mgm report metalac 2008

MGM REPORT 2008

www.metalac.com

SADRŽAJ / CONTENT 10_O KOMPANIJI / ABOUT THE COMPANY 16_BILANSI / BALANCE SHEET & INCOME STATEMENT 20_10% ISPOD PLANA / 10% BELOW THE PLAN 26_LEPOTA PROMENE / LIFE QUALITY DESIGN 29_NOVA FABRIKA BOJLERA / NEW FACTORY OF WATER HEATERS 35_BROJ 1 IZ EVROPE / NUMBER 1 FROM EUROPE 40_ODGOVORNO PRED BUDUĆIM GENERACIJAMA / ACCOUNTABLE BEFORE FUTURE GENERATIONS 43_REKORDAN BROJ BEBA / RECORD NUMBER OF BABIES 45_KONTROLISAN OPTIMIZAM / CONTROLLED OPTIMISM

Da je ljudsko biće Metalac bi bio „odgovorna, karakterna, uporna, vredna, organizovana, precizna i uredna, pametna, pouzdana, štedljiva i promišljena osoba“ - procena je stručnog žirija akcije „Volim brend - živim za brend 2“ u okviru koje je u oktobru organizovano takmičenje i izbor za “Voljeni brend”.

Should the Metalac brand be a living thing, it would be a responsible, persistant, diligent, organized, precise and neat person with a character, smart, reliable - jury of the 2008 campaign “Loving the brand – Living for the brand 2”.

_Dragoljub Vukadinović, predsednik Kompanije / President of the Company

I u vremenu ekonomske krize, koja će nažalost slomiti mnoge, utemeljene vrednosti Metalca, a posebno vera i poverenje u sopstvene snage, čine nas dovoljno sposobnim i jakim da baš sada, u najvećoj krizi, stvaramo šansu i anticipiramo bolja vremena...

Svaku jubilarnu godinu pratila je ili kriza fabrike ili kriza u društvu. Poslednji jubilej obeležilo je bombardovanje Srbije. Pedeseti rođendan dešava se u jeku svetske ekonomske krize. Život nas je, međutim, već naučio da najteža vremena mogu biti i najbolja za velike odluke.

In the time of the global economic crisis, which unfortunately will leave many of them broken, the fundamental values of Metalac, especially the faith and belief in our own abilities, make us apt and strong enough to create chances and anticipate better times right now, during the greatest crisis…

Each jubilee was however followed by a factory crisis or by a crisis of the society. The last one was remembered by the bombing of Serbia. The fiftieth anniversary happens to be in the middle of the global economic crisis. But the life has already taught us that the hardest times could be the best ones for important decisions.

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O KOMPANIJI Kompanija Metalac je otvoreno akcionarsko društvo sa 11 zavisnih društava od kojih su četiri proizvodna, a ostala se bave trgovinom. Metalac upravo ulazi u jubilarnu, 50. godinu postojanja. Sedište kompanije je u Gornjem Milanovcu, gde se takođe nalaze fabrike: Metalac Posuđe za proizvodnju posuđa; Metalac Inko, za proizvodnju sudopera i Granmatrix kompozitnih ploča; Metalac Bojler, za proizvodnju bojlera i Metalac Print, preduzeće koje se bavi proizvodnjom kartonske ambalaže i preslikača za posuđe .

U Holdingu su i šest trgovinskih preduzeća zahvaljujući kojima Metalac danas ima jednu od najsnažnijih trgovačkih mreža za promet posuđa i kompatibilnog programa u Srbiji. U oblasti prometa na veliko na domaćem tržištu najznačajniji su Metalac Trade u Gornjem Milanovcu i Metalac Metalurgija a.d. u Novom Sadu. Prometom na ruskom tržištu bavi se Metrot-Moskva, u Hrvatskoj Promo-Metal - Zagreb, a u Crnoj Gori Metalac Market Podgorica. Preduzeće Metalac Market d.o.o. iz Gornjeg Milanovca upravlja lancem od 55 specijalizovanih prodavnica širom Srbije, a Metalac Proleter a.d. je glavni snabdevač građana opštine Gornji Milanovac sa oko 50 maloprodajnih objekata.

Metpor-Beograd je Metalčevo preduzeće za komunikaciju sa ino-tržištima. Metalac takođe planira otvaranje sopstvenog preduzeća u Ukrajini.

Londonski magazin Finance Central Europe već nekoliko godina svrstava Metalac a.d. među 100 najuspešnijih kompanija u jugoistočnoj Evropi. Na domaćim prostorima uvek je među prvih 50.

U vlasničkoj strukturi Metalca a.d. fizička lica učestvuju sa oko 60% a pravna lica sa oko 40%. Učešće stranih lica i investicionih fondova u ukupnom akcijskom kapitalu je 45%. Zaposleni u Metalcu su vlasnici preko 40% kapitala. Akcijama Metalca a.d. se kontinuirano trguje na Beogradskoj berzi, a berzanski analitičari ocenjuju da je reč o jednoj od najzdravijih srpskih kompanija.

U većini zavisnih preduzeća vlasništvo Metalca je 100%, osim u Metalac Metalurgiji gde je vlasnički paket Metalca 82,36%, i Metalac Proleteru sa 65%. U 2008. godini Metalac je ostvario oko 82 miliona eura prihoda i 4 miliona eura profita. Završene su i investicije u izgradnju i opremanje fabrike za proizvodnju

kompozitnih materijala, vrednosti 2 miliona eura i fabrike bojlera, vrednosti 5 miliona eura.

Proizvodnja posuđa je core-business, a preduzeće Metalac Posuđe je jedan od najuspešnijih i najvećih proizvođača posuđa u Evropi i apsolutni lider na domaćem tržištu, sa 49 godina iskustva u ovoj oblasti. Oko 20 miliona eura Metalac ostvaruje izvozom posuđa u 25 zemalja sveta, uglavnom u zemlje Evropske Unije i Rusiju, zatim SAD, Australiju...

Metalac je strateški orijentisan na stalni razvoj, što je značilo oko 40 miliona eura investicionih ulaganja samo u poslednjih 15 godina. Danas smo jedinstvena fabrika koja pod istim krovom pravi emajlirano, teflonizirano i inox posuđe, inox sudopere, više vrsta bojlera i kartonsku ambalažu.

U Holdingu Metalac zaposleno je 1700 ljudi, od kojih skoro polovina u najstarijoj fabrici Metalac Posuđe, koja ostvaruje skoro 50 odsto prihoda kompanije. Svaki deseti zaposleni ima univerzitetsko obrazovanje. Pritom se neprestano ulaže u stalnu edukaciju u cilju osavremenjivanja znanja u svim oblastima.

Metalac a.d. je integrisao sisteme upravljanja kvalitetom i zaštitom životne sredine što potvrđuju TUV sertifikati ISO 9001 i ISO 14001. Sertifikate QMS/EMS imaju i Metalac Posuđe, Metalac Inko i Metalac Print.

Planiranje i upravljanje procesima zasnovano je na BaaN ERP softverskoj platformi, jednom od najsavremenijih informacionih sistema za planiranje i upravljanje procesima.

Metalac je osvojio više izuzetno značajnih priznanja koja potvrđuju naš korporativni rejting i kvalitet naših proizvoda. Izdvajamo Nacionalnu nagradu za društveno odgovorno poslovanje za 2008. godinu, Oskar kvaliteta za poslovnu izvrsnost u 2007. godini, Priznanje PKS za doprinos razvoju srpske privrede u 2006. godini, Najbolje robne marke Srbije 2004., 2005. i 2006., Zlatna plaketa za kvalitet 2005., Priznanje za doprinos razvoju i primeni dizajna 2005., Izvoznik godine 2004., Biznis partner 2004....

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ABOUT THE COMPANY Metalac a.d. is a share company organized as a holding with 11 subsidiaries. Four of them are production and others are trading companies. Metalac is just entering the year of 50th jubilee. The Company headquarters is in Gornji Milanovac where are the factories Metalac Posudje for production of cookware, Metalac Inko for production of kitchen sinks and Granmatrix composite materials, Metalac Bojler for production of water heaters and Metalac Print for production of carton packing material and transfers for cookware decoration.

Six trading companies within the holding give shape to one of the strongest trading chains in Serbia: Metalac Trade d.o.o., Gornji Milanovac and Metalac Metalurgija a.d., Novi Sad as wholesalers Metrot d.o.o markets products of Metalac in Russia, Promo Metal d.o.o. in Croatia, while in Montenegro products are sold through Metalac Market Podgorica d.o.o. Metalac Market d.o.o is a retailer with 50 specialized shops throughout Serbia. Metalac Proleter a.d. is a major supplier on the teritory of Gornji Milanovac through 33 points of sale. Metpor d.o.o company in Belgrade acts as correspondent for foreign markets.

The London magazine Finance Central Europe for several years now has ranked Metalac a.d. among 100 most important companies in south-east Europe. In Serbia Metalac is always rated among 50 top companies.

The property structure of Metalac a.d. shows 60 % held by natural persons and 40% share of legal persons. The share of foreign entities and investment funds in the total capital is 45%.

Trade of Metalac a.d. shares is continuous by the Belgrade Exchange. Exchange analysts say that Metalac is one of the healthiest Serbian companies. Major part of subsidiaries are 100% Metalac ownership, while share in Metalac Metalurgija is 82,36% and in Metalac Proleter 65%.

Total income of the Company in 2008. was around 82 million euros income and 5 million euros profit. Cookware production

is core-business and we can say that Metalac Posudje is one of the major cookware producers in Europe while in the local market this company is an absolute leader with 50 years in the field.

Metalac gains about 20 million euros exporting to 25 countries of the world, mostly EU countries, then Russia, USA, Australia …

Metalac strategy is constant development as proved with investments as high as 40 million euros in the last 15 years. Today we are unique company that under one roof produces enamel, non-stick and stainless steel cookware, stainless steel sinks, various types of water heaters and packing material.

Metalac a.d. holding employs around 1700 people, half of them working in Metalac Posudje, gaining 50% of total company’s income, every tenth with university degree. There is a trend of continuous education to improve and update knowledge in all fields.

Metalac a.d. has integrated Quality Management System ISO 9001 and Environmental Protection Management System ISO 14001 certified by TUV , Germany.

Planning and management of processes are based on BAAN ERP information system.

Metalac won number of important awards as proofs of the corporate rating and product quality: Award for the CSR in 2008, Oscar for Quality for business excellence in 2007; Award of the Serbian Chamber of Commerce 2006 for contribution to Serbian industry; Best Trade Marks in Serbia for 2004, 2005 and 2006; 2005 Gold Medal for Quality; 2005 Award for Design Development and Application, 2004 Exporter of the Year, 2004 Business Partner ...

_Petrašin Jakovljević, generalni direktor / managing director Metalac a.d.

ODLAZEĆA TEŠKA SLEDEĆA JOŠ TEŽA, ALI ZGUSNUĆEMO REDOVЕ Čak ni istina da ulazimo u mnogo težu godinu od ove koja je za nama, ne umanjuje istinu da je 2008. bila možda najteža za poslovanje u poslednjih 10 godina. Najpre, zbog rasta cena u crnoj metalurgiji naša osnovna sirovina je do septembra poskupela 50%. Cene energenata su dostigle svoj istorijski maksimum. Pa onda redom: proglašenje nezavisnosti Kosova, izborne napetosti, dugo natezanje oko formiranja vlade.... Sve do poslednjeg, najvećeg stresa u poslednjem kvartalu, kada je potpuno neočekivano, svetska ekonomska kriza planetarno tržište uvela u recesiju.

Rezultati poslovanja Metalca a.d. u ovim okolnostima imali su dinamiku koja potvrđuje da niko ne može biti pošteđen uticaja okruženja, ali i da naša kompanija ima poslovnu zrelost koja je čini sposobnom da se nosi sa problemima. Naravno, rezultati nisu potpuno kako smo planirali. Za prvih šest meseci 2008. godine bili su odlični, na devet meseci još uvek dobri a na kraju godine zadovoljavajući.

Godinu smo završili sa više od 80 miliona eura ukupnog prihoda i 4 miliona eura dobiti. Naš investicioni plan se ostvario. Nova fabrika bojlera je u završnoj fazi,vozni park smo proširili sa pet novih vozila za međunarodni transport, dva kombija i jednim putničkim vozilom.

