Income Self-Sufficiency and Profitability of Professional Theatres in the Czech Republic

Bečica, Jiří Article Income Self-Sufficiency and Profitability of Professional Theatres in the Czech Republic Review of Economic Perspectives Provided in Cooperation with: Masaryk University, Faculty of Economics and Administration Suggested Citation: Bečica, Jiří (2018) : Income Self-Sufficiency and Profitability of Professional Theatres in the Czech Republic, Review of Economic Perspectives, ISSN 1804-1663, De Gruyter, Warsaw, Vol. 18, Iss. 3, pp. 285-299, https://doi.org/10.2478/revecp-2018-0014 This Version is available at: https://hdl.handle.net/10419/194196 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. 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If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by-nc-nd/3.0/ Review of Economic Perspectives – Národohospodářský obzor Vol. 18, Issue 3, 2018, pp. 285–299, DOI: 10.2478/revecp-2018-0014 © 2018 by the authors; licensee Review of Economic Perspectives / Národohospodářský obzor, Masaryk University, Faculty of Economics and Administration, Brno, Czech Republic. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution 3.0 license, Attribution – Non Commercial – No Derivatives. Income Self-Sufficiency and Profitability of Professional Theatres in the Czech Republic Jiří Bečica 1 Abstract: The paper assesses the professional theatres operating under the Association of Professional Theatres in the Czech Republic in the period 2011-2015 using the financial analysis, particularly the profitability indicator ratio (ROA, ROCE, ROE, ROS) and the rate of income self-sufficiency. The reason for this economic exploration of theatres is in the fact that the service they provide fall under collectively provided public goods (a common feature of most cultural institutions), and that the market is not able to effectively secure these goods on the profit principle. The J. K. Tyl Theatre in Pilsen, the Drak Theatre in Hradec Králové and the Moravian Slovakia Theatre in Uherské Hradiště have reported the best results of profitability indicators. Whereas the worst results in profitability have been reported for the North Bohemian Theatre of Opera and Ballet in Ústí nad Labem, the Antonín Dvořák Theatre in Příbram and the South Bohemian Theatre in České Budějovice. The rate of income self-sufficiency within 2011-2015 ranges from 12-55% of the total budget volume, and volume and shows a strong dependency of professional theatres on foreign resources, particularly from public resources of the local levels of the government being the most common funder of these cultural institutions. It turns out that, from the economic point of view, it is illogical to transform non-profit contributory organizations in culture with a public funder into a different legal form when the purpose of the establishment and the funder remain preserved. Better results are generally obtained from single-genre theatres and, in terms of the auditorium size, smaller theatres focusing on drama or children's production. Keywords: culture, income self-sufficiency, profitability, theatre, JEL Classification: H 39, H 44, H76, L 31, L 83, P 35, Z 11 Received: 4 January 2017 / Accepted: 19 May 2018 / Sent for Publication: 3 September 2018 Introduction and a review of literature Culture does not only represent our history but also the present and the future. Provision of public services to citizens in the field of culture is guaranteed in the Czech Republic based on the government's adopted cultural state policy for the years 2015-2020 (Ministry of Culture of the Czech Republic). Cultural funding has been attention to from 1 Ing. Bc. Jiří Bečica, Ph.D.; Department of Public Economics, Economic Faculty, VŠBTechnical University Ostrava, Sokolská 33, 701 21 Ostrava 1, Czech Republic, [email protected] Review of Economic Perspectives 286 various government levels in the Czech Republic, which is usually due to the inability of cultural organizations to economically secure their functioning on the market. The inefficiency of most cultural institutions in the Czech Republic is due to the excess supply in the market and an unbalanced (insufficient) number of those creating demand. However, the imbalance on the market in culture cannot be solved simply, e.g. by reducing the capacity of the auditoriums of theatres, concert halls, exhibition spaces, or the number of exhibited objects or objects held in the deposit. The aim of the paper is to evaluate the economic operation in selected cultural organizations provided by public services with a collective consumption. The theatres chosen for the examination are those operating under the Association of Professional Theatres in the Czech Republic in the period 2011-2015. The paper examines whether private theatres, specifically the legal form of limited liability