5

$1$/,=$6,78$

,(,),1$1&,$5- PATRIMONIALE
A NTREPRINDERII

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ntr-XQ VLVWHP HFRQRPLF FRQFXUHQ LDO RELHFWLYXO PDMRU DO

ntreprinderii este maxiPL]DUHD YDORULL VDOH UHVSHFWLY FUHWHUHD DYHULL
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financiar.

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 L vQ DFHODL WLPS PHQ LQHUHD VROYDELOLW

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firmei la schimb ULOH GH PHGLX R EXQ  IOH[LELOLWDWH QX SRDWH GHFkW V 
contribuie la maximizarea valorii ntreprLQGHULL &UHWHUHD PD[LPDO  QX
FRQGXFH vQ PRG QHFHVDU OD PD[LPL]DUHD YDORULL ILUPHL 'DU R FUHWHUH
SXWHUQLF  SRDWH GXFH  vQ DQXPLWH SHULRDGH OD GHJUDGDUHD UHQWDELOLW

LL L

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lung  FUHWHUHD YDORULL SDWULPRQLDOH D ILUPHL VLQJXUXO FDUH SHUPLWH

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

GHWHUPLQDUHDV Q W

LLILQDQFLDUHUHVSHFWLYGHWHFWDUHDXQRUHYHQWXDOH

VLWXD LL GH GH]HFKLOLEUX ILQDQF

iar care ar putea periclita continuitatea

H[SORDW ULL

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GHWHUPLQDUHD IOH[LELOLW

LLLVRYDELOLW

LLILUPHL

LL ILQDQFLDUH D DFHVWHLD SH ED]D WDEORXOXL

fluxurilor de trezorerie;

FDUDFWHUL]DUHDHILFLHQ HLHOHPHQWHORUSDWULPRQLDOH

ntocmLUHD

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ILQDQFLDU

patrimoniale
 %LODQ XO FRQWDELO

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financiare
Analiza

VLWXD LHL ILQDQFLDUH VH ED]HD]  SH EXJHWXO GH YHQLWXUL L

FKHOWXLHOLELODQ XOFRQWDELOLDQH[HOHVDOHUDSRUWXOGHJHVWLXQH

etc.

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SDWULPRQLDO  D XQHL vQWUHSULQGHULL OD XQ PRPHQW GDW Q DFWLYXO ELODQ XOXL
VXQWvQUHJLVWUDWHWRDWHGUHSWXULOHGHSURSULHWDWHLGHFUHDQ
vQ RUGLQHD LQYHUV  D OLFKLGLW

DOHvQWUHSULQGHULL

LL FDSDFLWDWHD SRVWXULORU GH DFWLY GH D VH

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

angajamentele DVXPDWH DUDQMDWH vQ RUGLQHD FUHVF WRDUH D H[LJLELOLW LL
WLPSXO FkW VXUVD UHVSHFWLY  U PkQH OD GLVSR]L LD vQWUHSULQGHULL (JDOLWDWHD
ELODQ LHU HVWHQHFHVDU GHRDUHFHDFWLYXOLSDVLYXOVXQWGRX UHSUH]HQW ULDOH
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QLFL R VXUV  QX SRDWH U PkQH I U  DORFDUH GXS  FXP QLFL R QHYRLH GH
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lichiditate-H[LJLELOLWDWHQXPLW

(financiar), FDUH DUH OD ED]

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ULORURFFLGHQWDOH

, analiza
SDWULPRQLDO 
DFHDVW 
DQDOL] 
SXQH
vQ
HYLGHQ

ULVFXO
de
LQVROYDELOLWDWH DO vQWUHSULQGHULL DGLF  LQFDSDFLWDWHD ILUPHL GH D-L
RQRUDDQJDMDPHQWHOHDVXPDWHID

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FRQIRUP

F UHLD

vQWUHSULQGHUHD

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anumitor fuQF LLFXPDUILIXQF LDGHSURGXF LHIXQF LDGHLQYHVWLUHL

dezinvestire, prHFXPLIXQF LDGHILQDQ DUH
%LODQ XO

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SUH]LQW 

R

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SHQWUX

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

(pentru cDUH SDWULPRQLXO UHSUH]LQW

 R JDUDQ LH SHQWUX UHDOL]DUHD GUHSWXULORU

ORU$FHVWWLSGHELODQ VHRE LQHvQXUPDUHJUXS ULLSRVWXULORUGHDFWLYLGH

SDVLYGXS FULWHULLOHGHOLFKLGLWDWHLH[LJLELOLWDWH

1. &RUHF LLUHIHULWRDUHODDFWLYXOELODQ XOXL

a) Activul imobilizat VH GLPLQXHD]  FX YDORDUHD DFWLYHORU LPRELOL]DWH
fictive sau nonvalori (principalele active de natura nonvalorilor sau
fictive: cheltuielile de constituire, cheltuielile de repartizat asupra
H[HUFL LLORU
ILQDQFLDUH
YLLWRDUH
SULPHOH
SHQWUX
UDmbursarea
REOLJD LXQLORU GHELWRULL GLQ FDSLWDOul VXEVFULV L QHY UVDW GLIHUHQ Hle
de conversie de activ etc.), elemente care din punct de vedere al
OLFKLGLW

LLQXDXQLFLRYDORDUH GHRDUHFH QXGDXQDWHUH XQXLIOX[GH

numerar.
De asemenea, activului imRELOL]DW VH PDMRUHD]

 FX SDUWHD DFWLYHORU

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

 FUHGLWRUL FX VFDGHQ H !  DQ DFHVWHD YRU IL HOLPLQDWH GH

ODUXEULFDUHVSHFWLY LWUDQVIHUDWHvQJUXSD$FWLYLPobilizat;
FOLHQ L VDX FOLHQ L

b) Activul circulant

VH GLPLQXHD]  FX YDORDUHD DFWLYHORU FLUFXODQWH

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

LPRELOL] ULORUILQDQFLDUHFXWHUPHQGHOLFKLGLWDWHDQ

etc.

2.

&RUHF LLUHIHULWRDUHODSDVLYXOELODQ XOXL

a) Capitalurile permanente VH GLPLQXHD]  FX YDORDUHD DFWLYHORU

fictive (cheltuielile de constituire, debitorii din capitalul subscris
LQHY UVDWFKHOWXLHOLOHGHUHSDUWL]DWDVXSUDH[HUFL LLORUILQDQFLDUH
YLLWRDUH L GLIHUHQ HOH GH FRQYHUVLH DFWLY VH VFDG GLQ FD

pitalurile

SURSULLLDUSULPHOHSULYLQGUDPEXUVDUHDREOLJD LXQLORUVHVFDGGLQ
vPSUXPXWXULOH L GDWRULLOH DVLPLODWH SH WHUPHQ PHGLX L OXQJ  L
FX GLYLGHQGHOH GH SODW  GH DVHPHQHD DFHVWHD VH PDMRUHD]  FX

veniturile nregistrate n avans (apar innd grupei Conturi de

UHJXODUL]DUHLDVLPLODWH Pasiv din bilan ul contabil) cu termen
GHH[LJLELOLWDWH!DQLFXGLIHUHQ HOHGHFRQYHUVLHSDVLYDFHVWHD
ILLQGFRQVLGHUDWHSURILWSRWHQ LDO

b) Datoriile cu scadenta < 1 an LQFOXG REOLJD LLOH QHILQDQFLDUH L

finDQFLDUH FUHGLWHORU EDQFDUH FXUHQWH $FHVWHD VH PDMRUHD]  FX
SURYL]LRDQHOH

SHQWUX

ULVFXUL

L

FKHOWXLHOL

FX

WHUPHQ

GH

H[LJLELOLWDWH   DQ GLYLGHQGHOH GH SODW  YHQLWXULOH FRQVWDWDWH vQ

DYDQV GLQ JUXSD &RQWXUL GH UHJXODUL]DUH L DVLPLODWH

din

Pasiv

ELODQ XO FRQWDELO DYkQG WHUPHQ GH H[LJLELOLWDWH   DQ

SUHFXP L FX GDWRULD ILVFDO  ODWHQW  DIHUHQW  VXEYHQ LLORU SHQWUX

LQYHVWL LL SURYL]LRDQHORU UHJOHPHQWDWH L SURYL]LRDQHORU SHQWUX
ULVFXULLFKHOWXLHOLSUHFXPLDOWRUHOHPHQWHGHFDSLWDOXULSURS
Q

XUPD

SDWULPRQLDO

permanente

YD

FRUHF LLORU
FRQ LQH

HOHPHQWHOH

vQ

PHQ LRQDWH
SDUWHD

FHOH

PDL

PDL

VXV

GH DFWLY
SX LQ

ELODQ XO

QHYRL

OLFKLGH

VDX

DGLF 

rii;

ILQDQFLDU

vQWUHEXLQ

UL

LPRELOL] ULOH

QHFRUSRUDOH FRUSRUDOH L ILQDQFLDUH  L QHYRL L vQWUHEXLQ

,
UL WHPSRUDUH, n
care se includ activele circulante care au un grad de lichiditate mult mai
PDUH GHFkW LPRELOL] ULOH 3DUWHD GH SDVLY YD IL IRUPDW  GLQ resurse sau
capitaluri permanente DGLF  FDSLWDOXULOH SURSULL UHLQYHQVWLUL DOH
DFXPXO ULORUDQWHULRDUHUH]HUYHSURILWQHUHSDUWL]DWLFDSLWDOXULle din surse
SXEOLFHVXEYHQ LLSURYL]LRDQHUHJOHPHQWDWH),SUHFXPLGDWRULLOHSHWHUPHQ
PHGLX L OXQJ FX VFDGHQ  PDL PDUH GH XQ DQ L GH DVHPHQHD GLQ resurse
temporare, DGLF  GDWRULLOH FX VFDGHQ  PDL PLF  GH XQ DQ 3UHOXFUDUHD
GDWHORU GLQ ELODQ XO FRQWDELO YD GHWHUPLQD XUP WRDUHD VWUXFWXU  D ELODQ XOXL

financiar (fig.5.1).
/XkQG vQFRQVLGHUDUH XQDQXPLWHFKLOLEUXFDUHWUHEXLHV H[LVWHvQWUH
GXUDWD

XQHL

RSHUD LL

GH

ILQDQ DW

L

GXUDWD

PLMORDFHORU

FRUHVSXQ] WRDUH ELODQ XO ILQDQFLDU SXQH vQ HYLGHQ

DOHILQDQ

GH

ILQDQ DUH

 GRX  UHJXOL SULQFLSDOH

ULLUHVSHFWLYQHYRLOHSHUPDQHQWHGHILQDQ DUHYRUIL DFRSHULWHGLQ

capitaluri permanente, ndeosebi din capitaluri proprii, iar nevoile temporare

YRU IL ILQDQ DWH

, n special din resurse temporare. Nerespectarea acestor

UHJXOLGHILQDQ DUHYDGHWHUPLQDRVLWXD LHGHGH]HFKLOLEUXILQDQFLDU

NEVOI = ACTIV
Activ imobilizat net ( > 1 an )
- LPRELOL] ULQHFRUSRUDOH
- LPRELOL] ULFRUSRUDOH
- LPRELOL] ULILQDnciare > 1 an
- crean e > 1 an

RESURSE = PASIV
Capitaluri permanente
- capital social
- rezerve
- VXEYHQ LL
- rezultat nerepartizat
- provizioane > 1 an
- GDWRULL SH WHUPHQ PHGLX L OXQJ
(> 1 an)
Datorii pe termen scurt (< 1 an)
- financiare (credite bancare curente)
- nefinanciare
Provizioane < 1 an

Activ circulant net (< 1 an)

- stocuri
- FUHDQ HFOLHQ LDQ
- GLVSRQLELOLW L
- LPRELOL] ri financiare < 1 an

)LJ%LODQ ILQDQFLDUSDWULPRQLDO

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

31 DecDQXO1VWDELOLW

SHED]DELODQ XOXLFRQWDELO

5HDOL]D LFRQYHUVLDELODQ FRQWDELO

ELODQ SDWULPRQLDOILQDQFLDU

Tabelul. 5.2

%,/$1

&217$%,/1&+(,$7/$DQXO1

= mil lei =
ACTIV

PASIV

,PRELOL] ULQHFRUSRUDOH
,PRELOL] ULFRUSRUDOH

Capital social
Rezerve

,PRELOL] ULILQDQFLDUH 

5H]XOWDWXOH[HUFL LXOXL 

TOTAL ACTIVE
IMOBILIZATE
Stocuri

68.500
34.600

6XEYHQ LLSHQWUXLQYHVWL LL

83.300
63.700

&OLHQ L 

TOTAL CAPITAL
PROPRIU
Provizioane pentru

$OWHFUHDQ HSHWHUPHQVFXUW

ULVFXULLFKHOWXLHOL

Titluri de plasament

Credite bancare (****)

Furnizori

'LVSRQLELOLW

L

11.750
650

TOTAL ACTIVE
CIRCULANTE
148.230
Cheltuieli nregistrate n avans
3.500
CONTURI DE REGULARIZARE
,$6,0,/$7(
3.500
TOTAL ACTIV
235.030

116.510

44.600
40.220

Alte datorii pe termen scurt

29.500
TOTAL DATORII
114.320

TOTAL PASIV

235.030

*
din care < 1 an = 27 mil. lei;
** din care > 1 an = 15.200 mil. lei;
*** din care: 8.410 mil. lei pentru fonduri proprii si 3.600 mil. lei pentru
dividende.
**** din care credite bancare curente 14.000 mil. lei.
Not : VH FRQVLGHU  F toate cheltuielile nregistrate n avans au termen de
lichiditate < 1 an.
Rezolvare (vezi tabelul 5.3):
1.

&RUHF LLUHIHULWRDUHODDFWLYXOELODQ XOXL

 LPRELOL] ULOH ILQDQFLDUH GH  PLO OHL VH YRU GLPLQXD FX YDORDUHD
LPRELOL] ULORU   DQ  PLO OHL L VH YRU PDMRUD FX YDORDUHD
FOLHQ LORU FDUH DX R OLFKLGLWDWH !  DQ  PLO OHL

, rezultnd

LPRELOL] U

i financiare de 15.223 mil. lei;

 YDORDUHD FOLHQ LORU GH  PLO OHL VH YD GLPLQXD FX YDORDUHD

clien ilor cu: termen de lichiGLWDWH !  DQ   PLO OHL  L VH YD
majora cu valoarea LPRELOL] ULORUILQDQFLDUHDQPLOOHLLFX
valoarea cheltuielilor nregistrate n avans ( 3.500 mil lei ), rezultnd
un sold al clien ilor < 1 an de 58.827 mil. lei;
2.

