Publication of MOL Group’s Q4 and Full Year 2016 results and 2017 outlook

MOL Plc. has published the following documents today:

Highlights of the period:

Clean CCS EBITDA came in at HUF 140bn (USD 488mn) in Q4 2016, while 2016 full year EBITDA reached USD 2.15bn. Organic capex was USD 1bn, implying MOL generated “simplified free cash flow” of USD 1.1bn in 2016
Downstream posted Clean CCS EBITDA of USD 1.5bn in 2016 (a 12% decrease versus the 2015 record high base), supported by an impressive 40% growth in Consumer Services (Retail) EBITDA, but affected by normalizing macro conditions and several unplanned events
Upstream generated 7 USD/boe free-cash flow in 2016 supported by the successful implementation of the New Upstream Program (delivering USD ~90mn OPEX reduction and 6% increase in production)
2017 guidance is in line with the 2017-21 financial framework: Clean CCS EBITDA delivery of USD 2bn+; up to USD 1.2bn organic capex spending; Upstream production of around 110 mboepd and important milestones for the Downstream transformational projects

Chairman-CEO Zsolt Hernádi commented: “2016 was a year of great achievements and important milestones. It marked the successful start of a major transformational journey as we approved our new long term strategy, MOL Group 2030. We also delivered on our targets and generated very strong free cash flow on the back of our resilient, integrated business model. Upstream generated over USD 250mn free cash flow at the bottom of the cycle and achieved the highest CEE onshore oil and gas production since 2012. Downstream posted robust results, only slightly behind the record-high 2015 levels, despite lower refinery and petrochemicals margins. Consumer Services continued to post impressive growth on the back of well-timed acquisitions and the successful roll-out of our new non-fuel concept. In 2017 we will again generate at least USD 2bn EBITDA, comfortably covering organic capex, dividends to our shareholders as well as funding for the transformational projects.”

For further information, please contact:
Investor Relations + 36 1 464 1395
Facsimile: + 36 1 464 1335