5

$1$/,=$6,78$ ,(,),1$1&,$5- PATRIMONIALE

A ÎNTREPRINDERII

 'HOLPLW UL FRQFHSWXDOH SULYLQG DQDOL]D VLWXD LHL ILQDQFLDU -

SDWULPRQLDOHúLRELHFWLYHOHDFHVWHLD

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 LQHUHDSXWHULL úLDXWRQRPLHLILQDQFLDUHUHSUH]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

ILQDQFLDUHSRDWHV FRQGXF XQHRULODSHUIRUPDQ HLQIHULRDUH

 $VWIHOPDQDJHULLúLDF LRQDULLWUHEXLHV XUP UHDVF DWLQJHUHDDFHORU

RELHFWLYH SH WHUPHQ VFXUW FDUH V  FRQWULEXLH OD UHDOL]DUHD FHOXL SH WHUPHQ

lung – FUHúWHUHD YDORULL SDWULPRQLDOH D ILUPHL VLQJXUXO FDUH SHUPLWH

perenitatea acesteia.
Obiectivele principale ale analizei financiar-patrimoniale sunt:
¾ stabilirea patrimoniului net, respectiv a valorii contabile a averii

DF LRQDULORU

¾ GHWHUPLQDUHDV Q W LLILQDQFLDUHUHVSHFWLYGHWHFWDUHDXQRUHYHQWXDOH

VLWXD LL GH GH]HFKLOLEUX ILQDQF iar care ar putea periclita continuitatea
H[SORDW ULL

¾ VWDELOLUHDOLFKLGLW LLúLVRYDELOLW LLILUPHL

¾ GHWHUPLQDUHD IOH[LELOLW LL ILQDQFLDUH D DFHVWHLD SH ED]D WDEORXOXL

fluxurilor de trezorerie;
¾ FDUDFWHUL]DUHDHILFLHQ HLHOHPHQWHORUSDWULPRQLDOH

¾ întocmLUHD EXJHWHORU GH YHQLWXUL úL FKHOWXLHOL úL D SODQXULORU GH

ILQDQ DUH

¾ HYDOXDUHDSHUIRUPDQ HORUILUPHL

5.2 3UREOHPH GH ED]  DOH DQDOL]HL VLWXD LHL ILQDQFLDU -

patrimoniale

 %LODQ XO FRQWDELO – VXUVD LQIRUPD LRQDO  GH ED]  D DQDOL]HL

financiare

Analiza VLWXD LHL ILQDQFLDUH VH ED]HD]  SH EXJHWXO GH YHQLWXUL úL

FKHOWXLHOLELODQ XOFRQWDELOúLDQH[HOHVDOHUDSRUWXOGHJHVWLXQH etc.

%LODQ XO HVWH GRFXPHQWXO FRQWDELO SULQFLSDO FDUH SUH]LQW  VLWXD LD

SDWULPRQLDO  D XQHL vQWUHSULQGHULL OD XQ PRPHQW GDW ÌQ DFWLYXO ELODQ XOXL

VXQWvQUHJLVWUDWHWRDWHGUHSWXULOHGHSURSULHWDWHúLGHFUHDQ DOHvQWUHSULQGHULL

vQ RUGLQHD LQYHUV  D OLFKLGLW LL FDSDFLWDWHD SRVWXULORU GH DFWLY GH D VH

transforma în numerar), iar în pasiv toate obliga iile, respectiv

angajamentele DVXPDWH DUDQMDWH vQ RUGLQHD FUHVF WRDUH D H[LJLELOLW LL
WLPSXO FkW VXUVD UHVSHFWLY  U PkQH OD GLVSR]L LD vQWUHSULQGHULL (JDOLWDWHD

ELODQ LHU HVWHQHFHVDU GHRDUHFHDFWLYXOúLSDVLYXOVXQWGRX UHSUH]HQW ULDOH

DFHOHDúLP ULPLHFRQRPLFH3DVLYXOUHIOHFW VXUVHOHIRQGXULORUvQWUHSULQGHULL ,

LDU DFWLYXO FRQVWLWXLH XWLOL] ULOH F URUD OH VXQW DIHFWDWH DFHVWH IRQGXUL GHFL

QLFL R VXUV  QX SRDWH U PkQH I U  DORFDUH GXS  FXP QLFL R QHYRLH GH

ILQDQ DUHQXSRDWHH[LVWDI U VXUVHGHIRQGXUL

 Unele aspecte priviQG YROXPXO úL VWUXFWXUD DFWLYHORU úL SDVLYHORU VDX
DVLJXUDUHD VXUVHORU GH ILQDQ DUH D DFWLYLW LL SRW IL LQYHVWLJDWH úL SH ED]D

ELODQ XOXLFRQWDELOvQWRFPLWFRQIRUPUHJOHPHQW ULORUOHJLVOD LHLvQYLJRDUHÌQ

OHJ WXU FXDQDOL]DVLWXD LHLILQDQFLDUHSHED]DELODQ XOXLFRQWDELOH[LVW vQV 

GRX WHRULLIXQGDPHQWDOH

¾ WHRULD ELODQ XOXL SDWULPRQLDO (financiar), FDUH DUH OD ED]  DQDOL]D

lichiditate-H[LJLELOLWDWHQXPLW vQSUDFWLFD ULORURFFLGHQWDOH

, analiza
SDWULPRQLDO  DFHDVW  DQDOL]  SXQH vQ HYLGHQ  ULVFXO de
LQVROYDELOLWDWH DO vQWUHSULQGHULL DGLF  LQFDSDFLWDWHD ILUPHL GH D-úL

RQRUDDQJDMDPHQWHOHDVXPDWHID GHWHU L

¾ WHRULD ELODQ XOXL IXQF LRQDO FRQIRUP F UHLD vQWUHSULQGHUHD

UHSUH]LQW  R HQWLWDWH HFRQRPLF  úL ILQDQFLDU  DVLJXUkQG UHDOL]DUHD

anumitor fuQF LLFXPDUILIXQF LDGHSURGXF LHIXQF LDGHLQYHVWLUHúL

dezinvestire, prHFXPúLIXQF LDGHILQDQ DUH

%LODQ XO SDWULPRQLDO SUH]LQW  R LPSRUWDQ  GHRVHELW  SHQWUX

DF LRQDUL FDUH VXQW LQWHUHVD L V  FXQRDVF  YDORDUHD DYHULL ORU úL FUHGLWRUL

(pentru cDUH SDWULPRQLXO UHSUH]LQW  R JDUDQ LH SHQWUX UHDOL]DUHD GUHSWXULORU

ORU$FHVWWLSGHELODQ VHRE LQHvQXUPDUHJUXS ULLSRVWXULORUGHDFWLYúLGH

SDVLYGXS FULWHULLOHGHOLFKLGLWDWHúLH[LJLELOLWDWH

1. &RUHF LLUHIHULWRDUHODDFWLYXOELODQ 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 LLQXDXQLFLRYDORDUH GHRDUHFH QXGDXQDúWHUH XQXLIOX[GH

numerar.
De asemenea, activului imRELOL]DW VH PDMRUHD]  FX SDUWHD DFWLYHORU

FLUFXODQWHFXWHUPHQGHOLFKLGLWDWH!DQ'HH[HPSOXGDF H[LVW FUHDQ H –

FOLHQ L VDX FOLHQ L
– FUHGLWRUL FX VFDGHQ H !  DQ DFHVWHD YRU IL HOLPLQDWH GH
ODUXEULFDUHVSHFWLY úLWUDQVIHUDWHvQJUXSD³$FWLYLPobilizat“;

b) Activul circulant VH GLPLQXHD]  FX YDORDUHD DFWLYHORU FLUFXODQWH

DYkQG WHUPHQ GH OLFKLGLWDWH !  DQ úL VH PDMRUHD]  FX YDORDUHD

LPRELOL] ULORUILQDQFLDUHFXWHUPHQGHOLFKLGLWDWHDQ etc.

