1. JANUARY-MARCH 2015
Magnificent construction event –
Šarani right tunnel tube bored
Contracted new jobs worth
around EUR120 million

2. 2
CONTENTS
JANUARY-MARCH 2015
Editorial Board
Zoran Radosavljević, President, Radoslav Raković, PhD, Zdravko Milošević, Biljana Svičević
(Representative of UAU – United Association of Unions) and Borjana Vićentijević
Editorial
Editor in Chief, Zoran Radosavljević,
Deputy Chief Editor, Borjana Vićentijević
Translator, Bojana Brkić
Contributors:
Dragan Aleksić, Marijana Vasić, Milenko Vukićević, Jovan Vujović, Konstantin Grujić, Zoran
Dašić, Olivera Đokić, Marko Elazar, Ivana Živković, Biljana Kaplarević, Ljiljana Kljajić, Miloš
Kljajić, Nenad Lazić, Desimir Maksimović, Veljko Mijić, Dragan Mijović, Milenko Milovanović,
Momčilo Ostojić, Sanja Petrović Bećirović, Drago Popović, Vesna Prodanović, Radoslav
Raković, Ljiljana Rosić, Snežana Timotić, Branka Tomić, Filip Filipović, Vladimir Hristodulu
Photo: Milan Gaković, Igor Mađinca (front page), Vitomir Rakočević, archive
Prepress and printing: Goran Dinić, Energoprojekt Energodata Plc.
Published quarterly, circulation 1730
Newsroom phone number: (+381 11) 310 1015, 310 1020, e-mail: ep-list@energoprojekt.rs
Year LII
Total amount of Energoprojekt’s
planned new jobs at home and
abroad in 2015 is EUR279.5 million.
Energoprojekt has already started
with a successful realization of these
plans. We have contracted many
new jobs worth over EUR120 million:
Niskogradnja has signed contract for
another important job in our country;
Visokogradnja has signed a contract
for construction of Forte Bank in
Kazakhstan; Hidorinženjering has new
contracts in Algeria; Entel has signed
big and important contracts for jobs
in Qatar, Oman and the United Arab
Emirates; while Energoprojekt Ghana
haswonaUSD50millionworthcontract.
Large infrastructural projects in Serbia
have been successfully progressing
- the dynamics of works on Prokop
is on schedule, work permit for the
tunnel Brančići has been obtained,
while works on the Belgrade-Pančevo
railway will be completed before the
deadline.
In previous period, several major
projects have been completed: new
smelter and sulfuric acid plant at RTB
Bor,reconstructionoftheCochabamba
- Chota road in Peru, works on elec-
trostatic precipitator A3 inTENT done
by Oprema, Plc, etc.
However, we are especially proud
of important construction project
done by Niskogradnja, Plc.This“mag-
nificent event” for all builders – the
Šarani right tunnel tube boring, was
enthusiasticallycoveredby allnational
media.Niskogradnjadidahigh-quality
job within the agreed timeframe and
deserves numerous acclaim it has
received. As it seems now, we have
greeted the spring with a smile!
CONSOLIDATED FINANCIAL STATEMENTS FOR 2014 UNDERWAY . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
CHANGES IN THE SUPERVISORY BOARD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
RULES AND REGULATIONS ON WORKING ABROAD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
DESIGN AND CONSTRUCTION OF ADMINISTRATIVE COMPLEX OF FORTE BANK IN ASTANA. . . .5
ŠARANI RIGHT TUNNEL TUBE BORING COMPLETED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
FINISHING WORK ON A3 ELECTROSTATIC PRECIPITATORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
NEW USD12 MILLION CONTRACT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
NEW CONTRACTS IN ALGERIA OVER EUR 3 MILLION WORTH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
CONTRACTS WORTH USD15.3 MILLION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
PROJECT COCHABAMBA – CHOTA COMPLETED. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
WORK PERMIT FOR TUNNEL BRANČIĆI RECEIVED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
NEW USD50 MILLION CONTRACT IN GHANA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
BUSINESS MEETINGS OF SERBIAN AND FRENCH CONSTRUCTION COMPANIES . . . . . . . . . . . . . . 11
START OF THE NEW SMELTER AND SULFURIC ACID PLANT RTB BOR. . . . . . . . . . . . . . . . . . . . . . . . . 11
WORKS AT PROKOP STATION ON SCHEDULE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
WORKS ON BELGRADE-PANČEVO RAILROAD WILL BE COMPLETED BEFORE THE DEADLINE . . 13
ENERGOPROJEKT REPRESENTATIVES VISIT PRODUCTION FACILITIES IN CROATIA . . . . . . . . . . . . 13
DEADLINE FOR BRIDGE OVER THE DANUBE-TISA-DANUBE CANAL PROLONGED. . . . . . . . . . . . . 13
JOVAN NIKČEVIĆ RECEIVES HIS PhD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
2015 BUSINESS PLAN OF ENERGOPROJEKT ADOPTED. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
THE LACK OF JOBS IN THE COUNTRY HAS BEEN COMPENSATED BY INCREASED NUMBER OF
NEW CONTRACTS ABROAD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
NEW LEADERSHIP IN ENERGOPROJEKT VISOKOGRADNJA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
HARMONIZING ENERGOPROJEKT VISUAL IDENTITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
ENERGOPROJEKT AWARDED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
NON-WORKING DAYS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
ENERGOPROJEKT - OPPORTUNITY TO PARTICIPATE IN EUROPEAN PROJECTS. . . . . . . . . . . . . . . . 21
QUALITY WEEK 2015 HELD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
NEW CONTRACT LEADS TO SAVINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
PHOTO EXHIBITION OF VLADIMIR JABLANOV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
CONFERENCE HALLS 3 AND 4 MODERNIZED. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
ENERGODATA AT CeBIT 2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
IMPORTANT CHANGES IN LEGISLATION IN PLANNING AND CONSTRUCTION . . . . . . . . . . . . . . . . 26
SUCCESSFUL PROMOTION OF TWO BOOKS OF OUR PENSIONER. . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
31st
INTERNATIONAL ENERGY CONFERENCE 2015 HELD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
ENERGOPROJEKT JOINS GLOBAL CAMPAIGN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
WASTE MANAGEMENT ORGANIZED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
BIGGER SPACE FOR EXERCISE AND NEW TABLE FOR TABLE TENNIS. . . . . . . . . . . . . . . . . . . . . . . . . . 29
EMPLOYEES OF ENERGOPROJEKT GATHER AT THE NEWYEAR’S COCKTAIL PARTY. . . . . . . . . . . . 30
GAMES WITHOUT FRONTIERS, DOHA 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
7TH
MEMORIAL TOURNAMENT“SREĆKO KOŠANIN” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
RE-LAUNCH OF ENERGOPROJEKT JOURNAL PLANNED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
JANUARY BLOOD DONATION CAMPAIGN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
SUPPORTING KNOWLEDGE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
ENERGOPROJEKT IN THE FRIENDS OF UNICEF CLUB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
NEWS FROM THE MERIDIANS OF ENERGOPROJEKT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
WE GREET SPRING
WITH A SMILE!

3. 3
CONTENTS HIGHLIGHTS
JANUARY-MARCH 2015
2015 BUSINESS PLAN OF ENERGOPROJEKT ADOPTED
The planned consolidated revenue for 2015 amounts to EUR276.2 million. Home companies
will participate with 41% while companies abroad with 59%. Pg. 15
WORKS AT PROKOP STATION ON SCHEDULE
During the first quarter December 2014-February 2015, around 120 people were employed at the
construction site while the overall progress of works by the end of February was 9%. Pg. 12
THE ŠARANI RIGHT TUNNEL TUBE BORING COMPLETED
The Šarani Tunnel is one of the longest of its kind on the Corridor 11. The ceremonial boring of the
tunnel was done in the morning on Saturday March 28, 2015 by employees of Niskogradnja, Plc.
Pg. 6
ENERGOPROJEKT - OPPORTUNITY TO PARTICIPATE IN EUROPEAN PROJECTS
European Union created financial programmes called the EU Framework Programme for
Research and Innovation. The latest Framework Programme, Horizon 2020, covers the period
from 2014 to 2020 with nearly EUR80 billion of funding available. Pg. 21
GAMES WITHOUT FRONTIERS, DOHA 2015
February 10, 2015, when Qatar celebrated the National Sport’s Day for the fourth time,
Energoprojekt Entel organized their first “Games without Frontiers” at the Pearl Garden
complex where employees had a chance to show their abilities in different sport disciplines in
their own choice. Pg. 31
BIGGER SPACE FOR EXERCISE AND NEW TABLE FOR TABLE TENNIS
Interest for recreational activities is big. More than fifty employees from the Energoprojekt Group
regularly exercise with a professional trainer and this number keeps increasing. Pg. 29
BRATISLAV STIŠOVIĆ – DIRECTOR OF HIDROINŽENJERING, Plc.
Disruption in the domestic market has been identified in time, and consequently, we have
increased our efforts to sign new contracts abroad. This has resulted in new important business
deals in Algeria and Jordan. Accepting the reality, we have taken certain steps and activities for
entering markets of Nepal, Oman, Afghanistan, and India. Pg. 16
CONSOLIDATED FINANCIAL STATEMENTS FOR 2014 UNDERWAY
Energoprojekt Holding has published unconsolidated operating results for the previous financial
year on the website of the Belgrade Stock Exchange for 2014. Operating income has increased by
6% while operating profit has decreased by almost 23% due to an increase in various expenses.
Pg. 4

