Naftna Industrija Srbije provided earnings guidance for 2013 and production guidance for 2013 and 2014. The company expects net profit to drop 22% to RSD 38.6 billion due to a dramatic increase in its tax burden and a slump in demand due to the global economic crisis. EBITDA is expected to fall 6.5% to RSD 62.2 billion.

The company expects hydrocarbon production to grow 12.5% to 1.8 million tonnes of oil equivalent in 2013. Refining is expected to jump 45% to 3.1 million tonnes.

The company expects to increase oil production by 1-2% and refining by about 10% to 3.3 million-3.4 million tonnes in 2014.

The company expects to maintain dividends at the 2012 level for 2013. The company has approved dividend
policy - at least 15% of profit. The company paid dividends of RSD 75.83 per share for 2012, paying out a total of RSD 12.36 billion, or 25% of profit for last year.