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ST. PETERSBURG STUDENTS VISIT TIGAR AD
PIROT, 14.11.2017.


Students from Russia and their teachers visited Tigar AD and production facilities of the Footwear plant.

The students heard a detailed explanation on how rubber boots and Pirot peasant shoe are manufactured having in mind that this is a science-oriented school and that the Russian students have shown a great interest.
We hope that the experience acquired here shall contribute to their further professional orientation and that they will become true promoters of Tigar's products in distant Russia.

Ever since 2009, Grammar School Pirot has implemented student exchange program with 644, a Russian school from St. Petersburg, within the project of international cooperation named 'Slavic Soul'. This is an extraordinary program that allows children from Pirot to visit Russia and get to know their peers' culture, habits, lifestyle and way of work. Similarly, by visiting Pirot children from Russia have an opportunity to get acquainted with our education system, and to learn about our nature, tradition, industy and customs through a rich program that students and teachers of Grammar School Pirot had prepared for them. Although our cities differ in size, our soul is the same – Slavic.



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TIGAR A.D. COMPANY AT WORLD’S GREATEST AND MOST IMPORTANT SPECIALIZED FAIR A+A IN DUSSELDORF
DIZELDORF, 20.10.2017.


Firefighter, the new two-tone firefighting boot by the brand Tigar, has brought about great interest, primarily from the markets of Turkey, Iran, Egypt and Brazil.

The A+A Trade Fair, world’s greatest and most important specialized fair is being held in Dusseldorf, in the period from 17th to 20th October and it is dedicated to all aspects of safety and security showcasing first-class products when it comes to both quality and quantity, numerous special events and informative meetings. At the fair were exibited Tigar’s products: safety and professional footwear certified according to the demanding EU standards. Firefighter, the new two-tone firefighting boot by the brand Tigar, has brought about great interest, primarily from the markets of Turkey, Iran, Egypt and Brazil.


According to CEO Vladimir Ilić, Tigar A.D. presented itself to visitors at the stand of Chamber of Commerce and Industry of Serbia within the joint offer of products from Serbia in the field of safety, security and health at work. At Tigar’s stand was displayed safety and professional footwear certified according to demanding EU standards. Tigar’s product range including firefighting, forestry, anti-static and general purpose footwear has engaged visitors’ attention. There was also presented the new general purpose boot by the brand Tigar intented for use in fields of work where high risk of injury is present. There were achieved many significant contact with the purpose of winning new markets as well as new customers, which was the primary objective of our exibition at the Fair.

The fair is held biennially, and 2017 breaks the record when it comes to the number of exibitors and space leased.1900 exibitors from 63 countries presented themselves at 70,000 m2. Previously, Tigar exibited at the Fair in 2011.




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217 employees of Tigar accepted voluntary leaving with severance payment
PIROT, 18.10.2017.


Out of a total of 1387 employees of the company Tigar A.D. 217 employees accepted to leave the company voluntarily along with social program for the realization of which the state has allocated nearly 142 million dinars.

According to Vladimir Ilić, CEO of the company Tigar A.D., there has been completed social program for 217 employees in cooperation with the compentent authorities of the Republic of Serbia, whose payment starts this week. This reduction in headcount will significantly affect the liquidity of all entities within Tigar A.D. Pirot since it would bring about a cutback in costs of earnings and monthly compensation for earnings of some 12 million dinars. CEO Vladimir Ilic stressed as particularly important that the implementation of social program would not affect the production process negatively since it was taken into account that the reduction of the number of employees be from the non-productive sector of the company.
Reducing the number of employees to the optimal number necessary for smooth production process and increasing labor productivity represents another measure of the new management of Tigar A.D. taken in order to improve operations efficiency and enable Tigar A.D. to continue delivering high-quality products to its customers.
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TIGAR A.D. COMPANY IN THE SERBIAN–TURKISH BUSINESS FORUM
PIROT, 12.10.2017.


Tigar A.D. company participated in the Serbian – Turkish business forum, where strong support was given to the development of economic cooperation between Serbia and Turkey by the top state officials and institutions of the two countries.

The company’s CEO, Vladimir Ilić and Assistant Director, Branimir Tončić represented Tigar A.D. at the Serbian-Turkish business forum which was held in Belgrade on October 10th, 2017. According to CEO Vladimir Ilić, the forum gathered more than 500 Turkish and Serbian businesspeople from approximately 350 companies. During the course of the day, they introduced themselves at bilateral meetings, presented products and export potentials, arranged new meetengs that would generate future business deals. In the Turkish market exists interest for Tigar’s product range which includes safety firefighting footwear, construction industry footwear, forestry as well as footwear for hunting and fishing. According to CEO Vladimir Ilić, this gathering was of great importance for the company Tigar as well as for Serbian businesspeople in general because it opened new perspectives and a new chapter of cooperation between Serbia and Turkey.
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TIGAR A.D. PARTICIPATES AT THE INTERNATIONAL FAIR 'SMART AND SAFE CITIES'
BEOGRAD, 09.10.2017.


