DOCSLIB.ORG

Integrated Annual Report and Corporate Social Responsibility

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Integrated Annual Report and Corporate Social Responsibility 2017 INTEGRATED ANNUAL REPORT AND CORPORATE SOCIAL RESPONSIBILITY EU Ecolabel : SE/011/05 In accordance with Valamar Riviera's mission, core values and strategic initiatives, this report has been printed on EU Ecolabel, FSC™ and PEFC certified wood-free Munken Lynx paper. 2017 INTEGRATED ANNUAL REPORT AND CORPORATE SOCIAL RESPONSIBILITY Valamar riViera d.d. 4 [G4-1] Message froM the ChairMan For the third consecutive year, it is my great expanded strategic partnerships, we continued pleasure to present Valamar Riviera's integrated upgrading our service quality and developing our annual report in which we encompassed business destinations and we focused especially on our reporting and sustainability reporting, thus employees. As the leading company in tourism, we presenting non-financial information on the continually work on initiatives aimed at human company’s environmental and social impacts by resource development in order to be recognized as using the Global Reporting Initiative G4 standard as the most desirable employer in Croatia’s tourism. a general guideline in order to manage our business in a sustainable way. When looking back on 2017, I am very proud to say that Valamar Riviera delivered excellent results that The principles of sustainability and social exceeded our expectations in all operating responsibility are a fundamental part of our vision, indicators and increased further the value of our GustaV Wurmböck, our mission, our values, our business model and enterprise and share. We grew revenues and Supervisory Board our daily practices. Valamar Riviera achieved operating profit in spite of the VAT rate growth in Chairman exceptional results in all key financial indicators in hospitality and a very unfavorable foreign exchange 2017 and continued its strategic path to growth and rate. Valamar’s large investments in the portfolio, development built on sustainability and corporate new partnerships, acquisitions, guest experiences social responsibility. This comprehensive report and numerous recognitions for initiatives in the renders a detailed presentation of the relationships field of corporate social responsibility give us the that the company builds with its key stakeholders, confidence to move forward and develop our including all our shareholders, employees, partners, company guided by our strategic goals. guests and the community. The investment in the development of our In 2017 we became the leading company in leisure employees remains our top priority and is as tourism and also one of the 10 most important important as our investments in hotels and companies in Croatia. campsites. High guest satisfaction and our outstanding service culture, where the smile of We achieve double-digit EBITDA growth and our each of our employees counts, were recognized by ambitious 2017/ 2018 cycle of investments in the the numerous awards that we received from portfolio is worth HRK 1.6 billion. Our successful professional organizations and the public. Therefore, acquisitions of Imperial on Rab Island and Hoteli I would like to thank our management and all our Baška on Krk Island show excellent results. We employees for their outstanding contribution to the focused on improving our guest relations, we excellent results achieved in 2017. [G4-1] 5 This was a great year for the shareholders of Valamar Riviera d.d. on the Zagreb Stock Exchange, as they benefited from the 25% increase in market cap in 2017. In 2017 the company paid out a dividend that is sustainable in the long term and enables Valamar to continue investing in the portfolio and achieve its strategic goals. The current global conditions and trends which have resulted in the increased demand for certain Mediterranean destinations including Croatia, combined with historically low interest rates and our healthy balance sheet present a very good springboard for Valamar. Therefore, we will continue our large investments in the portfolio and consider growth opportunities in Croatia and abroad, while focusing on innovation and service excellence as key competitive advantages. We will continue developing our destinations and local communities where we operate, and strengthen our relations with key stakeholders, while focusing especially on sustainable development and environmental protection. We aim to be recognized as the leading Croatian company in the field of corporate social responsibility and the most desirable employer in tourism. As Supervisory Board Chairman, I am therefore proud to present our 2017 Integrated Report. 