sc milky way srl -

8/17/2019 Sc Milky Way Srl -

1/26

UNIVERSITATEA “ LUCIAN BLAGA” SIBIUFACULTATEA DE INGINERIE “HERMANN OBERTH”

MANAGEMENTUL PROIECTELOR EUROPENE

MANAGEMENT INVESTITIONAL

Infiintarea unei firme producatoare de produse lactate

Prof.Îndrumator:Prof. univ. dr. in . Io!n B!r"!n

Masterand:Lu#! S!$in!

!"#1


2/26

Infiintarea unei firme producatoare de produse lactate:S$ Mil%& 'a& S(L

I. Pre)entarea a*entului economic+enumire: S$ Mil%& 'a& S(L

Adr%"!& Si$iu' S!( I)i*$!v' S(r. Prin#i+!)!' nr. ,-

Cod fi"#!)& RO /0-123

S(!(u(u) 4uridi#& So#i%(!(% #u r5"+und%r% )i*i(!(5

O$i%#(u) 6i do*%niu) d% !#(ivi(!(%& F!$ri#!r%! +rodu"%)or )!#(!(%

2


3/26

II. Pia,a produsului

II.". Produse oferiteProdu"%)% #% ur*%!75 ! "% f!$ri#! "un(&

• L!+(% d% #on"u*

• Fri6#5

• Br8n75 d% (i+ #!6#!v!)

3


4/26

L!+(%)% d% #on"u* v! fi in(% r!) +!"(%uri7!( 6i o*o %ni7!( 6i v! !v%! un #on9r5"i*% d% -'0:-';no)o i#% +%n(ru $r!n7! d% v!#i' #!"#!v!)' $r!n7!(uri f%r*%n(!(%' #o((! %

?$r!n7! d% #!"!@' #r%*% +>i)!d%)+>i!' *o77!r%)!' )!#(o:!i#d%' #r%*% (!r(in!$i)% *!"#!r: (!n#uri : "i)o7 d% "(o#!r%& #!+!#i(!(i +!n! )! 03*-: v!n% !u(o*!(i7!(% univ%r"!)%:+ro#%"!r% +%n(ru& $r!n7! d% v!#i' #!"' ri#o((!: "!(ii "+!)!r% CIP: )inii +!"(%uri7!r% : "i"(%*% d% r%#%+(i% )!+(%: #i"(%rn%' (!n#uri d% r!#ir%: in"(!)!(ii v%n(i)!(i% #)i*!(i7!r%

: +roi%#(!r% : f)u uri (%>no)o i#% !"i"(%n(! (%>no)o i#!

II. . Poten,ialii clien,i

Pi!(! +o(%n(i!)5 +%n(ru +rodu"%)% )!#(!(% %"(% for*!(5' =n +rin#i+iu' din (o!(% "d% v8r"(5 d% )! 3 )! ;0 !ni' #u +r%#i7!r%! #5 +%n(ru !nu*i(% +rodu"% )!#(!(%' #on"u#on#%n(r!( +% !nu*i(% "% *%n(% d% v8r"(5.

4


5/26

n #%%! #% +riv%"(% segmentul pieţei laptelui de consum "% +o( f!#% *!i *u)(%#on"id%r!9ii. L!+(%)% 6i +rodu"%)% )!#(!(% "un( !)i*%n(% indi"+%n"!$i)% =n >r!nf%*%i)or r!vid%' ! *!*%)or #!r% !)5+(%!75' ! +%r"o!n%)or =n v8r"(5' ! $o)n!vi)or #u d%fi#!)#iu =n or !ni"*.

S% *%n(u) d% +i!95 +%n(ru !#%"(% +rodu"% %"(% r%+r%7%n(!( d% (o!(%#on"u*!(ori' indif%r%n( d% v8r"(5' d% niv%)u) v%ni(u)ui "i *%diu) d% +rov%ni%n(5 ?rur!)P%n(ru "% *%n(!r%! =n fun#9i% d% !#%"(% dou5 *%dii d% +rov%ni%n95 !+!r%#!r!#(%ri"(i#5' 6i !nu*% !#%%! #5 +o+u)!9i! din *%diu) rur!) #on"u*5 *!i *u)( )!+(% d% #od!(ori(5 f!+(u)ui #5 !#%"(! +rovin% din +rodu#9i% +ro+ri% "!u din (ro# )o#!). S% +r%"u+un23< din #on"u*u) d% )!+(% d% #on"u* din *%diu) rur!) +rovin% din +rodu#9i! +ro+ri% 6i 3 +ro#ur!( din *! !7in%.

n #%%! #% +riv%6(% segmentul pieţei brânzeturilor, "% *%n(u) d% +i!95 +%n(ru !#%" +rodu"% %"(% r%+r%7%n(!( d% (o!(% #!(% orii)% d% #on"u*!(ori indif%r%n( d% v8v%ni(u)ui 6i *%diu) d% +rov%ni%n95 ?rur!) "!u ur$!n@.

P%n(ru "% *%n(!r%! =n fun#9i% d% #%)% dou5 *%dii d% +rov%ni%n95' !+!r#!r!#(%ri"(i#5' 6i !nu*% !#%%! #5 +o+u)!9i! din *%diu) rur!) #on"u*5 *!i *u)(% $r8n7d!(ori(5 f!+(u)ui #5 !#%"(%! +rovin din +rodu#9i! +ro+ri%' =n o"+od5rii)% d% 95r!ni. S%#5 #ir#! 20< din #on"u*u) d% $r8n7%(uri din *%diu) rur!) +rovin% din +rodu#9i! +ro+ri%"un( +ro#ur!(% din *! !7in%.

SC Mi) ! SRL "% v! )i*i(! +%n(ru =n#%+u( )! o r%(%! d% di(ri$u(i% +%n(ru 7?=n #!r% "% +ro#%"%!7! )!+(%)%@' d%o!r%#% in (%r*%n "#ur(' o % (ind%r% ! r%(%in"%*n! o #r%"(%r% ! +r%(uri)or +rodu"%)or )!#(!(%' d%(%r*in!(! d% #>%)(ui%)i)% d%*5"ur5 #% v8n75ri)% "% vor "(!$i)i7! "% !r% =n v%d%r% #r%!r%! unui )!n9 +ro+riu.

Av!n(!4%)% un%i r%(%)% d% di"(ri$u(i% +ro+ri% "un( in"! ur*!(o!r%)%&

• D%+o7i(!r%!• M!ni+u)!r%!

