Background: A large number of companies works as a link between manufacturers and final users. These companies buys and stores goods to be able to deliver when a need comes up later in the chain. The storage could have a negative effect on profitability and therefore places great demands on the management control systems. ABC as a method has been used with some success in manufacturing for over ten years. In wholesale companies the method is not frequently used. Purpose: The purpose of this report is to study the design and the effects of ABC in wholesale companies. Method: The base for this study is a company for which an ABC-model was constructed. This company also worked as an object of study to create understanding for the line of business itself (wholesale). To this base interviews with three other wholesalers who already have implemented ABC were added. These interviews were used to verify the model of the first company and to study the effect of in wholesale companies. Results: The study have shown how an ABC-model can be designed for a wholesale company. The design should start with nature and size of the company and clearly show that it is for a wholesale company. The effects visible in two underlying aspects, line of products and customers, which after management of these leads to higher profits for the company.

Magistro darbe yra išanalizuoti ir susiteminti įvairių Lietuvos ir užsienio autorių teoriniai pelno sampratos ekonomikoje ir apskaitoje aspektai. Pateiktos pelno ir pelningumo rodiklių apskaičiavimo problemos ir analizės metodikos, akcentuojant pagrindinių priežasčių, įtakojančių gautus rezultatus, ištyrimą. Aptarti finansinių prognozių metodai. Atlikta kelių tiesimo ir remonto įmonės pelno ir pelningumo rodiklių struktūros bei dinamikos analizė. Pateiktas gautų rezultatų įvertinimas pagrindinių konkurentų rinkoje bei pramonės šakos atžvilgiu. Atliktas įmonės paklausos sezoniškumo tyrimas. Apibendrinti vidiniai bei išoriniai veiksniai, lėmę įmonės veiklos ekonominius rezultatus. Atliktas įmonės veiklos modeliavimas ieškant pelningiausių sprendimų. Remiantis gautais rezultatais prognozuoti tolimesni veiklos rodikliai. Veiklos rezultatai įvertinti pritaikant ekonominius svertus. Remiantis gautais duomenimis suformuluotos išsamios išvados ir pateikti pasiūlymai įmonės veiklos pelningumo didinimui. / Theoretical aspects of profit concept in economics and accounting of various Lithuanian and foreign authors are analysed and systematized. Profit and profitability index calculation problems and analytical methods are given, stressing research of the main reasons influencing the results obtained. Financial prognostication methods are discussed. Profit and profitability index structures and dynamics analysis are performed for road laying and repair company. Evaluation of the results obtained is given in relation with the main competitors’ market as well as with the industry. Seasonal changes in the demand are analysed for the company. Internal and external factors are summarized, which played a role in the economic results of the company’s performance. Activity modelling is performed for the company, seeking for the most profitable solutions. Basing upon the results obtained, further performance indices are forecasted. Performance results are evaluated using the economic leverage. Basing upon the results obtained, thorough conclusions are formulated, suggestions to improve performance profitability are given.

Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников и приложения. В первой главе рассмотрены теоретические аспекты управления прибылью и рентабельностью на предприятии, исследованы методы управления прибыльностью и рентабельностью на предприятии. Во второй главе проведен анализ прибыльности и рентабельности на предприятии (на примере АО «Новотроицкий завод хромовых соединений»). В третьей главе были определены проблемы политики управления прибыльностью и рентабельностью на предприятии и предложены пути повышения прибыли и рентабельности АО «Новотроицкий завод хромовых соединений». В заключении сформированы основные выводы. / The structure of the master's thesis includes an introduction, three chapters, a conclusion, a list of sources used and appendices. In the first chapter, the theoretical aspects of profit and profitability management at the enterprise are considered, methods of profitability and profitability management at the enterprise are investigated. In the second chapter, the analysis of profitability and profitability at the enterprise is carried out (on the example of JSC Novotroitsky Chrome Compounds Plant). In the third chapter, the problems of the profitability and profitability management policy at the enterprise were identified and ways to increase the profit and profitability of JSC Novotroitsky Chrome Compounds Plant were proposed. In conclusion, the main conclusions are formed.

