UNIVERSITATEA “ALEXANDRU IOAN CUZA” CUZA” IASI FACULTATEA DE ECONOMIE SI ADMINISTRAREA AFACERILOR
PROIECT FINANTE
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TEMA 1. Analiza surselor de finanţare ale întreprinderii. S.C PRODPLAST S.A
COORDONATOR
STDENT
SA!A ANCA
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TEMA 1. Analiza surselor de finanţare ale întreprinderii. S.C PRODPLAST S.A
COORDONATOR
STDENT
SA!A ANCA
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Cuprins 1. Prezentarea Prezentarea general a !ntre"r#n$ !ntre"r#n$er## er##%%%%%%%% %%%%%%%%..... .......... .......... .......... .......... .......... ......& .& '. Str()t(ra Str()t(ra *(r*el+r *(r*el+r $e $e ,#nanta ,#nantare%%%%%% re%%%%%%%%%%%%% %%%%%%%%%%%%%%%%%. Anal#za Anal#za /(tat##l+ /(tat##l+rr #n *tr()t(ra *tr()t(ra )a"#tal(l( )a"#tal(l(## "r+"r#( *# a ,a)t+r#l+ ,a)t+r#l+rr $e #n,l(enta%%%%%%%%%%%%%%%%%%%%%%%%%%..0 &. Anal#za Anal#za /(tat##l+ /(tat##l+rr #n *tr()t(ra *tr()t(ra re*(r*el+r re*(r*el+r #/"r(/(tat #/"r(/(tate%%%%%% e%%%%%%%%1 %%1 . 2#3l#+gra,# 2#3l#+gra,#e%%%%% e%%%%%%%%%%%%% %%%%%%%%%%%%%%% %%%%%%%%%%%.. %%%%...14 .14 -. Ane5e% Ane5e%%%%% %%%%%%% %%%%%%% %%%%%%%% %%%%%%% %%%%%%% %%%%%%%% %%%%10 10
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S.C. PRODPLAST S.A. 1. Prezentarea generală a întreprinderii(obiect de actiitate! pia"a #i concuren"a$. F#r/a PRODPLAST S.A. )( *e$#(l #n 2()(re*t# #*# #n)e"e a)t#6#tatea #n an(l 174 a6an$ )a $+/en#( $e a)t#6#tate "rel()rarea /ater#alel+r "la*t#)e. S+)#etatea $#*"(ne $e + ga/a 6ar#ata $e "r+$(*e $e*t#nate (t#l#zat+r#l+r #n$#*tr#al# *# )a*n#)#8 e*te )+n*#$erata l#$er "e "#ata r+/anea*)a "re)(/ *# #n ' $e tar# $#n "atr( )+nt#nente "r#n )al#tatea "r+$(*el+r *ale *# "r#n ra"+rt(l )al#tate9"ret. F#r/a are "e*te : $e an# $e e5"er#enta #n $+/en#(l /ater#alel+r "la*t#) *# are 1::; )a"#tal "r#6at ,##n$ )+tata la 2(r*a $e Val+r# 2()(re*t#. O3#e)t(l $e a)t#6#tate al ,#r/e# e*te "rel()rarea art#)+lel+r $#n /ater#al "la*t#). Dat+r#ta )el+r tre# ,a3r#)# ,#r/a "(ne la $#*"+z# ț#a )l#en ț#l+r *# (r/at+arele< Fa3r#)a 19 Prel()rare PVC="+l#)l+r(ra $e 6#n#l>< •
gran(le PVC "entr( #n)alta/#nte8 )a3l(r# ele)tr#)e8 ,(rt(ne8 te6#8 t(3(r#?
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t(3(r# "entr( #n*talat## ele)tr#)e?
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te6# "entr( a"a *# ,l(#$e )( a)t#(ne ne)+raz#6a a*("ra PVC?
Fa3r#)a '9 Pr+$(*e In@e)tate=$#n "+l#et#l#na8 "+l#"r+"#lena8 "+l#*t#ren8 "+l#a/#$e8 "+l#a)etal>< •
art#)+le *an#tare *# $e /ena@?
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art#)+le $e 6+#a@8 3#r+( *# gra$#na?
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a/3ala@e =na6ete8 )(t##>?
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art#)+le #n$(*tr#al. 4
Fa3r#)a 9 Prel()rate $#n "+l#et#lena< •
,+l## )+e5tr(*e #n tre# *trat(r#8 lat#/e "ana la - /?
