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Riscul unei afaceri
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x
Pragul de rentabilitate n numerar
x
Diagrama pragului de rentabilitate n numerar
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x
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2.2.ANALIZA PRAGULUI DE RENTABILITATE

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FIGURA 2.2. Diagrama pragului de rentabilitate

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ajutorul formulei:
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Prag de rentabilitate numerar
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200.000
315.000
135.000
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360.000
157.000
45.000
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100.000
135.000
180.000
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67.500
60.000
407.500
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150.000
180.000
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442.500
270.000
90.000
30.000
390.000
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500.000
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700.000
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800.000
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480.000
560.000
640.000
240.000
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320.000
320.000
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432.000
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288.000
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336.000
592.000
96.000
384.000
480.000
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272.000
90.000
0
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0
0
0
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255.000
200.000
55.000
330.500
506.000
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320.000
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384.000
90.000
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25.000
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1.512.500
976.000
270.000
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388.000
506.000
-118.000
166.500
506.000
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11
12
13
14
15
16
17
18
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19
4 Rezerve legale
20
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21
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06
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GH vQWUH LQHUH
- UHFODP L SXEOLFLWDWH
20
- GHSODV UL vQ VWU LQ WDWH
21
- restituiri credite primite
22
- GREkQ]L EDQFDUH SO WLWH SHQWUu creditele 23
primite
- DOWH FKHOWXLHOL SUHY ]XWH GH OHJH
24
- YDOXWD YkQGXW E QFLORU
25
'LVSRQLELO OD VIkULWXO DQXOXL
26
(rd01+rd03+rd10++rd12rd13)(rd01+rd02-rd13)
%XJHWXO DFWLYLW
LL GH LQYHVWL LL
%XJHWXO DFWLYLW
LL GH LQYHVWL LL
mii leiNr. Precedent
([HUFL LXO
ILQDQFLDU
6SHFLILFD LH
realizat)
I.Resurse proprii total (rd02++rd08)
01
- disponibil la nceputul perioadei
02
- sume din valorificarea materialelor rezultate din 03
GH]PHPEUDUHD LPRELOL] ULORU FRUSRUDOH
- VXPH GLQ YkQ]DUHD DFWLYHORU L PLMORDFHORU IL[H

- amortizarea iPRELOL] ULORU FRUSRUDOH
- sume reprezentnd reducerea impozitului pe
profit cu 50%
- sume repartizate din profitul net
- DOWH VXPH SUHY ]XWH GH DFWH QRUPDWLYH
04
05
06
07
08
,,'HVWLQD LH UHVXUVH SURSULL
- rambursare credite
- ILQDQ DUHD LQYHVWL LLORU UG-rd09)
,,,&KHOWXLHOL GH LQYHVWL LL din care:
- OXFU UL vQ FRQWLQXDUH
- OXFU UL QRL
-DFKL]L LL GH EXQXUL L DOWH FKHOWXLHOL GH LQYHVWL LL
din care:
- GRW UL LQGHSHQGHQWH
IV.Excedent (rd11-rd10)
V.Deficit acoperit (rd2-rd10)
- FUHGLWH L DOWH vPSUXPXWXUL
- alte resurse
- DORFD LL GH OD EXJHW VDX GLQ IRQGXO VSHFLDO SHQWUX
09
10
11
12
13
14
15
16
17
18
19
20
LQYHVWL LL
Prin acest buget se stabilesc sursele GH DFRSHULUH D FKHOWXLHOLORU SHQWUX

