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August 2016 Investor Presentation – Mol Group

Mol Group · Aug 31, 2016 · 73 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. August 2016 Investor Presentation – Mol Group – slide 1
    MOL GROUP INVESTOR PRESENTATION AUGUST 2016
  2. August 2016 Investor Presentation – Mol Group – slide 2
    AGENDA 1 Investment case 2 Q2 2016 recap 3 Downstream overview 4 Upstream overview 5 Financials and other 6 Appendix 2
  3. August 2016 Investor Presentation – Mol Group – slide 3
    INVESTMENT CASE
  4. August 2016 Investor Presentation – Mol Group – slide 4
    ON TRACK TO DELIVER WITH THE ESSENTIAL FUNDAMENTAL BUILDING BLOCKS 2015 YTD 2016 Target GROUP CLEAN USD 2.5 BN USD 1.09 BN USD 2 BN+ CCS EBITDA RESILIENT INTEGRATED BUSINESS MODEL GROUP CAPEX Cut by USD 0.2bn to USD 1.3 BN USD…
  5. August 2016 Investor Presentation – Mol Group – slide 5
    SOLID, CONSISTENT EBITDA GENERATION RESILIENT INTEGRATED BUSINESS MODEL IN A HIGHLY VOLATILE ENVIRONMENT EXTERNAL ENVIRONMENT* VS MOL CLEAN CCS EBITDA (USD MN) 100% 800 700 85% 600 70% 500 55% 400 300 40% 200 25%…
  6. August 2016 Investor Presentation – Mol Group – slide 6
    MOL GROUP IN BRIEF INTEGRATED OIL & GAS COMPANY Upstream Downstream Gas Midstream CEE International R&M Retail Petchem CAPITAL MARKETS OVERVIEW BUSINESS/ASSETS OVERVIEW Tickers: MOL HB; MOLB.BU Countries of operation: 33…
  7. August 2016 Investor Presentation – Mol Group – slide 7
    MID-TERM FOCUS/STRATEGY SUSTAIN STRONG EBITDA, FCF GENERATION AND DIVIDENDS STRONG BALANCE SHEET AND AMPLE LIQUIDITY HIGH QUALITY, LOW-COST ASSET BASE RESILIENT INTEGRATED BUSINESS MODEL ALLOWS MOL TO ABSORB EXTERNAL SHOCKS,…
  8. August 2016 Investor Presentation – Mol Group – slide 8
    STRONG BALANCE SHEET AND LIQUIDITY MAJORITY OF THE STRONG FCF IN 2009-2015 AVAILABLE LIQUIDITY (30.06.2016) WAS INVESTED INTO DELEVERAGING USD 3.9bn 4.0 ROBUST BALANCE SHEET TO WITHSTAND 0.7 EXTREME OIL MACRO SCENARIOS 3.0 0.1…
  9. August 2016 Investor Presentation – Mol Group – slide 9
    AT LEAST USD 2.0BN GROUP EBITDA IN 2016... RESILIENT, INTEGRATED BUSINESS MODEL ABSORBS EXTERNAL SHOCKS CLEAN-CCS EBITDA (USD MN) 2,970 2,739 2,524 2,304 2,477 2,183 719 2,000+ 1,926 2,407 1,854 1,594 1,167 1,650 577 Q2…
  10. August 2016 Investor Presentation – Mol Group – slide 10
    ...AT CONSERVATIVE MACRO ASSUMPTIONS EBITDA SENSITIVITY TO KEY EXTERNAL DRIVERS Sensitivity1 Est. Clean CCS EBITDA % of Group impact (USD mn) EBITDA 2015 KEY MACRO ASSUMPTIONS H1 5Y 2014 2015 2016E +/- 50 USD/Mcm 2016 AVG Gas…
  11. August 2016 Investor Presentation – Mol Group – slide 11
    ORGANIC CAPEX FURTHER CUT TO UP TO USD 1.1BN CAPEX VS OPERATING CASH FLOW1 (USD MN) Operating Cash flow Organic US Organic GM 2,500 Inorganic Group Organic DS Organic C&O (incl. intersegment) 2,277 2,000 580 1,599 1,560 11…
  12. August 2016 Investor Presentation – Mol Group – slide 12
    SUSTAINABLE FCF GENERATION SOURCES AND APPLICATIONS OF CASH (USD MN) 180 984 -549 284 830 666 521 407 579 197 196 310 205 270 550 200 11 421 2 970 456 420 302 2 739 132 2 524 350 2 477 164 2 308 2 183 2 000 1 588 1…
