This diploma thesis deals with the determination of the value of company Reda a.s. to 31.12.2019, by using income-based method. The first part of thesis defines the theoretical assumptions and procedure for determining the value of company. The analytical part contains a strategic analysis, financial analysis, prognosis of value generators and the compilation of a financial plan. At the end of the diploma thesis, the value of the company is determined using the discounted cash flow method.

2,4,6-Trinitrotoluene, TNT, is an explosive used in munitions production that is known to cause both aplastic and hemolytic anemia in exposed workers. Deaths have been reported secondary to both varieties of anemia. Studies have shown that TNT systemic absorption is significant by both the respiratory and dermal routes. A literature review revealed that the most recent review article on TNT exposure arguing for a TWA drop from the PEL to the TLV was in 1977 -- this article cited anemia issues in addition to other untoward effects of TNT. No studies encountered looked at hemoglobin change or anemia cases in respiratory protected workers, this present effort may be the first. TNT PEL (1.5mg/m^3), REL (0.5mg/m^3), and TLV (0.1 mg/m^3) 8 hr TWAs all with skin notations (based on animal models and TNT urine metabolite extrapolation in TNT workers suggesting important role of skin absorption). The earliest effects of systemic TNT poisoning involve hgb and hematocrit drop. The investigator hypothesized that respiratory protection alone is insufficient to protect TNT workers from the risk of anemia development and hemoglobin concentration drop. A retrospective observational study design was incorporated utilizing a records review of TNT vapor air concentration values and worker Hgb values for 8 sets of workers in respiratory protection at a demilitarization operation from October 2006 to April 2007 in order to observe whether or not respiratory protection provided adequate protection against anemia development and hemoglobin change; and to help characterize the probable role of TNT skin absorption on hemoglobin change and anemia risk. Worker baseline hgbs were compared with their exposure hgbs for statistically significant hgb concentration changes (two-tailed paired t-tests), and anemia cases were recorded. Mean hgb changes within each of the 8 groups of workers were then regressed on mean TNT air concentrations (10 hr TWAs) using air sampling levels that were performed closest in time to exposure hgbs. Statistically significant hgb concentration drops and anemia cases were apparent at values about the REL and PEL in respiratory protected workers. There were no anemia cases or statistically significant hgb drops at values about the TLV, however. For mean TNT air concentrations from 0.12/m 3 to 0.31/m 3 there was strong positive linear association with regard to magnitude of hgb change (r=0.996). The results appear to confirm the necessity of the skin notation for TNT. However, the TLV seems to be protective against the possibility of anemia risk principally by the dermal route in workers who are respiratory protected. A question does still remain, however, as to anemia risk in workers who are below the TLV who may not be using respiratory protection. The absence of a continued linear association between mean TNT air concentrations and mean hgb change above the 0.31 mg/m 3 TNT level most likely reflects a marrow response, as the TNT levels evident in the study are reported to be mainly associated with extravascular hemolysis with a minimal, or non-existent, aplastic component assumed. This study adds evidence to the argument that the TLV should be adopted as the new PEL.

The early diagnosis of CP (Cerebral Palsy) in infants is important for developing meaningful interventions. One of the major symptoms of the CP is lack of the coordinated movements of a baby. The bilateral coordinated movement (BCM) is that a baby shows in the early development stage. Each limb movement shows various ranges of speed and angle with fluency in a normal infant. When a baby has CP the movements are cramped and more synchronized. A quantitative method is needed to diagnose the BCM. Data is collected from 3-axis accelerometers, which are connected, to each limb of the baby. Signal processing the collected data using short time Fourier transforms, along with the formation of time-dependent transfer functions and the coherence property is the key to the diagnostic approach. Combinations of each limb's movement and their relationship can represent the correlated movement. Data collected from a normal baby is used to develop the technique for identifying the fidgety movement. Time histories and the resulting diagnostic tool are presented to show the regions of the described movement. The evaluation of the transduction approach and the analysis is discussed in detail. The application of the quantitative tool for the early diagnosis of CP offers clinicians the opportunity to provide interventions that may reduce the debilitating impact this condition has on children. Tools such as this can also be used to assess motor development in infants and lead to the identification and early intervention for other conditions. / Master of Science

