Looking for a life-belt Textile and clothing industry should be harmonised with European legislation and develop export base
Zdravko Mužek, Director, Ekonerg Energy prices are not creating sufficient profit margins to finance further necessary investment
Recovery after challenges Leading Croatian tourism officials suggest this year will be uncertain but hopeful
Croatian Business & Finance Weekly Established in 1953 Monday / 8th February / 2010 Year III / No 0096 www.privredni.hr
S U P P O R T E D
pvinternational pv international T H E
C R O A T I A N
C H A M B E R
E C O N O M Y
CROATIA REGRESSING In terms of economic development, SFRJ ranked 31 in the world in 1990; all successor countries ranked 59
GDP per capita compared with Slovenia
80 70 60 50 40 30 20 10 0
Sources 1955-1989: Savezni zavod za statistiku; 1989. Statistički godišnjak Jugoslavije, Beograd Sources 2000-2008: UNECE Statistical Division Database, CIS, EUROSTAT, IMF, OECD, World Bank
Drago Živković n the past two decades, Slovenia has maintained its position as the most developed country from ex-Yugoslavia. It also increased its advantage over the successor countries, in GDP terms per capita. Of interest to note, however, is the fact that all successor countries of exSFRY, including Slovenia, have regressed since 1989, according to the result of a study from the Centre for the study of postYugoslavia societies (CEPYUS) at the Faculty of Philosophy
Maribor University. The former Socialist Federal Republic of Yugoslavia ranked 31 in terms of economic activity in 1990. All successor countries ranked much lower in 2007, with the exception of Slovenia (29). On average, successor countries from SFRY rank 59, which indicates that economic losses caused by separation significantly surpass gains, according to the authors of the study. Macedonia an exception In 1989, Slovenia, as the most developed country had a GDP
per capita of US$34,137. In the same period, Croatia lagged by 36.8%, with a GDP of $21,567, followed by Serbia, some 55.4% lower, and Montenegro, Bosnia and Herzegovina and Macedonia, as the most underdeveloped country. During war and post-war periods, all countries, with the exception of Macedonia, heightened their lag behind Slovenia, particularly Bosnia and Herzegovina, where the war had been the most devastating. In 2000, Croatia lagged behind Slovenia by 38.3%. Serbia and Montene-
gro were reduced to a third of Slovenian GDP, whilst B&H plummeted to just 23%. During the first decade of this century, all countries with the exception of Macedonia, took advantage of robust development. Consequently, Croatia attained some 65% of Slovenian GDP (still less than in 1955), and Montenegro reached 40%, ahead of Serbia. Nevertheless, even after such growth, the five successor countries have reached only around 40% of Slovenian GDP, and that has decreased nominally by 20% in relation to 1989.
Privredni vjesnik Year III No 0096
KRISTIJAN KRKAČ, professor of business ethics, Zagreb School of Economics and Management
FUTURE GENERATIONS NEED TO BE BETTER THAN US Companies and society require a consensus on changing their culture and life-style over the forthcoming 30 years n terms of corporate social responsibility, the situation in Croatia is bad. It is worse than a few years ago, which is relative, considering the greater efficiency of courts and executive power. It is worse in relation to two years before, and in terms of cases that emerge and that are researched. According to empirical research of corporate management in Croatia, where relations with investors and corporate social responsibility have been separately processed according to terms and methodology, it has been shown that the situation is the same as two years before, if not worse. The causes of such conditions are partly due to the economic crisis within the private, state, financial and real sectors. What are the reasons behind such a condition? At one end of the spectrum stands the majority of responsible people in private and state companies, in executive positions, judiciary and media, public and private authorities that use the liberal economic paradigm as justification (more precisely enlightened egoism), yet they actually betray themselves to the charms of Rortyan self-description as “eternally undeveloped and self-proclaimed martyrs (self-victimised and therefore incapable of doing evil), torn against profit, law and social responsibility”. Furthermore, the social environment of this phenomenon is as a shadow over black (more often) and white (endemic) cases, and makes them all equally grey through social insen-
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Planning before excavators Decisions on physical planning should be based on expert advice Boris Odorčić
n order to avoid ruining the Croatian coast with the construction of apartments, as in the case of Spain, the demolition of illegally built facilities is continuing. The noise of heavy machinery of the Ministry of Environmental Protection, Physical Planning and Construction, has seemed quieter of late due to less interest from the public. However, it is generated by the physical plans of local administrations which state what and where it is possible to build, and excavators have, for the most part, been active along the coast. Tourism as a development sector in Croatia is based on physical values, and without them it loses its comparative advantage. Amongst other things,
sitivity, a lack of courage, and conformism and in the end the shadow is called “the nation”. ‘It would be valuable to have some insight into what is to come in the future’, said Hamsun. Since we do not have it, we need now, after 20 years of fighting for government and changes to the legal, economic and social order, a consensus on the change of culture and life-style over the next 30 years. Until then, it is best to implement valued laws without exception, to reduce the number of opportunities for business misconduct, social responsibility, corruption and nepotism, as well as to raise and educate future generations in order that they can be better than us.
