The target: The general analysis, strategy and methods of assessment of the pharmaceutical enterprise resp. the group of Zentiva as of 1.12.2008 and determination of its market value. Methods: The resulting assessment by the model DCF- two- phase models of FCFF and FCFE include predicted discounted cash flow ending in the year 2013 for the evaluation of the first phase. The conclusion: The analysis and determination of market value of the enterprise. The value of the group resp. the volume of consolidated revenues of the group is modified with assistance of simulation Monte Carlo.

Logistický řetězec farmaceutického průmyslu je čím dál tím více složitější a propojenější a tak je nezbytné pro většinu společností disponovat spolehlivým a bezpečným distribučním systémem. Pod rostoucím tlakem na snižování cen je pro každou společnost nutné řídit svůj dodavatelský řetězec tak, aby byla schopna dodávat na trh kvalitní produkty za příznivé a konkurenceschopné ceny. Jen takto je schopna obstát v tvrdé konkurenci.

The objective of the thesis is a valuation of the Zentiva N.V. The valuation was worked out using the following methods: (1) the DCF entity method with application of the FCFF, (2) a financial analysis of this company, (3) the SWOT analysis, (4) a market analysis, and (5) the projected financial statements for 2009 - 2012. The assessed financial value of the company was calculated to be CZK43,566,947,000 on the date of 1.12.2008.

The Graduation thesis concerns with the topic of the transport of supplier -- customer operations in the pharmaceutical group Zentiva. At first the thesis describes in detail the legislative arrangement for the pharmaceutical group not only in the Czech Republic but also in the European Union. The reader gets the conception of the processing in the Purchasing department in the pharmaceutical company and also of the transport of raw materials to the production plants. Another part is dealing with the the distribution of pharmaceutical products (medicaments) to the several regions, where Zentiva is distributing its products. The most current and interesting subject matter in these days newly introduced distribution of consolidated products of Zentiva and Sanofi-aventis from the production plants to the several pharmacies in the Czech Republic. Sanofi-aventis ordered this new way of distribution to Zentiva, as Sanofi-aventis is the majority shareholder of Zentiva from the spring of 2009. The direct distribution of pharmaceutical products from the producer to pharmacies is very specific. Zentiva is not only the first pharmaceutical company in the Czech Republic but also one of the firsts companies in Europe, which will carry out this type of distribution beginning January 2010.

This Master’s thesis deals with the analysis of long-term corporate financing. Described is financing through the capital market securities – by shares and bonds as well as bank loan. The first part compares the theoretical possibilities of external financing, the second part is focused on the analyse of IPO and analysis of IPO which was realized in Czech republic by listed companies.