- operating profit increased by 45% compared to 2013
- net profit increased by 51% compared to 2013
- net debt decreased by 30% compared to the same period last year, while gearing dropped to 22.3%
- stable investments, increase of 7%
- increase of oil production by 2%
Zagreb, 30 October 2014 – INA Group operating profit and net profit in the first nine months 2014 amounted to HRK 1,042 million and HRK 583 million, which is 45% and 51% increase compared to 2013. Both operating and net profit are increased in spite of unfavourable external environment in the Downstream segment and regulatory burden on the Upstream. EBITDA reached HRK 2,391 billion in the first nine months 2014.
Operating cash flow reached the level of HRK 2,022 million in first nine months 2014. Financial position of the Company improved further, net debt decreased to HRK 4,010 million, 30% lower than in the same period last year, while gearing dropped to 22.3%.
In the same period INA increased investments by 7% to a level of close to HRK 1.1 billion, with majority invested in Croatia, mainly in the Upstream segment.
Nevertheless strict cost control and further optimization of INA activities will be needed in the coming period in order to ensure sustainable operations and further value creation for all stakeholders.
Commenting the first nine months results, INA’s President of the Management Board, Mr Zoltán Áldott, said that the company achieved significantly stronger operating and net profit in the first nine months of 2014 compared to the same period last year (45% and 51% increase respectively) despite unfavourable regulatory changes affecting our upstream segment (forced sale of gas inventory, transfer of the households supply to HEP with regulated gas prices, royalty increase) which impacted company’s results by HRK 591 mn in the subject period.
„Our focus on reliable, stable and increasingly efficient operations are visible in increased crude oil production in Exploration & Production, improved sales structure and lower energy consumption in Refining & Marketing business together with further modernization and efficiency improvement in Retail.
The main goal of the management is to pursue the most suitable development strategy for INA providing topline growth, with Upstream being the key growth driver, both in domestic and international activities. In line with such efforts, we increased investments by 7%, close to HRK 1.1 billion, with majority invested in Croatia.“ – concluded Áldott.