Diploma thesis deals with the Economic analysis of a company ArcelorMittal Ostrava, a. s. and evaluates its economic condition from 2010 until 2014. Thesis involves strategic analysis and financial analysis. Author describes the topic with a perspective of an external analyst and used companys annual report as his fundamental source. The strategic analysis is based on its micro and macro environment and SWOT analysis as well. The Financial analysis includes calculation of absolute, differential and ratio indicators. On top of that financial analysis contains the pyramid decomposition of the return on equity, economic value added, the bankruptcy and solvency models and comparison among other companies. Based on his research author concludes with recommendations which could lead to improvement of companys economic and market position. Most important findings are summarized and companys condition is evaluated at the end of this thesis.

The diploma thesis includes an economic analysis of Kofola a.s. between 2009 and 2014. The aim of this work is to perform an economic analysis of the company, to assess its financial health and make a comparison with market developments. Own part of the work is divided into two main parts. The first is methodological section which describes used methods and models. In the practical part is applied methods from the theoretical part on observed enterprise. It is mainly based on financial reports. The financial analysis consists of an analysis of absolute indicators and ratios. Furthermore, the practical part contains rules of balance working capital analysis and DuPont analysis of ROE, cost and inventory analysis, comprehensive evaluation of business models and the intercompany comparison. In conclusion there are summarized and evaluated the results of practical part and deduced appropriate recommendations.

The main objective of this Diploma Thesis is to evaluate economic performance of the company TOS VARNSDORF a.s. during the period 2008 -- 2013. The theoretical section provides a general definition of the methods of economic analysis especially those used for strategic and financial analysis. The practical part includes a basic description of the company and application of methods introduced in theoretical section, notably the PEST analysis, Porter's five forces analysis, SWOT analysis, horizontal and vertical analysis of financial statements, ratio analysis including economic value added and prediction models.

Diploma thesis on topic "Economic analysis of company Sécheron Tchequie Ltd." evaluates the economic situation of the corporation in the years 2009 - 2013. The first part introduces the topic of this master's thesis and the aim of the thesis. The methodological part describes the economic analysis, its users and sources of information. It also deals with basic methods, such as analysis of absolute, differential and relative indicators, balance sheet rules, summary indexes of ratings, creditworthy and bankruptcy models and comparing the company with the industry through Spider analysis. At the beginning the practical part characterizes analyzed company, then the individual methods of economic analysis applied to a particular corporation. In conclusion the results will be summarized of the economic situation of the corporation.

This Master's thesis aims to analyze the economic and financial situation of Yusen Logistics (Czech) Ltd. in the period 2009 - 2013, which would be achieved by using the methods of economic analysis. The core of the thesis is divided into two parts -- theoretical part that will describe the methods and practices of economic analysis and the practical part where data from the financial statements of the company is subjected to analysis of absolute and relative indicators. The rate of fulfilment of the recommendations given by golden balance rules will be assessed. This thesis contains also decomposition of return on equity indicator, working capital analysis and calculation of economic value added. Application of selected aggregate solvent and bankruptcy models will allow us to assess the complex financial health and future economic situation of the company. At the end of the practical part, the results of selected indicators will be compared with the results of the entire sector Transport and storage.

A presente dissertação visa a analisar a cláusula de redução equitativa da indenização, introduzida no ordenamento jurídico brasileiro por meio do artigo 944, parágrafo único, do Código Civil de 2002. A aplicação da referida norma suscita intensos debates na doutrina e jurisprudência brasileiras, em especial no que tange à possibilidade de aplicação aos casos de responsabilidade objetiva. Nesse sentido, poder-se-ia argumentar que a redução da indenização impactaria na finalidade da norma expressa no artigo 927, parágrafo único, do Código Civil, inclusive no que tange aos incentivos para prevenção de danos. A partir de uma análise do contexto, evolução jurídica do conceito e seus elementos e funções, é realizada uma avaliação da possibilidade de aplicação e respectivos requisitos para a utilização do instituto de forma sistêmica e em consonância com o ordenamento jurídico vigente. Considerando que a Law and Economics permite ao intérprete antever os impactos da aplicação da norma na conduta dos agentes econômicos, em especial na internalização dos custos de prevenção, que são consequência direta de uma análise de custo e beneficio entre a prevenção e o pagamento da indenização pela causação de um dano, consiste em importante ferramenta à disposição da comunidade jurídica para a análise do terna proposto. Deste modo, o terna será analisado à luz da doutrina da Law and Economics, que traz importantes contribuições para a discussão do tema, que afeta de forma direta o comportamento dos agentes de mercado que desenvolvem atividades consideradas de risco. / The present dissertations aims at analyzing the equitable reduction o f indemnification, introduced in Brazilian legal system tbrough article 944, sole paragraph, o f the Civil Code of 2002. The application o f such rule raises intense debates in the Brazilian doctrine and case law, especially with regard to the possibility of application to cases of strict liability. In this sense, it could be argued that the reduction of indemnification would affect the purpose of the rule foreseen in article 927, sole paragraph, o f the Civil Code, including with regard to incentives to the prevention of damage. From an analysis ofthe context, legal evolution ofthe concept and its elements and functions, an evaluation is conducted to assess the applicability and respective requirements for the use of the institute in a systemic way and in accordance with the current legal system. Given that Law and Economics allows the interpreter to foresee the impacts that the application of the rule will have on the conduct of economic agents, especially regarding the internalization of prevention costs, which are a direct consequence of a cost and benefit analysis between prevention and payment of compensation due to a damage caused, it is an important tool available to the legal co=unity for the analysis of the proposed theme. Therefore, the subject will be analyzed in light ofthe Law and Economics doctrine that brings important contributions to the discussion, which directly affects the behavior of market agents who carry out activities considered risky.

