ࡱ> ||7 EbjbjUU g*7|7|TsBldddd   0 bbb8d0 '*.:("JJ?Li(6'8'8'8'8'8'8'$U+ u-b\' 0?\'ddJ )d<J 6'6'w|  !00 2|bk|$)0'*&--0 0 ddddDIAGNOSTICUL FINANCIAR I. CONSIDERAbII GENERALE Diagnosticul financiar const ntr-un ansamblu de instrumente _i metode care permit aprecierea situaciei financiare _i a performancelor unei ntreprinderi. Scopul diagnosticului financiar este de a aprecia situacia financiar a ntreprinderii. Pe baza acestui diagnostic are loc elaborarea unei noi strategii de mencinere _i dezvoltare n mediul specific economiei locale. n sens general, finalitatea diagnosticului financiar const n oferirea de informacii financiare att celor din interiorul ntreprinderii, ct _i celor interesaci din afara acesteia. Cnd problema diagnosticului este pus din interiorul ntreprinderii (diagnostic financiar intern) utilizatorii pot fi conductorii, accionarii actuali sau salariacii. Obiectivul urmrit n acest caz este de a detecta eventuale situacii de dezechilibru financiar _i de a adopta noi decizii de gestionare a ntreprinderii. Aceste decizii se bazeaz pe identificarea originii _i cauzelor dezechilibrelor, pe de o parte, iar pe de alt parte, pe stabilirea msurilor de remediere a dezechilibrelor. Cnd problema este pus din exteriorul ntreprinderii (diagnostic financiar extern) utilizatorii pot fi anali_tii financiari, accionarii potenciali, organisme bancare _i financiare sau chiar statul. Obiectivul urmrit este capacitatea financiar a ntreprinderii de a genera profit, capacitatea ntreprinderii de a-_i onora obligaciile pe termen scurt sau lung (lichiditatea _i solvabilitatea ntreprinderii), precum _i valoarea ntreprinderii. De cele mai multe ori utilizatorii externi au nevoie de un diagnostic financiar fie pentru acordarea de credite ntreprinderilor (n special bncile), fie pentru luarea deciziilor de ptrundere n capitalul unei ntreprinderi (accionari potenciali sau alte ntreprinderi). Att analiza pe plan intern ct _i cea extern au ca obiectiv aprecierea performancelor ntreprinderii _i a riscurilor la care aceasta este pus _i urmresc: analiza rentabilitcii; analiza riscului _i analiza valorii ntreprinderii. De obicei, diagnosticul este efectuat numai n caz de grave dificultci sau cnd cineva cere o astfel de lucrare. Independent de rezultatele nregistrate de ntreprindere sau de desf_urarea evenimentelor, elaborarea unui diagnostic financiar trebuie s aib loc periodic. Diagnosticul financiar identific factorii favorabili si nefavorabili care vor afecta activitatea viitoare a ntreprinderii. De cele mai multe ori informaciile diagnosticului financiar trebuie completate cu informacii referitoare la mediul extern al ntreprinderii (starea economiei, a sectorului de activitate), informacii referitoare la potencialul tehnic _i uman, potencial comercial _i juridic, managementul ntreprinderii (informacii dependente de ntreprinderi). Toate aceste elemente influenceaz performancele financiare ale ntreprinderii determinnd, n final, competitivitatea acesteia. Folosind metode _i tehnici specifice, diagnosticul financiar permite aprecierea situaciei financiare trecut _i actual, pe baza informaciilor furnizate pentru luarea deciziilor de ctre conducere acesta vizeaz viitorul. Informaciile necesare pentru efectuarea diagnosticului financiar sunt preluate din situaciile financiare simplificate care cuprind: bilancul, contul de profit _i pierdere, anexa la bilanc. II. DIAGNOSTICUL FINANCIAR Realizarea diagnosticului financiar are ca obiectiv aprecierea