Analiza Echil. Financiar. La Sc Rool Sa Onesti

8/16/2019 Analiza Echil. Financiar. La Sc Rool Sa Onesti

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UNIVERSITATEA ”GEORGE BACOVIA” BACĂU

FACULTATEA DE CONTABILITATE ŞIINFORMATICĂ DE GESTIUNE

SPECIALIZAREA CONTABILITATE ŞIINFORMATICĂ DE GESTIUNE

ANALIZA ECHILIBRUL FINANCIARLA S.C. ROOL S.A. ONEŞTI

CONDUCĂTOR ŞTIINŢIFIC,Prof. univ. dr. WILLI PĂVĂLOAIA

ABSOLVENT, U!INIUC ".#BE$ĂRĂU % ELENA

BACAU-2006-


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BACAU

-2006-

Cuprins

Pag!a

CAPITOLUL & PRE$ENTAREA "ENERALĂ A FIR!EI ŞI STRUCTURA

EI OR"ANI$ATORIC'...........................................................................................

&.&. Pr()(n*+r( (n(r+-.........................................................................................

&.&.&. E-(/(n*( d( id(n*ifi0+r( +-( 1o0i(*2ii 0o/(r0i+-(...................................

&.&.3. For/+ 4uridi0 d( or+ni)+r( 5i 0+dru- -(+-............................................

&.&.6. I1*ori0u- (vo-u2i(i uni*2ii +n+-i)+*(..........................................................&.&.7. Profi-u- +0*ivi*2ii 5i o8i(0*iv(-( fir/(i.....................................................

&.&.9. Prin0i:+-ii indi0+*ori (0ono/i0o;fin+n0i+ri .............................................

&.3. S*ru0*ur+ or+ni)+*ori0 + 1o0i(*2ii................................................................

CAPITOLUL 3 APRECIERE "LOBALĂ ASUPRA POTENŢIALULUI

i-i8ru-ui fin+n0i+r +- fir/(i...................................

6.3. In1*ru/(n*( d( +:r(0i(r( + (0>i-i8ru-ui fin+n0i+r..........................................

6.6. An+-i)+ (0>i-i8ru-ui fin+n0i+r :( *(r/(n /(diu 5i -un................................

6.6.&. Con0(:*u- d( fond d( ru-/(n*? 1(/nifi0+2i+ @n +n+-i)+ (0ono/i0o;

fin+n0i+r? +n+-i)+ niv(-u-ui 5i din+/i0ii fondu-ui d( ru-/(n*.................69

6.6.3. S*ru0*ur+ fondu-ui d( ru-/(n*.................................................................

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6.6.6. An+-i)+ (1*iunii fondu-ui d( ru-/(n*....................................................

6.7. An+-i)+ (0>i-i8ru-ui fin+n0i+r 0ur(n*.............................................................

6.7.&. Con0(:*u- d( n(0(1+r d( fond d( ru-/(n*? 1(/nifi0+2i+ @n +n+-i)+

(0ono/i0o ; fin+n0i+r? +n+-i)+ niv(-u-ui 5i din+/i0ii n(voii fondu-ui d(

ru-/(n*..............................................................................................................

6.7.3 S*ru0*ur+ n(0(1+ru-ui d( fond d( ru-/(n*................................................

6.7.6. An+-i)+ (1*iunii n(0(1+ru-ui d( fond d( ru-/(n*...................................

6.9. An+-i)+ (0>i-i8ru-ui fin+n0i+r :( *(r/(n 10ur*..............................................

6.9.&. Con0(:*u- d( *r()or(ri(? +n+-i)+ niv(-u-ui 5i din+/i0ii +0(1*(i+............

6.9.3. An+-i)+ 1*ru0*urii fun02ion+-( + *r()or(ri(i.............................................6.9.6. An+-i)+ (1*iunii *r()or(ri(i....................................................................

6.. An+-i)+ r+*(-or d( fin+n2+r(...........................................................................

6.. An+-i)+ +0*ivu-ui n(* 0on*+8i-........................................................................

CONCLU$II ŞI PROPUNERI..............................................................................

ANEE...................................................................................................................

ANEA 3 Bi-+n2 0on*+8i-....................................................................................ANEA 6 Con*u- d( :rofi* 5i :i(rd(r(.................................................................

ANEA 7 Bi-+n2 fin+n0i+r...................................................................................

ANEA 9 Bi-+n2 fun02ion+-.................................................................................

BIBLIO"RAFIE.....................................................................................................

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CAPITOLUL "

PREZENTAREA GENERALĂ A FIRMEI ŞI STRUCTURA EI

ORGANIZATORICĂ

".". P#$%$!&a#$ g$!$#a'(

".".". E'$)$!&$ *$ *$!&+,a#$ a'$ ,$&(/ ,)$#,a'$

d(nu/ir( S.C. ROOL S.A.

1(diu- On(5*i, 1*r. Bi0+), nr.37 nr. d( @nr(i1*r+r( -+ R(i1*ru- Co/(r2u-ui B+0u 7&9&GG7 0od fi10+- 3&39H 0+:i*+- 1o0i+- 6. -(i Ron do/(niu- d( +0*ivi*+*( :rodu02i( , 0on1*ru02ii 5i 0o/(r2 .

".".2. F#)a 1#*,( *$ #ga!%a#$ ,a*#1' '$ga'

So0i(*+*(+ + fo1* @nfiin2+* @n 8+)+ L(ii nr. 6& &GG 0+ 1o0i(*+*( 0u r1:und(r(-i/i*+* 0u un 1inur +02ion+r, :(r1o+n fi)i0 d( n+2ion+-i*+*( ro/n. O d+* 0u /rir(+0+:i*+-u-ui 1o0i+- 1;+ /ri* 5i nu/ru- +02ion+ri-or -+ *r(i :(r1o+n( fi)i0(.


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+0*ivi*+*(.


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-u0rri d( in1*+-+2ii (-(0*ri0( 5i 1+ni*+r( ? -u0rri d( )urv(-i, vo:1i*orii, :-+0ri 5i /on*ri (+/uri ? f+8ri0+r(+ 5i 0o/(r0i+-i)+r(+ vo:1(-(-or :( 8+) d( r5ino+1(, di-u+n*? f+8ri0+r(+ 5i 0o/(r0i+-i)+r(+ oidu-ui d( )in0, fo1f+*o- 5i un1ori ? f+8ri0+r(+ +/8+-+4(-or d( -(/n? +0*ivi*+*( d( 0o/(r2 d(1f5ur+* :rin r(2(+u+ d( /++)in( :ro:rii 0u

/rfuri n(+-i/(n*+r( /o8i-i(r, r(1i(, f+i+n2, vo:1(+, +nv(-o:(, (*0. ROOL S.A. + (f(0*u+* -u0rri @n do/(niu- 0on1*ru02ii-or :(n*ru ur/*o+r(-(1o0i(*2i 0u 0+:i*+- d( 1*+*

Con1i-iu- Lo0+- On(5*i = /od(rni)+r( 5i r(:+r+2ii 0-dir( Pri/ri( ? C.E.C. T. O0n+ ? S:i*+-u- !oin(5*i ; r(:+r+2ii 0+:i*+-( .

D( +1(/(n(+, + ((0u*+* -u0rri 5i :(n*ru 1o0i(*2i 0u 0+:i*+- /i* 1+u :riv+* S.C. Con*i S.A. On(5*i ; 8-o0 66 IM ? S.C. Mrino1 S.R.L. ; -u0rri d( r(:+r+2ii 5i 0on1o-id+r( + *r(i >+-(

:rodu02i( ? S.C. !+riu1 S.R.L. !oin(5*i ; 1*+2i( P(0o .

E1*( d( r(/+r0+* f+:*u- 0 -+ -u0rri-( :r()(n*+*( +n*(rior nu +u fo1* 1(/n+-+*(@n*r)i(ri 1+u :ro8-(/( -(+*( d( 0+-i*+*(+ ((0u2i(i din :+r*(+ 8(n(fi0i+ru-ui. Prin*r(-u0rri-( ((0u*+*( 5i fin+-i)+*( d( S.C. ROOL S.A. 0+r( :o* 0on1*i*ui o +r+n2i( + 0+-i*2ii5i 1iur+n2(i ((0u2i(i, +/in*i/

1(diu- 1o0i(*2ii din Şo1(+u+ Nordu-ui nr. 66 T. O0n+ ? f+8ri0+ d( oid d( )in0 ? :+vi-ion +d/ini1*r+*iv @n S.C. T(r/on S.A. -u0rri *(r/o;>idro @n 0+dru- S.C. JT(r/on J S.A. ?

0on1o-id+r( +-+ 3 5i +-+ 7 = Avi0o-+ B+0u ? 1*+dion 0+n*on+/(n* JA1*r+ Ro/nJ. F+r/+0>(u*i0J.

8% /rfuri 0>(r(1*(+ 0+r( 1( (:or* @n "r(0i+ -+ +*)i-orion Ioro1 SIAO.E.


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CAPITOLUL 2

APRECIERE GLOBALĂ ASUPRA POTEN?IALULUI @NTREPRINDERII

2.". P&$!/a'1' *$ =#*1,/$

Fir/+ ROOL S.A. +r( 0+ o8i(0*iv furni)+r(+ d( :rodu1( :rin d(ru-+r(+ unor :ro0(1(d( :rodu02i(. Din :un0* d( v(d(r( *(>no-oi0, :ro0(1u- d( :rodu02i( (1*( unu- 0>i/i0, 0( 1(d(1f5o+r @n in1*+-+2ii 0+:1u-+*( :rin 0+r( /+*(ri+ :ri/ (1*( *r+n1for/+* 0+ ur/+r( +

:rodu0(rii unor r(+02ii 0>i/i0( 5i *(r/o0>i/i0(. E1*( un :ro0(1 dir(0* d( :r(-u0r+r( :rin0+r( :rodu1u- fini* 1( o82in( 0+ ur/+r( + ((0u*rii unor o:(r+2ii 1u00(1iv( +1u:r+ +0(-ui+5i*i: d( /+*(ri( :ri/.

V(rii-( or+ni)+*ori0( +-( 1*ru0*urii fun02ion+-( 1un* 1(02ii-( d( :rodu02i( und( 1(((0u* un :rodu1 1+u o f+) 0o/:on(n* + :ro0(1u-ui d( :rodu02i(.

Prin0i:+-(-( 1(02ii +-( 1o0i(*2ii 0o/(r0i+-( ROOL S.A. 1un* S(02i+ un1ori? S(02i+ 8u*o+i(? S(02i+ fo1f+*o-i? S(02i+ oid d( )in0? S(02i+ vo:1(-(.

S(02i+ 8u*o+i( (1*( o 1(02i( +ui-i+r #d( +/8+-+4% und( 1( ((0u* 8u*o+i( :(n*ru 8i*u/ 0u :un0* d( -u0ru R+finri+ R+fo On(5*i.C(-(-+-*( 1(02ii 1un* 1(02ii d( 8+) 1i*u+*( @n On(5*i, 0u (0(:2i+ 1(02i(i d( un1ori

1i*u+* @n T. O0n+.D( +1(/(n(+, fir/+ ((0u*nd 0on1*ru02ii 0ivi-( #8-o0uri, 1:+2ii 0o/(r0i+-(% 5i

indu1*ri+-( (1*( do*+* 0u o 1(02i( d( 0on1*ru02ii und( (i1* un +*(-i(r d( +r/*uri 5i :r(f+8ri0+*( n(0(1+r -u0rri-or 0( *r(8ui( ((0u*+*(, +0(1*+ fiind 1i*u+* -+ On(5*i..

!+i (i1* 1(02i+ d( 8(*o+n( 0+r( ((0u* 8(*o+n( +** :(n*ru 0on1*ru02ii-( :ro:rii 0*5i :(n*ru 0o/(r0i+-i)+r(. So0i(*+*(+ :o1(d dou -+8or+*o+r( d( 0(r0(*+r( 5i 0on*ro- und( 1((f(0*u(+) +n+-i)( 5i /1ur*ori +-( :+r+/(*ri-or 0+-i*+*ivi +i /+*(rii-or :ri/(, /+*(ri+-(-or d+r 5i :rodu1(-or fini*(. Unu- din -+8or+*o+r( (1*( :(n*ru 1(02i+ d( oid d( )in0, fo1f+*o-i 5i

vo:1(-(, fiind 1i*u+* @n On(5*i, i+r 0(--+-* :(n*ru un1ori 5i 8(*o+n( fiind 1i*u+* @n T. O0n+.R()u-*+*u- +0(1*or /1ur*ori 1un* 0o/uni0+*( 0o/:+r*i/(n*u-ui C.T.C., r(1:on1+8i-

0u r(/(di(r(+ (v(n*u+-(-or +8+*(ri.S*ru0*ur+ d( :rodu02i( 5i 0on0(:2i( (1*( ori(n*+* :( :rodu1, d(0i, or+ni)+r(+ 1(02ii-or

1( f+0( +vnd @n v(d(r( :rodu1u- fin+- 0( *r(8ui( o82inu*.i/i0( *r(8ui( 1

@nd(:-in(+10 +nu/i*( 0(rin2( -(+*( d( 0+-i*+*(+ +0(1*or+, 0(rin2( i/:u1( 0+ nor/( :( :-+nin*(rn+2ion+-.

Or+ni)+r(+ :rodu02i(i (1*( @n f-u, 0on1*nd @n f+:*u- 0 o:(r+2ii-( d( :r(-u0r+r(+1u:r+ /+*(rii-or :ri/( 1un* r(:+r*i)+*( :( un nu/r r(du1 d( u*i-+4( 5i -o0uri d( /un0.

H


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Fir/+ /+i d(2in( dou d(:o)i*( d( /rfuri 5i unu- d( /+*(rii :ri/(, /+*(ri+-(, :i(1(d( 10>i/8, SDV;uri 5i +-*( (-(/(n*( 0+r( in*r @n 1i1*(/u- d( :rodu02i(, +/8(-( fiind 1i*u+*(@n On(5*i.

Tr+n1:or*u- (1*( *(r(1*ru, ru*i(r, (f(0*u+* 0u +4u*oru- /+5ini-or d( 0*r( furni)ori, d(o8i0(i, d+r *r+n1:or*u- :rodu1(-or fini*( 1( f+0( d( 0*r( 0-i(n2i. Fir/+ /+i r(+-i)(+) 5i un

*r+n1:or* :(ndu-+r @n 1(n1u- 0 /i4-o+0(-( d( *r+n1:or* :-(+0 @n0r0+*( 0u :rodu1( fini*(1:r( 0-i(n2i 5i 1( r(@n*or0 @n0r0+*( 0u r(1i(, f+i+n2, /o8i-, vo:1(+ :ri/ind;o -+ 10>i/80u 0(-(-+-*( :rodu1(, +0(1*(+ fiind 0o/(r0i+-i)+*( :rin r(2(+u+ :ro:ri( d( /++)in( dinOn(5*i.

A0*ivi*+*(+ d( r(:+r+2ii (1*( +1iur+* d( un +*(-i(r d( r(:+r+2ii.A0(1*+ r(+-i)(+) r(:+r+2ii 0ur(n*( d( ordinu- & i/:u1( d( :ro0(1u- *(>no-oi0 -+

in1*+-+2ii #d( ((/:-u -+ in1*+-+2i+ d( o82in(r( + oidu-ui d( )in0 1( 10>i/8 r(*or*(-(,o+-(-( d( r+fi*% 5i r(:+r+2ii 0ur(n*( d( ordinu- & -+ /i4-o+0(-( d( *r+n1:or*.

S( (f(0*u(+) o 1(ri( d( r(vi)ii -+ /i4-o+0(-( d( *r+n1:or*, d+r 5i -+ in1*+-+2ii-( d( :rodu0(r( + oidu-ui d( )in0, fo1f+*o- 5i vo:1(-(.

A1*f(-, or+ni)+r(+ +0*ivi*2ii d( r(:+r+2ii 5i @n*r(2in(r( +do:* /od(-u- :r(v(n*iv.

A1iur+r(+ 0u i/o8i-i)ri 0or:or+-( -+ S.C. ROOL S.A. (1*( :r()(n*+* @n *+8(-u- nr.3.&.

Ta5$' !#. 2.".

Ag1#a#$a ,1 )5'%(# ,#=#a'$

N4$'1' *!a),a ,&1#a )5'%(#'# ,#=#a'$

N#.,#&. SPECIFICA?IE SIMBOL U.M. 2002 2003 2008

A NIVELUL IMOBILIZĂRILOR LA VALOAREANETĂ

&. T(r(nuri Tr /ii -(i 97.6G7 9&.676 &&3.H963. Con1*ru02ii C* /ii -(i 3.967 GK.&376. E0>i:+/(n*( *(>no-oi0( E* /ii -(i 3.G&K.96 6.H6.6H 6.93.6G7. !i4-o+0( d( *r+n1:or* !* /ii -(i 6&G.39 969.3GH 3.7H.6GG9. !o8i-i(r, +:+r+*ur+ 8iro*i0+ A/f /ii -(i 73.7 6K.K9 6HK.73G. I/o8i-i)ri 0or:or+-( @n 0ur1 I00 /ii -(i 3.H9&.KH3 6.97.HHG H.7G9.63K. I/o8i-i)ri 0or:or+-( I0 /ii -(i .3.9G3 H.3G9.3& &9.G.HH. TOTAL ACTIVE I!OBILI$ATE Ai /ii -(i .3&H.H6& H.6K.H& &9.G.H

B DINAMICA CU BAZĂ @N LAN? AIMOBILIZĂRILOR

&. T(r(nuri Tr ;; &, ,G7 3,3 3. Con1*ru02ii C* ;; &, , ,6. E0>i:+/(n*( *(>no-oi0( E* ;; &, &,6& ,G3 7. !i4-o+0( d( *r+n1:or* !* ;; &, &,K 7,& 9. !o8i-i(r, +:+r+*ur+ 8iro*i0+ A/f ;; &, K,33 &,3. I/o8i-i)ri 0or:or+-( @n 0ur1 I00 ;; &, &,39 3,6H

K. I/o8i-i)ri 0or:or+-( I0 ;; &, &,67 &,G3H. TOTAL ACTIVE I!OBILI$ATE Ai ;; &, &,67 &,G3

C STRUCTURA IMOBILIZĂRILOR &. T(r(nuri Tr I0 Q ,HH ,3 ,K& 3. Con1*ru02ii C* !f Q ,3 , &6,&G

G


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6. E0>i:+/(n*( *(>no-oi0( E* !f Q HH,7 H&,GH 7K,G 7. !i4-o+0( d( *r+n1:or* !* !f Q G,H &&,77 66,9K 9. !o8i-i(r, +:+r+*ur+ 8iro*i0+ A/f !f Q &,3G ,9H 9,3K. I/o8i-i)ri 0or:or+-( @n 0ur1 I00 I0 Q 79,G9 73,GK 96,36K. I/o8i-i)ri 0or:or+-( I0 Ai Q GG,H GG,H9 &,

H. TOTAL ACTIVE I!OBILI$. Ai Ai Q &, &, &,

Din d+*(-( :r()(n*+*( 1( :o+*( o81(rv+ 0 v+-o+r(+ /i4-o+0(-or fi( + 0r(10u* :( :(rio+d+ +n+-i)+*, d(o+r(0(

+u +vu* -o0 o 1(ri( d( +0>i)i2ii d( /i4-o+0( d( *r+n1:or* 5i d+r(+ @n fun02iun( d(noi 0-diri 5i 0on1*ru02ii 1:(0i+-(?

