Tobacco in Serbia and Montenegro
Euromonitor International's Tobacco in Serbia and Montenegro market report offers a comprehensive guide to the size and shape of the market at a national level. It provides the latest retail sales data, allowing you to identify the sectors driving growth. It identifies the leading companies, the leading brands and offers strategic analysis of key factors influencing the market - be they new product developments, packaging innovations, economic/lifestyle influences, distribution or pricing issues. Forecasts illustrate how the market is set to change.
Buy online to access strategic market analysis and an interactive statistical database of duty paid retail volume and value sales, illicit trade volume, company and brand shares, pricing, distribution and production data.
Tables: 82 | Publication date: Feb 2008
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Product coverage
Cigarettes; Cigarettes including RYO; Cigars; Smoking tobacco
Executive summary
Per capita cigarette consumption reaches a maximum
Cigarette consumption in Serbia and Montenegro reached its highest level in 2006 in both volume and value terms. Per capita consumption in Serbia and Montenegro is the highest within the region. The maximum tar content is now 14mg, with cigarette brands with a lower-tar content benefiting from this regulation. Domestic production of cigarettes has increased, as have imports, while cigarette exports are negligible. Sales of other tobacco products saw healthy volume and current value growth but still have a marginal presence in the tobacco market.
Four players have licences for cigarette production in Serbia, one in Montenegro and one in Kosovo
Three ex-state owned cigarette producing factories have been privatised and key multinational players have entered the market. Duvanska Industrija Niš ad, the main domestic player, has been sold to Philip Morris, Duvanska Industrija Vranje ad to BAT, both in 2003, and Duvanska Industrija Senta ad has a new owner in JTI in 2006, but has not yet started cigarette production. The fourth domestic producer is privately-based Monus doo, which started production in June 2005 as a Greenfield investment. In Montenegro the only domestic player is Duvanski Kombinat ad Podgorica, which still has not been privatised, and the producer in Kosovo is in Pec.
Law on Tobacco is strict on tar content
The Law on Tobacco, which came into force in 2005, set down the rules for tar, nicotine and CO content, the legal smoking age, health warnings and tobacco advertising. In line with global trends to safeguard health, Serbia has made an effort to push producers and importers to reduce the tar content in cigarettes. The final deadline for the production and sale of high-tar cigarette brands is 31 December 2010.
Serbia and Montenegro sign up to the FCTC
On 28 June 2004 Serbia and Montenegro signed the FCTC (Framework Convention on Tobacco Control). A national meeting on ratification of the FCTC for (former) Serbia and Montenegro was held in November 2005 in Podgorica, Montenegro. The parliament of (former) Serbia and Montenegro ratified the FCTC on 1 December 2005. The FCTC took effect from 9 May 2006.
Illicit sales negligible in Serbia, but not in Montenegro and Kosovo
During the first part of the last decade, illicit cigarettes sales in Serbia were higher than legal sales. After a change of government in 2000, one of the main tasks of the new democratic government was to suppress tobacco contraband. Tobacco import taxes were set at a lower level, and the legal import of tobacco products became easier, thus taking a significant share from illicit trade. Legal tobacco sales started to rise thanks to accessible tobacco products from domestic factories, which in August 2003 were acquired by foreign investors.
After signing up to CEFTA Serbia coordinates tobacco customs tax with the EU
Customs tax on tobacco products in Serbia was previously set at 15%, significantly lower than in neighbouring countries. However, excise taxes were twice as high for imported cigarettes. After signing up to CEFTA Serbia has coordinated customs tax with the other countries and set it at a level of 45% for all tobacco products with a country of origin outside of CEFTA. Excise taxes will be at the same level for both domestic and imported products.
Smoking Population
Data with regard to the smoking population by gender is not available for Serbia and Montenegro. There are some smoking population estimates which claim that the smoking trend is moving towards consumers of an increasingly young age, and towards the female population. Statistics show that every second man and every third woman are smokers in Serbia and Montenegro. Some 55% of 14-18-year-olds have tried smoking, while 17% smoke regularly and 71% have a parent who smokes. The Tobacco Epidemic in South-East Europe 2004 is the name of a research initiative from the World Health Organisation, and according to its figures Serbia and Montenegro stands in third place in Europe (after Greece and Turkey) and in fifth place globally in terms of its percentage of smokers. According to the official figures in 2006 from the Management of Tobacco agency in Serbia, per capita consumption is 3,620 sticks, the highest rate in Europe.
