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Analysis of financial statements of selected pharmacy
Brouček, Jan ; Čočková, Jitka (advisor) ; Hajdíková, Taťána (referee)
This thesis deals with financial analysis. It aims to theoretically describe the environment in which the company operates. Then she focuses on the theoretical description of the financial analyzes, their types, methods and approaches. In the practical part, these methods are applied to Lékárna Čech s.r.o. Contribution of this thesis is to be a comprehensive assessment of the financial situation of the company and propose possible measures for its improvement or further direction using the tools that are used in planning financial strategy.
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Analysis of the new Basel III regulatory principles
Turjaková, Anna ; Blahová, Naděžda (advisor) ; Marková, Jana (referee)
The aim of this diploma thesis is to analyse the development of the regulatory framework and its current state according to the latest Basel III framework. The new rules were created as a response to the financial crisis that started in 2007. The framework represents significant increase in quality, amount and transparency of the capital base in comparison with the pre-crisis situation. Basel III has both micro and macroprudential focus. The diploma thesis describes the development and shortcomings of regulatory framework that necessitated revisions of the regulatory rules over time. These rules evolve with the changes in the financial system and the way how financial risks are managed. Although the roots of financial crisis are related to the mortgage-backed securities market, the banking sector played an important role in spreading the problems. Therefore the diploma thesis will also concentrate on fundamental flaws that contributed to the financial crisis. Then the immediate corrective action taken as a response to the financial crisis are described. After that, the Basel III rules are presented in detail. The newest monitoring of the rules carried out by the Basel Committe and cost analysis carried out by IMF including evaluation based on various analyses of Basel III are presented. Basel III has addressed most of the flaws revealed in Basel II. However, some issues still remain unsolved, which can lead to future problems with the financial system stability.
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Financial Crisis and its Impact on Exchange Transactions
Peroutková, Jaroslava ; Dvořák, Jiří (advisor) ; Kincl, Tomáš (referee)
This thesis presents market stock trading focused on analysis of financial crisis which falls on world's biggest exchange stocks and strategy of trading for a small investor. In the first part of this thesis will be explained priciples of trading on stock markets with modern trading business platformes. I explain economic conections and economy cycles which influence development of financial markets. In second part of thesis I analyse financial crisis fall on stock markets, indexis, commodities (gold, silver, brend crude oil) and currency markets (forex). I appreciate situation in Czech republik and course of czech index PX. Important role has a fundamental and technical analysis. I will analyse and descript modern trends of this business.
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Financial analysis of E.ON Energie, a.s.
Vrabcová, Klára ; Holečková, Jaroslava (advisor) ; Bobek, Michal (referee)
The main aim of the thesis is to perform the financial analysis of company E.ON Energie, a.s. based on the accounting data from 2006-2010, to critically assess the development of the data and important ratios and to compare the results with the best company in the industry sector. The thesis is divided into two main parts: the theory and the practical application. The theory explains the methods that I decided to choose for the financial analysis -- horizontal and vertical analysis, ratios of profitability, leverage, liquidity and activity, the DuPont analysis and selected bonity and bankruptcy models. In the theoretical part I also assess the explanatory power of financial statements and its main threats. In the practical part I present the company as an electricity and natural gas retailer. The energy industry has recently undergone a market liberalization, which had a large impact on the energy companies. As the sector analysis of Michael Porter confirmed, the industry faces greater competition than before. The energy companies are also influenced by macroeconomic developments, e.g. GDP and energy consumption, prices in the electricity market and the euro exchange rate. The main result of the performed financial analysis is the fact that E.ON Energie, a.s. follows its strategy to become a leader in the electricity market. In the years 2009 and 2010 E.ON Energie, a.s. caught up with CEZ Prodej, s.r.o. in the liquidity, leverage and activity ratios. In addition to this, it improved its profitability. Moreover, the revenues grow at a faster pace than in CEZ Prodej, s.r.o. In the future it will be interesting to see how the company will develop despite the increasing competition in the market.
