CAPITOLUL 4 - ANALIZA RENTABILITATII

7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

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A1$/,=$5(17$%,/,7 ,I

$ERUG ULFRQFHSWXDOHSULYLQGUHQWDELOLWDWHDvQWUHSULQGHULL

5HQWDELOLWDWHDSRDWHILGHILQLW FDILLQGFDSDFLWDWHDXQHLvQWUHSULQGHULGHD RE LQH SURILW SULQ XWLOL]DUHD IDFWRULORU GH SURGXF LH L D FDSLWDOXULORUinGLIHUHQWGHSURYHQLHQ DDFHVWRUD

Rentabilitatea este una din formele cele mai sintetice de exprimare a

HILFLHQ HLvQWUHJLLDFWLYLW LHFRQRPLFR-financiare a ntreprinderii, respectiv aWXWXURU PLMORDFHORU GH SURGXF LH XWLOL]DWH L D IRU HL GH PXQF GLQ toate

VWDGLLOHFLUFXLWXOXLHFRQRPLFDSURYL]LRQDUHSURGXF LHLYkQ]DUH(ILFLHQ D HFRQRPLF HVWH RFDWHJRULH HFRQRPLF PDL FXSULQ] WRDUHGHFkW UHQWDELOLWDWHD Q DFHVW VHQV PHQ LRQ P L XUP WRDUHD DILUPD LHHILFLHQ D HFRQRPLF UHSUH]LQW FHD PDL JHQHUDO FDWHJRULH FDUHFDUDFWHUL]HD] UH]XOWDWHOHFHGHFXUJGLQGLIHULWHYDULDQWHSUHFRQL]DWHSHQWUXutilizarea (consum productiv, consum individual, vnzare) sau economisirea

unor resurse (umane, materiale sau financiare) intrate sau neintrate n

circuitul economic)1.

3HQWUX H[SULPDUHD UHQWDELOLW LL VH XWLOL]HD] GRX FDWHJRULL GHLQGLFDWRULSURILWXOLUDWHOHGHUHQWDELOLWDWH0 ULPHDDEVROXW DUHQWDELOLW LLHVWHUHIOHFWDW GHSURILWLDUJUDGXOvQFDUHFDSLWDOXOVDXXWLOL]DUHDUHVXUVHORUntreprinderii DGXF SURILW HVWH UHIOHFWDW GH UDWD UHQWDELOLW LL LQGLFDWRU DOP ULPLLUHODWLYHDUHQWDELOLW LL

1 " $ % & ' ( $

aliza economico-0 1

$ % $

1

% % 3 $! & 5

1

$ "

1 1 6

7 "

1

& % 9

1 B

$ % 7 $ D

1

E G &

1

H P P Q 5 H S S

4


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4.2 Analiza profitului

Profitul, sub diversele sale forme, poate fi analizat din punct de

YHGHUHVWUXFWXUDOLIDFWRULDOSHWRWDOvQWUHSULQGHUHLSHSroduse.

$QDOL]DVWUXFWXUDO DSURILWXOXL

$QDOL]D VWUXFWXUDO D SURILWXOXL XUP UHWH VWDELOLUHD FRQWULEX LHLGLIHULWHORU WLSXUL GH UH]XOWDWH OD PRGLILFDUHD WRWDO SUHFXP L SXQHUHD vQHYLGHQ DVFKLPE ULORULQWHUYHQLWHSHHOHPHQWHFRPSRQHQWH

AQDOL]DVWUXFWXUDO DUH]XOWDWXOXLEUXWDOH[HUFL LXOXLSURILWEUXWVDXSLHUGHUHVHSRDWHHIHFWXDSHED]DJUXS ULLYHQLWXULORULFKHOWXLHOLORUGXS QDWXU VDX D JUXS ULL FKHOWXLHOLORU GXS IXQF LD GHVWLQD LD ORU vQ FDGUXO

ntreprinderii.Analiza struFWXUDO D UH]XOWDWXOXL EUXW DO H[HUFL LXOXL vQ IXQF LH GH

JUXSDUHDYHQLWXULORULFKHOWXLHOLORUGXS QDWXUDORUVHSRDWHHIHFWXDGXS XUP WRDUHDVFKHP

Rezultatul

brut al

exerci1

1

T V & % & W 5 % &

1 1

Rezultatul financiar

Rezultatul extraordinar

% Y %

B

&

0

% "

cheltuielilevariabile

Venituri din exploatare

Cheltuieli variabile

de exploatare

Cheltuieli fixe de

exploatare

Cheltuieli financiare

Venituri financiare

Cheltuieli extraordinare

Venituri extraordinare

-

+

-

+

-

-

)LJ6FKHPDGHDQDOL] VWUXFWXUDO DUH]XOWDWXOXLEUXW(modelul 1)


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4.2.2 Analiza soldurilor intermediare ale gestiunii (S.I.G.)

