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.

This master’s thesis deals with financial analysis of company Tenza, a.s. The results of financial analysis of this company are compared with results of competitive companies using modern and classical methods. It includes theoretical part which is necessary to complete the analysis, graphical and verbal interpretation of the results. At the conclusion of this thesis the observed companies are compared and possible steps to improve problematic points of solved problems are proposed.

This diploma paper treats methods of financial analysis and thein use for evaluation of the economic and financial situation of a company. I tis dividend in free parts – a theoretical one, an analytical one and a practical one. In the theoretical part of this diploma paper there are selected terminology explained and certain methods of financ ial analysis described. The kex attention is paid to elementary methods, primarily to the analysis of the status indices, ratio indices and the analysis of the system of indices. In the secon part of the paper these methods are used for processing of the financial analysis of the Spalovna a komunální odpady Corporation, in Brno. The reset of the analysis will be an evaluation of the society development during the years of 2003 – 2008, as well as an evaluation of the economic situation and status of the company at the end of the evaluation period and also an outline of a possible future development of this corporation. In the third part there will be a proposal of a solution for expansion of the corporatin presented on the basis of the results of the analysis and an evaluation of the corporation economic performance.

The master´s thesis is concerned with financial analysis and evaluates financial health of company Pramet Tools, s. r. o. in the years 2004 - 2008. The aim of this thesis is to apply basic methods of financial analysis to analyze financial situation in chosen company and based on achieved results to propose the possible solutions of identified problems which should result in the improvement of financial situation of the company in future years.

The master’s thesis analyses financial health of the company IFE-CR, a.s. in the years 2004 – 2008 at the basis of selected methods of the financial analysis. It comprises proposals of possible of identified problems which should result in the improvement of financial situation of the firm in future years.

Master´s thesis evaluates financial situation of AGOS stavebni a.s. between years 2004/2005 and 2010/2011 while using selected financial indicators. The main goal of the thesis is to review the financial situation of the company while proposing possibilities for improvement.

Over the recent decade the world has seen an increase in businesses launching new, or changing theirbusiness model to, digital platforms. New and established businesses are flocking to digital platformsin order to evolve their business model and keep up with advancements in technology, such as cloudcomputing, which enables commerce and communication on a much faster and more streamlinedlevel. Digital platforms with two-sided markets often face fierce competition from market incumbentswhich benefit from traditional supply-side economies of scale, as well as from other digital platforms.Therefore, the competitive strategy adopted at market launch and under operations will have a greatimpact on the platform performance in terms of firm financial performance.This study is divided into two parts and is performed with the objective to gain insight into thecompetitive strategies adopted by digital platform businesses with two-sided markets, and how suchstrategic decisions may be informed in favor of profitability. The first part investigates the influence ofinternal factors, such as debt ratio, quick ratio, sales growth, and capital turnover ratio, on the firmfinancial performance (measured by return on assets) of digital platforms with two-sided markets inthe Nordics. The second part investigates the relationship between the firm financial performance(measured by return on assets) of digital platform businesses with two-sided markets after launch andthe type of strategy adopted. Subsequently, two hypotheses are presented. Subsequently, twohypotheses are presented. A panel data regression model is developed to evaluate these relationships,allowing the authors to test the null hypotheses. The data set used in the panel data regression modelcomprise an unbalanced sample of 27 companies who have launched their platforms in Norway,Sweden, and Denmark. Financial data was gathered in the form of return on assets (dependentvariable), capital turnover ratio, quick ratio, debt ratio, and sales growth (explanatory variables).These companies were grouped depending on which strategy was adopted on market launch and underearly operations. These strategies are subsidy, seeding and marquee users, micro market launch andpiggybacking (categorical ‘dummy’ variables).Studying the firm financial performance of businesses which adopt digital platforms will help us tobetter understand the efficacy of strategies adopted and how these strategies impact financialperformance. Both null hypotheses tested may be partially rejected. The authors conclude that theinternal factors debt ratio, quick ratio, and sales growth have a significant influence on theprofitability (measured by return on assets) of digital platforms with two-sided markets in the Nordics.The influence of the internal factor capital turnover ratio on profitability is statistically insignificant.Quick ratio has a positive significant influence on profitability, whereas debt ratio and sales growthhave a negative influence. The authors also conclude that companies which have business modelsallowing them to adopt a subsidy strategy yields stronger profitability than those which adopt otherstrategies. Companies which entice seed & marquee users to their platform as a strategy yields thesecond strongest profitability. Companies which choose a micro market launch strategy yield theweakest profitability. The authors of this study will not draw conclusions on the efficacy of theadoption of a piggybacking strategy on profitability due to the limited number of observationsattributed to the piggybacking dataset.Future studies may expand upon this research with the inclusion of a wider catchment of businesses,as well as the inclusion of a wider data set to include other geographical locations and improvestatistical significance of the data set. An improvement to the study may also be to analyze thecorrelation between the strength of competitors upon market entry and the efficacy of the strategiesadopted.

