After the first half of the current year has finished, the results achieved by the Company show a significant improvement, which ensued after the stabilization of business during the course of the previous three years. 

After the first half of the current year has finished, the results achieved by the Company show a significant improvement, which ensued after the stabilization of business during the course of the previous three years. 

In the first half of the current year effectuated realization amounts to more than RSD 1 billion, which is by 15% more in relation to the same period last year when income from sales of products and goods amounted to RSD 889 million, whereas in the first half of year 2014 the achieved income from sales of products and goods amounted to RSD 861 million. 

According to the CEO, Branislav Čurić, confirmation on Tigar’s positioning in rubber footwear exportation has been recorded in the official publication of European Commission, while the most significant business indicators, EBIT and EBITDA still continue to grow in the first half of this year.

'According to the official publication of European Commission, Serbia, that is Tigar AD as the only large exporter in the group of rubber plastic footwear has taken the high second place, as an exporter of rubber footwear in Europe, right after the producer from China, with an export worth over € 4 million in the analyzed period January – April 2016.

That Tigar ad is export-oriented company still remains the basic guideline of its business policy. 

At the consolidated level there was stated operating profit (EBIT) in the period January – June 2016 in the amount of RSD 50.2 million, whereas in the same period last year was recorded operating profit in the amount of RSD 7.2. Operating profit prior to amortization (EBITDA) amounts to RSD 131 million, whereas in the same period last year was recorded business profit prior to amortization in the amount of RSD 101 million. 

Although a significant EBITDA has been achieved in this period, average monthly achievement in the amount of RSD 21.8 million, notice that liabilities towards banks and other creditors on behalf of debts from the period before 2013 are significant and on monthly basis they amount to RSD 30 million. Tigar’s business is still burdened with great liabilities from earlier periods which greatly influence the company’s current business and liquidity.

In is important to note that in this period there was put into operation a new building of the factory for the production of rubber compounds, with surface area of 1.780m2 and in total value of € 1.17 million. Despite a very difficult financial situation, Tigar was bound to invest into this production unit of fundamental importance for the whole corporation. 

In the part of net results there was recorded an improvement, in the first six months of 2016 net loss amounts to RSD 161 million, whereas in the same period last year net loss amounted to RSD 239 million. An improvement in net results ensued from measures being taken concerning both improvement of business result and entering the Prepackaged Plan of Reorganization through which were obtained more favorable conditions for returning old debts, which again resulted in lower interest costs. 

It is important to emphasize that dependent entities Tigar Business Service, Tigar Catering, Free Zone and Tigar Security have generated net profit in the amount of RSD 56 million for the first half of current year, whereas other entities which have negative net result have improved their business result in relation to the same period last year. 

Tigar continues to implement the objectives defined in the upcoming period.'