The content of the diploma thesis is management analysis of business entity, whose main business activity is production and sale of nonalcoholic beverages in the Czech Republic. Main part of this diploma thesis is financial analysis of Coca-Cola HBC ČR, which is the biggest producer of nonalkcoholic beverages on the Czech market. Financial analysis was done for the period of five years from 2010 to 2014. All the ratios, which were described in theoretical part of thesis, were applied and described in practical part. In the financial analysis was calculated absolute indicators, differencial ratios and proportion ratios. On the base of financial analysis results were explained causes of differences in different years and proposals for better economical results was suggested. Data and informations were found in accounting statements, annual reports, auditor reports, corporate documents and other resources.

The first part of this master´s thesis includes on the theoretical interpretation of the principles of management of the company in terms of financial analysis.Financial analysis is an important tool for obtaining information about complex financial situation.The second part of master´s thesis helps to identify initially selected businesses that are focused on the processing and sale of dried meat in the Czech Republic. Than we go to the application of indicators in the theoretical part where the sub calculations are presented in the chart and possibly graphically along with commentary of the result achieved. Analysis of selected business entities is ensured on the basis of publicly available financial documents such as balance sheets,profit and loss account in five accounting periods,in the years 2010 -2014.Finally the thesis evaluates the achievements of individual indicators, which comprehend sively expresses the financial situation of the two selected businesses.

The diploma thesis is focused on budgetary economy of selected minucipality, in this case the town Horní Planá. There are described functions of the municipality, its institutions and a property, separation of the property and management with it. The thesis is focused on a budgetary economy of a municipality, a budget, a budget composition, where are defined budgetary incomes and expeditures and subsequently a budgetary outlook is analyzed there. The aim of this thesis is to analyze the economy of the town Horní Planá, which is performed on the data in the next five years, based on the analysis recommend possible measures to achieve the optimum relationship between the economy, efficiency and effectiveness, or finding potential funding sources. Partial aims are evaluation of the progression budgets in the period and to determine the effects of ganges of incomes and expenditures in different years, to analyze cash flow over the period and evaluate influences on cash flow and the analysis of the property of selected municipality and its funding.

This master thesis is focused on a company called Bontonfilm promotions s r.o. The company is mainly interested in sales of promotional products and have been founded by the end of the year 2014. Only one year of relevant information about the company were available. Strategic analysis of the company evaluates and proposes a strategy of the company for year 2017. The thesis is divided into theoretical, practical part and the conclusion. The theoretical part is based on specialized bibliographic sources. Strategic analysis contains internal & external analysis, analysis of competitors, BCG analysis and SWOT analysis. Due to the results of these investigations there is a proposed strategy for year 2017 that correspond to the company goals.

The thesis examines and evaluates the influence of the financing of receivables through factoring on the financial health of the recruitment agency Grafton Recruitment s.r.o. operating in the Czech Republic. The first part deals with the theoretical background of the company's assets and capital structure and with alternative sources of the company's funding focusing on factoring and it describes the financial analysis and the basic definition of the activity of recruitment agencies. The second part presents the above mentioned recruitment agency and applies theoretical knowledge to the data taken from financial statements starting by the fiscal year 2012 and ending by 2016, through selected methods of financial analysis. The next step is analyzing receivables according to the payment deadlines, which are processed from the company's internal accounting, then describing methods of use of factoring in the company and assessing its expenses. The final evaluation of the factoring effect on the company's financial health is based on results of horizontal and vertical analysis of the balance sheet and of profit and loss account, as well as on the indexes of profitability, activity, indebtedness and liquidity. The end includes aspects of the factoring impact on the rating of the company's financial health based on practical experiences.

The aim of this diploma thesis is to evaluate the economic efficiency of selected investment through various economics methods. This is based on available data and selected methodological process solutions. The basic economics methods of investment efficiency evaluation were used to evaluation of economic investment efficiency, among these methods can be found static methods as well as dynamic ones that respect the time factor. Among the most important indicator evaluating investment efficiency belongs net present value, internal rate of return and pay-off period. According to achieved and gauged results of investment efficiency evaluation some relevant recommendations are defined.

Submitted by Wagner Soutelinho (wfsoutelinho@ig.com.br) on 2009-08-14T14:36:21Z No. of bitstreams: 1 Gerenciamento de Risco em Empresas Não Financeiras_ Aplicações na Indústria Petrolífera.pdf: 231339 bytes, checksum: a148b283f1d9abe2fbd4e766e8c722b5 (MD5) / Approved for entry into archive by Vitor Souza(vitor.souza@fgv.br) on 2009-08-14T14:45:56Z (GMT) No. of bitstreams: 1 Gerenciamento de Risco em Empresas Não Financeiras_ Aplicações na Indústria Petrolífera.pdf: 231339 bytes, checksum: a148b283f1d9abe2fbd4e766e8c722b5 (MD5) / Made available in DSpace on 2009-08-14T14:46:55Z (GMT). No. of bitstreams: 1 Gerenciamento de Risco em Empresas Não Financeiras_ Aplicações na Indústria Petrolífera.pdf: 231339 bytes, checksum: a148b283f1d9abe2fbd4e766e8c722b5 (MD5) / O objetivo principal deste trabalho é a criação de um modelo teórico para a mensuração do fluxo de caixa em risco (CFaR) em instituições não financeiras, e sua aplicação na indústria de óleo e gás. Através deste modelo a empresa deve ser capaz de observar, através de seu fluxo de caixa, a probabilidade de dispor ou não de recursos para honrar seus compromissos. Deve-se analisar os métodos utilizados para gerenciamento de risco (VaR, CFaR e EaR) e aplicar um modelo de CFaR. Após a aplicação desta métrica, pode-se analisar os resultados encontrados. Será utilizado como base para o modelo proposto um paper publicado no Jornal of Applied Corporate Finance intitulado 'Exposure-Based Cash-Flow-at-Risk: An Alternative to VaR for Industrial Companies'. Foi observado que o CFaR vem ganhando mais popularidade na gestão de risco das grandes empresas, demonstrando a exposição ao risco destas empresas e viabilizando a uma melhor tomada de decisão como utilizar o hedge de forma mais eficiente.

