MOL

MOL's net profit rose 165% yoy to HUF 77,177 mil in 1Q2016

By Helgi Analytics - November 05, 2019

MOL made a net profit of HUF 77,177 mil in the first quarter of 2016, up 165% when compared to the last year. Total sales reached...

MOL's Net Margin fell 2,121% yoy to -5.37% in 1Q2016

By Helgi Analytics - November 05, 2019

MOL made a net profit of CZK HUF 77,177 mil under revenues of HUF 699,362 mil in first quarter of 2016, up 118% and -24.8%, respe...

MOL's Net Debt/EBITDA fell 38.9% yoy to 1.16 in 1Q2016

By Helgi Analytics - November 05, 2019

MOL's net debt reached HUF 735,273 mil and accounted for 0.430 of equity at the end of first quarter of 2016. The ratio is up 14.6% ...

Profit Statement 2013 2014 2015
Sales HUF mil 5,476,110 4,866,610 4,102,580
Gross Profit HUF mil 1,031,240 893,140 1,066,810
EBITDA HUF mil 515,953 407,305 647,466
EBIT HUF mil -23,733 39,021 -215,998
Financing Cost HUF mil 33,177 84,503 87,101
Pre-Tax Profit HUF mil -56,910 -45,482 -303,099
Net Profit HUF mil 21,901 4,078 -256,554
Dividends HUF mil 49,685 40,837 ...
Balance Sheet 2013 2014 2015
Total Assets HUF mil 4,659,150 4,649,520 3,928,000
Non-Current Assets HUF mil 2,850,960 3,247,510 2,860,700
Current Assets HUF mil 1,808,190 1,402,010 1,067,300
Working Capital HUF mil 170,809 84,116 133,121
Shareholders' Equity HUF mil 2,179,520 2,195,740 1,821,120
Liabilities HUF mil 2,479,630 2,453,790 2,106,880
Total Debt HUF mil 982,645 962,155 667,662
Net Debt HUF mil 411,871 535,945 472,301
Ratios 2013 2014 2015
ROE % 0.990 0.186 -12.8
ROCE % 0.665 0.128 -8.11
Gross Margin % 18.8 18.4 26.0
EBITDA Margin % 9.42 8.37 15.8
EBIT Margin % -0.433 0.802 -5.26
Net Margin % 0.400 0.084 -6.25
Net Debt/EBITDA 0.798 1.32 0.729
Net Debt/Equity 0.189 0.244 0.259
Cost of Financing % 3.20 8.69 10.7
Valuation 2013 2014 2015
Market Capitalisation USD mil 5,939 4,004 4,566
Enterprise Value (EV) USD mil 7,850 6,054 6,214
Number Of Shares mil 88.5 90.7 91.8
Share Price HUF 14,475 11,545 14,255
EV/EBITDA 3.40 3.54 2.63
EV/Sales 0.321 0.297 0.415
Price/Earnings (P/E) 58.5 257 -5.10
Price/Book Value (P/BV) 0.587 0.477 0.719
Dividend Yield % 3.88 3.90 ...

