ANALYSIS OF THE FINANCIAL SOURCE STRUCTURE IN THE GORENJE d.d. COMPANY

Financiranje podjetja je proces, ki mu zagotavlja nemoteno poslovanje, varnost, neodvisnost in donosnost. V podjetju se nanaša na priskrbo in uporabo sredstev, gospodarjenje z njimi, vračanje sredstev njihovim virom, razporejanje finančnih izidov in s tem nastala finančna razmerja. Da bi bilo podjetje pri financiranju kar se da gospodarno, mora upoštevati tudi določena načela in pravila financiranja. Priskrba sredstev podjetju je mogoča iz notranjih in zunanjih virov financiranja. O notranjem financiranju govorimo, kadar podjetje uporabi lastne vire za financiranje svojega poslovanja. Pri tem lahko gre za samofinanciranje, kot so nerazdeljeni čisti dobiček, dobiček poslovnega leta in amortizacija. Pri zunanjem financiranju pa gre za pritok kapitala v podjetje od zunaj, in sicer z najemom kreditov ali z novim lastniškim kapitalom. Med oblike zunanjega financiranja uvrščamo kapitalske vložke, kredite, subvencije in financiranje s posebnimi oblikami financiranja. Zunanji viri financiranja torej predstavljajo sekundarni vir financiranja podjetja, s katerim podjetje dopolnjuje notranje vire financiranja. Podjetje Gorenje d.d. se financira tako z lastniškim kot tudi z dolžniškim kapitalom. Lastniško financiranje je omogočeno z doseženim čistim dobičkom in amortizacijo. Najpogostejše oblike dolžniškega financiranja pa so krediti in obveznosti do dobaviteljev. Gorenje d.d. v svoji finančni strukturi prikazuje manj lastniškega in več kot polovico dolžniškega kapitala. Obravnavano podjetje sem analizirala tudi s pomočjo kazalnikov, ki so pokazali, da so bili najboljši rezultati v letu 2007. Tako kazalniki financiranja, ki omogočajo presojo ugodnosti sestave obveznosti do virov sredstev, kazalniki investiranja, ki omogočajo presojo ugodnosti sestave sredstev poslovnega subjekta, kazalniki plačilne sposobnosti kot tudi kazalniki gospodarnosti in donosnosti, pod čemer razumemo ugodno razmerje med doseženim finančnim rezultatom in vloženimi sredstvi. Gorenje d.d. je bilo v vseh treh letih plačilno sposobno in tudi uspešno podjetje, saj je v proučevanem obdobju poslovalo pozitivno, v vseh treh letih pa je doseglo tudi čisti dobiček.Financing of a company is a process than ensures it an undisturbed operation, security, independence and profit. In a company it refers to the supply and the use of means, treatment with them, returning of means to their sources, arrangement of financial outcomes and with their financial proportions. In order that a company would be as economical as possible in financing it has to consider also the principles and the rules of financing. The supply of the company means is possible from inner and outer sources of financing. When speaking about inner financing it is then when a company uses its own sources for financing of its operation. Herewith it is meant self-financing such as undelivered plain profit, profit of the business year and amortisation. However, outer financing is an afflux of the capital from outside namely with the hire of the credit or with the new ownership’s capital. Therefore outer sources of financing present a secondary source of the company financing that supplement the inner sources of financing. The company Gorenje d.d. finances itself with the ownership’s as well as with the dept capital. The ownership’s financing is possible with the achieved plain profit and amortisation. The most often forms of dept financing are credits and obligations to suppliers. Gorenje d.d. presents in its financial structure less ownership’s capital and more than half of the debt capital. I have analysed the treated company also with the help of indexes that showed that the best results were achieved in 2007. The indexes of financing enable the estimation of the advantage of the obligation structure to the sources of meansthe indexes of investment enable the estimation of advantages of business subject meansthe indexes of the payment ability as well as the indexes of economy and profit show the favourable proportion between the reached financial result and the invested means. In all these years Gorenje d.d. has been able to pay everything as a successful company. In the investigated period it officiated positively and it achieved a plain profit in all three years