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'HOLPLW
UL
FRQFHSWXDOH
SULYLQG
DQDOL]D
VLWXD LHL
ILQDQFLDU
ntr-XQ VLVWHP HFRQRPLF FRQFXUHQ LDO RELHFWLYXO PDMRU DO ntreprinderii este maxiPL]DUHD YDORULL VDOH UHVSHFWLY FUHWHUHD DYHULL
SURSULHWDULORU DFHVWHLD PD[LPL]DUHD DYHULL DF LRQDULORU SHQWUX VRFLHW LOH vQFKLVH L PD[LPL]DUHD FXUVXOXL WLWOXULORU SHQWUX VRFLHW $FHDVWD LPSOLF GHVI XUDUHD DFWLYLW DFHODL WLPS FXP L vQ PHQ LQHUHD VXQW DOWHOH VROYDELOLW LOH FRWDWH OD EXUV LL L D HFKLOLEUXOXL FUHWHUHD DOWHUQDWLYH PD[LPL] ULL D V QX LL ILUPHL vQ FRQGL LL GH UHQWDELOLWDWH
superioar financiar.
$OWH
RELHFWLYH
ILQDQFLDU
posibiOH
YDORULL
XQHOH
VXEVWLWXLELOH
RELHFWLYXOXL FDSDFLWDWHD
ILUPHL
)OH[LELOLWDWHD ILQDQFLDU
GH DGDSWDUH
firmei la schimb ULOH GH PHGLX R EXQ IOH[LELOLWDWH QX SRDWH GHFkW contribuie la maximizarea valorii ntreprLQGHULL &UHWHUHD PD[LPDO
FRQGXFH SXWHUQLF vQ PRG QHFHVDU OD PD[LPL]DUHD YDORULL ILUPHL 'DU R SRDWH GXFH vQ DQXPLWH SHULRDGH OD GHJUDGDUHD UHQWDELOLW V
FUHWHUH LL L
capiWDO
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-L
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UHVXUVHOH GH
vQWUHSULQGHUL D
FDUH DX L
R FUHWHUH DXWRQRPLHL
XQ ULVF PDL UHGXV GDU FDUH RIHU SROLWLFD S VWUDUH SXWHULL XQHRUL OD SHUIRUPDQ H LQIHULRDUH
R UHQWDELOLWDWH
XUP UHDVF
DWLQJHUHD DFHORU
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 GHWHUPLQDUHD V Q W H[SORDW ULL VWDELOLUHD OLFKLGLW GHWHUPLQDUHD LL L VRYDELOLW LL LL ILUPHL D DFHVWHLD SH ED]D WDEORXOXL IOH[LELOLW ILQDQFLDUH LL ILQDQFLDUH UHVSHFWLY GHWHFWDUHD XQRU HYHQWXDOH VLWXD LL GH GH]HFKLOLEUX ILQDQF
fluxurilor de trezorerie;
FDUDFWHUL]DUHD HILFLHQ HL HOHPHQWHORU SDWULPRQLDOH
ntocmLUHD
ILQDQ DUH
EXJHWHORU
GH
YHQLWXUL
FKHOWXLHOL
SODQXULORU
GH
5.2
3UREOHPH
GH
ED]
DOH
DQDOL]HL
VLWXD LHL
ILQDQFLDU
patrimoniale
%LODQ XO FRQWDELO
GH ED]
D DQDOL]HL
financiare Analiza
%LODQ XO SDWULPRQLDO vQ RUGLQHD VLWXD LHL HVWH ILQDQFLDUH VH ED]HD] SH EXJHWXO FDUH GH YHQLWXUL L FKHOWXLHOL ELODQ XO FRQWDELO L DQH[HOH VDOH UDSRUWXO GH JHVWLXQH GRFXPHQWXO FRQWDELO SULQFLSDO
etc.
VLWXD LD
SUH]LQW
D XQHL vQWUHSULQGHULL OD XQ PRPHQW GDW Q DFWLYXO ELODQ XOXL DOH vQWUHSULQGHULL GH DFWLY GH D VH LQYHUV D OLFKLGLW LL FDSDFLWDWHD SRVWXULORU
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 ELODQ LHU HVWH QHFHVDU U PkQH OD GLVSR]L LD vQWUHSULQGHULL (JDOLWDWHD UHSUH]HQW UL DOH VXUVHOH IRQGXULORU vQWUHSULQGHULL GXS FXP QLFL R QHYRLH GHRDUHFH DFWLYXO L SDVLYXO VXQW GRX DFHOHDL P ULPL HFRQRPLFH 3DVLYXO UHIOHFW QLFL R VXUV QX SRDWH U PkQH I U
LDU DFWLYXO FRQVWLWXLH XWLOL] ULOH F URUD OH VXQW DIHFWDWH DFHVWH IRQGXUL GHFL DORFDUH GH ILQDQ DUH QX SRDWH H[LVWD I U VXUVH GH IRQGXUL
ELODQ XOXL FRQWDELO vQWRFPLW FRQIRUP UHJOHPHQW ULORU OHJLVOD LHL vQ YLJRDUH Q FX DQDOL]D VLWXD LHL ILQDQFLDUH SH ED]D ELODQ XOXL FRQWDELO H[LVW WHRULD ELODQ XOXL SDWULPRQLDO FDUH DUH OD ED] ULORU RFFLGHQWDOH WHRULL IXQGDPHQWDOH
(financiar),
vQ SUDFWLFD
DQDOL]D
lichiditate-H[LJLELOLWDWH QXPLW
SDWULPRQLDO LQVROYDELOLWDWH WHRULD DFHDVW DO
DQDOL]
anumitor fuQF LL FXP DU IL IXQF LD GH SURGXF LH IXQF LD GH LQYHVWLUH L dezinvestire, prHFXP L IXQF LD GH ILQDQ DUH
%LODQ XO SDWULPRQLDO SUH]LQW R LPSRUWDQ GHRVHELW SHQWUX DF LRQDUL FDUH VXQW LQWHUHVD L V FXQRDVF YDORDUHD DYHULL ORU L FUHGLWRUL
(pentru cDUH
SDVLY GXS
SDWULPRQLXO UHSUH]LQW
1. &RUHF LL UHIHULWRDUH OD DFWLYXO ELODQ 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 LL QX DX QLFL R YDORDUH GHRDUHFH QX GDX QDWHUH XQXL IOX[ GH VH PDMRUHD] FX SDUWHD DFWLYHORU H[LVW FUHDQ H
FUHGLWRUL FX VFDGHQ H ! DQ DFHVWHD YRU IL HOLPLQDWH GH L WUDQVIHUDWH vQ JUXSD VH GLPLQXHD] ! $FWLY LP FX DQ
OD UXEULFD UHVSHFWLY
obilizat;
DFWLYHORU FLUFXODQWH YDORDUHD FX
b) Activul circulant
DYkQG WHUPHQ GH
YDORDUHD L VH
OLFKLGLWDWH
PDMRUHD]
etc.
