Finance I Rachunkowosc Sgh to Master Od Science Art

one

Introduction

This article aims to familiarise the reader with the components of a greenbacks flow statement and the ratios that chronicle to it. It is this argument that very often betrays the current financial condition of the company and the further directions of its evolution. Financial liquidity has ever been a more important parameter than a high financial consequence (Gorton and Pennacchi, 1990). Both studies in this area (Wędzki, 2018; Kil, 2018, Wędzki, 2017; Nita, 2016; Wędzki, 2012; Wędzki, 2009; Wędzki, 2002; Wędzki, 1995; Puxty & Dodds, 1992; Crum, Klingman, & Tavis, 1983) and business concern practice demonstrate that high-performing companies were not always able to "survive' over time. Besides, this article likewise seeks to examine the fiscal liquidity between 2015 and 2019 of select automotive industry importers registered in Poland. I program to employ a enquiry sample of 10 such companies.

These enterprises operate in different areas, such every bit trade, service, product and sometimes all of the above simultaneously. Many industries can be distinguished in the current economic system. The automotive industry is extremely common, bookkeeping for a x.50% share in industrial production (Statistical Yearbook, 2018). Entrepreneurs from this sector deal with the auction and production of car parts, maintenance services, torso and paint services, and the sale of new and used vehicles. The latter tangible goods come from importers. These, in turn, generate sales revenues mainly from the sale of vehicles to dealers and agents who sell these products in individual provinces in a given country.

It is worth noting that the data necessary for a detailed assay of this sector are easily available. In Poland, the National Court Annals (KRS) previously known as the Commercial Register (Act, 1997), has been operating since 2001. Also, since 2017, financial statements of commercial companies have been published electronically. Originally, these documents had to be submitted in electronic class as a scanned document. However, since 2018, these statements are prepared in a structured grade, except for those prepared following IAS/IFRS.

Moreover, the assay of relatively 'high' values allows a more than reliable exam of the economic performance of the industry in question. It is also worth emphasising that this is a unique sector. I have decided to report the information from 2015 to 2019 equally these were the about upwards-to-engagement figures available on the date of the publication. The research methods include the assay and criticism of the literature, assay of documents, adding of data from financial statements and data tabulation. The main goal of the inquiry has been to observe how the information changes through time as the industry develops and to analyse the relationship between profitability and liquidity ratios, which come from the profit and loss accounts, balance sheets and cash flow statements. For this purpose, the r-Pearson correlation coefficient was used.

The post-obit research questions volition exist addressed in empirical research:

Q1: Most companies in the examined sample showed positive ratios of liquidity and efficiency.

Q2: Machine importers increase their savings through speculation on the economic time to come.

Q3: The increased number of vehicles sold in a given year also increased individual fiscal ratios.

Q4: In most of the analysed cases, there is a statistically strong correlation betwixt profitability and financial liquidity ratios.

Speculation on cash availability in the upshot of random occurrences is necessary, and sudden expenses during a crunch threat are an indispensable aspect of the functioning of every economical entity. Reasonable and predictable greenbacks management is of utmost importance in managing the company'south resources (Sierpińska, Sierpińska-Sawicz, & Węgrzyn, 2019)

2

Cash Menses Statements and Financial Assay

Investors, skilful auditors, and many other internal and external recipients benefit from fiscal statements. The basic class of this study is the annual statement. In the case of our research, companies of this size are obliged to take their books of accounts audited past contained statutory auditors (Act, 1994). In 'large' companies, financial statements are generated every month (Kowalak, 2017). The literature also includes other breakdowns of the financial statements according to numerous features (Table 1). Car importers are independent entities, which mean that they exercise non consolidate with dealers who source their goods from them.

Table 1

Breakup of fiscal statements.

Particular	Characteristics
Scope	Annual separate/annual full/almanac consolidated
Obligatory or not	Obligatory/optional
Obligation to publish	Must be published/does non accept to be published
Frequency	Systematically/sporadically
Degree of generality	Constructed/analytical
Reporting menstruation	Ex mail (bodily return)/ex dues (expected return)
Recipients	External/internal

Source: Kowalak (2017) and Wędzki (2009).

Information technology is also important to recall the functions of financial statements (Nita, 2020):

Information part: analysing the actual condition of the company and 'foundations' of planning

Documentation office: reliable historical data

Analytical function: helps to deport out economic and financial assay

Control function: assessment and def ining directions for the development of the visitor

The cash flow statement is a component of the fiscal statements of entities that are subject to audit by a statutory auditor and is likewise mandatory for those companies that use IAS/IFRS (international standards), which offset came to force in 1972. The IAS standards had been published until 2001 and were and so replaced by IFRS (Hołda, 2013). In the 'classic' formula of the cash flow statement, we can distinguish three types of activities (Folga & Trzpioła, 2017):

Performance;

Investment;

Fiscal.

Analysis of cash flow statements allows united states of america to respond questions such every bit:

What level of financial resources does the visitor obtain from the core (operating) activities?

Which area generates the highest cash flows?

Is the company able to finance current activities?

Is the surplus greenbacks being invested?

What share of external financing is involved in investments?

How have the levels of inventories, trade settlements, and reserves changed over the years?

In decision, we can say that no other fiscal statements provide such detailed information about a company. The cash flow statement is one of the virtually difficult financial statements to prepare. In reality, few people can see the positive benefits of their analysis (Whatever, 2015). We should add together that the data in the balance sheet or turn a profit and loss business relationship tin can be "distorted." On the other hand, the cash flow statement must be consequent. In other words, it is not possible to make information technology correctly without entering all the items correctly (Gos, Janowicz, Mućko, Niemiec, & Skoczylas, 2017). Manipulation of financial data often brings tangible results, because the penalties for such fraud are very severe (Kurek & Górowski, 2019).

