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2018-08-02 MOL Group raises full year EBITDA target based on first half results

  • MOL Group delivered CCS EBITDA of USD 1.3bn in H1 similarly to previous year
  • Upstream and Consumer Services offset weaker Downstream contribution
  • Net profit reached USD 512mn

Budapest, 3 August 2018 – Today MOL Group announced its financial results for the first six months of 2018. EBITDA was sustained at the very strong 2017 level of USD 1.3bn, based on which the company upgraded its target for the full year to USD 2.4bn (from around USD 2.2bn).

Upstream EBITDA jumped to USD 612mn (HUF 159.4bn) for the first six months, up by 37% year-on-year, driven by rising oil and gas prices. Average daily hydrocarbon production was nearly stable in H1 year-on-year at 110 thousand barrels of oil equivalent per day (boepd). Lower production volumes in Hungary, Croatia and Russia were offset by increased production in the UK. The Catcher Area reached plateau production rates of over 60 thousand boepd (gross) in May following the start-up of gas export (MOL has 20% non-operated stake in Catcher).

Downstream Clean CCS EBITDA was USD 492mn (HUF 128.4bn) in H1 2018, 24% lower year-on-year from a very high base, primarily affected by the adverse macro developments. The integrated petrochemicals margin dropped by more than 150 EUR/t and the Group refinery margin was 1.1 USD per barrel weaker. Strong internal performance mainly in petrochemicals could only partly offset the weaker margins.

Consumer Services continued to reach new all-time high results ending the first six months of the year with USD 192mn EBITDA (HUF 50.2bn), an increase of 28% compared to the previous year. The increase was driven by a combination of increasing non-fuel margins, strong fuel sales growth on the back of increasing CEE fuel consumption. Non-fuel margin continued to increase at a higher pace than fuel margin reaching 27% of the total margin, up from 24% a year ago.

The Gas Midstream segment reached USD 116mn EBITDA (HUF 29.8bn) in the first half-year, up 8% year-on-year.

Chairman-CEO Zsolt Hernádi commented the results: “Our resilient, integrated business model once again proved its worth in a changing external environment, allowing us to upgrade our full-year 2018 Clean CCS EBITDA guidance to around USD 2.4bn (from around USD 2.2bn). MOL Group delivered strong results in the first half of 2018 and maintained its profitability at last year’s outstanding level of USD 1.3bn EBITDA amidst rising oil prices and weaker downstream margins. We also made good progress and are going ahead at full steam with executing our 2030 transformational strategy.”

2018-08-02 MOL Group and APK Form Strategic Partnership for Plastic Recycling

  • MOL Group and German recycling technology company APK sign strategic cooperation agreement
  • APK’s innovative plastic recycling plant is scheduled to start, MOL Group supports its completion
  • APK and MOL Group will also explore joint projects in CEE
  • MOL Group aims to become a regional leader in recycling in line with MOL 2030 strategy

Merseburg, Germany, 2 August 2018 – MOL Group and APK AG signed a strategic cooperation agreement yesterday in Merseburg. As a first step in the cooperation MOL will support the completion of APK’s Merseburg plant. The plant will serve as a pilot for the innovative solvent-based process, called Newcycling®, which enables the recovery of high-quality materials from complex multi-layer packaging.

Ferenc Horvath, MOL Group’s EVP for Downstream commented: ”In line with MOL 2030 strategy, we are taking steps to grow our petrochemicals business and enter knowledge intensive industries together with strategic partners. We see a growing demand from our customers for recycled plastics and at the same time we are also fully committed to the idea of circular economy and sustainability. We aspire to become leaders in recycling in Central and Eastern Europe and with today’s agreement we are marking the first milestone on this journey. MOL, as an established polymer player in CEE, together with an innovative partner as APK will work on further developing the Newcycling® technology and bringing it to our core region where the need and the potential for plastic waste recycling is significant.”

