FINANCIAL RESTRUCTURING AS AN INSTRUMENT FOR ACHIEVING A SCCESSFUL PERFORMANCE IN THE CASE OF CONSOLIDATED GROUP COMPANIES

Finančna analiza omogoča ocenjevaje oz. vrednotenje finančnih rezultatov, katere dosežemo v opazovanem obdobju. Na osnovi le-te pridemo do spoznanja, ali smo v opazovanem času dosegli zastavljene cilje oz. pridobimo informacijo, na katerem področju ne dosegamo zastavljenih ciljev in na katerem jih presegamo. Prav tako nas zanima povezanost določenih kazalnikov med seboj ter njihova stopnja korelacije oz. povezanosti. V bankah za proučevanje finančne kondicije kreditojemalca najpogosteje uporabljamo finančne kazalnike likvidnosti, donosnosti, solventnosti in finančne varnosti. Z navedenimi kazalniki preverimo preteklo poslovanje družbe, trenutno finančno zdravje ter na osnovi projekcij poslovanja predvidimo bodoče kazalnike poslovanja. Predvsem pa z le-temi preverjamo uspešnost preteklih ukrepov v poslovanju družbe kreditojemalke. Kadar se družbi kreditojemalki poslabša poslovanje do te mere, da nastopijo likvidnostne težave predvsem v obliki zamud pri poravnavi finančnih obveznosti, mora družba pričeti s postopkom prestrukturiranja finančnih obveznosti. Cilj navedenega je doseči takšno finančno strukturo, katera omogoča pravočasno poravnavo vseh obveznosti, zraven tega pa še zadostne investicijske vložke za razvoj. Ob tem je potrebno upoštevati načela in metode prestrukturiranja. Na primeru družb v konsolidirani skupini smo prikazali postopek prestrukturiranja z vsemi ukrepi, kateri so bili izvedeni v obdobju prestrukturiranja. Na osnovi finančne analize oz. finančnih kazalnikov likvidnosti, donosnosti, solventnosti in finančne varnosti smo analizirali finančno stanje v obdobju pred prestrukturiranjem ter v letih izvedbe prestrukturiranja in analizirali doseganje zastavljenih ciljev primerjalno s panogo, v kateri konsolidirana skupina posluje. S hipotezo 1 smo analizirali uspešnost finančnega prestrukturiranja pri kazalnikih likvidnosti in donosnosti v opazovanem obdobju pred in v času prestrukturiranja. Finančna analiza je pokazala izboljšanje na večini kazalnikov, s čimer smo potrdili navedeno hipotezo. Pri hipotezi 2 smo preverjali uspešnost finančnega prestrukturiranja glede na finančne kazalnike solventnosti in finančne varnosti ter povezanost oz. korelacijo med le-temi. Prav tako smo glede na splošno oceno navedeno hipotezo potrdili, saj smo empirično dokazali izboljšanje večine kazalnikov ter korelacijo med le-temi. Za izračun slednje smo uporabili Pearsonov korelacijski koeficient. V sklepu naloge navajamo, da so ukrepi finančnega prestrukturiranja bili uspešni in so po večini dosegli zastavljene cilje pri kazalnikih likvidnosti, donosnosti, solventnosti in finančne varnosti, prav tako smo ugotovili korelacijo med slednjima dvema kazalnika.Financial analysis enables an assessment or evaluation of financial results achieved during the observation period. On its basis we reach the conclusion if the set objectives have been achieved in the observation period, or gain information in which area the set objectives have not been achieved, as well as where the set objectives have been exceeded. We are also interested in the connection between specific indicators and their level of correlation and connectivity, respectively. In banks, for assessing the borrower’s financial condition, we most commonly use the financial indicators of liquidity, profitability, solvency and financial security. With the mentioned indicators we verify the company\u27s past business activity, current financial health, and based on business projections predict the future business indicators. Above all, with these indicators we verify the effectiveness of previous measures in the business operation of the borrowing company. When the borrowing company\u27s business deteriorates to the extent to which liquidity problems arise, mainly in the form of delays of settlement of financial liabilities, the company has to begin with the financial liability restructuring process. The objective is to reach such financial structure, which enables timely settlements of all obligations, along with sufficient investment contributions for development, considering the principles and methods of restructuring. Based on the example of companies in consolidated groups we showed the process of restructuring with all measures which had been initiated during the restructuring period. Based on the financial analysis or financial indicators of liquidity, profitability, solvency and financial security, we analyzed the financial situation in the period before restructuring, as well as during the years of restructuring and analyzed the achievements of set objectives in correlation with the industry in which the consolidated group operates. With the first hypothesis we analyzed the success of financial restructuring with the indicators of liquidity and profitability in the considered period before and during restructuring. The financial analysis showed improvements in most indicators, which confirmed the stated hypothesis. With the second hypothesis we were verifying the success of financial restructuring based on financial indicators of solvency and financial security, as well as the correlation of stated indicators. We confirmed the hypothesis based on the overall assessment, since we have been able to confirm an improvement of indicators and their correlation. For calculating correlation we used the Pearson\u27s correlation coefficient. The conclusion of the thesis was that the measures of financial restructuring were successful and most of the objectives regarding the indicators of liquidity, profitability, solvency and financial security were accomplished. We also found a correlation between the indicators of solvency and financial security