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Net profit (in HRK mil)120010008006004002008549828138999851130892885670883990869INA Group0200220032004200520062007INA d.d.Oil and Gas Exploration and ProductionSegments IFRS 2006 2007 % changesresults In millions HRK USD HRK USD HRK USDProfits* 6,794 1,164 8,133 1,516 19,7 30,2Income from operating activities 1,623 278 2,045 381 26,0 37,1CAPEX 1,747 299 1,559 285 (10,8) (4,7)* gross principleProfit from operating activities increased in 2007 by HRK422 million to the amount of HRK 2,045 million (USD 381million), mostly due to a 12.2% higher daily productionof hydrocarbons, reduced import of natural gas, higherselling process of oil and gas and bigger scope of workof the CROSCO group for third parties. These positiveresults were partially reduced by increased depreciation.Import and sales of natural gasImport and sales of natural gas1201008060402039,894,737,3109,1Natural gas sales on domestic market (Bcf)020062007Natural gas import (Bcf)60 Financial results
Refineries and MarketingSegments IFRS 2006 2007 % changesresults In millions HRK USD HRK USD HRK USDProfits* 18,136 3,108 18,764 3,498 3,5 12,6Income from operating activities 170 29 59 11 (65,3) (62,2)CAPEX 850 146 985 184 15,9 26,1* gross principleThe Segment has attributed to INA Group results in 2007with HRK 59 million (USD 111) of income from operatingactivities, which is HRK 111 million less than the previousyear. The positive effect of 2.5% more quantities sold and24.6% higher average margins was primarily reduced byhigher costs of maintenance and higher depreciation. In2007 as well, the adverse effect of capping the motor fuelprices on the domestic market has continued.Sale of Refinery Products (000 t)Sale of Refinery Products (000 t)5000400030002000Overall sale of oil productsOther markets1000291863512194772292373012384891BiH020062007CroatiaSale of Refinery Products (000 t)Sale of Refinery Products (000 t)5000400030002000Owerall sale of oil products1000123426249144772125426819574891Other productsGas oil and fuel oils020062007Motor fuelAnnual report 200761
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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 and 58: Financial results
Page 59: Important financialindicators for 2
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
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) By asset typeINA GroupOil and gas
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) By asset typeINA d.d.Oil and gasp
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I) Oil and gas reservesThe ability
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13. Investments in subsidiariesBasi
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14. Investments in associates and j
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17. Available-for-sale assetsCompan
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19. Receivables from buyers, netINA
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22. Paid expenses of the future per
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25. Liabilities to suppliers, taxes
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Averageweightedinterest rateAverage
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was contracted with a 5-year expiry
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INA GroupINA d.d.2007 2006 2007 200
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o podjeli proizvodnje - UPP) on the
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The change of the present value of
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34. Retained earningsINA GroupRetai
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By business segmentsINA d.d.Researc
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By business segmentsINA GroupResear
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By business segmentsINA d.d.Researc
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By geographical areasINA d.d.Republ
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Income from sale of goodsand servic
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Income from the sale of products to
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ond, exploratory and confirmatory w
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39. Unforeseen obligationsInvestmen
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Goals of financial risk managementT
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was valid throughout the year. An i
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INA d.d. interest-free liabilities
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42. Approval of the financial state
Page 167 and 168:
CROBENZ d.d. ZagrebRadniËka cesta
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