In the period from October 4 – 6, at the International Smart Urban Technology Fair 'Smart and Safe Cities – iSEC’ held in Belgrade, the company Tigar A.D. represented its recycling program as well as Technical Rubber special purpose goods used for protection and safety.

The Managing Director of Tigar A.D., Vladimir Ilić said that at this regionally famous and recognized fair, Tigar A.D. presented its programs which have brought about great interest in fair visitors. There were presented recycled rubber tiles for children’s playgrounds intended to prevent injuries in youngsters as well as bollards made of rubber granulate which serve as shock absorbers and safety devices in traffic. According to CEO Ilić, when it comes to the footwear program, fair visitors had an opportunity to familiarize themselves with safety program for professional use, and there was also presented new boot by Tigar brand with occupational safety properties at workplaces where risk of mechanical injuries is pronounced.
What was stated as a special advantage of Tigar A.D. products at the occasion of International Smart Urban Technology Fair ‘Smart and Safe Cities – iSEC’ is the quality recognized by its final customers.
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HONG KONG’S FIREFIGHTERS WEAR TIGAR’S BOOTS
PIROT, 14.09.2017.


In the first six months of 2017, Tigar A.D. has delivered 2400 pairs of safety rubber boots for Hong Kong firefighting brigade and this delivery is worth 95 328 euros. Top quality rubber footwear by the company Tigar from Pirot was recognized by customers from Asia, America, Scandinavia and Western Europe.

Vladimir Ilic, the company’s new CEO, said that firefighting brigade from Hong Kong Fire Service Department has been among our customers since 2009.



’Yearly quantities required for Hong Kong vary from 1500 to 3000 pairs, and their value ranges from 60 to 145.000 euros per tender. It is about tehnically most demanding products which have to satisfy not only the competiton criterion in the process of local procurement but the strict functional criteria, as well. The company Tigar has successfully answered their requests and won the job since 2009 so that Hong Kong’s firefighters may walk fearlessly through open flame, thanks to the quality of Tigar firefighters boots’, said CEO Ilic.



According to the CEO, in addition to Hong Kong fire department, the company Tigar A.D. supplies Scandinavian army with safety footwear, and rubber peasant shoes as well as „Maniera” boots are well-known and well-accepted even in far distant Japan.

For more than eighty years in business, the company Tigar A.D. has faced numerous challenges. By virtue of hard work and optimism of more than 1500 employees, this company managed to overcome many downfalls, to survive and be not only the trademark of Pirot, but of whole Serbia’, says Ilic.
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CONSOLIDATED FINANCIAL BUSINESS RESULTS FOR THE FIRST HALF OF YEAR 2017
PIROT, 01.09.2017.


Since the most significant business indicators of Tigar A.D. company are unsatisfactory in the fist half of 2017, the new CEO and Supervisory Board of the company are determined to take urgent measures concerning the company's recovery.

In the period January – June company Tigar A.D. stated an operating loss in the amount of 98,210 thousand Serbian dinars, whereas in the same period last year was recorded an operating profit in the amount of 50,159 thousand Serbian dinars.

'Tigar A.D. consolidated operating income recorded a decline by 23% in relation to last year, which indicates the need to undertake swift and decisive actions in order to help the company recover. For the first time in the last four years EBIT is worse than in the previous year. This was an alert to take the appropriate measures after the conversions of debt into capital and changes in the ownership structure, such as undertaking activities concerning the relationship with creditors, finding new customers as well as resolving the status of service entities which have operated negatively for a longer period of time, said the new CEO Vladimir Ilić.

The main factor of decreased in sales volume when it comes to export in this period is the lack of deliveries of special protective boots for the need of Finnish market. Positive turnover growht in relation to the same period last year was realized by the new customers from Poland and Italy but in insufficient volume. The first half of 2017 marked reduced sales volume in export by 44% in relation to the same period in 2016 as a consequence of reduced demand from the existing large customers. When it comes to second largest customer from Italy, in the first half of 2017 were made organizational changes which reflected the reduced scope of realization in this period. According to the CEO intensive deliveries are expected until year-end.