4. JANUARY-MARCH 20154
ENERGOPROJEKT NEWS
In compliance with the law
CONSOLIDATED FINANCIAL STATEMENTS
FOR 2014 UNDERWAY
According to the standard procedure that has been in use
for many years, the Supervisory Board of Energoprojekt Holding,
Plc, the competent authority of the parent company, and the
Board of Directors of subsidiary companies of Energoprojekt at
the end of February 2015 discussed and determined individual
financial statements of Energoprojekt companies for 2014
which include business operations in the country and abroad.
Following scheduled activities and organizational scheme for
preparationofconsolidatedfinancialstatementsofEnergoprojekt
for 2014, the competent authorities of Energoprojekt discussed
and determined financial statements of foreign companies
owned by Holding and subsidiaries and also consolidated
financial statements of all subsidiaries earlier in March this year.
The preparation of consolidated financial statements of
Energoprojekt in 2014 is underway. In accordance with the law,
the entire process of designing and establishing consolidated
financial statements of Energoprojekt for 2014, annual reports
on business operations, as well as authorized independent
auditor report on the financial report audit for 2014 will be
completed by the end of April 2015.
In accordance with the schedule, detailed analysis of busi-
ness operations of each company by the competent authorities
of Energoprojekt will be done when considering the annual
report for 2014.
Energoprojekt Holding has published unconsolidated
operating results for the previous financial year on the
website of the Belgrade Stock Exchange.
Operating income increased by 6% amounting to
RSD583.9 million. However, operating profit decreased
to RSD58.5 million due to an increase in various expenses
by almost 23%. Profit from financing of RSD673.6 million
almost doubled comparing to the previous year, but due
to expenditure of the valuation of other asset of RSD642.4
million, net profit slumped for 89% to RSD43.8 million.
Written by: Dragan Aleksić
Tamara Kaznovac Popović instead of Milun Trivunac, MScEcc
CHANGES IN THE SUPERVISORY BOARD
The Supervisory Board of Energoprojekt Holding, Plc. at the 30th meeting held on February
26, 2015 accepted the resignation of MilunTrivunac, MScEcc, from his position of independent
member of the Supervisory Board of Energoprojekt Holding, Plc.
In accordance with the Articles of Association, at the same meetingTamara Kaznovac Popović,
BScEcc, was co-opted as an independent member of the Supervisory Board of Energoprojekt
Holding, Plc. The member is appointed to the Supervisory Board of Energoprojekt Holding,
Plc. as of March 1, 2015 to act until a new member of the Supervisory Board of Energoprojekt
Holding, Plc. is appointed at the next General Shareholder Meeting.
Holding, Plc. adopted the new Regulation
RULES AND REGULATIONS ON WORKING ABROAD
The Executive Board of Energoprojekt
Holding, Plc. adopted on January 21,
2015 rules and regulations on working
abroad for employees of Energoprojekt
Holding, Plc. This regulates the issues
related to working abroad and certain
issues related to the rights and respon-
sibilities of employees while working
abroad. Regulations were published on
the same day on the bulletin board of
Energoprojekt Holding, Plc. and came into
force on January 29, 2015. All subsidiaries
intheEnergoprojektGrouphaveaccepted
the rules and regulations as a model for
their own rules and regulations adopted
by their competent corporate authorities.

5. JANUARY-MARCH 2015 5
ENERGOPROJEKT NEWS
After years of experience in the
Kazakhstani market and remarkable
results achieved as Branch Manager of
Energoprojekt Visokogradnja in Aktau
and Project Director on the nightclub
and Clinical Center Sofie Medigroup
projects in Aktau, Zoran Simeunović
was appointed Branch Manager of
EnergoprojektVisokogradnja in Astana,
Kazakhstan. The decision was made by
the Board of Directors on December
24, 2014.
Zoran Simeunović (1975), MTech,
started as an intern in the Installations
Department in Visokogradnja in 2003.
The first engagement as construction
manager for TT installations was at
construction sites in the country. More
precisely, onYBC buildings, building E and
the residential complex in Block 29 in New
Belgrade.Since2006,hehasbeenworking
on construction sites in Kazakhstan – on
construction of business-commercial
center and residential building in Atyrau,
administrative buildings and NIPI MMG
in Aktau as well as on the reconstruction
of oil base in Pavlodar.
Duringthetwo-yearcontractasDirector
of the Branch in Aktau he actively par-
ticipated in acquiring new businesses in
Kazakhstan and contributed significantly
to signing the contract for design and
construction of Administrative Complex
Forte Bank in Astana.
VISOKOGRADNJA, Plc. signs a new contract
DESIGN AND CONSTRUCTION OF ADMINISTRATIVE COMPLEX OF
FORTE BANK IN ASTANA
EnergoprojektVisokogradnja, Plc. signed the contract for design
and construction of Administrative Complex of the Forte Bank in
Astana, Kazakhstan on February 24, 2015.The contract worth USD50
million excluding VAT was signed with the investor TOO Accent
Development Solutions. The completion period is 14 months.
The Forte Bank headquarters project in Astana, located in the
new administrative and business center of the capital of the Republic
of Kazakhstan, was initiated by the investor in order to expand and
relocate the headquarters building. The complex consists of three
units – a nine-floor headquarter building (B2), a two-floor branch
building (B1) and a three-floor building designed for parking and
storage of technical equipment (B3).The building complex should
be constructed in accordance with parameters and requirements
defined for A-class business facilities as well as with other technical
and aesthetic requirements of modern construction. Urbanizam and
Arhitektura, Plc. will design necessary contract documentation for
construction works on the building.
The surface of this building is 35.120 square meters divided
into following parts - Head Office 16.880 m2
(9 floors), Branch
Office 5,200 m2
(3 floors), Parking + Gallery 11.815 m2
(2 floors),
and Gallery 1220 m2
.
ZORAN SIMEUNOVIĆ APPOINTED BRANCH DIRECTOR OF
VISOKOGRADNJA IN ASTANA, KAZAKHSTAN
The building complex should be in accordance with the parameters and requirements defined for class "A" business buildings

6. JANUARY-MARCH 20156
ENERGOPROJEKT NEWS
ENERGOPROJEKT NISKOGRADNJA - meeting the deadline
ŠARANI RIGHT TUNNEL TUBE BORING COMPLETED
Construction work on Ljig - Preljina
highway, funded from €308 million
Azerbaijani loan began in May 2012.
Energoprojekt Niskogradnja, Plc. is
engaged in construction the Šarani tunnel
as a subcontractor to Azerbaijan Az-Virta.
The ŠaraniTunnel is one of the long-
est of its kind on the Corridor 11. The
ceremonial boring of the tunnel was
done in the morning on Saturday March
28, 2015. The honor of boring the“right
tunnel tube” total length of 887 meters
had Dragiša Janjećković and Mile Mitrić,
both workers at Niskogradnja. At 11.15
a.m. the remaining rock wall was bored
using a drilling machine boring the right
tunnel tube. Afterwards the champagne
was opened in the tunnel.
"The workers have been working for
months in three shifts and finally saw the
light at the end of the tunnel Šarani".This
was a reason to celebrate for all builders.
We've bored the tunnel and now we see
the other side. If we hadn’t had excellent
cooperation with Azerbaijani Az-virt and
theCIPInstitute,whodesignedthetunnel,
we would not have achieved success so
quickly", says Stojan Čolakov, director of
Niskogradnja.
Dimitar Đurović, director of "Corridors
of Serbia" attended the opening event
and announced that the Ljig-Preljina
section of the highway will be built by
August 25, 2016.
"ThisistheonlysectioninSerbiawhich
will be built on time while I expect it to
be completed even before the deadline"
said Đurović to the reporters. He also
had words of praise for Energeprojekt
Niskogradnja and the general contractor
Az-virt company.
After the tunnel boring ceremony,
Nikogradnja, Plc. and all the guests
continued celebration at the restaurant
in Gornji Milanovac.
Works on the tunnel continue.
Completion of the Šarani left tunnel tube
boring is planned in May, due to the fact
that there are still 55 meters remaining to
the point of merging, i.e. boring.The other
work in the tunnel tubes are continued
on schedule as well.
“New 12-meter long 2.CIFA metal
plank is ordered and should arrive in
late April while the installation is sched-
uled for May 2015. The next priority is
At 11.15 a.m. the remaining rock wall was cut using a drilling machine boring the
right tunnel tube

7. JANUARY-MARCH 2015 7
ENERGOPROJEKT NEWS
completion of the secondary lining of
tunnel tubes with 2.CIFA metal plank
till the end of 2015. Some 278 workers
are engaged on the project while 133
are employees of Niskogradnja. It is still
24/7 work, with two 12-hour shifts on the
primary and secondary tunnel lining.We
do not expect any delays, but a critical
point is still the exit approach cut until
we get and execute its integral stability
solution ", explains Vladimir Hristodulu,
Chief Engineer of preparation works.
Oprema, Plc. on TENT project
FINISHING WORK ON A3 ELECTROSTATIC PRECIPITATORS
After finishing works on electrostatic precipitators
on blocks A1 and A4, Oprema,Plc. is finalizing work on
electrostatic precipitator at block A3 on the power plant
NikolaTesla (TENT). After signing the contract in April, due
to the May floods the start of the work was postponed so
the mobilization was initiated on July 1, 2014.
The contract is a part of major reconstruction of block 3,
which had nine lots, and the reconstruction of electrostatic
precipitators was on Lot 8. The core of this project is to
reduce greenhouse gas emissions to an environmentally
acceptable level.
Engagingsubcontractorsandmorethan500workers,the
workswerecompletedwithqualityandontime.Theelectro-
static precipitator was completed on January 29, 2015 and
theblockwassynchronizedtothegridonFebruary4,2015.
WhatseparatesthisprojectfromtheearlieronesOprema,
Plc. was engaged in is the fact that static calculations of
electrostatic precipitators structure were done for the first
time according to the Eurocode standards which led to
an increase in the amount of steel and concrete works.
The contract value is EUR7.8 million and payment is
on schedule.
The ceremonial boring of the
tunnel was attended by (from
left to right): Stojan Čolakov,
Dmitar Đurović, Serdar Uluočak
(Az-virt), Vladimir Milovanović,
Dušan Đoković (Koridori Srbije)
"The workers have been working for months in three shifts and finally saw the light
at the end of the tunnel Šarani". Champagne was open to celebrate this event
View on the side of the the electrostatic precipitator that was
completed on January 29, 2015 while the block was synchro-
nized to the grid on February 4, 2015

8. JANUARY-MARCH 20158
ENERGOPROJEKT NEWS
NISKOGRADNJA, Plc. new job in Serbia
NEW USD12 MILLION CONTRACT
Niskogradnja, Plc. has signed a new
contract of the total value of $12 million
(VAT included). This contract includes
reconstruction of the railway on Corridor
10, more specifically sections Sopot
Kosmajski-Kovačevac, Mala Krsna-Velika
Plana and Golubinci-Ruma. Investor
is Serbian Railroad Company, Plc. and
the contractor is RŽD International -
Belgrade Branch, while a subcontractor
is Energoprojekt Niskogradnja. Project
delivery deadline is December 2015.
Construction work on the railroad
sections (total length 65.7 km) will
include reconstruction of the roadbed,
construction of new culverts, station
platforms and approach tracks, relocation
and protection of cables and facilities.
AD HIDROINŽENJERING signs four new contracts with ANBT Investor
NEW CONTRACTS IN ALGERIA OVER
EUR 3 MILLION WORTH
Over the last few months, Hidroinženjering, Plc. has signed
four new contracts in Algeria of the total value of more than
EUR 3 million.
Hidroinženjering, Plc. will make a feasibility study of the
Melilla dam for the National Agency for Dams and Transfers
(ANBT) in Algeria as the investor. The future Melilla dam is
located on the river Melilla 8km upstream, north-east of the
existing dam Meha and 13km east of the city El Tarf. The dam
should form a reservoir of a total capacity of 28 million m3
designed for better use of water resources of the river El Kebir
and for compensation of the capacity loss of the existing dam
Meha due to siltation and protection of the city of ElTarf from
flooding. The project delivery deadline is 14 months and its
value is EUR 822.233 (VAT excluded).
For the same investor, Hidroinženjering will do a feasibility
study of the Rėkus dam in Algeria. The dam is located on the
same river about fifty kilometers south of the town of Khenchela
and about 5km from the village Chehar. It is planned that the
dam forms the accumulation of a total capacity of 12 million
m3. This amount is intended to supply water for drinking
and irrigation of agricultural land in the region. The project
delivery deadline is 14 months and the value of the project is
EUR 529.137 (VAT excluded).
Hidroinženjering has signed another contract with the
National Agency for Dams andTransfers (ANBT) from Algeria.
The value of this contract is EUR994.690 (VAT excluded) and the
project delivery deadline is 16 months.This is a contract for the
main project and tender documentation for the construction
of theTabegar dam.Tabegar Dam is located in the municipality
of Ouled Si Slimane about 100km east of the town of Batna.
The purpose of the dam will be agricultural irrigation in the
region and the supply of neighboring villages with drinking
water. According to the previously done feasibility study, a
28-meter high dam of total accumulation capacity of 9 million
m3
was planned to be constructed.
In early January this year, Hidroinženjering signed a contract
for the main project and tender documentation for the con-
struction of the Sidi Nasur dam in Algeria.This study proposes
the profile on the Sidi Nasur River 60 km from the city Aflu.The
location of this dam was the subject of the feasibility study done
by Energoprojekt in 1988.The planned dam with enrockment
is 33,5meters high and 650 meters long.The dam should form
the accumulation of total capacity of 41 million m3
which is
designed to meet the needs for irrigation of agricultural land in
the region.The project investor is also the National Agency for
Dams andTransfers and project delivery deadline is 15 months.
The value of this contract is EUR 909.444 (VAT excluded).
Team of Hidroinženjering and Algerian ANBT

