Friday, 12 November 2021

Croatian Greyp Bikes Experiencing Continuous Growth in 2020, 2021

November the 12th, 2021 - The Croatian Greyp bikes, the largest individual owner of which is much loved entrepreneur Mate Rimac, has seen continuous and steady growth, even in spite of the coronavirus pandemic.

As Poslovni Dnevnik/Sergej Novosel Vuckovic writes, this Sveta Nedelja-based company has grown 110 percent in recent years, this year that growth will exceed 120 percent, and the Croatian Greyp bikes company working seriously on its first city model, the electric citybike, which should be on the roads of the cities and streets by early 2024.

This was revealed on the sidelines of the first inter-industry discussion on sustainable business, launched by Nestle in Croatia, by Vladimir Karmelic, the marketing manager of the Croatian Greyp bikes company. The new model should be predestined for city driving and be more affordable, according to Karmelic. Existing models are more for mountain and trekking activities.

"With the development of technology that is our primary focus, we can see that the next step for the bike is to have it be an everyday companion to the rider, it will have navigation that warns of pollution on the route, informs the rider where there is traffic and crowding in the city and recommends green routes,'' Karmelic stated when describing the future Greyp bike, a vehicle which is set to fit even more into the story of sustainability and the eco profile that the company believes so strongly in.

This year at the Croatian Greyp bikes company they can be very satisfied indeed with the irnumbers, they have sold, all over the world, 1500 of their most popular model, the G6, the older G12 was about sixty models sold, and the latest, presented this summer, the T5, has seen about 600 copies sold. Unlike the vast majority of companies, the pandemic has actually helped them due to increased demand, but, they admit, also slowed some things down because parts factories in Vietnam and Thailand ended up being closed.

Due to global disruptions in supply chains caused by that same public health crisis, they have experienced difficulties with the procurement of certain components, especially technological ones important for connectivity, which also affects the delivery of finished products. But unlike their competitors (including “regular” manufacturers), which have also experienced significant delays, Greyp bike customers are already aware that they'll have a wait of around two months on their hands after making their purchase.

For more, check out Made in Croatia.

Tuesday, 2 November 2021

Bugatti Rimac Officially Begins Operations, Mate Rimac's Role Revealed

November 2, 2021 - Rimac Automobili today officially joins forces with Bugatti under the recently announced company Bugatti Rimac d.o.o., the company announced.

The new company joins the forces of Rimac and Bugatti, which together continue with breakthroughs in the automotive and technology industries. Establishing the new company, which unites the two brands, is supported by the sports car manufacturer Porsche AG and one of the largest car manufacturers in the world, as well as the current owner of Bugatti - Volkswagen AG, reports Index.hr.

"After a short but turbulent 10-year history of Rimac Automobili since its inception in the garage, we come to the next big step for the company - merging with Bugatti into the newly established company Bugatti Rimac, which becomes part of the Rimac Group," the statement said.

Rimac Group will be the largest shareholder of Bugatti Rimac with a 55 percent stake.

Mate Rimac will retain his stake in the Rimac Group at 35%, Porsche at 22%, Hyundai Motor Group at 11%, and other investors at 32%. The development and production of battery systems, powertrains, and other components for high-performance electric vehicles, for which Rimac is known and trusted by many car manufacturers, will be separated into a new unit - Rimac Technology, which will be 100% owned by the Rimac Group.

"Bugatti Rimac combines the uniqueness of two automotive and technology pioneers. Rimac Automobili's entrepreneurial approach and technical expertise, and innovations in high-performance electric vehicles, together with Bugatti's 112-year legacy in design and engineering and the production of some of the world's most famous hypercars, are now combined. Porsche will act as a strategic partner and appoint two members of the Supervisory Board: Oliver Blume, President of Porsche AG, and Lutz Meschke, Vice President and Chief Financial Officer of Porsche AG.

Mate Rimac's previous leadership and strategic direction, which led to Rimac Automobili becoming a significant player in the high-performance electric car industry, highlights him as an ideal candidate to lead the new company as CEO. As CEO of the Rimac Group, Mate Rimac will lead both Bugatti Rimac and the new division, Rimac Technology."

The global headquarters of Bugatti Rimac is located in the current headquarters of Rimac Automobil in Sveta Nedelja, on the outskirts of Zagreb. Still, in time it will move to the recently announced Rimac Campus, also to be home to Rimac Technology, worth more than 200 million euros, on 200,000 m2, under construction in Sveta Nedelja. 

