The largest company listed on the Belgrade Stock Exchange has reported the financial performance and financial position for the first three months of 2012.

According to the data revealed, NIS saw huge increase in EBITDA, which soared 100% to RSD 15.5bn, and sales that surged almost 25% to RSD 45.6bn. On the other hand, the huge weakening of the domestic currency against euro in the first three months of 2012 caused the net income to fall by 15% to RSD 8.4bn. Compared to the first quarter of 2011 when the company enjoyed large FX gains of around RSD 5.1bn, this time NIS made FX loss of around RSD 4bn.

Concerning the business segments, the production of the domestic oil and gas rose by 15% to 413 tons, the refinery section slid 19% due to the reconstruction of refinery premises in Pancevo from 513 tons to 413 tons (179 tons domestic and 234 tons imported oil). Sales volume almost levelled out at 504 tons (515 in the first quarter of 2011), whole sale dropped from 338 to 321 tons and retail sales decreased from 117 to 115 tons.

In the first three months of this year NIS made CAPEX worth 7.69 mostly financed from company’s cash flow from operating activities (CFO). CAPEX in the oil research was RSD 2.6bn, refining RSD 3.2 and sales RSD 1.2bn. CFO in the same time frame was negative of around RSD 2bn (-1bn in 2011) owing to the huge increase in receivables towards Srbija Gas and other companies connected to the Serbian Electricity Distributor (EPS).

At the last price seen at 1108 CET on the Belgrade Stock Exchange of RSD 657, Price-to-Earnings ratio is 2.73, Price/EBITDA 1.92 and Price-to-Sales 0.55.