Primjena sintetičkih financijskih pokazatelja za ocjenu financijske stabilnosti i uspješnosti naftnih poduzeća u Republici Hrvatskoj

master's thesis

• Title (english): Application of synthetic financial indicators for evaluation of financial stability and efficacy of oil companies in the Republic of Croatia
• Author: Dženana Čavkunović
• Mentor: Ana Ježovita (mentor)
• Committee member: Boris Tušek (predsjednik povjerenstva)
• Committee member: Tin Horvatinović (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2022-09-23, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics

Abstract

U radu je ocijenjena financijska stabilnost i uspješnost odabranih naftnih poduzeća u Republici Hrvatskoj u razdoblju od 2016. do 2020. godine. Poduzeća obuhvaćena analizom su INA d.d., Petrol d.o.o. i Crodux derivati dva d.o.o. koja s u prema kategorijama broja zaposlenih i visine ukupnih prihoda 2019. godine bila najveća tri naftna poduzeća u Republici Hrvatskoj. Pojedinačnim financijskim pokazateljima utvrđeno je da poslovanje poduzeća INA d.d. nije bilo na zadovoljavajućim razinama, izuzev pokazatelja zaduženosti poduzeća koji su imali povoljne vrijednosti uslijed povećanog financiranja vlastitih u odnosu na tuđe izvore financiranja. U istom razdoblju poduzeće Petrol d.o.o. poslovalo je izrazito uspješno ostvarujući visoke stope povrata vlasnicima vlastitog kapitala. Poslovanje poduzeća Crodux derivati dva d.o.o. može se ocijeniti kao dobro po većini pojedinačnih financijskih pokazatelja izuzev pokazatelja zaduženosti Primjena Altmanovog Z-score modela pokazala je da u poduzeću INA d.d. postoji velik rizik od stečaja dok je u pod uzećima Petrol d.o.o. i Crodux derivati dva d.o.o. u većini analiziranih godina rizik od stečaja zanemariv. Kralicekov DF pokazatelj potvrdio je ocjenu financijske stabilnosti i uspješnosti odabranih naftnih poduzeća uz nižu razinu zabrinutosti za stečaj. Sumirajući cjelokupne zaključke proizašle iz analize može se zaključiti da je poduzeće Petrol d.o.o. najstabilnije i najuspješnije naftno poduzeće u Republici Hrvatskoj što je potvrđeno u 2020. godini u kojoj je poduzeće uslijed globalnog smanjenja potražnje za naftnim derivatima poslovalo bolje nego tijekom gospodarskog napretka. Poslovanje poduzeća Crodux derivati dva d.o.o. poboljšalo bi se adekvatnijim upravljanjem imovinom i zaduženošću. Poduzeće INA d.d., pored problema likvidnosti, profitabilnosti i brzine cirkulacije imovine, posluje uz prisustvo visokog rizika od stečaja te se sporo prilagođava situaciji na naftnom tržištu.

Abstract (english)

The paper evaluates the financial stability and efficacy of selected oil companies in the Republic of Croatia in the period from 2016 to 2020. The companies included in the analysis are INA d.d., Petrol d.o.o. and Crodux derivatives dva d.o.o. which were the three largest oil companies in the Republic of Croatia according to the categories of number of employees and of total revenues in 2019. Financial ratios showed that the business of the company INA d.d. were not at good levels, with the exception of debt to assets ratio which had favorable values due to increased own financing compared to other sources of financing. In the same period, the company Petrol d.o.o. operated extremely successfully achieving high rates of return to the owners of their own capital. Operations of the company Crodux deri vati dva d.o.o. can be rated as good according to most individual financial indicators, with the exception of debt to assets ratio. The application of Altman's Z-score model showed that in the company INA d.d. there is a high risk of bankruptcy, while in the companies Petrol d.o.o. and Crodux derivatives dva d.o.o. in most analyzed years, the risk of bankruptcy is negligible. Kralicek's DF indicator confirmed the assessment of the financial stability and performance of selected oil companies with a lower level of concern about bankruptcy. Summarizing the overall conclusions derived from the analysis, it can be concluded that the company Petrol d.o.o. is the most stable and successful oil company in the Republic of Croatia, as proved by the year 2020, in which, due to the global decline in demand for oil derivatives, the company performed better than during economic progress. Operations of the company Crodux derivati dva d.o.o. would be improved by more adequate management of assets and liabilities. The company INA d.d., in addition to the problems of liquidity, profitability and speed of asset circulation, operates with a high risk of bankruptcy and is slow to adapt to the situation on the oil market.

• Keywords: financijska stabilnost; naftna industrija; sintetički pokazatelji; profitabilnost; zaduženost; stečaj
• Keywords (english): financial stability; oil industry; synthetic indicators; profitability; debt to assets ratio; bankruptcy
• Language: croatian
• URN:NBN: urn:nbn:hr:148:372405
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2022-10-04 10:53:59