Digital Tools for Working Capital Optimization in Road Construction: An Empirical Analysis Based on Financial Statements

This study examines the relationship between digital maturity and working capital management in the road construction sector, drawing on a documentary analysis of the published annual financial statements of the five largest Bulgarian road construction companies by net revenue for the period 2022- 2024. The sector is characterised by long project development cycles, capital-intensive operations, and milestone-based payment arrangements that create distinct working capital challenges. The methodology is based on a descriptive quantitative analysis of secondary accounting data and the computation of key financial ratios - days sales outstanding (DSO), days inventory outstanding (DIO), and return on assets (ROA) - combined with comparative intertemporal and interfirm analysis. The empirical findings indicate that, over the observation period, no clear short-term association is established between the level of digital intangible assets and working capital efficiency. The results suggest that contractual arrangements, project execution patterns, and prevailing market conditions exert a stronger short-term influence on financial performance than observable digitalisation.