Outlook
Although it is expected that the smoking rate in Serbia and Montenegro will decline over the forecast period, mostly due to the health and wellness trend, the figures from 2003-2006 unexpectedly showed a rising trend with a peak in 2006. The only benefit was a slight shift towards lower-tar cigarettes.
The Serbian government’s anti-smoking efforts came into force at the beginning of 2006, and include restricted smoking in work places and public places (except horeca), but there are as yet no figures about the effect this has had. Consequently, it is surprising that consumption peaked in 2006 and it could be concluded that these efforts have not had the desired effects.
The social acceptance of smoking has been in decline and has changed drastically. Smokers within higher socio-economic groups are under some kind of pressure, but in lower socio-economic groups it is acceptable to smoke and be exposed to smoke.
It is estimated that every third woman smokes, and that smoking is increasing among women. This can be partly explained by the emancipation of women in Serbia and Montenegro. Women used to start smoking during their teenage years, but in some cases stopped during pregnancy.
Nicotine replacement therapy (NRT) products are available but not on prescription. The country is not wealthy enough to be able to offer this option and some health-conscious consumers are trying to quit the habit by themselves. They are low in number, however, and it is not expected that NRT products will have a significant impact on future smoking rates.
The smoking rate in Serbia and Montenegro is expected to decline in the future, but not significantly. The restrictions on tar content will drive cigarette producers to launch new products such as lower- tar and higher-quality alternatives.
Death by Cause
Up-to-date statistics on death by cause from smoking in Serbia and Montenegro are not available. Cigarettes are declared as the cause of death of every second tobacco consumer in Serbia, and it is believed that almost 18,000 people in Serbia and Montenegro are killed by tobacco each year, the equivalent of 47 people a day (WHO report).
Outlook
According to the World Health Organisation, smoking-related diseases are expected to increase in countries in transition (including Serbia and Montenegro) over the forecast period, despite the declining number of smokers.
The incidence rates will not be in tandem with the rate of the smoking population.
Consumption of smokeless tobacco is negligible in Serbia and Montenegro- it is not popular in the country and so is not likely to affect the level of respiratory diseases.
Increasing rates of smoking-related illnesses are not likely to affect the market significantly.
Legislation
Legislative overview/ FCTC ratification
On 28 June 2004 Serbia and Montenegro signed the FCTC (Framework Convention on Tobacco Control). A national meeting on ratification of the FCTC for (former) Serbia and Montenegro was held in November 2005 in Podgorica, Montenegro. The parliament of (former) Serbia and Montenegro ratified the FCTC on 1 December 2005 and it took effect on 9 May 2006.
Serbia succeeded in creating a strong legislative framework in 2006.
The legal smoking age is 18 years. By law producers have to include health warnings on their products stating that tobacco and tobacco products are harmful to health. The Serbian government has not adopted a strong anti-tobacco stance as it is concerned about the tax revenues received from tobacco.
There are no anti-smoking groups or lobbies in Serbia and Montenegro.
Outlook
As Serbia and Montenegro (separately and independently) plan to join the EU it is highly likely that further regulations will be implemented in line with EU legislation.
Serbia has become a signatory of CEFTA and must change some of its legislation to bring it in line with the other signatories.
Legislation:
Tobacco use in Serbia is regulated by several pieces of legislation. All matters concerning tobacco come under Management of Tobacco, itself under the auspices of the Ministry of Finance. Montenegro has its own Agency for Tobacco and in Kosovo and Montenegro UNMIK has supervisory control of the tobacco market. In Serbia, Management of Tobacco started its work on 23 December 2005, when the Tobacco Agency ceased its operations. The most important laws concerning the tobacco industry are:
The Law on Tobacco, published in the official journal Sluzbeni glasnik Republic of Serbia No 17/03, with an appendix published in Sluzbeni glasnik RS No 101/05;
Excise Law («Sl.glasnik RS», 22/01, 101/05);
Regulation on creating information about data necessary for tobacco and tobacco products of all domestic producers and importers («Sl.glasnik RS», 114/05);
Tar
In Serbia the Law on Tobacco regulates the maximum tar, nicotine and carbon monoxide content respectively, as follows:
Until 31 December 2006: 16mg, 1.5mg and 15mg per stick
Until 31 December 2007: 14mg, 1.4mg and 14mg per stick
Until 31 December 2008: 12mg, 1.3mg and 13mg per stick
Until 31 December 2009: 10mg, 1.2mg and 12mg per stick
Until 31 December 2010: 10mg, 1.1mg and 11mg per stick
From 1 January 2011: 10mg, 1mg and 10mg per stick
From 1 January 2006 the values of tar, nicotine and carbon monoxide have to be measured according to ISO standards 4387, 10315 and 8454 respectively. Data about tar, nicotine and carbon monoxide has to be printed from 1 January 2007 on the side of the packet, covering 10% of the side and framed.
