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INA d.d. UnconsolidatedStatement of Changesin EquityFor the year ended 31 December 2007 (all amounts in HRK millions)SharecapitalOtherreservesRevaluationreservesRetainedearningsTotalBalance at 1 January 2006 9,000 1,952 (96) (119) 10,737Gains on available-for-sale investments - - 162 - 162Net income/(expense) recognized directly in equity - - 162 - 162Profit for the year - - - 670 670Total recognised income and expense - - 162 670 832Balance at 31 December 2006 9,000 1,952 66 551 11,569Gains on available-for-sale investments - - 163 - 163Dividends paid - - - (131) (131)Net income/(expense) recognized directly in equity - - 163 (131) 32Profit for the year - - - 990 990Total recognised income and expense - - 163 859 1,022Balance at 31 December 2007 9,000 1,952 229 1,410 12,591Signed on behalf of the Group on 11 March 2008 by:Zalán BácsTomislav DragiËeviÊVice President of the Management Board &President of the Management BoardExecutive Director of Finance FunctionThe accompanying accounting policies and notes form an integral part of this consolidated income statement.Annual report 200785

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