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FINANCING A JOINT-STOCK COMPANY THROUGH THE ISSUANCE OF EQUITY FINANCIAL INSTRUMENTS: THE CASE OF SPAN D. D.
No full textOvaj diplomski rad istražuje proces financiranja poslovanja društva SPAN d. d. inicijalnom javnom ponudom (IPO) dionica. Cilj istraživanja jest analizirati učinak IPO-a na financijsku stabilnost, likvidnost i tržišnu poziciju poduzeća. Rad obuhvaća pregled procesa pripreme, provedbe i rezultata IPO-a, uključujući ključne ciljeve poput prikupljanja kapitala za širenje poslovanja, razvoja digitalnih platformi i jačanja međunarodne prisutnosti. Analizom financijskih pokazatelja, utvrđeno je da je IPO značajno doprinio rastu vlastitog kapitala, povećanju likvidnosti i poboljšanju profitabilnosti društva. Uz to, uvrštenje na Zagrebačku burzu ojačalo je povjerenje ulagača i imidž tvrtke na tržištu kapitala. Rad pruža uvid u koristi i izazove financiranja dionicama, s posebnim naglaskom na specifičnosti hrvatskog tržišta kapitala, te nudi smjernice za druga poduzeća u tehnološkom sektoru.This thesis examines the process of financing SPAN d. d. through an initial public offering (IPO) of shares. The research aims to analyze the impact of IPO on the company’s financial stability, liquidity, and market position. The study provides a detailed overview of the preparation, execution, and outcomes of the IPO, focusing on key objectives such as raising capital for business expansion, developing digital platforms, and strengthening the international presence. The analysis of financial indicators has revealed that IPO has significantly contributed to the growth of equity, increased liquidity, and improved profitability. Additionally, listing on the Zagreb Stock Exchange has enhanced investor confidence and SPAN’s market image. The thesis offers insights into the benefits and challenges of equity financing, with a focus on the specifics of the Croatian capital market, and provides guidance for other companies in the technology sector
THE PROBLEM OF TRANSFER PRICING IN MULTINATIONAL CORPORATIONS
No full textOvaj rad istražuje problematiku transfernih cijena unutar multinacionalnih korporacija (MNK) te način na koji se iste koriste za optimizaciju poreznih obveza. Transferne cijene odnose se na cijene po kojima se obavljaju transakcije između povezanih društava unutar jedne korporacije, što izravno utječe na raspodjelu prihoda i troškova te, posljedično, na porezne obveze. Rad se fokusira na nekoliko ključnih aspekata: definiranje transfernih cijena, metode manipulacije transfernim cijenama, učinkovitost aktualnog zakonodavnog okvira, te moguće strategije za smanjenje zloupotrebe različitih zakonodavnih okvira. Multinacionalne korporacije koriste složene financijske strukture kako bi premjestile dobit iz zemalja s visokim poreznim stopama u jurisdikcije s nižim porezima, koristeći strategije poput „Double Irish with a Dutch Sandwich“ i iskorištavanje povoljnih poreznih uvjeta u Luksemburgu. Istraživanje pokazuje da aktualni zakonodavni okvir, uključujući OECD-ove smjernice, nije uvijek adekvatan za sprječavanje mThis paper investigates the issue of transfer pricing within multinational corporations (MNCs) and the ways it is used to optimize tax obligations. Transfer prices refer to the prices at which transactions are conducted between related entities within a corporation, directly affecting the allocation of income and expenses, and consequently, tax liabilities. The paper focuses on several key aspects: defining transfer prices, methods of manipulating transfer prices, the effectiveness of the current legislative framework, and possible strategies to reduce the abuse of different legislative frameworks. Multinational corporations use complex financial structures to shift profits from high-tax countries to low-tax jurisdictions, employing strategies such as the "Double Irish with a Dutch Sandwich" and leveraging favorable tax conditions in Luxembourg. The research shows that the current legislative framework, including OECD guidelines, is not always adequate to prevent the manipulation of transfer prices. Continuo
LEGAL POSITION OF TRADE UNIONS IN THE REPUBLIC OF CROATIA
