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WHUPHQ PDL PXOW VDX PDL SX LQ DSURSLDW L vQ FRQGL LL QRUPDOH G D RULF UXL DFWLY LOH GLQWU

/LFKLGLWDWHD DSDUH DVWIHO FD R SURSULHWDWH JHQHUDO 8QHOH DFWLYH VXQW VXE IRUP

GH EDQL GH H[HPSOX GLVSRQLELOLW

WUDQVIRUPDWH vQ EDQL vQ VFXUW WLPS GH H[HPSOX FUHDQ HOH DVXSUD FOLHQ LORU FDUH WUHEXLH V

FkWHYD ]LOH VDX VWRFXULOH GH P UIXUL FH YRU IL YkQGXWH vQ FXUkQG $FHVWH HOHPHQWH VXQW FHOH PDL OLFKLGH L

constituie activele circulante corespun]kQG LQWU ULORU GH IRQGXUL DWHSWDWH SH WHUPHQ VFXUW Alte active sunt, GLQ FRQWU  GHVWLQDWH D IL FRQVXPDWH XQ WLPS vQ FRQGL LL QRUPDOH
vQWUHSULQGHULL $FHVWHD WUHEXLH FRQVLGHUDWH FD DFWLYH FH H[SULP OXQJ 6XQW FRQVLGHUDWH LPRELOL] UL VDX DFWLYH LP

& 4&   G #P#H B    ! Q IC C DC

D DFWLYXOXL L SDVLYXOXL HVWH vQ JHQHUDO SUH]HQWDW SH ED]D

e utilizare.

-un cont bancar) sau vor fi

ILH vQFDVDWH vQ

GH IXQF LRQDUH D

XWLOL]DUHD IRQGXULORU SH WHUPHQ PHGLX L

obilizate.

&RQYHQ LRQDO

FRQVLGHU P

FHO

PDL

DGHVHD

GLVWLQF LD

GLQWUH

LPRELOL] UL

DFWLYH

FLUFXODQWH

FRUHVSXQGH GLVWLQF LHL GLQWUH DFWLYH SH PDL PXOW GH XQ DQ L DFWLYH SH PDL SX LQ GH XQ DQ

DistinF LD GLQWUH DFWLYH FLUFXODQWH L DFWLYH LPRELOL]DWH HVWH DVWIHO OHJDW

L UHIOHFW OLPLWDW E D PRGHOHORU GH ELODQ  SDVLYHORU GXS FULWHULXO H[LJLELOLW LL ([LJLELOLWDWHD

GH DSOLFDUHD XQXL FULWHULX GH GXUDW UL VDX R GLIHUHQ LHUH

vQ SULQFLSDO VWUXFWXUD OD WHUPHQ D DFWLYXOXL 7RWXL SUH]HQW ULOH ELODQ XOXL DGRSWDWH GH GLIHULWH

GLIHULWH vQWUHSULQGHUL LQWURGXF FULWHULL FRPSOHPHQWDUH SHQWUX FODVDUHD DFWLYHORU FHHD FH DQWUHQHD]

2UGRQDUHD

XQXL

HOHPHQW

GH

SDVLY

H[SULP

DSURSLHUHD VFDGHQ HL VDOH DGLF

SHULRDGD GH WLPS SkQ

OD UDPEXUVDUH FRQWUDFWDWH GH

Fiecare element de pasiv corespunde GH IDSW XQXL DQJDMDPHQW 'DU REOLJD LLOH GH SODW
vQWUHSULQGHUH R REOLJ FRPSRUW V SUHYDG SO L vQ WLPS GXS R REOLJD LH IHUP GH UDPEXUVDUH GDWRULLOH vQ WLPS FH DOWHOH QX FRPSRUW FDSLWDOXULOH SURSULL 3H GH DOW FH DOWHOH QX VXQW H[LJLELOH UDPEXUVDUH OD R VFDGHQ H[LJLELOH SH WHUPHQ GHWHUPLQDW vQ WLPS

VFDGHQ H IRDUWH GLIHULWH 8QHOH HOHPHQWH GH SDVLY QLFL R FRQVWUkQJHUH GH

SDUWH XQHOH HOHPHQWH GH SDVLY VXQW OD R VFDGHQ vQGHS UWDW VDX

VFXUW

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QHGHWHUPLQDW

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e permanente).
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6H FRQVLGHU

vQ JHQHUDO F

SHUPDQHQWH L HOHPHQWHOH H[LJLELOH vQ PDL SX LQ GH XQ DQ GDWRULL SH WHUPHQ VFXUW DQJDMDPHQWH SH PDL SX LQ GH XQ DQ H[SULP R FDUDFWHULVWLF

UHVXUVHORU FRQIHULWH vQWUHSULQGHULL L vQ FRQVHFLQ

 VWDELOLWDWHD ILQDQ

ULL VDOH

Fig. 4.4. Clasarea elem entelor de pasiv dupa o scara crescatoare a exigibilitatii

4.1.2.2. Elementele de diferHQ

LHUH vQWUH PRGHOHOH GH ELODQ SUH]HQWDUHD ELODQ XOXL vQ GLIHULWH UL VXQW

3ULQFLSDOHOH HOHPHQWH FDUH GLIHUHQ LD]

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3ULPXO GLQ DFHVWH HOHPHQWH GH GLIHUHQ LHUH ULGLF DQDOL]H ILQDQFLDUH FRPSDUDWLYH vQWUH ELODQ XULOH VRFLHW 2UGRQDUHD DFWLYHORU GXS XQLYHUVDO  'DU DFHDVW 2 SULP SUREOHPHOH FHOH PDL GLILFLOH FkQG VH UHDOL]HD] UL H[LJLELOLWDWHD ORU FRQVWLWXLH R RS LXQH UL LL LORU GLQ GLIHULWH OLFKLGLWDWHD ORU L D SDVLYHORU GXS GXS GRX PRGDOLW

RS LXQH H DSOLFDW

L GLVWLQFWH vQ GLIHULWH

PRGDOLWDWH GH SUH]HQWDUH FRQVW

vQ FODVDUHD HOHPHQWHORU GH DFWLY vQ RUGLQHD OLFKLGLW LL FUHVF WRDUH )UDQ D %HOJLD *HUPDQLD

FUHVF WRDUH L D HOHPHQWHORU GH SDVLY vQ RUGLQHD H[LJLELOLW 2 D GRXD PRGDOLWDWH GH SUH]HQWDUH FODVHD] HOHPHQWHOH GH SDVLY GXS Q FHOH GLQ XUP VXQW FODVDWH DFWLYHOH L

