analiza situatiei financiar patrimoniale ale intreprinderii

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$1$/,=$6,78$ ,(,),1$1&,$5- PATRIMONIALE A ÎNTREPRINDERII ’HOLPLW UL FRQFHSWXDOH SULYLQG DQDOL]D VLWXD LHL ILQDQFLDU- SDWULPRQLDOHœLRELHFWLYHOHDFHVWHLD Într-XQ VLVWHP HFRQRPLF FRQFXUHQ LDO RELHFWLYXO PDMRU DO întreprinderii este maxiPL]DUHD YDORULL VDOH UHVSHFWLY FUHœWHUHD DYHULL SURSULHWDULORU DFHVWHLD PD[LPL]DUHD DYHULL DF LRQDULORU SHQWUX VRFLHW LOH vQFKLVH œL PD[LPL]DUHD FXUVXOXL WLWOXULORU SHQWUX VRFLHW LOH FRWDWH OD EXUV $FHDVWD LPSOLF GHVI œXUDUHD DFWLYLW LL ILUPHL vQ FRQGL LL GH UHQWDELOLWDWH superioar œL vQ DFHODœL WLPS PHQ LQHUHD VROYDELOLW LL œL D HFKLOLEUXOXL financiar. $OWH RELHFWLYH FXP VXQW IOH[LELOLWDWHD ILQDQFLDU FUHœWHUHD PD[LPDO PHQ LQHUHDSXWHULLœLDXWRQRPLHLILQDQFLDUHUHSUH]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 &UHœWHUHD PD[LPDO QX FRQGXFH vQ PRG QHFHVDU OD PD[LPL]DUHD YDORULL ILUPHL ’DU R FUHœWHUH SXWHUQLF SRDWH GXFH vQ DQXPLWH SHULRDGH OD GHJUDGDUHD UHQWDELOLW LL œL P ULUHD ULVFXOXL OD GHILFLHQ H GH RUGLQ ILQDQFLDU GHRDUHFH GH LQ WRULL GH capiWDO SUHIHU V -œL SODVH]H UHVXUVHOH îQ vQWUHSULQGHUL FDUH DX R FUHœWHUH PRGHUDW œL vQ FRQVHFLQ XQ ULVF PDL UHGXV GDU FDUH RIHU R UHQWDELOLWDWH FRQVWDQW ’H DVHPHQHD SROLWLFD GH S VWUDUH D SXWHULL œL DXWRQRPLHL ILQDQFLDUHSRDWHV FRQGXF XQHRULODSHUIRUPDQ HLQIHULRDUH 5

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Page 1: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

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

A ÎNTREPRINDERII

���� 'HOLPLW UL� FRQFHSWXDOH� SULYLQG� DQDOL]D� VLWXD LHL� ILQDQFLDU-SDWULPRQLDOH�úL�RELHFWLYHOH�DFHVWHLD

Într-XQ� VLVWHP� HFRQRPLF� FRQFXUHQ LDO�� RELHFWLYXO� PDMRU� DO�

întreprinderii este maxiPL]DUHD� YDORULL� VDOH�� UHVSHFWLY� FUHúWHUHD� DYHULL�SURSULHWDULORU� DFHVWHLD� �PD[LPL]DUHD� DYHULL� DF LRQDULORU� SHQWUX� VRFLHW LOH�vQFKLVH�úL�PD[LPL]DUHD�FXUVXOXL�WLWOXULORU�SHQWUX�VRFLHW LOH�FRWDWH�OD�EXUV ���$FHDVWD� LPSOLF � GHVI úXUDUHD� DFWLYLW LL� ILUPHL� vQ� FRQGL LL� GH� UHQWDELOLWDWH�superioar � úL� vQ� DFHODúL� WLPS� PHQ LQHUHD� VROYDELOLW LL� úL� D� HFKLOLEUXOXL�financiar.

$OWH� RELHFWLYH�� FXP� VXQW� IOH[LELOLWDWHD� ILQDQFLDU �� FUHúWHUHD�PD[LPDO ��PHQ LQHUHD�SXWHULL�úL�DXWRQRPLHL�ILQDQFLDUH�UHSUH]LQW �DOWHUQDWLYH�posibiOH�� XQHOH� VXEVWLWXLELOH�� DOWHOH� RSR]DELOH� RELHFWLYXOXL� PD[LPL] ULL�YDORULL� ILUPHL�� )OH[LELOLWDWHD� ILQDQFLDU � UHIOHFW � FDSDFLWDWHD� GH� DGDSWDUH� D�firmei la schimb ULOH� GH� PHGLX�� R� EXQ � IOH[LELOLWDWH� QX� SRDWH� GHFkW� V �contribuie la maximizarea valorii întreprLQGHULL�� &UHúWHUHD� PD[LPDO � QX�FRQGXFH� vQ� PRG� QHFHVDU� OD� PD[LPL]DUHD� YDORULL� ILUPHL�� 'DU� R� FUHúWHUH�SXWHUQLF � SRDWH� GXFH� �� vQ� DQXPLWH� SHULRDGH�� OD� GHJUDGDUHD� UHQWDELOLW LL� úL�P ULUHD� ULVFXOXL�� OD� GHILFLHQ H� GH� RUGLQ� ILQDQFLDU�� GHRDUHFH� GH LQ WRULL� GH�capiWDO� SUHIHU � V -úL� SODVH]H� UHVXUVHOH� îQ� vQWUHSULQGHUL� FDUH� DX� R� FUHúWHUH�PRGHUDW �� úL� vQ�FRQVHFLQ �XQ� ULVF�PDL� UHGXV��GDU� FDUH�RIHU �R� UHQWDELOLWDWH�FRQVWDQW �� 'H DVHPHQHD�� SROLWLFD� GH� S VWUDUH� D� SXWHULL� úL� DXWRQRPLHL�ILQDQFLDUH�SRDWH�V �FRQGXF �XQHRUL�OD�SHUIRUPDQ H�LQIHULRDUH�

5

Page 2: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

$VWIHO��PDQDJHULL�úL�DF LRQDULL�WUHEXLH�V �XUP UHDVF �DWLQJHUHD�DFHORU�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 GHWHUPLQDUHD�V Q W LL�ILQDQFLDUH��UHVSHFWLY�GHWHFWDUHD�XQRU�HYHQWXDOH�

VLWXD LL�GH�GH]HFKLOLEUX�ILQDQFiar care ar putea periclita continuitatea H[SORDW ULL�

¾ VWDELOLUHD�OLFKLGLW LL�úL�VRYDELOLW LL�ILUPHL� ¾ GHWHUPLQDUHD� IOH[LELOLW LL� ILQDQFLDUH� D� DFHVWHLD� SH� ED]D� WDEORXOXL�

fluxurilor de trezorerie; ¾ FDUDFWHUL]DUHD�HILFLHQ HL�HOHPHQWHORU�SDWULPRQLDOH� ¾ întocmLUHD� EXJHWHORU� GH� YHQLWXUL� úL� FKHOWXLHOL� úL� D� SODQXULORU� GH�

ILQDQ DUH� ¾ HYDOXDUHD�SHUIRUPDQ HORU�ILUPHL�

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�FKHOWXLHOL��ELODQ XO�FRQWDELO�úL�DQH[HOH�VDOH��UDSRUWXO�GH�JHVWLXQH�etc.

%LODQ XO� HVWH� GRFXPHQWXO� FRQWDELO� SULQFLSDO� FDUH� SUH]LQW � VLWXD LD�SDWULPRQLDO � D� XQHL� vQWUHSULQGHULL� OD� XQ� PRPHQW� GDW�� ÌQ� DFWLYXO� ELODQ XOXL�VXQW�vQUHJLVWUDWH�WRDWH�GUHSWXULOH�GH�SURSULHWDWH�úL�GH�FUHDQ �DOH�vQWUHSULQGHULL�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 �HVWH�QHFHVDU �GHRDUHFH�DFWLYXO�úL�SDVLYXO�VXQW�GRX �UHSUH]HQW UL�DOH�DFHOHDúL�P ULPL�HFRQRPLFH��3DVLYXO�UHIOHFW �VXUVHOH�IRQGXULORU�vQWUHSULQGHULL, 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 DUH�QX�SRDWH�H[LVWD�I U �VXUVH�GH�IRQGXUL�

Page 3: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

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 XOXL�FRQWDELO�vQWRFPLW�FRQIRUP�UHJOHPHQW ULORU�OHJLVOD LHL�vQ�YLJRDUH��ÌQ�OHJ WXU �FX�DQDOL]D�VLWXD LHL�ILQDQFLDUH�SH�ED]D�ELODQ XOXL�FRQWDELO��H[LVW �vQV �GRX �WHRULL�IXQGDPHQWDOH�

¾ WHRULD�ELODQ XOXL�SDWULPRQLDO (financiar),� FDUH�DUH� OD�ED] �DQDOL]D�lichiditate-H[LJLELOLWDWH��QXPLW �vQ�SUDFWLFD� ULORU�RFFLGHQWDOH, analiza SDWULPRQLDO �� DFHDVW � DQDOL] � SXQH� vQ� HYLGHQ � ULVFXO de LQVROYDELOLWDWH� DO� vQWUHSULQGHULL�� DGLF � LQFDSDFLWDWHD� ILUPHL� GH� D-úL�RQRUD�DQJDMDPHQWHOH�DVXPDWH�ID �GH�WHU L��

¾ WHRULD� ELODQ XOXL� IXQF LRQDO�� FRQIRUP� F UHLD� vQWUHSULQGHUHD�UHSUH]LQW � R� HQWLWDWH� HFRQRPLF � úL� ILQDQFLDU � DVLJXUkQG� UHDOL]DUHD�anumitor fuQF LL�FXP�DU�IL�IXQF LD�GH�SURGXF LH��IXQF LD�GH�LQYHVWLUH�úL�dezinvestire, prHFXP�úL�IXQF LD�GH�ILQDQ 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���$FHVW�WLS�GH�ELODQ �VH�RE LQH�vQ�XUPD�UHJUXS ULL�SRVWXULORU�GH�DFWLY�úL�GH�SDVLY�GXS �FULWHULLOH�GH�OLFKLGLWDWH�úL�H[LJLELOLWDWH�

1. &RUHF LL�UHIHULWRDUH�OD�DFWLYXO�ELODQ XOXL� a) Activul imobilizat� VH� GLPLQXHD] � FX� YDORDUHD� DFWLYHORU� LPRELOL]DWH�

fictive sau nonvalori (principalele active de natura nonvalorilor sau fictive: cheltuielile de constituire, cheltuielile de repartizat asupra H[HUFL LLORU� ILQDQFLDUH� YLLWRDUH�� SULPHOH� SHQWUX� UDmbursarea REOLJD LXQLORU��GHELWRULL�GLQ�FDSLWDOul�VXEVFULV�úL�QHY UVDW��GLIHUHQ Hle de conversie de activ etc.), elemente care din punct de vedere al OLFKLGLW LL�QX�DX�QLFL�R�YDORDUH�GHRDUHFH�QX�GDX�QDúWHUH�XQXL�IOX[�GH�numerar. De asemenea, activului imRELOL]DW� VH�PDMRUHD] �FX�SDUWHD� DFWLYHORU�

FLUFXODQWH�FX�WHUPHQ�GH�OLFKLGLWDWH�!���DQ��'H�H[HPSOX��GDF �H[LVW �FUHDQ H�– FOLHQ L�VDX�FOLHQ L�–�FUHGLWRUL�FX�VFDGHQ H�!���DQ��DFHVWHD�YRU�IL�HOLPLQDWH�GH�OD�UXEULFD�UHVSHFWLY �úL�WUDQVIHUDWH�vQ�JUXSD��³$FWLY�LPobilizat“;

b) Activul circulant� VH� GLPLQXHD] � FX� YDORDUHD� DFWLYHORU� FLUFXODQWH�

DYkQG� WHUPHQ� GH� OLFKLGLWDWH� !� �� DQ� úL� VH� PDMRUHD] � FX� YDORDUHD�LPRELOL] ULORU�ILQDQFLDUH�FX�WHUPHQ�GH�OLFKLGLWDWH�����DQ�etc.

Page 4: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

2. &RUHF LL�UHIHULWRDUH�OD�SDVLYXO�ELODQ XOXL� a) Capitalurile permanente� VH� GLPLQXHD] � FX� YDORDUHD� DFWLYHORU�

fictive (cheltuielile de constituire, debitorii din capitalul subscris úL�QHY UVDW��FKHOWXLHOLOH�GH�UHSDUWL]DW�DVXSUD�H[HUFL LLORU�ILQDQFLDUH�YLLWRDUH�úL�GLIHUHQ HOH�GH�FRQYHUVLH�DFWLY��VH�VFDG�GLQ�FDpitalurile SURSULL��LDU�SULPHOH�SULYLQG�UDPEXUVDUHD�REOLJD LXQLORU�VH�VFDG�GLQ�vPSUXPXWXULOH�úL�GDWRULLOH�DVLPLODWH�SH�WHUPHQ�PHGLX�úL� OXQJ���úL�FX� GLYLGHQGHOH� GH� SODW �� GH� DVHPHQHD�� DFHVWHD� VH� PDMRUHD] � FX�veniturile înregistrate în avans (apar inând grupei “Conturi de UHJXODUL]DUH�úL�DVLPLODWH�– Pasiv“ din bilan ul contabil) cu termen GH�H[LJLELOLWDWH�!���DQ�úL�FX�GLIHUHQ HOH�GH�FRQYHUVLH�SDVLY��DFHVWHD�ILLQG�FRQVLGHUDWH�SURILW�SRWHQ LDO�

b) Datoriile cu scadenta < 1 an� LQFOXG� REOLJD LLOH� QHILQDQFLDUH� úL�finDQFLDUH� �FUHGLWHORU�EDQFDUH�FXUHQWH���$FHVWHD� VH�PDMRUHD] �FX�SURYL]LRDQHOH� SHQWUX� ULVFXUL� úL� FKHOWXLHOL�� FX� WHUPHQ� GH�H[LJLELOLWDWH�����DQ��GLYLGHQGHOH�GH�SODW ��YHQLWXULOH�FRQVWDWDWH�vQ�DYDQV� �GLQ� JUXSD� ³&RQWXUL� GH� UHJXODUL]DUH� úL� DVLPLODWH�– Pasiv“ din ELODQ XO� FRQWDELO��� DYkQG� WHUPHQ� GH� H[LJLELOLWDWH� �� �� DQ��SUHFXP� úL�FX�GDWRULD� ILVFDO � ODWHQW �� DIHUHQW � VXEYHQ LLORU�SHQWUX�LQYHVWL LL�� SURYL]LRDQHORU� UHJOHPHQWDWH� úL� SURYL]LRDQHORU� SHQWUX�ULVFXUL�úL�FKHOWXLHOL��SUHFXP�úL�DOWRU�HOHPHQWH�GH�FDSLWDOXUL�SURSrii;

ÌQ� XUPD� FRUHF LLORU� PHQ LRQDWH� PDL� VXV�� ELODQ XO� ILQDQFLDU��SDWULPRQLDO�� YD� FRQ LQH� vQ� SDUWHD� GH� DFWLY� QHYRL� VDX� vQWUHEXLQ UL�

permanente� �HOHPHQWHOH� FHOH� PDL� SX LQ� OLFKLGH� DGLF � LPRELOL] ULOH�QHFRUSRUDOH��FRUSRUDOH�úL�ILQDQFLDUH�,�úL�QHYRL�úL�vQWUHEXLQ UL�WHPSRUDUH, în care se includ activele circulante care au un grad de lichiditate mult mai PDUH� GHFkW� LPRELOL] ULOH�� 3DUWHD� GH� SDVLY� YD� IL� IRUPDW � GLQ� resurse sau capitaluri permanente�� DGLF � FDSLWDOXULOH� SURSULL�� UHLQYHQVWLUL� DOH�DFXPXO ULORU�DQWHULRDUH��UH]HUYH��SURILW�QHUHSDUWL]DW��úL�FDSLWDOXULle din surse SXEOLFH��VXEYHQ LL��SURYL]LRDQH�UHJOHPHQWDWH),�SUHFXP�úL�GDWRULLOH�SH�WHUPHQ�PHGLX�úL�OXQJ��FX�VFDGHQ �PDL�PDUH�GH�XQ�DQ���úL�GH�DVHPHQHD�GLQ�resurse temporare, DGLF � GDWRULLOH� FX� VFDGHQ � PDL� PLF � GH� XQ� DQ�� 3UHOXFUDUHD�GDWHORU�GLQ�ELODQ XO�FRQWDELO�YD�GHWHUPLQD�XUP WRDUHD�VWUXFWXU �D�ELODQ XOXL�financiar (fig.5.1).

