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Cash flow suplimentar

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1HYRLDGL LRQDOHGHIRQGGHUXOPHQW

5HFXSHU ULGLQHYHQWXDOHFHVLXQL

7UHEXLH OXDW vQ FDOFXO GHFDODMXO vQ WLPS FDUH H[LVW  vQWUH XWLOL]DUHD IRQGXULORU QHFHVLWDWH GH ODQVDUHD
SURLHFWXOXLLFDSDFLW

LOHGHILQDQ DUHDGL LRQDOHSHFDUHLQYHVWL LDOHGHJDM SURJUHVLYSHWRDW GXUDWDGHYLD

F  ,QFLGHQ D SURLHFWHORU GH LQYHVWL LL DVXSUD ULVFXOXL ILQDQFLDU Q VIkULW SURLHFWHOH GH LQYHVWL LL
YL]DWH VDX ODQVDWH GH vQWUHSULQGHUH DX LQFLGHQ

 DVXSUD ULVFXOXL SH FDUH vQWUHSULQGHUHD vO VXSRUW 

Trei tipuri

de risc pot fi identificate.


QSULPXOUkQGFKHOWXLHOLOHGHILQDQ DUHDGL LRQDOHVXSRUWDWHLHYHQWXDODGHWHULRUDUHDWUH]RUHULHLSRW
DPHQLQ DVROYDELOLWDWHDvQWUHSULQGHULL$FHDVWDVHH[SXQHULVFXOXLGHIDOLPHQW
Q DO GRLOHD UkQG LQYHVWL LD VSRUHVWH LQFHUWLWXGLQHD UHODWLY  OD DFWLYLWDWH L OD UH]XOWDWH L GHWHUPLQ 

astfel o amplificare a riscului de exploatare. Acest risc este definit n raport cu variabilitatea sau
LQVWDELOLWDWHD UH]XOWDWHORU 5LVFXO GH H[SORDWDUH HVWH GHWHUPLQDW GH QRLOH LQYHVWL LL FDUH IDF V  FUHDVF 

dispersia rezultatelor posibile (ameliorare n caz dH


cheltuielile fixe suportate de ntreprindere.

VXFFHV GHJUDGDUH vQ FD] GH HHF  L PDMRUHD] 

Q VIkULW ILQDQ DUHD DGL LRQDO  QHFHVDU  SHQWUX DFRSHULUHD QHYRLORU GHWHUPLQDWH GH LQYHVWL LL H[SXQH
vQWUHSULQGHUHDODXQULVFILQDQFLDUDF UXLDPSORDUHGHSLQGHGHUDSRUWXOvQWUHUDWDUDQGDPHQWXOXLDFWLYHORURE LQXWH
SULQLQYHVWL LHLFRVWXOUHVXUVHORUXWLOL]DWHSHQWUXHIHFWXDUHDLQYHVWL LHL

10.1.3.2. Luarea n calcul a variabilelor extrafinanciare


'HL HYDOXDUHD ILQDQFLDU  D SURLHFWHORU GH LQYHVWL LL VH ID

ce

ntr-XQ FDGUX DQDOLWLF ULJXURV L

HILFLHQWHD QX RIHU  GHFkWR YL]LXQHSDU LDO DVXSUDSURLHFWHORUGHLQYHVWL LL(YDOXDUHDILQDQFLDU WUHEXLHV 


ILH FRPSOHWDW  GH RDQDOL]  PXOWLGLPHQVLRQDO FDUHV  LQ  VHDPDGHFRPSOH[LWDWHD SURFHVXOXLLQYHVWL L
2DVHPHQHDDQDOL] DUWUHEXLPDLvQWkLV SXQ vQHYLGHQ

onal.

LPSDFWXOSURLHFWHORUVWXGLDWHDVXSUDILHF UHLDGLQ

IXQF LLOH vQWUHSULQGHULL 'H DVHPHQHD DU WUHEXL V  HYLGHQ LH]H OHJ WXUD vQWUH DFHVWH SURLHFWH L RULHQW ULOH

globale ale ntreprinderii.


