Financial assessment of agricultural holdings in Poland

Размещено на http://www.allbest.ru/

Financial assessment of agricultural holdings in Poland

Introduction

Economic activity of each agricultural holding is related to the expenses, inputs and costs. The expenses constitute every usage (expenditure) of financial means regardless of the goal of those expenses. The inputs are the economic category which denotes the consumption of the labor objectified by the labor means and objects, expressed in natural units and the consumption of the live labor in the economic activity. The costs of the agricultural holding are usually defined as the prime and/or enterprise costs (Bednarski 2003).

The agricultural holdings constitute one of the main subjects of the model of market economy. The assessment of their correct activity and the adequate assessment of the financial condition should be based on the financial analysis.

Financial analysis constitutes a part of the economic analysis. Its subject is the assessment of the efficiency of the firm activity and its fixed and financial assets. It is necessary for making operational and long-term decisions. It enables the answer to the basic questions, namely:

- if the firm activity in the investigated period was efficient and if that efficiency would improve in the future;

- what is the influence of the internal and external factors on the financial result of the firm;

- if the financial situation of the firm secures the current liabilities in a due time;

- what are the strong and weak sides of the financial economy of the firm.

Its subject matter constitutes the economical efficiency, the income, the expenses, the financial result, the profitability, and the financial liquidity. The domain of the analysis includes the objective scope (gross income, expenses, financial result, efficiency, financial liquidity), temporal scope (past, present and future activities), spatial scope (system developments, competition, market conditions), and the subjective scope (the firm as a whole, independent units within the firm).

The economic-financial analysis constitutes the basis for the economic descriptions, such as the business plan, among others. The descriptions are significant both in the assumptions, ie. their preciseness and practicability, as well as in the presented and interpreted results.

The economic-financial analyses are not performed merely to check if the planned investment would secure profits and returns, but also to assess the former activity of the firm in order to state if it functions properly and develops correctly.

1.Methods

The criterion of the financial assessment of the agricultural holding can be the liquidity, the solvency, the profitability, the productivity and the financial efficiency.

The productivity determines the degree of efficiency of the labor, the management and the assets application. The efficiency analysis refers to the relations between the inputs and outputs.

The following financial ratios were adopted in the study:

1. Change in the worth of the equity reflecting the closing valuation of the equity diminished by the opening valuation of the equity in the accounting year.

2. Average worth of the working capital in the agricultural holding, valued at the closing and the opening of the accounting year.

3. Gross investments including the worth of the purchased and produced fixed assets diminished by the worth of the sold and transferred free-of-charge fixed assets in the accounting year.

4. Net investments, ie. the gross investments diminished by the depreciation worth calculated for the accounting year.

5. Cash flow I indicating the ability of the agricultural holding to self-finance its activity and create savings within the operational activity. It includes the income diminished by the expenses in the accounting year within the operational activity.

6. Cash flow II indicating the ability of the agricultural holding to self-finance its activity and create savings within the operational activity. It includes the sale of products enlarged by other income as well as the sale of livestock, however diminished by the cost expenses and the purchase of animals.

The following efficiency ratios were adopted:

1. Total labor input ratio, designating the worth of the total output per 1 hour of the total labor input.

2. Arable crops area UR ratio, designating the worth of the total output per 1 ha of the utilized agricultural area.

Besides the above ratios, the study incorporated the statistical and econometric analyses to assess the relationships between the investigated variables.

2.Results of studies

The research object are the agricultural holdings which manage accountancy and are characterized by, at least, the minimum economic size (2 ESU). The total of agricultural holdings in Poland amounts to 2.17 million. In 2002, according to the agricultural statistics, merely 34.3% of the agricultural holdings in Poland had at least 2 ESU of the economic size (745.000 holdings).

According to the studies of W. Dzun and W. Jуzwiak, there are about 99.000 agricultural holdings (96.600 natural persons and 2.400 legal persons), which achieve satisfactory economic- financial effects and are capable of further dynamic development. Those are the holdings above 16 ESU, working on about 5.000.000 ha, ie. 33.7% of the total utilized agricultural area (UR). About 146.000 agricultural holdings of 8-16 ESU (working on 2.500.000 ha, ie. 17.1% of the total UR) function on the threshold of the developmental capacity. Some of them can be included into a group of holdings capable of development. They undertake production investments, limiting their real income intended for the consumption. The majority of the agricultural output in the European Union countries is generated in the agricultural holdings of the economical size over 40 ESU (91% in Czech Republic, 86% in Denmark, 85% in Germany, and 66% in Hungary), predominantly in the holdings of over 100 ESU (84%, 71%, 52%, and 54% respectively).

