Today we bring you the analysis of the days receivables metric of CROBEX10 constituents, based on the 9M 2021 results.

Days Receivables, also called Days Sales Outstanding (DSO), is a metric used to show the average number of days that it takes a company to collect payment for any sale. This metric is determined on a monthly, quarterly, or annual basis.

To show an example of this metric in practice, we decided to compare the Croatian companies that compose the CROBEX10 through this metric. It should be noted that due to the differences in the industries these companies operate in, this shouldn’t be taken as apples to apple comparison.

Out of the observed companies, Atlantska Plovidba has the lowest days receivables, currently standing at an average of 6 to 7 days to make payment on a sale. Following them are other tourism companies like Valamar Riviera with an average of 13 to 14 days, and Arena Hospitality Group with 24 to 25 days. Adris Grupa stands at 64 days, however, when we look at Maistra (their tourism segment), they themselves have an average of 16 to 17 days.

Food companies, Atlantic Grupa and Podravka stand at 75 and 79 days, respectively. The last two companies on our list are Končar and HT, with 88 and 114 days, respectively. Considering the industries in which these companies operate in the average days receivables of these companies is reasonably higher.

In general, the observed Croatian companies are well within their limits in this metric when we take into account the industry they are in, as we can see that on average all of the companies are in a similar range inside the industry they operate in.

Days Receivables of CROBEX10 Companies