ࡱ> 5@ sbjbj22 ~XXS^!   0ddddd e2h^2i2i2iHijvSmnd  RJp uj"j @@2iHis.@82iHi N)xHih 2dNѼ0-0 `@@@@{n%w0U}IH{n{n{n ]d׍dZdenko Prohaska, Ph.D. University of Rijeka, Faculty of Economics, Rijeka, Croatia Bojana Olgi Dra~enovi, B.Sc. University of Rijeka, Faculty of Economics, Rijeka, Croatia FOREIGN PORTFOLIO INVESTMENTS IN THE REPUBLIC OF CROATIA ABSTRACT In this paper capital movement as a necessary factor of economic development and especially foreign portfolio and direct investments in Croatia will be discussed. Even this has been of prior importance for involving Croatia in the world economic system, results are not on a satisfactory level and foreign investments didnt give the required impulse to the domestic economy. In the focus of our research will be primarily portfolio investments in Croatia and other transitional countries, for example Slovenia. A comparative analysis will be carried out by calculating volume, structure and share of foreign portfolio investments in total foreign investments in transitional countries mentioned above. Importance of foreign portfolio investments will also be pointed by calculating all data as percentages of GDP. The structure of portfolio investments is in favour of debt securities, especially government bonds. Equity capital (shares) and reinvested earnings are almost negligible. Foreign investments began to flow in a great volume since 1996 even they are still deficient in relation to Croatias GDP as well as in the case of Slovenia. In comparison to other leading transitional countries the importance of foreign portfolio investments could be much higher. Therefore an analysis will be done on the main reasons for such a trend. One of the factors involved is insufficient development of Croatias financial market and especially deficient breadth and depth of the secondary capital market. Also, the privatisation process didnt meet all the expectations and it was delayed compared to other transitional countries. Country risk has also been taken into consideration. The main result of our research will among others be that Croatia has to encourage development of domestic capital market by attracting foreign investments and make itself to a profitable destination for portfolio and direct investors from abroad. 1. International capital movement International finance has become a more important subject because of an increased globalisation of financial markets. The benefits of the increased flow of capital between nations include a better international allocation of capital and greater opportunities to diversify risk. Diversified international investment offers investors higher expected returns and/or reduced risks considering domestic investment. From the investors point of view, international capital movement can be defined as private or public capital. Private capital includes foreign direct investment (FDI), portfolio investment, deposits and loans. Public capital movement is represented by loans (bilateral and multilateral) and economic aid. Investment activity in the Republic of Croatia started right after the independence and the beginning of transition process. However, international investment process was accelerated after the end of the war from 1996. The structure of international investment position of the Republic of Croatia is shown in the table 1. Table 1 International investment in the Republic of Croatia (in million USD) 1998199920002001200220031. Direct investment1.902,62.578,13.560,34.706,46.710,711.351,32. Portfolio investment2.145,32.700,03.288,43.880,04.694,66.312,63. Derivatives0,00,00,00,00,00,04. Other investment7.284,77.061,07.248,66.949,89.708,214.504,24.1. Trade credits443,8390,9334,0294,8312,9321,74.2. Loans6.226,36.132,46.481,86.021,57.419,610.437,54.3. Currency and deposits614,6537,7432,8633,51.975,73.745,0International investment (In total)11.332,612.339,214.097,415.536,321.113,532.168,1Source: CNB, 2004 International investment increased threefold in period from 1998-2003. Growing importance of international investments is considered to be even faster in the future. Investment structure has significantly changed, with an increase of the share of the direct investment. This was at the expense of other investments and loans particularly (as relative portion). 2. Foreign direct investment Foreign direct investment can be defined as overseas investments where the investor has a measure of control. For accounting purposes, control is defined as 10 % or more ownership of voting stock. The control consists of production management, sale, profit sharing and all the important aspects of the companys functioning. Foreign direct investment is a key channel through which Croatia will be able to intensify its economic integration process. The dynamic effects of trade will be largely achieved through FDI and from a macroeconomic point of view they will become an important source of aggregate investment and external financing. FDI flows are the most stable of all types of capital flows. The Company Act regulates FDI in Croatia. Foreign investors have the same rights, obligations and legal status within an enterprise as domestic investors. Foreign direct investment per capita and cumulative data are analysed in chart 1 by comparing the figures for selected transition countries in the period from 1990-1999. Chart 1 FDI per capita and cumulative FDI for period 1990-1999 for selected transition countries