Wood industry Many producers say this industry should be of interest to all actors as it employs 30% of all processing industry staff
Davorin Gajnik, Director, Institute of Immunology Guarantee for rehabilitation loan will provide blood supplies inside Croatia
Jelinak wind farm construction starts Work will be completed by end 2012 when a full test is planned
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Croatian Business & Finance Weekly Established in 1953 Monday / 2nd July / 2012 Year V / No 0206 www.privredni.hr
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LAW ON PRE-BANKRUPTCY FINANCIAL TRANSACTIONS AND PRE-BANKRUPTCY AGREEMENT
Overly-ambitious agreement deadlines According to the law on financial transactions, creditors and debtors will have to meet a 120-day deadline to reach agreement in order for an insolvent company to avoid rapid bankruptcy and liquidation Igor Vukić ad there been a law on pre-bankruptcy financial transactions and pre-bankruptcy agreement two years ago, would bankruptcy proceedings of the company Pevec have been enabled? Darko Šket, bankruptcy estate manager of Pevec stated that a similar law would have significantly assisted the proceedings, primarily concerning mandatory pre-bankruptcy agreement proceedings with a 120-day deadline for creditors, including banks and debtors. “Nevertheless, the 120-day deadline will not be viable”, opined Šket echoing the view of most bankruptcy estate managers. According to Slavko Linić, Minister of Finance, “We are aware of overly-ambitious goals, yet we need to address the issue of illiquidity currently standing at €5.8 billion”. The current situation is as follows: on 30th April there were 1,830 companies faced with frozen short-term assets up to 30 days; 1,867 company assets were frozen for 60 days, with 28,792 companies’ assets frozen for over 360 days. The state attempted to address the issue by declaring bankruptcy proceedings, yet they were extremely lengthy. Hence, 89 bankruptcy proceedings have
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been in progress for over 10 years and 166 proceedings for 6 years. Consequently, the government is planning to pressurise illiquid and insolvent companies into pre-bankruptcy agreement procedure with creditors in order to restructure and possibly survive. Management and supervisory board members will face severe penalties if they avoid pre-bankruptcy agreement proceedings. They are obliged to manage business operations conscientiously and if the company becomes illiquid, they are to begin financial restructuring within 30 days. They are not entitled to give power of attorney to third persons and related companies. Where a company becomes insolvent with unsettled invoices over 60 days overdue and debt exceeds assets, they are obliged to begin pre-bankruptcy agreement proceedings. Agreement confirmed by the commercial court Consensual agreement between creditors and debtors by intermediation of a settlement tribunal needs to be reached within 120 days. Opinion on financial elements of the situation in the
company (insolvency, restructuring plan and agreements) will be provided by an authorised auditor. A restructuring plan is deemed to be accepted if voted for by creditors whose total claims exceed one half of total assets. Finally, agreement is confirmed by the commercial court. Where agreement has not been reached, the company must file for bankruptcy and start rapid liquidation. Auditor Boris Zadković believes that auditor liability has been set too high, as auditors need to assess company liquidity and insolvency, which is a highly demanding task. The issue of banks still remains open, as they are entitled to convert their receivables into shares. The Croatian Banking Associa-
tion has expressed positive opinions on this issue. Zoran Bohaček, Board President, stated that banks have been operating in accordance with similar practices to date and have consequently saved a significant number of companies either by writing off debt or interest, by debt reprogramming or by participating in the ownership structure. Bankruptcy estate managers have warned that banks currently are in a more privileged position having insured their receivables mainly through mortgages. Nevertheless, this is not a sufficient guarantee for debt servicing within the current economic situation. According to bankruptcy estate manager, Mate Balenović, demand is nonexistent on the bankruptcy estate market. “There is lack of funds in the market. There was substantial interest for assets worth some €1.3 million in 2006, whereas currently assets cannot be sold even if they are worth €0.13 million”, explained Balenović.
