Financial aspects of changes in the level of finished goods inventory in a mining enterprise

• Autorzy: Jonek-Kowalska I.

Identyfikatory

DOI

10.2478/gospo-2014-0034

Warianty tytułu

PL

Finansowe aspekty zmian poziomu zapasów produktów gotowych w przedsiębiorstwie górniczym

• Języki publikacji: EN

Abstrakty

EN

The research problem in this article is formulated as follows: which factors influence the changes in inventory levels in Polish mining enterprises, and what are the financial consequences of such changes? Based on the results of analyses conducted on vital changes affecting demand for hard coal, it may be necessary to implement certain changes (above others) in the structure of the sources of satisfying the energy needs of Poland, given price fluctuations in the global hard coal markets. However, the changes in the structure advance relatively slowly in light of the data presented; therefore, they are not the main reason for sales deterioration and stock accumulation. The main reason is increasing unit costs leading to a lack of price competitiveness when global coal prices fall below a certain level. The effects of an excess inventory level includes prolonging the inventory turnover cycle in days, decreasing the level of quick liquidity, and clearly decreasing operating cash flow. The enterprise also has to bear indirect inventoriable costs, losing the possibility of alternative use of the financial resources that are frozen in inventory, while searching for additional financing sources for the operating activities.

PL

W niniejszym artykule problem badawczy sformułowano następująco: Jakie czynniki wpływają na zmiany poziomu zapasów w polskich przedsiębiorstwach górniczych i jakie są finansowe konsekwencje tych zmian? Zgodnie z wynikami przeprowadzonych analiz wśród istotnych zmian wpływających na zapotrzebowanie na węgiel kamienny można wskazać przede wszystkim zmiany w strukturze źródeł zaspokajania potrzeb energetycznych w Polsce oraz zmienność cen na międzynarodowych rynkach węgla kamiennego. Przy czym pierwsze z wymienionych, w świetle przedstawionych danych, postępują stosunkowo wolno, nie są więc główną przyczyną pogorszenia zbytu i kumulacji zapasów. Do skutków nadmiernego poziomu zapasów należy zaliczyć: wydłużenie cyklu obrotowości zapasów w dniach, obniżenie poziomu płynności szybkiej oraz wyraźne zmniejszenie operacyjnych przepływów pieniężnych. Przedsiębiorstwo ponosi także pośrednie koszty utrzymania zapasów, tracąc możliwości alternatywnego wykorzystania środków zamrożonych w zapasach oraz poszukując dodatkowych źródeł finansowania działalności operacyjnej.

Słowa kluczowe

EN

excessive stock; determinants of inventory; mining enterprise; maintaining excess inventory

PL

nadmierne zapasy; determinanty zapasów; przedsiębiorstwo górnicze; źródła finansowania; górnictwo węgla kamiennego

• Wydawca: Instytut Gospodarki Surowcami Mineralnymi i Energią PAN ; Komitet Zrównoważonej Gospodarki Surowcami Mineralnymi PAN
• Czasopismo: Gospodarka Surowcami Mineralnymi
• Rocznik: 2014
• Tom: T. 30, z. 4
• Strony: 143--162
• Opis fizyczny: Bibliogr. 54 poz., tab., wykr.

Twórcy

autor

Jonek-Kowalska I.

• Silesian University of Technology, Faculty of Organization and Management, Zabrze, Poland

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