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IL

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, n special din resurse temporare. Nerespectarea acestor

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Activ circulant net (< 1 an) - stocuri - FUHDQ H FOLHQ L   DQ - GLVSRQLELOLW L - LPRELOL] ri financiare < 1 an
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ILQDQFLDU SDWULPRQLDO

Exemplu:
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31 Dec DQXO 1 VWDELOLW

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Tabelul. 5.2
&217$%,/ 1&+(,$7 /$  DQXO 1

= mil lei =
ACTIV
,PRELOL] UL QHFRUSRUDOH ,PRELOL] UL FRUSRUDOH ,PRELOL] UL ILQDQFLDUH     

PASIV Capital social Rezerve

6XEYHQ LL SHQWUX LQYHVWL LL

68.500 34.600


5H]XOWDWXO H[HUFL LXOXL   

TOTAL ACTIVE IMOBILIZATE Stocuri

&OLHQ L   $OWH FUHDQ H SH WHUPHQ VFXUW

83.300 63.700
 

TOTAL CAPITAL PROPRIU Provizioane pentru

ULVFXUL L FKHOWXLHOL

116.510


Titluri de plasament
'LVSRQLELOLW L

11.750 650

Credite bancare (****) Furnizori

44.600 40.220

TOTAL ACTIVE CIRCULANTE 148.230 Cheltuieli nregistrate n avans 3.500 CONTURI DE REGULARIZARE , $6,0,/$7( 3.500 TOTAL ACTIV 235.030

Alte datorii pe termen scurt 29.500 TOTAL DATORII 114.320

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 nregistrate n avans au termen de lichiditate < 1 an. Rezolvare (vezi tabelul 5.3): 1.
&RUHF LL UHIHULWRDUH OD DFWLYXO ELODQ XOXL LPRELOL] ULOH LPRELOL] ULORU FOLHQ LORU LPRELOL] U YDORDUHD FDUH ILQDQFLDUH GH    DQ R  DX OLFKLGLWDWH GH  PLO OHL VH YRU OHL !  L DQ OHL VH YRU GLPLQXD FX YDORDUHD PDMRUD PLO FX YDORDUHD OHL PLO

 VH YD

, rezultnd
YDORDUHD

i financiare de 15.223 mil. lei;

FOLHQ LORU PLO GLPLQXD FX

clien ilor cu: termen de lichiGLWDWH !  DQ   PLO OHL  L VH YD majora cu valoarea LPRELOL] ULORU ILQDQFLDUH   DQ   PLO OHL  L FX valoarea cheltuielilor nregistrate n avans ( 3.500 mil lei ), rezultnd 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 reprezentnd profit net repartizat pentru constituirea fondurilor proprii, ajungnd 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$75,021

IAL (FINANCIAR) NCHEIAT LA 31.12 anul N = mil.lei =

98.473


ACTIV Nevoi permanente

,PRELOL] UL QHFRUSRUDOH ,PRELOL] UL

corporale

83.050


PASIV Capitaluri permanente Capitaluri proprii Proviz. pt. Riscuri

L FKHOWXLHOL

147.710 112.910
 

,PRELOL] UL ILQDQFLDUH

Nevoi temporare Stocuri

&UHDQ H 'LVSRQLELOLW L L

136.557 63.700


titluri de plasament TOTAL ACTIV

12.400 235.030

DaWRULL SH WHUP PHGLX L OXQJ Resurse temporare Datorii furnizori Dividende datorate Alte datorii pe termen scurt Credite curente TOTAL PASIV

87.320 40.220 3.600 29.500 14.000 235.030

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rile ct
GH

LQYHVWL LL

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nevoi resursele

durabile (aciclice)

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capitaluriloU DORFDWH L UHvQQRLUHD VXUVHORU VH IDFH ciclu de exploatare. Ciclul de exploatare FXSULQGH IOX[XULOH GH
L GLVWULEX LH YkQ] UL DWkW VXE IRUP

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rui

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etc.) constituie active circulante de exploatare, FDUH vQ PRG ILUHVF WUHEXLH ILQDQ DWH GLQ datoriile de exploatare GDWRULL IXUQL]RUL L asimilate, venituri din exploatare constatate n avans etc. &HOHODOWH SRVWXUL GH DFWLY L SDVLY FDUH UHIOHFW
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vul de

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le

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, provocat de

ciclul de exploatare. Lund n coQVLGHUDUH

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fig. 5.4).
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:
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a)

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de intrare n patrimoniu, iar n pasiv se iau n considerare

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b)

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vQFKLULDWH vQWHJUDWH

GH LQXWH vQ DFWLY

vQ L

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VDX

vQ vQ

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, la FLFOXOXi

de exploatare; c) d) e)
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diIHUHQ HOH GH FRQYHUVLH GH f)

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vQ DFHODL

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FD VXUVH DFLFOLFH FDUH U PkQ OD

GLVSR]L LD

perioada mai mare de un an).

M. Niculescu/ Diagnostic global strategic/ Editura E

$ " " %#!     

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a unui fond de rulment acoperitor nevoilor de finantare ale ciclului de H[SORDWDUH VWRFXUL  FUHDQ H GH H[SORatare datorii de exploatare).
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VWUXFWXUD ILQDQFLDU

D ILUPHL L QDWXUD DFWLYLW

NEVOI = ACTIV NEVOI ACICLICE ( STABILE ) - Activ imobilizat (brut)

NEVOI CICLICE - Activ circulant de exploatare (brut) - $FWLY FLUFXODQW vQ DIDUD H[SORDW ULL EUXW - Active de trezorerie
)LJ  %LODQ

SURSE = PASIV SURSE ACICLICE (DURABILE) - capitaluri proprii - DPRUWL] UL L SURYL]LRDQH - datorii financiare SURSE CICLICE - Datorii de exploatare - 'DWRULL vQ DIDUD H[SORDW ULL - Pasiv de trezorerie
IXQF LRQDO

5.2.2 Analiza patrimoniului net

3DWULPRQLXO UHSUH]LQW QHYRL OH VDWLVIDF SUHFXP L VH WRWDOLWDWHD GUHSWXULORU L REOLJD LLORU FH SRW IL EXQXULOH GHILQHWH OD FDUH VH UHIHU  DFWLYHOH Q FD]XO XQHL H[SULPDWH vQ EDQL DSDU LQkQG XQHL SHUVRDQH IL]LFH VDX MXULGLFH DOH F URU vQWUHSULQGHUL SDWULPRQLXO FD ILLQG 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 L GDWRULLOH WRWDOH H[SULPDUH materiala a patrimoniului net); 2. FD VXP D HOHPHQWHORU FDSLWDOXOXL SURSULX
3DWULPRQLXO QHW HVWH vQ PRG QRUPDO SR]LWLY L FUHVF WRU FD XUPDUH D XQHL JHVWLXQLL V Q WRDVH $FHDVW VLWXD LH UHIOHFW GH IDSW DWLQJHUHD RELHFWLYXOXL PDMRU DO ILUPHL L 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

Avnd n vedere prima modalitate de calcul a patrimoniului net,

FUHWHUHD DFHVWXLD VH vQUHJLVWUHD] DWXQFL FkQG ULWPXO DFWLYHORU WRWDOH VH

devansea]
SRW vQWkOQL

ULWPXO GDWRULLORU WRWDOH VLWXD LL vQ FDUH GLQDPLFD VH FHD PDL SULQ DFFHQWXDW QRL R vQUHJLVWUHD] DOH YHFKLORU 'H FDUH

$QDOL]kQG HOHPHQWHOH FDSLWDOXOXL SURSULX vQ SUDFWLFD HFRQRPLF VXUVHOH FRQVWLWXLWH SH VHDPD UHQWDELOLW

LL ILUPHL UH]HUYHOH OHJDOH IRQGXULOH DSRUWXUL GH

proprii etc.
VRFLDO

&DSLWDOXO XQRU

VRFLDO GDWRULL QHW

PRGLILF

DF LRQDUL VDX DOH XQRUD QRL L VDX SULQ FRQYHUVLD XQRU GDWRULL vQ FDSLWDO VWLQJHUHD vQ VFKLPEXO SLHUGHUH XQXL SDFKHW DF LXQL vQ

asemenea, rezultatul reportat poate fi pURILW

FUHWHUHD SDWULPRQLXOXL VDX

QHUHSDUWL]DW FHHD FH GHWHUPLQ QHDFRSHULW FUHDVF FD]

patrimoniul va fi diminuat).
Q FRQVHFLQ  SDWULPRQLXO QHW SRDWH V SH VHDPD VXUVHORU LQWHUQH UHQWDELOLWDWHD vQWUHSULQGHULL L SH ED]D XQRU

surse externe (aporturi, primirea cu titlu gratuit a unor active, conversia unor datorii n capital social etc.).

 $QDOL]D FRUHOD LHL GLQWUH IRQGXO GH UXOPHQW QHYRLD GH IRQG GH UXOPHQW L WUH]RUHULD QHW UHSUH]LQW SDUWHD GLQ FD

Fondul de rulment
XWLOL]DW

pitalul permanent

SHQWUX ILQDQ DUHD DFWLYHORU FLUFXODQWH LPSXV

GH GLIHUHQ HOH GLQWUH L L GXUDWD PHGLH vQ

VXPHOH GH vQFDVDW L VXPHOH GH SO WLW SUHFXP L GH GHFDODMXO GLQWUH WHUPHQXO PHGLX GH WUDQVIRUPDUH D DFWLYHORU FLUFXODQWH vQ OLFKLGLW

care datoriile pe termen scurt devin exigibile.

0RGDOLW L GH FDOFXO D IRQGXOXL GH UXOPHQW

1. Conform astfel :

FRQFHS LHL SDWULPRQLDOH

, fondul de rulment se poate calcula

a) FR = Capital permanent Active imobilizate ; Fondul de rulment poate fi descompus n fond de rulment propriu (FRp) L mprumutat (FRi): FR = FRp + FRi FRp = Capitaluri proprii Active imobilizate FRi 'DWRULL SH WHUPHQ PHGLX L OXQJ

b)
Q

FR = Active circulante Datorii pe termen scurt

DFHDVW VLWXD LH IRQGXO GH UXOPHQW UHIOHFW FRUHOD LD GLQWUH

OLFKLGLWDWHD DFWLYHORU FLUFXODQWH L H[LJLELOLWDWHD GDWRULLORU SH WHUPHQ VFXUW $FHVWD SUH]LQW GRX S U L DOH R YDORDUH LQIRUPDWLY ELODQ XOXL ILQDQFLDU ULGLFDW  DVLJXUkQG OHJDWXUD GLQWUH FHOH &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 n afara exploat rii + Disponibilit i) (Datorii de exploatare + Datorii n afar exploat rii + Credite bancare de trezorerie) Lund n considerare foUPXOD
REOLJDW V GH FDOFXO GH PDL VXV GDF IRQGXO GH UXOPHQW HVWH SR]LWLY VDX QHJDWLY ILUPD DUH OLFKLGLW UHSUH]LQW vQWUH L VDX GLPSRWULY GLQWUH L

este
ULL GH

DQJDMH]H QRL FUHGLWH SHQWUX ILQDQ DUHD QHYRLORU GH H[SORDWDUH GLIHUHQ D VXPD UHDOH QHYRLOH L VXUVHOH VH WHPSRUDUH vQ WLPS UHVSHFWLY QHFHVDU ILQDQ IOX[XULOH

Nevoia de fond de rulment

WHPSRUDUH GHFDODMHORU FDUH SURGXF

IOX[XULOH

trezorerie determinate n special de activitatea de exploatare. a) Pe baza bilan ului patrimonial, aceasta se stabilete astfel: NFR = (Active circulante 'LVSRQLELOLW L E QHWL (Datoriile pe termen scurt Creditele pe termen scurt) = (Active circulante 'LVSRQLELOLW L E QHWL 2EOLJD LL SH WHUPHQ VFXUW sau: NFR = (Stocuri + Crean e) Credite pe termen scurt
1HYRLD GH IRQG GH UXOPHQW VHPQLILF VFXUW VXUVHORU DWUDVH 2EOLJD LLOH SH vQ HVHQ VFXUW

, activele circulante de
GH QDWXU

QDWXUD VWRFXULORU L D FUHDQ HORU QHILQDQ DWH SH VHDPD REOLJD LLORU SH WHUPHQ WHUPHQ

FHORU

ID

GH

IXUQL]RUL

VDODULD L DWUDV

EXJH

tul de stat etc.

