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40. Financial instruments and risk managementINA Group & INA d.d.2007 2006Analysed as:Current part 97 77Long-term part 226 251323 32841. Events after the balance sheet dateModification of applicable laws and regulationsAs of 1 January 2008, the new regulation, Ordinance onDetermining the Prices of Oil Derivatives (Official Gazette133 27/12/2007), by which a modified component wasintroduced into the wholesale price (depending on thetype of quantities of fuel sold), as is specified further inthis Article, entered into force. Until 31 December 2007,the fee for financing the Croatian Compulsory Oil StocksAgency was equally charged for all types of fuel, at 150HRK per ton of fuel sold, and from 1 January 2008, theOrdinance stipulates that:Crosco B.V.In January 2008, Crosco d.o.o. Zagreb founded a newcompany in the Netherlands, Crosco B.V., in which it is the100% owner. The company’s business activity is provisionof services related to extraction of oil and gas, as well asleasing the equipment for the above activities.The fee is determined for financing the work of theCroatian Compulsory Oil Stocks Agency for 2008, for oilderivatives which are put on the domestic market in theperiod from 1 January 2008 to 31 December 2008, in thefollowing amounts:• 150 HRK per ton of oil derivatives under Article 12,Paragraph 1, Section I of the Act on Oil and OilDerivatives Market (hereinafter: the Act);• 190 HRK per ton of oil derivatives under Article 12,Paragraph 1, Section II of the Act on Oil and OilDerivatives Market, except for jet engine fuel;• 80 HRK per ton of oil derivatives under Article 12,Paragraph 1, Section III of the Act on Oil and OilDerivatives Market, including jet engine fuel.164 Financial report
42. Approval of the financial statementsThe financial reports were adopted and their publication approved by the Management Board on 11 March 2008.Signed on behalf of the Group on 11 March 2008 by:Zalán BácsTomislav DragiËeviÊVice President of the Management Board &President of the Management BoardExecutive Director of Finance FunctionThe accompanying accounting policies and notes form an integral part of this consolidated income statement.Annual report 2007165
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Table of contentsIntroduction 5INA,
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Annual report 2007
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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
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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
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Intellectual propertymanagementToda
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Business Segments
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Mazrur-1STConstruction of the Mazru
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Exploration in CroatiaPannonian bas
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Investments in exploration and deve
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Oil and gas reserves as of 31 Decem
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As part of safety and environmental
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Natural gas supplyThe production of
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Over the previous year, the strong
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At the Rijeka Oil Refinery, a contr
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Annual report 200747
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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
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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
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INA Group ConsolidatedStatement of
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INA d.d. UnconsolidatedStatement of
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INA Group ConsolidatedCash Flow Sta
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Notes 2007 2006Cash flows from fina
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In its session of 22 July 2005, the
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Management Board from 5th May 2006d
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IFRIC 11 IFRS 2: Group and Treasury
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GoodwillGoodwill arising on the acq
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Where an impairment loss subsequent
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Deferred taxDeferred tax is recogni
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The effective interest method is a
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Furthermore, the time determined fo
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3. Sales revenueRevenue represents
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7. Finance costsINA GroupINA d.d.20
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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 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: INA d.d. interest-free liabilities
Page 167 and 168: CROBENZ d.d. ZagrebRadniËka cesta
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