No full textTema ovog završnog rada je Pravni položaj sindikata u Republici Hrvatskoj. Zaposlenici i poslodavci imaju temeljno pravo prema Ustavu Republike Hrvatske i drugim zakonima slobodu udruživanja kako bi ostvarili svoja prava koja su im dana, kao što su: pravo na plaću, pravo na trajnu izobrazbu, pravo na odmor. Zaposlenici i poslodavci imaju pravo na slobodu udruživanja organizacija koje će zastupati njihove interese kako bi se uspostavio stabilni sustav industrijskih odnosa i sudjelovanje u socijalnim i ekonomskim procesima na svim razinama. Svatko ima pravo na slobodno osnivanje sindikata i na učlanjivanje u sindikate. Također uz slobodno pravo na osnivanje sindikata i učlanjivanje, veže se i pojam kolektivnog pregovaranja. Zaposlenici i poslodavci imaju pravo konzultirati se s vladom i imaju pravo poslati svojeg predstavnika u različite međunarodne organizacije. Sindikat mogu osnovati deset punoljetnih poslovno sposobnih fizičkih osoba i dva sindikata. Sindikat stječe pravnu osobnost danom upisa u registar udruga. Kod osnivanja sindikata treba spomenuti i sindikalnog povjerenika i sindikalnog predstavnika. Sindikalni povjerenik je zaposlenik koji je u radnom odnosu kod određenog poslodavca. Sindikalni predstavnik je osoba koja je izabrana zbog zaštite i promicanja interesa članova sindikata kod određenog poslodavca, a da nije u radnom odnosu kod tog poslodavca.The topic of this final thesis is The legal posititon of trade unions in the Republic of Croatia. Employees and employers have the fundamental right according to the Constitution of the Republic of Croatia and other laws to freedom of association in order to exercise their rights, which have been given, such as: the right to salary, the right to permanent training, the right to vacation. Employees and employers have the right to freedom of association or organizations that will represent their interests in order to found a stable system of industrial relations and participation in social and economic processes at all levels. Everyone has the right to freely establish and join trade unions. In addition to the legal freedom to establish and join a trade union, the concept of collective bargaining is also linked. Employees and employers have the right to consult with the government and have the right to send their representative to various international organizations. A trade union can be founded by ten natural persons of full legal capacity and two trade unions. The trade union acquires legal personality on the day of registratiton in the register of associations. When establishing a trade union, the trade union commissioner and trade union representative should be mentioned. A trade union commissioner is an employee who is employed by a certain employer. A trade union representative is a person who is elected to protect and promote the interests of trade union members at a specific employer, without being employed by that employer
CRITICAL FACTORS THAT INFLUENCE THE SUCCESS OF PROJECTS
No full textMnogi pojedinci se pitaju i željeli bi znati zašto su neki projekti uspješni, a zašto su neki projekti neuspješni. Ovaj rad pokušava ponuditi odgovore na ta pitanja. Pisan je s ciljem da se utvrde i analiziraju kritični faktori koji utječu na uspješnost projekata. Dodatno, rad razmatra što je uspješan, a što neuspješan projekt te pokušava istražiti kako organizacije vrednuju uspješnost projekata. Analiza kritičnih faktora koji utječu na uspješnost projekata detaljnije opisuje pojedine kritične faktore te se bavi metodama upravljanja istima, a sve u svrhu osiguravanja pozitivnog ishoda za svaki pojedini projekt. U praktičnom dijelu autorica, na temelju istraživačkog upitnika, istražuje, kroz odgovore ispitanika, koji kritični faktori više, a koji manje utječu na uspješnost projekata te kako pojedine organizacije procjenjuju uspješnost projekata.
Razumijevanje / nerazumijevanje kritičnih faktora može značiti razliku između uspješnog i neuspješnog projekta. Iako postoji niz faktora koji utječu na uspješnost projekata, moguće je izdvojiti zajedničke ključne faktore koji u značajnoj mjeri doprinose uspješnosti različitih tipova projekata.Numerous individuals ask and would like to know why some projects fail and some succeed. This paper intends to offer answers to these questions. The goal of these paper is to identify and analyze critical factors that influence the project success and to analyze how organizations rate project success. Critical factors are being described and analyzed in more detail. The author also explores methods for successful management of these critical factors to achieve positive project outcomes. Additionally, the author analyzes how is project success rated in different organizations. In the practical part, the author, based on a research questionnaire, investigates which critical factors have more and which less influence on the project success and how is project success evaluated by different organizations.
