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FR NFR TN

Date post: 16-Apr-2015
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CAPITOLUL 4 6,78$ ,$),1$1&,$5 A ÎNTREPRINDERII APR(&,$7 3( %$=$%,/$1 8/8, 6WXGLXO ILQDQFLDU DO ELODQ XOXL FRQVWLWXLH DVSHFWXO HVHQ LDO DO DQDOL]HL ILQDQFLDUH VWDWLFH œL VH ED]HD] SH H[DPLQDUHD XQHL VLWXD LL FRQWDELOH ELODQ XO întocmLW vQ SULQFLSDO SH ED]D XQHL UHJOHPHQW UL $FHDVW UHJOHPHQWDUH FDUH H GH RULJLQH QD LRQDO VDX LQWHUQD LRQDO LPSOLF FRQVWUkQJHUL IRUPDOH FDUH DIHFWHD] XQHRUL VHPQLILFD LD HFRQRPLF œL ILQDQFLDU D ELODQ XOXL GDU SUH]LQW vQ VFKLPE DYDQWDMXO F IXUQL]HD] XQ PDWHULDO LQIRUPDWLY UHODWLY XQLIRUP DVWIHO F DQDOLœWLL ILQDQFLDUL SRW V IRORVHDVF SULQFLSLLOH JHQHUDOHGHDQDOL] œLSRWV IDF XQHOHFRPSDUD LLVHPQLILFDWLYH 2 SULP PHWRG GH DQDOL] D ELODQ XOXL FRQVW vQ JUXSDUHD SRVWXULORU ELODQ LHUH vQ VXEDQVDPEOXri VHPQLILFDWLYH FDUH GXFH OD R UHSUH]HQWDUH VLQWHWLF D ELODQ XOXL œL SHUPLWH V VH H[SULPH œL V VH FDOFXOH]H QR LXQLOHIXQGDPHQWDOHGHfond de rulment, nevoie de fond de rulmentœLtrezorerie. &RQIUXQWDUHDvQWUHJUXS ULOHELODQ XOXLSHUPLWHV VHIRUPXOH]HUHOD LLOHIXQGDPHQWDOHGHWUH]RUHULH SHFDUHVHVSULMLQ IXQF LRQDUHDvQWUHSULQGHULLDWkWSHWHUPHQVFXUWFkWœLSHWHUPHQPLMORFLXœLOXQJ ÌQ VIkUœLW PHWRGD UDWHORU DSOLFDW OD VWXGLXO ELODQ XOXL DGXFH LQIRUPD LL FRPSOHPHQWDUH PDL analitice, FDUH SHUPLW V VH DSURIXQGH]H œL V VH SUHFL]H]H DVSHFWHOH UHOHYDWH GH DSUHFLHUHD VLQWHWLF D ELODQ XOXL 6(01,),&$ ,,/(FINANCIARE ALE BILAN 8/8, )RUPDGHSUH]HQWDUHDELODQ XOXLGLIHU GHOD DU OD DU œLGHODSHULRDG ODSHULRDG 7RWXœLRULFDUH DU IL SUH]HQWDUHD DFHDVW VLWXD LH FRQWDELO VH VXSXQH SULQFLSLLORU JHQHUDOH GH FRQVWUXF LH FDUH-l fac un suport privilegiat al analizei financiare a întreprinderii. $ERUGDUHDMXULGLF œLDERUGDUHDILQDQFLDU DELODQ XOXL %LODQ XO constituie reprezentarea patrimoniului unui agent economic: întreprindere, individ, VRFLHWDWH DVRFLD LH FRRSHUDWLY ÌQ DFHVW VHQV HO FRQVWLWXLH WRWGHDXQD PRGHODUHD FRQFHSWXOXL MXULGLF GH SDWULPRQLX RULFDUH DU IL FRQYHQ LLOH IRUPDOH FDUH GLUHF LRQHD] SUH]HQWDUHD VD ’DU DFHDVW PRGHODUH VH SUHWHD] XQHL DERUG UL DQDOLWLFH FDUH SHUPLWH V VH GHVSULQG FDUDFWHULVWLFLOH SULQFLSDOH DOH VWUXFWXULL financiare. %LODQ XOœLFRQFHSWXOMXULGLFGHSDWULPRQLX Pentru orice întreprindere, patrimoniul constituie uQDQVDPEOXGHGUHSWXULœLDQJDMDPHQWHVFDGHQWH OD R DQXPLW GDW ÌQ H[SULPDUHD FRQWDELO D SDWULPRQLXOXL ELODQ XO SUH]LQW GUHSWXULOH vQ DFWLY œL angajamentele în pasiv. a) Drepturile patrimoniale FRQIHU EHQHILFLDUXOXLORURSXWHUHDVXSUDOXFUXULORUGUHSWXULOHGHSURSULHWDWH VDXSRVLELOLWDWHDRE LQHULLXQRUSUHVWD LLGLQSDUWHDDOWRUSHUVRDQHGUHSWXULOHGHFUHDQ %LODQ XOSUH]LQW vQ DFWLYSHED]DHYDOX ULLPRQHWDre, aceste componente ale drepturilor patrimoniale. Drepturile de proprietate confer WLWXODULORU ORU SRVLELOLWDWHD GH D XWLOL]D XQ RELHFW vQ VFRSXO FRQVXPXOXL VDX SURGXF LHL SHUPL kQG DVWIHO V VHRE LQ XQYHQLWœLSRVLELOLWDWHDGHD WUDQVPLWHDFHO RELHFW altei persoane. ÌQ JHQHUDO R vQWUHSULQGHUH GH LQH DVHPHQHD GUHSWXUL GH SURSULHWDWH DVXSUD XQXL DQVDPEOX YDULDW GH RELHFWH8QHOHVXQWEXQXULPDWHULDOHFXPDUILWHUHQXULOHFRQVWUXF LLOHVWRFXULOHGHP UIXULGHPDWHULDOHVDX GHSURGXVHILQLWH’DUœLXQHOHEXQXULLPDWeriale pot reprezenta drepturi de proprietate cum ar fi: brevetele, OLFHQ HOHFRQFHVLXQLOHSURJUDPHOHLQIRUPDWLFHœLDOWHHOHPHQWHLQFRUSRUDOH ÌQ DO GRLOHD UkQG GUHSWXULOH SDWULPRQLDOH vQJOREHD] GUHSWXULOH GH FUHDQ DGLF GUHSWXULOH DVXSra WHU LORU (OH FRUHVSXQG DQJDMDPHQWHORU FRQWUDFWDWH FX GLIHUL L SDUWHQHUL GHELWRUL vQ LQWHUHVXO vQWUHSULQGHULL
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Page 1: FR NFR TN

CAPITOLUL 4

6,78$ ,$�),1$1&,$5 �A ÎNTREPRINDERII APR(&,$7 �3(�%$=$�%,/$1 8/8,

6WXGLXO� ILQDQFLDU� DO� ELODQ XOXL� FRQVWLWXLH� DVSHFWXO� HVHQ LDO� DO� �DQDOL]HL� ILQDQFLDUH� VWDWLFH��� úL� VH�ED]HD] � SH� H[DPLQDUHD� XQHL� VLWXD LL� FRQWDELOH� �ELODQ XO�� întocmLW � vQ� SULQFLSDO� SH� ED]D� XQHL� UHJOHPHQW UL��$FHDVW � UHJOHPHQWDUH�� FDUH� H� GH� RULJLQH� QD LRQDO � VDX� LQWHUQD LRQDO � LPSOLF � FRQVWUkQJHUL� IRUPDOH� FDUH�DIHFWHD] � XQHRUL� VHPQLILFD LD� HFRQRPLF � úL� ILQDQFLDU � D� ELODQ XOXL�� GDU� SUH]LQW � vQ� VFKLPE� DYDQWDMXO� F �IXUQL]HD] �XQ�PDWHULDO�LQIRUPDWLY�UHODWLY�XQLIRUP��DVWIHO�F �DQDOLúWLL� ILQDQFLDUL�SRW�V �IRORVHDVF �SULQFLSLLOH�JHQHUDOH�GH�DQDOL] �úL�SRW�V �IDF �XQHOH�FRPSDUD LL�VHPQLILFDWLYH� 2� SULP �PHWRG � GH� DQDOL] � D� ELODQ XOXL� FRQVW � vQ� JUXSDUHD� SRVWXULORU� ELODQ LHUH� vQ� VXEDQVDPEOXri VHPQLILFDWLYH��FDUH�GXFH� OD�R�UHSUH]HQWDUH�VLQWHWLF �D�ELODQ XOXL�úL�SHUPLWH�V �VH�H[SULPH�úL�V �VH�FDOFXOH]H�QR LXQLOH�IXQGDPHQWDOH�GH�fond de rulment, nevoie de fond de rulment�úL�trezorerie. &RQIUXQWDUHD�vQWUH�JUXS ULOH�ELODQ XOXL�SHUPLWH��V �VH�IRUPXOH]H�UHOD LLOH�IXQGDPHQWDOH�GH�WUH]RUHULH��SH�FDUH�VH�VSULMLQ �IXQF LRQDUHD�vQWUHSULQGHULL��DWkW�SH�WHUPHQ�VFXUW��FkW�úL�SH�WHUPHQ�PLMORFLX�úL�OXQJ� ÌQ� VIkUúLW�� PHWRGD� UDWHORU� DSOLFDW � OD� VWXGLXO� ELODQ XOXL� DGXFH� LQIRUPD LL� FRPSOHPHQWDUH�� PDL�analitice,� FDUH� SHUPLW� V � VH� DSURIXQGH]H� úL� V � VH� SUHFL]H]H� DVSHFWHOH� UHOHYDWH� GH� DSUHFLHUHD� VLQWHWLF � D�ELODQ XOXL�

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)RUPD�GH�SUH]HQWDUH�D�ELODQ XOXL�GLIHU �GH�OD� DU �OD� DU �úL�GH�OD�SHULRDG �OD�SHULRDG ��7RWXúL��RULFDUH�DU� IL� SUH]HQWDUHD�� DFHDVW � VLWXD LH� FRQWDELO � VH� VXSXQH� SULQFLSLLORU� JHQHUDOH� GH� FRQVWUXF LH�� FDUH-l fac un suport privilegiat al analizei financiare a întreprinderii.

�������$ERUGDUHD�MXULGLF �úL�DERUGDUHD�ILQDQFLDU �D�ELODQ XOXL

%LODQ XO constituie reprezentarea patrimoniului unui agent economic: întreprindere, individ, VRFLHWDWH�� DVRFLD LH�� FRRSHUDWLY ���� ÌQ� DFHVW� VHQV�� HO� FRQVWLWXLH� WRWGHDXQD��PRGHODUHD� FRQFHSWXOXL� MXULGLF�GH�SDWULPRQLX�� RULFDUH� DU� IL� FRQYHQ LLOH� IRUPDOH� FDUH� GLUHF LRQHD] � SUH]HQWDUHD� VD�� 'DU� DFHDVW � PRGHODUH� VH�SUHWHD] � XQHL� DERUG UL� DQDOLWLFH� FDUH� SHUPLWH� V � VH� GHVSULQG � FDUDFWHULVWLFLOH� SULQFLSDOH� DOH� VWUXFWXULL�financiare.

���������%LODQ XO�úL�FRQFHSWXO�MXULGLF�GH�SDWULPRQLX Pentru orice întreprindere, patrimoniul constituie uQ�DQVDPEOX�GH�GUHSWXUL�úL�DQJDMDPHQWH�VFDGHQWH�OD� R� DQXPLW � GDW �� ÌQ� H[SULPDUHD� FRQWDELO � D� SDWULPRQLXOXL�� ELODQ XO� SUH]LQW � GUHSWXULOH� vQ� DFWLY� úL�angajamentele în pasiv.

a) Drepturile patrimoniale�FRQIHU �EHQHILFLDUXOXL�ORU�R�SXWHUH�DVXSUD�OXFUXULORU��GUHSWXULOH�GH�SURSULHWDWH��VDX�SRVLELOLWDWHD�RE LQHULL�XQRU�SUHVWD LL�GLQ�SDUWHD�DOWRU�SHUVRDQH��GUHSWXULOH�GH�FUHDQ ���%LODQ XO�SUH]LQW �vQ�DFWLY��SH�ED]D�HYDOX ULL�PRQHWDre, aceste componente ale drepturilor patrimoniale. Drepturile de proprietate confer � WLWXODULORU� ORU� SRVLELOLWDWHD� GH� D� XWLOL]D� XQ� RELHFW� vQ� VFRSXO�FRQVXPXOXL�VDX�SURGXF LHL��SHUPL kQG�DVWIHO�V �VH�RE LQ �XQ�YHQLW�úL�SRVLELOLWDWHD�GH�D�WUDQVPLWH�DFHO�RELHFW�altei persoane. ÌQ�JHQHUDO�R� vQWUHSULQGHUH�GH LQH�DVHPHQHD�GUHSWXUL�GH�SURSULHWDWH�DVXSUD�XQXL�DQVDPEOX�YDULDW�GH�RELHFWH��8QHOH�VXQW�EXQXUL�PDWHULDOH�FXP�DU�IL�WHUHQXULOH��FRQVWUXF LLOH��VWRFXULOH�GH�P UIXUL��GH�PDWHULDOH�VDX�GH�SURGXVH�ILQLWH��'DU�úL�XQHOH�EXQXUL�LPDWeriale pot reprezenta drepturi de proprietate cum ar fi: brevetele, OLFHQ HOH��FRQFHVLXQLOH��SURJUDPHOH�LQIRUPDWLFH�úL�DOWH�HOHPHQWH�LQFRUSRUDOH� ÌQ�DO�GRLOHD� UkQG��GUHSWXULOH�SDWULPRQLDOH� vQJOREHD] �GUHSWXULOH�GH�FUHDQ ��DGLF �GUHSWXULOH�DVXSra WHU LORU��(OH�FRUHVSXQG�DQJDMDPHQWHORU�FRQWUDFWDWH�FX�GLIHUL L�SDUWHQHUL��GHELWRUL��vQ�LQWHUHVXO�vQWUHSULQGHULL��

Page 2: FR NFR TN

$VWIHO��FOLHQ LL�F URUD�OH-D�IRVW�DFRUGDW�XQ�WHUPHQ�GH�SODW �úL-DX�OXDW�DQJDMDPHQWXO�GH�D�SO L�VXPD�VWDELOLW �OD�R� GDW � FRQYHQLW � GLQDLQWH�� 'H� DVHPHQHD�� EHQHILFLDULL� XQXL� vPSUXPXW� VXQW� GHELWRUL� DL� vQWUHSULQGHULL� úL� se DQJDMHD] �V �UHVWLWXLH�vQ�YLLWRU�VXPD�úL�V �SO WHDVF �GREkQ]LOH�SUHY ]XWH��&RQWXULOH�GH�FOLHQ L�úL�GH�GHELWRUL�GLQ�DFWLYXO�ELODQ XOXL��vQUHJLVWUHD] �DVHPHQHD�FUHDQ H��H[LVWHQWH�OD�GDWD�vQFKLGHULL�ELODQ XOXL�

