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2018-02-20 MOL Group posts highest profit in a decade in 2017

  • MOL Group posted Clean CCS EBITDA of USD 2.45 bn as all segments increased their contribution
  • Free cash flow increased 21% year-on-year to reach USD 1.41 bn, comfortably beating the yearly guidance
  • Net profit reached USD 1.11 bn, 18% up year-on-year

Budapest, 20 February 2018 – Today, MOL Group announced its financial results for 2017. MOL increased its EBITDA by 14% comfortably outperforming its 2017 target on the back of a strong financial and operational delivery of all business segments.

Organic capex stood at USD 1.04 bn, in line with lowered guidance and slightly higher than in the previous year. MOL continued to generate a massive amount of free cash flow establishing a strong financial framework to cover its ambitious transformational projects.

Upstream delivered USD 854 mn EBITDA, a 26% increase in comparison with 2016 arising from higher Brent and gas prices. Due to a strong cost discipline the segment nearly doubled the amount of free cash flow, USD 14 per each barrel produced, and turned into a major contributor to the Group’s cash generation in 2017. The daily production averaged at 107,400 barrels of oil equivalent, slightly below the yearly guidance due to lower UK contribution.

Downstream once again posted strong results and remained the main earnings contributor delivering almost half of the Group’s Clean CCS EBITDA at USD 1.18 bn. The segment increased its contribution by 2% from an already very high base thanks to internal efficiency programs and the still supportive external environment.

Consumer Services continued its impressive double-digit growth supported by rising fuel consumption (4% growth in 2017 in CEE) and healthy margins. The segment posted USD 358 mn EBITDA, a 17% increase year-on-year, and is now well on track to reach USD 450 mn EBITDA target by 2021. Thanks to further rollout of MOL’s non-fuel concept Fresh Corner the growth of non-fuel margin continued to outpace the fuel margin, with its share in the total retail margin reaching a new high of 26% in the last quarter of 2017.

Gas Midstream EBITDA rose 15% year-on-year to reach USD 223 mn, strongly supported by surging domestic transmission volumes, which were able to compensate for adverse tariff changes.

Zsolt Hernádi, MOL Group Chairman-CEO, commented on the results: "I am glad to say that 2017 was another year of delivering strong financial results, but equally importantly it was also a year of visible progress along our transformation journey set out in the MOL 2030 strategy. We comfortably beat our upgraded earnings targets with increasing contribution from all businesses. Upstream more than doubled its free cash flow contribution, Downstream EBITDA increased further from a high base, while Consumer Services sustained its double-digit earnings growth. Regarding strategic transformation, our flagship chemicals (polyol) project made major progress and we have been launching new, innovative mobility-related services. We are starting 2018 with a strong momentum with crucial investment decisions ahead of us. We are also expecting to deliver around USD 2.2bn EBITDA this year, which will allow us to fund our transformational projects as well as the rising dividends to our shareholders."

2018-01-29 Hungarian team makes it to the top in the MOL Group’s Freshhh 2017 Live Final

  • Freshhh is an international online competition for top students interested in the Oil & Gas industry
  • Through Freshhh MOL aims to further engage with digital natives, offering them compelling potential career paths
  • This year’s edition attracted 1,450 teams from nearly 60 countries around the world, with the Hungarian team “Petronauts” winning the first place

Budapest, 29 January 2018 – Last Friday, MOL Group held in Budapest Live Final of the 11th edition of the Freshhh competition, its flagship award-winning student contest. Its growing popularity demonstrates that MOL is seen as an attractive employer among the youngest, largely digital generation, and is able to offer compelling career paths also outside the core Oil & Gas industry. The best seven international teams - from Hungary, Croatia, Slovenia and Nigeria – competed for final prizes, with the Hungarian team “Petronauts” coming out on top after a challenging battle.

Freshhh is an international online student competition, where participants take charge of managing an integrated oil corporation. Throughout the game, teams consisting of three members have to make day-to-day decisions on oil and gas field development projects, the construction of a refinery, retail network development as well as defining the best product portfolio.