6 [G4-1] Message froM the Ceo The year 2017 was an outstanding year for combined with stable net debt and a favorable Valamar Riviera: we confirmed that double-digit average financing cost of 2.3% underline further growth is not the result of favorable external potential and growth through acquisitions and factors, but the outcome of hard work and the investments in the portfolio. successful implementation of Valamar’s strategy for the period up to 2020. In spite of the VAT rate Last year we confirmed our status as leading increase in hospitality and an unfavorable foreign investor in Croatia’s tourism. Valamar invested exchange rate, we achieved a significant growth in over HRK 4 billion in the previous period in operating profit as the result of increased developing its business operations, and in 2017 operating efficiency, investments in product the company realized its largest annual repositioning and the successful acquisitions and investment cycle worth HRK 906 million. It strategic partnerships. Today, Valamar is not only primarily focused on the largest investment in Željko kukurin, the leading company in tourism, but also a very Croatian tourism in 2017, through which we Management Board important company in Croatia that employs a created 400 new jobs in Rabac with the President and CEO large number of people and invests in the construction of the new resorts, Valamar development of Croatia’s tourism. The results Girandella Resort 4*/5* and TUI Family Life achieved in 2017 prove that our simultaneous Bellevue Resort 4* that engaged more than 130 investments in employees, quality, products and contractors and suppliers. It took only 18 months destinations in a sustainable and socially for us to prepare and realize this large project responsible way represent the only true formula with the support of the Town of Labin and the for achieving double-digit growth in business and Istrian County who recognized the importance of enterprise value. this investment for the local community. This investment will be completed with the opening of We achieved significant growth by all indicators in Valamar Girandella Maro Suites 5* in 2018, thus 2017. Total revenues were HRK 1.84 billion and finalizing the repositioning of Rabac as leading grew by 17%, while operating profit was HRK 623 holiday destination on the Adriatic coast. million and grew by 20% over 2016 results. Thanks to our investments, quality improvement and Guest satisfaction grew further to 87% while as change in the distribution policy, we increased much as 58% of guests rated our service as sales revenues by 20.6% over prior year results. “Unbelievable” thanks to the company’s The number of overnights grew by 20% in 2017 commitment to constantly improve quality and and totaled 6.2 million, while the average rate our service excellence. Moreover, we have grew by 6%. The strong business growth significantly increased the share of direct sales to [G4-1] 7 43% and the number of guest with whom we the 2018 season. We continually work on communicate directly was over 1 million. Our increasing employment and salaries and employees’ commitment and high guest improving our employees’ skills and working satisfaction confirm the strategical importance of conditions. We will pursue with this policy because our focus on the guests and employees. we believe that human resource management is the greatest challenge in the forthcoming period. Besides our large investments in the portfolio, a This is why, besides focusing on our guests, we significant business event that marked last year also focused on our employees in one of our key was the reorganization and restructuring of strategic initiatives. The average gross 1 salary in business operations at Imperial d.d. on Rab Island. 