The first part of this master´s thesis includes on the theoretical interpretation of the principles of management of the company in terms of financial analysis.Financial analysis is an important tool for obtaining information about complex financial situation.The second part of master´s thesis helps to identify initially selected businesses that are focused on the processing and sale of dried meat in the Czech Republic. Than we go to the application of indicators in the theoretical part where the sub calculations are presented in the chart and possibly graphically along with commentary of the result achieved. Analysis of selected business entities is ensured on the basis of publicly available financial documents such as balance sheets,profit and loss account in five accounting periods,in the years 2010 -2014.Finally the thesis evaluates the achievements of individual indicators, which comprehend sively expresses the financial situation of the two selected businesses.

The diploma thesis is focused on budgetary economy of selected minucipality, in this case the town Horní Planá. There are described functions of the municipality, its institutions and a property, separation of the property and management with it. The thesis is focused on a budgetary economy of a municipality, a budget, a budget composition, where are defined budgetary incomes and expeditures and subsequently a budgetary outlook is analyzed there. The aim of this thesis is to analyze the economy of the town Horní Planá, which is performed on the data in the next five years, based on the analysis recommend possible measures to achieve the optimum relationship between the economy, efficiency and effectiveness, or finding potential funding sources. Partial aims are evaluation of the progression budgets in the period and to determine the effects of ganges of incomes and expenditures in different years, to analyze cash flow over the period and evaluate influences on cash flow and the analysis of the property of selected municipality and its funding.

This master thesis is focused on a company called Bontonfilm promotions s r.o. The company is mainly interested in sales of promotional products and have been founded by the end of the year 2014. Only one year of relevant information about the company were available. Strategic analysis of the company evaluates and proposes a strategy of the company for year 2017. The thesis is divided into theoretical, practical part and the conclusion. The theoretical part is based on specialized bibliographic sources. Strategic analysis contains internal & external analysis, analysis of competitors, BCG analysis and SWOT analysis. Due to the results of these investigations there is a proposed strategy for year 2017 that correspond to the company goals.

The thesis examines and evaluates the influence of the financing of receivables through factoring on the financial health of the recruitment agency Grafton Recruitment s.r.o. operating in the Czech Republic. The first part deals with the theoretical background of the company's assets and capital structure and with alternative sources of the company's funding focusing on factoring and it describes the financial analysis and the basic definition of the activity of recruitment agencies. The second part presents the above mentioned recruitment agency and applies theoretical knowledge to the data taken from financial statements starting by the fiscal year 2012 and ending by 2016, through selected methods of financial analysis. The next step is analyzing receivables according to the payment deadlines, which are processed from the company's internal accounting, then describing methods of use of factoring in the company and assessing its expenses. The final evaluation of the factoring effect on the company's financial health is based on results of horizontal and vertical analysis of the balance sheet and of profit and loss account, as well as on the indexes of profitability, activity, indebtedness and liquidity. The end includes aspects of the factoring impact on the rating of the company's financial health based on practical experiences.

The aim of this diploma thesis is to evaluate the economic efficiency of selected investment through various economics methods. This is based on available data and selected methodological process solutions. The basic economics methods of investment efficiency evaluation were used to evaluation of economic investment efficiency, among these methods can be found static methods as well as dynamic ones that respect the time factor. Among the most important indicator evaluating investment efficiency belongs net present value, internal rate of return and pay-off period. According to achieved and gauged results of investment efficiency evaluation some relevant recommendations are defined.

Submitted by Wagner Soutelinho (wfsoutelinho@ig.com.br) on 2009-08-14T14:36:21Z No. of bitstreams: 1 Gerenciamento de Risco em Empresas Não Financeiras_ Aplicações na Indústria Petrolífera.pdf: 231339 bytes, checksum: a148b283f1d9abe2fbd4e766e8c722b5 (MD5) / Approved for entry into archive by Vitor Souza(vitor.souza@fgv.br) on 2009-08-14T14:45:56Z (GMT) No. of bitstreams: 1 Gerenciamento de Risco em Empresas Não Financeiras_ Aplicações na Indústria Petrolífera.pdf: 231339 bytes, checksum: a148b283f1d9abe2fbd4e766e8c722b5 (MD5) / Made available in DSpace on 2009-08-14T14:46:55Z (GMT). No. of bitstreams: 1 Gerenciamento de Risco em Empresas Não Financeiras_ Aplicações na Indústria Petrolífera.pdf: 231339 bytes, checksum: a148b283f1d9abe2fbd4e766e8c722b5 (MD5) / O objetivo principal deste trabalho é a criação de um modelo teórico para a mensuração do fluxo de caixa em risco (CFaR) em instituições não financeiras, e sua aplicação na indústria de óleo e gás. Através deste modelo a empresa deve ser capaz de observar, através de seu fluxo de caixa, a probabilidade de dispor ou não de recursos para honrar seus compromissos. Deve-se analisar os métodos utilizados para gerenciamento de risco (VaR, CFaR e EaR) e aplicar um modelo de CFaR. Após a aplicação desta métrica, pode-se analisar os resultados encontrados. Será utilizado como base para o modelo proposto um paper publicado no Jornal of Applied Corporate Finance intitulado 'Exposure-Based Cash-Flow-at-Risk: An Alternative to VaR for Industrial Companies'. Foi observado que o CFaR vem ganhando mais popularidade na gestão de risco das grandes empresas, demonstrando a exposição ao risco destas empresas e viabilizando a uma melhor tomada de decisão como utilizar o hedge de forma mais eficiente.

