Publikacija Delta Holding

Znati trajati Knowing how to last
Sadraj
Contents
Dve decenije uspeha Two decades of success
10
Hronologija Chronology
12
U misiji modernizacije On a mission to modernize
22
Prvi skok 1991/2000. The first leap 1991/2000
52
Drugi skok 2000/2010. Second leap 2000/2010
68
Trei skok 2011. Third leap 2011
92
Komunikacija je sve... Communication is everything...
96
Izgradili smo sistem We have built a system
108
Delta Holding
zvanino najvea kompanija u Srbiji
Delta Holding
is officially the largest Serbian company
Delta Holding zvanino je najvea kompanija u Srbiji mereno

po visini prihoda u 2009. godini. To je potvreno na prezentaciji
specijalne edicije Top 300 najveih preduzea koju tradicionalno
izdaje struni magazin Ekonomist.
Based on revenue earnings in 2009, Delta Holding is officially

the largest company in Serbia. This was confirmed at the
presentation of a special list of the Top 300 largest companies
which is traditionally published by the Serbian magazine,
Ekonomist.
Delta Holding je prva privatna kompanija koja se nala na prvoj

poziciji u srpskom biznisu. Poslednjih godina na vrhu liste Top
300 te medijske grupacije bila je Naftna industrija Srbije.
Ukupan prihod Delta Holdinga u 2009. godini iznosio je 160,7
milijardi dinara. Na drugom mestu je Elektroprivreda Srbije
(EPS) sa ostvarenih 154,2 milijarde dinara.
(Novinska agencija BETA, 6.10.2010)
Delta Holding is the first private company to have taken the lead
in Serbian business. For the past several years, top position on
the Top 300 list has been held by Naftna Industrija Srbije, the
Serbian Oil Industry.
Delta Holdings total income in 2009 was RSD 160.7 billion.
The second place was taken by Elektroprivreda Srbije (EPS) (the
Electrical Power Industry of Serbia) with a total income of 154.2
RSD billion.
(BETA, News Agency, 6 October 2010)
Delta Holding
peta najvea kompanija u regionu
Delta Holding
the fifth largest company in region
Meu sto najveih kompanija u Adrija-regionu (koji pored

Srbije obuhvata Hrvatsku, Sloveniju, Makedoniju, Crnu Goru i
Bosnu i Hercegovinu) u ovogodinjem rangiranju nale su se 23
kompanije iz Srbije, na elu sa Delta Holdingom, kao najveim
srpskim preduzeem, raunato po prihodima-izjavio je arko
Mijovi iz Dilojta, revizorske kue koja je sainila rang listu.
Among the hundred largest companies in the Adriatic region,

which, besides Serbia, is made up of Croatia, Slovenia,
Macedonia, Montenegro and Bosnia and Herzegovina, and
ranked by their revenues this year, 23 of these companies were
from Serbia, with Delta Holding in pole position, according to
Zarko Mijovic from Deloitte Auditing who came up with the
rankings.
Prema njegovim reima, Delta je sa 1,67 milijardi evra prihoda

peta najvea kompanija Adrija-regiona. Najvea kompanija
u regionu je hrvatski Agrokor, druga je INA, a zatim slede
Merkator i Petrol. Na listi 100 najveih preduzea, njih 35
dolaze iz Hrvatske, 31 iz Slovenije, 23 iz Srbije, est je iz Bosne i
Hercegovine, etiri iz Makedonije i samo jedno iz Crne Gore.
U prvih 10 kompanija po veliini, etiri dolaze iz Slovenije, a po
tri iz Srbije i Hrvatske.
Najvea kompanija u Srbiji koja se bavi irokom potronjom
je Delta Holding, za kojom dolazi Viktorija grupa, pa koncern
Svislajon Takovo. Listu 100 najveih zatvara Duvanska industrija
Ni.
According to him, Delta took fifth place among the top largest
companies of the Adriatic Region based on its revenue earnings
of 1.67 billion euros. Croatian Agrokor took first place as
the largest company in the Region, followed by INA then by
Merkator and Petrol. On the list of the100 largest companies
of the Region, 33 were from Croatia, 31 from Slovenia, 23
from Serbia, six from Bosnia and Herzegovina, four from
Macedonia and one from Montenegro. Among the top ten
largest companies, four were from Slovenia and three each from
Serbia and Croatia. The largest company in Serbia engaged in
consumer good is Delta Holding followed by the Victoria Group
and Swisslion Takovo. The final company on the list of the100
largest companies is the Nis Tobacco Industry.
(Dnevni list DANAS, 23. 09. 2010)

(DANAS, Daily Newspaper of 23 September 2010)
Delta Holding poklanja Beogradu

Centar za decu sa invaliditetom
Center for children with disabilities,

Delta Holding gift to City of Belgrade
Ugovor o izgradnji prve zadubine Delta Holdinga potpisan je

14. septembra 2010. u Skuptini grada Beograda.
The Construction Agreement signed for the first endowment of

Delta Holding was signed on 14th September 2010 in Belgrade
City Hall.
Ugovor su potpisali direktorka Delta Humanitarnog Fonda

Ivana Mikovi-Kari i gradonaelnik Beograda Dragan ilas.
Za potrebe izgradnje Centra obezbeeno je 2.000.000 evra,
trajae oko godinu dana, a zapoee do kraja 2010.
Zadubina e se trajno i iskljuivo koristiti za potrebe smetaja
i aktivnosti dece sa invaliditetom, i nikada ne moe imati
komercijalnu osnovu niti sluiti za sticanje finansijske dobiti.
Delta Humanitarni Fond je odluku o izgradnji ovakvog centra
doneo na osnovu detaljnog istraivanja potreba drutva, pre
svega najranjivijih grupa. Uz konsultacije sa Ministarstvom rada
i socijalne politike i predstavnicima grada Beograda doneta je
zajednika odluka da prva zadubina bude upravo ono to je
Gradu i deci sa invaliditetom i njihovim roditeljima neophodno.
(Saoptenje za javnost, 14.9.2010)
The agreement was signed by the Director of the Delta

Humanitarian Fund, Ivana Mikovi-Kari and by Dragan ilas,
Mayor of Belgrade. The Company has allocated 2,000,000 euros
for that project. The construction of the Centre shall begin by
the end of 2010 and shall take about a year.
This endowment shall be exclusively and permanently used for
the accommodation and activities of children with disabilities
and may not be used for any commercial or profit-making
purposes. Delta Humanitarian Fund made the decision on the
construction of the Centre after thorough research into societal
needs and particularly into the needs of the most vulnerable
groups therein. Following consultations with the Ministry of
Labour and Social Policy and representatives of the City of
Belgrade, a joint decision was made that the first endowment
should be what the city, its disabled children and their parents
most need.
(Press Release, 14 September 2010)
Dve decenije
uspeha
Two decades
of success
Navedene tri informacije, citirane iz nezavisnih izvora,

saoptene u jesen 2010. godine sumirale su u najkraem obliku
dve decenije poslovanja kompanije Delta Holding. Toliko
vremena trebalo je jednoj od prvih privatnih kompanija u
nekadanjoj SFRJ da (zajedno sa dravom u kojoj je nastala
i poslovala) proe period sankcija, meunarodne izolacije,
demokratskih reformi i tranzicije i da izraste u srpskog i
regionalnog biznis lidera. Da bi se to postiglo morali su da
postoje mnogi preduslovi.
Two decades of Delta Holdings business can be summed up by

three pieces of publicly-sourced information. Along with the
state in which it was founded, and as one of the first private
companies of the former Yugoslavia, it took a long time to get
through the period of sanctions, international isolation and
democratic reform and transition, and to become a business
leader not just in Serbia but regionally.
Pre svih preduzetnika ideja, vizija, hrabrost i dobri temelji sa

ugraenim sistemom vrednosti koji poiva na izboru kadrova,
saradnji sa najuglednijim partnerima iz sveta, prenoenjem
najboljih svetskih iskustva u Srbiju i uvaavanjem trita kao
jedinog pravog merila uspeha.
Posle dve decenije poslovanja, a na osnovu podataka nezavisnih
ocenjivaa Delta Holding se kvalitativno izdvaja iz sredine u
kojoj posluje. Osnova ovog uspeha su: potpuna orijentisanost ka
privatnom preduzetnitvu, efikasno i brzo prilagoavanje novim
procesima, spremnost da se oslukuje stanje na tritu i odmah
prilagoava poslovanje, da se efikasno i brzo donose poslovne
odluke. Principi poslovanja usvajani su od vodeih zapadnih
kompanija, a sa najboljima od njih uspostavljana je dugorona
saradnja.
Ti principi bili su presudni za poslovanje Kompanije devedesetih
godina prolog veka, od njenog osnivanja 1991. godine, do 2000.
godine, kada su zapoete demokratske reforme.
Vreme sankcija i meunarodne izolacije drave u kojoj je Delta
Holding poslovao u prvoj deceniji svog rada, nisu predstavljali
dovoljno dobar, ali jesu bili izazovan ambijent za razmah
preduzetnitva. Ono to je krasilo kompaniju Delta Holding
od njenog nastanka, to su principi rada slini onima na kojima
poivaju veliki nemaki koncerni. Na samom poetku postojala
je svest da Delta ne moe da se razvija bez tehnolokog napretka
i primene savremene inostrane tehnologije.
// 10
20 GODINA YEARS
DVE DECENIJE USPEHA TWO DECADES OF SUCCESS
The market is the only real measure of success, and this success
derived in the first place from entrepreneurial creativity, vision,
courage and strong foundations, coupled with choosing the
most suitable personnel, cooperation with leading international
partners and importing the best working practices available into
Serbia.
According to data issued by an independent rating agency,
after two decades in business Delta Holding has created its
leading position based on quality in the environment in which
it operates. This success is the result of complete orientation
towards private entrepreneurship, efficient and effective
adaptation to new processes, closely monitoring the market
situation, effectively adapting to the market, accompanied
by efficient and effective decision making. The Company has
adopted business principles from leading western companies
and established long-term business cooperation with the best of
them.
These principles were crucial for the companys business during
the last decade of the 1990s, ie.from its founding in 1991 to
2000, the year in which democratic transition commenced.
The period of sanctions and subsequent isolation of the country
in which Delta Holding had been doing business during the
first decade of its existence was not ideal but it did prove
to be a challenging environment in the arena of developing
entrepreneurships. Since its inception Delta Holding has based
itself on similar operating principles to a variety of leading
German businesses. At this point it discovered that without
technological advances and using up-to-the-minute technology
no development would be possible.
Da bi se postigao uspeh koji

je za dve decenije postigao
Delta Holding, bili su potrebni
preduzetnika ideja, vizija,
hrabrost i jasan sistem
vrednosti.
// 11
20 GODINA YEARS
DVE DECENIJE USPEHA TWO DECADES OF SUCCESS
To achive such success as

Delta Holding has achieved for
two decades of its existence, there
must have been entrepreneurial
creativity, vision, courage and
a clearly defined system of values.
// 12
20 GODINA YEARS
Chronology
1991/1993 1994/1999 2000/2007 2008/2010
Corporate culture
// 14
20 GODINA YEARS
HRONOLOGIJA CHRONOLOGY
Kompanija Delta osnovana je 4. februara 1991. u vreme

dominacije dravne i drutvene svojine i velikih dravnih spoljno
trgovinskih kompanija u tadanjoj SFRJ. Bila je jedna od prvih
privatnih kompanija pokrenutih u Srbiji.
Deltu osniva i predvodi Miroslav Mikovi. Na samom poetku
ini je petoro zaposlenih, od kojih su etvoro pripravnici.
Delta Company was founded on 4th February 1991 at the time

when state and social ownership and large state foreign trade
companies dominated the market of then SFR of Yugoslavia.
Delta Company was one of the first private companies started
up in Serbia.
Delta is founded and led by Miroslav Mikovi. At its start-up it
had five employees out of which four trainees.
1991/1993.
1991/1993
U prvim godinama postojanja uslovi za rad u Srbiji su

izuzetno teki: izbijaju ratovi, dolazi do ekonomske izolacije,
hiperinflacija dostie istorijski maksimum, meunarodna
zajednica uvodi ekonomske sankcije dravi u kojoj Delta
posluje, gase se velika dravna i drutvena preduzea, menja se
privredni ambijent. Smelim i efikasnim odlukama i formiranjem
kvalitetne kadrovske baze postavljaju se osnovi za uspeno
poslovanje Delte. Poinje proces uspostavljanja dugorone
saradnje sa svetski poznatim kompanijama i usvajaju se i
primenjuju poslovni principi i znanja velikih korporacija.
During the initial years of company operations, conditions in

Serbia were extremely difficult: wars broke out, the country was
economically isolated, hyperinflation reached record heights,
the international community imposed economic sanctions
against the country in which Delta was doing business, big
state and socially-owned enterprises had been liquidated and
the economic environment had completely changed. Delta laid
successful business foundations by making brave and efficient
business choices and employing decent staff. Long-term
cooperation with the worlds leading companies followed as
did the adoption of the business skills and principles of large
corporations.
Delta posluje u oblasti agrara (trgovina voem i povrem) i u

drvnoj industriji.
Realizuje prve ugovore sa renomiranim kompanijama Nike i
Zeneca. Ve 1991. godine osniva i prvu privatnu banku - Delta
banku.
Delta was involved in the agricultural sector, trading in fruit

and vegetables, and in the timber industry. The company first
negotiated contracts with reputable companies such as Nike and
Zeneca, and by 1991it had already founded the first private bank,
Delta Bank.
1994/1999.
1994/1999
Portfolio Kompanije se proiruje, Delta zastupa renomirane

kompanije Fiat, Nestle, Beiersdorf (Nivea) i mnoge druge.
The companys portfolio had expanded. It assumed in-country

representation of leading companies such as Fiat, Nestle,
Beiersdorf, (Nivea) and of many others.
Sankcije i meunarodna izolacija SR Jugoslavije ne omoguavaju

Kompaniji da se razvija planiranim tempom, zbog ega se
stagnacija poslovanja na prostoru Balkana kompenzuje irenjem
poslova u Rusiji i Ukrajini.
Dve kompanije, lanice Delta Holdinga, ostvaruju znaajan
profit za Kompaniju u tom periodu: Delta Sport kao generalni
distributer Nike za podruje Zajednice Nezavisnih Drava i
Delta International kao veinski vlasnik Bajkalskog celuloznog
kombinata koji svoje proizvode usmerava direktno na trite
Azije. Takav nain poslovanja zahtevao je prebacivanje
znaajnog broja zaposlenih Delta Holdinga iz Srbije na trite
Rusije.
Kompanija zapoinje potpuno novi posao osnivanjem Delta
Osiguranja.
// 16
20 GODINA YEARS
The resultant isolation of Yugoslavia slowed down the

companys development and caused a stagnation of business
in the Balkans. This lead to expansion into the Russian and
Ukrainian markets.
Two companies, members of Delta Holding, made significant
profits for the company in that period: Delta Sport (as a
general distributor of Nike for the territory of CIS) and Delta
International (as the majority owner of the Baikal Cellulose
Integrated Plant that directed its products to the markets of
Asia). Such a manner of doing business required a significant
number of Delta Holding personnel to be expatriated and or
moved from Serbia to the markets of Russia.
The Company also started up a completely new business by
establishing Delta Osiguranje (Delta Insurance).
Devedesete godine nisu

pogodovale razvoju poslovanja
u Srbiji, ali Kompanija brzo
i efikasno donosi odluke i
usvaja know-how zapadnih
korporacija.
// 17
20 GODINA YEARS
The 1990s were bad years for the

