Analiza Situatiei Financiare si Patrimoniale la SC Agricola International SA Bacau.doc
Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii
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Transcript of Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii
$1$/,=$�6,78$ ,(,�),1$1&,$5�- PATRIMONIALE
A ÎNTREPRINDERII
���� 'HOLPLW UL� FRQFHSWXDOH� SULYLQG� DQDOL]D� VLWXD LHL� ILQDQFLDU-SDWULPRQLDOH�úL�RELHFWLYHOH�DFHVWHLD
Într-XQ� VLVWHP� HFRQRPLF� FRQFXUHQ LDO�� RELHFWLYXO� PDMRU� DO�
întreprinderii este maxiPL]DUHD� YDORULL� VDOH�� UHVSHFWLY� FUHúWHUHD� DYHULL�SURSULHWDULORU� DFHVWHLD� �PD[LPL]DUHD� DYHULL� DF LRQDULORU� SHQWUX� VRFLHW LOH�vQFKLVH�úL�PD[LPL]DUHD�FXUVXOXL�WLWOXULORU�SHQWUX�VRFLHW LOH�FRWDWH�OD�EXUV ���$FHDVWD� LPSOLF � GHVI úXUDUHD� DFWLYLW LL� ILUPHL� vQ� FRQGL LL� GH� UHQWDELOLWDWH�superioar � úL� vQ� DFHODúL� WLPS� PHQ LQHUHD� VROYDELOLW LL� úL� D� HFKLOLEUXOXL�financiar.
$OWH� RELHFWLYH�� FXP� VXQW� IOH[LELOLWDWHD� ILQDQFLDU �� FUHúWHUHD�PD[LPDO ��PHQ LQHUHD�SXWHULL�úL�DXWRQRPLHL�ILQDQFLDUH�UHSUH]LQW �DOWHUQDWLYH�posibiOH�� XQHOH� VXEVWLWXLELOH�� DOWHOH� RSR]DELOH� RELHFWLYXOXL� PD[LPL] ULL�YDORULL� ILUPHL�� )OH[LELOLWDWHD� ILQDQFLDU � UHIOHFW � FDSDFLWDWHD� GH� DGDSWDUH� D�firmei la schimb ULOH� GH� PHGLX�� R� EXQ � IOH[LELOLWDWH� QX� SRDWH� GHFkW� V �contribuie la maximizarea valorii întreprLQGHULL�� &UHúWHUHD� PD[LPDO � QX�FRQGXFH� vQ� PRG� QHFHVDU� OD� PD[LPL]DUHD� YDORULL� ILUPHL�� 'DU� R� FUHúWHUH�SXWHUQLF � SRDWH� GXFH� �� vQ� DQXPLWH� SHULRDGH�� OD� GHJUDGDUHD� UHQWDELOLW LL� úL�P ULUHD� ULVFXOXL�� OD� GHILFLHQ H� GH� RUGLQ� ILQDQFLDU�� GHRDUHFH� GH LQ WRULL� GH�capiWDO� SUHIHU � V -úL� SODVH]H� UHVXUVHOH� îQ� vQWUHSULQGHUL� FDUH� DX� R� FUHúWHUH�PRGHUDW �� úL� vQ�FRQVHFLQ �XQ� ULVF�PDL� UHGXV��GDU� FDUH�RIHU �R� UHQWDELOLWDWH�FRQVWDQW �� 'H DVHPHQHD�� SROLWLFD� GH� S VWUDUH� D� SXWHULL� úL� DXWRQRPLHL�ILQDQFLDUH�SRDWH�V �FRQGXF �XQHRUL�OD�SHUIRUPDQ H�LQIHULRDUH�
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Obiectivele principale ale analizei financiar-patrimoniale sunt: ¾ stabilirea patrimoniului net, respectiv a valorii contabile a averii
DF LRQDULORU� ¾ GHWHUPLQDUHD�V Q W LL�ILQDQFLDUH��UHVSHFWLY�GHWHFWDUHD�XQRU�HYHQWXDOH�
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fluxurilor de trezorerie; ¾ FDUDFWHUL]DUHD�HILFLHQ HL�HOHPHQWHORU�SDWULPRQLDOH� ¾ întocmLUHD� EXJHWHORU� GH� YHQLWXUL� úL� FKHOWXLHOL� úL� D� SODQXULORU� GH�
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financiare
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1. &RUHF LL�UHIHULWRDUH�OD�DFWLYXO�ELODQ XOXL� a) Activul imobilizat� VH� GLPLQXHD] � FX� YDORDUHD� DFWLYHORU� LPRELOL]DWH�
fictive sau nonvalori (principalele active de natura nonvalorilor sau fictive: cheltuielile de constituire, cheltuielile de repartizat asupra H[HUFL LLORU� ILQDQFLDUH� YLLWRDUH�� SULPHOH� SHQWUX� UDmbursarea REOLJD LXQLORU��GHELWRULL�GLQ�FDSLWDOul�VXEVFULV�úL�QHY UVDW��GLIHUHQ Hle de conversie de activ etc.), elemente care din punct de vedere al OLFKLGLW LL�QX�DX�QLFL�R�YDORDUH�GHRDUHFH�QX�GDX�QDúWHUH�XQXL�IOX[�GH�numerar. De asemenea, activului imRELOL]DW� VH�PDMRUHD] �FX�SDUWHD� DFWLYHORU�
FLUFXODQWH�FX�WHUPHQ�GH�OLFKLGLWDWH�!���DQ��'H�H[HPSOX��GDF �H[LVW �FUHDQ H�– FOLHQ L�VDX�FOLHQ L�–�FUHGLWRUL�FX�VFDGHQ H�!���DQ��DFHVWHD�YRU�IL�HOLPLQDWH�GH�OD�UXEULFD�UHVSHFWLY �úL�WUDQVIHUDWH�vQ�JUXSD��³$FWLY�LPobilizat“;
b) Activul circulant� VH� GLPLQXHD] � FX� YDORDUHD� DFWLYHORU� FLUFXODQWH�
DYkQG� WHUPHQ� GH� OLFKLGLWDWH� !� �� DQ� úL� VH� PDMRUHD] � FX� YDORDUHD�LPRELOL] ULORU�ILQDQFLDUH�FX�WHUPHQ�GH�OLFKLGLWDWH�����DQ�etc.
2. &RUHF LL�UHIHULWRDUH�OD�SDVLYXO�ELODQ XOXL� a) Capitalurile permanente� VH� GLPLQXHD] � FX� YDORDUHD� DFWLYHORU�
fictive (cheltuielile de constituire, debitorii din capitalul subscris úL�QHY UVDW��FKHOWXLHOLOH�GH�UHSDUWL]DW�DVXSUD�H[HUFL LLORU�ILQDQFLDUH�YLLWRDUH�úL�GLIHUHQ HOH�GH�FRQYHUVLH�DFWLY��VH�VFDG�GLQ�FDpitalurile SURSULL��LDU�SULPHOH�SULYLQG�UDPEXUVDUHD�REOLJD LXQLORU�VH�VFDG�GLQ�vPSUXPXWXULOH�úL�GDWRULLOH�DVLPLODWH�SH�WHUPHQ�PHGLX�úL� OXQJ���úL�FX� GLYLGHQGHOH� GH� SODW �� GH� DVHPHQHD�� DFHVWHD� VH� PDMRUHD] � FX�veniturile înregistrate în avans (apar inând grupei “Conturi de UHJXODUL]DUH�úL�DVLPLODWH�– Pasiv“ din bilan ul contabil) cu termen GH�H[LJLELOLWDWH�!���DQ�úL�FX�GLIHUHQ HOH�GH�FRQYHUVLH�SDVLY��DFHVWHD�ILLQG�FRQVLGHUDWH�SURILW�SRWHQ LDO�
b) Datoriile cu scadenta < 1 an� LQFOXG� REOLJD LLOH� QHILQDQFLDUH� úL�finDQFLDUH� �FUHGLWHORU�EDQFDUH�FXUHQWH���$FHVWHD� VH�PDMRUHD] �FX�SURYL]LRDQHOH� SHQWUX� ULVFXUL� úL� FKHOWXLHOL�� FX� WHUPHQ� GH�H[LJLELOLWDWH�����DQ��GLYLGHQGHOH�GH�SODW ��YHQLWXULOH�FRQVWDWDWH�vQ�DYDQV� �GLQ� JUXSD� ³&RQWXUL� GH� UHJXODUL]DUH� úL� DVLPLODWH�– Pasiv“ din ELODQ XO� FRQWDELO��� DYkQG� WHUPHQ� GH� H[LJLELOLWDWH� �� �� DQ��SUHFXP� úL�FX�GDWRULD� ILVFDO � ODWHQW �� DIHUHQW � VXEYHQ LLORU�SHQWUX�LQYHVWL LL�� SURYL]LRDQHORU� UHJOHPHQWDWH� úL� SURYL]LRDQHORU� SHQWUX�ULVFXUL�úL�FKHOWXLHOL��SUHFXP�úL�DOWRU�HOHPHQWH�GH�FDSLWDOXUL�SURSrii;
ÌQ� XUPD� FRUHF LLORU� PHQ LRQDWH� PDL� VXV�� ELODQ XO� ILQDQFLDU��SDWULPRQLDO�� YD� FRQ LQH� vQ� SDUWHD� GH� DFWLY� QHYRL� VDX� vQWUHEXLQ UL�
permanente� �HOHPHQWHOH� FHOH� PDL� SX LQ� OLFKLGH� DGLF � LPRELOL] ULOH�QHFRUSRUDOH��FRUSRUDOH�úL�ILQDQFLDUH�,�úL�QHYRL�úL�vQWUHEXLQ UL�WHPSRUDUH, în care se includ activele circulante care au un grad de lichiditate mult mai PDUH� GHFkW� LPRELOL] ULOH�� 3DUWHD� GH� SDVLY� YD� IL� IRUPDW � GLQ� resurse sau capitaluri permanente�� DGLF � FDSLWDOXULOH� SURSULL�� UHLQYHQVWLUL� DOH�DFXPXO ULORU�DQWHULRDUH��UH]HUYH��SURILW�QHUHSDUWL]DW��úL�FDSLWDOXULle din surse SXEOLFH��VXEYHQ LL��SURYL]LRDQH�UHJOHPHQWDWH),�SUHFXP�úL�GDWRULLOH�SH�WHUPHQ�PHGLX�úL�OXQJ��FX�VFDGHQ �PDL�PDUH�GH�XQ�DQ���úL�GH�DVHPHQHD�GLQ�resurse temporare, DGLF � GDWRULLOH� FX� VFDGHQ � PDL� PLF � GH� XQ� DQ�� 3UHOXFUDUHD�GDWHORU�GLQ�ELODQ XO�FRQWDELO�YD�GHWHUPLQD�XUP WRDUHD�VWUXFWXU �D�ELODQ XOXL�financiar (fig.5.1).
/XkQG�vQ�FRQVLGHUDUH�XQ�DQXPLW�HFKLOLEUX�FDUH�WUHEXLH�V �H[LVWH�vQWUH�GXUDWD� XQHL� RSHUD LL� GH� ILQDQ DW� úL� GXUDWD� PLMORDFHORU� GH� ILQDQ DUH�FRUHVSXQ] WRDUH��ELODQ XO� ILQDQFLDU�SXQH� vQ� HYLGHQ �GRX � UHJXOL�SULQFLSDOH�DOH�ILQDQ ULL��UHVSHFWLY�QHYRLOH�SHUPDQHQWH�GH�ILQDQ DUH�YRU�IL�DFRSHULWH�GLQ�capitaluri permanente, îndeosebi din capitaluri proprii, iar nevoile temporare
YRU� IL� ILQDQ DWH, în special din resurse temporare. Nerespectarea acestor UHJXOL�GH�ILQDQ DUH�YD�GHWHUPLQD�R�VLWXD LH�GH�GH]HFKLOLEUX�ILQDQFLDU��
NEVOI = ACTIV RESURSE = PASIV
Activ imobilizat net ( > 1 an ) - LPRELOL] UL�QHFRUSRUDOH - LPRELOL] UL�FRUSRUDOH - LPRELOL] UL�ILQDnciare > 1 an - crean e > 1 an
Capitaluri permanente - capital social - rezerve - VXEYHQ LL - rezultat nerepartizat - provizioane > 1 an - GDWRULL� SH� WHUPHQ� PHGLX� úL� OXQJ�
(> 1 an) Activ circulant net (< 1 an)
- stocuri - FUHDQ H�–�FOLHQ L�����DQ - GLVSRQLELOLW L - LPRELOL] ri financiare < 1 an
Datorii pe termen scurt (< 1 an) - financiare (credite bancare curente) - nefinanciare
Provizioane < 1 an
)LJ������%LODQ �ILQDQFLDU��SDWULPRQLDO�
Exemplu: 7DEHOXO� GH� PDL� MRV� VLQWHWL]HD] � VLWXD LD� SDWULPRQLXOXL� vQWUHSULQGHULL� OD� 31 Dec��DQXO�1��VWDELOLW �SH�ED]D�ELODQ XOXL�FRQWDELO� 5HDOL]D L�FRQYHUVLD�ELODQ �FRQWDELO�–�ELODQ �SDWULPRQLDO��ILQDQFLDU��
Tabelul. 5.2 %,/$1 �&217$%,/�Ì1&+(,$7�/$��������DQXO�1
= mil lei = ACTIV PASIV
,PRELOL] UL�QHFRUSRUDOH������������������������������ ,PRELOL] UL�FRUSRUDOH����������������������������������� ,PRELOL] UL�ILQDQFLDUH��� �������������������������������� TOTAL ACTIVE IMOBILIZATE 83.300 Stocuri 63.700 &OLHQ L���� ��������������������������������������������������� $OWH�FUHDQ H�SH�WHUPHQ�VFXUW�������������������������� Titluri de plasament 11.750 'LVSRQLELOLW L���������������������� 650 TOTAL ACTIVE CIRCULANTE 148.230 Cheltuieli înregistrate în avans 3.500 CONTURI DE REGULARIZARE ù,�$6,0,/$7(�������� 3.500
Capital social 68.500 Rezerve 34.600 5H]XOWDWXO�H[HUFL LXOXL��� ��������� 6XEYHQ LL�SHQWUX�LQYHVWL LL�������������� TOTAL CAPITAL PROPRIU 116.510 Provizioane pentru ULVFXUL�úL�FKHOWXLHOL������������������������� Credite bancare (****) 44.600 Furnizori 40.220 Alte datorii pe termen scurt 29.500 TOTAL DATORII 114.320
TOTAL ACTIV 235.030 TOTAL PASIV 235.030
* din care < 1 an = 27 mil. lei; ** din care > 1 an = 15.200 mil. lei; *** din care: 8.410 mil. lei pentru fonduri proprii si 3.600 mil. lei pentru
dividende. **** din care credite bancare curente 14.000 mil. lei. Not :� VH� FRQVLGHU �F toate cheltuielile înregistrate în avans au termen de
lichiditate < 1 an. Rezolvare (vezi tabelul 5.3): 1. &RUHF LL�UHIHULWRDUH�OD�DFWLYXO�ELODQ XOXL�
� LPRELOL] ULOH� ILQDQFLDUH� GH� ��� PLO�� OHL� VH� YRU� GLPLQXD� FX� YDORDUHD�LPRELOL] ULORU� �� �� DQ� ���� PLO�� OHL�� úL� VH� YRU� PDMRUD� FX� YDORDUHD�FOLHQ LORU� FDUH� DX� R� OLFKLGLWDWH� !� �� DQ� �������� PLO�� OHL�, rezultând LPRELOL] Ui financiare de 15.223 mil. lei;
� YDORDUHD� FOLHQ LORU� GH� ������� PLO�� OHL� VH� YD� GLPLQXD� FX� YDORDUHD�clien ilor cu: termen de lichiGLWDWH�!���DQ� ���������PLO�� OHL� �� úL� VH�YD�majora cu valoarea LPRELOL] ULORU�ILQDQFLDUH�����DQ������PLO��OHL���úL�FX�valoarea cheltuielilor înregistrate în avans ( 3.500 mil lei ), rezultând un sold al clien ilor < 1 an de 58.827 mil. lei;
2. &RUHF LL�UHIHULWRDUH�OD�SDVLYXO�ELODQ XOXL��
capitalul social se va majora cu 8.410 mil. lei reprezentând profit net repartizat pentru constituirea fondurilor proprii, ajungând astfel la valoarea de 79.910 mil. lei; GDWRULLOH�ILQDQFLDUH�SH�WHUPHQ�OXQJ�UHSUH]LQW �����00 mil. lei, deoarece din suma total a creditelor bancare de 44.600 mil. lei , creditele bancare curente au o valoare de 14.000 mil. lei.