2017 at Valamar Riviera was HRK 8,470 or 27% This acquisition was justified in the first full year of more than the average in this industry. We will business under Valamar’s management as continue providing adequate remuneration and Imperial achieved strong operating results and harmonize company growth with salary growth. value growth. Moreover, we firmly believe that We will also persist in employing locally because forming partnerships with pension funds to invest we believe that it represents a great value that in tourism projects will prove to be a Croatian contributes to the authenticity of our hospitality. model for tourism investments that will be We have started a number of initiatives aimed at successful in the long term. In line with this, we maintaining a high share of local employment and started our acquisition projects in Makarska and strengthening further employee loyalty. on Hvar Island and we expect to realize them in the course of 2018. We have competent managers and outstanding employees and I am convinced that with the We are aware that our being among the 10 leading support of the investment community and other companies in Croatia’s economy entails a great stakeholders, we will strengthen our leading deal of responsibility
Load more

Recommended publications
  • Expat Capital – the Etf Provider for Cee Countries
    Market data as of 21 May 2020 EXPAT CAPITAL – THE ETF PROVIDER FOR CEE COUNTRIES Expat Asset Management has created a family of exchange traded funds (ETFs) covering the equity markets in 11 countries in Central and Eastern Europe (CEE). Expat’s ETF products are unique market propositions providing country-specific exposure in the CEE region to international investors. Chart 1. Expat’s 11 ETFs on the Map of Europe Source: Expat Asset Management Table 1. The List of All ETFs Managed by Expat Asset Management CURRENCY No. COUNTRY FUND NAME INDEX EXPOSURE 1 Poland Expat Poland WIG20 UCITS ETF WIG20 PLN 2 Czech Republic Expat Czech PX UCITS ETF PX CZK 3 Slovakia Expat Slovakia SAX UCITS ETF SAX EUR 4 Hungary Expat Hungary BUX UCITS ETF BUX HUF 5 Slovenia Expat Slovenia SBI TOP UCITS ETF SBI TOP EUR 6 Croatia Expat Croatia CROBEX UCITS ETF CROBEX HRK 7 Serbia Expat Serbia BELEX15 UCITS ETF BELEX15 RSD 8 North Macedonia Expat Macedonia MBI10 UCITS ETF MBI10 MKD 9 Romania Expat Romania BET UCITS ETF BET RON 10 Bulgaria Expat Bulgaria SOFIX UCITS ETF SOFIX BGN 11 Greece Expat Greece ASE UCITS ETF ATHEX Composite EUR Source: Expat Asset Management Expat Capital Bulgaria, Sofia 1000, 96A G. S. Rakovski Str.; +359 2 980 1881; [email protected]; www.expat.bg 1 Market data as of 21 May 2020 Expat’s ETF products are designed to be major highways for capital flows to and from the equity markets of the CEE countries. They link the stock exchanges of those countries with the financial centres of London and Frankfurt, making it easy and cost-effective for international investors to take and liquidate an exposure to the specific countries in the region.
    [Show full text]
  • FIMA Daily Insight
    FIMA Daily Insight IN FOCUS - ZAGREB STOCK EXCHANGE March 16, 2012 Croatian equities recorded an upward movement today; CROBEX ZSE STOCK MARKET gained 0.74% to 1,844.03 pts while blue chip CROBEX10 accelerated CROBEX Last 1.844,0 0.41% to 1,008.60 pts. Total turnover of the day reached HRK 30.4 % daily 0,74% million. % YTD 5,97% Integrated telecom operator HT (HTRA CZ) topped the liquidity board CROBEX10 last 1008,6 as usual with HRK 5.6 million in turnover and increasing 0.49% to HRK % daily 0,41% 216.05. % YTD 3,32% Construction engineering company Ingra (INGRRA CZ) followed Stock Turnov er (HRK m) 30,44 collecting HRK 2.3 million in turnover and advancing 2.9% to HRK 8.40. Total MCAP (HRK bn) 187,00 Frozen foods producer Ledo (LEDORA CZ) came to focus with HRK 2.1 Source: w w w .zse.hr million in turnover while price accelerated 2.33% to HRK 6,049.97. Other companies from Agrokor concern were among better performers today. Agricultural producer Vupik (VPIKRA CZ) and kiosk chain Tisak -10,0% -5,0% 0,0% 5,0% 10,0% 15,0% 20,0% (TISKRA CZ) increased 4.59% and 4.53%, respectively, largest RIVP-R-A domestic retail chain Konzum (KNZMRA CZ) accelerated 5.76% to HRK DLKV-R-A KNZM-R-A 165.99 while food producer Belje (BLJERA CZ) declined 1.98% to HRK LKRI-R-A 89.20. ATPL-R-A INGR-R-A Heavy constructor Viadukt (VDKTRA CZ) rocketed 30.32% to HRK 245 THNK-R-A DDJH-R-A after company informed investors about new contract signed in total PTKM-R-A worth HRK 516 million, related to construction of Zagreb airport.
