1. Mr. Koprivica, how did your career develop prior to your role of CFO in Carlsberg Srbija?

Not long after graduation from the Economic Faculty in Novi Sad in 2000, I started my career in NIS Naftna industrija Srbije (Oil Industry of Serbia), a part of the company NIS GAS (today, Srbija Gas). A few years later, I started working at Hypo Alpe Adria Bank, and later in IM Matijević – Matijević Agrar. In 2007, I came to the Carlsberg Srbija Company, to the position of Finance and Accounting Manager.

I can say that my whole professional path up until now, including the period spent in the bank (where I worked in financial analysis and credit rating of the companies applying for a bank loan) was connected to the jobs of corporate finance. Honestly, it seems to me that I have made the right choice, this area suits me, I am interested in it, and I can still find the motivation and inspiration to ceaselessly deal with the tasks and challenges which the finances bring with them.

2. How do you evaluate business conditions during 2024? Were they better or worse in comparison to previous years?

When viewed in its entirety, including the markets in which Carlsberg Srbija Group operates (which besides Serbia, includes Bosnia and Hercegovina and Montenegro, i.e. our subsidiaries Carlsberg BH and Carlsberg Montenegro, as well as the presence in the Albanian market), in 2024, the business requirements were slightly more favourable in comparison to the previous period. Above all, I am referring here to the mild recovery of the citizens' purchasing power, relative price stabilization (inflation of 4.3% in Serbia, 2.4% in BIH, 3.3% in Montenegro, and 2.1% in Albania) and supply chain stabilization, which were especially disrupted in the previous period, due to the pandemics of Covid-19 and open international/geopolitical hot spots. I have to mention that during the last year weather conditions were quite more favourable for the brewery business than in 2023, which was marked by rainy periods and weather disturbances in one part of the summer season. However, there are still challenges we had to face with in the previous period, where I firstly have in mind the workforce market.

3. Carlsberg Srbija Group has achieved admirable results in the past few years. What is the greatest potential of Carlsberg Srbija at the moment?

The biggest potential of our company are our employees and the brand portfolio, along with constant maintenance of high quality products and use of innovations in all the markets we operate in. Corporative culture, work conditions, and positive working atmosphere influence motivation of the employees, who provide high performance guided by the Carlsberg’s motto SEMPER ARDENS. Flexibility and preferably quick business decision making, based on reliable financial and commercial analyses and data, have had a positive influence on the growth of the market share and business results in the previous years. The company is especially strong in the segment of premium brewery brands (Tuborg, Carlsberg, Blanc) and the cider beverage category (Somersby brand), with continuous expansion of portfolio and innovations. In 2025, we entered a new segment – the energy beverage segment, with the Battery brand, which only shows that we follow the global and local trends, and we tend to constantly enrich our offer for our consumers. Continuous and significant investments of over EUR 200 million into the modernized factory in Čelarevo (municipality of Bačka Palanka) since the arrival of Carlsberg, ensure high productivity, while standard and high product quality, as well as health and safety of our employees are our absolute priorities.

4. As for the non-alcoholic beers and beverages, as well as low-alcohol beverages, to what extent does the Carlsberg Srbija Group pay attention to this segment and what are the plans for the upcoming period?

In our portfolio, we have many diverse offers of non-alcoholic beverages at the moment – from non-alcoholic Somersby to a radler named Twist, which comes in two variants, low-alcohol and non-alcohol. The market of non-alcoholic beers in Serbia is not as developed as in some European countries, but it is growing. By evaluating the trends present worldwide, especially in the economies more developed than ours, we can expect that growth to continue. In that regard, in the current year, we plan to enrich our portfolio in this segment.

5. What were the main challenges in the few previous years for financial director of the big brewery company?

The organization of processes and operations in the conditions of Covid-19 pandemics, as well as the challenges in the very business operations (periodical “closures” of hospitality objects, fall of the market and volume, securing the company liquidity, supply chain disruptions etc.) are still fresh in our memory. Then came the period of high cost inflation, when it was necessary to react in an adequate manner, simultaneously keeping the company’s profitability and production volume, observing the influence of inflation on the citizens' purchasing power. Similarly, in the observed period, we have additionally developed the tools for profitability analyses and successfully responded to the growing requirements of the master company from Denmark, regarding the financial planning and reporting. At the moment, we are in the process of implementing the new software/ERP, which implies intensive cooperation with our consultants and a significant engagement of the employees – especially certain key individuals.

