FINANCIAL PERFORMANCE ASSESSMENT OF ENERGY COMPANIES:
EXPERIENCE OF EU POST-TRANSITIONAL COUNTRIES
Dubravka Pekanov Starcevic – Ekonomski fakultet u Osijeku, Sveuฤiliลกte Josipa Jurja Strossmayera u Osijeku, Trg Ljudevita Gaja 7, Osijek; Hrvatska
DOI: https://doi.org/10.31410/EMAN.2020.323
4th International Scientific Conference – EMAN 2020 – Economics and Management: How to Cope With Disrupted Times, Online/Virtual, September 3, 2020, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; ISBN 978-86-80194-30-1, ISSN 2683-4510
Saลพetak::
U okviru Klimatskog i energetskog okvira do 2030. Europske unije postavljeni su kljuฤni
ciljevi za 2030. godinu: smanjenje emisija stakleniฤkih plinova za minimalno 40%, poveฤanje udjela
obnovljive energije za minimalno 32% te poboljลกanje energetske uฤinkovitosti za minimalno 32,5%,
sve u odnosu na razine iz 1990. Europska unija snaลพno podupire energetsku uฤinkovitost i prijelaz na
obnovljive izvore energije. Navedeno zahtijeva znaฤajne promjene u europskoj energetskoj industriji;
investiranje u niskougljiฤne tehnologije uz istovremeno odrลพavanje sigurnosti u opskrbi energijom.
Promjene na energetskom trลพiลกtu utjeฤu na financijsku uspjeลกnost energetskih kompanija.
Cilj je ovoga rada ocijeniti financijski uspjeh energetskih kompanija u posttranzicijskim zemljama Europske
unije: Bugarskoj, ฤeลกkoj, Estoniji, Maฤarskoj, Latviji, Litvi, Poljskoj, Hrvatskoj, Rumunjskoj,
Slovaฤkoj i Sloveniji. Istraลพivanje ukljuฤuje energetske kompanije s najveฤim trลพiลกnim udjelom u svakoj
promatranoj zemlji tijekom razdoblja 2006.-2015. Analiza omjera koriลกtena je kako bi se poboljลกalo
razumijevanje njihove likvidnosti, profitabilnosti i rizika. Temeljem rezultata, u radu se raspravlja o poloลพaju
EU energetskih kompanija iz posttranzicijskih zemalja, kao i o moguฤnostima njihove prilagodbe
promijenjenim regulatornim i trลพiลกnim uvjetima.
Kljuฤne rijeฤi:
Financijski uspjeh, Energija, Analiza omjera, Europska unija.
Abstract:
Within the European Unionโs 2030 climate & energy framework, key targets for 2030 were
set; to cut greenhouse gas emissions for at least 40%, to increase renewable energy for at least 32%,
and to improve energy efficiency fot al least 32.5%, all compared to 1990 levels. European Union
strongly encourages energy efficiency and transition to renewable energy. This requires significant
changes in the European energy industry; namely investing in low-carbon technologies while maintaining
security of energy supply. Changes in the energy market affect the financial performance of energy
companies.
The purpose of this paper is to evaluate the financial performance of energy companies in the European
Union post-transitional countries; Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania,
Poland, Republic of Croatia, Romania, Slovakia and Slovenia. Research includes energy companies
with the largest market share in each country in the period 2006-2015. Ratio analysis was employed in
order to increase the understanding of their liquidity, profitability, as well as risk. Based on the results,
the paper discusses the position of the EU energy companies from post-transitional countries as well
as their capabilities for adaptation to the changing regulatory and market conditions.
Keywords:
Financial success, Energy, Ratio analysis, European Union.
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