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Financial analysis of LONZA BIOTEC, s.r.o.
Thomes, Lukáš ; Filipová, Vladimíra (advisor) ; Drozen, František (referee)
The goal of the bachelor thesis is the evaluation of the financial health of the company LONZA BIOTEC s.r.o. This firm produces substances for the pharmaceutical and chemical industry by using biotechnology. The firm is a member of the global concern LONZA. There are used generally accepted methods of financial analysis, for example the elementary analysis of financial statements, analysis of profitability, liquidity, economic value added EVA and future predictions. A part of the bachelor thesis is a comparison between the analysed firm and the biotechnological sector.
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The Issue of Poverty and Its Practical Impact in Sub-Saharan Africa
VIEHMANNOVÁ, Kristýna
The work deals with the problem of poverty and its causes, impacts and possible help in Sub-Saharan Africa. The aim of this thesis is based on the study of documents and other resources to present the issue of poverty, its causes, indicators and possible help in Third World Countries, to investigate the ways the International Monetary Fund helps in the fight against poverty in Sub-Saharan Africa in line with the Millennium Development Goals, which were adopted by representatives of all UN Member States in 2000 at the Millennium Summit. The research was conducted by the secondary data analysis, focused on written documents, literature, press and television broadcasts on the International Monetary Fund and the question of whether this is in line with the MDGs. In the work I specify the concept of poverty in the context of African countries, I point to the geographic, demographic and cultural characteristics of this continent, the beginning of the crisis and indebtedness of states with international institutions like the International Monetary Fund and the World Bank. Further, I give a detailed description of the International Monetary Fund as an institution from its foundation, including the roles it plays in financial assistance to countries. In my work I conclude that the policy proposed by the IMF, which is financial austerity, privatization and market liberalization, is by no means an effective way to economic growth in poor countries of Sub-Saharan Africa and definitely does not correspond to meeting Millennium Development Goals.
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Sustainable management of forest ecosystems - indicators of biodiversity
HOŠKOVÁ, Jana
This bachelor thesis is devoted to the topic of biodiversity and indicators for sustainable production of forest ecosystems. The work is conceived as a literature review of the problems and tries to view the various topics, with the problems that are closely related. Attention is focused on the individual chapters in particular summary (search) basic knowledge related not only to the nature and persistence of forest ecosystem functions of forests in terms of their environmental stability and durability, especially the work was focused on the identification of the main methods for monitoring biodiversity in forest ecosystems. The main objective of this work is to compare conventional and natural regeneration of forest ecosystems, and on this issue was also seen in terms of soil organisms (invertebrates), which can be considered as indicators of changes in biodiversity in forest ecosystems.
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Use of Interest Rate Models for Interest Rate Risk Management in the Czech Financial Market Environment
Cíchová Králová, Dana ; Arlt, Josef (advisor) ; Cipra, Tomáš (referee) ; Witzany, Jiří (referee)
The main goal of this thesis is to suggest an appropriate approach to interest rate risk modeling in the Czech financial market environment in various situations. Three distinct periods are analyzed. These periods, which are the period before the global financial crisis, period during the financial crisis and in the aftermath of the global financial crisis and calming subsequent debt crisis in the eurozone, are characterized by different evaluation of liquidity and credit risk, different relationship between financial variables and market participants and different degree of market regulations. Within this goal, an application of the BGM model in the Czech financial market environment is crucial. Use of the BGM model for the purpose of predicting a dynamics of a yield curve is not very common. This is firstly due to the fact that primary use of this model is a valuation of interest rate derivatives while ensuring the absence of arbitrage and secondly its application is relatively difficult. Nevertheless, I apply the BGM model to obtain predictions of the probability distributions of interest rates in the Czech and eurozone market environment, because its complexity, direct modeling of a yield curve based on market rates and especially a possibility of parameter estimation based on current swaptions volatilities quotations may lead to a significant improvement of predictions. This improvement was also confirmed in this thesis. Use of swaptions volatilities market quotations is especially useful in the period of unprecedented mone- tary easing and increased number of central banks and other regulators interventions into financial markets that occur after the financial crisis, because it reflects current market expectations which also include future interventions. As a consequence of underdevelopment of the Czech financial market there are no market quotations of Czech koruna denominated swaptions volatilities. I suggest their approximations based on quotations of euro denominated swaptions volatilities and also using volatilities of koruna and euro forward rates. Use of this approach ensures that predictions of the Czech yield curve dynamics contain current market expectations. To my knowledge, any other