TFL Vsebine / Revija Poslovodno računovodstvo

Razvojna politika EU in Slovenije s svojimi dolgoročno naravnanimi ukrepi stremi k povečevanju inovativnosti s ciljem povečevati konkurenčnost gospodarstva. V okviru te razvojne politike EU in Slovenije imajo podjetja možnost pridobivati sredstva sofinanciranja za različne namene. Podjetje, ki ga obravnava članek, je bilo analizirano v moji magistrski nalogi. Prejemalo je sredstva za sofinanciranje dejavnosti razvoja in raziskav (v nadaljevanju RR). Podjetje je v petih od šestih opazovanih let poslovalo uspešno in učinkovito. Podjetje ima najvišjo možno bonitetno oceno, je stabilno, perspektivno, inovativno, visoko tehnološko napredno. Vendar pa, če izvzamemo sredstva sofinanciranja in predpostavljamo, da jih ne bi bilo, podjetje ni več tako zelo uspešno in učinkovito. Naloga prikazuje hipotetično uspešnost, učinkovitost in finančni položaj podjetja brez sredstev subvencioniranja. Ugotovljen je velik vpliv subvencij na uspešnost podjetja, učinkovitost ter finančni položaj podjetja. Čeprav je trend gibanja učinkovitosti, finančne moči in finančnega ravnotežja v opazovanem obdobju enak kot ob upoštevanju subvencijskih sredstev, pa so največje razlike ugotovljene med analizo v letih 2011, 2012 in 2013. V teh letih je podjetje prejemalo visoke subvencije, ki so bistveno vplivale na gospodarnost in dobičkonosnost. Podjetje je brez subvencijskih sredstev beležilo ekonomsko izgubo v vseh letih, razen v letu 2015. Poslovni izid iz poslovanja je ob neupoštevanju subvencijskih sredstev za 6-krat v letu 2011, za 8-krat v letu 2012 in za 4-krat v letu 2013 manjši kot sicer. Stopnja neto zadolženosti je bistveno višja, če subvencijska sredstva izvzamemo iz kapitala. OBK je nižji, podjetje je imelo bistveno manjšo sposobnost za najemanje dolgoročnih dolgov, delež dolgoročnega financiranja kratkoročnih naložb je bil nižji kot ob upoštevanju subvencij.

EU and Slovene development policy with its long-term oriented measures aim to increase innovation with the aim to increase the competitiveness of the economy. In the context of the EU and Slovene development policy have the possibility to obtain funding for a variety of purposes. Company, which is described in article, was analysed in the master`s thesis. The company has received funding for development activities in research (hereinafter referred to as RR). The company was in five of the six observed years operated successfully and effective. The company has the highest possible credit rating, it is stable, promising, innovative, high-technology advanced. However, if we exclude co-financing funds and assume that they did not received them, the company is not so successful and effective. Master`s thesis shows the hypothetical performance of efficiency in the company's financial situation without any cofinancing funds. Subsidies has a major impact on the performance and financial situation of the company. Although the trend of efficiency and the financial strength of financial balance in the observed period is the same as if the subsidy funds are excluded, there are big differences in observed years 2011, 2012, 2013. In those years the company has received high subsidies and they gave a significant impact on the economy and profitability. The company would without subsidy funds recorded economic loss in all years except for the year 2015. Operating profit was without subsidy funds for 6 times in 2011, 8 times in 2012 and 4 times in 2013 smaller than with subsidies. The net debt is significantly higher if the subsidies are excluded from capital. Working capital is lower, the company had significantly less ability to hire long-term liabilities, the share of long-term financing of short-term investments was lower than with subsidies.