Disponibilul de la nceputul perioadei cuprinde disponibilul fondului de dezvoltare.
LQYHVWL LL
6XPHOH GLQ YDORULILFDUHD PDWHULDOHORU UH]XOWDWH GLQ GH]PHPEUDUHD LPRELOL] ULORU FRUSRUDOH
FXSULQG VXPHOH RE LQXWH GLQ YDORULILFDUHD PDWHULDOHORU UH]XOWDWH GLQ GH]PHPEUDUHD LPRELOL] ULORU
Modulul 2 -
D vQWUHSULQGHUL
FRUSRUDOH PDL SX LQ FKHOWXLHOLOH HIHFWXDWH L LPSR]LWXO DIHUHQW
Sumele reprezentnd reducerea impozitului pe profit cu 50% include cota de 50% din
reducerea impozitului pe profit aferent sXPHORU UHLQYHVWLWH SUHFXP L DOWH SUHYHGHUL OHJDOH
Rambursarea creditelor cuprinde ratele de credit ce trebuie rambursate. Dobnzile,
GLIHUHQ HOH
GH
FXUV
YDOXWDU
DOWH
FRVWXUL
DIHUHQWH
FUHGLWHORU
SHQWUX
LQYHVWL LL
VXQW
FRQVLGHUDWH
cheltuieli financiare.
3HQWUX LQYHVWL LLOH SUHY ]XWH D VH ILQDQ D GLQ FUHGLWH H[WHUQH JDUDQWDWH GH VWDW DORFD LL GH OD
EXJHWXO GH VWDW L GLQ IRQGXUL VSHFLDOH VH YD DQH[D OLVWD GH LQYHVWL LL vQ FDUH VH vQVFULX QXPDL
RELHFWLYHOH GH LQYHVWL LL DOH F URU GRFXPHQWD LL WHKQLFR
-eFRQRPLFH
DX IRVW HODERUDWH L DSUREDWH
FRQIRUP GLVSR]L LLORU OHJDOH
06. mprumuturi garantate de stat moneda de contract

6SHFLILFD LH
DaWRULD HIHFWLY
la nceputul perioadei
,QWU UL GH vPSUXPXWXUL UGUG
3O
L DIHUHQWH vPSUXPXWXULORU UGUG GLQ FDUH
(rd10+rd12)
3O
L UHVWDQWH 5DPEXUV UL GH FDSLWDO
5DPEXUV UL GH FDSLWDO
Dobnzi, comisioane, speze bancare

'DWRULD HIHFWLY
OD VIkULWXO SHULRDGHL
(rd1+rd3rd9)
(rd2+rd4-rd10)
1RW
14
)RUPXODUXO VH FRPSOHWHD]
%XJHWXO VH FRPSOHWHD]
Nr. Precedent
rd. (preliminat;
realizat)
01
02
03
04
05
06
07
08
09
10
11
12
13
([HUFL LXO ILQDQFLDU
curent total din care:

X
X
X
X
X
X
X
X
SHQWUX ILHFDUH vPSUXPXW JDUDQWDW GH VWDW OD H[WHUQ L LQWHUQ
SH ED]D DFRUGXULORU VDX FRQWUDFWHORU vQFKHLDWH SH ILHFDUH JDUDQW
VWDWXO VDX E QFLOH ILQDQ DWRDUH H[SULPDW DWkW vQ YDOXW
FkW L vQ OHL
07. Rezerve
%XJHWXO VH FRPSOHWHD]
SH IHOXUL GH UH]HUYH Q FDGUXO ILHF UXL IRQG DWkW OD UHVXUVH FkW L OD
XWLOL] UL VH YD SUHFL]D ED]D OHJDO
6SHFLILFD LH
I.Rezerve legale
1) FoQG GH UH]HUY
a) Resurse, total (rd02+rd03+rd04) din care:
- sold la nceputul perioadei
- UHSDUWL] UL GLQ SURILWXO DQXOXL FXUHQW
- alte resurse
b) Utilizare, total (rd06+rd07) din care:
- DFRSHULUH SLHUGHUL GLQ DQLL SUHFHGHQ L
- DOWH XWLOL] UL
Nr. Precedent
([HUFL LXO ILQDQFLDU
realizat)
01
02
03
04
05
06
07
Modulul 2 -
D vQWUHSULQGHUL
*)
2) Fond de
a) Resurse, total din care:
b) Utilizare, total, din care:
-
01
02
03
04
05
06
07
08
09
F 6ROG OD VIkULWXO SHULRDGHL
II.Rezerve statutare
1) Fond de *)
a) Resurse, total din care:
b) Utilizare, total din care:
c) SolG OD VIkULWXO SHULRDGHL
*)
01
02
03
04
05
06
07
'HQXPLUHD L ED]D OHJDO
08. Repartizarea profitului

