Small shipbuilding Builders point out that current orders are at1992 levels saying they have reached the nadir
Siniša Varga, Director, Croatian Healthcare Insurance Institute Aim is to simplify diagnostic procedures in primary healthcare as doctors and nurses are capable
The seventh art Bela Tarr to start postgraduate film studies for film directors and cameramen in Split
ECONOMY PAGES 2-3
HEALTH CARE PAGE 5
CINEMATOGRAPHY PAGE 7 2008 2009 2010 2011
Croatian Business & Finance Weekly Established in 1953 Monday / 14th May / 2012 Year V / No 0199 www.privredni.hr
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pvinternational pv international C R O A T I A N
C H A M B E R
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CROATIAN NATIONAL BANK - GOVERNOR OUTLOOK
NOT BRIGHT BUT NOT TRAGIC
Foreign debt will increase to approximately 102% of GDP but if credit rating is preserved it may be possible to refinance foreign debt under current conditions Drago Živković his is going to be another year of tough restrictions and challenges of facing them, evident from economic data for the first quarter, stated the Governor of the Croatian National Bank, Željko Rohatinski, at the 15th Conference Money Markets, held in Opatija. Despite the government estimated 0.8% GDP growth, the Governor agrees with most analysts and predicts a 1% fall. He bases his view on a series of data pointing to a 5.3% fall in industrial production, an 11.7% drop in economic activity, 0.9% fall in exports and 0.8% drop in employment. According to the Governor, with everything that had decreased but should not have, only unemployment grew by 20%. Inflation is also gradually creeping up; trade is
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stagnant. Only tourism shows positive results, with an 11.4% increase in the number of overnight stays. However, this is the season marginal period. Even though data for the first quarter need not be critical for the entire year, Rohatinski is not convinced there would be much difference in the second quarter. Therefore, not even gradual changes during the second half of the year will influence the negative trend for the entire year. Lower deficit, higher inflation According to his estimations, total local spending will drop by 0.8% by the end of the year. Goods and export services will decrease by 1.2%, which in addition to investment and stagnating imports results in a -1% GDP. The balance of payments
deficit will increase from 1% to 2% (from €450 million to some €900 million), increasing foreign debt to roughly 102% of GDP. However, if the credit rating is preserved, Rohatinski believes it will be possible to refinance foreign debt under current conditions. If the announced fiscal measured are implemented, the deficit of the consolidated state (including Hrvatske autoceste) will reduce from 5.8% to roughly 5% of GDP. Public debt will reach 56% of GDP. Bank financing will increase by approximately 5%, while current inflation will increase from 2.1% in 2011 to 3.5%, according to the Governor’s anticipations. Even though this outlook is not positive in terms of social anticipations and political promises, it is not tragic under the assumption that the basic preconditions and inclinations
for future sustainable growth and development are set through the interaction of economic policy and concrete measures of economic operators, Rohatinski concluded in Opatija. The Governor hopes the government is also aware of this.
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Privredni vjesnik Year V No 0199
Jeffrey Sujar Blanco, Project Manager, Point Shopping Centre
22 small state-owned ( Direct environment brings shipyards survived through 1990’s
long-term sustainability When new shopping centres are proposed the public often asks whether such projects are economically justifiable considering the large number of existing shopping centres ong-term sustainability is crucial in planning a shopping centre as a profitable investment. When new shopping centres are proposed, the public often asks whether these projects are economically justifiable considering the large number of existing ones. Market logic has led Blueshouse Capital to conclude that a €50 million investment in Point, located near Zagreb, is currently a good move. Project development is based on their experience on other markets and that of Sona Sierra, an international company specialising in shopping centres. The location and focus on the direct environment – people living 5-10 minutes from the centre, are longterm benefits of neighbourhood centres similar to Point. Neighbourhood centres have their natural customers, needing to meet their daily needs. If cultural and entertainment content is added, visitors will come simply because the shopping centre is close. Our centre has 50 stores, and cannot be compared with some existing centres in Zagreb with up to 200 stores. However, if customers are looking for something specific, they will choose Point. Point can be described as the first shopping centre designed for a neighbourhood. We are convinced it will become a new centre of life. These centres are specific since they have a narrow base of visitors in addition to regular visitors who come almost daily. Our goal is not to build another vast
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IMPRESSUM: Privredni vjesnik Kačićeva 9 10000 Zagreb +385 1 5600020 uprava@privredni.hr www.privredni-vjesnik.hr/ subscription
SMALL SHIPBUILDING
OPTIMISM
Small shipbuilders point out that current orders are as low a Jozo Vrdoljak mall shipbuilding is at the centre of public attention again, following good annual growth rates ranging from 10% to 30% during the period 2001 to 2007 due to increasing interest in small shipbuilding at that time resulting in many small shipyards being created both on the coast and in continental Croatia. At one phase there were over a 100 small shipyards, whilst currently around 80 are now operating. The number of employees has fallen from 1,600
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comprehensive shopping centre but to focus on the needs west Zagreb. For this reason, we will not be limited to the usual fastfood restaurants and cinemas. Rather, we are developing a new entertainment concept with different activities for different times of the day and seasons to offer a pleasant surprise for visitors each time they visit. This is why we are convinced it will succeed. Sona Sierra is registered in Portugal, and we are present in Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, and Columbia, Brazil and more recently in Croatia. We own a total of 51 shopping centres. The fact we are managing over 70 shopping centres confirms our depth of experience in the management and development of shopping centres.
