| Name of article: | Zhodnocení efektivnosti hospodářské činnosti menšinových státních lesních podniků v ČR a SR v letech 2005–2014 |
|---|---|
| Number: | 2 |
| Year: | 2017 |
| Author: | Markéta Beranová, Miroslava Navrátilová |
The paper discusses the application of elementary financial analysis in two selected state-owned companies: Vojenské lesy a statky ČR (VLS) in the Czech Republic, and Vojenské lesy a majetky SR (VLM) in the Slovak Republic. Our work aims to assess the efficiency of these two state-owned forestry companies by means of financial analysis (specifically profitability, liquidity and activity ratios) and comparing their results in the period of 2005–2014. The profitability ratios have obviously been better and more stable at the VLS with an upward trend since 2010, while VLM has experienced a downward trend for all monitored indicators from 2005. Similar results and trends are reported in the area of liquidity. As regards activity, specifically net assets turnover, both companies had the same average values in the monitored period. The trend of inventory turnover was constant for both companies, while receivables turnover oscillated greatly throughout the monitored period. Specific factors pertaining to forestry must be taken into account, in this case the purpose of existence of both companies in particular.