+/or*i)+r(+ 0+-0u-+* +nu+- di/inu(+) v+-o+r(+ u*i-+4(-or, in1*+-+2ii-or d+r @n/i0 /1ur, n(d(:5ind v+-o+r(+ +0>i)i2ii-or?

A0(+1* (vo-u2i( + v+-orii i/o8i-i)ri-or 0or:or+-( d(no* 5i un :ro0(1 inv(1*i2ion+- 8un #/+i +-(1 @n u-*i/u- +n d( +n+-i)% 0((+ 0( @n1(+/n 0 5i 0o/:(*i*ivi*+*(+ (i :( :i+2

@n r+:or* 0u fir/(-( 0on0ur(n*( nu :o+*( fi +f(0*+*.Evo-u2i+ 1*ru0*urii i/o8i-i)ri-or 0or:or+-( (1*( :r()(n*+* @n fiur+ nr. 3.&.

&

3

6

7

9

33 36 37

%

T(r(nuri

I/o8i-i)+ri 0or:or+-(

I/o8i-i)+ri 0or:or+-(

in 0ur1

Fiur+ nr. 3.&. Evo-u2i+ 1*ru0*urii i/o8i-i)ri-or 0or:or+-(

Din +n+-i)+ 1*ru0*urii i/o8i-i)ri-or 0or:or+-( 1( 0on1*+* :ond(r(+ 0(+ /+i /+r( @n i/o8i-i)ri o +u /i4-o+0(-( fi( 5i i/o8i-i)ri-(

0or:or+-( @n 0ur1?

d(5i @n +nu- 36 +r( -o0 o 10d(r( + *(r(nuri-or 5i + 0on1*ru02ii-or, *o*u5i @n+nu- 37 +0(1*(+ 0r(10? i/o8i-i)ri-( @n 0ur1 d(5i 1;+u r(du1 @n +nu- 36, *o*u5i -+ niv(-u- +nu-ui 37

+0(1*(+ nu 1;+u fin+-i)+*, 0i /+i /u-* +0(1*(+ +u 0r(10u*.V+-o+r(+ i/o8i-i)ri-or 0or:or+-( (1*( 0or(1:un)*o+r( 1:(0ifi0u-ui d( +0*ivi*+*( +-

fir/(i 0u /(n2iun(+ 0 +r *r(8ui 1 r8(+10 fin+-i)+r(+ inv(1*i2ii-or? +0(+1* 1*ru0*urr(f-(0* 5i o 0r(5*(r( + :ond(rii i/o8i-i)ri-or @n +0*iv( 0+r( 1un* d( 0>(-*ui(-i #+/or*i)ri,i/:o)i*( 5i *+(%.

"r+du- d( u)ur +- u*i-+4(-or (1*( +:r(0i+* -+ &6Q @n /(di(, (:-i0+8i- :rin vr1*+r(-+*iv *nr + 1o0i(*2ii.

O i/+in( 0* /+i 0or(0* + niv(-u-ui *(>ni0 5i *(>no-oi0 1( :o+*( r(+-i)+ :rin

:r()(n*+r(+ un(i :r2i + u*i-+4(-or :ro:rii dou in1*+-+2ii :(n*ru f+8ri0+r(+ oidu-ui d( )in0?

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o in1*+-+2i( :(n*ru f+8ri0+r(+ fo1f+*o-u-ui? o in1*+-+2i( :(n*ru f+8ri0+r(+ un1ori-or? u*i-+4( :(n*ru f+8ri0+r(+ vo:1(-(-or? o 1*+2i( d( 1or*+r( + :rodu1(-or d( 8+-+1*i(r? u*i-+4( d( *i+* 5i :r(-u0r+* -(/nu-.

So0i(*+*(+ di1:un( 5i d( *(>ni0 d( 0+-0u- #& 0+-0u-+*o+r( IB! PC% :( 0+r( -+u*i-i)(+) :(n*ru ((0u2i+ -u0rri-or d( infor/+*i0 fin+n0i+r 0* 5i :(n*ru +u*o/+*i)+r(++02iuni-or d( of(r*+r(.

!+4ori*+*(+ /i4-o+0(-or fi( :( 0+r( -(;+u :r(-u+* d+*(+) din +nii &GG3;&GGG 5i 1un*@n /+r(+ /+4ori*+*( d( :rov(ni(n2 +u*o>*on.

Niv(-u- *(>ni0 5i *(>no-oi0 +- u*i-+4(-or (1*( d(1*u- d( 8un, 0o/:+rndu;1( 0u 0(-n+2ion+- (i1*nd 5i /+ri :o1i8i-i*2i d( /od(rni)+r(.

Indi0+*orii d( (fi0i(n2 +i i/o8i-i)ri-or 0or:or+-( 1un* :r()(n*+2i @n *+8(-u- nr. 3.3.

Ta5$' !#. 2.2.I!*,a&# *$ $+,$!/(


A BAZE DE CALCUL&. CIFRA DE AFACERI CA /ii -(i 6K.7K7.9 6H.993.K69 7.39.KG73. NR. !EDIU DE SALARIAŢI N: :(r1. 376 373 376. I!OBILI$. CORPORALE IC /ii -(i .3.9G3 H.3G9.3& &9.G.H

7.CAPACIT. DEAUTOFINANŢARE C+f /ii -(i &3.7&.&3G G.K&.& .K7.&&6

B DINAMICA BAZELOR DE CALCUL PRIN INDICI CU BAZA @N LAN?9. CIFRA DE AFACERI CA Q & &6 &3. NR. !EDIU DE SALARIAŢI N:. Q & & H7K. I!OBILI$. CORPORALE I0 Q & &67 &G3

H.CAPACIT. DEAUTOFINANŢARE C+f Q & KG G

C INDICATORI DE EFICIEN?Ă

G.

RANDA!. I!OB.

CORPORALE RIBCAIC ;; ,7 7,9 3,HG&. I!OB. CORP. LA & LEI CA &ICCA -(i&-(i &9,3 3&9,&H 679,76

&&. "RAD DE


12/92

&. POTENŢIAL DE RE


13/92

6. CIFRA DE AFACERI


14/92

@n +nu- 37 f+2 d( +nu- 36

∆ N: N:& ; ICA N: &6 1+-+ri+2i

P(n*ru + r(+-i)+ vo-u/u- d( +0*ivi*+*( din +nu- 37, 0u o :rodu0*ivi*+*( + /un0ii din

+nu- 36, +r fi n(voi( d( &G& 1+-+ri+2i, +di0 @n +nu- 36 1;+ @nr(i1*r+* un (0(d(n*r(-+*iv d( &6 1+-+ri+2i.

S( :o+*( 0on0-u)ion+ 0 fir/+ ROOL S.A. + fo1* +1iur+* 0u :(r1on+-, @n u-*i/u- +n@nr(i1*rndu;1( un 1ur:-u1 r(-+*iv d( &6 1+-+ri+2i din :un0* d( v(d(r( +- +1iurrii 0u

:(r1on+- @n fun02i( d( vo-u/u- d( +0*ivi*+*( r(+-.

Calificarea personalului

C+-ifi0+r(+ :(r1on+-u-ui 0+r( ur/r(5*( 0on0ord+n2+ din*r( niv(-u- d( 0+-ifi0+r( +-1+-+ri+2i-or 5i 0(rin2(-( i/:u1( d( +0*ivi*+*(+ d(1f5ur+* (1*( :r()(n*+* @n *+8(-u- nr. 3.7.

Ta5$' !#. 2.8.

Ca'+,a#$a =$#!a'1'1

NR. CATEGORIA DE PERSONAL U.M. PERIOADA DE ANALIZA

CRT. 2002 2003 2008

&. STUDII SUPERIOARE PERS &9 &K &

3. STUDII !EDII ;SPECIALITATE PERS 3G 67 3G

6. !UNCITORI#50o+- :rof., -i0(u % PERS &GG &G& &9G

7. TOTAL PERS 376 373 37

NR. CATEGORIA DE PERSONAL PERIOADA DE ANALIZACRT. 2002 2003 2008

&. STUDII SUPERIOARE Q ,&K K,3 K,H7

3. STUDII !EDII ;SPECIALITATE Q &&,G6 &7,9 &7,33

6. !UNCITORI#50o+- :rof., -i0(u % Q H&,HG KH,G6 KK,G7

7. TOTAL # Q % Q & & &P(r1on+-u- +n+4+* d( 1o0i(*+*( :r()in* un r+d d( 0+-ifi0+r( r(du1 #:ond(r(+

/un0i*ori-or (1*( d( KHQ @n +nu- 37%.Din :un0* d( v(d(r( +- 1:(0ifi0u-ui +0*ivi*2ii, fir/+ nu n(0(1i* :(r1on+- d( @n+-*

0+-ifi0+r(, 0i :(r1on+- 0u (:(ri(n2.Fun02ii-( 0+r( n(0(1i* :(r1on+- 0u :r(*ir( 1u:(rio+r 1un* o0u:+*( d( +n+4+2i

0+-ifi0+2i 0or(1:un)*or.

&7


15/92

P(r1on+-u- /un0i*or (1*( +-0*ui* 5i din +81o-v(n2i d( -i0(u indu1*ri+-, (i1*nd +1*f(- :r(/i1( :(n*ru o +d+:*+r( :rof(1ion+- r+:id.

Din :(r1:(0*iv+ +1iurrii 0u :(r1on+- 0+-ifi0+*, 1*+r(+ fir/(i (1*( +00(:*+8i-,fun02ii-( 0( n(0(1i* :(r1on+- 0u :r(*ir( 1u:(rio+r fiind o0u:+*( 0or(1:un)*or, i+r nu/ru- /+r( +- /un0i*ori-or (1*( 1:(0ifi0 *i:u-ui d( +0*ivi*+*( d(1f5ur+* d( fir/+ S.C.

ROOL S.A. #:rodu02i(%.

Structura personalului

A:r(0i(r(+ 1*ru0*urii :(r1on+-u-ui 1( f+0( @n fun02i( d( 1:(0ifi0u- +0*ivi*2ii du: /+i/u-*( 0ri*(rii 1*ru0*ur+ :(r1on+-u-ui du: v(0>i/(+ @n /un0 #:r()(n*+* @n *+8(-u- nr.3.9.%, 1*ru0*ur+ :(r1on+-u-ui du: vr1* #:r()(n*+* @n *+8(-u- nr. 3..% 5i 1*ru0*ur+

:(r1on+-u-ui :( 1(( #:r()(n*+* @n *+8(-u- nr.3.K.%.

Ta5$' !#. 2.7.

S,&1#a =$#!a'1'1 =$ ,a&$g# *$ 4$,)$ ! )1!,(

NR. CATEGORIA DE VECHIME VALORI @N ANUL 2008

CRT. @N MUNCĂ NUMĂR =$# PONDERE i/(+ @n /un0 (1*( (0>i-i8r+*, fir/+ fiind :riv+* d((f(0*(-( 8(n(fi0( +-( din+/i1/u-ui 5i ini2i+*iv(i 0(-or :u2in (:(ri/(n*+2i.

Prin +0(+1* 1*ru0*ur 1( +1iur @/8in+r(+ (:(ri(n2(i 5i + /+*uri*2ii :rof(1ion+-( +0(-or @n vr1* 0u din+/i1/u- 5i ini2i+*iv+ 0(-or *in(ri.

Ta5$' !#. 2.6.

S,&1#a =$#!a'1'1 =$ g#1=$ *$ 4#&(

NR. CATEGORIA DE VRSTĂ VALORI @N ANUL 2008

CRT. A PERSONALULUI NUMĂR =$# PONDERE


16/92

S*ru0*ur+ :(r1on+-u-ui du: vr1* (1*( (0>i-i8r+*, d+* fiind f+:*u- 0 :(r1on+-u- 0uvr1* :(1*( 9 +ni d(2in( &7Q din *o*+-u- :(r1on+-u-ui, i+r 0(- 1u8 6 +ni d(2in( 3Q,+0(+1*+ r(:r()(n*nd o 1*ru0*ur nor/+-, 0+r(, 0o/:+r+* 0u niv(-u- d( 0+-ifi0+r(0on1*i*ui( o 1i*u+2i( +00(:*+8i-.

S*ru0*ur+ :(r1on+-u-ui du: ru:( d( vr1* (1*( (0>i-i8r+*, d+* fiind 0 :(r1on+-u- 0u

vr1* :n -+ 6 +ni 5i 0(- d( :(1*( 9 +ni d(2in( 67Q din *o*+-u- :(r1on+-u-ui.


17/92


18/92

7. !o*orin, 8(n)in PECO #di1*ri8ui*orii -o0+-i%9. "+) DISTRI"A$ S.A.. A: = 0+n+- R.A.".C.K. S(rvi0ii d( 1+-u8ri*+*( S.C. SALUB S.A.H. S(rvi0ii *(-(0o/uni0+2ii RO!TELECO!

G. S(rvi0ii :(n*ru *r+n1:or* :(r1o+n( RATP

No/(n0-+*oru- d( /+*(rii :ri/(, /+*(ri+-( 5i 1(rvi0ii (1*( r(-+*iv 1*+8i-.!+4ori*+*(+ +:rovi)ionri-or 1( f+0 dir(0* d( -+ furni)ori :(n*ru + r(du0( 0o1*uri-( d(

+:rovi)ion+r(.Ei1* r(-+2ii d( 8un 0o-+8or+r( 0u :rin0i:+-ii furni)ori.Furni)orii d( u*i-i*2ii d(2in /ono:o-u-, 0((+ 0( +f(0*(+) n(+*iv *+rif(-( d( +0(1* *i:.!+4ori*+*(+ +:rovi)ionri-or 1( f+0 :( 8+) 0on*r+0*u+-, i+r :rin0i:+-ii furni)ori 1un*

r(ion+-i 0u i/:+0* +1u:r+ 0>(-*ui(-i-or d( (:or*.Din*r( furni)ori, o :ond(r( @n1(/n+* o +u 0(i 0+r( -ivr(+) /+*(rii :ri/( :(n*ru

1(02ii-( d( :rodu02i(, din*r( 0+r( :u*(/ (nu/(r+ Ş+n*i(ru- n+v+- O-*(ni2+, Ş+n*i(ru- n+v+- D+(oo !+n+-i+, S.C. So/(1*r+

Co:5+ !i0 :(n*ru furni)+r(+ )in0u-ui n(0(1+r f+8ri0rii oidu-ui d( )in0? Ro/0if S.A. :(n*ru furni)+r(+ 0i/(n*u-ui u*i-i)+* @n f+8ri0+r(+ 8(*onu-ui? R+finri+ R+fo On(5*i :(n*ru dif(ri*( :rodu1( 0>i/i0( 5i :(*ro0>i/i0(

fo-o1i*( -+ f+8ri0+r(+ fo1f+*o-i-or 5i un1ori-or.Prin0i:+-(-( 1ur1( d( 0>(-*ui(-i +f(r(n*( +0*ivi*2ii d(1f5ur+*( d( S.C. ROOL S.A.

1un* :r()(n*+*( @n *+8(-u- nr. 3.&.

Ta5$' !#. 2."0.

S1#$ =#!,=a'$ *$ ,$'&1$'

N#.,#& SPECIFICA?IE SIMBOL U.M. 2002 2003 2008

A NIVELUL PRINCIPALELOR CHELTUIELI&. CELTUIELI CU !ĂRFURILE C/f !II LEI &6.63.6&.&6K.G3H &.KGK.33. CELTUIELI !ATERIALE C/* !II LEI &&.GG.3& &.3K.H7K &K.79.K&G+. CELTUIELI CU !AT. PRI!E C/: !II LEI &.&6&.77 &7.9G.& &9.&3.HH

8. CELTUIELI CU !AT. CONS. C/0 !II LEI &.6H&.&HH &.39G.K6 &.G.GK

0. CELTUIELI CU ENER" , APĂ C(+ !II LEI 67&.H9 9&.KKG GK.H7

d. ALTE CELT. !ATERIALE A0/ !II LEI &7&.K63 &39.K6K &6.H6. LUCRĂRI ŞI SERVICII C-1(* !II LEI G3.366 6.9HK.3K 6.9H.&&

TOTAL CONSU!URI ET. T0( !II LEI 3.63.HG6.693.H3 6H.3G.7H3

B STRUCTURA PRINCIPALELOR CHELTUIELI

&. CELTUIELI CU !ĂRFURILE C/f T0( Q 9,KK 66,7 77,&K3. CELTUIELI !ATERIALE C/* T0( Q 79,9H 97,KH 7,7

+. CELTUIELI CU !AT. PRI!E C/: C/* Q H7,7 HK,K9 H9,G

8. CELTUIELI CU !AT. CONS. C/0 C/* Q &&,9& K,9H G,3

0. CELTUIELI CU ENER" , APĂ C(+ C/* Q 3,H9 6,G3 6,G9

&H


19/92

d. ALTE CELT. !ATERIALE A0/ C/* Q &,&H ,K ,K7

6. LUCRĂRI ŞI SERVICII C-1(* T0( Q 6, &&,H3 G,76

TOTAL CONSU!URI ET. T0( Q &&,&H &,K &,K7

C>(-*ui(-i-( /+*(ri+-( d(2in :ond(r(+ /+4ori*+r @n 0on1u/uri-( (*(rn(, 0u o *(ndin2d( 0r(5*(r( @n +nu- 36 5i +:oi o 10d(r( n(1(/nifi0+*iv @n +nu- 37? +0((+5i (vo-u2i( o+u 5i 0>(-*ui(-i-( 0u -u0rri-( 5i 1(rvi0ii-( @n *i/: 0( 0>(-*ui(-i-( 0u /rfuri-( 10+d1(/nifi0+*iv @n 36 5i ur/(+) o 0r(5*(r( @n +nu- 37.

C>(-*ui(-i-( 0u /+*(rii-( :ri/( d(2in :ond(r(+ 0(+ /+i /+r( @n 0+dru- 0>(-*ui(-i-or /+*(ri+-( *o*+-( 0u o *(ndin2 d( 0r(5*(r( @n +nu- 36 0+ ur/+r( + 1:oririi vo-u/u-ui d(+0*ivi*+*(, ur/+* @n +nu- 37 d( o 10d(r( + +0(1*or+.

