The diploma thesis "Value creation in innovative business and its assessment" is aimed at assessing the value of Family brewery Bernard company and later usage of potential scenarios to determine the expected value of the company. The thesis consists of two parts. First is theoretical-methodical part, where the means, methods and processes of the appreciation itself, strategic analyses, financial analyses, value generators and financial plan are analysed. Second half is aimed at practical part, where the above-mentioned theoretical process is applied to the particular business.

New building pension with brewery is situadet in town Prostejov. Object has 3 overground floors and flat roof, it has no cellar. On ground floor is situated the brewery, medium large kitchen with storages, sanitary and the restaurant. Kitchen is designed for preparing 150 meals, capacity of restaurant on the ground floor is 81 place and on the galery is 70 . On this floor has been situated room for invalids also. On the further floors are rooms for guests and technical area for air design system.

Antalet mikrobryggerier runt om i Sverige har de senaste åren ökat markant. Vanligast är att dessa producerar öl som ale och stout trots att vi svenskar, om man ser till systembolagets statistik, fortfarande främst dricker lager. En anledning till få av de mindre mikrobryggerierna brygger lageröl är att bryggprocessen är mer avancerad för att brygga lager. För att brygga lager krävs, utöver den vanliga bryggutrustningen, också ett sätt att kyla ölet på först till 10°C och sedan till 0°C under en längre period. Den utrustning som används av de flesta större mikrobryggerierna är för dyr för de mindre mikrobryggerierna och bryggning av lageröl uteblir därför ofta. Ett exempel på ett mindre mikrobryggeri som har detta problem är Brewing Költur och detta arbete har haft som avsikt att lösa kylproblemet för dem. Arbetet gick ut på att ta fram ett alternativt sätt, dels att kyla en sats öl på, 300 liter, dels att hålla ölet kallt utan större fluktuationer under en längre tid. En viktig del i lösningen är att investeringskostnaden för kylanläggningen skulle vara avsevärt lägre än de alternativ som finns på marknaden idag. Projektet hade dock inte som avsikt att lösa övriga problem som finns med bryggning av lager. Resultatet blev en Bag-in-Box: en frysbox i vilken en engångspåse placerades. En luftspalt skapades mellan påsen och frysens innerkanter för att sakta ner värmeöverföringen och på så vid undvika att kyla ned jästen för snabbt vilket (annars) kan få allvarliga konsekvenser på ölet. En prototyp av produkten kylanläggningen byggdes ihop på vilken tester utfördes. Testerna visade att produkten utan problem kunde hålla stabila temperaturer under längre perioder, framförallt vid de lägre temperaturerna. Vid nedkylning från 10°C samt vid hållning av denna temperatur krävdes viss komplettering med manuell omrörning för att undvika stora temperaturgradienter i påsen. Investeringskostnaden för produkten är mycket låg medan de rörliga kostnaderna är relativt höga på grund av engångspåsen då det går åt en eller två sådana per sats bryggd öl. På grund av produktens låga investeringskostnad, enkla montering samt relativt goda förmåga att hålla temperaturer konstanta anses produkten ha potential att kunna ha stor betydelse för mindre mikrobryggerier i framtiden. / There has been a large increase of microbreweries in Sweden in the past few years, most of which produce great beers such as ales and stouts. This is however a bit strange since most Swedes seem to prefer to drink lager; at least if you study the statistics of the Swedish alcohol monopoly’s top hundred most drunken beers last year. There might be several reasons for microbreweries not brewing lagers but one reason is the equipment needed for lager brewing. Apart from the regular brewing equipment needed for brewing ales, a cooling system is needed in lager brewing in order to reach the ideal temperatures for fermentation, 10°°C, and lagering. Lagering is a process where beer is stored for weeks or months in a cold place, typically around 0°C.  The cooling systems on the market are expensive and small start-up microbreweries do not have the funds to purchase these. One example of such a microbrewery is Brewing Költur, and this study aims to solve the cooling problem for them. The goal was to design a cheaper alternative for cooling a 300-litre batch of beer but without severe changes in quality. The product needs to be able to hold stable temperatures and also lower the temperatures from 10°°C to 0°°C, both without major fluctuations in temperature within the vessel. The project did not aim at solving other lager brewing related problems. The result was a Bag-in-Box: a chest freezer in which a disposable plastic bag, big enough to fit 300 litres of beer, was placed. An air gap was created in between the inside walls of the freezer and the bag to keep the sudden cold walls from damaging the yeast by cooling it to quickly. A prototype was put together in order to test the most important features of the product. The tests showed that the product could keep stable temperatures very well in the lower temperature intervals, while it needed manual stirring in the higher regions to avoid temperature gradients, especially when the temperature was lowered. The cost of the product is overall very low. The investment cost is very low, however since the disposable bags are somewhat costly the variable cost is fairly high, yet still significantly cheaper than the alternatives on the market. It is believed that the product could be used by many smaller microbreweries in the future due to the low investment cost, its ability to keep the temperatures relatively stable and also because it is easy to assemble.