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Privredni vjesnik Year V No 206
Zvonimir Zdunić, Director, Agricultural Institute Osijek
Science, crisis and agriculture Our 32 doctors of science create new products every day, responding to the global crisis, creative crisis and social vulnerability rimary agricultural production and food production show the most significant guidelines of every region, country or society. This implies the existence of a science institution ready at any time to respond to the need to create a product line of agricultural plants for growing in very varied areas. The synthesis of scientific discoveries and agricultural or market possibilities, that is, science in the service of the economy as well as the transfer of know-how and technology acquired in the field, is one of the most complex and most expensive assignments. Scientific work in the field of plant and seed enrichment at the Agricultural Institute Osijek (PIO) has been continuing for over 130 years, which puts it amongst the largest, oldest and most significant institutions of this type both in Europe and globally. For example, the PIO varieties of wheat and barley dominate the present overall structure of these cultures sown in Croatia – this year wheat was planted on roughly 170,000 hectares and barley on 40,000 hectares. The products of the Agricultural Institute Osijek were used for planting (wheat for 60% and barley over 80%). I can proudly point out over 50% of all Croatian farmland is planted with Osijek’s products. Such a scientific as well as a production and export orientation of the Institute ensures professional stability during these times of general business crisis and un-
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IMPRESSUM: Privredni vjesnik Kačićeva 9 10000 Zagreb +385 1 5600020 uprava@privredni.hr www.privredni-vjesnik.hr/ subscription
( US$ 309 million
export of timber and timber products during firs
WOOD INDUSTRY
ALMOST 70 ARE FINISH
Many wood producers point out this industry should be a po processing industry Krešimir Sočković fter success last year when the wood sector almost reached similar results to the pre-crisis 2008 in terms of exports, the beginning of this year showed the crisis is still present. During the first four months of this year, Croatian companies exported US$309 million of timber and timber products, 3% less in relation to 2011. At the same time, similar goods with a total value of $185 million were imported, 2% up in relation to 2011. Even though the balance sheet is $123 million in surplus, this is still below the US$136 million from last year. However, when viewed separately, the furniture sector balance sheet is actually negative. Croatia imported $109 million of furniture between January and April or $5 million more than it exported during the same period.
A certainty as well as the funding of science and research work mainly through the economy, and not exclusively from the state budget. By relying on the intelligence of the scientists and the unique business policy of public science and research under conditions of fierce market competition and prior to Croatian EU accession, the Institute is achieving a general rising trend in spreading knowledge and expanding their product line. I am proud to say the Institute has not been downsizing. On the contrary, the Institute invests all its intellectual capabilities and physical capacities in order to preserve the jobs of over 200 staff. Finding a way out of the crisis is always a task and the responsibility of any institution’s leader. Furthermore, 32 doctors of science create new products every day, responding to the global crisis, creative crisis and social vulnerability.
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
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EXECUTIVE EDITORS Andrea Marić maric@privredni.hr Vesna Antonić antonic@privredni.hr
INTERNATIONAL OPERATIONS Ray Fletcher fletcher@privredni.hr
How to be the focus of attention Many wood producers point out this industry should be a point of interest to politics, economy and banks since it employs one third of total number of employees in the processing industry. Of total GDP, the share is below 0.9%. However, this sector achieved an 8% share in the country’s total goods exchange, which is almost 1% more in relation to 2010. The sector is important since it provides employment, especially in less developed regions, and since energy efficiency and
environmental protection has become more important, this is where considerable savings can be achieved and pollution reduced. According to data on foreign trade activity, last year sector exports increased by 7.5% to $875 million. Imports decreased by 1% to $531 million, and a positive foreign trade balance has increased almost five-fold, from $72 million to $345 million since 2008. At the same time, the import/export ratio stood at 165% last year. Even though many say that cheap wood and products are exported, statistics prove otherwise. Around 70% of exports cover finished products, where
www.privredni.hr Business ess & Finance Weekly
st four months
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( US$ 185 million total imports of similar goods
0% OF EXPORTS HED PRODUCTS
oint of interest to politics, economy and banks since it employs one third of the total number of employees in the