&RUHF LLUHIHULWRDUHODSDVLYXOELODQ XOXL

capitalul social se va majora cu 8.410 mil. lei reprezentnd profit net

repartizat pentru constituirea fondurilor proprii, ajungnd astfel la
valoarea de 79.910 mil. lei;
GDWRULLOHILQDQFLDUHSHWHUPHQOXQJUHSUH]LQW 00 mil. lei, deoarece
din suma total a creditelor bancare de 44.600 mil. lei , creditele
bancare curente au o valoare de 14.000 mil. lei.
 GDWRULLOH ILQDQFLDUH SH WHUPHQ VFXUW VH PDMRUHD]  FX YDORDUHD

dividentelor datorate ( 3.600 mil. lei ).

Tabelul 5.3
%,/$1

3$75,021

IAL (FINANCIAR) NCHEIAT LA 31.12 anul N

= mil.lei =

ACTIV
Nevoi permanente

98.473

,PRELOL] ULQHFRUSRUDOH
,PRELOL] UL

corporale

83.050

,PRELOL] ULILQDQFLDUH

Nevoi temporare
Stocuri

136.557
63.700

&UHDQ H
'LVSRQLELOLW

LL

titluri de plasament
TOTAL ACTIV

12.400
235.030

PASIV
Capitaluri permanente
Capitaluri proprii
Proviz. pt. Riscuri

147.710
112.910

LFKHOWXLHOL

DaWRULLSHWHUPPHGLXLOXQJ
Resurse temporare
87.320
Datorii furnizori
40.220
Dividende datorate
3.600
Alte datorii pe termen scurt
29.500
Credite curente
14.000
TOTAL PASIV
235.030

%LODQ XO IXQF LRQDO RIHU  R LPDJLQH DVXSUD PRGXOXL GH IXQF LRQDUH
GLQSXQFWGHYHGHUHHFRQRPLFDvQWUHSULQGHULLHYLGHQ LLQGDWkWXWLOL]
L

VXUVHOH

FRUHVSXQ] WRDUH

ILHF UXL

FLFOX

UHVSHFWLY

GH

rile ct

LQYHVWL LL

GH

H[SORDWDUHLFHOGHILQDQ DUHLWUH]RUHULH
&LFOXO GH LQYHVWL LL FXSULQGH DFKL]L LRQDUHD GH DFWLYH LPRELOL]DWH
$VWIHO LPRELOL] ULOH UHJUXSDWH SULQ IXQF LD GH LQYHVWL LH FRQVWLWXLH
DORF

UL VWDELOH DFLFOLFH

durabile (aciclice)

FDUH VXQW ILQDQ DWH vQPRG QHFHVDU GLQ

nevoi
resursele

H[LVWHQWH vQ SDVLYXO ELODQ XOXL $FWLYHOH FLUFXODQWH FkW L

UHVXUVHOH SHQWUX ILQDQ DUHD ORU VXQWFRQVLGHUDWHFLFOLFH GHRDUHFH UHFXSHUDUHD

capitaluriloU DORFDWH L UHvQQRLUHD VXUVHORU VH IDFH GXS  vQFKHLHUHD ILHF rui
ciclu de exploatare.
Ciclul de exploatare FXSULQGH IOX[XULOH GH DSURYL]LRQDUH SURGXF LH
L GLVWULEX LH YkQ] UL DWkW VXE IRUP  GH IOX[XUL IL]LFH FkW L ILQDQFLDUH

Posturile de activ legatH GLUHFW GH RSHUD LLOH FLFOXOXL GH H[SORDWDUH VWRFXUL
FUHDQ H FOLHQ L FKHOWXLHOL GH H[SORDWDUH FRQVWDWDWH vQ DYDQV etc.) constituie
active circulante de exploatare, FDUH vQ PRG ILUHVF WUHEXLH ILQDQ DWH GLQ
datoriile de exploatareGDWRULLIXUQL]RULL asimilate, venituri din exploatare
constatate n avans etc. &HOHODOWH SRVWXUL GH DFWLY L SDVLY FDUH UHIOHFW 
RSHUD LXQL GLYHUVH VXQW UHJUXSDWH vQ FDWHJRULLOH DFWLY FLUFXODQW vQ DIDUD
H[SORDW ULL L GDWRULL vQ DIDUD H[SORDW ULL UHVSHFWLY DFWLYXO L SDVL

trezorerie.

vul de

Ciclul

GH ILQDQ DUH VH UHIHU  OD DQVDPEOXO RSHUD LXQLORU GLQWUH

vQWUHSULQGHUH L SURSULHWDULL GH FDSLWDO DF LRQDULL L FUHGLWRULL vQWUHSULQGHULL

Acesta regUXSHD]  SRVWXULOH GH FDSLWDOXUL SURSULL L GDWRULL ILQDQFLDUH,

indiferent de scaden D ORU LDU SURYL]LRDQHOH SHQWUX ULVFXUL L FKHOWXLHOL VXQW
DVLPLODWH VXUVHORU SURSULL )OX[XO GH ILQDQ DUH SHUPLWH vQWUHSULQGHULL V  IDF 
ID

 GHFDODMXOXL GLQWUH OLFKLGLW Lle GH LQWUDUH L cele GH LHLUH, provocat de
ciclul de exploatare.
Lund n coQVLGHUDUH VHPQLILFD LLOH DFHVWRU WUHL FLFOXUL IXQF LD GH
LQYHVWL LH HVWH SODVDW  vQ SDUWHD GLQ VWkQJD QLYHOXO GH VXV DO ELODQ XOXL

IXQF LDGHILQDQ DUHSRDWHILUHSUH]HQWDW vQSDUWHDGLQGUHDSWDQLYHOXOGHVXV

DO ELODQ XOXL IXQF LD GH ILQDQ DUH HVWH

pozi LRQDW

 H[FOXVLY vQ SDUWHD GH MRV

DELODQ XOXL

fig. 5.4).

3ULQFLSLLFDUHVWDXODED]DvQWRFPLULLELODQ XOXLIXQF LRQDO

a)

DFWLYHOH VXQW OXDWH vQ FDOFXO OD YDORDUHD ORU EUXW  DGLF  YDORDUHD

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

DPRUWL] ULOHUXODMXOFUHGLWRUDOFRQWXOXLLSURYL]LRDQHOH

b)

LPRELOL] ULOH vQFKLULDWH GH LQXWH vQ OHDVLQJ VDX vQ ORFD LH GH
JHVWLXQH VXQW vQWHJUDWH vQ DFWLY L FRUHVSXQ] WRU vQ SDVLY

, la
PSUXPXWXUL L GDWRULL DVLPLODWH GHRDUHFH HOH VHUYHVF FLFOXOXi
de exploatare;
c)
d)

FRQFHSWXOGHDFWLYILFWLYQXPDLHVWHRSHUD LRQDO
FKHOWXLHOLOH

FDUH

SULYHVF

H[HUFL LLOH

ILQDQFLDUH

YLLWRDUH

VH

DVLPLOHD] DFWLYHORULPRELOL]DWH

e)

HIHFWHOH VFRQWDWH QHDMXQVH OD VFDGHQ

 GHELWRULL SULYLQG FDSLWDOXO

VXEVFULVLQHY UVDWSULPHOHSULYLQGUDPEXUVDUHDREOLJD LXQLORUL

diIHUHQ HOH GHFRQYHUVLHGH DFWLY L GH SDVLY VH WUDWHD]

 vQDFHODL

PRGFDLODHODERUDUHDELODQ XOXLSDWULPRQLDO

f)

DPRUWL]DUHD L SURYL]LRDQHOH VXQW LQFOXVH vQ SDVLYXO ELODQ XOXL

IXQF LRQDO FD VXUVH DFLFOLFH FDUH U PkQ OD GLVSR]L LD ILUPHL R

perioada mai mare de un an).

M. Niculescu/ Diagnostic global strategic/ Editura E




   

'LQSHUVSHFWLYDELODQ XOXLIXQF LRQDOUHDOL]DUHDHFKLOLEUXOXLILQDQFLDU

DOvQWUHSULQGHULLQXSUHVXSXQHGRDUH[LVWHQ DXQXLIRQGGHUXOPHQWSR]LWLYFL

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

H[SORDWDUHVWRFXULFUHDQ HGHH[SORatare datorii de exploatare).
5ROXO ELODQ XOXL IXQF LRQDO vQ DQDOL]D ILQDQFLDU  HVWH QX QXPDL GH D
SHUPLWH DSUHFLHUHD YXOQHUDELOLW

LL VWUXFWXULL ILQDQFLDUH D vQWUHSULQGHULL

UHIOHFWDW  GH HYROX LD WUH]RUHULHL QHWH  GDU L GH D H[SULPD FRUHOD LD GLQWUH

VWUXFWXUDILQDQFLDU DILUPHLLQDWXUDDFWLYLW

NEVOI = ACTIV
NEVOI ACICLICE ( STABILE )
- Activ imobilizat (brut)

NEVOI CICLICE
- Activ circulant de exploatare (brut)
-$FWLYFLUFXODQWvQDIDUDH[SORDW ULLEUXW
- Active de trezorerie

LLVDOH

SURSE = PASIV
SURSE ACICLICE (DURABILE)
- capitaluri proprii
- DPRUWL] ULLSURYL]LRDQH
- datorii financiare
SURSE CICLICE
- Datorii de exploatare
- 'DWRULLvQDIDUDH[SORDW ULL
- Pasiv de trezorerie

)LJ%LODQ IXQF LRQDO

5.2.2 Analiza patrimoniului net

3DWULPRQLXO UHSUH]LQW  WRWDOLWDWHD GUHSWXULORU L REOLJD LLORU FH SRW IL
H[SULPDWH vQ EDQL DSDU LQkQG XQHL SHUVRDQH IL]LFH VDX MXULGLFH DOH F URU
QHYRL OH VDWLVIDF SUHFXP L EXQXULOH OD FDUH VH UHIHU  Q FD]XO XQHL
vQWUHSULQGHUL SDWULPRQLXO

VH

GHILQHWH FD

ILLQG

DFWLYHOH

vQWUHSULQGHULL

negrevate de datorii, VDX DYHUHD DF LRQDULORU VWDELOLW  SH ED]D ELODQ XOXL
patrimonial2.
Patrimoniul net sau activul net contabil se poate determina astfel:
1. FD GLIHUHQ  GLQWUH DFWLYXO WRWDO L GDWRULLOH WRWDOH H[SULPDUH
materiala a patrimoniului net);
2. FDVXP DHOHPHQWHORUFDSLWDOXOXLSURSULX
3DWULPRQLXO QHW HVWH vQ PRG QRUPDO SR]LWLY L FUHVF WRU FD XUPDUHD
XQHL

JHVWLXQLL

V Q WRDVH

$FHDVW 

VLWXD LH

UHIOHFW 

GH

IDSW

DWLQJHUHD

RELHFWLYXOXL PDMRU DO ILUPHL L DQXPH PD[LPL]DUHD YDORULL SDWULPRQLDOH D

acesteia.
2

V. Robu si N. Georgescu/ Analiza economico-financiara/ Editura OMNIA UNI S.A.S.T. S.R.L./Brasov 2000

Avnd n vedere prima modalitate de calcul a patrimoniului net,

FUHWHUHD DFHVWXLD VH vQUHJLVWUHD]  DWXQFL FkQG ULWPXO DFWLYHORU WRWDOH

devansea]

ULWPXOGDWRULLORUWRWDOH

$QDOL]kQG HOHPHQWHOH FDSLWDOXOXL SURSULX vQ SUDFWLFD HFRQRPLF  VH

SRW vQWkOQL VLWXD LL vQ FDUH GLQDPLFD FHD PDL DFFHQWXDW  R vQUHJLVWUHD] 
VXUVHOH FRQVWLWXLWH SH VHDPD UHQWDELOLW

LL ILUPHL UH]HUYHOH OHJDOH IRQGXULOH

proprii etc. &DSLWDOXO VRFLDO VH PRGLILF

 SULQ QRL DSRUWXUL DOH YHFKLORU

DF LRQDUL VDX DOH XQRUD QRL L VDX SULQ FRQYHUVLD XQRU GDWRULL vQ FDSLWDO
VRFLDO VWLQJHUHD XQRU GDWRULL vQ VFKLPEXO XQXL SDFKHW GH DF LXQL 'H

asemenea, rezultatul reportat poate fi pURILW QHUHSDUWL]DW FHHD FH GHWHUPLQ

FUHWHUHD

SDWULPRQLXOXL

QHW

VDX

SLHUGHUH

QHDFRSHULW 

FD]

vQ

FDUH

patrimoniul va fi diminuat).
Q FRQVHFLQ

 SDWULPRQLXO QHW SRDWH V  FUHDVF  SH VHDPD VXUVHORU

LQWHUQH UHQWDELOLWDWHD vQWUHSULQGHULL L SH ED]D XQRU

surse externe (aporturi,

primirea cu titlu gratuit a unor active, conversia unor datorii n capital social
etc.).

 $QDOL]D FRUHOD LHL GLQWUH IRQGXO GH UXOPHQW QHYRLD GH IRQG
GHUXOPHQWLWUH]RUHULDQHW

Fondul de rulment

UHSUH]LQW  SDUWHD GLQ FD

pitalul permanent

XWLOL]DW  SHQWUX ILQDQ DUHD DFWLYHORU FLUFXODQWH LPSXV  GH GLIHUHQ HOH GLQWUH
VXPHOHGHvQFDVDWLVXPHOHGHSO WLWSUHFXPLGHGHFDODMXOGLQWUHWHUPHQXO
PHGLX GHWUDQVIRUPDUHDDFWLYHORUFLUFXODQWHvQ OLFKLGLW

LLGXUDWDPHGLHvQ

care datoriile pe termen scurt devin exigibile.