 2. &RUHF LLUHIHULWRDUHODSDVLYXOELODQ XOXL

a) Capitalurile permanente VH GLPLQXHD]  FX YDORDUHD DFWLYHORU

fictive (cheltuielile de constituire, debitorii din capitalul subscris
úLQHY UVDWFKHOWXLHOLOHGHUHSDUWL]DWDVXSUDH[HUFL LLORUILQDQFLDUH

YLLWRDUH úL GLIHUHQ HOH GH FRQYHUVLH DFWLY VH VFDG GLQ FD pitalurile
SURSULLLDUSULPHOHSULYLQGUDPEXUVDUHDREOLJD LXQLORUVHVFDGGLQ

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]DUHúLDVLPLODWH – Pasiv“ din bilan ul contabil) cu termen

GHH[LJLELOLWDWH!DQúLFXGLIHUHQ HOHGHFRQYHUVLHSDVLYDFHVWHD

ILLQGFRQVLGHUDWHSURILWSRWHQ 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

ULVFXULúLFKHOWXLHOLSUHFXPúLDOWRUHOHPHQWHGHFDSLWDOXULSURS rii;
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 ULORUDQWHULRDUHUH]HUYHSURILWQHUHSDUWL]DWúLFDSLWDOXULle din surse

SXEOLFHVXEYHQ LLSURYL]LRDQHUHJOHPHQWDWH),SUHFXPúLGDWRULLOHSHWHUPHQ

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 vQFRQVLGHUDUH XQDQXPLWHFKLOLEUXFDUHWUHEXLHV H[LVWHvQWUH

GXUDWD XQHL RSHUD LL GH ILQDQ DW úL GXUDWD PLMORDFHORU GH ILQDQ DUH

FRUHVSXQ] WRDUH ELODQ XO ILQDQFLDU SXQH vQ HYLGHQ  GRX  UHJXOL SULQFLSDOH

DOHILQDQ ULLUHVSHFWLYQHYRLOHSHUPDQHQWHGHILQDQ DUHYRUIL DFRSHULWHGLQ

capitaluri permanente, îndeosebi din capitaluri proprii, iar nevoile temporare

YRU IL ILQDQ DWH , în special din resurse temporare. Nerespectarea acestor
UHJXOLGHILQDQ DUHYDGHWHUPLQDRVLWXD LHGHGH]HFKLOLEUXILQDQFLDU

NEVOI = ACTIV RESURSE = PASIV

Activ imobilizat net ( > 1 an ) Capitaluri permanente
- LPRELOL] ULQHFRUSRUDOH - capital social
- LPRELOL] ULFRUSRUDOH - rezerve
- LPRELOL] ULILQDnciare > 1 an - VXEYHQ LL
- crean e > 1 an - rezultat nerepartizat
- provizioane > 1 an
- GDWRULL SH WHUPHQ PHGLX úL OXQJ
(> 1 an)
Activ circulant net (< 1 an) Datorii pe termen scurt (< 1 an)
- stocuri - financiare (credite bancare curente)
- FUHDQ H–FOLHQ LDQ - nefinanciare
- GLVSRQLELOLW L Provizioane < 1 an
- LPRELOL] ri financiare < 1 an

)LJ%LODQ ILQDQFLDUSDWULPRQLDO

Exemplu:
7DEHOXO GH PDL MRV VLQWHWL]HD]  VLWXD LD SDWULPRQLXOXL vQWUHSULQGHULL OD

31 DecDQXO1VWDELOLW SHED]DELODQ XOXLFRQWDELO

5HDOL]D LFRQYHUVLDELODQ FRQWDELO –ELODQ SDWULPRQLDOILQDQFLDU

Tabelul. 5.2
%,/$1 &217$%,/Ì1&+(,$7/$DQXO1

= mil lei =
ACTIV PASIV
,PRELOL] ULQHFRUSRUDOH Capital social 68.500
,PRELOL] ULFRUSRUDOH Rezerve 34.600
,PRELOL] ULILQDQFLDUH  5H]XOWDWXOH[HUFL LXOXL 

TOTAL ACTIVE 6XEYHQ LLSHQWUXLQYHVWL LL

IMOBILIZATE 83.300 TOTAL CAPITAL

Stocuri 63.700 PROPRIU 116.510
&OLHQ L  Provizioane pentru
$OWHFUHDQ HSHWHUPHQVFXUW ULVFXULúLFKHOWXLHOL

Titluri de plasament 11.750 Credite bancare (****) 44.600

'LVSRQLELOLW L 650 Furnizori 40.220
TOTAL ACTIVE
CIRCULANTE 148.230 Alte datorii pe termen scurt 29.500
Cheltuieli înregistrate în avans 3.500 TOTAL DATORII 114.320
CONTURI DE REGULARIZARE
ù,$6,0,/$7( 3.500
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 LLUHIHULWRDUHODDFWLYXOELODQ 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] U i 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] ULORUILQDQFLDUHDQPLOOHLúLFX
valoarea cheltuielilor înregistrate în avans ( 3.500 mil lei ), rezultând
un sold al clien ilor < 1 an de 58.827 mil. lei;

2. &RUHF LLUHIHULWRDUHODSDVLYXOELODQ 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;
GDWRULLOHILQDQFLDUHSHWHUPHQOXQJUHSUH]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) ÎNCHEIAT LA 31.12 anul N

= mil.lei =
ACTIV PASIV
Nevoi permanente 98.473 Capitaluri permanente 147.710
,PRELOL] ULQHFRUSRUDOH Capitaluri proprii 112.910
,PRELOL] UL corporale 83.050 Proviz. pt. Riscuri
,PRELOL] ULILQDQFLDUH úLFKHOWXLHOL

DaWRULLSHWHUPPHGLXúLOXQJ
Nevoi temporare 136.557 Resurse temporare 87.320
Stocuri 63.700 Datorii furnizori 40.220
&UHDQ H Dividende datorate 3.600
'LVSRQLELOLW LúL Alte datorii pe termen scurt 29.500
titluri de plasament 12.400 Credite curente 14.000
TOTAL ACTIV 235.030 TOTAL PASIV 235.030

%LODQ XO IXQF LRQDO RIHU  R LPDJLQH DVXSUD PRGXOXL GH IXQF LRQDUH

GLQSXQFWGHYHGHUHHFRQRPLFDvQWUHSULQGHULLHYLGHQ LLQGDWkWXWLOL] rile cât

úL VXUVHOH FRUHVSXQ] WRDUH ILHF UXL FLFOX UHVSHFWLY GH LQYHVWL LL GH

H[SORDWDUHúLFHOGHILQDQ DUHúLWUH]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 vQPRG QHFHVDU GLQ resursele
durabile (aciclice) H[LVWHQWH vQ SDVLYXO ELODQ XOXL $FWLYHOH FLUFXODQWH FkW úL

UHVXUVHOH SHQWUX ILQDQ DUHD ORU VXQWFRQVLGHUDWHFLFOLFH 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 exploatareGDWRULLIXUQL]RULúL 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 SDVL vul 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 LDGHILQDQ DUHSRDWHILUHSUH]HQWDW vQSDUWHDGLQGUHDSWDQLYHOXOGHVXV

DO ELODQ XOXL IXQF LD GH ILQDQ DUH HVWH pozi LRQDW  H[FOXVLY vQ SDUWHD GH MRV

DELODQ XOXL fig. 5.4).

1
3ULQFLSLLFDUHVWDXODED]DvQWRFPLULLELODQ XOXLIXQF LRQDO :
a) DFWLYHOH VXQW OXDWH vQ FDOFXO OD YDORDUHD ORU EUXW  DGLF  YDORDUHD

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

DPRUWL] ULOHUXODMXOFUHGLWRUDOFRQWXOXLúLSURYL]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) FRQFHSWXOGHDFWLYILFWLYQXPDLHVWHRSHUD LRQDO

d) FKHOWXLHOLOH FDUH SULYHVF H[HUFL LLOH ILQDQFLDUH YLLWRDUH VH

DVLPLOHD] DFWLYHORULPRELOL]DWH

e) HIHFWHOH VFRQWDWH QHDMXQVH OD VFDGHQ  GHELWRULL SULYLQG FDSLWDOXO

VXEVFULVúLQHY UVDWSULPHOHSULYLQGUDPEXUVDUHDREOLJD LXQLORUúL

diIHUHQ HOH GHFRQYHUVLHGH DFWLY úL GH SDVLY VH WUDWHD]  vQDFHODúL

PRGFDúLODHODERUDUHDELODQ XOXLSDWULPRQLDO

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).

M. Niculescu/ Diagnostic global strategic/ Editura E

 

   
1
 'LQSHUVSHFWLYDELODQ XOXLIXQF LRQDOUHDOL]DUHDHFKLOLEUXOXLILQDQFLDU

DOvQWUHSULQGHULLQXSUHVXSXQHGRDUH[LVWHQ DXQXLIRQGGHUXOPHQWSR]LWLYFL

a unui fond de rulment acoperitor nevoilor de finantare ale ciclului de

H[SORDWDUHVWRFXULFUHDQ HGHH[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
,
VWUXFWXUDILQDQFLDU DILUPHLúLQDWXUDDFWLYLW LLVDOH

NEVOI = ACTIV SURSE = PASIV

NEVOI ACICLICE ( STABILE ) SURSE ACICLICE (DURABILE)
- Activ imobilizat (brut) - capitaluri proprii
- DPRUWL] ULúLSURYL]LRDQH
- datorii financiare
NEVOI CICLICE SURSE CICLICE
- Activ circulant de exploatare (brut) - Datorii de exploatare
-$FWLYFLUFXODQWvQDIDUDH[SORDW ULLEUXW - 'DWRULLvQDIDUDH[SORDW ULL
- Active de trezorerie - 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. FDVXP DHOHPHQWHORUFDSLWDOXOXLSURSULX
3DWULPRQLXO QHW HVWH vQ PRG QRUPDO SR]LWLY úL FUHVF WRU FD XUPDUHD

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] ULWPXOGDWRULLORUWRWDOH

$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

GHUXOPHQWúLWUH]RUHULDQHW

Fondul de rulment UHSUH]LQW  SDUWHD GLQ FD pitalul permanent

XWLOL]DW  SHQWUX ILQDQ DUHD DFWLYHORU FLUFXODQWH LPSXV  GH GLIHUHQ HOH GLQWUH

VXPHOHGHvQFDVDWúLVXPHOHGHSO WLWSUHFXPúLGHGHFDODMXOGLQWUHWHUPHQXO

PHGLX GHWUDQVIRUPDUHDDFWLYHORUFLUFXODQWHvQ OLFKLGLW LúLGXUDWDPHGLHvQ

care datoriile pe termen scurt devin exigibile.