HOHPHQWHOH GH DFWLY GXS ULOH

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H[LJLELOLWDWHD GHVFUHVF WRDUH  FRPSDUD LD vQWUH FHOH GRX SDVLYHOH UHOHY OLPLWHOH

anglosaxone).
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D DFHOXLDL FULWHULX IXQGDPHQWDO GH RUGRQDUH D HOHPHQWHORU ELODQ XOXL &X WRDWH GLIHUHQ HOH GH GH FULWHULL RPRJHQH GH RUGRQDUH WUHEXLH GHFL V SHUPLW SULQFLSLL

SUH]HQWDUH ELODQ XULOH VWDELOLWH SH ED] FRPXQH GH DQDOL] 

4.2. FONDUL DE RULMENT

4.2.1. Determinarea fondului de rulment

1R LXQHD GH IRQG GH UXOPHQW D GDW ORF OD PXOWLSOH IRUPXO UL 7RWXL GRX SUH]LQW GLQ DFHVWH IRUPXO UL XQ LQWHUHV SDUWLFXODU L DSDU GUHSW FRQFHSWH IXQGDPHQWDOH DOH JHVWLXQLL L DQDOL]HL ILQDQFLDUH ( YRUED

GH QR LXQHD GH IRQG GH UXOPHQW QHW VDX SHUPDQHQW SH GH R SDUWH L GH QR LXQHD GH IRQG GH UXOPHQW SURSULX SH GH DOW SDUWH

4.2.1.1. Fondul de rulment net sau permanent (FRN)

D 5HGXFHUHD ELODQ XOXL OD S U LOH PDUL DOH DFHVWXLD 3HQWUX D SHUPLWH IRUPXODUHD L FDOFXODUHD )51 ELODQ XO WUHEXLH V ILH RUJDQL]DW vQ S U L PDUL UHJUXSkQG HOHPHQWHOH GH DFWLY L GH S

asiv pe baza criteriului duratei

DFWLYHORU L SDVLYHORU

n acest scop s-D an.

FRQYHQLW V

VH UHSDUWL]H]H DFWLYHOH vQ DFWLYH LPRELOL]DWH OLFKLGH SHVWH PDL PXOW GH

XQ DQ L DFWLYH FLUFXODQWH VXVFHSWLELOH GH D IL WUDQVIRUPDWH vQ EDQL vQ FRQGL LL QRUPDOH vQ PDL SX LQ GH XQ

&X SULYLUH OD HOHPHQWHOH GH SDVLY HOH VXQW vPS U LWH vQ FDSLWDOXUL SHUPDQHQWH L GDWRULL SH WHUPHQ VFXUW &DSLWDOXULOH SHUPDQHQWH UHJUXSHD] SHVWH PDL PXOW GH XQ DQ L SUH]LQW FDSLWDOXULOH SURSULL GDWRULLOH L DOWH UHVXUVH FDUH VXQW H[LJLELOH

GHFL XQ FDUDFWHU GH VWDELOLWDWH vQ WLPS SHQWUX vQWUHSULQGHUH 'DWRULLOH SH VXQW H[LJLELOH vQ PDL SX LQ GH XQ DQ L LPSXQ GHFL R

WHUPHQ VFXUW FRUHVSXQG UHVXUVHORU LQVWDELOH SHQWUX F UDPEXUVDUH VDX R UHvQRLUH D ORU OD VFDGHQ  SXQkQGX

-se la ncercare solvabilitatea ntreprinderii.

E 'HWHUPLQDUHD )51 1R LXQHD GH )51 SRDWH IL GHILQLW

DERUGDUH D S U LL GH VXV D ELODQ XOXL ILH R DERUGDUH D S U LL GH MRV D ELODQ XOXL

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

ELODQ XOXL SULQ PDULOH OXL S U L

Active imobilizate 30 000 000

Active circulante 50 000 000

PrLQ GDWHOH IXUQL]DWH GH VFKHPD fondului de rulment net sau permanent.

Capitaluri permanente - Active imobilizate = FRN

Active circulante - Datorii pe termen scurt = FRN

& 1#F  `  (eh 4& 4&   G#&#Cf DB A !S "  Y W    "  g C C eG'e '#e 0W 2 &  &Y

hg A " e #pi DB A q ! W d"S  ! Q Y g C C

24X&`'X #XW 0   &Y

Active circulante

Capitaluri permanente 35 000 000 Fond de rulment Datorii pe termen scurt 45 000 000

GH PDL vQDLQWH VH YHULILF

35 000 000 - 30 000 000 5 000 000 50 000 000 - 45 000 000 5 000 000

  d" U &" # !& #((S c& 4`4 Q 4$ a ! Y   b !S b  X& ' 4'& ! Y b

& 4& #"#4& ! U( T )  44&   R V  S  

Active imobilizate (pe mai mult de un an)

Capitaluri permanente (mai mult de un an) - Capitaluri proprii - Pr (pe mai mult de un an) - Datorii pe termen lung (peste un an) Datorii pe termen scurt

SULQ GRX

IRUPXO UL HFKLYDOHQWH H[SULPkQG ILH R

de la reprezentarea

HFKLYDOHQ D FHORU GRX

IRUPXO UL DOH

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

a unei

ntreprinderi.
6H SRDWH GHILQL SULQ IRUPXOD XUP WRDUH

FRP = Capitaluri proprii Active imobilizate

b) Evaluarea capitalurilor proprii
GHWHUPLQDUHD FDSLWDOXULORU IRQGXULORU F SURSULL FRQIHULWH 3ULQFLSDOD SUREOHP V WHKQLF ULGLFDW QHW GH DFHDVW IRUPXO YL]HD] $FHVWHD WUHEXLH LQFOXG VLWXD LD V L GXS DIHFWDUHD GH GXUDW  UH]XOWDWXOXL 'DU DQXPL L ILH

corespun-]kQG

vQWUHSULQGHULL

GH

SURSULHWDULL

I U

OLPLW

DQDOLWL FRQVLGHU

VXEYHQ LLOH SHQWUX LQYHVWL LL L SURYL]LRDQHOH SHQWUX ULVFXUL L FKHOWXLHOL WUHEXLH V ILH OXDWH vQ FDOFXO vQ IRUPXOD GH GHWHUPLQDUH D I

FRQVLGHUDWH TXDVLIRQGXUL SURSULL L GHFL V

ondului de rulment
VH FRQVLGHUH F DX

propriu.
3HQWUX SURYL]LRDQH DFHDVW XQ FDUDFWHU GH UH]HUY VROX LH SDUH MXVWLILFDW FkQG VWDELOLWDWHD ORU SHUPLWH V L SRW IL DVLPLODWH FDSLWDOXULORU SURSULL 7RWXL SURYL]LRDQHOH FDUH QX DFRSHU XQ ULVF

UHDO L YLLWRU GDU FRQVWLWXLH TXDVLUH]HUYH WUHEXLH V

VXSRUWH XOWHULRU XQ LPSR]LW 9RU IL UHLQWHJUDWH vQ PDVD

beneficiului impozabil provizioanele constituite n exces n raport cu riscurile efective. ntreprinderea 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 L YLLWRDUH L QX VXQW GHFL GHVWLQDWH D IL FRQVXPDWH SH DFHVWH SULQFLSLL SRW IDFH RELHFWXO XQRU VLPSOH

