The Slovak Spa Industry and Spa Companies: Financial and Economic Situation

Štefko, R., Jenčová, S. & Vašaničová, P. (2020). The Slovak Spa Industry and Spa Companies: Financial and Economic Situation. Journal of Tourism and Services, 20(11), 28-43. doi: 10.29036/jots.v11i20.137

  • Róbert Štefko University of Prešov, Faculty of Management, Prešov, Slovakia
  • Sylvia Jenčová University of Prešov, Faculty of Management, Prešov, Slovakia
  • Petra Vašaničová University of Prešov, Faculty of Management, Prešov, Slovakia
Keywords: spa, industry, companies, financial analysis, Slovakia

Abstract

Slovak spa companies significantly contribute to tourism support and to health tourism development. The paper aims to evaluate the financial situation and financial position of 21 Slovak spa companies, and the Slovak spa industry within NACE 86 - Human Health Activities and NACE 869 - Other Human Health Activities. In terms of legal form, the research sample consists of 16 joint-stock companies (Inc. (a.s.)), 3 limited liability companies (Ltd. (s.r.o.)), and 2 state-owned companies (s.o.). Data of given spa companies are obtained from their Financial Statements in Register of Financial Statements of the Ministry of Finance of the Slovak Republic. Data on mean values of the financial indicators for NACE 86 and NACE 869 were obtained from the company CRIF - Slovak Credit Bureau. We cover the period 2007-2018. Our results include an evaluation of the criterion of economic efficiency of the industry NACE 86, the sub-industry NACE 869, and individual spa companies using methods of quantifying the impact of determining factors. At the same time, we present the factors that influence development most. We determine the position of spa companies by using multidimensional scaling (MDS). Results show that the total assets turnover ratio and return on sales are contributing factors to the change of ROE to the greatest extent. MDS quantifies that Spa Bojice, a.s., has the best financial position in space, on the other hand, Specialized Medical Institute Marína, s.o., has the worst position.

Author Biographies

Róbert Štefko, University of Prešov, Faculty of Management, Prešov, Slovakia

Department of Marketing and International Trade, Faculty of Management, University of Prešov, Konštantínova 16, 080 01 Prešov, Slovakia, www.unipo.sk/fm, email: robert.stefko@unipo.sk.

Róbert Štefko is the Dean of the Faculty of Management of University of Prešov. In the economic field of study Management, he is the guarantor of bachelor’s, master’s and doctoral study programmes. Up to now, he has been a member of nine faculty and university scientific boards (seven faculty and two university scientific boards) at universities in the Czech Republic, Slovakia and Poland. He is the Chairperson of the Scientific Board of the Faculty of Management of University of Prešov.

Sylvia Jenčová, University of Prešov, Faculty of Management, Prešov, Slovakia

Department of Finance, Faculty of Management, University of Prešov, Konštantínova 16, 080 01 Prešov, Slovakia, www.unipo.sk/fm, email: sylvia.jencova@unipo.sk.

Sylvia Jenčová is an Associate professor in the Department of Finance, Faculty of Management, University of Prešov, since 2008. Her scientific research (with publication) is focused on financial analysis, primarily in the area of financial management, financial modeling, managerial economics, and is dedicated to an assay method, as well as selected macroeconomic problems. She lectured in Managerial Economics and International Trade and Business at the Business Institute in Prague.

Petra Vašaničová, University of Prešov, Faculty of Management, Prešov, Slovakia

Department of Mathematical Methods and Managerial Informatics, Faculty of Management, University of Prešov, Konštantínova 16, 080 01 Prešov, Slovakia, www.unipo.sk/fm, email: petra.vasanicova@unipo.sk.

Petra Vašaničová is a lecturer at the Faculty of Management, University of Prešov. Her research interest is the study of how tourism activity among European countries is interconnected with each other, how to predict the financial distress of companies in the tourism sector and how can network theory help us to understand the interconnectedness of tourism activity in Europe.

Published
2020-06-30