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BILANT - Industrie (Euro)

ACTIV

2001

Imobilizari necorporale

2002

2003

2004

13,869

9,709

35,218

Imobilizari corporale

5,361,002

4,035,213

9,259,953

Imobilizari financiare

15,760

1,029,430

873,413

Active imobilizate

5,390,631

5,074,352

10,168,584

Stocuri:

PASIV

2001

61,364 Capital social


10,731,692 Rezerve

3,368,973

4,922,760

8,986,363 Rezultatul exercitiului

857,531

1,556,485

2,393,211

3,039,461 Distribuire rezultat

- produse finite

609,741

870,057

1,174,309

2,658,191 Capital proprii

- materii prime, consumabile

726,195

942,431

1,355,240

3,288,711 Cont curent asociat

Debitori

894,322

2,077,295

3,006,396

3,288,134 Imprumuteri term.lung

Clienti

664,873

1,716,782

2,851,173

3,070,159 Leasing financiar

Debitori diversi

229,449

360,513

155,223

Disponibilitati

1,232,223

973,945

1,410,200

Titluri de plasament

247,605

151,820

Casa si banca

984,619

822,125

1,410,200

Active curente

4,320,013

6,420,213

9,339,356

TOTAL ACTIV

9,710,644

11,494,566

19,507,940

Evolutie Activ Ind.

30,000,000

1,630,956

1,344,353

1,296,872

5,719,870

6,429

942,450

1,448,584

3,000,963

1,514,073

2,181,659

2,895,249

-642,272

-200,091

-159,542

5,400,273

6,653,897

13,087,495

11,696,902 Rezultat nerepartizat

2,193,467

2003

1,920,444

903,845 Provizioane

- marfa

2002

2,241,670

2,156,533

1,742,016

2,001,726

68,678

142,720

534,872

7,625,483

8,538,633

15,624,093

1,785,707

2,550,438

3,519,223

299,454

405,495

364,624

14,419,571 Datorii curente

2,085,160

2,955,932

3,883,847

26,116,473 TOTAL PASIV


Datorii termen lung

9,710,644
2,225,211

11,494,566
1,884,736

19,507,940
2,536,598

217,975 Capital permanent


2,145,074 Furnizori
0 Alte datorii
2,145,074 Credite termen scurt

Evolutie Pasiv Ind.

30,000,000

+34%

+34%

2,145,074

25,000,000

25,000,000

+70%

3,006,396

15,000,000

+18%

2,193,467

3,368,973

5,390,631

8,986,363

2001

2,536,598

15,000,000

+18%
2,955,932

10,000,000

5,000,000

5,074,352

Debitori

2002

2,085,160
2,225,211

11,696,902

0
Disponibilitati

2,097,003

3,883,847

973,945

2,077,295

10,168,584

5,000,000

20,000,000

4,922,760

1,232,223
894,322

6,805,535

+70%

1,410,200

20,000,000

10,000,000

3,288,134

Stocuri:

2003 Active imobilizate


2004

5,400,273

Datorii curente

2001

35

17,213,935

1,884,736

13,087,495

6,653,897

Datorii termen lung

2002

2003

Capital proprii

2004

Rate de crestere a patrimoniului cu baza in lant Nr. crt.

Indicatori

2002 / 2001

2003 / 2002

2004 / 2003

10,996,355

16,001,083

25,315,825

31,489,017

146%

158%

124%

Valoarea Adaugata

3,678,209

5,107,863

7,159,721

7,565,748

139%

140%

106%

Profit Net

1,621,933

2,388,952

3,199,852

3,569,793

147%

134%

112%

Capital propriu

5,400,273

6,653,897

13,087,495

17,213,935

123%

197%

132%

Cifra de Afaceri

2001

2002

2003

2004

Active Imobilizate

5,390,631

5,074,352

4,459,124
10,168,584

11,696,902

88%
94%

113%
200%

115%
115%

6
7

Stocuri
Clienti de incasat

2,193,467
664,873

3,368,973
1,716,782

4,922,760
2,851,173

8,986,363
3,070,159

154%
258%

146%
166%

183%
108%

8
9

Furnizori
Disponibilitati

1,785,707
984,619

2,550,438
822,125

3,519,223
1,410,200

3,439,690
2,145,074

143%
83%

138%
172%

98%
152%

10

Activ Total

9,710,644

11,494,566

19,507,940

26,116,473

118%

170%

134%

din care: reevaluari imob.

