Publication 20 years of Delta Holdinga

Znati trajati Knowing how to last

Sadržaj 

Contents

Dve decenije uspeha Two decades of success 

Hronologija Chronology 

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 

Treći skok 2011. Third leap 2011 

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

Izgradili smo sistem We have built a system 

10 

12 

22 

52 

68 

92 

96 

108

Delta Holding 

zvanično najveća kompanija u Srbiji 

Delta Holding zvanično je najveća kompanija u Srbiji mereno 

po visini prihoda u 2009. godini. To je potvrđeno na prezentaciji 

specijalne edicije Top 300 najvećih preduzeća koju tradicionalno 

izdaje stručni magazin Ekonomist. 

Delta Holding je prva privatna kompanija koja se našla 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) 


peta najveća kompanija u regionu 

Među sto najvećih kompanija u Adrija-regionu (koji pored 

Srbije obuhvata Hrvatsku, Sloveniju, Makedoniju, Crnu Goru i 

Bosnu i Hercegovinu) u ovogodišnjem rangiranju našle su se 23 

kompanije iz Srbije, na čelu sa Delta Holdingom, kao najvećim 

srpskim preduzećem, računato po prihodima-izjavio je Žarko 

Mijović iz Dilojta, revizorske kuće koja je sačinila rang listu. 

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

peta najveća kompanija Adrija-regiona. Najveća kompanija 

u regionu je hrvatski Agrokor, druga je INA, a zatim slede 

Merkator i Petrol. Na listi 100 najvećih preduzeća, njih 35 

dolaze iz Hrvatske, 31 iz Slovenije, 23 iz Srbije, šest je iz Bosne i 

Hercegovine, četiri iz Makedonije i samo jedno iz Crne Gore. 

U prvih 10 kompanija po veličini, četiri dolaze iz Slovenije, a po 

tri iz Srbije i Hrvatske. 

Najveća kompanija u Srbiji koja se bavi širokom potrošnjom 

je Delta Holding, za kojom dolazi Viktorija grupa, pa koncern 

Svislajon Takovo. Listu 100 najvećih zatvara Duvanska industrija 

Niš. 

(Dnevni list DANAS, 23. 09. 2010) 


is officially the largest Serbian company 

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 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 Holding’s 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) 


the fifth largest company in region 

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. 

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. 

(DANAS, Daily Newspaper of 23 September 2010)

Delta Holding poklanja Beogradu 

Centar za decu sa invaliditetom 

Ugovor o izgradnji prve zadužbine Delta Holdinga potpisan je 

14. septembra 2010. u Skupštini grada Beograda. 

Ugovor su potpisali direktorka Delta Humanitarnog Fonda 

Ivana Mišković-Karić i gradonačelnik Beograda Dragan Đilas. 

Za potrebe izgradnje Centra obezbeđeno je 2.000.000 evra, 

trajaće oko godinu dana, a započeće do kraja 2010. 

Zadužbina će se trajno i isključivo koristiti za potrebe smeštaja 

i aktivnosti dece sa invaliditetom, i nikada ne može imati 

komercijalnu osnovu niti služiti za sticanje finansijske dobiti. 

Delta Humanitarni Fond je odluku o izgradnji ovakvog centra 

doneo na osnovu detaljnog istraživanja potreba društva, pre 

svega najranjivijih grupa. Uz konsultacije sa Ministarstvom rada 

i socijalne politike i predstavnicima grada Beograda doneta je 

zajednička odluka da prva zadužbina bude upravo ono što je 

Gradu i deci sa invaliditetom i njihovim roditeljima neophodno. 

(Saopštenje za javnost, 14.9.2010) 

Center for children with disabilities, 

Delta Holding gift to City of Belgrade 

The Construction Agreement signed for the first endowment of 

Delta Holding was signed on 14th September 2010 in Belgrade 

City Hall. 

The agreement was signed by the Director of the Delta 

Humanitarian Fund, Ivana Mišković-Karić and by Dragan Đilas, 

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 

Navedene tri informacije, citirane iz nezavisnih izvora, 

saopštene u jesen 2010. godine sumirale su u najkraćem obliku 

dve decenije poslovanja kompanije Delta Holding. Toliko 

vremena trebalo je jednoj od prvih privatnih kompanija u 

nekadašnjoj SFRJ da (zajedno sa državom u kojoj je nastala 

i poslovala) prođe period sankcija, međunarodne 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. 

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

ugrađenim sistemom vrednosti koji počiva na izboru kadrova, 

saradnji sa najuglednijim partnerima iz sveta, prenošenjem 

najboljih svetskih iskustva u Srbiju i uvažavanjem tržišta kao 

jedinog pravog merila uspeha. 

Posle dve decenije poslovanja, a na osnovu podataka nezavisnih 

ocenjivača Delta Holding se kvalitativno izdvaja iz sredine u 

kojoj posluje. Osnova ovog uspeha su: potpuna orijentisanost ka 

privatnom preduzetništvu, efikasno i brzo prilagođavanje novim 

procesima, spremnost da se osluškuje stanje na tržištu i odmah 

prilagođava poslovanje, da se efikasno i brzo donose poslovne 

odluke. Principi poslovanja usvajani su od vodećih zapadnih 

kompanija, a sa najboljima od njih uspostavljana je dugoročna 

saradnja. 

Ti principi bili su presudni za poslovanje Kompanije devedesetih 

godina prošlog veka, od njenog osnivanja 1991. godine, do 2000. 

godine, kada su započete demokratske reforme. 

Vreme sankcija i međunarodne izolacije države u kojoj je Delta 

Holding poslovao u prvoj deceniji svog rada, nisu predstavljali 

dovoljno dobar, ali jesu bili izazovan ambijent za razmah 

preduzetništva. Ono što je krasilo kompaniju Delta Holding 

od njenog nastanka, to su principi rada slični onima na kojima 

počivaju veliki nemački koncerni. Na samom početku postojala 

je svest da Delta ne može da se razvija bez tehnološkog napretka 

i primene savremene inostrane tehnologije. 

// 10 

20 GODINA YEARS 

DVE DECENIJE USPEHA TWO DECADES OF SUCCESS 

Two decades 

of success 

Two decades of Delta Holding’s 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. 

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 company’s 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.

11 

“Da bi se postigao uspeh koji 

je za dve decenije postigao 

Delta Holding, bili su potrebni 

preduzetnička ideja, vizija, 

hrabrost i jasan sistem 

vrednosti.” 


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 


HRONOLOGIJA CHRONOLOGY

Kompanija Delta osnovana je 4. februara 1991. u vreme 

dominacije državne i društvene svojine i velikih državnih spoljno 

trgovinskih kompanija u tadašnjoj SFRJ. Bila je jedna od prvih 

privatnih kompanija pokrenutih u Srbiji. 

Deltu osniva i predvodi Miroslav Mišković. Na samom početku 

čini je petoro zaposlenih, od kojih su četvoro 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 Mišković. At its start-up it 

had five employees out of which four trainees.

1991/1993. 

U prvim godinama postojanja uslovi za rad u Srbiji su 

izuzetno teški: izbijaju ratovi, dolazi do ekonomske izolacije, 

hiperinflacija dostiže istorijski maksimum, međunarodna 

zajednica uvodi ekonomske sankcije državi u kojoj Delta 

posluje, gase se velika državna i društvena preduzeća, menja se 

privredni ambijent. Smelim i efikasnim odlukama i formiranjem 

kvalitetne kadrovske baze postavljaju se osnovi za uspešno 

poslovanje Delte. Počinje proces uspostavljanja dugoročne 

saradnje sa svetski poznatim kompanijama i usvajaju se i 

primenjuju poslovni principi i znanja velikih korporacija. 

Delta posluje u oblasti agrara (trgovina voćem i povrćem) i u 

drvnoj industriji. 

Realizuje prve ugovore sa renomiranim kompanijama Nike i 

Zeneca. Već 1991. godine osniva i prvu privatnu banku - Delta 

banku. 

1994/1999. 

Portfolio Kompanije se proširuje, Delta zastupa renomirane 

kompanije Fiat, Nestle, Beiersdorf (Nivea) i mnoge druge. 

Sankcije i međunarodna izolacija SR Jugoslavije ne omogućavaju 

Kompaniji da se razvija planiranim tempom, zbog čega se 

stagnacija poslovanja na prostoru Balkana kompenzuje širenjem 

poslova u Rusiji i Ukrajini. 

Dve kompanije, članice Delta Holdinga, ostvaruju značajan 

profit za Kompaniju u tom periodu: Delta Sport kao generalni 

distributer Nike za područje Zajednice Nezavisnih Država i 

Delta International kao većinski vlasnik Bajkalskog celuloznog 

kombinata koji svoje proizvode usmerava direktno na tržište 

Azije. Takav način poslovanja zahtevao je prebacivanje 

značajnog broja zaposlenih Delta Holdinga iz Srbije na tržište 

Rusije. 

Kompanija započinje potpuno novi posao osnivanjem Delta 

Osiguranja. 

// 16 


HRONOLOGIJA CHRONOLOGY 

1991/1993 

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 world’s leading companies followed as 

did the adoption of the business skills and principles of large 

corporations. 

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 

The company’s portfolio had expanded. It assumed in-country 

representation of leading companies such as Fiat, Nestle, 

Beiersdorf, (Nivea) and of many others. 

The resultant isolation of Yugoslavia slowed down the 

company’s 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).

17 

“Devedesete godine nisu 

pogodovale razvoju poslovanja 

u Srbiji, ali Kompanija brzo 

i efikasno donosi odluke i 

usvaja know-how zapadnih 

korporacija.” 



