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EgyptINA has four producing interests in Egypt. During 2007 a totalof 21 development wells were put into production: one wellon the East Yidma block, five wells on the West Abu Garadigblock, six wells on the North Bahariya block and nine wellson the Ras Qattara block.On the East Yidma - Western Desertconcession where INA is the operator with a 50% share, theSidi Rahman-1 well was put into production by the end ofSeptember 2007 and a new oil field was discovered.On the West Abu Gharadig concession, the partnersplanned to drill three new development wells; however,in order to balance the natural decline in production fromthese two oil fields, five wells were drilled during the year.On the North Bahariya concession seven developmentwells were drilled during 2007. By the end of 2007 on thefour fields on this concession there were 13 producing wells,however their yield is dramatically declining and INA isconsidering disposal of licence rights on this concession.On the Ras Qattara concessions there are two oil fields onwhich nine new development wells were drilled out of twelvenew wells that had been planned for drilling in 2007.SyriaOn the Hayan block in Syria INA is the operator with a100-percent share.Production is in course on the oil fields Jihar and Jazal andthe Palmyra gas field.In 2007 INA submitted two Notices of CommercialDiscovery to the Syrian Ministry - for the Jazal field inJanury and for the Mustadira gas-condensate field in themiddle of the year. The development plan for the Jazalfield was prepared in May and the field was put intoproduction by the end of October with the well Jazal-1ST.The location of the other development well Jazal-2 wasselected in September.Drilling of the Jihar-8 well commenced in the middle ofOctober 2007. The selection of the site for the Mustadira-2 well was performed in August and its drilling, whichbegan in the middle of November, is in progress. A newinlet manifold was installed on the oil and gas station(OGS) on the Jihar field so as to enable acceptance ofproduction from the Jihar and Jazal fields.36 Business activities
Oil and gas reserves as of 31 December 2007CroatiaUnitProvedProved+probableProved+probable+possibleUnitProvedProved+probableProved+probable+possibleOil 10 3 m 3 10,113 12,906 12,906 10 3 bbl 63,604 81,172 81,172Condensate 10 3 m 3 2,497 2,649 2,674 10 3 bbl 15,704 16,660 16,819Total(oil+condensate)Associated gas +gas cap10 3 m 3 12,610 15,555 15,581 10 3 bbl 79,308 97,833 97,99210 6 m 3 1,667 3,091 3,091 10 6 bbl 10,486 19,440 19,440Free gas - onshore 10 6 m 3 14,999 17,367 17,665 10 6 bbl 94,334 109,223 111,101Free gas - Adriaticoffshore10 6 m 3 13,907 16,053 20,052 10 6 bbl 87,463 100,965 126,115Total Gas 10 6 m 3 30,573 36,511 40,808 10 6 bbl 192,283 229,628 256,657OE 10 3 m 3 41,226 49,730 53,777 10 3 boe 259,284 312,765 338,222NPV10 after tax 10 6 USD 3,339.2 4,011.9 4,131.7 10 6 USD 3,339.2 4,011.9 4,131.7Other CountriesUnitProvedProved+probableProved+probable+possibleUnitProvedProved+probableProved+probable+possibleOil 10 3 m 3 1,453 2,179 2,614 10 3 bbl 9,136 13,706 16,438Gas 10 6 m 3 329 6,604 6,761 10 6 bbl 2,066 41,535 42,519Condensate 10 3 m 3 4 1,537 1,537 10 3 bbl 28 9,668 9,668OE 10 3 m 3 1,764 9,898 10,479 10 3 boe 11,097 62,251 65,904NPV10 after tax 10 6 USD 325.3 942.3 1,047.0 10 6 USD 325.3 942.3 1,047.0TotalUnitProvedProved+probableProved+probable+possibleUnitProvedProved+probableProved+probable+possibleOil 10 3 m 3 11,566 15,086 15,520 10 3 bbl 72,740 94,879 97,610Gas 10 6 m 3 30,902 43,115 47,569 10 6 bbl 194,349 271,164 299,176Condensate 10 3 m 3 2,501 4,186 4,212 10 3 bbl 15,731 26,328 26,487OE 10 3 m 3 42,991 59,628 64,256 10 3 boe 270,382 375,016 404,126NPV10 after tax 10 6 USD 3,664.5 4,954.2 5,178.7 10 6 USD 3,664.5 4,954.2 5,178.7* Reserves assesment was carried out by PGL Engineering Geoscience, independent oil industry consultants.Annual report 200737
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 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: Investments in exploration and deve
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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