1. health and fitness
2. disease
3. chronic pain

Presentation for investors and shareholders
for Q1 2015
May 4th, 2015
Belgrade
Investor Relations
Disclaimer
This presentation has been prepared by NIS a.d. Novi Sad (the “Company”), and comprises the slides for a presentation to investors concerning the
Company. Presentation does not constitute or form part of any offer or invitation, or any solicitation of any offer to sell or purchase or subscribe for,
any shares or other securities representing shares in the Company, nor shall it or any part of it nor the fact of its presentation or distribution form the
basis of, or be relied on in connection with, any contract or investment decision.
Any viewer of this presentation considering a purchase of such securities is hereby reminded that any such sale or purchase should be made solely
on the basis of the information contained in other publicly available documents and will be subject to the restrictions set out therein. No reliance may
be placed for any purposes whatsoever on the information contained in this presentation, or any other material discussed at any presentation or on
its completeness, accuracy or fairness. The information in this presentation should not be treated as giving investment advice or recommendation.
All reasonable measures are taken to ensure that the facts stated in this presentation are accurate, and that the opinions expressed are fair and
reasonable. However, the contents of this presentation have not been adopted by the corporate body’s of Company. Accordingly, no representation
or warranty, express or implied, is made or given by or on behalf of the Company or any of its members, directors, officers or employees or any
other person as to the accuracy, completeness or fairness of the information or opinions contained in or discussed at this presentation. None of the
Company or any of their respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss
howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.
The information in this presentation includes forward-looking statements. These forward-looking statements include all matters that are not historical
facts, statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of
operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forwardlooking statements involve risks and uncertainties, including, without limitation, the risks and uncertainties to be set in other publicly available
documents, because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that
forward looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the
development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking
statements contained in this presentation. In addition, even if the Company’s results of operations, financial condition and liquidity and the
development of the industry in which the Company operates are consistent with the forward-looking statements contained in this presentation, those
results or developments may not be indicative of results or developments in future periods. The information and opinions contained in this
presentation are provided as at the date of this presentation and are subject to change without notice.
No person is under any obligation to update or keep current the information contained herein.
By attending the presentation you confirm that you have read and understood foregoing limitations.
NIS in Q1 2015
EXPLORATION AND PRODUCTION
• Environmentally friendly drilling by applying the dry location principle
• Amine unit construction – reduction of CO₂ emission = new facility for gas purification
• Developing a detailed geological model of the Pannonian Basin (PetroMod software,
Schlumberger)
• Use of chemical substances in the process of fluid production, preparation and disposal,
help reduce the equipment overhaul intervals
REFINING
• The contract with CB&I was signed, for developing a basic design package and the
expanded basic design package (BDP/FEED) for the Bottom of the Barrel Project
• Optimization of vacuum oil distillation (C-2200) operation with the objective to increase
the VGO yield and reduce steam consumption rate at the injectors
• Start-up of diesel hydrotreating unit (S-2400 HDS), with the objective to improve the
low-temperature properties of diesel and obtain the required quality of diesel
3
• In January, the major overhaul of the Bitumen Unit was completed. All tasks during
the scheduled downtime due to overhaul were performed efficiently and within deadlines,
as to ensure a continuous, reliable and safe unit operation in the forthcoming period
NIS in Q1 2015
SALES
• 2 DODO PSs were rebranded in Serbia;
• Advantageous contracts on import of crude oil and components were signed, stipulating
lower premiums;
• In February, the Bunkering Sector of the Sales and Distribution marked a record sales of
Euro Diesel of 3,200 tons, which is a significant sales volume of this petroleum product on
the Danube;
• NIS Petrol trade mark was introduced to NIS retail facilities. The major benefits from
introducing our own trade mark are quality assurance and price control, independent
market penetration, products with the brand identity, improved customer loyalty and
increase in revenues.
ENERGY
4
• Activities related to establishing a design company for the purpose of implementing
CHPP Pančevo Project are in place. Preparation of the feasibility study and preliminary
design in the Serbian language, in compliance with the legislation of the Republic of
Serbia, is underway. The creation of the General Regulation Plan is about to be completed.
• Assessment of funding capacity for Plandište Wind Farm Construction Project with
German Company ECA Hermes is underway, as well as the preparation for acquisition of a
share in the Project by Chinese Company CEE.