This year’s edition attracted applicants from nearly 60 countries around the world. In total, 1,450 teams applied to participate in the Freshhh 2017 competition, which proves that it has truly become a trademark in the industry on the international level. After two rounds of an exciting virtual game, the competition has drawn to a close with the ultimate trial for the seven finalist teams. During this year’s Live Final the bar was set high as the participants were faced with a challenging task. As MOL Group seeks to become the leading regional provider of innovative solutions in transportation, the teams had to present a proposal on MOL’s shared mobility strategy, which could outline potential business opportunities in this emerging yet highly prospective market. As the second step, the event saw student teams showcase their ability to solve an Oil & Gas industry strategy situation game, which was an opportunity to demonstrate their teamwork, negotiation and strategic management skills.

All teams showed excellent performance, but according to the jury comprising of top MOL managers the Hungarian team “Petronauts” proved to be the best. „Taking part in the Freshhh competition was a great opportunity for us. It was definitely the hardest and most complicated competition we ever took part in. It required from us a lot of research and preparation, but it was absolutely worth it. I can just say - team up with your friends and join the next edition of Freshhh!” - said Emánuel Kovács from the winning team.

The second place went to the Croatian team “Delay”, and the third to the Nigerian team “Awo Omoluabi”. The top three teams won prizes of a total of 25,000 EUR.

“In a fast-changing world innovation is more important than ever, which is also envisaged in our transformational strategy MOL Group 2030. We all know that our industry will be soon a very different industry from today, and the skillset required to innovate in the traditional Oil & Gas largely resides with the younger generation. Attracting digital natives is a challenge, however, with such programs as Freshhh we are able to turn it into opportunity by offering the best talents the way forward to pursue an impactful career in a dynamic and diverse environment. I truly congratulate the winners and encourage all participants to join MOL Group’s community as participants of the Growww program.” - commented Zdravka Demeter Bubalo, HR Vice President of MOL Group.

Read more about Freshhh and Growww.

MOL Freshhh 2017

2018-01-25 MOL Group launches car sharing service in Budapest

  • The “MOL Limo” car sharing offers initially a fleet of 300 Volkswagen up! cars (with a third EV)
  • The entire car sharing system is owned and operated by MOL
  • MOL Group is the leading provider of mobility solutions in Budapest with its car and bike sharing services
  • Mobility transformation based on traditional retail plays an important role in MOL Group’s 2030 strategy

Budapest, 25 January 2017 – Today, MOL unveiled its new car sharing service MOL Limo, a true reflection of MOL Group’s ambition to become the first choice of customers and a pioneer in mobility solutions in Central Eastern Europe. As part of its 2030 strategy, MOL aims to adapt to changing market dynamics and transform its traditional fuel retailing into a broader consumer goods and services business.

”Mobility represents an important direction in MOL Group’s 2030 strategy. We aim to transform our retail operations by tapping into growing areas of consumer demand and take part in the reinvention of transportation in CEE. We want to be the first choice of customers and provide them all the products and services they need on the road and make their journey as convenient as possible. Offering car sharing services, which will play a crucial role in the transportation mix of big cities, fits into this strategy perfectly.” – said Peter Ratatics, COO, Consumer Services, MOL Group.

MOL Limo provides a flexible solution, which allows users to leave their car at the destination of their choice, and works hand-in-hand with public transport or even with bike sharing. Through its car and bike sharing schemes, the latter was launched three years ago, MOL is the leading provider of mobility solutions for city dwellers of the Hungarian capital.

MOL’s long-term goal is to extend the network in Budapest and beyond and eventually operate a fully electric fleet, in line with the development of EV infrastructure in Hungary and the CEE region. Changes in consumer patterns such as the decreasing importance of car ownership along with increasing environmental consciousness are expected to result in increasing demand for car sharing services, which can significantly improve air quality and traffic congestion in big cities.

Read more about MOL Limo car sharing and MOL Bubi bike sharing.

MOL Limo

2017-11-15 S&P upgrades MOL‘s long-term credit rating to BBB- investment grade with stable outlook

  • S&P rating confirms MOL’s resilient integrated business model and strong financial profile.
  • Following previous steps by Fitch and Moody’s, MOL has now become a full investment grade issuer.

Budapest, 15th November 2017 – MOL Plc. has been upgraded to BBB- investment grade long-term credit and issuer rating with stable outlook by Standard and Poor’s (“S&P”).