0RGDOLW

1. Conform
astfel :

LGHFDOFXODIRQGXOXLGHUXOPHQW

, fondul de rulment se poate calcula

FRQFHS LHL SDWULPRQLDOH

a) FR = Capital permanent Active imobilizate ;

Fondul de rulment poate fi descompus n fond de rulment propriu
(FRp) L mprumutat (FRi):
FR = FRp + FRi
FRp = Capitaluri proprii Active imobilizate
FRi 'DWRULLSHWHUPHQPHGLXLOXQJ

b)

FR = Active circulante Datorii pe termen scurt

Q DFHDVW  VLWXD LH IRQGXO GH UXOPHQW UHIOHFW  FRUHOD LD GLQWUH

OLFKLGLWDWHD DFWLYHORU FLUFXODQWH L H[LJLELOLWDWHD GDWRULLORU SH WHUPHQ VFXUW

$FHVWDSUH]LQW RYDORDUHLQIRUPDWLY ULGLFDW DVLJXUkQGOHJDWXUDGLQWUHFHOH
GRX  S U L DOH ELODQ XOXL ILQDQFLDU &D XUPDUH

fondul de rulment este

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

2.

Potrivit FRQFHS LHLIXQF LRQDOHIRQGXOGHUXOPHQWIXQF LRnal sau fondul

GHUXOPHQWQHWJOREDO)5*1VHGHWHUPLQ DVWIHO

a) FRNG = Surse aciclice Active aciclice

)RQGXOGHUXOPHQWQHWJOREDOUHIOHFW VXUSOXVXOUHVXUVHORUGXUDELOHvQ

raport cu valorile imobilizate.

b) FRNG = ( Nevoi ciclice + Nevoi de trezorerie ) ( Resurse ciclice +
Resurse de trezorerie ) = ( Active circulante de exploatare + Active
circulante n afara exploat rii + Disponibilit i) (Datorii de
exploatare + Datorii n afar exploat rii + Credite bancare de
trezorerie)
Lund n considerare foUPXOD GH FDOFXO GH PDL VXV GDF
UXOPHQW HVWH SR]LWLY VDX QHJDWLY ILUPD DUH OLFKLGLW

 IRQGXO GH

L VDX GLPSRWULY

este

REOLJDW V DQJDMH]HQRLFUHGLWHSHQWUXILQDQ DUHDQHYRLORUGHH[SORDWDUH

Nevoia de fond de rulment

WHPSRUDUH

L

VXUVHOH

WHPSRUDUH

UHSUH]LQW  GLIHUHQ D GLQWUH QHYRLOH

UHVSHFWLY

VXPD

QHFHVDU 

ILQDQ

ULL

GHFDODMHORU FDUH VH SURGXF vQ WLPS vQWUH IOX[XULOH UHDOH L IOX[XULOH GH

trezorerie determinate n special de activitatea de exploatare.

a) Pe baza bilan ului patrimonial, aceasta se stabilete astfel:
NFR = (Active circulante  'LVSRQLELOLW L E QHWL (Datoriile pe termen
scurt Creditele pe termen scurt) = (Active circulante  'LVSRQLELOLW L
E QHWL2EOLJD LLSHWHUPHQVFXUW
sau: NFR = (Stocuri + Crean e) Credite pe termen scurt
1HYRLDGHIRQGGHUXOPHQWVHPQLILF vQHVHQ

, activele circulante de

QDWXUD VWRFXULORU L D FUHDQ HORU QHILQDQ DWH SH VHDPD REOLJD LLORU SH WHUPHQ
VFXUW VXUVHORU DWUDVH 2EOLJD LLOH SH WHUPHQ VFXUW GH QDWXU  FHORU ID

GH IXUQL]RUL VDODULD L EXJH

tul de stat etc. SkQ

 vQ PRPHQWXO SO

LL ORU

UHSUH]LQW RVXUV DWUDV GHILQDQ DUHDDFWLYHORUFLUFXODQWH

b) Pe baza
astfel:

ELODQ XOXL IXQF LRQDO  QHYRLD GH IRQG GH UXOPHQW VH GHWHUPLQ 

NFR = Nevoi ciclice Resurse ciclice

n acest caz, nevoia GH IRQG GH UXOPHQW HVWH IRUPDW

 GLQ SDUWHD

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

NFR
NFRE

NFRE + NFRAE

$FWLYHFLFOLFHDIHUHQWHH[SORDW ULL

Surse ciclice aferente

H[SORDW ULL

NFRAE =

$FWLYH FLFOLFH GLQ DIDUD H[SORDW ULL

Surse ciclice din afara

H[SORDW ULL
0 ULPHDQHYRLGHIRQGGHUXOPHQWGLQH[SORDWDUHHVWHLQIOXHQ DW GH
QDWXUDDFWLYLW

LLGXUDWDFLFOXOXLGHIDEULFD LHYLWH]DGHURWD LHDVWRFXULORUL

FUHDQ HORUQLYHOXOGHDFWLYLWDWH

etc.

'DF QHYRLDGHIRQGGHUXOPHQWHVWHSR]LWLY VLWXD LDVHFRQVLGHU D

IL QRUPDO  QXPDL GDF  HVWH UH]XOWDWXO XQHL SROLWLFL GH LQYHVWL LL SULYLQG
FUHWHUHDQHYRLLGHILQDQ DUHDFLFOXOXLGHH[SORDWDUH$OWIHODFHDVWDUHIOHFW 
XQ

GHFDODM

QHIDYRUDELO

vQWUH

OLFKLGLWDWHD

VWRFXULORU

L

FUHDQ HORU

L

exigibilitatea datoriilor de exploatare.

'DF  GLPSRWULY , QHYRLD GH IRQG GH UXOPHQW HVWH QHJDWLY , aceasta
VHPQLILF XQVXUSOXVGHUHVXUVHWHPSRUDUHFRPSDUDWLYFXQHYRLOHWHPSRUDUH
VLWXD LDILLQGIDYRUDELO GRDUGDF HVWHUH]XOWDWXODFFHOHU ULLURWD LHLDFWLYHORU
FLUFXODQWH L DOH DQJDM ULL GH GDWRULL FX VFDGHQ H PDL PDUL Q FD] FRQWUDU
VLWXD LD HVWH QHJDWLY  GHRDUHFH HVWH GHWHUPLQDW  GH vQWUHUXSHUL WHPSRUDUH vQ
DSURYL]LRQDUHDLUHvQQRLUHDVWRFXULORUVDXvQDFWLYLWDWHDGHSURGXF LH

TrezoUHULDQHW

H[SULP FRUHOD LDGLQWUHIRQGXOGHUXOPHQWLQHYRLD

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

a) Pe baza

ELODQ XOXL SDWULPRQLDO

XUP WRDUHDIRUPXO 

TN = FR - NFR

(financiar),

DFHDVWDVHFDOFXOHD] FX

b)

7UH]RUHULDQHW VHSRDWHFDOFXODSHED]DELODQ XOXLIXQF LRQDO

astfel:

TN = FRNG NFR
sau
TN = TA TP
TA = trezoreria de activ, respectiv soldurile debitoare ale conturilor de
GLVSRQLELOLW

LLSODVDPHQWH

TP = trezoreria de pasiv, respectiv soldurile creditoare ale conturilor de

credite pe termen scurt.
7UH]RUHULD

QHW 

SR]LWLY 

VHPQLILF

un excedent monetar al

H[HUFL LXOXL ILQDQFLDU L GDF  DFH VWD VH PHQ LQH vQ FDGUXO PDL PXOWRU

H[HUFL LL ILQDQFLDUH VXFFHVLYH DFHDVW  VLWXD LH GHPRQVWUHD]  R UHQWDELOLWDWH

HFRQRPLF  ULGLFDW  L SRVLELOLWDWHD SODV ULL UHQWDELOH D GLVSRQLELOLW
E QHWL SHQWUX vQW ULUHD SR]L LHL ILUPHL SH SLD

LORU

 'DF  QHYRLD GH IRQG GH

UXOPHQW HVWH FRQVWDQW

, DWXQFL WUH]RUHULD QHW  SR]LWLY  este echivalentul

profitului net, diminuat cu dividendHOHSO WLWHvQ FXUVXODFHOHDLSHULRDGHOD
care se adun amortizarea.
'DF  vQ FDOFXOXO QHYRLL IRQGXOXL GH UXOPHQW QX V-au luat n
considerare creGLWHOH SH WHUPHQ VFXUW WUH]RUHULD QHW  QHJDWLY  UHIOHFW  XQ
GHILFLWPRQHWDUUHVSHFWLYXQGH]HFKLOLEUXILQDQFLDUODVIkULWXODQXOXL,LFDUH
DIRVWDFRSHULWSHVHDPD FUHGLWHORUSHWHUPHQVFXUW'DF QHYRLDGHIRQGGH
UXOPHQW HVWH FRQVWDQW  WUH]RUHULD QHW  QHJDWLY  HVWH HIHFWXO vQUHJLVWU ULL GH

pierderi. TotuL, DWXQFL FkQG vQWUHSULQGHUHD UHDOL]HD]  SURGXVH UHQWDELOH

GLVSXQH GH SLD  GH DSURYL]LRQDUH L GH GHVIDFHUH,  GDU vQUHJLVWUHD]  R
FUHWHUH D QHYRLL GH IRQG GH UXOPHQW FD XUPDUH D GH]YROW ULL DFWLYLW

LL

H[LVWHQ D XQHL WUH]RUHULL QHWH QHJDWLYH QX VHPQLILF  R VLWXDWLH HFRQRPLFR

ILQDQFLDU QHIDYRUDELO FLvQUHJLVWUDUHDXQXLGHFDODMvQWUHWHUPHQXOPHGLXGH

WUDQVIRUPDUH D VWRFXULORU L FUHDQ HORU vQ OLFKLGLW

L L GXUDWD PHGLH GH

RQRUDUHDREOLJD LLORUSHWHUPHQVFXUW

Exemplu:
Pe baza datelor din BILAN  3$75,021,$/ ),1$1&,$5
NCHEIAT LA 31.12 anul N (tabelul nr. 5.3UH]XOW XUP WRDUHOH
Determinarea FR, NFR SI TN:
FR = Capitaluri permanente Nevoi permanente = 147.710 98.473 =
= 49.237 mil. lei

sau:
FR = Nevoi temporare Resurse temporare = 136.557 87.320 =
= 49.237 mil. lei
FRp = Capitaluri proprii Nevoi permanente = ( 112.910 + 4.200 )
98.473 = 18.637 mil. lei
FRi = FR FRp = Datoriile pe termen mediu si lung = 30.600 mil. lei
NFR = (Nevoi temporare  'LVSRQLE E QHWL LSODVDPHQte) (Resurse
temporare Credite curente) = (136.557 12.400) (87.320
14.000) = 50.837 mil. lei
TN = FR NFR = 49.237 50.837 = 1.600 mil. lei
Fondul de rulment SR]LWLY  PLO OHL LQGLF  H[FHGHQWXO
capitalurilor permanente n raport FX LPRELOL] ULOH SH FDUH OH ILQDQ HD] 
H[FHGHQW FH YD IL XWLOL]DW SHQWUX ILQDQ DUHD DFWLYHORU FLUFXODQWH 'H

DVHPHQHD ILUPD GLVSXQH L GH XQ

fond de rulment propriu pozitiv, ceea ce

proprii.

LQGLF  IDSWXO F  LPRELOL] ULOH VXQW ILQDQ DWH LQWHJUDO GH FDSLWDOXULOH

3DUWHD DFWLYHORU FLUFXODQWH QHILQDQ DW  GH GDWRULLOH SH WHUPHQ VFXUW VH

UHJ VHWH VXE IRUPD

nevoii de fond de rulment SR]LWLY   PLO OHL

nevoie de fond de rulment SR]LWLY  UHIOHFW  GHFDODMXO QHIDYRUDELLO
dintre lichiditatea stocurLORUL FUHDQ HORU SHGH RSDUWHPLOOHL,L
exigibilitatea datoriilor pe termen scurt (73.320 mil. lei) pe de alt parte.
'DU VH REVHUY  F
fondul de rulment este mai mic dect nevoia de
fond de rulment, deci se nregistreaz  o trezorerie net QHJDWLY  FDUH LQGLF 
$FHDVW 

XQ GHILFLW PRQHWDU OD VIkULWXOXL DQXOXL GHFL R VLWXD LH GH GH]HFKLOLEUX

financiar.
5.2.4 Analiza structurii patrimoniale a ntreprinderii
$QDOL]DVWUXFWXULLSDWULPRQLDOH DUHFDRELHFWLYVWDELOLUHDLXUP ULUHD

HYROX LHL SRQGHULL GLIHULWHORU HOHPHQWH SDWULPRQLDOH GH DFWLY L GH SDVLY
5DWHOH GH VWUXFWXU  SDWULPRQLDO  RIHU  SRVLELOLWDWHD H[SULP ULL ELODQ XOXL vQ
SURFHQWH L SHUPLWH LGHQWLILFDUHD FDUDFWHULVWLFLORU PDMRUH DOH VWUXFWXULL

ELODQ XOXLRIHULQGGHDVHPHQHDSRVLELOLWDWHDUHDOL] ULLGHDQDOL]HFRPSDUDWLYH

vQWLPSLVSD LX

5.2.4.1 Ratele privind structura activului

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

Principalele rate de caracterizare a structurii activului sunt:

a) Rata activelor imobilizate:
Active imobilizate
100
Total activ
$FHDVW  UDW  UHIOHFW  SRQGHUHD DFWLYHORU LPRELOL]DWH vQ SDWULPRQLXO

total al ntreprinderii. Diferitele elemente de active imobilizate

utilizarea unor rate complementare:
a.1) RDWDLPRELOL]
I

!

