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ANALIZĂ ECONOMICO-FINANCIARĂ
Curs
BAZELE TEORETICO-METODOLOGICE
ALE ANALIZEI ECONOMICO-FINANCIARE
1.1 Analiza economico-ILQDQFLDU �vQ�PHFDQLVPXO�FRQGXFHULL
3URFHVXO�GH�FRQGXFHUH�QX�VH�SRDWH�ED]D�SH�UXWLQ �úL� LQWXL LH�FL�SH�R�
DQDOL] �úWLLQWLILF ��SH�R�FXQRDúWHUH�WHPHLQLF �D�VLWXD LHL�GDWH��R�LGHQWLILFDUH�D�YXOQHUDELOLW LORU�úL�RSRUWXQLW LORU�GH�GH]YROWDUH�
ÌQWUHSULQGHUHD�HVWH�R�RUJDQL]D LH�VRFLDO ��FX�R�VWUXFWXU �úL�GLQDPLF �specific , fapt ce determin úi complexitatea actului decizional. Ca activitate SUDFWLF ��DQDOL]D�HFRQRPLco-ILQDQFLDU �DUH�XQ�FDUDFWHU�SHUPDQHQW��LQGLIHUHQW�GH� VXELHFWXO� FDUH� R� HIHFWXHD] � GHRDUHFH� SULQ� YDORULILFDUHD� LQIRUPD LHL�IXUQL]DWH� GH� VLVWHPXO� úL� SROLWLFLOH� FRQWDELOH, se pot formula concluzii SHUWLQHQWH�DVXSUD�DQVDPEOXOXL�DFWLYLW LL�VDX�VHJPHQWHORU�DFHsteia.
3H� ED]D� DQDOL]HL�� IDFWRUXO� XPDQ� IRUPXOHD] � FRQFOX]LL� SULQ� FDUH� VH�GLULMHD] �HIRUWXO�DVWIHO�vQFkW�HIHFWHOH�V �ILH�PD[LPH��VDWLVIDFkQG�SULQ�DFHasta FHULQ HOH�SURSULHWDULORU�FDSLWDOXULORU�LQYHVWLWH�
1.2 'HOLPLW UL�FRQFHSWXDOH�SULYLQG�DQDOL]D�HFRQRPLFR-fiQDQFLDU
Analiza Economico-)LQDQFLDU � VWXGLD] � PHFDQLVPXO� GH� IRUPDUH� úL�modificare a fenomenelor economice prin descompunerea lor în elemente FRPSRQHQWH�� vQ� S U L� VLPSOH� úL� SULQ� VWDELOLUHD� IDFWRULORU� GH� LQIOXHQ ��Descompunerea se face în trepte, de la complex la simplu, în vederea LGHQWLILF ULL�FDX]HORU�ILQDOH�FDUH�H[SOLF �R�DQXPLW �VWDUH�GH�IDSW��XQ�DQXPLW�QLYHO�GH�SHUIRUPDQ �VDX�R�DQXPLW �HYROX LH�D�ORU��Fig. 1.1).
1
)LJ������6FKHPD�GHVI úXU ULL�DQDOL]HL�HFRQRPLFR-financiare1.
Elementele = S U L�FRPSRQHQWH�DOH�IHQRPHQXOXL�DQDOL]DW�
Factorii = IRU H� PRWULFH� FDUH� SURYRDF �� GHWHUPLQ � XQ�fenomen, un rezultat.
Cauzele finale = vPSUHMXU UL� FDUH� vQ� DQXPLWH� FRQGL LL� H[SOLF �DSDUL LD� XQXL� IHQRPHQ�� VWDUHD� úL� HYROX LD�acestuia.
AnaOL]D� HFRQRPLF � VWXGLD] � IHQRPHQHOH� GLQ� SXQFW� GH� YHGHUH�HFRQRPLF��UHVSHFWLY�DO�FRQVXPXOXL�GH�UHVXUVH�úL�DO�UH]XOWDWHORU�RE LQXWH��De asemenea, trebuie OXDWH� vQ� FRQVLGHUDUH� UHOD LLOH� VWUXFWXUDO-IXQF LRQDOH� úL� D�FHORU� FDX] -efect. Complexitatea analizei economico-ILQDQFLDUH� GHFXUJH� úL�GLQ�IDSWXO�F �vQ�HFRQRPLH�H[LVW �XUP WRDUHOH�VLWXD LL� • DFHODúL�HIHFW�SRDWH�IL�SURGXV�GH�FDX]H�GLIHULWH� • DFHHDúL�FDX] �SRDWH�SURGXFH�HIHFWH�GLIHULWH� • HIHFWH�GLIHULWH�VH�SRW�FRPELQD�GkQG�R�UH]XOWDQW �D�FRPSOH[XOXL�GH�IDFWRUL�
sau foU H� • FRPSOH[LWDWHD�úL�LQWHQVLWDWHD�FDX]HL�SRW�GHWHUPLQD�QX�QXPDL�LQWHQVLWDWHD�
fenomenului dat, ci úL�calitatea lui; • vQ� IHQRPHQXO� DQDOL]DW� SRW� DS UHD� vQVXúLUL� SH� FDUH� QX� OH-a avut nici un
element al fenomenului.
1 ����������� ���� ��� ���� �������� � ����������� ��� �!�!� "� � ���������#$ �!���&% ��� ��'� �����! � �(��)(*,+.- ��/&���!�� ��0 � - �21�3�4�5.�
Fenomenul X
1
1.1 1.2
1.1.1 1.1.2 1.1.3 1.2.1 1.2.2
a b c d d e f g
2
2.1 2.2 2.3
3
3.1 3.2
Elemente
Factori de grad I
Factori de grad II
Cauze finale
1.3 Probleme principale privind bazele teoretico-metodologice ale analizei economico-financiare
1.3.1 Tipologia analizei economico-ILQDQFLDUH� úL� D� IDFWRULORU� GH�
LQIOXHQ �� &RQ LQXWXO� SURFHVXOXL� GH� DQDOL] � HFRQRPLFR-ILQDQFLDU
Tipologia Analizei Economico-Financiare
$QDOL]D�HFRQRPLF �SRDWH�IL�FODVLILFDW �vQ�PDL�PXOWH�WLSXUL�vQ�IXQF LH�de diferite criterii, astfel:
I) 'XS � UDSRUWXO� vQWUH� PRPHQWXO� vQ� FDUH� VH� HIHFWXHD] � DQDOL]D� úL� FHO� DO�GHVI úXU ULL�IHQRPHQXOXL�
A) analiza post-factum sau post operatorie,� �DQDOL]D� UHDOL] ULL�obiectivelor);
B) analiza previzionaO �VDX�SURVSHFWLY .
II) 'LQ� SXQFW� GH� YHGHUH� DO� vQVXúLULORU� HVHQ LDOH� VDX� DO� GHWHUPLQ ULORU�cantitative ale fenomenelor:
A) DQDOL]D�FDOLWDWLY � B) DQDOL]D�FDQWLWDWLY �
III) 'XS �QLYHOXO�OD�FDUH�VH�GHVI úRDU �DQDOL]D� A) DQDOL]D�PLFURHFRQRPLF � B) DQDOL]D�PDFURHFRQRPLF �
IV) 'XS �PRGXO�GH�XUP ULUH�vQ�WLPS�D�IHQRPHQHORU� A) DQDOL]D�VWDWLF � B) DQDOL]D�GLQDPLF �
V) 'XS �FULWHULLOH�GH�VWXGLHUH�D�IHQRPHQHORU� A) analiza tehnico-HFRQRPLF �� B) analiza economico-ILQDQFLDU � C) DQDOL]D�ILQDQFLDU �
VI) În�IXQF LH�GH�GHOLPLWDUHD�RELHFWului analizat: A) analiza pH�UDPXUL��DQDOL]D�SH�XQLW L�RUJDQL]DWRULFH��vQWUHSULQGHUL��
grupuri de întreprinderi, holdinguri); B) analiza pe probleme (cifra de afaceri, rentabilitate, etc).
����������&D�GLVFLSOLQ �LQGHSHQGHQW �vQ�SODQXO�GH�vQY PkQW��FDUH�úL-a delimitat obiectul în procesul de formare a specialistului economist, analiza economico-ILQDQFLDU � U VSXQGH� XQRU� QHFHVLW L� SUDFWLFH�� ILLQG� DQFRUDW � vQ�UHDOLW LOH� vQWUHSULQGHULL�� $FHDVWD�� SH� ED]D� LQIRUPD LHL� H[LVWHQWH�� FHUFHWHD] �UH]XOWDWHOH�RE LQXWH��IDFWRULL�FDUH�OH-au determinDW�úL�FRQFRUGDQ D�DFHVWRUD�FX�FULWHULLOH� GH�HILFLHQ ��HYLGHQ LLQG�SRVLELOLW ile de sporire a SHUIRUPDQ HORU�întreprinderii.
&RQ LQXWXO�SURFHVXOXL�GH�aQDOL] �economico-fLQDQFLDU
3URFHVXO� GH� DQDOL] � HFRQRPLFR-ILQDQFLDU � UHSUH]LQW inversul HYROX LHL�UHDOH�D�IHQRPHQXOXL��$QDOL]D�SRUQHúWH�GH�OD�UH]XOWDWHOH�SURFHVXOXL�vQFKHLDW�F WUH�HOHPHQWH�úL�IDFWRUL��FXSULQ]kQG�XUP WRDUHOH�HWDSH�
1) Delimitarea obiectului analizei, care presupune constatarea anumitor
fapte, fenomene, rezultate. Delimitarea obiectului se faFH� vQ� WLPS� úL�sSD LX��FDOLWDWLY�úL�FDQWLWDWLY�
2) 'HWHUPLQDUHD� HOHPHQWHORU�� IDFWRULORU� úL� FDX]HORU� IHQRPHQXOXL� VWXGLDW��
'HVFRPSXQHUHD�vQ�HOHPHQWH�SUHVXSXQH�R�DQDOL] �VWUXFWXUDO ��)DFWRULL�VH�XUP UHVF�vQ�PRG�VXFFHVLY��WUHFkQG�GH�OD�FHL�FX�DF LXQH�GLUHFW �OD�Fei cu DF LXQH�LQGLUHFW ��SkQ �OD�VWDELOLUHD�FDX]HORU�ILQDOH��SULPDUH�;
3) 6WDELOLUHD� IDFWRULORU�SUHVXSXQH�úL�GHWHUPLQDUHD�FRUHOD LHL�GLQWUH�ILHFDUH�
IDFWRU� úL� IHQRPHQXO� DQDOL]DW�� FkW� úL� D� FRUHOD LHL� GLQWUH� IDFWRULL� FDUH�ac LRQHD] ;
4) 0 VXUDUHD� LQIOXHQ HORU� GLIHULWHORU� HOHPHQWH� VDX� IDFWRUL�� VH� XWLOL]HD] �
DQDOL]D� FDQWLWDWLY � SHQWUX� FXDQWLILFDUHD� LQIOXHQ HORU�� D� UH]HUYHORU�interne, a aprecierii cât mai exacte a rezultatelor;
5) Sintetizarea rezultatelor analizei, stabilindu-VH�FRQFOX]LLOH�úL�DSUHFLHULOH�
asupra activLW LL�GLQ�VIHUD�FHUFHWDW ;
6) (ODERUDUHD� P VXULORU� FDUH� UHSUH]LQW � FRQ LQXWXO� GHFL]LLORU� PHQLWH� V �DVLJXUH� R� IRORVLUH� RSWLP � D� UHVXUVHORU�� SHQWUX� VSRULUHD� HILFLHQ HL�DFWLYLW LL�vQ�YLLWRU�
&ODVLILFDUHD�IDFWRULORU�GH�LQIOXHQ �D�IHQRPHQHORU�HFRQRPLFH
FiecDUH� vQWUHSULQGHUH�� LQGLIHUHQW� GH� WLSXO�� SURILOXO� GH� DFWLYLWDWH� úL�ORFDOL]DUHD�HL�VH�FRQIUXQW �FX�R�PXOWLWXGLQH�GH�IDFWRULL�FDUH�IRUPHD] �PHGLXO�de afaceri.
5HOD LLOH� GH� LQWHUDF LXQH� GLQWUH� ILUP � úL� VRFLHWDWH� VXQW� UHFLSURFH� úL�extrem de complexe, ele putânG�IL�SXVH�vQ�HYLGHQ �FX�DMXWRUXO�Fig 1.2 ����������0DQDJHULL�vQWUHSULQGHULL�QX�R�SRW�DGPLQLVWUD�FX�VXFFHV�I U �D� LQH�FRQW�GH� IDFWRULL� FDUH� GHFXUJ� GLQ� UHOD LLOH� GH� LQWHUFRQGL LRQDUH� UHFLSURF � GLQWUH�vQWUHSULQGHUH� úL� PHGLXO� H[WHUQ�� FXP� DU� IL�� IDFWRUL� WHKQLci, tehnologici, economici, sociali, politici, juridici psihologici, demografici etc.
5HOD LL�GLUHFWH 5HOD LL�LQGLUHFWH
)LJ������5HOD LLOH�GH�LQWHUDF LXQH�GLQWUH�ILUP �úL�VRFLHWDWH2
2 G.A. Steiner, J.F.Steiner/Business, Government and Society/Mc Graw-Hill, Inc./USA/1991
Mass-media
Întreprinderea
6� ���!�� ��� � �comunitare
locale
Organismele de '� �� ��� �7�consumatorilor
�,� ����!
Comunitatea de afaceri
Guvernul Grupurile politice
Comunitatea 8 ������ ��
Creditorii
Sindicatele
9 � �!�
Firmele concurente
Intelectualii
Managerii companiei
Grupurile de interes
special
�,����� :;� < ��=;� � � le �������!� ������ � �>=?��� �
le ���7���#$�!
Furnizorii
Biserica
< ��=;� � � le juridice
$FHúWL� IDFWRUL� DF LRQHD] � GH� UHJXO � QX izolat, ci interdependent, corelat, într-XQ� VLVWHP� GH� OHJ WXUL� vQFKHJDWH�� ,GHQWLILFDUHD� ORU� QHFHVLW �FXQRDúWHUHD�SUHFLV �D�F L�GH�IRUPDUH�D�UH]XOWDWXOXL��D�OHJ WXULORU�FDX]DOH�DOH�acestuia.
&ODVLILFDUHD� IDFWRULORU� VH� SRDWH� IDFH� vQ� IXQF LH� GH� PDL� PXOWH�
criterii: I) 'XS �QDWXUD�ORU�
� WHKQLFL�� WHKQRORJLFL�� RUJDQL]D LRQDOL�� HFRQRPLFL�� VRFLDO-politici, demografici, psihologici, biologici, naturali etc.
II) 'XS �FDUDFWHUXO�ORU�vQWU-R�DQXPLW �UHOD LH�GH�FDX]DOLWDWH� � factori calitativi; � factori cantitativi, care sunt pXUW WRULi materiali ai celor calitativi; � IDFWRUL�GH� VWUXFWXU , care intervin atunci când rezultatul analizei
VH�UHIHU �OD�P VXUL�DJUHJDWH��FRPSXVH�GLQ�PDL�PXOWH�HOHPHQWH�� III) 'XS �PRGXO�FXP�DF LRQHD] �
� IDFWRUL� FX� DF LXQH� GLUHFW �� FDUH� vúL� H[HUFLW � QHPLMORFLW� LQIOXHQ D�asupra fenomenului analizat;
� IDFWRUL� FX� DF LXQH� LQGLUHFW � �GH� JUDGXO� ������Q��� FDUH� DF LRQHD] �asupra fenomenului analizat, prin intermediul altor factori.
IV) ÌQ�IXQF LH�GH�DFWLYLWDWHD�vQWUHSULQGHULL� � IDFWRUL� GHSHQGHQ L� GH� DFWLYLWDWHD� vQWUHSULQGHULL�� VXQW� FHL� FDUH� vúL�
au originea în eforturile depuse de întreprindere pentru economisirea tuturor categoriilor de resurse. De exemplu, VFKLPEDUHD� VWUXFWXULL� SURGXF LHL� GHSLQGH� GH� DFWLYLWDWHD�întreprinderii.
� IDFWRUL�LQGHSHQGHQ L�GH�DFWLYLWDWHD�vQWUHSULQGHULi. V) 'XS �JUDGXO�GH�VLQWHWL]DUH�
� IDFWRUL�VLPSOL��FDUH�QX�SRW�IL�GH]PHPEUD L� � IDFWRUL�FRPSOHFúL��FDUH�VXQW�GHWHUPLQD L�GH�R�VHULH�GH�DO L�IDFWRUL�
VLPSOL�VDX�FRPSOHFúL� VI) 'XS �L]YRUXO�DF LXQLL�ORU�
� factori interni (endogeni), care vúL� au originea în interiorul îQWUHSULQGHULL� �GH� H[HPSOX� RUJDQL]DUHD� LQWHUQ � D� SURGXF LHL��ULWPLFLWDWHD�SURGXF LHL��UD LRQDOL] ULOH�vQ�SURGXF LH etc);
� factori externi (exogeni), care� vúL� DX� RULJLQHD� vQ� PHGLXO� H[WHUQ�întreprinderii (de exemplu modificarea cursului de schimb, FRQFXUHQ D��LQIOD LD etc.)
VII) 'XS �VWDGLXO�FLUFXLWXOXL�HFRQRPLF� � IDFWRUL�VSHFLILFL�DSURYL]LRQ ULL�� � IDFWRUL�VSHFLILFL�SURGXF LHL�� � IDFWRUL�VSHFLILFL�YkQ] ULL�SURGXF LHL�HWF�
VIII) 'XS �SRVLELOLW LOH�GH�SUHYL]LXQH� � IDFWRUL� SUHYL]LELOL� �FHU L� VDX� GHWHUPLQDELOL�, care� DF LRQHD] în
cadrul unor procese controlate de conducerea întreprinderii. � factori imprevizibili (aleatori), care� DF LRQHD] � QHFRQWURODW�� FD�
XUPDUH�D�XQRU�DEDWHUL�GH�OD�GHVI úXUDUHD�QRUPDO �D�XQRU�SURFHVH�HFRQRPLFH�VDX�VXE�LPSXOVXO�XQRU�IRU H�GLQ�DIDU �
IX) 'XS �LQWHQVLWDWHD�DF LXQLL�ORU� � IDFWRUL�GRPLQDQ L� �IDFWRUL� FKHLH��� VXQW� FHL� D� F URU� LQIOXHQ �HVWH�
KRW UkWRDUH�vQ�RE LQHUHD�UH]XOWDWHORU� � IDFWRUL� VHFXQGDUL�� FHL� D� F URU� LQIOXHQ � QX� HVWH� KRW UkWRDUH� vQ�
RE LQHUHD�UH]XOWDWHORU��
1.3.2 5ROXO� DQDOL]HL� vQ� HYDOXDUHD� úL� UHJODUHD� SHUIRUPDQ HORU�
economico-financiare ale întreprinderii
(WLPRORJLF�� GLDJQRVWLFXO� vQVHDPQ �FDSDFLWDWHD� GH� GLVFHUQ PkQW�� LDU�într-R� DFFHS LXQH� VLQWHWLF �� DQDOL]D� GLDJQRVWLF� SUHVXSXQH� UHSHUDUHD�VLPWRPHORU��D�GLVIXQF LRQDOLW LORU�XQHL�ILUPH��FHUFHWDUHD�úL�DQaliza faptelor úL� a UHVSRQVDELOLW LORU�� LGHQWLILFDUHD� FDX]HORU� GLVIXQFWLRQDOLW LORU��HODERUDUHD�XQRU�SODQXUL�GH�DF LXQH�SULQ�D�F URU�DSOLFDUH�SUDFWLF se asigur UHGUHVDUHD�úL�DPHOLRUDUHD�SHUIRUPDQ HORU�
Efectuarea diagnosticului unei firme poate fi motiYDW �QX�QXPDL�GH�VLWXD LD�vQ�FDUH�DFHDVWD�DUH�GLILFXOW L��UHVSHFWLY�GLVIXQF LRQDOLW L��FL�úL�DWXQFL�FkQG��DúD�FXP�VSXQH�-HDQ�3LHUUH�7KLEDXW��³vQWUHSULQGHUHD�DUH�R�EXQ �VWDUH�GH�V Q WDWH³� GDU� VH� GRUHúWH� vPEXQ W LUHD� SHUIRUPDQ HORU� HL�� 'HRDUHFH� SULQ�analiza economico-ILQDQFLDU � VH� VWDELOHVF� SXQFWHOH� WDUL� úL� VODEH� GLQ�DFWLYLWDWHD�XQHL�ILUPH�GDU�úL�P VXULOH�FH�XUPHD] �D�VH�DSOLFD�SH�WHUPHQ�VFXUW�úL� OXQJ� SHQWUX� DWLQJHUHD� DQXPLWRU� RELHFWLYH� SURSXVH�� DQDOL]D� GLDJQRVWLF�FRQVWLWXLH�R�SDUWH�FRPSRQHQW �D�PDQDJHPHQWului strategic al întreprinderii.
În general, în func ie de scop, diagnosticul poate fi restrâns la anumite probleme sau extins în accep iunea de diagnostic global. 'H�H[HPSOX��vQ�DQDOL]D�GRVDUXOXL�GH�FUHGLW�vQWRFPLW�GH�F WUH�E QFL��DFFHQWXO�este pus pe cDSDFLWDWHD�GH�SODW �D�vQWUHSULQGHULL��I U �D�H[FOXGH�úL�DOWH�DVSHFWH�DOH�DFWLYLW LL�ILQDQFLDUH�
'LDJQRVWLFXO�UH]XPDW�OD�R�DQXPLW �SUREOHP �economico-ILQDQFLDU �D�firmei, folosit în practica PDQDJHULDO �FXUHQW ��VH�HIHFWXHD] �PDL�DOHV�FkQG�VH�VHPQDOHD] �GLVIXQF LRQDOLW L� vQ�DFWLYLWDWHD�DFHVWHLD��&kQG�vQWUHSULQGHUHD�VH�FRQIUXQW �FX�GLILFXOW L�JUDYH�VH�LPSXQH�XQ�GLDJQRVWLF�FRPSOH[��JOREDO�
În concluzie, analiza economico-ILQDQFLDU �DUH�XQ�URO�IXQGDPHQWDO�vQ�HYDOXDUHD�� UHJODUHD�úL�DPHOLRUDUHD�SHUIRUPDQ HORU�economico-financiare ale întreprinderii. De aceea, aceasta�FRQVWLWXLH�ED]D�VWXGLLORU�GH�IH]DELOLWDWH�úL�D�FHORU�GH�HYDOXDUH�HFRQRPLF �D�vQWUHSULQGHULORU�
Analiza economico-ILQDQFLDU �� DúD� FXP� V-D� PHQ LRQDW� DQWHULRU�� FD�DFWLYLWDWH�SUDFWLF ��DUH�XQ�FDUDFWHU�SHUPDQHQW�� LQGLIHUHQW�GDF �VH� UHDOL]HD] �GH�F WUH�XQ�FRPSDUWLPHQW�vQ�FDGUXO�ILUPHL,�VDX�GH�F WUH�VRFLHW L�VSHFLDOL]DWH�GH�FRQVXOWDQ ��DXGLW etc.
������0HWRGH�úL�WHKQLFL�XWLOL]DWH�vQ�DQDOL]D�HFRQRPLFR-ILQDQFLDU
În cadrul analizei economico-financiare VH� XWLOL]HD] � PDL� PXOWH�PHWRGH�úL�SURFHGHH�VSHFLILFH�VDX�vPSUXPXWDWH�GLQ�DOWH�úWLLQ H��$FHVWHD�VH�SRW�grupa în 2 categorii:
1) metode ale analizei calitative; 2) metode ale analizei cantitative.
1) 0HWRGH�úL�WHKQLFL�GH�DQDOL] �FDOLWDWLY :
1.1 'LYL]LXQHD�úL�GHVFRPSXQHrea rezultatelor. 1.2 &RPSDUD LD. 1.3 Stabilirea sistemului factorial-FDX]DO�DO�H[SOLF ULL�IHQRPHQXOXL. 1.4 Modelarea fenomenelor economice. 1.5 Interpretarea rezultatelor. 1.6 Generalizarea sau evaluarea rezultatelor.
1.1 'LYL]LXQHD�úL�GHVFRPSXQHUHD�UH]XOWDWHORU
Diviziunea� úL�GHVFRPSXQHUHD� UH]XOWDWHORU� úL�D�DEDWHULORU� ORU� VXQW�GH�mai multe feluri:
a) GLYL]LXQHD�GXS �WLPSXO�GH�IRUPDUH�D�UH]XOWDWHORU� b) GLYL]LXQHD�GXS �ORFXO�GH�IRUPDUH�D�acestora ; c) descompuneUHD�SH�S U L��HOHPHQWH��IDFWRUL�úL cauze.
1.2 &RPSDUD LD
Orice rezultat�DO�DFWLYLW LL�ILUPHL�VH�DQDOL]HD] �úL�DSUHFLD] �QX�FD�R�P ULPH�LPSRUWDQW �vQ�VLQH��FL�vQ�UDSRUW�FX�XQ�FULWHULX��ED] �GH�FRPSDUD LH��ÌQ�FD]XO�RULF UHL�vQWUHSULQGHUL��H[LVW �SRVLELOLWDWHD�XWLOL] ULL�XUP WRDUHORU�FULWHULL�GH� FRPSDUD LH�� QLYHOXO� RELHFWLYHORU programate, rezultatele perioadei (perioadelor) precedente, rezultatele altor întreprinderi concurente, rezultatele unor întreprinderi din DOWH� UL��QRUPDWLYH��VWDQGDUGH etc.
7LSXUL�GH�FRPSDUD LL� • FRPSDUD LL�vQ�WLPS�� • FRPSDUD LL�vQ�VSD iu; • FRPSDUD LL�vQ�func ie de un criteriu prestabilit (program, norme,
standarde, etaloane, valori de normalitate, niveluri stabilite de VWUXFWXUL�VSHFLDOL]DWH�EDQFDUH��VWDWLVWLFH��DJHQ LL�HWF.);
• FRPSDUD LL�FX�FDUDFWHU�VSHFLDO� (VWH�REOLJDWRULX�V � VH�DVLJXUH�FRPSDUDELOLWDWHD datelor, ele trebuind
V � DLE � XQ� FDUDFWHU� RPRJHQ�� V � ILH� H[SULPDWH� vQWU-XQ� HWDORQ� XQLF� úL� V � ILH�GHWHUPLQDWH�GXS �R�PHWRGRORJLH�XQLWDU �
1.3 Stabilirea sistemului factorial-FDX]DO�DO�H[SOLF ULL�IHQRPHQXOXL
3UHVXSXQH� VWDELOLUHD� IDFWRULORU� FDUH� GHWHUPLQ � IRUPDUHD� úL�PRGLILFDUHD� UH]XOWDWHORU��SUHFXP� úL� D� UHOD LLORU� VWUXFWXUDO-functionale dintre HOHPHQWHOH� IHQRPHQXOXL� HFRQRPLF�� (VWH� IRDUWH� LPSRUWDQW � FXQRDúWHUHD�QDWXULL�ILHF UXL�IDFWRU��FDQWLWDWLY��GH�VWUXFWXU �úL�FDOLWDWLY��SHQWUX�FD�VLVWHPXO�V � ILH� UHDOL]DW� ORJLF� úL� SH� ED]H� UHDOH� vQ� IXQF LH� GH� SULQFLSLXO� FRQGL LRQ ULL��FRUHO ULL�
1.4 Modelarea fenomenelor economice
0RGHOXO� HVWH� R� UHSUH]HQWDUH� VLPSOLILFDW � D� UHDOLW LL�� 0RGHOXO�� vQ�anali] �� HVWH� XQXO� economico-matematic, exprimat sub form � GH� HFXD LL��LQHJDOLW L��FRUHOD LL�GLQWUH�LQGLFDWRUL��IXQF LL�GH�SURGXF LH�HWF�
Tipologia modelelor: • modele imitative sau iconice; • modele analogice; • modele simbolice.
Dintre modelele analogice, graficele sunt frecvent utilizate în teoria úL�SUDFWLFD�HFRQRPLF �SHQWUX�YL]XDOL]DUea fenomenelor economice
Tipuri de grafice:
o cronograma; o diagrama (diagrama cu 2 variabile, sectorial , cu coordonate
polare, cu bare simple sau asociate) o KLVWRJUDPD�VDX�WDEHOXO�GH�SHQHWUD LH etc.
Modelele simbolice� VH� ED]HD] � SH� XWLOL]DUHD� VLPEROXUilor (litere, FLIUH�� vQ� UHSUH]HQWDUHD� IHQRPHQHORU� úL� D� UDSRUWXULORU� GLQWUH� HOH�� ÌQ�JHQHUDO, acestea LDX� IRUPD� XQRU� HFXD LL� VDX� LQHFXD LL� PDWHPDWLFH�� ÌQ� DQDOL]D�economico-ILQDQFLDU � SUHYDOHD] � PRGHOHOH� VLPEROLFH�� Acestea pot fi: PRGHOH� GH� FRUHOD LH� �GHWHUPLQLVWH� úL� DOHDWRULL��� DGLWLYH�� PXOWLSOLFDWLYH��EDODQ LHUH��GH�UDSRUW��FRPELQDWH�
0RGHOHOH� WUHEXLH� DVWIHO� FRQVWUXLWH� vQFkW� V � H[SULPH� FRUHFW� OHJ WXUD�GLQWUH� IDFWRUL� úL� IHQRPHQH� úL� V � H[LVWH� FRQFRUGDQ � GHSOLQ � vQWUH� OHJ WXUD�formal-PDWHPDWLF �úL�FHD�ORJLF-econoPLF �
2) 0HWRGH�GH�DQDOL] �FDQWLWDWLY �
������$FHVWH� PHWRGH� SHUPLW� FRPHQVXUDUHD� DF LXQLL� ILHF UXL� HOHPHQW� VDX�IDFWRU� DVXSUD� UH]XOWDWXOXL� DQDOL]DW�� SULQ� FDUH� VH� G � ILQDOLWDWH� GH� P ULPH� úL�VHQV� OHJ WXULORU� FDX]DOH�� GH� D� UHOLHID� IDFWRULL� FX� DF LXQH� PDL� LPSRUWDQW �DVXSUD� UH]XOWDWHORU� úL�GH�D�DSUHFLD�P VXUD� vQ�FDUH�DX�IRVW� IRORVLWH�UHVXUVHOH�întreprinderii.
3HQWUX�VHSDUDUHD�LQIOXHQ HORU�IDFWRULORU�VH�XWLOL]HD] �GLIHULWH�PHWRGH��vQ�IXQF LH�GH�IRUPD�PDWHPDWLF �SH�FDUH�R�vPEUac �UHOD LLOH�GLQWUH�IDFWRUL�
Metode utilizate:
2.1. Indicatorii economico-financiari. 2.2. Indicii –� FD� PHWRG � GH� H[SULPDUH� D� GLQDPLFLL� IHQRPHQXOXL�
economico-financiar. 2.3. &RHILFLHQ LL��GH�VWUXFWXUD��HFKLOLEUX��HILFLHQ �. 2.4. Ratele (ratio sau rating). 2.5. Tehnicile scorurilor (scoring) ca metod a analizei
discriminante. 2.6. 0HWRGD�VXEVWLWXLULORU�vQ�ODQ ��PHWRGD�LWHUDULL�. 2.7. Metoda calcului matricial.
2.8. Metoda ABC. 2.9. Metodele cercet rii opera ionale (programare, tehnicile
jocurilor, simularea etc.). 2.10. Metodele analizei regresionale. 2.11. Metodele sociologice.
2.1. Indicatorii economico-financiari - IRUPD�GH�H[SULPDUH�FRQFHQWUDW �D�LQIRUPD LHL�
Exemplu: ∑ ⋅+= pqMCA v ,
unde: CA = cifra de afaceri; M �P UIXUL�YkQGXWH� qv = produsele vândute; p �SUH XO�GH�YkQ]DUH (exclusiv TVA).
2.2. Indicii,�UHSUH]LQW �R�PHWRG �IUHFYHQW�XWLOL]DW �vQ�DQDOL]D�IHQRPHQHORU�
economico -�ILQDQFLDUH��&X�DMXWRUXO�ORU�VH�VWDELOHúWH�GLQDPLFD�ID �GH�R�ED] �IL[ � VDX� vQ� ODQ �� VH� FRQVWUXLHVF� ULWPXUL�� VH� IDF� DSUHFLHUL� DVXSUD� HYROX LHL�performan HORU��D�FDSDFLW LL�VLVWHPXOXL�GH�D�HYROXD�vQWU-un context dat.
2.3. &RHILFLHQ LL�(ratele) de structur ��HFKLOLEUX�úL�HILFLHQ
5HSUH]LQW �R�PHWRG �GH�PDUH�XWLOLWDWH�în diagnosticarea fenomenelor
îQWUHSULQGHULL��D�SHUIRUPDQ HORU�ORU� &RILFLHQ LL� GH� VWUXFWXU � VH� GHWHUPLQ � SULn raportarea unei
componente la ansamblul fenomenului cercetat:
∑
=ei
eiKi ;
unde: Ki� �FRHILFLHQW�GH�VWUXFWXU ; ei = elementele componente ale fenomenului, rezultatului.
Coeficien LL� GH� HILFLHQ � UH]XOW � GLQ� FRPSDUDUHD� HIRUWXULORU� GHSXVH FX�UH]XOWDWHOH�RE LQXWH sau invers:
Efect
EfortK;
Efort
EfectK ee ==
unde:
eK �FRHILFLHQW�GH�HILFLHQ � Exemplu:
100K
PR
pr
nf ⋅= ,
unde: Rf �UDWD�UHQWDELOLW LL�ILQDQFLDUH a capitalului propriu; Pn = profitul net; Kpr= capitalul propriu.
Coeficien LL de echilibru VH�GHWHUPLQ �FD� raport îQWUH�GRX �P ULPL�
FRPSDUDELOH��FX�VHPQLILFD LH�vQ�WHUPHQL�GH�HFKLOLEUX�HFRQRPLF�VDX�ILQDQFLDU� De exemplu:
IK
KK
p
p
+= ,
unde: K = coeficientul (rata) autonomiei financiare; Kp = capitalul propriu; I = împrumuturile�SH�WHUPHQ�PHGLX�úL�OXQJ�
2.4. Ratele
5HSUH]LQW � XQ� UDSRUW� vQWUH� GRX � P ULPL� FRPSDUDELOH� ORJLFR-HFRQRPLF�� (OH� VXQW� ODUJ� U VSkQGLWH� vQ� OLWHUDWXUa� úL� SUDFWLFa din domeniul analizei economico-ILQDQFLDUH�� D� GLDJQRVWLF ULL� úL� HYDOX ULL� DFWLYLW LL�întreprinderilor.
De exemplu:
100qc
qcqpR c ⋅
−=
∑∑ ∑ ,
unde: Rc� �UDWD�UHQWDELOLW LL�UHVXUVHORU�FRQVXPDWH� T��� �FDQWLWDWHD�YkQGXW � c = costul pe unitate de produs; S�� ��SUH XO�PHGLX�GH�YkQ]DUH�SH�SURGXV�
Interpretarea ratelor trebuiH�I FXW �FX�SUXGHQ �vQ�IXQF LH�de fiecare termen al raportului.
5DWHOH�� FD�PHWRG � GH�P VXUDUH� D� IHQRPHQXOXL� HFRQRPLFR-financiar pot fi grupate în:
� UDWH�GH�VWUXFWXU ; � rate de gestiune; � rate de echilibru; � UDWH�GH�HILFLHQ .
