ZAGREB, 12 Nov 2021 - At the end of October 2021 242,000 Croatians owed HRK 18.2 billion while 15,200 businesses owed HRK 4 billion, show data from the Financial Agency (FINA).

The number of physical persons with a debt of 242,114 was almost the same as in the previous month and 2.1% down from October 2020.

Their debt principal amounted to 18.2 billion, 0.4% more than in September 2021 and 4.9% more than in October 2020.

With an interest debt of HRK 6.8 billion added to that amount, natural persons owed a total of HRK 25 billion.

Most of the debt, amounting to HRK 5.8 billion (not including interest) was owed to banks.

The debt of businesses of HRK 4 billion was by HRK 272.6 million or 6.3% down from September 2021 and 1.2 billion or 23.2% down from October 2020.

The interest owed by businesses amounted to HRK 1.1 billion, putting their total debt at HRK 5.1 billion.

(€1 = HRK 7.511616)

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October the 5th, 2021 - 2020 was an extremely difficult year for the entire world, and Croatian companies were by no means immune to the dire and unprecedented crisis which dominated the economic picture and halted the world as we knew it. That said, some Croatian companies enjoyed high revenues and incomes. The following performed the best, according to Fina.

As Novac/Jutarnji writes, the analysis of the Financial Agency (Fina) on the top 50 Croatian companies in terms of total revenue by type of ownership, showed that enterprises operating in the private sector back in pandemic-dominated 2020 generated the highest total revenue, totalling a massive 123.1 billion kuna.

At the same time, the first 50 state-owned Croatian companies generated a very handsome 44.5 billion kuna in revenue, those with mixed ownership earned 42.4 billion kuna, and in terms of cooperatives, revenues stood at 1.1 billion kuna.

The top 50 Croatian companies in terms of private ownership generated total revenues of 123.1 billion kuna last year, employed 67,022 employees and generated a net profit of 3.8 billion kuna. The average calculated monthly net salary amounted to 7,219 kuna.

Of these 50 privately owned Croatian companies, most of them operate within the trade sector, as much as 54 percent, of them, in the manufacturing industry, 26 percent, and the largest revenues were generated by Konzum plus (10 billion kuna), Prvo plinarsko društvo (9.8 billion kuna) and Lidl Croatia (6.1 billion kuna).

Last year, the top 50 Croatian companies which are under state ownership generated total revenues of 44.5 billion kuna, employed 68,844 employees and generated a net profit of 2.1 billion kuna. The average monthly net salary of these entrepreneurs stood at 7,552 kuna.

Out of a total of 50 state-owned companies, most are in the field of transport and storage (22 percent), electricity, gas, steam and air conditioning supplies (20 percent) and water supply; wastewater disposal, waste management and environmental remediation activities (12 percent).

The largest total revenue among state-owned companies were generated by HEP (9.4 billion kuna), HEP-Proizvodnja (4.3 billion kuna) and HEP-Distribution System Operator (3.6 billion kuna).

Fina's data on the top 50 Croatian companies under mixed ownership shows that they generated total revenues in the amount of 42.4 billion kuna, employed 35,906 workers and had a net loss of 216.1 million kuna. The average calculated monthly net salary of these entrepreneurs was 7,854 kuna.

Out of 50 companies under mixed ownership according to the criterion of total revenue, most of them operate within the processing industry (44 percent), transport and storage (12 percent) and the trade sector (10 percent).

Among these Croatian companies, INA (14.2 billion kuna), Hrvatski Telekom (Croatian Telecom) (5.9 billion kuna) and Pevex (formerly Pevec) (2.3 billion kuna) reported the highest total revenues.

For more on Croatian companies and doing business in Croatia, make sure to check out our business section.

ZAGREB, 31 Aug, 2021 - An analysis of the Croatian Finance Agency (Fina) shows that in 2020, the businesses registered in Split-Dalmatia County had a consolidated net profit of HRK 571.3 million, down by 27% compared to 2019.

In terms of the total revenue in 2020, the Split-based Tommy retail chain topped the ranking with HRK 3.2 billion, and the Omiš-based Stuidenac ranked second, HRK 1.9 billion, and they were followed by the Vrgorac-based Pivac meat processing company, HRK 1.6 billion.

Last year, there were 15,308 businesses with their headquarters in Split-Dalmatia County.

