This Master´s thesis deals with current financial strategies of the company "ABC s. r. o. ". For the appraisals was used various financial methods of the financial analysis. The results was used then for the suggestion on the field of the improving financial situation in the next period.

This master´s thesis is dedicated on the area of company´s liquidity. It focused on the credit management and cash optimalization and the short term investment of the surplus value. It includes the financial plan for the next 4 years.

The diploma thesis is focused on evaluating the performance of the company KOHUT Třinec s.r.o. in period from 1. 4. 2007 to 31. 3. 2011. Evaluation is made by using selected indicators of financial analysis, namely pyramidal decompositions and systems of purposefully selected indicators. The theoretical part contains the definition of basic concepts for understanding the issues examined. Based on financial analysis in the practical section are made possible suggestions to improve the current situation of the company and suggestions to remove the identified problems.

The Financial analysis of Pramos Ltd. in 2008 – 2012 including the analysis of the current state of the company. Based on the theoretic part, the individual figures and results were processed, the evaluation of the overall state was done and proposals for improvement or change are present – all to be found in the practical part of the thesis.

This thesis aims to evaluate the financial situation of the company KALÁB - construction company, Ltd. and to make suggestions for its improvement. The company engages in construction and development activities. It is a renowned company that has a well established position in the market. The thesis contains an analysis of the status quo, which is the basis of proposals for improvements for the future. The aim of the thesis is to identify weaknesses and find methods that will eliminate these defects in the future.

(Résumé de la thèse) Ayant constaté l’échec de ses Objectifs 2010 pour la biodiversité, dont, entre autres, l’incapacité de l’Empreinte écologique à rendre compte de la biodiversité, la Convention sur la Diversité Biologique a adopté en 2011 "Les objectifs d’Aichi (2011-2020) pour la biodiversité". Parmi ceux-ci les objectifs 1 et 2 concernent la prise de conscience des valeurs de la biodiversité, leur intégration dans les processus de planification nationaux et locaux de développement, et leur incorporation dans les comptabilités nationales. Ce en quoi ces objectifs de la CDB convergent désormais avec ceux des Nations Unies concernant le Système de Comptabilité Economique et Environnementale (SCEE). La présente thèse s’inscrit dans ce cadre de questionnement unifié. Elle a le double objectif : (a) de rechercher, fonder et mettre au point une unité de mesure biophysique de la diversité biologique caractérisant tout aussi bien l’ordre naturel que le désordre anthropogénique, et (b) d’incorporer celle-ci dans un nouveau système de comptabilité physique, le Bilan écologique. Celui-ci est susceptible de comparer, à toutes échelles territoriales, le Passif écologique des collectivités urbaines, vu comme le reflet biophysique de leur comptabilité monétaire, à l’Actif écologique de leurs espaces naturels, afin de révéler les relations de cause à effet, et de signifier les impacts cumulés de la perturbation anthropogénique sur l’Ecosphère et la Biosphère. Il aurait ainsi vocation, à terme, à nous permettre de caractériser les voies d’un développement véritablement écologique des territoires. / (Abstract of the thesis) Having noted the failure of its 2010 targets for biodiversity, including, among others, the inability of the Ecological Footprint to account for biodiversity, the Convention on Biological Diversity adopted in 2011 "The 2011-2020 Aichi Targets for biodiversity". Among these, objectives 1 and 2 concern awareness of the values of biodiversity, their integration into national and local development planning process, and their incorporation into national accounts. This how these objectives of the CBD converge now with those of the United Nations for the System of Environmental-Economic Accounting (SEEA). This thesis lie within this unified questioning framework. It has the double purpose : (a) of searching for, founding and developing a biophysical measurement unit of biodiversity, characterizing just as well the natural order as the anthropogenic disorder, and (b) to incorporate it into a new physical accounting system, the Ecological balance sheet. The latter is likely to compare, for all territorial scales, the Ecological liability of urban communities, seen as the biophysical reflection of their monetary accounting, to the Ecological asset of their natural spaces, in order to reveal the relationships of cause and effect, and to signify the cumulative impacts of anthropogenic disturbance on the Ecosphere and the Biosphere. In the end, it would have so vocation to enable us to characterize the ways of a truly ecological development of the territories.