Ulazimo u godinu za koju se ništa pouzdano ne može tvrditi, izuzev da će biti izuzetno teška. Po mišljenju mnogih analitičara, svetska ekonomska kriza neće kratko trajati. U godini koja je pred nama biće puno izazova na koje moramo davati brze odgovore i mi u Metalcu i društvo u celini. Kao i uvek do sada, svojom

sudbinom moramo sami upravljati. Pre svega mudrim odlukama, a onda većim i još kvalitetnijim radom i upornošću kakvu novonastala situacija zahteva, moramo održati kondiciju koja će nam biti potrebna za rast biznisa kada se stvari promene i svet izađe iz recesije.

Imajući na umu reputaciju Kompanije i kvalitet odnosa koji smo tokom proteklih decenija odnegovali sa našim partnerima, a posebno imajući na umu zrelost radnika Metalca, činjenicu da se po radu i disciplini, svesti i savesti, razlikujemo od svega što je prosečno u našoj državi – nemam dilemu da ćemo u narednoj godini zgusnuti sve svoje potencijale i završiti je sa što manje štete, a više šanse za bolja vremena.

Metalac neće otpuštati radnike. Teret ćemo zajedno podeliti. A to znači, zapećemo svi kao jedan i delićemo u skladu sa prihodima.

Otpuštanje radnika je poslednja mera kojoj se može pribeći samo ako sve drugo ne pokaže rezultate. Dakle, ma šta da se desi, sudbina je ipak u našim rukama.

Ponosan sam što su se radnici i menadžment Metalca u svim ovim situacijama pokazali dorasli problemima i potvrdili svoju profesionalnu zrelost, poverenje i lojalnost kompaniji. Naš slogan za jubilarnu godinu je zaista najdublji izraz našeg međusobnog poverenja koje prepoznaju i naši potrošači, poslovni partneri, akcionari i država. Na Metalac zaista može da se računa.

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WE WILL SHARE THE BURDEN Although the coming year seems to be much harder than the one behind us, the year 2008 was maybe the hardest one for the business in the last 10 years. First, there was 50% price increase of ferrous metals, and that is our main raw material. Then the prices of fuel reached historic maximum. And then proclamation of Kosovo independence, tension about elections, long negotiations about forming the government... till the last, biggest stress – in the last quarter of the year, totally unexpected, the global economic crisis which lead the world markets into recession.

and persistence - these will be our tools to make our business grow when things change and the world economy gets out of the recession.

Having in mind the reputation of the Company and the quality of relations we cherished over the decades with our partners, particularly having in mind how experienced, diligent and disciplined, aware and self-conscious are Metalac workers who make us different from all that is mediocre in our country – I think there is no need emphasizing that in the coming year we have to stick together and unite all our potentials to finish the year with less possible damage and more chances for better times.

The business results of Metalac a.d. in such circumstances show that no one can be spared from external effects, but also that our company is experienced enough to deal with problems. Of course the results are not totally as planned. In first six months of 2008 they were excellent, in nine months still rather good, and by the end of the year the results were satisfactory.

Metalac will not dismiss people, not even those employed on temporary basis. We will share the burden. It means we will all try hard as one and what we earn we will divide. Dismissal is the last solution to be applied only if all other show to be without result.

Therefore, whatever happens, destiny is in our hands.

We ended the year with 80 million euro turnover and 4 million euro profit. We carried out our investment plan: new factory of water heaters is being finished, we purchased five new vehicles for international transport, two vans and one car.

I am proud that in all these situations the workers and the management of Metalac could cope with problems and proved to be professional, trustworthy and loyal to the company. Our slogan for this year of jubilee is the deepest expression of our mutual trust which is recognized by our consumers, business partners, shareholders and the state. Metalac is the company you can really count on.

We are entering the year for which there is not a word of certainty, except that it will be extremely difficult. By many analysts, the global economic crisis will not end soon. The year before us is full of challenges that will need quick response, from us in Metalac and from the society in general. As always, the fortune is in our hands. The situation requires wise decisions, more work

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BERZA / STOCKS

4.253

1.803

01.01.2008

31.12.2008

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DELOITTE / DELOITTE

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2008, and the results of its operations, cash flows and changes in equity for the year then ended, in accordance with accounting standards and regulations prevailing the Republic of Serbia.

Beograd, 6. April 2009.

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KONSOLIDOVANI BILANS STANJA CONSOLIDATED BALANCE SHEET Na dan 31. Decembar 2008 / As of 31. Decembar 2008 U hiljadama dinara / Thousands of RSD

AKTIVA/ ASSETS

2008

2007

4.377 2.035.894 96.891 91.254

4.347 1.829.345 96.840 101.601

2.228.416

2.032.133

1.411.399 8.486 1.119.032 43.417 265.843 239.143 49.654

1.064.768 8.486 1.090.260 23.914 293.337 174.200 53.163

3.136.974

2.708.128

Ukupna aktiva / Total assets

5.365.390

4.740.261

PASIVA/ LIABILITIES

2008

2007

408.000 33.899 4.256 90.623 45.079 936 2.436.673 119.528

408.000 33.899 4.256 90.623 (305) 2.399.095 114.281

3.138.994

3.049.849

125.990 820.761 6.293

123.194 465.530 7.239

953.044

595.963

477.301 560.118 147.817 29.745 3.822

451.601 477.392 80.492 18.552 1.892

1.218.803

1.029.929

54.549

64.520

5.365.390

4.740.261

188.147

98.477

Stalna imovina / Non-current assets Nematerijalna ulaganja / Intangible assets Nekretnine, postrojenja i oprema / Property, plant and equipment Investicione nekretnine / Investment property Dugoročni finansijski plasmani / Investments

Obrtna imovina / Current assets Zalihe / Inventories Stalna sredstva namenjena prodaji / Non-current assets held for sale Potraživanja / Accounts receivable Potraživanja za više plaćen porez na dobitak / Receivables for prepaid income taxes Kratkoročni finansijski plasmani / Short-term financial placements Gotovina i gotovinski ekvivalenti / Cash and cash equivalents Porez na dodatu vrednost i aktivna vremenska razgraničenja / VAT and prepayments

Kapital i rezerve / Equity and reserves Osnovni kapital / Share capital Ostali kapital/ Other capital Emisiona premija / Share premium Rezerve / Reserves Unrealized gains on the sale of securities / Unrealized gains on the sale of securities Translacione rezerve / Translation reserves Neraspoređeni dobitak / Retained earnings Manjinski ulagači / Minority interest

Dugoročne obaveze / Long-term liabilities Dugoročna rezervisanja / Long-term provisions Dugoročna obaveze / Long-term liabilities Ostale dugoročne obaveze/ Other long-term liabilities

Kratkoročne obaveze / Current liabilities Kratkoročne finansijske obaveze / Short-term financial liabilities Obaveze iz poslovanja / Accounts payable Ostale kratkoročne obaveze i pasivna vremenska razgraničenja / Other current liabilities and accurals Obaveze po osnovu poreza na dodatu vrednost i ostalih javnih prihoda / VAT and other duties payable Obaveze na osnovu poreza na dobitak / Income taxes payable Odložene poreske obaveze / Deffered tax liabilities

Ukupna pasiva / Total equity and liabilities Vanbilansna pasiva / Off-balance-sheet items

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KONSOLIDOVANI BILANS USPEHA CONSOLIDATED INCOME STATEMENT U periodu od 01. Januara do 31. Decembra 2008. godine / Year Ended December 31, 2008 U hiljadama dinara / Thousands of RSD

POSLOVNI PRIHODI/ OPERATING INCOME

2008

2007

4.530.715 21.326 73.322 111.541

3.874.808 17.135 1.384 107.056

4.736.904

4.000.383

(1.244.006) (1.384.065) (919.749) (239.978) (378.672)

(982.628) (1.281.199) (744.053) (208.776) (338.878)

(4.166.470)

(3.555.534)

570.434

444.849

280.139 (401.147) 67.794 (177.425)

131.862 (126.308) 68.002 (96.703)

(230.639)

(23.147)

339.795

421.702

(20.751) 9.971

(27.746) 10.340

329.015

404.296

Neto (dobitak/gubitak) manjinskih ulagača / Net (profit / loss) minority shareholders Neto (dobitak/gubitak) vlasnika matičnog preduzeća / Net (profit / loss) equity holders of the parent

5.813 323.202 329.015

3.884 400.412 404.296

Osnovna zarada po akciji (u dinarima) / Basic earnings per share (in RSD)

316.86

392.56

Prihodi od prodaje / Sales income Prihodi od aktiviranja učinaka i robe / Own-work capitalized Povećanje zaliha učinaka / Increase in inventories Ostali poslovni prihodi / Other operating income

POSLOVNI RASHODI/ OPERATING EXPENSES Nabavna vrednost prodate robe / Cost of goods sold Troškovi materijala, goriva i energije / Materials, fuel and energy Troškovi zarada, naknada zarada i ostali lični rashodi / Staff costs Troškovi amortizacije i rezervisanja / Depreciation and provision expense Ostali poslovni rashodi / Other operating expenses

POSLOVNI DOBITAK/ OPERATING PROFIT Finansijski prihodi / Financial income Finansijski rashodi / Financial expenses Ostali prihodi / Other income Ostali rashodi / Other expenses

DOBITAK PRE OPOREZIVANJA/ PROFIT BEFORE TAX POREZ NA DOBITAK/ INCOME TAXES Poreski rashodi perioda / Current income tax Odloženi poreski prihodi perioda / Deffered income taxes

NETO DOBITAK/ NET PROFIT NETO DOBITAK/ NET PROFIT ATTRIBUTABLE TO:

Konsolidovane finansijske izveštaje odobrio je menadžment Metalac a.d., Gornji Milanovac i dostavljeni su Narodnoj banci Srbije i Centru za Bonitet Narodne banke Srbije 6. aprila, 2009.

These consolidated financial statements were approved by management of the Metalac a.d., Gornji Milanovac and submitted to the National Bank of Serbia, Center for Creditworthiness Assessment on April 6, 2009.

Signed on behalf of Metalac A.D., Gornji Milanovac Petrašin Jakovljević,

Radmila Todosijević,

Izvršni direktor za finansijske poslove / Chief financial officer

Generalni direktor / Managing Director

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2008

UKUPNAREALIZACIJAMETALACHOLDINGAU2008.GODINI IZNOSI 82 MILIONA EURA, PRI ČEMU JE UČEŠĆE PROIZVODNIH DRUŠTAVA 53%, A TRGOVAČKIH DRUŠTAVA 47%. SVETSKA FINANSIJSKA KRIZA JE DOPRINELA MANJEM OSTVARENJU IZVOZA, PA SMO SA 15,7 MILIONA EURA 10 % ISPOD PLANA I NA NIVOU 2007. GODINE. ČETIRI PROIZVODNA DRUŠTVA SU PLAN OSTVARILA SA 90%, A SEDAM TRGOVINSKIH SA 100%. NAJVEĆE UČEŠĆE U UKUPNOJ REALIZACIJI HOLDINGA IMA KOR BIZNIS KOMPANIJE METALAC POSUĐE SA 35%, SLEDE METALAC MARKET SA 13,5% I METROT SA 12,4%, DOK SE UČEŠĆE OSTALIH PREDUZEĆA KREĆE OD 2% DO 9%. NAJVEĆI RAST PRODAJE ZABELEŽILO JE PREDUZEĆE METALAC BOJLER I TO ZA OKO 70% U ODNOSU NA PRETHODNU GODINU, ČIME JE POTVRDILO DA JE STABILIZOVALO SVE ELEMENTE USPEŠNOG TRŽIŠNOG NASTUPA.

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2008

TOTAL TURNOVER OF METALAC HOLDING IN 2008.

AMOUNTS TO 82 MILLION EURO, DIVIDED WITHIN THE HOLDING AS 53% FROM PRODUCTION SUBSIDIARIES AND 47% FROM TRADING. WORLD ECONOMIC CRISIS AFFECTED THE EXPORTS REACHING THE SUM OF 15,7 MILLION EURO WHICH IS 10% BELOW THE PLAN I.E. ON THE SAME LEVEL AS IN 2007. FOUR PRODUCTION SUBSIDIARIES CARRIED OUT 90% OF THE PLAN, WHILE SEVEN TRADING SUBSIDIARIES CARRIED OUT 100%. THE BIGGEST SHARE IN THE TOTAL TURNOVER IS THAT OF METALAC POSUDJE AS THE CORE BUSINESS – 35% THEN METALAC MARKET WITH 13,5% AND METROT WITH 12,4%. OTHER COMPANIES PARTICIPATE WITH 2-9% THE COMPANY METALAC BOJLER SHOWS ABOUT 70% INCREASE OF SALE COMPARED TO YEAR BEFORE. THIS WAS THE GREATEST AFFIRMATION AND MARKET FEED-BACK.