a),PSDFWXOLQYHVWL
LPSRUWDQ

LLORUDVXSUDIXQF LLORUvQWUHSULQGHULL'XS QDWXUDVDXQSURLHFWGHRDQXPLW 

DUHLPSOLFD LLPDLPXOWVDXPDLSX LQDPSOHDVXSUDGLIHULWHORUDVSHFWHDOHJHVWLXQLLvQWUHSULQGHULL

3H SODQ FRPHUFLDO R LQYHVWL LH DUH LPSOLFDWLL DVXSUD JDPHL GH SURGXVH FRQGL LLORU GH GLVWULEXLUH
UDSRUWXULORUFXUH HDXDFRPHUFLDO SROLWLFLLGHSUH XULLPDJLQLLvQWUHSULQGHULLHWF
3H SODQXO SURGXF LHL R LQYHVWL LH DUH LPSOLFD LL DVXSUD GHUXO ULL SURFHVHORU SURGXFWLYH DVXSUD
FDSDFLW

LLGHSURGXF LHDVXSUDSURGXFWLYLW

LLPXQFLLHWF

&XSULYLUH ODJHVWLXQHDUHVXUVHORUXPDQHXQSURLHFWGHRDQXPLW LPSRUWDQ

SURGXFHHIHFWHDVXSUD

JHVWLXQLLHIHFWLYXOXLGHVDODULD LDVXSUDFDOLILF ULLDFHVWRUDDVXSUDFRQGL LLORUGHPXQF LDVXSUDRUJDQL]

muncii.

rii

Q VIkULW JHVWLXQHD DGPLQLVWUDWLY  L ORJLVWLF  D vQWUHSULQGHULL HVWH DIHFWDW  GH QRLOH LQYHVWL LL FDUH
PRGLILF FLUFXLWXOIOX[XULORUIL]LFHLDOIOX[XULORULQIRUPD LRQDOH
E  /HJ

WXUD LQYHVWL LLORU FX RULHQW

vQ YHGHUH XQ FULWHULX GH FRHUHQ

. Toate investL LLOH WUHEXLH V

ULOH VWUDWHJLFH

 FX DFWLYLWDWHD vQWUHSULQGHULL $FHDVW  FRHUHQ

 ILH HYDOXDWHDYkQG

 YL]HD]  vQ DFHODL WLPS

SURLHFWXO vQ VLQH L UDSRUWXULOH vQWUH DFHVW SURLHFW L RULHQW ULOH PDMRUH DOH vQWUHSULQGHULL DVWIHO FXP VXQW

deILQLWHGHSROLWLFDVDJHQHUDO

GHVWUDWHJLDVD

1H YRP vQWUHED GDF  SURLHFWXO GH LQYHVWL LL DYXW vQ YHGHUH FRQWULEXLH HILFLHQW OD UHDOL]DUHD
RELHFWLYHORU vQWUHSULQGHULL VDX GDF  GLQ FRQWU  HO QX H[HUFLW  GHFkW R FRQWULEX LH QHJOLMDELO  VDX FKLDU

negatiY


'DU R HYDOXDUH VWUDWHJLF  D SURLHFWHORU GH LQYHVWL LL QX H SRVLELO  GHFkW GDF  RULHQW ULOH VWDELOLWH GH

conducerea ntreprinderii sunt exprimate ntr-XQPRGFODULH[SOLFLW


$FHVWH RULHQW UL YL]HD]  vQ SULPXO UkQG SULQFLSLLOH GLUHFWRDUH OLQLLOH GH DF LXQH VWDELOLWH SHQWUX
DFWLYLWDWHD vQWUHSULQGHULL L FDUH SHUPLW V  VH GHILQHDVF  SROLWLFD VD JHQHUDO  &RPSDWLELOLWDWHD vQWUH R
LQYHVWL LH L SROLWLFD JHQHUDO  D vQWUHSULQGHULL SRDWH IL DSUHFLDW  GHVWXO GH GHYUHPH vQ SURFHVXO VWXGLHULL

