APPRAISAL OF FINANCIAL INDICATORS AVERAGE VALUES IN JOINT-STOCK COMPANIES OF REPUBLIC OF SRPSKA

Abstract

On the basis of sample composed of 593 joint-stock companies, and for 99 % confidence level we have estimated financial indicator average values for these group of enterprises.

Profitability, asset efficiency and asset and liability structure of jointstock companies are inadequate.

Return on capital and return on asset take negative values from -8,56 to - 3,79 and from -4,27 to -2,54 respectively.

Costs are between 1,96 and 3,13 times more then revenues.

Asset efficiency is low, upper frontier of asset turnover ratio is below 0,5. Working capital average participation in asset is between 17,08% and 20,39%.

In financial structure, contrary to the theoretical and practical principles, prevails capital.

On average about 65 % of asset is financed with capital.

Only exceptions in these results are relatively high working capital turnover ratio which takes value between 2,05 and 9,46 and, from aggregate point of view, satisfactory current ratio with average value of 2,18.

Summary appraisal of joint-stock companies financial aspects, comparing chosen financial indicators, without regard to the previous two exception, is very negative.

On the average corporative part of Republic of Srpska has very bed financial performance.