“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 vodeće pozicije u svim oblastima u 

kojima posluje. Kompanija je, zahvaljujući dobro postavljenim 

biznis temeljima i principima poslovanja, spremna za povratak 

zemlje u međunarodne ekonomske tokove. Značajne promene 

u Srbiji imaju za posledicu reduciranje poslovanja u Rusiji. 

Kompanija odlučuje da izađe 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. Učvršćuju se liderske pozicije u delatnostima kojima 

se Delta već bavi - agrobiznis i zastupanje inostranih firmi i 

brendova na domaćem tržištu. Istovremeno, šire se oblasti 

investiranja i ulazi se u nove poslove. Otvaranjem prvog Maxija 

započinje značajna era maloprodaje, kao novog strateškog 

biznisa, kompanija snažno razvija posao sa nekretninama. 

Kompanija doživljava ekspanziju organskim rastom, ali i kroz 

akvizicije koje realizuje između ostalog i preko sopstvenog 

preduzeća 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 će biti osnov za novi veliki 

investicioni ciklus. Kompanija igra važnu ulogu u u privatizaciji 

domaćih društvenih preduzeća, dok istovremeno ulaže u 

izgradnju nekretnina, širenje maloprodajnog lanca, otvaranje 

tržnih centara… 

Delta Real Estate podiže prvi šoping mol u Beogradu, Delta City, 

a ubrzo Delta City niče i u Podgorici. U Beogradu kompanija 

za razvoj nekretnina zajedno sa partnerom Hypo Alpe Adria, 

za potrebe Univerzijade 2009 podiže naselje Belville, u tom 

trenutku najveće gradilište na Balkanu. 

Delta Maxi širi svoju maloprodajnu mrežu i uvodi nove prodajne 

formate i novi brend - Tempo. Honda i BMW su nove kompanije 

koje Delta zastupa na tržištu Srbije. 

// 18 



Delta Osiguranje osniva prvi privatni penzioni fond. Izuzetno 

uspešno osvaja tržište osiguranja i ostvaruje strateško 

partnerstvo 50-50% sa Generali Group, jednom od najvećih 

osiguravajućih kuća u svetu. 

Delta Sport zastupa Nike, a sa jednim od vodećih svetskih lanaca 

kafeterija Costa Coffee potpisuje franšizni ugovor o širenju 

mreže na teritoriji zemalja bivše Jugoslavije i Albanije. Zastupnik 

je španske 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 što su 

Pioneer (DuPont), Syngenta, BASF... 

Kompanija ostvaruje svoj plan i postaje regionalni lider. 

Kupovinom maloprodajnog lanca Tropic izlazi na tržište Bosne 

i Hercegovine, prve radnje otvara u Crnoj Gori, dok akvizicijom 

maloprodajnog lanca Piccadilly 2007. godine Delta Maxi Grupa 

širi svoje poslovanje i na tržište 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 Delta’s 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 



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 

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

se fokusira prevashodno na oblasti maloprodaje, agrara i 

nekretnina u Srbiji, ali i na tržištima regiona bivše Jugoslavije i 

istočne Evrope. 

Ekonomska kriza koja zahvata svet, nešto kasnije stiže i do 

Srbije, a globalnoj situaciji Delta se prilagođava tako što 

značajno racionalizacije poslovanje. Moglo bi se reći da je 

kriza ojačala Kompaniju, jer je to period u kome se optimizuje 

poslovanje, znatno su unapređeni status i uticaj Delta Holdinga 

u zemlji i regionu. 

Godine krize, uprkos složenim uslovima na tržištu, predstavljaju 

zenit u poslovanju Delta Holdinga. To je vreme kada se u 

Kompaniji kreira nova poslovna strategija za treću deceniju 

postojanja. 

// 20 

“U godinama krize, uprkos složenim 

uslovima poslovanja, Delta Holding 

dostiže zenit. To je vreme kada se 

u Kompaniji kreira nova poslovna 

strategija za treću deceniju 

postojanja.” 



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

company’s 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. 

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 

Svoju poslovnu poziciju Delta je gradila na jedinstvenoj 

korporativnoj kulturi stvarajući imidž pouzdanog poslovnog 

partnera. U Kompaniji se brzo i efikasno donose poslovne 

odluke i usvaja know-how kojim raspolažu zapadne korporacije, 

uspostavlja se i dugoročna saradnja sa svetski poznatim 

kompanijama. Na samom početku ostvareni su kontakti 

i započeto poslovanje sa Barclays bankom, koja je postala 

poslovna banka Kompanije i banka koja je dugi niz godina 

pratila poslovanje Delta Holdinga. 

24.000 u 2010. 

24,000 in 2010 

3.010.000.000 EUR 

Projekcija za 2010. 

Estimation for 2010 

// 21 



Corporate culture 

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 company’s business bank and the bank has 

been providing its services to the company for a number of years 

subsequently. 

Broj zaposlenih 

Number of employees 

Prihod od prodaje 

Turnover

22 


On a mission to modernize 

Quality standards in agri-business • New confidence in banks • Retail you didn’t know 

Property in the focus • Delta as a model • Delta Sport - reliable partner 

Secure insurance • New personnel standards 

Social responsibility • New millennium

24 


U MISIJI MODERNIZACIJE ON A MISSION TO MODERNIZE

“Kompanija je uvodila svetske 

standarde poslovanja na 

neregulisanom tržištu.” 

Modernizujući Kompaniju, njeno poslovanje, korporativno 

upravljanje, Delta Holding je pokrenuo modernizaciju srpske 

privrede, tržišta i društva, a državi dao impuls i putokaz kojim 

pravcem treba ići u ekonomskim reformama i društvenoj 

tranziciji ka modernoj evropskoj državi. 

U dvadeset godina postojanja Delta Holding se nametnuo 

kao lider u inovacijama i uspostavljanju standarda modernog 

poslovanja. 

Dovođenjem poznatih svetskih kompanija iz različitih oblasti 

(maloprodaje, proizvodnje, marketinga, trgovine, bankarstva, 

osiguranja, mode...) Delta Holding otvara tržište Srbije i na taj 

način jača konkurentnost celog tržišta. 

“The Company has introduced 

international business - standards to 

an unorganized market.” 

Through modernization of company, company’s 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 

U svom strateškom biznisu - agraru, Delta Holding uvodi najviše 

standarde kvaliteta. 

Sa sigurnošću se može reći da je u relativno kratkom vremenu 

učinjeno izuzetno mnogo na podizanju svih standarda u 

poljoprivrednoj proizvodnji u Srbiji čime je posao zemljoradnika 

učininjen profitabilnim, kao što je to slučaj u mnogim zemljama 

u Evropi. 

U primarnoj agrarnoj proizvodnji Delta primenjuje 

najsavremenije agrotehničke mere. 

// 26 


U MISIJI MODERNIZACIJE ON A MISSION TO MODERNIZE 

Quality standards 

in agri-business 

In its strategic agri-business, Delta Holding introduces the 

highest quality standards. 

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. 

In its primary agricultural production, Delta has implemented 

the most advanced agronomic practices.

27 



Delta zaključuje jedan od retkih ekskluzivnih ugovora o 

dugoročnoj saradnji za proizvodnju, uvoz i distribuciju svih 

proizvoda sa najstarijom i najvećom semenskom kompanijom 

na svetu - kompanijom Pioneer, članicom DuPont Company. 

Formiran je doradni centar sa ciljem da se visok kvalitet 

semena koje se proizvodi na poljima u Srbiji sačuva i doradi po 

standardima koji premašuju važeće standarde u Srbiji. Time je 

značajno podignut opšti 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 podiže najsavremeniji voćnjak za proizvodnju jabuka. 

Da bi ga izgradila, Kompanija najbolju evropsku tehnologiju 

proizvodnje jabuka iz Južnog Tirola prenosi u Srbiju, u Čelarevo. 

Ubrzo zatim podiže i ULO hladnjaču najveću i najmoderniju 

tog tipa u celom regionu. Osim za potrebe Delta Agrara, 

ULO hladnjača u Čelarevu služi i za skladištenje jabuka koje 

kompanija otkupljuje od kooperanata, kao i za usluge čuvanja i 

kalibriranja jabuka drugih zainteresovanih proizvođača u Srbiji. 

// 28 



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 Čelarevo. 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 Čelarevo 

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 



30 



Global G.A.P. ISO 9001:2008 ISO 22000:2005 ISO 14001:2004 BS OHSAS 18001 

U procesu akvizicija u agraru, Delta preuzima devastirane 

socijalističke agrarne kombinate i revitalizuje ih. Na farmi 

Napredak u Staroj Pazovi formira farmu svinja prema danskoj 

DanBred tehnologiji čime je omogućena proizvodnja i tov 

svinja koji po svim parametrima premašuju prosek u Srbiji i 

približavaju se rezultatima najboljih farmi u Danskoj. 

U domenu proizvodnje hrane, ubrzano se i istrajno uvode 

HACCP standardi kvaliteta. Mesna industrija Yuhor uvodi 

sistem praćenja kvaliteta ISO 9000:2008 i sistem ISO 

14001:2004 za zaštitu životne sredine i gradi ekološki sistem za 

prečišćavanje otpadnih voda. 

Industrija brašna i testenina Danubius investira u najsavremeniji 

mlin u ovom delu Evrope. Uz poboljšanje proizvodnih kapaciteta 

ova investicija donosi i značajan ekološki napredak. 

