Analysis of the Financial situation of Farms in Bulgaria | Анализ на финансовото състояние на земеделски стопанства в България

The purpose of this article is presented a comparative analysis of the financial condition of the monitored agricultural holdings in three regions in Bulgaria for a period of six years. The period covers the years between 2006 and 2011, which gives us an idea of the influence of tools of the Common Agricultural Policy CAP over monitored farms. In the study is used the following research methods: a comparative analysis, a method of statistical groups survey, questionnaire, in-depth interviews and more. The scientific study covers 164 farms in three regions of the country: Ruse, Plovdiv, Samokov. Regions are characterized with traditions in agriculture. Observed farms have different specialization by production, different legal status and economic size. For the purpose of financial analysis are used financial statements of farmers, and information whicha are provided from farmers. The analysis includes a detailed examination of key financial indicators and trends related to production efficiency of farms, profitability, liquidity and liabilities, and capital sustainability. On the basis of analysis we could summaraize following conclusions: • In the observed groups farmers the best finan49 cial condition shown the farms specialized in cereal and oil seeds. These farms utilized with success big part from farm subsidies. Liquidity ratios fall relative • smoothly for the period, the level of goods increases due to various reasons for farmers. From one side the group of producers of cereals and oil seeds hold longer goods in warehouses for the highest profits, from the other side potato producers find with difficulties market of the it production. • Liabilities have increased with faster rate since 2009, which contributes to the reduction of capi- tal coverage. The structure of liabilities is amended slightly in favor of long-term versus short-term. • Many of the surveyed farms in subsectors in livestock, fruits and vegetables are characterized with unsustainable financial condition, which creates more risks to their existence and development in the future. The search for a more balanced and mild approach for support of farms with different specialization in the line of leading national policies will help to increase the share of sustainable farmers.