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Strategic partnershipwith MOLStrategic partnershipBy acquiring 25% plus one share, MOL became INA’sstrategic partner and INA found its way into an integratedregional oil and gas industry partnership consistingof MOL, INA, Slovnaft and TVK. The cooperation andthe materialisation of synergies have continued in theyear 2006.Joint UpstreamactivitiesIn 2007 INA and MOL continued the work in upstreamactivities. After signing the Contract on Joint Drillingof exploration wells Zalata (Hungary) and PodravskaSlatina (Croatia) in September 2006, in 2007 first resultson Zalata-1 well were announced, where hydrocarbonreserves were discovered. In September 2007 INA and MOLhave signed the Contract on Joint Drilling of the borderarea Novi Gradac (Croatia) and Potony (Hungary), aimingat discovery of new hydrocarbon reserves. Investmentsin the joint project and production share are determined50:50 by the Contract.INA and MOL are jointly evaluating the internationalupstream business opportunities for possible futurecooperation on international projects. By diversifying riskand combining the financial and human resources, bothcompanies will improve operations and efficiency.Support in the RefineryModernisation ProgrammeAnother key area of the current cooperation between INAand MOL include the development and implementation ofa full modernisation program at both of INA’s refineries.The comprehensive refinery modernisation project hasas its objective to rank INA among the most technicallyadvanced refiners in the region by expanding the refiningcapacity and reaching EURO V quality standards of oilproducts which are expected to become effective in2009. In implementation of the refineries modernisationprogramme, INA benefits from MOL’s experience inmodernising its own refineries.Regional retail networkdevelopmentThe mutual acceptance of branded fuel cards at bothINA and MOL petrol stations continued to prove successfulin 2007.The partners have consolidated a marketing strategy forthe South East European region, including the review ofretail positions in the region.Integrated SAP systemIn 2007 INA stabilised the SAP system and upgradedprocess and organisational prerequisites for higher-qualitySAP support, once more relying on MOL experiencesregarding the integrated SAP system.54 Strategic partnership with MOL
INA and MOL ShareholdersAgreementAfter selling 7% shares to former and current INAemployees, the ownership structure of the company haschanged and now less than 50% of total shares lies in stateownership. In this connection, the Croatian Governmentand MOL have started negotiating the modification of theShareholders Agreement.Other areas of cooperationFurther development of partnership relations are intendedto enable us to exploit synergies in all business aspects.The exchange of knowledge and the implementation ofjoint projects are intended to assist INA in the realisationof our growth targets in regional oil, natural gas andrefined product markets. Joint cooperation of the twocompanies ensures the establishment of communicationchannels which should provide better utilisation of eachcompany’s speciality in specific areas.Broadening cooperation:Energopetrol acquisitionIn September 2006, MOL/INA consortium (50% INA and 50%AND MOL) signed a Recapitalisation Agreement with theGovernment of the Federation of Bosnia and Herzegovinaand Energopetrol for the acquisition of a 67% interestin Energopetrol. In 2007, the consortium took over themanagement of that company, which is a market leader onthe retail market of oil products in Bosnia and Herzegovina.Annual report 200755
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 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 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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