$1$/,=$6,78$,(,),1$1&,$5- PATRIMONIALE A ÎNTREPRINDERII ’HOLPLWULFRQFHSWXDOHSULYLQGDQDOL]DVLWXDLHLILQDQFLDU-… [608505]

$1$/,=$6,78$,(,),1$1&,$5- PATRIMONIALE
A ÎNTREPRINDERII

'HOLPLWULFRQFHSWXDOHSULYLQGDQDOL]DVLWXDLHLILQDQFLDU-
SDWULPRQLDOHúLRELHFWLYHOHDFHVWHLD

Într-XQVLVWHPHFRQRPLFFRQFXUHQLDORELHFWLYXOPDMRUDO
întreprinderii este maxiPL]DUHDYDORULLVDOHUHVSHFWLYFUHúWHUHDDYHULL
SURSULHWDULORUDFHVWHLDPD[LPL]DUHDDYHULLDFLRQDULORUSHQWUXVRFLHWLOH
vQFKLVHúLPD[LPL]DUHDFXUVXOXLWLWOXULORUSHQWUXVRFLHWLOHFRWDWHODEXUV
$FHDVWDLPSOLFGHVIúXUDUHDDFWLYLWLLILUPHLvQFRQGLLLGHUHQWDELOLWDWH
superioarúLvQDFHODúLWLPSPHQLQHUHDVROYDELOLWLLúLDHFKLOLEUXOXL
financiar.
$OWHRELHFWLYHFXPVXQWIOH[LELOLWDWHDILQDQFLDUFUHúWHUHD
PD[LPDOPHQLQHUHDSXWHULLúLDXWRQRPLHLILQDQFLDUHUHSUH]LQWDOWHUQDWLYH
posibiOHXQHOHVXEVWLWXLELOHDOWHOHRSR]DELOHRELHFWLYXOXLPD[LPL]ULL
YDORULLILUPHL)OH[LELOLWDWHDILQDQFLDUUHIOHFWFDSDFLWDWHDGHDGDSWDUHD
firmei la schimbULOHGHPHGLXREXQIOH[LELOLWDWHQXSRDWHGHFkWV
contribuie la maximizarea valorii întreprLQGHULL&UHúWHUHDPD[LPDOQX
FRQGXFHvQPRGQHFHVDUODPD[LPL]DUHDYDORULLILUPHL'DURFUHúWHUH
SXWHUQLFSRDWHGXFHvQDQXPLWHSHULRDGHODGHJUDGDUHDUHQWDELOLWLLúL
PULUHDULVFXOXLODGHILFLHQHGHRUGLQILQDQFLDUGHRDUHFHGHLQWRULLGH
capiWDOSUHIHUV-úLSODVH]HUHVXUVHOHîQvQWUHSULQGHULFDUHDXRFUHúWHUH
PRGHUDWúLvQFRQVHFLQXQULVFPDLUHGXVGDUFDUHRIHURUHQWDELOLWDWH
FRQVWDQW'H DVHPHQHDSROLWLFDGHSVWUDUHDSXWHULLúLDXWRQRPLHL
ILQDQFLDUHSRDWHVFRQGXFXQHRULODSHUIRUPDQHLQIHULRDUH 5

$VWIHOPDQDJHULLúLDFLRQDULLWUHEXLHVXUPUHDVFDWLQJHUHDDFHORU
RELHFWLYHSHWHUPHQVFXUWFDUHVFRQWULEXLHODUHDOL]DUHDFHOXLSHWHUPHQ
lung –FUHúWHUHDYDORULLSDWULPRQLDOHDILUPHLVLQJXUXOFDUHSHUPLWH
perenitatea acesteia.
Obiectivele principale ale analizei financiar-patrimoniale sunt:
¾ stabilirea patrimoniului net, respectiv a valorii contabile a averii
DFLRQDULORU
¾ GHWHUPLQDUHDVQWLLILQDQFLDUHUHVSHFWLYGHWHFWDUHDXQRUHYHQWXDOH
VLWXDLLGHGH]HFKLOLEUXILQDQFiar care ar putea periclita continuitatea
H[SORDWULL
¾ VWDELOLUHDOLFKLGLWLLúLVRYDELOLWLLILUPHL
¾ GHWHUPLQDUHDIOH[LELOLWLLILQDQFLDUHDDFHVWHLDSHED]DWDEORXOXL
fluxurilor de trezorerie;
¾ FDUDFWHUL]DUHDHILFLHQHLHOHPHQWHORUSDWULPRQLDOH
¾ întocmLUHDEXJHWHORUGHYHQLWXULúLFKHOWXLHOLúLDSODQXULORUGH
ILQDQDUH
¾ HYDOXDUHDSHUIRUPDQHORUILUPHL

5.2 3UREOHPHGHED]DOHDQDOL]HLVLWXDLHLILQDQFLDU-
patrimoniale

%LODQXOFRQWDELO–VXUVDLQIRUPDLRQDOGHED]DDQDOL]HL
financiare

Analiza VLWXDLHLILQDQFLDUHVHED]HD]SHEXJHWXOGHYHQLWXULúL
FKHOWXLHOLELODQXOFRQWDELOúLDQH[HOHVDOHUDSRUWXOGHJHVWLXQHetc.
%LODQXOHVWHGRFXPHQWXOFRQWDELOSULQFLSDOFDUHSUH]LQWVLWXDLD
SDWULPRQLDODXQHLvQWUHSULQGHULLODXQPRPHQWGDWÌQDFWLYXOELODQXOXL
VXQWvQUHJLVWUDWHWRDWHGUHSWXULOHGHSURSULHWDWHúLGHFUHDQDOHvQWUHSULQGHULL
vQRUGLQHDLQYHUVDOLFKLGLWLLFDSDFLWDWHDSRVWXULORUGHDFWLYGHDVH
transforma în numerar), iar în pasiv toate obligaiile, respectiv
angajamentele DVXPDWHDUDQMDWHvQRUGLQHDFUHVFWRDUHDH[LJLELOLWLL
WLPSXOFkWVXUVDUHVSHFWLYUPkQHODGLVSR]LLDvQWUHSULQGHULL(JDOLWDWHD
ELODQLHUHVWHQHFHVDUGHRDUHFHDFWLYXOúLSDVLYXOVXQWGRXUHSUH]HQWULDOH
DFHOHDúLPULPLHFRQRPLFH3DVLYXOUHIOHFWVXUVHOHIRQGXULORUvQWUHSULQGHULL,
LDUDFWLYXOFRQVWLWXLHXWLOL]ULOHFURUDOHVXQWDIHFWDWHDFHVWHIRQGXULGHFL
QLFLRVXUVQXSRDWHUPkQHIUDORFDUHGXSFXPQLFLRQHYRLHGH
ILQDQDUHQXSRDWHH[LVWDIUVXUVHGHIRQGXUL

Unele aspecte priviQGYROXPXOúLVWUXFWXUDDFWLYHORUúLSDVLYHORUVDX
DVLJXUDUHDVXUVHORUGHILQDQDUHDDFWLYLWLLSRWILLQYHVWLJDWHúLSHED]D
ELODQXOXLFRQWDELOvQWRFPLWFRQIRUPUHJOHPHQWULORUOHJLVODLHLvQYLJRDUHÌQ
OHJWXUFXDQDOL]DVLWXDLHLILQDQFLDUHSHED]DELODQXOXLFRQWDELOH[LVWvQV
GRXWHRULLIXQGDPHQWDOH
¾ WHRULDELODQXOXLSDWULPRQLDO (financiar),FDUHDUHODED]DQDOL]D
lichiditate-H[LJLELOLWDWHQXPLWvQSUDFWLFDULORURFFLGHQWDOH, analiza
SDWULPRQLDODFHDVWDQDOL]SXQHvQHYLGHQULVFXO de
LQVROYDELOLWDWHDOvQWUHSULQGHULLDGLFLQFDSDFLWDWHDILUPHLGHD-úL
RQRUDDQJDMDPHQWHOHDVXPDWHIDGHWHUL
¾ WHRULDELODQXOXLIXQFLRQDOFRQIRUPFUHLDvQWUHSULQGHUHD
UHSUH]LQWRHQWLWDWHHFRQRPLFúLILQDQFLDUDVLJXUkQGUHDOL]DUHD
anumitor fuQFLLFXPDUILIXQFLDGHSURGXFLHIXQFLDGHLQYHVWLUHúL
dezinvestire, prHFXPúLIXQFLDGHILQDQDUH

%LODQXOSDWULPRQLDOSUH]LQWRLPSRUWDQGHRVHELWSHQWUX
DFLRQDULFDUHVXQWLQWHUHVDLVFXQRDVFYDORDUHDDYHULLORUúLFUHGLWRUL
(pentru cDUHSDWULPRQLXOUHSUH]LQWRJDUDQLHSHQWUXUHDOL]DUHDGUHSWXULORU
ORU$FHVWWLSGHELODQVHRELQHvQXUPDUHJUXSULLSRVWXULORUGHDFWLYúLGH
SDVLYGXSFULWHULLOHGHOLFKLGLWDWHúLH[LJLELOLWDWH

1. &RUHFLLUHIHULWRDUHODDFWLYXOELODQXOXL
a) Activul imobilizatVHGLPLQXHD]FXYDORDUHDDFWLYHORULPRELOL]DWH
fictive sau nonvalori (principalele active de natura nonvalorilor sau
fictive: cheltuielile de constituire, cheltuielile de repartizat asupra
H[HUFLLLORUILQDQFLDUHYLLWRDUHSULPHOHSHQWUXUDmbursarea
REOLJDLXQLORUGHELWRULLGLQFDSLWDOulVXEVFULVúLQHYUVDWGLIHUHQHle
de conversie de activ etc.), elemente care din punct de vedere al
OLFKLGLWLLQXDXQLFLRYDORDUHGHRDUHFHQXGDXQDúWHUHXQXLIOX[GH
numerar.
De asemenea, activului imRELOL]DWVHPDMRUHD]FXSDUWHDDFWLYHORU
FLUFXODQWHFXWHUPHQGHOLFKLGLWDWH!DQ'HH[HPSOXGDFH[LVWFUHDQH–
FOLHQLVDXFOLHQL–FUHGLWRULFXVFDGHQH!DQDFHVWHDYRUILHOLPLQDWHGH
ODUXEULFDUHVSHFWLYúLWUDQVIHUDWHvQJUXSD³$FWLYLPobilizat“;

b) Activul circulantVHGLPLQXHD]FXYDORDUHDDFWLYHORUFLUFXODQWH
DYkQGWHUPHQGHOLFKLGLWDWH!DQúLVHPDMRUHD]FXYDORDUHD
LPRELOL]ULORUILQDQFLDUHFXWHUPHQGHOLFKLGLWDWHDQetc.

2. &RUHFLLUHIHULWRDUHODSDVLYXOELODQXOXL
a) Capitalurile permanenteVHGLPLQXHD]FXYDORDUHDDFWLYHORU
fictive (cheltuielile de constituire, debitorii din capitalul subscris
úLQHYUVDWFKHOWXLHOLOHGHUHSDUWL]DWDVXSUDH[HUFLLLORUILQDQFLDUH
YLLWRDUHúLGLIHUHQHOHGHFRQYHUVLHDFWLYVHVFDGGLQFDpitalurile
SURSULLLDUSULPHOHSULYLQGUDPEXUVDUHDREOLJDLXQLORUVHVFDGGLQ
vPSUXPXWXULOHúLGDWRULLOHDVLPLODWHSHWHUPHQPHGLXúLOXQJúL
FXGLYLGHQGHOHGHSODWGHDVHPHQHDDFHVWHDVHPDMRUHD]FX
veniturile înregistrate în avans (aparinând grupei “Conturi de
UHJXODUL]DUHúLDVLPLODWH– Pasiv“ din bilanul contabil) cu termen
GHH[LJLELOLWDWH!DQúLFXGLIHUHQHOHGHFRQYHUVLHSDVLYDFHVWHD
ILLQGFRQVLGHUDWHSURILWSRWHQLDO
b) Datoriile cu scadenta < 1 anLQFOXGREOLJDLLOHQHILQDQFLDUHúL
finDQFLDUHFUHGLWHORUEDQFDUHFXUHQWH$FHVWHDVHPDMRUHD]FX
SURYL]LRDQHOHSHQWUXULVFXULúLFKHOWXLHOLFXWHUPHQGH
H[LJLELOLWDWHDQGLYLGHQGHOHGHSODWYHQLWXULOHFRQVWDWDWHvQ
DYDQVGLQJUXSD³&RQWXULGHUHJXODUL]DUHúLDVLPLODWH– Pasiv“
din ELODQXOFRQWDELODYkQGWHUPHQGHH[LJLELOLWDWHDQ
SUHFXPúLFXGDWRULDILVFDOODWHQWDIHUHQWVXEYHQLLORUSHQWUX
LQYHVWLLLSURYL]LRDQHORUUHJOHPHQWDWHúLSURYL]LRDQHORUSHQWUX
ULVFXULúLFKHOWXLHOLSUHFXPúLDOWRUHOHPHQWHGHFDSLWDOXULSURSrii;
ÌQXUPDFRUHFLLORUPHQLRQDWHPDLVXVELODQXOILQDQFLDU
SDWULPRQLDOYDFRQLQHvQSDUWHDGHDFWLYQHYRLVDXvQWUHEXLQUL
permanenteHOHPHQWHOHFHOHPDLSXLQOLFKLGHDGLFLPRELOL]ULOH
QHFRUSRUDOHFRUSRUDOHúLILQDQFLDUH,úLQHYRLúLvQWUHEXLQULWHPSRUDUH, în
care se includ activele circulante care au un grad de lichiditate mult mai
PDUHGHFkWLPRELOL]ULOH3DUWHDGHSDVLYYDILIRUPDWGLQresurse sau
capitaluri permanenteDGLFFDSLWDOXULOHSURSULLUHLQYHQVWLULDOH
DFXPXOULORUDQWHULRDUHUH]HUYHSURILWQHUHSDUWL]DWúLFDSLWDOXULle din surse
SXEOLFHVXEYHQLLSURYL]LRDQHUHJOHPHQWDWH),SUHFXPúLGDWRULLOHSHWHUPHQ
PHGLXúLOXQJFXVFDGHQPDLPDUHGHXQDQúLGHDVHPHQHDGLQresurse
temporare, DGLFGDWRULLOHFXVFDGHQPDLPLFGHXQDQ3UHOXFUDUHD
GDWHORUGLQELODQXOFRQWDELOYDGHWHUPLQDXUPWRDUHDVWUXFWXUDELODQXOXL
financiar (fig.5.1).
/XkQGvQFRQVLGHUDUHXQDQXPLWHFKLOLEUXFDUHWUHEXLHVH[LVWHvQWUH
GXUDWDXQHLRSHUDLLGHILQDQDWúLGXUDWDPLMORDFHORUGHILQDQDUH
FRUHVSXQ]WRDUHELODQXOILQDQFLDUSXQHvQHYLGHQGRXUHJXOLSULQFLSDOH
DOHILQDQULLUHVSHFWLYQHYRLOHSHUPDQHQWHGHILQDQDUHYRUILDFRSHULWHGLQ
capitaluri permanente, îndeosebi din capitaluri proprii, iar nevoile temporare