$FHVW IRUPXODU FXSULQGH UHSDUWL]DUHD SURILWXOXL QHW SH GHVWLQD LL OHJDOH /HJHD QU
SHQWUX VRFLHW
LOH FRPHUFLDOH 2UGRQDQ D *XYHUQXOXL QU DU
t. 8, alin.2, pentru regii
autonome, Legea nr. 66/1993).

Repartizarea profitului net
mii lei([HUFL LXO Iinanciar
Nr. Precedent
6SHFLILFD LH
realizat)
3URILWXO QHW DO H[HUFL LXOXL
01
- )RQG GH SDUWLFLSDUH D VDODULD LORU
02
- 6XUVH SURSULL GH ILQDQ DUH WRWDO GLQ FDUH
03
04
- cota managerului
05
- Y UV PLQWH OD EXJHW
06
- Dividende cuvenite, total din care
07
- cota FPS
08
- cota FPP
09
- DO L DF LRQDUL
10
- $OWH UHSDUD LL OHJDOH *)
11
*)
'HQXPLUHD L ED]D OHJDO
09. Principalii indicatori economico-financiari

1) Pragul de rentabilitate UHIOHFW
pentru care profitul net este egal cu zero).
Prag de rentabilitate =
QLYHOXO FLIUHL GH DIDFHUL 9ROXPXO WRWDO DO vQFDV ULORU
Costuri fixe (mii lei)

Pret de livrare unitar (lei/U.M) - Costuri variabile unitare (lei/U.M)

2) Lichiditatea gloEDO JHQHUDO UHIOHFW SRVLELOLWDWHD FRPSRQHQWHORU SDWULPRQLDOH
curente de a se transforma ntr-XQ WHUPHQ VFXUW vQ OLFKLGLW L SHQWUX D VDWLVIDFH REOLJD LLOH GH SODW
exigibile.
6H DSUHFLD]
R OLFKLGLWDWH IDYRUDELO
Lichiditate global =
3)
/LFKLGLWDWH UHGXV
/LFKLGLWDWHD UHGXV
vQWUH L
Active circulante
Datorii curente
LQWHUPHGLDU
Lichiditate redusa =
4)
DWXQFL FkQG DUH R P ULPH VXSUDXQLWDU
WUHEXLH V
WLQG
Active circulante - Stocuri

Datorii curente
VSUH R P ULPH XQLWDU
vQWUH L
/LFKLGLWDWHD LPHGLDW
Trezorerie (casa, depozite bancare si plasamente de scurta durata)

Datorii pe termen scurt
5) 6HFXULWDWHD ILQDQFLDU UHIOHFW JUDGXO vQ FDUH FDSLWDOXULOH SURSULL
Li =
DFWLYLW
DVLJXU
ILQDQ DUHD
LL
Capitaluri proprii
Datorii pe termen mediu si lung
HFRQRPLF
P VRDU HILFLHQ D PLMORDFHORU
Sf =
6)
alocate.
5DWD
UHQWDELOLW
LL
Re =
5DWD
UHQWDELOLW
LL
Profitul exploatrii
Total active
HFRQRPLFH
WUHEXLH
UHvQQRLUHD L FUHWHUHD DFWLYHORU vQWU R SHULRDG
ILH
UDWHL
LQIOD LHL
WUHEXLH
ILQDQFLDUH
SHUPLW
FkW PDL VFXUW
7)
5DWD UHQWDELOLW
8)
5DWD DXWRQRPLHL ILQDQFLDUH UDWD JHQHUDO
LL ILQDQFLDUH
H[SULP FDSDFLWDWHD FDSLWDOXULORU SURSULL GH D SURGXFH SURIit.