companies, are better managed within professional theatres, or whether they represent a more stable form of professional theatres in the Czech Republic. The point of reference for a quality management are the individual results of the financial analysis of the groups of proportional ratios, namely the profitability indicator ratios. In addition, the income selfsufficiency indicator, a modification with non-profit organizations of a commonly used index of autarky (Kraftová, 2002, p. 101), has been chosen and shows the degree of the institution’s financial independence on its funder. The evaluation of the effectiveness of cultural institutions in the provision of public services has been dealt with by a great number of Czech authors (Ochrana, 2007, Stejskal, 2013, Richter, 2015 or Vrabková, 2017). Most authors use popular multicriteria evaluation methods (DEA, WSA, TOPSIS, ELECTRE, etc.) to evaluate their selected sample of organizations. These methods are used by the authors in varying degrees to evaluate the selected criterion (inputs or outputs) or the assigned weight according to chosen preferences (e.g. Vavrek, Admisin, Kotulic, 2014). The assessment of professional theatres based on proportional ratios of financial analysis is, however, a unique approach and has not yet been carried out to such an extent and form. According to Žáková (2017), the theatrical production is sorted in the cultural and creative industry, where, in addition to scenic arts, also belongs architecture, design, digital games, film, music industry, books and press fashion, advertising, software, TV and radio, arts and crafts and fine arts. The reason for this economic exploration of theatres is the fact that the services they provide fall into collectively provided public goods (a common feature of most cultural institutions) and that the market is not able to effectively secure these goods on the profit principle, as indicated e.g. by Loach (2017). Without the intervention from the state or territorial self-governments, the market production of some cultural goods (museums, galleries, theatres, libraries, philharmonic) would be very limited due to its economic inefficiency, as stated by e.g. Varadzin and Bečica (2016) or Vrabková et.al. (2017). Therefore, if the historical identity and spatial availability of cultural services for current and future generations is to be preserved, it is necessary to financially support these services, as noted e.g. by Musgrave (1959), Bénard (1990), Stiglitz (2015), Řežuchová (2010), Peková (2012) or Tománek (2015). The provision rate of public Volume 18, Issue 3, 2018 287 budget funding is, however, dependent on the chosen political representation (Potůček, 2005) and several other restrictions. The basic restriction is a lack of financial resources, seeking to address these in different ways, in the public budgets, as stated by e.g. Schneider (1987) or Sedmihradská and Bakoš (2016). In view of the general lack of public sector funding, it is, therefore, necessary to implement principles of economy, efficiency, and effectiveness. Methodology and the organizations selected for the evaluation As already mentioned above, the purpose of the paper is to evaluate the professional theatres operating under the Association of Professional Theatres in the Czech Republic. The aim of this group is to promote the interests of their members and to provide assistance in the exchange of experience in order to streamline their management. The indicators of financial analysis have been selected for the evaluation of publicly established professional theatres based on this, in particular the profitability indicators and the modified index of autarky. Financial analysis of non-profit organizations in the public sector has its specifics. Unlike companies based on profit that operate on the market, the main purpose of publicly established non-profit organizations (regardless of the organization’s legal form) is to secure public goods for citizens and to fulfil public interest. The discovery made by del Barrio and Herrero, (2014) or Schild and Wrede (2015) suggests that the main cause of inefficiency in the functioning of cultural organizations is the lack of resource management. If progress in organizational management is noted, it is mainly due to an improvement of internal management efficiency; for example, if the organization regularly monitors economic indicators, such as profitability indicators. However, this finding is in a direct contradiction with the findings of Beutling (1986), who states that the role of culture is then receding in favour of the economy. In this paper, it is considered that due to the long-term lack of public funds in the Czech Republic, it is necessary to seek a compromise between culture and its economic aspects in order to avoid unilateral preference of the cultural aspects