WHUPHQ VFXUW SRW IL WUDWDWH GUHSW FDSLWDOXUL SHUPDQHQWH 'DF UHFRPDQG UL DSOLFDUHD ORU ULGLF SXQ XUP WRDUHOH vQWUHE UL SUR

bleme delicDWH GH DSUHFLHUH SHQWUX DQDOLVWXO ILQDQFLDU FDUH WUHEXLH V -L

" ,DX vQ FDOFXO WRDWH ULVFXULOH " 'DF U VSXQVXO OD DFHVWH GRX

3URYL]LRDQHOH

VXQW

VXILFLHQWH

vQWUHE UL HVWH QHJDWLY FRQWXULOH vQWUHSULQGHULL GDX R HVWLPDUH SUHD RSWLPLVW WUHEXLH GHFL V ILH FRUHFWDWH

SDWULPRQLXOXL L UH]XOWDWHORU L

- 3URYL]LRDQHOH QX VXQW VXSUDHYDOXDWH vQ UDSRUW FX ULVFXULOH UHDOH L YLLWRDUH SHQWUX vQWUHSULQGHUH " Q
DFHVW FD] R SDUWH GLQ DFHVWH SURYL]LRDQH SUH]LQW SHUPDQHQW  $FHVWHD vQJOREHD] XQ FDUDFWHU GH UH]HUY L SRW IL FRQVLGHUDWH FD R UHVXUV GHFL SH GH R SDUWH GDWRULL ILVFDOH ODWHQWH GDWH GH LPSR]LWDUHD YLLWRDUH D SDUWH R UH]HUY ODWHQW P ULPHD GXS LPSR]LWDUH D H[F

UHOX ULORU DVXSUD SURYL]LRDQHORU VL SH GH DOW

esului

de provizioane).

Q SUDFWLF

DQDOLVWXO ILQDQFLDU GLQ DIDUD vQWUHSULQGHULL SRDWH vQWkPSLQD GLILFXOW

PRG H[DFW D DQVDPEOXOXL SURYL]LRDQHORU L WUHEXLH V

aproximative sau simpliste.

2 VROX LH GHVHRUL SUDFWLFDW F WRDWH SURYL]LRDQHOH DFRSHU 2 D GRXD VROX LH FRQVW vQ D DSOLFD vQWU XQ PRG UDGLFDO SULQFLSLXO SUXGHQ HL L D FRQVLGHUD

ULVFXUL UHDOH L YLLWRDUH L VXQW vQJOREDWH vQ GDWRULL SH WHUPHQ VFXUW VDWLVI F WRDUH SRUQHWH GH OD REVHUYD LD F PDMRULWDWHD vQWUHSULQGHULORU

PDL

UHFRQVWLWXLH GH OD XQ DQ OD DOWXO R P ULPH FUHVF WRDUH D SURYL]LRDQHORU $FHDVW SHUPDQHQW  FKLDU GDF GLIHULWH FRPSRQ

$ #4 Q 4$G Q 'X" a r DB A   b Y    W d C C C

-

L vQ WUDWDUHD vQWU

-un

DGRSWH VROX LL FDUH L VXQW DFFHVLELOH FKLDU GDF

HOH VXQW

FUHWHUH DSDUH FD R UHVXUV

ente ale sale sunt destinate a fi conservate pe termen scurt.

O a treia VROX LH HVWH XQD LQWHUPHGLDU

DVLPLODELO UHVXUVHORU SH WHUPHQ VFXUW $FHDVW

 (D FRQVW

vQ D DGRSWD R FKHLH GH UHSDUWL]DUH DSULRULF  R SDUWH VDX   FHDODOW SDUWH ILLQG

D SURYL]LRDQHORU ILLQG DVLPLODELOH UHVXUVHORU SHUPDQHQWH GH H[HPSOX  VROX LH SUH]LQW

XQ FDUDFWHU DUELWUDU

6XEYHQ LLOH SHQWUX HFKLSDPHQWH SRW IL vQ JHQHUDO FRQVLGHUDWH FDSLWDOXUL SHUPDQHQWH 7UHEXLH WRWXL V REVHUY P F OHJLVOD LD XQRU UL OH VXSXQH OD LPSR]LW vQVFULLQGX

-le n contul de rezultate ca venituri, prin

YD LQWHUYHQL SH VXEYHQ LL vQ FDSLWDOXULOH SHUPDQHQWH vQ

WUDQH VXFFHVLYH $FHVWH VXEYHQ LL FRPSRUW WHUPHQ PHGLX L OXQJ 3HQWUX FDOFXOXO )51 VH SRDWH

GHFL GDWRULL ILVFDOH ODWHQWH D F URU VFDGHQ

vQJORED

DQVDPEOXO

DFHVWRU

3HQWUX FDOFXOXO )53 vQ VFKLPE QXPDL SDUWHD FRUHVSXQ] WRDUH UH]HUYHORU ODWHQWH WUHEXLH V FDSLWDOXULOH SURSULL 3DUWHD FRUHVSXQ] WRDUH GDWRULLORU ILVFDOH WUHEXLH V ILH H[FOXV 

ILH LQFOXV

4.2.1.3. Fondul de rulment mprumutat Aceast P rulment propriu.

V ULPH VH FDOFXOHD] FD GLIHUHQ

ntre fondul de rulment neW

VDX SHUPDQHQW L IRQGXO GH

FR = FRN - FRP Fondul de rulment PSUXPXWDW

H[SULP P ULPHD UHVXUVHORU

mprumutate pe termen lung, destinate

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 L DFWLYHOH LPRELOL]DWH 'XS R SULP IRU

mulare, FRN este

definit astfel:

FRN = Capitaluri permanente

$FHDVW DD FXP VXJHUHD] VFKHPD XUP WRDUH vQWRFPLW

- Active imobilizate

IRUPXODUH SXQH DFFHQWXO SH FRPSDUD LD vQWUH FDSLWDOXULOH SHUPDQHQWH L DFWLYHOH LPRELOL]DWH FX GDWHOH FLIULFH XWLOL]DWH PDL vQDLQWH

Active imobilizate 30 000 000 FRN = + 5 000 000

'LQ DFHDVW LPRELOL]DWH &RPSDUD LD vQWUH FHOH GRX

Capitaluri permanente 35 000 000

P ULPL FRUHVSXQGH XQHLD GLQ XUP WRDUHOH WUHL VLWXD LL

SHUVSHFWLY  )51 FRUHVSXQGH H[FHGHQWXOXL FDSLWDOXULORU SHUPDQHQWH DVXSUD DFWLYHORU

(1)
'DF

Capitaluri permanente > Active imobilizate

)51 H SR]LWLY FDSLWDOXULOH SHUPDQHQWH SHUPLW V VFKHPD XUP WRDUH 

FRN > 0

VH ILQDQ H]H LQWHJUDO DFWLYHOH LPRELOL]DWH L R SDUWH

GLQ DFWLYHOH FLUFXODQWH DD FXP VXJHUHD]