YRUILILQDQDWH, în special din resurse temporare. Nerespectarea acestor
UHJXOLGHILQDQDUHYDGHWHUPLQDRVLWXDLHGHGH]HFKLOLEUXILQDQFLDU

NEVOI = ACTIV RESURSE = PASIV
Activ imobilizat net ( > 1 an )
– LPRELOL]ULQHFRUSRUDOH
– LPRELOL]ULFRUSRUDOH
– LPRELOL]ULILQDnciare > 1 an
– creane > 1 an Capitaluri permanente
– capital social
– rezerve
– VXEYHQLL
– rezultat nerepartizat
– provizioane > 1 an
– GDWRULLSHWHUPHQPHGLXúLOXQJ
(> 1 an)
Activ circulant net (< 1 an)
– stocuri
– FUHDQH–FOLHQLDQ
– GLVSRQLELOLWL
– LPRELOL]ri financiare < 1 an Datorii pe termen scurt (< 1 an)
– financiare (credite bancare curente)
– nefinanciare
Provizioane < 1 an

)LJ%LODQILQDQFLDUSDWULPRQLDO
Exemplu:
7DEHOXOGHPDLMRVVLQWHWL]HD]VLWXDLDSDWULPRQLXOXLvQWUHSULQGHULLOD
31 DecDQXO1VWDELOLWSHED]DELODQXOXLFRQWDELO
5HDOL]DLFRQYHUVLDELODQFRQWDELO–ELODQSDWULPRQLDOILQDQFLDU

Tabelul. 5.2
%,/$1&217$%,/Ì1&+(,$7/$DQXO1
= mil lei =
ACTIV PASIV
,PRELOL]ULQHFRUSRUDOH
,PRELOL]ULFRUSRUDOH
,PRELOL]ULILQDQFLDUH

TOTAL ACTIVE
IMOBILIZATE 83.300
Stocuri 63.700
&OLHQL


$OWHFUHDQHSHWHUPHQVFXUW
Titluri de plasament 11.750
'LVSRQLELOLWL 650
TOTAL ACTIVE
CIRCULANTE 148.230
Cheltuieli înregistrate în avans 3.500
CONTURI DE REGULARIZARE
ù,$6,0,/$7( 3.500 Capital social 68.500
Rezerve 34.600
5H]XOWDWXOH[HUFLLXOXL


6XEYHQLLSHQWUXLQYHVWLLL
TOTAL CAPITAL
PROPRIU 116.510
Provizioane pentru
ULVFXULúLFKHOWXLHOL
Credite bancare (****) 44.600
Furnizori 40.220

Alte datorii pe termen scurt 29.500
TOTAL DATORII 114.320

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:VHFRQVLGHUF toate cheltuielile înregistrate în avans au termen de
lichiditate < 1 an.

Rezolvare (vezi tabelul 5.3):

1. &RUHFLLUHIHULWRDUHODDFWLYXOELODQXOXL
LPRELOL]ULOHILQDQFLDUHGHPLOOHLVHYRUGLPLQXDFXYDORDUHD
LPRELOL]ULORUDQPLOOHLúLVHYRUPDMRUDFXYDORDUHD
FOLHQLORUFDUHDXROLFKLGLWDWH!DQPLOOHL, rezultând
LPRELOL]Ui financiare de 15.223 mil. lei;
YDORDUHDFOLHQLORUGHPLOOHLVHYDGLPLQXDFXYDORDUHD
clienilor cu: termen de lichiGLWDWH!DQPLOOHLúLVHYD
majora cu valoarea LPRELOL]ULORUILQDQFLDUHDQPLOOHLúLFX
valoarea cheltuielilor înregistrate în avans ( 3.500 mil lei ), rezultând
un sold al clienilor < 1 an de 58.827 mil. lei;

2. &RUHFLLUHIHULWRDUHODSDVLYXOELODQXOXL
capitalul social se va majora cu 8.410 mil. lei reprezentând profit net
repartizat pentru constituirea fondurilor proprii, ajungând astfel la
valoarea de 79.910 mil. lei;
GDWRULLOHILQDQFLDUHSHWHUPHQOXQJUHSUH]LQW00 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.
GDWRULLOHILQDQFLDUHSHWHUPHQVFXUWVHPDMRUHD]FXYDORDUHD
dividentelor datorate ( 3.600 mil. lei ).

Tabelul 5.3

%,/$13$75,021IAL (FINANCIAR) ÎNCHEIAT LA 31.12 anul N
= mil.lei =
ACTIV PASIV
Nevoi permanente 98.473
,PRELOL]ULQHFRUSRUDOH
,PRELOL]ULcorporale 83.050
,PRELOL]ULILQDQFLDUH

Nevoi temporare 136.557
Stocuri 63.700
&UHDQH
'LVSRQLELOLWLúL
titluri de plasament 12.400 Capitaluri permanente 147.710
Capitaluri proprii 112.910
Proviz. pt. Riscuri
úLFKHOWXLHOL
DaWRULLSHWHUPPHGLXúLOXQJ
Resurse temporare 87.320
Datorii furnizori 40.220
Dividende datorate 3.600
Alte datorii pe termen scurt 29.500
Credite curente 14.000
TOTAL ACTIV 235.030 TOTAL PASIV 235.030

%LODQXOIXQFLRQDORIHURLPDJLQHDVXSUDPRGXOXLGHIXQFLRQDUH
GLQSXQFWGHYHGHUHHFRQRPLFDvQWUHSULQGHULLHYLGHQLLQGDWkWXWLOL]rile cât
úLVXUVHOHFRUHVSXQ]WRDUHILHFUXLFLFOXUHVSHFWLYGHLQYHVWLLLGH
H[SORDWDUHúLFHOGHILQDQDUHúLWUH]RUHULH
&LFOXOGHLQYHVWLLLFXSULQGHDFKL]LLRQDUHDGHDFWLYHLPRELOL]DWH
$VWIHOLPRELOL]ULOHUHJUXSDWHSULQIXQFLDGHLQYHVWLLHFRQVWLWXLH nevoi
DORFULVWDELOHDFLFOLFH, FDUHVXQWILQDQDWHvQPRGQHFHVDUGLQ resursele
durabile (aciclice) H[LVWHQWHvQSDVLYXOELODQXOXL$FWLYHOHFLUFXODQWHFkWúL
UHVXUVHOHSHQWUXILQDQDUHDORUVXQWFRQVLGHUDWHFLFOLFHGHRDUHFHUHFXSHUDUHD
capitaluriloUDORFDWHúLUHvQQRLUHDVXUVHORUVHIDFHGXSvQFKHLHUHDILHFrui
ciclu de exploatare.
Ciclul de exploatareFXSULQGHIOX[XULOHGHDSURYL]LRQDUHSURGXFLH
úLGLVWULEXLHYkQ]ULDWkWVXEIRUPGHIOX[XULIL]LFHFkWúLILQDQFLDUH
Posturile de activ legatHGLUHFWGHRSHUDLLOHFLFOXOXLGHH[SORDWDUHVWRFXUL
FUHDQHFOLHQLFKHOWXLHOLGHH[SORDWDUHFRQVWDWDWHvQDYDQVetc.) constituie
active circulante de exploatare,FDUHvQPRGILUHVFWUHEXLHILQDQDWHGLQ
datoriile de exploatareGDWRULLIXUQL]RULúLasimilate, venituri din exploatare
constatate în avans etc.&HOHODOWHSRVWXULGHDFWLYúLSDVLYFDUHUHIOHFW
RSHUDLXQLGLYHUVHVXQWUHJUXSDWHvQFDWHJRULLOHDFWLYFLUFXODQWvQDIDUD
H[SORDWULLúLGDWRULLvQDIDUDH[SORDWULLUHVSHFWLYDFWLYXOúLSDVLvul de
trezorerie.

CiclulGHILQDQDUHVHUHIHUODDQVDPEOXORSHUDLXQLORUGLQWUH
vQWUHSULQGHUHúLSURSULHWDULLGHFDSLWDODFLRQDULLúLFUHGLWRULLvQWUHSULQGHULL
Acesta regUXSHD]SRVWXULOHGHFDSLWDOXULSURSULLúLGDWRULLILQDQFLDUH,
indiferent de scadenDORULDUSURYL]LRDQHOHSHQWUXULVFXULúLFKHOWXLHOLVXQW
DVLPLODWHVXUVHORUSURSULL)OX[XOGHILQDQDUHSHUPLWHvQWUHSULQGHULLVIDF
IDGHFDODMXOXLGLQWUHOLFKLGLWLleGHLQWUDUHúLcele GHLHúLUH, provocat de
ciclul de exploatare.
Luând în coQVLGHUDUHVHPQLILFDLLOHDFHVWRUWUHLFLFOXULIXQFLDGH
LQYHVWLLHHVWHSODVDWvQSDUWHDGLQVWkQJDQLYHOXOGHVXVDOELODQXOXL
IXQFLDGHILQDQDUHSRDWHILUHSUH]HQWDWvQSDUWHDGLQGUHDSWDQLYHOXOGHVXV
DOELODQXOXLIXQFLDGHILQDQDUHHVWHpoziLRQDWH[FOXVLYvQSDUWHDGHMRV
DELODQXOXLfig. 5.4).
3ULQFLSLLFDUHVWDXODED]DvQWRFPLULLELODQXOXLIXQFLRQDO1:
a) DFWLYHOHVXQWOXDWHvQFDOFXOODYDORDUHDORUEUXWDGLFYDORDUHD
de intrare în patrimoniu, iar în pasiv se iau în considerare
DPRUWL]ULOHUXODMXOFUHGLWRUDOFRQWXOXLúLSURYL]LRDQHOH
b) LPRELOL]ULOHvQFKLULDWHGHLQXWHvQOHDVLQJVDXvQORFDLHGH
JHVWLXQHVXQWvQWHJUDWHvQDFWLYúLFRUHVSXQ]WRUvQSDVLY, la
³ÌPSUXPXWXULúLGDWRULLDVLPLODWH³GHRDUHFHHOHVHUYHVFFLFOXOXi
de exploatare;
c) FRQFHSWXOGHDFWLYILFWLYQXPDLHVWHRSHUDLRQDO
d) FKHOWXLHOLOHFDUHSULYHVFH[HUFLLLOHILQDQFLDUHYLLWRDUHVH
DVLPLOHD]DFWLYHORULPRELOL]DWH
e) HIHFWHOHVFRQWDWHQHDMXQVHODVFDGHQGHELWRULLSULYLQGFDSLWDOXO
VXEVFULVúLQHYUVDWSULPHOHSULYLQGUDPEXUVDUHDREOLJDLXQLORUúL
diIHUHQHOHGHFRQYHUVLHGHDFWLYúLGHSDVLYVHWUDWHD]vQDFHODúL
PRGFDúLODHODERUDUHDELODQXOXLSDWULPRQLDO
f) DPRUWL]DUHDúLSURYL]LRDQHOHVXQWLQFOXVHvQSDVLYXOELODQXOXL
IXQFLRQDOFDVXUVHDFLFOLFHFDUHUPkQODGLVSR]LLDILUPHLR
perioada mai mare de un an).

1 M. Niculescu/ Diagnostic global strategic/ Editura E


 

   

'LQSHUVSHFWLYDELODQXOXLIXQFLRQDOUHDOL]DUHDHFKLOLEUXOXLILQDQFLDU
DOvQWUHSULQGHULLQXSUHVXSXQHGRDUH[LVWHQDXQXLIRQGGHUXOPHQWSR]LWLYFL
a unui fond de rulment acoperitor nevoilor de finantare ale ciclului de
H[SORDWDUHVWRFXULFUHDQHGHH[SORatare – datorii de exploatare).
5ROXOELODQXOXLIXQFLRQDOvQDQDOL]DILQDQFLDUHVWHQXQXPDLGHD
SHUPLWHDSUHFLHUHDYXOQHUDELOLWLLVWUXFWXULLILQDQFLDUHDvQWUHSULQGHULL
UHIOHFWDWGHHYROXLDWUH]RUHULHLQHWH,GDUúLGHDH[SULPDFRUHODLDGLQWUH
VWUXFWXUDILQDQFLDUDILUPHLúLQDWXUDDFWLYLWLLVDOH

NEVOI = ACTIV SURSE = PASIV
NEVOI ACICLICE ( STABILE )
– Activ imobilizat (brut) SURSE ACICLICE (DURABILE)
– capitaluri proprii
– DPRUWL]ULúLSURYL]LRDQH
– datorii financiare
NEVOI CICLICE
– Activ circulant de exploatare (brut)
-$FWLYFLUFXODQWvQDIDUDH[SORDWULLEUXW
– Active de trezorerie SURSE CICLICE
– Datorii de exploatare
– 'DWRULLvQDIDUDH[SORDWULL
– Pasiv de trezorerie

)LJ%LODQIXQFLRQDO

5.2.2 Analiza patrimoniului net

3DWULPRQLXOUHSUH]LQWWRWDOLWDWHDGUHSWXULORUúLREOLJDLLORUFHSRWIL
H[SULPDWHvQEDQLDSDULQkQGXQHLSHUVRDQHIL]LFHVDXMXULGLFHDOHFURU
QHYRLOHVDWLVIDFSUHFXPúLEXQXULOHODFDUHVHUHIHUÌQFD]XOXQHL
vQWUHSULQGHULSDWULPRQLXOVHGHILQHúWHFDILLQGDFWLYHOHvQWUHSULQGHULL
negrevate de datorii,VDXDYHUHDDFLRQDULORUVWDELOLWSHED]DELODQXOXL
patrimonial2.
Patrimoniul net sau activul net contabil se poate determina astfel:
1. FDGLIHUHQGLQWUHDFWLYXOWRWDOúLGDWRULLOHWRWDOHH[SULPDUH
materiala a patrimoniului net);
2. FDVXPDHOHPHQWHORUFDSLWDOXOXLSURSULX
3DWULPRQLXOQHWHVWHvQPRGQRUPDOSR]LWLYúLFUHVFWRUFDXUPDUHD
XQHLJHVWLXQLLVQWRDVH$FHDVWVLWXDLHUHIOHFWGHIDSWDWLQJHUHD
RELHFWLYXOXLPDMRUDOILUPHLúLDQXPHPD[LPL]DUHDYDORULLSDWULPRQLDOHD
acesteia.