SkQ

vQ

PRPHQWXO

SO

LL

ORU

UHSUH]LQW

R VXUV

GH ILQDQ DUH D DFWLYHORU FLUFXODQWH QHYRLD GH IRQG GH UXOPHQW VH GHWHUPLQ

b) Pe baza astfel:

ELODQ XOXL IXQF LRQDO

NFR = Nevoi ciclice Resurse ciclice n acest caz, nevoia NFR NFRE
= =
GH IRQG GH UXOPHQW HVWH IRUPDW GLQ SDUWHD SHQWUX H[SORDWDUH 1)5( L FHD vQ DIDUD H[SORDW ULL 1)5$(

NFRE + NFRAE
$FWLYH FLFOLFH DIHUHQWH H[SORDW ULL H[SORDW ULL $FWLYH FLFOLFH GLQ DIDUD

Surse ciclice aferente Surse ciclice din afara

GH

NFRAE =

H[SORDW ULL

H[SORDW ULL 0 ULPHD QHYRL GH IRQG GH UXOPHQW GLQ H[SORDWDUH HVWH LQIOXHQ DW QDWXUD DFWLYLW 'DF IL XQ QRUPDO GHFDODM FUHDQ HORU QLYHOXO GH DFWLYLWDWH QXPDL GDF HVWH

LL GXUDWD FLFOXOXL GH IDEULFD LH YLWH]D GH URWD LH D VWRFXULORU L

etc.
D UH]XOWDWXO XQHL SROLWLFL GH LQYHVWL LL L SULYLQG L

QHYRLD GH IRQG GH UXOPHQW HVWH SR]LWLY  VLWXD LD VH FRQVLGHU

FUHWHUHD QHYRLL GH ILQDQ DUH D FLFOXOXL GH H[SORDWDUH $OWIHO DFHDVWD UHIOHFW QHIDYRUDELO vQWUH OLFKLGLWDWHD VWRFXULORU FUHDQ HORU

exigibilitatea datoriilor de exploatare. 'DF GLPSRWULY , QHYRLD GH IRQG

VHPQLILF VLWXD LD ILLQG IDYRUDELO VLWXD LD HVWH QHJDWLY GRDU GDF

GH UXOPHQW HVWH QHJDWLY

, aceasta

XQ VXUSOXV GH UHVXUVH WHPSRUDUH FRPSDUDWLY FX QHYRLOH WHPSRUDUH HVWH UH]XOWDWXO DFFHOHU ULL URWD LHL DFWLYHORU GH vQWUHUXSHUL WHPSRUDUH vQ

FLUFXODQWH L DOH DQJDM ULL GH GDWRULL FX VFDGHQ H PDL PDUL Q FD] FRQWUDU GHRDUHFH HVWH GHWHUPLQDW DSURYL]LRQDUHD L UHvQQRLUHD VWRFXULORU VDX vQ DFWLYLWDWHD GH SURGXF LH H[SULP FRUHOD LD GLQWUH IRQGXO GH UXOPHQW L QHYRLD D ILUPHL DWkW SH WHUPHQ

TrezoUHULD QHW

GH IRQG GH UXOPHQW UHIOHFWkQG VLWXD LD ILQDQFLDU PHGLX L OXQJ FkW L SH WHUPHQ VFXUW

a) Pe baza

ELODQ XOXL SDWULPRQLDO

(financiar),

DFHDVWD VH FDOFXOHD]

FX

XUP WRDUHD IRUPXO 

TN = FR - NFR

b) sau

7UH]RUHULD QHW

VH SRDWH FDOFXOD SH ED]D ELODQ XOXL IXQF LRQDO

astfel:

TN = FRNG NFR TN = TA TP TA = trezoreria de activ, respectiv soldurile debitoare ale conturilor de

GLVSRQLELOLW L L SODVDPHQWH

TP = trezoreria de pasiv, respectiv soldurile creditoare ale conturilor de credite pe termen scurt.
7UH]RUHULD H[HUFL LXOXL HFRQRPLF UXOPHQW QHW L SR]LWLY GDF VHPQLILF

un excedent monetar al
vQ FDGUXO D PDL PXOWRU LORU R UHQWDELOLWDWH UHQWDELOH  'DF SR]LWLY GLVSRQLELOLW

ILQDQFLDU ULGLFDW L

DFH VWD

VH

PHQ LQH

H[HUFL LL ILQDQFLDUH VXFFHVLYH DFHDVW SRVLELOLWDWHD

VLWXD LH GHPRQVWUHD] SODV ULL

E QHWL SHQWUX vQW ULUHD SR]L LHL ILUPHL SH SLD

QHYRLD GH IRQG GH

, DWXQFL WUH]RUHULD QHW profitului net, diminuat cu dividendHOH SO WLWH vQ care se adun amortizarea.
'DF vQ FDOFXOXO QHYRLL IRQGXOXL GH

HVWH

FRQVWDQW

este echivalentul
QX V

FXUVXO DFHOHDL SHULRDGH OD UXOPHQW

-au luat n
UHIOHFW XQ

considerare creGLWHOH

SH WHUPHQ VFXUW WUH]RUHULD QHW

QHJDWLY

GHILFLW PRQHWDU UHVSHFWLY XQ GH]HFKLOLEUX ILQDQFLDU OD VIkULWXO DQXOXL D IRVW DFRSHULW SH VHDPD FUHGLWHORU SH WHUPHQ VFXUW 'DF UXOPHQW HVWH FRQVWDQW  WUH]RUHULD QHW QHJDWLY L GH

, L FDUH

QHYRLD GH IRQG GH SURGXVH GDU UHQWDELOH R LL

HVWH HIHFWXO vQUHJLVWU ULL GH vQUHJLVWUHD]

pierderi. TotuL,
GLVSXQH FUHWHUH ILQDQFLDU GH D SLD QHYRLL

DWXQFL GH GH

FkQG GH

vQWUHSULQGHUHD UXOPHQW

UHDOL]HD]

DSURYL]LRQDUH IRQG

GHVIDFHUH D

FD XUPDUH

GH]YROW ULL DFWLYLW

H[LVWHQ D XQHL WUH]RUHULL QHWH QHJDWLYH QX VHPQLILF WUDQVIRUPDUH D VWRFXULORU L FUHDQ HORU vQ OLFKLGLW

R VLWXDWLH HFRQRPLFR L L GXUDWD PHGLH

QHIDYRUDELO  FL vQUHJLVWUDUHD XQXL GHFDODM vQWUH WHUPHQXO PHGLX GH GH

RQRUDUH D REOLJD LLORU SH WHUPHQ VFXUW

Exemplu: Pe baza datelor din BILAN 3$75,021,$/ ),1$1&,$5 NCHEIAT 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 QHWL L 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 capitalurilor permanente n raport FX LPRELOL] ULOH SH
DVHPHQHD ILUPD GLVSXQH L GH XQ LQGLF 3DUWHD IDSWXO F DFWLYHORU LPRELOL] ULOH FLUFXODQWH H[FHGHQW FH YD IL XWLOL]DW SHQWUX ILQDQ DUHD FDUH OH ILQDQ HD]  FLUFXODQWH 'H LQGLF H[FHGHQWXO

DFWLYHORU

nevoii de fond de rulment SR]LWLY  PLO OHL nevoie de fond de rulment SR]LWLY UHIOHFW GHFDODMXO QHIDYRUDELLO $FHDVW dintre lichiditatea stocurLORU L FUHDQ HORU SH GH R SDUWH  PLO OHL, L exigibilitatea datoriilor pe termen scurt (73.320 mil. lei) pe de alt parte. 'DU VH REVHUY F fondul de rulment este mai mic dect nevoia de fond de rulment, deci se nregistreaz o trezorerie net QHJDWLY FDUH LQGLF
XQ GHILFLW PRQHWDU OD VIkULWXOXL DQXOXL GHFL R VLWXD LH GH GH]HFKLOLEUX

UHJ VHWH VXE IRUPD

QHILQDQ DW

fond de rulment propriu pozitiv, ceea ce VXQW ILQDQ DWH LQWHJUDO GH FDSLWDOXULOH proprii.
GH GDWRULLOH SH WHUPHQ VFXUW

VH

financiar. 5.2.4 Analiza structurii patrimoniale a ntreprinderii

HYROX LHL SRQGHULL GLIHULWHORU HOHPHQWH SDWULPRQLDOH GH DFWLY L GH SDVLY 5DWHOH GH VWUXFWXU SURFHQWH L SHUPLWH SDWULPRQLDO LGHQWLILFDUHD RIHU FDUDFWHULVWLFLORU SRVLELOLWDWHD H[SULP ULL ELODQ XOXL vQ PDMRUH DOH VWUXFWXULL $QDOL]D VWUXFWXULL SDWULPRQLDOH DUH FD RELHFWLY VWDELOLUHD L XUP ULUHD

ELODQ XOXL RIHULQG GH DVHPHQHD SRVLELOLWDWHD UHDOL] ULL GH DQDOL]H FRPSDUDWLYH vQ WLPS L VSD LX

5.2.4.1 Ratele privind structura activului Ratele de structur a activului, ca valoare, sunt influen ate de caracteristicele tehnice, economice i juridice ale activit ii firmei.