While conventional test point insertions commonly used in design for testability can improve fault coverage, the test points selected may not necessarily be the best candidates to aid <em>silicon diagnosis</em>. In this thesis, test point insertions are conducted with the aim to detect more faults and also synergistically distinguish currently indistinguishable fault-pairs. We achieve this by identifying those points in the circuit, which are not only hard-to-test but also lie on distinguishable frontiers, as Testability-Diagnosability (TD) points. To this end, we propose a novel low-cost metric to identify such TD points. Further, we propose a new DFT + DFD architecture, which adds just one pin (to identify test/functional mode) and small additional combinational logic to the circuit under test. Our experiments indicate that the proposed architecture can distinguish 4x more previously indistinguishable fault-pairs than existing DFT architectures while maintaining similar fault coverages. Further, the experiments illustrate that quality results can be achieved with an area overhead of around 5%. Additional experiments conducted on hard-to-test circuits show an increase in <em>fault coverage</em> by 48% while maintaining similar diagnostic resolution. Built-in Self Test (BIST) is a technique of adding additional blocks of hardware to the circuits to allow them to perform self-testing. This enables the circuits to test themselves thereby reducing the dependency on the expensive external automated test equipment (ATE). At the end of a test session, BIST generates a signature which is a compaction of the obtained output responses of the circuit for that session. Comparison of this signature with the reference signature categorizes the circuit as error free or buggy. While BIST provides a quick and low cost alternative to check circuit's correctness, diagnosis in BIST environment remains poor because of the limited information present in the lossily compacted final signature. The signature does not give any information about the possible defect location in the circuit. To facilitate diagnosis, researchers have proposed the use of two additional on-chip embedded memories,response memory to store reference responses and fail memory to store failing responses. We propose a novel architecture in which only one additional memory is required. Experimental results conducted on benchmark circuits substantiate that the same fault coverage can be maintained using just 5% of the available test vectors. This reduces the size of memory required to store responses which in turn reduces area overhead. Further, by adding test points to the circuit using our proposed architecture, we can improve the diagnostic resolution by 60% with respect to external testing. / Master of Science

The theoretical part of the diploma thesis deals with the main aspects of financial analysis, especially with horizontal and vertical analysis of absolute values, financial ratios, new valuation models and bankruptcy prediction models. The following part concentrates on the company Crocodille ČR, spol. s r.o. using the theoretical approaches mentioned above. It focuses on trend analysis, the calculation of Weighted Average Cost of Capital and Economic Value Added as well as industry comparative analysis. The final recommendations regarding e.g. the sensitivity analysis of company indebtedness are included in the last chapter.

[pt] No Brasil, assim como em outros países, a prestação de serviço público de energia elétrica é realizada em concessão sob a coordenação de um órgão regulador independente, atividade que no Brasil é desempenhada pela Aneel – Agência Nacional de Energia Elétrica. É também competência da Aneel a estimação do WACC regulatório – custo médio ponderado de capital do setor elétrico, que remunerará o capital dos investidores do setor, por intermédio das tarifas, até o final do ciclo de revisão tarifária vigente, que ocorre em média a cada cinco anos. Para tanto, o regulador se utiliza de dados da economia norte - americana adaptados para a realidade local, por entender que a bolsa brasileira possui limitações no que tange a consistência das séries. Imprecisões no cálculo do WACC podem levar a concessionária a perceber ganhos adicionais, no caso de uma taxa superestimada, ou perdas, no caso de uma taxa subestimada, podendo resultar em uma possível redução nos investimentos que poderiam afetar a qualidade no serviço prestado ou planos de expansão. Passam por tanto a ser de interesse de toda a sociedade discussões em torno de um aprimoramento da metodologia aplicada na estimação do custo de capital do setor. A proposta apresentada neste trabalho é estimar o custo médio ponderado de capital do setor de distribuição elétrico brasileiro, por meio de aprimoramentos na metodologia atual adotada pelo órgão regulador do setor, alinhando com as melhores práticas da teoria de finanças. Os resultados apontam para a necessidade de aprofundamento de discussões pelo regulador considerando algumas alternativas nos critérios de estrutura de capital, taxa livre de risco, risco-país e prêmio de risco de crédito. / [en] In Brazil, as in other countries public utilities are operated as concessions under the coordination of an independent regulatory agency, a role played in Brazil by Aneel– National Agency of Electricity. It is also Aneel s responsibility the estimation of regulatory WACC – weighted average cost of capital of the electricity sector which remunerates investors capital through tariffs until the end of the current tariff review cycle that occurs on average every 5 years. For that the regulator based the calculation of the WACC on American economic data adapted to Brazil reality assuming that data from Brazilian stock exchange series have some limitation. Inaccuracies in the WACC can lead to companies obtaining additional gains in the case of an overestimated rate, or losses in the event of an underestimated, which might result in reduction in investments and could affect the quality of service or expansion plans. Therefore, it is in the interest of society to discuss improvements of the methodology applied in estimating the cost of capital in the sector. This study aims to estimate the weighted average cost of capital of the Brazilian electricity distribution sector through improvements in current methodology adopted by the regulatory agency, aligning it with finance theory best practices. Results indicate the need for deeply discuss from the regulator about some alternatives improvement in the capital structure, risk free rate, country risk and credit risk premium.

