Analiza Bilansa Produkt DOO

Republic of Srpska
University of Eastern Sarajevo

Faculty of Business Economics
Bijeljina

:

2010. 2011.
:
...

070/2010
, 2012.
..........................................................................................................................................................3
... ............................4
... ..........................5
1. ...
....................................................................................................7
1.1.
... ...............7
1.1.1. .............................................................................................9
1.1.1.1. ............................................10
1.1.1.2. .................................................11
1.1.1.3. ..........................................................13
1.1.2. ...............................................................................................................14
1.1.2.1. () .........................................................15
1.1.2.2. () ................................16
1.1.2.3. ..............................................17
1.1.2.4. .....................................18
1.1.3. ..............................................................................................................19
1.1.4. ................................................................................................................20
1.1.5. ..............................................................................................21
1.2.
... .................22
1.2.1. ...................................................................................................22
1.2.2. ..................................................................................24
1.2.3. .................................................................................................25
1.3.
... ....................27
1.3.1. ............................................28
1.3.1.1. ..........................................................................29
1.3.1.2. .........................................................................30
1.3.2. ..................................................................................31
1.3.3. .....................................................................................33
1.3.4. ..............................................................34
1.3.5. .............................................................................................................36
1.4.

... ..........40
2.
... - Z-SCORE ZETA .......................................42
3. ... ......44
............................................................................................................................................47
..........................................................................................................................................48
...

... 2009. 2011. ,
Z-score Zeta .
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1997. 2000.,2006. 2012..
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Z-score ZETA
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I
II , ,

III
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II ,
1.
2.
3.
4.
.
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I
1.
2.
3.
4.
5.
6.
II
III
IV
V
VI
VII
.
.
I
II
1.
.
2009
2010
2011
001
002
1.915.160
-
2.443.000
-
2.507.126
-
008
1.915.160
2.443.000
2.507.126
021
031
1.596.434
1.390.638
1.448.632
032
437.989
495.963
366.934
039
1.158.445
894.675
1.081.698
040
046
055
059
061
062
063
064
1.005.118
150.807
2.520
3.511.594
3.511.594
828.099
59.329
7.247
3.833.638
3.833.638
998.090
65.851
16.613
3.955.758
3.955.758
101
102
103
104
105
106
107
108
109
110
111
114
117
122
125
132
133
142
159
161
3.313.332
302.500
302.500
30.200
2.980.632
198.262
198.262
2.154
3.511.594
3.481.986
302.500
302.500
30.200
3.149.286
351.652
250.000
101.652
436
3.833.638
3.700.267
302.500
302.500
30.200
3.367.567
255.491
255.491
14.635
3.955.758
...
.
.
162
163
3.511.594

3.833.638
3.955.758
...
-
2009
2010
2011
201
202
206
3.839.997
2.238.546
1.461.794
2.351.184
22.347
2.123.590
3.256.234
186.304
3.014.396
210
211
212
215
216
217
218
52.641
87.016
3.725.397
1.639.869
1.765.536
8.020
213.267
2.037.678
73.726
1.723.895
35.500
91.034
3.011.562
185.622
2.502.330
219
158.690
85.147
114.251
222
223
224
225
226
227
228
229
230
30.774
79.394
79.394
47.608
3.369
157
114.600
-
19.984
86.839
86.839
40.124
14.878
85
313.506
-
18.170
133.148
133.148
46.895
11.032
114
244.672
-
231
238
240
244
245
727
11.805
10.762
103.522
-
521
29.212
13.057
284.815
-
354
9.237
9.237
235.789
-
246
257
28.325
81.570
38.847
90.174
76.666
28.194
268
48.472
269
53.245
51.327
.
I
1.
2.
3.
4.
5.
6.
II
1.
2.
3. ,
4.
5.
5.1.
5.2.
6.
7.
8.
.
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II
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I

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II
.
.
1.
2.
.

