The goal of this thesis is to apply methods of financial analysis at the selected company and assess that way financial situation. In the theoretical section summarizes the findings of financial analysis, its methods and procedures. The practical section assesses past and current financial state of company Povrchová důlní, s.r.o. in the years 2005 to 2009, by using selected methods of financial analysis. In conclusion of practical part is analyzed company compared with the industry in which operates, and is assessed the impact of the economic crisis on economy of company.

Nous interrogeons l’impact des discours contemporains sur la subjectivité, les résistances qui apparaissent de façon visible, c'est-à-dire qui sont représentées, et plus particulièrement les formes extérieures qui viennent produire un renversement interne de ces discours et/ou la mobilisation de nouvelles pratiques qui ne cherchent pas à s’y faire reconnaitre. Parmi les discours dominants, nous développons les discours de la valeur économique, le discours des technosciences et le discours du risque. Nous y analysons les articulations, particulièrement au niveau de la réflexivité produite dans le sujet, avec les discours lacaniens de l’analyste et du capitaliste. Des affections émergentes, qui ne sont pas associées à des représentations, peuvent se manifester au niveau de la politique, du sujet, et du social. Les affections émergentes sont précisément ce qui se manifeste à partir du corps et ne peut trouver de représentance dans le social. Elles se distinguent des affects en ce que ces derniers sont associés à des discours, produisant des objets de savoir qui les conditionnent. De ces affections, il pourra y avoir répression, nomination (Dire), ou rattachement à des affects existants. L’événement discursif au niveau de la politique mobilise une représentation homogène pour produire des affects communs à partir des affections émergentes : la pluralité des sites de pouvoir laisse amoindrie l’autorité discursive instituée. Sur le plan du social, la production de savoir est à la fois invisibilisée dans la norme, mais elle est aussi, comme désir de savoir, productrice de liens : l’affection émergente trouve une forme de constitution pratique qui ne passe pas par la reconnaissance discursive. / We question the impact of contemporary discourses on the subjectivity, the visible resistances - meaning the one that are represented - and more particularly the external form that come to produce an internal reversal of these discourses and/or the mobilization of new practices which do not seek to be recognized. Among the dominant discourses, we expand on the discourse of economic value, the discourse of technosciences and the discourse of risk. The interconnections are analyzed, particularly in terms of the reflexivity produced in the subject, with the Lacanian discourses of the analyst and the capitalist. Some emergent affection, which is not associated with ideational representative, may occur at the level of politics, subject, and social. Emergent affections are precisely what occurs itself from the body and that can not find any instinctual representative in the social. They are distinguished from affects as they are themselves associated with discourses, producing objects of knowledge that condition them. From these affections, there may be repression, appointment (Say), or attachment to existing affects. The discursive event at politic level mobilizes a homogeneous representation to produce common affects from emerging affections: the plurality of power places leaves the established discursive authority lessened. In social terms, the production of knowledge is both invisibilised in the standard, but it is also, as a desire to know, a producer of links: the emerging affection finds a form of practical constitution that does not go through discursive recognition.

O alto nível de competitividade no cenário global faz com que as empresas que competem neste ambiente reinventem suas estratégias de negocio com uma freqüência maior que no passado, exigindo um bom sistema de avaliação. Diante desta necessidade, os gestores buscam indicadores capazes de refletir com exatidão a real situação da empresa. Uma forma de mensurar o desempenho organizacional que vem ganhando espaço e a capacidade de um negocio gerar valor. O objetivo com este trabalho foi o de se analisar os níveis de geração de valor econômico adicional (EVA - Economic Value Added) das empresas dos países do BRIC (Brasil, Rússia, Índia e China) e compará-los com os níveis das empresas dos países desenvolvidos (EUA, Japão e Alemanha). Foram coletados dados dos relatórios financeiros e contábeis das principais empresas de capital aberto de cada pais, referentes ao período de 2000 a 2010. Os resultados mostraram que, em media, as empresas de ambos os grupos de países são agregadoras de valor. Mostraram também que as empresas dos EUA são, destacadamente, mais geradoras de valor, em media e no agregado dos onze anos cobertos pelo estudo, que as empresas de qualquer um dos demais países. Dois resultados inovadores obtidos foram a detecção de que empresas de ambos os grupos de países obtiveram o mesmo nível de retorno sobre o capital investido, e a constatação de que as empresas da maioria dos países emergentes do BRIC são agregadoras de valor, enquanto que a minoria dos países desenvolvidos contou com empresas agregadoras de valor no período. / The high level of competitiveness in the global causes companies to reinvent their business strategies with a higher frequency than in the past, requiring a good evaluation system. Given this need, the managers seek indicators that accurately reflect the real situation of the company. One way to measure organizational performance that has gained importance is the capacity of a business to create value. The aim of this study was to analyze the level of economic value added (EVA - Economic Value Added) of companies from the BRIC countries (Brazil, Russia, India and China) and compare them with the levels of firms developed countries (USA, Japan and Germany). The data was collected financial reports and statements of major public companies in each country, for the period 2000 to 2010. The results showed that, on average, the company both groups are value-adding countries. They also showed that U.S. companies are focusing on those that create more value, on average and in the aggregate of the eleven years covered by the study, that companies of any of the other countries. Two innovative results were obtained for the detection of companies from both groups of countries achieved the same level of return on invested capital, and the realization that companies in most developing countries of BRIC are value-adding, whereas a minority of developed countries had value-adding enterprises in the period.

