Wyniki finansowe spółek giełdowych na rynku usług turystyczno-wypoczynkowych oraz hotelowych w poszczególnych segmentach działalności
Financial Performance of Stock Exchange Companies in the Market for Tourist, Leisure and Hotel Services in Individual Segments of Activity

Summary/Abstract: Aim of the article: the study is focused on an analysis of financial performance of the three major companies from the tourist, leisure and hotel industry listed on the Warsaw Stock Exchange. Discussing the issues, the author paid attention to financial condition of the firms in individual segments of activity. Methodology: the source basis was financial statements of the stock exchange companies in question. The analysis comprised three companies from the hotel industry: Interferie SA, Orbis SA and Rainbow Tours SA. The findings were analysed taking into account sales of services in individual branch segments in the years 2009-2013. Findings: all the companies surveyed improved in the years in question their financial standing in individual segments of activity. The companies from the hotel industry such as Interferie and Orbis focused primarily on winning the national customer, sales of services in the domestic market constituted most their revenues. In the case of the Rainbow Tours Group, improvement of financial condition was determined by growth of sales of tourist events (the basic segment of activity) by the parent company. Results of the analysis indicate a great consolidation of the market in basic segments of activities carried out by the companies. Practical and social implications: the practical purpose of the financial analysis in the given market for services is to evaluate and shape the future, development and possibilities to survive by enterprises. It enables assessment of goodwill of the firm and its position in the market.

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