In the part of settling obligations towards creditors, obligations are settled according to opportunities. There were held bilateral meetings with larger creditors and they were presented with the measures that the Company undertakes to overcome the problem, as well as with the need to write off part of the debts, reduce interest rates and extend the repayment period for the remainder of the debt toward creditors. Just to remind, in order to avoid blockage of the account due to delays in the settlement of obligations, in May 2017 was held a joint meeting of all larger creditors and representatives of the Ministry of Economy. It was concluded that it would be necessary to sign the Stand still contract until creditors have made final decisions on acceptance or non-acceptance of the corrections to the terms of the PPoR. The CEO states that we have not obtained answers from all creditors concerning the signing of the Stand still contract.

The first half of 2017 was marked by the VIII release of shares based on conversion of debt into capital, pursuant to the Conclusion of the Government of the Republic of Serbia, which led to significant change in Tigar A.D. ownership structure. The largest Company shareholder at the end of second quarter of 2017 is the Republic of Serbia which participates in the Company’s capital with 42,2%, whereas together with the Equity Fund of RS 5,60%, Pension and Disability Insurance Fund 9,54%, Republic Health Insurance Fund 1,59% and the National Employment Service 0,49% it has a total of 59,43%.

On 13 April, 2017 the Government of the Republic of Serbia passed the Conclusion on launching the initiative for privatization of Tigar A.D. company.
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P CHANNEL SPREADS ITS BROADCAST OVER A GREATER TERRITORY OF PIROT DISTRICT
PIROT, 23.08.2017.


P Channel made significant changes to broadcasting program, there has come to the transition from multiplex 2 to multiplex 1, that is, changeover from channel 8 to channel 22. The changeover to the multiplex one leads to greater coverage of the territory where their viewers will be able to watch the program.

Watching P Channel was enabled in rural environments such as remote villages in Stara Planina Mountain, villages in Gornji Visok, Temska, as well as villages in neighboring municipalities Dimitrovgrad, Bela Palanka and Babušnica.

From now on the newest information concerning local and regional environment will reach villagers in the remote areas as well.
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REPRESENTATIVES OF THE RUSSIAN – SERBIAN HUMANITARIAN CENTER VISITED THE COMPANY TIGAR A.D.
PIROT, 19.08.2017.


Tigar a.d. Managing director Vladimir Ilić, Chairman of the Supervisory Board Dragan Todorović together with the company management welcomed the representatives of the Russian-Serbian Humanitarian Center on their working visit. During this visit they were familiarized with the company’s operations in possible emergency situations and afterwards the Fire-fighting Unit of Tigar Security demonstrated a fire drill - putting out a tank fire.

Next, our guests were given an organized tour of the factory where the company management showed the product range of the Footwear and Tigar Technical Rubber Goods plants. There were also considered possibilities for future cooperation on this occasion.



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TIGAR AD APPOINTED NEW CEO
PIROT, 10.08.2017.


At the session of the Supervisory Board of Tigar a.d. held on 08.08.2017 was appointed new CEO of the company.

Instead of present CEO, Branislav Čurić, for the CEO was appointed Vladimir Ilić. Branislav Čurić’s work in the past fourteen months was marked by the conversion of debt into state creditors’ capital according to the Conclusion adopted by the Government of the Republic of Serbia as of 13.09.2016. On that occasion Tigar a.d. managed to relieve itself of debts which date back to the period before 2013, in the amount of 2,2 billion serbian dinars or cc 17,8 million euros, which is of great importance for the company.

Branislav Čurić remains part of Tigar company team.

New CEO Vladimir Ilić graduated from law school. In his previous work experience he had the function of State Secretary in the Ministry of Labour, Employment, Veteran and Social Policy, he has held the post of the director of the City Center for Social Work in Belgrade for three years, and he has ten years’ experience working as a lawyer in the City Center for Social Work in Belgrade – departure for Lazarevac. He actively participated in the work of working groups with the relevant ministry in the part of social protection and improvement of laws in this field.
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HELD THE REPEATED SESSION OF THE REGULAR GENERAL ASSEMBLY OF TIGAR A.D.
PIROT, 03.07.2017.


Tigar a.d. company has held its repeated session of the regular General Assembly and on the occasion there were adopted the Financial Statements for the year 2016, an independent auditor for the year 2017 was elected, the Supervisory Board was relieved of its duty since its four-year term of office has expired and there was appointed new composition of the Supervisory Board. Ammendments and supplements of the Company's By-Laws have not been reviewed due to lack of quorum for this item.

According to the adopted financial statements in financial 2016 Tigar Group recorded an operating profit (EBIT) in the amount of RSD 92,2 million.

