Sunteți pe pagina 1din 22

CAPITOLUL 7

DIAGNOSTICUL RISCULUI
$QDOL]D UHQWDELOLW LL QX FRQVWLWXLH GHFkW R SDUWH D GLDJQRVWLFXOXL ILQDQFLDU &RQFOX]LLOH OD FDUH VH QX VH DUH vQ YHGHUH L GLDJQRVWLFXO ULVFXOXL 3UH]HQWDUHD VHSDUDW F D FHORU GRX DMXQJH VXQW LQFRPSOHWH GDF S U L DOH GLDJQRVWLFXOXL ILQDQFLDU QX vQVHDPQ HOH VXQW LQGHSHQGHQWH 5HQWDELOLWDWHD QX VH SRDWH DSUHFLD

GHFkW vQ IXQF LH GH ULVFXO UHFLSURF LDU ULVFXO DFFHSWDW GH LQYHVWLWRUL vQ IXQF LH GH UHQWDELOLWDWHD DWHSWDW  1R LXQHD GH HFKLOLEUX ILQDQFLDU QX DUH VHQV GHFkW vQ FDGUXO UHOD LHL UHQWDELOLWDWH

- risc.
PHWRG

3ULPHOH WUHL VHF LXQL VXQW FRQVDFUDWH SUH]HQW ULL PHWRGHORU FDUH SHUPLW GLDJQRVWLFDUHD FHORU WUHL WLSXUL GH ULVF ULVF GH H[SORDWDUH ULVF ILQDQFLDU L ULVF GH IDOLPHQW $ SDWUD VHF LXQH HVWH FRQVDFUDW VFRUXULORU L VLVWHPHORU H[SHUW IRORVLWH vQ FDGUXO GLDJQRVWLFXOXL

ei

7.1. DIAGNOSTICUL FINANCIAR


'DF

RISCULUI

DE

EXPLOATARE

$/

5,6&8/8,

GLDJQRVWLFXO ULVFXOXL GH IDOLPHQW XUP ULW GH FUHGLWRUL VH ED]HD]

SH QXPHURDVH LQVWUXPHQWH

riscul de exploatarH L ULVFXO ILQDQFLDU VH VSULMLQ


(IHFWXO UHQWDELOLW GH OHYLHU GH H[SORDWDUH UH]XOW

vQ SULQFLSDO SH QR LXQHD GH OHYLHU GH H[SOR

atare.
DFWLYLWDWH DVXSUD LL GH

7.1.1. Diagnosticul riscului de exploatare


GLQ LQFLGHQ D IOXFWXD LLORU QLYHOXOXL GH LL HFRQRPLFH $QDOL]D HIHFWXOXL GH OHYLHU GH H[SORDWDUH DUH FD RELHFWLY HYDOXDUHD VHQVLELOLW GLQ H[SORDWDUH OD YDULD LD QLYHOXOXL GH DFWLYLWDWH $FHDVW VHQVLELOLWDWH HVWH FRQGL LRQDW UH]XOWDWXOXL

VWUXFWXUD FKHOWXLHOLORU IL[H L YDULDELOH 9RP FRQVLGHUD vQ DFHVW FDSLWRO SHQWUX VLPSOLILFDUH F HFRQRPLF HVWH HJDO FX UH]XOWDWXO GLQ H[SORDWDUH L F DFHVWH P ULPL VXQW LGHQWLFH

UH]XOWDWXO

$ 5LVFXO GH H[SORDWDUH L SR]L LD vQ UDSRUW FX SUDJXO GH UHQWDELOLWDWH DO H[SORDW 0 VXUDUHD VHQVLELOLW LL VH ED]HD] SH HO

ULL

asticitatea rezultatului din exploatare n raport cu nivelul de


UDSRUWkQG YDULD LD

DFWLYLWDWH 6H DUH vQ YHGHUH FD LQGLFDWRU GH ULVF SR]L LD vQWUHSULQGHULL vQ UDSRUW FX SUDJXO GH UHQWDELOLWDWH DO H[SORDW ULL VDX SXQFWXO PRUW DO H[SORDW ULL 

Fie X rezultatul din exploatarH


UHODWLY

L 3 QLYHOXO GH DFWLYLWDWH (ODVWLFLWDWHD VH P VRDU D QLYHOXOXL GH DFWLYLWDWH DVWIHO

D UH]XOWDWXOXL GLQ H[SORDWDUH OD YDULD LD UHODWLY (ODVWLFLWDWHD

9DULD LD ;;  9DULD LD 33 IDSWXO F R YDULD LH UHODWLY GH  D QLYHOXOXL GH DFWLYLWDWH

De exemplu, o elasticitate de 2 semnific


DQWUHQHD] R YDULD LH GH 

D UH]XOWDWXOXL GLQ H[SORDWDUH

3UDJXO GH UHQWDELOLWDWH SHQWUX H[SORDWDUH 35(  VDX SXQFWXO PRUW DO H[SORDW ULL VH GHILQHWH FD ILLQG

nivelul de activitate pentru FDUH UH]XOWDWXO GLQ H[SORDWDUH HVWH QXO (YDOX fixe cu procentul marjei asupra chletuielilor variabile.
)LH D SURFHQWXO FKHOWXLHOLORU YDULDELOH $YHP &9 )LH &) P ULPHD FKHOWXLHOLORU IL[H 2E LQHP UHOD LD

P 35( GLYL]kQG VXPD FKHOWXLHOLORU

D3 P ULPHD FKHOWXLHOLORU YDULDELOH

X = P - CV - CF = P (1 - a) - CF
3HQWUX R DFWLYLWDWH FRUHVSXQ] WRDUH SXQFWXOXL PRUW DO H[SORDW ULL ; HVWH ]HUR Q FRQVHFLQ

CF PRE = 1- a

3XWHP DU WD F

HODVWLFLWDWHD L 35( VXQW OHJDWH SULQ UHOD LD

Elesticitate =
5HOD LD VH RE LQH DVWIHO

P P - PRE

Elasticitate = [(Var. X/X)/(Var.P/P)] = = [(1-a) Var P/ [P (1-a) - CF]]/(Var.P/P) = = (1-a)P/[P(1-a) - CF] = = P/(P - PRE)

'HGXFHP GLQ DFHDVW

UHOD LH WUHL FRQFOX]LL LPSRUWDQWH vQWUHSULQGHUL HVWH PDL DSURSLDW GH SXQFWXO PRUW DO H[SORDW ULL

1) Cu ct nivelul de activitate al unHL

FX DWkW HODVWLFLWDWHD L ULVFXO GH H[SORDWDUH VXQW PDL ULGLFDWH  &X FkW QLYHOXO FKHOWXLHOLORU IL[H HVWH PDL ULGLFDW FX DWkW UHQWDELOLWDWHD L ULVFXO GH H[SORDWDUH VXQW

mai importante.
 5HQWDELOLWDWHD L ULVFXO GH H[SORDWDUH GHSLQG GH QLYHOXO FKHOWXLHOLORU IL[H L GH SURFHQWXO PDUMHL DVXSUD FKHOWXLHOLORU YDULDELOH DFHVWH GRX )LH GRX GLIHU  HOHPHQWH GHWHUPLQkQG SUDJXO GH UHQWDELOLWDWH

vQWUHSULQGHUL $ L % SHQWUX FDUH DFWLYXO HFRQRPLF L

nivelul de activitate sunt identice, dar t avute n


vQWUHSULQGHUL HVWH LGHQWLF 

VWUXFWXUD FKHOWXLHOLORU 

FKHOWXLHOL YDULDELOH L  FKHOWXLHOL IL[H SHQWUX vQWUHSULQGHUHD $ UHVSHFWLY

L  SHQWUX vQWUHSULQGHUHD %  7UHL LSRWH]H DOH QLYHOXOXL GH DFWLYLWDWH FLIUD GH DIDFHUL VXQ D FHORU GRX

YHGHUH ,SRWH]D D GRXD HVWH FHD vQ FDUH UHQWDELOLWDWHD HFRQRPLF 3HQWUX ILHFDUH vQWUHSULQGHUH DFWLYLWDWHD vQUHJLVWUHD] R FUHWHUH GH 

vQ UDSRUW FX SHULRDGD SUHFHGHQW 

([SOLFD LL

Cifra de afaceri Cheltuieli variabile Cheltuieli fixe Rezultat din exploatare Elasticitate PunctuO PRUW DO H[SORDW ULL
3R]L LD vQ UDSRUW FX 35( 1RW  3R]L LD vQ UDSRUW FX SXQFWXO PRUW V

ntreprinderea A 1 2 3 1000 1100 1210 600 660 726 300 300 300 100 140 184 400% 314% 750 750 750 33% 47% 61% -a stabilit astfel:

ntreprinderea B 1 2 3 1000 1100 1210 300 330 363 630 630 630 70 140 217 !000% 550% 900 900 900 11% 22% 34%

CA - PRE PRE
LL GH  HODVWLFLWDWHD HVWH HJDO FX

$YHP vQ YHGHUH vQWUHSULQGUHD $ 3HQWUX XQ QLYHO DO DFWLYLW

(140 - 100 )/ 100


(1100 - 1000)/1000
$OWIHO VSXV R FUHWHUH D DFWLYLW LL FX   DGLF FX  UH]XOWDWXOXL GLQ H[SORDWDUH GH OD  OD  DGLF

= 400%
R FUHWHUH PDL PDUH D LL GH 

GH OD  OD  GHWHUPLQ  3HQWUX XQ QLYHO DO DFWLYLW

, elasticitatea
LL GH

este de 314%. Pentru ntreprinderea B, aceeaL


 L GH  

YDULD LH D DFWLYLW

LL FRQGXFH UHVSHFWLY OD YDORUL DOH HODVWLFLW

&DOFXODUHD SR]L LHL vQ UDSRUW FX SXQFWXO PRUW DO H[SORDW ULL FRQILUP

DFHVWH FRQFOX]LL IL[H OD PDUMD DVXSUD

Pragul de reQWDELOLWDWH
FKHOWXLHOLORU YDULDELOH H[SULPDW

HFRQRPLF vQ SURFHQWH

VH

FDOFXOHD]

UDSRUWkQG

FKHOWXLHOLOH

Pentru ntreprinderea A avem:

300 = 750 0,4

,DU SR]L LD vQ UDSRUW FX 35( SHQWUX R &$ GH  HVWH

1000 - 750 750

100 = 33% deasupra PRE

Pentru ntreprinderea B avem:

630 = 900 0,7

1000 - 900 900

100 = 11% deasupra PRE

QWUHSULQGHUHD $ VH VLWXHD]  SHQWUX RULFDUH GLQ FHOH WUHL P ULPL DOH FLIUHL GH DIDFHUL GHSDUWH GH SXQFWXO PRUW DO H[SORDW ULL SR]L LD FHD PDL ULVFDQW ILLQG GH   SHQWUX XQ QLYHO GH DFWLYLWDWH GH 

6LWXD LD vQWUHSULQGHULL % HVWH PDL SX LQ EXQ DYkQG GRDU  DFHDVW

GDWRULW

VWUXFWXULL FKHOWXLHOLORU LSRWH]D FHD PDL ULVFDQW LL FX SHVWH  

DFWLYLWDWH SHVWH 35( $OWIHO VSXV vQ HYHQWXDOLWDWHD XQHL VF GHUL D DFWLYLW

vQWUHSULQGHUH YD vQUHJLVWUD SLHUGHUL QWUHSULQGHUHD $ FDUH SUH]LQW FRPSDUDWLY FX % R SURSRU LH PDL PDUH D FKHOWXLHOLORU YDULDELOH L LL L HVWH PDL

FKHOWXLHOL IL[H PDL PLFL RE LQH XQ UH]XOWDW GLQ H[SORDWDUH PDL SX LQ VHQVLELO OD YDULD LLOH DFWLYLW SX LQ ULVFDQW  ([HPSOXO FRQILUP F 

 &X FkW vQWUHSULQGHUHD VH vQGHS UWHD] VH GLPLQXHD] ULVFXO

GH SXQFWXO PRUW DO H[SORDW ULL FX DWkW HODVWLFLWDWHD VFDGH L

2) Cu ct cheltuielile fixe sunt mai ridicate, cu att riscul este mai mare.

% (YDOXDUHD SR]L LHL vQ UDSRUW FX SUDJXO GH UHQWDELOLWDWH

$FHDVW IL[H L

HYDOXDUH SUHVXSXQH F $GHVHD HVWH vQV

SXWHP UHSDUWL]D FX H[DFWLWDWH FKHOWXLHOLOH vQ IXQFWLH GH QDWXUD ORU vQ D UHSDUWL]D FKHOWXLHOLOH GXS GHSHQGHQ D IDW GH YROXPXO GH

YDULDELOH

GLILFLO

activitate.
3XWHP IDFH XUP WRDUHOH UHFRPDQG UL

- FRQVXPXO GH PDWHULL SULPH L PDWHULDOH FRQVXPDELOH FRQVWLWXLH FKHOWXLHOL YDULDELOH - DOWH FKHOWXLHOL H[WHUQH FRQVXPXUL DOWHOH GHFkW PDWHULDOHOH SRW IL UHSDUWL]DWH MXP WDWH ca cheltuieli
YDULDELOH L MXP WDWH FD FKHOWXLHOL IL[H

- FKHOWXLHOLOH GH SHUVRQDO LPSR]LWHOH L WD[HOH DPRUWL] - SURYL]LRDQHOH FX FDUDFWHU H[FHS LRQDO QX WUHEXLH V pragul de rentabilitate.

ULOH VXQW GH UHJXO

FKHOWXLHOL IL[H

ILH DYXWH vQ YHGHUH DWXQFL FkQG VH HYDOXHD]

7.1.2. Diagnosticul riscului financiar


0HWRGD SUH]HQWDW SHQWUX vQ HOHJHUHD ULVFXOXL GH H[SORDWDUH SRDWH IL IRORVLW L SHQWUX GLDJQRVWLFXO GXS

riscului financiar. Pentru aceasta nlocuim rezultatul din exploatare cu rezultatul curent dHWHUPLQDW global (PRG) sau punctul mort global.
RE LQHP XQ UH]XOWDW FXUHQW QXO $FHVWD VH GLVWLQJH GH SXQFWXO PRUW DO H[SORDW ULL SHQWUX F

OXDUHD vQ FDOFXO D FKHOWXLHOLORU ILQDQFLDUH L HYDOX P SR]L LD vQWUHSULQGHULL vQ UDSRUW FX SUDJXO GH UHQWDELOLWDWH

Punctul mort global constituie nivelul de activitate pentru care


LD vQ FDOFXO GH SUDJXO GH UHQWDELOLWDWH FRQILUP FRQFOX]LLO

cheltuielile financiare. Acestea sunt considerate cheltuieli fixe.