strii de performanc financiar a societatii la 31.12.2002. Principalele scopuri urmrite sunt: - aprecierea rezultatelor financiare obcinute; - evidencierea modalitcilor de realizare a echilibrului financiar; - examinarea randamentului capitalului investit; - evaluarea riscurilor. Rezultatele analizei pot fi utilizate pentru: - fundamentarea deciziilor de gestiune; - elaborarea unui diagnostic global strategic; - fundamentarea politicilor de dezvoltare. Sursele utilizate au fost: - situaciile financiare anuale (2000-2002); - alte materiale de documentare din evidenca contabil. Analiza structurii bilancului 2.1.1. Analiza ratelor de structur ale activului Datele sunt prezentate n tabelul nr.1 Tabelul nr.1 Specificatiesimbol2000 mii.leiStructura %2001 mii.leiStructura %2002 mii.leiStructura %Imobilizri necorporaleInn7508730,299771060,1915864970,20Imobilizri corporaleInc16533390263,1830946147758,8752102074767,21Imobilizri financiareIf254140,01254140,00500Active imobilizateIn16611018963.4831046399759,0652260724467,41StocuriSt28198211.0856860501,08136722041,76Creance totaleCr7691557929,3913469496425,6215931842720,55Disponibilitci bne_tiDb157513246,026722495312,79324293944,18Active circulanteAc9548672436,4920760596739,4920542002526,50Ct. de regularizare si asimilate - activRa812090,0375932531,44471871536,09 TOTAL ACTIVAt261678122100525663217100775214422100 In=Inn+Inc+If Ac=St+Cr+Db At=In+Ac+Ra  EMBED MSGraph.Chart.8 \s  CONCLUZII: Rata activelor imobilizate=In/At msoar gradul de investire a capitalului fix. Nivelul ei este ridicat datorita ponderii mare a dotarilor tehnice, echipamente, utilaje si instalatii. Rata activelor imobilizate creste in 2002 la 67,41% fata de 59,06% in 2001 datorita achizitionarii de imobilizari corporale. Nivelul acestei rate este influentat nefavorabil de nregistrarea cheltuielilor lunare cu amortizarea care diminueaz valoarile ramase ale activelor imobilizate. Rata imobilizrilor necorporale=Inn/At are un nivel neglijabil. Rata imobilizrilor financiare=If/At ca urmare a inexistencei imobilizrilor financiare, nivelul acestei rate este de asemenea neglijabil. Rata activelor circulante=Ac/At exprim ponderea n totalul activului a capitalului circulant. 2001 fata de 2000 : Ca urmare a cresterii ponderii disponibilitatilor banesti in anul 2001 fata de 2000 si o mentinere relativ constanta a ponderii stocurilor si a creantelor totale se inregistreaza o usoara crestere a ratei activelor circulante in 2001 fata de 2000. 2002 fata de 2001: Stocurile se mentin relativ constate. Rata activelor circulante scade in 2002 fata de 2000 cu 13%, datorita scaderii semnificative a ponderii disponibilitatilor banesti in 2002 fata de 2001 si a scaderii ponderii creantelor in 2002 fata de 2001. Rata stocurilor=St/At ponderea stocurilor n total activ se mencine relativ constanta in perioada analizat, cunoscnd o u_oar crestere n anul 2002. Rata creancelor=Cr/At creancele au crescut permanent in valori absolute, cu influenc negativa asupra gradului de lichiditate. Rata disponibilitcilor=Db/At este influencat de raportul dintre durata medie de ncasare a creancelor _i durata medie de achitare a obligaciilor, care este nefavorabil. Nivelul aceste rate cserte in 2001 fata de 2000 si scade in 2002 fata de 2001. 