!odu- d( for/+r( @n 1*ru0*ur + 0>(-*ui(-i-or :r()in* o 1i*u+2i( nor/+- @n r+:or* 0un(0(1i*2i-( fir/(i 5i 1:(0ifi0u- +0*ivi*2ii d(1f5ur+*( d( +0(+1*+.

2.3.2. Pa/a *$ *$+a,$#$

O8i(0*u- :rin0i:+- d( +0*ivi*+*( (1*( div(r1ifi0+* +1*f(-

:ond(r(+ 0(+ /+i /+r( o d(2in( :rodu02i+ d( :rodu1( 0>i/i0( oid d( )in0,fo1f+2i, un1ori, vo:1(-(?

+0*ivi*2i d( 0on1*ru02ii 0ivi-( 5i indu1*ri+-(?

1*+2i+ d( 8(*o+n( 5i 8+-+1*i(r?

+/8+-+4( din -(/n?

0o/(r2u- 0u +/nun*u- 5i ridi0+*+.

Lu0rri-( d( 0on1*ru02ii ((0u*+*( d( fir/+ S.C. ROOL S.A. 1;+u (f(0*u+* @n(0-u1ivi*+*( @n 4ud(2u- B+0u. A0(1*(+ +u fo1* ((0u*+*( +** -+ 1o0i(*2i 0u 0+:i*+- d( 1*+*

:r(0u/ Con1i-iu- Lo0+- T. O0n+, Tr()or(ri+ !oin(5*i, S:i*+-u- din !oin(5*i 0* 5i -+1o0i(*2i 0u 0+:i*+- /i* 1+u :riv+* :r(0u/ S.C. CONTI S.A. On(5*i, S.C. CRINOS S.R.L.,S.C. !ARIUS S.R.L B+0u.

A0(1*( -u0rri 1;+u 0+r+0*(ri)+* :rin*r;o 0+-i*+*( 8un 5i :rin*r;o ((0u2i( -+ *i/:, fr@n*r)i(ri.

S.C. ROOL S.A. + /+i r(+-i)+* -u0rri d( 0on1*ru02ii :r(0u/ 1(diu- 1o0i(*2ii din5o1(+u+ V(1*u-ui nr.66 P-oi(5*i, F+8ri0+ d( oid d( )in0 Bi0oi, :+vi-ionu- +d/ini1*r+*iv +-A1*r(i Ro/n(, 1*+dionu- d( 0+n*on+/(n* A1*r+ Ro/n, -u0rri *(r/o;>idro @n 0+ru- S.C.A1*r+ Ro/n.

2.3.3. E4'1/a 4'1)1'1 *$ a+a,$#

Cifr+ d( +f+0(ri r(:r()in* unu- din o8i(0*iv(-( 1*r+*(i0( +-( @n*r(:rind(rii, d(o+r(0((1*( 0ri*(riu- /+4or du: 0+r( 1( 4ud(0 :(rfor/+n2(-( @n*r(:rind(rii @n /(diu- 0on0ur(n2i+-

@n 0+r( +0(+1*+ +0*iv(+). Cifr+ d( +f+0(ri r(:r()in* vo-u/u- -o8+- +- +0*ivi*2iid(1f5ur+*( d( 0*r( fir/ @n 0+dru- un(i :(rio+d( d( (1*iun(.

&G


20/92

Indi0+*orii :rivind 0ifr+ d( +f+0(ri + S.C. ROOL S.A. 1un* :r()(n*+2i @n *+8(-u- nr.3.&&.

Ta5$' !#. 2."".

I!*,a&# =#4!* ,+#a *$ a+a,$#


AINDICATORI @N PRE?URI

CURENTE&. VENITURI DIN VN$AREA Vv/f /ii -(i &.&&.3H &&.K.&G& 3.GH.KK !ĂRFURILOR

3. PRODUCŢIA VNDUTĂ Pv /ii -(i 3&.73.KH3 3.HH3.977 39.3GK.HK6. CIFRA DE AFACERI CA /ii -(i 6K.7K7.9 6H.993.K69 7.39.KG7

7. INDICELE DE CREŞTERE A I: ;; & &,KH 3,G PREŢURILOR

B STRUCTURA CIFREI DE AFACERI @N PRE?URI COMPARABILE

9. VENITURI DIN VN$AREA Vv/f I: /ii -(i &.&&.3H .99.3HK K.KK3.K97 !ĂRFURILOR

. PRODUCŢIA VNDUTĂ Pv I: /ii -(i 3&.73.KH3 &9.&3.996 G.77.&33

K. CIFRA DE AFACERI CA I: /ii -(i 6K.7K7.9 3&.9H.H7 &K.&K.HK9

C STRUCTURA CIFREI DE AFACERIH. VENITURI DIN VN$AREA Vv/f CA Q 73,K6 6,3K 79,39

!ĂRFURILORG. PRODUCŢIA VNDUTĂ Pv CA Q 9K,3K G,K6 97,K9

&. CIFRA DE AFACERI CA CA Q &, &, &,

D DINAMICA INDICATORILOR @N PRE?URI COMPARABILE &&. VARIAŢIA VENITURILOR DIN VAN$ARE !ARFURI ;;;CU BA$Ă FIĂ Vv/f f Q &, K3,HG &6,9G

;;;CU BA$Ă


21/92

Produ02i+ vndu* d(2in( :ond(r(+ 0(+ /+i /+r( @n 1*ru0*ur+ 0ifr(i d( +f+0(ri, 0u*(ndin2 d( 10d(r( @n u-*i/u- +n d( +n+-i) @n d(*ri/(n*u- v(ni*uri-or din vn)+r(+/rfuri-or.

P( 8+)+ +0(1*or d+*( *(ndin2+ 0ifr(i d( +f+0(ri @n :r(2uri 0o/:+r+8i-( (1*( @n 10d(r(f+2 d( +nu- 33.

D(5i v(ni*uri-( din vn)+r(+ /rfuri-or +u 0r(10u* /+i +-(1 @n u-*i/u- +n d( +n+-i),*o*u5i 10d(r(+ :rodu02i(i vndu*( @n :r(2uri 0o/:+r+8i-( + d(v+n1+* /odifi0+r(+ vn)ri-or d( /rfuri, inf-u(n2nd @n 1(n1u- 10d(rii (vo-u2i+ 0ifr(i d( +f+0(ri @n :r(2uri 0ur(n*(. F+:*u-0 /+r(+ /+4ori*+*( + 0ifr(i d( +f+0(ri 1;+ r(+-i)+* :( 1(+/+ :rodu02i(i vndu*( 1(/nifi0 o1i*u+2i( nor/+- din :un0* d( v(d(r( +- o8i(0*u-ui d( +0*ivi*+*(.

A0*ivi*+*(+ d( (:or* +r( 0+ :rodu1 :rin0i:+- oidu- d( )in0, +0(1*+ +vnd o 0+-i*+*(1u:(rio+r #0+-i*+*(+ I% 5i @n*r(8uin2ri /u-*i:-( 5i din +0(1* /o*iv :o+*( fi u*i-i)+* :( ori0(

:i+2 fr ni0i o /odifi0+r(. A0(1*+ 1( (:or* @n

I*+-i+ JEPLORERJ S.R.L.?

!on+0o JINTERO! SA!J?

Po-oni+ JPOLIS FAR!ACEUTICJ.D( +1(/(n(+ 1( /+i (:or* 0>(r(1*(+ @n "r(0i+ -+ AT$I"EOR"ION IOR"OS

O.E. V(ni*uri-( 5i 0>(-*ui(-i-( +f(r(n*( +0*ivi*2ii d( (:or* + S.C. ROOL S.A. 1un* :r()(n*+*( @n *+8(-u- nr. 3.&3.

Ta5$' !#. 2."2.

R$%1'&a&1' *! $=#&


&. VENITURI DIN EPORT V(:* /ii -(i 7.7K.6 96.7& 9.&G.7K9

3. CELTUIELI DIN EPORT C(:* /ii -(i 6.G&.3K 3G.63 6.&K.G39

6. RE$ULTATUL DIN EPORT R(:* /ii -(i 699.KG 37.6KH &.G7&.99

EVOLUTIA REZULTATULUI DIN EPORT

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

200420032002

Fiur+ nr. 3.3. Evo-u2i+ r()u-*+*u-ui din (:or*Prin0i:+-ii 0-i(n2i 0+r( fo-o1(10 0+ /+*(ri( :ri/ oidu- d( )in0 1un*

3&


22/92

Produ0*orii d( +nv(-o:( 5i :rodu1( d( 0+u0iu0 TOFAN "ROUP S.A.,SILVANIA $+-u, ROLAST S.A. Pi*(5*i (*0?

Produ0*orii d( r(1i(, f+i+n2, :rodu1( 0(r+/i0( SANE S.A. C-u4,CESIRO S.A. Si>i5o+r+, CESARO! S.A. Bu0ur(5*i?

Produ0*orii d( -+0uri 5i vo:1(-( A$UR Ti/i5o+r+, SINTE$A COLOR Or+d(+, POLICOLOR Bu0ur(5*i.

D( +1(/(n(+, 1o0i(*+*(+ +r( r(-+2ii 5i 0u uni*2i-( din indu1*ri+ /(*+-uri0 5i0on1*ru0*o+r( d( /+5ini 0+r( u*i-i)(+) un1ori 5i fo1f+*o-i.

Con0ur(n2+ @n /+*(ri( d( oid d( )in0 (1*( r(:r()(n*+* :rin dou fir/( Pror(1u-P-oi(5*i 5i Co/8in+*u- d( -+ Trnv(ni. Pr(2uri-( :r+0*i0+*( 1un* 0o/:+r+8i-( @n -inii /+ri0u 0(-( +-( 0on0ur(n2i-or. ni01u:(rio+r + fir/(i.

A0*ivi*+*(+ d( /+r(*in (1*( :u2in d()vo-*+* 0((+ 0( @n (0ono/i+ d( :i+2 r(:r()in*un 1(rio1 d()+v+n*+4.

ni0i 1:(0ifi0( d( r(0-+/ 5i :u8-i0i*+*(.

2.8. P&$!/a'1' +!a!,a# J ,!&a5'

Con*+8i-i*+*(+ 1( 2in( @n 0onfor/i*+*( 0u L((+ Con*+8i-i*2ii nr. H3&GG& 5i .". nr.K7&GG6, fo-o1indu;1( for/+ d( @nr(i1*r+r( J/+(1*ru 5+>J 5i fi5( 5+> 5i @n*o0/indu;1(-un+r 8+-+n2( d( v(rifi0+r( 0on*+8i-(, 1in*(*i0( 5i +n+-i*i0(.

i)i2i( 5i 0u +0(-(+5i :r(2uri 1( d+u @n0on1u/. Produ1(-( fini*( 1( @nr(i1*r(+) -+ :r(2 1*+nd+rd d( r+:or*+r(, dif(r(n2+ @n*r(+0(+1*+ 5i 0>(-*ui(-i-( v+ri+8i-( (f(0*iv( 1( @nr(i1*r(+) @n 0on*u- 67H JDif(r(n2( d( :r(2

:(n*ru :rodu1( fini*(J 0+r( 0or(0*(+) v+-o+r(+ 1*o0u-ui d( :rodu1( fini*(.A/or*i)+r(+ /i4-o+0(-or fi( 1;+ 0+-0u-+* 5i @nr(i1*r+* -un+r :( 0o1*uri du: /(*od+

-ini+r.P(n*ru @n*o0/ir(+ 8i-+n2u-ui 1;+u -u+* /1uri d( inv(n*+ri(r( + (1*iuni-or d(

/+*(ri+-(, /rfuri, o8i(0*( d( inv(n*+r, /i4-o+0( fi(, 0r(+n2( 5i d+*orii.Prin0i:+-ii indi0+*ori +i +0*ivi*2ii fin+n0i+r( d(1f5ur+*( d( S.C. ROOL S.A. 1un*

:r()(n*+2i @n *+8(-u- nr. 3.&6.

Ta5$' !#. 2."3.

I!*,a&# +!a!,a#

N#.,#&. SPECIFICA?IE SIMBOL U.M. 2002 2003 2008&. RATA ACTIVELOR R+i Q 63,G 3H,3 7&,GG I!OBILI$ATE

3. RATA ACTIVELOR R+0 Q K,7 K&,K7 9H,& CIRCULANTE

6. RATA STABILITĂŢII R1f Q 3,H7 6,3K 99,G FINANCIARE

7. RATA AUTONO!IEI R+f Q &3,6H 6,&& 99,6H FINANCIARE "LOBALE

9. RATA AUTONO!IEI R+f* Q 9G,7 GG,K9 GH,G

33


23/92

FINANCIARE LA TER!EN. RATA idi*+*( +- +0*ivu-ui.

36


24/92

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:( +n. A0(+1* 10d(r( 1( d+*or(+) di/inurii (fi0i(n2(i fir/(i @n u*i-i)+r(+ 0+:+0i*2ii d( :rodu02i(. S( i/:un( 0+ @n *o*+-u- /i4-o+0(-or fi( :ond(r(+ 0(+ /+i /+r( 1 fi( d(2inu*d( /i4-o+0(-( fi( +0*iv(.

V&$%a *$ #&a/$ a &,1#'#> 1*o0uri-( 1( ro*(10 d( &7,97 ori @n 33, +:oi 6,&

ro*+2ii @n 5i 9,3& ro*+2ii @n 37. d(5i @n in*(rv+-u- 36;37 1*o0uri-( @nr(i1*r(+) o0r(5*(r(, +0(+1*+ (1*( n(1(/nifi0+*iv, (+ 1i*undu;1( 1u8 -i/i*+ +00(:*+8i-, +vnd @nv(d(r( 0 @n +nu- 33 vi*()+ d( ro*+2i( (r+ d( &7,97 ro*+2ii. E1*( n(0(1+r o di/(n1ion+r(o:*i/ + 1*o0uri-or @n *o+*( f+)(-( 0i0-u-ui d( :rodu02i( 5i o r(du0(r( + 0>(-*ui(-i-or d((:-o+*+r(.

V&$%a *$ #&a/$ a a,&4$'# ,#,1'a!&$> 1( o81(rv 0 vi*()+ d( ro*+2i( @nr(i1*r(+)o 10d(r( @n :(rio+d+ 33;36 5i +:oi o 0r(5*(r( @n *o*u5i, +0*iv(-( 0ir0u-+n*( :r()in* ovi*() d( ro*+2i( /u-* :r(+ /i0, 0((+ 0( +r+* f+:*u- 0 +0(1*(+ nu 1un* u*i-i)+*( (fi0i(n*.Fir/+ +r *r(8ui 1 o:*i/i)()( 1*ru0*ur+ +0*iv(-or 0ir0u-+n*(, 1 (1*ion()( (fi0i(n* r(1ur1(-(/+*(ri+-( 5i 1 @n0(r0( 0r(5*(r(+ r+du-ui d( -i0>idi*+*( +- +0*iv(-or 0ir0u-+n*(.

V&$%a *$ #&a/$ a ,a=&a'1'1 =$#)a!$!& 1( 1i*u(+) :(1*( v+-o+r(+ /ini/ #douro*+2ii% 0+r( +1iur o (fi0i(n2 +00(:*+8i- + (1*ionrii 0+:i*+-uri-or :(r/+n(n*(. @n 33, d+*orii-( *o*+-( 1( ro*(10 d( 3,3K ori :rin 0ifr+ d( +f+0(ri, +:oi 0r(10 -+ 6,9 ro*+2ii @n 36 5i 10+d -+ 3,K3 ro*+2ii @n 37. Ar( -o0o r(f+0(r( /+i difi0i- + d+*orii-or :( 1(+/+ 0ifr(i d( +f+0(ri @n in*(rv+-u- 36;37,+0(+1* 1i*u+2i( +:+r( d+*ori* 0r(5*(rii d+*orii-or *o*+-( @n*r;o /1ur /+i /+r( d(0*0r(5*(r(+ 0ifr(i d( +f+0(ri.

V&$%a *$ #&a/$ a ,#$*&1'1 ,'$!& 4&$%a *$ #&a/$ a ,#$*&1'1 +1#!%#>+n+-i)nd :+r+-(- 0(-( dou r+*( :( :(rio+d+ 36;37, 1( 0on1*+* 0 fir/+ @5i :-*(5*(/+i @n*i furni)orii 5i +:oi @5i @n0+1(+) 0-i(n2ii, :u*nd fi :u1 @n*r;o 1i*u+2i( d( 8-o0+4fin+n0i+r, 0>i+r d+0 +r vind( o 0+n*i*+*( /+r( d( :rodu1(. !+i /u-*, +r( -o0 o 0r(5*(r( +vi*()(i d( ro*+2i( + 0r(di*u-ui 0-i(n2i @n u-*i/ii +ni d( +n+-i), d(0i fir/+ 1( 0onfrun* 0udifi0u-*2i @n @n0+1+r(+ 0-i(n2i-or. S( i/:un( o +n+-i) + 0-i(n2i-or ru :-+*ni0i. D( +1(/(n(+,@n +nu- 36 5i 37, fir/+ d(:5(5*( 0u /u-* :(rio+d+ nor/+- d( 6 )i-( d( d(0on*+r(, @n/+r( :+r*( d+*ori* f+:*u-ui 0 nu @5i @n0+1(+) 0-i(n2ii -+ *i/: 5i 1( 0onfrun* 0u un d(fi0i*

d( r(1ur1( fin+n0i+r(, d(0i 0u r(u*2i d( :-+*.Ra&a *$ =#+&a5'&a&$ a $='a&(#> -+ fi(0+r( & -(i 0ifr d( +f+0(ri 6&,H (1*(

r()u-*+*u- (:-o+*rii @n +nu- 33, 33,&9 @n +nu- 36 5i &6,& @n +nu- 37.Profi*+8i-i*+*(+ n(* + :ro0(1u-ui d( (:-o+*+r( (1*( d(0i @n 10d(r( :( :(rio+d+ +n+-i)+*.

Ra&a *$ =#+&a5'&a&$ ,)$#,a'( 0r(5*( @n :(rio+d+ 33;36 5i 10+d( @n 36;37, d(0i 0onfor/ (vo-u2i(i u-*i/i-or doi +ni d( +n+-i) :rofi*+8i-i*+*(+ fir/(i (1*( @n10d(r(.