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

Având în vedere prima modalitate de calcul a patrimoniului net,
FUHúWHUHDDFHVWXLDVHvQUHJLVWUHD]DWXQFLFkQGULWPXODFWLYHORUWRWDOH
devansea]ULWPXOGDWRULLORUWRWDOH
$QDOL]kQGHOHPHQWHOHFDSLWDOXOXLSURSULXvQSUDFWLFDHFRQRPLFVH
SRWvQWkOQLVLWXDLLvQFDUHGLQDPLFDFHDPDLDFFHQWXDWRvQUHJLVWUHD]
VXUVHOHFRQVWLWXLWHSHVHDPDUHQWDELOLWLLILUPHLUH]HUYHOHOHJDOHIRQGXULOH
proprii etc.&DSLWDOXOVRFLDOVHPRGLILFSULQQRLDSRUWXULDOHYHFKLORU
DFLRQDULVDXDOHXQRUDQRLúLVDXSULQFRQYHUVLDXQRUGDWRULLvQFDSLWDO
VRFLDOVWLQJHUHDXQRUGDWRULLvQVFKLPEXOXQXLSDFKHWGHDFLXQL'H
asemenea, rezultatul reportat poate fi pURILWQHUHSDUWL]DWFHHDFHGHWHUPLQ
FUHúWHUHDSDWULPRQLXOXLQHWVDXSLHUGHUHQHDFRSHULWFD]vQFDUH
patrimoniul va fi diminuat).
ÌQFRQVHFLQSDWULPRQLXOQHWSRDWHVFUHDVFSHVHDPDVXUVHORU
LQWHUQHUHQWDELOLWDWHDvQWUHSULQGHULLúLSHED]DXQRUsurse externe (aporturi,
primirea cu titlu gratuit a unor active, conversia unor datorii în capital social
etc.).

$QDOL]DFRUHODLHLGLQWUHIRQGXOGHUXOPHQWQHYRLDGHIRQG
GHUXOPHQWúLWUH]RUHULDQHW

Fondul de rulmentUHSUH]LQWSDUWHDGLQFDpitalul permanent
XWLOL]DWSHQWUXILQDQDUHDDFWLYHORUFLUFXODQWHLPSXVGHGLIHUHQHOHGLQWUH
VXPHOHGHvQFDVDWúLVXPHOHGHSOWLWSUHFXPúLGHGHFDODMXOGLQWUHWHUPHQXO
PHGLXGHWUDQVIRUPDUHDDFWLYHORUFLUFXODQWHvQOLFKLGLWLúLGXUDWDPHGLHvQ
care datoriile pe termen scurt devin exigibile.
0RGDOLWLGHFDOFXODIRQGXOXLGHUXOPHQW

1. Conform FRQFHSLHLSDWULPRQLDOH, fondul de rulment se poate calcula
astfel :

a) FR = Capital permanent – Active imobilizate ;

Fondul de rulment poate fi descompus în fond de rulment propriu
(FRp) úL împrumutat (FRi):
FR = FRp + FRi
FRp = Capitaluri proprii – Active imobilizate
FRi 'DWRULLSHWHUPHQPHGLXúLOXQJ

b) FR = Active circulante – Datorii pe termen scurt

ÌQDFHDVWVLWXDLHIRQGXOGHUXOPHQWUHIOHFWFRUHODLDGLQWUH
OLFKLGLWDWHDDFWLYHORUFLUFXODQWHúLH[LJLELOLWDWHDGDWRULLORUSHWHUPHQVFXUW
$FHVWDSUH]LQWRYDORDUHLQIRUPDWLYULGLFDWDVLJXUkQGOHJDWXUDGLQWUHFHOH
GRXSULDOHELODQXOXLILQDQFLDU&DXUPDUHfondul de rulment este
considerat ca fiind cel mai important indicator al echilibrului financiar
lichiditate – exigibilitate, care permite aprecierea pe termen scurt a riscului
GHLQFDSDFLWDWHGHSODW

2. Potrivit FRQFHSLHLIXQFLRQDOHIRQGXOGHUXOPHQWIXQFLRnal sau fondul
GHUXOPHQWQHWJOREDO)5*1VHGHWHUPLQDVWIHO
a) FRNG = Surse aciclice – Active aciclice

)RQGXOGHUXOPHQWQHWJOREDOUHIOHFWVXUSOXVXOUHVXUVHORUGXUDELOHvQ
raport cu valorile imobilizate.

b) FRNG = ( Nevoi ciclice + Nevoi de trezorerie ) – ( Resurse ciclice +
Resurse de trezorerie ) = ( Active circulante de exploatare + Active
circulante în afara exploatrii + Disponibiliti) – (Datorii de
exploatare + Datorii în afar exploatrii + Credite bancare de
trezorerie)

Luând în considerare foUPXODGHFDOFXOGHPDLVXVGDFIRQGXOGH
UXOPHQWHVWHSR]LWLYVDXQHJDWLYILUPDDUHOLFKLGLWLVDXGLPSRWULY este
REOLJDWVDQJDMH]HQRLFUHGLWHSHQWUXILQDQDUHDQHYRLORUGHH[SORDWDUH
Nevoia de fond de rulmentUHSUH]LQWGLIHUHQDGLQWUHQHYRLOH
WHPSRUDUHúLVXUVHOHWHPSRUDUHUHVSHFWLYVXPDQHFHVDUILQDQULL
GHFDODMHORUFDUHVHSURGXFvQWLPSvQWUHIOX[XULOHUHDOHúLIOX[XULOHGH
trezorerie determinate în special de activitatea de exploatare.
a) Pe baza bilanului patrimonial, aceasta se stabileúte astfel:

NFR = (Active circulante –'LVSRQLELOLWLEQHúWL– (Datoriile pe termen
scurt – Creditele pe termen scurt) = (Active circulante –'LVSRQLELOLWL
EQHúWL–2EOLJDLLSHWHUPHQVFXUW

sau: NFR = (Stocuri + Creane) – Credite pe termen scurt

1HYRLDGHIRQGGHUXOPHQWVHPQLILFvQHVHQ, activele circulante de
QDWXUDVWRFXULORUúLDFUHDQHORUQHILQDQDWHSHVHDPDREOLJDLLORUSHWHUPHQ
VFXUWVXUVHORUDWUDVH2EOLJDLLOHSHWHUPHQVFXUWGHQDWXUaFHORUID

GHIXUQL]RULVDODULDLEXJHtul de stat etc.SkQvQPRPHQWXOSOLLORU
UHSUH]LQWRVXUVDWUDVGHILQDQDUHDDFWLYHORUFLUFXODQWH

b) Pe baza ELODQXOXLIXQFLRQDO,QHYRLDGHIRQGGHUXOPHQWVHGHWHUPLQ
astfel:

NFR = Nevoi ciclice – Resurse ciclice

În acest caz, nevoiaGHIRQGGHUXOPHQWHVWHIRUPDWGLQSDUWHD
SHQWUXH[SORDWDUH1)5(úLFHDvQDIDUDH[SORDWULL1)5$(

NFR = NFRE + NFRAE
NFRE = $FWLYHFLFOLFHDIHUHQWHH[SORDWULL– Surse ciclice aferente
H[SORDWULL
NFRAE = $FWLYHFLFOLFHGLQDIDUDH[SORDWULL– Surse ciclice din afara
H[SORDWULL

0ULPHDQHYRLGHIRQGGHUXOPHQWGLQH[SORDWDUHHVWHLQIOXHQDWGH
QDWXUDDFWLYLWLLGXUDWDFLFOXOXLGHIDEULFDLHYLWH]DGHURWDLHDVWRFXULORUúL
FUHDQHORUQLYHOXOGHDFWLYLWDWHetc.
'DFQHYRLDGHIRQGGHUXOPHQWHVWHSR]LWLYVLWXDLDVHFRQVLGHUD
ILQRUPDOQXPDLGDFHVWHUH]XOWDWXOXQHLSROLWLFLGHLQYHVWLLLSULYLQG
FUHúWHUHDQHYRLLGHILQDQDUHDFLFOXOXLGHH[SORDWDUH$OWIHODFHDVWDUHIOHFW
XQGHFDODMQHIDYRUDELOvQWUHOLFKLGLWDWHDVWRFXULORUúLFUHDQHORUúL
exigibilitatea datoriilor de exploatare.
'DFGLPSRWULY,QHYRLDGHIRQGGHUXOPHQWHVWHQHJDWLY, aceasta
VHPQLILFXQVXUSOXVGHUHVXUVHWHPSRUDUHFRPSDUDWLYFXQHYRLOHWHPSRUDUH
VLWXDLDILLQGIDYRUDELOGRDUGDFHVWHUH]XOWDWXODFFHOHUULLURWDLHLDFWLYHORU
FLUFXODQWHúLDOHDQJDMULLGHGDWRULLFXVFDGHQHPDLPDULÌQFD]FRQWUDU
VLWXDLDHVWHQHJDWLYGHRDUHFHHVWHGHWHUPLQDWGHvQWUHUXSHULWHPSRUDUHvQ
DSURYL]LRQDUHDúLUHvQQRLUHDVWRFXULORUVDXvQDFWLYLWDWHDGHSURGXFLH

TrezoUHULDQHWH[SULPFRUHODLDGLQWUHIRQGXOGHUXOPHQWúLQHYRLD
GHIRQGGHUXOPHQWUHIOHFWkQGVLWXDLDILQDQFLDUDILUPHLDWkWSHWHUPHQ
PHGLXúLOXQJFkWúLSHWHUPHQVFXUW

a) Pe baza ELODQXOXLSDWULPRQLDO (financiar), DFHDVWDVHFDOFXOHD]FX
XUPWRDUHDIRUPXO
TN = FR – NFR

b) 7UH]RUHULDQHWVHSRDWHFDOFXODSHED]DELODQXOXLIXQFLRQDO astfel:

TN = FRNG – NFR
sau
TN = TA – TP

TA = trezoreria de activ, respectiv soldurile debitoare ale conturilor de
GLVSRQLELOLWLúLSODVDPHQWH
TP = trezoreria de pasiv, respectiv soldurile creditoare ale conturilor de
credite pe termen scurt.

7UH]RUHULDQHWSR]LWLYVHPQLILF un excedent monetar al
H[HUFLLXOXLILQDQFLDUúLGDFDFHaVWDVHPHQLQHvQFDGUXOPDLPXOWRU
H[HUFLLLILQDQFLDUHVXFFHVLYHDFHDVWVLWXDLHGHPRQVWUHD]RUHQWDELOLWDWH
HFRQRPLFULGLFDWúLSRVLELOLWDWHDSODVULLUHQWDELOHDGLVSRQLELOLWLORU
EQHúWLSHQWUXvQWULUHDSR]LLHLILUPHLSHSLD'DFQHYRLDGHIRQGGH
UXOPHQWHVWHFRQVWDQW,DWXQFLWUH]RUHULDQHWSR]LWLYeste echivalentul
profitului net, diminuat cu dividendHOHSOWLWHvQFXUVXODFHOHDúLSHULRDGHOD
care se adunamortizarea.
'DFvQFDOFXOXOQHYRLLIRQGXOXLGHUXOPHQWQXV-au luat în
considerare creGLWHOHSHWHUPHQVFXUWWUH]RUHULDQHWQHJDWLYUHIOHFWXQ
GHILFLWPRQHWDUUHVSHFWLYXQGH]HFKLOLEUXILQDQFLDUODVIkUúLWXODQXOXL,úLFDUH
DIRVWDFRSHULWSHVHDPDFUHGLWHORUSHWHUPHQVFXUW'DFQHYRLDGHIRQGGH
UXOPHQWHVWHFRQVWDQWWUH]RUHULDQHWQHJDWLYHVWHHIHFWXOvQUHJLVWUULLGH
pierderi. TotuúL,DWXQFLFkQGvQWUHSULQGHUHDUHDOL]HD]SURGXVHUHQWDELOH
GLVSXQHGHSLDGHDSURYL]LRQDUHúLGHGHVIDFHUH,GDUvQUHJLVWUHD]R
FUHúWHUHDQHYRLLGHIRQGGHUXOPHQWFDXUPDUHDGH]YROWULLDFWLYLWLL
H[LVWHQDXQHLWUH]RUHULLQHWHQHJDWLYHQXVHPQLILFRVLWXDWLHHFRQRPLFR-
ILQDQFLDUQHIDYRUDELOFLvQUHJLVWUDUHDXQXLGHFDODMvQWUHWHUPHQXOPHGLXGH
WUDQVIRUPDUHDVWRFXULORUúLFUHDQHORUvQOLFKLGLWLúLGXUDWDPHGLHGH
RQRUDUHDREOLJDLLORUSHWHUPHQVFXUW

Exemplu:
Pe baza datelor din BILAN3$75,021,$/),1$1&,$5
ÎNCHEIAT LA 31.12 anul N (tabelul nr. 5.3UH]XOWXUPWRDUHOH

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 –'LVSRQLEEQHúWLúLSODVDPHQte) – (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 rulmentSR]LWLYPLOOHLLQGLFH[FHGHQWXO
capitalurilor permanente în raportFXLPRELOL]ULOHSHFDUHOHILQDQHD]
H[FHGHQWFHYDILXWLOL]DWSHQWUXILQDQDUHDDFWLYHORUFLUFXODQWH'H
DVHPHQHDILUPDGLVSXQHúLGHXQfond de rulment propriu pozitiv, ceea ce
LQGLFIDSWXOFLPRELOL]ULOHVXQWILQDQDWHLQWHJUDOGHFDSLWDOXULOHproprii.
3DUWHDDFWLYHORUFLUFXODQWHQHILQDQDWGHGDWRULLOHSHWHUPHQVFXUWVH
UHJVHúWHVXEIRUPDnevoii de fond de rulmentSR]LWLYPLOOHL
$FHDVWnevoie de fond de rulmentSR]LWLYUHIOHFWGHFDODMXOQHIDYRUDELLO
dintre lichiditatea stocurLORUúLFUHDQHORUSHGHRSDUWHPLOOHL,úL
exigibilitatea datoriilor pe termen scurt (73.320 mil. lei) pe de alt parte.
'DUVHREVHUYF fondul de rulment este mai mic decât nevoia de
fond de rulment, deci se înregistreazo trezorerie net QHJDWLYFDUHLQGLF
XQGHILFLWPRQHWDUODVIkUúLWXOXLDQXOXLGHFLRVLWXDLHGHGH]HFKLOLEUX
financiar.

