The financial statements are the holders of important information that are required by a wide range of internal and external users. Because of ever-increasing competition of society they needs to constantly develop their business activity, and because business environment which is often changing, it is important to constantly check and analyze the relevant financial indicators of the company. Since society want's to improve their business results they rely on financial statements with which they can analyze existing business and improve their future business. Analysis of financial statements: Balance sheet, Profit and Loss Statement, Cash Flow Statement, Statement of Changes in Equity and Notes to the Financial Statements can be provided with information on the financial position of the company. Based on this, critical business aspects that improve survival, security and more successful business can be improved. The subject of this specialization graduate professional thesis is the analysis of the financial statements based on the financial indicators in the bakery business in the Republic of Croatia on the examples of companies operating: Pekare Dubravice d.o.o., Mlinara d.d. and Pan-peka d.o.o. in the period from 2013. to 2015.