Varje år går ca 6 000 företag i konkurs och det påverkar intressenter i form av kreditgivare, leverantörer, anställda och staten i form av inställda amorteringar, betalningar, skatteskulder samt löneutbetalningar. Därav är intresset stort att kunna predicera samt identifierav arningssignaler för konkurs. Denna uppsats kommer att undersöka skillnader mellan de finansiella nyckeltalen mellan konkursade och icke konkursade företag i de två mest konkursutsatta branscherna i svenskt näringsliv. Syfte Syftet med studien är att få bättre inblick i finansiella nyckeltalens betydelse för företag som går i konkurs genom att studera sambandet mellan konkurs och nyckeltal på mindre aktiebolag i Sverige inom byggnad och detaljbranschen. Metod Vi har använt oss av en kvantitativ metod där vi analyserat data genom deskriptiv statistik, oberoende t-test, korrelationsanalys och en logistisk regressionsanalys. Urvalet har varit påmindre företag i Sverige som upprättar årsredovisning i enlighet med K2-regelverket. Urvalet på 45 konkursade företag och 90 icke konkursade företag per bransch gjordes genom ett systematiskt urval av varje bransch. Ur varje grupp gjordes ett systematiskt urval på var femte företag som matchade våra kriterier. Slutsats Vår studie visar att det i den univariata och bivariata analysen finns tydliga skillnader mellan konkursade och icke konkursade företag. Studien visar också att nyckeltalen har en negativ trend från en treårsperiod innan konkursen fram tills konkursförfarandet. Ett år innan konkurs var differensen mellan konkursade och icke konkursade företag i byggbranschen signifikant på samtliga nyckeltal medan detaljhandeln endast hade sex av åtta nyckeltal signifikanta. / Every year, about 6,000 companies go bankrupt and this affects stakeholders in the form of creditors, suppliers, employees and governments in the form of canceled repayments, payments, tax liabilities and salary payments. As a result, there is great interest in being ableto predict and identify warning signals for bankruptcy. This thesis will examine differences between the financial key figures between bankrupt and non-bankrupt companies in the two most bankrupt industries in Swedish business. Purpose The purpose of the study is to gain a better insight into the significance of financial ratios for companies that go bankrupt by studying the relationship between bankruptcy and financialratios on smaller limited companies in Sweden in the construction and retail industry. Method We have used a quantitative method where we analyzed the data through descriptive statistics, independent t-tests, correlation analysis and a logistic regression analysis. The sample has been smaller companies in Sweden that prepare annual reports in accordance with the K2 regulations. The selection of 45 bankrupt companies and 90 non-bankrupt companies per industry was made through a systematic selection. From each group, a systematic selection was made on every fifth company that matched our criteria. Conclusion Our study shows that in the univariate and bivariate analysis there are clear differences between bankrupt and non-bankrupt companies. The study also shows that the key figures have a negative trend from a three-year period in bankruptcy until the bankruptcy proceedings. One year before bankruptcy, the difference between bankrupt and non-bankrupt companies in the construction industry was significant on all key figures, while the retail tradehad only six out of eight key figures significant.

The diploma thesis is focused on the evaluation of the performance of the selected construction company. The theoretical part deals mainly with the methodology and concepts within financial analysis. It describes its purpose, sources of data, the process and characterizes indicators. Terms construction company and construction market are also explained. The case study analyses selected construction company and compare the significant financial indicators with values of the construction industry.

