Analiza Indicatorilor

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? \u255? \u255? \line \up0 \expndtw0\

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sl-230\slmult0 \up0 \expndtw0\charscalex133 \ul0\nosupersub\cf5\f6\fs20 Alexandr
u Nederi\\a,\par\pard\ql \li2871\ri145\sb0\sl-201\slmult0 \up0 \expndtw0\charsca
lex134 \ul0\nosupersub\cf6\f7\fs16 doctor ]n economie, consultant-expert \lin
e \up0 \expndtw0\charscalex134 al grupei de lucru pentru elaborarea S.N.C.
\par\pard\ql \li2871\sb79\sl-230\slmult0 \up0 \expndtw0\charscalex139 \ul0\nosup
ersub\cf5\f6\fs20 Natalia |iriulinicov,\par\pard\qj \li2871\ri541\sb0\sl-201\slm
ult0 \up0 \expndtw0\charscalex134 \ul0\nosupersub\cf6\f7\fs16 doctor ]n econom
ie, membru al grupei \line \up0 \expndtw0\charscalex136 de lucru pentru el
aborarea S.N.C.\par\pard\qj \li2862\sb0\sl-480\slmult0 \par\pard\qj \li2862\ri0
\sb103\sl-480\slmult0 \up0 \expndtw0\charscalex83 \ul0\nosupersub\cf7\f8\fs48 Re
comand[ri practice \line \up0 \expndtw0\charscalex81 privind ]ntocmirea notei\pa
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ult0 \par\pard\ql \li20\sb22\sl-230\slmult0 \up0 \expndtw0\charscalex139 \ul0\no
supersub\cf5\f6\fs20 Valentina Paladi,\par\pard\qj \li20\ri1402\sb0\sl-201\slmul
t0 \up0 \expndtw0\charscalex134 \ul0\nosupersub\cf6\f7\fs16 doctor ]n economie
, membru al grupei \line \up0 \expndtw0\charscalex136 de lucru pentru elab
orarea S.N.C.\par\pard\ql \li20\sb79\sl-230\slmult0 \up0 \expndtw0\charscalex13
5 \ul0\nosupersub\cf5\f6\fs20 Ludmila Gavriliuc,\par\pard\qj \li20\ri1402\sb0\sl
-201\slmult0 \up0 \expndtw0\charscalex134 \ul0\nosupersub\cf6\f7\fs16 doctor ]n
economie, membru al grupei \line \up0 \expndtw0\charscalex136 de lucru pe
ntru elaborarea S.N.C. \par\pard\sect\sectd\sbknone \li2862\sb1\sl-538\slmult0
\fi0 \up0 \expndtw0\charscalex83 \ul0\nosupersub\cf7\f8\fs48 explicative la rapo
rtul financiar anual\par\pard\sect\sectd\sbknone\cols2\colno1\colw6955\colsr160\
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plicativ[ constituie o parte integ-\par\pard\qj \li2861\ri73\sb6\sl-241\slmult0
\up0 \expndtw0\charscalex110 rant[ a raportului financiar anual =i trebuie s[ \u
p0 \expndtw0\charscalex113 fie prezentat[ ]mpreun[ cu acesta tuturor ca-\line \u
p0 \expndtw0\charscalex110 tegoriilor de utilizatori: organelor statistice =i \u
p0 \expndtw0\charscalex107 fiscale, ac\\ionarilor, investitorilor, creditorilor,
\up0 \expndtw0\charscalex111 conducerii ]ntreprinderii etc.\par\pard\qj \li2861
\ri72\sb5\sl-241\slmult0\fi340 \up0 \expndtw0\charscalex109 Modul de ]ntocmire =
i prezentare a notei \up0 \expndtw0\charscalex113 explicative este expus ]n S.N
.C. 5 \u8220?Prezen-\line \up0 \expndtw0\charscalex121 tarea rapoartelor financ
iare\u8221? (paragrafele \up0 \expndtw0\charscalex107 67-79). Conform prevederi
lor acestui standard \up0 \expndtw0\charscalex116 nota explicativ[ trebuie s[ cu
prind[ ca mini-\line \up0 \expndtw0\charscalex110 mum trei compartimente princip
ale:\par\pard\ql \li2919\sb97\sl-299\slmult0 \up0 \expndtw0\charscalex114 \ul0\n
osupersub\cf8\f9\fs26 \u-3894?\ul0\nosupersub\cf5\f6\fs20 Publicitatea politic
ii de contabilitate.\par\pard\qj \li2919\ri76\sb129\sl-211\slmult0\tx3202 \up0 \
expndtw0\charscalex109 \ul0\nosupersub\cf8\f9\fs26 \u-3893?\ul0\nosupersub\cf5\f
6\fs20 Corespunderea rapoartelor financiare ce-\line \tab \up0 \expndtw0\charsca
lex102 rin\\elor S.N.C.\par\pard\qj \li2919\ri73\sb173\sl-211\slmult0\tx3202 \up
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5\f6\fs20 Analiza situa\\iei patrimoniale =i financiare \line\tab \up0 \expndtw
0\charscalex110 a ]ntreprinderii.\par\pard\qj \li2861\ri74\sb058\sl-243\slmult0\
fi340 \up0 \expndtw0\charscalex108 Forma, volumul =i structura fiec[rui com-\lin
e \up0 \expndtw0\charscalex108 partiment al notei explicative s]nt determinate \
line \up0 \expndtw0\charscalex109 de c[tre ]ntreprindere ]n func\\ie de dimensiu
-\line \up0 \expndtw0\charscalex114 nile \up0 \expndtw0\charscalex109 =i particu
larit[\\ile organiza\\ional-tehno-\par\pard\qj \li2861\ri72\sb0\sl-242\slmult0 \
up0 \expndtw0\charscalex115 logice ale acesteia. Astfel, la ]ntreprinderile \li
ne \up0 \expndtw0\charscalex114 mici nota explicativ[ poate fi ]ntocmit[ dup[ \l
ine \up0 \expndtw0\charscalex110 o forma redus[ (simplificat[), iar ]n societ[\\
ile \line \up0 \expndtw0\charscalex109 pe ac\\iuni, fondurile pentru investi\\ii
, ]ntrep-\line \up0 \expndtw0\charscalex115 rinderile cu capital str[in acest
document \line \up0 \expndtw0\charscalex108 trebuie s[ cuprind[ informa\\ii di
verse =i deta-\line \up0 \expndtw0\charscalex108 liate privind situa\\ia patrimo
nial[ =i financiar[ \line \up0 \expndtw0\charscalex110 a unit[\\ii economice nec

esare la preg[tirea ra-\line \up0 \expndtw0\charscalex112 portului pentru adunar
ea general[ a ac\\iona-\line \up0 \expndtw0\charscalex109 rilor, fondatorilor et
c. \par\pard\qj\pvpg\phpg\posx2862\posy15339\absw2132 \ul0\nosupersub\cf2\f3\fs1
5 4/1999
Contabilitate =i audit\par\pard\column \ql \li21\sb274\sl-322\slmul
t0 \up0 \expndtw-12\charscalex90 \ul0\nosupersub\cf9\f10\fs28 I. Publicitatea po
liticii\par\pard\ql \li21\sb1\sl-269\slmult0 \up0 \expndtw-12\charscalex89 de co
ntabilitate\par\pard\ql \li21\ri953\sb124\sl-242\slmult0\fi340\tx371\tx371\tx371
\tx371\tx371\tx371 \up0 \expndtw0\charscalex105 \ul0\nosupersub\cf5\f6\fs20 Comp
artimentul de fa\\[ al notei explicative \line \up0 \expndtw0\charscalex107 se ]
ntocme=te conform prevederilor S.N.C. 1 \line \up0 \expndtw0\charscalex109 \u82
20?Politica de contabilitate\u8221? (paragrafele 18-22). \line \up0 \expndtw0\ch
arscalex107 Forma de prezentare a politicii de contabilitate \line \up0 \expndtw
0\charscalex106 este stabilit[ de c[tre ]ns[=i ]ntreprinderea. Uti-\line \up0 \e
xpndtw0\charscalex112 lizatorilor de informa\\ii le poate fi prezentat \line \up
0 \expndtw0\charscalex108 fie ordinul privind politica de contabilitate, fie \li
ne \up0 \expndtw0\charscalex116 extrasul din acesta. Politica de contabilitate \
line \up0 \expndtw0\charscalex110 trebuie s[ con\\in[ informa\\ii referitoare la
: \line\tab \up0 \expndtw0\charscalex103 \ul0\nosupersub\cf10\f11\fs20 a)\ul0\no
supersub\cf5\f6\fs20 conven\\iile fundamentale folosite la pre-\line \tab \up0
\expndtw0\charscalex113 g[tirea raportului financiar anual; \line \tab \up0 \exp
ndtw0\charscalex108 \ul0\nosupersub\cf10\f11\fs20 b)\ul0\nosupersub\cf5\f6\fs20
variantele =i metodele concrete de evi-\line \tab \up0 \expndtw0\charscalex105
den\\[, acceptate =i utilizate de c[tre ]ntrep-\line \tab \up0 \expndtw0\charsca
lex112 rindere la ]ntocmirea raportului financiar \line \tab \up0 \expndtw0\char
scalex113 anual;\par\pard\qj \li361\ri952\sb0\sl-244\slmult0 \up0 \expndtw0\char
scalex116 \ul0\nosupersub\cf10\f11\fs20 c)\ul0\nosupersub\cf5\f6\fs20 modific[r
ile introduse ]n politica de \line \up0 \expndtw0\charscalex111 contabilitate
]n cursul anului de gestiune. \line \up0 \expndtw0\charscalex112 \}n conformitat
e cu S.N.C. 1 \u8220?Politica de\par\pard\qj \li21\ri953\sb0\sl-242\slmult0 \up0
\expndtw0\charscalex111 contabilitate\u8221? (paragraful 6) rapoartele finan-\l
ine \up0 \expndtw0\charscalex110 ciare ale ]ntreprinderii trebuie s[ fie ]ntocmi
te \line \up0 \expndtw0\charscalex108 ]n baza urm[toarelor conven\\ii fundamenta
le: \line \up0 \expndtw0\charscalex116 continuitatea activit[\\ii, permanen\\a m
eto-\line \up0 \expndtw0\charscalex120 delor, specializarea exerci\\iilor. La ]
ntoc-\line \up0 \expndtw0\charscalex110 miriea rapoartelor financiare ]n baza co
nven-\line \up0 \expndtw0\charscalex110 \\iilor care difer[ de cele prev[zute de
standar-\line \up0 \expndtw0\charscalex112 dul men\\ionat, atare conven\\ii, ]m
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ecin\\elor \line \up0 \expndtw0\charscalex119 acestora ]n expresie valoric[, tr
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\up0 \expndtw0\charscalex114 exemplu, ]n cazul func\\ion[rii normale a
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pndtw0\charscalex112 \\[ este prezentat[ o \line \up0 \expndtw0\charscalex113 si
ngur[ variant[ de \line \up0 \expndtw0\charscalex108 publicitate a politicii \l
ine \up0 \expndtw0\charscalex108 de contabilitate. \up0 \expndtw-4\charscalex10
0 \}n\par\pard\qj \li1223\ri135\sb3\sl-199\slmult0 \up0 \expndtw0\charscalex111
loc de informa\\iile \line \up0 \expndtw0\charscalex100 prezentate ]n paran-\
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eb[ri. \}n cazul\par\pard\qj \li1223\ri135\sb4\sl-199\slmult0 \up0 \expndtw0\ch
arscalex106 publicit[\\ii politicii de \line \up0 \expndtw0\charscalex107 contab
ilitate proprii \line \up0 \expndtw0\charscalex102 trebuie s[ fie enume-\line \
up0 \expndtw0\charscalex100 rate metodele =i pro-\line \up0 \expndtw0\charscalex
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e \line \up0 \expndtw0\charscalex100 c[tre ]ntreprindere la \line \up0 \expndtw
0\charscalex101 ]ntocmirea raportului \line \up0 \expndtw0\charscalex102 financi
ar anual.\par\pard\column \ql \li20\sb285\sl-414\slmult0 \up0 \expndtw0\charscal
ex81 \ul0\nosupersub\cf4\f5\fs36 Raportul financiar anual\par\pard\ql \li2986\sb
0\sl-242\slmult0 \par\pard\ql \li20\ri72\sb1\sl-242\slmult0\tx371 \up0 \expndtw0
\charscalex112 \ul0\nosupersub\cf5\f6\fs20 ]ntreprinderii rapoartele financiare

se ]ntoc-\line \up0 \expndtw0\charscalex108 mesc ]n baza conven\\iei \u8220?con
tinuitatea activi-\line \up0 \expndtw0\charscalex106 t[\\ii\u8221?, iar c]nd con
ducerea are inten\\ia sau este \line \up0 \expndtw0\charscalex114 nevoit[ s[ lic
hideze ]ntreprinderea, sau s[ di-\line \up0 \expndtw0\charscalex111 minueze subs
tan\\ial activitatea acesteia, con-\line \up0 \expndtw0\charscalex115 ven\\ia su
s-numit[ nu poate servi drept baz[ \line \up0 \expndtw0\charscalex112 pentru pre
g[tirea rapoartelor financiare. \line\tab \up0 \expndtw0\charscalex108 \}n nota
explicativ[ trebuie s[ fie dezv[luite \line \up0 \expndtw0\charscalex101 procede
ele =i metodele de \\inere a contabilit[\\ii, \line \up0 \expndtw0\charscalex105
acceptate la elaborarea politicii de contabilitate, \line \up0 \expndtw0\charsc
alex109 care influen\\eaz[ substan\\ial asupra aprecierii \line \up0 \expndtw0\c
harscalex112 rezultatelor activit[\\ii \up0 \expndtw0\charscalex111 ]ntreprinder
ii \up0 \expndtw0\charscalex114 =i lu[rii\par\pard\qj \li20\ri72\sb0\sl-242\slmu
lt0 \up0 \expndtw0\charscalex117 deciziilor de c[tre utilizatorii rapoartelor fi
-\line \up0 \expndtw0\charscalex110 nanciare. Se consider[ esen\\iale acele meto
de \up0 \expndtw0\charscalex103 de \\inere a contabilit[\\ii, f[r[ cunoa=terea c
[rora \up0 \expndtw0\charscalex123 este imposibil[ evaluarea veridic[ de c[tre \
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atri-\line \up0 \expndtw0\charscalex110 moniale =i financiare, fluxului de numer
ar =i \up0 \expndtw0\charscalex107 rezultatelor activit[\\ii ]ntreprinderii.\par
\pard\qj \li20\ri73\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex107 Princi
palele procedee =i metode de \\inere \line \up0 \expndtw0\charscalex114 a contab
ilit[\\ii care urmeaz[ s[ fie dezv[luite \line \up0 \expndtw0\charscalex116 ]n
rapoartele financiare s]nt urm[toarele: \line \up0 \expndtw0\charscalex107 pr
ocedeele de evaluare a activelor nemateriale, \line \up0 \expndtw0\charscalex116
mijloacelor fixe =i metodele de calculare a \line \up0 \expndtw0\charscalex112
amortiz[rii, uzurii acestora; metodele de eva-\line \up0 \expndtw0\charscalex10
2 luare a investi\\iilor pe termen lung =i pe termen \line \up0 \expndtw0\charsc
alex115 scurt ]n p[r\\i legate =i nelegate; modul de \line \up0 \expndtw0\char
scalex113 evaluare =i calculare a costului stocurilor de \line \up0 \expndtw0\ch
arscalex114 m[rfuri =i materiale; modul de evaluare =i \line \up0 \expndtw0\ch
arscalex110 contabilizare a crean\\elor pe termen lung =i \line \up0 \expndtw0\
charscalex111 pe termen scurt; metodele de evaluare =i \line \up0 \expndtw
0\charscalex106 modul de contabilizare a corec\\iilor la datoriile \line \up0 \e
xpndtw0\charscalex113 dubioase; modul de contabilizare a cheltuie-\line \up0 \ex
pndtw0\charscalex121 lilor pentru lucr[rile de cercet[ri \up0 \expndtw-3\charsca
lex100 =tiin\\ifice,\par\pard\qj \li20\ri72\sb0\sl-242\slmult0 \up0 \expndtw0\ch
arscalex110 experimentare =i proiectare; modul de creare \line \up0 \expndtw0\ch
arscalex105 =i contabilizare a rezervelor incluse ]n capitalul \line \up0 \expnd
tw0\charscalex114 propriu; modul de contabilizare a creditelor \line \up0 \expnd
tw0\charscalex107 bancare =i ]mprumuturilor, de constatare =i \line \up0 \exp
ndtw0\charscalex116 determinare a cheltuielilor aferente ]mpru-\line \up0 \expn
dtw0\charscalex107 muturilor, condi\\iile de capitalizare a acestora; \line \up0
\expndtw0\charscalex106 componen\\a =i modul de formare =i contabi-\line \up0 \
expndtw0\charscalex105 lizare a rezervelor pentru cheltuieli =i pl[\\i pre-\line
\up0 \expndtw0\charscalex107 liminate; componen\\a =i modul de constatare \line
\up0 \expndtw0\charscalex106 =i contabilizare a veniturilor =i cheltuielilor pe
\line \up0 \expndtw0\charscalex109 feluri de activit[\\i ale ]ntreprinderii; mo
dul de \line \up0 \expndtw0\charscalex111 contabilizare a arendei, instrumentelo
r finan-\line \up0 \expndtw0\charscalex106 ciare; nomenclatorul =i modul de cont
abilizare \line \up0 \expndtw0\charscalex118 a impozitelor, inclusiv impozitele
am]nate; \line \up0 \expndtw0\charscalex112 modul de contabilizare a cheltuielil
or pentru \line \up0 \expndtw0\charscalex111 pensii =i plata indemniza\\iilor p
ersonalului; \line \up0 \expndtw0\charscalex115 modul de reflectare ]n contabili
tate a rezul-\line \up0 \expndtw0\charscalex110 tatelor varia\\iilor cursurilor
valutare; criteriile \line \up0 \expndtw0\charscalex114 de stabilire a sectoarel
or industriale =i geo-\line \up0 \expndtw0\charscalex107 grafice =i metodele de
repartizare a veniturilor \line \up0 \expndtw0\charscalex107 =i cheltuielilor ]
ntre sectoare; modul de conta-\line \up0 \expndtw0\charscalex110 bilizare a subv
en\\iilor guvernamentale. \par\pard\qj\pvpg\phpg\posx2986\posy15330\absw2132 \ul

0\nosupersub\cf2\f3\fs15 4/1999
Contabilitate =i audit\par\pard\column \ql \
li3765\sb365\sl-414\slmult0 \up0 \expndtw0\charscalex82 \ul0\nosupersub\cf1\f2\f
s36 2\par\pard\qj \li20\ri829\sb223\sl-242\slmult0\fi340 \up0 \expndtw0\charscal
ex104 \ul0\nosupersub\cf5\f6\fs20 Componen\\a =i con\\inutul informa\\iei re-\li
ne \up0 \expndtw0\charscalex117 feritoare la politica de contabilitate privind \
up0 \expndtw0\charscalex106 unele probleme concrete ale contabilit[\\ii, care \u
p0 \expndtw0\charscalex116 urmeaz[ s[ fie dezv[luite ]n nota explicativ[, \up0 \
expndtw0\charscalex103 s]nt determinate de fiecare ]ntreprindere, \\in]nd \up0 \
expndtw0\charscalex109 cont de cerin\\ele S.N.C. respective.\par\pard\qj \li20\r
i828\sb5\sl-239\slmult0\fi340 \up0 \expndtw0\charscalex104 \}n afar[ de variante
le =i metodele de \\inere \up0 \expndtw0\charscalex116 a contabilit[\\ii enume
rate, \up0 \expndtw0\charscalex117 ]ntreprinderea\par\pard\ql \li20\ri828\sb0\sl
-242\slmult0\tx371 \up0 \expndtw0\charscalex118 trebuie s[ indice separat ]n not
a explicativ[ \line \up0 \expndtw0\charscalex116 modific[rile introduse ]n poli
tica de conta-\line \up0 \expndtw0\charscalex108 bilitate ]n anul de gestiune =i
cauzele apari\\iei \line \up0 \expndtw0\charscalex109 acestora, precum =i s[ ap
recieze consecin\\ele \line \up0 \expndtw0\charscalex107 modific[rilor ]n expres
ie valoric[. De exemplu, \line \up0 \expndtw0\charscalex117 dac[ ]n cursul anulu
i de gestiune ]ntreprin-\line \up0 \expndtw0\charscalex108 derea a aplicat alt[
metod[ de calculare a uzurii \line \up0 \expndtw0\charscalex120 mijloacelor fix
e, la dezv[luirea politicii de \line \up0 \expndtw0\charscalex116 contabilitate
trebuie indicate cauzele modi-\line \up0 \expndtw0\charscalex110 fic[rii =i infl
uen\\a acesteia asupra m[rimii re-\line \up0 \expndtw0\charscalex110 zultatului
financiar. Modul =i cazurile ]n care \line \up0 \expndtw0\charscalex111 pot fi i
ntroduse modific[ri ]n politica de con-\line \up0 \expndtw0\charscalex109 tabili
tate s]nt reglementate de paragraful 12 al \line \up0 \expndtw0\charscalex114 S.
N.C. 1 \u8220?Politica de contabilitate\u8221?. \line\tab \up0 \expndtw0\charsca
lex109 Mai jos este prezentat un model de publi-\line \up0 \expndtw0\charscalex1
06 citate a politicii de contabilitate a ]ntreprinderii \line \up0 \expndtw0\cha
rscalex112 ]n nota explicativ[ la raportul financiar anual \line \up0 \expndtw0\
charscalex113 (varianta prescurtat[).\par\pard\ql \li7240\sb0\sl-230\slmult0 \pa
r\pard\ql \li3319\sb18\sl-230\slmult0 \up0 \expndtw0\charscalex131 \ul0\nosupers
ub\cf11\f12\fs20 Model\par\pard\ql \li20\sb164\sl-253\slmult0 \up0 \expndtw-10\c
harscalex90 \ul0\nosupersub\cf12\f13\fs22 1. Publicitatea politicii\par\pard\ql
\li20\ri817\sb0\sl-355\slmult0\tx371 \up0 \expndtw-9\charscalex89 de contabilita
te utilizat[ ]n anul 1998\ul0\super\cf13\f14\fs20\ul0\super\cf13\f14\fs19 1 \lin
e\tab \up0 \expndtw0\charscalex111 \ul0\nosupersub\cf5\f6\fs20 1.1. Conven\\iile
fundamentale ale conta-\par\pard\ql \li692\sb0\sl-180\slmult0 \up0 \expndtw0\ch
arscalex121 bilit[\\ii\par\pard\qj \li20\ri828\sb5\sl-242\slmult0\fi340 \up0 \ex
pndtw0\charscalex112 Raportul financiar anual este ]ntocmit ]n \up0 \expndtw0\ch
arscalex115 baza conven\\iilor fundamentale ale conta-\line \up0 \expndtw0\char
scalex116 bilit[\\ii, prev[zute \up0 \expndtw0\charscalex114 ]n S.N.C. 1 \u822
0?Politica de\par\pard\qj \li20\ri832\sb6\sl-239\slmult0 \up0 \expndtw0\charscal
ex108 contabilitate\u8221?: continuitatea activit[\\ii, perma-\line \up0 \expndt
w0\charscalex108 nen\\a metodelor, specializarea exerci\\iilor.\par\pard\ql \li3
61\sb125\sl-230\slmult0 \up0 \expndtw0\charscalex121 1.2. Variantele =i metodele
principale\par\pard\ql \li812\sb9\sl-230\slmult0 \up0 \expndtw0\charscalex118 d
e eviden\\[ utilizate la ]ntocmirea\par\pard\ql \li812\sb15\sl-230\slmult0 \up0
\expndtw0\charscalex122 raportului financiar anual\par\pard\ql \li7240\sb0\sl-23
0\slmult0 \par\pard\ql \li361\sb25\sl-230\slmult0 \up0 \expndtw0\charscalex117 \
ul0\nosupersub\cf11\f12\fs20 Active nemateriale\par\pard\qj \li20\ri829\sb59\sl242\slmult0\fi340 \up0 \expndtw0\charscalex107 \ul0\nosupersub\cf5\f6\fs20 \}n c
omponen\\a activelor nemateriale intr[ \line \up0 \expndtw0\charscalex110 (breve
tele, licen\\ele, programele informatice, \line \up0 \expndtw0\charscalex114 fon
dul comercial). Activele nemateriale s]nt \line \up0 \expndtw0\charscalex113 ref
lectate ]n bilan\\ul contabil (la valoarea de \line \up0 \expndtw0\charscalex113
intrare sau valoarea reevaluat[). Amortizarea \line \up0 \expndtw0\charscalex11
4 activelor nemateriale se calculeaz[ (prin me-\line \up0 \expndtw0\charscalex11
2 toda liniar[), \\in]nd cont de duratele de utili-\line \up0 \expndtw0\charscal
ex113 zare a acestora:\par\pard\ql \li361\sb8\sl-230\slmult0 \up0 \expndtw0\char

scalex114 (pentru brevete - 5 ani;\par\pard\ql \li361\sb15\sl-230\slmult0 \up0 \
expndtw0\charscalex112 licen\\e - 3 ani;\par\pard\ql \li361\sb10\sl-230\slmult0
\up0 \expndtw0\charscalex112 programe informatice - 2 ani;\par\pard\ql \li361\sb
15\sl-230\slmult0 \up0 \expndtw0\charscalex113 fondul comercial - 10 ani).
}
}}
}
}}
}
}}
}
}}
{\shp {\*\shpinst\shpleft6193\shptop15665\shpright6209\shpbottom15840\shpfhdr0\s
hpbxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt1\shpz45\shplid4
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);(1526,4123);(1526,10);(10,10);(10,4123);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
no2\colw4985\colsr160\ql \li2862\sb355\sl-414\slmult0 \up0 \expndtw0\charscalex7
4 \ul0\nosupersub\cf3\f4\fs36 \u8730?\ul0\nosupersub\cf4\f5\fs36 \u8240?\u8218? \u8225
218?\u730? \u732?\par\pard\ql \li2861\sb0\sl-230\slmult0 \par\pard\ql \li3202\sb26\sl
-230\slmult0 \up0 \expndtw0\charscalex117 \ul0\nosupersub\cf11\f12\fs20 Mijloace
fixe\par\pard\qj \li2861\ri72\sb1\sl-242\slmult0\fi340 \up0 \expndtw0\charscale
x102 \ul0\nosupersub\cf5\f6\fs20 \}n componen\\a mijloacelor fixe s]nt incluse \
up0 \expndtw0\charscalex112 obiecte cu valoarea unitar[ de peste 1 000 lei \up0
\expndtw0\charscalex109 =i durata de func\\ionare util[ mai mare de un \up0 \exp
ndtw0\charscalex112 an (cl[diri, construc\\ii provizorii, inventar \up0 \exp
ndtw0\charscalex111 gospod[resc, utilaj de produc\\ie).\par\pard\ql \li2861\ri71
\sb0\sl-241\slmult0\fi340\tx3202 \up0 \expndtw0\charscalex110 Mijloacele fixe s]
nt reflectate ]n bilan\\ (la \up0 \expndtw0\charscalex116 valoarea de intrare sa
u valoarea reevaluat[). \up0 \expndtw0\charscalex112 Uzura mijloacelor fixe se d
etermin[, pornind \up0 \expndtw0\charscalex120 de la durata de serviciu util al
acestora =i \up0 \expndtw0\charscalex113 valoarea uzurabil[, prin urm[toarele m
etode: \line\tab \up0 \expndtw0\charscalex111 \ul0\nosupersub\cf10\f11\fs20 a)\u
l0\nosupersub\cf5\f6\fs20 metoda cas[rii liniare\par\pard\qj \li3202\ri74\sb16\
sl-237\slmult0\fi196 \up0 \expndtw0\charscalex110 \ul0\nosupersub\cf16\f17\fs20
V\ul0\nosupersub\cf5\f6\fs20 pentru cl[dirile administra\\iei ]ntrep-\line \up0
\expndtw0\charscalex115 rinderii (durata de serviciu util - 50 ani), \up0 \expn
dtw0\charscalex109 sec\\iilor (30 ani);\par\pard\ql \li3399\sb19\sl-230\slmult0
\up0 \expndtw0\charscalex112 \ul0\nosupersub\cf16\f17\fs20 V\ul0\nosupersub\cf5\
f6\fs20 pentru construc\\ii speciale (15 ani);\par\pard\qj \li3202\ri74\sb15\sl
-230\slmult0\fi196 \up0 \expndtw0\charscalex113 \ul0\nosupersub\cf16\f17\fs20 V\
ul0\nosupersub\cf5\f6\fs20 pentru inventar gospod[resc (8 ani); \up0 \expndtw0\
charscalex110 \ul0\nosupersub\cf10\f11\fs20 b)\ul0\nosupersub\cf5\f6\fs20 metod
a soldului degresiv:\par\pard\ql \li2861\ri72\sb19\sl-238\slmult0\fi537\tx3202 \
up0 \expndtw0\charscalex113 \ul0\nosupersub\cf16\f17\fs20 V\ul0\nosupersub\cf5\f
6\fs20 pentru utilajul de produc\\ie (5 ani). \line\tab \up0 \expndtw0\charscal
ex107 Valoarea uzurabil[ a obiectelor de mijloace \line \up0 \expndtw0\charscale

x111 fixe se determin[ ca diferen\\a dintre valoarea \up0 \expndtw0\charscalex11
5 de intrare \up0 \expndtw0\charscalex115 =i valoarea r[mas[ a acestora.\pa
r\pard\qj \li2861\ri73\sb7\sl-239\slmult0 \up0 \expndtw0\charscalex117 Valoarea
r[mas[ a mijloacelor fixe se calcu-\line \up0 \expndtw0\charscalex113 leaz[ pent
ru fiecare obiect (grup[ de obiecte) \up0 \expndtw0\charscalex111 ]n momentul d[
rii ]n folosin\\[ a acestora.\par\pard\ql \li2861\sb0\sl-230\slmult0 \par\pard\q
l \li3202\sb23\sl-230\slmult0 \up0 \expndtw0\charscalex117 \ul0\nosupersub\cf11\
f12\fs20 Stocuri de m[rfuri =i materiale\par\pard\qj \li2861\ri72\sb7\sl-241\slm
ult0\fi340 \up0 \expndtw0\charscalex110 \ul0\nosupersub\cf5\f6\fs20 Stocurile de
m[rfuri =i materiale cuprind: \line \up0 \expndtw0\charscalex113 (materiale des
tinate consumului ]n procesul \line \up0 \expndtw0\charscalex111 de produc\\ie;
produc\\ie ]n curs de execu\\ie; \line \up0 \expndtw0\charscalex105 produse fin
ite; obiecte de mic[ valoare =i scurt[ \line \up0 \expndtw0\charscalex117 durat[
).\par\pard\qj \li2861\ri72\sb5\sl-241\slmult0\fi340 \up0 \expndtw0\charscalex11
3 Stocurile de m[rfuri =i materiale, cu ex-\line \up0 \expndtw0\charscalex116 c
ep\\ia obiectelor de mic[ valoare =i scurt[ \line \up0 \expndtw0\charscalex112
durat[, s]nt reflectate ]n rapoartele financiare \line \up0 \expndtw0\charscalex
104 (la valoarea cea mai mic[ dintre cost =i valoarea \line \up0 \expndtw0\chars
calex116 realizabil[ net[). \}n contabilitatea curent[ se \line \up0 \expndtw0\c
harscalex111 utilizeaz[ (metoda FIFO sau metoda costului \line \up0 \expndtw0\ch
arscalex111 mediu ponderat).\par\pard\qj \li2861\ri72\sb5\sl-239\slmult0\fi340 \
up0 \expndtw0\charscalex110 Obiectele de mic[ valoare =i scurt[ durat[ \up0 \exp
ndtw0\charscalex110 s]nt reflectate \up0 \expndtw0\charscalex111 ]n bilan\\ l
a suma valorii de\par\pard\ql \li2861\sb14\sl-230\slmult0 \up0 \expndtw0\chars
calex114 achizi\\ie a obiectelor aflate la depozit \up0 \expndtw-9\charscal
ex80 =i\par\pard\qj \li2861\ri72\sb1\sl-241\slmult0 \up0 \expndtw0\charscalex119
valoarea r[mas[ a obiectelor aflate ]n exp-\line \up0 \expndtw0\charscalex116
loatare. Uzura se calculeaz[ numai pentru \line \up0 \expndtw0\charscalex114
obiectele de mic[ valoare =i scurt[ durat[ cu \line \up0 \expndtw0\charscalex114
valoarea unitar[ de peste 50 lei ]n propor\\ie \line \up0 \expndtw0\charscalex1
15 de 100% din valoarea acestora, sc[z]ndu-se \line \up0 \expndtw0\charscalex11
5 valoarea r[mas[ probabil[. Obiectele, a c[ror \line \up0 \expndtw0\charscalex1
07 valoare individual[ nu dep[=e=te 50 lei, se trec \line \up0 \expndtw0\charsca
lex114 la consumuri sau cheltuieli pe m[sura livr[rii \line \up0 \expndtw0\chars
calex113 acestora de la depozit ]n exploatare.\par\pard\ql \li2861\sb0\sl-230\sl
mult0 \par\pard\ql \li3202\sb00\sl-230\slmult0 \up0 \expndtw0\charscalex111 \ul0
\nosupersub\cf11\f12\fs20 Investi\\ii\par\pard\qj \li2861\ri73\sb8\sl-239\slmult
0\fi340 \up0 \expndtw0\charscalex112 \ul0\nosupersub\cf5\f6\fs20 \}n componen\\a
investi\\iilor s]nt incluse \line \up0 \expndtw0\charscalex108 aloc[rile de mij
loace (]n ac\\iuni =i obliga\\iuni \line \up0 \expndtw0\charscalex109 ale altor
]ntreprinderi, certificate de trezorerie \par\pard\qj\pvpg\phpg\posx2862\posy153
39\absw2132 \ul0\nosupersub\cf2\f3\fs15 4/1999
Contabilitate =i audit\par\pa
rd\column \ql \li3761\sb379\sl-414\slmult0 \up0 \expndtw0\charscalex82 \ul0\nosu
persub\cf1\f2\fs36 3\par\pard\qj \li20\ri955\sb223\sl-241\slmult0 \up0 \expndtw0
\charscalex116 \ul0\nosupersub\cf5\f6\fs20 de stat, precum =i conturi de depozi
t). In-\line \up0 \expndtw0\charscalex103 vesti\\iile pe termen lung s]nt reflec
tate ]n bilan\\ \line \up0 \expndtw0\charscalex108 (la valoarea de intrare sau v
aloarea reevaluat[), \line \up0 \expndtw0\charscalex111 iar cele pe termen scurt
- (la valoarea cea mai \line \up0 \expndtw0\charscalex111 mic[ dintre valoarea
de intrare =i de pia\\[).\par\pard\ql \li7115\sb0\sl-230\slmult0 \par\pard\ql \l
i361\sb25\sl-230\slmult0 \up0 \expndtw0\charscalex109 \ul0\nosupersub\cf11\f12\f
s20 Crean\\e\par\pard\qj \li20\ri953\sb8\sl-239\slmult0\fi340 \up0 \expndtw0\cha
rscalex112 \ul0\nosupersub\cf5\f6\fs20 Crean\\ele cuprind datoriile altor ]ntre
p-\line \up0 \expndtw0\charscalex109 rinderi \up0 \expndtw0\charscalex113 =i per
soane fizice aferente facturilor\par\pard\qj \li20\ri954\sb0\sl-243\slmult0 \up0
\expndtw0\charscalex112 comerciale, veniturilor calculate, avansurilor, \up0 \e
xpndtw0\charscalex114 chiriei etc. Crean\\ele se contabilizeaz[ =i se \up0 \expn
dtw0\charscalex112 reflect[ ]n bilan\\ (la suma nominal[), inclusiv \up0 \expndt
w0\charscalex101 TVA =i accizele.\par\pard\qj \li20\ri953\sb0\sl-242\slmult0\fi3
40 \up0 \expndtw0\charscalex113 Pentru recuperarea pierderilor probabile \up0 \e

xpndtw0\charscalex114 aferente datoriilor dubioase ]ntreprinderea \up0 \expndt
w0\charscalex117 creeaz[ pe seama cheltuielilor comerciale o \up0 \expndtw0\char
scalex108 rezerv[ special[ (]n m[rime de 2% din volumul \up0 \expndtw0\charscale
x113 total al v]nz[rilor nete).\par\pard\ql \li7115\sb0\sl-230\slmult0 \par\pard
\ql \li361\sb19\sl-230\slmult0 \up0 \expndtw0\charscalex114 \ul0\nosupersub\cf11
\f12\fs20 Mijloace b[ne=ti\par\pard\qj \li20\ri953\sb1\sl-242\slmult0\fi340 \up0
\expndtw0\charscalex116 \ul0\nosupersub\cf5\f6\fs20 Soldurile mijloacelor b[ne=
ti ]n cas[, la \line \up0 \expndtw0\charscalex115 conturile de decontare, valut
ar etc. ]n banc[ \line \up0 \expndtw0\charscalex113 s]nt reflectate ]n bilan\\
(la suma nominal[). \line \up0 \expndtw0\charscalex110 Pentru mijloacele b[ne=t
i legate este rezervat \line \up0 \expndtw0\charscalex110 un r]nd distinct ]n an
exa la bilan\\ul contabil.\par\pard\ql \li7115\sb0\sl-230\slmult0 \par\pard\ql \
li361\sb18\sl-230\slmult0 \up0 \expndtw0\charscalex120 \ul0\nosupersub\cf11\f12\
fs20 Cheltuieli anticipate\par\pard\qj \li20\ri953\sb7\sl-241\slmult0\fi340 \up0
\expndtw0\charscalex115 \ul0\nosupersub\cf5\f6\fs20 Cheltuielile anticipate se
reflect[ ]n con-\line \up0 \expndtw0\charscalex104 tabilitate =i bilan\\ ]n post
uri distincte =i se trec \up0 \expndtw0\charscalex113 la cheltuieli pe m[sura su
rvenirii perioadei la \up0 \expndtw0\charscalex113 care acestea se refer[. Ele c
uprind:\par\pard\qj \li361\ri953\sb4\sl-242\slmult0 \up0 \expndtw0\charscalex111
\ul0\nosupersub\cf10\f11\fs20 a)\ul0\nosupersub\cf5\f6\fs20 (pl[\\ile de abona
re la literatura tehnic[ \up0 \expndtw0\charscalex110 =i periodic[ pe un termen
de (_____)); \up0 \expndtw0\charscalex111 \ul0\nosupersub\cf10\f11\fs20 b)\ul0\n
osupersub\cf5\f6\fs20 (chiria virat[ ]n avans);\par\pard\ql \li361\sb12\sl-230\
slmult0 \up0 \expndtw0\charscalex110 \ul0\nosupersub\cf10\f11\fs20 c)\ul0\nosupe
rsub\cf5\f6\fs20 (plata poli\\ei de asigurare).\par\pard\ql \li7115\sb0\sl-230\
slmult0 \par\pard\ql \li361\sb25\sl-230\slmult0 \up0 \expndtw0\charscalex119 \ul
0\nosupersub\cf11\f12\fs20 Capital propriu\par\pard\ql \li20\ri953\sb1\sl-242\sl
mult0\fi340\tx371 \up0 \expndtw0\charscalex114 \ul0\nosupersub\cf5\f6\fs20 Capit
alul propriu cuprinde capitalul sta-\line \up0 \expndtw0\charscalex110 tutar =i
suplimentar, rezervele, profitul (pier-\line \up0 \expndtw0\charscalex111 derea)
nerepartizat al perioadelor de gestiune \line \up0 \expndtw0\charscalex110 cure
nt[ =i precedent[ =i capitalul secundar. \line\tab \up0 \expndtw0\charscalex109
Capitalul statutar este stabilit prin statutul \line \up0 \expndtw0\charscalex10
8 S.A. ]n m[rime de (____) lei =i nu se modific[ \line \up0 \expndtw0\charscalex
113 p]n[ la primirea unor noi fondatori =i intro-\line \up0 \expndtw0\charscalex
112 ducerea schimb[rilor respective ]n statut.\par\pard\ql \li7115\sb0\sl-230\sl
mult0 \par\pard\ql \li361\sb22\sl-230\slmult0 \up0 \expndtw0\charscalex114 \ul0\
nosupersub\cf11\f12\fs20 Datorii\par\pard\qj \li20\ri954\sb6\sl-241\slmult0\fi34
0 \up0 \expndtw0\charscalex112 \ul0\nosupersub\cf5\f6\fs20 \}n componen\\a dat
oriilor s]nt incluse \up0 \expndtw0\charscalex112 creditele \up0 \expndtw-9\ch
arscalex80 =i \up0 \expndtw0\charscalex114 ]mprumuturile bancare primite,\par\pa
rd\ql \li20\ri957\sb0\sl-242\slmult0\tx371 \up0 \expndtw0\charscalex110 datoriil
e aferente facturilor comerciale, buge-\line \up0 \expndtw0\charscalex109 tului,
personalului =i altor creditori. \line\tab \up0 \expndtw0\charscalex114 Datorii
le s]nt prezentate \up0 \expndtw0\charscalex107 ]n bilan\\ \up0 \expndtw0\cha
rscalex114 (]n\par\pard\ql \li21\ri954\sb4\sl-241\slmult0\tx371 \up0 \expndtw0\c
harscalex110 sumele care trebuie s[ fie pl[tite sau ]n sumele \line \up0 \expndt
w0\charscalex112 necesare pentru achitarea datoriilor). \line\tab \up0 \expndtw0
\charscalex109 Datoriile aferente creditelor =i ]mprumu-\line \up0 \expndtw0\cha
rscalex107 turilor bancare primite s]nt reflectate ]n bilan\\
}

}}
}
}}
}
}}
}
1 \ul0\nosupersub\cf4\f5\fs36 Raportul financiar anual\par\pard\qj \li2972\sb0\s
l-239\slmult0 \par\pard\qj \li2972\ri73\sb20\sl-239\slmult0 \up0 \expndtw0\chars
calex103 \ul0\nosupersub\cf5\f6\fs20 (\\in]nd cont de dob]nzile aferente pl[\\ii
la finele \up0 \expndtw0\charscalex114 perioadei de gestiune).\par\pard\qj \li2
972\ri72\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex104 \}n scopul includ
erii uniforme a cheltuielilor \up0 \expndtw0\charscalex106 ulterioare la cheltui
elile sau consumurile anului \up0 \expndtw0\charscalex113 de gestiune au fost cr
eate rezerve:\par\pard\qj \li3313\ri72\sb3\sl-242\slmult0 \up0 \expndtw0\charsca
lex112 \ul0\nosupersub\cf10\f11\fs20 a)\ul0\nosupersub\cf5\f6\fs20 (pentru plat
a concediilor muncitorilor \up0 \expndtw0\charscalex111 ]n m[rime de __________
% din salariul \up0 \expndtw0\charscalex113 calculat);\par\pard\qj \li3313\ri72\
sb0\sl-244\slmult0 \up0 \expndtw0\charscalex119 \ul0\nosupersub\cf10\f11\fs20 b)
\ul0\nosupersub\cf5\f6\fs20 (pentru repara\\ia mijloacelor fixe \up0 \expndt
w0\charscalex101 _________).\par\pard\ql \li2972\sb0\sl-230\slmult0 \par\pard\ql
\li3313\sb20\sl-230\slmult0 \up0 \expndtw0\charscalex117 \ul0\nosupersub\cf11\f
12\fs20 Venituri anticipate\par\pard\qj \li2972\ri73\sb1\sl-242\slmult0\fi340 \u
p0 \expndtw0\charscalex103 \ul0\nosupersub\cf5\f6\fs20 Veniturile ob\\inute ]n p
erioada de gestiune, \up0 \expndtw0\charscalex106 dar aferente perioadelor viito
are, s]nt reflectate \up0 \expndtw0\charscalex106 separat ]n contabilitate =i ra
poartele financiare \up0 \expndtw0\charscalex105 =i se includ ]n componen\\a ven

iturilor curente \up0 \expndtw0\charscalex121 la survenirea perioadei de gestiun
e la care \up0 \expndtw0\charscalex113 acestea se refer[. Ele cuprind:\par\pard\
ql \li3313\sb8\sl-230\slmult0 \up0 \expndtw0\charscalex111 \ul0\nosupersub\cf10\
f11\fs20 a)\ul0\nosupersub\cf5\f6\fs20 (chiria primit[ ]n avans);\par\pard\qj \
li3313\ri73\sb6\sl-242\slmult0 \up0 \expndtw0\charscalex114 \ul0\nosupersub\cf10
\f11\fs20 b)\ul0\nosupersub\cf5\f6\fs20 (sumele prejudiciilor materiale care
\line \up0 \expndtw0\charscalex117 urmeaz[ s[ fie recuperate de persoanele \lin
e \up0 \expndtw0\charscalex113 vinovate ]n urm[toarele perioade de ges-\par\pard
\ql \li3313\sb8\sl-230\slmult0 \up0 \expndtw0\charscalex113 tiune).\par\pard\ql
\li2972\sb0\sl-230\slmult0 \par\pard\ql \li3313\sb24\sl-230\slmult0 \up0 \expndt
w0\charscalex120 \ul0\nosupersub\cf11\f12\fs20 Conversia valutelor str[ine\par\p
ard\qj \li2972\ri72\sb6\sl-241\slmult0\fi340 \up0 \expndtw0\charscalex114 \ul0\n
osupersub\cf5\f6\fs20 Soldurile mijloacelor aferente conturilor \line \up0 \expn
dtw0\charscalex116 valutare, titlurile de valoare, crean\\ele \up0 \expndtw9\charscalex80 =i\par\pard\qj \li2972\ri71\sb5\sl-241\slmult0 \up0 \expndtw0\cha
rscalex114 angajamentele ]n valut[ str[in[ s]nt reflectate \line \up0 \expndtw0\
charscalex109 ]n rapoartele financiare ]n valut[ na\\ional[ (lei \line \up0 \exp
ndtw0\charscalex108 moldovene=ti) ]n sumele determinate prin re-\line \up0 \expn
dtw0\charscalex111 calcularea valutelor str[ine fie la cursul B[ncii \line \up0
\expndtw0\charscalex110 Na\\ionale a Moldovei, care este ]n vigoare ]n \line \up
0 \expndtw0\charscalex116 ultima zi a perioadei de gestiune sau la data \line \u
p0 \expndtw0\charscalex113 realiz[rii opera\\iunii economice, fie la cursul \lin
e \up0 \expndtw0\charscalex113 mediu ponderat existent ]n perioada de ges-\line
\up0 \expndtw0\charscalex111 tiune.\par\pard\ql \li2972\sb0\sl-230\slmult0 \par\
pard\ql \li3313\sb00\sl-230\slmult0 \up0 \expndtw0\charscalex114 \ul0\nosupersub
\cf11\f12\fs20 Venituri =i cheltuieli\par\pard\qj \li2972\ri71\sb1\sl-241\slmult
0\fi340 \up0 \expndtw0\charscalex111 \ul0\nosupersub\cf5\f6\fs20 Veniturile =i c
heltuielile se constat[ =i se \line \up0 \expndtw0\charscalex111 reflect[ ]n rap
oartele financiare conform me-\line \up0 \expndtw0\charscalex114 todei specializ
[rii exerci\\iilor ]n perioada de \line \up0 \expndtw0\charscalex117 gestiune ]
n care s-au produs, indiferent de \line \up0 \expndtw0\charscalex116 momentul pr
imirii sau pl[\\ii efective a mij-\line \up0 \expndtw0\charscalex109 loacelor b[
ne=ti.\par\pard\ql \li2972\ri72\sb5\sl-241\slmult0\fi340\tx3313 \up0 \expndtw0\c
harscalex106 Venitul din v]nzarea produc\\iei se constat[ \line \up0 \expndtw0\c
harscalex110 la livrarea acesteia =i transmiterea drepturilor \line \up0 \expndt
w0\charscalex112 de proprietate cump[r[torului, iar venitul din \line \up0 \expn
dtw0\charscalex108 prestarea serviciilor pentru instalarea utilajului \line \up0
\expndtw0\charscalex118 - pe m[sura efectu[rii lor (dup[ ]ncheierea \line \up
0 \expndtw0\charscalex111 definitiv[ =i primirea lucr[rilor de c[tre bene-\line
\up0 \expndtw0\charscalex104 ficiar sau prin metoda procentului de execu\\ie). \
line\tab \up0 \expndtw0\charscalex108 Veniturile, cheltuielile =i rezultatele fi
nan-\line \up0 \expndtw0\charscalex112 ciare s]nt reflectate ]n raportul privind
rezul-\line \up0 \expndtw0\charscalex111 tatele financiare separat pe feluri de
activit[\\i \line \up0 \expndtw0\charscalex107 - opera\\ional[, de investi\\ii
=i financiar[ =i pe \line \up0 \expndtw0\charscalex110 evenimente excep\\ionale.
\par\pard\qj\pvpg\phpg\posx2986\posy15330\absw2132 \ul0\nosupersub\cf2\f3\fs15
4/1999
Contabilitate =i audit\par\pard\column \ql \li3775\sb365\sl-414\slmul
t0 \up0 \expndtw0\charscalex82 \ul0\nosupersub\cf1\f2\fs36 4\par\pard\ql \li20\r
i844\sb239\sl-239\slmult0\fi340\tx371 \up0 \expndtw0\charscalex109 \ul0\nosupers
ub\cf5\f6\fs20 Profitul net (dup[ impozitare) al anului de \up0 \expndtw0\charsc
alex113 gestiune se repartizeaz[ =i se utilizeaz[: \line\tab \up0 \expndtw0\char
scalex110 \ul0\nosupersub\cf10\f11\fs20 a)\ul0\nosupersub\cf5\f6\fs20 (pentru p
lata dividendelor);\par\pard\ql \li361\sb14\sl-230\slmult0 \up0 \expndtw0\charsc
alex110 \ul0\nosupersub\cf10\f11\fs20 b)\ul0\nosupersub\cf5\f6\fs20 (crearea re
zervelor);\par\pard\qj \li361\ri843\sb2\sl-246\slmult0 \up0 \expndtw0\charscalex
115 \ul0\nosupersub\cf10\f11\fs20 c)\ul0\nosupersub\cf5\f6\fs20 (conform decizi
ilor suplimentare ale \up0 \expndtw0\charscalex112 adun[rii generale a ac\\iona
rilor).\par\pard\ql \li7226\sb0\sl-230\slmult0 \par\pard\ql \li361\sb23\sl-230\s
lmult0 \up0 \expndtw0\charscalex116 \ul0\nosupersub\cf11\f12\fs20 Impozitul pe v
enit\par\pard\qj \li20\ri841\sb1\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex1

13 \ul0\nosupersub\cf5\f6\fs20 Impozitul pe venit se determin[ =i se \line
\up0 \expndtw0\charscalex104 pl[te=te ]n conformitate cu legisla\\ia ]n vigoare
\line \up0 \expndtw0\charscalex113 a Republicii Moldova. \}n cursul anului 1998
\line \up0 \expndtw0\charscalex115 impozitul pe venit (s-a pl[tit trimestrial s
ub \line \up0 \expndtw0\charscalex113 form[ de avansuri ]n m[rime de 1/4
din \line \up0 \expndtw0\charscalex116 impozitul pe anul 1997). Suma efectiv[
a \line \up0 \expndtw0\charscalex119 cheltuielilor privind impozitul pe venit
s-a \line \up0 \expndtw0\charscalex111 calculat la sf]r=itul anului ]n conformit
ate cu \line \up0 \expndtw0\charscalex109 prevederile S.N.C. 12 \u8220?Contabili
tatea impozi-\line \up0 \expndtw0\charscalex118 tului pe venit\u8221?.\par\pard\
ql \li361\sb123\sl-230\slmult0 \up0 \expndtw0\charscalex124 1.3. Modific[rile in
troduse ]n politica\par\pard\ql \li687\sb10\sl-230\slmult0 \up0 \expndtw0\charsc
alex119 de contabilitate\par\pard\qj \li20\ri843\sb66\sl-239\slmult0\fi340 \up0
\expndtw0\charscalex109 \}n cursul anului de gestiune ]n politica de \up0 \expnd
tw0\charscalex117 contabilitate au fost introduse urm[toarele \up0 \expndtw0\ch
arscalex112 modific[ri:\par\pard\qj \li361\ri844\sb3\sl-242\slmult0 \up0 \expndt
w0\charscalex107 \ul0\nosupersub\cf10\f11\fs20 a)\ul0\nosupersub\cf5\f6\fs20 ]n
cep]nd cu 1 martie la calcularea uzurii \line \up0 \expndtw0\charscalex108 utila
jului de produc\\ie s-a trecut de la me-\line \up0 \expndtw0\charscalex112 toda
soldului degresiv la metoda propor-\par\pard\qj \li361\ri842\sb7\sl-239\slmult0
\up0 \expndtw0\charscalex106 \\ional volumului produselor fabricate (ser-\line \
up0 \expndtw0\charscalex110 viciilor prestate). Modificarea men\\ionat[ \line \u
p0 \expndtw0\charscalex106 a fost condi\\ionat[ de diminuarea substan-\par\pard\
qj \li361\ri843\sb4\sl-242\slmult0 \up0 \expndtw0\charscalex112 \\ial[ a volumul
ui de produc\\ie. \}n urma \line \up0 \expndtw0\charscalex115 modific[rii metod
ei de calculare a uzurii \line \up0 \expndtw0\charscalex110 suma acesteia s-a mi
c=orat cu (__) lei;\par\pard\qj \li361\ri845\sb0\sl-242\slmult0 \up0 \expndtw0\c
harscalex109 \ul0\nosupersub\cf10\f11\fs20 b)\ul0\nosupersub\cf5\f6\fs20 ]ncep]
nd cu 1 iulie s-a trecut la consta-\line \up0 \expndtw0\charscalex110 tarea veni
tului din prest[ri de servicii prin \line \up0 \expndtw0\charscalex107 metoda pr
ocentului de execu\\ie. Ca rezul-\par\pard\ql \li361\sb10\sl-230\slmult0 \up0 \e
xpndtw0\charscalex110 tat, suma venitului s-a majorat cu (__) lei.\par\pard\qj \
li7226\sb0\sl-278\slmult0 \par\pard\qj \li20\ri1586\sb73\sl-278\slmult0 \up0 \ex
pndtw-12\charscalex90 \ul0\nosupersub\cf9\f10\fs28 II. Corespunderea rapoartelor
\up0 \expndtw-12\charscalex89 financiare cerin\\elor S.N.C.\par\pard\qj \li20\r
i843\sb142\sl-241\slmult0\fi340 \up0 \expndtw0\charscalex108 \ul0\nosupersub\cf5
\f6\fs20 \}n acest compartiment al notei explicative \line \up0 \expndtw0\charsc
alex116 ]ntreprinderea trebuie s[ confirme c[ ra-\line \up0 \expndtw0\chars
calex107 poartele financiare ]ntocmite corespund cerin-\line \up0 \expndtw0\char
scalex100 \\elor S.N.C.\par\pard\qj \li20\ri843\sb3\sl-242\slmult0\fi340 \up0 \e
xpndtw0\charscalex113 Dac[ rapoartele financiare nu corespund \up0 \expndtw0\cha
rscalex114 prevederilor cel pu\\in ale unui standard, \up0 \expndtw0\charsc
alex119 acestea se calific[ drept necorespunz[toare \up0 \expndtw0\charscalex111
S.N.C. \}n aceste cazuri rapoartele financiare \up0 \expndtw0\charscalex114 nu
reflect[ obiectiv situa\\ia patrimonial[ =i \up0 \expndtw0\charscalex112 finan
ciar[ a ]ntreprinderii.\par\pard\qj \li20\ri843\sb0\sl-242\slmult0\fi340 \up0 \e
xpndtw0\charscalex113 \}n cazul ]n care nu este dezv[luit[ cores-\line \up0 \exp
ndtw0\charscalex108 punderea rapoartelor financiare cu prevederile \line \up0 \e
xpndtw0\charscalex108 S.N.C., se reduc autenticitatea =i claritatea in-\line \up
0 \expndtw0\charscalex108 forma\\iei, exercit]nd astfel o influen\\[ negati-\lin
e \up0 \expndtw0\charscalex110 v[ asupra capacit[\\ii utilizatorilor de a efectu
a
}
}}
}
}}
}
}}
}
}}
}
218?\u730? \u732?\par\pard\ql \li2862\ri72\sb242\sl-248\slmult0\tx3202\tx3202 \up0 \e
xpndtw0\charscalex113 \ul0\nosupersub\cf5\f6\fs20 evalu[ri =i a lua decizii de g
estiune. \line\tab \up0 \expndtw0\charscalex112 \}n cazul c]nd ]ntreprinderea n
u respect[ \line \up0 \expndtw0\charscalex116 una sau mai multe prevederi ale S.
N.C., ]n \up0 \expndtw0\charscalex106 compartimentul de fa\\[ trebuie s[ fie re

flectate: \line\tab \up0 \expndtw0\charscalex111 \ul0\nosupersub\cf10\f11\fs20 a
)\ul0\nosupersub\cf5\f6\fs20 caracterul fiec[rei abateri;\par\pard\ql \li3202\s
b42\sl-230\slmult0 \up0 \expndtw0\charscalex112 \ul0\nosupersub\cf10\f11\fs20 b)
\ul0\nosupersub\cf5\f6\fs20 cauza fiec[rei abateri;\par\pard\qj \li3202\ri74\sb
28\sl-244\slmult0 \up0 \expndtw0\charscalex113 \ul0\nosupersub\cf10\f11\fs20 c)\
ul0\nosupersub\cf5\f6\fs20 aprecierea influen\\ei fiec[rei abateri \line \up
0 \expndtw0\charscalex109 asupra indicatorilor =i situa\\iei financiare \line \u
p0 \expndtw0\charscalex110 a ]ntreprinderii, excluz]nd cazurile ]n care\par\pard
\qj \li3202\ri74\sb0\sl-244\slmult0 \up0 \expndtw0\charscalex109 este imposibil[
realizarea practic[ a acestui \line \up0 \expndtw0\charscalex111 lucru.\par\par
d\ql \li3202\sb5\sl-230\slmult0 \up0 \expndtw0\charscalex116 Claritatea \up0 \ex
pndtw0\charscalex114 =i autenticitatea rapoartelor\par\pard\qj \li2862\ri72\sb
1\sl-242\slmult0 \up0 \expndtw0\charscalex112 financiare lipsesc ]n cazul ]n car
e utilizatorul \line \up0 \expndtw0\charscalex108 este nevoit s[ corecteze un nu
m[r considerabil \line \up0 \expndtw0\charscalex109 de posturi ale acestora ca r
ezultat al abaterilor \line \up0 \expndtw0\charscalex114 de la prevederile refer
itoare la evaluarea sau \line \up0 \expndtw0\charscalex109 publicitatea informa
\\iilor con\\inute \up0 \expndtw0\charscalex109 ]ntr-un\par\pard\qj \li2862\ri7
3\sb0\sl-242\slmult0 \up0 \expndtw0\charscalex110 standard sau ]n mai multe stan
darde. Aceasta \up0 \expndtw0\charscalex112 se ]nt]mpl[ =i ]n cazul abaterii u
nitare, care \up0 \expndtw0\charscalex113 exercit[ o influen\\[ notabil[ asupra
indicato-\line \up0 \expndtw0\charscalex108 rilor din rapoartele financiare. \}n
aceste cazuri \up0 \expndtw0\charscalex110 rapoartele financiare se consider[ d
rept neco-\line \up0 \expndtw0\charscalex108 respunz[toare cerin\\elor S.N.C.\pa
r\pard\qj \li2862\ri72\sb0\sl-239\slmult0\fi340 \up0 \expndtw0\charscalex109 Ale
gerea gre=it[ a metodei de ]ntocmire a \up0 \expndtw0\charscalex115 rapoartelor
financiare \up0 \expndtw0\charscalex112 =i necorespunderea\par\pard\qj \li2862
\ri73\sb3\sl-242\slmult0 \up0 \expndtw0\charscalex114 acesteia cu prevederile
S.N.C. diminueaz[ \up0 \expndtw0\charscalex104 gradul de importan\\[, autentic
itate =i compara-\line \up0 \expndtw0\charscalex119 bilitate a acestora. Ea nu p
oate fi corectat[ \up0 \expndtw0\charscalex113 nici prin dezv[luirea politicii d
e contabilitate \up0 \expndtw0\charscalex109 utilizate, nici cu ajutorul anexelo
r sau al mate-\line \up0 \expndtw0\charscalex112 rialelor explicative.\par\pard\
qj \li2862\ri72\sb0\sl-241\slmult0\fi340 \up0 \expndtw0\charscalex108 \}n acest
compartiment al notei explicative \line \up0 \expndtw0\charscalex113 trebuie de
asemenea s[ fie enumerate S.N.C. \line \up0 \expndtw0\charscalex106 intrate ]n v
igoare ]n decursul anului =i utilizate \line \up0 \expndtw0\charscalex111 de c[t
re ]ntreprindere, precum =i confirmat \line \up0 \expndtw0\charscalex109 faptu
l utiliz[rii S.N.C. p]n[ la punerea acestora \line \up0 \expndtw0\charscalex112
]n aplicare.\par\pard\qj \li2862\ri677\sb266\sl-278\slmult0 \up0 \expndtw-12\cha
rscalex88 \ul0\nosupersub\cf9\f10\fs28 III. Analiza situa\\iei patrimoniale \up0
\expndtw-12\charscalex92 =i financiare a ]ntreprinderii\par\pard\qj \li2861\ri7
4\sb10\sl-241\slmult0\fi340 \up0 \expndtw0\charscalex104 \ul0\nosupersub\cf5\f6\
fs20 Analiza situa\\iei patrimoniale =i financiare, \up0 \expndtw0\charscalex109
constituind o parte component[ a notei expli-\line \up0 \expndtw0\charscalex114
cative la raportul anual financiar, urm[re=te \up0 \expndtw0\charscalex103 scop
ul de a face informa\\ia, con\\inut[ ]n acesta, \up0 \expndtw0\charscalex112 cla
r[ =i ]n\\eleas[ de toate categoriile de utili-\line \up0 \expndtw0\charscalex10
4 zatori. Pentru atingerea scopului propus ]n pro-\line \up0 \expndtw0\charscale
x108 cesul efectu[rii calculelor =i formul[rii conclu-\line \up0 \expndtw0\chars
calex116 ziilor analitice este necesar s[ ne conducem \up0 \expndtw0\charscalex1
12 de urm[toarele cerin\\e generale.\par\pard\qj \li2861\ri73\sb0\sl-241\slmult0
\fi340 \up0 \expndtw0\charscalex111 Partea analitic[ a notei explicative trebuie
\line \up0 \expndtw0\charscalex117 s[ aib[ o structur[ ra\\ional[ care s[ cupri
nd[ \line \up0 \expndtw0\charscalex115 toate aspectele principale ale activit[\\
ii eco-\line \up0 \expndtw0\charscalex109 nomico-financiare a ]ntreprinderii ]n
perioada \line \up0 \expndtw0\charscalex119 raportat[. Mai jos este prezentat[
una din \line \up0 \expndtw0\charscalex113 variantele posibile privind gruparea
etapelor \par\pard\qj\pvpg\phpg\posx2862\posy15339\absw2132 \ul0\nosupersub\cf2
\f3\fs15 4/1999
Contabilitate =i audit\par\pard\column \ql \li3760\sb379\sl414\slmult0 \up0 \expndtw0\charscalex82 \ul0\nosupersub\cf1\f2\fs36 5\par\pard\q
l \li20\ri952\sb223\sl-242\slmult0\tx370 \up0 \expndtw0\charscalex115 \ul0\nosup
ersub\cf5\f6\fs20 analitice la elaborarea notei explicative la \line \up0 \e
xpndtw0\charscalex112 raportul financiar anual. \}n caz de necesitate \line \up0
\expndtw0\charscalex118 structura recomandat[ poate fi modificat[, \line \up0
\expndtw0\charscalex112 dezvoltat[ =i detaliat[ sau, invers, prescurtat[ \line \
up0 \expndtw0\charscalex112 =i simplificat[. Totodat[ ]n structura analizei \lin
e \up0 \expndtw0\charscalex113 nu trebuie s[ fie omise acele compartimente, \lin
e \up0 \expndtw0\charscalex113 care denot[ momentele negative existente ]n \line
\up0 \expndtw0\charscalex110 activitatea ]ntreprinderii. De exemplu, dac[ ]n \l
ine \up0 \expndtw0\charscalex115 perioada raportat[ firma a suportat pierderi, \
line \up0 \expndtw0\charscalex107 nota explicativ[ trebuie s[ con\\in[ analiza p
ier-\line \up0 \expndtw0\charscalex108 derilor =i nerentabilit[\\ii ]ntreprinder
ii. \line\tab \up0 \expndtw0\charscalex109 \}n procesul preg[tirii notei explica
tive pot \line \up0 \expndtw0\charscalex112 fi analiza\\i \up0 \expndtw0\charsca
lex111 =i calcula\\i un \up0 \expndtw0\charscalex109 =ir de indicatori\par\pard
\qj \li20\ri952\sb0\sl-241\slmult0 \up0 \expndtw0\charscalex114 financiari. Mul\
\i dintre ei s]nt reciproc sub-\line \up0 \expndtw0\charscalex115 stituibili, a
dic[ au un con\\inut economic \up0 \expndtw0\charscalex113 asem[n[tor =i r
eflect[ acelea=i aspecte ale \up0 \expndtw0\charscalex105 activit[\\ii \up0 \e
xpndtw0\charscalex117 ]ntreprinderii. Uneori din lips[ de\par\pard\qj \li20\ri95
1\sb4\sl-241\slmult0 \up0 \expndtw0\charscalex114 experien\\[ ]n domeniul anali
zei speciali=tii \line \up0 \expndtw0\charscalex118 includ ]n nota explicativ[ d
oi sau chiar mai \line \up0 \expndtw0\charscalex111 mul\\i indicatori interschim
babili. Ca urmare, \line \up0 \expndtw0\charscalex108 partea analitic[ devine vo
luminoas[ =i compli-\line \up0 \expndtw0\charscalex118 cat[ pentru ]n\\elegerea
de c[tre utilizatorii \line \up0 \expndtw0\charscalex111 rapoartelor financiare
. \}n scopul de a le ajuta \line \up0 \expndtw0\charscalex112 speciali=tilor-pra
cticieni prezentele indica\\ii \line \up0 \expndtw0\charscalex108 con\\in blocur
i de indicatori financiari grupa\\i \line \up0 \expndtw0\charscalex108 dup[ con\
\inutul economic. Ca regula general[, \line \up0 \expndtw0\charscalex109 la ]nto
cmirea notei explicative este ra\\ional s[ \line \up0 \expndtw0\charscalex114 fi
e analizat un singur indicator dintr-o grup[ \line \up0 \expndtw0\charscalex111
de indicatori reciproc substituibili.\par\pard\ql \li20\ri951\sb4\sl-242\slmult0
\fi393\tx370\tx370 \up0 \expndtw0\charscalex106 Pentru interpretarea reu=it[ a i
ndicatorilor \line \up0 \expndtw0\charscalex117 financiari nu este suficient[
calcularea lor \line \up0 \expndtw0\charscalex113 pentru perioada raportat[ sau
la o dat[ conc-\line \up0 \expndtw0\charscalex116 ret[, de exemplu, la sf]r=it
ul perioadei. \}n \line \up0 \expndtw0\charscalex113 scopul aprecierii situa\\i
ei financiare este util \line \up0 \expndtw0\charscalex109 ca nota explicativ[ s
[ con\\in[ informa\\ii nece-\line \up0 \expndtw0\charscalex111 sare pentru confr
untarea indicatorilor cu una \line \up0 \expndtw0\charscalex109 sau mai multe ba
ze de compara\\ie: cu perioa-\line \up0 \expndtw0\charscalex114 dele precedente
; cu nivelul programat ]n \line \up0 \expndtw0\charscalex121 planul de aface
ri, mediu pe ramur[ sau pe \line \up0 \expndtw0\charscalex115 grupe de ]ntrepri
nderi cu acela=i profil; cu \line \up0 \expndtw0\charscalex106 nivelul stabilit
]n practica mondial[ sau solicitat \line \up0 \expndtw0\charscalex110 ]n sistemu
l bancar al Republicii Moldova. \line\tab \up0 \expndtw0\charscalex113 Prezen\\a
acestor date ]n nota explicativ[ \line \up0 \expndtw0\charscalex119 va permite
utilizatorilor s[ trag[ concluzii \line \up0 \expndtw0\charscalex112 definitiv
e privind situa\\ia financiar[ a firmei. \line \up0 \expndtw0\charscalex113 Toto
dat[ efectuarea compara\\iilor, mai ales, \line \up0 \expndtw0\charscalex114 ]n
dinamic[ cere o aten\\ie deosebit[. De \line \up0 \expndtw0\charscalex110
exemplu, dup[ intrarea ]n vigoare a S.N.C. au \line \up0 \expndtw0\charscalex117
devenit incomparabile datele despre costul \line \up0 \expndtw0\charscalex110 v
]nz[rilor, profitul din v]nz[ri etc. Ca rezultat, \line \up0 \expndtw0\charscale
x110 confruntarea acestor indicatori ]n anul 1998 \line \up0 \expndtw0\charsca
lex114 cu perioadele precedente este practic inutil[. \line\tab \up0 \expndtw0\c
harscalex109 \}n cazul c]nd rapoartele financiare denot[ \line \up0 \expndtw0\ch
arscalex114 modificarea brusc[ a indicatorilor financiari, \line \up0 \expndtw0\

