J. For. Sci., 2016, 62(3):116-125 | DOI: 10.17221/88/2015-JFS

The assessment of forestry companies in the Czech Republic with focus on profitabilityOriginal Paper

M. Levá, H. Čermáková, M. Stárová, H. Vostrovská
Department of Trade and Accounting, Faculty of Economics and Management, Czech University of Life Sciences Prague, Prague, Czech Republic

The paper deals with the evaluation of economy of forestry companies. The evaluation stems from the results of economic analyses of enterprises that are further monitored in the context of forestry and development of economic financial ratios of evaluated companies. Furthermore, the evaluation is based on real possibilities of companies stemming from resources which they have at their disposal and on the facts that occurred in the selected companies in the monitored period. The development of important factors influencing the whole branch of forestry and their real state are introduced in the first part of the paper. After that, methods used in financial analysis of enterprises are described. The fact that forest land in the Czech Republic covered 2.66 million hectares in 2014 and its proportion in the total area of the country is 34% adds importance to the topic (Czech Statistical Yearbook 2015).

Keywords: financial analysis; financial ratios; comparison; median

Published: March 31, 2016  Show citation

ACS AIP APA ASA Harvard Chicago Chicago Notes IEEE ISO690 MLA NLM Turabian Vancouver
Levá M, Čermáková H, Stárová M, Vostrovská H. The assessment of forestry companies in the Czech Republic with focus on profitability. J. For. Sci. 2016;62(3):116-125. doi: 10.17221/88/2015-JFS.
Share...
Download citation
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Open full article

    References

    1. Amadeus database (2015): A database of comparable financial information for public and private companies across Europe. Available at https://amadeus.bvdinfo.com/version-2016218/home.serv?product=amadeusneo
    2. Campos P., Daly-Hassen H., Oviedo J.L., Ovando P., Chebil A. (2008): Accounting for single and aggregated forest incomes: Application to public cork oak forests in Jerez (Spain) and Iteimia (Tunisia). Ecological Economics, 65: 76-86. Go to original source...
    3. Czech Statistical Yearbook (2015): Available at https://www.czso.cz/csu/czso/statisticka-rocenka-ceske-republiky-2015 (accessed Dec 19, 2015).
    4. Gurčík L. (2002): G-index - The financial situation prognosis method of agricultural enterprises. Agricultural Economics Czech, 48: 373-378. Go to original source...
    5. Grünwald R., Holečková J. (2007): Finanční analýza a plánování podniku. Praha, Ekopress: 318.
    6. Hildebrant P., Knoke T. (2011): Investment decisions under uncertainty - A methodological review on forest science studies. Forest Policy and Economics, 13: 1-15. Go to original source...
    7. Knápková A., Pavelková D., Šteker K. (2013): Finanční analýza: Komplexní průvodce s příklady. Praha, Grada: 236.
    8. Konečný O. (2014): Rural development, multifunctionality and agriculture: The perspective of Czech farmers. In: Smutka L. (ed.): Proceedings of the Conference Agrarian Perspectives XXIII, Prague, Sept 16, 2014: 304-311.
    9. Kupčák V. (2003): Economic analysis of forest joint-stock companies in the Czech Republic in 1992-2000. Journal of Forest Sciences, 49: 27-36. Go to original source...
    10. Kupčák V. (2004): Rentabilita státních podniků v lesním hospodářství ČR. Lesnická práce, 8: 15-17.
    11. Kupčák V. (2005): Elementary financial analysis of the forests of the Czech Republic, state enterprise. Journal of Forest Sciences, 51: 127-140. Go to original source...
    12. Kupčák V., Šmída Z. (2015): Forestry and wood sector and profitability development in the wood-processing industry of the Czech Republic. Journal of Forest Sciences, 61: 244-249. Go to original source...
    13. Lenoch J. (2010): Ekonomika obhospodařování lesních majetků. Zprávy lesnického výzkumu, 55: 59-66.
    14. Lu X., Li J. (2010): Research about ROE on chinese small and medium-sized enterprises based on quantile regression. In: Proceedings of the 11th West Lake International Conference on Small and Medium Business, Beijing, Oct 25-27, 2010: 350-354.
    15. Miklovičová S., Miklovičová J. (2010): The debt analysis of agricultural companies in the Slovak Republic. In: Proceedings of the Conference Agrarian Perspectives XIX, Prague, Sept 14-15, 2010: 117-124.
    16. Ministry of Agriculture of the Czech Republic (2014): Report on the State of Forests and Forestry in the Czech Republic in 2013. Prague, Ministry of Agriculture of the Czech Republic: 136.
    17. Růčková P. (2010): Finanční analýza: Metody, ukazatele, využití v praxi. Praha, Grada: 139.
    18. Sedláček J. (2011): Finanční analýza podniku. Brno, Computer Press: 152.
    19. Střeleček F., Lososová J., Zdeněk R. (2011): Economic results of agricultural enterprises in 2009. Agricultural Economics, 57: 103-117. Go to original source...
    20. Šmída Z. (2004): Podnikatelské subjekty lesního hospodářství České republiky a získávání informací z účetních dat. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 52: 131-146. Go to original source...
    21. Šmída Z., Dudík R. (2014): Analýza podnikatelských subjektů v lesním hospodářství České republiky s ohledem na dostupnost účetních informací vybraných subjektů. Zprávy lesnického výzkumu, 59: 55-65.
    22. Zobrist K.W., Comnick J.M., McCarter J.B. (2006): Economatic: a new tool that integrates financial analysis with forest management simulations. Western Journal of Applied Forestry, 21: 134-141. Go to original source...

    This is an open access article distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International (CC BY NC 4.0), which permits non-comercial use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.


    Return to the content