Highest profit in 2020 made by sports betting company

Of them, the company with the highest profit was the Dugopolje-headquartered Hattrick-PSK bookmaker, HRK 242.1 million.

It was followed by the two shipbuilding companies, Brodotrogir (HRK 152.9 million) and Brodosplit (HRK 146.2 million)

Considering the number of employees on the payrolls of all those 15,308 businesses, the employed labour force was downsized by 2.8% from 2019 to reach 79,085 in 2020.

Tommy was the biggest employer, with nearly 3,000 people on its payroll. Studenac employed 2,456  workers in 2020.

According to Fina's data, last year, the total revenues earned by the businesses in this southern county came to HRK 48.5 billion, down by 8.4%, their expenditures were cut by 7.8% to HRK 47.5 billion.

(€1 = HRK 7.5)

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ZAGREB, 30 Aug 2021 - Pharmacies earned HRK 279.7 million in net consolidated profit in 2020, which is a 10% increase from 2019 and the largest increase in the past five years, show data from the Financial Agency (Fina).

The sector's total revenue and expenses in 2020 rose by 10.9% from 2019, with revenue going up to HRK 8.02 billion and expenses to HRK 7.7 billion.

Profits, which were earned by 93.1% of businesses in the sector, went up by 9.3% to HRK 285.4 million, while losses dropped by 15% to HRK 5.8 million.

The consolidated result in 2020 was a net profit of HRK 279.7 million, which is an increase of 10% from 2019 and the highest profit earned in the period from 2016 to 2020.

In the period from 2016 to 2020 the number of businesses providing pharmacy services dropped by 9.7%, from 403 to 364, while the number of employees rose to 5,751, 5% more than in 2016 and 1.4% more than in 2019.

(€1 = HRK 7.484465

The average net wage in the sector in 2020 amounted to HRK 8,040, 5% more than in 2019 and 34.7% more than the national average in the business sector, which totalled HRK 5,971. Compared with 2016, the average net wage in the pharmacy sector grew by 15.7% in 2020.

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April the 20th, 2021 - The Croatian shipyard scene hasn't been producing much in the way of positive news for a significant amount of time now, and the ongoing coronavirus pandemic and the economic woes it brings with it haven't aided the situation. Fina is now proposing bankruptcy for the Brodotrogir shipyard.

As Suzana Varosanec/Poslovni Dnevnik writes, just one month after the recent promising messages related to the Brodotrogir shipyard, which were important to the whole group due to the announcement of negotiations with bankers and the sale of the marina there to save business operations, as well as the survival of the parent company, there has unfortunately been a reversal.

To be more precise, the Financial Agency (Fina) filed a motion with the competent commercial court to open bankruptcy proceedings for the debtor of the Brodotrogir shipyard.

As stated in the proposal, back on April the 16th, this debtor in the register has recorded unexecuted bases for payment in an uninterrupted period of 137 days, in the total amount of 3.895 million kuna, which includes interest and fees due to Fina for the implementation of foreclosures on cash. According to the data held on the number of employees submitted to the Financial Agency by the Croatian Pension Insurance Institute, the Brodotrogir shipyard has 51 employees. It remains to be seen what developments will follow in this somewhat complicated case, given the previous and current announcements as well as the not-so-rare practice of settling debts that are the reason for the account blockade in the first place.

The Brodotrogir shipyard published losses of 305 million kuna back in pre-pandemic 2019, of which about 72 million kuna was covered from retained earnings, but the rest of the approximately 233 million kuna was transferred to the position of carried forward loss. These losses were mostly, at least according to official business documentation, due to reduced business activities when compared to previous years and also due to increased expenses, among other things, owing to the impairment of fixed assets and investments in subsidiaries, as well as value adjustments of unsecured receivables of the debtors who have faced financial problems, bankruptcy or late payments for more than one year.

In the pre-bankruptcy proceedings of this debtor which were opened approximately two years ago at the Commercial Court in Split, the Brodotrogir shipyard was released from its then cumbersome financial blockade and continued its regular business operations, with the established liabilities at the beginning of July 2019 amounting to around 319 million kuna in total, of which the largest amount - 214 million kuna, was determined according to unsecured creditors.

In addition to the above, according to the auditor's report, there are also debt obligations on loans from SCT, Kairos Shipping LLC I and Kairos Shipping LLC II. According to the notes, by the end of that year, the company had issued a large number of promissory notes in favour of the banks and the Ministry of Finance in the amount of approximately 1.6 billion kuna, guaranteeing the debts of the companies within the Brodotrogir Group and other affiliated companies amounting to about 423 million kuna back on the 31st of December, 2019. In addition, the settlement reached was overturned on the basis of a lodged appeal.

