Slight Reduction in Cash-Flow-to-Sales Ratio. Profitability of Austrian Manufacturing in 2013

Werner Hölzl, Klaus Friesenbichler and Kerstin Hölzl
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Kerstin Hölzl: Austrian Institute for SME Research

WIFO Bulletin, 2014, vol. 19, issue 12, 110-120

Abstract: In 2013, the cash-flow-to-sales ratio of the Austrian manufacturing sector reached an estimated 9.0 percent, a value significantly below the long-run average of 9.6 percent. The persistently muted performance of the manufacturing sector has affected the cash-flow-to-sales ratio, which declined substantially in the aftermath of the financial crisis. The sector's real value added growth amounted to a mere 1.2 percent in 2012 and 2013. According to the estimates of a dynamic panel-econometric model at industry level, the cash-flow-to-sales ratio in manufacturing declined slightly against 2012 (2012: 9.2 percent).

Keywords: Austria; Cash Flow; Earning Power; Equity (search for similar items in EconPapers)
Date: 2014
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