We realised we had to become more selective. Together with Zagrebacka Banka and Koncar, we analysed each individual project and decided that of 90 projects, five should be discontinued. Hence Ingra, for example, gave up a job in Algeria, because the project was too risky, and could not be financially covered, and in Sudan it abandoned construction of a cement plant because the existing credit line was closed. However, after a while, the Sudan Minister of Finance managed to provide funds from a German bank which undertook the financing of the project. Today Ingra is most active in Germany, but even there it is becoming more difficult to do business due to an increase in unemployment and due to the fact that firms from the European Union do not need any work permits, which makes them highly competitive.
Turkish companies are also competitive.
Ingra's most important business activities are carried out in the former Soviet Union and in some African and Asian countries. Their revenue as a joint stock company is significantly less than what they used to make as a business association, but since 1990 it has been maintained at the level of USD 150 to 180 million on average. How to collect payments It is important to gain contracts, says Rezek, and since their completion takes a long time, oscillations in receiving the fees are to be expected. However, even when projects are completed, Ingra faces large problems in collecting payments. In order to gain the greatest possible number of contracts, it is forced to agree to various payment terms.