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On the basis of individual and unaudited financial statements for the first nine months of 2012, the volume of taxes and fiscal obligations of NIS amounts to 55.9 billion RSD, which is by 7 percent higher than last year. In the first nine months NIS realized investments in the total volume of 30.35 billion RSD, which represents an increase of 62 percent compared to the same period of the 2011. Most of these funds, 15.1 billion RSD in the first nine months was focused on environmental projects and modernization of the Pancevo Oil Refinery (MHC / DHTcomplex, the construction of the hydrogen unit and unit for regeneration of used sulfuric acid, reconstruction of the terminal in Pancevo, automatization of the refining process, as well as reconstruction and construction of the LPG tank farm). Also, investments in the first nine months include 6.9 billion RSD investment in the development of sales and distribution. In addition to the development of sales and distribution in Bulgaria and Romania, the funds have been allocated for the rebranding of 24 petrol stations with 3 petrol stations completely rebuilt. In addition, in the first nine months NIS invested 6.2 billion RSD into the projects intended to increase oil and gas production and reserves. Net profit of NIS amounts to 32.2 billion RSD, which is 18.6 percent more than in the same period last year. Such a positive result has been largely generate by the increase of business efficiency and cost reduction, increased production of domestic oil and gas, as well as by increased share of the Serbian oil and petroleum products market. However, the scope of taxes and fiscal obligations in the first nine months of 2012 increased compared to a net profit for the same period. EBITDA for the first nine months of 2012 amounts to 48.1 billion RSD, or 49 percent more than the same indicator last year. In addition to increased efficiency, one of the factors of EBITDA growth is the production of domestic oil and gas. In the first nine months total debt to banks (which includes debt and letters of credit) has been reduced by 91 million dollars compared to the end of 2011 and now totals 367 million dollars. Operating cash flow (OCF) has increased from 17.4 in the first nine months of 2011 to 27.4 billion RSD in the first nine months of 2012, representing an increase of 57.8 percent. In the production of domestic oil and gas NIS has maintained a growing trend for the first 9 months of 2012 by producing 1255 t of oil and gas equivalent, which is 13% more than in the same period last year. Due to turnarounds implemented in March, July and September, as well as to the implementation of final works, test-run and commissioning of the modernized refinery in Pancevo, in the first nine months 1460 thousand tons of crude have been refined, which is 17% percent less than last year. The volume of sales of petroleum products in the first 9 months of 2012 amounted to 1706 thousand tons, 5% lower in comparison to the same period last year. Retail marks an 8.7 percent increase compared to the same period last year. "We believe that the essential factor for the success achieved in the first nine months of this year is maintaining of the the level of company's profitability under fairly complex macro-economic conditions and at unstable market of petroleum products. Considering inflation and exchange rate losses, our income has remained at the level of last year, however the scale of the investment program significantly increased compared to the business plan indicators. Investments in all business areas and well-balanced development will remain the focus of our attention and will become a major task by the end of the year, " said NIS CEO, Kirill Kravchenko.