S&P concluded that the upgrade to investment grade credit rating was justified by the improvement in MOL’s current and forecasted credit metrics, thanks to the company’s strong performance and supportive industry conditions. S&P added that MOL demonstrated the benefits of its integrated business model, delivered on its cost optimization program with sustainable benefits for profitability and increased the share of less volatile retail and petrochemicals segments. The stable outlook reflects S&P’s expectation that MOL will maintain robust credit metrics, supported by positive free operating cash flow generation, while continuing to invest in its chemicals business.

In March last year, Fitch Ratings revised MOL’s outlook to stable from negative, while affirming its Long-term Issuer Default Rating at BBB- grade. It was followed by Moody’s which assigned Baa3 investment grade rating to MOL in March 2017. With the upgrade of S&P, MOL has now become a full investment grade issuer according to all three major rating agencies.

József Simola, MOL Group Chief Financial Officer commented: "We are delighted by the upgrade of S&P, which means MOL also joins the illustrious club of fully investment grade issuers, yet another reflection of our resilient integrated business model and financial strength. We will continue to deliver strong results on the back of our high-quality, low-cost asset base, while our long-term 2030 strategy will transform MOL into a leading chemicals company and a major consumer and mobility services provider in CEE.”

2017-11-09 MOL along with partners of the NEXT-E consortium signed a grant agreement to deploy 252 EV chargers across CEE

  • The network of 222 fast chargers and 30 ultra-chargers for EV (Electric Vehicles) will connect six countries in CEE along main roads in the EU’s core transport network.
  • The largest grant ever given by the EU’s Connecting Europe Facility for any EV project, amounts to EUR 18.84 million.
  • The NEXT-E network will be interoperable within the participating countries and connected to EV networks in Western Europe in order to create one integrated EU-wide charging network.

Budapest, 9th November 2017 – Today marks an important milestone in the e-mobility expansion in CEE and the future of European transportation. During the Digital Transport Days in Tallinn, MOL along with partners of the NEXT-E consortium signed a grant agreement with INEA which will enable the building of a charging network for EVs across six countries in Central and Eastern Europe: The Czech Republic, Slovakia, Hungary, Slovenia, Croatia and Romania.

In July 2017, the NEXT-E project was selected by the European Commission for co-financing through the Connecting Europe Facility (CEF). The NEXT-E consortium will be granted EUR 18.84 million to implement the project, which is the largest CEF grant ever awarded to an EV project. The NEXT-E project is a unique partnership of leading companies in the electricity and oil & gas sectors, as well as OEMs, who joined forces to create a charging network for electric vehicles along the main transport routes in Central and Eastern Europe. Besides MOL Group, the consortium consists of companies of E.ON Group, Hrvatska elektroprivreda in Croatia, PETROL (in Slovenia and Croatia), as well as Nissan and BMW.

Within the framework of this project, the consortium will install 222 multi-standard fast chargers (50 kW) and 30 ultra-chargers (150-350 kW) along the TEN-T corridors. The major part of the chargers will be located at MOL Group’s service stations in all six participating countries. For the first time ever long distance travel, based 100% on electricity, will be possible across six CEE countries, with connection to neighbouring countries.

Currently, EV charger deployments are scattered and often uncoordinated, posing a risk of overlaps or gaps in the network. The NEXT-E project was launched to address this challenge, and to create a continuous and cost-effective network that ensures the ability for long-distance and cross-border driving. The project will also leverage existing experience into countries without significant EV activities to date, such as Hungary and Romania. In order to ensure interoperability to the West and create a one fully connected network, the project will be coordinated with other ongoing CEF co-financed projects, i.e. ULTRA-E, EAST-E and FAST-E.

“Next-E is politically an essential innovation project, which took great efforts from industry and encouragement and support from the European Commission side to take place. In addition, the close collaboration with other neighbouring projects is evident, emphasising the maximizing European impact and dimension of the core network corridor policy. The objective of our policy is to finally allow citizens to travel with alternatively fueled vehicles across the entire EU.” - said Herald Ruijters, Director, DG MOVE, Directorate B - Investment, Innovative & Sustainable Transport, European Commission.

