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29. ProvisionsINA GroupProvisions forabandoningproductionfieldsTaxliabilitiesLegaldisputesENI projectcostsIncentivesTaxreceivablesfrom Holdina,SarajevoOtherTotal31 Dec 2005 1,304 193 141 93 68 53 56 1,908Annual cost 82 - 25 34 24 2 - 167Effects of changes in evaluation,capitalizedUse of provisions throughoutthe year(400) - - - - - - (400)(44) (193) (3) (12) (37) - (25) (314)31 Dec 2006 942 - 163 115 55 55 31 1,361Annual cost 89 - 124 7 4 - 49 273Effects of changes in evaluation,capitalizedUse of provisions throughoutthe year76 - - - - - - 76(38) - (10) (115) (42) - (52) (257)31 Dec 2007 1,069 - 277 7 17 55 28 1,453INA d.d.DecommissionChargesTax authorityclaimsLegal claimsENI projectclaimsRedundancycostsOtherTotal31 Dec 2005 1,304 193 141 93 60 22 1,813Annual cost 82 - 25 34 - 1 142Effects of changes in evaluation,capitalizedUse of provisions throughoutthe year(400) - - - - - (400)(44) (193) (3) (12) (37) - (289)31 Dec 2006 942 - 163 115 23 23 1,266Annual cost 89 - 84 7 12 9 201Effects of changes in evaluation,capitalizedUse of provisions throughoutthe year76 - - - - - 76(38) - (4) (115) (23) (7) (187)31 Dec 2007 1,069 - 243 7 12 25 1,356134 Financial report
INA GroupINA d.d.2007 2006 2007 2006By term of paymentLong-term liabilities 47 175 25 143Short-term liabilities 1,406 1,186 1,331 1,1221,453 1,361 1,356 1,265Costs of closing down plantProvisions for the costs of closing down plant relate toabandoning production on oil and natural gas fields. Theinitial recognition of provisions is accepted as the cost ofreal estate, plant and equipment. Subsequent changes tothe amount of provisions arising from the changes in theestimate of costs of abandonment, provisions and productionof oil and natural gas, non-risk interest rate as discountrates and inflation rates, are also considered changes tothe costs of real estate, plant and equipment and thereforehave an effect on the profit and loss account through futuredepreciation. As at 31 December 2007, the Companyhas recognized the provisions for abandoning 51 fields..Legal disputesThe Company has realized provisions by legal disputes, ofwhich the most significant are the following:GWDF Partnership München andGWDF Limited CyprusGWDF Partnership München and GWDF Limited Cyprushave filed a lawsuit against INA d.d. Zagreb and INA-NaftaplinInternational Exploration, Channel Islands, and thevalue of the lawsuit is 58 million HRK. The basis of thelawsuit is the respondent’s responsibility for the damagewhich the claimant has incurred due to unjustifiedinterruption of negotiations which resulted in the failureto sign the contract on the transfer of the business stakebetween GWDF Limited Cyprus and INA-Naftaplin InternationalExploration. INA d.d. sent a response to the lawsuitin September 2007, in which it fully contests both thebasis and the amount of the claim raised, stating, amongelse, that the respondents resigned from the negotiationsdue to a business decision and that it was the claimantthat participated in the negotiations disregarding theprinciples of conscientiousness and fairness.“Veronika”, d.o.o., ZagrebThe value of the dispute between “Veronika” d.o.o.Zagreb and INA d.d. is 40 million HRK (it was 44 millionHRK, but the claimant partially reduced the claim in 2007,i.e. partially withdrew the claim). The claimant raisedthe claim for the compensation of damage, arising fromthe interruption of delivery of gas, due to the freezingof plantations in greenhouses. The Commercial Courthas already passed two rulings in favor of the claimantin the full amount. The Higher Commercial Court hasoverturned the ruling of the Commercial Court in Zagreband returned the case for retrial. In 2007, the CommercialCourt in Zagreb passed a ruling by which it approved theclaimant’s claim in the amount of 40 million HRK. Appealwas filed against the ruling and the decision of the HigherCommercial Court is pending.Uljanik PulaIn INA d.d.’s business records, 23 million HRK have beenreserved for the legal dispute with Uljanik, Pula, on thebasis of the dispute with three claimants, namely:• Uljanik Brodogradiliπte, d.d.• Uljanik Strojogradnja, d.d. , and• Uljanik Tesu, d.d.The claimants have raised the claim for the compensationof incurred damage as they suffered damage to theproduction process, caused by INA, due to unjustifiedinterruption in the delivery of gas from 18 December 1996to 21 February 1997. Uljanik Brodogradiliπte d.d. demandsthe compensation of damage as penalties for the delayin the delivery of ships, lost funds due to unpaid advancefrom the buyer (credit cost), unrealized production, andAnnual report 2007135
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Table of contentsIntroduction 5INA,
Page 7 and 8:
Annual report 2007
Page 9 and 10:
Tomislav DragiËeviÊ, President of
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Josip PetroviÊ, Member of the Boar
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Scheme of macro-organizational stru
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Higher output in INA’srefineriesI
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Poslovno izvjeπÊeAnnual report 20
Page 20 and 21:
Vision, Mission and CoreValuesINA i
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Reduction of sulphur dioxide and hy
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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
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Exploration in CroatiaPannonian bas
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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
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At the Rijeka Oil Refinery, a contr
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Annual report 200747
Page 49 and 50:
Strateπko pertnerstvoIn 2006 two n
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All business processes of the Secto
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Strategic partnershipwith MOLStrate
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Financial results
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Important financialindicators for 2
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Refineries and MarketingSegments IF
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Business environmentThe following f
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(“price cap” limitation) also h
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Annual report 200767
Page 71 and 72:
ContentsResponsibility for the Fina
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Responsibility for thefinancial sta
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OpinionIn our opinion, the financia
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Notes 2007 2006Investment revenue 6
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INA Group ConsolidatedBalance Sheet
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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 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: was contracted with a 5-year expiry
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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