Financial liquidity analysis of CSR based Capital Group Zywiec SA

Gasior, Aleksandra Article Financial liquidity analysis of CSR based Capital Group Zywiec SA Amfiteatru Economic Journal Provided in Cooperation with: The Bucharest University of Economic Studies Suggested Citation: Gasior, Aleksandra (2013) : Financial liquidity analysis of CSR based Capital Group Zywiec SA, Amfiteatru Economic Journal, ISSN 2247-9104, The Bucharest University of Economic Studies, Bucharest, Vol. 15, Iss. Special No. 7, pp. 784-801 This Version is available at: https://hdl.handle.net/10419/168810 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. http://creativecommons.org/licenses/by/4.0/ AE Financial Liquidity Analysis of CSR Based Capital Group Żywiec SA Amfiteatru Economic 784 FINANCIAL LIQUIDITY ANALYSIS OF CSR BASED CAPITAL GROUP ŻYWIEC SA Aleksandra Gąsior * Szczecin University, Poland Abstract The article presents the Capital Group Grupa Żywiec plc. as an enterprise operating in food industry which has received a "Golden Leaf Award for CSR” (Pichola, Rudzki, 2013) and has been ranked among the top ten companies in the aforementioned sector. It is a beer producer, i.e. a good which is controversial in the opinion of society. In order to change the attitude of the public toward the Capital Group and show concern for ecological aspects, the company has made attempts to create and implement CSR strategy in formal terms. It should be emphasized that major shareholder (Heineken company) has already been following the strategy of sustainable development referred to as Brewing a Better Future (Social Report, 2013). However, the period during which the aforementioned actions were taken arouses a number of doubts, e.g. if the enterprise is able to continue its activity having achieved a certain level of liquidity. In times of great financial crisis, which started at the turn of 2007 and 2008, maintaining adequate liquidity was the main problem. It was then that enterprises ought to pay special attention to this aspect (Gorczyńska, 2011; Raport, 2010). Having the above in mind, the paper discusses issues relating to financial liquidity of the Capital Group Żywiec plc. in times of economic crisis and at the initial stage of CSR strategy implementation. Case study is the main method employed to verify the hypothesis formulated at the beginning of the article. Selected financial ratios are used in order to compare the liquidity of the Capital Group with the liquidity of the entire sector. Keywords: Sustainable development, capital group, financial analysis, liquidity JEL Classification: G17, G34, Q56 Introduction The issues related to sustainable development and focus on the ecological and social aspects of business have recently gained in popularity. It is reflected in the increasing technical literature on the subject on the one hand, and the implementation of the sustainable development concept by an ever rising number of companies on the other. Managers who follow the recommendations of politicians, tendencies among entrepreneurs and the opinions of the public make attempts to transform the processes taking place in * Corresponing author, Aleksandra Gąsior - o[email protected] Business and Sustainable Development AE Vol. XV• Special No. 7 • November 2013 785 their companies into more “green” ones. They implement solutions which aim to reduce the negative impact on the natural environment through reducing harmful emissions or enhancing energy-consuming manufacturing processes. On the other hand, the approach to employees is also changing – they are no longer treated as objects in the manufacturing process and become its subjects instead. Enterprises make attempts to take up responsibility for their operations, paying more and more attention to the environment and local communities. The new solutions are implemented in a purposeful and organised way. Sometimes, however, entrepreneurs introduce the principles of sustainable development and corporate social responsibility in their companies unwittingly. One of the companies which have formally integrated a complete CSR strategy in its business is Żywiec Group. It is one of the largest beer producers in Poland belongs to Heineken International BV being the major shareholder in one of the group’s breweries in Żywiec. The group selected for this study introduced its social responsibility strategy for the years 2011-2013 in a formal way. Moreover, Żywiec had already been following an active CSR policy in everyday business even before it was formally implemented, which can be concluded after an analysis of the group’s CSR reports for the years 2009-2010, summarising all the efforts in this area (Grygoruk, 2012). The reports describe, for instance, the issues central to the group’s strategy. The major goal – developing strong and recognisable brands in the Polish market – can be achieved only through honoring and respecting employees, the environment, local communities and owners. The key areas of CSR efforts are defined in line with the global corporate sustainability strategy of the Heineken Group: Brewing a Better Future, which includes 23 programmes within six initiatives (Grygoruk, 2012). 