General Shareholders’ Assembly was held

INA- INDUSTRIJA NAFTE, d.d. held the General Shareholders’ Assembly at the Head Office in Zagreb on June 19th, attended by 9,566,197 votes or 95,662% of 10,000,000 votes in total.

With the necessary majority of votes present at the Assembly among other items, the following resolutions were adopted: Decision on the amendments to the list of the Company’s business activities – additional activities (the details can be found on, Amendments to the Articles of Association of INA, d.dDischarge to the members of the Management Board  for business year 2011, Discharge to the members of the Supervisory Board for business year 2011, and Appointment of the auditors of the Company for 2012.

Consolidated and unconsolidated Financial Statements for the year ended 2011 together with the Independent Auditor’s Report, Company and INA Group Status Report for 2011, and Supervisory Board Report for 2011 were presented to the shareholders at the Assembly.

In addition, a decision about appropriation of profit of INA, d.d. in 2011 was made, stating that it would be allocated as legal reserves in amount of HRK 98,336,771.17 and as retained earnings in amount of HRK 1,868,398,652.31.

Speaking before the attending shareholders on the General Shareholders’ Assembly, Zoltán Áldott, President of INA Management Board, together with András Huszár, Executive director for Finance, held a presentation in which they reflected on the most important events and trends in INA’s operations during last year, as well as on the financial indicators regarding each core business activity. In addition, Mr. Áldott emphasized the importance of the major upcoming INA’s investment cycle worth over HRK 2 billion solely in 2012, i.e. larger than the entire net profits generated in 2011. He also welcomed the decision of the major shareholders to retain profits within the Company to set the basis for long-term growth.

“The Company’s management is now facing major challenges; on one hand we are dealing with a changing external environment that significantly affects the financial position of the company, and on the other, with significant investments, which would be particularly intensified in Croatia in the coming period, we strive to ensure the future of the company in the unpredictable years ahead. In this respect, the company’s management remains focused on further improvement of the efficiency and use of their own resources to respond to market opportunities. With a clear vision of what we want to be – an influential regional player – we are aware that we have set an ambitious goal, but with the support of INA’s two largest shareholders, the Croatian Government and MOL, we are confident that we can realize our plans and therefore confirm our status of a leader of Croatian economy,” Mr. Áldott said.Documents