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13. Investments in subsidiariesBasis of consolidated INA Group financial statements2007Name of company Activity ShareholdingTrading and finance*Interina d.o.o. Ljubljana, Slovenia Foreign trading 100%*INA BH d.d. Sarajevo, Bosnia and Herzegovina Foreign trading 100%*Interina d.o.o., Sarajevo, Bosnia and Herzegovina(until 5 Dec. 2006 Interina d.o.o., Mostar)Foreign trading 100%*Interina d.o.o. Skopje, Macedonia (in bankruptcy) Foreign trading 100%*Interina Holding Ltd, London, UK Foreign trading 100%*Inter Ina Ltd, London, UK Foreign trading 100%Interina GmbH, Frankfurt, Germany (until January 2007) Foreign trading 100%*INA Hungary Kft., Budapest, Hungary Foreign trading 100%*FPC Ltd, London, UK Foreign trading 100%*Holdina (Guernsey) Ltd, Guernsey Foreign trading 100%Inter Ina (Guernsey) Ltd, Guernsey Foreign trading 100%Holdina (Cyprus) Ltd, Cyprus Foreign trading 100%Holdina (Ireland) Ltd, Ireland Foreign trading 100%*Holdina d.o.o. Sarajevo, Bosnia and Herzegovina Foreign trading 100%*Commercina AG, Switzerland (until December 2007) Foreign trading 100%*INA d.o.o. Belgrade, Serbia Foreign trading 100%*INA Kosovo d.o.o. Priπtina (from October 2007) Foreign trading 100%*Infocentar d.o.o. Zagreb (in liquidation) Information technology 100%*Adriagas S.r.l. Milano, Italy Pipeline project company 100%*INA Crna Gora d.o.o. Kotor Foreign trading 100%*INA Crobenz d.d. Zagreb Trading 98%*Petrol d.d. Rijeka Trading 83%*INA-Osijek - Petrol d.d. Trading 76%*Polybit d.o.o. Rijeka (jointly controlled entity) Oil production and trading 50%In June 2007, the Management Board of INA d.d. made adecision to liquidate its subsidiary Interina Holding Ltd.In August 2007, the entire equity share of Holdina LtdGuenrsey in Holdina d.o.o. Sarajevo was transferred to,and recorded at INA d.d. In October 2007, the ManagementBoard passed a decision to merge Interina d.o.o. Sarajevointo Holdina d.o.o. Sarajevo (the merger is under way).Following the completion of the liquidation, the companyInterina Frankfurt was deleted from the court register inJanuary 2007, and the company Commercina ,AG, Zug inDecember 2007.120 Financial report
14. Investments in associates and joint venturesINA GroupINA d.d.2007 2006 2007 2006Investments in associates and joint ventures 124 57 189 57124 57 189 57INA GroupIna d.d.Name of companyActivity%shareholdingheld by INAcompanies2007 2006 2007 2006CroGas d.o.o Zagreb Gas trading 50% 35 35 35 35SOL-INA d.o.o. Industrial gas production 37.2% 22 22 22 22ENERGOPETROL d.d., Sarajevo BiH(from March 2007)Retail (oil and lubricants) 33.5% 67 - 132 -Hayan Petroleum Company ,Damascus, SyriaINAgip d.o.o. ZagrebED INA d.o.o. ZagrebGenan Trading Services Co. WLLDoha, QatarOperating company(oil exploration, developmentand production)Exploration and productionoperator (joint venture)Research, development andhydrocarbon productionMaintenance and technicalengineering services50% - - - -50% - - - -50% - - - -49% - - - -Belvedere d.d., Dubrovnik Hotel trade 31.8% - - - -Marina Petroleum Company Egypt,Cairo (from July 2007)Exploration and productionoperator25% - - - -Adria LNG Study Company Ltd Oil exploration 22.2% - - - -124 57 189 57Investment in EnergopetrolOn 8 September 2006 INA d.d., together with MOL underMOL/INA Consortium, concluded an Agreement onrecapitalisation of Energopetrol d.d with the Governmentof the Federation of Bosnia and Herzegovina to takeover 67% share of Energopetrol d.d shared equally byboth parties (33.5% owned by each party). Based on theconcluded Agreement on recapitalisation the Consortiumshould pay (INA and MOL, each 50% of the amount):• KM 10.2 million for the Government of the Federation ofBosnia and Herzegovina with respect torecapitalisation rights; and• KM 60.195 million to Energopetrol with respect torecapitalisation, which Energopetrol will use to settleits debt (tax liabilities, amounts due to banks andcreditors, and other liabilities) as of 31 December 2004;The amounts were paid in 2007.Annual report 2007121
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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
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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 and 116: ) By asset typeINA d.d.Oil and gasp
Page 117 and 118: I) Oil and gas reservesThe ability
Page 119: 13. Investments in subsidiariesBasi
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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