Principalele rate de caracterizare a structurii activului sunt: a) Rata activelor imobilizate:

Active imobilizate 100 Total activ
$FHDVW UDW UHIOHFW SRQGHUHD DFWLYHORU LPRELOL]DWH vQ SDWULPRQLXO MXVWLILF

total al ntreprinderii. Diferitele elemente de active imobilizate utilizarea unor rate complementare: a.1) RDWD LPRELOL]
3 0 2 01(& ) ' 3 0 2 01(& ) '
UDW ULORU QHFRUSRUDOH

Total activ

0 ULPHD

DFHVWXL

EUHYHWH OLFHQ H P UFL IRQG FRPHUFLDO vQ DOWH

FD]XO ILUPHORU URPkQHWL  YDORDUHD DFHVWHL UDWH HVWH IRDUWH UHGXV  vQ WLPS FH UL FXP DU IL 68$ SRQGHUHD DFWLYHORU QHFRUSRUDOH GHSDVHWH 

din valoarea de nlocuire a firmelor. a.2) RDWD LPRELOL]

I Total activ
ULORU

$FHDVW

UHIOHFW

DO ILUPHL L YDORDUHD HL GHSLQGH GH VSHFLILFXO DFWLYLW

tehnice ale ntreprinderii, nregistrnG YDORUL GLIHULWH GH OD R UDPXU OD DOWD Astfel, aceasta are valori foarte mari n cazul firmelor care folosesc o
LQIUDVWUXFWXU GLVWULEX LD GH LPSRUWDQW HQHUJLH VDX HFKLSDPHQWH FRVWLVLWRDUH SURGXFHUHD L WUDQVSRUWXUL F

agricole.
6SHFLDOLWLL UDW VHPQLILF VH IRDUWH ELQH F DSUHFLD] SHQWUX vQWUHSULQGHUL FRPSDUDELOH DFH VW

FDSDFLWDWHD ILUPHL GH D UH]LVWD XQHL FUL]H HFRQRPLFH WLLQGX R LPRELOL]DUH ULGLFDW D FDSLWDOXOXL DWUDJH GXS L ULL DFHVWRUD vQ OLFKLGLW

mare al netransIRUP

a.3) RDWD LPRELOL]

3 0 2 !B& 0 ) '

Total activ

7#@ 0%15@E5 0 1C4 4 8 D 0

7 2@#419 4'%81560#4 ' 7 7 @4!A4'%!0#4 2 ' 9 8

100
UHIOHFW SRQGHUHD DFWLYHORU LQWDQJLELOH

LQGLFDWRU

etc.) n activele totale ale firmei. n

corporale:

100

SRQGHUHD FDSLWDOXULORU IL[H vQ SDWULPRQLXO WRWDO LL L GH FDUDFWHULVWLFLOH

etc.), industria grea sau exploata LLOH a

VLQH XQ ULVF

ULORU ILQDQFLDUH

100

Aceasta UHIOHFW LQWHQVLWDWHD OHJ WXULORU L UHOD LLORU ILQDQFLDUH SH FDUH OH-a stabilit cu alte firme cu ocazia operD LLORU GH FUHWHUH 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
ILUPD UHVSHFWLY vQ FD]XO ILUPHORU PLFL FDUH QX SRW HIHFWXD LQYHVWL LL ILQDQFLDUH

a.4) Rata activelor circulante:

Active circulante Total activ
$FHDVW UDW UHIOHFW

100
SRQGHUHD DFWLYHORU FLUFXODQWH vQ WRWDOXO

mijloacelor economice ale ntreprinderii. Ca rate complementare, se

UHFRPDQG D IL XWLOL]DWH

a.4.1) Rata stocurilor:

Stocuri Total activ
$FHVW LQGLFDWRU

100
vQUHJLVWUHD] YDORUL PDUL vQ FD]XO ILUPHORU FX

DFWLYLWDWH GH SURGXF LH FX FLFOX OXQJ GH IDEULFD LH SUHFXP L D

acelor firme

cX VSHFLILF GH GLVWULEX LH GH EXQXUL PDWHULDOH a.4.2) RDWD FUHDQ

7 0 GF 5 2
WHUPHQXO GH SODW $SUHFLHUHD GLVSRQLELOLW Q DFHODL WLPS HORU FRPHUFLDOH

Total activ

100
GH QDWXUD FOLHQ LORU L GH

5DWD FUHDQ HORU FRPHUFLDOH HVWH LQIOXHQ DW SH FDUH ILUPD vO DFRUG LORU E

a.4.3) RDWD GLVSRQLELOLW

P0 ) I 0 2 01) !'1CS UT 0 5 9 0

DFHVWHL

LOH SRW VXIHUL PRGLILF UL vQVHPQDWH SH SHULRDGH VFXUWH GH WLPS WUHEXLH DYXW vQ YHGHUH UDSRUWXO GLQWUH GLVSRQLELOLW L L

SODVDPHQWH SUHFXP L GHVWLQD LD SODVDPHQWHORU

I R57a&@S%@ 2R`PY!0#RQ 2 I XWBR0 C715 9 7 4 0 V I H

7 I@ 2 0(& 0S%@1C4RQ P5'%10H10 0 I 8

UDWH

SDUWHQHULORU V L QHWL L D

plasamentelor:

Total activ

100
FX SUHFDX

WUHEXLH

I FXW

ie deoarece

5.2.4.2 Ratele privind structura pasivului

3ULQFLSDOHOH UDWH GH VWUXFWXU D SDVLYXOXL ELODQ XOXL XWLOL]DWH VXQW ULL

a)

RDWD VWDELOLW

LL ILQDQ

Capital permanent Total pasiv

$FHDVW UHIOHFW UDW HVWH XQ

100
LQGLFDWRU JOREDO DO VWDELOLW LL ILQDQ ULL L

SRQGHUHD VXUVHORU SH FDUH OH DUH vQWUHSULQGHUHD SHQWUX R SHULRDG

mai mare de un an, n totalul surselor de acoperire a mijloacelor economice. b) Rata autonomiei financiare:
Capital propriu

Capital permanent

100
VHPQLILF SRQGHUHD VXUVH L

Rata autonomiei financiare

IXQF LH GH SROLWLFD ILQDQFLDU D

ILQDQ DUHD PLMORDFHORU HFRQRPLFH DOH ILUPHL L vQUHJLVWUHD] vQWUHSULQGHULL

lor proprii n valori diferite n

HL 6H

UHQWDELOLWDWHD

recomanG

FD YDORDUHD DFHVWHLD V

ILH

> .

c) Rata datoriilor pe termen scurt:

Datorii pe termen scurt Total pasiv
$FHDVW UDW VHPQLILF

100

SRQGHUHD GDWRULLORU FX WHUPHQ GH H[LJLELOLWDWH

mai mic de un an n totalul surselor ntreprinderii. d) Rata datoriilor totale:

Datorii totale Total pasiv

100
GDWRULLORU SH WHUPHQ OXQJ PHGLX L

AceaVW UDW UHIOHFW SRQGHUHD scurt n patrimoniul ntreprinderii.

Exemplu: Lund n considerare datele din tabelul 5.5 BILAN CONTABIL AL NTREPRINDERII A, V VH FDOFXOH]H L V VH LQWHUSUHWH]H UDWHOH GH
VWUXFWXU DOH DFWLYXOXL L SDVLYXOXL VRFLHW LL FRPHUFLDOH UHVSHFWLYH

Tabelul 5.5
%,/$1 &217$%,/ $/ 175(35,1'(5,,

ACTIV
,PRELOL] UL

N 9550 574200 730

N-1 9984 526400 730

PASIV Capital social Rezerve Provizioane reglementate Rezultatul

H[HUFL LXOXL

N 300000 97500 42000 55670 495170 394850 4225

N-1 300000 49200 22750 25425 397375 354500 3750

necorporale
,PRELOL] UL

corporale
,PRELOL] UL

financiare

ACTIVE IMOBILIZATE Stocuri

&OLHQ L $OWH FUHDQ H

584480 301640 70120 9050 41875

537114 309500 120000 25480

CAPITAL PROPRIU Datorii financiare (scaden > 1 an) AvaQVXUL L aconturi primite
)XUQL]RUL L

Valori mobiliare de plasament

'LVSRQLELOLW L

43620

conturi asimilate Alte datorii pe termen scurt TOTAL DATORII TOTAL PASIV

25840

95289

12500 435185 1019665

24700 523300 1060414

99580 524495 1019665

209500 663039 1060414

ACTIVE CIRCULANTE TOTAL ACTIV

FD]XO

vQWUHSULQGHULL DVWIHO

DQDOL]DWH

UDWH

GH

VWUXFWXU

DFWLYXOXL

SDVLYXOXL VH SUH]LQW

5$7( '( 6758&785

1. Rata activelor imobilizate  5DWD LPRELOL] ULORU necorporale 3. 5DWD LPRELOL] ULORU corporale 4. 5DWD LPRELOL] ULORU ILnanciare 5. Rata activelor circulante 6. Rata stocurilor de materii prime, materiale etc. 7. 5DWD FUHDQ HORU 8. 5DWD GLVSRQLELOLW LORU E QHWL L SODsamentelor 9. 5DWD VWDELOLW LL ILQDQFLDUH 10. Rata autonomiei financiare 11. Rata datoriilor pe termen scurt 12. Rata datoriilor totale

N-1 57,32 0,94 56,31 0,07 42,68 29,58 7,76 5,33 87,29 55,64 12,71 51,44
DSDU LQH VIHUHL

Tabelul 5.6 = mii lei = N 50,65 0,94 49,64 0,07 50,65 29,19 13,72 6,44 70,90 52,85 29,10 62,53
SURGXFWLYH

Concluzii:
UHVSHFWLY

5H]XOW

vQWUHSULQGHUHD

XQXL VHFWRU FDUH QHFHVLW R GRWDUH WHKQLF VHPQLILFDWLY , fapt reflectat de ponderea mare a activelor imobilizate n total activ n ambele SHULRDGH DQDOL]DWH 5DWD LPRELOL] ULORU FRUSRUDOH HVWH IRDUWH DSURSLDW GH FHD

a activelor imobilizate,
L QHFRUSRUDOH VHPQLILF

FHHD FH GHPRVWUHD]

SUHSRQGHUHQ D DFHVWXL HOHPH

nt

vQ WRWDOXO LPRELOL] ULORU 9DORDUHD UHGXV

D UDWHORU LPRELOL] ULORU ILQDQFLDUH

R DFWLYLWDWH GH LQYHVWL LL ILQDQFLDUH UHVWU QV

L GH

asemenea, R SRQGHUH PLF

FUHWH vQ XUP WRUXO DQ SkQ

D DFWLYH

$FWLYHOH FLUFXODQWH GH LQ

lor intangibile n total activ. R SRndere de 42,68% n primul an, care

 $FHDVW PDMRUDUH D UDWHL

OD YDORDUHD GH 

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 FUHWHUHD
YROXPXOXL GH DFWLYLWDWH FOLHQ L GH DFRUGDUHD L GH XQRU WHUPHQH XQRU GH SODW LQFHUWH PDL 6H FRPIRUWDELOH UHFRPDQG SHQWUX

GDU

DSDUL LD

FUHDQ H

DVWIHO FRPSOHWDUHD DFHVWHL

DQDOL]H

FX

LQIRUPD LL UHIHULW

oare la

YROXPXO GH DFWLYLWDWH L OD VWUXFWXUD FUHDQ HORU GXS UHDOL] ULL DFHVWRUD L WHUPHQXO GH UHDOL]DUH 'LQ SXQFW GH YHGHUH DO UDWHORU GH VWUXFWXU SUH]LQW R VWDELOLWDWH ILQDQFLDU ULGLFDW GDU

QDWXUD ORU FHUWLWXGLQHD

D SDVLYXOXL vQWUHSULQGHUHD V

FDUH

-a degradat n timp



vQ DQXO 1 ID

de 87,29% n anul N-1). De asemenea, firma dispune asta scade semnificativ, apropiinduent), ca urmare a

GH DXWRQRPLH ILQDQFLDU  SRQGHUHD FDSLWDOXOXL SURSULX vQ FDSLWDOXO SHUPDQHQW

fiind de 

 GDU vQ DQXO XUP WRU DFH DGPLV 

VH GH OLPLWD PLQLP

GLQ FDSLWDOXO SHUPDQ

VF GHULL FDSLWDOXOXL SURSULX

GHFL D FUHWHULL GDWRULLORU SH WHUPHQ PHGLX L

OXQJ 5DWD GDWRULLORU WRWDOH D FUHVFXW VLP LWRU SH VHDPD REOLJD LLORU SH WHUPHQ

scurt, FHHD FH D P
'HL vQUHJLVWUHD]

ULW JUD

dul de ndatorare a firmei.

