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master's thesis
Mogućnosti spajanja i preuzimanja unutar Hrvatske pekarske industrije
Zagreb: University of Zagreb, Faculty of Economics and Business, 2015. urn:nbn:hr:148:084776
Boban, Tomislav
University of Zagreb
Faculty of Economics and Business

Institutional repository: REPEFZG

Cite this document

Boban, T. (2015). Mogućnosti spajanja i preuzimanja unutar Hrvatske pekarske industrije (Master's thesis). Zagreb: University of Zagreb, Faculty of Economics and Business. Retrieved from https://urn.nsk.hr/urn:nbn:hr:148:084776

Boban, Tomislav. "Mogućnosti spajanja i preuzimanja unutar Hrvatske pekarske industrije." Master's thesis, University of Zagreb, Faculty of Economics and Business, 2015. https://urn.nsk.hr/urn:nbn:hr:148:084776

Boban, Tomislav. "Mogućnosti spajanja i preuzimanja unutar Hrvatske pekarske industrije." Master's thesis, University of Zagreb, Faculty of Economics and Business, 2015. https://urn.nsk.hr/urn:nbn:hr:148:084776

Boban, T. (2015). 'Mogućnosti spajanja i preuzimanja unutar Hrvatske pekarske industrije', Master's thesis, University of Zagreb, Faculty of Economics and Business, accessed 19 November 2024, https://urn.nsk.hr/urn:nbn:hr:148:084776

Boban T. Mogućnosti spajanja i preuzimanja unutar Hrvatske pekarske industrije [Master's thesis]. Zagreb: University of Zagreb, Faculty of Economics and Business; 2015 [cited 2024 November 19] Available at: https://urn.nsk.hr/urn:nbn:hr:148:084776

T. Boban, "Mogućnosti spajanja i preuzimanja unutar Hrvatske pekarske industrije", Master's thesis, University of Zagreb, Faculty of Economics and Business, Zagreb, 2015. Available at: https://urn.nsk.hr/urn:nbn:hr:148:084776