2011 alone, the group was awarded several national and international awards and distinctions for its CSR policy, including the following (Raport Finansowy, 2012): • Żywiec Group came third place in the “business” category in the IDEAL Employer Ranking. The Universum Professional Survey 2011 was conducted on a sample of nearly 15,500 people. • The Leżajsk Brewery came second place in the “Employer – Provider of a Safe Work Environment” contest. • Żywiec Group was awarded an honorary prize for five years of collaboration with the Responsible Business Forum. The award was presented at a ceremony accompanying the publication of the “Responsible business in Poland 2010. Good practices” report. • The Żywiec Brewery was presented an Award for TPM Excellence 2010 for a dynamic and sustainable progress towards the world-class brewery in the field of manufacturing and logistics. At the same time, Polish entrepreneurs tend to believe that undertaking activities in line with the concept of social responsibility translates into worse financial performance as a result of higher costs. If a company is to remain a going concern, it should be managed in a way that guarantees liquidity (Sierpińska, Jachna, 2005). The aim of this paper is, therefore, to analyse the performance of Żywiec Group under financial uncertainty, as the time span of the analysis overlaps with the global financial crisis and includes the moment of introduction of the CSR strategy. It is worth highlighting that although Poland has coped with the crisis quite well, a number of Polish enterprises were declared bankrupt at that time (Romanowska, 2013). Slightly different situation was at that time in Lithuania and Romania (Zaharia, Grundey, 2011). AE Financial Liquidity Analysis of CSR Based Capital Group Żywiec SA Amfiteatru Economic 786 The outcomes of the study of 20 largest companies listed on the Warsaw Stock Exchange (which comprise the WIG-20 index) show that higher liquidity of manufacturing and service companies during the crisis can be explained with higher levels of cash and equivalents, inventory, and short-term receivables on the one hand, and reduction in shortterm payables on the other (Kubajka, 2013). The author formulates the following research hypothesis: Żywiec Group, subject to analysis in this study, increased its inventory and short-term receivables while reducing its shortterm payables so as to increase the company’s liquidity during the crisis. 1. Corporate Social Responsibility and Financial Analysis – selected aspects It should be noted that approach to sustainable development of economy and sustainable development of enterprise differ in perspective. The former involves macroeconomic approach, whereas the latter refers to microeconomic one. It should be emphasized that the concept of sustainable development of the economy has laid foundations for the concept of corporate social responsibility. In other words, corporate social responsibility is a response of individual companies to the concept of sustainable economic development. It is a policy that encompasses a variety of concepts which assume that each enterprise has certain obligations to the society, next to its main goal, which is to maximise profit in the short term and maximise value in the long term. Corporate social responsibility (CSR) is the most popular term coined to describe the phenomenon of business responsibility to society (Roszkowska, 2011). CSR leads to a balance among the social, economic and ecological dimensions of a business thus contributing to the achievement of goals associated with sustainable development. These include protecting natural resources and maintaining balanced ecosystems, which should eventually lead to improvement in human health and raise general security and wellbeing. All these relationships are depicted in Figure 1 below (Marriewijk, 2003): Figure no. 1. Corporate sustainability and corporate social responsibility. Source: Marriewijk, 2003, p. 102. Corporate sustainability Corporate responsibility Ecological responsibility Social responsibility Economic responsibility Business and Sustainable Development AE Vol. XV• Special No. 7 • November 2013 787 It is also noteworthy to observe that a number of CSR definitions have been developed over the decades, and despite their evolution so far the efforts to develop a common and widely accepted one have failed. The term was first defined by Carnegie (1900) in his book “The Gospel of Wealth”. In his concept, corporate social responsibility comprises