0RGDOLW LGHFDOFXODIRQGXOXLGHUXOPHQW

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 'DWRULLSHWHUPHQPHGLXúLOXQJ
 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

$FHVWDSUH]LQW RYDORDUHLQIRUPDWLY ULGLFDW DVLJXUkQGOHJDWXUDGLQWUHFHOH

GRX  S U L DOH ELODQ XOXL ILQDQFLDU &D XUPDUHfondul de rulment este

considerat ca fiind cel mai important indicator al echilibrului financiar
lichiditate – exigibilitate, care permite aprecierea pe termen scurt a riscului
GHLQFDSDFLWDWHGHSODW 

2. Potrivit FRQFHS LHLIXQF LRQDOHIRQGXOGHUXOPHQWIXQF LRnal sau fondul

GHUXOPHQWQHWJOREDO)5*1VHGHWHUPLQ DVWIHO

a) FRNG = Surse aciclice – Active aciclice

)RQGXOGHUXOPHQWQHWJOREDOUHIOHFW VXUSOXVXOUHVXUVHORUGXUDELOHvQ

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]HQRLFUHGLWHSHQWUXILQDQ DUHDQHYRLORUGHH[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 LLSHWHUPHQVFXUW

sau: NFR = (Stocuri + Crean e) – Credite pe termen scurt

1HYRLDGHIRQGGHUXOPHQWVHPQLILF vQHVHQ , 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 QDWXU  FHORU ID
a 
GH IXUQL]RUL VDODULD L EXJH tul de stat etc. SkQ  vQ PRPHQWXO SO LL ORU

UHSUH]LQW RVXUV DWUDV GHILQDQ DUHDDFWLYHORUFLUFXODQWH

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

SHQWUXH[SORDWDUH1)5(úLFHDvQDIDUDH[SORDW ULL1)5$(

NFR = NFRE + NFRAE

$FWLYHFLFOLFHDIHUHQWHH[SORDW ULL
NFRE = – Surse ciclice aferente
H[SORDW ULL

NFRAE = $FWLYH FLFOLFH GLQ DIDUD H[SORDW ULL – Surse ciclice din afara
H[SORDW ULL

0 ULPHDQHYRLGHIRQGGHUXOPHQWGLQH[SORDWDUHHVWHLQIOXHQ DW GH

QDWXUDDFWLYLW LLGXUDWDFLFOXOXLGHIDEULFD LHYLWH]DGHURWD LHDVWRFXULORUúL

FUHDQ HORUQLYHOXOGHDFWLYLWDWH etc.

'DF QHYRLDGHIRQGGHUXOPHQWHVWHSR]LWLY VLWXD LDVHFRQVLGHU D

IL QRUPDO  QXPDL GDF  HVWH UH]XOWDWXO XQHL SROLWLFL GH LQYHVWL LL SULYLQG

FUHúWHUHDQHYRLLGHILQDQ DUHDFLFOXOXLGHH[SORDWDUH$OWIHODFHDVWDUHIOHFW 

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 XQVXUSOXVGHUHVXUVHWHPSRUDUHFRPSDUDWLYFXQHYRLOHWHPSRUDUH

VLWXD LDILLQGIDYRUDELO GRDUGDF HVWHUH]XOWDWXODFFHOHU ULLURWD LHLDFWLYHORU

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]LRQDUHDúLUHvQQRLUHDVWRFXULORUVDXvQDFWLYLWDWHDGHSURGXF LH

TrezoUHULDQHW H[SULP FRUHOD LDGLQWUHIRQGXOGHUXOPHQWúLQHYRLD

GH IRQG GH UXOPHQW UHIOHFWkQG VLWXD LD ILQDQFLDU  D ILUPHL DWkW SH WHUPHQ

PHGLXúLOXQJFkWúLSHWHUPHQVFXUW

a) Pe baza ELODQ XOXL SDWULPRQLDO (financiar), DFHDVWDVHFDOFXOHD] FX

XUP WRDUHDIRUPXO 

TN = FR - NFR
 b) 7UH]RUHULDQHW VHSRDWHFDOFXODSHED]DELODQ XOXLIXQF LRQDO astfel:
TN = FRNG – NFR
sau
TN = TA – TP
TA = trezoreria de activ, respectiv soldurile debitoare ale conturilor de
GLVSRQLELOLW LúLSODVDPHQWH

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  DFH VWD VH PHQ LQH vQ FDGUXO PDL PXOWRU
a
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 dividendHOHSO WLWHvQ FXUVXODFHOHDúLSHULRDGHOD
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
GHILFLWPRQHWDUUHVSHFWLYXQGH]HFKLOLEUXILQDQFLDUODVIkUúLWXODQXOXL,úLFDUH

DIRVWDFRSHULWSHVHDPD FUHGLWHORUSHWHUPHQVFXUW'DF QHYRLDGHIRQGGH

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 FLvQUHJLVWUDUHDXQXLGHFDODMvQWUHWHUPHQXOPHGLXGH

WUDQVIRUPDUH D VWRFXULORU úL FUHDQ HORU vQ OLFKLGLW L úL GXUDWD PHGLH GH

RQRUDUHDREOLJD LLORUSHWHUPHQVFXUW

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 úLSODVDPHQte) – (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 stocurLORUúL FUHDQ HORU SHGH RSDUWHPLOOHL,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]DVWUXFWXULLSDWULPRQLDOH DUHFDRELHFWLYVWDELOLUHDúLXUP 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 XOXLRIHULQGGHDVHPHQHDSRVLELOLWDWHDUHDOL] ULLGHDQDOL]HFRPSDUDWLYH

vQWLPSúLVSD 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
× 100
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) RDWDLPRELOL] ULORUQHFRUSRUDOH :
I ! "$#%&" '"( %
× 100
Total activ

0 ULPHD DFHVWXL LQGLFDWRU UHIOHFW  SRQGHUHD DFWLYHORU LQWDQJLELOH

EUHYHWHOLFHQ H P UFLIRQG FRPHUFLDO etc.) în activele totale ale firmei. În

FD]XOILUPHORUURPkQHúWLYDORDUHDDFHVWHLUDWHHVWHIRDUWHUHGXV vQWLPSFH

vQ DOWH UL FXP DU IL 68$ SRQGHUHD DFWLYHORU QHFRUSRUDOH GHSDVHúWH 

din valoarea de înlocuire a firmelor.

a.2) RDWDLPRELOL] ULORU corporale:
I  ! "&")'"( %
× 100
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 DFH VW  a
UDW  VHPQLILF  FDSDFLWDWHD ILUPHL GH D UH]LVWD XQHL FUL]H HFRQRPLFH úWLLQGX -
VHIRDUWHELQHF RLPRELOL]DUHULGLFDW DFDSLWDOXOXLDWUDJHGXS VLQHXQULVF

mare al netransIRUP ULLDFHVWRUDvQOLFKLGLW L

a.3) RDWDLPRELOL] ULORUILQDQFLDUH :

I*  ! "+,  #-(#& ("% × 100

Total activ
 AceastaUHIOHFW LQWHQVLWDWHDOHJ WXULORUúLUHOD LLORUILQDQFLDUHSHFDUH
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

vQFD]XOILUPHORUPLFLFDUHQXSRWHIHFWXDLQYHVWL LLILQDQFLDUH

a.4) Rata activelor circulante:

Active circulante
× 100
Total activ

$FHDVW  UDW  UHIOHFW  SRQGHUHD DFWLYHORU FLUFXODQWH vQ WRWDOXO

mijloacelor economice ale întreprinderii. Ca rate complementare, se

UHFRPDQG DILXWLOL]DWH

a.4.1) Rata stocurilor:

Stocuri
× 100
Total activ

$FHVW LQGLFDWRU vQUHJLVWUHD]  YDORUL PDUL vQ FD]XO ILUPHORU FX

DFWLYLWDWH GH SURGXF LHFX FLFOX OXQJ GH IDEULFD LH SUHFXP úLD acelor firme
cXVSHFLILFGHGLVWULEX LHGHEXQXULPDWHULDOH
a.4.2) RDWDFUHDQ HORUFRPHUFLDOH :
./  %# 0&#21 34"+(5  (1 %
× 100
Total activ

