The aim of my bachelor thesis is the external financial analysis of the company Mlékárna Hlinsko, ltd. for the period 2005 - 2008. This thesis is divided into two parts. The first section describes the importance of financial analysis in general. Further I characterize the users, sources of information and basic methods of financial analysis. The second section is devoted to analysing the company through various methods of financial analysis. The methods that I used are horizontal and vertical analysis, ratio analysis, net working capital, analysis of system parameters and models of bankruptcy and financial standing. At the conclusion of this thesis I recapitulate the findings of the analysis and outline the future development of the compan...