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this means that tourist areas are not planned according to specific concepts, but rather the logic of annexing empty spaces and locations determined according to valid physical plans. This is how tourist complexes emerge, multiplying similarity and ruining the landscape. On the other hand, several authentic
values of areas remain neglected, including the landscape and construction as well as socio-cultural heritage, points out Stjepo Butijer, President of the Croatian Council for Physical Planning. The criteria for estimating real advantages of planned locations have not been updated and any sectoral research in the design phase of physical plans is lacking. Programmes for the planning of tourist areas are all the same bland, without a recognisable brand or local features. The lack of planning standards for these areas is determined independently of the areas special features and programmes for physical planning. Additionally, physical plans do not include accommodation for tourists in households, says Butijer. He stresses that insufficiently populated islands and hinterland maintain the balance of tourism. Problems are complicated and they will be dealt with gradually over a long period of time. Decisions on physical planning need to be based on expert advice, taking into consideration the requirements of the development, users and environmental protection. According to the Law on Physical Planning and Construction, Croatia has prescribed general conditions for planning and construction, as well as terms regarding the protection of the coastal area. This has prevented the greatest degradation of the coast, and the design of special regulations and instructions which interpret obligations prescribed under the law, is in progress. The process of gradual transformation of the system of physical planning is underway, especially regarding the method of documentation for physical planning is designed, which will be able to satisfy the volatility and the dynamics of societal development, concludes Butijer.
www.privredni.hr Business & Finance Weekly
( € 230 million
investment in development to 2012
( € 66.8 million required in 2010
LOOKING FOR A LIFE-BELT Textile and clothing industry should be harmonised with European legislation, with the aim of maintaining the level of the number employed and developing its share of exports Sanja Plješa
Branding a necessity
ccording to preliminary data provided by the Central Bureau for Statistics, textile and clothing production in Croatia lost some 4,800 jobs last year. It is estimated that the final figure will reach 5,000. It is also estimated that direct and indirect losses caused by a reduction in production and employment last year, amounted to €49 million. “We can be confident in saying that the causes of such conditions in the textile industry refer to an insufficiently implemented Textile and Clothing Industry Strategy, passed in 2007, a disregard of the criteria for allocation of state aid, unpredictable effects of the recession, and unequal share of activities of all participants regarding the implementation of the Strategy”, pointed out Milan Lušić from Varteks. In terms of state aid for the industry, Lušić pointed out that the plan is to invest €0.23 billion in development programmes by 2012. However, this is will not happen at a great pace, since, as Lušić explained, an amount of €17.8 million has already been allocated to
Comparing the Croatian textile industry with that of the EU, Croatian textile workers conclude they can compete only with higher product quality. One example of a successful textile trade mark is the sock factory Jadran. If we wish to have a product that is recognisable and that sells, then it needs to have added value, says Vinko Barišić, President of the Committee of Jadran. Another successful Croatian textile brand is Estare Culto, intended for up-market customers. “As a result of funding from the Ministry of Economy, we opened new outlets for products with higher added value, and we also work for well-known global fashion brands. We are one of few Croatian companies with a patented brand in the country and abroad”, says Katarina Drakulić from Estare Culto. The Xnation trade mark is also an example of successful Croatian branding of textile products, developed by MIN company.