ULORUQHFRUSRUDOH

"$#%&" '"( %

MXVWLILF 

100

Total activ

0 ULPHD DFHVWXL LQGLFDWRU UHIOHFW  SRQGHUHD DFWLYHORU LQWDQJLELOH

EUHYHWHOLFHQ H P UFLIRQG FRPHUFLDO

etc.) n activele totale ale firmei. n

FD]XOILUPHORUURPkQHWLYDORDUHDDFHVWHLUDWHHVWHIRDUWHUHGXV vQWLPSFH
vQ DOWH

UL FXP DU IL 68$ SRQGHUHD DFWLYHORU QHFRUSRUDOH GHSDVHWH 

din valoarea de nlocuire a firmelor.

a.2) RDWDLPRELOL]

ULORU

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

corporale:

100

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

DO ILUPHL L YDORDUHD HL GHSLQGH GH VSHFLILFXO DFWLYLW

LL L GH FDUDFWHULVWLFLOH

tehnice ale ntreprinderii, nregistrnG YDORUL GLIHULWH GH OD R UDPXU  OD DOWD
Astfel, aceasta are valori foarte mari n cazul firmelor care folosesc o
LQIUDVWUXFWXU 

LPSRUWDQW 

VDX

HFKLSDPHQWH

GLVWULEX LD GH HQHUJLH WUDQVSRUWXUL

FRVWLVLWRDUH

SURGXFHUHD

L

etc.), industria grea sau exploata LLOH

agricole.
6SHFLDOLWLL DSUHFLD]  F  SHQWUX vQWUHSULQGHUL FRPSDUDELOH DFH VW 

UDW  VHPQLILF  FDSDFLWDWHD ILUPHL GH D UH]LVWD XQHL FUL]H HFRQRPLFH WLLQGX

VHIRDUWHELQHF RLPRELOL]DUHULGLFDW DFDSLWDOXOXLDWUDJHGXS VLQHXQULVF

mare al netransIRUP

ULLDFHVWRUDvQOLFKLGLW

a.3) RDWDLPRELOL]

L

ULORUILQDQFLDUH

I*  ! "+,  #-(#& ("%

Total activ

100

AceastaUHIOHFW LQWHQVLWDWHDOHJ WXULORULUHOD LLORUILQDQFLDUHSHFDUH

-a stabilit cu alte firme cu ocazia operD LLORU GH FUHWHUH
H[WHUQH SDUWLFLSD LL LQYHVWL LL GH SRUWRIROLX FUHGLWH DFRUGDWH etc.). $FHDVW 
UDW  DUH YDORUL PDUL vQ FD]XO VRFLHW LORU GH LQYHVWL LL ILQanFLDUH VRFLHW L GH
valori mobiliare, fonduri mutuale etc.. $FHDVWD vQUHJLVWUHD]  YDORUL VF ]ute
ILUPD UHVSHFWLY  OH

vQFD]XOILUPHORUPLFLFDUHQXSRWHIHFWXDLQYHVWL LLILQDQFLDUH

a.4) Rata activelor circulante:

Active circulante
Total activ
$FHDVW 

UDW 

100

UHIOHFW 

SRQGHUHD

DFWLYHORU

FLUFXODQWH

vQ

WRWDOXO

mijloacelor economice ale ntreprinderii. Ca rate complementare, se

UHFRPDQG DILXWLOL]DWH

a.4.1) Rata stocurilor:

Stocuri
Total activ

100

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

DFWLYLWDWH GH SURGXF LHFX FLFOX OXQJ GH IDEULFD LH SUHFXP LD

acelor firme

cXVSHFLILFGHGLVWULEX LHGHEXQXULPDWHULDOH
a.4.2) RDWDFUHDQ
./  %#

HORUFRPHUFLDOH

0&#21 34"+(5  (1 %

Total activ

100

5DWD FUHDQ HORU FRPHUFLDOH HVWH LQIOXHQ DW  GH QDWXUD FOLHQ LORU L GH
WHUPHQXOGHSODW SHFDUHILUPDvODFRUG SDUWHQHULORUV L

a.4.3) RDWDGLVSRQLELOLW
67 5+'#   1

2

LORUE

QHWLLD

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

Total activ
$SUHFLHUHD
GLVSRQLELOLW

DFHVWHL

UDWH

WUHEXLH

plasamentelor:

100

I FXW 

FX

SUHFDX

ie deoarece

LOH SRW VXIHUL PRGLILF UL vQVHPQDWH SH SHULRDGH VFXUWH GH WLPS

Q DFHODL WLPS WUHEXLH DYXW vQ YHGHUH UDSRUWXO GLQWUH GLVSRQLELOLW

SODVDPHQWHSUHFXPLGHVWLQD LDSODVDPHQWHORU

L L

5.2.4.2 Ratele privind structura pasivului

3ULQFLSDOHOHUDWHGHVWUXFWXU DSDVLYXOXLELODQ XOXLXWLOL]DWHVXQW

a)

RDWDVWDELOLW

LLILQDQ

Capital permanent
Total pasiv

ULL

100

$FHDVW  UDW  HVWH XQ LQGLFDWRU JOREDO DO VWDELOLW

LL ILQDQ

ULL L

UHIOHFW  SRQGHUHD VXUVHORU SH FDUH OH DUH vQWUHSULQGHUHD SHQWUX R SHULRDG 

mai mare de un an, n totalul surselor de acoperire a mijloacelor economice.

b) Rata autonomiei financiare:
Capital propriu

Capital permanent

100

Rata autonomiei financiare VHPQLILF

 SRQGHUHD VXUVH

ILQDQ DUHDPLMORDFHORUHFRQRPLFHDOHILUPHLLvQUHJLVWUHD]

lor proprii n
valori diferite n

IXQF LH GH SROLWLFD ILQDQFLDU  D vQWUHSULQGHULL L UHQWDELOLWDWHD HL 6H

recomanG

FDYDORDUHDDFHVWHLDV ILH

> .

c) Rata datoriilor pe termen scurt:

Datorii pe termen scurt
Total pasiv

100

$FHDVW UDW VHPQLILF SRQGHUHDGDWRULLORUFX WHUPHQGHH[LJLELOLWDWH

mai mic de un an n totalul surselor ntreprinderii.

d) Rata datoriilor totale:
Datorii totale
Total pasiv

100

AceaVW  UDW  UHIOHFW  SRQGHUHD GDWRULLORU SH WHUPHQ OXQJ PHGLX L

scurt n patrimoniul ntreprinderii.
Exemplu:
Lund n considerare datele din tabelul 5.5 BILAN CONTABIL
AL NTREPRINDERII A, V  VH FDOFXOH]H L V  VH LQWHUSUHWH]H UDWHOH GH
VWUXFWXU DOHDFWLYXOXLLSDVLYXOXLVRFLHW

LLFRPHUFLDOHUHVSHFWLYH

Tabelul 5.5
%,/$1

ACTIV
,PRELOL] UL

necorporale
,PRELOL] UL

corporale
,PRELOL] UL

financiare

&217$%,/$/175(35,1'(5,,

N-1

9550

9984

574200

526400

730

730

PASIV

N-1

Capital social

300000

300000

Rezerve

97500

49200

Provizioane
reglementate

42000

22750

55670

25425

Rezultatul
H[HUFL LXOXL

ACTIVE
IMOBILIZATE

584480

537114

CAPITAL
PROPRIU

495170

397375

Stocuri

301640

309500

Datorii financiare
(scaden > 1 an)

394850

354500

&OLHQ L

70120

120000

AvaQVXULL
aconturi primite

4225

3750

$OWHFUHDQ H

9050

25480

Valori
mobiliare de
plasament

41875

43620

conturi asimilate

25840

95289

12500

24700

Alte datorii pe
termen scurt

99580

209500

ACTIVE
CIRCULANTE

435185

523300

TOTAL
DATORII

524495

663039

TOTAL
ACTIV

1019665

1060414

TOTAL PASIV

1019665

1060414

'LVSRQLELOLW

)XUQL]RULL

Q FD]XO vQWUHSULQGHULL DQDOL]DWH UDWH GH VWUXFWXU  D DFWLYXOXL L

SDVLYXOXLVHSUH]LQW DVWIHO

5$7('(6758&785



1. Rata activelor imobilizate

5DWDLPRELOL] ULORUnecorporale
3. 5DWDLPRELOL] ULORU corporale
4. 5DWDLPRELOL] ULORUILnanciare
5. Rata activelor circulante
6. Rata stocurilor de materii prime, materiale etc.
7. 5DWDFUHDQ HORU
8. 5DWD GLVSRQLELOLW LORU E QHWL L SODsamentelor
9. 5DWDVWDELOLW LLILQDQFLDUH
10. Rata autonomiei financiare
11. Rata datoriilor pe termen scurt
12. Rata datoriilor totale

Concluzii:

N-1
57,32
0,94
56,31
0,07
42,68

Tabelul 5.6
= mii lei =
N
50,65
0,94
49,64
0,07
50,65

29,58

29,19

7,76

13,72

5,33

6,44

87,29
55,64
12,71
51,44

70,90
52,85
29,10
62,53

5H]XOW  F  vQWUHSULQGHUHD DSDU LQH VIHUHL SURGXFWLYH

UHVSHFWLY XQXL VHFWRU FDUH QHFHVLW  R GRWDUH WHKQLF  VHPQLILFDWLY

, fapt
reflectat de ponderea mare a activelor imobilizate n total activ n ambele
SHULRDGHDQDOL]DWH5DWDLPRELOL] ULORUFRUSRUDOHHVWHIRDUWHDSURSLDW GHFHD

a activelor imobilizate, FHHD FH GHPRVWUHD]

 SUHSRQGHUHQ D DFHVWXL HOHPH

nt

vQ WRWDOXO LPRELOL] ULORU 9DORDUHD UHGXV  D UDWHORU LPRELOL] ULORU ILQDQFLDUH
L QHFRUSRUDOH VHPQLILF  R DFWLYLWDWH GH LQYHVWL LL ILQDQFLDUH UHVWU QV  L GH

asemenea,RSRQGHUHPLF

DDFWLYH

lor intangibile n total activ.

$FWLYHOH FLUFXODQWH GH LQ R SRndere de 42,68% n primul an, care

FUHWHvQXUP WRUXODQSkQ ODYDORDUHDGH$FHDVW PDMRUDUHDUDWHL

activelor circulante s-D UHDOL]DW SUHSRQGHUHQW SH VHDPD FUHDQ HORU, DO F URU
indice a fost de 183,76%. $FHVW  VLWXD LH SRDWH IL GHWHUPLQDW  GH FUHWHUHD
YROXPXOXL

GH

DFWLYLWDWH

GH

DFRUGDUHD

XQRU

WHUPHQH

GH

SODW 

PDL

FRPIRUWDELOH SHQWUX FOLHQ L  GDU L GH DSDUL LD XQRU FUHDQ H LQFHUWH 6H

UHFRPDQG  DVWIHO FRPSOHWDUHD DFHVWHL DQDOL]H FX LQIRUPD LL UHIHULW

oare la

YROXPXO GH DFWLYLWDWH L OD VWUXFWXUD FUHDQ HORU GXS  QDWXUD ORU FHUWLWXGLQHD
UHDOL] ULLDFHVWRUDLWHUPHQXOGHUHDOL]DUH
'LQSXQFWGHYHGHUHDOUDWHORUGHVWUXFWXU DSDVLYXOXLvQWUHSULQGHUHD
SUH]LQW  R VWDELOLWDWH ILQDQFLDU  ULGLFDW  GDU FDUH V

-a degradat n timp

vQDQXO1ID

de 87,29% n anul N-1). De asemenea, firma dispune

GHDXWRQRPLHILQDQFLDU SRQGHUHDFDSLWDOXOXLSURSULXvQFDSLWDOXOSHUPDQHQW

fiind de GDUvQDQXOXUP

WRUDFH

asta scade semnificativ, apropiinduent), ca urmare a

VH GH OLPLWD PLQLP  DGPLV   GLQ FDSLWDOXO SHUPDQ

VF GHULL FDSLWDOXOXL SURSULX  GHFL D FUHWHULL GDWRULLORU SH WHUPHQ PHGLX L

OXQJ5DWDGDWRULLORUWRWDOHDFUHVFXWVLP LWRUSHVHDPDREOLJD LLORUSHWHUPHQ

scurt,FHHDFHDP

ULWJUD

dul de ndatorare a firmei.

'HL ILUPD GLVSXQH GH VWDELOLWDWH L DXWRQRPLH ILQDQFLDU  VH

vQUHJLVWUHD]  WRWXL R GHWHULRUDUH D VLWXD LHL ILQDQFLDUH vQ DQXO 1 FRPSDUDWLY

cu anul N-1, ceea impune o reorientare a politicii financiare pe perioada

XUP WRDUH

$QDOL]DFRUHOD LHLGLQWUHFUHDQ HLREOLJD LL

CUHDQ HOH

UHIOHFW  DQJDMDPHQWH FRQWUDFWDWH GH DQXPL L SDUWHQHUL DL

ILUPHLFXPVXQW FOLHQ LL  DOHF URU WHUPHQH GHSODW DXRVFDGHQ

XOWHULRDU 

OLYU ULL EXQXULORU L VHUYLFLLORU SUHFXP L GHELWRULL ILUPHL vQ FDOLWDWH GH

beneficiari ai unor mprumuturi pe care le vor rambursa ulterior mpreun cu

GREkQGD DIHUHQW  DFHVWRUD 'LQ SXQFW GH YHGHUH FRQWDELO FUHDQ HOH VXQW
IRUPDWH

GLQ

FOLHQ L

IXUQL]RUL GHELWRUL

FUHDQ H

SULYLQG

SHUVRQDOXO

L

DVLJXU ULOH VRFLDOH DOWH FUHDQ H SULYLQG VWDWXO L LQVWLWX LLOH SXEO

ice, debitori

diversi etc.
2EOLJD LLOH GDWRULLOH QHILQDQFLDUH SH WHUPHQ VFXUW UHSUH]LQW  VXUVH
GH ILQDQ DUH DWUDVH SH R GXUDW  PDL PLF  GH  DQ H[FOX

znd creditele

EDQFDUH $FHVWHD FRQ LQ GDWRULLOH F WUH IXUQL]RUL SHUVRQDO VWDW DF LRQDUL

avansuri deODFOLHQ Letc.

&UHDQ HOH

L

REOLJD LLOH

FRQVWLWXLH

SULQFLSDOHOH

HOHPHQWH

LQIOXHQ HD]  IOX[XULOH E QHWL DOH vQWUHSULQGHULL Q FRQVHFLQ

FDUH

 DFHVWHD

WUHEXLH DQDOL]DWH FRUHODW GLQ SXQFW GH YHGHUH DO VXPHORU L DO WHUPHQHORU GH
vQFDVDUHLGHSODW ,QGLFDWRULLXWLOL]D LvQDFHVWVFRSVXQW
'XUDWDGHLPRELOL]DUHDFUHDQ HORU'L

Di =

Sd 360
Rd

unde:
6G

VROGXOPHGLXDOFUHDQ HORU

5G

UXODMXOGHELWRUDOFRQWXULORUGHFUHDQ H

;
.