Ekonomin blir allt mer global och redovisningsinformation analyseras av olika investerare över hela världen. Informationen som jämförs behöver vara jämförbar med varandra för att ge rättvisande vägledning i ett beslutsfattande. Börsnoterade företag inom Europeiska unionen ska upprätta sin redovisning enligt IFRS och företag som är noterade i USA ska upprätta sin redovisning enligt US GAAP. Det som skiljer regelverken åt är att US GAAP är mer regelbaserat och IFRS är principbaserat, vilket medför att företagsledningen har möjlighet att påverka redovisningen i viss utsträckning. Regelverken skiljer sig åt på en mängd olika punkter för att i vissa avseenden påminna om varandra. Men det är skillnaderna som skapar den informationsasymmetri som sedan kan vilseleda investerare som jämför bolag mellan de olika regelverken.Syftet med denna studie är att analysera om redovisning enligt IFRS eller US GAAP leder till signifikanta skillnader mellan olika nyckeltal. Genom att analysera detta vill vi belysa de eventuella skillnader som kan uppstå i de finansiella nyckeltalen vilket kan ändra investerares intresse för företaget.I studien har 21 stycken dubbelnoterade läkemedelsföretag ingått. Med dubbelnoterade innebär det i denna studie att företagen är noterade på börsen både i Europa och i USA. För dessa företag har två stycken mått för skuldsättning, två stycken mått för lönsamhet och två stycken mått för likviditet beräknats och analyserats. Komponenterna för att beräkna nyckeltalen har hämtats ur företagens egna årsredovisningar som upprättats enligt både IFRS och US GAAP. För att fastställa om regelverken har någon signifikant påverkan på nyckeltalen har vi analyserat våra nyckeltal genom en hypotesprövning. Genom denna studie har vi konstaterat att regelverken inte har någon signifikant påverkan på något av de undersökta företagens nyckeltal. / The economy is getting even more global and accounting information are analysed by several investors over the world. The information being compared has to be comparable with each other to give true guidance before decision-making. Companies listed on the stock exchange within the European Union shall establish their accounting in accordance with IFRS and companies listed on the American stock exchange shall establish their accounting in accordance with US GAAP. What sets the rules apart is that US GAAP is more rule-based than IFRS, which is principle-based, and the managers have an opportunity to influence the accounting to some extent. The frameworks differ in some points, while they in some respects remind of each other. However, it is the differences that create the information asymmetry which can mislead shareholders who compare companies that reports in accordance with both regulations. The purpose of this study is to analyse whether accounting according to IFRS or US GAAP leads to significant differences between different financial ratios. By analysing this, we want to shed light on the possible differences that may arise in the financial ratios, which can change the investor’s interest in the company. The study includes 21 cross-listed companies who are listed on a stock exchange both in Europe and in the US. Two ratios of debt, two ratios of profitability and two ratios of liquidity have been calculated and analysed for each of the companies. The components that have been used to calculate these ratios have been collected from the companies own annual reports that have been prepared in accordance with both IFRS and US GAAP. The study has used a hypothesis test to determine whether the regulations have any significant impact on the financial ratios. The result of this study shows that the regulations have no significant impact on the examined company’s financial ratios.

Screening models are tools for predicting which stock are the most likely to perform well on a stock market. They do so by examining the financial ratios of the companies behind the stock. The ratios examined by the model are chosen according to the personal preferences of the particular investor. Furthermore, an investor can apply different weights to the different parameters they choose to consider, according to the importance they apply to each included parameter. In this thesis, it is investigated whether a screening model can beat the market average in the long term. It is also explored whether parameter-weight-optimization in the context of equity trading can be used to improve an already existing screening model. More specifically, a starting point is set in a screening model currently in use at a successful asset management firm, through data analysis and an optimization algorithm, it is then examined whether a programmatic approach can identify ways to improve the original screening model by adjusting the parameters it looks at as well as the weights assigned to each parameter. The data set used in the model contains daily price data and annual data on financial ratios for all stocks on the Stockholm Stock Exchange as well as the NASDAQ-100 over the time period 2004-2018. The results indicate that it is possible to beat the market average in the long term. Results further show that a programmatic approach is suitable for optimizing screening models.

