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Moderate Recovery of the Cash-Flow Margin Projected for 2010. Cash Flow and Equity in Austrian Manufacturing

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  • Werner Hölzl

Abstract

In 2009, the cash-flow-to-sales ratio in the Austrian manufacturing reached 10.0 percent, a value slightly below that of 2008 and significantly below the long-term average of 11.9 percent. In 2010, real value added in manufacturing rose by 6.9 percent. This initial recovery after the deep slump in 2009 (–14.3 percent) appears to have had an effect on the sector's earning power. According to the estimates of a dynamic, panel-econometric model for 22 industries in manufacturing, the cash-flow-to-sales ratio rose in 2010 to 11.6 percent. The 2009 equity ratio value of 37.7 percent corresponded with the average of the European countries under comparison.

Suggested Citation

  • Werner Hölzl, 2011. "Moderate Recovery of the Cash-Flow Margin Projected for 2010. Cash Flow and Equity in Austrian Manufacturing," Austrian Economic Quarterly, WIFO, vol. 16(3), pages 153-162, September.
    • Handle: RePEc:wfo:wquart:y:2011:i:3:p:153-162
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