� GDWRULLOH� ILQDQFLDUH� SH� WHUPHQ� VFXUW� VH� PDMRUHD] � FX� YDORDUHD�dividentelor datorate ( 3.600 mil. lei ).
Tabelul 5.3
%,/$1 �3$75,021IAL (FINANCIAR) ÎNCHEIAT LA 31.12 anul N = mil.lei =
ACTIV PASIV Nevoi permanente 98.473 ��,PRELOL] UL�QHFRUSRUDOH���������������������� ��,PRELOL] UL�corporale 83.050 ��,PRELOL] UL�ILQDQFLDUH����������������������� Nevoi temporare 136.557 Stocuri 63.700 ��&UHDQ H��������������������������������������������� ��'LVSRQLELOLW L�úL������������������������������������� titluri de plasament 12.400
Capitaluri permanente 147.710 Capitaluri proprii 112.910 Proviz. pt. Riscuri úL�FKHOWXLHOL���������������������������������������� DaWRULL�SH�WHUP��PHGLX�úL�OXQJ���������� Resurse temporare 87.320 Datorii furnizori 40.220 Dividende datorate 3.600 Alte datorii pe termen scurt 29.500 Credite curente 14.000
TOTAL ACTIV 235.030 TOTAL PASIV 235.030
%LODQ XO� IXQF LRQDO�RIHU �R� LPDJLQH�DVXSUD�PRGXOXL�GH�IXQF LRQDUH�GLQ�SXQFW�GH�YHGHUH�HFRQRPLF�D�vQWUHSULQGHULL��HYLGHQ LLQG�DWkW�XWLOL] rile cât úL� VXUVHOH� FRUHVSXQ] WRDUH� ILHF UXL� FLFOX�� UHVSHFWLY� GH� LQYHVWL LL�� GH�H[SORDWDUH�úL�FHO�GH�ILQDQ DUH�úL�WUH]RUHULH�
&LFOXO� GH� LQYHVWL LL� FXSULQGH� DFKL]L LRQDUHD� GH� DFWLYH� LPRELOL]DWH��$VWIHO�� LPRELOL] ULOH� UHJUXSDWH� SULQ� IXQF LD� GH� LQYHVWL LH�� FRQVWLWXLH nevoi �DORF UL��VWDELOH��DFLFOLFH�, FDUH�VXQW�ILQDQ DWH�vQ�PRG�QHFHVDU�GLQ resursele durabile (aciclice) H[LVWHQWH�vQ�SDVLYXO�ELODQ XOXL��$FWLYHOH�FLUFXODQWH�FkW�úL�UHVXUVHOH�SHQWUX�ILQDQ DUHD�ORU�VXQW�FRQVLGHUDWH�FLFOLFH�GHRDUHFH�UHFXSHUDUHD�capitaluriloU� DORFDWH� úL� UHvQQRLUHD� VXUVHORU� VH� IDFH� GXS � vQFKHLHUHD� ILHF rui ciclu de exploatare.
Ciclul de exploatare�FXSULQGH� IOX[XULOH�GH�DSURYL]LRQDUH��SURGXF LH�úL� GLVWULEX LH� �YkQ] UL�� DWkW� VXE� IRUP � GH� IOX[XUL� IL]LFH� FkW� úL� ILQDQFLDUH��Posturile de activ legatH�GLUHFW�GH�RSHUD LLOH�FLFOXOXL�GH�H[SORDWDUH��VWRFXUL��FUHDQ H��FOLHQ L�� FKHOWXLHOL�GH�H[SORDWDUH�FRQVWDWDWH� vQ�DYDQV�etc.) constituie active circulante de exploatare,� FDUH� vQ� PRG� ILUHVF� WUHEXLH� ILQDQ DWH� GLQ�datoriile de exploatare��GDWRULL�IXUQL]RUL�úL�asimilate, venituri din exploatare constatate în avans etc.��� &HOHODOWH� SRVWXUL� GH� DFWLY� úL� SDVLY� FDUH� UHIOHFW �RSHUD LXQL� GLYHUVH� VXQW� UHJUXSDWH� vQ� FDWHJRULLOH� DFWLY� FLUFXODQW� vQ� DIDUD�H[SORDW ULL� úL� GDWRULL� vQ� DIDUD� H[SORDW ULL�� UHVSHFWLY� DFWLYXO� úL� SDVLvul de trezorerie.
Ciclul� GH� ILQDQ DUH� VH� UHIHU � OD� DQVDPEOXO� RSHUD LXQLORU� GLQWUH�vQWUHSULQGHUH�úL�SURSULHWDULL�GH�FDSLWDO��DF LRQDULL�úL�FUHGLWRULL�vQWUHSULQGHULL���Acesta regUXSHD] � SRVWXULOH� GH� FDSLWDOXUL� SURSULL� úL� GDWRULL� ILQDQFLDUH, indiferent de scaden D�ORU�� LDU�SURYL]LRDQHOH�SHQWUX�ULVFXUL�úL�FKHOWXLHOL�VXQW�DVLPLODWH�VXUVHORU�SURSULL��)OX[XO�GH�ILQDQ DUH�SHUPLWH�vQWUHSULQGHULL�V �IDF �ID � GHFDODMXOXL� GLQWUH� OLFKLGLW Lle� GH� LQWUDUH� úL� cele GH� LHúLUH, provocat de ciclul de exploatare.
Luând în coQVLGHUDUH� VHPQLILFD LLOH� DFHVWRU� WUHL� FLFOXUL�� IXQF LD� GH�LQYHVWL LH� HVWH� SODVDW � vQ� SDUWHD� GLQ� VWkQJD�� QLYHOXO� GH� VXV� DO� ELODQ XOXL��IXQF LD�GH�ILQDQ DUH�SRDWH�IL�UHSUH]HQWDW �vQ�SDUWHD�GLQ�GUHDSWD��QLYHOXO�GH�VXV�DO�ELODQ XOXL�� IXQF LD�GH�ILQDQ DUH�HVWH�pozi LRQDW �H[FOXVLY� vQ�SDUWHD�GH� MRV� D�ELODQ XOXL��fig. 5.4).
3ULQFLSLL�FDUH�VWDX�OD�ED]D�vQWRFPLULL�ELODQ XOXL�IXQF LRQDO1: a) DFWLYHOH�VXQW� OXDWH� vQ�FDOFXO� OD�YDORDUHD� ORU�EUXW ��DGLF �YDORDUHD�
de intrare în patrimoniu, iar în pasiv se iau în considerare DPRUWL] ULOH��UXODMXO�FUHGLWRU�DO�FRQWXOXL������úL�SURYL]LRDQHOH�
b) LPRELOL] ULOH� vQFKLULDWH�� GH LQXWH� vQ� OHDVLQJ� VDX� vQ� ORFD LH� GH�JHVWLXQH� VXQW� vQWHJUDWH� vQ� DFWLY� úL� FRUHVSXQ] WRU� vQ� SDVLY, la ³ÌPSUXPXWXUL� úL� GDWRULL� DVLPLODWH³� GHRDUHFH� HOH� VHUYHVF� FLFOXOXi de exploatare;
c) FRQFHSWXO�GH�DFWLY�ILFWLY�QX�PDL�HVWH�RSHUD LRQDO� d) FKHOWXLHOLOH� FDUH� SULYHVF� H[HUFL LLOH� ILQDQFLDUH� YLLWRDUH� VH�
DVLPLOHD] �DFWLYHORU�LPRELOL]DWH� e) HIHFWHOH�VFRQWDWH�QHDMXQVH� OD�VFDGHQ ��GHELWRULL�SULYLQG�FDSLWDOXO�
VXEVFULV�úL�QHY UVDW��SULPHOH�SULYLQG�UDPEXUVDUHD�REOLJD LXQLORU�úL�diIHUHQ HOH�GH�FRQYHUVLH�GH�DFWLY�úL�GH�SDVLY�VH�WUDWHD] �vQ�DFHODúL�PRG�FD�úL�OD�HODERUDUHD�ELODQ XOXL�SDWULPRQLDO�
f) DPRUWL]DUHD� úL� SURYL]LRDQHOH� VXQW� LQFOXVH� vQ� SDVLYXO� ELODQ XOXL�IXQF LRQDO� FD� VXUVH� DFLFOLFH� �FDUH� U PkQ� OD� GLVSR]L LD� ILUPHL� R�perioada mai mare de un an).
1 M. Niculescu/ Diagnostic global strategic/ Editura E ����������� � � ������� ��� � ���������
'LQ�SHUVSHFWLYD�ELODQ XOXL�IXQF LRQDO��UHDOL]DUHD�HFKLOLEUXOXL�ILQDQFLDU�DO�vQWUHSULQGHULL�QX�SUHVXSXQH�GRDU�H[LVWHQ D�XQXL�IRQG�GH�UXOPHQW�SR]LWLY��FL�a unui fond de rulment acoperitor nevoilor de finantare ale ciclului de H[SORDWDUH��VWRFXUL���FUHDQ H�GH�H[SORatare – datorii de exploatare).
5ROXO�ELODQ XOXL�IXQF LRQDO� vQ�DQDOL]D�ILQDQFLDU �HVWH�QX�QXPDL�GH�D�SHUPLWH� DSUHFLHUHD� YXOQHUDELOLW LL� VWUXFWXULL� ILQDQFLDUH� D� vQWUHSULQGHULL�UHIOHFWDW � GH� HYROX LD� WUH]RUHULHL� QHWH,� GDU� úL� GH� D� H[SULPD� FRUHOD LD� GLQWUH�VWUXFWXUD�ILQDQFLDU �D�ILUPHL�úL�QDWXUD�DFWLYLW LL�VDOH�
NEVOI = ACTIV SURSE = PASIV NEVOI ACICLICE ( STABILE )
- Activ imobilizat (brut) SURSE ACICLICE (DURABILE)
- capitaluri proprii - DPRUWL] UL�úL�SURYL]LRDQH - datorii financiare
NEVOI CICLICE - Activ circulant de exploatare (brut) -����$FWLY�FLUFXODQW�vQ�DIDUD�H[SORDW ULL��EUXW� - Active de trezorerie
SURSE CICLICE - Datorii de exploatare - 'DWRULL�vQ�DIDUD�H[SORDW ULL - Pasiv de trezorerie
)LJ������%LODQ �IXQF LRQDO
5.2.2 Analiza patrimoniului net
3DWULPRQLXO� UHSUH]LQW � WRWDOLWDWHD�GUHSWXULORU� úL�REOLJD LLORU�FH�SRW� IL�H[SULPDWH� vQ� EDQL�� DSDU LQkQG� XQHL� SHUVRDQH� IL]LFH� VDX� MXULGLFH� DOH� F URU�QHYRL� OH� VDWLVIDF�� SUHFXP� úL� EXQXULOH� OD� FDUH� VH� UHIHU �� ÌQ� FD]XO� XQHL�vQWUHSULQGHUL�� SDWULPRQLXO� VH� GHILQHúWH� FD� ILLQG� DFWLYHOH� vQWUHSULQGHULL�negrevate de datorii,� VDX� DYHUHD� DF LRQDULORU� VWDELOLW � SH� ED]D� ELODQ XOXL�patrimonial2.
Patrimoniul net sau activul net contabil se poate determina astfel: 1. FD� GLIHUHQ � GLQWUH� DFWLYXO� WRWDO� úL� GDWRULLOH� WRWDOH� �H[SULPDUH�
materiala a patrimoniului net); 2. FD�VXP �D�HOHPHQWHORU�FDSLWDOXOXL�SURSULX� 3DWULPRQLXO�QHW�HVWH�vQ�PRG�QRUPDO�SR]LWLY�úL�FUHVF WRU��FD�XUPDUH�D�
XQHL� JHVWLXQLL� V Q WRDVH�� $FHDVW � VLWXD LH� UHIOHFW � GH� IDSW� DWLQJHUHD�RELHFWLYXOXL� PDMRU� DO� ILUPHL� úL� DQXPH�PD[LPL]DUHD� YDORULL� SDWULPRQLDOH� D�acesteia. 2 V. Robu si N. Georgescu/ Analiza economico-financiara/ Editura OMNIA UNI S.A.S.T. S.R.L./Brasov 2000
Având în vedere prima modalitate de calcul a patrimoniului net, FUHúWHUHD� DFHVWXLD� VH� vQUHJLVWUHD] � DWXQFL� FkQG� ULWPXO� DFWLYHORU� WRWDOH�devansea] �ULWPXO�GDWRULLORU�WRWDOH��
$QDOL]kQG� HOHPHQWHOH� FDSLWDOXOXL� SURSULX�� vQ� SUDFWLFD� HFRQRPLF � VH�SRW� vQWkOQL� VLWXD LL� vQ� FDUH� GLQDPLFD� FHD� PDL� DFFHQWXDW � R� vQUHJLVWUHD] �VXUVHOH�FRQVWLWXLWH�SH�VHDPD�UHQWDELOLW LL�ILUPHL��UH]HUYHOH�OHJDOH��IRQGXULOH�proprii etc.�� &DSLWDOXO� VRFLDO� VH� PRGLILF � SULQ� QRL� DSRUWXUL� �DOH� YHFKLORU�DF LRQDUL� VDX� DOH� XQRUD� QRL�� úL� �VDX� SULQ� FRQYHUVLD� XQRU� GDWRULL� vQ� FDSLWDO�VRFLDO� �VWLQJHUHD� XQRU� GDWRULL� vQ� VFKLPEXO� XQXL� SDFKHW� GH� DF LXQL��� 'H�asemenea, rezultatul reportat poate fi pURILW�QHUHSDUWL]DW��FHHD�FH�GHWHUPLQ �FUHúWHUHD� SDWULPRQLXOXL� QHW�� VDX� SLHUGHUH� QHDFRSHULW � �FD]� vQ� FDUH�patrimoniul va fi diminuat).
ÌQ� FRQVHFLQ �� SDWULPRQLXO� QHW� SRDWH� V � FUHDVF � SH� VHDPD� VXUVHORU�LQWHUQH��UHQWDELOLWDWHD�vQWUHSULQGHULL��úL�SH�ED]D�XQRU�surse externe (aporturi, primirea cu titlu gratuit a unor active, conversia unor datorii în capital social etc.).
������ $QDOL]D� FRUHOD LHL� GLQWUH� IRQGXO� GH� UXOPHQW�� QHYRLD� GH� IRQG� GH�UXOPHQW�úL�WUH]RUHULD�QHW
Fondul de rulment� UHSUH]LQW � SDUWHD� GLQ� FDpitalul permanent
XWLOL]DW �SHQWUX�ILQDQ DUHD�DFWLYHORU�FLUFXODQWH�� LPSXV �GH�GLIHUHQ HOH�GLQWUH�VXPHOH�GH�vQFDVDW�úL�VXPHOH�GH�SO WLW��SUHFXP�úL�GH�GHFDODMXO�GLQWUH�WHUPHQXO�PHGLX�GH�WUDQVIRUPDUH�D�DFWLYHORU�FLUFXODQWH�vQ�OLFKLGLW L�úL�GXUDWD�PHGLH�vQ�care datoriile pe termen scurt devin exigibile.