Tout d'abord, cette recherche examine le capitalisme partagé, le développement théorique et historique de la participation des salariés, et les droits de propriété. Deuxièmement, la thèse analyse empirique sur les perspectives de l'actionnariat salarié. Premièrement, la période du 19ème siècle jusqu'au début du 21ème siècle en Allemagne est recherchée. Nous essayons de répondre à la question : "Est-ce que les décideurs politiques en Allemagne veulent créer une société de propriétaires ?" Au cours de la recherche, nous montrons l'hypothèse "L'actionnariat salarié est un critère des pères fondateurs de l'Allemagne afin de stabiliser Allemagne socio-économique après la Seconde guerre mondiale. Supporté bien évidemment par une étude qualitative de recherches d'archives historiques. En Allemagne, il est évident que les pères fondateurs ont poursuivis "Wohlstand für Alle" à travers les actions des citoyens. Deuxièmement, cette recherche examine la relation entre l'actionnariat salarié et le WACC. La thèse analyse le conflit entre les parties prenantes internes et externes, qui est représenté par le cours des actions d'une entreprise en supposant un marché efficace. Nous émettons l'hypothèse : «Un pourcentage plus élevé d'actions détenues par les salariés provoque un WACC inférieur" Ceci est confirmé par un modèle de régression quantitative fixe de panneau d'effet dans le cas de l'indice Société des Bourses Françaises 120 et l'indice 500 de Standard & Poor. / Firstly, this research examines shared capitalism, the theoretical and historical development of employee participation, and ownership rights. Secondly, the thesis analyzes empirically perspectives on employee stock ownership. First, the period from the 19th century until the beginning of the 21st century in Germany is researched. We attempt to answer the question: "Did policy makers in Germany want to create a society of owners?" During the research we prove the hypothesis "Employee ownership was a criterion of Germany's founding fathers in order to stabilize Germany socio-economically after the Second World War." We confirm it through a qualitative study of historical archive researches. In Germany, there is clear evidence that founding fathers pursued "Wohlstand für Alle" through citizen's shares. Second, this research examines the relationship between employee stock ownership and the weighted average cost of capital. The thesis analyzes the conflict between internal and external stakeholders, which is represented through a company's stock price assuming an efficient market. We hypothesize: "A higher percentage of shares held by employees causes a lower WACC." This is confirmed through a quantitative fixed effect panel regression model in the case of the Société des Bourses Françaises 120 index and Standard & Poor's 500 index.

The diploma thesis deals with the determination of the value of the company from the construction branch. The thesis is divided into two parts. The first part aims at the methods of the determination of the value of the company. The theoretical knowledge is applied in the second part, namely in subsections about strategic, financial analysis and the evaluation by the yield method of discounted cash flow. Programs Stratex and Evalent are used to determine the value. The conclusion of the thesis includes the determination of the value of the company applied to 1st January 2014.

Calibration methods for quantitative on-site sampling using solid phase microextraction (SPME) were developed based on diffusion mass transfer theory. This was investigated using adsorptive polydimethylsiloxane/divinylbenzene (PDMS/DVB) and Carboxen/polydimethylsiloxane (CAR/PDMS) SPME fiber coatings with volatile aromatic hydrocarbons (BTEX: benzene, toluene, ethylbenzene, and o-xylene) as test analytes. Parameters that affected the extraction process (sampling time, analyte concentration, water velocity, and temperature) were investigated. Very short sampling times (10-300 s) and sorbents with a strong affinity and large capacity were used to ensure a 'zero sink' effect calibrate process. It was found that mass uptake of analyte changed linearly with concentration. Increase of water velocity increased mass uptake, though the increase is not linear. Temperature did not affect mass uptake significantly under typical field sampling conditions. To further describe rapid SPME analysis of aqueous samples, a new model translated from heat transfer to a circular cylinder in cross flow was used. An empirical correlation to this model was used to predict the mass transfer coefficient. Findings indicated that the predicted mass uptake compared well with experimental mass uptake. The new model also predicted rapid air sampling accurately. To further integrate the sampling and analysis processes, especially for on-site or <i>in-vivo</i> investigations where the composition of the sample matrix is very complicated and/or agitation of the sample matrix is variable or unknown, a new approach for calibration was developed. This involved the loading internal standards onto the extraction fiber prior to the extraction step. During sampling, the standard partially desorbs into the sample matrix and the rate at which this process occurs, was for calibration. The kinetics of the absorption/desorption was investigated, and the isotropy of the two processes was demonstrated, thus validating this approach for calibration. A modified SPME device was used as a passive sampler to determine the time-weighted average (TWA) concentration of volatile organic compounds (VOCs) in air. The sampler collects the VOCs by the mechanism of molecular diffusion and sorption on to a coated fiber as collection medium. This process was shown to be described by Fick's first law of diffusion, whereby the amount of analyte accumulated over time enable measurement of the TWA concentration to which the sampler was exposed. TWA passive sampling with a SPME device was shown to be almost independent of face velocity, and to be more tolerant of high and low analyte concentrations and long and short sampling times, because of the ease with which the diffusional path length could be changed. Environmental conditions (temperature, pressure, relative humidity, and ozone) had little or no effect on sampling rate. When the SPME device was tested in the field and the results compared with those from National Institute of Occupational Health and Safety (NIOSH) method 1501 good agreement was obtained. To facilitate the use of SPME for field sampling, a new field sampler was designed and tested. The sampler was versatile and user-friendly. The SPME fiber can be positioned precisely inside the needle for TWA sampling, or exposed completely outside the needle for rapid sampling. The needle is protected within a shield at all times hereby eliminating the risk of operator injury and fiber damage. A replaceable Teflon cap is used to seal the needle to preserve sample integrity. Factors that affect the preservation of sample integrity (sorbent efficiency, temperature, and sealing materials) were studied. The use of a highly efficient sorbent is recommended as the first choice for the preservation of sample integrity. Teflon was a good material for sealing the fiber needle, had little memory effect, and could be used repeatedly. To address adsorption of high boiling point compounds on fiber needles, several kinds of deactivated needles were evaluated. RSC-2 blue fiber needles were the more effective. A preliminary field sampling investigation demonstrated the validity of the new SPME device for field applications.

