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Sylwia Lorenc
Department of Economy and Management in Industry, AGH University of Science and Technology, 30-059 Kraków, Poland

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Journal article
Published: 17 February 2021 in Sustainability
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The aim of this paper is to analyse and compare the process of distributing value to stakeholders in energy industry enterprises in the range of sustainable transition. The analysis focuses on the four largest energy companies in Poland: ENEA Group, ENERGA Group, PGE Group and TAURON Polish Energy. Directions of value distribution in these companies have been presented for the years 2009–2018. The paper identifies the main groups of stakeholders of the above companies, i.e., owners, employees, suppliers, capital providers, the state budget and the budgets of local government units. The value dedicated to these stakeholders was estimated based on the free cash flow (FCF) methodology. According to the presented analysis, in the years 2009–2018, the energy industry in Poland realised a total of 236.2 billion PLN for selected stakeholders. PGE Group generated the most financial benefits, providing nearly 120 billion PLN. The smallest value was realised by ENERGA Group in the amount of over 28 billion PLN. Identification of added value according to the proposed methodology may support the process of making decisions related to the continuation or cessation of energy-related activities in the light of continued or lost potential stakeholder benefits.

ACS Style

Sylwia Lorenc; Arkadiusz Kustra. Distributing Enterprise Value to Stakeholders in the Range of Sustainable Development on the Basis of the Energy Industry in Poland. Sustainability 2021, 13, 2130 .

AMA Style

Sylwia Lorenc, Arkadiusz Kustra. Distributing Enterprise Value to Stakeholders in the Range of Sustainable Development on the Basis of the Energy Industry in Poland. Sustainability. 2021; 13 (4):2130.

Chicago/Turabian Style

Sylwia Lorenc; Arkadiusz Kustra. 2021. "Distributing Enterprise Value to Stakeholders in the Range of Sustainable Development on the Basis of the Energy Industry in Poland." Sustainability 13, no. 4: 2130.

Conference paper
Published: 23 January 2019 in IOP Conference Series: Earth and Environmental Science
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Liquidity comprises one of the most important indicators of an enterprise's financial situation and proper operation. Dynamic liquidity understood as an ability to generate cash flow constitutes an interesting issue in the area of managing finances related with taking managerial decisions in the following areas: operational, investment and financial. The aim of the article is to identify cash flow in a managerial perspective for the purposes of taking decisions with regard to developing liquidity and indicating determinants thereof in the energy sector, in Poland. Formulas of setting cash flows for the owner (FCFE) and for all funding parties (FCFF) have been shown and their calculation has been presented with an example of selected energy enterprises listed on the Stock Exchange in Warsaw.

ACS Style

S Lorenc; A Kustra. Financial liquidity management in energy sector in Poland. IOP Conference Series: Earth and Environmental Science 2019, 214, 012089 .

AMA Style

S Lorenc, A Kustra. Financial liquidity management in energy sector in Poland. IOP Conference Series: Earth and Environmental Science. 2019; 214 (1):012089.

Chicago/Turabian Style

S Lorenc; A Kustra. 2019. "Financial liquidity management in energy sector in Poland." IOP Conference Series: Earth and Environmental Science 214, no. 1: 012089.

Conference paper
Published: 31 January 2018 in E3S Web of Conferences
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The objective of this article is the analysis and comparison of the value distribution process that takes place in enterprises for stakeholders. The following coal mining enterprises are subject of this work: JSW S.A., KGHM S.A., and LW Bogdanka S.A, for which the directions of value distribution in the years 2011-2016 were presented. The article defines the main groups of the partnerships’ stakeholders, such as the owners, staff, suppliers, equity providers, the country budget and the local governments’ budgets. The sustainable value benchmark was defined as the benefits received by the stakeholders through the allocation of financial surplus. The value defined for the abovementioned stakeholders was assessed according to the Free Cash Flow (FCF) methodology.

ACS Style

Sylwia Lorenc; Arkadiusz Kustra. Comparative analysis of sustainable value distribution for stakeholders in the mining industry. E3S Web of Conferences 2018, 29, 00013 .

AMA Style

Sylwia Lorenc, Arkadiusz Kustra. Comparative analysis of sustainable value distribution for stakeholders in the mining industry. E3S Web of Conferences. 2018; 29 ():00013.

Chicago/Turabian Style

Sylwia Lorenc; Arkadiusz Kustra. 2018. "Comparative analysis of sustainable value distribution for stakeholders in the mining industry." E3S Web of Conferences 29, no. : 00013.

Conference paper
Published: 15 March 2017 in E3S Web of Conferences
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The purpose of this article is to present certain trends in the distribution of value created by businesses for groups of stakeholders as part of a conception of sustainable growth. The subject of this analysis is the LW Bogdanka S.A. mining company, which was studied in terms of distribution of value for the period from 2009 to 2015. In this paper, the main stakeholders of the operation were identified as the shareholders, capital providers, employees, suppliers, local governments and the state. A method for measuring distributed value based on cash flow is demonstrated. Identification of the value added by the proposed methodology may assist of decisions related to the continuation or liquidation of operations.

ACS Style

Sylwia Lorenc. The economic value of the enterprise for stakeholders in the fuel and energy sector. E3S Web of Conferences 2017, 14, 1008 .

AMA Style

Sylwia Lorenc. The economic value of the enterprise for stakeholders in the fuel and energy sector. E3S Web of Conferences. 2017; 14 ():1008.

Chicago/Turabian Style

Sylwia Lorenc. 2017. "The economic value of the enterprise for stakeholders in the fuel and energy sector." E3S Web of Conferences 14, no. : 1008.

Journal article
Published: 01 January 2017 in Studia i Prace WNEiZ
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Celem artykułu jest zaprezentowanie kierunków dystrybucji wartości wykreowanej przez przedsiębiorstwa dla określonych grup interesariuszy. W publikacji podjęto próbę znalezienia odpowiedzi na pytanie, dla kogo przedsiębiorstwa powinny tworzyć wartość. Zgodnie z założeniami koncepcji zrównoważonego rozwoju, przeprowadzono analizę dystrybucji wartości na przykładzie Jastrzębskiej Spółki Węglowej S.A. w latach 2011–2015. Na potrzeby pomiaru wartości zrównoważonej wykorzystano metodologię opartą na wolnych przepływach pieniężnych. Ich aktualna wartość oparta na określonym horyzoncie czasu może stanowić wskazówkę dla kontynuacji lub likwidacji działalności górniczej w świetle utrzymania lub utracenia korzyści dla interesariuszy. The purpose of this article is to present the directions of distribution of value created by companies for specific stakeholder groups. The publication attempted to find an answer to the question for whom companies should create value. According to the assumptions of the sustainable development concept, an analysis of value distribution was conducted on the example of Jastrzębska Spółka Węglowa S.A. in the years 2011–2015. For the purpose of measuring the sustainability value, a method based on free cash flow was used. Their current value based on a specific time horizon, may provide guidance for the continuation or liquidation of mining activities in the light of maintaining or losing potential benefits to stakeholders.

ACS Style

Sylwia Lorenc; Arkadiusz Kustra. Valuation and division of sustainable value in mining enterprise. Studia i Prace WNEiZ 2017, 50, 57 -70.

AMA Style

Sylwia Lorenc, Arkadiusz Kustra. Valuation and division of sustainable value in mining enterprise. Studia i Prace WNEiZ. 2017; 50 ():57-70.

Chicago/Turabian Style

Sylwia Lorenc; Arkadiusz Kustra. 2017. "Valuation and division of sustainable value in mining enterprise." Studia i Prace WNEiZ 50, no. : 57-70.