FOR PUBLISHER Nikola Baučić +385 1 4846661 uprava@privredni.hr
IMC MANAGER Dea Olup +385 1 5600028 olup@privredni.hr
EDITOR IN CHIEF Darko Buković +385 1 5600003 bukovic@privredni.hr
TRANSLATION Lučana Banek lucanab@gmail.com Mirjana Cibulka mirjana.cibulka@gmail.com
EXECUTIVE EDITORS Andrea Marić maric@privredni.hr Vesna Antonić antonic@privredni.hr
INTERNATIONAL OPERATIONS Ray Fletcher fletcher@privredni.hr
to below 1,000 and there has been a severe negative impact on ancillary activities such as ship design offices and equipment producers. The Croatian shipbuilding tradition has been based on the production of vessels for economic purposes, such as fishing and passenger transport, as well as for family outings and leisure. The remarkable development of nautical tourism and the introduction of new materials significantly affected the development and expansion of this area towards construction, as
well as repair and maintenance of sport and leisure vessels. Nevertheless, small shipbuilding has seen several severe crises in addition to the current one. The 1990’s saw the most important small shipyards with series production, go bankrupt. Croatia had 22 small state-owned shipyards, as well as a large number of facilities for vessel construction and repair. During the 1990’s many large producers of small vessels such as Kvarnerplastika, Jugoplastika, Greben and many others went bankrupt. Nevertheless, some returned to production
giving rise to currently reputable companies. However, according to Boris Vukušić, President of Small Shipbuilding Association at the Croatian Chamber of Economy and owner of Zagreb-based Bimex prom, 75% of currently existing small shipyards operate in a satisfactory way, whilst 25% of them exist merely formally. Away from the coast “We have seen an extremely difficult situation and most small shipyards are barely surviving. Some are doing better, some worse. The
www.privredni.hr Business & Finance Weekly
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( around 80
small shipyards currently operating
AN IMPERATIVE
as in 1992 believe they have reached the nadir with several on the brink of bankruptcy current situation in the market is so serious that we have recently been selling small boats such as dinghies, worth between €3,000 and €5,000”, pointed out Vukušić, who believes the situation will improve since currently there are several indications of recovery. His optimism is founded on the recently held Tourism Committee session with participation by representatives of all groups linked with small shipbuilding and sailing. “We have identified the fundamental problem; the necessity to contact representatives of the real sector during the decision-
“I believe that the problems will be tackled with more seriousness in the future and expect the nautical sector and small shipbuilding in particular to see a recovery from the recession in 2012. In addition, I anticipate several positive movements during the current tourism season. The abolition of excise taxes by the government, which could be replaced by a slight increase in berth prices, would contribute significantly to an improvement in the current situation. It is certain revenue, since there are over 110,000 vessels in Croatia”, add-
month prior to the introduction of excise duties, as opposed to zero deliveries during the period August 2009 to March 2010 following their introduction. “The introduction of these duties has had such an enormously negative impact on us that we have not recovered from it thus far. We have recently been delivering simple vessels with minimal fit-out, since clients are looking for more affordable variations. We are currently producing four basic models and six styles. We have a broad product range, from fishing boats to leisure boats”,
steel barrels and containers for wine, oil, milk and beer. It also produces boats from fibreglass with lengths ranging from 3 to 9 meters. In addition, the company is a regular exhibitor at local fairs. According to Davor Matić, the owner of Damor, current orders are as low as in 1992, when his company managed to sell its boats irrespective of difficult circumstances. Damor delivered 18 boats in 2011, and Matić is expecting the number this year to be between 14 and 16 vessels. “In my opinion, we have reached a trough. The increase in interest
making process to prevent, for example, the introduction of taxes/ duties which have a negative impact on the sector. We have submitted a wide variety of proposals to the government which need to be implemented rapidly in order to provide an impetus to the entire nautical sector”, stated Vukušić. He added that during the session he placed particular emphasis on concession grants, as well as the fact that according to the Concessions Act, traditional wooden shipyards need to be away from the coast.