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summary Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                    
Sales HUF mil ...                     3,254,700 4,298,710 5,343,230 5,534,810 5,476,110    
Gross Profit HUF mil ...                     699,113 1,043,770 1,095,990 1,157,550 1,031,240    
EBIT HUF mil ...                     131,324 226,198 253,182 205,295 -23,733    
Net Profit HUF mil ...                     95,058 103,958 153,925 151,484 21,901    
ROE % ...                     6.21 5.47 7.30 6.75 0.990    
EBIT Margin % ...                     4.03 5.26 4.74 3.71 -0.433    
Net Margin % ...                     2.92 2.42 2.88 2.74 0.400    
Employees                       34,090 33,414 31,638 30,781 28,548    
balance sheet                                    
Total Assets HUF mil ...                     4,167,610 4,485,730 4,993,780 4,766,210 4,659,150    
Non-Current Assets HUF mil ...                     3,073,860 3,143,710 3,367,070 3,170,280 2,850,960    
Current Assets HUF mil ...                     1,093,750 1,342,020 1,626,710 1,595,930 1,808,190    
Shareholders' Equity HUF mil ...                     1,829,650 1,974,480 2,243,640 2,246,320 2,179,520    
Liabilities HUF mil ...                     2,337,960 2,511,250 2,750,140 2,519,890 2,479,630    
Non-Current Liabilities HUF mil ...                     1,272,920 1,392,870 1,344,990 1,146,310 1,086,280    
Current Liabilities HUF mil ...                     1,065,030 1,118,380 1,405,150 1,373,570 1,393,350    
Net Debt/EBITDA ...                     2.76 1.78 1.44 1.41 0.798    
Net Debt/Equity ...                     0.511 0.455 0.388 0.331 0.189    
Cost of Financing % ... ...                   -3.86 4.67 2.91 -0.040 3.20    
cash flow                                    
Total Cash From Operations HUF mil ...                     370,318 338,346 345,327 454,033 614,685    
Total Cash From Investing HUF mil ...                     -278,782 -289,824 -231,290 -298,509 -124,994    
Total Cash From Financing HUF mil ...                     -134,907 85,941 -116,070 -148,263 -243,175    
Net Change In Cash HUF mil ...                     -43,371 134,463 -2,033 7,261 246,516    
valuation                                    
Market Capitalisation USD mil ...                     7,704 9,038 6,650 7,551 5,939    
Number Of Shares mil ...                     85.3 90.4 93.0 93.9 88.5    
Share Price HUF ...                     17,000 20,790 17,350 17,755 14,475    
Earnings Per Share (EPS) HUF ...                     1,114 1,150 1,654 1,613 248    
Book Value Per Share HUF ...                     21,444 21,835 24,115 23,919 24,641    
Dividend Per Share HUF ...                     0.223 0.254 412 415 562   ...
Price/Earnings (P/E) ...                     15.3 18.1 10.5 11.0 58.5    
Price/Book Value (P/BV) ...                     0.793 0.952 0.719 0.742 0.587    
Dividend Yield % ...                     0.001 0.001 2.37 2.34 3.88   ...
Earnings Per Share Growth % ... ...                   -25.6 3.19 43.9 -2.50 -84.6    
Book Value Per Share Growth % ... ...                   64.5 1.82 10.4 -0.812 3.02    
income statement Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                    
Sales HUF mil ...                     3,254,700 4,298,710 5,343,230 5,534,810 5,476,110    
Cost of Goods & Services HUF mil ...                     2,555,590 3,254,940 4,247,240 4,377,260 4,444,870    
Gross Profit HUF mil ...                     699,113 1,043,770 1,095,990 1,157,550 1,031,240    
Staff Cost HUF mil ...                     200,938 271,968 255,927 264,723 259,747    
Other Cost HUF mil ...                     159,711 266,535 237,040 367,968 255,541    
EBITDA HUF mil ...                     338,464 505,267 603,022 524,861 515,953    
Depreciation HUF mil ...                     207,140 279,069 349,840 319,566 539,686    