2.5. Tehnicile scorurilor (scoring), ca metode ale analizei
discriminante
6FRUXO� �PHWRGD� VFRULQJ�� UHSUH]LQW � R� PHWRG � GH� DQDOL] �discriminant � FX� FDUH� VH� RSHUHD] � vQ� PHGLXO� H[WHUQ� DO� vQWUHSULQGHULL�� GH�UHJXO �vQ�E QFL��5HSUH]LQW �R�IXQF LH�FRQVWUXLW �SH�ED]D�XQXL�DQXPLW�QXP U�de indicatori.�'H� H[HPSOX�� XQD� GLQ� IXQF LLOH� VFRU� FX� FDUH� RSHUHD] �%DQFD�)UDQ HL��XWLOL]HD] 8�LQGLFDWRUL��LDU�YDORULOH�HL�DX�OD�ED] �REVHUY UL�vQ�WLPS��SH�un nXP U�GH�DQL úL�eVWH�DSOLFDELO �vQWUHSULQGHULORU�FX�SHVWH�����GH�VDODULD L� 3ULPHOH�OXFU UL�SULYLQG�Petoda scorurilor au fost realizate în S.U.A., vQWUH�DQLL������úL�������LDU�vQ�)UDQ D�VSUH�VIkUúLWXO�DQLORU�¶��� )XQF LD�VFRU�³�=�³�DUH�IRUPD�
Z = ax1 + bx2 +…..+ zxn , unde: x1 ,….. xn = ratele implicate în calcul; a,b,......z = coeficien ii de ponderare. Aceste metode se folosesc preponderent în investigarea echilibrului financiar, unde nu substituie alte metode,�FL�OH�FRPSOHWHD] �
6FRUXO� =� FDOFXODW� OD� QLYHOXO� XQHL� ILUPH� LQGLF � JUDGXO� GH�vulnerabilitate al acesteia, punând în eviGHQ existen D�GLVIXQF LRQDOLW LORU��DQDOL]D�FRPSDUDWLY �D�GLQDPLFLL�VFRUXOXL�LQGLYLGXDO�FX�HYROX LD�FRQVWDWDW �OD�nivelul sectorului de activitate reflect � SUHGLVSR]L LD� ILUPHL� OD� ULVF� vQWU-un DQXPLW�PHGLX�FRQFXUHQ LDO�
2.6. Metoda substituirilor în lan (metoda iter rii)
3HUPLWH�FXDQWLILFDUHD�FRQWULEX LHL�GLIHULWHORU�HOHPHQWH�VDX� IDFWRUL� OD�IRUPDUHD�úL�PRGLILFDUHD�rezultatului�ID �GH�XQ�QLYHO�GH�FRPSDUD LH�
6H�DSOLF �vQ�FD]XO�vQ�FDUH�UHOD LLOH�GH�WLS�GHWHUPLQLVW�GLQWUH�UH]XOWDW�úL�elemente sau factorii de LQIOXHQ � DX� IRUPD� GH� SURGXV� VDX� UDSRUW��SURSRU LRQDOLWDWH� GLUHFW � VDX� LQYHUV ��� ,WHUDUHD� VH� IDFH� FX� UHVSHFWDUHD� D� ��principii:
a) DúH]DUHD�IDFWRULORU�VH�IDFH�vQ�RUGLQHD�FRQGL LRQ rii lor economice, ceea FH�vQVHDPQ �RUGLQHD�GH�DQDOL] ��DGLF întâi factorii caQWLWDWLYL��úL�DSRL�FHL� FDOLWDWLYL� �GDF � DSDU� IDFWRULL� GH� VWUXFWXU � HL� LQWHUYLQ� LPHGLDW� GXS �cei cantitativi);
b) substituirile se fac succesiv; c) XQ�IDFWRU�VXEVWLWXLW�VH�PHQ LQH�FD�VWDUH�vQ�RSHUD LLOH�XOWHULRDUH�
De exemplu, într-un model de 3 factori, fenomenul cap W �H[SUHVLD�
Y = f (x) respectiv y = f (x1 , x2 , xn)
Exemplu: CA
P
A
CAAP e
eee ⋅⋅=
$GLF � 321 xxxy ⋅⋅= ,
unde:
eA = active de exploatare; CA �FLIUD�GH�DIDFHUL�vQ�SUH XUL�GH�YkQ]DUH��H[FOXVLY�79$��
eP = profitul din exploatare aferent cifrei de afaceri.
Cazul teoretic:
I) Modelul în forma unui produs de mai mul i factori:
cbaR ⋅⋅=
unde:
R = rezultat;
a,b,c = factori de influen �
a) ÌQ�P ULPL�DEVROXWH�� În care: 0000 cbaR ⋅⋅= úL��� 1111 cbaR ⋅⋅=
01 RRR −=∆ 6HSDUkQG� LQIOXHQ D� ILHF UXLD� GLQ� FHL� �� IDFWRUL� DVXSUD� PRGLILF ULL�
rezultatului ( R∆ ���UHOD LLOH�VXQW�XUP WRDUHOH� a) LQIOXHQ D�IDFWRUXOXL�a:
0001000001 cb)aa(cbacba ⋅⋅−=⋅⋅−⋅⋅ b) LQIOXHQ D�IDFWRUXOXL�b:
0011001011 c)bb(acbacba ⋅−⋅=⋅⋅−⋅⋅ c) LQIOXHQ D�IDFWRUXOXL�c:
)cc(bacbacba 0111011111 −⋅⋅=⋅⋅−⋅⋅
b) ÌQ�P ULPL�UHODWLYH��
6H�DUH�vQ�YHGHUH�IRUPXOD�JHQHUDO �D�SURGXVXOXL�GH�LQGLFL�
1n
n320R
100
iiiiI −
⋅⋅= �
,
ÌQ�FD]XO�GDW��UH]XOW �
2cba
0
1R
100
iii100
R
RI
⋅⋅=⋅=
unde: IR = indicele rezultatului analizat; i1, i2,..., in = indicele factorului respectiv;
∆ IR = IR - 100.
a) LQIOXHQ D�IDFWRUXOXL�a: ia - 100
b) LQIOXHQ D�IDFWRUXOXL�b:
100
)100i(ii
100
ii baa
ba −⋅=−⋅
c) LQIOXHQ D�IDFWRUXOXL�c:
2cbaba
2cba
100
)100i(ii
100
ii
100
iii −⋅=⋅−⋅⋅
II) Modelul în forma unui raport dintre doi factori:
II.1) b
aR = , unde: a = factor cantitativ;
b = factor calitativ.
ÌQ�P ULPL�DEVROXWH�
a) LQIOXHQ D�IDFWRUXOXL�a:
0
01
0
0
0
1
b
)aa(
b
a
b
a −=−
b) LQIOXHQ D�IDFWRUXOXL�b:
−⋅=−
011
0
1
1
1
b1
b1
aba
ba
ÌQ�P ULPL�UHODWLYH�
100i
i100
R
RI
b
a
0
1R ⋅=⋅=
a) �LQIOXHQ D�IDFWRUXOXL�a:
100ia − b) LQIOXHQ D�IDFWRUXOXL�b:
ab
a i100ii −
⋅
II.2)b
aR = , unde: a = factor calitativ;
b = factor cantitativ.
ÌQ�P ULPL�DEVROXWH�
a) LQIOXHQ D�IDFWRUXOXL�b:
−=−
010
0
0
1
0
b
1
b
1a
b
a
b
a
b) LQIOXHQ D�IDFWRUXOXL�a:
1
01
1
0
1
1
b
)aa(
b
a
b
a −=−
ÌQ�P ULPL�UHODWLYH�
100i
iI
b
aR ⋅=
100II RR −=∆
a) LQIOXHQ D�IDFWRUXOXL�b:
100i
100
b
2
−
b) LQIOXHQ D�IDFWRUXOXL�D�
b
2
b
a
i100
100xii −
0HWRGD� VH� DSOLF � úL� vQ� FD]XO� vQ� FDUH� vQWUH� YDULDELOHOH� XQXL� PRGHO�
H[LVW �UHOD LL�GH�VXP �úL�VDX�GLIHUHQ ��0HWRGD�EDODQWLHU ):
R = a + b – c;
De exemplu : D = Si + I – Sf, unde: D �YROXPXO�YkQ] ULORU� Si �VWRF�LQL LDO� I �LQWU UL� Sf = stoc final.
,QIOXHQ HOH�IDFWRULORU�VXQW�XUP WRDUHOH� ���,QIOXHQ D�VWRFXOXL�LQL LDO�
01 ii SS −
���,QIOXHQ D�LQWU ULORU�
01 II − 3. InIOXHQ D�VWRFXOXL�ILQDO�
( )01 ff SS −−
2.7. Metoda calculului matricial
6H� DSOLF � vQ� FD]XO� H[LVWHQ HL�XQRU� UHOD LL� GHWHUPLQLVWH� GH� WLS�SURGXV�VDX� UDSRUW� vQWUH� IHQRPHQXO� DQDOL]DW� úL� IDFWRULL� GH� LQIOXHQ �� 6HSDUDUHD�LQIOXHQ HL�IDFWRULORU� LQH�VHDPD�GH�RUGLQHD�GH�LQWHUFRQGL LRQDUH�D�IDFWRULORU��înt ULQG� SULQFLSLLOH� PHWRGHL� VXEVWLWXLULORU� vQ� ODQ �� 6H� SRDWH� DSOLFD� vQ� WRDWH�domeniile analizei economice, iar utilizarea calculatoarelor electronice îi confer �XQ�PDUH�JUDG�GH�GHWDOLHUH��H[DFWLWDWH�úL�HILFLHQ .
2.8. Metoda ABC
,QL LDWRUXO� DFHVWHL� PHWRGH� HVWH� 3DUHWR�� 6H� PDL� QXPHúWH� úL� PHWRGD�������� úL� SURSXQH� R� DQDOL] � VHOHFWLY � D� FRPSRQHQWHORU� XQXL� IHQRPHQ� VDX�rezultat în func LH� GH� SR]L LD� ORU� vQ� FDGUXO� vQWUHJXOXL� 6H� XWLOL]HD] � SHQWUX�DQDOL]D�YkQ] ULORU�SH�SURGXVH��FDWHJRULL�GH�FOLHQ L�HWF�
ÌQ�FD]XO� VWUXFWXULL�YkQ] ULORU�SH�SURGXVH��FXUED� WHRUHWLF �presupune H[LVWHQ D�D���VXEJUXSH�FX�FDUDFWHULVWLFL�VSHFLILFH�
¾ 10-����GLQ�QXP UXO�GH�SURGXVH�VDX�P UIXUL�UHSUH]LQW ���-70% din cifra de afaceri (zona A); deci o subgruS �FDUH�FXSULQGH�IRDUWH�SX LQH�SURGXVH� VDX�P UIXUL�� GDU� FDUH� UHDOL]HD] o mare parte din cifra de afaceri;
¾ 25-���� GLQ� QXP UXO� GH� SURGXVH� VDX�P UIXUL� YkQGXWH� GDX� ��-30% din cifra de afaceri (zona B);
¾ 65-����GLQ�QXP UXO�GH�SURGXVH�VDX�P UIXUL�GDX���-15% din cifra de afaceri �]RQD�&���GHFL�GRX �VXEJUXSH�FDUH�GDX�PDL�SX LQ�GH�MXP WDWH�din cifra de afaceri dar FDUH� FRQFHQWUHD] � PDMRULWDWHD� SURGXVHORU�comercializate. $FHDVW � FXUE � WHRUHWLF � DUH� YDORDUH� DWâW� VWDWLVWLF � FkW� úL� LQGLFDWLY ��
$VWIHO�� FXUED� UHDO � VH� FRPSDU � FX� FHD� WHRUHWLF � úL� VH� GHSULQG� FRQFOX]LLOH respective.
2.9. Metode ale cercet rii opera ionale
6H� XWLOL]HD] � vQ� DGRSWDUHD� GHFL]LLORU� vQ� FD]XO� vQ� FDUH� LQWHUYLQ�QXPHURúL�IDFWRUL�FDUH�WUHEXLH�DYX L�vQ�YHGHUH���&ODVLILFDUH�
¾ PHWRGH� DOH� FHUFHW ULL� RSHUD LRQDOH� GHWHUPLQLVWH� �SURJUDPDUH� OLQLDU ��programare dinamic , teoria deciziei, teoria jocurilor, metoda drumului critic);
¾ PHWRGH� SUREDELOLVWLFH� �/DQ XULOH�0DUNRY�� SURFHVHOH� 3RLVVRQ�� WHRULD�ILUHORU�GH�DúWHSWDUH��PHWRGD�3HUW��
¾ metode simulative (metoda Monte Carlo, modelul dinamic al VLPXO ULL�JHVWLRQDUH�.
2.10. Metoda analizei regresionale
6H� XWLOL]HD] � vQ� FD]XO� UHOD LLORU� GH� WLS� VWRFDVWLF� GH� WLS� OLQLDU��KLSHUEROLF��SDUDEROLF��H[SRQHQ LDO�
2.11. Metodele sociologice
&X�DMXWRUXO�DFHVWRU�PHWRGH�VH�SXQ� vQ�HYLGHQ �IDFWRULL� LQGLUHF L� VDX�cauzele� SUH]XPWLYH��FHHD�FH�FRQGXFH� OD�RE LQHUHD�GH� LQIRUPD LL�GH�QXDQ ��HVHQ LDOH� SHQWUX� UHDOL]DUHD� XQXL� GLDJQRVWLF� FRUHFW� úL� HILFLHQW�� 0HWRGHOH�sociologice cele mai utilizate în analiza microeconomic sunt metoda chestionarului�úL�cea a interviului.
1.5. Interpretarea rezultatelor
'XS � FRPHQVXUDUHD� �FXDQWLILFDUHD�� LQIOXHQ HORU� HOHPHQWHORU� VDX�IDFWRULORU� DVXSUD� UH]XOWDWXOXL� HFRQRPLF�� VH� LQWHUSUHWHD] � UH]XOWDWHOH� vQ�IXQF LH�GH�VHPQLILFD LD�ORU�HFRQRPLF .
1.6 Generalizarea sau evaluarea rezultatelor
$FHDVWD� UHSUH]LQW � R�PHWRG �FDOLWDWLY � GH� UHXQLUH� vQWU-un ansamblu coerent a concluziilor rezultate din studiul factorial-cauzal al fenomenelor; VH�XWLOL]HD] �vQ�UDSRUWXO�GH�DQDOL] ��VWXGLLOH�GH�IH]DELOLWDWH�úL�GH�HYDOXDUH�HWF�
1.3.4 Sistemul de infRUPD LL� –� SUHPLV � D� HIHFWX ULL� DQDOL]HL�
economice
,QIRUPD LD� UHSUH]LQW � PDWHULD� SULP � GH� ED] � SHQWUX� DQDOL]D�economico-ILQDQFLDU �� $QDOL]D� VH� ED]HD] � SH� LQIRUPD LL� úL� IXUQL]HD] � OD�UkQGXO�HL�LQIRUPD LL�QHFHVDUH�vQ�SURFHVXO�PDQDJHULDO�
,QIRUPD LD�HFRQRPLF prRYLQH�GLQ�GRX �VXUVH�LPSRUWDQWH3: 1. Surse interne întreprinderii�� SULQFLSDOHOH� LQIRUPD LL� LQWHUQH�� vQ�
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2. Surse externe întreprinderii� �� FXP� DU� IL�� LQIRUPD LL� SULYLQG�FRQMXQFWXUD� SLH HL� LQWHUQH� úL� LQWHUQD LRQDOH� �UDWD� LQIOD LHL�� GLQDPLFD�
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de informare úWLLQ LILF �úL� WHKQLF ��FDPHUH�GH�FRPHU �úL� LQGXVWULH��LQVWLWXWH�QD LRQDOH�GH�VWDWLVWLF ��RUJDQLVPH�GH�FRQVXOWDQ ��DJHQ LL�QD LRQDOH�GH�FHUFHWDUH�úL�LQIRUPDUH��
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exactitatea, profunzimea, vechimea sau vârsta�� YDORDUHD� LQIRUPD LHL� úL� costul ei.
������ 6LVWHPH� RUJDQL]D LRQDOH� DOH� DFWLYLW LL� GH� DQDOL] � economico-ILQDQFLDU
([LVW �PDL�PXOWH�SRVLELOLW L�GH�RUJDQL]DUH�úL�UHDOL]DUH�D�DFWLYLW LL�GH�
DQDOL] � HFRQRPLF � vQ� IXQF LH� GH� VFRSXO� XUP ULW� úL� GH� VXELHFW�� )irmele SXWHUQLFH� GH LQ� vQ� FDGUXO� ORU� XQ� FRPSDUWLPHQW� VSHFLDOL]DW� GH� DQDOL] �economico-financiDU � D� F UHL� UHVSRQVDELOLWDWH� HVWH� GH� D� HIHFWXD� DQDOL]H�economice pe probleme, studii utilizate în practica managerial �FXUHQW �VDX�de a efectua diagnostice globale.
În cadrul firmelor mici care nu dispun de compartimente specializate GH� DQDOL] �� DFWLYLWDWHD� GH� DQDOL] � HFRQRPLF � HVWH� UHDOL]DW � GH� ILHFDUH�FRPSDUWLPHQW�IXQF LRQDO,�SH�SUREOHPHOH�FDUH�LQWU �vQ�FRPSHWHQ D�DFHVWRUD��
$FWLYLWDWHD� GHVI úXUDW � GH� FRPSDUWLPHQWXO� GH� DQDOL] � HFRQRPLFR-ILQDQFLDU � FRQVW � vQ� UHDOL]DUHD� GH� UDSRDUWH� GH� GLDJQRVWLFDUH� SH� SUREOHPH��DQDOL]D�SH�ED] �GH�ELODQ �vQ�VFRSXO�SUH]HQW ULL�vQ�FDGUXO�úHGLQ HORU�FRQVLOLLORU�GH� DGPLQLVWUD LH�� UHVSHFWLY� DGXQDUHD� DF LRQDULORU�� GLDJQRVWLFH� JOREDOH� vQ�cazXO�H[LVWHQ HL�GLVIXQF LRQDOLW LORU�vQ�IXQF ionarea întreprinderii.
De asemenea, pot efectua analize tematice sau de ansamblu,
RUJDQLVPHOH� FUHDWH� VSHFLDO� SHQWUX� VROX LRQDUHD� XQRU� SUREOHPH� OHJDWH� GH��SURPRYDUHD� GH� QRL� SURGXVH�� VWXGLHUHD� FRQFXUHQ HL�� H[WLQGerea sau restrângerea unor actLYLW L��VWXGLL�GH�IH]DELOLWDWH etc.
Alte organisme care desf úRDU �DFWLYLW L�GH�DQDOL] � ¾ RUJDQHOH� ILVFDOH� DOH� VWDWXOXL�� FDUH� DQDOL]HD] � PRGXO� GH� VWDELOLUH� D�
ED]HL�GH�LPSR]LWDUH�úL�GH�UHVSHFWDUH�D�OHJLVOD LHL�vQ�YLJRDUH� ¾ unit LOH� EDQFDUH�� vQ� VSHFLDO� FX� RFD]LD� VROLFLW ULL� úL� DFRUG ULL� GH�
FUHGLWH�úL�XUP ULUHD�UDPEXUV ULL�ORU� ¾ ILUPH�VSHFLDOL]DWH�GH�FRQVXOWDQ �� OD� VROLFLWDUHD� vQWUHSULQGHULL�SHQWUX�
VROX LRQDUHD� XQRU� SUREOHPH�� HIHFWXDUHD� GH� VWXGLL� GH� IH]DELOLWDWH�� GH�evaluare etc.
Ì175(% 5,
1. 'HILQL L�DQDOL]D�HFRQRPLFR-ILQDQFLDU �D�vQWUHSULQGHULL�� 2. (QXPHUD L�SULQFLSDOHOH�WLSXUL�GH�DQDOL] �HFRQRPLFR-financiare. 3. &DUH�HVWH�GHRVHELUHD�GLQWUH�DQDOL]D�FDQWLWDWLY �úL�FHD�FDOLWDWLY ? 4. 'HILQL L� SURFHVXO� GH� DQaliz economico-ILQDQFLDU � úL� HQXPHUD L� HWDSHOH�
acesteia. 5. 'D L� H[HPSOH� GH� IDFWRUL� GH� LQIOXHQ � D� IHQRPHQHORU� HFRQRPLFH� GXS �
diverse criterii de clasificare a acestora. 6. 3UH]HQWD L� UHOD LL� GLQWUH� UH]XOWDW� úL� IDFWRUL� úL� LGHQWLILFD L� FRQ LQXWXO�
acestora. 7. Care este rolul analizei în eYDOXDUHD� úL� UHJODUHD� SHUIRUPDQ HORU�
economico-financiare ale întreprinderii? 8. (QXPHUD L�SULQFLSDOHOH�PHWRGH�GH�DQDOL] �FDOLWDWLY � 9. ÌQ�FH�FRQVW �FRPSDUD LD��FD�PHWRG �GH�DQDOL] �FDOLWDWLY ? 10. Care sunt cele mai utilizatH�PHWRGH�GH�DQDOL] �FDQWLWDWLY ? 11. ExpliFD L� VFRSXO� XWLOL] ULL� LQGLFLORU�� FD� PHWRG � GH� DQDOL] � FDQWLWDWLY �
a fenomenelor economice.
12. ,QGLFD L�FHO�SX LQ�WUHL�LQGLFDWRUL�GH�HILFLHQ �HFRQRPLF � 13. 'D L� H[HPSOH� GH� UDWH� XWLOL]DWH� vQ� DQDOL]D� HFRQRPLFR-ILQDQFLDU � úL�
SUH]HQWD L� DYDQWDMXO� XWLOL] ULL� DFHVtora comparativ cu indicatorii H[SULPD L�vQ�P ULPL�DEVROXWH�
14. Pentru FH�VH�XWLOL]HD] �PHWRGD�VFRULQJ"�'D L�H[HPSOH�GH�PRGHOH�XWLOL]DWH�
SH�SODQ�QD LRQDO�úL�LQWHUQD LRQDO� 15. ÌQ�FH�FRQGL LL�VH�XWLOL]HD] �PHWRGD�VXEVWLWXLULORU�vQ�ODQ ? 16. (QXPHUD L�UHJXOLOH�PHWRGei iter ULL��VXEVWLWXLULORU�vQ�ODQ �� 17. 6WDELOL L� UHOD LLOH� GH� FXDQWLILFDUH� D� LQIOXHQ HORU� IDFWRULORU� asupra unui
UH]XOWDW� HFRQRPLF�� H[SULPDWH� vQ� P ULPL� DEVROXWH�� vQ� FD]XO� XWLOL] ULL�PHWRGHL�LWHU ULL.
18. Care sunt limitele�PHWRGHL�LWHU ULL? 19. Când se utilizeaz �PHWRGD�EDODQ LHU ? 20. ([SOLFD L�FRQ LQXWXO�úL�XWLOLWDWHD�SUDFWLF �D�PHWRGHL�$%&��3DUHWR�� 21. ÌQ� FH� FRQVW � JHQHUDOL]DUHD� VDX� HYDOXDUHD� UH]XOWDWHORU� FD� PHWRG � GH�
DQDOL]D�FDOLWDWLY ? 22. (QXPHUD L�SULQFLSDOHOH�VXUVH�GH�LQIRUPD LL�XWLOL]DWH�SHQWUX�HIHFWXDUHD�
analizei economico-financiare. 23. &DUH� VXQW� SULQFLSDOHOH�PRGDOLW L� GH� RUJDQL]DUH� D� DFWLYLW LL� GH� DQDOL] �
economico-ILQDQFLDU �vQWU-o întreprindere.
$1$/,=$�$&7,9,7 ,,�'(�352'8& ,(� ù,�&20(5&,$/,=$5(
����$QDOL]D�UDSRUWXOXL�VWDWLF�úL�GLQDPLF�GLQWUH�LQGLFDWRULL�YDORULFL
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3URGXF LD�úL�FRPHUFLDOL]DUHD�FRQVWLWXLH�SUHPLVD�úL�WRWRGDW �ILQDOLWDWHD�DFWLYLW LL� RULF rui agent economic, calea de multiplicare a averii SDWULPRQLDOH�D�VRFLHW LL� ������'HOLPLW UL�FRQFHSWXDOH
$SUHFLHUHD� YDORULF � D� DFWLYLW LL� GH� SURGXF LH� úL� FRPHUFLDOL]DUH� VH�UHDOL]HD] �� DWkW� vQ� ID]D� GH� SUHYL]LXQH�FkW� úL� vQ� FHD�GH�H[HFX LH�� FX�DMXWRUXO XQXL�VLVWHP�GH�LQGLFDWRUL�VSHFLILFL��3ULQWUH�DFHúWLD��VHPQLILFDWLYL�VXQW� a) Cifra de afaceri (CA) HVWH�GHILQLW �GH�/HJHD�&RQWDELOLW LL�GLQ�5RPkQLD�
SULQ�WRWDOLWDWHD�YHQLWXULORU�UHDOL]DWH�GLQ�OLYU ULOH�GH�EXQXUL��H[HFXWDUHD�GH�OXFU UL�úL�SUHVWDUHD�GH�VHUYicii.
E�� 3URGXF LD� IDEULFDW � �4I� HVWH� UHSUH]HQWDW � GH� WRWDOLWDWHD� SURGXVHORU�UHDOL]DWH� úL� GHVWLQDWH� YkQ] ULL�� SUHFXP� úL� GH� FRQWUDYDORDUHD� OXFU ULORU� úL�VHUYLFLLORU� H[HFXWDWH� SHQWUX� WHU L� �UXODMHOH� GHELWRDUH� DOH� FRQWXULORU�Ä3URGXVH� ILQLWH´� úL� Ä6HPLIDEULFDWH´� úL� � UXODMHOH� FUHGLWRDUH�Ä9HQLWXUL� GLQ�OXFU UL� H[HFXWDWH� úL� VHUYLFLL� SUHVWDWH´�� Ä9HQLWXUL� GLQ� VWXGLL� úL� FHUFHW UL´� Ä9HQLWXUL�GLQ�DFWLYLW L�GLYHUVH´�1.
1 Vasile Robu, Nicolae Georgescu –
������� � � ��� ��� ��� ��- � � �������� ��� ������� � ��� ��������� �����! �"$# ��# "$# %&#'"�(*)��$+,� � -.� /��
2000.
2
F��9DORDUHD�DG XJDW ��4D� H[SULP �VXUSOXVXO�GH�YDORDUH�SHVWH�FRQVXPXULOH�SURYHQLWH�GH�OD�WHU L��ERJ LD�FUHDW �SULQ�YDORULILFDUHD�UHVXUVHORU�WHKQLFH��XPDQH�úL�ILQDQFLDUH�DOH�vQWUHSULQGHULL�
G�� 3URGXF LD� H[HUFL LXOXL� �4H� UHSUH]LQW � YROXPXO� WRWDO� DO� DFWLYLW LL�productive într-R�SHULRDG �GH�WLPS�GHWHUPLQDW �
3URGXF LD� H[HUFL LXOXL� HVWH� IRUPDW � GLQ� SURGXF LD� YkQGXW �� YDULD LD�SURGXF LHL�VWRFDWH�úL�SURGXF LD�UHDOL]DW �vQ�VFRSXUL�SURSULL�úL�FDSLWDOL]DW �
������3UREOHPH�GH�ED] �DOH�DQDOL]HL�DFWLYLW LL�GH�SURGXF LH� úL�FRPHUFLDOL]DUH
3ULQFLSDOHOH� DVSHFWH� DOH� DQDOL]HL� DFWLYLW LL� GH� SURGXF LH� úL�comercializDUH�VH�UHIHU �OD�
¾ &DUDFWHUL]DUHD�DFWLYLW LL�GH�SURGXF LH�úL�FRPHUFLDOL]DUH� ¾ $QDOL]D�HYROX LHL�LQGLFDWRULORU�YDORULFL�SH�ED]D�LQGLFLORU� ¾ Analiza raportului static dintre principalii indicatori; ¾ Analiza raportului dinamic dintre indicatorii valorici.
SurseOH�LQIRUPD LRQDOH�XWLOL]DWH�VXQW� • &RQWXO�GH�SURILW�úL�SLHUGHUH��&33�� • %XJHWXO�GH�YHQLWXUL�úL�FKHOWXLHOL��%9&�� • (YLGHQ D�FRQWDELO �FXUHQW �
��������&DUDFWHUL]DUHD�DFWLYLW LL�GH�SURGXF LH�úL�FRPHUFLDOL]DUH $FWLYLWDWHD� GH� SURGXF LH� úL� FRPHUFLDOL]DUH� Sresupune parcurgerea
XUP WRDUHORU�HWDSH� o FRPSDUDUHD�UH]XOWDWHORU�HIHFWLYH�FX�RELHFWLYHOH�SUHY ]XWH�vQ�%9&�
úL�FX�UH]XOWDWHOH�SHULRDGHL�SUHFHGHQWH� o determinarea gradului de îndeplinire a obiectivelor; o identificarea cauzelor care au generat anumite abateri; o stabiOLUHD� P VXULORU� SHQWUX� UHGUHVDUHD� DFWLYLW LL� vQ� FD]XO�
abaterilor negative. Exemplu:�6H�FRQVLGHU �vQWUHSULQGHUHD�Ä6LJPD�6$´�FDUH�SURGXFH�úL�FRPHUFLDOL]HD] � FRQIHF LL�� 'DWHOH� QHFHVDUH� DFWLYLW LL� VXQW� VLQWHWL]DWH� vQ�tabelul 2.1.
Tabel nr. 2.1 - mil.lei –
An curent Indici % Nr. crt.
Indicatori
Sim- bol
An Precedent
(0) Prev (p)
Realizat (1) P/0 1/0 1/P
1. 3URGXF LD�H[HUFL LXOXL
Qe 700500 750000 820000 107,06 117,05 109,33
2. 3URGXF LD�PDUI �IDEULFDW
Qf 680000 690000 715000 101,47 105,14 103,62
3. Cifra de afaceri
CA 650000 670000 680000 103,07 104,61 101,49
4. Valoarea DG XJDW
Qa 340000 345000 380000 101,47 111,76 110,14
1RW :�,QGLFDWRULL�XWLOL]D L�DX�IRVW�GHIODWD L� Concluzii:
� 6H�FRQVWDW �F �WRDWH�YDORULOH�SUHYL]LRQDWH�DOH�LQGLFDWRULORU�Du fost VXSHULRDUH� P ULPLORU� DQXOXL� SUHFHGHQW�� IDSW� FH� HYLGHQ LD] � F �VRFLHWDWHD�úL-D�SURSXV�R�H[WLQGHUH�D�DFWLYLW LL�HFRQRPLFH�
� Valorile efective au devansat valorile previzionate, deci societatea úL-D�vQGHSOLQLW�LQWHJUDO�RELHFWLYHOH��$FHDVW �HYROX LH�D�Lndicatorilor SRDWH� IL� H[SOLFDW � SULQ� FDX]H� LQWHUQH� úL�VDX� H[WHUQH� DOH�PHGLXOXL�economic al întreprinderii.
Cauze externe pot fi considerate: ¾ diminuarea� FRQFXUHQ HL� VDX� FRQVROLGDUHD� SR]L LHL� SH� SLD � D�
VRFLHW LL�DQDOL]DWH� ¾ FUHúWHUHD�FHUHULL�SHQWUX�SURGXVHle întreprinderii analizate; ¾ DSDUL LD�XQRU�QRL�FOLHQ L� ¾ UHGXFHUHD�FRVWXULORU�GH�DFKL]L LH�OD�PDWHULLOH�SULPH�HWF�
Cauze interne pot fi considerate: ¾ reducerea consumurilor specifice; ¾ vPEXQ W LUHD�JUDGXOXL�GH�XWLOL]DUH�D�FDSDFLW LL�GH�SURGXF LH� ¾ FUHúWHUHD�SURGXFWLYLW LL�PXQFLL� ¾ retehnologizarea sau modernizarea mijloacelor fixe etc.
1RW ��2� DQDOL] � SHUWLQHQW � VH� SRDWH� UHDOL]D� DWXQFL� FkQG� VH� GLVSXQH�HIHFWLY� GH� LQIRUPD LL� SULYLQG� DFWLYLWDWHD� VRFLHW LL�� DWkW� vQ� FHHD� FH� SULYHúWH�PHGLXO�LQWHUQ�FkW�úL�FHO�H[tern.
2.1.3.2 Analiza indicatorilor valorici pe baza indicilor ,QGLFHOH�H[SULP �XQ�UDSRUW�SURFHQWXDO�vQWUH�GRX �P ULPL�DOH�DFHOXLDúL�LQGLFDWRU�� GLQWUH� FDUH� QXP U WRUXO� HVWH� YDORDUHD� FXUHQW � ����� LDU� QXPLWRUXO��ED]D�GH�FRPSDUD LH������ În cazul analizeL�DFWLYLW LL�GH�SURGXF LH�úL�FRPHUFLDOL]DUH��LQGLFDWRULL�YDORULFL� UHIOHFW � R� VLWXD LH� QRUPDO � DWXQFL� FkQG� vQUHJLVWUHD] � XUP WRDUHOH�FRUHOD LL� 1. Indicele cifrei de afaceri ��,QGLFHOH�SURGXF LHL�IDEULFDWH� ICA ��,Qf ,QWHUSUHWDUHD�DFHVWHL�FRUHOD LL�HVWH�XUP WRDUHD� �����'DF � ,CA = IQf� DWXQFL� VH� FRQVWDW �PHQ LQHUHD� SURSRU LRQDOLW LL�vQWUH�GLQDPLFD�VWRFXULORU�GH�SURGXVH�ILQLWH�úL�GLQDPLFD��ULWPXO��OLYU ULORU� �����'DF �,CA > IQf�DWXQFL�VH�vQUHJLVWUHD] �R�UHGXFHUH�D�VWRFXULORU�GH�produse finite în periRDGD�DQDOL]DW �ID �GH�ED]D�GH�FRPSDUD LH� ���,QGLFHOH�SURGXF LHL�IDEULFDWH�!�,QGLFHOH�SURGXF LHL�H[HUFL LXOXL IQf > IQe ,QHJDOLWDWHD�HYLGHQ LD] �UHGXFHUHD�VWRFXULORU�GH�SURGXF LH�vQ�FXUV�GH�H[HFX LH�úL�D�FRQVXPXULORU�LQWHUQH� ���,QGLFHOH�YDORULL�DG XJDWH�!�,QGLFHOH�SURGXF LHL�H[HUFL LXOXL IVA > IQe &RUHOD LD� H[SULP � UHGXFHUHD� SRQGHULL� FRQVXPXULORU� SURYHQLWH� GH� OD�WHU L�vQ�SURGXF LD�H[HUFL LXOXL. 'LQ� WDEHOXO� QU�� ���� VH� REVHUY � F � GHúL� V-D� SUHYL]LRQDW� R� FUHúWHUH� D�cifrei de afaceri într-un ritm supeULRU� SURGXF LHL� IDEULFDWH� ��������� !����������� HIHFWLY�� SURGXF LD� IDEULFDW � D� GHYDQVDW� vQ� GLQDPLF � FLIUD� GH�DIDFHUL�� UH]XOWkQG� R� FUHúWHUH� D� VWRFXULORU� GH� SURGXVH� ILQLWH� ��������� ��103,62%). 3URGXF LD�H[HUFL LXOXL�D�GHYDQVDW�FD�ULWP�SURGXF LD�IDEULFDW �GHFi au FUHVFXW�FRQVXPXULOH�LQWHUQH�úL�VWRFXULOH�GH�SURGXF LH�QHWHUPLQDW ����������> 103,62%). 5LWPXO� GH� FUHúWHUH� SUHYL]LRQDW� SHQWUX� YDORDUHD� DG XJDW a fost LQIHULRU� FHOXL� SUHYL]LRQDW� SHQWUX� SURGXF LD� H[HUFL LXOXL� ��������� ����������� SUREDELO� GDWRULW � DQWLFLS ULL� XQRU� FRQVXPXUL�PDWHULDOH�PDL�PDUL�GHFkW�vQ�DQXO�SUHFHGHQW��vQV �HIHFWLY�GLQDPLFD�YDORULL�DG XJDWH�����������D�IRVW�VXSHULRDU �GLQDPLFLL�SURGXF LHL�H[HUFL LXOXL�����������vQUHJLVWUkQGX-se R�UHGXFHUH�D�SRQGHULL�FKHOWXLHOLORU�PDWHULDOH�vQ�WRWDO�SURGXF ie.
2.1.3.3 Analiza raportului static dintre indicatorii valorici
Scopul unei astfel de analize este de a oferi� LQIRUPD LL� DVXSUD�HYROX LHL�HOHPHQWHORU�FRPSRQHQWH�DOH�indicatorilor valorici��5HOD LLOH�VWDWLFH�FX�VHPQLILFD LH�vQ�DQDOL]D�DFWLYLW LL�GH�SURGXF LH�úL�FRPHUFLDOL]DUH�VXQW�
• 5DSRUWXO� GLQWUH� FLIUD� GH� DIDFHUL� úL� YDORDUHD� SURGXF LHL� IDEULFDWH�
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pentru 1Qf
CA ≥ .
