Дисертації з теми "Return on Net Financial Cash Flow"

Cash flow information is more transparent, easier to control, less affected by accounting policies, and more clearly shows whether a company generates real money. Therefore, it is obvious that when assessing the profitability, along with the other profitability ratios, it is also necessary to take into account return on cash flow ratios. The Ukrainian companies’ financial statements contain information that allows to calculate a number of cash flow profitability metrics. There are various approaches to the design of cash flow profitability metrics: some of them interpret cash flow as a dynamic form of company’s monetary resources, and others – as a result of financial activity. Cash flow profitability metrics are less susceptible to distortion than traditional profitability metrics calculated by profit. Unfortunately, the statistical reports of the Ukraine State Statistics Service do not contain information about the cash flows of the Ukrainian business entities, so there is no possibility to compare the obtained values with industry average indicators. This makes it difficult to carry out comparative analytical work when using metrics of cash flow profitability.
Інформація про рух грошових коштів більш прозора, легше піддається контролю, менше схильна до впливу облікової політики та чіткіше показує, чи генерує компанія реальні грошові кошти. Тому очевидно, що при оцінці прибутковості підприємства, поряд з іншими коефіцієнтами рентабельності, необхідно брати до уваги також і коефіцієнти рентабельності грошових потоків. Фінансова звітність українських підприємств містить інформацію, яка дозволяє розрахувати цілий ряд метрик рентабельності грошового потоку. Існують різні підходи до конструювання метрик рентабельності грошового потоку: одні з них трактують грошовий потік як динамічну форму грошових ресурсів підприємства, а інші – як результат фінансової діяльності. Метрики рентабельності грошового потоку менш схильні до спотворень, ніж традиційні метрики рентабельності, які розраховані за прибутком. На жаль, статистичні звіти Державної служби статистики України не містять інформації про грошові потоки українських суб'єктів господарської діяльності, тому відсутня можливість порівнювати отримані значення з середньогалузевими показниками. Це істотно ускладнює проведення порівняльної аналітичної роботи при використанні метрик рентабельності грошових потоків.

The subject of this thesis is to evaluate the economic efficiency and financing of the investment project. The theoretical part of the thesis is focused on the basic theoretical knowledge in the field of investment decisions and the description of the main methods of assessing the effectiveness of investments. Another part explains the theoretical knowledge of financial and strategic analysis that affect investment decisions. The practical part of the work captures analysis of current state of the selected company. This analysis is the basis for drafting of the third part, which contains the proposals and recommendations of the investment project.

The work aims to determine the economic efficiency and financial feasibility of the business plan, the construction of residential housing complex using a sensitivity analysis to determine the risk that the economic efficiency of most influence. The theoretical part of this work are the basic areas relating to the evaluation of economic efficiency, cash flow, sensitivity analysis and development project. The practical part deals with a specific project CAMPUS REZIDENČNÍ AREÁL II. Showing cash flows on the project and determining the various indicators of economic efficiency. The study also prepared a sensitivity analysis for the project scenario and determine the maximum risk that may threaten the economic efficiency of the project.

The thesis deals with an investment project of reconstruction and operation of bakery Anežka in Palačov. The objective of the project is to evaluate the economic efficiency of the business plan. The thesis focuses on all costs and revenues which flow from the project throughout its working life, and on cash flow in individual years. At the end of the thesis, sensitivity analysis and risk assessment have been assessed, and several variations of the course of the projects, which can occur with regard to the likelihood of risk, have been created. The effects of these risks are compared by using the index indicators of profitability and net present value in the last chapter.

The subject of this thesis is to assess the economic efficiency of the investment project. The theoretical part focuses on the basic definitions related to investment decisions on the investment project and the project life cycle, cash flows and their predictions and recommendations to set them correctly, methods useful for assessing the effectiveness of the investment project and the indicators presenting the financial stability and feasibility of the project as well as factors affecting the overall investment decision, and finally the possibility of financing of the investment projects in the private sector. In the practical part there are the theoretical findings applied in the real investment project. Specifically, there will be analyzed the characterized investment project and its possible alternatives and finally made the assessment of economic efficiency.

