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PREGLED FINANSIJSKIH/FINANCIJSKIH OVER VIEW OF FINANCIAL INDICAT OR S F OR COMPANIES
POK A Z ATELJA PRIVREDNIH/GOSPOD AR SKIH IN FEDER ATION OF BOSNIA AND HER ZEGOVINA 2018
DRU ŠTA V A U FEDER A CIJI BIH 2018.

Trendovi osnovnih pokazatelja poslovnih performansi Trends of basic performance indicators
Pozitivni generalni trendovi poslovanja, zabilježeni u periodu 2016.-2018. godina, u određenoj mjeri su Positive general business trends recorded in the years from 2016 to 2018 have improved to some extent
popravili i pokazatelje poslovnih performansi privrednih društava u Federaciji BiH. Ipak, ovi su pokazatelji the performance indicators of companies in the Federation of BiH. However, according to generally
još uvijek na suboptimalnom nivou, prema opšteprihvaćenim standardima, ali i prema konkurenciji iz accepted standards, these indicators are still at a suboptimal level, as well as according to the competition
okruženja. from the environment.
Najočitiji problem bosanskohercegovačke privrede - suboptimalan nivo likvidnosti privrednih društava, The most obvious problem of the economy of Bosnia and Herzegovina - the suboptimal level of companies’
i dalje je prisutan. Temeljni pokazatelj likvidnosti – tekući omjer (omjer tekuće imovine i kratkoročnih liquidity - is still present. The basic indicator of liquidity, the current ratio (the ratio of current assets and
obaveza), u posmatranom periodu i dalje stagnira na vrijednosti 1,12 u 2016. godini, odnosno 1,14 u current liabilities) is still stagnating in the amount to 1.12 in in the year 2016 and 1.14 in 2017, and slightly
2017, da bi u 2018. godini bio tek nešto bolji – 1,19. Imajući u vidu da je standard za ovaj pokazatelj increasing to 1.19 in the year 2018. Having in mind that the standard for this indicator is approximately 2,
vrijednost od približno 2, da se zaključiti da domaća privredna društva sa poteškoćama izmiruju svoje it can be concluded that domestic companies have difficulties to meet their short-term liabilities.
kratkoročne obaveze.
However, while the problem of illiquidity has been present for a long period of time, the long-term financial
Međutim, iako je problem nelikvidnosti prisutan već duži vremenski period, dugoročna finansijska stability of companies in the Federation is not significantly compromised, as measured by the debt to
stabilnost privrednih društava u Federaciji nije značajnije ugrožena, mjereno omjerima duga i imovine, te asset and debt to equity ratios. As it can be seen from the following table, the value of these indicators is
duga i kapitala. Kako se može vidjeti iz naredne tabele, vrijednost ovih pokazatelja gotovo je istovjetna u almost the same in the observed period as in the previous periods.
posmatranom periodu, kao i u ranijim periodima:

Godina 2016 2017 2018 Year 2016 2017 2018
Omjer duga i imovine 45,02% 44,70% 44,54% Debt-to-asset-ratio 45,02% 44,70% 44,54%
Omjer duga i kapitala 88,39% 87,21% 86,81% Debt-to-equity-ratio 88,39% 87,21% 86,81%

Omjer duga i imovine pokazuje u kojoj mjeri (procentu) je imovina privrednog društva finansirana dugom. The debt-to-asset ratio shows in which extent (percentage) are corporate assets financed by debt. As
Kako se vidi, prosječna vrijednost ovog pokazatelja stagnira, kao i omjer duga i kapitala, koji u srazmjeru it can be seen, the average value of this indicator is stagnant, as well as the debt to equity ratio, which
stavlja dva najvažnija izvora finansiranja privrednih društava. Iako su vrijednosti ovih pokazatelja još places in proportion two most important sources of financing for companies. Although, the values of these
znatno više od prosjeka evropskih kompanija (omjer duga i imovine, nakon oporavka od posljednje indicators are still much higher than the European average (the debt to asset ratio, after recovering from
finansijske krize, ponovo je na prosječnom nivou do 30%, a omjer duga i kapitala oko 40%), već the last financial crisis, is again at an average of up to 30%, and the debt to equity ratio is around 40%) the
stagnirajući trend, imajući u vidu nerazvijeno finansijsko okruženje u kojem posluju domaća privredna still stagnating trend, having in mind underdeveloped financial environment in which domestic companies
društva, može biti posmatran kao pozitivan. are operating, can be seen as positive.
Ipak, unatoč nepovoljnim okolnostima poslovnog okruženja, operativna efikasnost privrednih društava However, despite the unfavorable circumstances of the business environment, the operational efficiency
u Federaciji BiH se popravlja. Omjer prihoda i fiksne imovine, odnosno omjer prihoda i kapitala, kao of companies in the Federation of BiH is improving. The ratio of revenue to long-term assets, the ratio of
temeljni pokazatelji efikasnosti privrednih društava, te koeficijent obrta investicija bilježe rastući trend. revenue to equity (as the basic indicators of the efficiency of companies), and the investment turnover are
U narednoj tabeli predstavljene su vrijednosti ovih pokazatelja, za cjelokupnu populaciju privrednih growing. The following table presents the values of these indicators for all companies in the Federation of
društava u Federaciji BiH, u posmatranom periodu: Bosnia and Herzegovina in the observed period.

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