DIGITALNA ARHIVA ŠUMARSKOG LISTA
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is one of the key factors for good management. The good financial plan should accept good features of the company and also weaknesses. For this reason, the task of financial analysis is to identify good features of the company that could be exploited and also to identify weaknesses of the company that could be corrected. With the aim of ensuring the financial stability of the company, the financial manager should plan its future financial conditions, which should start with the analysis of financial reports as an informative basis for decision-making and management of the company. Business analysis for the needs of managers, from financial aspects, considering the analysis of financial results, financial conditions, financial structure and changes in the financial structure. Financial reports and indicators show the diagnosis of business activities on the basis of data from previous transactions of the previous period. With the help of business analysis, managers look for parameters that will allow them to forecast future trends or parameters that could serve as a basis for selecting investment options. In this context, financial report analysis is a process for implementing various analytical sources and techniques that could help convert useful information from financial reports relevant to management. Various analytical sources and techniques are used in the analysis of financial reports, such as: a) Comparative financial reports, where changes can be observed over time (more accounting periods) and the trend of changes can be observed using index series, b) Structural financial reports, which provide a multi-layered structure, c) Analysis by indicators, d) Specialized analysis The basic data for the analysis of financial reports are the balance sheet and the profit and loss account. In the horizontal and vertical analysis, the data from the reference date is compared within the same categories. It is very important to analyze different categories, which allows for using cost-effectiveness and profitability indicators (ROI, ROE). Profitability indicators are usually calculated in the same way as the return on property equity (ROE) and return on assets (ROA) indicators. Both indicators are calculated from the data of the profit and loss account and the balance sheet. When calculating the return on equity (ROE), the net profit (NP) is related to the company’s equity (capital and reserves). For the purpose of calculating the return on assets (ROA) in relation are net profit (NP) and total assets (TA). Profitability is assessed in relation to costs and expenses and analyzed in comparison to assets to see how effectively a company uses its assets to generate sales and ultimately profits. The profitability indicators also show whether it makes sense for the company to use financial leverage or take out a loan. By definition, if the return on equity is higher than the return on assets, it is profitable to borrow or use external sources of finance. Cost-effectiveness indicators are calculated on the basis of data from the profit and loss account and the current relationship between income and expenditure, or it is indicated how many units of income are realized by the unit of expenditure. The ratio between total revenue (TR) and total expenditure (TE), results in an indicator of overall cost-effectiveness or cost-effectiveness of the whole activity. It is implied that it is better if this ratio is higher. With vertical analysis of annual reports of forestry companies in selected SEE countries, selected business indicators are analyzed. RESULTS REZULTATI Business analysis of selected forest companies – Analiza poslovanja odabranih šumarskih poduzeća A cantonal forest company from FBiH (ŠPD »Unsko-sanske šume« d.o.o.) and Public Forest Company “Forests” RS (JPŠ »Šume RS a.d.«) from the Republic of Srpska were selected for the research. Forest Company “Unsko-sanske Šume Ltd. is a company for state forest management, utilization, protection and construction of forest roads. The company manages 179,977 ha in Unsko-Sanski Canton, which is 15% of the total state forest area in FBiH. The share of high forests is about 47% and coppice 48%. The average annual felling is about 400,000 m3. In 2017, annual logging amounted to 392,770 m3, and in 2018 to 386,238 m3. The public forest company JPŠ »Šume RS« a.d. (public limited company - Plc) Sokolac manages forest and woodland areas of 999,649 ha. The share of high forests is about 54%, and coppice about 21%. The volume of realized annual cut in JŠP »Šume RS a.d.« in 2017 was 1,984,778 m3, and in year 2018 was 1,963,551 m3. The data on the realized business results of the forest companies »Unsko-sanske šume d.o.o.« and JPŠ »Šume RS a.d.« in 2017 and 2018 are presented in Table 1.and 2. Croatian Forests Ltd. is a three-layered trading state company, with its Headquarter in Zagreb, 17 regional forest administrations (subsidiaries) and 169 regional forest offices. The company is being led by the Management Board, its work is controlled by the Supervisory Board (both appointed by the Government of Croatia), while the basic decisions are made by the Assembly. The company has 5 |