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,+l## )( 3(le8 ,+l##ter/+)+ntra)t#3#le83enz# a6ert#z+are?
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*a)#=#n)l(*#6e #n r+le>?
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"(ng# *# *a)+*e? )l#*ee ,le5+gra,#)e $#n ,+t+"+l#/er# "entr( #/"r#/ar# "e ,+l#e. Se)t#a *)(lar#e /atr#ter#e9 /atr#te<
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/atr#te "entr( "r+$(*e #n@e)tate8 *(,late *# ter/+,+r/ate?
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SDV9(r# "entr( l#n## $e e5tr($ere?
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"#e*e $e *)#/3 "entr( e)#"a/ente *"e)#,#) "rel()rar## /a*el+r "la*t#)? re"arat## /atr#te.
Pr#n)#"ala )+n)(renta a ,#r/e# + )+n*t#t(e *+)#etat#le )( a)e#a*# a)t#6#tate )(/ ar ,#< M+l$+"la*t Ia*#8 Na"+)#/ Cl(@ #n* a"e ter/en /e$#( *# l(ng *+)#etatea 6a tre3(# *a #n,r(nte *# )+n)(renta re"rezentata $#n #/"+rt(r#.
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%.Structura surselor de &inan"are (pentru ulti'ele trei eerci"ii &inanciare$. D#n "(n)t $e 6e$ere ,#nan)#ar8 )a"#tal(l re,le)ta *(/a 3anea*)a #n6e*t#ta $e a*+)#at# *a( "art#)#"ant# la + #ntre"r#n$ere )are e*te e5"r#/ata $e $#,er enta $#ntre a)t#6e *# $at+r##. Ca"#tal(l "r+"r#( al (ne# #ntre"r#n$er# e*te )+n*t#t(#t $#n< )a"#tal *+)#al8 "r#/e legate $e )a"#tal8 $#,erente $#n ree6al(re8 rezer6e8 rez(ltat(l re"+rtat8 rez(ltat(l e5er)#t#(l(#8 "r+6#z#+ane8 regle/entar#. Ca"#tal(l *+)#al re"rez#nta "r#n)#"ala )+/"+nenta a )a"#tal(r#l+r "r+"r## ale (ne# #ntre"r#n$er# )e #n)l($e *(3*)r#"t##le e,e)t(ate $e "art#)#"ant# la + *+)#etate )+/er)#ala. Ca"#tal(l *+)#al $e $#,erent#aza #n ,(n)t#e $e "art#)(lar#tat#le +rgan#zar## *+)#etat#l+r )+/er)#ale=*+)#etate "e a)t#(n#8 *+)#etate )( ra*"(n$ere l#n#tata> "re)(/ *# "e 3aza +3#e)t(l(#=*+)#etat# )+/er)#ale8 *+)#etat# 3an)are8 *+)#etat# $e a*#g(rare>. Pr#/e legate $e )a"#tal *(nt ,+r/ate $#n "r#/ele $e e/#*#(ne *# "r#/ele $e a"+rt. D#,erentele $#n ree6al(are *(nt re"rezentate $e *(r"l(*(r#le 6al+r#)e rez(ltate $#n ree6al(area #/+3#l#zar#l+r (ne# #ntre"r#n$er# "r#6ate. In *,era )a"#tal(r#l+r "r+"r## ale #ntre"r#n$er#l+r *e /a# #n)l($e rez(ltat(l re"+rtat8 rez(ltat(l e5er)#t#(l(#8 rezer6ele *# "r+6#z#+anele regle/entate. Rezer6ele #ntre"r#n$er#l+r "r#6ate *(nt ,+r/ate8 la ran$(l l+r $#n rezer6ele legale8rezer6ele "entr( a)t#(n# "r+"r##8rezer6e *tat(tare *# rezer6e )+ntra)t(ale. Pr+6#z#+anele regle/entate *e )+n*t#t(e "e *ea/a )elt(#el#l+r #n 6e$erea a)+"er#r## "#er$er#l+r "r+6+)ate $e )re*terea "ret(r#l+r la /ater##le "r#/e8 )+/3(*t#3#l8 energ#e8 a"a8 )re*terea n#6el(l(# $+3anz#l+r la #/"r(/(t(r#.