development of business in
Serbia, but the company made
effective and efficient decisions
and transferred know-how from
western companies.
2000/2007.
Sa demokratskim promenama u jesen 2000. godine kompanija
Delta Holding zauzima vodee pozicije u svim oblastima u
kojima posluje. Kompanija je, zahvaljujui dobro postavljenim
biznis temeljima i principima poslovanja, spremna za povratak
zemlje u meunarodne ekonomske tokove. Znaajne promene
u Srbiji imaju za posledicu reduciranje poslovanja u Rusiji.
Kompanija odluuje da izae iz posla sa celulozom, a kapital
dobijen prodajom Bajkalskog celuloznog kombinata usmerava u
investicije u Srbiji.
Otvaranje Srbije prema svetu, demokratske i ekonomske
reforme od 2001. do 2007. godine pogoduju brzom razvoju
Kompanije. Uvruju se liderske pozicije u delatnostima kojima
se Delta ve bavi - agrobiznis i zastupanje inostranih firmi i
brendova na domaem tritu. Istovremeno, ire se oblasti
investiranja i ulazi se u nove poslove. Otvaranjem prvog Maxija
zapoinje znaajna era maloprodaje, kao novog stratekog
biznisa, kompanija snano razvija posao sa nekretninama.
Kompanija doivljava ekspanziju organskim rastom, ali i kroz
akvizicije koje realizuje izmeu ostalog i preko sopstvenog
preduzea za akvizicije i brokerske usluge.
U tom periodu Delta Holding ima 18.000 zaposlenih.
Kompanija se 2003. useljava u sopstvenu poslovnu zgradu
u Novom Beogradu.
Kada je Delta banka prodata italijanskoj bankarskoj grupaciji
Intesa, akumulira se kapital koji e biti osnov za novi veliki
investicioni ciklus. Kompanija igra vanu ulogu u u privatizaciji
domaih drutvenih preduzea, dok istovremeno ulae u
izgradnju nekretnina, irenje maloprodajnog lanca, otvaranje
trnih centara
Delta Real Estate podie prvi oping mol u Beogradu, Delta City,
a ubrzo Delta City nie i u Podgorici. U Beogradu kompanija
za razvoj nekretnina zajedno sa partnerom Hypo Alpe Adria,
za potrebe Univerzijade 2009 podie naselje Belville, u tom
trenutku najvee gradilite na Balkanu.
Delta Maxi iri svoju maloprodajnu mreu i uvodi nove prodajne
formate i novi brend - Tempo. Honda i BMW su nove kompanije
koje Delta zastupa na tritu Srbije.
// 18
20 GODINA YEARS
Delta Osiguranje osniva prvi privatni penzioni fond. Izuzetno

uspeno osvaja trite osiguranja i ostvaruje strateko
partnerstvo 50-50% sa Generali Group, jednom od najveih
osiguravajuih kua u svetu.
Delta Sport zastupa Nike, a sa jednim od vodeih svetskih lanaca
kafeterija Costa Coffee potpisuje franizni ugovor o irenju
mree na teritoriji zemalja bive Jugoslavije i Albanije. Zastupnik
je panske Zare i jedini zastupnik svih brendova Inditex-a u
Evropi.
Delta Holding partner je svetskim korporacijama: Beiersdorf
(Nivea), Unilever, Pirelli, Shell, OM Pimespo, GE...
U oblasti agrara Delta posluje sa kompanijama kao to su
Pioneer (DuPont), Syngenta, BASF...
Kompanija ostvaruje svoj plan i postaje regionalni lider.
Kupovinom maloprodajnog lanca Tropic izlazi na trite Bosne
i Hercegovine, prve radnje otvara u Crnoj Gori, dok akvizicijom
maloprodajnog lanca Piccadilly 2007. godine Delta Maxi Grupa
iri svoje poslovanje i na trite Evropske unije.
2000/2007
In the autumn of 2000 with the move towards democracy,
Delta Holding occupied the leading positions in all fields of
its business. Owing to its solid foundations in business and
business principles, the company was ready for the return and
integration of the country into the international economic
market place and system of doing business. The great changes
taking place at that time in Serbia resulted in the reduction of
business in the markets of Russia. The Company decided to
leave the cellulose business and the capital acquired from the
sale of the Baikal Cellulose Integrated Plant was directed and
invested in the business in Serbia.
As Serbia opened up to the outside world during the period of
democratic transition and economic reform from 2001 to 2007,
the climate encouraged fast growth within the company. The
market leadership positions of Deltas existing agri-business
and its representations of foreign companies and brands in the
domestic market had been strengthened. Simultaneously, the
fields of investments had been broadened, and the company
had entered new business arenas. With the opening of the first
Maxi hypermarket, the era of strategic retail business got under
way as the company began to vigorously develop the real estate
business.
The company has experienced expansion through organic
growth but also through acquisitions carried out by its own
company for acquisition and brokerage services. By that time
Delta Holding had 18,000 employees. In 2003 the company
moved into new office buildings in New Belgrade which is
company-owned property.
When Delta Bank was sold to the Italian Banking Group, Banca
Intesa, the accumulated capital formed the basis of a future
investment cycle. The company has an important role also in
the privatizations process of domestic and socially
owned enterprises and simultaneously has invested into
real estate development, expansion of retail chains, and
development of shopping malls.
Delta Real Estate erected the first shopping mall in Belgrade,
Delta City, and not long afterwards Delta City was erected in
Podgorica, Montenegro. Then, in Belgrade, the Delta Company
for real estate development together with their partner Hypo
// 19
20 GODINA YEARS
Alpe Adria Bank Belgrade built the residential area called

Belville in New Belgrade, for Universiade 2009. At that time
it was the biggest building site in the Balkans. Delta Maxi has
expanded its retailing chain and has introduced new selling
formats and new brands Tempo, Honda and BMW are
just two of the new companies represented by Delta in the
territory of Serbia.
Delta Osiguranje (Delta Insurance) also established the first
private pension fund, and as such was extremely successful in
breaking into the insurance market. It entered into a strategic
partnership of a 50-50% cut with Generali Group, one of the
biggest international insurance companies.
Delta Sport represents Nike. Also, Delta Sport signed an
agreement with Costa Coffee, one of the leading international
coffee shop chains, with the franchise agreement aiming at
expanding the network across the former Yugoslavia and
Albania. Delta Sport became the representative of the Spanish
Zara chain and sole representative of all Inditex brands for
Europe.
Delta Holding is also become a partner to the most wellknown global corporations, such as Beiersdorf (Nivea),
Unilever, Pirelli, Shell, OM Pimespo, GE...
Delta is doing agri-business with companies such as Pioneer
(DuPont), Syngenta, BASF...
The Company has been achieving its target of being a regional
business leader. The Company entered the retail market of
Bosnia and Herzegovina through the purchase of the Tropic
retail chain. The Company opened its first retail shops
in Montenegro and through its acquisition of the Piccadilly
retail chain in 2007, Delta Maxi Group has expanded its
business into the EU market.
2008/2010.
2008/2010
Ve 2008. godine u Kompaniji radi 24.200 ljudi, a razvoj

se fokusira prevashodno na oblasti maloprodaje, agrara i
nekretnina u Srbiji, ali i na tritima regiona bive Jugoslavije i
istone Evrope.
In 2008 the company already had 24,200 employees. The

companys development has been focused primarily not just
in the retail business, agri-business and real estate market in
Serbia but also in the markets of former Yugoslavia and Eastern
Europe.
Ekonomska kriza koja zahvata svet, neto kasnije stie i do

Srbije, a globalnoj situaciji Delta se prilagoava tako to
znaajno racionalizacije poslovanje. Moglo bi se rei da je
kriza ojaala Kompaniju, jer je to period u kome se optimizuje
poslovanje, znatno su unapreeni status i uticaj Delta Holdinga
u zemlji i regionu.
Godine krize, uprkos sloenim uslovima na tritu, predstavljaju
zenit u poslovanju Delta Holdinga. To je vreme kada se u
Kompaniji kreira nova poslovna strategija za treu deceniju
postojanja.
U godinama krize, uprkos sloenim

uslovima poslovanja, Delta Holding
dostie zenit. To je vreme kada se
u Kompaniji kreira nova poslovna
strategija za treu deceniju
postojanja.
// 20
20 GODINA YEARS
The world economic crisis reached Serbia later than elsewhere.

Delta took advantage of the global situation to carry out
significant business process rationalization. It could be said that
the crisis has strengthened the company since it was a period
when the company optimized its businesses, and significantly
improved the status and influence of Delta Holding both in the
country and the region.
The years of crisis, despite complex market conditions, were
the years when Delta Holding was doing business at its zenith
and the time when the company prepared a forward-looking
business strategy for the third decade of its existence.
In those years of crisis, despite

complex business conditions,
Delta Holding managed to reach
its zenith. It was a time when the
company prepared forward-looking
business strategies that would drive
the company successfully into the
third decade of its existence.
Korporativna kultura
Corporate culture
Svoju poslovnu poziciju Delta je gradila na jedinstvenoj

korporativnoj kulturi stvarajui imid pouzdanog poslovnog
partnera. U Kompaniji se brzo i efikasno donose poslovne
odluke i usvaja know-how kojim raspolau zapadne korporacije,
uspostavlja se i dugorona saradnja sa svetski poznatim
kompanijama. Na samom poetku ostvareni su kontakti
i zapoeto poslovanje sa Barclays bankom, koja je postala
poslovna banka Kompanije i banka koja je dugi niz godina
pratila poslovanje Delta Holdinga.
Delta has built its business position on a unique corporate

culture and has created an image of a reliable business partner.
The company has made business decisions effectively and
efficiently, and transferred knowledge available to western
corporations. It was at this point that it began long-term
business cooperation with internationally renowned companies.
At that time the company also made contact with Barclays Bank
which became the companys business bank and the bank has
been providing its services to the company for a number of years
subsequently.
24.000 u 2010.
24,000 in 2010
Broj zaposlenih
Number of employees
3.010.000.000 EUR
Projekcija za 2010.
Estimation for 2010
Prihod od prodaje
Turnover
// 21
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// 22
20 GODINA YEARS
On a mission to modernize
Quality standards in agri-business New confidence in banks Retail you didnt know
Property in the focus Delta as a model Delta Sport - reliable partner
Secure insurance New personnel standards
Social responsibility New millennium
// 24
20 GODINA YEARS
U MISIJI MODERNIZACIJE ON A MISSION TO MODERNIZE
Kompanija je uvodila svetske

standarde poslovanja na
neregulisanom tritu.
Modernizujui Kompaniju, njeno poslovanje, korporativno
upravljanje, Delta Holding je pokrenuo modernizaciju srpske
privrede, trita i drutva, a dravi dao impuls i putokaz kojim
pravcem treba ii u ekonomskim reformama i drutvenoj
tranziciji ka modernoj evropskoj dravi.
U dvadeset godina postojanja Delta Holding se nametnuo
kao lider u inovacijama i uspostavljanju standarda modernog
poslovanja.
Dovoenjem poznatih svetskih kompanija iz razliitih oblasti
(maloprodaje, proizvodnje, marketinga, trgovine, bankarstva,
osiguranja, mode...) Delta Holding otvara trite Srbije i na taj
nain jaa konkurentnost celog trita.
The Company has introduced

international business - standards to
an unorganized market.
Through modernization of company, companys business,
corporate management, Delta Holding initiated the
modernization of the Serbian economy, market and society, and
gave the state impulse and a guideline which direction to take
in its economic reforms and social transition towards a modern
European state.
Over twenty years of existence, Delta Holding has imposed itself
as an innovation leader and an introducer of modern business
standards.
Bringing reputable global companies from different business
areas (retailing business, manufacturing, marketing, commerce,
banking, insurance, fashion...), Delta Holding opened Serbian
market to the competition and thus defends it from any kind of
monopoly.
Standardi kvaliteta
u agraru
Quality standards
in agri-business
U svom stratekom biznisu - agraru, Delta Holding uvodi najvie

standarde kvaliteta.
In its strategic agri-business, Delta Holding introduces the

highest quality standards.
Sa sigurnou se moe rei da je u relativno kratkom vremenu

uinjeno izuzetno mnogo na podizanju svih standarda u
poljoprivrednoj proizvodnji u Srbiji ime je posao zemljoradnika
uininjen profitabilnim, kao to je to sluaj u mnogim zemljama
u Evropi.
We can say with certainty that in a relatively short time we have

done very much to raise standards in agricultural production in
Serbia and made the work on the farms as profitable as in many
countries in Europe.
U primarnoj agrarnoj proizvodnji Delta primenjuje

najsavremenije agrotehnike mere.
// 26
20 GODINA YEARS
In its primary agricultural production, Delta has implemented

the most advanced agronomic practices.
// 27
20 GODINA YEARS
Delta zakljuuje jedan od retkih ekskluzivnih ugovora o

dugoronoj saradnji za proizvodnju, uvoz i distribuciju svih
proizvoda sa najstarijom i najveom semenskom kompanijom
na svetu - kompanijom Pioneer, lanicom DuPont Company.
Formiran je doradni centar sa ciljem da se visok kvalitet
semena koje se proizvodi na poljima u Srbiji sauva i doradi po
standardima koji premauju vaee standarde u Srbiji. Time je
znaajno podignut opti nivo prinosa ratarskih kultura.
BASF i Syngenta su partneri u proizvodnji pesticida u Deltinoj
fabrici u Zrenjaninu. Delta Agrar poljoprivrednicima u Srbiji
nudi najsavremeniju poljoprivrednu mehanizaciju, koju koristi i
na sopstvenm imanjima.
Delta podie najsavremeniji vonjak za proizvodnju jabuka.
Da bi ga izgradila, Kompanija najbolju evropsku tehnologiju
proizvodnje jabuka iz Junog Tirola prenosi u Srbiju, u elarevo.
Ubrzo zatim podie i ULO hladnjau najveu i najmoderniju
tog tipa u celom regionu. Osim za potrebe Delta Agrara,
ULO hladnjaa u elarevu slui i za skladitenje jabuka koje
kompanija otkupljuje od kooperanata, kao i za usluge uvanja i
kalibriranja jabuka drugih zainteresovanih proizvoaa u Srbiji.
// 28
20 GODINA YEARS
Delta has entered into a rare and exclusive agreement on longterm cooperation for the production, import and distribution of
all products from the oldest but biggest international seed company, called Pioneer, which is a part of the DuPont Company.
A seed processing plant was set up to preserve the high quality
of seeds produced on the fields of Serbia and to process them
according to standards that are higher than those applicable in
Serbia. It has raised significantly general level of farm (arable)
crop yields.
BASF and Syngenta are partners in the production of pesticides
in the Delta plant in Zrenjanin. Delta offered to farmers in Serbia and introduced to its own farms the most advanced agricultural machinery and farm equipment.
Delta established apple orchards run to the most modern
standards. For this purpose, the company transferred to Serbia
the best European technology for apple production from South
Tyrol and introduced it in elarevo. Soon afterwards it erected
a ULO state-of the art cold store, the biggest and the most modern of its kind in the region. The ULO cold store in elarevo
was not intended only for Delta Agrar use , but also as a storage for apples purchased by the Company from its associates
(cooperative). The ULO cold store provides storage and grading
services to other interested apple producers in Serbia.
// 29
20 GODINA YEARS
// 30
20 GODINA YEARS
Global G.A.P. ISO 9001:2008 ISO 22000:2005 ISO 14001:2004 BS OHSAS 18001
U procesu akvizicija u agraru, Delta preuzima devastirane

socijalistike agrarne kombinate i revitalizuje ih. Na farmi
Napredak u Staroj Pazovi formira farmu svinja prema danskoj
DanBred tehnologiji ime je omoguena proizvodnja i tov
svinja koji po svim parametrima premauju prosek u Srbiji i
pribliavaju se rezultatima najboljih farmi u Danskoj.
U domenu proizvodnje hrane, ubrzano se i istrajno uvode
HACCP standardi kvaliteta. Mesna industrija Yuhor uvodi
sistem praenja kvaliteta ISO 9000:2008 i sistem ISO
14001:2004 za zatitu ivotne sredine i gradi ekoloki sistem za
preiavanje otpadnih voda.
Industrija brana i testenina Danubius investira u najsavremeniji
mlin u ovom delu Evrope. Uz poboljanje proizvodnih kapaciteta
ova investicija donosi i znaajan ekoloki napredak.
// 31
20 GODINA YEARS
Through the agricultural acquisition process, Delta took over

defunct socialist agricultural combines so that it could revitalize
them. On the Napredak farm in Stara Pazova, the Company
established a pig farm introducing DanBred Danish technology.
The pig production and fattening parameters that have been
achieved on the farm have surpassed the average in Serbia and
are nearing results of the best farms in Denmark.
In the field of food production, the Company has been
introducing effectively and steadily HACCP quality standards.
The Yuhor Meat Business has been introducing the Quality
Management Systems ISO 9001:2008 and ISO 14001:2008
Environment Management System and an ecological system for
waste water treatment is under construction.
The Danubius flour and pasta industry has invested in the most
modern mill in this part of Europe. Along with improvement of
production capacities, this investment has brought significant
ecological prosperity.
Novo poverenje
u banke
New confidence
in banks
Za modernizaciju srpske privrede devedesetih godina, znaajno