without measuring the economic result. This logic is also supported by the fact that, according to the valid legislation of the Czech Republic, non-profit organizations can report profit and that way follow financial indicators. From the public funder’s point of view (state, region, municipality), it is important to adhere to the 3E principles (economy, efficiency, effectiveness) using the means provided to ensure cultural activities. An interesting difference between the establishment of contributory organizations of self-governing-units and other types of organizations is that municipality and region can set up or establish an organization which then has a budgetary relation to the territorial self-governing unit. Morávek and Prokůpková (2015) state that the funds are not provided to the organization based on a contract, but according to the decision of the funder about the amount of the contribution, which also determines the performance and other criteria for granting of the contribution. According to the Ministry of Culture of the Czech Republic (2015), it is necessary to perceive publicly established cultural organizations as a whole-society priority as their very existence is an important element of the viability of society as a whole. Review of Economic Perspectives 288 Profitability and self-sufficiency are appropriate indicators to assess the stability of the financial position of an organization. In the case of cultural institutions, the outcomes can be directed towards an elimination of cultural experiments in favour of ‘blockbuster titles’. An example of this would be the long-running and regularly sold out performance "Edith and Marlen" at the Moravian-Silesian National Theater in Ostrava or the play "The Servant of Two Masters" at the National Theater in Prague with Miroslav Donutil in the lead role. In terms of legal status, the Association of Professional Theatres in the Czech Republic consists of three types of organizations: contributory organizations (public non-profit organizations), non-governmental organizations (public benefit companies), and trading companies (limited liability companies). Based on this, the paper studies the following hypothesis: private theatres, namely limited liability companies, are better managed, and hence represent a more stable form of theatres. A measure of the better management are the results of profitability and income self-sufficiency in theatres between 2011-2015. All of the examined theatres (although they are different in the legal form) are established by a public entity (municipality, region, state). Consequently, the paper establishes whether it is economically meaningful to transform non-profit contributory organizations into another legal form, preserving the purpose of the establishment and the funder remain. According to the statistics of the National Information and Advisory Center for Culture (NIPOS) in 2015, 155 theatres in total, which makes 180 permanent theatre scenes altogether, have put out theatre performances in the Czech Republic. Out of these, the theatres established by private natural and legal persons still prevail in the Czech Republic (about 2/3 of the total number). However, only the publicly established professional theatres (established by the state, regions, or municipalities) are included in the evaluated organizations, managing 56 permanent theatre scenes (1/3 of the total), with their seat capacity accounting for 45% (18 676 seats) of the total seat capacity of the operated permanent theatre scenes in the Czech Republic. Each of the indicators of the financial analysis, according to Grunwald (2009), Dluhošová (2010) or Sedláček (2011), is particularly used to assess the financial health of the private entities operating on the market; which, however, does not preclude their use in organisations managed by the public sector, as stated e.g. by Van der Pol (2008), Kislingerová (2010) or Kraft (2013). The evaluation and comparison of the socioeconomic contribution of the cultural sector with other industrial areas within the national economy is the current trend in modern societies (Throsby, 2004). UNESCO (2009) or Chiarvalloti (2014) then state that the assessment of economic importance of an organization in the culture can be carried out in different ways. As for theatre production, this can be observed for the foreign environment, for example, in the papers of Turbide and Laurin (2009), Meineck (2010), Badia and Borin (2012), Mihaiu (2014), Borg (2017) or Julien (2017). The detected values of indicators for the financial analysis have been calculated from the data available from the balance sheet, the profit and loss account and cash flow statements, which were obtained from the available public Internet sources – the official server of the Czech justice system and the portal of the Ministry of