,QFLGHQ D vQGDWRU ULL DVXSUD SR]L LHL vQWUHSULQGHULL ID

RE LQXWH DWXQFL FkQG V D SRUQLW GH OD UHOD LD HIHFWXOXL GH OHYLHU ILQDQFLDU 5HFXUJHUHD OD vQGDWRUDUH PDMRUHD]

riscul.
&RQWLQX P H[HPSOXO VRFLHW LORU $ L % 3UHVXSXQHP F ILQDQ HD]  vQ SUH]HQW FHOH GRX VRFLHW L DX XQ DFWLY

economic de 2000. ntreprinderea A sH

SULQ GDWRULL LDU vQWUHSULQGHUHD % vQ WRWDOLWDWH GLQ LPSR]LW SH UH]XOWDWXO ILQDQFLDU

IRQGXUL SURSULL 5DWD GREkQ]LL SHQWUX GDWRULL HVWH GH 

 1X H[LVW

([SOLFD LL

1LYHOXO DFWLYLW

LL

Cheltuieli variabile Cheltuieli fixe de exploatare Rezultat din exploatare Cheltuieli financiare Rezultat curent Elasticitate Cheltuieli fixe totale Punctul mort global
3R]L LD vQ UDSRUW FX 35*

ntreprinderea A 1 2 3 1000 1100 1210 600 660 726 300 300 300 100 140 184 80 80 80 20 60 104 2000% 733% 380 380 380 950 950 950 5% 16% 27%

ntreprinderea B 1 2 3 1000 1100 1210 300 330 363 630 630 630 70 140 217 0 0 0 70 140 217 1000% 550% 630 630 630 900 900 900 11% 22% 34%

,QFOXGHUHD FKHOWXLHOLORU ILQDQFLDUH vQ FKHOWXLHOLOH IL[H DQWUHQHD] SHQWUX VRFLHWDWHD $ FDUH FUHWH GH OD  OD  L D HODVWLFLW FDUH FUHWH GH OD  OD   Q FRQVHFLQ

R FUHWHUH VHQVLELO

D SXQFWXOXL PRUW

LL UH]XOWDWXOXL FXUHQW vQ UDSRUW

cu activitatea

SR]L LD vQ UDSRUW FX SXQFWXO PRUW JOREDO DYkQG vQ YHGHUH OD   5LVFXO ILQDQFLDU GH D DYHD XQ UH]XOWDW

cheltuielilH

ILQDQFLDUH VH GHJUDGHD]  DMXQJkQG GH OD 

FXUHQW QHJDWLY L R UHQWDELOLWDWH D FDSLWDOXULORU SURSULL GH DFHODL VHPQ GHYLQH PDL ULGLFDW SHQWUX $ GHFkW

pentru B. Avantajul pe care-O


ULVFXO ILQDQFLDU GDWRULW

SUH]LQW

$ vQ OHJ WXU

FX ULVFXO GH H[SORDWDUH D GLVS UXW FkQG DYHDP vQ YHGHUH

ULVFXOXL VXSOLPHQWDU OHJDW GH vQGDWRUDUH

 $1$/,=$ 67$7,&


'LDJQRVWLFXO ULVFXOXL

A RISCULUI DE FALIMENT
GH IDOLPHQW FRQVW vQ HYDOXDUHD FDSDFLW LL vQWUHSULQGHULL GH D IDFH ID SH GRX WLSXUL GH DQDOL]  DQDOL]D VWDWLF  IRQGDW SH VWXGLHUHD ELODQ XOXL L

DQJDMDPHQWHORU VDOH 6H VSULMLQ DQDOL]D GLQDPLF  IRQGDW GRX PDUL FRQFHS LL

SH VWXGLHUHD IOX[XULORU )XQGDPHQWHOH DQDOL]HL VWDWLFH vL J VHVF RULJLQHD vQ FHOH DOH ELODQ XOXL SDWULPRQLDO L IXQF LRQDO  )LHFDUH GLQWUH DFHVWH FRQFHS LL

SRVLELOH

SHUPLWH V

VH HODERUH]H LQVWUXPHQWH VSHF

ifice pentru diagnostic.


D ELODQ XOXL
D ELODQ XOXL HVWH GH QDWXU D SDWULPRQLXOXL DF LRQDULORU

 &RQFHS LD SDWULPRQLDO

D ELODQ XOXL L FRQFHS LD IXQF LRQDO

,QYHQWDUXO DFWLYHORU L SDVLYHORU FRQVWLWXLH ELODQ XO &RQFHS LD LQL LDO SDWULPRQLDO  ,QYHQWDUXO HVWH UHDOL]DW vQ YHGHUHD P VXU ULL YDORULL UHDOH

ntreprinderii. Pe de o parte aceasW


FDUH YRU V FXQRDVF (YDOXDUHD FRQWDELO D SDWULPRQLXOXL

HYDOXDUH HVWH FHUXW

GH DF LRQDUL FDUH VXQW SURSULHWDULL vQWUHSULQGHULL L SDUWH DFHDVW HYDOXDUH HVWH FHUXW GH FUHGLWRUL

YDORDUHD SDWULPRQLXOXL ORU LDU SH GH DOW

SHQWUX FDUH DFWLYXO FRQVWLWXLH JDMXO XOWLP SHQWUX FUHDQ HOH ORU vQWUHSULQGHULL GH OD GH R SLD VH IDFH SRUQLQG SH GH OD LQIRUPD LLOH GH FRQWDELOH L 0 ULPHD OD

SDWULPRQLXOXL GH YDORULOH

SRUQHWH

HYDOXDUH

IRQGDW OD

SUH XULOH

DFKL]L LH

SURFHGHD] SH

DSURSLHUHD

UHDOH YDORULOH

 UHFXUJkQG

FRUHFWDUHD

YDORULORU IRQGDWH

SULQFLSLLOH

contabile.
Q FRQFHS LD IXQF LRQDO  ELODQ XO FRQVWLWXLH XQ DQVDPEOX GH DFWLYH XWLOL]DUHD FDSLWDOXULORU LQYHVWLW L GH UHVXUVH RULJLQHD FDSLWDOXULORU LQYHVWLWH  $FHDVW FRQFHS LH VH VSULMLQ SH R DQDOL] D DFWLYLW

e)

LL IRQGDW

SH GLIHULWH FLFOXUL GH RSHUD LL L DUH FD VFRS ILQDO IDFLOLWDUHD vQ HOHJHULL IXQF LRQ ULL vQWUHSULQGHULL &RQFHS LD IQF LRQDO HVWH ED]DW SH HYDOXDUHD DFWLYHORU L SDVLYHORU OD SUH XO GH DFKL]L LH I FkQGX

-se

DEVWUDF LH GH YDORDUHD UHDO  %LODQ XO IXQF LRQDO HVWH LQGLVSHQVDELO DQDOL]HL IOX[XULORU (O SHUPLWH vQ HOHJHUHD SROLWLFLL ILQDQFLDUH XUP ULW GH vQWUHSULQGHUH L FRPSOHWHD] UH]XOWDW

ele analizei patrimoniale.

 %LODQ XO SDWULPRQLDO L GLDJQRVWLFXO ULVFXOXL GH IDOLPHQW


$ &RQFHS LD SDWULPRQLDO

 3ULQFLSLLOH HODERU

ULL ELODQ XOXL SDWULPRQLDO

'XS

GHILQL LD SDWULPRQLDO  ELODQ XO HVWH VLWXD LD HOHPHQWHORU GH DFWLY L GH SDVL F DFHVW ELODQ SUH]LQW R LPDJLQH GHIRUPDW 

v ale ntreprinderii.

0HWRGHOH FRQWDELOH GH HYDOXDUH DSUHFLD]

vQ UDSRUW FX YHULWDELOD

YDORDUH D vQWUHSULQGHULL DD FXP DU UH]XOWD GLQ HYDOX UL GDWH GH SLD (YDOXDUHD FRQWLQXLW LL FRQWDELO LL GH VH IDFH vQGHRVHEL L SULQ vQ DSOLFDU YHGHUH

ea metodei costurilor istorice, n perspectiva


SULQFLSLXO SUXGHQ HL 3ULQFLSLXO FRQWLQXLW LL

DFWLYLW

H[SORDWDUH

DYkQG

H[SORDW ULL VHPQLILF

IDSWXO F

VLWXD LLOH ILQDQFLDUH VXQW VWDELOLWH vQ FRQGL LLOH vQ FDUH vQWUHSULQGHU

ea nu are nici
D JUHYH]H

LQWHQ LD QLFL REOLJD LD V

LQWUH vQ OLFKLGDUH VDX V

-L

UHGXF

DFWLYLW

LOH 3UXGHQ D HVWH DSUHFLHUHD UH]RQDELO

VLWXD LHL SHQWUX D HYLWD ULVFXO GH WUDQVIHU DVXSUD YLLWRUXOXL D LQFHUWLWXGLQLORU SUH]HQWH VXVFHSWLELOH V

patrimoniXO

L UH]XOWDWHOH vQWUHSULQGHULL &RQWXULOH DQXDOH WUHEXLH V LL

GHD R LPDJLQH ILGHO

D SDWULPRQLXOXL D

VLWXD LHL ILQDQFLDUH L D UH]XOWDWHORU VRFLHW

$SOLFDUHD SULQFLSLLORU FRQWDELOH IDFH V YDORDUHD GH SLD

VH DSOLFH FRUHFWXUL YDORULORU LVWRULFH SHQWUX D OH DSURSLD GH

 'H H[HPSOX SURYL]LRDQHOH SHQWUX GHSUHFLHUHD VWRFXULORU VXQW HYDOXDWH DYkQGX

-se n vedere

YDORDUHD GH SLD SLD

 GH UHDOL]DUH 7RWXL FRUHFWXULOH SUDFWLFDWH QX DVLJXU

WRWGHDXQD R DSURSLHUH GH YDORULOH GH D SDWULPRQLXOXL

L GH DFHHD ELODQ XO FRQWDELO QX IDFH GHFkW R HYDOXDUH DSUR[LPDWLY

 6WUXFWXUD ELODQ XOXL SDWULPRQLDO

&RQFHS LD SDWULPRQLDO

HVWH VWUkQV OHJDW

GH QR LXQLOH GH OLFKLGLWDWH D DFWLYXOXL L GH H[JLELOLWDWH D HVWH PDL XRU WUDQVIRUPDELO vQ EDQL /LFKLGLWDWHD

pasivului. Un activ este considerat cu att mai lichid cu FkW


DFWLYXOXL XQXL ELODQ VH DSUHFLD] GXS OLFKLGLWDWH VH UHDOL]HD] SX LQ GH XQ DQ DFHVWHD ILLQG DFWLYHOH FLUFXODQWH

OLFKLGLWDWHD DFWLYHORU FDUH O FRPSXQ 'LVWLQJHP vQWUH DFWLYHOH D F URU

vQ PDL PXOW GH XQ DQ DFHVWHD ILLQG DFWLYHOH LPRELOL]DWH L DFWLY

ele lichidabile n mai


VH VFXUJ SkQ OD

*UDGXO GH H[LJLELOLWDWH DO XQHL GDWRULL HVWH vQ IXQF LH GH WLPSXO FDUH WUHEXLH V VFDGHQ  &DSLWDOXULOH SURSULL VXQW QHH[LJLELOH 'DWRULLOH SH WHUPHQ OXQJ FX VFDGHQ

SHVWH PDL PXOW GH XQ

DQ VXQW PDL SX LQ H[LJLELOH GHFkW GDWRULLOH SH WHUPHQ VFXUW D F URU VFDGHQ XQ DQ ([LJLELOLWDWHD JOREDO D SDVLYXOXL VH DSUHFLD]

HVWH vQWU R SHULRDG

PDL PLF

GH

vQ IXQF LH GH SURSRU LD FDSLWDOXULORU SURSULL D GDWRULLORU

pe WHUPHQ OXQJ L D GDWRULLORU SH WHUPHQ VFXUW


6WUXFWXUD ELODQ XOXL SDWULPRQLDO VH ED]HD] SH FODVLILFDUHD DFWLYHORU L SDVLYHORU vQ IXQF LH GH

lichiditate, respectiv excibilitate. Activ Valori imibilizate nete (lichidabile peste mai mult de un an) Stocuri de valori realizabile
L GLVSRQLELOLW L OLFKLGDELOH vQ PDL SX LQ GH XQ DQ

Pasiv Capitaluri proprii (neexigibile)


'DWRULL SH WHUPHQ OXQJ L PHGLX

(exigibile peste mai mult de un an) Datorii pe termen scurt


H[LJLELOH vQ PDL SX LQ GH XQ DQ

B. DiDJQRVWLFXO ULVFXOXL GH IDOLPHQW SH ED]D ELODQ XOXL SDWULPRQLDO


(VWH QHYRLH V VH IDF R VHULH GH FRUHFWXUL ELODQ XOXL FRQWDELO SHQWUX D

-l transforma ntr-XQ

ELODQ

patrimonial.
 3UHOXFUDUHD SUHDODELO D LQIRUPD LHL FRQWDELOH

$QDOL]D SDWULPRQLDO

QHFHVLW

GHWHUPLQDUHD DFWLYXOXL QHW FRUHFWDW L SUH]HQWDUHD VWUXFWXULL DFWLYXOXL L LL UHVSHFWLY H[LJLELOLW LL $QDOL]D VH IDFH SRUQLQG GH OD ELODQ XO

SDVLYXOXL vQ IXQF LH GH FULWHULXO OLFKLGLW vQWRFPLW GXS UHSDUWL]DUHD UH]XOWDWXOXL

Principalele corecWXUL FDUH VH IDF SHQWUX FRQVWLWXLUHD ELODQ XOXL SDWULPRQLDO VXQW XUP
VH UHSDUWL]HD]

WRDUHOH

D HOLPLQDUHD GLQ DFWLY D FKHOWXLHOLORU GH vQILLQ DUH GH FHUFHWDUH GH GH]YROWDUH L D FKHOWXLHOLORU FDUH SH PDL PXOWH H[HUFL LL 6XPD DFHVWRU FKHOWXLHOL VH YD VF GHD L GLQ FDSLWDOXULOH SURSULL SHQWUX D

determina activul net corectat;


E UHLQWHJUDUHD vQ DFWLY L vQ SDVLY D DQJDMDPHQWHORU vQ DIDUD ELODQ XOXL FXP DU IL GH H[HPSOX RSHUD LLOH GH OHDVLQJ L HIHFWHOH FRPHUFLDOH VFRQWDWH L QHvQFDVDELOH

Leasingul sH
DGDXJ

DQDOL]HD]

FD R ILQDQ DUH FDUH VH VXEVWLWXLH XQXL vPSUXPXW SH WHUPHQ OXQJ L PHGLX L FRQWDELO D LPRELOL] ULORU ILQDQ DWH SULQ OHDVLQJ VH

WUHEXLH FRUHFWDW ELODQ XO vQ DFHVW VHQV 9DORDUHD QHW

OD YDORDUHD LPELOL] ULORU QHWH GLQ DFWLY LDU vQ SDVLY YRU FUHWH GDWRULLOH SH WHUPHQ OXQJ (IHFWHOH FRPHUFLDOH VFRQWDWH L QHvQFDVDELOH YRU IL DG XJDWH SRVWXOXL FOLHQ L vQ DFWLY L FUHGLWHORU

EDQFDUH FXUHQWH vQ SDVLY GDWRULL SH WHUPHQ VFXUW  (VWH YRUED GH FUHDQ H ID

GH FOLHQ L FDUH VXQW VFRQWDWH vQV FUHDQ D QX VH SO WHWH OD

transferndu-VH
VFDGHQ

DVWIHO GUHSWXO GH SURSULHWDWH DVXSUD DFHVWRUD XQHL E QFL 'DF ULVFXO

 vQWUHSULQGHUHD UHGHYLQH SURSULHWDUXO FUHDQ HL L VXSRUW

F FRQVLGHUDUHD SURYL]RDQHORU SHQWUX ULVFXUL L FKHOWXLHOL FD GDWRULL SH WH

rmen scurt;
GH XQ DQ L

G RUGRQDUHD SRVWXULORU GH DFWLY vQ IXQF LH GH OLFKLGLWDWHD ORU UHDO  PDL PDUH VDX PDL PLF D SRVWXULORU GH SDVLY vQ IXQF LH GH H[LJLELOLWDWHD ORU UHDO H[LJLELOH vQ PDL SX LQ GH XQ

QHH[LJLELOH H[LJLELOH SHVWH PDL PXOW GH XQ DQ

an).

