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In accordance with the results for the first six months of 2014, the net profit of NIS Group of Companies amounted to RSD 17 billion, which is by 5 per cent less than the same indicator last year. As shown by the results from the first half of 2014, operating profit before interest, taxes, depreciation and amortization amounted to RSD 30.9 billion, indicating a 10-percent increase as compared to the same indicator last year. Operating profit growth was primarily achieved due to the improved business efficiency and reduction in production and operating costs. In the first half of 2014, NIS had to reduce its investment programme volume -by 26 per cent as compared to the same period last year. The volume of capital investments in the first six months of 2014 amounted to RSD 17.8 billion. The reduction in the volume of investments resulted from a decrease in operating cash flow and an increase in the accounts receivables. The hydrocarbons production volume of NIS for the first half of this year was marked by a slight decrease (-1%) as compared to the 2013 indicator, and amounted to 809 thousand toe. Based on the results for the first six months in 2014, the refining volume at the Company refineries amounted to 1,574 million tonnes, which represents a 12-per cent increase as opposed to the same period last year. The sales of NIS petroleum products in the respective period amounted to 1,425 million tonnes, thus exceeding the last-year indicators by 6 per cent. When commenting on the Company results for the first six months in 2014, the President of the NIS Board of Directors, Vadim Yakovlev said: "We are pleased with the results NIS has achieved in terms of business efficiency improvement, enabling the Company to remain stable and continue its development. However, negative dynamics of certain indicators, primarily caused by the state-owned companies’ debts, requires additional attention. Together with our partners in the Serbian Government, we shall proceed with our activities on finding effective solutions. I hope that we will reach agreements that will allow NIS to follow through with the implementation of its Med-Term Investment Plan and Development Strategy.