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II
.
.
270
280
293
294
295
103.522
53.245
9.677
233.488
24.833
284.261
29.981
298
299
40.600
-
208.655
-
254.280
-
317
318
325
326
40.600
208.655
254.280
3.869.049
3.818.722
2.390.552
2.157.064
3.333.254
3.048.993
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1.
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5.
II (5)
040
046
055
059
2009
1.005.118
150.807
2.520
1.158.445
2010
828.099
59.329
7.247
894.675

2011
998.090
65.851
16.613
1.081.698
142
198.262
198.262
101.652
101.652
255.491
255.491
5,843
8,801
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1,000
1,000
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- . .
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8.
9. ,

III (7
9)
109
001
1.915.160
2.443.000
2.507.126
032
437.989
495.963
366.934
2.353.149
2.938.963
2.874.060
10.
11.
12.
IV (10
12)
101
125
132
3.313.332
198.262
3.481.986
351.652
3.700.267
255.491
3.511.594
3.833.638
3.955.758
0,670
0,767
0,727
1,000
1,000
1,000
101,125,132
3.511.594
3.833.638
3.955.758
001,109
1.915.160
2.443.000
2.507.126
1.596.434
1.390.638
1.448.632
437.989
495.963
366.934
364,49
280,39
394,79
100,00%
100,00%
100,00%

(III/IV)
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14.
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12
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.
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... 2009.
364,49% . 2010.
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. 2011. 394,79%,
2011. .
.

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.

13
...
1.1.2.
Dobavljai
181
odnosno
365
:
/

-
( ...)

+ /

( )

/

x 365 /

2011
2009
2010
031/142
8,052
13,680
5,670
2,000
2,000
2,000
5,830
8,730
4,164
1,000
1,000
1,000
0,761
0,584
0,258
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1,000
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15
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2010. 13,680
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2009. 25 , 2010. 67
2011. 37 ,
2009. .

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18
...
1.
2.
(1/2)
(
...)
2009
2010
2011
062
125,132
3.511.594
198.262
3.833.638
351.652
3.955.758
255.491
17,712
10,902
15,483
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1,000
1,000

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... , .
1,000.
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1.1.4.

7
Prof. dr oko N. Maleevi, Doc. dr Vitomir B. Starevi, Poslovna analiza, Fakultet poslovne ekonomije
Bijeljina, 2010. g., str. 444.

19
...
1.
101
2.
125,132
(1 + 2)
/:
:
50%
:
50%
2009
%
3.313.332
94,35
198.262
5,65
3.511.594
100,00
2010
%
3.481.986
90,83
351.652
9,17
3.833.638
100,00

2011
%
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93,54
255.491
6,46
3.955.758
100,00

.
.
,
.
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50% .
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... 92%
,
8% .
.
.
1.1.5.

20
...
1.
-
3.
4.
5.
6.
7.
I
(1 7)
II
III
IV
V
VI
(I VII)
103
104
105
106
107
108
2009
302.500
122
9,13
302.500
110
111
114
117
30.200
2.980.632
-
2010
%
-
2011
%
-
302.500
302.500
8,69
9,13
302.500
8,18
8,69
302.500
8,18
30.200
0,87
30.200
0,82
89,96 3.149.286 90,45 3.367.567 91,01
0,91
3.313.332 100,00 3.481.986 100,00 3.700.267 100,00
,
,
.
. .
100% 2009. 89,96% ,
2010. 90,45% 2011. 91,01%.

9,13% 2009., 8,69% 2010. 8,18%
2011. .
,
1% . 2009. 0,91%
30.200.
1.2.
...

21
...

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2.
3.
4.
5.
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2009
2010

2011
1.915.160 54,54 2.443.000 63,73 2.507.126 63,38

1.915.160 54,54 2.443.000 63,73 2.507.126 63,38
1.596.434 45,46 1.390.638 36,27 1.448.632 36,62
437.989
12,47
495.963
12,93
366.934
9,28
1.158.445 32,99
1.005.118 28,62
150.807
4,29
2.520
0,08
894.675
828.099
59.329
7.247
23,34 1.081.698 27,34

21,60 998.090 25,23
1,55
65.851
1,66
1.144
0,03
0,19
16.613
0,42
3.511.594 100,00 3.833.638 100,00 3.955.758 100,00

3.511.594 100,00 3.833.638 100,00 3.955.758 100,00
3.313.332 94,35 3.481.986 90,83 3.700.267 93,54
302.500
8,61
302.500
7,89
302.500
7,65

