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Balance sheetAs at 31 December 2007, total INA Group assets amountedto HRK 24.9 billion, which is a 12 % increase over the previousyear. Immovables, Plant and Equipment rose by 12%, mostlydue to investments in development of oil and gas fields (inNorth Adriatic, Syria and Egypt), investments in refineriesand modernisation of the Croatian retail network.Investments in intangible assets and goodwill increasedby 32% and mostly refer to goodwill related to acquisitionof Energopetrol in Bosnia and Herzegovina. Investmentsin associated companies and joint ventures, as well asinvestments in other companies, rose by HRK 81 million,mostly as a result of the acquisition of a 33.5% share inEnergopetrol. The increase of stakes available for sale byHRK 220 million is mostly the result of the increase ofmarket value of Janaf d.d. shares. Deferred tax decreasedby HRK 92 million, HRK 40 million of which refers to stakesavailable for sale.Inventories increased by 10% to the amount of HRK 3.1billion, primarily due to effects of increased value of oilreserves (bigger quantities and higher prices), partiallycorrected for the reduced reserves value of finishedproducts and semi-finished products.Net trade receivables increased by 21% due to higherrefined products prices and amounted to HRK 3.1 billion.As at 31 December 2007, INA Group’s total liabilitiesincreased by 20% over the previous year and amountedto HRK 11.3 billion. The increase of liabilities is the resultof increased long-term and short-term loans, which roseto HRK 4.9 billion in comparison with HRK 3.9 billion in2006. Long-term provisions rose by HRK 220 million to theamount HRK 1.4 billion at year-end, mostly due to higherprovisions for decommissioning costs (HRK 127 million)and higher costs of court disputes (HRK 114 million).The total net debt of INA Group amounted to HRK 4.2 billionin comparison with HRK 3.3 billion at the end of 2006,while net gearing (net debt to net debt plus shareholder’sequity including minority interest) increased from 20.55 to23.5% at the end of 2007.Profit and loss accountIn 2007 total sales revenues of INA Group increasedby 10% over 2006 and amounted to HRK 25,848 billionExport structure for 2007.(USD 4,819 million). Domestic sales, making 6.4% of totalsales, increased 100 by HRK 1,670 million (11%) due to highervolumes of natural gas sold (15.2%) and higher prices ofgas and oil products.Total sales structure in 2007.100atural gasilil productsExport sales revenues amounted to HRK 9,381 million(USD 1,749 million) representing a 9% increase over 2006,80primarily due to increase in both average sales prices andhigher oil export volumes.Natural gasIn 2007 as well, INA suffered an adverse effect on profitOildue to regulated prices of natural gas on the domesticmarket, impeding 0 the full passing on of the Oil gas products importprice to buyers.80%10%5%80076%3%17%3%OtherNatural gasOilOil productsLimiting the charging of the maximum price accordingto the formula for calculation of oil products retail prices64 Financial results
(“price cap” limitation) also had an adverse effect on 2007results by HRK 260 million.Total operating expenses increased by HRK 2,309 million(10 %) and amounted to HRK 26,142 million. Costs of rawmaterial, consumables and energy rose in 2007 by 7%over the previous year, where the cost of imported oil ishigher by 15% due to 11% more refined volumes and 4%higher average import price. Procurement value of goodssold is 20% higher and amounts to HRK 4.9 billion.Costs of services decreased by 1% and are at a level of HRK3.8 billion. Depreciation increased by 35% to the amount ofHRK 1.3 billion primarily due to capitalisation of successfulexploratory operations and reduction of reserves on thefield in production. Corrections and provisions were 10 %lower and amount to HRK 481 billion.Profit from financial activities in 2007 was HRK 113 millionwhich is 13.7% less than in 2006. The effect of increasedpositive exchange rate differences in the amount of HRK165 million was partially offset by HRK 127 higher interestcosts, HRK 72 million of which refers to increased interestfor long-term loans. In 2007, the cost of interest for loansamounted to HRK 280 million in comparison with HRK163 million in 2006.Income tax in 2007 is HRK 41 million higher and amountsto HRK 262, mostly due to higher company revenue andhigher prices of gas and oil products.Overall staff costs increased by 8%, including an averagepay rise of 8.9%. The number of employees on 31 December2007 was 15,855, representing a slight decrease against2006 (15,873).Export Export structure structure for 2007. for 2007.Total sales Total structure sales structure in 2007. in 2007.10010010010080808080Other Otherl atural gas gasil80%80% 10%5% 10%5%Natural Natural gas gasOil Oil76%3% 76%17%3%17%3%3%Natural Natural gas gasOil Oilducts il products00Oil products Oil products00Oil products Oil productsAnnual report 200765
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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 and 60: Important financialindicators for 2
Page 61 and 62: Refineries and MarketingSegments IF
Page 63: Business environmentThe following f
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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