Finance, IISSPMonitor. As observed in the literature, the financial analysis can be performed in many Volume 18, Issue 3, 2018 289 different ways. For the purpose of this paper, the calculation of the profitability indicator ratio and income self-sufficiency, according to the relationships stated below, has been chosen. The rate of income self-sufficiency of the organization can be described through the following relationship: 𝑅𝑎𝑡𝑒 𝑜𝑓 𝑖𝑛𝑐𝑜𝑚𝑒 𝑠𝑒𝑙𝑓 − 𝑠𝑢𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦 = 𝑜𝑤𝑛 𝑏𝑢𝑑𝑔𝑒𝑡 𝑟𝑒𝑣𝑒𝑛𝑢𝑒 𝑡𝑜𝑡𝑎𝑙 𝑟𝑒𝑣𝑒𝑛𝑢𝑒 (1) Indicators of profitability (return) are among the most closely watched ratio indicators of the financial analysis since they convey information about the effect triggered by an injected capital. They express how many crowns of profit fall on one crown of the injected capital. There are many indicators of profitability; the crucial and in practice most used, according to Brigham and Ehrhardt (2011), being: 𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝑎𝑠𝑠𝑒𝑠𝑡𝑠 (𝑅𝑂𝐴)= 𝑛𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒 𝑓𝑜𝑟 𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔 𝑝𝑒𝑟𝑖𝑜𝑑 (𝐸𝐴𝑇) 𝑎𝑠𝑠𝑒𝑡𝑠 . (2) ROA is considered a key indicator of profitability, as it measures profit with total assets, regardless of what sources these assets are financed by. 𝑅𝑒𝑡𝑟𝑢𝑛 𝑜𝑛 𝑐𝑎𝑝𝑖𝑡𝑎𝑙 𝑒𝑚𝑙𝑜𝑦𝑒𝑑 (𝑅𝑂𝐶𝐸) = 𝑒𝑎𝑟𝑟𝑛𝑖𝑛𝑔𝑠 𝑏𝑒𝑓𝑜𝑟𝑒 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑡𝑎𝑥𝑒𝑠 (𝐸𝐵𝐼𝑇) 𝑒𝑞𝑢𝑖𝑡𝑦+𝑙𝑜𝑛𝑔−𝑡𝑒𝑟𝑚 𝑜𝑏𝑙𝑖𝑔𝑎𝑡𝑖𝑜𝑛𝑠 . (3) The long-term debts enter the indicators of ROCE, which can include bonds issued, long-term bank loans and equity capital. ROCE expresses just the effectiveness of the management of the organization, regardless of what resources the capital comes from. 𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝑒𝑞𝑢𝑖𝑡𝑦 (𝑅𝑂𝐸) = 𝑛𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒 𝑓𝑜𝑟 𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔 𝑝𝑒𝑟𝑖𝑜𝑑 (𝐸𝐴𝑇) 𝑒𝑞𝑢𝑖𝑡𝑦 . (4) As for profitability, the indicator that companies monitor the most is the one of return on equity. Founders, shareholders, as well as investors focus on ROE. This indicator articulates the profitability of the company’s own resources and also their appreciation (in net profit). 𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝑠𝑎𝑙𝑒𝑠 (𝑅𝑂𝑆)= 𝑛𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒 𝑓𝑜𝑟 𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔 𝑝𝑒𝑟𝑖𝑜𝑑 (𝐸𝐴𝑇) 𝑠𝑎𝑙𝑒𝑠 . (5) Return on sales is useful especially for comparisons of homogeneous entities and for a comparison over time. This commonly observed indicator in particular reflects the reference to the management level of the organization from the perspective of management. The higher the indicator, the better and more capable management the organization has. Results Figure 1 demonstrates the calculated average rate of income self-sufficiency for the professional theatres in the period 2011–2015. The Municipal Theatre in Kladno, a limited liability company, has been excluded from the sample as it has not made available any data necessary for the calculation, despite being repeatedly asked to. Review of Economic Perspectives 290 Figure 1. The average rate of income self-sufficiency of professional theatres for 2011 – 2015 in % Source: the author’s own processing based on the data available from the accounting statements for 2011-2015 The North Bohemian Theatre of Opera and Ballet exhibits the highest rate of selfsufficiency with its 55 %, which is quite paradoxical since, as shall be observed soon below, this theatre ranks among the worst in terms of profitability. Among the best-ranked of the theatres regarding their income self-sufficiency are the Antonín Dvořák Theatre in Příbram and the Dejvice Theatre (50 %). A relatively high self-sufficiency of 41% was then reported by the East Bohemian Theatre Pardubice and The Municipal Theatres of Prague. 23 23 19 18 28 50 26 34 26 41 34 27 18 26 20 19 36 12 39 17 41 18 50 27 32 55 26 0 10 20 30 40 50 60 Volume 18, Issue 3, 2018 291 The Silesian Theatre Opava (12%) reported the weakest rate of income self-sufficiency, followed by the Těšín Theatre in Český Těšín (17%), the J. K. Tyl Theatre in Pilsen (18%), the Moravian Theatre Olomouc (18%) and the West Bohemian Theatre Cheb (18%). A common feature of these theatres is the multi-genre of performance repertoir, always producing minimally two genres – drama, operetta, musical, opera, ballet, puppetry, etc.. Many of theatres showing a low self-sufficiency, fall short of their own resources for running the theatre, but the resources accruing to them from the funders are so high that the theatre can easily and professionally operate, often even better than theatres with a high autonomy but low on support from external entities (funders, state, city, the Ministry of Culture, donators, etc.). A good example would the J. K. Tyl Theatre in