|
surplus b_____________ | ||||||||||
|
Financial costs [w |
5.15 |
4.56 |
3.99 |
3.37 |
3.77 |
3.56 |
3.82 |
3.42 |
4.20 |
2.36 |
|
Liquidity ratio_______ |
1.21 |
1.12 |
1.33 |
1.32 |
1.26 |
1.26 |
1.21 |
1.19 |
1.20 |
1.19 |
|
Investment ratec |
1.85 |
1.56 |
1.94 |
2.16 |
2.21 |
1.88 |
1.75 |
1.39 |
1.28 |
1.15 |
|
Share of companies |
47.2 |
60.77 |
64.5 |
64.6 |
67.9 |
60.0 |
60.6 |
65.3 |
69.4 |
72.1 |
|
companies - in the revenues of industry_____________ |
70.2 |
73.0 |
80.6 |
81.6 |
76.5 |
65.7 |
67.3 |
70.9 |
73.6 |
78.3 |
a - net profit + amortisation, b - gross profit + amortisation + financial costs, c -
investment expenditures/amortisation, d - concerns big and medium producers of food
and beverages.
Source: Wos A. et al: Analiza produkcyjno- ekonomiczna sytuacji rolnictwa i gospodarki
Zywnosciowej w 2001 i 2002 roku. IERiGZ, Warsaw 2002 and 2003.
During the whole period studied the level of the production in the agricultural and
food industry was increasing although at the greatest pace between 1993 - 1998, that is
in the period when the inflow of funds from abroad was the greatest. One may thus state
that foreign direct investments constituted a very important factor dynamising the
development of the agricultural and food industry in Poland. Besides the production
aspect, a phenomenon which was difficult to overestimate was the very clear growth of
the quality of products, improvement of production and company management and also
of relations of entities with the market (market research, marketing, promotion etc.).
The economic situation of the branch of industry studied was changeable, although
profitability was maintained almost all the time (with the exception of 1993 and 1999).
Companies managed to increase their property, which is proven by the fact that
investments amounted to 1.15 to 2.21 times more than the consumption of fixed assets
did. On the whole, the share of profitable companies from the perspective of net profit
achieved was generally high (60- 70%).
Conclusions
The research carried out allows one to draw a few conclusions.
1. After the economic transformation, which meant a transition from the socialist
economy to the market economy, Poland became an attractive place for foreign
investments, taking a considerable part of the capital invested in Central and
Eastern Europe.
2. Expenditure on production activity, financial brokerage and trade and logistics
prevailed among foreign investments. There was a positive tendency in the
structure of investments because the share of acquisitions of privatised
companies decreased giving way to greenfield investments.
3. In the first period of privatisation investment in the food industry was
considerable. In the following years their share decreased while the interest of
investors in other industries and in (financial, commercial) brokerage grew.
4. Within the agricultural and food industry investors were interested most in the
production of tobacco, sweets and (alcoholic and non- alcoholic) beverages.
Expenditures in the meat, dairy and fruit and vegetable industry were also
significant. However, the scale of unit investments was different, the greatest
being in the tobacco industry (over 353 m USD).
5. The economic results of companies within the agricultural and food industry
were changeable; however, the industry as a whole maintained liquidity and
profitability during the years studied. It is also important that in each year the
level of investment expenditure was higher than the consumption of fixed assets.
This means that the companies of the sector studied developed and expenditure