4 DAFI AF Partea 4 Analiza Cash Flow

02.11.
2015
Analiza fluxurilor de trezorerie

(Cash flow statement analysis)
Analiza financiara
partea 4
interpretarea
documentelor contabile
Situatia fluxurilor de
trezorerie
ASE- Bucuresti
Prof.dr. Laura OBREJA

BRASOVEANU
Master nov 2015
Cash flow analysis
Analiza cash-flow-urilor
Operaiunile nregistrate de firm:
negeneratoare de fluxuri monetare (V/Ch calculate/nemonetare)
generatoare de fluxuri imediate
generatoare de fluxuri ulterioare
TNfinal=TNiniial + ncasri pli
CF=DTN=ncasri pli
Chiar daca pentru investitori pare important profitul, pentru manageri, creditori,
actionari este mai relevant tabloul fluxurilor de trezorerie; spre deosebire de
contul de profit si pierdere, in care sunt inregistrate toate veniturile si
cheltuielile, inclusiv cele nemonetare sau generatoare de fluxuri ulterioare,
tabloul fluxurilor de trezorerie inregistreaza doar fluxurile de incasari si
plati, explicand valoarea si modul de obtinere a trezoreriei, astfel ca ofera o
imagine fidela a capacitatii firmei de a-si permite plata
datoriilor, a creditelor, a dividendelor si de a finanta cresterea
viitoare.
Tabloul de finanare (utilizri-resurse) modul de
formare a FR i modul de utilizare al acestuia,
analiznd impactul diferitelor operaii ale firmei
asupra trezoreriei
CF=DTN = ncasri pli = DFR DNFR
Tabloul fluxurilor de trezorerie identificarea
fluxurilor monetare pe categorii de activiti:
exploatare, de investiii i de finanare
CF= DTN = incasari plati = CFexploatare +
CFinvestiii + CFfinanare
Prof.dr. Laura Obreja Brasoveanu
02.11.2015
1.
Tabloul de finanare
utilizari-resurse suplimentare
(Sources and Uses Statements)
Utilizri de lichiditi
(cash-out flow-uri):
Resurse de lichiditi
(cash-in flow-uri):
1) plata dividendelor
2) creterea brut a activelor fixe
3) rscumprarea capitalului social
4) rambursarea datoriilor financiare
pe termen lung
1) fonduri provenite din activitatea

curent (CAF)
2) emisiunea de aciuni
3) creterea datoriilor financiare pe
termen lung
4) scderea brut a activelor fixe
5) creterea activelor temporare

(excluznd activele de trezorerie)
6) scderea pasivelor temporare
(excluznd pasivele de trezorerie)
(1) relaia dintre tabloul de finanare i bilan

(2) relaia dintre tabloul de finanare i contul de profit i pierdere
5) creterea pasivelor temporare

6) scderea activelor temporare
Tabloul de finanare
Tabloul de finanare utilizri - resurse

Analiza pornete de la ideea c modificarea posturilor
bilaniere este consecina unor fluxuri financiare:
creterea/scderea unui element de activ reprezint o
utilizare/resurs suplimentar
creterea/scderea unui element de pasiv reprezint o
resurs/utilizare suplimentar
prima parte explic modul de realizare n dinamic a
echilibrului structural pe termen lung; este rezultatul
politicii de finanare i de investiii (variatia FR)
a doua parte explic impactul activitii curente, prin
identificarea modului de realizare a echilibrului pe
termen scurt (variatia NFR)
active imobilizate
imobilizari necorporale
2014
1360
1840
200
300
datorii <1 an
276
360
datorii comerciale
222
280
54
80
alte datorii
imobilizari corporale
1000
1300
active circulante nete
300
444
imobilizari financiare
160
240
datorii >1 an
450
760
active circulante
576
804
sume datorate institutiilor de credit

450
stocuri de materii prime
120
160
capital si rezerve
stocuri de produse finite

80
creante comerciale
200
alte creante
20
investitii financiare pe termen scurt20
casa si conturi la banci
136
140
250
30
24
200
activ
1936
760
1210
1524
capital social
770
1184
rezerve
440
2644
achiz.elementelor de activ imob.

-imob.necorporale
-imob.corporale
-imob.financiare
cap.soc.prin rscumprare
Rambursarea datoriilor financiare

DFR
utilizri pe termen < 1 an
stocuri i creane de exploatare
ali debitori
datoriilor de exploatare
datoriilor ctre ali creditori
RESURSE
resurse pe termen > 1 an
Capacitatea de autofinanare
(Autofinanarea)
Cesiunea/reducerea activ.imobilizat
-imob.necorporale
-imob.corporale
-imob.financiare
cap.soc.prin aport nou

contractare datorii financiare
resurse pe termen < 1 an
stocuri i creane de exploatare
ali debitori
datoriilor de exploatare
datoriilor n afara exploatrii

DNFR
D=DFR-DNFR
Analiza financiara pe baza contului de

profit si pierdere exemplu FIRMA
Analiza financiara pe baza

bilantului
exemplu
FIRMA
BILANT
2013
UTILIZRI
utilizri pe termen > 1 an
dividende
FR
NFR
CF
340
2014
144
76
68
%CA
2014
cifra de afaceri
1370
productia socata
60
104%
productia exercitiului
1430
cheltuieli cu materii prime
330
24%
80%
valoarea adaugata
1100
cheltuieli salariale
100
7%
alte cheltuieli de exploatare
20
1%
72%
EBE
980
ch.amortizari si provizioane de exploatare
244
18%
54%
Rezultatul exploatarii
736
venituri financiare
cheltuieli financiare
rezultat curent
venituri extraordinare
cheltuieli extraordinare
rezultat brut
impozit pe profit
profit net
CAF
EBT
EBIT
EBITDA
Dividende
140
80
796
40
36
800
128
672
916
800
880
1124
358
10%
6%
58%
3%
3%
58%
9%
49%
67%
58%
64%
82%
02.11.2015
Tablou de finantare - FIRMA
2. Tabloul fluxurilor de trezorerie
Utilizari de lichiditati (cash-out flow-uri) 2014 Resurse de lichiditati (cash-in flow-uri) 2014
358 1) fonduri provenite din activitatea curenta

(CAF)
2) emisiune de actiuni
2) rascumpararea capitalului social

3) cresterea bruta a activelor fixe
4) rambursarea datoriilor pe termen lung
TOTAL UTILIZARI SUPLIMENTARE PE
TERMEN LUNG
724 3) scaderea bruta a activelor fixe

4) cresterea datoriilor pe termen lung
1082 TOTAL RESURSE SUPLIMENTARE PE
TERMEN LUNG
FR
100 5) scaderea stocurilor
50 6) scaderea creantelor comerciale
5) cresterea stocurilor
6) cresterea creantelor comerciale
7) cresterea altor creante
8) scaderea datoriilor comerciale
9) scaderea altor datorii pe termen scurt
TOTAL UTILIZARI SUPLIMENTARE PE
TERMEN SCURT
NFR
TN = CF
10 7) scaderea altor creante