the export of furniture, wood joinery, floor covering work and other highly processed products stand at roughly the same level. Slightly over one quarter of exports relate to products with lower processing levels, with logs accounting for 6%-7% of exports. According to exports, the largest share covers wood intended for paper production. State subsidies At the end of 2010, 1,389 companies were active in this sector employing 20,436 staff. During the last five years, the state subsidised this sector with €29.6 million. A total of 717 projects were
co-financed, and 965 projects were submitted for subsidies by companies. According to the Operative Programme for the Development of Wood Processing and Furniture Production, from 2011 to 2013 subsidies will be allocated for training and development projects, the application of new technology and projects for increasing energy efficiency and environmental protection. The tender for last year has been recently closed, and a total of 194 entrepreneurs applied, while the state is ready to allocate €12.7 million from the budget. As the Head of the Development Sector of the Directorate
for Forestry, Hunting and Wood Industry of the Ministry of Agriculture, Aida Koljar says for the past few years the state has also been subsidising presentations at fairs. In 2006 and 2007, these were financed with €0.21 million. In 2008, this figure dropped to €0.16 million, and since 2009 €0.13 million is set aside for this purpose. For presentations at fairs a total of €0.98 million has been set aside to date. The Ministry also subsidises a promotional project for increasing the use of wood (Wood Is Good), for which €0.3 million has been allocated. Help is also offered through deeds, e-showcase projects of Croatian furniture, laboratory testing, cluster innovation projects as well as expert sector events for which around €0.49 million has been allocated, says Aida Koljar. The Ministry also points out they are working on promoting socially responsible public procurement. They worked on the project for creating a concept architectural solution of a nursery constructed in wood, manufacturing furniture and equipment for nurseries, projects for procuring pellet furnaces and pellets for the first year, manufacturing wood elements as well as the standardisation and cataloguing of office furniture in the state administration. Sector discrimination However, not everything is good, producers say. At the recently held Wood-Technological
Conference, they warned about sector discrimination, where high-profit activities (banks, telecommunications and public sector) are protected at the expense of a sector with a high employment rate. According to the estimates of wood producers, together with passive sectors, their sector employs over 25,000 people, and a further 25,000 are active in co-operation and wood crafts. Croatia has high level of people with low-level education since there are over 100,000 women with only elementary education registered at the Employment Agency. Employment in this sector has potential for rural and less developed areas. Wood processors expect more intense promotion of final products through Hrvatske šume, the price of raw material, the discount policy and multi-year contracts primarily with those that have products with added value and have the highest employment rate. They expect similar aid from HAMAG and the Croatian Bank for Reconstruction and Development. Wood exporters also expect help in terms of competitiveness. Due to the exchange rate which benefits importers and traders, their space in which they can operate has been shrinking for the past few years. They do not suggest devaluation as a solution, but ways to compensate part of the inflation difference, which totals 50% according to IMF estimates, through additional incentive measures.
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Privredni vjesnik Year V No 206
( €4.1 million ( €4 million in liabilities
as loan principal
DAVORIN GAJNIK, DIRECTOR, INSTITUTE OF IMMUNOLOGY
Guarantee for rehabilitation loan will provide blood supplies inside Croatia The Institute of Immunology is of strategic importance for Croatia concerning blood derivatives. According to the Director of the Institute of Immunology, imports of blood or blood plasma are not common practice globally. our licences are extended annually and all tenders cover just a three to five year period. Our market competitiveness is seriously threatened by such conditions and hence we will use over half of the rehabilitation loan to improve production conditions.
Jasminka Filipas he Zagreb-based Institute of Immunology is the oldest producer of immunobiological medicines in the region and was once highly acclaimed both regionally and globally. Nevertheless, it has been stagnating for years due to lack of investment for production, research and new market penetration. It is currently facing a turning point between full recovery and bankruptcy following nearly 120 years of operation (being founded in 1893), depending on whether the government will provide a guarantee for the grant of a rehabilitation loan that could rejuvenate the Institute by the end of 2012. Privredni vjesnik spoke with Davorin Gajnik, the newly appointed Director of the Institute.
