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Reduction of sulphur dioxide and hydrogen sulphideemissions was mostly contributed by the start-up of thedesulphurisation plant Sulphur Recovery Unit as the firstin a row of plants envisaged by the Capital project of Sisakand Rijeka Oil Refineries Modernisation.The Refineries Modernisation Project continues withconstruction of HDS FCC of petrol (FCC hydrodesulphurisation)which will provide for production of Euro 5 qualitypetrol, therewith adjusting the quality of fuel withthe highest standards, and which will contribute to thereduction of harmful emissions into the environment.Apart from the projects within the modernisation programme- projects that will ensure long-term processingand production in line with EU standards, the Sisak OilRefinery has launched many projects within the regularbusiness activity and maintenance, which will contributeto raising the ecological standards, among which we singleout the following: construction of the plant for processingrainfall waste waters on API KP-6 separator, reconstructionof the compressor sealing system , lightering of the blowdown system on coking plant, construction of the Sisak-2measuring station in Galdovo and automatisation of tanktruck loading stations on Dorada 2Projects on revitalisation of the storage space are alsounder way, where repair of R-300 and R-411 tanks for oilproducts is under way, with the purpose of reducing theevaporation losses, the project on installation of the newsteam generator, as well as the complete Modernisationof IT system for monitoring emissions/immissions fromthe system of the refineries.At the Rijeka Oil Refinery (Urinj location) the Study onEnvironmental Impact for the first phase of Rijeka OilRefinery modernisation was accepted, which includesthe construction of the Hydro cracking plant (MHC/HDS), Hydrogen Production Plant and DesulphurisationPlant (Claus). Obtaining the construction permits for thestipulated plants is under way.Within the regular business activity focused on raisingecological standards of production, in 2007 all sources ofnoise at the Power Plant were repaired, since they wererecognised as sources whose emissions endanger housingsettlements in the area. Moreover, noise bafflers wereinstalled on FCC complex.At the refinery, equipment for emission monitoring onstacks, in line with legal requirements, was put into func-22 Business report
tion. Within the programme of continuing rehabilitationof the subsurface, new equipment for exploitation wasprocured which provided for significant hydrocarbonsrecovery enhancement from 34 wells within the Refinery.Implementation of the programme for reduction ofbenzene emissions/immissions and reduction of pollutionof air with hydrogen sulphide from Rijeka Oil Refinery -Urinj location is under way.At the Rijeka Oil Refinery (Mlaka location) all plants areadjusted to heating on gas and as of November 2007,all process furnaces and boilers use solely natural gas asenergy source.At the Oil and Gas Exploration and Production Division, thenumber of pipeline ruptures has been continuously decreasingas the result of major investments in replacementand repair of pipelines.Unforeseen events with environmental impactDuring 2007, 16 accidents with environmental impact wererecorded at <strong>Ina</strong>, which is one less than the previous year.Most common causes were attempts of theft of liquefiedhydrocarbons from pipelines, installation of improvised devicesand pipeline/oil line leakage, but also breakdowns, that is,damage of processing equipment and spilling of the product.Health protection andoccupational safetyHealth protection and occupational safety are one of thepriorities of our company.With systematic care for the health of our employees and withconstant improvements of working conditions, we maintaina safe and healthy work environment. Activities we carry outin order to maintain safe working conditions and health ofemployees are connected to the realisation of legal obligationsfrom the field of occupational safety and fire protection.Special attention is given to constant education, the trainingof employees for work in a safe manner, the training ofsalespeople on petrol stations in the field of fire protection andoccupational safety, preparation of danger evaluation for workpositions, conducting fire protection drills and high qualitycommunication as the basis for implementing healthcare andoccupational safety.Annual report 200723
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 20 and 21: Vision, Mission and CoreValuesINA i
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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