APK developed an innovative recycling technology named Newcycling® that can be applied to a broad variety of mixed plastic types and process them into high-quality recyclates. The first Newcycling® plant using APK’s core technology is currently being set-up at APK’s headquarter in Merseburg.

Klaus Wohnig, APK’s speaker of the management board pointed out: „In the last couple of years, APK developed - funded by its financial investors MIG Fonds and AT Newtec - its Newcycling® technology considerably and is reaching market maturity now, which we have proven in joint projects with leading players in the packaging, FMCG and plastics industry. We are proud to enter now into a strategic partnership with MOL, a highly-reputed player in the polymer industry, in order to finalize our new plant in Merseburg and to enter jointly CEE, which we assess to be a very interesting market in future, since there is expected to be a strong trend from landfill and incineration towards recycling and a truly circular plastics economy. And with MOL’s strong roots in this region, we think MOL is the perfect partner to step into CEE.”

One of the cornerstones of MOL Group 2030 strategy is to expand the company’s petrochemicals value chain. As such MOL Group plans to invest around USD 4.5 billion until the end of the next decade into petrochemical and chemical growth projects. As part of this growth strategy MOL Group intends to build up its recycling capabilities, as plastic recycling is the most cost-efficient and environmentally friendly option for a responsible management of plastic waste. Plastic packaging is one of the key strategic segments defined in MOL’s 2030 Enter Tomorrow Strategy and a sector where both partners recognize a growing demand for recycled materials.  

About APK

APK is an innovative recycling technology company. At its headquarters in Merseburg near Leipzig, Germany, APK produces high-quality plastic recycle reclaimed from post-consumer and production sources. APK’s core technology is its Newcycling® process, a solvent-based technique that makes it possible to recover high-quality plastics from complex mixtures and multi-layer composites (so-called multilayer packaging) that cannot be recycled using conventional recycling systems. This allows the pelletised recycle to be reused in demanding applications, such as flexible packaging. For more information, please visit www.apk-ag.de and www.apk.ag.

2018-06-20 MOL Group’s INA buys Eni’s share in Northern Adriatic offshore gas fields

  • Group production to increase by nearly 380,000 m3 per day (2,500 barrels of oil equivalent per day)
  • The transaction covers 4.3 million barrels of oil equivalent reserves
  • INA to become 100% owner and sole operator of the two producing offshore fields

Budapest, 20 June 2018 – MOL Group’s Croatian INA agreed to buy Eni Croatia BV, a wholly-owned member of Eni Group, through which Eni participated in the joint project of gas production in Croatia’s offshore areas Northern Adriatic and Marica.

INA will become the 100% owner and the sole operator of the Northern Adriatic and Marica fields after all conditions are fulfilled, including receiving clearance from the antitrust authorities, which is expected in the coming months.

The transaction covers 4.3 million barrels of oil equivalent (boe) proven and probable reserves and would increase hydrocarbon production by around 2,500 boe per day (or nearly 380,000 m³ per day), a step towards meeting the group’s reserves replacement targets. INA will also become, for the first time in its history, the sole operator of offshore fields. This will also allow INA to carry out further investment in the Northern Adriatic and Marica areas.

Following the transaction, all gas produced in the Northern Adriatic concession area will be directed towards the Croatian supply system. The gas produced in the Marica area will continue to be transported to Italy, under a gas sales contract signed by INA and Eni.

2018-06-19 MOL Group enters into a partnership with INOVACAT

  • INOVACAT’s GASOLFIN™ technology converts naphtha into high-value olefins
  • The cooperation is expected to support upscaling and commercialization of INOVACAT’s breakthrough technology
  • As part of its 2030 strategy MOL aims to increase the flexibility in refining and strengthen its petrochemical production, including high value olefins

Budapest, 19 June 2018 – MOL Group entered into a strategic partnership with INOVACAT, a Dutch technology innovator in the refining and petrochemical industries. The cooperation is expected to further upscale and commercialize INOVACAT’s breakthrough GASOLFINTM technology that converts naphtha into propylene, butylene and BTX (benzene, toluene, and xylene), while supporting MOL’s strategic objective to become a leading chemical company in Central Eastern Europe.