Ra&a $,!),( *$ #$!&a5'&a&$ a $='a&(# +r+* 0+:+0i*+*(+ +0*ivu-ui *o*+- d( +

(n(r+ :rofi*. A0(+1*+ @nr(i1*r(+) o 10d(r( :( :(rio+d+ +n+-i)+*, i+r :(n*ru + 1( +1iur+o 0r(5*(r( + +0(1*(i+ (1*( n(0(1+r o /+4or+r( + :r(2u-ui @n 0ondi2ii-( /(n2in(rii 0o1*u-ui 5i

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Efi0i(n2+ 5i r(n*+8i-i*+*(+, 0+ *r1*uri d(fini*orii +-( (0ono/i(i 5i +u*ono/i(ifin+n0i+r(, +n+4(+) +(n2ii (0ono/i0i @n dir(02i+ r(+-i)rii unor v(ni*uri #@n0+1ri% din+0*ivi*2i-( d(1f5ur+*( #d( :rodu02i(, d( 0o/(r0i+-i)+r(, (*0.%, v(ni*uri /+i /+ri d(0*0>(-*ui(-i-( #C%, dif(r(n2+ r()u-*+*, r(1:(0*iv 8(n(fi0iu- #:rofi*u-% o82inu* 1( i/:un( + fi+** d( /+r( @n0* 1 +1iur( d()vo-*+r(+ :ro:ri(, 0oin*(r(1+r(+ +(n2i-or (0ono/i0i, +

1+-+ri+2i-or, :rivind n(voi-( 1o0i+-(, 0u-*ur+-(, d( +r(/(n*, (*0., in0-u1iv vr1+r(+i/:o)i*(-or 5i + +-*or 1u/( 0uv(ni*( 8u(*u-ui. A-(8ri0, +1:(0*(-( r(-(v+*( /+i 1u1 :o* fi :r()(n*+*( 1u8 for/+ in(+-i*2ii V ;C/+i/. i-i8ru- fin+n0i+r 1o-i0i* @n*r(:rind(ri-or 1;5i d(1f5o+r(+0*ivi*+*(+ -+ un +1(/(n(+ niv(- @n0* 1 +1iur( :(r/+n(n* (+-i*+*(+ @n*r( n(0(1+ru- d(fonduri #N% :(n*ru :rodu02i(, d()vo-*+r(, 0(r0(*+r(, *(>ni0 d( vrf, (*0. 5i r(1ur1(-(fin+n0i+r( 0or(1:un)*o+r( #R%. A-(8ri0 1( :o+*( r(:r()(n*+ (0>i-i8ru- fin+n0i+r :rin(+-i*+*(+ R N . S( :o+*( +fir/+ 0 +0(1*( dou /od(-( /+*(/+*i0( (:ri/ 0(rin2(-( +** +-(+u*o(1*iunii 0* 5i +-( (0>i-i8ru-ui fin+n0i+r, +/8(-( *r1*uri d( 8+) +-( :r(vi)iuniifin+n0i+r( r(1indu;1( @n fund+/(n*+r(+ 8u(*u-ui d( v(ni*uri 5i 0>(-*ui(-i.

Privind (1(n2+ 5i +/:-i*udin(+ (0>i-i8ru-ui fin+n0i+r (1*( i/:or*+n* d( r(2inu* 0+0(1*+ nu 1( 0ir0u/10ri( nu/+i -+ +0*ivi*+*(+ d( :rodu02i( 1+u d( 0o/(r0i+-i)+r( +

:rodu1(-or, 0i 1( r(f(r, -+ f(- 0+ 5i (1*iun(+ (0ono/i0, -+ *o+*( +0*ivi*2i-( @n*r(:rind(riiinv(1*i2ii, 0(r0(*+r(, +02iuni 1o0i+-(, (*0. A0(1*( +0*ivi*2i 0on(( +0*ivi*2ii d( 8+), 0>i+r d+0 nu +u 0+ o8i(0*iv :rin0i:+-r(+-i)+r(+ d( 8(n(fi0ii #:rofi*%, +-o0+r(+ d( fonduri fin+n0i+r( @n dir(02ii-( /(n2ion+*(,*r(8ui( 1 ur/r(+10, @n :ri/u- rnd (fi0i(n2+ 0on1u/rii -or, 0((+ 0( i/:-i0i* @n1(+/n0r(+r(+ unor 0ondi2ii f+vor+8i-( d(1f5urrii +0*ivi*2ii d( 8+), in0-u1iv + unor :o1i8i-i*2id( 0r(5*(r( + :rofi*u-ui. i-i8ru-ui fin+n0i+r 5i +- 0(-or-+-*( +0*ivi*2i +-( @n*r(:rind(rii, @n +f+r+0(-(i d( 8+).2

R(v(nind -+ (0u+2i+ (0>i-i8ru-ui fin+n0i+r +- @n*r(:rind(rii, 1( r(2in( 0 (- (:ri/(+-i*+*(+ din*r( n(0(1+ru- d( fonduri 8n(5*i :(n*ru 0on1*i*uir(+ 1*ru0*urii d( :rodu02i(#/i4-o+0( fi(, +0*iv( 0ir0u-+n*(, *(>ni0 nou, 1+-+ri+2i% 5i :(n*ru :-+*+ o8-i+2ii-or fin+n0i+r( +-( @n*r(:rind(rii :( d( o :+r*( 5i r(1ur1(-( fin+n0i+r( :ro:rii, +*r+1( 5i@/:ru/u*+*( :( d( +-* :+r*(. Necesarul de fonduri #N% @n 0+)u- ori0rui +(n* (0ono/i0 (1*( d(*(r/in+* d(o8i(0*iv(-( +0*ivi*2ii (0ono/i0( 5i 1o0i+-( :( 0+r( 5i -( :ro:un( :(n*ru fi(0+r( :(rio+d

:r(0i)+* 5i 1( r(f(r -+ ur/*o+r(-( 0o/:on(n*( 1*o0uri-( o:*i/( #n(0(1+ru-% *o*+- d( +0*iv( 0ir0u-+n*( #Nv% d(*(r/in+*(

d( vo-u/u- :r(vi)ion+* +- :rodu02i(i /+rf, d( nor/(-( uni*+r( d(

0on1u/, 0>(-*ui(-i-( d( +:rovi)ion+r( 5i d(:o)i*+r( 5i @n fun02i( d( vi*()+d( ro*+2i( + +0*iv(-or 0ir0u-+n*(? 0>(-*ui(-i 0u +1iur+r(+ for2(i d( /un0 #r(0ru*+r(+, 0+-ifi0+r(+,

1*i/u-+r(+ 1u:-i/(n*+r, :ro*(02i+ 1o0i+-, (*0.% 5i +-*( +02iuni 1o0i+-(#S%?

0>(-*ui(-i 0u /i4-o+0(-( fi( #!f%, r(1:(0*iv inv(1*i2ii-( i/o8i-i+r(#0-diri, 0on1*ru02ii, (*0.%, /o8i-i+r( #inv(1*i2ii, :+*(n*(, /r0i d( f+8ri0,r+/8ur1+r(+ 0r(di*(-or :ri/i*( @n +nii +n*(riori :(n*ru @nv(1*i2ii 5i :-+*+do8n)i-or +f(r(n*(?

+-*( 0>(-*ui(-i d( n+*ur fin+n0i+r 0+r( 1( 1u:or* din r()u-*+*( #A0%?

3

S*(fn(10u C., I5fn(10u A., Bi0u5i A.; Analiza economico financiară; Edirur+ Did+0*i0 5i P(d+oi0,Bu0ur(5*i, &GG, :+.G9

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o8-i+2ii fin+n0i+r( #O8f% d( :+r*i0i:+r( -+ fonduri-( 8u(*+r( d(r+/8ur1+r( + 0r(di*(-or 5i d( :-+* + do8n)i-or, (*0.

A-(8ri0, n(0(1+ru- *o*+- d( fonduri #N% :o+*( fi :r()(n*+* +1*f(-

N Nv Z S Z !f Z C1 Z A0 Z O8f .

L+ rndu- -or, resursele financiare #R% 0( 1( :r(vd + 1( u*i-i)+ :(n*ru +0o:(rir(+n(0(1+ru-ui d( fonduri 0u:rind

r()u-*+*(-( +0*ivi*2i-or d(1f5ur+*(, r(1:(0*iv @n0+1ri-( din vn)+r(+ :rodu02i(i /+rf -+ :r(2uri 0u ridi0+*+ #P!% 5i 0u d(o1(8ir( r()u-*+*(-(fin+n0i+r( o82inu*( #:rofi*u-, *++ :( v+-o+r(+ +du+*, (*0.%. E1*(n(0(1+r 1 1( r(2in 0 nu/+i du: r(f+0(r(+ fonduri-or :(n*ru +0*iv(0ir0u-+n*( n(0(1+r( :ro0(1u-ui (0ono/i0 ur/*or, @n0+1ri-( 8n(5*idi1:oni8i-( 0+r( r(:r()in* r()u-*+*(-( fin+n0i+r(, :o* fi +-o0+*( :(n*ru(-(/(n*(-( 1*ru0*urii d( :rodu02i(, :(n*ru +0>i*+r(+ o8-i+2ii-or fin+n0i+r( +-( @n*r(:rind(rii. Din 0(-( +r*+*(, 1( :o+*( 0on0>id( 0r(+-i)+r(+ (0>i-i8ru-ui fin+n0i+r vii*or :( un :-+n 1u:(rior (1*(0ondi2ion+* d( /ri/(+ r()u-*+*(-or fin+n0i+r( :r()(n*+*( 0u d(o1(8ir(+ :rofi*u-ui?

r(1ur1(-( +*r+1( #R+% +** din +0*ivi*+*(+ d( :rodu02i( #:+1iv( 1*+8i-(%,d( inv(1*i2i( #1u/( r()u-*+*( din 0+1+r(+ /i4-o+0(-or fi(, /o8i-i)+r(+r(1ur1(-or in*(rn(, (*0.%, d( *(>ni0 nou #v+-orifi0+r(+ :ro*o*i:uri-or, +

:rodu1(-or 1(ri(i )(ro% 5i +-*(-(? 0r(di*(-( 8+n0+r( #C8%, 0r(di*(-( 0o/(r0i+-( #C0% 5i fin+n2ri-( d( -+

8u(* #F8% 1u8 for/ d( 1u8v(n2ii 5i :(n*ru o8i(0*iv( d( /+r(+/:-o+r(, un(-( +0*ivi*2i d( in*(r(1 n+2ion+- , :ro*(02i( 1o0i+-, (*0.

A-(8ri0, r(1ur1(-( fin+n0i+r( *o*+-( +-( @n*r(:rind(rii #R% 1( :o* r(d+ +1*f(- R P! Z R+ Z C8 Z 0C Z F8 .

Din*r( *o+*( r(1ur1(-( fin+n0i+r(, r()u-*+*(-( :ro:ri(i +0*ivi*2i 1( dov(d(10 0(-( /+ii/:or*+n*( 5i 0(-( /+i +v+n*+4o+1( :rin :(r1:(0*iv+ (fi0i(n2(i 5i + :rofi*u-ui :(n*ru

:roi(0*+r(+ 5i r(+-i)+r(+ (0>i-i8ru-ui fin+n0i+r. S( :o+*( d(du0( 0 for2+ :rodu0*iv +@n*r(:rind(rii 5i /+i +-(1 0+:+0i*+*(+ 1+ d( + 0r(+ v+-o+r( nou, :rofi*, 1un* f+0*orii 0+r(+1iur (0>i-i8r+r(+ n(0(1+ru-ui d( fonduri 0u r(1ur1( fin+n0i+r(. o*r*o+r( + +u*ofin+n2rii @n*r(:rind(rii, 0((+ 0( @n1(+/n :rin*r(+-*(-(, d(1f5ur+r(+ +0*ivi*2ii (0ono/i0( :r(:ond(r(n* :( 8+)+ r()u-*+*(-or :ro:rii +-(

:rodu02i(i 5i d( +i0i :o1i8i-i*+*(+ 0+ n(0(1+ru- d( fonduri +-( @n*r(:rind(rii #:(n*ru :rodu02i(, inv(1*i2ii, *(>ni0 nou, 0(r0(*+r(, 1i/u-+r( /+*(ri+-, (*0.% 1 fi( +0o:(ri* @n 0(+/+i /+r( :+r*( din fonduri :ro:rii.3

L+ niv(-u- @n*r(:rind(rii :rivind n(0(1+ru- d( fonduri 5i r(1ur1( fin+n0i+r( :o*(n2i+-(, (0>i-i8ru- fin+n0i+r :o+*( fi r(d+* :rin (+-i*+*(+

N R

+di0 Nv Z S Z !f Z C1 Z A0 Z O8f P! Z R+ Z C8 Z C0 Z F8 .

6

P+v+-o+i+ W., Pv-o+i+ D. = Analiza economico financiară = Ed. !o-d+vi+ , B+0+u, 36, :+. 63K

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Fr @ndoi+-, (0>i-i8ru- fin+n0i+r :r()in* +1:(0*( 0o/:-((, :r(vi)iun(+ fin+n0i+rur/rind 0on1*ruir(+ (0>i-i8ru-ui fin+n0i+r @n for/+ 1+ fun02ion+- ; 0+n*i*+*iv 0+(+-i*+*( @n*r( n(0(1+ru- d( fonduri 5i r(1ur1(-( fin+n0i+r( :( fi(0+r( (-(/(n* +- 1*ru0*uriid( :rodu02i( 5i :( +n1+/8-u- +0*ivi*2ii (0ono/i0o;1o0i+-( + fir/(i.

E0>i-i8ru- fin+n0i+r i/:-i0 @n1 +1:(0*( 0+-i*+*iv( 2innd 1(+/+ d( 1*ru0*ur+ 1+,

0+r( vi)(+) :ro:or2ion+-i*+*(+ o:*i/ + r(:+r*i)ri-or d( fonduri, :( fi(0+r( din*r((-(/(n*(-( 1*ru0*urii d( :rodu02i( 5i :(n*ru +0>i*+r(+ o8-i+2ii-or fin+n0i+r( :r(0u/ 5i +r+:or*u-ui o:*i/ :(n*ru fi(0+r( 0+*(ori( d( r(1ur1( #r(1ur1( :ro:rii, +*r+1(, @/:ru/u*+*(,

8u(*+r(, (*0.% 5i *o*+-. Condu0(r(+ 5*iin2ifi0 + +0*ivi*2ii fin+n0i+r( :r(1u:un( 0uno+5*(r(+ :ro:or2ii-or +-o0rii d( r(1ur1( :(n*ru :rodu02i(, inv(1*i2ii, 0(r0(*+r(, +02iuni 1o0i+-(, (*0.,@n0* @n*r;o :(rio+d #+n, *ri/(1*ru% 1 1( r(+-i)()( r()u-*+*( fin+n0i+r( r(1:(0*iv :rofi*/+i/. D( +1(/(n(+ +r( i/:or*+n2 1 1( (vid(n2i()( 1*ru0*ur+ :ro0(n*u+- + 1ur1(-or d(fin+n2+r( #0* 5i din 1ur1( :ro:rii, din 1ur1( +*r+1( 5i din 1ur1( @/:ru/u*+*(% @n 10o:u-1*+8i-irii +0(-or :ro:or2ii 0+r( 1 +1iur( r(+-i)+r(+ 0(-ui /+i r(du1 :ro0(n* +- :ro0urrii 5iu*i-i)rii fonduri-or.

Pr(vi)iun(+ fin+n0i+r ur/rind fund+/(n*+r(+ (+-i*2ii din*r( n(0(1+ru- d(

fonduri 5i r(1ur1(-( d( fin+n2+r( +r( @n v(d(r( 0on0o/i*(n* +** r(:+r*i)+r(+ o:*i/ +r(1ur1(-or :( (-(/(n*( +-( 1*ru0*urii d( :rodu02i( 0* 5i :( 1ur1( d( :rov(ni(n2, @n 10o:u-o82in(rii 0(-(i /+i (fi0i(n*( +-o0ri d( r(1ur1( 0u 0(- /+i r(du1 0o1* d( :ro0ur+r( 5iu*i-i)+r( + +0(1*or+, +/8(-( (i(n2( fiind @n /1ur 1 0on*ri8ui( -+ o82in(r(+ d( :rofi*/+i/ :( :(rio+d( d( *i/: /+i @nd(-un+*(, 0u *o+*( in0(r*i*udini-( 5i f-u0*u+2ii-( 0( 1(/+nif(1* @n (0ono/i+ d( :i+2.8

P(n*ru r(+-i)+r(+ o8i(0*ivu-ui /(n2ion+* /+i 1u1, 8u(*u- d( v(ni*uri 5i 0>(-*ui(-i(1*( indi0+* 1 fi( 0o/:-(*+* 0u Y B+-+n2+ f-uuri-or fin+n0i+r( Y, o 8+-+n2 d( *i: in*rri 5ii(5iri r(0o/+nd+* @n -i*(r+*ur+ d( 1:(0i+-i*+*(.

E0>i-i8ru- fin+n0i+r (1*(, +5+d+r, :+r*( + (0>i-i8ru-ui (0ono/i0 (n(r+- @/:r(un 0u(0>i-i8ru- /on(*+r 5i (0>i-i8ru- v+-u*+r. E0>i-i8ru- fin+n0i+r +r( -o0 d(0i, @n*r( r(1ur1(-(fin+n0i+r( n(0(1+r( r(+-i)rii div(r1(-or :roi(0*( 5i :o1i8i-i*2i-( d( :ro0ur+r( + +0(1*or+.

E0>i-i8ru- fin+n0i+r *r(8ui( 1 (i1*( +** -+ niv(- /i0ro(0ono/i0 0* 5i -+ niv(-/+0ro(0ono/i0. L+ niv(-u- fir/(i, (0>i-i8ru- :orn(5*( d( -+ (+-i*+*(+ din*r( v(ni*uri 5i0>(-*ui(-i, -+ f(- 5i @n 0+dru- 8u(*u-ui d( 1*+*. E0>i-i8ru- fin+n0i+r +r( @n v(d(r( +**r(1ur1(-( /o8i-i)+*( 5i r(:+r*i)+*( 0u *i*-u d(fini*iv 5i 0(-( 0u *i*-u r+/8ur1+8i-.

E0>i-i8ru- fin+n0i+r 1( +n+-i)(+) :( *(r/(n(, +di0 :( *(r/(n /(diu 5i -un, :rin0o/:+r+r(+ 0+:i*+-uri-or :(r/+n(n*( 0u +0*iv(-( i/o8i-i)+*(, :( *(r/(n 10ur* :rin0o/:+r+r(+ r(1ur1(-or 0ur(n*( 0u +0*iv(-( 0ir0u-+n*( 5i (0>i-i8ru- :( -o8+- :rin0o/:+r+r(+ fondu-ui d( ru-/(n* 0u n(0(1+ru- d( fond d( ru-/(n*.

B+)+ d( :ornir( :(n*ru +n+-i)+ (0>i-i8ru-ui fin+n0i+r (1*( r(1:(0*+r(+ + dou r(-+2ii

d( :rin0i:iu N(voi :(r/+n(n*( Sur1( :(r/+n(n*( ?

