Unlocking the secrets to effective financial planning and consortium management
Danijela Jović, Financial Advisor and Consortium Coordinator of the Vezuv Consortium
From her early professional beginnings at the Institute of Economics in Belgrade, Danijela Jović has grown into a successful businesswoman within the Vezuv Consortium-one of Montenegro’s most prominent business groups, which continues to grow and develop, both within Montenegro and through its expanding portfolio of ventures across the region.
How was the Vezuv Consortium established?
The Vezuv Consortium is the embodiment of the vision of its founder, Mr Žarko Mitrović, to unite several successful companies with the aim of strengthening their capacity to execute large-scale projects, both in Montenegro and beyond its borders. The goal is to assemble an even stronger team, as people are the key asset in any successful enterprise. The consortium was formed through the unification of the business and investment interests of Montenegrin-based companies: Vezuv d.o.o., General Invest d.o.o., Admiral Holding d.o.o., and Energo Finanzza d.o.o. As the Vezuv Consortium has expanded its investment group over time, its equal members now also include partner companies such as Finanzza Holdings Limited, Alteena Holdings Limited, Finanzza Real Estate, KPF Properties, and several others based in neighbouring and other European Union countries.
This concept of the Vezuv Consortium represents a long-term agreement between the aforementioned companies, focused on a common goal of expanding and strengthening their collective capacity to implement new and complex projects. Each company, however, retains its independence in the fundamental aspects of its operations. The primary objective of the consortium is to pool and improve human resources-rightly considered the top priority, as the Consortium recognises the importance of investing in skilled, experienced, and dedicated individuals and teams. Additionally, the Consortium aims to consolidate technological and financial resources to undertake projects that would be too large or too costly for any single company to carry out independently. Moreover, the consortium enhances negotiating power, strengthens competitive advantage, and increases the quality and likelihood of successfully completing complex assignments across various markets. Each company contributes its own specialised expertise and resources, which in turn reduces individual exposure to risk. Our focus is no longer limited to the Montenegrin market-Vezuv Consortium represents our strategic platform for pursuing successful ventures across multiple sectors in both the regional and European Union markets.
You are the Financial Advisor and Coordinator of the Vezuv Consortium. Could you give us a more detailed description of your role?
As the Financial Coordinator of the Vezuv Consortium, my responsibility focuses on managing-or more precisely, establishing-the optimal balance of interests among the consortium’s entities. Through insight into their operations, including their current investment capacities and investment “appetites”, I advise the entities on which of the ongoing or upcoming projects they should participate in, and to what extent. I oversee the financial execution of these activities and coordinate the process of enabling them to become independently profitable. For the successful operation and functionality of the overall system, another key part of my role involves coordinating with financial institutions, both domestically and internationally, as well as liaising with tax authorities and increasingly demanding regulators across various jurisdictions.
Have you previously worked with any of the companies within the consortium?
It all began with my consultancy engagement at Vezuv – Volcano. The successfully implemented operational standards, clearly defined goals, and the visionary outlook for future development by the company’s founder, Mr Žarko Mitrović, inspired and motivated me to join the management team that shares and follows this vision. This vision is most evident in the company’s commitment to innovation across all areas of business, investments in new technologies, and the readiness and courage to maintain its position as a market leader. One of Vezuv – Volcano’s strengths lies in its constant focus on delivering top-quality service and effectively managing human resources. This includes supporting talent, providing staff training, and fostering team development. However, I must emphasise that even the best team can go astray and waste valuable time without a clearly defined owner’s vision, a harmonised strategy, and concrete business objectives. That’s why we build our success strategically and with care.
The Games of Chance Administration published last year’s revenue results from gambling activities. Was Vezuv – Volcano once again the largest contributor to Montenegro’s budget?
As I’ve already mentioned, we’ve been the industry leader in the Montenegrin gaming sector for nearly a decade. That leadership is reflected in our consistent adherence to legal regulations and a partnership-based approach with the state. We have continuously been listed on the White Taxpayer List as a regular and compliant taxpayer. The total amount of tax contributions paid into Montenegro’s budget in 2024 was EUR 14.8 million, which represents an increase of EUR 4.6 million compared to 2023. In terms of concession fees, our contribution to the state amounted to EUR 8.8 million. The corporate income tax for 2023, paid at the end of March 2024, totalled EUR 4.8 million. Taxes and contributions on personal income reached nearly EUR 1 million, while other tax obligations exceeded EUR 230,000. This solidifies our leading position, and our ambition is to maintain and strengthen this position in the coming years—both in terms of business performance and corporate social responsibility.
That’s a good introduction to the fact that it’s impossible not to notice that the company Vezuv – Volcano is deeply committed to corporate social responsibility.
Absolutely. Vezuv – Volcano placed strong emphasis on social responsibility throughout 2024. Through numerous CSR initiatives, philanthropic projects, individual donations, sponsorships, and patronage efforts, the company allocated over EUR 200,000 to support a wide range of community-based projects and initiatives. By supporting key sectors such as healthcare, sport, education, culture, and environmental protection, our aim was not only to provide concrete material assistance but also to raise awareness of the importance of corporate social responsibility. In 2025, we plan to significantly increase our CSR budget, as we view this as both a privilege and a responsibility.
Vezuv – Volcano is expanding its business beyond Montenegro’s borders?
Naturally. As the market leader in Montenegro, it is a logical progression to extend our position beyond our national borders. Vezuv – Volcano is among the few Montenegrin companies unafraid to test its potential in regional markets. With the VOLCANO brand, we have successfully expanded into Serbia and Republika Srpska through strategic acquisitions. We are not afraid of competition—on the contrary, it drives us to be better. Our expansion plans continue, and I firmly believe we will soon be operating in the Federation of Bosnia and Herzegovina, as well as North Macedonia.
