Global supply and demand for platinum benefited from favourable local and global economic environments over the past decade, and presented unique growth opportunities for platinum mining companies. Companies operating in a growing industry, such as platinum during the past decade, are expected to deliver superior returns, and to create economic value for shareholders. With markets becoming more globalized, deregulated, and liquid, investors move their capital to where they believe it will be most productively employed, and companies therefore need to demonstrate their ability to meet increasing shareholder demands for growth and economic value added. Economic Value Added (EVA®), as a measure of company performance, has been widely adopted by companies and securities analysts globally but its use in South African platinum mining companies has been limited to date. In order to address this gap through this research, EVA® was calculated for the three primary South African platinum mining companies, Anglo Platinum, Implats, and Lonmin. EVA® for the respective companies was then compared to company growth rates, share price performance, and alternative, conventional performance metrics. Through analysis it was found that, although the respective platinum mining companies experienced similar production and turnover growth rates during the review period, 2000 to 2006, Anglo Platinum was able to generate higher EVA® than Implats and Lonmin respectively. Share price has been found to correlate well with EVA® for both Anglo Platinum and Implats respectively, but this relationship was not statistically significant for Lonmin, and EPS was the only metric among the alternative performance metrics, EPS, P/E, ROA, and EBITDA, found to have a correlation with EVA® for Anglo Platinum and Implats respectively. The correlation between the other metrics and EVA® was found not to be statistically significant. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

Comprehensive evaluation of performance analysis of PBS INDUSTRY, a.s. When evaluating the performance of PBS INDUSTRY, a.s. the financial statements of the company for the period of 2005 -- 2008 are used. Performance evaluation is done through traditional methods of financial analysis and modern methods of economic added value. The interpretation of analytical results and recommendations was made.

The aim of this thesis is to find out the relationship between the development of the economic situation in Czech regions and potential accessibility of road networks evaluated with mathematical analysis. The intent of the model is to define a relationship between the transport accessibility and economic state in municipalities in 2001, 2011 and to predict for 2021. This evaluation has been reached with the model of potential accessibility. Several methodological problems had to be solved. Model calibration was provided with respect to the reality and changes in economic state in particular geographical regions. After the first step, which was focused on finding out the optimal model for potential accessibility of road networks, the linear regression with prediction of gross added economic value in analysed regions was used. Results showed only minor growth of gross added economic value in core geographical regions in the Czech Republic. In contrary, in peripheral regions dynamic growth of gross economic added value can be expected. This thesis follows the present interest in developing a transportation geography mathematical model, which can help us to understand the road transportation accessibility and its impact on economical development. Key words Potential accessibility, linear regression,...

This thesis analyzes the economic situation of the company using the methods of financial and economic analysis, identify problem areas and finally proposes measures to achieve the targeted improvement of the company.

L'elemento che distingue un'operazione di cartolarizzazione consiste, secondo la definizione espressa nell'accordo di Basilea2, nell'identificazione di almeno due differenti posizioni di rischio (tranche), stratificate e subordinate, emesse a fronte di uno specifico portafoglio di attività. Nonostante il ricorso al tranching sia ampiamente diffuso e standardizzato le determinanti che giustificano il ricorso all'emissione multi-tranche sono ad oggi poco approfondite. Inoltre, i titoli emessi a fronte di operazioni di cartolarizzazione (CDO) possiedono profili di esposizione al rischio di credito differenziati, in termini di incidenza delle perdite attese ed inattese, ed in termini di correlazione con altri fattori di rischio: la valutazione del profilo di rischio è condizione necessaria per l'attribuzione di un giudizio di rating e per la definizione di un appropriato premio al rischio (pricing). Si rivela necessaria tanto la stima della distribuzione delle perdite del portafoglio (credit risk modelling) quanto l'analisi strutturale dei flussi di cassa generati e l'allocazione degli stessi alle tranche (cash flow modelling). Sulla base della letteratura di security design la tesi intende valutare l'efficienza del processo di intermediazione basato sulla cartolarizzazione multi-tranche rispetto all'intermediazione bancaria tradizionale e a forme di asset-backed security con unica tranche e focalizza l'analisi attraverso una verifica empirica delle teorie economiche a supporto del tranching, con particolare riferimento alla cartolarizzazione dei prestiti concessi ad imprese di piccola e media dimensione, oggetto di analisi specifica condotta nell'ambito di un'esperienza di stage presso il Fondo europeo degli investimenti. Quindi, grazie alla realizzazione di un modello computazionale sviluppato con un software di pianificazione finanziaria multidimensionale (Quantrix), la tesi presenta un approfondimento delle technicalities, mediante una modellizzazione dei flussi e della loro allocazione (Waterfall Payment Order), allo scopo di apprezzare il valore aggiunto di queste strutture di intermediazione. Aspetto, questo, non sviluppato nella letteratura accademica. L'analisi si rivolge alle operazioni realizzate nell'ambito dei due principali programmi di cartolarizzazione dei prestiti alle PMI attuati in Europa (Ftpyme e Promise). / Securitisation is a structured finance instrument which involves pooling of financial assets (such as loans and bonds) and creating multiple tranched liabilities, collateralized debt obligation (CDO), of a single issuer with different risk-return characteristics, which are sold as separate securities. According to the New Basel Capital Accord, tranching is the key feature that distinguishes securitisation transactions; although commonly applied, the factors that determine the extent and the nature of tranching remain largely unknown. Moreover, because tranching allows the risk characteristics of the collateral pool to be transformed, it contributes to transaction complexity in assessing the risk properties of such structured instruments: the risk profile that can be generated through tranched exposure, in terms both of expected/unexpected incidence losses and correlated default of pool assets, can lead to substantial differences among tranches, depending on the level of subordination below a certain tranche. Key to the reliability of structured finance pricing and ratings is the accuracy in assessing the credit risk in the underlying portfolio (credit risk modelling), as well as the accurate modelling of the distribution of cash flows to different classes of CDO (cash flow modelling). By analyzing the finance literature relating to security design and securitization this thesis provides an analysis of the efficiency of financial intermediation model based on securitisation and an empirical test of theories supporting the economic added value of tranching, with regard to SMEs loan securitisation, which topic was specifically investigated during a stage at the European Investment Fund. By realization of a computational model, performed using a multidimensional modelling software (Quantrix), the thesis closely examines securitisation transaction's technicalities, by modelling both portfolio cash flows and funds allocation (Waterfall Payment Order), in order to asses the ability of the structure to withstand various stressed scenarios. This analysis offers an analytical and micro-approach to securitisation transactions, which has not deeply investigated in academic literature yet. The model applies to SMEs loan securitisation transactions, concluded within specific securitisation European Programme (Ftpyme in Spain and Promise in Germany).