INCREASE IN THE ROLE OF THE FINANCIAL SYNTHESIS REPORTS FOR ACCESSION OF THE EUROPEAN STRUCTURAL FUNDS
European integration is supported through important financial resources in order to sustain the investment effort for aligning the business infrastructure and increase in the business competitiveness in order to fulfill the European Union standards. The financial management, a basic component of the general management, has as scope to realize complex financial analysis in order to substantiate the decisions for investments and financing which should ensure the maximization of results, ensuring also the elaboration of the project budget as an essential document in the identification of the needs for resources and for obtaining the non-reimbursable financial sources. An essential role in the investment decision making, having as support European funding, is realized by the financial-accounting reporting documents such as balance sheet, profit and loss account, table of the treasury flows, which together with a realistic established actualization rate ensures the relevance and efficiency of the financial indicators: Net present Value(NPV), Internal Rate of Return(IRR), the investment recovery period, the benefit/cost ratio. This study has as its goal to realize a critical analysis over the main simulation methods and techniques for forecasting annual return based on its growth rate, which should ensure the success of the implementation and operation of an investment realized through European structural funds respecting also the requirements for minimization of risks. In this research it is shown the importance of proper generation/modeling of the annual turnover in an investment project. Several methods were presented and case study was realized. Since the annual turnover constitutes the basis for the entire financial analysis it is very important that a realistic growth rate is used. Otherwise the provisions within the financial analysis of the investment (including CBA), the project implementation strategy and later the plan for the utilization of the newly realized investment might prove difficult to be fulfilled.
FINANCIAL INDICATORS FOR THE IMPLEMENTATION OF AN EUROPEAN FUNDED INVESTMENT PROJECT UNDER SOP IEC PROGRAMME â€“ CASE STUDY OF A ROMANIAN SME
The European Integration came with new challenges for the Romanian enterprises especially for the SMEs, the opportunities arising from operating on the European Single Market and the possibility for accession of European Regional Development Funds. The main programme designed to offer access for small, medium and large Romanian enterprises to European funding is the Sectorial Operational Programme â€œIncrease of Economic Competitivenessâ€ - SOP IEC. This paper will analyze the area of intervention â€œD1.1. Productive and environment friendly investments and preparation for market competition in which Romanian SMEsâ€ are competing to access European funding in order to develop their activities or to extend them into new ones. One of the main challenges for these SMEs is to generate, fulfil and to respect the financial indicators of the programme, which are part of the financial analysis of the project.
Neotectonic rotations in the Orava-Nowy Targ Intramontane Basin (Western Carpathians): An integrated palaeomagnetic and fractured clasts study
Abstract The objectives of this contribution are: (1) to promote the application of fractured clasts analysis in conglomerates for regional stress reconstructions and (2) to advance reconstruction of the Western Carpathians structural development. Our results show that the Neogene fill of the Orava-Nowy Targ Intramontane Basin underwent CCW rotation of about 30°. We infer that the rotation terminated after 8 Ma and was related to shift along NW-SE to NNW-SSE trending faults at the NE termination of the sinistral Mur-Žilina Fault Zone. Our results show that, fractured clasts analysis can be good tool for regional tectonic reconstructions. The tool is especially useful when other tectonic tools are scarce or absent. Results of our palaeomagnetic study and fractured clasts analysis verify and supplement each others. In the studied case, palaeomagnetic results allow to distinguish between regional stress field rotation and rotation of the Orava-Nowy Targ Basin Neogene fill, whereas, results of fractured clast analysis help to constrain the age of rotation.