2.1.2.Analiza ratelor de structur ale pasivului Ratele de structur ale pasivului permit aprecierea politicii financiare a ntreprinderii prin punerea n evidenc a unor aspecte privind stabilitatea _i autonomia financiar a acesteia. Datele sunt prezentate n tabelul nr.2 Tabelul nr.2 SpecificatieSimbol2000 mii.leiStructura %2001 mii.leiStructur %2002 mii.leiStructur %Capital socialCPS14041957853,6614324220227,2514324220218,48RezerveRez11000000,4211000000,2111000000,14Alte FonduriFd4107258215,0716258754930,9331382346340,48Rezultatul reportatRr000000ProfitPn180222176.89468020208,98746712409,63Repartizarea profituluiRep180222176,89468020208,90746712449,63Subventii pentru investitii Sbvi36087341,3835638600.6834542680,45Capital propriuCpr18620089471,1631049361159,0746161993359,55Credite pe termen mediu _i lung (Itml)tml5556120.216777758512,8915566697120,08Credite pe termen scurt (Its)ts000000Furnizori _i asimilateFz5420828520,7210842059320,6310262074913,24Alte obligacii de exploatareOb194064607,42369364947,03527549306,81Datorii totaleDt7417035728,3421313467240,5531104265040,12Ct. de regularizare si asimilate pasivRp13068710,5020349340,3925518390,33TOTAL PASIVPt261678122100525663217100775214422100 Cpr=CPS+Rez+Fd+Rr+P Dt=Itml+Its+Fz+Ob Cpm=Cpr+Itml SpecificatieSimbol200020012002Rata stabilitatii financiareCPM/PT71,3771,9679,63Rata autonomiei fin globaleCPR/PT71,1659,0759,55Rata auton fin la termenCPR/CPM99,7082,0874,78Rata de indatorare globalaDAT/PT28,3440,5540,12Rata de indatorare la termenITML/CPR0,3021,8333,72Rata creantelor de trezorerieITS/NFR000  EMBED MSGraph.Chart.8 \s  CONCLUZII: Rata stabilitcii financiare=Cpm/Pt reflect legtura dintre capitalul permanent de care unitatea dispune n mod stabil ( cel pucin un an ) _i patrimoniul total. Nivelul ratei n perioada analizat nregistreaz o tendinc de imbunatatire ca urmare a cresterii capitalului permanent ca urmare a contractarii unui imprumut pe termen lung. Rata autonomiei financiare globale=Cpr/Pt arat gradul de independenc financiar a societatii. Se consider c existenca unui capitalul propriu de cel pucin 1/3 din pasivul total constituie o premis esencial pentru autonomia financiar a societatii. n anul 2000 rata autonomiei financiare globale are un nivel bun, manifestand o tendinta de scadere accentuata in anii 2001 si 2002 datorita contractarii imprumutului pe termen lung. Rata autonomiei financiare la termen=Cpr/Cpm arat gradul de independenc financiar al unitcii pe termen lung. Nivelul acestei ratemanifesta o tendinta de scadere continua datoritaatragerilor aferente imprumutului pe termen lung. Rata de ndatorare global=Dat/Pt reflect ponderea tuturor datoriilor pe care le are unitatea n pasivul total al acesteia. Nivelul ratei nregistreaz o tendinc de crestere accentuata n perioada analizat. Rata de ndatorare la termen=Itml/Cpr reflect gradul de ndatorare prin mprumuturi pe termen lung _i mediu. Se utilizeaz n fundamentarea deciziei de atragere a surselor mprumutate pe termen lung _i a urmririi modului n care s-a utilizat efectul de levier. Pentru perioada analizata cunoaste o tendinta de crestere. Rata creditelor de trezorerie- reprezentand gradul de acoperire a necesitatilor de finantare a activitatii de exploatare cu surse externe de finantare- credite pe termen scurt. Este zero datorita necontractarii creditelor pe termen scurt. 