0RGDOLW L�GH�FDOFXO�D�IRQGXOXL�GH�UXOPHQW�
1. Conform FRQFHS LHL� SDWULPRQLDOH, fondul de rulment se poate calcula astfel :
a) FR = Capital permanent – Active imobilizate ;
Fondul de rulment poate fi descompus în fond de rulment propriu
(FRp) úL împrumutat (FRi): FR = FRp + FRi FRp = Capitaluri proprii – Active imobilizate FRi �'DWRULL�SH�WHUPHQ�PHGLX�úL�OXQJ
b) FR = Active circulante – Datorii pe termen scurt
ÌQ� DFHDVW � VLWXD LH�� IRQGXO� GH� UXOPHQW� UHIOHFW � FRUHOD LD� GLQWUH�OLFKLGLWDWHD� DFWLYHORU� FLUFXODQWH� úL� H[LJLELOLWDWHD� GDWRULLORU� SH� WHUPHQ� VFXUW��$FHVWD�SUH]LQW �R�YDORDUH�LQIRUPDWLY �ULGLFDW ��DVLJXUkQG�OHJDWXUD�GLQWUH�FHOH�GRX � S U L� DOH� ELODQ XOXL� ILQDQFLDU�� &D� XUPDUH�� fondul de rulment este considerat ca fiind cel mai important indicator al echilibrului financiar lichiditate – exigibilitate, care permite aprecierea pe termen scurt a riscului GH�LQFDSDFLWDWH�GH�SODW �
2. Potrivit FRQFHS LHL�IXQF LRQDOH��IRQGXO�GH�UXOPHQW�IXQF LRnal sau fondul GH�UXOPHQW�QHW�JOREDO��)5*1��VH�GHWHUPLQ �DVWIHO�
a) FRNG = Surse aciclice – Active aciclice )RQGXO�GH�UXOPHQW�QHW�JOREDO�UHIOHFW �VXUSOXVXO�UHVXUVHORU�GXUDELOH�vQ�
raport cu valorile imobilizate.
b) FRNG = ( Nevoi ciclice + Nevoi de trezorerie ) – ( Resurse ciclice + Resurse de trezorerie ) = ( Active circulante de exploatare + Active circulante în afara exploat rii + Disponibilit i) – (Datorii de exploatare + Datorii în afar exploat rii + Credite bancare de trezorerie)
Luând în considerare foUPXOD�GH�FDOFXO�GH�PDL�VXV��GDF �IRQGXO�GH�UXOPHQW� HVWH� SR]LWLY� VDX� QHJDWLY�� ILUPD� DUH� OLFKLGLW L� VDX� GLPSRWULY este REOLJDW �V �DQJDMH]H�QRL�FUHGLWH�SHQWUX�ILQDQ DUHD�QHYRLORU�GH�H[SORDWDUH�
Nevoia de fond de rulment� UHSUH]LQW � GLIHUHQ D� GLQWUH� QHYRLOH�WHPSRUDUH� úL� VXUVHOH� WHPSRUDUH�� UHVSHFWLY� VXPD� QHFHVDU � ILQDQ ULL�GHFDODMHORU�� FDUH� VH� SURGXF� vQ� WLPS� vQWUH� IOX[XULOH� UHDOH� úL� IOX[XULOH� GH�trezorerie determinate în special de activitatea de exploatare. a) Pe baza bilan ului patrimonial, aceasta se stabileúte astfel:
NFR = (Active circulante –�'LVSRQLELOLW L� E QHúWL��– (Datoriile pe termen scurt – Creditele pe termen scurt) = (Active circulante –� 'LVSRQLELOLW L�E QHúWL��–�2EOLJD LL�SH�WHUPHQ�VFXUW
sau: NFR = (Stocuri + Crean e) – Credite pe termen scurt
1HYRLD�GH�IRQG�GH�UXOPHQW�VHPQLILF �vQ�HVHQ , activele circulante de QDWXUD�VWRFXULORU�úL�D�FUHDQ HORU�QHILQDQ DWH�SH�VHDPD�REOLJD LLORU�SH�WHUPHQ�VFXUW� �VXUVHORU� DWUDVH��� 2EOLJD LLOH� SH� WHUPHQ� VFXUW� GH� QDWXUa� FHORU� ID �
GH� IXUQL]RUL�� VDODULD L�� EXJHtul de stat etc.�� SkQ � vQ� PRPHQWXO� SO LL� ORU�UHSUH]LQW �R�VXUV �DWUDV �GH�ILQDQ DUH�D�DFWLYHORU�FLUFXODQWH� b) Pe baza ELODQ XOXL� IXQF LRQDO,� QHYRLD�GH� IRQG�GH� UXOPHQW� VH� GHWHUPLQ �astfel:
NFR = Nevoi ciclice – Resurse ciclice
În acest caz, nevoia� GH� IRQG� GH� UXOPHQW� HVWH� IRUPDW � GLQ� SDUWHD�SHQWUX�H[SORDWDUH��1)5(��úL�FHD�vQ�DIDUD�H[SORDW ULL��1)5$(��
NFR = NFRE + NFRAE
NFRE = $FWLYH�FLFOLFH�DIHUHQWH�H[SORDW ULL�– Surse ciclice aferente H[SORDW ULL
NFRAE = $FWLYH� FLFOLFH� GLQ� DIDUD� H[SORDW ULL� – Surse ciclice din afara H[SORDW ULL
0 ULPHD�QHYRL�GH�IRQG�GH�UXOPHQW�GLQ�H[SORDWDUH�HVWH�LQIOXHQ DW �GH�QDWXUD�DFWLYLW LL��GXUDWD�FLFOXOXL�GH�IDEULFD LH��YLWH]D�GH�URWD LH�D�VWRFXULORU�úL FUHDQ HORU��QLYHOXO�GH�DFWLYLWDWH�etc.
'DF �QHYRLD�GH�IRQG�GH�UXOPHQW�HVWH�SR]LWLY ��VLWXD LD�VH�FRQVLGHU �D�IL� QRUPDO � QXPDL� GDF � HVWH� UH]XOWDWXO� XQHL� SROLWLFL� GH� LQYHVWL LL� SULYLQG�FUHúWHUHD�QHYRLL�GH�ILQDQ DUH�D�FLFOXOXL�GH�H[SORDWDUH��$OWIHO��DFHDVWD�UHIOHFW �XQ� GHFDODM� QHIDYRUDELO� vQWUH� OLFKLGLWDWHD� VWRFXULORU� úL� FUHDQ HORU� úL�exigibilitatea datoriilor de exploatare.
'DF � GLPSRWULY ,� QHYRLD� GH� IRQG�GH� UXOPHQW� HVWH� QHJDWLY , aceasta VHPQLILF �XQ�VXUSOXV�GH�UHVXUVH�WHPSRUDUH�FRPSDUDWLY�FX�QHYRLOH�WHPSRUDUH��VLWXD LD�ILLQG�IDYRUDELO �GRDU�GDF �HVWH�UH]XOWDWXO�DFFHOHU ULL�URWD LHL�DFWLYHORU�FLUFXODQWH� úL� DOH� DQJDM ULL� GH� GDWRULL� FX� VFDGHQ H�PDL�PDUL�� ÌQ� FD]� FRQWUDU��VLWXD LD�HVWH�QHJDWLY �GHRDUHFH�HVWH�GHWHUPLQDW �GH�vQWUHUXSHUL�WHPSRUDUH�vQ�DSURYL]LRQDUHD�úL�UHvQQRLUHD�VWRFXULORU��VDX�vQ�DFWLYLWDWHD�GH�SURGXF LH�
TrezoUHULD�QHW �H[SULP �FRUHOD LD�GLQWUH�IRQGXO�GH�UXOPHQW�úL�QHYRLD�GH� IRQG� GH� UXOPHQW�� UHIOHFWkQG� VLWXD LD� ILQDQFLDU � D� ILUPHL�� DWkW� SH� WHUPHQ�PHGLX�úL�OXQJ�FkW�úL�SH�WHUPHQ�VFXUW�
a) Pe baza ELODQ XOXL�SDWULPRQLDO (financiar), DFHDVWD�VH�FDOFXOHD] �FX�XUP WRDUHD�IRUPXO �
TN = FR - NFR
b) 7UH]RUHULD�QHW �VH�SRDWH�FDOFXOD�SH�ED]D�ELODQ XOXL�IXQF LRQDO astfel:
TN = FRNG – NFR sau TN = TA – TP
TA = trezoreria de activ, respectiv soldurile debitoare ale conturilor de GLVSRQLELOLW L�úL�SODVDPHQWH�
TP = trezoreria de pasiv, respectiv soldurile creditoare ale conturilor de credite pe termen scurt.
7UH]RUHULD� QHW � SR]LWLY � VHPQLILF un excedent monetar al H[HUFL LXOXL� ILQDQFLDU� úL� GDF � DFHaVWD� VH� PHQ LQH� vQ� FDGUXO� PDL� PXOWRU�H[HUFL LL� ILQDQFLDUH� VXFFHVLYH�� DFHDVW � VLWXD LH� GHPRQVWUHD] � R� UHQWDELOLWDWH�HFRQRPLF � ULGLFDW � úL� SRVLELOLWDWHD� SODV ULL� UHQWDELOH� D� GLVSRQLELOLW LORU�E QHúWL� SHQWUX� vQW ULUHD� SR]L LHL� ILUPHL� SH� SLD �� 'DF � QHYRLD� GH� IRQG� GH�UXOPHQW� HVWH� FRQVWDQW ,� DWXQFL� WUH]RUHULD� QHW � SR]LWLY � este echivalentul profitului net, diminuat cu dividendHOH�SO WLWH�vQ�FXUVXO�DFHOHDúL�SHULRDGH��OD�care se adun �amortizarea.
'DF � vQ� FDOFXOXO� QHYRLL� IRQGXOXL� GH� UXOPHQW� QX� V-au luat în considerare creGLWHOH� SH� WHUPHQ� VFXUW�� WUH]RUHULD� QHW � QHJDWLY � UHIOHFW � XQ�GHILFLW�PRQHWDU��UHVSHFWLY�XQ�GH]HFKLOLEUX�ILQDQFLDU�OD�VIkUúLWXO�DQXOXL,�úL�FDUH�D�IRVW�DFRSHULW�SH�VHDPD�FUHGLWHORU�SH�WHUPHQ�VFXUW��'DF �QHYRLD�GH�IRQG�GH�UXOPHQW�HVWH�FRQVWDQW �� WUH]RUHULD�QHW �QHJDWLY �HVWH�HIHFWXO� vQUHJLVWU ULL�GH�pierderi. TotuúL,� DWXQFL� FkQG� vQWUHSULQGHUHD� UHDOL]HD] � SURGXVH� UHQWDELOH��GLVSXQH� GH� SLD � �GH� DSURYL]LRQDUH� úL� GH� GHVIDFHUH�,� GDU� vQUHJLVWUHD] � R�FUHúWHUH� D� QHYRLL� GH� IRQG� GH� UXOPHQW� FD� XUPDUH� D� GH]YROW ULL� DFWLYLW LL��H[LVWHQ D� XQHL� WUH]RUHULL� QHWH� QHJDWLYH� QX� VHPQLILF � R� VLWXDWLH� HFRQRPLFR-ILQDQFLDU �QHIDYRUDELO ��FL�vQUHJLVWUDUHD�XQXL�GHFDODM�vQWUH�WHUPHQXO�PHGLX�GH�WUDQVIRUPDUH� D� VWRFXULORU� úL� FUHDQ HORU� vQ� OLFKLGLW L� úL� GXUDWD� PHGLH� GH�RQRUDUH�D�REOLJD LLORU�SH�WHUPHQ�VFXUW��� Exemplu: Pe baza datelor din BILAN � 3$75,021,$/� �),1$1&,$5��ÎNCHEIAT LA 31.12 anul N (tabelul nr. 5.3���UH]XOW �XUP WRDUHOH� Determinarea FR, NFR SI TN:
FR = Capitaluri permanente – Nevoi permanente = 147.710 – 98.473 = = 49.237 mil. lei
sau: FR = Nevoi temporare – Resurse temporare = 136.557 – 87.320 =
= 49.237 mil. lei FRp = Capitaluri proprii – Nevoi permanente = ( 112.910 + 4.200 ) –
– 98.473 = 18.637 mil. lei FRi = FR – FRp = Datoriile pe termen mediu si lung = 30.600 mil. lei
NFR = (Nevoi temporare –�'LVSRQLE��E QHúWL�úL�SODVDPHQte) – (Resurse temporare – Credite curente) = (136.557 – 12.400) – (87.320 – – 14.000) = 50.837 mil. lei
TN = FR – NFR = 49.237 – 50.837 = – 1.600 mil. lei
Fondul de rulment� SR]LWLY� �������� PLO�� OHL�� LQGLF � H[FHGHQWXO�capitalurilor permanente în raport� FX� LPRELOL] ULOH� SH� FDUH� OH� ILQDQ HD] ��H[FHGHQW� FH� YD� IL� XWLOL]DW� SHQWUX� ILQDQ DUHD� DFWLYHORU� FLUFXODQWH�� 'H�DVHPHQHD��ILUPD�GLVSXQH�úL�GH�XQ�fond de rulment propriu pozitiv, ceea ce LQGLF � IDSWXO�F � LPRELOL] ULOH� VXQW� ILQDQ DWH� LQWHJUDO�GH�FDSLWDOXULOH�proprii. 3DUWHD� DFWLYHORU� FLUFXODQWH� QHILQDQ DW � GH� GDWRULLOH� SH� WHUPHQ� VFXUW� VH�UHJ VHúWH� VXE� IRUPD�nevoii de fond de rulment� SR]LWLY � ��������PLO�� OHL���$FHDVW �nevoie de fond de rulment� SR]LWLY � UHIOHFW � GHFDODMXO� QHIDYRUDELLO�dintre lichiditatea stocurLORU�úL�FUHDQ HORU�SH�GH�R�SDUWH����������PLO��OHL�,�úL�exigibilitatea datoriilor pe termen scurt (73.320 mil. lei) pe de alt parte.
'DU�VH�REVHUY �F fondul de rulment este mai mic decât nevoia de fond de rulment, deci se înregistreaz �o trezorerie net QHJDWLY �FDUH�LQGLF �XQ� GHILFLW� PRQHWDU� OD� VIkUúLWXOXL� DQXOXL�� GHFL� R� VLWXD LH� GH� GH]HFKLOLEUX�financiar.
5.2.4 Analiza structurii patrimoniale a întreprinderii
$QDOL]D�VWUXFWXULL�SDWULPRQLDOH�DUH�FD�RELHFWLY�VWDELOLUHD�úL�XUP ULUHD�HYROX LHL� SRQGHULL� GLIHULWHORU� HOHPHQWH� SDWULPRQLDOH� �GH� DFWLY� úL� GH� SDVLY���5DWHOH�GH� VWUXFWXU �SDWULPRQLDO �RIHU �SRVLELOLWDWHD�H[SULP ULL�ELODQ XOXL� vQ�SURFHQWH� úL� SHUPLWH� LGHQWLILFDUHD� FDUDFWHULVWLFLORU� PDMRUH� DOH� VWUXFWXULL�ELODQ XOXL�RIHULQG�GH�DVHPHQHD�SRVLELOLWDWHD�UHDOL] ULL�GH�DQDOL]H�FRPSDUDWLYH�vQ�WLPS�úL�VSD LX�
5.2.4.1 Ratele privind structura activului
Ratele de structur a activului, ca valoare, sunt influen ate de caracteristicele tehnice, economice úi juridice ale activit ii firmei.
Principalele rate de caracterizare a structurii activului sunt: a) Rata activelor imobilizate:
Active imobilizate Total activ
$FHDVW � UDW � UHIOHFW � SRQGHUHD� DFWLYHORU� LPRELOL]DWH� vQ� SDWULPRQLXO�total al întreprinderii. Diferitele elemente de active imobilizate MXVWLILF �utilizarea unor rate complementare:
a.1) RDWD�LPRELOL] ULORU�QHFRUSRUDOH:
I������� � ! "��$#�%�&���" '���"�(� % Total activ
0 ULPHD� DFHVWXL� LQGLFDWRU� UHIOHFW � SRQGHUHD� DFWLYHORU� LQWDQJLELOH��EUHYHWH��OLFHQ H��P UFL��IRQG�FRPHUFLDO�etc.) în activele totale ale firmei. În FD]XO�ILUPHORU�URPkQHúWL���YDORDUHD�DFHVWHL�UDWH�HVWH�IRDUWH�UHGXV ��vQ�WLPS�FH�vQ�DOWH� UL��FXP�DU� IL�68$��SRQGHUHD�DFWLYHORU�QHFRUSRUDOH�GHSDVHúWH�����din valoarea de înlocuire a firmelor.
a.2) RDWD�LPRELOL] ULORU�corporale:
I������� � ! "���&���")'���"�(� % Total activ
$FHDVW � UDW �UHIOHFW �SRQGHUHD�FDSLWDOXULORU�IL[H�vQ�SDWULPRQLXO� WRWDO�
DO�ILUPHL�úL�YDORDUHD�HL�GHSLQGH�GH�VSHFLILFXO�DFWLYLW LL�úL�GH�FDUDFWHULVWLFLOH�tehnice ale întreprinderii, înregistrânG�YDORUL�GLIHULWH�GH�OD�R�UDPXU �OD�DOWD��Astfel, aceasta are valori foarte mari în cazul firmelor care folosesc o LQIUDVWUXFWXU � LPSRUWDQW � VDX� HFKLSDPHQWH� FRVWLVLWRDUH� �SURGXFHUHD� úL�GLVWULEX LD� GH� HQHUJLH�� WUDQVSRUWXUL� etc.), industria grea sau exploata LLOH�agricole.