Active imobilizate 30 000 000

Capitaluri permanente 35 000 000

Resurse stabile afectate finantarii im obilizarilor Resurse stabile afectate rii activelor circulante

Active circulante
ILQDQ DUHD vQ WRWDOLWDWH D LPRELOL] ULORU

)51 FRUHVSXQGH P ULPLL FDSLWDOXULORU SHUPDQHQWH FDUH SHUPLWH V

(2)

QHJDWLY FDSLWDOXULOH SHUPDQHQWH QX UHSUH]LQW $FHVWHD WUHEXLH GHFL V

Capitaluri permanente < Active imobilizate FRN < 0

R VXP VXILFLHQW ILH SDU LDO ILQDQ DWH SULQ UHVX

rse pe termen scurt. Resurse pe termen scurt afectate finan

Active imobilizate 45 000 000

Capitaluri permanente 35 000 000 Datorii pe

  )

VH ILQDQ H]H DFWLYHOH FLUFXODQWH GXS

'DF

)51

SHQWUX D ILQDQ D LQWHJUDO LPRELOL] ULOH

Active circulante 35 000 000

termen scurt 45 000 000

ULL LPRELOL] ULORU

(3)

Capitaluri permanente = Active imobilizate FRN = 0

$FHDVW D WUHLD VLWXD LH SX LQ SUREDELO  H[SULP R DUPRQL]DUH WRWDO D VWUXFWXULL UH

surselor cu

utilizarea acestora.
Active imobilizate 30 000 000 Active circulante 50 000 000 Capitaluri permanente 30 000 000 Datorii pe termen scurt 50 000 000
R D GRXD IRUPXODUH )51 SRDWH

E &RPSDUD LD vQWUH DFWLYHOH FLUFXODQWH L GDWRULLOH SH WHUPHQ VFXUW 'XS 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 FDUH VXQW FHOH PDL OLFKLGH DGLF SHUVSHFWLY  )51 FRUHVSXQGH H[FHGHQWXOXL DFWLYHORU FLUFXODQWH DFHOHD DGLF DFHOHD FDUH WUHEXLH V ILH UDPEXUVDWH vQ PDL SX LQ GH XQ DQ WUDQVIRUPDELOH vQ EDQL vQ PDL SX LQ GH XQ DQ DVXSUD GDWRULLORU SH WHUPHQ VFXUW

(acelea care sunt cele mai exigibile,

&RPSDUD LLOH SRVLELOH FRUHVSXQG XUP WRDUHORU WUHL VLWXD LL

(1)

Active circulante = Datorii pe termen scurt Capitaluri permanente = Active imobilizate FRN = 0
Q DFHDVW SULP LSRWH]  IRDUWH SX LQ SUREDELO  DFWLYHOH FLUFXODQWH VXQW DFRSH

rite strict de datoriile

pe termen scurt. (2)

$FHDVW VH RE LQ

Active circulante > Datorii pe termen scurt Capitaluri permanente > Active imobilizate FRN > 0
D GRXD VLWXD LH VHPQLILF L H[FHGHQWDUH IDSWXO F DFWLYHOH FLUFXODQWH SHUPLW V DSDUH FD R VLWXD LH VH VSHUH vQFDV UL E QHWL SH vQ FHHD FH SULYHWH D GDWRULLORU H[LJLELOH SH WHUPHQ VFXUW GDU L V IDYRUDELO GH SHUVSHFWLYH IDYRUDELOH vQ FHHD FH

WHUPHQ VFXUW FDUH YRU SHUPLWH QX QXPDL UDPEXUVDUHD LQWHJUDO OLFKLGLW $FHDVW F VLWXD LH VROYDELOLWDWHD SHQWUX F SULYHW VH VXJHUHD]

vQWUHSULQGHUHD EHQHILFLD]

e capacitatea sa de rambursare
FRN = + 5 000 000

Active circulante 50 000 000

Active transformabile in bani in Active mai in de un an

Datorii pe termen scurt 45 000 000

(3)

circulante de Datorii pe termen scurt in < un an Capitaluri permanente < Active imobilizate FRN < 0
D WUHLD VLWXD LH VXPD DFWLYHORU FLUFXODQWH ODV V VH SUHYDG vQFDV UL YLLWRDUH SH WHUPHQ FRQVWDWDUH SDUH OD R SULP LL vQWUHSULQGHULL SHQWUX VROYDELOLWDWH 'DU DSUHFLHUHD SUHFLV D SHUVSHFWLYHORU VROYDELOLW

Q DFHDVW

VFXUW LQVXILFLHQWH SHQWUX D UDPEXUVD DQVDPEOXO GDWRULLORU SH WHUPHQ VFXUW $FHDVW DQDOL] GHIDYRUDELO

FHUH OXDUHD vQ FDOFXO D VWUXFWXULL OD WHUPHQ D DFWLYHORU FLUFXODQWH L D GDWRULLORU S

n fapt,
GDF VROYDELOLW

GDF

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Cazul 1 Elemente relative la bilant Scadenta medie FRN Flux monetar previzibil la 2 luni
Sold monetar la 2 luni
AC 36 000 000 DTS 45 000 000 AC 51 000 000

Cazul 2
DTS 32 000 000

2 luni

3 luni

3 luni

2 luni

FRN=36000000-45000000 = -9000000 FRN=51000000-32000000= +19000000 Incasari prin Incasari prin transformarea in Cheltuieli pentru plata a transformarea in Cheltuieli pentru plata 2/3 din datoriile pe datoriilor pe termen bani a activelor bani a 2/3 din circulante activele circulante termen scurt scurt + 36 000 000 + 34 000 000 - 30 000 000 - 32 000 000

= + 6 000 000

= + 2 000 000
r asupra aprecierii FRN

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

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Total pasiv

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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

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PDL PLF

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&RQIUXQWDUHD vQWUH XWLOL] ULOH WUH]RUHULHL L UHVXUVHOH GH WUH]RUHULH SHUPLWH V

trezoreriei sau WUH]RUHULD QHW .

T = UT - RT
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unilor sale financiare pe termen scurt.