22
...
1.
2.
3.
4.
5.
6.
II
III
IV
V
VI
VII
.
.
I
II
1.
.
.
.
302.500
8,61
302.500
7,65
302.500
7,89
30.200
0,86
30.200
0,79
30.200
0,76
2.980.632 84,88 3.149.286 82,15 3.367.567 85,13
198.262
5,65
351.652
9,17
255.491
6,46
250.000
6,52
198.262
5,65
101.652
2,64
255.491
6,46
2.154
0,06
436
0,01
14.635
0,37
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3.511.594 100,00 3.833.638 100,00 3.955.758 100,00

. ,
, , .

, .

39,45% 60,55%.
,
, ,
72,65% 27,35 %.

. 93%
.
302.500 .
9,13% , 0,91% 89,96%.
6,5% .
, 2010.
.
1.2.2.

23
...
1.
2.
3.
(1/2)
( ...)
2009
2010
2011
300
062/2
3.869.049
1.755.797
2.390.552
1.916.819
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.
2009. 2,204
2,204
.
1.2.3.

2009
2010

2011

24
...
1.
2.
3.
4.
202,206
031/2
032/2
040/2
3.700.340
798.217
218.994,5
502.559
2.145.937
695.319,5
247.981,5
414.049,5
3.200.700
724.316
183.467
499.045
5. (1/2)
5.
4,636
79
3,086
118
4,419
83
6. (1/3)
6.
16,897
22
8,654
42
17,446
21
7. (1/4)
7.
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50
5,183
70
6,414
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25
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2011. 17,446.
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9
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2003., . 290.

27
...
2009
2010
2011
:
1.
2.238.546 58,30
22.347
0,95
186.304
5,72
2.
1.461.794 38,07 2.123.590 90,32 3.014.396 92,57
3.

4.
52.641
1,37
5.
8.020
-0,34
35.500
1,09
6.
87.016
2,26
213.267
9,07
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2,80
I (1 6)
3.839.997 100.00 2.351.184 100.00 3.256.234 100.00
:
1.
1.639.869 44,02
73.726
3,62
185.622
6,16
2.
1.765.536 47,39 1.723.895 84,60 2.502.330 83,09
3. ,

158.690
4,26
85.147
4,18
114.251
3,79
4.
30.774
0,83
12.984
0,64
18.170
0,61
5.
79.394
2,13
86.839
4,26
133.148
4,42
6.
47.608
1,28
40.124
1,97
46.895
1,56
7.
3.369
0,09
14.878
0,73
11.032
0,37
8.
157
0,004
85
0,004
114
0,004
II (1 8)
3.725.397 100,00 2.037.678 100,00 3.011.562 100,00
III
(I - II)
- . .
( ...)
114.600
313.506
244.672
IV .
(I / II)
103,08%
-
. ( ...)
100,00%
115,39%
108,12%
100,00%
100,00%
V .
((I/II)-100%)
3,08%
15,39%
8,12%
-
. (
...)
0,00%
0,00%
0,00%
1.3.1.1.

28
...

.

.

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.
...
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. 17.
...
. 93%
. 2009.
40%,
.
, .
1.3.1.2.
.
,

29
...
.

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2. ;
3. .

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.

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. 18. . .

2010. 84,6% .
2009.
.
. 2009.
3,08%, .
1.3.2.

30
...
1.
2.
3.
I
(1+2+3)
4.
5.
II
(I+4+5)
201
231
246
6.
7.
8.
III
(6+7+8)
9.
10.
IV
(III+7+8)
216
238
257
2009
3.839.997
727
28.325
%
99,25
0,00
0,75
2010
2.351.184
521
38.847
%
98,35
0,00
1,65

2011
%
3.256.234
354
76.666
97,69
0,00
2,31
3.869.049 100,00 2.390.552 100,00 3.333.254 100,00

268
270
48.472
-
1,45
-
3.869.049 100,00 2.390.552 100,00 3.333.254 100,00

3.725.397
11.805
81.570
97,55
0,31
2,14
2.037.678
29.212
90.174
94,47
1,35
4,18
3.011.562
9.237
28.194
98,77
0,30
0,92
3.818.772 100,00 2.157.064 100,00 3.048.993 100,00

269
53.245
1,39
51.327
2,37
280
3.818.772 100,00 2.157.064 100,00 3.048.993 100,00
.