M. Tech. (Department of Cost and Management Accounting, Faculty of Management Sciences), Vaal University of Technology. / Working capital management is an important aspect in the business in order to meet its daily activities. Permanent working capital, temporary working capital, gross working capital and net working capital are four types of working capital. The construction industry, as compared to any other industry, plays an important role in the economic growth of the country. The construction industry is regarded as the largest employer in the labour market and appropriate management of liquidity is essential. Construction contracts are divided into lump sum contracts, unit price contracts and cost plus a fee contracts and have the following role players: employer, employer’s representative, professional team, contractor, sub-contractor and adjudicator. This study analysed the relationship between working capital management and financial performance of JSE listed construction companies during the period 2009-2019. Annual financial statements, which included statement of financial position and statement of financial performance of all listed construction companies during the period 2009-2019 were extracted from the external database (IRESS) to obtain the data needed for statistical analysis. This study used a quantitative research method to analyse the relationship between working capital management and financial performance. Multiple linear regression and correlation analysis were used in this study with inventory conversion period (ICP), average collection period (ACP) and average payment period (APP) as independent variables and return on assets (ROA), return on equity (ROE) and gross operating profit (GOP) as dependent variables, in order to analyse the relationship between working capital management and financial performance of JSE-listed construction companies during the period 2009-2019. Results of this study indicated that working capital management has little or no influence on the financial performance of JSE-listed construction companies, therefore, this indicates that listed construction companies in South Africa need to manage their working capital properly by putting some new policies in place on their accounts payables and receivables, in order to have a relationship between working capital management and financial performance.

Traditionnellement, les biens immatériels sont qualifiés, tantôt de biens incorporels, tantôt de propriétés incorporelles ou intellectuelles, tantôt encore de biens d'exploitation, la plupart de ces qualifications étant insatisfaisantes. En réalité, cette catégorie de biens souffre d'une absence de définition. Pourtant, d'aucuns affirment qu'ils représentent une richesse économique, une source de crédit fantastique pour les débiteurs, et un gage de sécurité pour les créanciers. Or, la législation française semble avoir superbement ignoré les biens immatériels.En témoigne le droit des biens tout d'abord. En effet, à la lecture de l'article 516 du Code civil, selon lequel « tous les biens sont meubles ou immeubles », force est de constater que les biens immatériels ne peuvent être valablement rattachés à la catégorie des meubles ou à celle des immeubles. Les biens immatériels s'opposent aux biens matériels (biens de la nature, matières premières, biens intellectuels tombés dans le domaine public ou dénués de protection au titre du droit de la propriété intellectuelle). Ils désignent les biens qui disposent d'une chose incorporelle et d'un corpus. Nous avons recensé deux natures de biens immatériels : les biens immatériels financiers regroupant les monnaies, les parts et actions sociales, les instruments financiers, les créances et les biens immatériels industriels regroupant les fonds de commerce et les propriétés intellectuelles.En témoigne le droit des sûretés réelles conventionnelles ensuite. Le projet de réforme du droit des sûretés qui a été confié à la Commission Grimaldi fondait de nombreux espoirs. Ayant fait l'objet de très rares modifications depuis l'origine du Code civil, l'édifice s'ébranlait et nécessitait une rénovation. Il s'ébranlait principalement pour trois raisons : la lisibilité notamment parce que le droit des sûretés réelles conventionnelles sur biens immatériels s'est développé en marge du Code civil, l'efficacité et la capacité des régimes envisagés quant à la préservation des intérêts du débiteur et du créancier. Depuis longtemps la pratique et la doctrine dénonçaient une telle complexification et appelaient de leurs vœux aux changements. Malheureusement, l'ordonnance n° 2006-346 du 23 mars 2006 portant réforme du droit des sûretés n'a pas su rassurer. En créant le nantissement comme la sûreté réelle conventionnelle sur biens mobiliers incorporels, sans l'accompagner d'un régime uniforme, elle n'a fait qu'accentuer les inquiétudes et les critiques patentes.Pourtant, nous sommes convaincus de ce que le droit français dispose des remèdes indispensables au sauvetage de la matière. En effet, le nouveau régime du gage, tel que modifié par l'ordonnance n° 2006-346 du 23 mars 2006, comporte désormais un régime adapté aux biens immatériels industriels. Quant à la fiducie-sûreté, consacrée par la loi n° 2007-211 du 19 février 2007, elle a révélé, à travers les expériences observées hors de nos frontières, sa pleine efficacité lorsqu'elle a pour assiette des biens immatériels financiers. / Immaterial assets are traditionally described either as intangible assets or as intangible or intellectual property, or else as operating assets, but most of those terms are not satisfactory. This class of assets actually suffers from a lack of definition. However, some people state that they represent a form of economic wealth, a fantastic source of credit for the debtors, and a guarantee of safety for the creditors. And yet, French legislation seems to have ignored immaterial assets.This is first and foremost demonstrated by property law. Indeed, according to article 516 of the Code civil, which states that « property is either movable or immovable », one has to admit that immaterial assets cannot validly be linked to movable or immovable property. Immaterial assets are opposed to material assets (property of nature, commodities, intellectual property of the public domain or without protection under intellectual property law). They refer to property that has an object and a corpus. Two types of immaterial assets have been identified: financial immaterial assets, bringing together currencies, units and shares in a company, financial instruments, liabilities and industrial immaterial assets, bringing together business and intellectual property.This is also demonstrated by conventional real-property surety law. The surety law reform project which was awarded to the Grimaldi Commission was the source of significant hope. It had only been rarely amended since the inception of the Code civil and the structure was weakening and needed updating. This weakening had three main grounds : readability first, in particular since conventional real-property surety law on immaterial assets had developed outside of the Code civil, efficiency and capability of the contemplated systems regarding the preservation of the interests of the debtor and the creditor. Practice and doctrine had been denouncing such complexity for long and were calling for amendments. Unfortunately, order n°2006-346 of March 23rd 2006 reforming surety law didn't restore confidence. By creating the lien as the conventional real-property surety on immaterial movable assets without creating a consistent system, it has only emphasized the obvious concerns and critics.However, we are convinced that French law has the means that are essential to save this subject. Indeed, the new system of pledge, as amended by order n° 2006-346 of March 23rd 2006, now has a system that is suitable for industrial immaterial assets. As for the “fiducie-sûreté”, established by Act n° 2007-211 of February 19th 2007, it has revealed that, through the experiences observed abroad, it is fully efficient when it deals with financial immaterial assets.