MOL Group will support the next stages of the development program of INOVACAT and will investigate different options for the implementation of GASOLFINTM in its production facilities. This patented technology delivers propylene yields up to 45% depending on feedstock, can convert any light straight run naphtha including pentanes and is fully flexible on product output without a catalyst change-over. It is also at least 30% more energy efficient than comparable conventional processes, with CO2 emissions being at least 25% lower. Through its cost-leading, drop-in technology INOVACAT enables any refiner or petrochemical company to fully integrate their operations for maximum profitability and flexibility, providing them with a competitive advantage in their markets.

 “A main challenge of the MOL 2030 Strategy is to increase production of value added products, while reducing the production of fuels over the next 15 years.  We are investigating technical solutions to develop our existing refining and petrochemical asset base, but we are also very interested in new technologies like INOVACAT’s GASOLFINTM, that can potentially significantly help us meet our goal.” - said David Pullan, VP Group Downstream Technology & Development.

 “We are looking forward to working in partnership with MOL to provide them with our very competitive GASOLFINTM technology. This will enable MOL to convert their lower-value naphtha into propylene, butylene and BTX in a flexible and capital-efficient way.” - commented Niels van Buuren, CEO INOVACAT.

As MOL Group’s 2030 transformational strategy aims to diversify the company away from fossil-based motor fuels, it is continuously looking for new innovative technologies that increase the flexibility and strengthen its footprint in the petrochemicals business. By 2030, MOL plans to increase its non-fuel production in refining from the current 30% to 50% of total output, which will be done mostly through increasing feedstock transfer to chemicals. In order to reach its strategic goals, MOL plans to invest around USD 4.5 billion into its petrochemical segment by 2030, focusing mainly on the extension of the propylene value chain in the next five years.

2018-06-07 Péter Ratatics will be in charge of MOL’s Hungarian operations as COO

Péter Ratatics will be appointed MOL Hungary Chief Operating Officer (COO) as of 1 July 2018. In his new position, Mr. Ratatics will have control over the entire Hungarian operation of MOL and will also oversee the activities of MOL in Romania, Serbia and Slovenia. He will continue to hold his position as Executive Vice President for Consumer Services.

Péter Ratatics graduated from Corvinus University of Budapest, Faculty of Finance specialization in capital markets.

Mr. Ratatics held various leadership roles since he joined MOL Group in 2007. Among others, he was SVP of Corporate Centre being responsible for MOL Group's procurement, human resources and communications activities.

He is also a member of the INA Management Board since 2011 and the Vice-Chairman of the Supervisory Board of Natural Gas Transmission Ltd. (FGSZ Zrt.) since 2012.

Since 2016, he held the position of COO of Consumer Services.

Mr. Péter Ratatics became the Executive Vice President for Consumer Services and a member of the MOL Group Executive Board with effect of 15 February 2018. During his term Consumer Services posted impressive results, MOL Group now operates a network of more than 500 Fresh Corner service stations in the region, and the company launched its car sharing service, MOL Limo in January 2018.

Mr. Péter Ratatics will take over the position of Sándor Fasimon, after Mr. Fasimon will be appointed as President of the Management Board of INA as of 1 July 2018. Sandor Fasimon led MOL’s Hungarian operations since 2013. Mr. Fasimon remains a member of MOL’s Executive Board.

2018-06-01 MOL Group acquires mineral water producer

  • Fonte Viva is a prominent player in the Hungarian mineral water market
  • The acquisition is in line with MOL 2030 strategy, which aims at entering new businesses in CEE
  • MOL Group’s strong regional presence provides Fonte Viva with further growth opportunities

Budapest, 1 June 2018 – MOL Group announced today that it acquired Fonte Viva, a Hungarian mineral water manufacturer.

