serbia country report 2008 english

8/8/2019 Serbia Country Report 2008 English

http://slidepdf.com/reader/full/serbia-country-report-2008-english 1/20

Co face

C o u n t r y R e p o r t



J 2008

Country report for

Investors and exporters

serbIa

C R E D I T I N S U R A N C E | F A C T O R I N G | I N F O R M A T I O N | R E C E I V A B L E S M A N A G E M E N T



serbIa table of Contents

1. General InformatIon 4

2. economIc SItuatIon 5

Sd Idis 2004 2009 6

Dvp Si Di vs. e d uS D 6

3. SerbIa anD the eu 7

4. leGal framework & uSeful factS 8

4.1. cisis lg Sys 8

4.2. ovvi cp l 8S cpy 8

liid liiiy cpy 8

liid Psip 9

Psip 9

n-i psip 9

S Ppisip 9

Ssidiy, rpsi 94.3. aig d a rps 9

4.4. ovvi tx d css l 10

cp tx 10

I tx 10

V-addd tx 10

exis Dis 10

r es txs 10

c txs 11

G tx Iivs 11

cs Dis d td bis 11

4.5. liigi 11

civi Pdigs (c Sys) 11

aii Pdigs 12

4.6. Isvy 12

Isvy l 12


2



serbIa table of Contents

4.7. Siis 12

mgg (ld rgis) 12Pdg 12

G 13

assig ci 13

wy 13

4.8. l l 13

w Pis 13

tii epy 13Si Siy ciis 13

5. buSIneSS In SerbIa 14

5.1. Py cdiis 14

Py P 14

Iss 14

ri ti 14

fii Sys 14

5.2. ci Pds 14

S liiis 14

5.3. aqisii r es 15

5.4. Ivs ci 15

5.5. rsiis tv d rsid 15

5.6. fig exg 15

6. checklISt for buSIneSS oPeratIonS In SerbIa 16

7. SerbIa onlIne 17


3



serbIa 1. general InformatIon

f gv: rpi

a: 88,361 ²

Ppi: 9.396,411; dsiy: 106 iis / ²

oii gg: Si

l y: 1 Di (rSD) = 100 P

cpi: bgd – 1.3 ii iis

mj iis d ppi: niš 237,000Piši (ksv) 200,000

nvi Sd 192,000kgjv 147,000Si 101,000

ei gps: 82.9% Ss, 3.9% hgi, 1.8% Ygsvs,1.2% s

rigi: mjiy Si-odx; ci, msi; iiy Ps d Jis

n ss: c, pp, xi, i d gs, gi d

msip i ii

gisis:

uno, Iwf, oSce, ebrD, IbrD, Ifc, Icao, ean, mIGa, D

gy d ci ep


4



serbIa 2. eConomIC sItuatIon

In spite of numerous internal political problems, Serbia is

considered to be a successful reform country with the backingof the international financial community and a consolidatedfinancial and economic standing. Debt relief sharply reduced thepublic sector debt burden, the banking system was restructuredand privatised, and a suitable framework was established for investments. Per-capita GDP has reached the level of Romaniaand Bulgaria. In general, the country benefits from a skilled, low-cost workforce. In addition, the commencement of negotiationsfor a Stabilisation and Association Agreement with the EU inOctober 2005 and the prospect of accession provide further

impulses for this development.

Correspondingly, economic indicators have been good in recent years. The high growth of 8%recorded for 2004 was neither matched in 2005 with an increase of 5% nor in 2006 with 5.7%. Thesharp increase in wages and the loosening of fiscal discipline have intensified that unfavourabletrend since 2006. However, the GDP is expected to increase at rates well above 5% in the comingyears. The effects of the more restrictive monetary policy options adopted since August 2007 andthe likely slowdown in worldwide demand should be offset by dynamic consumption spurred bythe continuing rise of wages as well as by investments made in recently privatised companiesand increased public spending. The excessively high current account deficit remains one of themajor weaknesses and will be difficult to reduce. Although mitigated by high foreign currencyreserves, foreign exchange risks have increased. Private foreign debt has also been growingrapidly. Anti-corruption efforts need to be intensified and the reform of legal and administrativeinstitutions should be continued.

The most important growth sectors are construction and public works, transportation, tradeand financial services as well as electricity and gas supply. Deregulation and a reduction inthe minimum capital requirements for establishing companies have increased momentum inthe corporate sector. The political reorientation has resulted in a steadily increasing flow of investment into Serbia, whereby the most important investor countries are the members of theEuropean Union. However, the recent political turmoil has made foreign investors more cautious.