proiectului

L FRQVWLWXLH XQ PLMORF GH SUHVHOHF LH 'LQ DQVDPEOXO SURLHFWHORU YL]DWH VH UH LQH FHO FDUH

FRUHVSXQGH FHO PDL ELQH FX SROLWLFD JHQHUDO  D vQWUHSULQGHULL L HO YD IL VXSXV XQHL HYDOX UL WHKQLFR

HFRQRPLFHDSURIXQGDW 
Q DO GRLOHD UkQG WRDWH LQYHVWL LLOH LPSRUWDQWH VXQW HYDOXDWH vQ UDSRUW FX RULHQW ULOH VWUDWHJLFH

stabilite de ntreprindere.
$FHVWHRULHQW ULYL]HD] WUHLRS LXQLPDMRUH8QQRXSURLHFWGHLQYHVWL LLWUHEXLHV vQW UHDVF SR]L LD
vQWUHSULQGHULL vQWUH SURGXF WRULL DFHOXLDL SURGXV 3URLHFWXO WUHEXLH V  ILH FRQYHUJHQW FX UHOD LLOH VWDELOLWH GH
vQWUHSULQGHUH FX SDUWHQHULL H[WHULRUL IXUQL]RUL FOLHQ L FRQFXUHQ L SXWHUHD SXEOLF  Q VIkULW HO WUHEXLH V 
ILHFRPSDWLELOFXVWUXFWXUDLQWHUQ DvQWUHSULQGHULL

10.2. METODE DE EVALUARE A PROIECT(/25'(,19(67,

,,

(YDOXDUHD ILQDQFLDU  D SURLHFWHORU GH LQYHVWL LL XUP UHWH vQ JHQHUDO GRX  RELHFWLYH Q SULPXO UkQG

VH XUP UHWH DVLJXUDUHD XQHL FRPSDUD LL vQWUH SURLHFWHOH FRQFXUHQWH vQWUH FDUH WUHEXLH V  VH VWDELOHDVF 

ordinea de prioritate. n al
proiectului.

GRLOHD UkQG VH XUP UHWH IRUPXODUHD XQHL DSUHFLHUL DVXSUD YDORULL LQWULQVHFL D

(YDOXDUHD ILQDQFLDU  D SURLHFWHORU GH LQYHVWL LL VH UHDOL]HD]  ILH SULQ PHWRGH FDUH SXQ DFFHQWXO SH

rentabilitatea medie a proiectelor, fie prin metode fondate pe actualizare.

10.2.1. Metode fondate pe rentabilitatea medie


10.2.1.1. Rata medie de rentabilitate n exploatare
0HWRGHOHIRQGDWHSHUHQWDELOLWDWHDPHGLHFDXW V P VRDUHP ULPHDXQHLUDWHGHWLSXO

rm =

Rezultat m ediu anual


Cheltuieli m edii anuale de exploatare

$SOLFDUHD ORU G  QDWHUH OD IRUPXO UL YDULDWH GXS  LQGLFDWRUXO DOHV SHQWUX P VXUDUHD UH]XOWDWHORU

DQXDOH EHQHILFLXOFRQWDELOH[FHGHQWXOEUXWGLQH[SORDWDUH LP ULPHDUH LQXW SHQWUXFDSLWDOXULOHDQJDMDWH

'HL DFHVWH PHWRGH SUH]LQW  DYDQWDMXO GH D IL VLPSOHHOHDXR OLPLW HVHQ LDO  DFHHD F VH UHIHU OH

UH]XOWDWHPHGLLQHJOLMkQGLQVWDELOLWDWHDHYHQWXDO DDFHVWRUUH]XOWDWHLWHUPHQXOODFDUHHOHVXQWRE LQXWH GH


H[HPSOXXQDQXPLWEHQHILFLXHVWHDSUHFLDWvQDFHODLPRGILHF HVWHRE LQXWvQSULPXODQGHH[SORDWDUHILH

GXS

cinci ani).

10.2.1.2. Termenul de recuperare a cheltuielilor


Termenul de recuperare Tr HVWH WHUPHQXO QHFHVDU SHQWUX FD LQYHVWLWRUXO V -L UHFRQVWLWXLH IRQGXULOH
-flow-uri, care ca surplusuri monetare, permit o astfel de recuperare.

DYDQVDWH LQL LDO (VWH YRUED GH FDVK

3XWHPVWDELOLF 

Tr =

Costul initial al investitie i


Cash flow anual mediu

'XS  R YDULDQW  D DFHDVWHL PHWRGH SXWHP FDOFXOD WHUPHQXO GH UHFXSHUDUH FRPSDUkQG OD VIkULWXO

ILHF UXL DQ FDVK


LQYHVWL LHL

-flow-XO

FXPXODW RE LQXW GH OD GDUHD vQ H[SORDWDUH D LQYHVWL LHL FX FRVWXO LQL LD

l al

,QWHUHVXOSHQWUXRDVWIHOGHPHWRG FRQVW vQIDSWXOF LDvQFDOFXOWLPSXOGXUDWDGHH[SORDWDUH


QV PHWRGHOHGHHYDOXDUHDSURLHFWHORUGHLQYHVWL LLED]DWHSHDFWXDOL]DUHLDXvQFDOFXOWLPSXOvQWU

-un

PRGPXOWPDLVDWLVI F WRU

10.2.2. Metode bazate pe actualizarea cash-flow-urilor


8WLOLWDWHDQR LXQLLGHDFWXDOL]DUH
$FWXDOL]DUHD FRQVW  vQ GDWDUHD ILHF UXL IOX[ PRQHWDU SHQWUX D LQH FRQW GH PRPHQWXO vQ FDUH HO

