Andalusian public companies´ indebtedness exceeds 150 % in 32 % of the whole, such as Santana Motor S.A. and Sociedad Andaluza de Componentes Especiales, S.A. However, the study, carried out by professors Antonio M. López Hernández and Isabel Román Martínez, of the department of Financial Economy and Accounting of the Universidad de Granada, and published by this institution in the book: “Consolidation and analysis of the economic-financial situation of public companies in the Autonomous Region of Andalusia”, shows that most of the companies keep balanced from a financial point of view.
The companies that presented problems between 1993 and 1997 to confront their indebtedness were: Centro Internacional de Reservas Turísticas de Andalucía, Séneca S.A., Cetursa Sierra Nevada S.A., Empresa Pública para el Desarrollo Agrario y Pesquero de Andalucía S.A., Orquesta de Sevilla S.A., Promonevada S.A., Sociedad Andaluza de Componentes Especiales S.A. and Turismo Andaluz S.A.
As regards financially secure public companies, according to the authors “in the financial year 1997, as regards financial profitability, Linares Fibras Industriales S.A. and Verificaciones Industriales de Andalucía S.A. are the most profitable companies, with a 48 and a 19 per cent respectively”.
On the other hand, according to Professors Antonio M. López Hernández and Isabel Román Martínez, “the obtained data reflect a better economic position of joint companies in relation to those of the Andalusian Council, with positive results attributable to those partners and a financial profitability of 5.62 per cent.”
According to the authors of the book, “the consolidation of the companies of the Andalusian Council justifies contributing to the improvement of accountancy information received both by the citizens and other public organism, as they offer more transparent and quality data about the public business activity developed in the autonomous region. In addition, it allows to carry out more accurate comparisons with public business sectors of other territorial levels (central, regional or local).
The present research work “can be considered –according to the dean of the Faculty of Economic and Business Studies in the prologue of the book—as a pioneering study, as it shows as empirically the difficulties found in the consolidation process and the economic-financial analysis of the public companies of the Andalusian Autonomous Region, as well as it offers an interesting global and individual vision of this company’s group.”
Further information: Prof Antonio M. López Hernández. Department of Financial Economy and Accounting. Phone number: 958 243709. Mobile: 669 848023. E-mail: alopezh@goliat.ugr.es
Isabel Román Martínez. Department of Financial Economy and Accounting. Phone number: 958 248341. E-mail: iroman@platon.ugr.es