In 2003 Imobilizarile au crescut cu 100%, din care crestere din investitii = 12.5% si crestere in urma reevaluarii = 88%.
In 2004 cresterea imobilizarilor este de 15%.
Cresterea activelor curente si a rezultatelor in raport cu Cifra de afaceri:
- La o crestere a cifrei de afaceri cu 24% valoarea adaugata creste doar cu 6%, fapt datorat cresterii atat a costului
vanzarilor (marja creste doar cu 9%) cat si a cheltuielilor externe.
- De remarcat ca fapt favorabil cresterea clientilor de incasat doar cu 8%, ceea ce denota o schimbare a politicii de
incasare (in 2003 cresterea creantelor a fost mai mare decat cresterea cifrei de afaceri).
- Fapt nefavorabil: cresterea stocurilor cu 83% !!! si diminuarea datoriei catre furnizori cu 2%, ceea de inseamna o
crestere a Necesarului de fond de rulment si respectiv finantarea stocurilor din credite bancare (valoarea creditelor
bancare reprezinta aproximativ 77% din valoarea datoriei catre furnizori si 30% din valoarea stocurilor).
- Volumul stocurilor existent la 31.12.2004 este suficient pentru aproximativ 4 luni de activitate din 2005 (pentru
toate cele trei categorii: marfuri, produse finite, materii prime).

Rate de structura patrimoniala Rata

2001

2002

2003

2004

2002 - 2001

2003 - 2002

2004 - 2003

Active Imobilizate / Activ Total

55.5%

44.1%

52.1%

44.8%

-11.37%

7.98%

-7.34%

Stocuri / Activ total

22.6%

29.3%

25.2%

34.4%

6.72%

-4.07%

9.17%

Clienti / Activ Total

6.8%

14.9%

14.6%

11.8%

8.09%

-0.32%

-2.86%

Disponibilitati / Activ Total

12.7%

8.5%

7.2%

8.2%

-4.22%

-1.24%

0.98%

Capital Propriu / Capital Total

55.6%

57.9%

67.1%

65.9%

2.28%

9.20%

-1.18%

Furnizori / Capital Total

18.4%

22.2%

18.0%

13.2%

3.80%

-4.15%

-4.87%

Total Datorii / Capital Propriu

79.8%

72.7%

49.1%

51.7%

-7.07%

-23.69%

2.66%

Rata
Fond de Rulment

(Capital perm. - Active imobilizate)


Nevoie Fond de Rulment expl.

(Clienti + Stocuri - Furnizori)


NFR expl. in zile CA
Nevoie Fond de Rulment global

(Stocuri + Debitori - Creditori TS)


Trezorerie Neta

(FR - NFR) sau (Disponib. - Credite TS)


Rata Lichiditatii Generale (>1.8)

(Active curente / Datorii curente)


Rata Lichiditatii Imediate (>1.3)

(Active curente-Stocuri)/ Datorii curente


Rata lichiditatii Rapide (>0.3)

(Disponibilitati / Datorii curente)


Rata de Indatorare (<1)

(Total Datorii / Capital propriu)


Rata credite de trezorerie (<0.6)

(NFR / Credite TS)

Rate de Lichiditate - Ind.