Profit net
Rf =
Caplitaluri proprii
Raaf =
9)
VXSHULRDU
PDWHULDOH
*UDGXO GH vQGDWRULUH DUDW
D VROYDELOLW
LL
Capital strain
Capital propriu
OLPLWD SkQ
OD FHUH DJHQWXO HFRQRPLF HVWH ILQDQ DW GLQ DOWH
resurse dect fondurile proprii.

Platile exigibile
Gi =
Total activ 100
Profit brut
10) Rata profitului =
Cifra de afaceri 100%
11) 3RWHQ LDOXO GH GH]YROWDUH FUHWHUH
Prelevari din profit pentru fondul de dezvoltare
Pd =
Fond de rulment = (Active circulante - Obligatiuni) 100
12) 3HULRDGD GH UHFXSHUDUH D FUHDQ HORU
Creante = (Debitori = Facturi neincasate)
Prc =
Cifra de afaceri 365 (zile)
13) Perioada de rambursare a datoriilor
Obligatii
Prd =
Cifra de afaceri 365 (zile)
14) 5RWD LD VWRFXULORU
Cifra de afaceri
Rs =
Total stocuri facturi neincasate x (zile)
Modulul 2 -
Cifra de afaceri
Nr.total de personal
16) Ponderea salariilor n costuri
Salarii directe
Psc =
Costuri directe de productie (%)
Pm =
8QLWDWHD SDWULPRQLDO
SRDWH FDOFXOD LQGLFDWRUL VXSOLPHQWDUL SRWULYLW DFWLYLW
D vQWUHSULQGHUL
15) Productivitatea muncii
LL VSHFLILFH
Modulul 2 -
D vQWUHSULQGHUL
REZUMAT
Q FDGUXO DFHVWXL FDSLWRO DP DYXW vQ YHGHUH VLVWHPHOH GH SODQLILFDUH ILQDQFLDU
XWLOL]DWH GH
PDQDJHULL GHSDUWDPHQWHORU ILQDQFLDUH &RQFHSWHOH FKHLH VXQW SUH]HQWDWH vQ FHOH FH XUPHD]
Planificarea finDQFLDU
LPSOLF
SUHYL]LXQL DOH FLIUHORU GH YkQ] UL YHQLWXULORU L YDORULL
DFWLYHORU SRUQLQG GH OD VWUDWHJLL DOWHUQDWLYH GH SURGXF LH L PDUNHWLQJ

vQ SULYLQ D PRGDOLW
L OXDUHD GH GHFL]LL
LL GH D VDWLVIDFH QHFHVDUXO GH ILQDQ DUH SUHYL]LRQDW
Analiza pragXOXL GH UHQWDELOLWDWH HVWH R PHWRG
GH GHWHUPLQDUH D YROXPXOXL GH YkQ] UL OD
FDUH FRVWXULOH WRWDOH VXQW FRPSOHW DFRSHULWH GLQ YHQLWXUL GH DVHPHQHD PHWRGD QH LQGLF
RUGLQXO GH P ULPH DO SURILWXULORU VDX SLHUGHULORU XQHL VRFLHW
L FRPHUFLDOH GDF
YROXPXO
YkQ] ULORU FUHWH VDX VFDGH vQ UDSRUW FX DFHVW SUDJ GH UHQWDELOLWDWH
3UDJXO GH UHQWDELOLWDWH HVWH UHSUH]HQWDW GH YROXPXO YkQ] ULORU OD FDUH FRVWXULOH WRWDOH YRU
IL
HJDOH
FX
YHQLWXULOH
GLQ
YkQ] UL
LDU
SURILWXO
YD
IL
]HUR
(FXD LD
XWLOL]DW
SHQWUX
determinarea pragului de rentabilitate este:
Q BE =
F
PV
*UDGXO OHYLHUXOXL RSHUD LRQDO */2 GHJUHH RI RSHUDWLQJ OHYHUDJH
'2/ HYLGHQ LD]
PRGXO vQ FDUH R VFKLPEDUH vQ YROXPXO GH YkQ] UL YD DIHFWD YHQLWXO RSHUD LRQDO Q WLPS FH
analiza pragului de
UHQWDELOLWDWH
VRFLHWDWHD FRPHUFLDO
GH
VHQ]LWLYLWDWH
(FXD LD XWLOL]DW
GHYLQ
SURILWXULORU
FDOFXOHD]
YROXPXO
YkQ] ULORU
QHFHVDU
SHQWUX
SURILWDELO JUDGXO OHYLHUXOXL RSHUD LRQDO P VRDU

