19 Feb 2018

Publication of MOL Group’s Q4 and Full Year 2017 results and 2018 outlook

MOL Plc. has published the following documents today:

Highlights of the period:

  • Robust simplified free cash flow of USD 1.41bn in 2017 as Clean CCS EBITDA reached USD 2.45bn, well above the USD 2.3bn upgraded guidance, while organic capex was at USD 1.04bn. Clean CCS EBITDA came in at USD 574mn in Q4 2017.
  • Downstream posted Clean CCS EBITDA of USD 1.18bn benefitting from refining macro tailwinds and efficiency gains related to the NxDSP program
  • Consumer Services EBITDA rose to a new all-time high of USD 358mn, maintaining double-digit growth on continued fuel and non-fuel margin expansion
  • Upstream more than doubled its free cash flow to 14 USD/boe in 2017 supported by advancing hydrocarbon prices, sustained efficiency gains and cost discipline
  • 2018 guidance: Clean CCS EBITDA delivery of around USD 2.2bn; organic capex at USD 1.1-1.3bn, including up to USD 300mn on strategic projects; Upstream production of around 110 mboepd and Downstream to deliver early results of the DS2022 program

Chairman-CEO Zsolt Hernádi commented: “I am glad to say that 2017 was another year of delivering strong financial results, and equally importantly it was also a year of visible progress along our transformation journey set out in the MOL 2030 strategy. We comfortably beat our upgraded earnings targets with increasing contribution from all businesses. Upstream more than doubled its free cash flow contribution, Downstream EBITDA increased further from a high base, while Consumer Services sustained its double-digit earnings growth. Regarding strategic transformation, our flagship chemicals (polyol) project made major progress and we have been launching new, innovative mobility-related services. We are starting 2018 with a strong momentum with crucial investment decisions ahead of us. We are also expecting to deliver around USD 2.2bn EBITDA this year, which will allow us to fund our transformational projects as well as the rising dividends to our shareholders.”

For further information, please contact Investor Relations:
Tel: + 36 1 464 1395
Email: investorrelations@mol.hu