1. Introduction Pastaraisiais metais, ypač reformuojant stacionarinę sveikatos priežiūrą, vis didesnis dėmesys skiriamas ligoninių veiklos vertinimui daugelyje šalių, nes stacionarinei sveikatos priežiūrai skiriama 45-75% visų sveikatos priežiūrai skirtų lėšų (1). Vertinant ligoninės veiklos rodiklius, dažniausiai apsiribojama pagrindine jos funkcija - paslaugų teikimu (2-4). Tradiciškai sveikatos priežiūros organizacijų veikla yra vertinama pagal paslaugų apimtis (5), o gydytų pacientų skaičius yra labiausiai paplitęs stacionarinių sveikatos priežiūros įstaigų veiklos rodiklis. Nepaisant to, kad šiuolaikiniai sveikatos priežiūros organizacijų veiklos vertinimo modeliai apima daug įvairių aspektų ir dimensijų (tokių kaip paslaugų kokybė, pajėgumas gauti reikiamus išteklius, pajėgumas reaguoti į visuomenės poreikius, veiklos efektyvumas, veiksmingumas, produktyvumas, našumas, organizacijos kultūra ir pan.), sveikatos priežiūros įstaigų veiklos vertinimas pagal pacientų (paslaugų atvejų) skaičių išlieka kaip vienas pagrindinių rodiklių jau vien dėl to, kad daugumoje sveikatos sistemų apmokėjimas sveikatos priežiūros organizacijoms yra pagrįstas gydytų pacientų ar suteiktų paslaugų apimtimis (6,7). Tačiau analizuojant vien tik stacionarinėje asmens sveikatos priežiūros įstaigoje (ASPĮ) gydytų pacientų (atvejų) skaičių per tam tikrą laiko periodą, daryti išvadas apie ligoninės veiklą ir ypač lyginti su kitomis ligoninėmis yra pakankamai sudėtinga ir net nevisiškai objektyvu... [to full text]

Objective of the thesis is determination of Volkswagen Group's equity intrinsic value. Basic starting point of the analysis is seggregation of consolidated financial statements into financial and production division, which are valuated separately. The production division is valuated using both enterprise discounted cashflow and discounted economic profit analysis. Equity cashflow valuation is used to derive value of the financial division. Results of valuation implied by income approach are then compared with market multiples valuation.

Market evidences of the last three years show that the application of the Emission Trading Scheme (ETS) may endanger the European electricity intensive industries both directly and indirectly. The direct ETS burdens come from the costs of both abating emissions from old technologies and buying emission allowances on the market. The pass through of carbon cost in electricity price implies an indirect ETS charge. The combined action of these two carbon burdens may negatively affect European industries' competitiveness at international level. Some of these industries are threatening to relocate their production activities outside of Europe. This would lead to the so-called "carbon leakage" phenomenon. Taking stock of a French industrial proposal, I consider some special contractual policies whereby electricity intensive industries can buy electricity at average cost. The rest of the market is instead priced at marginal cost. Thanks to these contracts, generators reserve part of their power plants for these industries and apply to them a price depending on the average capacity, fuel and emission costs of these dedicated units. In addition, these contracts account for the average transmission charges. Industries can choose to be supplied either at a single regional average cost price or at zonal (assimilated to nodal) average cost prices (in which case transmission costs are equal to zero). The final objective consists in analyzing the effects provoked by the application of the single and the nodal average cost prices in the cases where generators dispose of fixed capacity or can invest in new technologies. The market for transmission services is of the "flow based market coupling" type and the allowance price is endogenous. The results show that power contracts indeed partially relieve the direct and the indirect carbon costs and mitigate the incentive of European electricity intensive industries to relocate their activities, but with quite diverse regional impacts in correspondence with different national power policies. Finally, the EU-ETS drives generators' investment choices towards clean and nuclear based technologies. Models are formulated as non-monotone complementarity problems with endogenous electricity, transmission and allowance prices. These are implemented in GAMS and solved by PATH. They are applied to a prototype power system calibrated on four countries of the Central Western Europe represented by France, Germany, Belgium and The Netherlands.