// 31 



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 

Za modernizaciju srpske privrede devedesetih godina, značajno 

je bilo osnivanje Delta Banke. Da bi se bolje razumele okolnosti, 

važno je napomenuti da je Delta Banka nastala posle sloma 

državnog bankarskog sektora i kompletnog srpskog finansijskog 

sistema, izazvanog međunarodnom izolacijom, inflacijom koja 

je bila najveća u istoriji i pojavom takozvanih piramidalnih 

banaka koje su prikupile veoma velika sredstva građana. 

Vladalo je veliko nepoverenje u banke. Delta Banka unela je u 

finansijski sistem države nove vrednosti poslovanja i pokazala da 

bankarstvo ne čine spekulacije i prevare klijenata, već servis koji 

će pomoći preduzetnicima i građanima da ostvare svoje ideje i 

želje. 

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

domaća banka u ondašnjoj SR Jugoslaviji koja je zvanično počela 

da izdaje platne kartice iz sistema MasterCard i Maestro, a koje 

su mogle da se koriste za plaćanje u zemlji i inostranstvu. 

Dve godine nakon uvođenja platnih kartica Delta Banka je imala 

najrasprostranjeniju mrežu POS terminala i bankomata u Srbiji. 

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 

počela da izdaje Visa čip karticu. 

Potvrdu uspešnog poslovanja Delta Banka dobila je od 

londonskog finansijskog magazina Finance Central Europe, na 

čijoj je rang listi banaka srednje veličine sa prostora jugoistočne 

Evrope ubedljivo zauzela prvo mesto. 

// 32 



New confidence 

in banks 

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 country’s 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. 

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. 

Two year after the introduction of payment cards, Delta Bank 

had the most widespread network of POS terminals and ATMs 

in Serbia. 

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.

Maloprodaja 

kakvu niste znali 

U oblasti maloprodaje Delta uspostavlja sistem usluge svetskog 

nivoa, kakav potrošači u Srbiji do tada nisu imali. Da bi formirao 

odgovarajući model, Delta Holding (opet kao prva kompanija u 

Srbiji) dovodi i zapošljava ugledne strane stručnjake 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 komšijskih radnji, do velikih 

hipermarketa). 

Delta Maxi Grupa vlasnik je maloprodajnog lanca prehrambenog 

tipa koji ima više od 500 objekata. 

// 34 



Retail you 

didn’t know 

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 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 tržištu Srbije, a prvi put jedna 

trgovačka kompanija kod nas uvodi sve prodajne formate 

koje poznaju svetske trgovinske mreže. Delta Maxi dobitnik 

je međunarodne nagrade za kvalitet usluge i primenu 

međunarodnih standarda u poslovanju (HACCP i ISO 9001). 

Maxi je bio prvi maloprodajni lanac u Srbiji koji je ponudio 

tržištu on-line kupovinu proizvoda iz svog asortimana. Odgovor 

tržišta na novi vid ponuđene usluge bio je iznad svih očekivanja. 

Godišnji promet ostvaren preko internet sajta Maxija dostigao je 

milion evra. 

Značajnu pažnju Maxi posvećuje pitanjima ekologije, pa tako 

i pre zakonske obaveze uvodi biorazgradive kese u sve svoje 

maloprodajne objekte. 

// 36 



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 



Nekretnine 

u fokusu 

Delta Holding uspostavlja visoke standarde u oblasti nekretnina 

izgradnjom prve poslovne pametne zgrade (sedišta Holdinga), a 

zatim i najvećeg (u to vreme) tržnog centra na Balkanu - Delta 

City. 

// 38 



Property 

in the focus 

Delta Holding established high standards in the real estate 

market with the construction of the first intelligent office 

building, Delta Holding’s headquarters, and thereafter the 

largest shopping mall (at the time of completion) in the Balkans, 

Delta City.

39 

“Delta City najbolji 

šoping-mol u Evropi 

u 2008. godini.” 



“Delta City - The Best 

Shopping Mall in 

Europe in 2008.”

Šoping-mol Delta City izgrađen je u rekordnom roku od 18 

meseci. 

Delta City uvodi nov koncept kupovine u Srbiju u skladu sa 

svetskim trendovima u ovoj oblasti. U šoping-molu zastupljene 

su vodeće svetske i domaće robne marke, a trećina brendova 

prvi put se pojavljuje na tržištu Srbije. Delta City je zvanično 

proglašen za najbolji šoping-mol u Evropi u 2008. godini 

u kategoriji šoping-molova srednje veličine, a priznanje je 

dodelio žiri Međunarodnog udruženja šoping-centara (The 

International Council of Shopping Centers-ISCS). 

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 izgrađeno je u rekordnom roku i prvi je 

objekat koji je bio zvanično predat na upotrebu organizatoru 

Univerzijade 2009. u Beogradu. 

// 41 



Delta City shopping mall was completed in a record time of 

eighteen months. 

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 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 najuspešnijih poslovnih poteza bilo je i dovođenje 

italijanske autokompanije Fiat u Srbiju. Zapažena je, po stilu 

i dometima, marketinška kampanja koja je pratila ulazak 

novih modela tog proizvođača na tržište, ozbiljno uzdrmano 

međunarodnim sankcijama. Inovativna promotivna kampanja 

uspostavila je novi standard i svako ko je želeo da se nametne 

kupcima na tržištu, morao je da prihvati kao početni 

postulat ono što je Delta uspela sa kampanjom za vozila ovog 

proizvođača. 

Savremeni prodajni saloni Fiat, Honda, BMW, Mini napravljeni 

su prema najvišim standardima. Potpredsednik BMW, na 

svečanom otvaranju salona u Beogradu, u obraćanju zvanicama 

rekao je da se u novom salonu oseća kao da je u bilo kojoj 

svetskoj metropoli. 

Svoju efikasnost u uvozu i distribuciji proizvoda Delta DMD 

unapređuje uvođenjem najsavremenijih informacionih 

tehnologija. Tokom 2010. godine Delta DMD uslužio je više 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... 

// 42 



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 Serbia’s 

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. 

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. 

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...

43 



Delta Sport - 

pouzdan partner 

Delta postaje pouzdani partner multinacionalne kompanije 

Nike. 

Prestižni brend Nike plasiran je na tržištu 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 prepušta firmama van svog poslovnog sistema. 

Delta Sport osvaja modni i HoReCa biznis i zastupa Inditex i 

Costa Coffe. 

// 44 



Delta Sport - 

reliable partner 

Delta established itself as a reliable partner to the multinational 

company Nike. 

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 also managed to get fashion and the HoReCa 

business as well as the representation of Inditex and Costa 

Coffee.

45 



Sigurno osiguranje Secure insurance 

U oblasti osiguranja, Delta Holding dovodi u Srbiju jednu od 

najvećih kompanija u toj oblasti - Generali, koja zatim u sinergiji 

sa Deltom uspostavlja pravila na tržištu kakva važe u svim 

modernim zemljama sveta. 

I pre zakonske reforme penzijskog sistema, Delta Osiguranje 

prvi uvodi privatno penzijsko osiguranje edukujući stanovništvo 

Srbije o neophodnosti postojanja„trećeg stuba“ penzionog 

sistema. Reakciju tržišta najbolje pokazuju podaci: Delta 

Generali Dobrovoljni penzijski fond ima više od 46.000 članova 

i vrednost imovine od 22 miliona evra, što čini gotovo četvrtinu 

tržišta dobrovoljnih penzijskih fondova u Srbiji. 

Delta Generali Osugiranje otvara jednu od najmodernijih 

zdravstvenih ustanova u Srbiji - Kliniku ”Jedro”. 

// 46 



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. 

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 has opened a state-of-the art health institution, 

the Jedro Clinical Centre, which is an outpatient health facility.

47 



Novi kadrovski standardi New personnel standards 

Delta razmišlja globalno i strateški - za Deltu su presudni dobro 

edukovani, obučeni i specijalizovani KADROVI. Kompanija 

ne želil da svoj razvoj zasniva na kadrovima obučenim u 

prevaziđenim socijalističkim preduzećima, već formira 

sopstvenu kadrovsku bazu od mladih, edukovanih početnika 

u poslu. Time je uspostavljen standard koji je nametnuo 

potrebu drugačijeg pristupa oblasti zapošljavanja i odnosa sa 

zaposlenima. Kriterijumi koje je Delta uspostavila devedesetih 

godina prošlog veka bili su kamen temeljac kasnijeg razvoja 

ljudskih resursa u Srbiji i danas sve ozbiljne kompanije 

primenjuju takva pravila. 

Od samog nastanka Delta Holding unapređuje specifične oblasti 

poslovanja - kodeks ponašanja zaposlenih i etički kodeks. Jedan 

od prvih Kodeksa ponašanja zaposlenih publikovan je u Delta 

Holdingu. 

Pre zakonske obaveze uvedene u Srbiji, Delta počinje 

zapošljavanje osoba sa invaliditetom koje su obuhvaćene 

posebnim programom HR odeljenja članica Delta Holdinga. 

Delta je prva uvela SAP sistem, poslovno softversko rešenje 

za efikasnije upravljanje poslovanjem i kvaltetnu podršku u 

odlučivanju poslovodstva. 

// 48 



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. 

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.

Društvena odgovornost Social responsibility 

Ukupnim manifestovanjem društveno odgovornog ponašanja 

Delta Holding ispunio je sve propisane kriterijume i postao 

član CSR EUROPE, udruženja čiji su članovi najveće svetske 

kompanije među kojima su: Sony, Coca Cola, Microsoft... Delta 

Holding prva je korporacija iz istočne Evrope koja je postala član 

ovog renomiranog udruženja. 

// 49 



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.

Novi milenijum New millennium 

Delta Holding poklonio je Beogradu Delta Milenijumski Sat. 