VRFLHW
LL
OD
VFKLPE UL
SURGXVH
vQ
YROXPXO
FD
JUDGXO
YkQ] ULORU
SHQWUX GHWHUPLQDUHD */2 HVWH XUP WRDUHD
Q( P V )
Q( P V ) F
Pragul de rentabilitate n numerar poate fi calculat ca fiind pragul de rentabilitate atunci
GLO =
FkQG FKHOWXLHOLOH QRQFDVK VH VFDG GLQ FRVWXULOH IL[H (FXD LD HVWH XUP WRDUHD
Q BE =
8Q
EXJHW
GH
WUH]RUHULH
HVWH
SUHYL]LRQDWH SHQWUX R DQXPLW
XQ
F Cheltuielile noncash
PV
WDEORX
SHULRDG
FDUH
QH
DUDW
LHLULOH
LQWU ULOH
GH
QXPHUDU
GH WLPS %XJHWXO GH WUH]RUHULH HVWH XWLOL]DW SHQWUX
a depista momentele n care societatea va avea surplusuri sau deficite de numerar astfel
vQFkW
VH
SRDWH
surplusurile.
FXQRDWH
GLQDLQWH
FkQG
WUHEXLH
DFRSHULWH
GHILFLWHOH
VDX
UHLQYHVWLWH
Modulul 2 -
D vQWUHSULQGHUL
BIBLIO G RA FIE
Petre Brezeanu
*HVWLXQHD ILQDQFLDU
D vQWUHSULQGHULL vQ HFRQRPLD GH SLD
&RQFHSWH
WHRULL SROLWLFL ILQDQFLDUH L VWXGLL GH FD] (GLWXUD )XQGD LHL 5RPkQLD

GH 0kLQH %XFXUHWL
Petre Brezeanu
*HVWLXQHD ILQDQFLDU
D DJHQ LORU HFRQRPLFL vQ HFRQRPLD GH SLD
Lito ASE, 1996.

Petre Brezeanu
*HVWLXQHD ILQDQFLDU
L SROLWLFLOH ILQDQFLDUH DOH vQWUHSULQGHULL (GLWXUD
)XQGD LHL 5RPkQLD GH 0kLQH %XFXUHWL
Petre Brezeanu )LQDQ H L JHVWLXQH ILQDQFLDU

Mihai Toma
1996.
(GLWXUD (FRQRPLF %XFXUHWL
G. Charreaux
Gestion financiere. Principes, tudes de cas, solutions, Litec, Paris,

1991.
Ion Stancu
)LQDQ H 7HRULD SLH HORU ILQDQFLDUH )LQDQ HOH vQWUHSULQGHULL $QDOL]
JHVWLXQH ILQDQFLDU (GLWXUD (FRQRPLF %XFXUHWL

*HRUJHWD
9LQWLO
*HVWLXQHD
ILQDQFLDU
vQWUHSULQGHULL
(GLWXUD
'LGDFWLF
3DGDJRJLF %XFXUHWL

)LQDQ H PDQDJHULDOH (GLWXUD (FRQRPLF
Paul Halpern
J. Fred Weston
Eugene F. Brigham
%XFXUHWL