charscalex119 ]n nota explicativ[ trebuie s[ fie examina\\i \line \up0 \expndtw0
\charscalex113 factorii care au condi\\ionat schimb[rile, mai
}
}}
}
}}
}
}}
}
1 \ul0\nosupersub\cf4\f5\fs36 Raportul financiar anual\par\pard\ql \li1156\sb0\s
l-230\slmult0 \par\pard\ql \li2972\sb36\sl-230\slmult0 \up0 \expndtw0\charscalex
108 \ul0\nosupersub\cf5\f6\fs20 ales, cele negative. Analiza financiar[ ]n modul
\par\pard\ql \li2972\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex107 cel mai ra
\\ional presupune nu numai indicarea\par\pard\ql \li2972\sb10\sl-230\slmult0 \up
0 \expndtw0\charscalex109 cauzelor, ce au provocat devieri esen\\iale, dar\par\p
ard\ql \li2972\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex112 =i determinarea
m[rimii influen\\ei factorilor\par\pard\ql \li2972\sb10\sl-230\slmult0 \up0 \exp

ndtw0\charscalex114 asupra indicatorului rezultativ =i a c[ilor de\par\pard\ql
\li2972\sb16\sl-230\slmult0 \up0 \expndtw0\charscalex109 ameliorare a \u8220?s[n
[t[\\ii economico-financiare\u8221?.\par\pard\ql \li3313\sb10\sl-230\slmult0 \up
0 \expndtw0\charscalex106 \}ntocmirea notei explicative potrivit cerin-\par\pard
\ql \li1156\sb241\sl-253\slmult0 \up0 \expndtw-10\charscalex82 \ul0\nosupersub\c
f12\f13\fs22 Tabelul 1\par\pard\column \ql \li3779\sb365\sl-414\slmult0 \up0 \ex
pndtw0\charscalex82 \ul0\nosupersub\cf1\f2\fs36 6\par\pard\qj \li20\ri845\sb237\
sl-241\slmult0 \up0 \expndtw0\charscalex108 \ul0\nosupersub\cf5\f6\fs20 \\elor i
ndicate mai sus va contribui la determi-\line \up0 \expndtw0\charscalex106 narea
corect[ a rezultatelor activit[\\ii ]ntreprin-\line \up0 \expndtw0\charscalex11
2 derii, care se afl[ ]n proces de prosperare sau \up0 \expndtw0\charscalex110 d
e faliment.\par\pard\qj \li20\ri843\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\char
scalex106 Analiza situa\\iei patrimoniale =i financiare \up0 \expndtw0\charscale
x115 se efectueaz[ ]n baza unui =ir de indicatori \up0 \expndtw0\charscalex110
generalizatori prezenta\\i ]n tabelul 1. \par\pard\sect\sectd\sbknone \li1195\sb
229\sl-253\slmult0\fi1503 \up0 \expndtw-8\charscalex100 \ul0\nosupersub\cf17\f18
\fs22 Indicatorii analitici utiliza\\i la ]ntocmirea notei explicative la raport
ul financiar anual\par\pard\sect\sectd\sbknone \li1195\sb0\sl-195\slmult0\par\pa
rd\li1195\sb109\sl-195\slmult0\fi0\tx2194\tx5588\tx8867 \up0 \expndtw-7\charscal
ex100 \ul0\nosupersub\cf18\f19\fs17 Nr. crt.\tab \up0 \expndtw-7\charscalex100 D
enumirea indicatorului\tab \up0 \expndtw-7\charscalex100 Modul de calcul\tab \up
0 \expndtw-7\charscalex100 Sursa de informa\\ie\par\pard\sect\sectd\sbknone \li1
195\sb118\sl-195\slmult0\fi220\tx3015\tx6204\tx9578 \up0 \expndtw-7\charscalex10
0 1\tab \up0 \expndtw-7\charscalex100 2\tab \up0 \expndtw-7\charscalex100 3\tab
\up0 \expndtw-7\charscalex100 4\par\pard\sect\sectd\sbknone\cols4\colno1\colw167
8\colsr160\colno2\colw2688\colsr160\colno3\colw3481\colsr160\colno4\colw3793\col
sr160\ql \li1387\sb151\sl-195\slmult0 \up0 \expndtw-4\charscalex100 1.\par\pard\
ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\
ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb61\sl-195\slmult0 \up0 \exp
ndtw0\charscalex102 2.\par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li13
87\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li13
87\sb61\sl-195\slmult0 \up0 \expndtw0\charscalex102 3.\par\pard\column \ql \li20
\sb151\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Gradul de utilizare\par\pard
\qj \li20\ri190\sb4\sl-211\slmult0 \up0 \expndtw0\charscalex100 (nivelul de ]nsu
=ire) a capacit[\\ii \up0 \expndtw0\charscalex100 de produc\\ie\par\pard\ql \li1
838\sb0\sl-195\slmult0 \par\pard\ql \li20\sb25\sl-195\slmult0 \up0 \expndtw-1\ch
arscalex100 Cota impozitului pe venit\par\pard\ql \li20\sb18\sl-195\slmult0 \up0
\expndtw0\charscalex100 ]n suma profitului p]n[ l\par\pard\ql \li20\sb17\sl-195
\slmult0 \up0 \expndtw-1\charscalex100 a impozitare\par\pard\ql \li1838\sb0\sl-1
95\slmult0 \par\pard\ql \li20\sb28\sl-195\slmult0 \up0 \expndtw0\charscalex100 R
aportul ]ntre profitul net\par\pard\column \ql \li1167\sb151\sl-195\slmult0 \up0
\expndtw0\charscalex101 V]nz[ri nete\par\pard\ql \li116\sb18\sl-195\slmult0 \up
0 \expndtw0\charscalex101 Capacitatea medie anual[ de produc\\ie\par\pard\ql \li
4676\sb0\sl-195\slmult0 \par\pard\ql \li4676\sb0\sl-195\slmult0 \par\pard\ql \li
634\sb44\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Suma impozitului pe venit\
par\pard\ql \li356\sb18\sl-195\slmult0 \up0 \expndtw-1\charscalex100 calculat sp
re transferare ]n buget\par\pard\ql \li649\sb17\sl-195\slmult0 \up0 \expndtw0\ch
arscalex101 Profitul p]n[ la impozitare\par\pard\ql \li4676\sb0\sl-195\slmult0 \
par\pard\ql \li20\sb28\sl-195\slmult0\tx1649 \up0 \expndtw-1\charscalex100 Profi
t net\tab \up0 \expndtw-2\charscalex100 Cota impozitului\par\pard\column \ql \li
878\sb151\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 010 f.2\par\pard\ql \
li575\sb18\sl-195\slmult0 \up0 \expndtw0\charscalex104 balan\\a capacit[\\ii\par
\pard\ql \li225\sb17\sl-195\slmult0 \up0 \expndtw-1\charscalex100 de produc\\ie
a ]ntreprinderii\par\pard\ql \li8307\sb0\sl-195\slmult0 \par\pard\ql \li877\sb28
\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 140 f.2\par\pard\ql \li878\sb1
8\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 130 f.2\par\pard\ql \li8307\s
b0\sl-195\slmult0 \par\pard\ql \li8307\sb0\sl-195\slmult0 \par\pard\ql \li20\sb4
4\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 150 f.2\par\pard\sect\sectd\s
bknone\cols4\colno1\colw1678\colsr160\colno2\colw2687\colsr160\colno3\colw3480\c
olsr160\colno4\colw3795\colsr160\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1

387\sb61\sl-195\slmult0 \up0 \expndtw0\charscalex102 4.\par\pard\ql \li1387\sb0\
sl-195\slmult0 \par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb46
\sl-195\slmult0 \up0 \expndtw0\charscalex101 5.\par\pard\column \ql \li20\sb18\s
l-195\slmult0 \up0 \expndtw0\charscalex100 =i profitul p]n[ la impozitare\par\pa
rd\ql \li1838\sb0\sl-195\slmult0 \par\pard\ql \li1838\sb0\sl-195\slmult0 \par\pa
rd\ql \li20\sb44\sl-195\slmult0 \up0 \expndtw0\charscalex102 Rata imobiliz[rilor
\par\pard\ql \li1838\sb0\sl-195\slmult0 \par\pard\ql \li1838\sb0\sl-195\slmult0
\par\pard\ql \li20\sb46\sl-195\slmult0 \up0 \expndtw0\charscalex100 Rata activel
or curente\par\pard\column \ql \li20\sb18\sl-195\slmult0\tx1086 \up0 \expndtw0\c
harscalex103 Profit p]n[\tab \up0 \expndtw-2\charscalex100 1 pe venit ]n
profitul\par\pard\ql \li21\sb17\sl-195\slmult0\tx1665 \up0 \expndtw-1\charscalex
100 la impozitare\tab \up0 \expndtw0\charscalex100 p]n[ la impozitare\par\pard\q
l \li5434\sb0\sl-195\slmult0 \par\pard\ql \li779\sb28\sl-195\slmult0 \up0 \expnd
tw-1\charscalex100 Active pe termen lung\par\pard\ql \li1163\sb19\sl-195\slmult0
\up0 \expndtw0\charscalex100 Total active\par\pard\ql \li4733\sb0\sl-195\slmult
0 \par\pard\ql \li78\sb28\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Active cu
rente\par\pard\column \ql \li837\sb0\sl-153\slmult0 \up0 \expndtw0\charscalex108
1 - indicatorul 2\par\pard\ql \li20\sb0\sl-153\slmult0 \up0 \expndtw-1\charscal
ex100 rd. 130 f.2\par\pard\ql \li9170\sb0\sl-195\slmult0 \par\pard\ql \li885\sb1
b19\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 470 f.1\par\pard\ql \li8306
\sb0\sl-195\slmult0 \par\pard\ql \li21\sb28\sl-195\slmult0 \up0 \expndtw-2\chars
calex100 rd. 460 f.1\par\pard\sect\sectd\sbknone\cols4\colno1\colw1678\colsr160\
colno2\colw2554\colsr160\colno3\colw3513\colsr160\colno4\colw3895\colsr160\ql \l
i1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \l
i1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb61\sl-195\slmult0 \up0 \expndtw0
\charscalex102 6.\par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb
0\sl-195\slmult0 \par\pard\ql \li1387\sb50\sl-195\slmult0 \up0 \expndtw0\charsca
lex102 7.\par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb0\sl-195
\slmult0 \par\pard\ql \li1387\sb45\sl-195\slmult0 \up0 \expndtw0\charscalex102 8
.\par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb0\sl-195\slmult0
\par\pard\ql \li1387\sb45\sl-195\slmult0 \up0 \expndtw0\charscalex102 9.\par\pa
rd\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb61\sl-195\slmult0 \up0 \
expndtw-2\charscalex100 10.\par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql
\li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql
\li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb77\sl-195\slmult0 \up0 \expndt
w-5\charscalex100 11.\par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li138
7\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb46\sl-195\slmult0 \up0 \expndtw-2\ch
arscalex100 12.\par\pard\column \ql \li20\sb18\sl-195\slmult0 \up0 \expndtw-1\ch
arscalex100 (ponderea mijloacelor circulante\par\pard\ql \li20\sb17\sl-195\slmul
t0 \up0 \expndtw0\charscalex100 ]n totalul activelor)\par\pard\ql \li1838\sb0\sl
-195\slmult0 \par\pard\ql \li20\sb28\sl-195\slmult0 \up0 \expndtw-1\charscalex10
0 Corela\\ia ]ntre activele\par\pard\ql \li20\sb18\sl-195\slmult0 \up0 \expndtw0
\charscalex101 curente =i imobiliz[ri\par\pard\ql \li1838\sb0\sl-195\slmult0 \pa
r\pard\ql \li20\sb33\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Rata patrimoni
ului\par\pard\ql \li20\sb12\sl-195\slmult0 \up0 \expndtw0\charscalex100 cu desti
na\\ie de produc\\ie\par\pard\qj \li1838\sb0\sl-211\slmult0 \par\pard\qj \li20\r
i100\sb4\sl-211\slmult0 \up0 \expndtw-1\charscalex100 Coeficientul compozi\\iei
tehnice \up0 \expndtw-1\charscalex100 a ]ntreprinderii\par\pard\ql \li1838\sb0\s
l-195\slmult0 \par\pard\ql \li20\sb26\sl-195\slmult0 \up0 \expndtw-1\charscalex1
00 Coeficientul de re]nnoire\par\pard\ql \li20\sb17\sl-195\slmult0 \up0 \expndtw
-1\charscalex100 a mijloacelor fixe\par\pard\ql \li1838\sb0\sl-195\slmult0 \par\
pard\ql \li1838\sb0\sl-195\slmult0 \par\pard\ql \li20\sb45\sl-195\slmult0 \up0 \
expndtw0\charscalex101 Compozi\\ia tehnologic[\par\pard\ql \li20\ri181\sb6\sl-20
8\slmult0 \up0 \expndtw-1\charscalex100 a mijloacelor fixe (ponderea \up0 \expnd
tw-1\charscalex100 mijloacelor fixe active ]n totalul \up0 \expndtw-1\charscalex
100 mijloacelor fixe)\par\pard\ql \li1838\sb0\sl-195\slmult0 \par\pard\ql \li20\
sb31\sl-195\slmult0 \up0 \expndtw0\charscalex103 Coeficientul de uzur[ acumulat[

\par\pard\ql \li20\sb46\sl-195\slmult0 \up0 \expndtw0\charscalex100 Coeficientul
de utilitate\par\pard\column \ql \li1344\sb0\sl-153\slmult0 \up0 \expndtw0\char
scalex105 1 - Rata imobiliz[rilor\par\pard\ql \li211\sb0\sl-153\slmult0 \up0 \ex
pndtw0\charscalex100 Total active\par\pard\ql \li4542\sb0\sl-195\slmult0 \par\pa
rd\ql \li1195\sb145\sl-195\slmult0 \up0 \expndtw0\charscalex100 Active curente\p
ar\pard\ql \li912\sb18\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Active pe te
rmen lung\par\pard\ql \li4542\sb0\sl-195\slmult0 \par\pard\ql \li20\sb33\sl-195\
slmult0 \up0 \expndtw0\charscalex101 Mijloace fixe Stocuri de m[rfuri =i materia
le\par\pard\ql \li1296\sb12\sl-195\slmult0 \up0 \expndtw0\charscalex100 Total ac
tive\par\pard\ql \li4612\sb0\sl-195\slmult0 \par\pard\ql \li1268\sb34\sl-195\slm
ult0 \up0 \expndtw0\charscalex100 Mijloace fixe\par\pard\ql \li1195\sb17\sl-195\
slmult0 \up0 \expndtw0\charscalex100 Active curente\par\pard\qj \li90\ri84\sb210
\sl-211\slmult0\tx313 \up0 \expndtw0\charscalex102 Intr[ri de mijloace fixe ]n p
erioada raportat[ \line\tab \up0 \expndtw-1\charscalex100 Valoarea de inventar a
mijloacelor fixe\par\pard\ql \li1003\sb14\sl-195\slmult0 \up0 \expndtw-1\charsc
alex100 la sf]r=itul perioadei\par\pard\ql \li4844\sb0\sl-195\slmult0 \par\pard\
ql \li322\sb29\sl-195\slmult0 \up0 \expndtw0\charscalex100 Ma=ini, utilaje, inst
ala\\ii de transmisie\par\pard\ql \li1057\sb17\sl-195\slmult0 \up0 \expndtw0\cha
rscalex100 Total mijloace fixe\par\pard\ql \li5622\sb0\sl-195\slmult0 \par\pard\
ql \li5622\sb0\sl-195\slmult0 \par\pard\ql \li5622\sb0\sl-195\slmult0 \par\pard\
ql \li1100\sb61\sl-195\slmult0 \up0 \expndtw0\charscalex102 Uzura acumulat[\par\
pard\qj \li131\ri287\sb0\sl-418\slmult0\fi171 \up0 \expndtw-1\charscalex100 Valo
area de inventar a mijloacelor fixe \line \up0 \expndtw0\charscalex100 Valoarea
de inventar - Uzura acumulat[\par\pard\column \ql \li985\sb0\sl-153\slmult0 \up0
\expndtw0\charscalex108 1 - indicatorul 4\par\pard\ql \li121\sb0\sl-153\slmult0
\up0 \expndtw-1\charscalex100 rd. 470 f.1\par\pard\ql \li8205\sb0\sl-195\slmult
0 \par\pard\ql \li979\sb145\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 460
f.1\par\pard\ql \li985\sb18\sl-195\slmult0 \up0 \expndtw-2\charscalex100 rd. 18
0 f.1\par\pard\ql \li8205\sb0\sl-195\slmult0 \par\pard\ql \li20\sb33\sl-195\slmu
lt0 \up0 \expndtw-2\charscalex100 contul 123 - contul 124 \up0 \expndtw0\charsca
lex100 rd. 250 f.1\par\pard\ql \li980\sb12\sl-195\slmult0 \up0 \expndtw-1\charsc
alex100 rd. 470 f.1\par\pard\ql \li8482\sb0\sl-195\slmult0 \par\pard\ql \li510\s
b34\sl-195\slmult0 \up0 \expndtw-1\charscalex100 contul 123 - contul 124\par\par
d\ql \li979\sb17\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 460 f.1\par\pa
rd\ql \li8482\sb0\sl-195\slmult0 \par\pard\ql \li297\sb29\sl-195\slmult0 \up0 \e
xpndtw-1\charscalex100 rd.120 col.4 anexa 1.2. la f.1\par\pard\ql \li779\sb17\sl
-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 060 col.4 f.1\par\pard\ql \li8689
\sb0\sl-195\slmult0 \par\pard\ql \li8689\sb0\sl-195\slmult0 \par\pard\ql \li504\
sb45\sl-195\slmult0 \up0 \expndtw-2\charscalex100 rd.123 anexa 1.2. la f.1\par\p
ard\ql \li981\sb17\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 060 f.1\par\
pard\ql \li9165\sb0\sl-195\slmult0 \par\pard\ql \li9165\sb0\sl-195\slmult0 \par\
pard\ql \li9165\sb0\sl-195\slmult0 \par\pard\ql \li980\sb61\sl-195\slmult0 \up0
\expndtw-2\charscalex100 contul 124\par\pard\ql \li980\sb17\sl-195\slmult0 \up0
\expndtw-1\charscalex100 rd. 060 f.1\par\pard\ql \li8594\sb0\sl-195\slmult0 \par
\pard\ql \li409\sb30\sl-195\slmult0 \up0 \expndtw0\charscalex101 rd. 060 f.1 - c
ontul 124\par\pard\sect\sectd\sbknone\cols5\colno1\colw1678\colsr160\colno2\colw
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lsr160\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb0\sl-195\slmult0 \pa
r\pard\ql \li1387\sb145\sl-195\slmult0 \up0 \expndtw-2\charscalex100 13.\par\par
d\column \qj \li1838\sb0\sl-211\slmult0 \par\pard\qj \li1838\sb0\sl-211\slmult0
\par\pard\qj \li20\ri668\sb99\sl-211\slmult0 \up0 \expndtw-1\charscalex100 Norma
medie de acumulare \up0 \expndtw-2\charscalex100 a uzurii\par\pard\column \ql \
li20\sb0\sl-153\slmult0 \up0 \expndtw-2\charscalex100 Valoarea de inventar a mij
loacelor fixe\par\pard\ql \li34\sb0\sl-153\slmult0 \up0 \expndtw0\charscalex102
1 - Coeficientul de uzur[ acumulat[\par\pard\qj \li4825\sb0\sl-211\slmult0 \par\
pard\qj \li20\ri0\sb5\sl-211\slmult0\fi32 \up0 \expndtw0\charscalex102 Uzura cal
culat[ ]n perioada raportat[ \line \up0 \expndtw-2\charscalex100 Valoarea de inv
entar a mijloacelor fixe\par\pard\ql \li720\sb14\sl-195\slmult0 \up0 \expndtw-1\
charscalex100 la sf]r=itul perioadei\par\pard\column \ql \li20\sb0\sl-153\slmult

0 \up0 \expndtw-2\charscalex100 \par\pard\column \ql \li1971\sb0\sl-153\slmult0 \
up0 \expndtw-2\charscalex100 \par\pard\ql \li722\sb0\sl-153\slmult0 \up0 \expndtw
0\charscalex100 rd. 060 f.1.\par\pard\ql \li405\sb0\sl-153\slmult0 \up0 \expndtw
0\charscalex106 1 - indicatorul 11\par\pard\ql \li20\sb76\sl-195\slmult0 \up0 \e
xpndtw-1\charscalex100 rulajul creditor al contului 124\par\pard\ql \li770\sb18\
sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd.060 f.1 \par\pard\qj\pvpg\phpg\p
osx2986\posy15330\absw2132 \ul0\nosupersub\cf2\f3\fs15 4/1999
Contabilitate
=i audit
}
}}
}
}}
}
}}
}
}}

}
}}
{\shp {\*\shpinst\shpleft1161\shptop13226\shpright11186\shpbottom14076\shpfhdr0\
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}
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g7}{\bkmkend Pg7}\par\pard\li1272\sb383\sl-414\slmult0\fi1590\tx10856 \up0 \expn
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xpndtw-5\charscalex100 Stocuri de m[rfuri =i materiale\tab \up0 \expndtw-5\chars
calex100 rd. 250 f.1\par\pard\li1272\sb17\sl-195\slmult0\fi456\tx5400\tx9054 \up
0 \expndtw-5\charscalex100 =i materiale (ponderea stocurilor\tab \up0 \expndtw-5
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1\par\pard\li1272\sb18\sl-195\slmult0\fi456 \up0 \expndtw-5\charscalex100 de m[r
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15.\tab \up0 \expndtw-5\charscalex100 Rata crean\\elor\tab \up0 \expndtw-5\chars
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sb17\sl-195\slmult0\fi4129\tx9054 \up0 \expndtw0\charscalex100 Total active cure
nte\tab \up0 \expndtw0\charscalex100 rd. 460 f.1\par\pard\li1272\sb0\sl-195\slmu
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charscalex100 16.\tab \up0 \expndtw0\charscalex100 Active nete (patrimoniul net)
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pndtw0\charscalex100 17.\tab \up0 \expndtw0\charscalex100 Active curente nete (m
ijloace\tab \up0 \expndtw0\charscalex100 Active curente - Datorii pe termen scur
t \tab \up0 \expndtw0\charscalex100 rd. 460 - rd. 970 rd. 650\tab \up0 \expndtw0\
charscalex100 \par\pard\li1272\sb17\sl-195\slmult0\fi456\tx4484\tx8607 \up0 \expn
dtw0\charscalex100 circulante proprii, fond de rul\tab \up0 \expndtw0\charscalex
100 Capital propriu Datorii pe termen lung -\tab \up0 \expndtw0\charscalex100 rd
. 770 - rd. 180 f.1\par\pard\li1272\sb12\sl-195\slmult0\fi456\tx5247 \up0 \expnd
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- Active pe termen lung\par\pard\li1272\sb0\sl-195\slmult0\par\pard\li1272\sb34\
sl-195\slmult0\fi0\tx1728\tx5588\tx9054 \up0 \expndtw0\charscalex100 18.\tab \up
0 \expndtw0\charscalex100 Coeficientul de autonomie\tab \up0 \expndtw0\charscale
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mult0\fi456 \up0 \expndtw0\charscalex100 concentrare a capitalului propriu)\par\
pard\li1272\sb0\sl-195\slmult0\par\pard\li1272\sb34\sl-195\slmult0\fi0\tx1728\tx
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p0 \expndtw0\charscalex100 a surselor ]mprumutate\tab \up0 \expndtw0\charscalex1
00 Total valuta bilan\\ului\tab \up0 \expndtw0\charscalex100 rd. 980 f.1\par\par
d\li1272\sb12\sl-195\slmult0\fi456 \up0 \expndtw0\charscalex100 (coeficientul de
concentrare\par\pard\li1272\sb18\sl-195\slmult0\fi456 \up0 \expndtw0\charscalex
100 a capitalului ]mprumutat)\par\pard\li1272\sb0\sl-195\slmult0\par\pard\li1272
\sb33\sl-195\slmult0\fi0\tx1727\tx5012\tx8680\tx9265 \up0 \expndtw0\charscalex10
0 20.\tab \up0 \expndtw0\charscalex100 Coeficientul corela\\iei ]ntre surse-\tab

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1272\sb12\sl-195\slmult0\fi456\tx5588\tx9054 \up0 \expndtw0\charscalex100 le ]mp
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6 \up0 \expndtw0\charscalex100 brut[ general[ de ]ndatorare)\par\pard\li1272\sb0
\sl-195\slmult0\par\pard\li1272\sb33\sl-195\slmult0\fi0\tx1728\tx5344\tx9055 \up
0 \expndtw0\charscalex100 21.\tab \up0 \expndtw0\charscalex100 Rata solvabilit[\
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\expndtw0\charscalex100 rd. 980 f.1\par\pard\li1272\sb14\sl-195\slmult0\fi3740\t
x8565\tx9381 \up0 \expndtw0\charscalex100 Datorii pe termen lung =i scurt\tab \u
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f.1\par\pard\li1272\sb0\sl-195\slmult0\par\pard\li1272\sb33\sl-195\slmult0\fi0\
tx1728\tx5343\tx9055 \up0 \expndtw0\charscalex100 22.\tab \up0 \expndtw0\charsca
lex100 Rata general[ de acoperire\tab \up0 \expndtw0\charscalex100 Total valuta
bilan\\ului\tab \up0 \expndtw0\charscalex100 rd. 980 f.1\par\pard\li1272\sb17\sl
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riu\tab \up0 \expndtw0\charscalex100 Capital propriu\tab \up0 \expndtw0\charscal
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\slmult0\fi0\tx1728\tx4868\tx8709 \up0 \expndtw0\charscalex100 23.\tab \up0 \exp
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statutar - Capital nev[rsat\tab \up0 \expndtw0\charscalex100 rd. 480 - rd. 500
f.1\par\pard\li1272\sb17\sl-195\slmult0\fi456\tx5564\tx9055 \up0 \expndtw0\chars
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r\tab \up0 \expndtw0\charscalex100 rd. 480 f.1\par\pard\li1272\sb0\sl-195\slmult
0\par\pard\li1272\sb29\sl-195\slmult0\fi0\tx1728\tx5635\tx9059 \up0 \expndtw0\ch
arscalex100 24.\tab \up0 \expndtw0\charscalex100 Gradul de retragere (r[scump[-\
tab \up0 \expndtw0\charscalex100 Capital retras\tab \up0 \expndtw0\charscalex100
rd. 510 f.1\par\pard\li1272\sb17\sl-195\slmult0\fi456\tx5564\tx9055 \up0 \expnd
tw0\charscalex100 rare) a capitalului statutar\tab \up0 \expndtw0\charscalex100
Capital statutar\tab \up0 \expndtw0\charscalex100 rd. 480 f.1\par\pard\li1272\sb
0\sl-195\slmult0\par\pard\li1272\sb33\sl-195\slmult0\fi0\tx1728\tx5722\tx8934 \u
p0 \expndtw0\charscalex100 25.\tab \up0 \expndtw0\charscalex100 Corela\\ia ]ntre
activele nete\tab \up0 \expndtw0\charscalex100 Active nete\tab \up0 \expndtw0\c
harscalex100 indicatorul 16\par\pard\li1272\sb13\sl-195\slmult0\fi456\tx5564\tx9
055 \up0 \expndtw0\charscalex100 =i capitalul statutar\tab \up0 \expndtw0\charsc
alex100 Capital statutar\tab \up0 \expndtw0\charscalex100 rd. 480 f.1\par\pard\l
i1272\sb0\sl-195\slmult0\par\pard\li1272\sb33\sl-195\slmult0\fi0\tx1727\tx5415\t
x8934 \up0 \expndtw0\charscalex100 26.\tab \up0 \expndtw0\charscalex100 Capacita
tea de manevrare\tab \up0 \expndtw0\charscalex100 Active curente nete\tab \up0 \
expndtw0\charscalex100 indicatorul 17\par\pard\li1272\sb17\sl-195\slmult0\fi456\
tx5588\tx9054 \up0 \expndtw0\charscalex100 a capitalului propriu\tab \up0 \expnd
tw0\charscalex100 Capital propriu\tab \up0 \expndtw0\charscalex100 rd. 650 f.1\p
ar\pard\li1272\sb0\sl-195\slmult0\par\pard\li1272\sb29\sl-195\slmult0\fi0\tx1728
\tx5310\tx9055 \up0 \expndtw0\charscalex100 27.\tab \up0 \expndtw0\charscalex100
Rata (coeficientul) de atragere\tab \up0 \expndtw0\charscalex100 Datorii pe ter
men lung\tab \up0 \expndtw0\charscalex100 rd. 770 f.1\par\pard\li1272\sb17\sl-19
5\slmult0\fi456\tx5698\tx8679\tx9266 \up0 \expndtw0\charscalex100 pe termen lung
a mijloacelor\tab \up0 \expndtw0\charscalex100 Total datorii\tab \up0 \expndtw3\charscalex100 rd. 770\tab \up0 \expndtw0\charscalex100 rd. 970 f.1\par\pard\li
1272\sb17\sl-195\slmult0\fi456 \up0 \expndtw0\charscalex100 ]mprumutate\par\pard
\li1272\sb0\sl-195\slmult0\par\pard\li1272\sb29\sl-195\slmult0\fi0\tx1728\tx5309
\tx9054 \up0 \expndtw0\charscalex100 28.\tab \up0 \expndtw0\charscalex100 Rata d
e ]ndatorare pe termen\tab \up0 \expndtw0\charscalex100 Datorii pe termen lung\t
ab \up0 \expndtw0\charscalex100 rd. 770 f.1\par\pard\li1272\sb17\sl-195\slmult0\
fi456\tx5564\tx9055 \up0 \expndtw0\charscalex100 lung fa\\[ de capitalul statuta
r\tab \up0 \expndtw0\charscalex100 Capital statutar\tab \up0 \expndtw0\charscale
x100 rd. 480 f.1\par\pard\li1272\sb0\sl-195\slmult0\par\pard\li1272\sb29\sl-195\
slmult0\fi0\tx1728\tx5309\tx9054 \up0 \expndtw0\charscalex100 29.\tab \up0 \expn
dtw0\charscalex100 Rata de ]ndatorare pe termen\tab \up0 \expndtw0\charscalex100

Datorii pe termen lung\tab \up0 \expndtw0\charscalex100 rd. 770 f.1\par\pard\li
1272\sb18\sl-195\slmult0\fi456\tx5588\tx9055 \up0 \expndtw0\charscalex100 lung f
a\\[ de capitalul propriu\tab \up0 \expndtw0\charscalex100 Capital propriu\tab \
up0 \expndtw0\charscalex100 rd. 650 f.1\par\pard\li1272\sb17\sl-195\slmult0\fi45
6 \up0 \expndtw0\charscalex100 (coeficientul riscului financiar)\par\pard\li1272
\sb0\sl-195\slmult0\par\pard\li1272\sb29\sl-195\slmult0\fi0\tx1728\tx5309\tx9054
\up0 \expndtw0\charscalex100 30.\tab \up0 \expndtw0\charscalex100 Rata de ]ndat
orare pe termen\tab \up0 \expndtw0\charscalex100 Datorii pe termen lung\tab \up0
\expndtw0\charscalex100 rd. 770 f.1\par\pard\li1272\sb17\sl-195\slmult0\fi456\t
x5449\tx8565\tx9381 \up0 \expndtw0\charscalex100 lung fa\\[ de capitalul permane
nt\tab \up0 \expndtw0\charscalex100 Capital permanent\tab \up0 \expndtw-4\charsc
alex100 rd. 650 f.1\tab \up0 \expndtw0\charscalex100 rd. 770 f.1\par\pard\li1272
\sb0\sl-195\slmult0\par\pard\li1272\sb33\sl-195\slmult0\fi0\tx1727\tx5563\tx9054
\up0 \expndtw0\charscalex100 31.\tab \up0 \expndtw0\charscalex100 Gradul de aco
perire\tab \up0 \expndtw0\charscalex100 Capital statutar\tab \up0 \expndtw0\char
scalex100 rd. 480 f.1\par\pard\li1272\sb13\sl-195\slmult0\fi456\tx5309\tx9054 \u
p0 \expndtw0\charscalex100 a ]mprumuturilor pe termen lung\tab \up0 \expndtw0\ch
arscalex100 Datorii pe termen lung\tab \up0 \expndtw0\charscalex100 rd. 770 f.1\
par\pard\ql \li1728\sb13\sl-195\slmult0 \up0 \expndtw0\charscalex100 cu capitalu
l statutar \par\pard\qj\pvpg\phpg\posx2862\posy15339\absw2132 \ul0\nosupersub\cf
2\f3\fs15 4/1999
Contabilitate =i audit
}
}}
}
}}
}
}}
}
}}
}
}}
;(10025,773);(10025,10);(10,10);(10,773);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10025,773);(10025,9);(10,9);(10,773);(0,0)}}
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}}
}
}}
;(10025,773);(10025,10);(10,10);(10,773);(0,0)}}
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}}
}
}}
;(10025,577);(10025,9);(10,9);(10,577);(0,0)}}
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}}
}

}}
;(10025,576);(10025,9);(10,9);(10,576);(0,0)}}
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}}
}
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}}
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}
}}
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}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
;(10030,245);(10030,10);(10,10);(10,245);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}

}
}}
641,245);(2641,10);(9,10);(9,245);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}
}}
}
}}
3179,245);(3179,10);(10,10);(10,245);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
dtw0\charscalex81 \ul0\nosupersub\cf4\f5\fs36 Raportul financiar anual\tab \dn3
\expndtw0\charscalex81 \ul0\nosupersub\cf1\f2\fs36 8\par\pard\li1387\sb0\sl-195\
slmult0\par\pard\li1387\sb96\sl-195\slmult0\fi28\tx3015\tx6203\tx9578 \up0 \expn
dtw-7\charscalex88 \ul0\nosupersub\cf18\f19\fs17 1\tab \up0 \expndtw-7\charscale
x88 2\tab \up0 \expndtw-7\charscalex88 3\tab \up0 \expndtw-7\charscalex88 4\par\
pard\sect\sectd\sbknone\cols4\colno1\colw1728\colsr110\colno2\colw2573\colsr160\
colno3\colw3470\colsr160\colno4\colw3919\colsr160\ql \li1387\sb0\sl-195\slmult0
\par\pard\ql \li1387\sb81\sl-195\slmult0 \up0 \expndtw0\charscalex101 32.\par\pa
rd\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb72\sl-195\slmult0 \up0 \
expndtw0\charscalex101 33.\par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \
li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb54\sl-195\slmult0 \up0 \expndtw
0\charscalex101 34.\par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\
sb0\sl-195\slmult0 \par\pard\ql \li1387\sb50\sl-195\slmult0 \up0 \expndtw0\chars
calex101 35.\par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb0\sl195\slmult0 \par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb71\sl
-195\slmult0 \up0 \expndtw0\charscalex101 36.\par\pard\ql \li1387\sb0\sl-195\slm
ult0 \par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb0\sl-195\slm
ult0 \par\pard\ql \li1387\sb65\sl-195\slmult0 \up0 \expndtw0\charscalex101 37.\p
ar\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb0\sl-195\slmult0 \p
ar\pard\ql \li1387\sb55\sl-195\slmult0 \up0 \expndtw0\charscalex101 38.\par\pard
\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard
\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb70\sl-195\slmult0 \up0 \ex
pndtw0\charscalex101 39.\par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li

1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb84\sl-195\slmult0 \up0 \expndtw0\
charscalex101 40.\par\pard\ql \li1440\sb0\sl-195\slmult0 \par\pard\ql \li1440\sb
0\sl-195\slmult0 \par\pard\ql \li1440\sb0\sl-195\slmult0 \par\pard\ql \li1440\sb
0\sl-195\slmult0 \par\pard\ql \li1440\sb0\sl-195\slmult0 \par\pard\ql \li1440\sb
103\sl-195\slmult0 \up0 \expndtw-4\charscalex100 41.\par\pard\ql \li1387\sb0\sl195\slmult0 \par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb0\sl195\slmult0 \par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb86\sl
-195\slmult0 \up0 \expndtw0\charscalex101 42.\par\pard\ql \li1387\sb0\sl-195\slm
ult0 \par\pard\ql \li1387\sb71\sl-195\slmult0 \up0 \expndtw0\charscalex101 43.\p
ar\pard\column \ql \li1838\sb0\sl-195\slmult0 \par\pard\ql \li20\sb81\sl-195\slm
ult0 \up0 \expndtw-1\charscalex100 Gradul de acoperire\par\pard\qj \li20\ri87\sb
8\sl-211\slmult0 \up0 \expndtw-1\charscalex100 a ]mprumuturilor pe termen lung \
up0 \expndtw0\charscalex100 cu capitalul propriu\par\pard\qj \li1838\sb0\sl-211\
slmult0 \par\pard\qj \li20\ri331\sb2\sl-211\slmult0 \up0 \expndtw0\charscalex100
Coeficientul de autofinan\\are \up0 \expndtw-1\charscalex100 a capitalului perm
anent\par\pard\ql \li1838\sb0\sl-195\slmult0 \par\pard\ql \li20\sb35\sl-195\slmu
lt0 \up0 \expndtw0\charscalex102 Rata solvabilit[\\ii patrimoniale\par\pard\ql \
li1838\sb0\sl-195\slmult0 \par\pard\ql \li1838\sb0\sl-195\slmult0 \par\pard\ql \
li20\sb50\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Rata cheltuielilor de ]mp
rumut\par\pard\qj \li1838\sb0\sl-211\slmult0 \par\pard\qj \li1838\sb0\sl-211\slm
ult0 \par\pard\qj \li1838\sb0\sl-211\slmult0 \par\pard\qj \li20\ri590\sb9\sl-211
\slmult0 \up0 \expndtw0\charscalex100 Capacitatea de acoperire \up0 \expndtw-2\c
harscalex100 a dob]nzii\par\pard\ql \li1838\sb0\sl-195\slmult0 \par\pard\ql \li1
838\sb0\sl-195\slmult0 \par\pard\ql \li20\sb46\sl-195\slmult0 \up0 \expndtw0\cha
rscalex102 Coeficientul lichidit[\\ii absolute\par\pard\ql \li20\sb31\sl-184\slm
ult0 \up0 \expndtw-7\charscalex95 \ul0\nosupersub\cf19\f20\fs16 (urgente, imedia
te, rapide, de gradul I)\par\pard\qj \li1838\sb0\sl-211\slmult0 \par\pard\qj \li
20\ri191\sb6\sl-211\slmult0 \up0 \expndtw0\charscalex102 \ul0\nosupersub\cf18\f1
9\fs17 Coeficientul lichidit[\\ii interme-\line \up0 \expndtw0\charscalex100 dia
re (de gradul II)\par\pard\ql \li1838\sb0\sl-211\slmult0 \par\pard\ql \li1838\sb
0\sl-211\slmult0 \par\pard\ql \li20\ri230\sb5\sl-211\slmult0 \up0 \expndtw0\char
scalex100 Coeficientul total de achitare \line \up0 \expndtw0\charscalex100 (coe
ficientul de acoperire, \line \up0 \expndtw0\charscalex102 coeficientul lichidit
[\\ii curente, \line \up0 \expndtw0\charscalex100 de gradul III)\par\pard\ql \li
1838\sb0\sl-195\slmult0 \par\pard\ql \li20\sb31\sl-195\slmult0 \up0 \expndtw-1\c
harscalex100 Coeficientul suficien\\ei\par\pard\ql \li20\sb22\sl-195\slmult0 \up
0 \expndtw0\charscalex101 mijloacelor b[ne=ti\par\pard\ql \li1838\sb0\sl-195\slm
ult0 \par\pard\ql \li1838\sb0\sl-195\slmult0 \par\pard\ql \li20\sb82\sl-195\slmu
lt0 \up0 \expndtw-1\charscalex100 Coeficientul reinvestirii\par\pard\ql \li20\sb
21\sl-195\slmult0 \up0 \expndtw0\charscalex101 mijloacelor b[ne=ti\par\pard\qj \
li1838\sb0\sl-213\slmult0 \par\pard\qj \li1838\sb0\sl-213\slmult0 \par\pard\qj \
li20\ri109\sb210\sl-213\slmult0 \up0 \expndtw0\charscalex101 Coeficientul num[ru
lui de rota\\ii \up0 \expndtw0\charscalex102 al activelor (activit[\\ii de aface
ri \up0 \expndtw0\charscalex102 sau utiliz[rii activelor)\par\pard\ql \li1838\sb
0\sl-195\slmult0 \par\pard\ql \li20\sb29\sl-195\slmult0 \up0 \expndtw0\charscale
x100 Durata de rota\\ie a crean\\elor\par\pard\column \ql \li5419\sb0\sl-195\slm
ult0 \par\pard\ql \li1162\sb81\sl-195\slmult0 \up0 \expndtw0\charscalex100 Capit
al propriu\par\pard\ql \li878\sb22\sl-195\slmult0 \up0 \expndtw-1\charscalex100
Datorii pe termen lung\par\pard\ql \li5564\sb0\sl-195\slmult0 \par\pard\ql \li55
64\sb0\sl-195\slmult0 \par\pard\ql \li1162\sb51\sl-195\slmult0 \up0 \expndtw0\ch
arscalex100 Capital propriu\par\pard\ql \li1023\sb17\sl-195\slmult0 \up0 \expndt
w-1\charscalex100 Capital permanent\par\pard\ql \li5679\sb0\sl-195\slmult0 \par\
pard\ql \li1138\sb38\sl-195\slmult0 \up0 \expndtw0\charscalex100 Capital statuta
r\par\pard\ql \li1023\sb18\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Capital
permanent\par\pard\ql \li5060\sb0\sl-195\slmult0 \par\pard\ql \li519\sb33\sl-195
\slmult0 \up0 \expndtw0\charscalex100 Dob]nzi de pl[tit ]n anul raportat\par\par
d\ql \li701\sb17\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Valoarea medie a d
atoriilor\par\pard\ql \li855\sb17\sl-195\slmult0 \up0 \expndtw-1\charscalex100 p

e termen lung =i scurt\par\pard\ql \li5200\sb0\sl-195\slmult0 \par\pard\ql \li65
9\sb39\sl-195\slmult0 \up0 \expndtw0\charscalex100 Profitul p]n[ la plata dob]nz
ii\par\pard\ql \li907\sb17\sl-195\slmult0 \up0 \expndtw-1\charscalex100 =i impoz
itului pe venit\par\pard\ql \li1109\sb17\sl-195\slmult0 \up0 \expndtw0\charscale
x102 Dob]nzi de pl[tit\par\pard\ql \li4632\sb0\sl-195\slmult0 \par\pard\ql \li11
04\sb33\sl-195\slmult0 \up0 \expndtw0\charscalex102 Mijloace b[ne=ti\par\pard\ql
\li850\sb22\sl-195\slmult0 \up0 \expndtw0\charscalex100 Datorii pe termen scurt
\up0 \expndtw0\charscalex102 Mijloace b[ne=ti Investi\\ii\par\pard\ql \li92\sb17
\sl-195\slmult0 \up0 \expndtw0\charscalex100 pe termen scurt Crean\\e pe termen
scurt\par\pard\ql \li850\sb17\sl-195\slmult0 \up0 \expndtw0\charscalex100 Datori
i pe termen scurt\par\pard\ql \li4978\sb0\sl-195\slmult0 \par\pard\ql \li1177\sb
38\sl-195\slmult0 \up0 \expndtw0\charscalex100 Active curente\par\pard\ql \li850
\sb18\sl-195\slmult0 \up0 \expndtw0\charscalex100 Datorii pe termen scurt\par\pa
xpndtw0\charscalex102 Suma mijloacelor b[ne=ti ob\\inut[\par\pard\ql \li586\sb22
\sl-195\slmult0 \up0 \expndtw0\charscalex101 ]n urma activit[\\ii opera\\ionale\
par\pard\ql \li927\sb17\sl-195\slmult0 \up0 \expndtw0\charscalex102 ]n perioada
raportat[\par\pard\qj \li25\ri7\sb3\sl-211\slmult0 \up0 \expndtw-5\charscalex100
\ul0\nosupersub\cf19\f20\fs16 Procurarea activelor pe termen lung Sporirea sto\line \up0 \expndtw-3\charscalex100 curilor de m[rfuri =i materiale Plata divide
ndelor\par\pard\ql \li4977\sb0\sl-195\slmult0 \par\pard\ql \li436\sb31\sl-195\sl
mult0 \up0 \expndtw0\charscalex102 \ul0\nosupersub\cf18\f19\fs17 Suma mijloacelo
r b[ne=ti ob\\inut[\par\pard\ql \li509\sb21\sl-195\slmult0 \up0 \expndtw0\charsc
alex103 ]n urma activit[\\ii opera\\ionale -\par\pard\ql \li1009\sb18\sl-195\slm
ult0 \up0 \expndtw0\charscalex107 - Dividende pl[tite\par\pard\ql \li313\sb17\sl
-195\slmult0 \up0 \expndtw0\charscalex101 Total active - Datorii pe termen scurt
\up0 \expndtw0\charscalex101 V]nz[ri nete\par\pard\ql \li715\sb18\sl-195\slmult
0 \up0 \expndtw-1\charscalex100 Valoarea medie a activelor\par\pard\ql \li4973\s
b0\sl-195\slmult0 \par\pard\ql \li4973\sb0\sl-195\slmult0 \par\pard\ql \li432\sb
54\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Rulajul debitor al crean\\elor p
e termen\par\pard\column \ql \li8675\sb0\sl-195\slmult0 \par\pard\ql \li1004\sb8
b22\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 770 f.1\par\pard\ql \li8675
\sb0\sl-195\slmult0 \par\pard\ql \li8675\sb0\sl-195\slmult0 \par\pard\ql \li1004
\sb51\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 650 f.1\par\pard\ql \li51
4\sb17\sl-195\slmult0 \up0 \expndtw-2\charscalex100 rd. 650 f.1 \up0 \expndtw0\c
harscalex101 rd. 770 f.1\par\pard\ql \li9166\sb0\sl-195\slmult0 \par\pard\ql \li
1005\sb38\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 480 f.1\par\pard\ql \
li514\sb18\sl-195\slmult0 \up0 \expndtw-2\charscalex100 rd. 650 f.1 \up0 \expndt
w0\charscalex101 rd. 770 f.1\par\pard\qj \li8416\sb0\sl-211\slmult0 \par\pard\qj
\li183\ri1274\sb3\sl-211\slmult0\fi71 \up0 \expndtw-1\charscalex100 rulajul deb
itor al contului 7145 \line \up0 \expndtw0\charscalex100 (rd. 770 col. 5 \up0 \e
xpndtw0\charscalex101 rd. 970 col. 5 \up0 \expndtw-2\charscalex100 \par\pard\ql \
li63\sb14\sl-195\slmult0 \up0 \expndtw0\charscalex101 rd. 770 col. 4 \up0 \expnd
tw0\charscalex101 rd. 970 col. 4) : 2\par\pard\ql \li8547\sb0\sl-195\slmult0 \pa
r\pard\ql \li386\sb39\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 130 f.2 \
up0 \expndtw0\charscalex101 rulajul debitor\par\pard\ql \li798\sb17\sl-195\slmul
t0 \up0 \expndtw-1\charscalex100 al contului 7145\par\pard\ql \li256\sb17\sl-195
\slmult0 \up0 \expndtw-1\charscalex100 rulajul debitor al contului 7145\par\pard
pndtw-1\charscalex100 rd. 440 f.1\par\pard\ql \li1004\sb22\sl-195\slmult0 \up0 \
expndtw-1\charscalex100 rd. 970 f.1\par\pard\ql \li8421\sb0\sl-195\slmult0 \par\
pard\ql \li260\sb34\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 440 \up0 \e
xpndtw0\charscalex102 rd. 390 \up0 \expndtw0\charscalex101 rd. 350 f.1\par\pard\
ql \li1003\sb17\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 970 f.1\par\par
d\ql \li8508\sb0\sl-195\slmult0 \par\pard\ql \li8508\sb0\sl-195\slmult0 \par\par
d\ql \li1003\sb54\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 460 f.1\par\p

ard\ql \li1003\sb18\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 970 f.1\par
\pard\ql \li8508\sb0\sl-195\slmult0 \par\pard\ql \li8508\sb0\sl-195\slmult0 \par
\pard\ql \li8508\sb0\sl-195\slmult0 \par\pard\ql \li1004\sb67\sl-195\slmult0 \up
0 \expndtw0\charscalex100 rd. 080 f.4\par\pard\ql \li347\sb22\sl-195\slmult0 \up
0 \expndtw-1\charscalex100 rd. 100 f.4 \up0 \expndtw0\charscalex105 (rd.250 col.
4 -\par\pard\ql \li183\sb17\sl-195\slmult0 \up0 \expndtw0\charscalex103 - rd. 25
0 col. 5) f.1 \up0 \expndtw0\charscalex101 rd. 170 f.4\par\pard\ql \li8532\sb0\s
l-195\slmult0 \par\pard\ql \li8532\sb0\sl-195\slmult0 \par\pard\ql \li8532\sb0\s
l-195\slmult0 \par\pard\ql \li576\sb66\sl-195\slmult0 \up0 \expndtw0\charscalex1
03 (rd. 080 - rd. 170) f.4\par\pard\ql \li371\sb21\sl-195\slmult0 \up0 \expndtw0
\charscalex102 (rd. 470 - rd. 970) col.4 f.1\par\pard\ql \li8181\sb0\sl-195\slmu
lt0 \par\pard\ql \li8181\sb0\sl-195\slmult0 \par\pard\ql \li8181\sb0\sl-195\slmu
lt0 \par\pard\ql \li1004\sb66\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 0
10 f.2\par\pard\ql \li111\sb18\sl-195\slmult0 \up0 \expndtw0\charscalex100 (rd.
470 col. 5 \up0 \expndtw0\charscalex101 rd. 470 col. 4) : 2\par\pard\ql \li8181\
sb0\sl-195\slmult0 \par\pard\ql \li8181\sb0\sl-195\slmult0 \par\pard\ql \li20\sb
150\sl-195\slmult0\tx673 \up0 \expndtw-1\charscalex100 360 :\tab \up0 \expndtw-2
\charscalex100 rulajul debitor al contului 221\par\pard\sect\sectd\sbknone\cols4
\colno1\colw1678\colsr160\colno2\colw2573\colsr160\colno3\colw3470\colsr160\coln
o4\colw3919\colsr160\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb0\sl-1
95\slmult0 \par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb186\sl
-195\slmult0 \up0 \expndtw0\charscalex101 44.\par\pard\column \ql \li20\sb0\sl-1
53\slmult0 \up0 \expndtw-6\charscalex100 (perioada de ]ncasare a crean\\elor,\pa
r\pard\ql \li20\sb1\sl-168\slmult0 \up0 \expndtw0\charscalex100 viteza de rota\\
ie a crean\\elor)\par\pard\ql \li1838\sb0\sl-195\slmult0 \par\pard\ql \li1838\sb
0\sl-195\slmult0 \par\pard\ql \li20\sb59\sl-195\slmult0 \up0 \expndtw0\charscale
x100 Durata de rota\\ie (viteza de rota-\par\pard\column \ql \li20\sb17\sl-195\s
lmult0\tx582 \up0 \expndtw-2\charscalex100 360 :\tab \up0 \expndtw-1\charscalex1
00 scurt aferente facturilor comerciale\par\pard\ql \li557\sb0\sl-153\slmult0 \u
p0 \expndtw-1\charscalex100 Soldul mediu al crean\\elor pe termen\par\pard\ql \l
i625\sb1\sl-169\slmult0 \up0 \expndtw-1\charscalex100 scurt aferente facturilor
comerciale\par\pard\ql \li5866\sb0\sl-195\slmult0 \par\pard\ql \li1325\sb42\sl-1
95\slmult0 \up0 \expndtw0\charscalex100 Costul v]nz[rilor\par\pard\ql \li269\sb0
\sl-153\slmult0 \up0 \expndtw-2\charscalex100 360 :\par\pard\column \ql \li1091\
sb0\sl-153\slmult0 \up0 \expndtw-1\charscalex100 (rd. 260 col.5 f.1 \up0 \expndt
w-2\charscalex100 \par\pard\ql \li879\sb1\sl-168\slmult0 \up0 \expndtw-2\charscal
ex100 rd. 260 col.4 f.1) : 2\par\pard\ql \li9372\sb0\sl-195\slmult0 \par\pard\
ql \li9372\sb0\sl-195\slmult0 \par\pard\ql \li1211\sb59\sl-195\slmult0 \up0 \exp
ndtw-1\charscalex100 rd.020 f.2\par\pard\ql \li20\sb0\sl-153\slmult0 \up0 \expnd
tw-1\charscalex100 360 :\par\pard\sect\sectd\sbknone\cols3\colno1\colw5006\colsr
160\colno2\colw2764\colsr160\colno3\colw4020\colsr160\ql \li1838\sb0\sl-153\slmu
lt0 \up0 \expndtw0\charscalex102 \\ie) a stocurilor de m[rfuri\par\pard\ql \li18
38\sb0\sl-153\slmult0 \up0 \expndtw-1\charscalex100 =i materiale\par\pard\ql \li
1387\sb193\sl-195\slmult0\tx1833 \up0 \expndtw0\charscalex101 45.\tab \up0 \expn
dtw0\charscalex101 Coeficientul exploat[rii mijloa-\par\pard\ql \li1838\sb22\sl195\slmult0 \up0 \expndtw0\charscalex102 celor fixe (num[rul de rota\\ii\par\par
d\ql \li1838\sb17\sl-195\slmult0 \up0 \expndtw-1\charscalex100 al mijloacelor fi
xe, randamentul\par\pard\ql \li1838\sb17\sl-195\slmult0 \up0 \expndtw-1\charscal
ex100 mijloacelor fixe)\par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1
387\sb34\sl-195\slmult0\tx1833 \up0 \expndtw0\charscalex101 46.\tab \up0 \expndt
w0\charscalex103 Rata profitului brut (rentabilit[\\ii\par\pard\ql \li1838\sb17\
sl-195\slmult0 \up0 \expndtw0\charscalex100 comerciale, rentabilit[\\ii v]nz[ril
or)\par\pard\column \ql \li298\sb0\sl-153\slmult0 \up0 \expndtw-2\charscalex100
Valoarea medie a stocurilor\par\pard\ql \li495\sb0\sl-153\slmult0 \up0 \expndtw0
\charscalex100 de m[rfuri =i materiale\par\pard\ql \li627\sb193\sl-195\slmult0 \
up0 \expndtw0\charscalex100 V]nz[ri nete\par\pard\ql \li20\sb22\sl-195\slmult0 \
up0 \expndtw-2\charscalex100 Valoarea medie de inventar\par\pard\ql \li347\sb17\
sl-195\slmult0 \up0 \expndtw-2\charscalex100 a mijloacelor fixe\par\pard\ql \li5
94\sb50\sl-195\slmult0 \up0 \expndtw0\charscalex101 Profit brut\par\pard\ql \li3

94\sb17\sl-195\slmult0 \up0 \expndtw-3\charscalex100 V]nz[ri nete x 100\par\pa
rd\column \ql \li1048\sb0\sl-153\slmult0 \up0 \expndtw-1\charscalex100 (rd.250 c
ol.5 f.1 \up0 \expndtw-2\charscalex100 \par\pard\ql \li957\sb0\sl-153\slmult0 \up
0 \expndtw0\charscalex100 rd.250 col.4 f.1) : 2\par\pard\ql \li1195\sb193\sl-195
\slmult0 \up0 \expndtw-2\charscalex100 rd. 010 f.2\par\pard\ql \li20\sb22\sl-195
\slmult0 \up0 \expndtw-1\charscalex100 (rd. 060 col.5 f.1 \up0 \expndtw0\charsca
lex101 rd. 060 col.4 f.1) : 2\par\pard\ql \li8815\sb0\sl-195\slmult0 \par\pard\q
l \li8815\sb0\sl-195\slmult0 \par\pard\ql \li8815\sb0\sl-195\slmult0 \par\pard\q
l \li755\sb66\sl-195\slmult0 \up0 \expndtw0\charscalex100 rd. 030 f.2\par\pard\q
l \li755\sb17\sl-195\slmult0 \up0 \expndtw-6\charscalex100 rd. 010 f.2
x 100
\par\pard\qj\pvpg\phpg\posx2986\posy15330\absw2132 \ul0\nosupersub\cf2\f3\fs15
4/1999
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
13);(10025,1013);(10025,10);(10,10);(10,1013);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
08);(10025,1008);(10025,10);(10,10);(10,1008);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}

}}
}
}}
12);(10030,1012);(10030,14);(10,14);(10,1012);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
08);(10025,1008);(10025,10);(10,10);(10,1008);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10025,595);(10025,9);(10,9);(10,595);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10030,807);(10030,10);(10,10);(10,807);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}

;(10030,619);(10030,10);(15,10);(15,619);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
13548);(10030,13548);(10030,10);(15,10);(15,13548);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

;(10035,245);(10035,10);(15,10);(15,245);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
2641,245);(2641,10);(10,10);(10,245);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}
}}
}
}}
3179,245);(3179,10);(10,10);(10,245);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
dtw0\charscalex75 \ul0\nosupersub\cf3\f4\fs36 \u8730?\ul0\nosupersub\cf4\f5\fs36
\u8240?\u8218? \u8225?\u8218?\u730? \u732?\tab \dn2 \expndtw0\charscalex75 \u
\f2\fs36 9\par\pard\li1272\sb0\sl-195\slmult0\par\pard\li1272\sb86\sl-195\slmult
0\fi23\tx2895\tx6083\tx9458 \up0 \expndtw-7\charscalex81 \ul0\nosupersub\cf18\f1
9\fs17 1\tab \up0 \expndtw-7\charscalex81 2\tab \up0 \expndtw-7\charscalex81 3\t
ab \up0 \expndtw-7\charscalex81 4\par\pard\sect\sectd\sbknone\cols5\colno1\colw1
567\colsr160\colno2\colw2668\colsr160\colno3\colw2863\colsr20\colno4\colw1074\co
lsr160\colno5\colw3458\colsr160\ql \li1272\sb0\sl-195\slmult0 \par\pard\ql \li12
72\sb71\sl-195\slmult0 \up0 \expndtw0\charscalex101 47.\par\pard\ql \li1272\sb0\
sl-195\slmult0 \par\pard\ql \li1272\sb0\sl-195\slmult0 \par\pard\ql \li1272\sb47
\sl-195\slmult0 \up0 \expndtw0\charscalex101 48.\par\pard\ql \li1272\sb0\sl-195\
slmult0 \par\pard\ql \li1272\sb0\sl-195\slmult0 \par\pard\ql \li1272\sb49\sl-195