• Bradarac (0,3 MW), Velebit 3 (2 МW) and Turija (1 MW) Power Plants were started
up, construction of Sirakovo 2 (2MW) Power Plant was completed, as well as the feasibility
analysis for the construction of Majdan Power Plant (2.65MW) .
• Construction of CNG installations at Novi Sad 10 BS is underway, as well as
preparations for constriction of CNG installations at Čačak 1 and Fontana Niš PSs.
• Preparatory activities for the construction of a gathering and dispatch station and CNG
installations at Ostrovo are in progress.
Macroeconomic indicators
USD/RSD Exchange rate trends
+28%
2015
99.4641
100
60
84.4474
105.95
53.98
55.38
2015
2014
83.8855
80
01.01. 15.01. 29.01. 12.02. 26.02. 12.03. 26.03.
5
2014
80
90
83.1282
108.14
107.94
107.6983
100
-50%
120
111.4240
110
Crude oil Brent* type trends, in $/bbl
53.69
40
02.01.
23.01.
12.02.
04.03.
24.03.
• Average USD/RSD exchange rate is by
RSD 23.2509 i.e. 28% higher in Q1 2015 than
the average rate in Q1 2014
• Average price of Brent crude oil is by -54.16
$/bbl i.e. -50.1% lower in Q1 2015 than the
average price in Q1 2014
• Average USD/RSD exchange rate increased by
RSD 11.9599 i.e. 12% in Q1 2015
• Average price of Brent crude oil decreased by
-1.69$/bbl i.e. -3.1% in Q1 2015
• Average USD/RSD exchange rate increased by
RSD 1.7573 i.e. 2% in Q1 2014
• Average price of Brent crude oil decreased by
-1.99$/bbl i.e. -1.8% in Q1 2014
*Data
for Europe Brent Spot Price FOB;Sourceр: U.S. Energy Information Administration (http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm)
Q1 2015: HSE indices
Most of the HSE indicators show a positive trend or unsiginficant
deviations; Investments in enviromental projects are considerably
under the plan
Investment into environmental
projects, mln. USD
Transparency index increase
Perforation coefficient
25%
-70%
Major accidents
9
Serious incidents
33
218
Minor incidents
275
3,280
Potentionally
hazardous
situations
5
0%
48
-50%
291
173
86
Q1 2014
Q1 2015
Q1 2014
Plan Q1 2015
LTIF
0.006
0.006
Q1 2015
Plan Q1 2015
3,727
Q1 2015
RAR
-56%
0.008
Q1 2014
Investigated cases
-45%
-12%
6%
-7%
-8%
6.07
Q1 2014
6
2.67
2.90
Q1 2015
Plan Q1 2015
1.02
Q1 2014
0.56
0.60
Q1 2015
Plan Q1 2015
82%
88%
Q1 2014
Q1 2015
*Perforation coefficient is relation between the number of perforations based on the total oil pipeline length in km
LTIF - Lost time injury frequency rates (relation between the number of injured during accidents at work and the total working hours, multiplied by 1 million
RAR - Road Accident Rates - relation between the number of road accidents as opposed to mileage in km, multiplied by 1 million
100%
Plan Q1 2015
Q1 2015: Key indicators
NIS Group
Key indicators
Urals
Q1 2015.
Q1 2014.
𝐐𝟏 𝟐𝟎𝟏𝟓.
𝐐𝟏 𝟐𝟎𝟏𝟒.
(%)1
$/bbl
52.93
107.43
-51%
Net (loss) profit
bn RSD
(4.7)
8.6
-155%
EBITDA2
bn RSD
7.2
15.5
-53%
Sales
bn RSD
46.4
56.6
-18%
OCF
bn RSD
4.4
2.2
103%
bn RSD
29.5
25.9
14%
thou. t.o.e.