The Brodotrogir shipyard, an umbrella company 95 percent owned by Kermas Energija, manages the shipbuilding company Hrvatska brodogradnja Trogir, the company Brodotrogir Cruise, which builds cruisers, and BT Hull, which equips ships. Brodotrogir Cruise, according to sources from the group itself, took over some of the workers of HBT and BT Hull.

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ZAGREB, 5 April, 2021 - Gambling and betting businesses in 2019 generated HRK 4.1 billion in revenue, which is 114.6% more compared with 2010, when HRK 1.9 billion was generated, according to data from the Financial Agency (FINA).

In 2019, there were 70 gambling and betting businesses, their revenues totalled HRK 4.1 billion and their expenses HRK 3.2 billion.

The profit of those businesses amounted to HRK 799.1 million in 2019 and their losses to HRK 71.7 million, resulting in a net profit of HRK 727.4 million.

FINA's data show that over 10 years, gambling and betting businesses operated at a loss only in 2010, when their net loss was HRK 21.6 million. From 2011 to 2019 they posted a net profit.

The highest net profit, of HRK 727.4 million, was generated in 2019, which is ten times more compared with the lowest net profit in 2011 (HRK 72.9 million).

The highest total revenue in 2019 was generated by Super Sport (HRK 847.4 million) and Hrvatska Lutrija (HRK 636.8 million). The highest profit was posted by Super Sport (HRK 432.32 million) and Hattrick-PSK (HRK 156.62 million).

In the period from 2010 to 2019, 2017 saw the lowest number of gambling and betting businesses, 64, while 2010 saw the highest, 92.

The highest number of employees in that sector was registered in 2019 (6,749), and the lowest in 2015 (5,254).

The average monthly net salary in the gambling and betting sector was HRK 5,872 in 2019, and it was 48.2% higher compared with 2010, when it was HRK 3,963.

The most gambling and betting businesses were based in the City of Zagreb (36), followed by Primorje-Gorski Kotar (9) and Split-Dalmatia counties (8), while the fewest businesses in that sector were in Međimurje, Osijek-Baranja, Karlovac, Sisak-Moslavina, Zadar and Zagreb counties (1).

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ZAGREB, 5 March, 2021 - Croatian electricity generation, transmission and distribution operators saw their profits increase from HRK 215.5 million in 2008 to 2.2 billion in 2019, a report by the Financial Agency (FINA) shows.

The number of enterprises engaged in electricity generation, transmission and distribution rose from 89 in 2008 to 708 in 2019, while at the same time the number of their employees fell from 13,465 to 11,274. The decrease was mainly due to the fall in the number of employees at the state-owned HEP electricity distributor, from 9,271 in 2008 to 6,535 in 2019 (-29.5%).

FINA noted that many of the companies established during the reporting period had no or only a small number of employees. In 2019, out of a total of 708 companies, 458 were without any employees, while 159 had one or two.

The total revenue of companies engaged in electricity generation, transmission and distribution increased from HRK 21.1 billion in 2008 to HRK 29.6 billion in 2019. Expenditure also grew, from HRK 20.8 billion to 27 billion. Net profit rose from HRK 215.5 million in 2008 to HRK 2.2 billion in 2019, an increase of a staggering 938.4%.

The trade balance was negative throughout the reporting period. The largest trade deficit, of HRK 4.4 billion, was recorded in 2012 and the lowest, of HRK 1.6 billion, in 2014. In 2019, the trade deficit was HRK 4.1 billion, up 69.1% from the previous year.

The average net monthly salary in this sector increased from HRK 6,386 in 2008 to HRK 8,000 in 2019 (+25.3%).

FINA recalled that the restructuring of the Croatian electricity sector began in 2001, while formal liberalisation began in 2008. As of 1 July 2008, all consumers could choose their electricity provider.

During the 12-year period several competitors emerged on the electricity market, most of them after 2009.

The highest revenues and profits were generated by state-owned companies HEP (HRK 10.5 billion in revenue and HRK 1.1 billion in profit) and HEP-Proizvodnja (HRK 4.2 billion in revenue and HRK 457 million profit).

