MOL Sees 2015 Clean EBITDA at $2 Billion

BUDAPEST--MOL Nyrt. (MOL.BU), one of central Europe's largest refineries and Hungary's biggest company by revenue, expects to see earnings before interest, taxes, depreciation and amortization at $2 billion, according to a video interview with the company's managers published Tuesday.

The firm plans to reach this in line with its new, three-year downstream program that includes cost efficiency measures in the production, commercial and retail areas; as well as the financial return of the last two or three years' strategic investments, Jozsef Simola, MOL's chief operating officer said.

The planned 2015 EBITDA compares to $592 million in 2014, and is calculated with a crude oil price forecast of $60 per barrel.

The firm published its 2014 earnings earlier Tuesday.

Over the next three years, MOL plans downstream EBITDA between $1.3 billion and $1.4 billion, while free cash flow is forecast around $900 million.

Ferenc Horvath, MOL's executive vice president for the downstream business, said this year would be as challenging as 2014 was or even more, but was confident that MOL was ready to tackle the challenges.

Write to Veronika Gulyas at [e-mail]; Twitter: @VeronikaGulyas1

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