In Poland, the first legal regulations regarding the cash menstruum statement came into strength on July 29, 1991 (Bereźnicka & Franc–Dąbrowska, 2008). It laid downwards specific conditions for the prospectuses of financial instruments. It was officially adopted as an element of financial statements in Poland in 1995 (Forfa, 2009). Colloquially called 'greenbacks flow', it can be prepared using the direct and indirect method. An extremely important basic principle is that the company must but utilise i type of cash catamenia statement method. It is non possible, even forbidden, to change the method of preparing financial statements without a valid reason (Śnieżek, 2017).

The cash flow statement for entities that keep bookkeeping books under the Accounting Act (Act, 1994) differs only for some operating activities. Table 2 lists the receipts, expenses and adjustments that touch on the cash flows from the cadre activities of a company. Intriguingly, the International Financial Reporting Standards recommend the use of the indirect method of preparing 'cash flow' (Iwasieczko, 2019). 1 can find positives resulting from this approach. When looking at cash flows from operating activities, we can discover how the levels of inventories, reserves or merchandise settlements changed over 2 comparable periods. This allows the investor to chop-chop verify the management in which an entity is heading (Gilchrist & Himmelberg, 1995).

Table two

Items of the cash menstruation statement in business operations

Direct method

Indirect method

Cash flows from operating activities Receivables Sales Other gain from operation activities Expenses Supplies and services Net salaries Social and health insurance and other benefits Taxes and public police charges Other operating expenses Cyberspace cash flows from operating activities (I–II)

Cash flows from operating activities Event (net profit/loss) Adjustments full Depreciation Profits (losses) due to exchange rate differences Involvement and shares in dividends Profit (loss) on investment Alter in reserves Change in inventory Alter in receivables Change in curt-term liabilities, except for loans and credits Change in the condition of accruals Other adjustments Cyberspace cash flows from operating activities (I–II)

Source: Folga & Trzpioła (2017).

As Almeida writes, Campello & Weisbach 'adjustments are made to make the cash flows more realistic past the amount of the adjustment to the effect, without causing outlays and cash inflow' (Almeida, Campello, & Weisbach, 2004). Investing and fiscal activities of the cash flow statement practise not change the structure of reporting items in compliance with the formula for entities that prepare financial statements following the Accounting Human activity (Human action, 1994).

The statement of cash flows and other financial statements cannot be made 'by chance'. Still, 'cash period' is and then sensitive a component that any misrepresentation of the financial facts in the balance sheet and turn a profit and loss accounts will significantly distort the argument of cash flows, which may lead to a negative view of the financial data by stakeholders. Equally M. Wójcik-Jurkiewicz and R. Jurkiewicz write, 'the credibility of economical data generated past economical entities has been and will exist the subject of unremitting discussions, although not in relation to international solutions in which it was reflected' (Wójcik-Jurkiewicz & Jurkiewicz, 2014).

The ratio analysis of financial statements plays an extremely of import role. It is used past the recipients of fiscal statements, both internal and external. Illustration 1 classifies the stakeholders and defines them in detail. For example, 'other investors of capital' will exist interested in the company's financial status in terms of adventure cess, possible failure to pay liabilities on fourth dimension or complete inability to repay (almost oft) borrowed funds to finance current business operations. At this signal, it is necessary to emphasise the particularly significant chance of the company's insolvency, which has been discussed many times in the literature (Bijak, 2009; Wędzki, 2012; Kopczyński, 2010; Zieniuk, 2019; Zajdel, 2004; Wędzki, 1998).

Illustr. ane

Classification of the company's stakeholders. Source: Wędzki (2009).

The economical analysis indicators of a visitor tin be divided into many categories. Table three lists groups of financial ratios and describes them briefly. Financial statements must exist analysed earlier the presentation because more frequently information technology is done with insufficient data. Usually, the financial analysts, statutory auditors, every bit well as the Primal Statistical Part, rating agencies and other stakeholders are the ones that benefit from such an analysis. This analysis, in plough, is often perceived as one of the internal command systems in an economic entity (Winiarska, 2019).

Table 3

Functions of financial ratios

Group of ratios	Purposes
Financial liquidity	Assessment of the company's ability to settle liabilities (mainly short-term perspective)
Solvency	Assessment of the risk of the visitor's possible bankruptcy (curt-term and long-term perspective)
Management efficiency	Cess of the opportunities and threats in the area of effective direction (mainly current operations and outlook for the hereafter)
Profitability	Cess of the company's profitability (the prospect of current benefits)

Source: Łojek, 2020.

When discussing the groups of financial assay indicators presented to a higher place, it tin be seen that each of them is important for each stakeholder. However, it is especially worth stressing that statutory auditors should likewise rely on the assessment of the abovementioned financial parameters. For case, profitability assay is recommended for studying the continuity of operations (Micherda & Górka, 2007).

iii

Research Methodology

As mentioned in the introduction, the automotive industry is a unique sector. The segmented structure of the car marketplace relies on several interdependencies. Figure one shows the 'chain' of entities operating in the car sector. In the diagram below, information technology can be seen that the entities in question benefit in terms of positive performance equally well as cash period. Information technology is hard to imagine a situation where the products sold practise not go hand in manus with the greenbacks flow from cadre activities, specially in the automotive industry, where the values are relatively high.

Fig. 1

Companies on the automotive marketplace. Source: Łojek, 2020.

The first stage of empirical research was to collect relevant information for the study. Information technology includes sales information for individual car brands from 2015 to 2019 in Poland (Samar information). To obtain detailed data, please contact the author. It should be borne in mind that some car manufacturers are grouped, which ways that they sell unlike brands of cars with the stop product beingness a consolidated study. A perfect example is the Volkswagen group (Skoda, Volkswagen, Audi, Seat). Importers of these brands similarly combine data in a consolidated report in the country where they operate. A like situation occurs in the example of the fourth and fifth places, as these entities sell ii unlike brands, just for registration and reporting purposes, they operate nether the proper noun Renault Polska. Therefore, after such modelling of the sample, information technology is necessary to itemise the financial statements of seven economic entities, out of the ten near-bought new automobile brands between 2015 and 2019. The entities presented in Table 4 volition be the subject of assay. The data has been anonymised, and if anyone who wishes to obtain it tin contact the author.

