NIS Publishes Revised Consolidated Financial Statements for 2015

NIS publishes revised consolidated financial statements for 2015, prepared in accordance with the International Financial Reporting Standards.

The Company has completed the year 2015 as profitable. Net income of NIS amounted to 14.6 billion dinars, and it was largely influenced by decreasing of almost 50% in oil prices on the world market and the negative impact of currency exchange rate, which in 2015 amounted to 8.1 billion dinars. EBITDA amounted to 46.5 billion dinars. Although financial indicators are lower than in 2014, they are significantly higher than planned for 2015, taking into account decreasing in crude oil prices.

Maintaining profitability in a very complex business conditions was largely contributed by the continued implementation of operational efficiency programs. The achieved economic effect (both on EBITDA and cash flow) of the measures to increase the efficiency of business operations in 2015 amounted to 13.3 billion dinars.

As a result, NIS was able to maintain the planned level of investments and in 2015 was invested 30.3 billion dinars in the development of the Company. It is about double amount of the achieved annual net profit of the Company, which made NIS remain at the top of the biggest investors in Serbia.

The total amount of accrued tax liabilities and other public revenues in 2015 amounted to 151.9 billion dinars, or 12 percent more than a year ago. Also, the third consecutive year, in 2015 NIS paid out dividend to its shareholders totalled 7.6 billion dinars, which is equal to 25 percent of the Company’s net income for 2014.

As regards operating performance indicators, in the field of exploration and production NIS has increased the hydrocarbon reserves by 8 percent compared to last year. The volume of oil refining and processing semi-finished products was increased by 6 percent compared to the same period in 2014 and was continued modernization of processing capacities, primarily through the activities within the project “Deep processing”.

In the field of energy was set up the TETO Company Pancevo aimed to construct the thermal power plant with the capacity of 140 MW in Pancevo, and was completed the construction of small power plants Velebit 3 and Sirakovo 2, so the Company currently has 13 small power plants on the oil and gas fields in Serbia, with the total capacity of 11.6 MW. Also was started the compressed natural gas retail.

The success was achieved in sales as well, where the total turnover of petroleum products increased by 5 percent compared to 2014 and NIS has increased the share in the retail market of petroleum products in Serbia by 1 percent. The Company continued with the modernization of the retail network and the introduction of new products and services to consumers, such as 100 octane gasoline, G-Drive 100.

With the regard to the publication of NIS operating results in 2015, Kirill Kravchenko, CEO of NIS said:

“Last year was difficult not only for NIS, but for the entire oil and gas sector in the world, and I am proud that we have managed to maintain profitability. Our responses to the crisis were teamwork, cost reduction and operational efficiency in all business segments, which gave us the expected results, and therefore are going to remain our main focus. Also, employees in NIS have contributed to increasing the efficiency with their own innovations, through the program “I have an idea”. However, we are aware that business conditions in 2016 will be much more complicated than the previous one, primarily because of the low prices of crude oil on the world market and currency fluctuations. We are facing hard times, and have to stay focused to the end and to put on a lot of efforts in order to maintain the Company’s profitability”.

Contact:

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Milentija Popovića 1
11000 Belgrade

About NIS

НИС је једна од највећих вертикално интегрисаних енергетских компанија у југоисточној Европи. Основне делатности су истраживање, производња и прерада нафте и гаса, као и промет широког асортимана нафтних деривата. Више на страни nis.eu/o-nama

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