5.2.4 Analiza structurii patrimoniale a întreprinderii

$QDOL]DVWUXFWXULLSDWULPRQLDOHDUHFDRELHFWLYVWDELOLUHDúLXUPULUHD
HYROXLHLSRQGHULLGLIHULWHORUHOHPHQWHSDWULPRQLDOHGHDFWLYúLGHSDVLY
5DWHOHGHVWUXFWXUSDWULPRQLDORIHUSRVLELOLWDWHDH[SULPULLELODQXOXLvQ
SURFHQWHúLSHUPLWHLGHQWLILFDUHDFDUDFWHULVWLFLORUPDMRUHDOHVWUXFWXULL
ELODQXOXLRIHULQGGHDVHPHQHDSRVLELOLWDWHDUHDOL]ULLGHDQDOL]HFRPSDUDWLYH
vQWLPSúLVSDLX

5.2.4.1 Ratele privind structura activului

Ratele de structur a activului, ca valoare, sunt influenate de
caracteristicele tehnice, economice úi juridice ale activitii firmei.

Principalele rate de caracterizare a structurii activului sunt:

a) Rata activelor imobilizate:

Active imobilizate
Total activ

$FHDVWUDWUHIOHFWSRQGHUHDDFWLYHORULPRELOL]DWHvQSDWULPRQLXO
total al întreprinderii. Diferitele elemente de active imobilizate MXVWLILF
utilizarea unor rate complementare:

a.1) RDWDLPRELOL]ULORUQHFRUSRUDOH:

I   ! "$#%&" '"( %
Total activ

0ULPHDDFHVWXLLQGLFDWRUUHIOHFWSRQGHUHDDFWLYHORULQWDQJLELOH
EUHYHWHOLFHQHPUFLIRQGFRPHUFLDOetc.) în activele totale ale firmei. În
FD]XOILUPHORUURPkQHúWLYDORDUHDDFHVWHLUDWHHVWHIRDUWHUHGXVvQWLPSFH
vQDOWHULFXPDUIL68$SRQGHUHDDFWLYHORUQHFRUSRUDOHGHSDVHúWH
din valoarea de înlocuire a firmelor.

a.2) RDWDLPRELOL]ULORUcorporale:

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

$FHDVWUDWUHIOHFWSRQGHUHDFDSLWDOXULORUIL[HvQSDWULPRQLXOWRWDO
DOILUPHLúLYDORDUHDHLGHSLQGHGHVSHFLILFXODFWLYLWLLúLGHFDUDFWHULVWLFLOH
tehnice ale întreprinderii, înregistrânGYDORULGLIHULWHGHODRUDPXUODDOWD
Astfel, aceasta are valori foarte mari în cazul firmelor care folosesc o
LQIUDVWUXFWXULPSRUWDQWVDXHFKLSDPHQWHFRVWLVLWRDUHSURGXFHUHDúL
GLVWULEXLDGHHQHUJLHWUDQVSRUWXULetc.), industria grea sau exploataLLOH
agricole.
6SHFLDOLúWLLDSUHFLD]FSHQWUXvQWUHSULQGHULFRPSDUDELOHDFHaVW
UDWVHPQLILFFDSDFLWDWHDILUPHLGHDUH]LVWDXQHLFUL]HHFRQRPLFHúWLLQGX-
VHIRDUWHELQHFRLPRELOL]DUHULGLFDWDFDSLWDOXOXLDWUDJHGXSVLQHXQULVF
mare al netransIRUPULLDFHVWRUDvQOLFKLGLWL

a.3) RDWDLPRELOL]ULORUILQDQFLDUH:

I *  ! "+,  #-(#& ("%
Total activ × 100
× 100
× 100
× 100

AceastaUHIOHFWLQWHQVLWDWHDOHJWXULORUúLUHODLLORUILQDQFLDUHSHFDUH
ILUPDUHVSHFWLYOH-a stabilit cu alte firme cu ocazia operDLLORUGHFUHúWHUH
H[WHUQHSDUWLFLSDLLLQYHVWLLLGHSRUWRIROLXFUHGLWHDFRUGDWHetc.). $FHDVW
UDWDUHYDORULPDULvQFD]XOVRFLHWLORUGHLQYHVWLLLILQanFLDUHVRFLHWLGH
valori mobiliare, fonduri mutuale etc.. $FHDVWDvQUHJLVWUHD]YDORULVF]ute
vQFD]XOILUPHORUPLFLFDUHQXSRWHIHFWXDLQYHVWLLLILQDQFLDUH

a.4) Rata activelor circulante:

Active circulante
Total activ

$FHDVWUDWUHIOHFWSRQGHUHDDFWLYHORUFLUFXODQWHvQWRWDOXO
mijloacelor economice ale întreprinderii. Ca rate complementare, se
UHFRPDQGDILXWLOL]DWH

a.4.1) Rata stocurilor:

Stocuri
Total activ

$FHVWLQGLFDWRUvQUHJLVWUHD]YDORULPDULvQFD]XOILUPHORUFX
DFWLYLWDWHGHSURGXFLHFXFLFOXOXQJGHIDEULFDLHSUHFXPúLDacelor firme
cXVSHFLILFGHGLVWULEXLHGHEXQXULPDWHULDOH

a.4.2) RDWDFUHDQHORUFRPHUFLDOH:

./  %# 0&#21 34"+(5  (1 %
Total activ

5DWDFUHDQHORUFRPHUFLDOHHVWHLQIOXHQDWGHQDWXUDFOLHQLORUúLGH
WHUPHQXOGHSODWSHFDUHILUPDvODFRUGSDUWHQHULORUVL

a.4.3) RDWDGLVSRQLELOLWLORUEQHúWLúLD plasamentelor:

67 5+'#   1 2 #%0+1 48*9: 1 34";2%<'4 (5(=%#41
Total activ

$SUHFLHUHDDFHVWHLUDWHWUHEXLHIFXWFXSUHFDXie deoarece
GLVSRQLELOLWLOHSRWVXIHULPRGLILFULvQVHPQDWHSHSHULRDGHVFXUWHGHWLPS
ÌQDFHODúLWLPSWUHEXLHDYXWvQYHGHUHUDSRUWXOGLQWUHGLVSRQLELOLWLúL
SODVDPHQWHSUHFXPúLGHVWLQDLDSODVDPHQWHORU
× 100
× 100
× 100
× 100

5.2.4.2 Ratele privind structura pasivului

3ULQFLSDOHOHUDWHGHVWUXFWXUDSDVLYXOXLELODQXOXLXWLOL]DWHVXQW:

a) RDWDVWDELOLWLLILQDQULL:

Capital permanent
Total pasiv

$FHDVWUDWHVWHXQLQGLFDWRUJOREDODOVWDELOLWLLILQDQULLúL
UHIOHFWSRQGHUHDVXUVHORUSHFDUHOHDUHvQWUHSULQGHUHDSHQWUXRSHULRDG
mai mare de un an, în totalul surselor de acoperire a mijloacelor economice.

b) Rata autonomiei financiare:

Capital propriu
Capital permanent

Rata autonomiei financiareVHPQLILFSRQGHUHDVXUVHlor proprii în
ILQDQDUHDPLMORDFHORUHFRQRPLFHDOHILUPHLúLvQUHJLVWUHD] valori diferite în
IXQFLHGHSROLWLFDILQDQFLDUDvQWUHSULQGHULLúLUHQWDELOLWDWHDHL6H
recomanGFDYDORDUHDDFHVWHLDVILH> ½.

c) Rata datoriilor pe termen scurt:

Datorii pe termen scurt
Total pasiv

$FHDVWUDWVHPQLILFSRQGHUHDGDWRULLORUFXWHUPHQGHH[LJLELOLWDWH
mai mic de un an în totalul surselor întreprinderii.

d) Rata datoriilor totale:

Datorii totale
Total pasiv

AceaVWUDWUHIOHFWSRQGHUHDGDWRULLORUSHWHUPHQOXQJPHGLXúL
scurt în patrimoniul întreprinderii.

Exemplu:
Luând în considerare datele din tabelul 5.5 BILAN CONTABIL
AL ÎNTREPRINDERII A,VVHFDOFXOH]HúLVVHLQWHUSUHWH]HUDWHOHGH
VWUXFWXUDOHDFWLYXOXLúLSDVLYXOXLVRFLHWLLFRPHUFLDOHUHVSHFWLYH
× 100
× 100
× 100
× 100

Tabelul 5.5

%,/$1&217$%,/$/Ì175(35,1'(5,,A

ACTIV N N-1 PASIV N N-1
,PRELOL]UL
necorporale 9550 9984 Capital social 300000 300000
,PRELOL]UL
corporale 574200 526400 Rezerve 97500 49200
,PRELOL]UL
financiare 730 730 Provizioane
reglementate 42000 22750
Rezultatul
H[HUFLLXOXL 55670 25425
ACTIVE
IMOBILIZATE 584480 537114 CAPITAL
PROPRIU 495170 397375
Stocuri 301640 309500 Datorii financiare
(scaden > 1 an) 394850 354500
&OLHQL 70120 120000 AvaQVXULúL
aconturi primite 4225 3750
$OWHFUHDQH 9050 25480
Valori
mobiliare de
plasament 41875 43620 )XUQL]RULúL
conturi asimilate 25840 95289
'LVSRQLELOLWL 12500 24700 Alte datorii pe
termen scurt 99580 209500
ACTIVE
CIRCULANTE 435185 523300 TOTAL
DATORII 524495 663039
TOTAL
ACTIV 1019665 1060414 TOTAL PASIV 1019665 1060414

ÌQFD]XOvQWUHSULQGHULLDQDOL]DWHUDWHGHVWUXFWXUDDFWLYXOXLúL
SDVLYXOXLVHSUH]LQWDVWIHO
Tabelul 5.6
= mii lei =
5$7('(6758&785 N-1 N
1. Rata activelor imobilizate 57,32 50,65
5DWDLPRELOL]ULORUnecorporale 0,94 0,94
3. 5DWDLPRELOL]ULORU corporale 56,31 49,64
4. 5DWDLPRELOL]ULORUILnanciare 0,07 0,07
5. Rata activelor circulante 42,68 50,65
6. Rata stocurilor de materii prime, ma-
teriale etc. 29,58 29,19
7. 5DWDFUHDQHORU 7,76 13,72
8. 5DWDGLVSRQLELOLWLORUEQHúWLúLSOD-
samentelor 5,33 6,44
9. 5DWDVWDELOLWLLILQDQFLDUH 87,29 70,90
10. Rata autonomiei financiare 55,64 52,85
11. Rata datoriilor pe termen scurt 12,71 29,10
12. Rata datoriilor totale 51,44 62,53

Concluzii: 5H]XOWFvQWUHSULQGHUHDDSDULQHVIHUHLSURGXFWLYH
UHVSHFWLYXQXLVHFWRUFDUHQHFHVLWRGRWDUHWHKQLFVHPQLILFDWLY, fapt
reflectat de ponderea mare a activelor imobilizate în total activ în ambele
SHULRDGHDQDOL]DWH5DWDLPRELOL]ULORUFRUSRUDOHHVWHIRDUWHDSURSLDWGHFHD
a activelor imobilizate,FHHDFHGHPRVWUHD]SUHSRQGHUHQDDFHVWXLHOHPHnt
vQWRWDOXOLPRELOL]ULORU9DORDUHDUHGXVDUDWHORULPRELOL]ULORUILQDQFLDUH
úLQHFRUSRUDOHVHPQLILFRDFWLYLWDWHGHLQYHVWLLLILQDQFLDUHUHVWUâQVúLGH
asemenea,RSRQGHUHPLFDDFWLYHlor intangibile în total activ.
$FWLYHOHFLUFXODQWHGHLQRSRndere de 42,68% în primul an, care
FUHúWHvQXUPWRUXODQSkQODYDORDUHDGH$FHDVWPDMRUDUHDUDWHL
activelor circulante s-DUHDOL]DWSUHSRQGHUHQWSHVHDPDFUHDQHORU,DOFURU
indice a fost de 183,76%. $FHVWVLWXDLHSRDWHILGHWHUPLQDWGHFUHúWHUHD
YROXPXOXLGHDFWLYLWDWHGHDFRUGDUHDXQRUWHUPHQHGHSODWPDL
FRPIRUWDELOHSHQWUXFOLHQL,GDUúLGHDSDULLDXQRUFUHDQHLQFHUWH6H
UHFRPDQGDVWIHOFRPSOHWDUHDDFHVWHLDQDOL]HFXLQIRUPDLLUHIHULWoare la
YROXPXOGHDFWLYLWDWHúLODVWUXFWXUDFUHDQHORUGXSQDWXUDORUFHUWLWXGLQHD
UHDOL]ULLDFHVWRUDúLWHUPHQXOGHUHDOL]DUH
'LQSXQFWGHYHGHUHDOUDWHORUGHVWUXFWXUDSDVLYXOXLvQWUHSULQGHUHD
SUH]LQWRVWDELOLWDWHILQDQFLDUULGLFDWGDUFDUHV-a degradat în timp

vQDQXO1IDde 87,29% în anul N-1). De asemenea, firma dispune
GHDXWRQRPLHILQDQFLDUSRQGHUHDFDSLWDOXOXLSURSULXvQFDSLWDOXOSHUPDQHQW
fiind de GDUvQDQXOXUPWRUDFHasta scade semnificativ, apropiindu-
VHGHOLPLWDPLQLPDGPLVGLQFDSLWDOXOSHUPDQent), ca urmare a
VFGHULLFDSLWDOXOXLSURSULX,GHFLDFUHúWHULLGDWRULLORUSHWHUPHQPHGLXúL
OXQJ5DWDGDWRULLORUWRWDOHDFUHVFXWVLPLWRUSHVHDPDREOLJDLLORUSHWHUPHQ
scurt,FHHDFHDPULWJUDdul de îndatorare a firmei.
'HúLILUPDGLVSXQHGHVWDELOLWDWHúLDXWRQRPLHILQDQFLDUVH
vQUHJLVWUHD]WRWXúLRGHWHULRUDUHDVLWXDLHLILQDQFLDUHvQDQXO1FRPSDUDWLY
cu anul N-1, ceea impune o reorientare a politicii financiare pe perioada
XUPWRDUH

$QDOL]DFRUHODLHLGLQWUHFUHDQHúLREOLJDLL

CUHDQHOH UHIOHFWDQJDMDPHQWHFRQWUDFWDWHGHDQXPLLSDUWHQHULDL
ILUPHLFXPVXQWFOLHQLL,DOHFURUWHUPHQHGHSODWDXRVFDGHQXOWHULRDU
OLYUULLEXQXULORUúLVHUYLFLLORUSUHFXPúLGHELWRULLILUPHLvQFDOLWDWHGH
beneficiari ai unor împrumuturi pe care le vor rambursa ulterior împreun cu
GREkQGDDIHUHQWDFHVWRUD'LQSXQFWGHYHGHUHFRQWDELOFUHDQHOHVXQW
IRUPDWHGLQFOLHQLIXUQL]RUL-GHELWRULFUHDQHSULYLQGSHUVRQDOXOúL
DVLJXUULOHVRFLDOHDOWHFUHDQHSULYLQGVWDWXOúLLQVWLWXLLOHSXEOice, debitori
diversi etc.
2EOLJDLLOH GDWRULLOHQHILQDQFLDUHSHWHUPHQVFXUWUHSUH]LQWVXUVH
GHILQDQDUHDWUDVHSHRGXUDWPDLPLFGHDQH[FOXzând creditele
EDQFDUH$FHVWHDFRQLQGDWRULLOHFWUHIXUQL]RULSHUVRQDOVWDWDFLRQDUL
avansuri deODFOLHQLetc.
&UHDQHOHúLREOLJDLLOHFRQVWLWXLHSULQFLSDOHOHHOHPHQWHFDUH
LQIOXHQHD]IOX[XULOHEQHúWLDOHvQWUHSULQGHULLÌQFRQVHFLQDFHVWHD
WUHEXLHDQDOL]DWHFRUHODWGLQSXQFWGHYHGHUHDOVXPHORUúLDOWHUPHQHORUGH
vQFDVDUHúLGHSODW,QGLFDWRULLXWLOL]DLvQDFHVWVFRSVXQW
'XUDWDGHLPRELOL]DUHDFUHDQHORU'L

Di = Rd360Sd×
unde:
6G VROGXOPHGLXDOFUHDQHORU;
5G UXODMXOGHELWRUDOFRQWXULORUGHFUHDQH.