Joint research and development of future Rimac Automobili and Bugatti hypercars will ultimately occur at the Rimac Campus - which is scheduled to open in 2023. As part of the new company, Bugatti Rimac will start operating with 435 employees, of which 300 will be based in Sveta Nedelja and 135 in Molsheim, France.

In addition, 180 people at the Bugatti Engineering site in Wolfsburg will support the new company, which will be integrated into the Bugatti Rimac office in Germany. Rimac Technology will have over 900 employees. Rimac Group will thus consist of more than 1300 workers at various locations.

Bugatti Rimac's new Board of Directors appoints Christophe Piochon as Chief Operating Officer (COO). He previously served as General Manager at Bugatti and guarantees the continuation of operations at the Molsheim plant. Larissa Fleischer becomes CFO. Previously, she was the head of control at Porsche in digitalization and the development of new business models. In addition, Emilio Scervo has been appointed Chief Technology Officer (CTO) and previously held the same position at Rimac Automobiles, where he joined after a prosperous career as technical director at Aston Martin, McLaren, Mercedes AMG, and Ferrari.

Rimac Automobili and Bugatti will continue to operate as separate brands and manufacturers, retaining their production facilities in Zagreb and Molsheim and distribution channels.

Rimac Technology will continue to innovate, developing vehicle systems and technologies for many global car manufacturers, with the application of the technology in future Bugatti and Rimac models as well.

Commenting on the first day of Bugatti Rimac's business, Mate Rimac, CEO, says:

“I am honored to be leading this new fusion of automotive minds and begin what will no doubt be a successful, revolutionary and exciting new chapter for everyone involved. I am also extremely curious to oversee the profound impact Bugatti Rimac will have on the industry, and I look forward to developing innovative new hypercars and technologies.”

“It’s difficult to find a better match than Rimac and Bugatti. What each party brings to the table in terms of technical expertise, know-how and automotive history makes for an electrifying recipe. Rimac’s fast-paced operations and electrification skills are the perfect complement to Bugatti’s exceptional heritage and craftmanship. Stay tuned for some truly extraordinary projects in the future.”

“I am convinced that we have found the right mix of experience and know-how, innovative strength and team spirit for the management,” says Lutz Meschke, Deputy Chairman of the Executive Board and member of the board for Finance and IT at Porsche AG. “That’s why I’m very optimistic. And because the project is very close to my heart, I will continue to accompany it closely and passionately in the future.”

Oliver Blume, Chairman of the Board of Management at Porsche, names this merger as “the perfect solution” for everyone involved: “Together, we are creating a high-performance automotive company. We have succeeded in positioning the traditional Bugatti brand with its charisma for the future in a way that creates value. Bugatti embodies fascination and passion, and Rimac has great innovative strength and tech expertise.” 

For more, make sure to check out our dedicated business section.

Sunday, 10 October 2021

New Rimac Campus Construction Project in Kerestinec Advancing

October the 10th, 2021 - Things are going full steam ahead at the construction site of the brand new Rimac Campus in Kerestinec, with works moving quickly and anticipations running high.

As Poslovni Dnevnik writes, the village of Kerestinec, which lies just west of Zagreb, is the site of the up and coming new Rimac Campus which Croatian entrepreneur Mate Rimac decided on building not so long ago.

This massive project which will also become the new headquarters of the much loved Croatian company Rimac Automobili plans to have a kindergarten, organic food production, and even accommodation capsules instead of a classic hotel. It should all be over by 2023.

''The new complex will be a base for research, development and production, and will enable the company to grow from the production of prototypes and projects in small series to large-scale production of high-performance electric powertrains and battery systems for many global automotive companies.

The new location, based on the idea of ​​creating the best possible working environment for our employees from all over the world, is located just a few kilometres from the current headquarters of Rimac Automobili (also in Sveta Nedelja) and is located on a plot which spans 200,000 m2, while the area built on will reach about 100,000 m2.

The new Rimac Campus is expected to be completed by 2023,'' they stated from the company. They added that Mate Rimac wanted the new headquarters of his company to embody not only the character of the brand but also the character of the employees.

''The architects of this project drew their inspiration for the design of the new Rimac Campus from several sources, including the shape and movement of Rimac's own hypercar - the famous C_Two, as well as the speed itself,'' they described from Rimac Automobili.

For more, make sure to check out our dedicated Made in Croatia section.