5


6/26

• (r!n"+or(u) +rodu"%)or "% d%"f!"o!r! in(r:un *od "u+r!v% >%!( "i )! (%*+%#or%"+un7!(o!r%

• "% *%n(in% #%) *!i $un +r%( +rin %)i*in!r%! in(%r*%di!ri)or • !d!+(%r%! r!+id! )! n%voi)% #)i%n(i)or • !n(i#i+!r%! #o*+or(!*%n(u)ui #)i%n(i)or.

T%ndin(! %n%r!)! ! +ro#%"!(ori)or d% )!+(% %"(% d% ! d%7vo)(! o di"(ri$u(i% or!"%)% *!ri' +% o r!7! #!r% +o!(% "! !#o+%r% #!(%v! 4ud%(%. D% !"%*%n%!' (r%$(%ndin(! d% ! in(r! +% +i!(! $u#ur%"(%!n! ! (u(uror "o#i%(!(i)or *!ri din !#%!"(! indu"(ri%d!#! f!$ri#i)% d% )!#(!(% "un( )! di"(!n(% fo!r(% *!ri d% Bu#ur%"(i. C!(%v! % %*+)% %d!#%"( "%n" "un(& Dorn! L!#(!(% ?Su#%!v!@' N!+o)!#( ?C)u4 N!+o#!@' Cov!)!#( ?Cov!"n!@

n#!"!r%! f!#(uri)or %*i"% "% v! f!#% =n #%) *!i "#ur( (i*+ +o"i$i). M!4o"u+%r*!r %(uri)or +)5(%"# )! (%r*%n% d% 0:-3 d% 7i)%. n #!)#u)%)% fin!n#i!r% ":!u ) +%rio!d5 d% =n#!"!r% d% 0 d% 7i)% +%n(ru ! fi !#o+%ri(or.

II. . $oncuren,a

Pi!9! +rodu"%)or )!#(!(% %"(% =n +r%7%n( di"+%r"!(5. Ni#i un! din(r% fir*%)% +nu ! r%u6i( "5 o#u+% "% *%n(% d% +i!95 #!r% "5 o (i(u)!ri7%7% =n +o7i9i! d% )id%r. A+ +rodu#9i! (o(!)5 %"(% r%!)i7!(5 d% fir*% *i#i "i *i4)o#ii #!r% !u "u$ 03 d% !n !4!9i.

Din(r% *!rii +rodu#!(ori J #o*+%(i(ori !*in(i* do!r #!(%v! fir*%' #u r%7u)(!(% d%o"%

Napolact S.A. Cluj Napoca %"(% #%! *!i *!r% f!$ri#5 ro*8n%!"#5 din "%#(or' #u unnu*5r d% !n !4!9i *u)( *!i *!r% f!95 d% *%di! +% indu"(ri%. N!+o)!#( d%9in% #%) *vo)u* d% v8n75ri +%n(ru )!+(% d% #on"u*' (o(!)i78nd +%"(% /< din v8n75ri)% (o(!)% d%#on"u*. So#i%(!(%! *!i +rodu#% 6i #o*%r#i!)i7%!75 i!ur(uri 6i "*8n(8n5' i!ur(uri di%(%(i#%

Dorna Lactate di"+un% d% ;3 d% #%n(r% #!r% !"i ur! +r%)u#r!r%! )!+(%)ui #o)%2033 d% +rodu#!(ori' in - 4ud%(% din nordu) (!rii& Su#%!v!' N5"5ud' M!r!*ur%6. Prin# +rodu"% #o*%r#i!)i7!(% d% Dorn! L!#(!(% "un(& )!+(% "u+%r+!"(%uri7!(' "*8n(8n5 du(o+i(5.

Danone , )id%r *ondi!) in do*%niu) +rodu"%)or )!#(!(% +ro!"+%(%' ! in(r!( +%ro*!n%!"#! in !nu) 221' ini(i!) #u +rodu"% i*+or(!(%.

Delaco SRL Brasov +rodu#% 6i #o*%r#i!)i7%!75& )!+(% =n +un i d% )i(ru' "*8n $r8n7%(uri. G!*! d% $r8n7%(uri #u+rind%& $r8n75 +ro!"+5(5 d% v!#i' $r8n75 (%)%*%

6


7/26


8/26

II.#. Politici de pre,

S%n"i$i)i(!(%! #on"u*!(ori)or =n fun#9i% d% +r%9 6i #!)i(!(%! %"(% inf)u%n9!(5 d#u*+5r!r% ! +o+u)!9i%' d% r!du) d% %*!n#i+!r%.

P%n(ru +rodu"%)% ro*8n%6(i un “*!r% #on#ur%n(” r!*!n% niv%)u) d% (r!i 6i +u(%d% #u*+5r!r%.

Po)i(i#! d% +r%9uri +% #!r% SC Mi) ! SRL ur*5r%6(% "5 o !do+(% %"(in#!dr!r% =n +r%9uri)% d% "+%#ifi#%. Nu "% v! ur*5ri "5 "% v8nd5 )! +r%9uri fo!r(% *ir8nd d!(ori(5 f!+(u)ui #5 fir*! nu 6i:!r +u(%!:o +%r*i(%. P% d% !)(5 +!r(%' +rodu"%)% #% "vor fi d% #!)i(!(% "u+%rio!r5' +%"(% *%di% +rodu"%)or #% "% 5"%"# +% +i!95 6i d%#i!"(f%) d% +o)i(i#5.

S:! #on"(!(!( f!+(u) #5 un +r%9 fo!r(% *i#' indu#%' #>i!r 6i =n Ro*8ni!' id%%! #5 +ro"un( d% +ro!"(5 #!)i(!(%. Av8nd =n v%d%r% f!+(u) #5 #)i%n9ii "% =ndr%!+(5 (o( *!i *u)( #=n d%(ri*%n(!) +r%9u)ui' +r%9uri)% +r!#(i#!(% vor fi *od%r!(%.

n #%%! #% +riv%6(% +r%9u) )! )!+(%' !#%"(! v! fi !"%*5n5(or #u +r%9u) +#on#ur%n95 +%n(ru )!+(%)% !*$!)!( )! +un i d% )i(ru ?"%*i+!"(%uri7!(@. Av8nd =n v%d*5ri(5 +% #!r% o v! indu#% =n r8ndu) #u*+5r5(ori)or !*$!)!r%! )! "(i#)% d% +)!"(i#' "% v! (%r*%n fo!r(% "#ur( "5 "% #86(i % un "% *%n( i*+or(!n( d% +i!95.

n #%%! #% +riv%6(% fri6#!' #!n(i(!(%! f!$ri#!(5 n%fiind *!r%' nu "% 4u"(ifi#5 un ridi#!(' #5#i ori#u* nu !r !du#% +rofi(uri =n"%*n!(% "o#i%(59ii. S% vor !+)i#! +r%9uri) +%n(ru ! "% vind% r%+%d% #!n(i(!(%! 7i)ni#5 +rodu"5 ?+o!(% #>i!r "u$ *%di%@.

