Comprehensive economic and financial analysis of the enterprise activity: approaches, methods and implementation

This thesis intends to analyse the performance and the efficiency of companies and to identify the key factors that may explain it. A comprehensive analysis based on a set of economic and financial ratios was studied as an instrument which provides information on enterprise performance and its efficiency. It was selected a sample with 15 enterprises: 7 Portuguese and 8 Ukrainian ones, belonging to several industries. Financial and non-financial data was collected for 6 years, during the period of 2009 to 2014. Research questions that guided this work were: Are the enterprises efficient/profitable? What factors influence enterprises’ efficiency/performance? Is there any difference between Ukrainian and Portuguese enterprises’ efficiency/performance, which factors have more influence? Which industrial sector is represented by more efficient/profitable enterprises? The main results showed that in average enterprises were efficient; comparing by states Ukrainian enterprises are more efficient; industries have similar level of efficiency. Among factors that influence ATR positively are fixed and current assets turnover ratios, ROA; negatively influencing are EBITDA margin and liquidity ratio. There is no significant difference between models by country. Concerning profitability, enterprises have low performance level but in comparison of countries Ukrainian enterprises have better profitability in average. Regarding the industry sector, paper industry is the most profitable. Among factors influencing ROA are profit margin, fixed asset turnover ratio, EBITDA margin, Debt to equity ratio and the country. In case of profitability both countries have different models. For Ukrainian enterprises is suggested to pay attention on factors of Short-term debt to total debt, ROA, Interest coverage ratio in order to be more efficient; Profit margin and EBITDA margin to make their performance better. For Portuguese enterprises for improving efficiency the observation and improvement of fixed assets turnover ratio, current assets turnover ratio, Short-term financial debt to total debt, Leverage Ratio, EBITDA margin is suggested; for improving higher profitability track fixed assets turnover ratio, current assets turnover ratio, Debt to equity ratio, Profit margin and Interest coverage ratio is suggested.

Bioecology and conservation of Duck Mussel Species (Anodonta anatina L., 1758) in Northeastern Portugal

Freshwater mussel (Mollusca, Bivalvia, Unionoida) populations are one of the most endangered faunistic groups. Mussels play an important role in the functioning of aquatic ecosystems, because they are responsible for the filtration and purification of water. They have a complex life cycle, with a parasitic larvae and usually limited host fish species. The real status of these populations is still poorly understood worldwide. The objectives of the present work were the study of bioecology of duck mussel (Anodonta anatina L.) populations of Tua Basin (NE Portugal). It was made the characterization of the ecological status of Rabaçal, Tuela and Tua Rivers, selecting 15 sampling sites, equally distributed by the three rivers. Samplings were made in the winter of 2016, and several physico-chemical water parameters measured and two habitat quality indexes calculated (GQC and QBR indexes). Benthic macroinvertebrate communities were sampled based on the protocols established by the Water Framework Directive. Host fish populations for duck mussel were determined in laboratorial conditions, testing several native and exotic fish species. The results showed that several water quality variables (e.g. dissolved oxygen, conductivity, pH, total dissolved solids, and nutrients) can be used for the classification of river typology. Other responsive metrics were also determined to identify environmental degradation. For instances, hydromorphological conditions (GQC and QBR indexes) and biota related metrics (e.g. composition, distribution, abundance, diversity of invertebrate communities) contributed to the evaluation of the ecological integrity. The upper zones of Rabaçal and Tuela rivers were classified with excellent and good ecological integrity, while less quality was found in downstream zones. The host fish tests showed that only native species are effective hosts, essential for the conservation purposes of this mussel species. Threats, like pollution, sedimentation and river regularization (3 big dams are in construction or in filling phase), are the main cause of habitat loss for native mussel and fish populations in the future. Rehabilitation and mitigation measures are essential for these lotic ecosystems in order to preserve the prioritary habitats and the native species heavily threatened.