In order to fully adapt to market requirements, mining enterprises in recent years have implemented standardized systems for quality, safety and health at work and environmental management. The standards for individual systems define the requirements of applying specific procedures and actions to implement the adopted policy aimed at achieving the assumed goals. The combination of business procedures and practices is more effective in the case of their integration than the activities carried out under separate systems. They then function under the name of an integrated management system (IMS). Properly implemented IMSs most often contributes to a more harmonious functioning of the enterprise and the elimination of recurring activities in the areas concerning individual systems, and thus to the optimization of costs related to their implementation and maintenance. Improving the operational efficiency of the mining enterprise and mines included in it, while maintaining the requirements of work safety and environmental protection. In the conditions of a market economy, improving the efficiency of functioning and providing sources of business financing is a key necefity for mining enterprise (Bąk 2007, 2008). Mines need to be properly managed to survive. The key problem is the design and implementation of an efficient management system and its continuous improvement based on the adequacy of system solutions. This is an answer to the question whether the management system of a mining enterprise (mine) corresponds to its real needs in the process of achieving objectives. Improvement of management systems must be based on an appropriate diagnosis. The aim of the article is to present the original solution, which is a tool for improving the integrated management system in Polish mining enterprises.

The selection of appropriate financial sources by enterprises is one of the key tasks faced by the management board. In the presented article, the Authors decided to verify the capital structure of companies from selected European economies and to compare this capital structure between developed and advanced developing markets. The research was conducted on 18 European economies, taking into consideration data for 2017 and five variables defining the structure of financing. The results of the analysis show that the economies in the basket of developed countries are characterised by a higher level of indebtedness, with the major difference in taking on interest-bearing liabilities.

The aim of the paper is to point out that the Monte Carlo simulation is an easy and flexible approach when it comes to forecasting risk of an asset portfolio. The case study presented in the paper illustrates the problem of forecasting risk arising from a portfolio of receivables denominated in different foreign currencies. Such a problem seems to be close to the real issue for enterprises offering products or services on several foreign markets. The changes in exchange rates are usually not normally distributed and, moreover, they are always interdependent. As shown in the paper, the Monte Carlo simulation allows for forecasting market risk under such circumstances.

The article deals with the subject of an important component of energy management, which is the performance of energy efficiency audits in companies. Using the case study analysis, the role of the energy audit was analyzed in the context of improvement of energy efficiency in selected production companies. The essence of legal requirements following from the implementation of the amended Energy Efficiency Act was presented. Specifically, problems and challenges, which refer to the method of implementation of the audit obligation in economic practice, were discussed. Furthermore, the issue of quality and usefulness (in the decision-making process) of prepared reports was raised. It was found that there were indications to claim that the obligatory energy audit of companies is not an instrument for the improvement of energy efficiency, which is always used optimally. The fault in this situation is partly attributable to the state, audit bodies and the company management. In this case, not only is the ineffective communication an issue here, but also the insufficient level of knowledge regarding energy management, as well as haste. The amendment of the Energy Efficiency Act (within just one year) imposed the necessity to conduct an energy audit on a specific group of companies. In principle, because all the entities, to which the obligation referred, had to take actions almost at the same time, numerous issues appeared. Some managers learned about the obligation to conduct the audit from companies who themselves had come out with a proposal to carry it out. This proves the lack of the proper information flow between the government administration authorities and the companies. Again, it turned out that practitioners did not keep pace with the implementation of actions, which were a consequence of numerous (and not always well thought-out) changes in the law. Haste in the fulfillment of the statutory obligation affected a high price spread of the bids sent during tenders, related to the performance of an energy audit. Bureaucratic regulations regarding tenders became another obstacle in the correct performance of the tasks. The entrepreneurs themselves, without clear guidelines on what to expect after the performed energy audit and what a report should look like, on many occasions, selected the “cheapest” bid – not always thinking too much about the qualitative consequences of such a decision. Some certifying bodies – taking advantage of an opportunity and the satisfactory combination of circumstances – offered unprofessional audit services of questionable quality. In the presented conditions, it is difficult to expect real, systemic and desirable results (economically, ecologically and socially) with regards to the energy efficiency both in the micro-, meso- and macr-economic scale. It is worth considering changes in the Energy Efficiency Act and spread the obligation to perform audits over different years according to clearly defined (in cooperation with business) criteria. If relevant actions are not taken, the situation of a temporary Eldorado on the market of energy audits will repeat in 4 years. Again, the consequence may be the poor quality and questionable usefulness of reports from energy audits of companies both at the business level and the ecological-political level. It is necessary to counteract all forms of unfair competition to interdisciplinary and specialist bodies which take actions to improve the energy efficiency of organisations. The creation of appropriate business conditions will have a positive impact on the improvement of energy efficiency. In this context, it is necessary to take actions, which enable the optimization of both the process of the implementation of obligatory legal regulations and voluntary (industry) norms and standards.

All the restructuring programs that have been implemented in Polish bituminous coal mining as a primary way to reduce mining costs relied on the increased concentration of mining operations. Those efforts especially involved a significant simplification of existing or newly developed structures for accessing or cutting the deposits intended for extraction; implementation of advanced mining technologies, and upgrading of machines used in mine faces. However, in order for these to deliver the expected results, it is important to organize mining operations in such a way so that those advanced, and usually very expensive, mining-related fixed assets – machinery and equipment – are used sensibly. In order to define a reasonable production capacity of each longwall face, it is necessary to apply various criteria related to the mining and technical aspects, occupational safety, and organizational and economic aspects. Only then will it be possible to evaluate the expected effects in the field of concentration of mining in a mining company and in the mines which form part of such enterprises. Decisions in this respect should always be made at the planning stage, based on analysis results. The aim of this article is to explore the factors involved in concentration-related decision-making in mining companies, including the underlying mining/technical, organizational, and economic/ /financial aspects. A mining company is understood as a group of related mines, the primary business operations of which include bituminous coal mining, processing, and trading.

The paper deals with possibilities of innovation projects financing in the Small and Medium Size Enterprises (SMEs) in the Czech Republic. It discusses, in the emphasis on SMEs, possible approaches to innovative company financing in dependence on company life cycle. Well established and functional models of innovative companies financing as FFF, Business angels, Private equity and Venture capital funding and mezzanine financing are discussed. Inasmuch SMEs are considered the key driving force of the Czech economy and the stabilizing feature of the regional development, the government places emphasis on the development of financial instruments which would ensure an ongoing financial support of innovation projects. But managements of SMEs insufficiently use all opportunities to obtain investment resources for the growth, future competitiveness and prosperity of their companies. According to researches performed in EU it was proven that financing constraints hinder innovation among SMEs. Maintaining regional balance through sustainable performance of SMEs is the common aim of municipalities as well. It is necessary for SMEs to form long-term relationships with their municipalities in the region. Programmes which arrange financial support for institutions are provided through private investors, grants, the EU funds and national budget. The paper evaluates pros and cons of various types of financial subsidies with respect to payback periods, risk exposure and availability. The paper includes the outputs of empirical research in SMEs carried out 2014 focused on steering innovation projects in SMEs. The aim of the research was to find out if SMEs can manage, evaluate and develop innovation projects. Moreover the authors examined the effectiveness of relationships established between SMEs and municipalities and problems which the SMEs are confronted by upon the ensurance of project innovation investments. The sources procurement is a very sophisticated topic and it is beneficial for the SMEs to establish a close cooperation not only with municipalities but also with universities.