Economic and financial results involving the production sector of computer,
electronic and optical equipment in 2009 were more favorable in comparison with 2008, the assessment
situation of the division is due primarily to the results achieved by the manufacturers
consumer electronics, including televisions (8% of all firms, 46%
revenue department) and the manufacturers of electronic components and printed circuit boards (23% of all firms, 20% of the revenue department), telecommunications equipment manufacturers (18% of companies in total, 18% of the revenue department). Export share in revenue generated by the manufacturers of computers and electronic products in 2009 was 62%, including
91% of TV manufacturers.
The revenues generated by the producing companies and telecom equipment rtv
in 2009 increased by 8% y / y, while operating costs by 7% y / y. Gross profit and net profit generated in 2009 by far exceeded the level for the year 2008 (gross more than doubled, net - more than three times). As a result, earnings growth and profitability improved sales
net capital and assets (ROS = 2.6% versus 0.9%, ROE = 10.9% versus 3.2%; ROA = 4.1% versus 1.1%).
Current financial liquidity (1.27) remained at an acceptable level, while
elevated (0.93) has not reached the level of due. Period of inventory turnover in 2009 decreased as compared to 2008 to 39 days, receivables turnover cycle was shorter by 11 days, while the period of adjustment
obligations to suppliers extended to 91 days to 80 days in 2008
Capital expenditures increased in 2009 compared with 2008 by 19% and also increased
share of investments in depreciable (1.74 to 1.46 in 2008). Write-off of fixed assets has not changed
a (0.38).
The average debt assets decreased (0.62 to 0.66 in 2008). Coverage of fixed assets
capital fixed at 1.27 was satisfactory - exceeded the required level of 1.0.
Due to the nature of export-oriented manufacturing, financial results hardware manufacturers
e are conditioned pace of economic recovery overseas. Growing
Foreign demand in the first half. 2010, favored a considerable increase in export sales
televisions. In the second half. 2010 and the first half. 2011 is likely to slowdown in exports due to the slowdown in recovery abroad. However, due to the strong position of Polish
electronics manufacturers in the European market, the situation in the short term the industry should be stable and the average lending risk. In the domestic market, to still noticeable slowdown in consumer demand, can hardly be expected to increase
consumer expenditure on the purchase of equipment tv. Seasonal sales growth receivers
TV can be given in the fourth quarter of 2010, before Christmas.
sobota, 26 lutego 2011
Economic and financial results of metal producers in 2009
Economic and financial results metal producers in 2009 were significantly worse than
The 2008 decline in revenue deeper than the costs (by 36% and 30% y / y) caused a negative
financial result. Sold production of metal producers in 2009 decreased (in constant prices)
compared to 2008, over 24%, steel mills cut back production to 7.1 million tonnes (ie 27%
less y / y). The results of the industry have a decisive influence producers of iron, steel and
steel (54% of revenue department) who, despite the implementation of savings schemes
and reduce employment, noted the much larger drop in revenues than costs, which
contributed to the losses [in the case of steel mills ROS = (-8.2%)]. Results of non-ferrous metal production
and foundries (respectively 17% and 15% of the revenue department) were, with the decrease in revenues
and costs, positive, with improved profitability on sales y / y. Poor financial performance department are a drop in demand from the domestic automotive industry and manufacturers of white goods (decrease in consumption
steel by 30% y / y).
In 2009, the producers of metals showed a decrease of profitability [ROS = (-2.2%) compared to 4.7% in 2008;
analogy ROE = (-3.5%) compared with 10.2% and ROA = (-1.9%) compared to 5.3%]. Financial liquidity was too low (CR = 1.3, QR = 0.87). Performance indicators have worsened the action: the longer turnover of stocks (10 days), longer cycle of collection of receivables (12 days) and longer period of settlement of liabilities (25 days). Remission has not changed and tangible assets (0.39), and the investment share in the depreciation, despite the decline (1.86 to 2.4 in 2008) was above the average for manufacturing (investment in metals production accounted for more than 5% total investment in industry). Debt assets (0.47) at the end of 2009 stood at an acceptable level. Coverage ratio of assets
permanent fixed asset (1.02) exceeded the required level of 1.0.