2) Instrumentele analizei patrimoniale


D $QDOL]D VROYDELOLW LL SULQFLSLLOH FRQWDELOH 'LIHUHQ D GLQWUH YDORDUHD FRQWDELO D IRQGXULORU %LODQ XO SDWULPRQLDO SHUPLWH HYDOXDUHD IRQGXULORU SURSULL GXS

DFWLY L DQVDPEOXO GDWRULLORU FRQVWLWXLH DFWLYXO QHW FRQWDELO FDUH UHSUH]LQW SURSULL L ED]D ILQDQFLDU D vQWUHSULQGHULL

$FWLYXO QHW LQWHUYLQH vQ GLDJQRVWLFXO VROYDELOLW ID DQJDMDPHQWHORU VDOH JUD LH DFHVWRU DFWLYH 6ROYDELOLWDWHD VH P VRDU WUDGL LRQDO SULQ

LL SHQWUX HVWLPDUHD FDSDFLW

LL vQWUHSULQGHULL GH D IDFH

UDSRUWDUHD DFFHSWDW

DFWLYXOXL

QHW

FRUHFWDW

VDX

DFWLYXOXL

QHW

FRQWDELO OD WRWDOXO SDVLYXOXL 6ROYDELOLWDWHD PLQLP L R WUHLPH GLQ SDVLY 'LILFXOW LOH DSDU GDWRULW

GH E QFL vQ JHQHUDO H FXSULQV

vQWUH R FLQFLPH

QHFXQRDWHULL YDORULL UHDOH D DQXPLWRU DFWLYH L DEVHQ HL XQRU QRUPH FODUH

SULYLQG FHULQ HOH FDUH WUHEXLH vQGHSOLQLWH vQ FD]XO FkQG DFWLYXO QHW HVWH QHJDWLY LQkQG FRQW GH SULQFLSLXO SUXGHQ HL VROYDELOLWDWHD FRQVWLWXLH XQ HOHPHQW DO GLDJQRVWLFXOXL ILQDQFLDU DO

riscului de faliment, care nu este de neglijat. b) Analiza exigibilitate - lichiditate


$QDOL]D ULVFXOXL GH IDOLPHQW FDUH VH ED]HD] FRUHVSRQGHQ DQDOL] VWUXFWXUD DFWLYXOXL FX VWUXFWXUD S SH QR LXQLOH GH H[LJLELOLWDWH L GH OLFKLGLWDWH SXQH vQ DFHDVW

asivului. Principalele LQVWUXPHQWH SH FDUH VH ED]HD]

VXQW IRQGXO GH UXOPHQW SDWULPRQLDO UDWHOH GH OLFKLGLWDWH L UDWD DXWRQRPLHL ILQDQFLDUH

Fondul de rulment patrimonial


1R LXQHD GH IRQG GH UXOPHQW SDWULPRQLDO V D Q VFXW GLQ FRPSDUDUHD VWUXFWXULL OLFKLGLW VWUXFWXUD H[LJLELOLW LL SDVLYXOXL SXWkQGX

LL DFWLYXOXL FX -se face o apreciere pe termen scurt a riscului de faliment.


F SHQWUX D IDFH ID UDPEXUV ULORU GHELWRUXO YD

'H LQ WRUXO XQHL FUHDQ H SH WHUPHQ VFXUW HVWLPHD] WUHEXL V UHDOL]H]H UDSLG DFWLY

ele.
ULVFXO V X vQ UDSRUW FX YDORDUHD DFWLYHORU FHOH PDL OLFKLGH L FX GDWRULLOH SH F R GLIHUHQ SR]LWLY vQWUH VXPD DFWLYHORU SH WHUPHQ VFXUW L FHD D GDWRULLORU GLIHUHQ FRQVWLWXLH IRQGXO GH UXOPHQW

3ULQ XUPDUH HYDOXHD]

WHUPHQ VFXUW &XP H[LJLELOLWDWHD GDWRULLORU SH WHUPHQ VFXUW HVWH FHUW  vQ WLPS FH OLFKLGLWDWHD DFWLYHORU HVWH DOHDWRDUH FUHGLWRULL FRQVLGHU SH WHUPHQ VFXUW OH SHUPLWH V

VH DFRSHUH FRQWUD ULVFXOXL $FHDVW

patrimonial. FRP = Active circulante - Datorii pe termen scurt


LQkQG FRQW GH VWUXFWXUD ELODQ XOXL SDWULPRQLDO UHOD LD XUP WRDUH HVWH HFKLYDOHQW 

FRP = Capitaluri permanente - Valori imobilizate nete


&DSLWDOXULOH SHUPDQHQWH UHSUH]LQW D F URU VFDGHQ HVWH VXPD FDSLWDOXULORU SURSULL L D GDWRULLORU SH WHUPHQ OXQJ L PHGLX

mai mare de un an. Fondul de rulment patrimonial constituie rezerva de securitate pentru ntreprindere, creditorii dorind
ILH SR]LWLY DFHOHDL FULWLFL FD L DFWLYXO QHW 1X H[LVW LQGLFDWRU QX SRDWH GHFL V VH IDF QRUPH FDUH V GHFkW OXkQG vQ 8WLOL]DUHD FD LQGLFDWRU DO ULVFXOXL VXIHU QLYHOXO RSWLP DO )53 8WLOL]DUHD DFHVWXL

FD DFHVWD V

deILQHDVF

FRQVLGHUDUH )53 DO vQWUHSULQGHULORU FDUH SUDFWLF

DFHHDL DFWLYLWDWH L FDUH VXQW VXSXVH XQXL ULVF VLPLODU

Ratele de lichiditate Fundamentul ratelor de lichiditate consW


WHUPHQ VFXUW 5DWHOH WUDGL LRQDOH VXQW XUP WRDUHOH

vQ FRPSDUDUHD DFWLYHORU UDSLG UHDOL]DELOH FX GDWRULLOH SH

- UDWD OLFKLGLW LL JHQHUDOH VWDELOLW FD UDSRUW vQWUH DFWLYHOH OLFKLGLGDELOH datoriile exigibile vQ PDL SX LQ GH XQ DQ $FHDVW UDW  vQ PRG QRUPDO WUHEXLH V
HFKLYDOHD] FX XQ IRQG GH UXOPHQW SDWULPRQLDO SR]LWLY L SHUPLWH V LL UHGXVH VWDELOLW VH IDF

vQ PDL SX LQ GH XQ DQ L ILH VXSUDXQLWDU  FHHD FH

DSUHFLHUL UHODWLYH OD QLYHOXO )53

UDWD OLFKLGLW

FD UDSRUW vQWUH DFWLYHOH OLFKLGDELOH vQ PDL SX LQ GH XQ DQ I U UDW H[FOXGH GLQ DFWLYHOH SH WHUPHQ VFXUW VWRFXULOH

VWRFXUL L GDWRULLOH H[LJLELOH vQ PDL SX LQ GH XQ DQ $FHDVW

GH PDWHULDOH L SURGXF LH QHWHUPLQDW  FDUH FRQVWLWXLH DGHVHD HOHPHQWHOH D F URU YDORDUH L O LQFHUWH 6H DSUHFLD] F QRUPD SHQWUX DFHDVW UDW HVWH GH  

ichiditate sunt

UDWD OLFKLGLW

LL LPHGLDWH VWDELOLW

FD UDSRUW vQWUH WLWOXULOH GH SODVDPHQW L GLVSRQLELOLW SDUWH $FHDVW UDW

L SH GH R

SDUWH L GDWRULLOH H[LJLELOH vQ PDL SX LQ GH XQ DQ SH GH DOW PDL OLFKLGH L GH GDWRULLOH SH WHUPHQ VFXUW $FHVWH UDWH WUHEXLH V H[LJLELOLWDWH SUH]LQW ILLQG HFKLYDOHQW ILH LQWHUS HWDWH FX SUXGHQ

LQH VHDPD GH HOHPHQWHOH FHOH

 SHQWUX F

P VXUDUHD JUDGHORU GH OLFKLGLWDWH L GH FD

PDUL IOXFWXD LL 2 GDWRULH ID

GH XQ IXUQL]RU FX VFDGHQ D OD DVH OXQL HVWH FRQVLGHUDW

FX R GDWRULH H[LJLELO

SHVWH R OXQ  8Q FUHGLW GH WUH]RUHULH HVWH WUDWDW vQ DFHODL PRG FD R

datorie de exploatare. Gradul de lichiditate real al unor posturi din activ, cum ar fi stocurile, este dificil de
VWDELOLW &D L SHQWUX LQGLFDWRULL SUHFHGHQ L QX H[LVW QRUPH FDUH V SHUPLW DSUHFLHUHD QLYHOXOXL DFHVWRU UDWH GXF OD 1XPDL FRPSDUD LD FX vQWUHSULQGHULOH GLQ DFHODL VHFWRU VDX H[DPLQDUHD HYROX LHL DFHVWRU UDWH SRW V

unele concluzii. Rata autonomiei financiare


6H YD FDOFXOD FD UDSRUW vQWUH GDWRULLOH ILQDQFLDUH SH WHUPHQ PHGLX L OXQJ H[LJLELOH SHVWH PDL PXOW GH XQ DQ L FDSLWDOXULOH SURSULL 0DMRULWDWHD RUJDQLVPHORU ILQDQFLDUH UHFXUJ OD DFHDVW $OWIHO VSXV vQGDWRUDUHD SH WHUPHQ PHGLX L OXQJ WUHEXLH V Q FRQFOX]LH DQDOL]D SDWULPRQLDO  UDW L DSUHFLD] F WUHEXLH V ILH VXEXQLWDU 

ILH LQIHULRDU

VXPHL FDSLWDOXULORU SURSULL L GH

LQkQG FRQW GH SUREOHPHOH OHJDWH GH HYDOXDUHD FRQWDELO

caracterul aproximativ al indicatorLORU


DSUHFLD vQV  F

QX SHUPLWH DSUHFLHUHD IRDUWH H[DFW

D ULVFXOXL GH IDOLPHQW 3XWHP

XQ IRQG GH UXOPHQW SDWULPRQLDO QHJDWLY VDX FX R HYROX LH GHIDYRUDELO  FRQVWLWXLH vQ FHOH PDL

PXOWH VLWXD LL VHPQHOH XQXL ULVF GH IDOLPHQW

 %LODQ XO IXQF LRQDO L GLDJQRVWLFXO ULVFXOXL GH IDOLPHQW


$QDOL]D IXQF LRQDO D ELODQ XOXL SHUPLWH V vQ HOHJHP IXQF LRQDUHD vQWUHSULQGHULL FDUH G R XWLOL]DUH

UHVXUVHORU 1H SXWHP SURQXQ D DVXSUD ULVFXOXL GH IDOLPHQW SRUQLQG GH OD SROLWLFD GH ILQDQ DUH XUP ULW 

A. ApreFLHUHD SH ED]D ELODQ

XOXL D SROLWLFLL ILQDQFLDUH

([DPLQDUHD ELODQ XOXL FRQGXFH OD LGHQWLILFDUHD UHVXUVHORU L D XWLOL] ULL ORU vQ IXQF LH GH FLFOXO GH RSHUD LL LQYHVWL LL H[SORDWDUH L ILQDQ DUH  D LPRELOL] ULOH EUXWH FRUHVSXQG FLFOXOXL GH LQYHVWL

ii;
QHYRLD GH ILQDQ DUH DVRFLDW FLFOXOXL GH

E QHYRLD GH IRQG GH UXOPHQW SHQWUX H[SORDWDUH UHSUH]LQW H[SORDWDUH DSURYL]LRQDUH SURGXF LH YkQ] UL  1)5( 6WRFXUL  &UHDQ H GH H[SORDWDUH

- Datorii de exploatare
GH ILQDQ DUH SXWkQG V DYHP IRQGXUL SURSULL H[WHUQH

c) ansamblul resurselor corespunde cicOXOXL activelH OD YDORDUHD ORU EUXW


L IRUPHD] vPSUHXQ

IRQGXUL SURSULL LQWHUQH UH]XOWDWH GLQ DFWLYLWDWHD vQWUHSULQGHULL L GDWRULL ILQDQFLDUH &RPSDUDWLY FX ELODQ XO SDWULPRQLDO FXSULQGHP OD XWLOL] UL LPRELOL] ULOH EUXWH L vQ JHQHUDO WRDWH GH vQUHJLVWUDUH Q FRQVHFLQ  DPRUWL] ULOH L SURYL]LRDQHOH ILJXUHD] OD UHVXUVH

FX UH]XOWDWHOH WUHFXWH OD UH]HUYH IRQGXULOH SURSULL LQWHUQH

87,/,=

5,

RESURSE
Fonduri proprii externe
FDSLWDO VXEYHQ LL SHQWUX LQYHVWL LL

CICLUL DE
,19(67, ,,

ImobLOL] brute

UL

CICLUL DE
),1$1 $5(

Fonduri proprii interne Nevoie de fond de rulment CICLUL DE EXPLOATARE


VXP EUXW UH]HUYH DPRUWL] UL

provizioane) Datorii financiare (mprumuturi pe termen


OXQJ L PHGLX L FUHGLWH

'LVSRQLELOLW

bancare)
$FHVW WLS GH ELODQ DFHVWXL ELODQ UHSUH]LQW H[SULP VLWXD LD OD XQ PRPHQW GDW D GHUXO ULL GLIHULWHORU FLFOXUL (OHPHQWHOH

OLFKLGLW

L LPRELOL]DWH vQ GLIHULWH FLFOXUL 8WLOL] ULOH L UHVXUVHOH QX DX VHPQLILFD LH GLQ

SXQFWXO GH YHGHUH DO YDORULL GH SLD

 SHQWUX F

UH]XOW

GLQ DJUHJDUHD XQRU IOX[XUL DOH F URU YDORUL QX VXQW

RPRJHQH 'H H[HPSOX LQYHVWL LLOH FRUHVSXQG LPRELOL] ULORU DFKL]L LRQDWH SH XQ LQWHUYDO GH PDL PXO L DQL

n consecin
GH IDOLPHQW UH]XOW

 H[DPLQDUHD ELODQ XOXL IXQF LRQDO SHUPLWH DSUHFLHUHD OD XQ PRPHQW GDW D VWUXFWXULL FX UHVXUVH DFWLYHOH HFRQRPLFH 'LDJQRVWLFXO ULVFXOXL

UHVXUVHORU L XWLOL] ULORU L D PRGXOXL vQ FDUH VH DFRSHU GLQ LQWHUSUHWDUHD DFHVWHL DFRSHULUL

% ,QWHUSUHWDUHD ELODQ XOXL IXQF LRQDO

0RGXO GH LQWHUSUHWDUH RELQXLW FRQVW YHGHUH F

vQ H[DPLQDUHD RUL]RQWDO

D ELODQ XOXL IXQF LRQDO DYkQGX

-se n

UHVXUVHOH VWDELOH VXQW GHVWLQDWH XWLOL] ULORU VWDELOH DFWLYHORU SH WHUPHQ OXQJ 

1) Nevoia de fond dH UXOPHQW SHQWUX H[SORDWDUH L DFRSHULUHD VD


3ULQWUH XWLOL] UL QHYRLD GH IRQG GH UXOPHQW SHQWUX H[SORDWDUH 1)5( GH LQH XQ ORF LPSRUWDQW 'XS QDWXUD DFWLYLW LL DFHDVW QHYRLH SRDWH FXQRDWH IOXFWXD LL LPSRUWDQWH SH SHULRDGD GHUXO ULL

ciclului de exploatare.
$FHVWH IOXFWXD LL SRW IL GDWH GH QDWXUD VH]RQLHU HIHFWXDUHD DQWUHQHD] VWDELO FKHOWXLHOLORU VDX GH SUDFWLFD XWLOL]DW SHQWUX D DFWLYLW LL GH SUDFWLFD XWLOL]DW $VWIHO SODWD vQ OHJ WXU D FX FRPHUFLDOL]DUH OXQDU VDODULLORU R IOXFWXD LH D 1)5( 7RWXL vQ PDMRULWDWHD DFWLYLW LORU HVWH SRVLELO V GLVWLQJHP R FRPSRQHQW

D 1)5(
1)5 PD[LP

NFRE Componenta
VWDELO D 1)5

NFR PLQLP Durata ciclului de exploatare


Q DQXPLWH DFWLYLW L FXP DU IL FHOH GH FRPHU L VHUYLFLL UHVXUVHOH OHJDWH GH FLFOXO GH H[SORDWDUH SRW L vQWUHSULQGHUHD XWLOL]HD] VXUSOXVXO GH UHVXUVH IL VXSHULRDUH XWLOL] ULORU 1)5( HVWH vQ DFHVWH VLWXD LL QHJDWLY SHQWUX D LQYHVWL vQ DOWH DFWLYLW L SURGXFWLYH VDX ILQDQFLDUH  SHQWUX D OLPLWD ULVFXO GH IDOLPHQW ILQDQ DUHD

&DUDFWHUXO SDU LDO VWDELO DO 1)5( GXFH OD FRQFOX]LD F

componenteL (FRF).