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C( "r#6#re la *(r*ele $e ,#nantare ale *+)#etat## Pr+$"la*t S.A. "(te/ )+n*tata (r/at+arele a*"e)t )( "r#6#re la )e# tre# an# '::78 ':1:8 ':11. In )eea )e "r#6e*te an(l '::7 )a"#tal(l a *e/nalat /+$#,#)ar## ,##n$ #n 6al+are $e &'.--7.74RON. In an(l ':1: a ,+*t #n 6al+are $e &&.-&'.&- RON8 ,ata $e '::7 #n 6al+are $e 1.74'.07 RON.
*# *9a )+n*tatat + )re*tere
In an(l ':11 a a6(t 6al+are $e &4.4'.14 RON8 #nreg#*tran$(9*e + )re*tere ,ata $e an(l ':1: #n 6al+are $e '.7'7.741 RON8 *# ,ata $e an(l '::7 + )re*tere #n 6al+are $e &.7:'.-: RON. C( "r#6#re la rezer6ele $#n ree6al(are #n an(l '::7 a( ,+*t #n 6al+are $e ':&.04 RON. In an(l ':1: a( ,+*t #n 6al+are $e &71.&&-RON8 *e*#zan$(9*e + )re*tere ,ata $e an(l '::7 #n 6al+are $e '0-.07 RON. In an(l ':11 rezer6ele $#n ree6al(are a( #nreg#*trat a)e#a*# *(/a )a #n an(l ':1: $e &71.&&- RON. Rezer6ele #n an(l '::7 a( #nreg#*trat + 6al+are $e ''.:74.4' RON. In an(l ':1: rezer6ele a( ,+*t #n 6al+are $e '.&7:.04 RON8 a6an$ + )re*tere ,ata $e an(l '::7 #n 6al+are $e .7.'1RON. In an(l ':11 a( ,+*t #n 6al+are $e '4.''.::: RON8 #nreg#*tran$(9*e + )re*tere ,ata $e an(l ':1: $e 1.4'.&1 RON *# ,ata $e an(l '::7 t+t + )re*tere $e .1'.-'0 RON. In an## '::7 *# ':11 ,#r/a n( a #nreg#*trat "r+6#z#+ane8 $ar #n an(l ':1: "r+6#z#+anela a( ,+*t #n 6ala+re $e '.01' RON. In )eea )e "r#6e*te rez(ltat(l re"+rtat #n an(l '::7 a ,+*t #n 6al+are $e .&1&.-4& RON. In an(l ':1: a)e*ta a ,+*t #n 6al+are $e 1.-0.4: RON8 #nreg#*tran$(9*e + *)a$ere a rez(ltat(l(# re"+rtat ,ata $e an(l '::7 #n 6al+are $e 1.4'0.7&& RON.
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In an(l ':11 a ,+*t #n 6al+are $e '.7'7.741 RON8 *e/nalan$ + )re*tere ,ata $e ':1: #n 6al+are $e 1.'&&.'&1 RON8 #ar ,ata $e an(l '::7 a *)az(t #n 6al+are $e &0&.4: RON.
).Analiza 'uta"iilor în structura capitalului propriu #i a &actorilor de influenţ" #pentru ulti$ele trei e%er&iţii finan&iare'. M(tat##le #n *tr()t(ra )a"#tal(l(# "r+"r#( *(nt anal#zate "e an## '::78 ':1:8':11 a*t,el< Pentr( an(l '::7< Ca"#tal(l *(3*)r#* la #n)e"(t(l e5er)#t#(l(# ,#nan)#ar *# "ana la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a ,+*t #n 6al+are $e 14.:4'.0 RON. Rezer6ele $#n ree6al(are la #n)e"(t(l e5er)#t#(l(# ,#nan)#ar *# "ana la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a ,+*t #n 6al+are $e ':&.04 RON. Rezer6ele legale la #n)e"(t(l e5er)#t#(l(# ,#nan)#ar a( ,+*t #n 6al+are $e 1.0:7.0& RON #ar la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a( ,+*t #n 6al+are $e 1.7'0.-& RON8 *e/nalan$ + )re*tere $e 117.:-1 RON.
Rezer6ele *tat(are *a( )+ntra)t(al la #n)e"(t(l e5er)#t#(l(# ,#nan)#ar a( ,+*t #n 6al+are $e 1'.-7.1 #nreg#*tran$ "e "ar)(r*(l e5er)#t#(l(# ,#nan)#ar + )re*tere $e &.07.': RON $e+are)e la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a( ,+*t $e 14.&-'.01 RON.