8) cresterea datoriilor comerciale
9) cresterea altor datorii pe termen scurt
160 TOTAL RESURSE SUPLIMENTARE PE
TERMEN SCURT
76
68
916
310
1226
144
58
26
84
Analiza financiara cash-flow-urile firmei
Tabloul fluxurilor de trezorerie

(Cash Flow Statement)
A ctivitile de
exploa tare
(operating
activities)
A ctivitile de
investiii
(investing
activities)
A ctivitile de
finanare
(financing
activities)
CF=CF de exploatare + CF de invetitii + CF de finantare
- principalele activiti generatoare de venituri i orice alte

activiti, cu ex cepia celor definite ca fiind activiti de
investiii sau de finanare
- exemple: ncasrile aferente vnzrilor de bunuri i servicii;
plile p rivin d furnizorii i salariaii; plile de impozite,
exceptnd cazu rile cnd acestea vizeaz activitile de investiii
sau de finanare
OBS: dobnzile pltite, n general, sunt cup rinse n categoria
activitilor de exploatare
- cuprind achiziionarea sau vnzarea de active pe termen lung
sau a altor in vestiii care nu sunt considerate cvasilichiditi
- cuprind activ itile care afecteaz mrimea i structura

capitalurilor proprii i a capitalu rilo r mpru mutate ale
ntreprind erii
- prezentarea separat este util pentru estimarea cererilor
viitoare de fluxuri din partea fin anatorilor ntrep rinderii
OBS: sunt incluse plile de dividende
Analiza financiara a cash-flow-urilor -
Tabloul fluxurilor de trezorerie

CF de exploatare
metoda directa
incasari din vanzari
(CA - creante comerciale)
plata aprovizionarilor
(ch.materii prime + stocuri meterii
prime - datorii comerciale)
plata salariilor
(ch.personal)
plata altor cheltuieli de exploatare
(alte ch.exploatare + alte creante alte datorii - rezultat extraordinar)
plata dobanzilor
(ch.financiare)
plata impozit pe profit
metoda indirecta
CAF
- NFR
- venituri financiare incasate
700
1320
312
100
0
80
128
700
916
76
140
CF de exploatare
(metoda directa) = incasari din exploatare

- plati de exploatare
(metoda indirecta) = CAF
- NFR
- venituri financiare
CF de investitii = pret vanzare imobilizari

= - imobilizari brute
- pret achizitionare imobilizari
+venituri financiare
+ venituri financiare
CF de finantare =
+
-
emisiune actiuni
dividende platite
noi credite
rambursari de credite
= cap.social (DCPR)
- dividende platite (-PN)
+ datorii financ
Analiza financiara a cash-flow-urilor

exemplu FIRMA
exemplu FIRMA
pret vanzare imobilizari

+ venituri financiare incasate
metoda indirecta
- imobilizari brute
-584
724
140
CF de finantare
metoda directa
emisiune de actiuni
- plata dividendelor
+ noi credite
- rambursari de credite
metoda indirecta
capital propriu
- profit net
+ datorii financiare
-48
314
672
310
CF
68
explic variaia trezoreriei n cadrul activitilor: de

exploatare (CFexploatare), de investiii (CFinvestiii) i
de finanare (CFfinanare)
Obiective:
evaluarea capacitii ntreprinderii de a degaja
lichiditi;
determinarea necesitilor de lichiditi;
previziunea scadenelor i a riscului ncasrilor
viitoare
compararea rezultatelor ntreprinderii, prin
eliminarea efectelor utilizrii diferitelor metode
contabile
CF= DTN = CFexploatare + CFinvestiii +
CFfinanare
CF de exploatare
CF de investitii
- imobilizari brute
FIRMA
700
-584
724
140
CF de finantare
emisiune de actiuni
- plata dividendelor
+ noi credite
CF
-48
acelasi CF, dar cu alta structura de formare

A
B
C
D
E
F
68
268 -132
668
268
168
0
0
0
0 -300 -400
300
400
0
-200
358
310
68
200
-600
100
300
100
100
200
68
68
400
200
68
200
68
68
200
68
02.11.2015
CASH CYCLE
Achiziionare de materii prime

Comanda
materiilor prime
Vnzarea produselor
ncasarea produselor
finite
finite
Aprovizionarea cu
materii prime
Durata de rotaie a
Durata de ncasare
stocurilor
a clienilor
Durata de plat a
timp
furnizorilor
Plata furnizorilor de
materii prime
Ciclul operaional
Ciclul cash
Ciclul operaional intervalul de timp de la momentul

aprovizionrii cu stocuri i momentul ncasrilor din
vnzrile de produse finite.
Ciclul operaional = durata de rotaie a stocurilor
+ durata de ncasare a clienilor
Ciclul de conversie a numerarului reprezint
intervalul de timp de la momentul plii
aprovizionrilor pn la momentul ncasrilor din
vnzrile de produse finite.
Ciclul de conversie a numerarului = ciclul
operaional durata de plat a furnizorilor
Modalitati de optimizare a ciclului
de conversie a numerarului????
Managementul financiar al creantelor

Exemplu:
S analizm cazul firmei FLORA, care are contracte de vnzare
a produselor cu termenul de ncasare de 30 de zile.
n aceste condiii, firma realizeaz o cifr de afaceri de
10.000.000 lei i un profit de 4.000.000 lei.
La nivelul curent al cifrei de afaceri, firma nregistreaz o
perioad medie de rotaie prin cifra de afaceri a stocurilor
de 40 de zile i o perioad de plat a furnizorilor de 45 de
zile.
Schematiznd aceste termene de plat i de ncasare, se poate
determina ciclul cash (de conversie a numerarului):
Comanda
materiilor prime
Vnzarea produselor
ncasarea produselor
finite
finite
Aprovizionarea cu
materii prime
Termenul
Perioada de ncasare
stocurilor = 40 zile
a clienilor = 30zile
Perioada de plat a
timp
furnizorilor = 45 zile
materii prime
Ciclul operaional = 70 zile
Ciclul cash = 25 zile
02.11.2015
Considernd c firma va adopta modificarea

perioadei de creditare numai dac va obine o
rentabilitate a investiiei suplimentare de 60%
(prag minim stabilit de firm), determinai
impactul modificrii perioadei de creditare n
dou situaii:
(1) perioada de creditare de 60 de zile se
aplic pentru toi clienii firmei;
(2) perioada de creditare de 60 de zile se
aplic numai pentru clienii noi.
Exemplu:
Urmrind creterea cotei de pia, firma analizeaz eficiena
modificrii perioadei de acordare de credite comerciale
clienilor la 60 de zile, estimnd c aceast relaxare a
termenelor de plat va genera o cretere a cifrei de afaceri
de 20%, n condiiile meninerii marjei de profit. Totodat
firma estimeaz o ncetinire a duratei de rotaie a
stocurilor cu 10 zile. Schematiznd aceste modificri ale
termenelor de plat i de ncasare, se poate determina ciclul
cash, a crui valoare crete cu 40 de zile:
Comanda
materiilor prime
Vnzarea produselor
ncasarea produselor
finite
finite
Aprovizionarea cu
materii prime
Termenul
Perioada de ncasare
Perioada de plat a
timp
materii prime
situatie initiala
CA
Profit
marja profit
stocuri
clienti
furnizori
NFR
Speeding up the cash