Wednesday, 29 September 2021

Mate Rimac & Dario Zurovec, a Case Study of Politician Entrepreneur Harmony

September 29, 2021 - The entrepreneurial beacon of Sveta Nedelja lit up the Entrepreneurial Mindset 2021 conference in Zagreb yesterday, as Mate Rimac and Mayor Dario Zurovec gave a tantalising view of Croatia 2.0.

It is two years since the introduction of a new conference to the busy Zagreb congress calendar. Poduzetnicki Mindset - Entrepreneurial Mindset - brought together some of the top entrepreneurial names in Croatia to share their stories, visions, and failures. In the front row of the audience where not the usual politicians who left after the opening speeches, but students and high-school kids with entrepreneurial aspirations, looking to learn from the very best in Croatia. 

It was one of those rare days in Croatia day to day life (Croatia, the tourist destination is another animal) which dripped in positivity and hope. Attendees left feeling inspired, with so many success stories despite the realities of operating within the bureaucratic confines of the Croatian business reality.

The most high-profile speaker back in 2019 was Mate Rimac, whose entertaining presentation focused in part on how Slovakia built up an entire automotive industry, which today exports more than Croatia's total exports. You can read a report of his presentation in Lessons from Slovakia: Mate Rimac on Croatian Car Industry Potential.  

A lot has happened in the Rimac story since then, including plenty of good news for the Croatian automotive industry, as high-profile investments from the likes of Porsche and Hyundai culminated with the acquisition of Bugatti. 

Rimac was back at Entrepreneurial Mindset 2021 yesterday, one of a number of star speakers, who also included Silvio Kutic, co-founder of Croatia's very own first unicorn - Infobip. A full recap of an illuminating day can be found here. You can also watch the entire conference on the YouTube video below.

Rimac shared the stage this year with Mayor of Sveta Nedelja, Dario Zurovec, who has been trailblazing in pioneering ways of his own since entering the political scene as Mayor of Sveta Nedelja in 2016. Having won just 22% of the first-round vote in 2016 before going on to win in the second round, Dario Zurovec win a landslide victory in 2021 with a stunning 64.5% of the vote. 

And no wonder. His business-friendly approach was paying early dividends, even without the Rimac factor. In an age of emigration, unemployment and depopulation, the population of the small town outside Zagreb has grown 10% since 2011, there are 20% more jobs since 2017, full transparency in local administration, free bus travel for all was introduced last year, and local taxes slashes to encourage more businesses to move to the town. It is little surprise that Sveta Nedelja has been voted the best medium-sized town for the economy three years in a row, or one of the top 5 places to live in Croatia

Mate Rimac and Dario Zurovec took part in a discussion moderated by Hrvoje Balen called The Leadership Ecosystem - Building Blocks of a Sustainable Future. It was, for me at least, the highlight of a very stimulating day. 

The presence of Zurovec at the conference at all was telling of his political mindset. Apart from one MEP, he was the only politician who was present. His declaration that politicians should be there to serve the people sounded a little strange in the Croatian context, and the disconnect between entrepreneurs and the state has been one of the ongoing themes of the conference presentations over the last three years, although several speakers declared that things were slowly getting better. 

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Rimac and Zurovec are clearly glad to have found each other. Friends for some time, Rimac revealed that he has been talking about building his campus even before he became mayor. The campus was one thing, the expanding business another, both of which provide challenges for the local administration to provide the necessary infrastructure and services to meet this increased demand. 

Rimac explained that there are now no less than 45 different nationalities working with him in Sveta Nedelja. With the population growth and with more families making the move, there is a growing demand for more schools and kindergartens which now take up a significant part of the Sveta Nedelja budget.  Rimac currently employs 1,500 people, the vast majority in Sveta Nedelja, but the campus will bring an additional 2,500 people. 

"This campus is a great asset, the largest private investment that has taken place in this part of Croatia, if not beyond," said Zurovec. "And I see only pluses here. The best protection against unemployment is to have a place to work. Some 20 years ago, opposite that campus, there was a company where my father worked, unfortunately, during privatisation, the company went bankrupt, and my goal was always to return to that part of entrepreneurial activity. I am glad that I had the good fortune to come across Mato Rimac and that positive energy that he wanted to invest something. That is courage."

Accommodation, schools, facilities will need to be found for this new influx of people, which brings with it both challenges and opportunities to develop parts of the town to meet that new demand. With a dynamic private sector and a progressive local administration, the development of the building blocks of an ecosytem for a sustainable future are very much in place in Sveta Nedelja. Visionary leadership from the public and private sector working in harmony for the people and the development of the economy does not sound too revolutionary a concept. But it is sadly a rarity in Croatia today. The Sveta Nedelja bubble will be an exciting one to watch.  