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- Nakon pedeset godina postojanja Metalac posuđe je apsolutni lider na domaćem tržištu i tržištima bivše Jugoslavije sa dominantnim tržišnim učešćem. Na tržištima bivšeg Sovjetskog Saveza prisutni smo kao brend prepoznatljiv po kvalitetu i različit od konkurencije. U Evropi klijenti prepoznaju našu ponudu i izdvajaju je od drugih. Imamo uređenu i tehnološki savremenu fabriku, koja je u stanju da, uz optimalne troškove odgovori na sve zahteve naših klijenata i to nas čini konkurentnim i za godine koje dolaze. - Aleksandar Marković, direktor.

- In fifty years of existence Metalac cookware is the absolute leader in the local market and markets of ex Yugoslavia. We are present in ex Soviet Republics as a brand famous for its quality and different from the competition. European clients recognize our offer and they see it as outstanding, while our competition is trying to imitate our design. We are constantly working on acquiring new clients and entering new markets.

We have regulated and technologically modern factory, and with optimum costs we are able to respond to all requests of our clients, and that is our competitive advantage for the years to come. - Aleksandar Markovic, director.

ZA DESETINU ISPOD PLANIRANOG 10% BELOW THE PLAN Negativan uticaj svetske ekonomske krize se naročito osetio u drugoj polovini godine, i to u četvrtom kvartalu u kome su tradicionalno kupovine posuđa najveće.

Sa 25,2 miliona eura Metalac Posuđe je ostvrailo 10% manji prihod od planiranog, i skoro 3% manje nego u 2007. Izvoz je bio čak 12% ispod planiranog. Najveći podbačaj bio je na tržištu Rusije, pa zatim Španije i Francuske, a zastoj se u drugoj polovini godine osetio na svim tržištima. Iako malo bolje nego u prethodnoj, i na domaćem tržištu plan je podbačen 8%.

Godina je bila nepovoljna za poslovanje u svakom smislu. Usled konstantne nestabilnosti tržišta je fokus je bio na kontroli i smanjivanju svih troškova, racionalnom planiranju i proizvodnji, kako bi zadržali profitnu stopu na očekivanom nivou.

Godišnja proizvodnja je oko 5 miliona jedinica, a prosečan prihod oko 25 miliona eura. U ukupnom prihodu Holdinga na sopstvenim programima, Metalac Posuđe učestvuje od 35-40%, a u ukupnom izvozu 85-90%.

Posuđe Metalac plasira se u dvadestak zemalja sveta, na svim kontinentima sem Latinske Amerike. Vodeća tržišta su: Rusija, Francuska, Španija, Ukrajina, Češka, Slovačka, Italija... i, tradicionalno tržišta ex Jugoslavije. Najveći rast izvoza zabeležen je upravo poslednjih godina, sve do 2008. kada je, zbog svetske ekonomske krize, ostvarenje na ino-trižtu bilo u nivou prethodne godine i iznosilo 15,5 miliona eura.

Negative impact of the global economic crisis was felt intensely in the last six months of the year, and moslty during the last quarter when the sale used to be the best.

With € 25,2 million Metalac Posudje made 10% lower turnover than by the plan and almost 3% less than in 2007. Exports were 12% lower than the target. The worst situation was on the markets of Russia, Spain and France, and in the second part of the year all the markets were practically stopped. In the local market the turnover was somewhat better than the year before, but still 8% below the planned amount.

The year was bad for doing business in every sense. Due to constant market instability the focus was on control cost cuts, rational planning and production, trying to keep the profit rate on the expected level.

Annual production is around 5 million units and turnover is around 25 million euro. The share of Metalac Posudje in the total turnover of the mother company is 35-40%, while in total exports this subsidiary participates with 85-90%.

Metalac Posudje sells its products in 20 countries of the world on all the continents except South America. Major markets are Russia, France, Spain, Ukraine, Czech Republic, Slovakia, Italy and of course markets of ex Yugoslavia. It is for several last years that exports have shown great increase, untill 2008 when export remained at the level of the year before due to the global economic crisis.

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Metalac Posuđe u svojoj gami ima 4000 različitih aktivnih artikala. Budući da se dizajn, proizvodnja dekor nalepnica, bakelitnih ručica i ambalaže rade unutar kuće –preduzeće je osposobljeno da zadovolji najrazličitije potrebe kupaca, ali i da kreira autentične linije po kojima tržište prepoznaje ovaj brend.

Metalac Posudje offers 4000 different items. Due to in-house production of decor transfers, bakelite handles and printed carton boxes, the company is able to meet different needs and requests from clients, and also to create authentic collections by which this brand is famous in the market.

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_Najbolji proizvod za kupce, humaniji uslovi za radnike // Best for consumers – better environment for workers

ROBOT ZA *VEGA ROBOT FOR THE *VEGA COLLECTION Nova robotizovana linija za brušenje emajla sa ruba posude, treća ove vrste u svetu, obezbediće kupcima Metalčevih proizvoda najviši stepen bezbednosti u pripremanju hrane, a radnicima Metalac Posuđa humanije uslove za rad.

New robotic cell for cookware rim grinding, third of this kind in the world, will provide the best products for Metalac consumers and better work environment for the workers of Metalac Posudje.

Razvijajući novu liniju proizvoda sa galvaniziranim rubom *Vega, Metalac konkuriše najkvalitetnijoj ponudi u svetu u kategoriji emajliranog posuđa. Osim vrhunskog kvaliteta i unapređenja produktivnosti, ovom linijom se obezbeđuje najviši stepen zaštite zdravlja potrošača, ali i bolji uslovi rada zaposlenih.

Kupovina robota upravo je deo procesa humanizacije radnih mesta u Kompaniji Metalac – rekao je Generalni direktor kompanije Metalac, Petrašin Jakovljević.

Developing new cookware line *Vega with galvanized rim, Metalac can compete with the best quality offer in the world in the category of enamelled cookware. Beside the top quality and higher productivity, with this type of product we are above all caring for the health of our consumers and providing better working conditions for our employees. Introducing a robotic cell into production process means humanization of the work environment in the company Metalac – said the Managing Director, Petrasin Jakovljevic.

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KARIM RASHID DIZAJNIRA ZA METALAC KARIM RASHID DESIGNING FOR METALAC The cooperation with the designer Mr. Karim Rashid will lead to new collections of enamel, non stick and eventually stainless steel cookware in 2008. The first presentation took place at the Frankfurt Fair. Beside design innovation related to cookware, the coproduction Metalac – Karim should bring to the market also exclusive models of sinks and water heaters.

- Design has been the cultural shaper of our world from the start.

Now design is not about solving problems, but about a rigorous beautification of our built environments. Design is about the betterment of our lives poetically, aesthetically, experientially, sensorially and emotionally. My real desire is to see people live in the modus of our time, to participate in the contemporary world, and to release themselves from nostalgia, antiquated traditions, old rituals, kitsch and the meaningless. We should be conscious and attune with this world in this moment. If human nature is to live in the past - to change the world is to change human nature.

The m* premium line now includes also the exclusive collection named„Aurora“ made of 4 mm aluminum with non-stick coating and ferritic bottom, with the slogan „Be a star when you are cooking.“

Saradnja sa dizajnerom svetskog renomea Karimom Rašidom rezultirala je krajem 2008. konkretnom ponudom premium linije najpre u emajliranom posuđu. Prvo predstavljanje dela novog asortimana urađeno je tokom nastupa na Sajmu u Frankfurtu.

Osim dizajnerskih inovacija u posuđu, saradnja Metalac-Karim će u doglednoj budućnosti tržištu doneti ekskluzivne modele sudopera i bojlera.

- Dizajn oblikuje kulturu sveta od samog početka. Međutim, dizajn danas nije rešavanje problema, već ulepšavanje našeg okruženja i stvarnosti. Dizajn u naš život unosi estetsko, iskustveno, poetsko i emocionalno uživanje. Moja najveća želja je da vidim ljude koji žive u modusu našeg vremena, da učestvuju u inovacijama, da se oslobode nostalgije, tradicija, starih običaja i kiča. U ljudskoj je prirodi da živimo u prošlosti – da bismo promenili svet moramo promeniti ljudsku prirodu." - jedna je od poruka Karima Rašida kojom marketinški podržavamo koncept razvijanja premijum linije m*.

U okviru premijum linije m*, pod sloganom “Zvezda i kada kuvate“, na tržište je uvedeno i aluminijumsko teflonizirano posuđe sa feritnim (magnetičnim) dnom pod imenom *Aurora, takođe u ekskluzivnoj opremi.

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OD SUDOPERA DO KONCEPTUALNOG DIZAJNA FROM SINKS TO CONCEPTUAL DESIGN

- Mi nastavljamo da gradimo brend, vođeni vizijom da Metalac Inko zauzme lidersku poziciju na domaćem tržištu u takmičenju sa vodećim svetskim proizvođačima u ovoj oblasti. Ono što ne možemo kao relativno mali proizvođač sudopera, gradićemo kroz nove marketinške pristupe i sa kompatibilnim novim materijalima.

Strateški najveći iskorak u tom pravcu napravili smo ulaskom u proizvodnju livenih polimera i od 2008. na tržište izašli sa solid-surface materijalima i proizvodima. U jubilarnoj godini Metalca ponudi ćemo pridružiti i kompozitne sudopere i sanitariju izrađenu u saradnji i po idejama svetski poznatog dizajnera Karima Rashida, čiji dizajn uvek ide ispred vremena.

Life quality design & lepota promene je koncept koji će Metalac Inko uneti u svest potrošača. To je koncept na kome gradimo interaktivan odnos sa kupcima, arhitektama, enterijeristima, dizajnerima, proizvođačima nameštaja ...

Svima koji se bave uređenjem rezidencijalnih i poslovnih prostora. Dakle, inovativnost, interaktivan odnos sa tržištem i kvalitet poizvoda, koji traje uprkos modi i vremenu, naša je konkurentska prednost u budućnosti. - Vojin Vukadinović, direktor.

- We continue building up the brand guided by the vision that Metalac Inko takes the leading position in the local market competing with the leading world producers in this field.

What we cannot do as rather small sink producer, we will build through new marketing approaches and with compatible new materials.

The biggest strategic step in that direction has been made with cast polymere production which we initiated in 2008, and put on the solid-surface materials and products. In the year of the Metalac jubilee we will widen the offer with composite sinks and sanitary items designed in cooperation and by the ideas of the world famous designer Karim Rashid, whose design always goes before time.

Life quality design & beauty of change is the concept by which Metalac Inko intends to get into the minds of consumers and an interactive relation with consumers, architects, interior designers, furniture producers , all of them who deal with equipping of residential and business premises will be built upon it. And the company consisted mainly of young people with contemporary approach, builds its business and communication philosophy upon the features like innovation, market interaction and quality product as main competitive advantage in future. - Vojin Vukadinovic, director.

Sudopere Metalac Inko izrađene su od nerđajućih plemenitih čelika najpoznatijih svetskih proizvođača. Ploče inox sudopera izrađujemo po nemačkim standardima od inox lima debljine od 0,60 mm do 0,70 mm. U asortimanu je oko 30 modela nasadnih, usadnih i okruglih sudopera.

Metalac Inko sinks are made of top quality stainless steel from most recognized manufacturers. Sink plates are made

by German standards from 0,6 and 0,7 mm stainless steel sheet. We offer around 30 models of onserted and inserted sinks.

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_Počela proizvodnja Granmatrix kompozitnih materijala

_New production of Granmatrix composites

LEPOTA PROMENE

BEAUTY OF CHANGE

Fabrikatori i arhitekte nepodeljenog su mišljenja da je reč o materijalu ogromnog potencijala za spoljašnje i unutrašnje uređenje prostora, uz konstataciju da Granmatrix pomera granice dizajna, funkcionalnosti i estetike prostora Prednosti samog materijala su brojne, a njegova termoformabilnost stvara prostor za ekstremni dizajn na spoljašnjim fasadama poslovnih i drugih objekata, u dizajnu enterijera i opremanju poslovnog i životnog prostora, opremanju hotela i restorana, a posebno veliki potencijal i široku primenu ima u izradi kuhinja, kupatilskih elemenata, laboratorija.