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För att uppnå de globala målen för hållbar utveckling krävs en omställning i dagensenergisystem, där fossila resurser bör ersättas med förnybara energikällor såsom soloch vindkraft. Då dessa energikällor har en intermittent energiproduktion, krävsenergilager för att de ska kunna ta över som huvudsakliga energikällor. Vätgas harvisat sig vara ett bra alternativ till fossila resurser, då det är en lovande energibärareför energilagring, har hög energitäthet liksom att produktionen av vätgas kan skeutan skadliga utsläpp. Genom användandet av överskottsenergi från förnybaraenergikällor – såsom sol- och vindkraft – kan vätgas utvinnas genomvattenelektrolys. Stigande elpriser har resulterat i att såväl privatpersoner somföretag får betala ett högt pris för sin elförbrukning, samtidigt som det finns en riskatt elförsörjningen vid vissa tidpunkter inte klarar av elbehovet. Av den anledningenhar egenproduktion av elkraft – partiellt eller helt självförsörjande – blivit allt meraktuellt. Detta examensarbete utfördes som en energi- och systemanalys, där syftetvar att undersöka hur ett bränslecellsfordon med vätgas som energibärare kundeimplementeras och användas för lokal elproduktion på ett mikrobryggeri föröltillverkning i Mellansverige. Detta genom att genomföra en övergripandeenergikartläggning och beräkning av bryggeriets energianvändning i MicrosoftExcel. Ett vätgassystem modellerades för att därefter analyseras avseende totalsystemkostnad och systemverkningsgrad, och jämföras med en solcellsanläggningsom dimensionerades med mjukvaran Winsun.Det kunde konstateras att bryggeriets befintliga system medförde ett totaltenergibehov av 35 417 kWh och en total elkostnad på 110 179 kr/år, med ensystemverkningsgrad för elleverans via elnätet på 100%. Genom att integrera ettbränslecellsfordon till bryggeriet kunde 6043 kWh elektricitet och 4029 kWhvärme genereras per år. Då den totala kostnaden för inköpt el och vätgasberäknades, uppgick systemkostnaden för vätgassystemet till 139 635 kr/år, därsystemverkningsgraden varierade mellan 25–34%. Den dimensioneradesolcellsanläggningen medförde en systemkostnad på 78 758 kr/år och ensystemverkningsgrad på 92%, då en rak avskrivningstid på tio år antogs. Då dessasystem jämfördes avseende total systemkostnad och systemverkningsgrad, kundeslutsatsen dras att solcellsanläggningen var det mest ekonomiskt lönsammaalternativet vad gäller egenproduktion av elektricitet för denna tillämpning.Vätgassystemet konstaterades vara det dyraste alternativet och blev cirka 30 000 krdyrare per år än referenssystemet, men det bör dock tas i beaktande attvätgassystemet även medför en säkrad eltillgänglighet då det fungerar somreservkraft för eventuella avbrott på elnätet. / A transition in today’s energy system is required to achieve the global goals forsustainable development, where fossil resources should be replaced by renewableenergy sources such as solar and wind energy. As these energy sources have anintermittent energy production, energy storage is required for these to work asmain energy sources. Hydrogen has proven to be a good alternative to fossilresources as it is a promising energy carrier for energy storage, has a high energydensity as well as the production of hydrogen can take place without harmfulemissions. By using the surplus energy produced from renewable energy sources –such as solar and wind power – hydrogen can be extracted through waterelectrolysis. Rising electricity prices has resulted that both individuals andcompanies are paying a high price for their electricity consumption, while there is arisk that the electricity supply at certain times can not cope with the electricitydemand. For this reason, self-production of electric power – partially or completelyself-sufficient – has become increasingly relevant. The thesis was carried out as anenergy and systems analysis, where the purpose was to investigate how hydrogencan be used for electricity production at a microbrewery for beer production incentral Sweden. An overall energy audit and calculation of the breweries energy usewas carried out in Microsoft Excel. A hydrogen system was modeled, and thenanalyzed in terms of total cost and system efficiency. The hydrogen system was thencompared with a photovoltaic system dimensioned with the software Winsun.It could be stated