ed Vukušić, who compensated for the decrease in demand for vessel construction in his company with the construction of boat trailers.
emphasised Tonči Grašo. According to him, there are currently no signs of recovery, since orders and activities are practically non-existent. “Our optimism is what still keeps us operating. We have been building resilience and designing new models, within a difficult frame”, he reiterated.
in vessels at the last two fairs is, in my opinion, due to meagre competition rather than any recovery. A large number of my colleagues are currently facing a serious situation. We have opted for reduced prices of our products, consequently operating on the brink of profitability, with minimal margins. Boat production is of fundamental importance for us in terms of liquidity. Boats are paid for instantly, whilst payment of stainless steel products is usually either overdue or in the form of compensation”, he stated.
New materials Pula-based Grašo has a long tradition of boat production, which turned its micro company into a small business in 2002. Following several decades of fibreglass fishing boat production, they started producing family, tourist and working boats in fibreglass. They delivered three boats a
Additional production The Kaštel-Sućurac-based company Damor, which produces six models, has secured a stable market position due to its additional production of stainless
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Privredni vjesnik Year V No 0199
( €0.9 billion healthcare debt
SINIŠA VARGA, DIRECTOR, CROATIAN HEALTHCARE INSURANCE INSTITUTE
Biggest changes concern primary healthcare The aim is to simplify diagnostic procedures in primary healthcare for which doctors and nurses are more than qualified and link salary increases to the successful prevention of disease Jasminka Filipas he new Director of the Croatian Healthcare Insurance Institute (HZZO), Siniša Varga, was welcomed with high healthcare debt amongst other problems. Privredni vjesnik spoke with him about these and other matters and the direction HZZO will take as well expected changes in the system
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Healthcare debt exceeds €0.93 billion. Will there be sanctions against those that caused it? The debt is a consequence of the systematic non-payment and postponement of paying claims that were consciously piled up for the purpose of artificially embellishing the balance of income and expenditure of the healthcare system prior to elections, creating a seemingly good impression. I would not point a first finger at hospital directors. They are certainly one part of the problem since they avoided solving issues to maintain a good image of the healthcare system of the past government. All members of the system who violate legal limitations and do not play according to the rules can expect strict sanctions from HZZO because the problems will not longer be avoided. We will solve them with better planning and organising. The Government plans to additionally decrease healthcare contributions. What will that mean for HZZO? Reducing contributions for health insurance will not present a problem since HZZO fills its budget from multiple sources. However, the fact that total income level will
not fall does not mean we will not be faced with the demanding challenge of cutting unnecessary expenditure that does not belong under healthcare. This surplus could be invested in raising the level of services, for example, trimming waiting lists for all tests, which those insured rightly expect from us. HZZO welcomes the government policy to reduce deductions at source, since this had reduced salary expenditure in our system, which represents one of the biggest employers in the country. For most of those insured, basic insurance means they have the right to pay supplementary insurance that does not cover all medication, not to mention doctor availability. I presume you have a plan how to solve this. All those insured need easily accessible information about the level of service covered by sup-
plementary health insurance. However, in order for it to develop, the scope of health services covered by mandatory health insurance must be clearly defined. The availability of basic healthcare cannot depend on whether the person is insured or whether the person is without supplementary insurance. Supplementary insurance must be further developed in the area of voluntary health insurance, which relates to including services excluded by mandatory health insurance, for example full check-ups upon request of the insured or similar. Through a completely new system of arranging healthcare with state and private healthcare institutions, HZZO will evaluate their past success in offering healthcare, which means that cases in which someone failed to respond in a timely manner to a certain reagents will not happen to our insured.