A eficiência na criação do valor para o acionista é o foco principal das empresas. Uma das formas de se medir essa eficiência é por meio do Valor Econômico Agregado (VEA). Em uma instituição financeira, limitada nesse estudo aos maiores bancos comerciais e múltiplos com ações cotadas na BM&FBOVESPA, os tomadores de decisão também devem buscar essa eficiência. Além disso, a necessidade dos bancos por financiamentos, da mesma forma que nas empresas privadas, exige o atendimento dos requisitos impostos pelo agente que irá fornecer o capital. Nesse sentido, para atender ao acionista, o banco deve promover a agregação de valor. O VEA demonstra essa criação de valor e, para melhor gerenciá-lo, devem ser identificadas, monitoradas e gerenciadas as variáveis que influenciam nessa medida. Diante disso, o presente estudo identificou os principais direcionadores do valor econômico agregado dos maiores bancos comerciais no Brasil: Banco do Brasil, Itaú e Bradesco, utilizando regressão linear múltipla. Por meio da análise dos dados individualizados, referentes ao período de 1996 a 2009, constatou-se que existe um grupo de direcionadores que explicam grande parte das alterações do VEA. Esses direcionadores não foram iguais para os bancos privados e o público em análise, e mesmo entre os privados os resultados não foram coincidentes. Embora algumas variáveis tenham influenciado o VEA, identificou-se que os direcionadores exercem diferentes impactos em cada uma das instituições. Isso indica que a análise deve ser individual e que o tipo de controle também não define as variáveis que mais impactam o VEA. / The efficiency in the creation of the value for the shareholder is the main focus of the companies. One of the ways of measuring this efficiency is through the Economic Value Added (EVA). In a financial institution, limited in this study to the largest and multiple commercial banks and with shares quoted in BM&FBOVESPA, the decision makers should also look for that efficiency. Besides, the need of the banks for financings, in the same way that in the private companies, demands the fulfillment of the requirements imposed by the agent that will supply the capital. In that sense, to assist the shareholder, the bank should promote the aggregation of value. EVA demonstrates this creation of value and, for its better management, the variables that influence in that measure should be identified, monitored and managed. Hence, the present study identified the main determinants of the economical value added from the largest commercial banks in Brazil: Bank of Brazil, Itaú and Bradesco, using multiple linear regression. Through the analyze of the individualized data, regarding the period from 1996 through 2009, it was verified that there is a group of determinants that explain great part of the alterations of EVA. These determinants were not the same for the private and the public banks in analysis, and even among the private ones the results were not coincident. Although some variables have influenced EVA, it has been identified that the determinants provoke different impacts in each one of the institutions. That indicates that the analysis should be individual and that the control type also does not define the variables that impact EVA the most.