“I am proud that the EU and INEA will support a project that will kick off e-mobility in Central-Eastern Europe. With 252 electric charging points, 30 of which with very high capacity, the EU's core transport network will gain cross-border interoperability and a more open market for the benefit of consumers.” - said Dirk Beckers, Director of the Innovation and Networks Executive Agency (INEA) at the grant agreement signature ceremony.

The deployment of fast chargers is expected to start in 2018, while the installation of the ultra-chargers is planned for 2019 in order to prepare for the arrival of a new generation of long-distance EVs. The full deployment is expected to be concluded by the end of 2020.

The NEXT-E project is another milestone in the implementation of MOL Group’s long-term strategy, which is built on the premise that fossil fuel will eventually lose its monopolistic dominance in transportation. As a consequence, MOL Group aims to adapt to the changing market dynamics by building on its 10 million customer base, and transforming its traditional fuel retailing into a broader consumer goods and services business. As part of its strategy, MOL aspires is to take part in the reinvention of transportation in CEE and embrace such trends as car sharing, e-mobility, self-driving technology as well as alternative fuels.

2017-11-03 MOL Group Announces Q3 Results

  • CCS EBITDA of HUF 150bn (USD 576mn); on track to reach upgraded 2017 target (USD 2.3bn)
  • Consumer Services with all-time high quarterly result
  • Net profit for Q3 at HUF 47.7bn (USD 184mn), reaching HUF 230bn (USD 823mn) for Q1-Q3 period
  • MOL Group launches DS 2022 program to deliver further USD 500mn EBITDA improvement with USD 2.1bn CAPEX

Budapest, 3rd November, 2017 – Today, MOL Group announced its financial results for Q3 2017. With HUF 150bn (USD 576mn) delivered in the quarter, clean CCS EBITDA for the first nine months of the year is 12% up from last year and stands at HUF 520.8bn (USD 1.87bn). As CAPEX spending stood at USD 605mn after nine months, the company has continued to generate strong cash flows across all business segments.

Upstream delivered HUF 49.1bn (USD 188mn) EBITDA in Q3 with average daily production reaching 105,000 barrels of oil equivalent. Over the first nine months Upstream EBITDA grew by more than 30% compared to Q1-Q3 2016. The segment continued to generate strong free cash flows in 2017, USD 15 on average on each barrel produced. This was achieved at average Brent prices of USD 52 per barrel.

Downstream posted lower clean CCS EBITDA at HUF 70.5bn (USD 271mn) as both petrochemicals and refining contribution declined due to lower wholesale margins, lower own produced product sales and one offs. Downstream’s contribution for the first nine months remained flat at HUF 256.9bn (USD 923mn).

Consumer Services continued its impressive growth with its best ever quarterly results at HUF 34.5bn (USD 132mn) EBITDA, up from USD 112mn one year ago, as both fuel and non-fuel earnings continue to grow.

MOL Group has also launched its new Downstream program, DS2022, a major milestone in the implementation of the MOL 2030 strategy. The program is based on three pillars: strategic transformational projects; efficiency initiatives; and increasing customer satisfaction, safety and employee engagement in order to become the best choice of employees, customers and investors in line with the vision of MOL Group 2030 strategy. The program once again aims to deliver USD 500mn EBITDA improvement similarly to its predecessors the New Downstream Program (2012-2014) and the Next Downstream Program (2015-2017).

Chairman-CEO Zsolt Hernádi commented the results: “After the first nine months of the year we are well on track to deliver on our upgraded USD 2.3bn Clean CCS EBITDA guidance and on our MOL 2030 strategy. We continue to generate robust free cash flows this year despite not fully capturing the opportunities of the supportive external environment in Q3. To achieve our strategic objectives we are now also launching Downstream 2022 (DS2022), a program of efficiency, transformation and growth, which would deliver USD 500mn additional EBITDA with substantial, over USD 2bn investments by 2022. The flagship transformational project of this program, the polyol project, is forging ahead as we have secured all the technological licenses and engineering resources.”

