Bonitní a bankrotní modely vybraných těžebních společností

Abstract

This thesis studies the financial soundness of mining companies dealing with mining and processing of lignite in the Czech Republic. The basic element is application of selected financial soundness models and bankruptcy models. The methods of mathematical statistics are used to verify the hypothesis. The thesis is structured into three main parts: The first part grounds on theory and bibliographic search. It introduces the terms of financial analysis, models of financial soundness and bankruptcy, their characteristics and application in business and the description of mathematical and statistical methods. Further, there are described the underlying presumptions for calculations performed in the following practical part. Finally, the needed methodology for achieving the objectives of this thesis is described. The second part briefly characterizes the mining companies selected for this thesis: Severočeské doly a.s., Sokolovská uhelná, legal successor, a.s. (hereinafter Sokolovská uhelná a.s.), Vršanská uhelná a.s. and Severní energetická a.s. It also presents their structure of ownership and organization. This part represents a database of number of employees and amount of lignite mined. The studied period spans five years and it is long enough for the following analysis and verifying of the hypothesis. The third part is completely practical, the models of financial soundness and bankruptcy are applied on mining companies above mentioned. The following methods are used: Index of financial soundness, Kralicek quick test, Tamari model, Taffler model, IN05 Index, Altman Z-score CZ. The companies are evaluated on the basis of public data and on the comparison of their results in time span five years, sufficient for gaining reliable outcomes. To verify the hypothesis and rank the companies the thesis uses following mathematical and statistical methods: simple (weighted) sum, simple (weighted) average, scoring method, method of standardized variable. The Spider analysis visualizes the results of mathematical and statistical methods. Finally, Pearson’s correlation coefficient verifies the hypothesis. The conclusion of thesis summarizes the acquired knowledge and evaluates the financial soundness of mining companies. The application of models of financial soundness and bankruptcy discovered that the best financial soundness has the company Severočeské doly a.s., with the rating „very good financial soundness“, while the company Sokolovská uhelná a.s. and Severní energetická a.s. rank as „companies with good soundness“. On the contrary, Vršanská uhelná a.s. ranks as „a business in grey zone“. There are also conclusions about the acceptance or rejections of the hypothetical assumption defined in the second part of the thesis. The conclusion contents list of bibliography, tables, pictures and appendix.