ࡱ> }%`ibjbj"x"x8@@`qd 4:(bbbvBBB8zdޙvppp>̞ :<<<<<<$h`ub`bb... bb:.:..:",bb `#WHB(N d0XRb,L86 .n,``XvvD dEY$@vvYvvvbbbbbb Venture capital in Central and Eastern European countries and Croatia Bojan Mori Milovanovi, Tihana `mitran, Dajana Cvrlje Summary Venture capital has greatly developed over the last three decades in the United States, but much less so in Europe, especially in CEE countries. Therefore, the purpose of this paper is to provide a comparative analysis of venture capital in Central and Eastern European countries and Croatia, with special emphasis on the situation of the venture capital in Croatia. After short overview of general development of venture capital and its origins, situation in CEE region and Croatia is analyzed in more details by using different measures such as ability to attract capital, VC investments as percentage of GDP, index of economic freedom and combined scores. All the measures showed that Croatia lags behind all the CEE countries, but more importantly, they also showed that Croatia has a large potential to develop in this area. Key words: venture capital, investment activity, sources of finance, index of economic freedom, central and east Europe, Croatia Introduction Entrepreneurial ventures, in other words, businesses that are innovative and oriented towards growth, are often resource constrained and they face considerable challenges in gaining access to financial resources as well as knowledge resources like business know-how, experience and networks. An answer to these problems could lie within venture capital segment of the financial market. Venture capital and private equity funds represent new and underdeveloped segment of the financial market in the center and eastern European countries as well as in Croatia. Therefore, the aim of this paper is to provide an historical overview of private equity and venture capital funds in CEE countries regarding their investment activity and type of investments. Furthermore, the paper will analyze current state of private equity and venture capital funds in Croatia with an emphasis on key problems why that financial market segment still is not quite developed. In the end, a comparative analysis of CEE countries and Croatia will be presented followed by some recommendations, made in the conclusion, on how to improve the overall investment climate in Croatia regarding venture capital financing. Private equity and venture capital funds in CEE countries Private equity and venture capital funds exist for over 18 years in the Central and Eastern Europe. These funds have raised over 7 billion euros from 1990-2005, while fundraising increased dramatically in the following 3 years. Therefore it can be said that although it is a very young segment of the financial market it is also substantially developed. Moreover, around 75% of the total funds raised in previously mentioned period have been invested in more than 900 investments that achieved more than 400 exists, (EVCA, 2007). Especially interesting for the region, concerning private equity and venture capital activity, were the years 2003 and 2004 that forgo the EU accession of some of the countries taken into analysis, since in those countries many changes occurred in that period, especially concerning judiciary system and overall business environment that gave a boost to the investment activity. Moreover, becoming a member of the EU is of great importance for the candidate country and has many positive connotations. Investors automatically perceive countries that are EU members, or EU candidates, as being less risky with growing markets, not to mention the importance of harmonization with the EU standards in the law, administrative and economic policies that further improve investment climate. Economies of the CEE countries that recently entered the EU grew faster than the EU 15 with a constant increase in foreign and domestic investments. Therefore, similar scenario may be expected concerning Croatias future EU membership status. The graph 1 clearly demonstrates an evident increase of funds raised by private equity in the region over the last six years, which indicates a great interest of private equity investors for the region. The source of major part of funds collected was from non-domestic investors. More than 80% of the capital, in 2006, has been raised primarily from Western Europe and North America, which traditionally represent main sources of capital. On the contrary, in EU more than half of the capital needed, on average, come from the domestic sources of financing (EVCA, 2007). Graph 1: Fundraising for CEE private equity from 2002 to 2007 in millions of euros  EMBED MSGraph.Chart.8 \s  Source: Own calculation on the basis of the data collected from EVCA Fundraising of private equity capital increased dramatically in 2004 with an increase of 59% compared to the year 2003, while the region experienced an all-time record of 161% increase in 2005 compared to 2004. Increase continued over the next years and in 2007 more then 4,25 billion euros were raised which represents a growth of 89% in comparison to the record high in 2006 (EVCA, 2007). However, despite the remarkable growth of fundraising activity in last couple of years, the CEE countries still do not manage to attract the desired amount of capital needed to finance all the prospective business opportunities. 