GH VWDELOLWDWH L DXWRQRPLH ILQDQFLDU  VH

ILUPD

GLVSXQH

WRWXL 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 L REOLJD LL UHIOHFW DQJDMDPHQWH FRQWUDFWDWH GH DQXPL L SDUWHQHUL DL DOH F URU WHUPHQH GH SODW SUHFXP SXQFW L DX R VFDGHQ ILUPHL vQ XOWHULRDU FDOLWDWH GH GHELWRULL YHGHUH FUHDQ H

CUHDQ HOH
OLYU ULL EXQXULORU DIHUHQW GLQ

ILUPHL FXP VXQW FOLHQ LL L

VHUYLFLLORU 'LQ

beneficiari ai unor mprumuturi pe care le vor rambursa ulterior mpreun cu

GREkQGD IRUPDWH DFHVWRUD GH FRQWDELO SULYLQG FUHDQ HOH VXQW L FOLHQ L IXUQL]RUL GHELWRUL

SHUVRQDOXO

DVLJXU ULOH VRFLDOH DOWH FUHDQ H SULYLQG VWDWXO L LQVWLWX LLOH SXEO

ice, debitori
VXUVH

diversi etc.
2EOLJD LLOH GDWRULLOH QHILQDQFLDUH SH WHUPHQ VFXUW UHSUH]LQW GH ILQDQ DUH DWUDVH SH R GXUDW PDL PLF GH  DQ H[FOX

znd creditele
FDUH

EDQFDUH $FHVWHD FRQ LQ GDWRULLOH F WUH IXUQL]RUL SHUVRQDO VWDW DF LRQDUL

avansuri de OD FOLHQ L etc.

&UHDQ HOH LQIOXHQ HD] L REOLJD LLOH E QHWL FRQVWLWXLH SULQFLSDOHOH Q HOHPHQWH  IOX[XULOH DOH vQWUHSULQGHULL FRQVHFLQ DFHVWHD WUHEXLH DQDOL]DWH FRUHODW GLQ SXQFW GH YHGHUH DO VXPHORU L DO WHUPHQHORU GH vQFDVDUH L GH SODW  ,QGLFDWRULL XWLOL]D L vQ DFHVW VFRS VXQW  'XUDWD GH LPRELOL]DUH D FUHDQ HORU 'L

Di = unde:
6G 5G

Sd 360 Rd
; .

VROGXO PHGLX DO FUHDQ HORU

UXODMXO GHELWRU DO FRQWXULORU GH FUHDQ H

Q SUDFWLF QX IXUQL]HD]

VH XWLOL]HD]  GH UHJXO  FLIUD GH DIDFHUL GHRDUHFH ELODQ XO

LQIRUPD LL UHIHULWRDUH OD UXODMXO FRQWXULORU UHVSHFWLYH

1. Durata de folosire a surselor atrase (Df): Df = unde:

6F VROGXO PHGLX DO FRQWXULORU GH REOLJD LL

Sc 360 Rc

Rc = rulajul creditor al conturilor respective.

&RUHOD LD GLQWUH VXPD FUHDQ HORU L D REOLJD LLORU SH WHUPHQ VFXUW SUHFXP L GLQWUH 'L L 'I JHQHUHD] VDX QHJDWLY GLVSRQLELOLW LOH ILUPHL 'DF 'DF SO ([LVW 6G 6F L 'L IOX[XUL E QHWL FDUH LQIOXHQ HD] SR]LWLY

Astfel: e vedere
L HVWH VXPHL 'I DWXQFL IOX[XO GH GLVSRQLELOLW

a) b)

'I  DWXQFL FHO SX LQ GLQ SXQFW G

WHRUHWLF VH SURGXFH R FRPSHQVDUH vQWUH FUHDQ H L REOLJD LL 6G ! 6F L 'L LQIOXHQ DW SR]LWLY GHRDUHFH VXPD vQFDV ULORU HVWH VXSHULRDU LORU SHQWUX DFHODL LQWHUYDO GH WLPS ELQHvQ HOHV L PXOWH DOWH YDULDQWH vQ IXQF LH GH FHL  LQGLFDWRUL GLQWUH FUHDQ H L REOLJD LL SRDWH IL VWXGLDW L SH ED]D

&RUHOD LD

EDODQ HL DFHVWRUD vQ IXQF LH GH WHUPHQHOH ORU GH YHFKLPH L GH SRQGHUHD DFHVWRUD vQ FDGUXO WRWDOXO FUHDQ HORU L D REOLJD LLORU

, astfel:

- Sub 30 zile - 30 - 60 zile - 60 - 90 zile - 90 - 180 zile - 180 - 270 zile - 270 - 1 an.
Q SUDFWLF VH IRORVHVF LQWHUYDOH GH YHFKLPH PXOW PDL PDUL SkQ OD

90 zile, ntre 90 ]LOH L XQ DQ SHVWH XQ DQ Exemplu:

6H G XUP WRDUHD VLWXD LH D FUHDQ HORU L D REOLJD LLORU ILUPHL $

Tabelul 5.7

Nr. Crt. 1. 2. 3. 4.

Indicatori Cifra de afaceri

&UHDQ H 2EOLJD LL 5DSRUWXO FUHDQ HREOLJD LL

N-2 mil lei % 7.450 100 524 100 1.045 100 0,50 100

Perioada N-1 mil lei % 7.846 105,3 679 129,6 1.274 121,9 0,53 X

N mil.lei 7.980 975 1.527 0,64 % 101,7 143,6 119,9 X

n perioada celor tUHL ntr-XQ

IOX[XO GH GLVSRQLELOLW

DQL DQDOL]D L FUHDQ HOH L REOLJD LLOH DX FUHVFXW QHJDWLY LQIOXHQW HVWH SDU LDO GLPLQXDW GH UDSRUWXO

ULWP VXSHULRU FHOXL DO FLIUHL GH DIDFHUL FHHD FH LQIOXHQ HD] L $FHDVW

GLQWUH FUHDQ H L REOLJD LL UDSRUW FDUH GHL DUH R GLQDPLF VXEXQLWDU FHHD FH LQGLF

FUHVF WRDUH HO HVWH

R PDMRUDUH D JUDGXOXL GH LPRELOL]DUH D FDSLWDOXOXL D FUHDQ HORU 'L L GXUDWD GH IRORVLUH D

firmei. Durata
GH LPRELOL]DUH VXUVHORU DWUDVH VH SUH]LQW DVWIHO

Tabelul 5.8

Nr.crt. Indicatori 1. 'XUDWD GH LPRELOL]DUH D FUHDQ HORU 2. Durata de folosire a surselor atrase
DQWHULRU DGLF LPRELOL]DUHD

N2 25,3 50,5

N1 31,2 58,5

= zile = N 44 191,4

1LYHOXO L HYROX LD DFHVWRU GRL LQGLFDWRUL FRQILUP IDSWXO F  GHL FUHDQ HOH vQUHJLVWUHD] IRQGXOXL GH UXOPHQW HVWH VXSOLQLW

FRQFOX]LD VWDELOLW GH VXUVHOH DWUDVH

FUHWHUL VXEVWDQ LDOH

suplimentar.
'LQ SXQFW GH YHGHUH DO JUDGXOXL GH YHFKLPH VLWXD LD FUHDQ HORU L D REOLJD LLORU vQ DQXO 1 VH SUH]LQW DVWIHO

Tabelul 5.9

Nr. Crt. 1. 2. 3.
5H]XOW

6SHFLILFD 3kQ

ie

&UHDQ H

2EOLJD LL

OD  GH ]LOH

QWUH  ]LOH L  DQ

Peste 1 an Total
F SRQGHUHD LORU FHD PDL

mil.lei 754 193 27 974

PDUH R

% 75,4 19,8 2,8 100

GH LQ FUHDQ HOH R IUHFYHQ

mil.lei 1.022 395 110 1.527

L

% 66,9 25,9 7,2 100

FX R

REOLJD LLOH

YHFKLPH GH SkQ vQFDV ULORU L SO

OD  ]LOH FHHD FH DVLJXU

FRUHVSXQ] WRDUH D

 $QDOL]D OLFKLGLW

LL L VROYDELOLW

LL ILUPHL

Lichiditatea UHSUH]LQW SURSULHWDWHD HOHPHQWHORU SDWULPRQLDOH GH D VH transforma n bani. Solvabilitatea este capacitatea ntreprinderii de a-L RQRUD REOLJD LLOH
GH SODW OD VFDGHQ 

&DSDFLWDWHD H[SULP SHULRDG FDSDFLWDWHD VFXUW GH

GH

SODW GH

VHPQLILF EDQHWL RELFHL

VROYDELOLWDWHD OD XQ OD SkQ  GH

LPHGLDW  GDW VDX ]LOH

UHVSHFWLY SHQWUX R

PLMORDFHORU WLPS

PRPHQW

, de a acoperi
SDVLYHOH SH

REOLJD LLOH VFDGHQWH SHQWUX DFHODL LQWHUYDO GH WLPS

Pentru caracterizarea

OLFKLGLW

LL

unei firme

VH FRPSDU

WHUPHQ VFXUW FX UHVXUVHOH GLVSRQLELOH SHQWUX DFHHDL SHULRDG 

Cele mai utilizate rate de lichiditate sunt: 1.

5DWD OLFKLGLW LL JHQHUDOH

Active circulante Lg = Datorii curente

'DWRULLOH FXUHQWH VXQW IRUPDWH GLQ REOLJD LLOH ID ILVFDOH L VDODULDOH FUHGLWHOH SH WHUPHQ VFXUW vPSUXPXWXULOH SH WHUPHQ PHGLX L OXQJ D F URU VFDGHQ H[HUFL LXOXL ILQDQFLDU FXUHQW 6H DSUHFLD] GXS F VLWXD LD OLFKLGLW LL JHQHUDOH HVWH VDWLVI F WRDUH GXS XQHOH VXUVH vQ FRQGL LLOH vQFDGU ULL DOWHOH vQ LQWHUYDOXO  VL  5DWD OLFKLGLW LL FXUHQWH GH IXU L

nizori, cele
SDUWHD GLQ

SUHFXP

HVWH vQ FDGUXO

acestei rate n intervalul 1,2 si 1,8, iar (intermediare):

2.

Lc =

Active circulante Stocuri Datorii curente

DFHDVW UDW UDW HVWH FXQRVFXW L VXE UDW HVWH GH RELFHL VXEXQLWDU  ,QWHUYDOXO HVWH GH 

Potrivit teoriei nord-amHULFDQH

GHQXPLUHD GH WHVWXO DFLG $FHDVW FRQVLGHUDW FD VDWLVI F WRU SHQWUX DFHDVW 5DWD OLFKLGLW LL LPHGLDWH

-1.