  13. August 2016 Investor Presentation – Mol Group – slide 13
    DOWNSTREAM: BENIGN MACRO REMAINS FOR NOW BUT GRADUALLY NORMALIZING FROM THE 2015 PEAKS Petchem: integrated margins remained very supportive in 2016 ytd, holding upside risk for the year Refining: margin normalisation in progress in…
  14. August 2016 Investor Presentation – Mol Group – slide 14
    OVER USD 1BN FREE-CASH FLOW DELIVERED IN 2015 ADDED USD 210MN FROM INTERNAL IMPROVEMENT ALREADY NEXT DOWNSTREAM PROGRAM (NXDSP) USD 500MN EBITDA UPLIFT DELIVERY ON TRACK OVER USD 1BN FCF FROM DS 1,650 (OVER 1.3BN EXCLUDING GROWTH…
  15. August 2016 Investor Presentation – Mol Group – slide 15
    E&P: SIGNIFICANTLY REDUCING OPEX & CAPEX TO ALIGN COST BASE WITH CURRENT OIL PRICES TOTAL OPEX EX-ROYALTY PRODUCTION (MBOEPD) CAPEX (USD mn) (USD mn) Rest CEE Inorganic -60% - 80-100 105-110 104 104 Organic 1,411 98 525 26 23…
  16. August 2016 Investor Presentation – Mol Group – slide 16
    E&P: AIMING FOR SELF-FUNDING 35 USD/BBL EBITDA, CAPEX & CASH FLOWS (USD MN) Opex cut vs. the 2015 base macro impact 50 USD/bbl oil price 80-100 Potential shortfall caused by low oil price environment (35 50 USD bbl vs. 50…
  17. August 2016 Investor Presentation – Mol Group – slide 17
    INCREASING DISTRIBUTION TO SHAREHOLDERS 2% SHARE CANCELLATION IMPROVES SHAREHOLDERS TOTAL RETURN RISING TREND IN DIVIDEND STREAM AND DPS (+17% IN 2016) IMPROVING YIELDS - GROWING IMPORTANCE IN INVESTMENT STORY ONE OF THE VERY FEW…
  18. August 2016 Investor Presentation – Mol Group – slide 18
    SIMPLER SHAREHOLDER STRUCTURE AS OF 31 JULY 2016 DANA GAS SOLD ITS STAKE IN 2015 INCREASING FREE FLOAT THE 6M SHARES FROM MAGNOLIA MIGRATED TO TREASURY SHARES IN MARCH 2016 2016 AGM DECIDED ON 2% SHARE CANCELLATION MOL Investment…
  19. August 2016 Investor Presentation – Mol Group – slide 19
    SD & HSE AWARENESS AND COMMITMENT NEW SUSTAINABILITY PLAN 2020 GOVERNANCE SD PLAN 2020 Sustainable Development Committee of MAIN OBJECTIVE: achieve and maintain an Board of Directors since 2006; Group CEO internationally acknowledged…
  20. August 2016 Investor Presentation – Mol Group – slide 20
    Q2 2016 RECAP On track to deliver 2016 targets
  21. August 2016 Investor Presentation – Mol Group – slide 21
    FREE CASH FLOW GENERATION CONTINUED IN Q2 FINANCIAL HIGHLIGHTS Strong Clean CCS EBITDA of HUF 160bn (USD 577mn) in Q2 2016, bringing H1 EBITDA to HUF 305bn (USD 1.09bn). MOL is confident it will comfortably meet its USD 2bn+ annual…
  22. August 2016 Investor Presentation – Mol Group – slide 22
    Q2 2016: SEASONALLY STRONG, SLIGHTLY DOWN YOY RECORD-HIGH DOWNSTREAM EBITDA DELIVERY IN H1 SIMPLIFIED FCF* (HUF bn) SEGMENT CLEAN CCS EBITDA (HUF bn) +7% +69% -10% +11% 104 98 204 179 83 160 157 54 152 144 62 62 49 42 47…
  23. August 2016 Investor Presentation – Mol Group – slide 23
    CLEAN CCS EBITDA UP 11% QOQ, DOWN 10% YOY RESILIENT DESPITE LOWER OIL PRICE, SOFTER REFINING GROUP EBITDA QoQ (HUF bn) COMMENTS Downstream 10.9 Strong volumes seasonality 1.9 helps QoQ (motor fuels +23%) 23.3 160.1 5.0 Retail…