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Alte re*er6e a( ,+*t #n 6al+are $e '.4:.7&4 RON la #n)e"(t(l e5er)#t#(l(# ,#nan)#ar8 #ar la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a( ,+*t e '.4:-.1&- RON #nreg#*tran$(*e + )re*tere $e '.177 RON.
Pr+,#t(l *a( "#er$erea e5er)#t#(l(# ,#nan)#ar a ,+*t la #n)e"(t(l an(l(# "e *+l$ )re$#t+r $e .11.:- RON #ar la *,ar*#t(l an(l(# "e *+l$ )re$#t+r a ,+*t #n 6al+are .&1&.-4& RON8 *e/nalan$ + *)a$ere #n 6al+are $e1.4-.0' RON.
La #n)e"(t(l e5er)#t#(l(# ,#nan)#ar re"art#zarea "r+,#t(l(# a ,+*t $e .11.:RON #ar la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a a6(t 6al+are $e 117.:-1 RON #nreg#*tran$ + *)a$ere #n 6al+are $e .:1.77 RON.
T+tal )a"#tal(r# "r+"r## la #n)e"(t(l e5er)#t#(l(# ,#nan)#ar a ,+*t #n 6al+are $e 7.'.'0 RON "e )an$ la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a ,+*t #n 6al+are $e &'.--7.74 RON #nreg#*tran$(9*e + )re*tere $e .&1&.-4& RON.
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Pentr( an(l ':1:< Ca"#tal(l *(3*)r#* atat la #n)a"(t(l )at *# la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a ,+*t #n 6al+are $e 14.:4'.0 RON. Rezer6ele $#n ree6al(are la #n)e"(t(l e5er)#t#(l(# ,#nan)#ar a( ,+*t #n 6al+are $e ':&.04 RON8 #ar la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a( a6(t 6al+are $e &71.&&- RON #nreg#n*tran$ + )re*tere $e '0-.07 RON.
La #n)e"(t(l e5er)#t#(l(# ,#nan)#ar rezer6ele legale (n a6(t 6al+are $e 1.7'0.-& RON8 #ar la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a( ,+*t #n 6al+are $e '.:'-.'&4 RON8)+n*tatan$ + )re*tere #n 6al+are $e 74.-:' RON.
Rezer6ele *tat(are *a( )+ntra)t(al la #n)e"(t(l e5er)#t#(l(# ,#nan)#ar a( ,+*t #n 6al+are $e 14.&-'.01 RON #ar la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a6an$ *(/a $e ':.44.:'78 ,##n$ + )re*tere $e .'7&.&&0 RON .
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In )eea )e "r#6e*te alte re*er6e la #n)e"(t(l e5er)#t#(l(# ,#nan)#ar a( a6(t *(/a $e '.4:-.1&- RON8 #ar la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar ,##n$ $e '.4:4.11 RON *e/nalan$ + )re*tere $e 1.1- RON.
Pr+,#t(l *a( "#er$erea e5er)#t#(l(# ,#nan)#ar la #n)e"(t an(l(# "e *+l$ )re$#t+r a ,+*t $e .&1&.-4& RON #ar la *,ar*#t(l an(l(# "e *+l$ )re$#t+r a a6(t *(/a $e 1.-0.4: RON8 )+n*tatan$ + *)a$ere $e 1.4'0.7&& RON.
C( "r#6#re la re"art#zarea "r+,#t(l(# la #n)e"(t(l e5er)#t#(l(# ,#nan)#ar a a6(t *(/a $e 117.:-1 RON8 #ar la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a ,+*t #n 6al+are $e 74.-:' RON8 #nreg#*tran$ + *)a$ere $e '1.&7 RON.
T+tal )a"#tal(r# "r+"r## la #n)e"(t(l e5er)#t#(l(# ,#nan)#ar a( ,+*t #n 6al+are $e &'.--7.74 RON8 #ar la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a( a6(t *(/a $e &&.-&'.&RON *e/nalan$ + )re*tere $e 1.74'.07 RON.
