Dalibor Pajic, Finance Expert in Novi Sad, Vojvodina, Serbia

Dalibor Pajic

Management Consulting Expert

Novi Sad, Vojvodina, Serbia
Toptal Member Since
November 2, 2018

Dalibor is a CFO who has led management teams at companies with annual sales ranging from $25-$80 million, including Lafarge. He has spent 16 years in corporate finance, investment management, pricing management, and business development with specific expertise in construction materials, agriculture, and food industries. Dalibor sees freelancing as an opportunity to apply and leverage his experience to a range of business fields.

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Career Highlights

MK Group (Carnex)
Asamer Baustoffe AG-Fabrika Cementa Lukavac


Bachelor's Degree
University of Novi Sad

Select Certifications

Certified Management Accountant (CMA)
The Chartered Institute of Management Accountants

Industry Expertise

AgricultureAccounting ServicesWater TreatmentInvestment BankingManufacturingFood & BeverageSoftwareFinancial Modeling

Other Expertise

Business ModelsInvestment ModelingInvestment MonitoringNew Business DevelopmentNew Product Business Cases

Work Experience

2019 - PRESENT

Head of Data Management

Sahmik (via Toptal)
  • Supported the development of Sahmik, a web platform and mobile application which contains data from stock exchanges in the Middle East and North Africa regions, intended to be used by potential investors and financial analysts.
  • Structured the database for the terminal and application.
  • Developed the data entry and data control procedures.
  • Created a coding system and developed a chart of accounts.
  • Standardized and unified the reports from different sources.
  • Recruited and organized the data entry and data processing teams.
  • Supported developers in the web platform and mobile application development.
Focus areas: Startups, Software Design, SaaS, Financial Data, Financial Software, Fintech, Stock Trading, Stock Analysis, Financial Reporting, Chart of Accounts, Databases, Web & Mobile Applications
2019 - PRESENT

Financial Analyst

WYG international
  • Prepared feasibility studies for reconstruction of the water and wastewater infrastructure in municipalities (financed by EIB and other relevant institutions).
  • Analyzed water consumption data and prepared the consumer database.
  • Performed a financial analysis of the companies that operate water and wastewater infrastructure. Those companies are in the ownership of the municipalities in which infrastructure project should be performed.
  • Conducted a financial analysis of the investment plan for water and wastewater infrastructure improvement and investment modeling.
  • Implemented a municipalities credit rating and debt capacity assessment in order to estimate their ability to repay the loan used to finance relevant infrastructure project.
Focus areas: European Union (EU), Consulting, Local & Municipal Government, Water Industry, Infrastructure, Financial Planning & Analysis (FP&A), Credit Ratings, Credit Analysis, Investment Research, Investment Cases, Investment Analysis, Feasibility Studies
2018 - PRESENT

Freelance Finance Expert

Clients (via Toptal)
  • Advised a client who had started a small business in the US.
  • Built a cash-flow model for daily cash flow management, cash flow planning, analyses, and forecasting.
  • Researched the US factoring market for small businesses.
  • Coached clients on cash flow management.
  • Mentored a client on defining their KPIs.
Focus areas: Revenue & Expense Projections, Key Performance Indicators (KPIs), Mentorship & Coaching, Startups, Cash Flow Forecasting, Budgeting, Budget Modeling, Budget Management, Cash Flow Modeling, QuickBooks Online, Factoring, Profitability Analysis, Three-statement Modeling, Financial Planning & Analysis (FP&A), Financial Modeling
2018 - 2018

Freelance Consultant (Due Diligence, Financial Matters, and Negotiations)

Acquisition Project in the Food Industry
  • Performed a preliminary financial analysis of the target entity concerning its business performance, liquidity, and solvency. The company name remains confidential as negotiations are still ongoing.
  • Built a long-term business plan for the target entity using a three-statement operating model, based on the historical performance of the company and future assumptions.
  • Conducted a risk analysis of the target company business, by identification of key success factors and implication of their change on business performance, cash generation, future liquidity, and future indebtedness.
  • Performed a benchmark analysis of the target entity comparing its business performance with main competitors in the industry.
  • Valued the target entity using DCF valuation methodology.
  • Participated in the negotiations with the current owner about the sale of the company.
Focus areas: Due Diligence, Equity Valuation, Financial Benchmarking, Risk Analysis, Business Planning, Financial Planning & Analysis (FP&A), Mergers & Acquisitions (M&A)
2017 - 2018