2.40

Indicatori de Echilibru Financiar 2001

2002

2003

2004

2002 - 2001

2003 - 2002

2004 - 2003

2,234,852

3,464,281

5,455,509

7,614,037

1,229,428

1,991,228

2,158,528

1,072,633

2,535,318

4,254,710

8,616,832

1,462,684

1,719,393

4,362,122

2.00

57

61

99

2,490,336

4,045,309

8,134,223

1,487,707

1,554,974

4,088,914

1,232,223

973,945

1,410,200

-520,187

-258,278

436,254

-1,930,386

2.40

2.12

2.07

2.17

0.80
0.59

1.03

1.14

0.80

0.59

0.33

0.36

0.32

0.36

0.33

0.00
2001

0.80

0.80

0.70

1.02

1.14

1.03

1.02

0.80
0.40

1,002,629

2.12

1.60
1.20

35

2.17

2.07

2002

RLG (>1.8)

RLI (>1.3)

2003

0.32

RLR (>0.3)

2004

Rata de Indatorare - Ind.


0.73

0.60
0.50

0.49

0.52

0.40

0.80

0.73

0.49

0.52

0.00

0.00

0.00

0.33

0.30
0.20

2001

2002

2003

Toate Ratele de Lichiditate au inregistrat o scadere in 2004.Desi Rata de lichiditate generala este suficient de mare aceasta se datoreaza stocurilor foarte mari. Drept
urmare, dupa eliminarea stocurilor, Rata lichiditatii Imediate nu se incadreaza in marimile oprime.
Rata Indatorarii, desi este in crestere, este subunitara (0.52) , ceea ce va permite societatii sa apeleze si la alte imprumuturi externe.

36

2004

Cont de profit si pierdere INDUSTRIE (Euro)


2001
1
2
3

Cifra de Afaceri
Productie stocata
Productie imobilizari

4
5
6
7
8
9
10
11

2002

2003

2004

10,996,355
527,085
165,309

16,001,083
614,806
0

25,315,825
750,149
44,384

31,489,017
1,556,210
270,790

Productia exercitiului

11,688,748

16,615,888

26,110,358

33,316,016

Costul vanzarilor
Cheltuieli materiale
Ch. Energie si apa
Ch. Publicitate
Alte cheltuieli
Ch.leasing fin. (.Leasing)
Total ch. Externe

-7,005,885

-9,972,334

-16,897,443

-22,294,756

-167,699
-52,976
-783,980

-237,536
-65,741
-1,232,414

-329,502
-112,585
-1,611,106

-457,142
-132,660
-2,865,710

-8,010,539

-11,508,025

-18,950,637

-25,750,269

12 Valoarea Adaugata

3,678,209

5,107,863

7,159,721

7,565,748

13 Ch. Impozite si taxe


14 Ch. Personal

-42,775
-1,022,658

-39,295
-1,134,120

-50,675
-1,477,357

-92,706
-2,179,440

15 EBITDA-Excedent brut de exploatare (

2,612,776

3,934,449

5,631,689

5,293,601

111,576
-2,569
-355,377

313,812
-15,276
-371,537
-453,097

352,654
-136,066
-667,077
-156,611

667,624
-89,109
-1,099,888
-70,111

2,366,407

3,408,350

5,024,589

4,702,117

0
75,634

0
112,593

75,634
-112,871
-320,737

112,593
-126,255
-279,065

0
66,744
0
66,744
-148,370
-696,272

64,446
270,955
335,401
-234,316

16
17
18
19

Alte venituri exploatare


Alte chelt. exploatare
Amortizare
Provizioane

20 Rezultatul exploatarii (EBIT)


21
22
23
24
25
26
27
28

Venituri din Participatii


Venituri din Dobanzi
Diferente curs valutar
Total venituri financiare
Cheltuieli cu Dobanzile
Diferente curs valutar
Alte cheltuieli financiare
Total chelt. financiare