2.2. Analiza soldurilor intermediare de gestiune Tabloul soldurilor intermediare de gestiune se prezint astfel: Tabel nr.3 Nr.Specificatiesimbol2000 mii lei2001 mii lei2001 mii lei1 + Vnzri de mrfuriVmf1414211158875519902 + Produccia exerciciuluiQex2215934893282282664883653913 - Cheltuieli privind mrfurileChmf77297551742035784 - Cheltuieli cu materiale _i serviciiChms1526826802556637103795049595 = Valoarea adugatVa68974924726252691092088446 - Impozite _i taxeImp721731259808848529837+ Subventii pentru exploatareSbv1429524750273832633888358 - Cheltuieli cu personalul totaleChp3834132950788676670087909 = Excedent brut de exploatareEBE442071116951233710073590610 + Venituri din provizioaneVpv00011 + Alte venituri din expoatareAve520806088008232195603712 - Alte cheltuieli din exploatareAce213663389531669713 - Cheltuieli privind amortizarea si provizioaneleCha11796857179718132963051214 = Profit din exploatarePe37596948600023949304473415 + Venituri financiareVf59165319188978901497416 - Cheltuieli financiareChf8430731145746389474617 = Profit curentPc37345528780456269816496218 Rezultatul excepcionalRexc-223896-98710069940619 = Profit brutPb37121632770585269886436820 - Impozit pe profitIpr13943433302565042419313121 = Profit netPn180222204680202274671237 Va=Vmf+Qex-Chmf-Chms EBE=Va-Imp+Sbv-Chp Pe=EBE+Ave-Ace-Cha Pc=Pe+Vf-Chf Pb=Pc+Rexc Pn=Pb-Ipr  Valoarea adugat (Va) exprim cre_terea de valoare rezultat din utilizarea factorilor de produccie, ndeosebi a factorilor munc _i capital, peste valoarea materialelor _i serviciilor cumprate de ntreprindere de la terci. Valoarea adugat asigur remunerarea participancilor direcci _i indirecci la activitatea economic a ntreprinderii: - personalul, prin salarii, indemnizacii _i alte cheltuieli; - statul, prin impozite, taxe _i vrsminte; - creditorii, prin dobnzi, dividende _i comisioane pltite; - accionarii, prin dividende; - ntreprinderea, prin capacitatea de autofinancare. Nivelul absolut al indicatorului are o tendinc de cre_tere n perioada analizat datorata in principal cresterii productiei exercitiului. Excedentul brut de exploatare (EBE) msoar capacitatea potencial de autofinancare a investiciilor. Indicatorul inregistreaza o crestere in valoare absoluta determinata de influenta subventiilor de exploatare. Profitul (rezultatul) din exploatare (Pe) msoar, n mrimi absolute, rentabilitatea procesului de exploatare, prin deducerea tuturor cheltuielilor din veniturile exploatrii. Tendinca de cre_tere a indicatorului relev procesul de rentabilizare a activitcii de exploatare si pe seama altor venituri din exploatare realizate. Profitul (rezultatul) curent (Pc) este determinat de rezultatul exploatrii _i cel al activitcii financiare. In perioada analizata exercitiile financiare se incheie cu profit, ceea ce afecteaza pozitiv rezultatul curent. Profitul net (Pn) reprezint, n mrimi absolute, msura rentabilitcii financiare a capitalului propriu subscris si varsat de accionari. Acest indicator inregistreaza n perioada analizat o cresterepe seama: cresterii productiei exercitiului; alocarii subventiilor de exploatare; cresterii altor venituri din exploatare. Analiza soldurilor de gestiune pentru perioada 2000-2002 arat tendinca de rentabilizare a activitcii. 2.3. Analiza echilibrului financiar Echilibrul financiar reflect respectarea la nivelul societatii a principiilor de financare consacrate n literatura de specialitate. Aprecierea echilibrului financiar se realizeaz prin intermediul indicatorilor de echilibru : fond de rulment (FR), nevoie de fond de rulment (NFR) _i trezoreria net (TN). Nivelul indicatorilor de echilibru este prezentat n tabelul nr.4 Tabelul nr.4 NrIndicatoriFormula2000 mii lei2001 mii lei2002 mii lei1Imobilizri neteIn1661101893104639975226072442StocuriSt28198215686050136722043Creance+Ct. de regularizare si asimilate-activCr769155791346949641593184274Disponibilitci