6SHFLDOLúWLL� DSUHFLD] � F � SHQWUX� vQWUHSULQGHUL� FRPSDUDELOH�� DFHaVW �UDW �VHPQLILF �FDSDFLWDWHD�ILUPHL�GH�D�UH]LVWD�XQHL�FUL]H�HFRQRPLFH��úWLLQGX-VH�IRDUWH�ELQH�F �R�LPRELOL]DUH�ULGLFDW �D�FDSLWDOXOXL�DWUDJH�GXS �VLQH�XQ�ULVF�mare al netransIRUP ULL�DFHVWRUD�vQ�OLFKLGLW L�
a.3) RDWD�LPRELOL] ULORU�ILQDQFLDUH:
I�*����� � ! "+��, � #-(�#�&�� (�"�% Total activ
× 100
× 100
× 100
× 100
Aceasta�UHIOHFW �LQWHQVLWDWHD�OHJ WXULORU�úL�UHOD LLORU�ILQDQFLDUH�SH�FDUH�ILUPD� UHVSHFWLY � OH-a stabilit cu alte firme cu ocazia operD LLORU�GH�FUHúWHUH�H[WHUQH� �SDUWLFLSD LL�� LQYHVWL LL�GH�SRUWRIROLX��FUHGLWH�DFRUGDWH�etc.). $FHDVW �UDW �DUH�YDORUL�PDUL�vQ�FD]XO�VRFLHW LORU�GH�LQYHVWL LL�ILQanFLDUH��VRFLHW L�GH�valori mobiliare, fonduri mutuale etc.. $FHDVWD� vQUHJLVWUHD] �YDORUL� VF ]ute vQ�FD]XO�ILUPHORU�PLFL�FDUH�QX�SRW�HIHFWXD�LQYHVWL LL�ILQDQFLDUH�
a.4) Rata activelor circulante:
Active circulante Total activ
$FHDVW � UDW � UHIOHFW � SRQGHUHD� DFWLYHORU� FLUFXODQWH� vQ� WRWDOXO�mijloacelor economice ale întreprinderii. Ca rate complementare, se UHFRPDQG �D�IL�XWLOL]DWH�
a.4.1) Rata stocurilor:
Stocuri Total activ
$FHVW� LQGLFDWRU� vQUHJLVWUHD] � YDORUL� PDUL� vQ� FD]XO� ILUPHORU� FX�DFWLYLWDWH�GH�SURGXF LH��FX�FLFOX�OXQJ�GH�IDEULFD LH��SUHFXP�úL�D�acelor firme cX�VSHFLILF�GH�GLVWULEX LH�GH�EXQXUL�PDWHULDOH��
a.4.2) RDWD�FUHDQ HORU�FRPHUFLDOH:
./ � %�# ��0���&���#21 34"+��(�5�� ��� (�1 % Total activ
5DWD�FUHDQ HORU�FRPHUFLDOH�HVWH�LQIOXHQ DW �GH�QDWXUD�FOLHQ LORU�úL�GH�WHUPHQXO�GH�SODW �SH�FDUH�ILUPD�vO�DFRUG �SDUWHQHULORU�V L��
a.4.3) RDWD�GLVSRQLELOLW LORU�E QHúWL�úL�D plasamentelor:
67� 5+'���#�� ��� � 1 �2� #�%�0+1 �48*9:� 1 34"���;2%<'4 (�5�(��=%�#41 Total activ
$SUHFLHUHD� DFHVWHL� UDWH� WUHEXLH� I FXW � FX� SUHFDX ie deoarece GLVSRQLELOLW LOH�SRW�VXIHUL�PRGLILF UL�vQVHPQDWH�SH�SHULRDGH�VFXUWH�GH�WLPS��ÌQ� DFHODúL� WLPS�� WUHEXLH� DYXW� vQ� YHGHUH� UDSRUWXO� GLQWUH� GLVSRQLELOLW L� úL�SODVDPHQWH�SUHFXP�úL�GHVWLQD LD�SODVDPHQWHORU�
× 100
× 100
× 100
× 100
5.2.4.2 Ratele privind structura pasivului
3ULQFLSDOHOH�UDWH�GH�VWUXFWXU �D�SDVLYXOXL�ELODQ XOXL�XWLOL]DWH�VXQW:
a) RDWD�VWDELOLW LL�ILQDQ ULL:
Capital permanent Total pasiv
$FHDVW � UDW � HVWH� XQ� LQGLFDWRU� JOREDO� DO� VWDELOLW LL� ILQDQ ULL� úL�UHIOHFW � SRQGHUHD� VXUVHORU� SH� FDUH� OH� DUH� vQWUHSULQGHUHD� SHQWUX� R� SHULRDG �mai mare de un an, în totalul surselor de acoperire a mijloacelor economice.
b) Rata autonomiei financiare:
Capital propriu Capital permanent
Rata autonomiei financiare� VHPQLILF � SRQGHUHD� VXUVHlor proprii în
ILQDQ DUHD�PLMORDFHORU�HFRQRPLFH�DOH�ILUPHL�úL�vQUHJLVWUHD] valori diferite în IXQF LH� GH� SROLWLFD� ILQDQFLDU � D� vQWUHSULQGHULL� úL� UHQWDELOLWDWHD� HL�� 6H�recomanG �FD�YDORDUHD�DFHVWHLD�V �ILH�> ½.
c) Rata datoriilor pe termen scurt: Datorii pe termen scurt Total pasiv
$FHDVW �UDW �VHPQLILF �SRQGHUHD�GDWRULLORU�FX�WHUPHQ�GH�H[LJLELOLWDWH�
mai mic de un an în totalul surselor întreprinderii.
d) Rata datoriilor totale:
Datorii totale Total pasiv
AceaVW � UDW � UHIOHFW � SRQGHUHD� GDWRULLORU� SH� WHUPHQ� OXQJ�� PHGLX� úL�scurt în patrimoniul întreprinderii.
Exemplu: Luând în considerare datele din tabelul 5.5 BILAN CONTABIL
AL ÎNTREPRINDERII A,� V � VH� FDOFXOH]H� úL� V � VH� LQWHUSUHWH]H� UDWHOH� GH� VWUXFWXU �DOH�DFWLYXOXL�úL�SDVLYXOXL�VRFLHW LL�FRPHUFLDOH�UHVSHFWLYH�
× 100
× 100
× 100
× 100
Tabelul 5.5
%,/$1 �&217$%,/�$/�Ì175(35,1'(5,,�A
ACTIV N N-1 PASIV N N-1
,PRELOL] UL necorporale
9550 9984 Capital social 300000 300000
,PRELOL] UL�corporale
574200 526400 Rezerve 97500 49200
,PRELOL] UL�financiare
730 730 Provizioane reglementate
42000 22750
Rezultatul H[HUFL LXOXL
55670 25425
ACTIVE IMOBILIZATE
584480 537114 CAPITAL PROPRIU
495170 397375
Stocuri 301640 309500 Datorii financiare (scaden > 1 an)
394850 354500
&OLHQ L 70120 120000 AvaQVXUL�úL�aconturi primite
4225 3750
$OWH�FUHDQ H 9050 25480
Valori mobiliare de plasament
41875 43620 )XUQL]RUL�úL�conturi asimilate 25840 95289
'LVSRQLELOLW L 12500 24700 Alte datorii pe termen scurt
99580 209500
ACTIVE CIRCULANTE
435185 523300 TOTAL DATORII
524495 663039
TOTAL ACTIV
1019665 1060414 TOTAL PASIV 1019665 1060414
ÌQ� FD]XO� vQWUHSULQGHULL� DQDOL]DWH�� UDWH� GH� VWUXFWXU � D� DFWLYXOXL� úL�SDVLYXOXL�VH�SUH]LQW �DVWIHO�
Tabelul 5.6 = mii lei =
5$7(�'(�6758&785 �������� N-1 N 1. Rata activelor imobilizate 57,32 50,65 ���5DWD�LPRELOL] ULORU�necorporale 0,94 0,94 3. 5DWD�LPRELOL] ULORU corporale 56,31 49,64 4. 5DWD�LPRELOL] ULORU�ILnanciare 0,07 0,07 5. Rata activelor circulante 42,68 50,65 6. Rata stocurilor de materii prime, ma-
teriale etc. 29,58 29,19
7. 5DWD�FUHDQ HORU 7,76 13,72 8. 5DWD� GLVSRQLELOLW LORU� E QHúWL� úL� SOD-
samentelor 5,33 6,44
9. 5DWD�VWDELOLW LL�ILQDQFLDUH 87,29 70,90 10. Rata autonomiei financiare 55,64 52,85 11. Rata datoriilor pe termen scurt 12,71 29,10 12. Rata datoriilor totale 51,44 62,53
Concluzii: 5H]XOW � F � vQWUHSULQGHUHD� DSDU LQH� VIHUHL� SURGXFWLYH��UHVSHFWLY� XQXL� VHFWRU� FDUH� QHFHVLW � R� GRWDUH� WHKQLF � VHPQLILFDWLY , fapt reflectat de ponderea mare a activelor imobilizate în total activ în ambele SHULRDGH�DQDOL]DWH��5DWD�LPRELOL] ULORU�FRUSRUDOH�HVWH�IRDUWH�DSURSLDW �GH�FHD�a activelor imobilizate,�FHHD�FH�GHPRVWUHD] �SUHSRQGHUHQ D�DFHVWXL�HOHPHnt vQ� WRWDOXO� LPRELOL] ULORU��9DORDUHD� UHGXV �D� UDWHORU� LPRELOL] ULORU�ILQDQFLDUH�úL�QHFRUSRUDOH� VHPQLILF �R� DFWLYLWDWH�GH� LQYHVWL LL� ILQDQFLDUH� UHVWUâQV � úL�GH�asemenea,�R�SRQGHUH�PLF �D�DFWLYHlor intangibile în total activ.
$FWLYHOH� FLUFXODQWH� GH LQ� R� SRndere de 42,68% în primul an, care FUHúWH�vQ�XUP WRUXO�DQ�SkQ �OD�YDORDUHD�GH���������$FHDVW �PDMRUDUH�D�UDWHL�activelor circulante s-D� UHDOL]DW� SUHSRQGHUHQW� SH� VHDPD�FUHDQ HORU,� DO�F URU�indice a fost de 183,76%. $FHVW � VLWXD LH�SRDWH� IL�GHWHUPLQDW �GH�FUHúWHUHD�YROXPXOXL� GH� DFWLYLWDWH�� GH� DFRUGDUHD� XQRU� WHUPHQH� GH� SODW � PDL�FRPIRUWDELOH� SHQWUX� FOLHQ L,� GDU� úL� GH� DSDUL LD� XQRU� FUHDQ H� LQFHUWH�� 6H�UHFRPDQG � DVWIHO� FRPSOHWDUHD� DFHVWHL� DQDOL]H� FX� LQIRUPD LL� UHIHULWoare la YROXPXO�GH�DFWLYLWDWH�úL�OD�VWUXFWXUD�FUHDQ HORU�GXS �QDWXUD�ORU��FHUWLWXGLQHD�UHDOL] ULL�DFHVWRUD�úL�WHUPHQXO�GH�UHDOL]DUH�
'LQ�SXQFW�GH�YHGHUH�DO�UDWHORU�GH�VWUXFWXU �D�SDVLYXOXL��vQWUHSULQGHUHD�SUH]LQW � R� VWDELOLWDWH� ILQDQFLDU � ULGLFDW � GDU� FDUH� V-a degradat în timp
��������vQ�DQXO�1�ID �de 87,29% în anul N-1). De asemenea, firma dispune GH�DXWRQRPLH�ILQDQFLDU ��SRQGHUHD�FDSLWDOXOXL�SURSULX�vQ�FDSLWDOXO�SHUPDQHQW�fiind de ��������GDU�vQ�DQXO�XUP WRU�DFHasta scade semnificativ, apropiindu-VH� GH� OLPLWD� PLQLP � DGPLV � ����� GLQ� FDSLWDOXO� SHUPDQent), ca urmare a VF GHULL� FDSLWDOXOXL� SURSULX,� GHFL� D� FUHúWHULL� GDWRULLORU� SH� WHUPHQ�PHGLX� úL�OXQJ��5DWD�GDWRULLORU�WRWDOH�D�FUHVFXW�VLP LWRU�SH�VHDPD�REOLJD LLORU�SH�WHUPHQ�scurt,�FHHD�FH�D�P ULW�JUDdul de îndatorare a firmei.
'HúL� ILUPD� GLVSXQH� GH� VWDELOLWDWH� úL� DXWRQRPLH� ILQDQFLDU �� VH�vQUHJLVWUHD] �WRWXúL�R�GHWHULRUDUH�D�VLWXD LHL�ILQDQFLDUH�vQ�DQXO�1�FRPSDUDWLY�cu anul N-1, ceea impune o reorientare a politicii financiare pe perioada XUP WRDUH�
������$QDOL]D�FRUHOD LHL�GLQWUH�FUHDQ H�úL�REOLJD LL
CUHDQ HOH UHIOHFW � DQJDMDPHQWH� FRQWUDFWDWH� GH� DQXPL L� SDUWHQHUL� DL�ILUPHL��FXP�VXQW�FOLHQ LL,�DOH�F URU�WHUPHQH�GH�SODW �DX�R�VFDGHQ �XOWHULRDU �OLYU ULL� EXQXULORU� úL� VHUYLFLLORU�� SUHFXP� úL� GHELWRULL� ILUPHL�� vQ� FDOLWDWH� GH�beneficiari ai unor împrumuturi pe care le vor rambursa ulterior împreun cu GREkQGD� DIHUHQW � DFHVWRUD�� 'LQ� SXQFW� GH� YHGHUH� FRQWDELO�� FUHDQ HOH� VXQW�IRUPDWH� GLQ� FOLHQ L�� IXUQL]RUL-GHELWRUL�� FUHDQ H� SULYLQG� SHUVRQDOXO� úL�DVLJXU ULOH�VRFLDOH��DOWH�FUHDQ H�SULYLQG�VWDWXO�úL� LQVWLWX LLOH�SXEOice, debitori diversi etc.
2EOLJD LLOH �GDWRULLOH� QHILQDQFLDUH� SH� WHUPHQ� VFXUW�� UHSUH]LQW � VXUVH�GH� ILQDQ DUH� DWUDVH� SH� R� GXUDW � PDL� PLF � GH� �� DQ�� H[FOXzând creditele EDQFDUH�� $FHVWHD� FRQ LQ� GDWRULLOH� F WUH� IXUQL]RUL�� SHUVRQDO�� VWDW�� DF LRQDUL��avansuri de�OD�FOLHQ L�etc.
&UHDQ HOH� úL� REOLJD LLOH� FRQVWLWXLH� SULQFLSDOHOH� HOHPHQWH� FDUH�LQIOXHQ HD] � IOX[XULOH� E QHúWL� DOH� vQWUHSULQGHULL�� ÌQ� FRQVHFLQ �� DFHVWHD�WUHEXLH�DQDOL]DWH�FRUHODW�GLQ�SXQFW�GH�YHGHUH�DO�VXPHORU�úL�DO�WHUPHQHORU�GH�vQFDVDUH�úL�GH�SODW ��,QGLFDWRULL�XWLOL]D L�vQ�DFHVW�VFRS�VXQW�
���'XUDWD�GH�LPRELOL]DUH�D�FUHDQ HORU��'L��
Di = Rd
360Sd ×
unde: 6G� �VROGXO�PHGLX�DO�FUHDQ HORU; 5G� �UXODMXO�GHELWRU�DO�FRQWXULORU�GH�FUHDQ H.
ÌQ�SUDFWLF �VH�XWLOL]HD] ��GH�UHJXO ��FLIUD�GH�DIDFHUL�GHRDUHFH�ELODQ XO�QX�IXUQL]HD] �LQIRUPD LL�UHIHULWRDUH�OD�UXODMXO�FRQWXULORU�UHVSHFWLYH�
1. Durata de folosire a surselor atrase (Df):
Df = Rc
360Sc ×
unde: 6F� �VROGXO�PHGLX�DO�FRQWXULORU�GH�REOLJD LL� Rc = rulajul creditor al conturilor respective.