    [Show full text]
  • Raiffeisen Weekly Report, Nr. 38/2017
    Raiffeisen Weekly Report Number 38 October 16th, 2017 Leaning on exports, the economy is growing Number of overnights stays On Tuesday the national statistical office delivered tourism figures for August (Jan – Aug) which showed expected growth of tourist arrivals and overnight stays (6.1%yoy 80 and 5.4%yoy respectively). The share of foreign tourists in the overnight stays 70 amounted 94.4%. Cumulatively, during the first eight months, the number of over- night stays was 72.5 million (+11.8% more than in the same period last year). 60 For the whole 2016 total number of overnight stays stood at 77.8mn. It is very mn 50 certain that, with data for September, this year will officially be a new record 40 tourist season. Although the strength of tourism helped Croatia remain on the 30 path of 3%yoy real growth, it also increased the sensitivity to potential downturns in tourism. As long as Croatia is perceived as a safe destination, it will retain its 20 attractive destination status. Under such circumstances, the budget picture will 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 look more favourable due to the stronger revenue inflow, especially VAT. Sources: CBS, Economic RESEARCH/RBA On the other side foreign trade activities in terms of import and export of goods remained subdued although the latest data pointed to a slight rise. In the period CPI, PPI, yoy from January to July, foreign trade deficit widened to EUR 4.9bn (+9.3%yoy). In 4 the same period, exports growth at 15.7%yoy compared to imports growth of 2 13.2%yoy resulted in coverage of imports by exports at 61.7% (+1.4pp).
    [Show full text]
  • Market Commentary Portfolio Performance Vs Benchmark
    Feb. FKHR1 Monthly Fund Update 2016 Market Commentary Following the publication of Q4 results, the share price jumped by 7.06% in one day. Viadukt operated with a net profit of HRK 3.2m in After a tumultuous start of the year, February brought on a reversal 2015, but this is still 36% less profit compared to the previous year. of trends in most of our largest holdings. This is in line with the rest Revenue fell by 9.1%, which is the consequence of an overall of European and global markets, which reached a bottom in mid- reduction in total investment in the Republic of Croatia, from which February, only to recover by the end of the month. The Croatian Viadukt achieves 99% of its total revenue. However, the growth in market started this recovery even sooner, having reached its lowest share price after the announcement of financial results might have point during January. However during February, the benchmark been due to the optimistic expectations for the rest of the year. The CROBEX index stayed mostly at the same level from the start of the construction industry expects a slight recovery and increased month, with only slight fluctuations. In the meantime, our fund investment from contracting authorities. managed to achieve a return of almost 4% MoM, beating the A third position that we want to emphasize is Đuro Đaković Holding market by a large margin. (ĐĐ). After having an amazing January, on the 15th and 19th of The most important contributor was our largest holding, the Adris February it was announced that Đuro Đaković signed contracts with Group, with common stock growing by over 10%.
    [Show full text]
  • FIMA Daily Insight
    CROATIA | SLOVENIA | ROMANIA | BULGARIA FIMA Daily Insight June 19, 2017 CROATIA BENCHMARKS DAILY CHANGES % Croatian equities closed higher on Friday with both indices increasing; CROBEX increased 0.11% to 0,73% 1,857.87 pts and blue chip CROBEX 10 increased 0.10% to 1,107.93 pts. Regular stock turnover amounted to HRK 4.86 million. (Positive) Croatian oil and gas company INA (INARA CZ) topped the liquidity board collecting HRK 3.2 million in 0,21% turnover and its price decreased 0.78% to HRK 3,175.00. 0,11% Adris’ (ADRSRA CZ) insurance company Croatia osiguranje (CROSRA CZ) finished with restructuring process and stopped negative trends. In the period Jan-Apr, Croatia osiguranje increased net profit by 61% yoy. For 2017, Management board expects GWP to increase by 4% yoy and net profit to reach HRK 226 mln. Insurance market in Croatia has been showing improvements, therefore in May, insurance -0,25% companies recorded total gross premiums in the amount of HRK 4.14 bln, which was an increase of CROBEX SBI BET SOFIX 2.24% yoy. Non life insurance premiums grew by 2.93% yoy to HRK 2.85 bln, while life insurance premiums increased by 0.75% to HRK 1.28% yoy. (Positive) BENCHMARKS 3Y CHARTS This year Podravka (PODRRA CZ) marked again a great success on international quality evaluation and received 18 Superior Taste Awards, the most distinguished world award in food segment. All the 140 products that were being evaluated, were rewarded, which is Podravka's greatest success since it started participating on this competition and confirmation of excellence in the categories in which they 120 have been competing.