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What is the current situation at the Institute? Currently the Institute is faced with €4.1 million in liabilities and around €4 million loan principal. The liabilities towards suppliers are the principal without interest. Simultaneously, we have €2.25 million in receivables owed by wholesale pharmacies that as part of the health system are also facing serious problems. What was the purpose of the loan? There were two loans: one was used for the creation of the preliminary project of the Brezjebased facility and we will abandon the concept since it currently implies excessive investment into production. The second loan was provided by AUDI and we are currently negotiating to con-
vert it into capital and thereby increase the equity of the Institute. Nevertheless, we primarily need to be provided with a government guarantee for the rehabilitation loan and we can then subsequently request an equity increase. What is the loan value? The Croatian Competition Agency issued a resolution in 2011 approving our €5.7 million loan with a six-month government guarantee. In the case where we were not able to service the loan, we could use a rehabilitation programme. According to the new restructuring of work which I performed following my appointment to the current posi-
tion, some 150 staff will have to be released from their jobs. What is the Institute currently creating, the current production volume and key markets? What is the annual revenue of the Institute? We are currently producing viral vaccines and blood derivatives, yet our current viral vaccine production is meagre. We export to Vietnam, Kazakhstan, Russia, Bosnia and Herzegovina to name a few markets and our annual revenue stands at around €12 million. We do currently export but to a lesser extent than in the past due to poor production at the Institute. Consequently,
Do you believe the government will provide the guarantee for the loan? The Institute of Immunology is of strategic importance for Croatia concerning blood derivatives. Imports of blood or blood plasma are not common practice globally. Croatia is a safe country in that respect, since the majority of blood donors do not suffer from illnesses such as hepatitis or AIDS. It is of fundamental importance for a country to use her citizens blood plasma for curative purposes. In addition, we have a snakebite antidote, which is a unique product in Europe. Bearing in mind the fact that our current liabilities do not exceed our annual revenue and that we can significantly increase our production and exports in the event we are granted a rehabilitation loan, I believe the government will provide its guarantee for the loan. And if it does not occur? In that case, I will hand in my resignation in July. It would be pointless to remain, since the Institute cannot survive without the rehabilitation loan and I am not prepared to manage bankruptcy proceedings. Declaring bankruptcy and resignation would be my sole options in that case. Nevertheless, if the company is granted the loan, it can be a healthy company by the end of 2012.
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CONSTRUCTION WORK ON THE JELINAK WIND FARM STARTS
€45 million investment Construction work will be completed by end 2012 when a test run and electricity connection is planned Jozo Vrdoljak onstruction work on Jelinak, one of the largest wind farms in Croatia, has started following 10 years of project development and long term license procedures. The investor is the Split-based company EHN, owned by the Spanish Acciona Energy group, and the investment value is €45 million. The construction will be completed by end 2012 when a test run and electrical connection are planned and 20 turbines each of 1.5 MW will be installed. Wind power plant pylons are produced at the Shipyard for Special Facilities as they have a high level of co-operation with the Split-based company Tromont. Both companies made a joint bid to Acciona Windpower, and contracted Jelinak wind farm construction work after winning the international tender. Total investment value is around
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€6.7 million, with local industrial and companies participating in production, construction work, transport, installation and provision of services accounting for around 60% of the investment value. In addition, EHN has signed a contract with HEP on the reconstruction of the electric power network and the construction of the Jelinak terminal 110 kV substation in order to ensure electrical connection within the
DPD
agreed deadline. Both construction and reconstruction are fully financed by EHN. Bright future The Jelinak wind farm construction site was officially declared open by Ivan Vrdoljak, Minister of Construction and Physical Planning, who emphasised the fact that Croatia has one of the best feed-in tariff systems in Europe which attracts foreign inves-
tors who engage local companies and employ local workforce. “The Law on Spatial Planning and Construction will be amended in September to address the obstacles for project implementation which result in long waiting times. Thus, we will shorten the licensing procedures by up to 60 days”, stated Ivan Vrdoljak. He also announced the government would initiate the process of amendments of the Law on Energy from Renewable Sources in the autumn. “Croatia has had a comprehensive legal framework only since 2007. Nevertheless, the licensing process is still excessively slow and there are still some regulatory faults. Consequently I expect the government and ministries to initiate the process of the creation of the Law on Energy from Renewable Sources which would enable tackling the hurdles encountered by investors”, highlighted Mirko Tunjić, Director of Split-based EHN.