The design of hydropower projects requires a comprehensive planning process in order to achieve the objective to maximise exploitation of the existing hydropower potential as well as future revenues of the plant. For this purpose and to satisfy approval requirements for a complex hydropower development, it is imperative at planning stage, that the conceptual development contemplates a wide range of influencing design factors and ensures appropriate consideration of all related aspects. Since the majority of technical and economical parameters that are required for detailed and final design cannot be precisely determined at early planning stages, crucial design parameters such as design discharge and hydraulic head have to be examined through an extensive optimisation process. One disadvantage inherent to commonly used deterministic analysis is the lack of objectivity for the selection of input parameters. Moreover, it cannot be ensured that the entire existing parameter ranges and all possible parameter combinations are covered. Probabilistic methods utilise discrete probability distributions or parameter input ranges to cover the entire range of uncertainties resulting from an information deficit during the planning phase and integrate them into the optimisation by means of an alternative calculation method. The investigated method assists with the mathematical assessment and integration of uncertainties into the rational economic appraisal of complex infrastructure projects. The assessment includes an exemplary verification to what extent the Random Set Theory can be utilised for the determination of input parameters that are relevant for the optimisation of hydropower projects and evaluates possible improvements with respect to accuracy and suitability of the calculated results
Die Auslegung von Wasserkraftanlagen stellt einen komplexen Planungsablauf dar, mit dem Ziel das vorhandene Wasserkraftpotential möglichst vollständig zu nutzen und künftige, wirtschaftliche Erträge der Kraftanlage zu maximieren. Um dies zu erreichen und gleichzeitig die Genehmigungsfähigkeit eines komplexen Wasserkraftprojektes zu gewährleisten, besteht hierbei die zwingende Notwendigkeit eine Vielzahl für die Konzepterstellung relevanter Einflussfaktoren zu erfassen und in der Projektplanungsphase hinreichend zu berücksichtigen. In frühen Planungsstadien kann ein Großteil der für die Detailplanung entscheidenden, technischen und wirtschaftlichen Parameter meist nicht exakt bestimmt werden, wodurch maßgebende Designparameter der Wasserkraftanlage, wie Durchfluss und Fallhöhe, einen umfangreichen Optimierungsprozess durchlaufen müssen. Ein Nachteil gebräuchlicher, deterministischer Berechnungsansätze besteht in der zumeist unzureichenden Objektivität bei der Bestimmung der Eingangsparameter, sowie der Tatsache, dass die Erfassung der Parameter in ihrer gesamten Streubreite und sämtlichen, maßgeblichen Parameterkombinationen nicht sichergestellt werden kann. Probabilistische Verfahren verwenden Eingangsparameter in ihrer statistischen Verteilung bzw. in Form von Bandbreiten, mit dem Ziel, Unsicherheiten, die sich aus dem in der Planungsphase unausweichlichen Informationsdefizit ergeben, durch Anwendung einer alternativen Berechnungsmethode mathematisch zu erfassen und in die Berechnung einzubeziehen. Die untersuchte Vorgehensweise trägt dazu bei, aus einem Informationsdefizit resultierende Unschärfen bei der wirtschaftlichen Beurteilung komplexer Infrastrukturprojekte objektiv bzw. mathematisch zu erfassen und in den Planungsprozess einzubeziehen. Es erfolgt eine Beurteilung und beispielhafte Überprüfung, inwiefern die Random Set Methode bei Bestimmung der für den Optimierungsprozess von Wasserkraftanlagen relevanten Eingangsgrößen Anwendung finden kann und in wieweit sich hieraus Verbesserungen hinsichtlich Genauigkeit und Aussagekraft der Berechnungsergebnisse ergeben

