Fig. 1.
![Trends in pretax ROA and GDP per capita growth (annual %) in emerging European countriesSource: own compilation based on data from Refinitiv and World Bank [36]](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/671fc0f25313275c67565d5f/j_ftee-2024-0035_fig_001.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=AKIA6AP2G7AKOUXAVR44%2F20251205%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20251205T052332Z&X-Amz-Expires=3600&X-Amz-Signature=1024038303c9339b28a899d3a2a19e7183d9c02e3635ed3f73ffe5baeba6ce25&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
Fig. 2.
Forecasts for the evolution of representative economic indicators for the textile industry in emerging European countries
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Average EBITDA Margin | 16.85% | 16.17% | 18.77% |
| Average Operating Margin | 6.78% | 6.59% | 6.62% |
| Average Pretax ROA | 7.68% | 8.82% | 9.77% |
| Average Pretax ROE | 15.80% | 15.92% | 14.51% |
Results of the analysis of the correlation between public companies’ pretax ROA in the textile industry and GDP per capita growth
| Mean absolute error | Root mean square error | Coefficient of determination (R2) | Correlation | Function of regression | |
|---|---|---|---|---|---|
| Bulgaria | 0.01641 | 0.0196 | 0.6030 | 0.7982 | Pretax ROA = 0.0458 +GDP per capita growth × 0.0013 |
| Estonia | 0.0154 | 0.0186 | 0.5144 | 0,7172 | Pretax ROA = 0.0603 − GDP per capita growth × 0.0084 |
| Lithuania | 0.0420 | 0.0498 | 0.4777 | 0.7135 | Pretax ROA = 0.1331 − GDP per capita growth × 0.0259 |
| Poland | 0.0155 | 0.0178 | 0.4542 | 0.7204 | Pretax ROA = 0.0114 + GDP per capita growth × 1.0351 |
| Romania | 0.0266 | 0.0331 | 0.5635 | 0.8617 | Pretax ROA = −0.3828+ GDP per capita growth × 1.9529 |
| Russia | 0.0222 | 0.0277 | 0.6796 | 0.8476 | Pretax ROA = −0.092 + GDP per capita growth × 1.6186 |
| Serbia | 0.0146 | 0.0166 | 0.7168 | 0.8638 | Pretax ROA = 0.0265 + GDP per capita growth × 0.7795 |
| Turkey | 0.0230 | 0.0279 | 0.6759 | 0.8208 | Pretax ROA = −0.0129+ GDP per capita growth × 0.0161 |
Evolution of representative indicators for the financial performance of public textile companies in emerging European countries, 2012–2022
| Year | Average EBITDA Margin | Average Operating Margin | Average Pretax ROA | Average Pretax ROE |
|---|---|---|---|---|
| 2012 | 5.29% | 0.19% | 0.78% | 2.58% |
| 2013 | 9.96% | 5.45% | 1.65% | 6.66% |
| 2014 | 10.79% | 7.20% | 4.28% | 14.26% |
| 2015 | 9.91% | 6.14% | 3.21% | 14.44% |
| 2016 | 8.30% | 4.47% | 3.56% | 12.02% |
| 2017 | 10.75% | 6.42% | 4.23% | 18.25% |
| 2018 | 17.16% | 8.46% | 3.93% | 16.00% |
| 2019 | 8.04% | 4.03% | 2.53% | 3.57% |
| 2020 | 14.37% | 4.62% | 1.15% | 3.11% |
| 2021 | 13.32% | 2.75% | 6.13% | 15.70% |
| 2022 | 17.69% | 13.18% | 9.62% | 23.86% |
Median values of representative economic performance indicators by textile industry specialties in emerging European countries in 2022
| Specialties | EBITDA Margin-Industry Median | Operating Margin-Industry Median | Pretax ROA-Industry Median | Pretax ROE-Industry Median |
|---|---|---|---|---|
| clothing manufacturers | 16.4% | 11.8% | 24.6% | 34.2% |
| production of coated fabrics, ecological leather, and other textiles | 22.6% | 16.9% | 11.5% | 20.6% |