bne_tiDb1575132467224953324293945Conturi de regularizare si asimilate - activRa812097593253471871536Capital propriuCpr1862008943104936114616199337Credite pe termen mediu _i lungItml555612677775851556669718Capital permanentCpm1867565063782711966172869049Creante pe termen scurtIts00010Furnizori _i asimilateFz5420828510842029310262074911Alte obligacii de exploatareOb19406460369364945275493012Conturi de regularizare si asimilate - pasivRp13068712034934255183913Pasiv total = Activ totalPt = At26167812252566321777521442214Fondul de rulmentFR20646317678071999467966015Fondul de rulment propriuFRp2009070529614-6098731116Necesar de fond de rulmentNFR620186426174806480210517Trezoreria netTN144444536518971929877555 Cpm = Cpr + Itml FR = Cpm In FRp = Cpr In NFR=(St+Cr+Ra)-(Fz+Ob+Rp)  TN=FR-NFR=Db-Its 2000 %2001 %2002 %Rata de finantare a NFRNFR/FR30.043.8668.44Ponderea FR in pasivul totalFR/Pt7.8912.912.21Ponderea NFR in activul totalFR/At2.370.498.36 Fondul de rulment (FR) este partea din capitalul permanent care dep_e_te valoarea imobilizrilor nete _i este destinat financrii activelor circulante. Pe ntreaga perioad analizat fondul de rulment este pozitiv _i inregistreaza o crestere continua, ca urmare a faptului ca societatea a contractat credite pe termen mediu si lung. Ca urmare a faptului c societatea a avut contractate credite pe termen mediu _i lung, fondul de rulment propriu nu are aceea_i valoare cu fondul de rulment global, fondul de rulment propriu inregistreaza o tendinta de scadere continua in perioada analizata. Necesarul de fond de rulment (NFR) reprezint partea din activele circulante ce trebuie financate din surse stabile permanente. Nivelul indicatorului cunoa_te o tendinc de crestere la nivelul anului 2002 ca urmare a cresterii substantiale a creantelor si a stocurilor societcii. Trezoreria net (Tn) reprezint diferenca dintre fondul de rulment _i necesarul de fond de rulment. n perioada analizat indicatorul nregistreaz o tendinta de scadere in 2002 fata de 2001 determinata de cresterea NFR. Nevoile de financare ale ciclului de exploatare sunt suportate din datoriile de exploatare _i o parte a resurselor stabile situacie care corespunde principiului gestiunii financiare potrivit cruia la necesitci permanente se aloc surse permanente, care reflecta echilibrul financiar al societatii. Echilibrul financiar este sustinut pe seama subventiilor pentru investitii, a imprumutului pe termen lung si a autofinantarii (amortizare + profit net). 2.4. Analiza lichiditcii societatii Analiza lichiditcii societatii urmre_te capacitatea acesteia de a-_i achita obligaciile curente (de exploatare) din active curente, cu diferite grade de lichiditate, precum _i evaluarea riscului incapacitcii de plat. Indicatorii de lichiditate sunt redaci n tabelul nr.5 Tabelul nr.5 NrIndicatoriFormula2000200120021StocuriSt28198215686050136722042CreanceCr769155791346949641593184273Disponibilitci bne_tiDb1575132467224953324293944Active circulanteAc=St+Cr+Db954867242076059672054200255Datorii pe termen scurtDts=Its+Fz+Ob736147451453570871553756796Rata de lichiditate curentAc/Dts1,301,431,327Rata de lichiditate rapid(Cr+Db)/Dts1,261,391,238Rata de lichiditate imediatDb/Dts0,210,460,21  RLC=Ac/Dts RLR=(Cr+Db)/Dts RLI=Db/Dts Rata de lichiditatea curent - compar ansamblul activelor circulante, cu ansamblul datoriilor pe termen scurt (scadente sub un an). La aceast rat nivelul asiguratoriu este 1,2, nivel care este atins n perioada 