IPA
Parcel delivery within 2 hours Slavonian companies DPD Croatia, a leading provid- needs of recipients. In addition to utilising 40% of total funds er of parcel delivery services, is about to launch ‘Predict’, a new service advising recipients on the estimated parcel delivery time. It will become the first courier service in Croatia to introduce parcel delivery within 2 hours. In addition, parcel recipients will be able to estimate the delivery time. “Against a backdrop of times where efficiency and effectiveness have a fundamental role, accurate parcel delivery is crucial to meet the
their being interested in the delivery date, they are increasingly interested in estimated time of delivery which enables them to use their time more effectively and avoid waiting for parcel delivery”, stated Igor Jakovljević, Director of DPD. He added that the ‘Predict’ service would benefit business process, significantly decrease the number of complaints and enhance delivery accuracy. DPD is a leading provider of parcel delivery services in 230 countries with daily parcel deliveries topping 2.5 million. Its Croatian headquarters are in Zagreb with cleverly equipped logistical and manipulative warehouses in Split, Rijeka, Zadar, Osijek, Slavonski Brod and Varaždin and with the Zagreb-based DPD Croatia hub it daily delivers over 3,000 parcels. (A.Š.)
Conference IPA Component IV – the Strength of Development – Regional co-operation in employment, education and social involvement (currently and in the future) organised by the Ministry of Labour and Pension System has recently been held in Osijek. The venue was not selected accidentally – users of non-repayable funds presented success stories from OsijekBaranja County where 16 projects have been implemented under IPA Component IV – Human Resource Development thus far. According to Katarina Ivanković Knežević from the Ministry of Labour and Pension System, the entire Slavonia and Baranja area has achieved enviable results. “Four Slavonian counties have utilised funds and implemented around 40% of total projects
within IPA Component IV – Human Resource Development, implementing around 160 projects. We are anticipating better results in 2013 with a new set of projects within the component as well as with a new set of European Social Fund projects. In addition, €60 million will be available to us from the European Social Fund during the second half of 2013. It is important to highlight that €58 million was available to us during the past five years. Hence, available funds will soar in 2013 and thorough preparation is fundamental”, emphasised Katarina Ivanković Knežević. (S.S.)
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Privredni vjesnik Year V No 206
CROATIAN FOREIGN CURRENCY MARKET Currency
AUD CAD JPY CHF GBP USD EUR Source: HNB
EUR
Kuna exchange mid-rate
7.55
6,069749 5,819527 7,519876 6,251124 9,307349 5,972247 7,510100
Jadransko osiguranje: €37.33 dividend The Main Assembly of Jadransko osiguranje has decided to pay a dividend of €37.33 per share, (HRK35 million). The right to the dividend is for shareholders registered in the Central Depositary and Clearing Company at 30th day after the Main Assembly was held. Nett profit of Jadransko osiguranje was €7.85 million in 2011. New student loans Hypo Alpe-Adria-Bank has signed a contract with VERN University of Applied Sciences based on which students will have more favourable conditions for student loans. The interest rate to students and bank clients will be 5.7%. The interest rate for other students will be 6.2%. Loans will be approved within the range of €500 and €25,000, with a repayment period of 10 years. If the student is unemployed, the lender can also be a parent, spouse, guardian or other family member. Kuna saving more favourable Erste bank is offering kuna savings accounts at a fixed rate of interest of up to 5% and kuna cash loans at a 20% lower processing fee. This special offer will last until August 15, 2012. The interest rate for fixed-term deposits between 6 and 12 months is 4.4%, and 5% for a period of 12 months. The interest rate for kuna loans will be 9.35% for clients or 10.35% for non-clients of Erste bank.
6.06
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6.29
7.54
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6.28
7.53
5.98
6.27
7.52
5.94
6.26
7.51
5.90
6.25
7.50 25.6.
