CAPI TOLUL 7

6,78$ ,$ ),1$1&,$5 , 3$75,021,$/

7.1
6H

Analiza structurii patrimoniale

SULQ GHWHUPLQDUHD L SDVLY vQ SRQGHULL FDGUXO GH LQXWH GH ILLQG F WUH ILHFDUH HOHPHQW WRWRGDW

UHDOL]HD] GH

LPSRUWDQW

DFWLY

WRWDOXOXL

HYLGHQ LDWH

HYROX LLOH vQ GLQDPLF

DOH UHVSHFWLYHORU SRQGHUL

ACTI V LPRELOL] LPRELOL] LPRELOL] UL QHFRUSRUDOH UL FRUSRUDOH UL ILQDQFLDUH

stocuri
FUHDQ H GLVSRQLELOLW L

UHJXODUL]

UL GH DFWLY

PASI V capitaluri proprii capital social rezerve fonduri alte elemente datorii bancare datorLL
F WUH IXUQL]RUL L FOLHQ L FUHGLWRUL DOWH GDWRULL ILVFDOH L VRFLDOH UHJXODUL] UL GH SDVLY

7.2

Analiza echilibrului financiar

,QGLFDWRULL ILQDQFLDUL XWLOL]D L VXQW

FONDUL DE RULMENT NECESARUL DE FOND DE RULMENT

75(=25(5,$ 1(7

FONDUL DE RULMENT se
XWLOL] ULOH GH DFHHDL

GHWHUPLQ 

SULQ FRPSDUDUHD VXUVHORU SHUPDQHQWH FX SULQ GLIHUHQ D GLQWUH FDSLWDOXULOH

QDWXU

UHVSHFWLY

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FR = Cperm Aimobil

1(&(6$58/

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cur HQWH

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NFR = Acurente Pcurente

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vQ

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doi indicatori financiari

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TN = FR NFR

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pozitive.
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FLFOLF FXUHQW V GXUDELO DP L

GHJDMH VXUSOXV GH VXUVH VXUSOXV FDUH ILQDQ HD] QHW  1H UHIHUL

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m aici la marile firme de vnzare cu

QXQWXO VXSHUPDUNHW

-uri etc.).

7.3

$QDOL]D OLFKLGLW

LL L D FDVK

-flow - ului

Ratele de lichiditate
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GH

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1,8 2,0 HVWH PLQLP

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Lgen =

Active curente Pasive curente

/,&+,',7$7($

,17(50(',$5

LD

vQ

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vQ

FDGUXO

DFWLYHORU

FXUHQWH

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Nivel minim: 0,8 1,0.

Linterm =

Active curente stocuri Pasive curente

LICH,',7$7($

,0(',$7

UDSRUWHD]

QXPDL GLVSRQLELOLW

LOH E

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la valoarea pasivelor curente. Nivel minim: 0,2 0,4.

'LVSRQLELOLW

Limed = Pasive curente

Analiza cash-flow - ului

Rezultatul net al perioadei + amortizare

 YDULD LD FDSLWDOXOXL GH OXFUX YDULD LD VWRFXULORU YDULD LD FUHDQ HORU YDULD LD REOLJD LLORU

= CASH FLOW DI N EXPLOATARE

+ sume din vnzarea activelor fixe LQYHVWL LL HIHFWXDWH &$6+ )/2: ',1 ,19(67, ,,

+ cresteri de capital social

 YDULD LD vPSUXPXWXULORU

+ noi mprumuturi contractate UDPEXUV UL HIHFWXDWH

&$6+ )/2: ',1 $&7,9,7$7($ ),1$1&,$5

YDULD LD DOWRU HOHPHQWH GH DFWLY YDULD LD DOWRU HOHPHQWH GH SDVLY &$6+ )/2: ',1 5(*8/$5,= 5,

CASH FLOW- UL PERI OADEI

A+ B+ C+ D

+ Disponibil la nceputul perioadei

'LVSRQLELO OD VIkULWXO SHULRDGHL

Exemplu: mii lei Nr. Crt.