Major deals planned for 2008 include the privatisation of the country’s large oil and gas provider,NIS, and the second largest insurer DDOR.

The development of trade between Austria and Serbia is strong, with reactors, machinery andmechanical equipment as the most important export goods (although data for 2007 is notavailable). Austrian companies can be found mainly in the banking, insurance and leasingsectors.

With the re-election of President Boris Tadic and the formation of a coalition government of LiberalDemocrats and Socialists after early parliamentary elections in May, further rapprochement to

the West seems certain. Designated Prime Minister is Mirko Cvetkovic. Problems could ariseexternally due to the refusal also of the new government to recognise the Kosovo, and internallybecause of taking the Socialists (SPS, Ex-Milosevic-party) into the coaltion.

Country-Rating

Coface RatingC

www.cofacerating.com


5



Sd Idis 2004 2009

Key Data 2004 2005 2006 2007(e) 2008(f) 2009(f)

Economic growth (%) 8.4 6.2 5.7 6.5 6.0 6.2

Inflation (%) 13.7 17.7 6.6 7.0 5.9 6.7

Gross fixed capitalformation (real in %)

n.a.. n.a. n.a. n.a. n.a. n.a.

Unemployment (%) 18.5 20.1 19.5 18.8 17.4 18.3

Budget deficit (in % of GDP) 0.0 0.0 -1.6 -2.5 -1.0 -0.9

Merchandise exports(million USD)

3,900 4,600 6,500 7,800 9,200 n.a.

Merchandise imports(million USD)

10,900 10,200 12,700 15,500 17,400 n.a.

Current account(in % of GDP)

-12.0 -8.0 -11.7 -13.3 -12.7 -13.9

FDI (in % of GDP) n.a. 5.9 14.2 5.3 5.6 5.8

Gross foreign debt(in % of GDP) 63.2 59.4 62.9 63.0 68.0 63.6

(e) estimate(f) forecast Sources: UniCredit Group New Europe Research Network, NBH, Coface S.An.a. not available

Dvp Si Di vs. e d uS D

Average Exchange Rate 2004 2005 2006 2007 2008(f) 2009(f)RSD/EUR 72.6 83.2 84.1 80.1 81.5 82.3

RSD/USD 67.0 67.0 73.0 76.8 n.a. n.a.

(f) forecast Sources: UniCredit Group New Europe Research Network, NBHn.a. not available

serbIa 2. eConomIC sItuatIon


6



serbIa 3. serbIa and the eu

The EU entered negotiations for the preparation of a Stabilisation and Association Agreement

with Serbia in October 2005. This represents the most important step taken by Belgrade towardsEU integration to-date and is also a pre-stage for accession, which should take place in 2012.However, this process has faltered on several occasions, among others because Serbia failed tocomply with the deadline for extraditing the ex-general and alleged war criminal Ratko Mladicto The Hague. The re-election of President Tadic should ensure continued rapprochement withthe EU, but a worsening of diplomatic relations with some member states and a shift towardsRussia remain possible if anti-EU forces retain their grip on the country. The EU members wereunable to reach a political consensus on signing a pre-membership Stabilisation and AssociationAgreement (SAA) with Serbia for many years. In spite of this situation, an agreement was signedin April 2008 to strengthen pro-western forces before parliamentary elections in May. Progress

on visa liberalisation is uncertain.

Serbia has received financial support under the Pre-Accession Instrument (IPA) since 2007, andthe country was allocated EUR 164.8 million for that year. Since 1991, the total amount granted toSerbia by the EU under CARDS (formerly OBNOVA) as well as macro-financial and humanitarianmeasures amounted to EUR 2.9 billion.


7



serbIa 4. legal framework

and useful faCts

4.1. cisis lg Sys

Serbia does not have a separate civil code, and civil law is scattered throughout different statutes.Adaptation to western standards will take additional time, and legal certainty is only guaranteedto a limited extent.

4.2. ovvi cp l

The new Serbian corporate law took effect in September 2004. The responsibility for registrationof all business entities owned by domestic and foreign companies lies with the Serbian BusinessRegistration Agency. This change centralised and simplified registration procedures at thesame time. The registration of companies can be completed within ten days from the date of application, and on-line registration is planned.