5DWD FUHDQ HORU FRPHUFLDOH HVWH LQIOXHQ DW  GH QDWXUD FOLHQ LORU úL GH

WHUPHQXOGHSODW SHFDUHILUPDvODFRUG SDUWHQHULORUV L

a.4.3) RDWDGLVSRQLELOLW LORUE QHúWLúLD plasamentelor:

67 5+'#   1 2 #%0+1 48*9: 1 34";2%<'4 (5(=%#41
× 100
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

SODVDPHQWHSUHFXPúLGHVWLQD LDSODVDPHQWHORU
 5.2.4.2 Ratele privind structura pasivului

3ULQFLSDOHOHUDWHGHVWUXFWXU DSDVLYXOXLELODQ XOXLXWLOL]DWHVXQW :

a) RDWDVWDELOLW LLILQDQ ULL :

Capital permanent × 100
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
× 100
Capital permanent

Rata autonomiei financiare VHPQLILF  SRQGHUHD VXUVH

lor proprii în
ILQDQ DUHDPLMORDFHORUHFRQRPLFHDOHILUPHLúLvQUHJLVWUHD] valori diferite în
IXQF LH GH SROLWLFD ILQDQFLDU  D vQWUHSULQGHULL úL UHQWDELOLWDWHD HL 6H

recomanG FDYDORDUHDDFHVWHLDV ILH > ½.

c) Rata datoriilor pe termen scurt:
Datorii pe termen scurt
× 100
Total pasiv

$FHDVW UDW VHPQLILF SRQGHUHDGDWRULLORUFX WHUPHQGHH[LJLELOLWDWH

mai mic de un an în totalul surselor întreprinderii.

d) Rata datoriilor totale:
Datorii totale
× 100
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 DOHDFWLYXOXLúLSDVLYXOXLVRFLHW LLFRPHUFLDOHUHVSHFWLYH
 Tabelul 5.5

%,/$1 &217$%,/$/Ì175(35,1'(5,, A

ACTIV N N-1 PASIV N N-1

,PRELOL] UL
9550 9984 Capital social 300000 300000
necorporale
,PRELOL] UL
574200 526400 Rezerve 97500 49200
corporale
,PRELOL] UL Provizioane
730 730 42000 22750
financiare reglementate
Rezultatul
55670 25425
H[HUFL LXOXL

ACTIVE CAPITAL
584480 537114 495170 397375
IMOBILIZATE PROPRIU
Datorii financiare
Stocuri 301640 309500 394850 354500
(scaden > 1 an)
AvaQVXULúL
&OLHQ L 70120 120000 4225 3750
aconturi primite
$OWHFUHDQ H 9050 25480
Valori )XUQL]RULúL

mobiliare de 41875 43620 conturi asimilate 25840 95289

plasament
Alte datorii pe
'LVSRQLELOLW L 12500 24700 99580 209500
termen scurt
ACTIVE TOTAL
435185 523300 524495 663039
CIRCULANTE DATORII
TOTAL
1019665 1060414 TOTAL PASIV 1019665 1060414
ACTIV
 ÌQ FD]XO vQWUHSULQGHULL DQDOL]DWH UDWH GH VWUXFWXU  D DFWLYXOXL úL

SDVLYXOXLVHSUH]LQW DVWIHO

Tabelul 5.6
= mii lei =
5$7('(6758&785  N-1 N
1. Rata activelor imobilizate 57,32 50,65
5DWDLPRELOL] ULORUnecorporale 0,94 0,94
3. 5DWDLPRELOL] ULORU corporale 56,31 49,64
4. 5DWDLPRELOL] ULORUILnanciare 0,07 0,07
5. Rata activelor circulante 42,68 50,65
6. Rata stocurilor de materii prime, ma-
29,58 29,19
teriale etc.
7. 5DWDFUHDQ HORU 7,76 13,72
8. 5DWD GLVSRQLELOLW LORU E QHúWL úL SOD-
5,33 6,44
samentelor
9. 5DWDVWDELOLW LLILQDQFLDUH 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
SHULRDGHDQDOL]DWH5DWDLPRELOL] ULORUFRUSRUDOHHVWHIRDUWHDSURSLDW GHFHD

a activelor imobilizate, FHHD FH GHPRVWUHD]  SUHSRQGHUHQ D DFHVWXL HOHPH nt

vQ WRWDOXO LPRELOL] ULORU 9DORDUHD UHGXV  D UDWHORU LPRELOL] ULORU ILQDQFLDUH

úL QHFRUSRUDOH VHPQLILF  R DFWLYLWDWH GH LQYHVWL LL ILQDQFLDUH UHVWU QV  úL GH
â
asemenea,RSRQGHUHPLF DDFWLYH
lor intangibile în total activ.
$FWLYHOH FLUFXODQWH GH LQ R SRndere de 42,68% în primul an, care

FUHúWHvQXUP WRUXODQSkQ ODYDORDUHDGH$FHDVW PDMRUDUHDUDWHL

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 UHIHULW oare la
YROXPXO GH DFWLYLWDWH úL OD VWUXFWXUD FUHDQ HORU GXS  QDWXUD ORU FHUWLWXGLQHD

UHDOL] ULLDFHVWRUDúLWHUPHQXOGHUHDOL]DUH

'LQSXQFWGHYHGHUHDOUDWHORUGHVWUXFWXU DSDVLYXOXLvQWUHSULQGHUHD

SUH]LQW  R VWDELOLWDWH ILQDQFLDU  ULGLFDW  GDU FDUH V -a degradat în timp

vQDQXO1ID  de 87,29% în anul N-1). De asemenea, firma dispune
GHDXWRQRPLHILQDQFLDU SRQGHUHDFDSLWDOXOXLSURSULXvQFDSLWDOXOSHUPDQHQW

fiind de GDUvQDQXOXUP WRUDFH asta scade semnificativ, apropiindu-

VH GH OLPLWD PLQLP  DGPLV   GLQ FDSLWDOXO SHUPDQ ent), ca urmare a
VF GHULL FDSLWDOXOXL SURSULX  GHFL D FUHúWHULL GDWRULLORU SH WHUPHQ PHGLX úL
,
OXQJ5DWDGDWRULLORUWRWDOHDFUHVFXWVLP LWRUSHVHDPDREOLJD LLORUSHWHUPHQ

scurt,FHHDFHDP ULWJUD dul 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]DFRUHOD LHLGLQWUHFUHDQ HúLREOLJD LL

CUHDQ HOH UHIOHFW  DQJDMDPHQWH FRQWUDFWDWH GH DQXPL L SDUWHQHUL DL

ILUPHLFXPVXQW FOLHQ LL  DOHF URU WHUPHQH GHSODW DXRVFDGHQ

, 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 SXEO ice, 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[FOX zând creditele
EDQFDUH $FHVWHD FRQ LQ GDWRULLOH F WUH IXUQL]RUL SHUVRQDO VWDW DF LRQDUL

avansuri deODFOLHQ Letc.

&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

vQFDVDUHúLGHSODW ,QGLFDWRULLXWLOL]D LvQDFHVWVFRSVXQW

'XUDWDGHLPRELOL]DUHDFUHDQ HORU'L

Sd × 360
Di =
Rd
unde:
6G VROGXOPHGLXDOFUHDQ HORU ;
5G UXODMXOGHELWRUDOFRQWXULORUGHFUHDQ H .
 ÌQ SUDFWLF  VH XWLOL]HD] GH UHJXO  FLIUD GHDIDFHUL GHRDUHFH ELODQ XO

QXIXUQL]HD] LQIRUPD LLUHIHULWRDUHODUXODMXOFRQWXULORUUHVSHFWLYH

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

Sc × 360
Df =
Rc
unde:
6F VROGXOPHGLXDOFRQWXULORUGHREOLJD LL

Rc = rulajul creditor al conturilor respective.