Prin solduri intermediare ale geVWLXQLL vQ HOHJHP SULQFLSDOLLindicatori economico-ILQDQFLDULVWDELOL LSHED]DGDWHORUGLQ&RQWXOGHSURILWL 3LHUGHUH FX DMXWRUXO F URUD VH FDUDFWHUL]HD] PRGXO GH IRORVLUH D

UHVXUVHORUPDWHULDOHILQDQFLDUHLXPDQHDOHILUPHLUn sold intermediar al JHVWLXQLL HVWH GLIHUHQ D GLQWUH GRX YDORUL

3ULQVF GHULVXFFHVLYHVHRE LQLQGLFDWRULGHFDUDFWHUL]DUHDUHQWDELOLW LLLJHVWLXQLLILUPHLXQLLVHUHJ VHVFFDDWDUHvQ&RQWXOGH3URILWL3LHUGHUHLDUDO LLVHGHWHUPLQ vQVLWXD LD6,*

SoldurilHLQWHUPHGLDUHDOHJHVWLXQLLVHSUH]LQW vQWU-un tablou care, nHVHQ HVWHRDOW PRGDOLWDWHGHSUH]HQWDUHDFRQWXOXLGHUH]XOWDWH

7DEORXOVROGXULORU LQWHUPHGLDUH DOHJHVWLXQLL VXE IRUP GH OLVW VH

SUH]LQW DVWIHO Tabelul 4.1ExeUFL LXOILQDQFLDUNr.

crt.Indicatori

precedent curent

1.

2.

9kQ] ULGHP UIXULFW&RVWXOP UIXULORUYkQGXWHFW

3. 0DUMDFRPHUFLDO -2)

4.

5.

6.

3URGXF LDYkQGXW FWOD9DULD LDSURGXF LHLVWRFDWHFW

9HQLWXULGLQSURGXF LDGHLPRELOL] ULFW7. 3URGXF LDH[HUFL LXOXL

8. &RQVXPXULOHH[HUFL LXOXLSURYHQLQGGHODWHU LJUPDLSX LQFWJUJU)

9. 9DORDUHDDG XJDW -8)

10.

11.

12.

6XEYHQ LLGHH[SORDWDUH&KHOWXLHOL FX LPSR]LWH WD[H L Y UV PLQWH DVLPLODWH(gr. 63)

Cheltuieli cu personalul (gr. 64)

13. ([FHGHQWXOGHILFLWXOEUXWDOH[SORDW ULL-11-12)14.

15.

16.

Alte venituri din exploatare inclusiv cele din provizioane

Alte cheltuieli de exploatare

Cheltuieli de exploatarH SULYLQG DPRUWL]DUHD Lprovizioanele

17. 5H]XOWDWXOH[SORDW ULL-15-16)

18.

19.

Venituri financiare

Cheltuieli financiare

20. 5H]XOWDWXOFXUHQWDOH[HUFL LXOXL-19)


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c) 100.E.B.E

dobanzilecuCheltuieliRcf =

d) 100.E.B.E

profitpeImpozitRi =

e) 100E.B.E

DividendeRd =

n care:

Ra = UHSUH]LQW UDWDDPRUWL] ULLRp = rata provizioanelor;

Rcf = rata cheltuielilor financiare cu dobnzile;

Ri = rata impozitului pe profit;

Rd = rata dividendelor.

$QDOL]DIDFWRULDO DSURILWXOXLODQLYHOGHvQWUHSULQGHUH

$QDOL]D SURILWXOXLVH LPSXQH DIL HIHFWXDW L vQ IXQF ie de factoriiGLUHF L L LQGLUHF L FDUH DF LRQHD] OD QLYHOXO vQWUHSULQGHULL /XkQG vQFRQVLGHUDUHGLYHUVLWDWHDGHIRUPHVXEFDUHVHSUH]LQW SURILWXOQHWODQLYHOGHvQWUHSULQGHUH DQDOL]D IDFWRULDO D DFHVWXLD SRDWH IL DSURIXQGDW DYkQG vQ

YHGHUH XUP WRDUHOH FDWHJRULL GH UH]XOWDWH UH]XOWDWXO EUXW DO H[HUFL LXOXLUH]XOWDWXOH[SORDW ULLLUH]XOWDWXODIHUHQWFLIUHLGHDIDFHUL

$QDOL]DIDFWRULDO DUH]XOWDWXOXLEUXWDOH[HUFL LXOXL

5H]XOWDWXOEUXWDOH[HUFL LXOXL 5E VH GHWHUPLQ FD GLIHUHQ vQWUHYHQLWXULOHWRWDOHLFKHOWXLHOLOHWRWDOH

0RGXOGHDQDOL] IDFWRULDO HVWH

100

prbgprb:unde,prbVt

Vt

Ct1VtRb

ii==

=

n care:

prb =UHSUH]LQW UH]XOWDWXOSURILWXOPHGLXEUXWODOHXYHQLWXULWRWDOHgi = structura veniturilor totale pe FDWHJRULLGHDFWLYLW Lprbi =SURILWXOEUXWODOHXYHQLWXULSHFDWHJRULLGHDFWLYLW L