je bilo osnivanje Delta Banke. Da bi se bolje razumele okolnosti,
vano je napomenuti da je Delta Banka nastala posle sloma
dravnog bankarskog sektora i kompletnog srpskog finansijskog
sistema, izazvanog meunarodnom izolacijom, inflacijom koja
je bila najvea u istoriji i pojavom takozvanih piramidalnih
banaka koje su prikupile veoma velika sredstva graana.
Vladalo je veliko nepoverenje u banke. Delta Banka unela je u
finansijski sistem drave nove vrednosti poslovanja i pokazala da
bankarstvo ne ine spekulacije i prevare klijenata, ve servis koji
e pomoi preduzetnicima i graanima da ostvare svoje ideje i
elje.
For the modernization of the Serbian economy in the 1990s,

the founding of Delta Bank was of great importance. For a
better understanding of the circumstances, it has to be noted
that Delta Bank was founded after the collapse of the stateowned banking sector and the whole financial system in Serbia,
caused by internationally-imposed isolation, the highest level
of hyperinflation ever recorded in the history of the country
and by pyramid banking schemes that collected huge amounts
of money of the countrys citizens. At that time all confidence
in banks was lost. Delta Bank introduced a new set of business
values in the financial system of the state, restoring the
confidence of its clients in the banking system, convincing them
that the banking system did not just constitute speculation and
fraud but that banking is a service that supports entrepreneurs
and citizens in the realization of their ideas and desires.
Brojni su primeri inovacija i u ovoj oblasti. Delta Banka prva je

domaa banka u ondanjoj SR Jugoslaviji koja je zvanino poela
da izdaje platne kartice iz sistema MasterCard i Maestro, a koje
su mogle da se koriste za plaanje u zemlji i inostranstvu.
Dve godine nakon uvoenja platnih kartica Delta Banka je imala
najrasprostranjeniju mreu POS terminala i bankomata u Srbiji.
There are numerous examples of successful innovations in

this area. Delta Bank was first local bank in the-then FR of
Yugoslavia that began to issue payment cards from MasterCard
and Maestro systems that could be used for local payments and
payments abroad.
Delta Banka je bila pionir i u uspostavljanju sistema

elektronskog bankarstva kao novog vida komunikacije sa
klijentima. Krajem 2003. godine Delta Banka je prva na Balkanu
poela da izdaje Visa ip karticu.
Two year after the introduction of payment cards, Delta Bank

had the most widespread network of POS terminals and ATMs
in Serbia.
Potvrdu uspenog poslovanja Delta Banka dobila je od

londonskog finansijskog magazina Finance Central Europe, na
ijoj je rang listi banaka srednje veliine sa prostora jugoistone
Evrope ubedljivo zauzela prvo mesto.
Delta Bank was also a pioneer in establishing an electronic

banking system as a new form of communication with clients.
Towards the end of 2003, Delta Bank was the first in the Balkans
that began to issue Visa chip cards.
Delta Bank gained recognition for its successful business
operations from the London financial magazine, Finance
Central Europe, that ranked Delta Bank convincingly as number
1 in its list of SEE medium-sized banks.
// 32
20 GODINA YEARS
Maloprodaja
kakvu niste znali
Retail you
didnt know
U oblasti maloprodaje Delta uspostavlja sistem usluge svetskog

nivoa, kakav potroai u Srbiji do tada nisu imali. Da bi formirao
odgovarajui model, Delta Holding (opet kao prva kompanija u
Srbiji) dovodi i zapoljava ugledne strane strunjake koji uvode
nova pravila za zaposlene i u organizaciju maloprodaje: od
ljubaznog osoblja do rasporeda polica, higijene u samoposlugama
i novih formata i maloprodaji (od komijskih radnji, do velikih
hipermarketa).
Delta has established international concepts in their retail

system that customers in Serbia have never had before. To
achieve them, Delta Holding (again as the leading company in
Serbia) brought over and employed renowned foreign experts
that have introduced new rules for employees and the retail
sales organization: from friendly staff to the arrangement of
sales shelves, hygiene in supermarkets and new forms of retail
brands (from small retail shops in the neighborhood to large
hypermarkets).
Delta Maxi Grupa vlasnik je maloprodajnog lanca prehrambenog

tipa koji ima vie od 500 objekata.
// 34
20 GODINA YEARS
Delta Maxi Group is the owner of the food retail chain which
has more than 500 stores.
Maxi, MiniMaxi, SuperMaxi, Tempo, novi su brendovi i

maloprodajni formati na tritu Srbije, a prvi put jedna
trgovaka kompanija kod nas uvodi sve prodajne formate
koje poznaju svetske trgovinske mree. Delta Maxi dobitnik
je meunarodne nagrade za kvalitet usluge i primenu
meunarodnih standarda u poslovanju (HACCP i ISO 9001).
Maxi je bio prvi maloprodajni lanac u Srbiji koji je ponudio
tritu on-line kupovinu proizvoda iz svog asortimana. Odgovor
trita na novi vid ponuene usluge bio je iznad svih oekivanja.
Godinji promet ostvaren preko internet sajta Maxija dostigao je
milion evra.
Znaajnu panju Maxi posveuje pitanjima ekologije, pa tako
i pre zakonske obaveze uvodi biorazgradive kese u sve svoje
maloprodajne objekte.
// 36
20 GODINA YEARS
Maxi, MiniMaxi, SuperMaxi and Tempo are new brands and

new retail formats in the Serbian market. It was the first time
that one business and commercial company introduced retail
networks familiar to global ones. Delta Maxi was awarded the
international prize named For Quality for services and for
the implementation of international standards in business,
ie.HACCP and ISO 9001.
Maxi was the first retail chain in Serbia that offered the
possibility of ordering its products online. The market
response to this new aspect of services was above and beyond
any expectation. Annual sales through the Maxi Internet site
reached figures of 1,000,000 euros.
Maxi takes care of environmental issues. It introduced biodegradable bags to all its retail formats before it was obliged to
legally.
// 37
20 GODINA YEARS
Nekretnine
u fokusu
Property
in the focus
Delta Holding uspostavlja visoke standarde u oblasti nekretnina

izgradnjom prve poslovne pametne zgrade (sedita Holdinga), a
zatim i najveeg (u to vreme) trnog centra na Balkanu - Delta
City.
Delta Holding established high standards in the real estate

market with the construction of the first intelligent office
building, Delta Holdings headquarters, and thereafter the
largest shopping mall (at the time of completion) in the Balkans,
Delta City.
// 38
20 GODINA YEARS
Delta City najbolji

oping-mol u Evropi
u 2008. godini.
// 39
20 GODINA YEARS
Delta City - The Best

Shopping Mall in
Europe in 2008.
oping-mol Delta City izgraen je u rekordnom roku od 18

meseci.
Delta City shopping mall was completed in a record time of

eighteen months.
Delta City uvodi nov koncept kupovine u Srbiju u skladu sa

svetskim trendovima u ovoj oblasti. U oping-molu zastupljene
su vodee svetske i domae robne marke, a treina brendova
prvi put se pojavljuje na tritu Srbije. Delta City je zvanino
proglaen za najbolji oping-mol u Evropi u 2008. godini
u kategoriji oping-molova srednje veliine, a priznanje je
dodelio iri Meunarodnog udruenja oping-centara (The
International Council of Shopping Centers-ISCS).
Delta City introduced a new shopping concept in Serbia in

accordance with international trends in the field. The shopping mall offers both the world market and the regional markets leading brands and one third of them were introduced to
the Serbian market for the first time. In 2008, Delta City was
declared the best shopping mall in Europe in the category of
mid-size shopping malls.
Delta Invest primenjuje nove metode u procesu gradnje

objekata. Izvedba enterijera poslovne zgrade Delta Sporta dobija
prvu nagradu u svetu u kategoriji enterijera sa inovacijama (BPB
Trophy, 2006. godine u Madridu).
Naselje Belville izgraeno je u rekordnom roku i prvi je
objekat koji je bio zvanino predat na upotrebu organizatoru
Univerzijade 2009. u Beogradu.
// 41
20 GODINA YEARS
Delta Invest applied new methods in the facilities construction

process. Delta Sport office building was awarded first prize in
the world for interior design.
The residential village called Belville was built in record time
and was the first facility officially handed over for use to the
organizers of Universiade Belgrade 2009.
Delta kao primer
Delta as a model
Jedan od najuspenijih poslovnih poteza bilo je i dovoenje

italijanske autokompanije Fiat u Srbiju. Zapaena je, po stilu
i dometima, marketinka kampanja koja je pratila ulazak
novih modela tog proizvoaa na trite, ozbiljno uzdrmano
meunarodnim sankcijama. Inovativna promotivna kampanja
uspostavila je novi standard i svako ko je eleo da se nametne
kupcima na tritu, morao je da prihvati kao poetni
postulat ono to je Delta uspela sa kampanjom za vozila ovog
proizvoaa.
One of the most successful ventures was bringing and

welcoming the Italian car company Fiat to Serbia. The
marketing campaign that was conducted in that project of
bringing the new models from the manufacturer to Serbias
sanction-devastated market was noted for its style and the
extent of its success. That campaign established new innovative
standards and anybody who wanted to impress a customer in
the market had to accept as the market standard what Delta had
managed to do in its campaign for Fiat cars.
Savremeni prodajni saloni Fiat, Honda, BMW, Mini napravljeni

su prema najviim standardima. Potpredsednik BMW, na
sveanom otvaranju salona u Beogradu, u obraanju zvanicama
rekao je da se u novom salonu osea kao da je u bilo kojoj
svetskoj metropoli.
Modern sales centres for Fiat, Honda, BMW and Mini cars were
tailored to meet the highest standards. At the opening ceremony
of the BMW car salon in Belgrade, the BMW Vice-President in
his address to the guests said that in the new salon he felt as
though he could be in any world capital.
Svoju efikasnost u uvozu i distribuciji proizvoda Delta DMD

unapreuje uvoenjem najsavremenijih informacionih
tehnologija. Tokom 2010. godine Delta DMD usluio je vie od
8.500 klijenata na preko 13.000 lokacija u Srbiji i Crnoj Gori.
Portfolio DMD-a obuhvata: Nivea (Beiersdorf), Ferrero, Mars,
Diageo, Johnson Wax, Perfetti van Melle, Chipita, Buitoni,
Shark...
Delta DMD furthered the efficiency of its import techniques and

the distribution of products by the introduction of cutting-edge
information technology. In 2008 Delta DMD provided services
to more than 7,000 clients at 12,000 locations. The Delta DMD
portfolio comprises: Nivea (Beiersdorf), Ferrero, Mars, Diageo,
Johnson Wax, Perfetti van Melle, Chipita, Buitoni, Shark...
// 42
20 GODINA YEARS
// 43
20 GODINA YEARS
Delta Sport pouzdan partner
Delta Sport reliable partner
Delta postaje pouzdani partner multinacionalne kompanije

Nike.
Delta established itself as a reliable partner to the multinational

company Nike.
Prestini brend Nike plasiran je na tritu Srbije po svim

standardima kvaliteta koje Nike primenjuje u svetu. Delta Sport
usvaja poslovnu filozofiju kompanije Nike i primenjuje je u
Srbiji: kreira sopstvene brendove i brine za njihovu distribuciju,
a proizvodnju preputa firmama van svog poslovnog sistema.
The prestigious brand Nike has been brought to the Serbian

market in line with all quality standards, as set by Nike for the
whole world. Delta Sport adopted the business philosophy of
Nike and has implemented it in Serbia: it creates its own brands
and cares about its distribution but leaves the production to
companies that are not in its business system.
Delta Sport osvaja modni i HoReCa biznis i zastupa Inditex i

Costa Coffe.
// 44
20 GODINA YEARS
Delta Sport also managed to get fashion and the HoReCa

business as well as the representation of Inditex and Costa
Coffee.
// 45
20 GODINA YEARS
Sigurno osiguranje
Secure insurance
U oblasti osiguranja, Delta Holding dovodi u Srbiju jednu od

najveih kompanija u toj oblasti - Generali, koja zatim u sinergiji
sa Deltom uspostavlja pravila na tritu kakva vae u svim
modernim zemljama sveta.
Delta Holding brought to Serbia one of the biggest global

insurance brands, the Generali Group, that thereafter, in
synergy with Delta Holding, established rules in the market that
are applied in all modern countries around the world.
I pre zakonske reforme penzijskog sistema, Delta Osiguranje

prvi uvodi privatno penzijsko osiguranje edukujui stanovnitvo
Srbije o neophodnosti postojanjatreeg stuba penzionog
sistema. Reakciju trita najbolje pokazuju podaci: Delta
Generali Dobrovoljni penzijski fond ima vie od 46.000 lanova
i vrednost imovine od 22 miliona evra, to ini gotovo etvrtinu
trita dobrovoljnih penzijskih fondova u Srbiji.
Prior to the legislative reform of the pension system, Delta

Osiguranje (Delta Insurance) was the first to introduce private
pension insurance. It educated the Serbian population about the
necessity of the existence of the so-called third pillar pension
system. The reaction is best shown by following data: Delta
Generali Voluntary Pension Fund has at the moment over
46,000 members and property valued at 22 million euros, which
is almost one fourth of the voluntary pension fund market in
Serbia. Since its foundation, the fund has yielded 7.4% (15.2% in
2009).
Delta Generali Osugiranje otvara jednu od najmodernijih

zdravstvenih ustanova u Srbiji - Kliniku Jedro.
Delta Generali has opened a state-of-the art health institution,

the Jedro Clinical Centre, which is an outpatient health facility.
// 46
20 GODINA YEARS
// 47
20 GODINA YEARS
Novi kadrovski standardi
New personnel standards
Delta razmilja globalno i strateki - za Deltu su presudni dobro

edukovani, obueni i specijalizovani KADROVI. Kompanija
ne elil da svoj razvoj zasniva na kadrovima obuenim u
prevazienim socijalistikim preduzeima, ve formira
sopstvenu kadrovsku bazu od mladih, edukovanih poetnika
u poslu. Time je uspostavljen standard koji je nametnuo
potrebu drugaijeg pristupa oblasti zapoljavanja i odnosa sa
zaposlenima. Kriterijumi koje je Delta uspostavila devedesetih
godina prolog veka bili su kamen temeljac kasnijeg razvoja
ljudskih resursa u Srbiji i danas sve ozbiljne kompanije
primenjuju takva pravila.
Delta is thinking globally and strategically. A crucial thing

for Delta is to have well-educated, trained and specialized
PERSONNEL. An established standard is that no one from
the old socialist state-owned enterprises can work in Delta,
which has imposed the need for a different approach to HR.
The criterion established by Delta in that area in the 1990s
effectively the last century - became a cornerstone of the future
development of this operational aspect in Serbia and today,
there is no well-established company that does not apply those
rules.
Od samog nastanka Delta Holding unapreuje specifine oblasti

poslovanja - kodeks ponaanja zaposlenih i etiki kodeks. Jedan
od prvih Kodeksa ponaanja zaposlenih publikovan je u Delta
Holdingu.
Pre zakonske obaveze uvedene u Srbiji, Delta poinje
zapoljavanje osoba sa invaliditetom koje su obuhvaene
posebnim programom HR odeljenja lanica Delta Holdinga.
Delta je prva uvela SAP sistem, poslovno softversko reenje
za efikasnije upravljanje poslovanjem i kvaltetnu podrku u
odluivanju poslovodstva.
// 48
20 GODINA YEARS
From the very beginning Delta Holding has been constantly

improving its specific areas of operations the Code of Conduct
for employees and its Code of Ethics. One of the first Codes of
Conduct for employees was published at Delta Holding.
Before legal obligations were imposed in Serbia, Delta began to
employ persons with disabilities that were included in a special
program of HR departments of Delta Holding members.
Delta is the first to introduce the SAP system, a business
software solution for efficient business management and a
quality management decision support system.
Drutvena odgovornost
Social responsibility
Ukupnim manifestovanjem drutveno odgovornog ponaanja

Delta Holding ispunio je sve propisane kriterijume i postao
lan CSR EUROPE, udruenja iji su lanovi najvee svetske
kompanije meu kojima su: Sony, Coca Cola, Microsoft... Delta
Holding prva je korporacija iz istone Evrope koja je postala lan
ovog renomiranog udruenja.
Judging by the overall manifestation of corporate social

responsibility, Delta Holding has met all prescribed criteria and
thus became a member of CSR EUROPE, the association whose
members include the largest international companies, among
them Sony, Coca Cola and Microsoft. Delta Holding is the first
corporation from Eastern Europe that became a member of that
august association.
// 49
20 GODINA YEARS
Novi milenijum
New millennium
Delta Holding poklonio je Beogradu Delta Milenijumski Sat.

