DOCSLIB.ORG

Industrija 2/2011

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Industrija 2/2011 industr ij a časopis Ekonomskog instituta - Beograd, broj 2/2011. Indexing on: EBSCO Publishing (EP) USA http://www.epnet.com INDUSTRIJA – ĉasopis Ekonomskog instituta, Beograd ISSN 0350-0373; UDK 33; godina XXXIX br. 2 (april-jun 2011) Osnivaĉ i izdavaĉ: EKONOMSKI INSTITUT BEOGRAD IZDAVAĈKI SAVET: Jurij Bajec, Janko M. Cvijanović, Danko Đunić, SrĊan Janićijević, Slobodan Krĉevinac, Goran Pitić, Aleksandar Vlahović (predsednik) GLAVNI I ODGOVORNI UREDNIK: Janko M. Cvijanović UREDNIK: Jelena Lazić REDAKCIONI ODBOR: Stane Boţiĉnik (Slovenija), Janko M. Cvijanović (Srbija), Ivo Ĉala (Hrvatska), Jelena Lazić (Srbija), Jesa H. Kreiner (USA), Holger Luczak (Nemaĉka), Victor Manole (Rumunija), Vladimir Poznanić (Srbija), Ion Vasilescu (Rumunija), Zvonko Sajfert (Srbija), Nikola Vukmirović (Bosna i Hercegovina) ŠTAMPA: DiS Public Beograd, e-mail [email protected] REDAKCIJA I ADMINISTRACIJA: Ekonomski institut, 11000 Beograd, Kralja Milana 16, tel: +381113613117, e-mail [email protected], Ţiro raĉun kod VojvoĊanske banke 355-1025896-56 Fotografija na koricama ĉasopisa preuzeta je sa web site http/www.freeimages.co.uk CIP – Каталогизација у публикацији Народна библиотека Србије, Београд 338.45 INDUSTRIJA: časopis Ekonomkog instituta / glavni i odgovorni urednik Janko M. Cvijanović. – God. 1, br. 1 (1973)- . – Beograd. Ekonomki institut, 1973-. – 24cm Tromesečno ISSN 0350-0373 = Industrija COBISS.SR-ID 238359 U FINANSIRANJU ĈASOPISA UĈESTVUJE MINISTARSTVO ZA PROSVETU I NAUKU REPUBLIKE SRBIJE UDK – 33 INDUSTRIJA YU ISSN 0350-0373 April-jun 2011. Godina: XXXIX Broj: 2 SADRŢAJ Originalni naučni članci Application of Sandin & Porporato’s Bankruptcy Prediction Model on 1 Serbian Companies Vladan Pavlović, Saša Muminović, Janko M. Cvijanović Success factors of entrepreneurs: empirical evidence from Serbia 15 Ivan Stefanović, Ljubodrag Ranković, Slobodan Prokić Quantitative Website Analysis: Case Study of the Serbian Banks 29 Marko Ranković, Vojkan Vasković Deindustrijalizacija i reindustrijalizacija privrede Srbije 51 Vladimir Mićić, Aleksandar Zeremski Odlike mesta, stanovništva i privrede kao osnova brendiranja gradova u 69 Srbiji Predrag D. Radojević Vrednovanje intelektualne svojine 93 Slobodanka Jovanović, Danijela Matović, Slobodan D. Petrović Potencijali agroindustrijskog sektora Vojvodine za privlaĉenje stranih 119 direktnih investicija Sanja Filipović, Marko Miljković, Ivan Nikolić Optimizam vs pesimizam konkurentnosti bankarskog sektora Srbije 137 Lidija Barjaktarović, Dejan Jeĉmenica Upravljanje rizicima ţivotnih osiguranja: trţište reosiguranja 151 Vladimir Njegomir Istraţivanje uticaja emocionalne inteligencije lidera na produktivnost 169 srpskih kompanija Zvonko Sajfert, Milomir Stanković, Višnja Istrat Merenje performansi kljuĉnih dimenzija unutrašnjeg marketinga 185 Dejan Riznić, Nenad Milijić, Jelena Lazić Preduzetnici u poslovnim inkubatorima 203 Boško Vojnović, Janko M. Cvijanović, Jelena Lazić 1 MeĊuzavisnost demografskih faktora i njihov uticaj na klimu bezbednosti u 223 proizvodnim kompanijama Nenad Milijić, Ivan Mihajlović Nautiĉki turizam kao faktor konkurentnosti turizma Vojvodine 237 Andrea Katić, Bela Muhi, Jasmina Stanković, Jelena Kovaĉević Ocena ekonomiĉnosti poslovanja industrijskih preduzeća 263 Klara Jakovĉević, Jelena Andrašić Pregledni naučni članci Rescuing Agricultural and Banking Sector from Collapse: 283 Agricultural Debt Consolidation in Yugoslavia 1932-1936 Dragana Gnjatović, Vesna Aleksić Problemi vrednovanja materijalne imovine preduzeća 297 Vladimir Poznanić Stručni članci Finansijski aspekt pojednostavljenog okvira 28A na avionu tipa „ORAO” 311 Ivan Milojević, Marko D.Cvijanović, Jonel Subić Istraţivanje uticaja osvetljenja na kvalitet rada 321 Stevan M. Mušicki, Dragana