Savršenstvo monoblok izgleda, osim što je prijemčivo oku, ima i važnu prednost kada je reč o higijenskim uslovima, odnosno održavanju površina izrađenih od ovog materijala. Sve ove prednosti učinile su da se Metalčev Granmatrix pojavi na tržištu pod sloganom„Life quality design“, odnosno “Lepota promene”, kao asocijacije na potpuno novu dimenziju kvaliteta koju pruža ovaj krajnje nekonvencionalni materijal.

- Granmatrix je tek deo Metalčeve investicije na putu osvajanja drugih proizvoda od kompozitnih materijala. Za dve godine rada na razvoju Granmatrixa naučili smo mnogo, a ipak, tek smo odškrinuli vrata industrije koja ima rastući trend u tehnološkim inovacijama, proizvodnim primenama i prodaji- kaže direktor Vojin Vukadinović.

Tehnologija, licenca i oprema za proizvodnju Granmatrixa su kalifornijske firme Gruber Systems koja je svetski lider u ovoj tehnološkoj oblasti. U samom proizvodnom procesu koriste se i punioci ove firme, a za proizvodnju Granmatrixa Metalac koristi i trenutno najbolju smolu na tržištu američkog proizvođača Reichold.

Fabricants and architects unanimously think that Granmatrix is the material of great potentials for exterior and interior design, beyond aesthetics and functionality limits.

The material has many advantages. Being thermo-formable it gives space for extreme exterior design of commercial and other buildings, as well as for interior design of business and life spaces, hotels, restaurants, and especially for kitchen and bathroom fitting.

Monoblock is not only a perfection for the eye but also from the sanitary aspect it is user friendly.

All these features are described with the slogan„Life quality design“ and „Beauty of change“ pointing out a completely new dimension of quality that this rather unconventional material offers.

-Granmatrix is only a part of Metalac investments on the road to develop new products from composite materials. We have learned a lot during the two years of developing Granmatrix, though we only scratched the surface of the growing industry with technological innovations, applications and sales opportunities – says the Director, Vojin Vukadinovic.

Know-how, licence and equipment for Granmatrix production originate from the Californian company Gruber Systems, as the global leader in this field. Also fillers used for production of Granmatrix come from this company while the resins are from another American supplier, the company Reichold.

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KVALITET IZNAD SVEGA QUALITY ABOVE ALL - Potrudili smo se da otklonimo i najmanji nedostatak i potvrdimo da smo proizvođač koji drži reč. U vrlo izraženom konkurentskom okruženju nadomak smo najvećem učešću i preuzimanju liderske pozicije. Najveći uspeh je sve veća svest potrošača da nije svejedno kakav bojler ugrađuje u svoj životni prostor, a mi smo upravo istrajali na stavu - Kvalitet iznad svega. Zahvaljujući novoj fabrici bićemo u prilici da efikasnije upravljamo onim elementima proizvodnog procesa koji nam mogu obezbediti viši nivo konkurentnosti. Za nas je 2008. bila godina velikih promena u gotovo svim sferama poslovanja Metalac Bojlera, a godine pred nama su još veći izazov imajući na umu težinu opštih ekonomskih prilika.

Preduzimljivost menadžerskog tima, jasna vizija i rešenost da postignemo zadato - tri su najvažnije prednosti u koje apsolutno verujem kad je preduzeće Metalac Bojler u pitanju.

- Goran Mijatović, direktor.

- We have tried to eliminate every imperfection and prove that we are a producer who keeps the word. In the very competitive environment we are about to take major share in the market and leading position. The fact that consumers care about the kind of water heaters they are bringing into their homes is our greatest success, and it is because we have held firmly to our principle that quality comes above all. With our new factory we will be able better and more efficiently to manage those elements of production process which could make us more competitive. 2008 was the year of great changes for us in all aspects of our business, and years to come are even greater challenge considering difficult economic environment. Entrepreneurship of the management team, clear vision and dedication to our goals are the three most important advantages I absolutely believe in when we talk about Metalac Bojler. - Goran Mijatovic, director.

Metalčeva odluka da otvaranjem sopstvene proizvodnje bojlera objedini dugogodišnje iskustvo u proizvodnji emajliranih kazana i čitav proces zaokruži u jednu celinu, imalo je uspešan ishod nakon dve godine od uvođenja proizvoda na tržište. Prve serije izašle su iz proizvodnje juna 2006 godine, a sam ulazak na tržište, u konkurenciji velikog broja domaćih i inostranih proizvođača, nije bio bezbolan. Ipak, već u 2008. godini, kada je ukupna realizacija bila 70% veća od loše početne godine, pokazali su da je preduzimljiv i fokusiran menadžerski tim uspeo da iskoristi sve prednosti proizvoda i snažnog korporativnog brenda u koji potrošači imaju poverenje. Sa skoro 70.000 akumulacionih i malolitražnih bojlera koji su u 2008. plasirani na tržište, pre svega domaće i prihodom od oko skoro četiri miliona eura, Metalac Bojler je sve bliži zacrtanoj liderskoj poziciji na domaćem tržištu.

The Metalac’s decision to start production of complete water heaters after many years of producing enameled tanks for water heaters, has had a successful result two years after the product was placed in the market. First series were produced in June 2006 and penetrating the market with great number of domestic and foreign competitors was not easy. However, in 2008 the entrepreneurial and focused management team took benefit from all advantages of the product and from the strong corporate brand name well known to the consumers, and made the total turnover 70% higher than in the initial year.

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NOVA FABRIKA BOJLERA NEW FACTORY OF WATER HEATERS Izgradnja nove fabrike površine 4.550 m2 započeta je u julu i završena poslednjih dana decembra 2008. Sa novom uvezenom opremom i opremom za proizvodnju kazana grejača preseljenom iz fabrike posuđa, stvoreni su uslovi za početak proizvodnje akumulacionih bojlera u zaokruženom procesu pod jednim krovom. To podrazumeva: magacin sirovina, mehaničku izradu kazana grejača vode i omotača, emajliranje kazana grejača vode i plastificiranje plašta bojlera; montažu i ispitivanje sigurnosti bojlera; izradu poliuretanske izolacije. Vrednost investicije je oko 4 miliona eura. U dosadašnjem objektu ostaje samo proizvodnja malolitražnih bojlera.

Construction of the new factory hall of 4.550 square meters started in July and finished in December 2008. With new imported equipment and equipment for water heater tanks transferred from the cookware factory, the production of water heaters will now be carried out under one roof, meaning warehouse of raw materials, mechanical processing of tanks and housings, enameling of tanks and plastification of housings, assembling, insulation with polyurethane foam and testing of finished product. The investment amounted to 4 million euro. The old plant will be used for production of small capacity water heaters for kitchen use.

ASORTIMAN / PRODUCT RANGE Metalac Bojler produces small capacity water heaters of 5 and 10 litres for high and low installation, and in several colours to match other kitchen elements or working space and please consumers even more. Accumulation water heaters are in standard volumes from 30 to 120 litres with enameled or stainless steel tank.

Metalac Bojler proizvodi malolitražne bojlere od 5 i 10 litara u nadgradnoj i podgradnoj varijanti, u više boja sa ciljem da se poveća zadovoljstvo potrošača mogućnošću kombinovanja sa ostalim elementima u kuhinji ili poslovnom prostoru.

Asortiman akumulacionih bojlera je u standardnim zapreminama od 30 do 120 litara sa emajliranim i inox kazanom.

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METALAC PRINT KUTIJE ZA VELIKE I MALE BOXES FOR BIG AND FOR SMALL Metalac se proizvodnjom ambalaže bavi od 1995. godine a od 2006. taj posao vodi novoosnovano zavisno društvo Metalac Print. Osim transportne i ofset ambalaže ovo društvo proizvodi i dekor nalepnice za posuđe. Oko 60% kapaciteta angažovano je za potrebe Metalčevih preduzeća koja proizvode posuđe, bojlere i sudopere, a ostatak se upošljava poslovima na tržištu ambalaže. Trenutno Metalac Print doo radi za preko sto eksternih kupaca, među kojima su najveći među proizvođačima mleka, vina i konditorskih proizvoda. Godišnje se proizvede i do sedam miliona jedinica ambalaže. Najzastupljenija je transportna kutija, sa oko 70%, a posebnu prednost ima zahvaljujući mogućnosti pravljenja kutija velikog formata.

U prve dve godine samostalnog poslovanja Metalac Print je imao rast od preko 10% godišnje, da bi 2008, sa 65 zaposlenih, godinu završio prihodom od oko 2.800.000 eura.

Metalac has been producing packing material since 1995 and from 2006 this activity passed onto its daughter company Metalac Print. Beside transport cartons and offset pritned gift boxes, this company makes transfers for cookware decoration. About 60% capacities is engaged for the needs of the sister companies which produce cookware, sinks and water heaters, while the rest of production is directed to the external clients. At this moment there is more then a hundred external clients involved in dairy, vine, chocholate and candy production. Annual production is around seven million packing units out of which 70% are transport cartons thanks to the fact that the factory is equipped for big sized carton boxes.

In the first two years Metalac Print showed 10% growth per year, ending 2008 with the turnover of 2,8 million euro.

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- Skoro 15 godina iskustva i na desetine miliona proizvedenih kutija za vrlo zahtevne klijente Metalac Posuđa širom sveta, kao i stotinak kupaca na konkurentnom tržištu ambalažera u Srbiji, potvrda su naše sposobnosti da budemo kvalitetan i pouzdan partner. Sve konkurentske prednosti Metalca naš su zadatak jer smo deo zaokruženog procesa unutar kompanije, a na tim vrednostima gradićemo i dalje status pouzdanog, kvalitetnog partnera kod eksternih kupaca. Zadovoljstvo kupaca je naš najviši cilj i zato ćemo sve resurse usmeriti na elemente kojima ćemo doprineti konkurentnosti njihovih proizvoda. - Mladen Matović, direktor.

- Nearly 15 years of experience and millions of boxes produced for very requiring clients of Metalac Posudje throughout the world, and for around a hundred of our clients in the competitive market of packing materials in Serbia, prove that we are a quality and reliable partner. All competitive advantages of Metalac we see as our task because we make part of the complete in-house process, and upon these values we will keep building status of reliable and quality partner with external clients. Our most important goal is to please our clients making their product more competitive with our packing. Mladen Matovic, director.

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NAJISTURENIJI PROMOTER BRENDA METALAC THE OUTSTANDING PROMOTER OF METALAC BRAND - Posle 12 godina postojanog odnosa sa potrošačima širom Srbije, Metalac Market je dobro poznata adresa na kojoj kupci neposredno mogu da ispune sva svoja očekivanja. Za to vreme postali smo ne samo pouzdan već i poželjan partner velikom broju dobavljača poznatih brendova iz najšireg asortimana proizvoda namenjenih za opremanje kuće. I to su najvažnije vrednosti koje treba odbraniti i dalje razvijati u nesigurnim vremenima koja nam predstoje. Lojalnost naših kupaca je građena godinama stalnim podizanjem njihovog zadovoljstva. Širenje lanca, rast prodaje i dalje unapređenje ukupne ponude i usluge, samo su zadaci ka postizanju najvažnijeg cilja - a to je zadovoljenje potreba krajnjih potrošača jer se samo kroz njihovo zadovoljstvo ogleda stepen naše uspešnosti. - Milomir Milutinović, direktor.

- After 12 years of consistent relationship with consumers in Serbia, Metalac Market is well known address where customers can fulfill all their expectations. During that time we became reliable and desired partner to many suppliers of famous brands and household items. These are the most important values we have to defend and continue to develop in future. This difficult economic moment will show actual values of the partcipants in this rough game. Metalac Market will prove to be a survivor. Loyalty of our customers has been built for years as we have always tried to satisfy them better. Opening new points of sale, increasing the turnover and upgrading our offer and service are the tasks which will help us to satisfy the needs of our customers, which is the proof of our success. - Milomir Milutinovic, director.