6. As of today, how much have the operation mode changed in the finance sector since you have started?

The only thing that is constant is the change. The times of digital transformation which we live and work in undoubtedly influence the finances. Occasional work from home is a real option today, we could say it is even a motivational factor for certain positions. Use of laptops and smart mobile phones provides different possibilities, increases flexibility and availability. E-mail communication is becoming a dominant form, while video conferences and the use of teams applications may replace some meetings, which once implied physical presence thus saving time and resources. At the beginning of my career, there were no e-banking and e-banking interfaces with accounting software. Digital signature concept speeds up and facilitates administrative part of operations. Recent introduction of e-invoices system in Serbia creates grounds for full application of EDI concept and further process automatization. In the area of financial planning and reporting, the area of profitability analyses (power BI reports) and business simulation has especially improved, with the aim to support business decision-making, i.e. internal stakeholders. The scope of work in the part of corporative reporting and planning has also increased (three-year projections, budget, and so called estimate projections, monthly estimates etc.), as well as analyses of the optimal use of financial resources for investing/CAPEXe. In the recent years, the focus has been on further improvement and strengthening of the internal control systems, as well, above all, on the prevention of errors. We are starting to deal with AI, actually we are still going to deal with it, and as we can see and hear, the changes are very fast and intensive. Therefore, change is what we are surrounded by, but what remains constant is knowledge – the knowledge that no one can take away from you. I am speaking about the knowledge acquired during the education process, which lays the ground for the development of practical knowledge and skills, together with good training and performance management system, and later on further career advancement.

7. How do you intend to attract experts in this area when employing new people in your team? And in which way do you motivate current employees?

Good corporate culture and positive working environment are characteristic of the Carlsberg Srbija Company, and our applicants in most cases are aware of that. Having in mind all of the above-mentioned, as well as the nature of the very activity, the finances in the brewery industry, i.e. Carlsberg Srbija Company, are characterized by moderate to high complexity level. Considering the fact that we are a big legal entity, this simultaneously means diversity of business events/situations, i.e. possibility for learning and further practical improvement. We have relatively low fluctuation in finances, and when employing, our selection process is professional and objective. We always tend to hire the best applicant, paying special attention to the work experience, potential, and the result in the practical tests on financial knowledge. Besides the aforesaid working environment, a well-developed performance management system and adequate rewards, trainings, enrichment of work, and possibilities of horizontal and vertical development, socializing within the company and team building events are certainly the factors which contribute to a very solid employee satisfaction level, good motivation, and the fact that we are considered a reliable partner to other sectors, i.e. internal stakeholders.

8. Carlsberg Group adopted a sustainable Together towards Zero strategy as early as in 2016. What are the most important aspirations that you will follow as a company in the coming period?

Carlsberg company expresses its dedication to the sustainably business operations through the program TOGETHER TOWARDS ZERO, which includes six areas in which we tend to affect the environment positively, with the clear set goals. The mentioned areas refer to the reduction of the carbon footprint in the entire chain, to the water consumption, decrease of agricultural footprint, packaging waste, responsible consumption, as well as the health and safety of our employees. As a part of the Carlsberg Group, we in Carlsberg Srbija daily work on each of the mentioned areas and tend to positively influence the community, which we are an integral part of, through numerous activities and projects. I would just like to add that, besides the Together towards Zero strategy, since entering the market in Serbia, we have strived to improve the life of our fellow citizens in Čelarevo through constant investments in different projects, since we believe that the basis for the long-term company development is a prosperous and healthy community.

9. What are the plans for the company Carlsberg Srbija in the upcoming period? Which challenges do you expect in the upcoming period and what will be your focus in 2025?

Our consumers and employees are fundamental in making our business decisions and plans. Maintaining high-quality level of products, while expanding the portfolio through innovations, and entering the new categories, increasing the production capacities in the Čelarevo factory, adherence to the ecological standards, as well as further increase of the employee satisfaction level are the key areas in 2025, and beyond. The planned increase in volume/sales and market shares in the mentioned four markets in which we operate in the region, growth of the key financial indicators in absolute terms, as well as the margin, come as a logical consequence of the above-said. Global and regional stability, as well as the possibility of spillover effect of low/sluggish growth or recession from certain European countries may represent the main challenges in the coming period. One should not forget the labour market, especially certain occupations/professions, i.e. chronic lack of offer.