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Financial resultsChanges in accounting policiesIn the current year, the Company and the Group haveadopted and applied all new and revised Standards andInterpretations issued by the International AccountingStandards Board (IASB) and the International FinancialReporting Interpretations Committee (IFRIC), which referto their operation and are effective for accounting periodsthat have commenced on January 1st 2007, (MSFI 7Financial instruments), as well as IFRIC 7-10 interpretationswhich have been effective since 2006.Adoption of new and revised interpretations has notaffected the changes in accounting policies of INA Group.Most important financial data for 2007INA Group - financial data 2006 2007 % changes(MSFI) HRK mil USD mil HRK mil USD mil HRK mil USD milNet income from sales 23,434 4,016 25,848 4,819 10,3 20,0EBITDA 2,474 424 2,803 523 13,3 23,3Operating profit 974 167 1,020 190 4,7 13,9Net financial profit (loss) 131 22 113 21 (13,7) (6,1)Net profit 883 151 869 162 (1,6) 7,1Net cash from business activities 1,429 245 2,416 450 69,1 84,058 Financial results
Important financialindicators for 2007In 2007 INA Group recorded a 10% increase of net incomefrom sales, reaching the level of HRK 25.8 billion, primarilyon the basis of more quantities sold (2.5% of refineryproducts, 16% of natural gas and 20% of crude oil) andhigher selling prices.Profit from operating activities increased by 5% over theprevious year, reaching the amount of HRK 1,020 million(USD 190 million). Natural gas production and soldquantities of refinery products also increased, and this,along with the higher selling price of natural gas, haspositively affected the results. This effect was partiallyoffset by the increased amount of calculated depreciation.Net financial profit in 2007, mostly resulting from positiveexchange rate differences, was reduced in relation to theprevious year by 13.7% to HRK 113 million, due to higherinterest costs and other financial costs.The net profit of INA Group in 2007 amounted to HRK 869million (USD 162 million).The operating cash flow of INA Group in 2007 increasedin relation to 2006 by 69% and amounted to HRK 2,416million. Operating cash flow before changes in workingcapital is 10% higher, primarily as a result of higherdepreciation. With an increase of working capital, theinventories were reduced by HRK 52 million as a result ofchanges in claims and obligations towards suppliers andincrease of inventories. Other liabilities (tax) were reducedby HRK 37 million. Capital investments of the Companyamounted to HRK 2,896 (USD 540 million) in 2007 andfor the most part related to exploratory and developmentoperations in the North Adriatic, Syria and Egypt, andto ongoing projects in the Refineries and Marketingsegment (continuation of implementation of refinerymodernisation plan). Investments were financed fromincreased indebtedness by HRK 895 million in relation toDecember 31st 2006.Income from sales (in HRK mil)30000250002000015000100005000127521407913590153451592417988192342107021326234342265125848INA Group0200220032004200520062007INA d.d.Annual report 200759
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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 54 and 55: Strategic partnershipwith MOLStrate
Page 57: Financial results
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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