flow cycle
10,000,000
4,000,000
40%
1,111,111.11
833,333.33
1,250,000
694,444.44
situatie ulterioara
CA
Profit
stocuri
furnizori
clienti
clienti suplimentari
clienti actuali
NFR
profit suplimentar
investitie suplimentara
profit
suplim entar/investitie
a
b
12,000,000 12,000,000
4,800,000 4,800,000
1,666,667 1,666,667
1,500,000 1,500,000
2,000,000 1,166,667
333,333
333,333
1,666,667
833,333
2,166,667 1,333,333
800,000
800,000
1,472,222
638,889
28
54.3%
125.2%
1. CASH
2. BUSINESS INPUTS
29
Vnzarea produselor
ncasarea produselor
finite
finite
Aprovizionarea cu
materii prime
Termenul
Perioada de ncasare
Perioada de plat a
timp
materii prime

termen de creditare
30 zile
pret unitar
160,000 lei
CA
10,000,000 mii lei
Profit
4,000,000 mii lei
durata rotatie stocuri
40 zile
durata plata furnizori
45 zile

Comanda
materiilor prime
30
02.11.2015
4. ACCOUNTS
RECEIVABLES
3. SALES
31
CASH FLOW MANAGEMENT
32
CASH RULES
Profit-ability vs. cashflow-ability
? Out of cash?
experience too rapid a rate of sales
growth
higher rates of cash consumption;
less time to regenerate cash supplies; and
greater risk for holders of both debt and
equity (bonds and stocks).
33
CASH RULES
CASH DRIVER
Money supply and velocity within a

company are both extremely sensitive to
market influences and management
decision making. As a result, they can
change enormously in the very short
term.
Generally speaking,the money supply and
its velocity will have more variability for
a smaller company than for a larger one.
35
34
#1: SALES GROWTH

#2: GROSS MARGIN
#3: SELLING, GENERAL &
ADMINISTRATIVE EXPENSE (SG&A)
#4, 5, 6: ACCOUNTS RECEIVABLE,
ACCOUNTS PAYABLE, AND
INVENTORY
#7: CAPITAL EXPENDITURES
36
02.11.2015
Analiza financiara cash-flow-uri pentru

evaluarea firmei
Analiza financiara cash-flow-uri pentru

evaluarea firmei
1. Cash-flow de gestiune este destinat remunerarii

actionarilor, creditorilor si firmei
CF de gestiune
3. cash-flow-ul disponibil CFD == free cash flow FCF

CFD
= CF de gestiune cresterea economica
= CFD pentru actionari + CFD pentru creditori
= PN + Cheltuieli cu amortizarea +
+ Cheltuieli cu dobanzi (1-t)
2. Cresterea economica reprezinta investitiile firmei

prin cumpararea de imobilizari si prin formarea
activului curent net
CE
CFD pentru actionari = Dividende capital social

= PN capital propriu
CFD pentru creditori = Dobanzi (1-t) Datorii financiare
= Imobilizari brute + ACN

= (Imobilizari nete+Cheltuieli cu amortizarea) +
+ ACN
37
38
Rata de actualizare utilizata in

evaluarea companiei- k
Valoarea companiei
(enterprise value)
Rata de actualizare cost de oportunitate (costul sansei pierdute)

De cele mai multe ori, persoanele fr o pregtire n domeniul financiar
i fac judecile de valoare pentru proiectele de investiii n funcie de
alte oportuniti de pe pia, comparnd rentabilitatea pe care orice
investiie o ofer (ipotetic) cu alte posibiliti de remunerare.
VA(AE)=VA(CPR)+VA(DAT)
VA(CPR) actualizarea CF actionarilor
VA(DAT) actualizarea CF creditorilor
39

Spre exemplu, pot fi utilizate drept rate de actualizare

rata inflaiei,
rata rentabilitii fr risc,
rata dobnzii la depozite,
rata de rentabilitate a sectorului de activitate,
rata de rentabilitate medie din economie etc.:
40

Rata de actualizare cost mediu ponderat al capitalului
Rata de actualizare cost mediu ponderat al capitalului
Ideea de baz a utilizrii acestei metode este dat de faptul c
De cele mai multe ori, costul mediu ponderat al capitalului se

calculeaz prin raportare la dou surse de finanare principale:
capitaluri proprii i, respectiv, mprumutate.
fiecare furnizor de capitaluri utilizate n finanarea proiectelor

de investiii solicit o anumit rentabilitate, ce se constituie ca
un cost pentru firm.
Procentual, acest cost poate fi exprimat sub forma:
kmpk k CPR
CPR
DAT
k DAT
AE
AE
kmpk x i k i
i 1
41
42
02.11.2015
Analiza financiara cash-flowuri pentru evaluarea firmei
VA(CPR )
t 1
CFDactiona rit Vn (CPR )
(1 k CPR ) t
(1 kCPR ) n
VA( DAT )
t 1
Valoarea intreprinderii
CFDcreditorit Vn ( DAT )
(1 k DAT ) t
(1 k DAT ) n
n
VA( AE) V0 (CPR) V0 (DAT)

t 1
CFDt
V ( AE)
n
(1 kAE )t (1 kAE )n
43
Cash flow return on gross investment (ROGI)

= CF operational / Active brute
= (PN+Amortizare) / (Active nete+Amortizare)
ROGI at times serves as a simple substitute for a periodic economic return, relating
operating cash flows to recorded operating assetswhich have been grossed up by
adding back accumulated depreciation to provide a surrogate for current values of
the asset base. It can be a useful approximation to a more rigorous cash flow analysis
in many situations, but could introduce some distortions because in effect it relies on
the original cost of assets of different ages as a broad surrogate for current value.
Cash flow return on investment (CFROI)
= EBITDA/capital employed
=CF/market value of capital employed
variante simple
= the internal rate of return over the life of the investment, based on operating cash
inflows, cash investment outflows, and cash recoveries. It involves a variety of
adjustments to arrive at operating cash flows and the cash value of the asset base
involved.
CFROI, in its most sophisticated form, is an economic return developed for the company
or its parts, representing an internal rate of return over the average life of the
operating assets involved. Its directly comparable to the cost of capital, and to the
results from cash-flow-based new investment analyses.
44
SEMINAR 3
Analiza financiara seminar
Master FABBV
2014-2015
TABLOUL DE FINANTARE
Resurse utilizari suplimentare pe termen lung /
scurt
SITUATIA FLUXURILOR DE TREZORERIE
Incasari / plati din activitatea de exploatare,
investitii, finantare
Prof.dr. Laura Obreja Braoveanu
1.
Analiza financiara cash-flow-urile firmei
Tabloul de finanare
utilizari-resurse suplimentare
(Sources and Uses Statements)
CF=CF de exploatare + CF de invetitii + CF de finantare