1.1. Investment activity Private equity investment activity increased dramatically over the past years in all observed CEE countries. An all-time record of three-fold increase was reached in 2006 as compared to 2005, as it can be seen from tables 1 and 2 (EVCA, 2007). The highest level of total investments was noted in Hungary, Poland, Czech Republic and Romania. Moreover, until 2006 some 90% of the region's investment activity was concentrated in these countries. However, only Hungary and Slovakia followed a smooth, long-term upward trend while most of the countries experienced changes. The trends turned negative significantly in Romania, Czech Republic, Lithuania, Estonia and Slovenia in 2004 and in Bulgaria, Latvia and Croatia in 2005. Fortunately investments followed positive trend again from 2006 onward. The reasons for such changes probably lie in the fact that year to year changes are usually affected by limited number of very large transactions. Table 1: Private equity investments as a percentage of GDP in CEE countries, 2002 - 2007 Country200220032004200520062007Romania0,037%0,159%0,0550,088%0,115%0,392%Hungary0,110%0,154%0,1500,167%0,883%0,487%Bulgaria0,016%0,101%1,1100,000%0,143%1,923%Poland0,069%0,098%0,0690,045%0,118%0,222%Czech R.0,037%0,052%0,0190,112%0,315%0,133%Latvia0,008%0,036%0,1200,068%0,000%0,793%Lithuania0.011%0,031%0,0070,070%0,076%0,567%Estonia0,010%0,022%0,0040,120%0,031%0,332%Slovakia0,018%0,016%0,0210,052%0,045%0,043%Slovenia0,007%0,015%0,0000,007%0,130%0,139%Croatia0,014%0,011%0,0150,002%0,035%0,046%Total0,054%0,088%0,0960,073%0,218%0,325%Source: Own calculation on the basis of the data collected from EVCA Most of these countries showed extreme growth in 2007, notably Poland, Bulgaria, Romania, Poland and Baltic countries. Slovenia and Croatia experienced large increase in 2006 which continued in 2007. Although Czech Republic and Hungary were the only countries that experienced a decrease in 2007 the long-term trend was still upward compared to prior years. Table 2: Total investments of private equity funds in CEE countries, 2002-2007 Country200220032004200520062007Romania18,00882,02032,54370,000109,956475,861Hungary75,747110,755121,562147,247734,360491,367Bulgaria2,69418,043215,976-35,812555,653Poland137,238177,213134,437107,818303,621683,518Czech R.27,37039,42216,074108,952354,208170,250Latvia9982,69213,2618,719-159,211Lithuania1,2065,6471,18214,35918,103158,821Estonia6981,66136512,6594,03151,690Slovakia4,7374,4797,05919,46719,34823,460Slovenia1,7203,714-2,00938,71246,663Croatia3,3122,7994,02175612,03317,244Total273,728448,445546,480508,3201.667,0133005,161Source: Own calculation on the basis of the data collected from EVCA When measured as percentage of GDP, investments are still below the average of total Europe. Nevertheless although CEE lags behind European average, the gap is evidently shrinking. While in 2005 CEE represented 19% of European average of 0,388 % of GDP, in 2007 it reached 57% of European average of 0,571% of GDP, (EVCA, 2007). 1.2. Type of investment When comparing countries by type of investment, in CEE just as in whole Europe, the largest volume of investments is in buyouts. However unlike in Europe, buyouts made the largest proportion of total investment in 2006, even 91%, which was far beyond the European level which was more or less stable over the years and around 70%, as it can be seen from table 3. Table 3: Type of investments as percentage of total investments in CEE and Europe, 2003-2007 CEE20032004200520062007Seed0,170,00,00,10,1Start-up5,401,11,82,70,8Expansion32,4238,725,95,712,9Rescue/Turnaround----0,2Replacement capital11,4219,324,80,58,8Buyouts50,5940,947,691,077,2Total100,00100,00100,00100,00100,00Europe20032004200520062007Seed0,570,40,20,30,2Start-up6,826,05,010,03,2Expansion21,5621,421,815,413,4Rescue/Turnaround----0,2Replacement capital7,872,54,85,14,2Buyouts63,1869,768,269,278,8Total100,00100,00100,00100,00100,00Source: Own calculation on the basis of the data collected from EVCA The highest proportion after buyouts goes to expansion and replacement capital but their proportions vary from year to year in both, CEE and Europe. However, we may notice different trends. While in CEE expansion followed a downward trend until 2007, replacement capital showed an upward trend until 2006, whereas in 2007 they both grew significantly. Just the opposite, in Europe, expansion was at similar level until 2006, when it started a downward trend while replacement capital varied from year to year without a clear long-term trend (EVCA, 2007). Seed financing and start-up made only small proportion of the private equity investments just as in whole Europe but they were both at much lower level than the European ones. When comparing distribution in CEE to the European one, we may say that buyouts, expansion and replacement capital are at approximately same level while seed and start-up investments are at much lower level. 