Some5,000 jobs lost in the textile and clothing industry last year the textile and clothing production to raise added value (data provided by the Ministry of Economy, Labour and Entrepreneurship), which is €6.4 million less than had been estimated. In 2009, €10.96 million of aid was allocated, or €12.5 million less than had been estimated. Furthermore, textile companies have received
no loans under favourable conditions, valued at €30.75 million in 2008, and €37.38 million in 2009. Intervention measures According to Lušić, this year the Strategy needs to be fully implemented and special anti-recessionary measures be introduced. The textile and clothing industry needs to be harmonised with European legislation with the aim of maintaining the level of employees, and developing the share of exports, decreasing budgetary expenditure for unemployed
and direct expenses of severance wages, and the restructuring of departments with a specific structure – women, employees of older and medium age, and lower level education. In response to recession movements, textile and clothing production designed the concept of an industry intervention fund. The aim of the fund is to retain already-limited budget funding for the textile industry and organise finance lines on the basis of a state guarantee or some other institution. The framework amount
of the required funds for the production of textile and clothing is €66.78 million this year, which is actually the amount of estimated direct and indirect expenses of the lost 5,000 jobs from the previous year. Without investment in equipment and automation of machines, and without greater effort in creating brands, entrepreneurs in the textile and clothing industry will not be able to survive in the demanding European market, according to the Ministry of Economy, Labour and Entrepreneurship.
Privredni vjesnik Year III No 0096
( €15 billion investment in the energy sector over the next 12 years
INTERVIEW: ZDRAVKO MUŽEK, DIRECTOR, EKONERG
THE CROATIAN ENERGY SECTOR SUFFERS FROM UNDERINVESTMENT Energy prices not related to market costs are not giving sufficient profit margins to Croatian energy companies to finance further necessary investment nor attracting foreign investors mum standard which has to be available to all, and then design state measures for subsidising the general public accordingly. In terms of secure supply, the consequences of non-market energy prices can be even greater. The Croatian energy sector suffers from underinvestment. These price levels do not allow energy companies to create sufficient profit in order to finance further necessary investment, and do not attract foreign investors. The consequence is reduced safety of the supply, and a significant price surge over a longer period. Whilst not within its terms of reference, the Croatian Energy Sector Development Strategy estimated that investment in the Croatian energy sector over the next 12 years could reach €15 billion. This investment contributes to the safety and competitiveness of the Croatian energy system, although not exclusively for the purpose of supplying Croatian consumers.
Boris Odorčić n October 2009, the Croatian Parliament passed the Croatian Energy Sector Development Strategy. One of the goals is to build a system of balanced development between a safe energy supply, market competitiveness and environmental protection, enabling Croatians quality, safe, available and sufficient supplies of energy. Zdravko Mužek, Director Ekonerg, at the Institute for Energy and Environmental Protection, is the lead behind the design of the Strategy. He states that clearly expressed interests and timely decisions of national interest are crucial for positioning big energy projects.
What is Croatia’s position in relation to other regional and European countries? Croatia has almost completely harmonised its legislative and institutional framework in the field of energy with the EU acquis communautaire. Therefore, it does not lag behind other member countries in that respect. In terms of full liberalisation of the energy sector, we share the practice of South Eastern Europe, although our situation is much better. What are the advantages and disadvantages for the Croatian energy sector? Croatia has inherited a relatively solid, diversified energy sector regarding used energy forms. Technological know-how, companies, the human resources regarding research, oil and natural gas production is envious. The electric energy transmission system is solidly built and con-
nected to neighbouring countries. Unfortunately, due to lagging investment in improvement and new production capacities, the safety of energy supply and the efficiency of the energy sector are not satisfactory. What needs to be done in order to become an energy-stable and independent country? The basic condition for changing the situation in the energy sector and implementing the Strategy is market-relevant prices of energy, especially natural gas and electricity. If prices are
brought closer to market levels too late, that could lead to disruptions in the energy sector. With depreciating prices, no state measures for encouraging efficient use of energy can lead to the desired consumer behaviour. Rather than consumer protection, the consequence is usually increased expenditure for energy distributed to companies or society in total. Understandably, there is an element within the public overall who cannot cope with an energy price surge. Thus it is necessary, as part of our social policy, to set a mini-
Can the economy provide suitable technologies that could add value to our energy sector? Globally, vast sums of money are being invested in the development of energy technologies. Although the Croatian possibilities of investment into technological development are limited, there are numerous niches where it is possible to keep pace with the more developed world. In the construction of most energy facilities, the Croatian economy can participate with a high share of 40%, or even 100%. In terms of its competitiveness, the local economy can certainly improve its position on the world market through technological development.