2017-10-18 MOL secures additional licences for its key strategic investment into the propylene oxide value chain (the “Polyol Project”)

  • MOL Group has signed another contract with thyssenkrupp to produce polyether polyols and propylene glycol
  • MOL Group has now secured all technology licenses and engineering resources for each production unit of the Polyol Project
  • The Polyol Project will be the largest investment project of MOL Group in 2017-21
  • MOL will move further along the petrochemical value chain towards semi-commodity and specialty chemicals products as part of its 2030 strategy

Budapest, 18th October 2017 – Following the announcement made in July about entering into contracts with Evonik and thyssenkrupp to produce propylene oxide, MOL Group has reached the next milestone in its key strategic investment. The additional agreement signed with thyssenkrupp Industrial Solutions (Thailand) Ltd will cover technological steps to convert propylene-oxide into polyether polyols and propylene glycols.

The contract concerns the purchase of technology licenses, process design packages and front-end engineering design of the production units that convert propylene-oxide into polyether polyols and propylene glycols. Upon completion of the investment MOL Group is expected to become the main polyether polyol and propylene glycol producer in Central Europe.

The thyssenkrupp Polyol technology is based on its state of the art Jet Reactor design, which provides MOL the best available safety, quality, operability, flexibility and productivity.

Front-end Engineering including necessary product testing will be delivered from thyssenkrupp’s technology and R&D centre for Oleochemicals in Thailand. The contract also contains a pre-agreement for thyssenkrupp to supply and install the Polyether Polyol plant.

In line with its 2030 strategy, MOL Group will move further along the petrochemical value chain towards semi-commodity and specialty chemicals products, transforming into a leading chemical group in CEE. Polyether polyols, which serve as feedstock for polyurethane foam, were identified as the main direction in MOL’s petrochemical expansion due to their wide applications in the automotive, construction, packaging and furniture industries. Through this key investment MOL will become the only integrated polyol producer in CEE.

Propylene glycols, which constitute an additional product line in the project scope, are propylene oxide derivatives produced by most of the major forward integrated propylene oxide producers. Propylene glycols have a wide range of applications including the production of unsaturated polyester resins (UPR), personal care and pharmaceutical additives and other industrial applications.

By signing this contract, MOL Group has secured all technology licenses and engineering resources for each production unit of the Polyol Project. The contracts previously signed in July concerned the purchase of technology licenses and process design packages for the HPPO (hydrogen peroxide to propylene oxide) technology of propylene oxide production.

The Polyol Project

2017-10-11 MOL is looking for top students to participate in its Freshhh competition

  • The application for the Freshhh program is now open until 3 November 2017 at
  • Freshhh is an international gamified competition for top university students interested in the Oil & Gas industry
  • Besides attractive financial rewards, many participants of previous editions launched their career within MOL Group
  • Over the last years, the competition attracted over 25,000 students from more than 70 countries

Budapest, 11 October 2017 – Today, MOL Group opens a call for applications for the next edition of its talent acquisition program, Freshhh 2017. Launched for the eleventh year in a row, this award-winning competition allows top university students interested in the Oil & Gas industry to take part in an international online gamified competition and compete for exciting prizes.

Freshhh is an international online student competition, where student teams consisting of 3 members take charge of managing an integrated oil corporation. During the competition, participants will have to make decisions on oil and gas field development projects, the construction of a refinery, and will have to find the best product portfolio. In addition, students will also get the opportunity to set the strategy for retail network development as well as decide on investments and network expansion. Over the last years, the competition attracted over 25,000 students from more than 70 countries. Many previous participants were given an opportunity to kick-start their careers within MOL Group as part of the Growww program.

The Freshhh competition consists of three rounds. First, participants will go through online qualification, during which they will have around two weeks to build up a newly established oil corporation and make day-to-day business decisions on Exploration and Production, Downstream, Petrochemicals, and Retail operations. As the next step, the best 40 teams will take part in the online semi-final, where participants will work on solving professional quizzes and case studies. It will be followed by the Live Final event, expected to take place in January 2018 in Budapest, during which top 8 shortlisted teams will compete for final prizes. The three best performing teams will win prizes of a total of 25,000 EUR. The deadline for submission of applications is 3 November.

The competition enables young talents not only to prove their knowledge of related technologies but also to make strategic decisions that ensure the highest profitability while running an oil and gas company. Freshhh is also a way to build students’ interest in an oil and gas career, and encourage them to work in one of the most desirable companies in the region.

