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Balanced Scorecard for Selected Confectionery Companies Listed on the Warsaw Stock Exchange in Poland

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Balanced Scorecard for Selected Confectionery Companies Listed on the Warsaw Stock Exchange in Poland ECONOMICS DOI: 10.22616/rrd.25.2019.056 BALANCED SCORECARD FOR SELECTED CONFECTIONERY COMPANIES LISTED ON THE WARSAW STOCK EXCHANGE IN POLAND Elżbieta Jaworska, Bożena Nadolna West Pomeranian University of Technology Szczecin, Poland [email protected] Abstract Business managers report the need for modern methods to improve the implementation of organizational strategies. Translating the strategy into activities and monitoring its implementation poses a serious challenge for the management of modern enterprises. The article aims to present proposals for multidimensional performance measurement with the help of Balanced Scorecard (BSC) for selected Polish listed companies in the confectionery industry. The authors’ original solution within the framework of the BSC construction is extending the range of perspectives for assessing performance compared to the card proposed by Kaplan and Norton by the perspective of suppliers and CSR, and the appropriate selection of measures for this assessment. The article is based on literature studies and analysis of information included in business strategies, financial statements and reports on the operations of selected confectionery companies. Research on the use of multidimensional performance measurement using BSC, taking into account the additional perspectives of suppliers and CSR, help to better understand the relationship between economic, social, and environmental aspects of a company’s operations. Key words: Balanced Scorecard, performance measurement, strategy, CSR, confectionery industry companies. Introduction reviewed the previous BSC implementations in terms The condition for effective management of each of challenges (difficulties) and opportunities resulting enterprise is obtaining multidimensional information from the practical application of strategic financial about the effects of its operations. This particularly management of agricultural enterprises. applies to enterprises that are dynamically developing Numerous authors emphasize the necessity of close and operating in a highly competitive environment. cooperation of agribusiness enterprises within the This group of enterprises includes companies dealing supply chain, which requires the use of performance in confectionery. The shortage of multidimensional measures other than financial ones. The use of the BSC information about the company’s performance method in managing the supply chain in this area of concerns mainly larger companies, for example, activity was discussed by Brewer (2002), Hernandez, those raising capital on the stock exchange. These Rickert & Schiefer (2003), Bigliardi & Bottani (2010). performances should be measured. However, the The aforementioned authors claim that although the measurement should not be narrowed down to the BSC concept was not designed for supply chains, results of running a business in financial terms, it provides a good guidance for the selection of key but to also take into account the non-financial performance indicators. Noteworthy are also studies indicators. This is connected with the necessity to on the possibility of using BSC for management in select appropriate tools in this area. The concept of farms operating within producer groups Noell & Lund measuring the results of the company’s activities (2003). presented widely in the literature are multidimensional The purpose of this article is to propose the cards of achievements, among them the Balanced construction of a balance BSC for a multidimensional Scorecard – BSC, developed by Kaplan and Norton assessment of performance results for selected (1992). It is discussed in international and national companies in the confectionery industry, listed on the literature on the strategic management of agribusiness Warsaw Stock Exchange. companies, and finds wider and wider applications For the purposes of the article, the following in practice. For example, it was implemented in research tasks were formulated: 1) study of the Zeneca Ag Products, USA (Kaplan & Norton, 2001), theoretical aspects of BSC; 2) identification of strategies in arable farming in Germany (Paustian, Wellner, & and directions of their implementation in the surveyed Theuvsen, 2015), in a dairy farm with small-scale enterprises of the confectionery sector; 3) proposal production in Brazil (Cardoso et al., 2017), and in an of multidimensional performance measurement agricultural company of plant, animal and processing using BSC, taking into account additional supplier production (bakery) in Romania (Brezuleanu et al., perspectives and CSR, which may help managers of 2015). The concept of using BSC in milk processing