<p>The internal and external challenges construction companies face such as variability, low productivity, inefficient processes, waste, uncertainties, risks, fragmentation, adversarial contractual relationships, competition, and those resulting from internal and external challenges such as cost overruns and delays negatively affect company performance and profitability. Though research publications abound, these challenges persist, which indicates that the following gaps exist. Lean construction, process improvement, and performance improvement research have been conducted wherein improvement principles, and best practices are used to ameliorate performance issues, but several knowledge gaps exist. Few companies use these improvement principles and best practices. For those companies applying improvements, there is no established link between these improvements and performance/profitability to guide companies. Further, even when companies use improvement principles and best practices, they apply only one or two, whereas an integrated application of these improvement principles and best practices would be more effective. The other gap the author identified is the lack of strategic tools that construction companies can use to improve and manage their profitability. This thesis tried to fill the knowledge gap, at least partially, by developing a two-part excellence model for profitability improvement of construction companies. The excellence model lays out strategies that would enable companies to overcome the challenges and improve their profitability. The excellence model also gives an iterative and recursive continuous improvement model and flowchart to improve the profitability of construction companies. The researcher used high impact principles, guidelines, and concepts from the literature on organizational effectiveness, critical success factors, strategic company profitability growth enablers, process improvement, and process maturity models, performance improvement, and organizational excellence guidelines to develop the two-part excellence model.</p> <p>The author also translated the two-part excellence model into the diagnostic tool and Decision Support System (DSS) by use of process diagrams, fishbone diagrams, root cause analysis, and use of improvement principles, countermeasures and best practices at the most granular (lowest intervention) levels to do away with root causes of poor performance. The author developed the diagnostic tool and Decision Support System (DSS) in Access 2016 to serve as a strategic tool to improve and manage the profitability of construction companies. The researcher used improvement principles, and best practices from scientific and practitioner literature to develop company and project process flow diagrams, and fishbone (cause and effect) diagrams for company, department, employee, interactions and project performance for the profitability improvement, which are the engines of the diagnostic tool and DSS. The diagnostic tool and DSS use continuous improvement cycles iteratively and recursively to improve the profitability of construction companies from the current net profit of 2-3 percent to a higher value.</p>