Mestrado em Finanças
Investigamos como o fluxo de caixa das operações afeta o retorno do preço das ações e o custo da dívida e comparamos o efeito relativo do fluxo de caixa versus o lucro líquido nos dois custos de financiamento. Este documento também compara a liquidez entre os índices STOXX Europe 600 e Amman 100 (ASE100), usando quatro medidas: Fluxo de Caixa das Operações, Retorno Ajustado ao Mercado, Retorno Anormal Cumulativo e o Custo da Dívida e seu impacto relativo na associação de fluxo de caixa com custo de capital. Os dados trimestrais utilizados para esta pesquisa são de empresas de capital aberto da Jordânia e de países europeus, de 2009 a 2018. Este estudo contribui para a literatura, pois fornece evidências sobre a associação relativa de ganhos e fluxos de caixa com o custo da dívida e retorno das ações. Também somos os primeiros a considerar qualquer efeito de liquidez de mercado nessa associação. Os resultados mostram um efeito positivo do fluxo de caixa das operações no retorno do preço das ações. Também mostra uma associação negativa e uma influência mais significativa do fluxo de caixa das operações do que o lucro líquido no custo da dívida, reduzindo-o. Além disso, o documento também mostra que o fluxo de caixa das operações tende a influenciar o retorno anormal acumulado e o custo da dívida de uma maneira melhor na Jordânia (um mercado menos líquido) do que no mercado europeu mais desenvolvido.
We investigate how the Cash Flow from Operations affects both the Stock Price Return and the Cost of Debt and compare the relative effect of Cash Flow versus Net Income on both costs of financing. This paper also compares the liquidity between STOXX Europe 600 and Amman stock exchange 100 (ASE100) indexes using four measures, Cash Flow from Operations, Market Adjusted Return, Cumulative Abnormal Return, and the Cost of Debt and its relative impact on Cash flow association with cost of capital. The quarterly data used for this research comes from publicly listed firms from Jordan and European countries, from 2009 through 2018. This study contributes to literature since it provides evidence on the relative association of Earnings and cash flows with cost of debt and stock returns. We are also the first to consider any market liquidity effect on this association. The results show a positive effect of Cash Flow from Operations on Stock Price Returns. It also shows a negative association and a more significant influence from Cash Flow from Operations than Net Income on the Cost of Debt, by reducing it. Furthermore, the paper also shows Cash Flow from Operations tend to influence the Cumulative Abnormal Return and the Cost of Debt in a better way in Jordan (a less liquid market) than in the more developed European market.
info:eu-repo/semantics/publishedVersion

Tato diplomová práce se zabývá hodnocením finanční situace vybraného podniku formou finanční analýzy. Cílem diplomové práce je navrhnout možná opatření, která povedou ke zlepšení finanční situace v následujícím období.

This theisis deals with the valuation of a selected company. The main instrument used for achieving the valuation is the income method of valuation. In the first part of the thesis is defined theoretical background that are needed for developing the practical part. The practial part of the thesis contains the characteristics of the selected company. For the purposes of valuation was performed strategic snalysis and were analyzed key financial indicators of valuated company. The part of the work is allso predicting the value of individual generators, financial plan and the achal valuation based on dicounted cash-flow and prfit method based on the capitalized net income. The aim is to determine the value of the company to selected date of valuation.

