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Analiza efektywności finansowej przedsiębiorstw sektora paliwowego w dobie przemian energetycznych

Ranosz Robert, Jakóbczyk Joanna, Palmowska Klaudia

Inżynieria Mineralna

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2023

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no. 1

259--266

PL

Celem niniejszego artykułu jest zbadanie podstawowych wielkości finansowych dla przedsiębiorstw sektorów produkujących energię elektryczną z następujących źródeł: z paliw kopalnych, nuklearnej, wodnej, słonecznej, wiatrowej oraz geotermalnej i biomasy. Badane wielkości finansowe to: zysk netto, poziom aktywów oraz kapitału własnego. Na podstawie tych wielkości dokonano obliczenia podstawowych wskaźników rentowności tj.: ROA i ROE. Wyniki badań jednoznacznie wskazują, iż przedsiębiorstwa z sektora bazującego na produkcji energii z paliw kopalnych osiągają najgorsze wyniki zarówno rentowności, jak i nominalnego wyniku netto. Jednocześnie są spółkami, które posiadają największy poziom aktywów. Z drugiej strony przedsiębiorstwa z sektora energii wiatrowej okazały się być najbardziej efektywnymi zarówno pod kątem rentowności kapitału własnego, jak i aktywów przy jednoczesnym najniższym poziomie aktywów.

EN

The aim of this article is to examine the basic financial figures for companies in the sectors producing electricity from the following sources: fossil fuels, nuclear, hydro, solar, wind, geothermal and biomass. The financial values examined are: net profit, the level of assets and equity. On the basis of these figures, the basic profitability ratios were calculated, ie: ROA and ROE. The research results clearly show that companies from the sector based on the production of energy from fossil fuels achieve the worst results, both in terms of profitability and the nominal net result. At the same time, they are companies that have the largest level of assets. On the other hand, companies from the wind energy sector turned out to be the most effective in terms of both return on equity and assets with the lowest level of assets.

2

Equity of transit need in Baghdad City

Asmael Noor M., Waheed Mohanned Q.

Transport Problems

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2022

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T. 17, z. 1

29--37

EN

Public transportation plays a significant role in urban areas, transporting a large percentage of people. There is no existing study dealing with the balance between transportation demand and supply in Baghdad city; thus, there is a need to assess service equity before implementing any major services. The aim of the present research is to study the equity of transit need. The methodology uses geographic information systems (GISs) and spatial multi-criteria analysis to determine equity. Nine criteria were used in this study (land use, population density, commercial activities, medical locations, bus stops walkability, educational activities, bus terminal, and income) to determine a transit need map. Expert opinion surveys are conducted to determine pairwise comparisons between these criteria to estimate the weight of each criterion. Spatial analysis in ArcGIS 10.8 is utilized to apply methodology. The transit need map is obtained, and the need for transit service is represented by a value for each cell. In addition, the map output is important to public transit planning, as it maximizes the optimal transit route selection depending on the transit need. The output of this study (a transit need map) represents a powerful tool for the decision-makers to prioritize transportation programs and ranking alternatives. Gap analysis is used to measure equity between various zones. The results show that the transit supply provides higher service coverages in the Central Business District (CBD) and decreases as the distance to CBD increases.

3

Equity in transportation: new approach in transport planning – preliminary results of case study in Cracow

Zakowska L, Pulawska S

Transport Problems

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2014

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T. 9, z. 3

67--74

EN

The goal of the paper is to present the concept of equity as a new approach in transport and land-use planning. This concept is consistent with the objectives of sustainable development and it is becoming more common in European and world literature. Understanding the idea of equity in the context of the transport system development is very important in creating sustainable cities and regions without discriminating any social groups and creating a cohesive society not exposed to social exclusion due to lack of access to primary and secondary activities. The paper presents some results of the preliminary analysis on transport equity in Cracow. The basic equity level which has been considered here concerns senior citizens, older people living in Cracow area, in terms of their accessibility to transport infrastructure. Taking into account living conditions of elderly pedestrians, contour measures were used, in order to determine accessibility as equity indicator.

PL

Artykuł stanowi przedstawienie koncepcji równości, jako nowego podejścia do planowania transportu. Podejście to jest zbieżne z celami zrównoważonego rozwoju oraz jest coraz częściej spotykane w europejskiej i światowej literaturze. Zrozumienie idei równości w kontekście rozwoju transportu jest bardzo istotne w tworzeniu zrównoważonych miast i regionów, które rozwijają się nie dyskryminując żadnych grup społecznych i tworząc spójne społeczeństwo nienarażone na wykluczenie społeczne z powodu braku dostępu do podstawowych i drugorzędnych aktywności. W pracy zaprezentowano również wyniki wstępnych analiz równości transportowej na przykładzie obszaru Krakowa. W analizach wzięto pod uwagę sytuację osób starszych, mieszkających w Krakowie, pod kątem ich dostępności do infrastruktury transportowej. Do określenia dostępności wykorzystano miary konturowe, uwzględniające uwarunkowania w poruszaniu się osób starszych.

4

Role of debt and the ability to create equity in a family farm

Bereżnicka J.