Sajfert, Strahinja Cvijanović Model menadţment konsaltinga za preduzetnike i vlasnike malih 335 preduzeća Dragan Dukić, Tatjana Milivojević Prikaz monografije Sreten Ćuzović, autor: Menadţment kvalitetom u trgovini 355 Autor prikaza: Svetlana Sokolov-Mladenović Uputstvo za autore 359 UDK – 33 INDUSTRIJA YU ISSN 0350-0373 April-June 2011. Volume: XXXIX Number: 2 CONTENT Original scientific articles Application of Sandin & Porporato’s Bankruptcy Prediction Model on 1 Serbian Companies Vladan Pavlović, Saša Muminović, Janko M. Cvijanović Success factors of entrepreneurs: empirical evidence from Serbia 15 Ivan Stefanović, Ljubodrag Ranković, Slobodan Prokić Quantitative Website Analysis: Case Study of the Serbian Banks 29 Marko Ranković, Vojkan Vasković Deindustrialization and reindustrialization of the Serbian economy 51 Vladimir Mićić, aleksandar Zeremski Characteristics of places, people and economy as the basis for branding 69 cities in Serbia Predrag D. Radojević Intellectual Property valuation 93 Slobodanka Jovanović, Danijela Matović, Slobodan D. Petrović The potential of the agroindustrial sector of Vojvodina for attracting 119 foreign direct investment Sanja Filipović, Marko Miljković, Ivan Nikolić Optimisam vs pesimism of competitivness of banking division in Serbia 137 Lidija Barjaktarović, Dejan Jeĉmenica Managing life insurance risks: reinsurance market 151 Vladimir Njegomir The research of the influence of leaders’ emotional intelligence on 169 productivity of Serbian companies Zvonko Sajfert, Milomir Stanković, Višnja Istrat Measurement of performances of key dimensions internal marketing 185 Dejan Riznić, Nenad Milijić, Jelena Lazić Entrepreneurs in business incubators 203 Boško Vojnović, Janko M. Cvijanović, Jelena Lazić Interdependance of demographic factors and their impact on the safety 223 climate in manufacturing companies Nenad Milijić, Ivan Mihajlović Nautical tourism as a factor of competitiveness of tourism in Vojvodina 237 Andrea Katić, Bela Muhi, Jasmina Stanković, Jelena Kovaĉević Evaluation of efficiency of industrial enterprises 263 Klara Jakovĉević, Jelena Andrašić Scientific review articles Rescuing Agricultural and Banking Sector from Collapse: 283 Agricultural Debt Consolidation in Yugoslavia 1932-1936 Dragana Gnjatović, Vesna Aleksić Issues with Valuation of Tangible Assets in Business Enterprises 297 Vladimir Poznanić Scientific articles Financial aspect simplify frame 28A on aeroplane type ″ORAO″ 311 Ivan Milojević, Marko D.Cvijanović, Jonel Subić Research impact on the quality of lighting 321 Stevan M. Mušicki, Dragana Sajfert, Strahinja Cvijanović Management consulting model for entrepreneurs and owners of small 335 enterprises Dragan Dukić, Tatjana Milivojević Book review Sreten Ĉuzović, author: Quality Management in sales 355 Reviewer: Svetlana Sokolov-Mladenović Instruction for authors 359 Original Scientific Paper UDK 336.279.001.891.54 (82:497.11) Vladan Pavlović Saša Muminović Janko M. Cvijanović Application of Sandin & Porporato’s Bankruptcy Prediction Model on Serbian Companies Rezime: U radu su testirane odabrane srpske kompanije modelom koji su razvili Sandin i Porporato. Sandin i Porporato su imali nameru da testiraju pouzdanost racio analize za predikciju bankrotstva u ekonomijama u razvoju tokom stabilnog perioda, kao što je sluĉaj Argentine tokom 90-tih godina XX veka. Njihova namera je bila da razviju model dostupan investitorima u Argentinske kompanije, kao i kreditorima. Opredeljenje za primenu ovog modela posledica je ĉinjenice da je reĉ o modelu izraĊenom za ekonomije u razvoju, pri ĉemu, tvorci modela sugerišu da model moţe biti koristan za predikciju bankrotstva i u drugim ekonomijama u razvoju. Specifiĉnost modela sastoji se i u njegovoj jednostavnosti, budući da je komponovan od samo dve varjable. Kljuĉne reĉi: modeli za predikciju bankrotstva, racio