The main purpose of this paper is to evaluate and compare the financial performance of Czech sugar refineries within the period 2010 – 2013. For the assessment of financial performance there are standard methods of financial analysis, specifically analysis based on financial ratios and selected credibility and bankruptcy models. Financial analysis assesses whether and how to achieve the main corporate goals in any given year and assesses financial performance. This provides a basis for comparison with competing firms, or with desirable, generally accepted values of individually designed ratios as well as among the items in the financial statements.
Based on our analysis, we can say that the Czech sugar industry is basically stabilized, despite the recent financial crisis. The most significant decline was visible for the Tereos TTD group between the years 2011 and 2012 and the Litovelska sugar refinery in 2012 and 2013. The Moravskoslezske sugar refinery and the Vrbátky sugar refinery achieved very good results in the tested periods; they could even afford a higher level of indebtedness. Bankruptcy and credibility models prove their financial health in all consecutive years.
Tereos TTD and the Litovelska sugar refinery are located in the grey zone in bankruptcy and credibility models. These companies have certain problems with liquidity, despite their net working capital having always achieved positive values. In addition, the Litovelská sugar refinery is affected by a very high debt level in the last two analyzed periods. In addition, this debt has a long-term nature.