WEEK JUNE 30, 2012
::: news
USD
5.86 25.6.
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6.24 25.6.
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29.6.
FOREIGN TOURIST EXPENDITURE
$1 billion spent through Visa cards German Visa card holders still the highest spenders at $122.8 million, 52.1% up over 2010
rrespective of global economic challenges and the European sovereign debt crisis, Croatian tourism has seen a reasonable year to date. The Visa Credit Card company
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Payment methods must be easily available for tourists, irrespective of the length of their stay has conducted research for the second consecutive year, issuing the publication Tourism Review of Croatia showing foreign tourist expenditure trends in Croatia. According to data provided foreign tourist expenditure in Croatia stood at $1 billion through Visa cards
in 2011, 24.5% up over 2010. As in 2010, German Visa card holders are the highest spenders at $122.8 million, an increase of 52.1% over 2010. Austrian tourists ranked second with an average transaction increase of over 14.9% over the previous year, at $139.78, followed by Czech tourists with an average transaction increase of 14.4%, at $81.64. $129 average invoice amount According to the research results, the highest expenditure of $69 million was recorded in the category of other trade and in accommodation, amounting to $9.7 million. The average invoice amount of Visa card holders stood at slightly above
$129 or 8.6% up compared with 2010. Petar Škarpa, Director of Rijeka Tourist Board, stated that the increase in tourist expenditure is due to the fact that an increasing number of tourism facilities accept credit cards. “Payment methods must be easily available for tourists, irrespective of the length of their stay”, stressed Škarpa. He added that Rijeka and Opatija have issued a single card that is not a credit card but provides tourists with a wide range of privileges for sightseeing and visiting cultural and historical monuments of these two cities. Similarly, Dubrovnik has issued the Dubrovnik Card that covers visits to five museums, two galleries, public transport and a tour of the city walls. (S.P.)
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WE PRESENT
VITLOV ČOKOLADE, ZADAR
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GO4STAR, ZAGREB
Star Call By dialling *number, a call is directed to the land line of a call centre, sales centre or information number
Extra chocolate wanted Banks still finance production unwillingly, so the owner of Vitlov aim to obtain a loan from HBOR to expand production and employ new staff arket demand exceeds my current production capacity, commented Dubravko Vitlov, owner of Vitlov, a Zadar company specialising in the production of chocolate delicacies. Before starting his business, Vitlov received his business education from the large institution, the Belgian chocolate academy Barry Callebaut Academy. However, he did not start the business immediately after since he lacked funds for expanding the business and cover all orders. After this education, he made his first products at home, sharing them with his family and friends.
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Vitlov says he experi- mented with different ingredients and flavours, which makes his products special today. Orders are coming from everywhere, and I have been given support by the city and county. However, despite all this I have not managed to obtain loan from a bank since they will not finance production
in Croatia. I hope to obtain a loan from the Croatian Bank for Reconstruction and Development in order to expand production and employ new staff, pointed out Vitlov. The company is located in Zadar. Room for new producers There are few chocolate producers in Croatia, so there is ample space for small-sized producers since the market is “hungry” for different types of chocolate, with special flavours and appearance. Actually, a chocolatier is a respected and demanded profession. Vitlov says he could find work in Vienna immediately with his knowledge and education, but his goal is to expand his business in Croatia. He said there had been a chocolate factory in Zadar some 80 years ago. It was called Ausonia founded in1929 and was active until the war. Afterwards, the machinery was relocated to Maraska that continued producing chocolate in smaller quantities. In Italy, Vitlov tried to find people who used to work in this producer, but did not succeed. He met his partner, Franco Luxard, owner of Luxardo, a company producing liqueurs that Vitlov uses in his production. (J.F.)