www.privredni.hr Business & Finance Weekly
Success for Croatian small boat builders at the Boat Show in Düsseldorf
Big venue, high profit Last year, the stand spread over 28 m2, and sales totalled zero. This year the joint 500 m2 stand brought €1.2 million in direct sales he joint approach of small boat builders at the Boat Show in Düsseldorf was a big success, says Sani Ljubunčić, director of the Agency for exports and investment development (APIU). The representation of the Croatian cluster of the small ship building industry, supported by APIU, the Croatian Chamber of Economy and the Ministry of Economy, was a test for the new strategy for exhibiting at foreign fairs. Institutions pooled €0.14 million and occupied 550 m2 of exhibition space. The cost of specially transporting eight boats from Croatia to Düsseldorf was agreed. The companies SAS Vektor, AD brodovi, Pičuljan Marine, Donat Boats, Marservis, Nautical centre Prgin, Adria Winch and Anarta were represented. Last year, the
vessels. Drawn by the success, Croatian exhibitors that came individually to Düsseldorf joined the cluster. Next year, the exhibition stand will cover 1,000 m2, and 12 to 15 boats will be exhibited.
stand occupied 28 m2, and sales totalled zero. This year, the joint 500 m2 stand brought €1.2 million in direct sales from sold and contracted boats. New contacts with trades people and repre-
sentatives who will bring potential new buyers should also be noted, points out Ljubunčić. Many visitors noticed that Croatia has modern production and quality building of small
VIP clients The Board of the Show will now treat them as VIP clients, says Ljubunčić, adding that Croatian companies, as individuals, need to realise they are not competitive abroad, and can achieve more through co-operation. APIU is already preparing a new joint exhibition, this time in China. In June, there will be a big fair of goods for wider consumption in the city of Ningbo. This will be a ‘must attend’ event for all companies in this sector wishing to sell into the Chinese market. (I.V.)
GENERALTURIST JOINS NETWORK OF TOP GLOBAL TRAVEL AGENCIES
TUI arrives in Croatia
oes the signing of a contract between the Generalturist tourist agency from Zagreb and TUI, one the biggest European tour operators, mean the company has arrived in Croatia? Is their presence a sign of the possibility of a takeover, or does it mean the Croatian
agency has joined the European market? A franchise contract has resulted in a three-year cooperation programme between TUI and Generalturist, which will be automatically renewed if neither of the contracted parties breaches it. The owner of Generalturist, Zoran Pečarević, says the co-operation with TUI is a great opportunity for the Agency. “TUI was looking for a strong partner, and Generalturist is the most trustworthy brand with immense know-how. From April, we will offer customers the complete services of one of the top world tour operators, and high quality experiences for each client”, says Pečarević. In terms of the contract, Generalturist will improve its business and harmonise with the high criteria set by TUI. Through this partnership, the agency is joining a network of top global travel agencies, hoteliers and other tourism related organisations. (S.P.)
oday the internet is available in most households of the developed world with user privacy being increasingly violated. Slaven Crnjac, manager of the Microsoft and PHP programme (programme language for web application design) of the NetAcademy at the Technical College in Zagreb, says the main reasons behind identity theft via the internet relate to a lack of information, irresponsible behaviour of individual users and an increasingly expanding array of malicious programmes. “Broadband Internet has reached most of Croatia and the availability of many online services has become
more acceptable, but user skills are not maintaining the same rapid pace as these services. In addition to internet benefits, problems do occur, such as cyber bullying, online theft and identity theft. Regarding these aspects, Croatia will have to invest additional effort, so that such problems occur less frequently. It is best to avoid web sites and network service providers that do not offer security and privacy. It is preferable to check the site certificate before shopping online, as well as to ask other users for their opinion of certain on-line stores and to check whether they are safe to buy from”. (B.O.)
Privredni vjesnik Year III No 0096
CROATIAN FOREIGN CURRENCY MARKET Currency
Kuna exchange mid-rate
AUD CAD JPY CHF GBP USD EUR
4,627623 4,963436 5,974844 4,980324 8,398653 5,346326 7,318586
WEEK ENDED FEBRUARY 6, 2010
INSTITUTE OF ECONOMICS, ZAGREB
NEGATIVE TRENDS TO CONTINUE A mild recovery is anticipated in the second half of 2010. It will be slow, unstable and too weak to encompass the entire economy fter seeing stability in the second quarter of 2009, the latest available data on the current state of the Croatian economy point to the continuity of negative trends. On a year-on-year basis, GDP reduced by 5.7% in the third quarter, whilst seasonal adjusted data show a 0.5% reduction in relation to the previous quarter. This reduction has mostly been a result of negative trends in personal consumption and investment. However, trends in the real sector are particularly disconcerting. Seasonally adjusted values of the volume of industrial production and retail sales have been consistently reducing through last year, and so a reduction in GDP for 2009 is estimated to be 5.9%. Negative trends have transferred to this year, and a mild recovery is anticipated in the second half, according to the latest edition of the Croatian Economic Outlook Quarterly, published by the Institute of Economics, Zagreb.