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Determinanty kapitálové struktury a její optimalizace
Křivská, Romana ; Valach, Josef (advisor) ; Marek, Petr (referee) ; Hrdý, Milan (referee)
The finding of optimal debt-to-equity structure, taking into account the determinants which influence Capital Structure, is an ongoing problem in Corporate Finance. It is confirmed in theory as well as in practice in the world of Corporate Finance. There are several theoretical approaches to optimal Capital Structure, nevertheless, in practice none of these theories can be fully confirmed. The aim of the dissertation is the analysis of determinants of Capital Structure and the assessment of the application of current optimal Capital Structure theories. The significance of the individual determinants of Capital Structure is evaluated and the relationship between Leverage and certain determinants is analyzed, based on regression and correlation analysis. These tasks are based on an international point of view followed by the empirical application to mining companies in the Czech Republic and Europe. The dissertation is divided into 3 main parts which include a theoretical part, an analysis of current findings and, finally, an empirical analysis. In the theoretical part, the basic terms used in the topic of Capital Structure are defined by their different meanings in theory. These are Capital, Capital Structure and Leverage. The determinants of Capital Structure were specified with respect to the optimal Capital Structure theories, and the determination of optimal debt ratio is discussed. The analysis of current findings is focused on the empirical verification of optimal Capital Structure theories, on international examples, and on the example of the Czech Republic. Attention is dedicated to understanding the significance of determinants of Capital Structure and the determination of the relationship between Leverage and determinants of Capital Structure. A comparison of the theoretical and empirical findings is made between a group of American and European companies, and between three groups of countries (developed countries, developing countries and transition countries, including the Czech Republic). The empirical part is dedicated to the analysis of determinants of Capital Structure of mining companies in the Czech Republic and Europe. The analyzed determinants are size, profitability, tangibility of assets, and a non-debt tax shield.
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Financial management of firm
HAVLÍČEK, Jiří
The task of the study was to characterize the financial analysis, indicate the importance for decision making in business, to characterize the cash flow for financial analysis. Thus characterized by the analysis was performed on a real business, where they were enumerated various ratios: profitability, liquidity, debt, activities and indicators based on cash flow. Furthermore, the position expressed by the company against competitors, and some reputable and bankruptcy models.
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Speculation on Commodity Markets
Drnková, Lucie ; Drozen, František (advisor) ; Radová, Jarmila (referee)
The objective of the bachelor thesis is to describe the main principles of trading in commodities focused on speculative trading. Attention is especially paid to commodity spreads. The bachelor thesis is divided into three parts. The first part contains basic information about trading in commodities. The second part is concerned with a detailed characteristic of commodity spreads. The final and the most important part deals with building of my own trading spread strategy. In the closing part functionality and accomplishments of my trading system are proved apart from other facts. Everything is accompanied by my own obtained trading results.
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Commodities and Commodity Market
Bednář, Jan ; Dvořák, Jiří (advisor) ; Pevná, Jana (referee)
The work deals with the possibilities of investing in commodities, theoretical information which is necessary to know before you start investing, tools and systems for investing in commodities. Introduction of major world and czech commodity exchanges.
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Spekulace s komoditními futures
Ševčík, Václav ; Pígl, Jan (advisor)
Hlavním posláním práce je seznámení čtenáře se základními pojmy, specifickými znaky a analytickými metodami souvisejícími s obchodováním na trzích komoditních futures. Některé typy analýz jsou rozvedeny v praktických případových studiích.
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Využití pákového efektu v mezinárodním investování
Neue, Julia ; Taušer, Josef (advisor) ; Brychta, Vojtěch (referee)
Leveraged finance je odborný název pro transakce, které jsou založeny na pákovém efektu a zároveň se vyznačující velkou náročností na financování, větším rizikem a možností dosažení většího zisku v porovnání s běžně financovanými transakcemi. Jedná se o investice ne zcela standardní pro české tržní prostředí, které stále nabývají na významu jak začleněním české ekonomiky do mezinárodních struktur, tak i celkovou konsolidací mezinárodních trhů. Mezi transakce, které v České republice proběhly, patří například nákup Českých radiotelekomunikací zahraniční Private Equity společností. Dá se očekávat, že i v České republice bude trend jak financování tak uskutečňování transakcí Leveraged finance rostoucí.
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