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6LVWHPXOGHIDFWRULFDUHDF LRQHD] DVXSUDSURILWXOXLEUXWVHSUH]LQW astfel:

0 VXUDUHD LQIOXHQ HORU IDFWRULORU VH UHDOL]HD] FX DMXWRUXO PHWRGHLsXEVWLWXLULORUvQODQ

$QDOL]DIDFWRULDO DUH]XOWDWXOXLH[SORDW ULL

5H]XOWDWXO H[SORDW ULL 5H VH FLUFXPVFULH OD QLYHOXO DFWLYLW LL GHED] D vQWUHSULQGHULL L FDUDFWHUL]HD] vQ P ULPH DEVROXW UHQWDELOLWDWHDciclului de exploatare. El se dHWHUPLQ FD GLIHUHQ vQWUH YHQLWXULOH GLQH[SORDWDUH9HLFKHOWXLHOLOHDIHUHQWHDFHVWRUD&HDVWIHO

Re = Ve Ce$QDOL]DIDFWRULDO DUH]XOWDWXOXLH[SORDW ULLVHSRDWHHIHFWXDSHED]DXUP WRDUHORUPRGHOH

a)

i

ii

ii

ve

ce1preiar,

100

pregpreunde,preVe

Ve

Ce1VeRe =

==

=

unde:

gi = UHSUH]LQW VWUXFWXUDYHQLWXULORUGLQH[SORDWDUHSHWLSXULGHDFWLYLW Lprei = profitul sau pierderea la 1 leu venituri din exploatare pe tipuri de

activitate;

vei = VXPDYHQLWXULORUGLQH[SORDWDUHSHWLSXULGHDFWLYLW Lcei = suma cheltuieliORUGHH[SORDWDUHSHWLSXULGHDFWLYLW L

b)Ve

Re

Ae

VeAeRe =

Vt

gi

prbi

Prb

prb


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LQIOXHQ HLPRGLILF ULLSUH XULORUPHGLLGHYkQ]DUHXQLWDUH

( ) lei.mil6,45690231,01127,051000prprCA

pq

cq1

pq

cq1CAp

1

01v

01v

11v

01v1

+==

=

=

=

LQIOXHQ HLPRGLILF ULLFRVWXULORUXQLWDUH

( ) lei.mil7,21261127,0071,051000prprCA

pq

cq1

pq

cq1CAc

11

11v

01v

11v

11v1

==

=

=

=

&UHWHUHDSURILWXOXLDIHUHQWV-a datorat n exclusivitate sporirii cifreiGH DIDFHUL PDUMD PHGLH GH SURILW OD OHX YkQ] UL VF ]kQG D GHWHUPLQDWdiminuarea masei profitului.

&LIUDGHDIDFHULDFUHVFXWID GHQLYHOXOSUHY ]XWFXPLOOHLcontribuind la sporirea profitului cu 680 mil. lei. Aprofundnd influeQ DFLIUHLGHDIDFHULSULQLQWHUPHGLXOFHORUGRLIDFWRULGHJUDGXO,,VHFRQVWDW F YROXPXO IL]LF DO SURGXF LHL YkQGXWH D LQIOXHQ DW SR]LWLY vQ VHQVXO FUHWHULLSURILWXOXLFXPLOOHLvQWLPSFHPDMRUDUHDSUH XULORUPHGLLGHYkQ]DUHunitare a avut ca efect sporirea profitului cu 374 mil. lei.

6F GHUHD SURILWXOXL PHGLX OD OHX YkQ] UL FX OHL FHHD FHVHPQLILF R GLPLQXDUH D UDWHL UHQWDELOLW LL FRPHUFLDOH OD QLYHO GHvQWUHSULQGHUHFXDDYXWFDUH]XOWDWPLFRUDUHDSURILWXOXLDIHUHQWFLIUHiGH DIDFHUL FX PLO OHL ,QIOXHQ HOH IDFWRULORU LQGLUHF L FDUH DF LRQHD] DVXSUDSURILWXOXLSULQLQWHUPHGLXOSURILWXOXLPHGLXODOHXFLIU GHDIDFHULVWUXFWXU SUH XUL FRVWXUL VH LQWHUSUHWHD] VLPLODU PRGelului mai susprezentat (modelul de anaOL] D