Outlook
There are no regulations in the pipeline to limit the tar yields announced by the government.
High-tar cigarettes account for the second highest volume share of sales at 37%. A declining share is expected over the forecast period in line with the tar limits set by the Law on Tobacco. Consequently, mid-tar cigarettes is expected to be the key subsector in Serbia and Montenegro while low-tar and ultra-low tar cigarettes will also benefit from the legislation.
Strong decline of retail sales of high tar cigarettes is expected to accelerate in 2007, given the fact that cigarettes with a tar content of more than 14mg are prohibited from 2006. Likewise seen in Western European markets, the trend towards low-tar alternatives, e.g. low and ultra-low tar cigarettes is seen to take off with an expected increase in share of total cigarette sales over the forecast period.
Health warnings
Until the end of 2006 health warnings were not obligatory for cigarette producers, but from 1 January 2007 manufacturers will be obliged, in line with the Law on Tobacco, to include health warnings.
Outlook
According to Article 77 of the Law on Tobacco, from 1 January 2007 tobacco producers are obliged to incorporate stronger warnings (preventative) on tobacco packaging. Warnings have to cover 30% of the front and 40% of the back of cigarette packets. The warnings include: “smoking kills”, “smoking seriously damages your and other people’s health”, “smokers die younger”, “smoking causes lung cancer”, “protect children: do not let them breathe your smoke”, “smoking may cause a slow and painful death”, and “smoking may damage sperm and decrease fertility”.
Starting from 1 January 2007, no statement giving the impression that some cigarettes are less harmful that others may be used. Light cigarettes are not healthier than higher-tar alternatives, and a new amendment to the existing law bans deceptive terms such as “light”, “low tar” and “mild”. Information on maximum toxic emission is also required (nicotine – 1mg, tar – 10mg, carbon monoxide – 1mg) and should cover a minimum of 10% of the side of the packaging.
Duty paid packet marks
All tobacco products in Serbia must prominently display a tax stamp. The purpose is to clearly distinguish between legal and illegal goods, making contraband products easier to detect and laws easier to enforce. According to Article 70 of the Law on Tobacco, tobacco producers or importers have to pay YUD1.00 for each excise packet mark, with the money going into a special fund used for the prevention of tobacco-related diseases.
No maximum unit price has been set in Serbia and Montenegro.
Advertising & Sponsorship
The Law on Advertising (Sluzbeni glasnik R Serbia No. 79/05, Section 5, Article 64-67) came into force on 25 December 2005, placing a total ban on direct tobacco advertising in print and electronic media, on billboards and in other outdoor locations. The same law banned tobacco promotional events except at points of sale. This law bans the indirect advertising of tobacco products via radio and television broadcasts. Tobacco advertising and tobacco consumer competitions are permitted only in places selling tobacco products.
Those flouting the law can be fined anywhere between YUD300-3,000.
The sponsorship of sporting/music events and other events is also forbidden by the law.
Outlook
No plans to introduce outright bans have been announced.
Advertising restrictions have impacted tobacco advertising significantly as the law must be strictly adhered to from 2006.
In recent years there has been much indirect advertising of tobacco products, where the word cigarette is not mentioned, and no one could say from the advertisement that it is about cigarettes but everyone knows that the advertising message is linked with cigarettes. Companies advertise a brand or themselves through indirect advertisements. Monus used this kind of advertising to promote its brand Fast. This method of advertising was also used by Fabrika Duhana Rovinj, with the advertising message ''Regards from Rovinj'' in many media.
It is believed that the absence of advertising does not influence the size of the tobacco market.