1 2 3 4
,PRELOL] ,PRELOL] ,PRELOL]

indicatori
UL QHFRUSRUDOH UL FRUSRUDOH UL ILQDQFLDUH

1997
0 55.369 0 55.369 824.192 570.800

1998
0 76.171 0 76.171 671.330 265.132 111.053 1.047.517 135.349 1.259.035 2.000 0 0 - 224.876 0 - 222.876 0 1.225.091 29.745 1.225.090 227.075 1.258.035 1.452 0

ACTI VE I MOBI LI ZATE

&UHDQ H 'LVSRQLELOLW L E QHWL

5 Stocuri 6 7 8 9 10

33.697 1.428.689 53.302 1.537.360 2.000 0 0 - 93.192 0 - 91.192 0 1.117.925 29.741 1.147.397

ACTI VE CI RCULANTE
5HJXODUL] UL GH DFWLY

TOTAL ACTI VE

11 Capital social 12 Rezerve 13 Fonduri 14

5H]XOWDWXO H[HUFL LXOXL

15 Alte elemente 16 CAPI TALURI PROPRI I

17 mprumuturi 18
)XUQL]RUL L FOLHQ L FUHGLWRUL ILVFDOH L VRFLDOH

19 Alte datoriL 20 21 22 DATORI I

5HJXODUL]

UL GH SDVLY

480.886 1.537.362 431 0

TOTAL PASI VE
9kQ] UL GH PLMORDFH IL[H

23 Amortizare 24

Pe baza datelor prezentate mai sus se poate construi fluxul de numerar al perioadei:

- mii lei indicatori

Rezultatul net al perioadei Amortizare
9DULD LD VWRFXULORU 9DULD LD FUHDQ HORU 9DULD LD GDWRULLORU F WUH IXUQL]RUL

valoare
- 131.684 1.452 - 152.862 - 305.668 107.170 + 435.468 0 22.254

CASH FLOW DI N EXPLOATARE

9kQ] UL GH PLMORDFH IL[H ,QYHVWL LL HIHFWXDWH &$6+ )/2: ',1 ,19(67, &UHWHUL GH FDSLWDO VRFLDO 9DULD LD vPSUXPXWXULORU ,,

- 22.254 0 0 0 82.047 - 253.811

5,

CASH FLOW FI NANCI AR

9DULD LD DOWRU HOHPHQWH GH DFWLY 9DULD LD DOWRU HOHPHQWH GH

pasiv

&$6+ )/2: ',1 5(*8/$5,=

- 335.858 77.357 33.697 111.054

CASH FLOW AL PERI OADEI Disponibil la nceputul perioadei

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QWUH FHOH WUHL HWDMH PDMRUH GH DQDOL]

H[SORDWDUH LQYHVWL LRQDOD L UHVSHFWLY

f LQDQFLDU
VXV LQ

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GHJDMH XQ IOX[ H[FHGHQWDU GH QXPHUDU OD QLYHOXO GH H[SORDWDUH IOX[ FDUH V HIRUWXO LQYHVWL LRQDO GDF HVWH FD]XO VDX UDPEXUVDUHD XQRU

mprumuturi anterior contractate.

6H

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vQWUH

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economic. Spre deosebire de trend-ul fluxului de numerar conturat n cazul

ILUPHORU FODVLFH FHO JHQHUDW GH F WUH FRPSDQLLOH QRLL HUH LQIRUPDWLFH HVWH

fundamental diferit. Fluxul de numerar n economia FODVLF

Flux rezultat pozitiv

0 Flux rezultat negativ

Flux ELODQ

LHU

negativ 0 Flux bilan

LHU

pozitiv

Fluxul de numerar n noua economie

Flux rezultat pozitiv

0 Flux rezultat negativ

Flux ELODQ

LHU

negativ 0 Flux ELODQ

LHU

pozitiv

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DomHQLXO

GH DFWLYLWDWH FHUFHWDUHD SURLHFWDUHD SURGXFHUHD L FRPHUFLDOL]DUHD WHQVLXQH HOHFWURWHKQLF LVDX HOHFWURQLF DSDUDWDM

GH DSDUDWDM HOHFWULF GH MRDV

electrocasnic, bunuri de larg consum, metalo-casnice, diverse alte produse. Principalele familii dH vQWUHUXS SURGXVH VXQW XUP WRDUHOH

FRQWDFWRDUH L FRPXWDWRDUH WRDUH DXWRPDWH L PLFURvQWUHUXS LQGXVWULDO  WRDUH

SURGXVH GH HOHFWURQLF

echipament auto;
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produse electrocasnice: aspiUDWRDUH

EXF W ULH HWF

XVF

WRDUH

GH

U

URER L

GH

Indicatori economico-financiari mii lei Denumirea indicatorului Stocuri curente

&UHDQ H FXUHQWH 'LVSRQLELOLW 'DWRULL F L E QHWL

1997 19.247.962 21.635.140 16.086.428 4.776.710

1998 25.935.047 29.565.451 27.873.041 5.134.963

WUH IXUQL]RUL L FOLHQ L FUHGLWRUL

curente
'DWRULL ILVFDOH L VRFLDOH

9.363.676 13.267.000 N.A.

