BAKU, Azerbaijan, Aug.16
By Leman Zeynalova – Trend:
Total CAPEX spending of Hungarian MOL Group reached HUF 197bn (USD 663mn) in the first half of the year, less than a year ago as Azeri-Chirag-Gunashli (ACG) acquisition was completed in the base, Trend reports with reference to the company.
Organic capex amounted to HUF 189bn (USD 637mn), from which HUF 39bn (USD 131mn) was spent on transformational projects in H1 2021 (the largest item remained the new polyol plant and Rijeka DCU). Inorganic CAPEX was HUF 7.8bn (USD 25.7mn) in H1 2021, said the company.
Operating cash flow before working capital more than doubled year-on-year in H1 2021 to HUF 509bn. There was a significant release Net Working Capital in Q2 2021, partly reversing the large build in Q1 2021. As a result, operating cash flow after net working capital rose by 56 percent year-on-year to HUF 382bn in H1 2021.
Net debt decreased in H1 2021 to HUF 761,546mn and so did both Net Debt/EBITDA (to 0.9x) and net gearing (to 22 percent).
Upstream EBITDA excluding special items increased 179% year-on-year to HUF 98.9bn in Q2 2021. H1 EBITDA for the segment amounted to HUF 191.4bn, 108% higher versus the previous year’s H1. The segment experienced significantly higher oil and gas prices in H1 2021 compared to the heavily Covid-19 affected H1 2020, and the positive effect of higher production helped by ACG.
Downstream delivered HUF 131.9bn Clean CCS EBITDA in Q2 2021 261% higher year-on-year. H1 Clean CCS EBITDA for the segment amounted to HUF 208.3bn, 63% higher than a year ago, supported by the strong petchem performance, recovering refining macro and helped by a low base.
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