L! $r8n7!' +rodu"u) #!r% "% v! f!$ri#! !r% do!r +!(ru +rodu"% ?#% "% #o*%r#i!)i7%#!r% "% +o!(% !"%*5n!' din +un#( d% v%d%r% #!)i(!(iv. n !#%"(% #ondi9ii' +r%9u) d%6d%#8( *!4ori(!(%! +rodu"%)or % i"(%n(% +% +i!95 ?#!r% "% !dr%"%!75 +%r"o!n%)or "!u *od%"(%@' v! +!"(r! un r!+or( #!)i(!(%:+r%( f!vor!$i)' !"(f%) =n#8( v8n7!r%! "5 fi% $in(r% u6or +% +i!95.

To!(% +r%9uri)% #% "% vor +r!#(i#! vor fi !4u"(!(% *%r%u' =n fun#(i% d% (%ndin(%*!nif%"(! +% +i!(!.

S% +r%#oni7%!75 #! (o!(5 +rodu#9i! "5 fi% )ivr!(5 )! in(%rn' n%fiind +r%v57u(% % +rodu"% =n !#%!"(! f!75. P%n(ru +ri*u) !n d% !#(ivi(!(%' +r%9uri)% d% v8n7!r% %"(i*!(%

-' / %uro +%n(ru $r8n753' ; %uro )i(ru +%n(ru )!+(%

'/; %uro )i(ru +%n(ru fri6#5.

P%n(ru !nii ur*5(ori d% +ro no75 ":! !vu( =n v%d%r% o #r%6(%r% d% )! un !n )! !v%ni(uri)or' #8( 6i ! #>%)(ui%)i)or' #u un +ro#%n( d% ;


9/26

III. Pre)entarea proiectului

III.1. +escriere

Proi%#(u) #% ur*%!75 ! "% r%!)i7! #on"(5 =n #on"(ruir%! 6i u(i)!r%! #o*+)%(5 ! und% +rodu"% )!#(!(% 6i $r8n7%(uri.

F!$ri#! v! fi +)!"!(5 =n "!(u) I)i*$!v #o*un! M!r+od' d!(ori(5 %f%#(ivu)ui d% v!#i)!+(% % i"(%n( =n 7on5' )! !+ro i*!(iv - * d% Si$iu.

Fir*! SC Mi) ! SRL ! fo"( =nfiin9!(5 "+%#i!) +%n(ru !#%!"(5 !#(ivi(!(%. T%r%#!r% ur*%!75 ! "% r%!)i7! inv%"(i(i! ! fo"( #u*+5r!( din $!nii !"o#i!(u)ui uni#' +% nu*%)% f

III. . Necesarul de ec1ipamente 2i utila3e

Uni(!(%! d% +rodu#9i% #% ur*%!75 ! "% #on"(rui' v! ficomplet dotat4 cu utila3e dinimport5 din El0e,ia 2i Italia. Do(5ri)% vor #on"(! =n& )ini! d% +ro#%"!r% )!+(% #on"u*' )i +ro#%"!r% fri6#5 6i )ini! d% +ro#%"!r% $r8n75. Pro#%"u) d% f!$ri#!9i% %"(% or !(%>no)o i#.

Inv%"(i9ii)% +rin#i+!)% #on"(!u =n& #)5dir%' (%r%n' u(i)!4%' )!$or!(or' u(i)i(59%+ur!r%' #o"(uri i*+)%*%n(!r% 6i #!+i(!) d% )u#ru. Sur"! inv%"(i9ii)or o #on"(i(ui%fin!n9!(oru)ui ?!"o#i!(u)ui uni# !) SC Mi) ! SRL@' #!r% #on"(5 =n (%r%n' u(i)!4%' ur%"ur"% fin!n#i!r%. Av!nd =n v%d%r% f!+(u) #5 "un( "ufi#i%n(% r%"ur"% +%n(ru (%r*in!"% v! !+%)! )! un =*+ru*u( $!n#!r.

Do(5ri)% vor #on"(! =n&

• Lini! d% +ro#%"!r% )!+(% #on"u*&o R%7%rvor )!+(% -333 )o O*o %ni7!(or o P!"(%uri7!(or o C!*%r5 fri orifi#5

• Lini! d% +ro#%"!r% fri6#5o R%7%rvor o S%+!r!(or o O*o %ni7!(or

9


10/26

o P!"(%uri7!(or "*8n(8n5o C!*%r5 fri orifi#5

• Lini! d% +ro#%"!r% $r8n75o R%7%rvor o P!"(%uri7!(or o V!n5 f!$ri#!9i%o Pr%"5o B!i% "!r%o U(i)!4 !*$!)!r%

Au fo"( !#>i7i9ion!(% 6i *i4)o!#% (r!n"+or(' 6i !##%"orii "(ri#( n%#%"!r% +ro#% +rodu#9i%. Do(!r%! f!$ri#ii %"(% #o*+)%(5' r%"+%#(8nd f)u u) (%>no)o i# +r%"(!$i)i(.

U(i)!4%)% "un( #o*+!r!$i)% #u noi)% f!$ri#i #!r% ":!u #on"(rui( =n Ro*!ni!. #o*+!r!9i% #u f!$ri#i)% v%#>i' do(!r%! (%>no)o i#5 %"(% *u)( *!i $un5' #%%! #% f!##on#ur! #u !#%"(%!' +un8nd +r%9 +% #!)i(!(%! +rodu"%)or of%ri(%.

III. . Pro6leme ecolo*ice

D%6i !#(ivi(!(%! nu !r% i*+!#( d%o"%$i( d% n% !(iv !"u+r! *%diu)ui' "% v! *on(! d% %+ur!r%' +%n(ru ! nu "% !du#% !(in %r% #!dru)ui !*$i%n(!).

III./. Implementarea

Proi%#(u) #% ur*%!75 ! "% r%!)i7! #on"(5 =n #on"(ruir%! 6i u(i)!r%! #o*+)%(5 ! und% +rodu"% )!#(!(% 6i $r8n7%(uri.

Fin!n9!(oru)' #!r% %"(% 6i !"o#i!(u) uni# !) "o#i%(59ii #o*%r#i!)% SC Mi) !

=n#%+u( d% *!i *u)( (i*+ d%*%r"uri)% +%n(ru !#%!"(! !#(ivi(!(%.M!i =n(8i ! f5#u( o #%r#%(!r% ! +i%9%i +rodu"%)or )!#(!(% 6i ! $r8n7%(uri)or' +%

!n!)i7! n%voi)% 6i +%r"+%#(iv%)% +i%9%i +o(%n9i!)%. A4un 8nd )! #on#)u7i! #5 #of!$ri#i d% +rodu"% )!#(!(% 6i d% $r8n7%(uri +o!(% fi o !f!#%r% +rofi(!$i)5 =n Ro*8ni! 6i:d%*%r"uri)%.