DTD Ribarstvo
  • Monitored the complete development of innovative products (tuna-fish-based sausages and salami) from the investment analysis to shelf placement in the retail stores, with an investment of $0.5 million (covering adjustments on equipment, product development, and marketing expenses).
  • Established the budgeting process from scratch by developing the Excel budgeting models for each business area of the company.
  • Built the business case regarding a company spin-off. The company is vertically integrated, with business areas including agriculture production, fish food production, fish farms, fish products, and a retail chain for fresh fish, frozen fish and fish products. A part of the strategy was to form a corporate structure with three separated companies because of easier funding and business development prospects in the future.
  • Established the KPIs for each business area. Using these KPIs, followed up with responsible directors and managers performance of those businesses as well as achievement of the targets.
  • Developed a flexible-pricing-management tool which established a correlation between sales quantities, sales prices, and profit. This tool was used to lead negotiation for sales quantities, sales prices, and rebates.
  • Managed a team of 12 that handled the accounting, payments, and activity supervision.
Focus areas: Capital Expenditure Planning, Financial Planning & Analysis (FP&A), Business Planning, Investment Monitoring, Cash Management, Investments, Strategic Planning & Execution, Analysis of Variance (ANOVA), Pricing Strategy, Price Analysis, Financial Modeling, Financial Reporting, Forecasting, Budgeting
2016 - 2017

Controlling Manager

MK Group (Carnex)
  • Built a financial model to analyze the investment in the improvement of energy efficiency through recycling wasted energy which created energy cost savings of $0.2 million.
  • Developed a strategic plan applying the balanced scorecard approach and developed dashboards to follow up realization along with the management plan.
  • Improved the unit cost and price calculation by implementing advanced overhead cost allocation into ERP, applying activity-based costing.
  • Constructed a financial model for the selling price benchmark with the competition with scenario analysis on company profitability, analyzing cases where prices should be lowered in coordination with sales forces.
  • Managed a team of 13 which performed the controlling and data analyses.
Focus areas: Financial Planning & Analysis (FP&A), Investment Summaries, Cost Management, Analysis of Variance (ANOVA), Price Analysis, Financial Modeling, Financial Reporting, Forecasting, Budgeting
2015 - 2016


MK Group (Carnex)
  • Completely managed an investment into fresh meat distribution, from the investment analysis to the actual startup of the business and contracting with retail chains. This investment was worth $2 million and increased the profit of the company by $0.4 million in the first year.
  • Built a profitability model which analyzed the impacts of price changes on the base case EBITDA, as defined by the annual budget. It was used to define the company's commercial strategy regarding price and quantity offers and rebates to retail chains and distributors.
  • Monitored the development of a new product—children's pâté and ready meals—from the initial idea through investment analysis and retail store shelf placement. This product increased profit by $0.3 million in the first year.
  • Performed a product portfolio optimization where products with negative gross margins and low volume products (with positive gross margins, but in total unprofitable due to small production series) were cut. This improved profits by $0.5 million.
  • Managed a team of 35 which performed the accounting, payment, controlling, and data processing activities.
Focus areas: Capital Expenditure Planning, Financial Planning & Analysis (FP&A), Investment Summaries, Investment Monitoring, Cost Management, Analysis of Variance (ANOVA), Pricing Strategy, Price Analysis, Financial Modeling, Financial Reporting, Profitability Optimization, Profitability Analysis, Forecasting, Budgeting
2011 - 2015


Asamer Baustoffe AG-Fabrika Cementa Lukavac
  • Entirely managed a $7 million investment program related to alternative fuels, process optimization, with tax optimization; from the investment analysis through investment proposals selection, investment decisions, and negotiations with suppliers.
  • Supervised the development of the concrete business—a $5 million investment—through the acquisition of an existing concrete plant, the rental of one plant, and the construction of a new greenfield one.
  • Managed, in coordination with management team, a cost reduction plan which resulted in cost savings of $0.9 million compared to the prior year, through introducing alternative fuels, maintenance optimization, downsizing by applying a legal earlier retirement scheme, and negotiation with key suppliers about additional rebates.
  • Led the team of the company directors in a five-year strategy definition (reviewed with headquarter executives annually), helping them to define the assumptions concerning the future development of the business and in investment proposals generation. It was followed by a model based on three statement operating model with sensitivity analysis and analysis of proposed investments.
  • Managed a team of 16 which performed accounting, controlling, payment, IT equipment maintenance, ERP support, and purchasing activities.
Focus areas: Startup Funding, Mergers & Acquisitions (M&A), Corporate Finance, Finance Strategy, Tax Credits, Capital Expenditure Planning, Business Planning, Working Capital Management, Investment Summaries, Investment Monitoring, Cash Management, Cost Management, Analysis of Variance (ANOVA), Price Analysis, Financial Modeling, Financial Reporting, Forecasting, Budgeting, Financial Planning & Analysis (FP&A)
2006 - 2011