Metadata
TitleMogućnosti spajanja i preuzimanja unutar Hrvatske pekarske industrije
Title (english)The possibility of mergers and acquizitions within the Croatian baking industry
AuthorTomislav Boban
MentorIvan Lovrinović (mentor)
Committee memberMihovil Anđelinović (predsjednik povjerenstva)
Committee memberMartina Nakić (član povjerenstva)
GranterUniversity of Zagreb
Faculty of Economics and Business
Zagreb
Defense date and country2015-03-02, Croatia
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Economics
Abstract
Industrija pekarskih i brašneno-konditorskih proizvoda zajedno s proizvodnjom mlinskih proizvoda, škroba i škrobnih proizvoda predstavlja jedan od najvećih industrija unutar Republike Hrvatske s ukupnim prihodima od 5.445,7 mil. HRK 2014. godine. Pekarski sektor u Hrvatskoj jedan je od posljednih nekonsolidiranih sektora čemu svjedoči 3.687 prijavljenih poslovnih entiteta koji djeluju unutar navedenih industrija, od čega 3.409 poduzeća posluje unutar industrije pekarskih i brašneno-konditorskih proizvoda, a 278 unutar proizvodnje mlinskih proizvoda, škroba i škrobnih proizvoda. Iskustva razvoja razvijenih zapadno-europskih tržišta pekarske industrije upućuju na promjene koje će se u određenom omjeru javiti u Hrvatskoj i susjednim zemljama. Ulazak u 2015. godinu i kupovanje većinskog udjela u slovenskom poduzeću Žito d.d. od strane hrvatskog poduzeća Podravka d.d. najavio je promjene unutar industrije pekarskih proizvoda regije. Cilj ovog rada je prikazati opcije razvoja hrvatske pekarske industrije kroz procese spajanja i preuzimanja, proučiti djelovanje spajanja i preuzimanja proučavajući poznate primjere teoretskih modela i primjera iz prakse te analizirati postojeće stanje hrvatske pekarske industrije. Svrha istraživanja je teorijskom i praktičnom analizom utvrditi na koji način uspješna spajanja i preuzimanja povećavaju vrijednost spojenih poduzeća te procjeniti realnu vrijednost hrvatskih poduzeća i industrije pomoću odabranih tržišnih metoda valorizacije. Hrvatski pekarski i brašneno-konditorski sektor zapošljava najveći broj zaposlenika te je jedan od najvećih sektora prema ukupnim prihodima u Republici Hrvatskoj. Danas je sektor u situaciji suočavanja s velikim rizicima poput promjenjivosti cijena sirovina uzrokovanih klimaskim promjenama i mjenjanjem cijena energije koji direktno utječu na trošak proizvodnje unutar industrije. Pod stalnim su konkurentskim pritiscima velikih trgovačkih lanaca i potrošača koji zahtjevaju kvalitetne i inovativne proizvode. Ovim prijetnjama treba dodati i veliku tržišnu koncentraciju od preko tri tisuće poduzeća koji se bore za naklonost potrošača te nisku godišnju stopu rasta od oko 1%. Zbog malih godišnjih stopa rasta tržišta velika poduzeća unutar sektora su u nepovoljnom položaju. Njihov organiski strateški rast i razvoj više nije moguć unutar teritorija Republike Hrvatske. Jedna od realnih strateških mogučnosti je razvijanje strategije rasta kroz spajanja i preuzimanja. U 2014. godini u Hrvatskoj je bilo preko dvadeset poduzeća unutar pekarskog sektora s ukupnom EBITDA-om iznad 2,5 milijuna kuna. Svako od tih poduzeća ima mogućnost razvoja kroz spajanja i preuzimanja. Ukupna vrijednost navedenih poduzeća procjenjena analizom usporednih transakcija iznosi 1,576 milijuna HRK, a analizom usporednih poduzeća procjena iznosi 1,472 milijuna HRK. Spajanja i preuzimanja unutar hrvatskog pekarskog sektora omogućila bi sinergijske efekte, povećavanje tržišnog udjela i nove investicijske prilike. Zbog niske razine stranog kapitala unutar industrije moguća su i inozemna ulaganja.
Abstract (english)
Bakery sector and its products, together with the production of grain mill products, starches and starch products is one of the largest sectors within the Croatia with total revenues of 5,445.7 million HRK in 2014. The sector is one of the last non-consolidated sector being evidenced by 3,687 registered business entities that operate within these industries, out of which 3,409 companies operate within the bakery industry, and 278 in the production of grain mill products, starches and starch products. Development experience of developed Western European bakery markets suggest changes that will occur in a certain ratio in Croatia and neighboring countries. Entering the year 2015 and the purchase of a majority stake in the Slovenian company Zito dd by the Croatian company Podravka dd announced changes within the bakery industry of bakery products in the region. The aim of this paper is showing the options of bakery industry development in Croatia through mergers and acquisitions, to study the effect of mergers and acquisitions studying known examples of theoretical models and practices and analyze the current state of Croatian baking industry. The research purpose is, by using theoretical and practical analysis determine how successful mergers and acquisitions increase the value of merged companies, evaluate the real value of Croatian companies and baking industry using selected market valuation methods. Croatian bakery and flour-confectionery sector employs the largest number of employees, and it is one of the largest sectors in terms of total revenues in Croatia. Today the sector is in a situation of dealing with large risks such as volatility in raw material prices caused by climate changes and changing in the energy prices, which directly affect the cost of production within the industry. They are under constant competitive pressure of large retail chains and consumers who demand high-quality and innovative products. These threats should be added the huge market concentration of over three thousand companies fighting for the consumers favor and low annual growth rate of around 1%. Due to the low annual rate of market growth the large companies within the sector are placed in a not desirable position. Their organic strategic growth and development is no longer possible within the Croatian territory. One of the realistic strategic opportunities is to develop a strategy of growth through mergers and acquisitions. In 2014, Croatia there were over twenty companies in the sector with a total EBITDA above 2.5 million HRK. Each of these companies has the develop opportunity through mergers and acquisitions. The total value of companies estimated by analyzing comparable transactions is 1.576 million HRK, and the peer analysis estimate amount of 1.472 HRK. Mergers and acquisitions within the Croatian bakery sector would enable synergy effects, increase market share and new investment opportunities. Due to the low levels of foreign capital within the industry there are possiblities of future foreign investments.
Keywords
Keywords (english)
Languagecroatian
URN:NBNurn:nbn:hr:148:084776
Study programmeTitle: Business Economics
Study programme type: university
Study level: graduate
Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
Type of resourceText
File originBorn digital
Access conditionsAccess restricted to students and staff of home institution
Terms of useLicence In copyright icon
Created on2016-10-14 12:13:31