Understanding / not understanding critical factors for project success can make the difference between project success and project failure. Even though there are numerous factors influencing project management processes, one can identify several common and critical factors that significantly influence the success of the project
FINANCIAL STATEMENT ANALYSIS OF LEADING DRUGSTORE CHAINS IN REPUBLIC OF CROATIA
No full textU radu su analizirani financijski izvještaji tri trgovačka društva sa sjedištem u Republici Hrvatskoj: Bipa d.o.o., dm-drogerie markt d.o.o., i Müller trgovina Zagreb d.o.o. Analiza je obavljena za desetgodišnje razdoblje od 2014. do 2023. godine te su doneseni
odgovarajući zaključci. Analiza se temelji na izračunu vrijednosti pojedinačnih pokazatelja, sustava pokazatelja i sintetičkih pokazatelja. Utvrđeni su trendovi i kretanja pokazatelja prethodno proglašenju COVID pandemije, prate tijek te njihove rezultate u post-COVID razdoblju. Izvedeni su zaključci zasnovani na izračunima pokazatelja likvidnosti, zaduženosti, aktivnosti, ekonomičnosti i profitabilnosti. Prikazan je Du Pontov sustav pokazatelja te sintetički pokazatelji inozemnih autora: Altmana, Kraliceka, Zmijewskog i Springatea kao i BEX model hrvatskog dvojca Belak i Aljinović Barać. Sve je popraćeno teorijskim postavkama primijenjenih metoda uz primjenu metoda deskripcije i kompilacije.The subject of this paper is a financial statements analysis for three companies based in the Republic of Croatia: Bipa d.o.o., dm-drogerie markt d.o.o. and Müller trgovina Zagreb d.o.o. The analysis was carried out for a ten-year period, business years 2014 - 2023. and appropriate conclusions were drawn. The analysis is based on the calculation of individual indicators and systems indicators. Trend analysis was conducted for the period preceding the declaration of the COVID pandemic and ratios were tracked during the pandemic period and in the post-COVID period. Conclusions were based on calculations of indicators of liquidity, debt, activity, efficiency, and profitability. Du Pont's system of indicators and the synthetic indicators by foreign authors: Altman, Kralicek, Zmijewski, and Springate as well as the BEX model have been presented. These have been accompanied by theoretical settings of applied methods using the descriptive and compilation methods
CURRENT PRACTICAL ISSUES OF KEEPING RECORDS IN A FIELD OF EMPLOYMENT
No full textOvaj rad bavi se aktualnim praktičnim pitanjima vođenja evidencija u području rada nastalim nakon što je novi Pravilnik o sadržaju i načinu vođenja evidencije radnog vremena stupio na snagu 1. listopada 2024. godine. Autor stavlja naglasak na ključne novosti u odnosu na prethodni Pravilnik kao i na nastale implikacije kako za poslodavce tako i za same administratore zadužene za vođenje tih evidencija. Dodatni naglasak stavljen je i na evidenciju radnog vremena menadžera te rokovima čuvanja evidencije. Uz sve navedeno u radu su prikazane i praktične preporuke za u skladu sa novim propisima i važećim zakonodavstvom. Rad posebno naglašava važnost ispravne evidencije radnog vremena s ciljem smanjenja pravnih rizika i povećanja transparentnosti u poslovanju.This paper addresses current practical issues in maintaining work-related records following the implementation of the new Regulation on the Content and Method of Keeping Records of Working Hours, which came into effect on October 1st, 2024. The author emphasizes the key updates compared to the previous Regulation and the resulting implications for employers and administrators responsible for maintaining these records. Additional focus is placed on the recording of managers' working hours and the deadlines for record retention. Furthermore, the paper provides practical recommendations for aligning with the new regulations and applicable legislation. The work particularly highlights the importance of accurate working hours records to reduce legal risks and enhance transparency in business operations
THE SPECIFICITY OF BOND ISSUE FINANCING ON THE CROATIAN CAPITAL MARKET
No full textSpecijalistički diplomski stručni rad proučava specifičnosti financiranja emisijom obveznica na hrvatskom i europskom tržištu kapitala. U prvom dijelu će se definirati i opisati obveznice, njezine vrste i karakteristike. U diplomskom radu se ulazi u dublju analizu obveznica pod kojom se opisuje proces vrednovanja obveznice te se objašnjavaju prinosi po obveznici. Također će se navesti prednosti i nedostaci s kojima se susreće investitor kod ulaganja u obveznice. Nakon objašnjenja svih pojmova prelazi se na analizu tržišta kapitala u Republici Hrvatskoj i Europskoj uniji. Uspoređuju se ponuda i potražnja na tržištima kapitala te prinosi po obveznicama. Za praktičan primjer odabrano je poduzeće Atlantic Grupa, koja je izdala svoje obveznice u 2020. godini.