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Pentr( an(l ':11< Ca"#tal(l *(3*)r#* atat la #n)e"(t(l )at *# la *,ar*#t(l e5er)#t#(l(# ,#nanan)#ar a ,+*t #n 6al+are $e 14.:4'.0 RON. C( "r#6#re la rezer6ele $#n ree6al(are a)e*tea la #n)e"(t(l )at *# la *,ar*#t(l e5er)#t#(l(# ,#ann)#ar a( #nreg#*trat *(/a $e &71.&&- RON. Rezer6ele legale la #n)e"(t(l e5er)#t#(l(# ,#nan)#ar a( ,+*t #n 6al+are $e '.:'-.'&4 RON8 "e )an$ la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a)e*tea a( a6(t *(/a $e '.14:.' RON #nreg#*tran$ + )re*tere $e 1&&.'0 RON.
S+l$(l #nreg#*trat $e rezer6ele *tat(are *a( )+ntra)t(ale la #n)e"(t(l )at *# la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a( a6(t *(/a $e ':.44.11 RON. In )eea )e "r#6e*te alte re*er6e a)e*tea la #n)e"(t(l e5er)#t#(l(# ,#nan)#ar a( a6(t *(/a $e '.4:4.:'7 RON #ar la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a( ,+*t $e &.'7.&7 RON8 #nreg#*tran$ + )re*tere $e 1.00.1'0 RON.
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Pr+,#t(l *a( "#er$erea e5er)#t#(l(# "e *+l$ )re$#t+r la #n)e"(t(l an(l(# a ,+*t #n 6al+are $e 1.-0.4: RON #ar la *,ar*#t(l an(l(# "e *+l$ )re$#t+r a a6(t *(/a $e '.7'7.741 RON8#nreg#*tran$ + )re*tere #n 6al+are $e 1.'&&.'&1 RON.
Re"art#zarea "r+,#t(l(# la #n)e"(t(l e5er)#t#(l(# ,#nan)#ar a a6(t *(/a $e 74.-:' RON #ar la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a ,+*t #n 6al+are $e 1&&.'0 RON8 *e/nalan$ + )re*tere $e &-.-0 RON.
T+tal )a"#tal(r# "r+"r## l a#n)e"(t(l e5er)#t#(l(# ,#nan)#ar a ,+*t #n 6al+are $e &&.-&'.&- RON #ar la *,ar*#t(l e5er)#t#(l(# ,#nan)#ar a a 6(t *(/a $e &4.4'.14 RON8 )+n*tatan$ + )re*tere $e '.7'7.741 RON.
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Se "+ate +3*er6a + )re*tere a )a"#tal(l(# "r+"r#( $e9a l(ng(l )el+r tre# an#.
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*. Analiza 'uta"iilor în structura resurselor î'pru'utate (pentru ulti'ele trei eerci"ii &inanciare$. O3#e)t#6ele (ne# ge*t#(n# e,#)#ente "e ter/en *)(rt a ,#r/e# *e re,era la real#zarea "r+gra/el+r $e "r+$()t#e8 *at#*,a)erea )erer## "r#6#n$ 6anzar#le8/#n#/#zarea )+*t(r#l+r $e ,#nantare *# a*#g(rarea l#)#$#tat## ,#r/e#. A)e*te +3#e)t#6e *(nt )ele /a# 3(ne real#zate "r#n *#n)r+n#zarea *)a$entel+r a)t#6el+r )e *(nt $et#n(te $e ,#r/a. Da)a *)a$entele n( *(nt "(*e #n )+n)+r$anta8 ,#r/a 6a ,# *("(*a (n+r r#*)(r# )are n( *(nt ne)e*are *# (n+r )+*t(r# *("l#/entare #/"+6arat+are. F#nantarea "e ter/en *)(rt *e re,era la ,#nantarea a)t#6el+r )#r)(lante ne)e*are ,#r/e# *# are (n +r#z+nt $e t#/" *(3 (n an.Pentr( $e*,a*(rarea #n 3(ne )+n$#t## a a)t#6#tat## ,#r/e#8"e langa *ta3#l#rea ne)e*ar(l(# $e a)t#6e )#r)(lante8 + #/"+rtanta /a@+ra + are *# $e)#z#a "r#6#n$ *ta3#l#rea /+$(l(# $e ,#nantare a a)e*t+ra. In general8 ,#r/ele re)(rg la ,#nantarea "e ter/en *)(rt $#n $+(a /+t#6e "r#n)#"ale. Pr#/(l e*te $eter/#nat $e ne)e*#tat#le $e ,+n$(r# $#n an(/#te "er#+a$e. Al $+#lea /+t#6 e*te )a ,#r/a "+ate ,+l+*# ,#nantarea "e ter/en *)(rt "ana )an$ 6a a"area )a ne)e*ara + ,#nantare "e ter/en l(ng. In a)e*t )az8 ,#nantarea "e ter/an *)(rt are r+l(l $e a6an*)ena a (ne# ,#nantar# "e ter/en l(ng (lter#+are. De)#z#a $e a)#z#t#+nare a a)t#6el+r "e ter/en l(ng ne)e*#ta8 "+tr#6#t "r#n)#"#(l(# ar/+n#zar## *(r*ele $e ,#nantare )are *a a)+"ere ,+n$(r#le #/+3#l#zate #n a)e*te a)t#6e.F#r/a a,lata #n a)e*te *#t(at## "+ate a"ela la *(r*e $#n #nter#+r(l *a(8 la *(r*e $#n a,ara ,#r/e#. D#n "(n)t $e 6e$ere al ,(rn#z+r#l+r (ne# n+# ,#nantar# *(nt #/"+rtant (r/at+r## ,a)t+r#<
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N#6el(l 6en#t(l(# a*te"tat $e #n6e*t#t+r#?
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N#6el(l r#*)(l(# ata*at r#*)(r#l+r a*te"tate?
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P+tent#al(l $e l#)#$are a #n6e*t#t#e# l+r ,#e $#re)t $e )atre ,#r/a "r#n ra/3(r*area $at+r#e#8 ,#e #nter/e$#(l "#ete# *e)(n$are=3(r*e#>?
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Bra$(l $e )+ntr+l *a( $e #n,l(enta a*("ra a,a)er#l+r ,#r/e# "e )are #l +3t#n #n6e*t#t+r+ )a (r/are a #n6e*t#t#e# ,a)(te.
Pr#n)#"alele t#"(r# $e ,#nantatre "e ter/en l(ng *(nt < #/"r(/(t(l 3an)ar "e ter/an l(ng8 #/"r(/(t(l +3l#gat+r8 )re*terea )a"#tal(# "r+"r#( *# a"elarea la lea*#ng.
Re*(r*ele #/"r(/(tate ale ,#r/e# *(nt )+n*t#t(#te $#n #/"r(/(t(r# *# $at+r## "e ter/en *)(rt a*t,el< C( "r#6#re la #/"r(/(t(r#le ,#r/e# "e "ar)(r*(l )el+r an# a)e*tea a( ,+*t #n 6al+are $e 0.7:0 RON atat la #n)e"(t(l )at *# la *,ar*#t(l an#l+r. Dat+r##le )are tre3(#e "lat#te "e + "er#+a$a $e "ana la (n an la #n)e"(t(l an(l(# '::7 a( ,+*t #n 6al+are $e &.'.''& RON #ar la *,ar*#t(l an(l(# a( a6(t *(/a $e '.-1.44 RON #nreg#*tran$ + *)a$ere $e 1.-:1.&1 RON. In an(l ':1: $at+r##le )e tre3(#e "lat#te $e "ana la (n an la #n)e"(t(l an(l(# a( a6(t *(/a $e '.-1.44 RON #ar la *,ar*#t(l an(l(# a( ,+*t #n 6al+are $e '.:0'.&:& RON8 *e/analan$ + *)a$ere #n 6al+are $e &7.-7 RON.
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In )eea )e "r#6e*te $at+r##le )e tre3(#e "lat#te $e "ana la (n an la #n)e"(t(l an(l(# ':11 a)e*te a( ,+*t #n 6al+are $e '.:0'.&:& RON #ar la *,ar*#t(l an(l(# a( a6(t 6al+are $e '.47:.:' RON )+n*tatan$ + )re*tere #n 6al+are $e 4:4.-&0 RON.
2#3l#+gra,#e
1.+anta N.8”Be*t#(nea ,#nan)#ara a #ntre"r#n$er##”8E$#t(ra C..2e)2()(re*t# '::1? '.Be+rge F#l#"82+g$an Z(gra6(8”F#nante *("+rt $e )(r*8an II 8an(l (n#6er*#tar ':119':1'”? ..363.r+ &.."r+$"la*t.r+
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Anexe
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