CF de exploatare
Utilizri de lichiditi
(cash-out flow-uri):
2) creterea brut a activelor fixe
3) rscumprarea capitalului social
4) rambursarea datoriilor financiare
pe termen lung
5) creterea activelor temporare
6) scderea pasivelor temporare
Resurse de lichiditi
(cash-in flow-uri):
1) fonduri provenite din activitatea
curent (CAF)
2) emisiunea de aciuni
3) creterea datoriilor financiare pe
termen lung
4) scderea brut a activelor fixe
CF de investitii = pret vanzare imobilizari

= - imobilizari brute
+venituri financiare
+ venituri financiare
CF de finantare = emisiune actiuni
- dividende platite
+ noi credite
5) creterea pasivelor temporare

6) scderea activelor temporare
47
(metoda directa) = incasari din exploatare

- plati de exploatare
(metoda indirecta) = CAF
- NFR
- venituri financiare
= cap.social
- dividende platite
+ datorii financ.
48
02.11.2015
Calculati si comparati CF pentru

companiile X si Y
Analiza cash flow-urilor

Studii de caz:
Compania X
Companiile X, Y concurente
intocmiti tabloul de finantare si
situatia cash flow-urilor si
interpretati (evolutie, comparatie)
Compania Apple - tabloul de
finantare si situatia cash flowurilor; comparatia ratelor calculate
pe baza CF
activ
Imob.corporale
Imob.financiare
total imob
stocuri prod.finite
clieni
alte creane expl.
lichiditi
TOTAL ACTIV
N N+1 N+2 N+3 pasiv

N N+1 N+2
22 24 26 27 capitaluri proprii
69 82 92
17 29 31 33 dat.t.lg.
1
5
9
39 53 57 60 capital permanent 70 87 101
9 22 22 24 furnizori
8
9
8
21 21 18 27 ali cred.expl
19 14 13
6
8
6
7 credite de trezorerie
8 10
4
30 16 23 49
105 120 126 167 TOTAL PASIV
105 120 126
49
N+3
103
13
116
16
27
8
167
50
CF pe baza bilantului
compania Y
activ
Imob.corporale
Imob.financiare
total imob
stocuri prod.fin.
clieni
alte creane expl.
lichiditi
TOTAL ACTIV
N N+1 N+2 N+3 pasiv

N N+1 N+2 N+3
43
66
86 106 capitaluri proprii 53
62
71
84
1
3
14
15 dat.t.lg.
15
27
45
55
44
69 100 121 capital permanent
68
89 116 139
21
34
46
52 furnizori
46
34
42
58
78
98 104 141 ali cred.expl
31
27
38
45
15
14
17
17 credite de trezorerie14
66
71
90
1
1
0
1
159 216 267 332 TOTAL PASIV 159 216 267 332
compania X
N N+1 N+2
CA(fr TVA)
102 127 109
+creterea stocurilor
-2
13
0
-aprov.teri
39
65
40
-alte ch.externe
13
19
18
=valoare adugat
48
56
51
-salarii
16
19
20
= EBE
32
37
31
-amortizare
5
5
5
-prov.expl.
5
7
5
=rezultat exploatare
22
25
21
-ch.financiare
1
2
3
=rezultat curent
21
23
18
+rezultat extraordinar
-2
2
-1
=rezultat brut
19
25
17
-impozit pe profit
12
16
10
=rezultat net
7
9
7
capacitate de autofinanare
17
21
17
dividende
2
3
2
autofinanare
15
18
15
N+3
162
2
84
23
57
23
34
5
4
25
3
22
1
23
13
10
19
3
16
Compania X
FR
DFR
NFR
DNFR
CF
N N+1 N+2 N+3

31 34 44 56
3 10 12
9 28 25 15
19
-3 -10
-16 13 22
51
Compania Y
FR
DFR
NFR
DNFR
CF
compania Y
N N+1 N+2 N+3
208 258 322 415
-3
13
12
6
73 104 125 157
28
36
44
54
104 131 165 210
69
88 106 134
35
43
59
76
16
19
24
30
0
4
3
3
19
20
32
43
2
4
8
9
17
16
24
34
0
4
1
0
17
20
25
34
9
10
12
19
8
10
13
15
24
33
40
48
6
5
7
5
18
28
33
43 53
compania X
N N+1 N+2
CA(fr TVA)
102 127 109
+creterea stocurilor
-2
13
0
-aprov.teri
39
65
40
-alte ch.externe
13
19
18
=valoare adugat
48
56
51
-salarii
16
19
20
= EBE
32
37
31
-amortizare
5
5
5
-prov.expl.
5
7
5
=rezultat exploatare
22
25
21
-ch.financiare
1
2
3
=rezultat curent
21
23
18
+rezultat extraordinar
-2
2
-1
=rezultat brut
19
25
17
-impozit pe profit
12
16
10
=rezultat net
7
9
7
capacitate de autofinanare
17
21
17
dividende
2
3
2
autofinanare
15
18
15
N N+1 N+2 N+3

24
20
16
18
-4
-4
2
37
85
87 107
48
2
20
-52
-6 52-18
N+3
162
2
84
23
57
23
34
5
4
25
3
22
1
23
13
10
19
3
16
compania Y
N N+1 N+2 N+3
208 258 322 415
-3
13
12
6
73 104 125 157
28
36
44
54
104 131 165 210
69
88 106 134
35
43
59
76
16
19
24
30
0
4
3
3
19
20
32
43
2
4
8
9
17
16
24
34
0
4
1
0
17
20
25
34
9
10
12
19
8
10
13
15
24
33
40
48
6
5
7
5
18
28
33
43 54
02.11.2015
societatea X
N+1 N+2 N+3
N+1 N+2 N+3
Alocri
Resurse
18 15 16
cretere Imob.corp.
7
7 6 autofinanare
cretere Imob.financ. 12
2 2 noi credite t.lg
4 4 4
19
9 8
22 19 20
FR suplimentar
3 10 12
cretere stocuri
13
0 2 scadere clienti
3
cretere clieni
0
9 scadere alte creante
2
cretere alte creane
2
1 cretere furnizori
1
8
scadere furnizori
1
cretere ali creditori
14
scadere alti creditori
5
1
20
2 12
1 5 22
NFR suplimentar
19 -3 -10
cretere lichiditi
Lichid.suplim.
-16 13 22
tabloul de finantare
societatea X
N+1 N+2 N+3
N+1 N+2 N+3
Alocri
Resurse
18 15 16
cretere Imob.corp.
7
7 6 autofinanare
cretere Imob.financ. 12
2 2 noi credite t.lg
4 4 4
19
9 8
22 19 20
FR suplimentar
3 10 12
cretere stocuri
13
0 2 scadere clienti
3
cretere clieni
0
9 scadere alte creante
2
cretere alte creane
2
1 cretere furnizori
1
8
scadere furnizori
1
cretere ali creditori
14
5
1
20
2 12
1 5 22
NFR suplimentar
19 -3 -10
55
56
societatea Y
Alocri
N+1 N+2 N+3 Resurse
N+1 N+2 N+3
28 33 43
cretere Imob.corp.
42 44 50 autofinanare
cretere Imob.financ.
2 11 1 noi credite t.lg
12 18 10
44 55 51
40 51 53
FR suplimentar
-4 -4 2
cretere stocuri
13 12 6 cretere furnizori
8 16
cretere clieni
20
6 37 cretere ali creditori
11 7
cretere alte creane
3 0 scadere alte creante 1
scadere furnizori
12
4
49 21 43
1 19 23
NFR suplimentar
48
2 20
TN suplim.
-52 -6 -18
societatea Y
Alocri
N+1 N+2 N+3 Resurse
N+1 N+2 N+3
28 33 43
cretere Imob.corp.
42 44 50 autofinanare
cretere Imob.financ.
2 11 1 noi credite t.lg
12 18 10
44 55 51
40 51 53
FR suplimentar
-4 -4 2
cretere stocuri
13 12 6 cretere furnizori
8 16
cretere clieni
20
6 37 cretere ali creditori
11 7
cretere alte creane
3 0 scadere alte creante 1
scadere furnizori
12
4
49 21 43
1 19 23
NFR suplimentar
48
2 20
TN suplim.
-52 -6 -18
57
58
PROIECT
CAF
-crestere NFR
CF operational
noi credite
-dividende
CF finantare
N+1
N+2 N+3
21
19
2
17 19
-3 -10
20 29
N+1 N+2 N+3
33
48
-15
4
3
1
4
2
2
4
3
1
-cump.imob.corporale
7
-cump.imob.financiare 12
CF investitii
-19
7
2
-9
6
2
-8
42 44 50
2 11
1
-44 -55 -51
CF total
13
22
-52
-16
12
5
7
40 48
2 20
38 28
18
7
11
10
5
5
-6 -18
59
Cash Flow Statement