  24. August 2016 Investor Presentation – Mol Group – slide 24
    DS: ONLY SLIGHTLY WEAKER Q2 16 CCS EBITDA YOY INTEGRATED DOWNSTREAM VALUE CHAIN SHOWS ITS STRENGTH CLEAN CCS EBITDA YoY (HUF bn) COMMENTS 138 127 Contracting motor fuel crack 116 21 Retail 14 9 7 spreads affected refining 32…
  25. August 2016 Investor Presentation – Mol Group – slide 25
    E&P: VOLUMES, COST CONTROL REMAIN CRUCIAL TO MITIGATE/OFFSET NEGATIVE PRICE IMPACT US EBITDA QoQ (HUF bn) COMMENTS 3 49 1 Higher oil prices partly 1 1 offset by lower gas prices 6 40 (primarily in Croatia) 42 Lower…
  26. August 2016 Investor Presentation – Mol Group – slide 26
    PRODUCTION REMAINED STRONG IN Q2 ON TRACK TO MEET UPPER END OF 105-110 MBOEPD GUIDANCE RANGE FOR FY 2016 QUARTERLY PRODUCTION BY COUNTRY COMMENTS Q2 2016 vs. Q1 2016 (-1%) +7% -1% 112.1 112.0 UK: -1.9 mboepd QoQ on 110.8 Cladhan…
  27. August 2016 Investor Presentation – Mol Group – slide 27
    NEW UPSTREAM PROGRAM ON TRACK SELF FUNDING AND VALUE CREATING BUSINESS AT 45-50 USD/BBL OIL PRICE 2016 YTD TARGET Material CEE onshore growth PRODUCTION on Production Optimization Mboepd 105-110 111.5 Higher UK volumes YoY…
  28. August 2016 Investor Presentation – Mol Group – slide 28
    DOWNSTREAM OVERVIEW
  29. August 2016 Investor Presentation – Mol Group – slide 29
    CEE STRONGHOLD RECORD HIGH RESULTS DELIVERED IN 2015 DEEP DOWNSTREAM INTEGRATION ENSURES EXTENDED MARGIN CAPTURE IN LANDLOCKED MARKETS PETCHEM & RETAIL ACCOUNTED FOR 50% OF HISTORIC HIGH USD 1.65BN CLEAN CCS DS EBITDA PEAK MARGINS…
  30. August 2016 Investor Presentation – Mol Group – slide 30
    OVER USD 1BN FREE-CASH FLOW DELIVERED IN 2015 ADDED USD 210MN FROM INTERNAL IMPROVEMENT ALREADY NEXT DOWNSTREAM PROGRAM (NXDSP) USD 500MN EBITDA UPLIFT DELIVERY ON TRACK OVER USD 1BN FCF FROM DS 1,650 (OVER 1.3BN EXCLUDING GROWTH…
  31. August 2016 Investor Presentation – Mol Group – slide 31
    DEEP DOWNSTREAM INTEGRATION GUARANTEES EXTENDED MARGIN CAPTURE IN LANDLOCKED MARKETS DOWNSTREAM INTEGRATION (FUELS)(1) 23% CRUDE INTAKE: Russian: 45% 75% Seaborne: 18% 89% Own Refining 79% production: 32% 7% captive Retail…
  32. August 2016 Investor Presentation – Mol Group – slide 32
    DS PERFORMANCE WELL ABOVE PEERS IN 2015 KEY REFINING ASSETS IN TOP QUARTILE REFINERY NELSON COMPLEXITY OF CLEAN CCS-BASED DS UNIT EBITDA2 THE PEER GROUP1 (USD/BBL) 16 19 Average 6.1 Mtpa Average 14 17 8.1 Mtpa MOL Group 11.5 15…
  33. August 2016 Investor Presentation – Mol Group – slide 33
    KEY ENABLERS OF DELIVERING DOWNSTREAM 2017 STRATEGIC GOALS Next Normalized Wholesale Retail DS CCS GOALS Downstream free cash 2017 EBITDA Program fuel volume fuel volume flow USD 150% 5.4 Bnlpa USD 900 USD 500mn of…
  34. August 2016 Investor Presentation – Mol Group – slide 34
    USD 350MN ASSET & EFFICIENCY IMPROVEMENT ADDITIONAL USD 150MN TARGETED FROM GROWTH PROJECTS EFFICIENCY IMPROVEMENT GROWTH PROJECTS CONTRIBUTION 2 1 (CUMULATIVE, MN USD) (MN USD) 20% Production 350 80% 1. Availability & USD 60MN…