Les pactes d’actionnaires, conventions adoptées par les protagonistes des affaires internationales, répondent aux attentes des administrateurs et actionnaires quant à la circulation des actions et des parts sociales. Par contre, hors le marché règlementé, la liberté contractuelle accordée à la société – et actionnaires – de recourir à ce type d’arrangement contractuel, se heurte à la réalité légale et jurisprudentielle qui demeure la seule source de droit régissante cette convention. En optant pour la conclusion d’un pacte d’actionnaires, aucune disposition légale, notamment article de droit, ne régit cette convention. Ce contrat reste donc soumis aux règles de droit commun. Cette particularité accorde aux protagonistes une certaine liberté de rédaction, ce qui créé une originalité quant à la forme, au fond et aux effets de l’application du pacte. Reconnu, dans le monde des affaires français – tant par le législateur français que par les praticiens et protagonistes, comme étant une des formes adaptées à la gestion leurs sociétés, le législateur égyptien découvre encore cette forme contractuelle. La mondialisation, culturelle et commerciale, a non seulement permis de rapprocher entre les commerçants afin de trouver des solutions créatives quant à la conclusion des pactes d’actionnaires, mais aussi aux législateurs, autant bien français qu’égyptiens, de trouver des solutions quant aux problématiques qui s’opposent aux praticiens lors de la négociation, la conclusion ou même l’exécution de ces contrats. L’objet de cette étude sera d’examiner les particularités des pactes d’actionnaires dès la phase des négociations, passant par les phases de conclusion et exécution, jusqu’à la phase conflictuelle. Cette étude visera le modèle français, ayant déjà avancé sur ce domaine, en le comparant au modèle égyptien qui commence à se familiariser avec cette pratique. Bien que ces deux exemples demeurent toujours en voie d’évolution, le recours à ce type de contrat révèle des particularités et difficultés lors de son application, ce qui incitera les protagonistes à trouver des modalités novatrices permettant une mise en œuvre plus efficace de ces contrats et répondant à leurs attentes. / The shareholder agreements, considered as the one of the major contracts concluded by and between the actors of the international affairs, meet the expectations of the companies’ directors and shareholders regarding the transfer of stocks and shares. Nevertheless, outside the regulated market, the principle of contractual freedom accorded to the company - and its shareholders - to resort to this type of contractual arrangement, faces both legal and jurisprudential realities, which remains the only source of law governing this agreement.By choosing to undertake a shareholder agreement, no legal provision, including article nor law, governs this type of agreement. This agreement is therefore subject to the dispositions of the applicable general law. This feature gives the parties some freedom on drafting the agreement, which affects the form and content of the contract and produce its effects on the contract’s application. vWhile this agreement is frequently used in the French business practice - both by the French legislature and by practitioners and shareholders, and considered as one of the forms used to manage the companies, the Egyptian legislation is still discovering this contractual management form.The cultural and commercial globalization has not only helped traders to find creative solutions by entering into this agreement, but it has also helps the French and Egyptian legislations to find solutions as to issues that oppose practitioners during the negotiation of the contract, its conclusion or even during its execution.The purpose of this study is to examine the features of the shareholder agreements starting from the negotiations phase, through the conclusion and execution phases, until the conflictual phase. This study will focus on the French model, having already progressed in this area, compared to the Egyptian model that begins to become familiar with this practice. Although these two examples are still in process of evolution, the use of this type of contracts reveals the peculiarities and difficulties in its implementation, which will encourage the parties to find more innovative methods for more effective implementation of these contracts in order to meet their mutual expectations.

This diploma’s thesis deals with analysing the financial situation of LUX-IDent s.r.o. for the period of 2011 – 2015. The evaluation will use the methods and indicators of financial analysis. The proposed recommendations are based on the results of the financial analysis which will help improve the overall financial position and stability of the company.