N(voi 0i0-i0( Sur1( 0i0-i0(.

A0(+1*+ @n1(+/n 0 +0*iv(-( 1*+8i-( #0u -i0>idi*+*( :(1*( un +n% 1un* fin+n2+*( din 1ur1( 1*+8i-( #0u

(ii8i-i*+*( /+i /+r( d( un +n%?

7

P+v+-o+i+ W., Pv-o+i+ D. = Analiza economico financiară = Ed. !o-d+vi+ , B+0+u, 36, :+. &7

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+0*iv(-( 0ir0u-+n*(, 0i0-i0( #0u -i0>idi*+*( 1u8 un +n% *r(8ui( fin+n2+*( dind+*orii :( *(r/(n 10ur* #0u (ii8i-i*+*( 1u8 un +n%.

Pr+0*i0, r(1:(0*+r(+ 0(-or dou (+-i*2i d( :rin0i:iu (1*( i/:o1i8i- d( r(+-i)+*d+*ori* @n :rin0i:+- n(0on0ord+n2(i din*r( dur+*+ /(di( + -i0>idi*2ii +0*ivu-ui 5i dur+*+/(di( d( (ii8i-i*+*( + :+1ivu-ui.

i-i8ru-ui fin+n0i+r 1( /+nif(1* 0+ o*(ndin2, @n1o2i* d( /o/(n*( d( d()(0>i-i8ru #di10r(:+n2+ @n*r( 1ur1( 5i /i4-o+0(%.!(n2in(r(+ (0>i-i8ru-ui fin+n0i+r (1*( un o8i(0*iv :(r/+n(n* +- :o-i*i0ii fin+n0i+r(

5i :o+*( fi 0on1id(r+* +*in1, 0nd ((r0i2iu- fin+n0i+r 1( @n0>(i( 0u *r()or(ri( :o)i*iv.A0(1* indi0iu d( 8+) +- (0>i-i8ru-ui fin+n0i+r nu @n1(+/n +*in(r(+ in*(r+- +

o8i(0*ivu-ui :rivind (0>i-i8ru- fin+n0i+r, :(n*ru 0 +:+r un(-( @n*r(8ri +- 0ror r1:un1uri :o* :un( -+ @ndoi+- 0on0-u)i+ ini2i+- 0u/ +r fi

@n 0( 0ondi2ii 1;+ o82inu* *r()or(ri+ :o)i*iv [ 0+r( +u fo1* 0o/:on(n*(-( :o-i*i0ii d( fin+n2+r( [ 1( r(+-i)(+) 0(- /+i 10)u* 0o1* +- 0+:i*+-u-ui [ @n 0( /1ur @n :o-i*i0+ fin+n0i+r 1;+u 0on1id(r+* 0o1*uri-( d(

o:or*uni*+*( [ @n 0( -i/i*( +-( *r()or(ri(i :o)i*iv( 1( +:r(0i+) 0 1;+ r(+-i)+*

(0>i-i8ru fin+n0i+r #1( 5*i( 0 o *r()or(ri( :o)i*iv 1u:r+di/(n1ion+* :o+*( fi 0on1id(r+* un d()(0>i-i8ru fin+n0i+r% [

i-i8ru- fin+n0i+r (1*( o 0ondi2i( d( 8+) :(n*ru d(ru-+r(+ un(i

+0*ivi*2i :rofi*+8i-( ? r(+-i)+r(+ unui (0>i-i8ru fin+n0i+r (1*( un Y:(r:(*uu/ /o8i-( Y :(n*ru

:o-i*i0+ fin+n0i+r ?

(0>i-i8ru- fin+n0i+r 1( o82in( :rin r(-+r(+ unui -un 5ir d( d()(0>i-i8r(0+r( 1( /+nif(1* @n +0*ivi*+*(+ 0ur(n* + fir/(i .

3.2. I!)$!&$ *$ a=#$,$#$ a $,'5#1'1 +!a!,a#

A:r(0i(r(+ (0>i-i8ru-ui fin+n0i+r +r( -+ 8+) un 1(* d( infor/+2ii :r(-u+*( dindo0u/(n*(-( 0on*+8i-( d( 1in*() 8i-+n2u- 0on*+8i-, 0on*u- d( :rofi* 5i :i(rd(ri, +n(+ -+

8i-+n2. An+-i)+ (0>i-i8ru-ui fin+n0i+r nu 1( -i/i*(+) -+ fo-o1ir(+ d+*(-or 5i infor/+2ii-or dindo0u/(n*(-( 0on*+8i-( @n 1*+r(+ -or 8ru* ini2i+-. A0(1*(+ 1un* :r(-u+*( 5i *r+n1for/+*( @nv(d(r(+ o82in(rii unor infor/+2ii @n /1ur 1 1+*i1f+0 10o:u- 5i o8i(0*iv(-( +n+-i)(i(0>i-i8ru-ui fin+n0i+r.


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P+1ivu- 8i-+n2i(r ru:(+) r(1ur1(-( d( 0+r( di1:un( +(n*u- (0ono/i0 :(n*ru +fin+n2+ u*i-i)ri-( 1+-( 0+r( 1un* ru:+*( @n ordin(+ (ii8i-i*2ii 0r(10*o+r(. (i(rii unui ((r0i2iu fin+n0i+r, 0on*u- d( :rofi* 5i :i(rd(ri #v()i +n(+ 6% r(f-(0* 0u/ 1;

+ +4un1 -+ r(1:(0*iv+ 1*+r( :+*ri/oni+-, 0+r( +u fo1* f-uuri-( d( v(ni*uri 5i 0>(-*ui(-i 0+r(+u d(*(r/in+* *r+i(0*ori+ (vo-u2i(i @n*r(:rind(rii.Bi-+n2u- 0on*+8i- r1:und( 0(rin2(-or d( ordin 4uridi0, 0on*+8i- 5i fi10+-, fr +

r1:und( 0u :ro/:*i*udin( o8i(0*iv(-or fin+n0i+r( 0+r( ur/r(10 /+i +-(1 :ro8-(/( :r()(n*( 5i vii*o+r( d(0* :ro8-(/(-( *r(0u*(.

YP(n*ru + r1:und( +0(1*or o8i(0*iv( 1( 0on1*rui(5*( 8i-+n2u- fin+n0i+r :-(0nd d( -+ 8i-+n2u- 0on*+8i-, fi( :rin +r(+r(+ +nu/i*or d+*(, fi( :rin divi)+r(+ +-*or+, +1*f(- @n0* 11( o82in /ri/i 1(/nifi0+*iv( :( :-+n fin+n0i+r. R(ru:+r(+ d+*(-or 8i-+n2u-ui 0on*+8i-0on0r(*i)+* @n o82in(r(+ 8i-+n2u-ui fin+n0i+r of(r :o1i8i-i*+*(+ 0(r0(*rii (0>i-i8r(-or

:rin0i:+-( +-( 8i-+n2u-ui .A0(1*( (0>i-i8r( 1un* 0+-0u-+*( 5i +u 0+ :un0* d( :-(0+r( 8i-+n2u-fi+n0i+r +- +(n*u-ui (0ono/i0.Y9

S0o:u- 8i-+n2u-ui fin+n0i+r (1*( inv(n*+ri(r(+ +v(rii 5i +n+4+/(n*(-or @n*r(:rind(rii5i ordon+r(+ -or :( *(r/(n( d( -i0>idi*+*(, r(1:(0*iv (ii8i-i*+*(. P( 8+)+ d+*(-or 5id(*+-ii-or :r()(n*+*( @n An(+ -+ 8i-+n2 1( vor /odifi0+ d+*(-( 0on*+8i-( +1*f(- @n0*ordon+r(+ :o1*uri-or d( +0*iv 5i :+1iv 1 1( f+0 (0-u1iv :( 0ri*(rii d( -i0>idi*+*(, r(1:(0*iv(ii8i-i*+*(.

U*i-i*+*(+ 8i-+n2u-ui fin+n0i+r :rivi* din :(r1:(0*iv+ 0(-or 0ror+ -i 1( +dr(1(+)(1*(

- +02ion+ri ; 0+r( dor(10 1 0uno+10 v+-o+r(+ :+*ri/oniu-ui -or, (vo-u2i+ /ri/ii+0(1*ui+, dur+*+ d( -i0>id+r( + +0(1*ui+ @n (v(n*u+-i*+*(+ un(i r(0u:(rri d(0+:i*+-uri?

- 0r(di*ori ; 0+r( dor(10 1 0uno+10 v+-o+r(+ :+*ri/oniu-ui @n*r(:rind(rii 0(r(:r()in* +r+n2i+ r(+-i)rii dr(:*uri-or -or.

S*ru0*ur+ 8i-+n2u-ui fin+n0i+r (1*( :r()(n*+* @n +n(+ 7.E0>i-i8ru- fin+n0i+r 1( :o+*( +n+-i)+ 5i fun02ion+-, +di0 +f(r(n* 0i0-u-ui d( inv(1*i2ii

d( (:-o+*+r(, din +f+r+ (:-o+*rii 5i d( +1(/(n(+, -o8+-.An+-i)+ 8i-+n2u-ui fun02ion+- nu +r( 0+ 10o: inv(1*i+r(+ +v(rii 5i + +n+4+/(n*(-or

@n*r(:rind(rii, 0i @n2(-((r(+ n(voi-or +0(1*or+ 5i + /odu-ui -or d( fin+n2+r(, r(+-i)+r(+ unuiin1*+n*+n(u +- d(ru-rii dif(ri*(-or 0i0-uri. D( +0((+, (-(/(n*(-( d( +0*iv 5i :+1iv r(f-(0*v+-ori *r+n)i*orii, 1*ru0*uri *r(0*o+r( @n :ro0(1u+-i*+*(+ :+*ri/oniu-ui.

S*ru0*ur+ 8i-+n2u-ui fun02ion+- +r( -+ 8+) 1*ru0*ur+ 8i-+n2u-ui 0on*+8i-, 0-+1ifi0nd(-(/(n*(-( d( +0*iv 5i :+1iv du: +:+r*(n(n2+ -+ un 0i0-u 1+u +-*u-, +1*f(-

ciclul de investiţii, 0+r( 0u:rind( +n1+/8-u- d(0i)ii-or -u+*( :(n*ru1+*i1f+0(r(+ n(voi-or d( i/o8i-i)ri +-( @n*r(:rind(rii 5i 0rui+ @i0or(1:und( +0*ivu- #u*i-i)ri, /i4-o+0(-(% +0i0-i0 #1*+8i-% 5i r(1:(0*iv,

:+1iv(-( #r(1ur1(-(% +0i0-i0( #1*+8i-(% ? ciclul de exploatare :r(1u:un( d(ru-+r(+ +0*ivi*2i-or o:(r+2ion+-( d(

:rodu02i( #+:rovi)ion+r( = f+8ri0+2i( = 1*o0+r( = vn)+r(% 5i + f-uuri-or d(+4+*( d( 0ir0ui*u- 0+:i*+-u-ui +n+4+* @n +0(1* 0i0-u #8+ni = /+rf =

:rodu02i( = /+rf = 8+ni% 0rui+ @i 0or(1:und( +0*ivu- 0i0-i0 #*(/:or+r%d( (:-o+*+r( 5i fin+n2+r(+ 10ur* d( (:-o+*+r( #:+1iv(-( +0i0-i0( d((:-o+*+r(% ?

ciclul de finanţare, 0rui+ @i 0or(1:und o:(r+2iuni-( d(ru-+*( @n*r(

@n*r(:rind(r( 5i :ro:ri(*+rii d( 0+:i*+- #+02ion+ri 5i 0r(di*ori% 5i :(r/i*(9Wi--i Pv-o+i+ , D+ni(- Pv-o+i+ ; An+-i)+ (0ono/i0o; fi/+n0i+r , Ed. !o-d+vi+ 33, :.69&

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(-i/in+r(+ d(0+-+4(-or din*r( f-uu- d( -i0>idi*2i d( in*r+r(, r(1:(0*ivi(5ir( d(+4+* d( 0i0-u- d( (:-o+*+r(.

S0>(/+ 8i-+n2u-ui fun02ion+- (1*( r(d+* @n ur/*oru- *+8(-

Ta5$' !#.3.". S,$)a 5'a!/1'1 +1!,/!a'

ACTIV PASIVCi0-u- d(inv(1*i2ii

A0*iv( +0i0-i0( #1*+8i-(%

P+1iv( #r(1ur1(-(%+0i0-i0( #1*+8i-(%

Ci0-u- d(fin+n2+r(

A0*iv( 0i0-i0( #*(/:or+r(%

P+1iv( #r(1ur1(%0i0-i0( #*(/:or+r(%

Ci0-u- d((:-o+*+r(

A0*iv( 0i0-i0( din(:-o+*+r(

P+1iv( 0i0-i0( din(:-o+*+r(

Ci0-u- d(fin+n2+r(

E-(/(n*( @n+f+r+ (:-o+*rii

A0*iv( 0i0-i0(din +f+r+ (:-o+*rii

P+1iv( 0i0-i0( din+f+r+ (:-o+*rii

Sur:-u1 d(nu/(r+r

Tr()or(ri+ d( +0*iv Tr()or(ri+ d( :+1iv D(fi0i* d(nu/(r+r

R(d+r(+ 8i-+n2u-ui fun02ion+- +r( -+ 8+) ur/*o+r(-( :rin0i:ii +0*iv(-( 1un* -u+*( @n 0on1id(r+r( -+ v+-o+r(+ -or 8ru*, :(n*ru + :un( @n

(vid(n2 d(0i)i+ ini2i+-. Prin ur/+r(, -+ v+-o+r(+ r(+- + +0*iv(-or 1(+d+u +/or*i)ri-( 5i :rovi)io+n(-( 0on*+8i-i)+*(? 0on0(:*u- d( +0*iv fi0*iv, u*i-i)+* @n v(r1iun(+ :+*ri/oni+- nu nu/+i

o:(r+2ion+-? i/o8i-i)ri-( d(2inu*( @n -(+1in, 1un* in*(r+*( @n 8i-+n2u- fun02ion+-,

d(o+r(0( @n +0(+1* o:*i0 1( +:r(0i+) 0 i/o8i-i)ri-( r(1:(0*iv(1(rv(10 :ro0(1u-ui d( (:-o+*+r(, i+r -(+1in;u- (1*( o 1ur1 d( fin+n2+r(0+r( 1( 1u81*i*ui( unui @/:ru/u* *r+di2ion+-. Tr(8ui( d(0i, 1 1(r(in*(r()( i/o8i-i)ri-( r(1:(0*iv( @n +0*iv, i+r :rin 1i/(*ri(, 1 1(0or(0*()( r(1ur1(-( 0u +0(-+5i vo-u/, 1u/+ +/or*i)rii :(n*ru :+r*(++/or*i)+*, r(1:(0*iv d+*orii-( fin+n0i+r( :(n*ru :+r*(+ n(+/or*i)+*?

0>(-*ui(-i-( 0( :riv(10 ((r0i2ii-( vii*o+r(, 1un* 0on1id(r+*( +0*iv(i/o8i-i)+*(, fiind +1i/i-+*( unor inv(1*i2ii?

0>(-*ui(-i-( (f(0*u+*( @n +v+n1, 1un* 0on1id(r+*( du: 0+), +0*iv( 0i0-i0(d( (:-o+*+r( 1+u @n +f+r+ (:-o+*rii?

(f(0*(-( 10on*+*( 5i n(+4un1( -+ 10+d(n2, 1un* 0on1id(r+*( in*(r+*( @n+0*iv -+ 0r(+n2(, i+r @n :+1iv, -+ 0r(di*(-( 0ur(n*( d( *r()or(ri(?

:ri/(-( d( r+/8ur1+r( + o8-i+2ii-or, 1un* d(du1( din +0*iv, i+r @n :+1iv1( di/inu(+) @n /od 0or(1:un)*or v+-o+r(+ d+*orii-or fin+n0i+r(?

dif(r(n2(-( d( 0onv(r1i( d( +0*iv, r(1:(0*iv d( :+1iv, nu 1( @nr(i1*r(+)0+ +*+r( .

Prin0i:iu- d( 8+) +- +n+-i)(i fun02ion+-( (1*( :rin0i:iu- i/:-i0rii v+-orii d(oriin(. D( +0((+, @n 0+)u- dif(r(n2(-or d( 0onv(r1i( d( +0*iv 1( /+4or(+) 0r(+n2(-( 1+u 1(

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di/inu(+) o8-i+2ii-( 0u v+-o+r(+ r(1:(0*iv, :(n*ru + 1( r(0on1*i*ui v+-o+r(+ d( oriin(.


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Xi-i8ru-ui fin+n0i+r +- fir/(i, o :+r*( din0+:i*+-uri-( :(r/+n(n*( (1*( d(1*in+* +0o:(ririi n(voi-or 0i0-i0( # *(/:or+r( % r(@nnoi8i-(

:(r/+n(n* @n 0+dru- 0i0-uri-or d( (:-o+*+r( 1u00(1iv( +-( fir/(i. A5+ 0u/ +/ +/in*i* /+i@n+in*(, 1*o0uri-( 5i 0r(+n2(-( 0+r( 1( r(0on1*i*ui( :(r/+n(n*, :o* fi 0on1id(r+*( n(voi

1*+8i-( # :(r/+n(n*( % d( fin+n2+r(.Y6

A0(+1* r(u- 1:(0ifi0 d( fin+n2+r( + +0*iv(-or 0ir0u-+n*(, (1*( r(+-i)+* :rin(i1*(n2+ fondului de rulment = :+r*( din 0+:i*+-uri-( :(r/+n(n*( d(+4+*( d( :+r*(+ d(1u1 + 8i-+n2u-ui :(n*ru + +0o:(ri n(voi d( fin+n2+r( din :+r*(+ d( 4o1 + 8i-+n2u-ui. A0(+1*

:o)i2i( 1*r+*(i0 + fondu-ui d( ru-/(n* d( + f+0( -(*ur+ @n*r( :+r*(+ d( 1u1 5i :+r*(+ d( 4o1 + 8i-+n2u-ui, @i 0onf(r o v+-o+r( infor/+*iv d(o1(8i*, 0ondu0nd -+ +:r(0i(r(++:ro+:( un+ni/ + +n+-i5*i-or fin+n0i+ri 0 fondu- d( ru-/(n* r(:r()in* cel mai important indicator +- (0>i-i8ru-ui fin+n0i+r +- @n*r(:rind(rii. i-i8ru-ui fin+n0i+r. E0>i-i8ru- fin+n0i+r r()u-* din 0onfrun*+r(+

din*r( -i0>idi*2i-( din +0*iv # *i/:u- n(0(1+r *r+n1for/rii +0*iv(-or @n 8+ni% 5i(ii8i-i*+*(+ r(1ur1(-or 1+u d+*orii-or din :+1iv #/o/(n*u- 0nd o o8-i+2i( *r(8ui(onor+*%.Fi(0+r( (-(/(n* d( +0*iv 0( :+r*i0i: -+ 0i0-u- :rodu0*iv, + 0rui dur+* (1*( d+*d( n+*ur+ 1+, 1( 0+r+0*(ri)(+) :rin*r;un +nu/i* r+d d( -i0>idi*+*( . Fi(0+r( (-(/(n* d(

:+1iv (1*( 0+r+0*(ri)+* :rin*r;un +nu/i* r+d d( (ii8i-i*+*(. E0>i-i8ru- fin+n0i+r r()u-*din 0onfrun*+r(+ @n*r( -i0>idi*2i-( din +0*iv 0( d(*(r/in f-uu- @n0+1ri-or vii*o+r( 5i(ii8i-i*+*(+ o8-i+2ii-or 0( d(*(r/in :-2i-( vii*o+r(.9

Con2inu*u- 5i in*(r:r(*+r(+ fondu-ui d( ru-/(n* +u (vo-u+* @n *i/: 5i v+ri+) @n0 @n :r()(n*, @n fun02i( d( u*i-i)+*or @n 0iud+ v+ri(*2ii d( 0+-ifi0+*iv( +du+*( no2iunii d( fondd( ru-/(n* # 8ru*, (0ono/i0, :+*ri/oni+- %, r(1:(0*iv fond d( ru-/(n* -o8+-.