In Poland, however, about 60% of the agricultural output is generated in the holdings below 16 ESU. The agricultural holdings of the size 16-40 ESU generate 21% of the output, whereas the holdings of the size over 40 ESU merely 19%.

Small agricultural holdings (below 8 ESU) function on the market due merely to the lack of the alternative for the farmers and their families, mainly due to low costs of self-labor and null reconstruction of the entire or a part of the holding assets. The situation of the economically small holdings is similar in the comparable EU countries.

Economically larger agricultural holdings (over 16 ESU) are competitive on the EU agricultural market. The competitiveness is mostly based on the lower external costs (low cost of labor, low taxes and rent). It should be however stated, that such competitiveness is achieved at the lower level of compensatory payments and subsidies in relation to the «older» countries of European Union.

The agricultural holdings analyzed by the author are included in the research of FADN, Poland.

According to FADN, Poland is divided into 4 regions, each into 4 provinces (fig. 1.):

- Pomerania & Masuria,

- Wielkopolska and Silesia,

- Mazovia and Podlasie,

- Malopolska and Sub-Carpathia.

The terminology and definitions of the basic variables have been adopted after FADN. The study uses publications of the Polish FADN worked out by the National Research Institute of Agricultural and Food Economics (IERiGZ).



Fig. 1. Regions of the FADN in Poland.

Source: polish FADN 2007.

785 - Pomerania & Masuria (Pomorze i Mazury),

790 - Wielkopolska and Silesia (Wielkopolska i Њl№sk),

795 - Mazovia and Podlasie (Mazowsze i Podlasie),

800 - Malopolska and Sub-Carpathia (Maіopolska i Pogуrze).

The analysis of the agricultural holdings was conducted due to (tab. 1):

1. ES6 standards using the economic size (ESU).

2. Division into particular farm types (TF8).

The most numerous group of agricultural holdings are the mixed type holdings (growing filed crops and breeding various livestock) achieving the economic sizes within the interval (8; 16) and (16; 40) ESU. They constitute 37.2% of the total agricultural holdings.

The agricultural holdings of the economic size over 100 ESU do not grow permanent crops (fruit trees and berries as well as others), nor breed dairy cows. The least numerous group consists of two types: horticultural and permanent crops (3.7% each) (fig. 2).

Table 1. Farm types and classes of economic size of the investigated agricultural holdings in Poland (unit).

Farm types	Classes of economic size [ESU]	Total
	(2; 4)	(4; 8)	(8; 16)	(16; 40)	(40;100)
Field crops	352	639	763	589	189	27	2 556
Horticultural crops	18	46	87	159	89	25	424
Permanent crops	60	131	146	86	16	0	439
Dairy cows	51	202	404	208	11	0	876
Grazing livestock	54	142	416	630	124	12	1 378
Graminivorous animals	47	176	360	704	395	72	1 754
Mixed	485	1 098	1 310	1 232	246	27	4 398
Total	1 067	2 434	3 486	3 605	1 070	163	11 825

Source: Standard results achieved by agricultural holdings participating in Polish FADN in 2006. Vol. 1. Elaborated by ZRR IERiGZ, Warszawa 207, p. 38.

Fig.2. Structure of agricultural holding types in Poland in 2006.

Source: author's own on FADN data

The most numerous group are agricultural holdings of the economic size in the interval 8-40 ESU (60.0% of the investigated holdings), whereas the least numerous are those of the economic size of at least 100 ESU (1.4%) (fig. 3).

The detailed study comprised the region of Pomerania & Masuria (PiM). It includes the following provinces: Lubuskie, Pomeranian, Ermland-Masurian, and West Pomeranian.

Obtained results were compared to the averages for the Pomerania & Masuria region and for Poland.

Fig.3. Structure of agricultural holdings according to the economic size in Poland in 2006.

Source: author's own on FADN data.

The values of the selected features: economic size, utilized agricultural area and the labor input, characteristic for the studied family agricultural holdings are presented in Table 2.

Table 2. Average values of the selected features in the studied agricultural holdings (ESU).