Metalac Market je nastavio tradiciju prodavnica Metalac, čije je otvaranje počelo u vreme velike krize domaćih trgovinskih lanaca 1996. godine. Danas lanac Metalac Market ima 50 maloprodajnih objekata širom Srbije, koji su najistureniji promoteri proizvodnog asortimana i pokazatelj zadovoljstva i očekivanja krajnjih korisnika. Drugo, reč je o stabilnom izvoru prihoda koji ima značajno učešće u ukupnoj realizaciji Metalca a.d. Od dominantne ponude posuđa, prerastao je u specijalizovan lanac proizvoda za kućne potrebe, jedinstven po broju objekata, tržišnoj rasprostranjenosti i ponudi. Osim proizvoda pod brendom Metalac i Sigma, koji u ukupnom prihodu učestvuju sa 50%, sve je značajnije učešće tehničke robe i i predmeta za kuću drugih poznatih proizvođača.

Metalac Market trenutno zapošljava 180 radnika. U 2008. godini ostvario je 10,1 mil. eura prometa.

Metalac Market continued the tradition of the Metalac shops that started opening during the times of the great crisis of the local retailing companies in 1996. Today Metalac Market manages 50 shops throughout Serbia - an outstanding promoter of products but serving also as a parameter of satisfaction and expectations of the consumers. Moreover it is a good source of income with important share in the total turnover of Metalac a.d. From dominating cookware sale, they became a big chain of shops with great offer of various household items. Beside the products under the brand names Metalac and Sigma, partcipating in the total turnover with 50%, Metalac Market also offers a range of household appliancies bearing names of famous producers.

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UVOZNI ASORTIMAN ZA KUĆNE POTREBE IMPORTED FOR HOUSEHOLD NEEDS - Smatramo da smo iskusna firma koja je razvila sve elemente poslovnosti, sagledala tržišne prilike i mogućnosti i, nadasve, izgradila stabilne partnerske odnose sa kupcima koji imaju poverenja u način na koji radimo. Poslovna filozofija Metalac Trade je jednostavna: veoma posvećeno pratimo dešavanja na tržištu i munjevito reagujemo na promene koje ono diktira. Naše konkurentske prednosti su partnerska pouzdanost, kvalitetna roba, širok asortiman i tržišna prepoznatljivost brenda Sigma. Osvajanje novih tržišta i uvođenje novih programa koji će doprineti daljem razvijanju brenda, uz stalno usavršavanje znanja i veština zaposlenih da prepozanju i idu u susret potrebama kupaca, izvesno će rezultirati značajnim profitom, čak i uz sva ograničenja perioda koji je pred nama. Dragan Tomić, direktor.

- We are considering ourselves to be an experienced company with well developed business elements, good market insight and oportunities and stable partnerships with clients that believe in our modus operandi. Our business philosophy is simple: we monitor the market and respond quickly to the changes. Our competitive advantages are partnerlike credibility, quality goods, wide offer and well known brand name Sigma. Conquering new markets and including new product ranges, developing our skills and knowledges, meeting the needs – will result in significant profits even with all the limitations of the period that is before us. - Dragan Tomic, director .

Metalac Trade danas predstavlja respektabilnu veletrgovinu uvoznim asortimanom iz zemalja Dalekog Istoka i EU za svakodnevne kućne potrebe. U ponudi ima više od 2.000 artikala od stakla, porcelana, keramike, plastike, melamina, inoxa, teflona, itd. Najveći deo asortimana prodaje pod trgovačkom markom Sigma, koju dosledno razvija svih šest godina postojanja. Osim na tržištu Srbije, od 2006. Metalac Trade beleži stalni rast plasmana i na tržištima u okruženju.

Intenzivne aktivnosti usmerene na jačanje i promovisanje brenda, stalno nastojanje da se održi kvalitet proizvoda i unapređenje partnerskih odnosa sa kupcima su doveli da Sigma u svesti potrošača postane sinonim za kvalitet i marka koja se izdvaja u odnosu na konkurenciju.

Danas je Metalac Trade srednje preduzeće sa preko 350 zadovoljnih kupaca, 25 zaposlenih, 600 m2 izložbenog i preko 3000 m2 magacinskog prostora i ostvarnim prometom od oko 3.700.000 eura u 2008.

Metalac Trade is respectable local supplier of household items imported from the Orient and EU. The offer is as great as 2000 items in glass, porcelain, ceramics, plastic, melamine, stainless steel, non-stick ... The major part is sold under the brand name Sigma developed during six years. Beginning in 2006 Metalac Trade entered the surrounding markets.

Intense activities aimed to promote the brand, constant efforts to keep the quality of products and to develop parthership relations with clients made Sigma an outstanding name and synonym for quality.

Metalac Trade is a medium size company with over 350 satisfied clients, 25 employees, 600 square meters of show room and 3000 square meters of warehouse space.

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BLIŽE KOMŠIJAMA CLOSER TO THE NEIGHBOURS - Nakon dve godine rada, Metalac Market Podgorica je sa veleprodajom i tri maloprodajna objekta postigao značajan pomak. Program posuđa je veoma dobro pozicioniran, a setom marketinških aktivnosti jačaćemo i pozicioniranost ostalih Metalčevih proizvoda.

Sigurno je da će posledice krize, a posebno prolongiranje nekoliko investicionih projekata i najava loše turističke sezone, doneti smanjenu potrošnju. Realno, bićemo zadovoljni da ponovimo rezultate iz 2008 godine, ali najvažnije je da na tom putu sačuvamo i dalje razvijamo dobre odnose sa kupcima i krajnjim potrošačima. - Čedo Ralević, direktor.

- After two years of work Metalac Market Podgorica as a wholeseller and retailer, with three shops has made a great step ahead. Offer of cookware shows to be very satisfying and with a set of marketing activities we will have better rating of other Metalac products, with the accent on Granmatrix composite materials. Consequences of the crisis and the fact that some investment projects are prolonged, surely will not help the coming tourist season, or the consumption. We will be satisfied to repeat the results achieved in 2008, but the most important is to keep and develop good relations with clients and consumers. - Cedo Ralevic, director.

Osnivanjem zavisnog društva u Crnoj Gori, namera je bila da se ojača pozicija brenda Metalac na komšijskom tržištu, na kome je Metalac inače prisutan svih prethodnih decenija. Metalac Market Podgorica se bavi pre svega veleprodajom i maloprodajom proizvoda zavisnih društava Metalca, ali i širim asortimanom za kućne potrebe, drugih proizvođača. Uz razvijenu saradnju sa značajnim brojem kupaca sa područja Crne Gore, Metalac Market ima i tri sopstvene prodavnice. Sa kancelarijom i magacinskim prostorom od 350 m² u Podgorici, stvorene su sve pretpostavke da roba bude dostupna, a efikasnost poslovanja veća. Ovo trgovinsko preduzeće ima 17 zaposlenih, a prihod u 2008. iznosio je 1.9 miliona eura

With establishing a subsidiary in Montenegro the intention was to fortify the Metalac brand name on the neighbouring market, where we were present in previous decades. Metalac Market Podgorica acts as a wholeseller and retailer of the Metalac products and of household items of other producers. Beside good cooperation with significant number of clients in the territory of Montenegro, Metalac Market Podgorica has three shops, premises and warehouse space of 350 square meters in Podgorica for better work efficiency and disponibility of goods.

NOVI PRISTUP POZNATOM TRŽIŠTU NEW APPROACH TO THE WELL KNOWN MARKET - Proizvodni asortiman Metalca ima perspektivu na hrvatskom tržištu uz uvažavanje specifičnosti koja se ogleda u tome da dominiraju veliki trgovački lanci i da su se navike potrošača promenile. Sa uvažavanjem promena i uz oslanjanje na činjenicu da proizvodi Metalca (posebno posuđe) imaju tradiciju i kod domaćica u Hrvtskoj – šanse za uspeh su realne. Naravno, sa strpljenjem i upornošću zbog činjenice da je kriza sve poremetila. - Aleksandar Jelić, direktor.

- The Croatian market offers great potential for Metalac products, having in mind, however, the specific situation due to the dominant position of big systems and hypermarkets and changing consumer habits. Taking into account the changes but also the fact that Metalac products (especially cookware) are enjoying tradition in Croatian homes – chances for success are realistic. Of course with patience and persistence, due to the effect that global economic crisis disordered everything. - Aleksandar Jelic, director.

Firmu Promometal u Zagrebu Metalac je osnovao sa ciljem da asortiman Metalčevih proizvodnih društava i robnu marku Sigma Metalac trade-a što kvalitetnije približi hrvatskom potrošaču. U strukturi asortimana najzastupljenije je posuđe Metalac što je i logično imajući na umu da je reč o proizvodu koji ovo tržište poznaje dugi niz godina. Najveća specifičnost tržišta Hrvatske poslednjih godina je dominacija hiper marketa, počev od najvećeg domaćeg lanca Konzum do većine internacionalnih lanaca.

Metalac established the company Promo Metal in Zagreb to be closer with the products, including the items sold under the name of Sigma to the Croatian consumer. Major share is of the cookware that is present in this market for many years. Lately the Croatian market is rather specific because of the domination of hypermarkets, there is the biggest local chain Konzum as well as many international systems.

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BROJ 1 IZ EVROPE NUMBER 1 FROM EUROPE - Na tržištu Rusije mi prodajemo najbolje posuđe iz Evrope. Dosledan marketinški pristup, nesporan kvalitet, konkurentna cena i pozicioniranost u svesti potrošača u Rusiji naše su prednosti. Tokom osam godina rada sa Metalčevim programima pokazali smo maksimalnu osetljivost i preduzimljivost na najmanje signale sa tržišta. Metalac je to uvek umeo da isprati, a naši kupci su umeli da prepoznaju prednost Metrota sa takvim dobavljačem iz Evrope. Najvažnija potvrda uspeha je ipak, bila u stalnom rastu plasmana i učešća na tržištu posuđa Rusije. - Milan Vujović, direktor.

- We are supplying the Russian market with the best cookware in Europe. Consistant marketing approach, impecable quality, competitive prices and excellent rating by the consumers in Russia – these are our advantages. During eight years of work with Metalac products we have shown maximum sensitivity and reactivity to any market signals. Metalac always knew how to follow and our clients could recognize good sides of Metrot with such European supplier. However, the most important proof of succes has been constant placement and market share growth on the Russian market of cookware. Also in the period of world crisis I believe in same thing: it is more profitable to develop than only to keep the business. - Milan Vujovic, director.

Pod robnom markom Metrot, posuđe iz Metalca je tokom godina visoko pozicionirano na tržištu posuđa Rusije i okolnih zemalja i istovremeno percipirano kao kvalitetan proizvod. Osim posuđa, Metrot na tržištu Rusije pravi početne korake u plasmanu sudopera, bojlera i Granmatrix kompozitnih materijala.

Intenzivan kontinuiran rast realizacije dostigao je svoju najvišu tačku 2007.godine, kada je plasirano 1,5 miliona jedinica. Trend rasta je prvi put zaustavljen u 2008. godini, pre svega zbog uticaja svetske ekonomske krize.

Na tržištu Rusije i okolnih država Metrot plasira robu posredstvom veleprodaje, velikih sistema i maloprodajnim kanalima.

Zahvaljujući 36 visokoprofesionalnih ljudi, kancelariji u Moskvi, sopstvenom voznom parku, magacinu od 2.500 m2 u Moskvi i 500 m2 na Uralu, Metrot ima performanse sposobne i vrlo preduzimljive trgovinske kuće.

After eight years of very successful cooperation with Metrot as a client, in 2008 Metalac acquired that company making it one of the subsidiaries. Over the years the Metalac cookware under the trade name Metrot has been very well rated in the Russian and surrounding markets as a high quality product. Beside cookware Metrot is making first steps in Russia with sinks, water heaters and granmatrix composite materials.

The 2007 was the peak with 1,5 million units sold. The ascendant trend was first interrupted in 2008 mostly because of the critical economic environment.

Metrot supplies the Russian and surrounding markets as wholeseller, then through big systems and retail. The features of this apt and entrepreneurial company are 36 people, office in Moscow, in-house logistics and transportation service, warehouse space of 2500 square meters in Moscow plus 500 square meters in the Urals.