Från och med den 1 januari 2019 infördes den nya internationella redovisningsstandarden IFRS 16 - Leases och ersätte den gamla standarden IAS 17 - Leases. Klassificeringen av leasingavtal mellan operationella och finansiella enligt IAS 17 - Leases har kritiserats för att ha skapat ett incitament för företag att redovisa leasingavtal som operationella och således undvika att kapitalisera kontrakten i balansräkningen som en leasingtillgång respektive leasingskuld. För att hantera den problematik och informationsasymmetri som uppstod inledde IASB och FASB ett projekt som resulterade i den nya standarden IFRS 16 - Leases.Att belysa i den nya standarden IFRS 16 är att leasegivare inte påverkas i samma utsträckning som leasetagare. Redovisningen för leasegivare påminner om det tidigare regelverket, IAS 17, och därav medför inte förändringen några större skillnader. För leasetagare innebär den nya standarden att bolaget måste identifiera sina leasingkontrakt som löper över tolv månader eller avser ett värde över 5 000 USD när tillgången var ny. Klassificeringen av operationella och finansiella leasingavtal kommer således att upphöra för leasetagare men kvarstå för leasegivare.Syftet med uppsatsen är att genom en kvalitativ ansats med intervjuer i kombination med kvantitativa undersökningar av kvartalsrapporter studera de förändringar som IFRS 16 medför på fastighetsföretags balans- respektive resultaträkning. Uppsatsen kommer även att klarlägga vilka finansiella nyckeltal som kommit att påverkas av IFRS 16 i bolagens finansiella rapport för första kvartalet 2019 och avslutningsvis undersöka om den nya standarden kan komma att påverka värderingen av tomträttsfastigheter. Uppsatsens syfte mynnar ut i två frågeställningar formulerade under avsnitt 1.3 Syfte.Utifrån de intervjuer som genomförts med representanter från tre olika verksamhetsområden har relevanta slutsatser framställts och respektive frågeställning kunnat besvarats med  säkerhet. Övergången till IFRS 16 kommer att påverka nyckeltal som bland annat belåningsgrad, soliditet och räntetäckningsgrad. För fastighetsbolag är det främst leasingkontrakt i form av tomträtter som är av betydelse då fastighetsbolagen i dessa leasingkontrakt är leasetagare och således påverkas av den förändrade redovisningen. Bruttoresultatet kommer även att påverkas då fastighetsbolagens driftnetto ökar till följd av att avgiften för tomträtten, tomträttsavgälden, flyttas från att vara en kostnad som belastar driftnettot, till att vara en finansiell post i form av ränta.Avslutningsvis har konstaterats att IFRS 16 inte har någon större påverkan på fastighetsbolag, varken på dess finansiella rapportering eller specifika nyckeltal. Bolagen kan relativt enkelt tillämpa IFRS 16 genom en förenklad metod, vilka många bolag valt att göra. Det har dock framkommit att det inte har varit lika enkelt att tolka standarden och hur upplysningar om IFRS 16 ska ske konkret i kvartalsrapporterna. Kvartalsrapporterna som släppts första kvartalet 2019 har därav haft en spridning i tydlighet så väl som utformning. En generell uppfattning från flera respondenter har varit att IFRS 16 medför extra arbete i bolagens redovisning men leder dessvärre inte till ökad transparens, vilket var grundidén till varför den nya standarden togs fram från början. Således kan även konstateras att IFRS 16 inte fullständigt uppnår sitt syfte att öka transparensen. / By 1st of January 2019 the new International Accounting Standard IFRS 16 - Leases will be applied and replace the old accounting standard IAS 17 - Leases. The classification between an Operational Lease and Financial Lease according to IAS 17 – Leases, has received criticism for creating an incentive for corporations to account for a lease contract as an operational lease and therefore avoid capitalizing the contracts in the balance sheet as a right of use asset and lease liability. To cope with the complex of problems, as well as the information asymmetry that arose, IASB and FASB initiated a project that lead to the new accounting standard IFRS 16 - Leases.To elucidate in the new standard IFRS 16 is the fact that the lessor is not affected in the same extent as the lessee. The lessor method for accounting reminds of the previous standard IAS 17 and therefore the alteration does not cause any major changes. For the lessee IFRS 16 implies that the corporates must identify their lease contracts with a duration past twelve months and leased assets with a value above 5 000 USD when new. Hence the classification of operational and financial lease contracts will be eliminated for the lessee but remain for the lessor.The purpose of the thesis is to study the effects of IFRS 16 on real estate companies income statement and balance sheet through a qualitative approach with interviews in combination with a quantitative analysis of the financial quarterly reports for January to March 2019. Henceforth a clarification of financial ratios affected by IFRS 16 will be provided and lastly the study will examine if IFRS 16 may affect the valuation of properties provided with a site lease. The purpose of the thesis is formulated into two questions mentioned in section 1.3 Aim.Based on the interviews conducted with representatives from three different areas of activity,  relevant conclusions have been presented and the research questions have been answered with certainty. The transition to IFRS 16 affects key ratios such as loan-to-value, equity ratio and interest coverage ratio. For real estate companies, it is primarily leasing contracts in the form of site leasehold rights that are of importance as the real estate companies in these leases are lessees and thus are affected by the changed accounts. The gross profit will also be affected when the companies net operating income increases as a result of the fee for the site leasehold right, being moved from a cost that is charged in the net operating income to be a financial item in the form of interest.In conclusion, the study has ascertained that IFRS 16 - Leases do not affect real estate companies at large, neither on their financial reporting or specific financial ratios. It is relatively simple for the corporates to apply IFRS 16 through a simplified method, which a majority of the companies have chosen. However, it has emerged that is has not been an easy task to interpret the standard and how detailed information regarding IFRS 16 should be recognized in the quarterly reports. Therefore, there have been a significant difference between clarity as well as formation in the quarterly reports released in the first quarter 2019. A general opinion from several respondents have been that IFRS 16 entails extra work in the companies accounts but unfortunately does not lead to increased transparency, which was the basic idea why the new standard was developed from the beginning. Thus, it can also be stated that IFRS 16 does not fully achieve its purpose in increasing transparency.The study is henceforth written in Swedish.

