The Shareholders’ Meeting of MVM Hungarian Electricity Ltd. made a decision on 15 October to transfer the shares in MVM Paks II. Nuclear Power Plant Development Ltd. to the Hungarian State via Hungarian State Holding Company Ltd. Two major, recognised auditing and consulting companies, Deloitte Ltd. and Ernst&Young LLC carried out independent asset valuations, on the basis of which the purchase price is HUF 10.157 billion. MVM Ltd. established the Company with a registered capital of HUF 9 billion in the summer of 2012 in order to begin the analytical, planning, decision preparation and approval work associated with the new nuclear power plant units. In order to implement the largest project in Hungary in the 21st century, the MVM Group continues to cooperate with Paks II. Nuclear Power Plant Development Ltd. in the interest of the success of the construction project of the new units.

At the event, after the welcoming remarks of Gyula Fichtinger, Director-General of the HAEA, József Eck, Project Management Director, gave a presentation on behalf of MVM Paks II. Ltd., followed by Mihály Lehota, Head of the Project Division of the HAEA. József Eck presented the statutory background of licensing, the site and the considerations for assessing its suitability. He provided detailed information about the elements, bases, verification and extent of the site assessment and evaluation programme and, at the same time, also outlined the licensing procedure. After the presentation of the Project Management Director of MVM Paks II. Ltd., Mihály Lehota gave an account of the statutory background of licensing, the relationship and sequence of the various licences and permits, and described the assessment areas associated with licensing.

On 30 September 2013, MVM Ltd. paid the preliminary purchase price laid down in a contract for the interests held by E.ON in the Hungarian natural gas industry. After the technical closing of the transaction, in accordance with international practice, the independent auditor Ernst & Young prepared the final purchase price calculation on the basis of the reports of the new companies. Consequently, MVM Ltd. received back HUF 6.029 billion from the amount of the preliminary purchase price transferred to E.ON.

After the presentations, those attending had an opportunity to ask questions about the subject, which the representatives of the HAEA and MVM Paks II. Ltd. and the independent experts invited by the Company were pleased to answer. Representatives of the political party LMP, Greenpeace and the Energy Club turned out to be the most vocal participants. The majority of the questions focused on cooling solutions and the consequences of climate change, but the representatives and experts of the HAEA and MVM Paks II. Ltd. cleared up the misconceptions in this area, providing exhaustive information.

The co-shareholder in South Stream Hungary Ltd., Gazprom, began consultations with MVM Ltd. in July 2014 about the fact that it planned to relocate the terminal of the international natural gas pipeline to Baumgarten, Austria, whereby it became necessary to examine the preparation of a new route affecting the Hungarian section of the pipeline. The preparation of the establishment of the new Röszke–Városföld–Rajka route, which is about 50% longer, makes it necessary to increase the capital of the jointly owned company by HUF 10 billion, to which MVM Ltd. and Gazprom are contributing equally.

The Shareholders’ Meeting of MVM approved the consolidated 2013 Annual Report of the Company conforming to International Financial Reporting Standards (IFRS). The IFRS introduced last year at the National Energy Company represent a prerequisite for entering international money markets and commensurability, which, in addition to the use of the SAP corporate management system, further strengthens the transparency of the business activities of MVM.