CAPITOLUL 4 - ANALIZA RENTABILITATII

  • View
    217

  • Download
    0

Embed Size (px)

Text of CAPITOLUL 4 - ANALIZA RENTABILITATII

  • 7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

    1/38

    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

  • 7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

    2/38

    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)

  • 7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

    3/38

  • 7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

    4/38

    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)

  • 7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

    5/38

  • 7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

    6/38

  • 7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

    7/38

    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

  • 7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

    8/38

    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

  • 7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

    9/38

  • 7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

    10/38

  • 7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

    11/38

  • 7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

    12/38

  • 7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

    13/38

  • 7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

    14/38

  • 7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

    15/38

  • 7/29/2019 CAPITOLUL 4 - ANALIZA RENTABILITATII

    16/38

    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] ULORULPRGLILFDUHDPDUMHLPHGL