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11. Property, plant and equipmentb) By asset typeINA d.d.Oil and gaspropertiesLand andbuildingsPlant andmachineryand assetsunderconstructionVehicles andofficeequipmentCollectiveConsumptionassetsTotalAccumulated depreciationBalance at 31 December 2005 16,594 5,567 6,171 544 42 28,918Charge for the year 383 163 187 16 1 750Additions - 9 - - - 9Transfer from intangible assets - - 1 - - 1Impairment (15) (49) (9) - - (73)Transfers (39) (11) 44 6 - -Disposals (12) (4) (261) (13) (4) (294)Balance at 31 December 2006 16,911 5,675 6,133 553 39 29,311Charge for the year 620 157 193 45 1 1,016Impairment 33 7 3 (1) - 42Transfers (22) 24 - (2) - -Disposals (5) (37) (73) (8) (4) (127)Balance at 31 December 2007 17,537 5,826 6,256 587 36 30,242Carrying amountAt 31 December 2007 4,466 2,677 5,301 174 5 12,623At 31 December 2006 4,505 2,584 4,274 94 8 11,465Additions to oil and gas properties and assets underconstruction include own costs capitalised in 2007 of HRK13 million (2006: HRK 11 million). Included above are assetsunder construction of HRK 1,995 million (2006: HRK 2,318million) which are not yet subject to depreciation.116 Financial report
I) Oil and gas reservesThe ability of the Group to realise the net book valueof oil and gas properties (see b) above) in the futureis dependent upon the extent to which commerciallyrecoverable oil and gas reserves are in place. During2007 OilGas performed assessment of the quantities ofthe Company’s remaining proved developed oil and gasreserves which were commercially recoverable.II) Ownership of land and buildingsDue to political developments in Croatia since 1990,certain local municipal land registers have not been fullyestablished. The Company is in the process of registering,through the local courts in Croatia, its title to land andbuildings included in the related balance of HRK 2,671million in 2007 (see note b) above). To date, no claimshave been made against the Company concerning its titleto these assets.III) Collective consumption assetsCollective consumption assets principally comprise domesticresidential and holiday accommodation for theworkforce of the Company and certain of its subsidiaries.IV) Carrying value of refining and retail property,plant and equipmentAt 31 December 2007 and 2006, the net book values of theGroup’s refining and retail property, plant and equipmentwere HRK 5,183 million and HRK 4,350 million, respectively.Following the conclusion of the tender process initiatedby the Government in 2002, and the resulting acquisitionby MOL during the year of 25% plus one share of theCompany, the Management Board has reviewed its plansfor its refining and retail businesses.As part of this review, the Management Board hasassessed the carrying values of its Refining & Marketing(previously Refining and Wholesale) and Retail assetswith reference to the discounted estimated future netcash flows from the refining and wholesale business, inaccordance with the requirements of IAS 36. Based onthese cash flow estimates, the Management Board haveconcluded that the recoverable amount of the Refining &Marketing assets, over the long-term, exceeds their netbook value, and therefore no impairment has arisen.The Management Board has also reviewed the Company’sretail network for indications of any impairment inthe carrying values of individual retail outlets on anoutlet-by-outlet basis. Previously, the retail network hadbeen considered as a single cash generating unit forimpairment purposes. Following this review, the carryingvalues of a small number of retail outlets were writtendown to the estimated amount recoverable, resulting inan impairment loss of HRK 31 million reversed, and HRK44million charged (IAS 36), which has been included inimpairment charges (net) in the years 2007.Annual report 2007117
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Table of contentsIntroduction 5INA,
Page 7 and 8:
Annual report 2007
Page 9 and 10:
Tomislav DragiËeviÊ, President of
Page 11 and 12:
Josip PetroviÊ, Member of the Boar
Page 13 and 14:
Scheme of macro-organizational stru
Page 15 and 16:
Higher output in INA’srefineriesI
Page 17:
Poslovno izvjeπÊeAnnual report 20
Page 20 and 21:
Vision, Mission and CoreValuesINA i
Page 22 and 23:
Reduction of sulphur dioxide and hy
Page 24 and 25:
Healthcare, as one of the prioritie
Page 26 and 27:
Intellectual propertymanagementToda
Page 29 and 30:
Business Segments
Page 31 and 32:
Mazrur-1STConstruction of the Mazru
Page 33 and 34:
Exploration in CroatiaPannonian bas
Page 35 and 36:
Investments in exploration and deve
Page 37 and 38:
Oil and gas reserves as of 31 Decem
Page 39 and 40:
As part of safety and environmental
Page 41 and 42:
Natural gas supplyThe production of
Page 43 and 44:
Over the previous year, the strong
Page 45 and 46:
At the Rijeka Oil Refinery, a contr
Page 47 and 48:
Annual report 200747
Page 49 and 50:
Strateπko pertnerstvoIn 2006 two n
Page 51:
All business processes of the Secto
Page 54 and 55:
Strategic partnershipwith MOLStrate
Page 57 and 58:
Financial results
Page 59 and 60:
Important financialindicators for 2
Page 61 and 62:
Refineries and MarketingSegments IF
Page 63 and 64:
Business environmentThe following f
Page 65 and 66: (“price cap” limitation) also h
Page 67: Annual report 200767
Page 71 and 72: ContentsResponsibility for the Fina
Page 73 and 74: Responsibility for thefinancial sta
Page 75 and 76: OpinionIn our opinion, the financia
Page 77 and 78: Notes 2007 2006Investment revenue 6
Page 79 and 80: INA Group ConsolidatedBalance Sheet
Page 81 and 82: INA d.d. UnconsolidatedBalance Shee
Page 83 and 84: INA Group ConsolidatedStatement of
Page 85 and 86: INA d.d. UnconsolidatedStatement of
Page 87 and 88: INA Group ConsolidatedCash Flow Sta
Page 89 and 90: Notes 2007 2006Cash flows from fina
Page 91 and 92: In its session of 22 July 2005, the
Page 93 and 94: Management Board from 5th May 2006d
Page 95 and 96: IFRIC 11 IFRS 2: Group and Treasury
Page 97 and 98: GoodwillGoodwill arising on the acq
Page 99 and 100: Where an impairment loss subsequent
Page 101 and 102: Deferred taxDeferred tax is recogni
Page 103 and 104: The effective interest method is a
Page 105 and 106: Furthermore, the time determined fo
Page 107 and 108: 3. Sales revenueRevenue represents
Page 109 and 110: 7. Finance costsINA GroupINA d.d.20
Page 111 and 112: 9. Earnings per shareINA Group2007
Page 113 and 114: ) By asset typeINA GroupOil and gas
Page 115: ) By asset typeINA d.d.Oil and gasp
Page 119 and 120: 13. Investments in subsidiariesBasi
Page 121 and 122: 14. Investments in associates and j
Page 123 and 124: 17. Available-for-sale assetsCompan
Page 125 and 126: 19. Receivables from buyers, netINA
Page 127 and 128: 22. Paid expenses of the future per
Page 129 and 130: 25. Liabilities to suppliers, taxes
Page 131 and 132: Averageweightedinterest rateAverage
Page 133 and 134: was contracted with a 5-year expiry
Page 135 and 136: INA GroupINA d.d.2007 2006 2007 200
Page 137 and 138: o podjeli proizvodnje - UPP) on the
Page 139 and 140: The change of the present value of
Page 141 and 142: 34. Retained earningsINA GroupRetai
Page 143 and 144: By business segmentsINA d.d.Researc
Page 145 and 146: By business segmentsINA GroupResear
Page 147 and 148: By business segmentsINA d.d.Researc
Page 149 and 150: By geographical areasINA d.d.Republ
Page 151 and 152: Income from sale of goodsand servic
Page 153 and 154: Income from the sale of products to
Page 155 and 156: ond, exploratory and confirmatory w
Page 157 and 158: 39. Unforeseen obligationsInvestmen
Page 159 and 160: Goals of financial risk managementT
Page 161 and 162: was valid throughout the year. An i
Page 163 and 164: INA d.d. interest-free liabilities
Page 165 and 166: 42. Approval of the financial state
Page 167 and 168:
CROBENZ d.d. ZagrebRadniËka cesta
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