DIGITALNA ARHIVA ŠUMARSKOG LISTA
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| ŠUMARSKI LIST 1-2/2021 str. 15 <-- 15 --> PDF |
the annual cut is 1,450,000 m3 of net timber assortments, of which 530,000 m3 are round timber and other technical timber and 920,000 m3 of cordwood. Comparative analysis of selected business performance indicators – Komparativna analiza odabranih pokazatelja poslovanja Vertical analysis or analysis of the structure, take as reference the main financial data, and all other data is taken in comparison with the referent data. It is applicable for revealing the internal structure in the individual company. It shows the current relationship between each category in the balance sheet and the total net revenue. It also shows the mix of assets that allow for certain total net revenues and the mix of capital sources or long-term commitments or share capital that allow for precise net revenues. Following the vertical analysis of the business activities of selected companies, Table 3 shows the main business indicators for the years 2017 and 2018 from the annual reports. The best results were achieved by state-owned company SiDG Ltd. from Slovenia, which has the best ROA indicator (32.02), ROE (39.82) and income per employee. The lowest indicators ROA and ROE are in the state-owned forest company »National Forests« (0.03), which indicates low realized profit and high value of capital with reserves and total company assets used in the calculation of the indicators. All analyzed forest companies are cost effective, or the ratio of input to output is higher than 1, but this ratio is most favorable in Slovenia with 1.28 and Serbia with 1.14, which means high cost effectiveness in 2017. The business results of Slovenian state forest company are much better compared to other analyzed forest companies. Profit per employee has decreased for most analyzed forest companies in 2018, except Unsko-sanske forests Ltd. and has significantly decreased in case of North Macedonia where it is four times lower in 2018 compared to 2017. Although the company Croatian Forests Ltd., which works with the largest forest and woodland area and has the highest annual harvesting rate, does not have such good business indicators compared to other selected state forest companies. The reduced profit, but still a high number of employees in the company (more than 7000, the highest compared to other analyzed forest companies), was influenced by a three times lower profit per employee in 2018. The Slovenian state forestry company - SiDG has the lowest number of employees (only 168 in 2017), which certainly creates the opportunity for the best realized profit per employee, which was EUR 79,027 in 2017. The Public enterprise National forests is established as a public company, and according to that is not profit oriented, its main activity is forest management. In business reports, the company shows low level of profit per employee in 2018 (Table 3). The main reason for the big differences in ROE and ROA in analyzed years are provision of tenders for forest exploitation. Another significant issue, which also affects business results of the company, is increasing the number of employees, and increase of expenses for forest management. Analysis of the business results in company Unsko-Sanske Forests Ltd. does not show significant differences in two years results. In public enterprise Forests RS, indicators show lower values for the ROE, ROA, and profitability in 2018. One of the reasons is the decrease of the total harvesting rate with an increased share of the sanitary cuttings, because of the snow brake. Besides that, total realized revenue is higher in 2018, particularly due to the higher prices for the wood assortments. Exploitation costs were higher because of the increase of the prices for the external contractor’s service. Total operating expenses were higher, principally because of the higher investments (about 15% more than in year 2017), and higher number of employees, which caused profit decrease. Although, total assets value is increased in 2018, changes in structure of assets and liability, |