&RUHOD LD GLQWUH VXPD FUHDQ HORU úL D REOLJD LLORU SH WHUPHQ VFXUW

SUHFXPúLGLQWUH'LúL'IJHQHUHD] IOX[XULE QHúWLFDUHLQIOXHQ HD] SR]LWLY

VDXQHJDWLYGLVSRQLELOLW LOHILUPHL Astfel:

a) 'DF  6G  6F úL 'L  'I  DWXQFL FHO SX LQ GLQ SXQFW G e vedere
WHRUHWLFVHSURGXFHRFRPSHQVDUHvQWUHFUHDQ HúLREOLJD LL

b) 'DF  6G ! 6F úL 'L  'I DWXQFL IOX[XO GH GLVSRQLELOLW L HVWH

LQIOXHQ DWSR]LWLYGHRDUHFHVXPDvQFDV ULORUHVWHVXSHULRDU VXPHL

SO LORUSHQWUXDFHODúLLQWHUYDOGHWLPS

([LVW ELQHvQ HOHVúLPXOWHDOWHYDULDQWHvQIXQF LHGHFHLLQGLFDWRUL

&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

DFHVWRUDvQFDGUXOWRWDOXOFUHDQ HORUúLDREOLJD 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 ]LOHúLXQDQSHVWHXQDQ

Exemplu:
6HG XUP WRDUHDVLWXD LHDFUHDQ HORUúLDREOLJD LLORUILUPHL$
Tabelul 5.7
Perioada
Nr.
Indicatori N-2 N-1 N
Crt.
mil lei % mil lei % 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. 5DSRUWXOFUHDQ HREOLJD 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[XOGHGLVSRQLELOLW L$FHDVW LQIOXHQW HVWHSDU LDOGLPLQXDW GHUDSRUWXO

GLQWUHFUHDQ HúLREOLJD LLUDSRUWFDUHGHúLDUHRGLQDPLF FUHVF WRDUHHOHVWH

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

VXUVHORUDWUDVHVHSUH]LQW DVWIHO

Tabelul 5.8
= zile =
Nr.crt. Indicatori N–2 N–1 N
1. 'XUDWDGHLPRELOL]DUHDFUHDQ HORU 25,3 31,2 44
2. Durata de folosire a surselor atrase 50,5 58,5 191,4

1LYHOXOúLHYROX LDDFHVWRUGRLLQGLFDWRULFRQILUP FRQFOX]LDVWDELOLW 

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 LLORUvQDQXO1VHSUH]LQW DVWIHO

Tabelul 5.9

Nr. &UHDQ H 2EOLJD LL

6SHFLILFD ie
Crt. mil.lei % mil.lei %
1. 3kQ ODGH]LOH 754 75,4 1.022 66,9
2. ÌQWUH]LOHúLDQ 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 ULORUúLSO LORU

$QDOL]DOLFKLGLW LLúLVROYDELOLW LLILUPHL

LichiditateaUHSUH]LQW SURSULHWDWHDHOHPHQWHORUSDWULPRQLDOHGHDVH
transforma în bani.
Solvabilitatea este capacitatea întreprinderii de a-úLRQRUDREOLJD LLOH
GHSODW ODVFDGHQ 
 &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 LLOHVFDGHQWHSHQWUXDFHODúLLQWHUYDOGHWLPS

Pentru caracterizarea OLFKLGLW LL unei firme VH FRPSDU  SDVLYHOH SH

WHUPHQVFXUWFXUHVXUVHOHGLVSRQLELOHSHQWUXDFHHDúLSHULRDG 

Cele mai utilizate rate de lichiditate sunt:

1. 5DWDOLFKLGLW LLJHQHUDOH :
Active circulante
Lg = Datorii curente

'DWRULLOH FXUHQWH VXQW IRUPDWH GLQ REOLJD LLOH ID  GH IXU nizori, 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 LXOXLILQDQFLDUFXUHQW

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 DOWHOHvQLQWHUYDOXOVL

2. 5DWDOLFKLGLW LLFXUHQWH (intermediare):

Active circulante – Stocuri
Lc = Datorii curente

Potrivit teoriei nord-amHULFDQH DFHDVW  UDW  HVWH FXQRVFXW  úL VXE

GHQXPLUHDGH³WHVWXODFLG³$FHDVW UDW HVWHGHRELFHLVXEXQLWDU ,QWHUYDOXO

FRQVLGHUDWFDVDWLVI F WRUSHQWUXDFHDVW UDW HVWHGH -1.

3. 5DWDOLFKLGLW LLLPHGLDWH :
'LVSRQLELOLW LúLSODVDPHQWH
Li = Datorii curente

ÌQWHRULDHFRQRPLF ,DFHDVW UDW HVWHFXQRVFXW úLVXEGHQXPLUHDGH

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.
 '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,
GLQWUHFDUHFHLPDLLPSRUWDQ LVXQW

1. RatDVROYDELOLW LLSDWULPRQLDOH :
Capital propriu
Sp = 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. 5DWDVROYDELOLW LLJHQHUDOH :
Active totale
Sg =
Datorii totale

$FHDVW  UDW  LQGLF  vQ FH P VXU  GDWRULLOH WRWDO e 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

FXDWkWVLWXD LDILQDQFLDU GHDQVDPEOXDILUPHLHVWHPDLEXQ 

Pe baza datelor din Tabelul 5.5, BILAN CONTABIL AL

ÎNTREPRINDERII A, VH RE LQ XUP WRDUHOH YDORUL DOH UDWHORU GH OLFKLGLWDWH
úLVROYDELOLWDWH

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 LLDFHVWHLDvQSHULRDGHOHXUP WRDUH

 5.2.7 Analiza echilibrului economico-financiar

(FKLOLEUXO ILQDQFLDU DO ILUPHL UHSUH]LQW  XQ VLVWHP GH FRUHOD LL , prin
FDUHVHVWDELOHVFDQXPLWHSURSRU LRQDOLW LvQFDGUXOúLvQWUHGLIHULWHOHIOX[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 LOHGHUHVXUVHPDWHULDOHúLSRVLELOLW LOHGHILQDQ DUH'HPRGXOFXP

VXQW XWLOL]DWH úL YDORULILFDWH DFHVWH UHVXUVH GHSLQGH DVLJXUDUHD HFKLOLEUXOXL

economico-financiar sau dereglarea acestuia.

3HQWUX H[SULPDUHD VLQWHWLF  D PXOWLSOHORU FRUHOD LL L mplicate de
echiOLEUXO ILQDQFLDU H[LVW  R PXOWLWXGLQH GH LQGLFDWRUL ÌQ SUDFWLF  VH

XWLOL]HD] vQVSHFLDOXUP WRULLLQGLFDWRUL

1. Rata autonomiei financiare:

Capital propriu
Raf = Capital propriu + Capital împrumutat

2. 5DWDGHILQDQ DUHDVWRFXUL lor:

Fond de rulment
Rfs = Stocuri

3. 5DWDGHDXWRILQDQ DUHDDFWLYHORU :
Capital propriu
Raa = Active fixe + Active circulante

4. Rata datoriilor;
Datorii totale
Rd = 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
 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 LRQDUHDFRUHVSXQ] WRDUHDDFHVWHLD

$QDOL]DYLWH]HLGHURWD LHDDFWLYHORUFLUFXODQWH

9LWH]D GH URWD LH D DFWLYHORU FLUFXODQWH UHSUH]LQW  XQ LQGLFDWRU GH

HILFLHQ FDUHUHIOHFW VFKLPE ULOH LQWHUYHQLWHvQ DFWLYLWDWHDvQWUHSULQGHULL 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 depindHGHGRLIDFWRULúLDQXPHFLIUDGHDIDFHUL
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 PDLPDUH  LDU QHFHVDUXO GH IRQG GH UXOPHQW mai mic pentru un
YROXPGDWDOSURGXF LHLUHVSHFWLYDOFLIUHLGHDIDFHUL

9LWH]DGHURWD LHDDFWLYHORUFLUFXODQWHSRDWHILH[SULPDW vQ :

a) 1XP UGHURWD LL (n):

CA
n=
AC
unde:
$& VROGXOPHGLXDODFWLYHORUFLUFXODQWHI 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 ULPHDEVWUDFW FDUHQXUHG vQWHUP eniFRQFUH LUHDOLWDWHDHFRQRPLF 

b) Durata în zile (Dz):

Ac × T
Dz =
CA
unde:
7 QXP UXO de zile ale perioadei analizate.
 ÌQ VFRSXO LGHQWLILF ULL DVSHFWHORU IDYRUDELOH GDU PDL DOHV D FHORU

QHIDYRUDELOHDOHJHVWLRQ ULLUHVXUVHORUVHUHFRPDQG GHWHUPLQDUHDYLWH]HLGH

URWD LHSHILHFDUHHOHPHQWDODFWLYHORUFLUFXODQWHúLDOVWDGLXOXLvQFDUHVHDIO 

în cadrul circuitului general, astfel:

b.1) 'XUDWDGHURWD LHDVWRFXULORUGHPDWHULLSULPHúLPDWHULDOH :

6WRFXOPHGLXGHPDWHULLSULPHúLPD teriale ×T
Cheltuielile cu materialele

E'XUDWDGHURWD LHDVWRFXULORUGHSURGXF LHvQFXUVGHH[HFX LH

6WRFXOPHGLXGHSURGXF LHvQFXUVGHH[HFX LH
×T
3URGXF LDH[HUFL LXOXLH[SULPDW în costuri (cheltuieli aferente proGX LHLH[HUFL LXOXi)

b.3) 'XUDWDGHURWD LHDVWRFXULORUGHSURGXVHILQLWHúLVHPLIDEULFDWH :

6WRFXOPHGLXGHSURGXVHILQLWHúLVHPLIDEULFDWH
×T
Cheltuielile aferente veniturilor din exploatare

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

StoculPHGLXDOFUHDQ HORU
×T
Veniturilor din exploatare

$QDOL]D IDFWRULDO  D YLWH]HL GH URWD LH SUHVXSXQH XWLOL]DUHD

XUP WRUXOXLPRGHO

CA
AC
Dz = ×T AC(1)
CA
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.)
 &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

