Timeline
From three separate companies to one
Owners and related companies
According to the court register, October 2026
Florex and MACEL d.o.o. carry the same activity in their name (air transport), and Florex has the same phone number as Macel plin. That they are the same, renamed company is my assumption.14
People
According to the court register and public posts
Locations
- Zagreb, Samoborska cesta 15: head office, previously also Macel plin's head office179
- Novoselec, Moslavačka 22: former Feromihin head office176
- Sv. Križ Začretje, Pustodol Začretski 19B and 19K: workplace for electronics development (job ad)1747
The website does not say what happens at each site beyond the above.
Certificates and accreditations
ISO 29001 is the oil and gas industry standard. Accreditation under ISO/IEC 17020 (HAA) means PFC may test safety valves as a Type C inspection body.1835
1. Manufacturing
- eLBC: an electronic device that closes the valve when a pipeline breaks, also in a solar version. “1000 eLBC installed”.2149
- RIKI: a calibration device for LBC units.22
- Printed circuit boards: two SMT lines, 71,600 components per hour in total; also for outside customers.23
- Pressure equipment: filters, separators, vessels and heat exchangers (ASME VIII, EN 13445, PED).25
- AEGIS: plastic mesh for pipe protection, geogrids and fencing, made entirely in Croatia; shown at K 2025.2460
- Pipe segments and steel structures (EN 13480, EN 1090-2), CNC machining and control cabinets (DCS/ESD).59
2. Gas solutions
- KPPP: a mobile recompression unit that pumps gas out of a pipeline section instead of venting it; inlet up to 250 bar, up to 9,000 Sm³/h, 400 kW engine.28
- Virtual pipeline: compressed gas containers (MEGC) on semi-trailers, 5,700 Nm³ per container; 14 delivered.29
- Measuring and reducing stations: 30 stations, up to 250 bar.30
- CNG, LPG, LNG and H2: six CNG stations and one self-service station.31
- GRIZO synthetic gas stations, gas dehydration (5,000–100,000 Sm³/h), odorisation and analysers (15 chromatographs).583332
3. Field services
- Valve testing up to 650 bar (API 6A, 6D, 598) and safety valves up to 400 bar as an accredited inspection body.3435
- Ballooning and hot tapping: work on a pipeline without interrupting supply, DN 80–200.37
- Corrosion protection: exclusive Stopaq distributor for Croatia, Bosnia and Herzegovina, Slovenia, Serbia, Montenegro and Kosovo.36
- Pipeline inspections (ILI and non-ILI), electrical works, process instrumentation and civil works.57
4. Software
Customers and projects
Projects the company has published
Business partners on the website (logos, no contracts stated): INA · Plinacro · HEP · LNG Hrvatska · Plinara Zagreb · Petrokemija · ZET · Petrol (Crodux) · Vetropack · Monter SM · Montmontaža · Monting · Optima grupa · Zarubezhneft.57
Markets
- Croatia is the main market. In 2022 Feromihin exported to Slovenia, Bosnia and Herzegovina, Serbia, Turkey, Kazakhstan, the UAE, Algeria and Nigeria.49
- Trade fairs and conferences: ptc Berlin (2021–2026), ADIPEC Abu Dhabi and KIOGE Kazakhstan (2021), Rio Oil & Gas and SPICONX Saudi Arabia (2022), Namibia and Kenya (2024), K Düsseldorf (2025).48555653
- Feromihin was an authorised distributor for Seal for Life (Stopaq), 3X Engineering, Bernard Controls and Quam.49
Public procurement
In August 2026 the State Commission upheld an appeal by a bidding consortium of PFC and the Turkish manufacturer Kurvalf Vana against Plinacro's choice of valve suppliers. The decision was annulled because the selected bidders' certificates were not in their own names.54
This shows PFC also bids foreign manufacturers' equipment in Plinacro tenders. The tender value is not stated.
CompetitionIn progress
A comparison with domestic and European competitors follows in the next step.
Group revenue over the years
Millions of euros, operating revenue
Up to 2024 I show the sum of the two operating companies' operating revenue from their own statements. This is not consolidated revenue: intra-group sales are not removed, and PFC as the parent had another €1.96m of operating revenue in 2024. That is why those bars are dashed.8114
PICO FLOW CONTROLS d.o.o.
