HÁJEK Jiří VŠE Praha

Spoluautoři Dagmar ČÁMSKÁ

This paper is focused on main trends in financial health among companies related to metallurgical industry in selected Central European countries. The classical tools of financial analysis will be used as determinants of company’s financial health. From wide range of tools, liquidity and profitability are selected, as it illustrates the pro-cyclical nature of the metallurgical industry. The trends are determined and analyzed both on the pre-crisis and crisis period. Due to financial crisis there was a severe decrease of demand for metallurgical products. In the Czech Republic the reduction was reflected mainly in decrease of return on assets and growth of liquidity in the first year of the crisis (2008) and a minimal decrease in the rest of the crisis years. The paper determines the main trends of liquidity and return ratios among selected Central European countries and contains detailed analysis of national specific trends and main trends in the metallurgical industry in the Central European region. Main national trends are compared with the development of the countries and the Central European region. Main indicator of economic development, GDP, is used and the correlation analysis of the GDP growth ratio and return on assets respectively liquidity is performed. The results are not only a statistical analysis, but also an evaluation of industry’s ability to cope with the crisis. There is a strong link to efficient liquidity management as well.

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