/XkQG�vQ�FRQVLGHUDUH�XQ�DQXPLW�HFKLOLEUX�FDUH�WUHEXLH�V �H[LVWH�vQWUH�GXUDWD� XQHL� RSHUD LL� GH� ILQDQ DW� úL� GXUDWD� PLMORDFHORU� GH� ILQDQ DUH�FRUHVSXQ] WRDUH��ELODQ XO� ILQDQFLDU�SXQH� vQ� HYLGHQ �GRX � UHJXOL�SULQFLSDOH�DOH�ILQDQ ULL��UHVSHFWLY�QHYRLOH�SHUPDQHQWH�GH�ILQDQ DUH�YRU�IL�DFRSHULWH�GLQ�capitaluri permanente, îndeosebi din capitaluri proprii, iar nevoile temporare

Page 5: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

YRU� IL� ILQDQ DWH, în special din resurse temporare. Nerespectarea acestor UHJXOL�GH�ILQDQ DUH�YD�GHWHUPLQD�R�VLWXD LH�GH�GH]HFKLOLEUX�ILQDQFLDU��

NEVOI = ACTIV RESURSE = PASIV

Activ imobilizat net ( > 1 an ) - LPRELOL] UL�QHFRUSRUDOH - LPRELOL] UL�FRUSRUDOH - LPRELOL] UL�ILQDnciare > 1 an - crean e > 1 an

Capitaluri permanente - capital social - rezerve - VXEYHQ LL - rezultat nerepartizat - provizioane > 1 an - GDWRULL� SH� WHUPHQ� PHGLX� úL� OXQJ�

(> 1 an) Activ circulant net (< 1 an)

- stocuri - FUHDQ H�–�FOLHQ L�����DQ - GLVSRQLELOLW L - LPRELOL] ri financiare < 1 an

Datorii pe termen scurt (< 1 an) - financiare (credite bancare curente) - nefinanciare

Provizioane < 1 an

)LJ������%LODQ �ILQDQFLDU��SDWULPRQLDO�

Exemplu: 7DEHOXO� GH� PDL� MRV� VLQWHWL]HD] � VLWXD LD� SDWULPRQLXOXL� vQWUHSULQGHULL� OD� 31 Dec��DQXO�1��VWDELOLW �SH�ED]D�ELODQ XOXL�FRQWDELO� 5HDOL]D L�FRQYHUVLD�ELODQ �FRQWDELO�–�ELODQ �SDWULPRQLDO��ILQDQFLDU��

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

= mil lei = ACTIV PASIV

,PRELOL] UL�QHFRUSRUDOH������������������������������ ,PRELOL] UL�FRUSRUDOH����������������������������������� ,PRELOL] UL�ILQDQFLDUH��� �������������������������������� TOTAL ACTIVE IMOBILIZATE 83.300 Stocuri 63.700 &OLHQ L���� ��������������������������������������������������� $OWH�FUHDQ H�SH�WHUPHQ�VFXUW�������������������������� Titluri de plasament 11.750 'LVSRQLELOLW L���������������������� 650 TOTAL ACTIVE CIRCULANTE 148.230 Cheltuieli înregistrate în avans 3.500 CONTURI DE REGULARIZARE ù,�$6,0,/$7(�������� 3.500

Capital social 68.500 Rezerve 34.600 5H]XOWDWXO�H[HUFL LXOXL��� ��������� 6XEYHQ LL�SHQWUX�LQYHVWL LL�������������� TOTAL CAPITAL PROPRIU 116.510 Provizioane pentru ULVFXUL�úL�FKHOWXLHOL������������������������� Credite bancare (****) 44.600 Furnizori 40.220 Alte datorii pe termen scurt 29.500 TOTAL DATORII 114.320

TOTAL ACTIV 235.030 TOTAL PASIV 235.030

Page 6: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

* din care < 1 an = 27 mil. lei; ** din care > 1 an = 15.200 mil. lei; *** din care: 8.410 mil. lei pentru fonduri proprii si 3.600 mil. lei pentru

dividende. **** din care credite bancare curente 14.000 mil. lei. Not :� VH� FRQVLGHU �F toate cheltuielile înregistrate în avans au termen de

lichiditate < 1 an. Rezolvare (vezi tabelul 5.3): 1. &RUHF LL�UHIHULWRDUH�OD�DFWLYXO�ELODQ XOXL�

� LPRELOL] ULOH� ILQDQFLDUH� GH� ��� PLO�� OHL� VH� YRU� GLPLQXD� FX� YDORDUHD�LPRELOL] ULORU� �� �� DQ� ���� PLO�� OHL�� úL� VH� YRU� PDMRUD� FX� YDORDUHD�FOLHQ LORU� FDUH� DX� R� OLFKLGLWDWH� !� �� DQ� �������� PLO�� OHL�, rezultând LPRELOL] Ui financiare de 15.223 mil. lei;

� YDORDUHD� FOLHQ LORU� GH� ������� PLO�� OHL� VH� YD� GLPLQXD� FX� YDORDUHD�clien ilor cu: termen de lichiGLWDWH�!���DQ� ���������PLO�� OHL� �� úL� VH�YD�majora cu valoarea LPRELOL] ULORU�ILQDQFLDUH�����DQ������PLO��OHL���úL�FX�valoarea cheltuielilor înregistrate în avans ( 3.500 mil lei ), rezultând un sold al clien ilor < 1 an de 58.827 mil. lei;

2. &RUHF LL�UHIHULWRDUH�OD�SDVLYXO�ELODQ XOXL��

capitalul social se va majora cu 8.410 mil. lei reprezentând profit net repartizat pentru constituirea fondurilor proprii, ajungând astfel la valoarea de 79.910 mil. lei; GDWRULLOH�ILQDQFLDUH�SH�WHUPHQ�OXQJ�UHSUH]LQW �����00 mil. lei, deoarece din suma total a creditelor bancare de 44.600 mil. lei , creditele bancare curente au o valoare de 14.000 mil. lei.

� GDWRULLOH� ILQDQFLDUH� SH� WHUPHQ� VFXUW� VH� PDMRUHD] � FX� YDORDUHD�dividentelor datorate ( 3.600 mil. lei ).

Page 7: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

Tabelul 5.3

%,/$1 �3$75,021IAL (FINANCIAR) ÎNCHEIAT LA 31.12 anul N = mil.lei =

ACTIV PASIV Nevoi permanente 98.473 ��,PRELOL] UL�QHFRUSRUDOH���������������������� ��,PRELOL] UL�corporale 83.050 ��,PRELOL] UL�ILQDQFLDUH����������������������� Nevoi temporare 136.557 Stocuri 63.700 ��&UHDQ H��������������������������������������������� ��'LVSRQLELOLW L�úL������������������������������������� titluri de plasament 12.400

Capitaluri permanente 147.710 Capitaluri proprii 112.910 Proviz. pt. Riscuri úL�FKHOWXLHOL���������������������������������������� DaWRULL�SH�WHUP��PHGLX�úL�OXQJ���������� Resurse temporare 87.320 Datorii furnizori 40.220 Dividende datorate 3.600 Alte datorii pe termen scurt 29.500 Credite curente 14.000

TOTAL ACTIV 235.030 TOTAL PASIV 235.030

%LODQ XO� IXQF LRQDO�RIHU �R� LPDJLQH�DVXSUD�PRGXOXL�GH�IXQF LRQDUH�GLQ�SXQFW�GH�YHGHUH�HFRQRPLF�D�vQWUHSULQGHULL��HYLGHQ LLQG�DWkW�XWLOL] rile cât úL� VXUVHOH� FRUHVSXQ] WRDUH� ILHF UXL� FLFOX�� UHVSHFWLY� GH� LQYHVWL LL�� GH�H[SORDWDUH�úL�FHO�GH�ILQDQ DUH�úL�WUH]RUHULH�

&LFOXO� GH� LQYHVWL LL� FXSULQGH� DFKL]L LRQDUHD� GH� DFWLYH� LPRELOL]DWH��$VWIHO�� LPRELOL] ULOH� UHJUXSDWH� SULQ� IXQF LD� GH� LQYHVWL LH�� FRQVWLWXLH nevoi �DORF UL��VWDELOH��DFLFOLFH�, FDUH�VXQW�ILQDQ DWH�vQ�PRG�QHFHVDU�GLQ resursele durabile (aciclice) H[LVWHQWH�vQ�SDVLYXO�ELODQ XOXL��$FWLYHOH�FLUFXODQWH�FkW�úL�UHVXUVHOH�SHQWUX�ILQDQ DUHD�ORU�VXQW�FRQVLGHUDWH�FLFOLFH�GHRDUHFH�UHFXSHUDUHD�capitaluriloU� DORFDWH� úL� UHvQQRLUHD� VXUVHORU� VH� IDFH� GXS � vQFKHLHUHD� ILHF rui ciclu de exploatare.

Ciclul de exploatare�FXSULQGH� IOX[XULOH�GH�DSURYL]LRQDUH��SURGXF LH�úL� GLVWULEX LH� �YkQ] UL�� DWkW� VXE� IRUP � GH� IOX[XUL� IL]LFH� FkW� úL� ILQDQFLDUH��Posturile de activ legatH�GLUHFW�GH�RSHUD LLOH�FLFOXOXL�GH�H[SORDWDUH��VWRFXUL��FUHDQ H��FOLHQ L�� FKHOWXLHOL�GH�H[SORDWDUH�FRQVWDWDWH� vQ�DYDQV�etc.) constituie active circulante de exploatare,� FDUH� vQ� PRG� ILUHVF� WUHEXLH� ILQDQ DWH� GLQ�datoriile de exploatare��GDWRULL�IXUQL]RUL�úL�asimilate, venituri din exploatare constatate în avans etc.��� &HOHODOWH� SRVWXUL� GH� DFWLY� úL� SDVLY� FDUH� UHIOHFW �RSHUD LXQL� GLYHUVH� VXQW� UHJUXSDWH� vQ� FDWHJRULLOH� DFWLY� FLUFXODQW� vQ� DIDUD�H[SORDW ULL� úL� GDWRULL� vQ� DIDUD� H[SORDW ULL�� UHVSHFWLY� DFWLYXO� úL� SDVLvul de trezorerie.

Page 8: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

Ciclul� GH� ILQDQ DUH� VH� UHIHU � OD� DQVDPEOXO� RSHUD LXQLORU� GLQWUH�vQWUHSULQGHUH�úL�SURSULHWDULL�GH�FDSLWDO��DF LRQDULL�úL�FUHGLWRULL�vQWUHSULQGHULL���Acesta regUXSHD] � SRVWXULOH� GH� FDSLWDOXUL� SURSULL� úL� GDWRULL� ILQDQFLDUH, indiferent de scaden D�ORU�� LDU�SURYL]LRDQHOH�SHQWUX�ULVFXUL�úL�FKHOWXLHOL�VXQW�DVLPLODWH�VXUVHORU�SURSULL��)OX[XO�GH�ILQDQ DUH�SHUPLWH�vQWUHSULQGHULL�V �IDF �ID � GHFDODMXOXL� GLQWUH� OLFKLGLW Lle� GH� LQWUDUH� úL� cele GH� LHúLUH, provocat de ciclul de exploatare.

Luând în coQVLGHUDUH� VHPQLILFD LLOH� DFHVWRU� WUHL� FLFOXUL�� IXQF LD� GH�LQYHVWL LH� HVWH� SODVDW � vQ� SDUWHD� GLQ� VWkQJD�� QLYHOXO� GH� VXV� DO� ELODQ XOXL��IXQF LD�GH�ILQDQ DUH�SRDWH�IL�UHSUH]HQWDW �vQ�SDUWHD�GLQ�GUHDSWD��QLYHOXO�GH�VXV�DO�ELODQ XOXL�� IXQF LD�GH�ILQDQ DUH�HVWH�pozi LRQDW �H[FOXVLY� vQ�SDUWHD�GH� MRV� D�ELODQ XOXL��fig. 5.4).

3ULQFLSLL�FDUH�VWDX�OD�ED]D�vQWRFPLULL�ELODQ XOXL�IXQF LRQDO1: a) DFWLYHOH�VXQW� OXDWH� vQ�FDOFXO� OD�YDORDUHD� ORU�EUXW ��DGLF �YDORDUHD�

de intrare în patrimoniu, iar în pasiv se iau în considerare DPRUWL] ULOH��UXODMXO�FUHGLWRU�DO�FRQWXOXL������úL�SURYL]LRDQHOH�

b) LPRELOL] ULOH� vQFKLULDWH�� GH LQXWH� vQ� OHDVLQJ� VDX� vQ� ORFD LH� GH�JHVWLXQH� VXQW� vQWHJUDWH� vQ� DFWLY� úL� FRUHVSXQ] WRU� vQ� SDVLY, la ³ÌPSUXPXWXUL� úL� GDWRULL� DVLPLODWH³� GHRDUHFH� HOH� VHUYHVF� FLFOXOXi de exploatare;

c) FRQFHSWXO�GH�DFWLY�ILFWLY�QX�PDL�HVWH�RSHUD LRQDO� d) FKHOWXLHOLOH� FDUH� SULYHVF� H[HUFL LLOH� ILQDQFLDUH� YLLWRDUH� VH�

DVLPLOHD] �DFWLYHORU�LPRELOL]DWH� e) HIHFWHOH�VFRQWDWH�QHDMXQVH� OD�VFDGHQ ��GHELWRULL�SULYLQG�FDSLWDOXO�

VXEVFULV�úL�QHY UVDW��SULPHOH�SULYLQG�UDPEXUVDUHD�REOLJD LXQLORU�úL�diIHUHQ HOH�GH�FRQYHUVLH�GH�DFWLY�úL�GH�SDVLY�VH�WUDWHD] �vQ�DFHODúL�PRG�FD�úL�OD�HODERUDUHD�ELODQ XOXL�SDWULPRQLDO�

f) DPRUWL]DUHD� úL� SURYL]LRDQHOH� VXQW� LQFOXVH� vQ� SDVLYXO� ELODQ XOXL�IXQF LRQDO� FD� VXUVH� DFLFOLFH� �FDUH� U PkQ� OD� GLVSR]L LD� ILUPHL� R�perioada mai mare de un an).

1 M. Niculescu/ Diagnostic global strategic/ Editura E ����������� � � ������� ��� � ���������

Page 9: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

'LQ�SHUVSHFWLYD�ELODQ XOXL�IXQF LRQDO��UHDOL]DUHD�HFKLOLEUXOXL�ILQDQFLDU�DO�vQWUHSULQGHULL�QX�SUHVXSXQH�GRDU�H[LVWHQ D�XQXL�IRQG�GH�UXOPHQW�SR]LWLY��FL�a unui fond de rulment acoperitor nevoilor de finantare ale ciclului de H[SORDWDUH��VWRFXUL���FUHDQ H�GH�H[SORatare – datorii de exploatare).

5ROXO�ELODQ XOXL�IXQF LRQDO� vQ�DQDOL]D�ILQDQFLDU �HVWH�QX�QXPDL�GH�D�SHUPLWH� DSUHFLHUHD� YXOQHUDELOLW LL� VWUXFWXULL� ILQDQFLDUH� D� vQWUHSULQGHULL�UHIOHFWDW � GH� HYROX LD� WUH]RUHULHL� QHWH,� GDU� úL� GH� D� H[SULPD� FRUHOD LD� GLQWUH�VWUXFWXUD�ILQDQFLDU �D�ILUPHL�úL�QDWXUD�DFWLYLW LL�VDOH�

NEVOI = ACTIV SURSE = PASIV NEVOI ACICLICE ( STABILE )

- Activ imobilizat (brut) SURSE ACICLICE (DURABILE)

- capitaluri proprii - DPRUWL] UL�úL�SURYL]LRDQH - datorii financiare

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

SURSE CICLICE - Datorii de exploatare - 'DWRULL�vQ�DIDUD�H[SORDW ULL - Pasiv de trezorerie

)LJ������%LODQ �IXQF LRQDO

5.2.2 Analiza patrimoniului net

3DWULPRQLXO� UHSUH]LQW � WRWDOLWDWHD�GUHSWXULORU� úL�REOLJD LLORU�FH�SRW� IL�H[SULPDWH� vQ� EDQL�� DSDU LQkQG� XQHL� SHUVRDQH� IL]LFH� VDX� MXULGLFH� DOH� F URU�QHYRL� OH� VDWLVIDF�� SUHFXP� úL� EXQXULOH� OD� FDUH� VH� UHIHU �� ÌQ� FD]XO� XQHL�vQWUHSULQGHUL�� SDWULPRQLXO� VH� GHILQHúWH� FD� ILLQG� DFWLYHOH� vQWUHSULQGHULL�negrevate de datorii,� VDX� DYHUHD� DF LRQDULORU� VWDELOLW � SH� ED]D� ELODQ XOXL�patrimonial2.