Novu 2000. godinu i ulazak u novi milenijum građani Beograda 

dočekali su poput mnogih drugih stanovnika metropola širom 

sveta: na centralnom gradskom trgu odbrojavajući poslednje 

trenutke starog milenijuma na javnom satu. 

Tek tranzicija u Srbiji, u periodu posle 2000. godine, Delta 

Holdingu omogućava da iskaže sve svoje modernizacijske 

kapacitete koji zatim postaju standardi u okruženju u kojem 

kompanija posluje. Demokratske promene su ambijent 

prožimanja i paralelnog procesa modernizacije Kompanije i 

države. U uslovima otvorenog tržišta kakvo je uspostavljeno u 

Srbiji, Delta Holding nastavlja da se ponaša kao modernizacijski 

lider koji, menjajući sebe, menja i okruženje u kojem posluje. 

Mnoga pravila i standardi poslovanja bili su jedno vreme 

“vlasništvo” Delta Holdinga, ali su sistemima spojenih sudova 

brzo postajali opšteprihvaćena imovina šire poslovne zajednice i 

društva u celini. Na taj način Delta Holding postao je generator 

modernizacije Srbije. 

// 50 



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. 

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. 

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 “vlasništvo” 

Delte, ali sistemom 

spojenih sudova brzo 

su postajali opšte 

prihvaćena imovina 

poslovne zajednice 

i društva u celini.”

52 


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 


PRVI SKOK 1991/2000. THE FIRST LEAP 1991/2000

Uslovi poslovanja u prvoj deceniji postojanja Kompanije 

zahtevali su od Delte da započinje različite poslove. Izolacija i 

sankcije deformisali su tržište, a ono je nametnulo specifičan 

način poslovanja. 

Već tada, Delta procenjuje da je srpski agrar privredna 

grana na kojoj može da se zasniva ne samo poslovanje jedne 

privatne firme, već i ekonomija cele zemlje. Kompanija ulazi u 

poljoprivredni biznis i u njemu ostaje do danas, međutim apeli 

da i šira zajednica prihvati agrar kao komparativnu prednost 

uglavnom ostaju bez odgovora. 

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 . 

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 između ostalog 

i međunarodnom blokadom Srbije, propisivala su da kompanija 

koja izveze bilo koju robu iz države, raspolaže devizama kojima 

je, u odsustvu deviznog tržišta, mogla da uvozi deficitarne 

proizvode neophodne za snabdevanje stanovništva države u 

izolaciji. Da bi ostvarila profit, ali i obezbedila devize za uvoz - 

Delta je počela da izvozi pečurke, maline i druge vrste voća, drvo 

i prerađevine od drveta. 

Agrar je postao i do danas je biznis koji se kao konstanta provlači 

kroz dvadesetogodišnje poslovanje Delta Holdinga. Ali, nije 

bilo lako baviti se spoljnom trgovinom devedesetih godina, jer 

između ostalog, nije bilo kadrova za taj posao. Značajan deo 

obučenih ljudi otišao je iz zemlje kojoj su uvedene sankcije i 

Delta je morala da počne ispočetka sa stvaranjem kadrovske 

baze. 

// 56 


PRVI SKOK 1991/2000. THE FIRST LEAP 1991/2000 

“Već devedesetih godina prošlog 

veka, Delta procenjuje da je 

srpski agrar privredna grana 

na kojoj može da se zasniva 

ne samo poslovanje jedne 

privatne firme, već 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 Holding’s 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 



“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.”

Ništa bez 

dobrih kadrova 

Izbor kadrova postaće zaštitni znak Delta Holdinga i teren na 

kome je dugoročno ostvarivana prednost nad konkurencijom. 

U teoriji i u praktičnom delovanju kompanija pokazuje da 

su dobri kadrovi velika šansa Srbije i obrnuto, loši kadrovi 

predstavljaju prepreku realizaciji svakog ozbiljnog posla. Zbog 

toga predsednik kompanije u jednom trenutku javno poziva da 

se od Srbije napravi jedna velika učionica, dok Delta to sama 

odavno sprovodi u svojim okvirima. 

Odmah na početku rada Delte izabran je teži, ali izazovniji i 

dugoročno gledano isplativiji put. Kompanija nije želela da 

zapošljava kadrove sa dugogodišnjim iskustvom u tadašnjim 

socijalističkim firmama. To iskustvo neizostavno je nosilo i 

uvrežene loše navike. Zato je 1991. godine, u trenutku osnivanja 

firme, odlučeno da se zaposle četiri pripravnika bez radnog 

iskustva. Oni su odmah po prijemu poslati na školovanje i obuku 

u najpoznatije svetske banke. 

Delta je tako započela kreiranje sopstvene škole menadžmenta, 

koja će u jednom trenutku biti podignuta na nivo Delta 

Akademije. Drugi temeljni princip uspostavljen odmah na 

početku rada bio je - poslovati sa najboljima i najpoznatijima u 

svetu. U radu sa najboljima i kompanija je postajala sve bolja, 

usvajajući najnaprednija znanja iz sveta. 

Zato je kao poslovna banka sa kojom će Delta poslovati izabrana 

Barclays banka. 

// 58 



Nothing without 

a good staff 

The selection of personnel would later become Delta Holding’s 

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. 

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.

59 



Sa Fiatom 

do kvaliteta 

Upravo zato su ime i ugled bili opredeljujući 1994. godine za 

izbor italijanskog proizvođača automobila Fiat za partnera 

Delta Holdinga. Fiat je izabran posle detaljne analize tržišta 

i pokazatelja da njegov dotadašnji partner u Srbiji, Zastava iz 

Kragujevca, definitivno ne može da ispuni zahteve i realizuje 

distribuciju ozbiljnog brenda. Istovremeno se znalo da kod 

kupaca postoji emocija ka automobilima ovog proizvođača. 

Tadašnje rukovodstvo Fiata imalo je samo jedno pitanje 

za poslovni tim Delte: ”Koliko vi možete da prodate naših 

automobila?”. Menadžeri Fiata kasnije su prepričavali odgovor 

koji su dobili, a koji je uticao da bude sklopljen posao za 

naredne godine. ”Ne znamo koliko možemo da prodamo, ali 

znamo da ćemo da prodamo više od svih drugih”, rekli su u 

Delti, najavljujući da će biti prvi u tržišnom udelu, a da prodaja 

automobila u apsolutnim ciframa zavisi od zbivanja na tržištu. 

// 60 



With Fiat 

to quality 

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?” 

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 Delta’s 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.

61 

“Ne znamo koliko možemo da 

prodamo, ali prodaćemo više od 

svih drugih.” 

“We do not know how many 

we can sell but we shall sell for 

sure more than anybody else.” 



Prvi ušli 

u bankarstvo 

Tražeći svoj put devedesetih godina i istražujući još netaknute 

delove tržišta, Delta se opredelila i za formiranje banke. Prva 

privatna banka u Srbiji bila je samo logična posledica tadašnjih 

okolnosti na tržištu koje je pokazivalo nesposobnost državnih 

(društvenih) banaka da obezbede finansijski kapital za klijente. 

Vizija je bila da u svakom gradu u Srbiji Delta banka postane 

jedan svojevrsni biznis centar, ali i mesto ugleda i uticaja, koje 

će okupljati ključne ličnosti lokalne zajednice i biznisa. Zato je u 

izboru poslovnog prostora za filijale banke uvek tražena najlepša 

zgrada u gradu, a za direktora banke snažna i ugledna ličnost. 

Interesantna je odluka da osoba izabrana za direktora banke 

ne mora neizostavno biti stručnjak za bankarstvo, već pre 

svega ličnost sa prestižom i uticajem u svojoj sredini. Naravno, 

zamenik direktora i ostali zaposleni obezbeđivali su besprekorno 

poznavanje bankarskog posla. 

// 62 



First into 

banking 

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. 

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 “istočnom frontu” On the “Eastern front” 

Sankcije i izolacija zemlje na početku devedesetih godina 

ozbiljno su ugrožavali privredni život u Srbiji, zbog čega je Delta 

donela stratešku odluku da svoje poslovanje proširi na tržište 

Rusije i država bivšeg Sovjetskog Saveza. To je bio način da se 

sačuvaju već prikupljeni dobri kadrovi, sa namerom da se po 

završetku ekonomskih sankcija, i ljudi i poslovi vrate u zemlju. 

Ali, taj aspekt nije bio pod kontrolom kompanije i potrajao je 

duže nego što se očekivalo. 

Na tržištu Zajednice Nezavisnih Država, nastale na prostoru 

bivšeg Sovjetskog Saveza, Delta je počela da razvija prestižni 

svetski brend Nike, što će biti jedan od izazovnijih poduhvata 

u bogatoj istoriji Kompanije. Multinacionalna kompanija 

Nike, velikom ime u svetskom biznisu, nije bila spremna 

da samostalno uđe na kompleksno tržište nastalo na 

raspadu SSSR-a i njegove socijalističke ekonomije. Delta je 

hrabro odlučila da prihvati izazov: razvoj Nike-a u Rusiji i 

ZND prepoznat je kao riskantan posao, ali sa neslućenim 

mogućnostima za razvoj. Iako situaciona analiza nije bila 

precizna, ili nije sugerisala ulazak u novi posao, ovaj put je 

presudila preduzetnička hrabrost i intuicija, što se pokazalo kao 

ispravan izbor. 