29 Rezultat financiar

-433,608

-405,320

-844,643

-234,316

-357,975

-292,727

-777,898

101,085

30 Total Venituri

11,875,958

17,042,293

26,529,756

34,319,041

31 Total Cheltuieli

-9,867,526

-13,926,670

-22,283,066

-29,515,839

32 Rezultat Brut

2,008,432

3,115,623

4,246,691

4,803,202

33 Impozit pe profit

-386,500

-726,671

-1,046,839

-1,233,409

1,621,933

2,388,952

3,199,852

3,569,793

34 Rezultat Net

Evolutiile cele mai importante, la o crestere a Cifrei de afaceri cu 24% au fost urmatoarele:
- Costul vanzarilor +32%
- Energie si apa +39%
- Chelt.de publicitate au crescut mult mai putin (+18%), reprezentand doar 0,4% din cifra de afaceri
- Impozite si taxe + 83%, datorita impozitului pe cladiri la valoarea reevaluata
- Chelt.personal
+ 48%
- EBE si Rez.exploatarii sunt cu 6% mai mici decat in 2003.
- Alte venituri din exoatare + 89%, in principal datorita cresterii veniturilor din penalitati percepute
- Alte cheltuieli din exoatare - 35%, datorita diminuarii diferentelor de pret la ctr.de leasing financiar
- Amortizare +65%, din cauza reevaluarii mijloacelor fixe
- Dobanzi (chelt - venituri) + 108%, datorita cresterii volumului creditelor contractate

Explicatii indicatori:
Valoarea Adaugata (VA)
Valoarea adaugata permite sa se raspunda la intrebarea: "Prin ce aduce intreprinderea un plus la
ceea ce deja a investit?"
Aceasta bogatie este produsa de:
salariati (factorul munca)
masini utilaje (factorul capital)
statul (este cel care asigura infrastructura)
bancile (permit expansiunea economica a intreprinderii prin imprumuturi)
asociatii sau actionarii (care sunt la originea crearii intreprinderii)
intreprinderea insasi (prin autofinantare)
Toti acesti "actori" contribuie la fabricarea produselor finite si prin intermediul valorii adaugate se
permite remunerarea lor.
Interpretarea scaderii valorii adaugate in timp poate fi pusa pe seama:
- Scaderea vinzarilor (problema conjuncturala sau structurala; problema specifica intreprinderii;
problema de politica interna)
- Vinzari constante (noi preturi pentru imobilizari; crestere datorata inflatiei; crestere nejustificata a
pretului furnizorilor).

Excedentul brut de exploatare (EBE)


EBE constituie un indicator de rentabilitate economica care exclude politicile de finantare si de
investitii si permite astfel sa se vada daca activitatea proprie a intreprinderii este sau nu rentabila. Atunci
cand EBE este negativ, vorbim de insuficienta bruta de exploatare.
In cazul unei insuficiente brute de exploatare este important de urmarit provenienta acesteia, care
poate fi:
pierderi din vanzari (o politica comerciala proasta; insuficienta de calitate a unui produs vandut);
cheltuieli cu personalul mari;
valoare adaugata mica (consumurile tertilor prost gestionate, preturi de vanzare inadecvate, proasta
strategie comerciala)

37

Evolutia Afacerii - INDUSTRIE (Euro)


Nr.Crt.

Indicatori

2001

2002

2003

2004

2002 / 2001

2003 / 2002

2004 / 2003

10,996,355
3,990,470
36.29%
3,678,209
33.45%
2,612,776
355,377
2,366,407
21.52%
2,008,432
386,500
1,621,933
14.75%

16,001,083
6,028,749
37.68%
5,107,863
31.92%
3,934,449
371,537
3,408,350
21.30%
3,115,623
726,671
2,388,952
14.93%

25,315,825
8,418,382
33.25%
7,159,721
28.28%
5,631,689
667,077
5,024,589
19.85%
4,246,691
1,046,839
3,199,852
12.64%

31,489,017
9,194,261
29.20%
7,565,748
24.03%
5,293,601
1,099,888
4,702,117
14.93%
4,803,202
1,233,409
3,569,793
11.34%

145.51%
151.08%
1.39%
138.87%
-1.53%
150.58%
104.55%
144.03%
-0.22%
155.13%
188.01%
147.29%
0.18%

158.21%
139.64%
-4.42%
140.17%
-3.64%
143.14%
179.55%
147.42%
-1.45%
136.30%
144.06%
133.94%
-2.29%