POSREDNIK I SARADNIK MEDIATION AND COOPERATION - Potrebe kompanije Metalac u komunikaciji sa ino-tržištem naš su prioritetan zadatak u proteklih 15 godina. Istovremeno smo postali vodeći isporučilac fenolnih i melamiskih masa malim potrošacima u Srbiji i tržištima u okruženju. Prethodnih godina smo se bavili i plasmanom mašina za obradu metala poznatih italijanskih proizvođača. U 2009. godini po prvi put počinjemo uvoz i distribuciju tekstila za kuću. Jedan deo poslova će, izvesno, biti u znatno manjem obimu tokom svetske ekonomske krize zbog pada plasmana gotovih proizvoda, ali stručnost i dugogodišnje iskustvo na poslovima sa inostranstvom nam omogućavaju efikasno prilagođavanje novim uslovima i potrebama. - Jelena Spasić, direktor.

Service related to communication of the Metalac company with foreign markets has been our priority task during past 15 years. At the same time we became the leading supplier of phenolic and melaime moulding compounds to smaller consumers in Serbia and surrounding markets. In past years we have also been dealing with sale of machines for metal surface finishing and metal forming machines of Italian manufacturers. In 2009 we will start importing and distributing home textile items. The volume of work in some business fields will be descending during the economic crisis due to the poor sale of finished products, but our expertise and great experience in foreign trade will help us to adjust efficiently to new conditions and needs. - Jelena Spasic, director.

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DESNA RUKA U VOJVODINI RIGHT HAND IN VOJVODINA - Mislim da smo postigli solidne rezultate, sa kontinuiranim, merljivim poboljšanjima u svim segmentima koji se odnose na unapređenje poslovanja i pozicioniranje proizvodnih programa kompanije Metalac na tržištu Vojvodine. Naravno, Metalac Metalurgija je sebe profilisala i znatno širom ponudom za kućne potrebe. Zato smatramo da su naše konkurentske prednosti: kvalitetan i sveobuhvatan asortiman proizvoda, dobra organizacija i obučeni kadrovi. Lično se ipak i dalje rukovodim filozofijom da „sve što radim radim najbolje i uvek bolje od drugih“ i zato ćemo u godini krize maksimalno osnažiti prednosti koje nam daje položaj i logistika preduzeća uz organizaciono prilagođavanje promenjenim tržišnim uslovima. Poboljšanje veština menadžmenta i zaposlenih ostaje jedan od najvažnijih pravaca, utoliko važniji, ukoliko je kriza veća. I uspećemo. - Marko Šarenac, direktor.

- I think we did well with continuous measurable improvements in all segments of business and rating of Metalac products in the market of Vojvodina. Metalac Metalurgija indeed has a wider profile of household items and our competitive advantages are: quality and large offer of products, good organization and specialized people. Personally I am still guided by the philosophy that „everything I do I do the best and always better then others“ and this critical year will make us stronger due to the position and logistics of the company, however adjusting our organization to changed market conditions. Developing skills will be important direction and we’ll make it. - Marko Sarenac, director.

Kada je sredinom 2004. godine kupovinom akcija na Beogradskoj berzi Metalac a.d. postao većinski vlasnik tadašnje Agrovojvodine-Metalurgije bilo je nesumnjivo da otvara značajnu poslovnu mogućnost da se još kvalitetnije približi vrlo zahtevnom vojvođanskom kupcu. Proteklih pet godina Metalac Metalurgija je u svom poslovanju sinhronizovala dva pravca: pretvarala unutrašnje potencijale u realnu snagu ozbiljne trgovinske kuće i polako dopirala do svakog mesta i svakog kupca u Vojvodini.

Osim Metalčevog asortimana, Metalac Metalurgija u ponudi ima belu tehniku, ostale kućne aparate i prateći asortiman drugih poznatih proizvođača. Slogan„Sve što vašoj kući treba“ iskrena je poruka potrošačima i jasna vodilja preduzeću.

Metalac-Metalurgija danas raspolaže poslovnim, izložbenim, prodajnim i skladišnim prostorom od preko 37.000 m² u pristanišnoj zoni, samo 2 km od centra grada, što je čini dodatno komfornom za saradnju sa kupcima kojima je postala apsolutno pouzdan partner.

Buying majority share pack of Agrovojvodina-Metalurgija in 2004 Metalac a.d. got itself a great business oportunity on the requiring market of Vojvodina. In the past five years Metalac Metalurgija has synchronized two directions: it has developed great potentials into real strenght of a serious trading company and slowly got to each place and each customer in Vojvodina.

Beside Metalac products, Metalac Metalurgija offers household appliancies and accompanying ranges of famous producers, simply all that comsumers could need for their homes.

The company has offices, show room, sales space and warehouses covering the total of 37000 square meters near the port, only 2 km from the city centre.

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UDOBNOST PRODAVNICA U KOMŠILUKU GROCERY NEXT DOOR - Vreme krize je i vreme novih izazova i šansi. Na nama je da te šanse prepoznamo i iskoristimo jednim racionalnim i domaćinskim ponašanjem svih zaposlenih. Sve prognoze govore da će 2009. godina biti teška godina. Naš zadatak je ne samo da sačuvamo stečene pozicije, već i da napravimo iskorak ka daljem razvoju i unapređenju poslovanja. Upravo sada kada svaki pojedinac i porodica imaju takođe velike životne strahove, Proleter treba da uspostavi još snažnije veze sa svojim potrošačima, još boljom uslugom, raznovrsnijom ponudom i konkurentnijim cenama. Time ćemo privući nove i opravdati poverenje stalnih i lojalnih potrošača. - Milivoje Milovanović, direktor.

- Times of crisis are times of new challenges and chances. We just have to recognize them and take benefit of them, with accountable behaviour of all the employees. All forecasts tell us that 2009 will be hard. Our task is however to make steps ahead and not only to keep present position. In this uncertain moment we have to bond closer with our consumers offering better service, more competitive prices and wider range of products. - Milivoje Milovanovic, director.

Metalac Proleter je danas efikasna i uspešna trgovina robom široke potrošnje, za koju se ponovo može reći da je tržišni lider u opštini Gornji Milanovac. Ulasku više hipermarketa Proleter je suprotstavio prednosti„prodavnice u komšiluku“, koja je bliža tradicionalnim navikama i mogućnostima lokalnog potrošača.

Prednosti i šanse anticipirane studijom razvoja i ciljevi postavljeni strategijom, učinili su da ovo preduzeće od 2006. godine beleži stabilan rast.

Tokom proteklih šest godina, u najvećem lokalnom maloprodajnom lancu sistematski su unapređivani svi elementi poslovanja od kvaliteta usluge do statistike prosečne kupovine.

Preduzeće je vlasnik 56 maloprodajnih objekata, upravne zgrade i 2 stovarišta. Ukupna površina objekata i zemljišta koji su u svojini preduzeća je 15.500 m2. Promet se ostvaruje kroz 33 aktivne prodavnice razvrstane u 4 profitna centra dok su ostali objekti u zakupu. Na seoskom i gradskom prodručju raspoređen je približno isti broj prodajnih objeketa, strukturom i ponudom prilagođenih potrebama svakog pojedinačnog mesta.

Nowdays Metalac Proleter is an efficient and successful company, trading with consumer goods, leader in the market of Gornji Milanovac. In the era of hypermarkets Proleter’s philosophy is that of a„grocery next door“ which is closer to the traditional habits and possibilities of a local consumer. The advantages and chances anticipated by the development study and the goals set by the strategy, resulted in stable growth of the company from 2006.

During past six years all elemets of this retailing business, like quality of service, purchase statistics have been systematically improved.

There are 56 shops, administration building and 2 warehouses making the total of 15500 square meters. 33 active shops work within 4 profit centres while others are rented. Points of sale are uniformly distributed in the surrounding villages and in the city, with the choice of items carefully adjusted to the needs of each particular place. Beside groceries, in the city of Gornji Milanovac there are shops of home textile items, boutiques for ladies and gentlemen, car parts, tool shop. Major profit share is from groceries profit centre.

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METALAC POUZDANA LIČNOST METALAC IS A STRONG AND RELIABLE PERSON - Da je ljudsko biće, Metalac bi bio„odgovorna, karakterna, uporna, vredna, organizovana, precizna i uredna, pametna, pouzdana, štedljiva i promišljena osoba - procena je stručnog žirija akcije„Volim brend - živim za brend 2“ u okviru koje je u oktobru organizovano takmičenje i izbor za “Voljeni brend”.

Metalac je visoku drugu poziciju zauzeo osvojivši prosečnu ocenu 4.16, odmah iza prvoplasiranog brenda Mercedes- Benz koji je dobio prosečnu ocenu 4.37. Osim Metalca i MercedesBenza nominovani su Jaffa, Moja kravica, Vino Trijumf, Žuta osa, Ikarbus, Gorenje, JAT i Festival Guča. Žiri sastavljen od uglednih ekonomista, marketinških eksperata i dizajnera je ocenom od 1 do 5 procenjivao 7 kriterijuma: kvalitet proizvoda ili usluge, inovativnost, vrednost koju brend pruža za uloženi novac, stepen zanimljivosti, koliko zadovoljava potrebe, poverenje, i slika brenda u široj javnosti.

- If it were a human being Metalac would be a responsable, persistant, diligent, organized, precise and neat person with character, smart, reliable - jury of the 2008 campaign “Loving the brand – living the brand 2” With the average rate of 4.16 Metalac took the second position right behind the first rated brand Mercedes-Benz which got the average rate of 4.37. Beside Metalac and Mercedes-Benz nominees were Jaffa, Moja kravica, the wine Trijumf, Žuta osa, Ikarbus, Gorenje, JAT, Guča festival.

The jury consisting of economists, marketing experts and designers, rated 7 criteria on the scale from 1 to 5 : product or service quality, innovation, what value a brand is giving back for money invested, how interesting it is, to which extent it meets the needs, reliability, and brand image in public.

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ODGOVORNO PRED BUDUĆIM GENERACIJAMA ACCOUNTABLE BEFORE FUTURE GENERATIONS Ime Metalca se vezuje za društveno odgovorno i moralno ponašanje. Metalac je svestan da ima i može da ima uticaj na društvenu zajednicu počev od koristi koje proizilaze iz njegovih ukupnih poslovnih rezultata, otvaranja novih radnih mesta, pružanje poštenih i bezbednih uslova rada, aktivnosti usmerenih na zaštitu životne sredine, do obraćanja pažnje na socijalne probleme, kulturne, sportske i druge potrebe zajednice u kojoj postoji i radi.

The name of Metalac is associated to the socially accountable and ethical behavior. Metalac is aware that it has and may have influence on the social setting, starting from the benefits stemming out of its operations and overall business results, fair and safe working conditions it provides, and activities directed towards environmental protection, to paying attention to social issues, cultural, sport-related and other needs of the community in which it exists and operates.

SA RASTOM METALCA LJUDI POSTALI NAJVEĆI KAPITAL AS METALAC IS GROWING HUMAN RESOURCES HAVE BECOME THE GREATEST CAPITAL Metalac Holding ima 1.670 ljudi od kojih u matičnoj firmi 1.360, Metalac Proleteru a.d. 185, Metalac Metalurgiji a.d. 64. i u Metalčevim ino preduzećima 60 zaposlenih.

Nakon 20 godina strateškog ulaganja u kadrove, svaki deseti radnik Metalca a.d. je sa univerzitetskim obrazovanjem. Dve trećine zaposlenih su u neposrednoj proizvodnji. Prosečna starost je 41,53 godine, a ispod ovog proseka je 622 radnika.

Zahvaljujući stalnoj edukaciji i takvom sistemu vrednosti, kompanija Metalac ima posebnu konkurentsku prednost koja je, uz sve druge kvalitete, čini jednom od najzdravijih kompanija u Srbiji.

Metalac Holding employs 1.670 people: 1.360 are in the mother company, 185 in Metalac Proleter a.d., 64 in Metalac Metalurgija a.d. and other 60 in foreign offices.

After 20 years of investing into human resources, ten percent of employees have university degree. Two thirds are occupied in production. Average age is 41,53 years and 622 workers are below this average.

Metalac value system and continuous education of employees are great competitive advantage, and with all the other features they make Metalac one of the sanest companies in Serbia.