Smoking in public places
Bans and restrictions on smoking in public places are defined by the law against smoking in Serbia, Sl. Glasnik R Srbije 101/2005, which became effective in December 2005. This law affects all enclosed public premises like:
educational institutions
accommodation for students and pupils
health care and social facilities
places concerned with the production, sale and storage of medicines
places concerned with the production, storage and sale of food
all cultural, sports and other arenas
places temporarily open to the public, such as buildings intended for public presentations, television broadcasts, etc
places of meetings and public meetings
all places where public food is served or sold
public transport and road transport but in rail transport separate smoking places are allowed
work places (in the case where at least one non-smoker is working), except in smoking rooms
lifts
Outlook
The law against smoking in public places will decrease smoking in public spaces and the smoking population in time. This will affect volume sizes negatively over the forecast period.
No further bans have been announced but it is highly likely that the restrictions will be more rigorously implemented, as current implementation is rather lax.
Litigation
No consumer litigation against tobacco companies nor litigation between tobacco companies themselves has been seen in Serbia and Montenegro.
JTI International from Geneva and JTI doo Belgrade are disputing ownership of the cigarette brand name Monte Carlo. JTI Geneva initiated an action against JTI doo accusing the company of illegal production of Monte Carlo cigarettes, while JTI doo Beograd argues that it had a licence for this name in the former Yugoslavia. The current standing of the case is not known.
Taxation and Duty Levies
VAT was introduced on 1 January 2005. VAT of 18% is valid on all tobacco products in Serbia and Montenegro. Besides VAT there is an excise on imported cigarettes of YUD10.00/pack +30% and for domestic cigarettes it is YUD1.00/pack +30%. Fixed YUD excise tax is subject to valorisation every six months according to the inflation rate index. From 2007-2009 it has been declared that excise tax will be fixed at YUD10.00/pack for imported cigarettes and YUD2.00/pack for domestic cigarettes. From 2010 the fixed excise tax for both imported and domestic cigarettes will be at the same level of YUD5.00/pack and a proportional excise tax of 50%.
Excise is calculated on the retail price of a product (without VAT) and from 2006 it will be calculated for the best selling cigarette brand (published by Management of Tobacco) for all brands.
Tobacco customs tax is set at 15% (this will change in accordance with CEFTA).
All cigarettes are classified in three groups, as follows:
Group A (Article, Excise Law): all types of imported cigarettes, domestic licensed cigarettes; domestic cigarettes under the name Drina Extra, Sinchester, Pointexpress and Classic Light International;
Group B (Article 10, Excise Law): domestic cigarettes packed in folding cartons under the brands Classic, Classic Blue, Best, Welss, Filter 95, Magnus, Winset, Lovcen Lux I, Point 100 and other domestic brands in folding cartons;
Group C (Article 10, Excise Law) domestic cigarettes in paper boxes under the names Drina Original, Drina Klasicna, Best, Morava, Morava Klasicna, Vek, Div, Zeta, Srbija, Vikend, Gold, Formula, Lovcen i Point, and others.
YUD excise levels are under government supervision and every six months are recalculated in line with the inflation rate in Serbia.
Outlook
Given that fixed excise tax is recalculated every six months taking into account the inflation rate, as well as absolute and percentage excise tax changes over a given time period, tobacco unit prices have risen. On 1 January 2007 cigarettes producers took the opportunity to change the cigarette price base with the tax readjustment, so cigarettes prices have risen higher than merely the tax adjustment.
Future tax increases on unit price could lead to a shift towards low-cost brands or contraband.
Some consumers will shift to mid-priced or economy-priced brands.
Manufacturers will probably increase unit prices of their products slightly, most often at the same time as taxation changes.
Production/Imports/Exports
Serbia has significant raw tobacco production, but after the privatisation of two of its main domestic producers, raw tobacco production has been in decline. Domestic cigarettes had a 78% share in 2006 and this is expected to increase, given the fact that four domestic players will produce cigarettes within Serbia’s borders. The signing of the CEFTA agreement will lead to a higher volume of inter-country import and export of cigarettes within CEFTA, and it is expected that the Croatian company Tvornica Duhana Rovinj will take more significant share in the low and ultra-low tar subsectors.
The Role and Effect of Cannabis/Marijuana
Since the 1990s there has been a rapid increase in drug addiction in the country, with greater use of hard drugs and younger age segments using cannabis/marijuana. In addition, Serbia and Montenegro have been at war. Moreover, Kosovo has turned into one of Europe's biggest hubs for drug trafficking and tobacco-related products such as cannabis/marijuana. Although Serbia is primarily a country for the transit of drugs, marijuana and hashish dealers have tried to expand the domestic market, and are attempting to entice clients.