In the medium term remain difficult operating conditions, placing the industry in the area of high risk lending, due to slow demand for rebuilding the domestic and foreign markets. Announcement of stabilizing the situation in the steel industry may be increasing in the first months of 2010, the turnover of the steel industry and run by ArcelorMittal Poland in the first quarter of 2010 of the second blast furnace in Dąbrowa (wygaszonego
in the fourth quarter of 2008), almost half of domestic steel consumption falls on construction and related
of the steel construction industry, which should increase demand for steel, together with infrastructure projects that run sequentially (road and engineering), co-financed by EU and implemented for the EURO 2012. It is expected a growth in demand for steel products from the engineering industry, working with producers such as from Germany. Negative results from the perspective of the industry is the increase in electricity prices, rising prices of iron ore (associated with the change of ordering of iron ore by Asian steel mills - manufacturer of two thirds of world production), which may even double the price of raw material
for the smelters, as well as an increase in scrap prices.
The 2008 decline in revenue deeper than the costs (by 36% and 30% y / y) caused a negative
financial result. Sold production of metal producers in 2009 decreased (in constant prices)
compared to 2008, over 24%, steel mills cut back production to 7.1 million tonnes (ie 27%
less y / y). The results of the industry have a decisive influence producers of iron, steel and
steel (54% of revenue department) who, despite the implementation of savings schemes
and reduce employment, noted the much larger drop in revenues than costs, which
contributed to the losses [in the case of steel mills ROS = (-8.2%)]. Results of non-ferrous metal production
and foundries (respectively 17% and 15% of the revenue department) were, with the decrease in revenues
and costs, positive, with improved profitability on sales y / y. Poor financial performance department are a drop in demand from the domestic automotive industry and manufacturers of white goods (decrease in consumption
steel by 30% y / y).
In 2009, the producers of metals showed a decrease of profitability [ROS = (-2.2%) compared to 4.7% in 2008;
analogy ROE = (-3.5%) compared with 10.2% and ROA = (-1.9%) compared to 5.3%]. Financial liquidity was too low (CR = 1.3, QR = 0.87). Performance indicators have worsened the action: the longer turnover of stocks (10 days), longer cycle of collection of receivables (12 days) and longer period of settlement of liabilities (25 days). Remission has not changed and tangible assets (0.39), and the investment share in the depreciation, despite the decline (1.86 to 2.4 in 2008) was above the average for manufacturing (investment in metals production accounted for more than 5% total investment in industry). Debt assets (0.47) at the end of 2009 stood at an acceptable level. Coverage ratio of assets
permanent fixed asset (1.02) exceeded the required level of 1.0.
In the medium term remain difficult operating conditions, placing the industry in the area of high risk lending, due to slow demand for rebuilding the domestic and foreign markets. Announcement of stabilizing the situation in the steel industry may be increasing in the first months of 2010, the turnover of the steel industry and run by ArcelorMittal Poland in the first quarter of 2010 of the second blast furnace in Dąbrowa (wygaszonego
in the fourth quarter of 2008), almost half of domestic steel consumption falls on construction and related
of the steel construction industry, which should increase demand for steel, together with infrastructure projects that run sequentially (road and engineering), co-financed by EU and implemented for the EURO 2012. It is expected a growth in demand for steel products from the engineering industry, working with producers such as from Germany. Negative results from the perspective of the industry is the increase in electricity prices, rising prices of iron ore (associated with the change of ordering of iron ore by Asian steel mills - manufacturer of two thirds of world production), which may even double the price of raw material
for the smelters, as well as an increase in scrap prices.
Economic and financial results of producers of basic non metals
Economic and financial results of producers of basic NON metals in 2009 were
less than a year ago. The results of the industry are mainly the results of cement and lime,
articles of concrete, glass and ceramic materials (by about 22%, 26%, 24% and 11%
revenue department). In 2009 the sold production of non-metallic mineral products was less than r / ro 6.4%. Weaker financial results in 2009 are the result of weakening demand in the domestic market (export revenues represent 19% of the revenue department, but in some segments
are higher, such as in glass manufacturing 37%), while at the same time a large supply of construction materials, which resulted in unfavorable for the decline in producer prices (falls in
10-30%) of many products. In terms of annual production volume according to GUS fell y / y in the case of most products, the most in the case of sand-lime brick (31%), ceramic tiles (24%) and sanitary ware (20%), slightly less blocks of concrete (about 12%) and clinker
(14%), at least in the case of insulating glass (6%) and weight of concrete (1%).