VWDELOH WUHEXLH V

ILH DVLJXUDW

GH UHVXUVH VWDELOH FXP DU IL IRQGXULOH SURSULL VDX vPSUXPXWXULOH D 1)5( SULQ QD LXQHD GH IRQG GH UXOPHQW IXQF LRQDO

SH WHUPHQ OXQJ L PHGLX 'HILQLP ILQDQ DUHD VWDELO

 6WUXFWXUD ELODQ XOXL IXQF LRQDO

GeneralizDUHD

UD LRQDPHQWXOXL SUHFHGHQW IDFH V

FRQVLGHU P F

DQVDPEOXO XWLOL] ULORU VWDELOH L PDL DFRSHUH

DOHV LPRELOL] ULOH WUHEXLH V

ILH FX SULRULWDWH ILQDQ DWH GLQ UHVXUVH VWDELOH 5HVXUVHOH VWDELOH WUHEXLH V

LPELOL] ULOH L 1)5( SHQWUX FRPSRQHQWD VD VWDELO  9RP GHQXPL XWLOL] ULOH VWDELOH UH]XOWDWH GLQ FLFOXO GH H[SORDWDUH XWLOL] UL DFLFOLFH VWDELOH VDX DFWLYH LPRELOL]DWH 7HUPHQXO GH FLFOLFLWDWH YD IL UH]HUYDW XWLOL] ULORU L UHVXUVHORU FDUH VH UHIHU OD FLFOXO GH

exploatare. Resursele financiare stabiOH L QHOHJDWH GH resurse aciclice stabile sau capitaluri permanente.
IXQF LRQDO VDX ILQDQ DUHD VWDELO F IRQGXO GH UXOPHQW DUH IXQF LD GH D ILQDQ D 1)5(

FLFOXO GH H[SORDWDUH YRU IL GHVHPQDWH SULQ WHUPHQXO GH

'LIHUHQ D vQWUH UHVXUVHOH DFLFOLFH VWDELOH L XWLOL] ULOH DFLFOLFH VWDELOH FRQVWLWXLH IRQGXO GH UXOPHQW D QHYRLL OHJDWH GH FLFOXO GH H[SORDWDUH 7HUPHQXO IXQF LRQDO VHPQLILF IDSWXO

FRF = Resurse aciclice stabile - 8WLOL]

UL DFLFOLFH VWDELOH

$QXPLWH SRVWXUL DOH ELODQ XOXL DVRFLDWH FLFOXOXL GH ILQDQ DUH VDX GH LQYHVWL LL FRQVWLWXLH XWLOL] ULOH VDX LQYHVWL LL VDX SRVWXULOH OHJDWH GH SODWD LPSR]LWXOXL DVXSUD EHQHILFLLORU $FHVWH HOHPHQWH DFLFOLFH L LQVWDELOH GH QHYRLD GH IRQG GH UXOPHQW vQ DIDUD H[SORDW ULL 1)5$(  1HYRLD GH IRQG GH

resursele tranzitorii sau instabile, cum ar fi de exemplu cheltuielile financiare datorate, furnizorii pentru

XWLOL] UL L UHVXUVH GHWHUPLQ

UXOPHQW SHQWUX H[SORDWDUH L QHYRLD GH IRQG GH UXOPHQW vQ DIDUD H[

plRDW

ULL FRQVWLWXLH QHYRLD GH IRQG GH

rulment global (NFRG). N)5$(


8WLOL] UL DFLFOLFH LQVWDELOH

- Resurse aciclice instabile NFRG = NFRE + NFRAE RESURSE Resurse aciclice stabile - fonduri proprii externe - fonduri proprii interne - vPSUXPXWXUL SH WHUPHQ OXQJ L PHGLX
I U FHOH VFDGHQWH vQ PDL SX LQ GH XQ DQ )RQG GH UXOPHQW IXQF LRQDO )5) SX LQ XWLOL] ULOH DFLFOLFH VWDELOH

87,/,= 5, 8WLOL] UL DFLFOLFH VWDELOH ,PRELOL] UL EUXWH FRUSRUDOH L ILQDQFLDUH

necorporale Nevoia de
OHJDW

ILQDQ DUH

(resursele aciclice stabile mai

de ciclul de exploatare (NFRE)

Nevoia de fond de rulment

vQ DIDUD H[SORDW ULL 1)5$(

(elemente tranzitorii nelegate de ciclul de exploatare) Trezoreria


GLVSRQLELOLW

L  YDORUL PRELOLDUH GH

plasament - credite bancare curente)


([DPLQDUHD ELODQ XOXL IXQF LRQDO FRQGXFH OD VWDELOLUHD UHOD LHL GH WUH]RUHULH 7 

7UH]RUHULD GHSLQGH GH SROLWLFD GXS 3UHVSXQkQG F

T = FRF - NFRE - NFRAE sau T = FRF - NFRG

XWLOL] UL VWDELOH V

ILH vQ PRG QRUPDO SR]LWLY  SHQWUX FD UHJXOD HFKLOLEUXOXL IXQF LRQDO GH DIHFWDUH D UHVXUVHORU VWDELOH SHQWUX 7UH]RUHULD SRDWH IL VWDELOLW ILH UHVSHFWDW  L SULQ UHOD LD

UHVXUVHOH VWDELOH DFRSHU

FDUH VH VWDELOHWH P ULPHD

XWLOL] ULOH VWDELOH L QHJOLMkQG 1)5$( WUH]RUHULD WUHEXLH V

)5) L 1)5*

T = Active de trezorerie - Credite bancare curente


7UH]RUHULD QX WUHEXLH V $FWLYHOH GH WUH]RUHULH ILH FRQIXQGDW VXQW FRPSXVH FX vQFDV ULOH GLQ GLVSRQLELOLW L L GLQ YDORUL PRELOLDUH GH SODVDPHQW

& 8WLOL]DUHD ELODQ XOXL IXQF LRQDO vQ GLDJQRVWLFXO ULVFXOXL GH IDOLPHQW

 &RQVWUXLUHD ELODQ XOXL IXQF LRQDO

&RQVWUXLUHD ELODQ XOXL IXQF LRQDO VH IDFH SRUQLQG GH OD ELODQ XO GLQDLQWHD UHSDUWL] ULL UH]XOWDWHORU &RUHFWXULOH FDUH VH HIHFWXHD] SRUQLQG GH OD ELODQ XO FRQWDELO WUDGL LRQDO DX FD RELHFWLY UHFRQVWLWXLUHD YDORULL VH SRDW DQDOL]D SROLWLFD GH ILQDQ DUH FDUH D IRVW XUPDW 

LQL LDOH D XWLOL] ULORU L D UHVXUVHORU DVWIHO vQFkW V 3ULQFLSDOHOH FRUHFWXUL VXQW XUP WRDUHOH

7RWRGDW

LPRELOL] ULOH VH HYLGHQ LD]

OD YDORDUHD ORU EUXW  Q FRQVHFLQ

VH DGDXJ

OD YDORDUHD ORU QHW 

DPRUWL] ULOH L SURYL]LRDQHOH

care au fost contabilizate;


ILH FXSULQVH vQ ELODQ vQ DFWLY OD vQWUHDJD ORU YDORDUH ILH vQVFULV OD

- LPRELOL] ntreprinGHUHD -

ULOH SURFXUDWH SULQ OHDVLQJ WUHEXLH V

vQ SDVLY OD IRQGXUL SURSULL LQWHUQH YRP HYLGHQ LD DPRUWL] ULOH FDUH DU IL IRVW FRQWDELOL]DWH GDF DU IL IRVW SURSULHWDU  'LIHUHQ D FDUH FRUHVSXQGH S U LL QHDPRUWL]DWH WUHEXLH V

GDWRULL ILQDQFLDUH VWDELOH Q DFHVWH FRQGL LL OHDVLQJXO DSDUH FD XQ vPSUXPXW SH WHUPHQ PHGLX VDX OXQJ 1)5( WUHEXLH V ILH FRQVWLWXLW QXPDL GLQ SRVWXUL DOH ELODQ XOXL OHJDWH GH FLFOXO GH H[SORDWDUH D VWRFXULORU L D FUHDQ HORU 1X VH YRU GHGXFH SURYL]LRDQHOH

(VWLPDUHD VH YD IDFH DYkQG vQ YHGHUH VXPD EUXW RELHFWLYXO ILLQG P VXUDUHD QHYRLL GH ILQDQ DUH

- FUHGLWHOH DFRUGDWH FOLHQ LORU LQFOXVH vQ 1)5( YRU IL HYLGHQ LDWH vQ P

ULPHD ORU JOREDO  vQDLQWH GH D

GHGXFH GH H[HPSOX VXPHOH RE LQXWH SULQ VFRQWDUHD HIHFWHORU FRPHUFLDOH 3HQWUX D HYDOXD DFHVWH FUHGLWH FDUH

UHSUH]LQW

QHYRLD DQWUHQDW

GH SROLWLFD GH FUHGLWDUH D FOLHQ LORU WUHEXLH V

VF GHP FOLHQ LL vQFDVD L vQ DYDQV L

YDORDUHD WLWOXULORU VFRQWDWH GDU QHvQFDVDELOH FDUH ILJXUHD]

FD DQJDMDPHQWH vQ DIDUD ELODQ XOXL 

vQWUH UHVXUVHOH SURSULL WUHEXLH V

GLVWLQJHP IRQGXULOH SURSULL LQWHUQH UHSUH]HQWkQG DXWRILQDQ UHD XQ DSRUW OD FDSLWDOXO VXP D XUP WRDUHORU

vQWUHSULQGHULL ILQDQ DUH SURSULH LQWHUQ  GH IRQGXULOH SURSULL H[WHUQH FDUH UHSUH]LQW vQWUHSULQGHULL ILQDQ DUH SURSULH H[WHUQ  )RQGXULOH SURSULL LQWHUQH VH VWDELOHVF FD

SRVWXUL UH]HUYH DPRUWL] UL SURYL]LRDQH SHQWUX DFWLYH FLUFXODQWH SURYL]LRDQH SHQWUX ULVFXUL L FKHOWXLHOL UH]XOWDWXO UHSRUWDW UH]XOWDWXO QHW 3HQWUX HIHFWLYH DOH DF LRQDULORU DQWUHQHD] FKHOWXLHOL DSRUWXULOH H[WHUQH WUHEXLH V DYHP vQ YHGHUH QXPDL DSRUWXUile - datoriile financiare sunt constituite de ansamblul resurselor rambursabile, care D F URU VXP HVWH IL[DW FRQWUDFWXDO $FHVWH FKHOWXLHOL ILQDQFLDUH

ILQDQFLDUH

UHSUH]HQWkQG GREkQ]L VXQW FXSULQVH vQ QHYRLD GH IRQG GH UXOPHQW vQ DIDUD H[SORDW ULL 1)5$( 

- datoriile financiare stabile cuprind mprumuturile SH WHUPHQ OXQJ L PHGLX - vPSUXPXWXULOH EDQFDUH FXUHQWH UHSUH]LQW GDWRULL ILQDQFLDUH FRQWUDFWDWH
DFRSHULUHD QHYRLORU GH WUH]RUHULH UH]XOWDWH GLQ H[SORDWDUHD FXUHQW  6XQW DVLPLODWH FUHDQ HOH FDUH DX IRVW VFRQWDWH OD EDQF  GDU FDUH QX DX IRVW RQRUDWH OD VFDGHQ XQLW LL SUHFXP L ILDQDQ ULOH RE LQXWH GH OD FOLHQ L

ID

GH

E QFL

SHQWUX

DFHVWRU

vPSUXPXWXUL

L FDUH UHYLQ vQ JHVWLXQHD

 3ULQFLSLXO XWLOL]

ULL UHVXUVHORU

3ULQFLSLXO DIHFW ULL UHVXUVHORU HVWH DFHOD F 1)5( V WUHEXLH V WUHEXLH V

XWLOL] ULOH DFLFOLFH VWDELOH YDORULOH LPRELOL]DWH QHWH L

ILH DFRSHLWH GLQ UHVXUVH DFLFOLFH VWDELOH UHVXUVH SURSULL L GDWRULL ILQDQFLDUH VWDELOH  $VWIHO )5) DFRSHUH 1)5( 'DF IDF DFHDVW DFRSHULUH QX HVWH DVLJXUDW  WUH]RUHULD HVWH QHJDWLY  QWUHSULQGHUHD

DSHO OD vPSUXPXWXUL EDQFDUH FXUHQWH Q DFHVWH FRQGL LL vQWUHSULQGHUHD HVWH vQ GH]HFKLOLEUX

financiar.
$FHDVW FRQFHS LH IXQF LRQDO D HFKLOLEUXOXL ILQDQFLDU SUHVXSXQH F )5) DFRSHU 1)5( SHQWUX FRPSRQHQWD VD VWDELO  $YHP GH]HFKLOLEUX GDF ILQDQ HD] XWLOL] UL VWDELOH WUH]RUHULD HVWH QHJDWLY  DGLF vPSUXPXWXULOH EDQFDUH FXUHQWH

1)5( FXQRDWH vQ PDMRULWDWHD vQWUHSULQGHULORU IOXFWXD LL LPSRUWDQWH vQ WLPSXO XQXL H[HUFL LX FRQWDELO L GHFL P ULPHD VD SRDWH IL QHFRQFOXGHQW vQWUHSULQGHULL V OD GDWD vQFKLGHULL ELODQ XOXL &XP vQV VWDELOLW vQ ELODQ VH FDXW FD VLWXD LD

ILH IDYRUDELO  R WUH]RUHULH QHJDWLY

SH ED]D ELODQ XOXL HYLGHQ LD]

GH UHJXO  XQ

dezechilibru financiar structural. 3) Diagnosticul NFRE


'LDJQRVWLFXO 1)5( VH HIHFWXHD] EUXWH DOH SRVWXULORU LQFOXVH vQ 1)5( SRUQLQG GH vQDLQWH GH

la rateOH

GH URWD LH FDUH VH FDOFXOHD] SURYL]LRDQHORU L

SH ED]D VXPHORU

GHGXFHUHD

UHVSHFWkQGX

SULQFLSLL &RQFUHW VH UDSRUWHD] UDSRUWHD]

XQ VROG OD XQ IOX[ GH DFHHDL QDWXU  'H H[HPSOX VROGXO SURGXVHO

-se anumite or finite se

OD FRVWXULOH GH SURGXF LH 5DWHOH GH URWD LH VXQW H[SULPDWH vQ ]LOH FRQVLGHUkQGX VH FRQYHQ LRQDO

anul ca avnd 360 de zile.


 5HJXOD HFKLOLEUXOXL IXQF LRQDO

5HJXOD HFKLOLEUXOXL IXQF LRQDO SRUQHWH GH OD SULQFLSLXO F YLDELO FX R WUH]RUHULH VWUXFWXUDO QHJDWLY 

QX HVWH SRVLELO FD R vQWUHSULQGHUH V

ILH

Q IDSW REVHUYDUHD VWUXFWXULORU ILQDQFLDUH DOH vQWUHSULQGHULORU DUDW WUH]RUHULH VWUXFWXUDO 5HJXOD QHJDWLY  FHHD FH DU vQVHPQD SHQWUX PDMRULWDWHD GLQWUH VH ED]HD] SH XQ SRVWXODW FULWLFDELO DFHOD

DFHVWHD SUH]LQW

DGHVHD R

ele un risc de faliment important.