analiza, Sandin-Poporato model, Beogradska berza Summary: We applied the models developed by Sandin and Porporato to a sample of Serbian companies. Sandin and Porporato purpose was to test the usefulness of ratio analysis to predict bankruptcy in a period of stability of an emerging economy, such as the case of Argentina in the 1990s with the aim to develop a classification method that is publicly available to all investors and creditors of Argentinean companies. Decision for usage of Sandin & Porporato‟s model is result of the fact that the model was built specially for certain emerging market, where creators of the model suggest that the model can be used to predict business failure on the other emerging economies. Characteristic of the model can be seen in its simplicity, since it is composed of just two variables. Keywords: models for bankruptcy prediction, ratio analysis, Sandin&Porporato‟s Model, Belgrade Stock Exchange Received 29 June 2010; received in revised form 05. March 2011; accepted 06 May 2011 Graduate School of Business Studies, Megatrend University, [email protected] Julon, d.d., Ljubljana, Slovenia, Member of the Aquafil Group This paper forms part of the results of research on project 179001 „Organizational and information support to the quality management system as a key factor in improving the competitiveness of domestic enterprises and ensuring their faster access to EU and world markets“ financed by Ministry of Education and Science of the Republic of Serbia 1 V.Pavlović,S.Muminović,J.M.Cvijanović Application of Sandin & ... 1. INTRODUCTION he ability to provide powerful predictions of corporate insolvencies is of great importance both from an individual and a collective point of view. T From an individual perspective, alongside owners, employees, customers, suppliers, certified accountants, and other counterparties of companies, in particular banks are interested in accurate
Load more

Recommended publications
  • Variability and Correlation Between Basic Quality Parameters of Raw Cow Milk
    Biotechnology in Animal Husbandry 27 (3), p 959-967 , 2011 ISSN 1450-9156 Publisher: Institute for Animal Husbandry, Belgrade-Zemun UDC 637.05 DOI: 10.2298/BAH1103959M VARIABILITY AND CORRELATION BETWEEN BASIC QUALITY PARAMETERS OF RAW COW MILK N. Memiši1, V. Bogdanović2, Z. Tomić3, A. Kasalica4, M. Žujović3, N. Stanišić3, N. Delić3 1AD Mlekara, Tolminska 10, Subotica, Republic of Serbia 2Faculty of Agriculture, Belgrade, Republic of Serbia 3Institute for Animal Husbandry, Autoput 16, 11080, Belgrade-Zemun, Republic of Serbia 4Dairy Institute, Autoput 3, Belgrade, Republic of Serbia Corresponding author: [email protected] Original scientific paper Abstract: In this paper the results of the analysis of the milk somatic cell count are presented, as well as correlation between the somatic cell count and content of certain chemical parameters in milk (milk proteins, fat, lactose and dry matter without fat) determined in collective samples of milk obtained from cows reared in intensive rearing system, during two production years. The research was carried out by control of collective milk samples from cows reared on family holdings. Somatic cell count, as well as the chemical quality of milk, were controlled daily in the laboratory for raw milk in dairy plant AD “Mlekara“ – Subotica using the apparatus CombiFoss 6200 FC. In this investigation, statistically significant correlation (P<0,001) between all observed milk parameters was determined. Positive, weak and statistically highly significant correlation between the content of milk fat and proteins in milk and somatic cell count was established. It was also established that the variability of chemical parameters of milk and somatic cell count is also under the influence of different factors, such as: month of control, year of the research and farm.