This master thesis's aim is to determine the price of the individual components of the company´s capital and to consider approaches to capital costs including their influence on the scale of the business performance. The thesis is divided into two main parts. In the theoretical part I deal with the capital structure of property, theories of its optimization, approaches to cost calculation of the equity and foreign capital. Also the weighted averages costs of capital were described. Furthermore, the economic value added as a method of an evaluation of busi-ness performance was defined. In the practical part there are several basic information about the rated compa-ny defined in the introduction. In the next part of the thesis I detect the price of the individual components of the company's capital and I judge approaches to capital cost, including their impact on economic value added. As a basis for the evaluation serve the financial statements of the company and information from company's management. To determine the cost of capitals following models were used: capital asset pricing model (CAPM) and the modular model. Overall financial situation of the business can be assessed negatively. In all three variations of calculating economic value added, the company didn´t generate an economic profit within years 2010 2014.

This diploma thesis deals with the determination of the value of company Reda a.s. to 31.12.2019, by using income-based method. The first part of thesis defines the theoretical assumptions and procedure for determining the value of company. The analytical part contains a strategic analysis, financial analysis, prognosis of value generators and the compilation of a financial plan. At the end of the diploma thesis, the value of the company is determined using the discounted cash flow method.

No description available.

HIV/AIDS is already the leading cause of death worldwide (Unicef et al., 2004:10) with more than 5 million people out of a total of 46 million South Africans that were HIV positive in 2004, giving a total population prevalence rate of 11 per cent (Dorrington et al., 2004:1). Many people infected do not have access to even the basic drugs needed to treat HIV-related infections and other conditions (Wikipedia, 2004:3). The relative high price of many of the antiretroviral (ARV) drugs and diagnostics on the other hand are one of the main barriers to their availability in developing countries (Unicef et al., 2004:77). ARV drugs registered in South Africa include the Nucleoside/Nucleotide Reverse Transcriptase Inhibitors (NRTIs), Non-Nucleoside Reverse Transcriptase Inhibitors (NNRTIs) and Protease Inhibitors (PIs) (MCC, 2004:1). The objective of this study was to review, analyse and interpret the prescribing patterns of antiviral drugs, with special reference to antiretroviral drugs, in the private health care sector in South Africa by using a medicine claims database. A quantitative, retrospective drug utilisation review was performed. The data ranging from 1 January 2001 to 31 December 2001, 1 January 2002 to 31 December 2002, and 1 January 2004 to 31 December 2004 were used, dividing each year into three four-month periods, namely January to April, May to August, and September to December. It was found that 0.38 per cent (n=1 475 380) for 2001, 0.72 per cent (n=2 076 236) for 2002, and 1.68 per cent (n=2 595 254) for 2004 of all studied prescriptions for the research periods 2001, 2002, and 2004 respectively, contained ARV drugs. ARV drugs constituted 0.33 per cent (n=2 951 326) for 2001, 0.87 per cent (n=4 042 145) for 2002, and 1.92 per cent (n=5 305 882) for 2004 of the total number of medicine