Millions of euros, official annual statements (FINA)
| 2023. | 2024. | 2025. | |
|---|---|---|---|
| Operating revenue | 0,14 | 1,96 | 39,36 |
| Financial income | 0,00 | 2,39 | 0,00 |
| Total revenue | 0,14 | 4,35 | 39,37 |
| Operating expenses | 0,14 | 0,74 | 25,56 |
| Pre-tax profit | 0,01 | 3,47 | 13,78 |
| Net profit | 0,005 | 3,27 | 11,30 |
| Total assets | 3,21 | 20,19 | 26,25 |
| of which cash | 0,11 | 3,66 | 10,11 |
| Equity | 2,69 | 16,48 | 19,73 |
| Short-term liabilities | 0,40 | 2,11 | 3,55 |
| Employees | 0 | 25 | 116 |
| Average net wage (€) | — | 293 | 1.527 |
Until 2024 PFC was a parent with little business of its own; the €2.39m of financial income in 2024 was probably dividends from Feromihin and Macel plin (my conclusion). CroBIZ gives 2025 total assets as €26.25m and CompanyWall as €23.40m.41
Merged companies before the merger
Millions of euros, operating revenue, net profit and employees
| 2020. | 2021. | 2022. | 2023. | 2024. | |
|---|---|---|---|---|---|
| Feromihin | 5,42 | 7,45 | 6,23 | 13,71 | 11,22 |
| net profit | 1,10 | 1,96 | 0,66 | 2,96 | 1,65 |
| employees | — | 30 | 40 | 54 | 99 |
| Macel plin | 5,74 | 5,59 | 6,57 | 7,96 | 7,85 |
| net profit | 1,11 | 1,06 | 0,89 | 1,94 | 1,13 |
| employees | — | 27 | 31 | 34 | 35 |
Net margin 2023: Feromihin 21.5%, Macel plin 24.3%; 2024: about 14.5% for both. Feromihin had €10.1m of short-term receivables at the end of 2023, which suggests a large project late in the year. Lider gives Feromihin's 2021 sales revenue as HRK 49.97m (€6.63m).81149
Group net profit
Millions of euros
Up to 2024 the sum of Feromihin and Macel plin profits, excluding PFC, whose profit was mainly dividends from those two companies.811
2025 ratios
My calculation from official figures
| EBITDA marginEBITDA €15.16m / revenue3 | 38,5 % |
| EBIT marginEBIT €13.80m3 | 35,1 % |
| Net marginnet profit / total revenue4 | 28,7 % |
| Operating expenses / revenue€25.56m / €39.36m4 | 64,9 % |
| Revenue per employee116 employees1 | €339k |
| Net profit per employee116 employees1 | €97k |
| Gross wages / revenue~€3.57m: 116 × €2,566 × 12; estimate1 | ~9 % |
| Current ratiocurrent assets / short-term liabilities41 | 5,1 |
| Cash / short-term liabilities€10.11m / €3.55m41 | 2,8 |
| Equity ratiodepending on the source for assets41 | 75–84 % |
| Days sales outstandingreceivables / revenue × 36541 | 36–45 |
| Effective tax rate€2.49m / €13.78m4 | 18,0 % |
Questions for further analysis
Answers need the detailed RGFI statements
- Why is 2025 revenue (€39.4m) almost double the combined 2024 figure for Feromihin, Macel plin and PFC (~€21m)? Is it one large project, a new customer or different accounting after the merger?
- In 2024 the three companies had about 159 employees combined, while PFC had 116 in 2025. Where is the difference: departures, contractors or a different count?
- An EBITDA margin of 38.5% is very high for an engineering company. How much of it is one-off?
- Shareholders KALIDOR TECHNO and MDM USLUGE 1991 made €4.85m and €1.65m in 2025 with no staff. This points to dividends from PFC, but that is my assumption.
Where PFC can grow
A first look at strengths, opportunities and risks from the data collected. Detailed proposals with estimated revenue, costs and investment come in the next phase of the project.
