DOCSLIB.ORG

Table of Contents

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Table of Contents TABLE OF CONTENTS INTRODUCTORY STATEMENT FROM THE MANAGEMENT BOARD PRESIDENT .................................... 2 PODRAVKA GROUP IN 2010 ................................................................................................................................. 3 BUSINESS EVENTS ............................................................................................................................................................. 3 PODRAVKA GROUP RESEARCH AND DEVELOPMENT .................................................................................... 4 NEW PRODUCTS IN 2010 ................................................................................................................................................ 6 SUPERVISORY BOARD AND MANAGEMENT BOARD MEMBERS BIOGRAPHIES ...................................... 9 PODRAVKA D.D. SUPERVISORY BOARD MEMBERS BIOGRAPHIES ............................................................ 9 PODRAVKA D.D. MANAGEMENT BOARD MEMBERS BIOGRAPHIES. ........................................................ 11 MANAGEMENT REPORT ...................................................................................................................................... 13 BUSINESS RESULTS ........................................................................................................................................................... 13 STATEMENT FROM EXECUTIVES RESPONSIBLE FOR PREPARING FINANCIAL STAMENTS ....... 16 PODRAVKA GROUP EXPECTED DEVELOPMENT............................................................................................... 17 RISK FACTORS ..................................................................................................................................................................... 20 SUSTAINABLE DEVELOPMENT ........................................................................................................................... 22 ENVIRONMENT .................................................................................................................................................................. 22 SOCIAL COMMUNITY ..................................................................................................................................................... 23 CORPORATE GOVERNANCE ............................................................................................................................... 25 STATEMENT ON CORPORATE GOVERNANCE .................................................................................................... 25 GENERAL ASSEMBLY ........................................................................................................................................................ 27 SUPERVISORY BOARD ...................................................................................................................................................... 27 MANAGEMENT BOARD .................................................................................................................................................. 28 ANNUAL QUESTIONNAIRE FOR CORPORATE GOVERNANCE ................................................................... 29 COMPANY SECURITIES ........................................................................................................................................ 42 SHARE ...................................................................................................................................................................................... 42 BOND ....................................................................................................................................................................................... 45 COMMERCIAL NOTES ..................................................................................................................................................... 46 CONSOLIDATED FINANCIAL STATEMENTS FOR 2010 TOGETHER WITH INDEPENDENT AUDITOR’S REPORT ................................................................................................................................................................. 47 Impressum: ..................................................................................................................... For publisher: Podravka Group Desing and prepress: Design Studio Podravka d.d. Translation: Corporate Communications PODRAVKA ANNUAL REPORT 2010 1 INTRODUCTORY STATEMENT FROM THE MANAGEMENT BOARD PRESIDENT Dear shareholders, business year 2010 was a significant year for Podravka Group, with numerous changes which have, I believe, given the company an additional boost. Despite the recession, continued decrease of purchasing power and more rational shopping present with the citizens, we have managed to maintain consumer trust, strengthen the employment security of our employees and have invested significant efforts in order not only to preserve our market positions, but also to create good preconditions for the future. I have often pointed out that Podravka is a stabile company, which was undoubtedly proven. There are many reasons that today I can say with satisfaction that I have managed to make positive breakthroughs. Let me remind you that in 2010 we continued to grow sales in foreign markets, we have successfully faced crisis in Croatian market, applying more efficient business in all organizational units. We have offered new products to our consumers, and we have proved our business partners that with our help they can safely and reliably reach their goals. During 2010 we have continued the optimization process, contributing to continuous costs reduction. Operating costs continued to decrease owing to the introduced control mechanisms, especially in the area of general and administrative costs. We have achieved significant positive progress on all profitability levels, reorganized business on a micro level, results of which are advanced business processes and eventually, more rational costs management. There is still room for improvements, and we will strive to justify every business activity that we will be undertaking in the future, to our employees, consumers but also to the overall public focused on Podravka, caring for the company at the same time. In the end, I would like to say that we will continue to work on goals set, which means further expansion in the region, to new markets and investments in new production capacities. Our shareholders trusted us, supported us in times when every good intention was more than needed, so I believe such trend will continue in the upcoming period, especially due to the fact that we were very successful in 2010. In 2011 we will show the strength of Podravka and great significance of its brands that is has for all of us. Management Board President Miroslav Vitković 2 PODRAVKA ANNUAL REPORT 2010 PODRAVKA GROUP IN 2010 BUSINESS EVENTS Payment on backed bill issued to Fima Grupa d.d. Pursuant to the Capital Market Law and the Rules of the Zagreb Stock Exchange, on 25th January 2010 Erste Factoring d.o.o. called Podravka d.d. as the Guarantor to pay its liabilities from the Financing contract based on a backed bill, signed with Fima Grupa d.d. (as the Client) and Podravka d.d. (as the Guarantor), amounting to HRK 102.7 million. For this amount reservations were made in the financial reports for 2009. Podravka d.d. started a procedure to collect the amount in question from Fima Grupa d.d., i.e. its legal successors. Second installment of Podravka commercial notes issued On 8 February 2010 Podravka d.d. successfully issued the second installment of commercial notes where Raiffeisenbank Austria d.d. (RBA) was the dealer. Total nominal amount of this installment is HRK 130 million, return 9.15%, issue price 91.638 %, maturity 364 days. This second installment of Podravka commercial notes caused great interest of numerous institutional investors, the most significant among which are pension and investment funds and insurance companies. Offers received exceeded the amount of the installment, and the funds were used to refinance the first installment issued in February 2009. Total value of Podravka d.d. commercial notes issuing program is HRK 350 million. Studena for the fifth year in a row title sponsor of “Studena Croatia Open” tournament Podravka’s brand Studena was for the fifth year in a row title sponsor of the tournament “Studena Croatia Open”. Sponsoring contract was signed by members of the Management Boards, for Podravka Marin Pucar and for Istraturist Željko Kukurin. Long-year successful cooperation between Podravka and Istraturist made “Studena Croatia Open Umag” one of the most significant social events in Croatia. General Assembly of Podravka d.d. held At the General Assembly of shareholders of Podravka d.d. held on 25 March 2010 in Koprivnica, the following resolutions were made: recall of the president and deputy president of the General Assembly of Podravka d.d. and resolution on electing the president and deputy president of the General Assembly of Podravka d.d – pursuant to draft proposals by the Management Board and Supervisory Board of Podravka d.d and as published in the invitation to the General Assembly. Podravka d.d. share included in blue chip index of the Zagreb Stock Exchange As of 29 March 2010 Podravka share is listed among the blue chip index CROBEX10© of the Zagreb Stock Exchange. The first review of the index was performed by the Index Commission on 11 March 2010, based on the trading data for the period from 1 September 2009 to
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]
  • 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.
    [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]