ÌQSUDFWLFVHXWLOL]HD]GHUHJXOFLIUDGHDIDFHULGHRDUHFHELODQXO
QXIXUQL]HD]LQIRUPDLLUHIHULWRDUHODUXODMXOFRQWXULORUUHVSHFWLYH

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

Df = Rc360Sc×
unde:
6F VROGXOPHGLXDOFRQWXULORUGHREOLJDLL
Rc = rulajul creditor al conturilor respective.

&RUHODLDGLQWUHVXPDFUHDQHORUúLDREOLJDLLORUSHWHUPHQVFXUW
SUHFXPúLGLQWUH'LúL'IJHQHUHD]IOX[XULEQHúWLFDUHLQIOXHQHD]SR]LWLY
VDXQHJDWLYGLVSRQLELOLWLOHILUPHLAstfel:
a) 'DF6G 6FúL'L 'IDWXQFLFHOSXLQGLQSXQFWGe vedere
WHRUHWLFVHSURGXFHRFRPSHQVDUHvQWUHFUHDQHúLREOLJDLL
b) 'DF6G!6FúL'L 'IDWXQFLIOX[XOGHGLVSRQLELOLWLHVWH
LQIOXHQDWSR]LWLYGHRDUHFHVXPDvQFDVULORUHVWHVXSHULRDUVXPHL
SOLORUSHQWUXDFHODúLLQWHUYDOGHWLPS

([LVWELQHvQHOHVúLPXOWHDOWHYDULDQWHvQIXQFLHGHFHLLQGLFDWRUL
&RUHODLDGLQWUHFUHDQHúLREOLJDLLSRDWHILVWXGLDWúLSHED]D
EDODQHLDFHVWRUDvQIXQFLHGHWHUPHQHOHORUGHYHFKLPHúLGHSRQGHUHD
DFHVWRUDvQFDGUXOWRWDOXOFUHDQHORUúLDREOLJDLLORU, astfel:
– Sub 30 zile
– 30 – 60 zile
– 60 – 90 zile
– 90 – 180 zile
– 180 – 270 zile
– 270 – 1 an.
ÌQSUDFWLFVHIRORVHVFLQWHUYDOHGHYHFKLPHPXOWPDLPDULSkQOD
90 zile, între 90 ]LOHúLXQDQSHVWHXQDQ
Exemplu:
6HGXUPWRDUHDVLWXDLHDFUHDQHORUúLDREOLJDLLORUILUPHL$
Tabelul 5.7
Perioada Nr.
Crt. Indicatori N-2
mil lei % N-1
mil lei % N
mil.lei %
1. Cifra de afaceri 7.450 100 7.846 105,3 7.980 101,7
2. &UHDQH 524 100 679 129,6 975 143,6
3. 2EOLJDLL 1.045 100 1.274 121,9 1.527 119,9
4. 5DSRUWXOFUHDQHREOLJDLL 0,50 100 0,53 X 0,64 X

În perioada celor tUHLDQLDQDOL]DLFUHDQHOHúLREOLJDLLOHDXFUHVFXW
într-XQULWPVXSHULRUFHOXLDOFLIUHLGHDIDFHULFHHDFHLQIOXHQHD]QHJDWLY
IOX[XOGHGLVSRQLELOLWL$FHDVWLQIOXHQWHVWHSDULDOGLPLQXDWGHUDSRUWXO
GLQWUHFUHDQHúLREOLJDLLUDSRUWFDUHGHúLDUHRGLQDPLFFUHVFWRDUHHOHVWH
VXEXQLWDUFHHDFHLQGLFRPDMRUDUHDJUDGXOXLGHLPRELOL]DUHDFDSLWDOXOXL
firmei.
DurataGHLPRELOL]DUHDFUHDQHORU'LúLGXUDWDGHIRORVLUHD
VXUVHORUDWUDVHVHSUH]LQWDVWIHO

Tabelul 5.8
= zile =
Nr.crt. Indicatori N – 2 N – 1 N
1. 'XUDWDGHLPRELOL]DUHDFUHDQHORU 25,3 31,2 44
2. Durata de folosire a surselor atrase 50,5 58,5 191,4

1LYHOXOúLHYROXLDDFHVWRUGRLLQGLFDWRULFRQILUPFRQFOX]LDVWDELOLW
DQWHULRUDGLFIDSWXOFGHúLFUHDQHOHvQUHJLVWUHD]FUHúWHULVXEVWDQLDOH
LPRELOL]DUHDIRQGXOXLGHUXOPHQWHVWHVXSOLQLWGHVXUVHOHDWUDVH
suplimentar.
'LQSXQFWGHYHGHUHDOJUDGXOXLGHYHFKLPHVLWXDLDFUHDQHORUúLD
REOLJDLLORUvQDQXO1VHSUH]LQWDVWIHO

Tabelul 5.9

&UHDQH 2EOLJDLL Nr.
Crt. 6SHFLILFDie mil.lei % mil.lei %
1. 3kQODGH]LOH 754 75,4 1.022 66,9
2. ÌQWUH]LOHúLDQ 193 19,8 395 25,9
3. Peste 1 an 27 2,8 110 7,2
Total 974 100 1.527 100

5H]XOWFSRQGHUHDFHDPDLPDUHRGHLQFUHDQHOHúLREOLJDLLOHFXR
YHFKLPHGHSkQOD]LOHFHHDFHDVLJXURIUHFYHQFRUHVSXQ]WRDUHD
vQFDVULORUúLSOLORU

$QDOL]DOLFKLGLWLLúLVROYDELOLWLLILUPHL

LichiditateaUHSUH]LQWSURSULHWDWHDHOHPHQWHORUSDWULPRQLDOHGHDVH
transforma în bani.
Solvabilitatea este capacitatea întreprinderii de a-úLRQRUDREOLJDLLOH
GHSODWODVFDGHQ

&DSDFLWDWHDGHSODWVHPQLILFVROYDELOLWDWHDLPHGLDWUHVSHFWLY
H[SULPFDSDFLWDWHDPLMORDFHORUEDQHúWLODXQPRPHQWGDWVDXSHQWUXR
SHULRDGVFXUWGHWLPSGHRELFHLSkQODGH]LOH, de a acoperi
REOLJDLLOHVFDGHQWHSHQWUXDFHODúLLQWHUYDOGHWLPS
Pentru caracterizarea OLFKLGLWLL unei firme VHFRPSDUSDVLYHOHSH
WHUPHQVFXUWFXUHVXUVHOHGLVSRQLELOHSHQWUXDFHHDúLSHULRDG
Cele mai utilizate rate de lichiditate sunt:

1. 5DWDOLFKLGLWLLJHQHUDOH:

Active circulante
Datorii curente

'DWRULLOHFXUHQWHVXQWIRUPDWHGLQREOLJDLLOHIDGHIXUnizori, cele
ILVFDOHúLVDODULDOHFUHGLWHOHSHWHUPHQVFXUWSUHFXPúLSDUWHDGLQ
vPSUXPXWXULOHSHWHUPHQPHGLXúLOXQJDFURUVFDGHQHVWHvQFDGUXO
H[HUFLLXOXLILQDQFLDUFXUHQW
6HDSUHFLD]FVLWXDLDOLFKLGLWLLJHQHUDOHHVWHVDWLVIFWRDUHGXS
XQHOHVXUVHvQFRQGLLLOHvQFDGUULL acestei rate în intervalul 1,2 si 1,8, iar
GXSDOWHOHvQLQWHUYDOXOVL

2. 5DWDOLFKLGLWLLFXUHQWH (intermediare):

Active circulante – Stocuri
Datorii curente

Potrivit teoriei nord-amHULFDQHDFHDVWUDWHVWHFXQRVFXWúLVXE
GHQXPLUHDGH³WHVWXODFLG³$FHDVWUDWHVWHGHRELFHLVXEXQLWDU,QWHUYDOXO
FRQVLGHUDWFDVDWLVIFWRUSHQWUXDFHDVWUDWHVWHGH-1.

3. 5DWDOLFKLGLWLLLPHGLDWH:

'LVSRQLELOLWLúLSODVDPHQWH
Datorii curente

ÌQWHRULDHFRQRPLF,DFHDVWUDWHVWHFXQRVFXWúLVXEGHQXPLUHDGH
UDWDVROYDELOLWLLLPHGLDWHInterpretarea acesteiaWUHEXLHIFXWFXPDUH
JULM$VWIHOXQQLYHOULGLFDWDODFHVWHLDLQGLF o solvabilitate mare, dar
poatHILFRQVHFLQDXQHLXWLOL]ULPDLSXLQSHUIRUPDQWHDUHVXUVHORU
GLVSRQLELOH9DORDUHDULGLFDWDDFHVWHLUDWHQXFRQVWLWXLHvQDFHODúLWLPSR
JDUDQLHDVROYDELOLWLLGDFUHVWXODFWLYHORUFLUFXODQWHDXXQJUDGUHGXVGH
lichiditate. Lg =
Lc =
Li =

'LQFRQWURYDORDUHUHGXVDOLFKLGLWLLLPHGLDWHSRDWHIL
FRPSDWLELOFXPHQLQHUHDHFKLOLEUXOXLILQDQFLDUGDFvQWUHSULQGHUHD
PLQLPL]HD]YDORDUHDGLVSRQLELOLWLORUVDOHGHLQkQGvQVFKLPE, valori de
plasament, creante, stocuri cu un grad mare de lichiditate etc.
Solvabilitatea se poate exprima cu ajutorul mai multor indicatori,
GLQWUHFDUHFHLPDLLPSRUWDQLVXQW

1. RatDVROYDELOLWLLSDWULPRQLDOH:

Capital propriu
Capital propriu + credite totale

9DORDUHDPLQLPDUDWHLVROYDELOLWLLSDWULPRQLDOHVHDSUHFLD]F
WUHEXLHVVHvQFDGUH]HvQOLPLWHOH-LDUSHVWHVLWXDLDSRDWHIL
FRQVLGHUDWQRUPDO

2. 5DWDVROYDELOLWLLJHQHUDOH:

Active totale
Datorii totale

$FHDVWUDWLQGLFvQFHPVXUGDWRULLOHWRWDOe sunt acoperite de
FWUHDFWLYHOHWRWDOHDOHvQWUHSULQGHULLDFWLYHLPRELOL]DWHúLDFWLYH
FLUFXODQWH&XFkWYDORDUHDUDWHLVROYDELOLWLLJHQHUDOHHVWHPDLPDUHGHFkW
FXDWkWVLWXDLDILQDQFLDUGHDQVDPEOXDILUPHLHVWHPDLEXQ
Pe baza datelor din Tabelul 5.5, BILAN CONTABIL AL
ÎNTREPRINDERII A, VHRELQXUPWRDUHOHYDORULDOHUDWHORUGHOLFKLGLWDWH
úLVROYDELOLWDWH
Tabelul 5.10
Indicatori N-1 N
Rata lichiditii generale 3,36 1,7
Rata lichiditii curente ( intermediare ) 1,03 0,69
Rata lichiditii imediate 0,42 0,22
Rata solvabilitii patrimoniale 1,25 1,12
Rata solvabilitii generale 1,94 1,6

ÌQDPEHOHSHULRDGHQLYHOXODFHVWRUUDWHVHvQFDGUHD]vQOLPLWHOH
considerate normale,FRQIRUPVWDQGDUGHORULQWHUQDLRQDOH&DWHQGLQ, se
înrHJLVWUHD]RGLPLQXDUHDWXWXURULQGLFDWRULORUFHOHPDLDFFHQWXDWHILQG
FHOHDOHOLFKLGLWLLFXUHQWHúLJHQHUDOHFDUHvQDQXO1-FRERDUFKLDUVXE
limita admis'HúLVLWXDLDvQWUHSULQGHULLQXHVWHDODUPDQWWUHEXLH
DGRSWDWHPVXULSHQWUXPHQLQHUHDúLFKLDUFUHúWHUHDOLFKLGLWLLúL
VROYDELOLWLLDFHVWHLDvQSHULRDGHOHXUPWRDUH Sp =
Sg =

5.2.7 Analiza echilibrului economico-financiar

(FKLOLEUXOILQDQFLDUDOILUPHLUHSUH]LQWXQVLVWHPGHFRUHODLL, prin
FDUHVHVWDELOHVFDQXPLWHSURSRULRQDOLWLvQFDGUXOúLvQWUHGLIHULWHOHIOX[XUL
financiare. Acestea UHSUH]LQWRSUHPLVGDUúLRFRQVHFLQDXQHL
GHVIúXUULQRUPDOHDDFWLYLWLLILUPHLvQFRQIRUPLWDWHFXRELHFWXOVu de
DFWLYLWDWH&DSUHPLVWUHEXLHDYXWHvQYHGHUHFRUHODLLOHRELHFWLYHGLQWUH
QHFHVLWLOHGHUHVXUVHPDWHULDOHúLSRVLELOLWLOHGHILQDQDUH'HPRGXOFXP
VXQWXWLOL]DWHúLYDORULILFDWHDFHVWHUHVXUVHGHSLQGHDVLJXUDUHDHFKLOLEUXOXL
economico-financiar sau dereglarea acestuia.
3HQWUXH[SULPDUHDVLQWHWLFDPXOWLSOHORUFRUHODLLLmplicate de
echiOLEUXOILQDQFLDUH[LVWRPXOWLWXGLQHGHLQGLFDWRULÌQSUDFWLFVH
XWLOL]HD]vQVSHFLDOXUPWRULLLQGLFDWRUL

1. Rata autonomiei financiare:

Capital propriu
Capital propriu + Capital împrumutat

2. 5DWDGHILQDQDUHDVWRFXULlor:

Fond de rulment
Stocuri

3. 5DWDGHDXWRILQDQDUHDDFWLYHORU:

Capital propriu
Active fixe + Active circulante

4. Rata datoriilor;

Datorii totale
Active totale

Utilizându-se datele din Tabelul 5.5, BILAN CONTABIL AL
ÎNTREPRINDERII A, HYROXLDLQGLFDWRULORUGHHFKLOLEUXILQDQFLDUVH
SUH]LQWDVWIHO
Tabelul 5.11

Indicatori N-1 N
Rata autonomiei financiare 0,56 0,53
Rata de finanare a stocurilor 1,01 0,69
Rata de autofinanare a activelor 0,49 0,37
Rata datoriilor 0,51 0,63 Raf =
Rfs =
Raa =
Rd =

La societatea analizat anterior, echilibrul economico-financiar
vQUHJLVWUHD]RUHODWLYGHJUDGDUHWRWXúLFDúLvQFD]XOLQGLFDWRULORUGH
OLFKLGLWDWHúLVROYDELOLWDWHDFHVWHUDWHVHvQFDGUHD] în limitele considerate
satisfctoare, ceea demonstreazIXQFLRQDUHDFRUHVSXQ]WRDUHDDFHVWHLD

$QDOL]DYLWH]HLGHURWDLHDDFWLYHORUFLUFXODQWH

9LWH]DGHURWDLHDDFWLYHORUFLUFXODQWHUHSUH]LQWXQLQGLFDWRUGH
HILFLHQFDUHUHIOHFWVFKLPEULOHLQWHUYHQLWHvQDFWLYLWDWHDvQWUHSULQGHULLvQ
special în activitatea de exploatare: modificarea procesului de aprovizionare
úLSURGXFLHUHGXFHUHDFRVWXULORUVFXUWDUHDFLFOXOXLGHSURGXFLHúLD
SHULRDGHLGHGHVIDFHUHúLvQFDVDUHDSURGXFLHLetc.). Volumul activelor
circulante ale întreprinderii depindHGHGRLIDFWRULúLDQXPHFLIUDGHDIDFHUL
úLYLWH]DGHURWDLHDDFWLYHORUFLUFXODQWH&XFkWDFWLYHOHFLUFXODQWHYRU
SDUFXUJHPDLUHSHGHILHFDUHVWDGLXDOURWDLHLFDSLWDOXOXLFXDWkWYLWH]DGH
URWDLHYDILPDLPDUHLDUQHFHVDUXOGHIRQGGHUXOPHQW mai mic pentru un
YROXPGDWDOSURGXFLHLUHVSHFWLYDOFLIUHLGHDIDFHUL
9LWH]DGHURWDLHDDFWLYHORUFLUFXODQWHSRDWHILH[SULPDWvQ:

a) 1XPUGHURWDLL (n):

n = ACCA
unde:
$& VROGXOPHGLXDODFWLYHORUFLUFXODQWHIUGLVSRQLELOLWL

Acest indicator se poate calcula pentru fiecare element de active
circulante utilizându-VHIRUPXODGHPDLVXV7RWXúLDFHVWDDUHRSXWHUH
LQIRUPDWLYUHGXVGLQSXQFWGHYHGHUHDOFRQLQXWXOXLGHRDUHFHHVWHR
PULPHDEVWUDFWFDUHQXUHGvQWHUPeniFRQFUHLUHDOLWDWHDHFRQRPLF

b) Durata în zile (Dz):

Dz = CATAc×
unde:
7 QXPUXO de zile ale perioadei analizate.

ÌQVFRSXOLGHQWLILFULLDVSHFWHORUIDYRUDELOHGDUPDLDOHVDFHORU
QHIDYRUDELOHDOHJHVWLRQULLUHVXUVHORUVHUHFRPDQGGHWHUPLQDUHDYLWH]HLGH
URWDLHSHILHFDUHHOHPHQWDODFWLYHORUFLUFXODQWHúLDOVWDGLXOXLvQFDUHVHDIO
în cadrul circuitului general, astfel:

b.1) 'XUDWDGHURWDLHDVWRFXULORUGHPDWHULLSULPHúLPDWHULDOH:

6WRFXOPHGLXGHPDWHULLSULPHúLPDteriale
Cheltuielile cu materialele

E'XUDWDGHURWDLHDVWRFXULORUGHSURGXFLHvQFXUVGHH[HFXLH

6WRFXOPHGLXGHSURGXFLHvQFXUVGHH[HFXLH
3URGXFLDH[HUFLLXOXLH[SULPDW în costuri (cheltuieli aferente proGXLHLH[HUFLLXOXi)

b.3) 'XUDWDGHURWDLHDVWRFXULORUGHSURGXVHILQLWHúLVHPLIDEULFDWH:

6WRFXOPHGLXGHSURGXVHILQLWHúLVHPLIDEULFDWH
Cheltuielile aferente veniturilor din exploatare

b.4) Durata de rotaie a creanelor (durata de încasare a creanelor):

StoculPHGLXDOFUHDQHORU
Veniturilor din exploatare

$QDOL]DIDFWRULDODYLWH]HLGHURWDLHSUHVXSXQHXWLOL]DUHD
XUPWRUXOXLPRGHO

CA
Dz = TCAAC× AC(1)
AC AC(2)

AC(n)

unde:
Dz = viteza de rotatie a activelor circulante în 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, producie în curs de execuie, produse finite,
creane etc.) × T
× T
× T
× T

&RQVHFLQHOHDFFHOHUULLVDXvQFHWLQLULLYLWH]HLGHURWDLHVH
PDWHULDOL]HD]vQHOLEHUULVDXLPRELOL]ULGHDFWLYHFLUFXODQWHLQGLFDWRUFH
VHSRDWHFDOFXODFXDMXWRUXOUHODLHL
E ( I ) = (Dz1 – Dz0) TCA1×
Pentru exemplificare se folosesc urmtoarele date:
Tabelul 5.12
= mil lei =
Nr.
Crt. INDICATORI N-1 N %
1. Cifra de afaceri 53400 61200 114,61
2. Soldul mediu al activelor circulante,
din care:
– stocuri
– FUHDQH 11620

6480
5140 13400

7050
6350 115,32

108,80
123,54
3. 9LWH]DGHURWDLH]LOH 78,34 78,82 100,61

Model de analiz:

Dz = TCACrStTCAAC×+=×
9DULDLDYLWH]HLGHURWDLHvQ]LOH
48,034,7882,78DzDzDz01 +=−=−=Δ zile
0HWRGRORJLDGHDQDOL]IDFWRULDODYLWH]HLGHURWDLHDDFWLYHORUFLUFXODQWH
HVWHXUPWRDUHD

1. ,QIOXHQDPRGLILFULLFLIUHLGHDIDFHUL
99,934,7835,68TCAACTCAAC
00
10−=−=×−× zile
2. ,QIOXHQDPRGLILFULLVROGXOXLPHGLXDODFWLYHORUFLUFXODQWH
=×−× TCAACTCAAC
10
11 78,82 – 68,35 = +10,47 zile
GLQFDUHGDWRULW
,QIOXHQHLPRGLILFULLVWRFXULORUPHGLL
=×−× TCAStTCASt
10
11 41,47 – 38,11 = +3,36 zile
,QIOXHQHLPRGLILFULLVROGXOXLPHGLXDOFUHDQHORU
=×−× TCACrTCACr
10
11 37,35 – 30,24 = +7,11 zile

(IHFWXOPRGLILFULLYLWH]HLGHURWDLHDDFWLYHORUFLUFXODQWHpoate fi o
eliberare de capitalvQFD]XODFFHOHUULLYLWH]HLGHURWDLH, sau o imobilizare
GHFDSLWDOvQFD]XOvQFHWLQLULLDFHVWHLDÌQVLWXDLDDQDOL]DWPDLVXVVH
vQUHJLVWUHD]RLPRELOLzare de capital, respectiv:

I = ( 78,82 – 78,34 ) = ×360200.61 81,6 mil. lei

6HFRQVWDWRvQFHWLQLUHDYLWH]HLGHURWDLHDDFWLYHORUFLUFXODQWHGHOD
]LOHvQSULPXODQOD]LOHvQDQXOXUPWRUFHHDFHDUHFDHIHFWR
imobilizare dHFDSLWDOÌQFHWLQLUHDYLWH]HLGHURWDLHDDFWLYHORUFLUFXODQWHV-a
GDWRUDWFUHúWHULLVROGXOXLPHGLXDODFWLYHORUFLUFXODQWHvQWU-un ritm superior
celui al cifrei de afaceri (115,32% > 114,61% ).
'LQSXQFWGHYHGHUHDOLQIOXHQHORUIDFWRULORUVHFRQVWDWF
PDMRUDUHDFLIUHLGHDIDFHULFXvQFRQGLLLOHPHQLQHULLFRQVWDQWHD
VROGXOXLPHGLXDODFWLYHORUFLUFXODQWHGHWHUPLQDFFHOHUDUHDYLWH]HLGH
URWDLHDGLFUHGXFHUHDDFHVWHLDFX]LOH
&UHúWHUHDVROGXOXLPHGLXDODFWLYHORUFLUFXODQWHFX32% a
GHWHUPLQDWvQFHWLQLUHDYLWH]HLGHURWDLHUHVSHFWLYPDMRUDUHDDFHVWHLDFX
10,47 zile. $FHDVWVLWXDLHV-DGDWRUDWDWkWFUHúWHULLYDORULLFUHDQHORUFkWúLD
VWRFXULORU,QIOXHQDVWRFXULORUVHDSUHFLD]QRUPDOCAStII< ), dar cea a
PDMRUULLFUHDQHORUQXHVWHMXVWLILFDWvQWRWDOLWDWHGHFUHúWHUHDYkQ]ULORU
(CACrII> ).
'HFLSHQWUXDFFHOHUDUHDYLWH]HLGHURWDLHDDFWLYHORUFLUFXODQWH
WUHEXLHUHGXVVROGXOPHGLXDOFUHDQHORUSUHFXPúLDYDORULLFHORUODOWH
categorii GHDFWLYHFLUFXODQWHSkQODOLPLWDODFDUHQXDIHFWHD]Euna
desfúXUDUHDDFWLYLWLL
&LOHGHDFFHOHUDUHDYLWH]HLGHURWDLHDDFWLYHORUFLUFXODQWHVXQW
YDULDWHHOHILLQGVSHFLILFHILHFUXLVWDGLXDOURWDLHLFDSLWDOXOXLLQYHVWLW
Astfel:
¾ în stadiul DSURYL]LRQULLDSURYL]LRQDUHDULWPLFFXUHVXUVHPDWHULDOH
GHODFHOHPDLDSURSLDWHVXUVHúLFXPLMORDFHOHGHWUDQVSRUWFHOHPDL
economice, respectarea contractelor încheiate cu furnizorii, redu-
FHUHDODPD[LPXPDSHULVDELOLWLORUODPDWHULDOHSHGXUDWD
WUDQVSRUWXOXLúLGHSR]LWULLSULQPHFDQL]DUHDDXWRPDWL]DUHDRSH-
UDLLORUGHPDQLSXODUHDDFHVWRUDGLPHQVLRQDUHDoptim a stocurilor
de materii prime, materiale, produse finite etc.;
¾ vQVWDGLXOSURGXFLHLUHGXFHUHDGXUDWHLFLFOXOXLGHSURGXFLHúL
diminXDUHDFRQVXPXULORUVSHFLILFHGHPDWHULLSULPHúLPDWHULDOHSULQ

PRGHUQL]DUHDWHKQRORJLLORUGHIDEULFDLHXWLOL]DUHDLQWHJUDOD
FDSDFLWLORUGHSURGXFLHIRORVLUHDFRPSOHWDWLPSXOXLGHPXQF
DSURYL]LRQDUHDUDLRQDODORFXULORUGHPXQFFUHúWHUHDFDOLILFULL
SHUVRQDOXOXLvPEXQWLUHDFDOLWLLSURGXVHORU
¾ vQVWDGLXOYkQ]ULLFUHúWHUHDULWPXOXLYkQ]ULORUSULQvQFKHLHUHDGH
FRQWUDFWHIHUPHGHOLYUDUHDSURGXFLHLUHGXFHUHDWLPSXOXLGH
PDQLSXODUHDORWXULORUOLYUDELOHSUHFXPúLDFFHOHUDUHDULWPXOXi de
vQFDVDUHDYkQ]ULORUSULQDOHJHUHDFHORUPDLDYDQWDMRDVHIRUPHGH
GHFRQWDUHFXFOLHQLLXUPULUHDRSHUDWLYDGHFRQWULLSURGXVHORUetc.

