at:

Website: http://molgroup.info/en/michelisz

Facebook: https://www.facebook.com/WeFuelYourAmbition

Twitter: https://twitter.com/wefuelambition

Youtube: https://www.youtube.com/watch?v=BSQfOsumET0

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MOL Group Announces 2015 First Quarter Results

  • MOL Group achieved a clean CCS EBITDA of HUF 154bn (USD 561mn)
  • The Downstream division attained its strongest first quarter result ever
  • Average daily hydrocarbon production reached 103 thousand barrels of oil equivalent

Budapest, 8th May 2015 – Today, MOL Group announced its 2015 first quarter financial results. Clean CCS-based EBITDA was 47% higher than in the previous year. Downstream division delivered its strongest ever first quarter result, despite the regular seasonality of lower oil fuel demand in the first quarter. Average daily hydrocarbon production reached 103 thousand barrels of oil equivalent per day, a 4.1% growth compared with Q1 2014.

In Q1 2015, MOL Group generated a clean CCS EBITDA of HUF 154bn (USD 561mn) exceeding the results of the first quarter of the previous year by 47% and of the previous quarter by 5%. This increase is a significant achievement considering that the Upstream division was adversely impacted by an almost 30% drop in Brent prices compared with Q4, and that the Downstream division faces a regular seasonality of lower fuel demand in Q1.

The Upstream EBITDA excluding special items reached HUF 61bn (USD 221mn), lower by 7% than in the previous quarter as the performance was negatively affected by shrinking realized hydrocarbon prices due to an additional Brent price decrease. Average daily hydrocarbon production reached 103 thousand barrels of oil equivalent per day, a 4.1% growth compared with Q1 2014.

The Downstream division delivered its strongest ever first quarter result on a clean CCS EBITDA basis and reached HUF 74bn (USD 270mn), which is more than three times as high as in the same period last year. Downstream successfully matched the Q4 2014 figure, even with the regular seasonality of lower fuel demand in the first quarter. The strong performance was supported by further improving refining margins as well as the strong integrated petrochemical margin, but these remarkable achievements were fundamentally the result of the successfully completed New Downstream Program. In order to further increase profitability, the implementation of the Next Downstream Program was swiftly launched targeting an additional USD 500 mn EBITDA improvement by 2017 purely from internal sources.

Midstream EBITDA increased by 20% compared with the same period last year and reached HUF 18bn (USD 65mn) mainly due to higher transmitted volumes.

“I am delighted to see that we have started the year with a strong financial performance. Having achieved such positive results, we are even more confident that our annual USD 2bn clean CCS EBITDA target can be achieved. This highlights the strength of our integrated business model. In Upstream we reached yet another significant milestone by entering Norway, one of the most investor-friendly markets in the world. Through this acquisition, we have further strengthened our presence in the North Sea and doubled our exploration potential. Across the rest of our Upstream portfolio we are simultaneously targeting cost reduction in the CEE region and production growth from international projects. In parallel we continue to optimize our spending in light of the changed environment. Downstream achieved its strongest ever first quarter result, which highlights that we are well positioned to benefit from favourable market conditions. We will deliver on our long-term promise to increase profitability by an additional USD 500mn from internal sources by 2017. In order to achieve this, more than 150 separate initiatives have already been commenced since the beginning of the year.” – said Chairman-CEO Zsolt Hernádi, commenting on the results.

MOL Group Enters Norway Expanding its North Sea Portfolio

  • MOL Group acquires the entire issued share capital of Ithaca Petroleum Norge
  • The portfolio includes 14 licences in the Norwegian Continental Shelf, out of which 3 are operated by IPN
  • The deal further balances MOL Group’s country risk profile

BUDAPEST, 24 April 2015 - MOL Group enters Norway by acquiring 100% ownership in Ithaca Petroleum Norge from Ithaca Petroleum Ltd. The deal fits well to MOL’s E&P strategy which aims to further balance its country risk profile as well as to seek new accretive international exploration and development opportunities.

In line with the company’s active portfolio development strategy MOL has executed a Share Purchase Agreement with Ithaca Petroleum Ltd., a wholly owned subsidiary of Ithaca Energy Inc., to acquire the entire issued share capital of Ithaca Petroleum Norge (“IPN”).

IPN’s portfolio includes 14 licences in the Norwegian Continental Shelf (“NCS”), out of which 3 are operated by IPN. The licenses provide an oil weighted exploration portfolio with net unrisked best estimate Prospective Resources of more than 600 MMboe. The committed work program contains three exploration wells in 2015-2016. IPN’s strong exploration focused team with deep experience on the NCS is also part of the deal.

The transaction provides an excellent starting point for MOL to enter Norway, to extend its presence in the North Sea region and enhance its international exploration portfolio. MOL’s target is to further extend its portfolio in Norway and add additional assets and licenses to IPN. IPN is pre-qualified as operator in Norway and the acquisition of the company will help MOL in achieving its ultimate goal to become a well reputed offshore operator in the region. MOL sees also synergy potential with its already existing North Sea operations in the UK.

Alexander Dodds, Group Executive Vice President for Upstream commented: “Entering Norway as one of the most investor friendly countries is an important milestone in our E&P Strategy. It enhances our positions in the lower risk offshore North Sea area where we are in the process of building a new production hub and know-how center along the whole E&P value chain that should serve as a solid basis to our long term goals in the region.”

The completion of the transaction is subject to the approval of the Norwegian Ministry of Petroleum and Energy.

MOL Holds Successful Annual General Meeting

  • Shareholders approve consolidated financial statements of MOL Group for 2014
  • Annual General Meeting accepts dividend payment of HUF 50 bn
  • Shareholders reelect three members to the Board of Directors and elect new member to the Supervisory Board

BUDAPEST, 16th April 2015 – At the Annual General Meeting of MOL Plc. held today, shareholders approved the report of the Board of Directors regarding finances for the year 2014, and furthermore approved consolidated financial statements. The General Meeting has accepted the Board’s proposal for HUF 50 bn dividend payment, as well as reelected Zsigmond Járai, Dr. László Parragh and Dr. Martin Roman as members of the Board of Directors and elected Dr. Norbert Szivek as a member of the Supervisory Board. MOL Group also launched a website at www.molgroup.info/annualreport2014 to present its 2014 Annual Report in a user-friendly and transparent way.

 Zsolt Hernádi, MOL Chairman-CEO, commented on last year’s results: “I’m proud that MOL Group delivered a strong set of financial and operational results in 2014 despite a tough external environment. Our 2014 financial and operational results are testimony to the strength and resilience of MOL Group’s integrated business model. We have managed to deliver strong results despite the drastic fall in oil prices we experienced during the second half of the year. We virtually maintained (a mere one percent decline) our Clean EBITDA level at HUF 511 bn (USD 2.2 bn), preserved our strong cash generating position, grew our capital expenditure and kept our gearing and indebtedness ratios at historical lows, while we remained fully committed to maintaining our dividend distribution.”

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