Fonte Viva was established in 2002 and it supplies the Hungarian mineral water market with high quality sparkling and still mineral water from its wells in Somogyvar.

The transaction was closed on May 31, 2018 and MOL acquired the company from its founders.

The acquisition fits well into MOL 2030 strategy, which aims to open up the company towards new investment opportunities in CEE.

MOL Group will continue to supply Fonte Viva’s existing customers and will support the further growth of the company.

2018-05-30 György Mosonyi, Chairman of MOL’s Supervisory Board Has Passed Away

Budapest, 30 May 2018 – MOL Group announces with great sadness that György Mosonyi, Chairman of MOL’s Supervisory Board, has passed away at the age 69, after a long struggle with severe illness, which he tolerated with dignity.

György Mosonyi started his professional career at MOL’s predecessor, ÁFOR. He joined Shell International Petroleum Co.’s representative office in Hungary as an expert in 1974, and in 1986 he became Director of Commerce. Between 1994 and 1999, he was Chairman and CEO of Shell Hungary Rt. He was appointed during his tenure in 1997 Chairman of Shell’s Central and Eastern European Region.

György Mosonyi joined MOL in 1999 as CEO and a member of the Board of Directors. The largest company headquartered in Hungary emerged as a true multinational player during his tenure as CEO until 2011. After stepping down from his position as CEO, he continued to participate in MOL's life with great vigour, helming the Supervisory Board as Chairman until his death.

With his passing, MOL Group, the Hungarian business community and the region’s energy industry have all lost a prominent figure. Mr. Mosonyi was also Chairman of the Hungarian Chamber of Commerce and Industry and held various positions in the presidium of the Hungarian Joint Venture Association. He was elected to be a member of Magyar Telekom Plc’s Board of Directors in April 2012.

2018-05-04 MOL Group Q1 2018: Strong start to the year

  • MOL Group delivered CCS EBITDA of USD 625 mn, a 2% increase year-on-year
  • Strong growth in Upstream and Consumer Services earnings
  • Lower refinery and petrochemicals margins weaken Downstream results
  • Net profit at USD 238mn

Budapest, 4 May, 2018 – Today, MOL Group announced its financial results for Q1 2018. In the first quarter MOL Group increased its clean CCS EBITDA by 2% reaching USD 625mn and is well on track to achieve its annual USD 2.2bn EBITDA target.

Upstream EBITDA increased year-on-year by 31% and reached USD 287mn thanks to rising oil prices, higher production and lower costs. Daily production averaged 110 thousand barrels of oil equivalent as Catcher came on stream and production at other UK fields normalized.

Downstream clean CCS EBITDA fell by 33% to USD 218mn from an all-time high a year ago as refinery and petrochemicals margins fell as oil prices advanced further and maintenance activities also affected refining.

Consumer Services once again reported the best ever first quarter achievement with an USD 81mn EBITDA, an increase of 48% year-on-year, thanks to strong fuel and non-fuel contribution. Motor fuel consumption rose by around 3% year-on-year in the Central Eastern Europe region, providing a supportive environment.

The Gas Midstream segment reached USD 85mn EBITDA in the first quarter, up 21% year-on-year thanks to higher transit volumes and lower costs.

Chairman-CEO Zsolt Hernádi commented the results: “We managed to grow our EBITDA from a high base in the first quarter, which was a further testament to our resilient, integrated business model and it provides a firm base for another successful year and for the continued work on our strategic transformation. As oil prices kept on climbing and the regional demand remained robust and as refinery and petchem margins came under pressure, impressive earnings growth of the Upstream and Consumer Services segments more than offset the lower Downstream profits.”