apare efectiv.
Un flux monetar viitor Fn este totdeauna considerat ca depreciat n raport cu un flux prezent F0 de

DFHHDL VXP  $FHDVW  GHSUHFLHUH vQ YLLWRU


EHQHILFLDUXO GH SRVLELOLW

LQH GH IDSWXO F  R vQFDVDUH RE LQXW  PDL WkU]LX SULYHD] 

LOH GH XWLOL]DUH SH FDUH L OH DU SHUPLWH R vQFDVDUH LPHGLDW  SODVDPHQW

rambursare

GHvPSUXPXWLQYHVWL LL 
3XWHPIRUPXODXUP WRDUHOHREVHUYD LL

a) Fn < F0 'DF

 IOX[XULOH )

n L )0 UHSUH]LQW

 DFHHDL VXP  E QHDVF  SULPLW  VDX Y UVDW  ODGRX 

GDWHGLVWLQFWHIOX[XOFHOPDLDSURSLDWDUHRYDORDUHPDLULGLFDW 

b) F0, valoDUHD DFWXDO

 SHQWUX )

GREkQ]LL U SHQWUX D VH RE LQH VXPD )

n HVWH GHILQLW

 FD VXPD FDUH DU WUHEXL SODVDW  DVW ]L OD R UDWD D

 GXS  Q DQL 5DWD GH DFWXDOL]DUH U VH SUHVXSXQH F  UHSUH]LQW  FRVWXO

FDSLWDOXULORUSHWHUPHQOXQJSHSLD DILQDQFLDU 

Se poate deFLVWDELOLF

Fn = F0 (1+ r ) n
5H]XOW F 

F0 =
F  0 ULPHD

1
(1+ r ) n

Fn
= Fn (1+ r ) -n
(1+ r ) n

 HVWH FRHILFLHQWXO GH DFWXDOL]DUH FDUH P VRDU  GHSUHFLHUHD IOX[XULORU E QHWL

YLLWRDUHLFDUHHVWHFXDWkWPDLPLFFXFkWUHVWHPDLULGLFDW LQHV

te mai mare.

Q WHUPHQL HFRQRPLFL YDORDUHD DFWXDO  D XQXL IOX[ YLLWRU YD IL FX DWkW PDL PLF  FX FkW IOX[XO
PRQHWDUYDILODRGDW PDLvQGHS UWDW LFXFkWFRVWXOFDSLWDOXULORUHVWHPDLULGLFDW

9DORDUHDDFWXDO

QHW

 9$1

9DORDUHDDFWXDO QHW DXQXLSURLHFWGHLQYHVWL LLFRUHVSXQGHGLIHUHQ HLGLQWUHVXPDFDVK

-flow-urilor

SUHYL]LELOHDFWXDOL]DWHLFRVWXOLQL LDODOLQYHVWL LHL


6HPQLILFD LDVDHFRQRPLF SRDWHILHYLGHQ LDW DVWIHO
D 'DF YDORDUHDDFWXDO QHW HVWHSR]LWLY vQVHDPQ F VHUHFRQVWLWXLHIRQGXULOHLQL LDOHLVHRE LQH
XQVXUSOXV3URLHFWXOH[HUFLW GHFLRLQIOXHQ

IDYRUDELO DVXSUDvQWUHSULQGHULLLWUHEXLHDFFHSWDW

E  'DF  YDORDUHD DFWXDO  QHW  HVWH QHJDWLY  vQVHDPQ  F  QX VH YRU UHFRQVWLWXL IRQGXULOH LQL LDOH
LQkQGFRQWGHWLPSXOQHFHVDUSHQWUXRE LQHUHDORU3URLHFWXOHVWHGHIDYRUDELOSHQWUXvQWUHSULQGHUH