0RGHOXOEDUHRYDORDUHLQIRUPD LRQDO VXSHULRDU PRGHOXOXLD

GHRDUHFH SXQH vQ HYLGHQ SULQ IDFWRULL GH JUDGXO FHOH GRX GLUHF LLSULQFLSDOH GH FUHWHUH D SURILWXOXL L DQXPH SULQ VSRULUHD UXODMXOXLYkQ] ULORULPRGLILFDUHDPDUMHLPHGLLGHSURILWODOHXYkQ] UL


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Analiza profitului pe produs (Prp) se poate realiza pe baza

modelului:

Prp = qv(p - c)

cicsdcmc ++= = jjpcscm

shtcsd =

q

Cici =

n care:

cm = UHSUH]LQW FKHOWXLHOLOH FX PDWHULLOH SULPH L PDWHULDOHOH GLUHFWH SHunitatea de produs;

csd =FKHOWXLHOLOHFXPDQRSHUDGLUHFW SHXQLWDWHDGHSURGXV

ci = cheltuielile indirecte pe unitatea de produs;

csj = FRQVXPXOVSHFLILFGLQUHVXUVDPDWHULDO Mpj = SUH XOGHDSURYL]LRQDUHDOUHVXUVHLM t = WLPSXOGHPXQF SHXQLWDWHDGHSURGXV

sh = salariul mediu oUDULQFOXVLYFRQWULEX LLOHSHQWUXDVLJXU ULLSURWHF LH

VRFLDO Ci = suma cheltuielilor indirecte;

q = YROXPXOIL]LFDOSURGXF LHLRE LQXWH6LVWHPXOGHIDFWRULFDUHDF LRQHD] DVXSUDPRGLILF ULLSURILWXOXLSH

SURGXVVHSUH]LQW DVWIHO

0HWRGRORJLD GH DQDOL] D SURILWXOXL SH SURGXV SUHVXSXQHFXDQWLILFDUHDLQIOXHQ HORUIDFWRULORUPDLVXVSUH]HQWD LGXS FXPXUPHD]

1. qv = (qv1 qv0) (p0 c0)

Prp csd

qv

csj

pj

p

c

cm

ci

t

sh


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0RGHOHOH XWLOL]DWH vQ DQDOL]D IDFWRULDO DOH DFHVWHL UDWH VXQWXUP WRDUHOH

a)

1001,100100Pr

=

==

pqcq

Rsau

pq

cqpq

pq

R

v

vc

v

vv

v

c

b) 1001,100

==

i

ici

ciic

p

cr

rgR

n care:

gi UHSUH]LQW VWUXFWXUDSURGXF LHLYkQGXWHSHSURGXVHci

r -UDWDUHQWDELOLW LLFRPHUFLDOHSHSURGXVH

3RWULYLW PRGHOXOXL D RUGLQHD vQ FDUH IDFWRULL DF LRQHD] DVXSUDUDWHL UHQWDELOLW LLFRPHUFLDOHHVWHXUP WRDUHD VWUXFWXUDSURGXF LHLYkQGXWHSHSURGXVHSUH XULOHPHGLLGHYkQ]DUHXQLWDUHLFRVWXULOe unitare.

0HWRGRORJLDGHFXDQWLILFDUHDLQIOXHQ HORUIDFWRULORUHVWHXUP WRDUHDc0

c1

c RRR = GLQFDUHGDWRULW

LQIOXHQ HLPRGLILF ULLVWUXFWXULLSURGXF LHLYkQGXWHSHSURGXVH

100pq

cq

1100pq

cq

10o

00v

01v

01v

LQIOXHQ HLPRGLILF ULLSUH XUilor medii de vnzare unitare:

1001100101

01

11

01

pq

cq

pq

cq

v

v

v

v

GLQFDUHGDWRULW LQIOXHQ HLLQIOD LHL

1001100101

01

01

01

pq

cq

Ipq

cq

v

v

pv

v

LQIOXHQ HLDOWRUIDFWRULGHFkWLQIOD LD

1001100101

01

11

01

pv

v

v

v

Ipq

cq

pq

cq


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$QDOL]DUDWHLUHQWDELOLW LLUHVXUVHORUFRQVXPDWH5rc)

5DWD UHQWDELOLW LL UHVXUVHORU FRQVXPDWH UHIOHFW FRUHOD LD GLQWUHUH]XOWDWXODIHUHQWFLIUHLGHDIDFHULLFRVWXULOHWRWDOHDIHUHQWHYkQ] ULORU

0RGHOXOGHFDOFXOLDQDOL] HVWHXUP WRUXO

100100Pr

==

cq

cqpq

cqR

v

vv

v

rc

)DFWRULLGLUHF LFDUHLQIOXHQ HD] DVXSUDUDWHLUHQWDELOLW LLUHVXUVHORUconsumDWH VXQW VWUXFWXUD SURGXF LHL YkQGXWH SH SURGXVH J FRVWXULOHXQLWDUHFLSUH XULOHPHGLLGHYkQ]DUHXQLWDUHH[FOXVLY79$S