    [Show full text]
  • 09.Bah-14-4-69-15.10
    Biotechnology in Animal Husbandry 30 (4), p 635-646 , 2014 ISSN 1450-9156 Publisher: Institute for Animal Husbandry, Belgrade-Zemun UDC 636.083:636.39 DOI: 10.2298/BAH1404635M INFLUENCE OF DIFFERENT GROWING CONDITIONS ON PRODUCTION, MILK COMPOSITION AND BODY CONDITION SCORE FOR ALPINA GOAT BREED N. Memiši1*, N. Stanišić 2 1 AD Mlekara, Tolminska 10, 24000, Subotica, Republic of Serbia 2 Institute for Animal Husbandry, Autoput 16, P. Box 23, 11080, Belgrade-Zemun, Republic of Serbia *Corresponding author: [email protected] Original scientific paper Abstract: This paper presents the results of testing the impact of different farming systems on milk production, milk composition (milk fat, protein and dry matter without fat) and body condition score of Alpine breed goats in different growing systems during one production year. Control of the amount and chemical composition of milk included a total of 59 French Alpine goats at the age of 2-3 years (2-3 lactations), which are divided into two groups with approximate similar body weight. In the first group of goats a stable diet was applied. Goats had a sufficient amount of alfalfa hay available (ad libitum) and the addition of about 0.5 kg of concentrate that is administered twice a day. Goats in the second group in addition to 0.5 kg of alfalfa hay, received 0.25 kg of concentrate and in the period from April to October during the day stayed at the outlet and the surrounding pasture. Control of body weight of goats and body condition were performed once every two months from March to October, while the rate of body condition (BCS) was given score of 1-5.
    [Show full text]
  • Tehnološki Proces Proizvodnje AB Jogurta U AD "Mlekara"
    Milena Vučić Master rad UNIVERZITET SINGIDUNUM DEPARTMAN ZA POSLEDIPLOMSKE STUDIJE -STUDIJSKI PROGRAM- INŽENJERSKI MENADŽMENT - UPRAVLJANJE KVALITETOM Milena Vučić Kontrola kvaliteta proizvodnje probiotskih jogurta -Master rad- Mentor: Student: Prof. dr. Predrag Popović Milena Vučić Predsednik komisije: Prof.dr.Milenko Heleta Br. indeksa: 411477/2011 Beograd, 2015. Milena Vučić Master rad Sadržaj: 1.0 Metodologija istraživačkog rada ......................................................................................... 4 1.1 Istorijat AD „Mlekare“ ..................................................................................................... 6 1.2 Proizvodni asortiman ....................................................................................................... 7 2.0 Mlečni proizvodi sa probiotskim kulturama ....................................................................... 9 2.1 Fermentisani mlečni napici .............................................................................................. 9 2.2 Opšti deo ........................................................................................................................... 9 2.2.1 Starter kulture u tehnologiji fermentisanih mlečnih proizvoda .................................................... 9 2.2.2 Karakteristike bakterija mlečne kiseline .................................................................................... 11 2.2.3 Probiotici ...................................................................................................................................