)LH XQ SURLHFW GH LQYHVWL LH QHFHVLWkQG IRQGXUL LQL LDOH )

0 L FDUH GHWHUPLQ

flow-uri previzionale F1, F2, F3, ... , Fn n timpul duratei sDOH GH YLD

 XQ DQVDPEOX GH FDVK

 GH Q DQL 'DF  UDWD GH DFWXDOL]DUH

DSOLFDW GHvQWUHSULQGHUHHVWHU9$1SRDWHILIRUPXODW DVWIHO

VAN(r) = -&RVWXOLQL LDO6XPDFDVK-flow-urilor previzibile actualizate

F1
F2
Fn
+
+...+
2
1+ r (1+ r)
(1+ r) n
n
Fj
VAN(r) = - F0 +
j
j=1 (1+ r)

VAN(r) = - F0 +
sau

Aplicarea metodei VAN seORYHWHGHGRX

GLILFXOW

D  2 SULP  GLILFXOWDWH YL]HD]  SUHYL]LXQHD FDVK

L

-flow-XULORU YLLWRDUH SH FDUH OH YD JHQHUD LQYHVWL LD

6XQWQHFHVDUHVWXGLLWHKQLFHHFRQRPLFHLFRPHUFLDOHSUHDODELOHHYDOX ULLILQDQFLDUHDLQYHVWL LHL

b) O a doua dificultaWH SULYHWH DOHJHUHD UDWHL GH DFWXDOL]DUH $FHDVW

 PHWRG  HVWH H[WUHP GH

VHQVLELO ODYDULD LLOHUDWHLGHDFWXDOL]DUH6WDELOLUHDP ULPLLDFHVWHLUDWHHVWHHVHQ LDO 


5HSUH]HQWDUHD JUDILF  FDUH XUPHD]  SHUPLWH V  VH LOXVWUH]H FODU LPSRUWDQ D DOHJHULL UDWH

i de

actualizare.
)LH GRX  SURLHFWH SHQWUX FDUH GRULP V  FRPSDU P YDORULOH DFHVWHL UDWH 9DORDUHD DFWXDOD QHW  GHVFUHWH
FkQGUDWDGHDFWXDOL]DUHFUHWH

'LQUHSUH]HQWDUHDSUH]HQWDW FODVDUHDFHORUGRX SURLHFWHYDULD] vQIXQF LHGHUDWDGHDFWXDOL]DUH


'DF YRPFDOFXOD9$1FXUDWDU SURLHFWXO,GHWHUPLQ R9$1VXSHULRDU 

VAN (I) > VAN (II)


'DF YRPFDOFXOD9$1FXUDWDU

b, proiectul II va fi preferabil:
VAN (II) > VAN (I)

$VWIHO vQ IXQF LH GH UDWD GH DFWXDOL]DUH UH LQXW  SHQWUX VWDELOLUHD 9$1 DMXQJHP OD UH]XOWDWH
FRQWUDGLFWRULL $FHDVW  VHQVLELOLWDWH D PHWRGHL OD UDWD GH DFWXDOL]DUH LQWURGXFH XQ ULVF PDMRU SULQ DOHJHUHD
DFHVWHLUDWH'LQIHULFLUHDOHJHUHDDFHVWHLUDWHQXHVWHRDOHJHUHGLVFUH LRQDU DvQW

reprinderii, ci are n vedere

FRVWXOUHVXUVHORUSHQWUXILQDQ DUHDLQYHVWL LLORUIXUQL]kQGX VHDVWIHOXQIXQGDPHQWRELHFWYDSOLF ULLPHWRGHL

5DWDLQWHUQ

GHUHQWDELOLWDWH 5,5

5DWDLQWHUQ GHUHQWDELOLWDWHFRUHVSXQGHUDWHLGHDFWXDOL]DUHFDUHIDFHYDORDUHDDFWXDO QHW HJDO FX

zero.