2.
a) Capitalurile permanente VH GLPLQXHD] FX YDORDUHD DFWLYHORU fictive (cheltuielile de constituire, debitorii din capitalul subscris
L QHY UVDW FKHOWXLHOLOH GH UHSDUWL]DW DVXSUD H[HUFL LLORU ILQDQFLDUH YLLWRDUH L GLIHUHQ HOH GH FRQYHUVLH DFWLY VH VFDG GLQ FD
pitalurile
FX
SURSULL LDU SULPHOH SULYLQG UDPEXUVDUHD REOLJD LXQLORU VH VFDG GLQ vPSUXPXWXULOH L GDWRULLOH DVLPLODWH SH WHUPHQ PHGLX L OXQJ L FX GLYLGHQGHOH GH SODW GH DVHPHQHD DFHVWHD VH PDMRUHD]
veniturile nregistrate n avans (apar innd grupei Conturi de UHJXODUL]DUH L DVLPLODWH Pasiv din bilan ul contabil) cu termen
GH H[LJLELOLWDWH ! DQ L FX GLIHUHQ HOH GH FRQYHUVLH SDVLY DFHVWHD ILLQG FRQVLGHUDWH SURILW SRWHQ 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
Pasiv
DQ SHQWUX
din
ELODQ XO
FRQWDELO
DYkQG
WHUPHQ
GH L
H[LJLELOLWDWH
ODWHQW DIHUHQW
ULVFXUL L FKHOWXLHOL SUHFXP L DOWRU HOHPHQWH GH FDSLWDOXUL SURS FRUHF LLORU FRQ LQH vQ FHOH PHQ LRQDWH SDUWHD PDL GH SX LQ VXV QHYRL SDWULPRQLDO
rii;
UL
ILQDQFLDU
vQWUHEXLQ
permanente
HOHPHQWHOH
OLFKLGH
LPRELOL] ULOH
, 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 ULORU DQWHULRDUH UH]HUYH SURILW QHUHSDUWL]DW L FDSLWDOXULle din surse SXEOLFH VXEYHQ LL SURYL]LRDQH UHJOHPHQWDWH), SUHFXP L GDWRULLOH SH WHUPHQ 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 H[LVWH vQWUH ILQDQ DUH
financiar (fig.5.1).
/XkQG vQ FRQVLGHUDUH XQ DQXPLW HFKLOLEUX FDUH WUHEXLH V GXUDWD XQHL RSHUD LL GH ILQDQ DW L GXUDWD PLMORDFHORU GRX FRUHVSXQ] WRDUH ELODQ XO ILQDQFLDU SXQH vQ HYLGHQ DOH ILQDQ GH UHJXOL SULQFLSDOH
YRU
IL
ILQDQ DWH
NEVOI = ACTIV Activ imobilizat net ( > 1 an ) - LPRELOL] UL QHFRUSRUDOH - LPRELOL] UL FRUSRUDOH - LPRELOL] UL ILQDnciare > 1 an - crean e > 1 an
Activ circulant net (< 1 an) - stocuri - FUHDQ H FOLHQ L DQ - GLVSRQLELOLW L - LPRELOL] ri financiare < 1 an
)LJ %LODQ
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
ILQDQFLDU SDWULPRQLDO
Exemplu:
7DEHOXO GH PDL MRV VLQWHWL]HD] FRQWDELO VLWXD LD SDWULPRQLXOXL vQWUHSULQGHULL OD
ELODQ
SDWULPRQLDO ILQDQFLDU
Tabelul. 5.2
&217$%,/ 1&+(,$7 /$ DQXO 1
= mil lei =
ACTIV
,PRELOL] UL QHFRUSRUDOH ,PRELOL] UL FRUSRUDOH ,PRELOL] UL ILQDQFLDUH
68.500 34.600
83.300 63.700
116.510
Titluri de plasament
'LVSRQLELOLW L
11.750 650
44.600 40.220
TOTAL ACTIVE CIRCULANTE 148.230 Cheltuieli nregistrate n avans 3.500 CONTURI DE REGULARIZARE , $6,0,/$7( 3.500 TOTAL ACTIV 235.030
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 LL UHIHULWRDUH OD DFWLYXO ELODQ XOXL LPRELOL] ULOH LPRELOL] ULORU FOLHQ LORU LPRELOL] U YDORDUHD FDUH ILQDQFLDUH GH DQ R DX OLFKLGLWDWH GH PLO OHL VH YRU OHL ! L DQ OHL VH YRU GLPLQXD FX YDORDUHD PDMRUD PLO FX YDORDUHD OHL PLO
VH YD
, rezultnd
YDORDUHD
clien ilor cu: termen de lichiGLWDWH ! DQ PLO OHL L VH YD majora cu valoarea LPRELOL] ULORU ILQDQFLDUH DQ PLO OHL L FX valoarea cheltuielilor nregistrate n avans ( 3.500 mil lei ), rezultnd un sold al clien ilor < 1 an de 58.827 mil. lei; 2.
&RUHF LL UHIHULWRDUH OD SDVLYXO ELODQ 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; GDWRULLOH ILQDQFLDUH SH WHUPHQ OXQJ UHSUH]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
Tabelul 5.3
%,/$1 3$75,021
corporale
83.050
147.710 112.910
,PRELOL] UL ILQDQFLDUH
136.557 63.700
12.400 235.030
DaWRULL SH WHUP PHGLX L OXQJ Resurse temporare Datorii furnizori Dividende datorate Alte datorii pe termen scurt Credite curente TOTAL PASIV
GLQ SXQFW GH YHGHUH HFRQRPLF D vQWUHSULQGHULL HYLGHQ LLQG DWkW XWLOL] L VXUVHOH FRUHVSXQ] WRDUH ILHF UXL FLFOX UHVSHFWLY GH
rile ct
GH
LQYHVWL LL
H[SORDWDUH L FHO GH ILQDQ DUH L WUH]RUHULH &LFOXO GH LQYHVWL LL FXSULQGH DFKL]L LRQDUHD GH DFWLYH LPRELOL]DWH
UL VWDELOH DFLFOLFH
nevoi resursele
durabile (aciclice)
UHVXUVHOH SHQWUX ILQDQ DUHD ORU VXQW FRQVLGHUDWH FLFOLFH GHRDUHFH UHFXSHUDUHD
capitaluriloU DORFDWH L UHvQQRLUHD VXUVHORU VH IDFH ciclu de exploatare. Ciclul de exploatare FXSULQGH IOX[XULOH GH
L GLVWULEX LH YkQ] UL DWkW VXE IRUP
GXS
vQFKHLHUHD ILHF
rui
DSURYL]LRQDUH SURGXF LH
etc.) constituie active circulante de exploatare, FDUH vQ PRG ILUHVF WUHEXLH ILQDQ DWH GLQ datoriile de exploatare GDWRULL IXUQL]RUL L asimilate, venituri din exploatare constatate n avans etc. &HOHODOWH SRVWXUL GH DFWLY L SDVLY FDUH UHIOHFW
RSHUD LXQL H[SORDW ULL GLYHUVH L VXQW vQ UHJUXSDWH DIDUD vQ FDWHJRULLOH DFWLY FLUFXODQW L vQ DIDUD GDWRULL H[SORDW ULL UHVSHFWLY DFWLYXO SDVL
vul de
trezorerie.