Calibration methods for quantitative on-site sampling using solid phase microextraction (SPME) were developed based on diffusion mass transfer theory. This was investigated using adsorptive polydimethylsiloxane/divinylbenzene (PDMS/DVB) and Carboxen/polydimethylsiloxane (CAR/PDMS) SPME fiber coatings with volatile aromatic hydrocarbons (BTEX: benzene, toluene, ethylbenzene, and o-xylene) as test analytes. Parameters that affected the extraction process (sampling time, analyte concentration, water velocity, and temperature) were investigated. Very short sampling times (10-300 s) and sorbents with a strong affinity and large capacity were used to ensure a 'zero sink' effect calibrate process. It was found that mass uptake of analyte changed linearly with concentration. Increase of water velocity increased mass uptake, though the increase is not linear. Temperature did not affect mass uptake significantly under typical field sampling conditions. To further describe rapid SPME analysis of aqueous samples, a new model translated from heat transfer to a circular cylinder in cross flow was used. An empirical correlation to this model was used to predict the mass transfer coefficient. Findings indicated that the predicted mass uptake compared well with experimental mass uptake. The new model also predicted rapid air sampling accurately. To further integrate the sampling and analysis processes, especially for on-site or <i>in-vivo</i> investigations where the composition of the sample matrix is very complicated and/or agitation of the sample matrix is variable or unknown, a new approach for calibration was developed. This involved the loading internal standards onto the extraction fiber prior to the extraction step. During sampling, the standard partially desorbs into the sample matrix and the rate at which this process occurs, was for calibration. The kinetics of the absorption/desorption was investigated, and the isotropy of the two processes was demonstrated, thus validating this approach for calibration. A modified SPME device was used as a passive sampler to determine the time-weighted average (TWA) concentration of volatile organic compounds (VOCs) in air. The sampler collects the VOCs by the mechanism of molecular diffusion and sorption on to a coated fiber as collection medium. This process was shown to be described by Fick's first law of diffusion, whereby the amount of analyte accumulated over time enable measurement of the TWA concentration to which the sampler was exposed. TWA passive sampling with a SPME device was shown to be almost independent of face velocity, and to be more tolerant of high and low analyte concentrations and long and short sampling times, because of the ease with which the diffusional path length could be changed. Environmental conditions (temperature, pressure, relative humidity, and ozone) had little or no effect on sampling rate. When the SPME device was tested in the field and the results compared with those from National Institute of Occupational Health and Safety (NIOSH) method 1501 good agreement was obtained. To facilitate the use of SPME for field sampling, a new field sampler was designed and tested. The sampler was versatile and user-friendly. The SPME fiber can be positioned precisely inside the needle for TWA sampling, or exposed completely outside the needle for rapid sampling. The needle is protected within a shield at all times hereby eliminating the risk of operator injury and fiber damage. A replaceable Teflon cap is used to seal the needle to preserve sample integrity. Factors that affect the preservation of sample integrity (sorbent efficiency, temperature, and sealing materials) were studied. The use of a highly efficient sorbent is recommended as the first choice for the preservation of sample integrity. Teflon was a good material for sealing the fiber needle, had little memory effect, and could be used repeatedly. To address adsorption of high boiling point compounds on fiber needles, several kinds of deactivated needles were evaluated. RSC-2 blue fiber needles were the more effective. A preliminary field sampling investigation demonstrated the validity of the new SPME device for field applications.