Made available in DSpace on 2016-04-25T18:40:39Z (GMT). No. of bitstreams: 1 Mario Cordeiro Filho.pdf: 9981225 bytes, checksum: 565a2d3dad4737a7a20f562e323becab (MD5) Previous issue date: 2009-06-18 / The purpose of this dissertation this to the study the problems related to applying valuation methods for highway concessions companies in Brazil. It is justified by the economic importance that this sector is assuming in Brazil with respect to investments in infrastructure that have already been and are going to be made. The highway concession segment in Brazil has expanded since the second half of the 1990s. Until this date there are more than 50 highway concession companies throughout the country, responsible for investment commitments of more of them R$ 10 billion related to improving and expanding the brazilian highway network. The highway concessions are specific purpose entities with a defined service life and holders of a concession right that permits them to commercially exploit segments of highways through charging tolls from the users, in exchange for assuming commitments to provide determined services and to implement investments for improvement and expansion during the concession agreement. In some cases the concession also assumes the commitment of payment of a right of concession to a Granting Authority. In this dissertation the application of valuation methods for companies, based on discounted cash flows, dividend flows, internal rate of return, payback and value multiples such as the ratio between enterprise value and its EBITDA are considered. These methods were used in the valuation of the five highway concessions granted by the Government of the State of São Paulo in the public auction that took place in October 2008. The results of this valuation as well as a critical analysis of the adequacy of the above-mentioned valuation methods are presented in chapter V and the conclusions are presented in chapter VI of this dissertation / Este trabalho tem por objetivo estudar os problemas relativos a aplicação de métodos de avaliação de empresas em concessões de rodovias no Brasil, e justifica-se pela importância econômica que esse setor vem assumindo no país no que tange aos investimentos de infraestrutura realizados e a realizar. O setor de concessões de rodovias no Brasil tem se expandido desde a segunda metade da década de 90. Existe até esta data mais de 50 empresas de concessões de rodovias em todo o país, responsáveis por compromissos de investimentos de mais de R$ 10 bilhões relativos a melhoria e expansão da malha viária brasileira. As concessões de rodovias são Sociedades de Propósito Específico com vida útil definida. Detentoras de um direito de concessão que lhes permite explorar comercialmente trechos de rodovias por meio da cobrança de tarifas de pedágio dos usuários, em contrapartida, assumem o compromisso de prestar determinados serviços e implantar investimentos de melhoria e de expansão ao longo do contrato. Em alguns casos, a concessão encarrega-se do encargo de pagar direito de outorga a algum Pode Concedente. Este trabalho considerou a aplicação dos métodos de avaliação de empresas baseados em Fluxos de Caixa Descontados, Fluxos de Dividendos, Taxa Interna de Retorno, Payback e Múltiplo de Valor como, por exemplo, a relação Valor da Empresa / EBITDA. Os métodos acima foram aplicados na avaliação das cinco concessões de rodovias outorgadas pelo Governo do Estado de São Paulo no leilão público ocorrido em outubro de 2008. Os resultados dessas avaliações, assim como a análise crítica da adequação dos referidos métodos de avaliação, são apresentados no Capítulo V e as conclusões, no Capítulo VI deste trabalho

根據歐盟2009 年發布之再生能源指令，定義熱泵系統所擷取之大氣熱能、水熱能以及地熱能為再生能源之選項，熱泵技術不受日夜與天候影響，且具安全、有低耗能、低排碳的優點，可應用在空調、暖氣、熱水等設備，備受歐美日本等先進國家重視，也是歐美各國政府極力推廣的項目之一。本研究針對台灣地區家戶住宅所使用小型空氣源熱泵熱水機組，透過環境資源及能源效率的角度，來探討熱泵熱水系統對於台灣住宅部門的適用性。 在研究方法上，針對國內熱泵個案廠商進行系統盤查分析，並且估算使用運轉過程中所需之能源投入，以計算熱水系統在製造過程與運轉使用過程中之環境影響。選擇生命週期評估軟體SimaPro 7.3做為評估工具，使用Eco-Indicator 95、EPS 2000兩種衝擊評估模式，來以生命週期評估探討熱泵熱水系統對環境之影響。並輔以淨能源分析法中能源投資報酬率與能源回收期，以及估算熱泵熱水系統生命週期CO2排放量，來衡量熱泵熱水系統之能源效率是否具有其效益。並進一步針對不同的再生能源發電比例與提升熱泵能源效率比例，探討不同方案的敏感度分析。 根據本研究分析結果顯示，熱泵熱水系統不管從Eco-indicator 95或EPS 2000衝擊評估模式下，運轉使用階段對環境衝擊較大，主要的衝擊項目為重金屬汙染，是因為熱泵熱水系統運轉所使用的電力消耗所致。使用熱泵熱水系統對環境衝擊程度遠較電熱水系統來得小，雖在Eco-indicator 95之衝擊評估模式下，瓦斯熱水系統較熱泵熱水系統環境衝擊程度較小，但以EPS 2000衝擊評估模式下，熱泵熱水系統對環境是最為友善的熱水系統。以淨效益估算熱泵熱水系統源投資報酬（EROI）值為1.45～5.55，能源回收期約為0.22年至2.16年，表示熱泵熱水系統從生命週期的角度來檢視能源效率是具有效益的。由於目前熱泵熱水系統對環境最大的負擔來源是電力的使用，若未來能提高再生能源發電比例、降低臺灣電能含碳濃度，或者提高熱泵能源生產效率，均能降低熱泵熱水系統對環境的負面影響。 / The purpose of this study is to apply life cycle assessment (LCA) and net energy analysis to explore the environmental impacts of the heat pump water heater in Taiwan. In order to achieve this objective, domestic data inventory was gathered from local heat pump industry in Taiwan through questionnaires including input of energy, product output and waste, etc. The SimaPro7.3 program and two impact assessment methods including Eco-Indicator 95, EPS 2000 were utilized to evaluate the environmental impact of the heat pump water heater. Also, we used net energy analysis such as energy return on investment and energy payback time, and estimated the life-cycle CO2 emissions to see whether if the heat pump water heater has its energy efficiency. In addition, the sensitivity analysis was performed by varying renewable energy generation portfolio and the heat pump energy efficiency ratio. Emprical results of two impact assessment methods (Eco-indicator 95 and EPS 2000) show that the main impact on environment of heat pump water heater is from operation phase. When operating the heat pump water heater, it needs to consume electricity which is generated from fossil fuel and caused the environmental impact. Compared with the electric water heater, the environmental impact degree of heat pump water heater is much smaller. In Eco-indicator 95 method, gas water heater has less influence on the environment than heat pump water heater; however, heat pump water heater is the most environment-friendly system in EPS 2000 method. That is because gas is a kind of nonrenewable resource. From the viewpoint of resource stock, gas indeed influence “Depletion of reserves” of environmental impact. By utilizing net energy analysis, the estimated energy return on investment (EROI) of heat pump water heater is 1.45～5.55, and energy payback time is 0.22~2.16 years. It indicates that heat pump water heater has significant benefit from life-cycle perspective. The main impact to environment by heat pump water heater is essentially derived from electricity input. To mitigation this environmental issue, one can reduce environmental impact by increase the proportion of renewable energy generation, and reducing the electricity CO2 emission. Furthermore, improving the energy efficiency of the heat pump would also helpful.