\slmult0 \up0 \expndtw0\charscalex101 49.\par\pard\column \ql \li1727\sb0\sl-195
\slmult0 \par\pard\ql \li20\sb71\sl-195\slmult0 \up0 \expndtw0\charscalex100 Rat
a profitului opera\\ional\par\pard\ql \li1728\sb0\sl-195\slmult0 \par\pard\ql \l
i1728\sb0\sl-195\slmult0 \par\pard\ql \li21\sb47\sl-195\slmult0 \up0 \expndtw0\c
harscalex100 Rata profitului net\par\pard\ql \li1728\sb0\sl-195\slmult0 \par\par
d\ql \li1728\sb0\sl-195\slmult0 \par\pard\ql \li21\sb49\sl-195\slmult0 \up0 \exp
ndtw0\charscalex102 Rata rentabilit[\\ii economice\par\pard\column \ql \li4618\s
b0\sl-195\slmult0 \par\pard\ql \li93\sb71\sl-195\slmult0 \up0 \expndtw-2\charsca
lex100 Rezultatul din activitatea opera\\ional[\par\pard\ql \li1059\sb18\sl-195\
slmult0 \up0 \expndtw0\charscalex100 V]nz[ri nete\par\pard\ql \li5583\sb0\sl-195
\slmult0 \par\pard\ql \li1058\sb30\sl-195\slmult0 \up0 \expndtw0\charscalex100 P
rofit net\par\pard\ql \li1058\sb17\sl-195\slmult0 \up0 \expndtw-3\charscalex100
V]nz[ri nete x 100\par\pard\ql \li4547\sb0\sl-195\slmult0 \par\pard\ql \li22\s
b33\sl-195\slmult0 \up0 \expndtw0\charscalex101 Profitul p]n[ la impozitare\par\
pard\column \ql \li7418\sb0\sl-195\slmult0 \par\pard\ql \li20\sb168\sl-195\slmul
t0 \up0 \expndtw-3\charscalex100 x 100\par\pard\column \ql \li8757\sb0\sl-195\sl
mult0 \par\pard\ql \li135\sb71\sl-195\slmult0 \up0 \expndtw0\charscalex100 rd. 0
80 f.2\par\pard\ql \li135\sb18\sl-195\slmult0 \up0 \expndtw-4\charscalex100 rd.
010 f.2 x 100\par\pard\ql \li8757\sb0\sl-195\slmult0 \par\pard\ql \li135\sb30\
sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 150 f.2\par\pard\ql \li135\sb17
\sl-195\slmult0 \up0 \expndtw-4\charscalex100 rd. 010 f.2 x 100\par\pard\ql \l
i9056\sb0\sl-195\slmult0 \par\pard\ql \li434\sb33\sl-195\slmult0 \up0 \expndtw-1
\charscalex100 rd. 130 f.2\par\pard\sect\sectd\sbknone\cols4\colno1\colw1567\col
sr160\colno2\colw2665\colsr160\colno3\colw3469\colsr160\colno4\colw3939\colsr160
pndtw0\charscalex101 50.\par\pard\ql \li1272\sb0\sl-195\slmult0 \par\pard\ql \li
1272\sb0\sl-195\slmult0 \par\pard\ql \li1272\sb73\sl-195\slmult0 \up0 \expndtw-2
\charscalex100 51.\par\pard\ql \li1272\sb0\sl-195\slmult0 \par\pard\ql \li1272\s
b0\sl-195\slmult0 \par\pard\ql \li1272\sb0\sl-195\slmult0 \par\pard\ql \li1272\s
b61\sl-195\slmult0 \up0 \expndtw0\charscalex101 52.\par\pard\ql \li1272\sb0\sl-1
95\slmult0 \par\pard\ql \li1272\sb0\sl-195\slmult0 \par\pard\ql \li1272\sb0\sl-1
95\slmult0 \par\pard\ql \li1272\sb61\sl-195\slmult0 \up0 \expndtw0\charscalex101
53.\par\pard\ql \li1272\sb0\sl-195\slmult0 \par\pard\ql \li1272\sb0\sl-195\slmu
lt0 \par\pard\ql \li1272\sb78\sl-195\slmult0 \up0 \expndtw0\charscalex101 54.\pa
r\pard\ql \li1272\sb105\sl-195\slmult0 \up0 \expndtw0\charscalex101 55.\par\pard
\ql \li1272\sb77\sl-195\slmult0 \up0 \expndtw0\charscalex101 56.\par\pard\column
\ql \li21\sb13\sl-195\slmult0 \up0 \expndtw0\charscalex103 (rentabilit[\\ii act
ivelor)\par\pard\ql \li1728\sb0\sl-208\slmult0 \par\pard\ql \li1728\sb0\sl-208\s
lmult0 \par\pard\ql \li21\ri133\sb12\sl-208\slmult0 \up0 \expndtw0\charscalex102
Rata rentabilit[\\ii capitalului \up0 \expndtw0\charscalex102 avansat sau ocupa
t (rentabilit[\\ii \up0 \expndtw0\charscalex100 fondurilor de produc\\ie)\par\pa
rd\ql \li1728\sb0\sl-211\slmult0 \par\pard\ql \li21\ri267\sb208\sl-211\slmult0 \
up0 \expndtw0\charscalex102 Rata rentabilit[\\ii financiare \line \up0 \expndtw0
\charscalex102 (rentabilit[\\ii capitalului propiu)\par\pard\ql \li1728\sb0\sl-1
95\slmult0 \par\pard\ql \li1728\sb0\sl-195\slmult0 \par\pard\ql \li21\sb42\sl-19
5\slmult0 \up0 \expndtw0\charscalex100 Profitul net la o ac\\iune\par\pard\ql \l
i1728\sb0\sl-195\slmult0 \par\pard\ql \li1728\sb0\sl-195\slmult0 \par\pard\ql \l
harscalex102 Raportul pre\\/profit\par\pard\ql \li1728\sb0\sl-195\slmult0 \par\p
ard\ql \li1728\sb0\sl-195\slmult0 \par\pard\ql \li1728\sb0\sl-195\slmult0 \par\p
ard\ql \li1728\sb0\sl-195\slmult0 \par\pard\ql \li21\sb78\sl-195\slmult0 \up0 \e
xpndtw0\charscalex100 Rentabilitatea ac\\iunii\par\pard\qj \li1727\sb0\sl-211\sl

mult0 \par\pard\qj \li1727\sb0\sl-211\slmult0 \par\pard\qj \li1727\sb0\sl-211\sl
mult0 \par\pard\qj \li1727\sb0\sl-211\slmult0 \par\pard\qj \li1727\sb0\sl-211\sl
mult0 \par\pard\qj \li20\ri178\sb206\sl-211\slmult0 \up0 \expndtw-1\charscalex10
0 Coeficientul corela\\iei ]ntre divi-\line \up0 \expndtw-1\charscalex100 dende
=i profitul net la o ac\\iune\par\pard\ql \li1728\sb0\sl-195\slmult0 \par\pard\q
l \li1728\sb0\sl-195\slmult0 \par\pard\ql \li1728\sb0\sl-195\slmult0 \par\pard\q
l \li21\sb58\sl-195\slmult0 \up0 \expndtw0\charscalex100 Coeficientul de re\\ine
re\par\pard\column \ql \li23\sb13\sl-195\slmult0 \up0 \expndtw-3\charscalex100 V
aloarea medie a activelor x 100\par\pard\ql \li4560\sb0\sl-195\slmult0 \par\pa
xpndtw0\charscalex100 Profit p]n[ la impozitare\par\pard\qj \li38\ri229\sb0\sl-2
11\slmult0 \up0 \expndtw-2\charscalex100 Valoarea medie a mijloacelor fixe x 1
00 \up0 \expndtw0\charscalex100 Valoarea medie a activelor curente\par\pard\ql \
li1216\sb41\sl-195\slmult0 \up0 \expndtw0\charscalex100 Profitul net\par\pard\ql
\li20\sb17\sl-195\slmult0 \up0 \expndtw-2\charscalex100 Valoarea medie a capita
lului propriu x 100\par\pard\ql \li4917\sb0\sl-195\slmult0 \par\pard\ql \li491
7\sb0\sl-195\slmult0 \par\pard\ql \li395\sb45\sl-195\slmult0 \up0 \expndtw0\char
scalex101 Profitul net mic=orat cu m[rimea\par\pard\ql \li125\ri302\sb3\sl-211\s
lmult0\fi148 \up0 \expndtw0\charscalex100 dividendelor pe ac\\iuni preferen\\ial
e \line \up0 \expndtw0\charscalex100 Num[rul de ac\\iuni ordinare ]n circula\\ie
\up0 \expndtw0\charscalex101 Valoarea de pia\\[ a ac\\iunii\par\pard\ql \li754\s
b17\sl-195\slmult0 \up0 \expndtw0\charscalex100 Profitul net la o ac\\iune\par\p
ard\ql \li5309\sb0\sl-195\slmult0 \par\pard\ql \li5309\sb0\sl-195\slmult0 \par\p
ard\ql \li5309\sb0\sl-195\slmult0 \par\pard\ql \li787\sb62\sl-195\slmult0 \up0 \
expndtw-1\charscalex100 Dividende la o ac\\iune\par\pard\ql \li600\sb17\sl-195\s
lmult0 \up0 \expndtw0\charscalex101 Valoarea de pia\\[ a ac\\iunii\par\pard\ql \
li5276\sb0\sl-195\slmult0 \par\pard\ql \li787\sb89\sl-195\slmult0 \up0 \expndtw1\charscalex100 Dividende la o ac\\iune\par\pard\ql \li754\sb17\sl-195\slmult0 \
up0 \expndtw0\charscalex100 Profitul net la o ac\\iune\par\pard\ql \li4551\sb0\s
l-184\slmult0 \par\pard\ql \li4551\sb0\sl-184\slmult0 \par\pard\ql \li4551\sb0\s
l-184\slmult0 \par\pard\ql \li29\sb103\sl-184\slmult0 \up0 \expndtw-4\charscalex
100 \ul0\nosupersub\cf19\f20\fs16 Profitul net la o ac\\iune - Dividende la o ac
\\iune \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf18\f19\fs17 \par\pard\colu
mn \ql \li501\sb13\sl-195\slmult0 \up0 \expndtw-1\charscalex100 (rd. 470 col.5 f
.1 \up0 \expndtw-7\charscalex95
x 100\par\pard\ql \li453\sb17\sl-195\slmult
0 \up0 \expndtw0\charscalex101 rd. 470 col. 4 f.1) : 2\par\pard\ql \li8161\sb0\s
l-195\slmult0 \par\pard\ql \li916\sb33\sl-195\slmult0 \up0 \expndtw-1\charscalex
100 rd. 130 f.2\par\pard\ql \li55\sb13\sl-195\slmult0 \up0 \expndtw-1\charscalex
100 (rd. 060 col.5 f.1 \up0 \expndtw-3\charscalex100 rd. 060 x 100\par\pard\ql
\li20\sb17\sl-195\slmult0 \up0 \expndtw0\charscalex100 col. 4 f.1) : 2 \up0 \ex
pndtw0\charscalex100 (rd. 460 col.5 f.1 \up0 \expndtw-2\charscalex100 \par\pard\q
l \li453\sb17\sl-195\slmult0 \up0 \expndtw0\charscalex101 rd. 460 col. 4 f.1) :
2\par\pard\ql \li8306\sb0\sl-195\slmult0 \par\pard\ql \li915\sb29\sl-195\slmult0
\up0 \expndtw-1\charscalex100 rd. 150 f.2\par\pard\ql \li165\sb17\sl-195\slmult
0 \up0 \expndtw-1\charscalex100 (rd. 650 col.5 f.1 \up0 \expndtw-5\charscalex100
rd. 650
x 100\par\pard\ql \li851\sb17\sl-195\slmult0 \up0 \expndtw0\charsca
lex100 col.4 f.1) : 2\par\pard\ql \li8449\sb0\sl-195\slmult0 \par\pard\ql \li308
\sb29\sl-195\slmult0 \up0 \expndtw0\charscalex102 rd. 150 f.2 - date analitice\p
ar\pard\ql \li812\sb17\sl-195\slmult0 \up0 \expndtw-1\charscalex100 la contul 53
7\par\pard\ql \li217\sb17\sl-195\slmult0 \up0 \expndtw0\charscalex100 date din r
egistrul ac\\ionarilor\par\pard\ql \li8599\sb0\sl-195\slmult0 \par\pard\ql \li45
8\sb29\sl-195\slmult0 \up0 \expndtw0\charscalex100 datele bursei de valori\par\p
ard\ql \li587\sb17\sl-195\slmult0 \up0 \expndtw-1\charscalex100 =i Comisiei de S
tat\par\pard\ql \li112\sb17\sl-195\slmult0 \up0 \expndtw-1\charscalex100 pentru
Pia\\a H]rtiilor de Valoare\par\pard\ql \li789\sb17\sl-195\slmult0 \up0 \expndtw
0\charscalex100 indicatorul 52\par\pard\qj \li103\ri1399\sb211\sl-211\slmult0\fi

133\tx194 \up0 \expndtw-1\charscalex100 date analitice la contul 537 : \line \up
0 \expndtw0\charscalex101 : num[rul de ac\\iuni ]n circula\\ie \line\tab \up0 \e
xpndtw-1\charscalex100 conform registrului ac\\ionarilor\par\pard\qj \li21\ri132
5\sb0\sl-211\slmult0\tx252 \up0 \expndtw-1\charscalex100 datele bursei de valori
=i Comisiei \line\tab \up0 \expndtw0\charscalex100 de Stat pentru Pia\\a H]rtii
lor\par\pard\ql \li890\sb10\sl-195\slmult0 \up0 \expndtw-1\charscalex100 de Valo
are\par\pard\qj \li102\ri1399\sb210\sl-211\slmult0\fi133\tx161 \up0 \expndtw-1\c
harscalex100 date analitice la contul 537 : \line \up0 \expndtw0\charscalex101 :
num[rul de ac\\iuni ]n circula\\ie \line\tab \up0 \expndtw-1\charscalex100 conf
orm registrului ac\\ionarilor\par\pard\ql \li789\sb14\sl-195\slmult0 \up0 \expnd
tw0\charscalex100 indicatorul 52\par\pard\ql \li8786\sb0\sl-195\slmult0 \par\par
d\ql \li645\sb00\sl-195\slmult0 \up0 \expndtw0\charscalex102 1 - indicatorul 55
\par\pard\sect\sectd\sbknone \li4522\sb17\sl-195\slmult0\fi681 \up0 \expndtw0\ch
arscalex100 Profitul net la o ac\\iune\par\pard\sect\sectd\sbknone \li4522\sb17\
sl-195\slmult0\fi0 \up0 \expndtw0\charscalex100 1 - Coeficientul corela\\iei ]nt
re dividende\par\pard\sect\sectd\sbknone \li4522\sb13\sl-195\slmult0\fi820 \up0
\expndtw0\charscalex100 =i profitul la o ac\\iune\par\pard\sect\sectd\sbknone\co
ls2\colno1\colw6956\colsr160\colno2\colw4984\colsr160\ql \li2861\sb0\sl-230\slmu
lt0 \up0 \expndtw0\charscalex119 \ul0\nosupersub\cf11\f12\fs20 Analiza volumului
v]nz[rilor\par\pard\qj \li2861\ri73\sb1\sl-242\slmult0\fi340 \up0 \expndtw0\cha
rscalex113 \ul0\nosupersub\cf5\f6\fs20 Scopul oric[rei ]ntreprinderi ]l constitu
ie \up0 \expndtw0\charscalex114 majorarea volumului v]nz[rilor ]n vederea \up
0 \expndtw0\charscalex108 ob\\inerii unui profit c]t mai mare. De aceea la \up0
\expndtw0\charscalex115 ]ntocmirea notei explicative este ra\\ional s[ \up0 \exp
ndtw0\charscalex107 se porneasc[ de la analiza volumului v]nz[rilor, \up0 \expnd
tw0\charscalex119 de care depind rezultatul financiar, nivelul \up0 \expndtw0\ch
arscalex115 rentabilit[\\ii \up0 \expndtw0\charscalex109 =i al\\i indicatori
ai activit[\\ii\par\pard\ql \li2861\sb8\sl-230\slmult0 \up0 \expndtw0\charscale
x109 ]ntreprinderii.\par\pard\qj \li2861\ri73\sb0\sl-244\slmult0\fi340 \up0 \exp
ndtw0\charscalex110 \}n primul r]nd, ]n nota explicativ[ trebuie \up0 \expndtw0\
charscalex118 s[ se indice profilul \up0 \expndtw0\charscalex120 ]ntreprinder
ii, adic[\par\pard\qj \li2861\ri75\sb0\sl-242\slmult0 \up0 \expndtw0\charscalex
110 specializarea acesteia ]n fabricarea unor tipuri \line \up0 \expndtw0\charsc
alex108 de produse, comercializarea anumitor m[rfuri, \line \up0 \expndtw0\chars
calex112 prestarea serviciilor sau executarea lucr[rilor. \par\pard\qj\pvpg\phpg
\posx2862\posy15339\absw2132 \ul0\nosupersub\cf2\f3\fs15 4/1999
Contabilitat
e =i audit\par\pard\column \ql \li7116\sb0\sl-230\slmult0 \par\pard\ql \li7116\s
b0\sl-230\slmult0 \par\pard\ql \li20\sb3\sl-230\slmult0 \up0 \expndtw0\charscale
x110 \ul0\nosupersub\cf5\f6\fs20 \}n continuare se examineaz[ evolu\\ia fiec[rui
\par\pard\qj \li20\ri953\sb1\sl-242\slmult0 \up0 \expndtw0\charscalex110 element
component al veniturilor, precum =i \up0 \expndtw0\charscalex112 contribu\\ia
acestora la volumul v]nz[rilor. \up0 \expndtw0\charscalex106 Analiza structur
al[ a v]nz[rilor poate fi detaliat[ \up0 \expndtw0\charscalex115 p]n[ la nivelul
felurilor sau grupelor de pro-\line \up0 \expndtw0\charscalex114 duse (m[rfuri,
servicii).\par\pard\ql \li20\ri952\sb0\sl-242\slmult0\fi340\tx370 \up0 \expndtw
0\charscalex105 \}n cazul c]nd ]ntreprinderea ]=i desf[=oar[ \line \up0 \expndtw
0\charscalex113 activitatea pe mai multe pie\\e (de exemplu, \line \up0 \expndt
w0\charscalex111 ]n Republica Moldova, \\[rile C.S.I., alte \\[ri \line \up0 \
expndtw0\charscalex116 str[ine) ]n nota explicativ[ se arat[ dinamica \line \up0
\expndtw0\charscalex111 v]nz[rilor ]n profilul zonelor (segmentelor). \line\tab
\up0 \expndtw0\charscalex108 Volumul v]nz[rilor poate fi analizat =i din \line
\up0 \expndtw0\charscalex113 punct de vedere factorial prin stabilirea cau-\line
\up0 \expndtw0\charscalex111 zelor, ce au condi\\ionat dinamica lui. De

}
}}
}
}}
}
}}
}
}}
}
}}

3);(10025,1033);(10025,10);(9,10);(9,1033);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
2);(10025,1392);(10025,10);(9,10);(9,1392);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10025,778);(10025,10);(10,10);(10,778);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
27);(10025,1027);(10025,10);(10,10);(10,1027);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10025,609);(10025,9);(10,9);(10,609);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
04);(10030,9804);(10030,10);(10,10);(10,9804);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
;(10030,245);(10030,10);(10,10);(10,245);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
2641,245);(2641,10);(10,10);(10,245);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}

}}
}
}}
}
}}
3179,245);(3179,10);(10,10);(10,245);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
g10}{\bkmkend Pg10}\par\pard\sect\sectd\sbknone\cols2\colno1\colw7066\colsr160\c
olno2\colw4874\colsr160\ql \li2986\sb345\sl-414\slmult0 \up0 \expndtw0\charscale
x81 \ul0\nosupersub\cf4\f5\fs36 Raportul financiar anual\par\pard\ql \li2972\sb0
\sl-242\slmult0 \par\pard\ql \li2972\ri72\sb15\sl-242\slmult0\tx3313\tx3313 \up0
\expndtw0\charscalex107 \ul0\nosupersub\cf5\f6\fs20 exemplu, ]n nota explicativ
[ poate fi examinat[ \line \up0 \expndtw0\charscalex105 modificarea v]nz[rilor ]
n func\\ie de schimbarea \line \up0 \expndtw0\charscalex114 volumului produc\\i
ei fabricate, stocurilor \line \up0 \expndtw0\charscalex107 produselor finite
=i pre\\urilor de v]nzare. \line\tab \up0 \expndtw0\charscalex108 \}n scopul evi

den\\ierii rezervelor existente \line \up0 \expndtw0\charscalex110 la ]ntreprind
ere pentru sporirea v]nz[rilor f[r[ \line \up0 \expndtw0\charscalex115 investi\\
ii suplimentare se efectueaz[ analiza \line \up0 \expndtw0\charscalex113 volumul
ui v]nz[rilor ]n raport cu capacitatea \line \up0 \expndtw0\charscalex114 de pro
duc\\ie. \}n acest context se determin[ \line \up0 \expndtw0\charscalex121 gradu
l de utilizare (nivelul de ]nsu=ire) a \line \up0 \expndtw0\charscalex114 capac
it[\\ii de produc\\ie (indicatorul 1). \line\tab \up0 \expndtw0\charscalex112 Nu
m[r[torul =i numitorul coeficientului \line \up0 \expndtw0\charscalex111 nomina
lizat pot fi exprima\\i ]n unit[\\i fizice \line \up0 \expndtw0\charscalex115 (
]n cazul produselor, m[rfurilor, serviciilor \line \up0 \expndtw0\charscalex11
4 omogene) =i valorice. Gradul de utilizare a \line \up0 \expndtw0\charscalex11
3 capacit[\\ii de produc\\ie influen\\eaz[ asupra \line \up0 \expndtw0\charscale
x114 repartiz[rii consumurilor indirecte de pro-\line \up0 \expndtw0\charscal
ex108 duc\\ie =i se ia ]n considera\\ie la analiza \u8220?pra-\line \up0 \expndt
w0\charscalex115 gului\u8221? (\u8220?punctului critic\u8221?) de rentabilitate
a \line \up0 \expndtw0\charscalex109 ]ntreprinderii.\par\pard\ql \li2972\sb0\sl
-230\slmult0 \par\pard\ql \li3313\sb18\sl-230\slmult0 \up0 \expndtw0\charscalex1
18 \ul0\nosupersub\cf11\f12\fs20 Analiza profitului\par\pard\qj \li2972\ri72\sb6
\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex107 \ul0\nosupersub\cf5\f6\fs20 E
ste indiscutabil faptul c[ aprecierea rezul-\line \up0 \expndtw0\charscalex104 t
atelor financiare ob\\inute ]n perioada raportat[ \line \up0 \expndtw0\charscale
x116 ocup[ un loc central ]n nota explicativ[. \line \up0 \expndtw0\charsc
alex111 Informa\\ia privind m[rimea profitului sau \line \up0 \expndtw0\char
scalex109 pierderilor prezint[ un deosebit interes pentru \line \up0 \expndtw0\c
harscalex111 to\\i utilizatorii rapoartelor financiare - prop-\par\pard\column \
ql \li3640\sb365\sl-414\slmult0 \up0 \expndtw0\charscalex75 \ul0\nosupersub\cf1\
f2\fs36 10\par\pard\qj \li20\ri842\sb237\sl-241\slmult0 \up0 \expndtw0\charscale
x108 \ul0\nosupersub\cf5\f6\fs20 rietari, creditori, furnizori, concuren\\i, org
ane \line \up0 \expndtw0\charscalex110 fiscale etc. \}n acest context este impor
tant ca \line \up0 \expndtw0\charscalex118 ]n nota explicativ[ s[ se descri
e cauzele \line \up0 \expndtw0\charscalex115 (factorii), care au determinat
modificarea \line \up0 \expndtw0\charscalex112 rezultatelor financiare ]n comp
ara\\ie cu pe-\line \up0 \expndtw0\charscalex116 rioada precedent[ sau nivelul p
rogramat ]n \line \up0 \expndtw0\charscalex113 planul de afaceri.\par\pard\qj \
li20\ri842\sb5\sl-241\slmult0\fi340 \up0 \expndtw0\charscalex116 Analiza profitu
lui ]ncepe cu aprecierea \line \up0 \expndtw0\charscalex120 m[rimii profitului
brut care reprezint[ ele-\line \up0 \expndtw0\charscalex114 mentul principal al
rezultatului financiar din \line \up0 \expndtw0\charscalex100 activitatea opera\
\ional[. Este de men\\ionat faptul \line \up0 \expndtw0\charscalex114 c[ acest i
ndicator apare pentru prima dat[ ]n \line \up0 \expndtw0\charscalex109 raportul
financiar al anului 1998 =i din aceste \line \up0 \expndtw0\charscalex106 consid
erente el nu poate fi comparat cu nivelul \line \up0 \expndtw0\charscalex100 ob\
\inut ]n anii preceden\\i. Modificarea profitului \line \up0 \expndtw0\charscale
x106 brut ]n compara\\ie cu nivelul programat poate \line \up0 \expndtw0\charsca
lex107 fi explicat[ prin cre=terea (sc[derea) volumului \line \up0 \expndtw0\cha
rscalex112 real al v]nz[rilor; schimbarea structurii v]nz[-\line \up0 \expndtw0\
charscalex105 rilor; cre=terea \up0 \expndtw0\charscalex115 (sc[derea) costului
v]nz[rilor;\par\pard\qj \li20\ri844\sb6\sl-239\slmult0 \up0 \expndtw0\charscalex
108 majorarea (mic=orarea) pre\\urilor la produse, \up0 \expndtw0\charscalex109
m[rfuri, servicii comercializate.\par\pard\qj \li20\ri842\sb0\sl-242\slmult0\fi3
40 \up0 \expndtw0\charscalex109 \}n urm[toarea etap[ se analizeaz[ m[rimea \line
\up0 \expndtw0\charscalex122 profitului din activitatea opera\\ional[. Ca \line
\up0 \expndtw0\charscalex105 =i profitul brut, acest indicator poate fi analiza
t \line \up0 \expndtw0\charscalex114 ]n raportul pentru anul 1998 numai ]n com-\
line \up0 \expndtw0\charscalex115 para\\ie cu nivelul programat. Din punct de \l
ine \up0 \expndtw0\charscalex110 vedere factorial profitul din activitatea opera
-\line \up0 \expndtw0\charscalex110 \\ional[ poate fi determinat prin formula: \
par\pard\sect\sectd\sbknone \li3226\sb0\sl-207\slmult0\par\pard\li3226\sb45\sl-2
07\slmult0\fi576 \up0 \expndtw0\charscalex110 \ul0\nosupersub\cf20\f21\fs18 Prof
itul din activitatea opera\\ional[ Profit brut Alte venituri opera\\ionale -\par
\pard\sect\sectd\sbknone \li3226\sb9\sl-207\slmult0\fi0 \up0 \expndtw0\charscale
x110 - Cheltuieli comerciale - Cheltuieli generale =i administrative - Alte chel
tuieli opera\\ionale.\par\pard\sect\sectd\sbknone\cols2\colno1\colw7066\colsr160
\colno2\colw4874\colsr160\ql \li2972\sb0\sl-230\slmult0 \par\pard\ql \li3313\sb1
7\sl-230\slmult0 \up0 \expndtw0\charscalex111 \ul0\nosupersub\cf5\f6\fs20 Este e
vident c[ fiecare parte component[\par\pard\qj \li2972\ri101\sb8\sl-239\slmult0
\up0 \expndtw0\charscalex110 din formula nominalizat[ influen\\eaz[ asupra \up0
\expndtw0\charscalex114 rezultatului financiar al \up0 \expndtw0\charscalex113
]ntreprinderii. De\par\pard\ql \li2972\ri100\sb5\sl-241\slmult0\tx3313\tx3313
\up0 \expndtw0\charscalex114 exemplu, dac[ cheltuielile generale =i admi-\line \
up0 \expndtw0\charscalex110 nistrative s-au mic=orat fa\\[ de nivelul prog-\line
\up0 \expndtw0\charscalex110 ramat ]n planul de afaceri, profitul din activi-\l
ine \up0 \expndtw0\charscalex110 tatea opera\\ional[ a crescut cu aceea=i sum[.
\line\tab \up0 \expndtw0\charscalex110 \}n continuare ]n nota explicativ[ urmeaz
[ \line \up0 \expndtw0\charscalex129 s[ fie efectuat[ analiza profitului p]n[ la
\line \up0 \expndtw0\charscalex114 impozitare. M[rimea acestui indicator poate
\line \up0 \expndtw0\charscalex110 fi comparat[ cu suma profitului de bilan\\ di
n \line \up0 \expndtw0\charscalex113 anii preceden\\i. Examinarea profitului dup
[ \line \up0 \expndtw0\charscalex109 feluri de activit[\\i (opera\\ional[, de in
vesti\\ii, \line \up0 \expndtw0\charscalex114 financiar[) permite a formula conc
luzia, din \line \up0 \expndtw0\charscalex114 care surse principale de venituri
]=i acoper[ \line \up0 \expndtw0\charscalex111 cheltuielile ]ntreprinderea, care
este evolu\\ia \line \up0 \expndtw0\charscalex110 lor ]n ultimii ani =i c]t de
stabile s]nt acestea. \line\tab \up0 \expndtw0\charscalex114 Analiza profitului
]n cadrul notei expli-\line \up0 \expndtw0\charscalex115 cative trebuie s[ fie
finalizat[ cu examinarea \line \up0 \expndtw0\charscalex114 repartiz[rii lui.
Prima direc\\ie \up0 \expndtw0\charscalex115 ]n vederea\par\pard\qj \li2972\ri
101\sb4\sl-241\slmult0 \up0 \expndtw0\charscalex114 utiliz[rii profitului reprez
int[ transferarea ]n \line \up0 \expndtw0\charscalex108 buget a impozitului pe v
enit. \}n acest context \line \up0 \expndtw0\charscalex116 este binevenit[ ind
icarea sumei venitului \line \up0 \expndtw0\charscalex114 impozabil =i explic
area succint[ a cauzelor \par\pard\qj\pvpg\phpg\posx2986\posy15330\absw2132 \ul0
\nosupersub\cf2\f3\fs15 4/1999
Contabilitate =i audit\par\pard\column \ql \l
harscalex111 \ul0\nosupersub\cf5\f6\fs20 principale, care au provocat devierea l
ui de la\par\pard\ql \li20\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex110 rezu
ltatul financiar contabil.\par\pard\qj \li20\ri841\sb1\sl-242\slmult0\fi340 \up0
\expndtw0\charscalex112 \}n continuare pentru determinarea nive-\line \up0 \exp
ndtw0\charscalex107 lului de retragere ]n bugetul de stat a profitului \up0 \exp
ndtw0\charscalex115 ob\\inut de ]ntreprindere se calculeaz[ cota \up0 \expndtw0
\charscalex115 impozitului pe venit ]n suma profitului p]n[ \up0 \expndtw0\chars
calex115 la impozitare (indicatorul 2).\par\pard\qj \li20\ri842\sb0\sl-242\slmul
t0\fi340 \up0 \expndtw0\charscalex120 Nivelul acestui raport depinde de cota \up
0 \expndtw0\charscalex108 impozitului pe venit =i existen\\a diferen\\elor \up0
\expndtw0\charscalex108 permanente =i temporare, care condi\\ioneaz[ \up0 \expnd
tw0\charscalex107 modificarea venitului impozabil ]n compara\\ie \up0 \expndtw0\
charscalex112 cu cel contabil.\par\pard\ql \li20\ri842\sb0\sl-242\slmult0\fi340\
tx371\tx371 \up0 \expndtw0\charscalex105 \}n locul indicatorului sus-numit nota
expli-\line \up0 \expndtw0\charscalex107 cativ[ poate con\\ine raportul ]ntre pr
ofitul net \line \up0 \expndtw0\charscalex110 =i profitul p]n[ la impozitare (in
dicatorul 3). \line\tab \up0 \expndtw0\charscalex116 Ambii indicatori se utilize
az[ foarte des \line \up0 \expndtw0\charscalex108 pentru determinarea presiunii
sistemului fiscal \line \up0 \expndtw0\charscalex106 asupra rezultatelor financi
are ale ]ntreprinderii. \line\tab \up0 \expndtw0\charscalex115 Dac[ la momentul
prezent[rii raportului \line \up0 \expndtw0\charscalex107 anual exist[ decizia p
roprietarilor ]ntreprinderii \line \up0 \expndtw0\charscalex117 privind repartiz
area profitului net al anului \line \up0 \expndtw0\charscalex117 raportat, nota
explicativ[ poate s[ con\\in[ \line \up0 \expndtw0\charscalex107 analiza direc
\\iilor principale de utilizare a pro-\line \up0 \expndtw0\charscalex111 fitului
(plata dividendelor, crearea rezervelor,

}
}}
}
}}
}
}}
}
}}
}
x74 \ul0\nosupersub\cf3\f4\fs36 \u8730?\ul0\nosupersub\cf4\f5\fs36 \u8240?\u8218? \u82
5?\u8218?\u730? \u732?\par\pard\qj \li2862\sb0\sl-242\slmult0 \par\pard\qj \li2862\ri
sb5\sl-242\slmult0 \up0 \expndtw0\charscalex107 \ul0\nosupersub\cf5\f6\fs20 acop
erirea pierderilor anilor preceden\\i, majo-\line \up0 \expndtw0\charscalex114 r
area capitalului statutar, alte scopuri). Con-\line \up0 \expndtw0\charscalex110
fruntarea acestor date cu perioada precedent[ \line \up0 \expndtw0\charscalex11
4 =i cu planul de afaceri permite utilizatorilor \line \up0 \expndtw0\charscalex
120 rapoartelor financiare s[ aprecieze politica \line \up0 \expndtw0\charscalex
116 promovat[ de c[tre proprietarii firmei \up0 \expndtw0\charscalex106 ]n\p
ar\pard\ql \li2862\sb8\sl-230\slmult0 \up0 \expndtw0\charscalex110 vederea utili
z[rii profitului ob\\inut.\par\pard\ql \li2862\sb0\sl-230\slmult0 \par\pard\ql \
li3202\sb00\sl-230\slmult0 \up0 \expndtw0\charscalex118 \ul0\nosupersub\cf11\f12
\fs20 Analiza general[ a evolu\\iei\par\pard\ql \li3202\sb10\sl-230\slmult0 \up0
\expndtw0\charscalex118 =i structurii activelor ]ntreprinderii\par\pard\qj \li2
862\ri71\sb6\sl-241\slmult0\fi340 \up0 \expndtw0\charscalex116 \ul0\nosupersub\c
f5\f6\fs20 Analiza activelor prevede examinarea \up0 \expndtw0\charscalex102
m[rimii, componen\\ei =i corela\\iei ]ntre diferite \up0 \expndtw0\charscalex114
elemente patrimoniale, aflate la dispozi\\ia \up0 \expndtw0\charscalex111 fi
rmei. \up0 \expndtw0\charscalex116 \}n vederea aprecierii situa\\iei patri-\par\
pard\qj \li2862\ri71\sb0\sl-242\slmult0 \up0 \expndtw0\charscalex107 moniale, ]n
primul r]nd, se urm[re=te evolu\\ia \line \up0 \expndtw0\charscalex114 mijloace
lor economice ]n dinamic[. Aceast[ \line \up0 \expndtw0\charscalex111 analiz[ p
oate fi efectuat[ at]t prin compararea \line \up0 \expndtw0\charscalex110 m[rimi
i absolute a activelor, c]t =i cu ajutorul \line \up0 \expndtw0\charscalex111 in
dicatorilor relativi (ritmul sau sporul cre=-\line \up0 \expndtw0\charscalex109
terii). De asemenea este ra\\ional[ compararea \line \up0 \expndtw0\charscalex1
07 evolu\\iei activelor cu dinamica v]nz[rilor nete. \line \up0 \expndtw0\charsc
alex104 Situa\\ia ]n care cre=terea veniturilor din v]nz[ri \line \up0 \expndtw0
\charscalex110 dep[=e=te cre=terea activelor se apreciaz[ ca \line \up0 \expndtw
0\charscalex115 pozitiv[.\par\pard\qj \li2862\ri71\sb2\sl-242\slmult0\fi340 \up0
\expndtw0\charscalex115 \}n continuare se efectueaz[ analiza mo-\line \up0 \exp
ndtw0\charscalex116 dific[rilor structurale ale patrimoniului prin \line \up0 \e
xpndtw0\charscalex118 calcularea ratelor de structur[ ale activelor. \line \up0
\expndtw0\charscalex106 Ace=ti indicatori cuprind urm[toarele rapoarte \line \up
0 \expndtw0\charscalex111 reciproc substituibile: rata imobilizarilor, rata \lin
e \up0 \expndtw0\charscalex113 activelor curente, corela\\ia ]ntre activele cu-\
line \up0 \expndtw0\charscalex112 rente =i imobiliz[ri. Rata imobiliz[rilor (ind
i-\line \up0 \expndtw0\charscalex109 catorul 4) reflect[ cota activelor imobiliz
ate ]n \line \up0 \expndtw0\charscalex111 suma total[ a patrimoniului ]ntreprind
erii. La \line \up0 \expndtw0\charscalex109 aprecierea acestuia este necesar s[
\\inem cont \line \up0 \expndtw0\charscalex116 de nivelul de ]nsu=ire a capacit
[\\ii de pro-\line \up0 \expndtw0\charscalex111 duc\\ie. \}n particular, cre=ter
ea ]n dinamic[ a \line \up0 \expndtw0\charscalex119 ratei imobiliz[rilor \up0 \e
xpndtw0\charscalex113 ]n condi\\iile unui grad\par\pard\ql \li2862\ri71\sb0\sl
-242\slmult0\tx3202\tx3202 \up0 \expndtw0\charscalex108 sc[zut de utilizare a ca
pacit[\\ilor de produc\\ie \line \up0 \expndtw0\charscalex116 existente reflect[
o compozi\\ie fragil[ a uti-\line \up0 \expndtw0\charscalex114 liz[rii patrimon
iului ]ntreprinderii. Ponderea \line \up0 \expndtw0\charscalex113 ridicat[ (mai
mare de dou[ treimi din activ) a \line \up0 \expndtw0\charscalex118 imobiliz[ril
or poate crea dificult[\\i privind \line \up0 \expndtw0\charscalex115 achitarea
datoriilor (obliga\\iilor) curente. \line\tab \up0 \expndtw0\charscalex116 Rata
activelor curente (indicatorul 5) se \line \up0 \expndtw0\charscalex108 afl[ ]n
dependen\\[ opus[ cu rata imobiliz[rilor. \line\tab \up0 \expndtw0\charscalex112
Modific[rile structurale ale partimoniului \line \up0 \expndtw0\charscalex119 ]
n favoarea activelor curente se explic[, de \line \up0 \expndtw0\charscalex112 o
bicei, prin dep[=irea ritmului cre=terii acti-\line \up0 \expndtw0\charscalex105
velor curente asupra ritmului cre=terii activelor \line \up0 \expndtw0\charscal
ex113 pe termen lung.\par\pard\qj \li2862\ri72\sb2\sl-241\slmult0\fi340 \up0 \ex

pndtw0\charscalex112 \}n loc de rata imobiliz[rilor sau rata acti-\line \up0 \ex
pndtw0\charscalex108 velor curente nota explicativ[ poate s[ con\\in[ \up0 \expn
dtw0\charscalex114 corela\\ia (raportul) ]ntre activele curente =i \up0 \expndtw
0\charscalex114 imobilizate (indicatorul 6).\par\pard\qj \li2862\ri71\sb0\sl-244
\slmult0\fi340 \up0 \expndtw0\charscalex117 Indicatorul nominalizat caracteriz
eaz[ \line \up0 \expndtw0\charscalex113 corela\\iile interne existente ]ntre ele
mentele \par\pard\qj\pvpg\phpg\posx2862\posy15339\absw2132 \ul0\nosupersub\cf2\f
3\fs15 4/1999
Contabilitate =i audit\par\pard\column \ql \li3660\sb379\sl-41
4\slmult0 \up0 \expndtw0\charscalex66 \ul0\nosupersub\cf1\f2\fs36 11\par\pard\qj
\li21\ri952\sb223\sl-241\slmult0 \up0 \expndtw0\charscalex112 \ul0\nosupersub\c
f5\f6\fs20 patrimoniului reflectate ]n activul bilan\\ului. \line \up0 \expndtw0
\charscalex111 Nivelul ridicat al acestui coeficient determin[ \line \up0 \expnd
tw0\charscalex105 tendin\\a spre accelerarea rota\\iei patrimoniului \line \up0
\expndtw0\charscalex105 ]ntreprinderii =i contribuie la eliberarea mijloa-\line
\up0 \expndtw0\charscalex108 celor b[ne=ti.\par\pard\qj \li21\ri952\sb6\sl-241\s
lmult0\fi340 \up0 \expndtw0\charscalex105 Pentru caracterizarea poten\\ialului p
roduc-\line \up0 \expndtw0\charscalex110 tiv al ]ntreprinderii ]n cadrul notei e
xplicative \up0 \expndtw0\charscalex120 se examineaz[ rata patrimoniului cu dest
i-\line \up0 \expndtw0\charscalex112 na\\ie de produc\\ie (indicatorul 7).\par\p
ard\qj \li21\ri952\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex119 Aceast[
rat[ reflect[ ponderea patrimo-\line \up0 \expndtw0\charscalex106 niului ]ntrep
rinderii care poate fi direct utilizat[ \line \up0 \expndtw0\charscalex111 pentr
u fabricarea produc\\iei, prestarea servi-\line \up0 \expndtw0\charscalex111 cii
lor, executarea lucr[rilor. Cre=terea acestui \line \up0 \expndtw0\charscalex111
indicator ]n dinamic[ se apreciaz[ ca pozitiv[, \line \up0 \expndtw0\charscalex
113 fiindc[ contribuie la sporirea volumului acti-\line \up0 \expndtw0\charscale
x115 vit[\\ii de produc\\ie. Situa\\ia patrimonial[ a \line \up0 \expndtw0\chars
calex115 ]ntreprinderii industriale cu rata redus[ a \line \up0 \expndtw0\c
harscalex114 poten\\ialului productiv (mai mic[ de 0,5) se \line \up0 \expndtw0\
charscalex112 consider[ periculoas[ cu consecin\\e negative \line \up0 \expndtw0
\charscalex111 ]n ce prive=te posibilit[\\ile de a dezvolta \line \up0 \ex
pndtw0\charscalex112 activitatea productiv[.\par\pard\qj \li21\ri953\sb0\sl-244\
slmult0\fi340 \up0 \expndtw0\charscalex106 Analiza general[ a structurii activel
or poate \line \up0 \expndtw0\charscalex101 fi \up0 \expndtw0\charscalex119 ]nch
eiat[ cu determinarea coeficientului\par\pard\qj \li21\ri956\sb0\sl-244\slmult0
\up0 \expndtw0\charscalex119 compozi\\iei tehnice a ]ntreprinderii (indi-\line \
up0 \expndtw0\charscalex111 catorul 8).\par\pard\qj \li21\ri954\sb0\sl-242\slmul
t0\fi340 \up0 \expndtw0\charscalex108 \}n condi\\iile crizei economice =i infla\
\iei \up0 \expndtw0\charscalex117 acest raport are o tendin\\[ negativ[ de des-\
line \up0 \expndtw0\charscalex111 cre=tere, condi\\ionat[ de un \up0 \expndtw0
\charscalex111 =ir de cauze:\par\pard\qj \li21\ri954\sb0\sl-243\slmult0 \up0 \e
xpndtw0\charscalex103 majorarea pre\\urilor pentru m[rfuri =i materiale \up0 \ex
pndtw0\charscalex115 stocate, plasarea mijloacelor libere pentru \up0 \expndt
w0\charscalex116 m[rirea fizic[ a stocurilor de m[rfuri =i ma-\line \up0 \expndt
w0\charscalex112 teriale \up0 \expndtw0\charscalex116 ]n calitate de protec\\ie
contra deva-\par\pard\qj \li21\ri952\sb0\sl-242\slmult0 \up0 \expndtw0\charscale
x104 loriz[rii banilor, majorarea stocurilor produc\\iei \up0 \expndtw0\charscal
ex119 finite din cauza reducerii cererii, sc[derea \up0 \expndtw0\charscalex11
7 gradului de re]nnoire a mijloacelor fixe din \up0 \expndtw0\charscalex109 cauz
a scumpirii lor =i lipsei surselor de finan-\line \up0 \expndtw0\charscalex108 \
\are. Tendin\\a de sc[dere a capacit[\\ii tehnice \up0 \expndtw0\charscalex112 ]
ncetine=te artificial prin reevaluarea mijloa-\line \up0 \expndtw0\charscalex116
celor fixe, dar aceasta nu favorizeaz[ gradul \up0 \expndtw0\charscalex114 real
al indicatorului ]n cauz[.\par\pard\ql \li7115\sb0\sl-230\slmult0 \par\pard\ql
\li361\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex118 \ul0\nosupersub\cf11\f12
\fs20 Analiza activelor pe termen lung\par\pard\ql \li21\ri953\sb1\sl-242\slmult
0\fi340\tx371 \up0 \expndtw0\charscalex107 \ul0\nosupersub\cf5\f6\fs20 \}n cadru
l analizei activelor pe termen lung \line \up0 \expndtw0\charscalex111 se examin
eaz[, ]n primul r]nd, evolu\\ia lor ]n \line \up0 \expndtw0\charscalex110 dinami
c[ =i modific[rile structurale. \}n conti-\line \up0 \expndtw0\charscalex113 nua

re nota explicativ[ poate fi completat[ cu \line \up0 \expndtw0\charscalex115 st
udierea mai aprofundat[ a principalelor \line \up0 \expndtw0\charscalex110 e
lemente din componen\\a imobiliz[rilor. \line\tab \up0 \expndtw0\charscalex114 P
onderea cea mai ridicat[ ]n totalul acti-\line \up0 \expndtw0\charscalex111 velo
r imobilizate o au mijloacele fixe. Pentru \line \up0 \expndtw0\charscalex106 ap
recierea mi=c[rii acestui element patrimonial \line \up0 \expndtw0\charscalex114
se determin[ coeficientul de re]nnoire (indi-\line \up0 \expndtw0\charscalex115
catorul 9), care reflect[ cota mijloacelor fixe \line \up0 \expndtw0\charscalex
114 noi intrate prin investi\\ii ]n valoarea total[ a \line \up0 \expndtw0\chars
calex108 mijloacelor fixe existente la sf]r=itul perioadei \line \up0 \expndtw0\
charscalex109 raportate.
}
}}
}
}}
}
}}
}
x81 \ul0\nosupersub\cf4\f5\fs36 Raportul financiar anual\par\pard\qj \li2972\sb0
\sl-249\slmult0 \par\pard\qj \li2972\ri72\sb7\sl-249\slmult0\fi340 \up0 \expndtw
0\charscalex110 \ul0\nosupersub\cf5\f6\fs20 La interpretarea acestui coeficient
]n nota \up0 \expndtw0\charscalex107 explicativ[ pot fi prezentate informa\\ii p
rivind \up0 \expndtw0\charscalex112 opera\\iile de procurare a mijloacelor fixe,
de \up0 \expndtw0\charscalex111 repara\\ii capitale, modernizare, reconstruc\\i
i \up0 \expndtw0\charscalex107 =i retehnologizare.\par\pard\qj \li2972\ri74\sb2\
sl-249\slmult0\fi340 \up0 \expndtw0\charscalex111 Un grad ]nsemnat de re]nno
ire a mij-\line \up0 \expndtw0\charscalex115 loacelor fixe, \up0 \expndtw0\ch
arscalex114 ]ndeosebi atunci c]nd acest\par\pard\ql \li2972\ri71\sb2\sl-249\s
lmult0\tx3313 \up0 \expndtw0\charscalex106 fenomen are loc la ma=inile de lucru
=i utilaje, \line \up0 \expndtw0\charscalex115 care particip[ la fabricarea prod
uselor, duce \line \up0 \expndtw0\charscalex116 la ]mbun[t[\\irea compozi\\iei t
ehnologice a \line \up0 \expndtw0\charscalex110 mijloacelor fixe (indicatorul 10
). Este evident \line \up0 \expndtw0\charscalex112 c[ cre=terea acestui coeficie
nt, numit de ase-\line \up0 \expndtw0\charscalex113 menea \u8220?ponderea mijlo
acelor fixe active ]n \line \up0 \expndtw0\charscalex111 totalul mijloacelor fi
xe\u8221?, influen\\eaz[ pozitiv \line \up0 \expndtw0\charscalex111 asupra randa
mentului mijloacelor fixe. \line\tab \up0 \expndtw0\charscalex113 La aprecierea
st[rii func\\ionale a mijloa-\line \up0 \expndtw0\charscalex110 celor fixe dispo
nibile se apeleaz[ la indicatorii \line \up0 \expndtw0\charscalex111 sintetici c
are s]nt reciproc substituibili: coefi-\line \up0 \expndtw0\charscalex121 cientu
l de uzur[ acumulat[ =i coeficientul \line \up0 \expndtw0\charscalex119 de utili
tate.\par\pard\qj \li2972\ri72\sb0\sl-250\slmult0\fi340 \up0 \expndtw0\charscale
x111 Primul coeficient (indicatorul 11) carac-\line \up0 \expndtw0\charscalex1
21 terizeaz[ nivelul de eliberare a mijloacelor \line \up0 \expndtw0\charscalex1
14 ]ntreprinderii imobilizate ]n mijloacele fixe. \line \up0 \expndtw0\charscal
ex117 Nivelul ridicat al coeficientului de uzur[ \line \up0 \expndtw0\chars
calex113 acumulat[ mare ]nseamn[ un proces de re]n-\line \up0 \expndtw0\charscal
ex114 noire lent, ce se reflect[ negativ ]n gradul de \line \up0 \expndtw0\chars
calex109 eficien\\[ a utiliz[rii mijloacelor fixe. Viceversa \line \up0 \expndtw
0\charscalex111 indicatorului examinat reprezint[ coeficientul \line \up0 \expnd
tw0\charscalex108 de utilitate (indicatorul 12). Cu c]t coeficientul \line \up0
\expndtw0\charscalex110 de utilitate este comparativ mai aproape de 1, \line \up
0 \expndtw0\charscalex113 cu at]t acesta reflect[ o stare func\\ional[ mai \line
\up0 \expndtw0\charscalex113 bun[ a mijloacelor fixe.\par\pard\qj \li2972\ri72\
sb0\sl-251\slmult0\fi340 \up0 \expndtw0\charscalex110 Pentru determinarea viteze
i de eliberare a \up0 \expndtw0\charscalex109 resurselor investite ]n mijloacele
fixe se calcu-\line \up0 \expndtw0\charscalex123 leaz[ norma medie de acumulare
a uzurii \line \up0 \expndtw0\charscalex111 (indicatorul 13).\par\pard\qj \li29
72\ri72\sb0\sl-249\slmult0\fi340 \up0 \expndtw0\charscalex115 Confruntarea indic
atorului ]n cauz[ cu \line \up0 \expndtw0\charscalex118 coeficientul de re]nno
ire a mijloacelor fixe \line \up0 \expndtw0\charscalex119 permite a trage conclu
zii privind utilizarea \line \up0 \expndtw0\charscalex108 dup[ destina\\ie a uzu
rii acumulate ]n perioada \line \up0 \expndtw0\charscalex109 raportat[. Dac[ pri
mul coeficient ]l dep[=e=te \line \up0 \expndtw0\charscalex117 pe cel de-al d
oilea, aceasta \up0 \expndtw0\charscalex121 ]nseamn[ c[\par\pard\qj \li2972\ri
72\sb0\sl-250\slmult0 \up0 \expndtw0\charscalex110 ]ntreprinderea a folosit o pa
rte din mijloacele \up0 \expndtw0\charscalex106 proprii destinate re]nnoirii pot
en\\ialului tehnic \up0 \expndtw0\charscalex120 ]n alte scopuri. O atare analiz[
prezint[ un \up0 \expndtw0\charscalex104 interes deosebit pentru creditorii fir
mei ]n cazul \up0 \expndtw0\charscalex113 solicit[rii unui credit pe termen lung
.\par\pard\qj \li2972\ri73\sb2\sl-249\slmult0\fi340 \up0 \expndtw0\charscalex116
\}n continuare ]n nota explicativ[ pot fi \line \up0 \expndtw0\charscalex114 c
aracterizate succint modific[rile intervenite \line \up0 \expndtw0\charscalex112
]n componen\\a activelor nemateriale, inves-\line \up0 \expndtw0\charscalex103
ti\\iilor financiare =i altor active pe termen lung.\par\pard\column \ql \li3645
\sb365\sl-414\slmult0 \up0 \expndtw0\charscalex74 \ul0\nosupersub\cf1\f2\fs36 12

\up0 \expndtw0\charscalex115 \ul0\nosupersub\cf11\f12\fs20 Analiza\par\pard\ql \
li361\sb20\sl-230\slmult0 \up0 \expndtw0\charscalex119 activelor curente\par\par
d\qj \li20\ri842\sb4\sl-249\slmult0\fi340 \up0 \expndtw0\charscalex114 \ul0\nosu
persub\cf5\f6\fs20 Analiza activelor curente cuprinde apre-\line \up0 \expndtw0\
charscalex108 cierea dinamicii lor ]n compara\\ie cu evolu\\ia \up0 \expndtw0\ch
arscalex116 cifrei de afaceri. Totodat[ se examineaz[ \up0 \expndtw0\charsc
alex109 modific[rile ]n structur[ din punctul de vedere \up0 \expndtw0\charscale
x116 al principalelor elemente componente ale \up0 \expndtw0\charscalex113 mi
jloacelor circulante. \up0 \expndtw0\charscalex112 \}n acest context se\par\p
ard\qj \li20\ri842\sb2\sl-249\slmult0 \up0 \expndtw0\charscalex112 determin[ rat
a stocurilor de m[rfuri =i mate-\line \up0 \expndtw0\charscalex114 riale (indica
torul 14).\par\pard\qj \li20\ri842\sb1\sl-250\slmult0\fi393 \up0 \expndtw0\chars
calex107 \}ntruc]t bunurile reflectate ]n num[r[torul \up0 \expndtw0\charscalex1
13 coeficientului reprezint[ partea mai pu\\in \up0 \expndtw0\charscalex110
mobil[ a mijloacelor circulante, nivelul ridicat \up0 \expndtw0\charscalex109 al
raportului ]n cauz[ =i cre=terea lui ]n dina-\line \up0 \expndtw0\charscalex116
mic[ pot s[ creeze probleme ]n finan\\area \up0 \expndtw0\charscalex113 activ
it[\\ii curente. \up0 \expndtw0\charscalex116 \}n cazul c]nd datele din\par\par
d\qj \li20\ri843\sb0\sl-249\slmult0 \up0 \expndtw0\charscalex117 bilan\\ul conta
bil denot[ sporirea cotei sto-\line \up0 \expndtw0\charscalex112 curilor de m[rf
uri =i materiale ]n suma total[ \up0 \expndtw0\charscalex109 a mijloacelor circu
lante, nota explicativ[ poate \up0 \expndtw0\charscalex119 s[ con\\in[ o analiz[
mai aprofundat[ a sto-\line \up0 \expndtw0\charscalex111 curilor \up0 \expndtw0
\charscalex118 =i anume: urm[rirea pe total =i pe\par\pard\qj \li20\ri842\sb0\s
l-250\slmult0 \up0 \expndtw0\charscalex112 categorii a stocurilor efective ]n c
ompara\\ie \up0 \expndtw0\charscalex111 cu cele optime sau medii; descrierea cau
zelor \up0 \expndtw0\charscalex114 care au provocat apari\\ia stocurilor efectiv
e \up0 \expndtw0\charscalex113 peste cele optime; examinarea evolu\\iei sto-\lin
e \up0 \expndtw0\charscalex106 curilor cu indicarea cotei stocurilor cu mi=care
\up0 \expndtw0\charscalex109 lent[ =i f[r[ mi=care.\par\pard\qj \li20\ri846\sb1\
sl-249\slmult0\fi340 \up0 \expndtw0\charscalex114 \}n continuare pentru aprecie
rea modi-\line \up0 \expndtw0\charscalex103 fic[rilor structurale ]n componen\\
a activelor cu-\line \up0 \expndtw0\charscalex113 rente se determin[ rata crean\
\elor (indicato-\line \up0 \expndtw0\charscalex111 rul 15).\par\pard\qj \li20\ri
842\sb1\sl-249\slmult0\fi340 \up0 \expndtw0\charscalex109 Cre=terea acestui indi
cator ]n dinamic[ se \line \up0 \expndtw0\charscalex114 consider[ periculoas[, m
ai ales, ]n condi\\iile \line \up0 \expndtw0\charscalex112 men\\inerii la acela=
i nivel sau reducerii v]n-\line \up0 \expndtw0\charscalex109 z[rilor nete. \}n a
ceast[ situa\\ie ]n cadrul notei \line \up0 \expndtw0\charscalex113 explicative
se efectueaz[ analiza mai detaliat[ \line \up0 \expndtw0\charscalex105 a crean\\
elor, care prevede urm[rirea crean\\elor \line \up0 \expndtw0\charscalex108 ]n f
unc\\ie de expirarea termenului de achitare \line \up0 \expndtw0\charscalex105 c
u stabilirea cotei crean\\elor neachitate la timp; \line \up0 \expndtw0\charscal
ex112 examinarea crean\\elor dup[ natura lor cu \line \up0 \expndtw0\charsc
alex110 indicarea cotei celor nenormale (toate decon-\line \up0 \expndtw0\charsc
alex120 t[rile cu termenul expirat, debitorii pentru \line \up0 \expndtw0\charsc
alex112 lipsuri de valori, furturi =i delapid[ri, clien\\ii \line \up0 \expndtw0
\charscalex108 din reclama\\ii, debitorii litigio=i etc.).\par\pard\ql \li7226\s
b0\sl-230\slmult0 \par\pard\ql \li361\sb36\sl-230\slmult0 \up0 \expndtw0\charsca
lex117 \ul0\nosupersub\cf11\f12\fs20 Analiza activelor nete\par\pard\ql \li361\s
b25\sl-230\slmult0 \up0 \expndtw0\charscalex122 (patrimoniului net)\par\pard\qj
\li20\ri842\sb6\sl-249\slmult0\fi340 \up0 \expndtw0\charscalex113 \ul0\nosupersu
b\cf5\f6\fs20 Caracterizarea situa\\iei patrimoniale ale \line \up0 \expndtw0\c
harscalex120 ]ntreprinderii nu este complet[ f[r[ analiza \line \up0 \expndtw0\c
harscalex115 activelor nete, care se determin[ ]n baza \line \up0 \expndtw
0\charscalex109 formulei: \par\pard\sect\sectd\sbknone \ql \li3121\sb0\sl-195\sl
mult0 \par\pard\ql\li3121\sb110\sl-195\slmult0 \up0 \expndtw0\charscalex108 \ul0
\nosupersub\cf21\f22\fs17 Active nete (patrimoniu net) Total active (valuta bila
n\\ului) - Total datorii pe termen lung =i scurt. \par\pard\qj\pvpg\phpg\posx298
6\posy15330\absw2132 \ul0\nosupersub\cf2\f3\fs15 4/1999

it
Contabilitate =i aud
}
}}
}
}}
}
}}
}
}}
}

sb6\sl-241\slmult0\fi340 \up0 \expndtw0\charscalex115 \ul0\nosupersub\cf5\f6\fs2
0 Indicatorul prezentat reflect[ m[rimea \line \up0 \expndtw0\charscalex115 p
atrimoniului care este format numai pe \line \up0 \expndtw0\charscalex114 s
eama surselor proprii =i nu este ]mpov[rat \line \up0 \expndtw0\charscalex109 cu
datorii. \}n practica mondial[ uneori pentru \line \up0 \expndtw0\charscalex115
determinarea patrimoniului net din compo-\line \up0 \expndtw0\charscalex108 nen
\\a activelor se exclud ]n prealabil bunurile \line \up0 \expndtw0\charscalex111
]nvechite, crean\\ele dubioase, activele nema-\line \up0 \expndtw0\charscalex11
1 teriale, fondul comercial (goodwill-ul) =i alte \line \up0 \expndtw0\charscale
x113 elemente patrimoniale care nu pot fi comer-\line \up0 \expndtw0\charscalex1
15 cializate \up0 \expndtw0\charscalex112 ]ntotdeauna ]n caz de necesitate.\
par\pard\qj \li2861\ri74\sb4\sl-242\slmult0 \up0 \expndtw0\charscalex114 Aceast[
modalitate permite a determina mai \line \up0 \expndtw0\charscalex117 exact m[r
imea patrimoniului net al ]ntrep-\line \up0 \expndtw0\charscalex113 rinderii.\p
ar\pard\qj \li2861\ri73\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex109 Pr
ezen\\a informa\\iei privind patrimoniul \line \up0 \expndtw0\charscalex111 net
]n nota explicativ[ este foarte important[, \line \up0 \expndtw0\charscalex109 d
eoarece indicatorul nominalizat se folose=te \line \up0 \expndtw0\charscalex107
la efectuarea multor opera\\iuni economice, de \line \up0 \expndtw0\charscalex11
2 exemplu:\par\pard\ql \li2972\sb6\sl-230\slmult0 \up0 \expndtw0\charscalex116 \
ul0\nosupersub\cf22\f23\fs14 z\ul0\nosupersub\cf5\f6\fs20
la evaluarea patr
imoniului \up0 \expndtw0\charscalex117 ]ntreprin-\par\pard\ql \li3202\sb15\sl-23
0\slmult0 \up0 \expndtw0\charscalex117 derii \up0 \expndtw0\charscalex114 ]n sc
opul ac\\ion[rii \up0 \expndtw0\charscalex111 =i privatiz[-\par\pard\qj \li320
2\ri74\sb1\sl-242\slmult0 \up0 \expndtw0\charscalex114 rii,v]nz[rii, gaj[rii ace
stuia, asigur[rii acti-\line \up0 \expndtw0\charscalex114 vit[\\ii economice, fo
nd[rii ]ntreprinderii \up0 \expndtw0\charscalex114 mixte etc.;\par\pard\ql \li29
72\sb8\sl-230\slmult0 \up0 \expndtw0\charscalex116 \ul0\nosupersub\cf22\f23\fs14
z\ul0\nosupersub\cf5\f6\fs20
la stabilirea pre\\ului de r[scump[rare a\par\p
ard\column \ql \li3627\sb379\sl-414\slmult0 \up0 \expndtw0\charscalex74 \ul0\nos
upersub\cf1\f2\fs36 13\par\pard\ql \li7115\sb0\sl-230\slmult0 \par\pard\ql \li36
1\sb3\sl-230\slmult0 \up0 \expndtw0\charscalex105 \ul0\nosupersub\cf5\f6\fs20 ac
\\iunilor \up0 \expndtw0\charscalex115 (cotelor-p[r\\i) de la ac\\ionari\par\par
d\ql \li361\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex107 (participan\\i);\pa
r\pard\qj \li131\ri954\sb0\sl-244\slmult0\tx371 \up0 \expndtw0\charscalex102 \ul
0\nosupersub\cf22\f23\fs14 z\ul0\nosupersub\cf5\f6\fs20
la stabilirea atracti
vit[\\ii ac\\iunilor (cotelor-\line \tab \up0 \expndtw0\charscalex110 p[r\\i) d
e c[tre ac\\ionarii \up0 \expndtw0\charscalex110 (participan\\ii)\par\pard\ql
\li361\sb6\sl-230\slmult0 \up0 \expndtw0\charscalex105 poten\\iali.\par\pard\qj
\li21\ri954\sb7\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex104 Evolu\\ia ]n d
inamic[ a activelor nete reflec-\line \up0 \expndtw0\charscalex104 tate ]n bilan
\\ul contabil contribuie la aprecierea \line \up0 \expndtw0\charscalex113 situa\
\iei financiare sub aspectul sporirii \up0 \expndtw-9\charscalex80 =i\par\par
d\ql \li21\sb8\sl-230\slmult0 \up0 \expndtw0\charscalex112 p[str[rii integrit[\\
ii patrimoniului.\par\pard\ql \li7115\sb0\sl-239\slmult0 \par\pard\ql \li361\ri1
0 Analiza activelor curente nete \line \up0 \expndtw0\charscalex122 (mijloacelor
circulante proprii)\par\pard\qj \li21\ri954\sb5\sl-241\slmult0\fi340 \up0 \expn
dtw0\charscalex114 \ul0\nosupersub\cf5\f6\fs20 O parte component[ a activelor ne
te ale \up0 \expndtw0\charscalex110 ]ntreprinderii reprezint[ activele curente n
ete. \up0 \expndtw0\charscalex109 Acest indicator este necesar pentru aprecierea
\up0 \expndtw0\charscalex115 situa\\iei financiare a firmei. \up0 \expndtw0\cha
rscalex107 \}n \\ara noastr[\par\pard\qj \li21\ri954\sb0\sl-243\slmult0 \up0 \e
xpndtw0\charscalex108 acesta este cunoscut sub denumirea de mijloa-\line \up0 \e
xpndtw0\charscalex112 ce circulante proprii. \}n practica mondial[ se \up0 \expn

dtw0\charscalex106 utilizeaz[ mai des no\\iunea de fond de rulment \up0 \expndtw
0\charscalex112 sau capital circulant net.\par\pard\qj \li21\ri954\sb0\sl-241\sl
mult0\fi340 \up0 \expndtw0\charscalex111 Capitalul circulant net reprezint[, pe
de o \line \up0 \expndtw0\charscalex110 parte, dep[=irea datoriilor pe termen sc
urt de \line \up0 \expndtw0\charscalex108 activele curente =i poate fi determina
t ]n felul \line \up0 \expndtw0\charscalex111 urm[tor: \par\pard\sect\sectd\sbkn
one \li2881\sb0\sl-195\slmult0\par\pard\li2881\sb114\sl-195\slmult0\fi1540 \up0
\expndtw0\charscalex117 \ul0\nosupersub\cf21\f22\fs17 Capital circulant net Acti
ve curente - Datorii pe termen scurt.\par\pard\sect\sectd\sbknone \li2881\sb0\sl
-230\slmult0\par\pard\li2881\sb66\sl-230\slmult0\fi336\tx7115 \up0 \expndtw0\cha
rscalex117 \ul0\nosupersub\cf5\f6\fs20 Pe de alt[ parte, capitalul circulan
t\tab \up0 \expndtw0\charscalex117 lor curente =i din acest punct de vedere\par
\pard\sect\sectd\sbknone \li2881\sb15\sl-230\slmult0\fi0\tx7115 \up0 \expndtw0\c
harscalex117 net reprezint[ o parte a capitalului per-\tab \up0 \expndtw0\charsc
alex117 modul de calcul poate fi prezentat prin\par\pard\sect\sectd\sbknone
\li2881\sb10\sl-230\slmult0\fi0\tx7115 \up0 \expndtw0\charscalex117 manent folo
sit[ pentru finan\\area active-\tab \up0 \expndtw0\charscalex117 formula:\par\pa
rd\sect\sectd\sbknone \li2881\sb183\sl-195\slmult0\fi681 \up0 \expndtw0\charscal
ex118 \ul0\nosupersub\cf21\f22\fs17 Capital circulant net Capital permanent (Cap
ital propriu Datorii pe termen lung) -\par\pard\ql \li5991\sb0\sl-189\slmult0 \u
p0 \expndtw0\charscalex108 - Active pe termen lung.\par\pard\sect\sectd\sbknone\
cols2\colno1\colw6956\colsr160\colno2\colw4984\colsr160\ql \li2861\sb0\sl-230\sl
mult0 \par\pard\ql \li3202\sb066\sl-230\slmult0 \up0 \expndtw0\charscalex113 \ul
0\nosupersub\cf5\f6\fs20 Este evident c[ rezultatele ob\\inute prin\par\pard\ql
\li2861\ri73\sb1\sl-242\slmult0\tx3202\tx2972\tx3202\tx3202 \up0 \expndtw0\chars
calex104 ambele modalit[\\i de calcul al mijloacelor circu-\line \up0 \expndtw0\
charscalex107 lante proprii trebuie s[ coincid[ complet. Orice \line \up0 \expnd
tw0\charscalex106 deviere este cauzat[ numai de gre=elile comise. \line\tab \up0
\expndtw0\charscalex112 La ]ntocmirea notei explicative m[rimea \line \up0 \ex
pndtw0\charscalex109 efectiv[ a capitalului circulant net se confrunt[ \line \up
0 \expndtw0\charscalex108 cu nivelul programat (normat, necesar, optim) \line \u
p0 \expndtw0\charscalex114 al acestui indicator determinat ]n cadrul ela-\line \
up0 \expndtw0\charscalex116 bor[rii planului de afaceri. Prin compararea \line \
up0 \expndtw0\charscalex116 celor dou[ categorii ale capitalului circulant \line
\up0 \expndtw0\charscalex114 net pot s[ rezulte diferite situa\\ii. O variant[
\line \up0 \expndtw0\charscalex112 optim[ se consider[ cazul c]nd valoarea efec\line \up0 \expndtw0\charscalex122 tiv[ a capitalului circulant net coincide cu
\line \up0 \expndtw0\charscalex117 valoarea programat[. Aceast[ situa\\ie ideal[
\line \up0 \expndtw0\charscalex108 se observ[ destul de rar ]n practica economi
c[. \line \up0 \expndtw0\charscalex111 Mai frecvente s]nt urm[toarele abateri: \
line\tab \up0 \expndtw0\charscalex110 \ul0\nosupersub\cf22\f23\fs14 z\ul0\nosupe
rsub\cf5\f6\fs20
excedentul de mijloace circulante proprii \line \tab \up0 \e
xpndtw0\charscalex107 ]n cazul c]nd suma lor dep[=e=te m[rimea \line \tab \up0 \
expndtw0\charscalex118 necesar[;\par\pard\ql \li2972\ri75\sb6\sl-239\slmult0\tx3
202\tx3202 \up0 \expndtw0\charscalex109 \ul0\nosupersub\cf22\f23\fs14 z\ul0\nosu
persub\cf5\f6\fs20
deficitul de mijloace circulante proprii ]n \line\tab \up0
\expndtw0\charscalex117 cazul c]nd suma lor este mai mic[ dec]t \line \tab \up0
\expndtw0\charscalex116 m[rimea necesar[. \par\pard\qj\pvpg\phpg\posx2862\posy1
Contabilitate =i audit\par\
pard\column \ql \li7116\sb0\sl-230\slmult0 \par\pard\ql \li360\sb126\sl-230\slmu
lt0 \up0 \expndtw0\charscalex105 \ul0\nosupersub\cf5\f6\fs20 Asupra situa\\iei f
inanciare a firmei influen-\par\pard\ql \li20\ri952\sb1\sl-241\slmult0\tx370 \up
0 \expndtw0\charscalex112 \\eaz[ negativ at]t deficitul, c]t =i excedentul \lin
e \up0 \expndtw0\charscalex113 de active curente nete. Deficitul poate s[
\line \up0 \expndtw0\charscalex106 condi\\ioneze sta\\ion[ri ]n procesul de prod
uc-\line \up0 \expndtw0\charscalex108 \\ie =i incapacitatea de plat[ a datoriilo
r. Exce-\line \up0 \expndtw0\charscalex112 dentul de capital circulant net duce
la ]nghe-\line \up0 \expndtw0\charscalex106 \\area mijloacelor circulante, sc[de
rea eficien\\ei \line \up0 \expndtw0\charscalex108 utiliz[rii lor =i mic=orarea
profitului posibil. \line\tab \up0 \expndtw0\charscalex114 \}n acest context not

a explicativ[ trebuie \line \up0 \expndtw0\charscalex107 s[ con\\in[ explicarea
factorilor care au influen-\line \up0 \expndtw0\charscalex107 \\at asupra m[rimi
i mijloacelor circulante prop-\line \up0 \expndtw0\charscalex109 rii. Analiza fa
ctorial[ este deosebit de necesar[ \line \up0 \expndtw0\charscalex109 atunci c]n
d mic=orarea activelor curente nete \line \up0 \expndtw0\charscalex105 cauzeaz[
formarea deficitului lor ]n compara\\ie \line \up0 \expndtw0\charscalex116 cu m[
rimea optim[. De exemplu, reducerea \line \up0 \expndtw0\charscalex118 capitalul
ui circulant net peste nivelul cerut \line \up0 \expndtw0\charscalex110 poate fi
explicat[ prin procurarea activelor pe \line \up0 \expndtw0\charscalex113 terme
n lung f[r[ acumularea prealabil[ a mij-\line \up0 \expndtw0\charscalex113 loace
lor necesare; retragerea (r[scump[rarea) \line \up0 \expndtw0\charscalex104 ac\\
iunilor sau cotelor-p[r\\i de la ac\\ionari (par-\line \up0 \expndtw0\charscalex
110 ticipan\\i); plata dividendelor ]n avans ]n con-\line \up0 \expndtw0\charsca
lex111 di\\iile lipsei de profit; rambursarea creditelor
}
}}
}
}}
}
}}
}