T>0

1)
2 WUH]RUHULH SR]LWLY

UT > RT
IDSWXO F vQWUHSULQGHUHD FRQVWLWXLH SODVDPHQWH ILQDQFLDUH ID GH

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GLVSXQH GH OLFKLGLW SRDWH YRUEL GH R UHDO

-L

SHUPLW

financiare pe termen scurt. Se

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SH WHUPHQ VFXUW

2)
2 WUH]RUHULH QHJDWLY

T<0

UT < RT
vQWUHSULQGHUHD H GHSHQGHQW GH UHVXUVHOH VDOH  VDX GH WHQVLXQH DVXSUD WUH]RUHULHL HYLGHQ LD]

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ILQDQFLDUH SH WHUPHQ VFXUW $FHDVW IDSWXO F OLFKLGLW

LOH VDX TXDVLOLFKLGLW

le sunt insuficiente pentru a permite rambursarea datoriilor pe

vQWUHSULQGHULL L OLPLWHD] 7   H[SULP R FHUW R VLWXD LH GH WUH]RUHULH QHJDWLY LPHGLDW FD XQ VLPSWRP GH LQVROYDELOLWDWH 1XPHURDVH

termen scurt. MeQ LQHUHD

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UHVXUVHORU GH WUH]RUHULH DSDUH FD R FRQVWUkQJHUH LPSXV

SH WHUPHQ VFXUW 'DU GDF

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ILH LQWHUSUHWDW

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FX R DVHPHQHD VLWXD LH

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ale acestuia.

3H GH DOW

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DFHVWHL SUH]HQW UL

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

Q VIkULW 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
Regrupnd 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$ %XFXUHWL OD  GHFHPEULH DQXO 1 vQWU R IRUP

PDL GHWDOLDW 

ACTIV 1642160 1556485 85675 1656043 932454 335965 319193 15258 53173 405018 259304 83659 62055 231698 125 1422 91869 125594 12688 3934919 Capital social

PASIV 1328425 833570 1378365 119050 33626 22529 22591 472776 105061 306878 153168 10023 132663 394559 Alte fonduri proprii

$FHVW ELODQ UHOD LHL GH WUH]RUHULH

Active imobilizate

TOTAL
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y x h 4y 1 ' y # h

casa casa n devize disponibi plasamente Total activ

ori

n lei n devize

Total pasiv

SRDWH IL SUH]HQWDW SULQ JUXS UL DOH SRVWXULORU VDOH DVWIHO vQFkW V

ACTIV 1642160 2061061 231698 3934919

erie

Capitaluri permanente Resurse ciclice Resurse de trezorerie TOTAL

UHVXUVHOH FLFOLFH GH    PLL OHL

se compun din:

$ e $  yx 41 '   k'(14

` (F '#wF 4' y $x1 x ( $#$ 

debitori

 4`$'' 4 $

 ( w  1 ` 4 w x

Stocuri materiale produse finite ambalaje

creditori interni participare la profit furnizori interni furnizori externi exploatare mprumuturi pe termen scurt

4( ( e (FX( $#Pg j x x ph $  4`' i e y x 4 4  4 $f( $#$  e y d

PASIV

mijloace fixe terenuri

$41$#( yXw v x x x $x# `'( pl #  #( pl   

3934919
VH SRDW VWDELOL WHUPHQLL

2161995 1378365 394559 3934919

 rHVXUVH VWULFW OHJDWH GH H[SORDWDUH DYDQVXUL GH OD FOLHQ L L 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

Q VIkULW GDWHOH H[LVWHQWH SHUPLW V VH DSURIXQGH]H DQDOL]D 1)5 VHSDUkQG HOPHQWHO

e legate de
VWRFXULOH 1)5(

H[SORDWDUH GH HOHPHQWHOH GLQ DIDUD H[SORDW ULL (OHPHQWHOH VWULFW OHJDWH GH H[SORDWDUH vQJOREHD] FUHDQ HOH DYDQVXULOH GH OD FOLHQ L GDWRULLOH ID GH IXUQL]RUL DOWH GHFRQW UL L SHUPLW V VH VWDELOHDVF

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 L SDUWLFLSDUH OD SURILW L ID

GH DO L

creditori. NFRAE = UAE - RAE = 0 - (175 205+472 776+105 061+22 591) = = -775 633
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itatea:

NFR = NFRE + NFRAE = 1 458 329 - 775 633 = 68 2 696

 ,QWHUSUHWDUHD UHOD LHL GH WUH]RUHULH

InterprHWDUHD UHOD LHL GH WUH]RUHULH SRDWH IL I FXW analizei cronologice. a) Interpretarea stDWLF  'LQ SHUVSHFWLYD VWDWLF UHOD LD
1)5 &X WRDWH F UH]XOW QHYRLH GH ILQDQ DUH UHvQQRLW PLMORDFH GH ILQDQ DUH GH DVHPHQHD SHUPDQHQWH

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perspectLY

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perspectiva
ULL

WUH]RUHULHL SXQH SH SULPXO SODQ SUREOHPD ILQDQ

GLQ FRPSDUD LD vQWUH HOHPHQWH SH WHUPHQ VFXUW DOH ELODQ XOXL 1)5 FRQVWLWXLH R FRQVWDQW L GHFL SHUPDQHQW  $FHDVW )51 UHSUH]LQW QHYRLH WUHEXLH V FDSLWDOXUL ILH DFRSHULW SULQ V

SHUPDQHQWH

VXVFHSWLELOH

ILQDQ H]H XWLOL] UL SH WHUPHQ VFXUW L GHF 'DF ILQDQ HD] )51 SHUPLWH V VH

i componente ale NFR.

LQWHJUDOLWDWHD

ILQDQ H]H

NFR (FRN -

1)5

VSXQHP ID

1)5

VH

LQWHJUDO GLQ UHVXUVH VWDELOH L vQWUHSULQGHUHD SRDWH V )51 ! 1)5 vQWUHSULQGHUHD VH J

HYLWH RULFH GHSHQGHQ

GH UHVXUVHOH

GH WUH]RUHULH 'DF

VHWH vQWU R VLWXD LH IDYRUDELO

vQ FHHD FH SULYHWH

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timp: LPRELOL] ULOH; NFR; R SDUWH D XWLOL]

ULORU GH WUH]RUHULH

Q VLWXD LD LSRWHWLF ILQDQ H]H

GH PDL vQDLQWH P ULPHD FDSLWDOXULORU SHUPD QHQWH  SHUPLWH V

VH

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DXWRQRPLD ILQDQFLDU

SH WHUPHQ

FD]XO OD vQWUHSULQGHUHD DQDOL]DW

DSHO OD UHVXUVH GH WUH]RUHULH SHQWUX D ILQDQ D

GH UHVXUVHOH GH WUH]RUHULH SUH]LQW vQWUH SULQGHUHD

EHQHILFLD]

GH

concursul partenerilor financiari. Cazul ntreprinderii ALFA-6$ SHUPLWH V

VH REVHUYH R DVHPHQHD VLWXD LH

Q DFHVW FD] 1)5  PLL OHL GHS HWH P ULPHD )51  PLL OHL 6RFLHWDWHD WUHEXLH GHFL V IDF DSHO OD UHVXUVH GH WUH]RUHULH SHQWUX D L DVLJXUD ILQDQ DUHD XQHL PDUL S U L D

nevoii sale de fond

HVWH H[SULPDW GH

de rulment.
$VWIHO VH H[SOLF GHSHQGHQ D VD ID VLWXD LD  GH vPSUXPXWXULOH GH WUH]RUHULH vQ IDSW vPSUXPXWXUL EDQFDUH SH VD ILQDQFLDU JOREDO  $FHDVW GHSHQGHQ

termen scurt, care caracte-UL]HD]

VLWXD LD WUH]RUHULHL FDUH HVWH QHJDWLY

-162861 mii lei).