Setting up a financial plan for a specific business plan. A detailed description of the process of creating a financial plan that contains all the necessary calculations in connection with the way of financing and the feasibility of the business plan. Defining the basic terms relating to the business plan, in particular its usual structure, the content of this document in the framework of the pre-investment preparation.

From an economic point of view the claims mean a capital part of a company. They are a special part of intangible property and a treatment with them mean very complicated juristic, accounting and tax probems. The claim means a reason of creditor to urge to debitor a charge of definite engagement. Ever business subject can secure the discharge of the engagement by the help of a security instrument, for example of an advance, a right of lien, a penalty, a liability etc. When the claim will become after all these precautions the overdue claim, the creditor must face up to costs of their recovery, for example by the help of a forfaiting, a factoring, a eviction recovery, a bilateral cleaning of claims etc. The overdue claims we can depreciace or create discretionary entries on them under the rule of law or of bylaw. The company should realize all these facts and keep a general and consistent register of claims. The register is an objectives of this work.

The goal of this thesis is to propose a suitable alternative of financing of a developer project. The thesis is divided into a theoretical - methodological part and a practical part. The theoretical/methodological part deals with the issue of developer project structuring and individual forms of financing, including the main products and procedures. The practical part is based on a comparison of individual alternatives of financing of the project in question. The author attempted to analyse the financial structure of the project and he applied financial instruments of project financing and, consequently, selected the most suitable alternative. The thesis concludes by stating the benefits that result from the outcomes of the presented proposal.

The diploma thesis on „Optimizing of shopping center energy demands“ deals with the reduce of the energy demand of the shopping center. The theoretical part describes the possibilities of reducing the energy intensity in terms of renewable resources, the potential of renewable resources. In practical part the energy audit of the existing building is designed, then the possibilities of reducing the energy intensity of the building, the budget and expressed return on investment by means of the net present value, the internal rate of return and simple payback period.

This diploma thesis is focused on evaluation of efficiency and risks of project revitalization of production facilities. The core of the thesis is: a characterization of investment projects and their cycles, general approaches to economic evaluation of private projects, a description of general approaches to risk analysis of private projects. The last part of the thesis is created as a case study which is focused on an evaluation of efficiency and coordinating risks of a private investment project.

The diploma thesis focuses on the economic evaluation of the company acquisition project using methods of discounted cash flow, net present value and discounted payback period. The theoretical part of the thesis uses comprehensive view on modern methods of strategic and financial analysis, financial planning strategy and investment decision-making methods. The second half of the work contains practical part of strategic and financial analysis, calculated cost of equity, weighted average cost of capital and economic evaluation of the acquisition project itself.

The goal of this thesis is to propose a suitable alternative of financing of a developer project. The thesis is divided into a theoretical - methodological part and a practical part. The theoretical/methodological part deals with the issue of developer project structuring and individual forms of financing, including the main products and procedures. The practical part is based on a comparison of individual alternatives of financing of the project in question. The author attempted to analyse the financial structure of the project and he applied financial instruments of project financing and, consequently, selected the most suitable alternative. The thesis concludes by stating the benefits that result from the outcomes of the presented proposal.

This thesis is focused on assessing the economic risk for the investor in the implementation of the investment project. An investor's decision on the implementation of the project depends on the economic feasibility analysis identified outputs, these outputs are burdened by economic uncertainty, which raises the risk. Therefore, it is necessary to manage risk. The process of risk management consists of a phase of risk analysis and risk management phase. In the analysis phase is to identify risks, assessments of materiality and risk measurement. In the phase of risk management risks identified evaluate and establish measures to prevent their occurrence or impact.