Financial ratios are key units of analysis in most quantitative financial research including bankruptcy prediction, performance and efficiency analysis, mergers and acquisitions, and credit ratings, amongst others. Since hundreds of ratios can be computed using available financial data and given the substantial overlap in information provided by many of these ratios, choosing amongst ratios has been a significant issue facing practitioners and researchers. An important contribution of the present thesis is to show that ratios can be arranged into groups where each group describes a separate financial aspect or dimension of a given firm or industry. Then by choosing representative ratios from each group, a small, yet comprehensive, set of ratios can be identified and used for further analysis. Whilst a substantial part of the financial ratio literature has focused on classifying financial ratios empirically and on assessing the stability of the ratio groups over different periods and industries, relatively little attention has been paid to the classifying of financial ratios of the banking sector. This study aims to explore the classification patterns of 56 financial ratios for banks of different type, size and age. Using data from the Uniform Bank Performance Report (UBPR), large samples of commercial, savings, and De Novo (newlychartered) commercial banks were obtained for the period between 2001 and 2005, inclusive. Principal Component Analysis (PCA) was performed on a yearly basis to classify the banks' ratios after applying the inverse sinh transformation to enhance the distributional properties of the data. The number of patterns were decided using Parallel Analysis. The study also uses various methods including visual comparison, correlation, congruency, and transformation analysis to assess the time series stability and cross-sectional similarity of the identified ratio patterns. The study identifies 13 or 14 ratio patterns for commercial banks and 10 or 11 ratio patterns for savings banks over the period on which the study is based. These patterns are generally stable over time; yet, some dissimilarity was found between the ratio patterns for the two types of banks – that is, the commercial and savings banks. A certain degree of dissimilarity was also found between the financial patterns for commercial banks belonging to different asset-size classes. Furthermore, four ratio patterns were consistently identified for the De Novo commercial banks in the first year of their operations. However, no evidence of convergence was found between the ratio patterns of the De Novo commercial banks and the ratio patterns of the incumbent (that is, long established) commercial banks. The findings of this study bring useful insights particularly to researchers who employ bank financial ratios in empirical analysis. Methodologically, this research pioneers the application of the inverse sinh transformation and parallel analysis in the area of the ratio classification literature. Also, it contributes to the use of transformation analysis as a factor comparison technique by deriving a significance test for the outputs of this analysis. Moreover, this is the only large scale study to be conducted on the classification patterns of bank financial ratios.

This thesis deals with the financial analysis of company Eurest, ltd. Its goal is to demonstrate appropriate methods of financial analysis, to apply them to a specific company and to interpret the results. The goal will be achieved through methods like analysis of financial statements, calculation of various financial ratios and ultimately bankruptcy model and analysis of financial health of the company.

The thesis is focused on financial analysis of the building company PRAGIS a.s. This thesis contains the theoretical and practical part. The theoretical part deals with the methods of financial analysis. The practical part focuses on the application of selected methods for financial analysis of the company PRAGIS a.s. between years 2005 and 2010.

The main topic of diploma thesis is evaluation of the financial situation of company NICOTRANS, Inc. in years 2006 až 2009 from the viewpoint of external evaluator with the aim to analyzing financial health of the company and point out possibly problematic areas within the financial management of organization. The author formulates detailed analysis according to the methods of financial analyses for every part of the company.The last chapter of the practical part of the diploma thesis is devoted to calculation of the indicator Economic Value Added (EVA) as the indicator for evaluating the efficiency of company, revealing if the company is generating any added value to its owners or not. For the calculation, will be applied the methodology of Ministry of Industry and Trade of the Czech Republic.

The aim of this thesis is to assess the financial situation of Camp Bitov Company in the yers from 2005 to 2009, by analyzing the extensive indicators and financial ratios. The theoretical and methodological part explains the individual concepts of financial analysis, describe what sources of information are necessary for it and what are the methods, the two ofthern are applied in the practical part. The introduction to the practical part describes the company, its history, present economic data, as well as the SWOT analysis and Porter's five forces model. Furthermore, there is a financial analysis for the period from 2005 to 2009. When analyzing extensive indicators horizontal analysis of balance sheet is made, income statement, balance sheet, then the vertical analysis. The analysis examines the viability of financial ratios, liquidity, debt levels and the activites of the company.