&RUHOD LD� GLQWUH� VXPD� FUHDQ HORU� úL� D� REOLJD LLORU� SH� WHUPHQ� VFXUW��SUHFXP�úL�GLQWUH�'L�úL�'I�JHQHUHD] �IOX[XUL�E QHúWL�FDUH�LQIOXHQ HD] �SR]LWLY�VDX�QHJDWLY�GLVSRQLELOLW LOH�ILUPHL��Astfel:
a) 'DF �6G� �6F� úL�'L� �'I� ��DWXQFL� FHO�SX LQ�GLQ�SXQFW�Ge vedere WHRUHWLF��VH�SURGXFH�R�FRPSHQVDUH�vQWUH�FUHDQ H�úL�REOLJD LL�
b) 'DF � 6G� !� 6F� úL� 'L� � 'I�� DWXQFL� IOX[XO� GH� GLVSRQLELOLW L� HVWH�LQIOXHQ DW�SR]LWLY�GHRDUHFH�VXPD�vQFDV ULORU�HVWH�VXSHULRDU �VXPHL�SO LORU�SHQWUX�DFHODúL�LQWHUYDO�GH�WLPS�
([LVW �ELQHvQ HOHV�úL�PXOWH�DOWH�YDULDQWH�vQ�IXQF LH�GH�FHL���LQGLFDWRUL� &RUHOD LD� GLQWUH� FUHDQ H� úL� REOLJD LL� SRDWH� IL� VWXGLDW � úL� SH� ED]D�
EDODQ HL� DFHVWRUD� vQ� IXQF LH� GH� WHUPHQHOH� ORU� GH� YHFKLPH� úL� GH� SRQGHUHD�DFHVWRUD�vQ�FDGUXO�WRWDOXO�FUHDQ HORU�úL�D�REOLJD LLORU, astfel:
- Sub 30 zile - 30 - 60 zile - 60 - 90 zile - 90 - 180 zile
- 180 - 270 zile - 270 - 1 an. �������������ÌQ�SUDFWLF �VH�IRORVHVF�LQWHUYDOH�GH�YHFKLPH�PXOW�PDL�PDUL��SkQ �OD�90 zile, între 90 ]LOH�úL�XQ�DQ��SHVWH�XQ�DQ�
Exemplu: 6H�G �XUP WRDUHD�VLWXD LH�D�FUHDQ HORU�úL�D�REOLJD LLORU�ILUPHL�$�
Tabelul 5.7 Perioada
Nr. Crt. Indicatori N-2
mil lei % N-1
mil lei % N
mil.lei % 1. Cifra de afaceri 7.450 100 7.846 105,3 7.980 101,7
2. &UHDQ H 524 100 679 129,6 975 143,6
3. 2EOLJD LL 1.045 100 1.274 121,9 1.527 119,9
4. 5DSRUWXO�FUHDQ H�REOLJD LL 0,50 100 0,53 X 0,64 X
În perioada celor tUHL�DQL�DQDOL]D L��FUHDQ HOH�úL�REOLJD LLOH�DX�FUHVFXW�într-XQ�ULWP�VXSHULRU�FHOXL�DO�FLIUHL�GH�DIDFHUL��FHHD�FH� LQIOXHQ HD] �QHJDWLY�IOX[XO�GH�GLVSRQLELOLW L��$FHDVW �LQIOXHQW �HVWH�SDU LDO�GLPLQXDW �GH�UDSRUWXO�GLQWUH�FUHDQ H�úL�REOLJD LL��UDSRUW�FDUH�GHúL�DUH�R�GLQDPLF �FUHVF WRDUH��HO�HVWH�VXEXQLWDU��FHHD�FH�LQGLF �R�PDMRUDUH�D�JUDGXOXL�GH�LPRELOL]DUH�D�FDSLWDOXOXL�firmei.
Durata� GH� LPRELOL]DUH� D� FUHDQ HORU� �'L�� úL� GXUDWD� GH� IRORVLUH� D�VXUVHORU�DWUDVH��VH�SUH]LQW �DVWIHO�
Tabelul 5.8
= zile = Nr.crt. Indicatori N – 2 N – 1 N 1. 'XUDWD�GH�LPRELOL]DUH�D�FUHDQ HORU 25,3 31,2 44 2. Durata de folosire a surselor atrase 50,5 58,5 191,4
1LYHOXO�úL�HYROX LD�DFHVWRU�GRL�LQGLFDWRUL�FRQILUP �FRQFOX]LD�VWDELOLW �DQWHULRU�� DGLF � IDSWXO� F �� GHúL� FUHDQ HOH� vQUHJLVWUHD] � FUHúWHUL� VXEVWDQ LDOH��LPRELOL]DUHD� IRQGXOXL� GH� UXOPHQW� HVWH� VXSOLQLW � GH� VXUVHOH� DWUDVH�suplimentar.
'LQ�SXQFW�GH�YHGHUH�DO�JUDGXOXL�GH�YHFKLPH��VLWXD LD�FUHDQ HORU�úL�D�REOLJD LLORU�vQ�DQXO�1�VH�SUH]LQW �DVWIHO�
Tabelul 5.9
&UHDQ H 2EOLJD LL Nr. Crt. 6SHFLILFD ie
mil.lei % mil.lei % 1. 3kQ �OD����GH�]LOH 754 75,4 1.022 66,9 2. ÌQWUH����]LOH�úL���DQ 193 19,8 395 25,9 3. Peste 1 an 27 2,8 110 7,2 Total 974 100 1.527 100
5H]XOW � F � SRQGHUHD� FHD� PDL� PDUH� R� GH LQ� FUHDQ HOH� úL� REOLJD LLOH� FX� R�YHFKLPH�GH�SkQ �OD����]LOH��FHHD�FH�DVLJXU �R�IUHFYHQ �FRUHVSXQ] WRDUH�D�vQFDV ULORU�úL�SO LORU�
������$QDOL]D�OLFKLGLW LL�úL�VROYDELOLW LL�ILUPHL
Lichiditatea�UHSUH]LQW �SURSULHWDWHD�HOHPHQWHORU�SDWULPRQLDOH�GH�D�VH�transforma în bani.
Solvabilitatea este capacitatea întreprinderii de a-úL�RQRUD�REOLJD LLOH�GH�SODW �OD�VFDGHQ �
&DSDFLWDWHD� GH� SODW � VHPQLILF � VROYDELOLWDWHD� LPHGLDW �� UHVSHFWLY�H[SULP � FDSDFLWDWHD� PLMORDFHORU� EDQHúWL� OD� XQ� PRPHQW� GDW� VDX� SHQWUX� R�SHULRDG � VFXUW � GH� WLPS� �GH� RELFHL� SkQ � OD� ��� GH� ]LOH�, de a acoperi REOLJD LLOH�VFDGHQWH�SHQWUX�DFHODúL�LQWHUYDO�GH�WLPS�
Pentru caracterizarea OLFKLGLW LL unei firme VH�FRPSDU �SDVLYHOH�SH�WHUPHQ�VFXUW�FX�UHVXUVHOH�GLVSRQLELOH�SHQWUX�DFHHDúL�SHULRDG �
Cele mai utilizate rate de lichiditate sunt: 1. 5DWD�OLFKLGLW LL�JHQHUDOH:
Active circulante Datorii curente
'DWRULLOH�FXUHQWH�VXQW�IRUPDWH�GLQ�REOLJD LLOH�ID �GH�IXUnizori, cele ILVFDOH� úL� VDODULDOH�� FUHGLWHOH� SH� WHUPHQ� VFXUW� SUHFXP� úL� SDUWHD� GLQ�vPSUXPXWXULOH� SH� WHUPHQ� PHGLX� úL� OXQJ� D� F URU� VFDGHQ � � HVWH� vQ� FDGUXO�H[HUFL LXOXL�ILQDQFLDU�FXUHQW�
6H�DSUHFLD] �F �VLWXD LD�OLFKLGLW LL�JHQHUDOH�HVWH�VDWLVI F WRDUH��GXS �XQHOH� VXUVH�� vQ� FRQGL LLOH� vQFDGU ULL acestei rate în intervalul 1,2 si 1,8, iar GXS �DOWHOH��vQ�LQWHUYDOXO���VL�����
2. 5DWD�OLFKLGLW LL�FXUHQWH (intermediare):
Active circulante – Stocuri Datorii curente
Potrivit teoriei nord-amHULFDQH�� DFHDVW � UDW � HVWH� FXQRVFXW � úL� VXE�GHQXPLUHD�GH�³WHVWXO�DFLG³��$FHDVW �UDW �HVWH�GH�RELFHL�VXEXQLWDU ��,QWHUYDOXO�FRQVLGHUDW�FD�VDWLVI F WRU�SHQWUX�DFHDVW �UDW �HVWH�GH�����-1.
3. 5DWD�OLFKLGLW LL�LPHGLDWH:
'LVSRQLELOLW L�úL�SODVDPHQWH Datorii curente
ÌQ�WHRULD�HFRQRPLF ,�DFHDVW �UDW �HVWH�FXQRVFXW �úL�VXE�GHQXPLUHD�GH�UDWD� VROYDELOLW LL� LPHGLDWH�� Interpretarea acesteia� WUHEXLH� I FXW � FX� PDUH�JULM �� $VWIHO�� XQ� QLYHO� ULGLFDW� DO� DFHVWHLD� LQGLF o solvabilitate mare, dar poatH� IL� FRQVHFLQ D� XQHL� XWLOL] UL� PDL� SX LQ� SHUIRUPDQWH� D� UHVXUVHORU�GLVSRQLELOH��9DORDUHD� ULGLFDW � D� DFHVWHL� UDWH�QX�FRQVWLWXLH� vQ�DFHODúL� WLPS�R�JDUDQ LH�D�VROYDELOLW LL��GDF �UHVWXO�DFWLYHORU�FLUFXODQWH�DX�XQ�JUDG�UHGXV�GH�lichiditate.
Lg =
Lc =
Li =
'LQ� FRQWU �� R� YDORDUH� UHGXV � D� OLFKLGLW LL� LPHGLDWH� SRDWH� IL�FRPSDWLELO � FX� PHQ LQHUHD� HFKLOLEUXOXL� ILQDQFLDU�� GDF � vQWUHSULQGHUHD�PLQLPL]HD] � YDORDUHD� GLVSRQLELOLW LORU� VDOH�� GH LQkQG� vQ� VFKLPE, valori de plasament, creante, stocuri cu un grad mare de lichiditate etc.
Solvabilitatea se poate exprima cu ajutorul mai multor indicatori, GLQWUH�FDUH�FHL�PDL�LPSRUWDQ L�VXQW��
1. RatD�VROYDELOLW LL�SDWULPRQLDOH: Capital propriu Capital propriu + credite totale
9DORDUHD� PLQLP � D� UDWHL� VROYDELOLW LL� SDWULPRQLDOH� VH� DSUHFLD] � F �WUHEXLH� V � VH� vQFDGUH]H� vQ� OLPLWHOH� ���-����� LDU� SHVWH� ���� VLWXD LD� SRDWH� IL�FRQVLGHUDW �QRUPDO �
2. 5DWD�VROYDELOLW LL�JHQHUDOH:
Active totale Datorii totale
$FHDVW � UDW � LQGLF � vQ� FH� P VXU � GDWRULLOH� WRWDOe sunt acoperite de F WUH� DFWLYHOH� WRWDOH� DOH� vQWUHSULQGHULL� �DFWLYH� LPRELOL]DWH� úL� DFWLYH�FLUFXODQWH���&X�FkW�YDORDUHD�UDWHL�VROYDELOLW LL�JHQHUDOH�HVWH�PDL�PDUH�GHFkW����FX�DWkW�VLWXD LD�ILQDQFLDU �GH�DQVDPEOX�D�ILUPHL�HVWH�PDL�EXQ �
Pe baza datelor din Tabelul 5.5, BILAN CONTABIL AL ÎNTREPRINDERII A, VH�RE LQ�XUP WRDUHOH�YDORUL�DOH�UDWHORU�GH�OLFKLGLWDWH�úL�VROYDELOLWDWH�
Tabelul 5.10 Indicatori N-1 N
Rata lichidit ii generale 3,36 1,7 Rata lichidit ii curente ( intermediare ) 1,03 0,69 Rata lichidit ii imediate 0,42 0,22 Rata solvabilit ii patrimoniale 1,25 1,12 Rata solvabilit ii generale 1,94 1,6
ÌQ� DPEHOH� SHULRDGH�� QLYHOXO� DFHVWRU� UDWH� VH� vQFDGUHD] � vQ� OLPLWHOH�considerate normale,� FRQIRUP� VWDQGDUGHORU� LQWHUQD LRQDOH�� &D� WHQGLQ , se înrHJLVWUHD] � R� GLPLQXDUH� D� WXWXURU� LQGLFDWRULORU�� FHOH�PDL� DFFHQWXDWH� ILQG�FHOH�DOH� OLFKLGLW LL�FXUHQWH�úL�JHQHUDOH��FDUH� vQ�DQXO�1-��FRERDU �FKLDU�VXE�limita admis � ������� 'HúL� VLWXD LD� vQWUHSULQGHULL� QX� HVWH� DODUPDQW �� WUHEXLH�DGRSWDWH� P VXUL� SHQWUX� PHQ LQHUHD� úL� FKLDU� FUHúWHUHD� OLFKLGLW LL� úL�VROYDELOLW LL�DFHVWHLD�vQ�SHULRDGHOH�XUP WRDUH�
Sp =
Sg =
5.2.7 Analiza echilibrului economico-financiar
(FKLOLEUXO� ILQDQFLDU� DO� ILUPHL� UHSUH]LQW � XQ� VLVWHP�GH�FRUHOD LL, prin FDUH�VH�VWDELOHVF�DQXPLWH�SURSRU LRQDOLW L�vQ�FDGUXO�úL�vQWUH�GLIHULWHOH�IOX[XUL�financiare. Acestea UHSUH]LQW � R� SUHPLV � GDU� úL� R� FRQVHFLQ � D� XQHL�GHVI úXU UL� QRUPDOH� D� DFWLYLW LL� ILUPHL�� vQ� FRQIRUPLWDWH� FX� RELHFWXO� V u de DFWLYLWDWH�� &D� SUHPLV �� WUHEXLH� DYXWH� vQ� YHGHUH� FRUHOD LLOH� RELHFWLYH� GLQWUH QHFHVLW LOH�GH�UHVXUVH�PDWHULDOH�úL�SRVLELOLW LOH�GH�ILQDQ DUH��'H�PRGXO�FXP�VXQW� XWLOL]DWH� úL� YDORULILFDWH� DFHVWH� UHVXUVH� GHSLQGH� DVLJXUDUHD� HFKLOLEUXOXL�economico-financiar sau dereglarea acestuia.
