AUTOMOTIVE STUDY 2025 / Šaroch (ed.) et al.

equity) and rising nancial risk due to increasing debt levels. In this regard, HU rms are gradually approaching the debt levels seen in DE. Table 4.5: Share of debt in invested capital of automotive companies in V4 countries and Germany between 2014 and 2023 Country 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 CZ 39,8% 35,2% 33,7% 39,3% 36,5% 39,2% 40,2% 39,5% 40,8% 35,2% DE 73,4% 74,2% 74,2% 71,5% 71,5% 73,1% 72,7% 69,0% 64,8% 64,2% HU 22,9% 23,9% 21,0% 26,0% 26,6% 26,5% 27,8% 55,4% 56,8% 56,0% PL 39,5% 37,0% 40,9% 36,7% 39,2% 42,0% 46,6% 45,6% 44,9% 40,0% SK 37,5% 39,0% 45,2% 49,0% 47,4% 44,4% 44,3% 41,1% 42,1% 46,2% Total 70,5% 70,4% 69,8% 67,4% 67,3% 68,5% 69,3% 66,4% 63,0% 62,2% Source: Own calculations based on Orbis - Bureau van Dijk database Table 4.6: Moody’s rating and country risk premium of assessed countries between 2014 and 2023 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 CZ A1 A1 A1 A1 A1 Aa3 Aa3 Aa3 Aa3 Aa3 1,05% 1,11% 1,00% 0,81% 0,98% 0,60% 0,59% 0,60% 0,91% 0,78% Aaa 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% HU Ba1 Ba1 Baa3 Baa3 Baa3 Baa3 Baa3 Baa2 Baa2 Baa2 3,75% 3,92% 3,13% 2,54% 3,06% 2,17% 2,13% 1,88% 3,29% 2,78% PL A2 A2 A2 A2 A2 A2 A2 A2 A2 A2 1,28% 1,33% 1,21% 0,98% 1,18% 0,84% 0,82% 0,84% 1,46% 1,24% SK A2 A2 A2 A2 A2 A2 A2 A2 A2 A2 1,28% 1,33% 1,21% 0,98% 1,18% 0,84% 0,82% 0,84% 1,46% 1,24% Source: Damodaran Online Table 4.7 presents the results of the multivariate regression analysis of individual drivers of EVA. is analysis helps explain the extent to which each driver (independent variable) in uenced the evolution of EVA in the studied countries over the period from 2014 to 2023. Understanding these in uences allows for a clearer identi cation of the key factors driving EVA growth in each country. Consequently, it o ers insights into which strategies were the most e ective in improving the rm’s nancial performance during the period analysed. e results indicate that the operating pro t margin was a statistically signi cant factor in all countries studied throughout the period under review. Among all parameters examined, its growth had the most positive e ect on EVA, as con rmed by DE Aaa Aaa Aaa Aaa Aaa Aaa Aaa Aaa Aaa

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