Foreign natural and legal persons are treated equally with domestic natural and legal persons.The four forms of companies discussed in the following are considered to be legal entities.

Legal Business Entity Serbian Name

Stock company Akcionarsko drutvo (a.d.)

Limited liability company Drutvo s ogranienom odgovornou (d.o.o.)Limited partnership Komanditno drutvo (k.d.)

Partnership Ortako drutvo (o.d.)

Non-commercial partnership No information available at the present time.

Sole proprietorship No information available at the present time.

Subsidiary, branch office No information available at the present time.

S cpyA stock company may be private or public. A public stock company is listed on the stock exchangeand has a minimum equivalent capital of EUR 25,000.-. The private stock company is not listed,has a minimum equivalent capital of EUR 10,000.- and a maximum of 100 shareholders. Thenominal value of each share may not be less than the equivalent of EUR 5.-.

The registration of the company becomes effective with the filing of the articles of association.Legal entities as well as natural persons may establish a stock company.

liid liiiy cpyThe limited liability company is the most common legal form in Serbia. The number of shareholders is limited to 50 natural or legal entities. Share capital must equal or exceed

EUR 500.-. The owners of the company are liable to the extent of their shareholdings in thecompany. Registration takes effect with the filing of the memorandum of association.


8



Share capital may be contributed in the form of cash or contributions in kind, such as

equipment, goods, know-how, work and services etc. Shares can be transferred freely betweenthe shareholders. The existing shareholders have pre-emptive rights if plans call for the saleof shares to third parties. Shareholders are only liable beyond the value of their shares if thecompany is misused for illegal or fraudulent purposes. The founding of a partnership in which alimited liability company serves as the general partner (similar to the Austrian “GmbH & Co KG”)is not possible in Serbia.

liid PsipA limited partnership must have at least one general partner and one limited partner. The generalpartner is fully liable for the obligations of the partnership; the limited partner is liable only up

to the amount of the agreed contribution. A limited partnership has two or more persons aspartners, and there are no minimum equity requirements.

PsipAll partners of a general partnership are liable without limit for obligations arising during thecourse of business activities. A partnership has two or more persons as partners, and there areno minimum equity requirements.

n-i PsipNo information is available at the present time.

S PpisipNo information is available at the present time.

Ssidiy, rpsiDomestic and foreign companies are entitled to establish one or more branches, but businessactivities must be conducted in the name and on behalf of the company. A branch must be dulyregistered.

Foreign persons may open a representative office in Serbia, but are not permitted to engage incommercial activities in the country. Under certain conditions they are exempt from tariffs on the

import of necessary inventory and equipment. The Ministry for External Trade maintains a specialregister for representative offices.

4.3. aig d a rps

The Law on Accounting and Audits (in effect since December 2002) implemented InternationalAccounting Standards/International Financial Reporting Standards (IAS/IFRS) for all legalentities.Legal entities must submit their financial statements by 28.2. (consolidated financial statements

by 31.3. and approved financial statements by 30.6.) to the National Bank of Serbia. Publicationon the website or in newspapers is mandatory.


and useful faCts


9



Audits have been mandatory for all medium-sized and large companies since 1.1.2004. Medium-

sized companies must change auditors every five years, large companies every three years.

4.4. ovvi tx d css l

Serbia belongs to those CEE countries that have introduced a flat tax. In general, Serbia has oneof the most tax-friendly regimes.

cp txThe corporate tax rate is 10%, which is the lowest in Europe. The tax base is calculated according

to IFRS. Dividends paid to domestic parent companies are exempt from taxation at the subsidiarylevel. A withholding tax of 20% applies to rental payments transferred outside the country andgains on sale earned by non-residents.

I txSerbia has a two-tier income tax system: The different forms of income are taxed separatelyduring the year (personal earnings 14%, royalties 20%, income from capital 20%), and totalincome is calculated and taxed at an additional rate of 10% at the end of the year. This additionaltaxation only applies to foreigners whose earnings exceed ten times the average annual wage per employee in the republic, and only the excess amount is taxed. For local residents, this additional

tax is only levied when annual earnings exceed four times the average wage per employee.