Ciclul
GH
ILQDQ DUH
VH
UHIHU
OD
DQVDPEOXO
RSHUD LXQLORU
GLQWUH
GH
FDSLWDOXUL
SURSULL
GDWRULL
ILQDQFLDUH
le
GH LQWUDUH L
cele
GH LHLUH
, provocat de
VHPQLILFD LLOH DFHVWRU WUHL FLFOXUL IXQF LD GH GLQ VWkQJD QLYHOXO GH VXV DO ELODQ XOXL
SDUWHD
IXQF LD GH ILQDQ DUH SRDWH IL UHSUH]HQWDW DO ELODQ XOXL IXQF LD GH ILQDQ DUH HVWH D ELODQ XOXL
pozi LRQDW
fig. 5.4).
1
:
YDORDUHD
a)
b)
vQFKLULDWH vQWHJUDWH
GH LQXWH vQ DFWLY
vQ L
OHDVLQJ
VDX
vQ vQ
ORFD LH SDVLY
GH
FRUHVSXQ] WRU
, la FLFOXOXi
de exploatare; c) d) e)
FRQFHSWXO GH DFWLY ILFWLY QX PDL HVWH RSHUD LRQDO FKHOWXLHOLOH DVLPLOHD] FDUH SULYHVF H[HUFL LLOH ILQDQFLDUH YLLWRDUH VH
vQ DFHODL
PRG FD L OD HODERUDUHD ELODQ XOXL SDWULPRQLDO SURYL]LRDQHOH VXQW LQFOXVH vQ SDVLYXO ELODQ XOXL ILUPHL R
GLVSR]L LD
'LQ SHUVSHFWLYD ELODQ XOXL IXQF LRQDO UHDOL]DUHD HFKLOLEUXOXL ILQDQFLDU DO vQWUHSULQGHULL QX SUHVXSXQH GRDU H[LVWHQ D XQXL IRQG GH UXOPHQW SR]LWLY FL
a unui fond de rulment acoperitor nevoilor de finantare ale ciclului de H[SORDWDUH VWRFXUL FUHDQ H GH H[SORatare datorii de exploatare).
5ROXO ELODQ XOXL IXQF LRQDO vQ DQDOL]D ILQDQFLDU SHUPLWH UHIOHFWDW DSUHFLHUHD YXOQHUDELOLW LL VWUXFWXULL HVWH QX QXPDL GH D D vQWUHSULQGHULL ILQDQFLDUH
VWUXFWXUD ILQDQFLDU
NEVOI CICLICE - Activ circulant de exploatare (brut) - $FWLY FLUFXODQW vQ DIDUD H[SORDW ULL EUXW - Active de trezorerie
)LJ %LODQ
SURSE = PASIV SURSE ACICLICE (DURABILE) - capitaluri proprii - DPRUWL] UL L SURYL]LRDQH - datorii financiare SURSE CICLICE - Datorii de exploatare - 'DWRULL vQ DIDUD H[SORDW ULL - Pasiv de trezorerie
IXQF LRQDO
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. FD VXP D HOHPHQWHORU FDSLWDOXOXL SURSULX
3DWULPRQLXO QHW HVWH vQ PRG QRUPDO SR]LWLY L FUHVF WRU FD XUPDUH D 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
devansea]
SRW vQWkOQL
ULWPXO GDWRULLORU WRWDOH VLWXD LL vQ FDUH GLQDPLFD VH FHD PDL SULQ DFFHQWXDW QRL R vQUHJLVWUHD] DOH YHFKLORU 'H FDUH
$QDOL]kQG HOHPHQWHOH FDSLWDOXOXL SURSULX vQ SUDFWLFD HFRQRPLF VXUVHOH FRQVWLWXLWH SH VHDPD UHQWDELOLW
proprii etc.
VRFLDO
&DSLWDOXO XQRU
PRGLILF
DF LRQDUL VDX DOH XQRUD QRL L VDX SULQ FRQYHUVLD XQRU GDWRULL vQ FDSLWDO VWLQJHUHD vQ VFKLPEXO SLHUGHUH XQXL SDFKHW DF LXQL vQ
patrimoniul va fi diminuat).
Q FRQVHFLQ SDWULPRQLXO QHW SRDWH V 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 GH UXOPHQW L WUH]RUHULD QHW UHSUH]LQW SDUWHD GLQ FD
Fondul de rulment
XWLOL]DW
pitalul permanent
VXPHOH GH vQFDVDW L VXPHOH GH SO WLW SUHFXP L GH GHFDODMXO GLQWUH WHUPHQXO PHGLX GH WUDQVIRUPDUH D DFWLYHORU FLUFXODQWH vQ OLFKLGLW
1. Conform astfel :
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 'DWRULL SH WHUPHQ PHGLX L OXQJ
b)
Q
OLFKLGLWDWHD DFWLYHORU FLUFXODQWH L H[LJLELOLWDWHD GDWRULLORU SH WHUPHQ VFXUW $FHVWD SUH]LQW GRX S U L DOH R YDORDUH LQIRUPDWLY ELODQ XOXL ILQDQFLDU ULGLFDW DVLJXUkQG OHJDWXUD GLQWUH FHOH &D XUPDUH fondul de rulment este considerat ca fiind cel mai important indicator al echilibrului financiar lichiditate exigibilitate, care permite aprecierea pe termen scurt a riscului GH LQFDSDFLWDWH GH SODW
2.
Potrivit FRQFHS LHL IXQF LRQDOH IRQGXO GH UXOPHQW IXQF LRnal sau fondul
GH UXOPHQW QHW JOREDO )5*1 VH GHWHUPLQ DVWIHO
raport cu valorile imobilizate. b) FRNG = ( Nevoi ciclice + Nevoi de trezorerie ) ( Resurse ciclice + Resurse de trezorerie ) = ( Active circulante de exploatare + Active circulante n afara exploat rii + Disponibilit i) (Datorii de exploatare + Datorii n afar exploat rii + Credite bancare de trezorerie) Lund n considerare foUPXOD
REOLJDW V GH FDOFXO GH PDL VXV GDF IRQGXO GH UXOPHQW HVWH SR]LWLY VDX QHJDWLY ILUPD DUH OLFKLGLW UHSUH]LQW vQWUH L VDX GLPSRWULY GLQWUH L
este
ULL GH
DQJDMH]H QRL FUHGLWH SHQWUX ILQDQ DUHD QHYRLORU GH H[SORDWDUH GLIHUHQ D VXPD UHDOH QHYRLOH L VXUVHOH VH WHPSRUDUH vQ WLPS UHVSHFWLY QHFHVDU ILQDQ IOX[XULOH
IOX[XULOH
trezorerie determinate n special de activitatea de exploatare. a) Pe baza bilan ului patrimonial, aceasta se stabilete astfel: NFR = (Active circulante 'LVSRQLELOLW L E QHWL (Datoriile pe termen scurt Creditele pe termen scurt) = (Active circulante 'LVSRQLELOLW L E QHWL 2EOLJD LL SH WHUPHQ VFXUW sau: NFR = (Stocuri + Crean e) Credite pe termen scurt
1HYRLD GH IRQG GH UXOPHQW VHPQLILF VFXUW VXUVHORU DWUDVH 2EOLJD LLOH SH vQ HVHQ VFXUW
, activele circulante de
GH QDWXU
QDWXUD VWRFXULORU L D FUHDQ HORU QHILQDQ DWH SH VHDPD REOLJD LLORU SH WHUPHQ WHUPHQ
FHORU
ID
GH
IXUQL]RUL
VDODULD L DWUDV
EXJH
SkQ
vQ
PRPHQWXO
SO
LL
ORU
UHSUH]LQW
R VXUV
b) Pe baza astfel:
NFR = Nevoi ciclice Resurse ciclice n acest caz, nevoia NFR NFRE
= =
GH IRQG GH UXOPHQW HVWH IRUPDW GLQ SDUWHD SHQWUX H[SORDWDUH 1)5( L FHD vQ DIDUD H[SORDW ULL 1)5$(
NFRE + NFRAE
$FWLYH FLFOLFH DIHUHQWH H[SORDW ULL H[SORDW ULL $FWLYH FLFOLFH GLQ DIDUD
NFRAE =
H[SORDW ULL
H[SORDW ULL 0 ULPHD QHYRL GH IRQG GH UXOPHQW GLQ H[SORDWDUH HVWH LQIOXHQ DW QDWXUD DFWLYLW 'DF IL XQ QRUPDO GHFDODM FUHDQ HORU QLYHOXO GH DFWLYLWDWH QXPDL GDF HVWH
etc.