Tako je Delta dobila veliki posao i preselila značajan broj 

sposobnih kadrova u Rusiju. Za kratko vreme robna marka 

Nike bila je, zahvaljujući Delti, odlično pozicionirana na tržištu 

Rusije i ZND. Kako su uslovi na tržištu bili vrlo teški za planirani 

razvoj brenda, ušlo se u samostalan razvoj maloprodajne mreže, 

što je donelo izuzetan rezultat. Ruska prilika je prepoznata i 

iskorišćena: prodor na ovo tržište dao je šansu za otvaranje 

novih poslova, zbog čega je u jednom periodu, u prvoj deceniji 

svog rada, Delta bila veća kompanija u Rusiji, nego u svojoj 

matičnoj zemlji Srbiji. 

// 64 



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 

company’s control and it lasted much longer than expected. 

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 još jednom 

biznisu - sa celulozom. Delta Holding je sredinom devedesetih 

godina postao većinski 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 još plovila, cena celuloze na svetskim berzama povećana je 

tri puta. Kasnije su sve količine ove robe prodavane samo Kini 

koja je na svetskom tržištu kupovala sve raspoložive količine 

tog proizvoda. Tako je počeo jedan od najprofitabilnijih poslova 

Delta Holdinga u prvoj deceniji postojanja Kompanije. 

// 65 



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 Holding’s existence.

Svetska praksa prilagođena 

lokalnim uslovima 

Delta Holding najveći zamah u svom poslovanju dobio 

je na Istoku, na ruskom tržištu, ali tehnologija i principi 

organizovanja Kompanije - učeni su ili kupovani na Zapadu. 

Stav Deltinog menadžmenta bio je i tada da je tehnologija 

razvijenog zapadnog sveta nešto bez čega 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 menadžment imao direktne ingerencije - ovo pravilo 

primenjeno je i u praksi. Iskustvo i specifičnost preduzetničke 

vizije Delta Holdinga i u ovom primeru doneli su jedno bitno 

ali. Smatralo se da superiorna svetska tehnologija nije sama po 

sebi dovoljna za uspešno poslovanje. Sva znanja moraju biti 

prilagođena lokalnim uslovima i principima i uključena u realno 

stanje na konkretnom tržištu. 

Nije Delta bila usamljena u ovakvom stavu. Primer banke Intesa, 

koja je 2005. godine preuzela Delta Banku, pokazao je kako 

giganti svetskog biznisa uvažavaju speficičnosti lokalnih tržišta. 

Intesa je dostigla prvu poziciju među bankama u Srbiji tako 

što je zadržala veći deo postojećeg menadžmenta Delta Banke, 

istovremeno inkorporirajući vodeću bankarsku tehnologiju i 

znanje. Prožimanje italijanske (svetske) tehnologije i domaćih 

(srpskih) specifičnosti dalo je pravi rezultat. Bilo je to, naravno, 

i veliko priznanje kadrovskoj politici koja je u Delta Holdingu 

vođena. 

I Delta Maxi je, na putu do pozicije tržišnog lidera u zemlji i 

regionu, obilato koristio strana iskustva. Nekada se učilo kroz 

posete stranim maloprodajnim lancima, u drugim situacijama 

u Beogradu su angažovani strani stručnjaci. I u jednom i u 

drugom slučaju iskustva nisu preuzimana nekritički, jer to ne 

bi dalo očekivane rezultate. Da bi Maxi postao najbolji u svojoj 

industriji, zapadna tehnologija kombinovana je i prilagođavana 

domaćim uslovima. Zbog svega navedenog, u Delta Holdingu se 

kao jedna od najčešće izgovorenih može čuti rečenica: ”Najviše 

smo naučili u radu s inostranim partnerima”. 

// 66 



International practice 

adapted to local conditions 

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 

različite decenije 

Iako je Delta Holding postigao zavidne rezultate i pozicionirao 

se kao jedna od vodećih srpskih kompanija, prva decenija 

rada bila je zbog uslova i okruženja, po oceni poslovnog vrha 

Kompanije, tek početak pravog biznisa. Promena u Srbiji i 

ubrzane ekonomske reforme s početka druge decenije rada 

Kompanije, stvorili su uslove za novi preduzetnički skok i 

neslućeni poslovni razvoj. 

Razmere tog skoka najbolje ilustruje podatak da je u periodu 

od 1991.do 2000. godine zbir svih godišnjih prihoda od prodaje 

iznosio 1,52 milijarde evra, a od 2001. do 2009. godine zbir svih 

godišnjih prihoda od prodaje bio je 11,47 milijardi. 

Devedesetih godina kompanija se oprobala u različitim 

biznisima u skladu sa stanjem na nerazvijenom i neuređenom 

tržištu, a predmet poslovanja napravljen je tek 2000. godine. 

Zbir svih godišnjih prihoda od prodaje 

Sum of annual turnovers 

// 67 



Two diametrically 

different decades 

Although the company has achieved remarkable results and 

positioned itself as one of the leading companies in Serbia, the 

first decades of the company’s operations were assessed by the 

company’s top business leaders only as the beginning of a real 

business. Democratic transitions and accelerated economic 

reforms at the beginning of the company’s second decade 

created a business environment or a new entrepreneurial leap 

and unforeseen business development. 

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. 

1,5 milijardi EUR 

1.5 billion EUR 

2001-2010. 

11,5 milijardi EUR 

11.5 billion EUR

68 


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 


DRUGI SKOK 2001/2010. SECOND LEAP 2001/2010

Sa već primenjenim i dokazanim principima poslovanja, u 

novim uslovima tržišne privrede i konkurencije, Delta Holding 

brzo i snažno je napredovao. To najbolje pokazuju nezavisni 

podaci o rangiranju kompanija: 

U 2002. Delta Holding je prema Ediciji Top 300 (koju 

tradicionalno objavljuje specijalizovani časopis Ekonomist) 

bio na 14. mestu. Već 2003. Kompanija napreduje deset mesta 

i probija se na četvrto 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 

državna (javna) preduzeća - 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 

company’s 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 značaj trgovine, maloprodaje, 

u odnosu na klasične proizvodne procese i počeli da rade na 

pozicioniranju kompanije u toj oblasti. U svetu su već bile 

promenjene relacije između proizvodnje i prodaje roba: dok 

su nekada trgovci tražili dobavljače, sada su veliki trgovci 

uspostavili drugačiji sistem u kome su oni diktirali uslove, a svi 

koji žele kvalitetnu distribuciju svojih proizvoda morali su da se 

prilagođavaju maloprodajnim mrežama. Proizvodnja bez dobre 

prodaje postala je nemoguća i Delta je u tom novom odnosu 

videla svoju šansu. 

U okruženju, nažalost, nije prepoznata nova poslovna filozofija. 

Čelni ljudi kompanije otvoreno su isticali značaj trgovine za 

nacionalnu ekonomiju, pa samim tim i potrebu da država 

Srbija stvori ili podrži nacionalni trgovinski lanac, kako bi time 

sačuvala i svoju proizvodnju, pre svega u oblasti prehrane. 

Predsednik Kompanije na redovnom godišnjem skupu sa 

dobavljačima početkom 2004. godine izneo je stav da Vlada 

Srbije ”treba da utvrdi nacionalnu strategiju koja će definisati 

ekonomske ciljeve u oblasti bankarstva, prehrambene trgovine 

i u procesu privatizacije”. Ovaj poziv međutim ostao je bez 

odgovora. Zbog toga je Delta sama ušla u razvoj maloprodajne 

mreže u zemlji i inostranstvu, boreći se pritom za svoje, ali i za 

pozicije preduzeća iz srpske prehrambene industrije. Iskusnom 

liderskom timu biznismena i menadžera Delta Holdinga nije 

promakla činjenica da su sankcije i izolaciju zemlje u sektoru 

maloprodaje preživela bez većih oštećenja dva trgovinska lanca 

- C Market i Pekabeta. Usledila je biznis analiza koja je pokazala 

da na tržištu maloprodaje ima mesta za još jednu, ali drugačije 

organizovanu trgovinsku kompaniju. 

Delta je krajem 2000. godine započela razvoj sopstvene 

maloprodajne mreže pod brendom Maxi, primenjujući 

najmodernija svetska iskustva, zahvaljujući kojima je postao 

lider na nacionalnom tržištu. Kada su kasnije preuzeti trgovinski 

lanci C Market i Pekabeta uz kontinuirani organski rast, 

kompanija se svrstala u red najvećih maloprodajnih mreža u 

širem regionu. Time je potvrđen poslovni princip kompanije da 

poslovanje fokusira na oblasti u kojima može da ostvari vodeću 

poziciju na tržištu. Na tome će se insistirati u svim poslovnim 

odlukama, bilo da se tiču započinjanja novih, ili izlaska iz 

postojećih poslova. 

// 72 


DRUGI SKOK 2000/2010. SECOND LEAP 2000/2010 

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. 

Unfortunately, the environment had not recognized a new 

business philosophy. The company’s 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 company’s 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 company’s 

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.

Poželjan poslodavac Most desired employer 

Već 2005. godine ukupni prihodi Delta Holdinga gotovo da su 

udvostručeni (75 milijardi dinara) i Kompanija zauzima treće 

mesto na rang listi najvećih firmi u Srbiji, ostavljajući iza sebe 

takvog poslovnog giganta kakav je Telekom Srbija. Te godine 

ispred Delta Holdinga i dalje su na 1. i 2. mestu bila javna 

preduzeća Naftna industrija Srbije i Elektroprivreda Srbije. 

Ovakav poslovni uspeh nije mogao da ostane nezapažen u 

javnosti. Već u julu 2006. godine objavljeno je istraživanje 

agencije Synovate, po kome je kompanija Delta Holding među 

pet najpoželjnijih poslodavaca u Srbiji. 