b) Angajamentele patrimoniale corespund obligD LLORU�SH�FDUH�vQWUHSULQGHUHD�OH�DUH�OD�R�DQXPLW �GDW ��(OH�VXQW� HYLGHQ LDWH� vQ� SDVLYXO� ELODQ XOXL�� $FHVWH� DQJDMDPHQWH� SRW� IL� GLIHUHQ LDWH� GXS � RULJLQHD� ORU�� 8QHOH�FRQVWLWXLH� FRQVHFLQ D�XQHL�GHFL]LL� YROXQWDUH�� vQ� WLPS�FH�DOWHOH�FRUHVSXQG�REOLJD LLORU� LPSuse întreprinderii. $VWIHO��DWXQFL�FkQG�vQWUHSULQGHUHD�FRQWUDFWHD] �XQ�vPSUXPXW�VDX�FkQG�VROLFLW �DPkQDUHD�REOLJD LHL�GH�SODW �ID �GH�XQ�IXUQL]RU��HD�vúL�LD�DQJDMDPHQWH�vQ�PRG�OLEHU��FDUH�VH�HYLGHQ LD] �SULQ�vQVFULHUHD�DFHVWRU�GDWRULL�vQ�SDVLY�� ÌQ� VFKLPE�� FkQG� vQWUHSULQGHUHD� HVWH� VXSXV � LPSR]LW ULL�� GDWRULD� ILVFDO � FDUH� DSDUH� vQ�SDVLYXO� V X�QX�UH]XOW �GLQWU-un angajament voluntar, ci dintr-o prelevare obligatorie care-L�HVWH�LPSXV � $QJDMDPHQWHOH�vQVFULVH�vQ�SDVLY�SRW�IL�GLIHUHQ LDWH�GH�DVHPHQHD��GXS �HIHctele lor. 8QHOH�FRUHVSXQG�GDWRULLORU�úL�LPSOLF �vQ�JHQHUDO�SHQWUX� vQWUHSULQGHUH�REOLJD LD�GH�D�HIHFWXD�R�SODW ��PDL�DOHV�VXE�IRUP �GH�GREkQ]L��úL�GH�D�SURFHGD�OD�R�UDPEXUVDUH��GXS �PRGDOLW L�úL�OD�VFDGHQ H�FRQYHQLWH�dinainte. Alte angajamente corespund capitalurilor proprii sau elementelor asimilate acestora. Aceste DQJDMDPHQWH�VXQW�FRQWUDFWDWH�ID �GH�SURSULHWDULL�vQWUHSULQGHULL��vQ�FRQWUDSDUWLG �FX�DSRUWXULOH�SH�FDUH�DFHúWLD�le-DX�FRQVLP LW��ILH�FX�RFD]LD�FRQVWLWXLULL�úL�PDMRU ULL�FDSLWDOXOXL��ILH�DFceSWkQG�FD�vQWUHSULQGHUHD�V �PHQ LQ �EHQHILFLL� QHGLVWULEXLWH�� &DSLWDOXULOH� SURSULL� P VRDU � GHFL�� YDORDUHD� GUHSWXOXL� SH� FDUH� SURSULHWDULL� vO� GH LQ�DVXSUD� vQWUHSULQGHULL�� (OH� QX� H[SULP � SHQWUX� vQWUHSULQGHUH� QLFL� R� REOLJD LH� GH� UDPEXUVDUH�� 3URSULHWDULL� QX�EHQHILFLD] � GH� QLFL� R� JDUDQ LH� IHUP � FDUH� V -i asigure de recuperarea acestor capitaluri proprii, de nici o FHUWLWXGLQH� FX� SULYLUH� OD� GDWD� HYHQWXDOHL� UHFXSHU UL�� 'H� DVHPHQHD�� vQWUHSULQGHUHD� QX� FRQWUDFWHD] � QLFL� R�REOLJD LH�FX�SULYLUH�OD�UHPXQHUDUHD�SURSULHWDrilRU�V L�� $QJDMDPHQWHOH�GH� UHPXQHUDUH� úL�GH� UDPEXUVDUH� OXDWH� ID �GH�SURSULHWDUL� VXQW�YDJL��QHFODUH��5LVFXO�FDUH� GHFXUJH� GLQ� DFHDVW � LQGHWHUPLQDUH� HVWH� XQHRUL� FRPSHQVDW� SULQ� WUHL� DYDQWDMH�PDMRUH�� ÌQ� SULPXO� UkQG��SURSULHWDULL�QX�DX�QLFL�R�UHPXQHUDUH�JDUDQWDW �GDU��GDF �vQWUHSULQGHUHD�RE LQH�UH]XOWDWH�EXQH��GLYLGHQGHOH�ORU�nu sunt supuse unei limite superioare. În compensarea riscului de nedistribuire din ipoteza în care s-DU�RE LQH�UH]XOWDWH�VODEH��HL�SRW�VSHUD�V �SULPHDVF �I U �UHVWULF LH�FkúWLJXULOH�vQWUHSULQGHULL��GDF �HYROX LD�DFHVWHLD�HVWH�IDYRUDELO �� ÌQ�DO�GRLOHD�UkQG��SURVSHULWDWHD�vQWUHSULQGHULL�FUHúWH�YDORDUHD�FDSLWDOXULORU�SURSULL��GHFL�YDORDUHD�SH� FDUH� SURSULHWDULL� R� GH LQ� vQ� vQWUHSULQGHUH�� FKLDU� GDF � QLFL� R� GDW � H[DFW � QX� SRDWH� IL� SUHFL]DW � SHQWUX�UHFXSHUDUHD� ORU��ÌQ�DO� WUHLOHD�UkQG��SURSULHWDULL�EHQHILFLD] �GH�GUHSWXO�GH�D�SDUWLFLSD�OD�GHFL]LLOH� LPSRUWDQWH�UHIHULWRDUH�OD�YLD D�vQWUHSULQGHULL�úL�PDL�DOHV�FHOH�UHODWLYH�OD�GHVHPQDUHD�FRQGXF WRULORU�HIHFWLYL�

���������$ERUGDUHD�ILQDQFLDU �D�ELODQ Xlui $ERUGDUHD�MXULGLF �D�ELODQ XOXL�SHUPLWH�V �VH�LQVLVWH�DVXSUD�RSR]L LHL�GLQWUH�GUHSWXUL�úL�REOLJD LL��FDUH�VXV LQH�RSR]L LD�GLQWUH�DFWLY�úL�SDVLY��$ERUGDUHD�ILQDQFLDU �SHUPLWH�UHIHULUHD�OD�UHOD LD�vQWUH�VXUVHOH�IRQGXULORU��UHVXUVHOH��GH LQXWH�GH�vQWUHSULQGHUH�úL�vQWUHEXLQ ULOH�SHQWUX�FDUH�DFHVWH�IRQGXUL�VXQW�DORFDWH� D��3DVLYXO�ELODQ XOXL -�DQJDMDPHQWH�SDWULPRQLDOH�úL�VXUVH�GH�ILQDQ DUH��'LQ�SHUVSHFWLYD�MXULGLF �DP�UHOHYDW�F � ELODQ XO� HYLGHQ LD] � în pasiv, angajamentele contractate de întreprindere. Dar, în majoritatea cazurilor, DFHVWH�DQJDMDPHQWH�QX�VXQW�GHFkW�H[SUHVLD�DSRUWXULORU�SULPLWH�� ILH� vQ�QXPHUDU�� ILH� vQ�QDWXU �� ÌQ�DFHVW�VHQV��SDVLYXO� DSDUH� vQ� DFHODúL� WLPS� FD� R� SUH]HQWDUH� D� DQJDMDPHQWHORU� FRQWUDFWDWH� �vQ� RSWLFD� MXULGLF �� úL� FD� XQ�LQYHQWDU�DO�DSRUWXULORU�GH�IRQGXUL�VDX�DO�VXUVHORU�GH�ILQDQ DUH�RE LQXWH�GH�vQWUHSULQGHUH��vQ�RSWLFD�ILQDQFLDU �� $VWIHO��FkQG�XQ�IXUQL]RU�DFFHSW �V �HIHFWXH]H�R�OLYUDUH�GH�P UIXUL�VDX�GH�PDWHULL�SULPH�SHQWUX�VXPD�GH�������������OHL�DFRUGkQG�XQ�WHUPHQ�GH�SODW ��SXWHP�FRQVLGHUD�F �HVWH�XQ�DQJDMDPHQW�QRX�FDUH�DSDUH�FD�R�FKHOWXLDO �D�vQWUHSULQGHULL��RSWLFD�MXULGLF ���VDX�XQ�DSRUW�GH�UHVXUVH�SHQWUX�DFWLYLWDWHD�vQWUHSULQGHULL��RSWLFD�ILQDQFLDU ��

Page 3: FR NFR TN

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Page 6: FR NFR TN

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4.2. FONDUL DE RULMENT

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FRN = Capitaluri permanente - Active imobilizate

FRN = Active circulante - Datorii pe termen scurt SchHPD� FDUH� XUPHD] � SHUPLWH� V � VH� H[SULPH� YL]XDO� P ULPHD� )51� SRUQLQG de la reprezentarea ELODQ XOXL�SULQ�PDULOH�OXL�S U L�

) � *�+�,�+ EFC���;� ��3����� �� ���5���@���9A�� � � ) CDG

PrLQ� GDWHOH� IXUQL]DWH� GH� VFKHPD� GH� PDL� vQDLQWH� VH� YHULILF � HFKLYDOHQ D� FHORU� GRX � IRUPXO UL� DOH�fondului de rulment net sau permanent.

Capitaluri permanente - Active imobilizate

Active imobilizate 30 000 000

= FRN

Active circulante 50 000 000

35 000 000 - 30 000 000

Capitaluri permanente 35 000 000

Fond de rulment

5 000 000

Datorii pe termen scurt 45 000 000

Active circulante - Datorii pe termen scurt

= FRN

50 000 000 - 45 000 000

5 000 000

Page 8: FR NFR TN

4.2.1.2. Fondul de rulment propriu (FRP)

a) Determinarea fondului de rulment propriu. Fondul de rulmHQW�SURSULX�SUH]LQW �R�XWLOLWDWH�PDL�OLPLWDW �GHFkW� IRQGXO� GH� UXOPHQW� QHW�� 6H� FDOFXOHD] � FkQG� VH� GRUHúWH� V � VH� DSUHFLH]H� DXWRQRPLD� ILQDQFLDU a unei întreprinderi.

6H�SRDWH�GHILQL�SULQ�IRUPXOD�XUP WRDUH�

FRP = Capitaluri proprii – Active imobilizate

b) Evaluarea capitalurilor proprii�� 3ULQFLSDOD� SUREOHP � WHKQLF � ULGLFDW � GH� DFHDVW � IRUPXO � YL]HD] �GHWHUPLQDUHD� FDSLWDOXULORU� SURSULL�� $FHVWHD� WUHEXLH� V � LQFOXG � VLWXD LD� QHW � GXS � DIHFWDUHD� UH]XOWDWXOXL��corespun-]kQG� IRQGXULORU� FRQIHULWH� vQWUHSULQGHULL� GH� SURSULHWDULL� V L� I U � OLPLW � GH� GXUDW �� 'DU� DQXPL L�DQDOLúWL� FRQVLGHU � F � VXEYHQ LLOH�SHQWUX� LQYHVWL LL� úL�SURYL]LRDQHOH�SHQWUX� ULVFXUL� úL�FKHOWXLHOL� WUHEXLH�V � ILH�FRQVLGHUDWH�TXDVLIRQGXUL�SURSULL�úL�GHFL�V �ILH�OXDWH�vQ�FDOFXO�vQ�IRUPXOD�GH�GHWHUPLQDUH�D�Iondului de rulment propriu.

3HQWUX�SURYL]LRDQH��DFHDVW �VROX LH�SDUH�MXVWLILFDW �FkQG�VWDELOLWDWHD�ORU�SHUPLWH�V �VH�FRQVLGHUH�F �DX�XQ�FDUDFWHU�GH�UH]HUY �úL�SRW�IL�DVLPLODWH�FDSLWDOXULORU�SURSULL��7RWXúL��SURYL]LRDQHOH�FDUH�QX�DFRSHU �XQ�ULVF�UHDO� úL�YLLWRU��GDU�FRQVWLWXLH�TXDVLUH]HUYH� WUHEXLH�V �VXSRUWH�XOWHULRU�XQ�LPSR]LW��9RU�IL� UHLQWHJUDWH� vQ�PDVD�beneficiului impozabil provizioanele constituite în exces în raport cu riscurile efective. Întreprinderea va VXSRUWD�R�GDWRULH�ILVFDO ��'DU�VFDGHQ D�DFHVWHLD�YD�IL�vQ�WRDWH�FD]XULOH�SHVWH�XQ�DQ��6H�SRDWH�GHFL�FRQVLGHUD�F �SURYL]LRDQHOH� FDUH� QX� DFRSHU � VWULFW� ULVFXUL� UHDOH� úL� YLLWRDUH� �úL� QX� VXQW� GHFL� GHVWLQDWH� D� IL� FRQVXPDWH� SH�WHUPHQ�VFXUW��SRW�IL�WUDWDWH�GUHSW�FDSLWDOXUL�SHUPDQHQWH��'DF �DFHVWH�SULQFLSLL�SRW�IDFH�RELHFWXO�XQRU�VLPSOH�UHFRPDQG UL��DSOLFDUHD�ORU�ULGLF �SURbleme delicDWH�GH�DSUHFLHUH�SHQWUX�DQDOLVWXO�ILQDQFLDU��FDUH�WUHEXLH�V -úL�SXQ �XUP WRDUHOH�vQWUHE UL��

-� 3URYL]LRDQHOH� VXQW� VXILFLHQWH� "� ,DX� vQ� FDOFXO� WRDWH� ULVFXULOH� "� 'DF � U VSXQVXO� OD� DFHVWH� GRX �vQWUHE UL�HVWH�QHJDWLY��FRQWXULOH� vQWUHSULQGHULL�GDX�R�HVWLPDUH�SUHD�RSWLPLVW �SDWULPRQLXOXL�úL�UH]XOWDWHORU�úL�WUHEXLH�GHFL�V �ILH�FRUHFWDWH�

-�3URYL]LRDQHOH�QX�VXQW�VXSUDHYDOXDWH�vQ�UDSRUW�FX�ULVFXULOH�UHDOH�úL�YLLWRDUH�SHQWUX�vQWUHSULQGHUH�"�ÌQ�DFHVW� FD]�R�SDUWH�GLQ�DFHVWH�SURYL]LRDQH�SUH]LQW �XQ�FDUDFWHU�GH� UH]HUY � úL�SRW� IL� FRQVLGHUDWH� FD�R� UHVXUV �SHUPDQHQW ��$FHVWHD� vQJOREHD] � GHFL�� SH� GH� R� SDUWH� GDWRULL� ILVFDOH� ODWHQWH� �GDWH� GH� LPSR]LWDUHD� YLLWRDUH� D�UHOX ULORU�DVXSUD�SURYL]LRDQHORU��VL��SH�GH�DOW �SDUWH��R�UH]HUY �ODWHQW ��P ULPHD�GXS �LPSR]LWDUH�D�H[Fesului de provizioane).

) � *�+�,�+ H�+ = ��@���9:���������� � 3 /;� ��>"� 3�� �"������ ���

ÌQ�SUDFWLF �DQDOLVWXO�ILQDQFLDU�GLQ�DIDUD� vQWUHSULQGHULL�SRDWH� vQWkPSLQD�GLILFXOW L� vQ� WUDWDUHD� vQWU-un PRG�H[DFW�D�DQVDPEOXOXL�SURYL]LRDQHORU�úL�WUHEXLH�V �DGRSWH�VROX LL�FDUH-L�VXQW�DFFHVLELOH��FKLDU�GDF �HOH�VXQW�aproximative sau simpliste. 2�VROX LH�GHVHRUL�SUDFWLFDW �FRQVW �vQ�D�DSOLFD�vQWU-XQ�PRG�UDGLFDO�SULQFLSLXO�SUXGHQ HL�úL�D�FRQVLGHUD�F �WRDWH�SURYL]LRDQHOH�DFRSHU �ULVFXUL�UHDOH�úL�YLLWRDUH�úL�VXQW�vQJOREDWH�vQ�GDWRULL�SH�WHUPHQ�VFXUW� 2� D� GRXD� VROX LH�� PDL� VDWLVI F WRDUH�� SRUQHúWH� GH� OD� REVHUYD LD� F � PDMRULWDWHD� vQWUHSULQGHULORU�UHFRQVWLWXLH�GH�OD�XQ�DQ�OD�DOWXO�R�P ULPH�FUHVF WRDUH�D�SURYL]LRDQHORU��$FHDVW �FUHúWHUH�DSDUH�FD�R�UHVXUV �SHUPDQHQW ��FKLDU�GDF �GLIHULWH�FRPSRQente ale sale sunt destinate a fi conservate pe termen scurt.

Page 9: FR NFR TN

O a treia VROX LH�HVWH�XQD�LQWHUPHGLDU ��(D�FRQVW �vQ�D�DGRSWD�R�FKHLH�GH�UHSDUWL]DUH�DSULRULF ��R�SDUWH�D� SURYL]LRDQHORU� ILLQG� DVLPLODELOH� UHVXUVHORU� SHUPDQHQWH� �GH� H[HPSOX����� VDX� ������ FHDODOW � SDUWH� ILLQG�DVLPLODELO �UHVXUVHORU�SH�WHUPHQ�VFXUW��$FHDVW �VROX LH�SUH]LQW �XQ�FDUDFWHU�DUELWUDU� 6XEYHQ LLOH�SHQWUX�HFKLSDPHQWH�SRW�IL�vQ�JHQHUDO�FRQVLGHUDWH�FDSLWDOXUL�SHUPDQHQWH��7UHEXLH�WRWXúL�V �REVHUY P� F � OHJLVOD LD�XQRU� UL� OH� VXSXQH� OD� LPSR]LW� vQVFULLQGX-le în contul de rezultate ca venituri, prin WUDQúH� VXFFHVLYH�� $FHVWH� VXEYHQ LL� FRPSRUW � GHFL� GDWRULL� ILVFDOH� ODWHQWH� D� F URU� VFDGHQ � YD� LQWHUYHQL� SH�WHUPHQ�PHGLX�úL�OXQJ� 3HQWUX� FDOFXOXO� )51�� VH� SRDWH� vQJORED� DQVDPEOXO� DFHVWRU� VXEYHQ LL� vQ� FDSLWDOXULOH� SHUPDQHQWH��3HQWUX� FDOFXOXO� )53�� vQ� VFKLPE�� QXPDL� SDUWHD� FRUHVSXQ] WRDUH� UH]HUYHORU� ODWHQWH� WUHEXLH� V � ILH� LQFOXV � vQ�FDSLWDOXULOH�SURSULL��3DUWHD�FRUHVSXQ] WRDUH�GDWRULLORU�ILVFDOH�WUHEXLH�V �ILH�H[FOXV �

4.2.1.3. Fondul de rulment împrumutat Aceast �P ULPH�VH�FDOFXOHD] �FD�GLIHUHQ � între fondul de rulment neW�VDX�SHUPDQHQW�úL�IRQGXO�GH�rulment propriu.