Primary healthcare has many problems. What do you plan to do about them? The biggest changes will happen in this area. I agree the present system is not sufficiently efficient and we are paying a large number of skilled staff who rarely, independently, diagnose disease or provide therapy. Preventive healthcare is a problem in itself and things have to change for the better. The goal is to provide simpler diagnostic procedures within primary healthcare, for which doctors and nurses are more than qualified. We will increase their income, but we will tie it to the successful prevention of disease. Higher income will be maintained by those managing to reduce patient body-mass index or pressure, for example. However, those with negative patient results will lose.
www.privredni.hr Business & Finance Weekly
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( US$70 million ( 84% trade surplus in 2011
exports to EU markets
Foreign trade
Slavonian exports rising Exports rising for the fifth consecutive quarter Svetozar Sarkanjac n terms of personal abilities, Slavonian and especially the Osijek and Baranja economies significantly count on foreign trade. From the numbers, it is evident this is not merely wishful thinking. In fact, 350 exporters in the County of Osijek and Baranja generated US$1.1 billion in trade in 2011, with a surplus of around US$70 million. Good business results continued during the first quarter of 2012, with a 20% increase in exports over the same period of 2011.
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Not a trend According to the results, exports showed an increase for the fifth
consecutive quarter showing this is not a trend, but an indicator of exporters’ stability. The economy of the County of Slavonski Brod and Posavina also showed an increase in foreign trade. In 2011,
the economy of this county added value to the extent of US$373 million. However, the highest amount relates to imports, mainly importers in the metal processing sector. Of the US$373 million,
metal processors generated $230 million. Therefore, it may be assumed that these imports will eventually be transformed into exports. Similar indicators may be seen in the County of Vukovar and Srijem, where total foreign trade was almost US$470 million. The County Chamber of Vukovar is satisfied with the results, since almost 84% of exports were sold on the EU market. The largest export share was achieved by companies from the processing industry (95% of the total). The most significant exporters are the companies from Županja Sladorana and Same Deutz-Fahr (a factory producing combine harvesters) as well as Adriatica Dunav from Vukovar.
CROATIAN NATIONAL BANK
FINANCE INDUSTRY
Weak demand for loans
Financial asset growth
According to latest data provided by the Croatian National Bank, the demand for loans has fallen. Total lending via the banking system at the end of March was €38.75 billion, a monthly fall of €0.25 billion (0.6%). An increase of €0.18 billion in lending compared with the end of December 2011 is mainly a consequence of loans granted to the state, up by €0.28 billion and now totalling €5.2 billion. Corporate lending has seen significantly lower growth (€54 million) over the end of last year, whilst personal lending has shrunk by €92 million. Annual growth in local currency lending of €1.55 billion is primarily a result
of an increase in corporate loans (standing at €15.9 billion at the end of the first quarter) or 0.4% down over the end of February, but 8.6% up in relation to March 2011. There is an on-going trend of modest annual growth rates of some 1.7% for personal lending, which totalled €17 billion, a monthly fall of 0.6%, the lowest level during the past 9 months. Housing loans comprise 46.4% of all personal lending. The demand for loans from the general public has been stagnant due to considerable consumer pessimism, mainly as a consequence of a weak labour market and uncertainty of future income. Furthermore, the potential inflows of capital from foreign markets demanding high premiums for risk coverage on the local market are scarce, thus restricting the possibility of interest rate reductions. (V.A.)
March was the fourth month in a row showing a continuing fall in total deposits with banks on a monthly level. At the end of March, deposits (deposits, local and foreign currency savings and term deposits) totalled €29 billion, down €106 million in relation to the end of February, and 2.1% less compared with the end of last year. The fall in total deposits during the first quarter was mainly due to a decrease in deposited cash, which reduced by 13.7%, and standing at €4.2 billion. Saving and term deposits as well as foreign currency deposits totalled €24.8 billion at the end of March 2012, 0.1% up compared with the end of last year. The continuing decrease in foreign currency deposits was compensated for by slightly higher growth in kuna deposits. Foreign currency deposits, to-
talling €19.2 billion, comprise 77% of deposits, which is still significantly above 70% prior to the crisis, although during the previous year, deposits have been stagnating or seeing negative trends. On the other hand, kuna deposits have been seeing considerably stronger annual growth rates over the same period. In terms of sectors, the general public is still the main generator of deposit growth, which is to be expected considering the complexities regarding liquidity within the corporate sector. At the end of March, public deposits totalled €19.76 billion, up €121 million in relation to the end of the 2011. Annual growth rates are weaker compared with the pre-crisis period but remain solid (5.2% in March). Corporate deposits reduced to €3.45 billion, continuing the trend since 2008. (V.A.)