Thesis (MScEng (Industrial Engineering))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: Several studies have shown that abnormal returns can be generated simply by buying past winning stocks and selling past losing stocks. Being able to predict future price behaviour by past price movements represents a direct challenge to the Efficient Market Hypothesis, a centrepiece of contemporary finance. Fund managers have attempted to exploit this effect, but reliable footage of the performance of such funds is very limited. Several academic studies have documented the presence of the momentum effect across different markets and between different periods. These studies employ trading rules that might be helpful to establish whether the momentum effect is present in a market or not, but have limited practical value as they ignore several practical constraints. The number of shares in the portfolios formed by academic studies is often impractical. Some studies (e.g. Conrad & Kaul, 1998) require holding a certain percentage of every share in the selection universe, resulting in an extremely large number of shares in the portfolios. Others create portfolios with as little as three shares (e.g. Rey & Schmid, 2005) resulting in portfolios that are insufficiently diversified. All academic studies implicitly require extremely high portfolio turnover rates that could cause transaction costs to dissipate momentum profits and lead the returns of such strategies to be taxed at an investor’s income tax rate rather than her capital gains tax rate. Depending on the tax jurisdiction within which the investor resides these tax ramifications could represent a tax difference of more than 10 percent, an amount that is unlikely to be recovered by any investment strategy. Critics of studies documenting positive alpha argue that momentum returns may be due to statistical biases such as data mining or due to risk factors not effectively captured by the standard CAPM. The empirical tests conducted in this study were therefore carefully designed to avoid every factor that could compromise the results and hinder a meaningful interpretation of the results. For example, small-caps were excluded to avoid the small firm effect from influencing the results and the tests were conducted on two different samples to avoid data mining from being a possible driver. Previous momentum studies generally used long/short strategies. It was found, however, that momentum strategies generally picked short positions in volatile and illiquid stocks, making it difficult to effectively estimate the transaction costs involved with holding such positions. For this reason it was chosen to test a long-only strategy. Three different strategies were tested on a sample of JSE mid-and large-caps on a replicated S&P500 index between January 2000 and September 2009. All strategies yielded positive abnormal returns and the null hypothesis that feasible momentum strategies cannot generate statistically significant abnormal returns could be rejected at the 5 percent level of significance for all three strategies on the JSE sample. However, further analysis showed that the momentum profits were far more pronounced in “up” markets than in “down” markets, leaving macroeconomic risk as a possible explanation for the vast returns generated by the strategy. There was ample evidence for the January anomaly being a possible driver behind the momentum returns derived from the S&P500 sample. / AFRIKAANSE OPSOMMING: Verskillende studies het gewys dat abnormale winste geskep kan word deur eenvoudig voormalige wenner aandele te koop en voormalige verloorder aandele te verkoop. Die moontlikheid om toekomstige prysgedrag te voorspel deur na prysbewegings uit die verlede te kyk is ‘n direkte uitdaging teen die “Efficient Market Hypothesis”, wat ’n kernstuk van hedendaagse finansies is. Fondsbestuurders het gepoog om hierdie effek te benut, maar akademiese ondersteuning vir die gedrag van sulke fondse is uiters beperk. Verskeie akademiese studies het die teenwoordigheid van die momentum effek in verskillende markte en oor verskillende periodes uitgewys. Hierdie akademiese studies benut handelsreëls wat gebruik kan word om te bepaal of die momentum effek wel in die mark teenwordig is al dan nie, maar is van beperkte waarde aangesien hulle verskeie praktiese beperkings ignoreer. Sommige studies (Conrad & Kaul, 1998) vereis dat 'n sekere persentasie van elke aandeel in die seleksie-universum gehou moet word, wat in oormatige groot aantal aandele in die portefeulle tot gevolg het. Ander skep portefeuljes met so min as drie aandele (Rey & Schmid, 2005), wat resulteer in onvoldoende gediversifiseerde portefeuljes. Die hooftekortkoming van alle akademiese studies is dat hulle portefeulleomsetverhoudings van hoër as 100% vereis wat daartoe sal lei dat winste uit sulke strategieë teen die belegger se inkomstebelastingskoers belas sal word in plaas van haar kapitaalaanwinskoers. Afhangende van die belastingsjurisdiksie waaronder die belegger val, kan hierdie belastingseffek meer as 10% beloop, wat nie maklik deur enige belegginsstrategie herwin kan word nie. Kritici van studies wat abnormale winste dokumenteer beweer dat sulke winste ‘n gevolg kan wees van statistiese bevooroordeling soos die myn van data, of as gevolg van risikofaktore wat nie effektief deur die standaard CAPM bepaal word nie. Die empiriese toetse is dus sorgvuldig ontwerp om enige faktor uit te skakel wat die resultate van hierdie studie sal kan bevraagteken en ‘n betekenisvolle interpretasie van die resultate kan verhinder. Die toetse sluit byvoorbeeld sogenaamde “small-caps” uit om die klein firma effek uit te skakel, en die toetse is verder op twee verskillende monsters uitgevoer om myn van data as ‘n moontlke dryfveer vir die resultate uit te skakel. Normaalweg toets akademiese studies lang/ kort nulkostestrategieë. Dit is gevind dat momentum strategieë oor die algemeen kort posisies kies in vlugtige en nie-likiede aandele, wat dit moeilik maak om die geassosieerde transaksiekoste effektief te bepaal. Daar is dus besluit om ’n “lang-alleenlik” strategie te toets. Drie verskillende strategieë is getoets op ‘n steekproef van JSE “mid-caps” en “large-caps” en op ‘n gerepliseerde S&P500 index tussen Januarie 2000 en September 2009. Alle strategieë het positiewe abnormale winste opgelewer, en die nul hipotese dat momentum strategieë geen statisties beduidende abnormale winste kan oplewer kon op die 5% vlak van beduidendheid vir al drie strategieë van die JSE monster verwerp word. Verdere analiese het wel getoon dat momentumwinste baie meer opvallend vertoon het in opwaartse markte as in afwaartse markte, wat tot die gevolgtrekking kan lei dat makro-ekonomiese risiko ‘n moontlike verklaring kan wees. Daar was genoegsaam bewyse vir die Januarie effek as ‘n moontlike dryfveer agter die momentum-winste in die S&P500 monster.

The work is focused on measuring corporate performance in particular one of the key factors influencing the financial results of the company, which is the volume of production and change. The aim is to assess how a change in production volume affects business performance of selected business entity.

The main goal of this master thesis is to implement a system for performing customer profitability analysis in a consulting company. Implementation of the system is based on concepts that are presented in the theoretical part of this thesis. This thesis also contains discussion about the usability of the activity based costing and of the time driven activity based costing. The theoretical part of this thesis contains an explanation of the customer profitability analysis. This part also presents the activity based costing method and also the time driven activity based costing method. Due to the main focus of this thesis, theoretical part also contains an explanation of specifics of performance management in a consulting company. The practical part of this thesis begins with a description of current conditions in the researched company. This is followed by the implementation of the customer profitability analysis system. This thesis is concluded by performing customer profitability analysis in the researched company.

