Republika Srpska: Russian Zarubezneft/ Neftegazovaja Oil refinery Brod marks 12,5MEUR loss in 1/2Q2013

, SEE Energy News

During half – year the Oil refinery in Brod fell  into net loss of 12, 5 MEUR, after the loss of 4, 5 MEUR for the same period last year, showed non consolidated finance report of the company.

In 2012, company had loss of 25, 85 MEUR. In the first half of 2013, Brod Oil refinery realized lower incomes than goods sale -14, 95 MEUR compared to 21,4 MEUR in  the same period last year.  The business expenses are raised considering that they were 41, 3 MEUR, compared to 20, 3 MEUR in the same period last year, and the amortization costs influenced to their increase.

The finance expenses amounted 8, 25 MEUR and they were higher than in first half of 2012, when they amounted 6, 8 MEUR, regarding interest expenses related with legal persons according the loan of 6, 7 MEUR, got from parent company OAO Neftegazovaja Inovacionaja Korporacija, Moskva and company AO Zarubežnjeft Moskva.

The long- term company liabilities to RS Tax Department, on 30th June 2013 amount in total 51, 9 MEUR, concerning reprogramed tax liabilities for unpaid excise tax, but also unpaid personal income taxes. Long- term liabilities to RS Government amount 1, 4 MEUR, it has to do with reprogramed interest- free liabilities for city land usage and utility fee which the RS government paid in the name of society to the Brod municipality. Total long term liabilities of Oil refinery Brod amount 301, 35 MEUR.

The lliabilities to suppliers amount 35, 65 MEUR, and the company has a policy not to pay regularly liabilities to the associated company Optima Group Banja Luka.

Source; Serbia Energy See desk/RS gov