Among the privately owned companies, the highest revenues were generated by GEN-I Hrvatska (HRK 932.4 million) and E.ON Energija, previously called RWE Energija (HRK 917.5 million).

(€1 = HRK 7.5)  

ZAGREB, 17 January, 2021 - The Financial Agency (Fina) has recently reported that entrepreneurs in the tourism and hospitality sector are most exposed to the consequences of the COVID-19 pandemic while the manufacturing industry and trade experience the lowest exposure.

This leading Croatian provider of financial and electronic services has conducted an analysis of creditworthiness of entrepreneurs in the country and the analysis has been based on Fina's methodology that includes Probability of Default (PD) and compliance with Basel III (Third Basel Accord or Basel Standards) guidelines.

The findings of the analysis show that 1,251 entrepreneurs in Croatia do business at minimum probability of default.

Default probability is the likelihood over a specified period, usually one year, that a borrower will not be able to make scheduled repayments.

Of those 1,251 entrepreneurs, 1,085 have not applied for state aid under the government's schemes for support to businesses to mitigate the effects of the corona crisis.

Of those 1,085 entrepreneurs whose business is stable despite the COVID-19 pandemic, most are in the manufacturing industry, 263, and as many as 259 stable entrepreneurs are in the wholesale and retail sector.

The third-ranked sector with stable entrepreneurs is the sector of expert, scientific and technical activities (133), the construction sector follows (87), and 63 stable entrepreneurs are in the water supply and waste water management sector.

Broken down by the region, the City of Zagreb with 487 stable entrepreneurs tops the ranking, and Zagreb County follows (81), Istria County ranks third (65), Split-Dalmatia County comes in as the fourth (64) while the Rijeka region has one fewer stable entrepreneur.

Broken down by the type of businesses in terms of their size, medium-sized enterprises are the most stable enterprises (715), 183 big companies are described as stable, and 181 micro businesses are in this category and only six (6) small businesses.

January 7, 2021 - Official institutions are often accused of being costly and too bureaucratic. How the Croatian Financial Agency FINA is going the extra mile to educate people in the really important things in life. 

It is not a lot of fun running a news portal at the moment. Earthquakes, pandemics, corruption, the events in Washington, and the usual joy of Croatian political infighting and name calling - there just isn't really much happiness or light relief. 

At times such as these, I have found that one way to destress is to take a tour of the magical kingdom of the official Croatian website. Official Croatian websites are the gifts which keep on giving when you need a little boost in life. We, the peasants and Croatian taxpayers, pay handsomely for their existence, and I personally feel that they give excellent value for money. 

(Croatia.hr screenshot in 2018)

The Croatian National Tourist Board is one of my favourites, with their truly innovative approach to promoting the hidden gems of global tourism. Where else in the world can you find an 18-hole golf course in the middle of a residential area in the centre of a capital city, as our tourism heroes were promoting a couple of years ago? Fancy a round? Learn more in Tourism Quiz of the Summer: How Many Golf Courses Will Croatia Have Next Week?

And if you are looking for comforting memories of your youth, look no further than the Ministry of Tourism, whose home page last year was celebrating that 2020 digital champion, the fax machine (but no email), a whole generation after most of its citizens had last used one. 

(Screenshot of Croatian Ministry of Foreign Affairs homepage in English)

Not to be outdone - and worthy of an extra gold star and chocolate biscuit - the Croatian Ministry of Foreign Affairs continues to celebrate state of the art modern communications on its homepage in 2021. Not one, but TWO fax numbers to accompany the solitary phone number and email address. An outstanding use of taxpayers' money. Can you imagine the convenience in 2021 of having a spare faxing option should you find the first fax number busy? 

Yesterday, I came across a new source of light relief from an official website, and one which is going the extra mile to provide additional services to its users. 

I don't think I have ever frequented the website of FINA, the Croatian Financial Agency before, but it is seems that I - and more importantly, you - are really missing out. 

A friend sent me a link and encouraged me to check it out - FAQ (cesta pitanja) on the Croatian Financial Agency FINA website. I have to say that I didn't feel particularly inspired to click. What on earth could be so interesting about frequently asked questions on a Croatian financial agency website?

How wrong could I be? 

FINA is clearly doing an outstanding job explaining the intricacies of the Croatian financial system, as there were only two questions on the FAQ page. I am not a financial expert, but I will confess to being a little surprised by the oft-asked questions.

(Screenshot from fina.hr)

Why is the sky blue?