two principles: charity and stewardship. Charity refers to the principles of mercy and involves entrepreneurs assuming the responsibility for the living conditions of the entire society. The second principle, stewardship, assumes that wealthy individuals are only the caretakers or stewards of the society’s property holding it in trust for the benefit of the society as a whole, and as such should use it only in a socially acceptable manner, undertaking initiatives for the benefit of the society (Łukaszewicz-Kamińska, 2011). At first, definitions of CSR have been provided in the United States of America. It was there that large corporations, orientated to economic objectives, were established at the beginning of the 20th century. Since they had a considerable market power, they took antisocial actions, followed monopolist practices, avoided paying taxes and strove after generating as high profit as possible, which caused unethical behaviour. Therefore, the US government took a number of actions in order to organize relations among business, state and society. In this sense, the literature on the subject presents different approaches to CSR which have evolved together with economic changes. First strong views on CSR were expressed in the 1950’s (Bowen, 1953). Over the years, various authors offered a number of definitions (Table 1). Table no. 1. Authors of CSR definitions Years 60. 70. 80. 90. After 2000 Authors W.C. Fredrick (1960) J.W. Mc Guire (1963) K. Davis and R.Blomstrom (1966) C.C. Walton (1967) H. Johnson (1971) H.G. Manne and H.C. Wallich (1972) R. Ackerman and B. Bauer (1976) S.P. Sethi (1975) H. Eilbert, R. Parket (1973) J. Backman (1975) E. Freeman (1984) T.M. Jones (1980) P.F. Drucker (1984) A.B. Caroll (1991, 1993) Y. Ch. Kang, D.J. Wood (1995) W.C. Frederic (1994) D.J. Wood (1991) L.A. Mohr (1996) J. Gustafson (2007) Source: Own elaboration. In Poland several stages of the development of the corporate social responsibility concept can be distinguished (Bartkowiak, 2011):  Stage 1 (1997-2000) referred to as a stage of silence and utter lack of interest. AE Financial Liquidity Analysis of CSR Based Capital Group Żywiec SA Amfiteatru Economic 788  Stage 2 (2000-2002), when the CSR concept was attacked by business leaders and public commentators, who argued that the free market was a cure for everything.  Stage 3 (2002-2004), when CSR aroused interest and was publicly recognised by every self-respecting company.  Stage 4 (2004-2005), when the first (yet incomplete) projects for the major business areas were created.  Stage 5 (2006 – present) is a stage when attempts are made to integrate CSR with other strategies followed in companies. These stages suggest that companies as well as the Polish economy as a whole did not pay attention to the CSR aspects in the past. It was not until a decade after the beginning of the transition period that enterprises, the economy and researchers in Poland made first tentative attempts to address these issues. CSR principles have been attracting significantly more attention since Poland’s accession to the European Union where each member state is obliged to undertake measures in line with the CSR. The literature of the subject offers a variety of CSR definitions, which have been thoroughly analysed, among others, by Żemigała (2008) and Korpus (2006). A noteworthy approach to defining this term has been suggested by Gołaszewska-Kaczan (2009), who describes CSR as “a concept which at the core involves the enterprise initiating a dialogue with its environment and forging relationships with its stakeholders so as to assure achievement of just aspirations of all the parties involved”. Definitions regarding CSR have also been developed by institutions and organizations. In the Green Papers, the European Union defines corporate social responsibility as “a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis”(European Commission, 2001). Business for Social Responsibility provides another definition of CSR which describes it as “achieving commercial success in ways that honour ethical values and respect people, communities and the natural environment” (Olson, 2013). More information about definitions of CSR in the formation of institutions wrote Gąsior (2011). For the purposes of this study, a contemporary definition provided by the ISO 26000 will be used (Discovering ISO 26000, 2010): “ISO 26000 is intended to assist organizations in contributing to sustainable development. It is intended to encourage them to go beyond legal compliance, recognizing that compliance with law is a fundamental duty of any organization and an essential part of their social responsibility. It is intended to promote common understanding in the field of social responsibility, and to complement other instruments and initiatives for social responsibility, not to replace them.” The study conducted in 2009 by Good Brand and the Responsible Business Forum on a sample of several hundreds of enterprises listed in the “Top 500 managers” ranking published by the Polish magazine “Polityka” shows that Polish entrepreneurs are ever more aware of the CSR concept. Moreover, they tend to implement it in their businesses (Dudkiewicz, 2010). 