Added value per employee in 2002 was 2.48 kuna and in 2003 it saw a further decrease. According to figures for six months of last year, added value per employee was 1.74 kuna down from 2000, when employees created 3.32 kuna of added value, Pulic said at a seminar on economic efficiency. Despite an increase in total revenue, companies continued creating less added value in the first nine months of 2004 in relation to 2003.
Added value is the newly created value calculated on the basis of operational revenue reduced by the cost of obtained goods and services, or on the basis of operational revenue plus expenses for employees and depreciation. In 2001 added value amounted to almost 450 million kuna, in 2002 it was 350 million, in 2003 around 330 million and in 2004 some 300 million.
Of the 210 companies of special state interest, only 25 operate with the efficiency that is above the Croatian average, while the remaining 185 operate with efficiency that is below the average, Pulic said. The average intellectual capital efficiency (ICE) in the 210 companies is 1.86 kuna, which means that they produce only 1.86 kuna of added value per one invested kuna, while the average of the Croatian economy is 2.23 kuna. If the list of 50 companies that operate with low efficiency is analysed, one can see that the overall efficiency of intellectual capital is 1.02 kuna.
The decrease in the creation of added value affects equally both the public and private sectors, Pulic said, calling on managers to change their attitude towards efficiency. Added value is used to finance a company's development needs and pay the salaries of employees, company owners, and obligations towards the state, Pulic said.