As the Managing Director of Tigar a.d., Mr. Branislav Čurić, says the most significant business indicators, EBIT and EBITDA point to a trend of stabilization in the Company's operations. The result achieved is not negligible, taking into account the challenges Tigar faces in the recent years, but still insufficient to service the exessive debts from earlier periods following the dynamics envisioned and after conversions of a part of the debt was implemented.

Financial statements for the year 2016 were presented to the shareholders. The burdensome factor for the current operations are obligations from earlier period which afftect the liquidity significantly.

Tigar ad has implemented a series of activities from the PPoR in the course of 2016 too, in order to achieve a more stable business operation.

When it comes to the year 2016 and the first quarter of 2017 it should be emphasized that there were carried out conversions of debt into capital pusuant to the Conclusion adopted by the Government of the Republic of Serbia, as of 13.09.2016.

In the next period will ensue activities in the part of breakthrough to new markets as well as finding new solutions in order to relieve the Company of its old obligations – says Branislav Čurić, the Managing Director of Tigar a.d.
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BEST STUDENTS OF GRAMMAR SCHOOL PIROT PRESENTED WITH GOLD NIBS
PIROT, 28.06.2017.


Traditionally Tigar ad on Vidovdan presents gold nibs to the best students of Grammar School Pirot for the results achieved in the school year.

This 28th June too, the schoolyard of Grammar School Pirot was crowded with young, smiling children who gathered there to support their classmates who achieved best results. One more time, the students of Grammar School Pirot demonstrated that in addition to the vast knowledge acquired in this school, they also learned what it means to be collegial and humane.

For many years Tigar ad wants the young people of Pirot to understand that they represent the future of this city as well as Tigar and that their contribution will be invaluable since without young people with certain qualities there is neither progress nor prosperity.

Once again Tigar ad congratulates all high school graduates and other high school students on the results achieved.
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TIGAR A.D. PARTICIPATES IN THE INTERNATIONAL FAIR OF ARMAMENT AND DEFENSE EQUIPMENT – PARTNER 2017
PIROT, 23.06.2017.


Tigar AD will be attending the International fair of armament and defense equipment - Partner 2017 as an exhibitor in the period from June 27-30 in hall IV of the Belgrade Fair.

The Company Tigar will show its special purpose products for defense industry.
Product range of rubber footwear will also be exhibited in this fair. In addition to general purpose rubber footwear visitors will also have the opportunity to see special purpose rubber footwear.
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ADOPTED ANNUAL BUSINESS REPORT FOR 2016 AND BALANCES FOR STATISTICAL PURPOSES
PIROT, 03.05.2017.


Supervisory Board of Tigar a.d. adopted Annual Business Report for 2016 and balances for statistical purposes.

In its session held on 24 April, Supervisory Board of the company Tigar a.d. reviewed and adopted the unaudited Business Report for 2016.

After individual results for Tigar a.d. Pirot and its dependent entities were adopted, the Company, pursuant to its legal obligation, has done consolidated balances comparable only with the previous year since by the end of third quarter 2015 there came about the status change of merger of three production entities to Tigar a.d.

At the consolidated level there was stated operating profit (EBIT) in the period January – December 2016 in the amount of RSD 92.8 million whereas in the same period in the previous year was stated operating profit in the amount of RSD 19.9 million. Operating profit prior to amortization and provisions (EBITDA) amounts to RSD 255.9 million whereas in the previous year there was recorded operating profit prior to amortization and provisions in the amount of RSD 213.2 million.

Managing Director of Tigar a.d. Pirot, Branislav Čurić says, ’Consolidated operating income recorded a growth by 6% in relation to the previous year due to significantly changed structure of the production program, primarily in the part of footwear in 2016 which was predominantly intended for the export market where products have higher value.

Rubber Technical Goods market position is jeopardized as reflected in sales decline by 9% in relation to the previous year and as a consequence of lack of markets and insufficient utilization of production capacities intended for accompanying large business systems.

When it comes to Chemical Products there is an increase in income by 21% in relation to 2015, as a result of placing adhesives in foreign markets’, says Branislav Čurić.

It should be noted that dependent entities: Busines Service l.l.c., Free Zone Pirot, Tigar Security l.l.c., Catering l.l.c., Pi Canal l.l.c., Inter Risk l.l.c. and Tigra Trejd Banja Luka have generated profit in the amount of RSD 85.6 million. In the whole group remained three entities: Ti Car Trgovine l.l.c, Tigar Incon l.l.c., Tigar Partner l.l.c. that achieved negative results despite the activities taken during 2016 with a view to recovery.