397
419
-5%
Oil and semi-finalized products refining volume
thou. tons
684
724
-6%
Total sales of oil products
thou. tons
680
643
6%
Foreign assets
thou. tons
41
35
17%
Oil products local market sales5
thou. tons
549
512
7%
Motor fuel
thou. tons
327
302
8%
Retail
thou. tons
141
124
13%
%
43
41
by 2%
CAPEX6
bn RSD
7.0
9.6
-27%
Total bank indebtedness (total indebtedness)7
m USD
654
593
10.3%
Taxes and other fiscal obligations3
Domestic oil and gas
production4
Market share on retail market in the Republic of Serbia
[1]
All possible discrepancies in percentage values and total values are due to rounding errors
EBITDA = Sales (without excise tax)– inventories ( of oil, oil products and other products) – operational expenditure (OPEX) – other costs, which management cannot affect
[3] Taxes, duties, fees and other public revenues calculated for the relevant period. The overview includes NIS' tax obligations and other public revenues in Serbia and in other countries in which it operates
[4] Gasolene and light condensate were included in the production of oil, and commodity production of gas was included in the gas production
[5] Apart from motor fuels, production of other petroleum products was included as well..
[6] Financing, without VAT
[7] Total bank indebtedness = Total indebtedness to banks + letters of credit. As at 31/03/2015. it amounts to 640 million USD total debt + 14 million USD letters of credit.
[2]
7
Measurement unit
Market of motor fuels trends Q1 2015/2014
Regional motor fuels markets are slowly recovering
Romania
Hungary
A key factor for motor fuels
demands recovery in the
regional market are
significantly lower prices.
In Serbia, demand growth was
mainly caused by higher
consumption of diesel fuel.
One of the main factors were
lower prices and filling in
operational stocks that were
reduced during the period of
rapid price decline in the last
quarter of 2014. Termination of
heating oil retail sales and
continued marking of
petroleum products contributed
to additional growth of the
legal market.
Slovenia
5.0%
4.1%
Serbia* 6.5%
Croatia
Bulgaria
2.0%
Bosnia and
Herzegovina
0.7%
8
1.0%
Sources of information used as a basis for the projections designed:
* Serbia, internal analyses and assessments conducted by the Sales and Distribution;
- PFC - assessment of consumption per trimester in Bulgaria and Romania, 2014; Eurostat
- PFC and internal assessments for B&H, September 2014
1.8%
Regional Retail Market and Motor Fuel Market*
Trends
Increase of market share in regional markets
Bosnia and Herzegovina
35
9%
9.6%
• Motor fuel market is recovering more slowly than other markets in the region becouse of low level of economic activity.
• Due to the significantly lower excise duties and taxes than in neighboring countries, Bosnia and Herzegovina recorded
growth of cross-border purchases of goods from the population in border regions, which include the purchase of fuel.
Bulgaria
35
3.1%
4.2%
• The gradual recovery of the Bulgarian market continued in 2015. The growth in motor fuel market is the result of an
increase in the consumption of diesel fuel, which should be a key factor for further growth in the long term.
• On the Bulgarian retail market competition is very intense in the field of customer loyalty programs. On Gazprom's petrol
stations a very successful program, "Fuel pass" was launched and it became very popular with customers.
Romania
18
0.5%
0.7%
• Motor fuel market recorded recovery in first quarter of 2015, mainly thanks to lower prices, export growth and a slight
recovery in demand in general.
• Growth in sales of new vehicles by 15% in the first quarter can be a generator of slow growth in retail spending.
• Following the acquisition of ENI, MOL operates a network of more than 200 stations in Romania.
Number of FSs
9
NIS market share in the total motor fuel market
Sources of information used for forecast processing:
- PFC - estimated consumption per quarter in Bulgaria and Romania, 2014; Eurostat,
- Data for B&H: PFC "internal analyses and assessments conducted by the Sales and Distribution;
* Motor Fuel Market: Motor gasoline (mogas), diesel fuels and LPG;
NIS market share in the retail market
The Market of the Republic of Serbia
The total consumption of petroleum products is dropping
The market scope of the Republic of Serbia, in thou. tons
685
164
(24%)
522
(76%)
Q1 2014
NIS
729
171
(23%)
558
(77%)
• Consumption of petroleum products has increased mostly due to significant growth in
the consumption of fuel oil and diesel fuel, which is mainly caused by lower prices. The
consumption of liquefied petroleum gas, naphtha, bitumen and aviation fuel is slightly
lower than in the same period last year.
• NIS's market share has slightly increased compared to last year due to adequate
market access and flexible responses to dynamic changes in the market.
