Further Earnings Improvements in Austrian Manufacturing. Cash Flow and Equity in 2006

Based on a small panel of NACE 2-digit industries, econometric estimates indicate a cash flow to sales ratio for Austrian manufacturers of about 10.9 percent in 2006, after 10.3 percent in 2005. In 2006, demand growth picked up significantly. On the other hand, manufacturing firms had to contend with high energy prices. Comparative international figures are only available up to 2005. The data shows that Austrian firms put in an average cash flow to sales performance, but fall short of the international equity ratio average.