\sl-239\slmult0 \par\pard\qj \li2996\ri75\sb20\sl-239\slmult0 \up0 \expndtw0\cha
rscalex108 \ul0\nosupersub\cf5\f6\fs20 contractate peste nivelul de siguran\\[;
acumu-\line \up0 \expndtw0\charscalex112 larea rezultatelor financiare negative
(pierde-\line \up0 \expndtw0\charscalex111 rilor) etc.\par\pard\ql \li2996\sb0\s
121 \ul0\nosupersub\cf11\f12\fs20 Analiza general[ a structurii\par\pard\ql \li3
337\sb16\sl-230\slmult0 \up0 \expndtw0\charscalex118 surselor de finan\\are a ac
tivelor\par\pard\qj \li2996\ri72\sb1\sl-241\slmult0\fi340 \up0 \expndtw0\charsca
lex117 \ul0\nosupersub\cf5\f6\fs20 Analiza structurii surselor de formare a \lin
e \up0 \expndtw0\charscalex113 patrimoniului ]ntreprinderii se efectueaz[ ]n \l
ine \up0 \expndtw0\charscalex107 scopul aprecierii stabilit[\\ii financiare a ]n
trep-\line \up0 \expndtw0\charscalex122 rinderii sau, cu alte cuvinte, a gradulu
i de \line \up0 \expndtw0\charscalex104 dependen\\[ a firmei de sursele atrase =
i ]mpru-\line \up0 \expndtw0\charscalex109 mutate.\par\pard\qj \li2996\ri72\sb5\
sl-241\slmult0\fi340 \up0 \expndtw0\charscalex113 Analiza structurii surselor de
finan\\are a \line \up0 \expndtw0\charscalex112 activit[\\ii ]ntreprinderii se
efectueaz[ ]n baza \line \up0 \expndtw0\charscalex106 unui =ir de indicatori, ca
re ]n literatura special[ \line \up0 \expndtw0\charscalex114 se mai numesc coe
ficien\\i ai structurii ca-\par\pard\column \ql \li3616\sb365\sl-414\slmult0 \u
p0 \expndtw0\charscalex75 \ul0\nosupersub\cf1\f2\fs36 14\par\pard\qj \li20\ri821
\sb239\sl-239\slmult0 \up0 \expndtw0\charscalex116 \ul0\nosupersub\cf5\f6\fs20 p
italului, independen\\ei financiare, de aco-\line \up0 \expndtw0\charscalex115 p
erire, de solvabilitate, de \up0 \expndtw0\charscalex113 ]ndatorare sau\par\
pard\qj \li20\ri818\sb0\sl-242\slmult0 \up0 \expndtw0\charscalex120 coeficien\\i
ai capacit[\\ii de plat[. Pentru a \up0 \expndtw0\charscalex109 deosebi ace=ti
coeficien\\i de indicatorii lichi-\line \up0 \expndtw0\charscalex113 dit[\\ii t
rebuie s[ \up0 \expndtw0\charscalex115 \\inem cont de urm[torul\par\pard\qj \l
i20\ri818\sb6\sl-239\slmult0 \up0 \expndtw0\charscalex113 moment. Lichiditatea b
ilan\\ului contabil ca-\line \up0 \expndtw0\charscalex114 racterizeaz[ capacita
tea \up0 \expndtw0\charscalex116 ]ntreprinderii de a\par\pard\qj \li20\ri818\sb
6\sl-239\slmult0 \up0 \expndtw0\charscalex114 achita datoriile curente. Capacita
tea de plat[ \line \up0 \expndtw0\charscalex118 (solvabilitatea) reflect[ posibi
litatea \up0 \expndtw0\charscalex109 ]ntrep-\par\pard\ql \li20\ri818\sb0\sl-242\
slmult0\tx371 \up0 \expndtw0\charscalex117 rinderii de a achita toate datoriile:
at]t cele \line \up0 \expndtw0\charscalex110 curente, c]t =i cele pe termen lu
ng. \line\tab \up0 \expndtw0\charscalex108 Din punctul de vedere al tehnicii de
calcul \line \up0 \expndtw0\charscalex112 to\\i coeficien\\ii utiliza\\i la anal
iza general[ a \line \up0 \expndtw0\charscalex114 structurii surselor de finan\\
are se determin[ \line \up0 \expndtw0\charscalex108 ca raportul ]ntre diferite p
[r\\i componente ale \line \up0 \expndtw0\charscalex109 formulei: \par\pard\sect
\sectd\sbknone \ql \li4182\sb0\sl-195\slmult0 \par\pard\ql\li4182\sb48\sl-195\sl
mult0 \up0 \expndtw0\charscalex108 \ul0\nosupersub\cf21\f22\fs17 Activele ]ntrep
rinderii Surse de finan\\are a activelor Capital propriu \par\pard\ql \li5770\sb
6\sl-195\slmult0 \up0 \expndtw0\charscalex106 Datorii pe termen lung =i scurt.\p
ar\pard\sect\sectd\sbknone\cols2\colno1\colw7095\colsr160\colno2\colw4845\colsr1
60\ql \li3001\sb0\sl-230\slmult0 \par\pard\ql \li3342\sb124\sl-230\slmult0 \up0
\expndtw0\charscalex107 \ul0\nosupersub\cf5\f6\fs20 Unul dintre cei mai importan
\\i coeficien\\i\par\pard\ql \li3001\ri72\sb7\sl-258\slmult0\tx3342\tx3342 \up0
\expndtw0\charscalex115 ai structurii surselor de finan\\are reprezint[ \line \u
p0 \expndtw0\charscalex115 coeficientul de autonomie (indicatorul 18). \line\tab
\up0 \expndtw0\charscalex117 Coeficientul ]n cauz[ reflect[ ponderea \line \up
0 \expndtw0\charscalex117 patrimoniului format pe seama mijloacelor \line \up0 \
expndtw0\charscalex106 proprii ]n suma total[ a activelor ]ntreprinderii. \line\
tab \up0 \expndtw0\charscalex109 Acest indicator se interpreteaz[ prin apre-\lin
e \up0 \expndtw0\charscalex118 cierea modific[rilor lui \up0 \expndtw0\charscale

x113 ]n dinamic[ =i prin\par\pard\qj \li3001\ri72\sb0\sl-257\slmult0 \up0 \expn
dtw0\charscalex106 compararea cu nivelul teoretic recomandat. De \up0 \expndtw0\
charscalex114 exemplu, ]n sistemul bancar al Moldovei \up0 \expndtw0\charsc
alex109 pentru determinarea solvabilit[\\ii clien\\ilor se \up0 \expndtw0\charsc
alex114 utilizeaz[ actualmente nivelul recomandat al \up0 \expndtw0\charscalex10
9 coeficientului de autonomie ]n m[rime de 0,5. \up0 \expndtw0\charscalex112 \}n
acest caz jum[tate din patrimoniul ]ntrep-\line \up0 \expndtw0\charscalex118 ri
nderii, care este format din surse proprii, \up0 \expndtw0\charscalex103 serve=t
e drept garan\\ie pentru achitarea tuturor \up0 \expndtw0\charscalex110 datoriil
or fa\\[ de creditori.\par\pard\qj \li3001\ri73\sb0\sl-257\slmult0\fi340 \up0 \e
xpndtw0\charscalex118 \}n cadrul analizei structurii surselor de \line \up0 \exp
ndtw0\charscalex111 finan\\are a activelor ]n loc de coeficientul de \line \up0
\expndtw0\charscalex105 autonomie pot fi utiliza\\i urm[torii coeficien\\i: \lin
e \up0 \expndtw0\charscalex112 coeficientul de atragere a surselor ]mprumu-\line
\up0 \expndtw0\charscalex105 tate, coeficientul corela\\iei ]ntre sursele ]mpru
-\line \up0 \expndtw0\charscalex106 mutate =i proprii, rata solvabilit[\\ii gene
rale =i \line \up0 \expndtw0\charscalex117 gradul sau rata de acoperire a ca
pitalului \line \up0 \expndtw0\charscalex110 propriu.\par\pard\qj \li3001\ri72\s
b3\sl-257\slmult0\fi340 \up0 \expndtw0\charscalex115 Coeficientul de atragere a
surselor ]mp-\line \up0 \expndtw0\charscalex109 rumutate (indicatorul 19) caract
erizeaz[ struc-\line \up0 \expndtw0\charscalex102 tura surselor de finan\\are a
activelor din punctul \up0 \expndtw0\charscalex107 de vedere al cotei surselor ]
mprumutate.\par\pard\qj \li3001\ri73\sb1\sl-259\slmult0\fi393 \up0 \expndtw0\cha
rscalex108 Acest coeficient dimensioneaz[ nivelul de \up0 \expndtw0\charscalex10
9 ]ndatorare (solvabilitate) a ]ntreprinderii =i ]n \up0 \expndtw0\charscalex112
mod normal oscileaz[ ]n limitele 0-0,5.\par\pard\qj \li3001\ri73\sb0\sl-259\slm
ult0\fi340 \up0 \expndtw0\charscalex106 Coeficientul corela\\iei ]ntre sursele ]
mpru-\line \up0 \expndtw0\charscalex106 mutate =i proprii (indicatorul 20) refle
ct[ suma\par\pard\column \ql \li7255\sb0\sl-230\slmult0 \par\pard\ql \li20\sb124
\sl-230\slmult0 \up0 \expndtw0\charscalex121 mijloacelor atrase revenit[ la 1 l
eu capital\par\pard\ql \li20\sb29\sl-230\slmult0 \up0 \expndtw0\charscalex110 pr
opriu.\par\pard\qj \li20\ri813\sb8\sl-257\slmult0\fi340 \up0 \expndtw0\charscale
x107 Raportul nominalizat se mai nume=te rata \line \up0 \expndtw0\charscalex114
brut[ general[ de ]ndatorare. Cu c]t m[rimea \line \up0 \expndtw0\charscalex115
acestui coeficient este mai mare, cu at]t mai \line \up0 \expndtw0\charscalex11
8 riscant[ este situa\\ia financiar[ a \up0 \expndtw0\charscalex114 ]ntrep-\
par\pard\qj \li20\ri814\sb4\sl-257\slmult0 \up0 \expndtw0\charscalex110 rinderii
. Punctul critic la aprecierea coeficien-\line \up0 \expndtw0\charscalex113 tulu
i de corela\\ie este 1. Totodat[ firmele de \line \up0 \expndtw0\charscalex114 p
rest[ri servicii =i companiile financiare pot \line \up0 \expndtw0\charscalex115
s[ activeze =i cu nivelul supraunitar al aces-\line \up0 \expndtw0\charscalex11
3 tui coeficient.\par\pard\ql \li20\ri812\sb2\sl-257\slmult0\fi340\tx371\tx371 \
up0 \expndtw0\charscalex115 Pornind de la faptul c[ valuta bilan\\ului \line \up
0 \expndtw0\charscalex112 arat[, pe de o parte, suma total[ a surselor de \line
\up0 \expndtw0\charscalex119 finan\\are, iar, pe de alt[ parte, coincide cu \lin
e \up0 \expndtw0\charscalex119 suma total[ a activelor, rata solvabilit[\\ii
\line \up0 \expndtw0\charscalex117 generale (indicatorul 21) exprim[ gradul de \
line \up0 \expndtw0\charscalex112 acoperire a surselor ]mprumutate cu activele \
line \up0 \expndtw0\charscalex112 totale de care dispune ]ntreprinderea. \line\t
ab \up0 \expndtw0\charscalex107 \}nlocuind ]n raportul sus-nominalizat mij-\line
\up0 \expndtw0\charscalex113 loacele ]mprumutate cu valoarea capitalului \line
\up0 \expndtw0\charscalex114 propriu, ob\\inem rata general[ de acoperire \line
\up0 \expndtw0\charscalex117 a capitalului propriu (indicatorul 22). \line\tab
\up0 \expndtw0\charscalex115 Fiind calculat \up0 \expndtw0\charscalex118 ]n proc
ente, acest raport\par\pard\qj \li20\ri813\sb2\sl-257\slmult0 \up0 \expndtw0\cha
rscalex109 arat[ c[ la primele 100% activele ]ntreprinderii \line \up0 \expndtw0
\charscalex117 se finan\\eaz[ pe seama surselor proprii, iar \line \up0 \expndtw
0\charscalex110 la celelalte - prin atragerea mijloacelor ]mpru-\line \up0 \expn
dtw0\charscalex107 mutate. Sporirea acestui coeficient peste 200% \line \up0 \ex
pndtw0\charscalex109 reflect[ situa\\ia dificil[ a ]ntreprinderii privind \line

\up0 \expndtw0\charscalex110 independen\\a financiar[. Gradul de acoperire \line
\up0 \expndtw0\charscalex117 a capitalului propriu se utilizeaz[ des \up0
\expndtw0\charscalex106 ]n\par\pard\qj \li20\ri818\sb1\sl-259\slmult0 \up0 \expn
dtw0\charscalex108 cadrul analizei factoriale a rentabilit[\\ii ]ntrep-\line \up
0 \expndtw0\charscalex113 rinderii.\par\pard\qj \li20\ri813\sb0\sl-259\slmult0\f
i340 \up0 \expndtw0\charscalex111 Este de men\\ionat c[ utilizarea simultan[ \li
ne \up0 \expndtw0\charscalex103 a coeficien\\ilor nominaliza\\i la analiza struc
turii \par\pard\qj\pvpg\phpg\posx2986\posy15330\absw2132 \ul0\nosupersub\cf2\f3\
fs15 4/1999
}
}}
}
}}
}
}}
}
}}
}
sb6\sl-241\slmult0 \up0 \expndtw0\charscalex106 \ul0\nosupersub\cf5\f6\fs20 surs
elor de finan\\are nu se consider[ ra\\ional[. \up0 \expndtw0\charscalex111 Este
evident c[, ]ntocmind nota explicativ[ la \up0 \expndtw0\charscalex115 rapoarte
le financiare, va fi suficient s[ se \up0 \expndtw0\charscalex109 determine
=i s[ se interpreteze unul dintre cei \up0 \expndtw0\charscalex107 cinci coefic
ien\\i examina\\i.\par\pard\ql \li2861\sb0\sl-230\slmult0 \par\pard\ql \li3202\s
b00\sl-230\slmult0 \up0 \expndtw0\charscalex119 \ul0\nosupersub\cf11\f12\fs20 An
aliza capitalului propriu\par\pard\qj \li2862\ri71\sb6\sl-241\slmult0\fi340 \up0
\expndtw0\charscalex105 \ul0\nosupersub\cf5\f6\fs20 Pentru majoritatea agen\\il
or economici ca-\line \up0 \expndtw0\charscalex110 pitalul propriu constituie o
surs[ de finan\\are \line \up0 \expndtw0\charscalex104 de prim[ importan\\[. Nu
este ]nt]mpl[tor faptul \line \up0 \expndtw0\charscalex106 c[ m[rimea, structura
=i modific[rile capitalului \line \up0 \expndtw0\charscalex116 propriu prezint[
un interes deosebit pentru \line \up0 \expndtw0\charscalex115 toate grupele d
e utilizatori ai rapoartelor \line \up0 \expndtw0\charscalex109 financiare.\p
ar\pard\qj \li2862\ri71\sb0\sl-244\slmult0\fi340 \up0 \expndtw0\charscalex108 \}
n contextul ]ntocmirii notei explicative la \up0 \expndtw0\charscalex115 rapoart
ele financiare, \up0 \expndtw0\charscalex111 ]n primul r]nd, este\par\pard\q
l \li2862\ri71\sb0\sl-242\slmult0\tx3202 \up0 \expndtw0\charscalex113 rezonabil
de analizat dinamica =i structura \line \up0 \expndtw0\charscalex108 capitalul
ui propriu. La aceast[ etap[ se studiaz[ \line \up0 \expndtw0\charscalex106 ]n c
ompara\\ie cu perioada precedent[ m[rimea \line \up0 \expndtw0\charscalex115 =i
cota urm[toarelor p[r\\i componente ale \line \up0 \expndtw0\charscalex118 aces
tuia: capitalul statutar, suplimentar, de \line \up0 \expndtw0\charscalex112 rez
erv[, secundar, profitul nerepartizat. \line\tab \up0 \expndtw0\charscalex110 \}
n continuare, \\in]nd cont de cerin\\ele \line \up0 \expndtw0\charscalex106 l
egisla\\iei privind m[rimea minim[ a capitalului \line \up0 \expndtw0\charscalex
105 statutar, ]n procesul ]ntocmirii notei explicative \line \up0 \expndtw0\char
scalex109 se determin[ suficien\\a capitalului statutar. \}n \line \up0 \expndtw
0\charscalex125 afar[ de aceasta, se explic[ cauzele, ce au \line \up0 \expndtw0
\charscalex108 condi\\ionat modificarea capitalului statutar ]n \line \up0 \expn
dtw0\charscalex106 anul raportat: majorarea sau mic=orarea valorii \line \up0 \e
xpndtw0\charscalex112 nominale a ac\\iunilor plasate (valorii cotelor \line \up0
\expndtw0\charscalex113 de participa\\ie), plasarea ac\\iunilor din emi-\line \
up0 \expndtw0\charscalex112 siuni suplimentare (cre=terea num[rului par-\line \u
p0 \expndtw0\charscalex116 ticipan\\ilor), r[scump[rarea ac\\iunilor de la \line
\up0 \expndtw0\charscalex105 ac\\ionari (retragerea cotelor participan\\ilor) c
u \line \up0 \expndtw0\charscalex114 anularea ulterioar[ a acestora etc.\par\par
d\ql \li3202\sb3\sl-230\slmult0 \up0 \expndtw0\charscalex114 M[rimea capitalulu
i statutar indicat \up0 \expndtw0\charscalex106 ]n\par\pard\qj \li2862\ri71\sb
6\sl-241\slmult0 \up0 \expndtw0\charscalex111 documentele de constituire =i ]n
rapoartele \up0 \expndtw0\charscalex109 financiare ale ]ntreprinderii nu coinci
de ]ntot-\line \up0 \expndtw0\charscalex107 deauna cu suma mijloacelor depuse ]n
realitate \up0 \expndtw0\charscalex112 de c[tre participan\\i \up0 \expndtw0\
charscalex112 (ac\\ionari) pe seama\par\pard\qj \li2861\ri72\sb0\sl-243\slmult
0\fi0 \up0 \expndtw0\charscalex112 achit[rii capitalului statutar. De aceea ]n n
ota \line \up0 \expndtw0\charscalex121 explicativ[ se analizeaz[ nivelul sau gra

dul \line \up0 \expndtw0\charscalex114 de achitare a capitalului statutar (indic
atorul \line \up0 \expndtw0\charscalex111 23).\par\pard\qj \li2861\ri73\sb0\sl-2
42\slmult0\fi340 \up0 \expndtw0\charscalex114 Determinarea indicatorului ]n cauz
[ este \line \up0 \expndtw0\charscalex111 deosebit de important[ pentru ]ntrepri
nderile \line \up0 \expndtw0\charscalex116 noi, care func\\ioneaz[ mai pu\\in de
un an. \line \up0 \expndtw0\charscalex114 \}n cazul nivelului subunitar al
raportului \line \up0 \expndtw0\charscalex116 nominalizat ]n nota explicativ[ t
rebuie s[ se \line \up0 \expndtw0\charscalex115 indice fondatorii cu cele mai
mari datorii \line \up0 \expndtw0\charscalex105 privind achitarea cotelor de p
articipa\\ie (ac\\iu-\line \up0 \expndtw0\charscalex114 nilor).\par\pard\qj \li2
861\ri75\sb0\sl-243\slmult0\fi340 \up0 \expndtw0\charscalex109 Asupra m[rimii re
ale a capitalului statutar, \line \up0 \expndtw0\charscalex120 ]n afar[ de nivel
ul de achitare, influen\\ea-\line \up0 \expndtw0\charscalex117 z[ de asemenea gr
adul de retragere (indica-\line \up0 \expndtw0\charscalex111 torul 24). \par\par
d\qj\pvpg\phpg\posx2862\posy15339\absw2132 \ul0\nosupersub\cf2\f3\fs15 4/1999
Contabilitate =i audit\par\pard\column \ql \li3627\sb379\sl-414\slmult0 \up0 \
expndtw0\charscalex74 \ul0\nosupersub\cf1\f2\fs36 15\par\pard\qj \li20\ri955\sb2
25\sl-239\slmult0\fi340 \up0 \expndtw0\charscalex106 \ul0\nosupersub\cf5\f6\fs20
Nivelul ridicat al coeficientului nominalizat \up0 \expndtw0\charscalex113 poat
e cauza dificult[\\i ]n privin\\a finan\\[rii \up0 \expndtw0\charscalex109 acti
vit[\\ii ]ntreprinderii.\par\pard\ql \li20\ri953\sb4\sl-242\slmult0\fi340\tx371\
tx371 \up0 \expndtw0\charscalex116 Nota explicativ[ la rapoartele financiare \li
ne \up0 \expndtw0\charscalex114 ale societ[\\ilor pe ac\\iuni trebuie s[ con\\in
[ \line \up0 \expndtw0\charscalex114 compararea m[rimii capitalului statitar
cu \line \up0 \expndtw0\charscalex109 valoarea activelor nete (patrimoniului ne
t). \}n \line \up0 \expndtw0\charscalex115 acest scop se determin[ corela\\ia ]n
tre acti-\line \up0 \expndtw0\charscalex109 vele nete =i capitalul statutar (ind
icatorul 25). \line\tab \up0 \expndtw0\charscalex116 Necesitatea acestei compar[
ri reiese din \line \up0 \expndtw0\charscalex107 urm[toarea condi\\ie a legisla\
\iei privind socie-\line \up0 \expndtw0\charscalex117 t[\\ile pe ac\\iuni: valoa
rea activelor nete nu \line \up0 \expndtw0\charscalex118 poate fi mai mic[ dec]t
m[rimea capitalului \line \up0 \expndtw0\charscalex111 social (statutar). Dac[
restric\\ia nominalizat[ \line \up0 \expndtw0\charscalex116 nu se respect[ (c
oeficientul ]n cauz[ este \line \up0 \expndtw0\charscalex118 subunitar), soci
etatea nu are dreptul s[ pl[-\line \up0 \expndtw0\charscalex109 teasc[ dividende
, s[ m[reasc[ capitalul statutar. \line \up0 \expndtw0\charscalex115 Adunarea an
ual[ a ac\\ionarilor este obligat[ \line \up0 \expndtw0\charscalex111 s[ ia deci
zia cu privire la reducerea capitalului \line \up0 \expndtw0\charscalex118 statu
tar sau la depunerea aporturilor supli-\line \up0 \expndtw0\charscalex113 mentar
e de c[tre ac\\ionari la majorarea acti-\line \up0 \expndtw0\charscalex114 velor
nete sau la lichidarea societ[\\ii. \}n caz \line \up0 \expndtw0\charscalex110
contrar, lichidarea societ[\\ii poate fi efectuat[ \line \up0 \expndtw0\charscal
ex113 potrivit hot[r]rii instan\\ei judec[tore=ti la \line \up0 \expndtw0\ch
arscalex112 adresarea oric[rui ac\\ionar sau a Comisiei de \line \up0 \expndtw0\
charscalex107 Stat pentru Pia\\a H]rtiilor de Valoare. \line\tab \up0 \expndtw0\
charscalex105 \}n cadrul analizei surselor proprii de finan-\line \up0 \expndtw0
\charscalex111 \\are este util s[ fie determinat[ capacitatea de \line \up0 \exp
ndtw0\charscalex104 manevrare a capitalului propriu (indicatorul 26).\par\pard\q
j \li20\ri953\sb4\sl-241\slmult0\fi407 \up0 \expndtw0\charscalex111 Acest coefic
ient reflect[ cota mijloacelor \line \up0 \expndtw0\charscalex110 proprii, care
nu s]nt imobilizate ]n activele pe \line \up0 \expndtw0\charscalex113 termen lun
g =i se afl[ ]n circuitul economic \line \up0 \expndtw0\charscalex110 sub forma
care permite manevrarea mai mult \line \up0 \expndtw0\charscalex110 sau mai pu\
\in liber[ cu mijloacele proprii. Cu \line \up0 \expndtw0\charscalex116 alte cuv
inte, capacitatea de manevrare arat[ \line \up0 \expndtw0\charscalex117 partea c
apitalului propriu ce se utilizeaz[ \line \up0 \expndtw0\charscalex113 pentr
u finan\\area activit[\\ii curente, adic[ \line \up0 \expndtw0\charscalex111
partea depus[ ]n activele curente. Ca rezultat, \line \up0 \expndtw0\charscalex
114 dup[ nivelul coeficientului ]n cauz[ se deter-\line \up0 \expndtw0\charscale
x117 min[ gradul de mobilitate sau flexibilitate a \line \up0 \expndtw0\charscal

ex106 utiliz[rii mijloacelor proprii. Este de men\\ionat \line \up0 \expndtw0\ch
arscalex115 faptul c[ nu exist[ careva normative teoretic \line \up0 \expndtw0\c
harscalex113 ]ntemeiate privind capacitatea de manevrare \line \up0 \expndtw0\ch
arscalex115 a capitalului propriu. Acest coeficient se \line \up0 \expndtw0
\charscalex110 apreciaz[, pornind de la experien\\a ]ntreprin-\line \up0 \expndt
w0\charscalex108 derii sau a altor ]ntreprinderi cu acela=i profil.\par\pard\ql
\li7115\sb0\sl-230\slmult0 \par\pard\ql \li361\sb24\sl-230\slmult0 \up0 \expndtw
0\charscalex118 \ul0\nosupersub\cf11\f12\fs20 Analiza datoriilor\par\pard\ql \li
21\ri954\sb7\sl-242\slmult0\fi340\tx371 \up0 \expndtw0\charscalex110 \ul0\nosupe
rsub\cf5\f6\fs20 \}n procesul desf[=ur[rii activit[\\ii ]ntrep-\line \up0 \expnd
tw0\charscalex109 rinderii pentru asigurarea continuit[\\ii econo-\line \up0 \ex
pndtw0\charscalex110 mico-financiare se ob\\in mijloace de la b[nci, \up0 \expnd
tw0\charscalex112 de la alte persoane juridice sau fizice, ceea ce \up0 \expndtw
0\charscalex109 impune =i analiza surselor ]mprumutate. \line\tab \up0 \expndtw0
\charscalex103 La ]ntocmirea notei explicative este ra\\ional \line \up0 \expndt
w0\charscalex110 de efectuat, ]n primul r]nd, analiza structural[ \up0 \expndtw0
\charscalex114 a mijloacelor \up0 \expndtw0\charscalex111 ]mprumutate. \}n ac
est scop
}
}}
}
}}
}
}}

}
\sl-241\slmult0 \par\pard\qj \li3001\ri71\sb00\sl-241\slmult0 \up0 \expndtw0\cha
rscalex117 \ul0\nosupersub\cf5\f6\fs20 sursele ]mprumutate se grupeaz[ dup[ ter
-\line \up0 \expndtw0\charscalex113 menul de atragere (lung =i scurt). La aceast
[ \up0 \expndtw0\charscalex109 etap[ de analiz[ ]n dinamic[ poate fi examinat[ \
up0 \expndtw0\charscalex123 rata de atragere pe termen lung a mijloa-\line \up0
\expndtw0\charscalex115 celor ]mprumutate (indicatorul 27).\par\pard\qj \li3001\
ri72\sb6\sl-241\slmult0\fi340 \up0 \expndtw0\charscalex113 Acest raport permit
e a se stabili cota \line \up0 \expndtw0\charscalex108 ]mprumuturilor pe ter
men lung ]n suma total[ \line \up0 \expndtw0\charscalex103 a datoriilor ]ntrepri
nderii. Cre=terea ]n dinamic[ \line \up0 \expndtw0\charscalex117 a acestui coefi
cient contribuie la majorarea \line \up0 \expndtw0\charscalex113 capitalului per
manent. \}n mod similar poate \line \up0 \expndtw0\charscalex118 fi determinat[
\up0 \expndtw0\charscalex102 =i cota \up0 \expndtw0\charscalex114 ]mprumuturil
or pe\par\pard\ql \li3001\ri72\sb0\sl-242\slmult0\tx3342 \up0 \expndtw0\charsca
lex111 termen scurt ]n suma total[ a datoriilor. \line\tab \up0 \expndtw0\charsc
alex114 O mare ]nsemn[tate pentru stabilitatea \line \up0 \expndtw0\charscalex
118 financiar[ a \up0 \expndtw0\charscalex114 ]ntreprinderii o are structura
\par\pard\ql \li3001\ri71\sb0\sl-242\slmult0\tx3342 \up0 \expndtw0\charscalex111
surselor ]mprumutate dup[ provenien\\[ (cre-\line \up0 \expndtw0\charscalex109
dite bancare, alte ]mprumuturi, datorii fa\\[ de \line \up0 \expndtw0\charscalex
108 furnizori, privind retribuirea muncii, decont[ri \line \up0 \expndtw0\charsc
alex122 cu bugetul etc.) Din punctul de vedere al \line \up0 \expndtw0\charscale
x111 riscului de a nimeri sub influen\\a extern[ sau \line \up0 \expndtw0\charsc
alex113 riscului de faliment cele mai periculoase s]nt \line \up0 \expndtw0\char
scalex113 datoriile fa\\[ de b[ncile comerciale =i buget. \line \up0 \expndtw0\c
harscalex118 De aceea ]n nota explicativ[ se examineaz[ \line \up0 \expndtw0\cha
rscalex110 cu o aten\\ie deosebit[, de exemplu, ponderea \line \up0 \expndtw0\ch
arscalex113 creditelor bancare ]n suma total[ a datoriilor \line \up0 \expndtw0\
charscalex114 ]ntreprinderii. Pentru utilizatorii rapoartelor \line \up0 \expndt
w0\charscalex105 financiare ar fi util[ informa\\ia privind contrac-\line \up0 \
expndtw0\charscalex114 tele de creditare noi ]ncheiate cu b[ncile \line \u
p0 \expndtw0\charscalex112 comerciale ]n perioada raportat[, mai ales, ]n \line
\up0 \expndtw0\charscalex110 cazul c]nd cota creditelor cre=te ]n dinamic[. \lin
e\tab \up0 \expndtw0\charscalex109 Nota explicativ[ trebuie s[ con\\in[ analiza
\line \up0 \expndtw0\charscalex109 coeficien\\ilor nivelului de ]ndatorare. Ace
=ti \line \up0 \expndtw0\charscalex120 indicatori se calculeaz[ cu ajutorul date
lor \line \up0 \expndtw0\charscalex115 privind mijloacele str[ine, pe de o parte
, =i \line \up0 \expndtw0\charscalex116 capitalul propriu al ]ntreprinderii, pe
de alt[ \line \up0 \expndtw0\charscalex112 parte. \}n func\\ie de p[r\\ile com
ponente ale \line \up0 \expndtw0\charscalex112 formulei de calcul poate fi deter
minat gradul \line \up0 \expndtw0\charscalex119 sau rata de ]ndatorare pe termen
lung fa\\[ \line \up0 \expndtw0\charscalex114 de capitalul statutar, propriu sa
u permanent \line \up0 \expndtw0\charscalex108 (indicatorii 28, 29 =i 30).\par\p
ard\qj \li3001\ri71\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex118 Cu c]t
aceste rate s]nt mai mari, cu at]t \line \up0 \expndtw0\charscalex117 mai ]nal
t se consider[ riscul poten\\ial de a \line \up0 \expndtw0\charscalex112 nimeri
sub o influen\\[ extern[, care nu poate \line \up0 \expndtw0\charscalex117 fi co
ntrolat[ de c[tre conducerea firmei sau \line \up0 \expndtw0\charscalex111 propr
ietarii ei. Spre deosebire de coeficien\\ii \line \up0 \expndtw0\charscalex112 s
tructurii generale a surselor de finan\\are \line \up0 \expndtw0\charscalex
112 nivelul necesar (solicitat sau optim) al ratelor \line \up0 \expndtw0\charsc
alex112 de ]ndatorare nu poate fi stabilit ]n mod cert \line \up0 \expndtw0\char
scalex114 =i concret. De aceea aprecierea ratelor de \line \up0 \expndtw0\cha
rscalex114 ]ndatorare se efectueaz[ prin compara\\ii ]n \line \up0 \expndtw0\ch
arscalex116 dinamic[. \}n practica mondial[ se consider[ \line \up0 \expndtw0\ch
arscalex116 convenabil nivelul ratelor de ]ndatorare de \line \up0 \expndtw0\ch
arscalex110 circa 30%. La dep[=irea acestui nivel de sigu-\line \up0 \expndtw0\c
harscalex117 ran\\[ atragerea suplimentar[ a mijloacelor \line \up0 \expndtw0\
charscalex111 ]mprumutate trebuie s[ fie oprit[. Finan\\area \line \up0 \expndtw
0\charscalex113 suplimentar[ a activit[\\ii ]ntreprinderii poate \line \up0 \exp
ndtw0\charscalex112 fi efectuat[ pe seama surselor proprii (emisia \par\pard\qj\
pvpg\phpg\posx2986\posy15330\absw2132 \ul0\nosupersub\cf2\f3\fs15 4/1999
Con
tabilitate =i audit\par\pard\column \ql \li3616\sb365\sl-414\slmult0 \up0 \expnd
tw0\charscalex74 \ul0\nosupersub\cf1\f2\fs36 16\par\pard\qj \li20\ri817\sb239\sl
-239\slmult0 \up0 \expndtw0\charscalex109 \ul0\nosupersub\cf5\f6\fs20 ac\\iunilo
r, aporturi suplimentare ale fondato-\line \up0 \expndtw0\charscalex112 rilor et
c.).\par\pard\qj \li20\ri813\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex1
18 \}n contextul preg[tirii notei explicative \line \up0 \expndtw0\charscalex114
ratele de ]ndatorare pot fi ]nlocuite prin co-\line \up0 \expndtw0\charscalex11
6 eficien\\ii de acoperire a ]mprumuturilor cu \line \up0 \expndtw0\charscalex11
0 capitalul ]ntreprinderii. Dup[ con\\inutul eco-\line \up0 \expndtw0\charscalex
109 nomic =i modul de calculare ace=ti indicatori \line \up0 \expndtw0\charscale
x110 reprezint[ viceversa rapoartelor de ]ndatorare \line \up0 \expndtw0\charsca
lex111 (indicatorii 31, 32).\par\pard\ql \li20\ri813\sb0\sl-242\slmult0\fi340\tx
370\tx370 \up0 \expndtw0\charscalex103 Indicatorii nominaliza\\i caracterizeaz[
capa-\line \up0 \expndtw0\charscalex104 citatea firmei de a contracta ]n caz de
necesitate \line \up0 \expndtw0\charscalex106 noi ]mprumuturi, asigur]nd totodat
[ un anumit \line \up0 \expndtw0\charscalex100 nivel de garan\\ii pentru credito
ri cu privire la po-\line \up0 \expndtw-2\charscalex100 sibilitatea recuper[rii
sumelor ]mprumutate. Pentru \line \up0 \expndtw0\charscalex110 acelea=i scopuri
servesc coeficientul de auto-\line \up0 \expndtw0\charscalex110 finan\\are a cap
italului permanent =i rata sol-\line \up0 \expndtw0\charscalex104 vabilit[\\ii p
atrimoniale (indicatorii 33 =i 34). Ca \line \up0 \expndtw-1\charscalex100 =i al
\\i coeficien\\i financiari aceste rapoarte au ]n-\line \up0 \expndtw0\charscale
x105 semn[tate analitic[ prin compara\\ie ]n dinamic[ \line \up0 \expndtw-4\char
scalex100 =i suscit[ un interes deosebit din partea creditorilor. \line\tab \up0
\expndtw0\charscalex106 Atragerea ]mprumuturilor presupune efec-\line \up0 \exp
ndtw0\charscalex110 tuarea cheltuielilor legate de deservirea surse-\line \up0 \
expndtw0\charscalex112 lor externe. \}n leg[tur[ cu aceasta ]n nota ex-\line \up
0 \expndtw0\charscalex111 plicativ[ poate fi efectuat[ aprecierea costului \line
\up0 \expndtw0\charscalex105 mijloacelor ]mprumutate cu ajutorul ratei medii \l
ine \up0 \expndtw0\charscalex113 a cheltuielilor de ]mprumut (indicatorul 35). \
line\tab \up0 \expndtw0\charscalex115 Aceast[ rat[ arat[, c]t de costisitoare es
te \line \up0 \expndtw0\charscalex108 pentru ]ntreprindere atragerea surselor ]m
pru-\line \up0 \expndtw0\charscalex120 mutate. Dup[ cum se observ[ din formula \
line \up0 \expndtw0\charscalex116 prezentat[ ]n tabelul 1, rata cheltuielilor d
e \line \up0 \expndtw0\charscalex115 ]mprumut se determin[ pentru o anumit[
\line \up0 \expndtw0\charscalex118 perioad[ de timp (an, trimestru). De aceea \
line \up0 \expndtw0\charscalex104 datoriile pe termen lung =i scurt se iau ]n ca
lcul \line \up0 \expndtw0\charscalex111 nu la o dat[ concret[ (sf]r=itul perioad
ei), dar \line \up0 \expndtw0\charscalex113 la valoarea medie.\par\pard\qj \li20
\ri813\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex115 Pentru aprecierea c
apacit[\\ii firmei de a \up0 \expndtw0\charscalex112 suporta cheltuielile privin
d ]mprumuturile se \up0 \expndtw0\charscalex108 utilizeaz[ un indicator cu semni
fica\\ie practic[ \up0 \expndtw0\charscalex122 numit capacitatea de acoperire a
dob]nzii \up0 \expndtw0\charscalex111 (indicatorul 36).\par\pard\qj \li20\ri813\
sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex115 Raportul ]n cauz[ caracte
rizeaz[ nivelul \line \up0 \expndtw0\charscalex116 de protec\\ie a creditorilor
de posibilitatea \line \up0 \expndtw0\charscalex111 neachit[rii dob]nzii pentr
u creditele acordate. \line \up0 \expndtw0\charscalex110 Din punct de vedere pra
ctic acesta reflect[ de \line \up0 \expndtw0\charscalex110 c]te ori ]ntreprinder

ea a c]=tigat pe parcursul \line \up0 \expndtw0\charscalex113 perioadei mijloace
necesare pentru achitarea \line \up0 \expndtw0\charscalex114 dob]nzii. Este e
vident c[ \up0 \expndtw0\charscalex112 ]n mod normal\par\pard\qj \li20\ri814\
sb0\sl-246\slmult0 \up0 \expndtw0\charscalex112 capacitatea de acoperire a dob]n
zii trebuie s[ \up0 \expndtw0\charscalex114 fie supraunitar[.\par\pard\qj \li20\
ri813\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex114 Nivelul critic de ap
reciere a acestui indi-\line \up0 \expndtw0\charscalex109 cator este 1. O m[rime
subunitar[ a capacit[\\ii \up0 \expndtw0\charscalex106 de acoperire a creditelo
r este foarte periculoas[ \up0 \expndtw0\charscalex118 =i exprim[ o situa\\ie fi
nanciar[ dificil[, de-\line \up0 \expndtw0\charscalex114 terminat[ de contract
area unui volum de \up0 \expndtw0\charscalex112 credite, care dep[=e=te posib
ilit[\\ile de plat[ \up0 \expndtw0\charscalex110 a dob]nzilor aferente.
}
}}
}
}}
}
}}
}
}}
}
g17}{\bkmkend Pg17}\par\pard\sect\sectd\sbknone\cols2\colno1\colw6875\colsr20\co
lno2\colw5205\colsr160\ql \li2862\sb355\sl-414\slmult0 \up0 \expndtw0\charscalex
?\u8218?\u730? \u732?\par\pard\ql \li2881\sb0\sl-230\slmult0 \par\pard\ql \li3217\sb2
l-230\slmult0 \up0 \expndtw0\charscalex117 \ul0\nosupersub\cf11\f12\fs20 Analiza
lichidit[\\ii bilan\\ului contabil\par\pard\qj \li2881\ri0\sb1\sl-242\slmult0\f
i336 \up0 \expndtw0\charscalex108 \ul0\nosupersub\cf5\f6\fs20 Lichiditatea bilan
\\ului contabil reprezint[ \line \up0 \expndtw0\charscalex101 capacitatea ]ntrep
rinderii de a-=i achita datoriile \line \up0 \expndtw0\charscalex116 pe termen s
curt, iar lichiditatea activelor -\line \up0 \expndtw0\charscalex114 capacitate
a de a se transforma ]n mijloace \line \up0 \expndtw0\charscalex108 b[ne=ti f[
r[ pierderea valorii lor. Insuficien\\a \line \up0 \expndtw0\charscalex109 lichi
dit[\\ii bilan\\ului contabil genereaz[ inca-\line \up0 \expndtw0\charscalex108
pacitatea ]ntreprinderii de a pl[ti datoriile sale\par\pard\ql \li4239\sb0\sl-19
5\slmult0 \par\pard\ql \li4239\sb0\sl-195\slmult0 \par\pard\ql \li4239\sb103\sl195\slmult0 \up0 \expndtw0\charscalex108 \ul0\nosupersub\cf21\f22\fs17 Lichidita
tea bilan\\ului contabil \par\pard\qj \li2881\sb0\sl-241\slmult0 \par\pard\qj \li
2881\sb0\sl-241\slmult0 \par\pard\qj \li2881\ri0\sb00\sl-241\slmult0\fi336 \up0
\expndtw0\charscalex107 \ul0\nosupersub\cf5\f6\fs20 \}n func\\ie de componen\\a
num[r[torului \line \up0 \expndtw0\charscalex111 formulei ob\\inem coeficien\\ii
ce reflect[ un \line \up0 \expndtw0\charscalex112 grad diferit de lichiditate.
De exemplu, coe-\line \up0 \expndtw0\charscalex111 ficientul lichidit[\\ii absol
ute (indicatorul 37) \line \up0 \expndtw0\charscalex109 caracterizeaz[, ce cot[
din datoriile pe termen \line \up0 \expndtw0\charscalex111 scurt ]ntreprinderea
este capabil[ s[ achite la \line \up0 \expndtw0\charscalex107 momentul dat nemij
locit cu mijloace b[ne=ti. \line \up0 \expndtw0\charscalex118 Se consider[ c[ m[
rimea acestui coeficient \line \up0 \expndtw0\charscalex113 trebuie s[ fie mai m
are de 0,2. De obicei, ]n \line \up0 \expndtw0\charscalex113 calculul acestui c
oeficient s]nt cointeresa\\i \line \up0 \expndtw0\charscalex110 furnizorii, pent
ru a determina capacitatea de \line \up0 \expndtw0\charscalex116 plat[ a cump[r[
torilor.\par\pard\qj \li2881\ri0\sb4\sl-242\slmult0\fi336 \up0 \expndtw0\charsca
lex105 Dac[ pentru achitarea datoriilor pe termen \line \up0 \expndtw0\charscale
x109 scurt se utilizeaz[ nu numai mijloace b[ne=ti, \line \up0 \expndtw0\charsca
lex100 dar =i h]rtii de valoare, crean\\e pe termen scurt, \line \up0 \expndtw0\
charscalex104 se ob\\ine alt indicator al lichidit[\\ii, =i anume: \line \up0 \e
xpndtw0\charscalex112 coeficientul lichidit[\\ii intermediare (indica-\line \up0
\expndtw0\charscalex110 torul 38).\par\pard\ql \li2881\ri0\sb0\sl-242\slmult0\f
i336\tx3217 \up0 \expndtw0\charscalex105 Coeficientul nominalizat semnific[, ce
cot[ \line \up0 \expndtw0\charscalex102 din datoriile pe termen scurt ]ntreprind
erea este \line \up0 \expndtw0\charscalex110 capabil[ s[ achite, utiliz]nd pentr
u aceasta nu \line \up0 \expndtw0\charscalex106 numai mijloace b[ne=ti, ci =i h]
rtii de valoare, \line \up0 \expndtw0\charscalex110 crean\\e pe termen scurt. Se
consider[ c[ m[-\line \up0 \expndtw0\charscalex105 rimea acestui coeficient tre
buie s[ fie mai mare \line \up0 \expndtw0\charscalex111 de 0,7. Nivelul acestui
coeficient depinde de \line \up0 \expndtw0\charscalex100 mai mul\\i factori, ]n
special, de durata de rota\\ie \line \up0 \expndtw0\charscalex107 a documentelor
la banc[, de ]ntocmirea opor-\line \up0 \expndtw0\charscalex102 tun[ a document
elor bancare, de termenul acor-\line \up0 \expndtw0\charscalex109 d[rii creditul

ui unor cump[r[tori, de capacita-\line \up0 \expndtw0\charscalex107 tea de plat[
a lor etc. \}n calculul acestui coefi-\line \up0 \expndtw0\charscalex105 cient
s]nt cointeresa\\i creditorii ]ntreprinderii. \line\tab \up0 \expndtw0\charscale
x111 Indicatorul cel mai generalizator al lichi-\line \up0 \expndtw0\charscalex1
04 dit[\\ii bilan\\ului contabil este coeficientul total \line \up0 \expndtw0\ch
arscalex115 de achitare (indicatorul 39).\par\pard\qj \li2881\ri0\sb0\sl-241\slm
ult0\fi436 \up0 \expndtw0\charscalex113 Acest raport arat[, dac[ ]ntreprinderea
\line \up0 \expndtw0\charscalex114 dispune de active curente suficiente pentru
\line \up0 \expndtw0\charscalex104 achitarea datoriilor pe termen scurt ]n perio
ada \line \up0 \expndtw0\charscalex111 raportat[. M[rimea acestui coeficient tre
buie \line \up0 \expndtw0\charscalex106 s[ fie ]ntre 1-2. Limita de jos este con
di\\ionat[ \line \up0 \expndtw0\charscalex111 de faptul c[ activele curente treb
uie s[ fie cel \line \up0 \expndtw0\charscalex106 pu\\in suficiente pentru achit
area datoriilor pe \line \up0 \expndtw0\charscalex106 termen scurt, ]n caz contr
ar, ]ntreprinderea va \line \up0 \expndtw0\charscalex113 fi insolvabil[. Un fact
or pozitiv ]l constituie \par\pard\qj\pvpg\phpg\posx2862\posy15339\absw2132 \ul0
Contabilitate =i audit\par\pard\column \ql \l
i3847\sb379\sl-414\slmult0 \up0 \expndtw0\charscalex74 \ul0\nosupersub\cf1\f2\fs
36 17\par\pard\qj \li255\ri938\sb225\sl-239\slmult0 \up0 \expndtw0\charscalex106
\ul0\nosupersub\cf5\f6\fs20 pe termen scurt, ceea ce poate duce la v]nzarea \up
0 \expndtw0\charscalex103 investi\\iilor pe termen lung, activelor =i, ]n cele \
up0 \expndtw0\charscalex113 din urm[, la faliment.\par\pard\qj \li255\ri938\sb4\
sl-242\slmult0\fi340 \up0 \expndtw0\charscalex105 \}n acest context este util ca
nota explicativ[ \line \up0 \expndtw0\charscalex117 s[ ofere utilizatorilor rap
oartelor financiare \line \up0 \expndtw0\charscalex105 informa\\ia privind anali
za lichidit[\\ii bilan\\ului\par\pard\ql \li255\sb8\sl-230\slmult0 \up0 \expndtw
0\charscalex110 contabil.\par\pard\ql \li596\sb15\sl-230\slmult0 \up0 \expndtw0\
charscalex112 Formula de baz[ a lichidit[\\ii este:\par\pard\ql \li7130\sb0\sl-1
\ul0\nosupersub\cf21\f22\fs17 Mijloace de plat[\par\pard\ql \li20\sb31\sl-195\s
lmult0 \up0 \expndtw0\charscalex107 Datorii pe termen scurt\par\pard\qj \li7130\
sb0\sl-242\slmult0 \par\pard\qj \li255\ri939\sb183\sl-242\slmult0 \up0 \expndtw0
\charscalex106 \ul0\nosupersub\cf5\f6\fs20 cre=terea m[rimii coeficientului nomi
nalizat ]n \line \up0 \expndtw0\charscalex121 dinamic[, dar p]n[ la un oarecare
nivel. Se \line \up0 \expndtw0\charscalex114 consider[ c[, dac[ valoarea acestui
coeficient\par\pard\qj \li255\ri939\sb0\sl-242\slmult0 \up0 \expndtw0\charscale
x113 este mult mai mare dec]t 2, activele ]ntrep-\line \up0 \expndtw0\charscal
ex110 rinderii au o structur[ nera\\ional[: o parte din \up0 \expndtw0\charscale
x118 mijloacele ei s]nt \up0 \expndtw0\charscalex108 \u8220?]nghe\\ate\u8221? ]
n stocuri de\par\pard\qj \li255\ri940\sb0\sl-242\slmult0 \up0 \expndtw0\charsca
lex103 m[rfuri =i materiale; ]n componen\\a produc\\iei \line \up0 \expndtw0\cha
rscalex113 ]n curs de execu\\ie s]nt incluse comenzi \line \up0 \expndtw0\
charscalex115 anulate ale cump[r[torilor insolvabili; din\par\pard\qj \li255
\ri940\sb2\sl-239\slmult0 \up0 \expndtw0\charscalex107 cauza dificult[\\ilor cu
desfacerea cre=te stocul \up0 \expndtw0\charscalex111 produselor finite la depoz
it etc.\par\pard\qj \li255\ri940\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charsca
lex104 \}n calculul =i aprecierea coeficientului total \line \up0 \expndtw0\char
scalex109 de achitare s]nt cointeresa\\i ac\\ionarii, inves-\line \up0 \expndtw0
\charscalex109 titorii =i creditorii poten\\iali, ]n cazul c]nd se\par\pard\qj \
li255\ri939\sb5\sl-239\slmult0 \up0 \expndtw0\charscalex114 ia decizia privind
acordarea creditului pe \up0 \expndtw0\charscalex111 termen lung.\par\pard\q
l \li7130\sb0\sl-230\slmult0 \par\pard\ql \li596\sb24\sl-230\slmult0 \up0 \expnd
tw0\charscalex117 \ul0\nosupersub\cf11\f12\fs20 Analiza fluxului mijloacelor b[n
e=ti\par\pard\qj \li255\ri939\sb1\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex
114 \ul0\nosupersub\cf5\f6\fs20 \}n nota explicativ[, analiz]nd fluxul mij-\line
\up0 \expndtw0\charscalex105 loacelor b[ne=ti, este necesar a constata sursele
\line \up0 \expndtw0\charscalex109 principale ale mijloacelor b[ne=ti =i direc\\
iile\par\pard\ql \li255\sb13\sl-230\slmult0 \up0 \expndtw0\charscalex113 de repa
rtizare ale acestora.\par\pard\qj \li255\ri937\sb1\sl-242\slmult0\fi340 \up0 \ex
pndtw0\charscalex113 \}n practica mondial[ nivelul suficient ]n \line \up0 \exp

ndtw0\charscalex112 mijloace b[ne=ti, primite de ]ntreprindere ]n \line \up0 \ex
pndtw0\charscalex111 urma activit[\\ii economice pentru acoperirea\par\pard\qj \
li255\ri938\sb0\sl-242\slmult0 \up0 \expndtw0\charscalex117 cheltuielilor privin
d procurarea mijloacelor \line \up0 \expndtw0\charscalex109 fixe, investi\\iilor
nete ]n stocuri de produc\\ie \line \up0 \expndtw0\charscalex104 =i a pl[\\ii d
ividendelor ]n numerar se determin[\par\pard\qj \li255\ri937\sb4\sl-239\slmult0
\up0 \expndtw0\charscalex114 cu ajutorul coeficientului suficien\\ei mijloa-\lin
e \up0 \expndtw0\charscalex113 celor b[ne=ti (indicatorul 40).\par\pard\qj \li25
5\ri939\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex109 M[rimea acestui co
eficient egal[ cu 1 sem-\line \up0 \expndtw0\charscalex112 nific[ c[ ]ntreprinde
rea a acoperit necesit[\\ile \line \up0 \expndtw0\charscalex106 sale ]n mijloace
b[ne=ti f[r[ finan\\are din exte-\par\pard\qj \li255\ri940\sb4\sl-240\slmult0 \
up0 \expndtw0\charscalex102 rior. Nivelul acestui coeficient subunitar caracte-\
line \up0 \expndtw0\charscalex105 rizeaz[ c[ sursele interne ale mijloacelor b[n
e=ti \line \up0 \expndtw0\charscalex115 s]nt insuficiente pentru sus\\inerea niv
elului\par\pard\ql \li255\sb14\sl-230\slmult0 \up0 \expndtw0\charscalex108 achit
[rii dividendelor =i sporirii produc\\iei.\par\pard\qj \li255\ri938\sb1\sl-242\s
lmult0\fi340 \up0 \expndtw0\charscalex118 Pentru m[surarea cotei de reinvestire
a \line \up0 \expndtw0\charscalex109 mijloacelor b[ne=ti ]n active se utilizeaz[
coe-\line \up0 \expndtw0\charscalex127 ficientul reinvestirii mijloacelor b[ne=
ti\par\pard\ql \li255\sb13\sl-230\slmult0 \up0 \expndtw0\charscalex111 (indicato
rul 41).\par\pard\qj \li255\ri942\sb3\sl-239\slmult0\fi340 \up0 \expndtw0\charsc
alex109 \}n practica mondial[ nivelul reinvestirii ]n \line \up0 \expndtw0\chars
calex113 m[rime de 8-10% se consider[ satisf[c[tor.
}
}}
}
}}
}
}}
}
}}
}
\sl-230\slmult0 \par\pard\ql \li3346\sb36\sl-230\slmult0 \up0 \expndtw0\charscal
ex118 \ul0\nosupersub\cf11\f12\fs20 Analiza eficien\\ei utiliz[rii activelor\par
\pard\qj \li3005\ri73\sb1\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex113 \ul0
\nosupersub\cf5\f6\fs20 La ]ntocmirea notei explicative este im-\line \up0 \exp
ndtw0\charscalex115 portant a raporta indicatorii volumului acti-\line \up0 \exp
ndtw0\charscalex114 vit[\\ii de produc\\ie la m[rimea activelor, \line \up0
\expndtw0\charscalex113 deoarece cre=terea volumului activit[\\ii de \line \u
p0 \expndtw0\charscalex106 produc\\ie conduce la m[rirea valutei bilan\\ului \li
ne \up0 \expndtw0\charscalex105 =i invers, cre=terea activelor puse la dispozi\\
ia \line \up0 \expndtw0\charscalex112 ]ntreprinderii cauzeaz[ dezvoltarea activi
t[\\ii \line \up0 \expndtw0\charscalex111 de produc\\ie. Compararea ritmului de
modi-\line \up0 \expndtw0\charscalex116 ficare a acestor indicatori permite a de
cide, \line \up0 \expndtw0\charscalex112 dac[ s-a agravat sau s-a ]mbun[t[\\it u
tilizarea \line \up0 \expndtw0\charscalex110 activelor ]ntreprinderii.\par\pard\
ql \li3005\ri73\sb4\sl-241\slmult0\fi340\tx3346 \up0 \expndtw0\charscalex107 Ind
icatorul cel mai generalizator al eficien-\line \up0 \expndtw0\charscalex113 \\e
i utiliz[rii activelor este coeficientul num[-\line \up0 \expndtw0\charscalex115
rului de rota\\ii al activelor (indicatorul 42). \line\tab \up0 \expndtw0\chars
calex116 Raportul nominalizat caracterizeaz[ c]t[ \line \up0 \expndtw0\charscale
x106 produc\\ie vinde ]ntreprinderea, \\in]nd cont de \line \up0 \expndtw0\chars
calex117 activele disponibile. Cu alte cuvinte, acesta \line \up0 \expndtw0\char
scalex107 semnific[, ]n ce m[sur[ achizi\\ionarea activelor \line \up0 \expndtw0
\charscalex107 contribuie la cre=terea volumului v]nz[rilor pe \line \up0 \expnd
tw0\charscalex109 pia\\[. Acest raport serve=te drept instrument \line \up0 \exp
ndtw0\charscalex117 de control privind consumarea mijloacelor \line \up0 \expndt
w0\charscalex111 ]ntreprinderii pentru achizi\\ionarea activelor \line \up0 \exp
ndtw0\charscalex119 din punctul de vedere al atingerii scopului \line \up0 \expn
dtw0\charscalex117 principal \up0 \expndtw0\charscalex116 - l[rgirea pie\\ei
de desfacere a\par\pard\ql \li3005\sb9\sl-230\slmult0 \up0 \expndtw0\charscale
x105 produc\\iei =i ob\\inerea profitului.\par\pard\qj \li3005\ri73\sb1\sl-242\s
lmult0\fi340 \up0 \expndtw0\charscalex104 \}n baza indicatorului ]n cauz[ poate
fi u=or \up0 \expndtw0\charscalex114 determinat[ durata (viteza) de rota\\ie a a
cti-\line \up0 \expndtw0\charscalex109 velor, \up0 \expndtw0\charscalex116 ]mp[r

