DIGITALNA ARHIVA ŠUMARSKOG LISTA
prilagođeno pretraživanje po punom tekstu
| ŠUMARSKI LIST 1-2/2021 str. 16 <-- 16 --> PDF |
and increase of short time indebtedness results with distortion of company financial stability, what is visible from the presented business indicators. Like other analyzed forest companies, the main income is realized from the selling of the wood assortments (about 90%). Favorable financial results in Public Enterprise Srbijašume in 2018 are mainly due to the increase of the income from the wood assortments with higher production volume in 2018. In favor of that, increase of demand for the fuel wood as a result of the new installed factories for the wood pellet production. Improvement of the business results also contribute company measures which are restoration and improvement of the forest condition, forest care and protection, increment of forest area, afforestation of areas without vegetation, conversion of the low-quality forests to the high value forest stands seedling origin. In this way the company increases demand quality, which creates market conditions for realization of higher prices and better business results with regard to that. Business results in Slovenian state forest company SiDG Ltd. in 2018 shows some changes in business performance compared to year 2017. In 2018, the company sold 1.451.694 m3 of forest wood assortments at an average price of 50.09 EUR/m3. Therefore, revenues from sales mainly refer to revenues from the sale of forest wood assortments – in 2018 they amounted EUR 72.721.341 and were for 27% higher compared to the year 2017. On the other hand, operating expenses increased in 2018 compared to 2017. Cost of material and services, which have the largest share in the structure of operating expenses were 65.9% higher in 2018. Moreover, labor costs were for 37.7% higher due to 71 new employees (these have also affected lower profit per employee) and other operating expenses for 27,7 % due to higher sales revenues from wood assortments and consequently higher compensation for forest management. Business performance in 2018 was significantly affected by increased harvesting and logging costs (the increase of the prices for the external contractor’s service). They increased because of the extremely increased hazard of work in damaged forests after windbreaks and the situation on the market of harvesting and logging services in Slovenia and in the surrounding countries. Due to the natural disasters and bark beetle attack after that demand for services significantly exceeded the supply. The total costs of production of forest wood assortments were on average 23.98 EUR /m3, which is 19% above the planned value. In 2017, the costs amounted to 18.72 EUR/m3. In forest company Croatian Forests, business results in 2018 show significant change from 2017. According to the new Forest Law (NN 68/2018), the company should increase the assignment of the forest levy for the local municipalities in amount of 10% from the stumpage price in mountain areas and 5% in other counties. That caused additional costs of 5.3 mil EUR in 2018 for the company. Also, in 2018, the company continued with higher investments in forest machinery, which was postponed in previous years. Because of that, depreciation costs increased for 12%. In total costs salaries participated with 11%, because of the increased number of full-time employees (6% more than year 2017) and average salary value (2% more than average net salary on the country level). In comparison with year 2017, total costs for employees increased 12%. Other business expenses increased for 16% from year 2017 (especially insurance premium increased for 29%. In 2018 the company increased service for the forest exploitation for 31% from year 2017, mainly for the cut and production of wood assortments. DISCUSSION AND CONCLUSIONS RASPRAVA I ZAKLJUČCI The paper presents the role of the company in the management of sustainable natural resources. Although forestry accounts for an average of 2% of the gross domestic product of each country in all selected countries, this industry plays a key role in achieving strategic goals for development of bio-economy and rural areas in Europe. The analyzed results of the forestry companies indicate good business results and indicators. However, there is room for improvement in the area of governance and implementation of economic regulations in management plans. The overall prerequisite for long-term business activity is expansion of the value or corporate target function is value enhancement. With regard to the validity of the long-term existence of a company and legitimacy of value enhancement, it represents the right nature of a company’s complexity (Tintor, J., 2009). Management cycle with forest resources is longer than a business entity’s fiscal year. Forest planning develops in accordance with short- and long-term goals (10-20 years). The main question is how biological parameters should be included in the normative part, or what tax policy should look like at the level of an annual report of the financial sector. For the time being, the relevant and basic indicators for a business analysis of a forest company are cost efficiency, profitability and return on investment. They are developed as a result of implementing international accounting standards and predicting future profitability of a business unit in managing forest resources. The future impact and understanding of the value of this resource will change many parameters of the business analysis. In order to improve a forest company’s business results, there is a need to estimate development potential, based on the growing stock quality and quantity in relation to the wood assortments structure, annual cut and value. Because of these constraints, realization of higher revenues from the wood assortment sale could be achieved with implementation of innovation in forest exploitation, better sales models |