Q SUDFWLF  VH XWLOL]HD] GH UHJXO  FLIUD GHDIDFHUL GHRDUHFH ELODQ XO
QXIXUQL]HD] LQIRUPD LLUHIHULWRDUHODUXODMXOFRQWXULORUUHVSHFWLYH

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

Df =

Sc 360
Rc

unde:
6F

VROGXOPHGLXDOFRQWXULORUGHREOLJD LL

Rc = rulajul creditor al conturilor respective.

&RUHOD LD GLQWUH VXPD FUHDQ HORU L D REOLJD LLORU SH WHUPHQ VFXUW
SUHFXPLGLQWUH'LL'IJHQHUHD] IOX[XULE QHWLFDUHLQIOXHQ HD] SR]LWLY
VDXQHJDWLYGLVSRQLELOLW

a)

'DF  6G

LOHILUPHL

 6F L 'L

Astfel:

 'I  DWXQFL FHO SX LQ GLQ SXQFW G

e vedere

WHRUHWLFVHSURGXFHRFRPSHQVDUHvQWUHFUHDQ HLREOLJD LL

b)

'DF  6G ! 6F L 'L

 'I DWXQFL IOX[XO GH GLVSRQLELOLW

L HVWH

LQIOXHQ DWSR]LWLYGHRDUHFHVXPDvQFDV ULORUHVWHVXSHULRDU VXPHL

LORUSHQWUXDFHODLLQWHUYDOGHWLPS

SO

([LVW ELQHvQ HOHVLPXOWHDOWHYDULDQWHvQIXQF LHGHFHLLQGLFDWRUL

&RUHOD LD GLQWUH FUHDQ H L REOLJD LL SRDWH IL VWXGLDW  L SH ED]D
EDODQ HL DFHVWRUD vQ IXQF LH GH WHUPHQHOH ORU GH YHFKLPH L GH SRQGHUHD
DFHVWRUDvQFDGUXOWRWDOXOFUHDQ HORULDREOLJD LLORU

, astfel:

- Sub 30 zile
- 30 - 60 zile
- 60 - 90 zile
- 90 - 180 zile
- 180 - 270 zile
- 270 - 1 an.
Q SUDFWLF  VH IRORVHVF LQWHUYDOH GH YHFKLPH PXOW PDL PDUL SkQ  OD

90 zile, ntre 90 ]LOHLXQDQSHVWHXQDQ

Exemplu:
6HG XUP WRDUHDVLWXD LHDFUHDQ HORULDREOLJD LLORUILUPHL$

Tabelul 5.7

Nr.
Crt.
1.
2.
3.
4.

Indicatori
Cifra de afaceri
&UHDQ H
2EOLJD LL
5DSRUWXOFUHDQ HREOLJD LL

N-2
mil lei
%
7.450
100
524
100
1.045
100
0,50 100

Perioada
N-1
mil lei
%
7.846 105,3
679 129,6
1.274 121,9
0,53
X

N
mil.lei
7.980
975
1.527
0,64

%
101,7
143,6
119,9
X

n perioada celor tUHL DQL DQDOL]D L FUHDQ HOH L REOLJD LLOH DX FUHVFXW
ntr-XQ ULWP VXSHULRU FHOXL DO FLIUHL GH DIDFHUL FHHD FH LQIOXHQ HD]  QHJDWLY
IOX[XOGHGLVSRQLELOLW

L$FHDVW LQIOXHQW HVWHSDU LDOGLPLQXDW GHUDSRUWXO

GLQWUHFUHDQ HLREOLJD LLUDSRUWFDUHGHLDUHRGLQDPLF FUHVF WRDUHHOHVWH

VXEXQLWDU FHHD FH LQGLF  R PDMRUDUH D JUDGXOXL GH LPRELOL]DUH D FDSLWDOXOXL

firmei.
Durata

GH LPRELOL]DUH D FUHDQ HORU 'L L GXUDWD GH IRORVLUH D

VXUVHORUDWUDVHVHSUH]LQW DVWIHO

Tabelul 5.8

Nr.crt.
Indicatori
1.
'XUDWDGHLPRELOL]DUHDFUHDQ HORU
2.
Durata de folosire a surselor atrase

N2
25,3
50,5

= zile =
N
44
191,4

N1
31,2
58,5

1LYHOXOLHYROX LDDFHVWRUGRLLQGLFDWRULFRQILUP FRQFOX]LDVWDELOLW 

DQWHULRU DGLF  IDSWXO F  GHL FUHDQ HOH vQUHJLVWUHD]  FUHWHUL VXEVWDQ LDOH
LPRELOL]DUHD

IRQGXOXL

GH

UXOPHQW

VXSOLQLW 

HVWH

GH

VXUVHOH

DWUDVH

suplimentar.
'LQ SXQFW GH YHGHUH DO JUDGXOXL GH YHFKLPH VLWXD LD FUHDQ HORU L D
REOLJD LLORUvQDQXO1VHSUH]LQW DVWIHO

Tabelul 5.9

Nr.
Crt.
1.
2.
3.

6SHFLILFD

ie

3kQ ODGH]LOH
QWUH]LOHLDQ

Peste 1 an
Total

&UHDQ H

mil.lei
754
193
27
974

2EOLJD LL

%
75,4
19,8
2,8
100

mil.lei
1.022
395
110
1.527

%
66,9
25,9
7,2
100

5H]XOW  F  SRQGHUHD FHD PDL PDUH R GH LQ FUHDQ HOH L REOLJD LLOH FX R
YHFKLPH GH SkQ  OD  ]LOH FHHD FH DVLJXU  R IUHFYHQ
vQFDV ULORULSO

 FRUHVSXQ] WRDUH D

LORU

$QDOL]DOLFKLGLW

LLLVROYDELOLW

LLILUPHL

LichiditateaUHSUH]LQW SURSULHWDWHDHOHPHQWHORUSDWULPRQLDOHGHDVH
transforma n bani.
Solvabilitatea este capacitatea ntreprinderii de a-LRQRUDREOLJD LLOH
GHSODW ODVFDGHQ

&DSDFLWDWHD GH SODW  VHPQLILF  VROYDELOLWDWHD LPHGLDW  UHVSHFWLY

H[SULP  FDSDFLWDWHD PLMORDFHORU EDQHWL OD XQ PRPHQW GDW VDX SHQWUX R
SHULRDG  VFXUW  GH WLPS GH RELFHL SkQ  OD  GH ]LOH

, de a acoperi

REOLJD LLOHVFDGHQWHSHQWUXDFHODLLQWHUYDOGHWLPS

Pentru caracterizarea

OLFKLGLW

LL

unei firme

VH FRPSDU  SDVLYHOH SH

WHUPHQVFXUWFXUHVXUVHOHGLVSRQLELOHSHQWUXDFHHDLSHULRDG 

Cele mai utilizate rate de lichiditate sunt:

1.

5DWDOLFKLGLW

LLJHQHUDOH

Active circulante
Lg = Datorii curente
'DWRULLOH FXUHQWH VXQW IRUPDWH GLQ REOLJD LLOH ID
ILVFDOH L

VDODULDOH FUHGLWHOH

SH

WHUPHQ

VFXUW

 GH IXU

SUHFXP L

vPSUXPXWXULOH SH WHUPHQ PHGLX L OXQJ D F URU VFDGHQ

nizori, cele
SDUWHD

GLQ

  HVWH vQ FDGUXO

H[HUFL LXOXLILQDQFLDUFXUHQW
6H DSUHFLD]  F  VLWXD LD OLFKLGLW
XQHOH VXUVH vQ FRQGL LLOH vQFDGU ULL

LL JHQHUDOH HVWH VDWLVI F WRDUH GXS 

acestei rate n intervalul 1,2 si 1,8, iar

GXS DOWHOHvQLQWHUYDOXOVL

2.

5DWDOLFKLGLW

Lc =

LLFXUHQWH

(intermediare):

Active circulante Stocuri

Datorii curente

Potrivit teoriei nord-amHULFDQH DFHDVW

 UDW  HVWH FXQRVFXW  L VXE

GHQXPLUHDGHWHVWXODFLG$FHDVW UDW HVWHGHRELFHLVXEXQLWDU ,QWHUYDOXO

FRQVLGHUDWFDVDWLVI F WRUSHQWUXDFHDVW UDW HVWHGH

3.

5DWDOLFKLGLW

Li =

LLLPHGLDWH

'LVSRQLELOLW

-1.

LLSODVDPHQWH

Datorii curente

QWHRULDHFRQRPLF

,DFHDVW UDW HVWHFXQRVFXW LVXEGHQXPLUHDGH

Interpretarea acesteia WUHEXLH I FXW  FX PDUH
 $VWIHO XQ QLYHO ULGLFDW DO DFHVWHLD LQGLF
o solvabilitate mare, dar

UDWD VROYDELOLW
JULM

poatH

LL LPHGLDWH

IL FRQVHFLQ D XQHL XWLOL] UL PDL SX LQ SHUIRUPDQWH D UHVXUVHORU

GLVSRQLELOH 9DORDUHD ULGLFDW  D DFHVWHL UDWH QX FRQVWLWXLH vQ DFHODL WLPS R
JDUDQ LH D VROYDELOLW

lichiditate.

LL GDF  UHVWXO DFWLYHORU FLUFXODQWH DX XQ JUDG UHGXV GH

'LQ FRQWU  R YDORDUH UHGXV  D OLFKLGLW

FRPSDWLELO 

FX

PHQ LQHUHD

HFKLOLEUXOXL

PLQLPL]HD]  YDORDUHD GLVSRQLELOLW

LL LPHGLDWH SRDWH IL

ILQDQFLDU

GDF 

vQWUHSULQGHUHD

LORU VDOH GH LQkQG vQ VFKLPE

, valori de
plasament, creante, stocuri cu un grad mare de lichiditate etc.
Solvabilitatea se poate exprima cu ajutorul mai multor indicatori,
GLQWUHFDUHFHLPDLLPSRUWDQ LVXQW

1. RatDVROYDELOLW
Sp =

LLSDWULPRQLDOH

Capital propriu
Capital propriu + credite totale

9DORDUHD PLQLP  D UDWHL VROYDELOLW

LL SDWULPRQLDOH VH DSUHFLD]  F 

WUHEXLH V  VH vQFDGUH]H vQ OLPLWHOH   LDU SHVWH  VLWXD LD SRDWH IL

FRQVLGHUDW QRUPDO 

2.

5DWDVROYDELOLW

Sg =

LLJHQHUDOH

Active totale
Datorii totale

$FHDVW  UDW  LQGLF  vQ FH P VXU  GDWRULLOH WRWDO

F WUH

DFWLYHOH

WRWDOH

DOH

vQWUHSULQGHULL

FLUFXODQWH &X FkW YDORDUHD UDWHL VROYDELOLW

DFWLYH

e sunt acoperite de

LPRELOL]DWH

L

DFWLYH

LL JHQHUDOH HVWH PDL PDUH GHFkW

FXDWkWVLWXD LDILQDQFLDU GHDQVDPEOXDILUPHLHVWHPDLEXQ 

Pe baza datelor din Tabelul 5.5, BILAN CONTABIL AL

NTREPRINDERII A, VH RE LQ XUP WRDUHOH YDORUL DOH UDWHORU GH OLFKLGLWDWH
LVROYDELOLWDWH

Indicatori
Rata lichidit ii generale
Rata lichidit ii curente ( intermediare )
Rata lichidit ii imediate
Rata solvabilit ii patrimoniale
Rata solvabilit ii generale

Tabelul 5.10
N
1,7
0,69
0,22
1,12
1,6

N-1
3,36
1,03
0,42
1,25
1,94

Q DPEHOH SHULRDGH QLYHOXO DFHVWRU UDWH VH vQFDGUHD]  vQ OLPLWHOH

considerate normale, FRQIRUP VWDQGDUGHORU LQWHUQD LRQDOH &D WHQGLQ , se

nrHJLVWUHD]  R GLPLQXDUH D WXWXURU LQGLFDWRULORU FHOH PDL DFFHQWXDWH ILQG
FHOH DOH OLFKLGLW LL FXUHQWH L JHQHUDOH FDUH vQ DQXO 1- FRERDU  FKLDU VXE
limita admis   'HL VLWXD LD vQWUHSULQGHULL QX HVWH DODUPDQW  WUHEXLH
DGRSWDWH
VROYDELOLW

P VXUL

SHQWUX

PHQ LQHUHD

L

FKLDU

LLDFHVWHLDvQSHULRDGHOHXUP WRDUH

FUHWHUHD

OLFKLGLW

LL

L

5.2.7 Analiza echilibrului economico-financiar

(FKLOLEUXO ILQDQFLDU DO ILUPHL UHSUH]LQW  XQ VLVWHP GH FRUHOD LL
FDUHVHVWDELOHVFDQXPLWHSURSRU LRQDOLW

financiare. Acestea

UHSUH]LQW  R SUHPLV  GDU L R FRQVHFLQ

GHVI XU UL QRUPDOH D DFWLYLW

, prin

LvQFDGUXOLvQWUHGLIHULWHOHIOX[XUL
 D XQHL

LL ILUPHL vQ FRQIRUPLWDWH FX RELHFWXO V

u de

DFWLYLWDWH &D SUHPLV  WUHEXLH DYXWH vQ YHGHUH FRUHOD LLOH RELHFWLYH GLQWUH
QHFHVLW

LOHGHUHVXUVHPDWHULDOHLSRVLELOLW

LOHGHILQDQ DUH'HPRGXOFXP

VXQW XWLOL]DWH L YDORULILFDWH DFHVWH UHVXUVH GHSLQGH DVLJXUDUHD HFKLOLEUXOXL

economico-financiar sau dereglarea acestuia.

3HQWUX H[SULPDUHD VLQWHWLF  D PXOWLSOHORU FRUHOD LL L

echiOLEUXO

mplicate de

ILQDQFLDU H[LVW  R PXOWLWXGLQH GH LQGLFDWRUL Q SUDFWLF  VH

XWLOL]HD] vQVSHFLDOXUP WRULLLQGLFDWRUL

1. Rata autonomiei financiare:

Capital propriu
Raf = Capital propriu + Capital mprumutat

2.