• 5DSRUWXO� GLQWUH� YDORDUHD� SURGXF LHL� IDEULFDWH� úL� YDORDUHD�
SURGXF LHL�H[HUFL LXOXL�
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SURGXF LH� QHWHUPLQDW � úL� D� FRQVXPXOXL� LQWHUQ�� 6LWXD LD� VH�
DSUHFLD] �FD�ILLQG�IDYRUDELO pentru 1Qe
Qf ≥ .
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SURYHQLWH�GH�OD�WHU L��6LWXD LD�IDYRUDELO �HVWH�FkQG� 1≥Qe
Qa.
Pe baza datelor din tabelul nr. 2.1 s-DX� RE LQXW� XUP WRDUHOH� UHOD LL�statice (tabelul nr. 2.2)
Tabelul 2.2
An curent Nr. crt.
5HOD LL�VWDWLFH Simbol An precedent 3UHY ]XW Realizat
1. fabricataProductia
afacerideCifra
Qf
Ca 0,955 0,971 0,951
2. uiexercitiulProductia
fabricataProductia
Qe
Qf 0,970 0,920 0,871
3. uiexercitiulProductia
adaugataValoarea
Qe
Qa 0,485 0,460 0,463
&X�H[FHS LD�SULPXOXL�UDSRUW�VWDWLF��FHOHODOWH�YDORUL�SUHYL]LRQDWH�V-au VLWXDW�VXE�QLYHOXO�DQXOXL�SUHFHGHQW��GDWRULW �IDSWXOXL�F �VRFLHWDWHD�úL-a propus XQ� ULWP�GH�FUHúWHUH�D�SURGXF LHL�H[HUFL LXOXL� VXSHULRU� ULWPXOXL�GH�FUHúWHUH�D�SURGXF LHL�IDEULFDWH�úL�D�YDORULL�DG XJDWH� Valorile realizate sunt sub nivelul previzionat în cazul� UHOD LLOor
statice Qf
CAúL�
Qe
Qf� GDWRULW � ULWPXULORU� GLIHriWH� GH� FUHúWHUH� D� FHORU� WUHL�
LQGLFDWRUL�� 5H]XOW � F � ID � GH� SODQ�� D� FUHVFXW� JUDGXO� GH� YDORULILFDUH� D�SURGXF LHL�IDEULFDWH��UHVSHFWLY�V-a redus ponderea stocurilor de produse finite úL�DX�FUHVFXW�FRQVXPXULOH�LQWHUQH�DOH�VRFLHW LL�úL�VWRFXULOH�GH�SURGXVH�DIODWH�vQF � vQ� IOX[XO� WHKQRORJLF� �,Qe > IQf). Ponderea consumurilor materiale SURYHQLWH�GH�OD�WHU L�vQ�SURGXF LD�H[HUFL LXOXL�V-D�UHGXV�ID �GH�SURJUDP� 2.1.3.4 Analiza raportului dinamic dintre indicatorii valorici
Raportul dinamic cDUDFWHUL]HD] � HYROX LD� vQ� WLPS� D� LQGLFDWRULORU�valorici prin operarea cu indicii acestora. Principalele tipuri de rapoarte dinamice sunt:
1) 5DSRUWXO� vQWUH� ULWPXO� YkQ] ULORU� �OLYU ULORU�� úL� ULWPXO� IDEULFD LHL�
Qf
CA
I
I; SLWXD LD�HVWH�FRQVLGHUDW �IDYRUDELO �FkQG� 1≥
Qf
CA
I
I.
2) 5DSRUWXO� vQWUH� ULWPXO� YROXPXOXL� WRWDO� GH� DFWLYLWDWH� úL� ULWPXO�
ILQDOL] ULL� SURGXF LHL��Qe
Qf
I
I; Când 1
I
I
Qe
Qf ≥ �� VLWXD LD� HVWH�
FRUHVSXQ] WRDUH�GHVI úXU ULL�QRUPDOH�D�DFWLYLW LL�
3) *UDGXO�GH�SUHOXFUDUH�D�FRQVXPXULORU�SURYHQLWH�GH� OD�WHU L�Qe
Qa
I
I;
6LWXD LD�HVWH�SR]LWLY �SHQWUX� 1≥Qe
Qa
I
I.
8WLOL]kQG�GDWHOH�WDEHOXOXL�QU�������UDSRDUWHOH�GLQDPLFH�VH�SUH]LQW �vQ�tabelul 2.3:
Tabelul 2.3 An curent Nr.
crt. Rapoarte dinamice Simbol
An precedent 3UHY ]XW Realizat
1. fabricateproductieiIndicele
afaceridecifreiIndicele
Qf
Ca
I
I 1,015 0,994 0,979
2. uiexercitiulproductieiIndicele
fabricateproductieiIndicele
Qe
Qf
I
I 0,947 0,898 0,948
3. uiexercitiulproductieiIndicele
adaugatevaloriiIndicele
Qe
Qa
I
I 0,947 0,954 1,007
$FHOHDúL� FRQFOX]LL� �YH]L� $QDOL]D� UDSRUWXOXL� VWDWLF� GLQWUH� LQGLFDWRULL�YDORULFL��VH�GHVSULQG�úL�DQDOL]kQG�UDSRUWXO�GLQDPLF�DO�LQGLFDWRULORU�YDORULFL�
����$QDOL]D�SURGXF LHL�IL]LFH
������$QDOL]D�UHDOL] ULL�SURJUDPXOXL�GH�IDEULFD LH�SH�VRUWLPHQWH� úL�SH�WRWDO�VRFLHWDWH
Conceptual, SURGXF LD� IL]LF � UHSUH]LQW � WRWDOLWDWHD� YDORULORU� GH�vQWUHEXLQ DUH� UH]XOWDWH� GLQ� DFWLYLWDWHD� SURGXFWLY � úL� GHVWLQDWH� FRQVXPXOXL�intermediar sau final. 3HQWUX�GHVI úXUDUHD�QRUPDO �D�DFWLYLW LL�economice este necesar ca RULFH� vQWUHSULQGHUH� V � vúL� VWDELOHDVF �XQ�SURJUDP�GH� IDEULFD LH� DIHUHQW� XQXL�LQWHUYDO� YDULDELO� GH� WLPS�� SULQ� FDUH� V � DLE � FHUWLWXGLQHD� F � vúL� YD� RQRUD�LQWHJUDO�REOLJD LLOH�FRQWUDFWXDOH�ID �GH�FOLHQ LL�V L�� 3URJUDPXO�GH�IDEULFD LH�VH�UHDOL]HD] �SH�VXEGLYL]LXQL�RUJDQL]DWRULFH��HFKLSH�� VHF LL� HWF�� úL� LD� vQ� FDOFXO� FDSDFLWDWHD� GH� SURGXF LH� D� DJHQWXOXL�economic. *UDGXO�GH�vQGHSOLQLUH�D�SURJUDPXOXL�GH�IDEULFD LH�SHUPLWH�IRUPXODUHD�unor concluzii referitoare la fundamentarea acestuia, la capacitatea factorilor GH� GHFL]LH� GH� DQWLFLSDUH� D� DFWLYLW LL� vQWUHSULQGHULL�� 3HQWUX� FDUDFWHUL]DUHD�JUDGXOXL�GH�vQGHSOLQLUH�D�SURJUDPXOXL�GH�IDEULFD LH�VH�XWLOL]HD] ��
• LQGLFLL�LQGLYLGXDOL�GH�vQGHSOLQLUH�D�SURJUDPXOXL�GH�SURGXF LH� • coeficientul mediu de sortiment; • FRHILFLHQWXO�GH�QRPHQFODWXU �
Indicii individuali de îndeplinire a programului�HYLGHQ LD] �P VXUD�vQ�FDUH�SUHYL]LXQLOH�DX�IRVW�UHVSHFWDWH�SH�VRUWLPHQWH�úL�SH�WRWDO�SURGXF LH� Coeficientul de sortiment (KS) –� RIHU � R� LPDJLQH� GH� DQVDPEOX�asupra JUDGXOXL� GH� UHDOL]DUH� D� SURJUDPXOXL� GH� IDEULFD LH� SH� VRUWLPHQWH� OD�QLYHOXO�VRFLHW LL�FRPHUFLDOH� 3ULQFLSLXO�GHWHUPLQ ULL�DFHVWXL�FRHILFLHQW�HVWH�DO�QHFRPSHQV ULL�XQRU�QHvQGHSOLQLUL�GH�SURJUDP�OD�XQHOH�VRUWLPHQWH�FX�GHS úLULOH�vQUHJLVWUDWH�OD�DOWH�sortimeQWH��ÌQ�FRQGL LLOH�XQHL�FHUHUL�QHPRGLILFDWH�ID �GH�SURJUDP��GHS úLULOH�GH�SURGXF LH� IDEULFDW � OD�XQHOH�VRUWLPHQWH�VHPQLILF �R�FUHúWHUH�D�VWRFXULORU�vQWUHSULQGHULL� GHFL� R� LPRELOL]DUH� GH� UHVXUVH� LDU� R� QHUHDOL]DUH� D� SURGXF LHL�planificate la diferite sortimeQWH�SUHVXSXQH�R�RQRUDUH�SDU LDO �D�REOLJD LLORU�FRQWUDFWXDOH��FX�FRQVHFLQ H�QHJDWLYH�DVXSUD�DFWLYLW LL�HFRQRPLFH�YLLWRDUH� 0 ULPHD� PD[LP � D� FRHILFLHQWXOXL� GH� VRUWLPHQW� HVWH� ��� ÌQ� SUDFWLF �DSDU�GRX �VLWXD LL� a) Ks = 1, vQ�XUP WRDUHOH�VLWXD LL: a1) când SURJUDPXO�GH�IDEULFD LH�D�IRVW�UHDOL]DW�OD�WRDWH�VRUWLPHQWHOH�vQ�SURSRU LH�GH������ a2�� FkQG� SURJUDPXO� GH� IDEULFD LH� D� IRVW� UHDOL]DW� úL� GHS úLW� OD� WRDWH�VRUWLPHQWHOH��LQGLIHUHQW�GH�SURSRU LD�GH�UHDOL]DUH� b) Ks < 1, vQ�XUP WRDUHOH�VLWXD LL: b1) când proJUDPXO�GH�IDEULFD LH�D�IRVW�UHDOL]DW�úL�GHS úLW�SH�WRWDO��GDU�FHO�SX LQ�OD�XQ�VRUWLPHQW�QX�V-D�UHDOL]DW�QLYHOXO�SUHY ]XW� b2��FkQG�SURJUDPXO�GH�IDEULFD LH�QX�D�IRVW�UHDOL]DW�DWkW�SH�WRWDO��FkW�úL�SH�VRUWLPHQWH��LQGLIHUHQW�GH�SURSRU LD�GH�QHUHDOL]DUH� RelD LLOH�GH�GHWHUPLQDUH�D�FRHILFLHQWXOXL�GH�VRUWLPHQW�VXQW�
1) ∑ ⋅
∑ ⋅=
00
0mins pq
pqK
2) 100
g
100
iqgK 0
20
s∑ ″
+∑ ′=
3) ( )
∑∑ ∆
−=00
s pq
qp1K
în care Σqmin p0� �YDORDUHD�SURGXF LHL�UHFDOFXODW �vQ�OLPLWD�SUHYHGHULORU��GHWHUPLQDW �
prin compararea valorii realizate pe produse cu valoarea SUHY ]XW �úL�OXDUHD�vQ�FDOFXO�D�YDORULL�PLQLPH�
g0’ = SRQGHUHD� SUHY ]XW � D� VRUWLPHQWHORU� OD� FDUH� QX� V-a realizat programul;
″0g = SRQGHUHD� SUHY ]XW � D� VRUWLPHQWHORU� OD� FDUH� V-D� UHDOL]DW�GHS úLW�
programul; iq = indicele de îndeplinire a prevederilor la sortimentele luate în
calcul; Σ(∆qp) = suma abaterilor negative pe sortimente. Exemplu:� 6H� FRQVLGHU � F � vQWUHSULQGHUHD� $/)$� DUH� FD� RELHFW� GH�DFWLYLWDWH� SURGXF LD� GH� PDWHULDOH� GH� FRQVWUXF LL�� 6H� FHUH� V � VH� GHWHUPLQH�JUDGXO�GH�UHDOL]DUH�D�SURJUDPXOXL�GH�IDEULFD LH�úL�V �VH�LQWHUSUHWH]H�VLWXD LD�
Tabelul 2.4 0!1�2 341�5�6�187$5�349�:�; < 6�<
(mil lei) = qp >�? 5�:�; ? :�5�1@7�5�3�9A:�; < 6�<
(%)
Nr. crt.
Denumire sortiment B&5�6�C D�: ?
Realizat
Iq (%)
Abateri
negative E qp
BF5�349�:�; < 15�6�;�1�2 ;�:�2 1 ?
în limita
prevederilor = qminp0
BF5�6�C D�: ? Realizat
1. A 4500 4800 106,67 - 4500 30 30 2. B 3750 3200 85,33 -550 3200 25 20 3. C 3000 4800 1600 - 3000 20 30 4. D 3750 3200 85,33 -550 3200 25 20 5. TOTAL 15000 16000 106,67 -1100 13900 100 100
Coeficientul de sortiment aferent bazei de date precedente este:
1) 9267,015000
13900
pq
pqK
00
0mins ==
∑ ⋅∑ ⋅
=
2) 9267,0100
2030
100
33,852533,8525
100
g
100
iqgK
20
20
s =++⋅+⋅=∑ ″+∑ ′
=
3) ( )
9267,015000
11001
pq
qp1K
00s =−=
∑∑ ∆
−=
'HúL� OD�QLYHOXO� vQWUHSULQGHULL� SURJUDPXO�GH� IDEULFD LH�D� IRVW� GHS úLW�(106,67%), SH�VRUWLPHQWH��SURSRU LD�GH�UHDOL]DUH�D�IRVW�GH���������$FHDVW �VLWXD LH�HYLGHQ LD] �IDSWXO�F �vQ�FD]XO�LQH[LVWHQ HL�VWRFXULORU��VRFLHWDWHD�QX-úL�SRDWH�RQRUD�LQWHJUDO�REOLJD LLOH�FRQWUDFWXDOH�FX�EHQHILFLDULL� &RHILFLHQWXO� GH� VRUWLPHQW� UHIOHFW � SURSRU LD� Ge realizare a programului la unele sortimente. ,QWHUSUHWDUHD�YDORULF �VH� IDFH�GLIHUHQ LDW� vQ� IXQF LH�GH�VLWXD LH��GDF �
DEDWHUHD� GH� OD� SURJUDP� HVWH� IRDUWH� PDUH� OD� XQ� VLQJXU� VRUWLPHQW� VDX� GDF �YDORDUHD� vQUHJLVWUDW � GH� FRHILFLHQW� HVWH� HIHFWXO� QHUHDOL] ULL� SUogramului la PDL� PXOWH� VRUWLPHQWH� GDU� vQ� SURSRU LL� PDL� PLFL�� 3HQWUX� D� GHOLPLWD� DFHVWH�DVSHFWH�� DQDOL]D� HVWH� FRPSOHWDW � FX� GHWHUPLQDUHD� coeficientului de QRPHQFODWXU ��.n),�FDUH�DUDW �QXP UXO�GH�SURGXVH��VRUWLPHQWH��OD�FDUH�QX�V-a respectat programul de fabULFD LH� 5HOD LD�GH�FDOFXO�HVWH�
N
n1K n −=
în care: N = QXP UXO�WRWDO�GH�SURGXVH�VRUWLPHQWH�H[LVWHQWH�vQ�QRPHQFODWRU n � QXP UXO� GH� SURGXVH�VRUWLPHQWH� OD� FDUH� QX� V-a realizat programul de
IDEULFD LH�
În cazul considerat 5,04
21K n =−=
$FHDVW � YDORDUH� DUDW � F � SURGXF LD� QX� V-a realizat conform SUHYL]LXQLORU�OD�����GLQ�VRUWLPHQWHOH�DQDOL]DWH��UHVSHFWLY�%�úL�'��DPEHOH�FX�indici de 85,33%).
������$QDOL]D�VWUXFWXULL�SURGXF LHL
5HDOL]DUHD� SURJUDPXOXL� GH� SURGXF LH� vQ� SURSRU LL� Giferite pe VRUWLPHQWH� �DEDWHUL� GH� OD� SURJUDP�� JHQHUHD] � PRGLILF UL� úL� vQ� VWUXFWXUD�DFHVWHLD� HYLGHQ LDWH� SULQ� PRGLILFDUHD� SRQGHULORU� SH� FDUH� OH� GH LQ� GLIHULWH�VRUWLPHQWH� GLQ� QRPHQFODWRUXO� GH� IDEULFD LH� vQ� YROXPXO� WRWDO� GH� DFWLYLWDWH� Procedeele specifice de�DQDOL] �D�VWUXFWXULL�SURGXF LHL�VXQW�
• SRQGHULOH��JUHXW LOH�VSHFLILFH�� • FRHILFLHQWXO�PHGLX�GH�VWUXFWXU ��DVRUWLPHQW��
&RPSDUDUHD� SRQGHULORU� HIHFWLYH� FX� FHOH� SURJUDPDWH� DOH� ILHF UXL�VRUWLPHQW�DUDW �P VXUD�vQ�FDUH�V-D�UHVSHFWDW�VWUXFWXUD�LQL LDO �D�SURJUDPului GH�SURGXF LH� &DUDFWHUL]DUHD� LQWHQVLW LL� PRGLILF ULL� VWUXFWXULL� SURGXF LHL� VH�UHDOL]HD] � SH� ED]D� FRHILFLHQWXOXL� PHGLX� GH� VWUXFWXU � �.st) determinat prin UHOD LLOH�
1) 100
g1K st
∑ ∆−=
unde: ∆J� �DEDWHUHD�QHJDWLY �D�SRQGHULL�SH�VRUWLPHQWH�SUoduse
2) arecalculatefectivaoductiaPr
prevazutestructuriicontulinexecutataefectivaoductiaPrKst =
8WLOL]DUHD�PRGHOXOXL����LPSXQH�SDUFXUJHUHD�XUP WRDUHORU�HWDSH� D�� UHFDOFXODUHD�SURGXF LHL� UHDOL]DWH�FRQIRUP�VWUXFWXULL�SUHY ]XWH�� ILH�
SULQ�DSOLFDUHD�SRQGHULL�SUHY ]XWH�D�ILHF UXL�VRUWLPHQW�OD�YDORDUHD�WRWDO � UHDOL]DW � ILH�SULQ� vQPXO LUHD� LQGLFHOXL�PHGLX�GH� UHDOL]DUH�D�SURJUDPXOXL� GH� SURGXF LH� FX� YDORDUHD� SUHY ]XW � D� ILHF UXL�sortiment.
E�� GHWHUPLQDUHD� YDORULL� SURGXF LHL� UHDOL]DWH� vQ� FRQWXO� VWUXFWXULL�programate prin compararea valorii efective pe fiecare sortiment cu cea UHFDOFXODW ��OXkQGX-VH�vQ�FDOFXO�YDORDUHD�PLQLP �
([HPSOX��'DWHOH�GH�ED] �VXQW�SUHOXDWH�GLQ�WDEHOXO�SUHFHGHQW�
Tabelul 2.5 - mil lei -
G!H�I J4H�K�L�H8M$K�J4N�O�P Q L�Q
R�S K�OAP S O$K�H@M$K�J4N�O�P Q L�Q
Nr. crt.
Denumire sortiment T�U V�W X�Y4Z
Realizat T�U V�W X�Y4Z
Realizat
[!Q \ L�K�L�] H
|̂ g|
Valoarea M$K�J4N�O�P Q L�Q
recalculate
_&K�J4N�O�P Q HL�`4L�P�O S H S
în contul structurii M$K�L�a b O S L
1 A 4500 4800 30 30 - 4800 4800 2 B 3750 3200 25 20 5 4000 3200 3 C 3000 4800 20 30 - 3200 3200 4 D 3750 3200 25 20 5 4000 3200 5 TOTAL 15000 16000 100 100 10 16000 14400
3H� ED]D� UHOD LLORU� GH� GHWHUPLQDUH�� FRHILFLHQWXO� GH� VWUXFWXU �vQUHJLVWUHD] �XUP WRDUHOH�YDORUL�
9,0100
101Kst =−=
9,016000
14400K st ==
ÌQ� FRQGL LLOH� QHUHVSHFW ULL� SURJUDPXOXL� SURGXF LHL� IDEULFDWH� SH�sortimente, sociHWDWHD� FRPHUFLDO � D� vQUHJLVWUDW� úL� R� PRGLILFDUH� D� VWUXFWXULL�sortimentale. $FHDVW � VLWXD LH� HVWH� HYLGHQ LDW � GH� YDORDUHD� VXEXQLWDU � D�FRHILFLHQWXOXL�GH�VWUXFWXU � )9,0K( st = .9DORDUHD�PD[LP �D�FRHILFLHQWXOXL�GH�VWUXFWXU � HVWH� �� úL� HYLGHQ LD] � realizarea structurii sortimentale conform programului.
������$QDOL]D�FRUHODW �D�FRHILFLHQWXOXL�GH�VWUXFWXU �FX�FRHILFLHQWXO�
de sortiment
&RPSDUDUHD� YDORULORU� FRHILFLHQWXOXL� GH� VRUWLPHQW� úL� D� FHOXL� GH�VWUXFWXU �SRDWH�FRQGXFH�OD�XUP WRDUHOH�FRPELQD LL�
a) Ks = 1 Kst < 1 Iq > 100
ÌQ�DFHDVW �VLWXD LH�SURJUDPXO�GH�SURGXF LH�D�IRVW�UHDOL]DW�úL�VDX�GHS úLW�OD�WRDWH�VRUWLPHQWHOH�GDU�vQ�SURSRU LL�GLIHULWH�
b) Ks < 1 Kst < 1 Iq �����
ÌQ� DFHVW� FD]� SURJUDPXO� GH� IDEULFD LH� QX� V-a vQGHSOLQLW� OD� FHO� SX LQ� XQ� VRUWLPHQW� iar SURSRU LLOH�GH�UHDOL]DUH�GLIHU �GH�OD�XQ�VRUWLPHQW�la altul.
c) Ks = 1 Kst = 1 Iq �����
$FHVW� FD]� HVWH� R� VROX LH� WHRUHWLF � úL� HYLGHQ LD] �F � SURJUDPXO� GH� SURGXF LH� V-a realizat la toate VRUWLPHQWHOH�vQ�DFHHDúL�SURSRU LH� i1 = i2 = ... = in = IQ
d) Ks < 1 Kst = 1 Iq < 100
(VWH� R� VROX LH� WHRUHWLF � FH� VHPQLILF � IDSWXO� F �SURJUDPXO�GH�SURGXF LH�QX�D�IRVW�UHDOL]DW�OD�WRDWH�VRUWLPHQWHOH��vQ�DFHHDúL�SURSRU LH� i1 = i2 = ... in = IQ < 100
În cazul practic prezentat Ks = 0,9267 Kst = 0,9 Iq = 106,67% UH]XOW �F �SURJUDPXO�QX�D�IRVW�UHDOL]DW�OD�WRDWH�VRUWLPHQWHOH,�UHVSHFWLY��%�úL�'������ GLQ� WRWDO� VRUWLPHQWH��� ÌQ� FRQGL LLOH� vQ� FDUH� FHUHUHD� QX� V-a modificat, vQWUHSULQGHUHD�VH�DIO � vQ� LPSRVLELOLWDWHD�GH�D� UHVSHFWD�FODX]HOH�FRQWUDFWXDOH�privind voluPXO�OLYU ULORU�F WUH�VROLFLWDQ L� 0RGLILFDUHD� VWUXFWXULL� SURGXF LHL� VH� YD� UHIOHFWD� vQ� WR L� LQGLFDWRULL�economico-ILQDQFLDUL�GHWHUPLQD L�SH�ED]D�DFHVWHLD� ���5DWD�HILFLHQ HL�FRVWXULORU�DIHUHQWH�H[SORDW ULL�
1000100000
00
01
01
∑∑
∑∑ −
pq
cq
pq
cq
unde: T� �SURGXF LD�RE LQXW �GHVWLQDW �YkQ] ULL; F� �FRVWXO�XQLWDU�GH�SURGXF LH; S� �SUH XO�PHGLX�GH�YkQ]DUH.
���3URILWXO�GLQ�H[SORDWDUH�DIHUHQW�SURGXF LHL�IDEULFDWH
−′
∑⇔
−′
0110f prprpqprprQ1
,
unde: Qf = SURGXF LD�IDEULFDW �GHVWLQDW �YkQ] ULL�
pr = profLWXO�OD���OHX�YHQLWXUL�GLQ�H[SORDWDUH�VDX�OD���OHX�SURGXF LH�YkQGXW ; ′
pr = SURILWXO� UHFDOFXODW� vQ� IXQF LH� GH� VWUXFWXUD� HIHFWLY � D� SURGXF LHL��
respectiv: ∑∑−=′
01
01
pq
cq1pr
���(ILFLHQ D�DFWLYHORU�GH�H[SORDWDUH�
1
01
AE
prprQf
−
′
, unde: AE = active de exploatare;
���(ILFLHQ D�DFWLYHORU�IL[H�
1
01
AF
prprQf
−
′
, unde: AF = active fixe;
���(ILFLHQ D�DFWLYHORU�FLUFXODQWH�
1
01
AC
prprQf
−
′
, unde: AC = active circulante;
���5DWD�UHQWDELOLW LL�UHVXUVHORU�FRQVXPDWH�
1001100100
00
01
01
−−
−
∑∑
∑∑
cq
pq
cq
pq
���5DWD�UHQWDELOLW LL�FRPHUFLDOH�
1001100100
00
01
01
−−
−
∑∑
∑∑
pq
cq
pq
cq
���(ILFLHQ D�FDSLWDOXOXL�SHUPDQHQW
1per
01
K
prprQf
−′
, unde: perK = capitalul permanent
���$O L�LQGLFDWRUL�GH�SHUIRUPDQ
���� $QDOL]D� FDOLW LL� SURGXF LHL� úL� D� LPSOLFD LLORU� HFRQRPLFR-
financiare ale acesteia
Calitatea� UHSUH]LQW � JUDGXO� vQ� FDUH� XQ� SURGXV� VDX� VHUYLFLX�� SULQ�WRWDOLWDWHD� FDUDFWHULVWLFLORU� WHKQLFH�� HFRQRPLFH�� VRFLDOH� úL de exploatare, satisface nevoia pentru care a fost creat. ÌPEXQ W LUHD� FDOLW LL� SURGXF LHL� UHSUH]LQW � XQ� RELHFWLY� HVHQ LDO� DO�RULF UHL� VRFLHW L� GHRDUHFH� SHUPLWH� FUHúWHUHD� SHUIRUPDQ HORU� HFRQRPLFR-ILQDQFLDUH��D�FRPSHWLWLYLW LL�úL�FRQVROLGDUHD�SR]L LHL�GH�SLD �D�vQWUHSULQGHULL� &DUDFWHUL]DUHD� FDOLW LL� SURGXF LHL� VH� UHDOL]HD] � SULQ� XWLOL]DUHD� XQXL�VLVWHP�GH�LQGLFDWRUL��SULQFLSDOHOH�PRGDOLW L�GH�DQDOL] �ILLQG�2 a) &RHILFLHQWXO� HFKLYDOHQ HL� WHKQLFH� VDX� DO� SDUDPHWUXOXL� XQLF prin FDUH� vQVXúLULOH� FDOLWDWLYH�DOH� XQXL�SURGXV� VXQW� UHGXVH� OD� XQD� VLQJXU ��DFHHD�FDUH�LQWHUHVHD] �SH�EHQHILFLDU� b) Dinamica refuzurilor din partea beneficiarilor prin determinarea SRQGHULL�SURGXVHORU�UHIX]DWH�vQ�WRWDOXO�SURGXF LHL�OLYUDWH� c) 'LQDPLFD� UHFODPD LLORU� GLQ� SDUWHD� EHQeficiarilor prin GHWHUPLQDUHD� QXP UXOXL� GH� UHFODPD LL� VDX� YDORDUHD� SURGXVHORU� UHFODPDWH��într-R�SHULRDG �GH�WLPS� d) 'LQDPLFD� FKHOWXLHOLORU� FX� UHPHGLHULOH� vQ� WHUPHQXO� GH� JDUDQ LH H[SULPDW �FD�VXP �DEVROXW �VDX�FD�QLYHO�FH�UHYLQH�OD���PLOLRQ����PLOLDUG��OHi SURGXF LH� e) Indicatorii tehnico-economici VSHFLILFL� ILHF UHL� UDPXUL� �H[�� UDQGDPHQWXO� LQVWDOD LLORU�� FRQVXPXO� GH� FRPEXVWLELO�� GXUDELOLWDWHD��gradul de finisare etc.); f) DOWH�PRGDOLW L�
ÌQ�DSUHFLHUHD�HILFLHQ HL�DFWLYLW LL�HFRQRPLFH�R�GHRVHELW �LPSRUWDQ D�R� SUH]LQW � DQDOL]D� FDOLW LL� SURGXF LHL� GLIHUHQ LDWH� SH� FODVH� GH� FDOLWDWH�
2 c�d e f g h�i j�k.lmhon l�p4p f q�p r�smt p f uwv�r�s�i x y j�l�p r�p z�x l�p -{ x r�s�r�l�x s�f s@k|p4l�x j�t x i p fFl�p4z�j�f l�x s�i j�}�~'f x ��h4r�s@j�l�p�r�p z�x l }��m�4�4��}� h�l�h�f j�� t x d
Aceasta se poate realiza pe produs sau la nivel de întreprindere. 3ULQFLSDOHOH�FULWHULL�FDUH�VWDX�OD�ED]D�JUXS ULL�SURGXVHORU�SH�FODVH�de calitate sunt:
• calitatea materiei prime folosite; • procedeele tehnologice utilizate pentru prelucrarea materiilor
prime; • DEDWHULOH�GH�OD�QRUPHOH�LQWHUQH�FDUH�UHJOHPHQWHD] �SDUDPHWULL�GH�
calitate ai produselor respective.
2.3.1 $QDOL]D�FDOLW LL�OD�QLYHOXO�XQXL�SURGXV
6H�UHDOL]HD] �SULQ:
a) coeficientul mediu de calitate ( )K , stabilit conform modelului
∑
∑=i
ii
q
KqK sau
100
KgK ii∑ ⋅
= ,
în care: K = coeficientul mediu de calitate gi� �VWUXFWXUD�SURGXF LHL�IDEULFDWH pe clase de calitate Ki = coeficientul clasei de calitate „i” qi� �FDQWLWDWHD�IDEULFDW �GLQ�FODVD�GH�FDOLWDWH�ÄL´� E�� FRHILFLHQWXO� PHGLX� GH� FDOLWDWH� VWDELOLW� SH� ED]D� FRHILFLHQ LORU� GH�HFKLYDOHQ �
∑
∑ ⋅=
i
i
q
KeiqK sau
100
KeiqK i∑ ⋅
= ,
în care: .HL� �FRHILFLHQWXO�GH�HFKLYDOHQ �DO� FODVHL�GH�FDOLWDWH� ÄL´� VWDELOLW� FD� UDSRUW�
vQWUH� SUH XO� XQLWDU� DO� SURdusXOXL� GLQ� FODVD� GH� FDOLWDWH� ÄL´� úL� SUH XO� GH�YkQ]DUH�DO�SURGXVXOXL�GH�FDOLWDWH�VXSHULRDU
F��SURFHGHXO�SUH XOXL�PHGLX� ( )p :
∑
∑=i
ii
p
pqp sau
100
pgp ii∑= ,
în care: pi� �SUH XO�XQLWDU�DO�SURGXVHORU�GLQ�FODVD�GH�FDOLWDWH�ÄL´� ÌQ� FHHD� FH� SULYHúWH� SULPHOH� GRX � SURFHGHH�� VLWXD LD� HVWH� DSUHFLDW �favorabil când coeficientul mediX�GH�FDOLWDWH� vQUHJLVWUHD] � YDORUL�DSURSLDWH�de 1 (clasa I de calitate).
3ULQ�LQWHUPHGLXO�SUH XOXL�PHGLX�GH�YkQ]DUH��FkQG� 01 pp > VH�DVLVW �OD�
R�vPEXQ W LUH�D�FDOLW LL�SURGXF LHL�ID �GH�SHULRDGD�SUHFHGHQW ��vQ�FDUH�
1p �SUH XO�PHGLX�DO�SHULRDGHL�FXUHQWH�
0p �SUH XO�PHGLX�DO�ED]HL�GH�FRPSDUD LH� Exemplu�� 6RFLHWDWHD� FRPHUFLDO � $'5,$7,&$� 65/� SURGXFH� úL�FRPHUFLDOL]HD] �SURGXVXO�;�SH�GLYHUVH�FODVH�GH�FDOLWDWH��,QIRUPD LLOH�GH�ED] �cu privire la analizD� FDOLW LL� SURGXF LHL� YkQGXWH� VXQW� SUH]HQWDWH� VLQWHWLF� vQ�WDEHOXO� GH� PDL� MRV�� 6H� FHUH� V � VH� GHWHUPLQH� HYROX LD� FDOLW LL� OD� QLYHO� GH�produs.
Tabelul 2.6 Cantitate
(Kg) Structura
(%) Canti � �
echivalente (Kg) Valori
(mil lei) Nr. crt.
Clasa de
calitate P R P R
��� � ���vânzare lei/Kg
Indice de
echiv. P R P R 1 Cal. I 40.000 60.500 40 55 65.000 1 40.000 60500 2.600 3.932,5 2 Cal. a II-a 35.000 33.000 35 30 52.000 0,8 28.000 26.400 1.456 1.372,8 3 Cal. a III-a 25.000 16.500 25 15 39.000 0,6 15.000 9.900 585 386,1
TOTAL 100.000 110.000 100 100 x x 83.000 96.800 4.641 5.691,4
$SOLFkQG�PRGHOH� GH� DQDOL] � D� FDOLW LL� OD� QLYHO� GH� SURGXV�� VH� RE LQ�XUP WRDUHOH�UH]XOWDWH�
a) 85,1000.100
3000.252000.351000.40
q
KqK
0
0
i
ii0 =⋅+⋅+⋅=
∑
⋅∑=
6,1000.110
3500.162000.331500.60
q
KqK
1
1
i
ii1 =⋅+⋅+⋅=
∑
⋅∑= sau
85,1100
325235140
100
KgK
ii0
0 =⋅+⋅+⋅=⋅∑
=
6,1100
315230155
100
KgK
ii1
01 =⋅+⋅+⋅=⋅∑
=
b) 83,0100
6,0258,035140
100
KgK i0 ei
0 =⋅+⋅+⋅=⋅∑
=
88,0100
6,0158,030155
100
KgK i1 ei
1 =⋅+⋅+⋅=⋅∑
=
c)
Kg/lei950.53100
000.3925000.5235000.6540
100
pgp 00 ii
0 =⋅+⋅+⋅=⋅∑
=
Kg/lei200.57100
000.3915000.5230000.6555
100
pgp 11 ii
1 =⋅+⋅+⋅=⋅∑
=
ÌQ� FRQFOX]LH�� WR L� LQGLFDWRULL� GHWHUPLQD L� UHOHY � R� vPEXQ W LUH� D�FDOLW LL�ID D�GH�SURJUDP��VLWXD LH�DSUHFLDW �SRzitiv. De altfel se poate observa GLQ�WDEHO�F �D�FUHVFXW�SRQGHUHD�SURGXVHORU�GH�FDOLWDWHD�,�GH�OD�����OD�����vQ�GHIDYRDUHD� FHORUODOWH� GRX � FODVH� GH� FDOLWDWH�� $FHVW� IDSW� VH� YD� UHIOHFWD�IDYRUDELO� DVXSUD� WXWXURU� LQGLFDWRULORU� YDORULFL� GH� SHUIRUPDQ H� úL� UH]XOWate GHRDUHFH�YROXPXO�SURGXF LHL�YkQGXWH� �D�FUHVFXW� OD�FODVD�GH�FDOLWDWH�,��XQGH�SUH XO�GH�GHVIDFHUH�HVWH�VXSHULRU�PHGLHL�vQWUHSULQGHULL� ������$QDOL]D�FDOLW LL�OD�QLYHO�GH�vQWUHSULQGHUH
/D�QLYHO�GH�vQWUHSULQGHUH��UHOD LLOH�GH�GHWHUPLQDUH�DQDOLWLF �D�FDOLW LL�
sunt: D��FRHILFLHQWXO�PHGLX�JHQHUDOL]DW�DO�FDOLW LL�
100
KgKg ii∑ ⋅
= ,
în care: gi� �VWUXFWXUD�SURGXF LHL�IDEULFDWH�SH�WLSXUL�GH�SURGXVH�
iK = coeficientul mediu de calitate pe produse. b)
$SURSLHUHD�GH���D�FRHILFLHQWXOXL�PHGLX�JHQHUDOL]DW�DO�FDOLW LL�UHOHY �R� VLWXD LH� IDYRUDELO � SHQWUX� DFWLYLWDWHD� vQWUHSULQGHULL�� 9DORDUHD� FHOXL� GH-al doilea indicator - SRQGHUHD� SURGXVHORU� GH� FDOLWDWH� VXSHULRDU � vQ� YDORDUHD�WRWDO �D�SURGXVHORU�GLIHUHQ LDWH�SH�FDOLW L -� WUHEXLH�V �ILH�FkW�PDL�DSURSLDW �de 100 pentru a eYLGHQ LD�IDSWXO�F �VRFLHWDWHD�UHDOL]HD] �VL�FRPHUFLDOL]HD] �FX�SUHSRQGHUHQ �SURGXVH�GH�FDOLWDWHD�,� Exemplu��6RFLHWDWHD�$'5,$7,&$�65/�SURGXFH�úL�FRPHUFLDOL]HD] �WUHL�WLSXUL�GH�SURGXVH��'LVSXQkQG�GH�GDWHOH�GLQ�WDEHOXO�GH�PDL�MRV��VH�FHUH�V �se analizeze HYROX LD�FDOLW LL�SURGXF LHL�YkQGXWH�OD�QLYHOXO�vQWUHSULQGHULL�
9DORDUHD�SURGXVHORU�GH�FDOLWDWH�VXSHULRDU
Ponderea produselor de FDOLWDWH�VXSHULRDU �vQ�YDORDUHD�WRWDO �D�SURGXVHORU�GLIHUHQ LDWH�SH�FDOLW L
= 9DORDUHD�WRWDO �D�SURGXVHORU
x 100
Tabelul 2.7
Structura SURGXF LHL��
Coeficientul de calitate pe
produs
Coeficientul generalizat de calitate
( )100/Kg ii∑ Nr. crt.
