Air Serbia's financial report incomplete

NEWS FLASH


The Serbian Business Registers Agency has sent Air Serbia back its 2018 financial report due to shortcomings within the document. The report, submitted to the Agency on June 28, was found to have "formal shortcomings". In its review issued yesterday, the Agency said, "The submitted document cannot be considered a financial report". The airline has been given time to address any shortfalls and resubmit its annual report for review. Following this process, it will be made public. Air Serbia registered a record sixteen million euro profit in 2017. It is expected to have been in the black in 2018 as well. In April, Serbia's Finance Minister, Siniša Mali, said the carrier operated with a profit over the past year.

Comments

  1. But, but, but they are profitable! KPMG checks their financial statements.
    How can that be?

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    Replies
    1. This has nothing to do with profitability.

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    2. Yes, the profits were so large that they didn't have time to count them all.That is why "The submitted document cannot be considered a financial report" and they have to do it all over again...

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    3. If the STATE would like to hide losses of AS why would the same STATE (Serbian Business Registers Agency) reject the financial statement due to creative accounting as you imply?

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    4. Anonymous 3 July 2019 at 11:00
      Do you even grasp the concept of different divisions and bureaus independent of each other?
      Do you understand that we do not live in the 70s and 80s and the comrade leader of the party can not just call the head of the department and order him to do as he is told?
      No? I thought so...

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    5. Dear @Dejan. I fully agree with you about independency of state bodies and people having difficulty understanding the things. And I don't know how old are you but what you talk about was happening in the "classical" communist countries of the "Eastern block". Yugoslavia was much different : there was market economy, judiciary was more independent and objective than today, throughout ex-yu, and human rights in average were on the higher level than today, with certain exceptions. Yugoslavia's model of direct democracy was not "comrades dictating everything" , although KPJ via its parallel structures was trying hard to interfere into all fields of life, most of the times unsuccessfully. Speaking of course about the 60's, 70's and 80's, it was tougher before, of course

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    6. Dejane, we actually do live in that exact reality you are describing. Sure, it's not the 70s, but the fact that we've come back to that modus operandi cannot be ignored.

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    7. What you say is only true in theory, Dejan. Post-Yugoslav Serbia hasn't proven to be a true liberal democracy in this way and it's hard to trust government institutions that are supposed to have independent oversight. Why APR denied Air Serbia's financial report in this case, I don't know. Maybe they're just doing it for show

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    8. @pozdrav iz Rijeke

      U komunističkoj Jugoslaviji su privođena čak i deca (maloletnici) zbog verbalnog delikta i političkih krivičnih dela. Toliko o tome da je u SFRJ "human rights in average were on the higher level than today..." To su bajke za decu predškolskog uzrasta.

      U SFRJ građanin nije smeo da zucne jednu reč protiv Tita, Partije i JNA. Pravo na slobodu mišljenja nije postojalo. Političke slobode nisu postojale. Sloboda informisanja nije postojala, mediji su bili pod strogom partijskom kontrolom itd. Sve u svemu, u Jugoslaviji su građani imali onoliko ljudskih prava koliko im dozvoli Centralni Komitet SKJ.


      PS. Da ne bude da samo kritikujem, u nečemu mogu da se složim sa tobom. U Jugoslaviji su krimosi ležali po zatvorima (uglavnom), a nisu bili medijske zvezde i nisu učestvovali u rijalitima. Pravosuđe i milicija su tada bili mnogo efikasniji u suzbijanju svih vrsta kriminala.

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  2. I am sure it all a big misunderstanding!

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  3. the exact same thing happened last year.
    I am wondering what document are they trying to submit for two years and get rejected?

    btw it is expected they will remain "profitable". remember they've got back advance payment of 20+mil USD from airbus, and that is not enough there are regular subsidies and those hidden subsidies they use to lower operating costs

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    Replies
    1. +1
      Prepare to be called a hater though/

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    2. and they are also opening new routes, lease new planes, increase revenue etc.

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    3. knowing their effectiveness, that's a downside

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    4. Knowing your expretness, that's a compliment

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    5. what is "expretness"? where does JU gets all these bots from? aliexpress?

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    6. expretness? Hahahahaha... hope they don't use those expressions in planes.