0HWRGRORJLD GH DQDOL] IDFWRULDO L FXDQWLILFDUHD LQIOXHQ HORUfactorilor, utiliznd datele din tabelul nr. 5.3. se pUH]LQW DVWIHO

%70,810039100

3910042500R rc0 ==

%64,710047379

4737951000R rc

1=

=

%06,170,864,7RRR rc0

rc1

rc === GLQFDUHGDWRULW

LQIOXHQ HLPRGLILF ULLVWUXFWXULLSURGXF LHLYkQGXWHSHSURGXVH

%33,6R100cq

cgpqg rc0

01v

01v01v =

=

LQIOXHQ HLPRGLILF ULLFRVWXULORUXQLWDUH

%82,2100cq

cgpq100

cq

cgpqc

01v

01v01v

11v

11v01v =

=

LQIOXHQ HL PRGLILF ULL SUH XULORU PHGLL GH YkQ]DUH XQLWDUH SHproduse:

%09,8100cq

cgpq100cq

cgpqp11v

11v01v

11v

11v11v += =

/D ILQHOH SHULRDGHL DQDOL]DWH VH FRQVWDW R VF GHUH D UDWHLUHQWDELOLW LLUHVXUVHORUFRQVXPDWHFDXUPDUHDGLPLQX ULLUDWHLGHHILFLHQ a costurilor totale aferente cifrei de afaceri (indicele profitului a fost mai mic

dect indicele cheltuielilor totale aferente cifrei de afaceri, respectiv 106,5%

ID GH6F GHUHDUDWHLUHQWDELOLW LLUHVXUVHORUFRQVXPDWHV-DRE LQXWFDHIHFt

DO GHS LULL FRVWXULORU SUHY ]XWH SH SURGXVH L PRGLILF ULL VWUXFWXULL


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n care:

Rc

=UHSUH]LQW UDWDUHQWDELOLW LLFRPHUFLDOH

= 100

CA

ReR

c ;

CA.E.B.E =H[FHGHQWXOEUXWGLQH[SORDWDUHODOHXFLIU GHDIDFHUL

Ai = active imobilizate;

Ac = active circulante;

At

CA=YLWH]DGHURWD LHDDFWLYXOXLWRWDOH[SULPDW FDQXP UGHURWD LL

3RWULYLW SULPXOXL PRGHO GH DQDOL] VLVWHPXO GH IDFWRUL FDUHLQIOXHQ HD] DVXSUDUDWHLUHQWDELOLW LLHFRQRPLFHHVWHXUP WRUXO

Modificarea ratei UHQWDELOLW LL HFRQRPLFH VH H[SOLF SULQ SULVPDFHORU GRL IDFWRUL GLUHF L YLWH]D GH URWD LH D DFWLYXOXL WRWDO &$$W L UDWD

UHQWDELOLW LLFRPHUFLDOHVDXUDWDPDUMHLEUXWHODOHXYkQ] UL 5c

DF UHLDQDOL] SRDWH IL DSURIXQGDW SULQ LQWHUPHGLXO FHORU WUHL IDFWRUL LQGLUHF LVWUXFWXUDSURGXF LHLYkQGXWHSHSURGXVHSUH XULOHPHGLLGHYkQ]DUHXQLWDUHLFRVWXULOHXQLWDUH

At

Ca

c

Re

g

Rc p

At

Ca

Re

sau

CA.E.B.E


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Kp

At= factorul de multiplicare a capitalului propriu;

Vt

Pn=UHQWDELOLWDWHDQHW DYHQLWXULORUWRWDOH

Factorul de multipliFDUH D FDSLWDOXOXL SURSULX UHIOHFW JUDGXO GHvQGDWRUDUHDILUPHLIDSWGHPRQVWUDWFXDMXWRUXOUHOD LHL

Kp

D1

Kp

DKp

Kp

Pt

Kp

At+=

+==

n care:

Pt =UHSUH]LQW SDVLYXOWRWDOD = datoriile totale;

Kp

D

=JUDGXOGHvQGDWRUDUHVDXEUD Xl prghiei financiare.

8WLOL]kQG DFHVW PRGHO GH DQDOL] FRQVLGHU P FD ILLQG QHFHVDU DVXEOLQLDXUP WRDUHOHDVSHFWH

DFFHOHUDUHD YLWH]HL GH URWD LH D DFWLYXOXL WRWDO UHSUH]LQW RFRQGL LHHVHQ LDO SHQWUXVSRULUHDUDWHLUHQWDELOLW LLILQDQFLDUHDcapitalurilor proprii;

factorul de multiplicare a capitalului propriu, cu ct este maiPDUH FX DWkW FUHWH UHQWDELOLWDWHD ILQDQFLDU Q SUDFWLFDHFRQRPLF vQV H[LVW ROLPLW GHvQGDWRUDUHDFFHSWDW GHE QFL8QHOHE QFLDSUHFLD] FDOLPLW PD[LP GHvQGDWRrare 70% dinVXUVHOHWRWDOHDOHILUPHLGHS LUHDDFHVWHLOLPLWHGHvQGDWRUDUHDWUDJH SHQWUX ILUPD vQ FDX] GREkQ]L PDL PDUL L JDUDQ LLVXSOLPHQWDUH VROLFLWDWH GH E QFL GHRDUHFH ULVFXO ILQDQFLDU HVWHmai mare (factorul de multiplicare fiind n acest caz