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b) InterpretDUHD tUDQVIRUP
ULOH FRQWUDVWDQW

UHOD LHL GH WUH]RUHULH GLQ SHUVSHFWLYD FURQRORJLF GH ILHFDUH GDW HFKLOLEUHOH

GRYHGHWH H[WUHP GH SUH LRDV FDUH DX

DIHFWDW

VDOH

$FHDVW

DVXSUD WHUPHQLORU UHOD LHL GH WUH]RUHULH

4.4. METODA RATELOR )2/26,7

Principiul metodei ratelor FRQVW
$FHDVW PHWRG SHUPLWH V VH SXQ ELODQ XOXL vQ HYLGHQ

1 678',8/ %,/$1

8/8,

vQ FDOFXODUHD UDSRUWXULORU FDUDF WHULVWLFH vQWUH P ULPLOH ILQDQFLDUH

DQXPLWH DVSHFWH VHPQLILFDWLYH UHODWLYH OD ELODQ  OD FRQWXO GH

UH]XOWDWH VDX OD WDEORXO IOX[XULORU 3UH]HQWXO FDSLWRO QX DERUGHD]

dect studiul ratelor stabilite pe baza . Ratele de rentabilitate au fost prezentate n capitolul precedent.

 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 L FHD D WRWDOXOXL ELODQ XOXL 6H SRDWH SURFHGD FKLDU OD SUH]HQWDUHD SURFHQWXDO ELODQ LHUH D SRVWXULORU

 ([SULPDUHD ELODQ XOXL vQ SURFHQWH vQ UHQXQ DUHD OD SUH]HQWDUHD ELODQ XOXL vQ YDORUL DEVROXWH L vQORFXLUHD SULQWU-o prezentare n &RQVW care fiecare post este exprimat n valori relative n 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 L GDF

GLVSX

nem de datH HDORQDWH vQ WLPS V

DVWIHO

GHVSULQGHP HYROX LLO

e cele mai semnificative.

DYXW vQ

%LODQ XO H[SULPDW DWkW vQ P ULPL DEVROXWH FkW L vQ SURFHQWH SHQWUX VRFLHWDWHD FRPHUFLDO YHGHUH vQ VWXGLLOH GH FD] SUHFHGHQWH VH SUH]LQW

- valori n mii lei -

Stocuri

TOTAL Capital social Fonduri proprii

Furnizori Credite bancare TOTAL

6LPSOD REVHUYDUH D DFHVWRU GDWH IDFH V

n anul N.
Q DFWLY VH UHPDUF 

R VF GHUH UHODWLY D LPRELOL] ULORU GH OD  OD  GLQ WRWDOXO DFWLYXOXL L D FOLHQ LORU GH OD 10,2% la 6,6%); R FUHWHUH UHODWLY D VWRFXULORU GH OD  la 42,1% din totalul activului). n pasiv se observ  R VF GHUH UHODWLY LPSRUWDQW D FDSLWDOXOXL VRFLDO GH OD  OD  GLQ WRWDOXO SDVLYXOXL GHL vQ
P ULPH DEVROXW VF GHUHD HVWH QHVHPQLILFDWLY  L R VF GHUH D FUHGLWHORU EDQFDUH GH OD  D IRQGXULORU SURSULL GH OD  OD  OD  OD   GH

R FUHWHUH UHODWLY

DF LRQDUL L VDODULD L GH OD 

&UHWHUHD VWRFXULORU L D REOLJD LLORU ID H[SOLF

SULQ FUHWHUHD YROXPXOXL GH DFWLYLWDWH FLIUD GH DIDFHUL FUHVFkQG GH OD    PLL OHL vQ DQXO 1

OD    PLL OHL vQ DQXO 1 'HL D FUHVFXW FLIUD GH DIDFHUL VH UHPDUF VROGXO DFHVWRUD U PkQkQG DSURDSH FRQVWDQW vQ P ULPH DEVROXW QV

SH ED]D ELODQ XOXL DVWIHO SUH]HQWDW VH SRW IDFH XRU DSUHFLHUL FX SULYLUH OD WHUPHQLL UHOD LHL GH

trezorerie. Fondul de rulPHQW

DGLF 

FDSLWDOXULOH SHUPDQHQWH GH 



P ULPH DEVROXW 

( (($x F $ 'e 4y d  1$ 'e 4y d

(x ` (F # yG 4 y $x1  i  $x ' i

x ( yXw v   4y`  um w

Anul 1 488 351 546 442 259 090 86 129 143 301 7 554 2 530 867 1 336 958 227 305 149 170 180 970 198 615 24 105 413 744 2 530 867
DSDU

N-1 58,8% 21,6% 10,2% 3,4% 5,7% 0,3% 100% 52,8% 9,0% 5,9% 7,2% 7,8% 1,0% 16,3% 100%

Anul 1 642 160 1 656 043 259 304 145 714 217 463 14 235 3 934 919 1 328 425 833 570 175 205 600 428 460 046 142 686 394 559 3 934 919

N 41,7% 42,1% 6,6% 3,7% 5,5% 0,4% 100% 33,8% 21,2% 4,5% 15,2% 11,7% 3,6% 10,0% 100%

SULQFLSDOHOH HYROX LL FDUH DX DIHFWDW VWUXFWXUD ELODQ XOXL

GLQ WRWDOXO SDVLYXOXL D REOLJD LLORU ID

L D REOLJD LLORU ID

GH IXUQL

zori de la 7,8% la 11,7%.