\\ind durata perioadei raportate\par\pard\ql \li3005\sb00\sl-230\slmult0 \up0 \e
xpndtw0\charscalex111 (360 zile) la num[rul de rota\\ii.\par\pard\qj \li3005\ri7
3\sb1\sl-241\slmult0\fi340 \up0 \expndtw0\charscalex108 Num[rul de rota\\ii al a
ctivelor depinde de \line \up0 \expndtw0\charscalex113 influen\\a altor indicato
ri cum s]nt: perioada \line \up0 \expndtw0\charscalex109 de ]ncasare a crean\\el
or sau durata de rota\\ie \line \up0 \expndtw0\charscalex116 a acestora, durata
de rota\\ie a stocurilor de \line \up0 \expndtw0\charscalex109 m[rfuri =i materi
ale =i coeficientul exploat[rii \line \up0 \expndtw0\charscalex110 mijloacelor f
ixe.\par\pard\qj \li3006\ri73\sb5\sl-241\slmult0\fi340 \up0 \expndtw0\charscalex
115 Perioada de ]ncasare a crean\\elor (indi-\line \up0 \expndtw0\charscalex111
catorul 43) reflect[ eficien\\a politicii ]ntrep-\line \up0 \expndtw0\charscal
ex113 rinderii ]n domeniul credit[rii cump[r[torilor \line \up0 \expndtw0\charsc
alex112 din punctul de vedere al ]ncas[rii crean\\elor, \line \up0 \expndtw0\cha
rscalex111 caracterizeaz[ cu c]t termenul real de achitare \line \up0 \expndtw0\
charscalex113 a crean\\elor difer[ de directivele stabilite ]n \line \up0 \expn
dtw0\charscalex114 privin\\a acestui termen. Coeficientul nomi-\line \up0 \expnd
tw0\charscalex109 nalizat caracterizeaz[ =i probabilitatea anul[rii \line \up0 \
expndtw0\charscalex107 crean\\elor ]n cazul neachit[rii lor, adic[ nivelul \line
\up0 \expndtw0\charscalex113 riscului comercial, condi\\ionat de v]nzarea \li
ne \up0 \expndtw0\charscalex114 produselor (m[rfurilor) pe credit. Cu c]t ter-\l
ine \up0 \expndtw0\charscalex112 menul de ]ncasare a crean\\elor este mai mic, \
line \up0 \expndtw0\charscalex107 cu at]t mai favorabile s]nt consecin\\ele pent
ru \line \up0 \expndtw0\charscalex110 situa\\ia financiar[ a ]ntreprinderii.\par
\pard\qj \li3006\ri72\sb5\sl-241\slmult0\fi340 \up0 \expndtw0\charscalex113 Dura
ta de rota\\ie a stocurilor de m[rfuri \line \up0 \expndtw0\charscalex108 =i mat
eriale (indicatorul 44) caracterizeaz[ efi-\line \up0 \expndtw0\charscalex106 ci
en\\a activit[\\ii ]ntreprinderii ]n a=a direc\\ii \line \up0 \expndtw0\charsc
alex107 cum s]nt aprovizionarea, producerea =i desfa-\line \up0 \expndtw0\charsc
alex107 cerea. Cu c]t nivelul acestui coeficient este mai \line \up0 \expndtw0\c
harscalex108 mic, cu at]t ]ntreprinderea ]=i organizeaz[ mai \par\pard\qj\pvpg\p
hpg\posx2986\posy15330\absw2132 \ul0\nosupersub\cf2\f3\fs15 4/1999
Contabili
tate =i audit\par\pard\column \ql \li3611\sb365\sl-414\slmult0 \up0 \expndtw0\ch
arscalex74 \ul0\nosupersub\cf1\f2\fs36 18\par\pard\qj \li20\ri809\sb237\sl-241\s
lmult0 \up0 \expndtw0\charscalex113 \ul0\nosupersub\cf5\f6\fs20 eficient rela\\i
ile sale cu furnizorii, determin[ \line \up0 \expndtw0\charscalex104 graficul ac
hizi\\iilor =i efectueaz[ controlul st[rii \line \up0 \expndtw0\charscalex114 st
ocurilor. Nivelul ]nalt al acestui raport de-\line \up0 \expndtw0\charscalex113
monstreaz[ existen\\a la ]ntreprindere a sto-\line \up0 \expndtw0\charscalex110
curilor \u8220?slab\u8221? realizate, probabil, supuse anu-\line \up0 \expndtw0
\charscalex115 l[rii, ce ar duce la cre=terea riscului de a su-\line \up0 \expnd
tw0\charscalex113 porta pierderi. \}n nota explicativ[ trebuie de \line \up0 \ex
pndtw0\charscalex116 dezv[luit cauzele modific[rii m[rimii acestui \line \up0 \e
xpndtw0\charscalex110 coeficient.\par\pard\qj \li20\ri807\sb0\sl-241\slmult0\fi3
40 \up0 \expndtw0\charscalex117 Coeficientul exploat[rii mijloacelor fixe \line
\up0 \expndtw0\charscalex114 (indicatorul 45) caracterizeaz[ eficien\\a uti-\li
ne \up0 \expndtw0\charscalex114 liz[rii mijloacelor fixe din punctul de vedere \
line \up0 \expndtw0\charscalex115 al capacit[\\ii ]ntreprinderii de a asigura v]
n-\line \up0 \expndtw0\charscalex104 zarea produselor, \\in]nd cont de mijloacel
e fixe \line \up0 \expndtw0\charscalex116 disponibile. Acest indicator semnif
ic[ de \line \up0 \expndtw0\charscalex112 asemenea, ]n ce m[sur[ investi\\iile
depuse ]n \line \up0 \expndtw0\charscalex114 mijloacele de produc\\ie aduc ]ntr
eprinderii \line \up0 \expndtw0\charscalex112 venit. Un factor pozitiv ]l consti
tuie sporirea \line \up0 \expndtw0\charscalex110 acestui coeficient ]n dinamic[.
Totodat[ cre=-\line \up0 \expndtw0\charscalex113 terea lui poate fi ]nso\\it[ =
i de utilizarea uti-\line \up0 \expndtw0\charscalex110 lajului ]nvechit, valoare
a de bilan\\ a c[ruia s-a \line \up0 \expndtw0\charscalex107 mic=orat ]n urma uz
urii.\par\pard\ql \li7260\sb0\sl-230\slmult0 \par\pard\ql \li360\sb23\sl-230\slm
ult0 \up0 \expndtw0\charscalex118 \ul0\nosupersub\cf11\f12\fs20 Analiza rentabil
it[\\ii\par\pard\qj \li20\ri809\sb6\sl-242\slmult0\fi340 \up0 \expndtw0\charscal
ex113 \ul0\nosupersub\cf5\f6\fs20 \}n economia de pia\\[ profitul constituie \li

ne \up0 \expndtw0\charscalex119 ra\\iunea de a fi a unei ]ntreprinderi. Ren-\li
ne \up0 \expndtw0\charscalex109 tabilitatea reflect[ capacitatea ]ntreprinderii
de \line \up0 \expndtw0\charscalex113 a produce profit, oglindind ]ntr-o form[ s
in-\line \up0 \expndtw0\charscalex111 tetic[ eficien\\a ]ntregii activit[\\i eco
nomice a \line \up0 \expndtw0\charscalex109 ]ntreprinderii.\par\pard\qj \li20\ri
808\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex113 \}n general, rentabili
tatea, ca indicator de \line \up0 \expndtw0\charscalex105 eficien\\[, se determi
n[ ca raportul ]ntre efectele \line \up0 \expndtw0\charscalex106 economice =i fi
nanciare ob\\inute =i eforturile \line \up0 \expndtw0\charscalex111 depuse pentr
u ob\\inerea lor. Indicatorul no-\line \up0 \expndtw0\charscalex105 minalizat po
ate c[p[ta forme diferite, ]n func\\ie \line \up0 \expndtw0\charscalex116 de pro
fitul brut sau net la num[r[tor sau de \line \up0 \expndtw0\charscalex119 baza d
e raportare care exprim[ efortul sau \line \up0 \expndtw0\charscalex110 cheltuia
la (activul economic, capitalurile, cos-\line \up0 \expndtw0\charscalex110 tul v
]nz[rilor, valoarea produc\\iei v]ndute la \line \up0 \expndtw0\charscalex109
pre\\ de v]nzare etc.).\par\pard\qj \li20\ri808\sb0\sl-242\slmult0\fi340 \up0 \e
xpndtw0\charscalex116 \}n nota explicativ[ e necesar a prezenta \up0 \expndtw0\c
harscalex109 principalii indicatori prin care se poate analiza \up0 \expndtw0\ch
arscalex109 rata rentabilit[\\ii.\par\pard\qj \li20\ri808\sb0\sl-242\slmult0\fi3
40 \up0 \expndtw0\charscalex108 Rata profitului brut (indicatorul 46) carac-\lin
e \up0 \expndtw0\charscalex111 terizeaz[ nivelul profitului brut ob\\inut la un
\line \up0 \expndtw0\charscalex112 leu v]nz[ri nete. M[rimea lui trebuie s[ r[m]
n[ \line \up0 \expndtw0\charscalex112 stabil[ sau s[ creasc[ ]n dinamic[. Mic=or
area \line \up0 \expndtw0\charscalex116 nivelului acestui raport semnific[ cre=t
erea \line \up0 \expndtw0\charscalex106 costului v]nz[rilor. Rata profitului bru
t depinde \line \up0 \expndtw0\charscalex107 de influen\\a urm[torilor factori:
structura pro-\line \up0 \expndtw0\charscalex110 duc\\iei v]ndute, costurile pro
duselor v]ndute \line \up0 \expndtw0\charscalex108 =i pre\\uri de v]nzare. Volum
ul produc\\iei nu \line \up0 \expndtw0\charscalex116 are o influen\\a direct[ pe
ntru c[, ac\\ion]nd \line \up0 \expndtw0\charscalex105 asupra numitorului =i num
[r[torului ]n aceea=i \line \up0 \expndtw0\charscalex110 propor\\ie, influen\\a
asupra ratei profitului \line \up0 \expndtw0\charscalex115 brut devine nul[.
Volumul produc\\iei, ]ns[,
}
}}
}
}}
}
}}
}
}}
}
sb6\sl-241\slmult0 \up0 \expndtw0\charscalex110 \ul0\nosupersub\cf5\f6\fs20 infl
uen\\eaz[ indirect prin costuri, ]ntruc]t ]n \up0 \expndtw0\charscalex110 cond
i\\iile ]n care volumul produc\\iei cre=te, \up0 \expndtw0\charscalex120 costuri
le se reduc pe unitate de produs pe \up0 \expndtw0\charscalex112 seama cheltuiel
ilor fixe.\par\pard\ql \li2890\ri71\sb0\sl-242\slmult0\fi340\tx3231\tx3231\tx323
1 \up0 \expndtw0\charscalex116 Rata profitului opera\\ional (indicatorul \line \
up0 \expndtw0\charscalex108 47) arat[ capacitatea ]ntreprinderii de a ob\\ine \l
ine \up0 \expndtw0\charscalex111 profit din activitatea de baz[ la un leu v]nz[r
i. \line\tab \up0 \expndtw0\charscalex111 Rata profitului net (indicatorul 48) c
arac-\line \up0 \expndtw0\charscalex114 terizeaz[ capacitatea ]ntreprinderii de
a pro-\line \up0 \expndtw0\charscalex111 duce profit net din v]nz[ri =i reflect[
profitul \line \up0 \expndtw0\charscalex113 net ob\\inut ]n medie pe ]ntreprin
dere la un \line \up0 \expndtw0\charscalex116 leu v]nz[ri nete. Cre=terea nivelu
lui acestui \line \up0 \expndtw0\charscalex113 coeficient m[rturise=te despre
gestionarea \line \up0 \expndtw0\charscalex113 eficient[ a procesului de pro
duc\\ie. Acest \line \up0 \expndtw0\charscalex117 coeficient depinde de m[rimea
cotei impo-\line \up0 \expndtw0\charscalex107 zitului pe venit =i de capacitate
a ]ntreprinderii \line \up0 \expndtw0\charscalex106 de a folosi ]nlesnirile fisc
ale. \}n condi\\iile c]nd \line \up0 \expndtw0\charscalex107 cota impozitelor es
te stabil[, rata profitului net \line \up0 \expndtw0\charscalex110 depinde de ef
icien\\a utiliz[rii surselor ]mpru-\line \up0 \expndtw0\charscalex116 mutate. Ra
ta profitului net se analizeaz[ ]n \line \up0 \expndtw0\charscalex109 dinamic[
=i cu c]t nivelul acestei rate este mai \line \up0 \expndtw0\charscalex107 mare,
cu at]t mai \u8220?boga\\i\u8221? s]nt ac\\ionarii. \line\tab \up0 \expndtw0\ch
arscalex111 Rata rentabilit[\\ii economice (indicatorul \line \up0 \expndtw0\cha
rscalex106 49) caracterizeaz[ eficien\\a mijloacelor utilizate \line \up0 \expnd
tw0\charscalex108 ]n procesul de produc\\ie, indiferent de faptul, \line \up0 \e
xpndtw0\charscalex116 dac[ acestea s]nt formate pe seama surselor \line \up0 \ex
pndtw0\charscalex105 proprii sau ]mprumutate de finan\\are. M[rimea \line \up0 \
expndtw0\charscalex114 acestui coeficient poate fi =i negativ[ atunci \line \up0
\expndtw0\charscalex112 c]nd ]ntreprinderea suport[ pierderi. \line\tab \up0 \e
xpndtw0\charscalex104 Rata rentabilit[\\ii economice poate fi majo-\line \up0 \e
xpndtw0\charscalex112 rat[ fie prin cre=terea num[rului de rota\\ii al \line \up
0 \expndtw0\charscalex106 activelor, fie prin cre=terea ratei profitului net, \l
ine \up0 \expndtw0\charscalex112 fie prin ambele c[i. Analiza ratei rentabilit[\
\ii \line \up0 \expndtw0\charscalex106 economice se efectueaz[ ]n dinamic[ =i ac
easta \line \up0 \expndtw0\charscalex106 trebuie s[ fie superioar[ ratei de infl
a\\ie, pentru \line \up0 \expndtw0\charscalex109 ca ]ntreprinderea s[ se men\\in
[ pe pia\\[. Dac[ \line \up0 \expndtw0\charscalex108 ]ntreprinderea are o rat[ a
rentabilit[\\ii econo-\line \up0 \expndtw0\charscalex105 mice mai mare dec]t ra
ta dob]nzii la capitalurile \line \up0 \expndtw0\charscalex103 ]mprumutate, ac\\
ionarii pot beneficia de efectul \line \up0 \expndtw0\charscalex114 de levier (d
e p]rghie financiar[) al ]ndator[rii \line \up0 \expndtw0\charscalex115 ]ntrepri
nderii. Rata rentabilit[\\ii economice \line \up0 \expndtw0\charscalex111 trebui
e s[ permit[ ]ntreprinderii re]nnoirea =i \line \up0 \expndtw0\charscalex108 cre
=terea activelor sale ]ntr-o perioad[ c]t mai \line \up0 \expndtw0\charscalex116
scurt[.\par\pard\qj \li2890\ri72\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charsc
alex114 Rata rentabilit[\\ii capitalului avansat sau \up0 \expndtw0\charscalex11
2 ocupat (indicatorul 50) este un caz particular \up0 \expndtw0\charscalex114 al
ratei rentabilit[\\ii economice, deci reflect[ \up0 \expndtw0\charscalex110 per
forman\\a economic[ a utiliz[rii fondurilor \up0 \expndtw0\charscalex110 de prod
uc\\uie, indiferent de modul de finan-\line \up0 \expndtw0\charscalex105 \\are =
i sistemul fiscal.\par\pard\qj \li2890\ri72\sb1\sl-241\slmult0\fi340 \up0 \expnd
tw0\charscalex114 Rata rentabilit[\\ii financiare (indicatorul \line \up0 \expnd
tw0\charscalex112 51) m[soar[ randamentul capitalului propriu, \line \up0 \expnd
tw0\charscalex110 deci al plasamentului financiar, pe care ac\\io-\line \up0 \ex
pndtw0\charscalex117 narii l-au depus prin cump[rarea ac\\iunilor \line \up0 \ex
pndtw0\charscalex111 ]ntreprinderii. Rentabilitatea financiar[ remu-\line \up0 \
expndtw0\charscalex114 nereaz[ proprietarii ]ntreprinderii prin acor-\par\pard\q
j\pvpg\phpg\posx2862\posy15339\absw2132 \ul0\nosupersub\cf2\f3\fs15 4/1999
C
ontabilitate =i audit\par\pard\column \ql \li3598\sb379\sl-414\slmult0 \up0 \exp
ndtw0\charscalex74 \ul0\nosupersub\cf1\f2\fs36 19\par\pard\qj \li20\ri922\sb225\
sl-239\slmult0 \up0 \expndtw0\charscalex109 \ul0\nosupersub\cf5\f6\fs20 darea de
dividende acestora =i prin cre=terea \up0 \expndtw0\charscalex109 rezervelor, c
are, de fapt, reprezint[ o cre=tere \up0 \expndtw0\charscalex111 a averii propri
etarilor.\par\pard\qj \li20\ri924\sb4\sl-242\slmult0\fi340 \up0 \expndtw0\charsc
alex115 Rentabilitatea financiar[ depinde de rata \line \up0 \expndtw0\charscale
x109 rentabilit[\\ii economice =i de structura finan-\line \up0 \expndtw0\charsc
alex107 \\[rii ]ntreprinderii. De=i pare surprinz[tor, dar \line \up0 \expndtw0\
charscalex114 cre=terea rentabilit[\\ii financiare poate fi \line \up0 \expn
dtw0\charscalex110 ob\\inut[ prin cre=terea ]ndator[rii. Ca =i al\\i \line \up0
\expndtw0\charscalex110 indicatori, rentabilitatea capitalului propriu se \line
\up0 \expndtw0\charscalex113 analizeaz[ ]n dinamic[ =i ]n corela\\ie cu al\\i \l
ine \up0 \expndtw0\charscalex113 indicatori. Nivelul \up0 \expndtw0\charscalex11
9 ]nalt al acestui indicator\par\pard\qj \li20\ri925\sb0\sl-241\slmult0 \up0 \ex
pndtw0\charscalex117 poate fi rezultatul capitaliz[rii insuficiente \up0 \expn
dtw0\charscalex116 (m[rimii mici a capitalului propriu depus ]n \up0 \expndtw0\c
harscalex111 ]ntreprindere de ac\\ionari) =i nu a eficien\\ei \up0 \expndtw0\cha
rscalex110 ]nalte a activit[\\ii ]ntreprinderii.\par\pard\ql \li7144\sb0\sl-230\
slmult0 \par\pard\ql \li361\sb23\sl-230\slmult0 \up0 \expndtw0\charscalex117 \ul
0\nosupersub\cf11\f12\fs20 Analiza valorii ac\\iunilor\par\pard\ql \li361\sb15\s
l-230\slmult0 \up0 \expndtw0\charscalex114 =i dividendelor\par\pard\qj \li20\ri9
25\sb1\sl-241\slmult0\fi340 \up0 \expndtw0\charscalex103 \ul0\nosupersub\cf5\f6\

fs20 Indicatorii valorii ac\\iunilor =i dividendelor \up0 \expndtw0\charscalex11
0 prezint[ interes pentru ac\\ionari =i au la baz[ \up0 \expndtw0\charscalex115
informa\\iile din raportul privind rezultatele \up0 \expndtw0\charscalex114 fina
nciare =i din alte surse suplimentare ce \up0 \expndtw0\charscalex106 cuprind v
aloarea de pia\\[ a ac\\iunilor, num[rul \up0 \expndtw0\charscalex110 de ac\\iun
i emise etc.\par\pard\qj \li20\ri925\sb5\sl-241\slmult0\fi340 \up0 \expndtw0\cha
rscalex115 \}n nota explicativ[ e necesar de analizat \up0 \expndtw0\charscalex1
07 urm[torii indicatori ai ac\\iunilor =i dividende-\line \up0 \expndtw0\charsca
lex107 lor: profitul net la o ac\\iune, valoarea ac\\iunii, \up0 \expndtw0\chars
calex106 rentabilitatea ac\\iunii, coeficientul de acoperire \up0 \expndtw0\char
scalex111 a dividendelor.\par\pard\qj \li20\ri924\sb4\sl-242\slmult0\fi340 \up0
\expndtw0\charscalex114 Profitul net la o ac\\iune (indicatorul 52) \line \up0 \
expndtw0\charscalex109 semnific[, c]t profit net revine la o ac\\iune =i \line \
up0 \expndtw0\charscalex110 prezint[ un interes deosebit pentru utilizatorii \li
ne \up0 \expndtw0\charscalex115 rapoartelor financiare, ]n particular, pentru \
line \up0 \expndtw0\charscalex115 proprietari, deoarece profitul ]ntreprinderii
\line \up0 \expndtw0\charscalex113 constituie principala surs[ de achitare a di
vi-\line \up0 \expndtw0\charscalex104 dendelor =i serve=te drept baz[ pentru spo
rirea \line \up0 \expndtw0\charscalex113 ]n viitor a valorii de pia\\[ a ac\\iun
ilor. Deci, \line \up0 \expndtw0\charscalex111 m[rimea acestui indicator influen
\\eaz[ valoa-\line \up0 \expndtw0\charscalex107 rea de pia\\[ a ac\\iunilor. Est
e de men\\ionat c[ \line \up0 \expndtw0\charscalex107 nivelul profitului la o ac
\\iune poate fi artificial \line \up0 \expndtw0\charscalex104 modificat prin pro
curarea ac\\iunilor proprii sau \line \up0 \expndtw0\charscalex103 atunci c]nd s
porirea volumului activit[\\ii ]ntrep-\line \up0 \expndtw0\charscalex107 rinderi
i nu este ]nso\\it[ de emisia suplimentar[ \line \up0 \expndtw0\charscalex107 a
ac\\iunilor ]n circula\\ie.\par\pard\qj \li20\ri926\sb0\sl-242\slmult0\fi340 \up
0 \expndtw0\charscalex108 Drept criteriu al cererii la ac\\iunile ]ntrep-\line \
up0 \expndtw0\charscalex111 rinderii date serve=te raportul \u8220?pre\\/profit\
u8221? \up0 \expndtw0\charscalex111 (indicatorul 53).\par\pard\qj \li20\ri924\sb
0\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex113 Indicatorul nominalizat semn
ific[ faptul, \line \up0 \expndtw0\charscalex122 c]t s]nt de acord s[ pl[teasc[
investitorii la \line \up0 \expndtw0\charscalex104 momentul dat pentru un leu pr
ofit la o ac\\iune. \line \up0 \expndtw0\charscalex112 De exemplu, dac[ m[rimea
acestui coeficient \line \up0 \expndtw0\charscalex115 constituie 5,3, aceasta ]n
seamn[ c[ ac\\iunile \line \up0 \expndtw0\charscalex104 ordinare ale ]ntreprinde
rii analizate s]nt v]ndute \line \up0 \expndtw0\charscalex106 la un pre\\ ce dep
[=e=te de 5,3 ori profitul la o \line \up0 \expndtw0\charscalex113 ac\\iune. Coe
ficientul ]n cauz[ este folosit de \line \up0 \expndtw0\charscalex112 ac\\ionari
=i investitori ]n calitate de c[l[uz[
}
}}
}
}}
}
}}
}
g20}{\bkmkend Pg20}\par\pard\sect\sectd\sbknone\cols2\colno1\colw7205\colsr40\co
lno2\colw4855\colsr160\ql \li2986\sb345\sl-414\slmult0 \up0 \expndtw0\charscalex
81 \ul0\nosupersub\cf4\f5\fs36 Raportul financiar anual\par\pard\qj \li2991\sb0\
sl-241\slmult0 \par\pard\qj \li2991\ri73\sb16\sl-241\slmult0 \up0 \expndtw0\char
scalex111 \ul0\nosupersub\cf5\f6\fs20 (directiv[) general[ la aprecierea valorii
ac\\iu-\line \up0 \expndtw0\charscalex114 nilor unei sau altei ]ntreprinderi =i
de aceea \up0 \expndtw0\charscalex110 foarte des figureaz[ ]n informa\\iile fin
anciare \up0 \expndtw0\charscalex112 furnizate de bursele de valori.\par\pard\qj
\li2991\ri74\sb0\sl-243\slmult0\fi340 \up0 \expndtw0\charscalex109 Raportul \u
8220?pre\\/profit\u8221? se analizeaz[ ]n \up0 \expndtw0\charscalex111 dinami
c[ =i ]n compara\\ie cu indicatorii pe \up0 \expndtw0\charscalex108 grupe de ]
ntreprinderi cu acela=i profil sau cu \up0 \expndtw0\charscalex112 nivelul mediu
de pia\\[.\par\pard\ql \li2991\ri73\sb0\sl-242\slmult0\fi340\tx3332 \up0 \expnd
tw0\charscalex110 Urm[torul indicator din aceast[ grup[ este \line \up0 \expndtw
0\charscalex115 rentabilitatea ac\\iunii (indicatorul 54). \line\tab \up0 \expnd
tw0\charscalex108 La ]ntreprinderile cu un nivel ]nalt al aces-\line \up0 \expnd
tw0\charscalex111 tui indicator se va ]nregistra ]n viitor o spori-\line \up0 \e
xpndtw0\charscalex122 re mai joas[ a profitului, deoarece o mare \line \up0 \exp
ndtw0\charscalex122 parte din profitul net este utilizat[ la divi-\line \up0 \ex
pndtw0\charscalex116 dende =i nu este reinvestit[ ]n procesul de \line \up0 \ex
pndtw0\charscalex107 produc\\ie.\par\pard\ql \li2991\ri72\sb0\sl-242\slmult0\fi3
40\tx3332 \up0 \expndtw0\charscalex111 Coeficientul corela\\iei ]ntre dividende
=i \line \up0 \expndtw0\charscalex109 profitul net la o ac\\iune (indicatorul 55
) sem-\line \up0 \expndtw0\charscalex106 nific[ cota profitului net pl[tit[ ac\\
ionarilor sub \line \up0 \expndtw0\charscalex108 form[ de dividende. M[rimea coe
ficientului de \line \up0 \expndtw0\charscalex109 acoperire a dividendelor oscil
eaz[ ]ntre 0-1. \line\tab \up0 \expndtw0\charscalex105 \}n baza coeficientului n
ominalizat se poate \line \up0 \expndtw0\charscalex116 calcula coeficientul de r
e\\inere (indicatorul\par\pard\ql \li5194\sb0\sl-322\slmult0 \par\pard\ql \li519
4\sb247\sl-322\slmult0 \up0 \expndtw-12\charscalex75 \ul0\nosupersub\cf9\f10\fs2
8 BILAN|UL CONTABIL\par\pard\column \ql \li3588\sb365\sl-414\slmult0 \up0 \expnd
tw0\charscalex83 \ul0\nosupersub\cf1\f2\fs36 20\par\pard\ql \li20\ri823\sb237\sl

-242\slmult0\tx371\tx371 \up0 \expndtw0\charscalex109 \ul0\nosupersub\cf5\f6\fs2
0 56), care prezint[ diferen\\a ]ntre 1 =i coefi-\line \up0 \expndtw0\charsca
lex109 cientul nominalizat. Nivelul ]nalt al coeficien-\line \up0 \expndtw0\char
scalex110 tului de re\\inere (0,8-0,9) semnific[ c[ condu-\line \up0 \expndtw0\c
harscalex113 cerea ]ntreprinderii a reinvestit o mare parte \line \up0 \expndtw0
\charscalex104 din profitul net ]n procesul de produc\\ie, inten-\line \up0 \exp
ndtw0\charscalex110 \\ion]nd ]n a=a mod s[ primeasc[ mijloace b[-\line \up0 \exp
ndtw0\charscalex109 ne=ti pentru ac\\ionarii s[i ]n viitor. De aceea, \line \up0
\expndtw0\charscalex112 ]ntreprinderile cu un poten\\ial ]nalt de dez-\line \u
p0 \expndtw0\charscalex108 voltare, de obicei, pl[tesc dividende joase (adi-\lin
e \up0 \expndtw0\charscalex113 c[ are loc reinvestirea profitului net). \line\ta
b \up0 \expndtw0\charscalex105 Indicatorii nominaliza\\i, ca =i sistemul eta-\li
ne \up0 \expndtw0\charscalex116 pelor analitice din prezentele Recomand[ri, \lin
e \up0 \expndtw0\charscalex115 nu pot fi considerate ca o unic[ variant[ \
line \up0 \expndtw0\charscalex109 posibil[. \}ntocmind nota explicativ[ la rapoa
r-\line \up0 \expndtw0\charscalex114 tele financiare, speciali=tii-practicieni p
ot s[ \line \up0 \expndtw0\charscalex111 modifice dup[ dorin\\[ =i posibilita
te acest \line \up0 \expndtw0\charscalex120 sistem sau s[ elaboreze o alt[ vari
ant[, mai \line \up0 \expndtw0\charscalex111 adecvat[ situa\\iei existente la ]n
treprindere. \line\tab \up0 \expndtw0\charscalex106 \}n continuare, ]n baza unui
exemplu conc-\line \up0 \expndtw0\charscalex114 ret, se expune con\\inutul comp
artimentului \line \up0 \expndtw0\charscalex112 analitic al notei explicative, c
are este destinat \line \up0 \expndtw0\charscalex113 s[ acorde un ajutor real sp
eciali=tilor-practi-\line \up0 \expndtw0\charscalex112 cieni ]n domeniul dat. \p
ar\pard\sect\sectd\sbknone \li4906\sb1\sl-292\slmult0\fi0 \up0 \expndtw-12\chars
calex95 \ul0\nosupersub\cf9\f10\fs28 \u8221?\u8217?\ul0\nosupersub\cf24\f25\fs28
\u8730?\ul0\nosupersub\cf9\f10\fs28 \u8220?\ul0\nosupersub\cf24\f25\fs28 \u8776?\u
l0\nosupersub\cf9\f10\fs28 \u8212?-\ul0\nosupersub\cf24\f25\fs28 \ul0\nosupersub\
cf9\f10\fs28 \u8230? -\par\pard\sect\sectd\sbknone \li4906\sb101\sl-195\slmult0\fi23
0\tx5569 \up0 \expndtw-7\charscalex95 \ul0\nosupersub\cf18\f19\fs17 la\tab \dn2
\expndtw-7\charscalex95 31 decembrie 1998\par\pard\sect\sectd\sbknone \li4906\sb
22\sl-195\slmult0\fi230 \up0 \expndtw-7\charscalex95 \par\pard\li1339\sb190\sl-195
\slmult0\fi6957\tx9924 \up0 \expndtw0\charscalex104 La finele perioadei\tab \up0
\expndtw0\charscalex104 La finele anului\par\pard\li1339\sb1\sl-168\slmult0\fi1
9\tx7576\tx8546\tx10053 \up0 \expndtw0\charscalex104 Nr.\tab \up0 \expndtw0\char
scalex104 Codul\tab \dn2 \expndtw0\charscalex104 de gestiune\tab \dn2 \expndtw0\
charscalex104 de gestiune\par\pard\li1339\sb7\sl-195\slmult0\fi0\tx4249\tx7696\t
x8704\tx10112 \up0 \expndtw0\charscalex104 .s.\tab \up0 \expndtw0\charscalex104 A
C T I V\tab \up0 \expndtw0\charscalex104 rd.\tab \dn3 \expndtw0\charscalex104 c
urente\tab \dn3 \expndtw0\charscalex104 precedent\par\pard\li1339\sb8\sl-195\slm
ult0\fi38\tx4210\tx7648\tx8412\tx9938 \up0 \expndtw0\charscalex104 \tab \up0 \exp
ndtw0\charscalex104 \tab \up0 \expndtw0\charscalex104 \tab \dn3 \expndtw0\charsca
104 -\tab \dn3 \expndtw0\charscalex104 -\par\pard\li1339\sb7\sl-195\
9832 \up0 \expndtw0\charscalex104 .\tab \up0 \expndtw0\charscalex104 .\tab \dn2 \expn
dtw0\charscalex104 \tab \dn2 \expndtw0\charscalex104 -\par\pard\l
7 \up0 \expndtw0\charscalex106 \tab \up0 \expndtw0\charscalex106 \par\pard\li
slmult0\fi95\tx4527\tx7725\tx8930\tx10511 \up0 \expndtw0\charscalex106 1\tab \up
0 \expndtw0\charscalex106 2\tab \up0 \expndtw0\charscalex106 3\tab \up0 \expndtw
0\charscalex106 4\tab \up0 \expndtw0\charscalex106 5\par\pard\li1348\sb156\sl-19
5\slmult0\fi0\tx1997 \up0 \expndtw0\charscalex106 \ul0\nosupersub\cf23\f24\fs17
1.\tab \up0 \expndtw0\charscalex106 ACTIVE PE TERMEN LUNG\par\pard\ql \li1998\sb
2\sl-195\slmult0 \up0 \expndtw0\charscalex121 \par\pard\li1348\sb0\sl-195
8\sb15\sl-195\slmult0\fi0\tx1997 \up0 \expndtw0\charscalex106 \ul0\nosupersub\cf
21\f22\fs17 1.1\tab \up0 \expndtw0\charscalex106 Active nemateriale\par\pard\ql
\li1998\sb2\sl-195\slmult0 \up0 \expndtw0\charscalex114 \par\pard\ql \l
p0 \expndtw-2\charscalex100 \ul0\nosupersub\cf18\f19\fs17 Active nemateriale (11
1, 112) \par\pard\li1348\sb10\sl-195\slmult0\fi850\tx7715\tx8920\tx10505 \up0 \e
xpndtw0\charscalex105 \tab \up0 \expndtw0\charscalex105 010\tab \up0 \ex
tab \up0 \expndtw0\charscalex105 2 606\par\pard\li1348\sb118\sl-195\slmult0\fi85
0 \up0 \expndtw0\charscalex105 Amortizarea activelor nemateriale (113)\par\pard\

li1348\sb8\sl-195\slmult0\fi850\tx7710\tx8943\tx10341 \up0 \expndtw0\charscalex1
05 \u255? \tab \up0 \expndtw0\charscalex105 020\tab \up0 \exp
scalex105 ( 1 386)\par\pard\li1348\sb118\sl-195\slmult0\fi649 \up0 \expndtw0\cha
rscalex105 \ul0\nosupersub\cf21\f22\fs17 Valoarea de bilan\\ a activelor nemater
iale (rd.010 - rd.020)\par\pard\li1348\sb7\sl-195\slmult0\fi649\tx7711\tx8925\tx
10515 \up0 \expndtw0\charscalex105 \u255? \tab \up0
0 \expndtw0\charscalex105 2 180\tab \up0 \expndtw0\charscalex105 1 220\par\pard\
li1348\sb0\sl-195\slmult0\par\pard\li1348\sb11\sl-195\slmult0\fi0\tx1998 \up0 \e
xpndtw0\charscalex105 \ul0\nosupersub\cf21\f22\fs17 1.2\tab \up0 \expndtw0\chars
calex105 Active materiale pe termen lung\par\pard\ql \li1998\sb0\sl-188\slmult0
\up0 \expndtw0\charscalex115 \par\pard\ql \li2199\sb7\sl-195
upersub\cf18\f19\fs17 Active materiale ]n curs de execu\\ie (121) \par\pard\li21
99\sb17\sl-195\slmult0\fi0\tx7710\tx8747\tx10318 \up0 \expndtw0\charscalex105
05 040\tab \up0 \expndtw0\charscalex105 611 960\tab \up0 \expndtw0\charscalex105
573 265\par\pard\ql \li2199\sb115\sl-195\slmult0 \up0 \expndtw-1\charscalex100
Terenuri (122) \par\pard\li2199\sb11\sl-195\slmult0\fi0\tx7711 \up0 \expndtw0\ch
arscalex101 \tab \up0 \expndtw0\charscalex101 050\par\pard\ql \li2199\sb101\
\expndtw-1\charscalex100 Mijloace fixe (123) \par\pard\li2199\sb24\sl-195\slmul
t0\fi0\tx7711\tx8503\tx10097 \up0 \expndtw0\charscalex103 \tab \up0 \expndtw
\tab \up0 \expndtw0\charscalex103 15 973 275\tab \up0 \expndtw0\charscalex103 15
319 450\par\pard\qj\pvpg\phpg\posx2986\posy15330\absw2132 \ul0\nosupersub\cf2\f
3\fs15 4/1999
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
3);(10029,1973);(10029,10);(9,10);(9,1973);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
15);(10039,1315);(10039,9);(10,9);(10,1315);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
);(5661,1310);(5661,9);(10,9);(10,1310);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
);(1574,1315);(1574,9);(10,9);(10,1315);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}

}}
}
}}
07);(10039,6207);(10039,9);(10,9);(10,6207);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}

}}
}
}}
}
}}
}
}}
}
}}
}

}}
}
g21}{\bkmkend Pg21}\par\pard\li1324\sb383\sl-414\slmult0\fi1537\tx10721 \up0 \ex
pndtw0\charscalex74 \ul0\nosupersub\cf3\f4\fs36 \u8730?\ul0\nosupersub\cf4\f5\fs
36 \u8240?\u8218? \u8225?\u8218?\u730? \u732?\tab \dn2 \expndtw0\charscalex74
f1\f2\fs36 21\par\pard\li1324\sb0\sl-195\slmult0\par\pard\li1324\sb119\sl-195\sl
mult0\fi0\tx4263\tx7605\tx8810\tx10391 \up0 \expndtw-7\charscalex81 \ul0\nosuper
sub\cf18\f19\fs17 1\tab \up0 \expndtw-7\charscalex81 2\tab \up0 \expndtw-7\chars
calex81 3\tab \up0 \expndtw-7\charscalex81 4\tab \up0 \expndtw-7\charscalex81 5\
par\pard\ql \li2065\sb0\sl-195\slmult0 \par\pard\ql\li2065\sb19\sl-195\slmult0 \
up0 \expndtw-1\charscalex100 Resurse naturale (125) \par\pard\li1214\sb22\sl-195
\slmult0\fi850\tx7581 \up0 \expndtw0\charscalex106 \tab \up0 \expndtw0\chars
rd\li1214\sb118\sl-195\slmult0\fi850 \up0 \expndtw0\charscalex106 Uzura =i epuiz
area activelor materiale pe termen lung (124, 126)\par\pard\li1214\sb9\sl-195\sl
mult0\fi850\tx7580\tx8334\tx9928 \up0 \expndtw0\charscalex106
arscalex106 (7 438 970)\tab \up0 \expndtw0\charscalex106 (7 260 310)\par\pard\li
1214\sb118\sl-195\slmult0\fi850 \up0 \expndtw0\charscalex106 \ul0\nosupersub\cf2
1\f22\fs17 Valoarea de bilan\\ a activelor materiale pe termen lung\par\pard\li1
214\sb3\sl-195\slmult0\fi850\tx2713\tx3461\tx4205 \up0 \expndtw0\charscalex106 (
rd.040\tab \up0 \expndtw0\charscalex106 rd.050\tab \up0 \expndtw0\charscalex106
rd.060\tab \up0 \expndtw0\charscalex106 rd.070 - rd.080)\par\pard\li1214\sb7\sl195\slmult0\fi850\tx7581\tx8464\tx10043 \up0 \expndtw0\charscalex106 \u255?
cf18\f19\fs17 090\tab \up0 \expndtw0\charscalex106 9 146 265\tab \up0 \expndtw0\
charscalex106 8 632 375\par\pard\li1214\sb0\sl-195\slmult0\par\pard\li1214\sb10\
sl-195\slmult0\fi0\tx1867 \up0 \expndtw0\charscalex106 \ul0\nosupersub\cf21\f22\
fs17 1.3\tab \up0 \expndtw0\charscalex106 Active financiare pe termen lung\par\p
ard\ql \li1867\sb6\sl-195\slmult0 \up0 \expndtw0\charscalex120
p0 \expndtw0\charscalex100 \ul0\nosupersub\cf18\f19\fs17 Investi\\ii pe termen l
ung ]n p[r\\i nelegate (131) \par\pard\li2065\sb6\sl-195\slmult0\fi0\tx7585\tx85
97\tx10198 \up0 \expndtw0\charscalex107 \u255? \ta
245 685\tab \up0 \expndtw0\charscalex107 217 685\par\pard\ql \li2065\sb106\sl-1
95\slmult0 \up0 \expndtw0\charscalex100 Investi\\ii pe termen lung ]n p[r\\i leg
ate (132) \par\pard\li2065\sb19\sl-195\slmult0\fi0\tx7586 \up0 \expndtw0\charsca
lex109 \u255? \tab \up0 \expndtw0\charscalex109 110\
alex100 Modificarea valorii investi\\iilor pe termen lung (133) \par\pard\li2065
\sb13\sl-195\slmult0\fi0\tx7614 \up0 \expndtw0\charscalex111
5\sb99\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Crean\\e pe termen lung (134
) \par\pard\li1214\sb27\sl-195\slmult0\fi850\tx7586 \up0 \expndtw0\charscalex107
\u255? \u255? \tab \up0 \expndtw0\charscalex107 130\par\pa
rscalex107 Active am]nate privind impozitul pe venit (135)\par\pard\li1214\sb7\s
l-195\slmult0\fi850\tx7585\tx8785 \up0 \expndtw0\charscalex107
xpndtw0\charscalex107 2 985\par\pard\li1214\sb118\sl-195\slmult0\fi850 \up0 \exp
ndtw0\charscalex107 Avansuri acordate (136)\par\pard\li1214\sb8\sl-195\slmult0\f
i850\tx7586 \up0 \expndtw0\charscalex107 \tab \up0 \expndtw0\charscalex107 150
4\sb118\sl-195\slmult0\fi652\tx3533\tx4993\tx5727\tx6463 \up0 \expndtw0\charscal
ex100 \ul0\nosupersub\cf21\f22\fs17 TOTAL s.1.3 (rd.100\tab \up0 \expndtw0\chars
calex104 rd.110 rd.120\tab \up0 \expndtw0\charscalex107 rd.130\tab \up0 \expndtw

0\charscalex107 rd.140\tab \up0 \expndtw0\charscalex107 rd.150)\par\pard\li1214\
sb7\sl-195\slmult0\fi652\tx7586\tx8599\tx10198 \up0 \expndtw0\charscalex107 .1.3\ta
up0 \expndtw0\charscalex107 \ul0\nosupersub\cf18\f19\fs17 160\tab \up0 \expndtw0
\charscalex107 248 670\tab \up0 \expndtw0\charscalex107 217 685\par\pard\li1214\
sb0\sl-195\slmult0\par\pard\li1214\sb11\sl-195\slmult0\fi0\tx1867 \up0 \expndtw0
\charscalex107 \ul0\nosupersub\cf21\f22\fs17 1.4\tab \up0 \expndtw0\charscalex10
7 Alte active pe termen lung (141, 142)\par\pard\li1214\sb8\sl-195\slmult0\fi652
\tx7586 \up0 \expndtw0\charscalex107 \tab \up0 \expndtw0\charscalex
70\par\pard\li1214\sb118\sl-195\slmult0\fi652\tx3996\tx4744\tx5492 \up0 \expndtw
0\charscalex103 \ul0\nosupersub\cf21\f22\fs17 TOTAL capitolul 1 (rd.030\tab \up0
\expndtw0\charscalex107 rd.090\tab \up0 \expndtw0\charscalex107 rd.160\tab \up0
\expndtw0\charscalex107 rd.170)\par\pard\li1214\sb7\sl-195\slmult0\fi652\tx7586
\tx8474\tx10053 \up0 \expndtw0\charscalex107 1\tab \up0 \expndtw0\charscalex
rsub\cf18\f19\fs17 180\tab \up0 \expndtw0\charscalex107 9 397 115\tab \up0 \expn
dtw0\charscalex107 8 851 280\par\pard\li1214\sb0\sl-195\slmult0\par\pard\li1214\
sb10\sl-195\slmult0\fi0\tx1867 \up0 \expndtw0\charscalex107 \ul0\nosupersub\cf23
\f24\fs17 2.\tab \up0 \expndtw0\charscalex107 ACTIVE CURENTE\par\pard\ql \li1867
\sb0\sl-184\slmult0 \up0 \expndtw0\charscalex101 \par\pard\li1214\sb0\sl-195\s
rd\li1214\sb22\sl-195\slmult0\fi0\tx1867 \up0 \expndtw0\charscalex108 \ul0\nosup
ersub\cf21\f22\fs17 2.1\tab \up0 \expndtw0\charscalex108 Stocuri de m[rfuri =i m
ateriale\par\pard\ql \li1867\sb0\sl-189\slmult0 \up0 \expndtw0\charscalex117 -
sl-195\slmult0 \up0 \expndtw-1\charscalex100 \ul0\nosupersub\cf18\f19\fs17 Mater
iale (211) \par\pard\li2065\sb1\sl-195\slmult0\fi0\tx7615\tx8474\tx10063 \up0 \e
xpndtw0\charscalex101 \tab \up0 \expndtw0\charscalex101 190\tab \up0 \expndtw0\chars
101 1 318 260\tab \up0 \expndtw0\charscalex101 1 213 380\par\pard\ql \li2065\sb1
11\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Animale la cre=tere =i ]ngr[=at
(212) \par\pard\li2065\sb10\sl-195\slmult0\fi0\tx7581 \up0 \expndtw0\charscalex1
11 \tab \up0 \expndtw0\charscalex111 200\par\pard\ql \li2065
ex103 Obiecte de mic[ valoare =i scurt[ durat[ (213-214) \par\pard\li2065\sb14\s
l-195\slmult0\fi0\tx7584\tx8693\tx10279 \up0 \expndtw0\charscalex110
b \up0 \expndtw0\charscalex110 30 375\tab \up0 \expndtw0\charscalex110 32 440\pa
r\pard\ql \li2065\sb118\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Produc\\ia
]n curs de execu\\ie (215) \par\pard\li1214\sb8\sl-195\slmult0\fi850\tx7580\tx84
59\tx10043 \up0 \expndtw0\charscalex105 \tab \up0 \expndtw0\charsca
lex105 5 260 570\tab \up0 \expndtw0\charscalex105 4 998 555\par\pard\li1214\sb11
8\sl-195\slmult0\fi850 \up0 \expndtw0\charscalex105 Produse (216)\par\pard\li121
4\sb7\sl-195\slmult0\fi850\tx7581\tx8599\tx10198 \up0 \expndtw0\charscalex105 \u255?\
\up0 \expndtw0\charscalex105 230\tab \up0 \expndtw0\charscalex105 672 395\tab \
up0 \expndtw0\charscalex105 897 170\par\pard\li1214\sb118\sl-195\slmult0\fi850 \
up0 \expndtw0\charscalex105 M[rfuri (217)\par\pard\li1214\sb8\sl-195\slmult0\fi8
50\tx7581\tx8608\tx10198 \up0 \expndtw0\charscalex105 \tab \up0 \expndtw0\charscalex10
5 240\tab \up0 \expndtw0\charscalex105 139 790\tab \up0 \expndtw0\charscalex105
261 845\par\pard\li1214\sb118\sl-195\slmult0\fi652\tx3543\tx4263\tx4973\tx5689\t
x6410 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf21\f22\fs17 TOTAL s. 2.1 (
rd.230\tab \up0 \expndtw0\charscalex105 rd.240)\par\pard\li1214\sb9\sl-195\slmul
t0\fi652\tx7581\tx8464\tx10043 \up0 \expndtw0\charscalex105 o . 2.1\tab \up0 \expndtw
\charscalex105 \ul0\nosupersub\cf18\f19\fs17 250\tab \up0 \expndtw0\charscalex10
5 7 421 390\tab \up0 \expndtw0\charscalex105 7 403 390\par\pard\li1214\sb0\sl-19
5\slmult0\par\pard\li1214\sb9\sl-195\slmult0\fi0\tx1867 \up0 \expndtw0\charscale
x105 \ul0\nosupersub\cf21\f22\fs17 2.2\tab \up0 \expndtw0\charscalex105 Crean\\e
pe termen scurt\par\pard\ql \li1867\sb4\sl-195\slmult0 \up0 \expndtw0\charscale
x112 \u255? \u255? \par\pard\ql \li2065\sb6\sl-195\slmult
fs17 Crean\\e comerciale (221) \par\pard\li2065\sb8\sl-195\slmult0\fi0\tx7580\tx
8598\tx10289 \up0 \expndtw0\charscalex107 \tab \up0 \expndtw0
lex107 675 535\tab \up0 \expndtw0\charscalex107 47 135\par\pard\ql \li2065\sb104
\sl-195\slmult0 \up0 \expndtw0\charscalex100 Corec\\ii la datorii dubioase (222)
\par\pard\li2065\sb22\sl-195\slmult0\fi0\tx7580\tx8583\tx10250 \up0 \expndtw0\c
harscalex109 \tab \up0 \expndtw0\charscalex109 270\tab \up0 \ex

xpndtw0\charscalex109 (4 405)\par\pard\qj\pvpg\phpg\posx2862\posy15339\absw2132
\ul0\nosupersub\cf2\f3\fs15 4/1999
}
}}
}
}}
}
}}
}
}}
}

}}
80);(10025,3980);(10025,9);(10,9);(10,3980);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
43);(10025,4043);(10025,9);(10,9);(10,4043);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
(10029,245);(10029,10);(9,10);(9,245);(0,0)}}

824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
1565,250);(1565,10);(10,10);(10,250);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
650,250);(5650,10);(9,10);(9,250);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}

}
}}
13553);(10039,13553);(10039,10);(10,10);(10,13553);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
pndtw0\charscalex81 \ul0\nosupersub\cf4\f5\fs36 Raportul financiar anual\tab \dn
3 \expndtw0\charscalex81 \ul0\nosupersub\cf1\f2\fs36 22\par\pard\li1420\sb0\sl-1
95\slmult0\par\pard\li1420\sb144\sl-195\slmult0\fi0\tx4359\tx7701\tx8906\tx10482
\up0 \expndtw-7\charscalex88 \ul0\nosupersub\cf18\f19\fs17 1\tab \up0 \expndtw7\charscalex88 2\tab \up0 \expndtw-7\charscalex88 3\tab \up0 \expndtw-7\charscal
ex88 4\tab \up0 \expndtw-7\charscalex88 5\par\pard\ql \li2180\sb0\sl-195\slmult0
\par\pard\ql\li2180\sb24\sl-195\slmult0 \up0 \expndtw0\charscalex101 Crean\\e a
le p[r\\ilor legate (223) \par\pard\li2180\sb50\sl-195\slmult0\fi0\tx7691 \up0 \
expndtw0\charscalex110 \u255? \tab \up0 \expndtw0\charscalex110 2
t0 \up0 \expndtw0\charscalex100 Avansuri acordate (224) \par\pard\li2180\sb38\sl
-195\slmult0\fi0\tx7725\tx8713\tx10299 \up0 \expndtw0\charscalex105 \tab \up0
calex105 290\tab \up0 \expndtw0\charscalex105 205 300\tab \up0 \expndtw0\charsca
lex105 358 455\par\pard\ql \li2180\sb134\sl-195\slmult0 \up0 \expndtw0\charscale
x101 Crean\\e privind decont[rile cu bugetul (225) \par\pard\li2180\sb49\sl-195\
slmult0\fi0\tx7724\tx8713\tx10395 \up0 \expndtw0\charscalex106
0 \expndtw0\charscalex106 893 590\tab \up0 \expndtw0\charscalex106 82 930\par\pa
rd\ql \li2180\sb143\sl-195\slmult0 \up0 \expndtw0\charscalex102 Taxa pe valoarea
ad[ugat[ de recuperat (226) \par\pard\li2180\sb36\sl-195\slmult0\fi0\tx7695\tx1
0308 \up0 \expndtw0\charscalex113 \tab \up0 \expnd
par\pard\ql \li2180\sb136\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Crean\\e
ale personalului (227) \par\pard\li1329\sb47\sl-195\slmult0\fi850\tx7724\tx8814\
tx10409 \up0 \expndtw0\charscalex106 \tab \up0 \expndtw0\charscalex106
lex106 13 250\tab \up0 \expndtw0\charscalex106 11 390\par\pard\li1329\sb147\sl-1
95\slmult0\fi850 \up0 \expndtw0\charscalex106 Crean\\e privind veniturile calcul
ate (228)\par\pard\li1329\sb31\sl-195\slmult0\fi850\tx7691 \up0 \expndtw0\charsc
alex106 \tab \up0 \expndtw0\charscalex106 330\par\pard\li
alex106 Alte crean\\e pe termen scurt (229)\par\pard\li1329\sb36\sl-195\slmult0\

fi850\tx7724\tx8713\tx10308 \up0 \expndtw0\charscalex106 \u255? \u255?
\up0 \expndtw0\charscalex106 308 095\tab \up0 \expndtw0\charscalex106 197 865\pa
r\pard\li1329\sb147\sl-195\slmult0\fi653\tx4473\tx5217\tx5967\tx6712 \up0 \expnd
tw0\charscalex106 \ul0\nosupersub\cf21\f22\fs17 TOTAL s. 2.2 (rd.260 - rd.270\ta
b \up0 \expndtw0\charscalex106 rd.280\tab \up0 \expndtw0\charscalex106 rd.290\ta
b \up0 \expndtw0\charscalex106 rd.300\tab \up0 \expndtw0\charscalex106 \par\pard\
06 rd.310\tab \up0 \expndtw0\charscalex106 rd.320\tab \up0 \expndtw0\charscalex1
06 rd.330\tab \up0 \expndtw0\charscalex106 rd.340)\par\pard\li1329\sb36\sl-195\s
lmult0\fi653\tx7725\tx8579\tx10313 \up0 \expndtw0\charscalex106 . 2.2\tab \up0 \exp
w0\charscalex106 \ul0\nosupersub\cf18\f19\fs17 350\tab \up0 \expndtw0\charscalex
106 1 230 660\tab \up0 \expndtw0\charscalex106 813 730\par\pard\li1329\sb0\sl-19
5\slmult0\par\pard\li1329\sb67\sl-195\slmult0\fi0\tx1983 \up0 \expndtw0\charscal
ex106 \ul0\nosupersub\cf21\f22\fs17 2.3\tab \up0 \expndtw0\charscalex106 Investi
\\ii pe termen scurt\par\pard\ql \li1983\sb15\sl-195\slmult0 \up0 \expndtw0\char
scalex111 \par\pard\ql \li2180\sb46\sl-195\slmult0 \up0 \expndtw0\ch
f19\fs17 Investi\\ii pe termen scurt ]n p[r\\i nelegate (231) \par\pard\li2180\s
b39\sl-195\slmult0\fi0\tx7691 \up0 \expndtw0\charscalex108 \u2
i2180\sb133\sl-195\slmult0 \up0 \expndtw0\charscalex101 Investi\\ii pe termen sc
urt ]n p[r\\i legate (232) \par\pard\li1329\sb51\sl-195\slmult0\fi850\tx7691 \up
0 \expndtw0\charscalex107 \u255? \tab \up0 \expndtw
p0 \expndtw0\charscalex107 Diminuarea valorii investi\\iilor pe termen scurt (23
3)\par\pard\li1329\sb32\sl-195\slmult0\fi850\tx7725\tx9151\tx10741 \up0 \expndtw
0\charscalex107 \tab \up0 \expndtw0\charscalex10
x107 ( )\par\pard\li1329\sb151\sl-195\slmult0\fi654\tx3734 \up0 \expndtw0\charsc
alex102 \ul0\nosupersub\cf21\f22\fs17 TOTAL s. 2.3 (rd.360\tab \up0 \expndtw0\ch
arscalex107 rd.370 - rd.380)\par\pard\li1329\sb32\sl-195\slmult0\fi654\tx7725 \u
p0 \expndtw0\charscalex107 . 2.3\tab \up0 \expndtw0\charscalex107 \ul0\nosupersub\c
\f19\fs17 390\par\pard\li1329\sb0\sl-195\slmult0\par\pard\li1329\sb67\sl-195\slm
ult0\fi0\tx1983 \up0 \expndtw0\charscalex107 \ul0\nosupersub\cf21\f22\fs17 2.4\t
ab \up0 \expndtw0\charscalex107 Mijloace b[ne=ti\par\pard\ql \li1983\sb27\sl-195
\slmult0 \up0 \expndtw0\charscalex108 \par\pard\ql \li2180\sb26\sl-195\slmu
\charscalex100 \ul0\nosupersub\cf18\f19\fs17 Casa (241) \par\pard\li2180\sb51\sl
-195\slmult0\fi0\tx7725\tx9050\tx10506 \up0 \expndtw-4\charscalex100 \tab \up0 \expnd
tw-4\charscalex100 400\tab \up0 \expndtw-4\charscalex100 331\tab \up0 \expndtw-4
\charscalex100 1 198\par\pard\ql \li2180\sb141\sl-195\slmult0 \up0 \expndtw0\cha
rscalex100 Cont de decontare (242) \par\pard\li1329\sb38\sl-195\slmult0\fi850\tx
7696\tx8901\tx10404 \up0 \expndtw0\charscalex105 \tab \up0 \expndtw0\charscalex
up0 \expndtw0\charscalex105 7 232\tab \up0 \expndtw0\charscalex105 20 551\par\pa
rd\li1329\sb146\sl-195\slmult0\fi850 \up0 \expndtw0\charscalex105 Cont valutar (
243)\par\pard\li1329\sb37\sl-195\slmult0\fi850\tx7692\tx9137\tx10726 \up0 \expnd
tw0\charscalex105 \tab \up0 \expndtw0\charscalex105 420\tab \up0 \expndtw0\chars
\tab \up0 \expndtw0\charscalex105 22\par\pard\li1329\sb147\sl-195\slmult0\fi850
\up0 \expndtw0\charscalex105 Alte mijloace b[ne=ti (244, 245, 246)\par\pard\li13
29\sb31\sl-195\slmult0\fi850\tx7692\tx9045 \up0 \expndtw0\charscalex105
ex105 430\tab \up0 \expndtw0\charscalex105 847\par\pard\li1329\sb147\sl-195\slmu
lt0\fi653\tx3735\tx4479\tx5281 \up0 \expndtw0\charscalex105 \ul0\nosupersub\cf21
\f22\fs17 TOTAL s. 2.4 (rd.400\tab \up0 \expndtw0\charscalex105 rd.410\tab \up0
\expndtw0\charscalex105 rd.420\tab \up0 \expndtw0\charscalex105 rd.430)\par\pard
\li1329\sb36\sl-195\slmult0\fi653\tx7692\tx8901\tx10409 \up0 \expndtw0\charscale
x105 .2.4\tab \up0 \expndtw0\charscalex105 \ul0\nosupersub\cf18\f19\fs17 440\tab \u
\expndtw0\charscalex105 8 432\tab \up0 \expndtw0\charscalex105 21 771\par\pard\l
i1329\sb0\sl-195\slmult0\par\pard\li1329\sb69\sl-195\slmult0\fi0\tx1983 \up0 \ex
pndtw0\charscalex105 \ul0\nosupersub\cf21\f22\fs17 2.5\tab \up0 \expndtw0\charsc
alex105 Alte active pe termen scurt (251, 252)\par\pard\li1329\sb31\sl-195\slmul
t0\fi654\tx7725\tx8901\tx10405 \up0 \expndtw0\charscalex105 \tab \
persub\cf18\f19\fs17 450\tab \up0 \expndtw0\charscalex105 2 288\tab \up0 \expndt
w0\charscalex105 19 459\par\pard\li1329\sb0\sl-195\slmult0\par\pard\li1329\sb67\
sl-195\slmult0\fi654\tx4103\tx4852\tx5597\tx6343 \up0 \expndtw0\charscalex105 \u
l0\nosupersub\cf21\f22\fs17 TOTAL capitolul 2 (rd.250\tab \up0 \expndtw0\charsca

lex105 rd.350\tab \up0 \expndtw0\charscalex105 rd.390\tab \up0 \expndtw0\charsca
lex105 rd.440\tab \up0 \expndtw0\charscalex105 rd.450)\par\pard\li1329\sb37\sl-1
95\slmult0\fi654\tx7692\tx8570\tx10160 \up0 \expndtw0\charscalex105 2\tab \u
arscalex105 \ul0\nosupersub\cf18\f19\fs17 460\tab \up0 \expndtw0\charscalex105 8
662 770\tab \up0 \expndtw0\charscalex105 8 258 350\par\pard\li1329\sb0\sl-195\s
lmult0\par\pard\li1329\sb67\sl-195\slmult0\fi654\tx4656 \up0 \expndtw0\charscale
x100 \ul0\nosupersub\cf21\f22\fs17 TOTAL GENERAL-ACTIV (rd.180\tab \up0 \expndtw
0\charscalex105 rd.460)\par\pard\li1329\sb36\sl-195\slmult0\fi654\tx7692\tx8483\
tx10083 \up0 \expndtw0\charscalex105 - \tab \up0 \expndtw0\charscalex105 \ul0\nosu
cf18\f19\fs17 470\tab \up0 \expndtw0\charscalex105 18 059 885\tab \up0 \expndtw0
\charscalex105 17 109 630\par\pard\qj\pvpg\phpg\posx2986\posy15330\absw2132 \ul0
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
;(10030,681);(10030,9);(15,9);(15,681);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10030,682);(10030,10);(15,10);(15,682);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}

}}
}
}}
84);(10030,2784);(10030,10);(15,10);(15,2784);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10035,245);(10035,10);(10,10);(10,245);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
1569,249);(1569,9);(14,9);(14,249);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
646,250);(5646,10);(9,10);(9,250);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}

13553);(10040,13553);(10040,9);(15,9);(15,13553);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
g23}{\bkmkend Pg23}\par\pard\li2862\sb383\sl-414\slmult0\fi0\tx10688 \up0 \expnd
tw0\charscalex75 \ul0\nosupersub\cf3\f4\fs36 \u8730?\ul0\nosupersub\cf4\f5\fs36 \
u8240?\u8218? \u8225?\u8218?\u730? \u732?\tab \dn2 \expndtw0\charscalex75 \ul0\
f2\fs36 23\par\pard\li1219\sb0\sl-195\slmult0\par\pard\li1219\sb153\sl-195\slmul
t0\fi6957\tx9808 \up0 \expndtw0\charscalex105 \ul0\nosupersub\cf18\f19\fs17 La f
inele perioadei\tab \up0 \expndtw0\charscalex105 La finele anului\par\pard\li121
9\sb1\sl-162\slmult0\fi19\tx7461\tx8431\tx9933 \up0 \expndtw0\charscalex105 Nr.\
tab \up0 \expndtw0\charscalex105 Codul\tab \dn2 \expndtw0\charscalex105 de gesti
une\tab \dn2 \expndtw0\charscalex105 de gestiune\par\pard\li1219\sb12\sl-195\slm
ult0\fi0\tx4129\tx7581\tx8589\tx9991 \up0 \expndtw0\charscalex105 .s.\tab \up0 \e
xpndtw0\charscalex105 P A S I V\tab \up0 \expndtw0\charscalex105 rd.\tab \dn3 \e
xpndtw0\charscalex105 curente\tab \dn3 \expndtw0\charscalex105 precedent\par\par
d\li1219\sb3\sl-195\slmult0\fi38\tx3990\tx7528\tx8296\tx9818 \up0 \expndtw0\char
scalex105 \tab \up0 \expndtw0\charscalex105 \tab \up0 \expndtw0\charscalex105
n3 \expndtw0\charscalex105 -\tab \dn3 \expndtw0\charscalex105 -\par\
0\fi14\tx7528\tx8263\tx9717 \up0 \expndtw0\charscalex105 .\tab \up0 \expndtw0\char
scalex105 .\tab \dn2 \expndtw0\charscalex105 \tab \dn2 \expndtw0\charscalex1

5\slmult0\fi7322\tx9995 \up0 \expndtw0\charscalex108 \tab \up0 \expndtw0\charscalex108
rd\li1214\sb90\sl-195\slmult0\fi110\tx4412\tx7610\tx8810\tx10391 \up0 \expndtw0\
charscalex108 1\tab \up0 \expndtw0\charscalex108 2\tab \up0 \expndtw0\charscalex
108 3\tab \up0 \expndtw0\charscalex108 4\tab \up0 \expndtw0\charscalex108 5\par\
pard\li1214\sb190\sl-195\slmult0\fi0\tx1867 \up0 \expndtw0\charscalex108 \ul0\no
supersub\cf23\f24\fs17 3\tab \up0 \expndtw0\charscalex108 CAPITAL PROPRIU\par\pa
rd\ql \li1867\sb0\sl-186\slmult0 \up0 \expndtw0\charscalex117 \par\pard\l
0\par\pard\li1214\sb25\sl-195\slmult0\fi0\tx1867 \up0 \expndtw0\charscalex106 \u
l0\nosupersub\cf21\f22\fs17 3.1\tab \up0 \expndtw0\charscalex106 Capital statuta
r =i suplimentar\par\pard\ql \li1867\sb0\sl-186\slmult0 \up0 \expndtw0\charscale
x112 \par\pard\ql \li2065\sb7\sl-195\slmult0 \up0 \expndtw0\cha
7 Capital statutar (311) \par\pard\li2065\sb19\sl-195\slmult0\fi0\tx7581\tx8474\
tx10062 \up0 \expndtw-2\charscalex100 \tab \up0 \expndtw-2\charscalex100 480\
-2\charscalex100 2 109 410\tab \up0 \expndtw-2\charscalex100 2 109 410\par\pard\
ql \li2065\sb113\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Capital suplimenta
r (312) \par\pard\li2065\sb12\sl-195\slmult0\fi0\tx7614 \up0 \expndtw0\charscale
x107 \tab \up0 \expndtw0\charscalex107 490\par\pard\ql \li2065\sb100\sl-195
w0\charscalex102 Capital nev[rsat (313) \par\pard\li1214\sb26\sl-195\slmult0\fi8
50\tx7615\tx9040\tx10630 \up0 \expndtw0\charscalex107 \tab \up0 \expndtw0
p0 \expndtw0\charscalex107 ( )\tab \up0 \expndtw0\charscalex107 ( )\par\pard\li1
214\sb118\sl-195\slmult0\fi850 \up0 \expndtw0\charscalex107 Capital retras (314)
harscalex107 \u255? \tab \up0 \expndtw0\charscalex107 510\tab \up0 \expndtw0\cha
)\tab \up0 \expndtw0\charscalex107 ( )\par\pard\li1214\sb118\sl-195\slmult0\fi65
2\tx3624 \up0 \expndtw0\charscalex102 \ul0\nosupersub\cf21\f22\fs17 TOTAL s. 3.1
(rd.480\tab \up0 \expndtw0\charscalex107 rd.490 - rd.500 - rd.510)\par\pard\li1
214\sb3\sl-195\slmult0\fi652\tx7615\tx8474\tx10063 \up0 \expndtw0\charscalex107 . 3
tab \up0 \expndtw0\charscalex107 \ul0\nosupersub\cf18\f19\fs17 520\tab \up0 \exp
ndtw0\charscalex107 2 109 410\tab \up0 \expndtw0\charscalex107 2 109 410\par\par
d\li1214\sb0\sl-195\slmult0\par\pard\li1214\sb14\sl-195\slmult0\fi0\tx1867 \up0
\expndtw0\charscalex107 \ul0\nosupersub\cf21\f22\fs17 3.2\tab \up0 \expndtw0\cha
rscalex107 Rezerve\par\pard\ql \li1867\sb1\sl-195\slmult0 \up0 \expndtw0\charsca
lex105 \par\pard\ql \li2065\sb6\sl-195\slmult0 \up0 \expndtw-1\charscalex100 \ul0\nos
persub\cf18\f19\fs17 Rezerve stabilite de legisla\\ie (321) \par\pard\li1214\sb1
1\sl-195\slmult0\fi850\tx7614\tx8458\tx10052 \up0 \expndtw0\charscalex105 ,
b \up0 \expndtw0\charscalex105 2 428 830\tab \up0 \expndtw0\charscalex105 2 404
915\par\pard\li1214\sb118\sl-195\slmult0\fi850 \up0 \expndtw0\charscalex105 Reze
rve prev[zute de statut (322)\par\pard\li1214\sb9\sl-195\slmult0\fi850\tx7614\tx
8473\tx10062 \up0 \expndtw0\charscalex105 , \tab \up0 \expndtw0
lex105 1 042 910\tab \up0 \expndtw0\charscalex105 1 046 515\par\pard\li1214\sb11
8\sl-195\slmult0\fi850 \up0 \expndtw0\charscalex105 Alte rezerve (323)\par\pard\
05 \tab \up0 \expndtw0\charscalex105 550\tab \up0 \expndtw0\charscalex105 4 708
\expndtw0\charscalex105 4 706 560\par\pard\li1214\sb118\sl-195\slmult0\fi652\tx
3624\tx4373 \up0 \expndtw0\charscalex102 \ul0\nosupersub\cf21\f22\fs17 TOTAL s.
3.2 (rd.530\tab \up0 \expndtw0\charscalex105 rd.540\tab \up0 \expndtw0\charscale
x105 rd.550)\par\pard\li1214\sb3\sl-195\slmult0\fi652\tx7581\tx8474\tx10053 \up0
\expndtw0\charscalex105 . 3.2\tab \up0 \expndtw0\charscalex105 \ul0\nosupersub\cf1
19\fs17 560\tab \up0 \expndtw0\charscalex105 8 180 130\tab \up0 \expndtw0\charsc
alex105 8 157 990\par\pard\li1214\sb0\sl-195\slmult0\par\pard\li1214\sb14\sl-195
\slmult0\fi0\tx1866 \up0 \expndtw0\charscalex105 \ul0\nosupersub\cf21\f22\fs17 3
.3\tab \up0 \expndtw0\charscalex105 Profit nerepartizat (pierdere neacoperit[)\p
ar\pard\ql \li1867\sb1\sl-193\slmult0 \up0 \expndtw0\charscalex118 \u255?
\up0 \expndtw-1\charscalex100 \ul0\nosupersub\cf18\f19\fs17 Corectarea rezultat
elor perioadelor precedente (331) \par\pard\li2065\sb12\sl-195\slmult0\fi0\tx761
4 \up0 \expndtw0\charscalex109 \tab \up0 \expndtw0\ch
\expndtw0\charscalex100 Profitul nerepartizat (pierderea neacoperit[) al anilor
preceden\\i (332) \par\pard\li2065\sb25\sl-195\slmult0\fi0\tx7613\tx8597\tx1018
8 \up0 \expndtw0\charscalex108 \u255? ( ) \
up0 \expndtw0\charscalex108 652 420\par\pard\ql \li2065\sb107\sl-195\slmult0 \up