Source: CNB With a cumulative FDI inflow in 1994-2000 estimated at 1,187 USD per capita, Croatia ranks high among the transition countries. For example, it is well above Slovenia, the Slovak Republic, Romania, Bulgaria and Poland although below the average of the Czech Republic and Hungary. Croatian market is relatively small and has low purchasing power, but competitiveness on the market is minimal due to by the war-destroyed companies and unsuccessful privatisation process. A low level of competitiveness and high consumption preference after longer abstinence enables foreign investors to realise significant business results. The additional contribution for investing in Croatia could be found in satisfying economic growth, stable national currencies, attractive taxation policy and qualitative yet cheap labour. Increased interest of foreign investors for investing in the Republic of Croatia resulted in the growing trend of the FDI inflow volume. Structure of foreign direct investment in the Republic of Croatia is shown in a table 2. Table 2 Foreign direct investments in Croatia (in million USD) Equity investmentsReinvested earningsDebt securitiesOther capitalTotalClaimsLiabilitiesClaimsLiabilitiesClaimsLiabilities19930,00120,26n/an/an/an/an/a120,2619940,00116,96n/an/an/an/an/a116,9619950,00114,21n/an/an/an/an/a114,2119960,00510,77n/an/an/an/an/a510,7719970,00359,4840,350,000,00-7,95140,99532,8719980,00635,5768,260,000,00-14,65243,24932,4219990,001.283,6847,080,000,00-0,61137,071.467,2220000,00711,3893,910,000,000,01283,401.088,7020010,00814,97153,000,000,000,13593,221.561,3220020,00664,88151,500,000,00-0,30307,911.123,9920030,00607,99670,330,00,00-1,76436,391.712,95Total0,005.940,141.224,440,000,00-25,132.142,229.281,66Source: CNB, 2004 While FDI inflows were slightly above 100 millions USD per year in the 1993-1995 period, they have increased to above 500 million USD in 1996 and 1998. After obtaining a sovereign rating in early 1997, and to large privatisation projects, mergers and acquisitions, FDI inflows rose to over 1 billion USD annually in 1999. In the period from 2000-2003 yearly growth of FDI were an average 700 million USD. When observing the structure of Croatian FDI we can conclude that the largest portion or 64 % of FDI is represented by equity investments, for the 10 year period. The main reason for that is in the process of privatisation where a significant number of companies have been restructured. Other investments make 23% of whole investments while the reinvested earnings show growing importance with 13% of total FDI. The largest inflow of FDI in form of equity investments can be observed in 1999 because of the privatisation of Croatian Telecom HT. In 2001 equity investment was also relatively high due to privatisation of three large banks - Privredna banka Zagreb, Rije ka banka and Splitska banka. The privatisation process resulted in a high share of foreign ownership in many sectors including banking (28% of total foreign direct investment within 1993-2001 period), transport, storage and communication (21,1%). 3. Portfolio investment Portfolio investment is investment in bonds and in equities where the investors holding is too small to provide any effective control. Investor buys shares of a foreign company or bonds issued in a foreign country, often by specially established funds for a particular country. Portfolio investment often precedes foreign direct investment. Table 3 compares portfolio investment position of two transition countries the Republic of Croatia and the Republic of Slovenia for the period from 1994-2000. Regarding more developed capital market in Slovenia it can be concluded that Slovenia has more foreign investment, but the figures show very similar investment position in these two countries. Table 3 Portfolio investments in the Republic of Croatia and the Republic of Slovenia (1994 2000) CROATIASLOVENIAmil. USD% of GDPmil. USD% of GDP19948,60,05-32,5-0,2319954,90,02-13,5-0,071996628,33,16636,93,61997577,02,86236,01,29199814,90,0689,60,41999574,02,85353,81,642000732,53,64188,70,9Source:  HYPERLINK "http://www.bsi.si" http://www.bsi.si,  HYPERLINK "http://www.hnb.hr" www.hnb.hr From the available data it is evident that by the end of 1995 portfolio investment are almost negligible comparing to both countries GDPs. Turnover occurred in 1996 when inflow of foreign portfolio investment noted strong increase. However, high growth of portfolio investment was a result of incurring governmental debts instead of foreign investment in domestic companies. Comparing to other transition countries, Croatia and Slovenia are lagging behind considering the importance of portfolio investment. The reason for that is different. While Slovenia in the form of restrictive measures and investment legislation restraints foreign investment, obstacles in Croatia are primarily in a scope of underdeveloped capital market. Therefore, Croatian capital market will be discussed in the following part of the article. International investment position for the Republic of Croatia is presented in table 4, as difference between portfolio investment to foreign countries and portfolio investment to Croatia from foreign investors. Table 4 International investment positions portfolio investments (in million USD) 199819992000200120022003Portfolio investment (net)-2.115,6-2.674,0-3.274,1-3.857,5-4.668,3-6.252,31. Assets29,726,014,322,526,360,31.1. Equity