The diploma thesis analyses the problem of the company efficiency and its evaluation. Theoretical basis was applied in the cooperative company, whose main activity is the custom-made furniture. The analysis of company efficiency was conducted on a base of a financial analysis. The concrete analysis includes: analysis of absolute indicators, differential indicators, ratio indicators, Du Pont analysis, bankruptcy and value indicators, economic value added, Spider analysis. The conclusion contains suggestions for improving the current company situation.

No contexto atual dos mercados globalizados, as empresas enfrentam uma competicao cada vez mais complexa na obtencao de capital. Para atrai-lo, elas precisam oferecer um retorno que remunere o risco assumido pelos investidores, ou seja, gerar valor. A Gestao Baseada no Valor defende a maximizacao de riqueza dos acionistas como a meta principal da organizacao. No Brasil, essa abordagem tem sido adotada de forma mais intensa na ultima decada, tornando evidente a necessidade de monitorar o valor da firma nessa economia. Nesse contexto, o objetivo deste estudo foi identificar os principais direcionadores de valor das empresas de capital aberto nao financeiras brasileiras, representadas pelas companhias com acoes negociadas na Bolsa de Valores de Sao Paulo (BM&FBOVESPA), no periodo de 2000 a 2009. Para isso, foram avaliados quais indicadores financeiros estavam mais relacionados a geracao de valor, representada pelo Valor Economico Agregado (VEA), de forma a serem considerados direcionadores desse em cada setor economico. As tecnicas estatísticas utilizadas para esse proposito foram: correlacao, teste t para diferenca de medias entre as empresas com VEA positivo e negativo, regressao multipla, regressao em painel e regressão logistica. Um dos principais resultados encontrados foi que pelo menos dois tercos dos indicadores financeiros utilizados para analise de empresas nao explicam a geracao de valor. Considerando o universo pesquisado, os indicadores financeiros significativamente relacionados a geracao de valor foram: retorno sobre o patrimonio liquido (ROE), retorno sobre o ativo (ROA), spread do acionista, margem bruta, margem liquida e giro do ativo, todos com coeficiente positivo, ou seja, com relacao direta com o VEA. Alem disso, na analise dos setores economicos, por suas caracteristicas especificas, foram encontradas divergencias entre os indicadores financeiros considerados direcionadores de valor. Em relacao ao desempenho das empresas no periodo de analise, observou-se que a maioria delas destruiu valor, ja que apenas 30% obtiveram valor economico agregado anual positivo. Porem, nao ha uniformidade entre os setores, pois as porcentagens medias variaram de 6,7% (setor textil) a 66,7% (setor de petroleo e gas). Outra contribuicao deste trabalho foi a avaliacao das diferencas na geracao de valor das empresas brasileiras antes e apos a crise do subprime. Como resultado tem-se que, embora o ano de 2009 tenha sido o segundo pior nesse quesito, nao foi encontrada diferenca significativa, no conjunto, entre os periodos antes e depois da crise, apesar das divergencias identificadas entre os setores. Esta pesquisa inova pela sua amplitude, ao utilizar um significativo numero de indicadores financeiros (33), que refletem o resultado de estrategias da empresa ligadas a estrutura de capital, rentabilidade, liquidez, operacao e investimento e, tambem, uma ampla base de dados (345 empresas, totalizando 2.205 relatorios anuais), abrangendo dez anos de analise em quinze setores economicos. Assim, espera-se que os resultados contribuam para subsidiar a tomada de decisao nas organizacoes, utilizando a abordagem da Gestao Baseada no Valor, bem como para auxiliar na selecao e monitoramento das empresas pelos investidores. / In the current context of globalized markets, the enterprises face a competition more and more complex in the capital obtainment. To attract it, they need to offer a return that rewards the risk taken by the investors, in other words, create value. The Value Based Management (VBM) defends the shareholders wealth maximization as the main goal of the firm. In Brazil, this approach has been adopted more intensively in the last decade, becoming evident the need of monitoring the business value in this economy. In this context, the objective of this study was to identify the main value drivers of non-financial publicly traded Brazilian companies, represented by the ones with shares traded in the Sao Paulo Stock Exchange (BM&FBOVESPA), in the period from 2000 to 2009. For this purpose, it was evaluated which financial indicators were more associated to the value creation, represented by the Economic Value Added (EVAR), in a way that they could be considered value drivers in each economic sector. The statistical techniques used to obtain the results were: correlation, test t for mean differences between the firms with EVAR positive and negative, multiple regression, panel regression and logit model. One of the main results obtained was that at least two thirds of the financial indicators used for company analysis don\'t explain the value creation. Considering the universe studied, the financial indicators significantly related to the value creation were: return on equity (ROE), return on assets (ROA), shareholder spread, gross margin, net margin and asset turnover, all of them with positive coefficient, what means that they have direct relation with EVAR. Furthermore, in the analysis of the economic sectors, because of their specific features, it was found differences between the financial indicators considered value drivers. In relation to the companies\' performance in the period analyzed, it was observed that most of them destroyed value, since only 30% obtained positive annual economic value added. However, there is no uniformity between the sectors, because the average percentages varied from 6.7% (textile sector) to 66.7% (oil and gas sector). Another contribution of this assignment was the analysis of the differences in the Brazilian companies\' value creation before and after the subprime crisis. As a result, despite the fact that the year of 2009 had been the second worst in this criterion, it was found no significant difference, considering the whole sample, between the periods before and after the crisis. However, divergences were identified between the sectors. This research innovates for its extent, using a significant number of financial indicators (33), which reflect the result of the firm strategies connected to capital structure, profitability, liquidity, operation and investment, besides a wide database (345 companies, totalizing 2,205 annual reports), covering ten years of analysis in fifteen economic sectors. Therefore, it is expected that the results contribute to subsidize the decision making in the organizations, using the approach of Value Based Management, as well as to help the selection and monitoring of the firms by the investors.

