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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.
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 StyleSylwia 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 StyleSylwia 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.
The article presents cost of equity estimation of capital groups from the fuel and energy sector, listed at the Warsaw Stock Exchange, based on the Capital Asset Pricing Model (CAPM). The objective of the article was to perform a valuation of equity with the application of CAPM, based on actual financial data and stock exchange data and to carry out a sensitivity analysis of such cost, depending on the financing structure of the entity. The objective of the article formulated in this manner has determined its’ structure. It focuses on presentation of substantive analyses related to the core of equity and methods of estimating its’ costs, with special attention given to the CAPM. In the practical section, estimation of cost was performed according to the CAPM methodology, based on the example of leading fuel and energy companies, such as Tauron GE and PGE. Simultaneously, sensitivity analysis of such cost was performed depending on the structure of financing the company’s operation.
Diana Kozieł; Stanisław Pawłowski; Arkadiusz Kustra. Cost of Equity Estimation in Fuel and Energy Sector Companies Based on CAPM. E3S Web of Conferences 2018, 35, 01008 .
AMA StyleDiana Kozieł, Stanisław Pawłowski, Arkadiusz Kustra. Cost of Equity Estimation in Fuel and Energy Sector Companies Based on CAPM. E3S Web of Conferences. 2018; 35 ():01008.
Chicago/Turabian StyleDiana Kozieł; Stanisław Pawłowski; Arkadiusz Kustra. 2018. "Cost of Equity Estimation in Fuel and Energy Sector Companies Based on CAPM." E3S Web of Conferences 35, no. : 01008.
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.
Sylwia Lorenc; Arkadiusz Kustra. Valuation and division of sustainable value in mining enterprise. Studia i Prace WNEiZ 2017, 50, 57 -70.
AMA StyleSylwia Lorenc, Arkadiusz Kustra. Valuation and division of sustainable value in mining enterprise. Studia i Prace WNEiZ. 2017; 50 ():57-70.
Chicago/Turabian StyleSylwia Lorenc; Arkadiusz Kustra. 2017. "Valuation and division of sustainable value in mining enterprise." Studia i Prace WNEiZ 50, no. : 57-70.