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Zagreb, February 14 – INA – Industrija nafte, d.d. published financial results of INA Group for 2011. The overall result of INA Group achieved in 2011 shows an increase of profitability on the operative level as well as on the level of net profit.

EBITDA has reached HRK 6,522 million while the operating profit amounted HRK 4,078 million. Net profit reached HRK 1,815 million in 2011, which is an improvement of HRK 854 million compared to the last year. Improved results mostly reflected the external environment through higher crude oil prices together with improved average daily hydrocarbon production in Exploration and Production segment. More favourable result was also driven by results of the management efforts to improve efficiency and control costs during 2011.
Exploration and Production recorded operating profit of HRK 6,141 million, which showed an increase of HRK 1,569 million over 2010 figure. A positive contribution of business activities in Syria has been decreased in last quartile of 2011 when INA, due to security situation, INA reduced the crude oil and natural gas production. Refining and Marketing in 2011 contributed negatively to the result, predominantly due to higher crude oil price, lower utilisation of refineries capacities, higher volumes of own consumption and still depressed market demand. Retail has recorded an operating profit excluding special items of HRK 109 million, which showed an improvement of HRK 71 million over 2010. The operating profit was positively affected by the introduction of premium CLASS fuel and decrease of operative costs.

Commenting the financial results, Zoltán Áldott, president of the Management Board of INA, said: „Difficult business conditions in the foreign concessions and reduced demand due to economic problems in the Eurozone are the main challenges in the coming period. Company continuously analyzes the developments and will continue activities aimed at improving internal efficiency along with development activities. “