3.

Li =

'LVSRQLELOLW

L L SODVDPHQWH

Datorii curente
LPHGLDWH XQHL LL GDF

Q WHRULD HFRQRPLF UDWD VROYDELOLW IL LL JULM  $VWIHO XQ QLYHO

, DFHDVW UDW HVWH FXQRVFXW L VXE GHQXPLUHD GH Interpretarea acesteia WUHEXLH I FXW FX PDUH ULGLFDW DO DFHVWHLD LQGLF o solvabilitate mare, dar
XWLOL] UL PDL SX LQ SHUIRUPDQWH D UHVXUVHORU D DFHVWHL UDWH QX FRQVWLWXLH vQ DFHODL WLPS R UHVWXO DFWLYHORU FLUFXODQWH DX XQ JUDG UHGXV GH

poatH

FRQVHFLQ D

GLVSRQLELOH 9DORDUHD ULGLFDW JDUDQ LH D VROYDELOLW

lichiditate.

'LQ FRPSDWLELO PLQLPL]HD]

FRQWU  FX

YDORDUH

UHGXV

OLFKLGLW ILQDQFLDU

LL

LPHGLDWH GDF

SRDWH

IL

PHQ LQHUHD

HFKLOLEUXOXL

vQWUHSULQGHUHD

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
Sp =

LL SDWULPRQLDOH

Capital propriu Capital propriu + credite totale

D UDWHL VROYDELOLW LL SDWULPRQLDOH VH DSUHFLD] F

9DORDUHD PLQLP WUHEXLH V FRQVLGHUDW QRUPDO  5DWD VROYDELOLW

VH vQFDGUH]H vQ OLPLWHOH   LDU SHVWH  VLWXD LD SRDWH IL

2.

LL JHQHUDOH

Sg =
$FHDVW F WUH DFWLYHOH UDW

Active totale Datorii totale

LQGLF DOH vQ FH P VXU vQWUHSULQGHULL GDWRULLOH WRWDO DFWLYH

e sunt acoperite de
L DFWLYH

WRWDOH

LPRELOL]DWH

FLUFXODQWH &X FkW YDORDUHD UDWHL VROYDELOLW  FX DWkW VLWXD LD ILQDQFLDU

LL JHQHUDOH HVWH PDL PDUH GHFkW

GH DQVDPEOX D ILUPHL HVWH PDL EXQ 

Pe baza datelor din Tabelul 5.5, BILAN CONTABIL AL NTREPRINDERII A, VH RE LQ XUP WRDUHOH YDORUL DOH UDWHORU GH OLFKLGLWDWH
L VROYDELOLWDWH

Indicatori Rata lichidit ii generale Rata lichidit ii curente ( intermediare ) Rata lichidit ii imediate Rata solvabilit ii patrimoniale Rata solvabilit ii generale
Q DPEHOH SHULRDGH

N-1 3,36 1,03 0,42 1,25 1,94

Tabelul 5.10 N 1,7 0,69 0,22 1,12 1,6

vQ OLPLWHOH

QLYHOXO DFHVWRU UDWH VH vQFDGUHD]

considerate normale, FRQIRUP VWDQGDUGHORU LQWHUQD LRQDOH &D WHQGLQ , se nrHJLVWUHD] R GLPLQXDUH D WXWXURU LQGLFDWRULORU FHOH PDL DFFHQWXDWH ILQG FHOH DOH OLFKLGLW LL FXUHQWH L JHQHUDOH FDUH vQ DQXO 1- FRERDU FKLDU VXE limita admis  'HL VLWXD LD vQWUHSULQGHULL QX HVWH DODUPDQW  WUHEXLH
DGRSWDWH VROYDELOLW P VXUL SHQWUX PHQ LQHUHD L FKLDU FUHWHUHD OLFKLGLW LL L LL DFHVWHLD vQ SHULRDGHOH XUP WRDUH

5.2.7 Analiza echilibrului economico-financiar

(FKLOLEUXO ILQDQFLDU DO ILUPHL UHSUH]LQW FDUH VH VWDELOHVF DQXPLWH SURSRU LRQDOLW UHSUH]LQW R SUHPLV XQ VLVWHP GH FRUHOD LL L R FRQVHFLQ D

, prin
XQHL

L vQ FDGUXO L vQWUH GLIHULWHOH IOX[XUL GDU

financiare. Acestea
QHFHVLW

GHVI XU UL QRUPDOH D DFWLYLW

LL ILUPHL vQ FRQIRUPLWDWH FX RELHFWXO V

u de

DFWLYLWDWH &D SUHPLV  WUHEXLH DYXWH vQ YHGHUH FRUHOD LLOH RELHFWLYH GLQWUH LOH GH UHVXUVH PDWHULDOH L SRVLELOLW LOH GH ILQDQ DUH 'H PRGXO FXP VXQW XWLOL]DWH L YDORULILFDWH DFHVWH UHVXUVH GHSLQGH DVLJXUDUHD HFKLOLEUXOXL

economico-financiar sau dereglarea acestuia.

3HQWUX H[SULPDUHD H[LVW VLQWHWLF R D PXOWLSOHORU GH FRUHOD LL L

mplicate de
SUDFWLF VH

echiOLEUXO
XWLOL]HD]

ILQDQFLDU

PXOWLWXGLQH

LQGLFDWRUL

vQ VSHFLDO XUP WRULL LQGLFDWRUL

1. Rata autonomiei financiare:

Capital propriu Raf = Capital propriu + Capital mprumutat

2.

5DWD GH ILQDQ DUH D VWRFXUL

lor:

Rfs =

Fond de rulment Stocuri

3.

5DWD GH DXWRILQDQ DUH D DFWLYHORU

Capital propriu Raa = Active fixe + Active circulante

4. Rata datoriilor;
Rd = Datorii totale Active totale

Utilizndu-se datele din Tabelul 5.5, BILAN CONTABIL AL NTREPRINDERII A, HYROX LD LQGLFDWRULORU GH HFKLOLEUX ILQDQFLDU VH
SUH]LQW DVWIHO

Tabelul 5.11

Indicatori Rata autonomiei financiare Rata de finan are a stocurilor Rata de autofinan are a activelor Rata datoriilor

N-1 0,56 1,01 0,49 0,51

N 0,53 0,69 0,37 0,63

La societatea analizat
vQUHJLVWUHD] R UHODWLY

anterior, echilibrul economico-financiar

WRWXL FD L vQ FD]XO LQGLFDWRULORU GH

GHJUDGDUH

OLFKLGLWDWH L VROYDELOLWDWH DFHVWH UDWH VH vQFDGUHD]

n 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 HILFLHQ FDUH UHIOHFW

XQ LQGLFDWRU GH

VFKLPE ULOH LQWHUYHQLWH vQ DFWLYLWDWHD vQWUHSULQGHULL vQ

special n activitatea de exploatare: modificarea procesului de aprovizionare

L SURGXF LH UHGXFHUHD FRVWXULORU VFXUWDUHD FLFOXOXL GH SURGXF LH L D SHULRDGHL GH GHVIDFHUH L vQFDVDUH D SURGXF LHL etc.). Volumul activelor circulante ale ntreprinderii depindH GH GRL IDFWRUL L DQXPH FLIUD GH DIDFHUL L 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 YROXP GDW DO SURGXF LHL UHVSHFWLY DO FLIUHL GH DIDFHUL 9LWH]D GH URWD LH D DFWLYHORU FLUFXODQWH SRDWH IL H[SULPDW 1XP U GH URWD LL vQ

mai mic pentru un :

a)

(n):

n= unde:
$&

CA AC
GLVSRQLELOLW L

VROGXO PHGLX DO DFWLYHORU FLUFXODQWH I U

Acest indicator se poate calcula pentru fiecare element de active circulante utilizndu-VH IRUPXOD GH PDL VXV 7RWXL DFHVWD DUH R SXWHUH
LQIRUPDWLY UHGXV GLQ SXQFW GH YHGHUH DO FRQ LQXWXOXL GHRDUHFH HVWH  R P ULPH DEVWUDFW FDUH QX UHG vQ WHUP

eni FRQFUH L UHDOLWDWHD HFRQRPLF

b) Durata n zile (Dz): Dz = unde:

7 QXP UXO

Ac T CA

de zile ale perioadei analizate.

VFRSXO

LGHQWLILF ULL

DVSHFWHORU

IDYRUDELOH

GDU

PDL

DOHV

FHORU

QHIDYRUDELOH DOH JHVWLRQ ULL UHVXUVHORU VH UHFRPDQG

GHWHUPLQDUHD YLWH]HL GH

URWD LH SH ILHFDUH HOHPHQW DO DFWLYHORU FLUFXODQWH L DO VWDGLXOXL vQ FDUH VH DIO

n cadrul circuitului general, astfel: b.1) 'XUDWD GH URWD

LH D VWRFXULORU GH PDWHULL SULPH L PDWHULDOH

6WRFXO PHGLX GH PDWHULL SULPH L PD

teriale

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

n costuri (cheltuieli aferente proGX LHL H[HUFL LXOXi)

b.3) 'XUDWD GH URWD

LH D VWRFXULORU GH SURGXVH ILQLWH L VHPLIDEULFDWH

6WRFXO PHGLX GH SURGXVH ILQLWH L VHPLIDEULFDWH

Cheltuielile aferente veniturilor din exploatare

b.4) Durata de rota ie a crean elor (durata de ncasare a crean elor):

Stocul PHGLX DO FUHDQ HORU Veniturilor din exploatare
$QDOL]D IDFWRULDO XUP WRUXOXL PRGHO

T
D YLWH]HL GH URWD LH SUHVXSXQH XWLOL]DUHD

CA
AC Dz = T CA

AC(1) AC AC(2) AC(n)

unde: Dz = viteza de rotatie a activelor circulante n 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 n curs de execu ie, produse finite, crean e etc.)

&RQVHFLQ HOH PDWHULDOL]HD]

DFFHOHU ULL

VDX

vQFHWLQLULL

YLWH]HL

GH

URWD LH

VH

vQ HOLEHU UL VDX LPRELOL] UL GH DFWLYH FLUFXODQWH LQGLFDWRU FH

VH SRDWH FDOFXOD FX DMXWRUXO UHOD LHL

CA1 T Pentru exemplificare se folosesc urm toarele date:

E ( I ) = (Dz1 Dz0)
Tabelul 5.12 = mil lei = Nr. Crt. 1. 2. INDICATORI Cifra de afaceri Soldul mediu al activelor circulante, din care: stocuri FUHDQ H
9LWH]D GH URWD LH  ]LOH 

N-1 53400 11620 6480 5140 78,34

N 61200 13400 7050 6350 78,82

% 114,61 115,32 108,80 123,54 100,61

3.