D UH]XOWDWXO XQHL SROLWLFL GH LQYHVWL LL L SULYLQG L
FUHWHUHD QHYRLL GH ILQDQ DUH D FLFOXOXL GH H[SORDWDUH $OWIHO DFHDVWD UHIOHFW QHIDYRUDELO vQWUH OLFKLGLWDWHD VWRFXULORU FUHDQ HORU
, aceasta
XQ VXUSOXV GH UHVXUVH WHPSRUDUH FRPSDUDWLY FX QHYRLOH WHPSRUDUH HVWH UH]XOWDWXO DFFHOHU ULL URWD LHL DFWLYHORU GH vQWUHUXSHUL WHPSRUDUH vQ
FLUFXODQWH L DOH DQJDM ULL GH GDWRULL FX VFDGHQ H PDL PDUL Q FD] FRQWUDU GHRDUHFH HVWH GHWHUPLQDW DSURYL]LRQDUHD L UHvQQRLUHD VWRFXULORU VDX vQ DFWLYLWDWHD GH SURGXF LH H[SULP FRUHOD LD GLQWUH IRQGXO GH UXOPHQW L QHYRLD D ILUPHL DWkW SH WHUPHQ
TrezoUHULD QHW
GH IRQG GH UXOPHQW UHIOHFWkQG VLWXD LD ILQDQFLDU PHGLX L OXQJ FkW L SH WHUPHQ VFXUW
a) Pe baza
(financiar),
DFHDVWD VH FDOFXOHD]
FX
TN = FR - NFR
b) sau
7UH]RUHULD QHW
astfel:
TP = trezoreria de pasiv, respectiv soldurile creditoare ale conturilor de credite pe termen scurt.
7UH]RUHULD H[HUFL LXOXL HFRQRPLF UXOPHQW QHW L SR]LWLY GDF VHPQLILF
un excedent monetar al
vQ FDGUXO D PDL PXOWRU LORU R UHQWDELOLWDWH UHQWDELOH 'DF SR]LWLY GLVSRQLELOLW
ILQDQFLDU ULGLFDW L
DFH VWD
VH
PHQ LQH
QHYRLD GH IRQG GH
, DWXQFL WUH]RUHULD QHW profitului net, diminuat cu dividendHOH SO WLWH vQ care se adun amortizarea.
'DF vQ FDOFXOXO QHYRLL IRQGXOXL GH
HVWH
FRQVWDQW
este echivalentul
QX V
-au luat n
UHIOHFW XQ
considerare creGLWHOH
QHJDWLY
GHILFLW PRQHWDU UHVSHFWLY XQ GH]HFKLOLEUX ILQDQFLDU OD VIkULWXO DQXOXL D IRVW DFRSHULW SH VHDPD FUHGLWHORU SH WHUPHQ VFXUW 'DF UXOPHQW HVWH FRQVWDQW WUH]RUHULD QHW QHJDWLY L GH
, L FDUH
pierderi. TotuL,
GLVSXQH FUHWHUH ILQDQFLDU GH D SLD QHYRLL
DWXQFL GH GH
FkQG GH
vQWUHSULQGHUHD UXOPHQW
UHDOL]HD]
DSURYL]LRQDUH IRQG
GHVIDFHUH D
FD XUPDUH
H[LVWHQ D XQHL WUH]RUHULL QHWH QHJDWLYH QX VHPQLILF WUDQVIRUPDUH D VWRFXULORU L FUHDQ HORU vQ OLFKLGLW
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 L SODVDPHQte) (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 capitalurilor permanente n raport FX LPRELOL] ULOH SH
DVHPHQHD ILUPD GLVSXQH L GH XQ LQGLF 3DUWHD IDSWXO F DFWLYHORU LPRELOL] ULOH FLUFXODQWH H[FHGHQW FH YD IL XWLOL]DW SHQWUX ILQDQ DUHD FDUH OH ILQDQ HD] FLUFXODQWH 'H LQGLF H[FHGHQWXO
DFWLYHORU
nevoii de fond de rulment SR]LWLY PLO OHL nevoie de fond de rulment SR]LWLY UHIOHFW GHFDODMXO QHIDYRUDELLO $FHDVW dintre lichiditatea stocurLORU L FUHDQ HORU SH GH R SDUWH PLO OHL, L exigibilitatea datoriilor pe termen scurt (73.320 mil. lei) pe de alt parte. 'DU VH REVHUY F fondul de rulment este mai mic dect nevoia de fond de rulment, deci se nregistreaz o trezorerie net QHJDWLY FDUH LQGLF
XQ GHILFLW PRQHWDU OD VIkULWXOXL DQXOXL GHFL R VLWXD LH GH GH]HFKLOLEUX
QHILQDQ DW
fond de rulment propriu pozitiv, ceea ce VXQW ILQDQ DWH LQWHJUDO GH FDSLWDOXULOH proprii.
GH GDWRULLOH SH WHUPHQ VFXUW
VH
ELODQ XOXL RIHULQG GH DVHPHQHD SRVLELOLWDWHD UHDOL] ULL GH DQDOL]H FRPSDUDWLYH vQ WLPS L VSD LX
5.2.4.1 Ratele privind structura activului Ratele de structur a activului, ca valoare, sunt influen ate de caracteristicele tehnice, economice i juridice ale activit ii firmei.
total al ntreprinderii. Diferitele elemente de active imobilizate utilizarea unor rate complementare: a.1) RDWD LPRELOL]
3 0 2 01(& ) ' 3 0 2 01(& ) '
UDW ULORU QHFRUSRUDOH
Total activ
0 ULPHD
DFHVWXL
FD]XO ILUPHORU URPkQHWL YDORDUHD DFHVWHL UDWH HVWH IRDUWH UHGXV vQ WLPS FH UL FXP DU IL 68$ SRQGHUHD DFWLYHORU QHFRUSRUDOH GHSDVHWH
$FHDVW
UHIOHFW
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 GLVWULEX LD GH LPSRUWDQW HQHUJLH VDX HFKLSDPHQWH FRVWLVLWRDUH SURGXFHUHD L WUDQVSRUWXUL F
agricole.
