Zagreb, February 15 – Overall 2010 results of INA Group show that the company successfully returned to profitability at both operating and net profit levels together with the drastic improvement of its stabilisation of the financial position. Our EBITDA increased by nearly 80% reaching HRK 5,044 million, while operating profit excluding special items was HRK 2,884 million, as well.
At the net income level 2010 was significantly better than 2009 resulting from the already mentioned trends and efforts by the management, with HRK 958 million net profit compared to HRK 392 million net loss last year. Results were partially off set by forex losses on credit facilities.
Results were mainly driven by increased hydrocarbon production from North Adriatic offshore fields and Syria confirming all efforts and investments made into major investment programmes throughout the financial and economic crisis. Additionally, results from Upstream have benefited from improving economic environment through increasing crude prices, while the improved but still loss making Downstream benefited from the moderate upturn of realised refinery margins driven by recovering global activity. Although at a smaller extent, still INA Group experienced a HRK 335 million negative contribution of the gas trading business to its result.
“After two challenging years, we have managed to stabilise financial position and operations delivering a strong positive result in 2010 which has confirmed our efforts put into the key investment programmes during the crisis. While many oil companies stopped or postponed their investment programs in 2008/09, we have seized the crisis as a chance for development and growth, continuing with investments, especially in Upstream and in refinery modernisation to increase competitiveness.
Key management tasks in the upcoming period will be further improvement of our operational efficiency, the development and enlargement of our domestic and international upstream portfolio, continuing with refinery modernisation investments and focusing on the revitalization of the filling station network. Our goal is to develop INA into the leading oil and gas company in the South-East European region.”- said Mr. Zoltán Áldott, president of INA Management Board.