FY 2012 - Investor Relations - NIS

HASED THEE OFICSREPORTSTATEMENT OF PERSONSRESPONSIBLE 2012 FOR PREPARING OFANNUAL REPORTWe hereby state that, to our best knowledge, the annual report has been made by applying the appropriate internationalfinancial reporting standards, and also in accordance with the Law on Accounting and Auditing of the Republic ofSerbia published in Official Gazette of the Republic of Serbia (no. 46/2006 and 111/2009), which requires full scope ofIFRS to be applied, and the regulations issued by the Ministry of Finance of the Republic of Serbia 1 and that they showtrue and objective data on the property, obligations and financial position and business, profits and losses, cash flowsand changes in the capital of the public company, including subsidiaries encompassed by the consolidated statements.APPENDICESKirill KravchenkoCEO, NIS a.d. Novi Sad1 Due to the difference between these two regulations, these financial statements differ from IFRS in the following respects:• The financial statements are prepared in format prescribed by the Ministry of Finance of the Republic of Serbia, which does not comply with IAS 1 –“Presentation of Financial Statements” requirements.• “Off-balance sheet assets and liabilities” are recorded on the face of the balance sheet. Such items do not meet the definition of either an asset or aliability under IFRS.• Property, plant and equipment were measured at market value by independent appraisal and any revaluation reserves for the excess of fair valueagainst historical value were cancelled against share capital as at 1 January 2006.312 • Financial reports Annual report 2012Annual report 2012Financial reports • 313