According to ESPAD some 13% of Serbian 16-year-old students have used cannabis and 12% have used tranquilisers or sedatives.
For the preparation of marijuana 'joints', tobacco from cigarettes is used with marijuana and this is the reason why increased consumption of cannabis/marijuana does not impact on sales of RYO tobacco significantly.
Serbia and Montenegro adhere to internationally agreed UN conventions, and would not legalise cannabis products.
Table of contents
TOBACCO IN SERBIA AND MONTENEGRO : MARKET INSIGHT
EXECUTIVE SUMMARY
Per capita cigarette consumption reaches a maximum
Four players have licences for cigarette production in Serbia, one in Montenegro and one in Kosovo
Law on Tobacco is strict on tar content
Serbia and Montenegro sign up to the FCTC
Illicit sales negligible in Serbia, but not in Montenegro and Kosovo
After signing up to CEFTA Serbia coordinates tobacco customs tax with the EU
Smoking Population
Death by Cause
Legislation
Litigation
Taxation and Duty Levies
Table 1 Taxation and Duty Levies – Cigarettes 2001-2006
Table 2 Taxation and Duty Levies – Cigarettes 2007-2011
Table 3 Average Cigarette Pack Price Breakdown : Brand Examples
Production/Imports/Exports
Table 4 Trade Statistics – Cigarettes Serbia only
Table 5 Trade Statistics – Cigarettes Serbia and Montenegro
The Role and Effect of Cannabis/Marijuana
MARKET INDICATORS
Table 6 Deaths from Heart Disease 2001-2006
Table 7 Deaths from Lung Cancer 2001-2006
Table 8 Illicit Trade Estimate 2001-2006
MARKET DATA
Table 9 Sales of Tobacco by Sector: Volume 2001-2006
Table 10 Sales of Tobacco by Sector: Value 2001-2006
Table 11 Sales of Tobacco by Sector: % Volume Growth 2001-2006
Table 12 Sales of Tobacco by Sector: % Value Growth 2001-2006
Table 13 Sales of Cigarettes by Distribution Format: % Analysis 2001/2006
Table 14 Forecast Sales of Tobacco by Sector: Volume 2006-2011
Table 15 Forecast Sales of Tobacco by Sector: Value 2006-2011
Table 16 Forecast Sales of Tobacco by Sector: % Volume Growth 2006-2011
Table 17 Forecast Sales of Tobacco by Sector: % Value Growth 2006-2011
DEFINITIONS
Summary 1 Research Sources
CIGARETTES
Headlines
Trends
Illicit trade (Cigarettes)
Cigarettes: Price Bands
Cigarettes: Filter Splits
Table 18 Slims/superslims Penetration 2006
Cigarettes: Pack Splits
Competitive Landscape
Prospects
SECTOR DATA
Table 19 Sales of Cigarettes by Tar Level: Volume 2001-2006
Table 20 Sales of Cigarettes by Tar Level: Value 2001-2006
Table 21 Sales of Cigarettes by Tar Level: % Volume Growth 2001-2006
Table 22 Sales of Cigarettes by Tar Level: % Value Growth 2001-2006
Table 23 Sales of Cigarettes by Price Band: % Volume Breakdown 2001-2006
Table 24 Sales of Cigarettes by Standard/Menthol: % Volume Breakdown 2001-2006
Table 25 Sales of Cigarettes by Tobacco Type: % Volume Breakdown 2001-2006
Table 26 Sales of Cigarettes by Filter Vs Non-filter 2001-2006
Table 27 Sales of Filter Cigarettes by Carbon Vs Non-carbon 2001-2006
Table 28 Sales of Cigarettes by Length 2001-2006
Table 29 Sales of Cigarettes by Pack Size 2001-2006
Table 30 Sales of Cigarettes by Pack Type 2001-2006
Table 31 Cigarettes Company Shares 2002-2006
Table 32 Cigarettes Brand Shares 2003-2006
Table 33 Forecast Sales of Cigarettes by Tar Level: Volume 2006-2011
Table 34 Forecast Sales of Cigarettes by Tar Level: Value 2006-2011
Table 35 Forecast Sales of Cigarettes by Tar Level: % Volume Growth 2006-2011
Table 36 Forecast Sales of Cigarettes by Tar Level: % Value Growth 2006-2011