Cash Flow-Operating Activities
Cash Flow- Investing Activities
Cash Flow-Financing Activities
Net Change in Cash
Sources and Uses Statements
- de intocmit
60
10
02.11.2015
APPLE
APPLE
2003
69,000
2004
266,000
2005
1,328,000
2006
1,989,000
2007
3,495,000
Depreciation/Depletion
113,000
150,000
179,000
225,000
327,000
Depreciation/Depletion
Deferred Taxes
(11,000)
19,000
50,000
53,000
73,000
Deferred Taxes
Non-Cash Items
(1,000)
131,000
486,000
174,000
254,000
Non-Cash Items
Net Income/Starting Line
119,000
368,000
289,000
(164,000)
934,000
(176,000)
Other Investing Cash Flow Items, Total992,000

828,000
Cash from Investing Activities
(26,000)
Changes in Working Capital

Cash from Operating Activities
Capital Expenditures
Other Financing Cash Flow
492,000
2008
6,119,000
Net Income/Starting Line
1,321,000
2,535,000 2,220,000
(260,000) (657,000)
5,470,000
(986,000)
(1,312,000)
(2,296,000)
1,014,000
(2,263,000)
(1,488,000)
(2,556,000)
357,000
(3,249,000)
6,000
374,000
2010
14,013,000
2011
25,922,000
2012
41,733,000
496,000
734,000
1,027,000
1,814,000
3,277,000
398,000
1,040,000
1,440,000
2,868,000
4,405,000
1,740,000
538,000
736,000
903,000
1,168,000
2,045,000
(586,000)
1,212,000
5,757,000
(299,000)
9,596,000
(1,199,000)
10,159,000
(1,213,000)
18,595,000
(2,121,000)
37,529,000
(7,452,000)
50,856,000
(9,402,000)
(6,990,000)
Other Investing Cash Flow Items, Total
(8,189,000)
Cash from Investing Activities
(16,221,000)
(11,733,000)
(32,967,000)
(38,825,000)
(17,434,000)
(13,854,000)
(40,419,000)
(48,227,000)
633,000
188,000
345,000
613,000
125,000
(2,488,000)
Changes in Working Capital
(221,000)
2009
8,235,000
Cash from Operating Activities

Capital Expenditures
Other Financing Cash Flow

Total Cash Dividends Paid
Total Cash Dividends Paid

Issuance (Retirement) of Stock, Net
53,000
427,000
543,000
318,000
Issuance (Retirement) of Debt, Net
(300,000)
27,000
1,144,000
127,000
(427,000)
543,000
522,000
324,000
2,901,000
739,000
2,960,000
2,252,000
3,396,000
Net Cash - Beginning Balance -- cash and
equivalents
(BS)
3,396,000
2,969,000
Net Cash - Ending Balance
2,969,000
3,491,000
6,392,000
3,491,000
6,392,000
9,352,000
2,275,000
1,563,000
4,484,000
Cash from Financing Activities

Net Change in Cash
125,000
Free Cash Flow
758,000
483,000
475,000
912,000
831,000
665,000
1,116,000
2,523,000
663,000
(6,612,000)
1,257,000
5,998,000
1,444,000
(1,446,000)
(1,698,000)
931,000
9,352,000
Net Cash - Beginning Balance -- cash and
equivalents11,875,000
(BS)
11,875,000
5,263,000
Net Cash - Ending Balance
5,263,000
11,261,000
9,815,000
11,261,000
9,815,000
10,746,000
16,474,000
30,077,000
62
41,454,000
Issuance (Retirement) of Stock, Net
365,000
Issuance (Retirement) of Debt, Net

Cash from Financing Activities
Net Change in Cash
61
8,397,000
Free Cash Flow
8,946,000
APPLE dinamica CF
APPLE CASH FLOW
63
Uses-Sources
- APPLE
2003
2004
2005
2006
SHO RT TERM
2007
27 6000
1 958000
2999000
236000 0
1 1000
45000
64000
10500 0
7 6000
increase receivables
20 1000
8000
121000
35700 0
38 5000
159300 0
79 9000
276000
5 8000
128000
941000
2630000
2733000
5305000
128000
853000
2352000
2556000
4548000
88000
278000
177000
757000
970 00
328000
67000
221000
1480000
695000
67000
221000
1480000
695000
decrease equity
decrease long t erm debt
310000
increase long t erm assets
18000
6000
3 1000
-200000
874000
2409000
1253000
4610000
201 0
2 011
657000
1112000
400800 0
286 8000
decrease other r eceivables
11,1 85,00 0
18 ,4 66,00 0
3 3,94 0,000
49 ,1 21 ,0 00 decrease account s payable
7,76 5,00 0
9,34 3,00 0
16 ,1 51,00 0
2 8,82 4,000
97 8,00 0
1,84 2,00 0
2,3 15,00 0
5,11 6,000
41 ,5 95 ,0 00 decrease accrued expenses