DO SUHFDULW PDL DOHV GH SUHYL]LXQLOH R EXQ QX H[LVW DFRSHULUH D R LL FUHGLWHORU EDQFDUH

2 DVHPHQHD FRQFOX]LH HVWH DGHVHD H[DJHUDW  FXUHQWH QV XQHOH GLQ DFHVWH FUHGLWH VXQW UHvQ R EXQ HFKLOLEUXOXL

DVXSUD SURGXF LHL L DGHVHD HOH ILQDQ HD] 1)5( SHUPLWH V

noite aproape automat, n funF LH


SDUWH D 1)5( 'DF

SHQWUX DFRSHULUHD 1)5( GH F WUH )5)

astfel dH DFRSHULUH Q FRQVHFLQ mari dect jXP


WDWH GLQ 1)5(

VH OLPLWH]H ULVFXO GH IDOLPHQW QX SXWHP VSXQH F  H[LVW

VWDELOLWH SUDJXUL FULWLFH SHQWUX QLYHOXO FUHGLWHORU EDQFDUH FXUHQWH VDX GHS HDVF FLIUD GH DIDFHUL SH GRX OXQL VDX V ILH PDL

ULVFXO HVWH LQVXSRUWDELO GDF

HVWH LQFRQWHVWDELO F

 &UHGLWHOH EDQFDUH FXUHQWH QX WUHEXLH V

 )5) WUHEXLH V

ILH PDL PDUH GHFkW MXP WDWH GLQ 1)5(

1)5( L GH ULVFXO GH IDOLPHQW SH FDUH vPSUXPXWDWRULL VXQW GLVSXL V

$FHVWH QRUPH VXQW vQV

DUELWUDUH 1LYHOXO )5) FRPSDUDWLY FX 1)5( GHSLQGH GH YDULDELOLWDWHD

-l suporte.
LL *DPD

7.2.4. &RPSDUD

LH vQWUH FRQFHS LD SDWULPRQLDO

L FHD IXQF LRQDO

&RPSDU P FRQFOX]LLOH FHORU GRX

FRQFHS LL SRUQLQG GH OD ELODQ XULOH FRQWDELOH DOH VRFLHW

%LODQ ,PRELOL] UL EUXWH ,PRELOL] UL QHWH UL

FRQWDELO

N-1 20000 10000 10000 500 1000 0 1500 0 300 400 13700 1000 7000 300 4000 400 600 400 0 13700

N 29500 10600 18900 980 1960 50 2500 150 460 700 25300 2000 7200 800 10500 2400 950 450 1000 25300

ACTIV

- $PRUWL]

&OLHQ L

Materii prime Produse finite - Provizioane pentru deprecieri - Provizioane pentru deprecieri
'LVSRQLELOLW $OWH FUHDQ H GH H[SORDWDUH L

)XUQL]RUL SHQWUX LQYHVWL LL

Total activ PASIV Capital social Rezerve Rezultate mprumuturi pe termen mediu Credite bancare curente Furnizori pentru exploatare Alte datorii de exploatare Total pasiv

1RW  %LODQ XULOH VXQW vQWRFPLWH vQDLQWH GH UHSDUWL]DUHD UH]XOWDWHORU 3DUWHD GLQ vPSUXPXWXULOH SH WHUPHQ PHGLX UDPEXUVDELO vQ PDL SX LQ GH XQ DQ HVWH GH  vQ DQXO 1  L GH  vQ DQXO 1

2SHUD LLOH GH H[SORDWDUH FDUH XUPHD]

DX DYXW ORF vQ FXUVXO H[HUFL LXOXL 1 $X IRVW YkQGXWH  GH

SURGXVH FX SUH XO XQLWDU GH  FkWH  SURGXVH vQ ILHFDUH OXQ  QFDV ULOH GLQ YkQ] UL DX IRVW GH

11000000. Au fost fabricate n cursul acestei perioade 13200 produse. Costul pe unitate este de 800, compus
GLQ  FKHOWXLHOL PDWHULDOH L  FKHOWXLHOL GH SHUVRQDO L DOWH FKHOWXLHOL H[WHUQH FKHOWXLHOL JHQHUDOH  $SURYL]LRQ ULOH DQXDOH FX PDWHULL SULPH DX IRVW GH  LDU DOWH FKHOWXLHOL GH H[SORDWDUH DX UHSUH]HQ  Q FXUVXO H[HUFL LXOXL SUHFHGHQW 1   FLIUD GH DIDFHUL I U

tat

WD[H D IRVW GH  FX DFHHDL  DWkW SHQWUX YkQ] UL FkW L SHQWUX

VWUXFWXU

FKHOWXLHOLORU

7D[D

SH

YDORDUHD

DG XJDW

UHSUH]LQW



DSURYL]LRQ UL $X IRVW UHDOL]DWH RSHUD LLOH GH LQYHVWL LL L GH ILQDQ DUH FDUH XUPHD]  QWUHSULQGHUHD D LQYHVWLW VXPD GH  L D FRQWUDFWDW SHQWUX D ILQDQ D DFHDVW LQYHVWL LH XQ vPSUXPXW SH WHUPHQ PHGLX GH  vQ FXUVXO H[HUFL LXOXL

)XUQL]RULL SHQWUX LQYHVWL LL DX IRVW SO WL L SHQWUX  'LIHUHQ D YD IL DFKLWDW XUP WRU 2 FUHWHUH GH FDSLWDO D SHUPLV V VH RE LQ  FRQWDELO

$X IRVW YkQGXWH DFWLYH LPRELOL]DWH FX  9DORDUHD QHW

D DFHVWRU EXQXUL HUD GH 

100000 (valoare de inventar 500000, amortizare 400000). DividHQGHOH SHQWUX H[HUFL LXO 1 UHSUH]LQW
$X IRVW QHJRFLDWH vPSUXPXWXUL EDQFDUH FXUHQWH VXSOLPHQWDUH vQ VXP H[HUFL LXOXL QWUHSULQGHUHD HVWH VFXWLW

FDUH YRU IL GLVWULEXLWH vQ FXUVXO H[HUFL LXOXL XUP WRU 1 &KHOWXLHOLOH ILQDQFLDUH vQ DQXO 1 DX IRVW GH  GH  XWLOL]DELOH OD VIkULWXO

GH LPSR]LW SH EHQHILFLX $PRUWL] ULOH vQ H[HUFL LXO 1 DX IRVW GH

1000000, provizioanele pentru deprecierea stocurilor de produse finite au fost de 50000, iar provizioanele
SHQWUX GHSUHFLHUHD FUHDQ HORU vQWUHSULQGHULL ID GH FOLHQ L DX IRVW GH 

$ %LODQ XO SDWULPRQLDO

%LODQ XO SDWULPRQLDO HVWH VWDELOLW GXS

UHSDUWL LD UH]XOWDWHORU 'LQ OLSV

GH LQIRUPD LL SULYLQG H[LVWHQ D

XQRU HYHQWXDOH QRQYDORUL FDSLWDOXULOH SURSULL QX DX I FXW RELHFWXO XQRU FRU GXS

ecturi. Datoriile sunt ordonate

JUDGXO ORU GH H[LJLELOLWDWH 'DWRULLOH SH WHUPHQ OXQJ L PHGLX FRPSXQ GDWRULLOH H[LJLELOH SHVWH PDL PXOW

GH XQ DQ 'DWRULLOH SH WHUPHQ VFXUW FXSULQG GDWRULLOH H[LJLELOH vQ PDL SX LQ GH XQ DQ DFHVWHD ILLQG vQ ELODQ XO DQXOXL 1 GDWRULLOH ID GH IXUQL]RUL SHQWUX SURGXF LH L SHQWUX LQYHVWL LL  DO L FUHGLWRUL SHQWUX H[SORDWDUH

GLYLGHQGHOH GH SO WLW SDUWHD GLQ vPSUXPXWXULOH SH WHUPHQ PHGLX FDUH VH UDPEX VHD]

vQ PDL SX LQ GH XQ DQ L

creditele bancare curente.

%LODQ patrimonial ACTIV Activ imobilizat Activ circulant - din care: - VWRFXUL L SURGXF LH vQ FXUV VXPH QHWH - FUHDQ H GH H[SORDWDUH VXPH QHWH - GLVSRQLELOLW L Total activ PASIV 'DWRULL SH WHUPHQ PHGLX L OXQJ VFDGHQWH SHVWH XQ DQ &DSLWDOXUL SURSULL FDSLWDO L UH]HUYH

N-1 10.000 3.700 1.500 1.800 400 13.700 8.200 3.500 2.000 1.000

N 18.900 6.400 2.890 2.810 700 25.300 9.500 9.000 6.800 2.400

- IXUQL]RUL L DOWH GDWRULL GH H[SORDWDUH - SDUWHD UDPEXUVDELO vQ PDL SX LQ GH XQ DQ GLQ mprumuturile pe termen mediu 500 1.500 - GLYLGHQGH GH SODW 100 500 - credite bancare curente 400 2.400 Total pasiv 13.700 25.300 Fond de rulment patrimonial Activ circulant - Datorii pe termen scurt -400 1.700 Capitaluri permanente - ,PRELOL] UL QHWH 1.700 -400 1RW 1. Rezultatul din anul N-1 de 300 s-D UHSDUWL]DW DVWIHO  SHQWUX UH]HUYH L  SHQWUX FDUH VH vQVFULX vQ ELODQ XO DQXOXL 1- vQWRFPLW GXS UHSDUWL]DUHD UH]XOWDWXOXL
 &UHWHUHD FDSLWDOXULORU SURSULL vQ DQXO 1 VH H[SOLF

'DWRULL SH WHUPHQ VFXUW FX VFDGHQ D VXE XQ DQ GLQ FDUH

GLYLGHQGH

SULQ FHUWHUHD FX  D FDSLWDOXOXL VRFLDO L SHQWUX

UHSDUWL]DUHD GLQ UH]XOWDWXO GH  D VXPHL GH  SHQWUX UH]HUYH GLIHUHQ D GH  ILLQG UHSDUWL]DW

dividende. F.R.P, pozitiv n anul N-1, devine negaWLY vQ DQXO 1 &RQVWDW P R GHJUDGDUH D VLWXD LHL ILQDQFLDUH avnd n vedere acest indicator. Activul circulant nu mai permite n anul N nici acoperirea datoriilor pe termen scurt.
Ratele patrimoniale Ratele de lichiditate: - OLFKLGLWDWHD JHQHUDO - OLFKLGLWDWHD UHGXV = N-1 N

Activepemaiputindeun an Datoriipemaiputindeun an
Activepemaiputindeun an- Stocuri Datoriipemaiputindeun an Datoriipemaiputindeun an
Datorii pe mai mult de un an Capitaluri proprii

185% 110%

94% 52%

- OLFKLGLWDWHD LPHGLDW Disponibil itati+ Valorimobiliare plasament de = Rata autonomiei financiare =

20%

10%

43%

95%

$FHDVW vQUHJLVWUHD]

GHUJUDGDUH HVWH FRQILUPDW

GH FDOFXODUHD UDWHORU SDWULPRQLDOH 7RDWH UDWHOH GH OLFKLGLWDWH 5DWD OLFKLGLW LL

GLQ DQXO 1- GHYLQH LQVXILFLHQW vQ DQXO 1 generale nu este dect de   &RQFOX]LD HVWH LGHQWLF SHQWUX DXWRQRPLH ILQDQFLDU  FDUH devine limiWDW vQ DQXO 1 FD XUPDUH D XQXL LPSRUWDQW vPSUXPXW FRQWUDFWDW vQ DFHVW DQ

VF GHUL /LFKLGLWDWHD IRDUWH EXQ

GLQ IRDUWH EXQ

% %LODQ XO IXQF LRQDO

%LODQ XO IXQF LRQDO VH VWDELOHWH SRUQLQG GH OD ELODQ XO GLQDLQWHD UHSDUWL] ULL UH]XOWDWHORU SH ED]D VXPHORU EUXWH GLQ GLIHULWHOH SRVWXUL L vQ IXQF LH GH SULQFLSLXO GXS XWLOL] ULORU VWDELOH FDUH UHVXUVHOH VWDELOH VXQW DIHFWDWH

%LODQ )RQG GH UXOPHQW IXQF LRQDO

IXQF LRQDO

Resurse aciclice stabile Fonduri proprii externe (capital social) Fonduri proprii interne
UH]HUYH  UH]XOWDWH  DPRUWL] UL  SURYL]LRDQH

N-1 2.300 22.300 1.000 17.300 4.000 20.000 20.000 2.300 2.300 1.500 1.800 1.000 0 0 400 400

N 1.800 31.300 2.000 18.800 10.500 29.500 29.500 3.500 4.500 2.940 2.960 1.400 -1.000 -1.700 700 2.400
HVWH GH SHVWH XQ DQ

Datorii financiare stabile


8WLOL] UL DFLFOLFH VWDELOH ,PRELOL] UL EUXWH 1HYRLD GH IRQG GH UXOPHQW JOREDO

Nevoia de fond de rulment pentru exploatare Stocuri (sume brute)


 &UHDQ H GH H[SORDWDUH VXPH EUXWH

- Datorii de exploatare
1HYRLD GH IRQG GH UXOPHQW vQ DIDUD H[SORDW ULL

Trezoreria
'LVSRQLELOLW L

= Fond de ruOPHQW IXQF LRQDO - 1HYRLD GH IRQG GH UXOPHQW JOREDO

Credite bancare curente

1RW  La datorii financiare stabile s-DX FXSULQV QXPDL FHOH SHQWUX FDUH VFDGHQ D NeYRLD GH IRQG GH UXOPHQW GLQ DIDUD H[SORDW ULL HVWH GDW GH IXUQL]RULL SHQWUX LQYHVWL LL

([DPLQDUHD DFHVWRU ELODQ XUL DUDW

F  OD GDWD vQWRFPLULL ORU IRQGXO GH UXOPHQW IXQF LRQDO DFRSHU UXOPHQW IXQF LRQDO VH GHJUDGHD] L QX

nevoia de fond de rulment numai n anul N-1. n anul N, fondul de


SRDWH V DFRSHUH 1)5 FDUH D FUHVFXW (VWH QHFHVDU V VH UHFXUJ EDQFDUH FXUHQWH  $FHVWHD DU IL IRVW PXOW PDL PDUL GDF QHYRLD GH IRQG GH UXOPHQW GLQ DIDUD H[SORDW ULL HVWH QHJDWLY  &DX]D vQU XW LULL VLWXD LHL VH H[SOLF

OD ILQDQ

UL LQVWDELOH SH WHUPHQ VFXUW FUHGLWH

DFWLYLWDWHD GLQ DIDUD H[SORDW ULL QX DU IL DGX

s resurse
vQ

XRU &UHWHUHD UHVXUVHORU DFLFOLFH VWDELOH GH  GDWRUDW

SULQFLSDO vPSUXPXWXULORU SH WHUPHQ PHGLX L FUHWHULL GH FDSLWDO VRFLDO D IRVW LQVXILFLHQW LQYHVWL LL GH  1)5( VH ULGLF  XUPDUH D FUHWHULL DFWLYLW UHJ VHWH vQWU R PRGLILFDUH PDL PLF

SHQWUX D DFRSHUL FUHWHUH VH

LL GH OD  OD  $FHDVW

D QHYRLL GH IRQG GH UXOPHQW JOREDO  GDWRULW

UHVXUVHORU SURYL]RULL OHJDWH GHJUDG ULL WUH]RUHULHL

GH FUHGLWHOH SULPLWH GH OD IXUQL]RULL GH HFKLSDPHQWH SHQWUX LQYHVWL LL 3HQWUX D IDFH ID

societatea a recurs la credite bancare pe termen scurt.


5HPDUF P F )5) HVWH GLIHULW GH )53 /D VIkULWXO H[HUFL LXOXL )5) HVWH SR]LWLY GH $FHDVW GLIHUHQ VH H[SOLF SULQ SDUWHD UDPEXUVDELO

1800, n timp ce

FRP este negativ, de -

vQ PDL SX LQ GH XQ DQ D

GDWRULLORU SH WHUPHQ OXQJ L PHGLX SULQ SURYL]LRDQH L SULQ UH]XOWDWH

5DWHOH IXQF LRQDOH

N-1

Ratele de dezechilibru Trezoreria Q ]LOH FLIU GH DIDFHUL I


&UHGLWH EDQFDUH vQ ]LOH FLIU

WD[H

(FRF - NFRE)
GH DIDFHUL I U WD[H

0 18 100% 17%

-51 72 40% 53%

Fond derulmentfunctiona l Nevoiede fondderulmentpentruexploatare Credite bancare Nevoie de fond de rulment pentru exploatare Ratele de dezechilibru 7UH]RUHULD vQ ]LOH FLIU GH DIDFHUL I U WD[e) (FRF - NFRE)
&UHGLWH EDQFDUH vQ ]LOH FLIU GH DIDFHUL I U WD[H

0 18 100% 17%

-51 72 40% 53%

Fond derulmentfunctiona l Nevoiede fondderulmentpentruexploatare Credite bancare Nevoie de fond de rulment pentru exploatare
5DWHOH GH URWD LH 5DWD 1)5( vQ ]LOH FLIU 5DWD FOLHQ L vQ ]LOH FLIU GH DIDFHUL I U GH DIDFHU WD[H

i (cu taxe) Rata stocuri de materii prime n zile consum Rata stocuri de produse finite n zile costuri
5DWD IXUQL]RUL vQ ]LOH DSURYL]LRQ UL FX WD[H

103,5 56,9 56,3 56,3 47,4


GH]HFKLOLEUXOXL L V

135,0 63,2 73,5 73,5 50,1


VH DQDOL]H]H HYROX LD

5DWHOH IXQF LRQDOH

SHUPLW

VH

DSUHFLH]H

DPSORDUHD

NFRE. Dezechilibrul, inexistent n anul N-


1)5 LDU FUHGLWHOH EDQFDUH UHSUH]LQW DIDFHUL FUHWH GDWRULW GHJUDG ULL UDWHORU

GHYLQH SURQXQ DW vQ DQXO 1 SHQWUX F OXQL FLIU VWRFXUL

)5) QX PDL DFRSHU vQ ]LOH FLIU SH

PDL PXOW GH GRX FOLHQ L L

GH DIDFHUL 1)5( H[SULPDW UHVXUVHOH VXSOLPHQWDUH

de

RE LQXWH

VHDPD

IXUQL]RULORU ILLQG GHSDUWH GH D OH FRPSHQVD 6LWXD LD ILQDQFLDU YDULD LHL 1)5( GH F WUH UHVXUVHOH VWDELOH GHYHQLQG LQVXILFLHQW 

