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THE ANALYSIS AND POSITION OF MEAT PROCESSING INDUSTRY UNDER THE CONDITIONS OF OPEN EUROPEAN MARKET
Get PDFMagistrska naloga poskuša predstaviti današnji položaj živilskopredelovalne (predvsem mesnopredelovalne) industrije tako v Sloveniji kot v Evropi. Ugotoviti bi želeli, kakšno je stanje, kakšna je perspektiva in kateri so dejavniki konkurenčne sposobnosti na današnjem skupnem evropskem trgu. Konkurenčnost te panoge industrije je v veliki meri odvisna od konkurenčnosti domačega kmetijstva. Za slovensko kmetijstvo je značilna nizka konkurenčnost, saj nimamo ugodnih naravnih razmer, pa tudi družbene razmere v Sloveniji za kmetijstvo niso dobre. Rešitev za kmetijstvo in živilsko industrijo je v njuni povezanosti, česar se v Evropi zavedajo, saj konkurenčnost v agroživilstvu ni problem samo v Sloveniji, ampak v vseh članicah EU. Tretji pomemben člen v povezovalni verigi so trgovske družbe. Skupna kmetijska politika (SKP), ki določa okvire ekonomskega delovanja, temelji na enotnosti trga, dajanju prednosti regionalni pridelavi in finančni solidarnosti držav članic. Tržni redi za posamezne skupine kmetijskih proizvodov so zakonska podlaga te skupne politike.
V nalogi je predstavljen tržni položaj mesnopredelovalne industrije, njeno konkurenčno prilagajanje evropskemu trgu in potrošniku ter problematika klavno-predelovalne industrije v Sloveniji. Mesnopredelovalna industrija spada med zelo pomembne gospodarske dejavnosti. Za doseganje dobrih ekonomskih rezultatov je potrebno, da so rejci živine, mesnopredelovalni obrati in trgovci med seboj povezani tako vertikalno kot horizontalno v sistem oskrbne verige. Pomen mesnopredelovalne industrije izhaja tudi iz vloge mesnih proizvodov za prehrano in zdravje ljudi. Danes je vse večji poudarek na zaščiti potrošnikov pred zdravju škodljivimi živili. Ugotoviti smo poskušali, kaj pomeni za mesnopredelovalno industrijo sprejetje evropske zakonodaje za to področje in katere so zahteve EU. Za uspešno prilagajanje EU je med drugim pomembna harmonizacija pravnega reda s pravnim redom EU. Pri vseh dosedanjih širitvah EU sta področji mesno- in živilskopredelovalne industrije panogi, ki zahtevata izrazito veliko pozornosti.
Za predstavitev praktičnih problemov podjetij, ki se soočajo s problematiko živilstva, smo v empiričnem delu naloge predstavili dva slovenska mesnopredelovalna obrata ter njuno politiko nabave in prodaje. S pomočjo analize SWOT smo poskušali predstaviti njun tržni položaj. Zanimalo nas je, kako na njuno poslovanje vplivajo zaostrene gospodarske razmere, finančna nedisciplina in vse močnejša konkurenca tujih rejcev ter proizvajalcev mesa in mesnih izdelkov.
S pomočjo pisne ankete smo izvedli raziskavo o zadovoljstvu slovenskih potrošnikov z izdelki slovenske mesnopredelovalne industrije in poskušali ugotoviti, kakšna je pripravljenost le-teh za nakup izdelkov slovenskega porekla.The following master thesis examines the current situation of the Slovenian as well as the European food processing industry. The focus is set on the meat processing industry, particularly on its status and perspective. Furthermore, it discusses specific factors of its competitiveness on the current common European market. The competitiveness of this industry depends largely on the competitive position of the domestic agriculture. Slovenian agriculture suffers a low level of competitiveness, which is due to bad environmental conditions but also due to some social issues. The problematic situation of agriculture and the food industry could be achieved by active interaction of these two sectors. This issue has already been recognized by European countries, since the competitiveness of agro-food processing doesn\u27t only pose a problem in Slovenia but also in all countries of the EU. Trading companies represent the third important link. The Common Agricultural Policy (CAP), which sets the frame for economic activities, is based on three major principles: market unity, community preference and financial solidarity of the member states. Market regulations for individual categories of agricultural products represent the legal basis of the mentioned common policy.