author has not presented similar application of the BGM model in the Czech financial market environment. In this thesis I further predict a Czech and Euro area money market yield curve dynamics using the CIR and the GP models as representatives of various types of interest rates models to compare these predictions with BGM predictions. I suggest a comprehensive system of three criteria, based on comparison of predicti- ons with reality, to describe a predictive power of selected models and an appropria- teness of their use in the Czech market environment during different situations in the market. This analysis shows that predictions of the Czech money market yield curve dynamics based on the BGM model demonstrate high predictive power and the best 8 quality in comparison with other models. GP model also produces relatively good qua- lity predictions. Conversely, predictions based on the CIR model as a representative of short rate model family completely failed when describing reality. In a situation when the economy allows negative rates and there is simultaneously a significant likelihood of their implementation, I recommend to obtain predictions of Czech money market yield curve dynamics using GP model which allows existence of negative interest rates. This analysis also contains a statistical test for validating the predictive power of each model and information on other tests. Berkowitz test rejects a hypothesis of accurate predictions for each model. However, this fact is common in real data testing even when using relatively good model. This fact is especially caused by difficult fulfilment of test conditions in real world. To my knowledge, such an analysis of the predictive power of selected interest rate models moreover in the Czech financial market environment has not been published yet. The last goal of this thesis is to suggest an appropriate approach to obtaining pre- dictions of Czech government bonds risk premium dynamics. I define this risk premium as a difference between government bond yields and fixed rate of CZK IRS with the same length. I apply the GP model to describe the dynamics of this indicator of the Czech Republic credit risk. In order to obtain a time series of the risk premium which are necessary for estimation of GP model parameters I firstly estimate yield curves of Czech government bonds using Svensson model for each trading day since 2005. Resulting si- mulations of risk premium show that the GP model predicts the real development of risk premiums of all maturities relatively well. Hence, the proposed approach is suitable for modeling of Czech Republic credit risk based on the use of information extracted from financial markets. I have not registered proposed approach to risk premium modeling moreover in the Czech financial market environment in other publications.
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The breeding of llamas in Czech Republic
KREJNÍKOVÁ, Sandra
During the past few years a development of breeding llamas and alpacas took place in Czech Republic. Increasing interest in those animals entails the need to determine how they respond to the conditions of our country. The aim of this thesis is to evaluate the growth ability of crias, some of the physical dimensions (withers height) and bodyweight of adult llamas. The same indicators are to be evaluated for alpacas as well. The results are to be compared with the standard for llamas and alpacas. A total of 104 animals were measured and weighted, namely 44 llamas and 60 alpacas, and 280 pairs of weight and height data were obtained. Weighing and measuring of adult llamas and alpacas took place once a year around the end of August for two years (2009 and 2010). Young llamas were weighed and measured at approximately monthly intervals according to the possibilities of their breeders. Young alpacas were weighed at approximately weekly intervals. The thesis is divided into two parts. The first part evaluates llamas. It was discovered that the average birth weight of llamas in the Czech Republic is 11 kg. Once mature, they reach an average live weight of 130.3 kg and average height of 110.2 cm. Average daily gains were observed as follows: from birth to 7 weeks 0.20 kg per day, from 7 weeks to 24 weeks 0.18 kg per day and from 24 to 72 weeks 0.13 kg per day. The second part of this thesis is devoted to alpacas, for which the same parameters as for the llamas were monitored. It was found that the average birth weight of alpacas in the Czech Republic is 6.5 kg. Once mature, they reach an average live weight of 65.6 kg and average height at 88.4 cm. Average daily gains are at the following levels: from birth to 7 weeks 0.1 kg per day, from 7 weeks to 24 weeks 0.09 kg per day and from 24 weeks to 72 weeks 0.08 kg per day. It was found that these two species reach final physical maturity later in the Czech Republic than stated by literature. Compared to the standard, most of the llamas and alpacas are up to their standards.
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Regional population projections
DVOŘÁKOVÁ, Aneta
This thesis deals with the regional population projections. The theoretical part is divided into several chapters, which describe and explain the basic concepts, such as demographics, birth rate, death rate and more. There are also analyzed the actual projection methods and specifying formulas. Last but not least consulted on the population projection of the Czech Republic in 2050 and the most recent projections up to the year 2100th. Own part is about the screening for districts in South Bohemian region. Projections were prepared for districts: Ceske Budejovice, Cesky Krumlov, Jindrichuv Hradec, Prachatice, Pisek, Strakonice and Tabor. As evaluation indicators were elected, population, life expectancy, total fertility rate and the secondary sex ratio or even sex ratio. Projections for population and life expectancy has been created specially for men and women.