    [Show full text]
  • Sustainability of Dairy Farming Systems in Central Serbia 1
    SUSTAINABILITY OF DAIRY FARMING SYSTEMS IN CENTRAL SERBIA 1 Rade Popovic2, Marija Knezevic 3 Paper published in publication „Sustainable agriculture and rural development in terms of the republic of Serbia strategic goals realization within the Danube region – Preservation of rural values“ – Thematic proceedings, IAE, Tara, December 6 – 8 2012 Abstract: Two dairy production systems with biggest share in total milk production in Central Serbia are small farms with tie stall barn and small farms with grazing period. In the article are examined their main system characteristics, sustainability and integration in dairy supply chain. Three dimension of sustainability were explored by chosen indicators on farms sample in Kolubara district. Economic sustainability is low since average entrepreneur’s profit is negative for both production systems, although small dairy farms with grazing period encountered less negative profit because advantages in feeding costs. Rate of dairy production systems viability is 25%. Social sustainability declined over last decade. Small dairy systems are discriminated by ability to get dairy subsidies. Demographic viability is low, especially for small farming system with grazing period, where it is 25%. Small farming systems are dispersed over all territory and don’t make big pressure on ecology and natural resources. Key words: dairy, family farms, system, sustainability, Serbia Introduction Goal of this paper is to describe and analyse the most numerous dairy production systems in Central Serbia and its sustainability. Research was conducted in first half of 2012 in Kolubara district. There was several 1 Acknowledgement : This study was conducted within a projects of Ministry for education, science and technological development of the Republic of Serbia, No.
    [Show full text]
  • 637.1:339.13 Strukturne Promene Na Tr
    RADE I. POPOVI Ć Univerzitet u Novom Sadu, Ekonomski fakultet Subotica NAU ČNI RAD UDK: 637.1:339.13 STRUKTURNE PROMENE NA TRŽIŠTU MLE ČNIH PROIZVODA U SRBIJI 1 Izvod Proizvodnja, prerada i prodaja mleka i mle čnih proizvoda jedan je od najzna čajnijih segmenata agrobiznis sektora u Srbiji. U radu su analizirane strukturne promene na tržištu mle čnih proizvoda u periodu od 2006. do 2008. godine. Ove promene obuhvataju tržišne pozicije mlekara, kao i njihovu proizvodnu strukturu. Utvr đeno je da su dve mlekare iz grupe velikih mlekara i mlekare iz grupe mlekara srednjeg kapaciteta pove ćale svoj tržišni udeo i ostvarile bolju konkurentsku poziciju. Struktura proizvodnje pet najve ćih mlekara koje prera đuju više od 60% otkupljenog sirovog mleka zna čajno je promenjena u ovom kratkom vremenskom periodu. Fokus u strukturi njihove proizvodnje je premešten sa proizvodnje sireva na proizvodnju široke palete fermentisanih mle čnih napitaka. Udeo proizvodnje UHT i pasterizovanog mleka je zadržan u istom obimu, ali uz rastu ći zna čaj proizvodnje UHT mleka na ra čun smanjenja proizvodnje pasterizovanog mleka. Klju čne re či: tržište, formalno tržište, mleko, mle čni proizvodi, prerada, mlekare, ponuda Uvod Sa u češ ćem od 11% u vrednosti autputa poljoprivrede, proizvodnja mleka je jedna od najzna čajnijih grana poljoprivrede Srbije. U preradi mleka u prethodnim godinama u čestvovalo je oko 200 privrednih subjekata, koji čine ukupnu doma ću ponudu na zvani čnom (formalnom) tržištu mleka. Formalno tržište mleka u Srbiji raste iz godine u godinu i u 2008. godini je dostiglo 53,8% od ukupno proizvedenog mleka namenjenog ljudskoj ishrani.