Year	Economic size [ESU]	Area of arable grounds [ha]	Annual work unit [AWU]
	Region PiM	Poland	Region PiM	Poland	Region PiM	Poland
2004	16,2	9,8	38,6	15,9	1,885	1,745
2005	11,9	9,3	28,6	16,4	1,770	1,726
2006	16,9	20,3	38,4	31,3	2,018	2,122

Source: author's own on FADN data.

The economic size of the agricultural holding constitutes the sum of the standard gross margin (SGM) of all the economical activities (expressed in ESU). The utilized agricultural area includes the holder's property, leased and co-utilized land.

The annual work unit (AWU) stands for the total labor input within the operational activity of the agricultural holding.

In the region Pomerania & Masuria the average economic sizes and the average utilized agricultural areas in the investigated holdings were higher in the years 2004 and 2005 as compared to the national averages. Exceptionally in 2006, the national average was higher by 20.1%. The total labor input did not differ in favor of the national one. In 2006 the regional input was lower by 5%.

The analysis proves that the agricultural holdings in the Pomerania & Masuria region are economically stronger and capable of the development in comparison to the majority of national holdings. Also the average utilized agricultural area was higher (the average utilized agricultural area for all the agricultural holdings in Poland amounted to about 10 ha, whereas in the studied provinces of Pomerania & Masuria region it oscillated within the interval 19-30 ha UR). Merely the average annual work unit in the agricultural holding of the studied region is comparable with the national averages.

In the process of the decision making the costs constitute one of the basic decisive factors. They not only determine the size, but also the products and the production structure. The cost analysis aims at the supply of the information on the cost formation in various analytical sections. The costs are divided into the direct and indirect ones (Woњ 1996).

Below is presented a comparative analysis of the average costs on one studied agricultural holding.

Under investigation were the total costs, the direct costs, the indirect consumption, and the costs of the external factors in the studied Pomerania & Masuria region, and in Poland. The total costs include the direct costs, the general economical costs, the depreciation and the cost of external factors. They consider the input of potentially salable products generated in the agricultural holding and consumed within the operational activity for production goals.

In the region, the total cost, after a decrease in 2005, increased in 2006 to the comparative national level (tab. 3).

Table 3. Total costs of agricultural holdings (PLN thousands).

Year	Region P&M	Poland
2004	129,4	67,7
2005	90,9	62,9
2006	136,6	132,2

Source: author's own on FADN data.

In order to find the cause of such tendency in the total cost, an analysis of their constituents should be done. The total costs comprise the direct costs, the indirect consumption, the depreciation, and the costs of the external factors. The direct costs include the direct costs of the vegetable and the stock outputs as well as the direct costs of forest management (tab. 4).

Table 4. Direct costs (PLN thousands).

Year	Region P&M	Poland
2004	81,6	36,9
2005	52,4	32,6
2006	71,9	73,9

Source: author's own on FADN data.

The average direct costs in the investigated agricultural holdings of Pomerania & Masuria region were higher as compared to the ones nationwide.

The indirect consumption comprises the direct costs and the general economical costs accompanying the operational activity in the accounting year (tab. 5).

Table 5. Direct consumption (PLN thousands).

Year	Region P&M	Poland
2004	104,0	51,2
2005	71,5	47,0
2006	103,1	102,0

Source: author's own on FADN data.

Both the direct costs and the direct consumption in the region P&M are markedly higher in the years 2004 and 2005 than the national averages. Those values are similar in 2006.

The costs of the external factors comprise the payments for the inputs of labor, land, and fixed assets, which are not possessed by the holder. These are the payments for labor, rent, and interests (tab. 6).

Table 6. Costs of external factors (PLN thousands).

Year	Region P&M	Poland
2004	7,1	3,6
2005	4,4	3,1
2006	13,4	8,7

Source: author's own on FADN data.

These costs are markedly higher in the region as compared to the national ones. In 2004 they doubled the national average. In 2005 they were higher merely by 42%, and in 2006 by 54%. This results from the specificity of the region in which a great number of arable land is leased. There is also a relatively high hire of manpower. As those holdings are to a high extent developing, their investments are supported by credits.

The total output constitutes the sum of the worth of the vegetable, livestock and other outputs. It includes the sale, the consumption of the vegetable and livestock products, the change of the vegetable and stock reserves and the livestock, the change of stock worth diminished by the livestock purchase and the output of a number of non-agricultural products.

The income from the family farm is the payment for the engagement of the holder's production means in the operational activity of the agricultural holding and the payment for the risk undertaken by the holder in the accounting year. The income is the result between the value added and the cost of the external factors, augmented by the balance of the subsidies and the taxes on the investment.

