Q4 2019 MOL Magyar Olajes Gazipari Nyrt Earnings Call Transcript
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decrease in the cash taxes. So CapEx is slightly lower because of the lower crude prices. A higher negative number in the industry tax because of higher tax reforms in Norway, a lower corporate income tax number coming generally from the lower profitability of the downstream and petrochemical environment. So all in all, a lower cash charge, and that was offset by significantly higher deferred taxes. The 2018 deferred tax income turned into a deferred tax loss in 2019.
Now going to the Page 14, cash flows. I think the major news here that for the year, essentially no change in the working capital, i.e., the working capital buildup in beginning of the year was reversed in the fourth quarter. And all in all, actually, higher operating cash flow generation than in 2018.
Now the last slide in
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