// 74 



In the following year, in 2005, Delta Holding’s 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. 

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.

Synovate je anketirala 3.200 studenata završnih godina u potrazi 

za prvim poslom i istraživanje je dalo odgovore na pitanja ko je 

najpoželjniji poslodavac u Srbiji, kako mladi vide mogućnosti 

zaposlenja i kako dolaze do informacija o poslovima. U novom 

poslovnom okruženju i sa već uhodanim temeljnim principima 

poslovanja Delta Holding je imao čvrst oslonac i dovoljno 

pretpostavki za razvoj Kompanije. Mogućnosti su bile neslućene 

za onoga ko je posedovao viziju i hrabrost da se upusti u novu 

poslovnu avanturu koja je trebalo da počiva na tri ključna 

posla - agraru, maloprodaji i nekretninama. Sav kapital stečen 

prodajom Bajkalskog celuloznog kombinata preusmeren je iz 

Rusije ka investicijama na srpskom tržištu. Oblasti investiranja 

- upravo pomenute: poljoprivreda, maloprodaja i razvoj 

nekretnina. 

Sa početkom druge polovine prve decenije ovog veka, Kompanija 

se već nalazi u velikom investicionom ciklusu i dramatično 

brzo radi na sopstvenoj modernizaciji. Taj model, koji nije samo 

tehnološki već i u domenu organizacije, pa i poslovne filozofije, 

čelnici kompanije promovišu i u široj javnosti, nailazeći 

pritom na različite stepene razumevanja za novi srpski biznis. 

Kompanija insistira na značaju ljudi za svoj poslovni uspeh, 

ali i za napredak celokupnog društva. Predlaže veća ulaganja u 

obrazovanje mladih, ali i usmeravanje obrazovanja ka modernim 

i u savremenoj ekonomiji upotrebljivim zanimanjima. 

Predsednik Kompanije ne ustručava se da javno ukaže na 

nespremnost ljudi u Srbiji da se prilagode novim tržišnim 

uslovima i povećanim zahtevima ne samo u procesu rada, već i u 

procesu dodatne i specijalizovane edukacije. 

// 75 



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. 

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.

Poljoprivreda 

kao prednost 

Delta Holding sve vreme potencira značaj poljoprivrede kao 

grane u kojoj Srbija ima komparativnu prednost ne samo u 

odnosu na zemlje u okruženju, već i na deo razvijenog zapadnog 

sveta. Veru u taj princip sve vreme potvrđuje u praksi, aktivno 

razvijajući sopstvenu agrarnu proizvodnju, šireći je i na oblast 

proizvodnje hrane: na mesnu, industriju brašna i testenina, 

proizvodnju vode i slično. Pritom kompanija ukazuje na praksu 

najnaprednijih poljoprivrednih zemalja gde razvoj počiva na 

velikim kompleksima obradivog zemljišta, a ne na malom 

individualnom zemljištu, kako se to gotovo uvek verovalo 

u Srbiji. 

Predsednik Kompanije, između ostalog, poručuje tadašnjoj 

srpskoj vladi da ubrzano povede zemlju u evrointegracije. 

Reč je zapravo o proširenoj primeni već pominjanog principa: 

da srpske ekonomije nema bez tehnologije zapadnog sveta i da 

nema ekonomskog razvoja bez povezivanja sa vodećim svetskim 

ekonomijama. Proširenje logike slobodnog tržišta ne samo na 

EU, već i na zemlje CEFTA, biće tadašnji i današnji princip Delta 

Holdinga. 

// 76 



Agriculture 

as a priority 

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. 

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.

77 



Trenutak za promenu Time for a change 

Ono što Kompanija ne napušta ni u novim uslovima poslovanja, 

to je princip da dosledno prati svoj preduzetnički duh i viziju, 

otvarajući nove, ali i napuštajući neke postojeće poslove. 

Kompanija se u određenom trenutku odrekla jednog od biznisa 

koji je imao brz rast i iz godine u godinu zauzimao je sve veći 

udeo na srpskom tržištu. Radilo se o proizvodnji artikala kućne 

hemije (deterdženti za pranje veša i posuđa, sapuni i druga 

sredstva). 

Iako su stručnjaci laboratorije za istraživanje i razvoj BASF 

u analizama potvrđivali da je deterdžent iz Delte efikasniji 

pri uklanjanju nečistoće od deterdženata vodećih svetskih 

proizvođača, iako je tržišno učešće znatno povećano, Delta 

Holding je odlučio da taj svoj biznis proda 2006. godine. Ključni 

razlog bila je procena da je Deltina fabrika dostigla svoj vrhunac, 

da se tržište liberalizovalo, da su stigle vodeće svetske kompanije 

koje proizvode kućnu hemiju i da u tom biznisu Delta Holding 

ne vidi mogućnost daljeg razvoja. 

// 78 



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. 

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 

Jedan od prelomnih događaja 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 ojača svoj sektor maloprodaje, ali i druge 

strateške biznise. U regionu se pojavljivalo sve više velikih 

internacionalnih maloprodajnih lanaca, a i zemljama u 

okruženju nastajali su snažni maloprodavci, sa različitim 

stepenom podrške državnih i drugih institucija. 

Delta Banka je na tržištu Srbije stvorila izuzetnu poziciju, bila 

je na svom vrhuncu i uživala ugled najbolje domaće banke. 

Mnogi su, pa i u samoj Kompaniji, očekivali dalji razvoj Banke 

koja je već i tada poslovnom sistemu donosila značajne profite. 

Međutim, poslovna vizija i logika poslovodstva bile su drugačije. 

Banka je prodata kad su u Srbiju počele da dolaze svetske banke. 

To je bio odgovor kompanije na novo tržišno pozicioniranje. 

Analiza je pokazala da se sa portfoliom koji je Delta Banka imala 

može izgubiti igra, jer bilo je teško nadmetati se sa stranim 

bankama. Dalji kvalitetan razvoj banke sa Delta Holdingom kao 

vlasnikom ne bi bio moguć, jer je konkurencija bila veoma jaka. 

I tu više nije bilo emocija, moralo se ići u novi biznis. 

Rast broja deponenata 

Increase in the number of depositors 

// 79 



A major turning point 

coming out of banking 

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 Bank’s 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 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 najvećima 

Ubrzo posle aranžmana sa bankom Intesa, posredstvom Delte 

u Srbiju je ušla i jedna od najvećih kompanija na svetu iz oblasti 

osuguranja. Italijanska grupacija Generali postala je vlasnik 

50% + 1 akcije Delta Osiguranja i tako je nastala zajednička 

kompanija Delta Generali Osiguranje. 

Intenzivni rast i širenje u sve oblasti osiguranja namenjenih 

privredi i građanima i pozicija najveće privatne osiguravajuće 

kuće u Srbiji sa ambicijom daljeg snažnog rasta, doprineli su da 

Delta Osiguranje ostvari strateško partnerstvo sa kompanijom 

Generali, što je predstavljalo i prvi dolazak jednog od vodećih 

internacionalnih osiguravača na srpsko tržište. 

Sistem analize u ovom slučaju bio je sličan onom kao kad je 

prodavana Delta Banka. Ocenjeno je da Generali namerava da se 

širi na tržištu jugoistočne Evrope, samostalno ili u partnerstvu 

sa nekom lokalnom kompanijom. Ukoliko bi ovakva kompanija 

ušla sama na tržište Srbije, to bi bila konkurencija od koje se 

može samo izgubiti u tržišnom nadmetanju. Zato je odlučeno 

da Delta Holding proda polovinu svoje osiguravajuće kuće 

uglednom partneru, što se pokazalo kao dobitna kombinacija. 

I u zastupanju brojnih inostranih kompanija i distribuciji 

njihovih proizvoda na domaćem tržištu postiže se najviši 

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 između ostalih i 

Inditex i Costa Coffee. Delta MC zastupnik je proizvođača 

viljuškara OM Pimespo, bavi se plasmanom guma renomiranog 

proizvođača Pirelli i zvanični je distributer za brend Shell. 

Jugohemija lokalnom tržištu nudi programe renomiranih 

kompanija među kojima su: GE, Novartis, Astra Zeneca, Roche... 

// 80 



In partnership 

with the biggest 

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. 

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...

Sistemsko širenje 

kroz privatizaciju 

Investicioni ciklus Delta Holdinga vremenski se poklopio 

sa najsnažnijim periodom privatizacije posle demokratskih 

promena u Srbiji i Kompanija je u tom procesu intenzivno 

učestovala. Period je obeležen nerazumevanjem jednog dela 

javnosti za Deltine poslovne poteze. Neupućenima se činilo 

da Kompanija neselektivno preuzima društvene firme i da 

u tom širenju nema ni reda, ni sistema. Ipak, posle nekoliko 

godina i široj javnosti je postalo jasno ono što je kompanija 

znala od samog početka privatizacije, da su sva širenja bila 

jasno usmerena na razvoj strateških poslova. Iz privatizacije 

Kompanija je izašla značajno ojačana pre svega u sektoru 

agrobiznisa (kupovinom imanja i obradivih zemljišta, odnosno 

privatizacijom pogona prehrambene industrije), u sektoru 

maloprodaje (akvizicijom domaćih maloprodajnih mreža) 

i u sektoru nekretnina i maloprodaje (obezbeđivanjem 

perspektivnih lokacija za maloprodajne objekte i šoping centre). 

// 82 



“Srbija može da ima strateško 

mesto u proizvodnji hrane, 

poljoprivreda može da bude 

srpska nafta.” 