The worth of the total output in the region dropped in 2005, to return in 2006 to the level of 2004 (tab. 7).

Table 7. Worth of total output and the income of the agricultural holdings (PLN thousands).

Year	Output	Revenue
	Region P&M	Poland	Region P&M	Poland
2004	167,5	86,1	40,2	20,0
2005	109,8	78,1	31,3	21,9
2006	166,3	172,5	54,7	59,2

Source: author's own on FADN data.

In 2006 both the regional and the national average worth of the total output and the income are similar.

The basic measure of the assessment of the holding economic efficiency is the agricultural income, constituting the source of the inflow of the financial means to the holding.

The result of the holding activity should be the generation of the yearly income at least at the level of the average yearly wages in the national economy. That goal was achieved by the investigated individual holdings of the Pomerania & Masuria region in 2006 (tab. 8).

Table 8. Income of the holding on one full-time worker (PLN/AWU thousands).

Year	Region P&M	Poland	Average annual wages in national economy
2004	25,11	13,90	27,48
2005	20,95	15,18	28,56
2006	34,82	34,66	32,29

Source: author's own on FADN and GUS data.

The average income from the agricultural holding in the Pomerania & Masuria region in 2004, on one full-time worker was lower than the national average by 9.4%, by 36.3% in 2005, to achieve a higher level than the national yearly average wages by 7.8% in 2006.

The income parity, calculated as a relation of the income of agricultural holdings to the average wages is unfavorable for farmers in the years 2004 and 2005 amounting to 0.91 and 0.77, respectively. In 2006, however, the effect of the EU subsidies on the improvement of the economical efficiency was noticed.

The income parity in that year equals 1.078 in favor of the farmers in the Pomerania & Masuria region (for holdings in Poland - 1.073).

The goal of the direct subsidies in the EU countries is the security of the adequate level of the farmers' income devoid of the price rise on the consumers. Polish farmers have been subject to the simplified system of direct subsidies, consisting in the compensatory payments proportional to the area of arable crops. The first direct subsidies were granted to Polish holdings in 2004.

Direct subsidies will be continued in the successive years of Polish membership in EU.

Application of the mechanisms of Common Agricultural Policy to the Polish agriculture creates potential abilities of the income improvement in agriculture. This is connected with the commencement of the direct subsidies, affecting the farmers' income, and also with the commencement of agroecological programs as well as other programs directed to the selected groups of farmers.

In the studied region, within the subsidies on the operational activities, the subsidies on the vegetable production and the decoupling payments were considered (tab. 9).

Table 9. Subsidies on the holding operational activities in Poland and Pomerania & Masuria region (PLN thousands).

Subsidies	Poland	Region P&M
	2004	2005	2006	2004	2005	2006
On operational activities	2,99	8,69	23,04	3,43	15,38	28,73
including:
Vegetable production	0,99	2,97	8,10	0	5,33	17,35
Decoupling	1,24	3,12	7,48	0	5,90	10,07

Source: author's own on FADN data.

As Poland accessed European Union on May 1, 2004, the subsidies on operational activities of the agricultural holdings in 2004 were quite low. That situation improved in the successive years.

The average worth of subsidies in 2006 in Pomerania & Masuria region was higher by 25% than national. Particularly for the vegetable production which were more than doubled.

For the agricultural holdings included in the FADN system, the analysis of the selected financial ratios was done:

1. Change in the worth of the equity.

2. Average worth of the working capital in an agricultural holding.

3. Gross investment.

4. Net investment.

5. Cash flow I.

6. Cash flow II.

The financial ratios of the agricultural holdings in Pomerania & Masuria region are higher than the national ones, excluding the net investments which were negative for the region P&M in 2006 (tab. 10).

Table 10. Financial ratios in Poland and Pomerania & Masuria region in 2006 (PLN) thousands).

Nr	Ratios	Poland	Region P&M
1	Change of equity worth	9,34	11,07
2	Average of working assets in a holding	248,87	350,85
3	Gross investments	14,46	19,29
4	Net investments	1,15	-0,77
5	Cash flow I	38,24	72,70
6	Cash flow II	27,10	58,52

Source: author's own on the FADN data.

The change of the capital worth proves the increase of the equity worth. In the investigated region, the average increase is higher than the national one. Also the working capital indicates a favorable situation in the studied agricultural holdings. These are the holdings which invest in their development, and are able to self-finance their activities and create savings within the operational activity.