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Privredni vjesnik Year V No 0198
CROATIAN FOREIGN CURRENCY MARKET Currency
AUD CAD JPY CHF GBP USD EUR Source: HNB
EUR
Kuna exchange mid-rate
7.502
5,821907 5,772159 7,250782 6,243159 9,330555 5,794462 7,498034
Industrial producer prices up Industrial producer prices have shown 5.2% annual growth in April, according to data provided by the Croatian Bureau of Statistics. This increase is mainly due to local prices, which have seen an annual increase of 6.2%, the same as in March, with 3.2% annual price growth on the foreign market. More credit cards, fewer loans There were 9.2 million debit and credit cards in Croatia at the end of 2011, 2.9% up over 2010. Irrespective of the increasing number of credit cards, the number of loans by credit card is decreasing. These contracted by €37.3 million, standing at just below €0.53 billion at the end of 2011. The total number of credit and debit cards rose by almost four times in the period between 2000 and 2011, according to the results of research conducted by the Sector for banking and financial services at the Croatian Chamber of Economy. Veneto bank strengthens its operations Veneto bank has published its results for 2011 showing growth in all areas of its operations. The number of credit card users has risen by 42% in 2011 over 2010, whilst the number of debit card users has increased by 26%. In addition, the number of users of ebanking has risen significantly by 34%. In 2011 the bank recorded a 17% increase in loans over 2010 and the number of deposits was also 12% up. The number of bank clients, which has been present in Croatia for six years, was 5% up.
5.805
8.5.
9.5.
10.5.
CHF
6.247
7.501
5.795
6.246
7.500
5.785
6.245
7.499
5.775
6.244
7.498
5.765
6.243
7.497 7.5.
WEEK MAY 12, 2012
::: news
USD
11.5.
5.755 7.5.
8.5.
9.5.
10.5.
11.5.
6.242 7.5.
8.5.
9.5.
10.5.
11.5.
PENSIONS
Insurance companies could be a new pension pillar Proposed measures do not conflict in any way with existing second and third tiers and could serve as an alternative to those wishing to save for retirement Drago Živković the beginning of May, the Croatian Pension Insurance Institute had 1,455,433 registered insured and 1,215,423 pensioners, a ratio of 1.2:1. The sustainability limit of the pension system of generational solidarity of 3:1 was exceeded some 15 years ago. This lead to a reform in the 1990’s based on a second pension tier for which those employed set aside a 5% contribution to their personal account. There is some €5.7 billion in mandatory pension funds currently. However, initial pensions were extremely low, which is why there are rumours that contributions will increase from 5% to 7%. The third, voluntary tier, is subsidised by the state with 15% or a maximum of €100 per year. The fourth option is life insurance, which is not subsidised. Insurance companies have been trying for years to convince the Executive that life insurance is the ideal supplement to pension saving and as such it should be equally subsidised. Even though recessionary times do not seem the perfect moment to refer to supplementary saving, the Director of the Croatian Insurance Office, Hrvoje Pauković, believes it is quite the opposite. Now, when the state budget is under immense pressure, is the right time for people to realise it is important to have personal funds since in future they will be able to rely on the state less
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and less. In EU countries private insurers already play an important part in second and third tier pension saving. Therefore, it is not a surprise that voluntary pension saving comprises over 30% of public assets, compared with 5.3% in Croatia. Nevertheless, do people have enough faith in insurance companies to entrust them with their long-term savings? Pauković thinks they have, if for any other reason, not a single insurance company perished during the crisis. Incentives for all In order achieve a more important role in pension reform, insurance companies will take five steps. The first will be to increase public financial literacy, since it is in their interest for the public to be as much informed as possible. The next step would be to define voluntary pension saving in a wider sense as well
as harmonise business rules for all those offering some type of pension saving. This includes a unique incentive policy with the necessary monitoring and protection mechanisms. The full proposal of the Croatian Insurance Office was sent to the Ministry of Labour and Social Policy as well as the Croatian Agency for Supervision of Financial Services. Pauković points out the proposed changes do not clash in any way with the existing second and third tiers, since they would actually offer more options for people wishing to save for their pension. The question is whether they have anything to save at all considering rising unemployment and reduced salaries. As an answer to this question, insurers provide data on the growth of total financial assets of the general public, more precisely growing to €2.2 billion during the past four years.
