The purpose of this paper is to analyse time-series change of the competitiveness of leading companies of the sector based on their financial position regarding the period of financial crisis.
First, high level of revenue concentration was proved; consequently, strong competitive situation among few competitors was realised. Corporations having three common features (high amount of equity, high revenue and diversified product structure) were included in the sample. As the methodological background financial parameters were assigned to the definition of corporate competitiveness, and then comparative and comprehensive financial analysis of competitors was accomplished. Using relevant studies, liquidity based on balance sheets and cash flow statements, working capital processes, conventional and cash-flow based profitability were analysed.
It was proved that sample companies continuously improved the efficiency of working capital management indicated by the decrease of the average cash conversion cycle from 45 to 23 days. It was realised that there is a Hungarian-owned firm having outstanding financial performance; consequently, it has significant position among competitors. This company has further opportunity to increase its market share and competitiveness in the future. Finally, important characteristics of the sector were identified concerning the low level of technological improvements (the average ratio was below 3 per cent of the revenue), and unfavourable profitability processes.
In this paper, a separate analytic framework is established in view of the application of financial indicators to analyse competitiveness. This kind of analysis was not executed before in this sector.
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