The thesis also depicts the market situation of the meat processing industry, its competitiveness adjustment to the European market as well as to customers, and finally the problematic situation of the Slovenian slaughter and meat processing industry. The meat processing industry represents a significant part of the economic sector. In order to be able to deliver good economic results, stock farmers, food processing factories as well as traders need to form a vertical and horizontal connection system, representing the supply chain system. The importance of the meat processing industry can also be linked to the role of meat products in human consumption and health. The protection of consumers from harmful foods is currently drawing increased concern. From this perspective, the author’s research focused on how the adopted European legislation for this particular area could influence the meat processing industry and also on the EU requirements. The harmonization of the national legal system with the legal system of the EU is of significant importance for the successful adaptation to the European standard. In the context of past EU enlargements, the meat and food processing industries require careful attention.
The empirical part of the thesis enlightens practical problems of companies that tackle the problematic situation of the food industry on a daily basis. The focus was set on two Slovenian meat processing factories, especially on their purchase and sales policy. The SWOT analysis method was applied to describe their market position. The author was particularly interested in how their business is tackling the problematic economic situation, the lack of financial discipline, and the increasingly competitive performance of foreign stock farmers as well as meat and meat product producers.
Furthermore, a written survey was carried out to research the satisfaction of Slovenian consumers with products of the Slovenian food processing industry as well as their willingness to buy products of Slovene origin
Protectionism in international trade in the case of trade measures of the United States of America and China
Get PDFCarine in drugi ukrepi, ki neposredno vplivajo na potek trgovinske menjave med državami, so že od nekdaj orodje, s katerim lahko države manipulirajo potek trgovine in zasledujejo lastne trgovinske cilje. Vzrok za ustanovitev trgovinskih inštitucij in podpisovanje trgovinskih sporazumov, je bila želja omogočiti svetovni trgovini karseda prost pretok blaga in storitev. In ravno te inštitucije, skupaj s podpisanimi trgovinskimi sporazumi so omogočile razcvet in razširitev trgovinske menjave med svetovnimi državami, kar je gospodarstvom omogočilo višjo rast in hitrejši napredek. Posledično je težko razumljivo, da se države danes kljub razvoju, ki ga je prinesla prosta trgovina, odločajo za omejevalne trgovinske ukrepe, ki pretok blaga in storitev ovirajo ali v celoti zaustavijo. Carinske in necarinske omejitve, ki sta se jih poslužili Združene države Amerike in Kitajska, so močno pretresle svetovno trgovino, saj zaradi njune velikosti in moči, lahko že majhne spremembe oziroma odločitve povzročijo velike posledice.
V diplomskem projektu smo želeli ugotoviti vzroke in vrste omejitev, ki sta se jih državi odločili uvesti in posledice, ki jih je trgovinski spor prinesel, ter tudi na koga so oziroma bodo le te imele največji vpliv.
Ugotovili in opisali smo, kako so ukrepi v povezavi z drugimi dejavniki, kot so ohlajanje svetovnega gospodarstva, sprememba monetarnih politik, višji stroški proizvodnje itd. vplivali na spremembo dobavnih verig podjetij, investicij, bruto družbenega proizvoda, upravljanje bank in določenih sektorjev gospodarstva.Tariffs and other restrictive measures that directly affect the trade of goods and services between countries have been known for a long time as a tool through which countries can manipulate the movement of trade and pursue their own trade goals. The reason for the establishment of trade institutions and signing of trade agreements was the desire to enable world trade as much free movement of goods and services as possible. Established institutions combined with the signed trade agreements enabled the expansion and progress of trade between countries of the world, which led to higher and faster growth of economies. And because of the development made under free trade it is difficult to understand why countries nowadays would start imposing restrictive trade measures that hinder or even completely stop the flow of goods and services. The tariff and non-tariff restrictions used by the United States and China have shaken the global trade primarily because of their size, power and impact they have on world trade.
In this bachelor degree paper we wanted to find out the causes and types of restrictions that the United States and China imposed and also the consequences that the trade dispute together with sanctions has brought to companies, households and others.
