This thesis is focused on the financial analysis of Pivovary Staropramen Company. The work is divided into theoretical and practical. The theoretical section explains the general scope of financial analysis, sources of information for financial analysis, users of financial analysis and most importantly, the methods of financial analysis. The practical part is devoted to the application of financial analysis by Pivovary Staropramen Company. Conclusion is drawn about the financial health of the company with some suggestions for improvement.

The thesis deals with comparison of the banking markets of Czech Republic, Slovakia, Slovenia and Lithuania in size and rentability of their banks with distribution on banks with domestic owners and the banks in foreign banking group. There is also the comparative analysis in selected indicators of these two units. To the comparison is used the financial analysis. First part of thesis is dealed to the methodics of selection countries, banks, reports, indicators etc. In second part is analysed banking market of each country and the types of banks are compared together on the basis of several indicators. Third part deals with total comparison of two banking units over all countries.

Um dos fundamentos das Finanças, a partir da segunda metade do século 20, é a hipótese de eficiência de mercado. Num Mercado Eficiente, as informações sobre o ativo são transferidas para os preços de modo que o preço do ativo reflete toda informação disponível. Assim, o retorno desse ativo está baseado no nível de risco associado. Esse estudo examina carteiras de ações formadas com base em diferentes critérios e acompanha o retorno produzido no período, verificando as estratégias de investimento que provocam os melhores resultados, ou seja, quais as estratégias vencedoras tomando-se como base uma determinada variável fundamentalista. O resultado obtido poderá confirmar a hipótese de racionalidade do mercado. O trabalho é baseado no retorno apresentado pelas ações no mercado brasileiro no período de 1993 até 2003. / Modern Finance is established based in Market Efficiency Hyphotesis, an important concept widely accepted since1950´s. A market in which prices at any time refect all information available is considered efficient. In the present study we built portfolio as per some estrategies for selecting stocks based in past return just to verify winners strategies that can confirm the market efficiency hyphotesis. We followed the return based in stocks from 1993 to 2003 in São Paulo Stock Exchange.

Finanční analýza podniku cestovního ruchu zkoumá finanční situaci největší cestovní kanceláře na českém trhu - Čedoku a.s. Je zaměřena z pohledu investora, tedy především na analýzu rentability a její podrobné rozklady logaritmickou metodou, dále na ekonomickou přidanou hodnotu EVA a vybrané souhrnné indexy hodnocení podniku. Diplomová práce ale nejen hodnotí vlastní situaci podniku, nýbrž i poukazuje na specifika, odlišnosti hospodaření podniků cestovního ruchu.

The aim of the thesis is to evaluate the financial performance of SMEs in the Czech and Slovak Republic in the years 2003-2012. Slovak economy is from all EU Member States historically and structurally most similar to the Czech one. The year 2004 was crucial for both countries and also characteristic because of accession to the European Union. Both countries before 2009 had been using their own currency, but Slovakia separated from this direction and joined the euro area. This period is associated with unpleasant events in the world and therefore the economic crisis. The Czech Republic has committed to join the European Union to become a part of the Eurozone. The regression analysis used in empirical part of thesis provides the results of impact of the crisis on SMEs, especially for two observed countries to be able to compare development in the Czech Republic with the development of Slovakia, who entered this period with a common European currency.

This diploma thesis focuses on the financial analysis of a particular agricultural co-operative during a five-year period, i.e. from 2011 to 2015. The first theoretical part defines the concept of financial analysis itself, its purpose, documents for preparation and users. The next part of the theoretical bases characterises particular methods of financial analysis. The analytical part of the thesis is processed on the basis of the theoretical knowledge. The analytical part, in its introduction, provides basic information about the agricultural co-operative. Subsequently the horizontal and vertical analysis of the financial statement is carried out, and following this an analysis of financial indicators and ratios. The analytical part is concluded with bankruptcy and creditworthy models. The final section summarizes the results of the financial analysis, and according to this suggestions for financial improvement of the agricultural co-operative are proposed.

Nos últimos 20 anos os sistemas Agroflorestais vem fazendo parte de uma proposta alternativa de produção agropecuária, em especial para agricultura familiar, porque esse modelo de produção favorece e contribui para uma produção com sustentabilidade ambiental devido suas formas de manejos. Assim o objetivo desse trabalho é demonstrar a viabilidade desse sistema de produção dentro e fora da Reserva Legal na região do Apiaú, Município de Mucajaí, Roraima, Brasil. Para tanto utilizamos como materiais e métodos visita a campo, entrevistas e observações no local de estudo, os quais foram compilados e transformados em avaliações socioeconômicas e avaliação de viabilidade econômica do SAF. Observou-se que o local de estudo tem baixa demografia, resultado de condições adversas à sobrevivência no local, seja pela falta de políticas públicas, infraestrutura, incentivo financeiro, ou por despreparo do trato com a terra por parte dos agricultores rurais e falta de tecnológica capaz de mantê-los em condições de produção proporcional com equidade ao sistema patronal. Assim, o estudo realizado propôs-se a demonstrar como alternativa de produção ao pequeno produtor, o uso do SAF em área de Reserva Legal, e o resultado obtido com as pesquisas indicam que o SAF constitui-se como uma alternativa viável, em virtude de sua capacidade de melhor aproveitamento dos recursos naturais na produção agropecuária, reduzindo ao mínimo o uso de insumos não renováveis, conservando o meio ambiente, gerando renda e ganho socioeconômico da população local. / Over the past 20 years, the agroforestry systems has been part of an alternative proposal for agriculture production, especially for family farms, because this production model favors and contributes to a production with environmental sustainability because their forms of managements. Thus the aim of this study is demonstrate the feasibility of this system of production within and outside the Reserva Legal inside the Apiaú city, Mucajaí city, Roraima, Brasil. For both we used like material and field methods, questionnaires, interviews and observations holistic. Witch were compiled and transformed into socioeconomic assessments of economic feasibility assessment of the SAF. Thus it was found that the study site there is low demographic, result of adverse conditions of survival on the local, is the lack of public policies, infrastructure, financial incentive, lack of preparation to deal with the land by the rural farmers and technology diffusion capable to keep them in production conditions with equity to patronal system. So is in this sense that had the intention to demonstrate how production alternative to small farmer in the area of legal reserve through the SAF may be an option of quantitative and qualitative, by virtue of its ability to better use natural resources in agricultural production while minimizing the use of non-renewable inputs and conserving the environment, generating income and gain socioeconomic local population.