Model de analiz : Dz =

AC St + Cr T = T CA CA

9DULD LD YLWH]HL GH URWD LH vQ ]LOH

Dz = Dz1 Dz 0 = 78,82 78,34 = +0,48 zile

0HWRGRORJLD GH DQDOL] HVWH XUP WRDUHD IDFWRULDO D YLWH]HL GH URWD LH D DFWLYHORU FLUFXODQWH

1. ,QIOXHQ D PRGLILF ULL FLIUHL GH DIDFHUL AC0 AC0 T T = 68,35 78,34 = 9,99 zile CA1 CA 0 2. ,QIOXHQ D PRGLILF ULL VROGXOXL PHGLX DO DFWLYHORU FLUFXODQWH AC1 AC0 T T = 78,82 68,35 = +10,47 zile CA1 CA1
GLQ FDUH GDWRULW   ,QIOXHQ HL PRGLILF ULL VWRFXULORU PHGLL

St1 St T 0 T = 41,47 38,11 = +3,36 zile CA1 CA1

 ,QIOXHQ HL PRGLILF ULL VROGXOXL PHGLX DO FUHDQ HORU

Cr1 Cr T 0 T = 37,35 30,24 = +7,11 zile CA1 CA1

(IHFWXO PRGLILF ULL YLWH]HL GH URWD LH D DFWLYHORU FLUFXODQWH

eliberare de capital
GH FDSLWDO vQ vQUHJLVWUHD]

vQ FD]XO DFFHOHU ULL YLWH]HL GH URWD LH vQFHWLQLULL DFHVWHLD Q VLWXD LD

poate fi o , sau o imobilizare

PDL VXV VH

FD]XO

DQDOL]DW

R LPRELOL

zare de capital, respectiv:

I = ( 78,82 78,34 )
6H FRQVWDW

61.200 = 81,6 mil. lei 360

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 QFHWLQLUHD YLWH]HL GH URWD LH D DFWLYHORU FLUFXODQWH V-a GDWRUDW FUHWHULL VROGXOXL PHGLX DO DFWLYHORU FLUFXODQWH vQWU-un ritm superior celui al cifrei de afaceri (115,32% > 114,61% ).
'LQ VROGXOXL SXQFW DO GH YHGHUH DO LQIOXHQ HORU IDFWRULORU VH FRQVWDW YLWH]HL  F GH PDMRUDUHD FLIUHL GH DIDFHUL FX  PHGLX DFWLYHORU URWD LH DGLF GHWHUPLQDW vQ FRQGL LLOH PHQ LQHULL FRQVWDQWH D GHWHUPLQ DFFHOHUDUHD FX FLUFXODQWH DO

UHGXFHUHD DFHVWHLD FX  ]LOH VROGXOXL PHGLX GH DFWLYHORU FLUFXODQWH

&UHWHUHD

32% a
FX

vQFHWLQLUHD

YLWH]HL

URWD LH

UHVSHFWLY

PDMRUDUHD

DFHVWHLD

10,47 zile. $FHDVW

VLWXD LH V D GDWRUDW DWkW FUHWHULL YDORULL FUHDQ HORU FkW L D

VWRFXULORU ,QIOXHQ D VWRFXULORU VH DSUHFLD] PDMRU ULL FUHDQ HORU QX HVWH MXVWLILFDW

QRUPDO

ISt < ICA ), dar cea a

vQ WRWDOLWDWH GH FUHWHUHD YkQ] ULORU

( ICr > ICA ).

'HFL WUHEXLH UHGXV SHQWUX VROGXO DFFHOHUDUHD PHGLX LL ILHF UXL VWDGLX DO URWD LHL FDSLWDOXOXL LQYHVWLW DO FLUFXODQWH YLWH]HL OD GH URWD LH SUHFXP OD D L DFWLYHORU D YDORULL QX FLUFXODQWH FHORUODOWH E FUHDQ HORU SkQ

categorii GH DFWLYH desf XUDUH D DFWLYLW

YDULDWH HOH ILLQG

OLPLWD

FDUH

DIHFWHD]

una

& LOH GH DFFHOHUDUH D YLWH]HL GH URWD LH D DFWLYHORU FLUFXODQWH VXQW VSHFLILFH

Astfel:

n stadiul
FHUHD OD

DSURYL]LRQ ULL DSURYL]LRQDUHD ULWPLF

FX UHVXUVH PDWHULDOH

GH OD FHOH PDL DSURSLDWH VXUVH L FX PLMORDFHOH GH WUDQVSRUW FHOH PDL

economice, respectarea contractelor ncheiate cu furnizorii, reduPD[LPXP L D SHULVDELOLW SULQ LORU OD PDWHULDOH SH GXUDWD RSH WUDQVSRUWXOXL GHSR]LW ULL PHFDQL]DUHD DXWRPDWL]DUHD UD LLORU GH PDQLSXODUH D DFHVWRUD GLPHQVLRQDUHD

optim a stocurilor
GH SURGXF LH L

de materii prime, materiale, produse finite etc.;

vQ VWDGLXO SURGXF LHL UHGXFHUHD GXUDWHL FLFOXOXL

diminXDUHD FRQVXPXULORU VSHFLILFH GH PDWHULL SULPH L PDWHULDOH SULQ

PRGHUQL]DUHD FDSDFLW

WHKQRORJLLORU

GH

IDEULFD LH

XWLOL]DUHD

LQWHJUDO

LORU GH SURGXF LH IRORVLUHD FRPSOHW LUHD FDOLW OLYUDUH D

D WLPSXOXL GH PXQF 

DSURYL]LRQDUHD UD LRQDO SHUVRQDOXOXL vPEXQ W FRQWUDFWH IHUPH GH

D ORFXULORU GH PXQF  FUHWHUHD FDOLILF ULL LL SURGXVHORU SURGXF LHL UHGXFHUHD WLPSXOXL GH

vQ VWDGLXO YkQ] ULL FUHWHUHD ULWPXOXL YkQ] ULORU SULQ vQFKHLHUHD GH PDQLSXODUH D ORWXULORU OLYUDELOH SUHFXP L DFFHOHUDUHD ULWPXOX GHFRQWDUH FX FOLHQ LL XUP ULUHD RSHUDWLY D GHFRQW ULL SURGXVHORU

i de etc.

vQFDVDUH D YkQ] ULORU SULQ DOHJHUHD FHORU PDL DYDQWDMRDVH IRUPH GH

5.2.9 Analiza fluxurilor de trezorerie

7RDWH RSHUD LLOH SH FDUH vQWUHSULQGHUHD OH GHVI RDU VH UHJ VHVF vL

imedLDW
DVLJXU

VDX OD WHUPHQ VXE IRUPD IOX[XULORU GH WUH]RUHULH $VWIHO R ILUP SHUHQLWDWHD GRDU GDF SULQ DFWLYLWDWHD VD GHJDM R LQIRUPD LH FKHLH FDUH

vQ PRG SHUPDQHQW SHUPLWH DSUHFLHUHD

trezorerie.
7UH]RUHULD UHSUH]LQW SHUIRUPDQ HORU vQWUHSULQGHULL DYkQG L XQ URO VWUDWHJLF vQ FHHD FH SULYHWH QLYHOXO V X GH IRUPDUH FkW L PRGXO GH XWLOL]DUH FRQIHU

Folosirea DFHVWHL LQIRUPD LL - ILQDQFLDU GHRDUHFH spre deosebire de fondul de rulment, necesarul de fRQG GH UXOPHQW L
RELHFWLYLWDWH vQ JHVWLXQHD L DQDOL]D HFRQRPLFR GH DXWRILQDQ DUH WUH]RUHULD QX HVWH XQ FDSDFLWDWHD FRQFHSW GRPLQDW GH ([LVWHQ D WUH]RUHULHL UHIOHFW SR]L LD VWUDWHJLF D ILUPHL vQ UDSRUW FX

LQFLGHQ D FRQYHQ LLORU L SROLWLFLORU FRQWDELOH SURGXVHOH VDOH SLH HOH VDOH FRQFXUHQ LL V L L 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  SU

imul model de tablou al fluxurilor

RUJDQLVPXO LQWHUQD LRQDO GH

GH WUH]RUHULH HVWH SURSXV SULQ VWDQGDUGXO FRQWDELO DPHULFDQ )$6   L

prin aceaVW
UHFRPDQGDW

QRUP  GH )$6% &X FkWHYD GLIHUHQ H GLQ  DFHVWD HVWH L vQ )UDQ D $SRL ,$6& HPLWH L SXQH vQ DSOLFDUH vQ  QRUPD  ,$6  SULYLQG ULOH GH]YROWDWH D VLWXD LLORU ORU ILQDQFLDUH XQ LQIRUPD LL SULYLQG PRGXO IOX[XULOH GH WUH]RUHULH

normalizDUH
WUHEXLH V

WDEORXO GH ILQDQ DUH $VWIHO GLQ  FRPSDQLLOH PDUL GLQ SXEOLFH FD R SDUWH FRPSRQHQW

tablou al fluxurilor de trezorerie. Tabloul fluxurilor de trezorerie furni]HD]

vQ FDUH vQWUHSULQGHUHD JHQHUHD] QXPHUDU &RQIRUP QRUPHL LQWHUQD LRQDOH L XWLOL]HD] ,$6

QXPHUDUXO L HFKLYDOHQ 

tele de

UHSUH]LQW OLFKLGLW

F URU YDORDUH QX ULVF

OLFKLGH FRQYHUWLELOH FX XXULQ V

vedere,

LDU HFKLYDOHQWHOH GH OLFKLGLW

L

DQVDPEOXO LQWU ULORU L LHLULORU GH OLFKLGLW /LFKLGLW LOH VHP

nLILF

IRQGXULOH

VH VFKLPEH vQ PRG VHPQLILFDWLY

ntr-R P

L SODVDPHQWHOH SH WHUPHQ VFXUW IRDUWH ULPH GHWHUPLQDW GH OLFKLGLW

GLVSRQLELOH

L VDX GH HFKLYDOHQWH GH L GHSR]LWHOH OD

L L D

XUP WRDUHOH WUHL FDWHJRUL

n cadrul tabloului fluxurilor de trezorerie, fluxurile sunt grupate n

IOX[XUL JHQHUDWH GH DFWLYLW IOX[XUL JHQHUDWH GH DFWLYLW IOX[XUL JHQHUDWH GH DFWLYLW 5H]XOWDQWD ILQDO DVWIHO LOH GH H[SORDWDUH LOH GH LQYHVWL LL LOH GH ILQDQ

FDUH SRDWH IL GHWHUPLQDW

D FHORU WUHL FDWHJRULL GH IOX[XUL HVWH WUH]RUHULD QHW UHLD VH RSHUHD] FX vQFDV UL L SO L

; DUH.

prin PHWRGD GLUHFW  FRQIRUP F brute n numerar; prin PHWRGD LQGLUHFW  FRQIRUP
FDUH VH FRUHFWHD]

FX DFWLYHOH QHPRQHWDUH DOWH HOHPHQWH GH YHQLWXUL

F UHLD VH SRUQHWH GH OD SURILWXO QHW

GH

aceasta SHUPLWH RE LQHUHD GH LQIRUPD LL QHFHVDUH HVWLP

WUH]RUHULH 'HRVHELUHD SULQFLSDO vQWUH FHOH

,$6  UHFRPDQG

sau cheltuieli nelegate de exploatare etc.