We have identified and described how measures linked with other factors, such as the cooling of the world economy, the change of monetary policies being used, higher production costs, etc. influenced the change in supply chains of companies, investments, gross domestic products, management of banks and certain sectors of the economy
Business valuation on the case Port of Koper
Get PDFMagistrska naloga zajema tematiko vrednotenja podjetij. Vključuje tradicionalne kazalnike uspešnosti poslovanja podjetij in sodobne modele vrednotenja podjetij. Tradicionalni kazalniki nam pomagajo razumeti poslovanje podjetja le, če jih primerjamo z relevantnimi drugimi kazalniki. Tradicionalni koncepti se ozko usmerjajo na poslovna dogajanja v preteklosti, težko pa je z njimi napovedovati prihodnost. Sodobni modeli vrednotenja podjetij pa temeljijo na pričakovanih koristih, ki jih bo dobil lastnik podjetja. Na podlagi sodobnih modelov vrednotenja podjetij ter s pomočjo diskontnega faktorja ugotavljamo končno »tržno« ceno podjetja. Modele sem implementiral na primeru podjetja Luka Koper. Luka Koper je podjetje, ki se ukvarja z logističnimi storitvami in je eno vodilnih podjetij v obalno-kraški regiji. S pomočjo tradicionalnih kazalnikov ugotavljam, da je kombinacija gospodarske krize, ki je vplivala na zmanjšanje povpraševanja po pretovornih storitvah in investicijske politike, ki je povečala ciklus zadolževanja - povzročila, da je Luka Koper v zadnjem obdobju dosegala zelo slabe rezultate. To pa še ne pomeni, da bo podjetje v prihodnosti poslovalo z negativnim poslovnim izidom. Izrazita negativna gibanja v gospodarsko vodilnih državah so se konec leta 2009 omilila, vendar so napovedi za leto 2010 dokaj zadržane in previdne. Pričakovati je postopno okrevanje svetovnega gospodarstva in s tem tudi povpraševanje po pretovornih storitvah. Sodobni modeli vrednotenja nam prikažejo različne tržne vrednosti podjetja. V nalogi sem izbral tri modele, in sicer: DCF, EVA in CFROI. Najbolj primerna vrednost Luke Koper je pridobljena z modelom CFROI in sicer v višini 898.619.110 EUR. Takšna vrednost je po mojih ocenah najbolj realna tržna vrednost Luke Koper. V zaključku naloge ugotavljam, da je najprimernejši sodobni model vrednotenja na primeru Luke Koper model CFROI.This master thesis is dealing with business evaluations, and includes traditional indicators of business performance and modern company evaluation models. Traditional indicators help us understand companies’ managements only if we compare them to other relevant indicatorstraditional concepts have a strict focus on business events in the past, thus is difficult to use them to predict the company’s future. On the other hand, modern company evaluation models are based on expected advantages received by the company’s owner. On the basis of modern company evaluation models and through the discount factor, we find out the final “market” price of a company. To implement company evaluation models, I used the Port of Koper as my example. The Port of Koper is dealing with logistics services and is one of the leading companies in the Coastal-Karst region. Through traditional indicators of business performance, I find out that the combination of the economic crisis that influenced on the decreased demand for transhipment services, and the investment policy, that increased the cycle of indebtedness, caused poor results for the Port of Koper in the last period. However, this does not mean that the company will deal with a negative operating result in the future. Explicitly negative trends in economically leading countries have softened at the end of 2009, but the predictions for 2010 are rather reserved and prudent. We can expect a gradual recovery of the World Economy and hence also the demand for transhipment services. The modern company evaluation models show us different market values of the company. In my master thesis, I chose three different modern company evaluation models: DCF, EVA and CFROI. The most correct value is obtained using the CFROI model – the result is 898.619.110 EUR.
I think that this value is the most realistic market value of the Port of Koper. In conclusion of my master thesis, I find that the most suitable modern company evaluation model on the example of the Port of Koper is the CFROI company evaluation model
EU STRUCTURAL FUNDS RESOURCES FOR ECONOMIC DEVELOPMENT IN SLOVENIA
Get PDFZ vstopom v EU si je Slovenija pridobila tudi pravico do črpanja iz strukturnih skladov. Sredstva so namenjena hitrejšemu razvoju manj razvitih regij EU. Po podatkih, ki jih imamo na voljo, lahko rečemo, da je Slovenija, kljub začetnim težavam, uspešno zaključila svoje prvo programsko obdobje 2004—2006.
