Komparativní analýza rozptylu a určení klíčových faktorů finanční výkonnosti skupiny Kofola

Abstract

The objective of this dissertation is to make a comparative analysis of dispersion and to specify key factors of financial efficiency of the group Kofola. The analysis is made for a consolidated company, Kofola ČeskoSlovensko a.s., and two subsidiary companies, which are Kofola a.s. located in the Czech Republic and Kofola a.s. located in the Slovak Republic. The financial efficiency is assessed according to a relative added economic value indicator.

The dissertation consists of two main parts, a theoretical part and a practical one. The theoretical part consists of two chapters. The aim of the second chapter is to describe a methodology of a econometrical analysis, which covers several particular phases. Afterwards there will be described the analysis of dispersion for a linear function and there will be educed linear approximation of the analysis of dispersion based on Taylor series. The process of specifying influences of describing indicators using disintegration of dispersion will also be described in this part.

The third part will be about description the group Kofola as a one unit and description particular companies, which will be analysed. Then a concept and the process of calculation of described variable, which will be the added economic value, will be characterised in this chapter. Consecutively, indicators which will be assessed according to a pyramidal decomposition of the added economic value will be described. These indicators will be the profit reduction, the operational profitability of a revenue, the return of assets, a financial leverage, expenditures of the capital.

The stochastic regress model will be determined in the fourth chapter. It will be tested econometrically and it will be analysed by the analysis of dispersion. The influences of describing variables on a described variable will proportionally calculated within the analysis of dispersion. These describing variables will be the profit reduction, the operational profitability of a revenue, the return of assets, a financial leverage, expenditures of the capital. In the final part of this chapter the analysis of dispersion will be comprised, the influences of particular indicators on the added economic value will be clarified and a recommendation for the management of the company will be made.