0 \expndtw0\charscalex100 Profitul net (pierderea) al perioadei de gestiune (333
) \par\pard\li1214\sb14\sl-195\slmult0\fi850\tx7613\tx8598 \up0 \expndtw0\charsc
alex107 \u255? () \tab \up0 \expndtw0\charscalex107 590\t
\sb123\sl-195\slmult0\fi850 \up0 \expndtw0\charscalex107 Dividende pl[tite ]n av
ans (334)\par\pard\li1214\sb3\sl-195\slmult0\fi850\tx7581\tx8570\tx10630 \up0 \e
xpndtw0\charscalex107 , \tab \up0 \expndtw0\charscalex107 600\tab
b \up0 \expndtw0\charscalex107 ( )\par\pard\li1214\sb123\sl-195\slmult0\fi652 \u
p0 \expndtw0\charscalex107 \ul0\nosupersub\cf21\f22\fs17 TOTAL s. 3.3 ( rd.570 rd
.580 rd.590 - rd.600)\par\pard\li1214\sb2\sl-195\slmult0\fi652\tx7586\tx8464\tx1
0189 \up0 \expndtw0\charscalex107 . 3.3\tab \up0 \expndtw0\charscalex107 \ul0\nosup
ub\cf18\f19\fs17 610\tab \up0 \expndtw0\charscalex107 1 298 775\tab \up0 \expndt
w0\charscalex107 652 420\par\pard\li1214\sb0\sl-195\slmult0\par\pard\li1214\sb15
\sl-195\slmult0\fi0\tx1867 \up0 \expndtw0\charscalex107 \ul0\nosupersub\cf21\f22
\fs17 3.4\tab \up0 \expndtw0\charscalex107 Capital secundar\par\pard\li1214\sb2\
sl-195\slmult0\fi652 \up0 \expndtw0\charscalex107 \par\pard\li1214\sb8\sl-1
\expndtw0\charscalex107 \ul0\nosupersub\cf18\f19\fs17 Diferen\\e din reevaluare
a activelor pe termen lung (341)\par\pard\li1214\sb8\sl-195\slmult0\fi850\tx7614
\up0 \expndtw0\charscalex107 \tab \up0 \expndtw0\c
0 \expndtw0\charscalex107 Subven\\ii (342)\par\pard\li1214\sb3\sl-195\slmult0\fi
850\tx7581 \up0 \expndtw0\charscalex107 \tab \up0 \expndtw0\charscalex107 630\par\par
i1214\sb122\sl-195\slmult0\fi652\tx3778 \up0 \expndtw0\charscalex103 \ul0\nosupe
rsub\cf21\f22\fs17 TOTAL s. 3.4 ( rd.620\tab \up0 \expndtw0\charscalex107 rd.630)
harscalex107 . 3.4\tab \up0 \expndtw0\charscalex107 \ul0\nosupersub\cf18\f19\fs17 6
tab \up0 \expndtw0\charscalex107 -\tab \up0 \expndtw0\charscalex107 -\par\pard\l
i1214\sb0\sl-195\slmult0\par\pard\li1214\sb15\sl-195\slmult0\fi652\tx3994 \up0 \
expndtw0\charscalex102 \ul0\nosupersub\cf21\f22\fs17 TOTAL capitolul 3 (rd.520\t
ab \up0 \expndtw0\charscalex107 rd.560 rd.610 rd.640)\par\pard\li1214\sb2\sl-195
\slmult0\fi652\tx7581\tx8387\tx9967 \up0 \expndtw0\charscalex107 3\tab \up0
calex107 \ul0\nosupersub\cf18\f19\fs17 650\tab \up0 \expndtw0\charscalex107 11 5
85 315\tab \up0 \expndtw0\charscalex107 10 919 820\par\pard\qj\pvpg\phpg\posx286
2\posy15339\absw2132 \ul0\nosupersub\cf2\f3\fs15 4/1999
Contabilitate =i aud
it
}
}}
}
}}
}
}}
}
}}
}
}}
86);(10030,2986);(10030,14);(10,14);(10,2986);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
87);(10025,2987);(10025,9);(10,9);(10,2987);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
11);(10039,1311);(10039,10);(10,10);(10,1311);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
);(5661,1311);(5661,10);(15,10);(15,1311);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}

}}
);(1579,1311);(1579,10);(10,10);(10,1311);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
13548);(10039,13548);(10039,10);(10,10);(10,13548);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}

}}
}
}}
}
}}
}
}}
}
}}
}

}}
}
}}
}
}}
}
}}
}
}}
}

}}
}
}}
}
pndtw0\charscalex88 \ul0\nosupersub\cf4\f5\fs36 Raportul financiar anual\tab \dn
3 \expndtw0\charscalex88 \ul0\nosupersub\cf1\f2\fs36 24\par\pard\li1329\sb0\sl-1
95\slmult0\par\pard\li1329\sb144\sl-195\slmult0\fi120\tx4393\tx7730\tx8935\tx105
16 \up0 \expndtw-7\charscalex96 \ul0\nosupersub\cf18\f19\fs17 1\tab \up0 \expndt
w-7\charscalex96 2\tab \up0 \expndtw-7\charscalex96 3\tab \up0 \expndtw-7\charsc
alex96 4\tab \up0 \expndtw-7\charscalex96 5\par\pard\li1329\sb0\sl-195\slmult0\p
ar\pard\li1329\sb33\sl-195\slmult0\fi0\tx1983 \up0 \expndtw-7\charscalex96 \ul0\
nosupersub\cf23\f24\fs17 4.\tab \up0 \expndtw-7\charscalex96 DATORII PE TERMEN L
UNG\par\pard\ql \li1983\sb1\sl-190\slmult0 \up0 \expndtw0\charscalex116
ult0\par\pard\li1329\sb40\sl-195\slmult0\fi0\tx1983 \up0 \expndtw0\charscalex106
\ul0\nosupersub\cf21\f22\fs17 4.1\tab \up0 \expndtw0\charscalex106 Datorii fina
nciare pe termen lung\par\pard\ql \li1983\sb1\sl-190\slmult0 \up0 \expndtw0\char
scalex117 \u255? \par\pard\ql \li2180\sb26\sl-195\slmult0
\fs17 Credite bancare pe termen lung (411, 412) \par\pard\li1329\sb15\sl-195\slm
ult0\fi850\tx7691\tx8588\tx10184 \up0 \expndtw0\charscalex105 \tab
\up0 \expndtw0\charscalex105 1 133 820\tab \up0 \expndtw0\charscalex105 1 120 3
10\par\pard\li1329\sb123\sl-195\slmult0\fi850 \up0 \expndtw0\charscalex105 \}mpr
umuturi pe termen lung (413)\par\pard\li1329\sb12\sl-195\slmult0\fi850\tx7692 \u
p0 \expndtw0\charscalex105 \tab \up0 \expndtw0\charscalex105 670\par\pard\l
mult0\fi850 \up0 \expndtw0\charscalex105 Alte datorii financiare pe termen lung
(414)\par\pard\li1329\sb12\sl-195\slmult0\fi850\tx7691 \up0 \expndtw0\charscalex
105 \u255?\tab \up0 \expndtw0\charscalex105 680\pa
w0\charscalex102 \ul0\nosupersub\cf21\f22\fs17 TOTAL s. 4.1 (rd.660\tab \up0 \ex
pndtw0\charscalex105 rd.670\tab \up0 \expndtw0\charscalex105 rd.680)\par\pard\li
1329\sb12\sl-195\slmult0\fi653\tx7692\tx8589\tx10184 \up0 \expndtw0\charscalex10
5 . 4.1\tab \up0 \expndtw0\charscalex105 \ul0\nosupersub\cf18\f19\fs17 690\tab \up0
xpndtw0\charscalex105 1 133 820\tab \up0 \expndtw0\charscalex105 1 120 310\par\p
ard\li1329\sb0\sl-195\slmult0\par\pard\li1329\sb24\sl-195\slmult0\fi0\tx1983 \up
0 \expndtw0\charscalex105 \ul0\nosupersub\cf21\f22\fs17 4.2\tab \up0 \expndtw0\c
harscalex105 Datorii pe termen lung calculate\par\pard\ql \li1983\sb10\sl-195\sl
mult0 \up0 \expndtw0\charscalex115 \u255? \par\pard\ql \
l0\nosupersub\cf18\f19\fs17 Datorii de arend[ pe termen lung (421) \par\pard\li2

180\sb21\sl-195\slmult0\fi0\tx7691 \up0 \expndtw0\charscalex107 \u255
r\pard\ql \li2180\sb111\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Venituri an
ticipate pe termen lung (422) \par\pard\li2180\sb24\sl-195\slmult0\fi0\tx7696\tx
8579\tx10170 \up0 \expndtw0\charscalex107 \tab \up0 \expn
07 1 823 975\tab \up0 \expndtw0\charscalex107 1 848 360\par\pard\ql \li2180\sb10
8\sl-195\slmult0 \up0 \expndtw0\charscalex103 Finan\\[ri =i ]ncas[ri cu destina\
\ie special[ (423) \par\pard\li2180\sb28\sl-195\slmult0\fi0\tx7690\tx8814\tx1040
4 \up0 \expndtw0\charscalex107 \u255? \u255?\tab \up0 \expnd
ex107 26 155\tab \up0 \expndtw0\charscalex107 26 155\par\pard\ql \li2180\sb124\s
l-195\slmult0 \up0 \expndtw0\charscalex100 Avansuri primite (424) \par\pard\li13
29\sb16\sl-195\slmult0\fi850\tx7691 \up0 \expndtw0\charscalex106 \tab \up0 \
106 730\par\pard\li1329\sb122\sl-195\slmult0\fi850 \up0 \expndtw0\charscalex106
Datorii am]nate privind impozitul pe venit (425)\par\pard\li1329\sb14\sl-195\slm
ult0\fi850\tx7691\tx8823 \up0 \expndtw0\charscalex106 \u255?
harscalex106 11 470\par\pard\li1329\sb128\sl-195\slmult0\fi850 \up0 \expndtw0\ch
arscalex106 Alte datorii pe termen lung calculate (426)\par\pard\li1329\sb7\sl-1
95\slmult0\fi850\tx7725 \up0 \expndtw0\charscalex106 \u255?
\sl-195\slmult0\fi653\tx3702\tx4422\tx5132\tx5843\tx6564 \up0 \expndtw0\charscal
ex100 \ul0\nosupersub\cf21\f22\fs17 TOTAL s. 4.2 (rd.700\tab \up0 \expndtw0\char
scalex101 rd.710\tab \up0 \expndtw0\charscalex101 rd.720\tab \up0 \expndtw0\char
scalex101 rd.730\tab \up0 \expndtw0\charscalex106 rd.740\tab \up0 \expndtw0\char
scalex106 rd.750)\par\pard\li1329\sb12\sl-195\slmult0\fi653\tx7692\tx8589\tx1017
4 \up0 \expndtw0\charscalex106 . 4.2\tab \up0 \expndtw0\charscalex106 \ul0\nosupers
cf18\f19\fs17 760\tab \up0 \expndtw0\charscalex106 1 861 600\tab \up0 \expndtw0\
charscalex106 1 874 515\par\pard\li1329\sb123\sl-195\slmult0\fi653\tx4114 \up0 \
expndtw0\charscalex103 \ul0\nosupersub\cf21\f22\fs17 TOTAL capitolul 4 (rd.690\t
ab \up0 \expndtw0\charscalex106 rd.760)\par\pard\li1329\sb12\sl-195\slmult0\fi65
3\tx7692\tx8570\tx10160 \up0 \expndtw0\charscalex106 4\tab \up0 \expndtw0\ch
0\nosupersub\cf18\f19\fs17 770\tab \up0 \expndtw0\charscalex106 2 995 420\tab \u
p0 \expndtw0\charscalex106 2 994 825\par\pard\li1329\sb0\sl-195\slmult0\par\pard
\li1329\sb24\sl-195\slmult0\fi0\tx1983 \up0 \expndtw0\charscalex106 \ul0\nosuper
sub\cf23\f24\fs17 5.\tab \up0 \expndtw0\charscalex106 DATORII PE TERMEN SCURT\pa
r\pard\ql \li1983\sb5\sl-195\slmult0 \up0 \expndtw0\charscalex109
r\pard\li1329\sb31\sl-195\slmult0\fi0\tx1983 \up0 \expndtw0\charscalex107 \ul0\n
osupersub\cf21\f22\fs17 5.1.\tab \up0 \expndtw0\charscalex107 Datorii financiare
pe termen scurt\par\pard\ql \li1983\sb6\sl-195\slmult0 \up0 \expndtw0\charscale
x114 \u255? \par\pard\ql \li2180\sb6\sl-195\slmult0 \up0
redite bancare pe termen scurt (511, 512) \par\pard\li2180\sb26\sl-195\slmult0\f
i0\tx7691\tx8579\tx10174 \up0 \expndtw0\charscalex102 \tab \up0 \
pndtw0\charscalex102 1 453 530\tab \up0 \expndtw0\charscalex102 1 448 125\par\pa
rd\ql \li2180\sb106\sl-195\slmult0 \up0 \expndtw-1\charscalex100 \}mprumuturi pe
termen scurt (513) \par\pard\li1329\sb29\sl-195\slmult0\fi850\tx7725 \up0 \expn
dtw0\charscalex105 \tab \up0 \expndtw0\charscalex105 790\par\pard\li1329\s
50 \up0 \expndtw0\charscalex105 Cota curent[ a datoriilor pe termen lung (514)\p
ar\pard\li1329\sb12\sl-195\slmult0\fi850\tx7724 \up0 \expndtw0\charscalex105 \u255?
? \u255?\tab \up0 \expndtw0\charscalex105 800\par\pard\li1329\sb128\s
0\charscalex105 Alte datorii financiare pe termen scurt (515, 516)\par\pard\li13
29\sb12\sl-195\slmult0\fi850\tx7748 \up0 \expndtw0\charscalex105
li1329\sb123\sl-195\slmult0\fi653\tx3741\tx4490\tx5238 \up0 \expndtw0\charscalex
105 \ul0\nosupersub\cf21\f22\fs17 TOTAL s. 5.1 (rd.780\tab \up0 \expndtw0\charsc
alex105 rd.790\tab \up0 \expndtw0\charscalex105 rd.800\tab \up0 \expndtw0\charsc
alex105 rd.810)\par\pard\li1329\sb13\sl-195\slmult0\fi653\tx7725\tx8580\tx10174
\up0 \expndtw0\charscalex105 . 5.1\tab \up0 \expndtw0\charscalex105 \ul0\nosupersub
18\f19\fs17 820\tab \up0 \expndtw0\charscalex105 1 453 530\tab \up0 \expndtw0\ch
arscalex105 1 448 125\par\pard\li1329\sb0\sl-195\slmult0\par\pard\li1329\sb24\sl
-195\slmult0\fi0\tx1983 \up0 \expndtw0\charscalex105 \ul0\nosupersub\cf21\f22\fs
17 5.2\tab \up0 \expndtw0\charscalex105 Datorii comerciale pe termen scurt\par\p
ard\ql \li1983\sb0\sl-188\slmult0 \up0 \expndtw0\charscalex110 \u255
\up0 \expndtw-1\charscalex100 \ul0\nosupersub\cf18\f19\fs17 Datorii privind fact
urile comerciale (521) \par\pard\li2180\sb16\sl-195\slmult0\fi0\tx7725\tx8719\tx

10309 \up0 \expndtw0\charscalex105 \u255? \tab \up0 \expndtw0\c
lex105 530 190\tab \up0 \expndtw0\charscalex105 361 065\par\pard\ql \li2180\sb11
6\sl-195\slmult0 \up0 \expndtw0\charscalex104 Datorii fa\\[ de p[r\\ile legate (
522) \par\pard\li2180\sb20\sl-195\slmult0\fi0\tx7691 \up0 \expndtw0\charscalex11
2 \u255? \u255? \tab \up0 \expndtw0\charscalex112 840\par\pard\qj
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
7);(10029,3097);(10029,10);(9,10);(9,3097);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
34);(10030,2534);(10030,10);(15,10);(15,2534);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}

}
}}
(10029,245);(10029,10);(9,10);(9,245);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
1565,249);(1565,9);(10,9);(10,249);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
5651,250);(5651,10);(15,10);(15,250);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
3553);(10039,13553);(10039,9);(9,9);(9,13553);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
pndtw0\charscalex97 \ul0\nosupersub\cf3\f4\fs36 \u8730?\ul0\nosupersub\cf4\f5\fs
36 \u8240?\u8218? \u8225?\u8218?\u730? \u732?\tab \dn2 \expndtw0\charscalex97
f1\f2\fs36 25\par\pard\li1214\sb0\sl-195\slmult0\par\pard\li1214\sb134\sl-195\sl
mult0\fi124\tx4278\tx7620\tx8825\tx10401 \up0 \expndtw-2\charscalex100 \ul0\nosu
persub\cf18\f19\fs17 1\tab \up0 \expndtw-2\charscalex100 2\tab \up0 \expndtw-2\c
harscalex100 3\tab \up0 \expndtw-2\charscalex100 4\tab \up0 \expndtw-2\charscale
x100 5\par\pard\li1214\sb0\sl-195\slmult0\par\pard\li1214\sb9\sl-195\slmult0\fi8
50 \up0 \expndtw-2\charscalex100 Avansuri primite (523)\par\pard\li1214\sb8\sl-1
95\slmult0\fi850\tx7580\tx8694\tx10188 \up0 \expndtw-2\charscalex100 \tab \u
calex100 850\tab \up0 \expndtw-2\charscalex100 49 360\tab \up0 \expndtw-2\charsc
alex100 440 680\par\pard\li1214\sb118\sl-195\slmult0\fi652\tx3624\tx4373 \up0 \e
xpndtw-2\charscalex100 \ul0\nosupersub\cf21\f22\fs17 TOTAL s. 5.2 (rd.830\tab \u
p0 \expndtw-2\charscalex100 rd.840\tab \up0 \expndtw-2\charscalex100 rd.850)\par
\pard\li1214\sb8\sl-195\slmult0\fi652\tx7615\tx8599\tx10198 \up0 \expndtw-2\char
scalex100 . 5.2\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf18\f19\fs17 860
b \up0 \expndtw-2\charscalex100 579 550\tab \up0 \expndtw-2\charscalex100 801 74
5\par\pard\li1214\sb0\sl-195\slmult0\par\pard\li1214\sb10\sl-195\slmult0\fi0\tx1
867 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf21\f22\fs17 5.3\tab \up0 \ex
pndtw-2\charscalex100 Datorii pe termen scurt calculate\par\pard\ql \li1867\sb6\
sl-195\slmult0 \up0 \expndtw0\charscalex112 \u255? \par
lex100 \ul0\nosupersub\cf18\f19\fs17 Datorii privind retribuirea muncii (531) \p
ar\pard\li2065\sb6\sl-195\slmult0\fi0\tx7581\tx8618\tx10198 \up0 \expndtw0\chars
calex102 \u255? \tab \up0 \expndtw0\charscalex102 870\tab \up0 \ex

\expndtw0\charscalex102 135 785\par\pard\ql \li2065\sb106\sl-195\slmult0 \up0 \
expndtw0\charscalex101 Datorii fa\\[ de personal privind alte opera\\ii (532) \p
ar\pard\li2065\sb20\sl-195\slmult0\fi0\tx7580\tx8693\tx10279 \up0 \expndtw0\char
scalex111 \u255? \u255?\tab \up0 \expndtw0\charscalex
ndtw0\charscalex111 90 000\par\pard\ql \li2065\sb112\sl-195\slmult0 \up0 \expndt
w0\charscalex101 Datorii privind asigur[rile (533) \par\pard\li2065\sb13\sl-195\
slmult0\fi0\tx7615\tx8695\tx10280 \up0 \expndtw0\charscalex103 \u255?
890\tab \up0 \expndtw0\charscalex103 79 340\tab \up0 \expndtw0\charscalex103 79
450\par\pard\ql \li2065\sb99\sl-195\slmult0 \up0 \expndtw0\charscalex101 Datorii
privind decont[rile cu bugetul (534) \par\pard\li2065\sb27\sl-195\slmult0\fi0\t
x7614\tx8608\tx10198 \up0 \expndtw0\charscalex103 \u255? \t
ndtw0\charscalex103 974 160\tab \up0 \expndtw0\charscalex103 474 215\par\pard\ql
\li2065\sb105\sl-195\slmult0 \up0 \expndtw0\charscalex102 Taxa pe valoarea ad[u
gat[ calculat[ =i accize (535) \par\pard\li2065\sb20\sl-195\slmult0\fi0\tx7615 \
up0 \expndtw0\charscalex111 \tab \up0 \exp
w0\charscalex101 Datorii privind pl[\\ile extrabugetare (536) \par\pard\li2065\s
b14\sl-195\slmult0\fi0\tx7614\tx8929\tx10519 \up0 \expndtw0\charscalex106 \u255?
06 920\tab \up0 \expndtw0\charscalex106 230\tab \up0 \expndtw0\charscalex106 230
\par\pard\ql \li2065\sb118\sl-195\slmult0 \up0 \expndtw0\charscalex101 Datorii f
a\\[ de fondatori =i al\\i participan\\i (537) \par\pard\li1867\sb7\sl-195\slmul
t0\fi198\tx7613\tx8703\tx10279 \up0 \expndtw0\charscalex104 \u255? \u255
up0 \expndtw0\charscalex104 56 015\tab \up0 \expndtw0\charscalex104 58 460\par\p
ard\li1867\sb118\sl-195\slmult0\fi198 \up0 \expndtw0\charscalex104 Rezerve pentr
u cheltuieli =i pl[\\i preliminate (538)\par\pard\li1867\sb8\sl-195\slmult0\fi19
8\tx7580\tx8703\tx10289 \up0 \expndtw0\charscalex104 \u255?
ndtw0\charscalex104 42 210\tab \up0 \expndtw0\charscalex104 37 715\par\pard\li18
67\sb118\sl-195\slmult0\fi198 \up0 \expndtw0\charscalex104 Alte datorii pe terme
n scurt (539)\par\pard\li1867\sb3\sl-195\slmult0\fi198\tx7614\tx8694\tx10279 \up
0 \expndtw0\charscalex104 \u255?\tab \up0 \expndtw0\charscal
\tab \up0 \expndtw0\charscalex104 69 260\par\pard\li1867\sb124\sl-195\slmult0\fi
0\tx3618\tx4362\tx5111\tx5856 \up0 \expndtw0\charscalex104 \ul0\nosupersub\cf21\
f22\fs17 TOTAL s. 5.3 (rd.870\tab \up0 \expndtw0\charscalex104 rd.880\tab \up0 \
expndtw0\charscalex104 rd.890\tab \up0 \expndtw0\charscalex104 rd.900\tab \up0 \
expndtw0\charscalex104 \par\pard\li1867\sb3\sl-195\slmult0\fi0\tx2612\tx3356\tx41
04\tx4848 \up0 \expndtw0\charscalex104 rd.910\tab \up0 \expndtw0\charscalex104 r
d.920\tab \up0 \expndtw0\charscalex104 rd.930\tab \up0 \expndtw0\charscalex104 r
d.940\tab \up0 \expndtw0\charscalex104 rd.950)\par\pard\li1867\sb7\sl-195\slmult
0\fi0\tx7615\tx8464\tx10203 \up0 \expndtw0\charscalex104 . 5.3\tab \up0 \expndtw0\c
scalex104 \ul0\nosupersub\cf18\f19\fs17 960\tab \up0 \expndtw0\charscalex104 1 4
43 070\tab \up0 \expndtw0\charscalex104 945 115\par\pard\li1867\sb118\sl-195\slm
ult0\fi0\tx3993\tx4742 \up0 \expndtw0\charscalex104 \ul0\nosupersub\cf21\f22\fs1
7 TOTAL capitolul 5 (rd.820\tab \up0 \expndtw0\charscalex104 rd.860\tab \up0 \ex
pndtw0\charscalex104 rd.960)\par\pard\li1867\sb8\sl-195\slmult0\fi0\tx7581\tx846
4\tx10053 \up0 \expndtw0\charscalex104 5\tab \up0 \expndtw0\charscalex104 \u
f18\f19\fs17 970\tab \up0 \expndtw0\charscalex104 3 476 150\tab \up0 \expndtw0\c
harscalex104 3 194 985\par\pard\li1867\sb0\sl-195\slmult0\par\pard\li1867\sb9\sl
-195\slmult0\fi0\tx4670\tx5420 \up0 \expndtw0\charscalex100 \ul0\nosupersub\cf21
\f22\fs17 TOTAL GENERAL - PASIV (rd.650\tab \up0 \expndtw0\charscalex104 rd.770\
tab \up0 \expndtw0\charscalex104 rd.970)\par\pard\li1867\sb8\sl-195\slmult0\fi0\
tx7581\tx8373\tx9967 \up0 \expndtw0\charscalex104 - \tab \up0 \expndtw0\charscale
\nosupersub\cf18\f19\fs17 980\tab \up0 \expndtw0\charscalex104 18 059 885\tab \u
p0 \expndtw0\charscalex104 17 109 630\par\pard\ql \li1612\sb172\sl-195\slmult0 \
up0 \expndtw0\charscalex106 Conduc[torul unit[\\ii \par\pard\ql \li1612\sb6\sl-1
95\slmult0 \up0 \expndtw0\charscalex104 \u255?\u255? \par\pard\ql \li16
rd\ql\li1612\sb11\sl-195\slmult0 \up0 \expndtw-1\charscalex100 ontabil-=ef \par\p
ard\ql \li1612\sb6\sl-195\slmult0 \up0 \expndtw-2\charscalex100 \par\pard\q
0\slmult0 \par\pard\ql\li4081\ri3903\sb155\sl-280\slmult0 \up0 \expndtw-12\chars
calex91 \ul0\nosupersub\cf9\f10\fs28 Raportul privind rezultatele financiare \li
ne \up0 \expndtw-12\charscalex86 \u338?\u732? \u8225?\u8218?\u730?\u305? \u
r\pard\li4450\sb131\sl-195\slmult0\fi0\tx4921 \up0 \expndtw-1\charscalex100 \ul0

\nosupersub\cf18\f19\fs17 de la\tab \up0 \expndtw0\charscalex102 1 ianuarie p]n[
la 31 decembrie1999\par\pard\li4450\sb8\sl-195\slmult0\fi0\tx5732 \up0 \expndtw
0\charscalex102 \tab \up0 \expndtw0\charscalex102 \par\pard\li3620\sb0\sl-195\slmul
t0\par\pard\li3620\sb86\sl-195\slmult0\fi3639\tx7970\tx8968 \up0 \expndtw0\chars
calex103 Cod\tab \up0 \expndtw0\charscalex103 Perioada\tab \up0 \expndtw0\charsc
alex103 Perioada corespunz[toare\par\pard\li3620\sb1\sl-168\slmult0\fi110\tx7317
\tx7850\tx9261 \up0 \expndtw0\charscalex103 Indicatori\tab \dn3 \expndtw0\charsc
alex103 rd.\tab \dn3 \expndtw0\charscalex103 de gestiiune\tab \dn3 \expndtw0\cha
rscalex103 a anului precedent\par\pard\li3620\sb8\sl-195\slmult0\fi0\tx7240\tx79
27\tx8935 \up0 \expndtw0\charscalex103 \tab \dn3 \expndtw0\charscalex103 .\tab \
\charscalex103 \tab \dn3 \expndtw0\charscalex103 C \par\pard\li39
\up0 \expndtw0\charscalex110 c.\tab \up0 \expndtw0\charscalex110 \tab \up0 \expndtw0
arscalex110 \par\pard\li3927\sb109\sl-195\slmult0\fi0\tx7375\tx8283\tx9958 \u
scalex110 1\tab \up0 \expndtw0\charscalex110 2\tab \up0 \expndtw0\charscalex110
3\tab \up0 \expndtw0\charscalex110 4\par\pard\ql \li1348\sb185\sl-195\slmult0 \u
p0 \expndtw0\charscalex100 V]nz[ri nete (611) \par\pard\li1348\sb22\sl-195\slmul
t0\fi0\tx7278\tx7993 \up0 \expndtw0\charscalex100 \tab \up0 \expndtw0\charscale
\up0 \expndtw0\charscalex100 7 172 100\par\pard\ql \li1348\sb110\sl-195\slmult0
\up0 \expndtw0\charscalex100 Costul v]nz[rilor (711) \par\pard\li1348\sb16\sl-19
5\slmult0\fi0\tx7273\tx7974 \up0 \expndtw0\charscalex104 \tab \up0 \expnd
\up0 \expndtw0\charscalex104 5 452 300\par\pard\qj\pvpg\phpg\posx2862\posy15339
\absw2132 \ul0\nosupersub\cf2\f3\fs15 4/1999
}
}}
}
}}
}
}}
}
}}
}
}}
;(10025,542);(10025,10);(10,10);(10,542);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
75);(10025,5775);(10025,9);(10,9);(10,5775);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10035,245);(10035,10);(10,10);(10,245);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
564,249);(1564,9);(9,9);(9,249);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}

}}
5651,250);(5651,10);(10,10);(10,250);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
48);(10035,8348);(10035,9);(10,9);(10,8348);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
;(10025,547);(10025,10);(10,10);(10,547);(0,0)}}

824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10039,902);(10039,9);(10,9);(10,902);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
2199,888);(2199,9);(10,9);(10,888);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}

}
}}
,888);(633,9);(9,9);(9,888);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
57);(10039,2357);(10039,10);(10,10);(10,2357);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
tw0\charscalex81 \ul0\nosupersub\cf4\f5\fs36 Raportul financiar anual\tab \dn3 \
expndtw0\charscalex81 \ul0\nosupersub\cf1\f2\fs36 26\par\pard\li4033\sb0\sl-195\
slmult0\par\pard\li4033\sb129\sl-195\slmult0\fi0\tx7481\tx8388\tx10068 \up0 \exp
ndtw-2\charscalex100 \ul0\nosupersub\cf18\f19\fs17 1\tab \up0 \expndtw-2\charsca
lex100 2\tab \up0 \expndtw-2\charscalex100 3\tab \up0 \expndtw-2\charscalex100 4
\par\pard\ql \li1439\sb154\sl-195\slmult0 \up0 \expndtw0\charscalex103 Profitul
brut (pierdere global[) (rd.010 - rd.020) \par\pard\li1439\sb20\sl-195\slmult0\f
i0\tx7369\tx8089 \up0 \expndtw0\charscalex102 \u255? ()\tab \up0 \expndtw
up0 \expndtw0\charscalex102 1 719 800\par\pard\ql \li1439\sb112\sl-195\slmult0 \
up0 \expndtw-1\charscalex100 Alte venituri opera\\ionale (612) \par\pard\li1439\
sb15\sl-195\slmult0\fi0\tx7370\tx8224 \up0 \expndtw0\charscalex110
40\tab \up0 \expndtw0\charscalex110 541 440\par\pard\ql \li1439\sb117\sl-195\slm
ult0 \up0 \expndtw-1\charscalex100 Cheltuieli comerciale (712) \par\pard\li1439\
sb8\sl-195\slmult0\fi0\tx7369\tx8214 \up0 \expndtw0\charscalex106 \tab \u
6 050\tab \up0 \expndtw0\charscalex106 379 450\par\pard\ql \li1439\sb104\sl-195\
slmult0 \up0 \expndtw-1\charscalex100 Cheltuieli generale =i administrative (713
) \par\pard\li1439\sb17\sl-195\slmult0\fi0\tx7369\tx8214 \up0 \expndtw0\charscal
ex108 \tab \up0 \expndtw0\charscalex108 060\tab \up0 \expndtw
b115\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Alte cheltuieli opera\\ionale
(714) \par\pard\li1439\sb11\sl-195\slmult0\fi0\tx7370\tx8224 \up0 \expndtw0\char
scalex108 \tab \up0 \expndtw0\charscalex108 070\tab \up0 \expndtw0
i1439\ri3331\sb133\sl-180\slmult0 \up0 \expndtw0\charscalex101 Rezultatul din ac
tivitatea opera\\ional[: profit (pierdere) \line \up0 \expndtw-1\charscalex100 (
rd.030 \up0 \expndtw0\charscalex102 rd.040 - rd.050 - rd.060 - rd.070) \par\pard
\li1439\sb28\sl-195\slmult0\fi0\tx7368\tx8088 \up0 \expndtw0\charscalex105
tab \up0 \expndtw0\charscalex105 1 015 720\par\pard\ql \li1439\sb106\sl-195\slmu

lt0 \up0 \expndtw0\charscalex100 Rezultatul din activitatea de investi\\ii: prof
it (pierdere) (621-721) \par\pard\li1439\sb19\sl-195\slmult0\fi0\tx7368\tx8410 \
up0 \expndtw0\charscalex102 \u255?: ()\t
i1439\sb118\sl-195\slmult0\fi0 \up0 \expndtw0\charscalex102 Rezultatul din activ
itatea financiar[: profit (pierdere) (622-722)\par\pard\li1439\sb8\sl-195\slmult
0\fi0\tx7373\tx8189 \up0 \expndtw0\charscalex102 \u255?:
calex102 (18 825)\par\pard\li1439\sb118\sl-195\slmult0\fi0 \up0 \expndtw0\charsc
alex102 Rezultatul din activitatea economico-financiar[: profit (pierdere)\par\p
ard\li1439\sb3\sl-195\slmult0\fi0\tx2929 \up0 \expndtw0\charscalex100 ( rd.080 rd
.090\tab \up0 \expndtw0\charscalex102 rd.100)\par\pard\ql \li1439\sb1\sl-181\slm
ult0 \up0 \expndtw0\charscalex107 -\u255? \u255?
harscalex101 ()\tab \up0 \expndtw0\charscalex101 110\tab \up0 \expndtw0\charsca
805\par\pard\ql \li1439\sb107\sl-195\slmult0 \up0 \expndtw0\charscalex100 Rezult
atul excep\\ional: profit (pierdere) (623-723) \par\pard\li1439\sb19\sl-195\slmu
lt0\fi0\tx7375\tx8767 \up0 \expndtw0\charscalex101 : ()\t
charscalex101 -\par\pard\ql \li1439\ri3149\sb108\sl-200\slmult0 \up0 \expndtw0\c
harscalex100 Profitul (pierderea) perioadei de gestiune p]n[ la impozitare \line
\up0 \expndtw0\charscalex100 ( rd.110 rd.120) \par\pard\li1439\sb9\sl-195\slmult
0\fi0\tx7374\tx8080 \up0 \expndtw0\charscalex110 ()
alex110 1 000 805\par\pard\ql \li1439\sb102\sl-195\slmult0 \up0 \expndtw-1\chars
calex100 Cheltuieli (economii) privind impozitul pe venit (731) \par\pard\li1439
\sb24\sl-195\slmult0\fi0\tx7373\tx8223 \up0 \expndtw0\charscalex118 (\u255?)
140\tab \up0 \expndtw0\charscalex118 260 210\par\pard\ql \li1439\sb108\sl-195\s
lmult0 \up0 \expndtw0\charscalex102 Profit net (pierdere net[) ( rd.130 rd.140) \
par\pard\li1439\sb17\sl-195\slmult0\fi0\tx7373\tx8213 \up0 \expndtw0\charscalex1
01 \u255? ()\tab \up0 \expndtw0\charscalex101 150\tab \up0 \expndtw0\chars
rd\ql \li1439\sb195\sl-195\slmult0 \up0 \expndtw0\charscalex102 Conduc[torul u
nit[\\ii \par\pard\ql \li1439\sb1\sl-176\slmult0 \up0 \expndtw0\charscalex104
\ql \li1439\sb169\sl-195\slmult0 \up0 \expndtw0\charscalex100 ontabil-sef \par\pa
rd\ql \li1439\sb1\sl-176\slmult0 \up0 \expndtw-2\charscalex100 \par\pard\ql
\slmult0 \par\pard\ql\li3630\sb202\sl-322\slmult0 \up0 \expndtw-12\charscalex75
\ul0\nosupersub\cf9\f10\fs28 RAPORTUL PRIVIND FLUXUL MIJLOACELOR B\{NE+TI \par\p
ard\ql \li4090\sb1\sl-271\slmult0 \up0 \expndtw-12\charscalex81 \u338?\u732? \u8240
?\u8218? \u8240?\u730?\u305? \u8240?\u8218? \par\pard\li4561\sb132\sl-195\slm
2 \expndtw0\charscalex100 \ul0\nosupersub\cf18\f19\fs17 de la\tab \up0 \expndtw0
\charscalex102 1 ianuarie p]n[ la 31 decembrie1999\par\pard\li4561\sb8\sl-195\sl
mult0\fi0\tx5842 \up0 \expndtw0\charscalex102 \tab \up0 \expndtw0\charscalex102 \pa
r\pard\li3130\sb0\sl-195\slmult0\par\pard\li3130\sb76\sl-195\slmult0\fi6342\tx10
174 \up0 \expndtw0\charscalex103 Codul\tab \up0 \expndtw0\charscalex103 Perioada
de\par\pard\li3130\sb1\sl-162\slmult0\fi350\tx9420\tx10314 \up0 \expndtw0\chars
calex103 Fluxul mijloacelor b[ne=ti pe tipuri de activit[\\i\tab \dn2 \expndtw0\
charscalex103 r]ndului\tab \dn2 \expndtw0\charscalex103 gestiune\par\pard\li3130
\sb13\sl-195\slmult0\fi0\tx9540\tx10251 \up0 \expndtw0\charscalex103
\expndtw0\charscalex103 \par\pard\li5165\sb36\sl-195\slmult0\fi4263\tx10347 \up0 \exp
w0\charscalex110 \tab \up0 \expndtw0\charscalex110 \par\pard\li5165\sb110\sl-195\
\tx9646\tx10655 \up0 \expndtw0\charscalex110 1\tab \up0 \expndtw0\charscalex110
2\tab \up0 \expndtw0\charscalex110 3\par\pard\ql \li1440\sb195\sl-195\slmult0 \u
p0 \expndtw0\charscalex109 \ul0\nosupersub\cf21\f22\fs17 Activitatea opera\\iona
l[ \par\pard\ql \li1440\sb6\sl-195\slmult0 \up0 \expndtw0\charscalex120 \u255? \
1728\sb126\sl-195\slmult0 \up0 \expndtw0\charscalex104 \ul0\nosupersub\cf18\f19\
fs17 \}ncas[ri b[ne=ti din v]nz[ri \par\pard\li1728\sb11\sl-195\slmult0\fi0\tx95
54\tx10280 \up0 \expndtw0\charscalex105 \tab \up0 \expn
7 973 710\par\pard\ql \li1728\sb101\sl-195\slmult0 \up0 \expndtw0\charscalex101
Pl[\\i b[ne=ti furnizorilor =i antreprenorilor \par\pard\li1728\sb19\sl-195\slm
ult0\fi0\tx9553\tx10279 \up0 \expndtw0\charscalex109 \u255
w0\charscalex109 6 006 175\par\pard\qj\pvpg\phpg\posx2986\posy15330\absw2132 \ul
0\nosupersub\cf2\f3\fs15 4/1999
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
(10025,504);(10025,10);(9,10);(9,504);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
(10029,509);(10029,14);(9,14);(9,509);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10030,504);(10030,10);(10,10);(10,504);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
(10025,657);(10025,10);(9,10);(9,657);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
(10029,480);(10029,10);(9,10);(9,480);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}

}}
}
}}
;(10034,245);(10034,10);(14,10);(14,245);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
2223,250);(2223,15);(10,15);(10,250);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
(10025,480);(10025,9);(9,9);(9,480);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
9);(10039,7849);(10039,10);(9,10);(9,7849);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
3,250);(643,10);(10,10);(10,250);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}

}
}}
}
}}
}
}}
}
}}
;(10030,543);(10030,10);(15,10);(15,543);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}

}
}}
;(10039,907);(10039,10);(10,10);(10,907);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
,888);(744,10);(9,10);(9,888);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
51);(10039,2851);(10039,14);(10,14);(10,2851);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
{\shp {\*\shpinst\shpleft10058\shptop12002\shpright10078\shpbottom14863\shpfhdr0
\shpbxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt1\shpz501\shplid35
}
}}
}
}}
{\shp {\*\shpinst\shpleft11181\shptop12002\shpright11201\shpbottom14863\shpfhdr0
\shpbxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt1\shpz505\shplid37
}
}}
}
}}
}
tw0\charscalex75 \ul0\nosupersub\cf3\f4\fs36 \u8730?\ul0\nosupersub\cf4\f5\fs36 \
u8240?\u8218? \u8225?\u8218?\u730? \u732?\tab \dn2 \expndtw0\charscalex75 \ul0\
f2\fs36 27\par\pard\li5055\sb0\sl-195\slmult0\par\pard\li5055\sb138\sl-195\slmul
t0\fi0\tx9530\tx10540 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf18\f19\fs1
7 1\tab \up0 \expndtw-2\charscalex100 2\tab \up0 \expndtw-2\charscalex100 3\par\
pard\ql \li1612\sb195\sl-195\slmult0 \up0 \expndtw0\charscalex102 Pl[\\i b[ne=ti
salaria\\ilor =i contribu\\ii pentru asigur[rile sociale \par\pard\li1612\sb3\s
l-195\slmult0\fi0\tx9438\tx10308 \up0 \expndtw0\charscalex107
calex107 981 843\par\pard\ql \li1612\sb109\sl-195\slmult0 \up0 \expndtw-1\charsc
alex100 Plata dob]nzilor \par\pard\li1612\sb13\sl-195\slmult0\fi0\tx9439\tx10395
\up0 \expndtw0\charscalex108 \tab \up0 \expndtw0\charscalex108 040\tab \up0
ex108 36 597\par\pard\ql \li1612\sb99\sl-195\slmult0 \up0 \expndtw-1\charscalex1
00 Plata impozitului pe venit \par\pard\li1612\sb22\sl-195\slmult0\fi0\tx9439\tx
10309 \up0 \expndtw0\charscalex113 \tab \up0 \expndtw0\charscalex11
113 180 400\par\pard\ql \li1612\sb110\sl-195\slmult0 \up0 \expndtw0\charscalex10
2 Alte ]ncas[ri ale mijloacelor b[ne=ti \par\pard\li1612\sb11\sl-195\slmult0\fi0
\tx9438\tx10394 \up0 \expndtw0\charscalex106 \u255? \tab \up
charscalex106 82 428\par\pard\ql \li1612\sb101\sl-195\slmult0 \up0 \expndtw0\cha
rscalex103 Alte pl[\\i ale mijloacelor b[ne=ti \par\pard\li1612\sb20\sl-195\slmu
lt0\fi0\tx9439\tx10304 \up0 \expndtw0\charscalex103 e \tab \up0
ndtw0\charscalex103 262 845\par\pard\ql \li1612\sb112\sl-195\slmult0 \up0 \expnd
tw0\charscalex101 Fluxul net al mijloacelor b[ne=ti din activitatea opera\\ional
[ \par\pard\ql \li1612\sb6\sl-195\slmult0\tx4960 \up0 \expndtw0\charscalex105 (r
d.010 - rd.020 - rd.030 - rd.040 - rd.050 \tab \up0 \expndtw0\charscalex104 rd.0
60 - rd.070) \par\pard\li1612\sb10\sl-195\slmult0\fi0\tx9437\tx10303 \up0 \expnd
tw0\charscalex108 () \u255?
\slmult0 \up0 \expndtw0\charscalex107 \ul0\nosupersub\cf21\f22\fs17 Activitatea
de investi\\ii \par\pard\ql \li1329\sb6\sl-195\slmult0 \up0 \expndtw0\charscalex
114 \u255? \u255? \par\pard\ql \li1612\sb126\sl-195\slmult0 \up0 \exp
\cf18\f19\fs17 \}ncas[ri b[ne=ti din ie=irea activelor pe termen lung \par\pard\
li1612\sb8\sl-195\slmult0\fi0\tx9439\tx10856 \up0 \expndtw0\charscalex108
090\tab \up0 \expndtw0\charscalex108 -\par\pard\ql \li1612\sb104\sl-195\slmult0
\up0 \expndtw0\charscalex101 Pl[\\i b[ne=ti pentru procurarea activelor pe terme
n lung \par\pard\li1612\sb16\sl-195\slmult0\fi0\tx9443\tx10308 \up0 \expndtw0\ch
arscalex107 \tab \up0 \expndtw0\charscal
\slmult0 \up0 \expndtw-2\charscalex100 Dob]nzi ]ncasate \par\pard\li1612\sb5\sl195\slmult0\fi0\tx9448\tx10630 \up0 \expndtw0\charscalex116 \tab \up0 \exp
\tab \up0 \expndtw0\charscalex116 740\par\pard\ql \li1612\sb107\sl-195\slmult0 \
up0 \expndtw-1\charscalex100 Dividende ]ncasate \par\pard\li1612\sb14\sl-195\slm
ult0\fi0\tx9444\tx10491 \up0 \expndtw0\charscalex104 \tab \up0 \expndtw0\
0 \expndtw0\charscalex104 6 800\par\pard\li1612\sb118\sl-195\slmult0\fi0 \up0 \e
xpndtw0\charscalex104 Alte ]ncas[ri (pl[\\i) ale mijloacelor b[ne=ti\par\pard\li
1612\sb4\sl-195\slmult0\fi0\tx9443\tx10394 \up0 \expndtw0\charscalex104 \u25
130\tab \up0 \expndtw0\charscalex104 40 500\par\pard\li1612\sb118\sl-195\slmult0
\fi0 \up0 \expndtw0\charscalex104 Fluxul net al mijloacelor b[ne=ti din activita
tea de investi\\ii\par\pard\li1612\sb3\sl-195\slmult0\fi0\tx2886\tx3572 \up0 \ex
pndtw0\charscalex100 (rd.090 - rd.100\tab \up0 \expndtw-2\charscalex100 rd.110\t
ab \up0 \expndtw0\charscalex104 rd.120 rd.130)\par\pard\li1612\sb3\sl-195\slmult

0\fi0\tx9442\tx10178 \up0 \expndtw0\charscalex105 ()
par\pard\ql \li1329\sb0\sl-195\slmult0 \par\pard\ql\li1329\sb27\sl-195\slmult0 \
up0 \expndtw0\charscalex110 \ul0\nosupersub\cf21\f22\fs17 Activitatea financiar[
\par\pard\ql \li1329\sb6\sl-195\slmult0 \up0 \expndtw0\charscalex114 \u255? \u255
1612\sb126\sl-195\slmult0 \up0 \expndtw0\charscalex102 \ul0\nosupersub\cf18\f19\
fs17 \}ncas[ri b[ne=ti sub form[ de credite =i ]mprumuturi \par\pard\li1612\sb2\
sl-195\slmult0\fi0\tx9442\tx10317 \up0 \expndtw0\charscalex106 \u255?
up0 \expndtw0\charscalex106 181 600\par\pard\ql \li1612\sb110\sl-195\slmult0 \up
0 \expndtw0\charscalex101 Pl[\\i b[ne=ti privind creditele =i ]mprumuturile \par
\pard\li1612\sb11\sl-195\slmult0\fi0\tx9442\tx10307 \up0 \expndtw0\charscalex109
\tab \up0 \expndtw0\charscalex109 160\tab \up0 \expndtw
l-195\slmult0 \up0 \expndtw0\charscalex100 Pllata dividendelor \par\pard\li1612\
sb20\sl-195\slmult0\fi0\tx9444\tx10395 \up0 \expndtw0\charscalex105 \tab \u
ex105 170\tab \up0 \expndtw0\charscalex105 94 240\par\pard\ql \li1612\sb112\sl-1
95\slmult0 \up0 \expndtw0\charscalex101 \}ncas[ri b[ne=ti din emisiun de ac\\iuni
proprii \par\pard\li1612\sb9\sl-195\slmult0\fi0\tx9443\tx10856 \up0 \expndtw0\ch
arscalex108 \u255? \tab \up0 \expndtw0\charsca
l-195\slmult0 \up0 \expndtw0\charscalex104 Pl[\\i b[ne=ti la r[scump[rarea ac\\i
unilor proprii \par\pard\li1612\sb18\sl-195\slmult0\fi0\tx9443\tx10856 \up0 \exp
ndtw0\charscalex106 \tab \up0 \expndtw0\charscal
114\sl-195\slmult0 \up0 \expndtw0\charscalex103 Alte ]ncas[ri (pl[\\i) ale mijlo
acelor b[ne=ti \par\pard\li1612\sb6\sl-195\slmult0\fi0\tx9438\tx10490 \up0 \expn
dtw0\charscalex106 \u255? () \tab \up0 \expndtw0\char
l \li1612\ri3178\sb101\sl-200\slmult0 \up0 \expndtw0\charscalex101 Fluxul net al
mijloacelor b[ne=ti din activitatea financiar[ \line \up0 \expndtw0\charscalex1
02 (rd.150 - rd.160 - rd.170 \up0 \expndtw0\charscalex102 rd.180 - rd.190 rd.200
) \par\pard\li1612\sb16\sl-195\slmult0\fi0\tx9442\tx10269 \up0 \expndtw0\charsca
lex107 () \u255?\tab \up0
lmult0 \up0 \expndtw0\charscalex100 Fluxul net din activitatea economico-financi
ar[ p]n[ la articolele excep\\ionale \up0 \expndtw0\charscalex100 ( rd.080 rd.140
210) \par\pard\li1612\sb1\sl-193\slmult0\fi0\tx9438\tx10279 \up0 \expndtw0\char
scalex103 () \tab \up0 \expn
\up0 \expndtw0\charscalex102 \}ncas[ri (pl[\\i) excep\\ionale ale mijloacelor b
[ne=ti \par\pard\li1612\sb12\sl-195\slmult0\fi0\tx9439\tx10856 \up0 \expndtw0\ch
arscalex105 () \tab \up0 \expndtw0\charscalex
lmult0 \up0 \expndtw0\charscalex100 Fluxul net total ( rd.220 rd.230) \par\pard\l
i1612\sb21\sl-195\slmult0\fi0\tx9438\tx10279 \up0 \expndtw0\charscalex103
ab \up0 \expndtw0\charscalex103 (13 339)\par\pard\qj\pvpg\phpg\posx2862\posy1533
}
}}
}

}}
}
}}
}
}}
}
}}
;(10030,245);(10030,9);(10,9);(10,245);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
8,249);(758,9);(10,9);(10,249);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10025,552);(10025,10);(10,10);(10,552);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}

(10025,677);(10025,10);(9,10);(9,677);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10025,490);(10025,10);(10,10);(10,490);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
(10024,490);(10024,10);(9,10);(9,490);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
(10025,490);(10025,10);(9,10);(9,490);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
(10025,475);(10025,9);(9,9);(9,475);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
(10024,489);(10024,9);(9,9);(9,489);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
(10025,490);(10025,10);(9,10);(9,490);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
(10025,619);(10025,10);(9,10);(9,619);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}

}}
}
}}
;(10025,490);(10025,10);(10,10);(10,490);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
(10025,490);(10025,10);(9,10);(9,490);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10025,490);(10025,10);(10,10);(10,490);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
13548);(10025,13548);(10025,10);(10,10);(10,13548);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}

}
slmult0\par\pard\li5165\sb144\sl-195\slmult0\fi0\tx9646\tx10655 \up0 \expndtw-2\
charscalex100 \ul0\nosupersub\cf18\f19\fs17 1\tab \up0 \expndtw-2\charscalex100
2\tab \up0 \expndtw-2\charscalex100 3\par\pard\ql \li1440\sb0\sl-195\slmult0 \pa
r\pard\ql\li1440\sb4\sl-195\slmult0 \up0 \expndtw0\charscalex100 Diferen\\e de c
urs favorabile (nefavorabile) \par\pard\li1440\sb3\sl-195\slmult0\fi0\tx9553\tx1
0745 \up0 \expndtw0\charscalex103 () \tab \up0 \ex
d\li1440\sb118\sl-195\slmult0\fi0 \up0 \expndtw0\charscalex103 Soldul mijloacelo
r b[ne=ti la ]nceputul anului\par\pard\li1440\sb9\sl-195\slmult0\fi0\tx9554\tx10
524 \up0 \expndtw0\charscalex103 \tab \up0 \expndtw0\c
1\par\pard\li1440\sb118\sl-195\slmult0\fi0\tx7322 \up0 \expndtw0\charscalex100 S
oldul mijloacelor b[ne=ti la sf]r=itul perioadei de gestiune ( rd.240 rd.250\tab
\up0 \expndtw0\charscalex103 rd.260)\par\pard\li1440\sb7\sl-195\slmult0\fi0\tx95
53\tx10601 \up0 \expndtw0\charscalex103 \ta
ar\pard\ql \li1440\sb0\sl-195\slmult0 \par\pard\ql\li1440\sb6\sl-195\slmult0 \up
0 \expndtw0\charscalex106 Conduc[torul unit[\\ii \par\pard\ql \li1440\sb6\sl-195
\slmult0 \up0 \expndtw0\charscalex104 \u255?\u255? \par\pard\ql \li1440
\ql\li1440\sb11\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Contabil-=ef \par\p
ard\ql \li1440\sb6\sl-195\slmult0 \up0 \expndtw-2\charscalex100 \par\pard\q
30\slmult0 \par\pard\ql\li10525\sb107\sl-230\slmult0 \up0 \expndtw0\charscalex13
1 \ul0\nosupersub\cf11\f12\fs20 Model \par\pard\li2986\sb89\sl-253\slmult0\fi0\t
x7240 \up0 \expndtw0\charscalex100 \ul0\nosupersub\cf12\f13\fs22 Compartimentul\
tab \up0 \expndtw0\charscalex100 \ul0\nosupersub\cf5\f6\fs20 valoare de 7 172 10
0 lei. Aceast[ ]ntreprindere\par\pard\sect\sectd\sbknone\cols2\colno1\colw7080\c
olsr160\colno2\colw4860\colsr160\ql \li2986\sb1\sl-237\slmult0 \up0 \expndtw-10\
charscalex90 \ul0\nosupersub\cf12\f13\fs22 analitic al notei explicative\par\par
d\ql \li1171\sb0\sl-230\slmult0 \par\pard\ql \li3322\sb24\sl-230\slmult0 \up0 \e
xpndtw0\charscalex120 \ul0\nosupersub\cf11\f12\fs20 Analiza veniturilor din v]nz
[ri\par\pard\ql \li3322\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex106 \ul0\no
supersub\cf5\f6\fs20 \}ntreprinderea analizat[ \u8220?Efect\u8221? a ]nregist-\p
ar\pard\ql \li2986\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex108 rat la finel
e anului un volum de v]nz[ri nete ]n\par\pard\ql \li1171\sb0\sl-253\slmult0 \par
\pard\ql \li1171\sb00\sl-253\slmult0 \up0 \expndtw-10\charscalex82 \ul0\nosupers
ub\cf12\f13\fs22 Tabelul 1\par\pard\column \ql \li20\sb6\sl-230\slmult0 \up0 \ex
pndtw0\charscalex104 \ul0\nosupersub\cf5\f6\fs20 este specializat[ ]n fabricarea
=i comercializarea\par\pard\qj \li20\ri829\sb0\sl-243\slmult0 \up0 \expndtw0\ch
arscalex106 produselor vinicole (activitate de baz[), comer-\line \up0 \expndtw0
\charscalex109 cializarea m[rfurilor =i prestarea serviciilor de \line \up0 \exp
ndtw-2\charscalex100 transport (alte activit[\\i). Structura =i rata de cre=-\li
ne \up0 \expndtw0\charscalex106 tere a veniturilor s]nt prezentate ]n tabelul 1.
\par\pard\sect\sectd\sbknone \ql \li4854\sb1\sl-232\slmult0 \up0 \expndtw-10\ch
arscalex96 \ul0\nosupersub\cf17\f18\fs22 Structura veniturilor din v]nz[ri \par\
pard\li5002\sb21\sl-195\slmult0\fi5911 \up0 \expndtw-1\charscalex100 \ul0\nosupe
rsub\cf18\f19\fs17 (lei)\par\pard\li5002\sb99\sl-195\slmult0\fi0\tx6684\tx7764\t
x9616 \up0 \expndtw-1\charscalex100 Anul curent\tab \up0 \expndtw-1\charscalex10
0 % ]ndepli-\tab \up0 \expndtw-1\charscalex100 Rata cre=terii\tab \up0 \expndtw1\charscalex100 Ponderea, %\par\pard\li1454\sb4\sl-195\slmult0\fi5306\tx7644 \up
0 \expndtw-1\charscalex100 nirii pla-\tab \up0 \expndtw-1\charscalex100 ]n compa
ra\\ie cu\par\pard\li1454\sb0\sl-153\slmult0\fi3270\tx5727\tx6880\tx7706\tx9396\
tx10400 \up0 \expndtw-1\charscalex100 plan\tab \up0 \expndtw-1\charscalex100 efe
ctiv\tab \dn3 \expndtw-1\charscalex100 nului\tab \dn3 \expndtw-1\charscalex100 a
nul precedent\tab \up0 \expndtw-1\charscalex100 plan\tab \up0 \expndtw-1\charsca

lex100 efectiv\par\pard\li1454\sb0\sl-195\slmult0\par\pard\li1454\sb44\sl-195\sl
mult0\fi0\tx4541\tx5607\tx6846\tx8152\tx9371\tx10447 \up0 \expndtw-1\charscalex1
00 Venituri din v]nz[ri\tab \up0 \expndtw-1\charscalex100 7 494 360\tab \up0 \ex
pndtw-1\charscalex100 7 172 100\tab \up0 \expndtw-1\charscalex100 95,7\tab \up0
\expndtw-1\charscalex100 3,7\tab \up0 \expndtw-1\charscalex100 100,0\tab \up0 \e
xpndtw-1\charscalex100 100,0\par\pard\li1454\sb118\sl-195\slmult0\fi283 \up0 \ex
pndtw-1\charscalex100 din care:\par\pard\li1454\sb118\sl-195\slmult0\fi283\tx454
1\tx5602\tx6856\tx8152\tx9457\tx10534 \up0 \expndtw-1\charscalex100 - venituri d
in v]nzarea produselor\tab \up0 \expndtw-1\charscalex100 5 763 200\tab \up0 \exp
ndtw-1\charscalex100 5 019 750\tab \up0 \expndtw-1\charscalex100 87,1\tab \up0 \
expndtw-1\charscalex100 2,7\tab \up0 \expndtw-1\charscalex100 76,9\tab \up0 \exp
ndtw-1\charscalex100 70,0\par\pard\li1454\sb118\sl-195\slmult0\fi283\tx4551\tx55
92\tx6846\tx8094\tx9457\tx10534 \up0 \expndtw-1\charscalex100 inclusiv din expor
t\tab \up0 \expndtw-1\charscalex100 3 169 760\tab \up0 \expndtw-1\charscalex100
2 359 280\tab \up0 \expndtw-1\charscalex100 74,4\tab \up0 \expndtw-1\charscalex1
00 -4,5\tab \up0 \expndtw-1\charscalex100 42,3\tab \up0 \expndtw-1\charscalex100
32,9\par\pard\li1454\sb118\sl-195\slmult0\fi283\tx4551\tx5592\tx6764\tx8156\tx9
462\tx10534 \up0 \expndtw-1\charscalex100 - venituri din v]nzarea m[rfurilor\tab
\up0 \expndtw-1\charscalex100 1 506 370\tab \up0 \expndtw-1\charscalex100 2 008
200\tab \up0 \expndtw-1\charscalex100 133,3\tab \up0 \expndtw-1\charscalex100 1
,5\tab \up0 \expndtw-1\charscalex100 20,1\tab \up0 \expndtw-1\charscalex100 28,0
\par\pard\li1454\sb122\sl-195\slmult0\fi283\tx4686\tx5751\tx6856\tx8152\tx9549\t
x10630 \up0 \expndtw-1\charscalex100 - venituri din prestarea serviciilor\tab \u
p0 \expndtw-1\charscalex100 224 790\tab \up0 \expndtw-1\charscalex100 144 150\ta
b \up0 \expndtw-1\charscalex100 64,1\tab \up0 \expndtw-1\charscalex100 0,8\tab \
up0 \expndtw-1\charscalex100 3,0\tab \up0 \expndtw-1\charscalex100 2,0\par\pard\
li2972\sb0\sl-230\slmult0\par\pard\li2972\sb181\sl-230\slmult0\fi340\tx7226 \up0
\expndtw0\charscalex112 \ul0\nosupersub\cf5\f6\fs20 Din tabel rezult[ c[ ]n ans
amblu veniturile\tab \up0 \expndtw0\charscalex112 duc\\ie la ]ntreprinderea ana
lizat[ constituie\par\pard\sect\sectd\sbknone\cols2\colno1\colw7066\colsr160\col
6 din v]nz[ri s]nt dep[=ite ]n compara\\ie cu anul\par\pard\qj \li2972\ri74\sb6\
sl-242\slmult0 \up0 \expndtw0\charscalex112 precedent cu 3,7%. \}ns[, ]n comp
ara\\ie cu \up0 \expndtw0\charscalex114 datele prev[zute ]n planul de afaceri, n
u s]nt \up0 \expndtw0\charscalex112 ]ndeplinite cu 4,3%, adic[ cu 322 260 lei.\p
ar\pard\qj \li2972\ri71\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex112 Ve
niturile din v]nzarea produselor ocup[ \line \up0 \expndtw0\charscalex114 ponder
ea cea mai important[ ]n volumul \line \up0 \expndtw0\charscalex118 v]nz[ri
lor nete, dar acestea s]nt sub nivelul \line \up0 \expndtw0\charscalex112 prev[z
ut cu 743 450 lei, respectiv 12,9%. \line \up0 \expndtw0\charscalex114 Ace
ast[ diminuare este cauzat[ de cre=terea \line \up0 \expndtw0\charscalex107 pest
e plan a stocurilor produselor finite nerea-\line \up0 \expndtw0\charscalex122 l
izate din cauza sc[derii cererii solvabile a \line \up0 \expndtw0\charscalex112
cump[r[torilor poten\\iali, apari\\ia pe pia\\[ a \line \up0 \expndtw0\charscale
x109 produselor noi etc. \}n acela=i timp majorarea \line \up0 \expndtw0\charsca
lex108 volumului produc\\iei fabricate =i a pre\\urilor \line \up0 \expndtw0\cha
rscalex111 de v]nzare a influen\\at favorabil modificarea \line \up0 \expndtw0\c
harscalex112 volumului venitului din v]nz[ri.\par\pard\ql \li3313\sb6\sl-230\slm
ult0 \up0 \expndtw0\charscalex117 Gradul de folosire a capacit[\\ii de pro-\par\
pard\qj\pvpg\phpg\posx2986\posy15330\absw2132 \ul0\nosupersub\cf2\f3\fs15 4/1999
Contabilitate =i audit\par\pard\column \ql \li20\sb10\sl-230\slmult0 \up0 \
expndtw0\charscalex108 \ul0\nosupersub\cf5\f6\fs20 numai 71,3%, adic[ ]ntreprind
erea \u8220?Efect\u8221? are\par\pard\qj \li20\ri844\sb8\sl-239\slmult0 \up0 \ex
pndtw0\charscalex113 rezerve considerabile de sporire a volumului \up0 \expndtw0
\charscalex107 produc\\iei fabricate.\par\pard\qj \li20\ri843\sb4\sl-242\slmult0
\fi340 \up0 \expndtw0\charscalex114 E de men\\ionat c[ mai mult de jum[tate \lin
e \up0 \expndtw0\charscalex114 din produc\\ia fabricat[ este destinat[ expor-\li
ne \up0 \expndtw0\charscalex111 tului \up0 \expndtw0\charscalex103 ]n \up0 \expn
dtw0\charscalex117 \\[rile C.S.I., de aceea \up0 \expndtw0\charscalex122 ]n plan
ul de\par\pard\qj \li20\ri842\sb1\sl-239\slmult0 \up0 \expndtw0\charscalex111 af

aceri venitul din v]nz[ri ob\\inut din export \up0 \expndtw0\charscalex115 const
ituie \up0 \expndtw0\charscalex114 55%. \}ns[, ]n leg[tur[ cu criza\par\par
d\qj \li20\ri844\sb4\sl-242\slmult0 \up0 \expndtw0\charscalex109 financiar[ din
\\[rile C.S.I., volumul exportului \up0 \expndtw0\charscalex111 s-a mic=orat cu
810 480 lei =i a alc[tuit 47% \up0 \expndtw0\charscalex111 din volumul venituril
or din v]nz[ri.\par\pard\ql \li7226\sb0\sl-230\slmult0 \par\pard\ql \li361\sb18\
sl-230\slmult0 \up0 \expndtw0\charscalex118 \ul0\nosupersub\cf11\f12\fs20 Analiz
a profitului\par\pard\qj \li20\ri842\sb6\sl-241\slmult0\fi340 \up0 \expndtw0\cha
rscalex113 \ul0\nosupersub\cf5\f6\fs20 \}n perioada raportat[ ]ntreprinderea
a \up0 \expndtw0\charscalex111 ob\\inut un profit brut ]n sum[ de 1719,8 mii \u
p0 \expndtw0\charscalex114 lei, ceea ce cu 260,8 mii lei nu atinge nivelul \up0
\expndtw0\charscalex113 prev[zut ]n planul de afaceri.
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
;(10035,279);(10035,10);(15,10);(15,279);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
4,284);(754,15);(10,15);(10,284);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}