that the breweries existing system entails a total energy demand of35 417 kWh and a total electricity cost of 110 179 SEK/year, with a systemefficiency for electricity supply via the electricity grid of 100%. By integrating a fuelcell vehicle into the brewery 6043 kWh of electricity and 4029 kWh of heat couldbe generated per year. When the total cost of purchased electricity and hydrogenwas calculated, the cost for the hydrogen system amounted to 139 635 SEK/year,where the system efficiency varied between 25–34%. The dimensioned photovoltaicsystem resulted in a cost of 78 758 SEK/year and a system efficiency of 92%, whena straight depreciation period of ten years was assumed. When these systems werecompared regarding total cost and system efficiency, it could be concluded that thephotocoltaic system was the most economically viable alternative for electricityproduction. The hydrogen system was the most expensive alternative and will beabout 30 000 SEK more expensive per year than the reference system, but it shouldbe taken into account that the hydrogensystem also provides a secured electricityavailability as it serves as backup power for any interruptions in the electricity grid.

Phosphorus (P) is one of the fundamental chemical elements and one of the building blocks of life. In nature, there are two major P flows. One P flow is natural, where P over thousands and millions of years gets mobilised from P rock and circulates, “changing hands” many times before it gets deposited and biologically unavailable. The second is the anthropogenic flow, three times larger than the natural P cycle. To feed the anthropogenic flow, P is mined from the P rock and processed towards the final product - phosphoric acid. From here, P is used in chemical industry, food and beverage industry, pharmacy, but mostly in agriculture as a fertiliser. Because fertilisers are applied on farmlands on a yearly basis, the turnover of P in agriculture, the largest consumer of the man-made P circle, occurs only once, therefore, it can be considered a primarily linear flow. From the man-made P flow, P leaches into the natural cycle. The consequence of this can be seen in the environment through eutrophication, and the formation of dead zones in lakes and the ocean, causing environmental damage. The importance of P and the danger it poses for the environment were recognised in EU regulations as well as in member states laws. Today, P is classified as a critical raw material at the EU level, and legal incentives are in place on both levels to reduce P emissions into the environment and to begin recovering P from human-made waste streams. There are several possible sources of P in human waste streams, including agricultural runoff, animal manures, food and food processing waste, wastewater and wastewater sludge, sewage sludge ash, but also already existing, immobilised, and unavailable P in the soil. This research focuses on wastewater and wastewater sludge for P recovery. It is estimated that if all the P in wastewater were recovered, this would cover 20% of the world's annual fertiliser needs. In wastewater treatment plants (WWTP), P recovery is usually done using chemically based P recovery technologies. The application of biologically based technologies from the wastewater focuses solely on P removal. Biological P recovery technologies are currently demonstrated only on a laboratory-scale. Here, a research gap was recognised. Based on available laboratory-scale work regarding P recovery using brewer's yeast, a new pilot-scale process was proposed for biological P recovery (BioP-Rec module) from WWTP process streams. A BioP-Rec module was installed in the full-scale WWTP, where successful biological P recovery was demonstrated with three different process stages. In stage 1, in anaerobic conditions, a free P-rich substrate was created using return sludge. In stage 2, starved brewer's yeast was used to recover the P by its accumulation in the cells. In stage 3, yeast was filtered to produce yeast sludge as a fertiliser. While working with the BioP-Rec module, an effort was made to work within or above the free P concentration of 0.05 kg/m3, which is considered economically feasible for P recovery. In addition, an effort was made for the BioP-Rec module to be compliant with the German Sewage Sludge Ordinance (GSSO) P content in dry