Patrimoniul net sau activul net contabil se poate determina astfel: 1. FD� GLIHUHQ � GLQWUH� DFWLYXO� WRWDO� úL� GDWRULLOH� WRWDOH� �H[SULPDUH�

materiala a patrimoniului net); 2. FD�VXP �D�HOHPHQWHORU�FDSLWDOXOXL�SURSULX� 3DWULPRQLXO�QHW�HVWH�vQ�PRG�QRUPDO�SR]LWLY�úL�FUHVF WRU��FD�XUPDUH�D�

XQHL� JHVWLXQLL� V Q WRDVH�� $FHDVW � VLWXD LH� UHIOHFW � GH� IDSW� DWLQJHUHD�RELHFWLYXOXL� PDMRU� DO� ILUPHL� úL� DQXPH�PD[LPL]DUHD� YDORULL� SDWULPRQLDOH� D�acesteia. 2 V. Robu si N. Georgescu/ Analiza economico-financiara/ Editura OMNIA UNI S.A.S.T. S.R.L./Brasov 2000

Page 10: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

Având în vedere prima modalitate de calcul a patrimoniului net, FUHúWHUHD� DFHVWXLD� VH� vQUHJLVWUHD] � DWXQFL� FkQG� ULWPXO� DFWLYHORU� WRWDOH�devansea] �ULWPXO�GDWRULLORU�WRWDOH��

$QDOL]kQG� HOHPHQWHOH� FDSLWDOXOXL� SURSULX�� vQ� SUDFWLFD� HFRQRPLF � VH�SRW� vQWkOQL� VLWXD LL� vQ� FDUH� GLQDPLFD� FHD� PDL� DFFHQWXDW � R� vQUHJLVWUHD] �VXUVHOH�FRQVWLWXLWH�SH�VHDPD�UHQWDELOLW LL�ILUPHL��UH]HUYHOH�OHJDOH��IRQGXULOH�proprii etc.�� &DSLWDOXO� VRFLDO� VH� PRGLILF � SULQ� QRL� DSRUWXUL� �DOH� YHFKLORU�DF LRQDUL� VDX� DOH� XQRUD� QRL�� úL� �VDX� SULQ� FRQYHUVLD� XQRU� GDWRULL� vQ� FDSLWDO�VRFLDO� �VWLQJHUHD� XQRU� GDWRULL� vQ� VFKLPEXO� XQXL� SDFKHW� GH� DF LXQL��� 'H�asemenea, rezultatul reportat poate fi pURILW�QHUHSDUWL]DW��FHHD�FH�GHWHUPLQ �FUHúWHUHD� SDWULPRQLXOXL� QHW�� VDX� SLHUGHUH� QHDFRSHULW � �FD]� vQ� FDUH�patrimoniul va fi diminuat).

ÌQ� FRQVHFLQ �� SDWULPRQLXO� QHW� SRDWH� V � FUHDVF � SH� VHDPD� VXUVHORU�LQWHUQH��UHQWDELOLWDWHD�vQWUHSULQGHULL��úL�SH�ED]D�XQRU�surse externe (aporturi, primirea cu titlu gratuit a unor active, conversia unor datorii în capital social etc.).

������ $QDOL]D� FRUHOD LHL� GLQWUH� IRQGXO� GH� UXOPHQW�� QHYRLD� GH� IRQG� GH�UXOPHQW�úL�WUH]RUHULD�QHW

Fondul de rulment� UHSUH]LQW � SDUWHD� GLQ� FDpitalul permanent

XWLOL]DW �SHQWUX�ILQDQ DUHD�DFWLYHORU�FLUFXODQWH�� LPSXV �GH�GLIHUHQ HOH�GLQWUH�VXPHOH�GH�vQFDVDW�úL�VXPHOH�GH�SO WLW��SUHFXP�úL�GH�GHFDODMXO�GLQWUH�WHUPHQXO�PHGLX�GH�WUDQVIRUPDUH�D�DFWLYHORU�FLUFXODQWH�vQ�OLFKLGLW L�úL�GXUDWD�PHGLH�vQ�care datoriile pe termen scurt devin exigibile.

0RGDOLW L�GH�FDOFXO�D�IRQGXOXL�GH�UXOPHQW�

1. Conform FRQFHS LHL� SDWULPRQLDOH, fondul de rulment se poate calcula astfel :

a) FR = Capital permanent – Active imobilizate ;

Fondul de rulment poate fi descompus în fond de rulment propriu

(FRp) úL împrumutat (FRi): FR = FRp + FRi FRp = Capitaluri proprii – Active imobilizate FRi �'DWRULL�SH�WHUPHQ�PHGLX�úL�OXQJ

Page 11: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

b) FR = Active circulante – Datorii pe termen scurt

ÌQ� DFHDVW � VLWXD LH�� IRQGXO� GH� UXOPHQW� UHIOHFW � FRUHOD LD� GLQWUH�OLFKLGLWDWHD� DFWLYHORU� FLUFXODQWH� úL� H[LJLELOLWDWHD� GDWRULLORU� SH� WHUPHQ� VFXUW��$FHVWD�SUH]LQW �R�YDORDUH�LQIRUPDWLY �ULGLFDW ��DVLJXUkQG�OHJDWXUD�GLQWUH�FHOH�GRX � S U L� DOH� ELODQ XOXL� ILQDQFLDU�� &D� XUPDUH�� fondul de rulment este considerat ca fiind cel mai important indicator al echilibrului financiar lichiditate – exigibilitate, care permite aprecierea pe termen scurt a riscului GH�LQFDSDFLWDWH�GH�SODW �

2. Potrivit FRQFHS LHL�IXQF LRQDOH��IRQGXO�GH�UXOPHQW�IXQF LRnal sau fondul GH�UXOPHQW�QHW�JOREDO��)5*1��VH�GHWHUPLQ �DVWIHO�

a) FRNG = Surse aciclice – Active aciclice )RQGXO�GH�UXOPHQW�QHW�JOREDO�UHIOHFW �VXUSOXVXO�UHVXUVHORU�GXUDELOH�vQ�

raport cu valorile imobilizate.

b) FRNG = ( Nevoi ciclice + Nevoi de trezorerie ) – ( Resurse ciclice + Resurse de trezorerie ) = ( Active circulante de exploatare + Active circulante în afara exploat rii + Disponibilit i) – (Datorii de exploatare + Datorii în afar exploat rii + Credite bancare de trezorerie)

Luând în considerare foUPXOD�GH�FDOFXO�GH�PDL�VXV��GDF �IRQGXO�GH�UXOPHQW� HVWH� SR]LWLY� VDX� QHJDWLY�� ILUPD� DUH� OLFKLGLW L� VDX� GLPSRWULY este REOLJDW �V �DQJDMH]H�QRL�FUHGLWH�SHQWUX�ILQDQ DUHD�QHYRLORU�GH�H[SORDWDUH�

Nevoia de fond de rulment� UHSUH]LQW � GLIHUHQ D� GLQWUH� QHYRLOH�WHPSRUDUH� úL� VXUVHOH� WHPSRUDUH�� UHVSHFWLY� VXPD� QHFHVDU � ILQDQ ULL�GHFDODMHORU�� FDUH� VH� SURGXF� vQ� WLPS� vQWUH� IOX[XULOH� UHDOH� úL� IOX[XULOH� GH�trezorerie determinate în special de activitatea de exploatare. a) Pe baza bilan ului patrimonial, aceasta se stabileúte astfel:

NFR = (Active circulante –�'LVSRQLELOLW L� E QHúWL��– (Datoriile pe termen scurt – Creditele pe termen scurt) = (Active circulante –� 'LVSRQLELOLW L�E QHúWL��–�2EOLJD LL�SH�WHUPHQ�VFXUW

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

1HYRLD�GH�IRQG�GH�UXOPHQW�VHPQLILF �vQ�HVHQ , activele circulante de QDWXUD�VWRFXULORU�úL�D�FUHDQ HORU�QHILQDQ DWH�SH�VHDPD�REOLJD LLORU�SH�WHUPHQ�VFXUW� �VXUVHORU� DWUDVH��� 2EOLJD LLOH� SH� WHUPHQ� VFXUW� GH� QDWXUa� FHORU� ID �

Page 12: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

GH� IXUQL]RUL�� VDODULD L�� EXJHtul de stat etc.�� SkQ � vQ� PRPHQWXO� SO LL� ORU�UHSUH]LQW �R�VXUV �DWUDV �GH�ILQDQ DUH�D�DFWLYHORU�FLUFXODQWH� b) Pe baza ELODQ XOXL� IXQF LRQDO,� QHYRLD�GH� IRQG�GH� UXOPHQW� VH� GHWHUPLQ �astfel:

NFR = Nevoi ciclice – Resurse ciclice

În acest caz, nevoia� GH� IRQG� GH� UXOPHQW� HVWH� IRUPDW � GLQ� SDUWHD�SHQWUX�H[SORDWDUH��1)5(��úL�FHD�vQ�DIDUD�H[SORDW ULL��1)5$(��

NFR = NFRE + NFRAE

NFRE = $FWLYH�FLFOLFH�DIHUHQWH�H[SORDW ULL�– Surse ciclice aferente H[SORDW ULL

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

0 ULPHD�QHYRL�GH�IRQG�GH�UXOPHQW�GLQ�H[SORDWDUH�HVWH�LQIOXHQ DW �GH�QDWXUD�DFWLYLW LL��GXUDWD�FLFOXOXL�GH�IDEULFD LH��YLWH]D�GH�URWD LH�D�VWRFXULORU�úL FUHDQ HORU��QLYHOXO�GH�DFWLYLWDWH�etc.

'DF �QHYRLD�GH�IRQG�GH�UXOPHQW�HVWH�SR]LWLY ��VLWXD LD�VH�FRQVLGHU �D�IL� QRUPDO � QXPDL� GDF � HVWH� UH]XOWDWXO� XQHL� SROLWLFL� GH� LQYHVWL LL� SULYLQG�FUHúWHUHD�QHYRLL�GH�ILQDQ DUH�D�FLFOXOXL�GH�H[SORDWDUH��$OWIHO��DFHDVWD�UHIOHFW �XQ� GHFDODM� QHIDYRUDELO� vQWUH� OLFKLGLWDWHD� VWRFXULORU� úL� FUHDQ HORU� úL�exigibilitatea datoriilor de exploatare.

'DF � GLPSRWULY ,� QHYRLD� GH� IRQG�GH� UXOPHQW� HVWH� QHJDWLY , aceasta VHPQLILF �XQ�VXUSOXV�GH�UHVXUVH�WHPSRUDUH�FRPSDUDWLY�FX�QHYRLOH�WHPSRUDUH��VLWXD LD�ILLQG�IDYRUDELO �GRDU�GDF �HVWH�UH]XOWDWXO�DFFHOHU ULL�URWD LHL�DFWLYHORU�FLUFXODQWH� úL� DOH� DQJDM ULL� GH� GDWRULL� FX� VFDGHQ H�PDL�PDUL�� ÌQ� FD]� FRQWUDU��VLWXD LD�HVWH�QHJDWLY �GHRDUHFH�HVWH�GHWHUPLQDW �GH�vQWUHUXSHUL�WHPSRUDUH�vQ�DSURYL]LRQDUHD�úL�UHvQQRLUHD�VWRFXULORU��VDX�vQ�DFWLYLWDWHD�GH�SURGXF LH�

TrezoUHULD�QHW �H[SULP �FRUHOD LD�GLQWUH�IRQGXO�GH�UXOPHQW�úL�QHYRLD�GH� IRQG� GH� UXOPHQW�� UHIOHFWkQG� VLWXD LD� ILQDQFLDU � D� ILUPHL�� DWkW� SH� WHUPHQ�PHGLX�úL�OXQJ�FkW�úL�SH�WHUPHQ�VFXUW�

a) Pe baza ELODQ XOXL�SDWULPRQLDO (financiar), DFHDVWD�VH�FDOFXOHD] �FX�XUP WRDUHD�IRUPXO �

TN = FR - NFR

Page 13: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

b) 7UH]RUHULD�QHW �VH�SRDWH�FDOFXOD�SH�ED]D�ELODQ XOXL�IXQF LRQDO astfel:

TN = FRNG – NFR sau TN = TA – TP

TA = trezoreria de activ, respectiv soldurile debitoare ale conturilor de GLVSRQLELOLW L�úL�SODVDPHQWH�

TP = trezoreria de pasiv, respectiv soldurile creditoare ale conturilor de credite pe termen scurt.

7UH]RUHULD� QHW � SR]LWLY � VHPQLILF un excedent monetar al H[HUFL LXOXL� ILQDQFLDU� úL� GDF � DFHaVWD� VH� PHQ LQH� vQ� FDGUXO� PDL� PXOWRU�H[HUFL LL� ILQDQFLDUH� VXFFHVLYH�� DFHDVW � VLWXD LH� GHPRQVWUHD] � R� UHQWDELOLWDWH�HFRQRPLF � ULGLFDW � úL� SRVLELOLWDWHD� SODV ULL� UHQWDELOH� D� GLVSRQLELOLW LORU�E QHúWL� SHQWUX� vQW ULUHD� SR]L LHL� ILUPHL� SH� SLD �� 'DF � QHYRLD� GH� IRQG� GH�UXOPHQW� HVWH� FRQVWDQW ,� DWXQFL� WUH]RUHULD� QHW � SR]LWLY � este echivalentul profitului net, diminuat cu dividendHOH�SO WLWH�vQ�FXUVXO�DFHOHDúL�SHULRDGH��OD�care se adun �amortizarea.

'DF � vQ� FDOFXOXO� QHYRLL� IRQGXOXL� GH� UXOPHQW� QX� V-au luat în considerare creGLWHOH� SH� WHUPHQ� VFXUW�� WUH]RUHULD� QHW � QHJDWLY � UHIOHFW � XQ�GHILFLW�PRQHWDU��UHVSHFWLY�XQ�GH]HFKLOLEUX�ILQDQFLDU�OD�VIkUúLWXO�DQXOXL,�úL�FDUH�D�IRVW�DFRSHULW�SH�VHDPD�FUHGLWHORU�SH�WHUPHQ�VFXUW��'DF �QHYRLD�GH�IRQG�GH�UXOPHQW�HVWH�FRQVWDQW �� WUH]RUHULD�QHW �QHJDWLY �HVWH�HIHFWXO� vQUHJLVWU ULL�GH�pierderi. TotuúL,� DWXQFL� FkQG� vQWUHSULQGHUHD� UHDOL]HD] � SURGXVH� UHQWDELOH��GLVSXQH� GH� SLD � �GH� DSURYL]LRQDUH� úL� GH� GHVIDFHUH�,� GDU� vQUHJLVWUHD] � R�FUHúWHUH� D� QHYRLL� GH� IRQG� GH� UXOPHQW� FD� XUPDUH� D� GH]YROW ULL� DFWLYLW LL��H[LVWHQ D� XQHL� WUH]RUHULL� QHWH� QHJDWLYH� QX� VHPQLILF � R� VLWXDWLH� HFRQRPLFR-ILQDQFLDU �QHIDYRUDELO ��FL�vQUHJLVWUDUHD�XQXL�GHFDODM�vQWUH�WHUPHQXO�PHGLX�GH�WUDQVIRUPDUH� D� VWRFXULORU� úL� FUHDQ HORU� vQ� OLFKLGLW L� úL� GXUDWD� PHGLH� GH�RQRUDUH�D�REOLJD LLORU�SH�WHUPHQ�VFXUW��� Exemplu: Pe baza datelor din BILAN � 3$75,021,$/� �),1$1&,$5��ÎNCHEIAT LA 31.12 anul N (tabelul nr. 5.3���UH]XOW �XUP WRDUHOH� Determinarea FR, NFR SI TN:

FR = Capitaluri permanente – Nevoi permanente = 147.710 – 98.473 = = 49.237 mil. lei

Page 14: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

sau: FR = Nevoi temporare – Resurse temporare = 136.557 – 87.320 =

= 49.237 mil. lei FRp = Capitaluri proprii – Nevoi permanente = ( 112.910 + 4.200 ) –

– 98.473 = 18.637 mil. lei FRi = FR – FRp = Datoriile pe termen mediu si lung = 30.600 mil. lei

NFR = (Nevoi temporare –�'LVSRQLE��E QHúWL�úL�SODVDPHQte) – (Resurse temporare – Credite curente) = (136.557 – 12.400) – (87.320 – – 14.000) = 50.837 mil. lei

TN = FR – NFR = 49.237 – 50.837 = – 1.600 mil. lei

Fondul de rulment� SR]LWLY� �������� PLO�� OHL�� LQGLF � H[FHGHQWXO�capitalurilor permanente în raport� FX� LPRELOL] ULOH� SH� FDUH� OH� ILQDQ HD] ��H[FHGHQW� FH� YD� IL� XWLOL]DW� SHQWUX� ILQDQ DUHD� DFWLYHORU� FLUFXODQWH�� 'H�DVHPHQHD��ILUPD�GLVSXQH�úL�GH�XQ�fond de rulment propriu pozitiv, ceea ce LQGLF � IDSWXO�F � LPRELOL] ULOH� VXQW� ILQDQ DWH� LQWHJUDO�GH�FDSLWDOXULOH�proprii. 3DUWHD� DFWLYHORU� FLUFXODQWH� QHILQDQ DW � GH� GDWRULLOH� SH� WHUPHQ� VFXUW� VH�UHJ VHúWH� VXE� IRUPD�nevoii de fond de rulment� SR]LWLY � ��������PLO�� OHL���$FHDVW �nevoie de fond de rulment� SR]LWLY � UHIOHFW � GHFDODMXO� QHIDYRUDELLO�dintre lichiditatea stocurLORU�úL�FUHDQ HORU�SH�GH�R�SDUWH����������PLO��OHL�,�úL�exigibilitatea datoriilor pe termen scurt (73.320 mil. lei) pe de alt parte.