Modul 2

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Modulul 2 -

PLA N IFICA REA FIN A N CIA R

DVXSUD SURFHVXOXL GH SODQLILFDUH

3URFHVXO GH SODQLILFDUH ILQDQFLDU

2.2. Analiza pragului de rentabilitate

&RVWXUL GH RSHUDUH IL[H L YDULDELOH

Diagrama pragului de rentabilitate

 *UDGXO OHYLHUXOXL RSHUD LRQDO

)RUPXOD JUDGXOXL OHYLHUXOXL RSHUD LRQDO

Riscul unei afaceri

2.4. Analiza pragului de rentabilitate n numerar

&RPSRQHQ D DFWLYHORU L SDVLYHORU GH WUH]RUHULH

2.6. Procesul de planificare pe termen scurt

%XJHWHOH vQ DIDUD H[SORDW ULL

Clasamentul fluxurilor fundamentale de trezorerie

2.7. Bugetul de venituri previzional

Bugetul acWLYLW LL GH LQYHVWL LL

3ULQFLSDOLL LQGLFDWRUL HFRQRPLFL L ILQDQFLDUL

Modulul 2  35,9,5( *(1(5$/

$6835$ 352&(68/8, '( 3/$1,),&$5(

3URFHVXO GH SODQLILFDUH ILQDQFLDU

SUHVXSXQH SUHYL]LXQHD FLIUHORU GH YkQ] UL D YHQLWXULORU L

$QDOL]D SUHYL]LXQLORU ILQDQFLDUH vQFHSH FX SUHYL]LXQHD YHQLWXULORU GLQ YkQ] UL L D FRVWXULORU

n terminologia standard utilizDW

vQ DIDFHUL XQ EXJHW HVWH XQ SODQ FDUH VWDELOHWH FKHOWXLHOLOH

acoperire a acestor cheltuieli.

SUHYL]LRQDW DO YkQ] ULORU GHFL QLYHOXO LPSOLFLW DO SURGXF LHL 

LQL LDOH DX IRVW QHUHDOLVWH

3UHYL]LXQHD FLIUHL YkQ] ULORU

DocumeQWH ILQDQFLDUH SH ED]

DVXSUD SURFHVXOXL GH SODQLILFDUH

3H SDUFXUVXO SURFHVXOXL GH SODQLILFDUH SUHYL]LXQLOH SHQWUX ILHFDUH EXJHW RSHUD LRQD

D FLIUHL YkQ] ULORU FRQGXFH OD XQ GHILFLW GH QXPHUDU HFKLSD

oate aranja utilizarea fondurilor necesare ntr-R PDQLHU

DX IRVW SUHYL]LRQDWH VH SRW HODERUD

GHVFRSHUH FDX]HOH GHYLHULORU vQUHJLVWUDWH

FRUHFWH]H SUREOHPHOH GH RSHUDUH

UHIOHFWH FRQGL LLOH

HYLWH GHILFLWHOH GH QXPHUDU

SHUIRUPDQ D vQWUHJLL VRFLHW

2.2.ANALIZA PRAGULUI DE RENTABILITATE

vQ FDGUXO SODQLILF ULL FRVW

volum profit sau analiza pragului de rentabilitate (breakeven analysis).

DOWIHO VSXV SXQFWXO GH OD FDUH VRFLHWDWHD vQFHSH V

sub sau peste acest punct.

HYLWH SLHUGHULOH WUHEXLH FD YHQLWXULOH UHDOL]DWH GLQ YkQ] UL V

DFRSHUH WRDWH FRVWXULOH DWkW SH DFHOHD FDUH YDULD]

