20.500.12556/DKUM-99130 Kritična analiza poslovanja podjetij Krka d.d. Slovenija in Alkaloid d.d. Severna Makedonija Critical analysis of the business operations of the companies krka d.d. slovenia and alkaloid d.d. north macedonia Diplomsko delo obravnava kritično analizo in primerjavo poslovanja dveh vodilnih farmacevtskih podjetij v regiji jugovzhodne Evrope – Krka, d. d., Novo mesto (Slovenija) in Alkaloid AD Skopje (Severna Makedonija) – v obdobju od leta 2020 do 2025. Temeljni namen raziskave je s pomočjo analize konsolidiranih računovodskih izkazov (bilance stanja, izkaza poslovnega izida in izkaza denarnih tokov) oceniti finančno zdravje, uspešnost ter dolgoročno finančno stabilnost obeh družb z vidika potencialnega dolgoročnega investitorja. V teoretičnem delu so predstavljene osnovne značilnosti farmacevtske industrije, ki jo zaznamujejo visoka stopnja regulacije, intenzivna vlaganja v raziskave in razvoj ter močna globalna konkurenca. Predstavljene so tudi teoretične podlage proučevanja računovodskih izkazov ter izbrani finančni kazalniki likvidnosti, zadolženosti, učinkovitosti poslovanja, donosnosti in rasti. Poleg tega so opredeljena specifična tveganja, s katerimi se investitor sooča pri primerjavi dveh podjetij iz različnih institucionalnih okolij (valutno, državno-politično in likvidnostno tveganje trga). Empirični del temelji na vodoravni in navpični analizi računovodskih izkazov ter izračunu ključnih finančnih kazalnikov in Altmanovega Z-score modela za oceno tveganja krah/propada. This undergraduate thesis presents a critical analysis and comparison of the business performance of two leading pharmaceutical companies in the South-Eastern European region – Krka, d. d., Novo mesto (Slovenia) and Alkaloid AD Skopje (North Macedonia) – covering the period from 2020 to 2025. The primary objective of the research is to evaluate the financial health, operational efficiency, profitability, and long-term stability of both companies from the perspective of a potential long-term investor, utilizing consolidated financial statements (balance sheet, income statement, and cash flow statement). The theoretical framework outlines the key characteristics of the pharmaceutical industry, marked by strict regulation, extensive research and development (R&D) investments, and strong global market competition. It also covers the fundamentals of financial statement analysis, key performance indicators (liquidity, leverage, activity/efficiency, profitability, and growth), as well as specific market risks faced by investors comparing entities across different institutional frameworks (currency, country/political, and market liquidity risks). The empirical part applies horizontal and vertical financial statement analysis, ratio analysis, and Altman’s Z-score model to evaluate financial distress risk. finančna analiza računovodski izkazi vodoravna analiza navpična analiza finančni kazalniki Krka d.d. Alkaloid AD farmacevtska industrija donosnost likvidnost zadolženost učinkovitost poslovanja Altman Z-score investicijska presoja primerjalna analiza. financial analysis financial statements horizontal analysis vertical analysis financial ratios Krka d.d. Alkaloid AD pharmaceutical industry profitability liquidity leverage operational efficiency Altman Z-score investment assessment comparative analysis true true false T. Trajkovska] Slovenski jezik Angleški jezik Diplomsko delo/naloga 2026-08-03 15:19:15 2026-09-22 09:22:36 2026-09-23 03:08:35 0000-00-00 00:00:00 2026 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 657.3:615 291934979 UN_Trajkovska_Teona_2026.pdf UN_Trajkovska_Teona_2026.pdf 1 BCB8C7A3B696726CC84C5D4C2837A664 e147a1de063736de41ae21f6a8ae2a38dfef030ffd8f910e2b6afdd5c127512a db63df82-b591-11f1-a810-00155d0001be https://dk.um.si/Dokument.php?lang=slv&id=213006 Ekonomsko-poslovna fakulteta 0 0 0