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BUSINESS REPORT 2010. Contents NAFTNA INDUSTRIJA SRBIJE BUSINESS REPORT 2010. Contents 5 Foreword 13 General Information 19 Mission, Vision and Strategy 23 2010 Highlights 29 Company Profile 43 Key Indicators 47 Human Resources 55 Corporate Governance 75 Business Results Analysis 103 Market Position 107 Investment Activities 113 Strategy 119 Industrial Safety Occupational Safety And Health 123 Social Responsibility 131 Environmental Responsibility 134 Glossary 137 Appendices Foreword Naftna industrija Srbije is a strategically im- tion of the hydrocracking and hydrotreating portant company for Gazprom Neft. NIS is the complex in Pancevo Oil Refinery, a major first European company owned by Gazprom element of the complex process of moderni- Neft as its majority shareholder, and is seen zation, will enable NIS to equally compete as the best starting point for Gazprom Neft’s with European players. In addition, Gazprom expansion into the European market. That Neft has decided to expand its investment is why we invest heavily into NIS’s overall program and invest significant resources, not improvement and development, so that NIS only in the MHC/DHT, but also in the con- can become a leading player in the country struction of hydrogen and spent sulphuric and the region. acid regeneration plant as part of the Refinery modernization. The objectives of NIS development involve production of oil derivatives complying with It is important that as a basis for its activi- the highest European Union standards, as well ties NIS pursues efficiency and constructive as the increase of refining volumes along with dialogue in business relationships with reducing Refinery’s harmful effects on the shareholders, partners and the public. environment. As a result, we expect that NIS’s The company development occurs under share of the domestic market of oil derivatives close cooperation between the two largest will be up to 70%, and a substantial expansion shareholders. Without constant support and of NIS presence outside of Serbia. constructive dialogue with Serbian Govern- ment these remarkable results would be Over the course of last year we made efforts impossible to achieve. In the second half of to create the basis for long-term stability of 2010, the company was transformed into an the company: NIS strengthened its market po- open joint stock company; it has adopted its sition, expanded its resource base, increased own Corporate Governance Code and created its internal efficiency and commenced mechanisms of interaction with minority implementation of a number of large projects shareholders, having the largest number of in production, refining and sales of oil deriva- shareholders in global practice so far. This is NIS strategy includes international tives. Summing up 2010 business results we why NIS corporate governance received most can say that this year was truly successful for favourable appraisals by the Serbian Cham- development closely intertwined with NIS. ber of Commerce and the World Bank, which Gazprom Neft leadership. Gazprom Neft’s role in the development of represents a significant step in improving the NIS represents, above all, the implementation company’s business operations in accordance of one of the largest investment projects in with international standards. Serbia so far. It is an investment of more than NIS strategy includes international develop- 500 million Euros in the development of pro- ment closely intertwined with Gazprom Neft duction facilities of the company. Construc- 4 FOREWORD | Business Report 2010. Business Report 2010. | FOREWORD 5 leadership. In 2010, NIS emerged on the significantly strengthen it and become an international scene by establishing a com- efficient leader in the Balkans. We are optimis- pany in the Republic of Srpska and starting to tic about the future and we expect another look into opportunities for cooperation with successful year. neighbouring countries: Bulgaria, Romania, Macedonia, Montenegro and Croatia. Growing global energy market capacity combined with high NIS potential represent Vadim Yakovlev a good basis for further improvement of company’s basic financial and production Chairman of Board of Directors indicators. I am sure that by the end of 2012, Naftna Industrija Srbije NIS will not only maintain its position, but will 6 FOREWORD | Business Report 2010. Business Report 2010. | FOREWORD 7 The year that is now behind us we can consid- exceeded by 33% and has reached 1,229.4 er as crucial in the Company’s development. tons of conditional tones. In addition, last One of the main challenges – efficient cost year we extended our license for geological management and the increase of profitability research over the exploration region south of has been successfully met. The year of 2010 the Sava and Danube rivers for 10 years, and was the first in the recent history of NIS when now we have the opportunity to perform the company posted positive business results, geological exploration works and develop specifically: we met the year’s end with an production over the 10-year