Table 4

Companies studied in empirical research

Car brand	Registered proper name of the visitor
Skoda, Volkswagen, Audi	Volkswagen Group Polska
Renault, Dacia	Renault Poland
Toyota	Toyota Motor Poland Company Express
Kia	Kia Motors Polska
Mercedes	Mercedes-Benz Poland
BMW	BMW Vertriebs GMBH Smooth branch
Ford	Ford Polska

Source: Łojek, 2020

The 2d stage of the research consisted in searching for financial statements for the divers fiscal years in electronic systems and selecting appropriate financial assay ratios. I have focused on the cash period statements, balance sheets and profit and loss accounts every bit indicators of the financial liquidity of an economic entity. This pace is closely related to finding and presenting the selected financial data necessary for the analysis. The selected financial ratios are presented in Table 5, which includes the calculation methods.

Table five

Fiscal analysis ratios selected for empirical research

Item	Adding formula
Operating cash flow to sales ratio	operating greenbacks period net sales revenue {{{\rm{operating}}\,{\rm{cash}}\,{\rm{catamenia}}} \over {{\rm{net}}\,{\rm{sales}}\,{\rm{acquirement}}}}
Operating cash flow to current assets ratio	operating cash flow average electric current assets {{{\rm{operating}}\,{\rm{greenbacks}}\,{\rm{flow}}} \over {{\rm{boilerplate}}\,{\rm{current}}\,{\rm{assets}}}}
Operating cash menses to current liabilities ratio	operating cash flow total liabilities {{{\rm{operating}}\,{\rm{cash}}\,{\rm{flow}}} \over {{\rm{total}}\,{\rm{liabilities}}}}
3rd degree (electric current) liquidity ratio	current assets short-term liabilities {{{\rm{current}}\,{\rm{assets}}} \over {{\rm{short}\text{-}\rm{term}}\,{\rm{liabilities}}}}
2nd degree (quick) liquidity ratio	current assets-inventory brusque-term liabilities {{{\rm{electric current}}\,{\rm{assets}\text{-}\rm{inventory}}} \over {{\rm{short}\text{-}\rm{term}}\,{\rm{liabilities}}}}
1st degree (firsthand) liquidity ratio	greenbacks bachelor short-term liabilities {{{\rm{cash}}\,{\rm{available}}} \over {{\rm{short}\text{-}\rm{term}}\,{\rm{liabilities}}}}
Inventory turnover bike	average inventory costs of goods sold × number of days {{{\rm{average}}\,{\rm{inventory}}} \over {{\rm{costs\, of}}\,{\rm{goods}}\, {\rm{sold}}}} \times {\rm{number}}\,{\rm{of}}\,{\rm{days}}
Receivables turnover bike	short-term liabilities net sales revenue × number of days {{{\rm{curt}\text{-}\rm{term}}\,{\rm{liabilities}}} \over {{\rm{net}}\, {\rm{sales}}\, {\rm{revenue}}}} \times {\rm{number}}\,{\rm{of}}\,{\rm{days}}
Short-term liabilities turnover cycle	average short-term liabilities cost of goods sold × number of days {{{\rm{average}}\,{\rm{curt}\text{-}\rm{term}}\, {\rm{liabilities}}} \over {{\rm{price}}\, {\rm{of}}\,{\rm{goods}}\, {\rm{sold}}}} \times {\rm{number}}\,{\rm{of}}\,{\rm{days}}
Greenbacks conversion cycle	turnover wheel = (inventories + receivables - brusk-term liabilities)
Working uppercase ratio	current assets - short-term liabilities
overall financial status ratio	disinterestedness/fixed avails total liabilities/electric current assets {{{\rm{equity/fixed}}\, {\rm{avails}}} \over {{\rm{total}}\, {\rm{liabilities/electric current}}\, {\rm{avails}}}}
ROA (return on assets)	net return total avails × 100 % {{{\rm{net}}\, {\rm {return}}} \over {{\rm{total}}\, {\rm {avails}}}} \times {\rm{100\% }}
ROS (return on sales)	net return sales revenues × 100 % {{{\rm{net}}\, {\rm {return}}} \over {{\rm{sales}}\, {\rm {revenues}}}} \times {\rm{100\% }}
ROE (return on disinterestedness)	net render disinterestedness × 100 % {{{\rm{net}}\, {\rm {return}}} \over {{\rm{disinterestedness}}}} \times {\rm{100\% }}

Source: Olszewski (1991), Davies (1993), Bednarski (1994), Wędzki (2009) and Sierpińska & Wędzki (2017).

For this research sample, I have decided to choose iii-caste financial liquidity ratios considering of the uniqueness of the industry. A very important part of these companies' rest sheets is goods recorded every bit office of inventories. The gradual exclusion of this report may prove to exist useful in measuring how a company copes with the electric current settlement of liabilities. On the other hand, operating cash flow ratios serve to estimate the flows from core activities to sales revenues, mainly due to the same unique character of the manufacture. The cash adequacy ratio helps to assess the extent to which the suppliers' needs are met in the result of a crisis or other factors if the operations tedious down. Other ratios used in empirical research are the receivables turnover ratio, overall fiscal condition ratio and profitability ratio. In calorie-free of the distinctive features of the industry, the obtained results may turn out to be surprisingly high. In empirical research, I volition make simplifications such as not excluding transactions with related entities.