9. JANUARY-MARCH 2015 9
ENERGOPROJEKT NEWS
AD Entel signs new contracts in Qatar, UAE and Oman
CONTRACTS WORTH USD15.3 MILLION
In January and February this year,
Energoprojekt Entel,Plc. signed sev-
eral new and significant consulting
contractsinQatar,UAEandOman.The
totalvalueofthecontractsisUSD15.3
million (VAT excluded).
In Qatar, a contract for project docu-
mentation for crude oil tank construction
was signed with the investor “Qatar
Petroleum”.
In UAE – Abu Dhabi, a consulting
contract for the Construction of three
electrical substations with 132/33 and
132/11kv voltage level, together with
appropriate cable pipes and high voltage
transmission lines, was signed with the
investor “Abu Dhabi Transmission and
Dispatch Company (TRANSCO)”.
In Oman, a consulting contract for
development and construction of water
pipeline systems in region of Dakhiliyah
and Buraimi was signed with the investor
“Public Authority for Electricity & Water
(PAEW)”. With the other investor,“Oman
Electricity and Transmission Company
(OETC)” a consulting contract for the
construction of two Electrical Substations
of 400/220kv voltage level, together with
appropriate cable pipes and high voltage
transmission lines was signed.
The project delivery deadline is 36
months.
NISKOGRADNJA, Plc. successfully completes project in Peru
PROJECT COCHABAMBA  CHOTA COMPLETED
Rehabilitation and reconstruction of the Cochabamba - Chota road in Peru has been successfully completed early this year.
The project included construction work on 36km-long road passing through the area of the Andean mountains in the northern
part of Peru at an altitude of about 2,000m. The handover of completed works between the investor and the contractor was
conducted on February 13, 2015. The investor of this project was the State Directorate for Roads "Provias Nacional" with the
Ministry ofTransport of Peru. Construction work was performed by the Consortium of the following companies - Energoprojekt
Niskogradnja, Plc, Conalvias S.A. from Columbia and Superconcreto S.A. from Peru.
Rehabilitation and
reconstruction of the
Cochabamba - Chota road
in Peru has been success-
fully completed early this
year. The project includ-
ed construction work on
36km-long road passing
through the area of the
Andean mountains in the
northern part of Peru at an
altitude of about 2,000m
UAE
QATAR
OMAN

10. JANUARY-MARCH 201510
ENERGOPROJEKT NEWS
Energoprojekt Ghana continues successful business
NEW USD50 MILLION CONTRACT
IN GHANA
Energoprojekt Ghana – a foreign subsidiary of Energoprojekt Visokogradnja,
Plc. and investor Ecobank Ghana Ltd. signed in March this year a contract for
construction and installation works on the Ecobank building in Accra, Ghana. The
contract value of the contract is USD50 million (includingVAT).The project delivery
deadline is 21 months.
ENERGOPROJEKT NISKOGRADNJA continues to work on Corridor 11
WORK PERMIT FOR TUNNEL BRANČIĆI RECEIVED
At the construction site of the Corridor 11 section "Construction
of the highway E 763, section Lajkovac - Ljig (km 53 + 139.91
- km 77 +118.23)" conducted by Niskogradnja, Plc. works
have been progressing slowly due to objective reasons. The
contract with the Chinese contractor and investor, the com-
pany Shandong High Speed, was signed at the end of March.
Although the basic plan of work progress was made after
the contract had been signed and submitted in July 2014,
Niskogradnja was not actually involved in the control of the
part of the route until September 16, 2014. "By then the fall
began and we did not have permission to work on the tunnel
Brančići because the technical documentation had not been
acquired yet.We began with earthworks but due to the rainfall
as well as poor materials in the subsoil we almost made no
progress in late fall and winter. Only works on a bridge across
the Ljig River started more seriously as well as preparatory
works at several locations”, explains the construction manager,
Desimir Maksimović.
Permission to work on the tunnel Brančići was obtained not
before January 8, 2015 and we immediately started with the
excavation of the exit approach cut where currently protection
of the front slope is being performed. The entering into the
tunnel is expected in the next 30 days.
With the warmer weather activities on subsoil processing as
well as preparation of materials for embankments in the borrow
pit started. Also, works on a flyover over the Ibar highway began.
Camp in Dići was fully completed during the winter where
there are now concrete base, workshops, warehouses, tunnel
site offices, etc.
This important site currently engages 85 employees, 25 of
them are from Ljig and the surrounding area. In the next period,
the workers from the tunnel Šarani will come to this location
since the works on cutting both tunnels are the final stage
there. "Both workers and equipment for tunnel excavation and
preparation of primary support will be successively coming at
the tunnel Brančići construction site in accordance with our
needs and our plan", says Maksimović.
Maksimović also says the relationship with the Investor is
good but the biggest problem currently is unsolved project
documentation - regulation of river beds, relocation of electrical
and telecommunication installations, problem with soft mate-
rials in the subsoil which is not the solved by the Project, etc.
"This problem will be probably solved by clients and designers
in the next period in a way that will not greatly jeopardize the
planned work schedule from now on", concludes our colleague.
Construction of the bridge on the river Ljig
Works at the end of the section 5 km - 76
First shotcrete on protection of the front slope of the south-
ern tunnel portal Brančići

11. JANUARY-MARCH 2015 11
ENERGOPROJEKT NEWS
Energoprojekt in Paris
BUSINESS MEETINGS OF SERBIAN AND FRENCH
CONSTRUCTION COMPANIES
This March, 5 in Paris Energoprojekt, Hidrotehnika, PMC
Inženjering, Građevinar, Jedinstvo, Neimar, Alurol and Serbian
companies had the opportunity to meet with representatives
of major French construction companies such as Bouygues
Construction,BarbotFayat,Fayatmetal,CFE,Grontmij,CofelyGDF
Suez, EDF Dalkia, NGE, Spie Fondations,Vinci Environnement,
CIEC. Representatives of the largest French federation of busi-
nessmen - MEDEF International were among the guests as well.
Meetings of businessmen from the construction sector from
Serbia and France were organized by the Serbian Embassy in
Paris, Serbian Chamber of Commerce and the SBC, a company
from Belgrade.
Rajko Ristić, Ambassador of Serbia to France, who host-
ed the meeting in his residence, highlighted the excellent
bilateral relations between the two countries and expressed
confidence that the bilateral talks between representatives of
the companies will contribute to strengthening Serbian-French
economic relations.
The topic of the meeting was a possible cooperation in
third world markets, but also on the European market, with
special emphasis on current infrastructure projects in Serbia.
The Energoprojekt Group was presented by colleague Vesna
Prodanović, Head of Mechanical and Technology sector in
Energoprojekt Oprema, Plc.
Works completed and the deadline met
START OF THE NEW SMELTER AND
SULFURIC ACID PLANT RTB BOR
Constructionofanewsmelterandthe
sulfuric acid factory in RTB Bor began on
June 28, 2011. With this project RTB Bor
reduces copper processing costs from
1,250 to 700 dollars. However, the most
important is the ecological component -
Borandtheenvironmentwillnolongerbe
darkspotontheecologicalmapofEurope.
AspartoftheEnergoprojektGroup,the
followingcompanieshavebeenengagedon
this extremely complex project: Industrija,
Plc.-preparationofprojectdocumentation;
Visokogradnja, Plc. – construction works;
Oprema,Plc.–electricalandmechanicalworks
andprojectmanagement.Contractsforthe
executionofworksEnergoprojektOprema
signedwithFinnishcompanyOUTOTEKand
Canadian company SNC Lavalin. Project
construction together with all supporting
facilities and drives cost EUR251 million.
Energoprojekthasbeenthemaincontrac-
tor of local works in the amount of EUR65
million. All works have been completed in
accordance with the plan and program.
Theheartofthesystemisanewsmelt-
ingfurnacethatwillprocess400,000tons
of copper concentrate per year based on
thelatestflashsmeltingtechnology.Inthis
process,80,000tonsofcathodecopperwill
beproduced.IntheMiningandSmelting
ComplexBor,theheatupofthenewflash
smeltingfurnacebeganonMarch5,2015.
Afterrunninghotandcoldtests,thestart
of sulfuric acid plant followed. This plant
willprocesswastegasesfromthesmelter
andwillpreventenvironmentalpollution.
In the new sulfuric acid plant 98% of the
gas will be processed while only 2% will
be discharged to the atmosphere. This
processmeetsalltheinternationalenviron-
mentalstandards.Thefirstcopperanode
production is expected soon.
New smelter Sulfuric acid plant
At the business summit of Serbian and French construction
companies, Energoprojekt was represented by a colleague
Vesna Prodanović