Novu 2000. godinu i ulazak u novi milenijum graani Beograda
doekali su poput mnogih drugih stanovnika metropola irom
sveta: na centralnom gradskom trgu odbrojavajui poslednje
trenutke starog milenijuma na javnom satu.
New Year 2000, and the entry into the new millennium.
Citizens in Belgrade welcomed it in at the central city square as
did citizens in other world capitals, by counting down to zero
seconds of the old millennium from the mounted public clock,
which in Belgrade was the gift of Delta Holding.
Tek tranzicija u Srbiji, u periodu posle 2000. godine, Delta

Holdingu omoguava da iskae sve svoje modernizacijske
kapacitete koji zatim postaju standardi u okruenju u kojem
kompanija posluje. Demokratske promene su ambijent
proimanja i paralelnog procesa modernizacije Kompanije i
drave. U uslovima otvorenog trita kakvo je uspostavljeno u
Srbiji, Delta Holding nastavlja da se ponaa kao modernizacijski
lider koji, menjajui sebe, menja i okruenje u kojem posluje.
Only the beginning of democratic change and transition

enabled Delta Holding to come up with its capacity for
modernization that soon afterwards became standard in the
environment in which the company operated. Democratic
transitions involve an atmosphere of penetrations of and
parallel modernization processes of both the company and the
state. In the open-market environment as established in Serbia
following democratic transition, Delta Holding has continued to
act as a modernizing leader that by changing itself changes the
environment in which it operates.
Mnoga pravila i standardi poslovanja bili su jedno vreme

vlasnitvo Delta Holdinga, ali su sistemima spojenih sudova
brzo postajali opteprihvaena imovina ire poslovne zajednice i
drutva u celini. Na taj nain Delta Holding postao je generator
modernizacije Srbije.
// 50
20 GODINA YEARS
At one time many standards and values were property of Delta

Holding, but through the system of connected vessels they
quickly became generally accepted property by a wider business
community and society as a whole. Thus Delta Holding became
the generator of the modernization of Serbia.
Mnogi standardi bili su

jedno vreme vlasnitvo
Delte, ali sistemom
spojenih sudova brzo
su postajali opte
prihvaena imovina
poslovne zajednice
i drutva u celini.
// 52
20 GODINA YEARS
The first leap 1991/2000

Exporting for foreign exchange Nothing without good staff
With Fiat to quality First into banking On the Eastern front
International practice adapted to local conditions Two diametrically different decades
// 54
20 GODINA YEARS
PRVI SKOK 1991/2000. THE FIRST LEAP 1991/2000
Uslovi poslovanja u prvoj deceniji postojanja Kompanije

zahtevali su od Delte da zapoinje razliite poslove. Izolacija i
sankcije deformisali su trite, a ono je nametnulo specifian
nain poslovanja.
Over the first decade of the Company existence, the business

conditions required from Delta to start different business.
Imposed isolation and sanction had deformed the market that
imposed specific way of doing business .
Ve tada, Delta procenjuje da je srpski agrar privredna

grana na kojoj moe da se zasniva ne samo poslovanje jedne
privatne firme, ve i ekonomija cele zemlje. Kompanija ulazi u
poljoprivredni biznis i u njemu ostaje do danas, meutim apeli
da i ira zajednica prihvati agrar kao komparativnu prednost
uglavnom ostaju bez odgovora.
It was then when Delta became aware that Serbian agricultural

sector could be a base for business not only for a private
company but for the economy of the whole country. The
Company entered agri-business and has remained in it until
nowadays. However, all efforts and appeals to the community
to accept agriculture as a comparative advantage has remained
largely unanswered.
Izvozom do deviza
Devedesetih godina, pravila igre nametnuta izmeu ostalog
i meunarodnom blokadom Srbije, propisivala su da kompanija
koja izveze bilo koju robu iz drave, raspolae devizama kojima
je, u odsustvu deviznog trita, mogla da uvozi deficitarne
proizvode neophodne za snabdevanje stanovnitva drave u
izolaciji. Da bi ostvarila profit, ali i obezbedila devize za uvoz Delta je poela da izvozi peurke, maline i druge vrste voa, drvo
i preraevine od drveta.
Agrar je postao i do danas je biznis koji se kao konstanta provlai
kroz dvadesetogodinje poslovanje Delta Holdinga. Ali, nije
bilo lako baviti se spoljnom trgovinom devedesetih godina, jer
izmeu ostalog, nije bilo kadrova za taj posao. Znaajan deo
obuenih ljudi otiao je iz zemlje kojoj su uvedene sankcije i
Delta je morala da pone ispoetka sa stvaranjem kadrovske
baze.
// 56
20 GODINA YEARS
Ve devedesetih godina prolog

veka, Delta procenjuje da je
srpski agrar privredna grana
na kojoj moe da se zasniva
ne samo poslovanje jedne
privatne firme, ve i ekonomija
cele zemlje. Kompanija ulazi u
poljoprivredni biznis i u njemu
ostaje do danas.
Export to foreign exchange

In the 1990s, the international community ruled in its blockade
of Serbia, among other things, that a company that exported
goods from the state and had foreign exchange, could, in
the absence of foreign exchange markets, import sufficient
products necessary to satisfy the needs of the population of
the country in isolation. In order to make a profit and provide
foreign exchange to cover imports, Delta started the export of
mushrooms, raspberries and other fruit varieties, along with
timber and processed wood products.
The agri-business has been up until today the reliable backbone
of Delta Holdings twenty-year old business. It was not easy to
be engaged in foreign trade activities in the 1990s, as there was a
shortage of professional staff. A significant number of educated
and trained people left the country under sanctions so that
Delta had to start from scratch with the creation of its HR base.
// 57
20 GODINA YEARS
In the 1990s, the last century,

Delta became aware that the
Serbian agricultural sector could
be a business basis not only for
a private company but for the
economy of the whole country. It
was then that the company went
into the agri-business and has
remained in it up until today.
Nita bez
dobrih kadrova
Nothing without
a good staff
Izbor kadrova postae zatitni znak Delta Holdinga i teren na

kome je dugorono ostvarivana prednost nad konkurencijom.
U teoriji i u praktinom delovanju kompanija pokazuje da
su dobri kadrovi velika ansa Srbije i obrnuto, loi kadrovi
predstavljaju prepreku realizaciji svakog ozbiljnog posla. Zbog
toga predsednik kompanije u jednom trenutku javno poziva da
se od Srbije napravi jedna velika uionica, dok Delta to sama
odavno sprovodi u svojim okvirima.
The selection of personnel would later become Delta Holdings

trademark and the ground on which their advantage over the
competition has been exercised for many years. In theory and
practice, the company has proved that valuable personnel are a
great chance for Serbia and vice versa. Poor staff are a stumbling
block in the realization of any serious business. Therefore, on
one occasion, the President of the company told the public that
Serbia should be turned into a big classroom, as the company
itself did it long ago within its own frameworks.
Odmah na poetku rada Delte izabran je tei, ali izazovniji i

dugorono gledano isplativiji put. Kompanija nije elela da
zapoljava kadrove sa dugogodinjim iskustvom u tadanjim
socijalistikim firmama. To iskustvo neizostavno je nosilo i
uvreene loe navike. Zato je 1991. godine, u trenutku osnivanja
firme, odlueno da se zaposle etiri pripravnika bez radnog
iskustva. Oni su odmah po prijemu poslati na kolovanje i obuku
u najpoznatije svetske banke.
Delta je tako zapoela kreiranje sopstvene kole menadmenta,
koja e u jednom trenutku biti podignuta na nivo Delta
Akademije. Drugi temeljni princip uspostavljen odmah na
poetku rada bio je - poslovati sa najboljima i najpoznatijima u
svetu. U radu sa najboljima i kompanija je postajala sve bolja,
usvajajui najnaprednija znanja iz sveta.
Zato je kao poslovna banka sa kojom e Delta poslovati izabrana
Barclays banka.
From the outset, Delta chose more a difficult, more challenging and longer-term cost-effective way. The company was not
ready to employ people with long experience in then socialist
enterprises. Such experience inevitably carried with it inherent
bad habits. Therefore, when the company started up in 1991, the
decision was made on the employment of four trainees without
any work experience.
As soon as they signed the agreement, they we sent to the best
banks in the world for further education and training. Thus,
Delta started to create its own management school that would
be later raised to the level of Delta Academy. Another basic
principle established at the company start up, was: do business
with the best and most reputable in the world. Working with
the best, the company itself has become even better by adopting
the most advanced knowledge from the world.
Therefore Delta chose Barclays Bank as its commercial bank.
// 58
20 GODINA YEARS
// 59
20 GODINA YEARS
Sa Fiatom
do kvaliteta
With Fiat
to quality
Upravo zato su ime i ugled bili opredeljujui 1994. godine za

izbor italijanskog proizvoaa automobila Fiat za partnera
Delta Holdinga. Fiat je izabran posle detaljne analize trita
i pokazatelja da njegov dotadanji partner u Srbiji, Zastava iz
Kragujevca, definitivno ne moe da ispuni zahteve i realizuje
distribuciju ozbiljnog brenda. Istovremeno se znalo da kod
kupaca postoji emocija ka automobilima ovog proizvoaa.
Therefore, in 1994,both name and reputation were opting for

Delta Holding to chose the Italian car manufacturer Fiat as its
partner. The company made the decision about FIAT after a
detailed market analysis and on the basis of the fact that the last
Fiat partner in Serbia Zastava of Kragujevac - was definitely
not able to meet the requirements and carry on distribution of
such a brand. There were also customers emotional attachment
to the cars of that manufacturer. At that time the FIAT
management had only one question for the Delta business team:
How many our cars are you able to sell?
Tadanje rukovodstvo Fiata imalo je samo jedno pitanje

za poslovni tim Delte: Koliko vi moete da prodate naih
automobila?. Menaderi Fiata kasnije su prepriavali odgovor
koji su dobili, a koji je uticao da bude sklopljen posao za
naredne godine. Ne znamo koliko moemo da prodamo, ali
znamo da emo da prodamo vie od svih drugih, rekli su u
Delti, najavljujui da e biti prvi u trinom udelu, a da prodaja
automobila u apsolutnim ciframa zavisi od zbivanja na tritu.
// 60
20 GODINA YEARS
Later, FIAT managers used to repeat the answer they had got
then and that made them enter business over the coming years.
We do not know how many we can sell but we know that
we are going to sell for sure more than anybody else was the
answer of the Delta team and added that Deltas target was to
be number one in the market share and that the quantity of sold
cars expressed in absolute figures would depend on the market
environment.
Ne znamo koliko moemo da

prodamo, ali prodaemo vie od
svih drugih.
We do not know how many
we can sell but we shall sell for
sure more than anybody else.
// 61
20 GODINA YEARS
Prvi uli
u bankarstvo
First into
banking
Traei svoj put devedesetih godina i istraujui jo netaknute

delove trita, Delta se opredelila i za formiranje banke. Prva
privatna banka u Srbiji bila je samo logina posledica tadanjih
okolnosti na tritu koje je pokazivalo nesposobnost dravnih
(drutvenih) banaka da obezbede finansijski kapital za klijente.
Deciding on the best business to start in the 1990s and looking

for an uncontested market arena, Delta decided to form a
private bank. The first private bank in Serbia was only the logical
consequence of the circumstances that were prevailing at
that time in the market and that indicated the inability of the
state-owned banks to provide financial capital for its clients.
Vizija je bila da u svakom gradu u Srbiji Delta banka postane

jedan svojevrsni biznis centar, ali i mesto ugleda i uticaja, koje
e okupljati kljune linosti lokalne zajednice i biznisa. Zato je u
izboru poslovnog prostora za filijale banke uvek traena najlepa
zgrada u gradu, a za direktora banke snana i ugledna linost.
Interesantna je odluka da osoba izabrana za direktora banke
ne mora neizostavno biti strunjak za bankarstvo, ve pre
svega linost sa prestiom i uticajem u svojoj sredini. Naravno,
zamenik direktora i ostali zaposleni obezbeivali su besprekorno
poznavanje bankarskog posla.
// 62
20 GODINA YEARS
The vision was that in each town in Serbia, Delta Bank would
become a kind of business center and at the same time a place
of prestige and influence that would bring together key figures
of the local community and businesses. Therefore the most
attractive buildings in the towns were looked for to be the
branch office and business space, and branch directors were
elected among powerful and important individuals.
The person that was elected bank director was not required to
be necessarily an expert in banking but they had to be somebody
who had prestige and influence in his community.
Od filijala Delta Banke stvarani

su svojevrsni biznis klubovi
i centri okupljanja uglednih
i uticajnih ljudi u lokalnoj
zajednici.
Delta Bank branch offices

were created to be some
kind of business clubs and
centers where distinguished
and influential people of
the local community gathered.
Na istonom frontu
On the Eastern front
Sankcije i izolacija zemlje na poetku devedesetih godina

ozbiljno su ugroavali privredni ivot u Srbiji, zbog ega je Delta
donela strateku odluku da svoje poslovanje proiri na trite
Rusije i drava biveg Sovjetskog Saveza. To je bio nain da se
sauvaju ve prikupljeni dobri kadrovi, sa namerom da se po
zavretku ekonomskih sankcija, i ljudi i poslovi vrate u zemlju.
Ali, taj aspekt nije bio pod kontrolom kompanije i potrajao je
due nego to se oekivalo.
Imposed sanctions and the isolation of the country at the

beginning of the 1990s seriously threatened the economy in
Serbia, and therefore Delta made the strategic decision to
expand its business into the markets of Russia and the states
of the former Soviet Union. It was the only way to keep already
employed good staff on board. The idea was to return both
business and people back to the country after the economic
sanctions were lifted. But this aspect was not under the
companys control and it lasted much longer than expected.
Na tritu Zajednice Nezavisnih Drava, nastale na prostoru

biveg Sovjetskog Saveza, Delta je poela da razvija prestini
svetski brend Nike, to e biti jedan od izazovnijih poduhvata
u bogatoj istoriji Kompanije. Multinacionalna kompanija
Nike, velikom ime u svetskom biznisu, nije bila spremna
da samostalno ue na kompleksno trite nastalo na
raspadu SSSR-a i njegove socijalistike ekonomije. Delta je
hrabro odluila da prihvati izazov: razvoj Nike-a u Rusiji i
ZND prepoznat je kao riskantan posao, ali sa nesluenim
mogunostima za razvoj. Iako situaciona analiza nije bila
precizna, ili nije sugerisala ulazak u novi posao, ovaj put je
presudila preduzetnika hrabrost i intuicija, to se pokazalo kao
ispravan izbor.
Tako je Delta dobila veliki posao i preselila znaajan broj
sposobnih kadrova u Rusiju. Za kratko vreme robna marka
Nike bila je, zahvaljujui Delti, odlino pozicionirana na tritu
Rusije i ZND. Kako su uslovi na tritu bili vrlo teki za planirani
razvoj brenda, ulo se u samostalan razvoj maloprodajne mree,
to je donelo izuzetan rezultat. Ruska prilika je prepoznata i
iskoriena: prodor na ovo trite dao je ansu za otvaranje
novih poslova, zbog ega je u jednom periodu, u prvoj deceniji
svog rada, Delta bila vea kompanija u Rusiji, nego u svojoj
matinoj zemlji Srbiji.
// 64
20 GODINA YEARS
In the market of the CIS, established on the territory of the

former Soviet Union, Delta started to develop the prestigious
global brand Nike, in what would be one of the more
challenging enterprises in the rich history of the company.
Multinational Nike, a big name in the business world, was not
ready to enter independently into the complex market built
on the collapse of the USSR and its socialist economy. Delta
courageously decided to accept the challenge: the development
of the Nike business in Russia and CIS was recognized as risky
business but with the implied opportunities for development.
Although the situational analysis was not precise or simple and
did not suggest such a business venture, the entrepreneurial
courage and intuition ruled in favor of such a decision that was
later to be proved to be correct.
Thus Delta developed big business and moved a significant
number of skilled personnel to Russia. In a short time, the Nike
brand was very well positioned in the markets of Russia and CIS,
thanks, of course, to Delta. Since the conditions in the
market were very difficult for the planned development of
the brand, the Company started to develop independently a
retail network which brought remarkable results. Business
opportunity in Russia was identified: penetration into that
market gave new business opportunities, which made Delta
Potvrda da hrabrost i vizija daju rezultat stigla je u jo jednom