'DU�VH�REVHUY �F fondul de rulment este mai mic decât nevoia de fond de rulment, deci se înregistreaz �o trezorerie net QHJDWLY �FDUH�LQGLF �XQ� GHILFLW� PRQHWDU� OD� VIkUúLWXOXL� DQXOXL�� GHFL� R� VLWXD LH� GH� GH]HFKLOLEUX�financiar.

5.2.4 Analiza structurii patrimoniale a întreprinderii

$QDOL]D�VWUXFWXULL�SDWULPRQLDOH�DUH�FD�RELHFWLY�VWDELOLUHD�úL�XUP ULUHD�HYROX LHL� SRQGHULL� GLIHULWHORU� HOHPHQWH� SDWULPRQLDOH� �GH� DFWLY� úL� GH� SDVLY���5DWHOH�GH� VWUXFWXU �SDWULPRQLDO �RIHU �SRVLELOLWDWHD�H[SULP ULL�ELODQ XOXL� vQ�SURFHQWH� úL� SHUPLWH� LGHQWLILFDUHD� FDUDFWHULVWLFLORU� PDMRUH� DOH� VWUXFWXULL�ELODQ XOXL�RIHULQG�GH�DVHPHQHD�SRVLELOLWDWHD�UHDOL] ULL�GH�DQDOL]H�FRPSDUDWLYH�vQ�WLPS�úL�VSD LX�

5.2.4.1 Ratele privind structura activului

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

Page 15: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

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

Active imobilizate Total activ

$FHDVW � UDW � UHIOHFW � SRQGHUHD� DFWLYHORU� LPRELOL]DWH� vQ� SDWULPRQLXO�total al întreprinderii. Diferitele elemente de active imobilizate MXVWLILF �utilizarea unor rate complementare:

a.1) RDWD�LPRELOL] ULORU�QHFRUSRUDOH:

I������� � ! "��$#�%�&���" '���"�(� % Total activ

0 ULPHD� DFHVWXL� LQGLFDWRU� UHIOHFW � SRQGHUHD� DFWLYHORU� LQWDQJLELOH��EUHYHWH��OLFHQ H��P UFL��IRQG�FRPHUFLDO�etc.) în activele totale ale firmei. În FD]XO�ILUPHORU�URPkQHúWL���YDORDUHD�DFHVWHL�UDWH�HVWH�IRDUWH�UHGXV ��vQ�WLPS�FH�vQ�DOWH� UL��FXP�DU� IL�68$��SRQGHUHD�DFWLYHORU�QHFRUSRUDOH�GHSDVHúWH�����din valoarea de înlocuire a firmelor.

a.2) RDWD�LPRELOL] ULORU�corporale:

I������� � ! "���&���")'���"�(� % Total activ

$FHDVW � UDW �UHIOHFW �SRQGHUHD�FDSLWDOXULORU�IL[H�vQ�SDWULPRQLXO� WRWDO�

DO�ILUPHL�úL�YDORDUHD�HL�GHSLQGH�GH�VSHFLILFXO�DFWLYLW LL�úL�GH�FDUDFWHULVWLFLOH�tehnice ale întreprinderii, înregistrânG�YDORUL�GLIHULWH�GH�OD�R�UDPXU �OD�DOWD��Astfel, aceasta are valori foarte mari în cazul firmelor care folosesc o LQIUDVWUXFWXU � LPSRUWDQW � VDX� HFKLSDPHQWH� FRVWLVLWRDUH� �SURGXFHUHD� úL�GLVWULEX LD� GH� HQHUJLH�� WUDQVSRUWXUL� etc.), industria grea sau exploata LLOH�agricole.

6SHFLDOLúWLL� DSUHFLD] � F � SHQWUX� vQWUHSULQGHUL� FRPSDUDELOH�� DFHaVW �UDW �VHPQLILF �FDSDFLWDWHD�ILUPHL�GH�D�UH]LVWD�XQHL�FUL]H�HFRQRPLFH��úWLLQGX-VH�IRDUWH�ELQH�F �R�LPRELOL]DUH�ULGLFDW �D�FDSLWDOXOXL�DWUDJH�GXS �VLQH�XQ�ULVF�mare al netransIRUP ULL�DFHVWRUD�vQ�OLFKLGLW L�

a.3) RDWD�LPRELOL] ULORU�ILQDQFLDUH:

I�*����� � ! "+��, � #-(�#�&�� (�"�% Total activ

× 100

× 100

× 100

× 100

Page 16: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

Aceasta�UHIOHFW �LQWHQVLWDWHD�OHJ WXULORU�úL�UHOD LLORU�ILQDQFLDUH�SH�FDUH�ILUPD� UHVSHFWLY � OH-a stabilit cu alte firme cu ocazia operD LLORU�GH�FUHúWHUH�H[WHUQH� �SDUWLFLSD LL�� LQYHVWL LL�GH�SRUWRIROLX��FUHGLWH�DFRUGDWH�etc.). $FHDVW �UDW �DUH�YDORUL�PDUL�vQ�FD]XO�VRFLHW LORU�GH�LQYHVWL LL�ILQanFLDUH��VRFLHW L�GH�valori mobiliare, fonduri mutuale etc.. $FHDVWD� vQUHJLVWUHD] �YDORUL� VF ]ute vQ�FD]XO�ILUPHORU�PLFL�FDUH�QX�SRW�HIHFWXD�LQYHVWL LL�ILQDQFLDUH�

a.4) Rata activelor circulante:

Active circulante Total activ

$FHDVW � UDW � UHIOHFW � SRQGHUHD� DFWLYHORU� FLUFXODQWH� vQ� WRWDOXO�mijloacelor economice ale întreprinderii. Ca rate complementare, se UHFRPDQG �D�IL�XWLOL]DWH�

a.4.1) Rata stocurilor:

Stocuri Total activ

$FHVW� LQGLFDWRU� vQUHJLVWUHD] � YDORUL� PDUL� vQ� FD]XO� ILUPHORU� FX�DFWLYLWDWH�GH�SURGXF LH��FX�FLFOX�OXQJ�GH�IDEULFD LH��SUHFXP�úL�D�acelor firme cX�VSHFLILF�GH�GLVWULEX LH�GH�EXQXUL�PDWHULDOH��

a.4.2) RDWD�FUHDQ HORU�FRPHUFLDOH:

./ � %�# ��0���&���#21 34"+��(�5�� ��� (�1 % Total activ

5DWD�FUHDQ HORU�FRPHUFLDOH�HVWH�LQIOXHQ DW �GH�QDWXUD�FOLHQ LORU�úL�GH�WHUPHQXO�GH�SODW �SH�FDUH�ILUPD�vO�DFRUG �SDUWHQHULORU�V L��

a.4.3) RDWD�GLVSRQLELOLW LORU�E QHúWL�úL�D plasamentelor:

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

$SUHFLHUHD� DFHVWHL� UDWH� WUHEXLH� I FXW � FX� SUHFDX ie deoarece GLVSRQLELOLW LOH�SRW�VXIHUL�PRGLILF UL�vQVHPQDWH�SH�SHULRDGH�VFXUWH�GH�WLPS��ÌQ� DFHODúL� WLPS�� WUHEXLH� DYXW� vQ� YHGHUH� UDSRUWXO� GLQWUH� GLVSRQLELOLW L� úL�SODVDPHQWH�SUHFXP�úL�GHVWLQD LD�SODVDPHQWHORU�

× 100

× 100

× 100

× 100

Page 17: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

5.2.4.2 Ratele privind structura pasivului

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

a) RDWD�VWDELOLW LL�ILQDQ ULL:

Capital permanent Total pasiv

$FHDVW � UDW � HVWH� XQ� LQGLFDWRU� JOREDO� DO� VWDELOLW LL� ILQDQ ULL� úL�UHIOHFW � SRQGHUHD� VXUVHORU� SH� FDUH� OH� DUH� vQWUHSULQGHUHD� SHQWUX� R� SHULRDG �mai mare de un an, în totalul surselor de acoperire a mijloacelor economice.

b) Rata autonomiei financiare:

Capital propriu Capital permanent

Rata autonomiei financiare� VHPQLILF � SRQGHUHD� VXUVHlor proprii în

ILQDQ DUHD�PLMORDFHORU�HFRQRPLFH�DOH�ILUPHL�úL�vQUHJLVWUHD] valori diferite în IXQF LH� GH� SROLWLFD� ILQDQFLDU � D� vQWUHSULQGHULL� úL� UHQWDELOLWDWHD� HL�� 6H�recomanG �FD�YDORDUHD�DFHVWHLD�V �ILH�> ½.

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

$FHDVW �UDW �VHPQLILF �SRQGHUHD�GDWRULLORU�FX�WHUPHQ�GH�H[LJLELOLWDWH�

mai mic de un an în totalul surselor întreprinderii.

d) Rata datoriilor totale:

Datorii totale Total pasiv

AceaVW � UDW � UHIOHFW � SRQGHUHD� GDWRULLORU� SH� WHUPHQ� OXQJ�� PHGLX� úL�scurt în patrimoniul întreprinderii.

Exemplu: Luând în considerare datele din tabelul 5.5 BILAN CONTABIL

AL ÎNTREPRINDERII A,� V � VH� FDOFXOH]H� úL� V � VH� LQWHUSUHWH]H� UDWHOH� GH� VWUXFWXU �DOH�DFWLYXOXL�úL�SDVLYXOXL�VRFLHW LL�FRPHUFLDOH�UHVSHFWLYH�

× 100

× 100

× 100

× 100

Page 18: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

Tabelul 5.5

%,/$1 �&217$%,/�$/�Ì175(35,1'(5,,�A

ACTIV N N-1 PASIV N N-1

,PRELOL] UL necorporale

9550 9984 Capital social 300000 300000

,PRELOL] UL�corporale

574200 526400 Rezerve 97500 49200

,PRELOL] UL�financiare

730 730 Provizioane reglementate

42000 22750

Rezultatul H[HUFL LXOXL

55670 25425

ACTIVE IMOBILIZATE

584480 537114 CAPITAL PROPRIU

495170 397375

Stocuri 301640 309500 Datorii financiare (scaden > 1 an)

394850 354500

&OLHQ L 70120 120000 AvaQVXUL�úL�aconturi primite

4225 3750

$OWH�FUHDQ H 9050 25480

Valori mobiliare de plasament

41875 43620 )XUQL]RUL�úL�conturi asimilate 25840 95289

'LVSRQLELOLW L 12500 24700 Alte datorii pe termen scurt

99580 209500

ACTIVE CIRCULANTE

435185 523300 TOTAL DATORII

524495 663039

TOTAL ACTIV

1019665 1060414 TOTAL PASIV 1019665 1060414

Page 19: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

ÌQ� FD]XO� vQWUHSULQGHULL� DQDOL]DWH�� UDWH� GH� VWUXFWXU � D� DFWLYXOXL� úL�SDVLYXOXL�VH�SUH]LQW �DVWIHO�

Tabelul 5.6 = mii lei =

5$7(�'(�6758&785 �������� N-1 N 1. Rata activelor imobilizate 57,32 50,65 ���5DWD�LPRELOL] ULORU�necorporale 0,94 0,94 3. 5DWD�LPRELOL] ULORU corporale 56,31 49,64 4. 5DWD�LPRELOL] ULORU�ILnanciare 0,07 0,07 5. Rata activelor circulante 42,68 50,65 6. Rata stocurilor de materii prime, ma-

teriale etc. 29,58 29,19

7. 5DWD�FUHDQ HORU 7,76 13,72 8. 5DWD� GLVSRQLELOLW LORU� E QHúWL� úL� SOD-

samentelor 5,33 6,44

9. 5DWD�VWDELOLW LL�ILQDQFLDUH 87,29 70,90 10. Rata autonomiei financiare 55,64 52,85 11. Rata datoriilor pe termen scurt 12,71 29,10 12. Rata datoriilor totale 51,44 62,53

Concluzii: 5H]XOW � F � vQWUHSULQGHUHD� DSDU LQH� VIHUHL� SURGXFWLYH��UHVSHFWLY� XQXL� VHFWRU� FDUH� QHFHVLW � R� GRWDUH� WHKQLF � VHPQLILFDWLY , fapt reflectat de ponderea mare a activelor imobilizate în total activ în ambele SHULRDGH�DQDOL]DWH��5DWD�LPRELOL] ULORU�FRUSRUDOH�HVWH�IRDUWH�DSURSLDW �GH�FHD�a activelor imobilizate,�FHHD�FH�GHPRVWUHD] �SUHSRQGHUHQ D�DFHVWXL�HOHPHnt vQ� WRWDOXO� LPRELOL] ULORU��9DORDUHD� UHGXV �D� UDWHORU� LPRELOL] ULORU�ILQDQFLDUH�úL�QHFRUSRUDOH� VHPQLILF �R� DFWLYLWDWH�GH� LQYHVWL LL� ILQDQFLDUH� UHVWUâQV � úL�GH�asemenea,�R�SRQGHUH�PLF �D�DFWLYHlor intangibile în total activ.

$FWLYHOH� FLUFXODQWH� GH LQ� R� SRndere de 42,68% în primul an, care FUHúWH�vQ�XUP WRUXO�DQ�SkQ �OD�YDORDUHD�GH���������$FHDVW �PDMRUDUH�D�UDWHL�activelor circulante s-D� UHDOL]DW� SUHSRQGHUHQW� SH� VHDPD�FUHDQ HORU,� DO�F URU�indice a fost de 183,76%. $FHVW � VLWXD LH�SRDWH� IL�GHWHUPLQDW �GH�FUHúWHUHD�YROXPXOXL� GH� DFWLYLWDWH�� GH� DFRUGDUHD� XQRU� WHUPHQH� GH� SODW � PDL�FRPIRUWDELOH� SHQWUX� FOLHQ L,� GDU� úL� GH� DSDUL LD� XQRU� FUHDQ H� LQFHUWH�� 6H�UHFRPDQG � DVWIHO� FRPSOHWDUHD� DFHVWHL� DQDOL]H� FX� LQIRUPD LL� UHIHULWoare la YROXPXO�GH�DFWLYLWDWH�úL�OD�VWUXFWXUD�FUHDQ HORU�GXS �QDWXUD�ORU��FHUWLWXGLQHD�UHDOL] ULL�DFHVWRUD�úL�WHUPHQXO�GH�UHDOL]DUH�

'LQ�SXQFW�GH�YHGHUH�DO�UDWHORU�GH�VWUXFWXU �D�SDVLYXOXL��vQWUHSULQGHUHD�SUH]LQW � R� VWDELOLWDWH� ILQDQFLDU � ULGLFDW � GDU� FDUH� V-a degradat în timp

Page 20: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

��������vQ�DQXO�1�ID �de 87,29% în anul N-1). De asemenea, firma dispune GH�DXWRQRPLH�ILQDQFLDU ��SRQGHUHD�FDSLWDOXOXL�SURSULX�vQ�FDSLWDOXO�SHUPDQHQW�fiind de ��������GDU�vQ�DQXO�XUP WRU�DFHasta scade semnificativ, apropiindu-VH� GH� OLPLWD� PLQLP � DGPLV � ����� GLQ� FDSLWDOXO� SHUPDQent), ca urmare a VF GHULL� FDSLWDOXOXL� SURSULX,� GHFL� D� FUHúWHULL� GDWRULLORU� SH� WHUPHQ�PHGLX� úL�OXQJ��5DWD�GDWRULLORU�WRWDOH�D�FUHVFXW�VLP LWRU�SH�VHDPD�REOLJD LLORU�SH�WHUPHQ�scurt,�FHHD�FH�D�P ULW�JUDdul de îndatorare a firmei.