Cerca de 230 milhões de toneladas de bauxita são produzidas por ano e, destas, 60 milhões são provenientes de operações que beneficiam esta bauxita usando água como meio para separar as frações mais finas. Como consequência do beneficiamento, estima-se que mais de 25 milhões de toneladas de rejeito sejam dispostas todo ano. Estas frações têm grandes quantidades de caulinita, um argilomineral de difícil desaguamento. Estes sólidos estão tipicamente em uma suspensão com água a cerca de 15% de concentração em massa antes de operações de desaguamento. As formas de desaguamento variam, bem como as opções de disposição. Este texto discorre sobre opções de desaguamento como sedimentação natural, espessamento, filtragem e centrifugação. Também se discorre sobre alternativas de disposição. Estas são condicionadas pela concentração de sólidos do material a ser disposto e são a disposição hidráulica em diques ou reaterro na mina. Após a descrição de cada uma das alternativas, são feitas análises de combinações destas formas de desaguamento e disposição, além de uma avaliação do fluxo de caixa livre descontado acumulado para cada uma. Esta abordagem, feita para um caso específico, permite avaliar qual opção implica em menor despesa financeira para a operação. Foram feitas considerações para avaliar características não econômicas de cada uma das operações, como o consumo de água, área ocupada pelo depósito, perigos de cada opção e seus descomissionamentos. A opção que apontou menor desembolso no período da operação, bem como a minimização de perigos, é o desaguamento com centrífugas e disposição do material reaterrando áreas lavradas. / More than 230 million tonnes of bauxite are produced each year and, from these, nearly 60 million come from operations that use water to beneficiate the ore, separating the finer fractions. By reason of this mineral treatment, it is estimated that more than 25 million dry tonnes of reject are disposed each year. The finer fractions have high kaolinite concentrations, a challenging to dewater mineral. These solids are typically in a suspension with about 15% solids concentration in mass before any dewatering. Both the dewatering options and disposal possibilities may vary. This text discusses dewatering options such as natural settling, thickening, filtering and centrifugation. It also describes alternatives of disposing the material. These options depend on the water concentration and consist of hydraulic disposition or using the dewatered material as mine backfill. After describing each alternative, an analysis of possible combinations among those is made along with an accumulated discount free cash flow evaluation for each one. Considerations were made to evaluate non-economic characteristics of each operation including the water consumption, surface occupied, operational hazards, decommissioning and closure. The option that has shown the lowest cost during the life of the operation, simultaneously reducing operational hazards is dewatering with centrifuges and using the material as backfill in mined out areas.