VH

GH IXUQL]RUL DWkW vQ P ULPH DEVROXW  FkW L UHODWLY

-1),

R DFFHOHUDUH D vQFDV ULL FOLHQ LORU

L VF ]kQG vQ P ULPH UHODWLY 

QHW UHSUH]LQW

vQ DQXO 1  FLUFD 

GLQ WRWDOXO ELODQ XOXL DGLF

GLIHUHQ D vQWUH 

L DFWLYHOH LPRELOL]DWH GH 

 Q DQXO 1 DFHVWD UHSUH]LQW

 GHFL DYHP R FUHWHUH UHODWLY

a fondului de rulment

QHW FDUH HVWH L R FUHWHUH vQ

Nevoia de fond de rulment este n anul (N- GH FLUFD  GLQ WRWDOXO ELODQ XOXL     3,4% - 5,9% - 7,2% - 7,8% - 1,0%). Q 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%). Q VIkULW 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 UHOD LHL VH FRPSOHWH]H DQDOL]D GHMD I FXW DVXSUD

de trezorerie. StXGLXO ELODQ XOXL

VH SRDWH IDFH GHFL L SULQ H[SULPDUHD SURFHQWXDO

D DFHVWXLD FDUH IXUQL]HD]

LQGLFD LL VXJHVWLYH DVXSUD VLWXD LHL L HYROX LHL vQWUHSULQGHULL

4.4.1.2. Ratele referitoare la structura activului

6HULD UDWHORU GH VWUXFWXU SURFHQWH 5DWHOH GLQ DFHDVW WRDW UHIHULWRDUH OD DFWLY FRPSOHWHD] LQIRUPD LLOH IXUQL]DWH GH ELODQ XO SUH]HQWDW

VHULH UDSRUWHD]

YDORDUHD GLIHULWHORU SRVWXUL GLQ DFWLY OD DFHHD D WRWDOXOXL ELODQ XOXL &X

VLPSOLWDWHD ORU SDWUX GLQ DFHVWH UDWH DX ODUJL VHPQLILFD LL

R1 =

Imobilizri corporale 1642160 = = 0,417 Activ total 3934919

UDW UHIOHFW P ULPHD LPRELOL] ULORU VXE IRUPD GH FDSLWDO IL[ n cadrul patrimoniului $FHDVW ntreprinderii. Este deci GHSHQGHQW GH FDUDF-WHULVWLFLOH WHKQLFH DOH DFWLYLW LL H[HUFLWDte de ntreprindere. Imobilizri financiare R2 = Activ total $FHDVW UDW H[SULP P ULPHD LPRELOL] ULORU ILQDQFLDUH n cadrul patrimoniului ntreprinderii. Se SXQH vQ HYLGHQ LPSRUWDQ D OHJ WXULORU ILQDQFLDUH SH FDUH ntreprinderea le QWUH LQH PDL DOHV n ntreprinderi n care eD GH LQH SDUWLFLSD LL

R3 =
$FHDVW QDWXUD DFWLYLW

Stocuri si productie n curs 1656043 = = 0,421 Activ total 3934919

H[SULP P ULPHD VWRFXULORU P

UDW

LL 'XUDWD RSHUD LLORU GH DSURYL]LRQDUH L GHVIDFHUH L GXUDWD SHULRDGHL GH SURGXF

HOHPHQWHOH SULQFLSDOH FDUH GHWHUPLQ

n totalul activelor QWUHSULQGHULL DFHDVWD ILLQG vQ IXQF LH GH ie sunt Uimea acestei rate.

R4 =
$FHDVW HVWH LQIOXHQ DW GHWHUPLQDW GH UDW

Clienti 259304 = = 0,066 Activ total 3934919

UHIOHFW SUDFWLFLOH

ntreprinderii Q

OHJ WXU

FX WHUPHQHOH GH SODW

DFRUGDWH FOLHQ LORU L

GH RELQXLQ HOH ORFDOH VDX GLQ VHFWRUXO GH DFWLYLWDWH DO vQWUHSULQGHULL (D HVWH GH DVHPHQHD QDWXUD FOLHQ LORU

UDWD ILLQG Q JHQHUDO PLF SHQWUX QWUHSULQGHUL DYkQG GUHSW FOLHQWHO n cazul Q FDUH FOLHQWHOD H FRQVWLWXLW GH QWUHSULQGHUL L LQVWLWX LL SH REVHUY F  n general, ratele ce caracterizeD] VWUXFWXUD DFWLYXOXL VXQW SXWHUQLF LQIOXHQ DWH GH DVSHFWH MXULGLFH WHKQLFH VDX HFRQRPLFH DOH DFWLYLW LORU H[HUFLWDWH GH ntreprindere. n acest sens, aceste rate sunt expresia constrngerilor structurii productiYH FKLDU GDF JHVWLXQHD ntreprinderii GLVSXQH GH R UHDO SDUWLFXODUL L PDL ULGLFDW PDUM GH PDQHYU SHQWUX D UHJOD DFHVWH FRQVWUkQJHUL

4.4.1.3. Ratele referitoare la structura pasivului Ratele referitoare lD

HOH H[SULP SROLWLFD VD VWUXFWXUD SDVLYXOXL UHIOHFW ILQDQ DUH DFHDVWD FRPSR]L LD UHVXUVHORU vQ FRPELQDUHD

ntreprinderii. n acest sens,

UHVXUVH DFFHVLELOH

GH

FRQVWkQG

GLYHUVHORU

ntreprinderii Q FHOH PDL EXQH FRQGL LL GH FRVW L GH GXUDW

'RX VH LQWHUHVHD] GH VWDELOLWDWHD UHVXUVHORU L FDXW SDUWH DQDOLW V

SRVLELOH

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ii FDXW V DSUHFLH]H DXWR-QRPLD ILQDQFLDU vQWUH UHVXUVHOH SURSULL L GDWRULLle ntreprinderii.

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R5 =

Capitaluri permanente 1328429+ 833566 = = 0,549 Pasiv total 3934919

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H[SULP

SRQGHUHD FDSLWDOXULORU FX GXUDWD PDL PDUH GH XQ DQ FDSLWDOXUL SURSULL GDWRULL

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R6 =
$FHDVW UDW

H[SULP

Capitaluri proprii 2161995 = = 0,549 Pasiv total 3934919

D vQWUHSULQGHULL DSUHFLLQG DQVDPEOXO ILQDQ

SRQGHUHD FDSLWDOXULORU SURSULL vQ DQVDPEOXO UHVXUVHORU (VWH XQ LQGLFDWRU UHODWLY ULL VDOH

la auWRQRPLD ILQDQFLDU

Datorii 175205+600428+ 460046+142686+394559 R6 = = = 0,451 Pasiv total 3934919

$FHDVW UDW HVWH FRPSOHPHQWDU FHOHL SUHFHGHQWH 5 H[SULPkQG SRQGHUHD GDWRULLORU LQGLIHUHQW GH GXUDW L GH RULJLQH vQ WRWDOXO SDVLYXOXL

6 = 1-R6),

R7 =
$FHDVW UDW

Capitaluri proprii 2161995 = =1 Capitaluri permanente 2161995

DXWRQRPLD ILQDQFLDU OD WHUPHQ D vQWUHSULQGHULL DGLF SDUWHD IRQGXULORU SURSULL

H[SULP

n ansamblul resurselor cu durata mai mare de un an.