period. Other exquisite achievement of net profit of RSD than that, we have increased our oil reserves, 16.5 billion, being the first positive outcome despite the growth in production. after many years. As for the structure of refining, the share of Inevitably, external factors directly affected domestic crude processing increased in 2010, the Company’s business operations: poor while a growth in production of European macro-economic situation on the market was quality oil derivatives was increased and not at all helpful, high inflation rate, as well production of leaded petrol was terminated. as large fluctuations in the RSD exchange This is extremely important for a business rate, certainly influenced the financial results operation in a country making European inte- achieved, those of the first six months in gration its priority, and NIS has actively been particular. However, during the second half involved in activities related to Serbia joining of the year foreign exchange losses decreased the EU. and were supplemented with the achieve- When it comes to petroleum products sales, ment of good production results, implemen- in 2010 NIS increased its market share in tation of new technologies and cost reduc- Serbia. Other than that, an overhaul of petrol tions, giving rise to the positive business result stations network was positively appraised: last in 2010. year alone NIS reconstructed as many petrol Increased crude oil and gas production, stations as it has reconstructed over the last operational costs reduction and internal ef- nine years, while more than 200 petrol sta- ficiency improvement were the main sources tions have been automated. of profit in 2010. For the Company as a whole, the most impor- NIS has an enormous potential and we It should be noted that in the past year we tant event is the beginning of construction have managed to create a solid basis for of a hydrocracking facility within the Pancevo hope that in ten years time we will emerge further development of the company, primar- Oil Refinery. This represents an investment ily due to positive results in the production. project of an utmost importance for not only as the most efficient company of the re- 2010 was the most successful year in the development of NIS, but the economy of production of oil and gas in the past ten years. entire Serbia and its neighboring countries. gion and become one of the strongest By successful implementation of measures Modernization of Refinery is at the same time for increase of efficiency, last year’s volume of a major environmental project, with tangible players in the Southeast Europe production of domestic crude oil and gas was environment protection effects. Due to this 8 FOREWORD | Business Report 2010. Business Report 2010. | FOREWORD 9 project NIS will be able to produce all of its become a competitive international Com- improvements of business efficiency, produc- derivatives in accordance with EU quality pany. Some of these steps are: obtaining new tion growth and cost optimization, assuming standards and will become a competitive licenses, big volume of business deals based a stable RSD exchange rate, we hope that we company compared to the foreign produc- on contracts with business partners outside will achieve even better business results. ers on the market, while Serbia will gain the of Serbia, mostly in Turkmenistan, expansion most modern oil refining facility compliant of our operations in the Republic of Srpska by with all European standards. Apart from setting up a joint venture „Jadran-Naftagas“. reconstruction and construction of hydro- Furthermore, we are actively exploring and cracking facility in Pancevo, the Refinery analyzing possibilities for our expansion in the underwent a capital overhaul this year. region. A complex modernization of the Pancevo Last year was also marked by the most valu- Kirill Kravchenko Refinery is one of the pre-requisites for a able investment projects since the incorpo- successful business operation in Serbia’s oil ration of our company, most prominently General Manager derivatives market, which was liberalized on the modernization of the Pancevo Refinery. Naftna industrija Srbije January 1, 2011. We are aware that market A great success has been achieved: invest- liberalization is necessary for all serious mar- ments in 2010 increased by 87% compared to ket participants, and for us it is an important 2009. This year, we expect large investments, stimulating phase of our development. We in excess of EUR 400 million, not only in the shall make every effort to boost our effi- Refinery, but also in infrastructure, petrol sta- ciency, improve quality of our products and tions network expansion and crude oil and expand our retail network. In pursuit these gas production innovations. aims, it was in the year of 2010 that we com- Other than that, the year of 2010 was marked menced a significant petrol stations automa- by yet another important step. NIS was listed tion project that will result in the reduction on Prime Market of the Belgrade Stock Ex- of costs.
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