5.2.9 Analiza fluxurilor de trezorerie

7RDWHRSHUDLLOHSHFDUHvQWUHSULQGHUHDOHGHVIúRDUVHUHJVHVF
imedLDWVDXODWHUPHQVXEIRUPDIOX[XULORUGHWUH]RUHULH$VWIHORILUPvúL
DVLJXUSHUHQLWDWHDGRDUGDFSULQDFWLYLWDWHDVDGHJDMvQPRGSHUPDQHQW
trezorerie.
7UH]RUHULDUHSUH]LQWRLQIRUPDLHFKHLHFDUHSHUPLWHDSUHFLHUHD
SHUIRUPDQHORUvQWUHSULQGHULLDYkQGúLXQUROVWUDWHJLFvQFHHDFHSULYHúWH
QLYHOXOVXGHIRUPDUHFkWúLPRGXOGHXWLOL]DUHFolosireaDFHVWHLLQIRUPDLL
FRQIHURELHFWLYLWDWHvQJHVWLXQHDúLDQDOL]DHFRQRPLFR-ILQDQFLDUGHRDUHFH
spre deosebire de fondul de rulment, necesarul de fRQGGHUXOPHQWúL
FDSDFLWDWHDGHDXWRILQDQDUHWUH]RUHULDQXHVWHXQFRQFHSWGRPLQDWGH
LQFLGHQDFRQYHQLLORUúLSROLWLFLORUFRQWDELOH
([LVWHQDWUH]RUHULHLUHIOHFWSR]LLDVWUDWHJLFDILUPHLvQUDSRUWFX
SURGXVHOHVDOHSLHHOHVDOHFRQFXUHQLLVLúLfactorii externi. De asemenea,
aceastaFRQVWLWXLHJDMXOIOH[LELOLWLLILUPHLGHRDUHFHSHUPLWHPDQaJHULORUV
realizeze obiectivele strategice ale firmei prin achiziii de mijloace fixe sau
SULQLQYHVWLLLILQDQFLDUH
3ULYLQGSUDFWLFDLQWHUQDLRQDOSUimul model de tablou al fluxurilor
GHWUH]RUHULHHVWHSURSXVSULQVWDQGDUGXOFRQWDELODPHULFDQ)$6úL
prin aceaVWQRUPGH)$6%&XFkWHYDGLIHUHQHGLQDFHVWDHVWH
UHFRPDQGDWúLvQ)UDQD$SRL,$6&RUJDQLVPXOLQWHUQDLRQDOGH
normalizDUHHPLWHúLSXQHvQDSOLFDUHvQQRUPD,$6SULYLQG
WDEORXOGHILQDQDUH$VWIHOGLQFRPSDQLLOHPDULGLQULOHGH]YROWDWH
WUHEXLHVSXEOLFHFDRSDUWHFRPSRQHQWDVLWXDLLORUORUILQDQFLDUHXQ
tablou al fluxurilor de trezorerie.
Tabloul fluxurilor de trezorerie furni]HD]LQIRUPDLLSULYLQGPRGXO
vQFDUHvQWUHSULQGHUHDJHQHUHD]úLXWLOL]HD]QXPHUDUXOúLHFKLYDOHQtele de
QXPHUDU&RQIRUPQRUPHLLQWHUQDLRQDOH,$6IOX[XULOHGHWUH]RUHULH

UHSUH]LQWDQVDPEOXOLQWUULORUúLLHúLULORUGHOLFKLGLWLVDXGHHFKLYDOHQWHGH
OLFKLGLWL/LFKLGLWLOHVHPnLILFIRQGXULOHGLVSRQLELOHúLGHSR]LWHOHOD
vedere,LDUHFKLYDOHQWHOHGHOLFKLGLWLSODVDPHQWHOHSHWHUPHQVFXUWIRDUWH
OLFKLGHFRQYHUWLELOHFXXúXULQ într-RPULPHGHWHUPLQDWGHOLFKLGLWLúLD
FURUYDORDUHQXULVFVVHVFKLPEHvQPRGVHPQLILFDWLY
În cadrul tabloului fluxurilor de trezorerie, fluxurile sunt grupate în
XUPWRDUHOHWUHLFDWHJRUL
• IOX[XULJHQHUDWHGHDFWLYLWLOHGHH[SORDWDUH;
• IOX[XULJHQHUDWHGHDFWLYLWLOHGHLQYHVWLLL;
• IOX[XULJHQHUDWHGHDFWLYLWLOHGHILQDQDUH.
5H]XOWDQWDILQDODFHORUWUHLFDWHJRULLGHIOX[XULHVWHWUH]RUHULDQHW
FDUHSRDWHILGHWHUPLQDWDVWIHO
• prin PHWRGDGLUHFWFRQIRUPFUHLDVHRSHUHD]FXvQFDVULúLSOL
brute în numerar;
• prin PHWRGDLQGLUHFWFRQIRUPFUHLDVHSRUQHúWHGHODSURILWXOQHW
FDUHVHFRUHFWHD]FXDFWLYHOHQHPRQHWDUHDOWHHOHPHQWHGHYHQLWXUL
sau cheltuieli nelegate de exploatare etc.
,$6UHFRPDQGvQWUHSULQGHULORUXWLOL]DUHDPHWRGHLGLUHFWHGHRDUHFH
aceasta SHUPLWHRELQHUHDGHLQIRUPDLLQHFHVDUHHVWLPULLIOX[XULORUYLLWRDUH
GHWUH]RUHULH'HRVHELUHDSULQFLSDOvQWUHFHOHGRXPHWRGHFRQVWvQ
structura fluxurilor de trezorerie relative referitoare la activitile de
exploatare.
Conform metodei directe, fluxurile monetare sunt grupate în diferite
FDWHJRULLGHvQFDVULúLSOL$FHVWHDQXVXQWSUHFL]DWHFXH[DFWLWDWHvQ
QRUPDLQWHUQDLRQDOGDUSHED]DH[HPSOHORr, se poate lua în considerare
XUPWRDUHDVWUXFWXU
)OX[XULOHGHWUH]RUHULHUHODWLYHODDFWLYLWLOHGHH[SORDWDUH
PHWRGDGLUHFW3:

ÌQFDVULJHQHUDWHGHUHODLLOHFXFOLHQLL
– 3OLvQIDYRDUHDIXUQL]RULORUúLSHUVRQDOXOXL
– Dobânzi úLGLYLGHQGHSOWLWH
– 3OLSULYLQGLPSR]LWHOHDVXSUDEHQHILFLLORU
– $OWHSOLJHQHUDWHGHH[SORDWDUH
– -/+ Elemente extraordinare
– = +/-)OX[XOQHWGHWUH]RUHULHUHODWLYODDFWLYLWLOHGHH[SORDWDUH

1) Aceste fluxuri ar putea fi incluse, de asemenea, în categoria fluxurilor de
ILQDQDUH
$FHVWIOX[DUSXWHDILvPSULWvQWUHDFWLYLWLOHGHH[SORDWDUHFHOHGH
investiLLúLFHOHGHILQDQDUH

3 1)HOHDJ7UDWDWGHFRQWDELOLWDWHILQDQFLDU–YRO,(GLWXUD(FRQRPLF%XFXUHúWL

ÌQFHHDFHSULYHúWHPHWRGDLQGLUHFWSUH]HQWDUHDWLSDQRUPHL
LQWHUQDLRQDOHYL]HD]XUPWRDUHOHFDWHJRULL

+/-5H]XOWDWXOQHWvQDLQWHDLPSR]LWULLúLHOHPHQWHORUH[WUDRUGLQDUH

(OLPLQDUHDYHQLWXULORUúLFKHOWXLHOLORUIULQFLGHQDVXSUDWUH]RUHULHL

&KHOWXLHOLFXDPRUWL]ULOHúLSURYL]LRDQHOH
-9HQLWXULGLQDPRUWL]ULúLSURYL]LRDQH

(OLPLQDUHDYHQLWXULORUúLFKHOWXLHOLORUQHOHJDWHGHH[SORDWDUH

+/-5H]XOWDWXOFHVLXQLLLPRELOL]ULORUúLSODVDPHQWHORU
+ Cheltuieli privind dobânzile
– Venituri din plasamente
_____________________________________________________________
= +/-5H]XOWDWXOGLQH[SORDWDUHvQDLQWHDYDULDLHLQHFHVDUXOXLGHIRQGGH rulment
+/-9DULDLDVWRFXULORU
+/-9DULDLDFRQWXULORUFOLHQLa DOWRUFUHDQHGin exploatare
+/-9DULDLDFRQWXULORUIXUQL]RULúLDDOWRUGDWRULLGLQH[SORDWDUH
-'REkQ]LúLGLYLGHQGHSOWLWH
-3OLSULYLQGLPSR]LWHOHDVXSUDSURILWXOXL
+/- Elemente extraordinare
_____________________________________________________________
= +/- )OX[XOQHWGHWUH]RUHULHUHODWLYODDFWLYLWLOH de exploatare

1) Aceste fluxuri ar putea fi incluse, de asemenea, în categoria fluxurilor de
ILQDQDUH
2) $FHVWIOX[DUSXWHDILvPSULWvQWUHDFWLYLWLOHGHH[SORDWDUHFHOHGH
LQYHVWLLLúLFHOHGHILQDQDre.

3ULYLQGIOX[XULOHGHWUH]RUHULHDOHDFWLYLWLORUGHLQYHVWLLL,$6QX
specificH[DFWVWUXFWXUDDFHVWRUDWRWXúLH[HPSOHOHGLQDQH[DQRUPHLFRQGXF
ODXUPWRDUHDSUH]HQWDUHWLS

Fluxurile de trezorerie UHODWLYHODDFWLYLWLOHGHLQYHVWLLL:

– AcKL]LLRQDUHDILOLDOHL;- ) trezoreria achiziLRQDW
– Cesiunea filialei Y
– $FKL]LLRQDUHDGHLPRELOL]UL
– $FKL]LLRQDUHDGHSODVDPHQWH
ÌQFDVULOHFHUH]XOWGLQFHVLXQHDGHLPRELOL]UL
+ Dobânzi încasate
+ Dividende primite (încasate)
= +/- Flux neWGHWUH]RUHULHUHODWLYODDFWLYLWLOHGHLQYHVWLLL

De asemenea, ,$6QXVSHFLILFH[DFWVWUXFWXUDfluxurilor de
WUH]RUHULHUHODWLYHODDFWLYLWLOHGHILQDQDUHWRWXúLH[HPSOHOHGLQDQH[D
QRUPHLFRQGXFODXUPWRDUHDSUH]HQWDUHWLS

Fluxurile de trezRUHULHUHODWLYHODDFWLYLWLOHGHILQDQDUH:

&UHúWHUHDGHFDSLWDOvQQXPHUDU
– Rambursarea de capital, în numerar
+ Emisiunea (contractarea) de împrumuturi (altele decât cele de trezorerie)
– Rambursarea de împrumuturi (altele decât cele de trezorerie)
-5DPEXUVDUHDGHGDWRULLFHUH]XOWGLQFRQWUDFWHOHGHORFDLH-ILQDQDUH
– 'REkQ]LúLGLYLGHQGHSOWLWH

= +/- Flux net de trezorerie relativ la activitile de finanare

1) Aceste fluxuri ar putea s fie incluse, de asemenea, în categoria
fluxurilor de exploatare.

Exemplu:
3HED]DELODQXOXLFRQWDELOúLDFRQWXOGHSURILWúLSLHUGHULDOHXQHL
vQWUHSULQGHULSUH]HQWDWHPDLMRVVVHDQDOL]HOHIOX[XULOHGHWUH]RUHULHDOH
acesteia.

Tabelul 5.13
%,/$1
– mil lei –
(OHPHQWHELODQLHUH N-1 N 9DULDLD
Elemente de activ
,PRELOL]ULQHFRUSRUDOH
$PRUWL]ULLPRELOL]ULnecorporale
,PRELOL]ULFRUSRUDOH
$PRUWL]DULLPRELOL]ULFRUSRUDOH
,PRELOL]ULILQDQFLDUH
$PRUWL]ULLPRELOL]ULILQDQFLDUH
Stocuri
&UHDQH
'LVSRQLELOLWL
Elemente de activ – total

Elemente de pasiv
Capital social
Profit nerepartizat
Datorii financiare pe termen lung
Datorii furnizori
'DWRULLILVFDOHúLVRFLDOH
Datorii diverse
Elemente de pasiv – total

6HFRQVLGHUFWRDWHFUHDQHOHVXQW
FUHDQH–FOLHQLDIHUHQWHDFWLYLWLLGH
exploatare
800
– 130
7000
– 2500
1500
– 250
2300
7000
900
16620

7000
700
4600
3200
720
400
16620

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

8220
800
3850
3700
700
270
17540

–
–
+ 220
– 50
–
–
+ 1350
– 50
– 550
+ 920

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

Tabelul 5.14
&2178/'(352),7ù,3,(5'(5(/$$18/1
– mil lei –
INDICATORI N
Venituri din exploatare
Venituri din vânzarea mUIXULORU
3URGXFLHYkQGXW
Cifra de afaceri
3URGXFLHVWRFDW
3URGXFLHLPRELOL]DW

Cheltuieli de exploatare
&KHOWXLHOLSULYLQGPUIXULOH
Cheltuieli cu materiile prime
&KHOWXLHOLFXHQHUJLDúLDSD
&KHOWXLHOLFXOXFUULúLVHUYLFLLH[HFXWDWH
Cheltuieli cuLPSR]LWHúLWD[H
Cheltuieli cu personalul
&KHOWXLHOLSULYLQGDVLJXUULOHúLSURWHFWLDVRFLDO
&KHOWXLHOLFXDPRUWL]DUHDLPRELOL]ULORU

Venituri financiare
Venituri din dobânzi
Alte venituri financiare

Cheltuieli financiare
Cheltuieli privind dobânzile
Alte cheltuieli financiare

9HQLWXULH[FHSLRQDOH
Venituri din cedarea activelor

&KHOWXLHOLH[FHSLRQDOH
Cheltuieli cu cedarea activelor

Profit brut
Impozit pe profit
Profit net
14400
4000
10400
14400
–
–

13900
1700
4100
350
600
420
2500
1300

2930

100
100
–

200
200
–

–
–

–
–

400
100
300

,QIRUPDLLFRPSOHPHQWDUH
ƒ FUHúWHUHDFDSLWDOXOXLDDYXWORFvQFXUVXODQXOXL1SULQDSRUWGH
QXPHUDUDODFLRQDULORU
ƒ VHGLVWULEXLHGLYLGHQGHDFLRQDULORUvQYDORDUe de 200 mil. lei;

ƒ s-DDFKL]LLRQDWXQXWLODMvQYDORDUHGHPLOOHLSOWLQGX-se
în numerar întreaga contravaloare a acestuia;
ƒ s-a rambursat un credit de 750 mil.lei.