Debt to equity conversion carried by the Republic of Serbia by means of its funds and business entities where the Republic of Serbia has its share in capital as well as reduction of the debt from the PPoR for approximately 17.8 million euros represents one of the most important events that marked 2016. What remains as large ballast are still significant debts from the previous period which are now slightly less than 40 million euros after the conversion. Tigar has demonstrated that it can operate but servicing so great liabilities is a very difficult task and it significantly affects the already impaired liquidity. The Company sees the key to overcoming the problem of liquidity in growth of sales, as well as through the write-off of part of debt towards other creditors.

’The most important is that the quality of our products satisfies even the most demanding markets of Europe and Canada. We have managed to establish cooperation with new customers that were also present in 2016 with a smaller quantity of rubber footwear, and business cooperation with them continues in 2017’, Čurić says.

In April 2017 Government of the Republic of Serbia passed the Conclusion launching the initiative for privatization of Tigar a.d. Pirot and its dependent entities.’
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TIGAR A.D. DONATES BOOTS TO THE HOME CARE AND TREATMENT SERVICE
PIROT, 17.03.2017.


Representatives of the company Tigar a.d. have donated rubber boots to the health workers of the Home Care and Treatment Service. Given that their job involves day-to-day field work and unfavourable weather conditions, waterproof rubber boots will be of great use to the workers of this service.



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SUPPORT TO CULTURAL EVENTS IN PIROT
PIROT, 08.03.2017.


In line with its’ business operations principles, stated in the Guidelines in the realm of philantrophy and other givings, Tigar a.d. company supports and aids cultural events in Pirot.

We will attain a better and more humane society by developing culture and broadening each individual’s view. Tigar a.d. has a long-standing cooperation with the National Theatre in Pirot. We believe that the creativity of people willing to share a fine thought and a piece of art with their fellow citizens should be supported. Thus, in the first quarter of 2017, Tigar helped out this cultural institution by donating recycled material for the design of set, letting and transporting the equipment necessary for performing theater plays.

In future, Tigar a.d. will, according to its opportunities, continue its responsible conduct towards the environment and the entire community.
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TIGAR A.D. PRELIMINARY BUSINESS RESULTS FOR 2016
PIROT, 02.03.2017.


At the session of the Supervisory Board of the company Tigar a.d. held on 27.02.2017 were reviewed preliminary results of this Company for 2016, according to the data from the balances for statistical purposes. Total external sale of Tigar’s program from the country since the year’s beginning is at the level of 1.9 billion dinars, of which 70,70% achieved in export and higher by 6% in relation to the previous year.

In 2016 the parent company recorded positive business result (EBIT) in the amount of 44.8 million dinars. In addition to Tigar AD, positive EBIT was achieved by Business Service (19.7 million dinars), Catering (4.1 million dinars), Security (22 million dinars), Inter Risk (75 thousand dinars), Free Zone (65.8 million dinars) and Pi canal (1.5 million dinars). Negative EBIT was achieved by Ti Car Trgovine (-45 million dinars) and Tigar Incon (-14.8 million dinars).

Positive EBITDA was achieved by Tigar AD (183.3 million dinars), Business Service (28.1 million dinars), Catering (8.5 million dinars), Security (23.7 million dinars) and Pi canal (2 million dinars).
Negative EBITDA was achieved by Ti Car Trgovine (-44.8 million dinars) and Tigar Incon (-9.6 million dinars).

According to Branislav Čurić, the company’s CEO, a series of measures for recovery taken by the company and implemented in the last four years evidently show that the Company can operate positively, however, the level of results achieved is not sufficient enough to cover substantial liabilities dating back to the period until 2012.

In the forthcoming period activities related to finding new business arrangements will be undertaken in order to settle obligations from earlier periods, contained in the Prepackaged Plan of Reorganization – says Branislav Čurić.

In addition, at the session of the Supervisory Board there was presented and adopted the revised Corporate Governance Code of Tigar a.d.
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COMPANY TIGAR AD JOINED THE CAMPAIGN ’WE SUPPORT BREASTFEEDING’
PIROT, 25.01.2017.


Company Tigar AD joined the campaign ’We support breastfeeding’. The aim of this campaign is to raise public awareness of the presence of breastfeeding mothers and the importance of breasfeeding for both mothers and children. In favour of that, support stickers were posted on the entrance door to the Administrative building of Tigar AD, Footwear factory and Bottega.

The campaign 'We support breastfeeding' was launched by the website Super beba and Facebook page My support to breastfeeding – Tereza Kiš Miljković, and the aim is to show whether and how much companies support breastfeeding among its employees.

Following this campaign, our cooperation with the lactivist Tereza Miljković will continue, and women employed in Tigar AD will have the opportunity to attend workshops on the importance of breastfeeding for both mother and child that will be held within the company.


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