Nova finančna perspektiva je Sloveniji prinesla znatno več sredstev kot v prvih dveh in pol letih članstva. Poglavitni cilji nove finančne perspektive v Sloveniji so: vlaganje v cestno infrastrukturo, varstvo okolja, energetsko učinkovitost, veliko sredstev je namenjenih tudi za raziskave in razvoj ter podporo podjetništvu.With the entry in the EU, Slovenia has acquired the right to structural founds. This founds are designed for faster growth of less developed regions of the EU. On the basic data, which is available, we can assume that Slovenia has successfully finished program period 2004-2006 in spite of the problems at the beginning.
A new financial perspective 2007-2013 is bringing to Slovenia more founds than it did in the first two and a half years of its membership. The main aim in new financial perspective in Slovenia are putting-is to put founds into road infrastructure, protecting environment, energy affectivities, a lot of founds are destined for research and development and also for support for companies
SPECIFIC FUNDING AND MANAGEMENT OF FINANCE IN THE CASE OF ZDRAVSTVENI DOM MURSKA SOBOTA
Get PDFPodobno kot v drugih evropskih državah se tudi Sloenija srečuje z omejenimi finančnimi sredstvi in vse hitrejšo rastjo povečevanja javnih in zasebnih izdatkov namenjenih za zdravstvo, kar je posledica večanja deleža starejšega prebivalstva ter s tem posledično njihovih pričakovanj.Dober sistem financiranja zdravstvenih storitev mora biti pravičen do državljanov in izvajalcev zdravstvenih storitev. Hkrati mora biti uspešen in učinkovit, vzpodbujati mora kakovostno obravnavo bolnika ter optimalno in racionalno uporabo vseh razpoložljivih sredstev. Idealnega sistema financiranja zdravstvenih storitev ni. Odločitev o tem je odvisna od ciljev, ki jih zasledujejo. Z različnimi obračunskimi sistemi lahko sledimo različnim ciljem. Če želi plačnik-država povečati dostopnost storitev, bo predlagal-a uveljavitev storitvenega sistema. Ko pa je v ospredju kot cilj obvladovanje stroškov ter manj interesi bolnikov, bo uveljavil-a proračunsko financiranje v pavšalu. Tako se lahko nekateri vplivi na vedno višje stroške v zdravstvu rešijo le na državni ravni. Management v zdravstvenih organizacijah pa je poleg strokovnih medicinskih znanj, ključni dejavnik za uspešno vodeno zdravstveno varnost, ki v povezavi z managementom zdravstvenega zavarovanja, pomeni integracijo izvajanja in financiranja zdravstvenih programov in storitev za obvladovanje stroškov in izboljševanje kakovosti.As in other European countries, Slovenia also faced with limited funds and the rapid growth of increasing public and private expenditure for health as a result of an increasing share of elderly population, the rapid development of medical technology and growing information for the population and, consequently, their expectations. A good system for financing helath services must be fair to citizens and healthcare providers. At the same time be an effective and efficient, promote the quality of patient treatment and optimal and rational use of available resources. Ideal system of financing health services is not. A decision on this depends on the objectives which they pursue. Different accounting systems may follow different objectives. If the payer-country to increase access to services, the proposed implementation of a service system. When it is at the forefront as an objective of cost containment rather than the interests of patients, will be established a funed in the budget flat. Thus, some effects on the ever-increasing costs fo health only be solved at the national level. Management in health organizations, in addition to professional medical expertise, a key factor for a successful run health security in relation to health insurance under management,means of implementation and integration of funding for health programs and services for cost containment and quality improvement
INTERNATIONAL MONETARY RESERVES OF CENTRAL BANKS
Get PDFMednarodne denarne rezerve centralne banke uporabljajo predvsem za financiranje plačilnobilančnega primanjkljaja ter poravnavo mednarodnih plačilnih obveznosti s strani centralne banke. Med drugim centralne banke mednarodne denarne rezerve uporabljajo za odpravljanje ali preprečevanje nastanka plačilnobilančnih neravnovesij, s tem da vplivajo na devizni tečaj s posegi na deviznem trgu. Torej glavni razlog, da centralne banke imajo mednarodne denarne rezerve je možnost nastanka plačilnobilančnega primanjkljaja, ki ga pa same ne bi mogle ali hotele odpraviti z drugimi mehanizmi plačilnobilančnega prilagajanja.
V diplomskem seminarju proučujemo mednarodni denarni sistem, Mednarodni denarni sklad, mednarodne denarne rezerve, pri čemer je poudarek na monetarnem zlatu, deviznih rezervah, rezervni poziciji pri Mednarodnem denarnem skladu ter posebnih pravicah črpanja (SDRs ̶ Special Drawing Rights), mednarodno likvidnost in mednarodne denarne rezerve Slovenije.