12. JANUARY-MARCH 201512
ENERGOPROJEKT NEWS
The Energoprojekt Consortium – a well-coordinated team
WORKS AT PROKOP STATION ON SCHEDULE
Works at the Prokop station began
on December 3, 2014 and will last 420
days from the moment the contractor is
included in the work process. The total
contract value is EUR 25,773,840.76 (VAT
excluded). Upon the completion of this
contract, signed by Serbian Railways and
Consortium led by Energoprojekt on July
30, 2014, the existing facilities for recep-
tion, shipping and traffic control of the
Belgrade Center train station (Prokop) will
be reconstructed and expanded. Except
for the late payments by the Kuwait Fund
and the Serbian Railways JSC (the VAT
part), works are fully on schedule.
During the first quarter December
2014-February 2015, around 120 people
were employed at the construction site
while in February around 150 people.
OverallprogressofworksfromDecemberto
theendofFebruaryis9%.DuringFebruary,
it was continued with the construction
of tracks 7 and 8 in the platform area all
the way to switches 9, 12, 20 and 28 - the
undercarriage. Also, it was continued with
the construction of the platform structure
II,theunderpasses,theinstallationgallery,
waterproofing slab restauration at level +
105, the platform I (capping beams and
columns). Final works on the platforms
also started while works on the water and
sewerage systems continued. Works on
the disassembly of the 9th railway track
(Senjak and Dedinje), and on loading
and shipping old crushed stone are also
underway. In March, the key events on
the construction site are the start of con-
struction of the 3rd and 4th tracks in the
platform area all the way to the switches
9, 12, 20 and 28 - the undercarriage and
also the start of works on the room for
electronic signal device in the signal box.
The only thing that can cause a threat
to project deadline on January 27, 2016
is the delays in payment and possible
postponements in decision making
process on important issues not resolved
through tender and project documen-
tation, but they require on-the-spot
resolutions as well as active participation
and commitment of all people included
in the process, especially the Purchaser.
Unless there are any delays in payment
and in decision-making process by the
Purchaser, the well-coordinated team in
the Consortium believes that the project
will be finished as planned.
InearlyMarch,PrimeMinisterAleksandar
VučićandMinisterofConstruction,Transport
and Infrastructure in the Government of
Serbia, Zorana Mihajlović visited the
constructionsite.Onthisoccasion,Prime
Minister Vučić said he was satisfied with
the way and the pace Energoprojekt was
progressing on the project.
View on Prokop - RS Belgrade Center
Prime Minister Vučić visiting Prokop
Poles between the axes 10 and 12 Construction of the tracks 7 and 8

13. JANUARY-MARCH 2015 13
ENERGOPROJEKT NEWS
In late February, representatives of
Energoprojekt visited the production
facilities of Končar company in Zagreb
- Generators and motors, High-voltage
equipment, Medium voltage equipment,
Distribution and SpecialTransformers,
InstrumentTransformers and Electrical
Engineering Institute (Department of
generator monitoring and transformers).
RepresentativeteamofEnergoprojekt
included following members: Jasna
Grujić, manager at Elektrobiro, Branko
Marjanović, project manager and the
substation specialist at Entel, Nenad
Lazić, manager at Elektrobiro, Todora
Lazić, monitoring, management and
supervision specialist, Blagoje Gojković,
generator and transformer specialist at
Hidroinženjering, Milica Glazer, chief
designer for electrical equipment at
Oprema, as well as colleagues Stojanka
Pejčić, manager at Elektrobiro and
Aleksandar Đorđević, chief designer
at Industrija.
As the representatives of
Energoprojekt are designers of elec-
trical equipment, it was useful to see
the full product range and gain con-
tacts for further technical collaboration
with Končar.
"The visit was well organized; suc-
cessful dialog between professionals
on both sides, in terms of technical
background and understanding of
both types of work – design/consulting
and vendor/equipment constructors.
For Energoprojekt, the aim of further
cooperation is communication and
timely obtaining of technical infor-
mation that can help in the process of
preparation of project documentation
and actual cooperation on future pro-
jects", says our colleague Nenad Lazić
from Hidroinženjering.
NISKOGRADNJA, Plc. already done 70% of the total scope of work
WORKS ON BELGRADEPANČEVO RAILROAD WILL BE COMPLETED
BEFORE THE DEADLINE
Works on the project "The second track of the Belgrade -
Pančevo railway" for investor RŽD Internacional are carried out
according to the revised work plan. According to this plan, the
deadlinehasbeenmovedforsevenmonthsearliercomparedto
the agreed timeframe. Approximately 70% of the total scope of
workhasbeendonedofar.Accordingtothecurrentconstruction
dynamics, the deadline for the project delivery is April 2016
that is 7 months shorter than the agreed period. Redirecting
the rail traffic to the newly built right track line on the section
from km 4 + 742 to 15 + 852 km is planned for May 25, 2015.
A total of 111 employees are engaged at the construction
site including the employees of subcontractors. In addition to
the usual machinery used for earth works, the project engages
machines for refutation of planks for protection of the excavation
of foundation pits, around 8 meters deep, used for building
bridges and culverts, as well as machines for installation of
anchor reinforcement of the supporting piles to ensure the
stability of existing objects on the track.
Visiting manufacturing facilities of Končar company
ENERGOPROJEKT REPRESENTATIVES VISIT
PRODUCTION FACILITIES IN CROATIA
NISKOGRADNJA, Plc. connects the bridge over the canal in April
DEADLINE FOR BRIDGE OVER THE DANUBE
TISADANUBE CANAL PROLONGED
The contract to build a bridge over the Danube-Tisa-Danube Canal (DTD) with
access prefabricated bridge construction was signed in Novi Sad between the
Investor PE for City Construction and Development Institute from Novi Sad and
Energoprojekt Niskogadnja, as a contractor (in joint venture withWest-construction,
Ltd. Šabac).The contract was signed in July 2014.The new bridge across the Danube-
Tisa-Danube Canal will be 176 meters long and 2x13.7 meters wide.
Cooperation withVest-Gradnja is very good and the works are on schedule.The
investor has approved deadline extension for 102 days, or more precisely till June 29,
2015. Currently, works on the bridge structure over the DTD canal using a hanging
scaffold (cage) and the reinforced earth approach structure are in the final phase.
“About 100 workers work on the project full time and it is planned to connect the
bridge over the canal in mid-April", says the construction manager, MilenkoVukičević.
Construction of the platform at the Ovča station
The new bridge across the DTD Canal
will be 176m long and 2x 13.70m wide

14. 14
PEOPLE OF ENERGOPROJEKT
JANUARY-MARCH 2015
Our colleague Jovan Nikčević defend-
ed his PhD thesis “Legal nature of the
contract for the delivery of investment
equipment” on December 26, 2014 at
the Faculty of Law, University of Belgrade
in the Corporate Law Department. His
mentorwasProfessorMirkoVasiljević,PhD.
As our colleague Nikčević explains,
postgraduates do not choose their thesis,
but are given by the Department based
on the need for researching certain
unexplored fields. His thesis covers the
vexed question not only in the national
but also in the international theory and
practice.This topic has not been written
about much especially not in Serbia and
it covers qualification of mixed contracts
of production and delivery of
specific equipment produced
by order for a specific purchaser
and not in series. This type of
goods is intended to be used in
thecertainproductionofgoods
or services – production facili-
ties in different types of power
plants, industrial facilities, etc.
“Among other things, this
can also mean the obligation
of drafting plans and studies,
producing equipment, con-
structing, installing, supervising
the installment, commissioning,
transferring knowledge and
technology as well as many
other types of obligations.There
are much more these types of
work today, having in mind that
the construction work keeps
growing in different directions,
therefore in a case of a dispute
it is difficult to generalize the
type of contract in the whole,
i.e. where to draw the line
between sales, construction,
engineering or any other type
of mixed business. Different
rules apply to each of these contracts.
Consequently, it is very important to
classify contracts in the right way. The
most usual understanding in the theory
of law is that these contracts are clos-
est to sales. I have proven it opposite
– service agreement makes the basis
of these types of contracts. More spe-
cifically, doing business and engaging
knowledge and experience on the pro-
vider, which means longer deadlines for
objections to deficiencies, different rules
on breaching contracts, etc.This is more
favorable to national companies when
importing this type of equipment which
is the usual case having in mind that
the investment equipment is produced
by developed countries whose goal is,
among other things, to create techno-
logical dependency of less developed
and undeveloped countries. The living
examples from Energoprojekt practice
have been quite useful for the thesis. I
expect that knowledge on international
law, regulations of other countries, as
well as comparative practice I did writing
my thesis will benefit Energoprojekt in
the process of signing new contracts
and provide adequate risk analysis that
we take with contracts”, Jovan explains.
Our colleague Nikčević graduated in
2006 from the Faculty of Law, Department
forInternationalLawandstartedhismaster
studiesinthesameyearattheDepartment
for International Commercial Law. One of
the professors on his master studies was
MiroslavPaunović,PhD,afamousemployee
of Energoprojekt, who used almost all
practical examples from Energprojekt’s
business experience in the country and
abroad in his lectures. “I thought it was
a good company and decided to contact
someone in Energoprojekt and give my
CV. I didn’t expect much since I didn’t
have a typical recommendation. I was
very surprised when I was called for an
interview”, says Jovan. Soon after that he
had been offered a job he started work-
ing in 2007 as contract manager .Today,
he works in Energoprojekt Holding as
contract manager and this is his primary
job. Since 2012, he has been president
of Supervisory Board of Energoprojekt
Garant, Plc.
“Generally, I believe good plan or
good instinct is needed for any job. Of
course, the best is to have both. In order
to gain confidence in one or the other,
you have to work hard on yourself, give
your maximum and your best in any
job we do. In my experience, it is always
worth it, even when we least expect”, says
our young colleague about his business
philosophy.
Another PhD among Energoprojekt employees
JOVAN NIKČEVIĆ RECEIVES HIS PHD
Jovan Nikčević, PhD defended his dissertation in December

15. 15
ENERGOPROJEKT IN FOCUS
JANUARY-MARCH 2015
New business contracts planned
2015 BUSINESS PLAN OF ENERGOPROJEKT
ADOPTED
The Energoprojekt Group Business
plan for 2015 projects the consolidated
revenue of EUR276.2 million, gross profit
of EUR7.6 million and new business
contracts in the amount of EUR279.5
million.
In accordance with the long-term
practice and planning methodology in
the Energoprojekt Group, the Executive
Board of Energoprojekt Holding, Plc.
approved the annual business plan of
Energoprojekt Holding, Plc. and the
Energoprojekt Group for 2015 at the
meeting held on December 19, 2014. In
accordance with the set plan of activities,
the entire planning process has been
implemented in two phases:
In the first phase of planning (in
November 2014) preliminary plans
for operations of all companies of
Energoprojekt were individually made.
The preliminary business plan of each
company was separately
analyzed and discussed at
the extended meetings of
the Board of Directors of
subsidiaries attended also
by members of the Executive
Board of the Holding. Then,
competent authorities of
Energoprojekt defined man-
datory tasks planned for 2015.
(Documented in "Common
parameters of the business
plan for 2015").
In the second phase
of planning (in December
2014) the final business
plans for all companies in
the Energoprojekt Group in
the country and abroad for
2015 were done based on
standard procedures, pre-de-
fined and adopted binding common
parameters for creating business plans.
The plan for Serbia and abroad for 2015
has been shown in euros according to
the adopted planned exchange rate of
123 dinars for one euro.
Basic parameters of the Energoprojekt
Group business plan for 2015 are:
• Total revenue – The planned con-
solidated revenue of the Energoprojekt
Group for 2015 at home and abroad
amounts to EUR276.2 million. Home
companies will participate with 41%
while companies abroad with 59%. In
the total planned revenue, operating
business income will participate with
97% with active jobs dominating (the
ones already signed) with 79%, while
new jobs (the ones planned for 2015)
will participate with 21%. The most
significant market share in the total
planned revenue will have the Serbian
region with 41.3%, African region
(Uganda, Nigeria, Ghana, Zambia,
Algeria, Zimbabwe, Guinea) with 27.4%,
CIS region (Russia and Kazakhstan) with
15.1 %, the Middle East region (Qatar,
UAE, Oman, Jordan) with 9.1%, South
American region (Peru) with 6.2%, and
other markets with 0.9%. Energoprojekt
Holding, Plc. (parent company) projects
income for 2015 in the amount of
EUR8.6 million.
• Gross profit - The planned consol-
idated gross profit of the Energoprojekt
Group for 2015 amounts to EUR7.6 mil-
lion.The planned gross profit in 2015 for
Energoprojekt Holding ,Plc. (the parent
company) amounts to EUR4.6 million.
• Signing new contracts - New
contracts of the Energoprojekt Group
planned for 2015 at home and abroad
amount to EUR279.5 million - EUR71.9
million(26%) in Serbia and EUR207.6
million(74%) abroad.
Generally speaking, the Energoprojekt
Group will base its business activities in
2015 mainly in Serbia as well as in its
traditional markets in the world - in the
countries where Energoprojekt is present
with already established foreign compa-
nies, branches and representative offices.
Assuming the strategic orientation of
permanentandsustainabledevelopmentof
theEnergoprojektGrouporientedtowards
continual maximization of profitability,
business operations in traditional markets
(domestic and foreign), economically
viable employment of resources as well
as global macroeconomic trends, the
following top priority business objectives
planned for 2015 are:
• Activities on developing a new
strategic document "Fundamentals of
medium-term business operation plan
for the period 2015 - 2020"
• Further development of business
and information systems following the
needs Energoprojekt Holding, Plc.
• Continuation of financial and busi-
ness consolidation of certain subsidiaries
from the Energoprojekt Group that have
previously had poor business results
due to certain circumstances in terms of
revenues, profits, personnel, job security
and loan indebtedness.
D.A.