www.privredni.hr Business & Finance Weekly
WE PRESENT 7
VLADIMIR NAZOR TRAVEL AGENCY, ZAGREB
VALDEZ, VARAŽDIN
A wide range of tourism entertainment The company owns a large number of sites in continental Croatia and the Croatian coastline with ample entertainment managers
Online support The company provides services from their virtual office using the most up-to-date information and communication technology he Zagreb based company Vladimir Nazor has been focusing mainly on children and young people over the 50 years of operations and hence has a long tradition of organising a large number of summer, winter, spring and autumn camps, excursions, secondary school trips and similar. A travel agency has recently been added to foster enthusiasm, creativity holiday spirit amongst clients and to provide a wide range of tourist entertainment. “Our long tradition is certainly our competitive advantage. Nevertheless, it is important to highlight a large number of our facilities in continental Croatia, as well as along the Croatian coast. In addition, we employ an ample number of entertainment managers committed to providing entertainment and ensuring the satisfaction of children and young people”, stated Irena Kraljević, Head of the Vladimir Nazor Travel Agency.
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An innovation – survival training The company provides services in hotel and catering in its facilities on the Croatian coast, in Savudrija, Duga Uvala, Crikvenica, Veli Lošinj, Punat, Skradin, the Zagreb-based Grad mladih (“city for young people”) and Arena hostel. The agency has been expanding its operations by organising journeys and providing
various types of accommodation packages for adults in Croatia and abroad. Survival training Survival in nature stands out from a wide cross-section of programmes provided by the travel agency. “The programme is aimed at children and young people, although everyone interested in learning about survival is welcome. It covers food preparation, socialising and orienteering courses”, pointed out Irena Kraljević. In addition, we are planning to provide teambuilding. The Vladimir Nazor travel agency will provide ‘dynamic packages’, which implies providing information, organising food and other tourism programmes for those opting for accommodation in one of the company’s Zagreb-based accommodation facilities, such as Grad mladih (“city for young people”) or Arena hostel. She pointed out that Vladimir Nazor has considerably amended its packages and provided acceptable prices against the backdrop of global recession. “Journeys, summer and winter camps need to remain included on the family priority lists of the general public”, she stated. She also stressed that it is not realistic to currently forecast tourism results for this season. Nevertheless, bookings have started, and hence she has expressed her hopes that all their facilities will be operating at full capacity through 2012. (S.P.)
he primary focus of the Valdez company is providing a package of comprehensive business, information, marketing, communication and accounting services for small enterprises. Hence, the company provides services from their virtual office using the most up-todate information and communication technology in order to enhance competitiveness. Denis Zdelar, Director and Coowner of Valdez, stated that a package of services for small entrepreneurs comprises of online accounting services, visual identity design, a website and a web shop, internet marketing campaign management, market analysis, technical equipment consultancy and comprehensive IT support. “Initial expenditure for accounting services is a considerable burden for small entrepreneurs and consequently leads to reduced investment in marketing and equipment. Hence, we decided to provide a package of such services, which allows us to provide more affordable prices”, he explained.
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Minimal level of bank support Valdez currently employs five staff. Nevertheless, the company is planning additional employment due to increasing demand. In addition to users throughout Croatia, it is important to highlight a large number of users throughout the region. “The owner of one company is an Australian resident, which is not a problem, since we
provide our comprehensive services online”, he pointed out. The company has relied on its own financing thus far, which has partly been due to the fact that when it applied for shortterm financing, its former bank granted it support of just 5% of
The company plans to blend separate applications for accounting and web shop their annual income, which was minimal. In addition, the bank claimed it needed to deduct loan expenses as well as 10% interest on the loan. “Such conditions are unacceptable for most entrepreneurs, unless they are in a desperate situation and are forced to accept them”, emphasised Zdelar, adding that his company rejected the bank proposal. The company is planning to apply for a tender through the Ministry of Entrepreneurship and Crafts. “Our business model is in full compliance with the eBusiness project, whose promotion and theory has been greatly supported by the government and, consequently, I anticipate our company will also be granted support”, he opined. In co-operation with its partners, the company is planning to blend separate applications for accounting and web shop to simplify its operation considerably. (B.O.)