'HúL� ILUPD� GLVSXQH� GH� VWDELOLWDWH� úL� DXWRQRPLH� ILQDQFLDU �� VH�vQUHJLVWUHD] �WRWXúL�R�GHWHULRUDUH�D�VLWXD LHL�ILQDQFLDUH�vQ�DQXO�1�FRPSDUDWLY�cu anul N-1, ceea impune o reorientare a politicii financiare pe perioada XUP WRDUH�

������$QDOL]D�FRUHOD LHL�GLQWUH�FUHDQ H�úL�REOLJD LL

CUHDQ HOH UHIOHFW � DQJDMDPHQWH� FRQWUDFWDWH� GH� DQXPL L� SDUWHQHUL� DL�ILUPHL��FXP�VXQW�FOLHQ LL,�DOH�F URU�WHUPHQH�GH�SODW �DX�R�VFDGHQ �XOWHULRDU �OLYU ULL� EXQXULORU� úL� VHUYLFLLORU�� SUHFXP� úL� GHELWRULL� ILUPHL�� vQ� FDOLWDWH� GH�beneficiari ai unor împrumuturi pe care le vor rambursa ulterior împreun cu GREkQGD� DIHUHQW � DFHVWRUD�� 'LQ� SXQFW� GH� YHGHUH� FRQWDELO�� FUHDQ HOH� VXQW�IRUPDWH� GLQ� FOLHQ L�� IXUQL]RUL-GHELWRUL�� FUHDQ H� SULYLQG� SHUVRQDOXO� úL�DVLJXU ULOH�VRFLDOH��DOWH�FUHDQ H�SULYLQG�VWDWXO�úL� LQVWLWX LLOH�SXEOice, debitori diversi etc.

2EOLJD LLOH �GDWRULLOH� QHILQDQFLDUH� SH� WHUPHQ� VFXUW�� UHSUH]LQW � VXUVH�GH� ILQDQ DUH� DWUDVH� SH� R� GXUDW � PDL� PLF � GH� �� DQ�� H[FOXzând creditele EDQFDUH�� $FHVWHD� FRQ LQ� GDWRULLOH� F WUH� IXUQL]RUL�� SHUVRQDO�� VWDW�� DF LRQDUL��avansuri de�OD�FOLHQ L�etc.

&UHDQ HOH� úL� REOLJD LLOH� FRQVWLWXLH� SULQFLSDOHOH� HOHPHQWH� FDUH�LQIOXHQ HD] � IOX[XULOH� E QHúWL� DOH� vQWUHSULQGHULL�� ÌQ� FRQVHFLQ �� DFHVWHD�WUHEXLH�DQDOL]DWH�FRUHODW�GLQ�SXQFW�GH�YHGHUH�DO�VXPHORU�úL�DO�WHUPHQHORU�GH�vQFDVDUH�úL�GH�SODW ��,QGLFDWRULL�XWLOL]D L�vQ�DFHVW�VFRS�VXQW�

���'XUDWD�GH�LPRELOL]DUH�D�FUHDQ HORU��'L��

Di = Rd

360Sd ×

unde: 6G� �VROGXO�PHGLX�DO�FUHDQ HORU; 5G� �UXODMXO�GHELWRU�DO�FRQWXULORU�GH�FUHDQ H.

Page 21: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

ÌQ�SUDFWLF �VH�XWLOL]HD] ��GH�UHJXO ��FLIUD�GH�DIDFHUL�GHRDUHFH�ELODQ XO�QX�IXUQL]HD] �LQIRUPD LL�UHIHULWRDUH�OD�UXODMXO�FRQWXULORU�UHVSHFWLYH�

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

Df = Rc

360Sc ×

unde: 6F� �VROGXO�PHGLX�DO�FRQWXULORU�GH�REOLJD LL� Rc = rulajul creditor al conturilor respective.

&RUHOD LD� GLQWUH� VXPD� FUHDQ HORU� úL� D� REOLJD LLORU� SH� WHUPHQ� VFXUW��SUHFXP�úL�GLQWUH�'L�úL�'I�JHQHUHD] �IOX[XUL�E QHúWL�FDUH�LQIOXHQ HD] �SR]LWLY�VDX�QHJDWLY�GLVSRQLELOLW LOH�ILUPHL��Astfel:

a) 'DF �6G� �6F� úL�'L� �'I� ��DWXQFL� FHO�SX LQ�GLQ�SXQFW�Ge vedere WHRUHWLF��VH�SURGXFH�R�FRPSHQVDUH�vQWUH�FUHDQ H�úL�REOLJD LL�

b) 'DF � 6G� !� 6F� úL� 'L� � 'I�� DWXQFL� IOX[XO� GH� GLVSRQLELOLW L� HVWH�LQIOXHQ DW�SR]LWLY�GHRDUHFH�VXPD�vQFDV ULORU�HVWH�VXSHULRDU �VXPHL�SO LORU�SHQWUX�DFHODúL�LQWHUYDO�GH�WLPS�

([LVW �ELQHvQ HOHV�úL�PXOWH�DOWH�YDULDQWH�vQ�IXQF LH�GH�FHL���LQGLFDWRUL� &RUHOD LD� GLQWUH� FUHDQ H� úL� REOLJD LL� SRDWH� IL� VWXGLDW � úL� SH� ED]D�

EDODQ HL� DFHVWRUD� vQ� IXQF LH� GH� WHUPHQHOH� ORU� GH� YHFKLPH� úL� GH� SRQGHUHD�DFHVWRUD�vQ�FDGUXO�WRWDOXO�FUHDQ HORU�úL�D�REOLJD LLORU, astfel:

- Sub 30 zile - 30 - 60 zile - 60 - 90 zile - 90 - 180 zile

- 180 - 270 zile - 270 - 1 an. �������������ÌQ�SUDFWLF �VH�IRORVHVF�LQWHUYDOH�GH�YHFKLPH�PXOW�PDL�PDUL��SkQ �OD�90 zile, între 90 ]LOH�úL�XQ�DQ��SHVWH�XQ�DQ�

Exemplu: 6H�G �XUP WRDUHD�VLWXD LH�D�FUHDQ HORU�úL�D�REOLJD LLORU�ILUPHL�$�

Tabelul 5.7 Perioada

Nr. Crt. Indicatori N-2

mil lei % N-1

mil lei % N

mil.lei % 1. Cifra de afaceri 7.450 100 7.846 105,3 7.980 101,7

2. &UHDQ H 524 100 679 129,6 975 143,6

3. 2EOLJD LL 1.045 100 1.274 121,9 1.527 119,9

4. 5DSRUWXO�FUHDQ H�REOLJD LL 0,50 100 0,53 X 0,64 X

Page 22: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

În perioada celor tUHL�DQL�DQDOL]D L��FUHDQ HOH�úL�REOLJD LLOH�DX�FUHVFXW�într-XQ�ULWP�VXSHULRU�FHOXL�DO�FLIUHL�GH�DIDFHUL��FHHD�FH� LQIOXHQ HD] �QHJDWLY�IOX[XO�GH�GLVSRQLELOLW L��$FHDVW �LQIOXHQW �HVWH�SDU LDO�GLPLQXDW �GH�UDSRUWXO�GLQWUH�FUHDQ H�úL�REOLJD LL��UDSRUW�FDUH�GHúL�DUH�R�GLQDPLF �FUHVF WRDUH��HO�HVWH�VXEXQLWDU��FHHD�FH�LQGLF �R�PDMRUDUH�D�JUDGXOXL�GH�LPRELOL]DUH�D�FDSLWDOXOXL�firmei.

Durata� GH� LPRELOL]DUH� D� FUHDQ HORU� �'L�� úL� GXUDWD� GH� IRORVLUH� D�VXUVHORU�DWUDVH��VH�SUH]LQW �DVWIHO�

Tabelul 5.8

= zile = Nr.crt. Indicatori N – 2 N – 1 N 1. 'XUDWD�GH�LPRELOL]DUH�D�FUHDQ HORU 25,3 31,2 44 2. Durata de folosire a surselor atrase 50,5 58,5 191,4

1LYHOXO�úL�HYROX LD�DFHVWRU�GRL�LQGLFDWRUL�FRQILUP �FRQFOX]LD�VWDELOLW �DQWHULRU�� DGLF � IDSWXO� F �� GHúL� FUHDQ HOH� vQUHJLVWUHD] � FUHúWHUL� VXEVWDQ LDOH��LPRELOL]DUHD� IRQGXOXL� GH� UXOPHQW� HVWH� VXSOLQLW � GH� VXUVHOH� DWUDVH�suplimentar.

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

Tabelul 5.9

&UHDQ H 2EOLJD LL Nr. Crt. 6SHFLILFD ie

mil.lei % mil.lei % 1. 3kQ �OD����GH�]LOH 754 75,4 1.022 66,9 2. ÌQWUH����]LOH�úL���DQ 193 19,8 395 25,9 3. Peste 1 an 27 2,8 110 7,2 Total 974 100 1.527 100

5H]XOW � F � SRQGHUHD� FHD� PDL� PDUH� R� GH LQ� FUHDQ HOH� úL� REOLJD LLOH� FX� R�YHFKLPH�GH�SkQ �OD����]LOH��FHHD�FH�DVLJXU �R�IUHFYHQ �FRUHVSXQ] WRDUH�D�vQFDV ULORU�úL�SO LORU�

������$QDOL]D�OLFKLGLW LL�úL�VROYDELOLW LL�ILUPHL

Lichiditatea�UHSUH]LQW �SURSULHWDWHD�HOHPHQWHORU�SDWULPRQLDOH�GH�D�VH�transforma în bani.

Solvabilitatea este capacitatea întreprinderii de a-úL�RQRUD�REOLJD LLOH�GH�SODW �OD�VFDGHQ �

Page 23: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

&DSDFLWDWHD� GH� SODW � VHPQLILF � VROYDELOLWDWHD� LPHGLDW �� UHVSHFWLY�H[SULP � FDSDFLWDWHD� PLMORDFHORU� EDQHúWL� OD� XQ� PRPHQW� GDW� VDX� SHQWUX� R�SHULRDG � VFXUW � GH� WLPS� �GH� RELFHL� SkQ � OD� ��� GH� ]LOH�, de a acoperi REOLJD LLOH�VFDGHQWH�SHQWUX�DFHODúL�LQWHUYDO�GH�WLPS�

Pentru caracterizarea OLFKLGLW LL unei firme VH�FRPSDU �SDVLYHOH�SH�WHUPHQ�VFXUW�FX�UHVXUVHOH�GLVSRQLELOH�SHQWUX�DFHHDúL�SHULRDG �

Cele mai utilizate rate de lichiditate sunt: 1. 5DWD�OLFKLGLW LL�JHQHUDOH:

Active circulante Datorii curente

'DWRULLOH�FXUHQWH�VXQW�IRUPDWH�GLQ�REOLJD LLOH�ID �GH�IXUnizori, cele ILVFDOH� úL� VDODULDOH�� FUHGLWHOH� SH� WHUPHQ� VFXUW� SUHFXP� úL� SDUWHD� GLQ�vPSUXPXWXULOH� SH� WHUPHQ� PHGLX� úL� OXQJ� D� F URU� VFDGHQ � � HVWH� vQ� FDGUXO�H[HUFL LXOXL�ILQDQFLDU�FXUHQW�

6H�DSUHFLD] �F �VLWXD LD�OLFKLGLW LL�JHQHUDOH�HVWH�VDWLVI F WRDUH��GXS �XQHOH� VXUVH�� vQ� FRQGL LLOH� vQFDGU ULL acestei rate în intervalul 1,2 si 1,8, iar GXS �DOWHOH��vQ�LQWHUYDOXO���VL�����

2. 5DWD�OLFKLGLW LL�FXUHQWH (intermediare):

Active circulante – Stocuri Datorii curente

Potrivit teoriei nord-amHULFDQH�� DFHDVW � UDW � HVWH� FXQRVFXW � úL� VXE�GHQXPLUHD�GH�³WHVWXO�DFLG³��$FHDVW �UDW �HVWH�GH�RELFHL�VXEXQLWDU ��,QWHUYDOXO�FRQVLGHUDW�FD�VDWLVI F WRU�SHQWUX�DFHDVW �UDW �HVWH�GH�����-1.

3. 5DWD�OLFKLGLW LL�LPHGLDWH:

'LVSRQLELOLW L�úL�SODVDPHQWH Datorii curente

ÌQ�WHRULD�HFRQRPLF ,�DFHDVW �UDW �HVWH�FXQRVFXW �úL�VXE�GHQXPLUHD�GH�UDWD� VROYDELOLW LL� LPHGLDWH�� Interpretarea acesteia� WUHEXLH� I FXW � FX� PDUH�JULM �� $VWIHO�� XQ� QLYHO� ULGLFDW� DO� DFHVWHLD� LQGLF o solvabilitate mare, dar poatH� IL� FRQVHFLQ D� XQHL� XWLOL] UL� PDL� SX LQ� SHUIRUPDQWH� D� UHVXUVHORU�GLVSRQLELOH��9DORDUHD� ULGLFDW � D� DFHVWHL� UDWH�QX�FRQVWLWXLH� vQ�DFHODúL� WLPS�R�JDUDQ LH�D�VROYDELOLW LL��GDF �UHVWXO�DFWLYHORU�FLUFXODQWH�DX�XQ�JUDG�UHGXV�GH�lichiditate.

Lg =

Lc =

Li =

Page 24: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

'LQ� FRQWU �� R� YDORDUH� UHGXV � D� OLFKLGLW LL� LPHGLDWH� SRDWH� IL�FRPSDWLELO � FX� PHQ LQHUHD� HFKLOLEUXOXL� ILQDQFLDU�� GDF � vQWUHSULQGHUHD�PLQLPL]HD] � YDORDUHD� GLVSRQLELOLW LORU� VDOH�� GH LQkQG� vQ� VFKLPE, valori de plasament, creante, stocuri cu un grad mare de lichiditate etc.

Solvabilitatea se poate exprima cu ajutorul mai multor indicatori, GLQWUH�FDUH�FHL�PDL�LPSRUWDQ L�VXQW��

1. RatD�VROYDELOLW LL�SDWULPRQLDOH: Capital propriu Capital propriu + credite totale

9DORDUHD� PLQLP � D� UDWHL� VROYDELOLW LL� SDWULPRQLDOH� VH� DSUHFLD] � F �WUHEXLH� V � VH� vQFDGUH]H� vQ� OLPLWHOH� ���-����� LDU� SHVWH� ���� VLWXD LD� SRDWH� IL�FRQVLGHUDW �QRUPDO �

2. 5DWD�VROYDELOLW LL�JHQHUDOH:

Active totale Datorii totale

$FHDVW � UDW � LQGLF � vQ� FH� P VXU � GDWRULLOH� WRWDOe sunt acoperite de F WUH� DFWLYHOH� WRWDOH� DOH� vQWUHSULQGHULL� �DFWLYH� LPRELOL]DWH� úL� DFWLYH�FLUFXODQWH���&X�FkW�YDORDUHD�UDWHL�VROYDELOLW LL�JHQHUDOH�HVWH�PDL�PDUH�GHFkW����FX�DWkW�VLWXD LD�ILQDQFLDU �GH�DQVDPEOX�D�ILUPHL�HVWH�PDL�EXQ �

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

Tabelul 5.10 Indicatori N-1 N

Rata lichidit ii generale 3,36 1,7 Rata lichidit ii curente ( intermediare ) 1,03 0,69 Rata lichidit ii imediate 0,42 0,22 Rata solvabilit ii patrimoniale 1,25 1,12 Rata solvabilit ii generale 1,94 1,6

ÌQ� DPEHOH� SHULRDGH�� QLYHOXO� DFHVWRU� UDWH� VH� vQFDGUHD] � vQ� OLPLWHOH�considerate normale,� FRQIRUP� VWDQGDUGHORU� LQWHUQD LRQDOH�� &D� WHQGLQ , se înrHJLVWUHD] � R� GLPLQXDUH� D� WXWXURU� LQGLFDWRULORU�� FHOH�PDL� DFFHQWXDWH� ILQG�FHOH�DOH� OLFKLGLW LL�FXUHQWH�úL�JHQHUDOH��FDUH� vQ�DQXO�1-��FRERDU �FKLDU�VXE�limita admis � ������� 'HúL� VLWXD LD� vQWUHSULQGHULL� QX� HVWH� DODUPDQW �� WUHEXLH�DGRSWDWH� P VXUL� SHQWUX� PHQ LQHUHD� úL� FKLDU� FUHúWHUHD� OLFKLGLW LL� úL�VROYDELOLW LL�DFHVWHLD�vQ�SHULRDGHOH�XUP WRDUH�

Sp =

Sg =

Page 25: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

5.2.7 Analiza echilibrului economico-financiar

(FKLOLEUXO� ILQDQFLDU� DO� ILUPHL� UHSUH]LQW � XQ� VLVWHP�GH�FRUHOD LL, prin FDUH�VH�VWDELOHVF�DQXPLWH�SURSRU LRQDOLW L�vQ�FDGUXO�úL�vQWUH�GLIHULWHOH�IOX[XUL�financiare. Acestea UHSUH]LQW � R� SUHPLV � GDU� úL� R� FRQVHFLQ � D� XQHL�GHVI úXU UL� QRUPDOH� D� DFWLYLW LL� ILUPHL�� vQ� FRQIRUPLWDWH� FX� RELHFWXO� V u de DFWLYLWDWH�� &D� SUHPLV �� WUHEXLH� DYXWH� vQ� YHGHUH� FRUHOD LLOH� RELHFWLYH� GLQWUH QHFHVLW LOH�GH�UHVXUVH�PDWHULDOH�úL�SRVLELOLW LOH�GH�ILQDQ DUH��'H�PRGXO�FXP�VXQW� XWLOL]DWH� úL� YDORULILFDWH� DFHVWH� UHVXUVH� GHSLQGH� DVLJXUDUHD� HFKLOLEUXOXL�economico-financiar sau dereglarea acestuia.