10


11/26

C! )o# d% +)!"!r% ! !)%" 4ud%9u) Si$iu' o 7on5 #u (r!di9i% “ %r*!n5”' #!r!#(%ri7!9*!i *!r% "%rio7i(!(% ! )o#ui(ori)or 6i i*+)i#i( ! +!r(%n%ri)or d% !f!#%ri.

Ur*5(oru) +!" ! fo"( !)% %r%! )o#!)i(5(ii und% ur*! "5 fi% +)!"!(5 vii(o!r%! f!$ri#5. !)%!"5 V!)%! H8r(i$!#iu)ui ' d!(ori(5 %f%#(ivu)ui d% v!#i #u )!+(% % i"(%n( =n 7on5.

Un !)( #ri(%riu ! fo"( f!+(u) #5 7on! nu %"(%' #%) +u9in d%o#!*d!(5' o 7on5 fr%#v%#o)%#(orii d% )!+(% !i unor o+%r!(ori *!ri ?#u* "un( 7on%)% Avri ' und% #o)%#(%!75D%)!#o Br!6ov' "!u M%di!6' und% #o)%#(%!75 Cov!)!#( Sf!n(u G>%or >%.@

Au fo"( #u*+5r!(% "u+r!f%(% *!ri d% (%r%n' +r%#u* 6i r!4duri +5r5"i(% !)% uin(r%+rind%ri d% "(!(.

F!$ri#! v! fi +)!"!(5 =n !#%!"(5 )o#!(i%' )! !+ro i*!(iv - * d% Si$iu. Tr!n"+or(u) %r%)!(iv u6or' dru*u) +8n! )! f!$ri#! fiind !"f!)(!(.

III.#. Graficul Gantt

A#(ivi(!(% Lun! , - 0 / 1 ; 2R%!)i7!r% +roi%#( ?"(udii@E)!$or!r%! do#u*%n(!(i%i (%>ni#%

Infiin(!r%! "o#i%(!(ii #o*%r#i!)%O$(in%r%! fin!n(!riiCon(r!#(!r% fir*! #on"(ru#(iiCon"(ruir% #)!dir% "i !n% %A*%n!4!r% #)!dir%R%#%+(i% )u#r!riId%n(ifi#!r% furni7ori %#>i+!*%n(%A#>i7i(ion!r% %#>i+!*%n(% "iu(i)!4%An !4!r% +%r"on!)Id%n(ifi#!r% furni7ori *!(%rii +ri*%A#>i7i(ion!r% *!(%rii +ri*%In#%+%r%! +rodu#(i%i

11


12/26

IV. Anali)a economico7financiar4

IV.". Anali)a financiar4

L! %)!$or!r%! +roi%#(u)ui ":! !vu( =n v%d%r% un +)!n fin!n#i!r #!r% "5 !4u(% $%n%fi#i!r5 "5:6i %"(ion%7% #8( *!i $in% !f!#%r%! 6i #!r% "5 +%r*i(5 unui +o(%n9i!inv%"(i(or "5 %v!)u%7% !$i)i(!(%! +roi%#(u)ui d% ! %n%r! "ufi#i%n( nu*%r!r +%n(ru +?"!u ! divid%nd%)or' =n #!7u) inv%"(i(ori)or@.

E)!$or!r%! +roi%#(u)ui ":! f5#u( +% o +%rio!d5 d% #in#i !ni' #%%! #% r%+r%7inu*5r d% !ni #! 6i =*+ru*u(u) #% ur*%!75 ! "% #on(r!#(!.

IV.".". $osturile ac1i)i,iei

S% +r%#oni7%!75 #! inv%"(i9i! "5 "% =n#>%i% =n (%r*%n d% 2 )uni d% )! =n#%+T%r*%nu) d% +)!(5 ! #r%di(u)ui %"(% d% 0 !ni d% )! =n#%+%r%! +roi%#(u)ui.

P%n(ru r%!)i7!r%! +roi%#(u)ui d% inv%"(i(ii "+%#ifi#!( "o#i%(!(%! id%n(ifi#! unfin!n(!r% d% /,0.333 %uro ? din #!r% 0-3.333 v!)o!r%! *i4)o!#%)or fi % "i 20.333 v!)(%r%nu)ui @ ' "u*! #!r% "% !r u*%n(%!7! )! #!+i(o)u) .

P%n(ru i*+)%*%n(!r%! +roi%#(u)ui' ":!u +r%v57u( +!6ii o+%r!9ion!)i +% #!r% ur*=n(r%+rind5 inv%"(i(oru) +%n(ru ! du#% )! $un "f8r6i( +roi%#(u).

12


13/26

8u*etul pa2ilor opera,ionali 7 Euro 7

PAS

Elemente6u*etate

PAS"

PAS PAS PAS/

PAS # PAS 9 PASPAS ; TOTAL

Personal ! ! ! ! ! 5"#9 ! ! 5"#9$alatorii sidiurna

! ! ! !! ! ! !! ! #!!

Asistentate1nica

#5 !! 5#!! ! ! 5!!! ! ! "!5 !!

8unuri dura6ileConstrucţii şi

utilităţi! ! ! !


14/26

A#>i7i9ion!r%! (u(uror %#>i+!*%n(%)or 6i "%rvi#ii)or "% v! r%"+%#(! #u "(ri#(%9ro*8n%!"#5 =n do*%niu +rin or !ni7!r%! ur*!(o!r%)or (i+uri d% )i#i(!(ii &

• )i#i(!9i% "i*+)5' +rin d%+un%r% d% of%r(%• )i#i(!9i% +u$)i#5 =n +)i# =n#>i"• !#>i7i9ion!r% dir%#(5.

P%n(ru r%!)i7!r%! +roi%#(u)ui d% inv%"(i(ii "+%#ifi#!( "o#i%(!(%! id%n(ifi#! unfonduri d% /,0.333 %uro' "u*! #!r% "% !r u*%n(%!7! !"(f%)&

: V!)o!r%! i*o$i)u) in #!r% "% v! !*%n!4! f!$ri#! d% +r%)u#r!r% ! )!+(%)ui'%"(% d% ,;3.33r%7u)(! din(r:un d%vi7 !n(%#!)#u)!( d% #!(r% o "o#i%(!(% "+%#i!)i7!(!. n +r%9u) #)5#on(r!v!)o!r%! +roi%#(5rii 6i ! !vi7%)or )% !)% ?0.133 Euro@.