7 ,5 26 ,0 00
2,77 4,00 0
9,78 1,00 0
17 ,5 59,00 0
3 7,87 8,000
47 ,0 28 ,0 00 SO URCES
in crease lo ng t erm assets
2,77 4,00 0
9,78 1,00 0
17 ,5 59,00 0
3 7,87 8,000
47 ,0 28 ,0 00
D FR
5,96 9,00 0
1,40 4,00 0
9 07,00 0
-3,93 8,000
2 ,0 93 ,0 00
SHO RT TERM
decrease lon g t erm debt
decrease other receivables
91 5000
increase account s payable
24 3000
D NFR
D NFR cu IF t s c
2003
2004
2005
2006
2007
1,144,000
-427,000
522,000
2,901,000
2,960,000
105200 0
297000
328000
161100 0
94000
190000
22700 0
158 0000
2 ,813,000
1,414 ,000
1,460,00 0
2,498 ,000
1,778,00 0
2,246 ,000
7,664,00 0
10,572 ,000
58 ,000
7,96 5,000
27,000
2,191 ,000
9 78,000
1 3,367,000
54,000
275,00 0
141,00 0
110 ,000
5 86,000
1 66000
309000
3 ,842,000
increase account s payable
550 ,000
increase accrued expenses
548 ,000
81,000
6 ,414,000
2,617,00 0
300,000
835,00 0
6,543 ,000
85 5,000
91,000
2 ,502,000
3,796,00 0
3,174 ,000
-756 ,000
51,000
-1 ,249,000
-4,270,00 0
-1,084 ,000
3,446 ,000
8,0 16,000
-5 ,091,000
-2,492,00 0
1,162 ,000
increase short term debt

207000
318000
111800 0
increase other current

liabilities
128 8000
-42 9,000
-24,000
-388,000
-596,0 00
-666 ,000
-1,34 4,000
1,3 01,000
1,887,000
-1,648,00 0
1,650 ,000
65
D NFR
D NFR cu IF t s c
2008
2009
2010
2011
2012
C F = D FR - D NFR
2,523,000
-6,612,000
5,998,000
-1,446,000
931,000
2,523,000
-6,612,000
5,998,000
-1,446,000
931,000
2,523,000
-6,612,000
5,998,000
-1,446,000
931,000
Net Change in Cash
1,144,000
-427,000
522,000
2,901,000
2,960,000
Net Change in Cash
D cash
1,144,000
-427,000
522,000
2,901,000
2,960,000
D cash
63,000
15 ,000
5,561 ,000
1,934,00 0
decrease other cur.assets
decrease short term

investments
15 8000
429 ,000
4,202 ,000
decrease receivables
decrease prepaid expenses
increase other current

liabilities
2 ,718,000
decrease invento ry
59000
30 4000
11,734 ,000
596,000
decrease other current

liabilities
decrease short term

investments
increase short term debt
5,172,00 0
2 ,149,000
decrease short term debt
decrease prepaid expenses
increase accrued expenses
8 ,276,000
9 39,000
785 ,000
8,74 3,00 0
276000
decrease other cur.assets
8,9 94,000
163 ,000
in crease equity
decrease equity
162 0000
5,637 ,000
increase receivables
investments
USES
decrease receivables
2012
20 12 increase short term
decrease lon g t erm asset s
decrease invento ry
201 1
increase invento ry
LO NG TERM
LO NG TERM
2010
increase other receivables
SO URCES
in crease lo ng t erm debt
304000
SO URCES
SHO RT TERM
SHO RT TERM
increase prepaid expenses

200 9
2009
USES
increase other cur.assets

2 00 8
2 008
SO URCES
20 9000
2316 000
decrease accoun ts payable

decrease accrued expenses
Uses-Sources
- APPLE
70 2000
2275000
decrease other current

liabilities
US ES
C F = D FR - D NFR
451 8000
20800 0
1 325000
decrease short term debt
decrease long t erm asset s
539000
increase prepaid expenses

increase short term
investments
increase equit y
D FR
2 007
increase invento ry
increase other receivables
LO NG TERM
LO NG TERM
20 06
USES
SO URCES
increase long t erm debt
2005
SO URCES
increase other cur.assets

2003
2004
64
983 ,000
66
11
02.11.2015
Peers comparison
CF Apple comparison peers

2003
25.26%
221.11%
418.84%
72.38%
-428.57%
2.36%
-74.29%
-2072.41%
-248.81%
CF operational/CF
D% CF operational
CF operational/net profit
CF investing/CF
D% CF investing
CF financial/CF
D% CF financial
D% CF
D% FCF
2004
-218.74%
223.18%
351.13%
348.48%
-279.71%
-29.74%
370.37%
-137.33%
506.40%
2008
380.34%
75.43%
156.82%
-324.57%
152.05%
44.23%
51.01%
-14.76%
87.27%
CF operational/CF
D% CF operational
CF operational/net profit
CF investing/CF
D% CF investing
CF financial/CF
D% CF financial
D% CF
D% FCF
2005
485.63%
171.41%
190.89%
-489.66%
71.77%
104.02%
327.56%
-222.25%
200.13%
2009
-153.64%
5.87%
123.36%
263.67%
112.90%
-10.03%
-40.59%
-362.07%
6.54%
2006
76.53%
-12.43%
111.61%
12.31%
-113.97%
11.17%
-40.33%
455.75%
-31.30%
2010
310.02%
83.04%
132.70%
-230.98%
-20.53%
20.96%
89.59%
-190.71%
84.15%
2007
184.80%
146.40%
156.51%
-109.76%
-1010.08%
24.97%
128.09%
2.03%
186.88%
2011
-2595.37%
101.82%
144.78%
2795.23%
191.75%
-99.86%
14.88%
-124.11%
82.57%
Ratios - Key Metrics

