ENP Newswire -
Release date- 26022014 -
The Upstream portfolio faced significantly lower realised hydrocarbon prices and declining production. At the same time the Group preserved its excellent cash flow generation capability and strengthened its financial position further.
In 2013, MOL delivered a clean CCS EBITDA of HUF 516bn which is 9% behind last year's performance. Reported operating profit was negatively affected by Syrian and Croatian asset write-downs, the latter due to the loss making INA Downstream operation, and items associated with the conversion of the
In line with the guidance given at the beginning of this year, the Downstream segment outperformed last year's clean CCS-based EBITDA. Amid strong macroeconomic headwinds, including a collapsing product margin environment and a tightening Brent-Ural spread, this outstanding result can be attributed to the efficiency improvement actions achieved as part of the New Downstream Programme as well as higher refined product sales and improving petrochemicals margins.
In Upstream, on the one hand, performance was negatively affected by a drop in average realised hydrocarbon prices (down by 10%), mainly attributable to a decline in natural gas prices in
Gas Midstream delivered similar results to those of last year as the negative effects of the tightening Hungarian gas transmission regulation were compensated for by a lower level of losses in the Croatian gas trading business due to lower sales volumes.
As a result of strong operating cash flow achieved, the Group's financial position improved further. The year-end gearing ratio of 16% is the lowest since 2008.
In line with our strategy we also took inorganic steps when we announced our entry into the
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