3HQWUX� H[SULPDUHD� VLQWHWLF � D� PXOWLSOHORU� FRUHOD LL� Lmplicate de echiOLEUXO� ILQDQFLDU�� H[LVW � R� PXOWLWXGLQH� GH� LQGLFDWRUL�� ÌQ� SUDFWLF � VH�XWLOL]HD] �vQ�VSHFLDO�XUP WRULL�LQGLFDWRUL�

1. Rata autonomiei financiare:

Capital propriu Capital propriu + Capital împrumutat

2. 5DWD�GH�ILQDQ DUH�D�VWRFXULlor:

Fond de rulment Stocuri

3. 5DWD�GH�DXWRILQDQ DUH�D�DFWLYHORU:

Capital propriu Active fixe + Active circulante

4. Rata datoriilor;

Datorii totale Active totale

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

Tabelul 5.11

Indicatori N-1 N Rata autonomiei financiare 0,56 0,53 Rata de finan are a stocurilor 1,01 0,69 Rata de autofinan are a activelor 0,49 0,37 Rata datoriilor 0,51 0,63

Raf =

Rfs =

Raa =

Rd =

Page 26: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

La societatea analizat anterior, echilibrul economico-financiar vQUHJLVWUHD] � R� UHODWLY � GHJUDGDUH�� WRWXúL�� FD� úL� vQ� FD]XO� LQGLFDWRULORU� GH�OLFKLGLWDWH� úL� VROYDELOLWDWH�� DFHVWH� UDWH� VH� vQFDGUHD] în limitele considerate satisf c toare, ceea demonstreaz �IXQF LRQDUHD�FRUHVSXQ] WRDUH�D�DFHVWHLD�

������$QDOL]D�YLWH]HL�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH

9LWH]D� GH� URWD LH� D� DFWLYHORU� FLUFXODQWH� UHSUH]LQW � XQ� LQGLFDWRU� GH�HILFLHQ �FDUH�UHIOHFW �VFKLPE ULOH�LQWHUYHQLWH�vQ�DFWLYLWDWHD�vQWUHSULQGHULL��vQ�special în activitatea de exploatare: modificarea procesului de aprovizionare úL� SURGXF LH�� UHGXFHUHD� FRVWXULORU�� VFXUWDUHD� FLFOXOXL� GH� SURGXF LH� úL� D�SHULRDGHL� GH� GHVIDFHUH� úL� vQFDVDUH� D� SURGXF LHL� etc.). Volumul activelor circulante ale întreprinderii depindH�GH�GRL�IDFWRUL��úL�DQXPH��FLIUD�GH�DIDFHUL�úL� YLWH]D� GH� URWD LH� D� DFWLYHORU� FLUFXODQWH�� &X� FkW� DFWLYHOH� FLUFXODQWH� YRU�SDUFXUJH�PDL� UHSHGH� ILHFDUH� VWDGLX�DO� URWD LHL� FDSLWDOXOXL�� FX�DWkW�YLWH]D� GH�URWD LH�YD�IL�PDL�PDUH���LDU�QHFHVDUXO�GH�IRQG�GH�UXOPHQW mai mic pentru un YROXP�GDW�DO�SURGXF LHL��UHVSHFWLY�DO�FLIUHL�GH�DIDFHUL�

9LWH]D�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH�SRDWH�IL�H[SULPDW �vQ:

a) 1XP U�GH�URWD LL (n):

n = AC

CA

unde: $&� �VROGXO�PHGLX�DO�DFWLYHORU�FLUFXODQWH��I U �GLVSRQLELOLW L��

Acest indicator se poate calcula pentru fiecare element de active circulante utilizându-VH� IRUPXOD� GH� PDL� VXV�� 7RWXúL� DFHVWD� DUH� R� SXWHUH�LQIRUPDWLY � UHGXV � GLQ� SXQFW� GH� YHGHUH� DO� FRQ LQXWXOXL� GHRDUHFH� HVWH� R�P ULPH�DEVWUDFW �FDUH�QX�UHG �vQ�WHUPeni�FRQFUH L�UHDOLWDWHD�HFRQRPLF �

b) Durata în zile (Dz):

Dz = CA

TAc ×

unde: 7� �QXP UXO de zile ale perioadei analizate.

Page 27: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

ÌQ� VFRSXO� LGHQWLILF ULL� DVSHFWHORU� IDYRUDELOH�� GDU� PDL� DOHV� D� FHORU�QHIDYRUDELOH�DOH�JHVWLRQ ULL�UHVXUVHORU��VH�UHFRPDQG �GHWHUPLQDUHD�YLWH]HL�GH�URWD LH�SH�ILHFDUH�HOHPHQW�DO�DFWLYHORU�FLUFXODQWH�úL�DO�VWDGLXOXL�vQ�FDUH�VH�DIO �în cadrul circuitului general, astfel:

b.1) 'XUDWD�GH�URWD LH�D�VWRFXULORU�GH�PDWHULL�SULPH�úL�PDWHULDOH:

6WRFXO�PHGLX�GH�PDWHULL�SULPH�úL�PDteriale Cheltuielile cu materialele

E����'XUDWD�GH�URWD LH�D�VWRFXULORU�GH�SURGXF LH�vQ�FXUV�GH�H[HFX LH�

6WRFXO�PHGLX�GH�SURGXF LH�vQ�FXUV�GH�H[HFX LH 3URGXF LD�H[HUFL LXOXL�H[SULPDW în costuri (cheltuieli aferente proGX LHL�H[HUFL LXOXi)

b.3) 'XUDWD�GH�URWD LH�D�VWRFXULORU�GH�SURGXVH�ILQLWH�úL�VHPLIDEULFDWH: 6WRFXO�PHGLX�GH�SURGXVH�ILQLWH�úL�VHPLIDEULFDWH Cheltuielile aferente veniturilor din exploatare

b.4) Durata de rota ie a crean elor (durata de încasare a crean elor): Stocul�PHGLX�DO�FUHDQ HORU Veniturilor din exploatare

$QDOL]D� IDFWRULDO � D� YLWH]HL� GH� URWD LH� SUHVXSXQH� XWLOL]DUHD�XUP WRUXOXL�PRGHO� CA

Dz = TCA

AC × AC(1)

AC AC(2)

AC(n)

unde: Dz = viteza de rotatie a activelor circulante în zile; CA = cifra de afaceri; AC = soldul mediu al activelor circulante; AC(1), AC(2),……AC(n) = categorii de active circulante (stocuri de materii

prime, materiale, produc ie în curs de execu ie, produse finite, crean e etc.)

× T

× T

× T

× T

Page 28: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

&RQVHFLQ HOH� DFFHOHU ULL� VDX� vQFHWLQLULL� YLWH]HL� GH� URWD LH� VH�PDWHULDOL]HD] � vQ�HOLEHU UL�VDX� LPRELOL] UL�GH�DFWLYH�FLUFXODQWH��LQGLFDWRU�FH�VH�SRDWH�FDOFXOD�FX�DMXWRUXO�UHOD LHL�

E ( I ) = (Dz1 – Dz0) T

CA1×

Pentru exemplificare se folosesc urm toarele date: Tabelul 5.12

= mil lei = Nr. Crt.

INDICATORI N-1 N %

1. Cifra de afaceri 53400 61200 114,61 2. Soldul mediu al activelor circulante,

din care: – stocuri – FUHDQ H

11620

6480 5140

13400

7050 6350

115,32

108,80 123,54

3. 9LWH]D�GH�URWD LH���]LOH�� 78,34 78,82 100,61

Model de analiz :

Dz = TCA

CrStT

CAAC ×+=×

9DULD LD�YLWH]HL�GH�URWD LH�vQ�]LOH� 48,034,7882,78DzDzDz 01 +=−=−=∆ zile

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

1. ,QIOXHQ D�PRGLILF ULL�FLIUHL�GH�DIDFHUL�

99,934,7835,68TCA

ACT

CA

AC

0

0

1

0 −=−=×−× zile

2. ,QIOXHQ D�PRGLILF ULL�VROGXOXL�PHGLX�DO�DFWLYHORU�FLUFXODQWH�

=×−× TCA

ACT

CA

AC

1

0

1

1 78,82 – 68,35 = +10,47 zile

GLQ�FDUH�GDWRULW � ������,QIOXHQ HL�PRGLILF ULL�VWRFXULORU�PHGLL�

=×−× TCA

StT

CA

St

1

0

1

1 41,47 – 38,11 = +3,36 zile

�������,QIOXHQ HL�PRGLILF ULL�VROGXOXL�PHGLX�DO�FUHDQ HORU�

=×−× TCA

CrT

CA

Cr

1

0

1

1 37,35 – 30,24 = +7,11 zile

Page 29: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

(IHFWXO�PRGLILF ULL�YLWH]HL�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH�poate fi o eliberare de capital� vQ�FD]XO�DFFHOHU ULL�YLWH]HL�GH�URWD LH, sau o imobilizare GH� FDSLWDO�� vQ� FD]XO� vQFHWLQLULL� DFHVWHLD�� ÌQ� VLWXD LD� DQDOL]DW � PDL� VXV�� VH�vQUHJLVWUHD] �R�LPRELOLzare de capital, respectiv:

I = ( 78,82 – 78,34 ) =×360

200.61 81,6 mil. lei

6H�FRQVWDW �R�vQFHWLQLUH�D�YLWH]HL�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH�GH�OD�������]LOH�vQ�SULPXO�DQ�OD�������]LOH�vQ�DQXO�XUP WRU��FHHD�FH�DUH�FD�HIHFW�R�imobilizare dH�FDSLWDO��ÌQFHWLQLUHD�YLWH]HL�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH�V-a GDWRUDW�FUHúWHULL�VROGXOXL�PHGLX�DO�DFWLYHORU�FLUFXODQWH� vQWU-un ritm superior celui al cifrei de afaceri (115,32% > 114,61% ).

'LQ� SXQFW� GH� YHGHUH� DO� LQIOXHQ HORU� IDFWRULORU�� VH� FRQVWDW � F �PDMRUDUHD� FLIUHL� GH� DIDFHUL� FX� ������� vQ� FRQGL LLOH�PHQ LQHULL� FRQVWDQWH� D�VROGXOXL� PHGLX� DO� DFWLYHORU� FLUFXODQWH�� GHWHUPLQ � DFFHOHUDUHD� YLWH]HL� GH�URWD LH��DGLF �UHGXFHUHD�DFHVWHLD�FX������]LOH��

&UHúWHUHD� VROGXOXL� PHGLX� DO� DFWLYHORU� FLUFXODQWH� FX� ���32% a GHWHUPLQDW� vQFHWLQLUHD� YLWH]HL� GH� URWD LH�� UHVSHFWLY� PDMRUDUHD� DFHVWHLD� FX�10,47 zile. $FHDVW �VLWXD LH�V-D�GDWRUDW�DWkW�FUHúWHULL�YDORULL�FUHDQ HORU�FkW�úL�D�VWRFXULORU�� ,QIOXHQ D�VWRFXULORU� VH�DSUHFLD] �QRUPDO � � CASt II < ), dar cea a PDMRU ULL� FUHDQ HORU� QX� HVWH� MXVWLILFDW � vQ� WRWDOLWDWH� GH� FUHúWHUHD� YkQ] ULORU�( CACr II > ).

'HFL�� SHQWUX� DFFHOHUDUHD� YLWH]HL� GH� URWD LH� D� DFWLYHORU� FLUFXODQWH�WUHEXLH� UHGXV� VROGXO� PHGLX� DO� FUHDQ HORU�� SUHFXP� úL� D� YDORULL� FHORUODOWH�categorii GH� DFWLYH� FLUFXODQWH� SkQ � OD� OLPLWD� OD� FDUH� QX� DIHFWHD] � Euna desf úXUDUH�D�DFWLYLW LL�

& LOH� GH� DFFHOHUDUH� D� YLWH]HL� GH� URWD LH� D� DFWLYHORU� FLUFXODQWH� VXQW�YDULDWH�� HOH� ILLQG� VSHFLILFH� ILHF UXL� VWDGLX� DO� URWD LHL� FDSLWDOXOXL� LQYHVWLW��Astfel:

¾ în stadiul DSURYL]LRQ ULL��DSURYL]LRQDUHD�ULWPLF �FX�UHVXUVH�PDWHULDOH�GH�OD�FHOH�PDL�DSURSLDWH�VXUVH�úL�FX�PLMORDFHOH�GH�WUDQVSRUW�FHOH�PDL�economice, respectarea contractelor încheiate cu furnizorii, redu-FHUHD� OD� PD[LPXP� D� SHULVDELOLW LORU� OD� PDWHULDOH� SH� GXUDWD�WUDQVSRUWXOXL� úL� GHSR]LW ULL� SULQ� PHFDQL]DUHD�� DXWRPDWL]DUHD� RSH-UD LLORU�GH�PDQLSXODUH�D�DFHVWRUD��GLPHQVLRQDUHD�optim a stocurilor de materii prime, materiale, produse finite etc.;

¾ vQ� VWDGLXO� SURGXF LHL�� UHGXFHUHD� GXUDWHL� FLFOXOXL� GH� SURGXF LH� úL�diminXDUHD�FRQVXPXULORU�VSHFLILFH�GH�PDWHULL�SULPH�úL�PDWHULDOH�SULQ�

Page 30: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

PRGHUQL]DUHD� WHKQRORJLLORU� GH� IDEULFD LH�� XWLOL]DUHD� LQWHJUDO � D�FDSDFLW LORU�GH�SURGXF LH�� IRORVLUHD�FRPSOHW �D� WLPSXOXL�GH�PXQF ��DSURYL]LRQDUHD� UD LRQDO � D� ORFXULORU� GH� PXQF �� FUHúWHUHD� FDOLILF ULL�SHUVRQDOXOXL��vPEXQ W LUHD�FDOLW LL�SURGXVHORU�

¾ vQ� VWDGLXO� YkQ] ULL�� FUHúWHUHD� ULWPXOXL� YkQ] ULORU� SULQ� vQFKHLHUHD� GH�FRQWUDFWH� IHUPH� GH� OLYUDUH� D� SURGXF LHL�� UHGXFHUHD� WLPSXOXL� GH�PDQLSXODUH� D� ORWXULORU� OLYUDELOH�� SUHFXP� úL� DFFHOHUDUHD� ULWPXOXi de vQFDVDUH� D� YkQ] ULORU� SULQ� DOHJHUHD� FHORU�PDL� DYDQWDMRDVH� IRUPH� GH�GHFRQWDUH�FX�FOLHQ LL��XUP ULUHD�RSHUDWLY �D�GHFRQW ULL�SURGXVHORU�etc.

5.2.9 Analiza fluxurilor de trezorerie

7RDWH� RSHUD LLOH� SH� FDUH� vQWUHSULQGHUHD� OH� GHVI úRDU � VH� UHJ VHVF�imedLDW�VDX�OD�WHUPHQ��VXE�IRUPD�IOX[XULORU�GH�WUH]RUHULH��$VWIHO��R�ILUP �vúL�DVLJXU � SHUHQLWDWHD� GRDU� GDF � SULQ� DFWLYLWDWHD� VD�GHJDM � vQ�PRG�SHUPDQHQW�trezorerie.