6SHFLDOLWLL UDW VHPQLILF VH IRDUWH ELQH F DSUHFLD] SHQWUX vQWUHSULQGHUL FRPSDUDELOH DFH VW
FDSDFLWDWHD ILUPHL GH D UH]LVWD XQHL FUL]H HFRQRPLFH WLLQGX R LPRELOL]DUH ULGLFDW D FDSLWDOXOXL DWUDJH GXS L ULL DFHVWRUD vQ OLFKLGLW
mare al netransIRUP
Total activ
100
UHIOHFW SRQGHUHD DFWLYHORU LQWDQJLELOH
LQGLFDWRU
corporale:
100
VLQH XQ ULVF
ULORU ILQDQFLDUH
100
Aceasta UHIOHFW LQWHQVLWDWHD OHJ WXULORU L UHOD LLORU ILQDQFLDUH SH FDUH OH-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 vQ FD]XO ILUPHORU PLFL FDUH QX SRW HIHFWXD LQYHVWL LL ILQDQFLDUH
100
SRQGHUHD DFWLYHORU FLUFXODQWH vQ WRWDOXO
100
vQUHJLVWUHD] YDORUL PDUL vQ FD]XO ILUPHORU FX
acelor firme
Total activ
100
GH QDWXUD FOLHQ LORU L GH
5DWD FUHDQ HORU FRPHUFLDOH HVWH LQIOXHQ DW SH FDUH ILUPD vO DFRUG LORU E
DFHVWHL
LOH SRW VXIHUL PRGLILF UL vQVHPQDWH SH SHULRDGH VFXUWH GH WLPS WUHEXLH DYXW vQ YHGHUH UDSRUWXO GLQWUH GLVSRQLELOLW L L
SDUWHQHULORU V L QHWL L D
plasamentelor:
Total activ
100
FX SUHFDX
WUHEXLH
I FXW
ie deoarece
a)
RDWD VWDELOLW
LL ILQDQ
100
LQGLFDWRU JOREDO DO VWDELOLW LL ILQDQ ULL L
mai mare de un an, n totalul surselor de acoperire a mijloacelor economice. b) Rata autonomiei financiare:
Capital propriu
Capital permanent
100
VHPQLILF SRQGHUHD VXUVH L
UHQWDELOLWDWHD
recomanG
FD YDORDUHD DFHVWHLD V
ILH
> .
100
100
GDWRULLORU SH WHUPHQ OXQJ PHGLX L
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 DOH DFWLYXOXL L SDVLYXOXL VRFLHW LL FRPHUFLDOH UHVSHFWLYH
Tabelul 5.5
%,/$1 &217$%,/ $/ 175(35,1'(5,,
ACTIV
,PRELOL] UL
necorporale
,PRELOL] UL
corporale
,PRELOL] UL
financiare
CAPITAL PROPRIU Datorii financiare (scaden > 1 an) AvaQVXUL L aconturi primite
)XUQL]RUL L
43620
conturi asimilate Alte datorii pe termen scurt TOTAL DATORII TOTAL PASIV
25840
95289
FD]XO
vQWUHSULQGHULL DVWIHO
DQDOL]DWH
UDWH
GH
VWUXFWXU
DFWLYXOXL
SDVLYXOXL VH SUH]LQW
1. Rata activelor imobilizate 5DWD LPRELOL] ULORU necorporale 3. 5DWD LPRELOL] ULORU corporale 4. 5DWD LPRELOL] ULORU ILnanciare 5. Rata activelor circulante 6. Rata stocurilor de materii prime, materiale etc. 7. 5DWD FUHDQ HORU 8. 5DWD GLVSRQLELOLW LORU E QHWL L SODsamentelor 9. 5DWD VWDELOLW LL ILQDQFLDUH 10. Rata autonomiei financiare 11. Rata datoriilor pe termen scurt 12. Rata datoriilor totale
N-1 57,32 0,94 56,31 0,07 42,68 29,58 7,76 5,33 87,29 55,64 12,71 51,44
DSDU LQH VIHUHL
Tabelul 5.6 = mii lei = N 50,65 0,94 49,64 0,07 50,65 29,19 13,72 6,44 70,90 52,85 29,10 62,53
SURGXFWLYH
Concluzii:
UHVSHFWLY
5H]XOW
vQWUHSULQGHUHD
XQXL VHFWRU FDUH QHFHVLW R GRWDUH WHKQLF VHPQLILFDWLY , fapt reflectat de ponderea mare a activelor imobilizate n total activ n ambele SHULRDGH DQDOL]DWH 5DWD LPRELOL] ULORU FRUSRUDOH HVWH IRDUWH DSURSLDW GH FHD
a activelor imobilizate,
L QHFRUSRUDOH VHPQLILF
FHHD FH GHPRVWUHD]
nt
L GH
D DFWLYH
$FWLYHOH FLUFXODQWH GH LQ
OD YDORDUHD GH
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 FOLHQ L GH DFRUGDUHD L GH XQRU WHUPHQH XQRU GH SODW LQFHUWH PDL 6H FRPIRUWDELOH UHFRPDQG SHQWUX
GDU
DSDUL LD
FUHDQ H
DQDOL]H
FX
LQIRUPD LL UHIHULW
oare la
YROXPXO GH DFWLYLWDWH L OD VWUXFWXUD FUHDQ HORU GXS UHDOL] ULL DFHVWRUD L WHUPHQXO GH UHDOL]DUH 'LQ SXQFW GH YHGHUH DO UDWHORU GH VWUXFWXU SUH]LQW R VWDELOLWDWH ILQDQFLDU ULGLFDW GDU
D SDVLYXOXL vQWUHSULQGHUHD V
FDUH
-a degradat n timp
vQ DQXO 1 ID
de 87,29% n anul N-1). De asemenea, firma dispune asta scade semnificativ, apropiinduent), ca urmare a
fiind de
VH GH OLPLWD PLQLP
OXQJ 5DWD GDWRULLORU WRWDOH D FUHVFXW VLP LWRU SH VHDPD REOLJD LLORU SH WHUPHQ
scurt, FHHD FH D P
'HL vQUHJLVWUHD]
ULW JUD
ILUPD
GLVSXQH
$QDOL]D FRUHOD LHL GLQWUH FUHDQ H L REOLJD LL UHIOHFW DQJDMDPHQWH FRQWUDFWDWH GH DQXPL L SDUWHQHUL DL DOH F URU WHUPHQH GH SODW SUHFXP SXQFW L DX R VFDGHQ ILUPHL vQ XOWHULRDU FDOLWDWH GH GHELWRULL YHGHUH FUHDQ H
CUHDQ HOH
OLYU ULL EXQXULORU DIHUHQW GLQ
VHUYLFLLORU 'LQ
SHUVRQDOXO
DVLJXU ULOH VRFLDOH DOWH FUHDQ H SULYLQG VWDWXO L LQVWLWX LLOH SXEO
ice, debitori
VXUVH
diversi etc.
