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Integrated Annual Report MOL GROUP INTEGRATED ANNUAL REPORT 2019 Introduction 2 CONTENTS INTRODUCTION …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………3 MOL GROUP INTEGRATED REPORTING ......................................................................................................................................................................................... 3 LETTER FROM THE CHAIRMAN CEO AND THE GROUP CEO ................................................................................................................................................ 4 MATERIALITY ASSESSMENTS .................................................................................................................................................................................................................... 5 MANAGEMENT DISCUSSION AND ANALYSIS OF 2019 BUSINESS OPERATIONS.…..…………………………………………………………………………………………………….…….6 OVERVIEW OF THE MACROECONOMIC AND INDUSTRY ENVIRONMENT ..................................................................................................................... 7 INTEGRATED CORPORATE RISK MANAGEMENT ........................................................................................................................................................................ 9 FINANCIAL AND OPERATIONAL REVIEW OF 2019 .......................................................................................................................................................................11 KEY ACHIEVEMENTS AND SUMMARY OF 2019 RESULTS .................................................................................................................................................. 12 OUTLOOK ON THE STRATEGIC HORIZON ............................................................................................................................................................................ 14 UPSTREAM .............................................................................................................................................................................................................................................. 15 DOWNSTREAM ...................................................................................................................................................................................................................................... 18 INNOVATIVE BUSINESSES AND SERVICES ............................................................................................................................................................................... 21 GAS MIDSTREAM ................................................................................................................................................................................................................................. 23 APPENDICES ................................................................................................................................................................................................................................................. 24 CORPORATE GOVERNANCE .......................................................... ……………………………………………………………………………………………………………………………………………………..26 CORPORATE GOVERNANCE .............................................................................................................................................................................................................. 26 REPORT OF THE SUPERVISORY BOARD ........................................................................................................................................................................................ 41 CORPORATE AND SHAREHOLDER INFORMATION ................................................................................................................................................................. 42 CONTACT INFORMATION ..................................................................................................................................................................................................................... 45 FINANCIAL STATEMENTS NOTES ................................................... …………………………………………………………………………………………………………………………………………………….46 INDEPENDENT AUDITORS' REPORT ................................................................................................................................................................................................ 47 PRIMARY STATEMENTS ........................................................................................................................................................................................................................... 56 NOTES TO THE FINANCIAL STATEMENTS – ACCOUNTING INFORMATION, POLICIES AND SIGNIFICANT ESTIMATES......................... 61 SUSTAINABILITY INFORMATION ................................................... …………………………………………………………………………………………………………………………………………………….120 NOTES ON SUSTAINABILITY PERFORMANCE ............................................................................................................................................................................. 121 CONSOLIDATED SUSTAINABILITY PERFORMANCE DATA .................................................................................................................................................. 122 ABOUT SUSTAINABILITY REPORTING ........................................................................................................................................................................................... 132 INDEPENDENT PRACTIONIER ’S ASSURANCE REPORT ........................................................................................................................................................ 134 MOL GROUP INTEGRATED ANNUAL REPORT 2019 Introduction 3 ABOUT MOL GROUP INTEGRATED REPORTING MOL Group’s 12th Integrated Annual Report summarizes the company’s performance in 2019. In the integrated report, MOL Group provides an account of the group’s economic, social and environmental value creation, processes and results. MOL Group is committed to transparency towards capital markets and other interested stakeholders. This integrated approach to reporting is the most efficient method of communicating the previous year’s performance, encompassing the financial year from 1 January to 31 December 2019. MOL Group follows globally recognized frameworks to ensure that the report meets the highest standards. This includes: • Complying with the International Financial Reporting Standards (IFRS) when reporting on financial results • Complying with the Global Reporting Initiative (GRI) Standards framework when providing a comprehensive overview of MOL Group’s sustainability performance • Applying Sustainability Accounting Metric Codes from the Sustainability Accounting Standards Board (SASB) Materiality Map from several SASB industry categories • Using sectoral guidance from the GRI (Oil and Gas Sector Disclosures), and the IPIECA Voluntary Guidance on Sustainability Reporting • Reporting progress against the 10 principles of the United Nations Global Compact (UNGC) • Applying the Greenhouse Gas Protocol to report on Greenhouse Gas Emissions Scope 1, 2 and 3 The present report is also in compliance with the Directive 2014/95/EU on disclosure of non-financial and diversity information by certain large undertakings and groups. The report includes historical information where necessary to put our annual performance into context. The content of this integrated annual report is also available online at: www.molgroup.info. This integrated annual report has been prepared both in English and Hungarian. In the event of any discrepancies, the English version should take precedence. Further information and disclosures about MOL Group can be found at: www.molgroup.info. MOL GROUP INTEGRATED ANNUAL REPORT 2019 Introduction 4 LETTER FROM THE CHAIRMAN-CEO AND GROUP-CEO As we sat down to reflect over the year that passed, a new unforeseen event has completely redrawn the economic and social map in which we operate: the coronavirus. There is no doubt that the health crisis sparked by the outbreak of the coronavirus will take an extraordinarily heavy toll of the economies of the CEE region, and by default on MOL Group. Whilst 2019 was a successful year, 2020 will be a test to everyone, a year in which we will need to make painful decisions that will determine the future of the company in the years ahead. Economic activity will decline in 2020, bringing a great deal of uncertainty ahead as we continue to navigate the fast-moving global transition to a low-carbon world. We are facing a combination of short-term business continuity pressure combined with long-term existential challenge. We strongly believe that MOL is well-positioned to weather the storm thanks to its highly resilient integrated business model, a solid financial background, its highly skilled workforce and a progressive long-term strategy. Accelerating the pace of transformation During 2019, all targets were met. Key milestones were reached in the transformation of Downstream, including the commissioning of the synthetic rubber plant, the key polyol investment achieving nearly fifty percent completion and a final investment decision on the Rijeka refinery upgrade project. Furthermore, MOL doubled its efforts in the circular economy space by acquiring Aurora, a company focused on plastic recycling, whilst we began the construction
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