Table 37 Forecast Sales of Cigarettes by Price Band: % Volume Breakdown 2006-2011
Table 38 Forecast Sales of Cigarettes by Standard/Menthol: % Volume Breakdown 2006-2011
Table 39 Forecast Sales of Cigarettes by Tobacco Type: % Volume Breakdown 2006-2011
Table 40 Forecast Sales of Cigarettes by Filter Vs Non-filter 2006-2011
Table 41 Forecast Sales of Filter Cigarettes by Carbon Vs Non-carbon 2006-2011
Table 42 Forecast Sales of Cigarettes by Length 2006-2011
Table 43 Forecast Sales of Cigarettes by Pack Size 2006-2011
Table 44 Forecast Sales of Cigarettes by Pack Type 2006-2011
CIGARS AND CIGARILLOS
Headlines
Trends
Competitive Landscape
Prospects
SECTOR DATA
Table 45 Sales of Cigars by Subsector: Volume 2001-2006
Table 46 Sales of Cigars by Subsector: Value 2001-2006
Table 47 Sales of Cigars by Subsector: % Volume Growth 2001-2006
Table 48 Sales of Cigars by Subsector: % Value Growth 2001-2006
Table 49 Company Shares of Cigars Exluding Cigarillos 2002-2006
Table 50 Brand Shares of Cigars Exluding Cigarillos 2003-2006
Table 51 Company Shares of Cigarillos 2002-2006
Table 52 Brand Shares of Cigarillos 2003-2006
Table 53 Forecast Sales of Cigars by Subsector: Volume 2006-2011
Table 54 Forecast Sales of Cigars by Subsector: Value 2006-2011
Table 55 Forecast Sales of Cigars by Subsector: % Volume Growth 2006-2011
Table 56 Forecast Sales of Cigars by Subsector: % Value Growth 2006-2011
SMOKING TOBACCO
Headlines
Trends
Competitive Landscape
Prospects
SECTOR DATA
Table 57 Sales of Smoking Tobacco by Subsector: Volume 2001-2006
Table 58 Sales of Smoking Tobacco by Subsector: Value 2001-2006
Table 59 Sales of Smoking Tobacco by Subsector: % Volume Growth 2001-2006
Table 60 Sales of Smoking Tobacco by Subsector: % Value Growth 2001-2006
Table 61 Company Shares of RYO Tobacco 2002-2006
Table 62 Brand Shares of RYO Tobacco 2003-2006
Table 63 Company Shares of Pipe Tobacco 2002-2006
Table 64 Brand Shares of Pipe Tobacco 2003-2006
Table 65 Forecast Sales of Smoking Tobacco by Subsector: Volume 2006-2011
Table 66 Forecast Sales of Smoking Tobacco by Subsector: Value 2006-2011
Table 67 Forecast Sales of Smoking Tobacco by Subsector: % Volume Growth 2006-2011
Table 68 Forecast Sales of Smoking Tobacco by Subsector: % Value Growth 2006-2011
DUVANSKA INDUSTRIJA NIS AD
Strategic Direction
Key Facts
Summary 2 Duvanska Industrija Niš ad: Key Facts
Summary 3 Duvanska Industrija Niš ad
Company Background
Production by Factory
Summary 4 Duvanska Industrija Niš ad: Production Statistics by Factory
Competitive Positioning
Summary 5 Duvanska Industrija Niš ad: Competitive Position 2006
DUVANSKA INDUSTRIJA VRANJE AD
Strategic Direction
Key Facts
Summary 6 Duvanska Industrija Vranje ad
Summary 7 Duvanska Industrija Vranje ad
Company Background
Production by Factory
Summary 8 Duvanska Industrija Vranje ad: Production Statistics by Factory
Competitive Positioning
Summary 9 Duvanska Industrija Vranje ad: Competitive Position 2006
MONUS DOO
Strategic Direction
Key Facts
Summary 10 Monus doo: Key Facts
Summary 11 Monus doo: Operational Indicators
Company Background
Production by Factory
Competitive Positioning
Summary 12 Monus doo: Competitive Position 2006
DUVANSKA INDUSTRIJA SENTA AD
Strategic Direction
Key Facts
Summary 13 Duvanska Industrija Senta ad: Key Facts
Company Background
Production by Factory
Summary 14 Duvanska Industrija Senta ad: Production Statistics by Factory
Competitive Positioning