Profitability is one of the most important companies' activity indicators. In the article, all profitability ratios are divided into three groups: sales, assets and equity. The importance of their analysis is underlined. In the financial analysis literature, the most common calculations of various financial indicators provided lack attention of their analysis. The complex analysis methodology recommended in the article comprises: 1) determination of analysis aims; 2) choice of analysis sources and technical methods; 3) calculation and evaluation profitability of sales (gross and net), profitability of assets (total assets, fixed and current assets), profitability of equity (authorized capital, shareholders' equity and capital employed); 4) determination of factors influencing profitability; 5) usage of information collected during the analysis for internal and external users purposes. The recommended complex analysis methodology can be successfully applied to companies of various size and activity. After successfully applying it, it is possible to objectively evaluate efficiency of company's activity, potential risks, competitiveness and possibilities of continuity.

Bankruptcy of enterprises is macroeconomic issue and a phenomenon of a dynamic and competitive market economy. It results in a lot of negative effects not only for the enterprise and its employees but also for other enterprises and institutions, as well as the state and society. The aim of the article is to carry out the analysis of bankruptcy of Latvian and Lithuanian enterprises. No such study has been carried out so far. Article analyses the dynamics of Latvian and Lithuanian enterprise bankruptcy, which manifest themselves in larger waves in certain periods and the factors that influence them. From 1993when the bankruptcy of enterprises was started to be officially registeredto 1 January 2017, 21,503 Latvian enterprises and 20,933 Lithuanian enterprises went bankrupt. The largest wave of bankruptcy took place in the period of 2008-2010, when the financial crisis started in both countries. The comparative analysis of Latvian and Lithuanian enterprise bankruptcies was carried out according to the economic activity types and enterprises legal forms. In both countries mostly wholesale and retail trade, repair of motor vehicles and motorcycles enterprises (30% on average) go bankrupt, while construction enterprises (13% on average) are the runners-up. Initiators of enterprise bankruptcy are studied, numbers of Latvian and Lithuanian enterprises that went bankrupt are compared to the overall number of companies in the country. The data of this analysis are valuable when forecasting enterprise bankruptcy and preparing the measures to avoid it. The main research methods: analysis of scientific literature and statistical data, case analysis, methods of collection, grouping, comparison and generalization of information.

In a rapidly changing business environment, it is important for many enterprises to create value. Yet the aim to manage the enterprise by focusing on maximizing its value does not guarantee the growth of its value. Appropriate management instruments and systems have to be selected for this purpose. Introducing a controlling system helps to improve the functionality of company and the process of decision making as well as to increase the enterprise's value. When the main purpose of an enterprise is to create value, then it is necessary to have means to monitor, estimate and assess the value creation activity. According to both theory and practice, it is proposed to estimate the value of an enterprise and its changes by applying various indicators. Different indicators measure an enterprise's value changes differently. Also, the level of complexity of indicators calculation differs a lot. Taking these two criteria into account it is important for every enterprise to create an appropriate set of indicators measuring the enterprise's value and its changes. The article analyses the significance of measuring an enterprise's value in the controlling system, the diversity of indicators to measure an enterprise's value and the issues connected with their selection in medium-sized enterprises. The aim of the article is to develop a set of indicators measuring an enterprise's value and its changes that could be introduced in the controlling system for medium-sized enterprises. The research methods are the analysis of scientific literature, collection, comparison, classification and generalization of information, expert evaluation, a questionnaire survey of Lithuanian medium-sized companies' managers, accountants, financiers. During the expert evaluation it was found out that the following set of eight indicators measures the value and its changes in the controlling systems for medium-sized enterprises the best: Net profit, EBITDA, ROE, ROS, ROA, EVA, MVA, and TSR.

The increasing interest in social enterprises is related to the specifics of their business activities, which not only involve the most vulnerable part of the society, but also offer greater opportunities for the socialisation of the disadvantaged. As a rule, social enterprises may be entitled to some tax exemptions or may apply for the specific state support. Such tools help to reduce the low efficiency of social enterprises and extend possibilities for the most vulnerable part of the society to participate in the creation of the general economic value of enterprises and the country as a whole. The recent changes introduced in Lithuania reduced the level of the state support and the exemptions from corporate income tax for social enterprises under the impact of the opinion that such enterprises may misuse the status of social enterprises and, accordingly, the state support tools. Therefore, such changes raise the need to evaluate their possible influence on the state budget of Lithuania. The purpose of the research is to evaluate the impact of state support and corporate income exemptions for social enterprises, on the state budget of Lithuania. The object of the researchinvolves the data of income statements of social enterprises, the information on state support, the state budget of Lithuania for the period of 2013 -2017. The research deployed the legislation analysis, the inductive and deductive methods, the methods of systematisation, comparison and summary of information. The research results show that the value of corporate income tax exemptions and state support do not have a significant impact on the state budget of Lithuania and reach around the average of 0.18% of the state budget. Nevertheless, the reduction of state support and corporate income tax exemptions may limit the possibilities of social enterprises to reinvest their profits, expand businesses and employ marginalised population.

Tangible fixed assets are used in production, provision of services, renting and for administrative purposes. Various internal and external information users are interested in this type of assets. With regards to the significance of such assets, it is very important to carry out their detailed analysis. The article recommends a methodology of complex analysis of tangible fixed assets that consists of the following stages: 1) compositional analysis; 2) structural and dynamic analysis; 3) change analysis; 4) technical condition analysis; 5) usage analysis; 6) profitability analysis. Application of this methodology allows one to objectively assess the condition of the tangible fixed assets and make management decisions in order to use them better and improve the enterprise's activity results.