Q1 2015*
Others
Retail market in Republic of Serbia**, in thou. tons
304
180
(59%)
124
(41%)
Q1 2014
NIS
10
6.3%
330
189
(57%)
140
(43%)
8.5%
• Retail market increased compared to the same period of the previous year and
features a slightly modified structure in which the demand for auto gas is reduced,
while the consumption of diesel fuel is on the rise. Lower prices of petroleum products
in the first quarter accelerated the start of sales of diesel to farmers earlier than usual,
which is the main reason for the growth in sales.
• On the retail market NIS’s share increased in relation to earlier procurement of agro
diesel than in previous years. Within the program for the farmers, NIS launched Agro
card with special benefits for this segment of customers.
Q1 2015*
Others
All possible discrepancies in percentage values and total values are due to rounding errors
* Data for Q1 2015 is an estimate
** NIS and other competitors' sales include motor fuels (gas, motor fuels, diesel and EL fuel oil used as motor fuel). LPG bottles excluded.
Financial Indicators
Sales, bn RSD
-18%
Decrease of retail prices of petroleum products in
Q1 2015 is app. -10% compared to the same period
last year:
Changes in retail prices
66.0
56.6
71.2
64.5
Euro premium BMB95
∆
𝑸𝟏 𝟐𝟎𝟏𝟓.
𝑸𝟏 𝟐𝟎𝟏𝟒.
-12.78%
46.4
Euro diesel
Q1 '14
Q2 '14
Q3 '14
Q4 '14
Q1 '15
OCF, bn RSD
(%)
-7.15%
Excise tax on euro diesel was raised from 46 RSD/l to 50
RSD/l as of 1 January 2015
+103%
Operating Cash Flow increased due to:
• Lower payment for crude oil procurement
• Lower operating expenses
30.3
• Payment of old debt of JAT (Air Serbia) at the end of
March
17.7
2.2
4.4
-0.6
Q1 '14
11
Q2 '14
Q3 '14
Q4 '14
Q1 '15
All possible discrepancies in percentage values and total values are due to rounding errors
*Цене су обрачунате као просек свих дневних цена у Q1 2015. и Q1 2014.
Financial Indicators
EBITDA, bn RSD
-53%
EBITDA for Q1 2015 was by 53% lower than in
Q1 2014:
• Crude oil price trends
15.5
15.4
16.4
• Length of procurement-refining-sales cycle
combined with changes in crude oil and
petroleum products prices had negative impact
on Q1 2015 EBITDA
16.1
7.2
Q1 '14
Q2 '14
Q3 '14
Q4 '14
Q1 '15
Net (Loss) Profit, bn RSD
-155%/-70%
Decrease of net profit in Q1 2015 comparing
to Q1 2014 by -155%:
8.6
8.4
2.8
6.7
4.1
Q1 '14
Q2 '14
Q3 '14
Q4 '14
Q1 '15
-4.7
12
• Negative foreign exchange differences as a
result of stronger USD vs. local currency
All possible discrepancies in percentage values and total values are due to rounding errors
7.5
negative
foreign
exchange
differences
− Negative foreign exchange differences
amounted to 0.8 billion RSD in Q1 2014
− Negative foreign exchange differences
amounted to 7.5 billion RSD in Q1 2015,
which is 9.7 times higher than in Q1 2014
Result of Operational Efficiency Improvement Measures
The estimated result of measures for entire 2015 is 6.6 bn RSD,
while the result in Q1 2015 was 0.8 bn RSD
0.5
Measures BP 2015
Additional measures
Additional measures - potential
1.3
1.5
6.6
0.5
1.6
1.0*
1.0
0.3
0.2
0.5
6.6
0%
1.6
0.0
0.3
Additional potential
measures identified by
the Block/Strategy and
Investments
17%
2.9
2.5
0.8
1.9
0.4
0.2
0.2
All additional measures
have been included in the
EBITDA forecast
0.6
26%
1.2
Total measures planned
in 2015 BP – current
estimate - 2.1 bn RSD
0.2
0.4
Exploration
and Production
13
0.4
Services
Refining
Sales and
Distribution
Energy
*Including additional effect in amount of 0.22 m RSD which is reflected in Exploration and Production Block
Functions
2.1
1.7
0.4
NIS 2015
Estimate
Остварење
у%
Q1 2015
Exploration and production
The production of oil and gas is in line with the business plan
Oil and gas production, thousand t.o.e.