matter (DM) threshold of 20 gP/kgDM in biosolids. From 2029, the GSSO will demand that WWTP with P content in DM above previously stated, in Germany, will need to mandatory recover the P in their process. If the BioP-Rec module as a technology can already demonstrate that it can fulfil defined thresholds, this would be a strong argument for its future development. In addition, economics of the current pilot-scale BioP-Rec process is explored, and further ideas were given towards its upgrade and possible further adoption. This work can be used as a stepping stone in the further development of environmentally friendly, biologically based P recovery processes towards further scale-up.:Content Summary 8 Zusammenfassung 10 1 Introduction 13 1.1 Phosphorus (P) 13 1.2 Wastewater P sources, P removal and recovery 16 1.2.1 Wastewater P sources 16 1.2.2 Wastewater P removal and recovery 19 1.2.2.1 Biological P removal 20 1.2.2.2 Chemical P removal 23 1.2.2.3 Biological P recovery 25 1.2.2.4 Biological P recovery with yeast 26 1.2.2.5 Chemical P recovery 31 1.3 Economically feasible P recovery 33 1.4 Legal framework for P recovery 34 1.5 Aim of this study 37 2 Publications 41 2.1 List of publications 41 2.2 Published articles 43 2.2.1 New developments in biological phosphorus accessibility and recovery approaches from soil and waste streams 45 2.2.2 A framework for P-cycle assessment in wastewater treatment plants 57 2.2.3 Biological recovery of phosphorus (BioP-Rec) from wastewater streams using brewer's yeast on pilot-scale 71 3 Discussion 91 3.1 WWTP P balance for P recovery 91 3.2 WWTP design impacting free P availability 93 3.3 Free P hot spots for biological P recovery 95 3.4 BioP-Rec module P recovery 97 3.4.1 BioP-Rec module version 1 97 3.4.2 BioP-Rec module development concept 98 3.4.3 BioP-Rec module work concept 100 3.4.3.1 Stage 1 101 3.4.3.2 Stage 2 104 3.4.3.3 Stage 3 108 3.4.4 P enriched yeast as a fertiliser 108 3.5 Process economics 110 3.6 Steps to consider towards optimisation of the process economics 112 3.6.1 Process parameter optimisation 114 3.6.1.1 Different acid for higher free P release in stage 1 114 3.6.1.2 Different flocculant 115 3.6.1.3 Sucrose to yeast ration for stage 2a (starvation) and stage 2b (free P uptake) 115 3.6.1.4 Reuse some of the BioP-Rec module waste streams 117 3.6.1.5 Process aeration optimisation 117 3.6.2 Technology optimisation 117 3.6.3 Possible positive effects of the optimisation steps 118 3.6.4 Secondary value adding effects that can offset development costs 119 3.6.5 Directions for future BioP-Rec development 120 3.7 Future prospects and conclusion 123 3.7.1 Future prospects of the BioP-Rec module application 123 3.7.2 Further yeasts P uptake research 123 4 References 125 Declaration of authorship and independent work 147 Curriculum vitae 151 List of publications and conference contributions 153 5 Appendix 5-1 5.1 Supplementary information on Publication 2 5-3 5.2 Supplementary information on Publication 3 5-23 5.3. Unpublished data connected to Publication 3: Original brewer's yeast phosphorus uptake without and with sucrose as a carbon source 5-45 6 Acknowledgements 6-54 / Phosphor (P) ist eines der grundlegenden chemischen Elemente und einer der Bausteine des Lebens. In der Natur gibt es zwei große P-Ströme. Ein P-Strom ist natürlich, wenn P über Tausende und Millionen von Jahren aus P-Gestein mobilisiert und zirkuliert, dabei „durch mehrere Hände wandert“, bevor es abgelagert und biologisch unverfügbar wird. Der zweite ist der anthropogene Strom, der dreimal größer ist als der natürliche P-Kreislauf. Um den anthropogenen Strom zu speisen, wird P aus dem P-Gestein abgebaut und zum Endprodukt - Phosphorsäure - verarbeitet. Dieser P wird in der chemischen, in der Lebensmittel- und Getränkeindustrie, in der Medizin, aber hauptsächlich in der Landwirtschaft als Düngemittel verwendet. Da Düngemittel jährlich auf landwirtschaftlichen Flächen ausgebracht wird, findet der Umsatz von P in der Landwirtschaft, nur einmal statt und kann daher als überwiegend linearer Fluss betrachtet werden. Aus dem anthropogenen P-Fluss gelangt P in den natürlichen Kreislauf. Die Folgen davon sind in der Umwelt durch Eutrophierung und die Bildung von Todeszonen in Seen und im Ozean zu sehen, was Umweltschäden zur Folge hat. Die Bedeutung von P und die Gefahr, die es für die Umwelt