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Annual Report of NIS J.S.C. Novi Sad for 2014

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Annual Report of NIS J.S.C. Novi Sad for 2014 2014 ANNUAL REPORT NIS Group in 2014 ....................................................................... 4 Foreword of the Chairman of the Board ........................... 6 Foreword of the Chief Executive Officer ............................ 8 01 Auditor’s Report on Compliance Business of the Business Report with 1 Report Financial Statements .............................................................12 02 Key Events .................................................................................16 03 NIS Group Profile ..................................................................... 20 04 Strategic Objectives .................................................................26 05 Risk Management ................................................................... 30 06 Business Environment ......................................................... 33 07 Market Position ....................................................................... 40 08 Result Analysis ........................................................................42 09 Indebtedness .............................................................................59 10 Investments.............................................................................. 64 11 Taxes and Other Public Revenues ..................................... 66 12 Securities ................................................................................... 68 13 Corporate Governance ...........................................................76 14 Sustainable Development ..................................................104 15 Research and Development ..............................................126 16 Further Development .........................................................127 The Annual Report for 2014 represents a comprehensive review of NIS and consolidated), and the statement of the persons responsible for Group’s development and performance in 2014. The report includes the preparation of the Report. and presents data on NIS Group, which includes NIS j.s.c. Novi Sad and its subsidiaries. If the data refers only to certain subsidiaries or This version of the Annual Report is a translation from the original only to NIS j.s.c. Novi Sad, this has been pointed out in the report. The document, which was prepared in Serbian. All possible care has been terms “NIS j.s.c. Novi Sad” and “Company” refer to the parent company taken to ensure the accurate representation of the original document. NIS j.s.c. Novi Sad, whereas the terms “NIS” and “NIS Group” refer to NIS However, in all matters of interpretation of information, views or j.s.c. Novi Sad with its subsidiaries. opinions, the original Serbian version of the document takes prece- In accordance with the Law on Capital Market, the Report consists dence over this translation. of three parts: the business report, financial statements (stand-alone Financial 01 Stand-alone Financial Statements ................................. 131 2 Auditor’s Report on Stand-alone Statements Financial Statements ..........................................................132 Balance Sheet .........................................................................134 Income Statement ................................................................136 Statement of Other Comprehensive Income ...............138 Statement of Cash Flows ....................................................140 Statement of Changes in Equity......................................142 Notes to Stand-alone Financial Statements ................146 02 Consolidated Financial Statements ................................203 Auditor’s Report on Stand-alone Financial Statements ..........................................................204 Consolidated Balance Sheet ..............................................206 Consolidated Income Statement ......................................208 Consolidated Statement of Other Comprehensive Income .................................................210 Consolidated Cash Flow Report ...............................................212 Consolidated Statement of Changes in Equity .............. 214 Notes to Consolidated Financial Statements .............. 218 Statement of Individuals 3 Responsible for the Preparation of Financial Statements ........................................................................... 277 01 General Information ............................................................280 4 Appendices 02 Key Indicators – Historical Data 2009–2014 ...............281 03 Glossary ...................................................................................282 04 Contact ......................................................................................286 4 NIS Group in 2014 NIS Group in 2014 Exploration Refining and Production 63.4 1,596 3,104 billion RSD thousand t.o.e. of domestic oil thousand tons of processed oil and EBITDA and gas production volume semi-finished products 27.8 54 75% billion RSD oil and gas fields share of white petroleum products net profit in Serbia 39.4 9% 84% billion RSD growth of reserves depth of refining CAPEX 136 88.4% 1st billion RSD of taxes and achieved level of gas utilization in the region in terms of efficiency other public revenues and the Solomon index indicators 10 1st countries in which in region in terms of lifting costs NIS Group operates 2014 Annual Report 5 Sales and Distribution Services Energy 3,090 7,442 73,058 thousand tons number of drilling services MWh of produced electricity total sale volume operations 333 9 4 active petrol stations in Serbia drilling units at the end small power plants in 2014 of the year 88 16 11 active petrol stations workover crews small power plants in the region in Serbia in total 78% 39.2 share in the total petroleum billions RSD is total value products market in Serbia of projects being implemented1 1st in Serbia in terms of daily sales at one GAZRPOM brand petrol station 1 CHPP Pančevo, Plandište wind farm, small power plants Majdan X and Novo Miloševo, and Ostrovo (CNG) 6 Foreword Vadim Yakovlev, Chairman of Board of Directors NIS J.S.C. Novi Sad A Year of Challenge Last year saw large-scale economic and political chang- es in the global market that have significantly influ- enced NIS’ performance. Nevertheless, despite the chal- lenges NIS managed to maintain profitability and to remain a base for the development of OJSC “Gazprom neft”’s business in Europe. NIS’ team once again proved that it is able to adapt to the ever-changing economic situation, prioritize its development goals, and contin- uously improve its efficiency. Sustainable development and payment of dividends In spite of the unfavourable market conditions in 2014, NIS was able to increase sales of petroleum products and make important steps towards transforming from an oil and gas to an energy company. We are actively developing our network of petrol stations in Serbia and across the entire Balkan region under NIS Petrol and Gazprom brands. The network now comprises over 400 stations. We have improved the efficiency of our sales. Furthermore, in 2014 NIS became the second largest ex- porter in Serbia. It is the second consecutive year that NIS a.d. Novi Sad is paying 25% of its net profit in dividends, to the amount of over 13.08 billion dinars. The long-term div- 2014 Annual Report 7 NIS has adapted to rapid idend policy of the Company One of our priorities is to keep increasing sales of pre- has not changed and provides mium fuels at petrol stations. NIS will work on im- changes of the economic for not less than 15% of the net proving customer loyalty and attracting new clients. situation, defined the priorities profit to be allocated for the for further development in payment of dividends. Cooperation of the shareholders is a driver of success time and increased business Consolidation and efficiency. preservation of profitability We are well aware of the role NIS plays in the economy of Serbia and are committed to making NIS’ business plan for 2015 every effort to ensure NIS remains a reliable source of takes into account the current profit to all its shareholders. NIS has unlimited access economic situation. Our goal is to the expertise, experience, and technologies of OJSC to remain profitable by means “Gazprom neft”. Equally important is the support NIS of implementing a large-scale efficiency improvement receives from the Government of Serbia in forming the and cost-reduction programme. At the same time NIS investment environment which is a large component will keep investing in its core operations. In geolog- of NIS’ financial stability. Over the last five years ical exploration the NIS will focus on increasing re- the team at NIS has built a solid foundation for the serves by working more efficiently and by exploring Company’s current position and, undoubtedly, further the potential of the Pannonian Basin. In oil and gas success and development. production NIS will keep cutting operating costs and developing automation. For the second year in a row, NIS has NIS will continue upgrading its refining facilities, in- cluding the construction of a deep refining unit at the paid out the dividends amounting to Pančevo refinery. We will also be implementing new 25% of net profit - more than 13.08 energy-saving solutions and improving the efficiency billion. of petroleum production, specifically by reducing unre- coverable losses at the refinery. 8 Foreword Kirill Kravchenko Chief Executive Officer of NIS J.S.C. Novi Sad Operating Efficiency – Key Words in the Years of Economic Crisis
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