Werner Hölzl, Leichte Erholung der Cash-Flow-Marge für 2010 prognostiziert. Cash-Flow und Eigenkapital der österreichischen Sachgütererzeugung

WIFO-Monatsberichte, 2011, 84(7), S.495-504
   
Die Ertragskraft der österreichischen Sachgütererzeugung verbesserte sich 2010 infolge der Erholung der internationalen Konjunktur. Gemäß der WIFO-Schätzung auf Basis eines dynamischen panelökonometrischen Modells dürfte die Cash-Flow-Umsatz-Relation erheblich gestiegen sein (von 10,0% 2009 auf 11,6% im Jahr 2010). Die Eigenkapitalquote entsprach 2009 mit 37,2% dem europäischen Durchschnitt. 2010 dürfte sie stabil geblieben sein.
 
Forschungsbereich:Industrieökonomie, Innovation und internationaler Wettbewerb
Sprache:Deutsch

Recovery of Cash Flow Margin Predicted for 2010. Cash Flow and Equity in 2010

In 2010 the cash flow to sales ratio of the Austrian manufacturing sector is expected to have recovered from the decline associated with the economic crisis. Compared to 2008, 2009 was marked by a moderate drop to 10.0 percent. For 2010 econometric estimates based on a panel of NACE 2-digit industry data indicate a cash flow to sales ratio of approximately 11.6 percent, equivalent to an increase by 16 percent over 2009. This development can be explained by the impact that the recovery in world trade and exports had on the Austrian manufacturing sector.

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Werner Hölzl, Moderate Recovery of the Cash-Flow Margin Projected for 2010. Cash Flow and Equity in Austrian Manufacturing

Austrian Economic Quarterly, 2011(3), S.153-162
In 2009, the cash-flow-to-sales ratio in the Austrian manufacturing reached 10.0 percent, a value slightly below that of 2008 and significantly below the long-term average of 11.9 percent. In 2010, real value added in manufacturing rose by 6.9 percent. This initial recovery after the deep slump in 2009 (–14.3 percent) appears to have had an effect on the sector's earning power. According to the estimates of a dynamic, panel-econometric model for 22 industries in manufacturing, the cash-flow-to-sales ratio rose in 2010 to 11.6 percent. The 2009 equity ratio value of 37.7 percent corresponded with the average of the European countries under comparison.
 
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