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Analysis of competitiveness and economic profit of the confectionary sector in Kazakhstan and its comparison with Czech Republic data

Measuring competitiveness in post-communist countries in Central Asia is challenging. Many well-known metrics fail to warn bankruptcy risks sufficiently early or at all. This study uses metrics of the Altman z-score, Taffler z-score, IN99, IN01, IN05, and creditworthiness models to assess bankruptcy likelihood and financial performance of local and foreign confectionery companies operating in Kazakhstan during 2007-2018. These companies are Roshen, KDV Yaskino, Konti, Rakhat, and Bayan Sulu. The IN bankruptcy and creditworthiness models are considered in this study because they are found to be more appropriate for post-communist countries. Compared to the well known Altman or Taffler z-score models, they better suit the events and corporate situations peculiar to these countries. The benchmarking INFA system, involving a pyramidal approach developed for Czech companies, provides the economic-value-added (EVA) and component indicators to analyze competitiveness. This study also compares the performance of Kazakhstan companies with Nestlé Czechia and the Czech food industry. The objective is to analyze company competitiveness, bankruptcy probability, and ability to create value. Results show the effectiveness of INFA in analyzing competitiveness and the applicability of IN models to companies from Kazakhstan, Russia, Ukraine, and the Czech Republic.