It would be easy to dismiss the story as being 100% due to the Rimac Factor, but a closer look at what is happening in Sveta Nedelja shows that there are plenty of other businesses contributing to the success story and evolving ecosystem. I was surprised to learn, for example, that Rimac was not even the biggest show in town - at least for now - with another Sveta Nedelja business turning over more than 250,000 million euro a year (Read more in Meet Sveta Nedelja's Biggest Company, a Success Story Born in Syria).

Zurovec pointed out that in Sveta Nedelja they approach each investment individually and thus remove obstacles in the process. He said that more than 920 businesses are now operating in the town.

The Croatian entrepreneurial class has much to contribute to the Croatian economy, and the removal of barriers and bureaucracy will only increase that contribution. Few towns will have a superstar like Mate Rimac, or a true public servant such as Dario Zurovec, let alone both, but the more entrepreeneurs and politicians can find each other on this path, the quicker the ecosystem of a sustainable future can take hold. 

An inspiring day.   

Monday, 20 September 2021

Help Create Affordable Rimac Nevera: Vote for the LEGO Version

September 20, 2021 - Fancy owning a Rimac Nevera, but a few dollars short of the asking price? Help create the budget version, powered by LEGO.

When I was growing up back in the 15th century, LEGO was king. Simple blocks to build, a chance for childish creativity. I would play for hours. 

There were no distractions of gadgets or the Internet back in those days, and the simple LEGO pieces, which all came in standard sizes, were popular with kids everywhere. 

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About 10 years ago, I was looking for gifts for my nephews on a trip back to the UK. I was heartened to hear that they were into LEGO, with a special interest in Star Trek and Star Wars. I was admiring their creativity in my head - just how would you build the Starship Enterprise from those simple blocks - until I went into the story. LEGO had clearly moved on, and I left a few minutes later with some custom-made inter-galactic LEGO sets.  

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And not only is LEGO still thriving, but it is also evolving. One of its coolest features is to encourage innovation in new models. The company encourages its customers to design new products using LEGO pieces, and if there is enough interest (10,000 votes), then the company will consider putting the design into mainstream production.  

This initiative takes some serious planning and dedication for those with a passion, and TCN has featured a couple of designs before. But could this be the ultimate cool LEGO gift for your nephew or niece, a gift to inspire for the future. Meet the proposed LEGO version of the Rimac Nevera!

It is all the brainchild of a fan called platon_dr who tells us a little more about the proposed LEGO version on the official LEGO website

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The model itself consists of 2127 parts, has an opening boot, doors and several compartments in the interior.

There is no frunk, just in like the real car, all the space in the front is used for making the car faster, than any car before had ever been.

The interior is very accurately copied, there are several opening compartments, the butterfly doors open just like the real ones, except they’re a bit smaller. 

 I must confess that my first reaction to seeing the Rimac Nevera was 'wow!' But platon_dr had another reaction:

The second I saw the car, I thought to myself “this would be a pain to build out of LEGO” and then I took it as a challenge. It would make a great set as LEGO also has to move on into the electric car future.

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(The real thing - photo by Rimac Automobili)

Want to help make the budget Rimac Nevera a reality? You can voice your support for the idea here

Alternatively, go for a spin with one of the first buyers of the Rimac Nevera, Formula One legend Nico Rosberg.

For more Croatian innovation, check out the TCN Made in Croatia section

Sunday, 19 September 2021

From Gordon Ramsay to Rimac, National Geographic Croatia Program Airs Tonight!

September 19, 2021 - The National Geographic Croatia program airs tonight from 9 pm, kicking off with Gordon Ramsay's Unchartered! 

Thanks to National Geographic, the whole world will be able to discover the beauties of Croatia on TV tonight, reports 24 Sata.

 

After Gordan Ramsay's Unchartered in Istria at 9 pm, an entire episode of Europe from Above's third season will showcase Croatia through the unique locations chosen by the production team. The episode was filmed throughout last year and covered all seasons, thus fully evoking the beauty of each destination. 

National Geographic was fascinated by the unusual 5.5-kilometer-long zigzag walls, which extend beyond the town of Ston to the nearby hills. The walls are believed to have been built to prevent the theft of salt from the saltworks there, as salt was a precious commodity in the Middle Ages.