biznisu - sa celulozom. Delta Holding je sredinom devedesetih
godina postao veinski vlasnik Bajkalskog celuloznog kombinata
i veliki prodavac te robe, iako je jasno da se kompanija nije ranije
bavila ovim poslom.
Kad je prvi brod s celulozom krenuo ka kupcima u Italiji, dok je
roba jo plovila, cena celuloze na svetskim berzama poveana je
tri puta. Kasnije su sve koliine ove robe prodavane samo Kini
koja je na svetskom tritu kupovala sve raspoloive koliine
tog proizvoda. Tako je poeo jedan od najprofitabilnijih poslova
Delta Holdinga u prvoj deceniji postojanja Kompanije.
// 65
20 GODINA YEARS
a bigger company in Russia than in its own country, Serbia,

for several years of the first decade of its existence. The
confirmation that courage and vision could bring results came
back in the form of another business - that of cellulose. In the
mid 1990s Delta Holding became the majority owner of Baikal
Cellulose Integrated Plant and a big seller of its products,
although the Company had never dealt with such products
before.
When the first ship left the harbor with a cellulose cargo for
the customer in Italy, the price of cellulose (goods afloat) in the
world markets tripled. Thereafter all quantities of cellulose were
sold only to China that used to buy as much of that product as
was supplied. And thus began the most profitable business of
the first decade of Delta Holdings existence.
Svetska praksa prilagoena International practice

lokalnim uslovima
adapted to local conditions
Delta Holding najvei zamah u svom poslovanju dobio
je na Istoku, na ruskom tritu, ali tehnologija i principi
organizovanja Kompanije - ueni su ili kupovani na Zapadu.
Stav Deltinog menadmenta bio je i tada da je tehnologija
razvijenog zapadnog sveta neto bez ega ni Srbija, ni Delta ne
mogu da krenu napred. Takav stav u javnosti je proklamovan
kao princip Delta Holdinga, a u okvirima Kompanije - gde
je menadment imao direktne ingerencije - ovo pravilo
primenjeno je i u praksi. Iskustvo i specifinost preduzetnike
vizije Delta Holdinga i u ovom primeru doneli su jedno bitno
ali. Smatralo se da superiorna svetska tehnologija nije sama po
sebi dovoljna za uspeno poslovanje. Sva znanja moraju biti
prilagoena lokalnim uslovima i principima i ukljuena u realno
stanje na konkretnom tritu.
Nije Delta bila usamljena u ovakvom stavu. Primer banke Intesa,
koja je 2005. godine preuzela Delta Banku, pokazao je kako
giganti svetskog biznisa uvaavaju speficinosti lokalnih trita.
Intesa je dostigla prvu poziciju meu bankama u Srbiji tako
to je zadrala vei deo postojeeg menadmenta Delta Banke,
istovremeno inkorporirajui vodeu bankarsku tehnologiju i
znanje. Proimanje italijanske (svetske) tehnologije i domaih
(srpskih) specifinosti dalo je pravi rezultat. Bilo je to, naravno,
i veliko priznanje kadrovskoj politici koja je u Delta Holdingu
voena.
I Delta Maxi je, na putu do pozicije trinog lidera u zemlji i
regionu, obilato koristio strana iskustva. Nekada se uilo kroz
posete stranim maloprodajnim lancima, u drugim situacijama
u Beogradu su angaovani strani strunjaci. I u jednom i u
drugom sluaju iskustva nisu preuzimana nekritiki, jer to ne
bi dalo oekivane rezultate. Da bi Maxi postao najbolji u svojoj
industriji, zapadna tehnologija kombinovana je i prilagoavana
domaim uslovima. Zbog svega navedenog, u Delta Holdingu se
kao jedna od najee izgovorenih moe uti reenica: Najvie
smo nauili u radu s inostranim partnerima.
// 66
20 GODINA YEARS
Delta Holding gave the greatest impetus to its business in

the East, in the market of Russia, while the technology and
company organization principles were assimilated in the West.
The Delta management standpoint was then and has remained
until today that without the technology of western developed
countries both Serbia and the company could not move forward.
It has been communicated to the public as a principle within
the company and wherever company management had direct
authority, and that rule has been applied in practice. Experience
and the specific entrepreneurial vision of Delta Holding have in
this example brought only one but. Many thought that superior
global technologies alone were not sufficient for successful
business. But all knowledge must be adapted to local conditions
and principles and included in the reality of the situation in the
particular market.
Delta was not alone when it came to taking that view. The
example of Banca Intesa that in 2005 took over Delta Bank
showed how the world business giants appreciate the specificity
of the local market. Intensa Sanpaulo has reached the top
position among the banks in Serbia because it kept the majority
of existing Delta Bank management staff on one hand and
on the other incorporated leading banking technology and
know-how. The penetration of Italian technology into Serbian
specificity gave the right result. It was, of course, a great
recognition for the personnel policy pursued by Delta Holding.
And Delta Maxi as well has extensively used foreign experiences,
on its way to taking the position of the market leader in the
country and the region. In some cases people were taught by
visiting foreign retail chains, and in the other, foreign experts
were engaged to come to Belgrade. But in either case, the
experiences were not taken on unconditionally since in such a
case an expected result would be missing. In order to keep Maxi
at the top position in its industry, western technology has been
combined and adopted to the local conditions. For all the above
mentioned, one of the most frequently uttered sentences in
Delta Holding is We have learned the most through working
with foreign partners.
Dve dijametralno
razliite decenije
Two diametrically
different decades
Iako je Delta Holding postigao zavidne rezultate i pozicionirao

se kao jedna od vodeih srpskih kompanija, prva decenija
rada bila je zbog uslova i okruenja, po oceni poslovnog vrha
Kompanije, tek poetak pravog biznisa. Promena u Srbiji i
ubrzane ekonomske reforme s poetka druge decenije rada
Kompanije, stvorili su uslove za novi preduzetniki skok i
neslueni poslovni razvoj.
Although the company has achieved remarkable results and

positioned itself as one of the leading companies in Serbia, the
first decades of the companys operations were assessed by the
companys top business leaders only as the beginning of a real
business. Democratic transitions and accelerated economic
reforms at the beginning of the companys second decade
created a business environment or a new entrepreneurial leap
and unforeseen business development.
Razmere tog skoka najbolje ilustruje podatak da je u periodu

od 1991.do 2000. godine zbir svih godinjih prihoda od prodaje
iznosio 1,52 milijarde evra, a od 2001. do 2009. godine zbir svih
godinjih prihoda od prodaje bio je 11,47 milijardi.
Devedesetih godina kompanija se oprobala u razliitim
biznisima u skladu sa stanjem na nerazvijenom i neureenom
tritu, a predmet poslovanja napravljen je tek 2000. godine.
The extent of the leap is best illustrated by the figures showing

the sum of all annual turnovers for the period from 1991 to 2000
as 1,525,800 K EUROS, and for the period from 2001 to 2009, the
sum of all annual turnovers 11,471,000 K EUROS, namely, 1.5 to
11.5 billions EUROS.
In the 1990s the Company tried its hand at different businesses
subject to the situation in the undeveloped and unorganized
market and only in 2000 did the company determine the scope
of its business activity.
1991-2000.
2001-2010.
Zbir svih godinjih prihoda od prodaje

Sum of annual turnovers
1,5 milijardi EUR

1.5 billion EUR
// 67
20 GODINA YEARS
11,5 milijardi EUR

11.5 billion EUR
// 68
20 GODINA YEARS
Second leap 2000/2010
New role of trade Most desired employer

Agriculture as a priority Time for change A major turning point coming out of banking
In partnership with the biggest Systematic expansion through privatization
The comparative advantage of Serbian agriculture Penetration into the International market
New business - real estate Business optimization
// 70
20 GODINA YEARS
DRUGI SKOK 2001/2010. SECOND LEAP 2001/2010
Sa ve primenjenim i dokazanim principima poslovanja, u

novim uslovima trine privrede i konkurencije, Delta Holding
brzo i snano je napredovao. To najbolje pokazuju nezavisni
podaci o rangiranju kompanija:
U 2002. Delta Holding je prema Ediciji Top 300 (koju
tradicionalno objavljuje specijalizovani asopis Ekonomist)
bio na 14. mestu. Ve 2003. Kompanija napreduje deset mesta
i probija se na etvrto mesto. Tu poziciju imala je i 2004.
godine, kada je ostvarila 40 milijardi dinara ukupnog prihoda.
Te godine ispred Delta Holdinga na rang listi bila su tri velika
dravna (javna) preduzea - Naftna industrija Srbije (NIS),
Elektroprivreda Srbije (EPS) i Telekom.
With already implemented and proven business principles

in new environment characterized by market economy and
competition, Delta Holding has progressed rapidly and
strongly. Independent data on companies ranking of are the best
indicators:
In 2002, Delta Holding took 14th place on the ranking list of
Edition Top300 (traditionally issued by professional journal
Economist). In 2003 the Company advanced ten places
and took 4th place. It retained 4th place in 2004 when the
companys earnings reached 40 billion RSD of total income.
That year three top positions on ranking list were held by three
big state - owned (public) companies - Oil Industry of Serbia
(NIS), Electric Power Industry of Serbia (EPS) and Telecom.
Nova uloga trgovine
The new role of trade
U Delti su na vreme prepoznali znaaj trgovine, maloprodaje,

u odnosu na klasine proizvodne procese i poeli da rade na
pozicioniranju kompanije u toj oblasti. U svetu su ve bile
promenjene relacije izmeu proizvodnje i prodaje roba: dok
su nekada trgovci traili dobavljae, sada su veliki trgovci
uspostavili drugaiji sistem u kome su oni diktirali uslove, a svi
koji ele kvalitetnu distribuciju svojih proizvoda morali su da se
prilagoavaju maloprodajnim mreama. Proizvodnja bez dobre
prodaje postala je nemogua i Delta je u tom novom odnosu
videla svoju ansu.
Delta recognized in time the importance of trade and retail

sale compared to classical production processes, and therefore
started with the positioning of the company business in that
area. The world had already been changed by relations between
production and sale of goods, while once traders looked for
suppliers, now big traders had established a different system
in which they are the one that dictate conditions and anybody
who wanted quality distribution of its products had to adopt to
retail networks. Production without good selling has become
impossible and Delta saw its chance in those new relationship
areas.
U okruenju, naalost, nije prepoznata nova poslovna filozofija.

elni ljudi kompanije otvoreno su isticali znaaj trgovine za
nacionalnu ekonomiju, pa samim tim i potrebu da drava
Srbija stvori ili podri nacionalni trgovinski lanac, kako bi time
sauvala i svoju proizvodnju, pre svega u oblasti prehrane.
Predsednik Kompanije na redovnom godinjem skupu sa
dobavljaima poetkom 2004. godine izneo je stav da Vlada
Srbije treba da utvrdi nacionalnu strategiju koja e definisati
ekonomske ciljeve u oblasti bankarstva, prehrambene trgovine
i u procesu privatizacije. Ovaj poziv meutim ostao je bez
odgovora. Zbog toga je Delta sama ula u razvoj maloprodajne
mree u zemlji i inostranstvu, borei se pritom za svoje, ali i za
pozicije preduzea iz srpske prehrambene industrije. Iskusnom
liderskom timu biznismena i menadera Delta Holdinga nije
promakla injenica da su sankcije i izolaciju zemlje u sektoru
maloprodaje preivela bez veih oteenja dva trgovinska lanca
- C Market i Pekabeta. Usledila je biznis analiza koja je pokazala
da na tritu maloprodaje ima mesta za jo jednu, ali drugaije
organizovanu trgovinsku kompaniju.
Delta je krajem 2000. godine zapoela razvoj sopstvene
maloprodajne mree pod brendom Maxi, primenjujui
najmodernija svetska iskustva, zahvaljujui kojima je postao
lider na nacionalnom tritu. Kada su kasnije preuzeti trgovinski
lanci C Market i Pekabeta uz kontinuirani organski rast,
kompanija se svrstala u red najveih maloprodajnih mrea u
irem regionu. Time je potvren poslovni princip kompanije da
poslovanje fokusira na oblasti u kojima moe da ostvari vodeu
poziciju na tritu. Na tome e se insistirati u svim poslovnim
odlukama, bilo da se tiu zapoinjanja novih, ili izlaska iz
postojeih poslova.
// 72
20 GODINA YEARS
Unfortunately, the environment had not recognized a new

business philosophy. The companys leaders had openly
emphasized the importance of trade for the national economy
and therefore they expected the state to support a national trade
chain to preserve its production and in particularly its food
industry. The President of the company at the regular Annual
Meeting with the companys suppliers at the beginning of 2004,
proposed that the Government of Serbia has to establish
a national strategy that shall define economic objectives in
the banking industry, foodstuff trading and the privatization
process. That proposal remained without a response. Therefore
Delta started up by itself the development of retail networks in
the country and abroad, fighting simultaneously for its position
and positions of the enterprises from the Serbian food industry.
Experienced leadership teams of businessmen and managers
did not miss out on the fact that in the retail sector, two retail
chains, C Market and Pekabeta, had survived sanctions and state
isolation without major damages. Business analysis showed
that there was still space for one more, but only a true trading
company.
At the end of 2000, Delta started up the development of its
own retail network under the Maxi brand, by applying the most
modern world knowledge and experiences, that in turn made
Maxi a national market leader. After the acquisition of the retail
chains C Market and Pekabeta, along with continuous organic
growth, the company took its place among the biggest retail
networks in the wider region. That confirmed the companys
business principle to focus its operations on areas which will
provide it a leading position in the market. The company has
insisted on that principle in its business decisions, whether
when it started up a new business or decided to go out of some
business.
Poeljan poslodavac
Most desired employer
Ve 2005. godine ukupni prihodi Delta Holdinga gotovo da su

udvostrueni (75 milijardi dinara) i Kompanija zauzima tree
mesto na rang listi najveih firmi u Srbiji, ostavljajui iza sebe
takvog poslovnog giganta kakav je Telekom Srbija. Te godine
ispred Delta Holdinga i dalje su na 1. i 2. mestu bila javna
preduzea Naftna industrija Srbije i Elektroprivreda Srbije.
In the following year, in 2005, Delta Holdings total income

almost doubled to75 billion RSD so that the Company took
3rd place on the ranking list of the largest companies in Serbia,
leaving behind giants such as Telecom Serbia. That year the top
two positions were retained by the Oil Industry of Serbia (NIS)
and the Electric Power Industry.
Ovakav poslovni uspeh nije mogao da ostane nezapaen u

javnosti. Ve u julu 2006. godine objavljeno je istraivanje
agencije Synovate, po kome je kompanija Delta Holding meu
pet najpoeljnijih poslodavaca u Srbiji.
Such business success could not remain unnoticed by the public.

