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Natural gas supply and salesNatural gas salesIn 2007 INA sold 3.1 billion cm of natural gas to eligibleand tariff customers in Croatia. The structure ofcustomers and their market share is presented in thefigure presenting :With the implementation of the new gas market lawpassed in August 2007, the structure of INA’s gas customerschanged. The new law creates conditions for a furtheropening of the Croatian gas market. According to thenew law all customers not belonging to the “household”category have the status of eligible customer. This is achange in respect to the previous law introduced in 2002,according to which eligible customers were those whosegas consumption exceeded 100 million cm or those thatused gas for cogeneration. The new law stipulates thatafter 1 August 2008 all natural gas wholesale consumerswould have the status of eligible customer, which meansthat the market would be liberalized.After the new law came into force in August 2007, thesupply of gas to tariff customers became a regulatedactivity with capped prices. Consequently, the Governmentset the price cap at HRK 1.07/cm/33.33835 MJ. This priceis far below the price INA is paying for imported gas. <strong>Ina</strong>ddition, INA as nominated supplier of tariff customers inCroatia is obliged to keep separate accounts for gas soldto tariff and eligible customers respectively.Natural gas volumes sold in 2007 accordingto category of customersNatural gas volumes sold in 2007 according to categoryof customersDistributors 38.86%Industry 11.7%HEP 27,87%Petrokemija 20,89%PLIVA 0,30%CMC 0,37%Revenue generated by sale of natural gas,Revenue generated by sale of natural gas, ethane,ethane, n-pentane and waterN-pentane and waterAt the beginning of August 2007 INA negotiated contractprices with the two largest eligible customers: theCroatian electricity company - HEP and the fertilizer plantPetrokemija, Kutina.In 2007, E&P Division generated gas sales revenueamounting to HRK 3.4 billion. In addition to natural gas,the Commercial Sector sells ethane, n-pentane and water.The total revenue generated by all these products was HRK3.5 billion, which is 15% higher than the previous year.Natural gas 97.31%Ethane 2,49%N-pentane 0.04%Water 0.16%40 Business activities
Natural gas supplyThe production of natural gas from domestic reserves (onshoreand offshore) covers 64% of the total demand fornatural gas in Croatia; the rest is imported from Russia.Domestically produced gas is delivered from INA’s productionlines and measuring stations into the transmissionoperator’s system, which performs transportationof gas to distribution companies and industrial consumersin Croatia.In order to secure a possible import route for additionalvolumes of gas so as to meet increased demand, INA hasacquired transport capacity through Slovenia and the offtakepoint Gorizia on the Slovenian-Italian border enablingimport of an additional 330 million cm in 2008.The Commercial Sector within E&P is responsible for performanceof all activities related to long-term gas importcontracts, as well as transportation contracts for transit ofgas through Slovakia, Austria and Slovenia to the Croatianborder. The long-term contract for the supply of naturalgas by Gazprom Export is in force till the end of 2010.Annual report 200741
Page 3: 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: As part of safety and environmental
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 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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