But the walls are not only protected by the saltworks. Aerial footage reveals that the wall stretches across the peninsula and has 41 defensive towers and six fortresses. The rulers of Ston did not build a wall to protect the salt pans; they intended to protect the entire peninsula from its disobedient neighbors. The saltworks are still in operation today, after 4,000 years, and the locals harvest hundreds of tons of salt every year. All this makes it the oldest active saltworks in Europe, and after the Great Wall of China, it is the second-largest wall in the world.

The episode about Croatia will introduce viewers worldwide to the Osijek bank of the Drava, Lonjsko polje, the Neretva valley, and footage of the Pelješac bridge, the demolition of the Zagreb Cathedral tower and repairs, to rock climbing at Paklenica National Park.

The National Geographic Croatia program will air three shows in total tonight. The Croatia episode of Gordon Ramsay's "Unchartered" will air at 9 pm, followed by "Europe from Above" about Croatia at 10 pm. At 11 pm, "Dreamcars - Inside the Factory" will feature Rimac Automobili. 

The new season shows some of the best cultural and geographical sights in Europe through ‘hyper-lapse aerial photography. Impressive aerial shots offer a unique insight into how tradition, engineering, and natural landmarks have helped shape the continent. 

This season, six episodes will be broadcast dedicated to Croatia, Norway, Portugal, Switzerland, Ireland, and Iceland. This promotion is huge for Croatia as National Geographic reaches about 433 million households in 171 countries through all its platforms.

For more, follow our lifestyle section.

Saturday, 11 September 2021

Cryptocurrency Can Now be Used to Purchase Rimac's Greyp Bikes

September the 11th, 2021 - Cryptocurrency is in the news more and more frequently of late, either for good or bad reasons. This popular way of investing and it being outside the realm of much government control has proven popular, and as it leaks into the mainstream, people are able to do more and more with it. Mate Rimac, who is perhaps the most forward-thinking entrepreneur in Croatia, has now allowed his Greyp Bikes to be purchased with it.

As Poslovni Dnevnik writes, thanks to the cooperation of Mate Rimac's Greyp Bikes and PayCek, the leading Croatian cryptocurrency payment processor, all Greyp products can now be purchased directly through nine leading cryptocurrencies: BTC, ETH, BCH, XLM, XRP, DAI, EOS, USDT, USDC.

Greyp Bikes has always been a leader in technology in the cycling world, bringing Croatia forward in that respect too, so this was a logical next step in the further development of this Sveta Nedelja-based company.

Although Greyp Bikes could have been purchased with cryptocurrencies before, the process has now been simplified and fully integrated into the online billing process at greyp.com. The move should come as no surprise to anyone who monitors what Livno-born entrepreneur Mate Rimac does when it comes to both his cars and his bikes, and it seems that advancing forward further and further is something he is deeply interested in.

PayCek, which was otherwise developed by Electrocoin, is a cryptocurrency payment platform that has attracted a new generation of consumers as it enables the easy, secure and fast acceptance of all major cryptocurrencies, and this created a perfect partnership between these two technologically advanced Croatian technology companies.

As Greyp Bikes' slogan suggests - NO GOING BACKWARDS, and this move will certainly make any transactions much more simple and secure.

For more, make sure to check out our dedicated business section.

Thursday, 2 September 2021

Mate Rimac: Croatia Has Become One Of Focal Points of Hypercar Industry

September the 2nd, 2021 - It's no secret that Croatian entrepreneur Mate Rimac has caused a storm in the demanding automotive world, attracting not only attention but investments from giants such as Porsche. He has now stated that Croatia, the little country without any car production to speak of, is becoming one of the focal points of hypercar production.

As Poslovni Dnevnik writes, Livno-born entrepreneur Mate Rimac, the head of the Bugatti-Rimac company, announced the arrival of many of the most exclusive cars and their owners in Croatia this Friday via a video he released yesterday. This group of individuals and their cars refers to the Supercar Owner’s Circle (SOC), the world’s most exclusive car collector’s club.

The three-day event will begin this Friday at 15:00 at the Croatian National Theatre in the very heart of the City of Zagreb, where the supercars and their owners will gather. After that, the cars will head off to the Aviation Technical Centre in nearby Velika Gorica, where they will compete in acceleration. After that, the procession will head to the coast, more specifically towards Kvarner and Opatija.

''Admission is free for all,'' said Mate, and invited all visitors and interested parties to attend the upcoming event which is sure to shine even more of a light on the Republic of Croatia as a country which creates hypercars.

