Independent auditor (PwC) confirmed the accuracy of NIS 2011 financial results

February 13, 2012

PricewaterhouseCoopers (PwC), an independent auditor, issued a clear, unqualified auditor opinion, confirming the accuracy and objectivity of balance sheet positions in 2011 financial reports, and the net income of RSD 40.6 million. As communicated on 10th February, the total scope of NIS capital investments in 2011 was 34.4 billion dinars, which is by 75 percent above the scope of investment programme in 2010. Within the investment programme in 2011, NIS invested from its own resources 13.9 billion dinars, the rest is modernization programme financed by major owner OAD «Gasprom njeft». Company's total  indebtedness towards the banks (debt towards the banks and the letters of credit) at the end of 2011 was 458 million dollars, which is by 186 million dollars below the level from the end of 2010. NIS managed to sum the results in a very short period, and to publish the financial data for 2011. Most of all, these are the results of a transparent reporting policy and the implementation of world’s best practice in corporate management. Published results are still not adopted by the Shareholders Assembly of the Company. Audited financial reports, as well the independent auditor’s report are published on the NIS website (