: V!)o!r%! #%)or)!)(% *i4)o!#% fi % %"(% d% ,03.333 %uro i!r

: V!)o!r%! (%r%nu)ui %"(% d% 20.333 %uro .

Su*%)% n%#%"!r% +%n(ru #on"(ru#(i! "(!(i%i d% %+ur!r% "un( #onfor*% #u r%7#!)#u)% %f%#(u!(% in !#%"( "#o+.

N%#%"!ru) d% nu*%r!r d% fin!n(!(' +%n(ru #o"(uri)% +roi%#(u)ui 6i +%n(ru #!+i(!)fo"( #!)#u)!( =n fun#9i% d% #!r!#(%ri"(i#i)% "+%#ifi#% (i+u)ui d% $r8n75 #% v! fi +rod%"#ri%r% ! fo"( f!#u(! in #!+i(o)%)% d% *!i "u".

In #%%! #% +riv%"(% v!)o!r%!&

(%r%nu)ui ?!#>i7i(ion!( "i !f)!( in +ro+ri%(!(%! !"o#i!(u)ui@u(i)i(!(i)or u(i)!4%)or ?+!r(i!) !#>i7i(ion!(%@

!#%!"(! %"(% r%7u)(!(u) %v!)u!rii f!#u(% d% #!(r% un %v!)u!(or !u(ori7!( "i %)% vor r%+)! #!+i(!)u) "o#i!) !) "o#i%(!(ii.

To!(% %#>i+!*%n(%)% !u fo"( !#>i7i9ion!(% din E)v%(i! "!u I(!)i! 6i r%+r%7in(5 ?=)or@ o )ini% d% +rodu#9i% #o*+)%( fun#9ion!)5.

14


15/26

IV.". . >inan,area

Sur"! inv%"(i9ii)or o #on"(i(ui% !+or(u) fin!n9!(oru)ui ?!"o#i!(u)ui uni# !) SC Mi)SRL@' #!r% #on"(5 =n (%r%n' u(i)!4%' u(i)i(59i 6i r%"ur"% fin!n#i!r%. Av!nd =n v%d%r%"ufi#i%n(% r%"ur"% +%n(ru (%r*in!r%! inv%"(i6i%i' "% v! !+%)! )! un =*+ru*u( $!n#!r.

Surse de finan,are$ontri6uti

a in lei?Euro@

$ontri6utia in natura

?euro@Procent

Aport in 6ani::!"o#i!(i: !)(ii

-3'333:

::

'/<

Aport in natura ::!"o#i!(i: +!r(%n%ri "(r!ini: !)(ii

:::

,20.333::

0' <::Imprumuturi:

: #r%di(%: !)(% "ur"%

-,0.333:

::

03<:

C!+i(!) +ro+riu&Fir*! SC Mi) ! SRL v! #on(ri$ui #u un #!+i(!) +ro+riu =n n!(ur5' =n v!)o!r% d

,20'333 %uro 6i un #!+i(!) =n nu*%r!r d% -3'333 %uro ? din #!r% ,0.333 %uro +%n(ru #!+)u#ru@.

n #ondi9ii)% =n #!r% "% v! o$9in% un #r%di( =n v!)o!r% d% -,0'333 %uro' nu vor !)(% fonduri +%n(ru fin!)i7!r%! +roi%#(u)ui 6i =n#%+%r%! +rodu#9i%i.

Cr%di(%&P%n(ru fin!)i7!r%! +roi%#(u)ui fir*! SC Mi) ! SRL !r% n%voi% "5 o$9in5 un #

v!)o!r% d% -,0'333 %uro. Av8nd =n v%d%r% f!+(u) #5 $5n#i)% ro*8n%6(i "un( =n#5 d%"(u)

15


16/26

!#ord!r%! #r%di(%)or ?=n Ro*8ni! nu "% !#ord5 d% r% u)5 #r%di(% fir*%)or noi@' "%o$ in%r%! #r%di(5rii i )! $5n#i din !f!r! 5rii' #!r% +riv%"# !f!#%ri)% =n "in%.ț ș ț

Condi9ii)% d% #r%di(!r% )! #!r% ":!u f5#u( #!)#u)%)% "un(&• #r%di( +% +%rio!d5 d% 0 !ni• do$8nd! "% +)5(%6(% )! / )uni• r!*$ur"5ri #r%di(

o =n +ri*u) !n "% +)5(%"# , r!(%' )! , )uni d% )! !#ord!r%! #r%di(u)uio =n !nii ,:0 "% +)5(%"# r!(% "%*%"(ri!)%

• do$8nd! +r!#(i#!(5o =n +ri*u) !n '10 < ,<o =n !) doi)%! !n '10 < -<o =n !) (r%i)%! !n '10 < <o =n !) +!(ru)%! !n '10< 0<o =n !) #in#i)%! !n '10 < /<

IV.". . Sta6ilirea capacit4,ii ma=ime de produc,ie

Produ#9i! fi7i#5 #% "% v! r%!)i7! 7i)ni# %"(% d%& ,13 d% $r8n75' ,333 ) +!"(%uri7!(' ; ) d% fri6#5.

C!+!#i(!(%! d% +rodu#9i% +%n(ru )!+(% d% #on"u* %"(% d% ,333 )i(ri )! o 6!r45. D"% v! dov%di *u)( *!i *!r%' "% +o( +rodu#% +8n5 )! (r%i 6!r4% +% 7i ?(r%i "#>i*$uri@.

C!+!#i(!(%! d% +rodu#9i% +%n(ru fri6#5 %"(% d% ; )i(ri )! o 6!r45. D!#5 #%r%r%!*u)( *!i *!r%' "% +o( +rodu#% +8n5 )! (r%i 6!r4% +% 7i ?(r%i "#>i*$uri@.

C!+!#i(!(%! d% +rodu#9i% +%n(ru $r8n75 %"(% d% ,13 )! o 6!r45. D!#5 #%rdov%di *u)( *!i *!r%' "% +o( +rodu#% +8n5 )! (r%i 6!r4% +% 7i ?(r%i "#>i*$uri@.

Pr%vi7ion!r%! #!+!#i(59ii d% +rodu#9i%Nr.$rt

+enumireprodus M

$antitateB luna

$antitate B an

Anul!"/

Anul!"#

Anul!"9

Anul!"

Anul!";

Br!n7! /'103 ; '333 0 '333 ; '333 ; '333 ; '333 ; '333

, L!+(% ) 03'333 /33'33333'33

3/33'33

3/33'33

3/33'33

3/33'33

3- Fri"#! ) ',33 ' 33 2'/33 ' 33 ' 33 ' 33 '

16


17/26

IV."./. Estimarea 0eniturilor

n !nu) ,3 - "% +r%#oni7%!75 =n#%+%r%! !#(ivi(59ii +rodu#(iv%' =n )un! *!i' d%#=n #!)#u) ; )uni d% !#(ivi(!(%.