Predsednik Delta Holdinga, Miroslav Mišković 

Systematic expansion 

through privatization 

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 Delta’s 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.

Komparativna prednost 

srpskog agrara 

Rukovodeći se stavom da u poslovanju treba tražiti 

komparativne prednosti i resurse koje konkurencija nema, u 

Delti su se opredelili za agrarni biznis i proizvodnju hrane. 

Između ostalih, preuzeta je mesna industrija Yuhor iz Jagodine 

koja je bila društveno preduzeće. Sa opremom, tehnologijom, 

procesom proizvodnje i asortimanom to je jedna od najbolje 

pozicioniranih prehrambenih fabrika na tržištu Srbije. 

U programu modernizacije, prema ustaljenim standardima 

Delta Holdinga, angažovani su strani eksperti. 

Velikim ulaganjima stvoren je najveći domaći poljoprivredni 

sistem. Jedno od najvažnijih tržišta poljoprivrenih proizvoda 

biće tržište Rusije, jer su firme iz Srbije oslobođene carine i 

zbog toga konkurentnije na ovom prostoru. A da ništa ne bi 

bilo prepušteno slučaju, Delta Agrar je 2009. godine u Moskvi 

otvorio distributivni centar za plasman poljoprivrednih 

proizvoda iz Srbije na rusko tržište. Novoosnovana firma Delta 

Food Moskva plasira u Rusiju sveže i smrznuto voće i povrće, 

testenine, meso i prerađevine od mesa iz Srbije. 

// 83 



The comparative advantage 

In Serbian agriculture 

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 Holding’s established standards, 

the modernization program included foreign experts. 

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.

Na principu lokalnih prednosti uspeo je biznis s farmom 

svinja Napredak u Staroj Pazovi. Nekadašnji socijalistički 

agrarni kombinat bio je potpuno zapušten i urušen kada ga je 

privatizovala Delta; posle privatizacije postao je ogledno dobro 

srpske industrije mesa. 

Recept uspeha bio je u korišćenju domaćih sirovina, domaće 

radne snage, ali uz znanje i tehnologiju najboljih proizvođača 

na svetu. Rezultat je bio iznenađujući čak i za strane agrarne 

eksperte. 

Tako je farma svinja na imanju Napredak postavljena prema 

tehnologiji danske kompanije DanBred, koja je vodeća u tovu 

svinja. Već posle nekoliko godina analize su pokazale da su 

performanse ove farme u Staroj Pazovi ne samo zadovoljile 

kriterijume stranog konsultanta, već su uzgoj svinja u Srbiji 

postavile u red najboljih danskih farmi, vodećih 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 provlači kroz rad Kompanije svih dvadeset 

godina. 

Delta Holding je u praksi pokazao da je agrar komparativna 

prednost države Srbije i da onaj ko to ume da pokaže na tržištu, 

može i da ostvari dobar profit. Ta posvećenost agraru na kraju 

druge decenije poslovanja Delta Holdinga postaje jedna vrsta 

misije, koju je predsednik Kompanije formulisao govoreći 

na otvaranju savremene ULO (Ultra Low Oxygen) hladnjače 

na imanju Podunavlje u Čelarevu. Najavio je da će jedan od 

najvažnijih poslova za kompaniju biti poljoprivreda, a posebno 

oblasti voćarstva, povrtarstva i stočarske proizvodnje. Kako 

intenzivno bavljenje ovim poslovima zahteva i velike investicije, 

najavio je dodatna ulaganja u kapacitete hladnjače i povećanje 

površine voćnjaka pod jabukom sa sadašnjih 200 na čak 600 

hektara. 

// 84 



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 Holding’s constant 

thread that has been running through the company’s 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 Holding’s 

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 Čelarevo. 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.

Zašto ovaj govor predstavlja svojevrsnu viziju daljeg poslovanja? 

“Cilj nam je da Delta ne bude kompanija koja se bavi samo 

proizvodnjom, već pre svega organizacijom proizvodnje. U 

tom smislu naš zadatak je da individualnim proizvođačima 

u voćarstvu obezbedimo najkvalitetniji sadni materijal. 

Neophodno je da imamo što više proizvođača koji će na bazi 

našeg znanja i iskustva da unaprede svoju proizvodnju, povećaju 

prinose i plasiraju sve što su proizveli. Mi sa naše strane 

obezbeđujemo tehnologiju, repromaterijal i tržišta Evropske 

unije i Rusije, koja zahtevaju isključivo visokokvalitetne 

proizvode. 

Stanovništvo se u svetu svake godine povećava a ukupne 

obradive površine su ograničene, tako da će potrebe za hranom 

biti sve veće. Srbija bi u tom smislu mogla da zauzme značajno 

mesto u proizvodnji hrane, ali neophodno je da država proglasi 

poljoprivredu za stratešku granu, odnosno da poljoprivreda 

bude naša nafta,” rekao je ovom prilikom prvi čovek Kompanije. 

Nastavljajući i ovom prilikom praksu da javno promoviše ne 

samo sopstvenu poslovnu politiku, već i pravce poželjnog 

razvoja nacionalne ekonomije, menadžment Delte je tako 

ukazao i na moguće pravce nove nacionalne politike u 

agraru. Prihvatanjem, ali i praktičnim sprovođenjem stava 

da je poljoprivreda ključna privredna grana za Srbiju, država 

bi dobila smanjenje trgovinskog deficita, što je jedan od 

gorućih makroekonomskih problema; zatim smanjenje broja 

nezaposlenih; zaustavljanje propadanja srpskog sela, kao jednog 

od najvećih nacionalnih demografskih problema; stvaranje 

sirovina za prehrambenu industriju, čime bi ona dobila 

dodatnu komparativnu prednost nad snažnom međunarodnom 

konkurencijom u proizvodnji hrane. U kupovinu preduzeća kroz 

privatizaciju i investiranje u agrar, maloprodaju i nekretnine, 

uložen je kapital dobijen od prodaje Kombinata celoloze u 

Rusiji, Delta Banke i Delta Osiguranja, ali i značajna dodatna 

sredstva obezbeđena od poslovnih banaka. Sve je to uloženo da 

bi Delta Holding dostigao današnju veličinu i zapošljavao 24.500 

radnika. 

// 85 



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 

company’s 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 tržište 

Druga polovina ove decenije donela je i naglo otvaranje tržišta u 

regionu što je uslovilo ekspanziju, pre svega, trgovinskih lanaca. 

Ali nisu samo trgovci ulazili na nova tržišta, iza njih su u susedne 

i ostale zemlje regiona stizali proizvodi prehrambene industrije i 

drugih privrednih grana zemlje iz koje potiče trgovac. 

Za Delta Holding region je postao neminovnost, jer je veličina 

tržišta Srbije postala ograničavajući faktor razvoja: nacionalno 

tržište postalo je pretesno i Kompanija je krenula u osvajanje 

tržišta Albanije, Crne Gore, Republike Srpske, Bugarske... 

U snažnom investicionom zamahu Kompanija je vrlo brzo 

postala značajan regionalni akter i cenjen investitor koji je 

na ovim tržištima dobio podršku najviših državnih krugova. 

Sigurno bi regionalni zahvat Delte bio i širi 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 menjajući 

poslovne prioritete i okrećući se novim tržištima, koja nude 

povoljnije uslove za ulaganje. 

// 86 



Penetration into the 

international market 

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. 

For Delta Holding the region became a necessity since the size 

of the Serbian market had become too confining a factor for 

the company’s 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 company’s 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 najvećem investicionom ciklusu Delta je za kratko 

vreme postala značajan činilac i u svom novom poslu, razvoju 

nekretnina. Izgrađen je Delta City, prvi šoping-mol u Srbiji, 

koji je napravio prekretnicu u kulturi kupovanja, postavljajući 

novi standard za sve buduće investitore u ovoj oblasti. Već 

početkom 2009. Delta City proglašen je za najbolji u Evropi u 

kategoriji novih šoping-molova srednje veličine, u izboru žirija 

Međunarodnog udruženja šoping-centara (The International 

Council of Shopping Centers-ICSC). Drugi Delta City sagrađen 

je u Podgorici, Crna Gora, a za potrebe Univerzijade 2009. 

godine sazidano je potpuno novo stambeno naselje Belville 

sa približno 2.000 stambenih jedinica. Kompleks Belville 

predstavljao je u tom trenutku najveće gradilište u regionu, a 

istovremeno i prvi slučaj da je u Srbiji jedno naselje za potrebe 

velikog sportskog događaja izgrađeno kao komercijalna 

investicija privatne kompanije. 

// 88 



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.

89 



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 

najveći rast poslovanja. Značajne investicije realizovane su iz 

sopstvenih sredstava, ali i iz bankarskih zajmova. Proširivana je 

maloprodajna mreža, otvarani su tržni centri i šoping molovi, 

građeni su stanovi, razvijana agrarna proizvodnja... 

Nadolazeća kriza kao tektonski poremećaj urušila je mnoge 

svetske i srpske kompanije, ali nije uzdrmala temelje Delta 

Holdinga, jer su oni pre skoro dve decenije izgrađeni na 

najboljim principima preduzetništva. Kriza je, međutim, već 

prvog dana upalila lampice u Kompaniji čiji se poslovni vrh 

direktno angažovao na analizi troškova, stavljajući na znanje 

svima u Kompaniji važnost tog posla. Napravljene su velike 

racionalizacije u korišćenju radne snage, poslovnog prostora 

i upotrebe kapitala. Tako je kriza bila jedna vrsta ”saveznika” 

Delta Holdingu da poboljša svoje performanse. 

// 90 



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 company’s 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. 