33,333

701 =+ );

VSRULUHD UHQWDELOLW LL QHWH D YHQLWXULORU WRWDOH UHSUH]LQW SULQFLSDODFDOHGHFUHWHUHDSURILWXOXLQHWLHVWHGHWHUPLQDW vQSULQFLSDOGHHILFLHQ DDFWLYLW LLGHH[SORDWDUHDILUPHL


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Potrivit celui de-al doilea model de DQDOL] VLVWHPXOGHIDFWRULHVWHXUP WRUXO

n care:

Kp

Vt=UHSUH]LQW YHQLWXOPHGLXODOHXFDSLWDOSURSULX

Vt

Pb= profitul mediu brut la 1 leu venituri totale;

Pb

Pn= ponderea profitului net n profitul brut.

$FHVW PRGHO GH DQDOL] SXQH vQ HYLGHQ HILFLHQ D XWLOL] ULLFDSLWDOXOXL SURSULX UHQWDELOLWDWHD EUXW D YHQLWXULORU WRWDOH L SRQGHUHDSURILWXOXL QHW vQ SURILWXO EUXW UHIOHFW HYROX LD LPSR]LWXOXL SH SURILW Delementelor nedHGXFWLELOH GLQ SXQFW GH YHGHUH ILVFDO SUHFXP L Ddeducerilor fiscale).

$QDOL]DUDWHLUHQWDELOLW LLILQDQFLDUHDFDSLWDOXOXLSHUPDQHQW

8WLOL]DUHD UDWHL UHQWDELOLW LL ILQDQFLDUH D FDSLWDOXOXL SHUPDQHQW DUHUROXO GH D HYLGHQ LD FRUHOD LD GLQWUH FDSLWDOXO SHUPDQHQW L SURILWXO EUXWvQDLQWHDGHGXFHULLFKHOWXLHOLORUILQDQFLDUHFXGREkQ]LOHLDLPSR]LWXOXLSHprofit.

0RGHOXOGHDQDOL] HVWHXUP WRUXO

100Kpr

PbRfp =

Kp

Vt

Rf

Pb

n

Vt

Pb


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n care:

Rfp UHSUH]LQW UDWDUHQWDELOLW LLILQDQFLDUHDFDSLWDOXOXL permanent;Pb SURILWXOEUXWvQDLQWHDGHGXFHULLFKHOWXLHOLORUILQDQFLDUHFXGREkQ]LOHLDimpozitului pe profit;

Kpr capitalul permanent (este format din capitalurile proprii, provizioanele

SHQWUXULVFXULLFKHOWXLHOLLGDWRULLOHSHWHUPHQPHGLXLlung).0DLSRDWHILDYXWvQYHGHUHLXUP WRUXOPRGHOGHDQDOL] DUDWHL

UHQWDELOLW LLILQDQFLDUHDFDSLWDOXOXLSHUPDQHQW

n care:

Kpr

CA-UHSUH]LQW FLIUDGHDIDFHULPHGLHODOHXFDSLWDOSHUPDQHQW

CA

Pb

- SURILWXOPHGLXEUXWODOHXFLIU GHDIDFHUL$FHVW PRGHO GH DQDOL] SXQH vQ HYLGHQ HILFLHQ D XWLOL] ULL

FDSLWDOXOXLSHUPDQHQWDOvQWUHSULQGHULLSULQLQWHUPHGLXOYkQ] ULORUPHGLLODOHX DFWLYH ILQDQ DWH SH VHDPD FDSLWDOXULORU SHUPDQHQWH L D PDUMHL mediiEUXWHFHUHYLQHODOHXYkQ] UL0DUMDEUXW WUHEXLHV DVLJXUHDFRSHULUHDFKHOWXLHOLORU FX GREkQ]LOH FDIRUP GH UHPXQHUDUH D GDWRULLORU SH WHUPHQVFXUW PHGLX L OXQJ FkW L D LPSR]LWXOXL SH SURILW DVWIHO vQFkW ILUPD V RE LQ SURILWQHWFDUHV SHUPLW UHPXQHUDUHDDF LRQDULORUV L