7UH]RUHULD� UHSUH]LQW � R� LQIRUPD LH� FKHLH�� FDUH� SHUPLWH� DSUHFLHUHD�SHUIRUPDQ HORU� vQWUHSULQGHULL�� DYkQG� úL� XQ� URO� VWUDWHJLF� vQ� FHHD� FH� SULYHúWH�QLYHOXO�V X�GH�IRUPDUH�FkW�úL�PRGXO�GH�XWLOL]DUH��Folosirea�DFHVWHL�LQIRUPD LL�FRQIHU �RELHFWLYLWDWH�vQ�JHVWLXQHD�úL�DQDOL]D�HFRQRPLFR�-�ILQDQFLDU �GHRDUHFH�spre deosebire de fondul de rulment, necesarul de fRQG� GH� UXOPHQW� úL�FDSDFLWDWHD� GH� DXWRILQDQ DUH�� WUH]RUHULD� QX� HVWH� XQ� FRQFHSW� GRPLQDW� GH�LQFLGHQ D�FRQYHQ LLORU�úL�SROLWLFLORU�FRQWDELOH�

([LVWHQ D� WUH]RUHULHL� UHIOHFW � SR]L LD� VWUDWHJLF � D� ILUPHL� vQ� UDSRUW� FX�SURGXVHOH�VDOH��SLH HOH�VDOH��FRQFXUHQ LL�V L�úL�factorii externi. De asemenea, aceasta�FRQVWLWXLH�JDMXO�IOH[LELOLW LL�ILUPHL�GHRDUHFH�SHUPLWH�PDQaJHULORU�V �realizeze obiectivele strategice ale firmei prin achizi ii de mijloace fixe sau SULQ�LQYHVWL LL�ILQDQFLDUH�

3ULYLQG�SUDFWLFD�LQWHUQD LRQDO ��SUimul model de tablou al fluxurilor GH�WUH]RUHULH�HVWH�SURSXV�SULQ�VWDQGDUGXO�FRQWDELO�DPHULFDQ�)$6�����������úL�prin aceaVW � QRUP �� GH� )$6%�� &X� FkWHYD� GLIHUHQ H�� GLQ� ����� DFHVWD� HVWH�UHFRPDQGDW� úL� vQ� )UDQ D�� $SRL�� ,$6&�� RUJDQLVPXO� LQWHUQD LRQDO� GH�normalizDUH�� HPLWH� úL� SXQH� vQ� DSOLFDUH� vQ� ����� QRUPD� �� �,$6� ��� SULYLQG�WDEORXO�GH�ILQDQ DUH��$VWIHO��GLQ�������FRPSDQLLOH�PDUL�GLQ� ULOH�GH]YROWDWH�WUHEXLH� V � SXEOLFH� FD� R� SDUWH� FRPSRQHQW � D� VLWXD LLORU� ORU� ILQDQFLDUH�� XQ�tablou al fluxurilor de trezorerie.

Tabloul fluxurilor de trezorerie furni]HD] � LQIRUPD LL�SULYLQG�PRGXO�vQ�FDUH�vQWUHSULQGHUHD�JHQHUHD] �úL�XWLOL]HD] �QXPHUDUXO�úL�HFKLYDOHQtele de QXPHUDU�� &RQIRUP� QRUPHL� LQWHUQD LRQDOH� ,$6� ��� IOX[XULOH� GH� WUH]RUHULH�

Page 31: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

UHSUH]LQW �DQVDPEOXO�LQWU ULORU�úL�LHúLULORU�GH�OLFKLGLW L�VDX�GH�HFKLYDOHQWH�GH�OLFKLGLW L�� /LFKLGLW LOH� VHPnLILF � IRQGXULOH� GLVSRQLELOH� úL� GHSR]LWHOH� OD�vedere,�LDU�HFKLYDOHQWHOH�GH�OLFKLGLW L��SODVDPHQWHOH�SH�WHUPHQ�VFXUW��IRDUWH�OLFKLGH��FRQYHUWLELOH�FX�XúXULQ într-R�P ULPH�GHWHUPLQDW �GH�OLFKLGLW L�úL�D�F URU�YDORDUH�QX�ULVF �V �VH�VFKLPEH�vQ�PRG�VHPQLILFDWLY�

În cadrul tabloului fluxurilor de trezorerie, fluxurile sunt grupate în XUP WRDUHOH�WUHL�FDWHJRUL�

• IOX[XUL�JHQHUDWH�GH�DFWLYLW LOH�GH�H[SORDWDUH; • IOX[XUL�JHQHUDWH�GH�DFWLYLW LOH�GH�LQYHVWL LL; • IOX[XUL�JHQHUDWH�GH�DFWLYLW LOH�GH�ILQDQ DUH.

5H]XOWDQWD�ILQDO �D�FHORU�WUHL�FDWHJRULL�GH�IOX[XUL�HVWH�WUH]RUHULD�QHW �FDUH�SRDWH�IL�GHWHUPLQDW �DVWIHO�

• prin PHWRGD�GLUHFW ��FRQIRUP�F UHLD�VH�RSHUHD] �FX�vQFDV UL�úL�SO L�brute în numerar;

• prin PHWRGD�LQGLUHFW ��FRQIRUP�F UHLD�VH�SRUQHúWH�GH�OD�SURILWXO�QHW�FDUH�VH�FRUHFWHD] �FX�DFWLYHOH�QHPRQHWDUH��DOWH�HOHPHQWH�GH�YHQLWXUL�sau cheltuieli nelegate de exploatare etc. ,$6���UHFRPDQG �vQWUHSULQGHULORU�XWLOL]DUHD�PHWRGHL�GLUHFWH�GHRDUHFH�

aceasta SHUPLWH�RE LQHUHD�GH�LQIRUPD LL�QHFHVDUH�HVWLP ULL�IOX[XULORU�YLLWRDUH�GH� WUH]RUHULH�� 'HRVHELUHD� SULQFLSDO � vQWUH� FHOH� GRX � PHWRGH� FRQVW � vQ�structura fluxurilor de trezorerie relative referitoare la activit ile de exploatare.

Conform metodei directe, fluxurile monetare sunt grupate în diferite FDWHJRULL� GH� vQFDV UL� úL� SO L�� $FHVWHD� QX� VXQW� SUHFL]DWH� FX� H[DFWLWDWH� vQ�QRUPD� LQWHUQD LRQDO � GDU� SH� ED]D� H[HPSOHORr, se poate lua în considerare XUP WRDUHD�VWUXFWXU ��

)OX[XULOH� GH� WUH]RUHULH� UHODWLYH� OD� DFWLYLW LOH� GH� H[SORDWDUH��PHWRGD�GLUHFW �3:

ÌQFDV UL�JHQHUDWH�GH�UHOD LLOH�FX�FOLHQ LL - 3O L�vQ�IDYRDUHD�IXUQL]RULORU�úL�SHUVRQDOXOXL - Dobânzi úL�GLYLGHQGH�SO WLWH��� - 3O L�SULYLQG�LPSR]LWHOH�DVXSUD�EHQHILFLLORU��� - $OWH�SO L�JHQHUDWH�GH�H[SORDWDUH - -/+ Elemente extraordinare - = +/-�)OX[XO�QHW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH�GH�H[SORDWDUH

1) Aceste fluxuri ar putea fi incluse, de asemenea, în categoria fluxurilor de ILQDQ DUH

��� � $FHVW� IOX[� DU� SXWHD� IL� vPS U LW� vQWUH� DFWLYLW LOH� GH� H[SORDWDUH�� FHOH� GH investi LL�úL�FHOH�GH�ILQDQ DUH

3 1�)HOHDJ ��7UDWDW�GH�FRQWDELOLWDWH�ILQDQFLDU �–YRO�,��(GLWXUD�(FRQRPLF ��%XFXUHúWL������

Page 32: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

ÌQ� FHHD� FH� SULYHúWH� PHWRGD� LQGLUHFW �� SUH]HQWDUHD� WLS� D� QRUPHL�LQWHUQD LRQDOH�YL]HD] �XUP WRDUHOH�FDWHJRULL�

+/-�5H]XOWDWXO�QHW�vQDLQWHD�LPSR]LW ULL�úL�HOHPHQWHORU�H[WUDRUGLQDUH

(OLPLQDUHD�YHQLWXULORU�úL�FKHOWXLHOLORU�I U �LQFLGHQ �DVXSUD�WUH]RUHULHL�

��&KHOWXLHOL�FX�DPRUWL] ULOH�úL�SURYL]LRDQHOH -��9HQLWXUL�GLQ�DPRUWL] UL�úL�SURYL]LRDQH

(OLPLQDUHD�YHQLWXULORU�úL�FKHOWXLHOLORU�QHOHJDWH�GH�H[SORDWDUH�

+/-�5H]XOWDWXO�FHVLXQLL�LPRELOL] ULORU�úL�SODVDPHQWHORU + Cheltuieli privind dobânzile - Venituri din plasamente _____________________________________________________________ = +/-�5H]XOWDWXO�GLQ�H[SORDWDUH�vQDLQWHD�YDULD LHL�QHFHVDUXOXL�GH�IRQG�GH rulment +/-�9DULD LD�VWRFXULORU +/-�9DULD LD�FRQWXULORU�FOLHQ L�a DOWRU�FUHDQ H�Gin exploatare +/-�9DULD LD�FRQWXULORU�IXUQL]RUL�úL�D�DOWRU�GDWRULL�GLQ�H[SORDWDUH -�'REkQ]L�úL�GLYLGHQGH�SO WLWH��� -�3O L�SULYLQG�LPSR]LWHOH�DVXSUD�SURILWXOXL��� +/- Elemente extraordinare _____________________________________________________________ = +/- )OX[XO�QHW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH de exploatare

1) Aceste fluxuri ar putea fi incluse, de asemenea, în categoria fluxurilor de ILQDQ DUH

2) $FHVW� IOX[� DU� SXWHD� IL� vPS U LW� vQWUH� DFWLYLW LOH� GH� H[SORDWDUH�� FHOH� GH�LQYHVWL LL�úL�FHOH�GH�ILQDQ Dre.

3ULYLQG� IOX[XULOH� GH� WUH]RUHULH� DOH� DFWLYLW LORU� GH� LQYHVWL LL�� ,$6� �� QX�specific �H[DFW�VWUXFWXUD�DFHVWRUD��WRWXúL�H[HPSOHOH�GLQ�DQH[D�QRUPHL�FRQGXF�OD�XUP WRDUHD�SUH]HQWDUH�WLS�

Fluxurile de trezorerie UHODWLYH�OD�DFWLYLW LOH�GH�LQYHVWL LL:

- AcKL]L LRQDUHD�ILOLDOHL�;���- ) trezoreria achizi LRQDW - Cesiunea filialei Y - $FKL]L LRQDUHD�GH�LPRELOL] UL - $FKL]L LRQDUHD�GH�SODVDPHQWH ����ÌQFDV ULOH�FH�UH]XOW �GLQ�FHVLXQHD�GH�LPRELOL] UL + Dobânzi încasate + Dividende primite (încasate) = +/- Flux neW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH�GH�LQYHVWL LL

Page 33: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

De asemenea, ,$6� �� QX� VSHFLILF � H[DFW� VWUXFWXUD� fluxurilor de WUH]RUHULH� UHODWLYH� OD� DFWLYLW LOH� GH� ILQDQ DUH�� WRWXúL� H[HPSOHOH� GLQ� DQH[D�QRUPHL�FRQGXF�OD�XUP WRDUHD�SUH]HQWDUH�WLS�

Fluxurile de trezRUHULH�UHODWLYH�OD�DFWLYLW LOH�GH�ILQDQ DUH:

���&UHúWHUHD�GH�FDSLWDO��vQ�QXPHUDU - Rambursarea de capital, în numerar + Emisiunea (contractarea) de împrumuturi (altele decât cele de trezorerie) - Rambursarea de împrumuturi (altele decât cele de trezorerie) -���5DPEXUVDUHD�GH�GDWRULL�FH�UH]XOW �GLQ�FRQWUDFWHOH�GH�ORFD LH-ILQDQ DUH - 'REkQ]L�úL�GLYLGHQGH�SO WLWH���

= +/- Flux net de trezorerie relativ la activit ile de finan are

1) Aceste fluxuri ar putea s fie incluse, de asemenea, în categoria fluxurilor de exploatare.

Exemplu: 3H� ED]D� ELODQ XOXL� FRQWDELO� úL� D� FRQWXO� GH� SURILW� úL� SLHUGHUL� DOH� XQHL�vQWUHSULQGHUL� SUH]HQWDWH�PDL� MRV�� V � VH� DQDOL]HOH� IOX[XULOH� GH� WUH]RUHULH� DOH�acesteia.

Page 34: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

Tabelul 5.13 %,/$1

- mil lei -

(OHPHQWH�ELODQ LHUH N-1 N 9DULD LD Elemente de activ ,PRELOL] UL�QHFRUSRUDOH ����$PRUWL] UL�LPRELOL] UL�necorporale ,PRELOL] UL�FRUSRUDOH ����$PRUWL]DUL�LPRELOL] UL�FRUSRUDOH ,PRELOL] UL�ILQDQFLDUH ����$PRUWL] UL�LPRELOL] UL�ILQDQFLDUH Stocuri &UHDQ H���� 'LVSRQLELOLW L Elemente de activ - total Elemente de pasiv Capital social Profit nerepartizat Datorii financiare pe termen lung Datorii furnizori 'DWRULL�ILVFDOH�úL�VRFLDOH Datorii diverse Elemente de pasiv – total ���6H�FRQVLGHU �F �WRDWH�FUHDQ HOH�VXQW�FUHDQ H�–FOLHQ L�DIHUHQWH�DFWLYLW LL�GH�exploatare

800 - 130 7000 - 2500 1500 - 250 2300 7000 900 16620

7000 700 4600 3200 720 400 16620

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

8220 800 3850 3700 700 270 17540

- -

+ 220 - 50

- -

+ 1350 - 50 - 550 + 920

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

+ 920

Page 35: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

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

- mil lei - INDICATORI N

Venituri din exploatare Venituri din vânzarea m UIXULORU 3URGXF LH�YkQGXW Cifra de afaceri 3URGXF LH�VWRFDW 3URGXF LH�LPRELOL]DW Cheltuieli de exploatare &KHOWXLHOL�SULYLQG�P UIXULOH Cheltuieli cu materiile prime &KHOWXLHOL�FX�HQHUJLD�úL�DSD &KHOWXLHOL�FX�OXFU UL�úL�VHUYLFLL�H[HFXWDWH Cheltuieli cu�LPSR]LWH�úL�WD[H Cheltuieli cu personalul &KHOWXLHOL�SULYLQG�DVLJXU ULOH�úL�SURWHFWLD�VRFLDO &KHOWXLHOL�FX�DPRUWL]DUHD�LPRELOL] ULORU Venituri financiare Venituri din dobânzi Alte venituri financiare Cheltuieli financiare Cheltuieli privind dobânzile Alte cheltuieli financiare 9HQLWXUL�H[FHS LRQDOH Venituri din cedarea activelor &KHOWXLHOL�H[FHS LRQDOH� Cheltuieli cu cedarea activelor Profit brut Impozit pe profit Profit net

14400 4000 10400 14400

- -

13900 1700 4100 350 600 420 2500 1300

2930

100 100

-

200 200

- - - - -

400 100 300

,QIRUPD LL�FRPSOHPHQWDUH� � FUHúWHUHD�FDSLWDOXOXL�D�DYXW�ORF�vQ�FXUVXO�DQXOXL�1��SULQ�DSRUW�GH�

QXPHUDU�DO�DF LRQDULORU� � VH�GLVWULEXLH�GLYLGHQGH�DF LRQDULORU�vQ�YDORDUe de 200 mil. lei;

Page 36: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

� s-D�DFKL]L LRQDW�XQ�XWLODM� vQ�YDORDUH�GH������PLO�OHL��SO WLQGX-se în numerar întreaga contravaloare a acestuia;

� s-a rambursat un credit de 750 mil.lei.