Unemployment to rise However, any recovery will be slow, unstable and too weak to encompass the entire economy. Therefore, it is anticipated that
GDP growth (%)
C/A balance payments (% GDP)
Consumer price inflation (u %)
GDP will further fall by 0.7%. Since personal consumption has been steadily falling since the beginning of the crisis, it is estimated that any adjustment in
consumption is over, and that it will now mainly depend on consumer expectations in addition to income. An overlapping of positive signals from
foreign markets in the recovery phase will play an important role here. It is anticipated that any additional fall-off in consumer consumption will be slight with a degree of growth towards the end of the year. Foreign trade will primarily depend on foreign indicators, and some recovery is expected already during the first half of the year. Due to increasing foreign demand and weaker local demand, exports should recover more rapidly than imports. Investment as a key factor for long-term growth will continue to show a negative trend, even though it has been milder of late. In 2010, the budget deficit could well be at the level of 2009, amounting to 3.5% of GDP. Inflation should not cause any significant problems, despite the oil price surge. An increase in local demand and the harmonisation of tax laws with EU regulations will give an impetus to inflation in 2011. The labour market will continue its negative movements this year. According to predictions, the rate of registered unemployment will increase from an average of 14.8% last year to 16.7% this year. (V.A.)
::: news Vaba bank: €0.70 million profit Vaba bank from Varaždin ended 2009 with a profit of €0.70 million, according to unrevised reports. This result is much better than in 2008, which ended with a loss of €4.38 million. In the last quarter of 2009, Vaba achieved €0.20 million profit, against a loss of €2.75 million the year before.
HPB: €61.09 million loss The Croatian Post Bank recorded a loss of €61.09 million in 2009, according to unrevised report published on the site of the Zagreb Stock Exchange. The result was mainly influenced by the provision for bad debts, and potential obligations totalling €65.3 million.
Imex bank: €0.74 million profit According to unrevised report, gross profit of Imex bank in 2009 totalled €0.74 million. Its assets increased to €0.18 billion, an increase of 19%. Interest rate income showed a rise of 27%, whilst non-interest rate income decreased by 5%, according to the Bank. Total deposits increased by 20%, to €0.15 billion.
www.privredni.hr Business & Finance Weekly
WE PRESENT 7
DOBAR DAN, ZAGREB
Say it with fruit The company currently has several regular customers to which it distributes fresh fruit
Communication in foreign languages is not an obstacle Instructors are exclusively native speakers fully committed to client needs ime has become precious to most managers and knowledge is crucial for business success. It is important to gain and maintain a business reputation in a local as well as a foreign business environment. Therefore, communication in foreign languages is a prerequisite. Many companies and managers have been expanding their co-operation with foreign companies, or they participate in international and EU projects, where they have, in short amount of time, to acquire the skills and knowledge of business communication in both written and verbal form. Communication over the telephone and via teleconferencing, or filling out calls for proposals in a foreign language have become obstacles which could jeopardise company business, especially if a foreign language is not learned within the shortest possible period, says the director of the Berlitz language centre, Ankica Kutle. Berlitz is one of the leading companies on the international market offering courses in foreign languages. It has been present globally for 130 years and almost 20 years in Zagreb. All instructors are native speakers completely fully committed to client needs, points out the director. The Berlitz language centre of-
fers a specialised service to entrepreneurs and managers called Total Immersion, which is an intensive course for achieving rapid and successful communication skills. Additionally, they also offer workshops for rapid learning in highly specialised areas. Learning is relaxed “We have a unique approach to learning, which is a combination of study and entertainment, where knowledge is acquired easily and indirectly. After communicating through modern programmes, participants begin to feel more relaxed when they communicate in foreign languages in all situations”, notes Ankica Kutle. Berlitz offers a wide array of programmes and schedules, and lessons are held in a location most suitable to the company and its employees. Lessons may be held on an individual basis or taken in small, exclusive groups. With its special features, the Centre attracts highly positioned managers and entrepreneurs, for which Berlitz is also an opportunity to make new contacts, and build up a network of potential partners, points out Ankica Kutle. She ventures that this is the reason the Centre founded the Berlitz Club, where former and present participants can meet. (K.S.)