VHSRDWHFDOFXODFXDMXWRUXOUHOD LHL

CA1
E ( I ) = (Dz1 – Dz0) ×
T
Pentru exemplificare se folosesc urm toarele date:
Tabelul 5.12
= mil lei =
Nr.
INDICATORI N-1 N %
Crt.
1. Cifra de afaceri 53400 61200 114,61
2. Soldul mediu al activelor circulante, 11620 13400 115,32
din care:
– stocuri 6480 7050 108,80
– FUHDQ H 5140 6350 123,54
3. 9LWH]DGHURWD LH]LOH 78,34 78,82 100,61

Model de analiz :
AC St + Cr
Dz = ×T = ×T
CA CA
9DULD LDYLWH]HLGHURWD LHvQ]LOH

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

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

HVWHXUP WRDUHD

1. ,QIOXHQ DPRGLILF ULLFLIUHLGHDIDFHUL

AC0 AC0
×T− × T = 68,35 − 78,34 = −9,99 zile
CA1 CA 0
2. ,QIOXHQ DPRGLILF ULLVROGXOXLPHGLXDODFWLYHORUFLUFXODQWH
AC1 AC0
×T− × T = 78,82 – 68,35 = +10,47 zile
CA1 CA1
GLQFDUHGDWRULW 

,QIOXHQ HLPRGLILF ULLVWRFXULORUPHGLL

St1 St
× T − 0 × T = 41,47 – 38,11 = +3,36 zile
CA1 CA1
,QIOXHQ HLPRGLILF ULLVROGXOXLPHGLXDOFUHDQ HORU

Cr1 Cr
× T − 0 × T = 37,35 – 30,24 = +7,11 zile
CA1 CA1
 (IHFWXO PRGLILF ULL YLWH]HL GH URWD LH DDFWLYHORU 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] RLPRELOL zare de capital, respectiv:

61.200
I = ( 78,82 – 78,34 ) × = 81,6 mil. lei
360
6HFRQVWDW RvQFHWLQLUHDYLWH]HLGHURWD LHDDFWLYHORUFLUFXODQWHGHOD

 ]LOH vQ SULPXO DQ OD  ]LOH vQ DQXO XUP WRU FHHD FH DUH FD HIHFW R

imobilizare dHFDSLWDOÌQFHWLQLUHDYLWH]HLGHURWD LHDDFWLYHORUFLUFXODQWHV-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 LHDGLF UHGXFHUHDDFHVWHLDFX]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 LHV DGDWRUDWDWkWFUHúWHULLYDORULLFUHDQ HORUFkWúLD

-
VWRFXULORU ,QIOXHQ D VWRFXULORU VH DSUHFLD]  QRUPDO   ISt < ICA ), dar cea a
PDMRU ULL FUHDQ HORU QX HVWH MXVWLILFDW  vQ WRWDOLWDWH GH FUHúWHUHD YkQ] ULORU

( ICr > ICA ).

'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]  E una
desf úXUDUHDDFWLYLW 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

diminXDUHDFRQVXPXULORUVSHFLILFHGHPDWHULLSULPHúLPDWHULDOHSULQ
 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

SHUVRQDOXOXLvPEXQ W LUHDFDOLW LLSURGXVHORU

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 ULWPXOX i de

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

GHFRQWDUHFXFOLHQ LLXUP ULUHDRSHUDWLY DGHFRQW ULLSURGXVHORU 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 GHWUH]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

QLYHOXOV XGHIRUPDUHFkWúLPRGXOGHXWLOL]DUH
FolosireaDFHVWHLLQIRUPD LL
FRQIHU RELHFWLYLWDWHvQJHVWLXQHDúLDQDOL]DHFRQRPLFR 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 DFRQYHQ LLORUúLSROLWLFLORUFRQWDELOH

([LVWHQ D WUH]RUHULHL UHIOHFW  SR]L LD VWUDWHJLF  D ILUPHL vQ UDSRUW FX

SURGXVHOH VDOH SLH HOHVDOHFRQFXUHQ LL V L úL factorii externi. De asemenea,

aceastaFRQVWLWXLH JDMXO IOH[LELOLW LLILUPHL GHRDUHFH SHUPLWH PDQaJHULORU V 

realizeze obiectivele strategice ale firmei prin achizi ii de mijloace fixe sau
SULQLQYHVWL LLILQDQFLDUH

3ULYLQG SUDFWLFD LQWHUQD LRQDO  SU imul model de tablou al fluxurilor

GHWUH]RUHULHHVWHSURSXVSULQVWDQGDUGXOFRQWDELODPHULFDQ)$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 HFKLYDOHQ tele de
QXPHUDU &RQIRUP QRUPHL LQWHUQD LRQDOH ,$6  IOX[XULOH GH WUH]RUHULH
UHSUH]LQW DQVDPEOXOLQWU ULORUúLLHúLULORUGHOLFKLGLW LVDXGHHFKLYDOHQWHGH

OLFKLGLW L /LFKLGLW LOH VHP nLILF  IRQGXULOH GLVSRQLELOH úL GHSR]LWHOH OD

vedere, LDU HFKLYDOHQWHOH GH OLFKLGLW L SODVDPHQWHOH SH WHUPHQ VFXUW IRDUWH
OLFKLGHFRQYHUWLELOHFXXúXULQ într-RP ULPHGHWHUPLQDW GHOLFKLGLW LúLD
F URUYDORDUHQXULVF V VHVFKLPEHvQPRGVHPQLILFDWLY

În cadrul tabloului fluxurilor de trezorerie, fluxurile sunt grupate în

XUP WRDUHOHWUHLFDWHJRUL

• IOX[XULJHQHUDWHGHDFWLYLW LOHGHH[SORDWDUH ;
• IOX[XULJHQHUDWHGHDFWLYLW LOHGHLQYHVWL LL;
• IOX[XULJHQHUDWHGHDFWLYLW LOHGHILQDQ DUH.

5H]XOWDQWD ILQDO  D FHORU WUHL FDWHJRULL GH IOX[XUL HVWH WUH]RUHULD QHW 

FDUHSRDWHILGHWHUPLQDW 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.

,$6UHFRPDQG vQWUHSULQGHULORUXWLOL]DUHDPHWRGHLGLUHFWHGHRDUHFH

aceasta SHUPLWHRE LQHUHDGHLQIRUPD LLQHFHVDUHHVWLP ULLIOX[XULORUYLLWRDUH

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[HPSOHOR r, se poate lua în considerare
XUP WRDUHDVWUXFWXU 

)OX[XULOH GH WUH]RUHULH UHODWLYH OD DFWLYLW LOH GH H[SORDWDUH

3
PHWRGDGLUHFW  :

ÌQFDV ULJHQHUDWHGHUHOD LLOHFXFOLHQ LL

- 3O LvQIDYRDUHDIXUQL]RULORUúLSHUVRQDOXOXL
- Dobânzi úLGLYLGHQGHSO WLWH
- 3O LSULYLQGLPSR]LWHOHDVXSUDEHQHILFLLORU
- $OWHSO LJHQHUDWHGHH[SORDWDUH
- -/+ Elemente extraordinare
- = +/-)OX[XOQHWGHWUH]RUHULHUHODWLYODDFWLYLW LOHGHH[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 LLúLFHOHGHILQDQ DUH

3
1)HOHDJ 7UDWDWGHFRQWDELOLWDWHILQDQFLDU  –YRO,(GLWXUD(FRQRPLF %XFXUHúWL
 ÌQ FHHD FH SULYHúWH PHWRGD LQGLUHFW  SUH]HQWDUHD WLS D QRUPHL

LQWHUQD LRQDOHYL]HD] XUP WRDUHOHFDWHJRULL

+/-5H]XOWDWXOQHWvQDLQWHDLPSR]LW ULLúLHOHPHQWHORUH[WUDRUGLQDUH

(OLPLQDUHDYHQLWXULORUúLFKHOWXLHOLORUI U LQFLGHQ DVXSUDWUH]RUHULHL

&KHOWXLHOLFXDPRUWL] ULOHúLSURYL]LRDQHOH

-9HQLWXULGLQDPRUWL] ULúLSURYL]LRDQH

(OLPLQDUHDYHQLWXULORUúLFKHOWXLHOLORUQHOHJDWHGHH[SORDWDUH

+/-5H]XOWDWXOFHVLXQLLLPRELOL] ULORUúLSODVDPHQWHORU

+ Cheltuieli privind dobânzile

- Venituri din plasamente
_____________________________________________________________
= +/-5H]XOWDWXOGLQH[SORDWDUHvQDLQWHDYDULD LHLQHFHVDUXOXLGHIRQGGH rulment
+/-9DULD LDVWRFXULORU
+/-9DULD LDFRQWXULORUFOLHQ La DOWRUFUHDQ HGin exploatare
+/-9DULD LDFRQWXULORUIXUQL]RULúLDDOWRUGDWRULLGLQH[SORDWDUH
-'REkQ]LúLGLYLGHQGHSO WLWH
-3O LSULYLQGLPSR]LWHOHDVXSUDSURILWXOXL
+/- Elemente extraordinare
_____________________________________________________________
= +/- )OX[XOQHWGHWUH]RUHULHUHODWLYODDFWLYLW 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 LLúLFHOHGHILQDQ D
re.
3ULYLQG IOX[XULOH GH WUH]RUHULH DOH DFWLYLW LORU GH LQYHVWL LL ,$6  QX

specific H[DFWVWUXFWXUDDFHVWRUDWRWXúLH[HPSOHOHGLQDQH[DQRUPHLFRQGXF

ODXUP WRDUHDSUH]HQWDUHWLS

Fluxurile de trezorerie UHODWLYHODDFWLYLW LOHGHLQYHVWL LL :