Pilsen, which achieves the best results in profitability; however, its rate of income self-sufficiency is one of the weakest in the sample. The exact opposite can be observed for the Antonín Dvořák Theater in Příbram: a high level of self-sufficiency has been discovered, yet accompanied by one of the worst profitability results. Table 1 below shows the individual results of profitability, a synonym of return, which expresses the organization's ability to achieve profit based on the money invested. In addition to the average values for the period 2011–2015, each of the profitability indicators has a corresponding trend assigned: ↑ = a growing trend, ↓ = downward trend, → = fluctuating trend. For each of the indicators, five best rated theatres (light grey background) and five worst-rated theatres (dark grey background) are highlighted. The individual profitability indicators do not have precisely specified recommended result values; however, the higher the values determined for specific indicators are, the better evaluation for the organization. The trend, considering which the organization should wend its way, is growing in all of the profitability indicators. The J. K. Tyl Theatre in Pilsen, the Highlander Theatre Jihlava and the Naive Theatre in Liberec show a growing trend of all of the profitability indicators over the examined period. In these theatres, there is a prerequisite for an effective future development regarding profitability. The table nonetheless also captures many negative values of profitability indicators, which could be contributed especially to the negative economic result that the given organisations proved. As far as profitability indicators alone are concerned, the key indicator is return on assets (ROA), which expresses the profit ratio with entire assets of the company. A negative trend can be observed for five of the professional theatres: North Bohemian Theatre of Opera and Ballet, Antonín Dvořák Theatre Příbram, South Bohemian Theatre České Budějovice, National Theatre Brno, Šumperk Theatre. The rest of the sample shows a positive value. The best return on assets has been recorded for the J. K. Tyl Theatre in Pilsen, mainly due to the return on assets of almost 8% in 2014. This means that the net profit after tax was CZK 0.08 per CZK 1 of assets. In 2015, the J. K. Tyl Theatre recorded a decrease in this indicator, mainly due to a decreasing after-tax profit of 67.62%, while for the previous years the organization exhibits a growing trend of the indicator in accordance with the recommendation. Apart from the J. K. Tyl Theatre in Pilsen, the Drak Theatre in Hradec Králové, the Moravian Slovakia Theatre in Uherské Hradiště, the Moravian Theatre in Olomouc and the Municipal Theater of Prague have all also come out with good values. Each of these theatres has a return on Review of Economic Perspectives 292 assets above 1%. Only the J. K. Tyl Theatre in Pilsen and the Drak Theatre in Hradec Králové show more than 2% of ROA. Table 1. The average profitability indicators of professional theatres for 2011 – 2015 in % PROFITABILITY ROA ROCE ROE ROS CED Brno 0,37↓ 0,54↓ 0,42↓ 1,62↓ ALFA Theatre Pilsen 1,12→ 1,17→ 1,17→ 11,13→ F. X. Šalda Theatre Liberec 0,03↓ 0,04↓ 0,04↓ 0,26↓ J. K. Tyl Theatre in Pilsen 3,47↑ 4,28↑ 4,28↑ 16,42↑ Theatre on the Balustrade Prague 0,37↓ 0,42↓ 0,42↓ 1,54↓ Theatre A. Dvořák in Příbram -1,16→ -1,59↓ -1,63→ -0,46→ Highlander Theatre Jihlava 0,19↑ 0,20↑ 0,17↑ 2,15↑ South Bohemian Theatre České Budějovice -0,66→ -0,71→ -0,74→ -2,66→ Puppet Theatre Radost Brno 0,11→ 0,11→ 0,10→ 1,60→ The Municipal Theatres of Prague 1,13↑ 1,46↑ 1,33→ 1,13↑ The Municipal Theatre of Brno 0,03→ 0,03↓ 0,03↓ 0,18→ The Municipal Theatre of Zlín 0,90→ 1,17→ 1,05→ 4,45→ Moravian Theatre Olomouc 1,36→ 1,49→ 1,43→ 18,33→ Naive Theatre Liberec 0,47↑ 0,52↑ 0,49↑ 2,90↑ National Theatre Brno -0,51↓ -0,53↓ -0,54→ -4,30→ National Moravian-Silesian Theatre Ostrava 0,38→ 0,42↑ 0,39↑ 5,43↑ National Theatre Prague 0,40→ 0,63→ 0,45→ 3,11→ Silesian Theatre Opava 0,36→ 0,37→ 0,37→ 8,56→ Moravian Slovakia Theatre Uherské Hradiště 1,57→ 5,19↓ 5,18↓ 1,62→ Těšín Theatre in Český Těšín 0,00→ 0,01↓ 0,00→ 0,00→ Eastern Bohemian Theatre Pardubice 0,76→ 2,49→ 2,42→ 0,70→ West Bohemian Theatre Cheb 0,08→ 0,09→ 0,09→ 0,38→ Dejvice Theatre, charitable trust 0,08↓ 0,43↓ 0,43↓ 0,22↓ Drak Theatre in Hradec Králové 2,78→ 3.58→ 3,10→ 12,78→ Klicpera Theatre Hradec Králové 0,72→ 1,24→ 1,24↑ 0,84↑ North Bohemian Theatre of Opera and Ballet, Ltd. -20,74↓ -21,76↓ -21,76↓ x Šumperk Theatre, Ltd. -0,23→ -0,24→ -0,25→ -0,87→ ↓ trend - total number 6 10 7 4 → trend - total number 17 12 15 16 ↑ trend - total number 4 5 5 6 Source: the author’s own processing based on the data available from the accounting statements for 2011-2015 Volume 18, Issue 3, 2018 299 THROSBY, D. 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