58 per cent of the respondents claim high awareness of the CSR concept, and if the results are compared and contrasted to the 2003 figures, the number of respondents aware of this concept has more than doubled. Even though a considerable improvement has been observed, Polish managers, unfortunately, limit the implementation Business and Sustainable Development AE Vol. XV• Special No. 7 • November 2013 789 of CSR principles to offering financial and in-kind support, neglecting for instance the initiatives for the benefit of the local communities or collaboration with NGOs (Bogdanienko, 2011). The report in question reveals that it is of foreign companies who influence the form and pace of development of the corporate social responsibility principles, and who can take pride in their CSR implementation strategies supervised by staff specifically assigned to these tasks – which will not be a reality in Polish companies for years to come (Dudkiewicz, 2010). 2. Research methodology The verification of the hypothesis formulated, namely enhanced liquidity in times of crisis can be achieved through increase in inventory and short-term receivables as well as reduction in current liabilities, requires a relevant research methodology. Special emphasis will be placed on case study and financial analysis will be carried out to calculate shortterm liquidity. As it has already been mentioned, the Capital Group Żywiec plc. will be subject to analysis. Case study will be used as a base methodology. Also financial liquidity will be calculated. Subsequently, comparative analysis will be conducted and the results will be compared with average liquidity ratios for food industry in Poland. Time horizon covers the period 2007-2012 as a global world financial crisis. In this sense, it was the general economic situation that determined the research. Its main objective is analysis how the Capital Group Żywiec plc. dealt with financial risk during the aforementioned period. The risk was reflected, among other things, in the loss of financial liquidity. At the same time, it should be stressed that average ratios for the sector (published by the Commission for Financial Analysis headed by Research Council of the Accountants Association in Poland in cooperation with Credit Bureau InfoCredit (Wskaźniki sektorowe, 2013) are made public following a one-year delay. Therefore, a comparison between the performance of the Capital Group and the sector’s average the covers only the period 20072011. On the other hand, the performance of the Group in 2012 will be presented in order to illustrate changes that occurred between 2007 and 2012. The Capital Group Żywiec plc. will be subject to analysis since it is a leader of CSR implementation and has received a "Golden Leaf Award for CSR”. Furthermore, it was ranked among the first ten enterprises operating in food industry. It is worth explaining that the "golden leaf" is awarded to enterprises which have proven that the implementation of recommendations included in ISO 26 000 is the main element of their strategic actions. Such companies declare they have construed an overall CSR or sustainable development strategy and operate in line with the code of ethics. At the same time, they pay special attention to the appraisal and development of their employees. Furthermore, they have established responsible relationship with their business partners thanks to which they may impose additional and non-financial requirements as well as show concern for relations with consumers and local community. All the actions relating to CSR are presented regularly in reports in which the effects of such actions are to some extent verified by external auditors (Olson, 2013). AE Financial Liquidity Analysis of CSR Based Capital Group Żywiec SA Amfiteatru Economic 790 In 2011 "Polityka" weekly added a new element to the ranking of 500 largest enterprises in Poland (published since 1993). This new component is based on the results of survey on CSR. The fact that the findings of such a survey have been taken into account only recently proves that this area is still treated as a novelty. The survey conducted by "Polityka" was based on key guidelines included in ISO 26 000 standard. Therefore, it is the definition presented on the official ISO website that is referred to in the present paper as the most comprehensive. A detailed description of the survey and its main findings are published on "Polityka" website (Pichola, Rudzki, 2013). The Capital Group will be