EBIT HUF mil ...                     131,324 226,198 253,182 205,295 -23,733    
Financing Cost HUF mil ...                     -39,048 54,184 34,786 -451 33,177    
Extraordinary Cost HUF mil ...                     0 0 0 0 0    
Pre-Tax Profit HUF mil ...                     170,372 172,014 218,396 205,746 -56,910    
Tax HUF mil ...                     80,131 63,297 33,126 49,721 -37,959    
Minorities HUF mil ...                     -4,817 4,759 31,345 4,541 -40,852    
Net Profit HUF mil ...                     95,058 103,958 153,925 151,484 21,901    
Dividends HUF mil                       19.0 23.0 38,311 38,992 49,685   ...
growth rates                                    
Total Revenue Growth % ... ...                   -7.93 32.1 24.3 3.59 -1.06    
Operating Cost Growth % ... ...                   -20.5 49.3 -8.46 28.3 -18.6    
EBITDA Growth % ... ...                   0.856 49.3 19.3 -13.0 -1.70    
EBIT Growth % ... ...                   -28.5 72.2 11.9 -18.9 -112    
Pre-Tax Profit Growth % ... ...                   7.86 0.964 27.0 -5.79 -128    
Net Profit Growth % ... ...                   -32.8 9.36 48.1 -1.59 -85.5    
ratios                                    
ROE % ...                     6.21 5.47 7.30 6.75 0.990    
ROCE % ... ...                   3.33 2.97 4.33 4.27 0.665    
Gross Margin % ...                     21.5 24.3 20.5 20.9 18.8    
EBITDA Margin % ...                     10.4 11.8 11.3 9.48 9.42    
EBIT Margin % ...                     4.03 5.26 4.74 3.71 -0.433    
Net Margin % ...                     2.92 2.42 2.88 2.74 0.400    
Payout Ratio % ...                     0.020 0.022 24.9 25.7 227   ...
Cost of Financing % ... ...                   -3.86 4.67 2.91 -0.040 3.20    
Net Debt/EBITDA ...                     2.76 1.78 1.44 1.41 0.798    
balance sheet Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                    
Non-Current Assets HUF mil ...                     3,073,860 3,143,710 3,367,070 3,170,280 2,850,960    
Property, Plant & Equipment HUF mil ...                     2,555,220 2,676,260 2,824,920 2,608,380 2,252,930    
Intangible Assets HUF mil ...                     355,828 318,158 338,552 300,209 287,264    
Goodwill HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 45,741 36,382    
Current Assets HUF mil ...                     1,093,750 1,342,020 1,626,710 1,595,930 1,808,190    
Inventories HUF mil ...                     328,010 418,061 545,234 507,151 471,550    
Receivables HUF mil ...                     412,307 463,672 620,849 589,219 552,031    
Cash & Cash Equivalents HUF mil ...                     177,105 313,166 311,133 347,415 570,774    
Total Assets HUF mil ...                     4,167,610 4,485,730 4,993,780 4,766,210 4,659,150    
Shareholders' Equity HUF mil ...                     1,829,650 1,974,480 2,243,640 2,246,320 2,179,520    
Of Which Minority Interest HUF mil ...                     535,647 539,407 591,203 547,205 473,517    
Liabilities HUF mil ...                     2,337,960 2,511,250 2,750,140 2,519,890 2,479,630    
Non-Current Liabilities HUF mil ...                     1,272,920 1,392,870 1,344,990 1,146,310 1,086,280    
Long-Term Debt HUF mil ...                     829,111 947,910 862,149 674,046 673,248    
Deferred Tax Liabilities HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 123,762 74,877    
Current Liabilities HUF mil ...                     1,065,030 1,118,380 1,405,150 1,373,570 1,393,350    
Short-Term Debt HUF mil ...                     282,034 262,913 320,193 415,968 309,397    
Trade Payables HUF mil ...                     412,278 432,948 1,010,550 702,000 852,772    
Provisions HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 42,452 49,976    