The dissertation thesis aims to establish a complex theoretical basis for a measurement of customer's profitability which can be easily used in the practice. The main reason for that is the absence of such publication in the current academic sphere. A combination of management accounting and knowledge of banking enables to achieve the aim. The thesis itself is closely linked to the banking practice. There are derived customer's profitability indicators as modifications of the popular RAROC in which a customer margin is used instead of net profit. There is designed a simplified way of operational cost allocation. Questionnaires and interviews with senior representatives of seven Czech banks helped to identify the most significant labor-intensity factors of corporate customers. The description of principal features of risk costs and derivation of formulas for profitability variances are also the part of the thesis. The theoretical part is followed by the practical one where a contemporary banking practice of corporate customer's profitability measurement on the Czech market is explored. It identified three weak points -- cost allocation, profitability variances and one-year horizon of a calculation. At the end, the theoretical basis is applied on an existing customer portfolio and the result is compared with a currently used customer's profitability measurement.

Industrin gör att samhället utifrån det ekonomiska system som det verkar i, fungerar. På samma gång står industrin för stora delar av de växthusgasutsläpp som värmer upp jorden och den globala kris som det innebär. Att företag mäter sina utsläpp, jobbar för att sänka de, genomför klimatpositiva åtgärder, klimatanpassar och jobbar förebyggande blir av vikt för att kunna minska på utsläppen såväl globalt som lokalt. Ett företag drivs utifrån olika faktorer så som att vara lönsamma på olika vis. I den här studien, som är ett samarbete med Hagainitiativet, undersöks vad 102 svenska börsnoterade företag anser om sitt klimatarbete och hur det påverkar företagets lönsamhet. Företagen svarar även på hur de menar att politiska beslut och Covid-19-pandemin påverkar deras klimatarbete. Material inhämtades med hjälp av kvantitativ metod, webbenkät.  Studien visar på att företagen över lag ställer sig positiva till att engagera sig i klimatfrågan och menar att klimatarbetet får positiva effekter för företagets lönsamhet. Allra starkast tycks synergin vara mellan klimatarbetet och en positiv effekt för varumärket samt för attraktiviteten som arbetsgivare. När Hagainitiativets enkätsvar från 2019 jämfördes med svaren från denna undersökning i 2021, svarar fler att klimatarbetet får en positiv effekt för företagets lönsamhet och färre att det får en negativ effekt. Det klimatpolitiska läget samt Covid-19 skulle kunna presentera en del av förklaringen till varför.  Resultaten indikerar på att det finns ett flertal frågor som hade varit intressant att ställa framöver för att få mer information om vad företagen gör, vad de inte gör och varför. Att ytterligare fördjupa förståelsen kring de uppfattningar som finns kan vara en del av det som krävs för att bana vägen framåt för företag att kunna jobba för hållbar utveckling och på samma gång uppnå en god lönsamhet. / The industry keeps society spinning in its current system. At the same time, it accounts for large parts of the greenhouse gas emissions which are heating up the earth and is responsible for the global crisis that it entails. Companies measuring their emissions, working to reduce them, implementing climate-positive measures, adapting to climate- change and working preventively is important to reduce emissions both globally and locally. For a company to survive, it runs based on various factors, such as being profitable in different ways. This study, which is a collaboration with the Hagainitiativet, examines what 102 Swedish listed companies think about their climate work and how it affects various profitability aspects of the business. The companies also respond to how they believe that political decisions and the Covid-19 pandemic affect their climate work. Materials were obtained using a quantitative method, web survey.  The study shows that companies in general are positive about getting involved in the climate issue and believe that their responses to climate change result in positive effects on the company's profitability. The synergy seems to be strongest between climate responses and a positive effect on the brand and the attractiveness as an employer. When the questionnaire from Hagainitiativet in 2019 were compared to the responses from this survey in 2021, more companies answered that climate work has a positive effect on the profitability and fewer that it has a negative effect. The climate policy situation and Covid-19 could present part of the explanation for why this is.  The results indicate that there are several questions that would be interesting to ask in the future to get more information about what companies do, what they do not do and why. Further deepening the understanding of existing perceptions, can be part of what is required to pave the way for companies to work for sustainable development and at the same time achieve profitability.