items prescribed for the study years 2001, 2002 and 2004 respectively. The total cost of ARV drugs amounted to R4 990 784.29, thus constituting 1.31 per cent of the total cost (R379 708 489) of all medicine items on the database for 2001, increased to R18 235 075.75, thus constituting 3.03 per cent of the total cost (R601 350 325) of all medicine items on the database for 2002, and increased to R34 714 483.64, thus constituting 5.25 per cent of the total cost (R661 223 146) of all medicine items on the database for 2004. It was found that 35.31 per cent (n=5 599) for 2001, 52.68 per cent (n=15 004) for 2002, and 74.27 per cent (n=43 482) for 2004 of all studied antiviral prescriptions for the research periods 2001, 2002, and 2004 respectively, contained ARV drugs. ARV drugs constituted 46.25 per cent (n=21 183) for 2001, 70.20 per cent (n=50 246) for 2002, and 85.87 per cent (n=118 718) for 2004 of the total number of antiviral medicine items prescribed for the study years 2001, 2002 and 2004 respectively. The total cost of ARV medicine items, represented 67.33 per cent (n=R4 990 784.29) during 2001, 84.72 per cent (n=R18 235 075.75) during 2002, and 91.20 per cent (n=R34 714 483.64) during 2004 of the total cost of all antiviral medicine items claimed through the database (n=R7412577.73 for 2001, n=R21523365.56 for 2002, and n=R38 064 347.38 for 2004). The average cost per ARV medicine items for 2004 increased from R317.93i190.80 for the period January to April to R369.2W219.50 for the period May to August, and decreased to R324.79±212.48 for the period September to December and resulted in a cost saving of R41 044.35 for the period May to August versus September to December for the ARV medicine items. The implementation of the pricing regulations could thus be a possible reason for this cost saving, due to fact that the single exit price only came into effect from May 2004. The weighted average number of ARV medicine items per prescription was 1.75*0.31 for 2001, increased to 2.35±0.03 to 2002 and remained stable on 2.35±0.02 for 2004. It was found that majority of prescriptions contained more combination ARV medicine items than single ARV medicine items, ranging from 6 834 (69.76 per cent; n=9 796) prescriptions containing combination ARV medicine items in 2001 and 32 941 (93.39 per cent; n=35 271) prescriptions containing combination ARV medicine items in 2002 to 98 805 (96.93 per cent; n=101 938) prescriptions containing combination ARV medicine items in 2004. Lastly, it was perceived that didanosine was the active ingredient with the largest prevalence for all three four-month periods of 2001 and also for the periods January to April and May to August of 2002, whilst efavirenz represented the active ingredient with the largest prevalence for the period September to December of 2002, and also for all three four-month periods of 2004. Didanosine represented the active ingredient with the highest total cost for the period January to April of 2001, whilst the combination of lamivudine/zidovudine represented the active ingredient with the highest total cost for the periods May to August and September to December of 2001, and also for all three-four month periods of 2002 and 2004. Nelfinavir has the highest average cost for period January to April of 2001, ritonavir for period May to August of 2001, and saquinavir mesylate for period September to December of 2001. Nelfinavir has the highest average cost for all three-four month periods of 2002, while didanosine has the highest average cost for all three four-month periods of 2004. / Thesis (M.Pharm. (Pharmacy Practice))--North-West University, Potchefstroom Campus, 2006