VH GHJUDGHD]  DFRSHULUHD LQYHVWL LLORU L D

7.3. ANALIZA DINAMIC


'DF LQVXILFLHQW DQDOL]D VWDWLF

$ 5,6&8/8, '( )$/,


V VH HYDOXH]H

MENT
ILQDQFLDU OD XQ PRPHQW GDW HD HVWH SUH]LQW OLPLWH FDUH QX

SHUPLWH

GH]HFKLOLEUXO

SHQWUX D H[SOLFD HYROX LD GH]HFKLOLEUXOXL Q VFKLPE DQDOL]D GLQDPLF

SHUPLW DSUHFLHUHD DPSORULL GH]HFKLOLEUXOXL &HOH GRX

WLSXUL GH DQDOL]H VXQW GHFL FRPSOHPHQWDUH L WUHEXLH

practicate simultan.
 1R LXQHD GH IOX[ L FRQFHSWH ILQDQFLDUH DVRFLDWH
'RX WLSXUL SULQFLSDOH GH IOX[XUL IOX[XULOH GH IRQGXUL L IOX[XULOH GH WUH]RUHULH VWDX OD ED]D GLDJQRVWLF ULL ULVFXOXL GH IDOLPHQW Q FRQWLQXDUH OH YRP GHILQL YRP DU WD UHOD LLOH vQ FDUH VXQW IRORVLWH L YRP LQWURGXFH SULQFLSDOHOH

concepte financiare care le sunt asociate. A. Fluxurile de fonduri


1R LXQHD GH IOX[ GH IRQGXUL SRDWH IL vQ HOHDV XRU DYkQG vQ YHGHUH ELODQ XO IXQF LRQDO 8Q IOX[ GH

IRQGXUL DSDUH FD R YDULD LH D XWLOL] ULORU VDX D UHVXUVHORU )OX[XULOH GH IRQGXUL VXQW ILH IOX[XUL GH IRQGXUL UHSUH]HQWkQG XWLOL] UL ILH IOX[XUL GH IRQGXUL UHSUH]HQWkQG UHVXUVH Q UDSRUW FX XWLOL] ULOH L UHVXUVHOH FDUH FRQVWLWXLH ELODQ XO IXQF LRQDO IOX[XULOH GH IRQGXUL VXQW GDWH GH UHOD LLOH XUP WRDUH

)OX[ GH IRQGXUL UHSUH]HQWkQG XWLOL] UL

&UHWHUHD XWLOL] ULORU VDX GLPLQXDUHD UHVXUVHORU &UHWHUHD UHVXUVHORU VDX GLPLQXDUHD XWLOL] ULORU XWLOL] UL vQVHPQHD] OLFKLGLW L LPRELOL]DWH 'H H[HPSOX R

Flux de fonduUL UHSUH]HQWkQG UHVXUVH


)OX[XULOH GH IRQGXUL

UHSUH]HQWkQG

LQYHVWL LH vQ LPRELOL] UL VDX R FUHWHUH D SRVWXOXL FOLHQ L GLQ ELODQ  FRQVWLWXLH IOX[XUL UHSUH]HQWkQG XWLOL] UL Q VFKLPE IOX[XULOH GH IRQGXUL FRUHVSXQ] WRDUH XQXL DSRUW GH OLFKLGLW PSUXPXWXULOH FRQWUDFWDWH vQ FXUVXO H[HUFL LXOXL VDX L VXQW IOX[XUL UHSUH]HQWkQG UHVXUVH GH SODW DFRUGDWH FOLHQ LORU

R VF GHUH D WHUPHQHORU

constituie fluxuri reprezentnd resurse. B. Fluxurile de trezorerie


)OX[XULOH GH WUH]RUHULH VXQW ILH IOX[XUL GH vQFDV UL LQWU UL GH OLFKLGLW OLFKLGLW L  3HQWUX D OH GLVWLQJH GH IOX[XULOH GH IRQGXUL OX P FD H[HPSOX LQYHVWL LLOH VRFLHW WLPSXO H[HUFL LXOXL 1 FDUH DX IRVW GH  SO LL 'HOWD HIHFWXDWH vQ L  ILH IOX[XUL GH SO L LHLUL GH

LQkQG FRQW GH FUHGLWXO DFRUGDW GH IXUQL]RUL SHQWUX LQYHVWL LL

LOH DX IRVW GH  )OX[XO GH IRQGXUL D IRVW GH  LDU IOX[XO GH WUH]RUHULH D IRVW GH  'LIHUHQ OD SRVWXO FDUH UHSUH]LQW GDWRULL ID

e se

UHJ VHWH vQ ELODQ

GH IXUQL]RULL GH HFKLSDPHQWH SHQWUX LQYHVWL LL vQ VXP

GH  7UDJHP FRQFOX]LD GLQ DFHVW H[HPSOX F

XQ IOX[ GH IRQGXUL HVWH XQ IOX[ GH WUH]RUHULH SRWHQ LDO

& 7DEORXO YDULD LHL vQFDV

UL

lor
vQWUH FHOH GRX DUH FD WLSXUL GH IOX[XUL FRQVWUXLP SHQWUX V H[SOLFH RULJLQHD YDULD LHL

3HQWUX R PDL EXQ VRFLHWDWHD OLFKLGLW *DPD XQ

vQ HOHJHUH D OHJ WXULL FDUH H[LVW DO YDULD LHL vQFDV ULORU

WDEORX

FDUH

RELHFWLY

LORU DVWIHO VSXV D vQFDV ULORU $FHVW GRFXPHQW SXQH vQ HYLGHQ

GLIHULWH IOX[XUL GH WUH]RUHULH L

IOX[XUL GH IRQGXUL JUXSDWH SH FLFOXUL GH RSHUD LL $FHVW WDEORX SUH]LQW VWUXFWXUD XUP WRDUH

 SH OLQLL DUH vQ YHGHUH FODVLILFDUHD FLFOXULORU GH RSHUD LL H[SORDWDUH LQYHVWL LL L ILQDQ DUH   SH FRORDQH VHSDU &RORDQD  HVWH IOX[XULOH GH WUH]RUHULH FRORDQD  GH IOX[XULOH GH IRQGXUL FRORDQHOH  L   GLQ GLIHULWH IOX[XUL GH WUH]RUHULH L FDUH L L SHUPLWH V VH HYDOXH]H YDULD LD

FRQVWLWXLW

vQFDV ULORU FD GLIHUHQ &RORDQD 

vQWUH IOX[XULOH GH vQFDV UL L IOX[XULOH GH SO YDULD LD IRQGXULORU SURSULL

UHFRQVWLWXLH

LQWHUQH

DX

RULJLQHD

vQ

FDSDFLWDWHD

GH

DXWRILLQ DUH $FHDVW

YDULD LH HVWH HJDO

FX GLIHUHQ H vQWUH YHQLWXULOH vQFDVDELOH YHQLWXUL SO L 

FDUH GHWHUPLQ

vQFDV UL L FKHOWXLHOLOH SO WLELOH FKHOWXLHOL FDUH GHWHUPLQ &RORDQD  UHJUXSHD]

WRDWH IOX[XULOH GH IRQGXUL SH FDUH OH SXWHP GHWHUPLQD SRUQLQG GH OD YDULD LLOH

SRVWXULORU ELODQ XOXL IXQF LRQDO DOWHOH GHFkW IRQGXULOH SURSULL LQWHUQH 5HOD LD vQWUH FHOH WUHL FRORDQH HVWH XUP WRDUHD

Coloana 1 = Flux de trezorerie =

Coloana 2 Flux de fonduri (venituri ncasabile - FKHOWXLHOL SO WLELOH fonduri proprii interne

- Coloana 3 - Flux de fonduri


SRVWXUL DOH ELODQ XOXL IXQF LRQDO DOWHOH GHFkW

fondurile proprii interne)

&X

WLWOX

LOXVWUDWLY

vQFDV ULOH

GLQ

YkQ] UL

IOX[

GH

WUH]RUHULH

VXQW

HJDOH

FX

YkQ] ULOH

YHQLWXUL

vQFDVDELOH DYkQG FDUDFWHU GH IOX[XUL GH WUH]RUHULH  GLPLQXDWH FX FUHWHUHD FUHDQ HORU GLQ YkQ] UL IOX[ GH

fonduri). Pentru societatea Gama, ncDV

ULOH GLQ YkQ] UL VXQW GH  L VXQW HJDOH FX YkQ] ULOH GH 

GLPLQXDWH FX FUHWHUHD FUHDQ HORU GLQ YkQ] UL GH 

Flux de trezorerie

Flux de fonduri determinat

Flux de fonduri -

(+) Venituri ncasabile

Ciclu de exploatare 960 -5760 480 -5280 2400 -din alte cheltuieli ETE -5230 200 -8800 200 -9000 8900 1000 7000 2000 -500 -500 -100 300 CAF 1900 Cheltuieli financ. -500 -500 -

mprumut termen mediu -din cheltuieli financ. -din dividende

-mprumuturi termen mediu

-Dividende -Sold invest

1RW

 'LVSRQLELOXO LQL LDO ILLQG GH  L GLVSRQLELOXO ILQDO ILLQG GH  YDULD LD VROGXOXL vQFDV ULORU D IRVW

de 300.
 $PRUWL] ULOH QX VXQW FKHOWXLHOL OHJDWH GH FLFOXO GH LQYHVWL LL (OH QX DX FDUDFWHUXO XQXL IOX[ GH

fonGXUL SHQWUX F

QX DQWUHQHD]

SO SO

L 'H DVHPHQHD SURYL]LRDQHOH SHQWUX GHSUHFLHUHD VWRFXULORU L FUHDQ HORU L L QX LQWHUYLQ vQ GHWHUPLQDUHD IOX[XULORU GH IRQGXUL

VXQW FKHOWXLHOL FDUH QX DQWUHQHD]

 3XWHP UHJ VL YDULD LLOH GLIHULWHORU UXEULFL vQ ELODQ XO IXQF LRQDO $VWIHO &$) GH  FRUHVSXQGH YDULD LHL DXWRILQDQ ULL FXPXODWH GH  ILQDQ DUH SURSULH LQWHUQ SH SHULRDGD H[HUFL LXOXL DYkQG vQ YHGHUH

L LQFLGHQ D YkQ] ULL GH DFWLYH DPRUWL]DUH  L SOXVYDORDUH  L LQFLGHQ D GLYLGHQ

&$)

YDULD LD IRQG

urilor proprii interne + amorti] UL - plusvaloare + dividende = = 1500 + 400 - 100 + 100 = 1900
LD QHYRLL GH IRQG GH

D. Excedentul de trezorerie din exploatare, excHGHQWXO EUXW GLQ H[SORDWDUH L YDULD rulment de exploatare.
([DPLQDUHD WDEORXOXL YDULD LHL vQFDV ULORU SHUPLWH V VH SXQ vQ HYLGHQ

nivelul ciclului de exploatare. ETE = EBE - 9DULD LD 1)5( Excedentul de trezorerie din exploatare (ETE) constituie fluxul de trezorerie determinat de ciclul de
H[SORDWDUH vQ FXUVXO H[HUFL LXOXL 'HFDODMHOH vQWUH IOX[XULOH GH IRQGXUL GLQ H[SORDWDUH L IOX[XULOH GH WUH]RUHULH GLQ H[SORDWDUH GDX QDWHUH XQHL YDULD LL D QHYRLL GH IRQG GH UXOPHQW GH H[SORDWDUH 1)5( 

Pentru societatea Gama, din exemplul de mai nainte, avem: 200 = 2400 - 2200 Excedentul brut din exploatare (EBE) este fluxul de fonduri determinat de ciclul de exploatare. Se
VWDELOHWH FD GLIHUHQ vQWUH YHQLWXULOH GLQ H[SORDWDUH vQFDVDELOH L FKHOWXLHOLOH GH H[SORDWDUH SO WLELOH

Societatea GaPD DUH XQ (%( GH  QV

YDULD LD 1)5( D DEVRUELW VXPD GH  GLQ OLFKLGLW

& % "C1 % #& A  ( !"  % 9 82   0  `  Y  F C % 7  C  $"'    A E %

    ( Q!W 6 R 7  % % 19b9I9  F& % $1Fa   I  #   0  3 7   "$1)  % " "'     6     



  )   #  `  " 1I" % !  % 9 82

` $  0 I  

EBE

Alte cheltuieli

-5410

Aproviz mat. prim

-160

11000

12000

X W U T 'V8  1$!1   9) $ 9) % "!  # P   %    QR   $S8 '1) % !   # % R     )  0 9)   9A  ( !   P      1#9I49H $$ I5) % 4   "1)  1)    $1) % !  0&  #  (    1$E D "& $ "'  A C   

ii

(-

(-

(+)U-

 ")  ( 0 5( ( $  56    7  9)    ( % 18    ) # 
-)R-Resurse 1000 960 160 -350 480 -50 2200 8800 -200 10000 -1000 -9400 -1000 -7000 -2000 0 500 100 1600 U U R R R R U R U U U R U R

B  A    %

             I       

& $  1) % ' "& % $"!  0 (   #   6  % 1 " 5( % "4   #    3 2 % R  S81) % !   "  % % (   "1) F'  11)  7   A E 7   ) 9A 9)  #$Q   C &  9IH94 I $H % G 1 # P       I$1$1F& % 1$ I4   I  6      % " C S    C  %$'    A $E D  C    F"1C ! D( " !2 %            $ ) 9$ % $$H $ % ` H2  #     ! D( " !2 0   9)    "" '    c     (1DR D  6    A $E D  C 7 7

delor (de 100).

