摘要：Up until 2010 Elektropromet d.d. was one of Croatian market leaders that supplied major Government companies, such as HEP Group (Croatian national energy company) or Croatian railways. Company had more than 600 employees in the 90’s, working in 4 divisions. Global and local market changes led to revenue decrease and questionable proftability. Company structure did not change in time, and market share was lost, bit by bit, although there was time for changes. Te company did not have a quality control system and they did not recognize the symptoms of crisis. Tose symptoms of crisis were visible from fnancial results in period from 2003 up to 2006 and the company prepared for restructuring in 2007 and 2008. Since the restructuring program was not applied, the company continued with the same business model. Results in that period, and the following years without making any changes led to decreasing business trend with negative result. Te goal of this study is to analyze fnancial results from 2003 up to 2013 and confrm the hypothesis that crisis symptoms in Elektropromet d.d. were visible from fnancial result analysis. Financial results were measured and observed using different proftability formulas providing insight for crisis symptoms and providing answers on how to prevail business crisis. Te results were analized using Year-over-year (YoY) result comparisons. Just by using YoY comparisons it was clear that the results are not proftable. Financial results from 2003 and 2004 provide an insight to early crisis. Proft was not generated from commercial business and regular sales, because expenses were higher than revenue and earnings. Calculating EBIT provides an answer on how proft was made and that early crisis symptoms were visible. After that it would be easy to defne crisis stage and work on a model and defne phases how to prevail the crisis. Management did not decide to recognize the crisis in that early period and the company continued with the same business model for next few years. Te restructuring was prepared for 2007 and 2008, but it came too late and was canceled in early stage. Since Elektropromet is a stock corporation it was up to supervisory board to warn the shareholders that the board members are not leading the company in the right direction. Te result and conclusion should assist corporations, medium size and small companies to recognize crisis symptoms and help them use fnancial management and controlling experience to avoid possible revenue and proftability loss.
其他摘要：Elektropromet d.d. je sve do 2010. godine pripadao vodećim društvima, koja se bave opremanjem državnih tvrtki na području Republike Hrvatske. Tvrtka je u ’90-tima zapošaljavala više od 600 osoba te se poslovalo u 4 segmenta. Globalne i lokalne promjene na tržištu dovele su do pada prihoda i upitne profi tabilnosti. Struktura društva nije se promijenila na vrijeme te se malo po malo gubio tržišni udio. Simptomi krize bili su vidljivi kroz fi nancijske izvještaje tijekom razdoblja od 2003. godine do 2006. godine te se društvo spremalo za restrukturiranje u razdoblju 2007. - 2008. godine. Cilj ovog rada je analizirati fi nancijske rezultate poslovanja i izvještaje uprave društva u razdoblju 2003. – 2013. godine te potvrditi hipotezu da su simptomi krize bili vidljivi kroz analizu fi nancijskih rezultata. Metode korištene u radu uključuju analizu fi nancijskih rezultata koji su mjereni i promatrani koristeći različite pokazatelje profi tabilnosti te omogućavaju uvid u znakove krize i pružaju odgovore kako prevladati poslovnu krizu. Rezultati i zaključci trebali bi pomoći korporacijama, srednjim i malim tvrtkama u prepoznavanju simptoma krize te im pomoći da korištenjem fi nancijskog upravljanja i iskustva u kontrolingu izbjegnu moguće gubitke prihoda i dobiti.