В сучасних умовах господарювання більшість підприємств відчувають брак фінансових ресурсів. Актуальним постає питання самофінансування. Управління грошовими потоками є одним з найважливіших аспектів фінансового менеджменту, оскільки грошові кошти є найбільш ліквідними активами підприємства, здатними легко трансформуватися в будь-який інший вид активів. В Україні в умовах інфляції, нестабільної політичної ситуації, постійних змін в законодавстві і кризи неплатежів управління грошовими потоками є найбільш актуальним завданням в управлінні фінансами. Підвищення ефективності фінансового управління є основним фактором добробуту компанії. Ефективне функціонування підприємств у значній мірі обумовлене станом його грошових потоків, оскільки саме вони визначають платоспроможність підприємств та ліквідність балансу. Підприємство, що за результатами звітного періоду отримало прибуток може виявитися неплатоспроможним через нестачу грошових коштів та потенційних джерел швидкого самофінансування. У такому випадку керівництво підприємства ризикує втратити можливість самостійно приймати рішення і відтепер його долю починають вирішувати зовнішні структури, наприклад, кредитор, з яким не розрахувалось підприємство, або банк, позика якого лишилася неповернутою. А тому в умовах ринкової економіки все більшого значення набуває підвищення ефективності управління грошовими потоками підприємств як запорука не тільки виживання, але і їх стабільного функціонування. Необхідність подальшого дослідження та поглиблення теоретичних, методичних і прикладних аспектів організаційно-методичного забезпечення аналізу ефективності грошових потоків визначає актуальність дослідження. Метою написання кваліфікаційної роботи є удосконалення теоретичних та практичних основ управління грошовими потоками виробничого підприємства. Об’єктом дослідження є економічні відносини, що виникають на підприємстві в процесі управління його грошовими потоками. Предметом дослідження виступає механізм управління грошовими потоками на прикладі корпорації Roshen. Теоретичну основу дослідження становить сукупність загальнонаукових методів та ряд спеціальних методів економічних досліджень: історичний метод, метод порівняння (у теоретичній частині – перший розділ роботи), метод дослідження, методи аналізу (у другому розділі роботи при оцінці та аналізі ефективності грошових потоків підприємства). Інформаційну базу дослідження становлять наукова література, періодичні видання, нормативні акти та закони, дані про результати фінансовогосподарської діяльності корпорації Roshen. Практичне значення одержаних результатів полягає у тому, що вони можуть бути використані для побудови більш досконалої системи управління грошовими потоками на підприємствах України.
В современных условиях хозяйствования большинство предприятий испытывают недостаток финансовых ресурсов. Актуальным становится вопрос самофинансирования. Управление денежными потоками является одним из важнейших аспектов финансового менеджмента, поскольку денежные средства являются наиболее ликвидными активами предприятия, способными легко трансформироваться в любой другой вид активов. В Украине в условиях инфляции, нестабильной политической ситуации, постоянных изменений в законодательстве и кризиса неплатежей управление денежными потоками является наиболее актуальной задачей в управлении финансами. Повышение эффективности финансового управления является основным фактором благосостояния компании. Эффективное функционирование предприятий в значительной степени обусловлено состоянием его денежных потоков, поскольку именно они определяют платежеспособность предприятий и ликвидность баланса. Предприятие, по результатам отчетного периода получило прибыль может оказаться неплатежеспособным из-за недостатка денежных средств и потенциальных источников быстрого самофинансирования. В таком случае руководство предприятия рискует потерять возможность самостоятельно принимать решения и отныне его судьбу начинают решать внешние структуры, например, кредитор, с которым не рассчиталось предприятие, или банк, заем которого осталась невозвращенной. Поэтому в условиях рыночной экономики все большее значение приобретает повышение эффективности управления денежными потоками предприятий как залог не только выживания, но и их стабильного функционирования. Необходимость дальнейшего исследования и углубления теоретических, методических и прикладных аспектов организационно-методического обеспечения анализа эффективности денежных потоков определяет актуальность исследования. Целью написания квалификационной работы является совершенствование теоретических и практических основ управления денежными потоками производственного предприятия. Объектом исследования являются экономические отношения, возникающие на предприятии в процессе управления его денежными потоками. Предметом исследования выступает механизм управления денежными потоками на примере корпорации Roshen. Теоретическую основу исследования составляет совокупность общенаучных методов и ряд специальных методов экономических исследований: исторический метод, метод сравнения (в теоретической части - первый раздел работы), метод исследования, методы анализа (во втором разделе работы при оценке и анализе эффективности денежных потоков предприятия). Информационную базу исследования составляют научная литература, периодические издания, нормативные акты и законы, данные о результатах финансово-хозяйственной деятельности корпорации Roshen. Практическое значение полученных результатов заключается в том, что они могут быть использованы для построения более совершенной системы управления денежными потоками на предприятиях Украины.
In today's economic environment, most businesses experience a lack of financial resources. The question of self-financing is urgent. Cash flow management is one of the most important aspects of financial management, as cash is the most liquid asset of an entity that can easily be transformed into any other type of assets. In Ukraine, in the context of inflation, unstable political situation, constant changes in legislation and the crisis of non-payment, cash flow management is the most urgent task in financial management. Improving the effectiveness of financial management is a major factor in the well-being of the company. The effective functioning of enterprises is largely conditioned by the state of its cash flows, since they determine the solvency of the enterprises and the liquidity of the balance sheet. An enterprise that, as a result of the reporting period, has made a profit may be insolvent due to lack of cash and potential sources of rapid self-financing. In this case, the management of the company risks losing the ability to make their own decisions and from now on, its fate begins to decide on external structures, for example, a lender, with whom the company did not pay off, or a bank whose loan remained outstanding. Therefore, in a market economy, it is becoming increasingly important to improve the efficiency of cash flow management of enterprises as a guarantee not only of survival but also of their stable functioning. The need for further research and deepening of theoretical, methodological and applied aspects of organizational and methodological support for the analysis of cash flow efficiency determines the relevance of the study. The purpose of writing a qualification paper is to improve the theoretical and practical foundations of managing the cash flows of a manufacturing enterprise. The object of study is the economic relations that arise in the enterprise in the process of managing its cash flows. The subject of the study is the mechanism of cash flow management on the example of Roshen Corporation. The theoretical basis of the study is a set of general scientific methods and a number of special methods of economic research: historical method, method of comparison (in the theoretical part - the first section of work), research method, methods of analysis (in the second section of work in the evaluation and analysis of the efficiency of cash flows of the enterprise). The research database is composed of scientific literature, periodicals, regulations and laws, data on the financial performance of Roshen Corporation. The practical significance of the results is that they can be used to build a more sophisticated cash flow management system at Ukrainian enterprises.