R UHOD LH IXQGDPHQWDO

OD

LOH SRWHQ LDOH

VXE

IRUPD

FUHWHULL

FUHGLWHORU

DFRUGDWH

FOLHQ LORU

L D

VWRFXULORU Q

ILQDO

(7(

GH



UHSUH]LQW

VXPD

OLFKLGLW

LORU RE LQXWH FD XUPDUH D RSHUD LLORU GH H[SOR 9DULD LLOH GLIHULWHORU SRVWXUL DOH 1)5(

atare.
SURYLQ GLQ GLIHUHQ D vQWUH P ULPHD FRQWDELO D LOH HIHFWXDWH SHQWUX

DSURYL]LRQ ULORU D DOWRU FKHOWXLHOL D YkQ] ULORU L D DOWRU YHQLWXUL SH GH R SDUWH L SO SRVWXULOH GH GDWRULL L GH FUHDQ H SH GH DOW

SDUWH 9DULD LLOH VWRFXULORU vL J VHVF RULJLQHD vQ GHFDODMXO GLQWUH

PRPHQWXO DQJDM ULL FKHOWXLHOLORU L PRPHQWXO UHFXSHU ULL ORU SULQ YkQ] UL 5HOD LD (7(

(%( - 1)5( HVWH LPSRUWDQW SHQWUX vQ HOHJHUHD PHFDQLVPHORU ILQDQFLDUH Ea permite, mai ales, s VH IDF GLIHUHQ D vQWUH UH]XOWDW L WUH]RUHULH GDF LQWHUSUHW P (%( DYHP XQ UH]XOWDW SR]LWLY QX vQVHDPQ F

FD XQ

UH]XOWDW GHWHUPLQDW GH FLFOXO GH H[SORDWDUH )DSWXO F HFKLYDOHQW

DYHP R YDULD LH

D WUH]RUHULHL $VWIHO SHQWUX VRFLDWDWHD *DPD DWXQFL Fk

nd EBE este de 2400, ETE nu este dect


VLWXD LH FRQILUP IDSWXO F YDULD LD 1)5( HVWH VXSHULRDU

GH  'LIHUHQ D D IRVW DEVRUELW

GH ILQDQ DUHD FLFOXOXL GH H[SORDWDUH $FHDVW

(%( FD IOX[ GH IRQGXUL FRQVWLWXLH XQ IOX[ GH WUH]RUHULH SRWHQ LDO 2 vQWUHSULQGHUH UHQWDELO (%( $FHDVW SRDWH DYHD GLILFXOW L GH WUH]RUHULH GDF

VLWXD LH VH vQWkOQHWH vQGHRVHEL OD vQWUHSULQGHULOH vQ GH]YROWDUH SHQWUX FDUH (%( QX H VXILFLHQW GH FLFOXO GH H[SORDWDUH 1)5( QHJDWLY GH H[HPSOX PDULOH vQWUHSULQGHUL DGLF R UHVXUV L (7(

SHQWUX D ILQDQ D QHYRLD GH ILQDQ DUH OHJDW

n schimb, n ntreprinderile caracterizate printr-R


GH GLVWULEX LH GH P UIXUL  GH]YROWDUHD DQWUHQHD] HVWH VXSHULRU (%( $VWIHO GH vQWUHSULQGHUL DX DGHVHD R EXQ

IUHFYHQW R YDULD LH D 1)5 QHJDWLY

VLWXD LH D WUH]RUHULHL 3UHVXSXQHP GH H[HPSOX F GH - 3ULQ XUPDUH D FUHWHUH - 9DULD LD 1)5( constituie o

R VRFLHWDWH DUH XQ (%( GH  1)5 OD vQFHSXWXO H[HUFL LXOXL HUD QHJDWLY D FLIUHL GH DIDFHUL FX  UHVXUV GH IDFH FD 1)5 OD VIkULWXO H[HUFL LXOXL V ILH GH

-3000. ETE = EBE - NFRE = 2000 + 3000 = 5000


YDULD LHL vQFDV ULORU SHUPLWH GH DVHPHQHD V VH SXQ vQ HYLGHQ FDSDFLWDWHD GH

7DEORXO

DXWRILQDQ DUH L DXWRILQDQ DUHD HIHFWLY  &DSDFLWDWHD GH DXWRILQDQ DUH &$) UHSUH]LQW IOX[XO GH IRQGXUL SURSULL LQWHUQH FDUH U PkQ OD

GLVSR]L LH vQWUHSULQGHULL SHQWUX DXWRILQDQ DUH vQDLQWH GH SUHOHYDUHD GLYLGHQGHORU $SDUH FD XQ IOX[ GH IRQGXUL ILQDO UH]XOWDW GLQ GLIHUHQ D GLQWUH YHQLWXULOH LQFDVDELOH L FKHOWXLHOLOH SO WLELOH $XWRILQDQ DUHD UH]XOW &$) GXS VF GHUHD GLYLGHQGHORU DFRUGDWH GLQ UH]XOWDWXO ILQDQFLDU $XWRILQDQ DUH $FHDVW UHOD LH VW &$) GLQ

- Dividende prelevate
PHWRG DUH DYDQWDMXO F SXQH vQ HYLGHQ FDUDFWHUXO GH

OD ED]D PHWRGHL GHGXFWLYH GH GHWHUPLQDUH D &$) DG XJkQG OD (%( YHQLWXULOH

vQFDVDELOH L VF ]kQG FKHOWXLHOLOH SO WLELOH $FHDVW IOX[ GH IRQGXUL DO &$) L SURFHVXO V X GH IRUPDUH

3HQWUX VRFLHWDWHD *DPD &$) SRDWH IL P VXUDW WDEORXOXL YDULD LHL vQFDV ULORU

SRUQLQG GH OD HOHPHQWHOH GLQ FRORDQD D GRXD D

CAF = EBE - Cheltuieli financiare = 2400 - 500 = 1900 $XWRILQDQ DUHD  - 500 = 1400
'LYLGHQGHOH SUHOHYDWH GLQ UH]XOWDWHOH DQXOXL 1 YRU IL SO WLWH vQ DQXO 1  &DOFXODUHD &$) SRUQLQG GH OD (%( VH UHDOL]HD] DVWIHO

Excedent brut din exploatare (EBE) + Alte venituri din exploatare (ncasabile) - $OWH FKHOWXLHOL GH H[SORDWDUH SO WLELOH
 9HQLWXUL ILQDQFLDUH I U UHOX UL DVXSUD SURYL]LRDQHORU U SURYL]LRDQH I U YkQ] UL GH DFWLYH L UHOX UL DVXSUD

- &KHOWXLHOL ILQDQFLDUH I
 9HQLWXUL

H[FHS LRQDOH

provizioanelor) - &KHOWXLHOL H[FHS LRQDOH I U provizioanelor) - Impozit asupra beneficiului = CAF

YDORDUHD QHW

FRQWDELO

D DFWLYHORU FHGDWH L D

&$) VH SRDWH GHWHUPLQD L SULQWU-R DOW PHWRG  GHQXPLW PHWRGD DGLWLY  $FHDVWD FRQVW vQ coreFWDUHD UH]XOWDWXOXL QHW FX UH]XOWDWXO RE LQXW GLQ YkQ]DUHD GH DFWLYH LPRELOL]DWH FX FKHOWXLHOLOH FDOFXODWH L QHSO WLELOH L FX YHQLWXULOH FDOFXODWH L QHvQFDVDELOH DD FXP VH DUDW 5H]XOWDWXO QHW DO H[HUFL LXOXL  9DORDUHD FRQWDELO D LPRELOL] ULORU YkQGXWH UL vQ FRQWLQXDUH

- 9HQLWXUL GLQ YkQ]DUHD GH LPRELOL]

 $PRUWL] UL FKHOWXLHOL FDOFXODWH QHSO WLELOH  3URYL]LRDQH FKHOWXLHOL FDOFXODWH QHSO WLELOH

- 5HOX UL DVXSUD SURYL]LRDQHORU YHQLWXUL FDOFXODWH QHvQFDVDELOH = CAF Pentru societatea Gama, rezultatul net n anul N este: excedent brut din exploatare - DPRUWL] UL - provizioane - cheltuieli financiare - surplus din cedarea activelor 100 Total
&$) VH VWDELOHWH DG XJkQG OD UH]XOWDWXO QHW DPRUWL] ULOH

2400 1000 200 500 800


L SURYL]LRDQHOH L DYkQG vQ YHGHUH

UH]XOWDWXO RE LQXW GLQ YkQ]DUHD GH LPRELOL] UL

CAF = 800 + 1000 + 200 - 100 = 1900 FDVK-IORZ &XP &$) HVWH XQ IOX[ GH IRQGXUL i nu un flux de trezorerie, denumirea de cash-IORZ HVWH FULWLFDELO  SHQWUX F SRDWH GXFH OD HURUL GH LQWHUSUHWDUH Cash-flow-XO GHVHPQHD] XQHRUL YDULD LD vQFDV ULORU vQ FXUVXO H[HUFL LXOXL LDU (7( H FRQVLGHUDW L FDVK-flow din H[SORDWDUH LQkQG FRQW GH DFHVWH LPSUHFL]LL HVWH SUHIHUDELO V QX UHFXUJHP OD QD LXQHD GH FDVK-flow.
&DSDFLWDWHD GH DXWRILQDQ DUH HVWH DGHVHD GHQXPLW

 7DEORXO GH ILQDQ DUH


%LODQ XO IXQF LRQDO QX SHUPLWH V OD WDEORXO GH ILQDQ VH DQDOL]H]H HYROX LD XWLOL] ULORU L UHVXUVHORU L GH DFHHD UHFXUJHP

are sau tabloul utili]

ULORU L UHVXUVHORU $FHVW WDEORX VH FRQVWUXLHWH SRUQLQG GH OD IOX[XULOH

de fonduri.
$ 6WUXFWXUD WDEORXOXL GH ILQDQ DUH

$FHVW WDEORX SHUPLWH V

VH HYLGHQ LH]H FXP VH YD UHDOL]D HJDOLWDWHD IOX[XULORU GH IRQGXUL UHSUH]HQWkQG D DFHVWXL WDEORX DUH vQ YHGHUH ELODQ XO

XWLOL] UL FX FHOH UHSUH]HQWkQG UHVXUVH )RUPD FHD PDL GHV XWLOL]DW IXQF LRQDO L VH VSULMLQ 3RUQLQG GH OD IOX[XULOH GH IRQGXUL SXVH vQ HYLGHQW 9DULD LD IRQGXOXL GH UXOPHQW IXQF LRQDO

SH GLVWLQF LD vQWUH YDULD LD )5) YDULD LD 1)5 L YDULD LD WUH]RUHULHL GH WDEORXO YDUL

XWLOL] ULORU L UHVXUVHORU OD VRFLHWDWHD 'HOWD

a LHL

vQFDV ULORU FRQVWUXLP WDEORXO

-500 10.000 100 500 1.900 7.000 1.000 200 1.200 2.200 -1.000 -1.700 300 2.000

- ,QYHVWL LL - Dividende - 5DPEXUV UL vPSUXPXWXUL Fluxuri reprezentnd resurse - Capacitate de autofinaQ DUH - PSUXPXWXUL SH WHUPHQ OXQJ L PHGLX - &UHWHUH FDSLWDO VRFLDO - 9kQ] UL GH LPRELOL] UL
9DULD LD QHYRLL GH IRQG GH UXOPHQW JOREDO  9DULD LD QHYRLL GH IRQG GH UXOPHQW vQ DIDUD H[SORDW ULL 9DULD LD WUH]RUHULHL 9DULD LD GLVSRQLELOLW LORU 9DULD LD QHYRLL GH IRQG GH UXOPHQW SHQWUX H[SORDWDUH

)OX[XUL UHSUH]HQWkQG XWLOL] UL

- 9DULD LD FUHGLWHORU EDQFDUH FXUHQWH

VWDELOH )5) D VF ]XW FX  vQ FXUVXO H[HUFL LXOXL

1RW 

1.

9DULD LD )5) HVWH HJDO

FX IOX[XO GH UHVXUVH DFLFOLFH VWDELOH GLPLQXDW FX IOX[XO GH XWLOL] UL DFLFOLFH

FXUVXO H[HUFL LXOXL

 1)5( D FUHVFXW FX  GDU YDULD LD 1)5 GLQ DIDUD H[SORDW ULL D UHSUH]HQWDW R UHVXUV

GH  vQ

$FHDVW

3. 9DULD LD WUH]RUHULHL

YDULD LD FUHGLWHORU EDQFDUH GH  UHVXUVH 

YDULD LH D WUH]RUHULHL VH SRDWH VWDELOL L FD GLIHUHQ

9DULD LD )5)

- 9DULD ia NFRG = -500 - 1200 = -1700.

vQWUH YDULD LD GLVSRQLELOLW

LORU GH  XWLOL] UL L

% ,QWHUSUHWDUHD WDEORXOXL GH ILQDQ DUH

IDOLPHQW 3HQWUX FD DQDOL]D V

Tabloul de finaQ DUH

FRQGXFH OD vQ HOHJHUHD SROLWLFLL GH ILQDQ DUH L OD GLDJQRVWLFDUHD ULVFXOXL GH ILH VHPQLILFDWLY WUHEXLH V GLVSXQHP GH GDWH SHQWUX R SHULRDG GH Fk LYD DQL

(de exemplu trei ani).


 5HJXOD HFKLOLEUXOXL IXQF LRQDO

WUH]RUHULH 2 FUHWHUH D WUH]RUHULHL UHSUH]LQW FXQRDWH R SXWHUQLF L SH GH DOW FDX]HOH FDUH H[SOLF GHJUGDUH GH

IntHUSUHWDUHD WDEORXOXL GH ILQDQ DUH VH IRQGHD]

HYROX LD DFRSHULULL 1)5( GH F WUH )5) $VWIHO SHQWUX VRFLHWDWHD *DPD WUH]RUHULD

R HYROX LH IDYRUDELO

SH UHVSHFWDUHD UHJXOHL GH HFKLOLEUX vQWUH )5 1)5 L L LQYHUV 6FRSXO DQDOL]HL HVWH V

LGHQWLILFH

GDF YDULD LD 1)5 GLQ DIDUD H[SORDW ULL - QX DU IL I FXW creditelor acordaWH GH IXUQL]RULL GH HFKLSDPHQWH SHQWUX LQYHVWL LL Q UDSRUW FX FRPSDUDUHD GLUHFW

LPSRUWDQWH UHDOL]DWH FDUH QX DX IRVW VXILFLHQW DFRSHULWH GLQ UHVXUVH VWDELOH 'HJUDGDUHD DU IL IRVW L PDL PDUH V DYHP WHPSRUDU R UHVXUV  FD XUPDUH D

SDUWH vQ FUHWHUHD LPSRUWDQW

-1700, care-L DUH RULJLQHD SH GH R SDUWH vQ YDULD LD QHJDWLY


D 1)5( GH  6F GHUHD )5) VH H[SOLF

SULQ LQYHVWL LLOH

D )5) GH

-500

D ELODQ XULORU IXQF LRQDOH WDEORXO GH ILQDQ DUH SHUPLWH V

VH LGHQWLILFH

FDX]DOH YDULD LHL XQRU P ULPL IXQGDPHQWDOH $QDOL]D HYROX LHL PRGXOXL GH DFRSHULUH D 1)5( GH F WUH

FRF se

IDFH SULQ DQDOL]D HYROX LHL 1)5( L D )5) &DUDFWHUXO FRQMXQFWXUDO VDX VWUXFWXUDO DO YDULD LLORU 1)5( WUHEXLH V ILH VWDELOLW

 &HOH GRX

GLPHQVLXQL DOH DQDOL]HL )5)

$QDOL]D

HYROX LHL

)5)

VH

VSULMLQ

SH

GRX

GLPHQVLXQL

SROLWLFD

GH

ILQDQ DUH

LQYHVWL LLORU

capacitatea de rambursare a datoriilor.


3ROLWLFD GH ILQDQ DUH VH DSUHFLD] vQ IXQF LH GH DFRSHULUHD XWLOL] ULORU FX UHVXUVH VWDELOH L PDL DOHV FX ILH DFRSHULWH LQYHVWL LLOH L YDULD LD GLQ LQYHVWL LL FHHD FH UHOHY R VODE IRQGXUL SURSULL 3HQWUX VRFLHWDWHD *DPD UHVXUVHOH VWDELOH QX SHUPLW V 1)5( 3DUWHD DFRSHULW DXWRQRPLH ILQDQFLDU  &DSDFLWDWHD GH UDPEXUVDUH SRDWH IL DSUHFLDW SULQ GRX UDWH IRQGDWH SH &$) VH HYDOXH]H QXP UXO DQLORU QHFHVDUL GH &$) HVWH IRDUWH PLF  PDL SX LQ GH 

1)- datoriile financiare stabile UDSRUWDWH OD &$)


UDPEXUV ULL GDWRULLORU VWDELOH SUHVXSXQkQG F HVWLPHD] F SH R OXQJ SHULRDG DFHDVW GH WLPS DFHDVW UDW &RQVWDW P F UHJXO QX HVWH UHVSHFWDW

FDUH SHUPLWH V

DP DIHFWD &$) DFHVWRU UDPEXUV UL 8QLL DQDOLWL ILQDQFLDUL WUHEXLH V ILH SHUPDQHQW

sub 3 sau 4 ani.