First conclusions
My assessment based on the research, not the company's plan
Own products and know-how
StrengtheLBC, KPPP, MEGC, AYMO and AMS are its own products, not resale. That explains the high margins: 21–24% net even before the merger.811
EU methane regulation
OpportunityRegulation (EU) 2024/1787 limits methane venting. KPPP lets gas be pumped out of a pipeline section instead of vented, and PFC highlights this in its 2026 presentations.46
Exporting software and devices
OpportunityAYMO has been shown at fairs from Kazakhstan to Brazil, and Feromihin exported to 8 countries. The statements do not show today's export share.4950
Dependence on few customers
RiskPartners on the website are mostly Croatian state energy companies (Plinacro, INA, HEP, LNG Hrvatska). Individual customers' shares are not public.57
ProposalsNext phase
Growth proposals with assumption sliders, annual revenue and costs, and one-off investment.
Phased planNext phase
Order of implementation: 0–6, 6–12 and 12–24 months.
Sources
Figures in the text carry a source number. Collected 27 October 2026. Financial figures are in euros; amounts before 2023 were converted to euros by the sources.
- CompanyWall: PICO FLOW CONTROLS d.o.o., basic and financial data (source FINA)
- CompanyWall: PFC, people and ownership with dates
- FINA Info.BIZ: PFC, revenue, profit, EBITDA and ranking 2025
- CroBIZ: PFC, annual financial statements 2021–2025
- CroBIZ: companies linked to PFC
- CompanyWall: FEROMIHIN d.o.o.
- CompanyWall: Feromihin, people and ownership
- CroBIZ: Feromihin, financial statements 2020–2024
- CompanyWall: MACEL PLIN d.o.o.
- CompanyWall: Macel plin, people and ownership
- CroBIZ: Macel plin, financial statements 2020–2024
- CompanyWall: MDM USLUGE 1991 d.o.o.
- CompanyWall: KALIDOR TECHNO d.o.o.
- CroBIZ: Florex d.o.o.
- PFC: About our company
- PFC: O našoj kompaniji (Croatian)
- PFC: contact and locations
- PFC: certificates
- PFC: EU projects
- PFC: merger of Macel plin and Feromihin (4 Apr 2025)
- PFC: eLBC
- PFC: RIKI calibration device
- PFC: PCB assembly
- PFC: AEGIS plastic mesh
- PFC: pressure equipment
- PFC: AYMO
- PFC: AMS
- PFC: KPPP recompression unit
- PFC: virtual pipeline (MEGC)
- PFC: measuring and reducing stations
- PFC: CNG, LPG, LNG and H2 solutions
- PFC: gas and liquid analysers
- PFC: gas dehydration
- PFC: valve pressure testing
- PFC: safety valve inspection
- PFC: corrosion protection (Stopaq)
- PFC: ballooning and hot tapping
- PFC: first MEGC delivery to Brod Oil Refinery (12/2021)
- PFC: delivery of 6 MEGCs (3/2022)
- PFC: first self-service CNG station in Croatia (26 Oct 2021)
- PFC: gas supply station for Vetropack Straža (7/2024)
- PFC: MRS Magadenovac for Plinacro (10/2020)
- PFC: CNG station for a Slovenian partner (3/2021)
- PFC: DN150 gas pipeline repair, MRS Zaprešić (8/2026)
- PFC: KPPP at HSUP 2026
- PFC: mobile gas system, HUNIG 2026
- PFC: job ad (Sv. Križ Začretje / Zagreb)
- PFC: news 2020–2026 (6 pages)
- Lider: Feromihin from Novoselec (2022)
- Lider: AYMO, Feromihin and Async Labs (13 Dec 2021)
- Caspian Oil & Gas: Feromihin (10 May 2022)
- Pipeline Technology Journal: Feromihin profile
- Namibia Oil & Gas Conference: Dubravko Kamenečki
- DKOM: decision UP/II-034-02/26-01/437 (13 Aug 2026)
- ptc Berlin: PFC exhibitor profile
- LinkedIn: Vedran Prica (Feromihin posts 2024–2025)
- PFC: home page, business partners
- PFC: GRIZO synthetic gas station
- PFC: DCS and ESD cabinet integration
- PFC: AEGIS at K 2025, Düsseldorf