16. 16
ENERGOPROJEKT IN FOCUS
JANUARY-MARCH 2015
INTERVIEW: BRATISLAV STIŠOVIĆ – DIRECTOR OF HIDROINŽENJERING, Plc.
THE LACK OF JOBS IN THE COUNTRY HAS BEEN
COMPENSATED BY INCREASED NUMBER OF NEW
CONTRACTS ABROAD
Hidroinženjering,Plcparticipatedin
the 23rd Quality and Excellence Forum
at the end of 2014. They received the
“Oscar of Quality“in two out of nine
categories…
Hidroinženjeringhassetup,document-
ed, applied, maintained and constantly
improvedIntegratedManagementSystem
(IMS) in compliance with standards
ISO 9001:2008, EN ISO 14001:2005 and
OHSAS 18001:2008. Also, we are currently
implementing the information safety
management system according to ISMS
27001:2013.
Based on the strategy, quality plans
and set goals we have been applying
corresponding methods for tracking
and measuring performance process.
These methods indicate process ability to
achieve planned results. In case when the
planned results are not achieved, certain
corrective steps are
taken where possible
in order to maintain
productcompatibility.
We have declared
the key performance
indicators (KPI) and
based on them we
thoroughlyfollowand
analyze effectiveness
of this system.
After five years
of applying and con-
stantly improving
our integrated man-
agement system, we
decided to take part
in 23rd Quality and
Excellence Forum in
2014andcompetefor
the national award
“Oscar of Quality”
that we had recog-
nized as a suitable
way to evaluate our
own achievements
in this field of work
and also gain new
knowledge and pos-
sibilities for further
improvements. We
were happy to receive the award from
the jury in two categories – partnership,
resources and processes, and products
and services which is definitely great
motivation for future progress.
In order to make new step towards
making Hidroinženjering a team
organization, we decided to upgrade
the existing planning, realization and
product management with POINS –
project and implementation of business
information system.This project, realized
from our own resources in cooperation
with specialized IT team, has been
introduced this year and is currently
in the final phase of testing. This is also
a one-of-a-kind project in not only in
Energoprojekt but probably in wider
business surrounding and we expect it
to bring benefits in the organization and
project management, human resource
management as well as in the most
important business elements.
Howdoyouassessbusinessresults
ofHidroinženjeringinthelastyearand
the first months of this year?
Last year was characterized by sig-
nificant disruption on domestic and
some of the foreign markets where
Hidroinženjering has been present for
years. The business activities have dra-
matically fallen on domestic market and
many investors have withdrawn from
contracts and bids announced during
the year. Disruption in the domestic
market has been identified in time, and
consequently, we have increased our
efforts to sign new contracts abroad.This
has resulted in new important business
deals in Algeria and Jordan.
Early last year, we saw certain dis-
ruptions in the process of signing a new
contract which significantly impacted
the overall results; freezing the activities
on the project dam with hydropower
plants Brodarevo 1 and 2 on the Lim
river by investors; cancelation of the
contract for the project Alto Piura in Peru,
first for a contractor and consequently
for contract monitoring (Consortium
EP Hidroinženjering-Lahmeyer-Typsa);
withdrawal of Moravske, Ltd, i.e. German
RWE from the project and consequently
canceling signing of the contract with
Hidroinženjering and German Fichtner
who won the bid for the project Velika
Morava. The larger part of this job, the
phase one out of three, should have
been executed in 2014. More than ten
public procurement procedures, won
by Hidroinženjering on bids in the first
two quarters, have been suspended by
EPS which resulted in projected revenue
and profit loss for the reporting period.
The lack of jobs in the country has
largely been compensated by increased
number of new contracts and realization
of jobs abroad. In the second half of
the year, new contracts were signed in
Algeria, a total of four new contracts -
preliminary and main projects for dams.
Recently it has officially been announced
that we got a new strategic agreement

17. 17
ENERGOPROJEKT IN FOCUS
JANUARY-MARCH 2015
in this market - Study of water security
and management for all 65 dams in
Algeria. Based on an offer prepared and
submitted at the end of last year, another
strategically important and significant
contract in this market is expected to
be signed.Two new contracts in Jordan
have been signed as well as new ones
in Republic of Srpska, Montenegro and
Macedonia.
In a difficult business environment
with an increasing lack of work in the
domestic market, signing new long-term
contracts, technical assistance and super-
vision of the construction of four dams in
Algeria during the past years, four new
contracts from last year, new strategically
important contract from this year as well
as indicators for new possible contracts
have shown to be extremely important
for the business over the next 3 to 4 years
when their realization is expected.
Youactivelyparticipateinaproject
that is within the call “HORIZON 2020
- Water Call 2015”, organized by the
European Commission in Brussels. You
participate in activities that involve
cooperation with European funds. Can
you tell us more about that?
The new EU program HORIZON 2020
is open to profit and large companies
such as Energoprojekt.The fact is that the
business development of Energoprojekt
is oriented towards the EU projects by the
decision of the Holding management who
has, therefore, formed a corresponding
Department. Having in mind our rele-
vant experience, we have planned our
participation in this program.
Preparation of the project and
topic is in the final stage. This project
integrates methodology and the latest
technologies applied to studies and
projects that Hidroinženjering has
done over the past few years. Special
emphasis is put on the following seg-
ments: mathematical modeling of large
alluvial watercourses; review and imple-
mentation of an innovative integrated
hydro-ecological model; monitoring
system and decision-making support that
would enable simultaneous modeling
and consideration of interrelated prob-
lems of protection and re-use of water;
monitoring and maintenance of water
quality; hydropower; risk management
in floods and droughts; navigation, etc.
Our proposal and outline of the topic
will be submitted in April. Keeping in
mind our experience in this field and the
expertise of our team on this project,
we hope to succeed.
There are plans for applying for oth-
er projects under HORIZON 2020, the
Danube strategy projects and cross-border
projects with neighboring countries in
the region.
We are aware of the fact that there is
a fierce competition for getting grants
from the European funds, but we are
also aware that this project, that will be
prepared and submitted to the European
Commission, could potentially be a very
important reference for Hidroinženjering
and Energoprojekt.
Majority of projects that we have
done over the past ten years as well as
part of projects that are underway, have
been funded and supervised in accord-
ance with the rules and practices of the
European funds, financial institutions and
banks. Experience and practice we have
gained in this field is valuable. We have
fully mastered methods and techniques
that guarantee success and we are ready
to independently apply and participate
in these programmes.
Unfortunately, our independent par-
ticipation is not possible in most cases
because of favoritism of some banks and
institutions despite proclaimed principles
and strictly prescribed rules of conduct
in the process of pre-qualifications and
selection of consultants.The consequence
of this practice is that a large part of the
credit funds usually returns in the host
country of the institution, or generally to
Europe,throughparticipationofEuropean
designers and consultants.
At the same time, the fact is that we
get to work with leading international
consultantsandgainimportantexperience.
This type of cooperation gives us a chance
to compare ourselves with them and get
more realistic picture of our qualities, and
if necessary, change and improve some
of our methods and procedures. Also,
in this way we can assure higher prices
of our services than we get here on the
local market working on projects funded
from the national sources.
However, the problem is hiring for-
eign consultants on projects in Serbia
without serious control yet giving them
much freedom in providing consultancy
services without meeting requirements
and criteria obligatory for local consult-
ants. At the same time, this practice of
the lack of control is not possible in the
countries of former Yugoslavia or in the
foreign markets we work on, such as Peru,
Jordan, Algeria, etc. Failure to follow these
principlesharmsprimarilylocalconsultants,
makes their development and progress
more difficult, and increasingly threatens
their existence.
WhataretheprojectsinSerbiathat
Hidroinženjering is currently working
on? Can we expect some more work at
home? What steps have you taken in
order to improve your market position
in the country and strengthen your
competitiveness?
In Serbia, we are active in the areas
of hydraulic engineering, hydropower,
municipal and sanitary hydraulic engi-
neering, water supply and environmental
protection, as well as in project imple-
mentation management in these areas.
The most important project we have
been working on in the country during
the previous and this year is preliminary
design and main projects and consulting
services for revitalization of 15 small
hydropower plants. The work on these
projects is on schedule. In addition
to this, we are engaged in a series of
projects for EPS: preliminary design for
revitalization of Bistrica hydropower
plant; revitalization project of generators
at Đerdap hydropower plant; projects of
observation and result interpretation
of Drina and Lim hydropower plants;
technical control of the main project of
Zvornik hydropower plant revitalization;
preliminary design and feasibility study
on additional aggregate at Potpeć hydro-
power plant; while recently a project
for revitalization of Vlasina hydropower
plants has been launched.We have been
engaged in a number of relatively small-
scale projects in the field of waterpower
engineering - watercourse and irrigation
management, as well as on projects of
wastewater treatment TENT A and B.
We also provide occasional consulting
services for power plants NikolaTesla and
Kostolac. General design and feasibility
studies for 20 small hydropower plants
that we conduct together with EPS
have been suspended temporarily by
investors after we very quickly drafted
and submitted documents for the first
nine hydropower plants in mid last year.
We have been facing significantly
less projects on the Serbian market since
last year.These projects are with consid-
erably reduced budgets compared to
the previous period. There are ongoing
activities related to new jobs with EPS and