| production of polyester staple fiber, filament yarn and polymer | 23.6% | 17% | 11.5% | 20.6% |
| production of apparel and accessories | 12.4% | 8.2% | 9.3% | 18.5% |
| production of individual protective equipment, combat clothing, camouflage and more | 10.5% | 7.6% | 2.9% | 7.6% |
| production of cotton fabrics and dyed yarn | 6.0% | 4.5% | 2.9% | 13.4% |
| production of cotton yarns, carpets and rugs | 12.3% | 10.9% | 8.6% | 24.5% |
Accuracy of forecasting models
| Mean absolute error | Root mean square error | |
|---|---|---|
| Average EBITDA Margin | 0.0211 | 0.0266 |
| Average Operating Margin | 0.0402 | 0.0280 |
| Average Pretax ROA | 0.0169 | 0.0204 |
| Average Pretax ROE | 0.0517 | 0.0622 |
j_ftee-2024-0035_tabapp_001
| Company Name | Country of domicile | RIC codes | |
|---|---|---|---|
| 1 | SASA Polyester Sanayi AS | Turkey | SASA.IS |
| 2 | Aksa Akrilik Kimya Sanayii AS | Turkey | AKSA.IS |
| 3 | Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS | Turkey | VAKKO.IS |
| 4 | Bossa Ticaret ve Sanayi Isletmeleri TAS | Turkey | BOSSA.IS |
| 5 | Ral Yatirim Holding AS | Turkey | RALYH.IS |
| 6 | Yunsa Yunlu Sanayi ve Ticaret AS | Turkey | YUNSA.IS |
| 7 | Desa Deri Sanayi ve Ticaret AS | Turkey | DESA.IS |
| 8 | Sanko Pazarlama Ithalat Ihracat AS | Turkey | SANKO.IS |
| 9 | Menderes Tekstil Sanayi ve Ticaret AS | Turkey | MNDRS.IS |
| 10 | Akin Tekstil AS | Turkey | ATEKS.IS |
| 11 | Sonmez Pamuklu Sanayii AS | Turkey | SNPAM.IS |
| 12 | Arsan Tekstil Ticaret ve Sanayi AS | Turkey | ARSAN.IS |
| 13 | Bilici Yatirim Sanayi ve Ticaret AS | Turkey | BLCYT.IS |
| 14 | Luks Kadife Ticaret ve Sanayi AS | Turkey | LUKSK.IS |
| 15 | Dagi Giyim Sanayi ve Ticaret AS | Turkey | DAGI.IS |
| 16 | Soktas Tekstil Sanayi ve Ticaret AS | Turkey | SKTAS.IS |
| 17 | Karsu Tekstil Sanayi ve Ticaret AS | Turkey | KRTEK.IS |
| 18 | Birko Birlesik Koyunlulular Mensucat Ticaret ve Sanayi AS | Turkey | BRKO.IS |
| 19 | Hateks Hatay Tekstil Isletmeleri AS | Turkey | HATEK.IS |
| 20 | Rodrigo Tekstil Sanayi ve Ticaret AS | Turkey | RODRG.IS |
| 21 | Pergamon Status Dis Ticaret AS | Turkey | PSDTC.IS |
| 22 | Birlik Mensucat Ticaret ve Sanayi Isletmesi AS | Turkey | BRMEN.IS |
| 23 | Diriteks Dirilis Tekstil Sanayi ve Ticaret AS | Turkey | DIRIT.IS |
| 24 | Dunav ad Grocka | Serbia | DNVG.BEL |
| 25 | Komiteks AO | Russia | KMTXI.RTS |
| 26 | Polet Ivanovskiy Parashyutnyi Zavod AO | Russia | PIPZI.RTS |
| 27 | Braiconf SA | Romania | BRCR.BX |
| 28 | Confectii Vaslui SA | Romania | COVB.BX |
| 29 | VRG SA | Poland | VRGP.WA |
| 30 | Wittchen SA | Poland | WTN.WA |
| 31 | Lubawa SA | Poland | LBW.WA |
| 32 | Novita SA | Poland | NVT.WA |
| 33 | CDRL SA | Poland | CDLP.WA |
| 34 | Wojas SA | Poland | WOJ.WA |
| 35 | Protektor SA | Poland | PRTE.WA |
| 36 | Sanwil Holding SA | Poland | SNW.WA |
| 37 | Solar Company SA | Poland | SOLP.WA |
| 38 | Redan SA | Poland | RDNP.WA |
| 39 | Utenos Trikotazas AB | Lithuania | UTR1L.VL |
| 40 | Linas AB | Lithuania | LNS1L.VL |
| 41 | Silvano Fashion Group AS | Estonia | SFG1T.TL |
| 42 | Tekstilpromet dd | Croatia | TKPR.ZA |
| 43 | Varteks dd | Croatia | VART.ZA |
| 44 | Mak AD | Bulgaria | MAK.BB |
| 45 | Katex AD | Bulgaria | KTEX.BB |
| 46 | Mizia 96 AD | Bulgaria | MIZA.BB |
| 47 | Velbazhd AD | Bulgaria | VELB.BB |