Produ#9i! fi7i#5 #% "% v! r%!)i7! 7i)ni# %"(% d%&

,13 d% $r8n75,333 ) d% )!+(% +!"(%uri7!(

; ) d% fri6#5.

S% +r%#oni7%!75 #! (o!(5 +rodu#9i! "5 fi% )ivr!(5 )! in(%rn' n%fiind +r%v57u(% % +rodu"% =n !#%!"(! f!75. P%n(ru +ri*u) !n d% !#(ivi(!(%' +r%9uri)% d% v8n7!r% %"(i*!(%

-' / %uro +%n(ru $r8n753' ; %uro )i(ru +%n(ru )!+(%

'/; %uro )i(ru +%n(ru fri6#5.

P%n(ru !nii ur*5(ori d% +ro no75 ":! !vu( =n v%d%r% o #r%6(%r% d% )! un !n )! !v%ni(uri)or' #8( 6i ! #>%)(ui%)i)or' #u un +ro#%n( d% ;


18/26

IV.".#. $osturile materiilor prime

n fund!*%n(!r%! +r%vi7iunii #o"(uri)or ":! !vu( =n v%d%r% "(ru#(ur! !#%"(or! 6i ni=n r!+or( #u #ifr! d% !f!#%ri.

A"(f%)' )! %"(i*!r%! #>%)(ui%)i)or #u *!(%rii +ri*% ":! !vu( =n v%d%r% #!n(i(!(%!)!+(% n%#%"!r5 +%n(ru o 6!r45 d% +rodu#9i%' r%"+%#(iv 0.333 )i(ri' )! un +r%9 d% !#%uro )i(ru.

C>%)(ui%)i)% *!(%ri!)% #u+rind %*u) !(ori 6i r%+r%7in(5 ,; %uro +%n(ru o +rodu#9i%' i!r #o"(u) !*$!)!4%)or ! fo"( %"(i*!( )! 3'3/ %uro +%n(ru o "(i#)5 d% )!+(%.C%)% (r%i %)%*%n(% d% #>%)(ui%)i' +r%7%n(!(% !n(%rior' r%+r%7in(5 !+ro i*!(iv#>%)(ui%)i)or d% % +)o!(!r%.

Co"(u) u(i)i(59i)or ?%n%r i% %)%#(ri#5' !7% 6i !+!@ ! fo"( #!)#u)!( =n fun#9i% d"+%#ifi#% !)% u(i)!4%)or 6i in"(!)!9ii)or' 6i "% "i(u%!75 )! !+ro i*!(iv < din (o(!)u) #>%)(% +)o!(!r%

IV.".9. $osturile cu personalul

C>%)(ui%)i)% #u +%r"on!)u) "un( #!)#u)!(% =n fun#9i% d% n%#%"!ru) d% +%r $ru(% d% =n#!dr!r% 6i #o(! d% #on(ri$u9ii ! !n !4!(oru)ui #5(r% $u %(u) d% "(!(' 6i!+ro i*!(iv 1';< din (o(!)u) #>%)(ui%)i)or d% % +)o!(!r%.

S(ru#(ur! #>%)(ui%)i)or #u +%r"on!)u) : %uro:Nr.$rt $ate*orie personal

Nr.Pers.

Salariul6rutB luna Total

O6li*atiipri0indsalariile

Totalc1elt.Blun

a$1eltuielicu salarii

Ad*ini"(r!(or ,3 ,3 3 002 ' 10

18


19/26

, Dir%#(or (%>ni# - / - / 0 / -'/;0- Dir%#(or #o*%r#i!) - / - / 0 / -'/;0

M!i"(ru +rodu#(i% ,- ,- /0 '- /0 L!$or!n( ,- ,- /0 '- /

/ A %n( v!n7!ri ,- ,- /0 '- /1 Mun#i(ori - /2 ,31 /2 ,1/ ,',; A %n( +!7! /2 ,11 2, -/; ,'2 ;2 Sof%r , /2 -; / ; ' 1

TOTAL "# 5"!

/ 9%)(ui%)i %"(% #u+rin"5 =n(r% / J 1

V!)o!r%! *i4)o!#%)or fi %' #!r% vor f!#% +!r(% din +r%7%n(u) +roi%#(' v! fi d% 0-3Si"(%*u) d% !*or(i7!r% !do+(!( %"(% #%) )ini!r' #o(! d% !*or(i7!r% )o$!)5 !nu!)5 fi!+ro i*!(iv 0'2 < din v!)o!r%! #on(!$i)5. T%r%nu)' =n v!)o!r% d% 20.333 Euro' #onfor* )% iro*8n%' nu %"(% "u+u" !*or(i75rii.

$alculul amorti)4rii utila3elor

+enumiremi3loc fi=

Valoare

?miiEuro@ Anul

+urata deamorti)are?aniBluni@

Amorti)are

amBluna !"/ !"# !"9 !" !";

U(i)!4 +r%)u!r%)!+(% 3'333

3 :30:3 ,3 ;- //1 333 333 333 333

R%7%rvor )!+(% -';333 :30:

3 ,3 -, ,0- -;3 -;3 -;3 -;3

R%7%rvor )!+(% -';333 :30:

3 ,3 -, ,0- -;3 -;3 -;3 -;3

S%+!r!(or 3'3333 :30:

3 ,3 ;- //1 333 333 333 333

O*o %ni7!(or ;'3333 :30:

3 ,3 /1 0-- ;33 ;33 ;33 ;33

P!"(%ur ,3'333 3 :30: 3 ,3 /1 --- ,333 ,333 ,333 ,333P!"(%ur"*!n(!n! ,'333

3 :30:3 ,3 1 -- ,33 ,33 ,33 ,33

V!n! f!$ri#!(i% -3'3333 :30:

3 ,3 ,03 ,333 -333 -333 -333 -333

Pr%"! ,1' 333 :30:

3 ,3 ,,; ;,1 ,1 3 ,1 3 ,1 3 ,1 3U(i)!4% ,0'333 3 :30: 3 ,3 ,3; //1 ,033 ,033 ,033 ,033