[pt] O presente trabalho tem como objetivo analisar estratégias de hedge com contratos a termo, futuros e opções que impactem em redução do CF@R para um modelo de refinaria de petróleo. A finalidade é mostrar o efeito causado por instrumentos normalmente utilizados no mercado financeiro para a proteção de carteiras dentro do ambiente corporativo. A base para o estudo de caso é moldada através da metodologia para análise de risco em instituições não financeiras sugerida pelo documento técnico CorporatemetricsTM. Na estrutura financeira corporativa, cujo conceito já é solidificado, foram introduzidas algumas variáveis para estudar a distribuição dos fluxos de caixa da refinaria. São utilizados processos estocásticos, neste caso o MGB, para simular os preços das commodities identificadas como fatores de risco que influenciam o resultado financeiro da empresa. A partir daí, tendo como ferramentas a simulação de Monte Carlo e a Fatoração de Cholesky para o auxílio na geração de projeções correlacionadas, são criados cenários dos possíveis fluxos de caixa futuros. / [en] This study intents to examine strategies for hedging with swaps, futures and options that reduce the impact in CF@R to a model of oil refinery. The purpose is to show the effect that financial market hedge instruments used in portfolios causes in the corporate environment. The basis for the case study is shaped by the methodology for risk analysis on non-financial institutions suggested by the technical document CorporatemetricsTM. In the corporate financial structure, which concept is already solidified, it was added some variables to study the cash flow distribution of the refinery. Stochastic processes are used, in this case the MGB, to simulate the prices of the commodities identified as risk factors that influence the financial results of the company. Afterwards, the Monte Carlo simulation and the Cholesky decomposition are used to help generate correlated projections and therefore develop possible future cash flows scenarios.

Master of Science / Department of Agricultural Economics / Ted C. Schroeder / With volatile cattle markets, comes substantial amounts of price risk for all parties involved in the industry. Hedging with futures markets to mitigate risk is a common practice performed by commercial producers. For this to be an effective risk management tool, the futures contract must function correctly by accurately representing the price and quality of the underlying product. Often times, commodity futures contracts are settled by physical delivery. However, two livestock contracts transitioned to a cash settled index, feeder cattle in 1986 and lean hogs in 1997, to enhance the performance of the contract and promote participation by commercial users. Eliminating high delivery costs, reducing any issues with the grading process when the product is delivered, and portraying a truer commercial value, are some of the benefits of a cash settlement index. There has been some speculation that dates back to the 1980’s regarding whether the live cattle futures contract should switch to cash settlement rather than physical delivery. This study was done to measure the impact the change to cash settlement had on the hedging ability of the feeder cattle futures contract. Even though the feeder cattle contract represents a different sector of the industry, the results still provide some insight as to whether cash settlement can be advantageous for a futures contract. The ability to forecast basis is critical when hedging with futures to manage risk. The magnitude of basis prediction error (BPE), or the difference between expected basis and actual basis, is a common method used to measure the hedging ability of a futures contract. This procedure was utilized to analyze the effects the change to cash settlement had on BPE in six different regions: Kansas, Missouri, Nebraska, North/South Dakota, Oklahoma, and Texas. Expected basis was calculated using a two, three, and four year historical average technique for each respective week to contract expiration. Other market factors were also included in the models to ensure the cash settlement adjustment was not the sole reason for BPE variations over time. To estimate the impact the different elements have on basis predictability, Ordinary Least Squares regression was used for each of the three stacked models. For the two-year historical basis prediction error model, Kansas was the only area with a statistically significant value indicating cash settlement reduced BPE by $0.18. Three states, Kansas (-$0.24/cwt.), Missouri (-$0.17/cwt.), and Texas (-$0.16/cwt.), showed a statistically significant decrease in BPE due to cash settlement for the three-year historical basis prediction error model. Also, the coefficient for Oklahoma was just slightly above the statistically significant level. However, the four-year model had moderately different results. The estimate for Kansas was statistically significant at -$0.18/cwt. meaning cash settlement reduced BPE, while the Dakotas region actually showed a statistically significant increase in BPE by $0.18/cwt. This research provides evidence that cash settlement can improve the basis predictability of a futures contract depending on the region and technique used to calculate expected basis.

No description available.