The aim of this Master´s Thesis Valuation of the Company HOLLANDIA Karlovy Vary, s.r.o. is to determine objectified value of HOLLANDIA Karlovy Vary, s.r.o. as a whole for the owner of the company on 31st December 2014. This Master´s Thesis consists of a theoretical part and a practical part. The theoretical part of this thesis includes an explanation of the methodology that is used to determine the value of the company. The practical part is built on specific enterprise data and application of methods specified in the theoretical part. The practical part includes description of the company, strategic analysis, financial analysis, integrating analytical tools, generators values, financial plan and financial analysis of the financial plan. The final value of the company was calculated by method of discounted cash flow based on FCFF (Free Cash Flow to the Firm). Objectified value of the Company is 1 386 046 thousand CZK to 31. 12. 2014. In the conclusion of the practical part the value is tested by the sensitivity analysis.

There is some rating of the production of milk and its consumption in Czech Republic in this work. Then there is some rating of consumer preferences, import and export and their commodity and territorial structure. This work also preview price trends and economics of milk production.

The thesis is focused on milk and dairy products as a source of valuable nutrients for the inhabitants. The theoretical part deals with general chemical composition of milk and dairy products are described and their significance for human health. The practical part consists of questionnaires on the subject and their evaluation. The aim of the study was to determine what knowledge the people of milk, how often you eat and what resources it can be obtained.

Orientador: Dirlei Antonio Berto / Banca: Valdomiro Shigueru Miyada / Banca: Margarida Maria Barros / Abstract: Two experiments were conducted to evaluate the effects of partial replacement of lactose by maltodextrin and the inclusion of an acid mix in diets for weanling pigs, on performance, digestibility and economical viability. One hundred and forty-four Dalland piglets with average initial weights of 6.0 0.45 and 5.8 0.53 kg were used in experiments I and II, respectively. Both experiments were conducted in a randomized complete block design, with factorial arrangement of treatments: absence of maltodextrin and acid mix; absence of maltodextrin and presence of acid mix; presence of maltodextrin and absence of acid mix; presence of maltodextrin and acid mix. More complex diets were used in experiment I, while less complex diets were employed in experiment II. There were no maltodextrin x acid mix interaction or acid mix effects on piglet performance in all evaluated periods in both experiments (P>0.05). Maltodextrin determined improvement in average daily feed intake and average daily gain from 0 to 14 days of experiment I (P=0.009), however no effect on pig performance was observed from 0 to 28 days (P>0.05) and from 0 to 16 and 0 to 30 days of experiment II (P>0.05). There were no maltodextrin x acid mix interaction and main factors effects (P>0.05) on nutrient apparent digestibility of pre-starter diets used in experiment II. Diets containing maltodextrin and maltodextrin with acid mix provided the best economical results. Neither maltodextrin nor acid mix affected the nutritional values of the diets. Therefore, maltodextrin is an alternative to replace lactose sources in diets for weanling pigs. The use of maltodextrin, associated or not with acid mix, resulted in larger economical advantages than lactose. / Resumo: Para avaliar os efeitos da suplementação dietética de maltodextrina, substituindo parcialmente a lactose, e de acidificante sobre o desempenho, viabilidade econômica e digestibilidade em leitões desmamados, foram conduzidos dois experimentos, sendo utilizados 144 leitões Dalland, com pesos iniciais médios de 6,0 0,45 e 5,8 0,53 kg nos experimentos I e II, respectivamente. Os delineamentos experimentais foram em blocos ao acaso, com arranjo fatorial dos tratamentos: ausência de maltodextrina e de acidificante; ausência de maltodextrina e presença de acidificante; presença de maltodextrina e ausência de acidificante; presença de maltodextrina e de acidificante. No experimento I foram utilizadas rações mais complexas, e no II, rações menos complexas. Não houve interação maltodextrina x acidificante e efeito de acidificante sobre o desempenho dos leitões nos períodos estudados nos dois experimentos (P>0,05). A maltodextrina determinou melhores consumo diário de ração e ganho diário de peso de 0 a 14 dias do experimento I (P=0,009), não sendo verificados efeitos sobre o desempenho de 0 a 28 dias (P>0,05) e nos períodos de 0 a 16 e 0 a 30 dias do experimento II (P>0,05). Não houve interação maltodextrina x acidificante e efeitos dos fatores (P>0,05) sobre os coeficientes de digestibilidade aparente dos nutrientes das rações pré-iniciais do experimento II. As rações com maltodextrina e maltodextrina mais acidificante proporcionaram maior vantagem econômica. A maltodextrina e o acidificante não influenciaram o valor nutricional das rações, sendo a maltodextrina uma alternativa às fontes de lactose para leitões desmamados. Combinado ou não com o acidificante nas rações, o uso da maltodextrina resultou em maior vantagem econômica em relação à lactose. / Mestre