darstellt, wurden in EU-Verordnungen sowie in den Gesetzen der Mitgliedstaaten anerkannt. Heute ist P auf EU-Ebene als kritischer Rohstoff eingestuft und es bestehen rechtliche Anreize auf beiden Ebenen, um die P-Emissionen in die Umwelt zu reduzieren und die Rückgewinnung von P aus anthropogenen Abfallströmen zu beginnen. Es gibt mehrere mögliche Quellen von P in anthropogenen Abfallströmen, einschließlich landwirtschaftlicher Abflüsse, tierischer Exkremente, Lebensmittel- und Lebensmittelverarbeitungsabfälle, Abwasser und Klärschlamm, Klärschlammasche, aber auch bereits vorhandenes, immobilisiertes und nicht verfügbares P im Boden. Diese Forschung konzentriert sich auf die P-Rückgewinnung aus Abwasser und Abwasserschlamm. Schätzungen ergaben, dass eine erfolgreiche P-Rückgewinnung aus dem Abwasser 20% des jährlichen weltweiten Düngerbedarfs decken würde. In Kläranlagen (KA) erfolgt die P-Rückgewinnung in der Regel mit chemischen P-Rückgewinnungstechnologien. Der Einsatz von biologischen Technologien konzentriert sich ausschließlich auf die P-Entfernung aus dem Abwasser und nicht auf die P-Rückgewinnung. Biologische P-Rückgewinnungstechnologien werden derzeit nur im Labormaßstab demonstriert. Hier wurde eine Forschungslücke erkannt. Basierend auf den verfügbaren Laborarbeiten zur P-Rückgewinnung mit Brauereihefe wurde ein neuer Pilotmaßstab-Prozess für die biologische P-Rückgewinnung (BioP-Rec-Modul) aus KA-Prozessströmen vorgeschlagen. Ein BioP-Rec-Modul wurde auf einer kommunalen KA installiert, wo die erfolgreiche biologische P-Rückgewinnung mit drei verschiedenen Prozessstufen demonstriert wurde. In der Stufe 1 wurde unter anaeroben Bedingungen ein freies P-reiches Substrat mit Rücklaufschlamm erzeugt. In Stufe 2 wurden ausgehungerter Brauereihefen eingesetzt, um das P durch Akkumulation in den Zellen zurückzugewinnen. In Stufe 3 wurde die Hefe filtriert, um Hefeschlamm als Dünger zu produzieren. Bei der Arbeit mit dem BioP-Rec-Modul wurde versucht, innerhalb oder oberhalb der freien P-Konzentration von 0,05 kg/m3 zu arbeiten, die als wirtschaftlich rentabel für die P-Rückgewinnung betrachtet wird. Außerdem wurde darauf geachtet, dass das BioP-Rec-Modul den Grenzwert, festgelegt in der deutschen Klärschlammverordnung (AbfKlärV), für den P-Gehalt in der Trockensubstanz (DM) von 20 gP/kgDM in Klärschlämmen einhält. Ab 2029 wird die AbfKlärV in Deutschland fordern, dass Kläranlagen mit einem P-Gehalt in DM, der über den zuvor genannten Werten liegt, zwingend den P in ihrem Prozess zurückgewinnen müssen. Wenn das BioP-Rec-Modul als Technologie bereits demonstrieren kann, dass es die definierten Grenzwerte erfüllen kann, wäre das ein starkes Argument für seine zukünftige Entwicklung. Darüber hinaus wird die Wirtschaftlichkeit des derzeitigen BioP-Rec-Verfahrens im Pilotmaßstab untersucht, und es werden weitere Ideen zu seiner Verbesserung und möglichen weiteren Einführung vorgestellt. Diese Arbeit kann als Sprungbrett für die weitere Entwicklung von umweltfreundlichen, biologisch basierten P-Rückgewinnungsprozessen in größerem Maßstab genutzt werden.:Content Summary 8 Zusammenfassung 10 1 Introduction 13 1.1 Phosphorus (P) 13 1.2 Wastewater P sources, P removal and recovery 16 1.2.1 Wastewater P sources 16 1.2.2 Wastewater P removal and recovery 19 1.2.2.1 Biological P removal 20 1.2.2.2 Chemical P removal 23 1.2.2.3 Biological P recovery 25 1.2.2.4 Biological P recovery with yeast 26 1.2.2.5 Chemical P recovery 31 1.3 Economically feasible P recovery 33 1.4 Legal framework for P recovery 34 1.5 Aim of this study 37 2 Publications 41 2.1 List of publications 41 2.2 Published articles 43 2.2.1 New developments in biological phosphorus accessibility and recovery approaches from soil and waste streams 45 2.2.2 A framework for P-cycle assessment in wastewater treatment plants 57 2.2.3 Biological recovery of phosphorus (BioP-Rec) from wastewater streams using brewer's yeast on pilot-scale 71 3 Discussion 91 3.1 WWTP P balance for P recovery 91 3.2 WWTP design impacting free P availability 93 3.3 Free P hot spots for biological P recovery 95 3.4 BioP-Rec module P recovery 97 3.4.1 BioP-Rec module version 1 97 3.4.2 BioP-Rec module development concept 98 3.4.3 BioP-Rec module work concept 100 3.4.3.1 Stage 1 101 3.4.3.2 Stage 2 104 3.4.3.3 Stage 3 108 3.4.4 P enriched yeast as a fertiliser 108 3.5 Process economics 