Abstract
Macroeconomic variables and their changes have great impact on company's performance and they are inevitable when analysing business performance. Subject of this research is analysis of impact of inflation rate and nominal exchange rate on profitability of 4 companies in Serbia which are part of energy sector. Analysed companies are Public Enterprize EPS, NIS a.d. Novi Sad, Public Utility Company Beogradske elektrane and Public Utility Company Novosadska toplana, analysed period is from 2015 to 2020, and chosen profitability indicator is ROA (Return on Assets). Aim of this research is to determine whether macroenonomic variables inflation rate and nominal exchange rate have impact on profitability (ROA) of analysed companies and if they do, is the correlation positive or negative. Methodology of this research contains of descriptive statistical analysis, panel analysis and determination of corresponding model. Two macroeconomic variables are observed separately, so the aim of the first model is to determinate inflation rate impact on profitability of selected companies and of the second model is to determinate nominal exchange rate impact on profitability. Obtained results confirm statistically significant positive correlation between nominal exchange rate changes and ROA, whereas impact of inflation rate changes on ROA is positive, but not statistically significant.
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