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Annual General Meeting – Mol Group

Mol Group · Apr 24, 2009 · 20 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Annual General Meeting – Mol Group – slide 1
    Annual General Meeting 23 April 2009
  2. Annual General Meeting – Mol Group – slide 2
    Summary I. Extremely challenging external environment II. MOLs business model is less vulnerable to recession III. The managements swift response at the first signs of the crisis is already apparent in the 2008 results IV. MOLs growth…
  3. Annual General Meeting – Mol Group – slide 3
    Challenging external environment Short-term Medium-term Financial crisis and credit rationing Recession (around USD 50-70/bbl crude price, narrow Brent-Ural spread) Extremely volatile commodity prices Upstream and Downstream…
  4. Annual General Meeting – Mol Group – slide 4
    Current oil price and refinery margins are not sustainable Current Current Current oil prices do not cover the long run marginal costs of processes processes production, hence provide little incentive to invest We We expect…
  5. Annual General Meeting – Mol Group – slide 5
    Why is this not 1999 The current crude oil price is four-times higher vs. in 1999, even in recession refinery own consumption Electricity price doubled largest OPEX item 10 ppm quality standard requirement raises OPEX Purchase of…
  6. Annual General Meeting – Mol Group – slide 6
    MOL s business model is less vulnerable to recession Strong financial position Proper management decisions Integrated operations MOL is well Best in class asset positioned to base weather the Experience in storm crisis…
  7. Annual General Meeting – Mol Group – slide 7
    Strong financial position Secured MOL Group Net debt EUR 2.6 bn; gearing ratio 35.9%, as at Dec 2008 credit lines More than EUR 1.5 bn unutilized credit facility and cash deposit HUF 220 bn CAPEX target for 2009 (a 35% decrease…
  8. Annual General Meeting – Mol Group – slide 8
    Integrated operations combination of risk and return EBITDA excl. special items 2008* (USD mn) 1000 946 Retail USD 201 mn 829 750 500 295 250 70 (159) 33 0 -250 E&P R&M G&P Petchem CO Inters Our Exploration & Production…
  9. Annual General Meeting – Mol Group – slide 9
    Best in class asset base with strong captive markets Our R&M can Slovnaft and Duna refineries are among the most complex endure longer and profitable assets in Europe periods of depressed Favourable product yield and improving…
  10. Annual General Meeting – Mol Group – slide 10
    Efficiency leadership in upstream and downstream Lifting cost / boe (2003-2008) 20.0 Highly competitive OPEX maintained (5.8 USD/boe) Lowest lifting cost among European USD/boe 10.0 Upstream players Downstream Business of the…
  11. Annual General Meeting – Mol Group – slide 11
    MOL is a regional player in refined products Developments so far Worst case scenario Despite the crisis, decrease of demand is Significant non-cycling demand significantly lower than expected Demand destruction even during an…
  12. Annual General Meeting – Mol Group – slide 12
    Currency risk Forex movements have a complex impact on operating CF and net debt position. As MOLs pricing is linked to the commodity prices set in USD and in EUR, a weakening HUF is beneficial for the operating cash-flow of MOL A…
  13. Annual General Meeting – Mol Group – slide 13
    2008: CCS-based operating profit up 15% in USD-terms CCS-based operating profit excl. (USDm) CCS-based operating profit excl. special items by (USDm) special items* segments* 1000 936 2007 2008 1600 732 761 800 1400 1200 600 1000…
  14. Annual General Meeting – Mol Group – slide 14
    Sharp crude price fall caused huge inventory holding losses (IFRS), in USD million FY 2007 FY 2008 Ch % Operating profit excl special items* 1,629 1,129 (31) Replacement cost modification & impairment on inventories (175) 538 n.a.…
  15. Annual General Meeting – Mol Group – slide 15
    Growth strategy successfully pursued in 2008 MOL became the biggest shareholder of INA (47.16%) via a voluntary public offer in October 2008 (EUR 873 mn), INA The Shareholders Agreement Amendment in early 2009 provides largest ever…
  16. Annual General Meeting – Mol Group – slide 16
    MOL-INA: portfolio with significant potential Balanced and focused portfolio: Hungary/Croatia, Russia, Middle East and Africa Strengthened Central European reserve and production base with good exploration potential Well-positioned…
  17. Annual General Meeting – Mol Group – slide 17
    MOL- INA: strategically located R&M assets under modernisation Five refineries with 23.5 mtpa capacity on adjacent markets Strong market position in Central Eastern and South Eastern Europe INA refinery upgrade program supported by…
  18. Annual General Meeting – Mol Group – slide 18
    Gas Master Agreement: near-term value creation Gas operation restructuring in H1 2009 INA exits from regulated Gas Storage and Gas Trading operations Exit from 2008 Operating losses for discontinued operation: USD 345 mn Gas The…
  19. Annual General Meeting – Mol Group – slide 19
    Mid-term value creation Net income / boe Lifting costs / boe Refining Net cash margin - 2007 USD/bbl USD/bbl USD/bbl 20 10 12 8 10 15 8 6 10 6 4 4 5 2 2 0 0 0 MOL INA MOL INA Duna Slovnaft Mantova Rijeka Sisak Source:…
  20. Annual General Meeting – Mol Group – slide 20
    MOL is well positioned to endure the recession MOLs business model is less vulnerable to recession: Strong financial position Integrated operation Best-in-class asset base MOL has a crisis Efficiency championship resilient…

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