The aim of this work is to compare the rentability and risk of the shares and to find out which strategy would be the best to use to evaluate the money invested into selected companies from chosen branches of Paris stock exchange. The introduction of this work briefly describes the history, recent state and description of financial markets. In Czech conditions, this market is not suitable for similar comparison and analysis, therefore the analytic part of this work concentrates only on French stock exchange. Several statistic indicators are used for possible analysis of lucrativeness and risk rate (standard deviation, coefficient alpha, coefficient beta, variation coefficient), range of historical dates from the internet and other information. Historical dates, statistical markers, analysis and tests were used to establish and compare strategies used in investment in Paris stock exchange. Also used in the work are the findings of Czech and foreign authors who deal with the question. The aim of the practical part of this work is to put to use the theoretical knowledge and to find out which branches are best to invest into and vice-versa and which strategy to choose in order to make the most money or to loose as little money as possible.

Nos últimos 20 anos os sistemas Agroflorestais vem fazendo parte de uma proposta alternativa de produção agropecuária, em especial para agricultura familiar, porque esse modelo de produção favorece e contribui para uma produção com sustentabilidade ambiental devido suas formas de manejos. Assim o objetivo desse trabalho é demonstrar a viabilidade desse sistema de produção dentro e fora da Reserva Legal na região do Apiaú, Município de Mucajaí, Roraima, Brasil. Para tanto utilizamos como materiais e métodos visita a campo, entrevistas e observações no local de estudo, os quais foram compilados e transformados em avaliações socioeconômicas e avaliação de viabilidade econômica do SAF. Observou-se que o local de estudo tem baixa demografia, resultado de condições adversas à sobrevivência no local, seja pela falta de políticas públicas, infraestrutura, incentivo financeiro, ou por despreparo do trato com a terra por parte dos agricultores rurais e falta de tecnológica capaz de mantê-los em condições de produção proporcional com equidade ao sistema patronal. Assim, o estudo realizado propôs-se a demonstrar como alternativa de produção ao pequeno produtor, o uso do SAF em área de Reserva Legal, e o resultado obtido com as pesquisas indicam que o SAF constitui-se como uma alternativa viável, em virtude de sua capacidade de melhor aproveitamento dos recursos naturais na produção agropecuária, reduzindo ao mínimo o uso de insumos não renováveis, conservando o meio ambiente, gerando renda e ganho socioeconômico da população local. / Over the past 20 years, the agroforestry systems has been part of an alternative proposal for agriculture production, especially for family farms, because this production model favors and contributes to a production with environmental sustainability because their forms of managements. Thus the aim of this study is demonstrate the feasibility of this system of production within and outside the Reserva Legal inside the Apiaú city, Mucajaí city, Roraima, Brasil. For both we used like material and field methods, questionnaires, interviews and observations holistic. Witch were compiled and transformed into socioeconomic assessments of economic feasibility assessment of the SAF. Thus it was found that the study site there is low demographic, result of adverse conditions of survival on the local, is the lack of public policies, infrastructure, financial incentive, lack of preparation to deal with the land by the rural farmers and technology diffusion capable to keep them in production conditions with equity to patronal system. So is in this sense that had the intention to demonstrate how production alternative to small farmer in the area of legal reserve through the SAF may be an option of quantitative and qualitative, by virtue of its ability to better use natural resources in agricultural production while minimizing the use of non-renewable inputs and conserving the environment, generating income and gain socioeconomic local population.

Um dos fundamentos das Finanças, a partir da segunda metade do século 20, é a hipótese de eficiência de mercado. Num Mercado Eficiente, as informações sobre o ativo são transferidas para os preços de modo que o preço do ativo reflete toda informação disponível. Assim, o retorno desse ativo está baseado no nível de risco associado. Esse estudo examina carteiras de ações formadas com base em diferentes critérios e acompanha o retorno produzido no período, verificando as estratégias de investimento que provocam os melhores resultados, ou seja, quais as estratégias vencedoras tomando-se como base uma determinada variável fundamentalista. O resultado obtido poderá confirmar a hipótese de racionalidade do mercado. O trabalho é baseado no retorno apresentado pelas ações no mercado brasileiro no período de 1993 até 2003. / Modern Finance is established based in Market Efficiency Hyphotesis, an important concept widely accepted since1950´s. A market in which prices at any time refect all information available is considered efficient. In the present study we built portfolio as per some estrategies for selecting stocks based in past return just to verify winners strategies that can confirm the market efficiency hyphotesis. We followed the return based in stocks from 1993 to 2003 in São Paulo Stock Exchange.