2. Venture capital and private equity in Croatia Development of small and medium sized enterprises is the key of a stable and efficient economic growth of developed countries. Therefore, half of all investments in the EU were financed by venture capital funds and in the USA this proportion is even higher. These funds, in Croatia, were restrained of doing business owing to improper Law on investment funds. In 2005, by adoption of the Law on Investment funds and Law on Croatian Agency for Supervising Financial services, legal framework for development of venture capital was established in Croatia. New Law on Investment funds allowed registration of venture capital fund companies as open-end investment funds with a private offers and it also regulated investment activities. Until then, funds were founded off-shore and operated in Croatia through intermediation of domestic companies which searched for potential investment candidates. According to the Law on Investment funds, funds are to be established on a certain period, minimally 10 years and fund should be governed by a special management society. Minimal size of the fund should be 75 million kunas. The number of investors should not exceed 20 and after a period of 5 years, capital should not be beyond 50% of initial value. Stakes should be sold only to qualified investors; institutional investors or investors whose net value of assets is at least 20 million kunas, and minimal amount of investment, 10 million kunas. These facts are essential for long-term venture capital financing and thus should be used only by those investors who have enough capital to invest for a longer period of time, without endangering its own portfolio. New law has speed up the formation of venture capital funds, and the its value was recognized by the Ministry of the economy, labor and entrepreneurship and Croatian bank for reconstruction and development, which got also involved in the formation of venture capital funds. Currently, there are several venture capital funds operating in Croatia and those are: Quaestus Private Equity, Nexus Private Equity Partners, Copernicus Capital, SEAF Croatia, Horizonte Venture management, Vienna Capital Partners, KD Private Equity and Poteza Ventures. They have invested approximately 80 million euros in a roughly 50 projects. Questus Private Equity is the first registrated venture capital fund with private offer in Croatia. Company is present since 2003 but only in 2006 it was registrated according to the new law on investment funds. Quaestus has invested in several companies from the telecommunication, food production and medical services sectors. It manages capital of 35 million euros which was funded by 9 renowned Croatian companies. Second venture capital fund, and currently the newest one, Nexus Private Equity Partners, is a private venture capital fund management company established in October 2008. It manages capital of 36 million euros which was also invested by eminent Croatian companies (70%), institutional investors (12%) and natural persons (18%). Since it is rather new, so far it has not made any investments. Table 5: Venture capital and private equity funds in Croatia VC & PE fundSize in millionSize of total investments in millionNumber of total investmentsQuaestus Private Equity Partneri  35.00 11.673Nexus Private Equity Partner d.o.o. 36,0-0CCP- Copernicus Adria.d.o.o.$ 30.0$ 30.0011Seaf Croatia$ 8.2$ 8.021Horizonte Venture Management 20.0-12Vienna Capital Partners d.o.o. 35.00-40.00 38.004KD Private Equity 31-0Poteza Ventures 2007 50-2Bicro-VENCRO 20--Source:  HYPERLINK "http://www.nexus-pe.hr" http://www.nexus-pe.hr, Silvije ip i Bragadin; Venture capital financing; 2007 Croatia Capital Partnership (CCP) is one of the first and most active private equity funds in Croatia. Fund is managed by Copernicus Adria. The founders and main shareholders of CCP are European bank for research and development, Zagreba ka bank, Cassamarca Treviso bank, Erste Bank Wien, International Finance Corporation and Advent International. Copernicus has invested in 9 companies in Croatia and 2 in Serbia. Fund manages 30 million dollars and till today has invested all the available investment capital. It has invested 7,4 million dollars in telecommunication sector; in CATV, Adriatic kabel (4 million dollars), IVB and KabelNet (2,2 million dollars). CCP is also a major owner of Globalnet group. SEAF-Croatia is one of the most active investors in SME's. Fund is managed by SEAF Croatia and it was founded in 1997 by an international fund, Small Enterprise Assistance Fund. It is partly financed by the american agency USAID, and by SEAF fund headquartered in Washington, which manages or is proprietor of 13 similar funds around the world. SEAF