[pt] O presente trabalho tem como objetivo analisar estratégias de hedge com contratos a termo, futuros e opções que impactem em redução do CF@R para um modelo de refinaria de petróleo. A finalidade é mostrar o efeito causado por instrumentos normalmente utilizados no mercado financeiro para a proteção de carteiras dentro do ambiente corporativo. A base para o estudo de caso é moldada através da metodologia para análise de risco em instituições não financeiras sugerida pelo documento técnico CorporatemetricsTM. Na estrutura financeira corporativa, cujo conceito já é solidificado, foram introduzidas algumas variáveis para estudar a distribuição dos fluxos de caixa da refinaria. São utilizados processos estocásticos, neste caso o MGB, para simular os preços das commodities identificadas como fatores de risco que influenciam o resultado financeiro da empresa. A partir daí, tendo como ferramentas a simulação de Monte Carlo e a Fatoração de Cholesky para o auxílio na geração de projeções correlacionadas, são criados cenários dos possíveis fluxos de caixa futuros. / [en] This study intents to examine strategies for hedging with swaps, futures and options that reduce the impact in CF@R to a model of oil refinery. The purpose is to show the effect that financial market hedge instruments used in portfolios causes in the corporate environment. The basis for the case study is shaped by the methodology for risk analysis on non-financial institutions suggested by the technical document CorporatemetricsTM. In the corporate financial structure, which concept is already solidified, it was added some variables to study the cash flow distribution of the refinery. Stochastic processes are used, in this case the MGB, to simulate the prices of the commodities identified as risk factors that influence the financial results of the company. Afterwards, the Monte Carlo simulation and the Cholesky decomposition are used to help generate correlated projections and therefore develop possible future cash flows scenarios.

No description available.

The diploma thesis is focused on determining the objectified value of the ag-ricultural company AGRA Ždánice, a. s. The thesis is divided into two parts. First, the issue of business valuation is described in the theory. Second, the practical portion includes the characteristics of the valued company and its valuation according to the theoretical portion. The process of valuation contains the strategic and financial analysis, as well as the analysis and forecast of value drivers. On the basis of this information, the business value is estimated to 1 January 2013 using both the discounted cash flow method and the capitalized earnings method. The thesis concludes with recommendations in the area of business value.

Made available in DSpace on 2014-06-11T19:26:16Z (GMT). No. of bitstreams: 0 Previous issue date: 2008-12-10Bitstream added on 2014-06-13T18:54:32Z : No. of bitstreams: 1 volpato_pr_me_bauru.pdf: 853774 bytes, checksum: cc7fcec621e660a4255c9498f2c10913 (MD5) / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / As profundas transformações pelas quais passou o setor de energia elétrica no Brasil nos últimos anos, particularmente no que se refere à desverticalização das atividades de transmissão, geração e distribuição, teve como consequência, entre outras, o surgimento de empresas especializadas na atividade de transmissão de energia elétrica. Essas empresas, individualmente ou em consórcios, principalmente através de financiamentos estruturados na modalidade Project Finance, têm disputado avidamente os lotes submetidos a leilão pela Agência Nacional de Energia Elétrica - ANEEL, aceitando deságios surpreendentemente elevados em relação à receita teto definida pelo poder concedente. Uma vez aceitos esses deságios, levando em conta os critérios adotados pela agência, as receitas oriundas da disponibilidade desses ativos ao sistema elétrico, não cobririam os investimentos, tornando pouco atraente ou mesmo proibitivo às empresas fazer investimentos em transmissão de energia elétrica no Brasil. Este trabalho tem como objetivo identificar, dentre as variáveis que compõem uma avaliação de investimento, quais poderiam explicar a tomada de decisão final em oferecer um lance num leilão, com o objetivo de obter uma concessão para construir e operar ativos de transmissão de energia elétrica. Ainda como objetivos secundários, apresenta a atual estrutura do setor elétrico brasileiro e as características de uma empresa de transmissão. O trabalho pretende, assim, responder a uma indagação frequente nos meios especializados acerca das razões que levam os investidores a aceitar empreender capital com expectativa de retornos tão reduzidos. A pesquisa conclui que os valores considerados pelo poder concedente para definir as receitas futuras dos empreendimentos em transmissão de energia elétrica, particularmente no leilão analisado, não condizem com os valores... / The deep changes in which the electrical energy sector went through in Brazil in the past few years, in particular the split of the activities of generation, transmission, and distribution, caused as consequence, among others, the arising of specialized companies in the electrical energy transmission activity. These companies, individually or in consortiums, have greedily disputed the lots submitted to auctions by the National Agency of Electric Energy (Agência Nacional de Energia Elétrica - ANEEL), mainly through the financy structrured modality of Project Finance, accepting surprising elevated discounts in comparison with previous values of incomes defined by the government. Since these discounts are accepted, taking into account the criteria adopted by the agency, the incomes originated for the availability of these assets to the electrical systems would not compensate the investments, making this business not attactive or even prohibitive to the companies that intent to invest in the transmission of electrical energy in Brazil. This work has the objective to identify, among the variables that forms an investment analysis, which ones would be able to explain the final decision in offer a proposal in a auction, with the objective to obtain a concession to build and operate electrical energy transmission assets. As complementary objectives, it shows the present structure of the Brazilian electrical sector and the characteristics of transmission companies. This work intents, yet, to find answers to a frequent question in the specialized press about what are the reasons that lead investors to accept to invest capital even when they have so reduced expectations o returns. This research concludes that the values considered by the government to define futures incomes of the undertakings in electrical energy transmission, particularly in this analyzed auction, do not correspond to the values... (Complete abstract click electronic access below)