110 3.6 Steps to consider towards optimisation of the process economics 112 3.6.1 Process parameter optimisation 114 3.6.1.1 Different acid for higher free P release in stage 1 114 3.6.1.2 Different flocculant 115 3.6.1.3 Sucrose to yeast ration for stage 2a (starvation) and stage 2b (free P uptake) 115 3.6.1.4 Reuse some of the BioP-Rec module waste streams 117 3.6.1.5 Process aeration optimisation 117 3.6.2 Technology optimisation 117 3.6.3 Possible positive effects of the optimisation steps 118 3.6.4 Secondary value adding effects that can offset development costs 119 3.6.5 Directions for future BioP-Rec development 120 3.7 Future prospects and conclusion 123 3.7.1 Future prospects of the BioP-Rec module application 123 3.7.2 Further yeasts P uptake research 123 4 References 125 Declaration of authorship and independent work 147 Curriculum vitae 151 List of publications and conference contributions 153 5 Appendix 5-1 5.1 Supplementary information on Publication 2 5-3 5.2 Supplementary information on Publication 3 5-23 5.3. Unpublished data connected to Publication 3: Original brewer's yeast phosphorus uptake without and with sucrose as a carbon source 5-45 6 Acknowledgements 6-54

Thesis (MScEng (Mechanical and Mechatronic Engineering))--University of Stellenbosch, 2009. / This paper describes a MEng thesis project for a MEng in Renewable Energy Systems program at the Centre for Renewable Energy Studies at the University of Stellenbosch, South Africa. The aim of this paper was to offer to SAB (South African Breweries), in Cape Town, a feasibility study for the possibilities of the usage of wind energy on site. The small scale wind power technology has a long history and has been in South Africa for more than a hundred years in the form of water pump wind mills. All wind mills have an absolute maximum power output defined by the Betz limit. The choice of a wind turbine depends not only on this, but also on the wind speed distribution, the power curve, the location and financing. The small scale turbines have many different design which are predominantly grouped in horizontal axis (HAWT) and vertical axis (VAWT) machines. The choice of turbine for SAB depends on the available wind energy, the available budget, the available space and the application. The aim of the measurements on site was threefold; find a correlation with existing weather stations in the area like at Cape Town International Airport, propose a turbine for SAB’s budget and research the possibility for installing the turbine on one of the buildings. This is also known as building integrated wind turbines. Wind speeds can increase over buildings due to venturi effects and it could therefore be viable to locate these acceleration zones and install a turbine there. The data analysis shows that the wind above the brewery is very well correlated with the wind at the airport. We can therefore use the average speed values of this station to predict average power production. This leads to the proposal of a 1kW or 3kW turbine from a South African manufacturer: Kestrel. Building integration is however not a good idea. The wind is too turbulent and can therefore not be used. This is mainly caused by the fact that the surroundings of the brewery are too high and irregularly shaped. This makes it difficult for the wind to “lower” in between the buildings and accelerate. The wind turbine for SAB is proposed to be installed on the highest point of the roof and based on the neighbouring average wind speed values. The wind turbine should be connected directly to the brewery’s grid with an inverter and would then solely function as an energy saver. Another important aspect is the promotional value in the energy efficiency strategy of SAB. / Centre for Renewable and Sustainable Energy Studies