- AcKL]L LRQDUHDILOLDOHL;- ) trezoreria achizi LRQDW

- Cesiunea filialei Y
- $FKL]L LRQDUHDGHLPRELOL] UL

- $FKL]L LRQDUHDGHSODVDPHQWH

ÌQFDV ULOHFHUH]XOW GLQFHVLXQHDGHLPRELOL] UL

+ Dobânzi încasate
+ Dividende primite (încasate)
= +/- Flux neWGHWUH]RUHULHUHODWLYODDFWLYLW LOHGHLQYHVWL 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

QRUPHLFRQGXFODXUP WRDUHDSUH]HQWDUHWLS

Fluxurile de trezRUHULHUHODWLYHODDFWLYLW LOHGHILQDQ DUH :

&UHúWHUHDGHFDSLWDOvQQXPHUDU

- Rambursarea de capital, în numerar

+ Emisiunea (contractarea) de împrumuturi (altele decât cele de trezorerie)
- Rambursarea de împrumuturi (altele decât cele de trezorerie)
-5DPEXUVDUHDGHGDWRULLFHUH]XOW GLQFRQWUDFWHOHGHORFD LH-ILQDQ DUH
- 'REkQ]LúLGLYLGHQGHSO 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 -
(OHPHQWHELODQ LHUH N-1 N 9DULD LD

Elemente de activ
,PRELOL] ULQHFRUSRUDOH 800 800 -
$PRUWL] ULLPRELOL] UL necorporale - 130 - 130 -
,PRELOL] ULFRUSRUDOH 7000 7220 + 220
$PRUWL]DULLPRELOL] ULFRUSRUDOH - 2500 - 2550 - 50
,PRELOL] ULILQDQFLDUH 1500 1500 -
$PRUWL] ULLPRELOL] ULILQDQFLDUH - 250 - 250 -
Stocuri 2300 3650 + 1350
&UHDQ H 7000 6950 - 50
'LVSRQLELOLW L 900 350 - 550
Elemente de activ - total 16620 17540 + 920

Elemente de pasiv
Capital social 7000 8220 + 1220
Profit nerepartizat 700 800 + 100
Datorii financiare pe termen lung 4600 3850 - 750
Datorii furnizori 3200 3700 + 500
'DWRULLILVFDOHúLVRFLDOH 720 700 - 20
Datorii diverse 400 270 - 130
Elemente de pasiv – total 16620 17540 + 920

6HFRQVLGHU F WRDWHFUHDQ HOHVXQW

FUHDQ H FOLHQ LDIHUHQWHDFWLYLW

– LLGH

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

- mil lei -
INDICATORI N
Venituri din exploatare 14400
Venituri din vânzarea m UIXULORU 4000
3URGXF LHYkQGXW 10400
Cifra de afaceri 14400
3URGXF LHVWRFDW -
3URGXF LHLPRELOL]DW -

Cheltuieli de exploatare 13900

&KHOWXLHOLSULYLQGP UIXULOH 1700
Cheltuieli cu materiile prime 4100
&KHOWXLHOLFXHQHUJLDúLDSD 350
&KHOWXLHOLFXOXFU ULúLVHUYLFLLH[HFXWDWH 600
Cheltuieli cuLPSR]LWHúLWD[H 420
Cheltuieli cu personalul 2500
&KHOWXLHOLSULYLQGDVLJXU ULOHúLSURWHFWLDVRFLDO 1300
&KHOWXLHOLFXDPRUWL]DUHDLPRELOL] ULORU

2930
Venituri financiare
Venituri din dobânzi
Alte venituri financiare 100
100
Cheltuieli financiare -
Cheltuieli privind dobânzile
Alte cheltuieli financiare 200
200
9HQLWXULH[FHS LRQDOH -
Venituri din cedarea activelor
-
&KHOWXLHOLH[FHS LRQDOH -
Cheltuieli cu cedarea activelor
-
Profit brut -
Impozit pe profit
Profit net 400
100
300

,QIRUPD LLFRPSOHPHQWDUH

ƒ FUHúWHUHD FDSLWDOXOXL D DYXW ORF vQ FXUVXO DQXOXL 1 SULQ DSRUW GH

QXPHUDUDODF LRQDULORU

ƒ VHGLVWULEXLHGLYLGHQGHDF LRQDULORUvQYDORDU e de 200 mil. lei;

 ƒ s-D DFKL]L LRQDW XQ XWLODM vQ YDORDUH GH  PLOOHL SO WLQGX -se
în numerar întreaga contravaloare a acestuia;
ƒ 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[XULOHGHWUH]RUHULHUHIHULWRDUHODDFWLYLW LOHGHH[SORDWDUH

3URILWXOQHWvQDLQWHDLPSR]LW ULL 400

(OLPLQDUHDYHQLWXULORUúLFKHOWXLHOLORUI U LQFLGHQ asupra trezoreriei:
&UHúWHUHDFKHOWXLHOLORUSULYLQGDPRUWL] ULOH + 2930
Eliminarea veniturilor úLa cheltuielilor nelegate de exploatare:
__________________________________________________________________
3URILWXOGLQH[SORDWDUHvQDLQWHDYDULD LHLQHFHVDrului de fond de rulment +3330
- &UHúWHUHDVWRFXULORU -1350
+ 'LPLQXDUHDVROGXULORUFRQWXULORUFOLHQ LúLDOWRUFUHDQ Hdin exploatare +50
+ &UHúWHUHDGDWRULLORUID GHIXUQL]RUL +500
- Diminuarea datoriilor fisFDOHúLVRFLDOH -20
- Diminuarea datoriilor diverse -130
- 3O LSULYLQGLPSR]LWHOHDVXSUDSURILWXOXL -100
__________________________________________________________________
)OX[XOQHWGHWUH]RUHULHUHODWLYODDFWLYLW LOHGHH[SORDWDUH$ +2280
)OX[XULOHGHWUH]RUHULHUHIHULWRDUHODDFWLYLW LOHGHLQYHVWL LL

- Achizi ionarea unui utilaj 3100

__________________________________________________________________
)OX[XOQHWGHWUH]RUHULHUHODWLYODDFWLYLW LOHGHLQYHVWL ii ( B ) 3100
)OX[XULOHGHWUH]RUHULHUHIHULWRDUHODDFWLYLW LOHGHILQDQ DUH

&UHúWHUHDGHFDSLWDOvQQXPHUDU 1220
- Rambursarea de împrumuturi 750
- 'LYLGHQGHSO WLWH 200
__________________________________________________________________
= Fluxul neWGHWUH]RUHULHUHODWLYODDFWLYLW LOHGHILQDQ DUH& + 270
'LPLQXDUHDQHWDDOLFKLGLW LORU$%& 550
/LFKLGLW LODGHVFKLGHUHDH[HUFL LXOXL1
+900
__________________________________________________________________
/LFKLGLW LODvQFKLGHUHDH[HUFL LXOXL1
 Concluzie:

5H]XOW  F  vQ DQXO FXUHQW 1 vQWUHSULQGHUHD vQUHJLVWUHD]  OD QLYHOXO

IOX[XOXLGHH[SORDWDUH$OLFKLGLW LvQYDORDUHGHPLOOHLFDXUPDUHD

DFWLYLW LLUHQWDELOHGHVI 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 LLORUGHLQYHVWL LLDVWIHODFH asta este nevoit V DSHOH]HODVXUVHH[WHUQH

GHILQDQ DUHRE LQXWHSULQPDMRUDUHGHFDSLWDOGHFLI U DPRG ifica structura

DF LRQDULDWXOXLúLHYLWkQGLQWHUYHQ LDH[WHUQ vQSURFHVXOGHOXDUHDGHFL]LLORU

'DWRULW VWUXFWXULLúLPHWRGRORJLHLGHvQWRFPLUHDWDEORXOXLIOX[XULORU

GHWUH]RUHULHDFHVWDSHUPLWHXWLOL]DWRULORUVLWXD LLORUILQDQFLDUHXUP WRDUHOH

¾ V  H
valueze capacitatea întreprinderii de a deJDMD OLFKLGLW L vQ

special din activitatea de exploatare;

¾ V GHWHUPLQHQHFHVLW LOHGHOLFKLGLW L

¾ V SUHYDG VF aden HOHúLULVFXOvQFDV ULORUYLLWRDUH

¾ V  FRPSDUH UH]XOWDWHOH vQWUHSULQGHULL SULQ HOLPLQDUHD HIH ctelor

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 úLWUH]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]LRQDHYROX LDVLWXD LHLILQDQFLDUHSHWHUPHQOXQJDXQHLILUPH

 Întreb ULúLDSOLFD LL

1. &DUHHVWHXWLOLWDWHDELODQ XOXLSDWULPRQLDOILQDQFLDUúLDFHO uiIXQF ional

în analiza sitXD iei financiare a întreprinderii?