Pe baza datelor de mai sus, tabloul fluxurilor de trezorerie pentru anul N se prezLQW �DVWIHO�

Tabelul 5.15 TABLOUL FLUXURILOR DE TREZORERIE PENTRU ANUL N

- mil lei -

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

3URILWXO�QHW�vQDLQWHD�LPSR]LW ULL������������������������������������������������ 400

(OLPLQDUHD�YHQLWXULORU�úL�FKHOWXLHOLORU�I U �LQFLGHQ asupra trezoreriei:

��&UHúWHUHD�FKHOWXLHOLORU�SULYLQG�DPRUWL] ULOH�������������������� + 2930

Eliminarea veniturilor úL�a cheltuielilor nelegate de exploatare: __________________________________________________________________ �3URILWXO�GLQ�H[SORDWDUH�vQDLQWHD�YDULD LHL�QHFHVDrului de fond de rulment +3330 - &UHúWHUHD�VWRFXULORU������������������������������������������������������������� -1350 + 'LPLQXDUHD�VROGXULORU�FRQWXULORU�FOLHQ L�úL�DOWRU�FUHDQ H�din exploatare +50 + &UHúWHUHD�GDWRULLORU�ID �GH�IXUQL]RUL���������������� +500 - Diminuarea datoriilor fisFDOH�úL�VRFLDOH������ -20 - Diminuarea datoriilor diverse -130 - 3O L�SULYLQG�LPSR]LWHOH�DVXSUD�SURILWXOXL� -100 __________________________________________________________________ �)OX[XO�QHW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH�GH�H[SORDWDUH����$������������� +2280

)OX[XULOH�GH�WUH]RUHULH�UHIHULWRDUH�OD�DFWLYLW LOH�GH�LQYHVWL LL�

- Achizi ionarea unui utilaj 3100 __________________________________________________________________ �)OX[XO�QHW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH�GH�LQYHVWL ii ( B ) 3100

)OX[XULOH�GH�WUH]RUHULH�UHIHULWRDUH�OD�DFWLYLW LOH�GH�ILQDQ DUH�

��&UHúWHUHD�GH�FDSLWDO�vQ�QXPHUDU������������������������������������ 1220 - Rambursarea de împrumuturi 750 - 'LYLGHQGH�SO WLWH�������������������������������������������������������� 200

__________________________________________________________________ = Fluxul neW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH�GH�ILQDQ DUH���&����������������� + 270

'LPLQXDUHD�QHWD�D�OLFKLGLW LORU���$���%���&�� 550 ��/LFKLGLW L�OD�GHVFKLGHUHD�H[HUFL LXOXL�1����������������������������� +900

__________________________________________________________________ ��/LFKLGLW L�OD�vQFKLGHUHD�H[HUFL LXOXL�1���������������������������������������������������������������

Page 37: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

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

IOX[XOXL�GH�H[SORDWDUH��$���OLFKLGLW L�vQ�YDORDUH�GH������PLO��OHL�FD�XUPDUH�D�DFWLYLW LL�UHQWDELOH�GHVI úXUDWH�

)OX[XO� GH� WUH]RUHULH� GLQ� RSHUD LLOH� GH� LQYHVWL LL� �%�� HYLGHQ LD] �necesarul de trezorerie (3100 mil. lei) geneUDW� GH� LQYHVWL LD� HIHFWXDW � GH�ILUP � SHQWUX� DFKL]L LRQDUHD� XQXL� XWLODM��'H� DVHPHQHD,� VH� FRQVWDW � F � DFHVW�necesar de trezorerie nu poate fi acoperit integral de fluxul de trezorerie GHJDMDW� GH�DFWLYLWDWHD� FXUHQW ��$VWIHO�� VH� DSHOHD] � OD� R�PDMRUDUH� GH� FDSLWal SULQ� DSRUWXO� YHFKLORU� DF LRQDUL, concomitent cu distribuirea de dividende F WUH� DFHúWLD�� 3HQWUX� D� VSRUL� vQFUHGHUHD� DF LRQDULORU� vQ� FDSDFLWDWHD� GH�dezvoltare viitoare a firmei, se fac eforturi pentru rambursarea creditelor bancare.

ÌQ� FRQFOX]LH�� GHúL� vQWUHSULQGHUHD� DUH� SHUIRUPDQ H� GHRVHELWH��WUH]RUHULD� GLQ� DFWLYLWDWHD� FXUHQW � HVWH� LQVXILFLHQW pentru acoperirea RSHUD LLORU�GH�LQYHVWL LL��DVWIHO�DFHasta este nevoit �V �DSHOH]H�OD�VXUVH�H[WHUQH�GH�ILQDQ DUH�RE LQXWH�SULQ�PDMRUDUH�GH�FDSLWDO��GHFL�I U �D�PRGifica structura DF LRQDULDWXOXL�úL�HYLWkQG�LQWHUYHQ LD�H[WHUQ �vQ�SURFHVXO�GH�OXDUH�D�GHFL]LLORU��

'DWRULW �VWUXFWXULL�úL�PHWRGRORJLHL�GH�vQWRFPLUH�D�WDEORXOXL�IOX[XULORU�GH�WUH]RUHULH��DFHVWD�SHUPLWH�XWLOL]DWRULORU�VLWXD LLORU�ILQDQFLDUH�XUP WRDUHOH�

¾ V � Hvalueze capacitatea întreprinderii de a deJDMD� OLFKLGLW L�� vQ�special din activitatea de exploatare;

¾ V �GHWHUPLQH�QHFHVLW LOH�GH�OLFKLGLW L� ¾ V �SUHYDG �VFaden HOH�úL�ULVFXO�vQFDV ULORU�YLLWRDUH� ¾ V � FRPSDUH� UH]XOWDWHOH� vQWUHSULQGHULL�� SULQ� HOLPLQDUHD� HIHctelor

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

'HúL� WDEORXO� IOX[XULORU� GH� WUH]RUHULH� RIHU � LQIRUPD LL� XWLOH� GHVSUH�VROYDELOLWDWHD� úL� IOH[LELOLWDWHD� ILQDQFLDU � D� ILUPHL�� ILLQG� PXOW� PDL� UHOHYDQW�decât indicatorii de echilibru financiar, fondul de rulment, nevoia de fond de UXOPHQW�úL�WUH]RUHULD�QHW � acesta�SUH]LQW �DQXPLWH�OLPLWH�OHJDWH�GH�GHILQLUHD�úL� UROXO� WUH]RUHULHL�� FRQ LQXWXO� IXQF LHL� GH�H[SORDWaUH� úL�PRGXO� GH� FDOFXO� DO�IOX[XULORU� DVRFLDWH� DFHVWHLD�� HYDOXDUHD� SHUIRUPDQ HORU� SULQ� intermediul IOX[XULORU� GH� WUH]RUHULH�� SUHFXP� úL� vQ� LQVXILFLHQ D� DFHVWXLD� GH� D� DSUHFLD� úL�SUHYL]LRQD�HYROX LD�VLWXD LHL�ILQDQFLDUH�SH�WHUPHQ�OXQJ�D�XQHL�ILUPH�

Page 38: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

Întreb UL�úL�DSOLFD LL

1. &DUH�HVWH�XWLOLWDWHD�ELODQ XOXL�SDWULPRQLDO��ILQDQFLDU��úL�D�FHOui�IXQF ional în analiza sitXD iei financiare a întreprinderii?

2. &DUH� VXQW� SULQFLSDOHOH� FRUHF LL� GH� DFWLY� úL� SDVLY� HIHFWXDWH� SHQWUX�RE LQHUHD�ELODQ XOXL�SDWULPRQLDO��ILQDQFLDU�?

3. &XP� VH� GHWHUPLQ � SDWULPRQLXO� QHW� úL� FDUH� VXQW� F LOH� GH� FUHúWHUH� D�acestuia?

4. 6 �VH�FDOFXOH]H�úL�V � VH� LQWHUSUHWH]H�HYROX LD�SDWULPRQLXOXL�QHW�SH�ED]D�XUP WRDUHORU�GDWH�

%,/$1

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

Activ imobilizat net Stocuri &OLHQ L 'LVSRQLELOLW L

3800 1750 940 120

3550 2100 1700 340

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

3000 500 800

1500

1750 940

3000 600 850

2200

1900 860

TOTAL ACTIV 6610 7690 TOTAL PASIV 6610 7690 5. &XP�LQWHUSUHWD L�HYROX ia patrimoniului net în siWXD LD�vQ�FDUH�HOHPHQWHOH�

GH�DFWLY�VH�PDMRUHD] �Fu 7% iar datoriile totale cu 2%?

6. &XP�VH�GHWHUPLQ �LQGLFDWRULL�GH�HFKLOLEUX�ILQDQFLDU��IRQGXO�GH�UXOPHQW��QHYRLD�GH�IRQG�GH�UXOPHQW�úL�WUH]RUHULD�QHW ?

7. &DUH�VXQW�HOHPHQWHOH�FDUH�LQIOXHQ HD] �QHYRLD�GH�IRQG�GH�UXOPHQW�úL�FH�VHPQLILFD LH�HFRQRPLF �DUe un nivel constant al acesteia?

Page 39: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

8. ÌQ� FH� FRQGL LL� QHYRLD� GH� IRQG� GH� UXOPHQW� úL� WUH]RUHULD� QHW � DX� YDORUL�QHJDWLYH�úL�FDUH�HVWH�VHPQiILFD LD�HFRQRPLF �D�DFHVWXL�IDSW?

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

%,/$1 = mil. lei =

ACTIV N - 1 N PASIV N – 1 N ,PRELOL] UL�QHFRUSRUDOH ,PRELOL] UL�FRUSRUDOH ,PRELOL] UL�ILQDQFLDUH Stocuri &OLHQ L Efecte de încasat ,PSR]LWH� úL� WD[H� GH�încasat 'HELWRUL�GLYHUúL 'LVSRQLELOLW L

55 950 350 550 310 325

-

20 60

50 900 400 600 300 350 25

12 70

Capital social Rezerve Rezultatul exercitiului nerepartizat Provizioane pentru ULVFXUL�úL�FKHOWXLHOL Datorii financiare pe termen lung Datorii furnizori (IHFWH�GH�SODW 79$�GH�SODW CreditRUL�GLYHUúL Credite bancare curente

800 137 70 35

1005 400 110 40 8 15

800 140 85 40

1100 360 100 55 7 20

TOTAL ACTIV 2620 2707 TOTAL PASIV 2620 2707

6 �VH�FDOFXOH]H�úL�V �VH�LQWHUSUHWH]H�IRQGXO�GH�UXOPHQW�QHW global, nevoia GH�IRQG�GH�UXOPHQW�úL�WUH]RUHULH�QHW � 10. 3H�ED]D�GDWHORU�GH�OD�DSOLFDWLD����V �VH�GHWHUPLQH�FHOH�GRX �FRPSRQHQWH�

DOH�QHYRLL�GH�IRQG�GH�UXOPHQW��UHVSHFWLY�FHD�GH�H[SORDWDUH�úL�FHD�vQ�DIDUD�H[SORDW ULL�� úL� V � VH� H[SOLFH� FXP� HVWH� ILQDQ DW � QHYRia de fond de rulment.

����)RUPXOD L�SULQFLSDOHOH�FRQFOX]LL�SH�ED]D�XUP WRDUHORU�GDWH�

Indicele capitalui propriu = 116% Indicele capitalului permanent = 110% Indicele activelor imobilizate = 121%.

Page 40: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

12. 3H� ED]D� GDWHORU� GLQ� ELODQ XO� XQHL� VRFLHW L� FRPHUFLDOH�� V � VH� DQDOL]H]H�

HYROX LD�VWUXFWXULL�SDWULPRQLDOH�úL�D�VXUVHORU�GH�ILQDQ DUH�

%,/$1 = mil.lei =

ACTIV

N -1

N PASIV

N - 1

N

> ?�@�A�B C B D E�B$F�G�H�@�E I�@�E�J�C G

> ?�@�A�B C B D E�B�H�@�E)I�@�E�J�C G

> ?�@�A�B C B D E�B�K)B F�J�F�H�B J�E+G

TOTAL ACTIVE

IMOBILIZATE

Stocuri

Clien i L C M GNH�E+G�J�F

e pe termen

scurt

Titluri de plasament O7B P+I�@�F�B A�B C B M B

TOTAL ACTIVE

CIRCULANTE

Cheltuieli înregistrate în

avans

CONTURI

DE REGULARIZARE Q > LSR > TU> V LXWZY

4.150

166.050

112.100

282.300

127.500

141.050

3.280

23.500

1.320

296.650

7.140

7.140

4700

235.300

80.000

320.000

130.500

118.140

3.360

22.400

5.600

280.000

7280

7280

Capital social

Rezerve

Rezultatul G�[�G�E+H�B B \�C \�B

nerepartizat R \4A4]�G�F B B^I�G�F4M E \B F2]�G�P+M B B B

TOTAL

CAPITAL

PROPRIU

Provizioane pentru E+B P�H�\4E�B�_�B�H�`

eltuieli

Credite bancare

Furnizori

Alte datorii pe

termen scurt

TOTAL

DATORII

150.000

70.000

24.050

2.740

249.790

70.450

125.250

80.500

60.100

265.850

150.000

72.500

25.250

2.500

250.250

66.800

147.230

85.000

58.000

290.230

TOTAL ACTIV 586.090 607.280 TOTAL PASIV 586.090 607.280

Page 41: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

13. ([SOLFD L� vQ� FH� FRQVW � LPSRUWDQ D� DQDOL]HL� FRUHODWH� D� FUHDQ HORU� úL�REOLJD LLORU�XQHL�VRFLHW L�FRPHUFLDOH�

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

oEOLJD LLORU�SH�ED]D�XUP toarelor date:

mil. lei – Perioada Nr.

Crt. Indicatori N-1 N

1. Cifra de afaceri 130.000 250.000 2. &UHDQ H��GLQ�FDUH

− FUHDQ H�����DQ − FUHDQ H�!���DQ

18.500 13.350 5.150

38.700 34.100 4.600

3. 2EOLJD LL��GLQ�FDUH − REOLJD LL���1 an − REOLJD LL�!���DQ

75.000 69.750 5.250

90.000 90.000

-

15. ,QWHUSUHWD L�XUP WRDUHD�VLWXD LH�

'XUDWD�GH�LPRELOL]DUH�D�FUHDQ HORU� ����]LOH Durata de folosire a surselor atrase = 34 zile.

16. &DUH�HVWH�VHPQLILFD LD�HFRQRPLF �D�HYROX LHL�LQGLFDWRULORU�

Indicele cifrei de afaceri = 114% ,QGLFHOH�VROGXOXL�PHGLX�DO�REOLJD LLORU�SH�WHUPHQ�VFXUW� �����

17. &H�UHIOHFW �OLFKLGLWDWHD�úL�VRlvabilitatea unei întreprinderi? 18. &DOFXOD L� úL� LQWHUSUHWD L� OLFKLGLWDWHD� úL� VROYDELOLWDWHD� XQHL� ILUPH�SH� ED]D�

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

Page 42: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

%,/$1 - mil. lei -

ACTIV N-1 N PASIV N-1 N Active imobilizate Active circulante, din care: - Stocuri -�&UHDQ H -�'LVSRQLELOLW L�b QHúWL�úL�SODVDPHQWH

3.250

4.600 2.920 1.460

220

3.800

4.220 2.150 1.570

500

Capital propriu Împrumuturi pe WHUPHQ�PHGLX�úL�lung )XUQL]RUL�úL�DOWH�REOLJD LL�FXUHQWH Credite pe termen scurt

3.500

650

3.600

100

3.150 400 4.390 80

TOTAL ACTIV 7.850 8.020 TOTAL PASIV 7.850 8.020 19. 6 �VH�GHWHUPLQH�UDWD�VROYDELOLW LL�SDWULPRQLDOH��FXP�DSUHFLD L�VLWXD LD�vQ�

cazul în care aceasta este de 35%? 20. &XP�VH�GHWHUPLQ � UDWD� OLFKLGLW LL�JHQHUDOH�úL�FDUH�VXQW� OLPLWHOH� vQ�FDUH�

DFHDVWD�WUHEXLH�V �VH�vQFDGUH]H� 21. Care sunt principalele rate utilizate pentru analiza echilibrului

economico-financiar al firmei ? 22. 'HILQL L�YLWH]D�GH� URWD LH�D�DFWLYHORU�FLUFXODQWH�úL�PHQ LRQD L� LQGLFDWRULL�

FDUH�H[SULP �DFHVW�FRQFHSW�HFRQRPLF� 23. $QDOL]D L�YLWH]D�GH� URWD LH�D�DFWLYHORU�FLUFXODQWH� �vQ�]LOH�� úL�GHWHUPLQD L�

efectul modifiF ULL� DFHVWHLD� �HOLEHUDUH� VDX� LPRELOL]DUH� GH� FDSLWDO�FLUFXODQW��vQ�FXUVXO�D�GRX �H[HUFL LL�ILQDQFLDUH�FRQVHFXWLYH�

– mil. lei –

Perioada Nr. Crt. Indicatori

N-1 N 1. Cifra de afaceri 17.800 19.400 2. Soldul mediu al activelor circulante,

din care: − Stocuri − &UHDQ H − 'LVSRQLELOLW L�E QHúWL

2.350 1.260 1.050 40

3.070 1.550 1.430 90

Page 43: Analiza Situatiei Financiar Patrimoniale Ale Intreprinderii

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%.