18. 18
ENERGOPROJEKT IN FOCUS
JANUARY-MARCH 2015
subsidiaries, as well as with Srbijavode.
We also participate in the process of
prequalification and bidding that is
funded by theWorld Bank through local
institutions. In addition to this, we also
expect to sign new contracts.
InHidroinženjeringwedailyundertake
organizational and technical measures
in order to increase competitiveness
and strengthen our market position.
However, conditions in our market are
not always set in a way to stimulate and
evaluate knowledge, experience, refer-
ences, application of new and modern
technologies, but criteria for getting the
job often comes down to fulfilling formal
requirements and accepting the lowest
price as the main criteria for selection of
the best bidder.
The practice of selecting bidders in
this way does not apply in a number of
countries we do business in nor is the
practice of the world's leading financial
institutions. Its long-term practice can
cause harm not only to Hidroinženjering
but to Serbia as well.
Youareactiveontheterritoryofthe
former republics of Yugoslavia.
The market of the former republics
of Yugoslavia is of great interest for us.
Our experience and capabilities are
recognized and highly valued in these
markets so we are given opportunity
to realize complex tasks and projects.
Law on Public Procurement sets certain
requirements and criteria, e.g. a criterion
of the lowest price in addition to the for-
mal requirements.This practice, similar to
the one in Serbia, creates us difficulties
in gaining expected profits. However,
all countries of former Yugoslavia have
limited and conditioned the presence
and business operations in their markets
by requiring mandatory registration of
companies and necessary specialists
with the Government and professional
associations. This is a costly process
which in some cases significantly hinders
successful business operations. Typical
example of this practice is the Republic of
Montenegro, which requires a member-
ship in the Chamber of Engineers with an
annual membership fee of EUR2,500 per
engineer. Since we employ a large num-
ber of experts on our projects, between
8 and 12 depending on the complexity
of the project, it is necessary to have
a selective approach which results in
having more difficulties and expenses
in business operations.
With all these difficulties in
Montenegro, we are engaged
in a series of projects, but the
most important ones are the
continuation of the project of
reconstruction and rehabilitation
of Piva hydropower plant done
together with a Swiss partner and
fundedbyKfWBank,andtechnical
surveillance of facilities at Perućac
and Piva hydropower plants. Our
plan is to strengthen our presence
in this market by getting work on
new projects and launching earlier
started projects. In this sense, we
are taking a series of marketing
activities together with EPCG and
Ministry of Economy.
Despite the fact that the business
situation in other neighboring countries
is similar to ours, we manage to find
solutions to work successfully, especially
when it comes to projects that are not
funded by these countries.
We have recently successfully com-
pleted a project of reconstruction and
revitalization of six hydropower plants
in Macedonia with our partner from
Switzerland.This project was financed by
KfW Bank and our role was to control and
manage the complete project.
In the Republic of Srpska we are cur-
rentlyworkingonthreeimportantprojects
wherewehavedifferentroles–asdesigners
at Nevesinje and Ulog hydropower plants;
as designers and supervision of works
on Cijevna 3 hydropower plant project
realized with partners from Germany and
funded by KfW Bank.
We won a tender for a project of
reconstruction and revitalization of
Varaždin hydropower plant together
with two Croatian consultants.Working
together on this project, we are getting
closer to overcoming all difficulties we
have faced as well as to gaining valuable
references and experience in this market
that can be very useful for similar future
projects.
Are you satisfied with the pace of
workonthedamsinAlgeriaandJordan
where you perform surveillance? Can
you describe relations with investors
in these two countries?
The pace of contractor’s works on
dams Seklafa, Beni Slimane, Soubella
and Djedra in Algeria, whose construc-
tion we monitor through the process
of elaborating detailed design, tech-
nical assistance and supervision, are
somewhat slower than anticipated by
contracts. Our contract stipulates that
our involvement in supervision lasts
from 40 to 48 months. Considering the
fact that the activities were initiated in
2012 it means the deadline ends by the
end of this year. However, according
to the current estimation and plans of
Algerian contractors each of the contracts
will be extended for at least a couple
of years. In that way, our contracts and
involvement in the supervision will also
be extended. The main reason for the
extension of contractor’s deadlines lies
in inadequacy of previous project doc-
umentation based on which the works
were bid and also in the work dynamics
of local contractors.
Contractor at Kufranjah dam in Jordan
is an Italian company whose pace at the
beginning of works was not satisfactory.
Our engagement on this project, in the
relation to the original contract, has
already been extended and we expect
to be engaged on this project the entire
2015.
The relations with investors from
both countries are very good. We have
been working in the market of Jordan
continuously since 2007, after a longer
break. After finishing the preliminary and
main project for Kufranjah dam, we suc-
cessfully bid for a contract for consulting
and supervision of works on this dam.The
reasonwewonthiscontractwasdefinitely
a well prepared bid and realistic prices,
but also the quality of services provided
to local investor JVA during the previous
project phase.
We have been present in Algeria for
more than 50 years, primarily due to the
quality of services and realistic prices.
ALGERIA

19. 19
ENERGOPROJEKT IN FOCUS
JANUARY-MARCH 2015
Algerian investor, Agency for dams and
watertransfers(ANBT),hasbeenentrusting
us with the most significant and strate-
gically most important projects for the
country for many years now. Therefore,
we pay special attention to the Algerian
market.The scope of work in this market
and the remaining amount of already
signed contracts is large and significantly
exceeds the amount of remaining con-
tracts on all other markets, both foreign
and domestic.
In the second half of last year, four
new contracts for elaborating the main
and preliminary designs for dams were
signed. Recently, we have received official
confirmation on winning a contract for an
extremely important strategic Study on
Water Safety Management i.e. managing
operations of all dams on the territory of
Algeria. Signing the contract and start of
works is expected during this month. In
addition to this new job, we hope to get
another strategically important work in
Algeria - Project of Utilization of Water
Resources andWaterTransfer ElTarf-Souk
Ahras - Tebessa.
What are the prospects for further
engagementinPeru?Whatissituation
in this market like?
In Peru we were involved in three
projects over the last year - Supervision
of rehabilitation of Machu Picchu hydro-
power plant Phase II; supervision of
the construction of the hydro-system
Alto Piura and preliminary project with
a feasibility study of the Yarascay dam
and irrigation system. On each project
we had different partners - Spanish
companyTypsa, local branch of German
company Lahmeyer, and Colombian
company Integral. Our work on the
project Alto Piura, which started in 2010,
was terminated at the beginning of the
previous year as a result of breach the
contract with the contractor.The project
Yarascay dam was completed last year
and its approval by relevant institutions
is still pending.We will continue our work
on the Machu Picchu project during
this year too. However, since last year
the situation on the market of Peru has
become significantly difficult due to
the local and regional elections which
caused changes in previously made
plans and also significant delays of bids.
A consortium led by Hidroinženjering
won the renewed bid for supervision on
the Alto Piura project in mid last year,
but this bid was immediately annulled
and then re-announced late last year
and again annulled. In addition to this
bid, there were several postponing of
all bids planned for last year.
We follow all activities concerning
the upcoming bids in this market with
special interest, primarily activities
regarding consulting and supervision
of the following projects: irrigation
project Majes Siguas II (the contractor
has been selected, while call for bid for
supervision, which has already been
delayed several times, is expected later
this year); irrigation project Chavimochic
III, an additional irrigation for about
50,000 ha (the contractor has been
selected, the preparation of detailed
design is ongoing, while the call for bid
for supervision, which has already been
delayed, is expected during this year);
the Yarascay dam (after our project has
been adopted, we expect call for bid for
supervision and execution of works).This
last project is of special importance, given
the fact that we have done the preliminary
design and feasibility study. Also, we are
interested in the study for integrated
maintenance and revitalization of the
hydropower complex Mantaro. For the
abovementioned bids of the investment
value from 150 to 550 million dollars,
negotiations with potential partners
are in progress.
The bids from the field of road infra-
structure have been monitored, too. Last
year we made an agreement to work
together with a Chilean partner to bid
for the supervision of the construction of
the tunnelYanango, which was delayed.
The plan is to tender again for continua-
tion of work and supervision of the Alto
Piura project.
Are there any plans for hiring new
staff? Is the staff organization aligned
with the needs of development of
Hidroinženjering key activities?
Personnel of Hidroinženjering have
been significantly “refreshed” over the
past ten years. Most of these young
engineers gained considerable experience
through involvement in major projects
of Hidroinženjering. They have already
become heads of projects or even heads
of departments.The personnel structure
is consistent with the needs of our key
business and the markets we are present
in. However, as a result of a generation-
al shift we tend to have a problem in
providing a sufficient number of top
professionals with experience of more
than 15-20 years. We have constantly
open vacancy for experienced profes-
sionals in the field of supervision who
speak foreign languages.
We pay special attention to improving
not only specialized knowledge but also
general knowledge such as language
courses organized in-house and outside
of the company as well as knowledge in
the areas of project management and
quality management.
One of the main tasks of department
heads and chief engineers is to monitor
skills and expertise of employees in order
to get basic information so that they could
participate in the process of planning of
human resources. Having in mind specific
scope of work of Hidroinženjering and
special knowledge required, it is clear
that the process of internal training
and education is significant part of the
process of raising competence of our
employees. Forming a knowledge base
of the company and defining technical
standards play an important role in this
process and are of special importance
for us.
Effectiveness in applying knowledge
is assessed through control of individual
or team work. Accurate and objective
real-time monitoring of the effectiveness
and contribution of each employee will
be provided with the use of the newly
introduced information system.
Whatareasisthefocusofmarketing
activities of Hidroinženjering? Is there
any intention to start activities in a
new market?
We believe that the scope of our
business activities is wide and our future
marketing activities will be directed to
projects in these areas.
Our intentions are to concentrate on
existing and possibly enter new markets
and new projects that require maximum
participation of expertise we value and
where we have competitive advantage
to provide employment with constant
education and training primarily of
younger quality staff. General crisis is
evident in the service market. This has
caused fierce competition and entering
new markets, even the high risk ones, is
an obvious imperative. Accepting the
reality, we have taken certain steps and
activities for entering markets of Nepal,
Oman, Afghanistan, and India. Also, the
return to Ethiopia is planned.
Text: Borjana Vićentijević