capital and reinvested earnings29,726,014,322,526,360,31.1.1. Banks2,30,77,27,18,56,11.1.2. Other sectors27,425,37,115,415,751,41.2. Debt securities0,00,00,00,00,00,02. Liabilities2.145,32.700,03.288,43.880,04.694,66.312,62.1. Equity capital and reinvested earnings87,3128,3108,8148,2169,8188,12.1.1. Banks36,561,536,536,540,449,22.1.2. Other sectors50,866,872,3111,7129,4138,92.2. Debt securities2.058,02.571,83.179,63.731,84.524,86.124,52.2.1. Bonds2.049,32.554,43.170,13.704,44,524,86.082,7General government2.049,32.523,23.141,23.677,14,357,15.646,5Other sectors0,031,228,927,3167,7436,2 2.2.2. Money market instruments8,717,49,527,40,041,8Source: CNB, 2004 As can be seen in table 4 during the time period 1998-2004 net portfolio investment increased almost three times. On the assets side, Croatian investing abroad is very low and it only consisted of equity capital without any investing in bond securities. On the liabilities side data shows high growth of portfolio investment, i.e. investment from foreign investors to Croatia. Portfolio investment is mainly represented by debt securities, particularly bonds issued by general government. Considering equity capital, 26% are referred to the banking sector. 4. Capital market In Croatia there are two parts that structured capital market: Varazdin Stock Exchange, and Zagreb Stock Exchange. Varazdin market, was founded in March 1993 as the first organized over-the-counter trading place in Croatia. It was introduced when liquidity was low and first shares were offered but demand for them was weak. In the year 2002 Varazdin Over the Counter Market was registered as the second stock exchange in Croatia. Because the Zagreb Stock Exchange is the primary and more developed securities trading institution, in this paper Zagreb Stock Exchange is analysed in the terms of the organization, trading volume and structure. The Zagreb Stock Exchange was re-established in 1991 by 25 banks and insurance companies. It is organized as a non-governmental and non-profit institution. There are three quotations at the Zagreb Stock Exchange: regular Quotation I, Quotation TN and Quotation JDD. Table 5 shows turnover, trading volume and number of listed securities on Zagreb Stock Exchange. Table 5 Trading Overview at Zagreb Stock Exchange (Turnover and Market Capitalization in millions of HRK) Trading Overview1997199819992000200120022003Turnover Total2.094,7928,8548,71.990,41.684,95.879,212.331,0Shares1.532,1624,3527,21.529,2968,5 1.171,41.495,1Bonds562,6304,521,4460,8710,64.669,1612,6Certificates0,00,00,00,45,88,212,3Rights0,00,00,00,00,030,512,9Volume Total2.577.3961.787.3112.725.38768.108.01611.499.262658.098.9052.295.418.046Shares2.658.2571.643.8052.709.1766.2294313.675.7755.910.0005.617,912Bonds97.139143.50616.21160.820.13292.232.311597.087.864162,263,095Certificates00001.058.45314.591.17624.301.04135.444.140Rights0000030.800.00013.100.000CROBEX1.002,1711,6715,3890,01.034,71.172,61.185,1CROBIS101,2746101,0215Market Capitalization26.760,418.275,819.225,122.178,633.015,338.451,358.217,4Number of listed shares825465646673175Quotation I4664432Quotation TN78485960627043Quotation JDD------130Number of listed bonds766383942Number of securities traded524043446066143Source: Trading Summary, The Zagreb Stock Exchange, 1997 - 2004 Even the Croatian securities market is still in its developing phase, the progress is evident especially from 2002-2003. Securities are listed in three Quotations: the most demanding Quotation I with only 2 shares (Pliva and Podravka), Quotation TN with 43 shares and new established Quotation JDD with 130 shares. Until the year 2003, the most stocks are listed in quotation TN because of low listing requirements. The only requirement for listing in quotation TN is free transferability. Still, the number of listed securities doesnt mean that there is a lot of trading in all these securities. Real trading in 1994 was only in 5 securities, in 1995 in 15 securities and in 1996 in about 20 securities. In 2002 more than 90% of listed securities were changing their owners. The percentage for following year was slightly lower (82%). Analysing this data poses a number of new interesting problems; there is often thin trading so that a share price may be unchanged for weeks as no trades occur and then it may rapidly change to a quite different value as trade occurs. In the early periods of trading market participants were not well informed as to both the particular shares being traded and the general process of operating a market. Considering the trading volume of Zagreb Stock Exchange we can conclude that during the time period it was relatively low. The reason for that is low domestic capital supply or demand for securities, inefficient settlement system, low liquidity etc. In recent years the trading volume was increased because of two stocks are listed on the London Stock Exchange. These link between Croatian securities market and the European and World securities markets provide signals from world market to Croatian financial market. In that way crisis and development in world markets can affect Croatian financial market. For example, the turbulence in international capital markets had an impact on Croatian securities market, too. By analysing the turnover and the structure of the Zagreb Stock Exchange it can be concluded that a severe illiquidity problem is present. The Croatian market is an example of the problems