2018-04-12 MOL’s Annual General Meeting Approves HUF 94 bn Dividend

  • Shareholders approved consolidated financial statements of MOL Group for 2017
  • Annual General Meeting accepted dividend payment of HUF 94 bn (USD 370 mn)
  • Appointments made to the Board of Directors, Supervisory Board and the Audit Committee
  • MOL Group Annual Report 2017 can be accessed at www.molgroup.info/annualreport2017

Budapest, 12 April 2018 – Today, MOL Plc. held a successful Annual General Meeting in Budapest. Shareholders approved the report of the Board of Directors regarding finances for the year 2017 and approved consolidated financial statements. Furthermore, the Annual General Meeting acknowledged the work of the Board of Directors performed during the 2017 business year and granted waiver to the Board of Directors and its members.

The General Meeting accepted the Board’s proposal for the distribution of profits through a dividend payment of HUF 94 bn, a significant increase comparing to last year. The base dividend grew by 9% to HUF 85 per share from last year’s HUF 78.125 per share. This demonstrates the continuation of the last years’ gradually increasing trend of the regular dividend payment. Additionally, shareholders approved special dividend proposed by the Board on the back of strong cash flows achieved in 2017. With the special dividend representing a 50% top-up of HUF 42.5 per share, the total dividend per share reached HUF 127.5 for the 2017 financial year.

The Annual General Meeting approved the Board’s proposal for re-election of Mr. Zsolt Hernádi as a member of the Board of Directors. Furthermore, Mr. Zoltán Áldott and Prof. Dr. András Lánczi were elected as members of the Supervisory Board. The shareholders also approved the election of Mr. Csaba Szabó to the Supervisory Board as the employee representative.

Zsolt Hernádi, MOL Group Chairman-CEO, commented on the Annual General Meeting: “I would like to thank our shareholders for supporting the resolutions proposed by the Board of Directors. 2017 has been a rewarding year, when we all worked hard to embark on our strategic transformation for beyond the fuel age, while delivering outstanding financial and operational results. Our strong financial framework will allow us in 2018 to continue transforming our business as well as to gradually increase returns to our shareholders in the coming years.”

2018-03-19 Construction of synthetic rubber plant completed

  • Plant was built through a joint venture of MOL Group and the JSR Corporation
  • Synthetic rubber (S-SBR) is one of the most innovative raw materials for safe and fuel efficient tires
  • Feedstock material to the new plant will be secured from MOL’s butadiene extraction unit

Budapest, 19 March 2018 – MOL Group’s and JSR Corporation’s synthetic rubber plant (S-SBR) has been inaugurated today. The plant employs cutting edge technology and will manufacture annually 60,000 tons of synthetic rubber creating more than 100 new jobs.

Prime Minister of Hungary Viktor Orbán, Zsolt Hernádi, Chairman-CEO of MOL Group and Koichi Kawasaki, Executive Managing Officer, JSR Corporation have inaugurated the synthetic rubber plant of the two companies in Tiszaújváros, Hungary.

The new unit will produce 60,000 tons of solution polymerization styrene-butadiene rubber (S-SBR), a highly sought after chemical product globally. The most important feedstock of S-SBR is butadiene, which is produced by MOL at an adjacent plant commissioned in 2015. Featuring a characteristic molecular structure, S-SBR is highly valued worldwide as a raw material of a fuel-efficient tire known as an “eco-friendly tire”, due to its excellent industry-leading properties suited to fuel-efficient tires and wet grip performance.

MOL and JSR Corporation reached an agreement in 2013 to establish a joint venture with 51% held by JSR and 49% by MOL. The construction of the plant started in 2015.

“MOL has further extended its petrochemical value chain with one of the world’s most innovative product. We are proud that year after year MOL is able to produce more specialized and more profitable products. There is a lot of work ahead of us, but we are well on track to reach our strategic goal and become a leading chemical company in Central Eastern Europe by 2030.” – said Zsolt Hernádi, Chairman-CEO of MOL Group.

One of the cornerstones of MOL Group 2030 - Enter Tomorrow strategy is to expand the company’s petrochemicals value chain and produce more valuable products used in the automotive industry, as well as for packaging, construction and electronics. As such the company plans to invest around USD 4.5 billion until the end of the next decade into petrochemical and chemical growth projects.

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