    [Show full text]
  • Effects of Market Structure Changes on Dairy Supply Chain in Serbia
    Effects of market structure changes on dairy supply chain in Serbia Rade Popovic Department for Agricultural Economics and Agribusiness The Faculty of Economics Subotica University of Novi Sad Dairy policies SERBIA Until 2001 Maximum retail prices and subsidies for pasteurized milk High border protection After 2001 Deregulation of dairy market Subsidies for row milk directly to producers Additional subsidies Free trade agreements and lowering of border protection Dairy farms SERBIA 285,000 dairy farms in Serbia Small scale production 2.2 cow per farm Family farms produce 91.3% of milk Number and share of small farms decreasing Number and share of commercial family farms increasing Companies produce 8.7% of milk Milk production is stable in last 10 years Share of milk for human use in legal market channel is 52.6% and increasing No dairy cooperatives Production on farms is diversified Small dairy farms in some areas losing market opportunities Dairy farms SERBIA 3000 2500 2000 1500 1000 500 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Cows (in thousand) Milk yield (l/cow/year) Milk production for human use (million l) Dairy processors SERBIA 202 dairy processing companies in 2007 4 the biggest companies control 60.3% of row milk market Successful privatization Concentration and Market power Innovativeness and diversification of product Active influence of dairy farms Vertical integrations Rationalization of supply base Organize milk collecting stations and transport Raw milk prices establishing on the milk quality control carried out by processors Dairy processors SERBIA Deliveries of milk to Market share Company name dairies (in liters) 2006 2007 2006 2007 Dairies in structure of DANUBE FOODS GROUP B.V.
    [Show full text]
  • The Effect of Time of Weaning on Body Mass and Gain of Kids
    Biotechnology in Animal Husbandry 25 (5-6), p 993-998, 2009 ISSN 1450-9156 Publisher: Institute for Animal Husbandry, Belgrade-Zemun UDC 636.39 THE EFFECT OF TIME OF WEANING ON BODY MASS AND GAIN OF KIDS N. Memiši1, M. Žujović2, Z. Tomić2, M. P. Petrović2 1AD Mlekara, Subotica, Republic of Serbia 2Institute for Animal Husbandry, 11080, Belgrade-Zemun, Republic of Serbia Corresponding author: [email protected] Original scientific paper Abstract: A group control system experiment was carried out to investigate the effect weaning time of kids on their health status and growth rate achieved up to 6 months of age. The experiment was done on kids obtained from crossbred domestic white x domestic Balkan goats and Alpino bucks. Investigations were done on a total of 120 kids, divided into 4 groups. Kids were weaned at 2 (Group 1), 20 (Group 2), 35 (Group 3), and 60 (Group 4), days. After weaning, kids in Group 1 and Group 2 were fed milk replacer containing 22% protein up to 35 days of age, while Group 3 and Group 4 were fed concentrates and hay. The lowest body weight, both by individual control periods, and at the end of the experiment, was established for kids in Group 2, weaned at 20 days of age. The also had the highest mortality. Highest body weight at this age (180 days) was found in kids in Group 4, weaned at 60 days. Established results permit the conclusion that kids can successfully be weaned as early as 35 days of age, and that weaning at an earlier age should not be done under our conditions, since it is not economically justified.
    [Show full text]
  • COMPETITION Serbian Competition Commission Imposes First Fines
    No. 3/2011 SERBIA: COMPETITION Serbian Competition Commission imposes first fines In a highly controversial decision rendered on 24 January 2011 (“2011 Decision”), the Serbian Commission for Protection of Competition (“Commission”) fined two Serbian dairies owned by Danube Foods Group (Imlek A.D. and Mlekara Subotica A.D.) for abuse of dominant position committed in the period from April 2005 until 1 March 2008. Each of the two dairies was given four months to pay 1.92% of its individual business income generated in 2006, which amounts to an aggregate of EUR 3,000,000. This is the first time that the Commission exercised its power to impose fines, granted to it by the 2009 Law on Protection of Competition (Zakon o zaštiti konkurencije, Off. Gazette of RS no. 51/09) (“Law”). The breaches for which the two diaries are fined were established by a Commission’s decision rendered in 2008 (“2008 Decision”) and, following a successful judicial challenge, reaffirmed in another decision issued in 2009 (“2009 Decision”). Both the 2008 Decision and the 2009 Decision were rendered under the former Law on Protection of Competition (Zakon o zaštiti konkurencije, Off. Gazette of RS no. 79/2005) (“Former Law”). The Former Law vested the Commission with the power to order behavioral measures, which the Commission used in the given case, but not with the power to issue fines. The 2011 Decision confirms that the two diaries complied with the ordered behavioral measures. Article 74 of the current Law explicitly states that it applies to the proceedings initiated after its coming into force, i.e.