FRÎ = FRN - FRP Fondul de rulment îPSUXPXWDW�H[SULP �P ULPHD�UHVXUVHORU�împrumutate pe termen lung, destinate V �ILQDQ H]H�DFWLYHOH�SH�WHUPHQ�VFXUW��FLUFXODQWH�� 4.2.2. Interpretarea fondului de rulment

4.2.2.1. Interpretarea fondului de rulment net

)51�DUH�GRX �H[SULP UL�HFKLYDOHQWH�FDUH�SHUPLW�V �VH�GHILQHDVF �DFHDVW �QR LXQH�GLQ�GRX �XQJKLXUL�distincte. D��&RPSDUD LD�vQWUH�FDSLWDOXULOH�SHUPDQHQWH�úL�DFWLYHOH�LPRELOL]DWH��'XS �R�SULP �IRUmulare, FRN este definit astfel:

FRN = Capitaluri permanente - Active imobilizate $FHDVW �IRUPXODUH�SXQH�DFFHQWXO�SH�FRPSDUD LD�vQWUH�FDSLWDOXULOH�SHUPDQHQWH�úL�DFWLYHOH�LPRELOL]DWH�DúD�FXP�VXJHUHD] �VFKHPD�XUP WRDUH�vQWRFPLW �FX�GDWHOH�FLIULFH�XWLOL]DWH�PDL�vQDLQWH�

Active imobilizate Capitaluri 30 000 000 permanente

FRN = + 5 000 000 35 000 000

'LQ� DFHDVW � SHUVSHFWLY �� )51� FRUHVSXQGH� H[FHGHQWXOXL� FDSLWDOXULORU� SHUPDQHQWH� DVXSUD� DFWLYHORU�LPRELOL]DWH��&RPSDUD LD�vQWUH�FHOH�GRX �P ULPL�FRUHVSXQGH�XQHLD�GLQ�XUP WRDUHOH�WUHL�VLWXD LL� (1) Capitaluri permanente > Active imobilizate FRN > 0�

'DF �)51�H�SR]LWLY��FDSLWDOXULOH�SHUPDQHQWH�SHUPLW�V �VH�ILQDQ H]H�LQWHJUDO�DFWLYHOH�LPRELOL]DWH�úL�R�SDUWH�GLQ�DFWLYHOH�FLUFXODQWH��DúD�FXP�VXJHUHD] �VFKHPD�XUP WRDUH��

Active circulante

)51�FRUHVSXQGH�P ULPLL�FDSLWDOXULORU�SHUPDQHQWH�FDUH�SHUPLWH�V �VH�ILQDQ H]H�DFWLYHOH�FLUFXODQWH��GXS �ILQDQ DUHD�vQ�WRWDOLWDWH�D�LPRELOL] ULORU�

0<FRN eimobilizat Active< permanente Capitaluri ⇔ (2) 'DF � )51� H�QHJDWLY�� FDSLWDOXULOH� SHUPDQHQWH� QX� UHSUH]LQW � R� VXP � VXILFLHQW � SHQWUX� D� ILQDQ D� LQWHJUDO� LPRELOL] ULOH��$FHVWHD�WUHEXLH�GHFL�V �ILH�SDU LDO�ILQDQ DWH�SULQ�UHVXrse pe termen scurt.

Active Capitaluri permanente imobilizate 35 000 000 Resurse pe termen 45 000 000 Datorii pe scurt afectate finan

Active imobilizate 30 000 000 Capitaluri

permanente

35 000 000

Resurse stabile afectate finantarii imobilizarilor

Resurse stabile afectate � � ���� rii activelor circulante

Page 10: FR NFR TN

Active circulante termen scurt ��� ULL�LPRELOL] ULORU 35 000 000 45 000 000

0=FRN eimobilizat Active= permanente Capitaluri ⇔ (3)

$FHDVW � D� WUHLD� VLWXD LH�� SX LQ� SUREDELO �� H[SULP � R� DUPRQL]DUH� WRWDO � D� VWUXFWXULL� UHsurselor cu utilizarea acestora.

E��&RPSDUD LD�vQWUH�DFWLYHOH�FLUFXODQWH�úL�GDWRULLOH�SH�WHUPHQ�VFXUW��'XS �R�D�GRXD�IRUPXODUH��)51�SRDWH�IL�GHILQLW�SULQ�H[SUHVLD�XUP WRDUH�

FRN = Active circulante - Datorii pe termen scurt $FHDVW �D�GRXD�H[SUHVLH�D�)51��FKLDU�GDF �H�HFKLYDOHQW �FX�SULPD��DWUDJH�DWHQ LD�DVXSUD�FRPSDUD LHL�vQWUH�S U LOH�GH� MRV�DOH�ELODQ XOXL��'LQ�DFHDVW �SHUVSHFWLY ��)51�FRUHVSXQGH�H[FHGHQWXOXL�DFWLYHORU�FLUFXODQWH��DFHOHD�FDUH�VXQW�FHOH�PDL�OLFKLGH��DGLF �WUDQVIRUPDELOH�vQ�EDQL�vQ�PDL�SX LQ�GH�XQ�DQ��DVXSUD�GDWRULLORU�SH�WHUPHQ�VFXUW�(acelea care sunt cele mai exigibile, DGLF � DFHOHD� FDUH� WUHEXLH� V � ILH� UDPEXUVDWH� vQ� PDL� SX LQ� GH� XQ� DQ���&RPSDUD LLOH�SRVLELOH�FRUHVSXQG�XUP WRDUHORU�WUHL�VLWXD LL�

Active circulante = Datorii pe termen scurt

(1) ⇔ Capitaluri permanente = Active imobilizate

⇔ FRN = 0

ÌQ�DFHDVW �SULP �LSRWH] ��IRDUWH�SX LQ�SUREDELO ��DFWLYHOH�FLUFXODQWH�VXQW�DFRSHrite strict de datoriile pe termen scurt.

Active circulante > Datorii pe termen scurt

(2) ⇔ Capitaluri permanente > Active imobilizate

⇔ FRN > 0

$FHDVW �D�GRXD�VLWXD LH�VHPQLILF �IDSWXO�F �DFWLYHOH�FLUFXODQWH�SHUPLW�V �VH�VSHUH�vQFDV UL�E QHúWL�SH�WHUPHQ�VFXUW�FDUH�YRU�SHUPLWH��QX�QXPDL�UDPEXUVDUHD�LQWHJUDO �D�GDWRULLORU�H[LJLELOH�SH�WHUPHQ�VFXUW��GDU�úL�V �VH� RE LQ � OLFKLGLW L� H[FHGHQWDUH�� $FHDVW � VLWXD LH� DSDUH� FD� R� VLWXD LH� IDYRUDELO � vQ� FHHD� FH� SULYHúWH�VROYDELOLWDWHD�� SHQWUX� F � VH� VXJHUHD] � F � vQWUHSULQGHUHD� EHQHILFLD] � GH� SHUVSHFWLYH� IDYRUDELOH� vQ� FHHD� FH�SULYHúWe capacitatea sa de rambursare

Active circulante < Datorii pe termen scurt (3) ⇔ Capitaluri permanente < Active imobilizate ⇔ FRN < 0 ÌQ�DFHDVW �D� WUHLD�VLWXD LH�� VXPD�DFWLYHORU�FLUFXODQWH� ODV �V � VH�SUHYDG � vQFDV UL�YLLWRDUH�SH� WHUPHQ�VFXUW�LQVXILFLHQWH�SHQWUX�D�UDPEXUVD�DQVDPEOXO�GDWRULLORU�SH�WHUPHQ�VFXUW��$FHDVW �FRQVWDWDUH�SDUH�OD�R�SULP �DQDOL] �GHIDYRUDELO �SHQWUX�VROYDELOLWDWH��'DU�DSUHFLHUHD�SUHFLV �D�SHUVSHFWLYHORU�VROYDELOLW LL�vQWUHSULQGHULL�FHUH�OXDUHD�vQ�FDOFXO�D�VWUXFWXULL�OD�WHUPHQ�D�DFWLYHORU�FLUFXODQWH�úL�D�GDWRULLORU�Se termen scurt. În fapt, GDF �VFDGHQ D�PHGLH�D�DFWLYHORU�FLUFXODQWH�H�PDL�DSURSLDW �GHFkW�FHD�D�GDWRULLORU�SH�WHUPHQ�VFXUW��HFKLOLEUXO�ILQDQFLDU�SRDWH�IL�DVLJXUDW�FX�XQ�IRQG�GH�UXOPHQW�QHW�IRDUWH�PLF�úL�FKLDU�QHJDWLY��ÌQ�VFKLPE�GDF �DFWLYHOH�FLUFXODQWH�DX�R�VFDGHQ �PHGLH�PDL�vQGHS UWDW �GHFkW�D�GDWRULLORU�SH�WHUPHQ�VFXUW��PHQ LQHUHD�VROYDELOLW LL�FHUH�XQ�IRQG�GH�UXOPHQW�QHW�UHODWLY�ULGLFDW�

Active circulante

50 000 000

Datorii pe termen scurt

45 000 000

FRN = + 5 000 000

Active transformabile in bani in mai

;�in de un an

Datorii de rambursat in mai ;�in de un an

Active imobilizate 30 000 000

Active circulante 50 000 000

Capitaluri permanente 30 000 000

Datorii pe termen scurt 50 000 000

}

Page 11: FR NFR TN

) � *�+�,�+ IFJ � � � �"��� �5�� � ����� ����� �� /� ��� 9:���:�.��� � >��� ���K7������� ����� � � � r asupra aprecierii FRN

În cazul 1, activele circulante foarte lichide, comparativ cu exigibilitatea datoriilor, permit vQWUHSULQGHULL� V -úL� DVLJXUH� HFKLOLEUXO� V X� ILQDQFLDU� SUHYL]LRQDO� úL� FKLDU� DEXQGHQ D� OLFKLGLW LORU� SH� WHUPHQ�scurt (+ 6 000 000) în pofida unui FRN negativ (– 9 000 000).

ÌQ�FD]XO����GDWRULLOH�VXQW��GLQ�FRQWU ��IRDUWH�UDSLG�H[LJLELOH��OD���OXQL��FRPSDUDWLY�FX�DFWLYHOH�FDUH�GHYLQ�OLFKLGH�vQ�PHGLH�SHVWH���OXQL��FHHD�FH�IDFH�FD�HFKLOLEUXO�ILQDQFLDU�V �QX�SRDW �IL�DVLJXUDW�GHFkW�vQWU-un mod mai strâns (+2 000 000), în pofida unui fond de rulment net foarte ridicat (+19 000 000). 6LPLOLWXGLQHD�vQWUH�XQ�)51�QHJDWLY�úL�R�VLWXD LH�GH�LQVROYDELOLWDWH�OD�WHUPHQ�QX�SRDWH�IL�GHFL�VWDELOLW �într-XQ� PRG� VLPSOLVW� FL� QHFHVLW � R� DQDOL] � DWHQW � D� ULWPXOXL� vQ� FDUH� DFWLYHOH� FLUFXODQWH� VH� WUDQVIRUP � vQ�OLFKLGLW L�úL�vQ�FDUH�GDWRULLOH�SH�WHUPHQ�scurt devin scadente. 3HQWUX� FDOFXODUHD� )51�� XWLOL]DUHD� IRUPXOHL� FDUH� SXQH� vQ� HYLGHQ � SDUWHD� GH� VXV� D� ELODQ XOXL��FDSLWDOXUL� SHUPDQHQWH� úL� DFWLYH� LPRELOL]DWH�� VDX�XWLOL]DUHD� IRUPXOHL� FDUH�SXQH� vQ� HYLGHQ �SDUWHD�GH� MRV� D�ELODQ XOXL��DFWLYH�FLUFXODQWH�úL�GDWRULL�SH�WHUPHQ�VFXUW��QX�SUH]LQW �LPSRUWDQ ��HOH�ILLQG�HFKLYDOHQWH� ÌQ�LQWHUSUHWDUHD�)51��FHOH�GRX �IRUPXOH�XWLOL]DWH�DWUDJ�vQ�VFKLPE�DWHQ LD�DVXSUD�XQRU�DVSHFWH�GLIHULWH�úL�FRPSOHPHQWDUH�DOH�DFHVWHL�QR LXQL� )RUPXOD�FDUH�XWLOL]HD] �SDUWHD�GH�MRV�D�ELODQ XOXL�SUH]LQW �LQWHUHV�SHQWUX�F �SXQH�vQ�WHUPHQL�IRDUWH�FRQFUH L� SUREOHPD� VROYDELOLW LL� YLLWRDUH� D� vQWUHSULQGHULL�� ÌQWUXFkW� HD� SHUPLWH� FRQIUXQWDUHD� GLUHFW � D�OLFKLGLW LORU� SUHYL]LELOH� SH� WHUPHQ� VFXUW� �DFWLYHle circulante) cu rambXUV ULOH� LPSHUDWLYH� DYkQG� VFDGHQ D�DSURSLDW � �GDWRULL� SH� WHUPHQ� VFXUW��� DFHDVW � IRUPXODUH� D� )51� SXQH� SH� SULPXO� SODQ� SUREOHPD� FDSDFLW LL�vQWUHSULQGHULL� GH� D� IDFH� ID � GDWRULLORU� VDOH�� 'LQ� DFHDVW � SHUVSHFWLY �� VHPQLILFD LD� )51� FD� H[FHGHQW� GH�OLFKLGLW L�SRWHQ LDOH��DSDUH�FD�R�PDUM �GH�VHFXULWDWH�SHQWUX�vQWUHSULQGHUH�

)RUPXODUHD�SH�ED]D�S U LL�GH�VXV�D�ELODQ XOXL�SUH]LQW �LQWHUHV�SHQWUX�F �VXEOLQLD] �LQIOXHQ D�VWUXFWXULL�ILQDQ ULL�DVXSUD constituirii FRN. Un FRN� SR]LWLY� DUDW � F � VXUVHOH� GH� ILQDQ DUH� DOH� întreprinderii cuprind suficiente resurse stabile SHQWUX�D�ILQDQ D�vQ�DFHODúL�WLPS�LQWHJUDOLWDWHD�LPRELOL] ULORU�úL�R�IUDF LXQH�GLQ�DFWLYHOH�FLUFXODQWH�

Elemente relative la

bilant

Scadenta medie

FRN

Flux monetar previzibil la 2

luni

Sold monetar la 2 luni

Cazul 1 Cazul 2

AC 36 000 000

DTS 32 000 000

DTS

45 000 000

AC

51 000 000

2 luni 3 luni 3 luni 2 luni

FRN=36000000-45000000 = -9000000 FRN=51000000-32000000= +19000000 Incasari prin

transformarea in bani a activelor

circulante + 36 000 000

Cheltuieli pentru plata a 2/3 din datoriile pe

termen scurt - 30 000 000

Incasari prin transformarea in

bani a 2/3 din activele circulante

+ 34 000 000

Cheltuieli pentru plata datoriilor pe termen

scurt - 32 000 000

∆ = + 6 000 000 ∆ = + 2 000 000

Page 12: FR NFR TN

Invers, un FRN negativ semnifiF �IDSWXO�F �vQWUHSULQGHUHD�YL]HD] �ILQDQ DUHD�XQHL�S U L�D�LQYHVWL LLORU�sale prin resurse pe termen scurt.

'HFL��)51�SHUPLWH�V �VH�FXQRDVF �VWUXFWXUD�ILQDQFLDU �JOREDO �D�ELODQ XOXL�

8Q�)51�SR]LWLY�VHPQLILF �IDSWXO�F �vQWUHSULQGHUHD�DUH�FDSLWDOXUL�SHUPDQHQWH�vQWU-R�VXP �GHVWXO�GH�ULGLFDW �SHQWUX�D�SXWHD�ILQDQ D�LQWHJUDO�LPRELOL] ULOH�VDOH�úL�DUH�OLFKLGLW L�H[FHGHQWDUH�FDUH-L�SHUPLW�V �IDF �ID �ULVFXULORU�GLYHUVH�SH�WHUPHQ�VFXUW�

8Q�)51�QHJDWLY� VHPQLILF ��GLQ�FRQWU �� IDSWXO�F � vQWUHSULQGHUHD�D�DIHFWDW�GDWRULLOH�SH� WHUPHQ�VFXUW�ILQDQ ULL�XQHL�S U L� D� LQYHVWL LLORU� vQ� LPRELOL] UL��(D�QX�GLVSXQH�GH�R�PDUM �GH�VHFXULWDWH�SH� WHUPHQ�VFXUW��UHSUH]HQWDW �GH�DFWLYH�OLFKLGH�H[FHGHQWDUH��'DU�HFKLOLEUXO�ILQDQFLDU�SRDWH�IL�WRWXúL�PHQ LQXW�vQ�DFHVW�FD]��FX�FRQGL LD�FD�DFWLYHOH�FLUFXODQWH�V �ILH�IRDUWH�OLFKLGH�úL�VDX�FD�GDWRULLOH�SH�WHUPHQ�VFXUW�V �ILH�SX LQ�H[LJLELOH�

4.2.2.2. Interpretarea fondului de rulment propriu

)RQGXO�GH�UXOPHQW�SURSULX�SUH]LQW �R�VHPQLILFD LH�PXOW�PDL�OLPLWDW �GHFkW�)51��5HIOHFW �WRWXúL�XQ�DVSHFW� LPSRUWDQW�DO�VLWXD LHL�ILQDQFLDUH�SHQWUX�F �H[SULP �DXWRQRPLD�SH�FDUH�vQWUHSULQGHUHD�R�GRYHGHúWH� vQ�ILQDQ DUHD�LQYHVWL LLORU�vQ�LPRELOL] UL�

8Q� IRQG� GH� UXOPHQW� SURSULX� SR]LWLY� VHPQLILF � IDSWXO� F � LPRELOL] ULOH� VXQW� LQWHJUDO� ILQDQWD H� GLQ�UHVXUVH�SURSULL��GHFL�H[LVW �DXWRQRmie.