is however obliged to store profit in Croatia for further investments. This fund provides not only capital, but also support in terms of business planning, technical counseling, marketing, production and accounting. SEAF manages 8,2 million dollars out of which 8,0 million is invested in 21 project like DCM cable television, Digital Point/Express, Iskon Internet, and Renoprom. Horizonte Venture Management is an Austrian venture capital fund management team with a 16 year track record of investing in southeast Europe. It was founded in 1985 as venture management group for the southeast Europe. It has built network of branches outside of Austria which includes Croatia. It manages capital of 20 million euros that was invested in 12 projects. Vienna Capital Partners is an Austrian company which invests mainly in Austria and Croatia. It manages capital of roughly 40 million euros. In this area, it has invested mainly in media, so it also appears as an owner of several newspapers like Serbian Blic and Croatian Nacional. KD Private Equity Fund manages capital of 31million euros. The fund was launched in spring 2006. Investors in KD Private Equity Fund include KD Group, major Slovenian banks and the Swiss government development fund SECO. KD Private Equity Fund has intention to invest in companies in Albania, Bosnia, Bulgaria, Croatia, Macedonia, Moldavia, Montenegro, Romania, Serbia and Slovenia. Poteza Ventures is the largest fund of venture capital which actively invests in high tech projects in Croatia. It is a Slovenian fund in which is also incorporated Croatian capital. According to the newest information, the fund manages 50 million euros and it has realized 2 investments out of which one is in Slovenia and another is in Croatia, more precisely, Croatian company Pravi korak, which launched vertical internet search engine GoHome.hr. Management of Poteza Ventures announced two more investments in the near future. Besides in legislation, Croatia made a step forward through formation of Business-innovation centre (BICRO) and Croatian institute of technology. BICRO is the key organization within the national innovation system whose basic role is development and implementation of government support programs aimed at strengthening technology development as the main generator of sustainable economic growth. These two institutions founded venture capital fund VENCRO. The fund is managed by a private sector management company selected through a public call for proposals. The initial investment of the Croatias government was 4,5 million euros and it is expected that the private partners will invest additional 20 million euros. The program supports the establishment of venture capital funds and the development of the overall venture capital industry. 3. Reasons for underdevelopment of venture capital and private equity in Croatia Recently there was made progress concerning conditions that could increase venture capital investments, but still, it is the least developed segment of Croatian financial market. According to the research of EVCA, on the Eastern European market, Croatia is at the bottom of the ladder in terms of attractiveness for venture capital investors. In evaluating the problems that CEE transition countries and Croatia face regarding efforts in attracting venture capital, we considered only some of the factors, included in the Index of economic freedom (IEF), while there are also other economic, political and cultural factors that might be considered. Degree of economic freedom shows situation in a certain country concerning business freedom, trade freedom, fiscal freedom, monetary freedom, investment freedom, financial freedom, labor freedom, government size, property rights and freedom from corruption. Variables of special interest to investors are investment freedom, trade freedom and property rights since this are some of the critical factors that investors examine while deciding whether to invest in a certain country. Table 6: Index of Economic Freedom in 2008 CountryOverall ranking (out of 161 countries)Regional Rank (out of 41 countries)Average economic freedom (%)Mostly FreeEstonia12577,8Lithuania261370,8Moderately free Czech Republic372168,5Latvia382268,3Hungary432367,2Bulgaria592862,9Romania 683061,5Slovenia753360,6Mostly UnfreePoland833559,5Croatia1133754,6Source:  HYPERLINK "http://www.heritage.org" www.heritage.org Taking into account all the ten factors, Europe average of economic freedom is 66, 8%. Most of the European countries fall into the category of moderately free countries and none of them falls into the category of free or repressed countries. According to the provided data, the best performing countries, those most likely to attract venture capital, are Estonia and Lithuania, followed by Czech Republic and Latvia. Croatia is ranked 37th out of 41 countries in the Europe, as it can be seen in table 6, and its overall score of 54,6% is below the average of Europe, together with scores of Poland, Bulgaria, Slovenia and