In July 2006 Synovate Agency published its survey results that
indicated that Delta Holding ranked among the top five of the
most desired employers in Serbia.
// 74
20 GODINA YEARS
Synovate je anketirala 3.200 studenata zavrnih godina u potrazi

za prvim poslom i istraivanje je dalo odgovore na pitanja ko je
najpoeljniji poslodavac u Srbiji, kako mladi vide mogunosti
zaposlenja i kako dolaze do informacija o poslovima. U novom
poslovnom okruenju i sa ve uhodanim temeljnim principima
poslovanja Delta Holding je imao vrst oslonac i dovoljno
pretpostavki za razvoj Kompanije. Mogunosti su bile nesluene
za onoga ko je posedovao viziju i hrabrost da se upusti u novu
poslovnu avanturu koja je trebalo da poiva na tri kljuna
posla - agraru, maloprodaji i nekretninama. Sav kapital steen
prodajom Bajkalskog celuloznog kombinata preusmeren je iz
Rusije ka investicijama na srpskom tritu. Oblasti investiranja
- upravo pomenute: poljoprivreda, maloprodaja i razvoj
nekretnina.
Synovate conducted an Internet survey among 3200

questionnaires final year students looking for their first job.
Survey questions were: who was the most desirable employer in
Serbia, how young people see the possibility of employment and
how they obtain information about job vacancies. In the new
business environment and with well-established fundamental
business principles, Delta Holding had solid enough support
and sufficient assumptions for the development of the
Company. The possibilities were unimaginable for one
who had the vision and courage to enter a new business venture
based on three key businesses, ie.agri-business, retailing and real
estate. All capital from the sale of the Baikal Cellulose Integrated
Plant was transferred from Russia and was ready for investment
in Serbia i.e. into agribusiness, retail industry and real estate.
Sa poetkom druge polovine prve decenije ovog veka, Kompanija

se ve nalazi u velikom investicionom ciklusu i dramatino
brzo radi na sopstvenoj modernizaciji. Taj model, koji nije samo
tehnoloki ve i u domenu organizacije, pa i poslovne filozofije,
elnici kompanije promoviu i u iroj javnosti, nailazei
pritom na razliite stepene razumevanja za novi srpski biznis.
Kompanija insistira na znaaju ljudi za svoj poslovni uspeh,
ali i za napredak celokupnog drutva. Predlae vea ulaganja u
obrazovanje mladih, ali i usmeravanje obrazovanja ka modernim
i u savremenoj ekonomiji upotrebljivim zanimanjima.
Predsednik Kompanije ne ustruava se da javno ukae na
nespremnost ljudi u Srbiji da se prilagode novim trinim
uslovima i poveanim zahtevima ne samo u procesu rada, ve i u
procesu dodatne i specijalizovane edukacije.
Around 2005, the company found itself in a large investment

cycle and worked dramatically fast on its own modernization.
That model not only involved technological and organizational
but also business philosophy, and was promoted by the
company leaders to the wider public, encountering varying
levels of understanding for the new Serbian business. The
company insisted on the importance of having well-educated
personnel not only for its own business success but also for the
prosperity of society as a whole. It further insisted on greater
investment in the education of young people, specifying that
education that is directed towards modern occupations is useful
for the contemporary economy. The Company President did not
hesitate to indicate publicly the reluctance of people in Serbia to
adapt to new market conditions, increased demands in the work
process and also to increased demand for additional training
and education of specialists.
// 75
20 GODINA YEARS
Poljoprivreda
kao prednost
Agriculture
as a priority
Delta Holding sve vreme potencira znaaj poljoprivrede kao

grane u kojoj Srbija ima komparativnu prednost ne samo u
odnosu na zemlje u okruenju, ve i na deo razvijenog zapadnog
sveta. Veru u taj princip sve vreme potvruje u praksi, aktivno
razvijajui sopstvenu agrarnu proizvodnju, irei je i na oblast
proizvodnje hrane: na mesnu, industriju brana i testenina,
proizvodnju vode i slino. Pritom kompanija ukazuje na praksu
najnaprednijih poljoprivrednih zemalja gde razvoj poiva na
velikim kompleksima obradivog zemljita, a ne na malom
individualnom zemljitu, kako se to gotovo uvek verovalo
u Srbiji.
Delta Holding has been emphasizing constantly the importance

of agriculture as the sector in which Serbia has a comparative
advantage not only over neighboring countries, but also
over some developed western countries. Its conviction in
that principle has been confirmed in practice by the active
development of its own agricultural production, expanding
into food, meat, flour and such areas as water production.
The company also points to practices of highly developed
agricultural countries whose development is based on large
complexes of arable land, as opposed to small individual farms
as has always been the practice in Serbia.
Predsednik Kompanije, izmeu ostalog, poruuje tadanjoj

srpskoj vladi da ubrzano povede zemlju u evrointegracije.
Re je zapravo o proirenoj primeni ve pominjanog principa:
da srpske ekonomije nema bez tehnologije zapadnog sveta i da
nema ekonomskog razvoja bez povezivanja sa vodeim svetskim
ekonomijama. Proirenje logike slobodnog trita ne samo na
EU, ve i na zemlje CEFTA, bie tadanji i dananji princip Delta
Holdinga.
Entering the sphere of politics, they urged the then government

to lead the country rapidly towards European integration. Serbia
would have no economy without western world technologies
and there would be no development of the economy without
connections with leading international economies. Spreading
the logic of the free market not only to the EU but also to the
countries who are signatories of CEFTA, was, has been and shall
be a fundamental Delta Holding principle.
// 76
20 GODINA YEARS
// 77
20 GODINA YEARS
Trenutak za promenu
Time for a change
Ono to Kompanija ne naputa ni u novim uslovima poslovanja,

to je princip da dosledno prati svoj preduzetniki duh i viziju,
otvarajui nove, ali i naputajui neke postojee poslove.
Kompanija se u odreenom trenutku odrekla jednog od biznisa
koji je imao brz rast i iz godine u godinu zauzimao je sve vei
udeo na srpskom tritu. Radilo se o proizvodnji artikala kune
hemije (deterdenti za pranje vea i posua, sapuni i druga
sredstva).
What the Company never leaves behind even in the new

business environment is the principle that it consistently
follows, which is that entrepreneurial spirit and vision are
vital not just when going into new businesses, but also when
one makes a move out of existing businesses. At one moment,
the company gave up one business which had proven to be
fast growing from year to year with an ever greater share in
the Serbian market . It was the manufacturing of household
chemical items such as laundry powders, dishwashing powders
and liquids and soaps. Although BASF R&D experts confirmed
through their laboratory analysis that the formula of Delta
detergent was more efficient in removing dirt and stains than
one of the leading manufacturers in the world, and although
market share had significantly increased, Delta Holding decided
to sell that business in 2006.
Iako su strunjaci laboratorije za istraivanje i razvoj BASF

u analizama potvrivali da je deterdent iz Delte efikasniji
pri uklanjanju neistoe od deterdenata vodeih svetskih
proizvoaa, iako je trino uee znatno poveano, Delta
Holding je odluio da taj svoj biznis proda 2006. godine. Kljuni
razlog bila je procena da je Deltina fabrika dostigla svoj vrhunac,
da se trite liberalizovalo, da su stigle vodee svetske kompanije
koje proizvode kunu hemiju i da u tom biznisu Delta Holding
ne vidi mogunost daljeg razvoja.
// 78
20 GODINA YEARS
The key reasons were that the Delta plant had reached its peak
at that time, the market was liberated and leading international
manufacturers of household chemicals had entered the market
and in such an environment Delta Holding did not see the
possibility for further development.
Veliki zaokret,
izlazak iz bankarstva
A major turning point

coming out of banking
Jedan od prelomnih dogaaja za dalji razvoj Kompanije desio

se sa prodajom Delta Banke italijanskoj finansijskoj grupaciji
Intesa. U ovoj operaciji prodat je stoprocentni kapital Delta
banke, jer je procenjeno da Delta Holdingu u tom trenutku
treba kapital da ojaa svoj sektor maloprodaje, ali i druge
strateke biznise. U regionu se pojavljivalo sve vie velikih
internacionalnih maloprodajnih lanaca, a i zemljama u
okruenju nastajali su snani maloprodavci, sa razliitim
stepenom podrke dravnih i drugih institucija.
One of the crucial events for further company development

was the sale of Delta Banka to Italian financial group Intesa
Sanpaolo. Through that transaction, the company sold 100%
of Delta Banks capital, because at that moment Delta Holding
needed money to strengthen its retailing sector along with
other strategic businesses. At that time the region was over
flooded with the big international retailing chains on one side
and on the other powerful retailers had emerged in neighboring
countries with varying degrees of support either by state or
other institutions.
Delta Banka je na tritu Srbije stvorila izuzetnu poziciju, bila

je na svom vrhuncu i uivala ugled najbolje domae banke.
Mnogi su, pa i u samoj Kompaniji, oekivali dalji razvoj Banke
koja je ve i tada poslovnom sistemu donosila znaajne profite.
Meutim, poslovna vizija i logika poslovodstva bile su drugaije.
Banka je prodata kad su u Srbiju poele da dolaze svetske banke.
To je bio odgovor kompanije na novo trino pozicioniranje.
Analiza je pokazala da se sa portfoliom koji je Delta Banka imala
moe izgubiti igra, jer bilo je teko nadmetati se sa stranim
bankama. Dalji kvalitetan razvoj banke sa Delta Holdingom kao
vlasnikom ne bi bio mogu, jer je konkurencija bila veoma jaka.
I tu vie nije bilo emocija, moralo se ii u novi biznis.
Rast broja deponenata

Increase in the number of depositors
// 79
20 GODINA YEARS
Delta Bank had been very well-established in the Serbian market

of Serbia, it had reached its peak and enjoyed the reputation
of being the best local bank. Many people, even the people of
the company, expected it to be developed further since even at
that point it was bringing significant profits into the business
system. But the business vision and logic of the management
were different. The Bank was sold at the very moment when
foreign banks had started to penetrate the Serbian market.
It was the response of the company to the new market
positioning. Analyses showed that with the-then Bank portfolio
the game could be lost in too tough and difficult competition
with foreign banks. Further quality development of the Bank
with Delta Holding as a Bank owner was impossible because
the competition was too tough, and at that point any emotional
considerations faded because the company had to chase new
business.
Rast kapitala / milion EUR

Capital growth / million EUR
Partnerstvo
sa najveima
In partnership
with the biggest
Ubrzo posle aranmana sa bankom Intesa, posredstvom Delte

u Srbiju je ula i jedna od najveih kompanija na svetu iz oblasti
osuguranja. Italijanska grupacija Generali postala je vlasnik
50% + 1 akcije Delta Osiguranja i tako je nastala zajednika
kompanija Delta Generali Osiguranje.
Very soon after the arrangement concluded with Banca Intesa,

and by mediation of Delta, one of the biggest insurance
companies in the world, the Italian Generali Group was brought
to Serbia as the owner of a 50%+1 share of Delta Osiguranje.
A new joint company was thus founded under the name Delta
Generali Osiguranje.
Intenzivni rast i irenje u sve oblasti osiguranja namenjenih

privredi i graanima i pozicija najvee privatne osiguravajue
kue u Srbiji sa ambicijom daljeg snanog rasta, doprineli su da
Delta Osiguranje ostvari strateko partnerstvo sa kompanijom
Generali, to je predstavljalo i prvi dolazak jednog od vodeih
internacionalnih osiguravaa na srpsko trite.
Sistem analize u ovom sluaju bio je slian onom kao kad je
prodavana Delta Banka. Ocenjeno je da Generali namerava da se
iri na tritu jugoistone Evrope, samostalno ili u partnerstvu
sa nekom lokalnom kompanijom. Ukoliko bi ovakva kompanija
ula sama na trite Srbije, to bi bila konkurencija od koje se
moe samo izgubiti u trinom nadmetanju. Zato je odlueno
da Delta Holding proda polovinu svoje osiguravajue kue
uglednom partneru, to se pokazalo kao dobitna kombinacija.
I u zastupanju brojnih inostranih kompanija i distribuciji
njihovih proizvoda na domaem tritu postie se najvii
kvalitet. Poverenje Delti ukazuju: FIAT, BMW, Honda,
Beiersdorf (Nivea), Ferrero, Mars, Diageo, Johnson Wax, Perfetti
van Melle, Chipita, Buitoni, Shark... Delta Sport zastupa Nike,
osvaja modni i HoReCa biznis. Partneri su izmeu ostalih i
Inditex i Costa Coffee. Delta MC zastupnik je proizvoaa
viljukara OM Pimespo, bavi se plasmanom guma renomiranog
proizvoaa Pirelli i zvanini je distributer za brend Shell.
Jugohemija lokalnom tritu nudi programe renomiranih
kompanija meu kojima su: GE, Novartis, Astra Zeneca, Roche...
// 80
20 GODINA YEARS
Intensive growth and expansion in all areas of insurance

intended for businesses and private individuals, and the position
of the largest privately owned insurance company in Serbia with
ambitions for further strong growth, contributed to the strategic
partnership between Delta Osiguranje and Generali Group. At
the same time, this was the first entry of a leading international
insurer into the Serbian market.
The analysis system was the same as that applied when Delta
Bank was sold. The estimations were that Generali Group
intended to expand its business in the SEE market either alone
or through partnership with some local company. If Generali
Group had gone by itself into the market of Serbia it would have
encountered too tough competition, against which the company
could only lose. Therefore Delta Holding decided to sell a half of
its insurance business to Generali Group, which turned out to
be a good joint way of operating.
The company thus rendered the highest quality services in
the representation of foreign companies and distribution of
their products in the local market. Delta was entrusted with
representations and distribution of FIAT, BMW, Honda,
Beiersdorf (Nivea), Ferrero, Mars, Diageo, Johnson Wax, Perfetti
van Melle, Chipita, Buitoni, Shark... Delta Sport represents
Nike. Also, Delta Sport has entered the fashion business and
the HoReCa business. Its partners are Inditex and Costa
Coffee. Delta MC is an official representative of OM Pimespo
forklifts, which represent the Pirelli tyre brand and is the official
distributor of Shell oil-based lubricants for vehicles. Jugohemija
offers programs of world reputable companies such as GE and
Novartis to the local market, as well as Astra Zeneca, Roche...
Srbija moe da ima strateko

mesto u proizvodnji hrane,
poljoprivreda moe da bude
srpska nafta.
Predsednik Delta Holdinga, Miroslav Mikovi
Sistemsko irenje
kroz privatizaciju
Systematic expansion
through privatization
Investicioni ciklus Delta Holdinga vremenski se poklopio

sa najsnanijim periodom privatizacije posle demokratskih
promena u Srbiji i Kompanija je u tom procesu intenzivno
uestovala. Period je obeleen nerazumevanjem jednog dela
javnosti za Deltine poslovne poteze. Neupuenima se inilo
da Kompanija neselektivno preuzima drutvene firme i da
u tom irenju nema ni reda, ni sistema. Ipak, posle nekoliko
godina i iroj javnosti je postalo jasno ono to je kompanija
znala od samog poetka privatizacije, da su sva irenja bila
jasno usmerena na razvoj stratekih poslova. Iz privatizacije
Kompanija je izala znaajno ojaana pre svega u sektoru
agrobiznisa (kupovinom imanja i obradivih zemljita, odnosno
privatizacijom pogona prehrambene industrije), u sektoru
maloprodaje (akvizicijom domaih maloprodajnih mrea)
i u sektoru nekretnina i maloprodaje (obezbeivanjem
perspektivnih lokacija za maloprodajne objekte i oping centre).
The timing of the Delta Holding investment cycles coincided

with the period of strongest privatization after democratic
transition in Serbia. The company participated strongly in that
process. The period was also marked by a lack of
understanding on the part of the public for Deltas business
moves. To those not in the know it seemed that the Company
acquired socially-owned companies without selection and that
the company was expanding without any order or system. Yet, a
few years later it became clear to the public what the company
had known from the very beginning of the privatization process,
that all expansions had been directed to the development of
strategic businesses. After the privatization process the company
was considerably strengthened and held first place in the agribusiness through purchase of farms, arable land, and by the
privatization of food industry plants. In the retail sector this
had happened by the acquisition of local retail chains in the real
estate and retailing business, and by the provision of prospective
locations for retail shops and shopping centres.
// 82
20 GODINA YEARS
Komparativna prednost
srpskog agrara
The comparative advantage

