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Vision, Mission and CoreValuesINA is a modern, socially responsible and transparent companyin constant dialogue with its environment, focusedon sustainable development and care for the health andsafety of its employees and the community as a whole.VisionTo be a well-reputed and desirable partner that is knownfor its excellent products and services, for honest andnurtured relationships, and for protection of the interestsof our owners, customers, employees and other partners.MissionINA, d.d. is a vertically integrated oil corporation whichplays a major role in the oil, oil products and gas marketsin Croatia and neighbouring countries, and which is committedto creating higher value by continuously improvingits business and quality of products and servicesCore ValuesIn order to achieve its Mission and realise its Vision, INAhas to adjust its behaviour to the expectations and goalsof all concerned in INA’s activities - primarily the owners,customers, suppliers and the community in which INAoperates, while taking into account the need to protectthe environment and maintain a balance in nature thatsurrounds us.Hence, INA’s core values are:Benefits for the OwnerAchieving the profitability and value creation its shareholdersand investors expect..Partnership with CustomersFulfilling its customers’ needs and expectations, andobtaining their trust and long-term loyalty.SuppliersKeeping correct relationship with suppliers.Respect for Local Community - Recognisable ImageMaintaining awareness for the INA brand through closecooperation with various communities and respectingtheir cultural, national and regional characteristics.Benefits to Employees - Creativity and UniquenessRecognising employees’ needs, interests and abilitiesthrough an incentive-based system for salaries andpromotions, since the employees are an indispensablecreative potential and form the overall support andfoundation for realisation INA’s corporate goals.20 Business report
Health protection, safety andenvironmental protectionEnvironmental protectionLike every oil company in the world, with its activitieswhich include - exploration and production, processing,storage and sale of oil, oil products and gas - INA cansignificantly influence the environment. Hence, pursuantto law regulations and best practice, these measures andindicators of environmental protection are monitored on allrelevant locations, including: emissions into air and water,management of hazardous and non-hazardous industrialwaste, accidents with environmental impact and similar.With a goal of continuosly lowering the adverse effect onthe environment and aiming at harmonisation with regulatoryframe of the European Union, business activity at<strong>Ina</strong> is continuously upgraded according to principles of sustainabledevelopment and adjustment to EU regulationswhich regulate the environmental protection domain.In 2007, a significant portion of activities was dedicated toharmonisation of business with the European regulatorystandards from the environmental protection field.Within the process of harmonising national legislationin environmental protection with European unionstandards, Decree on Technical Standards for Protectingthe Environment from emissions of volatile organiccompounds that are the result of storage and petroldistribution (OG 135/06) was adopted in 2006, throughwhich Directives on control of emissions of volatile organiccompounds (94/63/EZ) are included in the Croatianregulatory system. Moreover, 2007 was the year when theDecree on Border Values for Air Emissions from StationarySources (OG 21/07) was adopted. This Decree transfersprovisions of Directive 2001/80EZ on limitations of airemissions from large combustion plants.Aiming at implementation of the said by-laws, in 2007 INAprepared detailed perennial plan documents with definedproject activities and pertaining financial resources.Hence, Sisak and Rijeka Oil Refineries, Logistics Sector andRetail Network Management Sector have adopted plansfor projects and investments over the following yearswhich will ensure timely implementation of activitiesnecessary for harmonisation of the business activity withEuropean standards.Sisak Oil Refinery made great efforts in 2007 to improveand solve technological problems, which resulted insignificant improvements in air quality in the area recordedon Sisak 1 immisions measuring station which is includedin the state network for air quality monitoring.Annual report 200721
Page 3: 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 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 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 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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