13.297.684 28.048.028 10.136.000

Profit net
,QYHVWL LL HIHFWXDWH

0RGXO GH GHWHUPLQDUH D IOX[XOXL QHW GH OLFKLGLW

L DIHUHQW H[HUFL LXOXL ILQDQFLDU 

 HVWH SUH]HQWDW vQ FDGUXO JUDILFXOXL FDUH XUPHD]

Venituri brute 249.739.070 mii Cash flow rezultat 28.048.028 mii Cheltuieli brute 205.383.309 mii

Cash flow net + 11.786.600 mii

9DULD LD FDSLWDOXOXL

de lucru - 10.325.100 mii Cheltuieli de capital 10.136.000 mii

UL

Cash flow patrimonial - 16.261.428 mii

Vnz

de mijloace fixe 4.199.672 mii

$QDOL]D JHVWLXQLL DFWLYLW LL

7.4

,QGLFDWRULL XWLOL]D L VXQW

Viteza de URWD

LH D VWRFXULORU

Vs =

stocuri T (zile) Cifra de afaceri

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Prc =

T (zile)

Cifra de afaceri
'XUDWD PHGLH GH DFKLWDUH D REOLJD LLORU REOLJD LL

Dao = Cifra de afaceri

3HQWUX FD ILUPD V

T (zile)
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r.
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5RWD LD DFWLYHORU WRWDOH H[SULPDW

n cursul perioadei analizate):

Cifra de afaceri Active totale

Rat =

7.5

$QDOL]D VROYDELOLW

LL ILUPHL

Indicatorul clasic folosit n aprecierea nivelului de solvabilitate a firmei este

DXWRQRPLD ILQDQFLDU

Af =

Capital propriu 100 Pasive totale

 FX DWkW JUDGXO GH LQGHSHQGHQ YHGHUH DO LQFLGHQ HL VWUXFWXULL GH

&X FkW YDORDUHD LQGLFDWRUXOXL HVWH PDL UHGXV ILQDQFLDU ILQDQ DUH RSWLPL] SURSULL ULL HVWH PDL ULGLFDW 'LQ SXQFWXO GH QLYHOXOXL GH UHQWDELOLW

DVXSUD

ate al firmei apare necesitatea

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DO

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SURSULL

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7.6

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nciare a firmei
DO VLWXD LHL ILQDQFLDU

5HDOL]DUHD

XQXL

GLDJQRVWLF

VLQWHWLF

OD

QLYHOXO

JOREDO

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a grilei de evaluare (punctaj).

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Metoda scoring
DWkW VWDWLF FkW L

ILQDQFLDUL SHUWLQHQ L FX SXWHUH PDUH GH VLQWHWL]DUH D IHQRPHQHORU HFRQRPLFH VXE DVSHFW ED] L GLQDPLF SULQ L SRQGHUHD LPSRUWDQ HL LQGLFDWRULORU GLQ

VHOHFWD L

3H

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UHOD LLORU

PDWHPDWLFH

tre

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VWXGLLORU FX FDUDFWHU VWDWLVWLF HVWH GH QDWXU SHUWLQHQ ILHF DO LQGLFDWRULORU FRPSRQHQ L DL

IXQGDPHQWH]H DWkW JUDGXO GH

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vQ PDWHULH GH VFRUXUL IDFH DSURDSH vQ H[FOXVLYLWDWH UHIHULUH OD GH F % WUH QFLL $OWPDQQ )UDQ HL &RQDQ +ROGHU

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VXE

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care s-DX
DFHDVW

ED]

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FHHD

FH

SULYHWH

metoda grilei de evaluare, aceasta constituie un

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LQVWUXPHQW HILFDFH IRORVLW FX SUHF

SURFHVXOXL GH IXGDPHQWDUH D GHFL]LHL GH FUHGLWDUH D DJHQ LORU HFRQRPLFL

Exemplu:
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,QGLFDWRULL FXSULQL vQ FDGUXO JULOHL GH HYDOXDUH VXQW

1. Lichiditatea patr LPRQLDO

ILUPHL GLPLQXDWH FX

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FD UDSRUW vQWUH DFWLYHOH FXUHQWH DOH I U SRVLELOLW L GH YDORULILFDUH L

YDORDUHD

VWRFXULORU

totalul pasivelor curente;

2. 3.