5DWDGHILQDQ DUHDVWRFXUL

Rfs =

3.

lor:

Fond de rulment
Stocuri

5DWDGHDXWRILQDQ DUHDDFWLYHORU

Capital propriu
Raa = Active fixe + Active circulante

4. Rata datoriilor;
Rd =

Datorii totale
Active totale

Utilizndu-se datele din Tabelul 5.5, BILAN CONTABIL AL

NTREPRINDERII A, HYROX LD LQGLFDWRULORU GH HFKLOLEUX ILQDQFLDU VH
SUH]LQW DVWIHO

Tabelul 5.11

Indicatori
Rata autonomiei financiare
Rata de finan are a stocurilor
Rata de autofinan are a activelor
Rata datoriilor

N-1
0,56
1,01
0,49
0,51

N
0,53
0,69
0,37
0,63

La societatea analizat

anterior, echilibrul economico-financiar

vQUHJLVWUHD]  R UHODWLY  GHJUDGDUH WRWXL FD L vQ FD]XO LQGLFDWRULORU GH

OLFKLGLWDWH L VROYDELOLWDWH DFHVWH UDWH VH vQFDGUHD]

satisf c toare, ceea demonstreaz

n limitele considerate

IXQF LRQDUHDFRUHVSXQ] WRDUHDDFHVWHLD

$QDOL]DYLWH]HLGHURWD LHDDFWLYHORUFLUFXODQWH

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

FDUHUHIOHFW VFKLPE ULOH LQWHUYHQLWHvQ DFWLYLWDWHDvQWUHSULQGHULL vQ

special n activitatea de exploatare: modificarea procesului de aprovizionare

L SURGXF LH UHGXFHUHD FRVWXULORU VFXUWDUHD FLFOXOXL GH SURGXF LH L D
SHULRDGHL GH GHVIDFHUH L vQFDVDUH D SURGXF LHL

etc.). Volumul activelor

circulante ale ntreprinderii depindHGHGRLIDFWRULLDQXPHFLIUDGHDIDFHUL

L YLWH]D GH URWD LH D DFWLYHORU FLUFXODQWH &X FkW DFWLYHOH FLUFXODQWH YRU
SDUFXUJH PDL UHSHGH ILHFDUH VWDGLX DO URWD LHL FDSLWDOXOXL FX DWkW YLWH]D GH
URWD LH YD IL PDLPDUH  LDU QHFHVDUXO GH IRQG GH UXOPHQW

mai mic pentru un

YROXPGDWDOSURGXF LHLUHVSHFWLYDOFLIUHLGHDIDFHUL
9LWH]DGHURWD LHDDFWLYHORUFLUFXODQWHSRDWHILH[SULPDW vQ

a)

1XP

UGHURWD LL

n=

(n):

CA
AC

unde:
$&

VROGXOPHGLXDODFWLYHORUFLUFXODQWHI U GLVSRQLELOLW

L

Acest indicator se poate calcula pentru fiecare element de active

circulante utilizndu-VH IRUPXOD GH PDL VXV 7RWXL DFHVWD DUH R SXWHUH
LQIRUPDWLY  UHGXV  GLQ SXQFW GH YHGHUH DO FRQ LQXWXOXL GHRDUHFH HVWH R
P ULPHDEVWUDFW FDUHQXUHG vQWHUP

eniFRQFUH LUHDOLWDWHDHFRQRPLF

b) Durata n zile (Dz):

Dz =

Ac T
CA

unde:
7

QXP UXO

de zile ale perioadei analizate.

Q VFRSXO LGHQWLILF ULL DVSHFWHORU IDYRUDELOH GDU PDL DOHV D FHORU

QHIDYRUDELOHDOHJHVWLRQ ULLUHVXUVHORUVHUHFRPDQG GHWHUPLQDUHDYLWH]HLGH
URWD LHSHILHFDUHHOHPHQWDODFWLYHORUFLUFXODQWHLDOVWDGLXOXLvQFDUHVHDIO 

n cadrul circuitului general, astfel:

b.1) 'XUDWDGHURWD

LHDVWRFXULORUGHPDWHULLSULPHLPDWHULDOH

6WRFXOPHGLXGHPDWHULLSULPHLPD

teriale

Cheltuielile cu materialele

E'XUDWDGHURWD LHDVWRFXULORUGHSURGXF LHvQFXUVGHH[HFX LH

6WRFXOPHGLXGHSURGXF LHvQFXUVGHH[HFX LH
3URGXF LDH[HUFL LXOXLH[SULPDW

b.3) 'XUDWDGHURWD

n costuri (cheltuieli aferente proGX LHLH[HUFL LXOXi)

LHDVWRFXULORUGHSURGXVHILQLWHLVHPLIDEULFDWH

6WRFXOPHGLXGHSURGXVHILQLWHLVHPLIDEULFDWH

Cheltuielile aferente veniturilor din exploatare

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

StoculPHGLXDOFUHDQ HORU
Veniturilor din exploatare
$QDOL]D

IDFWRULDO 

T
D

YLWH]HL

GH

URWD LH

SUHVXSXQH

XWLOL]DUHD

XUP WRUXOXLPRGHO

CA
AC
Dz =
T
CA

AC(1)
AC

AC(2)
AC(n)

unde:
Dz = viteza de rotatie a activelor circulante n zile;
CA = cifra de afaceri;
AC = soldul mediu al activelor circulante;
AC(1), AC(2),AC(n) = categorii de active circulante (stocuri de materii
prime, materiale, produc ie n curs de execu ie, produse finite,
crean e etc.)

&RQVHFLQ HOH

DFFHOHU ULL

VDX

vQFHWLQLULL

YLWH]HL

GH

URWD LH

VH

PDWHULDOL]HD]  vQ HOLEHU UL VDX LPRELOL] UL GH DFWLYH FLUFXODQWH LQGLFDWRU FH
VHSRDWHFDOFXODFXDMXWRUXOUHOD LHL

CA1
T
Pentru exemplificare se folosesc urm toarele date:
E ( I ) = (Dz1 Dz0)

Tabelul 5.12
= mil lei =
Nr.
Crt.
1.
2.

3.

INDICATORI

N-1

Cifra de afaceri
Soldul mediu al activelor circulante,
din care:
stocuri
FUHDQ H

53400
11620

61200
13400

114,61
115,32

6480
5140
78,34

7050
6350
78,82

108,80
123,54
100,61

9LWH]DGHURWD LH]LOH

Model de analiz :
Dz =

AC
St + Cr
T =
T
CA
CA

9DULD LDYLWH]HLGHURWD LHvQ]LOH

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

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

1. ,QIOXHQ DPRGLILF ULLFLIUHLGHDIDFHUL

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

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

Cr1
Cr
T 0 T = 37,35 30,24 = +7,11 zile
CA1
CA1

(IHFWXO PRGLILF ULL YLWH]HL GH URWD LH DDFWLYHORU FLUFXODQWH

eliberare de capital vQ FD]XO DFFHOHU

poate fi o
, sau o imobilizare

ULL YLWH]HL GH URWD LH

GH FDSLWDO vQ FD]XO vQFHWLQLULL DFHVWHLD Q VLWXD LD DQDOL]DW  PDL VXV VH
vQUHJLVWUHD] RLPRELOL

zare de capital, respectiv:

I = ( 78,82 78,34 )

61.200
= 81,6 mil. lei
360

6HFRQVWDW RvQFHWLQLUHDYLWH]HLGHURWD LHDDFWLYHORUFLUFXODQWHGHOD

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

imobilizare dHFDSLWDOQFHWLQLUHDYLWH]HLGHURWD LHDDFWLYHORUFLUFXODQWHV-a

GDWRUDW FUHWHULL VROGXOXL PHGLX DO DFWLYHORU FLUFXODQWH vQWU-un ritm superior
celui al cifrei de afaceri (115,32% > 114,61% ).
'LQ SXQFW GH YHGHUH DO LQIOXHQ HORU IDFWRULORU VH FRQVWDW  F 
PDMRUDUHD FLIUHL GH DIDFHUL FX  vQ FRQGL LLOH PHQ LQHULL FRQVWDQWH D
VROGXOXL PHGLX DO DFWLYHORU FLUFXODQWH GHWHUPLQ  DFFHOHUDUHD YLWH]HL GH
URWD LHDGLF UHGXFHUHDDFHVWHLDFX]LOH
&UHWHUHD VROGXOXL PHGLX DO DFWLYHORU FLUFXODQWH FX 

32% a

GHWHUPLQDW vQFHWLQLUHD YLWH]HL GH URWD LH UHVSHFWLY PDMRUDUHD DFHVWHLD FX

10,47 zile. $FHDVW

VLWXD LHV DGDWRUDWDWkWFUHWHULLYDORULLFUHDQ HORUFkWLD

VWRFXULORU ,QIOXHQ D VWRFXULORU VH DSUHFLD]  QRUPDO  

ISt < ICA ), dar cea a

PDMRU ULL FUHDQ HORU QX HVWH MXVWLILFDW  vQ WRWDOLWDWH GH FUHWHUHD YkQ] ULORU

( ICr > ICA ).

'HFL SHQWUX DFFHOHUDUHD YLWH]HL GH URWD LH D DFWLYHORU FLUFXODQWH
WUHEXLH UHGXV VROGXO PHGLX DO FUHDQ HORU SUHFXP L D YDORULL FHORUODOWH

categorii GH DFWLYH FLUFXODQWH SkQ

desf XUDUHDDFWLYLW LL

 OD OLPLWD OD FDUH QX DIHFWHD]  E

una

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

Astfel:

n stadiul

DSURYL]LRQ ULL DSURYL]LRQDUHD ULWPLF FX UHVXUVH PDWHULDOH

GH OD FHOH PDL DSURSLDWH VXUVH L FX PLMORDFHOH GH WUDQVSRUW FHOH PDL

economice, respectarea contractelor ncheiate cu furnizorii, reduFHUHD

OD

PD[LPXP

D

SHULVDELOLW

LORU

OD

PDWHULDOH

SH

GXUDWD

WUDQVSRUWXOXL L GHSR]LW ULL SULQ PHFDQL]DUHD DXWRPDWL]DUHD RSH

UD LLORU GH PDQLSXODUH D DFHVWRUD GLPHQVLRQDUHD optim

a stocurilor
de materii prime, materiale, produse finite etc.;

vQ VWDGLXO SURGXF LHL UHGXFHUHD GXUDWHL FLFOXOXL GH SURGXF LH L

diminXDUHDFRQVXPXULORUVSHFLILFHGHPDWHULLSULPHLPDWHULDOHSULQ

PRGHUQL]DUHD
FDSDFLW

WHKQRORJLLORU

GH

IDEULFD LH

XWLOL]DUHD

LQWHJUDO 

D

LORU GH SURGXF LH IRORVLUHD FRPSOHW  D WLPSXOXL GH PXQF 

DSURYL]LRQDUHD UD LRQDO  D ORFXULORU GH PXQF  FUHWHUHD FDOLILF ULL

SHUVRQDOXOXLvPEXQ W

LUHDFDOLW

LLSURGXVHORU

vQ VWDGLXO YkQ] ULL FUHWHUHD ULWPXOXL YkQ] ULORU SULQ vQFKHLHUHD GH
FRQWUDFWH IHUPH GH OLYUDUH D SURGXF LHL UHGXFHUHD WLPSXOXL GH
PDQLSXODUH D ORWXULORU OLYUDELOH SUHFXP L DFFHOHUDUHD ULWPXOX

i de

vQFDVDUH D YkQ] ULORU SULQ DOHJHUHD FHORU PDL DYDQWDMRDVH IRUPH GH
GHFRQWDUHFXFOLHQ LLXUP ULUHDRSHUDWLY DGHFRQW ULLSURGXVHORU

etc.

5.2.9 Analiza fluxurilor de trezorerie

7RDWH RSHUD LLOH SH FDUH vQWUHSULQGHUHD OH GHVI RDU  VH UHJ VHVF

imedLDW VDX OD WHUPHQ VXE IRUPD IOX[XULORU GHWUH]RUHULH $VWIHO R ILUP

vL

DVLJXU  SHUHQLWDWHD GRDU GDF  SULQ DFWLYLWDWHD VD GHJDM  vQ PRG SHUPDQHQW

trezorerie.
7UH]RUHULD UHSUH]LQW  R LQIRUPD LH FKHLH FDUH SHUPLWH DSUHFLHUHD
SHUIRUPDQ HORU vQWUHSULQGHULL DYkQG L XQ URO VWUDWHJLF vQ FHHD FH SULYHWH
QLYHOXOV XGHIRUPDUHFkWLPRGXOGHXWLOL]DUH

FolosireaDFHVWHLLQIRUPD LL
spre deosebire de fondul de rulment, necesarul de fRQG GH UXOPHQW L
FRQIHU RELHFWLYLWDWHvQJHVWLXQHDLDQDOL]DHFRQRPLFR ILQDQFLDU GHRDUHFH
FDSDFLWDWHD GH DXWRILQDQ DUH WUH]RUHULD QX HVWH XQ FRQFHSW GRPLQDW GH

LQFLGHQ DFRQYHQ LLORULSROLWLFLORUFRQWDELOH

([LVWHQ D WUH]RUHULHL UHIOHFW  SR]L LD VWUDWHJLF  D ILUPHL vQ UDSRUW FX
SURGXVHOH VDOH SLH HOHVDOHFRQFXUHQ LL V L L factorii externi. De asemenea,
aceastaFRQVWLWXLH JDMXO IOH[LELOLW LLILUPHL GHRDUHFH SHUPLWH PDQaJHULORU V 
realizeze obiectivele strategice ale firmei prin achizi ii de mijloace fixe sau
SULQLQYHVWL LLILQDQFLDUH
3ULYLQG SUDFWLFD LQWHUQD LRQDO  SU

imul model de tablou al fluxurilor

GHWUH]RUHULHHVWHSURSXVSULQVWDQGDUGXOFRQWDELODPHULFDQ)$6L

prin aceaVW
UHFRPDQGDW

 QRUP  GH )$6% &X FkWHYD GLIHUHQ H GLQ  DFHVWD HVWH
L

vQ

)UDQ D

$SRL

,$6&

RUJDQLVPXO

LQWHUQD LRQDO

GH

normalizDUH HPLWH L SXQH vQ DSOLFDUH vQ  QRUPD  ,$6  SULYLQG
WDEORXO GH ILQDQ DUH $VWIHO GLQ  FRPSDQLLOH PDUL GLQ

ULOH GH]YROWDWH

WUHEXLH V  SXEOLFH FD R SDUWH FRPSRQHQW  D VLWXD LLORU ORU ILQDQFLDUH XQ

tablou al fluxurilor de trezorerie.