20. 20
ENERGOPROJEKT IN FOCUS
JANUARY-MARCH 2015
Employees of the Energoprojekt Group will not work
during the Easter holidays from April 10 (Good Friday)
until April 13 (Monday), so the first working day is April
14, 2015.
DuringtheMayDayholidays,thenon-workingdayis
Friday, May 1, 2015. So the first working day is Monday
May 4, 2015. Directors of the companies will determine
the working hours of work units (construction sites,
facilities, services, etc.) according to the needs of the
production process.
The road to recovery
NEW LEADERSHIP IN ENERGOPROJEKT VISOKOGRADNJA
Objectivecircumstancesinthemar-
ketswhereEnergoprojektVisokogradnja
operated during 2014, particularly
devaluation of the Russian currency
and reduced volume of transactions
in the country, had a major negative
impactonbusinessresults.Ontheother
side, they have also pointed out the
numeroussubjectiveweaknessesinthe
organizationandprojectmanagement.
As a result, the Executive Board of the
Holding and the Board of Directors of
Visokogradnja were urged to make a
decision on a leadership change and
regulation of business processes in a
better and more frugal way in order
to make more comprehensive reor-
ganization.
Given the urgency required by the
currentbusinesspositionofVisokogradnja
and based on the prior consideration by
the Executive Board of the Holding and
consultation with the directors of other
Plcs of Energoprojekt, General Manager
of Energoprojekt Holding, Mr. Vladimir
Milovanović, suggested he temporarily
took the position of executive director
of Energoprojekt Visokogradnja in order
to initiate all necessary changes and put
the business on a solid platform that will
bring long-term business stability for
VisokogradnjaandforEnergoprojektaswell.
For his closest associates elected
were the following employees: Snežana
Marjanović, B.Sc.CE, Assistant Director for
Technical Preparation and Logistics, Dejan
Jovićević B.Sc.ME, Assistant Director for
Marketing and Support Systems, Siniša
Tekić, B.Sc.Ecc, Assistant Director for
Economic Affairs and Snežana Bezbradica
B.Sc.CE, Assistant Director for Project
Management and Development.
The new leadership will propose a
plan for consolidation of the business
situation inVisokogradnja in the shortest
time possible. Also, they will identify
immediate actions with the goal to bring
the business of this company back on
track of recovery and profitable operating
in order to establish a regular mode of
realization of business activities and to
ensure a regular payment of wages to
employees in the country and abroad.
This also means realization of business
plans in terms of both revenues and
projected profits.
AlltheemployeesinEnergoprojekt
Visokogradnjaareexpectedtocontrib-
utewiththeirexpertiseanddedication
by performing their tasks in a quality
and efficient way in order to improve
the overall business situation in their
company.
Reminder of the necessary changes
HARMONIZING ENERGOPROJEKT
VISUAL IDENTITY
Asaresultofmodernizationofgraphic
designofourcompanies,therewasachange
in the Book of Standards introduced in
September2014.Thischangealsobrought
harmonization of visual identities of the
Plcs,foreigncompaniesandsubsidiaries.It
isimportantthatthecommunicationstyle
andvisualrepresentationofEnergoprojekt
are the same for all employees, as it is
commonpracticeinalllargeandsuccessful
companies. We remind all colleagues to
adapt their signatures in emails to stand-
ards, as well as to use the official Arial 11
font in business correspondence. User
customization instructions can be found
intheEnergoprojekt’sBookofStandards.
Top Serbian Brands 2014
ENERGOPROJEKT AWARDED
In organization of www.bestofserbia.
rs and Top Serbian Brands Magazine,
published in cooperation with the
Chamber of Commerce of Serbia and
SIEPA, winners in 56 categories of tra-
ditional "Top Serbian Brands - winner
for 2014" have been announced. This
award has been given based on an
independent survey carried out on a
random sample of 3076 adult citizens
of Serbia in early December 2014. The
main requirements for the awards
were: brand awareness, top quality,
customer satisfaction, excellence,
and business results. The award in
the category of corporate brands in
the construction section was given
to Energoprojekt.
NONWORKING DAYS

21. 21
ENERGOPROJEKT IN FOCUS
JANUARY-MARCH 2015
HORIZON 2020
ENERGOPROJEKT  OPPORTUNITY TO PARTICIPATE IN
EUROPEAN PROJECTS
Aiming to support and speed up
development of the European Research
Area, the European Union/European
Commission created in 1984 financial
programmes called The EU Framework
Programme for Research and Innovation.
ThelatestFrameworkProgramme,Horizon
2020, is the 8th one and covers the period
from 2014 to 2020. Horizon 2020 is the
biggest EU Research and Innovation pro-
gramme ever with nearly EUR80 billion of
funding available over 7 years. Since the
Republic of Serbia entered the Horizon
2020 on July 1, 2014 these funds have
become available to national economic
and scientific organizations.
Unlike the previous programmes,
this one supports and finances primarily
projects from the field of applied research
and innovations. Since commercial com-
panies can be participants or project
coordinators, Energoprojekt is entitled
to participate in these European projects.
Also, as a multidisciplinary group with
extensive experience, Energoprojekt
has many opportunities to participate in
these projects which will be coordinated
by Energoprojekt Holding.
Global market competition and new
market demands push companies to
developfurtherandapplynewknowledge,
investindevelopmentofbusinessprocesses
keeping with new trends in science, and
primarily,inappliedtechnologiesinorder
to improve the quality of services and
products.Adaptingtonewtrendsinvolves
companies, including Energoprojekt, in
European projects based on implemen-
tation of new strategies and guidelines.
The main Horizon 2020 work pro-
gramme, which comprises 18 thematic
sections, describes types of projects,
fields of work, topics and activities of
projects. There is an open call for each
thematic section - Call for proposals with
detailed instructions for writing and pro-
ject application. The work programme
covers all areas of scientific research.
Each topic is basically set very broadly
so any idea can be translated into the
EU project.
IntheHorizon2020program,there
are several forms of financing.We are
themostinterestedinfinancingthrough
grants. The European Union provides
grants for these types of activities:
• Activities aiming at establishing
new knowledge and/or determining
opportunities for new or improved
technologies, products, processes,
services or solutions.
• Basicandappliedresearch,devel-
opment and technology integration,
small-scale testing and validation of
prototypes in the lab or in a simulated
environment.
• Developing plans, solutions or
designs for new, altered or improved
products, processes and services.
• Developing prototypes, testing,
demonstration, pilot projects, large-
scalevalidationandmarketreplication.
• Actions that primarily include
accompanyingmeasuressuchasstand-
ardization, dissemination, awareness
raising, communication, networking,
services for coordination or support,
policy dialogue, joint trainings and
makingjointstudies,includingstudies
for design of new infrastructure.
• Can also include complementa-
ry activities such as networking and
coordination between programs in
different countries.
Inaccordancewithactivitiesinresearch
and development in the Energoprojekt
Group, cooperation with University in
Novi Sad has been made. Agreement on
Cooperation was signed onWednesday,
April 1, 2015 by rector of University in Novi
Sad professor Radovan Pejanović, PhD
and general director of Energoprojekt
Holding Vladimir Milovanović.
The most important elements of this
agreement on business, technology,
science, and education cooperation are:
• Entering the EU research and devel-
opment programmes as well as the
Danube strategy programmes.
• Realization of educational programs.
• Organizationofinternshipprogramsin
the Energoprojekt Group for students
of the University in Novi Sad.
• Other activities significant for success-
ful mutual cooperation. Lj.K.
Cooperation Agreement signed by rector of University of Novi Sad, professor
Radovan Pejanović PhD and CEO of Energoprojekt Holding, Vladimir Milovanović
EU

22. HOLDING VISOKOGRADNJA OPREMA
HIDROINŽENJERING ENERGODATA ENTEL
URBANIZAM I ARHITEKTURA INDUSTRIJA
NISKOGRADNJA GARANT HOLDING
HOLDING VISOKOGRADNJA OPREMA ENERGODATA NISKOGRADNJA
HIDROINŽENJERING INDUSTRIJA URBANIZAM I ARHITEKTURA ENTEL
URBANIZAM I ARHITEKTURA NISKOGRADNJA ENTEL INDUSTRIJA
GARANT VISOKOGRADNJA OPREMA HOLDING ENERGODATA HIDRO
ENTEL ENERGODATA NISKOGRADNJA HIDROINŽENJERING OPREMA
INDUSTRIJA OPREMA GARANT HOLDING VISOKOGRADNJA GARANT
VISOKOGRADNJA URBANIZAM I ARHITEKTURA HIDROINŽENJERING
NISKOGRADNJA GARANT ENERGODATA HOLDING INDUSTRIJA ENTEL
BUILDING
A BETTER
W O R L D
12, Mihailo Pupin Boulevard, Belgrade, Serbia www.energoprojekt.rs

