Industrija 2/2011 - Ekonomski institut

I n d u s t r i j a 2 / 2 0 1 1 .
From the companies, present in both indexes of Belgrade Stock Exchange, in
2008 10 had negative As index while 64 had positive As index values (86%
accuracy of the model). In 2009, the accuracy was somewhat lower: 13
companies had negative As index while the remaining 61 had positive index
(82% accuracy of the model). The companies have been chosen on the basis of
these used for September 2010 index, and the following regular revisions.
It should also be noted that some of the companies with negative As index have
been in the process of restructuring and therefore bankruptcy proceedings could
not be started. BIP is an example of such company.
Table 5: Companies in bankruptcy
No
Bankruptcy
Zone As index
Company
year
2008 2009
1 2009 LEDENICE AD IVANJICA - U STEĈAJU -18,15 -98,52
2 UDARNIK ZRENJANIN - U STEĈAJU -18,03 -72,59
3 AD BRODOGRADILIŠTE SAVA - U STEĈAJU -13,24 -0,02
4 IMK 29. NOVEMBAR AD SUBOTICA - U STEĈAJU -13,14 -232,23
5 AD JUGODENT NOVI SAD - U STEĈAJU -6,53 -1.072,91
6 GRADITELJ AD IVANJICA - U STEĈAJU -0,46 -96,29
7 2010 ECO-INOS AD KRUŠEVAC - U STEĈAJU -1.036,61 -876,52
8 POLJOPROMET AD - U STEĈAJU -565,27 -948,42
9 DŢERVIN - U STEĈAJU -474,06 -4.458,29
10 KOŢA AD KRAGUJEVAC - U STEĈAJU -203,15 -106.327,74
11 JUGORENDGEN - U STEĈAJU -91,29 -63,08
12 VRŠAĈKA PIVARA - U STEĈAJU -12,07 -14,30
13 AD BRODOGRADILIŠTE APATIN - U STEĈAJU -11,76 -7,35
14 DENIMETAL - U STEĈAJU -10,29 -6,96
15 AGROSREM - U STEĈAJU -8,30 -14,86
16 VALJEVSKA PIVARA - U STEĈAJU -8,03 -5,42
17 AD MLADOST SUBOTICA - U STEĈAJU -6,31 3,15
18 TROMEĐA AD MAJDAN - U STEĈAJU -5,19 -15,78
19 GRADAC - U STEĈAJU -3,95 -12,98
20 CENTRAL BEOGRAD - U STEĈAJU -1,58 -4,81
21 GRADITELJ - U STEĈAJU -0,27 0,04
22 JEDINSTVO - U STEĈAJU 2,66 -7,54
23 AD ĈAĈAK PUT ĈAĈAK - U STEĈAJU 3,20 -13,84
24 UNO MARTIN - U STEĈAJU 3,68 -7,54
25 FIDELINKA SUBOTICA - U STEĈAJU 4,35 1,59
26 MONTAŢA AD BEOGRAD - U STEĈAJU 4,61 -0,11
27 ADRIACOOP - U STEĈAJU 5,16 -247.728,57
28 January UNION INŢENJERING - U STEĈAJU -31,53 -103,56
29 2011 AGROCOOP EXPORT-IMPORT - U STEĈAJU -1,60 -4,06
30 ISHRANA - U STEĈAJU 1,15 -2,33
It is interesting that one company which is part of Belex15 is in the distress zone.
Other 14 companies which are part of Belex15 are in the safe zone, mostly with
high As index. It is positive that at totally 40 companies there is trend of
improvement of As index, where 8 companies are part of Belex15, and 3 out of
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