4.3.5 Analiza ratelor de rentabilitate pe produs

/D QLYHO GH SURGXV SRW IL GHWHUPLQDWH GRX WLSXUL GH UDWH UDWDUHQWDELOLW LLUHVXUVHORUFRQVXPDWHLUDWDUHQWDELOLW LLFRPHUFLDOH

a) Analiza ratei rentabLOLW LLUHVXUVHORUFRQVXPDWHSHSURGXV

100CA

Pb

Kpr

CARfp =

Kpr

Ca

CA

Pb


31/38


32/38


33/38

n care:

cf UHSUH]LQW VXPDFKHOWXLHOLORUIL[HSHSURGXVp SUH GHYkQ]DUHXQLWDUcv cheltuieli variabile pe unitatea de produs;

mbv PDUMDEUXW ID GHFKHOWXLHOLOHYDULDELOHSHXQLWDWHDGHSURGXV

E&LIUDGHDIDFHULFULWLF &$cr):

CAcr = qcrp

&LIUDGHDIDFHULFULWLF UHIOHFW YkQ] ULOHILUPHLSHQWUXFDUHSURILWXOeste egal cu zero.

c) Gradul cULWLFGHXWLOL]DUHDFDSDFLW LLGHSURGXF LH*cr):

100q

qG

max

crcr =

n care:

qmax UHSUH]LQW FDSDFLWDWHDPD[LP GHSURGXF LHvQH[SUHVLHIL]LF

G3HULRDGDFULWLF Scr):

T/CA

CAp crcr =

n care:

T

Ca- reprezint YkQ] ULOHPHGLLSHXQLWDWHDGHWLPS]LOXQ DQ


34/38

3UDJXO GH UHQWDELOLWDWH SRDWH IL GHWHUPLQDW L SULQ UHSUH]HQWDUHJUDILF DVWIHO

n care:

OX UHSUH]LQW YROXPXOIL]LFDOSURGXF LHL

OY indicatorii valorici (cifra de afaceri, cheltuieli etc.);ct cheltuieli totale pe produs;

cv cheltuieli variabile pe produs;

cf suma cheltuielilor fixe pe produs;

OAB zona pierderilor;BCD zona profitului.

Profitul maxim (Pr max FH SRDWH IL RE LQXW vQ FRQGL LLOH GDWH HVWHlatura CD din triunghiul BCD, se poate determina astfel:

Pr max = qmax (p cv) cf = qmax mbv cf

ct

cf

y

O

A

B

qcr qmax

CAcr

cv

CAC

D

x

)LJ5HSUH]HQWDUHDJUDILF DSUDJXOXLGHUHQWDELOLWDWHSHSURGXV


35/38

2DOW PRGDOLWDWHGHUHSUH]HQWDUHJUDILF DSUDJXOXLGHUHQWDELOLWDWHHVWHXUP WRDUHD

n care:

OX UHSUH]LQW YROXPXOIL]LFDOSURGXF LHLOY LQGLFDWRULLYDORULFLSUH FKHOWXLHOLYDULDELOHXQLWDUHFRVWXQLWDU

&RVWXOXQLWDUVHGHWHUPLQ SRWULYLWUHOD LHL

q

cfcvc +=

3UDJXOGHUHQWDELOLWDWHSRWULYLWJUDILFXOXLGHPDLVXVPDUFKHD] DFHDGLPHQVLXQHDSURGXF LHLvQFDUHFRVWXOXQLWDUHVWHHJDOFXSUH XOGHYkQ]DUHprofitul fiind zero.

)RORVLQGDFHHDLORJLF FDvQFD]XOVWDELOLULLSUDJXOXLUHQWDELOLWDWHVHSRW FRQVWLWXL VFHQDULL SULQ FDUH VH HVWLPHD] YROXPXO IL]LF DO SURGXF LHLvndute (q), cifra de afaceri &$ JUDGXO GH XWLOL]DUH D FDSDFLW LL GHSURGXF LH*HWFSHQWUXGLIHULWHYDORULDOHSURILWXOXLWRWDOHVWLPDWFXSULQVHvQWUH]HURLSURILWXOPD[LP

cv

Y

0 qcr qmax

p

X

)LJ5HSUH]HQWDUHDJUDILF DYROXPXOXLIL]LFFULWLF


36/38


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$SOLFD LLLvQWUHE UL

1. $QDOL]D IDFWRULDO D SURILWXOXL DIHUHQW FLIUHL GH DIDFHULInterpretarea rezultatelor.

- mil lei -Nr.

crt. Indicatori Simbol P0 P1

1&LIUDGHDIDFHULHYDOXDW vQSUH XULGHYkQ]DUH(-TVA)

qvp 10400 12400

2 Cheltuieli totale aferente cifrei de afaceri qvc 9360 11284

39ROXPXOHIHFWLYDOSURGXF LHLHYDOXDWvQSUH XULPHGLLSUHY ]XWH 0v

pq1

- ?

