摘要：In this paper, sixteen Serbian dairy companies representing the Serbian dairy industry were analysed using the BEX model in period 2007-2009. The results were compared to selected companies which represent the Serbian market through BELEX15 and BELEXline indices, indices of the Belgrade Stock Exchange. Research shows that the dairy industry is more profitable than the market average represented by the indices of Belgrade Stock Exchange. The profitability of dairies was analyzed from the sales structure and distribution channels point of view. This paper shows that, according to selected Business Excellence Model, dairy industry in Serbia was, and still is, in better shape than Serbian market in general, which makes it interesting not only for domestic, but also for foreign investors. Despite the crisis and lack of organisation in raw milk buyout, improvements in core-business have been made.
关键词：dairy industry; business excellence; BEX index; profitability analysis