P(n*ru + fun02ion+ nor/+-, o @n*r(:rind(r( *r(8ui( 1;5i fin+n2()( nu nu/+ii/o8i-i)ri-(, d+r @n (+- /1ur 5i +0*iv(-( 0ir0u-+n*(. E+ +r( n(voi( d( un 1*o0 /ini/ d(/+*(rii :ri/( 5i /+*(ri+-(, d( un 1*o0 /ini/ d( :rodu02i( @n 0ur1 5i d( :rodu1( fini*(, d(/rfuri. Niv(-u- +0(1*or 1*o0uri (1*( @n fun02i( d( dur+*+ 0i0-u-ui d( +:rovi)ion+r(,

:rodu02i( 5i 1*o0+4 +- :rodu1(-or fini*(.Po*rivi* *(ori(i :+*ri/oni+-(, o @n*r(:rind(r( (1*( 1o-v+8i- d+0 +1iur (0>i-i8ru-

/+1(-or d( +0((+5i dur+*, d+0 r(1:(0* ur/*o+r(-( r(u-i fin+n0i+r(

&. A0*iv i/o8i-i)+* #Ai% C+:i*+- :(r/+n(n* #C:/%?

3. A0*iv 0ir0u-+n* #A0% D+*orii :( *(r/(n 10ur* #D*1% .

XR(1:(0*+r(+ 1*ri0* + +0(1*or (0u+2ii d( (0>i-i8ru, :r(1u:un( o +0*ivi*+*( fr@n*r(ru:(ri 5i d( o r(u-+ri*+*( :(rf(0* @n :rivin2+ @n0+1ri-or 5i :-2i-or. Cu +-*( 0uvin*(,fir/+ *r(8ui( 1 di1:un -+ fi(0+r( 10+d(n2 + un(i o8-i+2ii d( di1:oni8i-i*2i 1ufi0i(n*(

:(n*ru + -( +0>i*+. R(+-i)+r(+ :r+0*i0 + +0(1*or 0(rin2( (1*( difi0i-, d(o+r(0( +0*iv(-( #0+in*rri :o*(n2i+-( d( fonduri% 5i :+1iv(-( #0+ i(5iri :o*(n2i+-( d( fonduri%, 1un* +1i/(*ri0( din

:un0* d( v(d(r( +- ri10u-ui.


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0on1*i*uirii un(i r()(rv(, + un(i /+r4(, @n /1ur 1 f+0 f+2 Y n(r(u-+ri*2i-or d(10+d(n2Y , /+r4 0uno10u* ; +5+ 0u/ +/ /+i +/in*i* ; 1u8 nu/(-( d( fond d( ru-/(n*.Y:

Fondu- d( ru-/(n* r(:r()in* niv(-u- 1ur1(-or :(r/+n(n*( u*i-i)+*( :(n*ru fin+n2+r(++0*iv(-or 0ir0u-+n*( 1+u :+r*(+ d( 1ur1( 1*+8i-( u*i-i)+*( :(n*ru fin+n2+r(+ +0*iv(-or 0i0-i0(.

D(0i fondul de rulment r(:r()in* 1ur:-u1u- d( 1ur1( :(r/+n(n*( #/+r4+ d(1(0uri*+*(% d(+4+* d( 0i0-u- d( fin+n2+r( + inv(1*i2ii-or, 0+r( :o+*( fi fo-o1i* :(n*rur(@nnoir(+ 1*o0uri-or 5i 0r(+n2(-or. A0(1* indi0+*or (1*( (:r(1i+ r(+-i)rii (0>i-i8ru-uifin+n0i+r :( *(r/(n -un 5i + 0on*ri8u2i(i +0(1*ui+ -+ @nf:*uir(+ (0>i-i8ru-ui fin+n2rii :(*(r/(n 10ur*.

Fondu- d( ru-/(n* :o+*( fi 8ru* 5i n(*.

Fondul de rulment rut !F"#% 1( /+i nu/(5*( fond d( ru-/(n* *o*+- 1+u (0ono/i05i d(1(/n(+) +0*iv(-( 0ir0u-+n*( 1u10(:*i8i-( d( + fi *r+n1for/+*( @n 8+ni, @n*r;un *(r/(n/+i /i0 d( un +n.

Fondul de rulment net !F"N$ r(:r()in* (0(d(n*u- d( r(1ur1( fin+n0i+r(, 0+r( 1(

d(+4 @n ur/+ +0o:(ririi +0*iv(-or :(r/+n(n*( din r(1ur1(-( :(r/+n(n*( 5i 0+r( :o+*( fifo-o1i* :(n*ru fin+n2+r(+ n(voi-or 0ur(n*(. Pr+0*i0, fondu- d( ru-/(n* (1*( :+r*(+ din0+:i*+-u- :(r/+n(n* 0+r( d(:5(5*( v+-o+r(+ i/o8i-i)ri-or n(*( 5i (1*( d(1*in+* fin+n2rii+0*iv(-or 0ir0u-+n*(. R(:r()in* /+r4+ d( 1(0uri*+*( @n :rivin2+ fin+n2rii +0*iv(-or 0ir0u-+n*(.

Din :un0* d( v(d(r( +- (1*iunii fin+n0i+r(, r(:r()in* /+r4+ d( 1(0uri*+*( 1+u d( 1iur+n2 :rivind fin+n2+r(+ +0*iv(-or

0ir0u-+n*(? 0o*+ d( +u*ono/i( fin+n0i+r.

Ei1* dou /od+-i*2i d( d(*(r/in+r( + fondu-ui d( ru-/(n* . Pun0*u- d( :-(0+r( @-0o1*i*ui( 8i-+n2u- fin+n0i+r.

&. Fondu- d( ru-/(n* :o+*( fi d(fini* :( 8+)+ :r2ii d( 1u1 + 8i-+n2u-ui 0+dif(r(n2 @n*r( 0+:i*+-u- :(r/+n(n* #C:/% 5i i/o8i-i)ri-( fi( n(*( #IN%

FR C:/ = IN

A0(1* /od d( 0+-0u- :un( +00(n* :( oriin(+ fondu-ui d( ru-/(n* 5i + v+ri+8i-(-or 0( @i d(*(r/in /+1+. E1*( +5+ nu/i*+ +n+-i) (*(rn + fondu-ui d( ru-/(n*. S0>(/+*i0

+0(1* 0+-0u- 1( :o+*( :r()(n*+ +1*f(- # fi. 6.&.%.

IN

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A0(+1* 1i*u+2i( (1*( /+i :u2in r(+-i)+8i-, r(f-(0*nd +r/oni)+r(+ *o*+- + r(1ur1(-or 0u n(0(1i*2i-( d( +-o0+r( + +0(1*or+. idi*2i (1*( 1u:u1 unor

ri10uri /u-* /+i /+ri, d(riv+*( din ; (1*iun(+ 1*o0uri-or ? ; d(ru-+r(+ :ro0(1u-ui d( +:rovi)ion+r( ? ; d(1f5ur+r(+ 0i0-u-ui d( f+8ri0+2i( ? ; or+ni)+r(+ d(1f+0(rii ? ; @n0+1+r(+ in*(r+- 5i -+ *(r/(n + 0r(+n2(-or? ; :o1i8i-i*+*(+ d( v+-orifi0+r( + :-+1+/(n*(-or :( *(r/(n 10ur*?

5 FR 0K A, D&K C=) IN .

Cnd fondu- d( ru-/(n* (1*( :o)i*iv, 0+:i*+-uri-( :(r/+n(n*( fin+n2(+) o :+r*( din+0*iv(-( 0ir0u-+n*(, du: fin+n2+r(+ in*(r+- + i/o8i-i)ri-or n(*(.

D( +1(/(n(+, +0*iv(-( 0ir0u-+n*( *r+n1for/+8i-( @n -i0>idi*2i vor :(r/i*( nu nu/+ir+/8ur1+r(+ in*(r+- + d+*orii-or :( *(r/(n 10ur*, d+r @n +0(-+5i *i/: 5i d(+4+r(+

-i0>idi*2i-or (0(d(n*+r(.A0(+1* 1i*u+2i( r(f-(0* o :(r1:(0*iv f+vor+8i- + @n*r(:rind(rii 1u8 +1:(0*u-1o-v+8i-i*2ii 1+-(. A1*f(-, @n*r(:rind(r(+ di1:un( d( o /+r4 d( 1(0uri*+*( 0+r( o :o+*(

:ro*(4+ :+r2i+- 1+u in*(r+- d( (f(0*(-( :(r*ur8rii 0i0-u-ui d( @n0+1+r( 1+u d( :-2i.

, FR 0K A, D&K C=) IN .

V+-o+r(+ n(+*iv + fondu-ui d( ru-/(n* r(f-(0* u*i-i)+r(+ un(i :r2i din d+*orii-( :(*(r/(n 10ur* #r(1ur1( *(/:or+r(% :(n*ru +0o:(rir(+ +0*iv(-or i/o8i-i)+*( #n(voi

:(r/+n(n*(% 0on*r+r :rin0i:ii-or d( fin+n2+r(. Li0>idi*2i-( :o*(n2i+-( nu +0o:(r(ii8i-i*2i-( :o*(n2i+-(. Sun* :r(vi)i8i-( difi0u-*2i @n 0((+ 0( :riv(5*( (0>i-i8ru- fin+n0i+r,

r(1:(0*iv 1o-v+8i-i*+*(+. S( i/:un in*(rv(n2ii 0or(0*o+r( #+00(-(r+r(+ @n0+1ri-or,@n0(*inir(+ :-2i-or, +:(-+r(+ -+ @/:ru/u*uri :( *(r/(n 10ur*, (*0.%.

F+0*orii 0+r( inf-u(n2(+) niv(-u- 5i (vo-u2i+ fondu-ui d( ru-/(n* 1un* :r()(n*+2i @n*+8(-u- nr. 6.6.

Ta5$' !#. 3.3. Fa,&# ,$ !+'1$!/$a%( !4$'1' $4'1/a +!*1'1 *$ #1')$!&

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Di/inu+r(+ +0*iv(-or i/o8i-i)+*( :rin

; +/or*i)+r( ; vn)ri d( +0*iv( fi( ; r((v+-u+r( ; r(*r+(r( +:or* ; vn)+r(+ *i*-uri-or fin+n0i+r(

Di/inu+r(+ 0+:i*+-u-ui :(r/+n(n* :rin ; r(du0(r(+ 0+:i*+-u-ui :ro:riu :rin ; r(*r+(r( +02ion+ri ; di1*ri8uir( divid(nd( ; :i(rd(ri din +ni :r(0(d(n2i ; r(*r+(r(+ 1+u +nu-+r(+

:rovi)io+n(-or r(-(/(n*+*( ; r(1*i*uir(+ @/:ru/u*uri-or :( *(r/(n /(diu 5i -un

Cr(5*(r(+ 0+:i*+-u-ui :(r/+n(n* :rin ; 1:orir(+ 0+:i*+-u-ui :ro:riu :rin ; +0u/u-+r(+ r()(rv(-or ; +:or*uri d( 0+:i*+- ; :ri/ir(+ d( 1u8v(n2ii ; r(:+r*i)+r(+ :rofi*u-ui

:(n*ru d()vo-*+r( ; :rovi)io+n( r(-(/(n*+*( ; 0on*r+0*+r(+ d( @/:ru/u*uri

:( *(r/(n /(diu 5i -un

Inf-u(n2+ f+0*ori-or v+ d(*(r/in+ /odifi0ri +-( fondu-ui d( ru-/(n*, 0+r( 1( :o*

1in*(*i)+ @n ur/*o+r(-( 1i*u+2ii

+% Fondu- d( ru-/(n* 0r(5*(. A0(+1* 1i*u+2i( (1*( 0on1id(r+* + fi :o)i*iv,d(o+r(0( o :+r*( *o* /+i /+r( + +0*iv(-or 0ir0u-+n*( (1*( fin+n2+* din 0+:i*+-u- :(r/+n(n*.D+0 +0(+1* 0r(5*(r( 1;+ d+*or+* @n1 0r(5*(rii r+du-ui d( @nd+*or+r( :( *(r/(n -un, :rin+:(-+r(+ -+ 0r(di*( :( *(r/(n /(diu 5i -un, +*un0i vor 0r(5*( 5i 0>(-*ui(-i-( fin+n0i+r(#do8n)i-(% 0+r( vor +v(+ 0+ (f(0* di/inu+r(+ r()u-*+*u-ui (:-o+*rii. Si*u+2i+ fin+n0i+r1( @/8un*2(5*( d+0 0r(5*(r(+ fondu-ui d( ru-/(n* 1;+ f0u* :( 1(+/+ 0r(5*(rii0+:i*+-uri-or :ro:rii,

Un fond d( ru-/(n* 0+r( +0o:(r @n *o*+-i*+*( 1*o0uri-(, nu (1*( dov+d+ un(i 8un((1*iuni + r(1ur1(-or, d(o+r(0( @n -o0u- r(1ur1(-or :(r/+n(n*( /u-* /+i 0o1*i1i*o+r(, +r

:u*(+ fi fo-o1i*( r(1ur1( *(/:or+r(.

8% Fondu- d( ru-/(n* 10+d( . A0(+1* 1i*u+2i( (1*( 0on1id(r+*, d( 0(-( /+i /u-*(ori, n(+*iv, d(o+r(0( +0*iv(-( 0ir0u-+n*( 1un* +0o:(ri*( @n*r;o /+i /i0 /1ur dinr(1ur1(-( :(r/+n(n*(. D+0 +0(+1* di/inu+r( + fondu-ui d( ru-/(n* 1( d+*or(+) 0r(5*(rii+0*iv(-or i/o8i-i)+*(, +*un0i 1i*u+2i+ fin+n0i+r + @n*r(:rind(rii :( *(r/(n -un 1(@/8un*2(5*( d+*ori* r()u-*+*(-or (:-o+*rii d(+4+*( d( inv(1*i2ii. D( +1(/(n(+,10d(r(+ fondu-ui d( ru-/(n* :o+*( fi 0o/:(n1+* 5i :rin*r;o (1*ion+r( /+i (fi0i(n* ++0*iv(-or 0ir0u-+n*(. R(du0(r(+ fondu-ui d( ru-/(n* 1( /+nif(1* n(+*iv +*un0i 0nd 1(/i05or(+) :( 1(+/+ r(du0(rii 0+:i*+-u-ui 1o0i+-.

0% Fondu- d( ru-/(n* r/n( n(10>i/8+*. D(5i +0(+1* 1i*u+2i( nu (1*(@n*/:-*o+r(, (+ :o+*( fi r()u-*+*u- 1*+nrii fir/(i 0nd nu 1( r(+-i)(+) inv(1*i2ii 1+u

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vo-u/u- d( +0*ivi*+*( r/n( +0(-+5i. A0(+1* 1i*u+2i( 1( @n*-n(5*( :( :(rio+d( 10ur*(,o:(r+2iuni-( fin+n0i+r = 0on*+8i-( d(*(r/innd /odifi0+r(+ :(r/+n(n* + fondu-ui d(ru-/(n*, @n 1(n1u- 0r(5*(rii 1+u di/inurii -ui.

P(n*ru fir/+ S.C. ROOL S.A. P-oi(5*i, v+-ori-( fondu-ui d( ru-/(n*, 1un* :r()(n*+*( @n ur/*oru- *+8(-

Ta5$' !#. 3.8.F!*1' *$ #1')$!&

N#.,#& SPECIFICA?IE UM SIMBOL 2002 2003 2008&. C+:i*+- :(r/+n(n* /ii -(i C:/ 7.69.669 &G.769.63 36.6&.7G&3. Indi0( d( 0r(5*(r( + Q I0:/ &, 77,&7 &&G,HG

0+:i*+-u-ui :(r/+n(n*6. A0*iv( i/o8i-i)+*( /ii -(i Ai .9H9.H G..3K &K.3H6.69K

7. Indi0( d( 0r(5*(r( + Q IAi &, &6, &G3,6+0*iv(-or i/o8i-i)+*(

9. F!* *$ #1')$!& /ii -(i FR -2.22.37" "0.837."77 6.0":."38. A0*iv( 0ir0u-+n*( /ii -(i A0 &3.KG.97 3&.3H&.&G 33.KKG.K7&K. Indi0( d( 0r(5*(r( + Q IAi &, &K,77 &K,7

+0*iv(-or 0ir0u-+n*(H. D+*orii :( *(r/(n 10ur* /ii -(i D*1 &7.G6H.H99 &.H7.7& &.K&.KG. Indi0( d( 0r(5*(r( + Q Id*1 &, K3, &97,97

d+*orii-or :( *(r/(n 10ur*&. F!* *$ #1')$!& /ii -(i FR -2.22.37" "0.837."77 6.0":."38

&&. Indi0(-( 0u 8+)+ @n -+n2 Q IFR &, ;7H,H 9K,K&3. Pond(r(+ FR @n C:/: Q Pfr0:/ ; 96.G 39,H6&6. Pond(r(+ Ai @n C:/ Q :+i0:/ &9&,&K 7,6& K7,&K

Evo-u2i+ fondu-ui d( ru-/(n* (1*( :r()(n*+* @n fiur+ nr. 6.6.