-5%
419
13
111
406
15
102
403
14
102
401
14
110
397
14
113
295
289
287
277
269
Q4 '14
Serbia - gas
Q1 '15
Angola
Q1 '14
Q2 '14
Q3 '14
Serbia - crude oil
Estimate on growth of HC reserves in 2015
The production of oil and gas in Q1 2015 was
in line with the business plan for this period.
-1%
• Production of domestic oil is in line with
business plan
• Total production of oil and gas in first quarter of
2015 was 397 thousand t.o.e. which is by 5%
lower comparing to the same period last year.
Plan Q1 '15
+5%
Expected growth of hydrocarbon reserves for
2015 is 5%
31 Dec '14
14
HC Production
Reserves Increment
Сва All possible discrepancies in percentage values and total values are due to rounding errors
31 Dec '15
Estimate
Refining
Refining volume, thousand tons
164
99
277
127
684
78
339
202
261
348
390
376
386
345
Q1 '14
Q2 '14
Q3 '14
Q4 '14
Q1 '15
Imported crude oil
15
678
100
296
There was decrease in refining volumes by 6% in Q1
2015 comparing to same period last year:
852
850
724
-6%
Domestic crude oil
Semi-finished products
All possible discrepancies in percentage values and total values are due to rounding errors
• Higher refining volume in Q1 2014 was caused by
need to produce higher volume of petroelum products
to supply the market in period of planned overhaul of
C-300 facility in March, and C-300 and C-2300 in
April of 2014, and also with substitution of natural gas
for own consumption with fuel oil production from Q1
2015, which resulted in a reduction of purchases of
natural gas
• Optimization of refining volumes in accordance with
market needs and optimizing crude oil refining
Sales and distribution
Sales volume, thousand tons
6%
782
828
156
137
837
119
427
473
493
35
124
38
161
42
175
42
183
41
141
Q1 '14
Q2 '14
Q3 '14
Q4 '14
Q1 '15
643
96
388
Retail Serbia
Foreign assets
Wholesale Serbia
680
91
408
Export
Sales structure, thousand tons
782
828
There was increase in sales volume by 6% in Q1
2015 comparing to Q1 2014 and total sales volume
was 680 thousand tons
• Retail – 13% increase:
• Increase of retail is primarily result of increase in
sales of diesel fuels by 22%, as well as increase in
sales of motor gasoline by 2%.
• Foreign assets – 17% increase
• Increase in sales of motor fuels by 18% out of
which increase in sales of diesel fuels is 84% and
decrease in sales of gasoline is 46%.
• Wholesale – 5% increase:
837
680
643
• Increase is a result of increase of sales of motor
fuels by 4% - out of which increase in sales of
gasoline is 13% and in sales of diesel – 3%.
• Increase in sales of fuel oil is 45%.
603
129
179
193
199
128
Q1 '14
Q2 '14
Q3 '14
Q4 '14
Q1 '15
514
Black and other products
16
638
635
552
• Export – 5% decrease:
White products and LPG
All possible discrepancies in percentage values and total values are due to rounding errors
Ино промет представља промет остварен од стране НИС-ових зависних друшштава.
• Decrease in sales of naphtha (-9%) and bitumen
(-10%) was recorded
• Decrease of export comparing to Q1 2014 is due
to decrease of sales of fuel oil (-73%).
