ФИНАНСИСКА АНАЛИЗА НА РАБОТЕЊЕТО НА АД ,,ГД-ТИКВЕШ“ - КАВАДАРЦИ FINANCIAL АNALYSIS OF THE AD,,GD-TIKVES "- KAVADARCI

Abstract

In this paper, the aim is to analyze the operation of AD ,,GD-Tikves”- Kavadarci during the three consecutive years (2008, 2009 and 2010 year), with special emphasis on financial performance. Financial analysis aims to achieve the aims and objectives of financial policy, as making major decisions about finance, investments and dividend payments. The analysis is conducted by calculating a number of ratios: liquidity; solvency; efficiency; profitability; economic success and effectiveness of the work. The company achieves a high degree of liquidity and is solvent. Indicators of efficiency are acceptable, but there is a decline of these indicators during the year 2010 compared to the previous two years.Indicators of profitability show that the gross and net-profit margins are quite high, but it is obvious that the yield coefficients of own assets and return on equity are unsatisfactory, because they are located below the level that is considered the minimum or slightly above it. Indicators of economic success and effectiveness of the operation show that the company achieved a positive financial result, which confirms the successful operation.