Denumire produs
P R P R Kg0 Kg1 Kgrec
1 A 50 35 1,5 1,4 0,75 0,49 0,525 2 B 30 35 1,7 2 0,51 0,7 0,595 3 C 20 30 1,95 1,9 0,39 0,57 0,585 TOTAL 100 100 x x 1,65 1,53 1,705 &RHILFLHQWXO�PHGLX�JHQHUDOL]D�DO�FDOLW LL�D�IRVW�GHWHUPLQDW�DVWIHO��
65,1100
95,1207,1305,150
100
KggK 00 ii
0 =⋅+⋅+⋅=∑ ⋅
=
53,1100
9,1302354,135
100
KggK 11 ii
1 =⋅+⋅+⋅=∑ ⋅
=
705,1100
95,1307,1355,135
100
KggK 01 iirec =⋅+⋅+⋅=
∑ ⋅=
)D � GH� SURJUDP�� VRFLHWDWHD� D� vQUHJLVWUDW� R� vPEXQ W LUH� D� FDOLW LL�
întreprinderii cu 12% ( )01 gKgKKg −=∆ . 'LQ�SXQFW�GH�YHGHUH�IDFWRULDO��DFHDVW �HYROX LH�VH�H[SOLF �DVWIHO� ��� ,QIOXHQ D� PRGLILF ULL� VWUXFWXULL� SURGXF LHi asupra coeficientului PHGLX�JHQHUDOL]DW�DO�FDOLW LL�
055,065,1705,1gKgK100
Kg
100
Kgg 0
reciiiii
0001 =−=−=∑ ⋅
−⋅∑
=∆
���,QIOXHQ D�PRGLILF ULL�FRHILFLHQWXOXL�GH�FDOLWDWH�SH�SURGXV�
175,0705,153,1gKgK100
Kg
100
KgK rec
1iiii
i0101 −=−=−=
∑ ⋅−
∑ ⋅=∆
Concluzie�� ��� ÌQ� SHULRDGD� FXUHQW � ID � GH� ED]D� GH� FRPSDUD LH� D�crescut ponderea produVHORU�%�úL�&�OD�FDUH�FRHILFLHQ LL�GH�FDOLWDWH�SUHY ]X L�vQ�SURJUDP�DX�IRVW�LQIHULRUL�SURGXVXOXL�$�úL�PHGLHL�vQWUHSULQGHULL��,QIOXHQ D�VWUXFWXULL� HVWH� DSUHFLDW � FD� QRUPDO � LQGLIHUHQW� GH� VHQVXO� LQIOXHQ HL� GDF �
PRGLILFDUHD�DFHVWHLD�HVWH�UH]XOWDWXO�RULHQW ULL�FHUHULL�SRSXOD LHL�VSUH�DQXPLWH�SURGXVH�úL�QX�HIHFWXO�XQRU�GLVIXQF LRQDOLW L�vQ�DFWLYLWDWHD�LQWHUQ �D�VRFLHW LL� ��� &RPSDUkQG� HYROX LD� FRHILFLHQWXOXL� GH� FDOLWDWH� SH� SURGXVH� VH�REVHUY � HIRUWXO� vQWUHSULQGHULL� vQ� GLUHF LD� UHDOL] ULL� XQRU� SURGXVH� GH�FDOLWDWe PDL�EXQ �SULQ�vPEXQ W LUHD�WHKQRORJLLORU�GH�SURGXF LH� ,QIOXHQ D� DFHVWXL� IDFWRU� DVXSUD� FRHILFLHQWXOXL� PHGLX� JHQHUDOL]DW� DO�FDOLW LL�HVWH�GH�–�������YDORDUH�FDUH�DQXOHD] �HIHFWXO�QHIDYRUDELO�DO�VWUXFWXULL�SURGXF LHL� & LOH�SHQWUX�vPEXQ W LUHD�FDOLW LL�SURGXF LHL�YkQGXWH�VXQW�VSHFLILFH�domeniului de activitate al întreprinderii, în general recomandându-se:
¾ UHDOL]DUHD�SURGXVXOXL�OD�SDUDPHWULL�SURLHFWD L� ¾ utilizarea unor materii prime de calitate� VXSHULRDU � úL� D� XQRU�
ED]H�GH�SURGXF LH�SHUIRUPDQWH�HWF�
2.4 Analiza cifrei de afaceri
������$ERUG UL�FRQFHSWXDOH Conceptual, cifra de afaceri� SRDWH� IL� DERUGDW � FD�� FLIU � GH� DIDFHUL�WRWDO �� FLIU � GH� DIDFHUL� QHW �� FLIU � GH� DIDFHUL� PHGLH�� FLIU � GH� DIDFHUL�PDUJLQDO ��FLIU �GH�DIDFHUL�FULWLF 3. Cifra de afaceri� WRWDO � �&$� UHSUH]LQW � WRWDOLWDWHD� DIDFHULORU� XQHL�VRFLHW L�� HYDOXDWH� OD� SUH XULOH� SLH HL� VDX� VXPD� WRWDO � D� YHQLWXULORU� GLQ�RSHUD LXQL� FRPHUFLDOH� HIHFWXDWH� GH� R� vQWUHSULQGHUH� vQWU-R� SHULRDG � GH� WLPS�GHWHUPLQDW � &LIUD�GH�DIDFHUL�QHW ��&$n) conform CadruOXL�JHQHUDO�GH�vQWRFPLUH�úL�SUH]HQWDUH�D�VLWXD LLORU�ILQDQFLDUH��HODERUDW�GH�&RPLWHWXO�SHQWUX�6WDQGDUGHOH�GH�&RQWDELOLWDWH�,QWHUQD LRQDOH�HVWH�IRUPDW �GLQ�SURGXF LD�YkQGXW ��FRQWXULOH�701, 702, 703����������������úL�������YHQLWXULOH�GLQ�YkQ] UL�GH�P UIXUL�������úL�YHQLWXUL�GLQ�VXEYHQ LL�GH�H[SORDWDUH�DIHUHQWH�YkQ] ULORU��������
Cifra de afaceri medie ( )CA - UHIOHFW �YHQLWXO�RE LQXW�SH�XQLWDWHD�GH�produs sau serviciu.
5HOD LD�GH�determinare este Q
CACA = ,
unde: 4� �YROXPXO�IL]LF�DO�YkQ] ULORU 3 Maria Niculescu – �@� ��� ���4�.� � ���4� � �����A� � � ��� ����� ��� ����� � ��� �,����� ��� ��� � ���*���m��� ��� � � ���m 4 �¡��
&LIUD�GH�DIDFHUL�PDUJLQDO � �&$m)� H[SULP �YDULD LD� YHQLWXULORU�XQHL�întreprinderi (∆&$��JHQHUDW �GH�FUHúWHUHD�VF GHUHD�FX�R�XQLWDWH�D� FDQWLW LL�vândute (∆Q).
5HOD LD�GH�FODFXl este Q
CACAm ∆
∆=
&LIUD�GH�DIDFHUL�FULWLF ��&$min)�UHSUH]LQW �QLYHOXO�YkQ] ULORU�OD�FDUH�VH� DVLJXU � DFRSHULUHD� LQWHJUDO � D� FKHOWXLHOLORU�� SUDJXO� OD� FDUH� VRFLHWDWHD�vQFHSH�V �GHYLQ �SURILWDELO �
5HOD LD�GH�GHWHUPLQDUH�HVWH��Rv100
ChFCAmin −
= ,
unde: ChF = suma cheltuielilor fixe
Rv = rata medie a cheltuielilor variabile, 100⋅=CA
ChvRv , unde Chv = suma
cheltuielilor variabile ������$QDOL]D�HYROX LHL�vQ�WLPS�D�FLIUHL�GH�DIDFHUL $SUHFLHUHD�GLPHQVLXQLL�DFWLYLW LL�HFRQRPLFH�D�Xnui agent economic úL�D�PRGLILF ULL�DFHVWHLD�vQ�WLPS�HVWH�DEVROXW�REOLJDWRULH�SHQWUX�SURFXUDUHD�úL�asigurarea resurselor viitoare necesare îndeplinirii obiectivelor propuse. $QDOL]D�HYROX LHL�vQ�WLPS�D�FLIUHL�GH�DIDFHUL�VH�UHDOL]HD] �FX�DMXWRUXO�P ULPLORU� DEVROXWH�� LQGLFLORU� GH� GLQDPLF � �FX� ED] � IL[ � úL� vQ� ODQ �� úL� D�ULWPXULORU� PHGLL�� ÌQ� FRQGL LLOH� XQHL� HFRQRPLL� GH� SLD � LQVWDELOH�� SHQWUX� R�DSUHFLHUH� UHDO � D� UH]XOWDWHORU� vQWUHSULQGHULL�� VH� LPSXQH� FRUHFWDUHD� YDORULORU�curente ale indicatorilor economici cu LQGLFHOH�PHGLX�DO�SUH XULORU�vQ�VFRSXO�HOLPLQ ULL�HIHFWXOXL�LQIOD LHL��IDFWRU�H[RJHQ�FDUH�QX�UHIOHFW �HIRUWXO�SURSULX�DO�XQLW LL�HFRQRPLFH� Astfel: �&LIUD�GH�DIDFHUL�UHDO �VH�GHWHUPLQ �SH�ED]D�UHOD LHL�
p
cr I
CACA = ,
unde: CAc = cifra de DIDFHUL�FXUHQW ��VWDWLVWLF � CAr� �FLIUD�GH�DIDFHUL�UHDO Ip� �LQGLFHOH�PHGLX�DO�SUH XULORU
�5DWD�UHDO �GH�FUHúWHUH�D�FLIUHL�VH�GHWHUPLQ �SH�ED]D�UHOD LHL�
1001R1
R1R
p
creala
−
++
= ,
unde: Rc� �UDWD�GH�FUHúWHUH�D�FLIUHL�GH�DIDFHUL�FXUHQWH Rp = rata de creúWHUH�D�SUH XULORU 3HQWUX�H[HPSOLILFDUH��VH�FRQVLGHU �FD]XO�XQHL�VRFLHW L�FRPHUFLDOH�D�F UHL�FLIU �GH�DIDFHUL�HVWH�DQDOL]DW �SH�R�SHULRDG �GH���DQL4.
Tabelul 2.8 Ani Nr.
crt. Indicatori
N-4 N-3 N-2 N-1 N ( )%R
1. Cifra de afaceri sWDWLVWLF ��PLO�OHL�
700 830 520 1050 1180 -
2. 5LWPXO� GH� FUHúWHUH� D�&$�FX�ED] �vQ�ODQ ����
- 118,57 110,84 114,4 112,38 -
3. 5LWPXO� GH� FUHúWHUH� D�&$�FX�ED] �IL[ ����
- 118,57 131,42 150 168,57 -
4. &UHúWHUHD� DQXDO � D�cifrei de afaceri (%)
- 18,57 10,84 14,4 12,38 13,94
5. &UHúWHUHD� DQXDO � D�SUH XULORU����
- 22 9 17 19,6 -
6. Cifra de afaceri co-UHFWDW ��UHDO ���PLO�OHL�
700 680,32 691,8 674,84 634,14
7. &UHúWHUHD�DQXDO �UHDO �D�CA(%)
- -2,81 1,68 -2,45 -6,03 -2,44
6H�REVHUY �F � ULWPXO�PHGLX�DQXDO�GH�FUHúWHUH�D�FLIUHL�GH�DIDFHUL�GH��������� VH� GDWRUHD] � vQ� H[FOXVLYLWDWH� LQIOD LHL�� (IHFWXkQG� GHIODWDUHD� FX�LQGLFHOH�PHGLX�DO�SUH XULORU��YDORULOH�UHDOH�DOH�FLIUHL�GH�DIDFHUL�HYLGHQ LD] �R�GLPLQXDUH�D�DFWLYLW LL�vQWUHSULQGHULL�FX�������DQXDO�
2.4.3 Analiza structurii cifrei de afaceri
$QDOL]D� VWUXFWXUDO � D� FLIUHL� GH� DIDFHUL� SH� WLSXUL� GH� DFWLYLW L��VRUWLPHQWH��FOLHQ L��FLFOX�GH�YLD �D�SURGXVHORU��SLH H�GH�GHVIDFHUH�HWF��HVWH�QX�QXPDL� UHFRPDQGDW �FL� úL�QHFHVDU ��GHRDUHFH�HD�SHUPLWH� OXDUHD�XQRU�GHFL]LL RELHFWLYH� FDUH� V � FRQGXF � OD� PD[LPL]DUHD� HIHFWHORU� RE LQXWH� vQ� UDSRUW� FX�HIRUWXULOH� GHSXVH�� 3UDFWLF�� QX� WRDWH� YDULDELOHOH� XQXL� DQXPLW� FULWHULX� GH LQ�
4�3UHOXFUDUH�GXS �0�1LFXOHVFX�–�'LDJQRVWLF�JOREDO�VWUDWHJLF��(GLWXUD�(FRQRPLF ��%XFXUHúWL��1997
DFHODúL� FRHILFLHQW� GH� VHPQLILFD LH� vQ�RE LQHUHD� UH]XOWDWHORU� HFRQRPLFH� úL� vQ�FRQVHFLQ � SROLWLFD� VWUDWHJLF � D� XQLW LL� WUHEXLH� V � LD� vQ� FRQVLGHUDUH� DFHVWH�aspecte în scopul eficientiz ULL�DFWLYLW LL�
0HWRGH�GH�DQDOL] a structurii de afaceri
Din punct de vedere metodologic, analiza structurii cifrei de afaceri VH�UHDOL]HD] �SULQ�
- P ULPLOH�UHODWLYH�GH�VWUXFWXU - coeficientul de concentrare Gini-Struck (G)
1n
1gnG
2i
−∑ −
= ,
unde: gi� �SRQGHUHD�DFWLYLW LL�ÄL´�vQ�FLIUD�GH�DIDFHUL� Q� �QXP UXO�GH�WHUPHQL�DL�VHULHL Coeficientul de concentrare G poate lua valori în intervalul [0, 1], VHPQLILFD LD�ILLQG�XUP WRDUHD� 1) când G ����UH]XOW �F �vQ�VWUXFWXUD�DFWLYLW LL�FkWHYD�SURGXVH�FRQWULEXLH�vQ�
FHD�PDL�PDUH�SURSRU LH�OD�UHDOL]DUHD�FLIUHL�GH�DIDFHUL� 2) când G � ��� UH]XOW � F � vQ� VWUXFWXUD� DFWLYLW LL�� PDMRULWDWHD� SURGXVHORU�
GH LQ�SRQGHUL�DSUR[LPDWLY�HJDOH�vn cifra de afaceri.
- indicele Herfindhal: ∑=
=n
1i
2igH ,
gi� �SRQGHUHD�DFWLYLW LL�ÄL´�vQ�FLIUD�GH�DIDFHUL Q� �QXP UXO�GH�WHUPHQL�FRQVLGHUD L�
,QWHUSUHWDUHD� UH]XOWDWHORU� HVWH�VLPLODU � FX�FHD�D�FRHILFLHQWXOXL�*LQL-
6WUXFN�FX�SUHFL]DUHD�F �LQWHUvalul de valori este
1,n
1.
Exemplu:� $QDOL]D� VWUXFWXULL� DFWLYLW LL� SH� ED]D� FRHILFLHQ LORU�*LQL-6WUXFN�úL�+HUILQGKDO 6H� FRQVLGHU � VRFLHWDWHD� ³;´� DYkQG� FD� RELHFW� GH� DFWLYLWDWH�comercializarea DUWLFROHORU�GH�vPEU F PLQWH� Structura vânz ULORU�HVWH�UHSUH]HQWDW �vQ�WDEHOXO�XUP WRU�
Tabelul 2.9 Activitatea
Structura
¢�£�¤'¥m¦4§ ¨ ¨femei
¢©£�¤w¥|¦4§ ¨ ¨ª « ªF¬ ¨
¢©£�¤w¥|¦4§ ¨ ¨copii
¢�£�¤'¥m¦4§ ¨ ¨sport
TOTAL
gi 0,72 0,21 0,05 0,02 1 gi
2 0,5184 0,0441 0,0025 0,004 0,5654
- Coeficientul Gini-Struck este: 1n
1gnG
2i
−∑ −
=
G = 0,6484
- Coeficientul Herfindhal este: ngHn
1i
2i∑=
=
H = 0,5654 6H� REVHUY � F � DPELL� FRHILFLHQ L� DX� P ULPL� VLWXDWH� DSUR[LPDWLY� OD�
MXP WDWHD� LQWHUYDOXOXL� GH� YDORUL� >��� �@� SHQWUX�*� úL�
1,4
1 pentru H. Deci,
GRX �GLQ�FHOH� SDWUX� VRUWLPHQWH� FRPHUFLDOL]DWH� �FRQIHF LL� IHPHL� úL� FRQIHF LL�E UED L�� GHILQHVF� DFWLYLWDWHD� VRFLHW LL� DQDOL]DWH� �vPSUHXQ � GH LQ� ���� GLQ�cifra de afaceri). - Metoda ABC� HVWH� XWLOL]DW � vQ� SULQFLSDO� SHQWUX� DQDOL]D� VWUXFWXULL�cifrei de afacerL� SH� SURGXVH�� FOLHQ L�� IXUQL]RUL�� /LWHUDWXUD� GH� VSHFLDOLWDWH�HYLGHQ LD] �IDSWXO�F �SURGXVHOH�FRPHUFLDOL]DWH�FRQWULEXLH�vQ�SURSRU LL�GLIHULWH�la realizarea cifrei de afaceri a unei întreprinderi. În acest sens se disting trei grupe de produse: Grupa A: 10 –�����GLQ�QXP UXO�GH�SURGXVH�UHDOL]HD] ����– 70% din cifra de afaceri; Grupa B: 25 –�����GLQ�QXP UXO�GH�SURGXVH�UHDOL]HD] ����– 30% din cifra de afaceri; Grupa C: 65 –�����GLQ�QXP UXO�GH�SURGXVH�UHDOL]HD] �FX����– 15% din cifra de afaceri. În baza acestRU� FRRUGRQDWH� SRDWH� IL� UHSUH]HQWDW � JUDILF� FXUED�WHRUHWLF �D�FLIUHL�GH�DIDFHUL��&XUED�UHDO ��VSHFLILF �ILHF UHL�vQWUHSULQGHUL�QX�VH�LGHQWLILF �SHUIHFW�FX�FHD�WHRUHWLF �GHúL�WHQGLQ D�VH�PHQ LQH��0DL�PXOW��FXUED�UHDO �D�XQHL�VRFLHW L�SRDWH�vQUHJLVWUD�PRGLILF UL�úL�GH�OD�R�SHULRDG �GH�WLPS�la alta. ÌQ� IXQF LD� SR]L LD� JUDILFXOXL� HIHFWLY� vQ� UDSRUW� FX� FHO� WHRUHWLF� VH� IDF�LQWHUSUHW UL�DVXSUD�VWUXFWXULL�DFWLYLW LL�HFRQRPLFH� $VWIHO�� FkQG� FXUED� UHDO � HVWH� VLWXDW � GHDVXSUD� FXUEHL� WHRUHWLFH��SURGXVHOH�JUXSHL�$�GH LQ�R�SRQGHUH�IRDUWH�LPSRUWDQW �vQ�FLIUD�GH�DIDFHUL��LDU�sortimentul este redus. &kQG�FXUED�UHDO �VH�DIO �VXE�FXUED�WHRUHWLF ��VRFLHWDWHD�GLVSXQH�GH�XQ�QXP U�PDUH�GH�DUWLFROH�OD�JUXSHOH�%�úL�&� Etapele metodei ABC sunt: - Ordonarea nomenclatorului de prodXVH� vQ� VHQVXO� GHVFUHVF WRU� DO� YDORULL�
YkQ] ULORU�SH�DUWLFROH� -�'HWHUPLQDUHD�YkQ] ULORU�FXPXODWH� -�6WDELOLUHD�JUXSHORU�GH�VHPQLILFD LH� -�7UDVDUHD�FXUEHL�WHRUHWLFH�úL�D�FHOHL�UHDOH� -� ,QWHUSUHWDUHD� UH]XOWDWHORU� HFRQRPLFH� úL� SURSXQHUHD� XQRU� P VXUL� SHQWUX�eILFLHQWL]DUHD�DFWLYLW LL�
Exemplu�� ÌQWUHSULQGHUHD�*DPD�6�$��SURGXFH�úL�FRPHUFLDOL]HD] ����DUWLFROH�� 6LWXD LD� UHDOL] ULL� FLIUHL� GH� DIDFHUL� SH� SURGXVH� VH� SUH]LQW � FD� vQ�tabelul nr. 2.10.
Tabelul 2.10 Ponderi în:
Produse
9kQ] UL (mil lei)
Produse în ordine
descresc WRDUH
9kQ] UL ABC
(mil lei)
9kQ] UL
cumulate
Produse
CA 1 80 4 113 113 2 65 3 100 213
20% 30,17%
3 100 5 92 305 4 113 1 80 385 5 92 7 76 461 6 71 6 71 532
40%
45,18%
7 76 2 65 597 8 62 8 62 569 9 31 9 31 690 10 16 10 16 706
40%
24,65%
TOTAL 706 10 706 -
5HSUH]HQWDUH�JUDILF
20 10
30 40 50 60 70 80 90
100
FXUED�WHRUHWLF �
10 20 30 40 60 50 70 80 90 100
%CA
B A
C
curba UHDO �
FXUED�UHDO �FXUED�WHRUHWLF �
%produse
*UDILF�� FXUED� UHDO � HVWH� VLWXDW � VXE� FXUED� WHRUHWLF �� 5H]XOW � F �DFWLYLWDWHD� vQWUHSULQGHULL� QX� VH� FRQFHQWUHD] � VHPQLILFDWLY� SH� DQXPLWH�produse. Toate VXQW�SURGXVH�LPSRUWDQWH��DVWIHO�F �H[FOXGHUHD�XQXL�DUWLFRO�GH�OD�YkQ]DUH�DIHFWHD] �DFWLYLWDWHD�vQWUHSULQGHULL��(VWH�QHFHVDU �R�DSURIXQGDUH�D�DQDOL]HL� VXE�DVSHFWXO�HILFLHQ HL�JHVWLXQLL� VWRFXULORU�� úL�D�YLWH]HL�GH� URWD LH�D�acestora. Utilitatea metodei ABC FRQVW �vQ�GHILQLUHD�SROLWLFLL�GH�DSURYL]LRQDUH�D�vQWUHSULQGHULL�SH�JUXSH��SHQWUX�FRPHU ��SUHFXP�úL�D�SXWHULL�GH�QHJRFLHUH�vQ�UDSRUW�FX�FOLHQ LL�IXUQL]RULL��SHQWUX�WRDWH�GRPHQLLOH��� ������$QDOL]D�IDFWRULDO �D�FLIUHL�GH�DIDFHUL Scopul analizei factoriaOH�HVWH�GHWHUPLQDUHD�FRUHOD LHL�GLQWUH�GLIHUL L�IDFWRUL�GH�LQIOXHQ ��LQWHUQL�VDX�H[WHUQL��GLUH L�VDX�LQGLUHF L�HWF���úL�LQGLFDWRUXO�DQDOL]DW� úL� J VLUHD� VROX LLORU� SHQWUX� UHGUHVDUHD� DFWLYLW LL� VDX� vPEXQ W LUHD�SHUIRUPDQ HORU�YLLWRDUH� Utilizatorii sunt vQ�SULQFLSDO�DJHQ LL�HFRQRPLFL��LQVWLWX LLOH�ILQDQFLDUH�FUHGLWRDUH��DF LRQDULL��VWDWXO�HWF� 0HWRGHOH�GH�DQDOL] $QDOL]D�IDFWRULDO �D�FLIUHL�GH�DIDFHUL�VH�UHDOL]HD] �GLIHUHQ LDW�GH�OD�XQ�GRPHQLX� GH� DFWLYLWDWH� OD� DOWXO� �SURGXF LH�� FRPHU �� WXULVP� HWF��� vQtrucât IDFWRULL�GH�LQIOXHQ �úL�UHOD LLOH�GH�FDX]DOLWDWH�VXQW�VSHFLILFH� &D�SULQFLSDOH�PRGHOH�GH�DQDOL] �SHQWUX�DFWLYLWDWHD� LQGXVWULDO �SRW�IL�utilizate:
1) Qf
CA
Np
QfNpCA ⋅⋅=
2) Qf
CA
FM
Qf
MF
FM
Np
MFNpCA ⋅
′⋅
′⋅⋅=
3) ∑ ⋅= pqCA în care: Np = num U�PHGLX�VFULSWLF�GH�SHUVRQDO; 4I� �SURGXF LD�IDEULFDW � 0)� �YDORDUHD�PHGLH�DQXDO �D�PLMORDFHORU�IL[H; 0)¶� �YDORDUHD�PHGLH�DQXDO �D�PLMORDFHORU�IL[H�SURGXFWLYH�
T� �YROXPXO�IL]LF�DO�SURGXF LHL�YkQGXWH� S� �SUH XO�PHGLX�GH�YkQ]DUH�SH�SURGXV��-TVA). Exemplu��8WLOL]kQG�ED]D�GH�GDWH�GLQ�WDEHOXO�XUP WRU��VH�YD�HIHFWXD�DQDOL]D�IDFWRULDO �D�FLIUHL�GH�DIDFHUL�
Tabelul 2.11 (mil.lei)
Nr. crt.
Indicatori Simbol N – 1 N %
1. Cifra de afaceri CA 24336 28881 118,67 2. 3URGXF LD�PDUI �IDEULFDW Qf 23177 29470 127,15 3. 1XP U�PHGLX�GH�SHUVRQDO Np 520 512 98,46 4. 9DORDUHD� PHGLH� DQXDO � D�
mijloacelor fixe MF 2400 2760 115
5. 9DORDUHD� PHGLH� DQXDO � D�mijloacelor fixe direct productive
MF’ 1560 1822 116,79
6. 3URGXFWLYLWDWHD� DQXDO � D�PXQFLL� FDOFXODW � vQ� IXQF LL� GH�Qf (mii lei) Np
Qf
44571,153 57560,546 129,14
7. Timpul mediu pe salariat (ore) t 1872 1850 98,82
8. 3URGXFWLYLWDWHD�PHGLH�RUDU �SH�baza CA (mii lei)
hW 25 30,5 122
9. *UDGXO� GH� vQ]HVWUDUH� WHKQLF a muncii
Np
MF
4615,4 5390,6 116,79
10. 7LPSXO� WRWDO� GH� PXQF (om-ore)
T 973440 947200 97,3
11. ProductiYLWDWHD� DQXDO � D�muncii pe baza CA (mii lei)
aW 46800 56408,2 120,53
12. Ponderea mijloacelor fixe direct productive (%)
MF
FM ′
65 66 101,53
13. Randamentul mijloacelor fixe direct productive (lei)
FM
Qf′
14,857 16,174 108,86
14. Cifra de afaceri la 1 leu mijloace fixe direct productive
FM
CA′
15,6 15,85 120,83
15. Gradul de valorificare a SURGXF LHL�IDEULFDWH
Qf
CA
1,05 0,98 93,33
16. 9ROXPXO�SURGXF LHL�YkQGXWH�vQ�DQXO� 1� HYDOXDW� vQ� SUH XULOH�anului N-1
∑ 01pq - 26223 -
/D�DQDOL]D� IDFWRULDO � V-a optat pentru modelul al doilea. Schematic, FLIUD�GH�DIDFHUL�VH�SUH]LQW �DVWIHO : $QDOL]D�IDFWRULDO �HVWH�XUP WRDUHD� Modificarea cifrei de afaceri în anul N comparativ cu anul N-1 este: ∆CA = CA1 – CA0 ,QIOXHQ D�IDFWRULORU� ���,QIOXHQ D�PRGLILF ULL�QXP UXOXL�GH�SHUsonal:
( ) 0Qf
CA0
Np
QfNpNpNp 01 ⋅⋅−=∆
���,QIOXHQ D�PRGLILF ULL�SURGXFWLYLW LL�PXQFLL�
0Qf
CA0
Np
Qf1
Np
QfNp
Np
Qf1 ⋅
−=∆ �GLQ�FDUH�GDWRULW �
�����0RGLILF ULL�JUDGXOXL�GH�vQ]HVWUDUH�WHKQLF �D�PXQFLL
0Qf
CA0
FM
Qf0
MF
FM0
Np
MF1
Np
MFNp
Np
MF1 ⋅
′⋅
′⋅
−=∆
�����0RGLILF ULL�VWUXFWXULL�PLMORDFHORU�IL[H:
0Qf
CA0
FM
Qf0
MF
FM1
MF
FM1
Np
MFNp
MF
FM1 ⋅
′⋅
′
−′
=′
∆
����� 0RGLILF ULL� UDQGDPHQWXOXL� DFWLYHORU� IL[H� GLUHFW�productive
0Qf
CA0
FM
Qf1
FM
Qf1
MF
FM1
Np
MFNp
FM
Qf1 ⋅
′−
′⋅
′⋅⋅=
′∆
���,QIOXHQ D�JUDGXOXL�GH�YDORULILFDUH�D�SURGXF LHL�IDEULFDWH�
−⋅⋅=∆ 0
Qf
CA1
Qf
CA1
Np
QfNp
Qf
CA1
∆ Np
CA Np
Qf∆
Qf
CA∆
MF
FM ′∆
FM
Qf′
∆
Np
MF∆
Sintetic, rezultatele analizei factoriale sunt prezentate în tabelul XUP WRU�
Tabelul 2.12 mil lei
'CA GDWRULW
1. 'Np 2.
Np
Qf∆
din care
2.1.
Np
MF∆
2.2.
MF
FM ′∆
2.3.
FM
Qf′
∆ 3.
Qf
CA∆
4545 -374,4 6983,09 4024,55 430,55 2518,98 -2062,97
1RW ��'LIHUHQ HOH�vQUHJLVWUDWH�OD�YHULILFDUHD�PHWRGHL�VXQW�JHQHUDWH�GH�FDOFXOXO�]HFLPDO��XWLOL]DUHD�XQXL�QXP U�OLPLWDW�GH�]HFLPDOH�� &RQFOX]LL�� &LIUD� GH� DIDFHUL� D� GHS úLW� YDORDUHD� DQXOXL� SUHFHGHQW� FX������PLO�OHL��$FHDVW �FUHúWHUH�VH�H[SOLF �SULQ�LQIOXHQ D�IDFWRULORU��DVWIHO� ��� )DFWRUXO� FDQWLWDWLY�� QXP U� PHGLX� GH� SHUVRQDO� V-a redus cu 8 VDODULD L� úL� vQ� FRQVHFLQ � V-D� GLPLQXDW� úL� FLIUD� GH� DIDFHUL� FX� ������ PLO� OHL�VLWXD LH� QRUPDO � GLQ� SXQFW� GH� YHGHUH� HFRQRPLF�� 5H]XOW � F � VRFLHWDWHa în FDX] � D� SXV� XQ� DFFHQW� PDL� UHGXV� SH� IDFWRUXO� XPDQ� GHFkW� vQ� DQXO� 1-1, GHS úLUHD�YDORULL�DFHVWHLD�GDWRUkQGX-se în special factorului tehnic. 2. Productivitatea muncii pe un angajat a crescut cu 29,14% iar în FRQGL LLOH� PHQ LQHULL� FRQVWDQWH� D� FHORUODO L� IDFWRUL� GH� LQIOXHQ �� FLIUD� GH�afaceri a crescut cu 6983,09 mil lei, aceasta fiind de altfel singurul factor cu DF LXQH�GLUHFW �FDUH�D�LQIOXHQ DW�IDYRUDELO�LQGLFDWRUXO�DQDOL]DW� 'H]YROWkQG� DQDOL]D� SH� IDFWRUL� GH� JUDGXO� GRL� VH� REVHUY � F � VSRULUHD�productiviW LL� PXQFLL� D� IRVW� FRQVHFLQ D� FUHúWHULL� JUDGXOXL� GH� vQ]HVWUDUH�WHKQLF � D�PXQFLL�� vPEXQ W LULL� VWUXFWXULL�PLMORDFHORU� IL[H� vQ� VHQVXO� VSRULULL�SRQGHULL�PLMORDFHORU�IL[H�GLUHFW�SURGXFWLYH�vQ�WRWDO�PLMORDFH�IL[H�úL�FUHúWHULL�HILFLHQ HL� PLMORDFHORU� IL[H� SURGXFWLYH�� 7R L� IDFWRULL� GH� JUDGXO� GRL� DX�LQIOXHQ DW�IDYRUDELO�FLIUD�GH�DIDFHUL� ���'HúL�FLIUD�GH�DIDFHUL�D�vQUHJLVWUDW�WHQGLQ H�IDYRUDELOH�ID �GH�DQXO�SUHFHGHQW�� VH� FRQVWDW � WRWXúL� F � ULWPXO� GH� FUHúWHUH� D� SURGXF LHL� IDEULFDWH� D�fost superior ritmului de creúWHUH�D�FLIUHL�GH�DIDFHUL��,CA� ���������úL�,Qf = 127,15%) fapt ce s-a reflectat într-o majorare a stocurilor de produse. 6RFLHWDWHD�WUHEXLH�V �LD�P VXUL�SHQWUX�OLFKLGDUHD�DFHVWRU�VWRFXUL�vQWU-o SHULRDG �YLLWRDUH��DVWIHO�vQFkW�V �VH�HYLWH�LPRELOL]DUHD�GH�resursefinanciare în stocuri nevandabile sau lent vandabile. &D�P VXUL�SHQWUX�FUHúWHUHD�YkQ] ULORU�úL�LPSOLFLW�D�FLIUHL�GH�DIDFHUL�VH�UHFRPDQG �
¾ GLPHQVLRQDUHD� SURGXF LHL� úL� D� VWUXFWXULL� DFHVWHLD� vQ� UDSRUW�
cu cererea prin încheierea unor contracte ferme cu beneficiarii; ¾ diversificarea ofertei; ¾ vPEXQ W LUHD�FDOLW LL�SURGXVHORU�IDEULFDWH�HWF�
2.4.5 5HIOHFWDUHD� PRGLILF ULL� FLIUHL� GH� DIDFHUL� vQ� SULQFLSDOLL�
indicatori economico-financiari 0RGLILFDUHD� FLIUHL� GH� DIDFHUL� VH� UHIOHFW � vQ� WR L� LQGLFDWRULL� GH�peUIRUPDQ H�úL�UH]XOWDWH�FDUH�R�LPSOLF �vQ�FDOFXO� a) Profitul brut
( ) 001 prCACA − 0pr �SURILWXO�OD�XQ�OHX�FLIU �GH�DIDFHUL
E��5DWD�UHQWDELOLW LL�HFRQRPLFH
( )
1
001
At
prCACA − At = active totale
F��9LWH]D�GH�URWD Le a activelor circulante
TCA
ACT
CA
AC
0
0
1
0 − AC = active circulante
d) Eliberarea/imobilizarea de activ� FLUFXODQW��FD�HIHFW�DO�PRGLILF ULL�YLWH]HL�GH�URWD LH
T
CAT
CA
ACT
CA
AC 1
0
0
1
0
−
H��(ILFLHQ D�XWLOL] ULL�PLMORDFHORU�IL[H�
1000MF
CA1000
MF
CA
1
0
1
1 − MF = mijloace fixe
I��(ILFLHQ D�XWLOL] ULL�SRWHQ LDOXOXL�XPDQ�
( )
1
001
Ns
prCACA − 1Ns �QXP U�PHGLX�GH�VDODULD L
����$QDOL]D�YDORULL�DG XJDWH
2.5.1 'HOLPLWDUH�FRQFHSWXDO � 9DORDUHD� DG XJDW � GHILQHúWH� GLPHQVLXQHD� UHDO � D� DFWLYLW LL�vQWUHSULQGHULL� úL� UHSUH]LQW � SOXVXO� GH� ERJ LH� RE LQXW� SHVWH� FRQVXPXULOH�LQWHUPHGLDUH� SURYHQLWH� GH� OD� WHU L�� SULQ� YDORULILFDUHD� WXWXURU� UHVXUVHORU�economice proprii. 2.5.2 Utilitate D��9DORDUHD�DG XJDW �SHUPLWH�DSUHFLHUHD�FRQWULEX LHL�vntreprinderii la UHDOL]DUHD� SURGXVXOXL� LQWHUQ� EUXW� úL� HYLGHQ LHUHD� JUDGXOXL� GH� LQWHJUDUH� SH�YHUWLFDO ��SULQ�UDSRUWDUHD�OD�SURGXF LH� b) Beneficiarii� YDORULL� DG XJDWH� VXQW�� SHUVRQDOXO�� DF LRQDULL�� VWDWXO��LQVWLWX LLOH�GH�FUHGLW�úL�vQWUHSULQGHUHD� 2.5.3 0HWRGH�GH�GHWHUPLQDUH�D�YDORULL�DG XJDWH 9DORDUHD�DG XJDW �SRDWH�IL�GHWHUPLQDW �SULQ�GRX �PHWRGH��VXVWUDFWLY �úL�DGLWLY ��������0HWRGD�VXVWUDFWLY ��GLIHUHQ HL�
$FHDVW � PHWRG � SUHVXSXQH� VF GHUHD� GLQ� SURGXF LD� H[HUFL LXOXL� VDX�din cifra de afaceri a consumurilor intermediare provenite GH�OD�WHU L� 5HOD LLOH�GH�FDOFXO�VXQW� a1) Qa = Qe – C unde Qe� �SURGXF LD�H[HUFL LXOXL C = consumurile intermediare provenite GH�OD�WHU L 4D� �YDORDUHD�DG XJDW $FHDVW � IRUPXO � HVWH� YDODELO � vQ� FD]XO� VRFLHW LORU� FDUH� GHVI úRDU �DFWLYLWDWH�GH�SURGXF LH� a2) Qa = (Qe + MC) – C’ unde 0&� �PDUMD�FRPHUFLDO
&¶� �FRQVXPXULOH�LQWHUPHGLDUH�SURYHQLWH�GH�OD�WHU L�SHQWUX�DFWLYLWDWHD�GH�SURGXF LH�úL�FRPHU �
5HOD LD�HVWH�YDODELO �SHQWUX�vQWUHSULQGHULOH�FDUH�GHVI úRDU �DFWLYitate GH�FRPHU �úL�SURGXF LH� 0DUMD�FRPHUFLDO ��0&��HVWH�XQ�VROG�LQWHUPHGLDU�GH�JHVWLXQH�FDOFXODW�FD� GLIHUHQ � vQWUH� YDORDUHD� P UIXULORU� YkQGXWH� úL� FRVWXO� GH� FXPS UDUH� DO�P UIXULORU�YkQGXWH�� ��������0HWRGD�DGLWLY �
0HWRGD�DGLWLY �Sresupune însumarea�XUP WRDUHORU�FRPSRQHQWH� • salarii • FRQWULEX LL�SHQWUX�DVLJXU UL�úL�SURWHF LH�VRFLDO • DPRUWL] UL • provizioane • FKHOWXLHOL�FX�LPSR]LWH�úL�WD[H��QX�LQFOXGH�LPSR]LWXO�SH�SURILW� • UH]XOWDWXO�H[SORDW ULL • cheltuieli financiare.