Tese sobre as articulações entre os interesses econômicos de investidores e a forma do projeto arquitetônico de alguns edifícios de escritório em São Paulo. Através da interpretação histórico-social são analisados os elementos motivadores dos investidores públicos e privados e suas ações na transformação do espaço urbano ativando intencionalmente determinadas regiões. Valorizadas, elas recebem empreendimentos comerciais à imagem dos símbolos arquitetônicos de status de cidades capitais vigentes. Os investidores manipulam o projeto arquitetônico de edifícios comerciais visando a maior lucratividade no lançamento e eventualmente após a ocupação. A compreensão da forma e função arquitetônicas utilizadas torna-se fundamental na compreensão do por quê destes edifícios manterem-se ocupados durante vários ciclos imobiliários. Atingiram a meta dos seus investidores e em alguns casos mudaram de mãos, outros até transformando-se em marcos urbanos. / Study about the articulation between investors / developers and the architectural form and function in some office buildings in São Paulo. Initially by the historic and social history analysis clarify the motivation of public and private investors and their consequent actions, activating the real estate market in some specific city areas. Appreciated became points attracts class A office buildings, world class symbols of status. Therefore manipulated by investors/developers in obtain the maximum economic value when they delivered, or post occupied - a few. The clarification of the architectural form and function becomes a paramount factor to understand why the selected buildings were highly occupied during several real estate cycles. Archived the investors economic goals and changing to other hands are still desired for corporate users and even a few becomes a landmark.

Tese sobre as articulações entre os interesses econômicos de investidores e a forma do projeto arquitetônico de alguns edifícios de escritório em São Paulo. Através da interpretação histórico-social são analisados os elementos motivadores dos investidores públicos e privados e suas ações na transformação do espaço urbano ativando intencionalmente determinadas regiões. Valorizadas, elas recebem empreendimentos comerciais à imagem dos símbolos arquitetônicos de status de cidades capitais vigentes. Os investidores manipulam o projeto arquitetônico de edifícios comerciais visando a maior lucratividade no lançamento e eventualmente após a ocupação. A compreensão da forma e função arquitetônicas utilizadas torna-se fundamental na compreensão do por quê destes edifícios manterem-se ocupados durante vários ciclos imobiliários. Atingiram a meta dos seus investidores e em alguns casos mudaram de mãos, outros até transformando-se em marcos urbanos. / Study about the articulation between investors / developers and the architectural form and function in some office buildings in São Paulo. Initially by the historic and social history analysis clarify the motivation of public and private investors and their consequent actions, activating the real estate market in some specific city areas. Appreciated became points attracts class A office buildings, world class symbols of status. Therefore manipulated by investors/developers in obtain the maximum economic value when they delivered, or post occupied - a few. The clarification of the architectural form and function becomes a paramount factor to understand why the selected buildings were highly occupied during several real estate cycles. Archived the investors economic goals and changing to other hands are still desired for corporate users and even a few becomes a landmark.

Tian Vane Ing. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 71-74). / Abstracts in English and Chinese. / Abstract --- p.ii / 摘要 --- p.iii / Acknowledgements --- p.iv / Chapter Chapter 1 --- Introduction and Overview --- p.1 / Chapter Chapter 2 --- Literature Review --- p.4 / Chapter 2.1 --- Shareholder Value and Corporate Governance --- p.4 / Chapter 2.2 --- Measures of Value --- p.7 / Chapter Chapter 3 --- Data and Methodology --- p.12 / Chapter 3.1 --- Data --- p.12 / Chapter 3.2 --- Economic Value Added (EVA) --- p.12 / Chapter 3.2.1 --- Net Operating Profit After Taxes (NOPAT) --- p.14 / Chapter 3.2.2 --- Invested Capital (INCAP) --- p.16 / Chapter 3.2.3 --- Cost of Capital --- p.17 / Chapter 3.2 --- Hypothesis of Interest --- p.18 / Chapter Chapter 4 --- Empirical Results --- p.23 / Chapter 4.1 --- The Cost of Capital --- p.23 / Chapter 4.2 --- Economic Value Added (EVA) in China and Hong Kong --- p.25 / Chapter 4.2.1 --- Analysis of the EVA: Overall --- p.25 / Chapter 4.2.2 --- Analysis of the EVA: Industry --- p.28 / Chapter 4.2.3 --- Discussions --- p.31 / Chapter 4.3 --- Testing of the Hypothesis --- p.36 / Chapter 4.3.1 --- EBEI and CFO in China and Hong Kong --- p.37 / Chapter 4.3.2 --- Regression on Market Value --- p.41 / Chapter 4.3.3 --- Discussions --- p.43 / Chapter Chapter 5 --- Summary and Concluding Remarks --- p.68 / Bibliography --- p.71