Nous avons étudié la présence de bactéries lactiques capables de produire des bactériocines dans des fromages traditionnels Slovènes. Dans cinq échantillons de Tolminc (fromage au lait de vache) et quatre échantillons de Kraški ovčji sir (fromage au lait de brebis), nous avons recherché la présence de 19 gènes de bactériocines par PCR. L'ADN a été extrait directement à partir des fromages ainsi qu'à partir de consortia microbiens de ces fromages isolés sur gélose CATC, Rogosa et M17. Nous avons utilisé des tests par diffusion sur gélose pour déterminer l'activité antimicrobienne des consortia sur différentes bactéries indicatrices. L'activité anti-staphylococcique a aussi été déterminée in situ dans du lait et du fromage. L'avantage compétitif des souches productrices de bactériocines a été évalué en effectuant des repiquages successifs des consortia dans du lait. Lors de ces essais, nous avons suivi la présence de différents déterminants génétiques de bactériocines ainsi que l'activité antimicrobienne des consortia. Ces mêmes propriétés ont aussi été déterminées pour des souches individuelles productrices de bactériocines, qui ont été isolées du consortium initial ou de consortia obtenus après propagation dans le lait. La mise en évidence de gènes de bactériocines par PCR dépendait de l'efficacité d'extraction de l'ADN. L'extraction de l'ADN total était plus efficace lorsque l'homogénéisation du fromage était réalisée avec une solution de citrate de sodium. Dans l'ADN issu des fromages et consortia microbiens, nous avons détecté plusieurs gènes de bactériocines. Leur nombre diminuait lors de la propagation dans le lait, ce qui indique un faible avantage compétitif des souches productrices de bactériocines. Les résultats n'ont montré un avantage compétitif que pour des souches comportant des déterminants génétiques de la cytolysine. Nous n'avons détecté une production de bactériocines dans les fromages que lorsque qu'une culture pure d'une souche productrice de nisine A a été ajoutée. La différence entre la détection de déterminants génétiques de bactériocines et l'activité antimicrobienne montre la complexité qui relie ces deux propriétés.En raison des limitations concernant les tests par diffusion sur gélose pour détecter l'expression des gènes in situ, nous avons mis en place une méthode moléculaire basée sur la reverse transcription et la PCR en temps réel. Cette méthode sera très utile pour de futures études concernant le rôle des bactériocines dans les fromages. / We examined the presence of lactic acid bacteria (LAB) able to produce different bacteriocins in traditional Slovenian cheeses. In five samples of Tolminc cheese (from cows' milk) and four samples of Kraški ovčji sir (from ewes' milk) we looked for the presence 19 LAB bacteriocins' gene determinants using PCR. The DNA analysed was extracted directly from cheese samples as well as from cultivable microbial consortia of cheese which were isolated on CATC, Rogosa and M17 agar media. We used diffusion tests to determine the antimicrobial activity of microbial consortia against different indicator bacteria. Anti-staphylococcal activity was also determined in situ in milk and cheese. Competitive advantage of bacteriocinogenic strains was examined by consecutive propagation of microbial consortia in milk. During this we followed the presence of different bacteriocin gene determinants and antimicrobial activity of microbial consortia. The same properties were also determined for individual bacteriocinogenic strains that were isolated from initial consortia and from consortia obtained after propagation in milk. The success of finding bacteriocin gene determinants with PCR depended greatly on the efficiency of DNA extraction. The extraction of total DNA was the most successful when sodium citrate was used for cheese homogenisation. In DNA of different cheeses and microbial consortia we detected a number of bacteriocin gene determinants. Their number was reduced during the process of propagation in milk, which indicates a poor competitive advantage of some bacteriocinogenic strains. The results demonstrated competitive advantage only for strains that carried gene determinants for cytolysin. We detected bacteriocin activity in cheese only when monoculture of nisin A producer was added. The discrepancy between detected bacteriocin gene determinants and antimicrobial activity shows the complexity that links these two properties. This method will be very useful in the future studies of the role of bacteriocins in cheese.

Polymerase chain reaction (PCR) is molecular diagnostic method which allows the identification of lactic acid bacteria used in food industry. In this work species-specific PCR primers (targeted on highly conserved 16S rDNA region) were used for identification of bacteria of species Streptoccocus thermophilus in 10 randomly commercially accessible fermented milk products and for identification of species Streptococcus thermophilus in 25 lyophilisates collected in Culture Collection of Dairy Microorganisms Laktoflora (CCDM, Tábor, Czech Republic). The PCR products (968 bp) were detected using electrophoresis in 1,2 % agarose gel. Bacterial DNA was isolated from crude cell lysates by magnetic carriers P(HEMA co GMA) containing carboxyl groups. DNA was reversibly bind on their surface in the presence of high concentrations of poly(ethylene glycol) (PEG 6000) and sodium chloride. Phenol extraction of DNA was used as control. Streptococcus thermophilus strains were identificated using PCR in all analysed samples.