2000  2002. Rata de lichiditatea rapid - exprim capacitatea firmei de a-_i onora datoriile pe termen scurt din creance _i disponibilitci bne_ti. Nivelul acestei rate, n perioada analizat, este in crestere, fiind situat peste nivelul asiguratoriu de 2/3. Rata de lichiditatea imediat - apreciaz msura n care datoriile exigibile pot fi acoperite pe seama disponibilitcilor bne_ti. Nivelul asiguratoriu pentru aceast rat este de 1/3. Se constata cresterea nivelului acestei rate la nivelul anului 2001, urmata de o scadere la nivelul anului 2002, ceea ce inseamna o diminuare a capacitatii de onorare a obligatiilor pe termen scurt din disponibilitati. 2.5. Analiza ratelor de gestiune Ratele de gestiune reflect duratele de rotacie a activelor imobilizate _i circulante prin cifra de afaceri exprimate n nr. de zile _i redate n tabelul nr.6 Tabelul nr.6 NrIndicatoriFormula200020012002UM1Cifra de afaceriCa221725041328328758488913034mii lei2Imobilizri neteIn166110189310463997522607244mii lei3StocuriSt2819821568605013672204mii lei4CreanceCr76915579134694964159318427mii lei5Disponibilitci bne_tiDb157513246722495332429394mii lei6Active circulanteAc95486724207605967205420025mii lei7Furnizori _i asimilateFz54208285108420593102620749mii lei8Rotacia imobilizrilor neteCa/In1.331.060.94rotatii9Durata de rotacie a activelor circulante(Ac/Ca)x360155.04227.63151.26zile10Durata de rotacie a stocurilor(St/Ca)x3604.586.2310.07zile11Durata de ncasare a creancelor(Cr/Ca)x360124.88147.69117.31zile12Durata de rotacie a disponibilitcilor bne_ti(Db/Ca)x36025.5773.7123.88zile13Durata de achitare a furnizorilor(Fz/Ca)x36088.01118.8875.56zile14Rotacia activului totalCa/At0.850.620.63rotatii  RIn=Ca/In RAc=(Ac/Ca)*360 RSt=(St/Ca)*360 RCr=(Cr/Ca)*360 RDb=(Db/Ca)*360 RFz=(Fz/Ca)*360 RAt=Ca/At Rotacia activului total=Ca/At reflect gradul de rennoire a activului total prin cifra de afaceri. Numrul de rotacii a acestuia n perioada analizat reflect o tendinc de imbunatatire prin cresterea numarului de rotatii de la 1.89 la 2.7 in 2001. Rotacia imobilizrilor nete=Ca/In -imobilizrile nete, avnd pondere semnificativ n activul total . Viteza de rotacie a imobilizrilor nete este mica, cu o tendinta de scadere continua. Durata de rotacia activelor circulante nregistreaz un nivel nesatisfctor, cu tendinc de scadere n anul 2001 urmata de o crestere accentuata in anul 2002. Durata medie a unei rotacii scade in anul 2002 fata de anul 2001 de la 227,63 zile la 151,26. Durata de rotacia stocurilor nregistreaz o tendinc de scadere, avand un nivel satisfacator pe ansamblul perioadei analizate. Durata de ncasare a creancelor scade n anul 2002 fata de 2001 de la 147,69 zile la 117,31 , situndu-se peste limita considerat normal (30 zile), cu influence negative asupra trezoreriei. Durata medie de achitare a furnizorilor nregistreaz o tendinc de crestere n anul 2001, la 118,88 zile de la 88,01 zile, cunoscand o scadere in anul 2002 la 75,56 zile. Nivelul acestei rate nu se ncadreaz n limita unor decontri normale (30 zile). Raportul dintre durata medie de ncasare a creancelor _i durata medie de achitare a furnizorilor este nefavorabil societatii. n timp ce unitatea crediteaz beneficiarii, n 2002 in medie cu 117,31 zile, fr dobnd, beneficiaz de surse atrase de la furnizori doar 75,56 zile. Decalajul nefavorabil dintre durata medie de ncasare a creancelor _i durata medie de plat a furnizorilor influenceaza negativ trezoreria nete disponibil, determinand societatea sa atraga noi surse pentru acoperirea golurilor de trezorerie. 