2EOLJD LLOH GDWRULLOH QHILQDQFLDUH SH WHUPHQ VFXUW UHSUH]LQW GH ILQDQ DUH DWUDVH SH R GXUDW PDL PLF GH DQ H[FOX
znd creditele
FDUH
Di = unde:
6G 5G
Sd 360 Rd
; .
Q SUDFWLF QX IXUQL]HD]
Sc 360 Rc
Astfel: e vedere
L HVWH VXPHL 'I DWXQFL IOX[XO GH GLVSRQLELOLW
a) b)
WHRUHWLF VH SURGXFH R FRPSHQVDUH vQWUH FUHDQ H L REOLJD LL 6G ! 6F L 'L LQIOXHQ DW SR]LWLY GHRDUHFH VXPD vQFDV ULORU HVWH VXSHULRDU LORU SHQWUX DFHODL LQWHUYDO GH WLPS ELQHvQ HOHV L PXOWH DOWH YDULDQWH vQ IXQF LH GH FHL LQGLFDWRUL GLQWUH FUHDQ H L REOLJD LL SRDWH IL VWXGLDW L SH ED]D
&RUHOD LD
EDODQ HL DFHVWRUD vQ IXQF LH GH WHUPHQHOH ORU GH YHFKLPH L GH SRQGHUHD DFHVWRUD vQ FDGUXO WRWDOXO FUHDQ HORU L D REOLJD 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
Tabelul 5.7
Nr. Crt. 1. 2. 3. 4.
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
DQL DQDOL]D L FUHDQ HOH L REOLJD LLOH DX FUHVFXW QHJDWLY LQIOXHQW HVWH SDU LDO GLPLQXDW GH UDSRUWXO
GLQWUH FUHDQ H L REOLJD LL UDSRUW FDUH GHL DUH R GLQDPLF VXEXQLWDU FHHD FH LQGLF
firmei. Durata
GH LPRELOL]DUH VXUVHORU DWUDVH VH SUH]LQW DVWIHO
Tabelul 5.8
Nr.crt. Indicatori 1. 'XUDWD GH LPRELOL]DUH D FUHDQ HORU 2. Durata de folosire a surselor atrase
DQWHULRU DGLF LPRELOL]DUHD
N2 25,3 50,5
N1 31,2 58,5
= zile = N 44 191,4
1LYHOXO L HYROX LD DFHVWRU GRL LQGLFDWRUL FRQILUP IDSWXO F GHL FUHDQ HOH vQUHJLVWUHD] IRQGXOXL GH UXOPHQW HVWH VXSOLQLW
suplimentar.
'LQ SXQFW GH YHGHUH DO JUDGXOXL GH YHFKLPH VLWXD LD FUHDQ HORU L D REOLJD LLORU vQ DQXO 1 VH SUH]LQW DVWIHO
Tabelul 5.9
Nr. Crt. 1. 2. 3.
5H]XOW
6SHFLILFD 3kQ
ie
&UHDQ H
2EOLJD LL
OD GH ]LOH
QWUH ]LOH L DQ
Peste 1 an Total
F SRQGHUHD LORU FHD PDL
REOLJD LLOH
FRUHVSXQ] WRDUH D
LL L VROYDELOLW
LL ILUPHL
Lichiditatea UHSUH]LQW SURSULHWDWHD HOHPHQWHORU SDWULPRQLDOH GH D VH transforma n bani. Solvabilitatea este capacitatea ntreprinderii de a-L RQRUD REOLJD LLOH
GH SODW OD VFDGHQ
GH
SODW GH
VROYDELOLWDWHD OD XQ OD SkQ GH
UHVSHFWLY SHQWUX R
PLMORDFHORU WLPS
PRPHQW
, de a acoperi
SDVLYHOH SH
Pentru caracterizarea
OLFKLGLW
LL
unei firme
VH FRPSDU
nizori, cele
SDUWHD GLQ
SUHFXP
HVWH vQ FDGUXO
2.
Lc =
-1.
3.
Li =
'LVSRQLELOLW
L L SODVDPHQWH
Datorii curente
LPHGLDWH XQHL LL GDF
, DFHDVW UDW HVWH FXQRVFXW L VXE GHQXPLUHD GH Interpretarea acesteia WUHEXLH I FXW FX PDUH ULGLFDW DO DFHVWHLD LQGLF o solvabilitate mare, dar
XWLOL] UL PDL SX LQ SHUIRUPDQWH D UHVXUVHORU D DFHVWHL UDWH QX FRQVWLWXLH vQ DFHODL WLPS R UHVWXO DFWLYHORU FLUFXODQWH DX XQ JUDG UHGXV GH
poatH
FRQVHFLQ D
lichiditate.
FRQWU FX
YDORDUH
UHGXV
OLFKLGLW ILQDQFLDU
LL
LPHGLDWH GDF
SRDWH
IL
PHQ LQHUHD
HFKLOLEUXOXL
vQWUHSULQGHUHD
YDORDUHD GLVSRQLELOLW 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, GLQWUH FDUH FHL PDL LPSRUWDQ L VXQW
1. RatD VROYDELOLW
Sp =
LL SDWULPRQLDOH
2.
LL JHQHUDOH
Sg =
$FHDVW F WUH DFWLYHOH UDW
e sunt acoperite de
L DFWLYH
WRWDOH
LPRELOL]DWH
Pe baza datelor din Tabelul 5.5, BILAN CONTABIL AL NTREPRINDERII A, VH RE LQ XUP WRDUHOH YDORUL DOH UDWHORU GH OLFKLGLWDWH
L VROYDELOLWDWH
Indicatori Rata lichidit ii generale Rata lichidit ii curente ( intermediare ) Rata lichidit ii imediate Rata solvabilit ii patrimoniale Rata solvabilit ii generale
Q DPEHOH SHULRDGH
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 FUHWHUHD OLFKLGLW LL L LL DFHVWHLD vQ SHULRDGHOH XUP WRDUH
, prin
XQHL
financiare. Acestea
QHFHVLW
u de
DFWLYLWDWH &D SUHPLV WUHEXLH DYXWH vQ YHGHUH FRUHOD LLOH RELHFWLYH GLQWUH LOH GH UHVXUVH PDWHULDOH L SRVLELOLW LOH GH ILQDQ DUH 'H PRGXO FXP VXQW XWLOL]DWH L YDORULILFDWH DFHVWH UHVXUVH GHSLQGH DVLJXUDUHD HFKLOLEUXOXL
mplicate de
SUDFWLF VH
echiOLEUXO
XWLOL]HD]
ILQDQFLDU
PXOWLWXGLQH
LQGLFDWRUL
2.
lor:
Rfs =
3.
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
La societatea analizat
vQUHJLVWUHD] R UHODWLY
GHJUDGDUH
n limitele considerate
XQ LQGLFDWRU GH
SDUFXUJH PDL UHSHGH ILHFDUH VWDGLX DO URWD LHL FDSLWDOXOXL FX DWkW YLWH]D GH URWD LH YD IL PDL PDUH LDU QHFHVDUXO GH IRQG GH UXOPHQW YROXP GDW DO SURGXF LHL UHVSHFWLY DO FLIUHL GH DIDFHUL 9LWH]D GH URWD LH D DFWLYHORU FLUFXODQWH SRDWH IL H[SULPDW 1XP U GH URWD LL vQ
a)
(n):
n= unde:
$&
CA AC
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 ULPH DEVWUDFW FDUH QX UHG vQ WHUP
Ac T CA
VFRSXO
LGHQWLILF ULL
DVSHFWHORU
IDYRUDELOH
GDU
PDL
DOHV
FHORU
GHWHUPLQDUHD YLWH]HL GH
teriale
Cheltuielile cu materialele
T
D YLWH]HL GH URWD LH SUHVXSXQH XWLOL]DUHD
CA
AC Dz = T CA
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.)