Tertiary, the summary phase of the research was in organising the financial data and interpreting them in line with the inquiry hypotheses. These data are reliable because they are reviewed and overseen by independent statutory auditors who should observe the possible threats on the market, too as the errors and frauds in the accounting books of a company. At this stage, a claim can be made that auditors pay special attending to the hazard of accounting frauds and eliminate that risk (Fawcett & Provost, 1997). Economical practice shows that the automotive industry is likewise very sensitiveto newer legal regulations in this expanse.

iv

Ratio Assay of the Enquiry Sample

The examined group of business organization entities prepares financial statements following the framework specified in the Accounting Act. This can be seen as positive considering the audited companies must nowadays and study information in a uniform manner. Nonetheless, ane visitor from the sample prepares financial statements wherein the fiscal year ends on March 31. It was decided to refuse information technology from the residue of the entities to present the figures as of December 31 of a given financial yr. The above-mentioned data is compiled in Tabular array 6. The use of a non-tax bookkeeping yr is quite rare. Mayhap this was done to increment the balance sheet result with adjustments made past the manufacturer afterwards the car is sold, with discounts and bonuses applied after a long delay. It is a very common do in the automotive manufacture (Szafarowska, 2020).

Table 6

Ratio analysis of financial statements of the studied entities

Ratio	Company ane					Company two					Company 3					Company 4					Company 5					Company 6
	2015	2016	2017	2018	2019	2015	2016	2017	2018	2019	2015	2016	2017	2018	2019	2015	2016	2017	2018	2019	2015	2016	2017	2018	2019	2015	2016	2017	2018	2019
operating cash flow/sales ratio	0.03	0.03	0.01	0.01	0.01	0.03	0.03	0.03	0.03	0.03	0.02	0.02	−0.01	0	0	0.01	0.01	0.02	0.01	0.01	0.01	0.01	0.eleven	0.05	0.05	−0.02	−0.02	0.06	0.03	0.03
operating cash catamenia/current assets ratio	5.85	v.85	0.06	0.29	0.29	0.29	0.29	0.27	0.21	0.21	0.16	0.16	−0.03	0.03	0.03	5.79	v.79	0.one	0.3	0.iii	0.03	0.03	0.37	0.xviii	0.18	−0.15	−0.xv	0.25	0.1	0.1
operating cash catamenia/electric current liabilities ratio	0.29	0.29	0.09	0.14	0.fourteen	0.66	0.66	0.51	0.35	0.35	0.nineteen	0.19	−0.04	0.03	0.03	0.04	0.04	0.06	0.04	0.04	0.05	0.05	0.58	0.42	0.42	−0.2	−0.2	0.31	0.15	0.fifteen
current liquidity ratio	1.87	one.87	one.68	1.74	1.74	2.32	ii.32	1.91	1.71	1.71	1.23	1.23	1.45	1.67	1.67	0.61	0.61	1.51	1.53	one.53	1.7	1.7	1.59	two.37	2.37	one.31	1.31	1.26	1.46	one.46
quick ratio	1.42	i.42	i.18	one.27	i.27	i.73	ane.73	1.61	1.39	1.39	0.3	0.3	0.27	0.1	0.1	i.21	1.21	1.21	1.21	one.21	1.18	one.18	1.22	i.43	1.43	1	1	0.9	1.07	1.07
immediate liquidity ratio	0.02	0.02	0.01	0.01	0.01	0.two	0.2	0.01	0.1	0.1	0.2	0.2	0.thirteen	0.93	0.93	0.47	0.47	0.41	0.47	0.47	0.73	0.73	0.two	0.53	0.53	0.84	0.84	0.75	0.53	0.53
inventory turnover bicycle	ten	10	xv	13	13	9	9	iv	7	vii	8	eight	7	half dozen	6	21	21	25	31	31	15	fifteen	18	12	12	4	four	5	6	6
receivables turnover cycle	14	14	eighteen	20	20	four	4	9	seven	vii	5	five	three	3	3	34	34	42	34	34	24	24	thirteen	xvi	16	vi	half dozen	10	11	eleven
liabilities turnover cycle	6	six	5	8	8	6	6	9	vi	6	v	v	5	four	4	xv	xv	18	20	xx	12	12	15	8	8	3	three	six	five	v
cash conversion cycle	eighteen	xviii	27	25	25	seven	7	4	8	eight	eight	8	5	5	5	xl	forty	49	45	45	27	27	16	twenty	20	vii	7	nine	12	12
overall fiscal condition ratio	2.56	2.56	ii.47	2.47	2.47	0.88	0.88	0.94	1.01	1.01	2.58	two.58	1.64	one.78	ane.78	0.13	0.13	0.fifteen	0.13	0.xiii	3.06	3.06	4.9	v.xix	5.19	0.44	0.44	0.52	0.64	0.64
ROA	iv.32%	four.32%	4.39%	four.09%	4.09%	v.85%	5.85%	vi.06%	5.23%	5.23%	3.75%	three.75%	8.89%	6.24%	6.24%	3.95%	3.95%	iii.76%	3.94%	3.94%	1.33%	i.33%	3.91%	8.43%	8.43%	0.37%	0.37%	one.07%	0.75%	0.75%
ROS	0.86%	0.86%	0.87%	0.79%	0.79%	0.77%	0.77%	0.96%	0.77%	0.77%	0.58%	0.58%	one.42%	0.97%	0.97%	1.56%	1.56%	one.68%	i.56%	1.56%	0.35%	0.35%	1.28%	2.37%	2.37%	0.05%	0.05%	0.26%	0.xx%	0.20%
ROE	22.04%	22.04%	25.81%	25.81%	25.81%	84.67%	84.67%	88.39%	62.57%	62.57%	18.33%	18.33%	33.89%	22.45%	22.45%	32.85%	32.85%	32.57%	32.85%	32.85%	ten.64	10.64	24.32%	44.95%	44.95%	eight.96%	8.96%	32.38%	22.56%	22.56%

Source: Łojek, 2020

When analysing the group of entities, i can find discrepancies in the findings of empirical enquiry. Often, this is influenced to a greater extent by internal than structural factors (Postek & Puchalska, 2012). The greenbacks efficiency ratio informs us about the corporeality of greenbacks generated from the core business, i.eastward. mainly from the sale of goods (in the research sample, these are new vehicles sold to dealers in Poland). The most favourable outcomes were achieved by the second company. Betwixt 2015 and 2019, the ratio went down slightly by just 0.05 points. Therefore, the status of the entity in question can be classified as the almost stable in the sample. It is also worth noting the values of this ratio for the 5th visitor. In the outset financial years analysed, this ratio was depression, while in 2019 information technology was the highest amongst all the studied companies (0.05). This state of affairs should be interpreted positively. Information technology can be concluded that this entity accumulates cash that can be invested in the hereafter. Entity number 3 had the everyman values of the operating cash menses to sales ratio. While in the get-go of the analysed years, it was relatively high, and in 2019 it decreased to 0 (a decrease by 0.02). It can be inferred that the visitor spent more cash than information technology collected over the five fiscal years.