The analysis of the agricultural holdings in the provinces of the investigated Pomerania & Masuria region considered the years 2004-2006 (tab. 11-13).

Table 11. Financial ratios in the provinces of P&M region in 2004 (PLN thousands).

Nr	Ratios	provinces
		Lubuskie	Pomeranian	Ermland-Masurian	West Pomeranian
1	Average worth of working capital in a holding	579,00	471,86	416,71	525,68
2	Gross investments	13,55	32,25	25,21	25,01
3	Net investments	-19,26	8,79	5,42	-4,61
4	Cash flow I	76,26	70,08	52,62	76,29
5	Cash flow II	60,48	39,16	28,62	47,93

Source: author's own on the FADN data.

The highest average worth of the working capital in 2004 was observed in the agricultural holdings of Lubuskie province - PLN 579.000; the gross and net investments were noted in the holdings of Pomeranian province, ie. PLN 32.200 and PLN 8.800, respectively. The net investments in the holdings indicated the negative worth in Lubuskie province, ie. PLN 19.300, and West Pomeranian province, ie. PLN 4.600. The cash flow I in the holding of three provinces is equal, however it is lower (PLN 52.600) in Ermland-Masurian province. The ability to self-finance their activities and create savings (Cash flow II) in the holdings in the particular provinces is more diversified, the lowest in Ermland-Masurian (PLN 28.600), and the highest in Lubuskie (PLN 60.500).

Table 12. Financial ratios in the provinces of P&M region in 2005 (PLN thousands).

Nr	Ratios	provinces
		Lubuskie	Pomeranian	Ermland-Masurian	West Pomeranian
1	Average worth of working capital in a holding	562,05	481,86	438,01	474,15
2	Gross investments	39,22	41,02	30,48	34,19
3	Net investments	8,97	16,73	9,17	6,71
4	Cash flow I	122,44	79,88	75,70	98,02
5	Cash flow II	63,76	45,64	47,95	56,05

Source: author's own on the FADN data.

The highest average worth of the working capital in 2005 was noted in the agricultural holdings of Lubuskie, ie. PLN 562.000. That ratio was lower by 14.3% in Pomeranian, by 22.1% in Ermland-Masurian, and by 15.6% in West Pomeranian provinces. The highest average worth of the gross investment was in Pomeranian province, ie. PLN 41.000. The gross investments in the agricultural holdings of Lubuskie achieved 95.6%, Ermland-Masurian and West Pomeranian 74.3% and 83.3%, respectively.

The highest ability to self-finance their activities and create savings within their operational activity was noted in the agricultural holdings of Lubuskie province, PLN 122.000 (Cash flow I), and PLN 63.800 (Cash flow II), respectively. That ability in the holdings of the remaining provinces was lower, ie. 62-89% for cash flow I and 71-88% for cash flow II.

Table 13. Financial ratios in the provinces of P&M region in 2006 (PLN thousands).

Nr	Ratios	provinces
		Lubuskie	Pomeranian	Ermland-Masurian	West Pomeranian
1	Average worth of working capital in a holding	529,34	491,85	403,72	482,81
2	Gross investments	39,26	49,79	38,15	40,85
3	Net investments	11,47	24,68	16,12	11,95
4	Cash flow I	111,28	89,68	79,91	99,25
5	Cash flow II	82,10	52,13	51,17	66,82

Source: author's own on the FADN data.

The agricultural holdings of the investigated provinces achieved higher worth of the gross investments in 2006 in comparison to 2005. Also the ability to self-finance their activities and create savings within their operational activity (cash flow II) was higher in 2006 than in 2005.

The average worth of the working capital in the agricultural holdings of Pomeranian and West Pomeranian provinces was higher by about PLN 10.000 as compared to 2005, whereas in Lubuskie and Ermland-Masurian provinces it was lower by about PLN 30.000.

Considering the changes of the analyzed ratios in the years 2004-2006 in the provinces:

In Lubuskie, the financial ratios do not indicate a development of the agricultural holdings. The increase was merely noted in the cash flow II. The remaining ratios, after an increase in 2005, stayed at the same level (investments), or dropped, ie. the cash flow I and the average capital worth (fig. 4).



Fig.4. The financial ratios in Lubuskie.

Source: author's own on the FADN data.

