Ocena wystąpienia kryzysu finansowego spółek komunalnych na przykładzie wybranych spółek z województwa opolskiego
Assessment of the occurrence of a financial crisis in municipal-owned companies on the example of selected companies from the Opolskie Voivodeship

Summary/Abstract: The aim of the study was to identify and assess the risk of financial crisis for municipal-ownedcompanies. The companies operate in the Opolskie Voivodeship. They are involved in the provisionof heat (industry 35), water (industry 36), sewage disposal (industry 37), waste management (industry38) and local transport (industry 49). The study was based on the financial statements and managementreport of the companies from the period 2019–2022. Document analysis, qualitative analysis of riskfactors, ratio financial analysis and analysis of variance were all used. The following research questionswere formulated: 1) How has the financial performance of municipal-owned companies evolved? 2)Does financial performance generate financial crisis risk and at what level? 3) Has this risk changedover time?, and 4) Does the industry significantly differentiate the level of this risk?The results showed that the companies were operating under a high risk of financial crisis, resultingfrom their weak financial condition. Although the risk of financial crisis was diverse and variableover time, nearly 2/3 of the companies were permanently at high or very high risk. Analysis overtime showed an increase in this risk. In 2022, there was an increase in the percentage of unprofitablecompanies, companies with a growing shortage of transactional cash having a low commitment ofequity. The results also indicate differences in the scale of risk by type of business. High risk (class2) was characteristic for the companies: heating (35), waste management (38), water supply (36) andtransport (49). Medium risk (class 3) was characteristic for the companies involved in sewage disposal(37). The threatening factors in terms of financial condition established in the study justify the viewthat the direct causes of the high risk of financial crisis are insufficient revenues and high operatingcosts, as well as the price formation mechanism.

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