In Serbian agriculture
Rukovodei se stavom da u poslovanju treba traiti

komparativne prednosti i resurse koje konkurencija nema, u
Delti su se opredelili za agrarni biznis i proizvodnju hrane.
Izmeu ostalih, preuzeta je mesna industrija Yuhor iz Jagodine
koja je bila drutveno preduzee. Sa opremom, tehnologijom,
procesom proizvodnje i asortimanom to je jedna od najbolje
pozicioniranih prehrambenih fabrika na tritu Srbije.
U programu modernizacije, prema ustaljenim standardima
Delta Holdinga, angaovani su strani eksperti.
Guided by the view that in business one should look for

comparative values and resources that the competition does
not have, Delta opted for the agri-business and food processing.
Among others, the company took over the Yuhor meat
enterprise in Jagodina, a state-owned company. It is currently
one of the best positioned companies in the Serbian market with
its equipment, technology, production process and assortment
of products. According to Delta Holdings established standards,
the modernization program included foreign experts.
Velikim ulaganjima stvoren je najvei domai poljoprivredni

sistem. Jedno od najvanijih trita poljoprivrenih proizvoda
bie trite Rusije, jer su firme iz Srbije osloboene carine i
zbog toga konkurentnije na ovom prostoru. A da nita ne bi
bilo preputeno sluaju, Delta Agrar je 2009. godine u Moskvi
otvorio distributivni centar za plasman poljoprivrednih
proizvoda iz Srbije na rusko trite. Novoosnovana firma Delta
Food Moskva plasira u Rusiju svee i smrznuto voe i povre,
testenine, meso i preraevine od mesa iz Srbije.
Great investments created the largest national agricultural

system. One of the largest markets for agricultural produce from
Serbia would be the Russian market, because Serbian companies
have been exempted from duty which has consequently made
them more competitive in that market. Following the principle
too of not leaving anything to chance, in 2009 Delta Agrar
opened a distribution centre in Moscow for the promotion and
sale of Serbian agricultural products to the Russian market.
The newly founded company Delta Food Moscow secured the
market in Russia for fresh and frozen fruit and vegetables, pasta,
meat and meat products from Serbia.
// 83
20 GODINA YEARS
Na principu lokalnih prednosti uspeo je biznis s farmom

svinja Napredak u Staroj Pazovi. Nekadanji socijalistiki
agrarni kombinat bio je potpuno zaputen i uruen kada ga je
privatizovala Delta; posle privatizacije postao je ogledno dobro
srpske industrije mesa.
Recept uspeha bio je u korienju domaih sirovina, domae
radne snage, ali uz znanje i tehnologiju najboljih proizvoaa
na svetu. Rezultat je bio iznenaujui ak i za strane agrarne
eksperte.
Tako je farma svinja na imanju Napredak postavljena prema
tehnologiji danske kompanije DanBred, koja je vodea u tovu
svinja. Ve posle nekoliko godina analize su pokazale da su
performanse ove farme u Staroj Pazovi ne samo zadovoljile
kriterijume stranog konsultanta, ve su uzgoj svinja u Srbiji
postavile u red najboljih danskih farmi, vodeih u svetu u ovoj
oblasti.
Pored maloprodaje i nekretnina, koji postaju atraktivne oblasti
poslovanja posle 2000. godine, poljoprivreda je konstanta Delta
Holdinga, nit koja se provlai kroz rad Kompanije svih dvadeset
godina.
Delta Holding je u praksi pokazao da je agrar komparativna
prednost drave Srbije i da onaj ko to ume da pokae na tritu,
moe i da ostvari dobar profit. Ta posveenost agraru na kraju
druge decenije poslovanja Delta Holdinga postaje jedna vrsta
misije, koju je predsednik Kompanije formulisao govorei
na otvaranju savremene ULO (Ultra Low Oxygen) hladnjae
na imanju Podunavlje u elarevu. Najavio je da e jedan od
najvanijih poslova za kompaniju biti poljoprivreda, a posebno
oblasti voarstva, povrtarstva i stoarske proizvodnje. Kako
intenzivno bavljenje ovim poslovima zahteva i velike investicije,
najavio je dodatna ulaganja u kapacitete hladnjae i poveanje
povrine vonjaka pod jabukom sa sadanjih 200 na ak 600
hektara.
// 84
20 GODINA YEARS
Applying the principle of local advantage, the pig farm

businesses of Napredak in Stara Pazova and the Nucleus Centre
were successful moves. The company purchased former socialist
agricultural combines that were pretty much in devastated
conditions and after privatization they became pilot farms of
the Serbian meat industry.
The recipe for success was the availability of local resources:
raw material, a local labour force and of course knowhow and
cutting- edge technologies of the most reputable manufacturers
in the world. The results were surprising even for foreign
experts from the agri-business.
The pig farm was established by using technology from
the Danish company DanBred, the leader in pig fattening.
The analyses conducted after a few years showed that the
performances achieved at the farm in Stara Pazova had not only
satisfied requirements of the foreign consultants, but had placed
Serbian pig farming at the same level of Danish pig farms, the
world leaders in that industry.
Besides the retail and real estate businesses that have become
successful areas of enterprise,after democratic transitions and
reforms, the agri-business has become Delta Holdings constant
thread that has been running through the companys business
for all of the last twenty years.
Delta Holding has demonstrated in practice that agri-business
is a comparative advantage of the state of Serbia, and the one
that knows how to take advantage of it shall make a good profit.
At the end of a long decade of doing business, Delta Holdings
commitment to agri-business had became a kind of mission
as expressed by the Company President in his speech at the
opening of the ULO (Ultra Low Oxygene) cold store on the
Podunavlje farm in elarevo. On that occasion, he announced
that the one of the most important businesses will be the agribusiness and in particular the fruit and vegetable growing and
animal production sector of it. Since an intensive engagement
in agri-businesses requires a large investment, the President
announced additional investments into the cold store capacities
and expansion of land area used for apple orchards from more
than 200 to 600 hectares.
Zato ovaj govor predstavlja svojevrsnu viziju daljeg poslovanja?

Cilj nam je da Delta ne bude kompanija koja se bavi samo
proizvodnjom, ve pre svega organizacijom proizvodnje. U
tom smislu na zadatak je da individualnim proizvoaima
u voarstvu obezbedimo najkvalitetniji sadni materijal.
Neophodno je da imamo to vie proizvoaa koji e na bazi
naeg znanja i iskustva da unaprede svoju proizvodnju, poveaju
prinose i plasiraju sve to su proizveli. Mi sa nae strane
obezbeujemo tehnologiju, repromaterijal i trita Evropske
unije i Rusije, koja zahtevaju iskljuivo visokokvalitetne
proizvode.
Stanovnitvo se u svetu svake godine poveava a ukupne
obradive povrine su ograniene, tako da e potrebe za hranom
biti sve vee. Srbija bi u tom smislu mogla da zauzme znaajno
mesto u proizvodnji hrane, ali neophodno je da drava proglasi
poljoprivredu za strateku granu, odnosno da poljoprivreda
bude naa nafta, rekao je ovom prilikom prvi ovek Kompanije.
Nastavljajui i ovom prilikom praksu da javno promovie ne
samo sopstvenu poslovnu politiku, ve i pravce poeljnog
razvoja nacionalne ekonomije, menadment Delte je tako
ukazao i na mogue pravce nove nacionalne politike u
agraru. Prihvatanjem, ali i praktinim sprovoenjem stava
da je poljoprivreda kljuna privredna grana za Srbiju, drava
bi dobila smanjenje trgovinskog deficita, to je jedan od
goruih makroekonomskih problema; zatim smanjenje broja
nezaposlenih; zaustavljanje propadanja srpskog sela, kao jednog
od najveih nacionalnih demografskih problema; stvaranje
sirovina za prehrambenu industriju, ime bi ona dobila
dodatnu komparativnu prednost nad snanom meunarodnom
konkurencijom u proizvodnji hrane. U kupovinu preduzea kroz
privatizaciju i investiranje u agrar, maloprodaju i nekretnine,
uloen je kapital dobijen od prodaje Kombinata celoloze u
Rusiji, Delta Banke i Delta Osiguranja, ali i znaajna dodatna
sredstva obezbeena od poslovnih banaka. Sve je to uloeno da
bi Delta Holding dostigao dananju veliinu i zapoljavao 24.500
radnika.
// 85
20 GODINA YEARS
Why is that speech a vision of the future of the activities of the

company?
Our goal is to make Delta a company that is not only engaged
in production but at the first place in production management
and engineering. In this sense, our task is to provide individual
fruit growers the best quality fruit-growing seedlings. It
is necessary to have as many fruit growers as possible that
are going to improve their production on the basis of our
knowledge and experience, to increase yields and sell what
they have produced. We shall on our side provide technology,
intermediates, raw materials and markets in the EU and Russia,
markets that accept only high-quality products.
The world population increases from year to year, arable areas
are limited and the world is facing ever-growing demand
for food. Therefore Serbia could occupy an important and
dominant position in food production, but in the first place the
state must declare agriculture a strategic industry i.e. to declare
our agriculture like an oil well, he said.
Continuing the practice of publicly promoting not only the
companys business policy but also the desired developmental
directions of the national economy, Delta management pointed
in the direction of a possible new national policy in
The agriculture industry. By accepting through practical
implementation the view that agriculture is a key economic
sector for Serbia, the state would reduce itstrade deficit
which is one of its most pressing macroeconomic problems.
It would reduce unemployment, stop the deterioration of the
Serbian village as one of the greatest national demographic
problems, and provide production of primary products for the
food industry in what would provide additional comparative
advantages to strong and tough international competition in
food production. The company has invested the capital from the
sales of the Cellulose Integrated Plant in Russia, Delta Banka
and Delta Osiguranje into purchase of enterprises through the
privatization process , into agribusiness, the retail and real estate
businesses as well as significant additional means provided
by commercial banks. All the above has been invested with
one purpose in mind, to help Delta Holding reach its current
employment level of 24,500 employees.
Izlazak na
internacionalno trite
Penetration into the

international market
Druga polovina ove decenije donela je i naglo otvaranje trita u

regionu to je uslovilo ekspanziju, pre svega, trgovinskih lanaca.
Ali nisu samo trgovci ulazili na nova trita, iza njih su u susedne
i ostale zemlje regiona stizali proizvodi prehrambene industrije i
drugih privrednih grana zemlje iz koje potie trgovac.
The second half of this decade has brought a rapid opening

of markets in the region that has induced expansion, in the
first place, of trade chains. Traders rushed to new markets of
neighboring and other countries of the region. They were
followed by the products of food processing and other industries
from the countries they had come from.
Za Delta Holding region je postao neminovnost, jer je veliina

trita Srbije postala ograniavajui faktor razvoja: nacionalno
trite postalo je pretesno i Kompanija je krenula u osvajanje
trita Albanije, Crne Gore, Republike Srpske, Bugarske...
U snanom investicionom zamahu Kompanija je vrlo brzo
postala znaajan regionalni akter i cenjen investitor koji je
na ovim tritima dobio podrku najviih dravnih krugova.
Sigurno bi regionalni zahvat Delte bio i iri da nije bilo mnogih
neekonomskih, javnih ili prikrivenih prepreka za investiranje
srpskih kompanija u regionu. Ipak, kompanija je efikasno
reagovala i na takvu situaciju na terenu, bez oklevanja menjajui
poslovne prioritete i okreui se novim tritima, koja nude
povoljnije uslove za ulaganje.
// 86
20 GODINA YEARS
For Delta Holding the region became a necessity since the size
of the Serbian market had become too confining a factor for
the companys development. The national market had become
too constricted and therefore the company set out to conquer
and penetrate the markets of Albania, Montenegro, Republika
Srpska and Bulgaria...
This strong investment momentum made the company in short
order an important regional player and respected investor in a
market that was supported by the highest circles of government.
The companys regional reach could have been much greater had
it had not been for many economic, public or hidden obstacles
for the Serbian companies that prevented them from investing
in the region. The company as a reaction would rapidly change
its business priorities and make moves into new markets that
offered more favourable conditions for investments.
Novi posao - nekretnine
New business - real estate
U svom najveem investicionom ciklusu Delta je za kratko

vreme postala znaajan inilac i u svom novom poslu, razvoju
nekretnina. Izgraen je Delta City, prvi oping-mol u Srbiji,
koji je napravio prekretnicu u kulturi kupovanja, postavljajui
novi standard za sve budue investitore u ovoj oblasti. Ve
poetkom 2009. Delta City proglaen je za najbolji u Evropi u
kategoriji novih oping-molova srednje veliine, u izboru irija
Meunarodnog udruenja oping-centara (The International
Council of Shopping Centers-ICSC). Drugi Delta City sagraen
je u Podgorici, Crna Gora, a za potrebe Univerzijade 2009.
godine sazidano je potpuno novo stambeno naselje Belville
sa priblino 2.000 stambenih jedinica. Kompleks Belville
predstavljao je u tom trenutku najvee gradilite u regionu, a
istovremeno i prvi sluaj da je u Srbiji jedno naselje za potrebe
velikog sportskog dogaaja izgraeno kao komercijalna
investicija privatne kompanije.
In its largest investment cycle Delta had become in a short

time an important factor in the new business of real estate
development. The Company built Delta City as the first
shopping mall in Serbia and that was a turning point in the
culture of shopping that established new standards for all future
investors in this area. Very soon, at the beginning of 2009, Delta
City was declared to be the best shopping mall in Europe in the
category of New Middle-Sized Shopping Malls, selected by the
jury of the International Council of Shopping Centers, or ICSC.
Another Delta City was built in Podgorica, Montenegro and
a completely new residential area called Belville was built for
Universiade 2009 with about 2000 apartments. At that time the
Belville complex was the largest construction site in the region
and the first residential area intended for a major sporting event
that was built by a private company as a commercial investment.
// 88
20 GODINA YEARS
// 89
20 GODINA YEARS
Optimizacija poslovanja
Business optimization
Posledice globalne ekonomske krize stigle su u Srbiju krajem

2008. godine i osetile su se u 2009. i 2010. godini. Za Delta
Holding velika ekonomska kriza bila je druga poslovna
vododelnica. Nekoliko godina pre krize Delta Holding je imao
najvei rast poslovanja. Znaajne investicije realizovane su iz
sopstvenih sredstava, ali i iz bankarskih zajmova. Proirivana je
maloprodajna mrea, otvarani su trni centri i oping molovi,
graeni su stanovi, razvijana agrarna proizvodnja...
The consequences of the global economic crisis reached Serbia

at the end of 2008 and its effects were felt throughout 2009
and 2010. The economic crisis was for Delta Holding its second
business watershed. A few years before the crisis Delta Holding
had its second biggest business growth. Important investments
were realized from the companys own sources and bank loans
as well. Retail networks had been expanded, new shopping
centers and shopping malls were opened, apartments were built,
and agricultural production was developed.
Nadolazea kriza kao tektonski poremeaj uruila je mnoge

svetske i srpske kompanije, ali nije uzdrmala temelje Delta
Holdinga, jer su oni pre skoro dve decenije izgraeni na
najboljim principima preduzetnitva. Kriza je, meutim, ve
prvog dana upalila lampice u Kompaniji iji se poslovni vrh
direktno angaovao na analizi trokova, stavljajui na znanje
svima u Kompaniji vanost tog posla. Napravljene su velike
racionalizacije u korienju radne snage, poslovnog prostora
i upotrebe kapitala. Tako je kriza bila jedna vrsta saveznika
Delta Holdingu da pobolja svoje performanse.
// 90
20 GODINA YEARS
Coming as it did as a tectonic shift, the crisis destroyed many

global and Serbian companies but Delta Holdings foundations
did not quiver. This was because its foundations were built on
on the best entrepreneurial principles. But in the first days of
the crisis, warning lights were blinking throughout the company
whose top management busied itself immediately with cost
analyses, signalling to employees the importance of that job.
The company made a thorough rationalization of workforce,
office space and use of capital. So the crisis became in a kind
of way something which helped the company improve its
performance.
Kriza je iskoriena
za unapreenje
performansi kompanije
i znaajno smanjenje
trokova.
// 92
20 GODINA YEARS
Third leap 2011
Poinje nova epoha

