In the first quarter of 2013, MOL Group achieved a net CCS (result adjusted for changes in the price of input raw materials in such a way that these costs are calculated at a uniform price at the end of the reporting period) EBITDA result (excluding one-off items and replacement costs) of 630 million dollars, representing a 2 percent increase year-on-year.
The key impact on results by segments was the reduction in hydrocarbon production and the average realized price of hydrocarbons in the oil and gas exploration and production segment. The impact of these factors was partially mitigated by increased hydrocarbon sales in Croatia, which can be attributed to the sale of all previously accumulated quantities, a lower result from the domestic gas transportation department due to milder weather conditions, and lower tariffs in the gas transportation segment, which were more than neutralized by improved results in the refining and marketing segment, supported by better refining margins for gasoline and integrated petrochemical margins, resulting in improved product yield, as well as efforts to enhance efficiency. The EBITDA of MOL Group excluding one-off items amounted to 594 million USD. The Group generated cash flow from operating activities of 255 million dollars in the first quarter compared to last year’s net cash outflow of 46.3 million USD. The net debt-to-equity ratio remained at the same level of 25.0% as of March 31, 2013.