vQWUHSULQGHULORU XWLOL]DUHD PHWRGHL GLUHFWH GHRDUHFH GRX ULL IOX[XULORU YLLWRDUH PHWRGH FRQVW vQ

structura fluxurilor de trezorerie relative referitoare la activit ile de exploatare. Conform metodei directe, fluxurile monetare sunt grupate n diferite
QRUPD LQWHUQD LRQDO )OX[XULOH FDWHJRULL GH vQFDV UL XUP WRDUHD VWUXFWXU  PHWRGD GLUHFW  GDU SH ED]D H[HPSOHOR WUH]RUHULH UHODWLYH L SO L $FHVWHD QX VXQW SUHFL]DWH FX H[DFWLWDWH vQ

r, se poate lua n considerare

DFWLYLW LOH GH H[SORDWDUH

GH

OD

QFDV UL JHQHUDWH GH UHOD LLOH FX FOLHQ LL

- 3O L vQ IDYRDUHD IXUQL]RULORU L SHUVRQDOXOXL - Dobnzi L 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
ILQDQ DUH  $FHVW IOX[ DU SXWHD IL vPS U LW vQWUH DFWLYLW

LOH GH H[SORDWDUH

1) Aceste fluxuri ar putea fi incluse, de asemenea, n categoria fluxurilor de

LOH GH H[SORDWDUH FHOH GH

investi LL L FHOH GH ILQDQ DUH

3
1)HOHDJ 7UDWDW GH FRQWDELOLWDWH ILQDQFLDU

YRO, (GLWXUD (FRQRPLF

%XFXUHWL 

FHHD

FH

SULYHWH

PHWRGD

LQGLUHFW 

SUH]HQWDUHD

WLS

QRUPHL

LQWHUQD LRQDOH YL]HD]

XUP WRDUHOH FDWHJRULL

+/- 5H]XOWDWXO QHW vQDLQWHD LPSR]LW

ULL L HOHPHQWHORU H[WUDRUGLQDUH LQFLGHQ DVXSUD WUH]RUHULHL

(OLPLQDUHD YHQLWXULORU L FKHOWXLHOLORU I U

 &KHOWXLHOL FX DPRUWL] ULOH L SURYL]LRDQHOH

9HQLWXUL GLQ DPRUWL] UL L SURYL]LRDQH

(OLPLQDUHD YHQLWXULORU L FKHOWXLHOLORU QHOHJDWH GH H[SORDWDUH

+/- 5H]XOWDWXO FHVLXQLL LPRELOL] + Cheltuieli privind dobnzile - Venituri din plasamente

ULORU L SODVDPHQWHORU

_____________________________________________________________

= +/- 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 L D DOWRU GDWRULL GLQ H[SORDWDUH - 'REkQ]L L GLYLGHQGH SO WLWH  - 3O L SULYLQG LPSR]LWHOH DVXSUD SURILWXOXL  +/- Elemente extraordinare
_____________________________________________________________

= +/- )OX[XO QHW GH WUH]RUHULH UHODWLY OD DFWLYLW

ILQDQ DUH

LOH

de exploatare

1) Aceste fluxuri ar putea fi incluse, de asemenea, n categoria fluxurilor de 2)

$FHVW IOX[ DU SXWHD IL vPS U LW vQWUH DFWLYLW LOH GH H[SORDWDUH FHOH GH LQYHVWL LL L FHOH GH ILQDQ D

re.
DOH DFWLYLW LORU GH LQYHVWL LL ,$6  QX

3ULYLQG

IOX[XULOH

GH

WUH]RUHULH

specific

H[DFW VWUXFWXUD DFHVWRUD WRWXL 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 QFDV ULOH FH UH]XOW GLQ FHVLXQHD GH LPRELOL] UL

+ Dobnzi ncasate + Dividende primite (ncasate) = +/- 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 WRWXL H[HPSOHOH GLQ DQH[D

QRUPHL FRQGXF OD XUP WRDUHD SUH]HQWDUH WLS

Fluxurile de trezRUHULH UHODWLYH OD DFWLYLW

 &UHWHUHD GH FDSLWDO vQ QXPHUDU

LOH GH ILQDQ DUH

- Rambursarea de capital, n numerar + Emisiunea (contractarea) de mprumuturi (altele dect cele de trezorerie) - Rambursarea de mprumuturi (altele dect cele de trezorerie) - 5DPEXUVDUHD GH GDWRULL FH UH]XOW GLQ FRQWUDFWHOH GH ORFD LH-ILQDQ DUH
'REkQ]L L GLYLGHQGH SO WLWH 

= +/- Flux net de trezorerie relativ la activit ile de finan are 1) Aceste fluxuri ar putea s fluxurilor de exploatare. fie incluse, de asemenea, n categoria

Exemplu:
3H ED]D ELODQ XOXL FRQWDELO L D FRQWXO GH SURILW L 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-1 800 - 130 7000 - 2500 1500 - 250 2300 7000 900 16620

N 800 - 130 7220 - 2550 1500 - 250 3650 6950 350 17540

9DULD LD

Elemente de activ
,PRELOL] UL QHFRUSRUDOH $PRUWL] UL LPRELOL] UL ,PRELOL] UL FRUSRUDOH $PRUWL]DUL LPRELOL] UL FRUSRUDOH ,PRELOL] UL ILQDQFLDUH $PRUWL] UL LPRELOL] UL ILQDQFLDUH

necorporale

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 L VRFLDOH

+ 220 - 50 + 1350 - 50 - 550 + 920

Datorii diverse Elemente de pasiv total

 6H FRQVLGHU FUHDQ H F WRDWH FUHDQ HOH VXQW LL GH

7000 700 4600 3200 720 400 16620

8220 800 3850 3700 700 270 17540

+ 1220 + 100 - 750 + 500 - 20 - 130 + 920

FOLHQ L DIHUHQWH DFWLYLW exploatare

Tabelul 5.14
&2178/ '( 352),7 , 3,(5'(5( /$  $18/ 1

- mil lei INDICATORI Venituri din exploatare Venituri din vnzarea m UIXULORU
3URGXF LH YkQGXW

Cifra de afaceri
3URGXF LH VWRFDW 3URGXF LH LPRELOL]DW

N 14400 4000 10400 14400 13900 1700 4100 350 600 420 2500 1300 2930

Cheltuieli de exploatare

&KHOWXLHOL SULYLQG P UIXULOH

Cheltuieli cu materiile prime

&KHOWXLHOL FX HQHUJLD L DSD &KHOWXLHOL FX OXFU UL L VHUYLFLL H[HFXWDWH

Cheltuieli cu LPSR]LWH L WD[H Cheltuieli cu personalul

&KHOWXLHOL SULYLQG DVLJXU ULOH L SURWHFWLD VRFLDO &KHOWXLHOL FX DPRUWL]DUHD LPRELOL] ULORU

Venituri financiare Venituri din dobnzi Alte venituri financiare Cheltuieli financiare Cheltuieli privind dobnzile Alte cheltuieli financiare
9HQLWXUL H[FHS LRQDOH

100 100 200 200 400 100 300

Venituri din cedarea activelor

&KHOWXLHOL H[FHS LRQDOH

Cheltuieli cu cedarea activelor Profit brut Impozit pe profit Profit net

,QIRUPD LL FRPSOHPHQWDUH FUHWHUHD FDSLWDOXOXL D DYXW ORF vQ FXUVXO DQXOXL 1 SULQ DSRUW GH QXPHUDU DO DF LRQDULORU VH GLVWULEXLH GLYLGHQGH DF LRQDULORU vQ YDORDU

e de 200 mil. lei;

s-D DFKL]L LRQDW XQ XWLODM vQ YDORDUH GH  n numerar ntreaga contravaloare a acestuia; s-a rambursat un credit de 750 mil.lei.

PLOOHL SO WLQGX

-se

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 3URILWXO QHW vQDLQWHD LPSR]LW ULL (OLPLQDUHD YHQLWXULORU L FKHOWXLHOLORU I U LQFLGHQ LOH GH H[SORDWDUH

400 asupra trezoreriei: + 2930

 &UHWHUHD FKHOWXLHOLORU SULYLQG DPRUWL] ULOH

Eliminarea veniturilor L a cheltuielilor nelegate de exploatare: __________________________________________________________________ 3URILWXO GLQ H[SORDWDUH vQDLQWHD YDULD LHL QHFHVDrului de fond de rulment +3330 - &UHWHUHD VWRFXULORU -1350 +50 + 'LPLQXDUHD VROGXULORU FRQWXULORU FOLHQ L L DOWRU FUHDQ H din exploatare + &UHWHUHD GDWRULLORU ID GH IXUQL]RUL +500 - Diminuarea datoriilor fisFDOH L 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  &UHWHUHD GH FDSLWDO vQ QXPHUDU 1220 - Rambursarea de mprumuturi 750 - 'LYLGHQGH SO WLWH 200 __________________________________________________________________ = Fluxul neW GH WUH]RUHULH UHODWLY OD DFWLYLW LOH GH ILQDQ DUH  &  + 270

550 +900 __________________________________________________________________

 /LFKLGLW L OD GHVFKLGHUHD H[HUFL LXOXL 1  /LFKLGLW L OD vQFKLGHUHD H[HUFL LXOXL 1 

'LPLQXDUHD QHWD D OLFKLGLW

LORU  $  %  & 

Concluzie:
5H]XOW DFWLYLW F vQ DQXO FXUHQW 1 vQWUHSULQGHUHD vQUHJLVWUHD] OD QLYHOXO IOX[XOXL GH H[SORDWDUH $ OLFKLGLW LL UHQWDELOH GHVI XUDWH )OX[XO ILUP GH WUH]RUHULH GLQ RSHUD LLOH GH LQYHVWL LL % HYLGHQ LD] GH GH LQYHVWL LD HIHFWXDW L vQ YDORDUH GH  PLO OHL FD XUPDUH D

necesarul de trezorerie (3100 mil. lei) geneUDW

, 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 DFHWLD 3HQWUX D VSRUL vQFUHGHUHD DF LRQDULORU vQ FDSDFLWDWHD GH

SHQWUX DFKL]L LRQDUHD XQXL XWLODM 'H DVHPHQHD

dezvoltare viitoare a firmei, se fac eforturi pentru rambursarea creditelor bancare.

Q WUH]RUHULD FRQFOX]LH GLQ GHL vQWUHSULQGHUHD FXUHQW HVWH DUH V SHUIRUPDQ H GHRVHELWH DFWLYLWDWHD LQVXILFLHQW

pentru acoperirea
D PRG

RSHUD LLORU GH LQYHVWL LL DVWIHO DFH

asta este nevoit

DSHOH]H OD VXUVH H[WHUQH

GH ILQDQ DUH RE LQXWH SULQ PDMRUDUH GH FDSLWDO GHFL I U DF LRQDULDWXOXL L HYLWkQG LQWHUYHQ LD H[WHUQ 'DWRULW V V V V

ifica structura

vQ SURFHVXO GH OXDUH D GHFL]LLORU

VWUXFWXULL L PHWRGRORJLHL GH vQWRFPLUH D WDEORXOXL IOX[XULORU OLFKLGLW L vQ

GH WUH]RUHULH DFHVWD SHUPLWH XWLOL]DWRULORU VLWXD LLORU ILQDQFLDUH XUP WRDUHOH Hvalueze capacitatea ntreprinderii de a deJDMD special din activitatea de exploatare; GHWHUPLQH QHFHVLW SUHYDG VF FRPSDUH LOH GH OLFKLGLW L ULORU YLLWRDUH SULQ HOLPLQDUHD HIH

aden HOH L ULVFXO vQFDV

UH]XOWDWHOH

vQWUHSULQGHULL

ctelor

utiliz rii diferitelor metode contabile (de amortizare etc.).