The operating cash catamenia to current assets ratio (current assets) provides information on the corporeality of cash generated by the entity's short-term assets. (Białas, 2017). In the research sample, in 2015, the near encouraging results were recorded by companies one and four. These values were similar and amounted to nearly 6. However, they dropped significantly over the analysed periods. The second entity was over again the most stable in terms of discrepancies over the years 2015–2019. The third company had the worst results with low operating cash flow to the current assets ratio. Summing up, information technology should exist noted that high values of this indicator should exist interpreted as positive.

Greenbacks sufficiency is an important attribute of the company'southward operations. The key purpose of this indicator is to measure the ability to settle liabilities. In the studied sample, nosotros can find relatively depression values of these parameters. Therefore, we should await for increasing trends to positively appraise a given company. The fifth company reported the most promising results among the sample. Over the analysed period, this indicator improved by 0.37 points. In turn, the least favourable situation was found in the third and quaternary entities. In these cases, the indicators deteriorated. It would seem that again company number had the almost stable situation. Indeed, the ratio decreased significantly betwixt 2015 and 2019, but maintaining it at the level of 0.35 in 2019 is a high event compared to other entities in the sample.

Static financial ratios come from residue sheets and profit and loss accounts and are known to most employees of financial and bookkeeping firms. Their structure is relatively unproblematic, yet informative plenty to deduce from them how well a company is doing. The electric current ratio should exist in the range between 1.ii and 2.0, the quick ratio – higher than or equal to 1.0, and the immediate ratio between 0.1 to 0.2. Taking into business relationship the unique character of the industry, the adopted standards may be slightly different.

At that place is no slight excess liquidity in the grouping of companies under report. The second entity achieved the best results. Current liquidity dropped by over 0.6. The kickoff entity recorded the almost stable values for this ratio. The everyman outcomes were institute for the fourth entity in the studied grouping. In 2015, the current liquidity ratio did not exceed the level of 0.61, while the recommended values were in the range of 1.two–two.0. The changing level of tertiary-degree static liquidity ratios is presented in Chart one. The data analysis shows that the third entity recorded the sharpest 'spike' in liquidity in the analysed period, while the immediate liquidity ratio increased by over 0.7. This data assay confirms the hypothesis formulated in the introduction. These entities effort to accumulate cash to secure cash flows in the event of a financial threat.

Receivables turnover ratios should aim at the lowest possible level, every bit they inform stakeholders about how many days capital letter has been 'frozen' in the grade of receivables, and not in the form of cash in the visitor's bank business relationship. The lower the indicator value the better (Wędzki, 2009). When analysing the entities in the sample, we run into that these data diverge from each other. The virtually favourable receivables turnover cycle was noted in the third entity. Information technology was at a relatively similar level during the period considered. It tin be argued that collecting receivables every three days is a very good result. The information recorded for the 4th entity are the to the lowest degree advantageous. Collecting receivables every 34–42 days may pose a threat to the functioning of an economic entity. Looking at the changing indicator values, we observe that the most stable situation was noted over again in the second and tertiary entities. These values, obtained in empirical research, should also be interpreted positively. Nosotros can surmise that these companies have very well-functioning debt drove departments. Withal, in business exercise importers oftentimes apply credit accounts which are automatically debited when the appurtenances become invoiced to the dealer or agent.

The grouping of profitability ratios allows united states of america to judge how well equity capitals are being used to generate profits, the full value of assets, and the level of sales revenues. The near pop ratios are ROA, ROS or ROE. They are expressed equally a percentage. Rise values should exist interpreted as positive and mean that the company is more than and more profitable. The ROA (return on assets) indicator is high in the studied inquiry sample. The highest values were recorded by the second and tertiary entities. Therefore, information technology can be said that the expected charge per unit of return on assets was relatively high. The lowest value of the ratio was observed in the sixth entity. The average value of the departure between the most profitable and the least assisting companies was 5.56 percentage points.

The return on equity ratio has been the subject of empirical inquiry adequately oft (Arditti, 1967; Khadaffi & Heikal, 2014; Kijewska, 2015; Sondakh, Tommy, & Mangantar, 2015). In the analysed research sample, relatively high values of these indicators can be seen compared to other profitability ratios. The reason for this may exist that the relationships betwixt the financial result (shown in disinterestedness) and the value of disinterestedness are measured. The nearly favourable situation is seen in company number ii. The average value of the investment return on equity was 78.54%, which means that in 2 of the three analysed financial years, this entity recorded the ratio above the average for the period from 2015 to 2019. The near stable situation was found in the first entity, while the highest increment in the indicator was observed in the fifth entity (by as much as 34.31 percentage points) in the analysed period. It cannot be unequivocally determined which entity was in the least favourable status. We must express the conviction that the levels of the render on equity in the research sample were relatively high.

The profitability of sales in the examined group of entities did not exceed 2%, which is not a comparatively high result. However, we should accept the particularity of the industry into account, where toll adjustments received from producers are ordinarily booked equally a reduction of costs. Sometimes at that place are cases when the value of sales revenues should exist increased equally a outcome of 'bonuses'. The quaternary and fifth entities achieved the highest ratios of sales profitability. These measures are the everyman for the 6th entity. However, these lower values should not be interpreted negatively. We must presume that positive levels of indicators are optimal.