  35. August 2016 Investor Presentation – Mol Group – slide 35
    PRODUCTION ROADMAP 1 TARGETS UPTIME INCREASE, ENERGY EFFICIENCY & YIELD IMPROVEMENT A 97% 96.0% 96% HSE 95% 94.7% Operational Availability Optimize maintenance costs and increase operational 94% availability of MOL Group…
  36. August 2016 Investor Presentation – Mol Group – slide 36
    GROWING CONTRIBUTION THROUGH VOLUME INCREASE 1 B CENTRAL REGION: SALES AND MARGIN GROWTH 1 Sales volume growth 2 Margin revenue growth TRADING BELT: 150% SALES TO NEW MARKETS / NEW CUSTOMERS OWN PRODUCED FUELS 3 Stabilize…
  37. August 2016 Investor Presentation – Mol Group – slide 37
    CONCEPTUAL CHANGE IN RETAIL 1 TO IMPROVE FINANCIAL CONTRIBUTION C GROUP RETAIL NETWORK RETAIL TARGETS Growing number of retail stations (network optimization and M&A): 2014 1 750 312 of fuel stations Slovnaft Czech…
  38. August 2016 Investor Presentation – Mol Group – slide 38
    BOOST RETAIL CASH FLOW CONTRIBUTION C 1 2 THROUGH NETWORK GROWTH AND NON-FUEL MARGIN GROWTH RETAIL FREE CASH FLOW GENERATION BY 2017 (MN USD)1 EBITDA / FS 119 123 (th USD) - 20% local currency weakening vs USD - partly off-set…
  39. August 2016 Investor Presentation – Mol Group – slide 39
    DEEPLY INTEGRATED PETROCHEMICAL PORTFOLIO PETCHEM VALUE CHAIN PP CAPACITIES IN EUROPE (2015 KTPA) Capacity LyondellBasell 2390 420 kT HDPE Borealis 1885 Total Petrochemicals 1120 Naphtha SABIC Europe 950 Gasoil INEOS 755 LPG…
  40. August 2016 Investor Presentation – Mol Group – slide 40
    EXTENDING THE PETROCHEMICALS VALUE CHAIN 2 TO INCREASE PROFITABILITY LDPE4 Butadiene Synthetic rubber New 220 ktpa capacity LDPE New 130 ktpa capacity Entering the synthetic unit replaces 3 old ones at Butadiene Extraction Unit…
  41. August 2016 Investor Presentation – Mol Group – slide 41
    15% SEABORNE CRUDE SUPPLY TO DANUBE REFINERY IN 2015 FIRST CARGO PROCESSED IN BRATISLAVA IN 2016 ADRIATIC PIPELINE ACCESS ESTABLISHED Increased The reliable operation of pipeline capacity: Friendship 1 pipeline restored 6Mtpa = SN…
  42. August 2016 Investor Presentation – Mol Group – slide 42
    UPSTREAM OVERVIEW
  43. August 2016 Investor Presentation – Mol Group – slide 43
    AIMING FOR VALUE CREATION…
  44. August 2016 Investor Presentation – Mol Group – slide 44
    PRODUCTION ACTIVITIES IN 8 COUNTRIES RUSSIA Reserves: 72 MMboe CEE TOTAL Production: 7 mboepd Croatia, Hungary KAZAKHSTAN Reserves: 288 MMboe Reserves: 60 MMboe Production: 81 mboepd PAKISTAN o/w CEE offshore Reserves: 11 MMboe…
  45. August 2016 Investor Presentation – Mol Group – slide 45
    REVISED PORFOLIO WITH 105-110 MBOEPD IN 2016-17 GROWING TO 110-115 MBOEPD IN 2018 MID-TERM PRODUCTION PROFILE STABLE CONTRIBUTION FROM HIGH- (MBOEPD) MARGIN CEE OPERATIONS 120 110-115 Positive cash generation even at 105-110…
  46. August 2016 Investor Presentation – Mol Group – slide 46
    SIGNIFICANTLY REDUCED OPEX AND CAPEX TO ALIGN COST BASE WITH CURRENT OIL PRICES TOTAL OPEX EX-ROYALTY (USD mn) CAPEX (USD mn) inorganic - 80-100 1,410 organic 520 -15-30% 830 688 119 0 500-600 890 688 711 2015 2016…