V-addd txSerbia was one of the last countries in Europe without a value-added tax (Serbian: PDV). Thenew Value-Added Tax Law was enacted on the 1.1.2005, and provides for a standard VAT rateof 18% and a reduced VAT rate of 8%. Banking transactions and banking services, the sale of land and rental of apartments and business premises are exempt from VAT without the right todeduct input VAT. VAT exemption with the right to recover input VAT is available for the exportof goods, transportation services, services performed on temporarily imported goods etc. Theregistration threshold is around EUR 50,000.

exis DisExcise duty is paid by producers and importers in Serbia when taxable products are dispatchedfrom a factory or goods are imported. The products subject to excise duty include petroleumproducts, tobacco, alcoholic beverages, artificially flavoured soft drinks and coffee. A new exciselaw eliminated discriminatory elements of the taxation of tobacco products and cigarettesbeginning in January 2008. It also established a specific and ad valorem duty on cigarettes, thusbringing the structure broadly into line with European standards.

r es txsThe real estate tax rate is 5%.


and useful faCts


10



c txs

No information is available at the present time.

G tx IivsIn addition to the extremely low tax rates, other attractive incentives are provided in Serbia.The previously available investment allowance of 20% on capital goods was raised to 80% for companies in certain sectors (e.g. automobiles, telecommunications and textiles).

Companies that invest a minimum of RSD 600 mio. (ca. EUR 8 mio.) in tangible fixed assets andhire at least 100 new employees during the investment period are exempt from taxation for aperiod of ten years. Commercial investments are exempt from taxation for five years.

The free trade zones in Serbia are Belgrade, Backa Palanka, Lapovo, Nis, Novi Sad, Pirot, Prahovo,Sabac, Senta, Sombor, Sremska Mitrovica and Vladicin Han.

cs Dis d td bisSerbia is currently negotiating to join the WTO. 73% of goods are subject to tariffs of 1% to 10%and 50% to tariffs of 1% to 5%. Serbia has concluded free trade agreements, among others, withAlbania, Bosnia, Herzegovina, Croatia, Macedonia, Romania and Moldavia. Serbia is the onlycountry outside the CIS that has concluded a free trade agreement with Russia

Industrial-commercial goods as well as agricultural commodities that originate in Serbia are

imported duty-free into the European Union if proof of origin is provided.

4.5. liigi

Investment law gives equal treatment to foreigners and domestic persons/entities, and foreignersare no longer discriminated by the national courts. Nevertheless, legal actions should be avoidedbecause of the length of proceedings. There is no bilateral agreement between Austria andSerbia for the recognition and enforcement of judgements in civil law matters. Therefore,contracts should include a provision for arbitration.

civi Pdigs (c Sys)Civil procedure law is closely aligned with the Austrian civil law regime, but there are differencesin the allocation of territorial and subject matter jurisdictions as well as the legal review system.Reforms have not been implemented in the area of judicial appointments, and there areconcerns about the extent of political influence over the judiciary. Appellate and administrativecourts have not yet been established. The Supreme Court has had to take over the functions of an appellate court. The planned enactment of the new Criminal Procedure Code was postponeduntil December 2008, and has led to a significant backlog in both civil and criminal cases.


and useful faCts


11



aii Pdigs

The anticipated arbitration law has not been passed to date, and domestic arbitration proceedingsare rare. However, the Serbian Chamber of Commerce has established an international permanenttribunal that operates in accordance with western rules. Ad-hoc tribunals are not yet recognisedfor domestic disputes.

Serbia has signed the New York Convention on the recognition and enforcement of foreignarbitral awards.

4.6. Isvy

Isvy lThe new law on bankruptcy took effect on the 1st February 2005. It stipulates an exact periodof time for the start of bankruptcy procedures against an insolvent debtor. An insolvent debtor is defined as a person who cannot meet payment obligations within a period of 45 days, or whoceases payments during this same period, or who has announced that obligations will not bepaid, or is unable to pay obligations despite court or tax execution procedures. The Law on theAgency for Licensing Receivers in Bankruptcy provides for the recovery of insolvent debtorsthrough a reorganisation plan. Serbian law does not regulate insolvencies without assets.

4.7. Siis

mgg (ld rgis)According to the 2004 law on mortgages, a mortgage is the only legally regulated lien on land.Both in-court and out-of-court realisation are regulated, and the registration of a lien hasconstitutive effect. The statutory requirements governing the use of mortgages to finance realestate development were eased in 2006.

The law on the fiduciary transfer of property provides for assignment as security for immoveablegoods. Title is acquired through recording in a public register with an appropriate notation. Thecontract must be concluded in writing and notarised by the court.Rights to property are acquired through filing with the land register. Instead of an application,regulations require the filing of legal changes. The land register is open to the public.