Fo =

F1
F2
Fn
+
+...+
2
1+ r (1+ r )
(1+ r ) n

Astfel, pe graficul prezentat mai nainte, punctele r1 L U2 UHSUH]LQW

SHQWUXSURLHFWHOH,LUHVSHFWLY,,

 UDWD LQWHUQ  GH UHQWDELOLWDWH

$FHDVW  UDW  FRUHVSXQGH FRVWXOXL PD[LP SH FDUH vQWUHSULQGHUHD DU SXWHD V

-l suporte pentru

ILQDQ DUHD LQYHVWL LHL 5,5 WUHEXLH VD ILH LQWHUSUHWDW  SULQ FRPSDUDUHD FX FRVWXO PHGLX SRQGHUDW &03  DO

resurselor ntreprinderii.
'DF U!&03LQYHVWL LDHVWHDYDWDMRDV HDSHUPLWHFRPSHQVDUHDFRVWXOXLUHVXUVHORUGHILQDQ DUH

STUDIU DE CAZ

SELECTAREA PROIECTEL25'(,19(67,

,,

6WXGLXO D IRVW HIHFWXDW OD 6RFLHWDWHD FRPHUFLDO  '(/7$ 5RPkQLD 65/ 'XS  Fk LYD DQL GH
DFWLYLWDWH vQWUHSULQGHUHD FDUH DUH FD SULQFLSDO RELHFW GH DFWLYLWDWH GLVWULEXLUHD vQ DU  GH H
ELURX FDOFXODWRDUH FRSLDWRDUH ID[XUL  YL]HD]  GH]YROWDUHD DFWLYLW
SRVLELOLW

chipamente de

LL SULQ XQD GLQ XUP WRDUHOH GRX 

L

-VSRULUHDYkQ]
-VSRULUHDYkQ]
(proiectul 2).

ULORUSULQFHQWUHSURSULLGHGHVIDFHUHvQILLQ DWHvQGLIHULWHORFDOLW

L

proiectul 1);

ULORUSULQLQWHUPHGLXOXQHLUH HOHGHGHDOHULFDUHVDDF LRQH]HvQGLIHULWH]RQHGLQ DU 

&RVWXO LQL LDO DO ILHF UXLD GLQWUH DFHVWH GRX  SURLHFWH HVWH HVWLPDW OD  PLOLDUGH OHL $FHDVW 
LQYHVWL LHDUXUPDV VHDPRUWL]H]HvQDQL&RVWXULOH

de exploatare ale ntreprinderii, pentru fiecare proiect,


n fiecare din cei 4 ani de activitate,sunt estimate la 40 miliarde lei.
,QFLGHQ HOHILQDQFLDUHSULQFLSDOHDOHDFHVWRUSURLHFWHVXQWSUH]HQWDWHvQWDEHOXOXUP WRU

-n mii lei(OHPHQWHGHFRPSDUD LH

Proiectul 1
60000000
20000000
20000000
20000000
20000000

&RVWLQL LDO
0DUMDEUXW

1
2
3
4

GHDXWRILQDQ DUH

(sau cash flow net)


pe ani

Proiectul 2
60000000
10000000
10000000
30000000
40000000

QFRPSDUDUHDFHORUGRX SURLHFWHYRPDSOLFDXUP WRDUHOHPHWRGHGHDSUHFLHUH

UHQWDELOLWDWHDPHGLHDQXDO vQH[SORDWDUH
termenul de recuperare a cheltuielilor;
YDORDUHDDFWXDO QHW ODRUDW GHLDSRLGH
UDWDLQWHUQ GH rentabilitate.
D 0HWRGDUHQWDELOLW

LLPHGLL'XS FULWHULXOUHQWDELOLW

LLPHGLLSURLHFWHOHDYXWHvQYHGHUHWUHEXLH

V ILHFRPSDUDWHSHED]DUDWHLPHGLLGHUHQWDELOLWDWHDDFHVWRUDU

m.

rm =

Beneficiu net mediu anual


Cheltuieli medii anuale de exploatare

Beneficiul anual poate fi stabilit pe baza UHOD LHLXUP

WRDUH

0DUMDEUXW GHDXWRILQDQ DUH 0%$ 

5H]XOWDWQHW 51 $PRUWL] ULLSURYL]LRDQH $3

RN = MBA - AP

&RVWXO LQL LDO ILLQG DPRUWL]DW vQSDWUXDQLUDWDPHGLHGHUHQWDELOLWDWH D FHORUGRX SURLHFWHVH SUH]LQW vQ
WDEORXOXUP WRU YDORULvQPLOLRDQHOHL 