Ce mémoire s’intéresse aux campagnes publicitaires de bière diffusées dans divers journaux et magazines dans les années 1920 et 1950 au Québec, deux périodes d’après-guerre marquées par la prospérité économique et le développement de la consommation de masse. Cette étude comparative vise à faire ressortir l’évolution dans les représentations de la bière et les stratégies utilisées par les publicitaires pour la mettre en valeur afin de la rendre plus légitime dans la société. En plus de dégager les différents discours utilisés par les publicitaires pour mieux vendre ce produit, nous montrons que les thèmes et stratégies retenus sont directement influencés par les valeurs, les idées, les normes et le contexte législatif de la société québécoise pour chaque période étudiée. Nous soutenons d’ailleurs l’hypothèse selon laquelle le genre, mais plus particulièrement le discours dominant sur la masculinité, a fortement influencé la construction des campagnes publicitaires lors des deux périodes étudiées; la culture de l’alcool, mais plus particulièrement celle de la bière, est un bastion masculin qui tend à résister à l’intégration des femmes et de la féminité. / This thesis is interested in beer advertising campaigns published in various newspapers and magazines in the 1920s and 1950s in the province of Quebec, two post-war periods marked by economic prosperity and the development of mass consumption. This comparative study aims at emphasizing the evolution in beer representations and the strategies used by advertising agents in order to make beer more legitimate in the eyes of society. In addition to examining the various discourses used by advertising agents to sell their product, we show that the topics and strategies retained are directly influenced by the values, ideas, and social norms and by the legislative context of the Québec society for each decade. We also support the assumption that gender, but particularly the dominant discourse of masculinity, strongly influenced the construction of the different beer advertising campaigns during the 1920s and 1950s; the culture of alcohol, but especially that of beer, is a male bastion which tends to resist the integration of women and femininity. Keywords

The objective of the thesis is to estimate the value of Rodinný pivovar BERNARD a. s., a small brewery based in Humpolec, Czech Republic, as of 31th December 2010. The thesis consists of two parts. The theoretical parts describes applied methods and approaches, the application part includes company profile, strategic analysis, financial analysis, analysis and prognosis of value drivers, financial plan and final valuation. The company was valued using the DCF Entity method.

Ce mémoire s’intéresse aux campagnes publicitaires de bière diffusées dans divers journaux et magazines dans les années 1920 et 1950 au Québec, deux périodes d’après-guerre marquées par la prospérité économique et le développement de la consommation de masse. Cette étude comparative vise à faire ressortir l’évolution dans les représentations de la bière et les stratégies utilisées par les publicitaires pour la mettre en valeur afin de la rendre plus légitime dans la société. En plus de dégager les différents discours utilisés par les publicitaires pour mieux vendre ce produit, nous montrons que les thèmes et stratégies retenus sont directement influencés par les valeurs, les idées, les normes et le contexte législatif de la société québécoise pour chaque période étudiée. Nous soutenons d’ailleurs l’hypothèse selon laquelle le genre, mais plus particulièrement le discours dominant sur la masculinité, a fortement influencé la construction des campagnes publicitaires lors des deux périodes étudiées; la culture de l’alcool, mais plus particulièrement celle de la bière, est un bastion masculin qui tend à résister à l’intégration des femmes et de la féminité. / This thesis is interested in beer advertising campaigns published in various newspapers and magazines in the 1920s and 1950s in the province of Quebec, two post-war periods marked by economic prosperity and the development of mass consumption. This comparative study aims at emphasizing the evolution in beer representations and the strategies used by advertising agents in order to make beer more legitimate in the eyes of society. In addition to examining the various discourses used by advertising agents to sell their product, we show that the topics and strategies retained are directly influenced by the values, ideas, and social norms and by the legislative context of the Québec society for each decade. We also support the assumption that gender, but particularly the dominant discourse of masculinity, strongly influenced the construction of the different beer advertising campaigns during the 1920s and 1950s; the culture of alcohol, but especially that of beer, is a male bastion which tends to resist the integration of women and femininity. Keywords