    [Show full text]
  • CROBEX® and Crobextr® CROBEX10® and Crobex10tr
    September 8th, 2020 CROBEX® and CROBEXtr® ISIN Trading Issuer Free float Number of Weighting code factor listed shares factor 1 HRADPLRA0006 ADPL AD PLASTIK d.d. 70% 4.199.584 1,00000000 2 HRADRSPA0009 ADRS2 ADRIS GRUPA d.d. 95% 6.784.100 0,36528752 3 HRARNTRA0004 ARNT Arena Hospitality Group dd 50% 5.128.721 1,00000000 4 HRATGRRA0003 ATGR ATLANTIC GRUPA d.d. 45% 3.334.300 0,48953990 5 HRATPLRA0008 ATPL ATLANTSKA PLOVIDBA d.d. 85% 1.395.520 1,00000000 6 HRDDJHRA0007 DDJH ĐURO ĐAKOVIC GRUPA d.d. 50% 10.153.230 1,00000000 7 HRDLKVRA0006 DLKV Dalekovod, d.d. 40% 24.719.305 1,00000000 8 HRERNTRA0000 ERNT ERICSSON NIKOLA TESLA d.d. 55% 1.331.650 0,98709462 9 HRHT00RA0005 HT HT d.d. 45% 80.766.229 0,15037086 10 HRIGH0RA0006 IGH INSTITUT IGH d.d. 50% 613.709 1,00000000 11 HRINGRRA0001 INGR INGRA d.d. 95% 13.545.200 1,00000000 12 HRKOEIRA0009 KOEI KONČAR d.d. 100% 2.572.119 0,59493974 13 HRKRASRA0008 KRAS KRAŠ d.d. 12% 1.498.621 1,00000000 14 HROPTERA0001 OPTE OT-OPTIMA TELEKOM d.d. 40% 69.443.264 1,00000000 15 HRPODRRA0004 PODR PODRAVKA d.d. 85% 7.120.003 0,35950401 16 HRRIVPRA0000 RIVP Valamar Riviera d.d. 55% 126.027.542 0,55422898 17 HRSAPNRA0007 SAPN Saponia d.d. 13% 658.564 1,00000000 18 HRTPNGRA0000 TPNG TANKERSKA NEXT GENERATION 50% 8.733.345 1,00000000 19 HRZABARA0009 ZABA Zagrebačka banka d.d. 4% 320.241.955 1,00000000 CROBEX10® and CROBEX10tr® ISIN Trading Issuer Free float Number of Weighting code factor listed shares factor 1 HRADPLRA0006 ADPL AD PLASTIK d.d.
    [Show full text]
  • December 2017 FKHR1 Monthly Fund Update Market Commentary As It Was Predicted, the Fed Increased the Benchmark Interest More of Them
    December 2017 FKHR1 Monthly Fund Update Market Commentary As it was predicted, the Fed increased the benchmark interest more of them. On the 27th of December they have submitted a rates for the first time after six months, by 0.25 pp to 1.25%- binding offer to the Restructuring and Sale Center for acquiring 1.50%. The European Central Bank decided not to change their Hotel Makarska d.d. stocks, which makes 55.5% of the company's interest rates. For the fifth time in 2017, Croatian National Bank share capital. Their submitted binding offer also included business conducted a foreign currency auction, buying EUR 345.5 million plan, further developments and investments in Hotel Makarska and pumping HRK 2.6 billion into the economy. The domestic d.d. Valamar Riviera intends to continue its investments in the bond market recorded higher than usual trade volumes, due to destination development, to create even more job positions and investors rearranging their portfolios and positions at the end of also aims to raise quality in tourism sector. the year. Oil prices in December were at the year high due to US oil stockpiles being at a record low since 2015, and the Đuro Đaković`s stock ended 2017 with a decline in price (-3.54%), significantly colder weather that has increased the demand, as and it looks like there is no light at the end of the tunnel for well as the unrest in Iran, OPEC's third largest crude producer. In Croatian manufacturer. In December a General Assembly was Croatia, regarding the case of Agrokor, personal assets of 15 held, and the company decided to issue new shares in order to suspects have been blocked by the County Court, covering barely raise capital which is more than needed.