Pri raziskavi nisem mogla izvesti anketnega vprašalnika ali intervjuja, zato sem podatke poiskala na internetnih straneh posameznih centralnih bank in jih vključila v svojo raziskavo. V raziskavi sem proučevala strukturo mednarodnih denarnih rezerv centralnih bank, torej obseg deviznih rezerv, monetarnega zlata, rezervne pozicije in posebnih pravic črpanja.
Sama raziskava nam je pokazala, da so devizne rezerve najpomembnejši sestavni del struktur mednarodnih denarnih rezerv posameznih centralnih bank. Poleg deviznih rezerv je pomembno tudi monetarno zlato, in sicer predvsem za tradicionalna in močna gospodarstva. Rezervna pozicija pri Mednarodnem denarnem skladu in posebne pravice črpanja (SDR) pa imajo manjši pomen v strukturah mednarodnih denarnih rezerv.Central banks use the international reserve assets primarily for financing of the balance of payments deficit as well as for the settlement of international payment obligations by a central bank. Furthermore, the international reserve assets are used for elimination and prevention of balance of payment imbalances. In this case, the central banks influence an exchange rate by interfering with a foreign exchange market. Therefore, the possibility of the balance of payment deficit is the main reason for having the international reserve assets. Without them, the central banks would be unable or unwilling to eliminate the deficit with help of the other mechanisms of balance of payment adjustments.
The diploma seminar paper deals with international monetary system, the International Monetary Fund (IMF), international liquidity, international reserve assets of Slovenia, and international reserve assets in general. With regards to the international reserve assets, the main focus is on monetary gold, foreign reserve assets, reserve position in the IMF as well as special drawing rights (SDRs).
In the empirical part of the diploma seminar paper, it was not possible to conduct a survey or an interview. Therefore, the data included in a research has been found on the websites of particular central banks. In the research, the structure of international reserve assets of central banks has been studied which includes the volume of foreign reserve assets, monetary gold, reserve positions, and special drawing rights.
The research has shown that the foreign reserve assets present the most essential part of the structures of international reserve assets of individual central banks. Beside the foreign reserve assets, monetary gold is of great importance as well, mainly for traditional and strong economies. On the other hand, the reserve position in the IMF and the special drawing rights play less important role in the structures of international reserve assets
ACQUIRING FINANCIAL RESOURCES IN LARGER COMPANIES
Get PDFNa podlagi kriterijev razvrščanja podjetij, smo v skladu z v skladu z Zakonom o gospodarskih družbah opredelili veliko podjetje. Velika podjetja imajo na razpolago veliko različnih načinov za pridobitev virov financiranja. Ker je finančno tržišče bolj prilagojeno velikim podjetjem, z dostopom do virov financiranja nimajo težav.
Financiranje je proces, ki odloča o priskrbi različnih virov financiranja, obsega aktivnosti ugotavljanja potrebnih finančnih sredstev in aktivnosti pridobivanja virov financiranja. Podjetja potrebujejo sredstva zaradi različnih namenov, kot so razvoj, širitev, preživetje na trgu, funkcioniranje poslovanja ali za splošne namene. V našem diplomskem delu smo spoznali vse možne oblike priskrbe virov financiranja v podjetjih. Ugotovili smo, da nam je na razpolago pestra izbira. Izbiramo lahko med notranjimi in zunanjimi viri financiranja. Med notranje financiranje štejemo nerazdeljen dobiček, amortizacijo in druge notranje vire, med zunanje vire pa spadajo kapitalski vložki, krediti, subvencije in posebne zunanje oblike (lizing, faktoring, forfeting). Podjetja lahko finančna sredstva pridobivajo tudi z vidika lastništva, iz lastniških in dolžniških virov. Med lastniški kapital spadajo vsi notranji viri, kapitalski vložki in subvencije. V okvir dolžniškega kapitala pa uvrščamo kreditne oblike in posebne zunanje oblike.
