On the occasion of the NIS j.s.c. Investors Day, the consolidated financial results for nine months of business operations were presented to investor circles earlier today in Novi Sad. After the presentation of financial results and an open and constructive dialogue between NIS j.s.c. representatives and investor circles, the attendees were acquainted with corporate plans regarding the construction of a modern plant for base oil production at the Novi Sad Oil Refinery. According to Mr Anton Fedorov, Deputy Chief Executive Officer for Finance, Economics, Planning and Accounting, the upsides of the first nine months of operations are reflected in the operating profit (EBITDA) growth and a higher net profit, a strong rise in the operative cash flow, the total debt to banks which is below the set limit due to the fact that the outstanding debt to the banks against the operating profit is by a quarter lower than budgeted. Furthermore, the Company has marked a considerable increase in the refining output, motor fuel sales and retail in the domestic market, as well as the regional GAZPROM brand expansion. As a result, the foreign sales have increased and NIS j.s.c. managed to position itself as the country's second largest exporter. Conversely, the Company’s business operations are still burdened by unsettled receivables primarily from public enterprises as well as heavier tax duties due to higher excise duties and VAT. The investors also expressed their interest in this year's investment schedule of the Company, so they were informed that 25 percept more funds had been invested into projects in the first nine months as compared to the previous year, i.e. 37.8 billion dinars in total. Most funds had been used for exploration and production purposes, namely 15.7 billion dinars, 8.9 billion dinars for refining projects and 11.1 billion dinars for developing the sales and distribution. Adhering to the principle of transparency in business operations and establishing new standards of corporate management in Serbia, NIS j.s.c. continues its practice of opening the Company's doors to representatives of banks, brokerage companies, investment funds as well as financial analysts, thus familiarising the investor circles with all important aspects of its business operations.
