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INA - INDUSTRIJA NAFTE d.d.Zagreb and INA GROUPConsolidated and unconsolidated Financial Statements and Notesfor the year ended 31 December 2007Together with Independent Auditors’ Report72 Financial report
Responsibility for thefinancial statementsPursuant to the Croatian Accounting Law, the ManagementBoard is responsible for ensuring that financial statementsare prepared for each financial year in accordance withInternational Financial Reporting Standards (“IFRS”) aspublished by the International Accounting StandardsBoard (“IASB”), which give a true and fair view of the stateof affairs and results of the Group for that period.After making enquiries, the Board has a reasonableexpectation that the Group has adequate resources tocontinue in operational existence for the foreseeablefuture. For this reason, the Board continues to adopt thegoing concern basis in preparing the financial statements.In preparing those financial statements, the responsibilitiesof the Board include ensuring that:The Board is responsible for keeping proper accountingrecords, which disclose with reasonable accuracy at anytime the financial position of the Group and must alsoensure that the financial statements comply with theCroatian Accounting Law. The Board is also responsiblefor safeguarding the assets of the Group and hence fortaking reasonable steps for the prevention and detectionof fraud and other irregularities.Signed on behalf of the Group:• suitable accounting policies are selected and thenapplied consistently;• judgements and estimates are reasonable andprudent;• applicable accounting standards are followed,subject to any material departures disclosed andexplained in the financial statements and• the financial statements are prepared on the goingconcern basis unless it is inappropriate to presumethat the Group will continue in business.Tomislav DragiËeviÊ, ScD,President of the Management BoardINA - Industrija Nafte d.d. ZagrebAvenija VeÊeslava Holjevca 1010000 ZagrebRepublic of Croatia11 March 2008Annual report 200773
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Table of contentsIntroduction 5INA,
Page 7 and 8:
Annual report 2007
Page 9 and 10:
Tomislav DragiËeviÊ, President of
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Josip PetroviÊ, Member of the Boar
Page 13 and 14:
Scheme of macro-organizational stru
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Higher output in INA’srefineriesI
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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 and 64: Business environmentThe following f
Page 65 and 66: (“price cap” limitation) also h
Page 67: Annual report 200767
Page 71: ContentsResponsibility for the Fina
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
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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
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CROBENZ d.d. ZagrebRadniËka cesta
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