S obzirom da je hrvatsko tržište tek u povojima sa emitiranjem obveznica, prema procjeni i želji investitora, on može investirati i u obveznice koje su izdane izvan hrvatskog tržišta.The specialist graduate thesis studies the specifics od financinf through the issue of bonds on the Croatian capital market.
The first part will define and describe vonds, their types and characteristics. Through the work goes into o deeper analysis f bonds, which describes the bond valuation process and explains bond yields.
The advantages and disadvantages faced by investors when investing in bonds will also be listed. After the explanation of all the terms, we move on to the analysis of the capital market in the Republic of Croatia and the European Union. Supply and demand on capital markets and bond yields are compared. The company Atlantic Grupa, which issued its bonds in 2020, was chosen as a practical example.
After the preparation of the professional thesis, the result of a positive investment in bonds was achieved. Given that the Croatian market is still in its infancy with bond issuance, according to the investor's assessment and wishes, he can also invest in bonds issued outside the Croatian market
CASH OPERATIONS OF FISCALIZATION TAXPAYERS
No full textBlagajničko poslovanje je rukovanje i upravljanje svih gotovinskih transakcija unutar poduzeća ili obrta te obuhvaća vođenje blagajničkog dnevnika odnosno izvještaja, ograničenja gotovinskog plaćanja, određivanje blagajničkog maksimuma, te vođenja sve dokumentacije i blagajničkih isprava.
Provedbom postupka fiskalizacije obveznik fiskalizacije svoje poslovanje prikazuje transparentno i zakonski pravovaljano. Zakonom o fiskalizaciju u prometu gotovinom određuju se obveznici fiskalizacije, pravne i fizičke osobe koje za svoje obavljene usluge ili prodaju dobara prihvaćaju plaćanja u gotovini, čekove, kartice ili neki drugi oblik gotovinskog plaćanja.
Svaki obveznik fiskalizacije dužan je za obavljene usluge ili prodaju dobara izdati račun koji sadržava sve potrebne elemente da bi kao takav dokument bio zakonski pravovaljan.Cash management is the handling and management of all cash transactions within a company or craft, and includes keeping a cash register or report, cash payment limits, determining the cash maximum, and keeping all documentation and cash receipts.
By implementing the fiscalization procedure, the taxpayer presents its business in a transparent and legally valid manner. The Act on Fiscalization in Cash Transactions determines fiscalization payers, legal and natural persons who accept cash payments, cheques, cards or some other form of cash payment for their services rendered or the sale of goods.
Each fiscalization payer is obliged to issue an invoice for the services rendered or the sale of goods that contains all the necessary elements to be legally valid as such a document
RISK MANAGEMENT IN THE AUDIT OF FINANCIAL STATEMENTS
No full textOvim završnim radom se prikazuje upravljanje rizicima pri reviziji financijskih izvještaja. U načelu rizik je procijenjena prognoza moguće štete s negativnim ishodom. Neizbježan je segment svakog poslovanja i ne može se sa sigurnošću znati kada i u kojem obliku će se dogoditi. Uz rizik se povezuje revizija iz razloga što je revizija bitan segment smanjenja rizika i držanja rizika pod kontrolom. Kroz revizijske testove smanjuje se mogućnost prijevarnih radnji ili pogrešaka te se rizik poslovanja smanjuje.