,
.
,
.10
:

10
. , . , , ,
2003., . 291.

31
...
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...
98%.
1%.
2011.
48.472 1,45%.
:

. 20.
. 21.
... 96%
.
,
.

32
...
1.3.3.

1. /()
2.
3. ()

4.
2009
2010
2011
293,294
295
50.277
9.677
233.488
24.833
284.261
29.981
317,318
40.600
208.655
254.280
300
3.869.049
2.390.552
3.333.254
0,010
0,087
0,076
0,000
0,000
0,000

(3/4)
-
( ...)
.

.
0,000
.
. 22.
. 22
.
0,000.
2009..
,
.

33
...
1.3.4.

.
.

,
.
,

.
.

2011
2009
2010
1.
2.
3. (1 - 2)
4.
5.
6. (3 - 4)
7. (6 - 5)
3.839.997
3.405.405
434.592
319.992
10.762
114.600
103.838
2.351.184
1.797.621
553.563
240.057
13.057
313.506
300.449
3.256.234
2.687.952
568.262
323.610
9.237
244.652
235.415
8. :
8.1. (3/6)
8.2. (6/7)
8.3. (8.1. * 8.2.)
3,79
1,10
4,17
1,77
1,04
1,84
2,32
1,04
2,41
0,113
0,235
0,175
9. (3/1)
10.
(4/9)
11.
((110)/1)100
12.
(4+5)/9
13.
((112)/1)100
2.831.788 1.021.519
1.849.200
26,26%
43,21%
56,55%
2.927.027 1.077.081
1.901.983
23,78%
41,59%
54,19%

34
...
. 23.
,
.
. 2010.
1,77,
2010., 2009. 3,79
2010. 2,32.

. ,
.
: -2009. 1,10, - 2010. 1,04 -2011. 1,04.
10%
11%.

. 2010.
1,84, 2009. 4,17.

.
. 24.

35
...

.
0,113 0,235.
. 25.

.
26,26%
56,55%.
1.3.5.
.
.
. .
: -, - , - , .
.

.
:

36
...
1. / ()
298
2.
240
3.
(1+2)
4.
102/2
5.
101/2
6.
(102+114)/2
7.
(1/4)100
-
( ...)
8.
(1/5)100
-
( ...)
9.
(3/6)x100
-
( ...)

2011
2009
2010
40.600
10.762
208.655
13.057
254.280
9.237
51.362
221.712
263.517
151.250
1.656.666
151.250
151.250
1.740.993
151.250
151.250
1.850.134
151.250
62,84%
137,95%
168,12%
0,00%
0,00%
0,00%
2,45%
13,13%
13,74%
0,00%
0,00%
0,00%
33,96%
146,59%
174,23%
0,00%
0,00%
0,00%

. ,
.11
100
. 0,000.

.
...
. 2010.
2011 13,5%, 2009.
.
11

37
...
. 26.

.

.
, . 12

100
.
. 27.
12

38
...
...

.
,
.
.

.
: ,
. 13
,
100 .
0,000,
.
. 28.
...
. . 28.
.
2009.
33,96%,
2011. 174,23%. .

.
13

39
...
1.4.

...
,
,
,
.
,

. .
..
1.
1.1.
1.2.
2.
2.1.
2.2.
2.3.
3.
4.
4.1.
4.2.
5.
6.
6.1.
6.2.
6.3.
7.
8.
8.1.
8.2.
8.3.
8.4.
9.
9.1.
9.2.
9.3.

2009
2010

5,843
8,801

0,670
0,767

8,052
13,680

5,830
8,730

0,761
0,584
17,712
10,902
94,35%
90,83%
5,65%
9,17%

2,204
1,250

4,636
3,086

16,897
8,654

7,363
5,183

0,010
0,087

3,79
1,77

1,10
1,04

4,17
1,84

0,113
0,235

62,84%
137,95%

2,45%
13,13%

33,96%
146,59%
2011
4,234
0,727
5,670
4,164
0,258
15,483
93,54%
6,46%
1,690
4,419
17,446
6,414
0,076
2,32
1,04
2,41
0,175
168,12%
13,74%
174,23%
.
...
.
.