PdgA recently enacted law on the assignment of moveable goods as security creates the possibilityof a pledge without possession. In this case, the debtor is required to register the secured assetsin a special register. Moveable goods, rights, shares in joint ventures and future assets may be

used as security.


and useful faCts


12



G

No information is available at the present time.

assig ciNo information is available at the present time.

wyNo information is available at the present time.

4.8. l l

Employment contracts not concluded in writing are considered to be concluded for an unlimitedterm. The contents of employment contracts are defined by law. The average net salary in Serbiawas approximately RSD 28,000.- in 2007 (approx. EUR 300.-).

w PisForeigners require a temporary or a permanent residence permit, which is issued by the Ministryof the Interior, as well as a work permit from the labour office. Furthermore, the jobs for whichforeigners may be employed must be defined in the articles of association of the company.

tii epyThe employer may terminate the contract for valid reason, e.g. lack of ability, behaviour or general business reasons. Business reasons include technological, economic or organisationalchanges or a reduction in the volume of orders.

Si Siy ciiThe rates for mandatory social security contributions are slightly less than 18% of the gross sala-ry for pension, health and unemployment insurance. Social security contributions are paid byboth the employer and the employee. The minimum base for contributions is 40% of the averagemonthly salary and the maximum base is 5-times the average monthly salary.


and useful faCts


13



serbIa 5. busIness In serbIa

5.1. Py cdiis

In general, it is advisable to obtain information on credit standing of a partner when entering intoa business relationship. Furthermore, the use of letters of credit, bank guarantees, or full depositpayments is advisable, in particular with initial deliveries or new customers.

Py PNo information is available at the present time.

IssNo information is available at the present time.

ri tiLegal regulations governing the retention of title are defined in the law of obligations. Theretention of title must be stipulated in the sale contract. This retention should be explicitly statedduring customs proceedings, since there is no possibility to re-export imported goods unless bypermitted by the Ministry of Foreign Trade and this permission is rarely granted. It is thereforeadvisable to avoid deliveries with retention of title.

fii SysThe system for bank supervision and deposit insurance meets EU standards. The establishmentof a bank by a foreigner in Serbia is not subject to special requirements, provided there isreciprocity with the foreigner’s home country. The bank requires a license to conduct business.

5.2. ci Pds

For information on the collection of default interest and retention of title, see section 5.1. above.We recommend the prompt referral of outstanding claims to a local collection agent. CofaceCentral Europe has an extensive network in the CEE region and cooperates with partnersthroughout the world

S liiisNo information is available at the present time.

5.3. aqisii r es

According to the law on basic legal ownership, the acquisition of land and property is generallypermissible for foreign natural persons and legal entities. The only exceptions are certainrestrictions on the acquisition of building sites owned by the government as well as land used

for agricultural purposes. Foreigners who conduct business activities in Serbia must meet two


14



conditions before they can acquire property: The property must be required for business use and

reciprocity must exist with the foreigner’s home country.

Land registration procedures are still under development. The recording of titles in the landregister is still quite complicated because of the unclear ownership structure.

5.4. Ivs ci

The country has a very open attitude to foreign investors. The 2001 Privatisation Act, the 2002Foreign Investment Act (establishing equal rights between foreign and local investors and

simplifying start-up formalities), record low tax rates and cheap skilled labour make Serbia oneof the region’s friendliest countries for investment. In addition, the law on foreign investmentsgrants the following rights: repatriation of the investment or the remaining amount in the eventof premature termination; a share of capital and repatriation in the event of liquidation; and theunrestricted transfer of profits.

The position of Austrian investors is reinforced by a bilateral agreement on the protection of investments, which was concluded with former Yugoslavia 1989 and adopted by Serbia. Amongothers, it guarantees the free transfer of payments in connection with investments.

5.5. rsiis tv d rsid

Foreigners must apply for a residence permit within three days after entry; there are temporaryand unlimited permits as well as business visas. An unlimited permit is only issued in exceptionalcircumstances. A business visa is issued for an unlimited number of trips or for the duration of the engagement.

Citizens of Serbia require a visa to enter Austria.

