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Every fifth Croatian company facing bankruptcy

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Every fifth of the 200 largest Croatian companies is threatened by insolvency, according to a research of Avidus group.

Solvency problems that companies face are more pronounced in the economies of Eastern Europe than in the west. It is the conclusion of the study conducted by the EOS Group. EOS research does not include Croatia, but according to available data for year 2009., which was prepared by Avidus group, it is easy to conclude that the situation on the domestic market is very similar to that in other Eastern European markets.

Based on the data on the solvency of 200 largest Croatian companies, magazine Poslovni dnevnik in it’s edition Pouzdani partneri (reliable partners), which was published on Tuesday, 21st September brings a list of the most desirable business partners, best payers, but also list of those who are late with payments.

At the top of the list of most reliable are Plava laguna, Eni Croatia, Lidl and DM. According to the Altman Z 'score, which is used as an indicator of solvency, a good portion of the 200 largest Croatian companies is ' floating' somewhere between solvency and insolvency, and the indicator average for the sector is 2.22.

Alarming is the fact that as many as 20 percent of the largest Croatian companies have a Z 'score of less than 1.23, indicating that they face bankruptcy. On the other side it is positive that these 200 companies have on average 2.75 times more assets than debt. Also, the fact is that stretched payment terms bear part of the blame for insolvency.

Source: Tportal

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