Equity And Liabilities HUF mil ...                     4,167,610 4,485,730 4,993,780 4,766,210 4,659,150    
growth rates                                    
Total Asset Growth % ... ...                   42.9 7.63 11.3 -4.56 -2.25    
Shareholders' Equity Growth % ... ...                   48.6 7.92 13.6 0.119 -2.97    
Net Debt Growth % ... ...                   35.5 -3.90 -2.95 -14.8 -44.5    
Total Debt Growth % ... ...                   21.9 8.97 -2.35 -7.81 -9.85    
ratios                                    
Total Debt HUF mil ...                     1,111,140 1,210,820 1,182,340 1,090,010 982,645    
Net Debt HUF mil ...                     934,040 897,657 871,209 742,599 411,871    
Working Capital HUF mil ...                     328,039 448,785 155,536 394,370 170,809    
Capital Employed HUF mil ...                     3,401,900 3,592,500 3,522,610 3,564,650 3,021,770    
Net Debt/Equity ...                     0.511 0.455 0.388 0.331 0.189    
Cost of Financing % ... ...                   -3.86 4.67 2.91 -0.040 3.20    
cash flow Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                    
Net Profit HUF mil ...                     95,058 103,958 153,925 151,484 21,901    
Depreciation HUF mil ...                     207,140 279,069 349,840 319,566 539,686    
Non-Cash Items HUF mil ... ...                   120,429 76,065 -451,687 221,817 -170,463    
Change in Working Capital HUF mil ... ...                   -52,309 -120,746 293,249 -238,834 223,561    
Total Cash From Operations HUF mil ...                     370,318 338,346 345,327 454,033 614,685    
Capital Expenditures HUF mil ...                     -297,890 -303,339 -224,751 -267,978 -252,389    
Other Investments HUF mil ...                     19,108 13,515 -6,539 -30,531 127,395    
Total Cash From Investing HUF mil ...                     -278,782 -289,824 -231,290 -298,509 -124,994    
Dividends Paid HUF mil                       -19.0 -23.0 -38,311 -38,992 -49,685   ...
Issuance Of Debt HUF mil ... ...                   199,694 99,678 -28,481 -92,328 -107,369    
Total Cash From Financing HUF mil ...                     -134,907 85,941 -116,070 -148,263 -243,175    
Net Change In Cash HUF mil ...                     -43,371 134,463 -2,033 7,261 246,516    
ratios                                    
Days Sales Outstanding days ...                     46.2 39.4 42.4 38.9 36.8    
Days Sales Of Inventory days ...                     46.8 46.9 46.9 42.3 38.7    
Days Payable Outstanding days ...                     58.9 48.5 86.8 58.5 70.0    
Cash Conversion Cycle days ...                     34.2 37.7 2.42 22.6 5.49    
Cash Earnings HUF mil ...                     302,198 383,027 503,765 471,050 561,587    
Cash Earnings Per Share HUF ...                     3,542 4,236 5,415 5,016 6,349    
Price/Cash Earnings (P/CE) ...                     4.80 4.91 3.20 3.54 2.28    
Free Cash Flow HUF mil ...                     91,536 48,522 114,037 155,524 489,691    
Free Cash Flow Yield % ...                     5.88 2.58 8.53 9.15 36.9    
other data Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                    
ROA % ...                     2.68 2.40 3.25 3.10 0.465    
Gross Margin % ...                     21.5 24.3 20.5 20.9 18.8    
Employees                       34,090 33,414 31,638 30,781 28,548    
Cost Per Employee USD per month ...                     2,432 3,259 3,352 3,185 3,390    
Cost Per Employee (Local Currency) PLN per month ...                     491,195 678,279 674,102 716,684 758,217    
Staff Cost (As % Of Total Cost) % ...                     6.43 6.68 5.03 4.97 4.72    
Effective Tax Rate % ...                     47.0 36.8 15.2 24.2 66.7    
Enterprise Value (EV) USD mil ...                     12,665 13,353 10,238 10,914 7,850    
EV/EBITDA ...                     7.56 5.50 3.41 4.68 3.40    
