Povezanost investicijskog ulaganja i profitabilnosti hotelskih poduzeća

master's thesis

• Title (english): THE CORRELATION BETWEEN INVESTMENT CAPEX AND PROFITABILITY OF HOTEL COMPANIES
• Author: Kristijan Vuković
• Mentor: Silvije Orsag (mentor)
• Committee member: Davor Zoričić (predsjednik povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2020-09-15, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics

Abstract

Hotelska industrija u okviru turističkog sektora ima velik značaj, kao pokretač investicija,
zapošljavanja i inovacija. Hoteli su vjerojatno najvažniji element turističke ponude jer
predstavljaju tržišni segment sa najvišom dodanom vrijednosti, pa tako pokreću razvoj cijelog niza
međuzavisnih djelatnosti. U ovom radu utvrđivala se povezanost investicijskog ulaganja i
profitabilnosti 12 promatranih hotelskih društava sa Zagrebačke burze. Postavljena je hipoteza da
su investicije pozitivno povezane s pokazateljima profitabilnosti. U svrhu dokazivanja hipoteze
analizirani su financijski izvještaji i izračunati ključni pokazatelji. Korelacijskom analizom
utvrđena je pozitivna, ali slaba korelacija, 3 od ukupno 4 korištena pokazatelja profitabilnosti.
Premda na operativnoj razini nije utvrđena postojanost ekonomije obujma, društva s natprosječnim
CAPEX-om ostvarivala su u prosjeku veće EBITDA marže. Štoviše, uočeno je da se razlika
između marži s godinama povećava. Društva s natprosječnim ulaganjima postizala su veći rast
prihoda i posljedično brže povećavale tržišni udio. Također je kod iste grupe poduzeća primjećena
viša razina produktivnosti, mjerena prihodom po jedinici troška osoblja. Može se pretpostaviti da
hoteli intenzivnijim ulaganjima ostvaruju više prosječne cijene soba i ostvaruju veći prihod po
zaposlenom, podižući tako produktivnost na razini grupacije.

Abstract (english)

Hotel industry is probably the most important component of the travel and leisure sector, being
the primary driver of investments, employment and innovation. Hotels also represent a market
segment with the highest value added, impacting the development of a variety of related industries.
In this paper we examined the relationship between investment CAPEX and profitability of 12
observed hotel companies, listed on the Zagreb Stock Exchange (ZSE), hypothesizing that
investments and profitability are positively correlated. For the purpose of testing the hypothesis,
company reports were analyzed and key indicators calculated. Correlation analysis, based on the
Pearson correlation coefficient, determined a positive, but weak correlation, in 3 out of 4
profitability indicators. Althought the economy of scale was not identified at the operating level,
companies with above average CAPEX achieved higher EBITDA margins. Moreover, the
difference in margins is growing. Companies with above average investments have achieved
higher revenue and market share growth. Also, these companies recorded higher levels of
productivity, measured by revenue per employee cost. It is assumed that hotels with higher
investments realize higher room rates and revenue per employee, rising the productivity at the
group level.

• Keywords: hotel; investicijsko ulaganje; profitabilnost
• Keywords (english): hotel; CAPEX; profitability
• Language: croatian
• URN:NBN: urn:nbn:hr:148:596034
• Study programme: Title: Business Economics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2020-10-28 13:18:00