M. Tech. (Biotechnology, Department of Biosciences, Faculty of Applied and Computer Sciences), Vaal University of Technology. / The Organization for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO) of the United Nations predict that milk production and the dairy sector will remain one of the fastest-growing agricultural subsectors over the coming decade. The global milk production is projected to expand over the 2011-2020 period at an annual rate of 2%. In South Africa alone, approximately 14 – 15 million litres of milk are wasted annually due to microbial spoilage. Therefore, the identification of the spoilage microorganisms in the milk products is necessary. This will contribute towards the design of appropriate measures to prevent wastage due to spoilage and in turn contribute towards sustainability of the sector. Accordingly, one hundred samples of spoiled full cream UHT milk were collected from two plants of each of the two largest milk processors. These samples were examined visually, and the pH was measured. A presumptive identification up to genus level was conducted by examining morphological features and conducting Gram-stain, catalase and oxidase tests. Species-specific identification was done by using the Analytical Profile Index and Biolog system. Molecular profiling was done by sequencing the rDNA genes. The main spoilage organisms identified in the samples were Pseudomonas, Micrococcus, Bacillus, Enterococcus and Lactobacillus. All organisms belonging to the five genera were psychrotrophs, which are commonly found in biofilms in UHT milk processing equipment. Therefore, according to the study, the spoilage bacteria apparently entered into the milk due to inadequate cleaning-in-place (CIP) processes. More importantly, further studies should be conducted in order to identify the spoilage microbes and how CIP processes can be improved.

<p>In the present thesis dietary markers for intake of milk fat, associations between intake of milk fat and risk factors for coronary heart disease (CHD), and the effects of supplementation with conjugated linoleic acid (CLA) to healthy humans are investigated.</p><p>The dietary fat quality is one of the main lifestyle factors affecting risk for CHD. When studying the associations between diet and health it is important to have accurate dietary information. Objective dietary markers increase the possibilities to interpret dietary surveys.</p><p>In a study of 62 men we demonstrated that the milk fatty acid pentadecanoic acid (15:0) measured in serum lipids can be used as marker for intake of fat from milk products. In the same study we observed inverse correlations between intake of milk fat and certain risk factors for CHD, especially anthropometric variables.</p><p>To further investigate these findings we supplemented humans with CLA, naturally present in milk. CLA has in animals and <i>in vitro</i> been ascribed positive effects on adiposity and glucose and lipid metabolism. When supplementing humans with CLA we observed a slight decrease in body fat, but no effects on other anthropometric variables or serum lipids. However, markers of lipid peroxidation and inflammation increased. From a second supplementation study we concluded that CLA <i>trans </i>10, <i>cis </i>12 induced lipid peroxidation more than did a mixture of isomers.</p><p>We conclude that the inverse associations between milk fat intake and CHD risk factors, and the effects of CLA, are interesting and need further investigation. However, according to current knowledge, the general population is still advised to have a limited intake of total and saturated fat and to instead choose unsaturated fats. In addition, there is to date no medical reasons for humans to take CLA as supplements.</p>

In the present thesis dietary markers for intake of milk fat, associations between intake of milk fat and risk factors for coronary heart disease (CHD), and the effects of supplementation with conjugated linoleic acid (CLA) to healthy humans are investigated. The dietary fat quality is one of the main lifestyle factors affecting risk for CHD. When studying the associations between diet and health it is important to have accurate dietary information. Objective dietary markers increase the possibilities to interpret dietary surveys. In a study of 62 men we demonstrated that the milk fatty acid pentadecanoic acid (15:0) measured in serum lipids can be used as marker for intake of fat from milk products. In the same study we observed inverse correlations between intake of milk fat and certain risk factors for CHD, especially anthropometric variables. To further investigate these findings we supplemented humans with CLA, naturally present in milk. CLA has in animals and in vitro been ascribed positive effects on adiposity and glucose and lipid metabolism. When supplementing humans with CLA we observed a slight decrease in body fat, but no effects on other anthropometric variables or serum lipids. However, markers of lipid peroxidation and inflammation increased. From a second supplementation study we concluded that CLA trans 10, cis 12 induced lipid peroxidation more than did a mixture of isomers. We conclude that the inverse associations between milk fat intake and CHD risk factors, and the effects of CLA, are interesting and need further investigation. However, according to current knowledge, the general population is still advised to have a limited intake of total and saturated fat and to instead choose unsaturated fats. In addition, there is to date no medical reasons for humans to take CLA as supplements.