EV/Capital Employed ...                     0.701 0.773 0.706 0.676 0.560    
EV/Sales ...                     0.786 0.646 0.385 0.444 0.321    
EV/EBIT ...                     19.5 12.3 8.13 12.0 -74.0    
Capital Expenditures (As % of Sales) % ...                     9.15 7.06 4.21 4.84 4.61    
Crude Oil Throughput kt                       19,700 21,834 21,802 20,237 20,507    
Sales of Crude Oil Products (kt) kt ... ... ... ... ...             16,877 19,005 19,011 17,781 18,092    
Sales of Petrochemical Products (kt) kt ... ... ... ... ...             1,346 1,415 1,504 1,230 1,302    
Sales of Retail Refined Products (kt) kt ... ... ... ... ...             3,058 3,545 3,507 3,375 3,480    
Sales of Motor Gasoline (kt) kt ... ... ... ... ...             1,145 1,260 1,183 1,099 1,105    
Sales of Gas & Heating Oils (kt) kt ... ... ... ... ...             1,832 2,187 2,231 2,186 2,289    
Sales of LPG (kt) kt ... ... ... ... ...             522 515 636 598 606    
Daily Average Production - Crude Oil '000 bbl/day ... ... ...                 54.1 63.0 61.8 51.8 45.8    
Daily Average Production - Natural Gas '000 boe/day ... ... ...                 53.9 80.5 85.6 66.7 57.8    
Refinery Production Total (kt) kt                       19,699 21,834 21,802 20,237 20,507    
Production of LPG (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... 541 513 521    
Production of Naphtha (kt) kt ... ... ... ... ... ... ... ... ... ... ... ... ... 1,800 1,445 1,462    
Production of Diesel And Heating Oil (kt) kt                       8,071 8,976 9,179 8,927 9,012    
Production of Motor Gasolines (kt) kt                       3,726 3,915 3,907 3,969 3,940    
Production of Fuel Oils (kt) kt                       824 957 715 374 827    
Production of Bitumen (kt) kt                       1,188 1,239 1,258 951 1,031    
Production of Other Refinery Products (kt) kt ... ... ... ... ...             4,201 4,827 1,896 1,762 1,334    
Production of Own Consumption (kt) kt ... ... ... ... ...             1,544 1,764 1,938 1,837 1,848    
Production of Refinery Losses (kt) kt ... ... ... ... ... ... ...         144 155 136 123 119    
Petrochemical Production Total (kt) kt ... ... ... ... ...             3,012 3,131 3,119 2,411 2,636    
Production of Ethylene (kt) kt ... ...                   789 794 786 623 684    
Production of Propylene (kt) kt ... ... ... ... ...             394 398 403 321 348    
Production of LDPE (kt) kt ... ...                   231 216 244 164 158    
Production of HDPE (kt) kt ... ...                   387 417 388 322 351    
Production of PP (kt) kt ... ...                   511 510 537 447 472    
Production of Other Petrochemical Products (kt) kt ... ... ... ... ...             699 796 761 534 623    
Filling Stations - Hungary ... ... ...                 365 364 364 360 366    
Filling Stations - Slovakia ... ... ... ... ...             209 208 209 209 212    
Filling Stations - Romania ... ... ... ... ...             126 126 128 135 147    
Filling Stations - Czech Republic ... ... ... ... ...             28.0 26.0 25.0 149 149    
Filling Stations - Austria ... ... ... ... ... ...           66.0 66.0 61.0 59.0 75.0    
Filling Stations - Slovenia ... ... ... ... ...             18.0 18.0 37.0 37.0 38.0    
Filling Stations - Serbia ... ... ... ... ... ... ... ...       33.0 33.0 33.0 34.0 38.0    
Filling Stations - Italy ... ... ... ... ... ... ... ... ...     224 205 222 215 138    
Filling Stations - Croatia ... ... ... ... ... ... ... ... ...     480 467 445 439 435    
Filling Stations - Bosnia ... ... ... ... ... ... ... ... ... ...   108 109 110 110 104    
Filling Stations - Montenegro ... ... ... ... ...       ... ... ... 1.00 1.00 1.00 1.00 1.00    
Filling Stations Total ... ... ...                 1,658 1,623 1,635 1,748 1,703    