49ROXPXOHIHFWLYDOSURGXF LHLYkQGXWHHYDOXDWvQFRVWXULSUHY ]XWH 0v

cq1

- ?5 Profitul aferent cifrei de afaceri Pr 10400 1116

1RW : Ip = 132%; Ic = 126% unde IpUHSUH]LQW LQGLFHOHSUH XULORUGHvnzare, IcUHSUH]LQW LQGLFHOHFRVtului mediu pe produs.

2. 3H ED]D GDWHORU SUH]HQWDWH OD DSOLFD LD QU V VH DQDOL]H]HHYROX LDUDWHLUHQWDELOLW LLFRPHUFLDOHV VHGHWHUPLQHLQIOXHQ DIDFWRULORULV VHLQWHUSUHWH]HUH]XOWDWHOH

3.6 VHLQWHUSUHWH]HFD]XOICA = 108% unde: CA = cifra de afaceri

ICh = 106% Ch = cheltuielile aferente cifrei deafaceri

4. $QDOL]D IDFWRULDO D UDWHL UHQWDELOLW LL UHVXUVHORU FRQVXPDWH,QWHUSUHWDUHDHFRQRPLF DUH]XOWDWHORU'DWHOHYRUILSUHOXDWHGHODDSOLFD LDnr. 1.

5. Ce este pragul de rentabilitate?

6. Ce sunt soldurile intermediare de gestiune?

7. Care sunt elementele componente ale rezultatului brut alH[HUFL LXOXL?

8.6 VHGHWHUPLQHLQIOXHQ DVWUXFWXULLYHQLWXULORUGLQH[SORDWDUHSHWLSXUL GH DFWLYLW L DVXSUD UH]XOWDWXOXL H[SORDW ULL ,QWHUSUHWDUH HFRQRPLF pentru gi = -x mil lei.

9. 6 VH VWDELOHDVF LQIOXHQ DYROXPXOXLIL]LFDO SURGXF LHLYkQGXWHDVXSUDSURILWXOXLDIHUHQWFLIUHLGHDIDFHULLV VHLQWHUSUHWH]HFD]XOSHQWUXIq < 100.


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10. $QDOL]D IDFWRULDO D UDWHL UHQWDELOLW LL HFRQRPLFH ,QWHUSUHWDUHDrezultatelor.

Nr.

crt.Indicatori Simbol P0 P1

1. Cifra de afaceri (-TVA) (mil lei) qp 30500 36000

2. R k l m o

q1p0 - 344003. k k A k m l o

Rc 10 12

4. Active totale: din care (mil lei) AT 38125 48000

4.1. Active imobilizate (mil lei) AI 22875 26400

4.2. Active circulante (mil lei) AC 15250 21600

5. j k k k l m o RE 3050 4320

6. k k A k m l o Re 8 9

7. Cheltuieli aferente cifrei de afaceri (mil lei) qc 27450 31680

8.Cheltuieli aferente cifrei de afaceri recalculate

(mil lei)q1c0 - 29800

9. Venituri totale (mil lei) Vt 42500 50600

10. Capital propriu (mil lei) Kp 27450 35520

11. Profit net Pn 3900 5700

12. Profit brut Pb 5200 7600

11.6 VHUHDOL]H]HDQDOL]DIDFWRULDO D UDWHLUHQWDELOLW LLILQDQFLDUHXWLOL]kQG GDWHOH GLQ WDEHOXO GH OD DSOLFD LD ,QWHUSUHWDUHD HFRQRPLF Drezultatelor.

12.&HHYLGHQ LD] IDFWRUXOGHPXOtiplicare a capitalului propriu?

13. 6 VH GHWHUPLQH LQIOXHQ D VWUXFWXULL SURGXF LHL YkQGXWH DVXSUDUDWHLUHQWDELOLW LLHFRQRPLFHLV VHLQWHUSUHWH]HFD]XOgi = -x %.14.&HHYLGHQ LD] UDWDUHQWDELOLW LLHFRQRPLFH5H"

15.6 VHGHWHUPLQHLQIOXHQ DJUDGXOXLGHvQ]HVWUDUHWHKQLF DPXQFLLDVXSUDSURILWXOXLDIHUHQWFLIUHLGHDIDFHULLV VHLQWHUSUHWH]HFD]XOLQIOXHQ HLcu semnul .

16.6 VHLQWHUSUHWH]HICA = 110% unde: CA = cifra de afaceri

ICh = 111% Ch = cheltuieli aferente cifrei de afaceriIq = 102% q YROXPXOIL]LFDOSURGXF LHLYkQGXWH

17. &H HVWH H[FHGHQWXO EUXW DO H[SORDW ULL (%( L FXP VHGHWHUPLQ "

18.6 VHLQWHUSUHWH]HFD]XOIMC = 112% n

care:0&PDUM FRPHUFLDO

Documents

CAPITOLUL 4 - ANALIZA RENTABILITATII