The overall financial condition ratio often allows united states of america to estimate the gamble related to the loss of fiscal liquidity. Among the selected measures of liquidity and profitability, it is the most 'avant-garde' ratio that measures the most dependencies in the financial statements. The literature does non define the optimal level of this indicator. However, information technology is recommended to maintain an increasing trend. After analysing the studied data, nosotros can conclude that the most favourable situation occurred in the 5th and first entity.

The analysed economic entities are part of the automotive industry, which means the data may have to exist presented differently than in other economic entities. For example, a service provider will not be able to classify a vehicle equally inventory; they will have to record the purchase as tangible fixed assets. Table 7 categorised the 'leaders' of the research sample. It can exist ended that being a leader of economic ratios does not always help in financial reality. Every bit history shows, a stable company often has better prospects than a house that has temporarily achieved certain levels of financial indicators.

Table 7

An try at a constructed assessment of the studied grouping of entities

Item	The most commonly occurring
The nigh favourable state of affairs	Company 1
The near stable state of affairs	Company 2
The least favourable situation	Company iii and 6

Source: Łojek, 2020.

Table 8 assesses the relationship between efficiency ratios relating to assets and disinterestedness, and static liquidity ratios and greenbacks adequacy to current liabilities ratios. There is a potent, positive and statistically significant relationship (confirmed past the value of the correlation coefficient and p values). This means that entities that bear witness higher liquidity ratios (in terms of current liquidity and sufficient operating cash to pay off liabilities) on boilerplate had a higher rate of return on equity and total assets. Moreover, in the analysed companies, a higher level of quick liquidity is correlated with higher ROE values (with a confidence level above 99%), and this regularity has non been confirmed for other profitability ratios.

Table 8

Correlation matrix (r-Pearson correlation coefficient) betwixt the study variables and the liquidity and profitability of the companies analysed

	Operating greenbacks flow/sales ratio	Operating cash catamenia/current assets ratio	Operating cash menses/current liabilities ratio	Current liquidity ratio	Quick ratio	Firsthand liquidity ratio	ROA	ROS	ROE
Operating cash flow/sales ratio	1.000	0.023	0.773***	0.307*	0.352*	−0.272	0.155	0.254	0.290
Operating cash flow/current assets ratio		1.000	−0.003	−0.332*	0.222	−0.221	0.017	0.199	−0.080
Operating greenbacks flow/current liabilities ratio			1.000	0.620***	0.532***	−0.491***	0.429**	0.211	0.744***
Electric current liquidity ratio				ane.000	0.428**	−0.225	0.489***	0.199	0.485***
Quick ratio					i.000	−0.394**	0.005	0.165	0.537***
Immediate liquidity ratio						1.000	−0.348	−0.130	−0.424**
ROA							1.000	0.735***	0.539***
ROS								1.000	0.268
ROE									1.000

Note:

***

significance at i%,

**

significance at 5%,

*

significance at ten%.

Source: Łojek, 2020.

Fig. 2

Indicators of the third-level analysis of financial liquidity from 2015 to 2019 for the analysed companies. Source: Łojek, 2020.

An interesting conclusion concerns the human relationship between immediate liquidity ratios and profitability. The value of the correlation coefficient for all variables related to profitability turned out to exist negative, which indicates a lower rate of return of those companies that were characterised by college indicators of immediate liquidity (but this relationship was confirmed with the statistically meaning correlation coefficient at the level of 1% only for ROE).

Looking at the other liquidity ratios and the discussion presented higher up, nosotros tin can come up to the tentative conclusion that in the example of automotive companies, a loftier level of cash, as opposed to other liquid avails, may be an of import factor deteriorating the profitability of the entity and, consequently, lowering the overall assessment of the company's financial condition. Yet, the presented analyses should be taken with caution, taking into account the pocket-size inquiry sample.

5

Determination

Summarising, it tin can be stated that financial liquidity is more of import for the functioning of economical entities than a high financial effect. This does non mean, notwithstanding, that it can be ignored. Quite the opposite, ane should strive to maximise income, while taking care of the fiscal liquidity and economic status of the company. Undoubtedly, the current technological progress helps to control revenues and expenses in item periods.

The specific structure of fiscal statements does not prevent errors on the part of the person preparing the document. However, the cash flow statement has been constructed in such a way that is must be verified when data is incorrectly entered in other elements of the financial statements. This is a sort of a 'warning indicate' that data may be incorrectly accounted for and may distort the image of the business entity.

In the empirical part of this research, I have attempted to evaluate the financial analysis ratios in the group of importers of ten best-selling brands of new cars in Poland. The information has been compiled in tables to ensure the transparency of information nearly a particular economic entity. The conducted enquiry allows u.s. to substantiate the hypotheses put forward in the introduction to this paper that the entities are properly prepared for the result of crises. The observations were made on the contempo bachelor fiscal information.

Concluding the considerations on the economic condition of entities selected for the research sample, it can be said that betwixt 2015 and 2019, the financial liquidity ratios must exist assessed positively. In nigh cases, these entities achieved positive values of the selected liquidity measures. The trend of shortening the bike of collecting receivables in the observed companies should also be evaluated positively.

When analysing the profitability ratios of the entities in question, a stable level of the profitability of assets, equity and sales can be noted. This means that these companies exercise not perform high-take chances operations, such as, for instance, excessive stockpiling, which could freeze cash in inventory. Businesses ofttimes have to deal with high stock levels and hard-to-sell goods. These factors may significantly impact the profitability ratios of the examined grouping of entities.

In the futurity, information technology volition be possible to comport empirical studies on the affect of COVID 19 on the financial liquidity of the studied group of economic entities. An intriguing aspect for subsequent researchers may also be to conduct observations on a larger group of companies or in a unlike manufacture. The automotive manufacture was unprepared for the outbreak of a global pandemic, which may significantly affect the results of the analysed entities, besides as the unabridged industry (Kaitwait & Mudaliar, 2020).