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Dec 2013
Company Report

MOL's net profit fell 6,391% to HUF -256,554 mil in 2015

By Helgi Analytics - November 05, 2019

MOL made a net profit of HUF -256,554 mil in 2015, down 6,391% when compared to the last year. Total sales reached HUF 4,102,580 mil, which is down 15.7% when compared to the previous year. Historically, the company’s net profit reached an all time high of HUF ...

MOL's price/earnings (P/E) fell 102% to -5.10 in 2015

By Helgi Analytics - November 05, 2019

MOL stock traded at HUF 14,255 per share at the end 2015 translating into a market capitalization of USD 4,566 mil. Since the end of 2010, the stock has depreciated by -31.4% implying an annual average growth of -7.27%. In absolute terms, the value of the comp...

MOL's employees fell 2.71% to 26,734 in 2015

By Helgi Analytics - November 05, 2019

MOL employed 26,734 persons in 2015, down 2.71% when compared to the previous year. Historically, the firm's workforce hit an all time high of 34,090 in 2009 and an all time low of 13,861 in 2006. Average cost reached USD 3,041 per month per employee per month, ...

MOL's Net Margin fell 7,563% to -6.25% in 2015

By Helgi Analytics - November 05, 2019

MOL made a net profit of CZK HUF -256,554 mil under revenues of HUF 4,102,580 mil in 2015, down 6391% and -15.7%, respectively, when compared to the last year. This translates into a net margin of -6.25%. Historically, the firm’s net margin reached an all time hi...

MOL's ROCE fell 6,419% to -8.11% in 2015

By Helgi Analytics - November 05, 2019

MOL made a net profit of HUF -256,554 mil in 2015, down 6,391% when compared to the previous year. Historically, company's net profit reached an all time high of HUF 329,483 mil in 2006 and an all time low of HUF -256,554 mil in 2015. This implies return on equity...

MOL's Capital Expenditures rose 6.04% to HUF 378,426 mil in 2015

By Helgi Analytics - November 05, 2019

MOL invested total of HUF 378,426 mil in 2015, up 6.04% when compared to the previous year. Historically, company's investments reached an all time high of HUF 378,426 mil in 2015 and an all time low of HUF 61,603 mil in 2001. When compared to total sal...

MOL's Net Debt/EBITDA fell 44.6% to 0.729 in 2015

By Helgi Analytics - November 05, 2019

MOL's net debt reached HUF 472,301 mil and accounted for 0.259 of equity at the end of 2015. The ratio is up 6.25% when compared to the previous year. Historically, the firm’s net debt to equity reached an all time high of 0.853 in 2000 and an all time low of -0....

MOL's Cash & Cash Equivalents fell 54.2% to HUF 195,361 mil in 2015

By Helgi Analytics - November 05, 2019

MOL's total assets reached HUF 3,928,000 mil at the end of 2015, up 8.14% when compared to the previous year. Current assets amounted to HUF 1,067,300 mil, or 27.2% of total assets while cash reached HUF 195,361 mil at the end of 2015. On the other hand, total debt reached...

MOL's Share Price fell 20.2% to HUF 11,545 in 2014

By Helgi Analytics - November 05, 2019

MOL stock traded at HUF 11,545 per share at the end 2014 implying a market capitalization of USD 4,004 mil. Since the end of 2009, the stock has depreciated by -32.1% implying an annual average growth of -7.45%. In absolute terms, the value of the company ...

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MOL (Magyar Olaj- es Gazipari Nyrt) is an integrated oil and gas group in Hungary. The company is present in the Europe, the Middle East and Africa region, as also in the CIS countries, with interests in exploration, production, refining, marketing and petrochemicals. The Company employed nearly 30,000 people and operated 1,748 filling stations internationally at the end of 2012 and is the market leader in Hungary and Slovakia. The Company's core activities include exploration and production of crude oil, natural gas and gas products; refining, transportation, storage and distribution of crude oil products at both retail and wholesale; transmission of natural gas; production and sales of olefins and polyolefins; production of electricity and thermal energy from gas and renewable resources. Hungarian State remains the single biggest shareholder holding a 27.3% stake.