The theme of the thesis is to compare the accounting and economic value added. The theoretical part describes the value added and its determinants. It is defined as economic value added. The first is the basic formula for calculating the economic value added, and the identification of variables that are needed to calculate. The most important variable is the weighted average cost of capital. The next section is defined by other methods which can calculate EVA. The practical section provides the necessary methods and procedures for calculating the financial and economic value added. Methods chosen for the calculation were: the CAPM method, Modular method and Benchmarking diagnostic system of financial indicators INFA.

The diploma thesis is focused on the financial analysis of Unilever ČR s.r.o., which operates on FMCG market and specialize in consumer and cosmetic goods. The goal of this thesis is to identify weaknesses of financial management of the company from year 2008 until the year 2015 from the external analyst point of view. The output of this thesis are recommendations for better financial situation in the future period of time. Implementation of traditional and modern financial analysis tools is based on research of specialized literature. Traditional methods include analysis of balance rules, horizontal and vertical analysis, analysis of ratio indicators, analysis of differential indicators and pyramidal decomposition. The diagnosis of the financial situation and prediction of future of the company is implemented by the usage of creditworthy and bankruptcy models. A more modern point of view into problematic brings the usage of analysis of economic value added and usage of Spider analysis for comparison with market leaders. The source of information for practical part are annual reports, which are available for public on an online server provided by the Ministry of Justice.

This diploma thesis deals with methods and options of valuation of companies.An integral part of the valuation is also financial analysis, strategical analysis and financial plan for year 2015 - 2019. The aim is to valuate a specific company GMF Aquapark Prague a.s. which is an entrepreneur of water park in Čestlice near Prague. I used to valuation by discounted cash flow method and economic value added method. The company is valuated to date 31. 12. 2014.

The aim of this thesis is to carry out economic analysis of Aero Vodochody, to analyze its current development and see whether the methods of analysis reflect the negative trend in the past. This should be reflected in values, which will be applied the method to acquire. The operational objective of this thesis is also to try to apply the method of Harry Pollak, which belongs to the methods of comprehensive evaluation of the business entity. It is an assessment of the vitality of the enterprise. This method is substantially subjective and relatively young, which explains the fact that it is somewhat less widespread.

The main purpose of presented diploma work is complex assessment of financial position of company Stavby silnic a železnic a. s. in 2003 - 2007, recognition of causes and proposal of possible steps leading to improvement. Partial aim of my work is comparison of bonding and bankrupting models applied to the mentioned company and mutual confrontation of these two models. Further aim is calculation of economic added value and subsequent analysis of input variable parameters sensitivity in relation to economic value added. Third partial purpose concerns the intercompany comparison and confrontation of this company with relevant branch.

Předmětem diplomové práce je zpracování ekonomické analýzy vybraného průmyslové podniku s využitím nástrojů a metod finanční a ekonomické analýzy. Cílem práce je na základě detailní analýzy účetních a interních dat z let 2003 až 2008 prozkoumat vnitřní ekonomické závislosti, specifické pro daný podnik, a na základě toho co nejpřesněji predikovat stav na konci roku 2009. Součástí analýzy je také podrobné odvětvové srovnání podniku s využitím výpočtu hodnoty EVA pomocí metodiky pyramidového rozkladu ročního ukazatele EVA-INFA, jak ji používá Ministerstvo průmyslu a obchodu ČR. Kromě jiného je cílem práce doporučit vedení analyzovaného podniku opatření, která by vedla v roce 2009 a dalších letech ke zlepšení ukazatele EVA.

Diploma work is engaged in financial analysis of Stavby silnic a železnic, a.s. company. The aim is to pass judgment on company's present financial situation and its progress from year 2001. It is focused on important facts concerning financial health. It warns of possible threats and try to define some recommendations to achieve stability and prosperity. It utilizes theoretical knowledge of financial analysis like horizontal and vertical analysis of financial statements, rules of financing, ratio indicators, pyramidal system of indicators, working capital analysis, basic economic inequality, EVA method and bankrupt models. Company is also compared with a number of transport building companies.

The aim of this final thesis is to evaluate the economic efficiency of the realisation of a shopping center project. We can devide this work into two parts. The first one is concerning the theoretical explanation of an investment project, its financial aspects and the criteria for evaluating its economic efficiency. The second part focuses on the evaluation of the Tilla shopping center project according to the previous theoretical description. This evaluation is made by the net present value, the index of rentanility and the internal rate of return. In addition to the previous criteria there are the financial stability and the economic value added calculated to obtain a global view of this investment project.