Zagreb, February 14 – INA – Industrija nafte, d.d. has published financial results of INA Group for 2012 and the final quarter of the last year.
On this occasion, INA Management Board President Zoltán Áldott emphasized that despite the considerable challenges posed by the lack of Syrian production and declines in gasoline and diesel demand continuing for the fourth consecutive year, INA managed to significantly increase investments in Croatia in 2012, by tripling capital expenditures in domestic exploration and production and more than doubling investments in retail activities compared to 2011.
In upstream investments INA kept a strong emphasis on exploration in onshore Croatia, a continuation of Ivanic and Zutica EOR projects and further development of its offshore fields. As regards retail, thanks to an intensified modernization program, INA now has the largest modern filling station network in Croatia.
In 2012, INA achieved a solid EBITDA (excl. special items) of close to HRK 5 billion due to our strong focus on improving operational efficiency across the Group. The company also recorded significant operating profit (excluding special items) of HRK 2.9 billion, as well as a net profit (excluding special items) of HRK 1.9 billion.
The company is particularly pleased with the improvement in its financial position reflected in the reduction of its net indebtedness by 27%, driven by strong cash generation.
As regards the performance of business segments, Exploration & Production remained the main contributor to Group results, especially with new exploration & production projects, while our Refining segment achieved significant efficiency improvements as utilization of new plants, coupled with optimized feedstock selection, led to a greater share of marketable motor fuels.