  47. August 2016 Investor Presentation – Mol Group – slide 47
    EXPLORATION PORTFOLIO EXPANDED IN NORWAY EXPLORATION POTENTIAL (RRP1) MMBOE 130 160 95 1,220 835 CEE CIS WEU (North Sea) MEA Exploration portfolio and resource base were enlarged in 2015 by additions in Norway and…
  48. August 2016 Investor Presentation – Mol Group – slide 48
    CEE: POSITIVE CASH FLOWS, RISING ON-SHORE PRODUCTION ON THE BACK OF COMPREHENSIVE PRODUCTION OPTIMIZATION PROGRAM HUNGARY AND CROATIA (117+172 MMBOE) Hungary CRO onshore CRO offshore Employed a systematic approach to identify…
  49. August 2016 Investor Presentation – Mol Group – slide 49
    CEE PROD. OPTIMIZATION BRINGS FURTHER SUCCESS CEE OIL PRODUCTION FURTHER UP BY 3% QOQ, +20% YOY History of onshore production Total onshore hydrocarbon Oil production (mbpd) since the acquisition of INA production (mboepd) Crude oil…
  50. August 2016 Investor Presentation – Mol Group – slide 50
    CEE: COMPREHENSIVE PRODUCTION OPTIMIZATION WELL PERFORMANCE IMPROVEMENT ALS optimisation GOALS Field development Fracking strategy on portfolio Maximize extraction of level - reserve transfer Well workovers profitable barrels…
  51. August 2016 Investor Presentation – Mol Group – slide 51
    PAKISTAN: 15+ YEARS OF SUCCESSFUL OPERATION HIGHLY SUCCESSFUL TAL DEVELOPMENT WITH EXPLORATION IN NEARBY BLOCKS HIGHLIGHTS AND KEY FOCUS AREAS (11 MMBOE) Operator of the TAL block 30 km from the border of Afghanistan, where…
  52. August 2016 Investor Presentation – Mol Group – slide 52
    KRI - SHAIKAN: WORLD CLASS OIL DISCOVERY DEVELOPMENT DEPENDS ON REGULARITY AND AMOUNT OF PAYMENTS SHAIKAN HIGHLIGHTS (GROSS FIGURES) Ongoing commercial production from two facilities with a nameplate capacity of 40 mboepd Stabilized…
  53. August 2016 Investor Presentation – Mol Group – slide 53
    CIS: FIELD DEVELOPMENT OF LOW-COST BAITUGAN WITH STABLE CASH FLOW GENERATION EVEN AT CURRENT OIL PRICES RUSSIA - Baitugan (72 MMBOE) A shallow, compact field with developed infrastructure ensures low unit costs thus stable cash-flow…
  54. August 2016 Investor Presentation – Mol Group – slide 54
    NORTH SEA, UK: VISIBLE CONTRIBUTION IN 2016 WITH AN ONGOING COMPREHENSIVE VALUE OPTIMIZATION PLAN NORTH SEA, UK (26 MMBOE) First oil achieved on Cladhan in Dec 2015 Drilling programme commenced successfully on Scott Scolty &…
  55. August 2016 Investor Presentation – Mol Group – slide 55
    NORWAY: A NEW EXPLORATION HUB WITH 750 MMBOE UNRISKED PROSPECTIVE RESOURCES INCREASING FOOTHOLD IN THE NCS Entered Norway in 2015, acquiring 100% ownership in Ithaca Petroleum Norge a pre- qualified operator Further extended…
  56. August 2016 Investor Presentation – Mol Group – slide 56
    FINANCIAL OVERVIEW
  57. August 2016 Investor Presentation – Mol Group – slide 57
    OPERATING CASH FLOWS COVER ORGANIC CAPEX CONSERVATIVE FINANCIAL POLICY AND STRATEGY CAPEX VS OPERATING CASH FLOW Operating Cash flow Organic US Organic GM Inorganic Group Organic DS Organic C&O (incl. intersegment) 2,500 2,277…
  58. August 2016 Investor Presentation – Mol Group – slide 58