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    7. They uploaded Buy on Board menu by mistake.

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    8. The generosity of the Serbian taxpayer is quite hefty.

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    9. It was obviuosly expertness

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    10. Wow, Petar how difficult was for you to see that Air Serbia opened new routes with new planes?
      It must have been nightmare.
      Poor you

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    11. Quite ironic. One day you offer promo flight to a new destination, the other day you get hate from passenger on that same flight.

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  4. Profit wasn't big enough so they sent it back.

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  5. Next is AOC. Finally we will fly cheap without the 'national airline' ripoff scheme.

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  6. Where does JU get all these haters and bots from?
    It is enough just to see title and you will know which group of people is going to show us they are aviation experts .. One spoon of frustration and one of wet dreams...
    Anyway take care of sun, it can be dangerous these days

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    Replies
    1. It is more than simple.

      There are people, mostly ex Jat Airways employees, who wish all the worst to Air Serbia as they did not qualify to be taken over by new management. One of them is particularly active on each topic where Air Serbia could be demonized and I believe we all know who it is.

      And from the other side, you have people who are glad that their national air carrier is spreading its wings to new destinations providing to Serbian people, but also other nationalities, possibilities to discover new countries.

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    2. "providing to Serbian people, but also other nationalities, possibilities to discover new countries"

      where did they pick up you guys from PR? participants from songwriting competitions for children?

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    3. "One of them is particularly active on each topic where Air Serbia could be demonized and I believe we all know who it is."

      We did not have to wait for a long time :-)

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    4. I am pretty sure this disliking has something to do with the fact that Air Serbia = marketing product of SNS.

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    5. Not all haters have the same IQ. Unlike you, smarter ones do realize Air Serbia will go on with minor tweaks even after ruling party changes in the future. Air Serbia branding was in fact devised and contemplated for JU before SNS came to power. Look up Miskovic memoirs and Djinkic statements.

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  7. While they are busy with their financial route, someone from the management MUST respond to the increasing negative reviews on TripAdvisor. There are new Egyptian travellers who were not happy, not to mention many Aussie travellers (could be from Yugo antecedents coming to see their families) !

    https://www.tripadvisor.com/Airline_Review-d8729096-Reviews-or15-Air-Serbia#REVIEWS

    As for the financial report, the publishing date was almost exactly the same for the 2017 results (2-3 July):

    https://www.exyuaviation.com/2018/07/air-serbia-posts-record-2017-profit.html

    So no excuses, Michael.

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    Replies
    1. people tend to write reviews when they are unhappy, so no surprise here. Luckily 99% of the people book a flight based on criteria like price and time and do not read Egyptian reviews on Tripadvisor beforehand.

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  8. Svi imaju prava na svoje misljenje , JU sigurno nije profitabilna kompanija kao sto nisu mnoge u svetu , vlada sigurno ubacuje pare u JU na mnogo nacina i to sve kosta gradjane. Svi avioni sposobni za letenje su iznajmljeni , sta ce biti kada neka vlada prestane da dotira JU? Mnogo losih odluka na pocetku je doneto i to nikada nece moci da se nadoknadi.

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  9. Calling Petar Celik, Happy Taxpayer and other self proclaimed experts to show us how was JAT debt dealt with post 2013. How much was it, was it paid off, how and when? The world is watching.

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    1. Calling proclaimed expert 17.30 to shut up, because talking of mega failure Jat Airways calling it JAT, one of the leading European airlines of its time, is not only unacceptable but ignorant and shameful as well.

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    2. JAT, jat or jAt, debt does not dissapear.

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  10. We should not worry, they will come back with the decently composed report, and of course it will show the profit "never seen before in our recent history".
    Meanwhile, JU schedule is in complete chaos last couple of days with many flights delayed, some for 4+ hours plus some cancelled. it just all looks like JAT in summer 2012 an 2013 but just with 2.5 more passengers and planes and probably 500 mil EUR wasted on AirSerbia project in the meantime.

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    Replies
    1. Quick look at dashboard for today shows more delays at LHR, IST, FCO and CDG than BEG, with only one cancelled for BEG. Just because you wear jat rose glasses it does not mean things were same or better then.

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