„Looking at MOL 2030 Strategy, which is very bold in creating new business opportunities, attracting young, diverse and talented people will be more important than ever for MOL to succeed in its industrial transformation journey and the strategic turn towards innovation. Over the years, our talent acquisition programs, including Freshhh and Growww, have provided an efficient outreach towards international talents, and we see it as a great investment for ensuring the company’s success. So far, Freshhh have opened up compelling career paths at MOL for many finalists, and thus I encourage everyone interested in this of the most complex industries to take up the challenge and apply.” – commented Zdravka Demeter Bubalo, HR Vice President of MOL Group.

“Freshhh was an exciting journey of learning and discovery, and it helped me realize that working in such a dynamic industry as Oil & Gas was for me the way to go. At the end of the competition I was admitted to the Growww program and afterward was offered a full-time position at MOL, as a result of strong engagement and contribution in the ever-changing environment.” – added Dusan Ilic, Retail New Services & Omni-channels Expert at MOL Group.

2017-10-02 MOL announces plans to build new headquarters

  • The new building will be called MOL Campus and will serve as the headquarters of MOL Group from 2021
  • It is designed by Foster + Partners, a globally acclaimed architectural studio, known for such iconic projects as the new glass dome of the Reichstag in Berlin or the Apple Park in California
  • For photos and videos of the design visit

Budapest, 2nd October 2017 – Today, MOL Group announced its plans to relocate its corporate headquarters by 2021 to MOL Campus, the company’s new 83,000 sqm office, which will be designed by one of the most renowned architectural studios in the world, the UK-based Foster + Partners. The 120-meter high building, which will be the future workspace for up to 2500 employees, will be located on the banks of the Danube in the southern part of Budapest, close to the current HQ building. The modern design mirrors MOL Group’s bold vision of its 2030 strategy to drive changes across CEE over the few next decades and will also play an essential role in redesigning employee experience.

Meeting the ambitious targets of the new long-term strategy, MOL 2030, requires smart investments in both physical infrastructure and human capital. Currently MOL headquarters is scattered throughout five districts in Budapest, in buildings mostly constructed during the 1970s. The new campus will not only generate substantial operational synergies through the relocation of all Budapest staff, but will also play an essential role in redesigning the employee experience, enhancing collaboration and helping to create a superior physical, technological and cultural environment. This will be crucial in attracting and retaining a high quality, mobile and tech savvy workforce in the future.

The 83,000 sqm office building will integrate a 120-meter high tower with a podium to create a unified campus, anticipated to open by 2021. The new headquarters will provide an inspiring workspace for MOL’s employees with modern amenities, which embrace the latest architectural trends and cutting-edge technology. Foster + Partners is known for iconic projects such as Apple Park in Cupertino, the “Gherkin” tower in London and Commerzbank headquarters in Frankfurt. Budapest will be the second city in Central and Eastern Europe to host a building designed by this prestigious studio, next to the Warsaw’s Metropolitan Office and Varso Tower, currently under construction. The Hungarian partner of the UK-based architectural studio will be FintaStudio.

In line with MOL’s vision for 2030, the new campus will feature the highest standards of energy efficiency and sustainability and aims to obtain both LEED and BREEAM qualifications.

Zsolt Hernádi, Chairman-CEO, MOL Group commented: „As part of our 2030 strategy announced last year we have set the goal for MOL to be the first choice for employees. Building our new headquarters, the MOL Campus, will help to achieve this objective. The structure will be Central-Europe’s most innovative workspace and will help attract talent of the future. MOL intends to build a headquarters without compromising on design, construction, technology or sustainability. Working with the best professionals and the highest quality materials, it will be a pleasure to see this world-leading construction come to fruition. I am confident that MOL Campus, which we create together with Foster + Partners and FintaStudio, is a perfect representation of our ambition to make MOL Group one of the most progressive companies of the region.”

Nigel Dancey, Senior Executive Partner at Foster + Partners commented: “This is a landmark project for several reasons, not only for MOL but also for Budapest. It presents a unique challenge – to ensure that the building meets the functional needs of the organisation, follows the highest standards of sustainability, and is respectful of its historic surroundings. As we see the nature of the workplace changing to a more collaborative vision, we have combined two buildings – a tower and a podium – into a singular form, bound by nature. As the tower and the podium start to become one element, there is a sense of connectivity throughout the office spaces, with garden spaces linking each of the floors together.”