8 ::: news Vindija in Vojvodina The Varaždin-based company Vindija has taken over the Vojvodina-based Senta dairy plant, which has not operated for six years. Vindija is planning an initial capital investment of €15 million, whilst the dairy plant is expected to open by the end of 2012. Processing capacity will be 120,000 litres of milk per day. In addition, Vindija is planning the expansion of Senta production, as Vindija is also engaged in a chicken breeding programme, as well as sales of chicken meat. Prodis in Croatia The company Prodis, a general consumer goods distributor, has recently signed a business cooperation contract with one of the leading world toy manufacturers, Hasbro, which used to co-operate with the now bankrupt Magma. Prodis has become the exclusive distributor of Hasbro brand for the Croatian market.
Privredni vjesnik Year V No 0199
The seventh art
Film stars to hold lectures in Split The reputable film director, Bela Tarr, is starting postgraduate film studies for film directors and cameramen from all around the world in Split, with cooperation of top quality people in film industry Goran Šikić
Increase in revenue for small HT competitors Some alternative fixed line operators have recorded a remarkable increase in revenue during the first quarter of 2012. Optima Telekom showed a 4.6% increase in revenue, totalling €19.4 million, whilst Metronet recorded 12% growth, totalling HRK37.3 million. Vipnet announced its takeover of B.net prior to that company publishing its results; B.net will cease reporting its results separately. B.net once recorded 30% growth year-on-year. H1 Telekom is the sole alternative operator which has not published its results to date. Kotka investment cycle completed The Krapina-based Kotka factory has started operating new machinery for the automatic processing of fabric, worth €220,000, thus completing an investment cycle worth nearly €5 million. Financing was provided partly by the Ministry of Economy, in part by a loan and the remainder through its own resources. In addition, Kotka’s co-operation with the German Ahlers Group, which produces Pierre Cardin and Baldessarini suits, has been extended.
he Zagreb-based Academy of Dramatic Art has recently been given a presentation by Bela Tarr, the internationally renowned Hungarian film director, on a postgraduate film study programme which will begin in Split in the autumn. “The University of Split supports the intention of the organiser to teach the best candidates from Croatia and globally”, pointed out Ivan Pavić, Rector at the University of Split. Vladimir Stojsavljević, Assistant Minister of Culture, emphasised the stance of the Ministry of Culture, which views the project as one of the most important projects to support this year. Tarr explained the programme had been conceived as three-year postgraduate film study. 16 international students, film directors and cameramen will be admitted to the first year. They should apply by submitting their work and CV. Lectures have been devised as a combination of three aspects: theoretical education, participation in workshops with reputable people from within the film industry and practical work on both film and video.
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Learning from Tilda Swinton Visiting lecturers include a wide variety of reputable and im-
pressive award winning names within the film industry, such as American film directors Jim Jarmusch and Gus Van Sant, the Finnish film director Aki Kaurismaki, the Mexican director Carlos Reygadas, Canadian Atom Egoyan and one of the most important Icelandic filmmakers, Fridrik Tor Fridriksson. In addition, there will be a reputable German cameraman, Fred Kelemen and the Academy Award winning actress, Tilda Swinton, who will be teaching how to work with actors. The New York-based MoMA museum curator, Jytte Jensen, Jean-Michel Frodon, the editorin-chief of the prestigious film magazine Cahiers du Cinema, Jonathan Romney, film critic for The Guardian, Jonathan Rosenbaum, film critic and a historian and a large number of other reputable names, will provide the students with theoretical background as well as provide an overview of the history of film. The Split-based postgraduate study programme will accommodate all age groups and fees will be in line with those of other postgraduate studies in Croatia. The studies will partly be financed by Croatian ministries, EU fund for culture, private donors and foundations such as the Korean Academy of Film Arts.
Jim Jarmusch
Gus Van Sant
Aki Kaurismäki
Tilda Swinton
Carlos Reygadas