Illustr. 1

Classification of the company'south stakeholders. Source: Wędzki (2009).

Fig. 1

Companies on the automotive market. Source: Łojek, 2020.

Fig. ii

Indicators of the third-level analysis of financial liquidity from 2015 to 2019 for the analysed companies. Source: Łojek, 2020.

Ratio analysis of financial statements of the studied entities

Ratio	Company 1					Company 2					Visitor 3					Company four					Visitor five					Company 6
	2015	2016	2017	2018	2019	2015	2016	2017	2018	2019	2015	2016	2017	2018	2019	2015	2016	2017	2018	2019	2015	2016	2017	2018	2019	2015	2016	2017	2018	2019
operating greenbacks flow/sales ratio	0.03	0.03	0.01	0.01	0.01	0.03	0.03	0.03	0.03	0.03	0.02	0.02	−0.01	0	0	0.01	0.01	0.02	0.01	0.01	0.01	0.01	0.11	0.05	0.05	−0.02	−0.02	0.06	0.03	0.03
operating cash menstruation/current assets ratio	5.85	five.85	0.06	0.29	0.29	0.29	0.29	0.27	0.21	0.21	0.16	0.16	−0.03	0.03	0.03	5.79	5.79	0.1	0.3	0.iii	0.03	0.03	0.37	0.18	0.eighteen	−0.15	−0.15	0.25	0.one	0.1
operating cash flow/electric current liabilities ratio	0.29	0.29	0.09	0.fourteen	0.14	0.66	0.66	0.51	0.35	0.35	0.xix	0.xix	−0.04	0.03	0.03	0.04	0.04	0.06	0.04	0.04	0.05	0.05	0.58	0.42	0.42	−0.2	−0.2	0.31	0.15	0.fifteen
current liquidity ratio	i.87	ane.87	1.68	ane.74	1.74	ii.32	2.32	1.91	one.71	1.71	ane.23	i.23	i.45	1.67	ane.67	0.61	0.61	one.51	1.53	1.53	1.7	1.7	1.59	two.37	2.37	ane.31	1.31	1.26	1.46	1.46
quick ratio	i.42	i.42	i.18	1.27	one.27	i.73	1.73	one.61	i.39	1.39	0.three	0.3	0.27	0.i	0.i	1.21	1.21	1.21	one.21	1.21	1.18	1.18	ane.22	1.43	1.43	ane	1	0.9	1.07	1.07
immediate liquidity ratio	0.02	0.02	0.01	0.01	0.01	0.2	0.2	0.01	0.ane	0.ane	0.2	0.2	0.13	0.93	0.93	0.47	0.47	0.41	0.47	0.47	0.73	0.73	0.2	0.53	0.53	0.84	0.84	0.75	0.53	0.53
inventory turnover cycle	10	10	15	13	xiii	nine	9	four	7	seven	8	8	vii	six	6	21	21	25	31	31	15	15	xviii	12	12	4	4	five	six	half dozen
receivables turnover cycle	xiv	14	18	20	20	4	4	9	7	7	5	5	iii	3	iii	34	34	42	34	34	24	24	xiii	16	16	6	6	10	xi	11
liabilities turnover cycle	6	half dozen	five	8	8	6	6	9	6	vi	v	5	5	iv	4	15	15	18	xx	20	12	12	15	8	8	3	three	6	v	5
greenbacks conversion bicycle	18	eighteen	27	25	25	7	7	four	8	8	8	eight	5	v	5	40	40	49	45	45	27	27	xvi	20	xx	7	7	nine	12	12
overall fiscal condition ratio	2.56	two.56	2.47	2.47	2.47	0.88	0.88	0.94	i.01	i.01	2.58	2.58	1.64	ane.78	ane.78	0.13	0.13	0.15	0.13	0.xiii	3.06	3.06	4.9	5.19	5.19	0.44	0.44	0.52	0.64	0.64
ROA	4.32%	4.32%	4.39%	4.09%	four.09%	5.85%	5.85%	6.06%	5.23%	5.23%	3.75%	iii.75%	viii.89%	6.24%	6.24%	iii.95%	3.95%	3.76%	3.94%	3.94%	1.33%	1.33%	3.91%	8.43%	eight.43%	0.37%	0.37%	1.07%	0.75%	0.75%
ROS	0.86%	0.86%	0.87%	0.79%	0.79%	0.77%	0.77%	0.96%	0.77%	0.77%	0.58%	0.58%	ane.42%	0.97%	0.97%	1.56%	ane.56%	1.68%	1.56%	1.56%	0.35%	0.35%	ane.28%	2.37%	2.37%	0.05%	0.05%	0.26%	0.20%	0.20%
ROE	22.04%	22.04%	25.81%	25.81%	25.81%	84.67%	84.67%	88.39%	62.57%	62.57%	18.33%	18.33%	33.89%	22.45%	22.45%	32.85%	32.85%	32.57%	32.85%	32.85%	10.64	10.64	24.32%	44.95%	44.95%	8.96%	8.96%	32.38%	22.56%	22.56%

Correlation matrix (r-Pearson correlation coefficient) between the written report variables and the liquidity and profitability of the companies analysed

	Operating cash flow/sales ratio	Operating cash menstruation/current assets ratio	Operating cash flow/current liabilities ratio	Current liquidity ratio	Quick ratio	Immediate liquidity ratio	ROA	ROS	ROE
Operating cash flow/sales ratio	1.000	0.023	0.773***	0.307*	0.352*	−0.272	0.155	0.254	0.290
Operating cash flow/electric current assets ratio		i.000	−0.003	−0.332*	0.222	−0.221	0.017	0.199	−0.080
Operating greenbacks catamenia/electric current liabilities ratio			ane.000	0.620***	0.532***	−0.491***	0.429**	0.211	0.744***
Electric current liquidity ratio				1.000	0.428**	−0.225	0.489***	0.199	0.485***
Quick ratio					1.000	−0.394**	0.005	0.165	0.537***
Firsthand liquidity ratio						one.000	−0.348	−0.130	−0.424**
ROA							1.000	0.735***	0.539***
ROS								1.000	0.268
ROE									1.000

Breakup of fiscal statements.