19


20/26

*!(ur!r%

M!"in!(r!n"+.r!#ir% -3'333

3 :30:0 /3 033 333 /333 /333 /333 /333

M!"in!(r!n"+.)!+(% 3'333

3 :30:0 /3 /1 --- ,333 ,333 ,333 ,333

C)!dir% +rodu#(i% ,;3'333

3 :30:3 ;3 0;- //1 1333 1333 1333 1333

S(!(i% d%%+ur!r% 03'333

3 :30:3 ;3 3 ;-- ,03 ,03 ,03 ,03

In"(!)!(ii%)%#(ri#% % ( /' 1-

3 :30:, - - - 0 0 0 0

In"(!)!(ii !+!% (. /'; 3

3 :30:3 ;3 1 1 1 1

Condu#(% !+! ,',,,3 :30:

-3 -/3 / 2 1 1 1 1In"(!)!(ii#!n!)i7!r% -'-0;

3 :30:3 ;3 1 0/ ; ; ; ;

In"(!)!(ii!)i*.#o*$. ' 31

3 :30:0 ;3 ; /- 2 2 2 2

TOTAL # !5!!! ! <

""; ""; ""; "";

IV.".;. $1eltuieli anuale de operare

C>%)(ui%)i)% fin!n#i!r% r%+r%7in(5 do$8n7i +% #!r% "o#i%(!(%! )% v! d!(or! +%#% v! fi #on(r!#(!(. Do$8n7i)% !u fo"( di*%n"ion!(% =n r!+or( #u +ro r!*u) d% r!*$ur"=*+ru*u(u)ui' )! o r!(5 ! do$8n7ii d%& SEBR ,< : /


21/26

IV.".lu=ul de numerar C cas1 floD

Pr%7%n(!r%! %vo)u9i%i "o#i%(59ii' din +un#( d% v%d%r% fin!n#i!r' ":! f5#u( =n Euro

Proi%#9i! $u %(u)ui d% v%ni(uri 6i #>%)(ui%)i +% +%rio!d! ,3 :,3 ;

Nr. $rt +enumire !"/ !"# !"9 !" !";V%ni(uri din % +)o!(!r% -20'-1; / 3'0 , /2 '10- 1 1'32- ;3/';/3

, C>%)(ui%)i +%n(ru % +)o!(!r% ,;1';, /-'1;; 2 '2 3 0,/' ; 0/-' ,0- R%7u)(!( din % +)o!(!r% 31'00 1/'1, 22'; , ,,3'2 0 , -'1-0

V%ni(uri fin!n#i!r% ,0 2 2 2 20 C>%)(ui%)i fin!n#i!r% 3'2/2 3'// 2'/31 1',0, -'020/ R%7u)(!( fin!n#i!r : 3'2 : 3'/ , :2'00; :1',3- :-'0 /1 V%ni(uri (o(!)% -20' 3, / 3'0/ /2 ';3, 1 1' , ;3/'2 3; C>%)(ui%)i (o(!)% ,2;'12- 1 ' 2 03 '0 1 0--' 33 0//'1,32 Profi( $ru( 2/'/ 3 //' , 23',;0 , -'1 , , 3' 233 I*+o7i( +% +rofi( , ' 0, '0,; 1'01 0-' -/ /3'3 1

Profi( n%( 1,' 01 , '0; ,'1 /3'-31 ;3' ,

21


22/26

Pornind d% )! %)%*%n(%)% +r%7%n(!(% !n(%rior "i 9in8nd #on( d% "+%#ifi#u) %)!$or!( +roi%#9i! fin!#i!r5 +%n(ru +%rio!d! ,3 :,3 ;.

Pr%vi7ion!r%! ":! f5#u( %"(i*8nd o #r%6(%r% ! v%ni(uri)or 6i #>%)(ui%)i)or #u ;< d)! !)(u)' #r%6(%r% r%+r%7%n(8nd indi#%)% +o(%n9i!) !) inf)!9i%i. S:!u *%n9inu( #on"(!

#u !*or(i7!r%!' #on"id%r8nd #5' =n !#%!"(5 +%rio!d5' "o#i%(!(%! nu v! *!i %f%#(u! !)(% !#*i4)o!#% fi %.

V%ni(uri)% fin!#i!r% %"(i*!(% r%+r%7in(5 $onifi#!9ii ?do$8n7i@ !#ord!(% d% $di"+oni$i)i(59i)% din #on(u) #ur%n(.

IV."."!. Pre0i)ionarea ne0oii de fond de rulment

N%#%"i(59i)% d% fin!n9!r% !)% !#(ivi(59ii' r%"+%#(iv !)% #i#)u)ui d% % +)o#)i%n9i' %(#.@ "un( !#o+%ri(% din "ur"% +ro+rii' r%"+%#(iv din v%ni(uri)% =n#!"!(%.

N%voi! d% fond d% ru)*%n( r%f)%#(5 dif%r%n9! din(r% n%#%"i(59i)% d% fin!n9!r% +)o!(!r% 6i d!(orii)% d% % +)o!(!r%.

Pr%vi7ion!r%! n%voii d% fond d% ru)*%n( ! !vu( )! $!75 +roi%#9i! fin!n#i!r5 +r%7 +un#(u) !n(%rior 6i vi(%7%)% d% ro(!9i% !)% %)%*%n(%)or !#(ivu)ui #ir#u)!n(' +r%#u* 6d% % +)o!(!r%.

n #!)#u)u) %f%#(u!( )! +r%vi7ion!r%! n%voii d% fond d% ru)*%n( ":! !vu( =n v%d%#ifr! d% !f!#%ri r%+r%7in(5 #ir#! 20< din v%ni(uri)% d% % +)o!(!r%.

N%voi! d% fond d% ru)*%n( +o7i(iv5 "%*nifi#5 un "ur+)u" d% n%voi (%*+or!r% ?#r!+or( #u "ur"%)% (%*+or!r% ?#i#)i#%@ +o"i$i)% d% *o$i)i7!(.

22


23/26

!.1.11. Pre0i)ionarea flu=urilor de numerar

Pr%vi7ion!r%! f)u u)ui d% nu*%r!r %"(% +r%7%n(!(5 =n !n% % 6i ! fo"( %f%#(u!d% ur*5(orii f!#(ori&

+roi%#9i! fin!n#i!r5 +r%7%n(!(5 !n(%riorv!ri!9i! n%voii d% fond d% ru)*%n(vo)u*u) !*or(i75rii ! fo"( #!)#u)!( 9in8nd #on( d% !#(iv%)% #% vor fi !#>i7i9ion!(% 6i d%d% !*or(i7!r% !) !#%"(or!.