    [Show full text]
  • FIMA Daily Insight Is a Daily Publication of FIMA Securities Ltd
    FIMA Daily I n s i g h t IN FOCUS - ZAGREB STOCK EXCHANGE July 12, 2011 ZSE STOCK MARKET Domestic equities finished the day in red territory with both stock w indices decreasing. CROBEX lost 1.24% to 2,192.89 pts and blue chip CROBEX Last 2.192,9 CROBEX 10 slipped 0.92% to 1,185.82 pts. Regular stock turnover % daily -1,24% amounted to HRK 22 million. % YTD 3,88% Integrated telecom operator HT (HTRA CZ) topped the liquidity board CROBEX10 last 1185,8 collecting HRK 5.5 million in turnover and slipping 0.1% to HRK 255.39. % daily -0,92% Paper producer Belišće (BLSCRA CZ) followed with HRK 4 million in % YTD 2,73% turnover trading in large blocks while its price slipped 0.7% to HRK Stock Turnover (HRK m) 22,01 685.0. Belišće’s majority owner Duropack last week became obliged to publish a takeover bid since it increased its stake by more than Total MCAP (HRK bn) 167,09 additional 10%. Source: www.zse.hr Port operator Luka Ploce (LKPCRA CZ) decreased 1.6% to HRK 1,028.0 after announcing the price of the recapitalization closed yesterday was CROBEX MOVERS HRK 850.0 per share while investors bought 200.353 shares. -5,0% -4,0% -3,0% -2,0% -1,0% 0,0% 1,0% 2,0% Ex dividend pressured auto parts producer AD Plastik (ADPLRA CZ) into KORF-R-A a 4.3% drop to HRK 123.34. PTKM-R-A INA-R-A CKML-R-A Heavy constructor Tehnika (THNKRA CZ) slipped 1.5% to HRK JNAF-R-A 1420.08.
    [Show full text]
  • Raiffeisen Weekly Report, Nr. 18/2017
    RRaiffeisenaiffeisen WWeeklyeekly RReporteport Number 18 May 8th, 2017 Minister of Finance survived no-confi dence vote Opinion polling for the next Croatian As expected, the political issues in Croatia have remained in focus. The Minis- parliamentary election ter of Finance survived the motion of no confidence vote, which ended in a tie 40 (75 – 75 votes with one abstention). The vote of no confidence was the first and 35 key point for the survival of the Government, because if it had been passed, the 30 dissolution of the Parliament would have been the most likely option. At the end 25 the speaker of the Croatian Parliament and also the leader of MOST resigned. In % 20 15 less than 24 hours, the Croatian Democratic Union (HDZ) announced that it has 10 the support of 76 MPs to appoint the new Parliament chairperson. Obviously, the 5 most political parties (especially the main opposition – Social Democratic Party) 0 do not want a snap election. Now, our view is that everything might calm down, Jan. Feb. Oct. Apr. Dec. Mar. Nov. at least until the local elections. HDZ SDP Most Human Shield Sources: Ipsos Puls, Economic RESEARCH/RBA Already at this point we could exclude snap elections before the summer, but still, this could be a possible outcome of the recent political turmoil ((in our view to 40%). Technically HDZ may ensure the sufficient majority in the Parliament for ruling, but the majority will be very tight and fragile. Unsurprisingly, hence, the Croatia – sovereign curve Prime Minister left the door open for snap elections.
