Zagreb, July 30– Today INA Group announced its unaudited financial statements for first half of 2010 on Zagreb and London Stock Exchange. As total, INA Group, with the HRK 220 million net profit generation of continuing operations and with the contribution of HRK 328 million loss of the gas trading business, realised a net loss of HRK 108 million.
In the first half of 2010 INA Group has recorded improved operating results compared to the same period last year, generating HRK 2.7 billion EBITDA (+26%) and HRK 1.3 billion operating profit (a growth of 137%) excluding one-off items from continuing operations. The improvement was a result of increased hydrocarbon production from North Adriatic and Syria, improving economic environment through increasing crude oil prices and higher realized refinery margins (through partially more favourable product slate and crack spread) and a reduction of operating costs. These positive impacts were partially compensated by lower refined product sales, reflecting still depressed market demand. Gas trading narrowed its losses as a result of the partial implementation of an agreement reached between the two largest shareholders of INA, the Croatian Government and MOL, but this activity (classified as discontinued operation due to the agreement to sell Prirodni Plin to the Government by December 2010) was still recording losses of over HRK 300 million (USD 60 million) in the first half of the year.
„INA remains one of the country’s strongest investors focusing on key projects like North Adriatic production and refinery modernisation which would guarantee the company’s future bring added value to all shareholders. In the future, the company
will focus strongly on the identification of new, value creating upstream projects to replace reserves, further profitable developments in its refining system, the segmented but intensive modernisation of its retail network and new opportunities like strengthening Croatia’s energy infrastructure through participation in the LNG terminal and new gas storage facilities. Improving liquidity together with the consolidation of the financial position still remains one of the key tasks for the management. Financial strength have be improved through optimization of the current debt structure while further efficiency improvement steps will also be implemented.“ – Mr. Zoltán Áldott, the president of the Management Bord commented the results.