In 2009, the decline in the cost sector (6%) less than the decrease in revenues (10%) contributed
to lower earnings (by 39% y / y), as well as self-financing resources for development (25%). Companies with foreign ownership (17% of companies chapter) generate 54% of the revenue department. Return on sales was significantly lower compared to the last four years, but remained higher than average in the industry. Department characterized by a strong differentiation - half of the companies did not achieve an average return on sales in the department (in the case of ROS D5 = 2.8%), indicating a significant share of companies with weak results. There is strong variation of the results of manufacturers of various products - reached the top cement producers (ROS = 20.4%), in the case of other products of ROS was 4.5% among ceramic producers, concrete products 4.1%, 2.8% glass. Financial liquidity remained at a satisfactory level, was reached at a somewhat longer compared with 2008 cycles of rotation of the obligations, accounts receivable and inventories. Weakened replacement process, which indicates a decrease in investment expenditures by 34% y / y and a smaller share of investment in depreciable (1.46 to 2.26 in 2008). Debt remained acceptable, and the coverage ratio
fixed capital assets in excess of the minimum required level of 1.0.
In the medium-term results of the chapter, along with a gradual upturn in the economy,
will stabilize, but will be far from the results of the boom period of 2007-2008. Results will be negatively affected by weak demand from residential and industrial, a lot of competition in the domestic market and the unstable situation on the markets of Central and Eastern Europe (important for producers active in the region) is preferred but continued high demand from infrastructure construction and continuing demand for repair, reinforced the necessity of removing the effects of floods in May and June. Announcing an increase in the VAT rate on construction materials since 2011, could increase demand for
not in 2010 As the year is the area with an average credit risk.
less than a year ago. The results of the industry are mainly the results of cement and lime,
articles of concrete, glass and ceramic materials (by about 22%, 26%, 24% and 11%
revenue department). In 2009 the sold production of non-metallic mineral products was less than r / ro 6.4%. Weaker financial results in 2009 are the result of weakening demand in the domestic market (export revenues represent 19% of the revenue department, but in some segments
are higher, such as in glass manufacturing 37%), while at the same time a large supply of construction materials, which resulted in unfavorable for the decline in producer prices (falls in
10-30%) of many products. In terms of annual production volume according to GUS fell y / y in the case of most products, the most in the case of sand-lime brick (31%), ceramic tiles (24%) and sanitary ware (20%), slightly less blocks of concrete (about 12%) and clinker
(14%), at least in the case of insulating glass (6%) and weight of concrete (1%).
In 2009, the decline in the cost sector (6%) less than the decrease in revenues (10%) contributed
to lower earnings (by 39% y / y), as well as self-financing resources for development (25%). Companies with foreign ownership (17% of companies chapter) generate 54% of the revenue department. Return on sales was significantly lower compared to the last four years, but remained higher than average in the industry. Department characterized by a strong differentiation - half of the companies did not achieve an average return on sales in the department (in the case of ROS D5 = 2.8%), indicating a significant share of companies with weak results. There is strong variation of the results of manufacturers of various products - reached the top cement producers (ROS = 20.4%), in the case of other products of ROS was 4.5% among ceramic producers, concrete products 4.1%, 2.8% glass. Financial liquidity remained at a satisfactory level, was reached at a somewhat longer compared with 2008 cycles of rotation of the obligations, accounts receivable and inventories. Weakened replacement process, which indicates a decrease in investment expenditures by 34% y / y and a smaller share of investment in depreciable (1.46 to 2.26 in 2008). Debt remained acceptable, and the coverage ratio
fixed capital assets in excess of the minimum required level of 1.0.
In the medium-term results of the chapter, along with a gradual upturn in the economy,
will stabilize, but will be far from the results of the boom period of 2007-2008. Results will be negatively affected by weak demand from residential and industrial, a lot of competition in the domestic market and the unstable situation on the markets of Central and Eastern Europe (important for producers active in the region) is preferred but continued high demand from infrastructure construction and continuing demand for repair, reinforced the necessity of removing the effects of floods in May and June. Announcing an increase in the VAT rate on construction materials since 2011, could increase demand for
not in 2010 As the year is the area with an average credit risk.
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