3HQWUX� H[SULPDUHD� VLQWHWLF � D� PXOWLSOHORU� FRUHOD LL� Lmplicate de echiOLEUXO� ILQDQFLDU�� H[LVW � R� PXOWLWXGLQH� GH� LQGLFDWRUL�� ÌQ� SUDFWLF � VH�XWLOL]HD] �vQ�VSHFLDO�XUP WRULL�LQGLFDWRUL�
1. Rata autonomiei financiare:
Capital propriu Capital propriu + Capital împrumutat
2. 5DWD�GH�ILQDQ DUH�D�VWRFXULlor:
Fond de rulment Stocuri
3. 5DWD�GH�DXWRILQDQ DUH�D�DFWLYHORU:
Capital propriu Active fixe + Active circulante
4. Rata datoriilor;
Datorii totale Active totale
Utilizându-se datele din Tabelul 5.5, BILAN CONTABIL AL ÎNTREPRINDERII A, HYROX LD� LQGLFDWRULORU� GH� HFKLOLEUX� ILQDQFLDU� VH�SUH]LQW �DVWIHO�
Tabelul 5.11
Indicatori N-1 N Rata autonomiei financiare 0,56 0,53 Rata de finan are a stocurilor 1,01 0,69 Rata de autofinan are a activelor 0,49 0,37 Rata datoriilor 0,51 0,63
Raf =
Rfs =
Raa =
Rd =
La societatea analizat anterior, echilibrul economico-financiar vQUHJLVWUHD] � R� UHODWLY � GHJUDGDUH�� WRWXúL�� FD� úL� vQ� FD]XO� LQGLFDWRULORU� GH�OLFKLGLWDWH� úL� VROYDELOLWDWH�� DFHVWH� UDWH� VH� vQFDGUHD] în limitele considerate satisf c toare, ceea demonstreaz �IXQF LRQDUHD�FRUHVSXQ] WRDUH�D�DFHVWHLD�
������$QDOL]D�YLWH]HL�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH
9LWH]D� GH� URWD LH� D� DFWLYHORU� FLUFXODQWH� UHSUH]LQW � XQ� LQGLFDWRU� GH�HILFLHQ �FDUH�UHIOHFW �VFKLPE ULOH�LQWHUYHQLWH�vQ�DFWLYLWDWHD�vQWUHSULQGHULL��vQ�special în activitatea de exploatare: modificarea procesului de aprovizionare úL� SURGXF LH�� UHGXFHUHD� FRVWXULORU�� VFXUWDUHD� FLFOXOXL� GH� SURGXF LH� úL� D�SHULRDGHL� GH� GHVIDFHUH� úL� vQFDVDUH� D� SURGXF LHL� etc.). Volumul activelor circulante ale întreprinderii depindH�GH�GRL�IDFWRUL��úL�DQXPH��FLIUD�GH�DIDFHUL�úL� YLWH]D� GH� URWD LH� D� DFWLYHORU� FLUFXODQWH�� &X� FkW� DFWLYHOH� FLUFXODQWH� YRU�SDUFXUJH�PDL� UHSHGH� ILHFDUH� VWDGLX�DO� URWD LHL� FDSLWDOXOXL�� FX�DWkW�YLWH]D� GH�URWD LH�YD�IL�PDL�PDUH���LDU�QHFHVDUXO�GH�IRQG�GH�UXOPHQW mai mic pentru un YROXP�GDW�DO�SURGXF LHL��UHVSHFWLY�DO�FLIUHL�GH�DIDFHUL�
9LWH]D�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH�SRDWH�IL�H[SULPDW �vQ:
a) 1XP U�GH�URWD LL (n):
n = AC
CA
unde: $&� �VROGXO�PHGLX�DO�DFWLYHORU�FLUFXODQWH��I U �GLVSRQLELOLW L��
Acest indicator se poate calcula pentru fiecare element de active circulante utilizându-VH� IRUPXOD� GH� PDL� VXV�� 7RWXúL� DFHVWD� DUH� R� SXWHUH�LQIRUPDWLY � UHGXV � GLQ� SXQFW� GH� YHGHUH� DO� FRQ LQXWXOXL� GHRDUHFH� HVWH� R�P ULPH�DEVWUDFW �FDUH�QX�UHG �vQ�WHUPeni�FRQFUH L�UHDOLWDWHD�HFRQRPLF �
b) Durata în zile (Dz):
Dz = CA
TAc ×
unde: 7� �QXP UXO de zile ale perioadei analizate.
ÌQ� VFRSXO� LGHQWLILF ULL� DVSHFWHORU� IDYRUDELOH�� GDU� PDL� DOHV� D� FHORU�QHIDYRUDELOH�DOH�JHVWLRQ ULL�UHVXUVHORU��VH�UHFRPDQG �GHWHUPLQDUHD�YLWH]HL�GH�URWD LH�SH�ILHFDUH�HOHPHQW�DO�DFWLYHORU�FLUFXODQWH�úL�DO�VWDGLXOXL�vQ�FDUH�VH�DIO �în cadrul circuitului general, astfel:
b.1) 'XUDWD�GH�URWD LH�D�VWRFXULORU�GH�PDWHULL�SULPH�úL�PDWHULDOH:
6WRFXO�PHGLX�GH�PDWHULL�SULPH�úL�PDteriale Cheltuielile cu materialele
E����'XUDWD�GH�URWD LH�D�VWRFXULORU�GH�SURGXF LH�vQ�FXUV�GH�H[HFX LH�
6WRFXO�PHGLX�GH�SURGXF LH�vQ�FXUV�GH�H[HFX LH 3URGXF LD�H[HUFL LXOXL�H[SULPDW în costuri (cheltuieli aferente proGX LHL�H[HUFL LXOXi)
b.3) 'XUDWD�GH�URWD LH�D�VWRFXULORU�GH�SURGXVH�ILQLWH�úL�VHPLIDEULFDWH: 6WRFXO�PHGLX�GH�SURGXVH�ILQLWH�úL�VHPLIDEULFDWH Cheltuielile aferente veniturilor din exploatare
b.4) Durata de rota ie a crean elor (durata de încasare a crean elor): Stocul�PHGLX�DO�FUHDQ HORU Veniturilor din exploatare
$QDOL]D� IDFWRULDO � D� YLWH]HL� GH� URWD LH� SUHVXSXQH� XWLOL]DUHD�XUP WRUXOXL�PRGHO� CA
Dz = TCA
AC × AC(1)
AC AC(2)
AC(n)
unde: Dz = viteza de rotatie a activelor circulante în zile; CA = cifra de afaceri; AC = soldul mediu al activelor circulante; AC(1), AC(2),……AC(n) = categorii de active circulante (stocuri de materii
prime, materiale, produc ie în curs de execu ie, produse finite, crean e etc.)
× T
× T
× T
× T
&RQVHFLQ HOH� DFFHOHU ULL� VDX� vQFHWLQLULL� YLWH]HL� GH� URWD LH� VH�PDWHULDOL]HD] � vQ�HOLEHU UL�VDX� LPRELOL] UL�GH�DFWLYH�FLUFXODQWH��LQGLFDWRU�FH�VH�SRDWH�FDOFXOD�FX�DMXWRUXO�UHOD LHL�
E ( I ) = (Dz1 – Dz0) T
CA1×
Pentru exemplificare se folosesc urm toarele date: Tabelul 5.12
= mil lei = Nr. Crt.
INDICATORI N-1 N %
1. Cifra de afaceri 53400 61200 114,61 2. Soldul mediu al activelor circulante,
din care: – stocuri – FUHDQ H
11620
6480 5140
13400
7050 6350
115,32
108,80 123,54
3. 9LWH]D�GH�URWD LH���]LOH�� 78,34 78,82 100,61
Model de analiz :
Dz = TCA
CrStT
CAAC ×+=×
9DULD LD�YLWH]HL�GH�URWD LH�vQ�]LOH� 48,034,7882,78DzDzDz 01 +=−=−=∆ zile
0HWRGRORJLD�GH�DQDOL] �IDFWRULDO �D�YLWH]HL�GH� URWD LH�D�DFWLYHORU�FLUFXODQWH�HVWH�XUP WRDUHD�
1. ,QIOXHQ D�PRGLILF ULL�FLIUHL�GH�DIDFHUL�
99,934,7835,68TCA
ACT
CA
AC
0
0
1
0 −=−=×−× zile
2. ,QIOXHQ D�PRGLILF ULL�VROGXOXL�PHGLX�DO�DFWLYHORU�FLUFXODQWH�
=×−× TCA
ACT
CA
AC
1
0
1
1 78,82 – 68,35 = +10,47 zile
GLQ�FDUH�GDWRULW � ������,QIOXHQ HL�PRGLILF ULL�VWRFXULORU�PHGLL�
=×−× TCA
StT
CA
St
1
0
1
1 41,47 – 38,11 = +3,36 zile
�������,QIOXHQ HL�PRGLILF ULL�VROGXOXL�PHGLX�DO�FUHDQ HORU�
=×−× TCA
CrT
CA
Cr
1
0
1
1 37,35 – 30,24 = +7,11 zile
(IHFWXO�PRGLILF ULL�YLWH]HL�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH�poate fi o eliberare de capital� vQ�FD]XO�DFFHOHU ULL�YLWH]HL�GH�URWD LH, sau o imobilizare GH� FDSLWDO�� vQ� FD]XO� vQFHWLQLULL� DFHVWHLD�� ÌQ� VLWXD LD� DQDOL]DW � PDL� VXV�� VH�vQUHJLVWUHD] �R�LPRELOLzare de capital, respectiv:
I = ( 78,82 – 78,34 ) =×360
200.61 81,6 mil. lei
6H�FRQVWDW �R�vQFHWLQLUH�D�YLWH]HL�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH�GH�OD�������]LOH�vQ�SULPXO�DQ�OD�������]LOH�vQ�DQXO�XUP WRU��FHHD�FH�DUH�FD�HIHFW�R�imobilizare dH�FDSLWDO��ÌQFHWLQLUHD�YLWH]HL�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH�V-a GDWRUDW�FUHúWHULL�VROGXOXL�PHGLX�DO�DFWLYHORU�FLUFXODQWH� vQWU-un ritm superior celui al cifrei de afaceri (115,32% > 114,61% ).
'LQ� SXQFW� GH� YHGHUH� DO� LQIOXHQ HORU� IDFWRULORU�� VH� FRQVWDW � F �PDMRUDUHD� FLIUHL� GH� DIDFHUL� FX� ������� vQ� FRQGL LLOH�PHQ LQHULL� FRQVWDQWH� D�VROGXOXL� PHGLX� DO� DFWLYHORU� FLUFXODQWH�� GHWHUPLQ � DFFHOHUDUHD� YLWH]HL� GH�URWD LH��DGLF �UHGXFHUHD�DFHVWHLD�FX������]LOH��
&UHúWHUHD� VROGXOXL� PHGLX� DO� DFWLYHORU� FLUFXODQWH� FX� ���32% a GHWHUPLQDW� vQFHWLQLUHD� YLWH]HL� GH� URWD LH�� UHVSHFWLY� PDMRUDUHD� DFHVWHLD� FX�10,47 zile. $FHDVW �VLWXD LH�V-D�GDWRUDW�DWkW�FUHúWHULL�YDORULL�FUHDQ HORU�FkW�úL�D�VWRFXULORU�� ,QIOXHQ D�VWRFXULORU� VH�DSUHFLD] �QRUPDO � � CASt II < ), dar cea a PDMRU ULL� FUHDQ HORU� QX� HVWH� MXVWLILFDW � vQ� WRWDOLWDWH� GH� FUHúWHUHD� YkQ] ULORU�( CACr II > ).
'HFL�� SHQWUX� DFFHOHUDUHD� YLWH]HL� GH� URWD LH� D� DFWLYHORU� FLUFXODQWH�WUHEXLH� UHGXV� VROGXO� PHGLX� DO� FUHDQ HORU�� SUHFXP� úL� D� YDORULL� FHORUODOWH�categorii GH� DFWLYH� FLUFXODQWH� SkQ � OD� OLPLWD� OD� FDUH� QX� DIHFWHD] � Euna desf úXUDUH�D�DFWLYLW LL�
& LOH� GH� DFFHOHUDUH� D� YLWH]HL� GH� URWD LH� D� DFWLYHORU� FLUFXODQWH� VXQW�YDULDWH�� HOH� ILLQG� VSHFLILFH� ILHF UXL� VWDGLX� DO� URWD LHL� FDSLWDOXOXL� LQYHVWLW��Astfel:
¾ în stadiul DSURYL]LRQ ULL��DSURYL]LRQDUHD�ULWPLF �FX�UHVXUVH�PDWHULDOH�GH�OD�FHOH�PDL�DSURSLDWH�VXUVH�úL�FX�PLMORDFHOH�GH�WUDQVSRUW�FHOH�PDL�economice, respectarea contractelor încheiate cu furnizorii, redu-FHUHD� OD� PD[LPXP� D� SHULVDELOLW LORU� OD� PDWHULDOH� SH� GXUDWD�WUDQVSRUWXOXL� úL� GHSR]LW ULL� SULQ� PHFDQL]DUHD�� DXWRPDWL]DUHD� RSH-UD LLORU�GH�PDQLSXODUH�D�DFHVWRUD��GLPHQVLRQDUHD�optim a stocurilor de materii prime, materiale, produse finite etc.;
¾ vQ� VWDGLXO� SURGXF LHL�� UHGXFHUHD� GXUDWHL� FLFOXOXL� GH� SURGXF LH� úL�diminXDUHD�FRQVXPXULORU�VSHFLILFH�GH�PDWHULL�SULPH�úL�PDWHULDOH�SULQ�
PRGHUQL]DUHD� WHKQRORJLLORU� GH� IDEULFD LH�� XWLOL]DUHD� LQWHJUDO � D�FDSDFLW LORU�GH�SURGXF LH�� IRORVLUHD�FRPSOHW �D� WLPSXOXL�GH�PXQF ��DSURYL]LRQDUHD� UD LRQDO � D� ORFXULORU� GH� PXQF �� FUHúWHUHD� FDOLILF ULL�SHUVRQDOXOXL��vPEXQ W LUHD�FDOLW LL�SURGXVHORU�
¾ vQ� VWDGLXO� YkQ] ULL�� FUHúWHUHD� ULWPXOXL� YkQ] ULORU� SULQ� vQFKHLHUHD� GH�FRQWUDFWH� IHUPH� GH� OLYUDUH� D� SURGXF LHL�� UHGXFHUHD� WLPSXOXL� GH�PDQLSXODUH� D� ORWXULORU� OLYUDELOH�� SUHFXP� úL� DFFHOHUDUHD� ULWPXOXi de vQFDVDUH� D� YkQ] ULORU� SULQ� DOHJHUHD� FHORU�PDL� DYDQWDMRDVH� IRUPH� GH�GHFRQWDUH�FX�FOLHQ LL��XUP ULUHD�RSHUDWLY �D�GHFRQW ULL�SURGXVHORU�etc.
5.2.9 Analiza fluxurilor de trezorerie
7RDWH� RSHUD LLOH� SH� FDUH� vQWUHSULQGHUHD� OH� GHVI úRDU � VH� UHJ VHVF�imedLDW�VDX�OD�WHUPHQ��VXE�IRUPD�IOX[XULORU�GH�WUH]RUHULH��$VWIHO��R�ILUP �vúL�DVLJXU � SHUHQLWDWHD� GRDU� GDF � SULQ� DFWLYLWDWHD� VD�GHJDM � vQ�PRG�SHUPDQHQW�trezorerie.
7UH]RUHULD� UHSUH]LQW � R� LQIRUPD LH� FKHLH�� FDUH� SHUPLWH� DSUHFLHUHD�SHUIRUPDQ HORU� vQWUHSULQGHULL�� DYkQG� úL� XQ� URO� VWUDWHJLF� vQ� FHHD� FH� SULYHúWH�QLYHOXO�V X�GH�IRUPDUH�FkW�úL�PRGXO�GH�XWLOL]DUH��Folosirea�DFHVWHL�LQIRUPD LL�FRQIHU �RELHFWLYLWDWH�vQ�JHVWLXQHD�úL�DQDOL]D�HFRQRPLFR�-�ILQDQFLDU �GHRDUHFH�spre deosebire de fondul de rulment, necesarul de fRQG� GH� UXOPHQW� úL�FDSDFLWDWHD� GH� DXWRILQDQ DUH�� WUH]RUHULD� QX� HVWH� XQ� FRQFHSW� GRPLQDW� GH�LQFLGHQ D�FRQYHQ LLORU�úL�SROLWLFLORU�FRQWDELOH�
([LVWHQ D� WUH]RUHULHL� UHIOHFW � SR]L LD� VWUDWHJLF � D� ILUPHL� vQ� UDSRUW� FX�SURGXVHOH�VDOH��SLH HOH�VDOH��FRQFXUHQ LL�V L�úL�factorii externi. De asemenea, aceasta�FRQVWLWXLH�JDMXO�IOH[LELOLW LL�ILUPHL�GHRDUHFH�SHUPLWH�PDQaJHULORU�V �realizeze obiectivele strategice ale firmei prin achizi ii de mijloace fixe sau SULQ�LQYHVWL LL�ILQDQFLDUH�
3ULYLQG�SUDFWLFD�LQWHUQD LRQDO ��SUimul model de tablou al fluxurilor GH�WUH]RUHULH�HVWH�SURSXV�SULQ�VWDQGDUGXO�FRQWDELO�DPHULFDQ�)$6�����������úL�prin aceaVW � QRUP �� GH� )$6%�� &X� FkWHYD� GLIHUHQ H�� GLQ� ����� DFHVWD� HVWH�UHFRPDQGDW� úL� vQ� )UDQ D�� $SRL�� ,$6&�� RUJDQLVPXO� LQWHUQD LRQDO� GH�normalizDUH�� HPLWH� úL� SXQH� vQ� DSOLFDUH� vQ� ����� QRUPD� �� �,$6� ��� SULYLQG�WDEORXO�GH�ILQDQ DUH��$VWIHO��GLQ�������FRPSDQLLOH�PDUL�GLQ� ULOH�GH]YROWDWH�WUHEXLH� V � SXEOLFH� FD� R� SDUWH� FRPSRQHQW � D� VLWXD LLORU� ORU� ILQDQFLDUH�� XQ�tablou al fluxurilor de trezorerie.