The goal of this diploma thesis was to evaluate the complex investment project of modernization of production halls selected companies. The literature search methods are described, which were subsequently applied to the actual calculations on the basis of which were compiled cash flows of investment, determined discount rate calculations performed indicators selected from among the methods of static and dynamic. Was subsequently identified and assessed the risks associated with an investment by using Monte Carlo simulation. The conclusion of this work the company receives a recommendation whether or not to implement the project.

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Nesta dissertaÃÃo abordamos questÃes concernentes a MatemÃtica Financeira a partir de dois enfoques, o teÃrico metodolÃgico e o uso da tecnologia da mÃquina calculadora HP 12C. Nesse sentido, nosso objetivo foi de contribuir com o uso da calculadora HP 12C para os ensino fundamental, mÃdio e superior, proporcionando a esses alunos mais interesse e motivaÃÃo para compreender melhor um assunto tÃo importante para sua vida humana e profissional. Para tanto elaboramos um tutorial com operaÃÃes elementares sob o contexto da MatemÃtica Financeira proporcionando uma aprendizagem consistente para resolver situaÃÃes prÃticas e ter o discernimento entre comprar à vista e à prazo. Dessa forma o uso adequado do tutorial facilita um avanÃo na aprendizagem do contexto da MatemÃtica Financeira, auxiliando em uma avaliaÃÃo ou orÃamento financeiro sob o ponto de vista de prevà resultados de investimentos em um negÃcio. Abordamos tambÃm nesse contexto os sistemas de amortizaÃÃes de financiamentos atualmente em uso, capitalizaÃÃo simples e composta, fluxo de caixa, valor presente lÃquido, taxa interna de retorno e fundo de pensÃo.
The Financial Mathematics treated in this issue presents two points of view, the methodological theoretical and the use of the machine technology. Its purpose is to contribute with the use of the calculator HP 12C in the elementary, secondary and higher education, providing for the students more interest and motivation to learn subject like this in their professional lives. So, we elaborate a tutorial with elementary operations about the structure of Financial Mathematics that help to solve practice situations and obtain the discernment between buying the spot or forward. The adequate use of this tutorial, help to solve practice situations and understand how to work the Financial Mathematics and allowing to foresee the results of investments in business. We also treat in this tutorial the amortization of financing systems currently in use, simple and compound capitalization, cash flow, net present value, internal rate of return and pension fund.

This diplome thesisdeals with determining of investment project economic efficiency. Evaluated investment project is redevelopment of urban house into boarding house with restaurant and café. The project is analyzed both in terms of pre-investment phase and 6 years after completion or reconstruction.  There is comparison of both analysis at the end of dissertation including optimal solution suggestion of current situation.

This diploma thesis deals with the preparation of the financial plan proposal for the selected company. The first part focuses on the theoretical basis, followed by the analytical part, where the analyzed company is presented, the strategic financial analysis of the company is made on the basis of which a financial plan is proposed in two variants. Following is the evaluation of the plan and the draft recommendation.

