Slide 1: INA Group: Results and activities in Q4 2010 and Q1-Q4 2010
INA Group Results and activities in Q4 2010 and Q1-Q4 2010 Zagreb, February 15, 2011
Slide 2: Improved results while also providing security of supply to Croatia
Improved results while also providing security of supply to Croatia Foundation set for future growth for INA and the economy of Croatia INA Q4 2010 and 2010 full year results at a glance: Delivering profits after overcoming a challenging period Activities and financial overview: Increased efficiency
Slide 3: Operating results improved, however negative contribution of gas trading remained
Operating results improved driven by management’s efforts and better external 1 environment, however negative contribution of gas trading remained Total EBITDA of INA Group1 Total net income of INA Group2 HRK millions HRK millions FY results 5,044 FY results 958 80% 2,807 2,024 ‐1,098 ‐392 FY 2008 F
Slide 4: Financial and Operational results at a glance
1 Financial and Operational results at a glance Average hydrocarbon production thboe/d (HRK million) 2009 2010 Ch % 58.8 65.5 56.6 +15.7% Net sales revenues 22,331 25,863 15.8 Croatia oil and EBITDA 2,807 5,044 79.7 condensate Croatia onshore Operating profit (205) 2,127 n.a. and Syrian gas Operatin
Slide 5: INA increased efficiency through launching a series of savings measures
2 INA increased efficiency through launching a series of savings measures while implementing the first redundancy program in the last 5 years Significant cost savings achieved as planned by: Cost savings planned in INA Group in 2010‐12 ▪ Achieving lower cost levels closer to industrial HRK millions
Slide 6: Radical improvement of financial situation by fully resolving overdue tax liabilities
2 Radical improvement of financial situation by fully resolving overdue tax liabilities, while adjusting CAPEX levels to the current financial position Capital expenditure Overdue liabilities to the state HRK millions HRK billions Exploration & Production 1.9 Refining & Marketing and Retail Services
Slide 7: Through significant investments INA prepared itself for upcoming challenges
2 Through significant investments INA prepared itself for the challenges of the upcoming period ▪ HRK 4 billion spent on refinery modernization in recent years Refinery ▪ Bringing INA in line with other European refiners modernization ▪ Introducing Euro V products in the entire retail network ▪ Star
Slide 8: During Q4 2010 INA undertook actions to ensure stable gas supply in Croatia
3 During Q4 2010 INA has undertaken actions in order to ensure stable and un- interrupted gas supply in Croatia during the heating season Contracted import volumes for 2011‐13 Competitive bidding held for future gas import to Million cm achieve best terms for Croatia 800 750 700 3‐year contract nego
Slide 9: INA is an economic engine of Croatia
3 INA is an economic engine of Croatia Major investor and the 4th biggest employer in Croatia INA is the biggest investor in Croatia in the past decade, investing more than HRK 17 bn only in Investments made by INA in Croatia (2000‐2010)* Croatia… HRK billion …while investing >HRK 10 bn abroad mainl
Slide 10: Disclaimer
Disclaimer Some of the information in this presentation may contain projections and other forward- looking statements regarding future performance of the Company. These statements represent plans, targets or predictions and actual results may differ materially as they are subject to risks, uncerta
Slide 11: Thank you for your attention!
THANK YOU FOR YOUR ATTENTION! Zagreb, February 15, 2011