Ekonomická analýza výhodnosti restrukturalizace českých cukrovarů

The first part of the study describes European sugar policy as a basis of analysis. Than it analyses costs and earnings of Czech sugar factories in the years 2006 -- 2009. For the following years 2 alternative predictions of profit development have been made; one supposes sugar price stagnation and the other its decrease. In the seventh year after the supposed start of restructuring the company is acknowledged on the basis of the "Free Cash -- Flow to the Equity" model. The study, taking the company Eastern Sugar Czech Rep. as an example, also calculates the profit that restructuring of the sugar factory would bring. The second part of the study analyses the convenience of restructuring Czech sugar factories in the years 2006 and 2007. The author assumes on the basis of the fact, that only one company closed its sugar factories, inexpedience of the restructuring process. The empirical part of this thesis tries to verify this hypothesis. The analysis is done by calculating net value of future financial flows. The profit loss due to restructuring that the study discounts by a risk free interest rate represents the costs. The sugar house profits in the monitored years and the company value in the seventh year after restructuring start represent the earnings. The earnings are discounted by an alternative cost of own capital, published by the Ministry of Industry and Trade every year. In the end of empirical part the thesis confirmed its assumption about inexpedience of restructuring process in all assumed scenarios excepting beginning of restructuring process in 2006 even as sugar price falling to average level of the first two months of the year 2010.