Proi%#9i! f)u u)ui d% nu*%r!r :%uro:

Nr.crt Denumire indicator 2014 2015 2016 2017 2018

1 Venituri totale 395,402 640,561 691,802 747,142 806,910

2 Amortizare 20,792 31,187 31,187 31,187 31,187

3 Creditare asociat 30,000 0 0 0 0

4 Credite pe termen lung 325,000 0 0 0 0 TOTAL INTRARI 771,194 671,748 722,989 778, 29 8 8,097

5 C eltuieli totale 298,793 474,449 501,531 533,400 566,720

6 !mpozit pe pro"it 24,152 41,528 47,571 53,436 60,047

7 !n#estitii 325,000 0 0 0 0

8 $o%anzi la credite pe termen lung 10,969 10,661 9,607 7,252 3,595

9 &ate credit 65,000 65,000 65,000 65,000 65,000

23


24/26

10 &estituri credite asociat 15,000 15,000 0 0 0

TOTAL I!"IRI 7 8,914 606,6 8 62 ,709 659,088 695, 62

#L$% N$&!RAR 32,280 65,110 99,280 119,241 142,735

IV. . $alculul 0alorii actuali)4rii nete ?VAN@

An!)i7! fin!n#i!r5' +rin d%(%r*in!r%! v!)orii !#(u!)i7!(% n%(%' "(!$i)%6(% v!)o!r%un%i inv%"(i9ii' )! "f8r6i(u) +%rio!d%i d% fo)o"in95' %vid%n9iind +rofi(u) r%!) r5*!"' #fo)o"i( +%n(ru r%inv%"(ir%.

V!)o!r%! !#(u!)i7!(5 n%(5 ?VAN@ r%+r%7in(5 dif%r%n9! +o7i(iv5 "!u n% !(iv5 =n(r% f)u uri)% d% )i#>idi(59i di"+oni$i)% !#(u!)i7!(%' %n%r!(% d% % +)o!(!r%! undur!(! vi%9ii "!)% %#ono*i#%' 6i v!)o!r%! !#(u!)i7!(5 ! inv%"(i9i%i. O v!)o!r% !#(u!)i7 +o7i(iv5 "% +o!(% in(%r+r%(! #! un #86(i d% #!+i(!) ?"!u d% v!)o!r% ! fir*%i@ "u+)i*%!6(%+(5ri)% furni7ori)or d% #!+i(!)' +% #8nd o v!)o!r% !#(u!)i7!(5 n%(5 n% !(iv5 "% +o!(#! o +i%rd%r% =n r!+or( #u !6(%+(5ri)% !#%"(or!. A#%!"(5 v!)o!r% (r%$ui% "5 fi% +o7d%*on"(r! #5 +roi%#(u) %"(% vi!$i).

L! d%(%r*in!r%! v!)orii !#(u!)i7!(% n%(% ! fo"( fo)o"i(5 v!)o!r%! r%7idu!)5 )! "f8r6i0 !ni d% +ro no75' d%o!r%#% *i4)o!#%)% fi % #% f!# o$i%#(u) +roi%#(u)ui !u o dur!(5fun#9ion!r% *!i *!r%.

L! SC Mi) ! SRL.' v!)o!r%! n%(5 !#(u!)i7!(5 ?VAN@ %"(% d% 3.013 EURO#in#i !ni d% )! r%!)i7!r%! !#%"(%i inv%"(i9ii' #%%! #% d%*on"(r%!75 #5 +roi%#(u) %"(%

Anul

Surse lainceputu

lperioade

i

Venituri0an)ari

Amort.

Total0enituri

$1elt.pt. e=pl.

$1elt. >in

Impo)it profit

In0estitii

altec1

Totalc1elti

Veniturinete

>actact

"#

Veniturinete

actuali)

,3 /,0333 -20-1; ,312,3 1

3 ,;1;, 32/2 , 0, /,0333 3 2 12 0 2-,,3.;/

2 ; 3 ,

24


25/26

,3 0 / 30 , - ;1 /1 /22 /-1;; 3// 0,; 3 0 0211 001,,3.10

/ 11,/

,3 / /2 10- - ;1 1,,2 3 2 2 3 2/31 101 3 0 23;2 1-;03./0

1 ,,3

,3 1 1 132- - ;1 11;,;3 0,/ ; 1,0, 0- -/ 3 0;/;-/ 23.01

32- 0

,3 ; ;3/;/3 - ;1 ;-;3 ; 0/- ,0 -020 /33 1 3 /,/1/; , ,;33. 2

1 3033/

Total ;"#


26/26

ANII

Total0enituri

Totalc1eltuieli

Veniturinete

(ata deact. ; VAN

(atade act.

<VAN

3 /,0'333 :/,0'333:

/,0'333:

/,0'333

'3 ' 13 2 1'2 0 2-',, 3.2,/ ;/'- / 3.2 1 ;0' ;1, /1 '/22 0 0'211 00'1,, 3.;01 --'033 3.; , - ' ;- 1,,'2 3 0 2'3;2 1-';0 3.12 -;'33- 3.11, - ',--

11;',;3 0;/';-/ 2 ' 3.1-0 3'13; 3.13; -0'0 ;0 ;-;'3 ; /,/'1/; , ',;3 3./; -'1;3 3./ 2 -1' 1/ '30,' -/ -';0 '/ 0 ,33'0,, 1'-31 : ' -;

(ATA INTE(NA +E (ENTA8ILITATE >INAN$IA(A (I(> ;.<

C>%)(ui%)i)% =n"#ri"% )! !nu) 3 r%+r%7in(! inv%"(i(i!

V%ni(uri)% (o(!)% !)% !nu)ui in#)ud "i v!)o!r%! r%7idu!)!

Indi#!(orii "un( r!+or(uri "%*nifi#!(iv% =n(r% +o"(uri)% din $i)!n9 6i #on(u) d% + +i%rd%r%' #!r% +%r*i( for*!r%! un%i i*! ini !"u+r! "i(u!9i%i "o#i%(59ii.

Indi#!(orii d% r%n(!$i)i(!(% 6i $oni(!(% #!)#u)!9i 6i +r%7%n(!9i indi#5 v!)ori #or%"+ +rin niv%)u) +% #!r% =) =nr% i"(r%!75.

n"icatorii "e rentabilitate ":!u #!)#u)!( !v8nd =n v%d%r% +rofi(u) $ru( "!u n%(#>%)(ui%)i)% d% +rodu#9i% "!u #!+i(!)u) +ro+riu. Niv%)u) indi#!(ori)or #!)#u)!9i %"(%=n(r%! ! +%rio!d5 d% +ro no75' !(in 8nd =n !) #in#%)%! !n& ,2'11< r!(! +rofi(u)ui' ,,'-, <r%n(!$i)i(59ii n%(%.

n"icele "e bonitate r%+r%7in(5 r!du) d% !#o+%rir% ! #>%)(ui%)i)or din v%ni(uri. C)i(%r!(urii d% "+%#i!)i(!(%' v!)ori)% o+(i*% "% "i(u%!75 +%"(% ,3

sc milky way srl -

Documents