Tabloul fluxurilor de trezorerie furni]HD] � LQIRUPD LL�SULYLQG�PRGXO�vQ�FDUH�vQWUHSULQGHUHD�JHQHUHD] �úL�XWLOL]HD] �QXPHUDUXO�úL�HFKLYDOHQtele de QXPHUDU�� &RQIRUP� QRUPHL� LQWHUQD LRQDOH� ,$6� ��� IOX[XULOH� GH� WUH]RUHULH�
UHSUH]LQW �DQVDPEOXO�LQWU ULORU�úL�LHúLULORU�GH�OLFKLGLW L�VDX�GH�HFKLYDOHQWH�GH�OLFKLGLW L�� /LFKLGLW LOH� VHPnLILF � IRQGXULOH� GLVSRQLELOH� úL� GHSR]LWHOH� OD�vedere,�LDU�HFKLYDOHQWHOH�GH�OLFKLGLW L��SODVDPHQWHOH�SH�WHUPHQ�VFXUW��IRDUWH�OLFKLGH��FRQYHUWLELOH�FX�XúXULQ într-R�P ULPH�GHWHUPLQDW �GH�OLFKLGLW L�úL�D�F URU�YDORDUH�QX�ULVF �V �VH�VFKLPEH�vQ�PRG�VHPQLILFDWLY�
În cadrul tabloului fluxurilor de trezorerie, fluxurile sunt grupate în XUP WRDUHOH�WUHL�FDWHJRUL�
• IOX[XUL�JHQHUDWH�GH�DFWLYLW LOH�GH�H[SORDWDUH; • IOX[XUL�JHQHUDWH�GH�DFWLYLW LOH�GH�LQYHVWL LL; • IOX[XUL�JHQHUDWH�GH�DFWLYLW LOH�GH�ILQDQ DUH.
5H]XOWDQWD�ILQDO �D�FHORU�WUHL�FDWHJRULL�GH�IOX[XUL�HVWH�WUH]RUHULD�QHW �FDUH�SRDWH�IL�GHWHUPLQDW �DVWIHO�
• prin PHWRGD�GLUHFW ��FRQIRUP�F UHLD�VH�RSHUHD] �FX�vQFDV UL�úL�SO L�brute în numerar;
• prin PHWRGD�LQGLUHFW ��FRQIRUP�F UHLD�VH�SRUQHúWH�GH�OD�SURILWXO�QHW�FDUH�VH�FRUHFWHD] �FX�DFWLYHOH�QHPRQHWDUH��DOWH�HOHPHQWH�GH�YHQLWXUL�sau cheltuieli nelegate de exploatare etc. ,$6���UHFRPDQG �vQWUHSULQGHULORU�XWLOL]DUHD�PHWRGHL�GLUHFWH�GHRDUHFH�
aceasta SHUPLWH�RE LQHUHD�GH�LQIRUPD LL�QHFHVDUH�HVWLP ULL�IOX[XULORU�YLLWRDUH�GH� WUH]RUHULH�� 'HRVHELUHD� SULQFLSDO � vQWUH� FHOH� GRX � PHWRGH� FRQVW � vQ�structura fluxurilor de trezorerie relative referitoare la activit ile de exploatare.
Conform metodei directe, fluxurile monetare sunt grupate în diferite FDWHJRULL� GH� vQFDV UL� úL� SO L�� $FHVWHD� QX� VXQW� SUHFL]DWH� FX� H[DFWLWDWH� vQ�QRUPD� LQWHUQD LRQDO � GDU� SH� ED]D� H[HPSOHORr, se poate lua în considerare XUP WRDUHD�VWUXFWXU ��
)OX[XULOH� GH� WUH]RUHULH� UHODWLYH� OD� DFWLYLW LOH� GH� H[SORDWDUH��PHWRGD�GLUHFW �3:
ÌQFDV UL�JHQHUDWH�GH�UHOD LLOH�FX�FOLHQ LL - 3O L�vQ�IDYRDUHD�IXUQL]RULORU�úL�SHUVRQDOXOXL - Dobânzi úL�GLYLGHQGH�SO WLWH��� - 3O L�SULYLQG�LPSR]LWHOH�DVXSUD�EHQHILFLLORU��� - $OWH�SO L�JHQHUDWH�GH�H[SORDWDUH - -/+ Elemente extraordinare - = +/-�)OX[XO�QHW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH�GH�H[SORDWDUH
1) Aceste fluxuri ar putea fi incluse, de asemenea, în categoria fluxurilor de ILQDQ DUH
��� � $FHVW� IOX[� DU� SXWHD� IL� vPS U LW� vQWUH� DFWLYLW LOH� GH� H[SORDWDUH�� FHOH� GH investi LL�úL�FHOH�GH�ILQDQ DUH
3 1�)HOHDJ ��7UDWDW�GH�FRQWDELOLWDWH�ILQDQFLDU �–YRO�,��(GLWXUD�(FRQRPLF ��%XFXUHúWL������
ÌQ� FHHD� FH� SULYHúWH� PHWRGD� LQGLUHFW �� SUH]HQWDUHD� WLS� D� QRUPHL�LQWHUQD LRQDOH�YL]HD] �XUP WRDUHOH�FDWHJRULL�
+/-�5H]XOWDWXO�QHW�vQDLQWHD�LPSR]LW ULL�úL�HOHPHQWHORU�H[WUDRUGLQDUH
(OLPLQDUHD�YHQLWXULORU�úL�FKHOWXLHOLORU�I U �LQFLGHQ �DVXSUD�WUH]RUHULHL�
��&KHOWXLHOL�FX�DPRUWL] ULOH�úL�SURYL]LRDQHOH -��9HQLWXUL�GLQ�DPRUWL] UL�úL�SURYL]LRDQH
(OLPLQDUHD�YHQLWXULORU�úL�FKHOWXLHOLORU�QHOHJDWH�GH�H[SORDWDUH�
+/-�5H]XOWDWXO�FHVLXQLL�LPRELOL] ULORU�úL�SODVDPHQWHORU + Cheltuieli privind dobânzile - Venituri din plasamente _____________________________________________________________ = +/-�5H]XOWDWXO�GLQ�H[SORDWDUH�vQDLQWHD�YDULD LHL�QHFHVDUXOXL�GH�IRQG�GH rulment +/-�9DULD LD�VWRFXULORU +/-�9DULD LD�FRQWXULORU�FOLHQ L�a DOWRU�FUHDQ H�Gin exploatare +/-�9DULD LD�FRQWXULORU�IXUQL]RUL�úL�D�DOWRU�GDWRULL�GLQ�H[SORDWDUH -�'REkQ]L�úL�GLYLGHQGH�SO WLWH��� -�3O L�SULYLQG�LPSR]LWHOH�DVXSUD�SURILWXOXL��� +/- Elemente extraordinare _____________________________________________________________ = +/- )OX[XO�QHW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH de exploatare
1) Aceste fluxuri ar putea fi incluse, de asemenea, în categoria fluxurilor de ILQDQ DUH
2) $FHVW� IOX[� DU� SXWHD� IL� vPS U LW� vQWUH� DFWLYLW LOH� GH� H[SORDWDUH�� FHOH� GH�LQYHVWL LL�úL�FHOH�GH�ILQDQ Dre.
3ULYLQG� IOX[XULOH� GH� WUH]RUHULH� DOH� DFWLYLW LORU� GH� LQYHVWL LL�� ,$6� �� QX�specific �H[DFW�VWUXFWXUD�DFHVWRUD��WRWXúL�H[HPSOHOH�GLQ�DQH[D�QRUPHL�FRQGXF�OD�XUP WRDUHD�SUH]HQWDUH�WLS�
Fluxurile de trezorerie UHODWLYH�OD�DFWLYLW LOH�GH�LQYHVWL LL:
- AcKL]L LRQDUHD�ILOLDOHL�;���- ) trezoreria achizi LRQDW - Cesiunea filialei Y - $FKL]L LRQDUHD�GH�LPRELOL] UL - $FKL]L LRQDUHD�GH�SODVDPHQWH ����ÌQFDV ULOH�FH�UH]XOW �GLQ�FHVLXQHD�GH�LPRELOL] UL + Dobânzi încasate + Dividende primite (încasate) = +/- Flux neW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH�GH�LQYHVWL LL
De asemenea, ,$6� �� QX� VSHFLILF � H[DFW� VWUXFWXUD� fluxurilor de WUH]RUHULH� UHODWLYH� OD� DFWLYLW LOH� GH� ILQDQ DUH�� WRWXúL� H[HPSOHOH� GLQ� DQH[D�QRUPHL�FRQGXF�OD�XUP WRDUHD�SUH]HQWDUH�WLS�
Fluxurile de trezRUHULH�UHODWLYH�OD�DFWLYLW LOH�GH�ILQDQ DUH:
���&UHúWHUHD�GH�FDSLWDO��vQ�QXPHUDU - Rambursarea de capital, în numerar + Emisiunea (contractarea) de împrumuturi (altele decât cele de trezorerie) - Rambursarea de împrumuturi (altele decât cele de trezorerie) -���5DPEXUVDUHD�GH�GDWRULL�FH�UH]XOW �GLQ�FRQWUDFWHOH�GH�ORFD LH-ILQDQ DUH - 'REkQ]L�úL�GLYLGHQGH�SO WLWH���
= +/- Flux net de trezorerie relativ la activit ile de finan are
1) Aceste fluxuri ar putea s fie incluse, de asemenea, în categoria fluxurilor de exploatare.
Exemplu: 3H� ED]D� ELODQ XOXL� FRQWDELO� úL� D� FRQWXO� GH� SURILW� úL� SLHUGHUL� DOH� XQHL�vQWUHSULQGHUL� SUH]HQWDWH�PDL� MRV�� V � VH� DQDOL]HOH� IOX[XULOH� GH� WUH]RUHULH� DOH�acesteia.
Tabelul 5.13 %,/$1
- mil lei -
(OHPHQWH�ELODQ LHUH N-1 N 9DULD LD Elemente de activ ,PRELOL] UL�QHFRUSRUDOH ����$PRUWL] UL�LPRELOL] UL�necorporale ,PRELOL] UL�FRUSRUDOH ����$PRUWL]DUL�LPRELOL] UL�FRUSRUDOH ,PRELOL] UL�ILQDQFLDUH ����$PRUWL] UL�LPRELOL] UL�ILQDQFLDUH Stocuri &UHDQ H���� 'LVSRQLELOLW L Elemente de activ - total Elemente de pasiv Capital social Profit nerepartizat Datorii financiare pe termen lung Datorii furnizori 'DWRULL�ILVFDOH�úL�VRFLDOH Datorii diverse Elemente de pasiv – total ���6H�FRQVLGHU �F �WRDWH�FUHDQ HOH�VXQW�FUHDQ H�–FOLHQ L�DIHUHQWH�DFWLYLW LL�GH�exploatare
800 - 130 7000 - 2500 1500 - 250 2300 7000 900 16620
7000 700 4600 3200 720 400 16620
800 - 130 7220 - 2550 1500 - 250 3650 6950 350 17540
8220 800 3850 3700 700 270 17540
- -
+ 220 - 50
- -
+ 1350 - 50 - 550 + 920
+ 1220 + 100 - 750 + 500 - 20 - 130
+ 920
Tabelul 5.14 &2178/�'(�352),7�ù,�3,(5'(5(�/$��������$18/�1
- mil lei - INDICATORI N
Venituri din exploatare Venituri din vânzarea m UIXULORU 3URGXF LH�YkQGXW Cifra de afaceri 3URGXF LH�VWRFDW 3URGXF LH�LPRELOL]DW Cheltuieli de exploatare &KHOWXLHOL�SULYLQG�P UIXULOH Cheltuieli cu materiile prime &KHOWXLHOL�FX�HQHUJLD�úL�DSD &KHOWXLHOL�FX�OXFU UL�úL�VHUYLFLL�H[HFXWDWH Cheltuieli cu�LPSR]LWH�úL�WD[H Cheltuieli cu personalul &KHOWXLHOL�SULYLQG�DVLJXU ULOH�úL�SURWHFWLD�VRFLDO &KHOWXLHOL�FX�DPRUWL]DUHD�LPRELOL] ULORU Venituri financiare Venituri din dobânzi Alte venituri financiare Cheltuieli financiare Cheltuieli privind dobânzile Alte cheltuieli financiare 9HQLWXUL�H[FHS LRQDOH Venituri din cedarea activelor &KHOWXLHOL�H[FHS LRQDOH� Cheltuieli cu cedarea activelor Profit brut Impozit pe profit Profit net
14400 4000 10400 14400
- -
13900 1700 4100 350 600 420 2500 1300
2930
100 100
-
200 200
- - - - -
400 100 300
,QIRUPD LL�FRPSOHPHQWDUH� � FUHúWHUHD�FDSLWDOXOXL�D�DYXW�ORF�vQ�FXUVXO�DQXOXL�1��SULQ�DSRUW�GH�
QXPHUDU�DO�DF LRQDULORU� � VH�GLVWULEXLH�GLYLGHQGH�DF LRQDULORU�vQ�YDORDUe de 200 mil. lei;
� s-D�DFKL]L LRQDW�XQ�XWLODM� vQ�YDORDUH�GH������PLO�OHL��SO WLQGX-se în numerar întreaga contravaloare a acestuia;
� s-a rambursat un credit de 750 mil.lei.
Pe baza datelor de mai sus, tabloul fluxurilor de trezorerie pentru anul N se prezLQW �DVWIHO�
Tabelul 5.15 TABLOUL FLUXURILOR DE TREZORERIE PENTRU ANUL N
- mil lei -
)OX[XULOH�GH�WUH]RUHULH�UHIHULWRDUH�OD�DFWLYLW LOH�GH�H[SORDWDUH�
3URILWXO�QHW�vQDLQWHD�LPSR]LW ULL������������������������������������������������ 400
(OLPLQDUHD�YHQLWXULORU�úL�FKHOWXLHOLORU�I U �LQFLGHQ asupra trezoreriei:
��&UHúWHUHD�FKHOWXLHOLORU�SULYLQG�DPRUWL] ULOH�������������������� + 2930
Eliminarea veniturilor úL�a cheltuielilor nelegate de exploatare: __________________________________________________________________ �3URILWXO�GLQ�H[SORDWDUH�vQDLQWHD�YDULD LHL�QHFHVDrului de fond de rulment +3330 - &UHúWHUHD�VWRFXULORU������������������������������������������������������������� -1350 + 'LPLQXDUHD�VROGXULORU�FRQWXULORU�FOLHQ L�úL�DOWRU�FUHDQ H�din exploatare +50 + &UHúWHUHD�GDWRULLORU�ID �GH�IXUQL]RUL���������������� +500 - Diminuarea datoriilor fisFDOH�úL�VRFLDOH������ -20 - Diminuarea datoriilor diverse -130 - 3O L�SULYLQG�LPSR]LWHOH�DVXSUD�SURILWXOXL� -100 __________________________________________________________________ �)OX[XO�QHW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH�GH�H[SORDWDUH����$������������� +2280
)OX[XULOH�GH�WUH]RUHULH�UHIHULWRDUH�OD�DFWLYLW LOH�GH�LQYHVWL LL�
- Achizi ionarea unui utilaj 3100 __________________________________________________________________ �)OX[XO�QHW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH�GH�LQYHVWL ii ( B ) 3100
)OX[XULOH�GH�WUH]RUHULH�UHIHULWRDUH�OD�DFWLYLW LOH�GH�ILQDQ DUH�
��&UHúWHUHD�GH�FDSLWDO�vQ�QXPHUDU������������������������������������ 1220 - Rambursarea de împrumuturi 750 - 'LYLGHQGH�SO WLWH�������������������������������������������������������� 200
__________________________________________________________________ = Fluxul neW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH�GH�ILQDQ DUH���&����������������� + 270
'LPLQXDUHD�QHWD�D�OLFKLGLW LORU���$���%���&�� 550 ��/LFKLGLW L�OD�GHVFKLGHUHD�H[HUFL LXOXL�1����������������������������� +900
__________________________________________________________________ ��/LFKLGLW L�OD�vQFKLGHUHD�H[HUFL LXOXL�1���������������������������������������������������������������
Concluzie: 5H]XOW � F � vQ� DQXO� FXUHQW�1�� vQWUHSULQGHUHD� vQUHJLVWUHD] � OD� QLYHOXO�
IOX[XOXL�GH�H[SORDWDUH��$���OLFKLGLW L�vQ�YDORDUH�GH������PLO��OHL�FD�XUPDUH�D�DFWLYLW LL�UHQWDELOH�GHVI úXUDWH�
)OX[XO� GH� WUH]RUHULH� GLQ� RSHUD LLOH� GH� LQYHVWL LL� �%�� HYLGHQ LD] �necesarul de trezorerie (3100 mil. lei) geneUDW� GH� LQYHVWL LD� HIHFWXDW � GH�ILUP � SHQWUX� DFKL]L LRQDUHD� XQXL� XWLODM��'H� DVHPHQHD,� VH� FRQVWDW � F � DFHVW�necesar de trezorerie nu poate fi acoperit integral de fluxul de trezorerie GHJDMDW� GH�DFWLYLWDWHD� FXUHQW ��$VWIHO�� VH� DSHOHD] � OD� R�PDMRUDUH� GH� FDSLWal SULQ� DSRUWXO� YHFKLORU� DF LRQDUL, concomitent cu distribuirea de dividende F WUH� DFHúWLD�� 3HQWUX� D� VSRUL� vQFUHGHUHD� DF LRQDULORU� vQ� FDSDFLWDWHD� GH�dezvoltare viitoare a firmei, se fac eforturi pentru rambursarea creditelor bancare.