with settlement procedures. That represents a very serious problem and risk for investors because they cant act as quickly as they want or need to. An inefficient settlement system, as well as the electronic trading system TEST-1 that, until recently, has been off-line system, is also responsible for the illiquidity. Now trading at Zagreb Stock Exchange is done through MOST information channel (MOSTich) that provides real time feed from the Zagreb Stock Exchange available over Internet. The official Zagreb Stock Exchange share capitalization weighted index is called CROBEX and it was introduced in 1997. The base date of the index is July 1, 1997 and the base value is set on 1000. As we can see from the Table above CROBEX in the first three years after introduction wasnt at the base value. The index first fell by about 20% in October following the Asian financial crisis. Than, it fell by about 50% between April and September 1998, following the Russian crisis, reaching an historic low on September 1, 1998. After that it recovers, and in the last two years it is raising continuously. In 2003, CROBEX recorded 11,8% positive change considering the previous year. In Table 6 below we can see the stock market development indicators. Table 6 Stock market development indicators (in millions of HRK) YearsGDPMarket Capitalization/GDPTurnover/GDPTurnover velocity1996107.980,615,2%1,1%6,0%1997123.810,721,6%1,9%5,7%1998137.603,713,3%0,7%3,4%1999142.700,113,5%0,4%2,7%2000157.511,414,1%1,3%5,0%2001168.971,719,5%1,0%2,3%Source: Trading Summary, The Zagreb Stock Exchange, 1996-2001 By analysing this data we can conclude that market capitalization represents about 13% of GDP during those years and that the greatest ratio was in 1997 (21,4%), because the market capitalization was than 26.760,4 millions of HRK. Since only a small number of shares are traded, market capitalization is relatively high, due to the large size of listed companies. Total turnover in 1997 was high representing a tenfold increase since 1995. Turnover share in GDP declined since than, just like turnover velocity, because the market was going down. In 2002, the ratio was rising again, and it has reached 20,3%, primarily because of increase in traded bonds. Moreover, bond trading dominated the total volume of trade in 2002. The main reasons for low turnover and liquidity of the Zagreb Stock Exchange can be summarized as follows: companies can get cheaper bank loans than issue corporate bonds; the government did not succeed to induce privatised public companies to list on the Zagreb Stock Exchange; the management of Croatian companies tries to maintain control by avoiding listing on the secondary capital market; existence of two stock exchanges in a small financial market. 5. Conclusion International finance has become a subject of immense and growing importance because of the globalisation process in financial markets. The volume of foreign direct investment in the Republic of Croatia is constantly growing and the importance in restructuring and emerging of Croatian economy is more relevant every day. Yet the foreign direct investment should in future provide even larger contribution to the economic growth of Croatia. Portfolio investment in the Republic of Croatia also isnt on a satisfactory level. Reasons for low volume of foreign portfolio investments are various, but the main is non-developed financial market and especially insufficient breadth and depth of the secondary capital market in Croatia. Also possible reasons are in the delayed privatisation process as well the relative high country risk. In spite of underdeveloped capital market in Croatia, some positive tendencies can be recognized. After a decade of practically non-existing bond market, at the end of 2002, 42 bonds were listed in the domestic capital market and 73 shares. Also, pension system reform is creating a great demand for shares and debt securities. The main problem is the lack of high quality financial instruments and their low liquidity. Also, debt securities after years of neglect have been recognized as a possible instrument of trading. A regulatory environment is generally a precondition to the efficiency and transparency of securities market. Basic functions need to be well defined by laws and regulations and by commonly accepted practices. To reach these goals it is necessary to develop the capital market as a basic precondition for a satisfactory level of portfolio investment in Croatia especially by: a) improving the efficiency of the capital market (one stock exchange, not two), b) regional cooperation of the capital market (merger or cooperation between regional stock exchanges, alliance with one EU stock exchange), c) external financing rather by issuing equity than debt securities (tax incentives, capital gain, dividends etc.), d) raising the supply of equities and bonds (incentives for companies to list on the secondary capital market), e) further developing and improving of market regulations (EU legislation, international standards, CROSEC), f) changing the restrictions concerning portfolio diversification of pension funds (approaching the EU several investment restrictions could be loosened or withdrawn), h) withdrawing some restrictions for foreign investors to invest in the domestic financial market. REFERENCES Allen, F., Douglas, G., (2000), Comparing Financial Systems, Cambridge: MIT, pp.507 Babi, M (1996), Meunarodna ekonomija, MATE, Zagreb Babi, A., Pufnik, A., Stu ka, T. (2001), Teorija i stvarnost inozemnih izravnih ulaganja u svijetu i u tranzicijskim zemljama s posebnim osvrtom na Hrvatsku, HNB, Zagreb Levi, Maurice D. (1996), International Finance: The Markets and Financial Management of Multinational Business, McGraw-Hill Inc., USA, 1996 Ljubi, F., Bezi, H.