Anii
1
2
3
4
rm

Concluzii

Proiectul 1
Rezultat net
20000 - 15000 = 5000
5000
5000
5000
Rezultat net mediu = 5000

rm =

5000
= 0,125
40000
rm = 12,5%
Proiectul 2 mai bun

Proiectul 2
Rezultat net
10000 - 15000 = -5000
10000 - 15000 = -5000
30000 - 15000 = 15000
40000 - 15000 = 25000
Rezultat net mediu = 7500

rm =

7500
= 0,1875
40000

rm = 18,75%
dect proiectul 1

b) Metoda termenului de recuperare. Termenul necesar pentru recuperarea fondurilor avansate


poate ILVWDELOLWGXS GRX PRGDOLW L.
ntreprinderea va recupera fondurile avansate pe seama surplusului monetar pe care-l vor determina
SURLHFWHOH GH LQYHVWL LL $FHVW VXUSOXV H P VXUDW SULQ PDUMD EUXW  GH DXWRILQDQ DUH VDX FDVK IORZ QHW  Q
FRQVHFLQ

 WHUPHQXO GH UHFXSHUDUH SRDWH IL RE LQXW UDSRUWkQG IRQGXULOH LQL LDOH DYDQVDWH OD PDUMD EUXW  GH

DXWRILQDQ DUHDQXDO PHGLH

tr =

Deci tr P

Costul ini]ial
MBA anual \ medie

VRDU  QXP UXO GH DQL QHFHVDUL SHQWUX FD VXUSOXVXULOH PRQHWDUH JHQHUDWH GH ILHFDUH

LQYHVWL LHV SHUPLW V VHUHFRQVWLWXLHIRQGXULOHDQJDMDWHLQL LDO

90000
= 22500
4

80000
= 20000
4

MBA medie
pe 4 ani
tr

tr =

60000
= 3 ani
20000

Concluzii

Proiectul 2 este mai

tr =

60000
= 2,66 ani
22500

bun dect proiectul 1

'XS  R D GRXD PRGDOLWDWH FDOFXODUHD WHUPHQXOXL GH UHFXSHUDUH FRQVW  vQ D FRPSDUD DQ GXS  DQ
FRVWXO LQL LDO FX VXUSOXVXULOH E QHWL FXPXODWH GHJDMDWH GH ILHFDUH SURLHFW SHQWUX D GHWHUPLQD PRPHQWXO vQ

care recuperarea costurilor se va fi realizat.


MBA

1
2
3
4

FXPXODW

20000
40000
60000
80000
tr = 3 ani

termen de
recuperare

10000
20000
50000
90000
t r

DQLL]LOH

90 =

Concluzie

Proiectul 1 mai

2EVHUY P F  FHOH GRX  PRGDOLW

10000

360
40000
bun dect proiectul 2

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ctorii n aprecierea celor

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preferat.
F 9DORDUHDDFWXDO

QHW

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suma surplusuULORUPRQHWDUH PDUMDEUXW


Compararea VAN cu r = 10%:
Anii

GHDXWRILQDQ DUHVDXFDVKIORZQHW DFWXDOL]DWHLFRVWXOLQL LDO

Proiectul 1

n valori actualizate

0DUMDEUXW GHDXWRILQDQ DUH

FXRUDW GH

vQPLLOHLFXUHQ L

0
1
2
3
4

Total VAN(I) (10%)


Proiectul 2

-60000000 x 1/(1,10)0 = -60000000


+20000000 x 1/(1,10)1 = 18180000
+20000000 x 1/(1,10)2 = 16520000
+20000000 x 1/(1,10)3 = 15020000
+20000000 x 1/(1,10)4 = 13660000
-60000000 + 63380000 = +3380000
n valori actualizate cu

0DUMDEUXW GHDXWRILQDQ DUH

RUDW GH

-60000000
+20000000
+20000000
+20000000
+20000000

vQPLLOHLFXUHQ L

0
1
2
3
4

-60000000
+10000000
+10000000
+30000000
+40000000
Total VAN (II) (10%)

-60000000 x 1/(1,10)0 = -60000000


+10000000 x 1/(1,10)1 = 9090000
+10000000 x 1/(1,10)2 = 8264000
+30000000 x 1/(1,10)3 = 22530000
+40000000 x 1/(1,10)4 = 27320000
-60000000 + 67212000 = +7204000

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VAN (I) = +3380000 lei


VAN (II) = +7204000 lei
VAN (II) > VAN (I)
Proiectul 2 mai bun dect proiectul 1
Compararea VAN cu r = 20%:
Anii