DFFHOHU ULL
VDX
vQFHWLQLULL
YLWH]HL
GH
URWD LH
VH
3.
Model de analiz : Dz =
AC St + Cr T = T CA CA
1. ,QIOXHQ D PRGLILF ULL FLIUHL GH DIDFHUL AC0 AC0 T T = 68,35 78,34 = 9,99 zile CA1 CA 0 2. ,QIOXHQ D PRGLILF ULL VROGXOXL PHGLX DO DFWLYHORU FLUFXODQWH AC1 AC0 T T = 78,82 68,35 = +10,47 zile CA1 CA1
GLQ FDUH GDWRULW ,QIOXHQ HL PRGLILF ULL VWRFXULORU PHGLL
eliberare de capital
GH FDSLWDO vQ vQUHJLVWUHD]
FD]XO
DQDOL]DW
R LPRELOL
I = ( 78,82 78,34 )
6H FRQVWDW
]LOH vQ SULPXO DQ OD ]LOH vQ DQXO XUP WRU FHHD FH DUH FD HIHFW R
imobilizare dH FDSLWDO QFHWLQLUHD YLWH]HL GH URWD LH D DFWLYHORU FLUFXODQWH V-a GDWRUDW FUHWHULL VROGXOXL PHGLX DO DFWLYHORU FLUFXODQWH vQWU-un ritm superior celui al cifrei de afaceri (115,32% > 114,61% ).
'LQ VROGXOXL SXQFW DO GH YHGHUH DO LQIOXHQ HORU IDFWRULORU VH FRQVWDW YLWH]HL F GH PDMRUDUHD FLIUHL GH DIDFHUL FX PHGLX DFWLYHORU URWD LH DGLF GHWHUPLQDW vQ FRQGL LLOH PHQ LQHULL FRQVWDQWH D GHWHUPLQ DFFHOHUDUHD FX FLUFXODQWH DO
&UHWHUHD
32% a
FX
vQFHWLQLUHD
YLWH]HL
URWD LH
UHVSHFWLY
PDMRUDUHD
DFHVWHLD
VWRFXULORU ,QIOXHQ D VWRFXULORU VH DSUHFLD] PDMRU ULL FUHDQ HORU QX HVWH MXVWLILFDW
QRUPDO
OLPLWD
FDUH
DIHFWHD]
una
Astfel:
n stadiul
FHUHD OD
FX UHVXUVH PDWHULDOH
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optim a stocurilor
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i de etc.
imedLDW
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trezorerie.
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prin aceaVW
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structura fluxurilor de trezorerie relative referitoare la activit ile de exploatare. Conform metodei directe, fluxurile monetare sunt grupate n diferite
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GH
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ULORU L SODVDPHQWHORU
_____________________________________________________________
= +/- 5H]XOWDWXO GLQ H[SORDWDUH vQDLQWHD YDULD LHL QHFHVDUXOXL GH IRQG GH rulment +/- 9DULD LD VWRFXULORU +/- 9DULD LD FRQWXULORU FOLHQ L a DOWRU FUHDQ H Gin exploatare +/- 9DULD LD FRQWXULORU IXUQL]RUL L D DOWRU GDWRULL GLQ H[SORDWDUH - 'REkQ]L L GLYLGHQGH SO WLWH - 3O L SULYLQG LPSR]LWHOH DVXSUD SURILWXOXL +/- Elemente extraordinare
_____________________________________________________________
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de exploatare
re.
DOH DFWLYLW LORU GH LQYHVWL LL ,$6 QX
3ULYLQG
IOX[XULOH
GH
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specific
LOH GH LQYHVWL LL
+ Dobnzi ncasate + Dividende primite (ncasate) = +/- Flux neW GH WUH]RUHULH UHODWLY OD DFWLYLW
LOH GH LQYHVWL LL
De asemenea,
,$6
QX
VSHFLILF
H[DFW
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fluxurilor de
- Rambursarea de capital, n numerar + Emisiunea (contractarea) de mprumuturi (altele dect cele de trezorerie) - Rambursarea de mprumuturi (altele dect cele de trezorerie) - 5DPEXUVDUHD GH GDWRULL FH UH]XOW GLQ FRQWUDFWHOH GH ORFD LH-ILQDQ DUH
'REkQ]L L GLYLGHQGH SO 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:
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acesteia.
Tabelul 5.13
%,/$1
N-1 800 - 130 7000 - 2500 1500 - 250 2300 7000 900 16620
N 800 - 130 7220 - 2550 1500 - 250 3650 6950 350 17540
9DULD LD
Elemente de activ
,PRELOL] UL QHFRUSRUDOH $PRUWL] UL LPRELOL] UL ,PRELOL] UL FRUSRUDOH $PRUWL]DUL LPRELOL] UL FRUSRUDOH ,PRELOL] UL ILQDQFLDUH $PRUWL] UL LPRELOL] UL ILQDQFLDUH
necorporale
Stocuri
&UHDQ H 'LVSRQLELOLW L
Elemente de activ - total Elemente de pasiv Capital social Profit nerepartizat Datorii financiare pe termen lung Datorii furnizori
'DWRULL ILVFDOH L VRFLDOH
Tabelul 5.14
&2178/ '( 352),7 , 3,(5'(5( /$ $18/ 1
- mil lei INDICATORI Venituri din exploatare Venituri din vnzarea m UIXULORU
3URGXF LH YkQGXW
Cifra de afaceri
3URGXF LH VWRFDW 3URGXF LH LPRELOL]DW
N 14400 4000 10400 14400 13900 1700 4100 350 600 420 2500 1300 2930
Cheltuieli de exploatare
Venituri financiare Venituri din dobnzi Alte venituri financiare Cheltuieli financiare Cheltuieli privind dobnzile Alte cheltuieli financiare
9HQLWXUL H[FHS LRQDOH
,QIRUPD LL FRPSOHPHQWDUH FUHWHUHD FDSLWDOXOXL D DYXW ORF vQ FXUVXO DQXOXL 1 SULQ DSRUW GH QXPHUDU DO DF LRQDULORU VH GLVWULEXLH GLYLGHQGH DF LRQDULORU vQ YDORDU
s-D DFKL]L LRQDW XQ XWLODM vQ YDORDUH GH n numerar ntreaga contravaloare a acestuia; s-a rambursat un credit de 750 mil.lei.