Spoznali smo, da je zelo pomembno, da znajo podjetja najti pravi vir financiranja in se odločiti o njegovi ceni. Pri odločitvi o virih financiranja je treba poiskati najboljšo rešitev, ki se prilagaja optimalni finančni strukturi sredstev v podjetjih. Vsak vir ima svojo ceno in predstavlja strošek za podjetja. Pri tem si lahko pomagamo z izračunom posameznih stroškov. Ugotoviti in oceniti je potrebno stroške lastniškega in stroške dolžniškega kapitala, potem pa tehtati povprečni strošek kapitala, saj imajo različna podjetja tudi precej različno ciljno finančno strukturo. Na ta način si lahko podjetja zagotovijo najugodnejše financiranje, ki je potrebno za uspešno poslovanje.
Na primeru podjetja »X« d. d. smo spoznali osnovne vire financiranja. Načine financiranja podjetja smo razbrali iz bilance stanja. Pri analizi finančnega položaja smo si pomagali tudi z izračuni različnih finančnih kazalnikov. Iz ugotovitev lahko povzamemo, da se podjetje »X« d. d. v veliki meri financira z zunanjimi viri. Kot najpogostejša oblika se pojavljajo dolgoročni in kratkoročni krediti. Finančna struktura tako prikazuje manjši delež lastniškega kapitala in večji del dolžniškega kapitala. Na poslovanje podjetja z negativnimi učinki močno vpliva finančna kriza, ki vpliva na visoko stopnjo zadolženosti.Based on the company classification criteria and in accordance with the Companies Act we defined a big company. Big companies have at their disposal numerous different ways of acquiring sources of financing. As the financial market is more adjusted to big companies, they have no trouble accessing sources of financing.
Financing is a process defining the acquisition of different sources of financingit comprises activities of establishing required financial resources and activities of acquiring sources of financing. Companies need resources for different purposes such as development, expansion, survival on the market, operations or for general purposes. In our diploma paper we examined all possible forms of acquiring sources of financing in the company. We established there was a great range of forms. One can choose between internal or external sources of financing. Internal financing includes undistributed profit, depreciation and other internal sourcesexternal sources include injections of capital, loans, subsidies and special external forms (leasing, factoring, forfeiting). Companies can also acquire financial resources from the ownership and from ownership or debt sources. Ownership capital includes all internal sources, injections of capital and subsidies. Loan forms and special external forms are ranged within debt capital.
We have established that it is very important that companies find an appropriate source of financing and decide on its price. When deciding on the sources of financing, a company has to find the best solution which fits the optimal financial structure of resources in the company. Each source has its price and presents a cost for the companies. As help we can use a calculation of costs. Costs of ownership capital and of debt capital need to be established and assessed, then the average cost of capital weighed, as different companies have quite different target financial structure. In this way, companies can ensure for themselves the most favourable financing required for successful operations.
Based on the example of the company »X« d.d., we identified basic sources of financing. The ways of financing were recognized from the balance sheet. When analysing the financial position we also used calculation of different financial indicators. From the findings we can summarize that the company »X« d.d. is largely financed with external sources. Long term and short term loans are the most frequent form. Financial structure thus shows a smaller share of ownership capital and a larger part of debt capital. The operations of the company are largely influenced by the negative effects of the financial crisis which influences the high level of indebtedness
WORKING CAPITAL - SOURCE OF ECONOMIC RECOVERY
Get PDFMagistrska naloga temelji na obratnem kapitalu, kateremu bi vsa podjetja morala posvečati posebno pozornost. Dobro upravljanje z obratnim kapitalom pomeni premišljeno odločanje o obsegu zalog, terjatvah do kupcev in dolgovih. V nalogi se prepletata teoretični in empirični del. V empiričnem delu smo prikazali podatke za Skupino Gorenje, ki je eden izmed vodilnih evropskih izdelovalcev aparatov za dom. Na začetku naloge smo opredelili osnovne pojme, ki so povezani z obratnim kapitalom, v naslednjem poglavju smo opisali komponente obratnega kapitala, na koncu pa opredelili še politiko obratnega kapitala.
Komponente obratnega kapitala so zaloge, terjatve do kupcev, denar in obveznosti do dobaviteljev, katerim smo v nalogi namenili največ pozornosti. Prikazali smo gibanje zalog, terjatev do kupcev in obveznosti do dobaviteljev za Skupino Gorenje, in sicer smo izračunali povprečne vrednosti le-teh, dneve vezav ter koeficiente obračanja. Ker mora podjetje obratna sredstva tudi financirati, smo poskušali preko krogotoka obratnega kapitala ugotoviti, kako hitrost obračanja obratnih sredstev vpliva na financiranje obratnega kapitala. Prišli smo do ugotovitve, da se s hitrejšim obračanjem obratnih sredstev znižujejo potrebe po virih financiranja. Za podjetje je dobro, da ima čim krajši cikel vezav zalog in terjatev do kupcev ter čim krajše dneve vezav obveznosti. Idealno bi bilo, če bi lahko podjetje zaloge in terjatve do kupcev financiralo z obveznostmi do dobaviteljev, vendar morajo podjetja v praksi običajno uporabljati še druge vire financiranja.