Notes to editors:

LEED: (Leadership in Energy and Environmental Design).  The certification system was launched in the United States. New and also existing buildings can be rated within the framework of LEED system. LEED is a voluntary, consensus-based rating system for the environmental friendly buildings operated by the market which relies on the available and operative technologies. A project could achieve „Certified”, „Silver”, „Gold” or „Platinum” certification. The rating system was elaborated on five environmental categories (advantageous location from environmental aspect, efficiency of water consumption, energy and atmosphere, materials and tools and the quality of internal environment).

BREEAM: (Building Research Establishment Environmental Assessment Method) is the first environmentally conscious building certification system which was initiated in the United Kingdom. The aim of the system is to improve the quality of the built environment; commercial, trade and office buildings can be rated. BREEAM supports low energy consumption buildings, various solutions for improving water efficiency, and investments which do not affect green areas, but realized as brownfield projects and therefore have less effect on the environment. The BREEAM certificated buildings are classified into five categories: pass, good, very good, excellent and outstanding.

2017-08-04 MOL Group upgrades its 2017 target following outstanding half year results

  • MOL Group upgrades its 2017 EBITDA guidance to above USD 2.3bn as a result of strong H1 delivery
  • Clean CCS EBIDTA reached HUF 371bn (USD 1.3bn) in H1 2017, with increased contribution from all business segments
  • Downstream and Consumer Services posted all-time high H1 results, while Upstream significantly increased its contribution
  • Net profit was HUF 183bn (USD 639mn) for the first half of the year, the highest in 10 years

Budapest, 4th August 2017 – Today, MOL Group announced its financial results for H1 2017. All business segments increased their earnings implying a 23% growth of Clean CCS EBIDTA in comparison with the same period last year. MOL has also reached a significant milestone in its petrochemicals transformation journey set out in the 2030 strategy through the signing of key licencing contracts for its flagship Polyol Project.

Upstream achieved robust results in the first half of 2017, posting an EBITDA of HUF 128bn (USD 447mn), 45% higher year-on-year, and generating a hefty amount of free cash flow at USD 321mn. The primary drivers of this upsurge were higher realized hydrocarbon prices on the back of a 30% increase in Brent crude price as well as lower operating costs. Average hydrocarbon production reached 110,000 barrels of oil equivalent per day during the first six months, in line with MOL Group’s 2017 guidance.

Downstream once again posted record high half-year Clean CCS EBITDA, delivering HUF 186bn (USD 652mn). This represented an 8% increase year-on-year, driven by stronger refinery margins and improved asset availability, which offset the lower petrochemicals margins.

Consumer Services (Retail) continued to benefit from strong volumes growth and non-fuel contribution, resulting in an all-time high H1 EBITDA of HUF 43bn (USD 150mn), 18% higher than last year in the same period.

The Gas Midstream segment delivered a half-year EBITDA contribution of HUF 31bn (USD 107mn), increasing 12% year-on-year on the back of materially higher volumes and stronger capacity fee revenues.

The first half of 2017 was marked by important milestones in the implementation of MOL Group’s 2030 strategy. The partnership agreements with Evonik and thyssenkrupp for MOL’s flagship investment into the propylene oxide value chain (the “Polyol project”) will give impetus to its petrochemical expansion and pave the way to become the leading chemical group in CEE. Furthermore, MOL is a step closer to build a network of 250+ electric vehicles chargers in CEE as part of the NEXT-E consortium, which received for this purpose EUR 19mn of EU funding.

Zsolt Hernádi, MOL Group Chairman-CEO, commented on the results: “We are materially upgrading our full-year 2017 guidance to above USD 2.3bn Clean CCS EBITDA (from “USD 2bn+”) thanks to the very strong performance of the Group in the first half of the year, which was a further testament to our resilient integrated business model and asset quality. We have also reached a significant milestone in our petchem transformation journey set out in the 2030 strategy as we have recently signed key licencing contracts for our flagship Polyol Project. Progressing with the MOL 2030 strategy is as much of a priority as to continue to generate the maximum return on our existing assets.”

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