40
...

.
.

.
.

.
.

91%.
.

,
.
.
,
.
.
, .
,
.

, .

.
,
. .
.
,
.
, 2009..

.
... ,

.

41
...
2.
... Z-score ZETA
. .
1.
2.
3.
4.
1 (1/2)

2009
2010
2011
3.313.332
3.511.594
0,944
3.481.986
3.833.638
0,908
3.700.267
3.955.758
0,935
40.600
3.511.594
0,012
208.655
3.833.638
0,054
254.280
3.955.758
0,064
2 (3/4)

3 (5/6)
103.522
3.511.594
0,029
233.488
3.833.638.
0,061
284.261
3.955.758
0,072
7.
8.

4 (7/8)
3.313.332
198.262
16,712
3.481.986
351.652
9,902
3.700.267
255.491
14,483
9.
10.

5 (9/10)
3.839.997
3.511.594
1,094
2.351.184
3.833.638
0,613
3.256.234
3.955.758
0,823
12,37
7,68
10,96
'' Z ''
Z= 1,21+ 1,42 + 3,33 + 0,64 + 1,05

1,21
0,69
0,92
Z= 0,0121 + 0,0142 + 0,0333 + 0,0064 +

0,9995
5.
6.
ZETA , , .
,
. ZETA
, ,
, .
, . , ,
, . 14
,
.

.
(ZETA score)
14
www.poslovni.hr

42
...
. ZETA
( ).
Z - score
. Z - score 2,99
,
. 1,81 2,99
.
,
. Z - score 1,81 .
. .
. 29. Z-score ZETA
...
2,99.
. ,
2009..

43
...
3.
...
I (1 3)
1
2 , , .
3
II (1 5)
1
2
3
4
5
III (I-II)
IV (II-I)

I (1 7)
1
2
3
4
6
7
II (1 5)
1
2
3
4

5
III
(I-II)
IV
(II-I)

2009
2010
2011
301
302
303
304
305
306
307
308
309
310
311
312
3.022.561
3.022.561
2.801.817
2.655.565
114.251
9.237
22.764
220.744
-
313
314
315
316
317
318
319
320
321
322
323
324
178.222178.222
-
325
326
327
328
178.222
329
1.030.000

44
...
I (1 3)
1
2
3
II (1 5)
1
2
3
4
5
II
(I-II)
IV
(II-I)
(I+I+I)
(II+II+II)
(-)
(-)

(-++-)
330
331
332
333
334
335
336
337
338
1.030.000
1.066.000
1.030.000.
-
339
340
341
342
343
344
36.00
4.052.561
4.046.039
6.522
-
345
59.329
346
347
348
65.851
. 30.

45
...
,

,
, . ,
. ,

, .
7 ( 7),
.
...
2011.
2011..
2011.
.
...
2011. ( . 30.)
, 6.522.

46
...

... 2009. 2010.
.

.
.
.
,
,
. ,
95%,
.

.
, .
.
,
.

:
.
, .

.

(). .
Z-score ZETA
,
,

,
.
,

.
Z-score ZETA
,
.

47
...
1. . , , ,
, 2010..
2. , , ,
, 2003.
3. , ,
:
www.poslovni.hr
www.wikipedia.org
http://limun.hr/

48

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Republic of Srpska

University of Eastern Sarajevo

3.313.332 100,00 3.481.986 100,00 3.700.267 100,00

1.915.160 54,54 2.443.000 63,73 2.507.126 63,38

23,34 1.081.698 27,34

3.511.594 100,00 3.833.638 100,00 3.955.758 100,00

3.869.049 100,00 2.390.552 100,00 3.333.254 100,00

3.869.049 100,00 2.390.552 100,00 3.333.254 100,00

3.818.772 100,00 2.157.064 100,00 3.048.993 100,00

3.818.772 100,00 2.157.064 100,00 3.048.993 100,00

Z= 1,21+ 1,42 + 3,33 + 0,64 + 1,05

Z= 0,0121 + 0,0142 + 0,0333 + 0,0064 +

. 29. Z-score ZETA

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