ÌQ� FRQFOX]LH�� GHúL� vQWUHSULQGHUHD� DUH� SHUIRUPDQ H� GHRVHELWH��WUH]RUHULD� GLQ� DFWLYLWDWHD� FXUHQW � HVWH� LQVXILFLHQW pentru acoperirea RSHUD LLORU�GH�LQYHVWL LL��DVWIHO�DFHasta este nevoit �V �DSHOH]H�OD�VXUVH�H[WHUQH�GH�ILQDQ DUH�RE LQXWH�SULQ�PDMRUDUH�GH�FDSLWDO��GHFL�I U �D�PRGifica structura DF LRQDULDWXOXL�úL�HYLWkQG�LQWHUYHQ LD�H[WHUQ �vQ�SURFHVXO�GH�OXDUH�D�GHFL]LLORU��
'DWRULW �VWUXFWXULL�úL�PHWRGRORJLHL�GH�vQWRFPLUH�D�WDEORXOXL�IOX[XULORU�GH�WUH]RUHULH��DFHVWD�SHUPLWH�XWLOL]DWRULORU�VLWXD LLORU�ILQDQFLDUH�XUP WRDUHOH�
¾ V � Hvalueze capacitatea întreprinderii de a deJDMD� OLFKLGLW L�� vQ�special din activitatea de exploatare;
¾ V �GHWHUPLQH�QHFHVLW LOH�GH�OLFKLGLW L� ¾ V �SUHYDG �VFaden HOH�úL�ULVFXO�vQFDV ULORU�YLLWRDUH� ¾ V � FRPSDUH� UH]XOWDWHOH� vQWUHSULQGHULL�� SULQ� HOLPLQDUHD� HIHctelor
utiliz rii diferitelor metode contabile (de amortizare etc.).
'HúL� WDEORXO� IOX[XULORU� GH� WUH]RUHULH� RIHU � LQIRUPD LL� XWLOH� GHVSUH�VROYDELOLWDWHD� úL� IOH[LELOLWDWHD� ILQDQFLDU � D� ILUPHL�� ILLQG� PXOW� PDL� UHOHYDQW�decât indicatorii de echilibru financiar, fondul de rulment, nevoia de fond de UXOPHQW�úL�WUH]RUHULD�QHW � acesta�SUH]LQW �DQXPLWH�OLPLWH�OHJDWH�GH�GHILQLUHD�úL� UROXO� WUH]RUHULHL�� FRQ LQXWXO� IXQF LHL� GH�H[SORDWaUH� úL�PRGXO� GH� FDOFXO� DO�IOX[XULORU� DVRFLDWH� DFHVWHLD�� HYDOXDUHD� SHUIRUPDQ HORU� SULQ� intermediul IOX[XULORU� GH� WUH]RUHULH�� SUHFXP� úL� vQ� LQVXILFLHQ D� DFHVWXLD� GH� D� DSUHFLD� úL�SUHYL]LRQD�HYROX LD�VLWXD LHL�ILQDQFLDUH�SH�WHUPHQ�OXQJ�D�XQHL�ILUPH�
Întreb UL�úL�DSOLFD LL
1. &DUH�HVWH�XWLOLWDWHD�ELODQ XOXL�SDWULPRQLDO��ILQDQFLDU��úL�D�FHOui�IXQF ional în analiza sitXD iei financiare a întreprinderii?
2. &DUH� VXQW� SULQFLSDOHOH� FRUHF LL� GH� DFWLY� úL� SDVLY� HIHFWXDWH� SHQWUX�RE LQHUHD�ELODQ XOXL�SDWULPRQLDO��ILQDQFLDU�?
3. &XP� VH� GHWHUPLQ � SDWULPRQLXO� QHW� úL� FDUH� VXQW� F LOH� GH� FUHúWHUH� D�acestuia?
4. 6 �VH�FDOFXOH]H�úL�V � VH� LQWHUSUHWH]H�HYROX LD�SDWULPRQLXOXL�QHW�SH�ED]D�XUP WRDUHORU�GDWH�
%,/$1
= mil. lei = ACTIV N-1 N PASIV N-1 N
Activ imobilizat net Stocuri &OLHQ L 'LVSRQLELOLW L
3800 1750 940 120
3550 2100 1700 340
Capital social Rezerve Rezultatul net nerepartizat Datorii financiare pe termen lung Datorii furnizori Credite bancare curente
3000 500 800
1500
1750 940
3000 600 850
2200
1900 860
TOTAL ACTIV 6610 7690 TOTAL PASIV 6610 7690 5. &XP�LQWHUSUHWD L�HYROX ia patrimoniului net în siWXD LD�vQ�FDUH�HOHPHQWHOH�
GH�DFWLY�VH�PDMRUHD] �Fu 7% iar datoriile totale cu 2%?
6. &XP�VH�GHWHUPLQ �LQGLFDWRULL�GH�HFKLOLEUX�ILQDQFLDU��IRQGXO�GH�UXOPHQW��QHYRLD�GH�IRQG�GH�UXOPHQW�úL�WUH]RUHULD�QHW ?
7. &DUH�VXQW�HOHPHQWHOH�FDUH�LQIOXHQ HD] �QHYRLD�GH�IRQG�GH�UXOPHQW�úL�FH�VHPQLILFD LH�HFRQRPLF �DUe un nivel constant al acesteia?
8. ÌQ� FH� FRQGL LL� QHYRLD� GH� IRQG� GH� UXOPHQW� úL� WUH]RUHULD� QHW � DX� YDORUL�QHJDWLYH�úL�FDUH�HVWH�VHPQiILFD LD�HFRQRPLF �D�DFHVWXL�IDSW?
9. /D�������DQXO�1��ELODQ XO�XQHL�vQWUHSULQGHUL�DUH�XUP WRDUHD�VWUXFWXU �
%,/$1 = mil. lei =
ACTIV N - 1 N PASIV N – 1 N ,PRELOL] UL�QHFRUSRUDOH ,PRELOL] UL�FRUSRUDOH ,PRELOL] UL�ILQDQFLDUH Stocuri &OLHQ L Efecte de încasat ,PSR]LWH� úL� WD[H� GH�încasat 'HELWRUL�GLYHUúL 'LVSRQLELOLW L
55 950 350 550 310 325
-
20 60
50 900 400 600 300 350 25
12 70
Capital social Rezerve Rezultatul exercitiului nerepartizat Provizioane pentru ULVFXUL�úL�FKHOWXLHOL Datorii financiare pe termen lung Datorii furnizori (IHFWH�GH�SODW 79$�GH�SODW CreditRUL�GLYHUúL Credite bancare curente
800 137 70 35
1005 400 110 40 8 15
800 140 85 40
1100 360 100 55 7 20
TOTAL ACTIV 2620 2707 TOTAL PASIV 2620 2707
6 �VH�FDOFXOH]H�úL�V �VH�LQWHUSUHWH]H�IRQGXO�GH�UXOPHQW�QHW global, nevoia GH�IRQG�GH�UXOPHQW�úL�WUH]RUHULH�QHW � 10. 3H�ED]D�GDWHORU�GH�OD�DSOLFDWLD����V �VH�GHWHUPLQH�FHOH�GRX �FRPSRQHQWH�
DOH�QHYRLL�GH�IRQG�GH�UXOPHQW��UHVSHFWLY�FHD�GH�H[SORDWDUH�úL�FHD�vQ�DIDUD�H[SORDW ULL�� úL� V � VH� H[SOLFH� FXP� HVWH� ILQDQ DW � QHYRia de fond de rulment.
����)RUPXOD L�SULQFLSDOHOH�FRQFOX]LL�SH�ED]D�XUP WRDUHORU�GDWH�
Indicele capitalui propriu = 116% Indicele capitalului permanent = 110% Indicele activelor imobilizate = 121%.
12. 3H� ED]D� GDWHORU� GLQ� ELODQ XO� XQHL� VRFLHW L� FRPHUFLDOH�� V � VH� DQDOL]H]H�
HYROX LD�VWUXFWXULL�SDWULPRQLDOH�úL�D�VXUVHORU�GH�ILQDQ DUH�
%,/$1 = mil.lei =
ACTIV
N -1
N PASIV
N - 1
N
> ?�@�A�B C B D E�B$F�G�H�@�E I�@�E�J�C G
> ?�@�A�B C B D E�B�H�@�E)I�@�E�J�C G
> ?�@�A�B C B D E�B�K)B F�J�F�H�B J�E+G
TOTAL ACTIVE
IMOBILIZATE
Stocuri
Clien i L C M GNH�E+G�J�F
e pe termen
scurt
Titluri de plasament O7B P+I�@�F�B A�B C B M B
TOTAL ACTIVE
CIRCULANTE
Cheltuieli înregistrate în
avans
CONTURI
DE REGULARIZARE Q > LSR > TU> V LXWZY
4.150
166.050
112.100
282.300
127.500
141.050
3.280
23.500
1.320
296.650
7.140
7.140
4700
235.300
80.000
320.000
130.500
118.140
3.360
22.400
5.600
280.000
7280
7280
Capital social
Rezerve
Rezultatul G�[�G�E+H�B B \�C \�B
nerepartizat R \4A4]�G�F B B^I�G�F4M E \B F2]�G�P+M B B B
TOTAL
CAPITAL
PROPRIU
Provizioane pentru E+B P�H�\4E�B�_�B�H�`
eltuieli
Credite bancare
Furnizori
Alte datorii pe
termen scurt
TOTAL
DATORII
150.000
70.000
24.050
2.740
249.790
70.450
125.250
80.500
60.100
265.850
150.000
72.500
25.250
2.500
250.250
66.800
147.230
85.000
58.000
290.230
TOTAL ACTIV 586.090 607.280 TOTAL PASIV 586.090 607.280
13. ([SOLFD L� vQ� FH� FRQVW � LPSRUWDQ D� DQDOL]HL� FRUHODWH� D� FUHDQ HORU� úL�REOLJD LLORU�XQHL�VRFLHW L�FRPHUFLDOH�
14. 6 � VH� DQDOL]H]H� SULQFLSDOHOH� DVSHFWH� SULYLQG� HYROX LD� FUHDQ HORU� úL�
oEOLJD LLORU�SH�ED]D�XUP toarelor date:
mil. lei – Perioada Nr.
Crt. Indicatori N-1 N
1. Cifra de afaceri 130.000 250.000 2. &UHDQ H��GLQ�FDUH
− FUHDQ H�����DQ − FUHDQ H�!���DQ
18.500 13.350 5.150
38.700 34.100 4.600
3. 2EOLJD LL��GLQ�FDUH − REOLJD LL���1 an − REOLJD LL�!���DQ
75.000 69.750 5.250
90.000 90.000
-
15. ,QWHUSUHWD L�XUP WRDUHD�VLWXD LH�
'XUDWD�GH�LPRELOL]DUH�D�FUHDQ HORU� ����]LOH Durata de folosire a surselor atrase = 34 zile.
16. &DUH�HVWH�VHPQLILFD LD�HFRQRPLF �D�HYROX LHL�LQGLFDWRULORU�
Indicele cifrei de afaceri = 114% ,QGLFHOH�VROGXOXL�PHGLX�DO�REOLJD LLORU�SH�WHUPHQ�VFXUW� �����
17. &H�UHIOHFW �OLFKLGLWDWHD�úL�VRlvabilitatea unei întreprinderi? 18. &DOFXOD L� úL� LQWHUSUHWD L� OLFKLGLWDWHD� úL� VROYDELOLWDWHD� XQHL� ILUPH�SH� ED]D�
GDWHORU�GLQ�ELODQ XO�GH�PDL�MRV��vQ�UDSRUW�FX�VWDQGDUGHOH�LQWHUQD LRQDOH�
%,/$1 - mil. lei -
ACTIV N-1 N PASIV N-1 N Active imobilizate Active circulante, din care: - Stocuri -�&UHDQ H -�'LVSRQLELOLW L�b QHúWL�úL�SODVDPHQWH
3.250
4.600 2.920 1.460
220
3.800
4.220 2.150 1.570
500
Capital propriu Împrumuturi pe WHUPHQ�PHGLX�úL�lung )XUQL]RUL�úL�DOWH�REOLJD LL�FXUHQWH Credite pe termen scurt
3.500
650
3.600
100
3.150 400 4.390 80
TOTAL ACTIV 7.850 8.020 TOTAL PASIV 7.850 8.020 19. 6 �VH�GHWHUPLQH�UDWD�VROYDELOLW LL�SDWULPRQLDOH��FXP�DSUHFLD L�VLWXD LD�vQ�
cazul în care aceasta este de 35%? 20. &XP�VH�GHWHUPLQ � UDWD� OLFKLGLW LL�JHQHUDOH�úL�FDUH�VXQW� OLPLWHOH� vQ�FDUH�
DFHDVWD�WUHEXLH�V �VH�vQFDGUH]H� 21. Care sunt principalele rate utilizate pentru analiza echilibrului
economico-financiar al firmei ? 22. 'HILQL L�YLWH]D�GH� URWD LH�D�DFWLYHORU�FLUFXODQWH�úL�PHQ LRQD L� LQGLFDWRULL�
FDUH�H[SULP �DFHVW�FRQFHSW�HFRQRPLF� 23. $QDOL]D L�YLWH]D�GH� URWD LH�D�DFWLYHORU�FLUFXODQWH� �vQ�]LOH�� úL�GHWHUPLQD L�
efectul modifiF ULL� DFHVWHLD� �HOLEHUDUH� VDX� LPRELOL]DUH� GH� FDSLWDO�FLUFXODQW��vQ�FXUVXO�D�GRX �H[HUFL LL�ILQDQFLDUH�FRQVHFXWLYH�
– mil. lei –
Perioada Nr. Crt. Indicatori
N-1 N 1. Cifra de afaceri 17.800 19.400 2. Soldul mediu al activelor circulante,
din care: − Stocuri − &UHDQ H − 'LVSRQLELOLW L�E QHúWL
2.350 1.260 1.050 40
3.070 1.550 1.430 90
24. 6FULH L� IRUPXOD� úL� LQWHUSUHWD L� LQIOXHQ D� FX� VHPQXO� ³–“ a activelor circulante asupra viWH]HL� GH� URWD LH� D� DFHVWRUD� �GXUDWD� vQ� ]LOH� D� XQHL�URWD Li).
25. ,QWHUSUHWD L� VLWXD LD� XQHL� vQWUHSULQGHUL� SH� ED]D� GLQDPLFLL� XUP WRULORU�
indicatori:
Indicele cifrei de afaceri = 104% Indicele activelor imobilizate = 102,5% Indicele activelor circulante = 107%.