Management and Production Engineering Review

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2013

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Vol. 4, No. 2

3--11

EN

The aim of the work was to assess the dependence between debt level and the creation of equity for the farmer. In this paper were verified the opinions found in literature concerning the positive impact of debt-to-equity farmer. The study was carried out on family farms belonging to the “large” farms according to the classification of the Farm Accountancy Data Network (FADN PL) based on economic size ESU (that is about 45 ESU). The farms were divided into two different groups on account of level their debt. To analyze data were used the descriptive statistics method and regression models. Family farms with a larger level of debt showed better results and the regression models confirmed the positive influence of debt on the ability to create value for farms. This model is consistent when farmers benefit from preferential credit. This form of debt was dominated in the studied farms. The results of the research may constitute an exit point for conducting analysis for farmers considering to take out a loan or credit.

5

Equity as a fundamental economic category in light of accounting standards

Nowak E.

Management

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2013

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Vol. 17, no. 2

127--138

EN

Equity is one of the fundamental economic categories which describe the financial position of an enterprise. Equity is a synthetic and complex value which is formed under the influence of multiple factors. The volume and structure of equity depends not only on the actions taken in various areas of activities pursued by a given enterprise but also on external factors. The information about equity is used by various stakeholders in a given enterprise when making economic decisions. Therefore, the method of determining equity and presenting information about it is subject to Polish and international accounting and financial reporting regulations. The present paper presents the essence of equity as a synthetic measure of enterprise performance in light of accounting standards and laws.

PL

Kapitał własny jest jedną z podstawowych kategorii ekonomicznych opisujących sytuację finansową przedsiębiorstwa. Kapitał ten jest wielkością syntetyczną i złożoną, kształtującą się pod wpływem wielu czynników. Wielkość i struktura kapitału własnego zależy nie tylko od działań podejmowanych w różnych obszarach aktywności przedsiębiorstwa, ale także od czynników zewnętrznych. Informacje na temat kapitału własnego są wykorzystywane przez różnych interesariuszy przedsiębiorstwa przy podejmowaniu decyzji ekonomicznych. Dlatego sposób ustalania kapitału własnego i prezentowania informacji na jego temat podlegają regulacjom rachunkowości i sprawozdawczości finansowej o zasięgu krajowym i międzynarodowym. Artykuł niniejszy ukazuje istotę kapitału własnego jako syntetycznej miary finansowych rezultatów działalności przedsiębiorstwa w świetle norm rachunkowości o charakterze standardów i przepisów prawnych.

6

Discounting and ideas of intergenerational equity and sustainability

Rybicki W.

Operations Research and Decisions

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2012

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Vol. 22, No. 1

63--84

EN

Some aspects of discounting of infinite streams of economic quantities (consumption, saving, utility) are considered. The main points of the paper may be summarized as follows. The philosophy of discounting concerns methods of evaluation and/or comparison of multi-period phenomena and processes. The techniques applied (numerical, analytical) may equalize the gravity of subsequent generations or privilege certain generations rather than other ones. They can – to some extent – influence quality of life and the chances of survival in future generations. These (quite natural) connections between discounting and intergenerational justice and sustainability have been pointed out. Systems of axioms for “ethical” and “sustainable” preferences are presented, together with some related (sub)disciplines. Inspirations derived mainly from psychology suggest the modification of the geometric discounting paradigm by slowing down the convergence of discount factors to zero. It should be pointed out that such “heavy tailed” discounting has proved to be useful (and become strongly recommended) for evaluation of a variety of long-time horizon undertakings. Some examples of non-classical discounting rules are given. Finally, the author’s proposal of modeling the duration of the world as a Poisson random variable has been formulated.

7

Zwrot z kapitału w cenie ciepła

Łakomiak A.

Rynek Energii

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2011

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nr 3

116-121

PL

Obliczenie ceny ciepła wymaga określenia planowanego kosztu jego wytwarzania oraz uzasadnionego zwrotu z kapitału zaangażowanego w ten rodzaj działalności. Podstawą do ustalenia zwrotu z kapitału stanowi tylko ten majątek, który rzeczywiście wypracowuje marżę ze sprzedaży ciepła. W artykule zaprezentowano na przykładzie sposób wyznaczania zwrotu z kapitału w elektrociepłowni.

EN

The companies that deals with heat plant, transmission & distribution use their assets to run their business, but those assets do not mean exactly company's capital. Still, both need to be managed to inctrease owner's contribution. To achieve this goal the company strive for keeping the balance between financial liquidity and the profitability.

8

Wykorzystanie obligacji w finansowaniu projektów górniczo-geologicznych na rynku światowym

Kustra A.

