RITAM POSLA Tomislav Debeljak

Guest Tomislav DebeljakHosted by Lidija KiseljakMay 3, 2026

Tomislav Debeljak

About this episode

What you'll hear in this conversation

The owner of a major industrial group, Tomislav Debeljak of DIV Group, found himself in the unusual position of publicly addressing media reports of bankruptcy filings for some of his companies. The narrative was one of financial distress, with headlines citing FINA's (Croatia's Financial Agency) requests for insolvency over parts of his Brodosplit shipbuilding operations. Yet, Debeljak presents a starkly different reality. He details a group that is not only profitable and highly capitalized but has also actively increased its workforce during the pandemic, paid back all bank loans without extensions, and self-funded significant new investments. His account peels back the layers of public perception to reveal the intricate financial mechanics and strategic decisions that underpin a diversified industrial conglomerate. This conversation offers a look at how a CEO manages a complex system under intense scrutiny, and what 'financial trouble' truly means when seen from the inside. Readers will walk away with a deeper understanding of how large enterprises navigate liquidity challenges, structure their operations for resilience, and the often-misunderstood relationship between a parent company and its many subsidiaries.

Insights from the conversation

What to take from this episode

While FINA's request for bankruptcy over some Brodosplit companies made headlines, Debeljak clarifies that DIV Group, the parent company, will step in to cover obligations and prevent their closure. A bankruptcy filing for a subsidiary within a large, diversified group can be a legal mechanism to isolate issues or force a restructuring, not necessarily a signal of the parent's overall distress.

During the initial COVID-19 lockdown, when many companies cut costs and furloughed staff, DIV Group made a contrarian move: it *increased* its headcount and invested in building inventory. This counter-cyclical strategy, he explains, positioned them for significant profits when demand later surged and supply chains tightened.

Instead of seeking loan prolongations or government aid during the pandemic, DIV Group repaid *all* its bank loans, effectively deleveraging while others struggled. True financial resilience isn't just about weathering a crisis; it's about having the capital reserves to strengthen your balance sheet when others are forced to retreat.

DIV Group has invested substantial amounts — 8.5 million euros in Moston, 1 million in Širina, and 10 million in a railroad project — entirely from its own capital, without taking on new debt. For a company with significant internal reserves, growth can be self-funded, reducing reliance on external creditors even if it means temporary liquidity management in other areas.

Debeljak explains that the 'mastodont' model of a single, monolithic industrial giant is obsolete; modern shipbuilding, like DIV, structures itself as *many separate companies* (e.g., interiors, design as distinct entities). This decentralization forces each unit to compete on its own merits, fostering market discipline rather than relying on perpetual subsidies from the parent.

Despite media reports, Debeljak states that DIV Group's total debt to suppliers is less than ten percent of its annual turnover, a figure he claims is lower than most large companies. What might appear as a liquidity issue to an outsider can, in a highly efficient system, be a temporary blip in a financially disciplined operation that often pays in advance for better terms.

Responding to accusations of 'blackmailing' suppliers, Debeljak asserts that DIV Group lacks the tools to force unfavorable contracts. He instead points to instances where unreliable or low-quality suppliers caused critical project delays, forcing DIV to take over management to ensure delivery. Sometimes, the 'big bad buyer' narrative obscures the reality of supplier performance issues.

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