GLUHFW vQ IXQF LH GH QLYHOXO SURGXF LHL FkW L DFHOH

7$%(/8/  &RVWXUL GH RSHUDUH IL[H L YDULDELOH

Costuri fixe de operare

Costuri variabile (directe) de operare

0DWHULL SULPH L PDWHULDOH

Q FHHD FH SULYHWH FKHOWXLHOLOH FX GREkQ]LOH VH SRDWH REVHUYD F

HOH QX VXQW LQFOXVH vQ

SUDJXO GH UHQWDELOLWDWH vQDLQWHD SO

D SUDJXOXL GH UHQWDELOLWDWH 1XP UXO GH XQLW

LDU FRVWXULOH L YHQLWXULOH VH P VRDU

L SURGXVH L YkQGXWH DSDU

(profit din exploatare)

Total costuri (F + QV)

FIGURA 2.2. Diagrama pragului de rentabilitate

S FLIUD YkQ] ULORU

VH FXQRVF DWkW YROXPXO YkQ] ULORU vQ XQLW

*UDGXO OHYLHUXOXL RSHUD LRQDO

Modulul 2 35,9,5( *(1(5$/

SUHVXSXQH SUHYL]LXQHD FLIUHORU GH YkQ] UL D YHQLWXULORU L

vQ DIDFHUL XQ EXJHW HVWH XQ SODQ FDUH VWDELOHWH FKHOWXLHOLOH

SUHYL]LRQDW DO YkQ] ULORU GHFL QLYHOXO LPSOLFLW DO SURGXF LHL

LQL LDOH DX IRVW QHUHDOLVWH

3H SDUFXUVXO SURFHVXOXL GH SODQLILFDUH SUHYL]LXQLOH SHQWUX ILHFDUH EXJHW RSHUD LRQD

D FLIUHL YkQ] ULORU FRQGXFH OD XQ GHILFLW GH QXPHUDU HFKLSD

DX IRVW SUHYL]LRQDWH VH SRW HODERUD

GHVFRSHUH FDX]HOH GHYLHULORU vQUHJLVWUDWH

FRUHFWH]H SUREOHPHOH GH RSHUDUH

HYLWH GHILFLWHOH GH QXPHUDU

DOWIHO VSXV SXQFWXO GH OD FDUH VRFLHWDWHD vQFHSH V

DFRSHUH WRDWH FRVWXULOH DWkW SH DFHOHD FDUH YDULD]

7$%(/8/ &RVWXUL GH RSHUDUH IL[H L YDULDELOH

Q FHHD FH SULYHWH FKHOWXLHOLOH FX GREkQ]LOH VH SRDWH REVHUYD F

D SUDJXOXL GH UHQWDELOLWDWH 1XP UXO GH XQLW

S FLIUD YkQ] ULORU

pragulXL GH UHQWDELOLWDWH ILH YROXPXO YDORULF DO YkQ]

ULORU FRUHVSXQ] WRDUH SUDJXOXL GH UHQWDELOLWDWH

FDUH YLQGH GLIHULWH SURGXVH OD SUH XUL YDULDWH $FHDVW

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GH GHFL]LL vQ DIDFHUL L DQXPH

L FRPHUFLDOH R H[WLQGHUH YD GXFH OD FUHWHUHD DWkW

FRQVHFLQ HOH DFHVWRU SURLHFWH

*5$'8/ /(9,(58/8, 23(5$

D FLIUHL GH YkQ] UL

D SURGXF LHL SRDWH IL VFULV DVWIHO

FD YDULDELOLWDWH D YHQLWXOXL RSHUD LRQDO QHW (YLGHQW R VRFLHWDWH FRPHUFLDO

LORU FRPHUFLDOH QX VXQW SUDFWLF LHLUL GH QXPHUDU GH

HFXD LHL LQL LDOH HVWH VF GHUHD GLQ

vQ WRWDOLWDWH IOX[XULOH GH QXPHUDU

deoarece pentru aceasta este nevoie de un buget de trezorerie. TotXL

SLHUGHUL DWXQFL FkQG QLYHOXO

FKHOWXLHOLOH vQ QXPHUDU VXQW PLFL DWXQFL FKLDU L vQ SHULRDGHOH GH UHFHVLXQH HFRQRPLF

PLF DWXQFL VRFLHWDWHD FRPHUFLDO

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