This thesis evaluates the progress and the level of financial stability of the joint–stock company Pivovar Litovel for the years 2002–2007. On a basis of facts-finding about causes of the progress and the types of influence, which are projected on the reached facts, I recommend particular measures for improvement of current standing.

The diplome thesis deals with determination of economic efficiency of the project. This si a project of completion in the sports, recreation, hiking and biking. The theoretical part begins by a chapter describing preparation and implementation phases of the project. The following chapter is an overview of the methods that can be used to assess projects. The most of attention is given to the feasibility study as one of the methods for assessing projects. In the theoretical part is a list of indicators of evaluation of the project and a separated chapter with cost benefit analysis. The practical part focuses on the evaluation of the project, the assessment of cash flow and the resulting financial and economic evaluation of the project.

The topic of the Master's Thesis is an evaluation of a real prepared development project considering strategic analysis. The strategic analysis contains an evaluation of current and expected macroeconomic situation including development of residential market in whole Czech Republic and Prague. The aim is to give a recommendation to investors whether to realize intended investment or not. The theoretical part clarifies specifics of investment decisions, defines entry parameters for investment evaluation and as well as introduces of particular stages of the evaluated investment project. In conclusion of theoretical part is described risk analysis. Introduction of the practical part is presentation of chosen development project. It is followed by analysis of its internal a external potential. After that comes the definition of entry values for evaluation of project by dynamic methods. The conclusion of the practical part includes sensitivity analysis and complex evaluation of investment project.

Every company which wants to be successful has to face a question of successful investment and increase of financial resources. Therefore, it is necessary to re-search and deal with investment opportunities. The aim of this thesis is to define and evaluate indicators of efficiency of investment into the multifunctional object in the area of Zázrivá-Terchová in Slovakia. The thesis describes the actual division of investments and the sources of funding In the first part. Further, it deals with a cycle of the project and describes its particular phases. The thesis also examines technical-economic study that is discussed according to its chapters. It focuses on the part Financial analysis and estimate of investment in which the description of a process of defining of specific economic indicators and their assessment is provided. The practical part begins with defining of investment expenses and continues with operational expenses and incomes. The next part discusses calculation of Cash Flow and particular indicators of the project. The conclusion evaluates the project and its efficiency.

The aim of the submitted thesis „Application of financial analysis in a company“ is to perform financial analysis of a enterprise IMOS Brno, a.s. from 2001 to 2007 and to make suggestions for improvement of company financial position. Results of this master´s thesis will give information for a company management and its decision-making process.

This diploma thesis deals with issues surrounding the evaluation of investment project effectiveness. Apart from general characteristics and identification of key terminology in the area of investment decision making and capital planning, which are outlined in the theoretical part of this thesis, the section also provides an overview of methods used to evaluate the effectiveness of the investment decision making process. Particular attention is paid to the issue of criteria selection based on cash flows generated by the investment project. Theoretical findings regarding the evaluation of investment effectiveness are then used in the analytical part of this this by evaluating the effectiveness of a real-life investment project.

This work is focused on development issues, the current situation in the real estate market, the impact of economic crisis and in particular to finance development projects through grants and developer, or. mortgage loans. Practical analyzes and evaluates offers banking institutions to finance a particular project. The result is a recommendation for the selection of individual bids.

The present dissertation is the design of a company's business plan, with a view to the new monitoring system, with all the important factors such as economic and technical factors, and legislative changes in the branch are taken into consideration. Furthermore there is the view to the economic standing of the company is also evalua-ted. The business plan is simultaneously considered from a general view of potential implementation of the proposed solution.

This master´s thesis is dedicated on the area of company´s liquidity. It focused on the credit management and cash optimalization and the short term investment of the surplus value. It includes the financial plan for the next 4 years.

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 main goal of my master thesis is evaluation an investment project of company on the base of dynamic methods of investment evaluation. Methods of evaluation are net present value, payoff period, gross investment, profitability index and internal rate of return.

Evaluation of the Financial Situation in the Construction Company shows and uses methods and tools leading to examination of financial situation, stability, liquidity and profitability of this company. Essence of financial analysis is evaluation of present-state and past development on the base of financial statement analysis. Regarding to market expectations can the results of financial statement analysis help to forecast future deve-lopment of the business. Important part of financial analysis is also commentary and draft of measures leasing to steady and effective business functioning.