R8 =
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Datorii pe termen mediu si lung Capitaluri proprii

UDWD VWUXFWXULL ILQDQ

IXUQL]HD]  FD L 5

7

LQIRUPD LL GHVSUH DXWRQRPLD ILQDQFLDU

D vQWUHSULQGHULL OD WHUPHQ

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 PDL

FRPSRQHQWH DOH DFWLYXOXL FX GLIHULWH FRPSRQHQWH DOH SDVLYXOXL 9RP FRPSDUD PDL vQWkL HOHPHQWH FX R GXUDW PDUH GH XQ DQ DSRL HOHPHQWH FX R GXUDW PDL PLF GH XQ DQ

R9 =
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Capitaluri permanente Active imobilizate

H[SULP FRQGL LLOH ILQDQ ULL

2161995 = 1,317 1642160

'DF H VXSHULRDU VDX HJDO FX XQLWDWHD UDW IXUQL]HD]  vQ WHUPHQL UHODWLYL R

LPRELOL] ULORU

WRWDOXO LPRELOL] ULORU VH ILQDQ HD] GH FHD IXUQL]DW

GLQ UHVXUVH VWDELOH $FHDVW

LQIRUPD LH DSURSLDW

GH QR LXQHD GH )51 vQ YDORDUH DEVROXW 

R 10 =
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Capitaluri proprii 2161995 = = 1,317 Active imobilizate 1642160

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R 11 =
R11 =

Active circulante Active circulante sau R 11 = Datorii pe termen scurt Datorii pe mai putin de un an
1656043 + 259304 + 145714 + 217463 + 14235
$FHDVW UDW D OLFKLGLW LL JOREDOH H[SULP

175205 + 600428 + 460046 + 142686 + 394559

= 1,293 1772924 FDSDFLWDWHD GH ram-EXUVDUH

2292759

JOREDO

SH WHUPHQ VFXUW D

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-sabile n termen scurt).

Valori realizabile imediat si disponibilitti sau Datorii pe termen scurt Creante + Disponibilitti R 12 = Datorii pe termen scurt 259304 + 145714 + 217463 +14235 R 12 = = 0,359 1772924 R 12 =

$FHDVW

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datoriilor pe termen scurt, comparnd elementele cele mai lichide ale activelor circulante cu datoriile pe termen scurt.

R 13 =
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Disponibilitti 217463 = = 0,123 Datorii pe termen scurt 1772924

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finite.

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Ritmul de rennoire sau de rRWD LH D VWRFXULORU SRDWH IL GHWHUPLQDW SULQ UHOD LD vQWUH YDORDUHD VWRFXOXL PHGLX at stocul n cursul perioadei date.
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ntr-XQ PRG PDL JHQHUDO SXWHP HQXQ D UDWHOH FDUH SHUPLW V (R1 L GXUDWD ORU GH URWD LH 52).
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R2 =

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Multiplicnd cu 12 sau cu 360 se va exprima n luni, respectiv n zile. Astfel, n exemplul de mai nainte o YLWH] GH SDWUX URWD LL vQWU-un an corespunde pentru o rota LH cu durata de 0,25 ani, sau trei luni (0,2512), sau 90 zile (0,25360).
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termeni de calcul. n calculul ratelor R1

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2

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GH FOLHQ LL V L

, ca

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rii. 3 FDUH P
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PHGLX DO FUHDQ HORU GH  PLOLRDQH OHL 'H XQGH IRUPXOD UDWHL 5

R3 =

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SRUWRIROLXOXL GH FUHDQ H $FHVW WHUPHQ FRUHVSXQGH FX  DQL DGLF

Invers, rata R4

(0,1360) n exemplul de mai nainte.

12), sau 36 zile

R4 =

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0 ULPLOH IRORVLWH WUHEXLH V

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GH IXUQL]RUL

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ID

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UHvQQRLUL D P ULPLL GDWRULLORU ID

GH IXUQL]RUL

R5 =
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6 FDUH SRDWH IL H[SULPDW

n ani, n luni sau n zile.

R6 =

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 8WLOLWDWHD UDWHORU GH URWD LH

Ratele GH

URWD LH SHUPLW V

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n IDSW UDWHOH GH URWD LH SHUPLW V

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GH IXUQL]RUL SH GH DOW

pentru a transforma n bani aceste elemente ale activelor circulante.

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R HVWLPDUH R OLFKLGLW GH IXUQL]RUL P VRDU

'XUDWD GH URWD LH D GDWRULLORU ID

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LL DFWLYHORU L D H[LJLELOLW

LL

datoriilor, aduc

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ului de exploatare.

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STUDIU DE CAZ

UTILIZAREA RA7(/25 '( 527$

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,(

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PHGLH GH URWD LH D VWRFXULORU GH SURGXF LH PHGLH D GH

PHGLH GH URWD LH D FUHDQ HORU GH  OXQL R GXUDW

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IDF

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a) 1LYHOXO SUHYL]LRQDW DO VWRFXULORU GH PDWHULL L PDWHULDOH. DuratD PHGLH GH URWD LH D VWRFXULORU GH PDWHULL UHOD LD Stoc mediu de materiale (SMM) u 12 DSM = Aprovizionri anuale (A)
5H]XOW F 

SMM =

DSM A 12

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SMM =

2 4800000 = 800000 mii lei 12

L GH S D

b) Nivelul previzionat al stocurLORU

VWRFXULORU GH SURGXF LH QHWHUPLQDW

roduse finite. 'XUDWD GH URWD LH L SURGXVH ILQLWH '63 HVWH GH  OXQL FDOFXOkQGX-VH GXS UHOD LD

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Stoc mediu de productieneterminata si produse finite (SMP) 12 5H]XOW Vnzari(V)

SMP =

F 

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DSP V 12

L SURGXVH ILQLWH YD IL

0,6 u 9800000 SMP = = 490000 mii lei 12

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GH

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Valoarea medie a crean]elor (VMC) 12 Vnz ri (V)

XJDW 

nd L WD[D SH YDORDUHD DG

%) vor fi:

V = 9800000 1,19 = 11662000 mii lei

5H]XOW F 

VMC =
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DMC V 12

lor va fi:

VMC =

0,4 11662000 = 388733 mii lei 12

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GH IXUQL]RUL

. Durata

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GH IXUQL]RUL

este de 0,3 luni, calculndu-VH

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UHOD LD

DMF =

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At = 4800000 1,19 = 5712000 mii lei

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6H SRDWH VWDELOL F

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Vom avea:

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0,3 5712000 = 142800 mii lei 12

e) Nivelul SUHYL]LRQDW DO REOLJD LLORU ID GH VWDW VDODULD L L DF LRQDUL. n acest caz nivelul previzionat l 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

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ei, 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] FXP XUPHD]  600  603  90& JHVWLXQHD VD vQWUHSULQGHUHD YD

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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

g) Aprecierea nivelului fondului de rulment net. SocietatHD EHQHILFLD]

 PLL OHL FHHD FH UHSUH]LQW JHQHUDO VXVFHSWLELOH V UHVXUVH SHUPDQHQWH VXVFHSWLELOH V DFRSHUH QHYRLD GH IR

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nd de rulment.

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