Romania. Croatia earned a score of 54,6% which is 0.7 percentage points higher than last year. Croatia stands slightly above Europe average in trade freedom, financial freedom, and monetary freedom. Croatia's most conspicuous weakness in terms of economic freedom is its outsized government. This appears in other areas; heavy regulations on business, labor, and even rights to property. Furthermore, there are present insufficient tax incentives, inability of pension funds to invest in companies not quoted on the organized market and restrictions concerning investment possibilities of insurance companies. The court system is liable to corruption, political interference, and inefficient bureaucracy. Moreover, there are present significant unofficial restrictions on foreign investments. Concerning investment freedom, foreigners may invest in nearly every sector of the economy, but the problem of complex bureaucracy, very slow legal system, and subsidies to state-owned enterprises remain. Regarding property rights many observers view the judicial system as most affected by corruption. The court system is inefficient, and business disputes drag on courts for years. The government is working on judicial reform, but much remains to be done. Unenviable situation of Croatia sends the wrong message to the foreign and local investors that are interested in investing capital in it and therefore Croatia still belongs to the group of European countries where tax and legal environment is inconvenient for venture capital investments. Also, this situation is likely to continue since Croatian entrepreneurs are not sufficiently educated to recognize potentials of venture capital financing and most of the entrepreneurs believe that this kind of financing is not a necessity fearing of potential investors influence on their business policies. 4. Comparative analysis of venture capital and private equity funds in CEE countries and Croatia When comparing Croatia to the rest of the CEE countries, from table 1 it can be seen that Croatia lags behind the CEE countries concerning private equity investments as percentage of GDP. Although, there was a slight increase in 2004 after a long period of stagnation and low activities in 2005, investments fell dramatically to the level of 0,002%, far below the CEE average. Similar scenario experienced Bulgaria, Czech Republic, Lithuania, Estonia and Slovenia. The only countries that followed an upward trend without great deviations were Hungary and Slovakia. Graph 2: Private equity investments as a percentage of GDP in Europe, leading CEE countries and Croatia, 2003 - 2007  Source: Own calculation on the basis of the data collected from EVCA Nevertheless things turned positive for Croatia in 2006, when it faced heavy increase in comparison to 2005 which continued onward. The very same trend followed Slovenia and Bulgaria and Baltic countries that went through an upsurge in 2007. Although investments as a percentage of GDP in Croatia are still below the levels of observed CEE countries and a Europe as a whole, except Slovakia, it is evident that the gap is shrinking (graph 2). Comparing total investment activity of private equity funds in Croatia and the CEE countries, table 2 clearly states that all of the observed countries are in a far better position then Croatia. Only Bulgaria, Latvia, Lithuania, Estonia and Slovenia had lower investment activity in the first couple of years of the decade, but from the 2003 all of the mentioned countries have recorded immense increase in the total investment activity leaving Croatia far behind. Therefore, it can be said that great changes occurred in countries of the CEE who entered EU in 2004. Baltic countries experienced an increase even 50 times higher compared to 2003. This could be explained by a various factors. Certainly one is extremely low ranking of index of economic freedom which can be seen in table 6 that puts Croatia in the rank of mostly unfree countries. Also, there is a fact that all of the observed countries were a candidates for EU accession and from 2004 full members which in turn had a definitive impact on the strong growth of overall investment activity and therefore on the private equity as well. Therefore, Croatia's EU accession may in turn able the private equity market to flourish. Conclusion Croatian entrepreneurs still do not understand the importance of innovative SMEs and their potential for further growth. Many of them still have fear of entrepreneurship and do not accept advises of the international experts. Only minority will try to seek international customers which indicate a need for development of international competitiveness and corresponds to the results of IEF where Croatia is rated as a country with relatively high barriers to foreign investment. Therefore, Croatia should lower the barriers to foreign investments, difficulties in licensing and registration and provide incentives to innovative activities and R&D activities in order to improve countries overall