Delta Holdinga. Stvara se
neto novo, kompanijom
e upravljati menaderi
novog kova.
Krajem druge decenije rada i na poetku tree Delta Holding

postao je apsolutni lider na domaem tritu i jedan od
kljunih lidera u regionu. Nove okolnosti trae i novi, trei
skok, a on podrazumeva primenu novih instrumenata u
upravljanju biznisom iji se osnovni postulati ipak ne menjaju.
Kompanijom e ubudue upravljati menaderi novog kova ,
oni koji u uslovima ureenog trita obraaju panju iskljuivo
na parametre poslovanja. Njima nee biti potrebna posebna
preduzetnika vizija i visoka doza hrabrosti, to su bile odlike
poslovnih voa Delta Holdinga u prvoj, ali i drugoj deceniji
rada Kompanije. U poslednjoj deceniji 20. veka i prvoj deceniji
postojanja Delta Holdinga kad je osnovna karakteristika
okruenja bila nesreeno trite, smelost je bio jedna od vanih
pretpostavki uspeha u biznisu.
Poinje nova epoha Delta Holdinga. S obzirom na uslove
poslovanja, veliko je pitanje da li e se neka budua kompanija
razvijati u ovom pravcu i dostii takve rezultate. Stvara se vizija
novog Delta Holdinga.
Ma kako organizaciono izgledala u treoj deceniji svog
postojanja, Kompanija e nastaviti da investira u agrar i razvija
taj core business kao svoju i srpsku komparativnu prednost.
Nova partnerstva su na vidiku i ona bi mogla da obelee treu
deceniju postojanja Delta Holdinga. Osim poslovanja u zemlji
i investiranja u ekonomiju Srbije, Delta Holding e u skladu
sa novom vizijom postati internacionalna kompanija ija e
ulaganja biti prisutna u mnogim zemljama sveta.
Jedan od poslovnih principa koji e sigurno nastaviti da ivi u
poslovnoj filozofiji Delta Holdinga i u njegovoj treoj deceniji
jeste princip utemeljen na poetku njegovog rada: Biznis, pored
drugih vetina, podrazumeva i potenje. Ne moe se poslovati
tako da jedna strana dobije, a da partner u biznisu izgubi .
At the end of the second decade of the operation and the

beginning of the third, Delta Holding has become absolute
leader in the national market and one of the key leader in the
region. New environment requires new, third leap that involves
the use of new business management instruments the basic
postulates of which shall remain unchange. The company shall
be managed by new breed leaders that will pay full attention
to business parameters in an organized - market environment.
They shall not need special entrepreneurial vision and great
courage that featured Delta Holding business leaders over the
first but also the second decade of Companys operations. In
the last decade of last millennium and the first decade of Delta
Holding existence when the main characteristic of business
environment was unorganized market, and courage and daring
the assumptions about business success.
A new epoch of Delta Holdings has begun. Considering
prevailing business conditions it is a big question mark whether
any future company could be developed in this direction and
achieve such results. The vision of new Delta Holding has been
already created.
Regardless of its organizational form intended for the third
decade of its existence, the Company shall continue to invest
in agri-business and develop that core business as its own and
Serbian comparative advantage. New partnerships are on
horizon and they could left the mark on the third decade of
Delta Holding existence. Save the business in the country and
investment in the economy of Serbia, in line with its vision ,
Delta Holding shall become an international company whose
investment shall be present in many countries in the world.
One of the business principles that shall be continued in the
business philosophy over the third decade of Delta Holding
operations that was established at the company start up is:
Business in addition to other skills, entails honesty. You cannot
enter a business to come out a winner and your partner a
looser..
// 96
20 GODINA YEARS
Communication is everything...
Marketing pioneers Power of PR CSR as a fundamental principle
Integrating corporate communications European integrations
// 98
20 GODINA YEARS
KOMUNIKACIJA JE SVE COMMUNICATION IS EVERYTHING
Devedesete godine prolog veka u Srbiji predstavljale su vreme

dominacije dirigovane ekonomije, dravnih i drutvenih
kompanija. Srbija je, naalost, uporno odlagala demokratizaciju
koja se desila u okruenju, kao i uspostavljanje slobodnog trita,
protoka kapitala, roba i ljudi.
Formiranje prvih privatnih firmi u takvoj sredini nametalo
je reavanje prvobitnih preduzetnikih problema i pionirsko
probijanje leda u mnogim ivotnim i poslovnim situacijama.
Jedna od tih oblasti bila je i oblast trinih komunikacija
kompanije.
90s of last century were the period of the dominance of the

controlled economy, state - and socially-owned companies in
Serbia. Unfortunately, Serbia consistently delayed the changes
that were being introduced in the neighboring countries i.e
democratic transitions, establishment of free market, free flow
of capital, goods, people and services.
Founding first private companies in such an environment
required from its founders to solve early entrepreneurial
problems and be pioneer icebreakers in many life and business
situations.
One of the areas was the area of marketing communications.
Pioniri marketinga
Marketing pioneers
Iako se u sloenim uslovima poslovanja tokom devedesetih

godina nije mogla uspostaviti kompleksna i celovita
strategija, Kompanija je taj nedostatak ponovo nadoknaivala
preduzetnikim duhom i hrabrim odlukama svog mendmenta.
Potreba da se sa tritem komunicira na jedan novi nain
prepoznata je najpre u oblasti marketinga. Novoformirano
odeljenje poelo je da sprovodi ozbiljne marketinke kampanje
u trenutku kada su one predstavljale potpunu novost za srpske
potroae. U svojim marketinkim akcijama i sponzorstvima,
Delta je usmerena prema vrhunskim sportistima i nacionalnim
sportskim selekcijama. Delta Holding je sponzorisao i brojna
kolska takmienja u sportu.
Although in the 1990s in the complex business environment a

complex and comprehensive strategy could not be established,
the company managed to compensate the absence of the
aforesaid by the entrepreneurial spirit and brave business
approach of its then management. The need for communication
with the market in a new way was initially identified via
marketing. A newly founded department started with serious
marketing campaigns just at the moment when it was
something completely new for consumers in Serbia. In its
marketing activities and sponsorships, Delta focused on top
athletes and national sport teams. Delta Holding also sponsored
a number of school sport competitions.
// 100
20 GODINA YEARS
Snaga PR-a
Power of PR
Isti preduzetniki duh, zajedno sa istananim oseajem za

sloenu oblast komunikacija, uinio je da kompanija vrlo brzo
napravi ozbiljne kvalitativne i organizacione pomake u svom
obraanju javnosti. Iako su prve marketinke akcije dale izuzetne
rezultate, istovremeno je nainjen prvi iskorak u oblast tada
nepoznatu srpskom privrednom i drutvenom okruenju Odnose s javnou (PR). Delta Holding jedna je od prvih srpskih
kompanija koja je poela organizovano i sistematski da se bavi
PR-om, to je rezultiralo nizom nagrada strune i ire javnosti.
The same entrepreneurial spirit with a refined feeling for the

complex area of communications enabled the company to make
in a short time serious qualitative and organizational moves in
addressing the public. Although the first marketing
Initiatives produced excellent results, the first step was
made into an area then unknown to the business and social
environment: Public Relations (PR). Delta Holding was one of
the first companies that began to organize and systematically to
deal with public relations which resulted in many awards and
recognitions being received from experts and the public.
U periodu posle 2000. godine, poslovni sistem Delte poeo

je ubrzano da raste i da se uslonjava, osvajajui nove oblasti
poslovanja. Sve to je pratio, u jednom delu i predvodio sektor
marketinga i PR-a, traei mehanizme da sve vie snanih
poslovnih centara objedini u jednu celinu, a istovremeno da
svaki konkretan brend dobije odgovarajuu panju javnosti.
U ovoj fazi komuniciranje Kompanije ve je i sistematsko i
kontinuirano, i zasnovano na teoretskim i praktinim znanjima
struke. Kompanija se opredeljuje za integrisane trine
komunikacije (IMC), objedinjujui oblasti marketinga, odnosa
s javnou i usvajajui istovremeno nove svetske trendove.
Strategija je da se Delta Holding prezentira kao jedinstveno ime
za poslovni sistem pet grupacija, koje, iako se bave razliitim
delatnostima, imaju zajedniku poslovnu filozofiju, kao osnov
njihovog uspenog poslovanja.
// 102
20 GODINA YEARS
In the period after democratic transition in 2000, Deltas

business system began to grow rapidly and to become more and
more complex by winning ever-new business sectors. All that
was accompanied and led partly by the marketing sector and PR,
seeking for ways to integrate all multiple powerful commercial
centers into one unit, while leaving each brand to get the
appropriate attention of the public.
In that stage, the companys communication had been
established systematically and continuously based upon
the theoretical and practical knowledge of the profession.
The company decided to go for the integrated marketing
communications (IMC) approach, integrating marketing
and PR and simultaneously adopting new global trends. The
companys strategy was to present Delta Holding as a unique
name covering a business system of five groups, each engaged
in different business activities but all of them with one common
business philosophy that has provided them to be successful
operations.
Kompanija se opredeljuje za
integrisane trine komunikacije
(IMC), objedinjujui oblasti
marketinga, odnosa s javnou i
usvajajui istovremeno nove
svetske trendove.
// 103
20 GODINA YEARS
The Company decided to go for

the integrated marketing
communications (IMC) approach,
integrating marketing and PR
and simultaneously adopting new
global trends.
CSR kao
temeljni princip
CSR as a
fundamental principle
Kao novi princip poslovanja pojavljuje se i drutvena

odgovornost (CSR) koji Delta, ponovo pionirski na srpkom
tritu, svrstava u temeljne principe svog poslovanja. Delta
Holding postaje lan prestinog udruenja CSR Europe kao prva
kompanija iz regiona jugoistone Evrope, a na domaem terenu
ne samo da praktino sprovodi CSR, ve i intenzivno radi na
promovisanju nove poslovne filozofije u irem okruenju. Da
ova aktivnost daje rezultat pokazuje i istraivanje meunarodne
agencije Synovate iz 2010. godine, po kome je upravo Delta
navedena kao prva asocijacija anketiranih graana Srbije kada se
pomene drutveno odgovorno poslovanje kompanija.
When the new business principle of Corporate Social

Responsibility (CSR) was introduced Delta was, again, the first
that added it to its fundamental principles of business and, once
again, it pioneered this in the Serbian market. Delta Holding
became a member of the prestigious Europe CRS Association,
the first company from SEE to be so. In the local market the
company not only effectively implemented the principle but
it also worked hard to promote a new business philosophy to
the wider environment. That the activity produced results was
displayed by the results of the survey carried out by the Synovate
agency in 2010. Delta was ranked the number one association
by those surveyed when they were asked for their opinions
about corporate social responsibility of companies in Serbia.
Delta has organized its charitable and humanitarian work (social
community work) as institutional, continuous and sustainable
activities.
Delta Holding je svoj drutveno korisni rad organizovao

kao institucionalnu, kontinuiranu i odrivu aktivnost. U
okviru kompanije radi i Delta Fondacija koja je usmerena
na unapreenje humanitarnog rada investiranjem u trajne
obrazovne, kulturne, zdravstvene i socijalne vrednosti.
Briga o deci bez roditeljskog staranja sistemski je postavljena
kroz program Fond za budunost, koji stipendira decu
iz domova, daje im dodatnu edukaciju i nudi mogunost
zapoljavanja u Kompaniji. Program Fonda za budunost, po
oceni Ministarstva za rad i socijalnu politiku, u potpunosti je u
skladu sa Strategijom razvoja socijalne zatite u Republici Srbiji.
// 104
20 GODINA YEARS
The Company established the Delta Humanitarian Fund which

is directed towards enhancing humanitarian work by investing
in permanent education, culture, health and social values. Care
for children without parental care has been systematically solved
through the organization of the Fund for the Future that awards
scholarships to children from the homes, provides additional
training and education to them and offers the possibility of
employment in the company. According to the assessment of
the Ministry of Labor and Social Policy, the program of the
Fund for the Future is in full compliance with the Social Welfare
Development Strategy of the Republic of Serbia.
// 105
20 GODINA YEARS
Objedinjene
korporativne komunikacije
Integrating
corporate communications
U susret novoj fazi svog razvoja i treem kvalitativnom skoku,

Delta Holding koraa sa novom filozofijom koja se ogleda u
objedinjenom sistemu korporativnog komuniciranja. Delta
Holding je i dalje jedinstveno ime za biznise u okviru poslovnog
sistema i iz Delta Holdinga se koordinira celokupna trina
komunikacija lanica, na nain koji ne sputava pojedinane
biznise i daje im maksimalno prostora za realizaciju sopstvenih
trinih potreba. Sistem komunikacija odavno ukljuuje
pomenuti CSR i sve vie angaovanja na novim, digitalnim
kanalima komuniciranja.
In the new stage of its development and third qualitative leap,

Delta Holding is entering into a new philosophy that is reflected
in its integrated corporate communication system. Delta
Holding shall remain a unique name in business and
within the business system. Delta Holding shall coordinate
overall Marketing Communications among its members
without inhibiting their individual businesses and leaving them
maximum space for the realization of their market needs. The
communication system involves more and more engagement in
new digital channels of communication.
Sa takvim ustrojstvom i intenzivnim praenjem svetskih

trendova, u Delti su uvereni da su u oblasti komuniciranja, kao
i u drugim poslovnim delovima, spremni za izazove nove faze u
razvoju kompanije.
With the structure mentioned above and with intensive

monitoring of global trends, people in Delta are convinced that,
when it comes to communication and other business aspects,
they are ready for the challenges of the new stages of company
development.
// 106
20 GODINA YEARS
Evropske integracije
European integrations
Ocenjujui da su evropske integracije sutinski interes Srbije, pa

i njene ekonomije, Delta doprinosi konkretnim povezivanjem
domae privrede i evropskih institucija. Organizovan je susret
srpske privredne delegacije sa najviim funkcionerima u Briselu.
Ovaj projekat sprovodi Sektor za meunarodne odnose koji je
formiran u Kompaniji, a kao jedinstven primer u celom regionu.
Delta time ne samo da radi na sopstvenom postizanju evropskih
standarda, ve u praksi edukuje najiru javnost i pokazuje da
opredeljenost za put u Evropsku uniju nije samo deklarativna.
Considering that European integration is of essential interest

to Serbia and its economy, Delta is contributing by bringing
together people from the domestic economy and European
institutions. Within a project led by The International
Relationship Department formed within the company, a
meeting was organized between a Serbian business delegation
and senior officials from Brussels, a unique event in the whole
Region. The Company is not only working for itself on
achieving European standards, but in practice, it educates the
general public and shows that pro-European commitment is not
only something on paper.
// 107
20 GODINA YEARS
KOMUNIKACIJA JE SVE COMMUNICATION IS EVERYTHINGS
// 108
20 GODINA YEARS
We have built a system
Organizaciona shema
Organisation chart
// 110
20 GODINA YEARS
IZGRADILI SMO SISTEM WE HAVE BUILT A SYSTEM
Izazove koji su pred nama

savladae oni koji znaju da traju.
By knowing how to last, we will prevail over any
challenges that may lie ahead of us.
Publikaciju priredio Sektor za korporativne komunikacije Delta Holdinga

povodom 20 godina od osnivanja Kompanije.
This publication was prepared by Delta Holding Corporate Communication Department,
on the occasion of 20th Anniversary of Delta Holding.
Copyright Delta Holding 2011

Sva prava zadrana. All rights reserved.
www.deltaholding.rs

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Publikacija Delta Holding

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Znati trajati Knowing how to last

Dve decenije uspeha Two decades of success

U misiji modernizacije On a mission to modernize

Prvi skok 1991/2000. The first leap 1991/2000

Drugi skok 2000/2010. Second leap 2000/2010

Trei skok 2011. Third leap 2011

Komunikacija je sve... Communication is everything...

Izgradili smo sistem We have built a system

Delta Holding zvanino je najvea kompanija u Srbiji mereno

Based on revenue earnings in 2009, Delta Holding is officially

Delta Holding je prva privatna kompanija koja se nala na prvoj

Meu sto najveih kompanija u Adrija-regionu (koji pored

Among the hundred largest companies in the Adriatic region,

Prema njegovim reima, Delta je sa 1,67 milijardi evra prihoda

(Dnevni list DANAS, 23. 09. 2010)

Delta Holding poklanja Beogradu

Center for children with disabilities,

Ugovor o izgradnji prve zadubine Delta Holdinga potpisan je

The Construction Agreement signed for the first endowment of

Ugovor su potpisali direktorka Delta Humanitarnog Fonda

The agreement was signed by the Director of the Delta

Navedene tri informacije, citirane iz nezavisnih izvora,

Two decades of Delta Holdings business can be summed up by

Pre svih preduzetnika ideja, vizija, hrabrost i dobri temelji sa

Da bi se postigao uspeh koji

To achive such success as

Kompanija Delta osnovana je 4. februara 1991. u vreme

Delta Company was founded on 4th February 1991 at the time

U prvim godinama postojanja uslovi za rad u Srbiji su

During the initial years of company operations, conditions in

Delta posluje u oblasti agrara (trgovina voem i povrem) i u

Delta was involved in the agricultural sector, trading in fruit

Portfolio Kompanije se proiruje, Delta zastupa renomirane

The companys portfolio had expanded. It assumed in-country

Sankcije i meunarodna izolacija SR Jugoslavije ne omoguavaju

The resultant isolation of Yugoslavia slowed down the

Devedesete godine nisu

The 1990s were bad years for the

Delta Osiguranje osniva prvi privatni penzioni fond. Izuzetno

Alpe Adria Bank Belgrade built the residential area called

Ve 2008. godine u Kompaniji radi 24.200 ljudi, a razvoj

In 2008 the company already had 24,200 employees. The

Ekonomska kriza koja zahvata svet, neto kasnije stie i do

U godinama krize, uprkos sloenim

The world economic crisis reached Serbia later than elsewhere.

In those years of crisis, despite

Svoju poslovnu poziciju Delta je gradila na jedinstvenoj

Delta has built its business position on a unique corporate

Kompanija je uvodila svetske

The Company has introduced

U svom stratekom biznisu - agraru, Delta Holding uvodi najvie

In its strategic agri-business, Delta Holding introduces the

Sa sigurnou se moe rei da je u relativno kratkom vremenu

We can say with certainty that in a relatively short time we have

U primarnoj agrarnoj proizvodnji Delta primenjuje

In its primary agricultural production, Delta has implemented

Delta zakljuuje jedan od retkih ekskluzivnih ugovora o

U procesu akvizicija u agraru, Delta preuzima devastirane

Through the agricultural acquisition process, Delta took over

Za modernizaciju srpske privrede devedesetih godina, znaajno

For the modernization of the Serbian economy in the 1990s,

Brojni su primeri inovacija i u ovoj oblasti. Delta Banka prva je

There are numerous examples of successful innovations in

Delta Banka je bila pionir i u uspostavljanju sistema