these enterprises in making decisions that take into in Poland was proposed by Pietrzak (2008), in agri- account all aspects of the company’s operations. A food companies by Jaworska, Nadolna (2010); while qualitative study was carried out on source documents Jaworski & Kondraszuk (2013) presented the premises of selected companies, which was preceded by a for the use of this card on a farm. Soliwoda (2016) review of available publications on the subject. RESEARCH FOR RURAL DEVELOPMENT 2019, VOLUME 2 103 BALANCED SCORECARD FOR SELECTED CONFECTIONERY COMPANIES LISTED ON THE Elżbieta Jaworska, Bożena Nadolna WARSAW STOCK EXCHANGE IN POLAND Materials and Methods Results and Discussion The source material for research is information The BSC is a tool supporting the implementation mentioned in business strategies, financial statements of the adopted business strategy (Porter & Kramer, and reports on the operations of selected three 2006). It constitutes a comprehensive concept related Polish listed companies operating in the to the measurement and evaluation of its performance confectionery sector for the years 2016-2017. The (Nita, 2014). It makes it possible to transpose the sample selection was purposive. The confectionery company’s vision and strategy into specific goals sector has development potential and a very and operational measures, which are assigned to at significant contribution to the Polish economy. least four perspectives: financial, client’s, internal The demand for sweets continues to grow (KPMG, processes, and learning and growth (Kaplan & Norton, 2014). While selecting the companies, the volume 1992, 1996). For the purposes of business management of production and share in the market were taken in the confectionery industry, it is necessary to into consideration. The selected companies are listed supplement and extend the classic configuration of on the Warsaw Stock Exchange (WSE). They are: Kaplan and Norton’s balanced performance card with Otmuchów S.A., Wawel S.A., and Colian S.A. suppliers’ perspective and the CSR perspective. Otmuchów S.A. has been operating on the Identification of strategies and directions of their Polish confectionary production market for over 50 implementation in selected enterprises of the years. It has been operating as Zakłady Przemysłu confectionery industry Cukierniczego OTMUCHÓW Spółka Akcyjna since The use of BSC to assess the performance of 1997. Currently the company hires about 800 people confectionery enterprises requires analysis of the and conducts their production activity in three plants. strategy of the units under investigation and the In Otmuchów, plants producing gumdrops and directions of its implementation. The analyzed period chocolate products are located, while in Nysa there is covered the years 2017-2018. The classification of a plant producing breakfast cereals. The value of the strategies in particular units and the directions of their company’s assets at the end of the third quarter of 2018 implementation are presented in Table 1. On the basis of analysis of information from Table amounted to PLN 202,390,000, while the EBITDA 1, it can be concluded that the choice of strategy is ratio was PLN 3,208,000. The next company is Wawel largely determined by the current position of the S.A., which originated as a chocolate factory. It was company on the market. Moreover, implementation founded in Kraków in 1898. In 1922, it became a of the strategies adopted in the surveyed group of joint-stock company, and since March 1998 its stocks enterprises is very similar and focuses on several have been listed on the WSE. Currently the company basic elements, such as: increasing market share, hires about 1000 people. Its core business is the developing distribution networks on domestic and production of chocolate products, wafers and sweets. foreign markets, diversifying production, improving The value of the company’s assets at the end of the the quality of products offered, reducing production third quarter of 2018 amounted to PLN 741.703,000, costs, CSR. and EBITDA to PLN 22.974,000. The last company A proposal of perspectives and measures of a balanced is Colian S.A., which is currently a family business. It performance card for the surveyed companies was created from the merger of many plants, such as The point of departure while creating BSC is to Jutrzenka, Goplana, Kaliszanka, Solidarność, as well define defining the general objectives of the surveyed as Ziołopex, and Hellena. In 2008, the activities of companies within its previously distinguished the capital group based on the ‘Jutrzenka’ S.A. stock perspectives (Tables 2-7). The discussion of the BSC company were consolidated, the shares of which were planes begins with the financial perspective, as the listed on the parallel market on May 16, 1995, and on goals and measures of this perspective allow, on the the primary
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