    [Show full text]
  • Profitability and Business Excellence Analysis of Dairy Industry in Serbia Saša Muminović1*, Vladan Pavlović2, Dušan Joksimović2
    S. MUMINOVIĆ et al.: Profitability and business excellence analysis, Mljekarstvo 62 (3), 207-218 (2012) 207 Original scientific paper - Izvorni znanstveni rad UDK: 65.011.4 Profitability and business excellence analysis of dairy industry in Serbia Saša Muminović1*, Vladan Pavlović2, Dušan Joksimović2 1Julon, d.d., Ljubljana, Slovenia, Member of the Aquafil Group, Letališka cesta 15, 1000 Ljubljana, Slovenia 2Megatrend University, Graduate School of Business Studies, Goce Delceva 8, 11070 Belgrade, Serbia Received - Prispjelo: 07.11.2011. Accepted - Prihvaćeno: 21.08.2012. Summary In this paper, sixteen Serbian dairy companies representing the Serbian dairy industry were analysed using the BEX model in period 2007-2009. The results were compared to selected com- panies which represent the Serbian market through BELEX15 and BELEXline indices, indices of the Belgrade Stock Exchange. Research shows that the dairy industry is more profitable than the market average represented by the indices of Belgrade Stock Exchange. The profitability of dairies was analyzed from the sales structure and distribution channels point of view. This paper shows that, according to selected Business Excellence Model, dairy industry in Serbia was, and still is, in better shape than Serbian market in general, which makes it interesting not only for domestic, but also for foreign investors. Despite the crisis and lack of organisation in raw milk buyout, improvements in core-business have been made. Key words: dairy industry, business excellence, BEX index, profitability analysis Introduction products, both for consumption and application in Dairy companies are getting larger. The result- the production of many food, feed and pharmaceu- ing gains in economies of scale have increased their tical products.
    [Show full text]
  • N in S P E C Ija L N O Iz D a N J E T O P 5 0 0 Specijalna Publikacija Vip
    NIN SPECIJALNO IZDANJE TOP 500 ISSN 2334-9093 999 RSD 9772334 909007 TOP VI S pecijalna publikacija pecijalna P partner publikacije TOP 500 Godina I, br. 1 podaci se odnose na 2012. godinu TOP 500 Sadržaj/Content Uvodni deo/ Sektori 108 Introducion 60 Drvna i papirna industrija/ Redakcija Konglomerati/ The Wood and Paper Beograd, Žorža Klemansoa 19 4. Conglomerates Industry E-mail [email protected] Uvodnik/Editorial 64 111 V. d. glavnog i odgovornog urednika i 28. Energetika/ Energy Proizvodnja lekova i urednik izdanja Milan Ćulibrk Metodološke napomene/ 68 medicinske opreme/ Sekretar redakcije Methodology Remarks Telekomunikacije/ Production of medicine Jelena Stevović Art direktor 31. Telecommunications and medical equipment Goran Ratković Tehnički urednik Makroekonomski 73 115 Vladimir Piacun okvir/Macroeconomic Trgovina na malo/ Retail Veledrogerije/ Fotografije Shutterstock, arhiva Blica Framework Trade Pharmaceuticals 77 Wholesale Trade Autorski i istraživački tim „TOP 500” Proizvodnja i prerada 118 Urednici duvana/ Tobacco Građevinarstvo/ Jasna Atanasijević, glavni ekonomista, Hypo Alpe Adria banka Tabele/Tables Production and Construction Aleksandar Ilić, izvršni direktor, Certus Consulting 36. Processing 123 TOP 500 preduzeća 81 Proizvodnja građevinskog Saradnici Olivera Radiša, analitičar u Srbiji/ TOP 500 Poljoprivreda/ Agriculture materijala/Production of Hypo Alpe Adria banka companies in Serbia 88 building materials Marko Danon, analitičar Hypo Alpe Adria banka Hemijska industrija/ The 126 Aleksandar Ilin, analitičar
    [Show full text]
  • Perspectives of the Serbian Dairy Sector in the Process of Integration Into Global Markets