Tabloul fluxurilor de trezorerie furni]HD]

 LQIRUPD LL SULYLQG PRGXO

vQ FDUH vQWUHSULQGHUHD JHQHUHD]  L XWLOL]HD]  QXPHUDUXO L HFKLYDOHQ

tele de

QXPHUDU &RQIRUP QRUPHL LQWHUQD LRQDOH ,$6  IOX[XULOH GH WUH]RUHULH

UHSUH]LQW DQVDPEOXOLQWU ULORULLHLULORUGHOLFKLGLW

OLFKLGLW

L /LFKLGLW

LOH VHP

nLILF

LVDXGHHFKLYDOHQWHGH

 IRQGXULOH GLVSRQLELOH L GHSR]LWHOH OD

vedere, LDU HFKLYDOHQWHOH GH OLFKLGLW L SODVDPHQWHOH SH WHUPHQ VFXUW IRDUWH
ntr-RP ULPHGHWHUPLQDW GHOLFKLGLW LLD

OLFKLGHFRQYHUWLELOHFXXXULQ

F URUYDORDUHQXULVF V VHVFKLPEHvQPRGVHPQLILFDWLY

n cadrul tabloului fluxurilor de trezorerie, fluxurile sunt grupate n

XUP WRDUHOHWUHLFDWHJRUL

IOX[XULJHQHUDWHGHDFWLYLW
IOX[XULJHQHUDWHGHDFWLYLW
IOX[XULJHQHUDWHGHDFWLYLW

LOHGHH[SORDWDUH
LOHGHLQYHVWL LL
LOHGHILQDQ

;
DUH.

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

FDUHSRDWHILGHWHUPLQDW DVWIHO

prin PHWRGD GLUHFW  FRQIRUP F UHLD VH RSHUHD]  FX vQFDV UL L SO L
brute n numerar;
prin PHWRGD LQGLUHFW  FRQIRUP F UHLD VH SRUQHWH GH OD SURILWXO QHW
FDUH VH FRUHFWHD]  FX DFWLYHOH QHPRQHWDUH DOWH HOHPHQWH GH YHQLWXUL

sau cheltuieli nelegate de exploatare etc.

,$6UHFRPDQG vQWUHSULQGHULORUXWLOL]DUHDPHWRGHLGLUHFWHGHRDUHFH

aceasta SHUPLWHRE LQHUHDGHLQIRUPD LLQHFHVDUHHVWLP

ULLIOX[XULORUYLLWRDUH

GH WUH]RUHULH 'HRVHELUHD SULQFLSDO  vQWUH FHOH GRX  PHWRGH FRQVW  vQ

structura fluxurilor de trezorerie relative referitoare la activit ile de

exploatare.
Conform metodei directe, fluxurile monetare sunt grupate n diferite
FDWHJRULL GH vQFDV UL L SO

L $FHVWHD QX VXQW SUHFL]DWH FX H[DFWLWDWH vQ

QRUPD LQWHUQD LRQDO  GDU SH ED]D H[HPSOHOR

XUP WRDUHDVWUXFWXU 

r, se poate lua n considerare

)OX[XULOH GH WUH]RUHULH UHODWLYH OD DFWLYLW

PHWRGDGLUHFW 

LOH GH H[SORDWDUH

QFDV ULJHQHUDWHGHUHOD LLOHFXFOLHQ LL

- 3O LvQIDYRDUHDIXUQL]RULORULSHUVRQDOXOXL
- Dobnzi LGLYLGHQGHSO WLWH
- 3O LSULYLQGLPSR]LWHOHDVXSUDEHQHILFLLORU
- $OWHSO LJHQHUDWHGHH[SORDWDUH
- -/+ Elemente extraordinare
- = +/-)OX[XOQHWGHWUH]RUHULHUHODWLYODDFWLYLW

LOHGHH[SORDWDUH

1) Aceste fluxuri ar putea fi incluse, de asemenea, n categoria fluxurilor de

ILQDQ DUH
  $FHVW IOX[ DU SXWHD IL vPS U LW vQWUH DFWLYLW

LOH GH H[SORDWDUH FHOH GH

investi LLLFHOHGHILQDQ DUH

3

1)HOHDJ 7UDWDWGHFRQWDELOLWDWHILQDQFLDU 

YRO,(GLWXUD(FRQRPLF

%XFXUHWL

Q FHHD FH SULYHWH PHWRGD LQGLUHFW  SUH]HQWDUHD WLS D QRUPHL

LQWHUQD LRQDOHYL]HD] XUP WRDUHOHFDWHJRULL

+/-5H]XOWDWXOQHWvQDLQWHDLPSR]LW

ULLLHOHPHQWHORUH[WUDRUGLQDUH

(OLPLQDUHDYHQLWXULORULFKHOWXLHOLORUI U LQFLGHQ

DVXSUDWUH]RUHULHL

&KHOWXLHOLFXDPRUWL] ULOHLSURYL]LRDQHOH

-9HQLWXULGLQDPRUWL]

ULLSURYL]LRDQH

(OLPLQDUHDYHQLWXULORULFKHOWXLHOLORUQHOHJDWHGHH[SORDWDUH

+/-5H]XOWDWXOFHVLXQLLLPRELOL]
+ Cheltuieli privind dobnzile
- Venituri din plasamente

ULORULSODVDPHQWHORU

_____________________________________________________________

= +/-5H]XOWDWXOGLQH[SORDWDUHvQDLQWHDYDULD LHLQHFHVDUXOXLGHIRQGGH rulment

+/-9DULD LDVWRFXULORU
+/-9DULD LDFRQWXULORUFOLHQ La DOWRUFUHDQ HGin exploatare
+/-9DULD LDFRQWXULORUIXUQL]RULLDDOWRUGDWRULLGLQH[SORDWDUH
-'REkQ]LLGLYLGHQGHSO WLWH
-3O LSULYLQGLPSR]LWHOHDVXSUDSURILWXOXL
+/- Elemente extraordinare
_____________________________________________________________
LOH

= +/- )OX[XOQHWGHWUH]RUHULHUHODWLYODDFWLYLW

de exploatare

1) Aceste fluxuri ar putea fi incluse, de asemenea, n categoria fluxurilor de

ILQDQ DUH

2)

$FHVW IOX[ DU SXWHD IL vPS U LW vQWUH DFWLYLW

LOH GH H[SORDWDUH FHOH GH

LQYHVWL LLLFHOHGHILQDQ D

re.

3ULYLQG IOX[XULOH GH WUH]RUHULH DOH DFWLYLW

specific

LORU GH LQYHVWL LL ,$6  QX

H[DFWVWUXFWXUDDFHVWRUDWRWXLH[HPSOHOHGLQDQH[DQRUPHLFRQGXF

ODXUP WRDUHDSUH]HQWDUHWLS

Fluxurile de trezorerie UHODWLYHODDFWLYLW

-

LOHGHLQYHVWL LL

AcKL]L LRQDUHDILOLDOHL;- ) trezoreria achizi LRQDW

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

QFDV ULOHFHUH]XOW GLQFHVLXQHDGHLPRELOL] UL

+ Dobnzi ncasate
+ Dividende primite (ncasate)
= +/- Flux neWGHWUH]RUHULHUHODWLYODDFWLYLW

LOHGHLQYHVWL LL

De asemenea,

,$6  QX VSHFLILF  H[DFW VWUXFWXUD

WUH]RUHULH UHODWLYH OD DFWLYLW

fluxurilor de

LOH GH ILQDQ DUH WRWXL H[HPSOHOH GLQ DQH[D

QRUPHLFRQGXFODXUP WRDUHDSUH]HQWDUHWLS

Fluxurile de trezRUHULHUHODWLYHODDFWLYLW

LOHGHILQDQ DUH

&UHWHUHDGHFDSLWDOvQQXPHUDU

- Rambursarea de capital, n numerar

+ Emisiunea (contractarea) de mprumuturi (altele dect cele de trezorerie)
- Rambursarea de mprumuturi (altele dect cele de trezorerie)
-5DPEXUVDUHDGHGDWRULLFHUH]XOW GLQFRQWUDFWHOHGHORFD LH-ILQDQ DUH
-

'REkQ]LLGLYLGHQGHSO WLWH

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

1) Aceste fluxuri ar putea s
fluxurilor de exploatare.

fie incluse, de asemenea, n categoria

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

acesteia.

Tabelul 5.13
%,/$1

- mil lei (OHPHQWHELODQ LHUH

N-1

9DULD LD

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

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

+ 220
- 50
+ 1350
- 50
- 550
+ 920

7000
700
4600
3200
720
400
16620

8220
800
3850
3700
700
270
17540

+ 1220
+ 100
- 750
+ 500
- 20
- 130
+ 920

Elemente de activ
,PRELOL] ULQHFRUSRUDOH
$PRUWL] ULLPRELOL] UL

necorporale

,PRELOL] ULFRUSRUDOH
$PRUWL]DULLPRELOL] ULFRUSRUDOH
,PRELOL] ULILQDQFLDUH
$PRUWL] ULLPRELOL] ULILQDQFLDUH

Stocuri
&UHDQ H
'LVSRQLELOLW

Elemente de activ - total

Elemente de pasiv
Capital social
Profit nerepartizat
Datorii financiare pe termen lung
Datorii furnizori
'DWRULLILVFDOHLVRFLDOH

Datorii diverse
Elemente de pasiv total
6HFRQVLGHU F WRDWHFUHDQ HOHVXQW
FUHDQ H FOLHQ LDIHUHQWHDFWLYLW

exploatare

LLGH

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

- mil lei INDICATORI

Venituri din exploatare
Venituri din vnzarea m UIXULORU

N
14400
4000
10400
14400
-

3URGXF LHYkQGXW

Cifra de afaceri
3URGXF LHVWRFDW
3URGXF LHLPRELOL]DW

Cheltuieli de exploatare

13900
1700
4100
350
600
420
2500
1300

&KHOWXLHOLSULYLQGP UIXULOH

Cheltuieli cu materiile prime

&KHOWXLHOLFXHQHUJLDLDSD
&KHOWXLHOLFXOXFU ULLVHUYLFLLH[HFXWDWH

Cheltuieli cuLPSR]LWHLWD[H
Cheltuieli cu personalul
&KHOWXLHOLSULYLQGDVLJXU ULOHLSURWHFWLDVRFLDO
&KHOWXLHOLFXDPRUWL]DUHDLPRELOL] ULORU

2930
Venituri financiare
Venituri din dobnzi
Alte venituri financiare

100
100
-

Cheltuieli financiare
Cheltuieli privind dobnzile
Alte cheltuieli financiare

200
200
-

9HQLWXULH[FHS LRQDOH

Venituri din cedarea activelor

-

&KHOWXLHOLH[FHS LRQDOH

Cheltuieli cu cedarea activelor

-

Profit brut
Impozit pe profit
Profit net

400
100
300

,QIRUPD LLFRPSOHPHQWDUH

FUHWHUHD FDSLWDOXOXL D DYXW ORF vQ FXUVXO DQXOXL 1 SULQ DSRUW GH
QXPHUDUDODF LRQDULORU

VHGLVWULEXLHGLYLGHQGHDF LRQDULORUvQYDORDU

e de 200 mil. lei;

s-D DFKL]L LRQDW XQ XWLODM vQ YDORDUH GH  PLOOHL SO
n numerar ntreaga contravaloare a acestuia;
s-a rambursat un credit de 750 mil.lei.

WLQGX

-se

Pe baza datelor de mai sus, tabloul fluxurilor de trezorerie pentru

anul N se prezLQW DVWIHO
Tabelul 5.15
TABLOUL FLUXURILOR DE TREZORERIE PENTRU ANUL N

- mil lei )OX[XULOHGHWUH]RUHULHUHIHULWRDUHODDFWLYLW

LOHGHH[SORDWDUH

3URILWXOQHWvQDLQWHDLPSR]LW ULL
(OLPLQDUHDYHQLWXULORULFKHOWXLHOLORUI U LQFLGHQ

400

asupra trezoreriei:

&UHWHUHDFKHOWXLHOLORUSULYLQGDPRUWL] ULOH

+ 2930

Eliminarea veniturilor La cheltuielilor nelegate de exploatare:

__________________________________________________________________
3URILWXOGLQH[SORDWDUHvQDLQWHDYDULD LHLQHFHVDrului de fond de rulment
+3330
- &UHWHUHDVWRFXULORU
-1350
+50
+ 'LPLQXDUHDVROGXULORUFRQWXULORUFOLHQ LLDOWRUFUHDQ Hdin exploatare
+ &UHWHUHDGDWRULLORUID GHIXUQL]RUL
+500
- Diminuarea datoriilor fisFDOHLVRFLDOH
-20
- Diminuarea datoriilor diverse
-130
- 3O LSULYLQGLPSR]LWHOHDVXSUDSURILWXOXL
-100
__________________________________________________________________
)OX[XOQHWGHWUH]RUHULHUHODWLYODDFWLYLW LOHGHH[SORDWDUH$
+2280
)OX[XULOHGHWUH]RUHULHUHIHULWRDUHODDFWLYLW

LOHGHLQYHVWL LL

- Achizi ionarea unui utilaj

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

LOHGHILQDQ DUH

&UHWHUHDGHFDSLWDOvQQXPHUDU
1220
- Rambursarea de mprumuturi
750
- 'LYLGHQGHSO WLWH
200
__________________________________________________________________
= Fluxul neWGHWUH]RUHULHUHODWLYODDFWLYLW LOHGHILQDQ DUH& + 270
'LPLQXDUHDQHWDDOLFKLGLW

