Page 46 - Ekonomija i Biznis_oktomvri 2016.indd

ЕРGPrrУКoaОfpБithaРНnboИiОli.t2КyМiАndИicЈaАtors of the corporate sector
percent
Source: Central Register of Macedonia and calculations of the National Bank of the Republic continuously improves which is con-
of Macedonia ties and the indicators of the operation of
the corporate sector are derived from the
annual accounts which the enterprises
deliver to the Central Register of the Re-
public of Macedonia, and 98% of them are
small legal entities and micro-traders).
The structure of the assets and the liabili-
ties of the corporate sector is stable, and
with specific exceptions, there are no sig-
nificant changes. The non-current assets
participate with approximately 52-53% in
the total assets, and the remaining part
almost fully belongs to the current assets.
Material assets are dominant in the struc-
ture of the non-current assets, which in-
cludes real estate, plants and equipment,
biological assets, etc., with a participation
of approximately 80-85%, while within the
current assets, the participation of the
short-term receivables (primarily, from
buyers) is highest and it is approximately
54-55% (in addition to the short-term re-
ceivables, reserves, short-term funds,
cash and cash equivalents are recorded
in the current assets of the corporate
sector). In liabilities, capital and reserves
have the highest and stable participa-
tion throughout the years, from approxi-
mately 50-51%, and more importantly the
liabilities on the basis of loans and credits
(of 7.6% in 2006 to 21.1% in 2015) marked
(almost triple) increase of the structural
participation. The profitable position of
the enterprises, at an aggregate level,
46 October 2016
firmed by the increase of the indicators of
the return of the assets and the capital for
more than six times in the past ten years.
It is interesting that the business cycles in
the economy do not have a determining
impact on the movements of the profit-
ability indicators of the corporate sector,
which in the years of economic fall expe-
rienced an increase, even almost reached
the maximum values.
One of the major challenges for the
domestic corporate sector is the manage-
ment of liquidity and finding a sufficient
volume of liquid assets for sustainable
operations. After the reached minimum
in the crisis years of 2008 and 2009, the
indicators of liquidity of the corporate
sectors had stable movements, however
they are below the level which is usually
considered satisfactory (1 for the current
liquidity, that is, 2, for the current liquid-
ity). In addition, there is an observable
unequal distribution of liquidity between
the specific entities in the corporate sec-
tor. The low liquidity is particularly typi-
cal of the micro-entities which, compared
to the other entities, work with a negative
net working capital (calculated as a differ-
ence between current assets and current
liabilities) and have the lowest indicators
of liquidity. According to specific activi-
ties, highest indicators of liquidity are
observed in the activities of trade, trans-
port, warehousing and catering, which
has a concentration of almost 60% of the
total net working capital in the corporate
sector.
The low volume of liquid funds that
the corporate sectors has available, is
perceived through the high number of
days which are required for ‘turning’ of
the specific categories of assets. The in-
dicators of the days of assets’ tying show
that the corporate sector needs approxi-
mately six months for payment of the li-
abilities, four months for collection of
the receivables, and slightly more than
two months to release the tied reserves.
The indicators of the turnover of assets
have not experienced significant changes
throughout the year, however their levels
indicate a modest efficiency in the utiliza-