}}
}
}}
(10025,283);(10025,10);(9,10);(9,283);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10030,283);(10030,10);(10,10);(10,283);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
;(10030,495);(10030,10);(15,10);(15,495);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
54);(10039,1954);(10039,10);(10,10);(10,1954);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}

}
}}
}
}}
}
}}
;(10040,691);(10040,9);(15,9);(15,691);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}

1528,681);(1528,9);(10,9);(10,681);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
2141,681);(2141,9);(10,9);(10,681);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
88);(10040,2688);(10040,10);(15,10);(15,2688);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
5?\u8218?\u730? \u732?\par\pard\ql \li1046\sb0\sl-230\slmult0 \par\pard\ql \li3202\sb
sl-230\slmult0 \up0 \expndtw0\charscalex104 \ul0\nosupersub\cf5\f6\fs20 Asupra p
rofitului brut au influen\\at negativ\par\pard\ql \li2861\sb10\sl-230\slmult0 \u
p0 \expndtw0\charscalex111 urm[torii factori:\par\pard\ql \li2972\sb10\sl-230\sl
mult0 \up0 \expndtw0\charscalex115 \ul0\nosupersub\cf22\f23\fs14 z\ul0\nosupersu
b\cf5\f6\fs20
ne]ndeplinirea prevederilor planului de\par\pard\ql \li3202\sb1
5\sl-230\slmult0 \up0 \expndtw0\charscalex104 afaceri privind volumul v]nz[rilor
cu 4,3% a\par\pard\ql \li3202\sb10\sl-230\slmult0 \up0 \expndtw-1\charscalex100
condi\\ionat reducerea profitului real, ]n com-\par\pard\ql \li3202\sb16\sl-230
\slmult0 \up0 \expndtw0\charscalex106 para\\ie cu cel programat, cu 85,2 mii lei
;\par\pard\ql \li2972\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex112 \ul0\nosu
persub\cf22\f23\fs14 z\ul0\nosupersub\cf5\f6\fs20
la cererea consumatorilor
]n perioada\par\pard\ql \li3202\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex
107 raportat[ au avut loc schimb[ri ]n structura\par\pard\ql \li3202\sb10\sl-230
\slmult0 \up0 \expndtw0\charscalex112 v]nz[rilor (s-a m[rit ponderea produselor\
par\pard\ql \li3202\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex105 =i m[rfuril
or cu rata rentabilit[\\ii mai mic[)\par\pard\ql \li3202\sb15\sl-230\slmult0 \up
0 \expndtw0\charscalex119 ce a dus la sc[derea profitului cu 155,1\par\pard\ql \
li3202\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex114 mii lei;\par\pard\ql \li
2972\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex111 \ul0\nosupersub\cf22\f23\f
s14 z\ul0\nosupersub\cf5\f6\fs20
]n condi\\iile cre=terii costului v]nz[rilor
\par\pard\ql \li3202\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex106 (din cauza
scumpirii resurselor consumate)\par\pard\ql \li1046\sb216\sl-253\slmult0 \up0 \
expndtw-10\charscalex84 \ul0\nosupersub\cf12\f13\fs22 Tabelul 2\par\pard\column
\ql \li3592\sb379\sl-414\slmult0 \up0 \expndtw0\charscalex82 \ul0\nosupersub\cf1
\f2\fs36 29\par\pard\qj \li360\ri955\sb226\sl-239\slmult0 \up0 \expndtw0\charsca
lex106 \ul0\nosupersub\cf5\f6\fs20 profitul ]ntreprinderii s-a mic=orat cu 79,8
\up0 \expndtw0\charscalex114 mii lei.\par\pard\qj \li20\ri953\sb0\sl-242\slmult0
\fi340 \up0 \expndtw0\charscalex105 Influen\\a negativ[ a factorilor nominaliza\
\i \up0 \expndtw0\charscalex117 a fost par\\ial diminuat[ din cauza major[rii \u
p0 \expndtw0\charscalex103 pre\\urilor pentru produsele v]ndute =i serviciile \u
p0 \expndtw0\charscalex111 acordate. Datorit[ acestui factor profitul brut \up0
\expndtw0\charscalex113 a crescut cu 59,3 mii lei.\par\pard\qj \li20\ri952\sb3\s
l-241\slmult0\fi340 \up0 \expndtw0\charscalex109 Conform rezultatelor ob\\inut
e ]n 1998 \line \up0 \expndtw0\charscalex108 m[rimea profitului din activitate
a opera\\ional[ \line \up0 \expndtw0\charscalex114 a constituit 1015,7 mii lei,
ceea ce reprezint[ \line \up0 \expndtw0\charscalex119 o reducere cu 521,9 mii l
ei fa\\[ de nivelul \line \up0 \expndtw0\charscalex113 programat ]n planul de af
aceri. Cauzele care \line \up0 \expndtw0\charscalex118 au provocat aceast[ sc[de
re s]nt prezentate \line \up0 \expndtw0\charscalex112 ]n tabelul 2. \par\pard\se
ct\sectd\sbknone \ql \li4230\sb0\sl-223\slmult0 \up0 \expndtw-10\charscalex91 \u
l0\nosupersub\cf17\f18\fs22 Analiza profitului din activitatea opera\\ional[ \pa
r\pard\li1224\sb31\sl-195\slmult0\fi9330 \up0 \expndtw0\charscalex101 \ul0\nosup
ersub\cf18\f19\fs17 (mii lei)\par\pard\sect\sectd\sbknone\cols4\colno1\colw1620\
colsr160\colno2\colw3648\colsr160\colno3\colw2880\colsr160\colno4\colw3492\colsr
160\ql \li1224\sb75\sl-195\slmult0 \up0 \expndtw0\charscalex101 Nr.\par\pard\ql
\li1214\sb8\sl-195\slmult0 \up0 \expndtw0\charscalex103 crt.\par\pard\ql \li1329

\sb175\sl-195\slmult0 \up0 \expndtw-4\charscalex100 1.\par\pard\ql \li1329\sb123
\sl-195\slmult0 \up0 \expndtw0\charscalex101 2.\par\pard\ql \li1329\sb118\sl-195
\slmult0 \up0 \expndtw0\charscalex102 3.\par\pard\ql \li1329\sb118\sl-195\slmult
0 \up0 \expndtw0\charscalex102 4.\par\pard\ql \li1329\sb118\sl-195\slmult0 \up0
\expndtw0\charscalex102 5.\par\pard\ql \li1329\sb119\sl-195\slmult0 \up0 \expndt
w0\charscalex102 6.\par\pard\column \ql \li1452\sb161\sl-195\slmult0 \up0 \expnd
tw-1\charscalex100 Indicatori\par\pard\ql \li1780\sb0\sl-195\slmult0 \par\pard\q
l \li20\sb96\sl-195\slmult0 \up0 \expndtw0\charscalex101 Profit brut\par\pard\ql
\li20\sb123\sl-195\slmult0 \up0 \expndtw0\charscalex100 Alte venituri opera\\io
nale\par\pard\ql \li20\sb118\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Cheltu
ieli comerciale\par\pard\qj \li20\ri893\sb22\sl-311\slmult0 \up0 \expndtw-1\char
scalex100 Cheltuieli generale =i administrative \up0 \expndtw-1\charscalex100 Al
te cheltuieli opera\\ionale\par\pard\ql \li20\sb98\sl-195\slmult0 \up0 \expndtw0
\charscalex102 Profit din activitatea opera\\ional[\par\pard\column \ql \li399\s
b80\sl-195\slmult0\tx1798 \up0 \expndtw0\charscalex105 Prev[zut\tab \up0 \expndt
w0\charscalex100 Ob\\inut real\par\pard\ql \li20\sb7\sl-195\slmult0\tx1970 \up0
\expndtw-1\charscalex100 ]n planul de afaceri\tab \up0 \expndtw-3\charscalex100
]n 1998\par\pard\ql \li535\sb171\sl-195\slmult0\tx1966 \up0 \expndtw-2\charscale
x100 1980,6\tab \up0 \expndtw-3\charscalex100 1719,8\par\pard\ql \li621\sb123\sl
-195\slmult0\tx2052 \up0 \expndtw0\charscalex100 507,0\tab \up0 \expndtw-2\chars
calex100 541,4\par\pard\ql \li622\sb118\sl-195\slmult0\tx2043 \up0 \expndtw0\cha
rscalex100 270,9\tab \up0 \expndtw0\charscalex100 379,4\par\pard\ql \li621\sb118
\sl-195\slmult0\tx2051 \up0 \expndtw0\charscalex100 597,8\tab \up0 \expndtw-3\ch
arscalex100 732,1\par\pard\ql \li722\sb118\sl-195\slmult0\tx2052 \up0 \expndtw-2
\charscalex100 81,3\tab \up0 \expndtw-2\charscalex100 134,0\par\pard\ql \li535\s
b119\sl-195\slmult0\tx1965 \up0 \expndtw-2\charscalex100 1537,6\tab \up0 \expndt
w-3\charscalex100 1015,7\par\pard\column \ql \li1427\sb80\sl-195\slmult0 \up0 \e
xpndtw-1\charscalex100 Influen\\a\par\pard\ql \li20\sb0\sl-153\slmult0 \up0 \exp
ndtw0\charscalex101 Abaterea, \par\pard\ql \li1139\sb0\sl-153\slmult0 \up0 \expnd
tw0\charscalex100 asupra profitului\par\pard\ql \li251\sb66\sl-195\slmult0\tx156
2 \up0 \expndtw0\charscalex100 -260,8\tab \up0 \expndtw0\charscalex100 -260,8\pa
r\pard\ql \li294\sb123\sl-195\slmult0\tx1600 \up0 \expndtw0\charscalex104 34,4\ta
b \up0 \expndtw0\charscalex104 34,4\par\pard\ql \li208\sb118\sl-195\slmult0\tx157
2 \up0 \expndtw0\charscalex101 108,5\tab \up0 \expndtw-2\charscalex100 -108,5\par
\pard\ql \li207\sb118\sl-195\slmult0\tx1571 \up0 \expndtw0\charscalex101 134,3\ta
b \up0 \expndtw-2\charscalex100 -134,3\par\pard\ql \li293\sb118\sl-195\slmult0\t
x1658 \up0 \expndtw0\charscalex104 52,7\tab \up0 \expndtw0\charscalex100 -52,7\pa
r\pard\ql \li260\sb119\sl-195\slmult0\tx1965 \up0 \expndtw-2\charscalex100 -521,
9\tab \up0 \expndtw-2\charscalex100 x\par\pard\sect\sectd\sbknone\cols2\colno1\c
olw6956\colsr160\colno2\colw4984\colsr160\ql \li1017\sb0\sl-230\slmult0 \par\par
d\ql \li3202\sb90\sl-230\slmult0 \up0 \expndtw0\charscalex110 \ul0\nosupersub\cf
5\f6\fs20 Datele din tabel atest[ c[ asupra profitului\par\pard\ql \li2861\sb10\
sl-230\slmult0 \up0 \expndtw0\charscalex113 din activitatea opera\\ional[ cea ma
i mare in-\par\pard\ql \li2861\sb14\sl-230\slmult0 \up0 \expndtw0\charscalex108
fluen\\[ a exercitat sc[derea profitului brut. De\par\pard\ql \li2861\sb10\sl-23
0\slmult0 \up0 \expndtw0\charscalex113 asemenea a influen\\at negativ =i dep[=i
rea\par\pard\ql \li2861\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex108 nivelul
ui programat pentru cheltuielile comer-\par\pard\ql \li2861\sb15\sl-230\slmult0
\up0 \expndtw0\charscalex108 ciale, generale =i administrative, alte cheltuieli\
par\pard\ql \li2861\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex103 opera\\iona
le. Majorarea acestor cheltuieli a avut\par\pard\ql \li2861\sb15\sl-230\slmult0
\up0 \expndtw0\charscalex110 loc, \up0 \expndtw0\charscalex114 ]n fond, din cauz
a cre=terii tarifelor de\par\pard\ql \li2861\sb10\sl-230\slmult0 \up0 \expndtw0\
charscalex104 transport =i pl[\\ii pentru resursele energetice.\par\pard\ql \li3
202\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex111 Ca concluzie general[ poate
fi men\\ionat\par\pard\ql \li1017\sb212\sl-253\slmult0 \up0 \expndtw-10\charsca
lex84 \ul0\nosupersub\cf12\f13\fs22 Tabelul 3\par\pard\column \ql \li7116\sb0\sl
\ul0\nosupersub\cf5\f6\fs20 faptul c[ infla\\ia pre\\urilor pentru materiale =i
\par\pard\qj \li20\ri952\sb1\sl-241\slmult0 \up0 \expndtw0\charscalex112 alte re

surse consumate dep[=e=te cre=terea \line \up0 \expndtw0\charscalex105 pre\\uril
or pentru produc\\ia, m[rfurile =i servi-\line \up0 \expndtw0\charscalex117 ciil
e ]ntreprinderii, ceea ce duce la sc[derea \line \up0 \expndtw0\charscalex109 pr
ofitului.\par\pard\qj \li20\ri952\sb4\sl-242\slmult0\fi340 \up0 \expndtw0\charsc
alex113 \}n perioada raportat[ ]ntreprinderea a \line \up0 \expndtw0\charsca
lex112 ob\\inut rezultate financiare =i din alte feluri \line \up0 \expndtw0\cha
rscalex114 de activit[\\i. M[rimea acestor rezultate \up0 \expndtw-9\charsca
lex80 =i\par\pard\qj \li20\ri953\sb1\sl-239\slmult0 \up0 \expndtw0\charscalex113
contribu\\ia lor la formarea profitului p]n[ la \up0 \expndtw0\charscalex111 im
pozitare s]nt prezentate ]n tabelul 3. \par\pard\sect\sectd\sbknone \li1214\sb1\
sl-240\slmult0\fi3265 \up0 \expndtw-10\charscalex93 \ul0\nosupersub\cf17\f18\fs2
2 Structura profitului p]n[ la impozitare\par\pard\sect\sectd\sbknone\cols3\coln
o1\colw5649\colsr160\colno2\colw2630\colsr160\colno3\colw3511\colsr160\ql \li122
7 Nr.\par\pard\ql \li1214\sb3\sl-195\slmult0\tx2242 \up0 \expndtw0\charscalex103
crt.\tab \up0 \expndtw-1\charscalex100 lementele componente ale profitului\par\p
ard\ql \li1329\sb0\sl-195\slmult0 \par\pard\ql \li1329\sb38\sl-195\slmult0\tx182
3 \up0 \expndtw-4\charscalex100 1.\tab \up0 \expndtw0\charscalex101 Profitul din
activitatea opera\\ional[\par\pard\ql \li1329\sb118\sl-195\slmult0\tx1823 \up0
\expndtw0\charscalex102 2.\tab \up0 \expndtw0\charscalex100 Rezultatul din activ
itatea de investi\\ii\par\pard\ql \li1329\sb118\sl-195\slmult0\tx1823 \up0 \expn
dtw0\charscalex102 3.\tab \up0 \expndtw0\charscalex102 Rentabilitatea activit[\\
ii financiare\par\pard\ql \li1329\sb119\sl-195\slmult0\tx1823 \up0 \expndtw0\cha
rscalex102 4.\tab \up0 \expndtw0\charscalex101 Profitul p]n[ la impozitare\par\p
ard\column \ql \li101\sb182\sl-195\slmult0 \up0 \expndtw0\charscalex100 Prev[zut
]n planul de afaceri\par\pard\ql \li20\sb99\sl-195\slmult0\tx1552 \up0 \expndtw
-1\charscalex100 suma, mii lei\tab \up0 \expndtw-1\charscalex100 ponderea,%\par\
pard\ql \li304\sb137\sl-195\slmult0\tx1902 \up0 \expndtw-2\charscalex100 1537,6\
tab \up0 \expndtw-1\charscalex100 99,9\par\pard\ql \li520\sb118\sl-195\slmult0\t
x1941 \up0 \expndtw0\charscalex101 -2,7\tab \up0 \expndtw0\charscalex101 -0,2\pa
r\pard\ql \li579\sb118\sl-195\slmult0\tx2000 \up0 \expndtw0\charscalex101 5,0\ta
b \up0 \expndtw0\charscalex101 0,3\par\pard\ql \li304\sb119\sl-195\slmult0\tx182
1 \up0 \expndtw-2\charscalex100 1539,9\tab \up0 \expndtw-2\charscalex100 100,0\p
ar\pard\column \ql \li481\sb182\sl-195\slmult0 \up0 \expndtw-1\charscalex100 Ob\
\inut real ]n 1998\par\pard\ql \li20\sb99\sl-195\slmult0\tx1321 \up0 \expndtw-1\
charscalex100 suma, mii lei\tab \up0 \expndtw-1\charscalex100 ponderea,%\par\par
d\ql \li250\sb137\sl-195\slmult0\tx1658 \up0 \expndtw-3\charscalex100 1015,7\tab
\up0 \expndtw-4\charscalex100 101,5\par\pard\ql \li519\sb118\sl-195\slmult0\tx1
826 \up0 \expndtw0\charscalex101 3,9\tab \up0 \expndtw0\charscalex101 0,4\par\pa
rd\ql \li376\sb118\sl-195\slmult0\tx1779 \up0 \expndtw-1\charscalex100 -18,8\tab
\up0 \expndtw-2\charscalex100 -1,9\par\pard\ql \li245\sb119\sl-195\slmult0\tx16
49 \up0 \expndtw-2\charscalex100 1000,8\tab \up0 \expndtw-2\charscalex100 100,0\
par\pard\sect\sectd\sbknone\cols2\colno1\colw6956\colsr160\colno2\colw4984\colsr
160\ql \li2861\sb0\sl-230\slmult0 \par\pard\ql \li3202\sb25\sl-230\slmult0 \up0
\expndtw0\charscalex117 \ul0\nosupersub\cf5\f6\fs20 Din datele prezentate ]n tab
el rezult[ c[\par\pard\qj \li2861\ri73\sb1\sl-241\slmult0 \up0 \expndtw0\charsca
lex112 profitul p]n[ la impozitare efectiv ob\\inut ]n \line \up0 \expndtw0\char
scalex109 sum[ de 1000,8 mii lei a fost format pe seama \line \up0 \expndtw0\cha
rscalex113 rezultatelor financiare din activitatea ope-\line \up0 \expndtw0\
charscalex115 ra\\ional[. Vom remarca c[ ]ntreprinderea a \par\pard\qj\pvpg\php
g\posx2862\posy15339\absw2132 \ul0\nosupersub\cf2\f3\fs15 4/1999
Contabilita
te =i audit\par\pard\column \ql \li7116\sb0\sl-230\slmult0 \par\pard\ql \li20\sb
85\sl-230\slmult0 \up0 \expndtw0\charscalex114 \ul0\nosupersub\cf5\f6\fs20 progr
amat rezultate negative legate de scoa-\par\pard\qj \li20\ri955\sb1\sl-241\slmul
t0 \up0 \expndtw0\charscalex108 terea din func\\iune a mijloacelor fixe complet
\line \up0 \expndtw0\charscalex114 uzate. Totodat[ datorit[ comercializ[rii util
a-\line \up0 \expndtw0\charscalex111 jului neutilizat la un pre\\ favorabil ]ntr
eprin-\line \up0 \expndtw0\charscalex113 derea a acoperit aceste pierderi =i a o
b\\inut
}
}}
}
}}
}
}}
}
}}
24);(10039,2424);(10039,10);(10,10);(10,2424);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10025,283);(10025,10);(10,10);(10,283);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10025,284);(10025,10);(10,10);(10,284);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}

}}
(10025,283);(10025,10);(9,10);(9,283);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10039,504);(10039,10);(10,10);(10,504);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
1350,490);(1350,10);(10,10);(10,490);(0,0)}}

824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
3846,495);(3846,10);(10,10);(10,495);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
1455,494);(1455,10);(10,10);(10,494);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}

}
}}
}
}}
}
}}
}
}}
91);(10039,1891);(10039,10);(10,10);(10,1891);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}

}
}}
;(10025,283);(10025,10);(10,10);(10,283);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
(10025,283);(10025,9);(9,9);(9,283);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10039,629);(10039,10);(10,10);(10,629);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
2583,634);(2583,10);(10,10);(10,634);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
3808,634);(3808,10);(10,10);(10,634);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}

}}
}
}}
}
}}
}
}}
}
}}
}

}}
}
}}
}
ex112 \ul0\nosupersub\cf5\f6\fs20 un profit din activitatea de investi\\ii ]n su
m[\par\pard\ql \li3001\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex114 de 3,9 m
ii lei.\par\pard\ql \li3342\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex111 Rez
ultatele negative din activitatea finan-\par\pard\ql \li3001\sb15\sl-230\slmult0
\up0 \expndtw0\charscalex117 ciar[ se explic[ prin faptul c[ ]n anul 1998 a\par
\pard\ql \li3001\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex119 fost trecut[ l
a cheltuieli suma avansului pe\par\pard\ql \li3001\sb16\sl-230\slmult0 \up0 \exp
ndtw0\charscalex112 termen lung acordat anterior organiza\\iei de\par\pard\ql \l
i3001\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex104 construc\\ii =i nereclama
t ]n termenele stabilite.\par\pard\ql \li3001\sb15\sl-230\slmult0 \up0 \expndtw0
\charscalex115 Totodat[ ]n perioada raportat[ din cauza\par\pard\ql \li3001
\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex116 contragentului n-a fost execu
tat contractul\par\pard\ql \li3001\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex
108 privind arenda finan\\at[ a activelor pe termen\par\pard\ql \li3001\sb15\sl230\slmult0 \up0 \expndtw0\charscalex113 lung.\par\pard\ql \li3342\sb10\sl-230\s
lmult0 \up0 \expndtw0\charscalex117 Din suma total[ a profitului ob\\inut de\par
\pard\ql \li3001\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex110 ]ntreprindere
]n 1998 26% sau 19,7 mii lei au\par\pard\ql \li3001\sb10\sl-230\slmult0 \up0 \ex
pndtw0\charscalex110 fost calcula\\i spre transferare ]n buget. Suma\par\pard\ql
\li3001\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex110 profitului impozabil (
813,2 mii lei) deviaz[ de\par\pard\ql \li3001\sb14\sl-230\slmult0 \up0 \expndtw0
\charscalex110 la rezultatul financiar contabil (1000,8 mii lei)\par\pard\ql \li
3001\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex106 din cauza unui =ir de dife
ren\\e permanente =i\par\pard\ql \li3001\sb15\sl-230\slmult0 \up0 \expndtw0\char
scalex117 temporare: trecerea de la metoda de cas[ la\par\pard\ql \li3001\sb10\s
l-230\slmult0 \up0 \expndtw0\charscalex114 metoda de calcul, devierea metode
lor de\par\pard\ql \li3001\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex110 cal
culare a uzurii mijloacelor fixe ]n eviden\\a\par\pard\ql \li3001\sb10\sl-230\sl
mult0 \up0 \expndtw0\charscalex111 financiar[ =i fiscal[ etc.\par\pard\ql \li334
2\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex107 La momentul ]ntocmirii rapoar
telor finan-\par\pard\ql \li1175\sb236\sl-253\slmult0 \up0 \expndtw-10\charscale

x84 \ul0\nosupersub\cf12\f13\fs22 Tabelul 4\par\pard\column \ql \li3578\sb365\sl
-414\slmult0 \up0 \expndtw0\charscalex83 \ul0\nosupersub\cf1\f2\fs36 30\par\pard
\qj \li20\ri813\sb237\sl-241\slmult0 \up0 \expndtw0\charscalex112 \ul0\nosupersu
b\cf5\f6\fs20 ciare pentru anul 1998 nu a fost luat[ decizia \line \up0 \expndtw
0\charscalex111 adun[rii generale a ac\\ionarilor ]ntreprinderii \line \up0 \exp
ndtw0\charscalex113 privind repartizarea profitului. Convocarea \line \up0 \ex
pndtw0\charscalex117 adun[rii a fost prev[zut[ pentru luna aprilie \line \up0 \e
xpndtw0\charscalex106 1999.\par\pard\ql \li7255\sb0\sl-230\slmult0 \par\pard\ql
\fs20 Analiza general[\par\pard\ql \li361\sb15\sl-230\slmult0 \up0 \expndtw0\cha
rscalex120 a structurii activelor\par\pard\qj \li20\ri813\sb1\sl-241\slmult0\fi3
40 \up0 \expndtw0\charscalex104 \ul0\nosupersub\cf5\f6\fs20 Datele din bilan\\ul
contabil indic[ c[ totalul \up0 \expndtw0\charscalex113 patrimoniului a crescut
]n perioada raportat[ \up0 \expndtw0\charscalex112 cu 5,55%, ceea ce reprezint[
un spor absolut \up0 \expndtw0\charscalex108 de 950,3 mii lei. Evolu\\ia active
lor dep[=e=te \up0 \expndtw0\charscalex110 ritmul de cre=tere a v]nz[rilor nete
(103,7%), \up0 \expndtw0\charscalex109 ceea ce denot[ un grad mai sc[zut al efic
ien\\ei \up0 \expndtw0\charscalex111 utiliz[rii patrimoniului ]ntreprinderii.\pa
r\pard\qj \li20\ri812\sb3\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex109 Spor
irea activelor ]n anul 1998 s-a datorat \up0 \expndtw0\charscalex110 cre=terii c
u 6,17% a activelor pe termen lung \up0 \expndtw0\charscalex109 ]n condi\\iile
cre=terii cu \up0 \expndtw0\charscalex111 4,9% a activelor\par\pard\qj \li20
\ri815\sb0\sl-242\slmult0 \up0 \expndtw0\charscalex113 curente. Aceste ritmuri d
iferite au contribuit \up0 \expndtw0\charscalex109 la modificarea structurii pat
rimoniului ]ntrep-\line \up0 \expndtw0\charscalex119 rinderii. Schimb[rile surve
nite \up0 \expndtw0\charscalex116 ]n structura\par\pard\ql \li20\sb6\sl-230\slmu
lt0 \up0 \expndtw0\charscalex111 activelor s]nt prezentate ]n tabelul 4. \par\pa
rd\sect\sectd\sbknone \ql \li4004\sb4\sl-228\slmult0 \up0 \expndtw-10\charscalex
91 \ul0\nosupersub\cf17\f18\fs22 Componen\\a =i structura patrimoniului ]ntrepri
nderii\par\pard\sect\sectd\sbknone\cols3\colno1\colw5778\colsr160\colno2\colw263
1\colsr160\colno3\colw3381\colsr160\ql \li1396\sb0\sl-195\slmult0 \par\pard\ql \
li1401\sb64\sl-195\slmult0 \up0 \expndtw0\charscalex101 \ul0\nosupersub\cf18\f19
\fs17 Nr.\par\pard\ql \li1396\sb9\sl-195\slmult0\tx2991 \up0 \expndtw0\charscale
x103 crt.\tab \up0 \expndtw0\charscalex100 ategorii de active\par\pard\ql \li1343
\sb0\sl-195\slmult0 \par\pard\ql \li1343\sb57\sl-195\slmult0\tx2079 \up0 \expndt
w-4\charscalex100 1.\tab \up0 \expndtw-1\charscalex100 Active pe termen lung, in
clusiv:\par\pard\ql \li1343\sb118\sl-195\slmult0\tx2079 \up0 \expndtw-3\charscal
ex100 1.1.\tab \up0 \expndtw-1\charscalex100 Active nemateriale la valoarea de b
ilan\\\par\pard\ql \li1343\sb118\sl-195\slmult0\tx2079 \up0 \expndtw-2\charscale
x100 1.2.\tab \up0 \expndtw0\charscalex100 Active materiale pe termen lung,\par\
pard\ql \li2084\sb8\sl-195\slmult0 \up0 \expndtw-1\charscalex100 din care:\par\p
ard\ql \li1343\sb118\sl-195\slmult0\tx2079 \up0 \expndtw-2\charscalex100 1.2.1.\
tab \up0 \expndtw-1\charscalex100 Active materiale ]n curs de execu\\ie\par\pard
\ql \li1343\sb123\sl-195\slmult0\tx2079 \up0 \expndtw-1\charscalex100 1.2.2.\tab
\up0 \expndtw-1\charscalex100 Mijloace fixe la valoarea de bilan\\\par\pard\ql
\li1343\sb118\sl-195\slmult0\tx2079 \up0 \expndtw-2\charscalex100 1.3.\tab \up0
\expndtw-1\charscalex100 Active financiare pe termen lung\par\pard\ql \li1343\sb
118\sl-195\slmult0\tx2079 \up0 \expndtw0\charscalex102 2.\tab \up0 \expndtw-1\ch
arscalex100 Active curente, inclusiv:\par\pard\ql \li1343\sb118\sl-195\slmult0\t
x2079 \up0 \expndtw-2\charscalex100 2.1.\tab \up0 \expndtw0\charscalex101 Stocur
i de m[rfuri =i materiale\par\pard\ql \li1343\sb118\sl-195\slmult0\tx2079 \up0 \
expndtw0\charscalex101 2.2.\tab \up0 \expndtw-1\charscalex100 Crean\\e pe termen
scurt\par\pard\ql \li1343\sb122\sl-195\slmult0\tx2079 \up0 \expndtw0\charscalex
101 2.3.\tab \up0 \expndtw0\charscalex102 Mijloace b[ne=ti\par\pard\ql \li1343\s
b118\sl-195\slmult0\tx2079 \up0 \expndtw0\charscalex101 2.4.\tab \up0 \expndtw0\
charscalex100 Alte active pe termen scurt\par\pard\ql \li2084\sb118\sl-195\slmul
t0 \up0 \expndtw0\charscalex105 \ul0\nosupersub\cf21\f22\fs17 Total activ\par\pa
rd\column \ql \li6309\sb0\sl-195\slmult0 \par\pard\ql \li391\sb59\sl-195\slmult0
\up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf18\f19\fs17 Existente la 31.12.
97\par\pard\ql \li20\sb105\sl-195\slmult0\tx1553 \up0 \expndtw-1\charscalex100 s

uma, mii lei\tab \up0 \expndtw-1\charscalex100 ponderea,%\par\pard\ql \li305\sb1
61\sl-195\slmult0\tx1913 \up0 \expndtw-2\charscalex100 8851,3\tab \up0 \expndtw2\charscalex100 51,7\par\pard\ql \li588\sb118\sl-195\slmult0\tx1999 \up0 \expndt
w-2\charscalex100 1,2\tab \up0 \expndtw0\charscalex101 0,0\par\pard\ql \li295\sb
118\sl-195\slmult0\tx1908 \up0 \expndtw-1\charscalex100 8632,4\tab \up0 \expndtw
-1\charscalex100 50,5\par\pard\ql \li6136\sb0\sl-195\slmult0 \par\pard\ql \li391
\sb125\sl-195\slmult0\tx1999 \up0 \expndtw0\charscalex100 573,3\tab \up0 \expndt
w0\charscalex101 3,4\par\pard\ql \li305\sb123\sl-195\slmult0\tx1913 \up0 \expndt
w-2\charscalex100 8059,1\tab \up0 \expndtw-3\charscalex100 47,1\par\pard\ql \li3
96\sb118\sl-195\slmult0\tx2009 \up0 \expndtw-2\charscalex100 217,7\tab \up0 \exp
ndtw-2\charscalex100 1,2\par\pard\ql \li295\sb118\sl-195\slmult0\tx1908 \up0 \ex
pndtw-1\charscalex100 8258,3\tab \up0 \expndtw-1\charscalex100 48,3\par\pard\ql
\li294\sb118\sl-195\slmult0\tx1907 \up0 \expndtw-1\charscalex100 7403,4\tab \up0
\expndtw-1\charscalex100 43,3\par\pard\ql \li396\sb118\sl-195\slmult0\tx1999 \u
p0 \expndtw-2\charscalex100 813,7\tab \up0 \expndtw0\charscalex101 4,8\par\pard\
ql \li492\sb122\sl-195\slmult0\tx2009 \up0 \expndtw-2\charscalex100 21,8\tab \up
0 \expndtw-4\charscalex100 0,1\par\pard\ql \li491\sb118\sl-195\slmult0\tx2008 \u
p0 \expndtw-2\charscalex100 19,4\tab \up0 \expndtw-4\charscalex100 0,1\par\pard\
ql \li218\sb118\sl-195\slmult0\tx1822 \up0 \expndtw-3\charscalex100 17109,6\tab
\up0 \expndtw-2\charscalex100 100,0\par\pard\column \ql \li9141\sb0\sl-195\slmul
t0 \par\pard\ql \li442\sb59\sl-195\slmult0 \up0 \expndtw-2\charscalex100 Existen
te la 31.12.98\par\pard\ql \li20\sb105\sl-195\slmult0\tx1321 \up0 \expndtw-1\cha
rscalex100 suma, mii lei\tab \up0 \expndtw-1\charscalex100 ponderea,%\par\pard\q
l \li245\sb161\sl-195\slmult0\tx1734 \up0 \expndtw-2\charscalex100 9397,1\tab \u
p0 \expndtw-1\charscalex100 52,0\par\pard\ql \li519\sb118\sl-195\slmult0\tx1826
\up0 \expndtw0\charscalex101 2,2\tab \up0 \expndtw0\charscalex101 0,0\par\pard\q
l \li245\sb118\sl-195\slmult0\tx1734 \up0 \expndtw-2\charscalex100 9146,2\tab \u
p0 \expndtw-1\charscalex100 50,6\par\pard\ql \li8848\sb0\sl-195\slmult0 \par\par
d\ql \li346\sb125\sl-195\slmult0\tx1826 \up0 \expndtw-4\charscalex100 611,9\tab
\up0 \expndtw0\charscalex101 3,4\par\pard\ql \li236\sb123\sl-195\slmult0\tx1734
\up0 \expndtw-1\charscalex100 8534,3\tab \up0 \expndtw-1\charscalex100 47,2\par\
pard\ql \li331\sb118\sl-195\slmult0\tx1835 \up0 \expndtw0\charscalex100 248,7\ta
b \up0 \expndtw-2\charscalex100 1,4\par\pard\ql \li235\sb118\sl-195\slmult0\tx17
34 \up0 \expndtw-1\charscalex100 8662,8\tab \up0 \expndtw-1\charscalex100 48,0\p
ar\pard\ql \li244\sb118\sl-195\slmult0\tx1748 \up0 \expndtw-2\charscalex100 7421
,7\tab \up0 \expndtw-5\charscalex100 41,1\par\pard\ql \li245\sb118\sl-195\slmult
0\tx1734 \up0 \expndtw-2\charscalex100 1230,7\tab \up0 \expndtw-1\charscalex100
6,82\par\pard\ql \li519\sb122\sl-195\slmult0\tx1735 \up0 \expndtw0\charscalex101
8,4\tab \up0 \expndtw-1\charscalex100 0,05\par\pard\ql \li518\sb118\sl-195\slmu
lt0\tx1825 \up0 \expndtw0\charscalex101 2,3\tab \up0 \expndtw0\charscalex101 0,0
\par\pard\ql \li149\sb118\sl-195\slmult0\tx1648 \up0 \expndtw-2\charscalex100 18
059,9\tab \up0 \expndtw-2\charscalex100 100,0\par\pard\sect\sectd\sbknone\cols2\
colno1\colw7090\colsr160\colno2\colw4850\colsr160\ql \li3001\sb0\sl-230\slmult0
\par\pard\ql \li3342\sb162\sl-230\slmult0 \up0 \expndtw0\charscalex111 \ul0\nosu
persub\cf5\f6\fs20 Din datele prezentate ]n tabel se constat[\par\pard\qj \li300
1\ri72\sb6\sl-242\slmult0 \up0 \expndtw0\charscalex112 cre=terea nivelului de im
obilizare a activelor \line \up0 \expndtw0\charscalex107 de la 51,5% la 52%. Ace
ast[ tendin\\[ se consi-\line \up0 \expndtw0\charscalex118 der[ negativ[ ]n cond
i\\iile unui grad sc[zut \line \up0 \expndtw0\charscalex111 de utilizare a capac
it[\\ilor de produc\\ie exis-\line \up0 \expndtw0\charscalex116 tente (71,3%).
Situa\\ia se explic[ prin pro-\line \up0 \expndtw0\charscalex105 curarea utilaju
lui necesar pentru ]nsu=irea unui \line \up0 \expndtw0\charscalex110 fel nou de
produs =i prin re\\ineri la v]nzarea \line \up0 \expndtw0\charscalex111 utilajel
or neutilizate.\par\pard\ql \li3342\sb8\sl-230\slmult0 \up0 \expndtw0\charscalex
109 Structura activelor ]ntreprinderii se carac-\par\pard\column \ql \li7250\sb0
\sl-230\slmult0 \par\pard\ql \li20\sb162\sl-230\slmult0 \up0 \expndtw0\charscale
x113 terizeaz[ prin rata ridicat[ a patrimoniului cu\par\pard\qj \li20\ri814\sb6
\sl-241\slmult0 \up0 \expndtw0\charscalex113 destina\\ie de produc\\ie. Astfe
l, ponderea \up0 \expndtw0\charscalex119 mijloacelor fixe \up0 \expndtw0\chars
calex115 =i stocurilor de m[rfuri\par\pard\qj \li20\ri815\sb6\sl-239\slmult0

\up0 \expndtw0\charscalex105 =i materiale constituie circa 90% ]n suma total[ \u
p0 \expndtw0\charscalex118 a activelor. \up0 \expndtw0\charscalex118 \}n afar[
de aceasta, s-a ivit\par\pard\qj \li20\ri814\sb0\sl-242\slmult0 \up0 \expnd
tw0\charscalex117 o tendin\\[ pozitiv[ de cre=tere a compozi-\line \up0 \expndtw
0\charscalex111 \\iei tehnice. Raportul ]ntre mijloacele fixe =i \line \up0 \exp
ndtw0\charscalex112 activele circulante a crescut de la 0,98 la 0,99 \line \up0
\expndtw0\charscalex118 ca urmare a cre=terii parcului de utilaj dis-\line \up0
\expndtw0\charscalex113 ponibil. \par\pard\qj\pvpg\phpg\posx2986\posy15330\absw2
132 \ul0\nosupersub\cf2\f3\fs15 4/1999
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
;(10049,278);(10049,10);(15,10);(15,278);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10049,284);(10049,10);(15,10);(15,284);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10049,288);(10049,10);(15,10);(15,288);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10049,288);(10049,10);(15,10);(15,288);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}

}}
;(10049,283);(10049,10);(15,10);(15,283);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10049,283);(10049,9);(15,9);(15,283);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
14);(10039,4614);(10039,9);(10,9);(10,4614);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10030,633);(10030,9);(15,9);(15,633);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
2578,624);(2578,10);(10,10);(10,624);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}

3803,629);(3803,14);(10,14);(10,629);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
sl-230\slmult0 \up0 \expndtw0\charscalex118 \ul0\nosupersub\cf11\f12\fs20 Analiz
a activelor pe termen lung\par\pard\ql \li3202\sb10\sl-230\slmult0 \up0 \expndtw
0\charscalex111 \ul0\nosupersub\cf5\f6\fs20 O examinare mai detaliat[ a imobiliz
[rilor\par\pard\ql \li2861\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex115 ofer
[ posibilitatea de a formula concluzia c[\par\pard\ql \li2861\sb15\sl-230\slmult
0 \up0 \expndtw0\charscalex118 ponderea cea mai mare (circa 90 la sut[) ]n\par\p
ard\ql \li2861\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex110 componen\\a lor
revine mijloacelor fixe. Tot-\par\pard\ql \li2861\sb16\sl-230\slmult0 \up0 \expn
dtw0\charscalex108 odat[ se observ[ cre=terea m[rimii absolute =i\par\pard\ql \l
i2861\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex112 relative a acestei grupe
patrimoniale ]n suma\par\pard\ql \li2861\sb15\sl-230\slmult0 \up0 \expndtw0\char
scalex122 total[ a activelor, ce se explic[ prin ritmul\par\pard\ql \li2861\sb10
\sl-230\slmult0 \up0 \expndtw0\charscalex108 destul de ]nalt al re]nnoirii mijlo
acelor fixe. \}n\par\pard\ql \li2861\sb10\sl-230\slmult0 \up0 \expndtw0\charscal
ex116 cadrul mijloacelor fixe existente la sf]r=itul\par\pard\ql \li2861\sb15\sl
-230\slmult0 \up0 \expndtw0\charscalex112 perioadei 9% reprezint[ obiecte noi.\p
ar\pard\ql \li3202\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex108 Accelerarea
procesului de re]nnoire ac\\io-\par\pard\ql \li2861\sb15\sl-230\slmult0 \up0 \ex
pndtw0\charscalex107 neaz[ pozitiv din punct de vedere al integrit[\\ii\par\pard
\ql \li2861\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex101 =i calit[\\ii poten
\\ialului tehnic disponibil. Astfel,\par\pard\ql \li2861\sb10\sl-230\slmult0 \up
0 \expndtw0\charscalex115 ]n anul 1998 a sc[zut coeficientul de uzur[ a\par\pard
\ql \li2861\sb14\sl-230\slmult0 \up0 \expndtw0\charscalex106 mijloacelor fixe de
la 47,4% la ]nceputul anului\par\pard\ql \li2861\sb10\sl-230\slmult0 \up0 \expn
dtw0\charscalex106 la 46,6% la sf]r=itul anului. \}n cursul perioadei\par\pard\q
l \li2861\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex108 raportate au fost ]nt
reprinse m[suri ]n vederea\par\pard\ql \li2861\sb10\sl-230\slmult0 \up0 \expndtw
0\charscalex113 v]nz[rii mijloacelor fixe neutilizate =i conti-\par\pard\ql \li
2861\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex114 nu[rii procesului de const
ruc\\ie a sec\\iei de\par\pard\ql \li2861\sb10\sl-230\slmult0 \up0 \expndtw0\cha
rscalex114 produc\\ie noi, ce va contribui ]n viitor la\par\pard\ql \li2861\
sb10\sl-230\slmult0 \up0 \expndtw0\charscalex109 dezvoltarea poten\\ialului tehn
ic.\par\pard\ql \li3202\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex108 Compara
rea coeficientului indicat de re]n-\par\pard\ql \li2861\sb10\sl-230\slmult0 \up0
\expndtw0\charscalex113 noire a mijloacelor fixe cu rata medie de\par\par
d\ql \li2861\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex117 acumulare a uzurii
(6,7%) denot[ c[ ]ntrep-\par\pard\ql \li2861\sb10\sl-230\slmult0 \up0 \expndtw0

\charscalex116 rinderea a utilizat integral sursele proprii,\par\pard\ql \li2
861\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex109 destinate re]nnoirii poten\
\ialului tehnic.\par\pard\ql \li3202\sb16\sl-230\slmult0 \up0 \expndtw0\charscal
ex111 Investirea resurselor financiare ]n const-\par\pard\ql \li2861\sb10\sl-23
0\slmult0 \up0 \expndtw0\charscalex106 ruc\\ii a condi\\ionat men\\inerea cotei
activelor\par\pard\ql \li2861\sb14\sl-230\slmult0 \up0 \expndtw0\charscalex111 m
ateriale ]n curs de execu\\ie ]n suma total[ a\par\pard\ql \li2861\sb10\sl-230\s
lmult0 \up0 \expndtw0\charscalex113 patrimoniului la nivelul de 3,4 la sut[. \}n
pe-\par\pard\ql \li2861\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex109 rioada
raportat[ ]ntreprinderea a ob\\inut divi-\par\pard\ql \li2861\sb10\sl-230\slmul
t0 \up0 \expndtw0\charscalex109 dende sub form[ de ac\\iuni de la emiten\\i, ]n\
par\pard\ql \li2861\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex109 capitalul s
tatutar al c[rora aceasta de\\ine cota.\par\pard\ql \li2861\sb15\sl-230\slmult0
\up0 \expndtw0\charscalex112 Ca rezultat, ]n componen\\a patrimoniului a\par\pa
rd\ql \li2861\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex113 crescut ponderea
activelor financiare pe ter-\par\pard\ql \li2861\sb15\sl-230\slmult0 \up0 \expnd
tw0\charscalex112 men lung.\par\pard\ql \li2861\sb0\sl-230\slmult0 \par\pard\ql
2\fs20 Analiza activelor curente\par\pard\ql \li3202\sb10\sl-230\slmult0 \up0 \e
xpndtw0\charscalex114 \ul0\nosupersub\cf5\f6\fs20 Datele din tabelul 4 reflect[
o cre=tere a\par\pard\ql \li2861\sb9\sl-230\slmult0 \up0 \expndtw0\charscalex109
activelor curente cu 4,9% ca volum valoric =i\par\pard\ql \li2861\sb15\sl-230\s
lmult0 \up0 \expndtw0\charscalex112 o reducere cu 0,3% ca pondere.\par\pard\ql \
li3202\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex116 Un aspect pozitiv ce car
acterizeaz[ mo-\par\pard\ql \li2861\sb15\sl-230\slmult0 \up0 \expndtw0\charscale
x124 dific[rile \up0 \expndtw0\charscalex115 ]n structura activelor curente \
up0 \expndtw0\charscalex111 ]l\par\pard\ql \li1046\sb0\sl-253\slmult0 \par\pard\
ql \li1046\sb26\sl-253\slmult0 \up0 \expndtw-10\charscalex84 \ul0\nosupersub\cf1
2\f13\fs22 Tabelul 5\par\pard\column \ql \li3626\sb379\sl-414\slmult0 \up0 \expn
dtw0\charscalex74 \ul0\nosupersub\cf1\f2\fs36 31\par\pard\ql \li7116\sb0\sl-230\
slmult0 \par\pard\ql \li20\sb2\sl-230\slmult0 \up0 \expndtw0\charscalex117 \ul0\
nosupersub\cf5\f6\fs20 constituie faptul c[ \up0 \expndtw0\charscalex109 ]n c
ondi\\iile cre=terii\par\pard\ql \li20\sb10\sl-230\slmult0 \up0 \expndtw0\chars
calex116 v]nz[rilor nete cu \up0 \expndtw0\charscalex112 3,7% suma mijloacel
or\par\pard\qj \li20\ri952\sb1\sl-242\slmult0 \up0 \expndtw0\charscalex114 plasa
te ]n stocurile de m[rfuri =i materiale a \up0 \expndtw0\charscalex115 crescut n
umai cu 0,2%. Ca rezultat, datele \up0 \expndtw0\charscalex118 bilan\\ului con
tabil denot[ o sc[dere a ratei \up0 \expndtw0\charscalex115 stocurilor ]n suma
activelor de la 43,3% la \up0 \expndtw0\charscalex115 41,1%, iar ]n suma active
lor curente - de la \up0 \expndtw0\charscalex112 89,6% la 85,7%, ceea ce contri
buie la accele-\line \up0 \expndtw0\charscalex108 rarea rota\\iei activelor.\par
\pard\qj \li20\ri952\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex111 Totod
at[ se remarc[ o cre=tere consi-\line \up0 \expndtw0\charscalex114 derabil[
a ratei crean\\elor. Ponderea decon-\line \up0 \expndtw0\charscalex110 t[rilor
cu debitorii ]n suma activelor curente a \line \up0 \expndtw0\charscalex109 cres
cut pe parcursul anului 1998 de la 9,8% la \line \up0 \expndtw0\charscalex114 14
,2%. Aceasta ]nseamn[ c[ ]n condi\\iile \line \up0 \expndtw0\charscalex120
nerespect[rii disciplinei de plat[ din partea \line \up0 \expndtw0\charscalex112
clien\\ilor efortul depus de ]ntreprindere pri-\line \up0 \expndtw0\charscalex1
05 vind colectarea datoriilor nu poate fi considerat \line \up0 \expndtw0\charsc
alex111 ca suficient.\par\pard\qj \li20\ri952\sb0\sl-242\slmult0\fi340 \up0 \exp
ndtw0\charscalex107 Analiza mai detaliat[ a crean\\elor existente \line \up0 \ex
pndtw0\charscalex108 la data raportat[ denot[ urm[toarele momente: \line \up0 \e
xpndtw0\charscalex108 ]n func\\ie de expirarea termenului de achitare \line \up0
\expndtw0\charscalex118 23% din decont[rile cu debitorii reprezint[ \line \up0
\expndtw0\charscalex114 datoriile \up0 \expndtw0\charscalex111 ]nt]rziate la \u
p0 \expndtw0\charscalex114 ]ncasare. \up0 \expndtw0\charscalex111 \}n afar[ de
\par\pard\qj \li20\ri952\sb0\sl-242\slmult0 \up0 \expndtw0\charscalex105 decont[
rile cu termenul expirat ]n componen\\a \line \up0 \expndtw0\charscalex110 crean
\\elor figureaz[ =i alte datorii nenormale \line \up0 \expndtw0\charscalex106 (2

21 mil. lei) cota c[rora atinge 18%. Cre=terea \line \up0 \expndtw0\charscalex11
6 ponderii decont[rilor nejustificate reflect[ o \line \up0 \expndtw0\charscalex
111 deteriorare a soldului crean\\elor =i condi-\line \up0 \expndtw0\charsca
lex112 \\ioneaz[ ]ncetinirea vitezei de rota\\ie a mij-\line \up0 \expndtw0\cha
rscalex112 loacelor circulante.\par\pard\qj \li20\ri952\sb0\sl-242\slmult0\fi340
\up0 \expndtw0\charscalex104 \}n perioada raportat[ s-a mic=orat m[rimea \line
\up0 \expndtw0\charscalex113 absolut[ =i relativ[ a celor mai mobile active \lin
e \up0 \expndtw0\charscalex112 circulante. Deci, se constat[ o sc[dere a cotei \
line \up0 \expndtw0\charscalex110 mijloacelor b[ne=ti ]n suma activelor curente
\line \up0 \expndtw0\charscalex106 de la 0,26% la 0,1%. \}n raport cu suma total
[ a \line \up0 \expndtw0\charscalex111 patrimoniului ]ntreprinderii cota mijloa
celor \line \up0 \expndtw0\charscalex119 b[ne=ti devine aproape egal[ cu 0, ceea
ce \line \up0 \expndtw0\charscalex113 influen\\eaz[ negativ lichiditatea bil
an\\ului \line \up0 \expndtw0\charscalex110 contabil.\par\pard\ql \li7116\sb0\sl
7 \ul0\nosupersub\cf11\f12\fs20 Analiza activelor nete\par\pard\qj \li20\ri953\s
b6\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex111 \ul0\nosupersub\cf5\f6\fs20
Evolu\\ia patrimoniului, format pe seama \up0 \expndtw0\charscalex112 surselor
proprii de finan\\are, este prezentat[ \up0 \expndtw0\charscalex112 ]n tabelul 5
. \par\pard\sect\sectd\sbknone \ql \li5021\sb29\sl-253\slmult0 \up0 \expndtw-10\
charscalex89 \ul0\nosupersub\cf17\f18\fs22 Calculul patrimoniului net \par\pard\
li1075\sb29\sl-195\slmult0\fi9449 \up0 \expndtw0\charscalex100 \ul0\nosupersub\c
f18\f19\fs17 (mii lei)\par\pard\li1075\sb157\sl-195\slmult0\fi0\tx3946\tx7331\tx
8834\tx9967 \up0 \expndtw0\charscalex100 Nr. crt.\tab \up0 \expndtw0\charscalex1
00 Indicatori\tab \up0 \expndtw0\charscalex100 La 31.12.97\tab \up0 \expndtw0\ch
arscalex100 La 31.12.98\tab \up0 \expndtw0\charscalex100 Modificarea, \par\pard\l
i1075\sb0\sl-195\slmult0\par\pard\li1075\sb58\sl-195\slmult0\fi254\tx1838\tx7423
\tx8945\tx10204 \up0 \expndtw0\charscalex100 1.\tab \up0 \expndtw0\charscalex100
Total active\tab \up0 \expndtw0\charscalex100 17109,6\tab \up0 \expndtw0\charsc
alex100 18059,9\tab \up0 \expndtw0\charscalex100 950,3\par\pard\li1075\sb152\sl-1
95\slmult0\fi254\tx1838\tx7499\tx9031\tx10390 \up0 \expndtw0\charscalex100 2.\ta
b \up0 \expndtw0\charscalex100 Datorii pe termen lung\tab \up0 \expndtw0\charsca
lex100 2994,8\tab \up0 \expndtw0\charscalex100 2995,4\tab \up0 \expndtw0\charsca
lex100 0,6\par\pard\li1075\sb146\sl-195\slmult0\fi254\tx1838\tx7509\tx9031\tx1021
3 \up0 \expndtw0\charscalex100 3.\tab \up0 \expndtw0\charscalex100 Datorii pe te
rmen scurt\tab \up0 \expndtw0\charscalex100 3195,0\tab \up0 \expndtw0\charscalex
100 3476,2\tab \up0 \expndtw0\charscalex100 281,2\par\pard\li1075\sb152\sl-195\sl
mult0\fi254\tx1838\tx7422\tx8953\tx10202 \up0 \expndtw0\charscalex100 4.\tab \up
0 \expndtw0\charscalex100 Active nete (patrimoniul net)\tab \up0 \expndtw0\chars
calex100 10919,8\tab \up0 \expndtw0\charscalex100 11588,3\tab \up0 \expndtw0\cha
rscalex100 668,5\par\pard\qj\pvpg\phpg\posx2862\posy15339\absw2132 \ul0\nosupersu
b\cf2\f3\fs15 4/1999
}
}}

}
}}
}
}}
}
}}
09);(10039,1809);(10039,9);(10,9);(10,1809);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}