In Ermland-Masurian, during the years of study, all ratios used to increase, except for the average capital worth, which after an increase in 2005, dropped in 2006 (fig. 5). That means that those holdings are developing.

Fig.5. The financial ratios in Ermland-Masurian.

Source: author's own on the FADN data.

agricultural holding financial

In West Pomeranian, the financial ratios were similar to Ermland-Masurian province. Merely the average capital worth, after a drop in 2005, increased in 2006 (fig. 6).



Fig.6. The financial ratios in West Pomeranian.

Source: author's own on the FADN data.

In Pomeranian, all ratios were increasing, which means that the studied holding are developing (fig. 7)

Fig.7. The financial ratios in Pomeranian.

Source: author's own on the FADN data.

Apart from the financial ratios, the ratios of the agricultural holding efficiency were counted for the particular provinces. The basic measure is the labor input (in PLN) on 1 ha of the arable land and the utilized agricultural area (UR) on 1 ha of the arable land (tab. 14).

Table 14. Efficiency ratios in the provinces of P&M region in the years 2004-2006.

Efficiency rations	Lubuskie	Pomeranian	Ermland-Masurian	West Pomeranian
2004
Total labor input [PLN/1h]	56,90	44,6	36,5	44,6
Utilized agricultural area UR [PLN/1ha]	4 392,4	4 241,2	3 324,5	2 832,4
2005
Total labor input [PLN/1h]	57,1	44,0	41,1	43,8
Utilized agricultural area UR [PLN/1ha]	4 414,5	4 263,2	3 997,4	3 064,4
2006
Total labor input [PLN/1h]	63,8	46,7	41,2	53,5
Utilized agricultural area UR [PLN/1ha]	4 821,1	4 618,0	4 182,0	3 524,2

Source: author's own on the FADN data.

Lubuskie province, along the investigation period, indicated the highest value of the efficiency ratio of the total input of the labor. That ratio was decreasing by 10.6% and 0.4% in relation to the previous year, respectively. The decreasing tendency was not noted in all investigated provinces. It increased in 2006 for Pomeranian province by 1.4%, and for West Pomeranian by 1.8%.

The efficiency ratio of the utilized agricultural area UR used to decrease in all provinces. It adopted the highest values for Lubuskie province, whereas the lowest ones for West Pomeranian province. The dynamics of the ratio value drop, in relation to the previous year equaled between 13 % and 0.5%.

Conclusions

The conducted analyses indicated a dynamic development of the individual agricultural holdings in Pomerania & Masuria region. This indicates an increase of the achieved average income from an agricultural holding on one full-time worker at a higher level than the national average.

In 2006 the extended reproduction of fixed assets was achieved (the worth of investments exceeded the depreciation).

The agricultural holding of mixed type, achieving the economic size within the interval (8; 16) and (16; 40) ESU are the most numerous in Poland.

Pomeranian province achieved the highest values of the gross and the net investments in the investigated period.

The highest values of the remaining financial ratios (average worth of the working capital, cash flow I and II) were observed in Lubuskie province.

The researched financial ratios in particular provinces indicated decreasing tendencies.

The efficiency ratios also indicated decreasing tendencies. The highest values were achieved by Lubuskie province.

Family agricultural holdings of the size (Dzun W., Jozwiak W.):

- below 8ESU are not competitive and do not indicate a developmental ability. Achieved income does not allow the parity payment of the holder's work;

- 8-16 ESU are on a threshold of the competitiveness and developmental abilities. The net investments in those holdings are low, and even negative in the less favorable years (lower than depreciation);

- 16-40 ESU are competitive and indicate developmental abilities. An average holding in this group thus guarantees reasonable wages and an insignificant development;

- over 40 ESU indicate high competitive and developmental abilities. The average income in those holdings guarantees not only high wages and returns of the involved assets, but also the ability of a dynamic development of the agricultural holdings.

Bibliography

1. Bednarski. Analiza ekonomiczna przedsiкbiorstwa / Bednarski [et al.] // AE Wrocіaw. 2003.

2. Dzun, W. Polskie gospodarstwa przed i po wejњciu do Unii Europejskiej / W. Dzun, W. Jozwiak // Nowe Їycie Gospodarcze. 2008. №10. P. 24-26.

3. Wyniki standardowe uzyskane przez indywidualne gospodarstwa rolne prowadz№ce rachunkowoњж w 2004, 2005 i 2006 roku. Elaboration of ZRR IERiGЇ, Warszawa. 2007.

Размещено на Allbest.ru