2.6. Analiza ratelor de rentabilitate Exprim eficienca utilizrii resurselor materiale _i financiare n activitatea de exploatare la nivelul societatii n perioada analizat. Nivelul ratelor de rentabilitate este redat n tabelul nr.7 Tabel nr.7 Nr.SpecificacieSimbol200020012002Um1Venituri din exploatareVe236082229387418808574262252Mii leu2Cheltuieli de exploatareChe203641260327416414481217519Mii lei3Profit din exploatarePe = Ve-Che324409696000239493044733Mii lei4Profit curentPc321895497804562698164962Mii lei5Profit netPn180222204680202274671237Mii leu6Capital propriuCpr186200894310493611461619933Mii lei7Activ totalAt261678122525663217775214422Mii leu8Rata rentabilitcii veniturilorrv = Pe / Ve13.74%15.49%16.20%%9Rata rentabilitcii resurselor consumaterc = Pe / Che15.93%18.33%19.34%%10Rentabilitatea economicare = Pe / At12.4%11.41%12%%11Rentabilitatea financiararf = Pc / Cpr17,28%25,14%21,27%%  EMBED MSGraph.Chart.8 \s  re=Pe/At rentabilitatea economica rf=Pc/Cpr rentabilitatea financiara rv = Pe / Ve - rentabilitatea veniturilor rc = Pe / Che - rentabilitatea resurselor consumate n perioada 2000-2002 nivelul ratelor de rentabilitate este nesatisfacator. Rentabilitatea veniturilor exprim eficienca valorificrii produselor _i serviciilor oferite de unitate. Indicatorul inregistreaza o crestere continua in perioada analizata. Rentabilitatea costurilor msoar eficienca consumului de resurse umane _i materiale; se situeaz la un nivel sczut, nregistrnd aproximativ aceea_i evolucie ca _i rata rentabilitcii veniturilor. Rentabilitatea economic reprezint remunerarea brut a capitalurilor investite pe termen lung, att proprii ct _i mprumutate. Rentabilitatea economic trebuie s fie la nivelul ratei minime de randament din economie (rata medie a dobnzii) _i al riscului economic _i financiar pe care _i l-au asumat accionarii _i creditorii unitci. Rata rentabilitcii economice nregistreaz un nivel relativ constant in perioada analizata, avand insa valori reduse. Rentabilitate financiar msoar randamentul utilizrii capitalurilor proprii. Rata rentabilitcii financiare trebuie s fie superioar ratei medii a dobnzii. Rata rentabilitci financiare are o tendinta de crestere continua determinata de cresterea mai agresiva a rezultatului net in comparatie cu capitalul propriu. 2.7. Analiza pragului de rentabilitate din exploatare Riscul de exploatare evalueaza capacitatea societatii de a se adapta la timp si cu cel mai mic cost la variaria mediului in care isi desfasoara activitatea. Aprecierea riscului de exploatare se realizeaza cu ajutorul pragului de rentabilitate. Pragul de rentabilitate al exploatarii este redat in tabelul nr. 8. Tabelul nr. 8 Nr.SpecificatieSimbol200020012002U.M.1Venituri din exploatareVe236082229387418808574262252Mii leu2Cheltuieli de exploatareChe203641260327416414481217519Mii lei3Profit din exploatarePe = Ve-Che324409696000239493044733Mii lei4Costuri variabile totaleCv81456504130966565192487008Mii lei5Costuri fixe totaleCf122184756196449849288730511Mii lei6Marja costurilor variabileMcv=Ve-Cv154625725256452243381775245Mii lei7Rata marjei costurilor variabileRmcv=Mcv/Ve0.6550.6620.665-8Pragul de rentabilitate din exploatareVepr=Cf/rmcv186541612296752038434181220Mii lei9Indicatorul de pozitie- absolutIpoz=Ve-Vepr4954061790666770140081033Mii lei- relativIpo%=Ipoz/Vepr26.56%30.55%32.26%%10Momentul realizarii pragului de rentabilitatePm=(Vepr/Ve)*360284.46275.75272.18zile11Coeficientul de