RÓN František University of Economics, Prague

Spoluautoři BOBEK Michal

Main purpose of this article is to analyze and compare the capital structure of metallurgical industry in the Czech Republic, Poland and Slovak Republic before and during so called financial crisis and to find out an extent of impact of the financial crisis on metallurgical industries’ firms capital structure. The analysis primarily focuses on the debt ratios and covers the years from 2006 to 2010. The leverage is crucial for companies’ activities and significantly affects their financial stability, which could have been threatened by circumstances occurring during the crisis. The paper presents horizontal and vertical analysis of aggregated financial statements for each country taking into consideration company size and concerns with changes of equity and liabilities during the period. The analysis uses as well the debt ratios as debt ratios, capitalization ratio and interest coverage ratio. More focus is placed also on basic components of debt like short-term and long-term loan, proportion of creditors to debtors etc. in the context of company size and period before and during the financial crisis.