''Greetings from Sveta Nedelja, the headquarters of Bugatti-Rimac, where we develop and produce some of the fastest cars of today, with Croatia becoming one of the focal points of the hypercar industry. We're proud not only of what we do here, but we also want buyers of such cars to come to our country and combine its beauty with the products we create. We're proud to be partners with the Supercar Owner’s Circle this year, where dozens of the most exclusive cars in the world will come to Croatia,'' Mate said in the video.

For more, make sure to follow our business section.

Sunday, 22 August 2021

Rimac Formula Student Alpe Adria 2021 Contest To Take Place in Novi Marof

ZAGREB,  23 Aug, 2021 -  An automotive contest called "Rimac Formula Student Alpe Adria 2021" will take place in the northern Croatian town of Novi Marof on 26-29 August, bringing together  37 teams from 14 European countries.

This will be an opportunity for 850 undergraduates in those 37 teams to promote bolid cars they have made at their universities, the organisers have said at a recent news conference in Varaždin.

"The project intends to showcase the most innovative solutions in the auto industry, prepared by students from all over the world. Rimac Formula Student Alpe Adria is a variant of this project," said Tibor Kezelj, the head of the Varaždin-based FSAA association that organises the Croatian variant of the Formula Student, a student engineering competition held annually

Student teams from around the world design, build, test, and race a small-scale formula style racing car. The cars are judged on a number of criteria.

In Novi Marof, the jury includes judges from Formula 1 and other top-notch judges from the automobile industry.

Kezelj said that the contest also promotes the STEM sector in Croatia.

The sponsors of the event are the Rimac Automobili company and local authorities in the town of Novi Marof and Varaždin County. 

For more on lifestyle, follow TCN's dedicated page.

For more about Croatia, CLICK HERE.

Saturday, 14 August 2021

Construction Industry Surprised at Company Constructing Rimac Campus

August the 14th, 2021 - The world of Croatian construction has been somewhat shocked by the final choice of Croatian entrepreneur Mate Rimac about who will construct his much talked about Rimac campus.

As Poslovni Dnevnik/Suzana Varosanec writes, the construction of the first phase of the Rimac Campus project in Kerestinec by investor Mate Rimac, the total construction price of which stands at an alleged 200 million euros, was entrusted to Facies from Strmec, a construction company owned by Josip Mandic.

As the sole founder of Facies, Mandic is also the company's director, while Josip's brother Marinko Mandic is the deputy director. Facies, a medium-sized enterprise, has as such been given the golden opportunity to see the company rise among the "big boys" with Rimac's decision.

The value of the first phase of the execution of the works on the Rimac campus' production and research facilities, which cover about 90,000 m2 and is due to be completed by the end of next year, is estimated at about 300 million kuna.

Although less known to the general public, Facies is far from a brand new company. For the last 20 years, the company has been active in the construction industry (construction is not the only business of the Mandic family) and it employs about 80 workers. However, as those familiar with the situation point out, this is a relative fact, both because of the susceptibility to changes based on market needs, and because of the network of subcontractors with whom Facies have been cooperating for many years.

In their concrete work, it is estimated that the construction part of the works presupposes the engagement of about 100 workers, which would indicate that Facies isn't in short supply, while the deadline for completion of the Rimac campus is considered to be realistic, it implies high intensity in the performance of the works.

The Rimac campus tender, for which there was a huge interest, has turned into an "unprecedented" event for the Croatian construction industry. About 10 companies reportedly applied, including several of the largest builders such as Kamgrad, Strabag and Radnik.

Information about the decision to entrust Facies with the Rimac campus construction resonated with those in the industry, causing quite the surprise. The builders don't want to comment on it officially, and they have only stated that it is the investor Mate Rimac's decision.

How Facies actually beat the biggest market players, which cannot be measured solely by the number of workers and the construction machinery that some of them have, is currently unknown. The question is whether the price offered was decisive, while according to some, the crucial thing lay with who could perform the entire job within the specified period of time and give solid, valid guarantees for the proper execution of the work.

In terms of key business indicators, pandemic-dominated 2020 wasn't good for Mandic's company. It resulted in a serious deficit in the part of total revenues, which, with a drop of a massive 72 percent, amounted to approximately 52 million kuna. Net profit fell from around 2 million kuna by around 86 percent.

At the beginning of the year, new construction contracts were signed by Facies, although their value hasn't been specified, but the company hopes that due to the construction momentum, 2021 be better year than the previous one turned out to be.

For more, follow our business section.

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