On the occasion of the extraordinary session of Tigar ad General Assembly which took place on Wednesday, December 18th, there were adopted the Revised Financial Statement of Tigar ad for the year 2012; Decision on reduction of share capital of the Company as well as the Revised Consolidated Financial Statement of Tigar ad for the last year. At the session were not adopted the proposed amendments to the By-Laws of the Company and as for auditors for the business year 2013 was adopted the auditing firm ’Ernst&Young’. At the extraordinary session of Tigar ad General Assembly, shareholders have adopted the proposed Program of business and financial consolidation of the company.

According to Nebojsa Djenadic, Managing Director of Tigar ad, revision of Tigar ad financial statements for the year 2012 has been done on the basis of decisions made by the management and by the Supervisory Board of Tigar, in accordance with the requirements of Tigar’s shareholders from the regular General Assembly.

- By revising the financial statements for the year 2012, we got a clear picture of the business results and the position of the company which is essential for further work, particularly in negotiations with line ministries, financial institutions and other creditors in the process of financial consolidation of Tigar. It is very important that the shareholders of the company have adopted on the occasion of the extraordinary session of General Assembly the proposed Program of business and financial consolidation, because we thus obtained the trust and support for a range of strategic and operational measures, in order to conduct recovery operations. We have already implemented a part of the activities provided by this Program which resulted in stabilization of the production process and sales growth in previous months. In the forthcoming period will follow the key activities on debt refinancing, as well as on organizational restructuring in order to create a cheaper, more efficient and commercially viable business system - said Nebojsa Đenadić, Managing Director of Tigar ad.

Corporate Communication Center
Tigar a.d.