Head of Controlling

Lafarge BFC
  • Built a flexible spreadsheet for the annual budget which covers all aspects of the business and out of which, the data is derived for local board budget meetings and discussions as well as for discussions with group management.
  • Managed a cost-reduction program in cooperation with all responsible managers which created $2.5 million of costs savings in 2008 compared to 2006. This was the part of the plan officially called Excellence 2008, launched by Lafarge CEO for the entire Lafarge Group.
  • Supervised a working capital reduction program in cooperation with responsible managers through inventory level reduction and payable improvements. These initiatives improved annual cash generation by $2 million in 2008 compared to 2006 and were also part of the plan, Excellence 2008.
  • Developed financial models and scenarios for investment analyses using DCF, net present value, and IRR analyses, and participated in investment decisions for the investments of $20 million, including investments into capacity increases, alternative fuels, and cost-saving initiatives.
  • Implemented Sarbanes-Oxley internal control procedures.
  • Constructed a flexible a five-year strategic business plan which included key assumptions concerning the development of the business as well as future investments, including return, sensitivity analysis, and dividends projection.
  • Managed a team of four which performed financial reporting, financial analyses, and ad hoc analyses required by the top management.
Focus areas: Business Planning, Working Capital Management, Investment Summaries, Cash Management, Cost Management, Analysis of Variance (ANOVA), Price Analysis, Financial Modeling, Financial Reporting, Forecasting, Budgeting
2003 - 2006

Cost Controller

Lafarge BFC
  • Developed local-cost centers in accordance with group reporting requirements. It included production cost centers (quarries, raw material mill, clinker kiln, cement mills, expedition), production support cost centers (laboratory, maintenance, process control), and SG&A (sales, finance & accounting, HR, legal, and more).
  • Created—in coordination with a local IT team which developed the appropriate software—a unit-product-cost-calculation procedure.
  • Built a cost-reporting structure which was appropriate and understandable for all levels of managers and covered responsibility and level of control of each separated levels of managers.
  • Constructed a flexible forecasting tool for variable and fixed costs.
  • Developed a pricing model based on unit product cost calculations and targeted margins covering multiple scenario analyses.
Focus areas: Data Analysis, Analysis of Variance (ANOVA), Cost-benefit Analysis, Cost Estimation, Cost Efficiency, Cost Management, Internal Financial Reporting
2004 - 2005

F&A Module Team Leader, ERP Implementation

Lafarge BFC
  • Identified the localization needs for the JDE Edwards ERP system as it was needed to adjust the VAT system calculation as required in local regulation. By local VAT regulation, VAT should be calculated immediately after an advance payment which was not initially supported by JD Edwards.
  • Improved the business processes (for finance and accounting) concerning payment and money collection transactions via automation.
  • Set up and tested a system concerning accounts for the automation of transaction bookings (receivables, payables, inventories, fixed assets) as well as the setting of the tax rates and tax calculation.
  • Trained the end users on the new ERP system.
  • Simultaneously supported end users with the old system and the go-live stage concerning technical problems and other open issues.
  • Managed a team of three which performed process analyses, training of the end users, system testing, and a system setup of the finance-and-accounting module.
Focus areas: Financial System Implementation, Accounting Systems, Training & Training Content Development, Training, Business Process Analysis, Finance Process Improvement
2001 - 2003

Financial Accountant

Lafarge BFC
  • Developed two-way reporting after an acquisition by Lafarge in accordance with local accounting standards and IFRS.
  • Structured a post-acquisition chart of the accounts in accordance with the group's reporting requirements.
  • Automated data transfers from a local ERP to Hyperion Financial management.
  • Improved and automatized the procedures for a local ERP regarding the bookings of transactions in retail stores.
  • Developed the controls in a local ERP system to ensure reliable bookings.
Focus areas: Double-entry Bookkeeping, Internal Financial Reporting, External Financial Reporting, Financial Reporting, Data Analysis, Finance Process Improvement, IFRS Adjustments


1997 - 2001

Bachelor's Degree in Economics

University of Novi Sad - Novi Sad, Serbia



Certified Management Accountant (CMA)

The Chartered Institute of Management Accountants