;(10025,341);(10025,10);(10,10);(10,341);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
(10025,317);(10025,9);(9,9);(9,317);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10039,398);(10039,9);(10,9);(10,398);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
1344,398);(1344,9);(10,9);(10,398);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
5325,398);(5325,9);(10,9);(10,398);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}
}}
}
slmult0\par\pard\li1156\sb36\sl-230\slmult0\fi2156\tx7567 \up0 \expndtw0\charsca
lex106 \ul0\nosupersub\cf5\f6\fs20 Din datele prezentate ]n tabel se constat[ o\
tab \up0 \expndtw0\charscalex106 \ul0\nosupersub\cf11\f12\fs20 Analiza activelor
\par\pard\li1156\sb10\sl-230\slmult0\fi1815\tx7567 \up0 \expndtw0\charscalex106
\ul0\nosupersub\cf5\f6\fs20 cre=tere a activelor nete ]n perioada raportat[\tab
\up0 \expndtw0\charscalex106 \ul0\nosupersub\cf11\f12\fs20 curente nete\par\pard
\li1156\sb10\sl-230\slmult0\fi1815\tx7567 \up0 \expndtw0\charscalex106 \ul0\nosu
persub\cf5\f6\fs20 cu 668,5 mii lei, ceea ce reprezint[ un spor relativ\tab \up0
\expndtw0\charscalex106 Analiza situa\\iei patrimoniale ]n mod con-\par\pard\li
1156\sb15\sl-230\slmult0\fi1815\tx7226 \up0 \expndtw0\charscalex106 de 6,1% ]n c
ompara\\ie cu ]nceputul anului. In-\tab \up0 \expndtw0\charscalex106 secvent se
completeaz[ cu aprecierea asigur[rii\par\pard\li1156\sb10\sl-230\slmult0\fi1815\
tx7226 \up0 \expndtw0\charscalex106 dicatorul prezentat reflect[ capacitatea ]nt
rep-\tab \up0 \expndtw0\charscalex106 ]ntreprinderii cu mijloace circulante prop
rii,\par\pard\li1156\sb16\sl-230\slmult0\fi1815\tx7226 \up0 \expndtw-2\charscale
x100 rinderii \u8220?Efect\u8221? de a face fa\\[ obliga\\iilor asumate.\tab \up
0 \expndtw0\charscalex106 efectuat[ ]n tabelul 6.\par\pard\li1156\sb207\sl-253\s
lmult0\fi0 \up0 \expndtw0\charscalex106 \ul0\nosupersub\cf12\f13\fs22 Tabelul 6\
par\pard\ql \li3730\sb1\sl-225\slmult0 \up0 \expndtw-10\charscalex94 \ul0\nosupe
rsub\cf17\f18\fs22 Aprecierea asigur[rii ]ntreprinderii cu active curente nete \
par\pard\li1185\sb26\sl-195\slmult0\fi9450 \up0 \expndtw0\charscalex101 \ul0\nos

upersub\cf18\f19\fs17 (mii lei)\par\pard\sect\sectd\sbknone\cols2\colno1\colw706
6\colsr160\colno2\colw4874\colsr160\ql \li1185\sb85\sl-195\slmult0\tx4248 \up0 \
expndtw0\charscalex101 Nr. crt.\tab \up0 \expndtw-1\charscalex100 Indicatori\par
\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb33\sl-195\slmult0\tx2
060 \up0 \expndtw-4\charscalex100 1.\tab \up0 \expndtw0\charscalex100 Active cur
ente\par\pard\ql \li1387\sb123\sl-195\slmult0\tx2060 \up0 \expndtw0\charscalex10
1 2.\tab \up0 \expndtw0\charscalex100 Datorii pe termen scurt\par\pard\ql \li138
7\sb118\sl-195\slmult0\tx2060 \up0 \expndtw0\charscalex101 3.\tab \up0 \expndtw0
\charscalex100 Active curente nete\par\pard\ql \li1387\sb118\sl-195\slmult0\tx20
60 \up0 \expndtw0\charscalex102 4.\tab \up0 \expndtw0\charscalex100 Normativul a
ctivelor curente nete prev[zut ]n planul de afaceri\par\pard\ql \li1387\sb118\sl
-195\slmult0\tx2060 \up0 \expndtw0\charscalex102 5.\tab \up0 \expndtw0\charscale
x100 Excedent (), deficit (-) de active curente nete\par\pard\ql \li1156\sb0\sl-2
3 \ul0\nosupersub\cf5\f6\fs20 Din datele prezentate ]n tabel se observ[\par\pard
\ql \li2972\sb14\sl-230\slmult0 \up0 \expndtw0\charscalex111 c[ la ]ntreprindere
a \u8220?Efect\u8221? s-a ]nregistrat un\par\pard\ql \li2972\sb10\sl-230\slmult0
\up0 \expndtw0\charscalex114 excedent de active curente nete la ]nceputul\par\p
ard\ql \li2972\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex104 perioadei raport
ate =i un deficit la finele anului,\par\pard\ql \li2972\sb10\sl-230\slmult0 \up0
\expndtw0\charscalex114 ceea ce poate crea dificult[\\i la realizarea\par\
pard\ql \li2972\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex115 procesului nor
mal de activitate. Deficitul\par\pard\ql \li2972\sb10\sl-230\slmult0 \up0 \ex
pndtw0\charscalex113 de active circulante nete este condi\\ionat de\par\pard\ql
\li2972\sb11\sl-230\slmult0 \up0 \expndtw0\charscalex111 plasarea mijloacelor ci
rculante proprii pentru\par\pard\ql \li1156\sb188\sl-253\slmult0 \up0 \expndtw-1
0\charscalex85 \ul0\nosupersub\cf12\f13\fs22 Tabelul 7\par\pard\column \ql \li23
6\sb80\sl-195\slmult0\tx1743\tx2882 \up0 \expndtw-2\charscalex100 \ul0\nosupersu
b\cf18\f19\fs17 La 31.12.97\tab \up0 \expndtw-2\charscalex100 La 31.12.98\tab \u
p0 \expndtw0\charscalex101 Modificarea, \par\pard\ql \li7596\sb0\sl-195\slmult0 \
par\pard\ql \li408\sb38\sl-195\slmult0\tx1944\tx3117 \up0 \expndtw-1\charscalex1
00 8258,3\tab \up0 \expndtw-1\charscalex100 8662,8\tab \up0 \expndtw0\charscalex
102 404,5\par\pard\ql \li418\sb123\sl-195\slmult0\tx1945\tx3122 \up0 \expndtw-2\c
harscalex100 3195,0\tab \up0 \expndtw-1\charscalex100 3476,2\tab \up0 \expndtw0\
charscalex101 281,2\par\pard\ql \li409\sb118\sl-195\slmult0\tx1950\tx3122 \up0 \e
xpndtw-1\charscalex100 5063,3\tab \up0 \expndtw-2\charscalex100 5186,6\tab \up0
\expndtw0\charscalex101 123,3\par\pard\ql \li408\sb118\sl-195\slmult0\tx1944\tx31
17 \up0 \expndtw-1\charscalex100 4800,0\tab \up0 \expndtw-1\charscalex100 5200,0
\tab \up0 \expndtw0\charscalex102 400,0\par\pard\ql \li390\sb118\sl-195\slmult0\t
x2084\tx3227 \up0 \expndtw0\charscalex102 263,3\tab \up0 \expndtw-1\charscalex100
-13,4\tab \up0 \expndtw0\charscalex100 276,7\par\pard\qj \li7226\sb0\sl-244\slm
ult0 \par\pard\qj \li20\ri843\sb102\sl-244\slmult0 \up0 \expndtw0\charscalex115
\ul0\nosupersub\cf5\f6\fs20 construc\\ii peste nivelul prev[zut ]n planul \up0
\expndtw0\charscalex113 de afaceri.\par\pard\ql \li7226\sb0\sl-230\slmult0 \par\
pard\ql \li361\sb23\sl-230\slmult0 \up0 \expndtw0\charscalex121 \ul0\nosupersub\
cf11\f12\fs20 Analiza general[ a structurii\par\pard\ql \li361\sb10\sl-230\slmul
t0 \up0 \expndtw0\charscalex118 surselor de finan\\are a activelor\par\pard\qj \
li20\ri844\sb7\sl-240\slmult0\fi340 \up0 \expndtw0\charscalex104 \ul0\nosupersub
\cf5\f6\fs20 \}n cursul anului 1998 au avut loc modific[ri \line \up0 \expndtw0\
charscalex101 ]n structura surselor de finan\\are a patrimoniului \line \up0 \ex
pndtw0\charscalex104 ]ntreprinderii, care s]nt generalizate ]n tabelul 7. \par\p
ard\sect\sectd\sbknone \ql \li2828\sb1\sl-224\slmult0 \up0 \expndtw-9\charscalex
94 \ul0\nosupersub\cf17\f18\fs22 Componen\\a =i structura surselor de finan\\are
a activelor ]ntreprinderii Efect\par\pard\sect\sectd\sbknone\cols3\colno1\colw577
4\colsr160\colno2\colw2630\colsr160\colno3\colw3386\colsr160\ql \li1185\sb0\sl-1
95\slmult0 \par\pard\ql \li1185\sb160\sl-195\slmult0\tx2209 \up0 \expndtw0\chars
calex101 \ul0\nosupersub\cf18\f19\fs17 Nr. crt.\tab \up0 \expndtw0\charscalex100
Categorii de surse de finan\\are\par\pard\ql \li1396\sb0\sl-195\slmult0 \par\pa
rd\ql \li1396\sb135\sl-195\slmult0\tx2017 \up0 \expndtw-4\charscalex100 1.\tab \
up0 \expndtw0\charscalex100 Capital propriu\par\pard\ql \li1396\sb123\sl-195\slm

ult0\tx2016 \up0 \expndtw0\charscalex101 2.\tab \up0 \expndtw-1\charscalex100 Da
torii pe termen lung\par\pard\ql \li1396\sb117\sl-195\slmult0\tx2017 \up0 \expnd
tw0\charscalex102 3.\tab \up0 \expndtw0\charscalex100 Capital permanent (12)\par\
pard\ql \li1396\sb118\sl-195\slmult0\tx2016 \up0 \expndtw0\charscalex101 4.\tab
\up0 \expndtw0\charscalex100 Datorii pe termen scurt\par\pard\ql \li1396\sb118\s
l-195\slmult0\tx2016 \up0 \expndtw0\charscalex101 5.\tab \up0 \expndtw0\charscal
ex101 Total pasiv (34)\par\pard\column \ql \li6645\sb0\sl-195\slmult0 \par\pard\q
l \li731\sb36\sl-195\slmult0 \up0 \expndtw-2\charscalex100 La 31.12.97\par\pard\
ql \li20\sb99\sl-195\slmult0\tx1552 \up0 \expndtw-1\charscalex100 suma, mii lei\
tab \up0 \expndtw-1\charscalex100 ponderea,%\par\pard\ql \li217\sb161\sl-195\slm
ult0\tx1902 \up0 \expndtw-3\charscalex100 10919,8\tab \up0 \expndtw-1\charscalex
100 63,8\par\pard\ql \li294\sb123\sl-195\slmult0\tx1912 \up0 \expndtw-1\charscal
ex100 2994,8\tab \up0 \expndtw-2\charscalex100 17,5\par\pard\ql \li217\sb117\sl195\slmult0\tx1911 \up0 \expndtw-3\charscalex100 13914,6\tab \up0 \expndtw-2\cha
rscalex100 81,3\par\pard\ql \li304\sb118\sl-195\slmult0\tx1912 \up0 \expndtw-2\c
harscalex100 3195,0\tab \up0 \expndtw-2\charscalex100 18,7\par\pard\ql \li217\sb
118\sl-195\slmult0\tx1816 \up0 \expndtw-3\charscalex100 17109,6\tab \up0 \expndt
w-2\charscalex100 100,0\par\pard\column \ql \li9477\sb0\sl-195\slmult0 \par\pard
\ql \li783\sb36\sl-195\slmult0 \up0 \expndtw-2\charscalex100 La 31.12.98\par\par
d\ql \li20\sb99\sl-195\slmult0\tx1316 \up0 \expndtw-1\charscalex100 suma, mii le
i\tab \up0 \expndtw-1\charscalex100 ponderea,%\par\pard\ql \li159\sb161\sl-195\s
lmult0\tx1735 \up0 \expndtw-3\charscalex100 11588,3\tab \up0 \expndtw-1\charscal
ex100 64,2\par\pard\ql \li235\sb123\sl-195\slmult0\tx1739 \up0 \expndtw-1\charsc
alex100 2995,4\tab \up0 \expndtw-2\charscalex100 16,6\par\pard\ql \li149\sb117\s
l-195\slmult0\tx1734 \up0 \expndtw-2\charscalex100 14583,7\tab \up0 \expndtw-1\c
harscalex100 80,8\par\pard\ql \li236\sb118\sl-195\slmult0\tx1739 \up0 \expndtw-1
\charscalex100 3476,2\tab \up0 \expndtw-2\charscalex100 19,2\par\pard\ql \li149\
sb118\sl-195\slmult0\tx1648 \up0 \expndtw-2\charscalex100 18059,9\tab \up0 \expn
dtw-2\charscalex100 100,0\par\pard\sect\sectd\sbknone\cols2\colno1\colw7066\cols
r160\colno2\colw4874\colsr160\ql \li2986\sb0\sl-230\slmult0 \par\pard\ql \li3327
\sb143\sl-230\slmult0 \up0 \expndtw0\charscalex111 \ul0\nosupersub\cf5\f6\fs20 D
in datele prezentate ]n tabel se constat[\par\pard\qj \li2986\ri74\sb5\sl-241\sl
mult0 \up0 \expndtw0\charscalex104 un grad de autofinan\\are (de autonomie) foar
te \up0 \expndtw0\charscalex122 ]nalt, care asigur[ interesele financiare ale \u
p0 \expndtw0\charscalex106 proprietarilor =i creditorilor. Ponderea mijloa-\line
\up0 \expndtw0\charscalex122 celor proprii ]n suma total[ a surselor de \up0 \
expndtw0\charscalex103 finan\\are at]t la ]nceputul (63,8%), c]t =i la sf]r-\lin
e \up0 \expndtw0\charscalex110 =itul perioadei raportate (64,2%) corespunde \up0
\expndtw0\charscalex110 nivelului de siguran\\[ (50%).\par\pard\qj \li2986\ri72
\sb4\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex119 \}n dinamic[ se observ[ o
sc[dere ne]n-\line \up0 \expndtw0\charscalex106 semnat[ a mijloacelor ]mprumuta
te ]n favoarea \up0 \expndtw0\charscalex111 surselor proprii.\par\pard\ql \li298
6\sb0\sl-230\slmult0 \par\pard\ql \li3327\sb00\sl-230\slmult0 \up0 \expndtw0\cha
rscalex119 \ul0\nosupersub\cf11\f12\fs20 Analiza capitalului propriu\par\pard\qj
\li2986\ri70\sb8\sl-239\slmult0\fi340 \up0 \expndtw0\charscalex109 \ul0\nosuper
sub\cf5\f6\fs20 Datele din bilan\\ul contabil denot[ faptul \line \up0 \expndtw0
\charscalex108 c[ m[rimea capitalului propriu al ]ntreprinderii \par\pard\qj\pvp
g\phpg\posx2986\posy15330\absw2132 \ul0\nosupersub\cf2\f3\fs15 4/1999
Contab
ilitate =i audit\par\pard\column \ql \li7226\sb0\sl-230\slmult0 \par\pard\ql \li
\u8220?Efect\u8221? a sporit ]n anul 1998 cu 6,1% fa\\[ de\par\pard\ql \li20\ri
842\sb5\sl-241\slmult0\tx371 \up0 \expndtw0\charscalex118 ]nceputul perioadei. C
ota cea mai mare ]n \line \up0 \expndtw0\charscalex111 componen\\a surselor pro
prii de finan\\are ]i \line \up0 \expndtw0\charscalex115 revine capitalului s
tatutar, suma c[ruia la \line \up0 \expndtw0\charscalex109 ]ntreprinderea \u8
220?Efect\u8221? corespunde cerin\\elor \line \up0 \expndtw0\charscalex106 legis
la\\iei stabilite pentru societ[\\ile pe ac\\iuni \line \up0 \expndtw0\charscale
x120 de tip deschis referitor la m[rimea minim[ \line \up0 \expndtw0\charscalex1
14 admisibil[ a capitalului statutar - 20 mii lei. \line\tab \up0 \expndtw0\char
scalex119 Este de men\\ionat faptul c[ nivelul de \line \up0 \expndtw0\charscale

x108 achitare a capitalului statutar (100%) =i gradul \line \up0 \expndtw0\chars
calex112 de retragere a lui (0%) demonstreaz[ situa\\ia \line \up0 \expndtw0\cha
rscalex117 cea mai favorabil[ din punctul de vedere al \line \up0 \expndtw0\char
scalex109 stabilit[\\ii financiare.\par\pard\qj \li20\ri842\sb6\sl-239\slmult0\f
i340 \up0 \expndtw0\charscalex113 Calculele efectuate ]n nota explicativ[ =i \li
ne \up0 \expndtw0\charscalex112 datele din bilan\\ul contabil atest[ c[ valoarea
}
}}
}
}}
}
}}
}
}}

}
}}
98);(10040,1998);(10040,10);(15,10);(15,1998);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10030,274);(10030,10);(15,10);(15,274);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10030,256);(10030,10);(10,10);(10,256);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10040,398);(10040,10);(15,10);(15,398);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
353,393);(1353,10);(9,10);(9,393);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
5305,398);(5305,10);(14,10);(14,398);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}

}}
}
}}
;(10030,288);(10030,14);(15,14);(15,288);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10030,284);(10030,9);(15,9);(15,284);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
28);(10030,2228);(10030,10);(15,10);(15,2228);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10030,629);(10030,10);(15,10);(15,629);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
2573,634);(2573,10);(10,10);(10,634);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}

}
}}
865,639);(3865,10);(9,10);(9,639);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
sl-230\slmult0 \up0 \expndtw0\charscalex104 \ul0\nosupersub\cf5\f6\fs20 activelo
r nete la ]nceputul =i sf]r=itul perioadei\par\pard\ql \li2862\sb10\sl-230\slmul
t0 \up0 \expndtw0\charscalex106 raportate (respectiv 10919,8 =i 11588,3 mii lei)
\par\pard\ql \li2862\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex106 dep[=e=te
m[rimea capitalului statutar (2109,4\par\pard\ql \li2862\sb15\sl-230\slmult0 \up
0 \expndtw0\charscalex117 mii lei), ceea ce corespunde cerin\\elor le-\par\par
d\ql \li2862\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex114 gisla\\iei ]n vigo
are privind societ[\\ile pe ac-\par\pard\ql \li2862\sb16\sl-230\slmult0 \up0 \ex
pndtw-1\charscalex100 \\iuni.\par\pard\ql \li3202\sb10\sl-230\slmult0 \up0 \expn
dtw0\charscalex111 \}n structura capitalului statutar al ]ntrep-\par\pard\ql \li
2862\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex110 rinderii \u8220?Efect\u822
1? predomin[ ac\\iunile ordinare\par\pard\ql \li2862\sb10\sl-230\slmult0 \up0 \e
xpndtw0\charscalex114 (simple), cota ac\\iunilor preferen\\iale fiind\par\pard\

ql \li2862\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex108 ne]nsemnat[ - 8%. \}
n perioada raportat[ ca =i\par\pard\ql \li2862\sb15\sl-230\slmult0 \up0 \expndtw
0\charscalex109 ]n anii preceden\\i ]ntreprinderea \u8220?Efect\u8221? n-a\par\
pard\ql \li2862\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex110 recurs la atrag
erea surselor ]mprumutate prin\par\pard\ql \li2862\sb15\sl-230\slmult0 \up0 \exp
ndtw0\charscalex108 emiterea obliga\\iunilor.\par\pard\ql \li2862\sb0\sl-230\slm
ult0 \par\pard\ql \li3202\sb20\sl-230\slmult0 \up0 \expndtw0\charscalex118 \ul0\
nosupersub\cf11\f12\fs20 Analiza surselor ]mprumutate\par\pard\ql \li3202\sb14\s
l-230\slmult0 \up0 \expndtw0\charscalex109 \ul0\nosupersub\cf5\f6\fs20 \}n cursu
l anului 1998 au survenit anumite\par\pard\ql \li2862\sb10\sl-230\slmult0 \up0 \
expndtw0\charscalex111 schimb[ri ]n componen\\a surselor ]mpru-\par\pard\ql
\li2862\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex105 mutate de ]ntreprindere
a \u8220?Efect\u8221?. De exemplu,\par\pard\ql \li2862\sb10\sl-230\slmult0 \up0
\expndtw0\charscalex112 conform datelor din tabelul 7 se observ[ c[ a\par\pard\q
l \li2862\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex114 sc[zut rata de atr
agere pe termen lung a\par\pard\ql \li2862\sb10\sl-230\slmult0 \up0 \expndtw
0\charscalex109 mijloacelor ]mprumutate. A=adar, cota dato-\par\pard\ql \li2862
\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex107 riilor pe termen lung ]n suma
total[ a datoriilor\par\pard\ql \li2862\sb15\sl-230\slmult0 \up0 \expndtw0\chars
calex114 a sc[zut de la 48,4% la 46,3% ]n favoarea\par\pard\ql \li1046\sb0\s
118 \ul0\nosupersub\cf11\f12\fs20 Analiza lichidit[\\ii\par\pard\ql \li1046\sb11
7\sl-253\slmult0 \up0 \expndtw-10\charscalex84 \ul0\nosupersub\cf12\f13\fs22 Tab
elul 8\par\pard\column \ql \li3592\sb379\sl-414\slmult0 \up0 \expndtw0\charscale
x82 \ul0\nosupersub\cf1\f2\fs36 33\par\pard\qj \li20\ri952\sb225\sl-239\slmult0
\up0 \expndtw0\charscalex110 \ul0\nosupersub\cf5\f6\fs20 ]mprumuturilor pe ter
men scurt. Tendin\\a \up0 \expndtw0\charscalex111 nominalizat[ a contribuit la
sc[derea ponderii \up0 \expndtw0\charscalex112 capitalului permanent.\par\pard\
qj \li20\ri953\sb4\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex115 Datele din
bilan\\ul contabil atest[ c[ ]n \up0 \expndtw0\charscalex107 perioada raportat[
ponderea creditelor bancare \up0 \expndtw0\charscalex112 ]n suma mijloacelor ]m
prumutate a sc[zut cu \up0 \expndtw0\charscalex110 1,5%, totodat[ aceasta r[m]n]
nd totu=i destul \up0 \expndtw0\charscalex116 de mare (40 la sut[).\par\pard\qj
\li20\ri952\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex109 Rata de ]ndato
rare pe termen lung fa\\[ de \up0 \expndtw0\charscalex120 capitalul permanent ar
at[ c[ gradul acestui \up0 \expndtw0\charscalex109 coeficient la ]nceputul perio
adei (21,5%) =i la \up0 \expndtw0\charscalex108 sf]r=itul anului (20,5%) n-a dep
[=it nivelul de \up0 \expndtw0\charscalex106 siguran\\[ (30%). Aceasta ]nseamn[
c[ la ]ntrep-\line \up0 \expndtw0\charscalex120 rindere nu exist[ riscul de a ni
meri sub in-\line \up0 \expndtw0\charscalex115 fluen\\[ extern[, necontrolat[ de
conducerea \up0 \expndtw0\charscalex108 firmei =i proprietarii ei.\par\pard\qj
\li20\ri952\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex101 \}n cursul anu
lui 1998 ]ntreprinderea \u8220?Efect\u8221? \up0 \expndtw0\charscalex109 n-a adm
is cazuri de nerambursare a creditelor \up0 \expndtw0\charscalex110 sau neachita
re a dob]nzii pentru surse ]mpru-\line \up0 \expndtw0\charscalex116 mutate. Cu a
lte cuvinte, volumul creditelor \up0 \expndtw0\charscalex106 contractate ]n peri
oada raportat[ nu dep[=e=te \up0 \expndtw0\charscalex108 posibilit[\\ile ]ntrepr
inderii de a-=i achita obli-\line \up0 \expndtw0\charscalex111 ga\\iile de plat[
fa\\[ de creditori. \par\pard\sect\sectd\sbknone \li1329\sb1\sl-246\slmult0\fi3
404 \up0 \expndtw-10\charscalex94 \ul0\nosupersub\cf17\f18\fs22 Calculul coefici
en\\ilor lichidit[\\ii\par\pard\sect\sectd\sbknone\cols3\colno1\colw4146\colsr16
0\colno2\colw2616\colsr160\colno3\colw5028\colsr160\ql \li1329\sb0\sl-195\slmult
0 \par\pard\ql \li1329\sb0\sl-195\slmult0 \par\pard\ql \li1329\sb0\sl-195\slmult
0 \par\pard\ql \li1329\sb167\sl-195\slmult0 \up0 \expndtw0\charscalex102 \ul0\no
supersub\cf18\f19\fs17 Coeficientul lichidit[\\ii absolute\par\pard\ql \li1329\s
b0\sl-195\slmult0 \par\pard\ql \li1329\sb0\sl-195\slmult0 \par\pard\ql \li1329\s
b16\sl-195\slmult0 \up0 \expndtw0\charscalex101 Coeficientul lichidit[\\ii inter
mediare\par\pard\ql \li1329\sb0\sl-195\slmult0 \par\pard\ql \li1329\sb0\sl-195\s
lmult0 \par\pard\ql \li1329\sb16\sl-195\slmult0 \up0 \expndtw0\charscalex102 Coe
ficientul lichidit[\\ii totale\par\pard\column \ql \li20\sb181\sl-195\slmult0 \u

p0 \expndtw-1\charscalex100 La finele perioadei de gestiune\par\pard\ql \li491\s
b7\sl-195\slmult0 \up0 \expndtw-1\charscalex100 curente (31.12.98)\par\pard\ql \
li198\sb176\sl-195\slmult0 \up0 \expndtw-2\charscalex100 8 432\par\pard\ql \li49
\sb0\sl-153\slmult0 \up0 \expndtw-7\charscalex100 \u8212?\u8212?\u8212?\u8212?\u
8212?\u8212? 0,002\par\pard\ql \li49\sb0\sl-153\slmult0 \up0 \expndtw-2\charsc
alex100 3 476 150\par\pard\ql \li49\sb100\sl-195\slmult0 \up0 \expndtw-2\charsca
lex100 8 432 \up0 \expndtw0\charscalex100 1 230 660\par\pard\ql \li49\sb0\sl-153
\slmult0 \up0 \expndtw-7\charscalex94 \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?
\u8212?\u8212?\u8212?\u8212?\u8212? 0,36\par\pard\ql \li395\sb0\sl-153\slmult0
\up0 \expndtw-3\charscalex100 3 476 150\par\pard\ql \li49\sb100\sl-195\slmult0
\up0 \expndtw-1\charscalex100 866 270\par\pard\ql \li49\sb0\sl-153\slmult0 \up0
\expndtw-7\charscalex97 \u8212?\u8212?\u8212?\u8212?\u8212?\u8212? 2,49\par\pa
rd\ql \li49\sb0\sl-153\slmult0 \up0 \expndtw-2\charscalex100 3 476 150\par\pard\
column \ql \li20\sb176\sl-195\slmult0\tx2982 \up0 \expndtw-1\charscalex100 La fi
nele perioadei de gestiune\tab \up0 \expndtw0\charscalex108 M[rimea\par\pard\ql
\li342\sb7\sl-195\slmult0\tx3060 \up0 \expndtw-3\charscalex100 precedente (31.1
2.97)\tab \up0 \expndtw0\charscalex111 optim[\par\pard\ql \li323\sb181\sl-195\sl
mult0 \up0 \expndtw-5\charscalex100 21 771\par\pard\ql \li121\sb0\sl-153\slmult0
\tx3184 \up0 \expndtw-7\charscalex100 \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?
0,007\tab \up0 \expndtw0\charscalex103 > 0,2\par\pard\ql \li121\sb0\sl-153\sl
mult0 \up0 \expndtw-2\charscalex100 3 194 985\par\pard\ql \li121\sb100\sl-195\sl
mult0 \up0 \expndtw-4\charscalex100 21 771 \up0 \expndtw0\charscalex100 813 730\
par\pard\ql \li120\sb0\sl-153\slmult0\tx3184 \up0 \expndtw-7\charscalex94 \u8212
?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? 0,26\tab \up0
\expndtw0\charscalex103 > 0,7\par\pard\ql \li515\sb0\sl-153\slmult0 \up0 \expnd
tw-3\charscalex100 3 194 985\par\pard\ql \li121\sb100\sl-195\slmult0 \up0 \expnd
tw-1\charscalex100 8 258 350\par\pard\ql \li121\sb0\sl-153\slmult0\tx3328 \up0 \
expndtw-7\charscalex97 \u8212?\u8212?\u8212?\u8212?\u8212?\u8212? 2,58\tab \up
0 \expndtw0\charscalex105 > 2\par\pard\ql \li121\sb0\sl-153\slmult0 \up0 \expndt
w-2\charscalex100 3 194 985\par\pard\sect\sectd\sbknone\cols2\colno1\colw6956\co
lsr160\colno2\colw4984\colsr160\ql \li2861\sb0\sl-230\slmult0 \par\pard\ql \li32
Nivelul coeficientului lichidit[\\ii absolute\par\pard\qj \li2861\ri73\sb1\sl-2
42\slmult0 \up0 \expndtw0\charscalex113 arat[ c[ la ]nceputul perioadei ]ntrepri
nderea \up0 \expndtw0\charscalex111 \u8220?Efect\u8221?, dispun]nd de resurse b[
ne=ti, a fost \up0 \expndtw0\charscalex111 capabil[ s[-=i achite numai 0,7% din
datoriile \up0 \expndtw0\charscalex119 pe termen scurt, iar la finele anului niv
elul \up0 \expndtw0\charscalex102 acestui coeficient s-a mic=orat ajung]nd la 0,
2%. \up0 \expndtw0\charscalex111 Aceste valori s]nt mult mai mici dec]t nivelul
\up0 \expndtw0\charscalex111 optim al coeficientului analizat (0,2) =i indic[ \u
p0 \expndtw0\charscalex118 incapacitatea \up0 \expndtw0\charscalex112 ]ntreprind
erii de a-=i achita\par\pard\qj \li2861\ri72\sb0\sl-242\slmult0\tx3202 \up0 \
expndtw0\charscalex109 datoriile, dispun]nd numai de resurse b[ne=ti. \line\tab
\up0 \expndtw0\charscalex118 Dac[ sc[derea m[rimii coeficientului de \line \up0
\expndtw0\charscalex116 lichiditate absolut[ ]n perioada raportat[ se \line \up
0 \expndtw0\charscalex107 explic[ printr-o cre=tere mai rapid[ a datoriilor \lin
e \up0 \expndtw0\charscalex112 fa\\[ de mijloacele b[ne=ti, sporirea coefi\line \up0 \expndtw0\charscalex114 cientului intermediar de achitare de 1,38 ori
\line \up0 \expndtw0\charscalex112 (0,36 : 0,26) a fost condi\\ionat[ de cre=te
rea \line \up0 \expndtw0\charscalex105 mijloacelor ]n decont[rile cu debitorii.
Valoarea \par\pard\qj\pvpg\phpg\posx2862\posy15339\absw2132 \ul0\nosupersub\cf2\
f3\fs15 4/1999
Contabilitate =i audit\par\pard\column \ql \li7116\sb0\sl-230
\slmult0 \par\pard\ql \li20\sb105\sl-230\slmult0 \up0 \expndtw0\charscalex107 \u
l0\nosupersub\cf5\f6\fs20 acestui indicator arat[ c[, mobiliz]nd mijloacele\par\
pard\qj \li20\ri952\sb1\sl-242\slmult0 \up0 \expndtw0\charscalex102 b[ne=ti =i c
rean\\ele, ]ntreprinderea este capabil[ \line \up0 \expndtw0\charscalex109 s[ ac
hite respectiv 26% =i 36% din datoriile \line \up0 \expndtw0\charscalex105 sa
le pe termen scurt. \}ns[, indiferent de cre=te-\line \up0 \expndtw0\charscalex1
14 rea esen\\ial[ a acestui indicator, valoarea lui \line \up0 \expndtw0\charsca
lex114 este mult mai mic[ dec]t nivelul optim (0,7). \line \up0 \expndtw0\charsc
alex108 \}n asemenea condi\\ii ]ntreprinderea nu poate \line \up0 \expndtw0\char
scalex122 conta s[ primeasc[ un credit comercial pe \line \up0 \expndtw0\charsca
lex115 termen scurt, deoarece acordarea creditelor \line \up0 \expndtw0\charscal
ex111 presupune un mare risc financiar pentru cre-\line \up0 \expndtw0\charscale
x107 ditori.\par\pard\qj \li20\ri953\sb0\sl-244\slmult0\fi340 \up0 \expndtw0\cha
rscalex104 Valorile coeficientului total de achitare arat[ \line \up0 \expndtw0\
charscalex115 c[ ]ntreprinderea at]t la ]nceputul, c]t \up0 \expndtw0\charscal
ex106 =i la\par\pard\qj \li20\ri952\sb0\sl-241\slmult0 \up0 \expndtw0\charscalex
108 sf]r=itul perioadei raportate este capabil[ s[-=i \line \up0 \expndtw0\chars
calex116 achite datoriile sale numai mobiliz]nd toate \line \up0 \expndtw0\chars
calex104 activele curente, inclusiv cele materiale. \}n acest \line \up0 \expndt
w0\charscalex111 caz solvabilitatea ]ntreprinderii este asigurat[.
}
}}
}
}}
}
}}
}
}}
}
}}
;(10025,557);(10025,10);(10,10);(10,557);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
43);(10039,2343);(10039,14);(10,14);(10,2343);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10039,518);(10039,14);(10,14);(10,518);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}

}}
}
}}
459,513);(1459,9);(9,9);(9,513);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
741,518);(2741,14);(9,14);(9,518);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}

}
}}
}
}}
}
ex117 \ul0\nosupersub\cf5\f6\fs20 Lu]nd ]n considera\\ie c[ nivelul real al\par
\pard\ql \li2972\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex111 acestui coefic
ient este cu mult mai ]nalt dec]t\par\pard\ql \li2972\sb10\sl-230\slmult0 \up0 \
expndtw0\charscalex107 cel cerut (2,0), de=i a avut loc sc[derea m[rimii\par\par
d\ql \li2972\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex109 coeficientului de
achitare total[ de la 2,58 p]n[\par\pard\ql \li2972\sb10\sl-230\slmult0 \up0 \ex
pndtw0\charscalex106 la 2,49, investitorii poten\\iali nu vor risca s[-=i\par\pa
rd\ql \li2972\sb16\sl-230\slmult0 \up0 \expndtw0\charscalex110 investeasc[ mijlo
acele financiare libere pentru\par\pard\ql \li2972\sb10\sl-230\slmult0 \up0 \exp
ndtw0\charscalex114 a procura ac\\iunile ]ntreprinderii, deoarece\par\pard\ql \
li2972\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex109 dep[=irea m[rimii coefic
ientului analizat sem-\par\pard\ql \li2972\sb10\sl-230\slmult0 \up0 \expndtw0\ch
arscalex115 nific[ existen\\a la ]ntreprinderea analizat[ a\par\pard\ql \li2972
\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex108 structurii nera\\ionale a acti
velor ]ntreprinderii\par\pard\ql \li2972\sb15\sl-230\slmult0 \up0 \expndtw0\char
scalex113 =i apare riscul de a transforma investi\\iile\par\pard\ql \li2972\s
b10\sl-230\slmult0 \up0 \expndtw0\charscalex109 financiare plasate ]n mijloace \
u8220?]nghe\\ate\u8221?.\par\pard\ql \li2972\sb0\sl-230\slmult0 \par\pard\ql \li
3313\sb25\sl-230\slmult0 \up0 \expndtw0\charscalex117 \ul0\nosupersub\cf11\f12\f
s20 Analiza fluxurilor b[ne=ti\par\pard\ql \li3313\sb10\sl-230\slmult0 \up0 \exp
ndtw0\charscalex106 \ul0\nosupersub\cf5\f6\fs20 \}n anul de gestiune pl[\\ile ne
te de mijloace\par\pard\ql \li2972\sb14\sl-230\slmult0 \up0 \expndtw0\charscalex
106 b[ne=ti din activitatea economico-financiar[ au\par\pard\ql \li2972\sb10\sl230\slmult0 \up0 \expndtw0\charscalex112 constituit 13 627 lei. Totodat[ ]nca
s[rile de\par\pard\ql \li2972\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex105 m
ijloace b[ne=ti rezultate din activitatea opera-\par\pard\ql \li2972\sb10\sl-230
\slmult0 \up0 \expndtw0\charscalex110 \\ional[ au dep[=it pl[\\ile =i ]ncas[rile

nete =i\par\pard\ql \li2972\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex116 au
constituit 588 278 lei, fiind un rezultat\par\pard\ql \li2972\sb10\sl-230\sl
mult0 \up0 \expndtw0\charscalex111 pozitiv pentru ]ntreprindere. \}ncas[rile n
ete\par\pard\ql \li2972\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex112 ale mij
loacelor b[ne=ti din activitatea opera-\par\pard\ql \li2972\sb15\sl-230\slmult0
\up0 \expndtw0\charscalex113 \\ional[ au permis rambursarea creditelor =i\par\p
ard\ql \li2972\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex110 ]mprumuturilor p
rimite anterior (130 000 lei)\par\pard\ql \li2972\sb15\sl-230\slmult0 \up0 \expn
dtw0\charscalex109 =i procurarea utilajului nou.\par\pard\ql \li3313\sb10\sl-230
\slmult0 \up0 \expndtw0\charscalex112 Fluxul mijloacelor b[ne=ti din activitatea
\par\pard\ql \li1156\sb0\sl-253\slmult0 \par\pard\ql \li1156\sb205\sl-253\slmult
0 \up0 \expndtw-10\charscalex84 \ul0\nosupersub\cf12\f13\fs22 Tabelul 9\par\pard
\column \ql \li3607\sb365\sl-414\slmult0 \up0 \expndtw0\charscalex83 \ul0\nosupe
rsub\cf1\f2\fs36 34\par\pard\qj \li20\ri842\sb237\sl-242\slmult0 \up0 \expndtw0\
charscalex111 \ul0\nosupersub\cf5\f6\fs20 de investi\\ii m[rturise=te despre
faptul c[ \line \up0 \expndtw0\charscalex109 administra\\ia ]ntreprinderii an
alizate promo-\line \up0 \expndtw0\charscalex113 veaz[ o politic[ de ]nnoire a m
ijloacelor fixe: \line \up0 \expndtw0\charscalex116 pentru procurarea activelor
pe termen lung \line \up0 \expndtw0\charscalex116 s-a pl[tit peste 610 000 lei
. M[rimea coefi-\line \up0 \expndtw0\charscalex109 cientului suficien\\ei fluxur
ilor b[ne=ti consti-\line \up0 \expndtw0\charscalex107 tuie 0,81. Aceasta arat[
c[ ]n decursul perioadei \line \up0 \expndtw0\charscalex108 raportate nu erau su
ficiente mijloacele b[ne=ti \line \up0 \expndtw0\charscalex115 primite de ]ntre
prinderea analizat[ din acti-\line \up0 \expndtw0\charscalex113 vitatea opera\\i
onal[ pentru procurarea utila-\line \up0 \expndtw0\charscalex104 jului, cre=tere
a stocurilor =i plata dividendelor. \line \up0 \expndtw0\charscalex113 Deficitul
de mijloace b[ne=ti a fost acoperit \line \up0 \expndtw0\charscalex112 cu credi
te noi.\par\pard\qj \li20\ri842\sb0\sl-242\slmult0\fi340 \up0 \expndtw0\charscal
ex115 \}n anul 1998 m[rimea coeficientului de \line \up0 \expndtw0\charscalex11
1 reinvestire a mijloacelor b[ne=ti este egal[ cu \line \up0 \expndtw0\charscale
x107 2,97%. Lu]nd ]n considerare faptul c[ valoarea \line \up0 \expndtw0\charsca
lex106 coeficientului ]n m[rime de 8-10% se consider[ \line \up0 \expndtw0\chars
calex112 satisf[c[toare, ]ntreprinderea analizat[ trebuie \line \up0 \expndtw0\c
harscalex119 s[ caute rezerve de sporire a afluxurilor de \line \up0 \expndtw0\c
harscalex112 mijloace b[ne=ti din activitatea de baz[.\par\pard\ql \li7226\sb0\s
l-230\slmult0 \par\pard\ql \li361\sb16\sl-230\slmult0 \up0 \expndtw0\charscalex1
15 \ul0\nosupersub\cf11\f12\fs20 Analiza rota\\iei activelor\par\pard\qj \li20\r
i843\sb6\sl-241\slmult0\fi340 \up0 \expndtw0\charscalex115 \ul0\nosupersub\cf5\f
6\fs20 Indicatorii utiliz[rii activelor reprezint[ \line \up0 \expndtw0\charsc
alex111 o caracteristic[ important[ a eficien\\ei utiliz[-\line \up0 \expndtw0\c
harscalex110 rii poten\\ialului financiar al ]ntreprinderii (ta-\line \up0 \expn
dtw0\charscalex115 belul 9). \par\pard\sect\sectd\sbknone \li1180\sb1\sl-244\slm
ult0\fi2886 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf17\f18\fs22 Calculul
coeficien\\ilor utiliz[rii eficiente a activelor\par\pard\sect\sectd\sbknone \l
i1180\sb0\sl-195\slmult0\par\pard\li1180\sb97\sl-195\slmult0\fi0\tx4354\tx7932\t
x9535 \up0 \expndtw-1\charscalex100 \ul0\nosupersub\cf18\f19\fs17 Nr. crt.\tab \
up0 \expndtw-1\charscalex100 Indicatori\tab \up0 \expndtw-1\charscalex100 Anul c
urent 1998\tab \up0 \expndtw-1\charscalex100 Anul precedent 1997\par\pard\sect\s
ectd\sbknone \li1180\sb0\sl-195\slmult0\par\pard\li1180\sb9\sl-195\slmult0\fi206
\tx1896\tx8378\tx10010 \up0 \expndtw-1\charscalex100 1.\tab \up0 \expndtw-1\char
scalex100 Volumul v]nz[rilor, mii lei\tab \up0 \expndtw-1\charscalex100 7172, 1\
tab \up0 \expndtw-1\charscalex100 6913, 8\par\pard\sect\sectd\sbknone \li1180\sb
61\sl-195\slmult0\fi206\tx1896\tx8272\tx9918 \up0 \expndtw-1\charscalex100 2.\ta
b \up0 \expndtw-1\charscalex100 Valoarea medie a activelor, mii lei\tab \up0 \ex
pndtw-1\charscalex100 17584, 7\tab \up0 \expndtw-1\charscalex100 17727, 7\par\pa
rd\sect\sectd\sbknone \li1180\sb65\sl-195\slmult0\fi206\tx1895\tx8503\tx10145 \u
p0 \expndtw-1\charscalex100 3.\tab \up0 \expndtw-1\charscalex100 Num[rul de rota
\\ii al activelor (rd. 1 : rd. 2)\tab \up0 \expndtw-1\charscalex100 0,408\tab \u
p0 \expndtw-1\charscalex100 0,390\par\pard\sect\sectd\sbknone \li1180\sb65\sl-19
5\slmult0\fi206\tx1896\tx8359\tx10005 \up0 \expndtw-1\charscalex100 4.\tab \up0

\expndtw-1\charscalex100 Valoarea medie a mijloacelor fixe, mii lei\tab \up0 \ex
pndtw-1\charscalex100 8889, 3\tab \up0 \expndtw-1\charscalex100 8588, 6\par\pard
\sect\sectd\sbknone \li1180\sb60\sl-195\slmult0\fi206\tx1896 \up0 \expndtw-1\cha
rscalex100 5.\tab \up0 \expndtw0\charscalex100 Coeficientul exploat[rii mijloace
lor fixe (num[rul de rota\\ii al mijloacelor fixe)\par\pard\sect\sectd\sbknone \
li1180\sb8\sl-195\slmult0\fi715\tx8503\tx10145 \up0 \expndtw-1\charscalex100 (rd
.1 : rd.4)\tab \up0 \expndtw-1\charscalex100 0,807\tab \up0 \expndtw-1\charscale
x100 0,805\par\pard\sect\sectd\sbknone \li1180\sb60\sl-195\slmult0\fi206\tx1896\
tx8406\tx10058 \up0 \expndtw-1\charscalex100 6.\tab \up0 \expndtw-1\charscalex10
0 Valoarea medie a activelor curente, mii lei\tab \up0 \expndtw-1\charscalex100
8460,6\tab \up0 \expndtw-1\charscalex100 8124,3\par\pard\sect\sectd\sbknone \li1
0 7.\tab \up0 \expndtw-1\charscalex100 Num[rul de rota\\ii al activelor curente
(rd.1 : rd.6)\tab \up0 \expndtw-1\charscalex100 0,848\tab \up0 \expndtw-1\charsc
alex100 0,851\par\pard\sect\sectd\sbknone \li1180\sb60\sl-195\slmult0\fi206\tx18
96\tx8407\tx10053 \up0 \expndtw-1\charscalex100 8.\tab \up0 \expndtw-1\charscale
x100 Costul v]nz[rilor, mii lei\tab \up0 \expndtw-1\charscalex100 5452,3\tab \up
0 \expndtw-1\charscalex100 5382,9\par\pard\sect\sectd\sbknone \li1180\sb65\sl-19
5\slmult0\fi206\tx1896\tx8512\tx10067 \up0 \expndtw-1\charscalex100 9.\tab \up0
\expndtw-1\charscalex100 Valoarea medie a stocurilor de m[rfuri =i materiale, mi
i lei\tab \up0 \expndtw-1\charscalex100 412,4\tab \up0 \expndtw-1\charscalex100
6173,1\par\pard\sect\sectd\sbknone \li1180\sb61\sl-195\slmult0\fi206\tx1896\tx85
02\tx10145 \up0 \expndtw-1\charscalex100 10.\tab \up0 \expndtw-1\charscalex100 N
um[rul de rota\\ii al stocurilor de m[rfuri =i materiale (rd.8 : rd.9)\tab \up0
\expndtw-1\charscalex100 0,735\tab \up0 \expndtw-1\charscalex100 0,872\par\pard\
sect\sectd\sbknone \li1180\sb65\sl-195\slmult0\fi206\tx1896\tx8416\tx10145 \up0
\expndtw-1\charscalex100 11.\tab \up0 \expndtw-1\charscalex100 Valoarea medie a
crean\\elor, mii lei\tab \up0 \expndtw-1\charscalex100 1022,2\tab \up0 \expndtw1\charscalex100 934,3\par\pard\sect\sectd\sbknone \li1180\sb65\sl-195\slmult0\fi
206\tx1896\tx8512\tx10337 \up0 \expndtw-1\charscalex100 12.\tab \up0 \expndtw-1\
charscalex100 Num[rul de rota\\ii al crean\\elor (rd.1 : rd. 11)\tab \up0 \expnd
tw-1\charscalex100 7,016\tab \up0 \expndtw-1\charscalex100 7,4\par\pard\sect\sec
td\sbknone \li1180\sb60\sl-195\slmult0\fi206\tx1896\tx8517\tx10145 \up0 \expndtw
-1\charscalex100 13.\tab \up0 \expndtw-1\charscalex100 Durata de rota\\ie a crea
n\\elor, zile (360 : rd.12)\tab \up0 \expndtw-1\charscalex100 51,31\tab \up0 \ex
pndtw-1\charscalex100 48,65\par\pard\li2972\sb0\sl-230\slmult0\par\pard\li2972\s
b48\sl-230\slmult0\fi340\tx7226 \up0 \expndtw0\charscalex110 \ul0\nosupersub\cf5
\f6\fs20 Modificarea num[rului de rota\\ii al acti-\tab \up0 \expndtw0\charscale
x110 di\\ionat nivelul sc[zut al eficien\\ei utiliz[rii ac-\par\pard\li2972\sb10
\sl-230\slmult0\fi0\tx7226 \up0 \expndtw0\charscalex110 velor semnific[ c[ la ]n
treprindere a avut loc\tab \up0 \expndtw0\charscalex110 tivelor este ]ncetinirea
duratei de rota\\ie a acti-\par\pard\li2972\sb10\sl-230\slmult0\fi0\tx7226 \up0
\expndtw0\charscalex110 accelerarea duratei de rota\\ie a lor: num[rul\tab \up0
\expndtw0\charscalex110 velor curente,care a fost cauzat[ at]t de redu-\par\par
d\li2972\sb14\sl-230\slmult0\fi0\tx7226 \up0 \expndtw0\charscalex110 de rota\\ii
a crescut de la 0,390 ]n anul pre-\tab \up0 \expndtw0\charscalex110 cerea num
[rului de rota\\ii al stocurilor, c]t =i\par\pard\li2972\sb10\sl-230\slmult0\fi0
\tx7226 \up0 \expndtw0\charscalex110 cedent p]n[ la 0,408 ]n anul raportat.\tab
\up0 \expndtw0\charscalex110 de cre=terea perioadei de ]ncasare a crean\\elor.\p
ar\pard\li2972\sb15\sl-230\slmult0\fi340\tx7226 \up0 \expndtw0\charscalex110 De=
i se ]nregistreaz[ o sporire a num[rului\tab \up0 \expndtw0\charscalex110 Num[ru
l de rota\\ii al crean\\elor este mai mic\par\pard\li2972\sb10\sl-230\slmult0\fi
0\tx7226 \up0 \expndtw0\charscalex110 de rota\\ii, valorile lor s]nt foarte mici
. Din ta-\tab \up0 \expndtw0\charscalex110 dec]t nivelul atins ]n anul precedent
. Aceasta\par\pard\li2972\sb10\sl-230\slmult0\fi0\tx7226 \up0 \expndtw0\charscal
ex110 belul 9 rezult[ c[ factorul de baz[ care a con-\tab \up0 \expndtw0\charsca
lex110 demonstreaz[ c[ politica ]ntreprinderii nu este\par\pard\qj\pvpg\phpg\pos
x2986\posy15330\absw2132 \ul0\nosupersub\cf2\f3\fs15 4/1999
Contabilitate =i
audit
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
;(10025,212);(10025,10);(10,10);(10,212);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10025,206);(10025,10);(15,10);(15,206);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}

}}
;(10025,206);(10025,10);(10,10);(10,206);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10030,206);(10030,10);(10,10);(10,206);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10030,206);(10030,10);(10,10);(10,206);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10030,206);(10030,10);(15,10);(15,206);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
05);(10040,4005);(10040,10);(15,10);(15,4005);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}

;(10040,393);(10040,9);(15,9);(15,393);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
5934,398);(5934,9);(14,9);(14,398);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
766,393);(1766,9);(9,9);(9,393);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
}
}}
}
pndtw0\charscalex105 \ul0\nosupersub\cf3\f4\fs36 \u8730?\ul0\nosupersub\cf4\f5\f
s36 \u8240?\u8218? \u8225?\u8218?\u730? \u732?\tab \dn2 \expndtw0\charscalex10
\cf1\f2\fs36 35\par\pard\li1046\sb0\sl-230\slmult0\par\pard\li1046\sb26\sl-230\s
lmult0\fi1815\tx7456 \up0 \expndtw0\charscalex105 \ul0\nosupersub\cf5\f6\fs20 su
ficient strict[ fa\\[ de debitori =i c[ este ne-\tab \up0 \expndtw0\charscalex10
5 \ul0\nosupersub\cf11\f12\fs20 Analiza\par\pard\li1046\sb10\sl-230\slmult0\fi18
15\tx7456 \up0 \expndtw0\charscalex105 \ul0\nosupersub\cf5\f6\fs20 cesar a utili
za pe viitor politica v]nz[rilor cu\tab \up0 \expndtw0\charscalex105 \ul0\nosupe
rsub\cf11\f12\fs20 rentabilit[\\ii\par\pard\li1046\sb10\sl-230\slmult0\fi1815\tx
7456 \up0 \expndtw0\charscalex105 \ul0\nosupersub\cf5\f6\fs20 acordarea unor red
uceri cump[r[torilor =i be-\tab \up0 \expndtw0\charscalex105 Indicatorii de ba
z[ care caracterizeaz[\par\pard\li1046\sb15\sl-230\slmult0\fi1815\tx7116 \up0 \
expndtw0\charscalex105 neficiarilor, cu condi\\ia achit[rii la termenul\tab \up0
\expndtw0\charscalex105 eficien\\a activit[\\ii ]ntreprinderii ]n perioada\par\
pard\li1046\sb10\sl-230\slmult0\fi1815\tx7116 \up0 \expndtw0\charscalex105 stabi
lit ]n contract.\tab \up0 \expndtw0\charscalex105 raportat[ s]nt prezenta\\i ]n
tabelul 10.\par\pard\li1046\sb213\sl-253\slmult0\fi0 \up0 \expndtw0\charscalex10
5 \ul0\nosupersub\cf12\f13\fs22 Tabelul 10\par\pard\li1080\sb1\sl-243\slmult0\fi
3548 \up0 \expndtw-10\charscalex94 \ul0\nosupersub\cf17\f18\fs22 Calculul coefic
ien\\ilor rentabilit[\\ii\par\pard\sect\sectd\sbknone\cols2\colno1\colw6955\cols
r160\colno2\colw4985\colsr160\ql \li1080\sb0\sl-195\slmult0 \par\pard\ql \li1080
\sb97\sl-195\slmult0\tx4296 \up0 \expndtw0\charscalex101 \ul0\nosupersub\cf18\f1
9\fs17 Nr. crt.\tab \up0 \expndtw-1\charscalex100 Indicatori\par\pard\ql \li1276
\sb0\sl-195\slmult0 \par\pard\ql \li1276\sb81\sl-195\slmult0\tx1895 \up0 \expndt
w-4\charscalex100 1.\tab \up0 \expndtw0\charscalex100 V]nz[ri nete, mii lei\par\
pard\ql \li1276\sb137\sl-195\slmult0\tx1895 \up0 \expndtw0\charscalex102 2.\tab

\up0 \expndtw0\charscalex100 Profitul brut, mii lei\par\pard\ql \li1276\sb137\sl
-195\slmult0\tx1895 \up0 \expndtw0\charscalex102 3.\tab \up0 \expndtw0\charscale
x101 Rezultatul din activitatea opera\\ional[, mii lei\par\pard\ql \li1276\sb142
\sl-195\slmult0\tx1895 \up0 \expndtw0\charscalex102 4.\tab \up0 \expndtw0\charsc
alex100 Profitul perioadei de gestiune p]n[ la impozitare, mii lei\par\pard\ql \
li1276\sb138\sl-195\slmult0\tx1895 \up0 \expndtw0\charscalex102 5.\tab \up0 \exp
ndtw0\charscalex100 Profitul net, mii lei\par\pard\ql \li1276\sb137\sl-195\slmul
t0\tx1895 \up0 \expndtw0\charscalex102 6.\tab \up0 \expndtw-1\charscalex100 Valo
area medie a activelor, mii lei\par\pard\ql \li1276\sb142\sl-195\slmult0\tx1895
\up0 \expndtw0\charscalex102 7.\tab \up0 \expndtw-1\charscalex100 Valoarea medie
a capitalului propriu, mii lei\par\pard\ql \li1276\sb137\sl-195\slmult0\tx1895
\up0 \expndtw0\charscalex102 8.\tab \up0 \expndtw0\charscalex101 Num[rul mediu a
l ac\\iunilor (5 lei - valoarea nominal[)\par\pard\ql \li1276\sb142\sl-195\slmul
t0\tx1895 \up0 \expndtw0\charscalex102 9.\tab \up0 \expndtw0\charscalex100 Rata
profitului brut, % (rd.2 : rd.1) x 100\par\pard\ql \li1276\sb137\sl-195\slmult0\
tx1895 \up0 \expndtw-2\charscalex100 10.\tab \up0 \expndtw0\charscalex100 Rata p
rofitului opera\\ional,% (rd.3 : rd.1) x 100\par\pard\ql \li1276\sb137\sl-195\sl
mult0\tx1895 \up0 \expndtw-5\charscalex100 11.\tab \up0 \expndtw0\charscalex101
Rata rentabilit[\\ii economice a activelor,% (rd.4 : rd.6) x 100\par\pard\ql \li
1276\sb144\sl-195\slmult0\tx1895 \up0 \expndtw-2\charscalex100 12.\tab \up0 \exp
ndtw0\charscalex101 Rata rentabilit[\\ii activelor (rd.5 : rd.6) x 100\par\pard\
ql \li1276\sb137\sl-195\slmult0\tx1895 \up0 \expndtw-2\charscalex100 13.\tab \up
0 \expndtw0\charscalex102 Rata rentabilit[\\ii financiare (rd.5 : rd.7)\par\pard
\ql \li1276\sb137\sl-195\slmult0\tx1895 \up0 \expndtw-2\charscalex100 14.\tab \u
p0 \expndtw0\charscalex100 Profitul net la o ac\\iune (rd.5 : rd.7), lei\par\par
d\ql \li2862\sb0\sl-230\slmult0 \par\pard\ql \li3202\sb166\sl-230\slmult0 \up0 \
expndtw0\charscalex114 \ul0\nosupersub\cf5\f6\fs20 \}n perioada de baz[ s-au pro
nun\\at clar\par\pard\ql \li2862\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex11
9 dou[ tendin\\e: pe de o parte, s-au majorat\par\pard\ql \li2862\sb10\sl-230\sl
mult0 \up0 \expndtw0\charscalex108 rata profitului brut, rata profitului opera\\
ional\par\pard\ql \li2862\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex115 =i ra
ta rentabilit[\\ii economice, pe de alt[\par\pard\ql \li2862\sb10\sl-230\slmu
lt0 \up0 \expndtw0\charscalex117 parte, s-a produs o reducere a rentabilit[\\ii\
par\pard\ql \li2862\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex110 financiare,
ceea ce m[rturise=te despre majo-\par\pard\ql \li2862\sb10\sl-230\slmult0 \up0
\expndtw0\charscalex111 rarea profitabilit[\\ii produc\\iei fabricate, ]m-\par\p
ard\ql \li2862\sb14\sl-230\slmult0 \up0 \expndtw0\charscalex107 bun[t[\\irea uti
liz[rii activelor =i cre=terea pre-\par\pard\ql \li2862\sb10\sl-230\slmult0 \up0
\expndtw0\charscalex115 siunii fiscale.\par\pard\ql \li3202\sb10\sl-230\slmult0
\up0 \expndtw0\charscalex112 Astfel, ]n anul de gestiune din fiecare leu\par\pa
rd\ql \li2862\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex111 de v]nz[ri s-au o
b\\inut 23,98 bani profit brut\par\pard\ql \li2862\sb10\sl-230\slmult0 \up0 \exp
ndtw0\charscalex116 fa\\[ de 22,14 bani - ]n anul precedent, ceea\par\pard\ql \l
i2862\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex105 ce vorbe=te despre reduce
rea relativ[ a costului\par\pard\ql \li2862\sb10\sl-230\slmult0 \up0 \expndtw0\c
harscalex114 v]nz[rilor. Dac[ vom examina profitul din\par\pard\ql \li2862\sb
10\sl-230\slmult0 \up0 \expndtw0\charscalex114 activitatea opera\\ional[, acesta
de asemenea\par\pard\ql \li2862\sb15\sl-230\slmult0 \up0 \expndtw0\charscalex11
5 a crescut la fiecare leu de v]nz[ri de la 13,85\par\pard\ql \li2862\sb10\sl-23
0\slmult0\tx3115 \up0 \expndtw0\charscalex117 la\tab \up0 \expndtw0\charscalex11
7 14,16 bani, ceea ce m[rturise=te despre\par\pard\ql \li2862\sb16\sl-230\slmul
t0 \up0 \expndtw0\charscalex107 cre=terea profitabilit[\\ii produc\\iei fabricat
e.\par\pard\ql \li3202\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex104 Datorit[
major[rii profitabilit[\\ii produc\\iei,\par\pard\ql \li2862\sb15\sl-230\slmult
0 \up0 \expndtw0\charscalex114 precum =i acceler[rii circula\\iei activelor, a\
par\pard\ql \li2862\sb10\sl-230\slmult0 \up0 \expndtw0\charscalex113 crescut ren
tabilitatea economic[ de la 5,41%\par\pard\ql \li2862\sb10\sl-230\slmult0 \up0 \
expndtw0\charscalex117 la 5,69%, adic[ fiecare leu depus ]n active a\par\pard\ql
\li2862\sb00\sl-230\slmult0 \up0 \expndtw0\charscalex113 adus ]ntreprinderii ]
n anul de gestiune 5,69\par\pard\ql \li2862\sb10\sl-230\slmult0 \up0 \expndtw0\

charscalex113 bani profit p]n[ la impozitare. De=i rentabi-\par\pard\qj\pvpg\php
g\posx2862\posy15339\absw2132 \ul0\nosupersub\cf2\f3\fs15 4/1999
Contabilita
te =i audit\par\pard\column \ql \li7826\sb0\sl-195\slmult0 \par\pard\ql \li731\s
b77\sl-195\slmult0\tx2339 \up0 \expndtw-1\charscalex100 \ul0\nosupersub\cf18\f19
\fs17 Anul curent 1998\tab \up0 \expndtw-1\charscalex100 Anul precedent 1997\par
\pard\ql \li8215\sb0\sl-195\slmult0 \par\pard\ql \li1220\sb101\sl-195\slmult0\tx
2862 \up0 \expndtw-4\charscalex100 7172,1\tab \up0 \expndtw-2\charscalex100 6913
,8\par\pard\ql \li1220\sb137\sl-195\slmult0\tx2862 \up0 \expndtw-3\charscalex100
1719,8\tab \up0 \expndtw-2\charscalex100 1530,9\par\pard\ql \li1220\sb137\sl-19
5\slmult0\tx2949 \up0 \expndtw-3\charscalex100 1015,7\tab \up0 \expndtw0\charsca
lex100 957,6\par\pard\ql \li1215\sb142\sl-195\slmult0\tx2958 \up0 \expndtw-2\cha
rscalex100 1000,8\tab \up0 \expndtw-3\charscalex100 959,1\par\pard\ql \li1302\sb
138\sl-195\slmult0\tx2853 \up0 \expndtw0\charscalex100 740,6\tab \up0 \expndtw-1
\charscalex100 7567,0\par\pard\ql \li1120\sb137\sl-195\slmult0\tx2771 \up0 \expn
dtw-2\charscalex100 17584,8\tab \up0 \expndtw-2\charscalex100 17727,7\par\pard\q
l \li1134\sb142\sl-195\slmult0\tx2771 \up0 \expndtw-4\charscalex100 11254,1\tab
\up0 \expndtw-2\charscalex100 10907,7\par\pard\ql \li1120\sb137\sl-195\slmult0\t
x2771 \up0 \expndtw-2\charscalex100 421 882\tab \up0 \expndtw-2\charscalex100 42
1 882\par\pard\ql \li1302\sb142\sl-195\slmult0\tx2958 \up0 \expndtw0\charscalex1
00 23,98\tab \up0 \expndtw-2\charscalex100 22,14\par\pard\ql \li1317\sb137\sl-19
5\slmult0\tx2959 \up0 \expndtw-4\charscalex100 14,16\tab \up0 \expndtw-2\charsca
lex100 13,85\par\pard\ql \li1394\sb137\sl-195\slmult0\tx3051 \up0 \expndtw-1\cha
rscalex100 5,69\tab \up0 \expndtw-3\charscalex100 5,41\par\pard\ql \li1403\sb144
\sl-195\slmult0\tx3046 \up0 \expndtw-3\charscalex100 4,21\tab \up0 \expndtw-1\ch
arscalex100 4,27\par\pard\ql \li1394\sb137\sl-195\slmult0\tx3047 \up0 \expndtw-1
\charscalex100 6,58\tab \up0 \expndtw-1\charscalex100 6,94\par\pard\ql \li1403\s
b137\sl-195\slmult0\tx3050 \up0 \expndtw-2\charscalex100 1,75\tab \up0 \expndtw2\charscalex100 1,79\par\pard\qj \li7115\sb0\sl-241\slmult0 \par\pard\qj \li21\r
i954\sb146\sl-241\slmult0 \up0 \expndtw0\charscalex108 \ul0\nosupersub\cf5\f6\fs
20 litatea economic[ s-a majorat, trebuie de men-\line \up0 \expndtw0\charscalex
103 \\ionat c[ nivelul acesteia nu este mare =i ]ntrep-\line \up0 \expndtw0\char
scalex118 rinderea trebuie s[ g[seasc[ rezervele de \up0 \expndtw0\charscal
ex103 majorare a profitabilit[\\ii produc\\iei =i de acce-\line \up0 \expndtw0\c
harscalex110 lerare a circula\\iei activelor.\par\pard\qj \li21\ri952\sb5\sl-241
\slmult0\fi340 \up0 \expndtw0\charscalex108 Treze=te ]ngrijorare mic=orarea m[
rimii \up0 \expndtw0\charscalex114 profitului net care, la r]ndul s[u, a condus
la \up0 \expndtw0\charscalex114 sc[derea rentabilit[\\ii financiare. Astfel, dac
[ \up0 \expndtw0\charscalex114 ]n anul precedent fiecare leu de mijloace \u
p0 \expndtw0\charscalex112 proprii a c]=tigat 6,94 bani de profit net, ]n \up0
\expndtw0\charscalex115 anul de gestiune - 6,58 bani.\par\pard\qj \li21\ri953\s
b0\sl-241\slmult0\fi340 \up0 \expndtw0\charscalex106 Lu]nd ]n considerare depend
en\\a existent[ \line \up0 \expndtw0\charscalex110 a nivelului rentabilit[\\ii f
inanciare de m[rimea \line \up0 \expndtw0\charscalex109 \u8220?presiunii fiscale
\u8221?, rentabilit[\\ii economice =i \line \up0 \expndtw0\charscalex111 raportu
lui tuturor mijloacelor fa\\[ de cele \line \up0 \expndtw0\charscalex107 pr
oprii se poate constata c[ ]n anul de gestiune \line \up0 \expndtw0\charscalex11
3 eficien\\a mijloacelor proprii s-a redus, \up0 \expndtw0\charscalex106 ]n\
par\pard\qj \li21\ri953\sb6\sl-241\slmult0 \up0 \expndtw0\charscalex113 primul r
]nd, din cauza intensific[rii presiunii \line \up0 \expndtw0\charscalex115 fisca
le, cota profitului net ]n profitul p]n[ la \line \up0 \expndtw0\charscalex108 i
mpozitare mic=or]ndu-se cu 4,9% (de la 78,9 \line \up0 \expndtw0\charscalex117 l
a 74), iar, ]n al doilea r]nd, pe seama dimi-\line \up0 \expndtw0\charscalex109
nu[rii indicatorului \u8220?p]rghiei financiare\u8221?, adic[ \line \up0 \expndt
w0\charscalex103 a corela\\iei ]ntre mijloacele ]mprumutate =i cele \line \up0 \
expndtw0\charscalex110 proprii.

}
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(10025,288);(10025,10);(9,10);(9,288);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}
}}
;(10025,288);(10025,9);(10,9);(10,288);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
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}}
(10025,288);(10025,14);(9,14);(9,288);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
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(10024,288);(10024,9);(9,9);(9,288);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
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;(10025,288);(10025,14);(10,14);(10,288);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
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(10024,290);(10024,10);(9,10);(9,290);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
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;(10025,288);(10025,10);(10,10);(10,288);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
6);(10039,5166);(10039,10);(9,10);(9,5166);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
}

}}
(10039,398);(10039,14);(9,14);(9,398);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
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}}
1767,398);(1767,9);(10,9);(10,398);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
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}}
5934,394);(5934,10);(10,10);(10,394);(0,0)}}
824;1;45824;1;45824;1;45824;1;45824;1;45824;24577;32768}}
}}
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}}\par\pard\sect\sectd\fs24}

Analiza Indicatorilor

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{\rtf1{\fonttbl

? \u255? \u255? \line \up0 \expndtw0\

nial[ =i financiar[ \line \up0 \expndtw0\charscalex110 a unit[\\ii economice nec

{\sp{\sn pVerticies}{\sv 8;4;(0,393);(10039,393);(10039,0);(0,0)}}

r\pard\ql \li1223\sb0\sl-126\slmult0 \par\pard\ql \li1223\sb0\sl-126\slmult0 \pa

\charscalex112 \ul0\nosupersub\cf5\f6\fs20 ]ntreprinderii rapoartele financiare

en\\iilor guvernamentale. \par\pard\qj\pvpg\phpg\posx2986\posy15330\absw2132 \ul

ex113 zare a acestora:\par\pard\ql \li361\sb8\sl-230\slmult0 \up0 \expndtw0\char

ex107 Valoarea uzurabil[ a obiectelor de mijloace \line \up0 \expndtw0\charscale

40 \up0 \expndtw0\charscalex113 Pentru recuperarea pierderilor probabile \up0 \e

15}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv

poartele financiare \up0 \expndtw0\charscalex105 =i se includ ]n componen\\a ven

enit\par\pard\qj \li20\ri841\sb1\sl-242\slmult0\fi340 \up0 \expndtw0\charscalex1

N.C., ]n \up0 \expndtw0\charscalex106 compartimentul de fa\\[ trebuie s[ fie re

arscalex114 modificarea brusc[ a indicatorilor financiari, \line \up0 \expndtw0\

m[rimii influen\\ei factorilor\par\pard\ql \li2972\sb10\sl-230\slmult0 \up0 \exp

olsr160\colno4\colw3795\colsr160\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li1

sb31\sl-195\slmult0 \up0 \expndtw0\charscalex103 Coeficientul de uzur[ acumulat[

charscalex100 la sf]r=itul perioadei\par\pard\column \ql \li20\sb0\sl-153\slmult

{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{

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{\sp{\sn pVerticies}{\sv 8;4;(0,20);(1080,20);(1080,0);(0,0)}}

{\sp{\sn pVerticies}{\sv 8;4;(0,20);(2673,20);(2673,0);(0,0)}}

{\sp{\sn pVerticies}{\sv 8;4;(0,20);(2808,20);(2808,0);(0,0)}}

{\sp{\sn pVerticies}{\sv 8;4;(0,20);(1728,20);(1728,0);(0,0)}}

{\sp{\sn pVerticies}{\sv 8;4;(0,20);(2707,20);(2707,0);(0,0)}}

0 20.\tab \up0 \expndtw0\charscalex100 Coeficientul corela\\iei ]ntre surse-\tab

dtw0\charscalex100 Rata de ]ndatorare pe termen\tab \up0 \expndtw0\charscalex100

1}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn lineColor}{\sv 0}}

{\sp{\sn pVerticies}{\sv 8;11;(0,0);(10034,0);(10034,13558);(0,13558);(0,0);(9,1

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\sn geoRight}{\sv 1517}}{\sp{\sn geoBottom}{\sv 20}}

\sn geoRight}{\sv 2597}}{\sp{\sn geoBottom}{\sv 20}}

\sn geoRight}{\sv 1032}}{\sp{\sn geoBottom}{\sv 20}}

\sn geoRight}{\sv 1699}}{\sp{\sn geoBottom}{\sv 20}}

\sn geoRight}{\sv 1728}}{\sp{\sn geoBottom}{\sv 20}}

{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{

1387\sb0\sl-195\slmult0 \par\pard\ql \li1387\sb0\sl-195\slmult0 \par\pard\ql \li

atoriilor\par\pard\ql \li855\sb17\sl-195\slmult0 \up0 \expndtw-1\charscalex100 p

d\ql \li1003\sb54\sl-195\slmult0 \up0 \expndtw-1\charscalex100 rd. 460 f.1\par\p

94\sb50\sl-195\slmult0 \up0 \expndtw0\charscalex101 Profit brut\par\pard\ql \li3

80}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv

{\sp{\sn pVerticies}{\sv 8;11;(0,0);(10040,0);(10040,629);(0,629);(0,0);(15,619)

{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{

{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{

{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{

{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{

{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{

{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{

{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{

slmult0 \par\pard\ql \li1272\sb0\sl-195\slmult0 \par\pard\ql \li1272\sb49\sl-195

xpndtw0\charscalex100 Rentabilitatea ac\\iunii\par\pard\qj \li1727\sb0\sl-211\sl

0\charscalex100 indicatorul 52\par\pard\qj \li103\ri1399\sb211\sl-211\slmult0\fi

{\sp{\sn pVerticies}{\sv 8;4;(0,15839);(12240,15839);(12240,0);(0,0)}}

{\sp{\sn pVerticies}{\sv 8;11;(0,0);(10034,0);(10034,1043);(0,1043);(0,0);(9,103

80}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv

=i pre\\urilor de v]nzare. \line\tab \up0 \expndtw0\charscalex108 \}n scopul evi

(plata dividendelor, crearea rezervelor,

ex113 pe termen lung.\par\pard\qj \li2862\ri72\sb2\sl-241\slmult0\fi340 \up0 \ex

c[ =i modific[rile structurale. \}n conti-\line \up0 \expndtw0\charscalex113 nua

\par\pard\ql \li7226\sb0\sl-230\slmult0 \par\pard\ql \li361\sb21\sl-230\slmult0

6\posy15330\absw2132 \ul0\nosupersub\cf2\f3\fs15 4/1999