    [Show full text]
  • Zagrebačka Burza I Investicijski Baloni
    Zagrebačka burza i investicijski baloni Janković, Sanja Master's thesis / Specijalistički diplomski stručni 2018 Degree Grantor / Ustanova koja je dodijelila akademski / stručni stupanj: The Polytechnic of Rijeka / Veleučilište u Rijeci Permanent link / Trajna poveznica: https://urn.nsk.hr/urn:nbn:hr:125:822704 Rights / Prava: In copyright Download date / Datum preuzimanja: 2021-10-08 Repository / Repozitorij: Polytechnic of Rijeka Digital Repository - DR PolyRi VELEUČILIŠTE U RIJECI Sanja Janković ZAGREBAČKA BURZA I INVESTICIJSKI BALONI (specijalistički završni rad) Rijeka, 2018. VELEUČILIŠTE U RIJECI Poslovni odjel Specijalistički diplomski stručni studij Poduzetništvo ZAGREBAČKA BURZA I INVESTICIJSKI BALONI (specijalistički završni rad) MENTOR STUDENTICA Mr. sc. Denis Buterin Sanja Janković MBS: 2423000161/16 Rijeka, lipanj 2018. SAŽETAK U ovom radu definiran je i objašnjen fenomen investicijskog balona kao i najistaknutiji primjer tog fenomena u povijesti. Nastavno analizirano je kretanje cijene i volumen prodaje bitcoina kao potencijalnog investicijskog balona, a temeljni dio rada odnosi se na analizu odabranih dionica na Zagrebačkoj burzi iz građevinske djelatnosti, djelatnosti prometa i djelatnosti turizma te je donijet zaključak o tome da li se u konkretnim slučajevima radi o investicijskim balonima. Konačno, objašnjeno je stanje na Zagrebačkoj burzi te obzirom na karakteristike burze dane su i preporuke za ulaganje. Ključne riječi: investicijski balon, bitcoin, analiza, cijene, Zagrebačka burza SADRŽAJ 1. UVOD ....................................................................................................................................
    [Show full text]
  • Raiffeisen Weekly Report, Nr. 31/2017
    Raiffeisen Weekly Report Number 31 August 28th, 2017 GDP in the focus of the week GDP real growth rate In line with the expectation, last week’s labour market releases delivered no 4 surprise. The July registered unemployment rate remained at 10.8% thus 2.4pp 3 lower in comparison to the same month last year. Furthermore, the June net and 2 gross wages continued with solid growth rates (5.6% yoy and 4.2% yoy, respec- 1 tively). As we have written already, the first one is widely supported by this year’s % 0 changes in taxation and to some extent by economic recovery. The latter will Q217 –1 be confirmed on Wednesday when the CBS is to release the GDP data. Real GDP growth is expected to accelerate to above 3% yoy. In our view, the –2 main drivers of growth were household consumption and exports. As we stressed –3 several times, household consumption is supported by lower taxation on labor, Q2 12 Q1 13 Q2 13 Q1 14 Q2 14 Q1 15 Q2 15 Q1 16 Q3 16 Q1 17 Q2 17 Q3 12 Q4 12 Q3 13 Q4 13 Q3 14 Q4 14 Q3 15 Q4 15 Q2 16 Q4 16 lower unemployment and modest but still positive developments in employment. Sources: CBS, Economic RESEARCH/RBA Eventually, we mustn’t forget tourism that has been growing by double digit rates in nominal terms and definitely having a huge impact on the economy. Exports of goods and services should confirm better results of Croatian exporters and also Croatia itself as an attractive tourist destination.
    [Show full text]
  • October 2017 FKHR1 Monthly Fund Update
    October 2017 FKHR1 Monthly Fund Update Market Commentary While world stock exchanges reached record highs, primarily US Grupa and opened a bankruptcy procedure. After the ZSE decided stock market indexes, which are at the highest levels, the Croatian to remove the stock from its listings on 26th of October, the stock stock exchange index, CROBEX grew by 3.7% and is far from a soared by 68.43%. The stock ended the month trading at the all- significant recovery. US economy grew by 3% in the Q3 while time low since its listing. There is yet to see what is going to Amazon, Microsoft and Alphabet smashed forecasts and sent happen with this civil engineering firm, but the company NASDAQ to new record high. At the same time, the Fed did not announced in its annual report that their revenues fell by 82.3% raise its benchmark interest rate from its current 1% to 1.25% since last year. Also, the company said in a statement that they target, but indicated that one more hike is likely this year. Officials will sue Croatian government and that they will start the arbitrage also projected one rate hike less than initially forecasted between process because of the bridge Čiovo in Croatia. The government now and 2019. The World Bank held its assessment of the growth decided to break the contract with Viadukt d.d. for unknown of the Croatian economy this year at 2.9% and also said that risks reasons and employed an Austrian contractor. to the economy are moderate. The additional risks are posed by a still high level of indebtedness of the private sector, the Agrokor Hrvatski Telekom d.d.
    [Show full text]