This paper addresses the problem of a failing net debt approach; deposited funds rarely compensate the cost of debt. Venturing into operational credit facilities, the study evaluates the efficiency and feasibility of transitioning into fully cash-free liquidity management. The study takes a holistic approach and evaluates the research questions from the perspective of management through case studies on four smaller Swedish industrial firms. The study finds that there is substantial potential to free up capital; return on equity could have been boosted by an annual 5-10 percent including substantial one-off distributions. The study also concludes that Agency reasons are strong reasons for why firms are carrying material cash reserves. Through qualitative interviews, the study identifies several additional, but not less important, obstacles in the way of a full out cash-free transition. Most significantly, the financial system is not offering fully committed long term operational credit facilities and operating across different jurisdictions complicates the consolidation of liquidity. The study concludes that the matter would not have vast negative implications on real business activities, although further research would be required in regard to an extended debt overhang problem. / Uppsatsen kretsar kring den fallerande logiken med begreppet nettoskuld; tillgodohavanden på bank genererar sällan upp för kostnaden relaterad till motsvarande skuld. Med utgångspunkt i operationella kreditstrukturer utvärderas möjliga effektivitetsvinster och genomförbarheten av en fullständig övergång till kassa-fri likviditetshantering. Studien har ett holistiskt angreppssätt och utvärderar frågeställningarna från ett management-perspektiv genom fallstudier på fyra mindre svenska industriella bolag. Studien finner betydande möjligheter att frigöra kapital; årliga avkastningen på eget kapital hade kunnat öka med 5–10 procent och betydande engångsutdelningar hade varit möjliga. Studien finner vidare att agentteorin är en stark anledning till att bolag bär betydande kassapositioner. Genom kvalitativa intervjuer identifierar studien ytterligare, men ej desto mindre betydande, hinder för en kassa-fri övergång. Mest betydelsefullt, är att nuvarande finansiella system inte erbjuder för syftet fullgoda kreditstrukturer, samt det faktum att företag med verksamhet över olika jurisdiktioner upplever juridiska svårigheter med att konsolidera likviditet. Studien drar slutsatsen att en övergång inte skulle medföra betydande negativa konsekvenser för den operativa affärsverksamheten, men identifierar samtidigt att ytterligare studier skulle vara nödvändiga framförallt kring hur finansiella incitament kopplade till agent-teorins ’debt overhang’ skulle förändras vill en övergång till en fullt garanterad operationell kreditstruktur.

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.

Diploma thesis deals with evaluation of the economic situation of the company TRW Volant Inc. in the years 2003 -- 2007 and assessment of its financial health by analysing the chosen economic indicators. There are shortly described the individual phases of financial analysis as a basic instrument of the economic analysis in the theoretical part and there are also explained some basic terms. The practical part is focused on further identification of the company and the branch where it operates in, and also on aplication of theoretical analyses by means of mathematic calculation and graphic comparison. For the analysis purposes I used f.e. ratio indexes from the sphere of profitability, liquidity, structure of capital, activity and capital market, value index EVA, chosen bankruptcy and financial standing models, Du Pont's pyramidal decomposition etc. One of the component parts is also comparison of the analysed company with an average of the branch.