������$QDOL]D�GLQDPLFLL�úL�VWUXFWXULL�YDORULL�DG XJDWH
6H�UHDOL]HD] �SULQ�XWLOL]DUHD�XUP WRDUHORU�SURFHGHH� a) –�PRGLILFDUHD�DEVROXW � ∆Qa = Qa1 – Qa0 unde: ��UHSUH]LQW �SHULRDGD�FXUHQW ��UHSUH]LQW �ED]D�GH�FRPSDUD LH b) –�LQGLFLL�GH�GLQDPLF �FX�ED] �IL[ �úL�vQ�ODQ ��
1000Qa
QaI N
Qa = �LQGLFL�FX�ED] �IL[ �
1001−
=N
NQa Qa
QaI �LQGLFL�FX�ED] �vQ�ODQ �
c)�UDWHOH�YDORULL�DG XJDWH� c1)�UDWD�YDULD LHL�YDORULL�DG XJDWH�
1000
01
Qa
QaQaRQa
−= �HYLGHQ LD] �PRGLILFDUHD�SURFHQWXDO �D�
YDORULL�DG XJDWH�ID �GH�ED]D�GH�FRPSDUD LH�
c2)�UDWD�YDORULL�DG XJDWH��JUDGXO�GH�LQWHJUDUH�SH�YHUWLFDO �
100CA
QaR = sau 100
Qe
QaR =′
$FHDVW � UDW � HYLGHQ LD] � FRQWULEX LD� DGXV � GH� vQWUHSULQGHUH� OD�UHDOL]DUHD� SURGXVXOXL� ILQLW�� (D� vQUHJLVWUHD] � YDORUL�PDL�PDUL� �SkQ la 75 – ����� vQ� VHFWRUXO� LQGXVWULDO� úL� PDL� UHGXVH� �SkQ � OD� ����� vQ� VHFWRUXO�GLVWULEX LHL� c3)� UDWHOH� GH� UHPXQHUDUH� D� YDORULL� DG XJDWH� GHWHUPLQDWH� FD�SRQGHUL�DOH�HOHPHQWHORU�FRPSRQHQWH�vQ�WRWDO�YDORDUH�DG XJDW � a) rata de remunerare a personalului
100⋅+=Qa
iiparticipatSalariiRp
b) rata de remunerare a statului
100Im
⋅=Qa
taxesipoziteRs
c) rata de remunerare a creditorilor
100⋅=Qa
DobanziRc
G��UDWD�GH�UHPXQHUDUH�D�DF LRQDULORU
100⋅=Qa
DividendeRa
e) rata de remunerare a întreprinderii
100Pr
⋅=Qa
netofitRi
f) rata de remunerare a capitalului tehnic
100⋅=Qa
aamortizarecuCheltuieliRc
(YROX LD� DFHVWRU� UDWH� VH� VWXGLD] � vQ� SDUDOHO� FX� DO L� LQGLFDWRUL� GH�HILFLHQ ��SURGXFWLYLWDWHD�PXQFLL��UDQGDPHQWXO�DFWLYHORU�LPRELOL]DWH�ú�D��� 6H� DSUHFLD] � FD� VLWXD LH� IDYRUDELO � FUHúWHUHD� UDWHL� GH� UHPXQHUDUH� D�vQWUHSULQGHULL��UHVSHFWLY�GHYDQVDUHD�ULWPXOXL�GH�FUHúWHUH�D�YDORULL�DG XJDWH�GH�F WUH�ULWPXO�GH�FUHúWHUH�D�SURILWXOXL�QHW��,Qa < IPN).
������$QDOL]D�IDFWRULDO �D�YDORULL�DG XJDWH� Scopul analizei factoriale este determinarea abaterilor valorii DG XJDWH�GH�OD�ED]D�GH�FRPSDUD LH��HVWLPDUHD�FRQWULEX LHL�GLIHUL LORU�IDFWRUL�GH�LQIOXHQ �OD�IRUPDUHD�úL�PRGLILFDUHD�LQGLFDWRUXOXL�DQDOL]DW�úL�LGHQWLILFDUHD�VROX LLORU�GH�UHGUHVDUH�D�DFWLYLW LL�HFRQRPLFH�YLLWRDUH� 0RGHOH�GH�DQDOL]
I) aee
ee QQ
CQCQQa ϑ⋅=
−=−= 1
II) aases
es WN
Q
Qa
N
QNQa ϑ⋅⋅=⋅⋅= ,
unde:
=ϑa YDORDUHD�PHGLH�DG XJDW �OD���OHX�SURGXF LH�D�H[HUFL LXOXL
=aW SURGXFWLYLWDWHD�PHGLH�DQXDO &� �FRQVXPXUL�SURYHQLWH�GH�OD�WHU L 6FKHPD�GH�DQDOL] (pentru modelul I) 3HQWUX�DQDOL]D�IDFWRULDO �D�YDORULL�DG XJDWH��VH�vor utiliza indicatorii din tabelul 2.13.
Qa
Qe
aϑ
T
hW
sN
t
gi
aiϑ
Tabelul nr. 2.13 (mii lei)
Nr. crt.
Indicatori Simbol N - 1 N
1 3URGXF LD�H[HUFL LXOXL Qe 26.208.000 30.029.000 2 &RQVXPXULOH�SURYHQLWH�GH�OD�WHU L C 11.007.360 12.011.680 3 9DORDUHD�DG XJDW VA 15.200.640 18.017.320 4 )RQGXO�WRWDO�GH�WLPS�GH�PXQF ��RUH� T 1.048.320 1.000.960 5 1XP UXO�PHGLX�GH�VDODULD L��SHUV� Ns 560 544 6 Timpul mediu pe un salariat (ore) t 1.872 1.840
7 3URGXFWLYLWDWHD�PHGLH�RUDU hW
25 30
8 9DORDUHD� PHGLH� DG XJDW � OD� �� OHX�SURGXF LH��OHL� aϑ 0,58 0,6
9 9DORDUHD�PHGLH�DG XJDW �UHFDOFXODW ��OHL��OD���OHX�SURGXF LH
recaϑ - 0,59
0HWRGRORJLD�GH�DQDOL] �SUHVXSXQH�DSOLFDUHD�PHWRGHL�VXEVWLWX LLORU�vQ�ODQ � ∆Qa = Qa1 – Qa0 ,QIOXHQ D�IDFWRULORU 1)�,QIOXHQ D�PRGLILF ULL�YDORULL�SURGXF LHL�H[HUFL LXOXL
( ) 001 aeee QQQ ϑ−=∆ ��GLQ�FDUH�GDWRULW �
1.1.) MRGLILF ULL�IRQGXOXL�WRWDO�GH�WLPS�GH�PXQF �
( ) 00 ah01 WTTT ϑ⋅−=∆ ��GLQ�FDUH�GDWRULW
1.1.1.)�0RGLILF ULL�QXP UXOXL�PHGLX�GH�VDODULD L
( ) 0001 ah0sss WtNNN ϑ⋅⋅−=∆
1.1.2.)�0RGLILF ULL�WLPSXOXL�PHGLX�SH�XQ�VDODULDW
( ) 001 ah01s WttNt ϑ⋅−=∆
1.2.) ModiILF ULL�SURGXFWLYLW LL�PHGLL�RUDUH�
( ) 00 ah1h1h WWTW ϑ−=∆
2.�,QIOXHQ D�YDULD LHL�YDORULL�PHGLL�DG XJDWH�OD���OHX�4e
( )011 aaea Q ϑ−ϑ=ϑ∆ ��GLQ�FDUH�GDWRULW
2.1.)�0RGLILF ULL�VWUXFWXULL�SURGXF LHL
( )01a
recaei Qg ϑϑ −=∆ unde
100
ag01 iirec
a∑ ϑ
=ϑ
2.2.)�0RGLILF ULL�YDORULL�DG XJDWH�OD���OHX�SURGXF LH�SH�WLSXUL�
GH�DFWLYLW L
( )recaaea 11i
Q ϑ−ϑ=ϑ∆
6LQWHWLF�� UH]XOWDWHOH� DQDOL]HL� IDFWRULDOH� D� YDORULL� DG XJDWH� VXQW�SUH]HQWDWH�vQ�WDEHOXO�XUP WRU�
Tabelul nr. 2.14 mii lei
VA
din care:
Qe
(1) din care:
T
(1.1.) din
care:
Ns
(1.1.1.)
t
(1.1.2.)
Wh
(1.2.) aϑ∆
(2) din care
gi
(2.1.) 1aϑ∆
(2.2.)
2.816.680 2.216.180 -686.720 -434.304 -252.416 2.902784 600.580 300.290 300.290
1RW ��'LIHUHQ HOH�vQUHJLVWUDWH�vQWUH�DEDWHUHD�YDORULL�DG XJDWH�úL�VXPD�DOJHEULF � D� LQIOXHQ HORU� IDFWRULORU� VXQW� GHWHUPLQDWH� GH� FDOFXOXO� ]HFLPDO� DO�
aϑ (calculul cu�GRX �]HFLPDOH�� &RQFOX]LL�� 9DORDUHD� DG XJDW � D� vQUHJLVWUDW� R� FUHúWHUH� FX� ����������mii lei ID �GH�ED]D�GH�FRPSDUD LH������������'LQ�SXQFW�GH�YHGHUH�IDFWRULDO�DFHDVW �HYROX LH�VH�H[SOLF �DVWIHO� ��� &UHúWHUHD� SURGXF LHL� H[HUFL LXOXL� FX� ������� D� GHWHUPLQDW�� vQ�
FRQGL LLOH�FRQVLGHU ULL� FRQVWDQWH� D� aϑ � �YDORULL� DG XJDWH�PHGLL�� XQ spor de YDORDUH� DG XJDW � GH� ���������� PLL� OHL�� 3HQWUX� R� DSUHFLHUH� RELHFWLY � D�RSRUWXQLW LL�P ULULL� SURGXF LHL�H[HUFL LXOXL�� VH� LPSXQH�GH]YROWDUHD� DQDOL]HL�SH� HOHPHQWH� FRPSRQHQWH� �SURGXF LH� YkQGXW �� SURGXF LH� LPRELOL]DW ��SURGXF LH� VWRFDW ��� 'DF � JUDGXO� GH� YDORULILFDUH� D� SURGXF LHL� UHDOL]DWH� D�crescut sau s-D� PHQ LQXW� FHO� SX LQ� OD� QLYHOXO� DQXOXL� SUHFHGHQW� SROLWLFD�DGRSWDW �GH�VRFLHWDWH�SRDWH�IL�FRQVLGHUDW �MXVW � 'HWDOLHUHD� DQDOL]HL� SH� IDFWRUL� VHFXQGDUL� SXQH� vQ� HYLGHQ � UROXO�exclusiv al factorilor intensivi (productivitatea muncii). Factorii cantitativi IRQGXO� GH� WLPS� SH� XQ� VDODULDW� �W�� úL� QXP UXO� PHGLX� GH� VDODULD L� �1V�� V-au GLPLQXDW� LDU� LQIOXHQ D� DVXSUD� YDORULL� DG XJDWH� D� IRVW� vQ� DFHODúL� VHQV�� (VWH�SRVLELO�FD�VWUDWHJLD�XQLW LL� V � VH�IL�ED]DW�SH�DFFHQWuarea rolului capitalului WHKQLF� vQ� UHDOL]DUHD� DFWLYLW LL� HFRQRPLFH� �QX� VH� GLVSXQH� GH� DVWIHO� GH�LQIRUPD LL��
���9DORDUHD�DG XJDW �OD���OHX�SURGXF LH� ( )aϑ a crescut cu 0,02 în N comparativ cu N-��IDSW�FH�D�GHWHUPLQDW�úL�PDMRUDUHD�YDORULL�DG XJDWH�WRWDOH�cu 600.580 mii lei. 6H�FRQVWDW �F �D�FUHVFXW�SRQGHUHD�SURGXVHORU�FX�R�YDORDUH�DG XJDW �
OD� �� OHX� SURGXF LH� PDL� PDUH� GHFkW� PHGLD� vQWUHSULQGHULL�� 7RWRGDW �� OD�SULQFLSDOHOH� FDWHJRULL� GH� SURGXVH�� YDORDUHD� DG XJDW � OD� �� OHX� D� FUHVFXW��VLWXD LH� IDYRUDELO �� UHIOHFWDW � vQWU-XQ� VSRU� GH� YDORDUH� DG XJDW � GH� ��������mii lei.
������ 5HIOHFWDUHD� PRGLILF ULL� YDORULL� DG XJDWH� vQ� SULQFLSDOLL�
indicatori economico-financiari 0RGLILFDUHD�YDORULL�DG XJDWH�vQ�VHQVXO�FUHúWHULL�VDX�UHGXFHULL�DFHVWHLD�se va refOHFWD�vQ�DFHODúL�VHQV�DVXSUD�WXWXURU�LQGLFDWRULORU�GH�SHUIRUPDQ � D��UH]XOWDWXO�H[SORDW ULL�
(Qa1 – Qa0) pra0, 0
00 Qa
REpra = ,
unde: RE0� �UH]XOWDWXO�H[SORDW ULL SUD� �SURILWXO�OD���OHX�YDORDUHD�DG XJDW b) productivitatea muncii:
1
01
Ns
QaQa −,
unde: 1V� �QXP UXO�PHGLX�GH�VDODULD L F��UDWD�UHQWDELOLW LL�HFRQRPLFH�
( )
1001
001
AT
praQaQa −,
unde: AT = valoarea medie a activelor totale G��HILFLHQ D�XWLOL] ULL�DFWLYHORU�IL[H�
10001
01
MF
QaQa −,
unde: MF = valoarea medie a mijloacelor fixe G��DO L�LQGLFDWRUL�
$SOLFD LL�úL�vQWUHE UL
1.� 6 � VH� LQWHUSUHWH]H� HYROX LD� DFWLYLW LL� GH� SURGXF LH� úL�comercializare a întreprinderii „X”�úWLLQG�F �
ICA = 108% unde CA = Cifra de afaceri IQe = 110% 4H� �3URGXF LD�H[HUFL LXOXL IQa = 111% 4I� � 3URGXF LD� IDEULFDW � H[SULPDW � vQ�
SUH �GH�YkQ]DUH IQf = 109% 4D� �9DORDUHD�DG XJDW
2.�6 �VH�LQWHUSUHWH]H�VLWXD LD�
04,1I
I
Qf
CA =
98,0I
I
Qe
Qa =
2,1I
I
Qe
Qf =
3. Cum se interpreteaz �HYROX LD�VWUXFWXULL�FLIUHL�GH�DIDFHUL�GDF �
G1 = 0,72 unde: *� HVWH� FRHILFLHQWXO� GH� VWUXFWXU � *LQL-Struck
G0 = 0,19
4.�&H�HYLGHQ LD] �FLIUD�GH�DIDFHUL�PLQLP �"�'DU�FLIUD�PDUJLQDO ?
5.� 6 � VH� DQDOL]H]H� VWUXFWXUD� FLIUHL� GH� DIDFHUL� SH� FOLHQ L� úWLLQG� F �VRFLHWDWHD� FRPHUFLDO � GLVSXQH� GH� R� FOLHQWHO � HWHURJHQ �� 6H� FRQVLGHU �XUP WRDUHD�ED] �GH�GDWH�
Zona ABC
Nr. crt.
&OLHQ L
Cifra de afaceri
(mil lei)
&OLHQ L ABC
Cifra de afaceri ABC
(mil lei)
Cifra de afaceri
FXPXODW
(mil lei)
�FOLHQ L %CA
1 C1 3500 2 C2 6200 3 C3 830 4 C4 210 5 C5 99
Zona ABC
Nr. crt. &OLHQ L
Cifra de afaceri
(mil lei)
&OLHQ L ABC
Cifra de afaceri ABC
(mil lei)
Cifra de afaceri
FXPXODW
(mil lei)
�FOLHQ L %CA
6 C6 76 7 C7 530 8 C8 417 9 C9 570 10 C10 1200 11 C11 138 12 C12 730 13 C13 890 14 C14 915 15 C15 420 16 C16 94 17 C17 76 18 C18 52 19 C19 5 20 C20 17
6 �VH�WUDVH]H�FXUED�UHDO �$%&��V �VH�FRPSDUH�FX�FHD�WHRUHWLF �úL�V �VH�LQWHUSUHWH]H�UH]XOWDWHOH�RE LQXWH�� 6.�6 �VH�GHWHUPLQH�LQIOXHQ D�PRGLILF ULL�SURGXFWLYLW LL�PXQFLL�DVXSUD�cifrei de afaceri�úL�V �VH�LQWHUSUHWH]H�FD]XO�LQIOXHQ HL�FX�VHPQXO�Ä�´� 7.� &H� VHPQLILFD LH� HFRQRPLF � DUH� SODVDUHD� FXUEHL� UHale ABC sub FXUED�WHRUHWLF �$%&? 8.� &DUH� D� IRVW� WHQGLQ D� FLIUHL� GH� DIDFHUL� vQ� WHUPHQL� UHDOL� úWLLQG� F �LQGLFHOH� &$� vQ� SUH XUL� FXUHQWH� HVWH� GH� ����� LDU� LQGLFHOH� SUH XULORU� GH�vânzare este de 148%. 9.� 6 � VH� GHWHUPLQH� LQIOXHQ D� PRGLILF ULL� JUDGXOXL� GH� vQ]HVWUDUH�WHKQLF �D�PXQFLL�DVXSUD�FLIUHL�GH�DIDFHUL��6 �VH�LQWHUSUHWH]H�Ä∆ MF/Ns = -x mii lei”. 10. Care sunt partenerii sociali la repartizarea valoULL�DG XJDWH? 11.� 'DF � ,Qa� � ����� úL� ,Pr = 114%, cum aprecLD L� DFWLYLWDWHD�întreprinderii? (IQa� �LQGLFHOH�YDORULL�DG XJDWH��,Pr = indicele profitului).
12.�&H�HVWH�JUDGXO�GH�LQWHJUDUH�SH�YHUWLFDO �"�ÌQ�FH�GRPHQLL�DSUHFLD L�F �HVWH�PDL�PDUH�úL�GH�FH? 13. Ce includ consuPXULOH�LQWHUPHGLDUH�GH�OD�WHU L? 14.�6 �VH�LQWHUSUHWH]H�FD]XO�
IQa = 114% unde: Chs = cheltuieli cu personalul IQe = 126% 4D� �YDORDUHD�DG XJDW Ichs = 119% 4H� �SURGXF LD�H[HUFL LXOXL
15.� 6 � VH� GHWHUPLQH� LQIOXHQ D� PRGLILF ULL� VWUXFWXULL� SURGXF LHL�H[HUFL LXOXL� SH� SURGXVH� VDX� SH� WLSXUL� GH� DFWLYLW L� DVXSUD� YDORULL� DG XJDWH��Interpretare pentru cazul „∆gi = -y mii lei”. 16.�6 �VH�GHWHUPLQH�LQIOXHQ D�PRGLILF ULL�WLPSXOXL�PHGLX�GH�OXFUX�SH�R�SHUVRDQ �DVXSUD�YDORULL�DG XJDWH��&D]Xl : „∆t = +z mii lei”. 17.� &H� VHPQLILFD LH� DUH� .n = 0,65% ? (Kn = coeficientul de QRPHQFODWXU � 18.�6 �VH�LQWHUSUHWH]H�FD]XO�
Ks = 0,98 unde Ks = coeficientul de sortiment Kstr = 0,99 Kstr� �FRHILFLHQWXO�GH�VWUXFWXU Iq = 110% Iq = indicele volumulXL� SURGXF LHL� SH� WRWDO�
întreprindere 19.� &H� VHPQLILFD LH� DUH� HYROX LD� FRHILFLHQWXOXL� PHGLX� GH� FDOLWDWH�( )K pentru:
72,1K1 =
0K = 1,54 20.� 6 � VH� GHWHUPLQH� LQIOXHQ D� PRGLILF ULL� VWUXFWXULL� SURGXF Lei IDEULFDWH�DVXSUD�FRHILFLHQWXOXL�PHGLX�JHQHUDOL]DW�DO�FDOLW LL� 21.�6 �VH�LQWHUSUHWH]H�HYROX LD�FDOLW LL�SURGXF LHL�úWLLQG�F �
1p = 79.520 lei/buc unde: p �SUH XO�PHGLX
0p = 66.417 lei/buc
22.�&XP�LQIOXHQ HD] �FDOLWDWHD�DVXSUD�LQGLFDWRULORU�GH�SHUIRUPDQ H�úL�rezultate? 23. Ce eviden LD] �FRHILFLHQWXO�GH�VRUWLPHQW"�'DU�FHO�GH�VWUXFWXU ? 24.�3H�ED]D�GDWHORU��V �VH�DQDOL]H]H�HYROX LD�FDOLW LL�SURGXVXOXL�Ä[´�
Cantitate (buc) Structura ®�¯4°�±F²w³ ´ µ�´w¶.·¹¸
º�»A¼�½ ´ ½ ´echivalente
Clasa de
calitate Programat Realizat Programat Realizat
Coeficient de µ4³4¾�´ ¿ »$À µ ¼ Programat Realizat
Clasa I 76.000 80.000 Clasa a II-a
55.300 59.000
Clasa a III-a
49.700 45.000
TOTAL 181.000 184.000
$1$/,=$�&26785,/25�'(�352'8& ,( 5HGXFHUHD�DEVROXW �úL�UHODWLY �D�FRVWXULORU�GH�SURGXF LH��GH�SULQFLSLX��SRDWH�IL�FRQFHSXW �QXPDL�DFROR�XQGH�H[LVW �UH]HUYH�vQ�DFHVW�VHQV� Teoretic, vQ� RULFH� vQWUHSULQGHUH� H[LVW � DVHPHQHD� UH]HUYH�� GHWHUPLQDWH� Ge progresul FRQWLQXX� DO� IDFWRULORU� GH� SURGXF LH�� GH� DSOLFDUHD� vQ� SUDFWLF � D� UH]XOWDWHORU�FHUFHW ULORU� úWLLQ LILFH�� 3XQHUHD� ORU� vQ� YDORDUH� HVWH� FRQGL LRQDW � GH�FXQRDúWHUHD� H[LVWHQ HL� DFHVWRUD�� D� GLPHQVLXQLL� ORU� úL� GH� DF LXQHD� IDFWRUXOXL�uman pentru materialL]DUHD�P VXULORU�VWDELOLWH� &RQGXFHUHD�SULQ�FRVWXUL�� LPSOLF �VWDELOLUHD�XQRU�FRVWXUL�FRQVLGHUDWH�QRUPDOH�� FDUH� FRQVWLWXLH� FULWHULXO� SHUPDQHQW� GH� FRPSDUD LH� D�comportamentului diferitelor categorii de cheltuieli. &H�UHSUH]LQW �FRVWXULOH�QRUPDOH�"�(VWH�JUHX�GH�GDW�R�GHILQL LH�VDX�R�PRGDOLWDWH� GH� SUHVWDELOLUH�� 7HRULD� úL� SUDFWLFD� PRQGLDO � FRQVLGHU � FD� ILLQG�costuri normale:
¾ standardele de cheltuieli stabilite pe baza tehnologiilor de IDEULFD LH� FDUH� DVLJXU � RE LQHUHD� SURGXVHORU� OD� SDUDPHWULL�SURLHFWD L�
¾ nivelXO� FHO� PDL� VF ]XW� GH� FKHOWXLHOL� vQUHJLVWUDWH� vQ� UDPXUD� GH�DFWLYLWDWH�UHVSHFWLY �
¾ FRVWXULOH� FDUH� DVLJXU � XQ� SURILW� QHW� DQXDO� HFKLYDOHQW� GREkQ]LL�DIHUHQWH�FDSLWDOXOXL�SURSULX��ÌQ�OHJ WXU �FX�DFHDVW �SUREOHP ��vQ�OLWHUDWXUD�GH�VSHFLDOLWDWH�VH�GDX�DQXPLWH�P ULmi, ca de exemplu 12% din capitalul propriu.
,PSRUWDQW�HVWH�FD�vQ�ILHFDUH�vQWUHSULQGHUH�V �H[LVWH�XQ�SURJUDP��SODQ��DO� FRVWXULORU� FDUH� V � ILH� vQ� SHUPDQHQ � DGDSWDW� FRQGL LLORU� FRQFUHWH� DOH�
3
PRPHQWXOXL�� FRQVWLWXLQG� ED]D� GH� UDSRUWDUH� SHQWUX� UHDOL] ULOH� ILHF rei perioade. ÌQ� DERUGDUHD� SUREOHPDWLFLL� FRVWXULORU�� D� ILHF UHL� FDWHJRULL� GH�FKHOWXLHOL�� WUHEXLH� V � VH� SRUQHDVF � GH� OD� IXQF LLOH� SH� FDUH� DFHVWHD� OH� DX� vQ�EXQD� IXQF LRQDUH� D� ILUPHL�� 2ULFH� VXSUD� VDX� VXEGLPHQVLRQDUH� FUHHD] �GLVIXQF LRQDOLW L�� &D� DWDUH�� D� HFRQRPLVL� QX� vQWRWGHDXQD� vQVHDPQ � D� QX�FKHOWXL� VDX� D� QX� FRQVXPD�� FHHD� FH� HVWH� IRDUWH� VLPSOX�� FL� WUHEXLH� SXV �SUREOHPD�úL�vQ�VHQVXO�XUP WRU��FkW�VH�SLHUGH�GDF �QX�VH�FKHOWXLH���OHX�������etc.) în plus. ,QWHJUDW � vQ�DFWLYLWDWHD�SUDFWLF �GH�FRQGXFHUH�� WHPDWLFD cheltuielilor GH�SURGXF LH�HVWH�R�SUREOHP �LQWHUQ �D�ILHF UHL�vQWUHSULQGHUL��FDUH�WUHEXLH�V �ILH� FLUFXPVFULV � vQWU-un cadru legislativ general vizând aspecte RUJDQL]DWRULFH� DOH� HYLGHQ HL�� SUHFXP� úL� QLYHOXUL� QRUPDWH� �UHJOHPHQWDWH��pentru unele categorii de� FKHOWXLHOL�� $úD�� GH� H[HPSOX�� SULQ� /HJHD�FRQWDELOLW LL� 1U�� �������� úL� +�*�� �������;,,������� SULQ� FDUH� V-a aprobat UHJXODPHQWXO� GH� DSOLFDUH� D� OHJLL�� úL� SODQXO� FRQWDELO� JHQHUDO�� V-D� SUHY ]XW�clasa 9 Conturi de gestiune. Asemenea aspecte sunt elemente importante ale conducerii micro sau macroeconomice prin intermediul pârghiilor economico-financiare. ÌQ� FHHD� FH� SULYHúWH� DFWLYLWDWHD� SUDFWLF � GH� DQDOL] � D� FKHOWXLHOLORU��DFHDVWD�WUHEXLH�V �ILH�SULQ�H[FHOHQ �R�FRPSRQHQW �PDMRU �D�PDQDJHPHQWXOXL�intern al firmeL�FDUH�V �DVLJXUH�UHDOL]DUHD�XQRU�FRVWXUL�FRPSHWLWLYH� 0RGDOLW LOH� GH� UHDOL]DUH� úL� UHVSHFWLY� GH� RUJDQL]DUH� D� PXQFLL�� GH�DQDOL] �D�SUREOHPDWLFLL�DERUGDWH��VXQW�GLIHULWH�vQ�UDSRUW�GH�VFRS�úL�VXELHFWXO�FDUH�R�UHDOL]HD] � &X�WRDWH�DFHVWHD��H[LVW �R�PHWRGRORJLH�GH�DQDOL] �D�FKHOWXLHOLORU��FDUH�RIHU � XQ� FDGUX� JHQHUDO� SRVLELO� GH� DGRSWDW� GH� F WUH� XWLOL]DWRUL�� 3ULQFLSDOHOH�DVSHFWH�FDUH�VH�DERUGHD] �vQ�FRQWLQXDUH�VXQW� 3.1 Analiza cheltuielilor aferente veniturilor întreprinderii 5HDOL]DUHD� XQXL� YHQLW� úL�� UHVSHFWLY�� SURILW� LPSOLF � HIHFWXDUHD� GH�FKHOWXLHOL��ÌQ�FRQWDELOLWDWHD�ILQDQFLDU ��FKHOWXLHOLOH�VH� vQUHJLVWUHD] �SH�IHOXUL�GH�FKHOWXLHOL��GXS �QDWXUD�ORU��úL�VH�JUXSHD] �vQ� a) cheltuieli de exploatare – care cuprind categoriile de consumuri privind realizarea� RELHFWXOXL� GH� DFWLYLWDWH� úL� FHOH� DIHUHQWH� DFHVWRUD� �([HPSOX��provizioanele pentru diverse cheltuieli); b) cheltuieli financiare –� FDUH� LQFOXG� SLHUGHULOH� GH� FUHDQ H� OHJDWH�
GH� SDUWLFLSD LL�� GLQ� YkQ]DUHD� WLWOXULORU� GH� SODVDPHQW�� GREkQ]L� HWF�� �YL]HD] �activiWDWHD�ILQDQFLDU �vQ�DIDUD�H[SORDW ULL�� F�� FKHOWXLHOL� H[FHS LRQDOH� –� FDUH� QX� VXQW� OHJDWH� GH� DFWLYLWDWHD� FXUHQW ��QRUPDO ��VH�UHIHU �OD�GHVS JXELUL��DPHQ]L��SHQDOL] UL��GRQD LL��VXEYHQ LL�HWF� (YLGHQ D� DFHVWRU� FKHOWXLHOL� VH� UHDOL]HD] � FX� DMXWRUXO� FRQWXULORr din grupa 6 –� FRQWXUL� GH� FKHOWXLHOL� FDUH� VH� GH]YROW � SH� DQDOLWLFH� GH� JUDGXO� ,,,� úL�,9� 9HQLWXULOH�vQWUHSULQGHULL�UHSUH]LQW �VXPHOH�vQFDVDWH�VDX�GH�vQFDVDW�vQ�FXUVXO�H[HUFL LXOXL��úL�VH�JUXSHD] �vQ�� a) venituri din exploatare în care se includ venituriOH�UHDOL]DWH�GLQ�RSHUD LLOH�FDUH� IRUPHD] � RELHFWXO� GH� DFWLYLWDWH�� OD� FDUH� VH� DGDXJ � YHQLWXULOH� GLQ�SURGXF LH�VWRFDW �úL�LPRELOL]DW ��SUHFXP�úL�DOWH�YHQLWXUL�OHJDWH�GH�H[SORDWDUH� E�� YHQLWXUL� ILQDQFLDUH� vQ� FDUH� VH� LQFOXG� YHQLWXULOH� GLQ� SDUWLFLSD LL�� GLQ� DOWe LPRELOL] UL��GLQ�WLWOXUL�GH�SODVDPHQW�HWF�� F��YHQLWXUL�H[FHS LRQDOH��GHVS JXELUL��SHQDOLW L�vQFDVDWH�HWF� (YLGHQ D� YHQLWXULORU� VH� UHDOL]HD] � FX� DMXWRUXO� FRQWXULORU� GLQ� FODVD� 7 – Conturi de venituri. ÌQ� JHQHUDO�� VH� SRDWH� IDFH� R� FRUHOD LH� vQWUH� YHQLWXUL� úL� FKHOWXLHOL�� vQ�VHQVXO� F � UHDOL]DUHD� XQXL� YHQLW� SUHVXSXQH� HIHFWXDUHD� XQHL� FKHOWXLHOL� VDX�LQYHUV�� 'DU� VXQW� úL� H[FHS LL�� $úD�� GH� H[HPSOX�� FKHOWXLHOLOH� ILQDQFLDUH�� GH�UHJXO ��QX�JHQHUHD] �YHQLWXUL��LDU�UHDOL]DUHD�DFHVWRUD�QX�SUHVXSXQH�FKHOWXLHOL��$FHOHDúL�UHJXOL�OH�DX�úL�XQHOH�FKHOWXLHOL�úL�YHQLWXUL�H[FHS LRQDOH� $QDOL]D� FKHOWXLHOLORU� DIHUHQWH� YHQLWXULORU� YL]HD] � HYROX LD� ORU� úL�IDFWRULL�FDUH�R�GHWHUPLQ ��vQ�YHGHUHD�LGHQWLILF ULL�SRVLELOLW LORU�GH�GLPLQXDUH�vQ� VFRSXO� VSRULULL� UHQWDELOLW L�� ,QWHJUDW � vQ� DFWLYLWDWHD� SUDFWLF � GH� JHVWLXQH��DFHDVW � DQDOL] � UHSUH]LQW � R� SULP � HWDS � GH� LQIRUPDUH� DVXSUD� GLQDPLFLL�FKHOWXLHOLORU�� ÌQ�DFHVW�VFRS�� VH�XWLOL]HD] � LQGLFDWRUXO�Ä&KHOWXLHOL� OD������ OHL�YHQLWXUL´� �&��� FDUH� VH� GHWHUPLQ � FD� UDSRUW� vQWUH� FKHOWXLHOLOH� WRWDOH� �Σchi�� úL�venituri (ΣVi)
100
1000
1
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ii
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în care: gi� �UHSUH]LQW �VWUXFWXUD�YHQLWXULORU�SH�FDWHJRULL� ci = cheltuieli la 1000 lei venituri pe categorii de venituri.
