Page 47 - Ekonomija i Biznis_oktomvri 2016.indd

Graph no. 3
Indicators of liquidity (left) and the efficiency of use of the assets of the corporate sector (right)
times days
Source: Central Register of Macedonia and calculations of the National Bank of the Republic of Macedonia
tion of the assets by the corporate sector.
At the same time, almost half of the as-
sets of the enterprises are tangible and
intangible assets, which by default have
lower yield and lower turnover, which
leads to general low turnover of the total
assets. The activities of trade, transport,
warehousing and catering have the high-
est turnover of assetс, fastest collection
of receivables and payment of short-term
liabilities, while the reserves quickly “get idents are the most important sources of
rid” in the activity of information and
communication. According to the size of
the entities, the lowest values in the in-
dicators of the turnover of the assets are
observed in the micro-entities where an
exceptionally high number of days of con-
nection of assets’ tying is observed. The
significant delay in the collection of the
receivables, that is, the payment of the
liabilities and the weak liquid position of
the corporate sector do not correspond to
the presented solid, even growing profit-
ability in this sector, which questions the
objectivity of the presented value of the
receivables (the assets) and the capitaliza- companies with foreign ownership with a
tion level. What is observable from the
profit and loss statements of the domes-
tic enterprises is the reported relatively
low amount of value adjustment of assets
due to deferred collection of receivables.
The reported amount of downward cor-
rection of the value of the assets due to
hindered collection of receivables in 2015
ЕКОРНУОБМРИИКЈА
is 0.9% of the assets of the corporate sec-
tor for 31.12.2014 (in the crisis year of
2009, this amount is 0.8% of the assets for
31.12.2008).
The domestic companies almost do not
use market funding in terms of fundrais-
ing on the basis of emission of new shares
and/or debt securities. Hence, the credit
support from the banks and the non-res-
funds for the corporate sector. The debt
of the corporate sector increased three
times in the past ten years whereby the
largest creditors are the non-residents
who are accounted for more than 50%
of the total indebtedness. The liabilities
to non-residents based on loans have the
greatest share (66% in 2015) in the exter-
nal debt of the corporate sector, of which
almost 70% are inter-company loans
which in the past years, they become par-
ticularly important considering the struc-
tural changes in the domestic economy
and the increased presence of domestic
facilitated approach to external financing
through their foreign parent entities. The
structure of debt towards non-residents
has a high participation of liabilities on
the basis of short-term trade loans (32%
in 2015) which facilitate external trade of
goods and services. After the realized fall
of the non-functional loans of the enter-
prises (approved by the banks) in the pe-
October 2016 47