Cash Cycle (Days)
Ratios - Profit/Value/Risk -- VALUE
Hist EV/FCF,
Hist EV/OCF,
Hist EV/FOCF
2012
5462.51%
35.51%
121.86%
-5180.13%
19.32%
-182.38%
-217.59%
-164.38%
67
37.83%
Peers comparison
cash cycle
2003 2004 2005 2006 2007
Hist Price/CF/Shr,
Hist Price/FCF/Shr,
Hist Price/OCF/Shr,
Hist Price/FOCF/Shr
68
Peers comparison
Hist EV/FCF
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Apple
196
38
29
36
42
17
18
19
17
18
Hewlett -P ackard
29
17
39
18
21
13
14
12
11
51
Dell
28
42
33
18
20
13
10
-19
-18
Cisco Syst ems
29
24
17
16
21
13
15
12
Mot orola Solut ions
19
10
64
11
15
25
75
77
Intel
29
17
25
61
34
42
56
13
28
41
55
77
98
Nokia
19
20
26
19
18
17
26
52
46
51
Google
257
125
75
73
24
24
27
21
18
AP PLE (rank)
2008
2009
2010
2011
2012
Apple
-40
-34
-29
-28
-35
-30
-31
-32
-34
-36
Hewlet t-Packard
63
62
59
52
52
51
48
45
50
Dell
-41
-41
-40
-38
-36
-33
-22
-23
Cisco Systems
49
51
56
55
53
48
46
58
Motorola Solutions
68
41
32
33
181
163
109
Intel
56
51
51
65
55
47
49
Nokia
35
35
29
25
29
42
46
29
29
30
average
50
53
38
31
37
20
20
17
15
19
Google
11
21
21
21
27
32
37
39
39
35
median
APPLE (rank)
average
25
23
23
23
41
40
35
28
33
36
29
23.77,
28.58,
28.89
22
17.35,
21.77,
38.94
28
23.34,
27.56,
34.39
19
17.78,
18.93,
42.17
28
20.98,
27.87,
47.52
17
12.96,
16.82,
20.64
15
12.82,
14.77,
21.11
14
12.04,
14.05,
20.64
14
9.05,
14.31,
19.93
18
9.61,
18.21,
22.98
q1
q2
q2
q2
q2
q2
q2
q2
q2
q3
quart ile
q
median
42
38
31
29
40
44
46
42
43
43
-2, 7.23, 8.78, 8.35, 11.15, 16.4, 22.25, 16.28, 17.13, 17.95,
42.2, 38.05, 30.9, 28.9, 40.2, 44.35, 46.15, 42.15, 42.7, 43.3,
57.35 50.93 52.5 52.5 53.45 48.35 48.5 52.5 55.98 57.73
quartile
q
q4
q4
q4
q4
q4
q4
q4
q4
q4
q4
69
70
Peers comparison
Hist EV/OCF
Apple
Peers comparison
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
12
10
14
25
22
10
14
13
12
Hist EV /FOCF
2003
2004
2005
200 6
200 7
20 08
2 009
2 010
2011
2012
Apple
27
12
16
36
26
11
16
15
12
15
20
24
14
12
23
13
15
10
Hewlett-Packard
10
10
14
Hewlet t-P ackard
Dell
16
22
16
13
11
Dell
18
30
17
15
14
11
Cisco Systems
24
19
14
12
16
10
10
Cisco Systems
27
21
15
14
18
10
11
12
Motorola Solution s
15
15
26
Intel
26
16
20
44
28
26
28
12
19
35
Nokia
Motorola Solutions
10
22
13
3
6
12
13
Intel
16
10
10
11
Nokia
10
13
12
12
13
10
Google
50
46
37
35
10
19
14
12
11
APPLE (rank)
average
14
17
16
15
18
10
11
median
12
10.07,
11.51,
16.29
10
9.49,
9.88,
19.76
14
9.14,
13.6,
14.68
12
9.76,
12.16,
15.72
15
11.76,
14.73,
21.7
9
8.27,
9.45,
10.89
9
8.9, 9.48,
8
5.75, 7.6,
11.18
7
4.87,
7.22,
11.06
9.9
5
4.52,
5.05,
11.62
q2
q3
q2
q1
q2
q2
q1
q1
q2
q1
quartile
q
71
16
18
30
25
18
31 8
27
Google
79
71
78
60
15
20
23
15
14
APP LE (rank)
average
21
26
24
29
27
57
17
12
11
16
median
20
17 .09,
19 .73,
26.1 5
19
1 4.91,
1 9.35,
25.74
17
14.94,
16.69,
22 .12
20
13.31,
19.87,
37 .83
23
18.03,
22.7,
2 7.44
11
10.68 ,
11.08 ,
20.37
15
12.5 3,
15.1 8,
22.01
12
8.15 ,
11.7 3,
14.74
11
7.9 9,
11.05,
14.33
14
6.68, 1 4.3,
q1
q4
q3
q2
q2
q3
q2
q2
q2
q2
quartile
q
20.6
72
12
02.11.2015
Peers comparison
Peers comparison
Hist EV /FOCF
2003
2004
2005
200 6
200 7
20 08
2 009
2 010
2011
2012
Apple
27
12
16
36
26
11
16
15
12
15
Hist Price/CF/Shr
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Hewlet t-P ackard
20
24
14
12
23
13
15
10
Apple
29.75
41.55
34.73
30.25
30.51
35.90
17.66
18.60
18.15
13.65
14.01
Dell
18
30
17
15
14
11
Hewlet t-Packard
33
13
10
17
13
14
Cisco Systems
27
21
15
14
18
10
11
12
Dell
49
27
30
31
18
17
13
11
Motorola Solution s
15
15
26
Cisco Syst ems
23
27
24
19
16
21
14
16
14
10
Intel
26
16
20
44
28
26
28
12
19
35
Mot orola Solutions
13
11
17
13
20
14
15
Nokia
16
18
30
25
18
31 8
27
Int el
19
12
12
12
13
12
Google
79
71
78
60
15
20
23
15
14
Nokia
15
14
13
15
12
13
16
189
APP LE (rank)
96
69
39
42
17
25
19
18
17
average
21
26
24
29
27
57
17
12
11
16
APPLE (rank)
median
average
27
22
29
25
19
22
12
14
13
33
11
26
17.18,
26.31,
32.14
19
13.52,
19.39,
27.19
18
11.66,
18.44,
31.27
18
14.42,
18,
30.56
15
12.34,
14.64,
21.08
17
13.93,
17.43,
24.54
13
8.3,
12.87,
15.6
14
11.46,
14.4,
16.83
12
8.77,
12.42,
18.46
12
7.07,
11.78,
15.23
11
7.53,
10.99,
14.94
19
1 4.91,
1 9.35,
25.74
17
14.94,
16.69,
22 .12
20
13.31,
19.87,
37 .83
23
18.03,
22.7,
2 7.44
11
10.68 ,
11.08 ,
20.37
15
12.5 3,
15.1 8,
22.01
12
8.15 ,
11.7 3,
14.74
11
7.9 9,
11.05,
14.33
14
6.68, 1 4.3,
median
20
17 .09,
19 .73,
26.1 5
q1
q4
q3
q2
q2
q3
q2
q2
q2
q2
q2
q1
q1
q2
q1
q1
q1
q1
q2
q2
q2
Google
quart ile
q
quartile
q
73
74
Peers comparison
Peers comparison
Hist Price/OCF/Shr
2002
Apple
59.17
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
26.02
15.47
17.98
30.43
24.95
12.06
16.28
14.54
10.09
12.40
11
11
10
10
15
Dell
19
18
24
18
15
13
12
10
Cisco Systems
13
26
21
17
14
18
11
13
13
Motorola Solutions
11
12
10
28
21
15
17
16
18
12
10
11
13
10
12
12
12
16
14
13
13
10
12
54
49
40
38
12
21
17
15
14
17
10
10
Hist Price/CF/Shr
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Hewlett-P ackard
Apple
29.75
41.55
34.73
30.25
30.51
35.90
17.66
18.60
18.15
13.65
14.01
Hewlet t-Packard
33
13
10
17
13
14
Dell
49
27
30
31
18
17
13
11
Intel
Cisco Syst ems
23
27
24
19
16
21
14
16
14
10
Mot orola Solutions
11
17
13
20
14
15
Google
Int el
13
19
12
12
12
13
12
APP LE (rank)
Nokia
15
Nokia
-
14
13
15
12
13
16
189
average
19
Google
96
69
39
42
17
25
19
18
17
median
12
APPLE (rank)
average
27
22
29
25
19
22
12
14
13
33
11
median
26
17.18,
26.31,
32.14
19
13.52,
19.39,
27.19
18
11.66,
18.44,
31.27
18
14.42,
18,
30.56
15
12.34,
14.64,
21.08
17
13.93,
17.43,
24.54
13
8.3,
12.87,
15.6
14
11.46,
14.4,
16.83
12
8.77,
12.42,
18.46
12
7.07,
11.78,
15.23
11
7.53,
10.99,
14.94
q2
q1
q1
q2
q1
q1
q1
q1
q2
q2
q2
quart ile
q
quartile
q
18
11.85,
17.83,
11.45, 12.48, 16.3
21.97
q1
q1
19
18
18
20
12
13
14
11.54,
13.89,
21.87
17
10.33,
16.51,
18.02
14
10.83,
14.24,
18.92
16
13.4,
16.28,
25.72
12
10.44,
11.82,
12.61
12
10.16,
11.61,
15.35
q2
q2
q1
q2
q2
q1
2002
-
13.58
12.86
13.27
q1
q2
q2
CF - peers
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
60.16
19.06
20.04
43.22
30.44
13.78
18.49
16.41
12.59
16.18
14
Hewlett-P ackard
13
22
29
16
14
25
13
Dell
21
20
32
20
18
17
15
13
Cisco Systems
22
30
23
18
16
21
13
14
15
11
10
Motorola Solutions
36
28
15
13
23
31
28
19
22
49
32
31
32
15
22
39
20
20
23
36
29
20
325
29
11
85
75
85
65
18
23
27
19
18
Intel
Nokia
Google
APP LE (rank)
#VALUE!
average
24
median
22
quartile
q
28
22
19.88,
22.15,
20.27, 21.61, 26.93
29.13
q1
q1
76
Peers comparison
Apple
8
9
7
6.48, 7.74, 6.42, 9.45, 5.72, 7.38,
75
Hist Price/FOCF/Shr
20.6
2003
2004
200 5
2006
2007
2008
20 09
2010
2011
2012
cash cycle
-40.40
-34.10
-29.10
-28.10
-34.90
-29.80
-30 .60
-32.30
-33.70
-35.60
Hist EV/FCF
195.62
38.05
29.00
35.79
42.08
1 7.15
18.31
18.95
17.2 4
18.04
Hist EV/OCF
11.51
9.78
14.27
25.10
21.66
9 .57
13.84
13.02
9.3 2
11.75
Hist EV/FOCF
26.60
12.05
15.90
35.65
26.43
1 0.93
15.72
14.70
11.6 3
15.33
Hist Price/CF/Shr
41.55
34.73
30.25
30.51
35.90
1 7.66
18.60
18.15
13.6 5
14.01
442.36
60.19
36.56
43.39
48.47
2 1.61
21.54
21.16
18.6 7
19.04
30
27
33
30
61
21
14
13
18
Hist Price/FCF/Shr
23
18.92,
23.34,
29.58
20
17.8,
19.95,
25.58
24
15.42,
23.68,
44.55
25
20.18,
24.5,
31.08
15
13.28,
14.67,
24.39
21
14.05,
20.89,
24.85
14
10.16,
14.47,
15.26
12
8.54,
11.68,
17.39
16
8.15,
16.18,
24.52
Hist Price/OCF/Shr
26.02
15.47
17.98
30.43
24.95
1 2.06
16.28
14.54
10.0 9
12.40
Hist Price/FOCF/Shr
60.16
19.06
20.04
43.22
30.44
1 3.78
18.49
16.41
12.5 9
16.18
q3
q2
q2
q2
q3
q3
q1
q2
q2
77
13
02.11.2015
Teme / sugestii / recomandari