'H�DLFL�UH]XOW �F �ID �GH�R�ED] �GH�UHIHULQ ��PRGLILFDUHD�QLYHOXOXL�cheltuieliORU�OD������OHL�YHQLWXUL�VH�GDWRUHD] �LQIOXHQ HL�VWUXFWXULL�YHQLWXULORU�úL�D�QLYHOXOXL�FKHOWXLHOLORU�OD������OHL�SH�FDWHJRULL�GH�YHQLWXUL� 3HQWUX� VHSDUDUHD� FHORU� GRX � LQIOXHQ H� HVWH� QHFHVDU � UHFDOFXODUHD�FKHOWXLHOLORU�OD������OHL�vQ�IXQF LH�GH�VWUXFWXUD�QLYHOXOXL�FRPSDUDW�úL�D�UDWHORU�SH�FDWHJRULL�GH�YHQLWXUL�GLQ�ED]D�GH�UHIHULQ � 3HQWUX�H[HPSOLILFDUH�VH�IRORVHVF�XUP WRDUHOH�GDWH��7DEHOXO�������GDWH�H[WUDVH�GLQ�FRQWXO�GH�SURILW�úL�SLHUGHUH�OD�6�&��;�6�$�
Tabelul 3.1 (mil. lei)
3HULRDGD�FXUHQW Nr. crt.
6SHFLILFD LH Perioada
SUHFHGHQW Pn-1
3UHY ]XW P0
Realizat P1
1. Cheltuieli de exploatare 3000 3500 3800 2. Cheltuieli financiare 250 300 280 3. &KHOWXLHOL�H[FHS LRQDOH 150 170 180
TOTAL cheltuieli 3400 3970 4260 4. Venituri din exploatare 3680 (92) 4218 (90) 4630 (94) 5. Venituri financiare 160 (4) 328 (7) 196 (4) 6. 9HQLWXUL�H[FHS LRQDOH 160 (4) 141 (3) 99 (2)
TOTAL venituri 4000 4687 4925 7. Cheltuieli la 1000 lei venituri (lei) a) de exploatare 815,22 829,72 820,73 b) financiare 1562,50 914,63 1428,56 F��H[FHS LRQDOH 937,50 1205,67 1818,18
TOTAL 850,00 847,00 864,97
1RW ��FLIUHOH�GLQ�SDUDQWH] �UHSUH]LQW �VWUXFWXUD�YHQLWXULORU� ÌQ� FD]XO� GDW� UH]XOW � F �� ID � GH� UHDOL] ULOH� SHULRDGHL� SUHFHGHQWH�� VH�SUHYHGH� R� VSRULUH� D� HILFLHQ HL� (respectiv, o diminuare a nivelului cheltuielilor), înregistrându-VH� vQ� IDSW� R� VLWXD LH� LQYHUV �� 6XE� DVSHFW�metodologic, o asWIHO�GH�VWDUH�VH�H[SOLF �DVWIH ���0RGLILFDUH�ID �GH�FULWHULXO�GH�FRPSDUD LH
P0 – Pn-1 P1 – P0
847 – 850 = -3,0 lei 864,97 – 847 = + 17,97 lei
���,QIOXHQ D�VWUXFWXULL�YHQLWXULORU
0,90 × 815,22 = 733,70 0,94 × 829,77 = 779,98 0,07 × 1562,50 = 109,38 0,04 × 914,63 = 36,59
2,871
12,2850,93703,0 =×
68,840
11,2457,120502,0 =×
871,2 – 850 = +21,20 lei; 840,68 – 847 = - 6,32 lei
3��,QIOXHQ D�QLYHOXOXL�FKHOWXLHOLORU�OD������OHL�YHQLWXUL�SH�FDWHJRULL�GH�venituri
lei0,3
20,2420,871847
−−=−
lei97,17
29,2468,84097,864
++=−
$FHVWH�GDWH�DWHVW �IDSWXO�F �V-D�DYXW�vQ�YHGHUH�DPSOLILFDUHD�HILFLHQ HL�cheltuielilor pe seama reducerii cheltuielilor pe categorii de venituri, care a vQUHJLVWUDW� vQV �R�HYROX LH� LQYHUV �� ÌQ�FHHD�FH�SULYHúWH�VWUXFWXUD�YHQLWXULORU��FD� IDFWRU� GH� LQIOXHQ �� GH� SULQFLSLX�� WUHEXLH� FRQVLGHUDW� FD� XQ� IDFWRU� GH�H[SOLFDUH�D�UH]XOWDWXOXL��ILLQG�R�UH]XOWDQW �D�GLQDPLFLL�YHQLWXULORU��$FHasta nu exclude posibilitatea folosirii acestui factor ca mijloc de realizare a unui RELHFWLY��GDF �H[LVW �FRQGL LL�IDYRUL]DQWH� ÌQ�DFWLYLWDWHD�SUDFWLF �WUHEXLH�DYXWH�vQ�YHGHUH�
• OXDUHD� vQ� FRQVLGHUDUH� D� LQIOD LHL�� FHHD� FH� SUHVXSXQH� FRUHFWDUHD�bazei de compDUD LH� FX� XQ� FRHILFLHQW� FDUH� V � UHIOHFWH� FRUHOD LD�GLQWUH� FUHúWHUHD� SUH XULORU� WXWXURU� FDWHJRULLORU� GH� UHVXUVH�FX�FDUH�VH� DSURYL]LRQHD] � vQWUHSULQGHUHD� �,FKL�� úL� GLQDPLFD� SUH XULORU� SH�VHDPD�F URUD�VH�IRUPHD] �YHQLWXULOH��,vi).
'DF �,FKL� ������úL�,vi = 1�����DWXQFL�ED]D�GH�FRPSDUD LH�YD�IL�
.lei3,887105
110847 =×
(VWH�HYLGHQW�F ��ID �GH�DFHDVW �ED] �GH�UDSRUWDUH��UH]XOWDWXO�RE LQXW�HVWH�IDYRUDELO��GDU�HO�WUHEXLH�LQWHUSUHWDW�vQ�VHQVXO�F �V-DU�IL�RE LQXW�GDF �QX�DU�IL�LQWHUYHQLW�PRGLILF ULOH�GH�SUH XUL�independente de întreprindere.
• H[SOLFDUHD�SH� ILHFDUH�FDWHJRULH�GH�YHQLWXUL� D� HYROX LHL� HILFLHQ HL��vQ� IXQF LH� GH� IDFWRULL� VSHFLILFL� FDUH� R� LQIOXHQ HD] �� PDL� DOHV� vQ�VLWXD LL�FD�FHD�GLQ�H[HPSOXO�GDW� vQ�FDUH� FKHOWXLHOLOH� ILQDQFLDUH� úL�FHOH�H[FHS LRQDOH�GHS úesF�VXEVWDQ LDO�YHQLWXULOH�
0RGDOLW LOH�GH�DQDOL] �YRU�IL�SUH]HQWDWH�SH�SDUFXUV� Modificarea nivelului cheltuielilor totale la 1000 lei venituri se UHIOHFW �vQ�P ULPHD�UH]XOWDWXOXL�H[HUFL LXOXL�vQDLQWH�GH�LPSR]LWDUH� (IHFWXO�VH�GHWHUPLQ �FX�DMXWRUXO�UHOD LHL�
( ) ( ) lei.mil5,881000
492584757,864
1000
viCC 01 −=−−=∑−−
FHHD�FH�vQVHDPQ �R�GLPLQXDUH�D�UH]XOWDWXOXL�ID �GH�FHO�SUHY ]XW�SULQ�EXJHWXO�GH�YHQLWXUL�úL�FKHOWXLHOL��(YLGHQW��R�DVHPHQHD�LQIOXHQ �QHIDYRUDELO �SRDWH�IL�FRPSHQVDW � SULQ� PDVD� YHQLWXOXL�� FDUH� FRQVWLWXLH� R� DOWHUQDWLY � SHQWUu un anumit orizont. 3.2 Analiza cheltuielilor de exploatare &KHOWXLHOLOH�GH�H[SORDWDUH�GH LQ�SRQGHUHD�FHD�PDL�PDUH��HOH�ILLQG�vQ�OHJ WXU �GLUHFW �FX�RELHFWXO�GH�DFWLYLWDWH�DO� vQWUHSULQGHULL��FRQVWLWXLQG�DVWIHO�GRPHQLXO�SULQFLSDO�vQ�FDUH�VH�SRW�LQL LD�úL�UHDOL]D�FHOH�PDL�LPSRUWDQWH�P VXUL�GH�VSRULUH�D�HILFLHQ HL�HFRQRPLFH� Cheltuielile de exploatare cuprind, potrivit prevederilor art. 96 din 5HJXODPHQWXO�GH�DSOLFDUH�D�/HJLL�FRQWDELOLW LL��XUP WRDUHOH�HOHPHQWH�
¾ cheltuieli privind consumurile de materii prime, materiale, FRPEXVWLELO��HQHUJLH�úL�HOHPHQWH�DVLPLODWH�
¾ FKHOWXLHOLOH� FX� OXFU ULOH� úL� VHUYLFLLOH� SUHVWDWH� GH� WHU L�� FKLULL��ORFD LL�GH�JHVWLXQH��DOWH�FKHOWXLHOL�
¾ FKHOWXLHOL� FX� LPSR]LWHOH� úL� WD[HOH� VXSRUWDWH� GH� XQLWDWHD�SDWULPRQLDO �
¾ cheltuieli cu personalul; ¾ alte cheltuieli de exploatare.
ÌQ� DQDOL]D� FKHOWXLHOLORU� GH� H[SORDWDUH� VH� IRORVHúWH� QLYHOXO� ORU� OD� 1000 lei venituri din exploatare, ca parte a întregului folosit anterior, XUP ULQGX-VH�GLQDPLFD�úL�PRGLILF ULOH� LQWHUYHQLWH� vQ�VWUXFWXUD�FKHOWXLHOilor. Acest lucru este important atât pentru formarea imaginii asupra modului în care s-D� UHDOL]DW� SURJUDPXO� VWDELOLW�� úL� vQ� VSHFLDO� SHQWUX� LGHQWLILFDUHD�FDWHJRULLORU� GH� FKHOWXLHOL� FDUH� QHFHVLW � R� DWHQ LH� GHRVHELW � GLQ� SDUWHD�factorilor de decizie. ÎntruckW� GLQDPLFD� HILFLHQ HL� FKHOWXLHOLORU� GH� H[SORDWDUH� HVWH�FXQRVFXW � GLQ� SDUDJUDIXO� DQWHULRU�� VH� YD� SUH]HQWD� DQDOL]D� VWUXFWXUDO �� vQ�IXQF LH� GH� QDWXUD� FKHOWXLHOLORU� DIHUHQWH� SURGXF LHL� WRWDOH� D� H[HUFL LXOXL�ILQDQFLDU��LQFOXVLY�FRVWXO�P UIXULORU�YkQGXWH�vQ�FRUHOD LH�FX�YDORDUHD�ORU�
ÌQ�DFHVW�VFRS��SH�ED]D�GDWHORU�GLQ�FRQWXO�GH�SURILW�úL�SLHUGHUH��úL�DOWH�VXUVH��VH�vQWRFPHúWH�WDEHOXO�XUP WRU��WDEHOXO����):
Tabelul 3.2 Cheltuieli la 1000 lei venituri din
exploatare (lei 0RGLILF UL
Nr. crt.
6SHFLILFD LH Perioada
SUHFHGHQW 3UHY ]XW Realizat
col. 4 –
col. 2
col. 4 –
col. 3 1 &RVWXO�P UIXULORU�YkQGXWH
(ct. 607) - - - - -
2 0DWHULL� SULPH� úL� PDWHULDOH�consumabile (ct. 600 + 601)
427,49 449,889 444,55 +17,15 -5,32
3 &RPEXVWLELOL��HQHUJLH�úL�DS (ct. 605)
86,82 86,54 85,37 -1,45 -1,17
4 Alte cheltuieli (ct. 602, 603, 604, 606, 608)
28,86 28,63 27,58 -1,28 -1,05
5 /XFU UL�úL�VHUYLFLL�H[HFXWDWH�GH�WHU L��FW������OD������� ct. 621 la 628)
11,07 8,30 12,48 +1,41 +4,18
6 ,PSR]LWH� WD[H�úL�Y UV PLQWH�asimilate (ct. 631 + 635)
8,09 8,80 11,90 +3,81 +3,10
7 Salarii personal (ct. 641) 178,76 181,20 165,40 -13,36 -15,80 8 $VLJXU UL� úL� SURWHF LH�
VRFLDO ��FW������ 55,41 43,15 51,22 -4,19 +8,07
9 Alte cheltuieli de exploatare (ct. 654 + 658)
1,10 - 1,23 +0,13 +1,23
10 $PRUWL] UL�úL�SURYL]LRDQH (ct. 681)
17,62 23,23 21,00 +3,38 -2,23
TOTAL 815,22 829,72 820,73 +5,60 -8,99
'LQ�GDWHOH�DVWIHO�VWUXFWXUDWH�UH]XOW �F ��ID �GH�SUHYHGHUHD�GH�FUHúWHUH�a cheltuielilor de exploatare la 1000 lei venituri, s-a realizat o reducere pe WRWDO� úL� FDWHJRULL� GH� FKHOWXLHOL�� ([FHS LH� IDF� XQHOH� FKHOWXLHOL�� GDU� QX� DX�SRQGHUL�vQVHPQDWH��DOWH�FKHOWXLHOL�GH�H[SORDWDUH��DVLJXU UL�úL�SURWHF LH�VRFLDO �etc.). Într-R�DVHPHQHD�VLWXD LH��vQ�DFWLYLWDWHD�SUDFWLF ��GLQ�SXQFW�GH�YHGHUH�metodologic, estH� QHFHVDU� V � VH� DQDOL]H]H� ILHFDUH� FKHOWXLDO �� LQGLIHUHQW� GH�HYROX LD�HL��vQ�VFRSXO�LGHQWLILF ULL�SRVLELOLW LORU�GH�UHGXFHUH��PHWRGRORJLD�YD�IL�SUH]HQWDW �vQ�DOWH�SDUDJUDIH��
$QDOL]D� HILFLHQ HL� FKHOWXLHOLORU� GH� H[SORDWDUH� SRDWH� IL� HIHFWXDW � vQ�raport de fRUPDUHD�YHQLWXULORU�úL�QLYHOXO�FKHOWXLHOLORU�SH�FDWHJRULL�GH�YHQLWXUL��
ÌQ�DFHVW�VFRS��GDWHOH�QHFHVDUH�VH�SUH]LQW �DVWIHO� Tabelul 3.3
(mil. lei) 3HULRDGD�FXUHQW Nr.
crt. Indicatori
Perioada SUHFHGHQW 3UHY ]XW Realizat
1 Venituri din exploatare, din care aferente: 3680 4218 4630
2 3URGXF LHL�YkQGXWH 3386 (92) 4007 (95) 4375 (94,5)
3 3URGXF LHL�VWRFDWH 184 (5) 42 (1) 162 (3,5) 4 3URGXF LHL�LPRELOL]DWH 110 (3) 169 (4) 93 (2) 5 Cheltuieli din exploatare, din care aferente: 3000 3500 3800 6 3URGXF LHi vândute 2706 3289 3545 7 3URGXF LHL�VWRFDWH 184 42 162 8 3URGXF LHL�LPRELOL]DWH 110 169 93 9 Cheltuieli de exploatare la 1000 lei
venituri (lei) din care aferente: 815,22 829,72 820,73
10 3URGXF LHL�YkQGXWH 799,17 820,81 810,29 11 $IHUHQWH�SURGXF LHL�VWRFDWH�úL�LPRELOL]DWH 1000 1000 1000
1RW :� &LIUHOH� GLQ� SDUDQWH] � UHSUH]LQW � VWUXFWXUD� YHQLWXULORU� vQ�procente. ÌQ�DQDOL]D�FKHOWXLHOLORU�GH�H[SORDWDUH��vQ�IXQF LH�GH�FULWHULXO�DPLQWLW��WUHEXLH� V � VH� LQ � VHDPD� GH�PRGXO� GH� IRUPDUH� D� YHQLWXULORU� GLQ� SURGXF LD�VWRFDW �úL�LPRELOL]DW ��UHVSHFWLY��HYDOXDUHD�vQ�FRVWXUL��FHHD�FH�FRQGXFH�OD�XQ�QLYHO�DO�FKHOWXLHOLORU�OD������OHL��ÌQ�FRQVHFLQ ��R�FUHúWHUH�D�SRQGHULL�DFHVWRU�GRX �HOHPHQWH�DUH�FD�HIHFW�GLPLQXDUHD�HILFLHQ HL�FKHOWXLHOLORU�GH�H[SORDWDUH� Din puncW� GH� YHGHUH� PHWRGRORJLF�� SHQWUX� D� GHOLPLWD� LQIOXHQ D�VWUXFWXULL� YHQLWXULORU� GH� FHD� D� QLYHOXOXL� FKHOWXLHOLORU� DIHUHQWH� SURGXF LHL�YkQGXWH�VH�SURFHGHD] �FD�vQ�FD]XO�SUHFHGHQW��UHVSHFWLY��VH�IDFH�UHFDOFXODUHD�cheltuielilor la 1000 lei venituri de exploatare. 1. Modificarea cheltuielilor la 1000 lei venituri din exploatare (lei),
P0 – Pn-1 P1 – P0
829,72 – 815,22 = 14,50 lei 820,73 – 829,72 = -8,99 lei ���,QIOXHQ D�VWUXFWXULL�YHQLWXULORU�GLQ�H[SORDWDUH
0,95 × 799,17 = 759,21 0,945 × 820,81 = 775,67
21,809
0,50100005,0 ×
67,830
0,551000055,0 ×
809,21 – 815,22 = -6,01 lei 830,67 – 829,72 = +0,95 lei
��� ,QIOXHQ D� FKHOWXLHOLORU� OD� ����� OHL� YHQLWXUL� DIHUHQWH� SURGXF LHL�vândute
829,72 – 809,21 = +20,51 820,73 – 830,67 = -9,94
$QDOL]D�GDWHORU�HYLGHQ LD] �IDSWXO�F �VWUXFWXUD�YHQLWXULORU�FRUHFWHD] �vQ� PLQXV� VDX� SOXV� LQIOXHQ D� H[HUFLWDW � GH� QLYHOXO� FKHOWXLHOLORU� DIHUHQWH�SURGXF LHL� YkQGXWH�� FDUH� FRQVWLWXLH� HOHPHQWXO� SULQFLSDO� DO� FKHOWXLHOLORU� GH�exploatare. ÌQ�FHHD�FH�SULYHúWH�HYROX LD�SURGXF LHL�VWRFDWH�úL�LPRELOL]DWH��WUHEXLH�V �VH�IDF �GLVWLQF LH�vQWUH�YROXPXO�IL]LF�úL�FRVWXO�DIHUHQW��vQWUXFkW�DFHVWHD�DX�VHPQLILFD LH�� FDX]H� úL� HIHFWH� GLIHULWH�� $VWIHO�� FUHúWHUHD� VDX� VF GHUHD�SURGXF LHL� VWRFDWH� úL�� UHVSHFWLY�� LPRELOL]DWH�� FRPSDUDWLY� FX� UHDOL] ULOH�perioadHL� DQWHULRDUH� VDX� FX� SUHYHGHULOH�� SRDWH� IL� GHWHUPLQDW � GH� IDFWRUL�FRQMXQFWXUDOL� DL� SLH HL� VDX� GH� DOW � QDWXU � VDX� RS LXQH� D� FRQGXFHULL� SHQWUX�realizarea unor obiective viitoare. Modificarea costurilor aferente este GHWHUPLQDW � GH� IDFWRUL� VSHFLILFL�� UHIOHFWkndu-VH� FRUHVSXQ] WRU� vQ� UH]XOWDWXO�H[HUFL LXOXL��$VHPHQHD�DVSHFWH�SRW�IL� VROX LRQDWH�SULQ�FRUHODUHD�GDWHORU�GLQ�FRQWDELOLWDWHD� JHQHUDO � �ILQDQFLDU �� FX� FHOH� GLQ� FRQWDELOLWDWHD� GH� JHVWLXQH��DQDOLWLF �� ����$QDOL]D�FKHOWXLHOLORU�OD������OHL�FLIU �GH�DIDFHri 3RWULYLW�UHJOHPHQW ULORU�vQ�YLJRDUH��FLIUD�GH�DIDFHUL�VH�FDOFXOHD] �SULQ�vQVXPDUHD�YHQLWXULORU�UH]XOWDWH�GLQ�OLYU ULOH�GH�EXQXUL��H[HFXWDUHD�GH�OXFU UL�úL�SUHVW ULOH�GH�VHUYLFLL�úL�DOWH�YHQLWXUL�GLQ�H[SORDWDUH��PDL�SX LQ�UDEDWXULOH�úL�UHPL]HOH�úL�DOWH�UHGXFHUL�DFRUGDWH�FOLHQ LORU���$UWLFROXO����GLQ�5HJXODPHQWXO�GH�DSOLFDUH�D�/HJLL�FRQWDELOLW LL�� &D� SULQFLSDO � SDUWH� FRPSRQHQW � D� FKHOWXLHOLORU� OD� ����� OHL� YHQLWXUL�GLQ�H[SORDWDUH��FKHOWXLHOLOH�OD������OHL�FLIU �GH�DIDFHUL� �&��SRW�IL�H[SULPDWH�cu ajutorul modelului:
1000qp
qcC ⋅
∑∑=
în care: T� �FDQWLWDWHD�YkQGXW c = costul produselor S� �SUH XO�PHGLX�GH�YkQ]DUH��H[FOXVLY�7�9�$��
5HOD LD�GH�PDL�VXV�SRDWH�IL�VFULV �úL�DVWIHO�
∑ ⋅⋅= 1000p
cgC
în care:
J� �VWUXFWXUD�SURGXF LHL�YkQGXWH��VWDELOLW �YDORULF�
∑ qp
qp
=⋅1000p
cnivelul cheltuielilor la 1000 lei pe produse
'H� DLFL� UH]XOW � F � IDFWRULL� FDUH� LQIOXHQ HD] � FKHOWXLHOLOH� OD� ����� OHL�FLIU �GH�DIDFHUL�VXQW��VWUXFWXUD�SURGXF LHL��SUH XO�PHGLX�GH�YkQ]DUH�úL costul produselor. ([HPSOLILFDUHD� PHWRGRORJLHL� GH� DQDOL] � QHFHVLW � XUP WRDUHOH� GDWH�(tabelul 3.4):
Tabelul 3.4 (mil. lei)
Nr. crt.
Indicatori 3UHY ]XW Realizat
1 Cifra de afaceri ( )∑ qp 4007 4375
2 Cheltuieli aferente cifrei de afaceri ( )∑ qc 3289 3546
3 &LIUD�GH�DIDFHUL�UHFDOFXODW � ( )∑ 01pq - 4500
4 Cheltuieli aferente cifrei de afaceri recalculate
( )∑ 01cq - 3672
5 &KHOWXLHOL�OD������OHL�FLIU �GH�DIDFHUL��OHL� 820,81 810,51 ReducereD� vQ� FD]XO� GDW� DO� QLYHOXOXL� FKHOWXLHOLORU� OD� ����� OHL� FLIU � de afaceri de –10,30 lei (810,51 –����������VH�H[SOLF �SULQ�LQIOXHQ D�
D��6WUXFWXULL�SURGXF LHL�YkQGXWH
000
00
01
01 CCsau1000pq
pq1000
pq
cq−′⋅
∑∑−⋅
∑∑
lei81,481,82081610004007
32891000
4500
3672 −=−=⋅−⋅
Interpretat metodologic, acest rezultat FX� VHPQLILFD LH� HFRQRPLF �SR]LWLY � �GH� UHGXFHUH� D� FKHOWXLHOLORU� OD� ����� OHL��� HVWH� XUPDUHD�PRGLILF ULL�VWUXFWXULL� SURGXF LHL� YkQGXWH� vQ� VHQVXO� FUHúWHULL� SRQGHULL� SURGXVHORU� FX� R�UHQWDELOLWDWH�SUHY ]XW �PDL�PDUH��$úD�GXS �FXP�V-a mai precizat, structura proGXF LHL� YkQGXWH� SRDWH� IL� FRQVLGHUDW � DWkW� FD� IDFWRU� GH� H[SOLFDUH�
D� UH]XOWDWXOXL�FkW� úL�GH� UHDOL]DUH�D�XQXL�RELHFWLY�SUHY ]XW�� ÌQ�FRQVHFLQ �� vQ�DFWLYLWDWHD� SUDFWLF � HVWH� DEVROXW� QHFHVDU� V � VH� SUHFL]H]H� FRQGL LLOH� vQ� FDUH� s-DX� SURGXV� PRGLILF ULOH� vQ� VWUXFWXUD� SURGXF LHL� YkQGXWH�� DYkQGX-se în YHGHUH�HIHFWHOH�PXOWLSOH�GLUHFWH�úL�LQGLUHFWH�SH�FDUH�OH�GHWHUPLQ � E��3UH XULORU�PHGLL�GH�YkQ]DUH
001
0
11
01 CCsau1000pq
qc1000
pq
cq−′′⋅−⋅ ∑
∑∑∑
lei31,2300,81631,83910004500
3672100
4375
3672 +=−=⋅−⋅
6F GHUHD�� ID � GH� QLYHOXO� SUHY ]XW�� D� SUH XULORU�PHGLL� GH� YkQ]DUH� D FRQGXV�OD�R�FUHúWHUH�D�QLYHOXOXL�FKHOWXLHOLORU�OD������OHL�FLIU �GH�DIDFHUL��FHHD�FH�vQVHDPQ �vQ�XOWLP �LQVWDQ �VF GHUHD�SURILWXOXL��&D�DWDUH��DGRSWDUHD�XQRU�GHFL]LL� UHIHULWRDUH� OD� SROLWLFD� GH� SUH XUL� WUHEXLH� V � VH� ED]H]H� SH� DQDOL]D�tuturor cauzelor care� DX�GHWHUPLQDW�PLúFDUHD� �vQ�H[HPSOXO�GDW��D�SUH XULORU�de vânzare. ÌQ�JHQHUDO��VH�SRDWH�VSXQH�F �PRGLILFDUHD�SUH XULORU�GH�YkQ]DUH�HVWH�GHWHUPLQDW � GH� VFKLPEDUHD� UDSRUWXOXL� FHUHUH-RIHUW �� /D� QLYHOXO� ILHF UXL�SURGXF WRU�úL��UHVSHFWLY��RIHUWDQW�GH�SURGXVH��pot fi identificate unele cauze FXP� DU� IL�� FDOLWDWHD� SURGXVHORU�� �LQFOXVLY� SURGXVH� GLIHUHQ LDWH� SH� FDOLW L��PDUFD�GH�IDEULF ��SURGXF LH�VDX�FRPHU ���VFKLPEDUHD�GHVWLQD LHL�SURGXVXOXL��LQWHUYHQ LD� VWDWXOXL� vQ� FD]XO� XQRU� SURGXVH� GH� LPSRUWDQ � QD LRQDO � VDX�VWUDWHJLF ��DFRUGDUHD�GH�ERQLILFD LL�VDX�UHPL]H�HWF� Cunoscându-se cauzele care au condus lD� PRGLILFDUHD� SUH XULORU�(±∆3���VH�SRDWH�VWDELOL�HIHFWXO�DVXSUD�QLYHOXOXL�FKHOWXLHOLORU�OD������OHL�FLIU �GH�DIDFHUL��SH�ED]D�UHOD LHL�
1000pq
cq1000
)P(pq
cq
01
01
11
01 ⋅∑∑−⋅
∑ ∆±−∑
PrHVXSXQkQG�� vQ� H[HPSOXO� GDW� F �� vQWUHSULQGHUHD� IDEULF � SURGXVH�GLIHUHQ LDWH� SH� FDOLW L�� úL� F �� vQ� SHULRDGD� DQDOL]DW �� SHQWUX� VWLPXODUHD�vâQ] ULORU�� D� DFRUGDW� ERQLILFD LL� vQ� VXP � WRWDO � GH� –����PLO�� OHL�� LQIOXHQ D�FDOLW LL�DVXSUD�FKHOWXLHOLORU�OD������OHL�VH�GHWHUPLQ �DVWIHO�
lei09,181691,81481610001314375
3672 −=−=−⋅+
'HFL�� HIHFWXO� FDOLW LL� �vPEXQ W LUHD� DFHVWHLD�� FRQGXFH� OD� FUHúWHUHD�SUH XOXL�GH�YkQ]DUH�úL� LPSOLFLW� OD�VSRULUHD�HILFLHQ HL�FX������ OHL� OD������OHL�FLIU � GH� DIDFHUL�� vQ� WLPS� FH� DFRUGDUHD� ERQLILFD LLORU� V-a materializat într-o diminuare a acesteia cu 24,40 lei (23,31 + 1,09).
c) Costurilor pe produse
CCsau1000pq
cq1000
pq
cq1
11
01
11
11 ′′−⋅∑∑−⋅
∑∑
lei80,2831,83951,81010004375
36721000
4375
3546 −=−=⋅−⋅
5HGXFHUHD� FRVWXULORU� SH� SURGXVH� D� GHWHUPLQDW� VSRULUHD� HILFLHQ HL�FKHOWXLHOLORU�OD������OHL�FLIU �GH�DIDFHUL� DLQ�SXQFW�GH�YHGHUH�PHWRGRORJLF��SHQWUX�R�HGLILFDUH�FRPSOHW �DVXSUD�VLWXD LHL��HVWH�QHFHVDU �DQDOL]D�HOHPHQWHORU�GH�FKHOWXLHOL�úL�D�FDX]HORU�FDUH�DX�GHWHUPLQDW� PRGLILFDUHD� DFHVWRUD�� (VWH� FXQRVFXW� IDSWXO� F � SUH XO� WXWXURU�categoriilor de resurse este o compoQHQW � D� FKHOWXLHOLORU�� FDUH� VH� SRDWH�PRGLILFD� LQGHSHQGHQW� GH� DFWLYLWDWHD� XQLW LORU�� sau�� vQ� DFHVWH� FRQGL LL�� VH�LPSXQH� R� VHSDUDUH� D� DFHVWHL� LQIOXHQ H� GH� FRQWULEX LD� SURSULH� OD� UH]XOWDWXO�RE LQXW� Metodologic, aceasta presupune:
� determinarea soldului modiILF ULORU� GH� FKHOWXLHOL� LQGHSHQGHQWH�de activitatea întreprinderii (±∆FK���6 �SUHVXSXQHP�vQ�H[HPSOXO�dat +22 mil. lei;
� VWDELOLUHD�QLYHOXOXL�OD������OHL�FLIU �GH�DIDFHUL�
lei03,510004375
221000
pq
ch
11+=⋅+=⋅
∑∆±
� FRUHFWDUHD� LQIOXHQ HL� FRVWXULORU� SH� SURGXVH� FX� HIHFWXO�modifiF ULORU�GH�FKHOWXLHOL�LQGHSHQGHQWH�GH�XQLWDWH� -28,80 – (+5,03) = -33,83 lei
,QIRUPD LLOH� RE LQXWH� vQ� XUPD� DFHVWHL� PRGDOLW L� GH� DQDOL] � SRW� IL�YDORULILFDWH�vQ�VLWXD LL�PXOWLSOH�GLQ�FDUH�QX�VH�H[FOXG�VWXGLLOH�GH�IH]DELOLWDWH�úL�GH�HYDOXDUH��vQ�FDUH�SDUWHD�GH�GLDJQRVWLF�DUH�R�LPSRUWDQ �GHRVHELW � 'DW �ILLQG�SR]L LD�FKHOWXLHOLORU��WRWDOH�VDX�DIHUHQWH�FLIUHL�GH�DIDFHUL��vQ� VLVWHPXO� LQGLFDWRULORU� GH� DQDOL] � HFRQRPLFR-ILQDQFLDU �� VH� UHFRPDQG �FXDQWLILFDUHD� HIHFWHORU�PRGLILF ULL� QLYHOXOXL� OD� ����� OHL��$VWIHO�� principalii LQGLFDWRUL� VLQWHWLFL� vQ�FDUH�VH� UHJ VHúWH� LQIOXHQ D�PRGLILF ULL�FKHOWXLHOLORU�OD������OHL�FLIU �GH�DIDFHUL�VXQW� a) Suma profitului înainte de impozitare
( )1000
pqCC 11
01∑−−
1RW : Rezultatul poate fi detaliat pe factori potrivit metodologiei prezentate;
E��(ILFLHQ D�DFWLYHORU�GH�H[SORDWDUH��$H�
( )
1
1101
Ae
pqCC ∑−−
F��(ILFLHQ D�XWLOL] ULL�DFWLYHORU�IL[H��YDORDUHD�PHGLH�DQXDO �– Mf)
( )
1
1101
Mf
pqCC ∑−−
G��(ILFLHQ D�XWLOL] ULL�FDSLWDOXULORU��FDUH�pot fi proprii, totale, sociale
–K);
( )
1
1101
K
pqCC ∑−−
G��(ILFLHQ D�XWLOL] ULL�IRU HL�GH�PXQF ��SULQ�SURILWXO�PHGLX�SH�VDODULDW�
( )
1
1101
N1000
pqCC
∑−−
unde:
1N � �QXP UXO�PHGLX�GH�VDODULD L� (ILFLHQ D� FKHOWXLHOLORU� DIHUHQWH� FLIUHL� GH� DIDFHUL� HVWH� GH fapt o UHIOHFWDUH� D� UH]XOWDWHORU� FDUH� VH� RE LQ� vQ� VWDGLXO� SURGXF LHL�� ÌQ� FRQVHFLQ ��DQDOL]D� SRDWH� IL� GHSODVDW � vQ� DFHVW� VHJPHQW� DO� FLUFXOD LHL� FDSLWDOXOXL��folosindu-VH� LQGLFDWRUXO� ÄFKHOWXLHOL� OD� ����� OHL� SURGXF LH�PDUI � IDEULFDW ´��Aceasta presupune ca,� vQ� FRQWDELOLWDWHD� GH� JHVWLXQH�� V � VH� VWDELOHDVF �UH]XOWDWXO�SRWHQ LDO�DO�H[SORDW ULL��IRORVLQGX-VH�FRQWXUL�úL�UH]XOWDWH�DQDOLWLFH��DúD�GXS �FXP�VH�SUHFL]HD] �vQ�$UWLFROXO�����GLQ�5HJXODPHQWXO�GH�DSOLFDUH�D�/HJLL�&RQWDELOLW LL� ÌQ� DVHPHQHD� FRQGL LL�� PHWRGRORJLD� GH� DQDOL] � SUH]HQWDW � YL]HD] �SURGXF LD� IDEULFDW �vQ�FXUVXO�H[HUFL LXOXL��GDWHOH�QHFHVDUH�ILLQG�IXUQL]DWH�GH�FRQWDELOLWDWHD� GH� JHVWLXQH�� �JUXSD� �� GLQ� 3ODQXO� GH� FRQWXUL�� úL� EXJHWXO� GH�YHQLWXUL�úL�FKHOWXLHOL�
8WLOLWDWHD� SUDFWLF � D� XQHL� DVHPHQHD� DQDOL]H� VH� UHJ VHúWH� vQ� FDOFXOH��DEVROXW� QHFHVDUH�� GH� SUHYL]LRQDUH� D� FXDQWXPXOXL� GH� UHVXUVH� PDWHULDOH� úL�ILQDQFLDUH�FDUH�FRQGL LRQHD] �vQGHSOLQLUHD�RELHFWLYHORU�VWDELOLWH� $QDOL]D� FRPSDUDWLY � D� FKHOWXLHOLORU� OD� ����� OHL� FLIU � GH� DIDFHUL�� FX�cele aferente prodXF LHL� IDEULFDWH�� SXQH� vQ� HYLGHQ �PRGXO� GH� ILQDOL]DUH� D�P VXULORU� WHKQLFR-RUJDQL]DWRULFH� DGRSWDWH� vQ� VWDGLXO� SURGXF LHL� SHQWUX�reducerea costurilor. Pentru exemplificare se folosesc datele:
Tabelul 3.5 cheltuieli la 1000 lei
Nr. crt.
