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Denna uppsats undersöker och jämför ekonomisk lönsamhet och risktagande hos två olika affärsmodeller för biokolsproduktion från träflis och avloppsslam, ur ett företagsperspektiv. Modellerna bygger på olika strategier för att generera affärsmässigt värde: Affärsmodell K bygger på omfattande samarbete med råvaruinnehavaren (kommunen), medan affärsmodell E bygger på minimalt samarbete med kommunen. Modellerna representerar således olika grader av organisationsöverskridande samarbete. Resultaten visar att affärsmodell E, där företaget själv investerar i biokolsproduktionen, har högre lönsamhet i absoluta tal. Däremot ger affärsmodell K, där kommunen ansvarar för produktionen, högre lönsamhet i procent i förhållande till investerat kapital för företaget. Den finansiella risken är högre i affärsmodell E på grund av större investeringskostnader och högre belåning, vilket ökar kreditrisken för företaget. Affärsmodell K innebär mycket lägre finansiell risk för företaget, eftersom det krävs få investeringar. En stor nackdel med affärsmodell K är att företaget överlåter produktionsansvaret till kommunen, vilket gör det svårt att kontrollera produktionsprocessen. Känslighetsanalyser visar att effekterna på lönsamheten, både positiva och negativa, är större i affärsmodell E jämfört med affärsmodell K för företaget. Vid ökade intäkter och/eller sänkta kostnader ökar lönsamheten mer i affärsmodell E, medan ökade kostnader och/eller sänkta intäkter påverkar lönsamheten negativt i större utsträckning i affärsmodell E än i affärsmodell K., This thesis examines and compares the economic profitability and risk-taking of two different business models for biochar production from wood chips and sewage sludge, from a business perspective. The models are based on different strategies for generating business value: Business Model K relies on extensive collaboration with the raw material owner (the municipality), while Business Model E involves minimal collaboration with the municipality. Thus, the models represent different degrees of cross-organizational cooperation. The results show that Business Model E, where the company invests in biochar production independently, has higher profitability in absolute terms. However, Business Model K, where the municipality is responsible for production, offers higher profitability in percentage terms relative to the invested capital. The financial risk is higher in Business Model E due to larger investment costs and higher leverage, which increases the company’s credit risk. Business Model K presents much lower financial risk for the company, as it requires minimal investment. A significant drawback of Business Model K is that the company transfers production responsibility to the municipality, making it difficult to control the production process. Sensitivity analyses show that the effects on profitability, both positive and negative, are greater in Business Model E compared to Business Model K for the company. Increased revenues and/or decreased costs lead to greater profitability in Business Model E, while increased costs and/or decreased revenues negatively impact profitability more in Business Model E than in Business Model K.

Since its first publishing in 1954, The Lord of the Rings has been read by millions, and it has become the subject of many scholarly studies. However, one of its most famous characters, Gollum, has only been marginally examined. The aim of this essay is to counteract precisely that and examine how Gollum exists within, and in his own way embodies, the theological and moral system of The Lord of the Rings. In order to study Gollum, I have identified four key aspects of Christian theology and morality in these novels: binary moral values, free will, temptation and redemption. The first section of the analysis has a wide focus, using these four aspects to examine the moral structure of Middle-earth. This serves as the context in which Gollum exists and can be studied. In the second section of the analysis, he is, in turn, discussed in relation to the four aspects presented in the first section, with the addition of kinship as a fifth aspect. I reach the conclusion that despite Gollum’s extreme behaviour, he fits seamlessly into the Christian moral system of Middle-earth, struggling with the same issues as the other characters, although it takes on another shape in his story. It is also made clear that such a reading of Gollum opens up for an interpretation of him being a symbol of the general moral struggle found in the other characters of the story.