FRP > 0 Capitaluri proprii > Active imobilizate⇔

Un fond de rulmeQW�SURSULX�QHJDWLY�VHPQLILF �IDSWXO�F �LPRELOL] ULOH�QX�VXQW�ILQDQ DWH�GHFkW�SDU LDO�GLQ�UHVXUVH�SURSULL��ÌQWUHSULQGHUHD�WUHEXLH�V �IDF �DSHO�OD�vQGDWRUDUH�SHQWUX�D�ILQDQ D�R�SDUWH�GLQ�LPRELOL] ULOH�sale.

FRP < 0 Active imobilizate > Capitaluri proprii⇔

Page 13: FR NFR TN

STUDIU DE CAZ

CALCULAREA ùI INTERPRETAREA FONDULUI DE RULMENT

6RFLHWDWHD�FRPHUFLDO �$/)$-6�$��%8&85(ù7,�SUH]LQW �XUP WRUXO�ELODQ �OD����GHFHPEULH�DQXO�1��vQDLQWHD�UHSDUWL] ULL�SURILWXOXL��Yalorile sunt în mii lei):

ACTIV PASIV Imobiliz UL�FRUSRUDOH���������������� Capital social 1 328 425 Active circulante 2 292 759 Alte fonduri proprii 360 794 - stocuri 1 656 043 Datorii pe termen scurt 1 195 087 -�FUHDQ H���������� 405 018 Profit net 1 050 613 -�GLVSRQLELOLW L��������� Total activ 3 934 919 Total pasiv 3 934 919

&RQGXF WRULL� VRFLHW LL��FDUH�VXQW� úL�SULQFLSDOLL� V L�DF LRQDUL�DX�SUHY ]XW�V repartizeze profitul net astfel:

– 45% reprezentând 472 776 mii OHL�VXE�IRUP �GH�GLYLGHQGH� – 45% reprezentând 472 776 mii lei pentru dezvoltarea întreprinderii; –����UHSUH]HQWkQG��������PLL�OHL�SHQWUX�SDUWLFLSDUHD�VDODULD LORU�OD profit.

$FHVWH�LQIRUPD LL�SHUPLW�V �VH�SURFHGH]H�OD�UHSDUWL]DUHD�SURILWXOXL�QHW�úL�DSRL�V �VH�SUH]LQWH�ELODQ XO�îQWUHSULQGHULL�GXS �UHSDUWL]DUHD�DFHVWXLD�

a) Repartizarea rezultatului��5H]XOWDWXO�vQWUHSULQGHULL�SRDWH�DYHD�XUP WRDUHOH�GHVWLQD LL�

1) O prLP �SDUWH�SRDWH� IL�GLVWULEXLW � VXE� IRUP �GH�GLYLGHQGH�D� F URU�Y UVDUH� F WUH� DF LRQDUL� VH�Ya IDFH��GH�UHJXO ��GXS �FkWHYD�OXQL�GH�OD�vQFKLGHUHD�H[HUFL LXOXL�ILQDQFLDU��6XPD�FRUHVSXQ] WRDUH�GLYLGHQGHORU�FRQVWLWXLH�GHFL�R�GDWRULH�SH�WHUPHQ�VFXUW�OD�GDWD�vQFKLGHULL�ELODQ XOXL��

���2� D� GRXD� SDUWH� SRDWH� IL�PHQWLQX � OD� GLVSR]L LD� vQWUHSULQGHULL� I U � OLPLW � GH� GXUDW � SHQWUX� D� VH�ILQDQ D� RSHUD LLOH� YLLWRDUH�� 6H� DOLPHQWHD] � IRQGXO� GH� GH]YROWDUH� úL� GHFL� VH� SRDWH� DVLPLOD� FX� R� FUHúWHUH� D�capitalurilor proprii. 3) O a WUHLD� SDUWH� SRDWH� V � QX� IDF � RELHFWXO� XQHL� UHSDUWL] UL� GHILQLWLYH� VXE� IRUP � GH� GLYLGHQGH��Y UVDWH� DF LRQDULORU��� VDX� VXE� IRUP �GH� IRQGXUL�SURSULL� �S VWUDWH�GH� vQWUHSULQGHUH���SHQWUX�F � VRFLHWDWHD� úL�DF LRQDULL�V L�GRUHVF�V �PDL�DúWHSWH�vQDLQWH�GH�D�OXD�R�GHFL]LH�vQ�DFHVW�VHQV��ÌQ�DúWHSWDUHD�DFHVWHL�GHFL]LL��FDUH�SRDWH� IL� GLIHULW � GH� OD� DQ� OD� DQ�� VXPD� FRUHVSXQ] WRDUH� H� UHSRUWDW � vQ� DQXO� XUP WRU�� &UHVF� vQ� DFHVW� IHO�FDSLWDOXULOH�SURSULL��GDU��FKLDU�GDF �UHSUH]LQW �R�UHVXUV �VWDELO ��DFHDVW �UHSRUWDUH�vQ�DQXO�XUP WRU�D�XQHL�S U L�din beneficiu, nu apare ca IRQGXUL�SH�GXUDW �QHGHWHUPLQDW ��DúD�FXP�HVWH�VLWXD LD�FDSLWDOXOXL�VRFLDO�úL�D�DOWRU�fonduri proprii. La întreprinderea ALFA - S.A. s-DX�DYXW�vQ�YHGHUH��SHQWUX�UHSDUWL]DUHD�SURILWXOXL��GRDU�SULPHOH�GRX �GHVWLQD LL� 6H� SRDWH� UH]XPD� HIHFWXO� UHSDUWL] ULL� SURILWXOXL� SULQ� SUH]HQWDUHD� S U LL� GH� SDVLY� D� ELODQ XOXL� GXS �repartizarea acestuia:

3DVLYXO�ELODQ XOXL�GXS �UHSDUWL]DUHD�UH]XOWDWXOXL

Capital social 1 328 425

Alte fonduri proprii 833 570

Datorii pe termen scurt 1 772 924

Total pasiv 3 934 919

Page 14: FR NFR TN

Se obVHUY �F �IRQGXULOH�SURSULL�VXQW�PDMRUDWH�FX�VXPD�UHSDUWL]DW �SHQWUX�IRQGXO�GH�GH]YROWDUH�� LDU�GDWRULLOH� SH� WHUPHQ� VFXUW� VXQW� PDMRUDWH� FX� GLYLGHQGHOH� FH� WUHEXLHVF� SO WLWH� DF LRQDULORU� úL� FX� IRQGXO� GH�SDUWLFLSDUH�OD�SURILW�FH�WUHEXLH�SO WLW�VDODULD LORU�

b)�3UH]HQWDUHD�ELODQ XOXL�GXS �UHSDUWL]DUHD�SURILWXOXL�

Activ Pasiv

,PRELOL] UL�FRUSRUDOH���������������� Capital social 1 328 425

- mijloace fixe 1556485 Alte fonduri proprii 833 570

- terenuri 85675

Active circulante 2 292 759 Datorii pe termen scurt 1 772 924

- stocuri 1656043

-�FUHDQ H��������� 405018

-�GLVSRQLELOLW L���������

Total activ 3 934 919 Total pasiv 3 934 919 c) Calcularea fondului de rulment net.

Capitaluri permanente - 2161995 - Active imobilizate 1642160 ------------------------------------------------------------------------------------- = FRN 519835 sau Active circulante - 2292759 - Datorii pe termen scurt 1772924 ------------------------------------------------------------------------------------ = FRN 519835

Observ P� F � vQWUHSULQGHUHD� $/)$-6�$�� SUH]LQW � R� VWUXFWXU � ILQDQFLDU � FDUH� HYLGHQ LD] � XQ� )51�pozitiv.

5H]XOW �F �)51�UHSUH]LQW �FLUFD�������GLQ�WRWDOXO�ELODQ XOXL��(VWH�RE LQXW�SULQ�DIHFWDUHD�D��������PLL� OHL� �DGLF � ������GLQ� ELODQ �� UHVXUVH� VWDELOH� ILQDQ ULL� DFWLYHORU� FLUFXODQWH��$úD� VH� H[SOLF � FRQVWLWXLUHD�unui excedent al activelor circulante lichide pe termen scurt, asupra datoriilor pe termen scurt, exigibile la o VFDGHQ �DSURSLDW �

Page 15: FR NFR TN

�����5(/$ ,$�)81'$0(17$/ �$�75(=25(5,(,

5HOD LD� WUH]RUHULHL� SHUPLWH� DSURIXQGDUHD� FRQVWDW ULORU� IXUQL]DWH� GH� )51� SULQ� GRX � QR LXQL� GHILQLWH� GH�HOHPHQWH�SH�WHUPHQ�VFXUW�DOH�ELODQ XOXL��$FHVWH�QR LXQL�VXQW��QHYRLD�GH�IRQG�GH�UXOPHQW��1)5��úL�WUH]RUHULD��7�.

�������1HYRLD�GH�IRQG�GH�UXOPHQW�úL�WUH]RUHULD�vQWUHprinderii

���������1R LXQHD�GH�QHYRLH�GH�IRQG�GH�UXOPHQW��1)5�

a) Ciclul de exploatare��ÌQ�FDGUXO�DFWLYLW LORU�VDOH�FXUHQWH��R�vQWUHSULQGHUH�HIHFWXHD] �RSHUD LXQL�UHSHWLWLve a F URU�UHOXDUH�H�GHILQLW �SULQ�QR LXQHD�GH�FLFOX�GH�H[SORDWDUH� Pentru o întrepULQGHUH� FX� DFWLYLWDWH� GH� SURGXF LH�� DFHVW� FLFOX� GH� H[SORDWDUH� FRPSRUW � WUHL� HWDSH�IXQGDPHQWDOH�FDUH�VH�GHUXOHD] �GH�ILHFDUH�GDW �FkQG�vQWUHSULQGHUHD�ODQVHD] �vQ�SURGXF LH�R�QRX �FRPDQG �

3HQWUX�R� vQWUHSULQGHUH�FX�DFWLYLWDWH�GH�FRPHU �� FDUH� DFKL]L LR-QHD] �P UIXUL�SHQWUX�D� OH� UHYLQGH�FD�DWDUH��I U �D�OH�WUDQVIRUPD��FLFOXO�FRPSRUW �GRX �HWDSH�IXQGDPHQWDOH�

b) Nevoia de fond de rulment�� 2SHUD LLOH� GH� H[SORDWDUH� DQWUHQHD] � IRUPDUHD� QHYRLL� GH� ILQDQ DUH� FDUH�FRQGXFH�OD�FRQVWLWXLUHD�PLMORDFHORU�GH�ILQDQ DUH��&RQIUXQWDUHD�JOREDO �D�DFHVWRU�QHYRL�úL�D�DFHVWRU�PLMORDFH�GH� ILQDQ DUH� IDFH�V � VH�GHJDMH�R�QHYRLH�GH� ILQDQ DUH� LQGXV �GH�FLFOXO�GH�Hxploatare sau nevoie de fond de rulment. 1HYRLOH� GH� ILQDQ DUH� GHWHUPLQDWH� GH� FLFOXO� GH� H[SORDWDUH�� VDX� XWLOL] ULOH� FLFOLFH�� FRUHVSXQG�DYDQV ULORU�GH�IRQGXUL�SH�FDUH� vQWUHSULQGHUHD�H�FRQVWUkQV �V � OH�DIHFWH]H�SHQWUX�FRQVWLWXLUHD�VWRFXULORU�VDOH��PDWHULL� SULPH� úL�PDWHULDOH�� SURGXF LH� vQ� FXUV�GH� IDEULFD LH��SURGXVH� ILQLWH� vQ�GHSR]LW� úL� DOWHOH�� úL�SHQWUX�D�DFRUGD�WHUPHQH�GH�SODW �SDUWHQHULORU�V L�FRPHUFLDOL��FOLHQ LORU���F URUD�OH-a livrat produse finite, le-a executat OXFU UL� sau le-a prestat servicii. ÌQ�OHJ WXU �FX�VWRFXULOH��vQWUHSULQGHUHD�WUHEXLH�V �DFKL]L LRQH]H�P UIXUL�SHQWUX�D�OH�SXQH�OD�GLVSR]L LD�FOLHQ LORU�V L��GDF �H[HUFLW �R�DFWLYLWDWH�GH�GLVWULEXLUH��GH�FRPHU ��'DF �H[HUFLW �R�DFWLYLWDWH�GH�SUR-GXF LH��HD�WUHEXLH� V � DFKL]L LRQH]H� PDWHULL� SULPH�� VHPLIDEULFDWH� produse finite. În toate cazurile întreprinderea HIHFWXHD] �R�DYDQVDUH�GH�IRQGXUL��FRQVXP �OLFKLGLW L�SHQWUX�D-úL�FRQVWLWXL�VWRFXUL��H�FRQIUXQWDW �FX�R�QHYRLH�GH�ILQDQ DUH�D�VWRFXULORU� 'H� DVHPHQHD�� GDF � DFRUG � WHUPHQH� GH� SODW � GLIHUL LORU� V L� SDUWHQHUL� FRPHUFLDOL� �FOLHQ LORU���vQWUHSULQGHUHD�DFXPXOHD] �FUHDQ H� Acestea constituie un�YHQLW�YLLWRU�FHUW��GDU�PRPHQWDQ�HOH�UHSUH]LQW �R�vQJKH DUH�D�OLFKLGLW LORU�FDUH�YRU�UHYHQL�vQ�FDVLHULD�vQWUHSULQGHULL�GRDU�SHVWH�PDL�PXOWH�V SW PkQL�VDX�OXQL��$FHDVW �DFXPXODUH�GH�FUHDQ H�VXVFLW ��GH�DVHPHQHD��OLFKLGLW L�úL�GHFL�R�QHYRLH�GH�ILQDQ DUH�SHntru întreprindere. ÌQ� VFKLPE�� DFWLYLWDWHD� vQWUHSULQGHULL� SURGXFH� PLMORDFH� GH� ILQDQ DUH� OHJDWH� GH� FLFOXO� GH�H[SORDWDUH�� QXPLWH� UHVXUVH� FLFOLFH�� GH� ILHFDUH� GDW � FkQG� vQWUHSULQGHUHD� RE LQH� GH� OD� IXUQL]RULL� V L�WHUPHQH� GH� SODW �� $FHVWH� WHUPHQH� FRQVWLWXLH� DQJDMDPHQWH� SHQWUX� vQWUHSULQGHUH�� 'DU� HOH� SHUPLW�vQWUHSULQGHULL� V � EHQHILFLH]H� GH� DSRUWXO� SDUWHQHULORU� V L� I U � D� IDFH� SO L� LPHGLDWH� úL� DSDU� FD� VXUVH� GH�

Page 16: FR NFR TN

fonduri sau ca mijloace� GH� ILQDQ DUH�� 6XQW� GH� DVHPHQHD� UHVXUVH� FLFOLFH� GDWRULLOH� ID � GH� VWDW�� ID � GH�VDODULD L�úL�ID �GH�DF LRQDUL� &UHGLWXO�DFRUGDW�GH�IXUQL]RUL�DSDUH�FD�IRUP �UHSUH]HQWDWLY �D�UHVXUVHORU�FLFOLFH� 6H�SRDWH�IRUPXOD�QHYRLD�GH�ILQDQ DUH��LQGXV �GH�FLFOXO�GH�H[SORDWDUH��VDX�QHYRLD�GH�IRQG�GH�UXOPHQW�NFR:

$FHDVW �1)5�HVWH�GHWHUPLQDW �SULQ� OXDUHD� vQ� FDOFXO� D� HOHPHQWHORU�SH� WHUPHQ� VFXUW� DOH�DFWLYXOXL� úL�SDVLYXOXL�� 'HúL� ILHFDUH� GLQWUH� DFHVWH� HOHPHQWH� U PkQH� vQ� vQWUHSULQGHUH� R� SHULRDG � VFXUW � GH� WLPS�� HOH� VH�reînnRLHVF� SHUPDQHQW�� $VWIHO�� XQ� ORW� GH� P UIXUL� FDUH� LQWU � vQ� VWRFXO� GH� P UIXUL� DO� XQHL� vQWUHSULQGHUL� GH�GLVWULEX LH��SRDWH�IL�FRQVLGHUDW�FD�R�XWLOL]DUH�SH�WHUPHQ�VFXUW��'DU�VWRFXO��vQ�DQVDPEOXO�V X��IDFH�RELHFWXO�XQHL�UHvQQRLUL�SHUPDQHQWH��ÌQ�FRQVHFLQ ��UHvQQRLUHD�XWLOL] ULORU�úL�D�UHVXUVHORU�FLFOLFH�FRQIHU �1)5�FDUDFWHUXO�XQHL�QHYRL�GH�ILQDQ DUH�SHUPDQHQW ��GXUDELO ��FKLDU�GDF �ILHFDUH�GLQ�FRPSRQHQWHOH�VDOH�DSDUH�OD�SULPD�YHGHUH�FD�un element pe termen scurt al bLODQ Xlui.

c) Nevoia de fond de rulment pentru H[SORDWDUH�úL�QHYRLD�GH�IRQG�GH�UXOPHQW�vQ�DIDUD�H[SORDW ULL. În GHILQLUHD� GH�PDL� vQDLQWH��1)5� H� GHWHUPLQDW � SRUQLQG�GH� OD� FRPSDUD LD� vQWUH� �XWLOL] UL� FLFOLFH�� úL� �UHVXUVH�FLFOLFH���2�DQDOL] �PDL�DSURIXQGDW �FRQGXFH�OD�LGHQWLILFDUHD�HOHPHQWHORU�VWULFW�OHJDWH�GH�H[SORDWDUH�úL�D�FHORU�care nu sunt legate de exploatare. (OHPHQWHOH�VWULFW� OHJDWH�GH�H[SORDWDUH�FRUHVSXQG�P ULPLL�DFWLYHORU�úL�SDVLYHORU�SXVH�vQ�PLúFDUH�GH�RSHUD LLOH� GH� DSURYL]LRQDUH�� GH� SURGXF LH� úL� GH� YkQ]DUH�� ÌQ� DFWLY�� DFHVWH� P ULPL� vQJOREHD] � vn principal, VWRFXULOH�� FUHDQ HOH� DVXSUD� FOLHQ LORU� úL� DYDQVXULOH� Y UVDWH� GH� vQWUHSULQGHUH� FX� RFD]LD� XQRU� FRPHQ]L� I FXWH�IXUQL]RULORU��$FHVWH� HOHPHQWH� FRQVWLWXLH�XWLOL] UL�GH�H[SORDWDUH� VDX�XWLOL] UL� FLFOLFH� vQ� VHQV� VWULFW�� ÌQ�SDVLY��DFHVWH�HOHPHQWH�vQJOREHD] �vQ�SULQFLSDO��GDWRULL�FRQWUDFWDWH�GH�vQWUHSULQGHUH�ID �GH�IXUQL]RULL�V L��úL�DQXPL L�FOLHQ L� FDUH� DX� DFRUGDW� DYDQVXUL� SHQWUX� FRPHQ]LOH� ORU� vQ� FXUV�� $FHVWH� HOHPHQWH� FRQVWLWXLH� UHVXUVH� de exploatare sau resurse ciclice în sens strict. Se poate formula astfel, nevoia de fond de rulment pentru exploatare (NFRE).

