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INA d.d. UnconsolidatedCash Flow StatementFor the year ended 31 December 2007 (all amounts in HRK millions)Notes 2007 2006Profit for the year 990 670Adjustments for:Depreciation and amortisation 1,091 763Income tax expense recognized in profit 210 174Impairment charges (net) 330 471Gain on sale of property plant and equipment (5) (12)Gain on sale of shares or stakes (17) -Foreign exchange gain (388) (279)Interest expense (net) 341 213Other finance income/(expense) recognised in profit 29 (32)Change in provision for charges and risks and other non-cash items (475) (139)Movements in working capital2,106 1,829(Increase) / decrease in inventories (284) 554Increase in receivables and prepayments (511) (531)Increase in trade and other payables 633 571Increase/(decrease) in provisions 33 (147)Cash generated from operations 1,977 2,276Taxes paid (137) (472)Net cash inflow from operating activities 1,840 1,804Cash flows used in investing activitiesPayment for property, plant and equipment (1,995) (2,331)Payment for intangible assets (267) (390)Proceeds from sale of non-current assets 5 20Proceeds from sale of investments 18 -Aquisition for investments in subsidiaries, associates and joint ventures andother companiesDividends received from companies classified as available for sale and fromother companies(132) (23)3 3Interest received - 2Investments and loans to subsidiaries, net (423) 6Net cash used in investing activities 23 (2,791) (2,713)88 Financial report
Notes 2007 2006Cash flows from financing activitiesAdditional long-term borrowings 3,695 1,375Repayment of long-term borrowings (2,289) (324)Net (repayment)/drawdown of short term-borrowings (62) 6Interest paid on long-term loans (145) (75)Other long-term liabilities, net (8) (10)Interest paid on short term loans and other financing charges (44) (16)Dividends paid (131) -Net cash from financing activities 1,016 956Net increase in cash and cash equivalents 65 47At 1 January 226 148Effect of foreign exchange rate changes 8 31At 31 December 23 299 226Signed 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 200789
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Table of contentsIntroduction 5INA,
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Annual report 2007
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Tomislav DragiËeviÊ, President of
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Josip PetroviÊ, Member of the Boar
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Scheme of macro-organizational stru
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Higher output in INA’srefineriesI
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Poslovno izvjeπÊeAnnual report 20
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Vision, Mission and CoreValuesINA i
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Reduction of sulphur dioxide and hy
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Healthcare, as one of the prioritie
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Intellectual propertymanagementToda
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Business Segments
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Mazrur-1STConstruction of the Mazru
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Exploration in CroatiaPannonian bas
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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 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: INA Group ConsolidatedCash Flow Sta
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
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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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