Item	Characteristics
Scope	Almanac separate/annual full/annual consolidated
Obligatory or not	Obligatory/optional
Obligation to publish	Must be published/does not have to be published
Frequency	Systematically/sporadically
Caste of generality	Synthetic/belittling
Reporting menstruum	Ex post (bodily return)/ex dues (expected return)
Recipients	External/internal

Items of the cash flow statement in business operations

Straight method

Indirect method

Cash flows from operating activities Receivables Sales Other gain from performance activities Expenses Supplies and services Net salaries Social and health insurance and other benefits Taxes and public constabulary charges Other operating expenses Net cash flows from operating activities (I–Ii)

Cash flows from operating activities Result (cyberspace profit/loss) Adjustments total Depreciation Profits (losses) due to exchange charge per unit differences Involvement and shares in dividends Profit (loss) on investment Change in reserves Change in inventory Change in receivables Change in brusk-term liabilities, except for loans and credits Change in the condition of accruals Other adjustments Internet cash flows from operating activities (I–II)

Companies studied in empirical research

Motorcar make	Registered name of the visitor
Skoda, Volkswagen, Audi	Volkswagen Grouping Polska
Renault, Dacia	Renault Poland
Toyota	Toyota Motor Poland Company Limited
Kia	Kia Motors Polska
Mercedes	Mercedes-Benz Poland
BMW	BMW Vertriebs GMBH Smooth co-operative
Ford	Ford Polska

Functions of financial ratios

Group of ratios	Purposes
Financial liquidity	Assessment of the company'due south ability to settle liabilities (mainly short-term perspective)
Solvency	Assessment of the risk of the visitor'southward possible defalcation (short-term and long-term perspective)
Management efficiency	Assessment of the opportunities and threats in the area of effective management (mainly current operations and outlook for the future)
Profitability	Assessment of the company's profitability (the prospect of current benefits)

Financial analysis ratios selected for empirical enquiry

Item	Calculation formula
Operating cash flow to sales ratio	operating cash catamenia net sales revenue {{{\rm{operating}}\,{\rm{cash}}\,{\rm{menses}}} \over {{\rm{net}}\,{\rm{sales}}\,{\rm{revenue}}}}
Operating greenbacks menstruation to current assets ratio	operating cash menstruation average current assets {{{\rm{operating}}\,{\rm{greenbacks}}\,{\rm{menstruum}}} \over {{\rm{boilerplate}}\,{\rm{current}}\,{\rm{assets}}}}
Operating cash flow to electric current liabilities ratio	operating cash flow total liabilities {{{\rm{operating}}\,{\rm{greenbacks}}\,{\rm{flow}}} \over {{\rm{total}}\,{\rm{liabilities}}}}
third degree (current) liquidity ratio	electric current assets brusque-term liabilities {{{\rm{current}}\,{\rm{assets}}} \over {{\rm{curt}\text{-}\rm{term}}\,{\rm{liabilities}}}}
2d degree (quick) liquidity ratio	current assets-inventory brusk-term liabilities {{{\rm{current}}\,{\rm{assets}\text{-}\rm{inventory}}} \over {{\rm{short}\text{-}\rm{term}}\,{\rm{liabilities}}}}
1st degree (immediate) liquidity ratio	cash available curt-term liabilities {{{\rm{greenbacks}}\,{\rm{available}}} \over {{\rm{short}\text{-}\rm{term}}\,{\rm{liabilities}}}}
Inventory turnover cycle	average inventory costs of goods sold × number of days {{{\rm{boilerplate}}\,{\rm{inventory}}} \over {{\rm{costs\, of}}\,{\rm{goods}}\, {\rm{sold}}}} \times {\rm{number}}\,{\rm{of}}\,{\rm{days}}
Receivables turnover cycle	short-term liabilities net sales revenue × number of days {{{\rm{curt}\text{-}\rm{term}}\,{\rm{liabilities}}} \over {{\rm{cyberspace}}\, {\rm{sales}}\, {\rm{revenue}}}} \times {\rm{number}}\,{\rm{of}}\,{\rm{days}}
Short-term liabilities turnover bicycle	boilerplate curt-term liabilities cost of goods sold × number of days {{{\rm{average}}\,{\rm{short}\text{-}\rm{term}}\, {\rm{liabilities}}} \over {{\rm{cost}}\, {\rm{of}}\,{\rm{goods}}\, {\rm{sold}}}} \times {\rm{number}}\,{\rm{of}}\,{\rm{days}}
Greenbacks conversion bicycle	turnover cycle = (inventories + receivables - curt-term liabilities)
Working capital ratio	current assets - short-term liabilities
overall financial condition ratio	equity/fixed assets total liabilities/current avails {{{\rm{equity/fixed}}\, {\rm{avails}}} \over {{\rm{total}}\, {\rm{liabilities/electric current}}\, {\rm{avails}}}}
ROA (render on assets)	net return full assets × 100 % {{{\rm{cyberspace}}\, {\rm {render}}} \over {{\rm{full}}\, {\rm {assets}}}} \times {\rm{100\% }}
ROS (return on sales)	cyberspace return sales revenues × 100 % {{{\rm{internet}}\, {\rm {render}}} \over {{\rm{sales}}\, {\rm {revenues}}}} \times {\rm{100\% }}
ROE (render on disinterestedness)	net return disinterestedness × 100 % {{{\rm{net}}\, {\rm {return}}} \over {{\rm{disinterestedness}}}} \times {\rm{100\% }}

An endeavor at a synthetic assessment of the studied group of entities

Item	The most commonly occurring
The most favourable situation	Visitor 1
The well-nigh stable situation	Company 2
The least favourable state of affairs	Company 3 and 6

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