FLIU �GH�DIDFHUL SURGXF LH�
IDEULFDW 1 0RGLILFDUH�ID �GH�QLYHOXO�SUHY ]XW -10,30 -7,40 2 ,QIOXHQ D�VWUXFWXULL -4,81 +3,80 3 ,QIOXHQ D�SUH XOXL�PHGLX�GH�YkQ]DUH +23,31 +18,60 4 ,QIOXHQ D�FRVWXOXL -28,80 -29,80
ÌQ� VLWXD LD� GDW �� UH]XOWDWHOH� RE LQXWH� vQ� SURGXF LH� SH� linia reducerii QLYHOXOXL� FKHOWXLHOLORU� OD� ����� OHL�� VH� UHIOHFW � vQ� WRWDOLWDWH� vQ� FHOH� DIHUHQWH�FLIUHL�GH�DIDFHUL�� vQ�FDUH�VH� UHJ VHVF�úL�HIHFWHOH�PRGLILF ULORU� LQWHUYHQLWH� vQ�VWUXFWXUD� SURGXF LHL� VWRFDWH�� 'H� DOWIHO�� DúD� VH� SRDWH� H[SOLFD� úL� LQIOXHQ D�structurii de –�����OHL�OD�FLIUD�GH�DIDFHUL�úL�������OHL�OD�SURGXF LD�IDEULFDW ��SUHFXP�úL�D�FRVWXOXL� 5HGXFHUHD�SUH XOXL�PHGLX�GH�YkQ]DUH��GH�SULQFLSLX��VH�FRQVWLWXLH�vQWU-XQ�SXQFW� VODE�DO� DFWLYLW LL� ILUPHL��GDF � DFHDVWD� QX�D� IRVW� R� RS LXQH�SHQWUX�promovarea� YkQ] ULORU��(VWH� HYLGHQW� F �� vQ� DFWLYLWDWHD� SUDFWLF � R� DVHPHQHD�VLWXD LH�WUHEXLH�V �ILH�SUH]HQWDW �vQ�GHWDOLX� 3.4 Analiza cheltuielilor variabile
ÌQ� FDGUXO� FKHOWXLHOLORU�GH� H[SORDWDUH�SDUWHD�YDULDELO �� UHVSHFWLY�� FHD�FDUH�HVWH�GHSHQGHQW �GH�YROXPXO�GH�DFWLYLWDWH��HVWH�SUHGRPLQDQW ��7HRULD�úL�SUDFWLFD� HFRQRPLF � IRORVHVF� QR LXQLOH� GH� GHSHQGHQ � SURSRU LRQDO � úL�QHSURSRU LRQDO ��VDX�VWULFW�úL�UHVSHFWLY�QRQ�VWULFW�SURSRU LRQDO��ÌQ�SULPXO�FD]��VXPD� FRVWXULORU� YDULDELOH� VH� H[SULP � SULQ� UHOD LD�� D� Â� 4�� XQde a = suma costurilor variabile pe produs, ar Q = cantitatea, iar in cel de al doilea prin IXQF LD�I�4��
2S LXQHD�SHQWUX�IRORVLUHD�vQ�DQDOL] �úL��UHVSHFWLY��SUDFWLFD�HFRQRPLF �D�FKHOWXLHOLORU�YDULDELOH�SRDWH�IL�MXVWLILFDW �SULQ�
• elaborarea politicii vân] ULORU� vQ� IXQF LH� úL� GH� JUDGXO� GH�UHQWDELOLWDWH� úL� vQ� FRQVHFLQ � GH� FRQWULEX LD� OD� DFRSHULUHD�cheltuielilor comune;
• elaborarea bugetelor de costuri, necesare în buna gestionare a tuturor categoriilor de resurse;
• VWDELOLUHD�SROLWLFLL�GH�SURGXF LH��GLQ�SXQFW�GH�YHGHUH�FDQWLWDWLY�úL�al termenului de realizare;
• GHWHUPLQDUHD� SUDJXOXL� GH� UHQWDELOLWDWH�� SUREOHP � GHRVHELW� GH�LPSRUWDQW � vQ� GLPHQVLRQDUHD� XQRU� DFWLYLW L� úL� FDWHJRULL� GH�cheltuieli.
(YLGHQW��SRW�IL�IRUPXODWH�úL�XQHOH�UH]HUYH�vQ�DFHVW�VHQV��GHWHUPLQDWe de:
• LPSUHFL]LD�VWDELOLULL�YDULDELOLW LL�GLIHULWHORU�FDWHJRULL�GH�FKHOWXLHOL� • SRVLELOLWDWHD�GH�SUHYL]LRQDUH�SH�WHUPHQ�VFXUW�úL�OXQJ� • LPSDFWXO� VLVWHPXOXL� GH� VDODUL]DUH� DVXSUD� FHORU� GRX � JUXSH� GH�
cheltuieli (variabile sau fixe). Pentru activitatea practic �� DFHVWHD� VXQW� HOHPHQWH� FDUH� VH� LDX� vQ�FRQVLGHUDUH� vQ�DSUHFLHUHD�XQRU�UH]XOWDWH�RE LQXWH� vQWU-R�SHULRDG �H[SLUDW �úL�IRUPXODUHD�GHFL]LLORU�GH�FRUHF LH�SHQWUX�YLLWRU� $QDOL]D� FKHOWXLHOLORU� YDULDELOH� SRDWH� DYHD� vQ� YHGHUH� XUP WRDUHOH�probleme:
3.4.1 Anali]D� GLQDPLFLL� úL� VWUXFWXULL� FKHOWXLHOLORU� YDULDELOH� �OD������OHL�YHQLWXUL�úL�FD�VXP �WRWDO �
,QGLYLGXDOL]DW � FD� SUREOHP � VH� vQVFULH� vQ� PRGDOLWDWHD� JHQHUDO � GH�DERUGDUH�D�vQWUHJXOXL��UHVSHFWLY��D�WRWDOXOXL�FKHOWXLHOLORU��ÌQ�FRQVHFLQ ��VH�YD�XUP UL�úL�GLQDPLFD�FKHOWXLHOLORU�YDULDELOH�WRWDOH�úL�OD������OHL�YHQLWXUL��SH�ED]D�datelor dLQ�WDEHOXO�XUP WRU��WDEHOXO����).
Tabelul 3.6 (mil. lei)
3HULRDGD�FXUHQW Nr. crt.
Indicatori
Perioada SUHFHGHQW
Pn-1
3UHY ]XW P0
Realizat P1
%
0
1
P
P
1 Cheltuieli de exploatare variabile
1987 2386 2546 106,70
2 Cheltuieli variabile aferente cifrei de afaceri
1896 2324 2516 108,26
3 Cheltuieli variabile aferente cifrei de afaceri recalculate
1904 × 2495 ×
4 Venituri din exploatare 3680 4218 4630 109,77 5 Cifra de afaceri 3385 4007 4375 109,18 6 &LIUD�GH�DIDFHUL�UHFDOFXODW 3300 × 4500 ×
7 Cheltuieli variabile la 1000 lei venituri din exploatare (lei)
540 565,67 550 97,22
8 Cheltuieli variabile la 1000 lei FLIU �GH�DIDFHUL
560 580 575 99,14
8UP ULQG� HYROX LD� FKHOWXLHOLORU� YDULDELOH� OD� ����� OHi venituri din H[SORDWDUH�úL�UHVSHFWLY�FLIU �GH�DIDFHUL��ID �GH�UHDOL] ULOH�DQXOXL�SUHFHGHQW�úL�SUHYHGHUL�� DFHDVWD� HVWH� GLIHULW �� $VWIHO�� V-D� SUHY ]XW� R� FUHúWHUH� D� QLYHOXOXL�FKHOWXLHOLORU�YDULDELOH�OD������OHL��VLWXD LH�vQUHJLVWUDW �QXPDL�OD�FKHOWXLHOL�GH exploatare. Într-XQ�DVHPHQHD�FD]�� vQ�DFWLYLWDWHD�SUDFWLF �GH�DQDOL] �� WUHEXLH�V � VH�PRWLYH]H� úL� H[SOLFH� WRDWH� HOHPHQWHOH� DYXWH� vQ�YHGHUH��SUHFXP�úL�FHOH�FDUH�DX�DS UXW�SH�SDUFXUV� ÌQ�FHHD�FH�SULYHúWH�VWUXFWXUD�FKHOWXLHOLORU�YDULDELOH��FD�VXP �WRWDO �úL�lD������ OHL���DFHDVWD�SRDWH�YL]D�QDWXUD�FKHOWXLHOLORU� úL�VDX� ORFXO�GH�IRUPDUH�(centre de responsabilitate), iar în cadrul acestora pe produse. O asemenea DQDOL] � HVWH� QHFHVDU � vQ� VSHFLDO� SHQWUX� ORFDOL]DUHD�P VXULORU� GH� UHGXFHUH�D�costurilor. 3.4.2 Anali]D�IDFWRULDO �D�FKHOWXLHOLORU�YDULDELOH 'LDJQRVWLFXO�FKHOWXLHOLORU�YDULDELOH�SUH]LQW � LPSRUWDQ �GHRVHELW � vQ�DFWLYLWDWHD� GH� FRQGXFHUH� SHQWUX� DVLJXUDUHD� vQFDGU ULL� vQWU-un nivel de UHQWDELOLWDWH� FDUH� V � SHUPLW � SUDFWLFDUHD� XQRU� SUH XUL�PHQLWH� V � FRQGXF � la PHQ LQHUHD�úL�HYHQWXDO�FUHúWHUHD�FRWHL�GH�SLD � $QDOL]D�IDFWRULDO �SRDWH�DYHD�FD�RELHFW�QLYHOXO�FKHOWXLHOLORU�YDULDELOH�
la 1000 lei venituri din exploatare (Cve), nivelul cheltuielilor variabile la �����OHL�FLIU �GH�DIDFHUL��&Y���SUHFXP�úL�vQV úL�VXPD�DEVROXW �D�FKHOWXLHOLORU�YDULDELOH�DIHUHQWH�SURGXF LHL�IDEULFDWH��Σqcv). În primul caz, poate fi folosit modelul
,100
cvigiCve
∑=
unde: gi = structura veniturilor; cvi = cheltuielile la 1000 lei venituri pe categorii de venituri. Metodologia GH� VWDELOLUH� D� FHORU� GRX � LQIOXHQ H� HVWH� VLPLODU � FHOHL�prezentate în analiza cheltuielilor totale la 1000 lei venituri. În cel de-al doilea caz se are în vedere modelul:
,1000qp
qcvCv ⋅
∑∑=
în care: cv = costul variabil pe unitate de produs vândut. 0RGLILFDUHD�FKHOWXLHOLORU�YDULDELOH�OD������OHL�FLIU �GH�DIDFHUL��ID �GH�QLYHOXO�SUHY ]XW��vQ�H[HPSOXO�GDW�GH�–��OHL��VH�H[SOLF �SULQ�LQIOXHQ D�
-�VWUXFWXULL�SURGXF LHL�YkQGXWH
lei6,2558040,554580100045002495
Cv1000pq
cvq0
01
01 −=−=−⋅=−⋅∑∑
sau 00 CvvC −′ -�SUH XOXL�PHGLX�GH�YkQ]DUH��H[FOXVLY�7�9�$��
lei89,1540,55429,570
100045002495
100043752495
1000pq
cvq1000
pq
cvq
01
01
11
01
+=−=
=⋅−⋅=⋅−⋅∑∑
∑∑
sau C´´v0 - C´v0 - costul variabil pe unitate de produs
0111
011 CvCvsaulei71,429,5705751000
pq
cvqCv −+=−=⋅−
∑∑
1RW :� $VSHFWHOH� PHWRGRORJLFH� UHIHULWRDUH� OD� LQIOXHQ D� IDFWRULORU�LQGHSHQGHQ L�GH�DFWLYLWDWHD�XQLW LL�VXQW�YDODELOH�úL�DLFL��FX�PHQ LXQHD�F �VH�UHIHU �QXPDL�OD�FKHOWXLHOLOH�YDULDELOH� 5H]XOW � vQ� H[HPSOXO� GDW� F � UHGXFHUHD� FKHOWXLHOLORU� YDULDELOH� OD� �����OHL�FLIU �GH�DIDFHUL�V-a realizat exclusiv pe seama structurii proGXF LHL�
YkQGXWH�� FHHD� FH�� HYLGHQW�� DUH� R� VHPQLILFD LH� SR]LWLY �� GDW � ILLQG� RQRUDUHD�FHUHULL�SHQWUX�SURGXVHOH�UHVSHFWLYH��'DU�� vQ�SHUVSHFWLY �QX�WUHEXLH�QHJOLMDWH�SURGXVHOH� FX� FKHOWXLHOL� YDULDELOH� PDL� PDUL� SHQWUX� D� QX� SLHUGH� SLD D�� FL��GLPSRWULY �� WUHEXLH� DF LRQDW� SHQWUX� UHGXFHUHD� FRVWXULORU� SH� VHDPD�cheltuielilor variabile pe unitate de produs.
ÌQ�DFHVW�PRPHQW��VH�SRDWH�IDFH�DQDOL]D�FRPSDUDWLY �D�FKHOWXLHOLORU�OD������OHL�FLIU �GH�DIDFHUL�FX�FHOH�YDULDELOH��$VWIHO�
Tabelul 3.7
Nr.
crt. Indicatori
Cheltuieli la 1000 lei FLIU �GH�DIDFHUL
Cheltuieli variabile OD������OHL�FLIU �GH�
afaceri
1 0RGLILFDUHD�ID �GH�QLYHOXO�SUHY ]XW��OHL���GLQ�FDUH��GDWRULW �LQIOXHQ HL�
-10,17 -5,0 lei
2 6WUXFWXULL�SURGXF LHL�YkQGXWH -4,76 -25,6
3 3UH XOXL�PHGLX�GH�YkQ]DUH +23,31 +15,89
4 Costului pe produs, respectiv costului variabil
-28,72 +4,71
6WXGLXO� DFHVWRU� GDWH� FRPSOHWHD] � WDEORXO� UHIHULWRU� OD� VLWXD LD�cheltuielilor aferente cifrei de afaceri, putându-se formula atât punctele forte �UH]XOWDWH�SR]LWLYH���FkW�úL�FHOH�VODbe (rezultate negative). &D�SXQFWH�IRUWH�SRW�IL�PHQ LRQDWH�
� VSRULUHD�HILFLHQ HL�FKHOWXLHOLORU� OD������ OHL�FLIU �GH�DIDFHUL��DWkW�SH�VHDPD�FHORU�YDULDELOH��FkW�úL�IL[H�
� FUHúWHUHD� YkQ] ULORU� OD� SURGXVHOH� FX� UHQWDELOLWDWH� SRWHQ LDO �VXSHULRDU �
� UHGXFHUHD� ID � GH� QLYHOXO� SUHY ]XW� D� FRVWXULORU� SH� SURGXVH�� GDU�numai pe seama cheltuielilor fixe.
&D�SXQFWH�VODEH�VH�UHPDUF � � VF GHUHD�SUH XOXL�GH�YkQ]DUH��WUHEXLH�LGHQWLILFDWH�FDX]HOH�� � FUHúWHUHD�FKHOWXLHOLORU�YDULDELOH�SH�XQLWDWH�GH�SURGXV�
ÌQ� IXQF LH�GH�DFHVWH� HOHPHQWH� VH� VWDELOHúWH�FDGUXO�GH�DF LXQH�SHQWUX�SHULRDGD�XUP WRDUH� ÌQ� FHHD� FH� SULYHúWH� VXPD� DEVROXW � D� FKHOWXLHOLORU� YDULDELOH� DIHUHQWH�FLIUHL� GH� DIDFHUL� VDX� SURGXF LHL� IDEULFDWH�� SRDWH� IL� DQDOL]DW � SH� ED]D� PDL�PXOWRU�PRGHOH� IXQF LH�GH�FRQGL LLOH�FRQFUHWH�din unitate. Astfel, la nivelul
vQWUHJLL�SURGXF LL�IDEULFDWH�VH�SRDWH�IRORVL�PRGHOXO�
1000
1CvOfChv ⋅= ,
în care: Chv = VXPD�DEVROXW �D�FKHOWXLHOLORU�YDULDELOH�DIHUHQWH�SURGXF LHL�IDEULFDWH� Qf = SURGXF LD� PDUI � IDEULFDW � H[SULPDW � vQ� SUH � GH� YkQ]are (unitatea
WUHEXLH� V � IRORVHDVF � FRQWXUL� GH� YHQLWXUL� vQ� JUXSD� ��� VDX� V � VH�VWDELOHDVF �H[WUDFRQWDELO��
Cv = QLYHOXO� FKHOWXLHOLORU� YDULDELOH� OD� ����� OHL� SURGXF LH� IDEULFDW �(s-D�PHQ LQXW�VLPEROL]DUHD�SHQWUX�VLPSOLILFDUH��
0RGLILFDUHD� ID � GH� R� ED] � GH� UDSRUWDUH� �QRWDW � FX� ��� �∆chv), se H[SOLF �SULQ�LQIOXHQ D� 1) volumului de activitate
( )1000
CvQfQf 0
01 −
���QLYHOXOXL�FKHOWXLHOLORU�YDULDELOH�OD������OHL�SURGXF LH�IDEULFDW
( )011 CvCv
1000
Qf−
GLQ�FDUH��GDWRULW �PRGLILF ULL� a) structurii SURGXF LHL�PDUI �IDEULFDW
( )001 CvvC
1000
Qf−′
E��SUH XOXL�PHGLX�GH�YkQ]DUH�IRORVLW�vQ�HYDOXDUHD�SURGXF LHL
( )001 vCvC
1000
Qf ′−′′
c) cheltuielii variabile pe unitate de produs
( )011 vCCv
1000
Qf ′′−
8Q�DVHPHQHD�PRGHO�GH�DQDOL] �HVWH�XWLO�vQ�DFWLYLWDWHD�SUDFWLF �SHQWUX�HVWLPDUHD� FKHOWXLHOLORU� YDULDELOH�� RSHUD LXQH� QHFHVDU � vQ� GHWHUPLQDUHD�UH]XOWDWXOXL�EUXW�DO�H[SORDW ULL� ÌQ�FD]XO�SURGXF LHL�RPRJHQH��SHQWUX�WRDW �SURGXF LD�IDEULFDW �VDX�OD�nivelul unui centru de cheltuieli, se poate utiliza modelul Chv = Σqcv, unde: q = SURGXF LD�IDEULFDW cv = costul variabil pe produs
3RWULYLW�DFHVWXL�PRGHO��IDFWRULL�GLUHF L�GH�LQIOXHQ �VXQW��FDQWLWDWHD�GH�SURGXF LH��VWUXFWXUD�IL]LF �úL�FRVWXO�YDULDELO�SH�XQLWDWH�GH�SURGXV� Pentru exemplificare sunt necesarH�XUP WRDUHOH�GDWH��WDEHOXO����):
Tabelul 3.8 Cantitatea Cheltuieli variabile
Pe produs Total – mii lei Nr. crt.
Produs um ������� ��� Realizat ������� ����
Realizat ������� ���
Realizat 1 A t0 1000 1200 4000 4500 4000 5400 2 B t0 2000 1900 10000 9000 20000 17100 3 C t0 2500 2500 5000 5000 12500 12500
TOTAL t0 5500 5600 6636 6250 36500 35000
∆chv = 35000 – 36500 = -1500 mii lei, GLQ�FDUH��GDWRULW �LQIOXHQ HL�
D��SURGXF LHL�
( )∑ +=−×=−⋅ leimii6623650066365600cvqcvQ 0001
sau 00
1 1 ChvQ
Q×
−
E��VWUXFWXULL�SURGXF iei
( ) ( )leimii
cvQcvq
8623716236300
6636560052500101900412000111
−=−
=×−×+×+×=−∑
c) costurilor variabile pe produse ( ) ( ) leimii13003630035000cvqcvq 0111 −=−=∑ ∑− $FHDVW � PHWRGRORJLH�� GH� DQDOL] � HVWH� XWLO � DWkW� vQ� H[SOLFDUHD� XQHL�VLWXD LL� GDWH�� FkW� vQ� VSHFLDO�� vQ� RSHUD LXQHD� GH� EXJHWDUH� D� FKHOWXLHOLORU� SH�centre de responsabilitate.
������(VWLPDUHD�HYROX LHL�SUREDELOH�D�FKHOWXLHOLORU�YDULDELOH
ÌQ� SURFHVXO� GH� FRQGXFHUH� D� vQWUHSULQGHULL�� HVWLPDUHD� HYROX LHL�FKHOWXLHOLORU� YDULDELOH� WRWDOH� VDX�úL� OD� ����� OHL� FLIU � GH� DIDFHUL� SRDWH�interveni:
¾ vQ� FD]XO� SUHYL]LRQ ULL� DFWLYLW LL� SULQ� EXJHWXO� GH� YHQLWXUL� úL�FKHOWXLHOLOH�GH�OD�R�SHULRDG �OD�DOWD�
¾ în studiile de fezabilitate (întocmite în scopuri diferite) pentru GHWHUPLQDUHD�UH]XOWDWXOXL�H[SORDW ULL�
¾ vQ�RSHUD LXQL�GH�HYDOXDUH�HFRQRPLF �D�vQWUHSULQGHULL� ¾ vQ�VLWXD LLOH�GH�DQJDMDUH�SH�Sarcursul anului a unor comenzi ale
EHQHILFLDULORU��GDF �H[LVW �UH]HUY �GH�FDSDFLWDWH�GH�SURGXF LH� ¾ SHQWUX�DGRSWDUHD�XQRU�P VXUL�GH�vQFDGUDUH�vQ�FXUVXO�H[HUFL LXOXL�
vQ� QLYHOXULOH� SUHVWDELOLWH� VDX� LPSXVH� GH� DQXPLWH� FRQGL LL�obiective.
6LWXD LLOH� SUH]HQWDWH nu sunt limitative, ci explicative, activitatea vQWUHSULQGHULL�ILLQG�VXILFLHQW�GH�GLYHUVLILFDW � &D�PRGDOLW L�SUDFWLFH�GH�VROX LRQDUH�SRW�IL�PHQ LRQDWH�
¾ HVWLPDUHD� SH� ED]D� QLYHOXOXL� OD� ���� VDX� ����� OHL� FLIU � GH�afaceri, având în vedere caracterul lor conVWDQW��GDF �VH�HOLPLQ �factorul dimensional (este procedeul cel mai frecvent utilizat). Deci
( )1000
1CvACvCh 0⋅′=′
1RW : Chv´ = cheltuielile variabile previzionate; CA´ = cifra de DIDFHUL�SUHYL]LRQDW � VDX�4I�� �SURGXF LD�PDUI ��&Y0 = nivelul cheltuielilor YDULDELOH�OD������OHL�FLIU �GH�DIDFHUL�UHDOL]DW � Exemplu��6H�HVWLPHD] �F ��vQ�SHULRDGD�XUP WRDUH��FLIUD�GH�DIDFHUL�YD�FUHúWH�FX����� CA´ = 4375 mil. × 1,10 = 4812,5 mil. lei Chv´ = 4812,5 × 0,55 = 2646,9 mil. lei ÌQ�FD]�GH�LQIOD LH��OXDW �vQ�FDOFXOXO�FLIUHL�GH�DIDFHUL���VH�DGPLWH�F �úL�FKHOWXLHOLOH�VH�PRGLILF �vQ�DFHHDúL�SURSRU LH��'DF �LQIOD LD�DIHFWHD] �QLYHOXO�GH� UHQWDELOLWDWH�� DWXQFL� VXPD� FKHOWXLHOLORU� YDULDELOH� WUHEXLH� FRUHFWDW � FX�UDSRUWXO� GLQWUH� LQGLFHOH� PHGLX� DO� SUH XULORU� GH� FXPS UDUH� �,c�� úL� FHO� DO�
SUH XULORU�GH�YkQ]DUH��,p���'DF � ,02,1I
I
p
c = suma cheltuielilor variabile va fi
circa: 2700 mil. lei (2646 × 1,02). 6XPD�DVWIHO�VWDELOLW �HVWH�DIHUHQW �FLIUHL�GH�DIDFHUL��FDUH�HVWH�GLIHULW �
GH� SURGXF LD� IDEULFDW �� ÌQ� FRQVHFLQ �� VH� face corectarea cu raportul .CA
Qf
'DF � DFHVW� UDSRUW� HVWH� GH� ������ DWXQFL�� FKHOWXLHOLOH� YDULDELOH� DIHUHQWH�SURGXF LHL�IDEULFDWH�YRU�IL�GH������PLO��OHL�������× 0,95). 'DU� VSRULUHD� SURGXF LHL� QX� VH� YD� UHDOL]D� SURSRU LRQDO� OD� WRDWH�produselH�� FHHD� FH� FRQGXFH� OD� PRGLILF UL� vQ� VWUXFWXUD� DFHVWHLD�� IDSW�
FH� LQIOXHQ HD] � FKHOWXLHOLOH� YDULDELOH�� ÌQ� FRQVHFLQ �� HVWH� QHFHVDU �UHFDOFXODUHD� FKHOWXLHOLORU� YDULDELOH� OD� ����� OHL� SURGXF LH�� vQ� IXQF LH� GH�VWUXFWXUD�SUHYL]LRQDW ��J���úL�FKHOWXLHOLOH�OD����� lei pe produse realizate în SHULRDGD�SUHFHGHQW ��&L0).
( )100
1CigvC 0∑ ⋅′=′
Tabelul 3.9 6WUXFWXUD�SURGXF LHL
Produs g0 g´
Cheltuieli la 1000 lei
pe produse (Ci0)
Cheltuieli recalculate
Nr. crt.
0 1 2 3 ( )100
1324 ×=
1 A 20 22 510 112,2 2 B 25 1 500 75,0 3 C 15 15 600 90,0 4 D 40 48 545 261,6
TOTAL 100 100 550 538,8 ÌQWUXFkW�VWUXFWXUD�SURGXF LHL�V-a modificat în favoarea produselor cu FKHOWXLHOLOH�PDL�PLFL��úL�VXPD�WRWDO �YD�IL�VXE�QLYHOXO�FHOHL�VWDELOLWH�DQWHULRU��ceea ce va�PLFúRUD�HIRUWXO�XQLW LL� (VWLPDUHD�FX�DMXWRUXO�IXQF LHL� OLQHDUH�\� �D���E[�� vQ�FDUH�\� �VXPD�DEVROXW � D� FKHOWXLHOLORU� YDULDELOH�� LDU� [� � FLIUD� GH� DIDFHUL�� 3HQWUX�exemplificare sunt necesare datele din�WDEHOXO�XUP WRU���WDEHOXO�����):
Tabelul 3.10
Perioada Cheltuieli
variabile (y) mil. lei
Cifra de afaceri (x)
mil. lei
xy
x2
y = a + bx
1 931,7 1552,8 1446744 2411188 889,8 2 1200,2 2034,2 2441040 4137970 1165,6 3 1484,2 2603,8 3864560 6779774 1492,0 4 1895,6 3385 6416606 11458225 1940,0 5 2515,6 4375 11005750 19140625 2506,9 n 8027,3 13950,8 25174700 43927782 X
∑ ∑+= xbnax
∑ ∑+= 2xbaxxy
de unde:
( )00638,0
29,219444
101,1401
29,219444
205,351207306,352608
62,194782,439275
1747,259508,13782,43927027,8
xxn
xyxxya
22
2
==−=
=−×
×−×=∑ ∑−
∑ ∑ ∑ ∑−⋅=
( )
53,029,219444
0273,89508,137,251745
xxn
yxxynb
22=×−×=
∑ ∑−∑ ∑ ∑−=
'DF �FLIUD�GH�DIDFHUL�VH�HVWLPHD] �OD������PLO��OHL��VXPD�FKHOWXLHOLORU�variabile va fi: 0,00638 + 5000 ×������� ������PLO�� OHL��FHHD�FH�UHSUH]LQW ��������OHL�OD������OHL�FLIU �GH�DIDFHUL� (VWLPDUHD� SH� ED] � GH� FDOFXOH� DQDOLWLFH� SH� FDWHJRULL� GH� FKHOWXLHOL� úL�UHVSHFWLY� SURGXVH�� vQ� IXQF LH� GH� HOHPHQWHOH� QHFHVDUH� úL� FDUH� WUHEXLH� V � ILH�cunoscute.
������$QDOL]D�UHIOHFW ULL�QLYHOXOXL�FKHOWXLHOLORU�YDULDELOH�OD������OHL�
asupra principalilor indicatori economico-financiari ÌQ�SUDFWLFD�HFRQRPLF ��HVWH�QHFHVDU�V �ILH�DQDOL]DWH�HIHFWHOH�SURGXVH�VDX� HVWLPDWH� DOH� PRGLILF ULL� QLYHOXOXL� FKHOWXLHOLORU� YDULDELOH� OD� ����� OHL�YHQLWXUL��UHVSHFWLY��FLIU �GH�DIDFHUL� 3ULQFLSDOLL�LQGLFDWRUL�vQ�FDUH�VH�UHIOHFW �HIHFWHOH�PHQ LRQDWH�VXQW� �5H]XOWDWXO�H[SORDW ULL
( )1000
VeCvCv 1
01 −−
�5DWD�UH]XOWDWXOXL�H[SORDW ULL ( )01 CvCv −−
�(ILFLHQ D�DFWLYHORU�GH�H[SORDWDUH��$H�
( )
1
101
Ae
VeCvCv −−
�(ILFLHQ D�PLMORDFHORU�IL[H
( )
1
101
Mf
VeCvCv −−
�(ILFLHQ D�FDSLWDOXOXL
( )
1
101 1000
K
VeCvCv −
−
Profitul brut pe salariat
( )
1
101
N1000
VeCvCv −
−
3.5 Analiza cheltuielilor fixe &KHOWXLHOLOH�IL[H�VDX�FRQVWDQWH��SULQ�GHILQL LH��FRQVWLWXLH�R�SUHPLV �úL�R� FRQVHFLQ � D� GHVI úXU ULL� XQHL� DQXPLWH� DFWLYLW L�� $FHDVWD� vQVHDPQ � F �unele cheltuieli nu sunt în�GHSHQGHQ �SURSRU LRQDO �VDX�QHSURSRU LRQDO �FX�SURGXF LD� �VDX� YkQ] ULOH�� FL�� vQ� DQXPLWH� OLPLWH�� HOH� U PkQ� IL[H� VDX�independente. Un exemplu îl constituie cheltuielile cu amortizarea care, la XQ�QLYHO�GDW�GH�GRWDUH�WHKQLF ��QX�VH�PRGLILF ��GHúL�SULQ�PDL�Euna folosire a XWLODMHORU� VH� SRDWH� RE LQH� R� SURGXF LH� VXSOLPHQWDU ��'DU� RGDW � FX� VSRULUHD�FDSDFLW LL� GH� SURGXF LH� úL� UHVSHFWLY� FRPHUFLDOL]DUH�� VH� PRGLILF � DWkW�SURGXF LD�FkW�úL�FKHOWXLHOLOH�FX�DPRUWL]DUHD��6XQW�DOWH�FDWHJRULL�GH�FKHOWXLHOL�indispensabile DFWLYLW LL� vQWUHSULQGHULL� DO� F URU� YROXP� HVWH� LQGHSHQGHQW� GH�FHO� DO� SURGXF LHL� FXP� DU� IL� FKHOWXLHOLOH� JHQHUDOH� GH� DGPLQLVWUD LH� úL�conducere. 5DSRUWXO� GLQWUH� FKHOWXLHOLOH� IL[H� úL� YDULDELOH� FDUDFWHUL]HD] � vQ�activitatea SUDFWLF �DúD-QXPLWD�VWUXFWXU �GH�H[SORDWDUH�úL�VHUYHúWH�OD�DQDOL]D�ULVFXOXL�RSHUD LRQDO�FD�R�FRPSRQHQW �D�ULVFXOXL�JOREDO�DO�ILUPHL��)LUPHOH�FDUH�DX� FKHOWXLHOL�PDUL� GH� UHJLH�� SHQWUX� D� IXQF LRQD�� WUHEXLH� V � SUDFWLFH� SUH XUL�PDUL� �GDF � SLD D� úL� FRQFXUHQ D� SHUPLW� DFHVW� OXFUX�� VDX�úL� V � UHDOL]Hze un YROXP�PDL�PDUH�GH�SURGXF LH� Analiza cheltuielilor fixe nu constituie un scop în sine ci este VXERUGRQDW � XQXL� RELHFWLY�� UHVSHFWLY�� VSRULUHD� HILFLHQ HL� DFHVWRUD�� ÌQ�FRQVHFLQ ��SUREOHPDWLFD�WUHEXLH�V �ILH�DVWIHO�VWUXFWXUDW �vQFkW�V �RIHUH�VROX LL�meWRGRORJLFH� QHFHVDUH� DVLJXU ULL� ED]HL� GH� LQIRUPDUH� FRPSOHWH� DVXSUD�VLWXD LHL� H[LVWHQWH� vQ� DFHVW� GRPHQLX� SHQWUX� D� SXWHD� DGRSWD� GHFL]LLOH�FRUHVSXQ] WRDUH�
Principalele probleme ale analizei cheltuielilor fixe sunt: ������$QDOL]D�GLQDPLFLL�úL�VWUXFWXULL�Fheltuielilor fixe 6WXGLHUHD�GLQDPLFLL�FKHOWXLHOLORU�IL[H�HVWH�QHFHVDU �SHQWUX�D�FXQRDúWH�HYROX LD�vQ�UDSRUW�FX�FLIUD�GH�DIDFHUL�VDX�FX�SURGXF LD�IDEULFDW ��ÌQ�IXQF LH�GH�VLWXD LD�GDW �ID �GH�HYROX LD�QRUPDO �úL�UHDOLW LOH�GLQ�DOWH�XQLW L�VLPLODUH��vQ�P VXUD� vQ� FDUH� DFHVWHD� SRW� IL� FXQRVFXWH��� VH� DGRSW � P VXULOH�FRUHVSXQ] WRDUH� 3HQWUX� R� VRFLHWDWH� FRPHUFLDO � V-DX� H[WUDV� XUP toarele date: (din tabelul 3.11)
Tabelul 3.11 Cheltuieli fixe
(mil. lei) &LIU �GH�DIDFHUL
(mil. lei)
Perioada
mil. lei % mil. lei %
Ponderea cheltuielilor fixe
în totalul cheltuielilor (%)
1 590 100,0 1553 100 32,0 2 796 134,9 2034 131,0 35,3% 3 876 110,0 2604 128,0 34,5 4 878 100,2 3385 130,0 25,4 5 1140 129,8 4375 129,0 32,2
'LQ� DQDOL]D� GDWHORU� UH]XOW � FRPSRUWDPHQWXO� FDracteristic al FKHOWXLHOLORU� IL[H� vQ� UDSRUW� GH� FLIUD� GH� DIDFHUL�� UHVSHFWLY�� H[LVWHQ D� XQRU�VDOWXUL�DWXQFL�FkQG�LQWHUYLQ�PRGLILF UL�LPSRUWDQWH�vQ�YROXPXO�GH�DFWLYLWDWH�D�firmei. ÌQ�FHHD�FH�SULYHúWH�VWUXFWXUD�GH�H[SORDWDUH�VDX�RSHUD LRQDO ��DFHDVWD�nu preziQW � YDULD LL� vQVHPQDWH�� HD� vQVFULLQGX-se în limitele caracteristice GRPHQLXOXL� vQ� FDUH� DFWLYHD] � ILUPD� �HVWH� R� DILUPD LH� SH� ED]D� XQRU� GDWH�SUHVXSXVH� D� IL� FXQRVFXWH��� 'DF � VLWXD LD� GLQ� XQLWDWH� SUH]LQW � DEDWHUL�VHPQLILFDWLYH� ID D� GH� DOWH� vQWUHSULQGHUL� VLPLODUH�� HVWH� QHFHVDU� V � VH�VWDELOHDVF �HIHFWHOH�SH�FDUH�OH�JHQHUHD] �úL�P VXULOH�FDUH�VH�LPSXQ� (WDSD� XUP WRDUH� vQ� DQDOL]D� FKHOWXLHOLORU� IL[H� R� FRQVWLWXLH� DQDOL]D�structurii acestora, pe categorii de cheltuieli (natura lor), respectiv DPRUWL] UL�� VDODULL�� PDWeriale etc., centre de responsabilitate (localizare în VSD LX�� VDX� IXQF LXQL� �SURGXF LH�� FRPHUFLDOL]DUH�� DGPLQLVWUD LH��� )LHFDUH�FULWHULX� GH� JUXSDUH� DUH� R� DQXPLW � VHPQLILFD LH� vQ� VSRULUHD� HILFLHQ HL�cheltuielilor fixe.