23. 23
ENERGOPROJEKT MOSAIC
JANUARY-MARCH 2015
Our national culture and management systems
QUALITY WEEK 2015 HELD
Professionalsinthefieldofqualityand
business excellence gathered this year as
well at the traditional Quality Week 2015
eventheldforthe24thtimeattheChamber
of Commerce of Serbia (CCS) from March
4-6, 2015. The organizers of this event
were the Foundation for Quality Culture
and Excellence (FQCE) and the magazine
"Quality&Excellence"incollaborationwith
MinistryofEconomyoftheRepublicofSerbia
and the Chamber of Commerce of Serbia.
Onbehalfofthesponsors,themeeting
was opened by Jelena Popović, Assistant
Minister in Ministry of Justice and Head
of the Department of Quality System
Infrastructure. She paid special attention
to the problem of competitiveness of our
economyandrecalledthatmainactivitiesof
thesectorwereorientedtothepreparation
for negotiations with the EU. The negoti-
ations in this segment (Chapter 1) started
with bilateral "screening" in September
2014andwillcontinuewithactivitieswith-
in 17 subgroups. It was stated that so far
about 70% of the EU directives have been
incorporated in the Serbian legislation,
whiletherearestillcertainareasremaining
such as construction products and medi-
cal devices. Amendments to the Law on
Standardization have been announced in
termsofstrengtheningtheroleoftheInstitute
for standardization as a market-oriented
organizationandparticipationofallstake-
holdersindecision-makingprocessofsetting
standards. Among other things, J.Popović
announcedthecompletionofworkonthe
QualitySystemInfrastructureImprovement
Strategy in Serbia until 2020 and detailed
action plans for its implementation and
elimination of obstacles to the import of
products,primarilycertificatesofconformity.
The three-day event brought togeth-
er more than 90 experts from Croatia,
Montenegro, Slovenia, Republic of Srpska
and Serbia and had 6 sessions (introduc-
tory topics and 5 panels with the works of
authors). In these sessions, 26 works were
presented with 38 authors in total and
roundtablewasorganizedtoo.Inaddition
tostandardtopicsrelatedtomanagement
systems,topicsthatdominatedwererelated
toriskmanagementandfoodsafetyman-
agementwhilechangestothemanagement
systemstandardswereannouncedaswell.
Work of Milan Ivanović, MSc and pro-
fessor Milan Perović, PhD drew special
attentionoftheaudience.Theyresearched
the connection between quality man-
agement and national culture. The paper
presents the results of two researches:
• Research of process maturity of 13
out of 55 certified organizations in the
countriesofWesternBalkansindicatethat
on a scale 1-10 maturity process, ratings
range from 4 to 7.35, with an average of
5.90. This indicates that the overall situa-
tion is on the border of a positive mark.
Special attention is drawn to the
fact that the average score for "bench-
marking" is 3.2 - which means that very
few companies are involved in monitor-
ing what other companies are doing.
• TheresultsoftheHofstedemodelused
tomeasurethelevelofnationalculturei.e.
thevaluesystemthatwasconductedin67
countries during the 70s and 80s of the
last century. Several republics of former
Yugoslaviawerealsoincludedintheresearch.
Themodelidentifiesfourdimensions:power
distance,i.e.extenttowhichsocialinequality
and the authorities is accepted; avoiding
uncertainty,i.e.howthecommunityrelates
to the giving security through develop-
ment or is indifferent to it; individualism,
i.e. an extent to which an individual feels
as part of the group; and masculinism,
i.e. the way gender roles are delineated.
The research results are not too opti-
mistic. On a scale of 100 points, ratings for
Serbiaare86,92,25and43whichshowsthe
tendencytowardsautocraticmanagement
models,extremeunwillingnesstochange
anduncertaintyinthefuturedevelopment
(which is in direct contradiction with the
principle of continuous improvement
in quality management). Further on, an
individual does not feel like a member of
the group but is more turned to oneself;
whileinabusinesssense,personalsuccess
and career are not very dominant.We can
reach a conclusion based on this data
that our mentality is actually reluctant to
accept what management systems bring.
So it is no wonder management systems
are relatively little implemented in Serbia.
The way to improve this situation is to in
thefirstplace,establishthemechanismof
process“owner”andthe“owner’s”immedi-
ate responsibility for the process.Then, to
introducechangestotheeducationsystem,
a switch from the system“remember and
reproduce” to the system that stimulates
thinking and creativity, as well as timely
educationonqualitymanagementsystems.
Thetopicoftheroundtablediscussion
was "Impact of risk management on the
implementation and verification of inte-
gratedmanagementsystem"moderatedby
MilanIvanović,MSc,LloydRegisterQuality
Assurance. In the opening remarks he
highlightedthepointsoffuturestandards
that implement most delicate changes
oriented to "risk based thinking ". Special
attentionwaspaidtothefutureclause8.4.2
whichtreatsthe"outsource"processasan
integral part of the quality management
system of an organization, although it
takesplaceoutsideofit.Tenspeakerstook
part in the round table discussion. They
presentedtheirexperiencesinriskmanage-
ment at the operational or strategic level.
The meeting was attended by rep-
resentatives of two companies from
the Energoprojekt Group - Entel and
Hidroinženjering. In the professional part
of the meeting, at the panel 2, Radoslav
Raković,PhDfromEntelwasaco-chairman
and he presented a paper titled "IMS and
socialresponsibilityoforganizations".Inthe
paperheanalyzedthestructureoftheISO
26000andthewayIMShelpstheimplemen-
tation of various aspects of social respon-
sibility,illustratedbytheexampleofEntel.
VladimirTrajković,PresidentoftheFQCE,
pointed out in the closing word of the
conferencethatdespiteincreasinglybigger
problems in business organizations the
eventwasverysuccessful-attendancewas
prettybig,theatmosphereatandoutofthe
sessionswasverygood,alotofinteresting
work was presented and the topic of the
roundtableencouragedfurtherdiscussion
and exchange of different opinions. He
remindedthatcompetitionfortheNational
Award of Business Excellence "Oscar of
Quality"for2015isopenforapplicationsand
itwillbeawardedinthreecategories-the
realsector,thepublicsectorandorganiza-
tions outside the territory of Serbia. R.R.
Panel 2 Presidency - professor
Z.Punoševac, PhD, D.Jakić-Dimić, PhD
and R.Raković, PhD

24. 24
ENERGOPROJEKT MOSAIC
JANUARY-MARCH 2015
Enabled 20% savings to all companies in the Energoprojekt Group based on the cost of electricity consumed
NEW CONTRACT LEADS TO SAVINGS
In December 2014, the sector for
quality of Energoprojekt Holding, Plc.
successfully completed the process of
negotiating the purchase of electricity
for the needs of all companies of the
Energoprojekt Group. Until the contract
with EPS Snebdevanje was signed, com-
panies from the Energoprojekt Group
(except EP Holding) received 20% higher
bills for electricity used in the office
building Energoprojekt due to the fact
that VAT from their part of the bill could
not be used as a deductible expense.
Through a process of negotiation
that was led by Mariana Vasić, Head of
Sector for Quality, this long-standing
problem was finally solved. EDB agreed
to the percentage distribution of bills
for electricity used in the office build-
ing enabling savings at the group level
amounting to EUR 50.000 annually. In
addition, joint negotiation provided
the best unit price to all the companies
of the Group.
Now, all companies are responsible for
regularly paying their bills, since EPS can,
ultimately, cut the power supply to the
commercial building based on a consent
given by each company individually.
The third side of the city
PHOTO EXHIBITION OF VLADIMIR JABLANOV
ExhibitionofphotographsbyVladimir
Jablanov was organized in late January
in the gallery of Energoprojekt. Fifty
mostly black-and-white photographs,
inspired by Belgrade, its environment
and citizens were exhibited.
"Vladimir’s opus covers a range of
differentmotifsfromalmostimperceptible
yet so life-giving details of everyday life
that we are missing out in the routine
of modern life, through warm human
story - a unique chronicle of the city, to
cultivated sensual portraits and unique
panorama. Pictorially powerful, these
photos are emotionally charged, reveal-
ing a personal intimate world of deeper
meaning and significance, untainted
with subcultural absurd", wrote an art
historian Tijana Borić, PhD.
Vladimir's interest in layered and
inspiringworldofartphotographybegan
during his high school days. It started
like a mere consequence of boyish
curiosity and talent and turned into a
creative passion that gave an impressive
number of works.
His work has received many
awards and praise from global and
local portals of the art photography
community. His biggest success
is the 5th place at the Wiki Loves
Monuments Serbia 2012 contest
awarded by the expert jury of impor-
tant masters of photography from
this region. The competition was
fierce – around 4,000 photographs
and more than 150 authors entered
the contest.
Since last year,Vladimir Jablanov
has been exploring possibilities
of his artistic expression through
photographing dancers and actors
on stage creating a series of photo-
graphs of imaginative, sensual and
introspective display of the human
body in motion. M.V.
Business premises decorated
CONFERENCE HALLS 3 AND 4 MODERNIZED
Late March this year, conference halls 3 and 4 got a new look that
will definitely make our employees, lecturers and other guests feel
more comfortable when in this space. The central wall is now deco-
rated with a representative and attractive print of the Energoprojekt
System and the subsidiaries. In addition to the aesthetic component,
there is a useful aspect as well – it can be used as a projection screen
in meetings, trainings, conferences and promotions held here. In this
way, the conference halls got modernized similar to halls 1 and 2 that
had a makeover at the end of 2013 by having a wall decorated with
large-format photographs. Our colleague Borjana Vićentijević, Head
of Marketing and Corporative Communications of Holding, explains
that a permanent exhibition of photographs of facilities and projects
done by Energoprojekt is planned for the next month in the gallery.
Vladimir Jablanov exhibited
fifty mostly black-and-white
photographs
Energoprojekt Group print the central wall

25. 25
ENERGOPROJEKT MOSAIC
JANUARY-MARCH 2015
Let us briefly go back to 1986. People didn’t have computers
in their homes; mobile phones were as heavy as a brick, large
and analog. However, computers started to be used in offices
and factories. Electronic data processing was a phrase used
by many, including exhibitors and visitors at the Hannover
Industrial Fair which started its tradition back in 1947.
Over years, more and more exhibitors from office and
information technology sector started visiting the industrial
fair in Hanover. As a result, there was a specially built hall for
this branch of industry in 1970 called "Center for Office and
Information Technology". Globally recognizable name of this
fair CeBIT actually comes from a German acronym of Centrum
für Büro und Informationstechnik.
CeBIT’s history began in one hall, but it did not stop there.
Exhibitors started slowly to require more space by taking hall
by hall, until management of the fair decided to separate CeBIT
from Hannover Industrial Fair in 1986. Since then, CeBIT has
been continuously growing to the scale of having been visited
by people like Bill Gates (Microsoft), Steve Wozniak (Apple),
Craig Barrett (Intel), Jimmy Wales (Wikipedia founder), Reid
Hoffman (LinkedIn), Arnold Schwarzenegger (governor of
California), Neelie Kroes (the vice-president of the European
Commission) and many others.
Unstoppable on its way to the future, here we are at CeBIT
2015 - over 3,300 exhibitors from more than 70 countries; over
220,000 visitors from more than 100
countries; China as a partner country
with 600 exhibiting companies. Besides
the mayor of Hanover, the opening cere-
mony was attended by German Minister
of Education, German Chancellor Angela
Merkel, Chinese Deputy Prime Minister
Ma Kai, founder and president of Alibaba
Group Jack Ma and many other prom-
inent people. Still, the event that was
in the highlight was an interview with
Edward Snowden.
The key theme of this year's CeBIT
was a D!conomy – a digital transfor-
mation of economy with subtitle "The
fourth industrial revolution that will
drive radical innovations". CeBIT 2015 is
addressing further changes and impact
of IT digitization to economy and society.
As the first industrial revolution initiated
by the invention of the steam engine,
followed by the electric revolution and
the computer revolution, now we have
this ubiquitous digitization that is ever
more strongly shaping our workaday and
personal lives. Big data, cloud computing,
mobile access, social and security issues
are increasingly interconnected and having more impact on
business and society. Most recently it is the "Internet ofThings"
and comprehensive networking that are strongly driving the
development of new business models, manufacturing pro-
cesses and products – in every economic sector. We can also
witness an absolute digital transformation as well as the fact
that information technologies are main drivers of innovation.
Presence at this year's CeBIT was extremely useful for
Energodata - new information and ideas, numerous contacts
and meetings with companies mostly from Germany, Poland,
Romania, and Lithuania.
We can say that the most important was a meeting with
members of the German Association of Bitcom.This Association
has more than 2,200 companies in digital and IT sectors and is
one of the main driving forces of German economy.The topic
was "outsourcing", i.e. hiring Energodata a as subcontractor in
their complex IT projects, as well as consideration of potential
strategic partnership. In preparation for better participation
at CeBIT, Energodata has received generous and important
support of our company Encom from Frankfurt. The friendly
and successfully made contact of two Energoprojekt companies
will continue in the future to work out the plans for introducing
Energodata to the German IT market. One of the possibilities
considered in negotiations with Botcom was having Encom
join the Association which will, indirectly, give Energodata
logistical advantage and benefits of that membership.
Also, we had a very important meeting with "Ideal-ist", an
international organization that provides consulting services
and assistance in finding partners to participate in projects
funded by the European Commission, and more specifically,
in the Horizon 2020 projects. All in all, it was a very interesting,
valuable and active experience. Instead of a conclusion, let us
just say - See you next year at CeBIT!
Digital transformation of economy
ENERGODATA AT CEBIT 2015
CeBIT was attended by Miloš Milinović, Director of Energodata, Marko Elazar,
Sales Engineer, Borivoje Božinović, Sales Engineer, Božo Vukoje, M.Ec, Director of
Marketing