ruit is a delicious, nutritious and healthy part of ones diet, containing vitamins and minerals, and thus invaluable for the human organism. Doctors and nutritionists say it is important to start the day with fruit which also ideal as a snack. It is also refreshing after meetings or work assignments. In order for employees of Zagreb companies to start the day with a nutritious meal, a newly formed company Dobar dan, (literally, Good Day), owned by Željka Hrabar, has started to distribute fruit to interested business people. “Although we all know fruit is healthy and necessary for bodily well-being, only very few people eat it as a meal. It is our intention to distribute fruit to offices, which is quite normal in many European countries”, says the owner, adding that the fruit they distribute is personally selected and ready to eat. Željka Hrabar says the fruit they distribute is not only washed, but also o cleaned using an ozone-based,, state-of-the-art process, which h eliminates 99% of pesticides.
Nuts and dried fruit, rather than snacks The owner also points out thatt the majority of the fruit is sup-plied by Croatian producerss and therefore locally produced.. Business people to whom shee
delivers fruit baskets usually ask for seasonal fruit - apples, bananas, pears and oranges. Fresh fruit is supplied each day. Whilst still new, the company has several regular clients to which it distributes fresh fruit on a daily or weekly basis. “We are mainly oriented towards companies and also distribute gift baskets. Currently, we distribute around 200 kg of fruit, but I am convinced that business will soon expand to new clients”, says Željka Hrabar. The company offers a quality basket, containing at least 6 kg of the most requested fruit, and an exclusive basket, which includes 4 kg of various seasonal fruits. This basket is intended for executive managers’ offices and smaller companies. The gift basket is delivered to the address of preference, according to the client request. There is also an imaginative basket – a tray consisting of mixed nuts and dried fruit, ideal as a snack during breaks. (S.P.)
Privredni vjesnik Year II No 0096
Recovery after challenges Leading Croatian tourism officials suggest this year will be uncertain, and last minute bookings will be decisive Sanja Plješa n 2009, a 5% decrease of tourists was exhibited at a global level, in relation to 2008. A slight recovery in this sector is expected this year (1%-2%), with a 1% increase in arrivals to the European market, according to the World Tourist Organisation (UNWTO). They say that last year 880 million tourists went on holiday, some 4% fewer than in 2008. In terms of European and Mediterranean countries, France remains one of the leading tour-
ist countries. However, last year, the African continent raised its game, catching the public eye
A slight recovery in this sector is expected this year (1%-2%), with a 1% increase in arrivals and registering 5% more tourists than the year before. The Mediterranean Tourist Agency (META) estimated that last year Mediterranean countries regis-
tered 279 million tourist arrivals, compared with 2008 when there were 300 million arrivals. After a challenging 2009, this year could see some recovery in the Mediterranean tourist market, according to META. Crisis-proof During the previous year, France showed the most resilience against the global economic crisis. Last year, its tourist turnover was stable despite a decreased number of tourist arrivals, (down 3% in relation to the previous year).
Tourists asked for accommodation at reasonable prices, and last year foreign visitors registered a decrease in arrivals (down 14.5% in relation to 2008) from five important markets for France. Last year was also extremely difficult for tourism in Italy. Many indicators point to fewer tourists in hotels, and fewer passengers passing through Italian airports. Croatian tourism officials say this year will be uncertain, and last minute reservations will be decisive, whilst the Internet will play an important part.
facilities at their Sisak Terminal, each of 80,000 m2. Janaf recorded a €63.68 million profit in 2009, an increase of 25.2% and achieved a nett profit of €16.30 million.
offer. There were more shoppers with higher incomes and with more household members (four or more). The most purchased goods were clothes (83%) and footwear (29%).
::: news ed for co-funding the export of new products, market research, design of export products and similar activities, with an amount of €0.59 million being used for subsidising joint representation of associated companies. Export aid granted to 159 companies Over the previous year, 159 companies with a total of 37,000 employees were granted export aid from the Ministry of Economy. Some €4.88 million was allocat-
Janaf to invest €54.8 million During 2010, Janaf will invest some €54.8 million in the development and modernisation of its capacity. Additionally, in February tenders will be invited for the construction of three new
Fewer shoppers at January sales Only one quarter of the general public shopped during the January sales, according to a survey conducted by Hendal and the portal Ja trgovac. Only 30% were satisfied with the goods on
Published on Feb 8, 2010