o4Star is one of the leading companies offering *number services in the world. This new service is based on dialling *number on mobile phones, followed by a specific land line number of the brand name, product or required service. The *number service is actually a telephone number and rather than dialling multi-digit
G
The *number service is a strong marketing communication tool numbers, the user dials * and then the desired phone number. “Our aim is to provide users with a tool that will increase traffic related to products or services and to build up trust in a specific brand. We are delighted to offer this service in Croatia. In countries where *number service is already available, statistics show that they are used by over 90% of advertisers. According to a survey, the number of incoming calls increases from 10% to 60% for all advertisers that replaced land lines for *numbers”, said Sandra Mravinac Grbčić, Director of Go4Star in Croatia. She is convinced the market will recognise the value from this type of promotion. By dialling
*number, the call is directed to the required land line of the call centre, sales centre or information number. Brand positioning and strengthening After positive experiences with the service *number in Poland and Israel, the service expanded to other countries. It is intended for all companies that identify their phone number when promoting their product. Its advantages have been recognised by some Croatian companies, including HOK Osiguranje, Croatia Airlines, Auto Štasni, AC Rudman, Green Gold and Smart stranica. The service is available across all mobile networks, and was strategically supported by Vip net, T-mobile and Tele2. The *number service is a strong marketing communication tool by which a company positions and strengthens its brand, promotes recognition of a product or service, brings added value to the business and simplifies communication with users, pointed out Sandra Mravinac Grbčić. She added that brands using *number receive 25% more calls. It is easily remembered, simple to use and accepted as a communication tool that will motivate potential clients to take action. (S.P.)
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Privredni vjesnik Year V No 206
::: news
Computer addiction
HAMAG extends guarantees The Croatian Agency for Small Enterprises and Investment (HAMAG) and Hypo Alpe-Adria as well as Raiffeisen bank signed a contract on business co-operation with the aim of ensuring better conditions for financing SME’s through five guarantee programmes. Small and mediumsized enterprises will be given irrevocable and unconditional guarantees by HAMAG ranging from 10% to 80% of the capital, depending on the programme. An additional benefit for new entrepreneurs is a letter of intent for issuing guarantees that makes it easier for them to find more favourable sources of financing.
More computers than users
Fina profit down 22%
The number of computer devices with Internet access (including laptops, tablets and smart phones) is expected to exceed 7 billion in 2012 he number of computer devices with Internet access (including laptops, tablets and smart phones) is expected to exceed 7 billion in 2012. For the first time the number of computer devices will exceed global population. According to Intel projections, the number of mobile devices
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In 2011, the Financial Agency (Fina) achieved €108.7 million in total income, 4% less in relation to the year before. The profit came in at €8 million, down 22%, according to their annual report. Expenditure dropped at a slightly slower rate than income (by 2%, to €100.66 million). The most important item, expenditure for those employed, at €45 million, fell at the same rate. This decrease is a consequence of the programme for outplacement and salary reductions of Board members and Management. At the end of 2011, Fina had 3,059 employees or 83 more over 2010. Končar D&ST €6.93 dividend
30 hours of video are uploaded on You Tube and 1.3 million videos are viewed
ceeding 4.8 zettabytes per year. “Currently, each user generates approximately 1 gigabyte per day which is almost on par with data contained on two 2 hour HD films”, pointed out Pavel Svoboda, Public Relations Manager at Intel. Thus the amount of data to be saved will soar by 50%. (B.O.)
6 million web sites are visited
1,300 new mobile device accounts are registered
there are 47,000 applications downloaded
204 million emails are sent (up from 168 million a year ago)
The Main Assembly of KončarDistributivni i specijalni transformatori has decided to pay a dividend totalling €1.80 million, meaning a dividend of €6.93 per share. The remainder of nett profits for the past year (€2.7 million) will be placed into statutory reserves.
will double by 2015, reaching 15 billion, as stated by the company MA marketing. There will be on average two devices with separate IP addresses per user. Since the real number of users is expected to grow from 2 billion to 3 billion, the amount of Internet traffic will continue increasing and will triple by 2018, ex-
What happens on Internet in one minute…
over 2 million Google search enquiries (up from 694,455 a year ago)
639,800 gigabytes of global IP data is transferred 277,000 users log on to Facebook
100,000 new tweets are posted on Twitter, with 320 new users joining
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6 new articles or posts appear in Wikipedia