(2001), The FDI contribution to the integration of Croatia and Bosnia-Herzegovina into the European Union, Economic System of European Union and Accession of the Republic of Croatia, Faculty of Economics Rijeka, Rijeka. Miljan, I., (1999), The Country in Transition and Securities Market as an Emerging Market, Third International conference on Enterprise in Transition, University of Split, Faculty of Economics Split, Split - ibenik, May 27-29, 1999, pp. 617 Mishkin, Frederic S. (1992), The Economics of Money, Banking and Financial Markets, Third edition, Harper Collins Publishers, Inc., New York. Prohaska, Z.; Miljan, I., (1997), European Financial Market and Financial market in Croatia (A Comparative Approach), First International Conference on Economic System of European Union and Adjustment of the Republic of Croatia, Faculty of Economics Rijeka, Facolta di Economia di Trieste, Rijeka, April 24-25, 1997, pp. 147-160. Annual Report 2001 (2002), Croatian National Bank, Zagreb World Investment Report (2002), United Nations, New York and Geneva Trading Summary, Zagreb Stock Exchange, 1996, 1997, 1998, 1999, 2000, 2001, 2002 0^ C ,-st*+bc5=>?MPY~MŹyqiih7mH sH h{mH sH hqRhG5CJaJmH sH hqRh5CJaJmH sH hmH sH hqRhCJaJmH sH hQ4]mH sH hQ456]mH sH hQ456CJ]mH sH hQ46]mH sH hQ45>*mH sH hQ4hQ4mH sH hQ45\mH sH '0^ b d m FxT  $$If]a$$Ifx $a$$ a$  !dhrqass"', $$If]a$,-B.($Ifkd$$Ifl֞ bB"p# n0#4 laBJRZbjs $$If]a$st.($Ifkd$$Ifl֞ bB"p# n0#4 la $$If]a$.($Ifkd$$Ifl֞ bB"p# n0#4 la $$If]a$.($Ifkd$$Ifl֞ bB"p# n0#4 la !* $$If]a$*+>. W$If^`Wkd$$Ifl֞ bB"p# n0#4 la>DJPV\b $$If]a$bcn.$ $If`kdt$$Ifl֞ bB"p# n0#4 lanv~ $$If]a$.$7$If^7`a$gdkdX$$Ifl֞ bB"p# n0#4 la $$If]a$. 7$If^7`kd<$$Ifl֞ bB"p# n0#4 la#,5> $$If]a$>?QR.,,,kd $$Ifl֞ bB"p# n0#4 la46MZ[t!"k"l"m"n"o"p"q"r"s"t"u"""" $$Ifa$ $If]xMN!!k"u"""###<#=#>#C#L#N#g#i#j#k#p#u#{#####################$$$$$ $&$'$($-$2$8$9$>$ñáÒÒÒÒÒÒÒÒÒÒÒÒÒÒhqRh{CJaJmH sH hqRhQ45CJaJmH sH "hqRhQ456CJaJmH sH hqRhQ4CJaJmH sH hRVmH sH jhQ40JUmH sH hQ4mH sH jhQ4UmHnHsH u9""""##5kd$$Ifl4ֈ7 9!%`S`N`06&4 laPf4 $$Ifa$## ####)#0#<#=#>#C#H#O#S#W#[#_#c#j#k#p#u#|####Ffq $$Ifa$FfN $If###########################FfFf$IfFf $$Ifa$#$ $$$$ $'$($-$2$9$?$D$I$P$W$^$_$d$i$r$x$}$$$$Ff$IfFf $$Ifa$>$D$H$P$V$W$]$^$_$d$r$w$}$$$$$$$$$$$$$$$$$$$$$$$%%% %%%%%%%)%0%6%7%?%@%A%F%x%y%%%%%%%%ںʺʺʢhg h{5CJaJmH sH h{mH sH hqRh{5CJaJmH sH hqRhQ45CJaJmH sH hQ4mH sH hqRh{CJaJmH sH hqRhQ4CJaJmH sH <$$$$$$$$$$$$$$$$$$$$$%% %%% %FfY&Ff<#$IfFf $$Ifa$ %%%*%0%7%@%A%F%K%R%Y%]%b%h%o%x%y%%%%%%%%%%$IfFf,$IfFfv) $$Ifa$%%%%%%%%%%%b&c&'a'b'''''(((((),,4/5/F/G/l/m/r//////////ƾ~n~n~n~n~nh+hQ45CJaJmH sH h+hQ4CJaJmH sH jhQ40JUmH sH h&)-mH sH hahQ4mH sH hamH sH hQ4mH sH hF%mH sH hQ45mH sH hqRh{5CJaJmH sH hqRhQ45CJaJmH sH hg hQ45CJaJmH sH +%%%%b')+,l-.4/5/=/F/ $$Ifa$xFf/ F/G/H/Q/Z/c/l/|sssss $$Ifa$kd1$$Ifl4FW#`A     0    4 laf4l/m/r/v/{///VM@@@@ $$If]a$ $$Ifa$kd2$$Ifl4rW# A AAAB 04 laf4///////YPCCCC $$If]a$ $$Ifa$kd3$$IflrW#A AAAB 04 la///////YPCCCC $$If]a$ $$Ifa$kd65$$IflrW#A AAAB 04 la///////YPCCCC $$If]a$ $$Ifa$kdP6$$IflrW#A AAAB 04 la////////000)02030R0S0T0e0f0h0i0000004555d5l5m5n5©©obohF%5CJaJmH sH hF%hF%5CJaJmH sH hF%CJaJmH sH hF%hF%CJaJmH sH j<hQ4UmH sH hQ40JmH sH j;hQ4UmH sH jhQ4UmH sH h+hQ4CJaJh+hQ45CJaJmH sH hQ4mH sH h+hQ4CJaJmH sH !/////YP8+ $$If]a$$ !dh$If]a$gd&)- $$Ifa$kdj7$$IflrW#A AAAB 04 la//////0 0LC $$Ifa$kd8$$IflrW#A AAAB 04 la $$If]a$ 000000%0)0LC $$Ifa$kd9$$IflrW#A AAAB 04 la $$If]a$)0*00344455YWWWSJJJ $$Ifa$xkd:$$IflrW#A  A A A B  04 la5 5555 $$Ifa$5575.($IfkdP=$$Ifl֞ bBp# nn04 la75@5I5R5[5d5m5 $"$If]"a$m5n5x5.($IfkdB>$$Ifl֞ bBp# nn04 lax5}555555 $"$If]"a$n555555555555555666+6/606465696d6g6i6|6}6666666666666666666677777#7D7H7I7N7O7T7U7Z7q7v7y777hF%CJaJmH sH h1PCJaJmH sH hF%hF%CJaJmH sH hF%56CJaJmH sH h1P56CJaJmH sH "hF%hF%56CJaJmH sH B555. 7W$If^7`Wkd4?$$Ifl֞ bBp# nn04 la5555555 $"$If]"a$555.$ 7$If^7kd&@$$Ifl֞ bBp# nn04 la5555566$"$If]"a$gd1P $"$If]"a$666.$ 7$If^7kdA$$Ifl֞ bBp# nn04 la6"6'6+60656:6 $"$If]"a$:6;6P6.$ $If^kd B$$Ifl֞ bBp# nn04 laP6T6X6\6`6d6h6 $"$If]"a$h6i6x6.($IfkdB$$Ifl֞ bBp# nn04 lax6666666 $"$If]"a$666. 7W$If^7`WkdC$$Ifl֞ bBp# nn04 la6666666 $"$If]"a$667.$ 7$If^7kdD$$Ifl֞ bBp# nn04 la7 77777$7 $"$If]"a$$7%7:7.$ 7$If^7kdE$$Ifl֞ bBp# nn04 la:7?7D7I7O7U7[7 $"$If]"a$[7\7q7.$ $If^kdF$$Ifl֞ bBp# nn04 laq7y777777 $"$If]"a$7777777777777888888"8E8J8K8P888888888 9::7;9;c;<N>O>\>n>>>>J?~??ξξββΪΪΦhLhmH sH $h+hLh56CJ\]mH sH h \hQ4hvDmH sH hQ4B*mH phsH h \mH sH h&)-mH sH hQ4mH sH hF%hQ4CJaJmH sH hF%hF%CJaJmH sH h1PCJaJmH sH 0777.$ 7$If^7kdG$$Ifl֞ bBp# nn04 la7777777 $"$If]"a$777.$ S$If^SkdH$$Ifl֞ bBp# nn04 la778 888#8 $"$If]"a$#8$828.$ S$If^SkdI$$Ifl֞ bBp# nn04 la2868;8@8E8K8Q8$"$If]"a$gd1P $"$If]"a$Q8R8s8. n$If^n`kdJ$$Ifl֞ bBp# nn04 las8w8|88888 $"$If]"a$8889:.,,,kd~K$$Ifl֞ bBp# nn04 la::<f=>>>>>>>>>>>>>>?J?[?`?e?j?o?t?$d$Ifa$ d$If !t?y?~?$d$Ifa$~??kdpL$$Ifl    ִj F" %  n n n n    t0    %    4 la????????@#@+@0@1@2@S@W@[@\@]@x@}@@@@@@@@@@A#A,A-A.A`AlAwAxAyAAAAAAAAAAAA BBBBB乬乬乬乬乬ܙ乬$h+hLhCJOJQJaJmH sH h+hFjCJmH sH h?