'HL WDEORXO IOX[XULORU GH WUH]RUHULH RIHU LQIRUPD LL XWLOH GHVSUH VROYDELOLWDWHD L IOH[LELOLWDWHD ILQDQFLDU D ILUPHL ILLQG PXOW PDL UHOHYDQW

dect indicatorii de echilibru financiar, fondul de rulment, nevoia de fond de UXOPHQW L WUH]RUHULD QHW  acesta SUH]LQW DQXPLWH OLPLWH OHJDWH GH GHILQLUHD L UROXO WUH]RUHULHL FRQ LQXWXO IXQF LHL GH H[SORDWaUH L PRGXO GH FDOFXO DO IOX[XULORU DVRFLDWH DFHVWHLD HYDOXDUHD SHUIRUPDQ HORU SULQ intermediul
IOX[XULORU GH WUH]RUHULH SUHFXP L vQ LQVXILFLHQ D DFHVWXLD GH D DSUHFLD L SUHYL]LRQD HYROX LD VLWXD LHL ILQDQFLDUH SH WHUPHQ OXQJ D XQHL ILUPH

ntreb 1. 2. 3. 4.

UL L DSOLFD LL

&DUH HVWH XWLOLWDWHD ELODQ XOXL SDWULPRQLDO ILQDQFLDU L D FHO

ui IXQF ional
SHQWUX

n analiza sitXD iei financiare a ntreprinderii?

&DUH VXQW SULQFLSDOHOH FRUHF LL GH DFWLY L SDVLY HIHFWXDWH RE LQHUHD ELODQ XOXL SDWULPRQLDO ILQDQFLDU &XP VH GHWHUPLQ SDWULPRQLXO QHW L

?
VXQW F LOH GH FUHWHUH D

FDUH

acestuia?
6 VH FDOFXOH]H L V VH LQWHUSUHWH]H HYROX LD SDWULPRQLXOXL QHW SH ED]D XUP WRDUHORU GDWH
%,/$1

= mil. lei =

ACTIV Activ imobilizat net Stocuri

&OLHQ L 'LVSRQLELOLW L

N-1 3800 1750 940 120

N 3550 2100 1700 340

PASIV Capital social Rezerve Rezultatul net nerepartizat Datorii financiare pe termen lung Datorii furnizori Credite bancare curente TOTAL PASIV

N-1 3000 500 800 1500 1750 940

N 3000 600 850 2200 1900 860

TOTAL ACTIV

6610

7690

6610

7690

5. 6. 7.

&XP LQWHUSUHWD L HYROX GH DFWLY VH PDMRUHD] &XP VH GHWHUPLQ

ia patrimoniului net n siWXD LD vQ FDUH HOHPHQWHOH Fu 7% iar datoriile totale cu 2%? ?

LQGLFDWRULL GH HFKLOLEUX ILQDQFLDU IRQGXO GH UXOPHQW

QHYRLD GH IRQG GH UXOPHQW L WUH]RUHULD QHW &DUH VXQW HOHPHQWHOH FDUH LQIOXHQ HD] VHPQLILFD LH HFRQRPLF DU

QHYRLD GH IRQG GH UXOPHQW L FH

e un nivel constant al acesteia?

8. 9.

Q FH FRQGL LL QHYRLD GH IRQG GH UXOPHQW L WUH]RUHULD QHW QHJDWLYH L FDUH HVWH VHPQ ILFD LD HFRQRPLF

DX YDORUL

D DFHVWXL IDSW

/D  DQXO 1 ELODQ XO XQHL vQWUHSULQGHUL DUH XUP WRDUHD VWUXFWXU 

%,/$1

= mil. lei =

ACTIV
,PRELOL] UL QHFRUSRUDOH ,PRELOL] UL FRUSRUDOH ,PRELOL] UL ILQDQFLDUH

N-1 55 950 350 550 310 325 20 60

N 50 900 400 600 300 350 25 12 70

PASIV Capital social Rezerve Rezultatul exercitiului nerepartizat Provizioane pentru

ULVFXUL L FKHOWXLHOL

N1 800 137 70 35 1005 400 110 40 8 15

N 800 140 85 40 1100 360 100 55 7 20

Stocuri
&OLHQ L

Efecte de ncasat
,PSR]LWH L WD[H GH

ncasat
'HELWRUL GLYHUL 'LVSRQLELOLW L

Datorii financiare pe termen lung Datorii furnizori

(IHFWH GH SODW 79$ GH SODW

CreditRUL GLYHUL Credite bancare curente TOTAL ACTIV

6 VH FDOFXOH]H L V

2620

2707 TOTAL PASIV

2620

2707

VH LQWHUSUHWH]H IRQGXO GH UXOPHQW QHW

global, nevoia
FRPSRQHQWH

GH IRQG GH UXOPHQW L WUH]RUHULH QHW 

10. 3H

ED]D GDWHORU GH OD DSOLFDWLD  V L V VH H[SOLFH FXP

VH GHWHUPLQH FHOH GRX HVWH ILQDQ DW QHYR

DOH QHYRLL GH IRQG GH UXOPHQW UHVSHFWLY FHD GH H[SORDWDUH L FHD vQ DIDUD H[SORDW ULL

ia 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 L D VXUVHORU GH ILQDQ DUH %,/$1

= mil.lei =
ACTIV N -1 N PASIV N-1 N

TOTAL ACTIVE IMOBILIZATE

282.300

320.000

nerepartizat
i R1f f w p q s f f f Cq!Pp f w pq!ReR

Stocuri Clien i
p t q i Crxq w g v

127.500 141.050 e pe termen 3.280 23.500 1.320 296.650

f

130.500 118.140 3.360 22.400 5.600 280.000

TOTAL CAPITAL PROPRIU

scurt Titluri de plasament

w f g 1e !1C Uy f f p d s f

Provizioane pentru
r f 1#!f#iR Ci r f

TOTAL ACTIVE CIRCULANTE 7.140 Cheltuieli nregistrate n avans CONTURI DE REGULARIZARE

b v b v b

7280 7280

Credite bancare Furnizori Alte datorii pe

7.140

termen scurt

TOTAL DATORII

TOTAL ACTIV

586.090

607.280

TOTAL PASIV

f g 1 ! f f%Ci!q r q

q g#i1s %16#i t d i d r q p f Ct %r11p A!#i q i f p t f u f q t!A%!#i g i d s i d r f

h f g 1e(c b f d h f g 1e(c b f d h f g 1e(c b f d

4.150 166.050 112.100

4700 235.300 80.000

Capital social Rezerve Rezultatul

150.000 70.000 24.050

150.000 72.500 25.250

2.740

2.500

249.790

250.250

70.450

66.800

125.250 80.500 60.100 265.850

147.230 85.000 58.000 290.230

eltuieli

586.090

607.280

13. ([SOLFD L

vQ

FH

FRQVW

LPSRUWDQ D L FRPHUFLDOH

DQDOL]HL

FRUHODWH

FUHDQ HORU

REOLJD LLORU XQHL VRFLHW

14. 6 VH DQDOL]H]H SULQFLSDOHOH DVSHFWH oEOLJD LLORU SH ED]D XUP toarelor date:

SULYLQG

HYROX LD

FUHDQ HORU

mil. lei
Nr. Indicatori Crt. 1. Cifra de afaceri 2. &UHDQ H GLQ FDUH FUHDQ H   DQ FUHDQ H !  DQ 3. 2EOLJD LL GLQ FDUH REOLJD LL  1 an REOLJD LL !  DQ Perioada N-1 130.000 18.500 13.350 5.150 75.000 69.750 5.250 N 250.000 38.700 34.100 4.600 90.000 90.000 -

15. ,QWHUSUHWD L XUP

WRDUHD VLWXD LH  ]LOH

'XUDWD GH LPRELOL]DUH D FUHDQ HORU

Durata de folosire a surselor atrase = 34 zile. 16. &DUH HVWH VHPQLILFD LD HFRQRPLF Indicele cifrei de afaceri = 114%
,QGLFHOH VROGXOXL PHGLX DO REOLJD LLORU SH WHUPHQ VFXUW  D HYROX LHL LQGLFDWRULORU

17. &H UHIOHFW 18. &DOFXOD L

OLFKLGLWDWHD L VR

lvabilitatea unei ntreprinderi?

L LQWHUSUHWD L OLFKLGLWDWHD L VROYDELOLWDWHD XQHL ILUPH SH ED]D

GDWHORU GLQ ELODQ XO GH PDL MRV vQ UDSRUW FX VWDQGDUGHOH LQWHUQD LRQDOH

%,/$1

- mil. lei -

ACTIV Active imobilizate Active circulante, din care: - Stocuri - &UHDQ H - 'LVSRQLELOLW L b QHWL L SODVDPHQWH TOTAL ACTIV

N-1 3.250 4.600 2.920 1.460 220 7.850

N 3.800 4.220 2.150 1.570 500 8.020

PASIV Capital propriu mprumuturi pe

WHUPHQ PHGLX L

N-1

3.500 3.150

lung
)XUQL]RUL L DOWH REOLJD LL FXUHQWH

650

400

3.600 4.390 100 7.850 80 8.020

Credite pe termen scurt TOTAL PASIV

19. 6 VH GHWHUPLQH UDWD VROYDELOLW LL SDWULPRQLDOH FXP DSUHFLD L cazul n care aceasta este de 35%? 20. &XP
VH GHWHUPLQ UDWD OLFKLGLW VH vQFDGUH]H DFHDVWD WUHEXLH V

VLWXD LD vQ

LL JHQHUDOH L FDUH VXQW OLPLWHOH vQ FDUH

21. Care sunt principalele rate utilizate pentru analiza echilibrului economico-financiar al firmei ? 22. 'HILQL L
YLWH]D GH URWD LH D DFWLYHORU FLUFXODQWH L PHQ LRQD L LQGLFDWRULL DFHVW FRQFHSW HFRQRPLF GHWHUPLQD L GH FDSLWDO FDUH H[SULP

23. $QDOL]D L YLWH]D GH URWD LH D DFWLYHORU FLUFXODQWH vQ ]LOH L efectul modifiF ULL DFHVWHLD HOLEHUDUH VDX LPRELOL]DUH
FLUFXODQW vQ FXUVXO D GRX H[HUFL LL ILQDQFLDUH FRQVHFXWLYH

mil. lei

Nr. Indicatori Crt. 1. Cifra de afaceri 2. Soldul mediu al activelor circulante, din care: Stocuri &UHDQ H 'LVSRQLELOLW L E QHWL

Perioada N-1 17.800 2.350 1.260 1.050 40 N 19.400 3.070 1.550 1.430 90

24. 6FULH L IRUPXOD L LQWHUSUHWD L LQIOXHQ D FX VHPQXO a activelor circulante asupra viWH]HL GH URWD LH D DFHVWRUD GXUDWD vQ ]LOH D XQHL URWD Li). 25. ,QWHUSUHWD L indicatori:
VLWXD LD XQHL vQWUHSULQGHUL SH ED]D GLQDPLFLL XUP WRULORU

Indicele cifrei de afaceri = 104% Indicele activelor imobilizate = 102,5% Indicele activelor circulante = 107%.