DIGITALNA ARHIVA ŠUMARSKOG LISTA
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countries (Forest Europe 2015) and plays a significant role in European bio-economy policies (Winkel 2017). The concept of SFM was originally developed at the Rio Earth Summit in 1992 where the non-legally binding Forest Principles initiated environmentally appropriate, socially beneficial and economically viable management of world’s forests (Rametsteiner and Simula 2003). According to the FAO and UN Resolution (UN 2008), SFM is defined as a “dynamic and evolving concept, which aims to maintain and enhance the economic, social and environmental values of all types of forests, for the benefit of present and future generations”. Therefore, forests and forest lands should be managed in a way that maintains their biodiversity, productivity, regeneration capacity, vitality and their potential to fulfill relevant ecological, economic and social functions, at local, national and global levels. In addition, SFM certification was introduced in early 1990s as a voluntary innovative policy instrument to operationalize the concept of SFM and has directly influenced forest management practices (Pezdevšek Malovrh et al. 2019). Forest companies had consequently updated their forest management practices and business performances to meet the requirements of standards in accordance with SFM goals. Due to the long-term production cycle, low capital turnover (at stand level) and specific products it is important to know the economic viability of forest management (Posavec et al. 2011, Posavec et al. 2012). Economic viability of forest management at the European level has been researched by different authors who used exclusively net present value as the main criterion for elaboration of economic efficiency (Klemperer 1996). Profitability analysis of forest companies in the context of forest management in Czech Republic was carried out by Leva et al. (2016). The aim of the research was to assess the financial situation of the companies (55 forest entities operating throughout the forest sector in Czech Republic) with focus on profitability. Liubachyna et al. (2017) analyzed the current situation of sustainable forest management organizations by grouping them with Cluster Analysis according to indicators reflecting the three pillars of the common understanding of the SFM concept. Toppinen et al. (2006) analyze the financial performance and internationalization of business in Finland with Quick Ratio measures and profitability indicators such as return of investment (ROI). In selected Southeast European countries (SEE) – (Republic Bosnia and Herzegovina – BiH, Republic of Croatia, Republic of Slovenia, Republic of Serbia and Republic North Macedonia) the economic viability of forest management has been researched. The specifics of business analysis in forestry in Croatia were examined by Posavec (2004), pointing out the importance for the implementation of the economic elements of business indicators in forest management plans. Later, Kuric (2010) proposed a controlling model for the Croatian forest company. The study suggests that controlling of forest companies is management-oriented and that the orientation of controlling in forest companies in developed market economies is predominantly strategic, whereas in transition economies it is predominantly operational. The cost-benefit analysis and the feasibility of capital investments in poplar short-rotation forests in Serbia were examined by Keča (2010, 2018). Business analysis of performance indicators in forest companies in Bosnia and Herzegovina show different levels of accumulation and reproduction capacity, and they could be useful as a strategic basis for business decisions. Especially those relevant for investments in biological reproduction (Delić et al. 2011; Delić et al. 2006, Delić and Avdibegović 2009). Delić (2017) also analyzes sustainable forest resources development and rural development in Bosnia and Herzegovina, as well as cost management. Baumgartner and Stojanovska (2014) analyze forest strategy in the Republic of North Macedonia, with obstacles for implementation. Modern economic activity is characterized by fundamental changes in general conditions. Influence of technology accelerates its development, which brings opportunities, but also threats for some companies (Blagojević et al. 2019, Lemm et al., 2020). Globalization and internationalization open new markets and transfer competition from local or national markets to the world market. After market saturation, new markets and niches will emerge through differentiation, segmentation and innovation. Financial analysis is a process of determining key business and financial company characteristics based on accounting data. It is characterized by a wide use of financial reports and various financial indicators and creates an informative basis for the needs of management and decision making. It should be borne in mind that a financial analysis approach does not cover all elements of decision-making. In the modern business environment, traditional financial indicators are not sufficient to assess overall business performance, and it is recommended to use various non-financial indicators for efficient business decisions. It is particularly important for forest companies to emphasize corporate social responsibility, which is characteristic of forestry management. The main goal of every company is to create profit and conditions for stable business and future business development. Management of a company is based on strategic, tactical and operational business decisions in order to achieve strategically planned goals. The goal of business analysis is continuous business research to find the way to increase business results and performance. Due to the lack of research in the field of financial analysis of forest companies in selected SEE countries, the aim of this paper is to highlight the importance of business analysis and to highlight the main comparative business indicators and trends. The method of comparative analysis is used to identify business indicators based on financial reports (such as balance |