• Increase in sales of gasoline by 72% and
bitumen by 2%
Indebtedness
Total debt to banks increased by 7%
Total debt to banks,
million USD1
31.03.'15
110
455
31.12.'14
86
31.12.'13
4
358
31.12.'12
41
264
31.12.'10
Short-term
Mid-term
Long-term
99 403
155
392
488
466
442
395
400
94 455
116 446
201
31.12.'09
500
500
82 598
430
25
600
75 640
430
330
31.12.'11
GPN loan,
million EUR
611
300
793
210
200
100
200
384
61
0
31.12.'09 31.12.'10 31.12.'11 30.09.'12 31.12.'12 31.12.'13 31.12.'14 31.03.'15
Total bank indebtedness2, million USD
31.03.'15
31.12.'14
28
31.12.'13
34
31.12.'12
14
31.12.'11
13
31.12.'10
33
31.12.'09
17
14
1Term
233
640
654
598
455
403
Structure of total debt to banks,
by currency, in %
81%
31.03.'15
626
85%
31.12.'14
489
31.12.'12
18% 1%
56%
14% 1%
26%
446
611
Letters of credit
Total debt
458
644
793
1,026
31.12.'11
31.12.'10
31.12.'09
70%
74%
67%
structure of the debt to banks is shown according to Contract terms and not by maturity of the debt as of 31 March 2015
addition to the debt to the banks and Letters of Credit, as at 31 March 2015, NIS j.s.c. Novi Sad also holds issued bank guarantees in the amount of USD 48 million, corporate
guarantees in the amount of USD 54 million and signed Letters of Intent in the amount of USD 0,12 million
2In
18%
418
25%
5%
21% 5%
32%
1%
USD
EUR
Other
Investments
In the first quarter of 2015, 7.05 billion RSD was allocated for
investment funding
Investment funding by type of project
Q1 2015. Q1 2014.
Ecology
Angola
Projects with direct economic effects
Projects without direct economic effects
Design and research work
TOTAL:
0.09
0.27
5.12
1.42
0.14
7.05
0.21
0.06
6.51
2.23
0.62
9.62
Estimate
2015
0.24
1.29
24.09
7.21
0.69
33.52
*in RSD billion VAT exclusive
CAPEX by investment projects, funding
in RSD billion VAT exclusive
9.62
0.62
2.23
-27%
-78%
-36%
3%
7.05
0.06
0.21
Q1 2014
18
5.12
+395%
-58%
4% 2% 1%
8%
0.14
1.42
-21%
6.51
Investments by segments,
in billions of RSD
0.27
0.09
Ecology
Angola PSA
Projects with direct
economic effects
Projects with out direct
economic effects
Design and research work
Q1 2015
All possible discrepancies in percentage values and total values are due to rounding errors
*PSA - Production Sharing Agreement;
NIS j.s.c. Novi Sad with subsidiary companies, excluding Jubos d.o.o. Bor, NIS Overseas o.o.o. Saint Petersburg, and NIS Svetlost d.o.o. Bujanovac
82%
Exploration and production
Refining
Sale and distribution
Services
Energy
Corporate Centre
The most important investments in Exploration and
Production, Refining and Sales and Distribution
Q1 2015
Exploration and production
• Seismic testing
• Increasing oil and gas
production
Refining
• Modernisation of
refining capacities
Sale and distribution
• Development of
the retail network
5.77 billion RSD
• 3D seismic exploration and drilling of
exploration wells in the Republic of Serbia
• Drilling of wells
• Extraction of CO2 from nautral gas
0.54 billion RSD
• Isomerization of diesel in Pančevo Refinery
• Instalation of heat exchanger „Packinox“ on
plant for catalytic reforming in Pančevo Refinery
0.22 billion RSD
• Legalization of petrol stations in Serbia
• Investment maintenace and automation of retail
network in Serbia
Comparative analysis (benchmarking) of basic
indicators with competitors
(NIS* Q1 2015, other 2014)
EBITDA margin (in %)
EBITDA/FTE** (in thousands USD)
2
8.4
Daily sales rate (in ton/day)
3
35.9
64.0
10.9
11.4
5.6
120.4
6.1
143.5
15.7
6.2
214.2
37.8
8.2
115.6
16.8
6.1
Ratio of other products (in %)
OPEX ($/boe)
Lifting costs
3
72.4
5.3
REVEX
2.1
1
7.4
8.5
75.5
16.6
75.5
17.3
78.8
79.0
76.2
20
5
4.7
Sources: NIS, Companies reports
*Data EBITDA / FTE presented for 2014
* * Without leasing employees
N/A
12.4
6.8
t/day
Increase in sales through premium
channals by 12% and increase of share
in retail motor fuels market by 1.7%
Increase of operational efficiency
Payment of old debt of JAT (Air Serbia)
Positive dynamics in financial result of
subsidiaries in charge for sales
Significantly changed business plan
assumptions (crude oil price)
Negative foreign exchange differences –
almost 10 times bigger than in the same
period last year
Net loss
NIS a.d. Novi Sad
Investor Relations
Narodnog fronta 12
21000 Novi Sad, Serbia
e-mail: [email protected]