    STRONG BALANCE SHEET AND LIQUIDITY DRAWN VERSUS UNDRAWN FACILITIES AVAILABLE LIQUIDITY (30.06.2016) (30.06.2016) USD 3.9bn Medium term loan Long term loan 4.0 3.5 0.7 Senior Unsecured Bonds Outstanding short term loans 3.0 0.1 7 000…
  59. August 2016 Investor Presentation – Mol Group – slide 59
    SUFFICIENT LIQUIDITY FOR ACQUISITIONS FROM DIVERSIFIED FUNDING SOURCES AVERAGE MATURITY OF 3.39 YEARS1 2,500 Reported cash & cash equivalents Medium term loan Undrawn facilities 2,000 Senior Unsecured Bonds Long term loan…
  60. August 2016 Investor Presentation – Mol Group – slide 60
    CREDIT RATING PROFILE EQUAL RATING TO SOVEREIGN AT FITCH, ONE NOTCH BELOW AT S&P HISTORICAL FOREIGN LONG TERM FFO/DEBT RATINGS 60% MOL, S&P Hungary, S&P MOL Fitch Hungary, Fitch modest A+ 50% A A- 40% intermediate BBB+ BBB…
  61. August 2016 Investor Presentation – Mol Group – slide 61
    KEY ITEMS OF TAXATION HUNGARY CIT TAX RATE IS 19% PROFIT BASED ROBIN HOOD WITH AN IMPLIED TAX RATE OF 22% Only energy related part of the profit affected (70%), nameplate tax rate is 31% Only the Hungarian operation of certain…
  62. August 2016 Investor Presentation – Mol Group – slide 62
    EXECUTIVE INCENTIVE SCHEMES ON THE TOP LEVEL, MORE THAN TWO THIRD OF TOTAL REMUNERATION IS VARIABLE AND PERFORMANCE DRIVEN SHORT TERM INCENTIVES Maximum opportunity between 0.85x and 1x of base salary depending on executive Pay-out…
  63. August 2016 Investor Presentation – Mol Group – slide 63
    This page was left blank intentionally 63
  64. August 2016 Investor Presentation – Mol Group – slide 64
    APPENDIX
  65. August 2016 Investor Presentation – Mol Group – slide 65
    NORTH SEA REGION UK & NORWAY North Sea (UK) Entry in 2014 Norway Entry in 2015 Operating Other Blocks W.I. shareholder partner(s) Dana (21%), Nexen Scott 22% Apache (10%), (42%) Maersk (5%) Nexen Endavour Rochelle 15%…
  66. August 2016 Investor Presentation – Mol Group – slide 66
    MOLS ASSETS IN KURDISTAN REGION OF IRAQ ENTRY IN 2007 AMONGST THE FIRST ONES Block W.I. Operator Shaikan 20% GKP (75%) Khor Mor 10% Pearl Chemchemal 10% Petroleum 66
  67. August 2016 Investor Presentation – Mol Group – slide 67
    KAZAKHSTAN 67
  68. August 2016 Investor Presentation – Mol Group – slide 68
    RUSSIA MATJUSHKINSKY BAITUGAN 68
  69. August 2016 Investor Presentation – Mol Group – slide 69
    PAKISTAN 69
  70. August 2016 Investor Presentation – Mol Group – slide 70
    MOL GROUP SPECIFIC REFINERY MARGINS 10 9.4 MOL Group refinery margin 8.8 8.6 9 8.2 8.2 Complex refinery margin (MOL+SN) 7.7 7.8 7.6 8 7.4 7.3 7.4 7.4 7.1 6.8 6.5 6.7 6.6 7 6.3 5.9 6.3 6.0 6.2 6.2 6.2 6.5 7.0 5.8 5.8 6 5.6 5.5…
  71. August 2016 Investor Presentation – Mol Group – slide 71
    NEW RETAIL CONCEPT Check out MOL Groups new retail concept: 71
  72. August 2016 Investor Presentation – Mol Group – slide 72
    72
  73. August 2016 Investor Presentation – Mol Group – slide 73
    MORE INFO AT WWW.MOLGROUP.INFO CONTACT: PHONE: +36 1 464 1395 E-MAIL: INVESTORRELATIONSMOL.HU

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