entrepreneurial activity. Also, big problem relates to the underdevelopment of the capital market. According to EBRD Croatias stock market capitalization is not satisfying as well as the liquidity of the market, therefore the provision of quality trading instruments is important as well as the strategy for further privatization. Many companies in Croatia are still nationalized so there is a large potential for their future privatization through IPOs which can present a great investment opportunity for private equity investors and in turn could improve the situation on the stock market through the quality and the amount of stocks traded. Therefore, in order to improve venture capital and private equity market Croatia should intensively work on the improvement of the judiciary system and the financial markets because they are the ones that determine the trust of the investors and their perception of the countries risk level while making an investment decisions. Since the possibility of financing projects is still mostly bank-oriented, Croatia should alter the law regulation that puts legal constraints to domestic investors such as pension funds, insurance companies and other investment funds to take part in private equity or venture capital financing. Also, the promotion of the innovative entrepreneurial culture and removal of barriers to foreign investments should provide an overall better investment environment. Literature Beck et al., 2005. Law and Firms' Access to Finance Bottazzi, L., Da Rin, M., Hellman, 2003. The Changing Face of the European Venture Capital; Facts and Analysis, Business Innovation Center of Croatia:  HYPERLINK "http://www.bicro.hr" www.bicro.hr Campbell, R.A and Kraeussl, R., 2006. A survey of the venture industry in Central and Eastern Europe CEPOR, 2003. Global Entrepreneurship Monitor Croatia 2002. What makes Croatia a Non Entrepreneurial country Deloitte, 2003. Private Equity Central Europe Survey European Venture Capital and Private Equity Association (EVCA), 2005. Yearbook.www.evca.com European Venture Capital and Private Equity Association (EVCA), 2007. Yearbook.www.evca.com Grupe, C., 2004. Is there a market for Venture Capital in Croatia Index of Economic Freedom:  HYPERLINK "http://www.heritage.org" www.heritage.org La Porta et al., 1997. Legal Determinants of External Finance. Journal of Finance Leleux, B. and Surlemont, B., 2003. Public versus Private Venture Capital: Seeding or Crowding out? A Pan-European Analysis Levine, R. 2003. Napoleon, Bourses and Growth; with a Focus on Latin America Mason, C.M. and Harrison, R.T., 1997. Business Angel Networks and the Development of the Informal Venture Capital Market in the UK: Is there still a Role for the Public Sector McGee, R.W., 2006. Venture capital in European transition economies: A scoring system Mihaljek, D., 2001. Toward a Long-term Strategy of Econmic Development of Croatia: Where to Begin, What to Do and How to Do It? Punkthuanthong, K.,Thiengtham, D., Walker, T., 2006. Why venture capital markets are well developed in some countries but comparatively small in other; Evidence from Europe Ra i, D. et al., 2004. Innovation in Croatian Enterprises Silvije ip i-Bragadin, 2007. Financiranje poduzea rizi nim kapitalom Zakon o investicijskim fondovima, (NN-150/05),  HYPERLINK "http://www.nn.hr" www.nn.hr http://www.poslovni.hr  Law on Investment funds (NN -150/05)  Law on Croatian Agency for Supervising Financial services (NN-140/05)  Hospitalija d.o.o, Metronet, Tele 2, Hlad d.o.o., Akromion, GFG Gustus d.o.o., Vuli&Vuli d.o.o.  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Jamnica d.d., M SAN grupa d.o.o.  http://www.poslovni.hr  NN 13/07  www.evca.com  Index of Economic Freedom is a series of 10 economic measurements created by the  HYPERLINK "http://en.wikipedia.org/wiki/Wall_Street_Journal" \o "Wall Street Journal" Wall Street Journal and the  HYPERLINK "http://en.wikipedia.org/wiki/Heritage_Foundation" \o "Heritage Foundation" Heritage Foundation. Its objective is to measure the degree of  HYPERLINK "http://en.wikipedia.org/wiki/Economic_freedom" \o "Economic freedom" economic freedom in the world's nations. The methodology has shifted and changed as new data and measurements have become available, especially in the area of Labor freedom, which was given its own indicator spot in 2007. Another change is that the Index is overseen by an Academic Advisory Board. The index scores nations on 10 broad factors of economic freedom using statistics from organizations like the  HYPERLINK "http://en.wikipedia.org/wiki/World_Bank" \o "World Bank" World Bank, the  HYPERLINK "http://en.wikipedia.org/wiki/IMF" \o "IMF" IMF and the  HYPERLINK "http://en.wikipedia.org/wiki/Economist_Intelligence_Unit" \o "Economist Intelligence Unit" Economist Intelligence Unit. The 10 factors are averaged equally into a total score. Each one of the 10 freedoms is graded using a scale from 0 to 100, where 100 represents the maximum freedom. 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