2021 Fourth Quarter Financial Results of MOL Group have been published
2022. 02. 22.
MOL Group has published its Q4 financial results, including FGSZ results as well.
We closed a year of challenges in 2021, however, FGSZ has successfully met its financial goals set out for the year despite the difficulties, while guaranteeing the quality of our services and warranting the security of supply. We closed 2021 with a 41 bln EBITDA, which is 30% lower compared to the previous year, but still exceeds our goals for 2021, which – regarding the circumstances – is a great result. We hereby would like to express our thanks to our colleagues for their contribution in achieving these goals!
Last year, the supply-demand imbalances of the gas market and the volatile energy market situation resulted in record high gas prices, while the reorganisation of natural gas transmission routes also contributed to a decrease in our revenues. Our regulated revenues were lower by 17% YoY, mostly due to the decline of transmission demands to neighbouring countries.
Our operating expenses were similar to the previous year; increasing gas purchase prices and declining revenues were, among others, counterbalanced by fuel gas consumption reduction and a strict cost control.
Total value of CAPEX and investments almost doubled compared to prior year. The main reason of this is our Serbian-Hungarian high-pressure cross-border interconnector investment, which was completed and entered commercial trade in October, while spending on sustain-type projects also showed a moderate increase compared to 2020.