2. &DUH VXQW SULQFLSDOHOH FRUHF LL GH DFWLY úL SDVLY HIHFWXDWH SHQWUX

RE LQHUHDELODQ XOXLSDWULPRQLDOILQDQFLDU ?

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 WRDUHORUGDWH

%,/$1

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

Activ imobilizat net 3800 3550 Capital social 3000 3000

Stocuri 1750 2100 Rezerve 500 600
&OLHQ L 940 1700 Rezultatul net 800 850
'LVSRQLELOLW L 120 340 nerepartizat
Datorii 1500 2200
financiare pe
termen lung 1750 1900
Datorii furnizori 940 860
Credite bancare
curente

TOTAL ACTIV 6610 7690 TOTAL PASIV 6610 7690

5. &XPLQWHUSUHWD LHYROX ia patrimoniului net în siWXD LDvQFDUHHOHPHQWHOH

GHDFWLYVHPDMRUHD] Fu 7% iar datoriile totale cu 2%?

6. &XP VH GHWHUPLQ  LQGLFDWRULL GH HFKLOLEUX ILQDQFLDU IRQGXO GH UXOPHQW

QHYRLDGHIRQGGHUXOPHQWúLWUH]RUHULDQHW ?

7. &DUH VXQW HOHPHQWHOH FDUH LQIOXHQ HD]  QHYRLD GH IRQG GH UXOPHQW úL FH

VHPQLILFD LHHFRQRPLF DU e un nivel constant al acesteia?

8. ÌQ FH FRQGL LL QHYRLD GH IRQG GH UXOPHQW úL WUH]RUHULD QHW  DX YDORUL

QHJDWLYHúLFDUHHVWHVHPQ ILFD LDHFRQRPLF DDFHVWXLIDSW

i ?
9. /DDQXO1ELODQ XOXQHLvQWUHSULQGHULDUHXUP WRDUHDVWUXFWXU 

%,/$1

= mil. lei =
ACTIV N-1 N PASIV N–1 N

,PRELOL] ULQHFRUSRUDOH 55 50 Capital social 800 800

,PRELOL] ULFRUSRUDOH 950 900 Rezerve 137 140
,PRELOL] ULILQDQFLDUH 350 400 Rezultatul exercitiului 70 85
Stocuri 550 600 nerepartizat 35 40
&OLHQ L 310 300 Provizioane pentru
ULVFXULúLFKHOWXLHOL
Efecte de încasat 325 350 1005 1100
,PSR]LWH úL WD[H GH - 25 Datorii financiare pe 400 360
încasat termen lung
110 100
'HELWRULGLYHUúL
Datorii furnizori
20 12 40 55
(IHFWHGHSODW
'LVSRQLELOLW L 60 70 8 7
79$GHSODW
15 20
CreditRULGLYHUúL
Credite bancare
curente
TOTAL ACTIV 2620 2707 TOTAL PASIV 2620 2707

6 VHFDOFXOH]HúLV VHLQWHUSUHWH]HIRQGXOGHUXOPHQWQHW global, nevoia

GHIRQGGHUXOPHQWúLWUH]RUHULHQHW 

10. 3H ED]D GDWHORU GH OD DSOLFDWLD  V  VH GHWHUPLQHFHOH GRX FRPSRQHQWH

DOHQHYRLLGHIRQGGHUXOPHQWUHVSHFWLYFHDGHH[SORDWDUHúLFHDvQDIDUD

H[SORDW ULL úL V  VH H[SOLFH FXP HVWH ILQDQ DW  QHYR ia de fond de
rulment.

)RUPXOD LSULQFLSDOHOHFRQFOX]LLSHED]DXUP WRDUHORUGDWH

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 LDVWUXFWXULLSDWULPRQLDOHúLDVXUVHORUGHILQDQ DUH

%,/$1

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

> ?@AB C B D EB$FGH@E I@EJC G

4.150 4700 Capital social 150.000 150.000
> ?@AB C B D EBH@E)I@EJC G
166.050 235.300 Rezerve 70.000 72.500
> ?@AB C B D EBK)B FJFHB JE+G
112.100 80.000 Rezultatul 24.050 25.250
G[GE+HB B \C \B
TOTAL ACTIVE 282.300 320.000
IMOBILIZATE nerepartizat
R \4A4]GF B B^IGF4M E \
2.740 2.500
B F2]GP+M B B B
Stocuri 127.500 130.500
Clien i 141.050 118.140 TOTAL 249.790 250.250
L C M GNHE+GJF
e pe termen 3.280 3.360 CAPITAL
scurt 23.500 22.400 PROPRIU 70.450 66.800
Titluri de plasament 1.320 5.600
O7B P+I@FB AB C B M B
296.650 280.000 Provizioane pentru 125.250 147.230
E+B PH\4EB_BH`
TOTAL ACTIVE eltuieli 80.500 85.000
CIRCULANTE 60.100 58.000
7.140 7280 Credite bancare 265.850 290.230
Cheltuieli înregistrate în 7.140 7280 Furnizori
avans Alte datorii pe
CONTURI termen scurt
DE REGULARIZARE
Q > LSR > TU> V LXWZY
TOTAL
DATORII

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 LLORUXQHLVRFLHW LFRPHUFLDOH

14. 6  VH DQDOL]H]H SULQFLSDOHOH DVSHFWH SULYLQG HYROX LD FUHDQ HORU úL

oEOLJD LLORUSHED]DXUP toarelor date:

mil. lei –
Nr. Perioada
Indicatori
Crt. N-1 N
1. Cifra de afaceri 130.000 250.000
2. &UHDQ HGLQFDUH 18.500 38.700
− FUHDQ HDQ 13.350 34.100
− FUHDQ H!DQ 5.150 4.600
3. 2EOLJD LLGLQFDUH 75.000 90.000
− REOLJD LL1 an 69.750 90.000
− REOLJD LL!DQ 5.250 -

15. ,QWHUSUHWD LXUP WRDUHDVLWXD LH

'XUDWDGHLPRELOL]DUHDFUHDQ HORU ]LOH

Durata de folosire a surselor atrase = 34 zile.

16. &DUHHVWHVHPQLILFD LDHFRQRPLF DHYROX LHLLQGLFDWRULORU

Indicele cifrei de afaceri = 114%

,QGLFHOHVROGXOXLPHGLXDOREOLJD LLORUSHWHUPHQVFXUW 

17. &HUHIOHFW OLFKLGLWDWHDúLVR lvabilitatea unei întreprinderi?

18. &DOFXOD L úL LQWHUSUHWD L OLFKLGLWDWHD úL VROYDELOLWDWHD XQHL ILUPH SH ED]D
GDWHORUGLQELODQ XOGHPDLMRVvQUDSRUWFXVWDQGDUGHOHLQWHUQD LRQDOH
 %,/$1

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

Active imobilizate 3.250 3.800 Capital propriu 3.500 3.150

Active circulante, Împrumuturi pe
din care: 4.600 4.220 WHUPHQPHGLXúL

- Stocuri 2.920 2.150 lung 650 400

-&UHDQ H 1.460 1.570 )XUQL]RULúLDOWH

-'LVSRQLELOLW L REOLJD LLFXUHQWH 3.600 4.390

b QHúWLúLSODVDPHQWH 220 500 Credite pe termen
scurt 100 80
TOTAL ACTIV 7.850 8.020 TOTAL PASIV 7.850 8.020

19. 6  VHGHWHUPLQHUDWDVROYDELOLW LLSDWULPRQLDOHFXPDSUHFLD LVLWXD LDvQ

cazul în care aceasta este de 35%?

20. &XP VH GHWHUPLQ  UDWD OLFKLGLW LL JHQHUDOH úL FDUH VXQW OLPLWHOH vQ FDUH

DFHDVWDWUHEXLHV VHvQFDGUH]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
FDUHH[SULP DFHVWFRQFHSWHFRQRPLF

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vQFXUVXODGRX H[HUFL LLILQDQFLDUHFRQVHFXWLYH

– mil. lei –
Nr. Perioada
Indicatori
Crt. N-1 N
1. Cifra de afaceri 17.800 19.400
2. Soldul mediu al activelor circulante,
din care: 2.350 3.070
− Stocuri 1.260 1.550
− &UHDQ H 1.050 1.430
− 'LVSRQLELOLW LE QHúWL 40 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%.