F.!*1' *$ #1')$!&

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@n*r(:rind(r(+ + di1:u1 d( r(1ur1( :(r/+n(n*( :(n*ru +;5i +0o:(ri o :+r*( din n(0(1i*2i-(*(/:or+r( #+0*iv( 0ir0u-+n*(%. A1*f(-, (0>i-i8ru- fin+n0i+r :( *(r/(n /(diu 5i -un + fo1*+1iur+* :( u-*i/ii +ni d( +n+-i). R(1ur1(-( :(r/+n(n*( +-( @n*r(:rind(rii +u fo1* u*i-i)+*( +1*f(-

@n +nu- 33

; :(n*ru fin+n2+r(+ +0*iv(-or i/o8i-i)+*( 5i +0*iv(-or 0ir0u-+n*(, +u fo1*in1ufi0i(n*(, d( +0((+ fondu- d( ru-/(n* +r( v+-o+r( n(+*iv. @n +nu- 36

; :(n*ru fin+n2+r(+ +0*iv(-or 0ir0u-+n*( &.769.&99 /ii -(i #96,G Q%?; :(n*ru fin+n2+r(+ +0*iv(-or i/o8i-i)+*( G..3K /ii -(i #7,6& Q%.

@n +nu- 37 ; :(n*ru fin+n2+r(+ +0*iv(-or i/o8i-i)+*( &K.3H6.69K /ii -(i #K7,&K Q% ?; :(n*ru fin+n2+r(+ +0*iv(-or 0ir0u-+n*( .&H.&67 /ii -(i #39,H6Q% .

Avnd @n v(d(r( 0 @n 33, fondu- d( ru-/(n* +r( o v+-o+r( n(+*iv #; 3.33G.69&/ii -(i% @n1(+/n 0 -i0>idi*2i-( :o*(n2i+-( nu +0o:(r @n *o*+-i*+*( (ii8i-i*2i-(

:o*(n2i+-(, d(0i @n*r(:rind(r(+ :o+*( +v(+ difi0u-*2i @n 0((+ 0( :riv(5*( (0>i-i8ru- fin+n0i+r 5i 1( i/:un 0*(v+ in*(rv(n2ii 0or(0*o+r( #+00(-(r+r(+ @n0+1ri-or, @n0(*inir(+ :-2i-or,+:(-+r(+ -+ @/:ru/u*uri :( *(r/(n 10ur*, (*0.%. S;+ *r(0u* d( -+ o 1*+r( d( d()(0>i-i8ru -+ o1*+r( d( (0>i-i8ru fin+n0i+r :( *(r/(n /(diu 5i -un @n 36, fondu- d( ru-/(n*@nr(i1*rnd o v+-o+r( :o)i*iv #&.769.&99 /ii -(i%.

Cr(5*(r(+ fondu-ui d( ru-/(n* (1*( d( -+ = 3.33G.69& /ii -(i @n 33, -+ &.769.&99/ii -(i @n 36 5i &3.7.9 /ii -(i @n /ri/i +81o-u*(. D(0i, @n +0(1* in*(rv+-, fir/+di1:un( d( /+i /u-*( r(1ur1( :(r/+n(n*( :(n*ru +0o:(rir(+ n(voi-or *(/:or+r(.

A0(+1* 0r(5*(r( 1;+ d+*or+* 0r(5*(rii /+i r+:id( + 0+:i*+-u-ui :(r/+n(n* d(0* ++0*iv(-or i/o8i-i)+*( #77,&7 Q &6, Q% 5i 0r(5*(r(+ +0*iv(-or 0ir0u-+n*( :n -+&K,77 Q 5i 10d(r(+ d+*orii-or :( *(r/(n 10ur* :n -+ K3, Q. D(0i, 0+:i*+-uri-(

:(r/+n(n*( fin+n2(+) o :+r*( din +0*iv(-( 0ir0u-+n*(, du: fin+n2+r(+ in*(r+- +i/o8i-i)ri-or. D( +1(/(n(+, +0*iv(-( 0ir0u-+n*( *r+n1for/+8i-( @n -i0>idi*2i, vor :(r/i*(nu nu/+i r+/8ur1+r(+ in*(r+- + d+*orii-or :( *(r/(n 10ur*, d+r @n +0(-+5i *i/: 5id(+4+r(+ -i0>idi*2i-or (0(d(n*+r(. A0(+1* 1i*u+2i( r(f-(0* o :(r1:(0*iv f+vor+8i-

:(n*ru fir/ 1u8 +1:(0*u- 1o-v+8i-i*2ii 1+-(, fir/+ di1:unnd d( o /+r4 d( 1(0uri*+*( 0+r(o :o+*( :ro*(4+ :+r2i+- 1+u in*(r+- d( (f(0*(-( :(r*ur8rii 0i0-u-ui d( @n0+1ri 5i :-2i.

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; 10d(r(+ d+*orii-or :( *(r/(n /(diu 5i -un, d( -+ &.9H.H9 /ii -(i , -+ 7.97

/ii -(i :rin r+/8ur1+r(+ +0(1*or+.Cr(5*(r(+ +0*iv(-or i/o8i-i)+*( 1;+ f0u* do+r 0u 6, Q 5i + +vu* dr(:* 0+u) ; 0r(5*(r(+ i/o8i-i)ri-or 0or:or+-( 0u 3.7&6.37& /ii -(i @n /ri/i +81o-u*( 5i 0u

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/ii -(i @n 36, -+ &.6 /ii -(i @n 37.Cr(5*(r(+ 0+:i*+-uri-or :(r/+n(n*( 1;+ f0u* @n*r;un ri*/ /+i -(n* d(0* @n :(rio+d+

:r(0(d(n* #&G,HGQ% 5i + +vu* dr(:* 0+u) 1:orir(+ d+*orii-or :( *(r/(n /(diu 5i -un d( -+ 7.97 /ii -(i @n 36 -+

3&G.H3K /ii -(i @n 37? 1:orir(+ 0+:i*+-u-ui :ro:riu 0u 6.G3.69 /ii -(i #&G,7 Q%.Condi2i+ 0+ 1i*u+2i+ fin+n0i+r + fir/(i 1 nu fi( :(ri0-i*+* d( +0(1* :ro0(1

inv(1*i2ion+-, (1*( 0+ +0(1* (0>i-i8ru :( *(r/(n /(diu 5i -un d(*(rior+*, 1 nu 0on*inu( :(o :(rio+d /+i -un d( *i/:. A0(+1* 10d(r( + fondu-ui d( ru-/(n* :o+*( fi 0o/:(n1+*

:rin*r;o (1*ion+r( /+i (fi0i(n* + +0*iv(-or 0ir0u-+n*(, i+r 1i*u+2i+ fin+n0i+r + fir/(i :(*(r/(n /(diu 5i -un 1( @/8un*2(5*( d+*ori* r()u-*+*(-or (:-o+*rii d(+4+*( d(inv(1*i2ii.

i-i8ru :( *(r/(n /(diu 5i -un. C>i+r @n0ondi2ii-( unui d()(0>i-i8ru :( *(r/(n -un, +0(1*+ +0o:(ri* d( :ro0(1u- d( (:-o+*+r(,

:o+*( (n(r+ (f(0*( :o)i*iv(. Nu :u*(/ @n1 d(fini un niv(- nor/+- +- fondu-ui d( ru-/(n* +:-i0+8i- *u*uror

@n*r(:rind(ri-or. Niv(-u- 1u *r(8ui( +:r(0i+* @n fun02i( d( dou i/:(r+*iv( 0on*r+di0*orii1o-v+8i-i*+*(+ 5i (fi0+0i*+*(+ .

I/:(r+*ivu- 1o-v+8i-i*2ii i/:un( 0+ fir/+ 1;5i +1iur( /i4-o+0(-( n(0(1+r(+0>i*rii d+*orii-or 10+d(n*(. A1*f(-, (+ @5i +1iur un niv(- d(1*u- d( ridi0+* +5+ @n0* 1

:o+* f+0( f+2 @n ori0( /o/(n* :-2i-or 10+d(n*(. D+0 0ri*(riu- 1o-v+8i-i*2ii +r fi 1inuru-

0ri*(riu +- r+2ion+/(n*u-ui fin+n0i+r, +r @n1(/n+ 0 @n*r(:rind(ri-( 1( 1(10 @n*r;o 1i*u+2i(0onfor*+8i- 0nd +u un fond d( ru-/(n* /+i/.

XD+r @n 0ondi2ii-( 0+r+0*(ru-ui -i/i*+*, r(1*ri0*iv +- r(1ur1(-or, fi(0+r( @n*r(:rind(r(0+u* 1 -( u*i-i)()( 0* /+i (fi0i(n* 0u :u*in2. C+:i*+-uri-( :(r/+n(n*( 1un* :ur**o+r( +-(unui 0o1* 5i 0+ +*+r(, u*i-i)+r(+ -or r+2ion+- 0on1*i*ui( un i/:(r+*iv /+4or. U*i-i)+r(+r+2ion+- + r(1ur1(-or :r(1u:un( fo-o1ir(+ un(i :r2i 0* /+i /+r( din r(1ur1(-( 1*+8i-(

:(n*ru + /ri 0+:+0i*2i-( d( :rodu02i(, vn)ri-(, r()u-*+*(-(. S+*i1f+0(r(+ i/:(r+*ivu-ui(fi0+0i*2ii, 0ondu0( -+ /ini/i)+r(+ fondu-ui d( ru-/(n*.


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P(n*ru fir/+ JROOLJ S.A., (0>i-i8ru- :( *(r/(n /(diu 5i -un @n +nu- 33 nu +fo1* +1iur+*, @n*ru0* n(voi-( :(r/+n(n*( +u fo1* /+i /+ri f+2 d( 1ur1(-( d( fin+n2+r(

:(r/+n(n*(.i-i8ru- :( *(r/(n /(diu 5i -un + fo1* +1iur+*, d(0i 1ur1(-(

:(r/+n(n*( +u fo1* (0(d(n*+r( @n r+:or* 0u n(voi-( :(r/+n(n*(.

i-i8ru fin+n0i+r :( *(r/(n /(diu 5i-un -+ un (0>i-i8ru fin+n0i+r :( *(r/(n /(diu 5i -un :(n*ru :(rio+d+ 33;36, d+*ori*0r(5*(rii /+i r+:id( + 0+:i*+-u-ui :(r/+n(n* d(0* + +0*iv(-or i/o8i-i)+*(, +0(+1* 1i*u+2i(fiind +:r(0i+* 0+ fiind f+vor+8i- :(n*ru +0*ivi*+*(+ fir/(i.

i-i8ru-ui :( *(r/(n /(diu 5i -und+r o /(n2in(r( + +0(1*ui+ d+*ori* 0r(5*(rii +0*iv(-or i/o8i-i)+*( @n*r;un ri*/ /+i /+r(d(0* 0+:i*+-u- :(r/+n(n*, +0(+1* *(ndin2 nu v+ +f(0*+ 1i*u+2i+ fin+n0i+r + fir/(i d+0 nuv+ fi :(r:(*u+* :( o :(rio+d /+i @nd(-un+* d( *i/:.

3.3.2. S,&1#a +!*1'1 *$ #1')$!&

For/(-( 1u8 0+r( 1( 1(5*( fondu- d( ru-/(n* @n fun02i( d( +:+r*(n(n2+ 0+:i*+-u-ui1un*

Fond de rulment propriu FRP 0+r( r(:r()in* :+r*(+ din 0+:i*+-uri-( :ro:rii 0+r( d(:5(10 v+-o+r(+ i/o8i-i)ri-or 5i 0+r( 1un* d(1*in+*(fin+n2rii +0*iv(-or 0ir0u-+n*( #+:r(0i+) 0u+n*u/u- :+r*i0i:rii0+:i*+-u-ui :ro:riu -+ fin+n2+r(+ +0*iv(-or 0ir0u-+n*(%.

A0(+1* :+r*( *r(8ui( 1 d(2in :ond(r(+ /+4ori*+r @n fondu- d( ru-/(n* 5i 1

/+nif(1*( o :(r/+n(n* *(ndin2 d( 0r(5*(r(.FRP C+:i*+- :ro:riu = A0*iv( i/o8i-i)+*(

FRP FR = D*/-

Fond de rulment străin FRS 0+r( r(:r()in* :+r*(+ din d+*orii-( :(*(r/(n /(diu 5i -un 0+r( d(:5(10 v+-o+r(+ i/o8i-i)ri-or n(*( 5i0+r( 1un* d(1*in+*( fin+n2rii +0*iv(-or 0ir0u-+n*( #:un @n (vid(n2

:+r*i0i:+r(+ @/:ru/u*uri-or :( *(r/(n /(diu 5i -un -+ fin+n2+r(++0*iv(-or 0ir0u-+n*(%.

FRS Fond d( ru-/(n* = Fond d( ru-/(n* :ro:riu D+*orii :(

*(r/(n /(diu 5i -un FRS C+:i*+- :(r/+n(n* = C+:i*+- :ro:riu

P(n*ru fir/+ ROOL S.A. 0+-0u-u- fondu-ui d( ru-/(n* :ro:riu, 1*rin (1*( :r()(n*+*@n *+8(-u- nr. 6.9. r(1:(0*iv *+8(-u- nr. 6..

Ta5$' !#. 3.7. F!* *$ #1')$!& =#=#1

N#.,#& SPECIFICA?IE UM SIMBOL 2002 2003 2008

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&. C+:i*+- :ro:riu /ii -(i C:r 3.KG.7K &G.6HG.6H 36.H&.73. A0*iv( i/o8i-i)+*( /ii -(i Ai .9H9.H G..3K &K.3H6.69K6. Indi0( d( 0r(5*(r( + Q I0:r &, K,&& &&G,7

0+:i*+-u-ui :ro:riu7. Fond d( ru-/(n* :ro:riu /ii -(i FR: ;6.H&.3& &.6HG.&& 9.KGH.6K9. Indi0(-( 0u 8+)+ @n -+n2 Q IFR: ; ; 99,H&

Ta5$' !#. 3.6.F!* *$ #1')$!& (!

N#.,#& SPECIFICA?IE UM SIMBOL 2002 2003 2008

&. Fond d( ru-/(n* /ii -(i FR ;3.33G.69& &.769.&99.&H.&673. Fond d( ru-/(n* :ro:riu /ii -(i FR: ;6.H&.3& &.6HG.&&9.KGH.6K6. Fond d( ru-/(n* 1*rin /ii -(i FR1 &.9H.H9 7.97 3&G.H3K7. Indi0( d( 0r(5*(r( Q IFR1 &, 3,G 7KK,63

0u 8+)+ @n -+n2

Pond(ri-( +f(r(n*( :r2i-or 0o/:on(n*( +-( fondu-ui d( ru-/(n* +-( S.C. ROOLS.A. 1un* :r()(n*+*( @n *+8(-u- nr. 6.K. Ta5$' !#. 3.9.

S,&1#a +!*1'1 *$ #1')$!&

N#.,#& SPECIFICA?IE UM SIMBOL 2002 2003 2008&. Fond d( ru-/(n* Q FR ; &, &,

3. Fond d( ru-/(n* :ro:riu Q FR: ; GG,9 G,696. Fond d( ru-/(n* 1*rin Q FR1 ; ,77 6,9

P( :(rio+d+ 33;36 1( 0on1*+* o 0r(5*(r( + fondu-ui d( ru-/(n* :ro:riu 0u&7.39.6&K /ii -(i @n /ri/i +81o-u*( 5i o 10d(r( + fondu-ui d( ru-/(n* 1*rin 0u&.97.H&& /ii -(i.

Pond(r(+ 0(+ /+i /+r( @n fondu- d( ru-/(n*, +** @n 33 0* 5i @n 36 o +r(fondu- d( ru-/(n* :ro:riu, 0((+ 0( indi0 o 1i*u+2i( f+vor+8i- :(n*ru fir/.

Cr(5*(r(+ fondu-ui d( ru-/(n* :ro:riu @n :(rio+d+ 33;36 1( d+*or(+)

/odifi0rii /+i r+:id( + 0+:i*+-uri-or :ro:rii d(0* /odifi0+r(+ +0*iv(-or i/o8i-i)+*(#K,&& Q &6,Q% .Cr(5*(r(+ 0+:i*+-uri-or :ro:rii 1;+ f0u* :rin +0u/u-+r( #r(inv(1*ir(+ :rofi*u-ui%, i+r

0r(5*(r(+ +0*iv(-or i/o8i-i)+*( + fo1* /+i :u2in 1(/nifi0+*iv, n(d(:5ind +1*f(- ri*/u- d(0r(5*(r( +- 0+:i*+-u-ui :ro:riu.

i/8, o 0r(5*(r( + fondu-ui d( ru-/(n* 1*rin 0u &K6.K66/ii -(i. Pond(r(+ 0(+ /+i /+r( 0on*inu 1 o d(2in 5i @n 33 fondu- d( ru-/(n* :ro:riu,

8in(@n2(-(1 +0(1* -u0ru fiind f+vor+8i- :(n*ru fir/ .S0d(r(+ fondu-ui d( ru-/(n* :ro:riu 1( d+*or(+) /odifi0rii /+i r+:id( +

+0*iv(-or i/o8i-i)+*( d(0* ri*/u- d( /odifi0+r( + 0+:i*+-uri-or :ro:rii #&G3,6 Q &&G,7

Q%.

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A0(+1* /odifi0+r( /+i r+:id + +0*iv(-or i/o8i-i)+*( @n 1(n1u- 0r(5*(rii, 1(d+*or(+), +5+ 0u/ +/ /+i +/in*i*, :ro0(1u-ui inv(1*i2ion+-. Condi2i+ 0+ +0(+1* 1i*u+2i( 1nu +f(0*()( 8unu- /(r1 +- fir/(i, (1*( 0+ +0(+1* d(*(rior+r( + (0>i-i8ru-ui 1 nu dur()(fo+r*( /u-* *i/:.

D+0 @n :(rio+d+ 33;36 fondu- d( ru-/(n* 1*rin 10+d( 0+ (f(0* +- r+/8ur1rii

un(i :r2i din d+*orii-( :( *(r/(n /(diu 5i -un, nu -+ f(- 1( :o+*( 1:un( @n :(rio+d+ 36;37 0nd fondu- d( ru-/(n* 1*rin 0r(5*( d( -+ 7.97 /ii -(i -+ 3&G.H3K /ii -(i.R()u-*+*u- 0r(5*(rii +0(1*or d+*orii (1*( (f(0*u- 1:oririi d+*orii-or @n*r(:rind(rii 0u o dur+*/+i /+r( d( un +n.