$hLhCJmH sH h+h>>> $d$Ifa$ $d$Ifa$kd\^$$Ifl    rSq   G 3   t0    4 laQQQQQQQVJ>>>> $d$Ifa$ $d$Ifa$kdD_$$Ifl    rSq G 3 t0    4 laQQQQQQQVJ>>>> $d$Ifa$ $d$Ifa$kd,`$$Ifl    rSq G 3 t0    4 laQQQQQRRVJ>>>> $d$Ifa$ $d$Ifa$kda$$Ifl    rSq G 3 t0    4 laRR RRR R%RVJ>>>> $d$Ifa$ $d$Ifa$kda$$Ifl    rSq G 3 t0    4 la%R&R+R5R;R@RERVJ>>>> $d$Ifa$ $d$Ifa$kdb$$Ifl    rSq G 3 t0    4 laERFRR[UUVtVV&WVQOOJJJJ & Fdkdc$$Ifl    rSq G 3 t0    4 la&W4WWXzZ[\Z]^:a;aGaHaajbcd]fRgg.iiiiixpppqrqr & Fbbbbbbbbb c ccc c"c0c2c4c6c8c:cTcVcfchcjclc|c~ccccccccccccdeeqffogghUhhhipppJpLpNpbpdppppܶŬhQ40JmH sH jndhQ4UmH sH jhQ4UmH sH UhQ46mH sH hQ4mH sH  hjhQ4hjhQ46]hQ46]mH sH >http:// HYPERLINK http://www.hnb.hr www.hnb.hr 01/05/03 http:// HYPERLINK "http://www.zse.hr" www.zse.hr 01/05/03 http:// HYPERLINK "http://www.dzs.hr" www.dzs.hr 01/05/03  Ljubi, F., Bezi, H.: The FDI contribution to the integration of Croatia and Bosnia-Herzegovina into the European Union, Third International conference Economic System of European Union and Accession of the Republic of Croatia, Ekonomski fakultet Rijeka, Rijeka, p. 192  Levi, Maurice D. (1996), International finance: the markets and financial management of multinational business, McGraw-Hill Inc., USA, 1996, p. 434  EMBED MSGraph.Chart.8 \s  pppppqqBqDqFqZq\qrqtqvqrrrr:s_s`sasbs|s}s~ssssҵ}jfhRVU!jtD hRVCJUVmH sH jhQ4Uh^E hQ46]hQ4hQ4OJQJjhQ40JOJQJUjehQ4UmH sH hQ4mH sH hQ40JmH sH jhQ4UmH sH jehQ4UmH sH r`sasssss. A!"Q#$%`!~mx~=-B)l0K5*xxZ]lTEnm ,b +n[) @1"*4M֟#cƈB1i@DT >ȃZx u;sv&l̙39svn,S GȺT(D6:(T2d d=H'wJ6]c㻷6o<ǟOrņOB̉gov[V5tξ9Yƨ/s?To:OLeEfzO6e} 14>%USd}/Q#T R TKiVGG;XR gV$31;1z*NNwx2EѸo.QNsEs/fKw*zXj^:\^U' 6. r R p R72p1k.LbP%HCJoVL _]NLHOIbϽJiuNGi[`ס]1؀ v`G v` ` d&-2"U`nf٪\Ti)`=2ؐº mA LRcKj6U6 ]ƮBc5X: ` Vmj&RFj69s4gCJz=Wg81aGڜY.F[ N,*-N{'{\]:O'>/ @xʊ_5Wfж["s5yJeUc&)uReUeLJb/p}-OVh8IR?[Vݒ,q7,?ڪ\韙cٜ/^7w-lv7(@d3vkt%usa{"I7?#onsZٹN]4Wd+v1P;NӉ2؉RtM3D"8MN,"$ubl( FF8\BmD–Ni>qhk`qrh,N*5Vz+o:_{'}TooX* c|+W6.g2xXI=6QbJZ1xuDt~vxoN#*OfS{K9Lo-Le>Og =d%Mkdm?uƉ qDp}8da>gMS{ױNw|~ϳƖ$䋉V {wmQ,Xn۬acJ\&_|CXA;-p<0U]ђfq\om{o =мKT}*o/S.e,nq\9d,[hgvvJ#e)njHix云}[SR;w4ܺYL"}jg䌱l49e95f6Xd%$ [~$$If!vh5 555555n#v #v#v#v#vn:V l0#5 5555n4$$If!vh5 555555n#v #v#v#v#vn:V l0#5 5555n4$$If!vh5 555555n#v #v#v#v#vn:V l0#5 5555n4$$If!vh5 555555n#v #v#v#v#vn:V l0#5 5555n4$$If!vh5 555555n#v #v#v#v#vn:V l0#5 5555n4$$If!vh5 555555n#v #v#v#v#vn:V l0#5 5555n4$$If!vh5 555555n#v #v#v#v#vn:V l0#5 5555n4$$If!vh5 555555n#v #v#v#v#vn:V l0#5 5555n4$$If!vh5 555555n#v #v#v#v#vn:V l0#5 5555n4$$IfP!vh5S5555N5#vS#v#v#v#vN#v:V l406&+++5S5555N54aPf4D$$IfP!v h5S55555555 #vS#v#v#v#v#v#v#v#v :V l406&+++555555555 4aPf4kd $$Ifl4 7 $9!%   06&$$$$4 laPf4/$$IfP!v h5S55555555 #vS#v#v#v#v#v#v#v#v :V l06&5S55555555 4aPkd@ $$Ifl 7 $9!%S06&$$$$4 laP/$$IfP!v h5S55555555 #vS#v#v#v#v#v#v#v#v :V l06&5S55555555 4aPkd]$$Ifl 7 $9!%S06&$$$$4 laP/$$IfP!v h5S55555555 #vS#v#v#v#v#v#v#v#v :V l06&5S55555555 4aPkdz$$Ifl 7 $9!%S06&$$$$4 laP/$$IfP!v h5S55555555 #vS#v#v#v#v#v#v#v#v :V l06&5S55555555 4aPkd$$Ifl 7 $9!%S06&$$$$4 laP/$$IfP!v h5S55555555 #vS#v#v#v#v#v#v#v#v :V l06&5S55555555 4aPkd$$Ifl 7 $9!%S06&$$$$4 laP/$$IfP!v h5S55555555 #vS#v#v#v#v#v#v#v#v :V l06&5S55555555 4aPkd$$Ifl 7 $9!%S06&$$$$4 laP/$$IfP!v h5S55555555 #vS#v#v#v#v#v#v#v#v :V l06&5S55555555 4aPkd$$Ifl 7 $9!%S06&$$$$4 laP/$$IfP!v h5S55555555 #vS#v#v#v#v#v#v#v#v :V l06&5S55555555 4aPkd "$$Ifl 7 $9!%S06&$$$$4 laP/$$IfP!v h5S55555555 #vS#v#v#v#v#v#v#v#v :V l06&5S55555555 4aPkd(%$$Ifl 7 $9!%S06&$$$$4 laP/$$IfP!v h5S55555555 #vS#v#v#v#v#v#v#v#v :V l06&5S55555555 4aPkdE($$Ifl 7 $9!%S06&$$$$4 laP/$$IfP!v h5S55555555 #vS#v#v#v#v#v#v#v#v :V l06&5S55555555 4aPkdb+$$Ifl 7 $9!%S06&$$$$4 laP/$$IfP!v h5S55555555 #vS#v#v#v#v#v#v#v#v :V l06&5S55555555 4aPkd.$$Ifl 7 $9!%S06&$$$$4 laP$$If!vh5A55#vA#v#v:V l40+5A55/  /  / /  /  / 4f4M$$If!vh5A5A5A5A5B#vA#vB:V l40+5A5B/  /  / / / / / / / / /  4f4B$$If!vh5A5A5A5A5B#vA#vB:V l05A5B/  /  /  / / /  / / / / /  4$$If!vh5A5A5A5A5B#vA#vB:V l05A5B/  / /  / /  / / /  4$$If!vh5A5A5A5A5B#vA#vB:V l05A5B/  / /  / /  / / /  4$$If!vh5A5A5A5A5B#vA#vB:V l05A5B/  / /  / /  / / /  4$$If!vh5A5A5A5A5B#vA#vB:V l05A5B/  / /  / /  / / /  4$$If!vh5A5A5A5A5B#vA#vB:V l05A5B/  / /  / /  / / /  4&$$If!vh5A5A5A5A5B#vA#vB:V l05A5B/  / /  / /  / / /  /  4DyK http://www.bsi.siyK &http://www.bsi.si/DyK  www.hnb.hryK &http://www.hnb.hr/$$If!vh5 55n55n55#v #v#vn#v#vn#v:V l05 55n55n54$$If!vh5 55n55n55#v #v#vn#v#vn#v:V l05 55n55n54$$If!vh5 55n55n55#v #v#vn#v#vn#v:V l05 55n55n54$$If!vh5 55n55n55#v #v#vn#v#vn#v:V l05 55n55n54$$If!vh5 55n55n55#v #v#vn#v#vn#v:V l05 55n55n54$$If!vh5 55n55n55#v #v#vn#v#vn#v:V l05 55n55n54$$If!vh5 55n55n55#v #v#vn#v#vn#v:V l05 55n55n54$$If!vh5 55n55n55#v #v#vn#v#vn#v:V l05 55n55n54$$If!vh5 55n55n55#v #v#vn#v#vn#v:V l05 55n55n54$$If!vh5 55n55n55#v #v#vn#v#vn#v:V l05 55n55n54$$If!vh5 55n55n55#v #v#vn#v#vn#v:V l05 55n55n54$$If!vh5 55n55n55#v #v#vn#v#vn#v:V l05 55n55n54$$If!vh5 55n55n55#v #v#vn#v#vn#v:V l05 55n55n54$$If!vh5 55n55n55#v #v#vn#v#vn#v:V l05 55n55n54$$If!vh5 55n55n55#v #v#vn#v#vn#v:V l05 55n55n54$$If!vh5 55n55n55#v #v#vn#v#vn#v:V l05 55n55n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n5/  4$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n5/ 4$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555n5n5n5n55#v#v#vn#v:V l t0    %555n54$$If!vh555G 535#v#v#vG #v3#v:V l t0    555G 535/  4$$If!vh555G 535#v#v#vG #v3#v:V l t0    555G 535/ 4$$If!vh555G 535#v#v#vG #v3#v:V l t0    555G 5354$$If!vh555G 535#v#v#vG #v3#v:V l t0    555G 5354$$If!vh555G 535#v#v#vG #v3#v:V l t0    555G 5354$$If!vh555G 535#v#v#vG #v3#v:V l t0    555G 5354$$If!vh555G 535#v#v#vG #v3#v:V l t0    555G 5354DyK  www.hnb.hryK &http://www.hnb.hr/DyK  www.zse.hryK &http://www.zse.hr/DyK  www.dzs.hryK &http://www.dzs.hr/Dd xb  c $A? ?3"`?2~mx~=-f`!