NFRE� �8WLOL] UL�SHQWUX�H[SORDWDUH�– Resurse din exploatare (OHPHQWHOH�PDL�SX LQ�OHJDWH�GH�H[SORDWDUH�FRUHVSXQG�FRPSR-QHQWHORU�DFWLYXOXL�úL�SDVLYXOXL�FDUH�VXQW�LQIOXHQ DWH�GH�DFWLYLWDWHD�FXUHQW �D�vQWUHSULQGHULL��I U �D�IL�VWULFW�vQVFULVH�vQ�FLFOXO�GH�H[SORDWDUH��(VWH�FD]XO��vQ�DFWLY�GH�H[HPSOX��DO�SRVWXULORU�GH�GHELWRUL�GLYHUúL��DVXSUD�F URUD�vQWUHSULQGHUHD�D�GREkQGLW�FUHDQ H�FX�RFD]LD�RSHUD LXQLORU�FXUHQWH��DOWHOH�GHFkW�RELHFWXO�SULQFLSDO�DO�DFWLYLW LL�VDOH��ÌQ�SDVLY��DVWIHO�GH�SRVWXUL�FRUHVSXQG�GDWRULLORU� FRQWUDFWDWH� FX� RFD]LD� RSHUD LXQLORU� GLQ� DIDUD� H[SORDW ULL�� $FHVWH� UHVXUVH� GLQ� DIDUD� H[SORDW ULL�vQJOREHD] �GH�H[HPSOX�GDWRULL�ILVFDOH�OHJDWH�GH�LPSR]LWXO�SH�EHQHILFLL��vQWUXFkW�SODWD�DFHVWXL�LPSR]LW�QX�SRDWH�IL�FRQVLGHUDW �FD�ILLQG�OHJDW �VWULFW�GH�H[SORDWDUH��'H�DVHPHQHD�� UHVXUVHOH�GLQ�DIDUD�H[SORDW ULL�SRW� LQFOXGH�GDWRULLOH�ID �GH�IXUQL]RULL�GH�HFKLSDPHQWH��FDUH�DX�DFRUGDW�XQ credit comercial întreprinderii cu ocazia unei LQYHVWL LL�QHOHJDW de exploatare. Se poate scrie:

1)5$(� �8WLOL] UL�vQ�DIDUD�H[SORDW ULL�-�5HVXUVH�GLQ�DIDUD�H[SORDW ULL NFRAE = UAE - RAE

3ULQ�XUPDUH��QHYRLD�GH�IRQG�GH�UXOPHQW�JOREDO�YD�SXWHD�IL�GHILQLW �FD�VXP �D�1)5(�úL�1)5$(�

NFR = NFRE+NFRAE

'LVWLQF LD� vQWUH� 1)5(� úL� 1)5$(� HVWH� I FXW � DVW ]L� GH� OLWHUDWXUD� ILQDQFLDU �� 1)5(� HYLGHQ LD] �QHYRLD�GH�ILQDQ DUH�GHWHUPLQDW �GH�FLFOXO�GH�H[SORDWDUH�úL�UHSUH]LQW �VXPD�SH�FDUH�DFWLYLWDWHD�vQWUHSULQGHULL�R�VROLFLW �FD�R�QHYRLH�FRQWLQX ��SHUPDQHQW ��GH�ILQDQ DUH� În schimb no LXQHD�GH�1)5$(�H�OHJDW �GH�RSHUD LXQL�GLYHUVH�DOH�vQWUHSULQGHULL��DOWHOH�GHFkW�FHOH�FDUH�FRQVWLWXLH�DFWLYLWDWHD�GH�ED] �

���������1R LXQHD�GH�WUH]RUHULH�úL�VLWXD LD�WUH]RUHULHL ÌQ� WLPS� FH� FRPSRQHQWHOH� 1)5� VXQW� OHJDWH� GH� DFWLYLWDWHD� FXUHQW � úL� vQ� VSHFLDO� GH� DFWLYLWDWHD� GH�H[SORDWDUH��FHOH�DOH�WUH]RUHULHL�VXQW�OHJDWH�GH�RSHUD LXQL�ILQDQFLDUH�SH�WHUPHQ�VFXUW�UHDOL]DWH�GH�vQWUHSULQGHUH� 3H�GH�R�SDUWH�� vQWUHSULQGHUHD�VH�YHGH�FRQVWUkQV �V �FDXWH�PLMORDFH�GH�ILQDQ DUH�SH�WHUPHQ�VFXUW�SH�FDUH� OH� VROLFLW � E QFLORU� úL� DOWRU� SDUWHQHUL� ILQDQFLDUL�� (VWH� YRUED� GH� UHVXUVH� SH� WHUPHQ� VFXUW� SUH]HQWkQG�

Page 17: FR NFR TN

FDUDFWHU� ILQDQFLDU�� VDX�PDL�VLPSOX�VSXV�� UHVXUVH�GH� WUH]RUHULH��6SUH�GHRVHELUH�GH� UHVXUVHOH�FLFOLFH�RE LQXWH�VSRQWDQ� vQ� FDGUXO� DFWLYLW LL� HFRQRPLFH� FXUHQWH�� UHVXUVHOH� GH� WUH]RUHULH� VH� RE LQ� GH� OD� SDUWHQHUL� ILQDQFLDUL�specifici. Pe de alW �SDUWH��FkQG�vQWUHSULQGHUHD�DUH�H[FHGHQWH�PRQHWDUH��SHQWUX�R�SHULRDG �PDL�PLF �VDX�PDL�PDUH�GH� WLPS�� HD�DUH�SRVLELOLWDWHD� V � HIHFWXH]H�SODVDPHQWH� ILQDQFLDUH�GLYHUVH�� UHDOL]kQG�DVWIHO�XWLOL] UL�DOH�WUH]RUHULHL��PDL�PXOW�VDX�PDL�SX LQ�GLYHUVLILFDWH��ÌQ�WLPS�FH�UHVXUVHOH�XWLOL]DWH�SHQWUX�LPRELOL] UL�VDX�SHQWUX�DFWLYH� FLUFXODQWH� VXQW� ODUJ� LQIOXHQ DWH� GH� DFWLYLWDWHD� FXUHQW � úL� GH� H[LJHQ H� WHKQLFH� VDX� HFRQRPLFH�� DFHVWH�SODVDPHQWH�FRUHVSXQG�XWLOL] ULORU�GH�QDWXU �VWULFW�ILQDQFLDU �� &RQIUXQWDUHD�vQWUH�XWLOL] ULOH�WUH]RUHULHL�úL�UHVXUVHOH�GH�WUH]RUHULH�SHUPLWH�V �VH�FDUDFWHUL]H]H�VLWXD LD�trezoreriei sau WUH]RUHULD�QHW .

T = UT - RT

LQkQG�FRQW�GH�HOHPHQWHOH�VDOH�GH�GHILQLUH��WUH]RUHULD�H[SULP �SR]L LD�JOREDO �SH�FDUH�vQWUHSULQGHUHD�R�DUH�DVXSUD�RSHUD Lunilor sale financiare pe termen scurt.

1) T > 0 UT > RT�

2� WUH]RUHULH� SR]LWLY � VHPQLILF � IDSWXO� F � vQWUHSULQGHUHD� FRQVWLWXLH� SODVDPHQWH� ILQDQFLDUH� ID � GH�SDUWHQHULL� ILQDQFLDUL� SHQWUX� R� VXP � FDUH� R� GHS úHúWH� SH� FHD� D� UHVXUVHORU� SH� WHUPHQ� VFXUW� RE LQXWH� GH� OD�SDUWHQHULL� ILQDQFLDUL�� ÌQ� DFHVW� FD]�� VLWXD LD� H[SULP � R� WUH]RUHULH� vQGHVWXO WRDUH�� SHQWUX� F � vQWUHSULQGHUHD�GLVSXQH� GH� OLFKLGLW L� DEXQGHQWH� FDUH� V -L� SHUPLW � V � UDPEXUVH]H� GDWRULLOH� financiare pe termen scurt. Se SRDWH�YRUEL�GH�R�UHDO �DXWRQRPLH�ILQDQFLDU �SH�WHUPHQ�VFXUW�

2) T < 0 UT < RT�

2�WUH]RUHULH�QHJDWLY �VHPQLILF ��GLQ�FRQWU ��IDSWXO�F �vQWUHSULQGHUHD�H�GHSHQGHQW �GH�UHVXUVHOH�VDOH�ILQDQFLDUH�SH� WHUPHQ�VFXUW��$FHDVW � VLWXD LH�GH�GHSHQGHQ �� VDX�GH� WHQVLXQH�DVXSUD� WUH]RUHULHL��HYLGHQ LD] �IDSWXO� F � OLFKLGLW LOH� VDX� TXDVLOLFKLGLW Lle sunt insuficiente pentru a permite rambursarea datoriilor pe termen scurt. MeQ LQHUHD�UHVXUVHORU�GH�WUH]RUHULH�DSDUH�FD�R�FRQVWUkQJHUH�LPSXV �vQWUHSULQGHULL�úL�OLPLWHD] �DXWRQRPLD�VD�ILQDQFLDU �SH�WHUPHQ�VFXUW��'DU��GDF �R�VLWXD LH�GH�WUH]RUHULH�QHJDWLY ��7������H[SULP �R�FHUW �GHSHQGHQ �ILQDQFLDU ��HD�QX�WUHEXLH�V �ILH�LQWHUSUHWDW �LPHGLDW�FD�XQ�VLPSWRP�GH�LQVROYDELOLWDWH��1XPHURDVH�vQWUHSULQGHUL�VXSUDYLH XLHVF�úL�FKLDU�SURVSHU �FX�R�DVHPHQHD�VLWXD LH�

�������5HOD LD�WUH]RUHULHL

���������)RUPXODUHD�UHOD LHL�GH�WUH]RUHULH

$QDOL]HOH�FDUH�XUPHD] �SHUPLW�GH�DFXP�vQDLQWH�D�VH�LGHQWLILFD�vQ�ELODQ �úDVH�PDUL�S U L�IXQGDPHQWDOH�ale acestuia.

3H�GH�DOW �SDUWH��WUHL�QR LXQL�DX�IRVW�GHILQLWH�GDWRULW �DFHVWHL�SUH]HQW UL�

FRN = CP - AI NFR = UC - RC T = UT - RT

Page 18: FR NFR TN

ÌQ�VIkUúLW��ELODQ XO�ILLQG�HFKLOLEUDW��VH�SRW�VFULH�HJDOLW LOH�XUP WRDUH�

Activ = Pasiv AI+UC +UT = CP +RC +RT⇔

8OWLPD�UHOD LH�VH�PDL�SRDWH�VFULH�

UC +UT -RC -RT = CP - AI Regrupând termenii avem:

(UC -RC) + (UT -RT) = CP - AI 6H�SRW�IRUPXOD�XUP WRDUHOH�WUHL�UHOD LL�HFKLYDOHQWH�

NFR+ T = FRN FRN-NFR- T = 0 ⇔ ⇔ T = FRN- NFR

8OWLPD�IRUPXO �HVWH�FHD�PDL�GHV�XWLOL]DW �FD�H[SUHVLH�D�UHOD LHL�GH�WUH]RUHULH�

STUDIU DE CAZ

RELATIA DE TREZORERIE

AvkQG�vQ�YHGHUH�VWXGLXO�GH�FD]�SUH]HQWDW�DQWHULRU��HYLGHQ LHP�ELODQ XO�VRFLHW LL�FRPHUFLDOH�$/)$-6�$��%XFXUHúWL�OD����GHFHPEULH�DQXO�1��vQWU-R�IRUP �PDL�GHWDOLDW �

ACTIV PASIV L M:N�O�P Q P R S�P�T�N�S�U"N�S�V�Q W 1642160

– mijloace fixe 1556485 – terenuri 85675

Stocuri 1656043 – materiale 932454 – produse finite 335965 –US N"X�Y�T P W<Z�W�[ W�S�M\P Z�V�[

319193 –M S�] YS P

15258 – ambalaje 53173 ^ S W�V�Z W

405018 –T�Q P W�Z P

259304 – debitori 83659 –V�Q [ W�X�W�T�N�Z[ S�P

62055 _`P a�U�N�Z�P O�P Q P [ P�b�P�U"Q V.a�V�M\W�Z�[ W 231698

– casa îZ\Q W.P�b�P�V�Q [ W<c�V�Q

ori 125 – casa în devize 1422 – disponibi

Q�Q VDO Z�T�Pîn lei 91869

–X�P a�U�N�Z�P O"P Q�Q VDO�V�Z�T

în devize 125594 – plasamente 12688

Capital social 1328425

Alte fonduri proprii 833570

d OQ P eV P P 1378365

–X�W�T�N�Z[ S�P�T�YfOY�e�W�[ Y"Q�a [ V�[ Y"Q Y"P

119050 – g2hFi X�W<U"Q V�[

33626 –X�W�T�N�Z[ S�P�T�Y:V.a�P e�YS S�P Q W�a�N"T�j

22529 – creditori interni 22591 –X�P c"P X�W�Z�X�W�X�W<U"Q V�[

472776 – participare la profit 105061 – furnizori interni 306878 – furnizori externi 153168 –V�c"V�Z�a�YS�P�X�WkQ V�T�Q P W�Z P�P Z�[ W�S�Z"P

10023 –V�Q [ W�N�OQ P eV P P�X�W

exploatare 132663 Împrumuturi pe termen scurt 394559

Total activ 3934919 Total pasiv 3934919

$FHVW�ELODQ �SRDWH�IL�SUH]HQWDW�SULQ�JUXS UL�DOH�SRVWXULORU�VDOH�DVWIHO�vQFkW�V �VH�SRDW �VWDELOL�WHUPHQLL�UHOD LHL�GH�WUH]RUHULH�

ACTIV PASIV

Active imobilizate 1642160 Capitaluri permanente 2161995 lF[ P Q P R S�P�T�P T�Q P T�W 2061061 Resurse ciclice 1378365 lF[ P Q P R S�P�X�W<[ S W�R�N�S

erie 231698 Resurse de trezorerie 394559

TOTAL 3934919 TOTAL 3934919

9RP�REVHUYD�F �UHVXUVHOH�FLFOLFH�GH�����������PLL�OHL se compun din:

Page 19: FR NFR TN

– rHVXUVH�VWULFW�OHJDWH�GH�H[SORDWDUH��DYDQVXUL�GH�OD�FOLHQ L�úL�REOLJD LL�ID �GH�IXUQL]RUL��SHQWUX�suma de 470069 mii lei; –�UHVXUVH�FLFOLFH�GLQ�DIDUD�H[SORDW ULL��VWDW��GLYLGHnde, etc.) pentru suma de 908296 mii lei.