    Academic year 2010 – 2011 Perspectives of the Serbian dairy sector in the process of integration into global markets Nevena Kokovic Promoter: Prof. Dr. Dr. h.c. Dieter Kirschke Thesis is submitted in partial fulfilment of the requirements for the joint academic degree of International Master of Science in Rural Development from Ghent University (Belgium), Agrocampus Rennes (France), Humboldt University of Berlin (Germany) and University of Cordoba (Spain) in collaboration with Wageningen University (The Netherlands), Slovak University of Agriculture in Nitra (Slovakia) and the University of Pisa (Italy). This thesis was elaborated and defended at Humboldt University, Berlin within the framework of the European Erasmus Mundus Programme “Erasmus Mundus International Master of Science in Rural Development " (Course N° 2004-0018/001- FRAME MUNB123) Certification This is an unpublished M.Sc. thesis and is not prepared for further distribution. The author and the promoter give the permission to use this thesis for consultation and to copy parts of it for personal use. Every other use is subject to the copyright laws, more specifically the source must be extensively specified when using results from this thesis. The Promoter(s) The Author X X Prof. Dr. Dr. h.c. Dieter Kirschke Nevena Kokovic Thesis online access release I hereby authorize the IMRD secretariat to make this thesis available online on the IMRD website The Author X Nevena Kokovic I Abstract This thesis examines current state of the Serbian dairy sector and impact agricultural trade liberalization has on the sector. Therefore, thesis investigates Serbia’s current competitiveness and potential for further development, especially pertaining to the process of integration into global markets and enrollment into the EU affairs.
    [Show full text]
  • Dokument Potreban Radi Primene Izuzetka Od Obaveze Objavljivanja Prospekta
    Dokument potreban radi primene izuzetka od obaveze objavljivanja prospekta Poslovno ime, matični broj i sedište izdavaoca hartija od vrednosti koje se nude Poslovno ime: Akcionarsko društvo Industrija mleka i mlečnih proizvoda Imlek, Beograd-Padinska Skela Matični broj: 07042701 Sedište: Industrijsko naselje bb, Beograd-Padinska Skela Izjava o tome na koje tržište su uključene ili se nameravaju uključiti hartije od vrednosti Ovlašćeno lice Izdavaoca AD Imlek Beograd izjavljuje da će nakon odobrenja ovog dokumenta potrebnog radi primene izuzetaka od obaveze objavljivanja prospekta od strane Komisije za hartije od vrednosti, a shodno članu 12. stav 1. tačka 8. Zakona o tržištu kapitala („Sl. glasnik Republike Srbije“, br. 31/2011) i upisa emisije u Centralni registar hartija od vrednosti, podneti Beogradskoj berzi zahtev za uključenje ove emisije akcija na Open Market u skladu sa članom 13. stav 2. tačka 4. Zakona o tržištu kapitala, obzirom da su akcije Izdavaoca izdate u vezi sa statusnom promenom pripajanja. SAŽETI FINANSIJSKI PODACI ZA TEKUĆU GODINU BILANS USPEHA ZA PERIOD OD 01. JANUARA DO 30. JUNA U hiljadama RSD 2014. Poslovni prihodi 11.550.111 Prihodi od prodaje 10.767.819 Prihodi od aktiviranja učinaka i robe 13.161 Povećanje vrednosti zaliha i učinaka 538.901 Ostali poslovni prihodi 230.230 Poslovni rashodi 9.896.185 Nabavna vrednost prodate robe 106.053 Troškovi materijala 6.403.533 Troškovi zarada, naknada zarada i ostalih ličnih rashoda 665.615 Troškovi amortizacije i rezervisanja 408.407 Ostali poslovni rashodi 2.312.577 Poslovna dobit 1.653.926 Finansijski prihodi 219.404 Finansijski rashodi 624.844 Ostali prihodi 290.426 Ostali rashodi 315.964 Dobit iz redovnog poslovanja pre oporezivanja 1.222.948 Dobitak pre oporezivanja 1.222.948 Porez na dobit Poreski rashod perioda 138.610 Odloženi poreski rashodi perioda Odloženi poreski prihodi perioda 10.933 Neto dobitak 1.095.271 Zarada po akciji Osnovna zarada po akciji (dinara) 145 Umanjena (razvodnjena) zarada po akciji BILANS STANJA NA DAN 30.
    [Show full text]