6ROYDELOLWDWHD SDWULPRQLDO

 RE LQXW

FD UDSRUW vQWUH FDSLWDOXULOH GH QDWXU 

SURSULH L SDVLYHOH WRWDOH DXWRQRPLD ILQDQFLDU 5HQWDELOLWDWHD ILQDQFLDU vQDLQWHD LPSR]LW ULL L  UH]XOWDQW

D UDSRUWXOXL GLQWUH UH]XOWDWXO SURILWXO SURSULL UDSRUW H[SULPDW FD L

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4. 5.

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DFWLYHORU

FLFXODQWH

, indicator de gestiune, determinat ca raport

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vQWUH FLIUD GH DIDFHUL QHW *UDGXO GH GHSHQGHQ

GH

desfacere (comercializare) 
50%
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FRPSDUDW

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6.

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FH

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bunurilor (utilDMH

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SRUWRIROLXOXL GH FUHDQ H vQ IDYRDUHD E

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SH ED]D

WRDUH

/LFKLGLWDWHD SDWULPRQLDO

punctaj - 2 pt. - 1 pt. + 1 pt. + 2 pt. + 3 pt. + 4 pt

Lp < 80% 81% < Lp < 100% 101 % < Lp < 120% 121% < Lp < 140% 141% < Lp < 160% Lp > 161%

6ROYDELOLWDWHD SDWULPRQLDO

punctaj 0 pt. + 1 pt. + 2 pt. + 3 pt. + 4 pt. + 5 pt + 6 pt.

Sp < 30% 31% < Sp < 40% 41 % < Sp < 50% 51% < Sp < 60% 61% < Sp < 70% 71% < Sp > 80% Sp > 81%

5HQWDELOLWDWHD ILQDQFLDU

punctaj 0 pt. + 3 pt. + 4 pt. + 2 pt. + 3 pt. + 4 pt

Rf < 0% 0% < Rf < 10% 11 % < Lp < 30% 121% < Lp < 140% 141% < Lp < 160% Lp > 161%
5RWD LD DFWLYHORU F

irculante

punctaj + 1 pt. + 2 pt. + 4 pt.

Rac < 5 5 < Rac < 10 Rac > 10

'HSHQGHQ D GH SLH H $

punctaj + 4 pt. + 3 pt. + 2 pt. + 1 pt. punctaj + 4 pt. + 3 pt. + 2 pt. + 1 pt.

aprovizionare, D desfacere)
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Gajuri, ipoteci
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SH

baza grilelor de mai

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A. punctaj total peste 20 puncte; B. punctaj total ntre 16 20 puncte; C. punctaj total ntre 11 15 puncte; D. punctaj total ntre 6 10 puncte; E. punctaj total ntre 0 5 puncte.
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CAPITAL PROPRIU TOTAL CAPI TAL UTI LIZAT

CAPITAL MPRUMUTAT

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stite.

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capitalului

n cadrul valorii istorice a capitalului se includ: rezervele, rezultatele reportate,

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cele afirmate, vom prezenta n cadrul tabelului de mai jos primele 10 companii americane, clasate vQ
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Nr.

MVA
'HQXPLUH ILUP

EVA

Total capital

ROI

RR

crt.

investit

mil. USD

mil. USD

mil. USD

General Electric

195.830

1.917

59.251

17,34

13,76

Coca-Cola

158.247

2.615

10.957

36,33

12,13

Microsoft

143.740

2.781

8.676

52,94

14,20

Merck

107.418

1.921

23.112

23,15

14,51

Intel

90.010

4.821

21.436

42,71

12,81

Procter & Gamble

88.706

587

24.419

15,16

9,91

Exxon

85.557

-412

88.122

9,44

12,07

Pfizer

83.835

1.077

15.220

19,86

11,93

Philip Morris

82.412

3.524

43.146

20,15

12,55

10

Bristol-Myers Squibb

81.312

1.802

14.627

25,32

12,95

7.8 Analiza firmei n dificultate

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n cadrul costului total unitar.

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parcurgerea rutei dorite n timpul cel mai scurt;

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tarife competitive.
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nevoii de fond de rulment, are loc o diminuare pe o

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capitalului propriu pentru dezvoltare.

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n cadrul unei strategii de dezvoltare, ntreprinderile fac

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ani

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proprii. De aceea, fie s-a amplificat blocajul economico-financiar, fie s-au contractat credite cu niveluri ridicate ale dobnzilor, niveluri ce nu au putut fi
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n general, prin marje minime de

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