Pornind de la egalitatea activ-SDVLY��SXWHP�V �HIHFWX P�UHJUXS -ULOH�XUP WRDUH� AI+UC +UT = CP +RC +RT

UT -RT = (CP - AI) + (RC -UC)

UT -RT = (CP - AI) - (UC - RC) T = FRN - NFR

7HUPHQLL�IRUPXOHL�SRW�IL�FDOFXOD L�FX�GDWHOH�H[LVWHQWH�

FRN = CP - A I = 2 161 995 - 1 642 160 = 519 835

NFR = UC - RC = 2 061 061 - 1 378 365 = 682 696

T = UT - RT = 231 698 - 394 559 = - 162 861 6H�YHULILF �UHOD LD�WUH]RUHULHL�

T = FRN - NFR ⇔ - 162 861 = 519 835 - 682 696 ÌQ� VIkUúLW� GDWHOH� H[LVWHQWH� SHUPLW� V � VH� DSURIXQGH]H� DQDOL]D� 1)5�� VHSDUkQG� HOPHQWHOe legate de H[SORDWDUH��GH�HOHPHQWHOH�GLQ�DIDUD�H[SORDW ULL��(OHPHQWHOH�VWULFW�OHJDWH�GH�H[SORDWDUH�vQJOREHD] �VWRFXULOH��FUHDQ HOH��DYDQVXULOH�GH�OD�FOLHQ L��GDWRULLOH�ID �GH�IXUQL]RUL��DOWH�GHFRQW UL�úL�SHUPLW�V �VH�VWDELOHDVF �1)5(� NFRE = Stocuri + CreDQ H�- Avansuri - Furnizori -�$OWH�GHFRQW UL� �

= 1656043 + 405018 - 10023 - 460046 - 132663 = 1458329

(OHPHQWHOH� GLQ� DIDUD� H[SORDW ULL� FXSULQG� UHVXUVHOH� FDUH� H[SULP � REOLJD LL� ID � GH� VWDW�� ID � GH�DF LRQDUL� SHQWUX� SODWD� GLYLGHQGHORU�� ID � GH� VDODULD L� SHQWUX� VDODULL� úL� SDUWLFLSDUH� OD� SURILW� úL� ID � GH� DO L�creditori.

NFRAE = UAE - RAE = 0 - (175 205+472 776+105 061+22 591) = = -775 633 5H]XOWDWXO�QHJDWLY�VHPQLILF �IDSWXO�F �HOHPHQWHOH�GLQ�DIDUD�H[SORDW ULL�GHWHUPLQ �QX�QHYRLH�GH�ILQDQ DUH��FL�FDSDFLWDWH�GH�ILQDQ DUH� 6H�YHULILF �DVWIHO�HJDOitatea:

NFR = NFRE + NFRAE = 1 458 329 - 775 633 = 682 696

���������,QWHUSUHWDUHD�UHOD LHL�GH�WUH]RUHULH

InterprHWDUHD�UHOD LHL�GH�WUH]RUHULH�SRDWH�IL�I FXW ��DWkW�GLQ�perspectLY �VWDWLF ��FkW�úL�GLQ�perspectiva analizei cronologice.

a) Interpretarea stDWLF ��'LQ�SHUVSHFWLYD�VWDWLF �UHOD LD�WUH]RUHULHL�SXQH�SH�SULPXO�SODQ�SUREOHPD�ILQDQ ULL�1)5��&X� WRDWH� F � UH]XOW � GLQ� FRPSDUD LD� vQWUH� HOHPHQWH� SH� WHUPHQ� VFXUW� DOH� ELODQ XOXL��1)5�FRQVWLWXLH� R�QHYRLH� GH� ILQDQ DUH� UHvQQRLW � FRQVWDQW� úL� GHFL� SHUPDQHQW �� $FHDVW � QHYRLH� WUHEXLH� V � ILH� DFRSHULW � SULQ�PLMORDFH� GH� ILQDQ DUH� GH� DVHPHQHD�� SHUPDQHQWH�� )51� UHSUH]LQW � FDSLWDOXUL� SHUPDQHQWH� VXVFHSWLELOH� V �ILQDQ H]H�XWLOL] UL�SH�WHUPHQ�VFXUW�úL�GHFi componente ale NFR. 'DF � )51� SHUPLWH� V � VH� ILQDQ H]H� LQWHJUDOLWDWHD� NFR (FRN ≥� 1)5�� VSXQHP� F � 1)5� VH�ILQDQ HD] �LQWHJUDO�GLQ�UHVXUVH�VWDELOH�úL�vQWUHSULQGHUHD�SRDWH�V �HYLWH�RULFH�GHSHQGHQ �ID �GH�UHVXUVHOH�GH�WUH]RUHULH��'DF �)51�!�1)5�vQWUHSULQGHUHD�VH�J VHúWH�vQWU-R�VLWXD LH�IDYRUDELO �vQ�FHHD�FH�SULYHúWH�VROYDELOLWDWHD� OD� VFDGHQ H� DSURSLDWH�� UHVXUVHOH� SHUPDQHQWH� ILLQG� VXILFLHQWH� SHQWUX� D� ILQDQ D� vQ� DFHODúL��timp:

–�LPRELOL] ULOH; – NFR; – R�SDUWH�D�XWLOL] ULORU�GH�WUH]RUHULH�

Page 20: FR NFR TN

ÌQ� VLWXD LD� LSRWHWLF � GH� PDL� vQDLQWH� P ULPHD� FDSLWDOXULORU� SHUPD-QHQWH� ���������� SHUPLWH� V � VH�ILQDQ H]H�

–�LQWHJUDOLWDWHD�LPRELOL] ULORU��������������� – NFR ( 300 000 );

–�úL�VH�DVLJXU �XQ�H[FHGHQW�GH�WUH]RUHULH�������������FDUH�DVLJXU �DXWRQRPLD�ILQDQFLDU �SH�WHUPHQ�scurt a întreprinderii. DDF �)51�QX�SHUPLWH�V �VH�ILQDQ H]H�LQWHJUDOLWDWHD�1)5��FXP�HVWH�FD]XO�OD�vQWUHSULQGHUHD�DQDOL]DW �PDL�vQDLQWH��)51���1)5����DFHDVWD�VH�YHGH�FRQVWUkQV �V �IDF �DSHO�OD�UHVXUVH�GH�WUH]RUHULH�SHQWUX�D�ILQDQ D o SDUWH�D�1)5��'DU�1)5�FRQVWLWXLH�R�QHYRLH�SHUPDQHQW ��'HSHQGHQ D�ID �GH�UHVXUVHOH�GH�WUH]RUHULH�SUH]LQW �XQ� FDUDFWHU� SHUPDQHQW�� 2� DVHPHQHD� VLWXD LH� SRDWH� WRWXúL� IL� YLDELO � GDF � vQWUH-SULQGHUHD� EHQHILFLD] � GH�concursul partenerilor financiari. Cazul întreprinderii ALFA-6�$��SHUPLWH�V �VH�REVHUYH�R�DVHPHQHD�VLWXD LH�

ÌQ�DFHVW�FD]�1)5����������PLL� OHL��GHS úHúWH�P ULPHD�)51����������PLL�OHL���6RFLHWDWHD� WUHEXLH�GHFL�V �IDF �DSHO�OD�UHVXUVH�GH�WUH]RUHULH�SHQWUX�D-úL�DVLJXUD�ILQDQ DUHD�XQHL�PDUL�S U L�D�nevoii sale de fond de rulment. $VWIHO�VH�H[SOLF �GHSHQGHQ D�VD�ID �GH�vPSUXPXWXULOH�GH�WUH]RUHULH��vQ�IDSW�vPSUXPXWXUL�EDQFDUH�SH�termen scurt, care caracte-UL]HD] � VLWXD LD� VD� ILQDQFLDU � JOREDO �� $FHDVW � GHSHQGHQ � HVWH� H[SULPDW � GH�VLWXD LD�WUH]RUHULHL�FDUH�HVWH�QHJDWLY ��-162861 mii lei).

b) InterpretDUHD� UHOD LHL� GH� WUH]RUHULH� GLQ� SHUVSHFWLYD� FURQRORJLF �� 5HFXUJHUHD� OD� UHOD LD� WUH]RUHULHL� VH�GRYHGHúWH�H[WUHP�GH�SUH LRDV �GH�ILHFDUH�GDW �FkQG�VH�DQDOL]HD] �HYROX LD�XQHL�vQWUHSULQGHUL�SHQWUX�D�VH�J VL�tUDQVIRUP ULOH� FDUH� DX� DIHFWDW� HFKLOLEUHOH� VDOH� ILQDQFLDUH�� $FHDVW � HYROX LH� H[HUFLW � DGHVHD� R� LQIOXHQ �FRQWUDVWDQW �DVXSUD�WHUPHQLORU�UHOD LHL�GH�WUH]RUHULH��

4.4. METODA RATELOR )2/26,7 �Ì1�678',8/�%,/$1 8/8,

Principiul metodei ratelor�FRQVW �vQ�FDOFXODUHD�UDSRUWXULORU�FDUDF-WHULVWLFH�vQWUH�P ULPLOH�ILQDQFLDUH��$FHDVW �PHWRG �SHUPLWH�V �VH�SXQ �vQ�HYLGHQ �DQXPLWH�DVSHFWH�VHPQLILFDWLYH�UHODWLYH�OD�ELODQ ��OD�FRQWXO�GH�UH]XOWDWH� VDX� OD� WDEORXO� IOX[XULORU�� 3UH]HQWXO� FDSLWRO� QX� DERUGHD] � decât studiul ratelor stabilite pe baza ELODQ XOXL. Ratele de rentabilitate au fost prezentate în capitolul precedent.

Page 21: FR NFR TN

�������5DWHOH�UHIHULWRDUH�OD�VWUXFWXUD�ELODQ XOXL

5DWHOH�UHIHULWRDUH�OD�VWUXFWXUD�ELODQ XOXL�VXQW�VWDELOLWH�SULQ�FRPSDUDUHD�vQWUH�VXPD�XQXL�SRVW�GH�DFWLY�VDX� GH� SDVLY� úL� FHD� D� WRWDOXOXL� ELODQ XOXL�� 6H� SRDWH� SURFHGD� FKLDU� OD� SUH]HQWDUHD� SURFHQWXDO � D� SRVWXULORU�ELODQ LHUH�

���������([SULPDUHD�ELODQ XOXL�vQ�SURFHQWH

&RQVW �vQ�UHQXQ DUHD�OD�SUH]HQWDUHD�ELODQ XOXL�vQ�YDORUL�DEVROXWH�úL�vQORFXLUHD�SULQWU-o prezentare în care fiecare post este exprimat în valori relative în raport cu totalul activului sau pasivului. Interesul pentru o DVHPHQHD� H[SULPDUH� FRQVW � vQ� IDSWXO� F � SHUPLWH� V � VH� LGHQWLILFH� FDUDFWHULVWLFLOH� PDMRUH� DOH� VWUXFWXULL�ELODQ XOXL�úL��GDF �GLVSXnem de datH�HúDORQDWH�vQ�WLPS��V �GHVSULQGHP�HYROX LLOe cele mai semnificative. %LODQ XO�H[SULPDW�DWkW�vQ�P ULPL�DEVROXWH��FkW�úL� vQ�SURFHQWH��SHQWUX�VRFLHWDWHD�FRPHUFLDO �DYXW �vQ�YHGHUH�vQ�VWXGLLOH�GH�FD]�SUHFHGHQWH��VH�SUH]LQW �DVWIHO� - valori în mii lei - mKQ W�M\W�Z[ W<O"P Q V�Z P W�S W

Anul N - 1 Anul N L M:N�O�P Q P R S�P

Stocuri ^ Q P W�Z P

i Q [ W�T�S W�V�Z W _`P a�U�N�Z�P O�P Q"Q V/O Z�T�P ^ V.a�V�b�P�V�Q [ W<c�V�Q N�S�P

1 488 351

546 442

259 090

86 129

143 301

7 554

58,8%

21,6%

10,2%

3,4%

5,7%

0,3%

1 642 160

1 656 043

259 304

145 714

217 463

14 235

41,7%

42,1%

6,6%

3,7%

5,5%

0,4%

TOTAL 2 530 867 100% 3 934 919 100%

Capital social

Fonduri proprii d O"Q P e�V P P�] V X�W�a�[ V�[ d O"Q P e�V P P�] V X�W

V.T P N�Z�V�S�P�b�P�a�V�Q V�S�P V P

Furnizori

i Q P�T�S W�X�P [ N�S P Credite bancare

1 336 958

227 305

149 170

180 970

198 615

24 105

413 744

52,8%

9,0%

5,9%

7,2%

7,8%

1,0%

16,3%

1 328 425

833 570

175 205

600 428

460 046

142 686

394 559

33,8%

21,2%

4,5%

15,2%

11,7%

3,6%

10,0%

TOTAL 2 530 867 100% 3 934 919 100%

6LPSOD�REVHUYDUH�D�DFHVWRU�GDWH�IDFH�V �DSDU �SULQFLSDOHOH�HYROX LL�FDUH�DX�DIHFWDW�VWUXFWXUD�ELODQ XOXL�în anul N. ÌQ�DFWLY�VH�UHPDUF � –�R�VF GHUH�UHODWLY �D�LPRELOL] ULORU��GH�OD�������OD�������GLQ�WRWDOXO�DFWLYXOXL��úL�D�FOLHQ LORU��GH�OD�10,2% la 6,6%); –�R�FUHúWHUH�UHODWLY �D�VWRFXULORU��GH�OD�������la 42,1% din totalul activului).

În pasiv se observ � –� R� VF GHUH� UHODWLY � LPSRUWDQW � D� FDSLWDOXOXL� VRFLDO�� GH� OD� ������ OD� ������ GLQ� WRWDOXO� SDVLYXOXL� �GHúL� vQ�P ULPH�DEVROXW �VF GHUHD�HVWH�QHVHPQLILFDWLY ��úL�R�VF GHUH�D�FUHGLWHORU�EDQFDUH�GH�OD�������OD������� –� R� FUHúWHUH� UHODWLY � D� IRQGXULORU� SURSULL� GH� OD� ����� OD� ������GLQ� WRWDOXO� SDVLYXOXL�� D� REOLJD LLORU� ID � GH�DF LRQDUL�úL�VDODULD L�GH�OD������OD�������úL�D�REOLJD LLORU�ID �GH�IXUQLzori de la 7,8% la 11,7%. &UHúWHUHD� VWRFXULORU� úL� D� REOLJD LLORU� ID � GH� IXUQL]RUL�� DWkW� vQ� P ULPH� DEVROXW �� FkW� úL� UHODWLY � VH�H[SOLF �SULQ�FUHúWHUHD�YROXPXOXL�GH�DFWLYLWDWH��FLIUD�GH�DIDFHUL�FUHVFkQG�GH�OD�����������PLL�OHL�vQ�DQXO��1-1), OD�����������PLL�OHL�vQ�DQXO�1��'HúL�D�FUHVFXW�FLIUD�GH�DIDFHUL��VH�UHPDUF �R�DFFHOHUDUH�D�vQFDV ULL�FOLHQ LORU��VROGXO�DFHVWRUD�U PkQkQG�DSURDSH�FRQVWDQW�vQ�P ULPH�DEVROXW �úL�VF ]kQG�vQ�P ULPH�UHODWLY � ÌQV �SH�ED]D�ELODQ XOXL�DVWIHO�SUH]HQWDW� VH�SRW� IDFH�XúRU�DSUHFLHUL�FX�SULYLUH� OD� WHUPHQLL� UHOD LHL�GH�trezorerie. Fondul de rulPHQW�QHW�UHSUH]LQW �vQ�DQXO��1-���FLUFD����GLQ�WRWDOXO�ELODQ XOXL��DGLF �GLIHUHQ D�vQWUH�FDSLWDOXULOH� SHUPDQHQWH� GH� ������ úL� DFWLYHOH� LPRELOL]DWH� GH� �������� ÌQ� DQXO� 1� DFHVWD� UHSUH]LQW � �������DGLF � ���� -� �������� GHFL� DYHP� R� FUHúWHUH� UHODWLY a fondului de rulment QHW� FDUH� HVWH� úL� R� FUHúWHUH� vQ�P ULPH�DEVROXW �

Page 22: FR NFR TN

Nevoia de fond de rulment este în anul (N-���GH�FLUFD�������GLQ�WRWDOXO�ELODQ XOXL������������������3,4% - 5,9% - 7,2% - 7,8% - 1,0%). ÌQ�DQXO�1�DFHDVW �P ULPH�UHSUH]LQW ��������GLQ�WRWDOXO�ELODQ XOui (42,1% + 6,6% + 3,7% - 4,5% - 15,2% - 11,7% - 3,6%). ÌQ�VIkUúLW��WUH]RUHULD�QHJDWLY �VH�PRGLILF �GH�OD�-������DGLF ������+ +0,3% -16,3%) la -�������DGLF �����% + 0,4 % -10,0%). $QDOL]D�ELODQ XOXL�H[SULPDW� vQ�SURFHQWH�SHUPLWH�DVWIHO�V �VH�FRPSOHWH]H�DQDOL]D�GHMD�I FXW �DVXSUD�UHOD LHL de trezorerie. StXGLXO� ELODQ XOXL� VH� SRDWH� IDFH� GHFL� úL� SULQ� H[SULPDUHD� SURFHQWXDO � D� DFHVWXLD�� FDUH� IXUQL]HD] �LQGLFD LL�VXJHVWLYH�DVXSUD�VLWXD LHL�úL�HYROX LHL�vQWUHSULQGHULL�

4.4.1.2. Ratele referitoare la structura activului

6HULD� UDWHORU�GH�VWUXFWXU � UHIHULWRDUH� OD�DFWLY�FRPSOHWHD] � LQIRUPD LLOH� IXUQL]DWH�GH�ELODQ XO�SUH]HQWDW� în SURFHQWH��5DWHOH�GLQ�DFHDVW �VHULH�UDSRUWHD] �YDORDUHD�GLIHULWHORU�SRVWXUL�GLQ�DFWLY�OD�DFHHD�D�WRWDOXOXL�ELODQ XOXL��&X�WRDW �VLPSOLWDWHD�ORU��SDWUX�GLQ�DFHVWH�UDWH�DX�ODUJL�VHPQLILFD LL�

R1 =Imobiliz ri corporale

Activ total=

16421603934919

= 0,417ã

$FHDVW � UDW � UHIOHFW � P ULPHD� LPRELOL] ULORU� VXE� IRUPD� GH� FDSLWDO� IL[� în cadrul patrimoniului întreprinderii. Este deci GHSHQGHQW �GH�FDUDF-WHULVWLFLOH�WHKQLFH�DOH�DFWLYLW LL�H[HUFLWDte de întreprindere.