V zadnjem poglavju smo se osredotočili na politiko obratnega kapitala, ki govori o višini obratnega kapitala v podjetju ter virih njihovega financiranja. Z ustrezno oblikovano politiko obratnega kapitala podjetje zniža potrebni obseg financiranja in poveča donosnost kapitala.The following master\u27s dissertation is based on the working capital which companies should pay more attention to. Good working capital management means a well-informed decision-making when it comes to inventories, trade accounts receivables and debts. In the dissertation theoretical and empirical parts are intertwined with each other. The empirical part includes the data for Gorenje Group, one of the leading European manufacturers of household appliances. At the beginning of the dissertation there are definitions of basic concepts connected with the working capital, whereas the next chapter deals with the components of the working capital, finally followed by the working capital policy.
Components of the working capital are inventories, trade accounts receivables, cash and trade accounts payables on which we have concentrated the most. The movements of inventories, trade accounts receivables and trade accounts payables have been shown for Gorenje Group and furthermore, the average values of these, the turnover ratio in days and the turnover ratio have been calculated. Since the company needs to finance the working capital, we have tried to determine how the rate of turning affects the working capital financing by means of the working capital conversion cycle. We have come to the conclusion that the high turnover of the working capital reduces the need for financing the resources. It is better for the company to have shorter days of inventories turnover, trade accounts receivables and trade accounts payables turnover. The perfect situation would be if the company could finance its inventories and trade accounts receivables with the trade accounts payables. However, in reality companies need to search for other resources of financing.
In the last chapter we are focused on the working capital policy, which talks about the amount of the working capital in the company and resources for their financing. With appropriately formed working capital policy the company reduces the necessary range of financing and increases the return of capital
INVESTMENT BANKING IN THE EUROPEAN UNION
Get PDFDelo diplomskega seminarja podrobneje obravnava trg investicijskih storitev v Evropski Uniji. Evropske banke, ki se poleg komercialnih storitev ukvarjajo tudi z investicijskim bančništvom so urejene kot univerzalne banke. Te ponujajo široko paleto storitev, kot so upravljanje premoženja, svetovanje in posli z vrednostnimi papirji. Vse banke ne ponujajo istih storitev, tako poznamo več tipov investicijskih bank. Njihova vloga v finančnem sistemu je velikega pomena, zato jo spremlja močna regulacija. Bančništvo velja za precej kompleksno in dinamično industrijo, zato se je v skladu z razvojem finančnega sistema, spreminjala tudi regulativa.
V analitični del so vključene tri večje evropske banke, ki se ukvarjajo z investicijskimi storitvami. Prikazane so spremembe količin prihodkov iz investicijskega bančništva in njihova struktura. Podatki so zajeti v obdobju med leti 2007 in 2014. To obdobje jasno prikazuje stanje pred in po gospodarski in finančni krizi. V času krize so se prihodki iz naslova investicijskega bančništva bistveno zmanjšali, hkrati se je spremenila tudi njihova struktura.The work of this diploma seminar elaborates on the market of investment services in the European Union. European banks, which in addition to commercial services also engage in investment banking are organized as an universal bank. They offer a wide range of services such as asset management, consulting and securities. All banks do not offer the same services, in this way there are several types of investment banks. Their role in the financial system is of great importance, therefore, accompanied by strong regulation. Banking is considered to be quite a complex and dynamic industry. Therefore, in line with the developement of the financial system, changes occurred in the regulation.
The analytical part includes three major European banks who engage in investment services. The analysis includes changes in volume of revenues from investment banking and its structure. The data is recorded in the period between 2007 and 2014. This period clearly shows the conditions before and after the economic and financial crisis. During the time of crisis, the revenues from investment banking significantly reduced, whilst also changing their structure
THE IMPACT OF GLOBAL ECONOMIC EVENTS AND EXCHANGE RATES ON OIL PRICE MOVEMENTS AND PETROLEUM PRODUCTS
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