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Milk composition as an indicator of the metabolism of dairy cows
ŠTĚRBA, Lukáš
Milk presents good marker metabolic levels in dairy cows. Subscribe milk in moreover to cow does not stressful. Each month has a breeder in the yield control available basic data on milk composition (fat, protein, lactose). This basic data can be expanded to include other parameters (milk urea, ketones and citric acid). Based on these milk parameters can then correct interpretation preventively diagnose metabolic diseases in the herd. In this work, based on yield controlling diagnosed with high metabolic burden herd Haklovy Dvory. In March 2014, according to the results of the composition of milk probably 33,3% of dairy cows exposed to challenges from acidogenic burdens and 15,2% negative energy balance. In April, was then exposed to challenges from acidogenic burdens 37,8% of herds and negative energy balance 26,7% of the herd. For selected cows are then carried out an analysis of the metabolic state based on milk composition and biochemical blood tests. Milk always signaled higher metabolic burden cows associated with the appearance of serious metabolic diseases (acidogenic burdens) than blood. Diagnosis of rumen acidosis of the blood is not simple and milk, this could serve as a useful indicator of the current state of the acid-base balance in the rumen.
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Cariovascular Profile, Level of Its Control in Relation to Complications in Type 2 Diabetic Patients
Nussbaumerová, Barbora ; Rosolová, Hana (advisor) ; Lacigová, Silvie (referee) ; Málková, Jana (referee) ; Soška, Vladimír (referee)
1. A sample of 415 type 2 diabetic (DM2) subjects was examined. The control of cardiovascular risk factors, e.g. blood pressure, lipids and glucose metabolism, is unsatisfactory in this sample. There is a lack in nonpharmacological treatment and regimen - physical activity, smoking, low energy diet. The choice of antihypertensive treatment is satisfactory. Many patients have only the monotherapy. The antihypertensives are underdosed. We are not sure about the compliance. The treatment of dyslipidemia is not sufficient enough, there is a lack of the statin + fibrate combination therapy. The nonpharmacological regimen in needed for better glucose metabolism compensation. The pharmacotherapy should be indicated earlier (esp. metformin). 2. The prevalence of microvascular complications (mvc) was high in this sample (54%), especially the diabetic nefropathy (95%). The macrovascular compliactions (MVC) were present in 27% subjects, more in men, 55% of them had coronary heart disease. Subjects with MVC had more often mvc. The risk profile was worse in subjects with any vascular complications. The common risk factors in association with both MVC and mvc were the age over 60 years and hsCRP plasma level over 1 mg/L. We follow the sample prospectively to estimate predictive factors for vascular complications. 3. We...
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Postpartum Eclampsia in Dogs
Tůmová, Nikola ; Krejčířová, Romana (advisor) ; Štolcová, Magdaléna (referee)
Eclampsia is an urgent illness, which threatens lactating female dogs in postpartum period. This illness is also called hypocalcemia, lactation tetany, puerperal tetany or milk fever.
Based on the metabolic changes the main cause of eclampsia is a decrease of calcium in blood and its transition into milk. Balance between the intake and output of calcium from the extracellular fluid due to calcium loss in milk production appears like an important factor in the development of eclampsia.
There are many causes which lead to the disease. The disease is caused by hypocalcemia, decreased secretion of PTH (parathyroid hormone), as well as high milk production, poor nutrition and diseases of the parathyroid glands. Reduction of PTH secretion occurs due to abnormal development of parathyroid glands, when they are damaged or after their surgical removal.
The system of kidney is activated during hypocalcemia - vitamin D, which has the task of ensuring increased calcium absorption in the intestine or the system of parathyroid glands - parathyroid hormone, which is responsible for the release of calcium from the bones. If it was the opposite case, when there is an excess of calcium, calcitonin secretion from the parathyroid gland is activated. Calcitonin secretion from the parathyroid glands is responsible for calcium deposition in bones.
Today, deficiency of vitamin D is the main center of interest because eclampsia in female dogs is considered as a negative prognostic indicator and one of the causes in development of hypocalcemia is just hypovitaminosis D.
The symptoms of eclampsia occur in female dogs, especially during the first 4 weeks after birth in the period of maximum lactation. From a metabolic perspective puerperium (the period after birth) in female dogs represents an enormous ballast associated with caring of growing puppies and their nutrition. The outbreak of eclampsia indicates total exhaustion, restlessness, rubbing head on the ground or forelimb of the nose, nervousness, anxiety, loss of interest in puppies and difficulty in movement. Walking seems to be coordinated but gradually becomes stiff. In more serious cases thirst starts, excessive drooling, rapid breathing, muscle twitching and spasms. The time from the first symptoms to develop of overall clinical presentation represents 15 minutes to 12 hours. In normal conditions, this state is diagnosed thorough clinical examinations, history correlated with clinical symptoms, response to therapy and the condition accepted laboratory results. The basic step for treating eclampsia is an intravenous aplication of calcium. Generally, 5 - 10 ml of 10% calcium gluconate provides a sufficient dose of calcium for female dogs weighing up to 10 kg of body weight. Late initiation of treatment can lead to fatal consequences. Prevention has not been exactly known yet. Small litters of puppies and early weaning has a positive effect. Excessive preventive use of vitamin supplements and mineral supplements is not recommended. Easy and convenient solution is feeding rations in the form of complete feed for pregnant and lactating bitches.
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