124.38%
109.22%
-4.06%
105.67%
-4.25%
94.00%
164.88%
93.58%
-4.92%
113.10%
117.82%
111.56%
-1.30%

14
15
16

Cifra de Afaceri
Marja Comerciala
Marja Com./ CA (%)
Valoarea Adaugata
VA / CA (%)
EBE
Amortizare
Profit din Exploatare
P.expl / CA (%)
Profit Brut
Impozit pe profit
Profit Net
P.net / CA (%)
Activ Total
Kapital Permanent
Kapital Propriu

9,710,644
7,625,483
5,400,273

11,494,566
8,538,633
6,653,897

19,507,940
15,624,093
13,087,495

26,116,473
19,310,938
17,213,935

118.37%
111.97%
123.21%

169.71%
182.98%
196.69%

133.88%
123.60%
131.53%

17

R.ec1 = EBE / Activ Total

26.91%

34.23%

28.87%

20.27%

7.32%

-5.36%

-8.60%

18

R.ec2 = P.expl / Activ Total

24.37%

29.65%

25.76%

18.00%

5.28%

-3.90%

-7.75%

19

R.ec3 = EBE / K.permanent

34.26%

46.08%

36.04%

27.41%

11.81%

-10.03%

-8.63%

20

R.ec4 = P.expl / K.permanent

31.03%

39.92%

32.16%

24.35%

8.88%

-7.76%

-7.81%

21

R.fin1 = P.net / K.propriu

30.03%

35.90%

24.45%

20.74%

5.87%

-11.45%

-3.71%

22

R.fin2 = P.net / Activ Total

16.70%

20.78%

16.40%

13.67%

4.08%

-4.38%

-2.73%

1
2
3
4
5
6
7
8
9
10
11
12
13

Ratele economice si financiare scad intr-o proportie mult mai mare decat la R, insa trebuie avut in vedere faptul ca in
timp ce la R cresterea activului se datoreaza in principal investitiilor, la I aceasta crestere se datoreaza stocurilor, fapt care
nu genereaza beneficii viitoare ci dimpotriva reprezinta o blocare a surselor de finantare. In afara de cresterea activului o
alta cauza este diminuarea rezultatelor exploatarii fata de anul precedent.

Valoarea Adaugata Nr.Crt.

Indicatori

2001

2002

2003

2004

VA / Nr.personal

35,711

33,385

29,383

23,423

2002 / 2001
93%

2003 / 2002
88%

2004 / 2003
80%

Chelt.personal / VA

27.8%

22.2%

20.6%

28.8%

-5.6%

-1.6%

8.2%

VA / Active Imobilizate

68.2%

100.7%

70.4%

64.7%

32.4%

-30.3%

-5.7%

4
5
6

Nr.personal
Chelt.personal
Active imobilizate

103
1,022,658
5,390,631

153
1,134,120
5,074,352

244
1,477,357
10,168,584

323
2,179,440
11,696,902

149%
111%
94%

159%
130%
200%

133%
148%
115%

Rentabilitatea muncii scade la I mai mult decat la R. Valoarea adaugata produsa de fiecare salariat scade cu 20%, iar
procentul repartizat din valoarea adaugata salariatilor creste cu 8,2%.

Structura CA
Nr.Crt.
1

Indicatori

2001

CA totala

Vanzari marfuri

Vanzari productie

2002

2003

2004

2002 / 2001

2003 / 2002

2004 / 2003

10,996,355

16,001,083

25,315,825

31,489,017

145.51%

158.21%

124.38%

4,241,245
38.57%
6,755,110
61.43%

6,416,277
40.10%
9,584,805
59.90%

11,496,250
45.41%
13,819,575
54.59%

17,669,442
56.11%
13,819,575
43.89%

151.28%
1.53%
141.89%
-1.53%

179.17%
5.31%
144.18%
-5.31%

153.70%
10.70%
100.00%
-10.70%

Se observa tendinta de inversare a proportiilor intre vanzarea de marfa si produse finite, in 2004 ponderea vanzarii de
marfuri (56%) fiind deja mai mare decat cea a vanzarii de produse finite (44%).
Ar fi de remarcat si diferenta intre adaosul comercial mai mare practicat la marfuri (44%) decat la produse finite (38%).
Normal ar fi ca in cazul productiei sa avem o marja comerciala mai mare.
Evolutia Ratelor comerciale VA / CA Ind. Pr.expl./ CA