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LIDERSTVO – POLITIKA I STRATEGIJA LEADERSHIP - POLICY AND STRATEGY Za razliku od menadžera koji organizuju efikasno i efektivno korišćenje resursa i rukovode po ustanovljenim pravilima, lideri uspostavljaju sisteme vrednosti u organizaciji – rekao je Dr Miloš Jelić, predsednik Stručnog saveta FQCE. Kao dobitnik Oskara kvaliteta za poslovnu izvrsnost, Metalac je početkom juna 2008. bio domaćin radionice koju je za predstavnike privrede Srbije organizovao Fond za kulturu kvaliteta i izvrsnost. Cilj ovakvog rada je da se prenesu iskustva kompanija koje su prepoznale šta znači težiti poslovnoj izvrsnosti i kako se ide u tom pravcu.

Ističući da liderstvo u modelima poslovne izvrsnosti mora da ispuni devet važnih kriterijuma, Dr Miloš Jelić, predsednik Stručnog saveta FQCE je rekao da je Metalac primer organizacije sposobne da demonstrira kako sprovodi svoju misiju i viziju u kontekstu politike i strategije za poslovnu izvrsnost.

Unlike managers who organize efficient and effective use of resources and manage the company by standard set in advance, the leaders are establishing systems of value in the company said Dr. Milos Jelic, president of the Experts Council FQCE. Being the winner of the Oscar for business excellence, Metalac hosted in June of 2008, a workshop organized by the Fund for culture of quality and excellence, for representatives of the Serbian economy. The aim of that work was to convey experiences between companies that have realized importance of tendency to achieve business excellence.

Stressing the fact that the leading models of business excellence must fulfill nine important criteria, Dr. Milos Jelic, President of the Expert Council of FQCE, said that Metalac is a good example of a capable organization demonstrating how to convey the mission and own vision within the context of policy and strategy for business excellence.

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U JUBILEJ SIMBOLIKOM ČISTE VODE CLEAN WATER IS THE SYMBOL FOR THE JUBILEE - Čestitam Metalcu na načinu na koji nas predstavljate u svetu, na izuzetnoj organizovanosti, visokom nivou savesti kada je reč o odnosu prema životnoj sredini. Metalac je u Srbiji jedina firma koja je već dostigla visoke norme Evropske unije, kompanija koja će zahvaljujući visokoj ekološkoj savesti i ovakvim ulaganjima, sasvim izvesno prva dobiti Eko znak Republike Srbije, bez koga uskoro neće biti moguć izvoz proizvoda u Evropsku uniju. Metalac ne bi bio to što jeste, da nije uvek želeo više, pa i da vrati prirodi više nego što se od njega očekuje, “ - Aleksandar Vesić, pomoćnik ministra za zaštitu životne sredine, na svečanosti povodom početka rada sistema za prećišćavanje u 2008. godini.

- I congratulate Metalac on the way it has been representing us abroad and presenting our values, on its extraordinary organization, and the high level of awareness and concern regarding the environment. Metalac is the sole company in Serbia that has been able to reach the high standards of European Union, a company that will certainly receive the sign Eco from the Republic of Serbia, due to its high ecological awareness and investments in that direction. As you know, soon it will be impossible to export products to European Union without the sign “Eco”. We need to remember that Metalac would not be what it is today, had it not strived for more, and returning to the nature even more that it is expected. - Aleksandar Vesic, Deputy Minister for Environmental Protection, on the occasion of starting the water cleaning system in 2008.

Puštanjem u rad sistema za prečišćavanje otpadnih voda okončana je i poslednja faza procesa, započetog pre 15 godina prema projektu koji je urađen u saradnji sa Tehnološkometalurškim fakultetom u Beogradu, a u koji je do sada uloženo milion eura. Od toga pola miliona u 2008. za savremenu opremu koja ispunjava stroge standarde Evropske unije u ovoj oblasti. Prvi rezultati pokazuju da se Metalac svrstao među retke proizvođače kojima je pošlo za rukom da reše problem tretmana emajlnih voda i na taj način da pun doprinos očuvanju sredine u kojoj privređuje.

Instalisane su tri linije za prečišćavanje. Dve su smeštene u novom objektu i služe za kontinualni tretman tehnoloških otpadnih voda koje nastaju u procesu proizvodnje emajliranog i tefloniziranog posuđa. Kapaciteti su projektovani na 20 metara kubnih protoka na sat i zadovoljavaju sve potrebe ovog dela proizvodnje Metalac Posuđa. Treća linija za prečišćavanje otpadnih voda, protoka svega jednog metra kubnog vode na sat, smeštena je u pogonu inox posuđa. Instaliranjem opreme i za najmanje količine otpadnih voda, Metalac je pokazao da ništa ne prepušta slučaju u ovom procesu.

Svoju ekološku odgovornost Metalac vidi i u smanjenju nivoa potrošnje vode, struje i gasa, ali i u prikupljanju i razvrstavanju otpadnog materijala, koji se potom plasira na mesta na kojima može da se ponovo upotrebi. Tako se sav metalni otpad šalje u železare na reciklažu, a isti je slučaj i sa ostalim otpadom, plastikom, uljima, papirom.

Društvena odgovornost kompanije Metalac u oblasti ekologije ogleda se i u pravljenju proizvoda koji će moći da se recikliraju.

Zato se u Metalcu posebna pažnja poklanja nabavci sirovina, nastojanjem da se u procesu proizvodnje u najvećoj meri koriste prirodne sirovine i da se sirovine koje su se nekada koristile zamene drugim vrstama koje sadrže manje štetnih materija.

Starting the system for cleaning industrial waters represents the last phase of the 15-year long process, which has now been finished. That project was carried out in cooperation with the Faculty for Technology and Metallurgy in Belgrade and the investments amounted to one million Euro. Half of those investments took place in 2008, for purchase of equipment up to EU standards in this area. The first results show that Metalac has become part of those few producers who have managed to resolve the issue of enameled water and to give full contribution to protection of the environment.

Three lines for cleaning were installed. Two are located in the new object for continuous treatment of technological water as a result of enameling process. Capacities have been projected to 20 cubic meters per hour and they fulfill all the needs for this part of Metalac production. The third line for clearing of waste water with the flow of only one cubic meter of water per hour is located in the plant for stainless steel cookware. By installing equipment even for the smallest quantity of technological water, Metalac has showed that it leaves nothing to circumstances in the production process.

Metalac sees its ecological responsibility in lower usage of water, electricity and gas, and also in collecting and sorting of used material and waste, which is then placed in such a manner that it could be reused. For example, all metal waste goes to smelting houses to be recycled, and the same is with other type of waste, such as plastic, oils and lubricants, or paper.

The social responsibility of Metalac in the ecology field can be seen in the products that are recyclable. For that reason special attention is paid to the raw materials and attemption to use the natural resources, as much as possible, while attempting to replace formerly used resources and materials with less harmful ones.

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REKORDAN BROJ BEBA RECORD NUMBER OF BABIES Od osnivanja 2006. godini do kraja 2008. godine čestitkama ukupne vrednosti oko 110.000 eura nagrađeno 116 novorođene dece. Ove godine rekordnih 45, čak 12 više nego prethodne.

U jubilarnoj godini svako dete koje se rodi u milanovačkom porodilištu dobiće poklon od Metalca, prvorođeno krevetac, a ostala čestitke iste vrednosti za nabavku bebi opreme.

From 2006. when it was founded, till the end 2008 Metalac Fund greated 116 newborns with the cheques in the total value of Euro 110.000. This year was the record with 45 babies 12 more than the year before. In the year of jubilee each baby born in Gornji Milanovac will receive a cheque for baby equipment, and if it is a first child in a family there is a craddle as an extra gift.

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Od bombardovanja 1999. do svetske krize 2009 // Since the bombing 1999. till the global economic crisis 2009.

ZA DOBRE ODLUKE NEMA LOŠEG VREMENA THERE IS NO BAD TIME FOR GOOD DECISIONS Pred Metalcem je period u kojem se na berzi internih sposobnosti najviše traže nove ideje, hrabrost, sposobnost i preduzimljivost naših kadrova. Sve ove vrednosti traže vrhunsku mudrost iskusne uprave i rukovodstva. To može biti najveća konkurentska prednost Metalca, jer kompanija ima potvrđene stratege, vrsne finansijske stručnjake, menadžere vizionare, izvrsne planere...

Kompanija ima na koga računa, a to znači da i na Metalac može da se računa. Život uvek stvari učini na svoj način smislenim. Svako vreme je za nešto dobro. Najteža vremena mogu da isprovociraju najbolje odluke. Prethodni jubilej obeležen je u godini bombardovanja.

Ovaj će biti u godini velike svetske ekonomske krize. Između je samo deset godina. I samo u deset godina, Metalac je svoj ukupni prihod podigao sa 25 na 72 miliona eura u 2009, a izvoz sa 8,5 na 15,7 miliona eura. Zvanično smo postali kompanija u vlasništvu akcionara, jedna od najzdravijih na Beogradskoj berzi. Integrisali smo sisteme upravljanja kvalitetom i zaštitom životne Sredine. Uveli BAAN ERP informacioni sistem. Izgradili smo Poslovni centar Metalac. Osnovali smo visoko profitabilno preduzeće Metalac Trade. Postali većinski vlasnici Metalurgije u Novom Sadu i Proletera u Gornjem Milanovcu. Prerasli u Holding sa 12 preduzeća i 1.800 zaposlenih. Započeli proizvodnju bojlera i prvi put izašli iz metalskog kompleksa ulaskom u proizvodnju Granmatrix kompozitnih materijala. Kolekciju priznanja upotpunili smo novim, među kojima izdvajamo: Nacionalni brend za kvalitet, Najbolji korprorativni brend u kategoriji trajnih potrošnih dobara, Nagrada Privredne komore Srbije za doprinos razvoju privrede, Oskar kvaliteta za poslovnu izvrsnost. Postali smo i ostali firma kojoj se veruje, koja je uvek među najuspešnijima u Srbiji i među 100 najuspešnijih u jugoistočnoj Evropi. Počeli smo da razvijamo nove brendove, po meri novih generacija, a pritom ostali dosledni sistemu vrednosti u kome su ljudi, poštenje i poverenje najviše kategorije. Šta nas sprečava da sada, u jubilarnoj 2009. godini ne samo verujemo, već i učinimo da nova decenija bude po meri naših stremljenja. Još jedna kriza, ma koliko velika, za Metalčevo iskustvo i potencijal mora biti samo izazov, na korist svih zaposlenih, na korist naših partnera i krajnjih potrošača i naravno, na korist akcionara.

Metalac is facing the period which will best appreciate new ideas, bravery, competence and entrepreneurship. All these valuable features require visdom of experienced administration and management. That could be the greatest competitive advantage for the Metalac, because the company has verified its strategies, financial experts, managers with vision, perfect planners. The Company has the assets it can count on and that means that Metalac can be counted on.

Somehow, life always makes sense. Any time is good for something. The hardest times can produce the best decisions. The previous jubilee took place in the year of bombing. This one will be in the year of great world economic crisis. And in these ten years went by. And only in ten years Metalac increased the turnover from 25 to 72 million euro, while exports increased from 8,5 to 15,7 million euro. We officially became shareholder company, trading shares at Belgrade Exchange regularly. We integrated Quality Management System and Ecology Management System. We implemented BAAN ERP information system.

We constructed the administration building. We established the highly profitable company Metalac Trade. We acquired majority share pack of Metalurgija in Novi Sad and Proleter in Gornji Milanovac. We passed to a holding with 12 subsidiaries and 1.800 employees. We started producing water heaters and for the first time went beyond metal forming industry with production of Granmatrix composite materials.

We completed our collection of awards with new ones, from which we would mention National brand for quality, Best corporate brand, Award for contribution to development of the industry received from the Serbian Chamber of Commerce, Quality Oscar for business excellence. We became and we still are trustworthy, always among the best in Serbia and in top 100 in South-East Europe. We have been developing new brands, tailored for new generations, though we kept the system of values in which people, honesty and trust are the highest categories.

What could keep us now in the year of jubulee, from believing or from making another decade right as we want to. One more crisis and no matter how big it is, has to be only a challenge for our experience and potentials, for benefit of our employees, our partners, our consumers, and of course, shareholders.

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Sa svetskom krizom // With the Global Economic Crisis

KONTROLISANI OPTIMIZAM CONTROLLED OPTIMISM Da sačuvamo svako radno mesto.