Integration of operation management goals with the mission of organization requiresadoption of measures capable of pulsing mission accomplishment situation whileoperations are going on. Supply chain, as an increasingly used concept in operationsmanagement, could be supported by the concepts of customer satisfaction and profitmargin to get integrated with main goals of any for-profit organization. Value chain viewprovides such insight and lets the mission of the organization remain in focus while lowerleveldecisions and functional processes are dealt with.Every activity in a value chain could be cost driver and / or value driver. Configuration ofthese cost and value drivers refers to their locational and relational position. Afteragreement on what are going to be core values for the organization, relative positions ofvalue chain activities should be consciously reviewed periodically to identify opportunitiesfor contributing to core values of organization through repositioning or redesigning andstrengthening value activities. The term value chain reconfiguration implies to suchstrategic revision decisions.Opportunities – and threats – for improving performance of the organization not only liewithin internal chain of value activities of the organization, but also could be found out ofthe organization boundaries and among its extended value chain. Acquiring of externalgains needs sound analysis and cost and benefit evaluations for making decision regardingthe way of reacting to the identified opportunities. Virtual value chain orchestration asproposed by its introducer provides a framework for identifying and capturing suchopportunities.Gauging the results of reconfiguration of the value chain, calls for implementingmeaningful criterion so that it reflects captured value in accordance with the destined goal.Taking profit margin of the value chain as master value for organization, the thesis workproposes usage of a less-known profitability indicator, economic value added (EVA) as themeasure which should be focused on in order to evaluate success or failure of firm-levelvalue chain reconfiguration efforts. / Uppsatsnivå: D

Este estudo teve como objetivo principal desenvolver um modelo de mensuração do desempenho financeiro e econômico para empresas em rede. A justificativa para tal desenvolvimento foi, justamente, uma lacuna verificada nos textos de organização industrial, nova economia institucional e modelos de mensuração do desempenho de empresas e cadeias de suprimentos. Estas pesquisas, até o momento, não enfatizaram, diretamente, questões de cunho financeiro: faltou discutir a dinâmica da variável dinheiro nos modelos. Seguindo este argumento, foi desenvolvido um modelo matemático para otimização do lucro e do EVA (Economic Value Added) levando-se em consideração, além do custo e receita operacional, os custos e receitas financeiras, o tipo de cadeia que a empresa está inserida (atividade), o tipo de estrutura de governança (mercado, rede ou hierarquia) adotado e o seu segmento (elo) de atuação dentro da cadeia. Para validar o modelo, foram coletados dados contábeis de 109 empresas do agronegócio brasileiro, entre os exercícios de 2001 a 2005. Aplicou-se um teste MANOVA (ANOVA Multivariado) para verificar a interferência dos fatores (segmento, cadeia, estrutura e constituição jurídica) sobre a variação dos valores dos indicadores de desempenho financeiro (margem bruta, relação entre exigível de longo prazo sobre patrimônio líquido, retorno sobre ativos e sobre o patrimônio líquido e ciclo de caixa) e econômico (EVA). Pelos resultados, pode-se concluir que todos os fatores apresentaram interferência significativa na variação dos indicadores financeiros e somente o fator segmento interferiu no EVA das empresas. / The aim of this study was to develop an economic and financial performance measurement model for companies in network, since there is a gap in the literature texts of industrial organization, new institutional economy and models of performance measurements of companies and supply chains. In the related literature, these researches did not emphasize the questions related to financial matter, in a direct way, since there is a lack of discussion concerning to the dynamics of the \"money\" in the models. Therefore, a mathematical model was developed with the purpose of maximization of the profit and EVA (Economic Value Added) with emphasis in the financial cost and financial incomes. Moreover, the kind of the company\'s supply chain (business), governance\'s form (market, network or hierarchy) and its segment (actor) in the supply chain was studied. For this purpose, 109 Brazilian agribusiness companies had their accounting and financial data collected, during the period of 2001 and 2005. The statistical test MANOVA was used to detect the interference of the factors (segment, network, governance and legal nature) regarding the economic (EVA) and financial performance drivers range (gross margin, long term liability/net assets, return on assets (ROA) and return on net assets). Within the limits of the present study, we may conclude that all the factors provide significant (a<=0.05) interference in the range of the financial performance drivers. In addition, regarding to the economic performance, the segment was the factor that presented significant differences (a<=0.05), affecting the EVA of the companies.

In this master's thesis, the subject is the methodology and practical use of evaluation of a company. First, it is necessary to do a strategic analysis, and the analysis of the competition. It is followed by financial analysis, where the most known indexes are used. On the basics of these analysis, it is possible to predict sales of the company in the future, same as the whole financial plan. If the plan is available, the value of company is determined, using discount methods with free cash flow to the firm, and economic value added. The last part od the thesis is analysis of factors which has an impact on the value, and some advices for the owners of this company.