Pe baza datelor de mai sus, tabloul fluxurilor de trezorerie pentru
anul N se prezLQWDVWIHO

Tabelul 5.15
TABLOUL FLUXURILOR DE TREZORERIE PENTRU ANUL N
– mil lei –

)OX[XULOHGHWUH]RUHULHUHIHULWRDUHODDFWLYLWLOHGHH[SORDWDUH

3URILWXOQHWvQDLQWHDLPSR]LWULL 400

(OLPLQDUHDYHQLWXULORUúLFKHOWXLHOLORUIULQFLGHQ asupra trezoreriei:

&UHúWHUHDFKHOWXLHOLORUSULYLQGDPRUWL]ULOH + 2930

Eliminarea veniturilor úLa cheltuielilor nelegate de exploatare:
__________________________________________________________________
3URILWXOGLQH[SORDWDUHvQDLQWHDYDULDLHLQHFHVDrului de fond de rulment +3330
– &UHúWHUHDVWRFXULORU -1350
+ 'LPLQXDUHDVROGXULORUFRQWXULORUFOLHQLúLDOWRUFUHDQHdin exploatare +50
+ &UHúWHUHDGDWRULLORUIDGHIXUQL]RUL +500
– Diminuarea datoriilor fisFDOHúLVRFLDOH -20
– Diminuarea datoriilor diverse -130
– 3OLSULYLQGLPSR]LWHOHDVXSUDSURILWXOXL -100
__________________________________________________________________
)OX[XOQHWGHWUH]RUHULHUHODWLYODDFWLYLWLOHGHH[SORDWDUH$ +2280

)OX[XULOHGHWUH]RUHULHUHIHULWRDUHODDFWLYLWLOHGHLQYHVWLLL

– Achiziionarea unui utilaj 3100
__________________________________________________________________
)OX[XOQHWGHWUH]RUHULHUHODWLYODDFWLYLWLOHGHLQYHVWLii ( B ) 3100

)OX[XULOHGHWUH]RUHULHUHIHULWRDUHODDFWLYLWLOHGHILQDQDUH

&UHúWHUHDGHFDSLWDOvQQXPHUDU 1220
– Rambursarea de împrumuturi 750
– 'LYLGHQGHSOWLWH 200
__________________________________________________________________
= Fluxul neWGHWUH]RUHULHUHODWLYODDFWLYLWLOHGHILQDQDUH& + 270

'LPLQXDUHDQHWDDOLFKLGLWLORU$%& 550
/LFKLGLWLODGHVFKLGHUHDH[HUFLLXOXL1 +900
__________________________________________________________________
/LFKLGLWLODvQFKLGHUHDH[HUFLLXOXL1

Concluzie:

5H]XOWFvQDQXOFXUHQW1vQWUHSULQGHUHDvQUHJLVWUHD]ODQLYHOXO
IOX[XOXLGHH[SORDWDUH$OLFKLGLWLvQYDORDUHGHPLOOHLFDXUPDUHD
DFWLYLWLLUHQWDELOHGHVIúXUDWH
)OX[XOGHWUH]RUHULHGLQRSHUDLLOHGHLQYHVWLLL%HYLGHQLD]
necesarul de trezorerie (3100 mil. lei) geneUDWGHLQYHVWLLDHIHFWXDWGH
ILUPSHQWUXDFKL]LLRQDUHDXQXLXWLODM'HDVHPHQHD,VHFRQVWDWFDFHVW
necesar de trezorerie nu poate fi acoperit integral de fluxul de trezorerie
GHJDMDWGHDFWLYLWDWHDFXUHQW$VWIHOVHDSHOHD]ODRPDMRUDUHGHFDSLWal
SULQDSRUWXOYHFKLORUDFLRQDUL, concomitent cu distribuirea de dividende
FWUHDFHúWLD3HQWUXDVSRULvQFUHGHUHDDFLRQDULORUvQFDSDFLWDWHDGH
dezvoltare viitoare a firmei, se fac eforturi pentru rambursarea creditelor
bancare.
ÌQFRQFOX]LHGHúLvQWUHSULQGHUHDDUHSHUIRUPDQHGHRVHELWH
WUH]RUHULDGLQDFWLYLWDWHDFXUHQWHVWHLQVXILFLHQW pentru acoperirea
RSHUDLLORUGHLQYHVWLLLDVWIHODFHasta este nevoitVDSHOH]HODVXUVHH[WHUQH
GHILQDQDUHRELQXWHSULQPDMRUDUHGHFDSLWDOGHFLIUDPRGifica structura
DFLRQDULDWXOXLúLHYLWkQGLQWHUYHQLDH[WHUQvQSURFHVXOGHOXDUHDGHFL]LLORU
'DWRULWVWUXFWXULLúLPHWRGRORJLHLGHvQWRFPLUHDWDEORXOXLIOX[XULORU
GHWUH]RUHULHDFHVWDSHUPLWHXWLOL]DWRULORUVLWXDLLORUILQDQFLDUHXUPWRDUHOH
¾ VHvalueze capacitatea întreprinderii de a deJDMDOLFKLGLWLvQ
special din activitatea de exploatare;
¾ VGHWHUPLQHQHFHVLWLOHGHOLFKLGLWL
¾ VSUHYDGVFadenHOHúLULVFXOvQFDVULORUYLLWRDUH
¾ VFRPSDUHUH]XOWDWHOHvQWUHSULQGHULLSULQHOLPLQDUHDHIHctelor
utilizrii diferitelor metode contabile (de amortizare etc.).

'HúLWDEORXOIOX[XULORUGHWUH]RUHULHRIHULQIRUPDLLXWLOHGHVSUH
VROYDELOLWDWHDúLIOH[LELOLWDWHDILQDQFLDUDILUPHLILLQGPXOWPDLUHOHYDQW
decât indicatorii de echilibru financiar, fondul de rulment, nevoia de fond de
UXOPHQWúLWUH]RUHULDQHW acestaSUH]LQWDQXPLWHOLPLWHOHJDWHGHGHILQLUHD
úLUROXOWUH]RUHULHLFRQLQXWXOIXQFLHLGHH[SORDWaUHúLPRGXOGHFDOFXODO
IOX[XULORUDVRFLDWHDFHVWHLDHYDOXDUHDSHUIRUPDQHORUSULQintermediul
IOX[XULORUGHWUH]RUHULHSUHFXPúLvQLQVXILFLHQDDFHVWXLDGHDDSUHFLDúL
SUHYL]LRQDHYROXLDVLWXDLHLILQDQFLDUHSHWHUPHQOXQJDXQHLILUPH

ÎntrebULúLDSOLFDLL

1. &DUHHVWHXWLOLWDWHDELODQXOXLSDWULPRQLDOILQDQFLDUúLDFHOuiIXQFional
în analiza sitXDiei financiare a întreprinderii?

2. &DUHVXQWSULQFLSDOHOHFRUHFLLGHDFWLYúLSDVLYHIHFWXDWHSHQWUX
RELQHUHDELODQXOXLSDWULPRQLDOILQDQFLDU?

3. &XPVHGHWHUPLQSDWULPRQLXOQHWúLFDUHVXQWFLOHGHFUHúWHUHD
acestuia?

4. 6VHFDOFXOH]HúLVVHLQWHUSUHWH]HHYROXLDSDWULPRQLXOXLQHWSHED]D
XUPWRDUHORUGDWH

%,/$1
= mil. lei =
ACTIV N-1 N PASIV N-1 N

Activ imobilizat net
Stocuri
&OLHQL
'LVSRQLELOLWL

3800
1750
940
120
3550
2100
1700
340
Capital social
Rezerve
Rezultatul net
nerepartizat
Datorii
financiare pe
termen lung
Datorii furnizori
Credite bancare
curente

3000
500
800

1500

1750
940
3000
600
850

2200

1900
860
TOTAL ACTIV 6610 7690 TOTAL PASIV 6610 7690

5. &XPLQWHUSUHWDLHYROXia patrimoniului net în siWXDLDvQFDUHHOHPHQWHOH
GHDFWLYVHPDMRUHD]Fu 7% iar datoriile totale cu 2%?

6. &XPVHGHWHUPLQLQGLFDWRULLGHHFKLOLEUXILQDQFLDUIRQGXOGHUXOPHQW
QHYRLDGHIRQGGHUXOPHQWúLWUH]RUHULDQHW?

7. &DUHVXQWHOHPHQWHOHFDUHLQIOXHQHD]QHYRLDGHIRQGGHUXOPHQWúLFH
VHPQLILFDLHHFRQRPLFDUe un nivel constant al acesteia?

8. ÌQFHFRQGLLLQHYRLDGHIRQGGHUXOPHQWúLWUH]RUHULDQHWDXYDORUL
QHJDWLYHúLFDUHHVWHVHPQiILFDLDHFRQRPLFDDFHVWXLIDSW?
9. /DDQXO1ELODQXOXQHLvQWUHSULQGHULDUHXUPWRDUHDVWUXFWXU

%,/$1
= mil. lei =
ACTIV N – 1 N PASIV N – 1 N

,PRELOL]ULQHFRUSRUDOH
,PRELOL]ULFRUSRUDOH
,PRELOL]ULILQDQFLDUH
Stocuri
&OLHQL
Efecte de încasat
,PSR]LWHúLWD[HGH
încasat
'HELWRULGLYHUúL
'LVSRQLELOLWL

55
950
350
550
310
325
–

20
60

50
900
400
600
300
350
25

12
70
Capital social
Rezerve
Rezultatul exercitiului
nerepartizat
Provizioane pentru
ULVFXULúLFKHOWXLHOL
Datorii financiare pe
termen lung
Datorii furnizori
(IHFWHGHSODW
79$GHSODW
CreditRULGLYHUúL
Credite bancare
curente
800
137
70
35

1005
400
110
40
8
15
800
140
85
40

1100
360
100
55
7
20
TOTAL ACTIV 2620 2707 TOTAL PASIV 2620 2707

6VHFDOFXOH]HúLVVHLQWHUSUHWH]HIRQGXOGHUXOPHQWQHW global, nevoia
GHIRQGGHUXOPHQWúLWUH]RUHULHQHW

10. 3HED]DGDWHORUGHODDSOLFDWLDVVHGHWHUPLQHFHOHGRXFRPSRQHQWH
DOHQHYRLLGHIRQGGHUXOPHQWUHVSHFWLYFHDGHH[SORDWDUHúLFHDvQDIDUD
H[SORDWULLúLVVHH[SOLFHFXPHVWHILQDQDWQHYRia de fond de
rulment.

)RUPXODLSULQFLSDOHOHFRQFOX]LLSHED]DXUPWRDUHORUGDWH

Indicele capitalui propriu = 116%
Indicele capitalului permanent = 110%
Indicele activelor imobilizate = 121%.

12. 3HED]DGDWHORUGLQELODQXOXQHLVRFLHWLFRPHUFLDOHVVHDQDOL]H]H
HYROXLDVWUXFWXULLSDWULPRQLDOHúLDVXUVHORUGHILQDQDUH

%,/$1
= mil.lei =
ACTIV
N -1
N PASIV
N – 1
N
> ?@AB C B D EB$FGH@E I@EJC G > ?@AB C B D EBH@E)I@EJC G > ?@AB C B D EBK)B FJFHB JE+G
TOTAL ACTIVE
IMOBILIZATE

Stocuri
Clieni LC M GNHE+GJFe pe termen
scurt
Titluri de plasament O7B P+I@FB AB C B M B
TOTAL ACTIVE
CIRCULANTE

Cheltuieli înregistrate în
avans
CONTURI
DE REGULARIZARE Q>
LSR> TU> V
LXWZY

4.150
166.050
112.100
282.300

127.500
141.050
3.280
23.500
1.320
296.650

7.140
7.140

4700
235.300
80.000
320.000

130.500
118.140
3.360
22.400
5.600
280.000

7280
7280
Capital social
Rezerve
Rezultatul G[GE+HB B \C \B
nerepartizat R\4A4]GF B B^IGF4M E \B F2]GP+M B B B
TOTAL
CAPITAL
PROPRIU

Provizioane pentru E+B PH\4EB_BH`eltuieli

Credite bancare
Furnizori
Alte datorii pe
termen scurt

TOTAL
DATORII

150.000
70.000
24.050

2.740

249.790

70.450

125.250
80.500
60.100
265.850

150.000
72.500
25.250

2.500

250.250

66.800

147.230
85.000
58.000
290.230

TOTAL ACTIV 586.090 607.280 TOTAL PASIV 586.090 607.280

13. ([SOLFDLvQFHFRQVWLPSRUWDQDDQDOL]HLFRUHODWHDFUHDQHORUúL
REOLJDLLORUXQHLVRFLHWLFRPHUFLDOH

14. 6VHDQDOL]H]HSULQFLSDOHOHDVSHFWHSULYLQGHYROXLDFUHDQHORUúL
oEOLJDLLORUSHED]DXUPtoarelor date:

mil. lei –
Perioada Nr.
Crt. Indicatori N-1 N
1. Cifra de afaceri 130.000 250.000
2. &UHDQHGLQFDUH
− FUHDQHDQ
− FUHDQH!DQ 18.500
13.350
5.150 38.700
34.100
4.600
3. 2EOLJDLLGLQFDUH
− REOLJDLL1 an
− REOLJDLL!DQ 75.000
69.750
5.250 90.000
90.000
–

15. ,QWHUSUHWDLXUPWRDUHDVLWXDLH

'XUDWDGHLPRELOL]DUHDFUHDQHORU ]LOH
Durata de folosire a surselor atrase = 34 zile.

16. &DUHHVWHVHPQLILFDLDHFRQRPLFDHYROXLHLLQGLFDWRULORU

Indicele cifrei de afaceri = 114%
,QGLFHOHVROGXOXLPHGLXDOREOLJDLLORUSHWHUPHQVFXUW 

17. &HUHIOHFWOLFKLGLWDWHDúLVRlvabilitatea unei întreprinderi?

18. &DOFXODLúLLQWHUSUHWDLOLFKLGLWDWHDúLVROYDELOLWDWHDXQHLILUPHSHED]D
GDWHORUGLQELODQXOGHPDLMRVvQUDSRUWFXVWDQGDUGHOHLQWHUQDLRQDOH

%,/$1
– mil. lei –
ACTIV N-1 N PASIV N-1 N

Active imobilizate
Active circulante,
din care:
– Stocuri
-&UHDQH
-'LVSRQLELOLWL
bQHúWLúLSODVDPHQWH

3.250

4.600
2.920
1.460

220
3.800

4.220
2.150
1.570

500
Capital propriu
Împrumuturi pe
WHUPHQPHGLXúL
lung
)XUQL]RULúLDOWH
REOLJDLLFXUHQWH
Credite pe termen
scurt
3.500

650

3.600

100
3.150

400

4.390

80
TOTAL ACTIV 7.850 8.020 TOTAL PASIV 7.850 8.020

19. 6VHGHWHUPLQHUDWDVROYDELOLWLLSDWULPRQLDOHFXPDSUHFLDLVLWXDLDvQ
cazul în care aceasta este de 35%?

20. &XPVHGHWHUPLQUDWDOLFKLGLWLLJHQHUDOHúLFDUHVXQWOLPLWHOHvQFDUH
DFHDVWDWUHEXLHVVHvQFDGUH]H

21. Care sunt principalele rate utilizate pentru analiza echilibrului
economico-financiar al firmei ?

22. 'HILQLLYLWH]DGHURWDLHDDFWLYHORUFLUFXODQWHúLPHQLRQDLLQGLFDWRULL
FDUHH[SULPDFHVWFRQFHSWHFRQRPLF

23. $QDOL]DLYLWH]DGHURWDLHDDFWLYHORUFLUFXODQWHvQ]LOHúLGHWHUPLQDL
efectul modifiFULLDFHVWHLDHOLEHUDUHVDXLPRELOL]DUHGHFDSLWDO
FLUFXODQWvQFXUVXODGRXH[HUFLLLILQDQFLDUHFRQVHFXWLYH

– mil. lei –
Perioada Nr.
Crt. Indicatori N-1 N
1. Cifra de afaceri 17.800 19.400
2. Soldul mediu al activelor circulante,
din care:
− Stocuri
− &UHDQH
− 'LVSRQLELOLWLEQHúWL
2.350
1.260
1.050
40
3.070
1.550
1.430
90

24. 6FULHLIRUPXODúLLQWHUSUHWDLLQIOXHQDFXVHPQXO³–“ a activelor
circulante asupra viWH]HLGHURWDLHDDFHVWRUDGXUDWDvQ]LOHDXQHL
URWDLi).

25. ,QWHUSUHWDLVLWXDLDXQHLvQWUHSULQGHULSHED]DGLQDPLFLLXUPWRULORU
indicatori:

Indicele cifrei de afaceri = 104%
Indicele activelor imobilizate = 102,5%
Indicele activelor circulante = 107%.