LORU$%&

550
+900
__________________________________________________________________
/LFKLGLW

/LFKLGLW

LODGHVFKLGHUHDH[HUFL LXOXL1

LODvQFKLGHUHDH[HUFL LXOXL1

Concluzie:
5H]XOW  F  vQ DQXO FXUHQW 1 vQWUHSULQGHUHD vQUHJLVWUHD]  OD QLYHOXO
IOX[XOXLGHH[SORDWDUH$OLFKLGLW
DFWLYLW

LvQYDORDUHGHPLOOHLFDXUPDUHD

LLUHQWDELOHGHVI XUDWH
)OX[XO GH WUH]RUHULH GLQ RSHUD LLOH GH LQYHVWL LL % HYLGHQ LD] 

necesarul de trezorerie (3100 mil. lei) geneUDW GH LQYHVWL LD HIHFWXDW  GH
,
necesar de trezorerie nu poate fi acoperit integral de fluxul de trezorerie
GHJDMDW GH DFWLYLWDWHD FXUHQW  $VWIHO VH DSHOHD]  OD R PDMRUDUH GH FDSLWal
SULQ DSRUWXO YHFKLORU DF LRQDUL, concomitent cu distribuirea de dividende

ILUP  SHQWUX DFKL]L LRQDUHD XQXL XWLODM 'H DVHPHQHD  VH FRQVWDW  F  DFHVW

F WUH DFHWLD 3HQWUX D VSRUL vQFUHGHUHD DF LRQDULORU vQ FDSDFLWDWHD GH

dezvoltare viitoare a firmei, se fac eforturi pentru rambursarea creditelor

bancare.
Q
WUH]RUHULD

FRQFOX]LH
GLQ

GHL

DFWLYLWDWHD

vQWUHSULQGHUHD
FXUHQW 

RSHUD LLORUGHLQYHVWL LLDVWIHODFH

HVWH

DUH

SHUIRUPDQ H

LQVXILFLHQW

asta este nevoit

GHRVHELWH

pentru acoperirea

V DSHOH]HODVXUVHH[WHUQH

GHILQDQ DUHRE LQXWHSULQPDMRUDUHGHFDSLWDOGHFLI U DPRG

ifica structura

DF LRQDULDWXOXLLHYLWkQGLQWHUYHQ LDH[WHUQ vQSURFHVXOGHOXDUHDGHFL]LLORU

'DWRULW VWUXFWXULLLPHWRGRORJLHLGHvQWRFPLUHDWDEORXOXLIOX[XULORU
GHWUH]RUHULHDFHVWDSHUPLWHXWLOL]DWRULORUVLWXD LLORUILQDQFLDUHXUP WRDUHOH

V  H

valueze capacitatea ntreprinderii de a deJDMD

special din activitatea de exploatare;

V GHWHUPLQHQHFHVLW

V SUHYDG VF

V  FRPSDUH UH]XOWDWHOH

LOHGHOLFKLGLW

aden HOHLULVFXOvQFDV

OLFKLGLW

L vQ

L
ULORUYLLWRDUH

vQWUHSULQGHULL

SULQ

HOLPLQDUHD HIH

ctelor

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

'HL WDEORXO IOX[XULORU GH WUH]RUHULH RIHU  LQIRUPD LL XWLOH GHVSUH
VROYDELOLWDWHD L IOH[LELOLWDWHD ILQDQFLDU  D ILUPHL ILLQG PXOW PDL UHOHYDQW

dect indicatorii de echilibru financiar, fondul de rulment, nevoia de fond de

UXOPHQW LWUH]RUHULD QHW  acesta SUH]LQW DQXPLWH OLPLWH OHJDWH GH GHILQLUHD
L UROXO WUH]RUHULHL FRQ LQXWXO IXQF LHL GH H[SORDWaUH L PRGXO GH FDOFXO DO
IOX[XULORU DVRFLDWH DFHVWHLD HYDOXDUHD SHUIRUPDQ HORU SULQ intermediul
IOX[XULORU GH WUH]RUHULH SUHFXP L vQ LQVXILFLHQ D DFHVWXLD GH D DSUHFLD L
SUHYL]LRQDHYROX LDVLWXD LHLILQDQFLDUHSHWHUPHQOXQJDXQHLILUPH

ntreb
1.

ULLDSOLFD LL

&DUHHVWHXWLOLWDWHDELODQ XOXLSDWULPRQLDOILQDQFLDULDFHO

uiIXQF ional

n analiza sitXD iei financiare a ntreprinderii?

2.

&DUH VXQW SULQFLSDOHOH FRUHF LL GH DFWLY L SDVLY HIHFWXDWH SHQWUX
RE LQHUHDELODQ XOXLSDWULPRQLDOILQDQFLDU

3.

&XP VH GHWHUPLQ  SDWULPRQLXO QHW L FDUH VXQW F LOH GH FUHWHUH D

acestuia?
4.

6  VH FDOFXOH]H L V  VH LQWHUSUHWH]H HYROX LD SDWULPRQLXOXL QHW SH ED]D
XUP WRDUHORUGDWH
%,/$1

= mil. lei =

ACTIV

N-1

PASIV

N-1

Activ imobilizat net

Stocuri

3800
1750
940
120

3550
2100
1700
340

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

3000
500
800

3000
600
850

1500

2200

1750
940

1900
860

TOTAL PASIV

6610

7690

&OLHQ L
'LVSRQLELOLW

TOTAL ACTIV

5.

6610

&XPLQWHUSUHWD LHYROX
GHDFWLYVHPDMRUHD]

6.

7690

ia patrimoniului net n siWXD LDvQFDUHHOHPHQWHOH

Fu 7% iar datoriile totale cu 2%?

&XP VH GHWHUPLQ  LQGLFDWRULL GH HFKLOLEUX ILQDQFLDU IRQGXO GH UXOPHQW
QHYRLDGHIRQGGHUXOPHQWLWUH]RUHULDQHW

7.

&DUH VXQW HOHPHQWHOH FDUH LQIOXHQ HD]  QHYRLD GH IRQG GH UXOPHQW L FH
VHPQLILFD LHHFRQRPLF DU

e un nivel constant al acesteia?

8.

Q FH FRQGL LL QHYRLD GH IRQG GH UXOPHQW L WUH]RUHULD QHW  DX YDORUL
QHJDWLYHLFDUHHVWHVHPQ ILFD LDHFRQRPLF DDFHVWXLIDSW

9.

/DDQXO1ELODQ XOXQHLvQWUHSULQGHULDUHXUP WRDUHDVWUXFWXU 

%,/$1

= mil. lei =

ACTIV
,PRELOL] ULQHFRUSRUDOH
,PRELOL] ULFRUSRUDOH
,PRELOL] ULILQDQFLDUH

Stocuri
&OLHQ L

Efecte de ncasat
,PSR]LWH

L

WD[H

GH

N-1

PASIV

N1

55
950
350
550
310
325
-

50
900
400
600
300
350
25

Capital social
Rezerve
Rezultatul exercitiului
nerepartizat
Provizioane
pentru

800
137
70
35

800
140
85
40

20
60

12
70

1005
400
110
40
8
15

1100
360
100
55
7
20

2620

2707

ncasat
'HELWRULGLYHUL
'LVSRQLELOLW

ULVFXULLFKHOWXLHOL

Datorii financiare pe
termen lung
Datorii furnizori
(IHFWHGHSODW
79$GHSODW

CreditRULGLYHUL
Credite
bancare
curente
TOTAL ACTIV

2620

2707 TOTAL PASIV

6 VHFDOFXOH]HLV VHLQWHUSUHWH]HIRQGXOGHUXOPHQWQHW

global, nevoia

GHIRQGGHUXOPHQWLWUH]RUHULHQHW 

10. 3H ED]D GDWHORU GH OD DSOLFDWLD  V

 VH GHWHUPLQHFHOH GRX FRPSRQHQWH

DOHQHYRLLGHIRQGGHUXOPHQWUHVSHFWLYFHDGHH[SORDWDUHLFHDvQDIDUD
H[SORDW ULL L V  VH H[SOLFH FXP HVWH ILQDQ DW  QHYR

ia de fond de

rulment.
)RUPXOD LSULQFLSDOHOHFRQFOX]LLSHED]DXUP WRDUHORUGDWH

Indicele capitalui propriu = 116%

Indicele capitalului permanent = 110%
Indicele activelor imobilizate = 121%.

12. 3H ED]D GDWHORU GLQ ELODQ XO XQHL VRFLHW

L FRPHUFLDOH V  VH DQDOL]H]H

HYROX LDVWUXFWXULLSDWULPRQLDOHLDVXUVHORUGHILQDQ DUH

%,/$1

= mil.lei =
ACTIV

> ?@AB C B D

EB$FGH@E I@EJC G

> ?@AB C B D

EBH@E)I@EJC G

> ?@AB C B D

EBK)B FJFHB JE+G

TOTAL ACTIVE

N -1

PASIV

4.150

4700

Capital social

150.000

150.000

235.300

Rezerve

70.000

72.500

112.100

80.000

Rezultatul

24.050

25.250

2.740

2.500

249.790

250.250

70.450

66.800

125.250

147.230

80.500

85.000

60.100

58.000

265.850

290.230

586.090

607.280

282.300

320.000

G[GE+HB B \C \B

nerepartizat
R \4A4]GF

B B^IGF4M E \

B F2]GP+M B B B

Stocuri

127.500

130.500

Clien i

141.050

118.140

3.280

3.360

CAPITAL

23.500

22.400

PROPRIU

1.320

5.600

296.650

280.000

e pe termen

scurt
Titluri de plasament
O7B P+I@FB AB C B M

TOTAL

Provizioane pentru
E+B PH\4EB_BH`

TOTAL ACTIVE

eltuieli

CIRCULANTE

Cheltuieli nregistrate n

166.050

IMOBILIZATE

L C M GNHE+GJF

N-1

7.140

7280

Credite bancare

7.140

7280

Furnizori

avans

Alte

CONTURI

termen scurt

datorii

pe

DE REGULARIZARE
Q > LSR > TU> V LXWZY

TOTAL
DATORII

TOTAL ACTIV

586.090

607.280

TOTAL PASIV

13. ([SOLFD L

vQ FH FRQVW  LPSRUWDQ D DQDOL]HL FRUHODWH D FUHDQ HORU L

REOLJD LLORUXQHLVRFLHW

LFRPHUFLDOH

14. 6  VH DQDOL]H]H SULQFLSDOHOH DVSHFWH

oEOLJD LLORUSHED]DXUP toarelor date:

SULYLQG HYROX LD FUHDQ HORU L

mil. lei
Nr.
Indicatori
Crt.
1.
Cifra de afaceri
2.
&UHDQ HGLQFDUH
FUHDQ HDQ
FUHDQ H!DQ
3.
2EOLJD LLGLQFDUH
REOLJD LL1 an
REOLJD LL!DQ

15. ,QWHUSUHWD LXUP

Perioada
N-1
130.000
18.500
13.350
5.150
75.000
69.750
5.250

N
250.000
38.700
34.100
4.600
90.000
90.000
-

WRDUHDVLWXD LH

'XUDWDGHLPRELOL]DUHDFUHDQ HORU

]LOH

Durata de folosire a surselor atrase = 34 zile.

16. &DUHHVWHVHPQLILFD LDHFRQRPLF

DHYROX LHLLQGLFDWRULORU

Indicele cifrei de afaceri = 114%

,QGLFHOHVROGXOXLPHGLXDOREOLJD LLORUSHWHUPHQVFXUW

17. &HUHIOHFW

OLFKLGLWDWHDLVR



lvabilitatea unei ntreprinderi?

18. &DOFXOD L L LQWHUSUHWD L OLFKLGLWDWHD L VROYDELOLWDWHD XQHL ILUPH SH ED]D

GDWHORUGLQELODQ XOGHPDLMRVvQUDSRUWFXVWDQGDUGHOHLQWHUQD LRQDOH

%,/$1

- mil. lei -

ACTIV

N-1

PASIV

N-1

Active imobilizate
Active circulante,
din care:
- Stocuri
-&UHDQ H
-'LVSRQLELOLW L
b QHWLLSODVDPHQWH

3.250

3.800

Capital propriu
mprumuturi pe

4.600
2.920
1.460

4.220
2.150
1.570

WHUPHQPHGLXL

220

500

TOTAL ACTIV

7.850

8.020

lung

3.500 3.150

650

400

)XUQL]RULLDOWH
REOLJD LLFXUHQWH

3.600 4.390

Credite pe termen
scurt
TOTAL PASIV

100
7.850

80
8.020

19. 6  VHGHWHUPLQHUDWDVROYDELOLW LLSDWULPRQLDOHFXPDSUHFLD LVLWXD LDvQ

cazul n care aceasta este de 35%?
20. &XP VH GHWHUPLQ

 UDWD OLFKLGLW

LL JHQHUDOH L FDUH VXQW OLPLWHOH vQ FDUH

DFHDVWDWUHEXLHV VHvQFDGUH]H

21. Care sunt principalele rate utilizate pentru analiza echilibrului

economico-financiar al firmei ?
22. 'HILQL L YLWH]D GH URWD LH D DFWLYHORU FLUFXODQWH L PHQ LRQD L LQGLFDWRULL
FDUHH[SULP DFHVWFRQFHSWHFRQRPLF

23. $QDOL]D L YLWH]D GH URWD LH D DFWLYHORU FLUFXODQWH vQ ]LOH L GHWHUPLQD L
efectul modifiF ULL DFHVWHLD HOLEHUDUH VDX LPRELOL]DUH GH FDSLWDO
FLUFXODQWvQFXUVXODGRX H[HUFL LLILQDQFLDUHFRQVHFXWLYH

mil. lei

Nr.
Indicatori
Crt.
1.
Cifra de afaceri
2.
Soldul mediu al activelor circulante,
din care:
Stocuri
&UHDQ H
'LVSRQLELOLW LE QHWL

Perioada
N-1
17.800

N
19.400

2.350
1.260
1.050
40

3.070
1.550
1.430
90

24. 6FULH L IRUPXOD L LQWHUSUHWD L LQIOXHQ D FX VHPQXO a activelor

circulante asupra viWH]HL GH URWD LH D DFHVWRUD GXUDWD vQ ]LOH D XQHL
URWD Li).
25. ,QWHUSUHWD L
indicatori:

VLWXD LD XQHL vQWUHSULQGHUL SH ED]D GLQDPLFLL XUP WRULORU

Indicele cifrei de afaceri = 104%

Indicele activelor imobilizate = 102,5%
Indicele activelor circulante = 107%.