R2 =Imobiliz ri financiare

Activ totalã

$FHDVW � UDW � H[SULP �P ULPHD� LPRELOL] ULORU� ILQDQFLDUH� în cadrul patrimoniului întreprinderii. Se SXQH�vQ�HYLGHQ �LPSRUWDQ D�OHJ WXULORU�ILQDQFLDUH�SH�FDUH�întreprinderea le îQWUH LQH��PDL�DOHV�în întreprinderi în care eD�GH LQH�SDUWLFLSD LL�

0,421=39349191656043

=total Activ

curs înproductie si Stocuri=3R

$FHDVW �UDW �H[SULP �P ULPHD�VWRFXULORU�în totalul activelor îQWUHSULQGHULL��DFHDVWD�ILLQG�vQ�IXQF LH�GH�QDWXUD� DFWLYLW LL�� 'XUDWD� RSHUD LLORU� GH� DSURYL]LRQDUH� úL� GHVIDFHUH� úL� GXUDWD� SHULRDGHL� GH� SURGXF ie sunt HOHPHQWHOH�SULQFLSDOH�FDUH�GHWHUPLQ �P Uimea acestei rate.

0,066=3934919259304

=total Activ

Clienti=4R

$FHDVW �UDW �UHIOHFW �SUDFWLFLOH�întreprinderii îQ�OHJ WXU �FX�WHUPHQHOH�GH�SODW �DFRUGDWH�FOLHQ LORU�úL�HVWH� LQIOXHQ DW �GH�RELúQXLQ HOH� ORFDOH�VDX�GLQ�VHFWRUXO�GH�DFWLYLWDWH�DO�vQWUHSULQGHULL��(D�HVWH�GH�DVHPHQHD��GHWHUPLQDW � GH� QDWXUD� FOLHQ LORU�� UDWD� ILLQG� îQ� JHQHUDO� PLF � SHQWUX� îQWUHSULQGHUL� DYkQG� GUHSW� FOLHQWHO �SDUWLFXODUL�úL�PDL�ULGLFDW �în cazul îQ�FDUH�FOLHQWHOD�H�FRQVWLWXLW �GH�îQWUHSULQGHUL�úL�LQVWLWX LL� SH� REVHUY � F �� în general, ratele ce caracterizeD] � VWUXFWXUD� DFWLYXOXL� VXQW� SXWHUQLF� LQIOXHQ DWH� GH�DVSHFWH�MXULGLFH��WHKQLFH�VDX�HFRQRPLFH�DOH�DFWLYLW LORU�H[HUFLWDWH�GH�întreprindere. În acest sens, aceste rate sunt expresia constrângerilor structurii productiYH�� FKLDU� GDF � JHVWLXQHD� întreprinderii GLVSXQH� GH� R� UHDO �PDUM �GH�PDQHYU �SHQWUX�D�UHJOD�DFHVWH�FRQVWUkQJHUL�

4.4.1.3. Ratele referitoare la structura pasivului

Ratele referitoare lD�VWUXFWXUD�SDVLYXOXL� UHIOHFW � FRPSR]L LD� UHVXUVHORU� întreprinderii. În acest sens, HOH� H[SULP � SROLWLFD� VD� GH� ILQDQ DUH�� DFHDVWD� FRQVWkQG� vQ� FRPELQDUHD� GLYHUVHORU� UHVXUVH� DFFHVLELOH�întreprinderii îQ�FHOH�PDL�EXQH�FRQGL LL�GH�FRVW�úL�GH�GXUDW �SRVLELOH� 'RX �FDUDFWHULVWLFL�DOH�SROLWLFLL�GH�ILQDQ DUH�UH LQ�PDL�PXOW�DWHQ LD�DQDOLúWLORU��3H�GH�R�SDUWH��DFHúWLD�VH�LQWHUHVHD] �GH�VWDELOLWDWHD�UHVXUVHORU�úL�FDXW �V �IRUPXOH]H�UDWH�FDUH�SXQ�vQ�HYLGHQ �VWUXFWXUD�OD�WHUPHQ�D�SDVLYXOXL��3H�GH�DOW �SDUWH��DQDOLúWii�FDXW �V �DSUHFLH]H�DXWR-QRPLD�ILQDQFLDU �D�vQWUHSULQGHULL�úL�GHFL�UHSDUWL LD�vQWUH�UHVXUVHOH�SURSULL�úL�GDWRULLle întreprinderii.

3ULQFLSDOHOH�UDWH�UHIHULWRDUH�OD�SDVLYXO�ELODQ XOXL�VXQW��

R5 =Capitaluri permanente

Pasiv total=

1328429+8335663934919

= 0,549

Page 23: FR NFR TN

$FHDVW �UDW �H[SULP �SRQGHUHD�FDSLWDOXULORU�FX�GXUDWD�PDL�PDUH�GH�XQ�DQ��FDSLWDOXUL�SURSULL��GDWRULL�SH� WHUPHQ� OXQJ� úL�PHGLX�� SURYL]LRDQH� VWDELOH�� vQ� DQVDPEOXO� UHVXUVHORU�� (VWH� XQ� LQGLFDWRU� JOREDO� UHODWLY� OD�VWDELOLWDWHD�ILQDQ ULL�

R6 =Capitaluri proprii

Pasiv total=

21619953934919

= 0,549

$FHDVW �UDW �H[SULP �SRQGHUHD�FDSLWDOXULORU�SURSULL�vQ�DQVDPEOXO�UHVXUVHORU��(VWH�XQ�LQGLFDWRU�UHODWLY�la auWRQRPLD�ILQDQFLDU �D�vQWUHSULQGHULL��DSUHFLLQG�DQVDPEOXO�ILQDQ ULL�VDOH�

R ’6 =Datorii

Pasiv total=

175205+600428+460046+142686+3945593934919

= 0,451

$FHDVW �UDW �HVWH�FRPSOHPHQWDU �FHOHL�SUHFHGHQWH���56’ = 1-R6), H[SULPkQG�SRQGHUHD�GDWRULLORU��LQGLIHUHQW�GH�GXUDW �úL�GH�RULJLQH��vQ�WRWDOXO�SDVLYXOXL�

R7 =Capitaluri proprii

Capitaluri permanente=

21619952161995

= 1

$FHDVW �UDW �H[SULP �DXWRQRPLD�ILQDQFLDU �OD�WHUPHQ�D�vQWUHSULQGHULL��DGLF �SDUWHD�IRQGXULORU�SURSULL�în ansamblul resurselor cu durata mai mare de un an.

proprii Capitalurilung si mediu termen pe Datorii

=8R

$FHDVW �UDW �IXUQL]HD] ��FD�úL�57��LQIRUPD LL�GHVSUH�DXWRQRPLD�ILQDQFLDU �D�vQWUHSULQGHULL�OD�WHUPHQ��(VWH�IUHFYHQW�GHQXPLW �UDWD�VWUXFWXULL�ILQDQ ULL�VDX�UDWD�VWUXFWXULL�GH�ILQDQ DUH�D�vQWUHSULQGHULL�

���������5DWHOH�GH�VLQWH]

5DWHOH�GH� VLQWH] � VH� FDOFXOHD] �GH�DVHPHQHD�SRUQLQG�GH� OD�HOHPHQWH�DOH�ELODQ XOXL��FRPSDUkQG�GLIHULWH�FRPSRQHQWH�DOH�DFWLYXOXL�FX�GLIHULWH�FRPSRQHQWH�DOH�SDVLYXOXL��9RP�FRPSDUD�PDL�vQWkL��HOHPHQWH�FX�R�GXUDW �PDL�PDUH�GH�XQ�DQ��DSRL�HOHPHQWH�FX�R�GXUDW �PDL�PLF �GH�XQ�DQ�

R9 =Capitaluri permanente

Active imobilizate=

21619951642160

= 1,317

$FHDVW � UDW � H[SULP � FRQGL LLOH� ILQDQ ULL� LPRELOL] ULORU�� 'DF � H� VXSHULRDU � VDX� HJDO � FX� XQLWDWHD��vQVHDPQ �F �WRWDOXO�LPRELOL] ULORU�VH�ILQDQ HD] �GLQ�UHVXUVH�VWDELOH��$FHDVW �UDW �IXUQL]HD] ��vQ�WHUPHQL�UHODWLYL��R�LQIRUPD LH�DSURSLDW �GH�FHD�IXUQL]DW �GH�QR LXQHD�GH�)51��vQ�YDORDUH�DEVROXW �

R10 =Capitaluri propriiActive imobilizate

=21619951642160

= 1,317

$FHDVW �UDW �H[SULP �ILQDQ DUHD�SURSULH�D�LPRELOL] ULORU��DXWRQRPLD�GH�FDUH�G �GRYDG �vQWUHSULQGHUHD�vQ�ILQDQ DUHD�LQYHVWL LLORU�VDOH��

an un de putin mai pe Datoriicirculante Active

= sau scurt termen pe Datorii

circulante Active= 1111 RR

R11 =1656043 + 259304 + 145714 + 217463 +14235

175205 + 600428 + 460046 +142686 + 394559=

2292759

1772924= 1,293

$FHDVW � UDW � D� OLFKLGLW LL� JOREDOH� H[SULP � FDSDFLWDWHD� GH ram-EXUVDUH� JOREDO � SH� WHUPHQ� VFXUW� D�GDWRULLORU�vQWUHSULQGHULL��ÌQ�IDSW�VH�FRPSDU �DQVDPEOXO�OLFKLGLW LORU�SRWHQ LDOH��DFWLYH�WUDQVIRUPDELOH�vQ�EDQL�vQ�WHUPHQ�VFXUW��FX�DQVDPEOXO�H[LJLELOLW LORU�SRWHQ LDOH��GDWRULL�UDPEXU-sabile în termen scurt).

R12 =Valori realizabile imediat si disponibilit ti

Datorii pe termen scurt sau

ã

R12 =Creante+Disponibilit tiDatorii pe termen scurt

ã

R12 =259304 +145714 + 217463 +14235

1772924= 0,359

Page 24: FR NFR TN

$FHDVW �UDW �D�OLFKLGLW LL�UHVWUkQVH�H[SULP ��GH�DVHPHQHD��FDSDFLWDWHD�vQWUHSULQGHULL�GH�UDPEXUVDUH�D�datoriilor pe termen scurt, comparând elementele cele mai lichide ale activelor circulante cu datoriile pe termen scurt.

R13 =Disponibilit ti

Datorii pe termen scurt=

2174631772924

= 0,123ã

$FHDVW � UDW � D� OLFKLGLW LL� LPHGLDWH� H[SULP � FDSDFLWDWHD�GH� UDPEXUVDUH� LQVWDQWDQHH�� LQkQG�FRQW�GH�vQFDV ULOH� vQWUHSULQGHULL�� $FHDVW � UDW � IXUQL]HD] � LQIRUPD LL� PDL� SX LQ� HGLILFDWRDUH�� DYkQG� vQ� YHGHUH�YDULDELOLWDWHD�vQFDV ULORU�vQWUHSULQGHULL�GH�OD�R�SHULRDG �OD�DOWD�

�������5DWHOH�GH�URWD LH

5DWHOH� GH� URWD LH� IXUQL]HD] � LQIRUPD LLOH� FDOLWDWLYH� FHOH�PDL� ERJDWH� vQ� VHPQLILFD LL� SHQWUX� DQDOL]D�ELODQ XOXL��$FHVWH�UDWH�H[SULP �GH�IDSW�ULWPXO�vQ�FDUH�GLIHULWH�HOHPHQWH�DOH�ELODQ XOXL�VXQW�UHvQQRLWH��vQ�FDGUXO�DFWLYLW LL�FXUHQWH�D�vQWUHSULQGHULL�

���������5DWHOH�GH�URWD LH�D�VWRFXULORU

6WRFXULOH� VXQW� VXSXVH� XQHL� FRQVWDQWH� UHvQQRLUL�� GDWRULW � HIHFWXOXL� FRQMXJDW� DO� RSHUD LXQLORU� GH�DSURYL]LRQDUH��SURGXF LH�úL�YkQ]DUH� PentUX� R� vQWUHSULQGHUH� GLQ� FRPHU �� GH� H[HPSOX�� DSURYL]LRQDUHD� SHUPLWH� RE LQHUHD� GH�P UIXUL� FDUH�DOLPHQWHD] �VWRFXULOH��vQ�WLPS�FH�YkQ] ULOH�H[SULP �R�FRQVXPDUH�D�VWRFXULORU�FRQVWLWXLWH��(VWH�GHFL��R�OHJ WXU �vQWUH�FHOH�GRX �IOX[XUL��GH�DSURYL]LRQDUH�úL�GH�YkQ]DUH�FDUH�DVLJXU �URWD LD�VWRFurilor.

3HQWUX� R� vQWUHSULQGHUH� GH� SURGXF LH�� FLFOXO� GH� DFWLYLWDWH� HVWH�PDL� FRPSOH[��2� XQLWDWH� GH� DFHVW� IHO�DFKL]L LRQHD] � PDWHULL� SULPH�� PDWHULDOH�� FRPEXVWLELOL�� VHPLIDEULFDWH� úL� DOWHOH� úL� OH� WUDQVIRUP � vQ� SURGXVH�finite.

Ritmul de reînnoire sau de rRWD LH�D�VWRFXULORU�SRDWH�IL�GHWHUPLQDW�SULQ�UHOD LD�vQWUH�YDORDUHD�VWRFXOXL�PHGLX�H[LVWHQW�vQ�vQWUHSULQGHUH�úL�YDORDUHD�DSURYL]LRQ ULORU�FDUH�DX�DOLPHQWat stocul în cursul perioadei date.

$VWIHO��GDF �VWRFXO�PHGLX�D�IRVW�GH�����������OHL�úL�GDF �YDORDUHD�DSURYL]LRQ ULORU�D�IRVW�GH�����������OHL�vQ� FXUVXO� XQHL� SHULRDGH�� VH� SRDWH�GHGXFH� F � VWRFXO� D� VXIHULW� SDWUX� URWD LL� vQ� FXUVXO�SHULRDGHL��3HQWUX�DFHDVWD� VH�UDSRUWHD] �����������OD������������'H�DVHPHQHD�VH�SRDWH�GHGXFH�F �GXUDWD�QHFHVDU �SHQWUX�R�UHvQQRLUH�HVWH�vQ�PHGLH�XQ�VIHUW�GLQ�SHULRDG ��FDOFXOkQGX-VH�SHQWUX�DFHDVWD�UDSRUWXO�vQWUH�VWRFXO�PHGLX�úL�DSURYL]LRQ UL� Într-XQ�PRG�PDL�JHQHUDO�SXWHP�HQXQ D�UDWHOH�FDUH�SHUPLW�V �VH�FDOFXOH]H�YLWH]D�GH�URWD LH�D�VWRFXULORU�(R1��úL�GXUDWD�ORU�GH�URWD LH��52).