~mx~=-B)l0K5*xxZ]lTEnm ,b +n[) @1"*4M֟#cƈB1i@DT >ȃZx u;sv&l  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~vRoot Entry  F@rJData  nWordDocument ~ObjectPool 2@rJ_1148494213F22Ole CompObjeObjInfo  !"#$%&'()*+,-./0123456789:;<=>@ABCDEGHIJKLMNOPQRSU FMicrosoft Graph ChartGBiff5MSGraph.Chart.89q :B"#,##0\ "kn";\-#,##0\ "kn"##,##0\ "kn";[Red]\-#,##0\ "kn"$#,##0.00\ "kn";\-#,##0.00\ "kn")$#,##0.00\ "kn";[Red]\-#,##0.00\ "kn">*9_-* #,##0\ "kn"_-;\-* #,##0\ "kn"_-;_-* "-"\ "kn"_-;_-@_-Workbook1Table SummaryInformation( ?DocumentSummaryInformation8Ft     !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstu>)9_-* #,##0\ _k_n_-;\-* #,##0\ _k_n_-;_-* "-"\ _k_n_-;_-@_-F,A_-* #,##0.00\ "kn"_-;\-* #,##0.00\ "kn"_-;_-* "-"??\ "kn"_-;_-@_-F+A_-* #,##0.00\ _k_n_-;\-* #,##0.00\ _k_n_-;_-* "-"??\ _k_n_-;_-@_-"kn"\ #,##0;\-"kn"\ #,##0#"kn"\ #,##0;[Red]\-"kn"\ #,##0$"kn"\ #,##0.00;\-"kn"\ #,##0.00)$"kn"\ #,##0.00;[Red]\-"kn"\ #,##0.00>9_-"kn"\ * #,##0_-;\-"kn"\ * #,##0_-;_-"kn"\ * "-"_-;_-@_-,'_-* #,##0_-;\-* #,##0_-;_-* "-"_-;_-@_-FA_-"kn"\ * #,##0.00_-;\-"kn"\ * #,##0.00_-;_-"kn"\ * "-"??_-;_-@_-4/_-* #,##0.00_-;\-* #,##0.00_-;_-* "-"??_-;_-@_-1Arial1Arial1Arial1Arial1Arial=,##0.00_$ :883ffff̙̙3f3fff3f3f33333f33333\R3&STU CZE HUN POL SVK SLO CRO$% Cumulative FDI (% of GDP);@E@6@&@ @2@FDI per capitaD@@X@x@@x@WY(#= L,>X43 d 3Q :% Cumulative FDI (% of GDP)QQQ3_43_4E4 3Q  FDI per capitaQQQ3_43_4E4 3Q NorthQQQ3_4E4D $% M*3O&Q4$% M*3O&Q4FA{ 3O  % 3 bo43*4% F)MZ3O9&Q % GDP'4523  43" _<k 13O_<% M3OQ443_ M NM  MMd 444A{ 3O3 bo! M43*4% MZ3O%&Q  USD'43" 3_ M NM  MMd 4444 Oh+'0|39svn,S GȺT(D6:(T2d d=H'wJ6]c㻷6o<ǟOrņOB̉gov[V5tξ9Yƨ/s?To:OLeEfzO6e} 14>%USd}/Q#T R TKiVGG;XR gV$31;1z*NNwx2EѸo.QNsEs/fKw*zXj^:\^U' 6. r R p R72p1k.LbP%HCJoVL _]NLHOIbϽJiuNGi[`ס]1؀ v`G v` ` d&-2"U`nf٪\Ti)`=2ؐº mA LRcKj6U6 ]ƮBc5X: ` Vmj&RFj69s4gCJz=Wg81aGڜY.F[ N,*-N{'{\]:O'>/ @xʊ_5Wfж["s5yJeUc&)uReUeLJb/p}-OVh8IR?[Vݒ,q7,?ڪ\韙cٜ/^7w-lv7(@d3vkt%usa{"I7?#onsZٹN]4Wd+v1P;NӉ2؉RtM3D"8MN,"$ubl( FF8\BmD–Ni>qhk`qrh,N*5Vz+o:_{'}TooX* c|+W6.g2xXI=6QbJZ1xuDt~vxoN#*OfS{K9Lo-Le>Og =d%Mkdm?uƉ qDp}8da>gMS{ױNw|~ϳƖ$䋉V {wmQ,Xn۬acJ\&_|CXA;-p<0U]ђfq\om{o =мKT}*o/S.e,nq\9d,[hgvvJ#e)njHix云}[SR;w4ܺYL"}jg䌱l49e95f6Xd%$ [~  , 8 D P\dltPORTFOLIO INVESTICIJE U RHORTUSEROLISERNormalIb i vI5i Microsoft Word 10.0@ @[cQ@( zP@?P՜.+,D՜.+,\ hp  Sveuciliste u Rijecis0#^A PORTFOLIO INVESTICIJE U RH Title 8@ _PID_HLINKSAv{ http://www.dzs.hr/s http://www.zse.hr/bfhttp://www.hnb.hr/bfhttp://www.hnb.hr/d|http://www.bsi.si/  FMicrosoft Word Document MSWordDocWord.Document.89q L@L Normal$dhxa$CJ_HmHsHtH N@N Heading 1$ dh@&5CJX@X Heading 2$<@&56CJOJQJ\]aJP@P Heading 3$dTx@&5CJmH sH uJ@J Heading 4$$@&a$5B*hph:@: Heading 5$@&5\<@< Heading 6$@&5CJDA@D Default Paragraph FontVi@V  Table Normal :V 44 la (k(No List 4>@4 Title$a$5CJDB@D Body Text$ a$CJ6U@6 Hyperlink >*B*phRP@"R Body Text 2 dTx5CJaJmH sH uT @2T Footer$ !dhxa$CJmH sH uXXTOC 1$ $ xxa$5;CJ"\aJmHnHu66 TOC 2 ^:aJ88 TOC 3 ^ 6]aJ22 TOC 4  ^ aJ22 TOC 5 ^aJ22 TOC 6 ^aJ22 TOC 7 ^aJ22 TOC 8 ^aJ22 TOC 9  ^ aJFV@F FollowedHyperlink >*B* ph:@:  Footnote TextCJ@&@@ Footnote ReferenceH*"` ` #`x/UtmF x T     " ' , - B J R Z b j s t  !*+>DJPV\bcnv~#,5>?QR46MZ[tklmnopqrstu )0<=>CHOSW[_cjkpu|  '(-29?DIPW^_dirx}  %*07@AFKRY]bhoxyb !"l#$4%5%=%F%G%H%Q%Z%c%l%m%r%v%{%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%& &&&&&&%&)&*&&)***++ +++++7+@+I+R+[+d+m+n+x+}++++++++++++++++++++,,,,",',+,0,5,:,;,P,T,X,\,`,d,h,i,x,,,,,,,,,,,,,,,,- -----$-%-:-?-D-I-O-U-[-\-q-y-----------------. ...#.$.2.6.;.@.E.K.Q.R.s.w.|......./002f3444444444444445J5[5`5e5j5o5t5y5~5555555555555555555566 6666#6+61626?6C6G6K6O6S6W6\6]6d6h6l6p6t6x6}666666666666666777#7-7.747;7C7J7U7`7l7x7y777777777777777777777778 8888"8#8$8%8&8'80898:8P8Y8b8k8t8}8888888888888888888888888888888 9 9999999939597999<9?9B9C9D9`9c9f9i9l9o9r9v9w99<>aAA DFGBGHGLGSGfGsGGGGGGGGGGGGGGGGGGGGGGGGHHH HHH H%H&H+H5H;H@HEHFHH[KKLtLL&M4MMNzPQRZST:W;WGWHWWW|XYYZ}[\]I]]]^R^S^d___```00000000000000000000 0 0 0 0 0 00 0 0 0 0 0 0 00 0 0 0 0 0 0 00 0 0 0 0 0 0 00 0 0 0 0 0 0 00 0 0 0 0 0 0 00 0 0 0 0 0 0 00 0 0 0 0 0 0 00 00 0 0 0 0 0 00 0000000000000000000000000000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 00 0 0 00 0 0 0 0 00 0 0 00 0 0 0 0 00 0 0 00 0 0 0 0 00 0 0 000 00 0 00 0 0 000 00 000 0 0 0 00 00 0 00 0 0 0 00 00000 0 0 0 0 0 000 00 0 0 000 00 000 0 00 0 0 00 0 0 0 0 0 00 0 00000 00000p0 0! 0!p0!p0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0! 0!0!p0!p0!(0! 0! 0! 0! 0! 0! 0!0! 0! 0! 0! 0! 0! 0! 0!0! 0! 0! 0! 0! 0!0!0! 0! 0! 0! 0! 0! 0!0!0!0! 0! 0! 0! 0! 0! 0!0!0! 0! 0! 0! 0! 0!0!0!0! 0! 0! 0! 0! 0! 0! 0!0! 0! 0!0!0!0!0!0!0! 0! 0! 0! 0!0!0!0!0! 0! 0! 0! 0! 0!0!0!0! 0! 0! 0! 0!0!0!0!0! 0! 0!0!0! 0! 0! 0!0! 0! 0!0!0! 0! 0!0!0! 0! 0!0!0! 0! 0!0!0! 0! 0! 0! 0! 0! 0!0!0! 0! 0! 0! 0! 0! 0! 0!0! 0!0!