Marja com./ CA

50.00%
40.00%
30.00%
20.00%

Structura Cifrei de afaceri

35,000,000

Pr.net / CA

Vanzari productie

30,000,000
25,000,000

37.7%

36.3%
33.4%

Vanzari m arfuri

31.9%

33.3%
28.3%

21.5%

21.3%

19.8%

14.7%

14.9%

29.2%
24.0%
14.9%
11.3%

12.6%

10.00%

43.9%

20,000,000

54.6%

15,000,000
10,000,000

59.9%

56.1%

61.4%

5,000,000

45.4%

40.1%

38.6%

0.00%
2001

2002

2003

2001

2004

2002

2003

31,489,017
30,000,000

Evolutia afacerii -

IND.
25,315,825

25,000,000

20,000,000
16,001,083
15,000,000
10,996,355

5,000,000

3,990,470
3,678,209
2,366,407
1,621,933

9,194,261

8,418,382
7,159,721

10,000,000
6,028,749
5,107,863

7,565,748

5,024,589

3,408,350
2,388,952

3,199,852

4,702,117
3,569,793

2001

Cifra de Afaceri

2002

Marja Comerciala

Valoarea Adaugata

38

2003

Profit din Exploatare

2004

Profit Net

2004

Tabloul de Finantare - Ind.


mii Euro

Nr.Crt.

Indicatori

2001

2002

2003

2004

1
2
3
4

Capital propriu
Amortizari & Provizioane
Active Imobilizate
Datorii termen lung

5,400
-355
5,391
2,225

6,654
-825
5,074
1,885

13,087
-824
10,169
2,537

FRN

2,235

3,464

6
7

Active Circulante de expl.


Datorii Curente de expl.

2,858
1,786

5,086
2,550

NFR exploatare

1,073

9
10

Alti debitori
Alti creditori

229
299

(2002 - 2001)

(2003 - 2002)

(2004 - 2003)

17,214
-1,170
11,697
2,097

1,254
-469
-316
-340

6,434
1
5,094
652

4,126
-346
1,528
-440

5,456

7,614

1,229

1,991

2,159

7,774
3,519

12,057
3,440

2,227
765

2,688
969

4,283
-80

2,535

4,255

8,617

1,463

1,719

4,362

361
405

155
365

218
701

131
106

-205
-41

63
336

11

NFR afara expl.

-70

-45

-209

-483

25

-164

-273

12

NFR global

1,003

2,490

4,045

8,134

1,488

1,555

4,089

13
14

Disponibilitati
Credite bancare TS

1,232
0

974
0

1,410
0

2,145
2,665

-258
0

436
0

735
2,665

15

TN

1,232

974

1,410

-520

-258

436

-1,930

Cash-flow exploatare = EBIT - Impozit pe profit + Amortizari


Cash-flow de gestiune = Pnet + Amortizari + Dobanzi
ETE = EBE - NFR expl.
CAF (capacitate de autofinantare) = Pnet + Amortizare
mii Euro

Nr.Crt.

Indicatori

2001

2002

2003

2004

(2002 - 2001)

(2003 - 2002)

(2004 - 2003)

CF exploatare

2,335

3,506

4,801

4,639

1,171

CF gestiune

2,090

3,340

4,172

4,974

1,250

832

802

ETE

2,472

3,912

931

2,472

1,441

-2,981

CAF

3,214

4,024

4,740

1,236

810

716

1,977

FR, NFR, TN - Ind. (mii Euro)