- Upravni odbor Metalca doneo je odluku da maksimalno iskoristi svoje unutrašnje rezerve, da troškove smanji na optimalan nivo, da adekvatno upravlja zalihama i strogo vodi računa o naplati potraživanja. Deo valutnog rizika pokušaćemo da podelimo sa našim velikim kupcima. Redovno ćemo analizirati sve izveštaje, sastajati se koliko god bude potrebno i prilagođavati se trenutnim okolnostima, a sve u želji da sačuvamo svako radno mesto.

U Metalcu niko u prva tri meseca neće ostati bez posla. Dragoljub Vukadinović, predsednik Kompanije

We shall keep all the people.

- The Board of directors decided that Metalac will use internal resources to the maximum, optimize costs, try better to manage the stock and follow up collection of money. A part of the risk related to foreign currency markets we will try to share with our big clients. All reports will be regularly analysed, we will meet as frequently as needed and will adjust our actions from moment to moment, wishing to keep each and every employee. Metalac will not dismiss people in first three months. – Mr Dragoljub Vukadinovic, Company President

Ključne reči su: motivacija, solidarnost, profitabilnost.

- Ključne reči su motivacija uz štednju i solidarnost uz profitabilnost. To govori o snazi ove kompanije. Ali, srpskoj privredi i Metalcu, koji je jedna od najuspešnijih srpskih kompanija i veliki izvoznik, potrebna je Vlada koja ima jasnu strategiju, razume šta privredi treba i realizuje obećano. Da bismo odgovorili vremenu u kome se nalazimo, efikasnost Vladinih mera, odnosno tajming u realizaciji, kapitalno je važan. -

Motivation, solidarity, profitability are the key words.

- The key words are: motivation with saving and solidarity with profitability. They speak about the strenght of this company.

However, the Serbian industry and Metalac, being one of the most successful Serbian companies and big exporter, need the government with a clear strategy, one that understands the needs of industry and keeps promises. To be able to respond to the time we are in, efficiency of the governmental measures, it is to say their timing, is of capital importance. – Prof. Goran Pitic, Member of the Board and the President of the Societe Generale Bank Serbia

Prof. dr Goran Pitić, član Uprave Kompanije Metalac i predsednik UO Societe Generale banke

Oslonićemo se na unutrašnje rezerve.

- U 2009. ulazimo sa kontrolisanim optimizmom, zbog posledica delovanja makro-okruženja. Postoji deo koji mi možemo da kontrolišemo, ali i faktori na koje ne možemo da utičemo. Najveći problem za Metalac, koji je jedan od vodećih srpskih izvoznika, jeste valutni rizik. On nas dovodi u situaciju da se struktura komponentnih troškova potpuno menja, račun profitabilnosti se menja, kao i strategijske odluke. Međutim, Metalac se temeljno priprema za novonastale okolnosti, kroz koncepte risk menadžmenta. Dogovor je da se za tri meseca napravi revolving plan koji će uključiti sve nove elemente okruženja. Ključno je da u prvom kvartalu 2009. nećemo razmišljati o usklađivanju veličine kompanije sa potrebama tržišta kada je reč o faktoru radne snage. U cilju amortizacije rizika koji dolaze sa svetskog tržišta, plate Metalčevih radnika u narednoj godini neće, kako je prvobitno bilo planirano, biti uvećane za 5 %, ali će zato radna mesta biti sačuvana, a eventualni pad tražnje u narednoj godini Metalac će amortizovati iz unutrašnjih rezervi kompanije. -

We shall rely to our internal reserves.

- We are stepping into 2009 with a controlled optimism as a consequence of macro environment. There is a part that we can control but there are also the factors we cannot affect. The greatest problem for Metalac, which is one of major Serbian exporters, is the exchange rate risk. It brings us into situation where the cost structure is completely changed, profitability is changed, and so are strategic decisions. However Metalac is getting prepared for new circumstances through risk management concepts. It is agreed that a revolving plan which will include all new surrounding elements will be made in three months. Key issue is that in the first quarter of 2009 there will be no company size adjustments to the needs of the market when we speak of human resources factor. To absorb the risk coming from the world market, the pay cheque will not be increased by 5% in the next year as originally planned, but workers will keep the jobs and Metalac will compensate possible lower demand with internal reserves of the company during the next year. –

Prof.dr Dragan Đuričin, zamenik predsednika UO Kompanije Metalac i predsednik Saveza ekonomista Srbije

Prof. Dragan Djuricin, Vice President of the Company and the President of the Serbian Association of Economists

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UPRAVNI ODBOR/ BOARD OF DIRECTORS Predsednik / President

PR PUBLIC RELATIONS

INTERNA REVIZIJA INTERNAL REVISION

IZVRŠNI ODBOR BOARD OF EXECUTIVES Generalni direktor / C.E.O.

IZVRŠNI DIREKTOR ZA PROIZVODNJU I RAZVOJ CHIEF TECHNICAL OFFICER

ZAJEDNIČKE FUNKCIJE JOINT SERVICES

IZVRŠNI DIREKTOR ZA FINANSIJE CHIEF FINANCIAL OFFICER IZVRŠNI DIREKTOR ZA KOMERCIJALNE POSLOVE CHIEF OFFICER FOR PURCHASE AND SALE

ZAVISNA PREDUZEĆA SUBSIDIARIES

METALAC POSUĐE d.o.o.

METALAC INKO d.o.o.

METROT d.o.o.

METALAC MARKET d.o.o.

METALAC MARKET PODGORICA d.o.o.

METPOR d.o.o.

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SEKTOR ZA LJUDSKE RESURSE I PRAVO HUMAN RESOURCES & HR MARKETING / MARKETING SEKTOR ZA BEZBEDNOST I PREVENTIVNI INŽENJERING SECURITY SECTOR SEKTOR ZA RAZVOJ, ORGANIZACIJU I QMS/EMS DEVELOPMENT, ORGANIZATION AND QMS / EMS POSLOVNA LOGISTIKA / LOGISTICS SEKTOR INFORMACIONIH TEHNOLOGIJA IT SECTOR RESTORAN / CATERING SEKTOR ZA RАČUNOVODSTVO, FINANSIJE I POREZE ACCOUNTING, FINANCE AND TAXES SERVISI / SERVICES

METALAC PRINT d.o.o.

METALAC BOJLER d.o.o.

METALAC TRADE d.o.o.

METALAC METALURGIJA a.d.

METALAC PROLETER a.d.

PROMO METAL d.o.o.

www.metalac.com 49

UPRAVNI ODBOR/ BOARD OF DIRECTORS Dragoljub Vukadinović, dipl.ing.tehnologije Predsednik Kompanije i Predsednik Upravnog odbora President of the Company and Chairman of the Board

Radmila Todosijević, dipl.oec

Izvršni direktor za finansijske poslove Executive Director for Financial Affairs

Prof Dragan Đuričin

Profesor na Ekonomskom fakultetu Univerziteta u Beogradu Professor at the University of Belgrade - Economy

Nikola Pavičić, dipl.pravnik

Predsednik kompanije Sintelon a.d. iz Bačke Palanke President of the Company Sintelon - Backa Palanka

Dr Goran Pitić

Predsednik upravnog odbora Societe Generale Bank - Srbija Chairman of the Board Societe Generale Bank - Srbija

Vladimir Čupić, dipl.oec

Predsednik Izvršnog odbora Hypo Alpe-Adria Bank - Srbija President of the Executive Board – Hypo Alpe-Adria Bank Serbia

Mr Đorđe Milosavljević

Predsednik IHTM - Preduzeća, Centar za procesno inženjerstvo d.o.o. - Beograd President of the IHTM, Company for Process Engineering Belgrade

NADZORNI ODBOR/ MONITORING BOARD Dr Rajko Tepavac

Direktor Čačanske banke a.d. u Beogradu i Predsednik Nadzornog odbora Managing Director and Chairman of the Monitoring Board Cacanska Banka - Belgrade

Prof Radoslav Senić

Profesor na Ekonomskom fakultetu Univerziteta u Kragujevcu Professor at the University of Kragujevac - Economy

Prof Ljubinka Rajaković

Profesor Tehnološko-metalurškog fakulteta u Beogradu Professor at the University of Belgrade – Tecnology and Metallurgy

GENERALNI DIREKTOR/ MANAGING DIRECTOR Petrašin Jakovljević, dipl.ing.mašinstva Generalni direktor Metalac a.d.

C.E.O. Metalac a.d.

IZVRŠNI ODBOR / BOARD OF EXECUTIVES Petrašin Jakovljević, dipl.ing.mašinstva

Milan Vujović, dipl.oec

Radmila Todosijević, dipl.oec

Aleksandar Jelić, dipl.oec

Aleksandar Marković, dipl.ing.mašinstva

Čedomir Ralević, dipl.oec

Vojin Vukadinović, dipl.ing.elektrotehnike

Jelena Spasić, dipl.oec

Mladen Matović, dipl.ing.mašinstva

Dušan Lazić, dipl.ing.mašinstva

Goran Mijatović, dipl.oec

Mr Dragan Živanović

Milomir Milutinović, dipl.oec

Biljana Cvetić, dipl.pravnik

Dragan Tomić, dipl.oec

Radmila Trifunović, dipl.oec

Marko Šarenac, dipl.oec

Nadica Vujić-Mitrović

Predsednik Izvršnog odbora President of the Executive Board – Metalac a.d.

Direktor Metrot Managing Director – Metrot

Izvršni direktor za finansijske poslove Executive Director for Financial Affairs – Metalac a.d.

Direktor Promo Metal Managing Director – Promo Metal

Direktor Metalac Posuđa Managing Director – Metalac Posudje

Direktor Metalac Market Podgorica Managing Director – Metalac Market Podgorica

Direktor Metalac Inka Managing Director – Metalac Inko

Direktor Metpor Managing Director – Metpor

Direktor Metalac Printa Managing Director – Metalac Print

Direktor Sektora za razvoj, organizaciju i QMS/EMS – Metalac a.d.

Quality Management Director – Metalac a.d.

Direktor Metalac Bojlera Managing Director – Metalac Bojler

Direktor sektora informacionih tehnologija – Metalac a.d.

IT Director – Metalac a.d.

Direktor Metalac Marketa Managing Director – Metalac Market

Direktor sektora za ljudske resurse i pravne poslove – Metalac a.d.

HR and Law Director – Metalac a.d.

Direktor Metalac Trade Managing Director – Metalac Trade

Direktor sektora računovodstva, finansija i poreza – Metalac a.d.

Director Accounting, finance and taxes department– Metalac a.d.

Generalni direktor Metalac Metalurgije Managing Director – Metalac Metalurgija

Direktor sektora marketing - Metalac a.d.

Marketing Director– Metalac a.d.

Milivoje Milovanović, dipl.ing.organizacionih nauka Generalni direktor Metalac Proletera Managing Director – Metalac Proleter

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IZDAVAČ / PUBLISHER_ METALAC A.D., GORNJI MILANOVAC, ZA IZDAVAČA / FOR PUBLISHER_ DRAGOLJUB VUKADINOVIĆ, REDAKCIONI ODBOR / DRAFTING COMMITTEE_ PETRAŠIN JAKOVLJEVIĆ, RADMILA TODOSIJEVIĆ, NAD-I ICA VUJIĆ-MITROVIĆ, DIZAJN PRIPREMA / DESIGNFOTOGRAFIJE AND PREPRESS_/ VLADE JEREMIĆ, PHOTO_ ARHIVA METALAC A.D., PREVOD / TRANSLATION_ METPOR, BEOGRAD, ŠTAMPA / PRINTING_ STYLOS, NOVI SAD, TIRAŽ / CIRCULATION_ 1000, GORNJI MILANOVAC, JUL 2009 Izdavač / Publisher_ METALAC a.d., Gornji Milanovac, Za izdavača / For Publisher_ Dragoljub Vukadinović, Redakcioni odbor / Drafting Committee_ Petrašin Jakovljević, Radmila Todosijević, Nadica Vujić-Mitrović, Dizajn i priprema / Design and prepress_ Vlade Jeremić, Fotografije / Photo_ Arhiva Metalac a.d., Prevod / Translation_ Metpor, Beograd, Štampa / Printing_ Stylos, Novi Sad, Tiraž / Circulation_ 1000, Gornji Milanovac, jul 2009

METALAC a.d., Kneza Aleksandra 212, 32300 Gornji Milanovac, Srbija, T_032 770 300, E_metalac@metalac.com, W_www.metalac.com

www.metalac.com