presented and discussed on the basis of case study and a number of liquidity ratios (shown in Table 2). Table no. 2. Short-term liquidity ratios Ratio Calculation method Cash ratio Current assets (except trade receivables with maturity period lasting over 12 months) Current liabilities (except trade receivables with maturity period lasting over a year) Quick ratio Short term investments + short-term receivables (except trade receivables with maturity period lasting over 12 months) Current liabilities (except trade receivables with maturity period lasting over a year) Current ratio Short-term investments Current liabilities (except trade receivables with maturity period lasting over a year) Inventory turnover ratio (in days) Average inventory*365 Sales revenue Receivables turnover ratio (in days) Average short-term receivables*365 Sales revenue Liabilities turnover ratio (in days) Average current liabilities*365 Sales revenue Cash Conversion Cycle Inventory turnover ratio (in days) + Receivables turnover ratio (in days) - Liabilities turnover ratio (in days) Source: own compilation based on Mioduchowska-Jaroszewicz, 2013, pp. 173-174; Gąsior, 2010, pp. 26-27. Generally speaking, financial liquidity is understood as the ability to settle one's obligations on time. In other words, absolute liquidity entails time necessary for liquidating a given unit of inventory. The research addresses short-term liquidity and takes account of a given moment in time. It is worth stating that the adequate current ratio is the case when current assets are from 1.5 to 2 times higher than current liabilities (Sierpińska, Wędzki, 2005). On the other hand, the optimum value of quick ratio is 100%, which proves that the enterprise is able to cover its liabilities quickly (Urbańczyk, 2001). Cash ratio is another indicator determining short-term Business and Sustainable Development AE Vol. XV• Special No. 7 • November 2013 791 financial liquidity. As far as the liquidity of assets is concerned, opinions about the optimum value of cash ratio differ to a considerable extent. Some authors are inclined to believe that it does not have any limit (Gabrusewicz, 2005), while others state it should range from 10 to 20% (Urbańczyk, 2001). Data essential for calculating liquidity ratios will be derived from the consolidated accounts of the Capital Group Żywiec plc. during the period 2007-2012. 3. Empirical research on the Capital Group Żywiec plc. Based on materials published by "Polityka" weekly, the Capital Group Żywiec plc. was placed 68th in the ranking of the 500 largest enterprises. The place in the ranking depends on sales revenue in a given year (in this case attention is paid to 2012) (Lista 500, 2013). It is worth noticing that the implementation of CSR strategy very often entails increase in costs and additional investments. The analysis of financial liquidity should illustrate how the aforementioned changes are introduced at the initial stage of CSR implementation and hence how they affect the performance of a given company. As far as the period under analysis is concerned, current ratio was the highest in 2008 like the average for food industry presented on Figure 2. Nevertheless, it should be noticed that the ratio reported by the enterprise (as a capital group) differed considerably from norms accepted in theoretical terms (current ratio should range from 150 to 200%) (Sierpińska, Wędzki, 2005). Unfortunately, the performance of the Capital Group presented in Figure 2 suggests that the enterprise did not achieve the satisfactory value of current ratio. The lowest value (53.92%) was reported in 2007, whereas the highest one was the case in 2008 (86.92%) which, however, was neither correct nor desirable level of current liquidity. On the contrary, the sector displayed a completely different tendency. It managed to maintain liquidity within a normal range throughout the entire period under consideration. 0,00 20,00 40,00 60,00 80,00 100,00 120,00 140,00 160,00 2007 2008 2009 2010 2011 2012 current ratio for the CG Żywiec plc. average for the sector - current ratio Figure no. 2. Current ratio in per cent, Capital Group Żywiec plc. during the period 2007-2012 Source: own calculation based on Consolidated accounts of the Capital Group. AE Financial Liquidity Analysis of CSR Based Capital Group Żywiec SA Amfiteatru Economic 798 This suggests that CSR strategy is expensive for the Capital Group and it will produce specific results later on. References Ackerman, R. and Bauer B., 1976. Corporate Social Responsiveness, The Modern Dilemma. Reston Publishing. Backman, J., 1975. Social responsibility and accountability. New York: New York University Press. Bartkowiak, G., 2011. Społeczna odpowiedzialność biznesu w aspekcie teoretycznym i empirycznym, Warszawa: Difin, pp. 18-19. 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