Proiectul 1

n valori actualizate

0DUMDEUXW GHDXWRILQDQ DUHvQ

FXRUDW GH

PLLOHLFXUHQ L

-60000000
+20000000
+20000000
+20000000
+20000000
Total VAN(I) (20%)
Proiectul 2

-60000000 x 1/(1,20)0 = -60000000


+20000000 x 1/(1,20)1 = +16666000
+20000000 x 1/(1,20)2 = +13880000
+20000000 x 1/(1,20)3 = +11580000
+20000000 x 1/(1,20)4 = +9640000
-60000000 + 51776000 = -8234000
n valori actualizate cu

0DUMDEUXW GHDXWRILQDQ DUH

RUDW GH

0
1
2
3
4

vQPLLOHLFXUHQ L

0
1
2
3
4

-60000000
+10000000
+10000000
+30000000
+40000000
Total VAN (II) (20%)

-60000000 x 1/(1,20)0 = -60000000


+10000000 x 1/(1,20)1 = +8330000
+10000000 x 1/(1,20)2 = +6940000
+30000000 x 1/(1,20)3 = +17370000
+40000000 x 1/(1,20)4 = +19280000
-60000000 + 51920000 = -8080000

QUH]XPDWSXWHPVFULHF SHQWUXU



VAN (I) = -8234000


VAN (II) = -8080000
VAN (II) > VAN (I)
Proiectul 2 este mai bun dect proiectul 1
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-flow-urilor

previzionate.
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spunem de o

ncadrare a acestei rate r0.


Proiectul 1
VAN (10%) = 3380000
VAN (20%) = -8234000
10% < r0 < 20%

Proiectul 2
VAN (10%) = +7212000
VAN (20%) = -8080000
10% < r0 < 20%

Pentru determinarea RIR, vom face calcule de tatonare, de exemplu cu rate de actualizare de la 11%
ODSHQWUXSURLHFWXOLFXUDWHGHODODSHQWUXSURLHFWXO

Proiectul 1
(rezultate rotunjite)

VAN (11%) = +2049000


VAN (12%) = +747000
VAN (13%) = -510000
VAN (14%) = -1726000

Proiectul 2
(rezultate rotunjite)

VAN (13%) = +2005000


VAN (14%) = +399000
VAN (15%) = -1147000
VAN (16%) = -2636000

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FDOFXOH SHUPLW V VHDSUR[LPH]HUDWDFDUHDQXOHD] 9$1vQWUHLSHQWUXSURLHFWXOLvQWUH


LSHQWUXSURLHFWXO

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Pentru proiectul 1:
VAN (12%) = +747000
VAN (13%) = -510000

r = 1%

VAN = -1257000

747000
r0 = 12% +
% = 12% + 0,594% = 12,59%
1257000
Pentru proiectul 2:
VAN (14%) = +399000
VAN (15%) = -1147000

r = 1% VAN = -1546000

r0 = 14% +

399
% = 14% + 0,258% = 14,26%
1546

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Criterii
Rentabilitate medie
Termen de recuperare
-GXS 0%$PHGLH
-GXS 0%$FXPXODW
VAN (10%)
VAN (20%)
RIR

LLORU

Proiectul 1

Proiectul 2

rm = 12,5%

rm = 18,75%

Proiect
avantajos
proiectul 2

tr = 3 ani
tr = 3 ani
+3380000
-8234000
r0 = 12,59%

tr = 2,66 ani
tr = 3,25 ani
+7204000
-8080000
r0 = 14,26%

proiectul 2
proiectul 1
proiectul 2
proiectul 2
proiectul 2

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ales n anul al treilea

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7204000 la -8080000), n timp ce VAN pentru proiectul 1 nu "pierde" dect 11614000 mii lei (de la +3380000 la
- 'DUSHQWUXUDWHOHGHDFWXDOL]DUHUH LQXWHSHQWUXDFHDVW DSOLFD- LHGH]DYDQWDMXOPHQ LRQDWHFRPSHQVDW
GHVXUSOXVXOPRQHWDUGHJDMDW3XWHPYHULILFDIDSWXOF SHQWUXUDWHGHDFWXOL]DUHPai mari de 20% proiectul 2 este
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10.3. SURSELE DE FIN$1

$5(,%8*(78/,19(67,

,,/25

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reinvestit;
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sumele primite de la bugetul de stat n cazul ntreprin-derilor statului;
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de previziuQHILQDQFLDU

10.4. CONCLUZII GENERALE


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Evaluare