R1 =Aprovizion riStoc mediu

ã

$FHDVW �UDW �VWDELOHúWH�YLWH]D�GH�URWD LH�D�VWRFXOXL��DGLF �QXP UXO�GH�FLFOXUL�vQ�PHGLH��vQ�FXUVXO�XQHL�SHULRDGH�� LQkQG�FRQW�GH�ULWPXO�RSHUD LLORU�GH�DSURYL]LRQDUH��GH�SURGXF LH�úL�GH�YkQ]DUH��$VWIHO��GXS �GDWHOH�GH�PDL�vQDLQWH�FXPS U ULOH�GH�P UIXUL�GH���������OHL�DU�SHUPLWH��vQ�FXUVXO�XQHL�SHULRDGH�GDWH��DVLJXUDUHD�D�SDWUX�UHvQQRLUL��VDX���URWD LL��DOH�XQXL�VWRF�PHGLX�GH���������OHL� 5DWD�LQYHUV �SHUPLWH�V �VH�GHWHUPLQH�GXUDWD�PHGLH�QHFHVDU �SHQWUX�R�URWD LH��'DF �vQWU-R�SHULRDG �VH�UHDOL]HD] �SDWUX�URWD LL��ILHFDUH�URWD LH�VH�UHDOL]HD] �vQWU-XQ�VIHUW�GH�SHULRDG � $FHDVW �REVHUYD LH�SHUPLWH�V �VH�IRUPXOH]H�UDWD�52�FDUH�H[SULP �GXUDWD�PHGLH�GH�URWD LH�D�VWRFXOXL�

R2 =Stoc mediu

Aprovizion riã

Page 25: FR NFR TN

'DF �DSURYL]LRQ ULOH�VXQW�P VXUDWH�SHQWUX�R�SHULRDG �GH�XQ�DQ��GXUDWD�VH�H[SULP �vQ�IUDF LXQL�GH�DQ��Multiplicând cu 12 sau cu 360 se va exprima în luni, respectiv în zile. Astfel, în exemplul de mai înainte o YLWH] �GH�SDWUX�URWD LL� vQWU-un an corespunde pentru o rota LH cu durata de 0,25 ani, sau trei luni (0,25×12), sau 90 zile (0,25×360).

$SOLFDUHD� DFHVWRU� GRX � UDWH� ULGLF � XQHRUL� SUREOHPH� WHKQLFH� FDUH� YL]HD] � RPRJHQLWDWHD� FHORU� GRL�termeni de calcul. În calculul ratelor R1�úL�52��VWRFXO�PHGLX�úL�DSURYL]LRQ ULOH�WUHEXLH�V �ILH�H[SULPDWH�SULQ�FRVWXO�ORU��I U �WD[D�SH�YDORDUHD�DGDXJDW ���SHQWUX�FD�V �ILH�DVLJXUDW �FRPSDUDELOLWDWHD�ORU�

���������5DWHOH�GH�URWD LH�D�FUHDQ HORU

&UHDQ HOH� FRPHUFLDOH� FRUHVSXQG� GUHSWXULORU� SH� FDUH� vQWUHSULQ-GHUHD� OH� DUH� ID � GH� FOLHQ LL� V L, ca XUPDUH� D� YkQ] ULORU� SHQWUX� FDUH� DFRUG � XQ� WHUPHQ� GH� SODW �� 2ULFH� RSHUD LXQH� GH� YkQ]DUH� SHQWUX� FDUH� VH�DFRUG �XQ�WHUPHQ�GH�SODW ��DQWUHQHD] �FRQVWLWXLUHD�GH�FUHDQ H�QRL��,QYHUV��RULFH�DYDQV�SULPLW�GH�OD�FOLHQ L�IDFH�V �VH�UHGXF �FUHDQ HOH�vQWUHSULQGHrii. AstIHO��XQ�IOX[�DQXDO�GH�YkQ] UL�GH�����PLOLRDQH�OHL�DU�SHUPLWH�UHvQQRLUHD�GH�]HFH�RUL�D�XQXL�SRUWRIROLX�PHGLX�DO�FUHDQ HORU�GH����PLOLRDQH�OHL��'H�XQGH�IRUPXOD�UDWHL�53�FDUH�P VRDU �YLWH]D�GH�URWD LH�D�FUHDQ HORU��

clienti de fata creantelor a medie ValoareaVânzari

=3R

Invers, rata R4� P VRDU � GXUDWD� URWD LHL� FUHDQ HORU�� DGLF � GXUDWD� QHFHVDU � SHQWUX� R� UHvQQRLUH� D�SRUWRIROLXOXL�GH�FUHDQ H��$FHVW�WHUPHQ�FRUHVSXQGH�FX�����DQL��DGLF ��������VDX�����OXQL�����×12), sau 36 zile (0,1×360) în exemplul de mai înainte.

Vânzariclienti de fata creantelor a medie Valoarea

=4R

0 ULPLOH�IRORVLWH�WUHEXLH�V �ILH�FRPSDUDELOH��YkQ] ULOH�úL�FUHDQ HOH�WUHEXLQG�V �ILH�H[SULPDWH�OD�IHO�

���������5DWHOH�GH�URWD LH�D�GDWRULLORU�ID �GH�IXUQL]RUL

DatRULLOH� FRQWUDFWDWH� ID � GH� IXUQL]RUL� FRUHVSXQG� UHVXUVHORU� SH� FDUH� vQWUHSULQGHUHD� OD� RE LQH� GH�ILHFDUH� GDW � FkQG� EHQHILFLD] � GH� XQ� WHUPHQ� GH� SODW � SHQWUX� FXPS U ULOH� GH� EXQXUL� VDX� VHUYLFLL� vQ� FDGUXO�DFWLYLW LL�VDOH�FXUHQWH� 9LWH]D�GH�URWD LH�D�GDWRULLORU�ID �GH�IXUQL]RUL�FRUHVSXQGH�GHFL��SHQWUX�R�SHULRDG �GDW ��QXP UXOXL�GH�UHvQQRLUL�D�P ULPLL�GDWRULLORU�ID �GH�IXUQL]RUL�

furnizori de fata datoriilor a medie ValoareaariAprovizion

=5R

'XUDWD�GH�SODW �D�GDWRULLORU�ID �GH�IXUQL]RUL�VH�P VRDU �SULQ�UDWD�LQYHUV ��56��FDUH�SRDWH�IL�H[SULPDW �în ani, în luni sau în zile.

ariAprovizionfurnizori de fata datoriilor a medie Valoarea

=6R

���������8WLOLWDWHD�UDWHORU�GH�URWD LH Ratele�GH�URWD LH�SHUPLW�V �VH�P VRDUH�ULWPXO�GH�GHUXODUH�D�RSHUD LLORU�FLFOLFH�GH�H[SORDWDUH�DGXFkQG�LQGLFD LL�vQ�VSULMLQXO�LQWHUSUHW ULL�QR LXQLORU�GH�)51�úL�1)5� În�IDSW��UDWHOH�GH�URWD LH�SHUPLW�V �VH�P VRDUH�OLFKLGLWDWHD�VWRFXULORU�úL�D�FUHDQ HORU�FRPHUFLDOH��SH�GH�R� SDUWH� úL� H[LJLELOLWDWHD� GDWRULLORU� ID � GH� IXUQL]RUL�� SH� GH� DOW � SDUWH��'XUDWHOH� GH� URWD LH� D� VWRFXULORU� úL� D�FUHDQ HORU�FRUHVSXQG�GXUDWHORU�QHFHVDUH pentru a transforma în bani aceste elemente ale activelor circulante. Calcularea acestor rate IXUQL]HD] �R�HVWLPDUH�R�OLFKLGLW LL�XQHL�S U L�LPSRUWDQWH�D�DFWLYHORU�SH�WHUPHQ�VFXUW��'XUDWD�GH�URWD LH�D�GDWRULLORU�ID �GH�IXUQL]RUL�P VRDU �H[LJLELOLWDWHD�DFHVWRU�GDWRULL��DGLF �WHUPHQXO�DFRUGDW�

Page 26: FR NFR TN

vQWUHSULQGHULL� SHQWUX� D� HIHFWXD� SODWD� ORU�� (YDOXDUHD� OLFKLGLW LL� DFWLYHORU� úL� D� H[LJLELOLW LL� datoriilor, aduc HOHPHQWH�HVHQ LDOH�SHQWUX�DSUHFLHUHD�)51� 'H�DOWIHO��DFHVWH�UDWH�DUDW �IRUPDUHD�1)5��SHUPLW�V �VH�vQ HOHDJ �FRQVWUkQJHULOH�OD�FDUH�HVWH�VXSXV �vQWUHSULQGHUHD�úL�MXVWLILF �QHYRLD�GH�ILQDQ DUH�D�FLFOului de exploatare. 6WXGLXO�GH�FD]�FDUH�XUPHD] �SHUPLWH�V �VH�LOXVWUH]H�PDL�ELQH�LPSRUWDQ D�UDWHORU�GH�URWD LH�

STUDIU DE CAZ

UTILIZAREA RA7(/25�'(�527$ ,(

/D� VIkUúLWXO� DQXOXL�1� VRFLHWDWHD� FRPHUFLDO �$/)$-6�$�� %XFXUHúWL� HODERUHD] � SUHYL]LXQLOH� VDOH� GH�JHVWLXQH� UHODWLYH� OD� H[HUFL LXO� ILQDQFLDU� DO� DQXOXL� �1����� &RQGXF WRULL� vQWUHSULQGHULL� HVWLPHD] � F � QLYHOXO�YkQ] ULORU�vQ�DQXO��1����YD�IL�GH�����������PLL�OHL��I U �79$���FHHD�FH�vQVHDPQ �R�FUHúWHUH�ID �GH�DQXO�1�GH�circa 12%. ASURYL]LRQ ULOH�FX�PDWHULL�úL�PDWHULDOH�VH�HVWLPHD] �D�IL�vQ�DQXO��1����GH�FLUFD�����������PLL�OHL� 2EVHUYD LLOH�I FXWH�SH�R�SHULRDG �GH�PDL�PXO L�DQL�DUDW �F �vQWUHSULQGHUHD�D�DYXW�R�GXUDW �PHGLH�GH�URWD LH� D� VWRFXULORU� GH�PDWHULL� úL� PDWHULDOH� GH� �� OXQL�� R� GXUDW �PHGLH� GH� URWD LH� D� VWRFXULORU� GH� SURGXF LH�QHWHUPLQDW �úL�SURGXVH�ILQLWH�GH�����OXQL��R�GXUDW �PHGLH�GH�URWD LH�D�FUHDQ HORU�GH�����OXQL��R�GXUDW �PHGLH�D�DFKLW ULL�IXUQL]RULORU�GH�����OXQL�úL�D�EHQHILFLDW�úL�GH�R�GXUDW �GH�vQWkU]LHUH�D�DFKLW ULL�DOWRU�REOLJD LL��ID �GH�VWDW��VDODULD L��DF LRnari etc.). &RQGXF WRULL�VRFLHW LL�YRU�V �úWLH�FDUH�YD�IL�QLYHOXO�PHGLX�DO�QHYRLL�GH�IRQG�GH�UXOPHQW�vQ�DQXO��1�����GDF � OD� VIkUúLWXO� DQXOXL�1� HVWH� GH� ���� ����PLL� OHL��'H� DVHPHQHD� YRU� V � úWLH� GDF � QLYHOXO� IRQGXOXL� GH� UXOPHQW�FRQVWLWXLW� OD� VIkUúLWXO� DQXOXL N, de 519 835 mii lei va permite îQWUHSULQGHULL� V � IDF � ID � QHYRLORU�� vQ� FRQGL LL�PXO XPLWRDUH��vQ�FHHD�FH�SULYHúWH�HFhilibrul financiar.

a)�1LYHOXO�SUHYL]LRQDW�DO�VWRFXULORU�GH�PDWHULL�úL�PDWHULDOH. DuratD�PHGLH�GH�URWD LH�D�VWRFXULORU�GH�PDWHULL�úL�PDWHULDOH��'60��HVWH�GH���OXQL��FDOFXOkQGX-VH�GXS �UHOD LD�

DSM =Stoc mediu de materiale (SMM) 12

Aprovizion ri anuale (A)u

ã

5H]XOW �F �

SMM =DSM A

12×

PentrX�DQXO�XUP WRU�VWRFXO�PHGLX�GH�PDWHULDOH�YD�IL�

SMM =2 4800000

12= 800000 mii lei

×

b) Nivelul previzionat al stocurLORU�GH�SURGXF LH�QHWHUPLQDW � úL�GH�Sroduse finite.�'XUDWD�GH� URWD LH�D�VWRFXULORU�GH�SURGXF LH�QHWHUPLQDW �úL�SURGXVH�ILQLWH��'63��HVWH�GH�����OXQL��FDOFXOkQGX-VH�GXS �UHOD LD�

(V) Vânzari12(SMP) finite produse si aneterminat productie de mediuStoc

=DSP×

5H]XOW �F �

SMP =DSP V

12×

Pentru anuO�XUP WRU��VWRFXO�PHGLX�GH�SURGXF LH�QHWHUPLQDW �úL�SURGXVH�ILQLWH�YD�IL�

SMP =0,6 9800000

12= 490000 mii lei

u

F�� 1LYHOXO� SUHYL]LRQDW� DO� FUHDQ HORU�� 'XUDWD� PHGLH� GH� URWD LH� D� FUHDQ HORU� �'0&�� HVWH� GH� ���� OXQL��calculându-VH�GXS �UHOD LD�

Page 27: FR NFR TN

DMC =Valoarea medie a crean]elor (VMC) 12

Vânz ri (V)ã×

9kQ] ULOH�DQXDOH��LQFOX]knd úL�WD[D�SH�YDORDUHD�DG XJDW ����%) vor fi:

lei mii 11662000=1,199800000=V ×

5H]XOW �F �

VMC =DMC V

12×

3HQWUX�DQXO�YLLWRU��YDORDUHD�PHGLH�D�FUHDQ Hlor va fi:

lei mii 388733=12

116620000,4=VMC

×

G�� 1LYHOXO� SUHYL]LRQDW� DO� GDWRULLORU� ID � GH� IXUQL]RUL. Durata� URWD LHL� REOLJD LLORU� ID � GH� IXUQL]RUL�este de 0,3 luni, calculându-VH�GXS �UHOD LD�

(At) taxele inclusiv anuale ariAprovizion12(VMF) furnizori de fata datoriilor a medie Valoarea

=DMF×

$SURYL]LRQ ULOH�DQXDOH��LQFOX]kQG�úL�WD[D�SH�YDORDUHD�DG XJDW ��YRU�IL� lei mii 5712000=1,194800000=At ×

6H�SRDWH�VWDELOL�F �SHQWUX�DQXO�YLLWRU�

VMF =DMF At

12×

Vom avea:

lei mii 142800=1257120000,3

=VMF×

e) Nivelul SUHYL]LRQDW�DO�REOLJD LLORU�ID �GH�VWDW��VDODULD L�úL�DF LRQDUL. În acest caz nivelul previzionat îl vom stabili pornind de la nivelul medLX�DO�DFHVWRU�REOLJD LL�vQ�DQXO�1��QLYHO�SH�FDUH�vO�LQIOXHQ P�FX indicele GH�PRGLILFDUH�D�SURGXF LHL�vQ�DQXO��1����ID �GH�DQXO�1� 3H�ED]D�ELODQ XOXL�SUH]HQWDW�PDL�vQDLQWH�VWDELOLP�YDORDUHD�PHGLH�D�DFHVWRU�REOLJD LL��902�:

149170 +175205 +180970 + 600428 + 24105 +142686

2=

=1272564

2= 636282 mii lei

ÌQPXO LQG� QLYHOXO�PHGLX� GLQ� DQXO�1� DO� DFHVWRU� REOLJD LL� FX� LQGLFHOH� GH� FUHúWHUH� D� SURGXF Lei, vom avea nivelul lor previzionat pentru anul (N+1):

636282 1,12 = 712636 mii lei×

f) Nivelul previzionat al NFR�� LQkQG�FRQW�GH�GXUDWHOH�FDUH�FDUDFWHUL]HD] �JHVWLXQHD�VD��vQWUHSULQGHUHD�YD�DYHD�R�1)5�DYkQG�XQ�QLYHO�PHGLX�VWDELOLW�GXS �FXP�XUPHD] �

8WLOL] UL�FLFOLFH�SUHYL]LRQDWH��8&�� �600���603���90&

UC = 800 000 + 490 000 + 388733 = 1 678 733 mii lei

Resurse ciclice previzionate (RC) = VMF + VMO

RC = 142 800 + 712 636 = 855 436 mii lei

NFR = UC – RC = 1 678 733 – 855 436 = 823 297 mii lei

Page 28: FR NFR TN

g) Aprecierea nivelului fondului de rulment net. SocietatHD�EHQHILFLD] �OD�VIkUúLWXO�DQXOXL�1�GH�XQ�)51�GH�������� PLL� OHL�� FHHD� FH� UHSUH]LQW � UHVXUVH� SHUPDQHQWH� VXVFHSWLELOH� V � ILQDQ H]H� XWLOL] ULOH� FLFOLFH� úL� vQ�JHQHUDO��VXVFHSWLELOH�V �DFRSHUH�QHYRLD�GH�IRnd de rulment.

Având în vedere nivelul previzionat al NFR pentru anul (N + 1), care este de 823297 mii lei, putem VSXQH�F �VRFLHWDWHD�QX�YD�GLVSXQH�GH�UHVXUVH�VWDELOH�suficiente�SHQWUX�D�ILQDQ D�LQWHJUDOLWDWHD�1)5��9D�WUHEXL�V �IDF �DSHO�OD�FUHGLWH�VXSOLPHQWDUH�GH�WUH]orerie, ceea ce va antrena o degradare a VLWXD LHL�WUH]RUHULHL�

1HYRLD�GH�IRQG�GH�UXOPHQW�FUHúWH�PDL�PXOW�GHFkW�FUHúWH�SURGXF LD������������������ ��������DVSHFW�FH�H[SULP �R�VF GHUH�D�HILFLHQ HL�� ÌQWUHSULQGHUHD� WUHEXLH�V -úL�PDMRUH]H�)51�SULQ�acumularea de beneficii VDX�SULQ�RE LQHUHD�GH�QRL�FDSLWDOXUL�SHUPDQHQWH��


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