Coming as it did as a tectonic shift, the crisis destroyed many 

global and Serbian companies but Delta Holding’s 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 iskorišćena 

za unapređenje 

performansi kompanije 

i značajno smanjenje 

troškova.”

92 


Third leap 2011

“Počinje nova epoha 

Delta Holdinga. Stvara se 

nešto novo, kompanijom 

će upravljati menadžeri 

novog kova.”

Krajem druge decenije rada i na početku treće Delta Holding 

postao je apsolutni lider na domaćem tržištu i jedan od 

ključnih lidera u regionu. Nove okolnosti traže i novi, treći 

skok, a on podrazumeva primenu novih instrumenata u 

upravljanju biznisom čiji se osnovni postulati ipak ne menjaju. 

Kompanijom će ubuduće upravljati menadžeri novog kova , 

oni koji u uslovima uređenog tržišta obraćaju pažnju isključivo 

na parametre poslovanja. Njima neće biti potrebna posebna 

preduzetnička vizija i visoka doza hrabrosti, što su bile odlike 

poslovnih vođa 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 

okruženja bila nesređeno tržište, smelost je bio jedna od važnih 

pretpostavki uspeha u biznisu. 

Počinje nova epoha Delta Holdinga. S obzirom na uslove 

poslovanja, veliko je pitanje da li će se neka buduća kompanija 

razvijati u ovom pravcu i dostići takve rezultate. Stvara se vizija 

novog Delta Holdinga. 

Ma kako organizaciono izgledala u trećoj deceniji svog 

postojanja, Kompanija će 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 obeleže treću 

deceniju postojanja Delta Holdinga. Osim poslovanja u zemlji 

i investiranja u ekonomiju Srbije, Delta Holding će u skladu 

sa novom vizijom postati internacionalna kompanija čija će 

ulaganja biti prisutna u mnogim zemljama sveta. 

Jedan od poslovnih principa koji će sigurno nastaviti da živi u 

poslovnoj filozofiji Delta Holdinga i u njegovoj trećoj deceniji 

jeste princip utemeljen na početku njegovog rada: ”Biznis, pored 

drugih veština, podrazumeva i poštenje. Ne može 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 Company’s 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 


Communication is everything... 

Marketing pioneers • Power of PR • CSR as a fundamental principle 

Integrating corporate communications • European integrations

98 


KOMUNIKACIJA JE SVE COMMUNICATION IS EVERYTHING

Devedesete godine prošlog veka u Srbiji predstavljale su vreme 

dominacije dirigovane ekonomije, državnih i društvenih 

kompanija. Srbija je, nažalost, uporno odlagala demokratizaciju 

koja se desila u okruženju, kao i uspostavljanje slobodnog tržišta, 

protoka kapitala, roba i ljudi. 

Formiranje prvih privatnih firmi u takvoj sredini nametalo 

je rešavanje prvobitnih preduzetničkih problema i pionirsko 

probijanje leda u mnogim životnim i poslovnim situacijama. 

Jedna od tih oblasti bila je i oblast tržišnih komunikacija 

kompanije. 

90 s 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 složenim uslovima poslovanja tokom devedesetih 

godina nije mogla uspostaviti kompleksna i celovita 

strategija, Kompanija je taj nedostatak ponovo nadoknađivala 

preduzetničkim duhom i hrabrim odlukama svog mendžmenta. 

Potreba da se sa tržištem komunicira na jedan novi način 

prepoznata je najpre u oblasti marketinga. Novoformirano 

odeljenje počelo je da sprovodi ozbiljne marketinške kampanje 

u trenutku kada su one predstavljale potpunu novost za srpske 

potrošače. U svojim marketinškim akcijama i sponzorstvima, 

Delta je usmerena prema vrhunskim sportistima i nacionalnim 

sportskim selekcijama. Delta Holding je sponzorisao i brojna 

školska takmičenja u sportu. 

// 100 


KOMUNIKACIJA JE SVE COMMUNICATION IS EVERYTHING 

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.

Snaga PR-a Power of PR 

Isti preduzetnički duh, zajedno sa istančanim osećajem za 

složenu oblast komunikacija, učinio je da kompanija vrlo brzo 

napravi ozbiljne kvalitativne i organizacione pomake u svom 

obraćanju javnosti. Iako su prve marketinške akcije dale izuzetne 

rezultate, istovremeno je načinjen prvi iskorak u oblast tada 

nepoznatu srpskom privrednom i društvenom okruženju - 

Odnose s javnošću (PR). Delta Holding jedna je od prvih srpskih 

kompanija koja je počela organizovano i sistematski da se bavi 

PR-om, što je rezultiralo nizom nagrada stručne i šire javnosti. 

U periodu posle 2000. godine, poslovni sistem Delte počeo 

je ubrzano da raste i da se usložnjava, osvajajući nove oblasti 

poslovanja. Sve to je pratio, u jednom delu i predvodio sektor 

marketinga i PR-a, tražeći mehanizme da sve više snažnih 

poslovnih centara objedini u jednu celinu, a istovremeno da 

svaki konkretan brend dobije odgovarajuću pažnju javnosti. 

U ovoj fazi komuniciranje Kompanije već je i sistematsko i 

kontinuirano, i zasnovano na teoretskim i praktičnim znanjima 

struke. Kompanija se opredeljuje za integrisane tržišne 

komunikacije (IMC), objedinjujući oblasti marketinga, odnosa 

s javnošću i usvajajući istovremeno nove svetske trendove. 

Strategija je da se Delta Holding prezentira kao jedinstveno ime 

za poslovni sistem pet grupacija, koje, iako se bave različitim 

delatnostima, imaju zajedničku poslovnu filozofiju, kao osnov 

njihovog uspešnog poslovanja. 

// 102 



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. 

In the period after democratic transition in 2000, Delta’s 

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 company’s 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 

company’s 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.

103 

“Kompanija se opredeljuje za 

integrisane tržišne komunikacije 

(IMC), objedinjujući oblasti 

marketinga, odnosa s javnošću i 

usvajajući istovremeno nove 

svetske trendove.” 



“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 

Kao novi princip poslovanja pojavljuje se i društvena 

odgovornost (CSR) koji Delta, ponovo pionirski na srpkom 

tržištu, svrstava u temeljne principe svog poslovanja. Delta 

Holding postaje član prestižnog udruženja CSR Europe kao prva 

kompanija iz regiona jugoistočne Evrope, a na domaćem terenu 

ne samo da praktično sprovodi CSR, već i intenzivno radi na 

promovisanju nove poslovne filozofije u širem okruženju. Da 

ova aktivnost daje rezultat pokazuje i istraživanje međunarodne 

agencije Synovate iz 2010. godine, po kome je upravo Delta 

navedena kao prva asocijacija anketiranih građana Srbije kada se 

pomene društveno odgovorno poslovanje kompanija. 

Delta Holding je svoj društveno korisni rad organizovao 

kao institucionalnu, kontinuiranu i održivu aktivnost. U 

okviru kompanije radi i Delta Fondacija koja je usmerena 

na unapređenje humanitarnog rada investiranjem u trajne 

obrazovne, kulturne, zdravstvene i socijalne vrednosti. 

Briga o deci bez roditeljskog staranja sistemski je postavljena 

kroz program Fond za budućnost, koji stipendira decu 

iz domova, daje im dodatnu edukaciju i nudi mogućnost 

zapošljavanja u Kompaniji. Program Fonda za budućnost, po 

oceni Ministarstva za rad i socijalnu politiku, u potpunosti je u 

skladu sa Strategijom razvoja socijalne zaštite u Republici Srbiji. 

// 104 



CSR as a 

fundamental principle 

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. 

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 


KOMUNIKACIJA JE SVE COMMUNICATION IS EVERYTHING

Objedinjene 

korporativne komunikacije 

U susret novoj fazi svog razvoja i trećem kvalitativnom skoku, 

Delta Holding korača 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 tržišna 

komunikacija članica, na način koji ne sputava pojedinačne 

biznise i daje im maksimalno prostora za realizaciju sopstvenih 

tržišnih potreba. Sistem komunikacija odavno uključuje 

pomenuti CSR i sve više angažovanja na novim, digitalnim 

kanalima komuniciranja. 

Sa takvim ustrojstvom i intenzivnim praćenjem 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. 

// 106 



Integrating 

corporate communications 

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. 

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.

Evropske integracije European integrations 

Ocenjujući da su evropske integracije suštinski interes Srbije, pa 

i njene ekonomije, Delta doprinosi konkretnim povezivanjem 

domaće privrede i evropskih institucija. Organizovan je susret 

srpske privredne delegacije sa najvišim funkcionerima u Briselu. 

Ovaj projekat sprovodi Sektor za međunarodne odnose koji je 

formiran u Kompaniji, a kao jedinstven primer u celom regionu. 

Delta time ne samo da radi na sopstvenom postizanju evropskih 

standarda, već u praksi edukuje najširu javnost i pokazuje da 

opredeljenost za put u Evropsku uniju nije samo deklarativna. 

// 107 


KOMUNIKACIJA JE SVE COMMUNICATION IS EVERYTHINGS 

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.

108 


We have built a system

110 

Organizaciona shema 

Organisation chart 


IZGRADILI SMO SISTEM WE HAVE BUILT A SYSTEM

“Izazove koji su pred nama 

savladaće 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 20 th Anniversary of Delta Holding. 

Copyright © Delta Holding 2011 

Sva prava zadržana. All rights reserved.

www.deltaholding.rs

Publication 20 years of Delta Holdinga

Create successful ePaper yourself

Delete template?

Save as template?