Why is the Earth round? 

Weighty topics, and one which some institutions would go into great detail to explain. But not our efficient Croatian Financial Agency, which clearly understands that time is money, managing to succinctly answer both demanding questions with just one - indeed, the very same - word:

'Zato...' - just because... 

Impressive stuff, and sound financial insights that FINA has been selflessly delivering since 2018, apparently. 

Sadly - presumably due to budget cuts - this essential public service is seemingly no longer available. Inexplicably, after these explanations about the blueness of the sky and the roundness of Mother Earth did the rounds on social media, the page was removed from the FINA website yesterday. Perhaps it was a conspiracy from the Flat Earthers trying to quash propaganda, it is not quite clear. 

But the good news for us, the peasant taxpayers, is that all is not lost, and our tax dollars have been well-invested in a Google legacy. It seems FINA has demonstrated some commendable SEO skills, easily beating the likes of Wikipedia in the important Croatian-language search terms for 'why is the sky blue' and 'why is the earth round.'

So the next time you object to those high taxes, take a moment to consider the additional value being provided on your behalf before you judge. 

I am not an expert on FINA, but I know a man who is very passionate about it, and I reached out to him for comment. Political guru, digital champion and all-round Croatian brainbox, Marko Rakar, kindly spared a few moments from his busy schedule doing whatever he does in that black office of his to offer the following thoughts:

"Foreigners have real trouble grasping the meaning of FINA since there is nothing like it anywhere in the modern world. It is basically a government-imposed middleman, in reality a  cancerous tissue on our economy, which uses its administrative monopoly to collect about 1 billion kuna in various fees without providing a single useful and/or market competitive or necessary service. It is estimated that they alone can account for about 1% of lost GDP (for every single year of their existence).

"Yet, in order to justify its existence, this zombie life-sucking institution tries to influence or meddle in just about any remotely financial activity while demonstrating gross incompetence overall inefficiency. They do it spontaneously, without a plan, strategy or even tactics, so it is no surprise that they have now moved into deeply philosophical subjects such as why the sky is blue or why the earth is round. It could be fun to ask them how much they charged Croatian taxpayers to answer these self-evident questions." 

If you have any inspirational gems from the magical kingdom of official Croatian websites that you feel should be brought to the attention of those funding them, contact This email address is being protected from spambots. You need JavaScript enabled to view it. Subject Genius. 

ZAGREB, September 22, 2020 - The Dubrovnik-based Improtanne Resort hotel company was given two Financial Agency (FINA) Golden Balance awards on Tuesday - for the most financially successful business according to financial ratings and for the most successful business in the hospitality sector in 2019.

Since 2008, FINA has been giving the annual awards to best businesses in several fields according the criteria of their profitability, liquidity, debts, activities and cost efficiency.

Of the 136,260 businesses which submitted financial statements, FINA shortlisted 2.9%, or 4,008 businesses: 178 micro-enterprises, 2,582 small enterprise, 1,005 medium-sized enterprises and 243 big companies. 

For instance, the Rijeka-based Ugor company won this year's award for the most successful enterprise in the sector of agriculture, forestry and fisheries, the Orahovica-based Radlovac was the winner in mining, Jadranska Vrata from Rijeka in transport and logistics, H&M in trade, the Cepin-based Iver was the most successful business in construction, Zagrebinspekt in the sector of expert, scientific and technical activities.

This year, the award-giving ceremony was held for the first time in a digital form. Addressing this event online, Finance Minister Zdravko Maric recalled that 2019 would be remembered as a year with great achievements of Croatian entrepreneurs.

However, the coronavirus pandemic in 2020 has imposed new challenges on all of us, he admitted.

Since the start of the crisis, Croatia's government has been managing the situation in a timely and appropriate manner, the minister said.

So far, seven billion kuna has been granted under the schemes aimed at the support to wages and job retention, he added.

FINA management board chair: 2019 with record results for Croatia's economy

The FINA management board president Drazen Covic said that 2019 was a year with record results for doing business in Croatia.

"In terms of the total revenues, Croatia's economy rose by more than 10%," Covic said.

The profit of businesses increased by six percent, and investments in non-material and material assets strongly grew, by 15%, and exports increased by more than six percent, he said.

Since 2020 FINA has been monitoring the trends in employment, and last year, entrepreneurs employed a record high number, nearly 970,000 workers, Covic said.

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