PLOOHL SO 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[XULOH GH WUH]RUHULH UHIHULWRDUH OD DFWLYLW 3URILWXO QHW vQDLQWHD LPSR]LW ULL (OLPLQDUHD YHQLWXULORU L FKHOWXLHOLORU I U LQFLGHQ LOH GH H[SORDWDUH
Eliminarea veniturilor L a cheltuielilor nelegate de exploatare: __________________________________________________________________ 3URILWXO GLQ H[SORDWDUH vQDLQWHD YDULD LHL QHFHVDrului de fond de rulment +3330 - &UHWHUHD VWRFXULORU -1350 +50 + 'LPLQXDUHD VROGXULORU FRQWXULORU FOLHQ L L DOWRU FUHDQ H din exploatare + &UHWHUHD GDWRULLORU ID GH IXUQL]RUL +500 - Diminuarea datoriilor fisFDOH L VRFLDOH -20 - Diminuarea datoriilor diverse -130 - 3O L SULYLQG LPSR]LWHOH DVXSUD SURILWXOXL -100 __________________________________________________________________ )OX[XO QHW GH WUH]RUHULH UHODWLY OD DFWLYLW LOH GH H[SORDWDUH $ +2280
)OX[XULOH GH WUH]RUHULH UHIHULWRDUH OD DFWLYLW LOH GH LQYHVWL LL
- Achizi ionarea unui utilaj 3100 __________________________________________________________________ )OX[XO QHW GH WUH]RUHULH UHODWLY OD DFWLYLW LOH GH LQYHVWL ii ( B ) 3100
)OX[XULOH GH WUH]RUHULH UHIHULWRDUH OD DFWLYLW LOH GH ILQDQ DUH &UHWHUHD GH FDSLWDO vQ QXPHUDU 1220 - Rambursarea de mprumuturi 750 - 'LYLGHQGH SO WLWH 200 __________________________________________________________________ = Fluxul neW GH WUH]RUHULH UHODWLY OD DFWLYLW LOH GH ILQDQ DUH & + 270
LORU $ % &
Concluzie:
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, VH FRQVWDW F DFHVW 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
F WUH DFHWLD 3HQWUX D VSRUL vQFUHGHUHD DF LRQDULORU vQ FDSDFLWDWHD GH
pentru acoperirea
D PRG
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ifica structura
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vQWUHSULQGHULL
ctelor
dect indicatorii de echilibru financiar, fondul de rulment, nevoia de fond de UXOPHQW L WUH]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
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ntreb 1. 2. 3. 4.
UL L DSOLFD LL
ui IXQF ional
SHQWUX
?
VXQW F LOH GH FUHWHUH D
FDUH
acestuia?
6 VH FDOFXOH]H L V VH LQWHUSUHWH]H HYROX LD SDWULPRQLXOXL QHW SH ED]D XUP WRDUHORU GDWH
%,/$1
= mil. lei =
PASIV Capital social Rezerve Rezultatul net nerepartizat Datorii financiare pe termen lung Datorii furnizori Credite bancare curente TOTAL PASIV
TOTAL ACTIV
6610
7690
6610
7690
5. 6. 7.
QHYRLD GH IRQG GH UXOPHQW L WUH]RUHULD QHW &DUH VXQW HOHPHQWHOH FDUH LQIOXHQ HD] VHPQLILFD LH HFRQRPLF DU
8. 9.
Q FH FRQGL LL QHYRLD GH IRQG GH UXOPHQW L WUH]RUHULD QHW QHJDWLYH L FDUH HVWH VHPQ ILFD LD HFRQRPLF
DX YDORUL
D DFHVWXL IDSW
= mil. lei =
ACTIV
,PRELOL] UL QHFRUSRUDOH ,PRELOL] UL FRUSRUDOH ,PRELOL] UL ILQDQFLDUH
Stocuri
&OLHQ L
Efecte de ncasat
,PSR]LWH L WD[H GH
ncasat
'HELWRUL GLYHUL 'LVSRQLELOLW L
2620
2620
2707
global, nevoia
FRPSRQHQWH
10. 3H
DOH QHYRLL GH IRQG GH UXOPHQW UHVSHFWLY FHD GH H[SORDWDUH L FHD vQ DIDUD H[SORDW ULL
ia de fond de
rulment.
)RUPXOD L SULQFLSDOHOH FRQFOX]LL SH ED]D XUP WRDUHORU GDWH
Indicele capitalui propriu = 116% Indicele capitalului permanent = 110% Indicele activelor imobilizate = 121%.
12. 3H
L FRPHUFLDOH V
VH DQDOL]H]H
= mil.lei =
ACTIV N -1 N PASIV N-1 N
282.300
320.000
nerepartizat
i R1f f w p q s f f f Cq!Pp f w pq!ReR
Stocuri Clien i
p t q i Crxq w g v
Provizioane pentru
r f 1#!f#iR Ci r f
7280 7280
7.140
termen scurt
TOTAL DATORII
TOTAL ACTIV
586.090
607.280
TOTAL PASIV
f g 1 ! f f%Ci!q r q
2.740
2.500
249.790
250.250
70.450
66.800
eltuieli
586.090
607.280
13. ([SOLFD L
vQ
FH
FRQVW
LPSRUWDQ D L FRPHUFLDOH
DQDOL]HL
FRUHODWH
FUHDQ HORU
14. 6 VH DQDOL]H]H SULQFLSDOHOH DVSHFWH oEOLJD LLORU SH ED]D XUP toarelor date:
SULYLQG
HYROX LD
FUHDQ HORU
mil. lei
Nr. Indicatori Crt. 1. Cifra de afaceri 2. &UHDQ H GLQ FDUH FUHDQ H DQ FUHDQ H ! DQ 3. 2EOLJD LL GLQ FDUH REOLJD LL 1 an REOLJD LL ! DQ 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 -
Durata de folosire a surselor atrase = 34 zile. 16. &DUH HVWH VHPQLILFD LD HFRQRPLF Indicele cifrei de afaceri = 114%
,QGLFHOH VROGXOXL PHGLX DO REOLJD LLORU SH WHUPHQ VFXUW D HYROX LHL LQGLFDWRULORU
OLFKLGLWDWHD L VR
%,/$1
- mil. lei -
ACTIV Active imobilizate Active circulante, din care: - Stocuri - &UHDQ H - 'LVSRQLELOLW L b QHWL L SODVDPHQWH TOTAL ACTIV
N-1
3.500 3.150
lung
)XUQL]RUL L DOWH REOLJD LL FXUHQWH
650
400
19. 6 VH GHWHUPLQH UDWD VROYDELOLW LL SDWULPRQLDOH FXP DSUHFLD L cazul n care aceasta este de 35%? 20. &XP
VH GHWHUPLQ UDWD OLFKLGLW VH vQFDGUH]H DFHDVWD WUHEXLH V
VLWXD LD vQ
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 DFHVW FRQFHSW HFRQRPLF GHWHUPLQD L GH FDSLWDO FDUH H[SULP
23. $QDOL]D L YLWH]D GH URWD LH D DFWLYHORU FLUFXODQWH vQ ]LOH L efectul modifiF ULL DFHVWHLD HOLEHUDUH VDX LPRELOL]DUH
FLUFXODQW vQ FXUVXO D GRX H[HUFL LL ILQDQFLDUH FRQVHFXWLYH
mil. lei
Nr. Indicatori Crt. 1. Cifra de afaceri 2. Soldul mediu al activelor circulante, din care: Stocuri &UHDQ H 'LVSRQLELOLW L E QHWL
Perioada N-1 17.800 2.350 1.260 1.050 40 N 19.400 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%.