(0!0(00p00p00000p00p0000p00p0000p000000p00p00000p00p00000 00 @00 @00 @00 @00 @00 @0000@00 @00 @00 @00 @00 @00 @00 @0000@00 @00 @00 @00 @00 @00@00 @00 @0000@00 @00 @00 @00 @00 @00 00 @0000@00 @00 @00 @00 @00 @00 @00 @0000@00 @00 @00 @00 @00 @00 00 @0000@00 @00 @00 @00 @00 @00 @00 @0000@00 @00 @00 @00 @00 @00 @00 @0000@00 @00 @00 @00 @00 @00 @00 @0000@00 @00 @00 @00 @00 @00 @00 @0000@00 @00 @00 @00 @00 @00 @00 @0000@00 @00 @00 @00 @00 @00 @00 @0000@00 @00 @00 @00 @00 @00 @00@0000@00 @00 @00 @00 @00 @00 @00 @0000@00 @00 @00 @00 @00 @00 @00 @0000@00 @00 @00 @00 @00 @00 @00 @0000@00 @00 @00 @00 @00 @00 @00 @0000@00 @00@00@00@00@00@00@00 00@00 @00 @00 @00 @00 @00 @00 @00 00@00 @00 @00 @00 @00 @00 @00 @00000000000000800p00@00p00p00 00 0000 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 0000p00@ 00p 00p 00p 00p0p0&M0&M0&Mp0&Mp0&M0&M0&MP0&Mp0&MpH0&Mp0;Wp 0;Wp 0;Wp 0;Wp 0;Wp 0;Wp 0;W 0;Wp 0;Wp 0;W 0 ;Wp 0 ;W 0 ;W 0 ;W 0 ;W0;W@0@0p0g000M>$%/n57?B0Dbps5KPSZdw,Bs*>bn>"###$ %%F/l////// 0)05575m5x5555566:6P6h6x66667$7:7[7q77777#828Q8s88:t?~?????@1@2@\@]@@@@@-A.AxAyAAAAABB9B:BBBBBBBBBCCCCDCvCwCQQQQR%RER&Wrs689:;<=>?@ABCDEFGHIJLMNOQRTUVWXY[\]^_`abcefghijklmnopqrstuvxyz{|}~s72&S&e&h&&&]]]]] ^^<^G^`XXXXX#:l,2$~mx~=-x@(  \  S A ?"` B S  ?M`p4 _Toc40080887 _Toc40080890 _Toc40081029 _Toc40115888 _Toc40080891 _Toc40081030 _Toc40081052 _Toc40115889 _Toc40080892 _Toc40081031 _Toc40081053 _Toc40115890 _Toc40080893 _Toc40081032 _Toc40081054 _Toc40115891 _Toc40080894 _Toc40081033 _Toc40081055 _Toc40115892 _Toc40080896 _Toc40081035 _Toc40081057 _Toc40115894!!!!0000&M&M&M&M` """"00003M3M3M3M`!D("!'"!'"!\!< !,!d!!!l!,!| !< ! !!t!4!!t!4!!܉#!<[!!|[!![!! 8 !Z!!!4 !Z!! –!l2 Ö!O Ė!4Ŗ! "Ɩ!Oǖ!* Ȗ!|Z!ɖ!! !Ի !!_!!"! !T  !  !D  !#" !l"" !!"!Դ !#"!\&"!%"! %"!d$"!| !)"! !t#!#!!,!t!!L!! !!!<"!|#!t$!%!D&!'!(!\)!| *! +!,?,!l?-!$z.!dz/!z0!1!2!43!t4!T!5!6!7! 8!L9!ԝ:!;!T!4?!@!4&EEMtt||qq XX""//XXkk@@L ######9$9$[$[$$$%%%%5%5%=%=%:(:(F(F(((4)4))) ***000011224499D FcHcHMMMNN O OO P PPPSSuXuXXXZxZxZZZZZZZs[s[\\5]5]B]B]Z]Z]] ^I^`      "!#$%&'()*+-,./0123456789:<;=?>@ABCDFEGIHJKLMNPOQSRTUVWXYZ[\]^_`bacdefghijklmnopqrstuwvxyz|{}~",,KTT~xx __  **55ffrrHSS ######A$A$c$c$$%%%%%%%<%<%E%E%A(A(N(N(((;);)*****000011225599DFiHiHMNNNNOOOPPPPSS{X{XYYZZZZZZZZZ{[{[]]=]=]H]H]`]`]]^Q^`    "!#$%&'()*+-,./0123456789:<;=?>@ABCDFEGIHJKLMNPOQSRTUVWXYZ[\]^_`bacdefghijklmnopqrstuwvxyz|{}~9 *urn:schemas-microsoft-com:office:smarttagsState8,*urn:schemas-microsoft-com:office:smarttagsdate8*urn:schemas-microsoft-com:office:smarttagsCity=*urn:schemas-microsoft-com:office:smarttags PlaceName=*urn:schemas-microsoft-com:office:smarttags PlaceTypeB *urn:schemas-microsoft-com:office:smarttagscountry-region9*urn:schemas-microsoft-com:office:smarttagsplace  1199719981999200327579DayMonthYear,  ,  ,    ,  ,  ,  N4O4\4n4*6*6|6|6 :(:):.:0:1:F:F:J:N:[:o:::::::::: ;<<<<<<rFsFFFFFR^S^U^[^a^f^l^o^t^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^__ _ _______ _!_$_%_-_._0_f_j_l_s_____________________________```$!!##$$&&''}((((**8*]1d12244<<?@EFFFGGJJ[OfOPPHWWWW["[S^U^c_f___`3333333333333333333333 R5%*&*++,,.00J5_5`5B9D9v9lFFBGFH;WHW]R^S^_`S^_``KorisnikKorisnikKorisnikKorisnikVedranVedranVedranVedranVedranb i vY'd+ mwyP]({DLY +r4b)f$n=k`> I%/G(O:}sI5WYTM u]>DjQfaI4/s0As@^uLvd`z*~"azst?<~`<hh^h`.h^`CJOJQJo(qh ^`OJQJo(oh pp^p`OJQJo(h @ @ ^@ `OJQJo(h ^`OJQJo(oh ^`OJQJo(h ^`OJQJo(h ^`OJQJo(oh PP^P`OJQJo(h^`CJOJQJo(qh ^`OJQJo(oh pp^p`OJQJo(h @ @ ^@ `OJQJo(h ^`OJQJo(oh ^`OJQJo(h ^`OJQJo(h ^`OJQJo(oh PP^P`OJQJo(h^`o(.h^`.hpLp^p`L.h@ @ ^@ `.h^`.hL^`L.h^`.h^`.hPLP^P`L.hh^h`o(.^`o(..0^`0o(...0^`0o(....   ^ `o( ..... @ @ ^@ `o( ......   ^ `o(....... x`x^x``o(........ `^``o(.........h^`CJOJQJo(qh ^`OJQJo(oh pp^p`OJQJo(h @ @ ^@ `OJQJo(h ^`OJQJo(oh ^`OJQJo(h ^`OJQJo(h ^`OJQJo(oh PP^P`OJQJo(^`o()^`.pLp^p`L.@ @ ^@ `.^`.L^`L.^`.^`.PLP^P`L.h^`CJOJQJo(qh ^`OJQJo(oh pp^p`OJQJo(h @ @ ^@ `OJQJo(h ^`OJQJo(oh ^`OJQJo(h ^`OJQJo(h ^`OJQJo(oh PP^P`OJQJo(LT$^`OJPJQJ^Jo(-T ^`OJQJo(oT   ^ `OJQJo(T   ^ `OJQJo(T xx^x`OJQJo(oT HH^H`OJQJo(T ^`OJQJo(T ^`OJQJo(oT ^`OJQJo(^`o(.h^`CJOJQJo(qpLp^p`L.@ @ ^@ `.^`.L^`L.^`.^`.PLP^P`L.h^`CJOJQJo(qh ^`OJQJo(oh pp^p`OJQJo(h @ @ ^@ `OJQJo(h ^`OJQJo(oh ^`OJQJo(h ^`OJQJo(h ^`OJQJo(oh PP^P`OJQJo(h^`CJOJQJo(qh ^`OJQJo(oh pp^p`OJQJo(h @ @ ^@ `OJQJo(h ^`OJQJo(oh ^`OJQJo(h ^`OJQJo(h ^`OJQJo(oh PP^P`OJQJo(hh^h`o(.^`o(.^`.pLp^p`L.@ @ ^@ `.^`.L^`L.^`.^`.PLP^P`L.^`CJOJQJo(q ^`OJQJo(o T T ^T `OJQJo( $$^$`OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( dd^d`OJQJo(o 44^4`OJQJo(h^`CJOJQJo(qh ^`OJQJo(oh pp^p`OJQJo(h @ @ ^@ `OJQJo(h ^`OJQJo(oh ^`OJQJo(h ^`OJQJo(h ^`OJQJo(oh PP^P`OJQJo(h^`CJOJQJo(qh ^`OJQJo(oh pp^p`OJQJo(h @ @ ^@ `OJQJo(h ^`OJQJo(oh ^`OJQJo(h ^`OJQJo(h ^`OJQJo(oh PP^P`OJQJo(^`CJOJQJo(q ^`OJQJo(o T T ^T `OJQJo( $$^$`OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( dd^d`OJQJo(o 44^4`OJQJo(T$$^$`CJOJQJo(qT^`OJPJQJ^Jo(-T   ^ `OJQJo(T   ^ `OJQJo(T xx^x`OJQJo(oT HH^H`OJQJo(T ^`OJQJo(T ^`OJQJo(oT ^`OJQJo(h^`o()h^`.hpLp^p`L.h@ @ ^@ `.h^`.hL^`L.h^`.h^`.hPLP^P`L.hh^h`.]u]`>$n=`z/G4mAs}sIsQfauLv{ Y'?<~Y +YTM"azy|        nqv        nqv        ?$jDJPV\bcnv~#,5>? )0<=>CHOSW[_cjkpu|  '(-29?DIPW^_dirx}  %*07@AFKRY]bhoxy-#l#$4%5%=%F%G%H%Q%Z%c%l%m%r%v%{%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%& &&&&&&%&)&*&(***++ +++++7+@+I+R+[+d+m+n+x+}++++++++++++++++++++,,,,",',+,0,5,:,;,P,T,X,\,`,d,h,i,x,,,,,,,,,,,,,,,,- -----$-%-:-?-D-I-O-U-[-\-q-y-----------------. ...#.$.2.6.;.@.E.K.Q.R.s.w.|......5J5[5`5e5j5o5t5y5~555555555555555555566 6666#6+61626?6C6G6K6O6S6W6\6]6d6h6l6p6t6x6}666666666666666777#7-7.747;7C7J7U7`7l7x7y777777777777777777777778 8888"8#8$8%8&8'80898:8P8Y8b8k8t8}8888888888888888888888888888888 9 9999999939597999<9?9B9C9D9`9c9f9i9l9o9r9v9w9<lFFGBGHGLGfGsGGGGGGGGGGGGGGGGGGGGGGGGHHH HHH H%H&H+H5H;H@HEHFHH4MS^_`10;w@p!"WXY]^`@@@@*@X@@b@d@@@p@@UnknownGz Times New Roman5Symbol3& z Arial;Wingdings?5 z Courier New"1hc1CCu?P0?P0!24d#^#^3QH?jPORTFOLIO INVESTICIJE U RHUSERb i v`                CompObjTj