It is important to highlight that Vezuv – Volcano has existed for a quarter of a century and has been a leader in the gaming industry for nearly a decade. As an employer of over 1,000 people, we play a vital role in Montenegro’s economy by contributing to the reduction of unemployment, stabilising the labour market, and stimulating overall economic growth.
Could you give us an overview of the core activities of the other companies within the Vezuv Consortium?
Energo Finanzza d.o.o., Podgorica – is a Special Purpose Vehicle (SPV) established with the aim of investing in renewable – green – energy sources in Montenegro. Its operations include land acquisition, project development, construction, and management of solar power plants and wind farms. Currently, the company owns one solar power plant near Podgorica – Ubli 1 – with an installed capacity of 5 megawatts (MW) and a projected annual output of 8,200 MWh. The plant is already operational, having obtained both the occupancy permit and the permanent operating licence. The total investment in this project amounts to EUR 4.8 million. Project planning and technical documentation are currently being prepared for a second solar facility – Ubli 2 – with a projected capacity of 4.8 MW.
General Invest d.o.o., Podgorica – is our company responsible for the successful management of the boutique 5-star hotel Porto Palace in Tivat, located at the prestigious Porto Montenegro marina. The hotel Porto Palace is a symbol of sophistication, offering services to the highest quality standards. With a distinct and diverse architectural design, this hotel features a spa, gym, outdoor pool, restaurant, and the exclusive Napa wine bar, providing a complete luxury experience on the waterfront. In the upcoming period, we have allocated significant investment funds for the development of a luxury hotel in the heart of Belgrade. This new hotel will offer over 100 accommodation units, an exclusive restaurant, and a full wellness & spa centre.
Admiral Holding d.o.o., Podgorica is a company that operates within the sectors of construction, real estate rental and sales, and car rental services. Over several decades of successful operations, the company has steadily expanded its portfolio. Today, it engages in construction projects in the roles of investor, developer, and seller of residential and mixed-use properties. The company has successfully completed two residential developments – Lumen Homes and Sunstone Residences. Its project portfolio also includes an impressive and diversified array of real estate assets at various stages of development. A particularly significant project is City Park, located on the site of the former Radoje Dakić factory, adjacent to the City Kvart residential neighbourhood.
This excellent location presents our opportunity to introduce a new living concept, fully tailored to the needs of buyers with modern urban lifestyles. The design will feature innovative architectural solutions, with special emphasis on amenities essential to life in a rapidly growing city. Green spaces and enhanced residential quality will, we believe, set new standards in the local market. The City Park development will comprise 500 residential units of varying sizes, 6,500 m2 of net commercial space, 612 parking spaces, and extensive landscaped park areas.
Approval has already been obtained from the Chief State Architect, and the final project documentation is currently under revision. Following the issuance of the construction permit, the project City Park will be presented to the market, with the launch expected by the end of Q2 2025. The project will be delivered in two phases. The first phase, located on Plot UP 15—closer to City Kvart—will include 5 buildings, 265 residential units, 325 parking spaces, and 3,500 m2 of net commercial space. Completion is anticipated in the second half of 2028.
Following this, construction of the second phase on Plot UP 11 will commence, featuring an additional 5 buildings, 235 residential units, 287 parking spaces, and 3,000 m2 of commercial space. As previously mentioned, both phases will incorporate generous green areas, including a central park positioned at the heart of the complex, surrounded by the residential buildings. With City Park concept, we aim to send a clear message to our market: we are offering and setting new benchmarks. This project affirms our commitment to redefining quality of life for our clients, which we believe will significantly distinguish us from other residential developments in this part of the capital.
Are there any new projects or plans by the Vezuv Consortium you could share with us?
Our primary focus in the coming period will be green energy. Montenegro possesses significant potential in this area, and by developing capacities in renewable energy sources, the country can generate surplus energy for export—particularly to EU markets where demand for clean and sustainable energy continues to rise. European markets, which are increasingly committed to low-carbon energy, position Montenegro to leverage its “green” energy potential as a competitive advantage.
This very fact was one of the key drivers behind Vezuv Consortium’s decision to explore investment in wind farm projects, with a total projected capacity exceeding 475 megawatts (MW). These investments aim to contribute meaningfully to improving the country’s energy balance, reducing dependence on fossil fuels, ensuring supply stability, and creating new employment opportunities—especially in Montenegro’s northern regions.
All planned wind farms already have secured urban-technical conditions and are currently in the project development phase, with many feasibility studies and technical assessments nearing completion. We view this industry as a strategic direction for the Vezuv Consortium. Together with domestic and international partners, we are committed to supporting the further diversification of Montenegro’s economy. As a signatory of the Paris Agreement, Montenegro is aligning its legislation with EU standards, thereby creating a stable legal framework for investors engaged in green technologies.
Danijela Jović has successfully built her career in the auditing sector over the years. With her decades-long experience, including serving as Executive Director at Deloitte Montenegro, and later holding senior roles at Ernst & Young, including Associate Partner in Audit and Executive Director of EY Montenegro Audit Company, Jović transitioned to the role of Chief Executive Officer of Universal Capital Bank A.D. Podgorica, and subsequently became a member of the Bank’s Supervisory Board. Her extensive background in audit, followed by leadership roles in the banking sector, enabled her to gain an extensive and in-depth understanding of corporate operations across various industries, including financial institutions. As a natural progres- sion in her career, she turned to a new chapter, seeking a challenge that offered greater entrepreneurial opportunities. This led her to join the Vezuv Consortium team. Today, she holds the position of Financial Advisor and Consortium Coordinator, a role that has provided her with fresh insights and perspectives. Thanks to a highly dedicated team, she has successfully expanded the consortium’s presence into new industries.