This thesis is aimed on evaluation of the financial situation of a concrete company. In the first part, there is a profile of the company, and a basic performance analysis of internal and external factors which influence the company. The second part of thesis is an explanation of financial analysis, the principles of which are applied. In the third part, data gathered about the company is analysed and compared with a competitor. The final part of the work describes proposals to improve the financial situation of the analysed company.

An aim of this diploma thesis is to determine the value of CRV Czech Republic, Ltd. The document will serve to help to improve management's awareness of a management of the enterprise they lead. The thesis is divided into two parts, namely theoretical and practical. The theoretical part explains a valuation process, including a definition of valuation methods. The practical part then presents results of parts of evaluations conducted by a strategic analysis and a financial analysis. Next follows the analysis and prognosis of the value generators and a compilation of a financial plan. Finally, the valuation is done using discounted cash flow methods, an economic added value and capitalized net returns. The valuation method also uses an equity method. At the end, synthesis of results is made and the final value of the company is stated to 31 August 2016.

The thesis deals with public investment project. The thesis first describes, what are the sources of investments, cash flows and investment evaluation methodes of investment efficiency. Further, the thesis is focused on project Urban swimming pools in Luhačovice. It is mainly about the history, construction and operation of swimming pools. Finally, it assessed the efficiency of the project in program eCBA.

This diploma work assess the financial health of the company in the years 2002–2006 on the basis of selected methods of the financial analysis. It includes proposals of possible solutions of identified problems which should result in the improvement of financial situation of the firm in the following years.

The main purpose of this study is assessing whether the equity of the Portuguese Non Financial companies is sufficient to cope with negative cash-flows (CFaR – Cash-Flow at Risk) that may result from business cycle crisis, a situation which they have been facing recently. Breaking down the analysis according to the industry or the size of the companies led to the identification of Small Businesses, as well as “information and communication”, “other services” and “commerce” as being the ones with a more fragile capital structure. On the opposite, Big Firms and industries such as “transportation and warehousing” and “electricity and water supply” are the ones with a higher weight of companies that have an equity “cushion” within measure of covering possible losses (i.e. negative cashflows). It seems that the industries facing a higher risk exposure do not have a larger equity (measured by ratio of equity on total assets) and are, therefore, relying too much on debt for their own sake. Using either long term capital (instead of equity) or Net Losses (instead of negative cash-flow) does not change much the general picture, long term debt is larger than equity but net losses are more damaging than negative cash-flows. Industries with larger fixed assets are more penalized by that latter due to their high level of depreciations. Comparing within each industries Small Businesses to Larger Firms allows to conclude that, with the exception of “transportation” companies (where small seems to be beautiful), smaller firms generally show a greater lack of equity capital to face CFaR (Cash-Flow at Risk). A short analysis of the number of companies going out of business divided into the same industries shows that the more fragile groups above identified are also the ones with a higher relative mortality.
O presente trabalho pretende avaliar em que medida os capitais próprios das empresas não financeiras portuguesas são suficientes, para fazer face ao aparecimento de cashflows negativos (CFaR, Cash-Flow at Risk), tema actual sobretudo em momentos de turbulência económico-financeira como os que temos vivido nos últimos anos. A desagregação da análise por sector de actividade e classe de dimensão permite identificar as PME (que têm um elevado peso no total), bem como as “actividades de informação e de comunicação”, os “outros serviços” e o “comércio” como os agregados com maior fragilidade da estrutura de capitais. Pelo contrário, as grandes empresas e sectores como os “transportes e armazenagem” e a “electricidade e água” são os que têm maior peso de empresas com uma “almofada” de capitais próprios adequada para fazer face ao aparecimento de perdas. Não se confirma a suposição que os sectores com maior volume de perdas correspondam aos de maior autonomia financeira. O recurso ao capital permanente (em vez do capital próprio) e o recurso ao RLE (em vez do cash-flow) confirmam o posicionamento relativo dos agregados analisados, apesar dos capitais permanentes serem superiores aos próprios e de os RLE serem mais gravosos que os cash-flows. Os sectores com maior investimento em capital fixo são os mais afectados por este agravamento, devido ao elevado nível das amortizações. A segregação dentro de cada sector do efeito das PME e das grandes permite concluir que em todos os sectores, com intensidades distintas e a excepção das empresas transportadoras (que beneficiam do comportamento das PME), as PME mostram geralmente uma maior insuficiência de capitais próprios para fazer face ao CFaR. Uma breve análise das cessações de empresas confirma o posicionamento relativo dos vários agregados atrás referidos, mostrando que os mais frágeis são naturalmente os que originam mais cessações (em termos relativos).

