[PIONEERS OF CAPITALISM] Nikola Nikšić: Intellectual capital is the key to stability and security of companies founded in 1990.

Of the 100 largest jubilee companies that are peers of independent Croatia founded in 1990, a majority, 51 percent, are registered in Zagreb (40) and Zagreb County (11). Nine of them are large, 46 medium-sized, and 45 small business entities. In terms of the number of business entities and the number of employees, companies in the trade sector dominate. Of the 49, with 5 thousand out of a total of 10 thousand employees, they generate 8.4 out of 14.4 billion total revenues.

Along with traders, a significant share (27 percent) is held only by companies from the manufacturing industry. They employ 2 thousand workers, and 2.6 billion kuna in revenue represents a share of 18 percent of the total revenue of the 100 thirty-year-olds.

Traders generate the highest profits in absolute terms, nearly 250 million kuna, but in terms of net profit margin, the 110 million net profit generated by the manufacturing industry with a net profit margin of 4.3 percent is ahead of the three percent net profit margin of long-lived traders.

Unfortunately, when observed over a longer five-year period, a slight downward trend in net profit margin is observed among manufacturers (from 7.9 percent in 2015), while the net profit margin of traders in that period varies between two and three percent. The values of net profit margins correspond to the values achieved in the same periods at the level of the entire real sector.

Only two companies out of the hundred largest ended 2018 with reported losses, which is significantly less than the average for companies of the same size. However, from observing key financial data and indicators and their values, trends, and comparisons with industry standards, it cannot be seen and concluded what makes these jubilee companies different and special from others. It is evident that it is something that is not reflected in these reports, and represents the key to stability and security. This is intellectual capital (human capital, customer capital, innovation capital, and process capital) that nurtures the core values of the company, maintains and strengthens competitiveness and sustainability.

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