With the advancements that have taken place in technology the recent decades, it is nowpossible to work anywhere and at any time. Coworking space is the type of flexible workplacethat is currently growing the fastest and comprises a workplace shared between severalcompanies and individuals with emphasis on collaboration and knowledge sharing. Withbenefits such as cost efficiency for members, it is now questioned how the companies that offercoworking make it work financially. This thesis investigates the profitability of coworkingcompanies and whether they are persevering enough to survive an economic downturn orrecession.By examining the Stockholm market’s nine largest coworking companies' annual reports,interviewing them and experts from different areas on the market, these questions have beenanswered. In order to further assess the potential of the new market segment, the currenteconomic climate has been compared with the IT-bubble in 2001. Further, the financial positionof the coworking companies has been set against the business model of hotels. Through a datacollection that is both qualitative and quantitative, the results have been discussed thematically.From the study it was concluded that coworking operators are economically weak with low orno profitability. By developing their business model in accordance with the one of hotels,companies are expected to improve their financial position. This is done by overbookingflexible workplaces and in detail work with profit per workplace to increase the total return.The coworking companies' rental cost to their property owners one of the largest expenses andthus also decisive. For companies to be able to operate in the long run, revenue sharing rent isrecommended. Experience, strong ownership, central location and diversification of membersare recognized as success factors. Regarding the coworking companies' sustainability ineconomic downturns, they are also considered weak. Given their deficient financial statementsand balance sheets, they lack the margins and qualifications to endure an economic downturnor recession. A consolidation is expected to take place where survival of each coworkingoperator depend on new customers to leave conventional leases and prioritize flexibility.  Furthermore, the study has shown the economic climate today to resemble with what led to theIT-bubble in 2001, which in turn signals for a coworking bubble. A pattern of increased demandfor service in the office market has also been discovered. What we are seeing today is thebeginning of a change on the office market - a servicification that requires a fundamental changein the office sector's business model. / Med de framgångar som skett inom teknik de senaste decennierna är det idag möjligt att arbetavar och när som helst. Coworking space är den typ av flexibel arbetsplats som just nu växersnabbast och innebär att arbetsplatsen delas mellan flera företag och individer samtunderstryker samarbete och kunskapsdelning. Med fördelar såsom kostnadseffektivisering förmedlemmar ifrågasätts nu hur företagen som erbjuder coworking får det att gå ihop ekonomiskt.I den här uppsatsen belyses coworkingföretagens lönsamhet och om de är uthålliga nog attöverleva en ekonomisk nedgång eller lågkonjunktur.Genom att för Stockholmsmarknaden undersöka de nio största coworkingföretagensårsrapporter, intervjua dem och experter från olika områden av marknaden har dessa frågorutvisats. För att ytterligare kunna bedöma potentialen för det nya marknadssegmentet hardagens ekonomiska klimat jämförts med vad som ledde upp till IT-krisen 2001 samtcoworkingföretagens ekonomiska ställning ställts mot den affärsmodell som hotell använder.Genom en datainsamling som både är kvalitativ och kvantitativ har resultaten diskuteratstematiskt.Studien har mynnat ut i en slutsats om att coworkingoperatörer är ekonomiskt svaga företagmed låg eller ingen lönsamhet. Genom att utveckla sin affärsmodell efter den som hotellanvänder förväntas företagen kunna förbättra sin ekonomiska ställning. Detta görs genom attöverboka flexibla arbetsplatser och på detaljnivå arbeta med vinst per arbetsplats för att ökaden totala avkastningen. Coworkingföretagens hyreskostnad till sina fastighetsägare är en avde största utgifterna och därmed också avgörande. För att företagen ska kunna verka i längdenrekommenderas omsättningsbaserad hyra. Erfarenhet, starkt ägandeskap, central lokaliseringoch diversifiering av medlemmar ses som framgångsfaktorer. Gällande coworkingföretagensuthållighet i konjunkturnedgångar, bedöms dem också svaga. Med hänsyn till bristanderesultat- och balansräkningar har de inte marginaler eller förutsättningar nog att utstå enekonomisk nedgång eller lågkonjunktur. En konsolidering väntas ske där coworkingoperatörernasöverlevnad hänger på tillskott av nya kunder som väljer att lämna konventionellahyresavtal och prioritera flexibilitet.  Ytterligare har studien visat på att det ekonomiska klimatet idag också liknar det som leddefram till IT-krisen 2001, vilket i sin tur signalerar för en coworkingbubbla. Det har ocksåuppdagats ett mönster av ökad efterfrågan på service på kontorsmarknaden. Vad vi nu ser börjanpå är en förändring i kontorsmarknaden - en tjänstefiering som kräver en fundamentalförändring av kontorssektorns affärsmodell.