The design of hydropower projects requires a comprehensive planning process in order to achieve the objective to maximise exploitation of the existing hydropower potential as well as future revenues of the plant. For this purpose and to satisfy approval requirements for a complex hydropower development, it is imperative at planning stage, that the conceptual development contemplates a wide range of influencing design factors and ensures appropriate consideration of all related aspects. Since the majority of technical and economical parameters that are required for detailed and final design cannot be precisely determined at early planning stages, crucial design parameters such as design discharge and hydraulic head have to be examined through an extensive optimisation process. One disadvantage inherent to commonly used deterministic analysis is the lack of objectivity for the selection of input parameters. Moreover, it cannot be ensured that the entire existing parameter ranges and all possible parameter combinations are covered. Probabilistic methods utilise discrete probability distributions or parameter input ranges to cover the entire range of uncertainties resulting from an information deficit during the planning phase and integrate them into the optimisation by means of an alternative calculation method. The investigated method assists with the mathematical assessment and integration of uncertainties into the rational economic appraisal of complex infrastructure projects. The assessment includes an exemplary verification to what extent the Random Set Theory can be utilised for the determination of input parameters that are relevant for the optimisation of hydropower projects and evaluates possible improvements with respect to accuracy and suitability of the calculated results.
Die Auslegung von Wasserkraftanlagen stellt einen komplexen Planungsablauf dar, mit dem Ziel das vorhandene Wasserkraftpotential möglichst vollständig zu nutzen und künftige, wirtschaftliche Erträge der Kraftanlage zu maximieren. Um dies zu erreichen und gleichzeitig die Genehmigungsfähigkeit eines komplexen Wasserkraftprojektes zu gewährleisten, besteht hierbei die zwingende Notwendigkeit eine Vielzahl für die Konzepterstellung relevanter Einflussfaktoren zu erfassen und in der Projektplanungsphase hinreichend zu berücksichtigen. In frühen Planungsstadien kann ein Großteil der für die Detailplanung entscheidenden, technischen und wirtschaftlichen Parameter meist nicht exakt bestimmt werden, wodurch maßgebende Designparameter der Wasserkraftanlage, wie Durchfluss und Fallhöhe, einen umfangreichen Optimierungsprozess durchlaufen müssen. Ein Nachteil gebräuchlicher, deterministischer Berechnungsansätze besteht in der zumeist unzureichenden Objektivität bei der Bestimmung der Eingangsparameter, sowie der Tatsache, dass die Erfassung der Parameter in ihrer gesamten Streubreite und sämtlichen, maßgeblichen Parameterkombinationen nicht sichergestellt werden kann. Probabilistische Verfahren verwenden Eingangsparameter in ihrer statistischen Verteilung bzw. in Form von Bandbreiten, mit dem Ziel, Unsicherheiten, die sich aus dem in der Planungsphase unausweichlichen Informationsdefizit ergeben, durch Anwendung einer alternativen Berechnungsmethode mathematisch zu erfassen und in die Berechnung einzubeziehen. Die untersuchte Vorgehensweise trägt dazu bei, aus einem Informationsdefizit resultierende Unschärfen bei der wirtschaftlichen Beurteilung komplexer Infrastrukturprojekte objektiv bzw. mathematisch zu erfassen und in den Planungsprozess einzubeziehen. Es erfolgt eine Beurteilung und beispielhafte Überprüfung, inwiefern die Random Set Methode bei Bestimmung der für den Optimierungsprozess von Wasserkraftanlagen relevanten Eingangsgrößen Anwendung finden kann und in wieweit sich hieraus Verbesserungen hinsichtlich Genauigkeit und Aussagekraft der Berechnungsergebnisse ergeben.