HVWH VXEXQLWDU VHPQLILF

SHQWUX VRFLHWDWHD *DPD XQGH GDWRULLOH ILQDQFLDUH

stabile n anul N sunt de peste cinci ori mai mari dect CAF; 2)- &$) UDSRUWDW OD UDPEXUV ULOH GDWRULLORU ILQDQFLDUH
IDSWXO F vQWUHSULQGHUHD HVWH REOLJDW V UHFXUJ DVWIHO GH VLWXD LH GDF DFHDVW UDW V VH SHUSHWXHD]  SXQH vQ HYLGHQ ILH PDL PDUH GHFkW 

VWDELOH FDUH GDF

OD IRQGXUL H[WHUQH SHQWUX D IDFH ID

UDPEXUV ULL GDWRULLORU 2

XQ ULGLFDW ULVF GH IDOLPHQW $QXPLWH RUJDQLVPH FHU FD

 $QDOL]D ULVFXOXL GH IDOLPHQW IRQGDW

SH IOX[XULOH GH WUH]RUHULH

,QFRQYHQLHQWHOH OHJDWH GH FDUDFWHUXO SRWHQ LDO DO IOX[XULORU GH IRQGXUL DX GHWHUPLQDW FUHDUHD XQXL

tablou de diagnosticare fondat pe fluxurile de trezorerie, care s-D JHQHUDOL]DW SH SODQ LQWHUQD LRQDO

A. Tabloul fluxului de trezorerie


7DEORXULOH IOX[XOXL GH WUH]RUHULH VH ED]HD]  FHO PDL DGHVHD SH VWUXFWXUD FLFOXULORU GH RSHUD LL L SXQ vQ HYLGHQ IOX[XULOH FDUH DX ORF vQWUH vQWUHSULQGHUH L DSRUWR

rii de capitaluri. Un astfel de tablou poate fi


D WDEORXOXL YDULD LHL vQFDV ULORU

vQWRFPLW SUHOXkQG IOX[XULOH GH WUH]RUHULH FDUH ILJXUHD]

vQ SULPD FRORDQ

Ciclul de exploatare: ETE


)OX[XO FLFOXOXL GH LQYHVWL LL )OX[XO GLQ YkQ] UL GH DFWLYH )OX[XO GLQ LQYHV LL )OX[XO FLFOXOXL GH ILQDQ DUH )OX[XO OHJDW GH DF LRQDUL

-&UHWHUHD GH FDSLWDO -Fluxul dividendelor Fluxul legat de creditorii financiari -mprumuturi pe termen mediu -Varia LD FUHGLWHORU EDQFDUH -Fluxul cheltuielilor financiare -)OX[XO UDPEXUV ULORU
9DULD LD vQFDV ULORU

200 -8800 200 -9000 8900 900 1000 -100 8000 7000 2000 -500 -500 300
LQVXILFLHQ D (7( L DQWUHQDWH GH FLFOXO GH LQYHVWL LL )RQGXULOH GH VH DFRSHUH QHYRLOH L FKLDU D vQWUHSULQGHULL vQ SHQWUX ILQDQ DUHD LQYHVWL LLORU &LFOXO GH

H[SORDWDUH QX GHJDM V FUHDVF

$FHVW

WDEORX

 DGXVH GH FLFOXO GH ILQDQ DUH GLQ FDUH  GH FUHGLWRULL ILQDQFLDUL SHUPLW V FHHD FH SULYHWH ILQDQ DUHD GH]YROW ULL VDOH GLVSRQLELOLW

GHFkW  OLFKLGLW

SXQH

FODU

vQ

HYLGHQ

L SHQWUX  SO

LOH FX  $FHVW WDEORX UHOHY  PDL DOHV VLWXD LD GH GHSHQGHQ

% ([FHGHQWXO GH WHU]RUHULH GLQ H[SORDWDUH FD P

VXU

D FDSDFLW

LL GH UDPEXUVDUH L D DXWRQRPLHL

financiare
QX FRQVWLWXLH GHFkW XQ IOX[ SRWHQ LDO GH WUH]RUHULH 2 SDUWH VXEVWDQ LDO 1)5( DVWIHO vQFkW SDUWHD HIHFWLY GLVSRQLELO Q FRQVHFLQ  XQLL DQDOLWL SUHFRQL]HD] V VH IRORVHDVF 0 VXUDUHD FDSDFLW LL GH UDPEXUVDUH SRUQLQG GH OD &$) SUH]LQW D &$) SRDWH IL DEVRUELW PDUL LQFRQYHQLHQWH vQWUXFkW &$) GH YDULD LD

SHQWUX UDPEXUVDUHD GDWRULLORU SRDWH IL IRDUWH PLF  VLWXD LD HVWH EXQ GDF VH DFRSHU FHO

GH UDPEXUVDUH D vQWUHSULQGHULL FRQVLGHUkQG F

(7( SHQWUX D DSUHFLD DGHY UDWD FDSDFLWDWH SX LQ FKHOWXLHOLOH

financiare. ETE > Cheltuieli financiare


DFRSHU

ntr-o DOW

FKHOWXLHOLOH ILQDQFLDUH L UDPEXUV ULOH FDUH GHYLQ VFDGHQWH

YHUVLXQH VH LDX vQ FDOFXO L SUHOHY ULOH ILVFDOH L VH DSUHFLD]

VLWXD LD HVWH EXQ

GDF

VH

GH  L vQ SOXV HVWH QHYRLH V GH LQYHVWL LL 2 VODE ILQDQ D LQYHVWL LLOH

EFE - ,PSR]LW ! &KHOWXLHOL ILQDQFLDUH  5DPEXUV UL Pentru societatea Gama, ETE de 200 nu-L SHUPLWH V IDF
DXWRQRPLH UHOHY

(7( SRDWH GH DVHPHQHD V

VH UDPEXUVH]H L vPSUXPXWXUL GH  5LVFXO HVWH ULGLFDW XQ ULVF ULGLFDW vQWUHSULQGHUHD WUHEXLQG V IDF

ID

QLFL FKHOWXLHOLORU ILQDQFLDUH FDUH VXQW UDSRUWDW

ILH XWLOL]DW SHQWUX HYDOXDUHD DXWRQRPLHL ILQDQFLDUH ILLQG

vPSUXPXWXUL SHQWUX D L

la fluxul -

Indicatoru l autonomiei financiare =

ETE - Impozit Investitii

7.4. METODA SCORURIL25 DIAGNOSTICUL RISCULUI


DiagnoVWLFXO ULVFXOXL QHFHVLW

6,67(0(/(

(;3(

RT

FOLOSITE

HODERUDUHD D QXPHURDVH LQVWUXPHQWH WDEHOXO VROGXULORU LQWHUPHGLDUH GH

JHVWLXQH ELODQ XULOH WDEORXO GH ILQDQ DUH UDWHOH  0XOWH PHWRGH LQIRUPDWLFH DX IRVW HODERUDWH SHQWUX D IDFLOLWD

diagnosticul riscului, un loc important ocupnd sistemele de previzionare a riscului de faliment, fondate pe
PHWRGD VFRUXULORU L VLVWHPHOH H[SHUW

7.4.1. Metoda scorurilor


'LDJQRVWLFXO ULVFXOXL GH IDOLPHQW D FXQRVFXW R GH]YROWDUH LPSRUWDQW SULQ UHFXUJHUHD OD PHWRGHOH

statistice multidimensionalH FDUH SHUPLW V


GDWH 0HWRGD VWDWLVWLF FHD PDL XWLOL]DW

VH DQDOL]H]H VLWXD LD ILQDQFLDU

SRUQLQG GH OD XQ DQVDPEOX GH UDWH

HVWH DQDOL]D GLVFULPLQDWRULH

Principiul acestui analize este simplu. Cunoscnd caracteristicile financiare descrise cu ajutorul
UDWHORU SHQWUX XQ DQVDPEOX GH vQWUHSULQGHUL FDUH FXSULQGH vQWUHSULQGHUL V Q WRDVH L vQWUHSULQGHUL VODEH DQDOL]D GLVFULPLQDWRULH GHWHUPLQ FHD PDL EXQ FRPELQD LH OLQLDU D UDWHORU FDUH V SHUPLW GLIHUHQ LHUHD

ntreprinderilor bune de cele slabe. Re]XOWDWHOH RE LQXWH SHUPLW


vQWUHSULQGHULORU VODEH L SH GH DOW

SH

GH

SDUWH

GHVFULHUHD

vQWU

-un mod sintetic a caracteristicilor

SDUWH V

VH SUHYDG

ULVFXO GH IDOLPHQW

2E LQHP SHQWUX ILHFDUH vQWUHSULQGHUH GXS DQVDPEOXO UDWHORU 'LVWULEX LD GLIHULWHORU VFRUXUL

DSOLFDUHD DQDOL]HL GLVFULPLQDWRULL XQ VFRU = vQ IXQF LH GH QH SHUPLWH V GLVWLQJHP vQWUHSULQGHULOH V Q WRDVH GH

ntreprinderile slabe.
6FRUXO = DWULEXLW ILHF UHL vQWUHSULQGHUL VH VWDELOHWH SULQWU R IXQF LH OLQLDU

Z = a1X1 + a2X2 + ...+ an Xn,

GH WLSXO

variabilele Xi FRUHVSXQ]kQG GLIHULWHORU UDWH LQWURGXVH vQ DQDOL]  LDU FRHILFLHQ LL Di ILLQG FRHILFLHQ L GH ponderare. Pornind de la valoarea diferitelor rate, vom determina scorul pentru fiecare ntreprindere. Valoarea scorului ne permite s FODV P R vQWUHSULQGHUH vQ JUXSD vQWUHSULQGHULORU VODEH VDX vQ FHD D vQWUHSULQGHULORU
V Q WRDVH 'H H[HPSOX IXQF LD VFRU VWDELOLW HYDOXHD] GXS VFKHPD FDUH HVWH SUH]HQWDW GH &HQWUDOD ELODQ XULORU GLQ FDGUXO % QFLL &HQWUDOH D )UDQ HL vQ FRQWLQXDUH

&RHILFLHQ LL

Valoarea ratelor ntrepr. pivot

&RQWULEX LD

RATELE

ratelor
IXQF LHL

ratelor la scor 1 x (2 - 3)

0
R1 = Cheltuieli financiare/EBE R2 = Res perman/Capitaluri invest R3 = CAF/Datorii totale R4 (%(&LIUD GH DIDF I U WYD R5 = Sold med fz x 360/Aprov R6 9DO DG XJ1-9DO DG XJ0 9DO DG XJ0 R7 6ROG PHGLX FOLHQ L X 360/Prod

R8 = Invest coUSRUDOH9DO DG

XJ

1 -1,255 2,003 -0,824 5,221 -0,689 -1,164 0,706 1,408

2 80 70 30 7 90 10 90 15

3 62,8 80,2 24,8 6,8 98,2 11,7 79,0 10,1 100Z Z

4 -21,6 -20,4 -4,3 1,0 5,6 2,0 7,8 6,9 = -23,0 = -0,23

YDORDUHD = D VForului: - ]RQD GHIDYRUDELO FkQG VFRUXO =  -0,25; - zona de incertitudine cnd -0,25 d Z d 0,125 - ]RQD IDYRUDELO cnd scorul Z > 0,125

7UHL ]RQH SRW IL GLVWLQVH GXS

Scorul de - GLQ H[HPSOXO DQWHULRU LQGLF

DSDUWHQHQ D vQWUHSULQGHULL OD ]RQD GH LQFHUWLWXGLQH

7.4.2. Sistemele expert


$FHVWHD FRQVWLWXLH PRGHOH GH DMXWRUDUH D OX ULL GHFL]LLORU IRQGDWH SH WHKQLFLOH LQWHOLJHQ

ei artificiale.

Sistemele expert cuprind trei componente:

R ED]

GH FXQRWLQ H FDUH HVWH FRQVWLWXLW SRW IL L]YRUkWH GLQ

GLQ UHJXOL L IDSWH GH UHIHULQ WHRUHWLFH GDU L GLQ

 FD GH H[HPSOX VWDWLVWLFLOH H[SHU LOR

VHFWRULDOH

5HJXOLOH

PRGHOHOH

SUDFWLFD

r n domeniul

GLDJQRVWLFXOXL &RQ LQXWXO ED]HL GH FXQRWLQ H HVWH LQGHSHQGHQW GH FD]XO VWXGLDW

- R ED] GH IDSWH FDUH FXSULQGH GDWHOH QHFHVDUH UH]ROY ULL SUREOHPHL SXVH L FDUH HVWH FRQVWLWXLW GH utilizator; - XQ VLVWHP GH LQWHUIHUHQ D FHORU GRX ED]H FDUH V GHGXF FHOH PDL EXQH FRQFOX]LL SH ED]D
IDSWHORU L D UHJXOLORU FRQ LQXWH GH FHOH GRX ED]H HQXQ DWH

Rezumnd cele prezentate n acest capitol, putem spune:


 5LVFXO GH H[SORDWDUH H[SULP VHQVLELOLWDWHD UH]XOWDWXOXL GLQ H[SORDWDUH OD YDULD LD QLYHOXOXL GH VHQVLELOLWDWH SRDWH IL HVWLPDW SRUQLQG GH DFWLYLWDWH L HVWH DVRFLDW FX QR LXQHD GH OHYLHU DO H[SORDW ULL $FHDVW

OD HODVWLFLWDWHD UH]XOWDWXOXL GLQ H[SORDWDUH vQ UDSRUW FX QLYHOXO GH DFWLYLWDWH 3R]L LD vQ UDSRUW FX SUDJXO GH

rentabiliWDWH DO H[SORDW

ULL FRQVWLWXLH XQ LQGLFDWRU DO ULVFXOXL R P VXU D ULVFXOXL ILQDQFLDU &X FkW

 3R]L LD vQ UDSRUW FX SUDJXO GH UHQWDELOLWDWH JOREDO UHSUH]LQW vQGDWRUDUHD HVWH PDL ULGLFDW  FX DWkW ULVFXO ILQDQFLDU HVWH PDL LPSRUWDQW

3. Diagnosticul rLVFXOXL
DQDOL]D GLQDPLF  ED]DW  $QDOL]D VWDWLF

GH IDOLPHQW VH VSULMLQ

SH DQDOL]D VWDWLF  DYkQG vQ YHGHUH ELODQ XO L SH

SH IOX[XUL UHFXUJH OD GRX FRQFHS LL DOH ELODQ XOXL &RQFHS LD SDWULPRQLDO SURSXQH R DQDOL] DUH FD RELHFWLY

HYDOXDUHD SDWULPRQLXOXL DF LRQDULORU LDU FHD IXQF LRQDO  %LODQ XO SDWULPRQLDO VH VSULMLQ

D SROLWLFLL ILQDQFLDUH

SH QR LXQLOH GH DFWLY QHW OLFKLGLWDWH L H[LJLELOLWDWH 6H DX vQ YHGHUH OLFKLGLWDWH L UDWD

mai multe instrumente de diagnosticare: fondul de rulment patrimonial, ratele de autonomiei financiare.
 %LODQ XO IXQF LRQDO SHUPLWH V FDSLWDOXULORU LQYHVWLWH 'XS VH DQDOL]H]H SROLWLFD ILQDQFLDU SULQFLSLXO DIHFW ULL UHVXUVHORU SHQWUX FD HFKLOLEUXO ILQDQFLDU V QHFHVDU FD UHVXUVHOH VWDELOH V

vQ IXQF LH GH RULJLQHD L GH XWLOL]DUHD ILH DVLJ

urat, este

ILQDQ H]H XWLOL] ULOH VWDELOH VDX DOWIHO VSXV IRQGXO GH UXOPHQW IXQF LRQDO V

acopere nevoia de fond de rulment pentru exploatare. Dezechilibrul asociat unei trezorerii negative poate fi
VXSRUWDW GDF VH UHVSHFW DQXPLWH QRUPH $QDOL]D 1)5( VH IDFH SULQ LQWHUPHGLXO UDWHORU GH URWD LH HVWH IRQGDW SH IOX[XULOH GH IRQGXUL L SH IOX[XULOH GH WUH]RUHULH )OX[XULOH GH IXQF LRQDO L SHUPLW V VH FRQVWUXLDVF WDEORXO GH  $QDOL]D GLQDPLF IRQGXUL VH vQ HOHJ SRUQLQG GH OD YDULD LLOH ELODQ XOXL

ILQDQ DUH  5HOD LD IXQGDPHQWDO (7( (%(

UH]XOWDWXO ILQDQFLDU &DSDFLWDWHD GH DXWRILQDQ DUH UHSUH]LQW

- 1)5(
GXS

SHUPLWH V

VH vQ HOHDJ

GLIHUHQ D GLQWUH WUH]RUHULH L

IOX[XO GH IRQGXUL SURSULL LQWHUQH FDUH SHUPLW

ntreprindeULL V
&$) SHUPLW V

VH DXWRILQDQ H]H UHJXOD HFKLOLEUXOXL IXQF LRQDO 'LIHULWHOH UDWH IRQGDWH SH

 7DEORXO GH ILQDQ DUH VH LQWHUSUHWHD]

VH P VRDUH FDSDFLWDWHD GH UDPEXUVDUH L DXWRQRPLD ILQDQFLDU  )OX[XULOH GH IRQGXUL QX VXQW

GHFkW IOX[XUL SRWHQ LDOH GH WUH]RUHULH 'LDJQRVWLFXO VWDELOLW SH ED]D IOX[XULORU GH WUH]RUHULH L PDL DOHV D (7(

este adesea mai pertinent. 10. Diagnosticul riscului poate fi facilitat de recurgerea la metoda scorurilor sau la sistemele expert.