Komparativna analiza finansijskih izveštaja i performansi javnih komunalnih preduzeća: Studija slučaja Novi Sad i Banjaluka
Comparative analysis of financial reports and performance of public utility companies: Case study of Novi Sad and Banja Luka

Summary/Abstract: This paper provides a comparative analysis of the financial statements and performance of public utility companies in two regional centers—Novi Sad and Banja Luka—with the aim of evaluating the efficiency, stability, and financial sustainability of their operations during the 2022–2023 period. Two companies from the water supply and district heating sectors were analyzed using data from balance sheets and income statements, as well as relevant financial indicators such as ROA, ROE, indebtedness, liquidity, and profitability. The results indicate significant differences in business structure, with Novi Sad companies demonstrating consistent stability and positive results, while companies from Banja Luka—particularly in the district heating sector—record losses, negative equity, and weaker liquidity indicators. This analysis highlights the need for more careful financial management and strategic planning in the public sector, as well as the importance of transparent and accurate financial reporting.

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