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Quarterly Report of NIS J.S.C

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Quarterly Report of NIS J.S.C QUARTERLY REPORT for second quarter of 2017 0 The Quarterly Report of NIS j.s.c. Novi Sad for second quarter of 2017 represents a comprehensive review of NIS Group’s development and performance in second quarter of 2017. The Report covers and presents information on NIS Group, which is comprised of NIS j.s.c. Novi Sad and its subsidiaries. If any information relates to individual subsidiaries or to NIS j.s.c. Novi Sad, it is so noted in the Report. The terms "NIS j.s.c. Novi Sad" and "Company" denote the parent company NIS j.s.c. Novi Sad, whereas the terms "NIS" and "NIS Group" relate to NIS j.s.c. Novi Sad with its subsidiaries. In accordance with the Law on Capital Market, the Report consists of three parts: the business report, financial statements (stand-alone and consolidated), and the statement of the persons responsible for the preparation of the Report. The Quarterly Report is rendered in Serbian, English and Russian. In case of any discrepancy, the Serbian version will be given precedence. The Report is also available for download from the corporate web site. For more information on NIS Group, visit the corporate web site www.nis.eu. 1 Contents Foreword....................................................................................................................................................... 3 Business Report ........................................................................................................................................... 4 Highlights .................................................................................................................................................. 4 Group's Profile .......................................................................................................................................... 6 Risk Management ................................................................................................................................... 19 Business Environment ............................................................................................................................ 23 Market Share .......................................................................................................................................... 26 Result Analysis ....................................................................................................................................... 28 Securities ................................................................................................................................................ 42 Human Resources .................................................................................................................................. 44 Research and Development ................................................................................................................... 45 Financial Statements .................................................................................................................................. 46 Stand-alone Financial Statements .......................................................................................................... 46 Statement on Financial Position .......................................................................................................... 46 Statement of Profit And Loss and Other Comprehensive Income ...................................................... 47 Statement of Changes in Equity .......................................................................................................... 48 Statement of Cash Flows .................................................................................................................... 49 Notes to Stand-alone Financial Statements ........................................................................................ 50 Consolidated Financial Statements ........................................................................................................ 65 Consolidated Statement on Financial Position ................................................................................... 65 Consolidated Statement of Profit and Loss and Other Comprehensive Income ................................ 66 Consolidated Statement of Changes in Equity ................................................................................... 67 Consolidated Statement of Cash Flows .............................................................................................. 68 Notes to Consolidated Financial Statements ...................................................................................... 69 Statement of Individuals Responsible for the Preparation of Financial Statements .................................. 84 Contacts .............................................................................................................................................. 85 2 Foreword The first six months of 2017 were marked by certain stabilisation in the global oil market as a result of the implementation of the output reduction agreement of OPEC member countries and some non-OPEC countries. Average oil prices were around 30 percent higher than in the same period last year. Owing to more favourable macroeconomic conditions and consistency in implementing operational efficiency improvement measures, NIS Group considerably improved its financial performance year over year. The net profit of NIS in this reporting period is RSD 12.4 billion, four times higher than a year ago, when the Group net profit was RSD 3.1 billion. A substantial improvement vis-à-vis the first half of 2016 was also achieved in terms of EBITDA, which is RSD 22.5 billion, or 71 percent higher than last year. At the same time, NIS went ahead with the investments planned, allocating RSD 10 billion in the first six months, or 9 percent more than last year. The largest funds were invested in the exploration, production and processing of oil and gas. The implementation of operational efficiency improvement and cost-cutting measures had a significant effect on the good financial performance of NIS Group. The implementation of the programme in the first six months of 2017 produced an effect of RSD 2.8 billion on EBITDA. NIS is going to continue improving its operational efficiency at all levels in the second half of the year, as well. Additionally, NIS j.s.c. Novi Sad continued being a reliable source of income for its shareholders. A decision on distribution of profits in 2016, payment of dividends and identification of the total amount of retained earnings, among others, was taken at the ninth regular meeting of the Shareholders Assembly held in Belgrade on June 27th. According to this Decision, this is the fifth consecutive year that NIS j.s.c. Novi Sad will be paying dividends to its shareholders in the amount of 25 percent of the Company's net profit for the preceding year. More specifically, shareholders will be paid RSD 4.02. As to operating indicators, the total throughput of petroleum products was 1,552 thousand tonnes, like last year. NIS also continued to place top-quality G-Drive fuels on the market of Serbia and the region, and to develop its loyalty programme “On the Road with Us”, launching it in Bosnia and Herzegovina and Bulgaria. The output of oil and gas amounted to 692 thousand conditional tonnes. 3D seismic surveys in the exploration areas Južni Banat I and Turija III were successfully completed in the first half of the year, and works commenced in the exploration area Morović. The total volume of processed oil and semi- finished products in the first six months of 2017 was 1,645 thousand tonnes. Let it also be noted that NIS continued carrying out important business projects in the reporting period. In May, NIS commissioned its Compressed Natural Gas production and wholesale facility at the gas field “Ostrovo” near Požarevac in an official ceremony attended by representatives of the Serbian Government and Ambassador of the Russian Federation to Serbia. As part of additional modernisation of refinery processing, NIS successfully delivered a new project of motor petrol in-line blending at Pančevo Oil Refinery, investing nearly EUR 10 million in it. NIS brands continued being recognised with important awards: NISOTEC was the winner of the Grand Champion Trophy of 84th International Agricultural Fair in Novi Sad for the top quality of motor and hydraulic oils, as well as seven grand prix gold medals and three gold medals for the quality of NISOTEC products. In April, representatives of the certification body “Bureau Veritas” presented the management of NIS with certificates for five management systems, verifying that they are compliant with international ISO standards and that NIS operates according to best global corporate practices. 3 BUSINESS REPORT Highlights January NIS j.s.c. Novi Sad won “St. Sava Award” awarded by Ministry of Education, Science and Technological Development for its contribution to education in Republic of Serbia in 2016 through corporate program “Energy of Knowledge”. NIS j.s.c. Novi Sad announced a “National Champion” in the category "Environmental Protection and Sustainable Development" in the competition for the European Business Awards. NIS and EXIT foundation launched “Youth Heroes” try-out for the second consecutive year with basic idea to promote young, successful and humane individuals. “Smart classroom” of Russian language opened in Grammar School “Svetozar Marković“ from Niš with the support from NIS’ corporate program “Together for the Community”. NIS Petrol
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