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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