90.00
70.00
cash cycle
50.00
Hist EV/FCF
PROIECT analiza pe baza situatiei fluxurilor de

trezorerie
http://www.ssrn.com/en/
Recomandare carte Kahneman Thinking, Fast and Slow ,
Kahneman
Hist EV/OCF
30.00
Hist EV/FOCF
Hist Price/CF/Shr
Hist Price/FCF/Shr
10.00
2011
2012
2010
2009
2008
2007
2006
2005
2004
2001
2003
2002
1999
1998
2000
1997
1996
1995
1994
1991
1993
1992
1990
1989
1988
1987
1986
1985
1984
1983
Hist Price/OCF/Shr
-10.00
Hist Price/FOCF/Shr
A nva nseamn a descoperi
c ceva este posibil.
-30.00
-50.00
79
Muzica Tarja Turunen

https://www.youtube.com/watch?v=AeUjfxTkgfY
(Fritz Perls)
Seara frumoasa
in continuare!
14

4 DAFI AF Partea 4 Analiza Cash Flow

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02.11.

Analiza fluxurilor de trezorerie

Prof.dr. Laura OBREJA

Master nov 2015

Cash flow analysis

Prof.dr. Laura Obreja Brasoveanu

1) fonduri provenite din activitatea

5) creterea activelor temporare

(1) relaia dintre tabloul de finanare i bilan

5) creterea pasivelor temporare

Tabloul de finanare utilizri - resurse

active circulante nete

sume datorate institutiilor de credit

stocuri de materii prime

stocuri de produse finite

Prof.dr. Laura Obreja Brasoveanu

achiz.elementelor de activ imob.

Rambursarea datoriilor financiare

stocuri i creane de exploatare

datoriilor ctre ali creditori

cap.soc.prin aport nou

stocuri i creane de exploatare

datoriilor n afara exploatrii

Analiza financiara pe baza contului de

Analiza financiara pe baza

Tablou de finantare - FIRMA

2. Tabloul fluxurilor de trezorerie

358 1) fonduri provenite din activitatea curenta

2) rascumpararea capitalului social

724 3) scaderea bruta a activelor fixe

10 7) scaderea altor creante

Analiza financiara cash-flow-urile firmei

Tabloul fluxurilor de trezorerie

CF=CF de exploatare + CF de invetitii + CF de finantare

- principalele activiti generatoare de venituri i orice alte

- cuprind activ itile care afecteaz mrimea i structura

Analiza financiara a cash-flow-urilor -

Tabloul fluxurilor de trezorerie

(metoda directa) = incasari din exploatare

CF de investitii = pret vanzare imobilizari

Analiza financiara a cash-flow-urilor

pret vanzare imobilizari

Prof.dr. Laura Obreja Brasoveanu

explic variaia trezoreriei n cadrul activitilor: de

+ venituri financiare incasate

acelasi CF, dar cu alta structura de formare

Achiziionare de materii prime

Ciclul operaional intervalul de timp de la momentul

Managementul financiar al creantelor

Prof.dr. Laura Obreja Brasoveanu

Managementul financiar al creantelor

Managementul financiar al creantelor

Considernd c firma va adopta modificarea

Speeding up the cash

Prof.dr. Laura Obreja Brasoveanu

Managementul financiar al creantelor

Achiziionare de materii prime

CASH FLOW MANAGEMENT

Money supply and velocity within a

Prof.dr. Laura Obreja Brasoveanu

#1: SALES GROWTH

Analiza financiara cash-flow-uri pentru

Analiza financiara cash-flow-uri pentru

1. Cash-flow de gestiune este destinat remunerarii