L'hydrogène… Cet élément simple et très abondant pourrait être un contributeur clé à la transition énergétique, mais dans quelles conditions technico-économiques et politiques ? Cette thèse propose une contribution à l'évaluation de la faisabilité de pénétration de l'hydrogène dans le système énergétique, en mettant en oeuvre différents modèles qui permettent des éclairages complémentaires. Elle se concentre sur l’hydrogène bas carbone, obtenu par électrolyse de l’eau.Notre analyse multirégionale qui porte sur le contexte énergétique européen, américain, chinois et japonais (régions qui présentent des défis énergétiques contrastés) montre que les politiques énergétiques actuelles ne facilitent qu’une faible pénétration de l'hydrogène dans le système énergétique, lui permettant de réaliser environ 3% de l’effort à fournir par les quatre régions afin de limiter l’augmentation de la température à 2°C par rapport aux niveaux préindustriels. Nous soulignons dans cette thèse que l’injection d’hydrogène dans les réseaux de gaz naturel qui permet dans une certaine mesure d’éviter des fuites de méthane à fort pouvoir de réchauffement, pourrait jouer un rôle significatif dans la réalisation des objectifs de réduction des émissions de gaz à effet de serre.L'analyse des marchés de l'hydrogène a été menée en deux étapes. Tout d'abord, chaque marché (industriel ou énergétique) a été abordé individuellement afin d’établir des coûts d'entrée sur ce marché (pour les différents contextes énergétiques considérés). Ensuite, les différentes applications de l’hydrogène ont été resituées en interaction avec l’ensemble du système énergétique à travers le modèle TIMES-PT et un cas d’étude portant sur le Portugal, permettant ainsi d’examiner le potentiel de couplage entre les secteurs énergétiques rendu possible par l’hydrogène. Ces travaux ont permis de qualifier l'attractivité des différents marchés, celui de la mobilité apparaissant comme le plus favorable.Nous nous sommes ensuite intéressés aux coûts requis sur l'ensemble de la chaîne d'approvisionnement en hydrogène afin de pénétrer le marché de la mobilité.Pour ce faire, nous avons utilisé des modèles avec une maille géographique et temporelle fine (GLAES, EuroPower et InfraGis), en commençant par l’étape de production. Nous avons étudié le rôle potentiel de l'hydrogène pour la fourniture de flexibilité au système électrique dans un contexte de forte pénétration des énergies renouvelables intermittentes en France. Nos résultats montrent que l’hydrogène pourrait permettre non seulement d’éviter d’écrêter la production d’énergies renouvelables (entre 1,4 et 7,9 TWh en fonction du scénario de capacité d’interconnexion), mais pourrait aussi mettre à profit l’énergie nucléaire disponible (bas carbone donc), évitant par-là d’imposer de fortes rampes de puissances aux centrales. Cependant, une attention particulière doit être accordée au taux d'utilisation de l'électrolyseur afin de maintenir les coûts de production d'hydrogène suffisamment bas.Enfin, nous nous sommes concentrés sur l’approvisionnement de l’hydrogène, depuis les sites de production jusqu’à l’utilisation pour la mobilité, la question de l’infrastructure étant un problème majeur entravant les investissements dans l’hydrogène. Cinq filières d’approvisionnement (transport et distribution) ont été développées à la maille régionale et comparées sur le plan économique pour le cas français. Nos résultats montrent que, lors des toutes premières phases de pénétration du marché (scénario 1%), il est plus intéressant de privilégier la production décentralisée. / Hydrogen… This simple, very abundant element holds great promise to contribute to the transition towards a cleaner future energy system, but under which techno-economic and political conditions? This thesis is a contribution to the assessment of the hydrogen penetration feasibility into the energy system, using a multi-model approach. The focus is put on low-carbon hydrogen, obtained by electrolysis.Our multi-regional analysis on the European, American, Chinese and Japanese energy context (presenting contrasted energy challenges) show that, with the current energy policies implemented which result in a modest penetration of hydrogen into the energy system, hydrogen may achieve approximately 3% of the effort that needs to be done by the four regions, in order to limit the increase of the temperature to 2°C, compared to preindustrial levels. We highlight in this thesis that blending hydrogen with natural gas, and thereby avoiding methane leakages to a certain extent, may represent a significant contribution in achieving the carbon mitigation goals.The hydrogen market analysis has been carried out following two steps. First, each market (industrial and energy-related) was tackled aside in order to propose market entry costs considering the four energy contexts and investigate the timeframe of the market penetration potential. Then, the different hydrogen applications were examined within the overall energy system through the TIMES-PT model (for a Portugal case study), allowing to investigate the hydrogen potential for energy sector coupling. Based on this work, the markets attractiveness was evaluated: mobility (using fuel cell vehicles) appears to be the most favourable.Then, we tackled the required costs over the whole hydrogen supply chain in order to enter the mobility market.To do so, we used temporally and spatially resolved models (GLAES, EuroPower and InfraGis) starting with the production side where we studied the hydrogen potential role in providing the electricity system with flexibility and the impact of such electrolysis operation on the hydrogen generation costs in the context of high shares of renewable energies in France. Our results show that hydrogen can contribute to improve the flexibility of the electric system by allowing avoiding renewable curtailment (between 1.4 and 7.9 TWh depending on the interconnection capacity scenario) but also by taking advantage of nuclear plant available energy (thereby avoiding nuclear ramping), the latter ensuring a low carbon and low cost electricity provision. However, a special attention needs to be dedicated to the utilisation rate of the electrolyser, to keep the hydrogen production costs low enough.Last but not least, we focused on how to link the hydrogen production sites and its final use for mobility applications, the delivery infrastructure being a major issue hampering the hydrogen investments. Five transport and delivery pathways were geographically designed and economically assessed, for the French case. According to our findings, during the very first market penetration phases (1% scenario), it is more interesting to start with decentralised production that proved to be less expensive for the whole pathway at this stage.

The diploma thesis focuses on economic situation assessment of the company PULCO, a.s. By the business analysis and financial analysis gauges the health of the company. The analysis is followed by comments and comparison with result for the competitive environment. As a result is suggestions that are applicable in use and may be solutions of the future problems in company.

Main goal of the diploma thesis is a composition of a long-term financial plan for three years: 2014, 2015 and 2016. Processing company was chosen PLASTY-KO, s. r. o. located in Kobylí. There is a detailed analysis from the outside and also inside of surroundings of the company. Results of methods for processing the analysis are also used as groundwork for a crucial suggestion part of the thesis. This one is focused on a fulfilment of a main goal.