Kako bi se taj cilj postigao, revizori su razvili sustav revizorskih testova i kontrola koji omogućuju revizoru lakšu kontrolu kod obavljanja revizije financijskih izvještaja poduzeća. Revizor kod pripreme revizije koristi revizorske testove koji uključuju promatranje, inspekciju, preračunavanje, intervju s radnicima i upravom, ponovno izvođenje i potvrđivanje te prikuplja dokazne testove kao dokaze koji su analitički postupci testova salda i dokazni testovi poslovnih događaja. U postupku revizije revizor prikuplja revizorke dokaze koji mu omogućuju donošenje konačnog revizorskog mišljenja.
Revizor prije donošenja revizorskog mišljenja uz revizorske testove i dokaze oslanja i na interne i eksterne sudionike koji su povezani s poslovanjem društva nad kojim obavlja revizorski postupak.This final paper presents risk management in the audit of financial statements. In principle, risk is an estimated forecast of possible damage with a negative outcome. It is an inevitable segment of any business and it is impossible to know with certainty when and in what form it will happen. Audit is associated with risk because audit is an important segment of risk reduction and keeping risk under control. Through audit tests, the possibility of fraudulent actions or errors is reduced and the risk of doing business is reduced.
In order to achieve this goal, auditors have developed a system of audit tests and controls that allow the auditor to have easier control when auditing the company's financial statements. When preparing an audit, the auditor uses audit tests that include observation, inspection, recalculation, interview with workers and management, re-performance and confirmation, and collects evidence tests as evidence, which are analytical procedures of balance tests and proof tests of business events. In the audit process, the auditor collects audit evidence that enables him to make a final audit opinion.
Before issuing an audit opinion, the auditor relies on internal and external participants related to the operations of the company on which the audit procedure is performed, in addition to audit tests and evidence
ANALYSIS OF THE FISCAL POSITION OF ATHLETES IN THE SYSTEM OF THE REPUBLIC OF CROATIA
No full textU ovom se diplomskom radu razmatra pojam i značajke, te usporedbe i analize poreznog položaja sportaša i drugih osoba u sportu u poreznom sustavu Republike Hrvatske. Razmatrat će se podjela sportaša prema određenim kriterijima, na profesionalne vrhunske
sportaše i sportaše amatere, s naglaskom na njihove porezne obveze te na način oporezivanja njihovih dohotka u Republici Hrvatskoj. U radu će se provesti usporedbe i analize oporezivanje dohotka profesionalnih sportaša u Republici Hrvatskoj prema određenim kriterijima koji su utemeljeni na Zakonu o sportu, Zakonu o porezu na dohodak i Pravilniku o porezu na dohodak, te Zakonu i Pravilniku o porezu na dodanu vrijednost. Kad se radi o oporezivanju sportaša vrlo je bitan način na koji se može i mora oporezivati dohodak sportaša te drugih osoba u sportu. Kao specifična djelatnost sportaša i drugih osoba u sportu u ovom se radu objašnjava način oporezivanja osoba u sportu, te se daje analiza i usporedba oporezivanje dohotka u sportskoj djelatnosti.The postgraduate specialist thesis shall explore the concept and features, as well as comparisons and analyses of the fiscal position of athletes and other individuals in sports in the tax system of the Republic of Croatia. The division of athletes according to certain criteria into professional elite athletes and amateur athletes will be presented, with an emphasis on their fiscal obligations and the methods of taxing their income in the Republic of Croatia. Comparisons and analyses of income taxation of professional athletes in the Republic of Croatia will be conducted in the thesis according to certain criteria based on the Sports Act, the Income Tax Act and the Income Tax Ordinance, and the Value Added Tax Act and Ordinance. When it comes to the taxation of athletes, the method that can and should be used in taxation of the income of athletes and other individuals is of great importance. As a specific activity of athletes and other individuals in sports, in this thesis, methods of taxation will be outlined, as well as analyses and comparisons of income taxation from sports activities