D(0i, 1( :o+*( +:r(0i+ 0 vo-u/u- :+r*i0i:rii 0+:i*+-u-ui :ro:riu -+ fin+n2+r(++0*iv(-or 0ir0u-+n*( (1*( /+i/, @n 0o/:+r+2i( 0u :+r*i0i:+r(+ d+*orii-or :( *(r/(n /(diu5i -un, un +1:(0* :o)i*iv :(n*ru fir/. A1*f(-, fir/+ ROOL S.A. di1:un( d( o +u*ono/i(fin+n0i+r /+r( @n /+*(ri( d( fin+n2+r( + inv(1*i2ii-or. D(*(r/in+r(+ :rin 0+-0u- + fondu-ui d( ru-/(n* 5i @n10ri(r(+ -ui di1*in0* @n*r;un

:o1* d( :+1iv +- 8i-+n2u-ui, (1*( o 0on1(0in2 + (1*iunii -o8+-( 5i uni*+r( + fonduri-or @n*r(:rind(rii, @n 0+r( fonduri-( :(n*ru inv(1*i2ii 5i 0(-( :(n*ru :rodu02i(, nu 1un* 1(:+r+*(

di1*in0*. XU*i-i)+r(+ -o8+-, fr d(1*in+2ii :r(1*+8i-i*( + fonduri-or 8n(5*i, d@n*r(:rind(rii -i8(r*+*(+ d( + +-o0+ +0o-o und( n(voi+ d( fin+n2+r( i/:un( +0(1* -u0ru, fi(0 (1*( vor8+ d( inv(1*i2ii, d( :rodu02i( 1+u d( 0(r0(*+r(, (*0.Y"0

P( @n*r(++ :(rio+d +n+-i)+* vo-u/u- :+r*i0i:rii 0+:i*+-u-ui :ro:riu -+ fin+n2+r(++0*iv(-or i/o8i-i)+*( (1*( fo+r*( /+r( @n r+:or* 0u :+r*i0i:+r(+ d+*orii-or :( *(r/(n /(diu5i -un, un +1:(0* :( 0+r( @- 0on1id(r/ f+vor+8i- :(n*ru +0*ivi*+*(+ d(1f5ur+* d( fir/.Fir/+ di1:un( +1*f(- d( +u*ono/i( @n fin+n2+r(+ :ro:rii-or inv(1*i2ii.


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A5+ 0u/ +/ /+i :r(0i)+*, nu 1( :o+*( d(fini niv(-u- nor/+- +- fondu-ui d( ru-/(n*+:-i0+8i- *u*uror @n*r(:rind(ri-or. A1*f(- , :(n*ru 1*+8i-ir(+ fondu-ui d( ru-/(n* o:*i/2innd 0on* d( 1(0*oru- d( +0*ivi*+*(, n( :u*(/ @n*-ni 0u un+ din ur/*o+r(-( 1i*u+2ii

@n indu1*ri+ r(+ 5i @n do/(nii-( 0u 0i0-u -un d( f+8ri0+2i(, 1( i/:un((i1*(n2+ unui fond d( ru-/(n* i/:or*+n*, @n /1ur 1 +1iur(

fin+n2+r(+ +0*iv(-or 1*+8i-( #0+r( +u o v+-o+r( 5i o :ond(r( ridi0+*% 5i :+r2i+- + n(voi-or d( (:-o+*+r(? :(n*ru @n*r(:rind(ri-( 0u un 0i0-u d( +0*ivi*+*( d( 6 = -uni, fondu- d(

ru-/(n* *r(8ui( 1 fin+n2()( 0ir0+ 7 Q din +0*ivu- 0ir0u-+n*? :(n*ru @n*r(:rind(ri-( indu1*ri+-( fr :ro8-(/( 1:(0ifi0( -(+*( d(

1*o0uri, 0+r( 1( @n0+dr(+) @n *(r/(n( d( :rodu02i( nor/+-(, fondu- d(ru-/(n* nor/+- r(:r()in* & Q din 0ifr+ d( +f+0(ri 1+u 3 Q din+0*ivu- 0ir0u-+n*.

A1*f(-, :(n*ru fir/+ ROOL S.A. @n +nu- 36, fondu- d( ru-/(n* (r+ d( &.769.&99/ii -(i, fiind +1iur+* niv(-u- o8-i+*oriu d( 3 Q R+0 3Q3&.3H&.&G 7.39.36G/ii -(i #FR 3 Q A0%, i+r @n 37, fondu- d( ru-/(n* (r+ d( .&H.&67 /ii -(i, fiind+1iur+* niv(-u- +1iur+*oriu d( 3Q 33.KKG.K7& 7.999.G7H /ii -(i #FR 3 Q A0%.

i+r n(+*iv. A0(+1*+ 1( (:-i0 :rin f+:*u- 0 @n +0(1* 1(0*or,0r(+n2(-( +u o :ond(r( 5i o dur+* d( ro*+2i( /i0, 0o/:+r+*iv 0u d+*orii-( #0r(di*u-furni)ori% 0+r( +u o :ond(r( /+i /+r( 5i o ro*+2i( r(-+*iv /+i -(n*. i+r d+0@n*r(:rind(ri-( r(1:(0*iv( nu di1:un d( 1*o0uri. A0(1* fond d( ru-/(n* +r( ro-u- d( + +4u1*+d(0+-+4u- din*r( dur+*+ 0r(+n2(-or 5i + d+*orii-or.

Un :ri/ indi0+*or u*i-i)+* @n +0(1* 1(n1 :(n*ru +n+-i)+ fondu-ui d( ru-/(n*, (1*(vi*()+ d( ro*+2i( + +0(1*ui+.

Vi*()+ d( ro*+2i( + fondu-ui d( ru-/(n* 1( 0+-0u-(+) r+:or*nd fondu- d( ru-/(n*-+ 0ifr+ d( +f+0(ri 5i 1( (:ri/ @n )i-( :( +n, indi0nd /+r4+ d( 1(0uri*+*( + fir/(i. E+(:ri/ nu/ru- /(diu d( )i-( @n 0+r( fondu- d( ru-/(n* 1( r(0on1*i*ui( :rin 0ifr+ d(+f+0(ri. Cu 0* dur+*+ @n )i-( + ro*+2i(i (1*( /+i 10)u*, 0u +** /+i r+:id 1( r(0u:(r(+)fonduri-( 5i d(0i, 0ifr+ d( +f+0(ri 1( r(+-i)(+) 0u un n(0(1+r /+i /i0 d( fonduri.

D$ ROT #Fond d( ru-/(n* Cifr+ d( +f+0(ri% T ,

und( T :(rio+d+ (:ri/+* @n )i-( 0+-(nd+ri1*i0(.V+-o+r(+ dur+*(i d( ro*+2i( + fondu-ui d( ru-/(n* @n 0ondi2ii d( (0>i-i8ru fin+n0i+r,

*r(8ui( 1 1( 1i*u()( @n*r( 6 5i G )i-(, 1u8 +0(+1* vi*() r(:r()(n*nd

Y*o:ir(+Y r(1ur1(-or :(r/+n(n*( @n 1(n1u- 10d(rii i/:or*+n2(i 1ur1(-or :(r/+n(n*( @nfin+n2+r(+ +0*ivi*2ii, i+r nu/ru- d( ro*+2ii 1i*u+* :(1*( G )i-( r(:r()in*Y@n>(2+r(+Y fonduri-or :(r/+n(n*(, @n 1(n1u- 1u:r+di/(n1ionrii -or @n r+:or* 0u n(voi-(d( fin+n2+r(.

Vi*()+ d( ro*+2i( + fondu-ui d( ru-/(n* + S.C. ROOL S.A. (1*( :r()(n*+* @n*+8(-u- nr. 6.H.

Ta5$' !#. 3.:.V&$%a *$ #&a/$ a +!*1'1 *$ #1')$!&

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N#.,#&. SPECIFICA?IE UM SIMBOL 2002 2003 2008

&. Fond d( ru-/(n* /ii -(i FR ;3.33G.69& &.769.&99 .&H.&673. Cifr+ d( +f+0(ri /ii -(i CA 6K.7K7.9 6H.993.K69 7.39.KG7

6. Nu/ru- d( ro*+2ii ro* nr ; 6,G K,H7. Dur+*+ @n )i-( + un(i )i-( d) ; GK,77 7,HG

ro*+2ii9. !+r4+ d( 1(0uri*+*( )i-( !/in 6 6 6

/ini/. !+r4+ d( 1(0uri*+*( )i-( !/+ G G G

/+i/

i-i8ru-ui fin+n0i+r :rin /1ur+r(+ /+r4(i d( 1(0uri*+*( d( 0+r( di1:un(@n*r(:rind(r(+ :(n*ru + f+0( f+2 unor f+0*ori :(r*ur8+*ori?

/ri/(+ +81o-u* + fondu-ui d( ru-/(n* nu n( 1:un( d+0 +0(1*+ (1*(+d+:*+* 1+u nu n(voi-or @n*r(:rind(rii. Pro8-(/+ -+ 0+r( *r(8ui( 1r1:und(/ (1*( d+0 +0(1*+ (1*( 1ufi0i(n* @n r+:or* 0u n(voi-( 0i0-u-ui d((:-o+*+r(?

:(n*ru + n( d+ 1(+/+ d( :o)i2i+ fir/(i no+1*r( @n 0+dru- r+/urii d(+0*ivi*+*(, v+ *r(8ui 0+ /ri/(+ fondu-ui d( ru-/(n* 1 fi( 0o/:+r+* 0u/ri/i @nr(i1*r+*( d( @n*r(:rind(ri 1i/i-+r( din 0+dru- 1(0*oru-ui 1+ur+/urii d( +0*ivi*+*(.

:(n*ru +n+-i)+ fondu-ui d( ru-/(n*, r(2in(/ dou /ri/i /ri/(+/ini/ 5i /ri/(+ o:*i/?

&ărimea minimă + fondu-ui d( ru-/(n* n(0(1+r :(n*ru r(+-i)+r(+ (0>i-i8ru-ui

fin+n0i+r (1*( d+* d( niv(-u- /(diu + f-u0*u+2ii-or n(voii d( fond d( ru-/(n*. &ărimea optimă + fondu-ui d( ru-/(n*, (1*( 0(+ 0+r( /(n2in( (0>i-i8ru- fin+n0i+r

+- @n*r(:rind(rii -+ 0(- /+i 10)u* 0o1* +- :ro0urrii 0+:i*+-uri-or. D+0 1( 0o/:+r fondu-d( ru-/(n* 0u 0ifr+ d( +f+0(ri, +*un0i /ri/(+ o:*i/ +r *r(8ui 1 r(:r()in*( &6 din 0ifr+d( +f+0(ri.

A1*f(-, :(n*ru fir/+ ROOL S.A., /ri/(+ o:*i/ + fondu-ui d( ru-/(n* (1*( @n +nu- 36 &6 CA &6 6H.993.K69 /ii -(i &3.H9.G&3 /ii -(i, 0+r(

(1*( /+i /i0 d(0* fondu- d( ru-/(n* +- fir/(i FR &.769.&99 /ii -(i? @n +nu- 37 &6 CA &6 7.39.KG7 &9.7&.G6& /ii -(i, 0+r( (1*( /+i

/i0 d(0* 0(- r(+-i)+* d( fir/ #.&H.&67 /ii -(i%, ur/nd 1 +:r(0i(/ @n0or(-+2i( 0u n(0(1+ru- d( fond d( ru-/(n* d+0 +0(1*+ (1*( 1ufi0i(n*.

P(n*ru +0(5*i u-*i/i +ni d( +n+-i), fondu- d( ru-/(n* r(+-i)+* d( fir/ nu d(:5(5*(fondu- d( ru-/(n* o:*i/, ur/nd 0+ +0(1*+ 1 fi( +:r(0i+* @n 0or(-+2i( 0u n(0(1+ru- d( fond

7K


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d( ru-/(n* :(n*ru + v(d(+ d+0 (1*( 1ufi0i(n*, i+r vi*()+ d( ro*+2i( + fondu-ui d( ru-/(n* @n+nu- 36 (1*( :(1*( /+r4+ d( 1(0uri*+*( /+i/, @n *i/: 0( @n u-*i/u- +n +0(1*+ 1(@n0+dr(+) @n -i/i*(-( nor/+-(.


49/92

P(n*ru d(1f5ur+r(+ fi(0rui 0i0-u , 1un* n(0(1+r( 1ur1( fin+n0i+r( 0+r( *r(8ui(+1iur+*( d( @n*r(:rind(r(. Cu/ @n1 @n*r( :-2i 5i @n0+1ri (i1* un d(0+-+4 *(/:or+r 5i+nu/( f-uuri-( d( (:-o+*+r( #0on0r(*i)+*( @n r(@nnoir(+ 1*o0uri-or 5i 0r(+n2(-or% 5i f-uu-d+*orii-or f+2 d( furni)ori, 1ur1(-( fin+n0i+r( 1un* @n 0(+ /+i /+r( :+r*( +0o:(ri*( din1ur1( *(/:or+r( #furni)ori, 0r(di*ori%. Ei1*(n2+ +0(1*or d(0+-+4( (n(r(+) (i1*(n2+

n(0(1+ru-ui d( fond d( ru-/(n*.D( +0(+1* d+*, n(0(1+ru- d( fond d( ru-/(n* (1*( d(fini* /u-* /+i :r(0i1 0+ fiinddif(r(n2+ din*r( n(0(1i*2i-( d( fin+n2+r( + 0i0-u-ui d( (:-o+*+r( 5i d+*orii-( d( (:-o+*+r(.

R(-+2i+ d( 0+-0u- + n(0(1+ru-ui d( fond d( ru-/(n* (1*( NFR A-o0ri 0i0-i0( = R(1ur1( 0i0-i0(? NFR #A0*iv( 0ir0u-+n*( = Di1:oni8i-i*2i 5i :-+1+/(n*(% = O8-i+2ii :( *(r/(n10ur* = #Cr(di*( 0ur(n*( Z So-du- 0r(di*or -+ 8n0i%?

NFR #S*o0uri Z Cr(+n2(% = D+*orii d( (:-o+*+r(A0(+1* d(nu/ir( + indi0+*oru-ui +:+r( d( -+ n(0(1i*+*(+ d( r(1*+8i-ir( +

(0>i-i8ru-ui fin+n0i+r 0ur(n* :( 1(+/+ 1ur1(-or 1*+8i-(. N(0(1+ru- d( fond d( ru-/(n* (1*(un indi0+*or +- (0>i-i8ru-ui fin+n0i+r u*i-i)+* :(n*ru +:r(0i(r(+ (0>i-i8ru-ui fin+n0i+r

0ur(n*.D+0 +/ r(:r()(n*+ 8i-+n2i(r /odu- d( d(*(r/in+r( + n(0(1+ru-ui d( fond d(

ru-/(n*, +*un0i d+*(-( n(0(1+r( 1un* :r()(n*+*( @n ur/*oru- *+8(-

Ta5$' !#. 3. D$&$#)!a#$a !$,$a#1'1 *$ +!* *$ #1')$!&

ACTIV PASIVS*o0uri d( /+*(rii :ri/( 5i /+*(ri+-( Furni)ori 5i 0on*uri +1i/i-+*(

Produ1( 5i :rodu02i( @n 0ur1 d( ((0u2i( C-i(n2i = 0r(di*ori!rfuri D+*orii fi10+-( 5i 1o0i+-(

Av+n1uri +0ord+*( furni)ori-or D+*orii +1u:r+ i/o8i-i)ri-or

C-i(n2i 5i 0on*uri +1i/i-+*( V(ni*uri @nr(i1*r+*( @n +v+n1

A-*( 0r(+n2( ;

C>(-*ui(-i (f(0*u+*( @n +v+n1 ;

TOTAL ACTIV TOTAL PASIV

NFR TOTAL ACTIV J TOTAL PASIV

!ri/(+ n(0(1+ru-ui d( fond d( ru-/(n* d(:ind( d( /ri/(+ 1*o0uri-or, 1*ru0*ur+(:-o+*rii, vo-u/u- d( +0*ivi*+*(, 1()on+-i*+*(+ +0*ivi*2ii, n+*ur+ 1(0*oru-ui d( +0*ivi*+*(,v+-o+r(+ 0r(+n2(-or, dur+*+ 0i0-u-ui d( (:-o+*+r(, or+ni)+r(+ (1*iunii fir/(i, dur+*+ d(ro*+2i( + +0*iv(-or 5i :+1iv(-or, (*0.

An+-i)+ n(0(1+ru-ui d( fond d( ru-/(n* :o+*( (vid(n2i+ ur/*o+r(-( 1i*u+2ii

+% NFR ? A 0i0-i0( P 0i0-i0(

N(0(1+ru- d( fond d( ru-/(n* :o)i*iv 1(/nifi0 un 1ur:-u1 d( n(voi *(/:or+r(#0i0-i0(% @n r+:or* 0u 1ur1(-( *(/:or+r( #0i0-i0(% :o1i8i- d( /o8i-i)+*.

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E1*( o 1i*u+2i( nor/+-, d+0 (1*( d(*(r/in+* d(; :o-i*i0+ d( inv(1*i2ii 0+r( +*r+( 0r(5*(r(+ n(voii d( fin+n2+r( +

0i0-u-ui d( (:-o+*+r(?; 0r(5*(r(+ vn)ri-or?; /ri/(+ dur+*(i d( f+8ri0+2i(, d+*ori* 0r(5*(rii 0o/:-(i*2ii

:rodu1(-or. E1*( o 1i*u+2i( n(f+vor+8i- d+0 (1*( d(*(r/in+* d(

; (i1*(n2+ unui d(0+-+4 n(f+vor+8i- @n*r( -i0>idi*+*(+ +0*iv(-or 0ir0u-+n*( 5i (ii8i-i*+*(+ d+*orii-or d( (:-o+*+r( #1;+ @n0(*ini*@n0+1+r(+ 5i 1;+ ur(n*+* :-+*+ o8-i+2ii-or%?

; (i1*(n2+ unor 1*o0uri fr /i50+r( 1+u 0u /i50+r( -(n*.

8% NFR \ ? A 0i0-i0( \ P 0i0-i0( N(0(1+ru- d( fond d( ru-/(n* n(+*iv 1(/nifi0 un 1ur:-u1 d( 1ur1( *(/:or+r(

#0i0-i0(% @n r+:or* 0u n(voi-( 0or(1:un)*o+r( d( 0+:i*+-uri 0ir0u-+n*(. E1*( o 1i*u+2i( :o)i*iv, d+0 (1*( d(*(r/in+* d(

; +00(-(r+r(+ vi*()(i d( ro*+2i( + 1*o0uri-or 5i 0r(+n2(-or?; +n+4+r(+ unor d+*orii d( (:-o+*+r( 0u *(r/(n( d( :-+* /+i

r(-++n*(.

E1*( o 1i*u+2i( n(f+vor+8i- d+0 (1*( r()u-*+*u- unor @n*r(ru:(ri *(/:or+r( @n+:rovi)ion+r(+ 5i r(@nnoir(+ 1*o0uri-or.

Evo-u2i+ n(0(1+ru-ui d( fond d( ru-/(n* (1*( inf-u(n2+* d( +02iun(+ ur/*ori-or f+0

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