The theoretical part of the diploma thesis deals with the main aspects of financial analysis, especially with horizontal and vertical analysis of absolute values, financial ratios, new valuation models and bankruptcy prediction models. The following part concentrates on the company Crocodille ČR, spol. s r.o. using the theoretical approaches mentioned above. It focuses on trend analysis, the calculation of Weighted Average Cost of Capital and Economic Value Added as well as industry comparative analysis. The final recommendations regarding e.g. the sensitivity analysis of company indebtedness are included in the last chapter.

[pt] No Brasil, assim como em outros países, a prestação de serviço público de energia elétrica é realizada em concessão sob a coordenação de um órgão regulador independente, atividade que no Brasil é desempenhada pela Aneel – Agência Nacional de Energia Elétrica. É também competência da Aneel a estimação do WACC regulatório – custo médio ponderado de capital do setor elétrico, que remunerará o capital dos investidores do setor, por intermédio das tarifas, até o final do ciclo de revisão tarifária vigente, que ocorre em média a cada cinco anos. Para tanto, o regulador se utiliza de dados da economia norte - americana adaptados para a realidade local, por entender que a bolsa brasileira possui limitações no que tange a consistência das séries. Imprecisões no cálculo do WACC podem levar a concessionária a perceber ganhos adicionais, no caso de uma taxa superestimada, ou perdas, no caso de uma taxa subestimada, podendo resultar em uma possível redução nos investimentos que poderiam afetar a qualidade no serviço prestado ou planos de expansão. Passam por tanto a ser de interesse de toda a sociedade discussões em torno de um aprimoramento da metodologia aplicada na estimação do custo de capital do setor. A proposta apresentada neste trabalho é estimar o custo médio ponderado de capital do setor de distribuição elétrico brasileiro, por meio de aprimoramentos na metodologia atual adotada pelo órgão regulador do setor, alinhando com as melhores práticas da teoria de finanças. Os resultados apontam para a necessidade de aprofundamento de discussões pelo regulador considerando algumas alternativas nos critérios de estrutura de capital, taxa livre de risco, risco-país e prêmio de risco de crédito. / [en] In Brazil, as in other countries public utilities are operated as concessions under the coordination of an independent regulatory agency, a role played in Brazil by Aneel– National Agency of Electricity. It is also Aneel s responsibility the estimation of regulatory WACC – weighted average cost of capital of the electricity sector which remunerates investors capital through tariffs until the end of the current tariff review cycle that occurs on average every 5 years. For that the regulator based the calculation of the WACC on American economic data adapted to Brazil reality assuming that data from Brazilian stock exchange series have some limitation. Inaccuracies in the WACC can lead to companies obtaining additional gains in the case of an overestimated rate, or losses in the event of an underestimated, which might result in reduction in investments and could affect the quality of service or expansion plans. Therefore, it is in the interest of society to discuss improvements of the methodology applied in estimating the cost of capital in the sector. This study aims to estimate the weighted average cost of capital of the Brazilian electricity distribution sector through improvements in current methodology adopted by the regulatory agency, aligning it with finance theory best practices. Results indicate the need for deeply discuss from the regulator about some alternatives improvement in the capital structure, risk free rate, country risk and credit risk premium.

Tout d'abord, cette recherche examine le capitalisme partagé, le développement théorique et historique de la participation des salariés, et les droits de propriété. Deuxièmement, la thèse analyse empirique sur les perspectives de l'actionnariat salarié. Premièrement, la période du 19ème siècle jusqu'au début du 21ème siècle en Allemagne est recherchée. Nous essayons de répondre à la question : "Est-ce que les décideurs politiques en Allemagne veulent créer une société de propriétaires ?" Au cours de la recherche, nous montrons l'hypothèse "L'actionnariat salarié est un critère des pères fondateurs de l'Allemagne afin de stabiliser Allemagne socio-économique après la Seconde guerre mondiale. Supporté bien évidemment par une étude qualitative de recherches d'archives historiques. En Allemagne, il est évident que les pères fondateurs ont poursuivis "Wohlstand für Alle" à travers les actions des citoyens. Deuxièmement, cette recherche examine la relation entre l'actionnariat salarié et le WACC. La thèse analyse le conflit entre les parties prenantes internes et externes, qui est représenté par le cours des actions d'une entreprise en supposant un marché efficace. Nous émettons l'hypothèse : «Un pourcentage plus élevé d'actions détenues par les salariés provoque un WACC inférieur" Ceci est confirmé par un modèle de régression quantitative fixe de panneau d'effet dans le cas de l'indice Société des Bourses Françaises 120 et l'indice 500 de Standard & Poor. / Firstly, this research examines shared capitalism, the theoretical and historical development of employee participation, and ownership rights. Secondly, the thesis analyzes empirically perspectives on employee stock ownership. First, the period from the 19th century until the beginning of the 21st century in Germany is researched. We attempt to answer the question: "Did policy makers in Germany want to create a society of owners?" During the research we prove the hypothesis "Employee ownership was a criterion of Germany's founding fathers in order to stabilize Germany socio-economically after the Second World War." We confirm it through a qualitative study of historical archive researches. In Germany, there is clear evidence that founding fathers pursued "Wohlstand für Alle" through citizen's shares. Second, this research examines the relationship between employee stock ownership and the weighted average cost of capital. The thesis analyzes the conflict between internal and external stakeholders, which is represented through a company's stock price assuming an efficient market. We hypothesize: "A higher percentage of shares held by employees causes a lower WACC." This is confirmed through a quantitative fixed effect panel regression model in the case of the Société des Bourses Françaises 120 index and Standard & Poor's 500 index.