5.6. fig exg

The Dinar has been convertible since 2002 and foreign exchange for international settlementsis freely available to individuals and companies. In contrast, rules for the transfer of foreignexchange are very strict. Foreign currency can be imported into Serbia without restrictions, butforeigners may export foreign exchange only up to the amount declared at entry. All paymentsin Serbia must be made in Dinar and, in some cases, payment in cash is not allowed.

serbIa 5. busIness In serbIa


15



serbIa 6. CheCklIst for busIness

operatIons In serbIa

Corporate law: Minimum capital limited liability company EUR 500.- Minimum capital public stock company EUR 25,000.- Minimum capital private stock company EUR 10,000.-

Tax law: Income tax two-phase, 10% at year-end VAT 18% (reduced 8%) Corporate tax 10% Tax exempt amounts of up to 80% Tax exemptions for up to 10 years

Investments: Equal treatment of foreigners Statutory guarantees for the protection of investments

Bilateral agreement with AustriaProperty acquisition: Only with restrictions

Foreign exchange: Regulations on the transfer abroad very strict FX accounts for foreign legal entities possible

Labour law: Average salary around EUR 300.- Work permit required Business-related termination of contracts possible

Customs: Most tariffs from 1% to 10% Numerous free trade agreements

Travel and residence: Temporary and unlimited residence permits, business visa


16



serbIa 7. serbIa onlIne

Serbia Agency for Investments and Export (SIEPA) http://www.siepa.sr.gov.yu

Serbia Agency for Privatisations http://www.priv.yu

Parliament http://www.parlament.sr.gov.yu

Ministry for Economic Affairs http://www.mpriv.sr.gov.yu

Ministry of Justice http://www.mpravde.sr.gov.yu

Ministry of External Affairs http://www.mfa.gov.yu

Ministry of External Economic Relations http://www.mier.sr.gov.yuMinistry for Capital Investments http://www.mki.sr.gov.yu

Ministry for Finance http://www.mfin.sr.gov.yu

Stock Exchange Belgrade http://www.belex.co.yu

Chamber of Commerce http://www.pks.co.yu

Country and People http://www.serbia-tourism.org

Important Contact Points


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I

http://www.ahk.dehttp://www.bankaustria.athttp://www.bfia.orghttp://www.cofacecentraleurope.comhttp://www.dresdner-bank.dehttp://www.dsgv.dehttp://www.euractiv.orghttp://www.raiffeisen.athttp://www.trading-safety.comhttp://www.volksbanken.at

http://www.wko.at

Pi Coface and GMB Publishing Limited: The handbook of Country Risk 2007. A guideline to

International Business and Trade 2007 European Commission, Progress Report 2007 on Serbia Falke, Zum Stand der Insolvenzrechte in Staaten Süd – und Südosteuropas, Wirtschaft und

Recht in Osteuropa, Heft 06/2006, S. 161 Piuk, Schiedsgerichtsbarkeit in Serbien, eastlex 2005, 159 Schummer/Stevic, Konzessionen in Serbien als Form der Investition durch Ausländer,

Wirtschaft und Recht in Osteuropa, Heft 02/2005, S. 33 Vasiljevi, Serbisches Gesetz über Wirtschaftsgesellschaften im Überblick, Wirtschaft und

Recht in Osteuropa, Heft 01/2006, S. 1 Zwitter-Tehovnik, Beschäftigung ausländischer Personen in Serbien Abgaben- und

sozialversicherungsrechtliche Fragen, eastlex 2006, 19

Ipi

Editor: Coface Central Europe Holding AG, Stubenring 24, 1010 Vienna, Austria; CEO: MartinaDobringer; Editorial Office: Yvonne Schmidhuber; Establishment: Coface Central Europe HoldingAG, Stubenring 24, 1010 Vienna, Austria; Content: Marcus Klamert.

cpyig d liiiyCoface Central Europe Holding AG (Stubenring 24, 1010 Vienna, Austria) copyright, conditionsof use: you may copy and publish the information on this site provided that you do not makecommercial use of it and clearly indicate that it originates from Coface Central Europe HoldingAG. This information is provided without guarantee and does not bind Coface Central EuropeHolding AG in any way.

The Coface Rating was included in this country report as of 30.6.2008. Coface Central EuropeHolding AG cannot accept responsibility for changes made at a later date.

serbIa referenCes


18



Guiding your way trough the CEE region. Austria • Albania • Belarus Bosnia • Bulgaria • Croatia • Czechia • Estonia

• Hungary • Latvia • Lithuania • Macedonia • Moldavia Poland • Romania •

Russia • Serbia • Slovakia • Slovenia • Ukraine

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T. +43 (1) 515 54 – 0

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