elasticitateKe=Ve/(Ve-Vepr)4.774.274.10- Interpretarea valorilor indicatorilor Stare Indicatorul de pozitieMomentul realizarii pragului de rentabilitate Coeficientul de elasticitateminmaxminmaxminmaxRisc mare de exploatare20%3042Risc mediu de exploatare20%100%30418326Risc mic de exploatare100%1836 Indicatorul de pozitie se gaseste in anul 2002 in zona:Risc mediu de exploatare in apropierea limitei inferioare, aproape de zona:Risc mare de exploatare. Pragul de rentabilitate de exploatare sau punctul mort operational este punctul; in care veniturile acopera cheltuielile din exploatare. Dupa acest prag activitatea de exploatare devine rentabila. Pragul de rentabilitate de exploatare la nivelul societatii cunoaste o evolutie constanta reflectand mentinerea capacitatii de adaptare a rezultatului exploatarii la conditiile specifice in care societatea isi desfasoara activitatea. Nivelul sau in anul 2002 se incadreaza in zona:Risc mediu de exploatare. Coeficientul de elasticitate inregistreaza o scadere ramanand in zona:Risc mediu de exploatare, mai aproape de limita superioara decat de cea inferioara. Evolutia indicatorului de pozitie Evolutia pragului de rentabilitate Evolutia coeficientului de elasticitate  2.8. Analiza riscului de faliment Riscul de faliment reflecta posibilitatea de aparitie a incapacitatii de onorare a obligatiilor scadente ale societatii. Pentru aprecierea riscului de faliment vom apela la functia B Bailesteanu. FUNCTIA B BAILESTEANU Nr.IndicatoriSimbol2002U.M.1Active circulanteAc205420025Mii lei2Datorii pe termen scurtDts155375679Mii lei3Profit netPn74671237Mii lei4AmortizareCha29630512Mii lei5Rata credit scadentaRC0Mii lei6Dobanda credit scadentaDob419752Mii lei7Venituri totaleVt587044649Mii lei8CreanteCr159318427Mii lei9Cheltuieli totaleCt488180281Mii lei10G1Ac/Dts1.322-11G2(Pn+Cha)/(RC+Dob)248.484-12G3Vt/Cr3.685-13G4Pn/Ct0.153-14B225.747- B=0,444*G1+0,909*G2+0,052*G3+3,333*G4-1,4147 INTERPRETAREA VALORILOR FUNCTIEI B Nr.StareLimitele intervalului functiei BMinimMaxim1Faliment iminent0,502Zona limita0,501,103Zona intermediara1,102,004Zona favorabila2,00 Valoarea functiei B este de 2,25 care este mai mare decat limita inferioara a intervalului zonei favorabile privind riscul de faliment, deci dupa functia bailesteanu societatea se afla intr-o zona favorabila. III. CONCLUZIILE DIAGNOSTICULUI FINANCIAR PUNCTE TARI Structura activelor corespunde obiectului de activitate al societatii. Existenta unei marje de siguranta financiara determinata de un surplus de surse permanente. Structura financiara corespunzatoare. Evolutie satisfacatoare a soldurilor intermediare de gestiune. Nivel bun al ratelor de lichiditate curenta si rapida. Solvabilitate patrimoniala ridicata. Pozitia societatii intr-o zona favorabila privind riscul de faliment (risc redus de faliment). PUNCTE SLABE Nivel scazut al rentabilitatii. Exista intarzieri privind incasarea creantelor. Durata de rotatie a creantelor si furnizorilor nu se incadreaza in limitele normale. Gradul de uzura morala si fizica ridicat al bazei materiale. Gradul de innoire a mijloacelor fixe este redus. Obligativitatea ajustarii tarifelor pentru prestarile dde servicii in domeniul gestionarii resurselor pe baza acordului de imprumut. Evolutia stocurilor si creantelor nu se incadreaza in limitele de eficienta. Sustinerea partiala a rentabilitatii activitatii desfasurate prin subventii. RISCURI Risc mediu de exploatare. 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