9,000

8,134
7,614

8,000
7,000
6,000

5,456

5,000
4,000

4,045

3,464

3,000
2,000

2,235

2,490

1,000

1,232
1,003

974

0
-1,0002001

FRN

2002

1,410

2003
TN

NFR global

39

-520
2004

1,295

-163

Rentabilitatea Capitalului Propriu - Ind. (cu reev. imobilizari in 2003)


2001

2002

2003

2004

ROE = Profit net / Cap. propriu

30.0%

35.9%

24.4%

ROA neta = Profit net / Activ total


16.70%

20.78%

16.40%

Rata profitului

(Profit net / CA)


14.75%

14.93%

12.64%

11.34%

113.2%

13.67%

20.7%

Rotatia K propriu = Activ total / K propriu

1.80

1.73

Rotatia Activului

Active Totale

(CA / Activ total)

(Pasiv total)

139.2%

129.8%

120.6%

9,711

11,495

19,508

1.49

1.52

Capital Propriu (mii )

/
26,116

5,400

6,654

13,087

17,214

Capital Propriu (mii )


Profit Net (mii )
1,622

2,389

3,200

3,570

Cifra de Afaceri (mii )


10,996

16,001

25,316

31,489

Active Totale (mii )


9,711

11,495

19,508

5,400
din care

11,876

17,042

26,530

34,319

Cheltuieli Totale (mii )


9,868

13,927

22,283

29,516

din care:

12,681

5,391

5,074

10,169

11,697

20,479

4,320

4,459

372

667

2,193

3,369

minus

126

148

234

727

1,047

1,233

1,885

2,537

2,097

665

1,717

1,232

974

Datorii term. scurt (mii )


2,085

4,923

8,986

2,851

3,070

Trezorerie (mii )

Impozit pe profit (mii )


386

14,420

Clienti (mii )
1,100

Dobanzi (mii )
113

9,339

Stocuri (mii )

Amortizare (mii )
355

6,420
din care:

reevaluare imob. 31.12.2003

28,022

17,214

Active Circulante (mii )

din care:

Cost operational (mii )


9,076

Active Imobilizate (mii )

13,087

Datorii term. lung (mii )


2,225

Venituri Totale (mii )

6,654

26,116

1,410

2,145

2,956

3,884

6,806

Rentabilitatea Capitalului Propriu - Valrom Ind. (fara reev. imobilizari in 2003)


2001

2002

2003

2004

ROE = Profit net / Cap. propriu

30.0%

35.9%

37.1%

ROA neta = Profit net / Activ total


16.70%

20.78%

21.26%

Rata profitului
14.93%

12.64%

Rotatia K propriu = Activ total / K propriu

1.80

Rotatia Activului

(Profit net / CA)


14.75%

13.67%

11.34%

139.2%

168.2%

1.73

1.74

Active Totale

(CA / Activ total)


113.2%

20.7%

9,711

11,495

15,049

Capital Propriu (mii )

(Pasiv total)
120.6%

1.52

26,116

5,400

6,654

8,628

17,214

Capital Propriu (mii )


Profit Net (mii )
1,622

2,389

3,200

3,570

Cifra de Afaceri (mii )


10,996

16,001

25,316

31,489

Active Totale (mii )


9,711

11,495

15,049

5,400
din care

11,876

17,042

26,530

34,319

Cheltuieli Totale (mii )


9,868

13,927

22,283

29,516

Active Imobilizate (mii )


5,391

5,074

5,709

11,697

4,320

372

20,479

28,022

2,193

minus

126

667

1,100

665

148

234

1,232

727

1,047

1,233

1,885

2,537

2,097

3,369

1,717

974

Datorii term. scurt (mii )


2,085

4,923

8,986

2,851

3,070

Trezorerie (mii )

Impozit pe profit (mii )


386

14,420

Clienti (mii )

Dobanzi (mii )
113

9,339

Stocuri (mii )

Amortizare (mii )
355

6,420
din care:

Cost operational (mii )


12,681

17,214

Active Circulante (mii )

din care:

9,076

8,628

Datorii term. lung (mii )


2,225

Venituri Totale (mii )

6,654

26,116

1,410

2,145

2,956

3,884

6,806