Górnictwo i Geoinżynieria

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2010

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R. 34, z. 3

215-227

PL

W artykule przedstawiono zmiany w finansowaniu projektów górniczo-geologicznych, które nastąpiły na rynkach światowych w kontekście kryzysu finansowego. Zwrócono szczególną uwagę na dotychczasowe, rekordowe zadłużenie przedsiębiorstw branży górniczej i pokazano kierunki zmian oparte na dokapitalizowaniu poprzez emisję nowych serii akcji oraz emisje obligacji zamiennych na akcje i obligacji zwykłych. Zaprezentowano największych emitentów obligacji oraz parametry emitowanych obligacji w postaci wysokości oprocentowania i terminu wykupu. Załączone wnioski potwierdzają obniżenie poziomu dźwigni finansowej, a tym samym ryzyka finansowego i dopasowanie finansowania do przepływów generowanych z aktualnie realizowanych i potencjalnych projektów górniczo-geologicznych. Według Ernst&Young należy oczekiwać powrotu poziomu zadłużenia do wielkości historycznych, kiedy to wskaźnik zadłużenia kapitału własnego długiem odsetkowym w branży górniczej wynosił średnio pomiędzy 20-40%.

EN

In the paper, it was presented the changes in financing of mining-geological projects which occurred in the world markets in the light of financial crisis. Particularly, it was paid attention on the record debt of mining sector and shown the practical directions of changes through secondary equity issues, convertible bonds and common bonds. It was presented the largest issuers of bonds in 2009 and parameters of issues like coupons and terms to maturity. Disclosed conclusions confirm the decrease financial leverage and risk in mining enterprises. The financing was matched to cash flows from existing and future mining-geological projects. According to Ernst&Young, the level of debt in mining sector will come back to historical value when debt to equity ratio was average 20-40%.

9

Multicriteria models for fair resource allocation

Ogryczak W.

Control and Cybernetics

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2007

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Vol. 36, no 2

303-332

EN

Resource allocation problems are concerned with the allocation of limited resources among competing activities so as to achieve the best performances. However, in systems which serve many users there is a need to respect some fairness rules while looking for the overall efficiency. The so-called Max-Min Fairness is widely used to meet these goals. However, allocating the resource to optimize the worst performance may cause dramatic worsening of the overall system efficiency. Therefore, several other fair allocation schemes are being considered and analyzed. In this paper we show how the concepts of multiple criteria equitable optimization can effectively be used to generate various fair and efficient allocation schemes. First, we demonstrate how the scalar inequality measures can be consistently used in bicriteria models to search for fair and efficient allocations. Further, two alternative multiple criteria models equivalent to equitable optimization are introduced, thus allowing to generate a larger variety of fair and efficient resource allocation schemes.

10

Fair and efficient network dimensioning with the reference point methodology

Goryczak W., Wierzbicki A., Milewski M.

Journal of Telecommunications and Information Technology

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2006

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nr 4

21-30

EN

The dimensioning of telecommunication networks that carry elastic traffic requires the fulfillment of two conflicting goals: maximizing the total network throughput and providing fairness to all flows. Fairness in telecommunication network design is usually provided using the so-called max-min fairness (MMF) approach. However, this approach maximizes the performance of the worst (most expensive) flows which may cause a large worsening of the overall throughput of the network. In this paper we show how the concepts of multiple criteria equitable optimization can be effectively used to generate various fair and efficient allocation schemes. We introduce a multiple criteria model equivalent to equitable optimization and we develop a corresponding reference point procedure for fair and efficient network dimensioning for elastic flows. The procedure is tested on a sample network dimensioning problem for elastic traffic and its abilities to model various preferences are demonstrated.

11

On multi-criteria approaches to bandwidth allocation

Ogryczak W., Wierzbicki A.

Control and Cybernetics

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2004

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Vol. 33, no 3

427-448

EN

Modern telecommunication networks face an increasing demand for services. Among these, an increasing number are services that can adapt to available bandwidth, and are therefore referred to as elastic traffic. Nominal network design for elastic traffic becomes increasingly significant. Typical resource allocation methods are concerned with the allocation of limited resources among competing activities so as to achieve the best overall performance of the system. In the network dimensioning problem for elastic traffic, one needs to allocate bandwidth to maximize service flows and simultaneously to reach a fair treatment of all the elastic services. Thus, both the overall efficiency (throughput) and the fairness (equity) among various services are important. In such applications, the so-called Max-Min Fairness (MMF) solution concept is widely used to formulate the resource allocation scheme. This approach guarantees fairness but may lead to significant losses in the overall throughput of the network. In this paper we show how the concepts of multiple criteria equitable optimization can be effectively used to generate various fair resource allocation schemes. We introduce a multiple criteria model ecluivalent to equitable optimization and we develop a corresponding reference point procedure to generate fair efficient bandwidth allocations. The procedure is tested on a sample network dimensioning problem and its abilities to model various preferences are demonstrated.

12

On equitable approaches to resource allocation problems: the conditional minimax solutions

Ogryczak W., Śliwiński T.

Journal of Telecommunications and Information Technology

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2002

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nr 3

40-48

EN

In this paper we introduce and analyze a solution concept of the conditional minimax as a generalization of the minimax solution concept extended to take into account the number of services (the portion of demand) related to the worst performances. Namely, for a specified portion of demand we take into account the corresponding portion of the maximum results and we consider their average as the worst conditional mean to be minimized. We show that, similar to the standard minimax approach, the minimization of the worst conditional mean can be defined by a linear objective and a number of auxiliary linear inequalities. We report some results of initial computational experience with the new solution concept.