������ $QDOL]D� IDFWRULDO � D� FKHOWXLHOLORU� IL[H� OD� ����� OHL� FLIU � de afaceri
'DW�ILLQG�FDUDFWHUXO�UHODWLY�FRQVWDQW�DO�DFHVWRU�FKHOWXLHOL��HILFLHQ D�ORU�SRDWH�IL�DQDOL]DW �SULQ�QLYHOXO�ORU�OD������OHL�FLIU �GH�DIDFHUL��&I���IRORVLQG�modelul:
1000CA
FCf ⋅=
în care: F = suma absolXW �D�FKHOWXLHOLORU�IL[H CA = FLIUD�GH�DIDFHUL��VLPEROL]DW �úL�SULQ�Σqp). ([HPSOLILFDUHD�PHWRGRORJLHL�GH�DQDOL] �QHFHVLW �XUP WRDUHOH�GDWH�
Tabelul 3.12 (mil. lei)
Nr. crt.
Indicatori 3UHY ]XW Realizat
1 Suma cheltuielilor fixe 965 1140 2 Cifra de afaceri 4007 4375 3 &LIUD�GH�DIDFHUL�UHFDOFXODW X 4500 4 &KHOWXLHOL�IL[H�OD������OHL�FLIU �GH�DIDFHUL�– lei - 240,83 260,5
)D � GH� SUHYHGHUL� VH� vQUHJLVWUHD] � R� PDMRUDUH� D� FKHOWXLHOLORU� IL[H��QLYHOXO� ORU� OD� ����� OHL� FLIU � GH� DIDFHUL� FUHVFkQG� FX� ������ Oei (260,57 – 240,83). 8Q� DVHPHQHD� UH]XOWDW� DIHFWHD] � UHQWDELOLWDWHD� JHQHUDO � D� ILUPHL�� FX�WRDWH�FRQVHFLQ HOH�FDUH�GHFXUJ� $QDOL]D�IDFWRULDO �SHUPLWH�HYLGHQ LHUHD�SULQFLSDOHORU�GLUHF LL� vQ�FDUH�WUHEXLH� V � VH� DF LRQH]H�� ÌQ� FRQVHFLQ �� PRGLILFDUHD� QLYHOXOXL cheltuielilor IL[H�OD������OHL�FLIU �GH�DIDFHUL��∆&I���VH�H[SOLF �SULQ�LQIOXHQ D� 1. Cifrei de afaceri
=−=− 10004007
9651000
4375
9651000
CA
F1000
CA
F
0
0
1
0
= 220,57–240,83 = – 20,26 lei GLQ�FDUH��GDWRULW �
D��SURGXF LHL�YkQGXWH
=−=−∑
10004007965
10004500965
1000CAF
1000pq
F
0
0
01
0
= 214,44 – 240,83 = – 26,39 lei E��SUH XULORU�PHGLL�GH�YkQ]DUH
=−=−∑
10001500965
10004375965
1000pq
F1000
CAF
01
0
1
0
= 220,57 – 214,44 = + 6,13 lei 2. Sumei cheltuielilor fixe
lei4057,22057,2601000CA
F1000
CA
F
1
0
1
1 +=−=−
ÌQ�FD]XO�ILUPHL�DQDOL]DWH��FUHúWHUHD�FKHOWXLHOLORU�IL[H�OD������OHL�ID �GH� SUHYHGHUL� HVWH� GHWHUPLQDW � GH� FXDQWXPXO� ORU� FDUH� D� DYXW� R� HYROX LH�VXSHULRDU �FLIUHL�GH�DIDFHUL��OD�FDUH�DX�FRQWULEXLW�úL�SUH XULOH�GH�YkQ]DUH� Din punct de vedere metodologic, trebuie identificate cauzele care au determinat amplificarea sumei cheltuielilor fixe, de principiu, cu titlu de H[HPSOX�DFHVWHD�YL]HD] �
• VFKLPE UL�vQ�VLVWHPXO�GH�DPRUWL]DUH�D�DFWLYHORU�IL[H� • VFKLPE UL�vQ�VLVWHPXO�GH�VDODUL]DUH��SUHFXP�úL�FUHúWHUHD�VDODULLORU��
GHWHUPLQDW �GH�UDWD�LQIOD LHL� • FUHúWHUHD� FRQVXPXOXL� úL� SUH XULORU� HOHPHQWHORU� PDWHULDOH� FDUH�
JHQHUHD] �FKeltuielile fixe, în raport de factorii specifici care le GHWHUPLQ �
3.5.3 Estimarea nivelului probabil al cheltuielilor fixe $FWLYLWDWHD� FXUHQW � GH� JHVWLXQH� D� SDWULPRQLXOXL� XQHL� vQWUHSULQGHUL�LPSOLF �úL�SUREOHPD�SUHYL]LRQ ULL�WHQGLQ HL�GH�HYROX LH�D�Fheltuielilor fixe ca VXP � WRWDO � úL� QLYHO� OD� ���� VDX� ����� OHL� �YHQLWXUL� GLQ� H[SORDWDUH�� FLIU � GH�DIDFHUL�HWF����0RPHQWHOH�vQ�FDUH�WUHEXLH�V �VH�UHDOL]H]H�DVHPHQHD�RSHUD LXQL�VXQW�QXPHURDVH�úL�LPSRUWDQWH�vQ�DFHODúL�WLPS�SHQWUX�YLDELOLWDWHD�XQLW LL� Pe terPHQ� VFXUW�� GH� H[HPSOX� GH� OD� XQ� DQ� OD� DOWXO�� VXPD� WRWDO � D�FKHOWXLHOLORU� IL[H� �)�� VH� FRQVLGHU � FRQVWDQW �� GDF � QX� LQWHUYLQ� PRGLILF UL�LPSRUWDQWH�vQ�DFWLYLWDWHD�XQLW LL� Deci, nivelul probabil (F´)=F0, respectiv cel realizat în perioada FXUHQW �� 6XPD� VH� FRUHFWHD] � FX� HIHFWHOH� JHQHUDWH� GH� GHFL]LLOH� DGRSWDWH�SHQWUX�SHULRDGD�XUP WRDUH�
De exemplu: • VH� SUHFRQL]HD] � DFKL]L LRQDUHD� XQRU� QRL� PDúLQL� úL� XWLODMH�� ILH�
SHQWUX�vQORFXLUHD�FHORU�YHFKL��ILH�SHQWUX�H[WLQGHUHD�FDSDFLW LL�GH�SURGXF LH��HIHFWXO�VH�UHIOHFW �vQ�FKHOWXLHOLOH�FX�DPRUWL]DUHD�úL�DOWH�FKHOWXLHOL�GH�vQWUH LQHUH�úL�UHSDUD LH�
• VH�PDMRUHD] �VDODULLOH�SHUVRQDOXOXL�DGPLQLVWUDWLY�úL�GH�FRQGXFHUH��VDX�D�XQHL�S U L�SHQWUX�VWLPXODUHD�XQRU�GRPHQLL��
• VH� UHRUJDQL]HD] � DQXPLWH� DFWLYLW L� �GH� SUH]HQWDUH�� UHFODP ��îQWUH LQHUH�úL�UHSDUD LL�HWF���
ÌQ�ILHFDUH�FD]�VH�LPSXQH�HVWLPDUHD�HIRUWXULORU�úL�D�HIHFWHORU�SHQWUX�D�YHGHD�FRQVHFLQ HOH�GHFL]LLORU�DGRSWDWH� &D� QLYHO� OD� ����� OHL� FLIU � GH� DIDFHUL� VDX� YHQLWXUL� �GLQ� H[SORDWDUH��respectiv totale), cheltuielile pot fi estimDWH�SH�ED]D�UHOD LHL�
,I
1CffC
q0 ⋅=′
unde: Iq = indicele cifrei de afaceri sau a veniturilor Exemplu:
3HULRDGD�FXUHQW 1. Cifra de afaceri – mil. lei 4375 2. Cheltuieli fixe – mil. lei 1140 3. Cheltuieli fixe la 1000 lei 260,57
'DF � SHQWUX� SHULRDGD� XUP WRDUH� VH� SUHYHGH� R� FLIU � GH� DIDFHUL� GH������PLO��OHL�GHFL�R�FUHúWHUH�GH��������
lei01,2281428,1
157,260fC =×=′
2� DOW � PRGDOLWDWH� GH� HVWLPDUH� D� QLYHOXOXL� SUREDELO� GH� FKHOWXLHOL� OD������OHL�FLIU �GH�DIDFHUL�HVWH�DFHHD�FDUH�VH�ED]HD] �SH�FRUHOD LD�GLQWUH�FLIUD�GH� DIDFHUL� FD� YDULDELO � LQGHSHQGHQW � �[�� úL� QLYHOXO� FKHOWXLHOLORU� IL[H� OD� �����OHL�FD�YDULDELO �GHSHQGHQW ��\���IRORVLQG
�IXQF LD�x
bay += .
Pentru exemplificare se folosesc datele din� WDEHOXO� XUP WRU� (tabelul 3.13):
Tabelul 3.13
Perioada y lei
cifra de afaceri
miliarde lei
x2
x
1 2x
1
x
y
x
bay +=
1 379,89 1,6 2,56 0,625 0,391 237,43 407,74 2 382,11 2,0 4,00 0,500 0,250 191,06 364,77 3 380,57 2,6 6,76 0,385 0,148 146,37 286,63 4 259,27 3,4 11,56 0,294 0,086 76,26 293,98 5 260,59 4,4 19,36 0,227 0,052 59,23 270,99 n 1662,43 14,0 44,24 2,031 0,927 710,35 x
(FXD LD�SUHVXSXQH�VLVWHPXO�
∑ ∑+=x
1bnay
∑ ∑ ∑
+=
2x
1b
x
1a
x
y
de unde:
85,19251,0
352,98
125,4635,4
721,1442073,1541
032,2927,05
35,710031,2927,043,1662
x
1
x
1n
x
y
x
1
x
1y
a22
2
2
==−−=
=−×
×−×=
∑
∑−
∑ ∑ ∑ ∑×−×=
83,34351,0
395,337675,3551
51,0
031,243,166235,7105
x
1
x
1n
x
1y
x
yn
b2
2
=−=
=×−×=
∑
∑−
∑ ∑ ∑×−=
'DF �[� ������PLO��OHL�� lei62,2615
83,34385,192y =+=
����(VWLPDUHD�VLQWHWLF �D�FKHOWXLHOLORU�OD������OHL�FLIU �GH�DIDFeri 6WDELOLUHD� QLYHOXOXL� SUREDELO� DO� FKHOWXLHOLORU� OD� ����� OHL� FLIU � GH�DIDFHUL� �VDX�SURGXF LH� IDEULFDW �� FRQVWLWXLH� XQ� LPSHUDWLY� DO� FRQGXFHULL� SULQ�FRVWXUL��vQ�YHGHUHD�SUHYHQLULL�ULVFXOXL�GH�H[SORDWDUH�VDX�RSHUD LRQDO� Pe baza calculelor analitice pentUX�FHOH�GRX �FDWHJRULL�GH�FKHOWXLHOL�– YDULDELOH� úL� IL[H� –� VH� � GHWHUPLQ � QLYHOXO� FKHOWXLHOLORU� OD� ����� OHL� FLIU � GH�afaceri, respectiv, C = Cv´ + Cf´.
Raportul 100C
C
0
′ 1-�UHSUH]LQW �LQGLFHOH�QLYHOXOXL�FKHOWXLHOLORU�OD������
OHL�FLIU �GH�DIDFeri (Ic���FDUH�SRDWH�IL�GHWHUPLQDW�SH�ED]D�UHOD LHL�
11I
1gI
ACc +
−=
g = ponderea cheltuielilor fixe în totalul cheltuielilor Exemplu:
1. &LIUD�GH�DIDFHUL�GLQ�SHULRDGD�FXUHQW 4375 mil. lei 2. Suma cheltuielilor variabile 2516 3. Suma cheltuielilor fixe 1140 4. Total cheltuieli 3656 5. Nivelul cheltuielilor la 1000 lei 835,59 6. Ponderea cheltuielilor fixe în totalul
cheltuielilor 31,19%
7. &LIUD�GH�DIDFHUL�SURSXV 5000 mil. lei 8. Indicele cifrei de afaceri 114,29%
%10,96sau961,011429,1
13119,0Ic =
−=
C´ = 835,59 × 0,961 = 803,0 lei 'HFL��vQ�FRQGL LLOH�VSRULULL�FLIUHL�GH�DIDFHUL��GDU�D�PHQ LQHULL�VWUXFWXULL�GH�H[SORDWDUH�� VH� HVWLPHD] �DFHVW� QLYHO� DO� FKHOWXLHOLORU� OD������ OHL� FLIU �GH�DIDFHUL�FDUH��GDF �VH�UHDOL]HD] ��YD�FRQGXFH�OD�RE LQHUHD�HIHFWHlor pe care le JHQHUHD] � ÌQ�DFWLYLWDWHD�SUDFWLF ��vQ�FD]XO�VWDELOLULL�XQXL�RELHFWLY��UHVSHFWLY��XQ�QLYHO�GDW�DO�FKHOWXLHOLORU�OD������OHL�FLIU �GH�DIDFHUL��GDF �H[LVW �FDSDFLWDWHD�
1 �������� ����� ������ ���� ��� ����! ��!�� � �"���� � �#��$��%��� & �#��� � C0 ���� ����� ���� ����� � ���! ' �"����� � �#��$��)(���� ���#
GH�SURGXF LH� úL�FHUHUH�VROYDELO �� SRDWH� IL�SXV �SUREOHPD�HVWLP ULL� FLIUHL�de DIDFHUL�FDUH�V �DVLJXUH�UHDOL]DUHD�DFHVWXLD��3HQWUX�DFHDVWD�VH�IRORVHúWH�UHOD LD�
CAC
CA I,1gI
gI
−+= se deduce din formula ;11
I
1gI
CAC +
−=
( ) .1gI
gI;1gI
I
g;11gI
I
g
CCAC
CAC
CA −+=−=−−+−=+−
3H�ED]D�GDWHORU�GLQ�H[HPSOXO�SUHFHGHQW��VH�SUHVXSXQH�F �VH�VWDELOHúWH�ca obiectiv, C´ = 800 lei, deci
95741,059,835
800IC ==
%81,115sau1581,113119,095741,0
3119,0ICA =
−+=
FHHD�FH�vQVHDPQ �F �FLIUD�GH�DIDFHUL�SHQWUX�SHULRDGD�XUP WRDUH�WUHEXLH�V �ILH�de 5067 mil. lei (4375 × 1,1581). 2� DOW � VLWXD LH� SRDWH� IL� DFHHD� vQ� FDUH� HVWH� QHFHVDU � DGRSWDUHD� XQRr P VXUL�GH�FRUHF LH� într-R�DQXPLW �SHULRDG ��SHQWUX� vQFDGUDUHD� vQWU-un nivel dat al cheltuielilor la 1000 lei, la finele perioadei. Exemplu: 3HQWUX�DQXO�vQ�FXUV��SULQ�EXJHWXO�GH�YHQLWXUL�úL�FKHOWXLHOL�V-a stabilit un nivel al cheltuielilor la 1000 lei de 800 lei cifra de afaceri de 5000 mil. lei. La finele semestrului I, cifra de afaceri este de 2000 mil. lei cu cheltuieli GH�����OHL�OD������OHL�FLIU �GH�DIDFHUL��&DUH�WUHEXLH�V �ILH�QLYHOXO�PD[LP�DO�cheltuielilor la 1000 lei în semestrul II ? În acest scop, se are în vedere UHOD LD�
,100
CtgtC
∑ ⋅=
în care: JW� �VWUXFWXUD�YkQ] ULORU�SH�VXEGLYL]LXQL�GH�WLPS��vQ�FD]XO dat pe�FHOH�GRX �
semestre), iar &W� �QLYHOXO�FKHOWXLHOLORU�OD������OHL�DIHUHQWH�SHULRDGHL��FHHD�FH�vQVHDPQ �F �C = gI · CI + gII · CII, de unde:
( )
lei67,7866,0
4,0820800
g
CgCC
II
IIII =×−=−=
1RW :
0416,0;50002000
4,0 −==
$FHDVWD� vQVHDPQ � F � vQ� VHPHVWUXO� ,,�� DFWLYLWDWHD� WUHEXLH� LQXW � VXE�FRQWURO� SHQWUX� UHDOL]DUHD�P VXULORU� DGRSWDWH� vQ� YHGHUHD� vQFDGU ULL� vQ� DFHVW�obiectiv. 3H�DFHDVW �ED] �SRW�IL�FRQVWUXLWH�VFHQDULL�vQ�GRX �LSRWH]H�GH�ED] � Prima��FLIUD�GH�DIDFHUL�DQXDO �GH������PLO��OHL�QX�SRDWH�IL�GHS úLW ��GDWRULW �OLSVHL�GH�FHUHUH�úL�UHVXUVH�PDWHULDOH� A doua��QX�H[LVW �UHVWULF LL�PHQ LRQDWH� În fiecare caz în parte sunt mai multe variante, care pot fi avute în vedere de conducerea firmei. ����$QDOL]D�ULVFXOXL�GH�H[SORDWDUH�VDX�RSHUD LRQDO 5LVFXO� GH� H[SORDWDUH� FRQVW � vQ� SRVLELOLWDWHD� H[LVWHQW � GH� D� QX� VH�UHFXSHUD� WRWDOLWDWHD�FKHOWXLHOLORU� HIHFWXDWH��$QDOL]D� VH� ED]HD] � SH� VWUXFWXUD�de exploDWDUH� D� vQWUHSULQGHULL�FDUDFWHUL]DW � vQ� OLWHUDWXUD� GH� VSHFLDOLWDWH� SULQ�FKHOWXLHOL�IL[H�úL�YDULDELOH� ÌQ�FRQVHFLQ ��SHQWUX�HYLWDUHD�ULVFXOXL�WUHEXLH�V �VH�GHWHUPLQH�JUDGXO�PLQLP� GH� IRORVLUH� D� FDSDFLW LL� GH� SURGXF LH�� 6H� SRUQHúWH� GH� OD� HFXD LD� CA – (Chv + F) = 0 Chv = CA × Cv CA (1 – Cv) – F = 0, de unde:
Cv1
FCA
−=
*UDGXO�GH� IRORVLUH� D� FDSDFLW LL� GH� SURGXF LH� �.�� VH� GHWHUPLQ �SULQ�UHOD LD�
.maxQ
CAK =
1RW :�ÌQ�ORF�GH�&$�SRDWH�IL�IRORVLW �SURGXF LD�PDUI �IDEULFDW �
( ) .maxQCv1
FK
−=
/D� DFHVW� QLYHO� DO� JUDGXOXL� GH� IRORVLUH� D� FDSDFLW LL� GH� SURGXF LH��SURILWXO� � ��� ÌQWUXFkW� RULFH� DFWLYLWDWH� WUHEXLH� V � ILH� JHQHUDWRDUH� GH� SURILW�
�P ULPHD�DFHVWXLD�HVWH�R�DOW �SUREOHP ���DWXQFL
( ) .maxQCv1
REFK
−+=
unde: RE = rezXOWDWXO�H[SORDW ULL� 'LQ�DFHDVW �UHOD LH��5(� �>4max.K(1 – G)] – F Exemplu:
mil. lei 1. Cifra de afaceri 4375 2. Cheltuieli variabile 2516 3. Cheltuieli fixe 1140 4. Total cheltuieli 3656 5. &DSDFLWDWHD�GH�SURGXF LH��4max.) 6000
( ) %45sau45,06000575,01
1140K =
−=
3HQWUX�D�HYLWD�ULVFXO�GH�H[SORDWDUH�HVWH�QHFHVDU �FUHúWHUHD�JUDGXOXL�GH�IRORVLUH� D� FDSDFLW LL� GH� SURGXF LH�� respectiv,� GHS úLUHD� SUDJXOXL� GH�UHQWDELOLWDWH� UHSUH]HQWDW� SULQ� FLIUD� GH� DIDFHUL� PLQLP � GH� ������ PLO�� OHL� (6000 × 0,45), sau, la cifra� GH�DIDFHUL� UHDOL]DW � GH� �����PLO�� OHL�SUDJXO� GH�UHQWDELOLWDWH�HVWH�GHS úLW�FX������FHHD�FH�UHSUH]LQW �R�PDUM �VXILFLHQW �FDUH�face inoperant riscul de exploatare. 6H�SRDWH�FDOFXOD�LQWHUYDOXO�GH�VLJXUDQ ��,s��SH�ED]D�UHOD LHL�
,100CA
Q1I min
s
−=
unde: Qmin� �SURGXF LD�DIHUHQW �SUDJXOXL�GH�UHQWDELOLWDWH�������× 0,45). ÌQ�H[HPSOXO�GDW�VLWXD LD�VH�SUH]LQW �DVWIHO�
%29,381004375
27001Is =
−=
$YkQG�vQ�YHGHUH�UH]XOWDWXO�H[SORDW ULL�GH�����PLO��OHL
( ) %9,72sau729,06000575,01
7191140k =
−+=
ÌQ� DFWLYLWDWHD� SUDFWLF � VH� SRW� IRUPXOD� GLIHULWH� LSRWH]H� vQ� IXQF LH� GH�OLPLWHOH�GH�YDULD LH�D�HOHPHQWHORU�GH�FDOFXO��UHVSHFWLY
• FDSDFLWDWHD�GH�SURGXF LH� • FLIUD�GH�DIDFHUL�SUHFRQL]DW ��VH�DX�vQ�YHGHUH�FRQWUDFWHOH�vQFKHLDWH��
comenzi etc.); • FKHOWXLHOL� YDULDELOH� úL� IL[H� SUHYL]LELOH� FX� OXDUHa în considerare a
HYROX LHL�SUH XULORU�úL�HIHFWHORU�LQIOD LHL��PDMRUDUHD�VDODULLORU�� Cu ajutorul modelelor prezentate pot fi efectuate o serie de calcule, fie de fundamentare a unor decizii, fie de evaluare a efectelor rezultate din DSOLFDUHD� ORU��$úD��de exemplu, se poate stabili care va fi suma profitului GDF �JUDGXO�GH�XWLOL]DUH�D�FDSDFLW LL�GH�SURGXF LH��FUHúWH�FX�Ä;´�SURFHQWH� $VWIHO��GDF �VH�DGPLWH�XQ�JUDG�GH�XWLOL]DUH�D�FDSDFLW LL�GH�SURGXF LH�GH�����DWXQFL��UH]XOWDWXO�H[SORDW ULL�YD�IL� RE = [6000 × 0,8 (1 – 0,575)] – 1140 = 900 mil. lei 3UREOHPD�SRDWH� IL� SXV � úL� vQ� VHQVXO� HVWLP ULL� QLYHOXOXL� FKHOWXLHOLORU�YDULDELOH� OD� ����� OHL� FLIU � GH� DIDFHUL�� SHQWUX� FD� vQ� FRQGL LLOH� XQXL� JUDG� GH�XWLOL]DUH�D�FDSDFLW LL�GH�SURGXF LH�úL�D�XQHL�VXPH�D�FKHOWXLHOLORU�IL[H��V �VH�RE LQ �XQ�DQXPLW�SURILW��ÌQ�DFHVW�VFRS�VH�IRORVHúWH�UHOD LD�
KQ
REF1C
maxv
+−=
'DF �VH�HVWLPHD] �XQ�SURILW�vQ�VXP �GH�����PLO��OHL��DWXQFL�
lei545,0729,06000
85011401Cv =
×+−=
2�GDW �VWDELOLW�DFHVW�QLYHO�PD[LP�DO�FKHOWXLHOLORU�YDULDELOH�la 1000 lei FLIU � GH� DIDFHUL�� HVWH� QHFHVDU � HODERUDUHD� SURJUDPHORU� GH� P VXUL� FDUH� V �asigure încadrarea în acest nivel. ÌQ� HODERUDUHD� DFHVWRU� SURJUDPH�� WUHEXLH� V � VH� LQ � VHDPD� úL� GH�HYROX LD�SUHYL]LELO �D�SUH XULORU� Astfel, în calcularea indicilor chelWXLHOLORU�úL�SUH XULORU�WUHEXLH�V �VH�LQ � VHDPD� GH� SRQGHUHD�HOHPHQWHORU�� UHVSHFWLY�� SURGXVHORU� OD� FDUH� LQWHUYLQ�PRGLILF UL�úL�nivelul acestora. ÌQ� GLDJQRVWLFXO� ILUPHL� úL� HYDOXDUHD� DFHVWHLD� VH� IRORVHúWH� úL�coeficientul de efect de levier de exploatare (coeficientul de pârghie de exploatare –�.���VWDELOLW�SH�ED]D�UHOD LHL
CA
CA
RE
RE1K
∆×∆=
în care: RE = UH]XOWDWXO�H[SORDW ULL CA = FLIUD� GH� DIDFHUL� VDX� SURGXF LD� IDEULFDW � �vQ� DFHVW� FD]� úL� UH]XOWDWXO�
H[SORDW ULL�HVWH�DIHUHQW�DFHVWHLD��
Exemplu (în mil. lei):
6RFLHWDWHD�FRPHUFLDO A B
1. Cifra de afaceri din perioada -�SUHFHGHQW 4207 4200 -�FXUHQW 4375 4300 2. 5H]XOWDWXO�H[SORDW ULL�GLQ�SHULRDGD -�SUHFHGHQW 790 792 -�FXUHQW 830 800 3. Cheltuieli variabile în perioada - precHGHQW 2532 2215 -�FXUHQW 2660 2200 4. Cheltuieli fixe în perioada -�SUHFHGHQW 885 1193 -�FXUHQW 885 1300 5. Profitul net în perioada -�SUHFHGHQW 395 300 -�FXUHQW 457 305
27,142074375
4207
790
7908301K A =
−×−=
42,042004300
4200
792
7928001K B =
−×−=
5H]XOW �F �vQ�FD]XO�$�R�FUHúWHUH�D�FLIUHL�GH�DIDFHUL�GH����GHWHUPLQ �un spor de profit de 1,27%, iar în cazul B numai de 0,42%, ceea ce vQVHDPQ � R� GLPLQXDUH� D� HILFLHQ HL� FKHOWXLHOLORU� GH� H[SORDWDUH�� 'HFL��FRHILFLHQWXO�WUHEXLH�V �DLE �WHQGLQ D�GH�FUHúWHUH� 'DF � VH� are în vedere structura de exploatare, respectiv raportul GLQWUH� FKHOWXLHOLOH� YDULDELOH� úL� IL[H�� FRHILFLHQWXO� GH� SkUJKLH� GH� H[SORDWDUH�SRDWH�IL�FDOFXODW�úL�SH�ED]D�UHOD LHL�
fixeCheltuieli
brutaMarja
F
chvCA1K =−=
ÌQ�H[HPSOXO�GDW��YDORULOH�FRHILFLHQWXOXL�VXQW�XUP Woarele: Coeficientul pârghiei de exploatare în perioada
A B -�SUHFHGHQW
89,1885
25324207 =− 66,1
1193
22154200 =−
-�FXUHQW 94,1
885
26604375 =− 62,1
1300
22004330 =−
(YROX LD�FRHILFLHQWXOXL�FRQILUP �FHOH�PHQ LRQDWH�DQWHULRU��vQ�DPEHOH�FD]XUL� PDUMD� EUXW � �&$� –� &KY�� DFRSHU � FKHOWXLHOLOH� IL[H� GDU� vQ� SURSRU LH�GLIHULW �� FX� VHPQLILFD LD� FRUHVSXQ] WRDUH� vQ� FHHD� FH� SULYHúWH� ULVFXO� GH�H[SORDWDUH�� 6LWXD LD� GHYLQH� FULWLF � SH�P VXU � FH� YDORDUHD� FRHILFLHQWXOXL� VH�DSURSLH� GH� ��� QLYHO� OD� FDUH� ILUPD� VH� DIO � OD� SUDJXO� GH� UHQWDELOLWDWH��&RQWLQXDUHD� DFWLYLW LL� vQ� DFHVWH� FRQGL LL� OD� VRFLHWDWHD� FRPHUFLDO � %� QX�SHUPLWH�UHFXSHUDUHD�IDFWRULORU�GH�SURGXF LH�FRQVXPD L�úL�vQ�FRQVHFLQ ��VXQW�nHFHVDUH�VXUVH�GH� ILQDQ DUH��1HUHVWLWXLUHD�DFHVWRUD� OD� WHUPHQHOH�VWDELOLWH�YD�avea ca efect falimentul firmei. 3HQWUX�DFWLYLWDWHD�SUDFWLF �HVWH�LPSRUWDQW �GLPHQVLRQDUHD�UD LRQDO �D�FKHOWXLHOLORU� IL[H�� vQWUXFkW� R� PDMRUDUH� D� DFHVWRUD� LPSOLF � XQ� FRHILFLHQW� DO F UXL� QLYHO� V � ILH� VXILFLHQW� GH� DFRSHULWRU� vQ� FHHD� FH� SULYHúWH� VLJXUDQ D�H[SORDW ULL� 3.8 Modele�GH�DQDOL] �D�SULQFLSDOHORU�FDWHJRULL�GH�FKHOWXLHOL &KHOWXLHOLOH� GH� SURGXF LH� SRW� IL� VWUXFWXUDWH� vQ� IXQF LH� GH� GLIHULWH�FULWHULL�� ILHFDUH� DYkQG� VHPQLILFD LD� VSHFLILF � vQ� DFWLYLWDWHD� SUDFWLF � GH�JHVWLXQH�� $VWIHO�� GXS � QDWXUD� ORU� GLVWLQJHP� FKHOWXLHOL� PDWHULDOH�� VDODULDOH��ILQDQFLDUH�� vQ�IXQF LH�GH�PRGXO�GH� LQGLYLGXDOL]DUH�SH�SURGXVH��VH�IRUPHD] �JUXSD�FKHOWXLHOLORU�GLUHFWH�úL�LQGLUHFWH��vQ�UDSRUW�GH�IXQF LLOH întreprinderii, ca FHQWUH�GH�UHVSRQVDELOLWDWH��VH�LQGLYLGXDOL]HD] �FKHOWXLHOLOH�DIHUHQWH�IXQF LXQLL�GH�FHUFHWDUH��GH]YROWDUH��SURGXF LH�SHUVRQDO��FRPHUFLDO ��ILQDQFLDU-FRQWDELO � ,QGLIHUHQW� GH� PRGDOLWDWHD� GH� JUXSDUH�� PHWRGRORJLD� GH� DQDOL] �YL]HD] �
¾ caracWHUL]DUHD� VLWXD LHL� OD� XQ�PRPHQW� GDW�� vQ� UDSRUW� GH�DQXPLWH�criterii, ceea ce presupune: • DQDOL]D�HYROX LHL��GLQDPLFLL�� • DQDOL]D�VWUXFWXUDO �
• DQDOL]D�IDFWRULDO � • HYDOXDUHD�WHQGLQ HL�ORU�vQ�IXQF LH�GH�IDFWRULL�VSHFLILFL�FDUH�OH�
JHQHUHD] �� IDSW� FH� SUHVXSXQH� FRnstituirea de modele FRUHVSXQ] WRDUH��2�DVHPHQHD�SUREOHP �SUH]LQW � LPSRUWDQ �SUDFWLF �vQ�DFWLYLWDWHD�GH�HODERUDUH�D�EXJHWHORU�GH�YHQLWXUL�úL�FKHOWXLHOL�� SUHFXP� úL� vQ� LQHUHD� VXE� FRQWURO� D� HYROX LHL�costurilor pe centre de responsabilitate.
Întrucât, din SXQFW�GH�YHGHUH�PHWRGRORJLF��H[LVW �HOHPHQWH�FRPXQH��DFHVWHD� YRU� IL� H[HPSOLILFDWH� SH� DQXPLWH� FDWHJRULL� GH� FKHOWXLHOL�� I U � D� IL�RPLVH� DVSHFWHOH� SDUWLFXODUH�� ÌQ� FRQVHFLQ �� SUREOHPDWLFD� DQDOL]HL� SRDWH� IL�XUP WRDUHD�
3.8.1 Analiza cheltuielilor materiale
&KHOWXLHOLOH� PDWHULDOH� GH LQ� R� SRQGHUH� PDL� PDUH� VDX� PDL� PLF � vQ�IXQF LH� GH� SURILOXO� GH� DFWLYLWDWH� DO� vQWUHSULQGHULL�� (OH� UHSUH]LQW � H[SUHVLD�YDORULF � D� FRQVXPXULORU�GH� UHVXUVH�PDWHULDOH� úL� D� SUHVW ULORU� GH� VHUYLFLL� GH�F WUH�WHU L��úL�VH�FRPSXQ�GLQ�
¾ materii prime, materiale; ¾ FRPEXVWLELO��HQHUJLH��DS � ¾ amortizare; ¾ obiecte de inventar; ¾ OXFU UL�úL�VHUYLFLL�SUHVWDWH�GH�WHU L� ¾ alte cheltuieli materiale.
ÌQ� FRQWDELOLWDWHD� ILQDQFLDU �� DFHVWH� FKHOWXLHOL� VXQW� HYLGHQ LDWH� vQ�conturile din clasa 6 – conturi de cheltuieli, iar în contabilitatea de gestiune vQ�FRQWXULOH�GH�FDOFXOD LH��FW������– 925). $úD�GXS �FXP�V-D�DU WDW�vQ�DQDOL]D�FKHOWXLHOLORU�PDWHULDOH��GLVWLQJHP�
��������$QDOL]D�VLWXD LHL�JHQHUDOH�D�FKHOWXLHOLORU�PDWHULDOH
Ca prim aspect al analizei cheltuielilor materiale se are în vedere IRUPDUHD� XQHL� LPDJLQL� GH� DQVDPEOX� DVXSUD� HYROX LHL� DFHVWRUD� SH� ED]D�LQGLFHOXL� FKHOWXLHOLORU� PDWHULDOH� �,FKP�� WRWDOL]DWRU� úL� SH� SULQFLSDOHOH�FRPSRQHQWH�DOH�SRQGHULL� ORU� vQ� WRWDO�FRVWXUL� �JP��úL�D�QLYHOXOXL� OD������OHL�veniWXUL�GLQ�H[SORDWDUH�UHVSHFWLY��FLIU �GH�DIDFHUL��&P�� Datele necesare sunt redate îQ�WDEHOXO�XUP WRU��WDEHOXO�����)
Tabelul 3.14 (mil. lei)
Perioada % &XUHQW
Nr. crt.
6SHFLILFD LH 3UHFHGHQW
(Pn-1) 3UHY ]XW Realizat 1n
1
P
P
−
0
1
P
P
1 Cheltuieli materiale DIHUHQWH�H[SORDW ULL�(mil. lei)
2282 2489 2704 118,5 108,6
2 din care aferente cifrei de afaceri
2092 2344 2546 121,7 108,6
3 Ponderea cheltuielilor materiale în total costuri (%)
76,1 71,1 71,1 93,4 100
4 Nivelul cheltuielilor materiale la 1000 lei venituri-lei
620 590 584 94,2 99,0
5 din care aferente cifrei de afaceri
618 585 582 94,2 99,5
Cercetarea datelor din acest tabel permite formularea unor concluzii úL�DQXPH�
• Cheltuielile materiale aferente exSORDW ULL� úL� UHVSHFWLY�� FLIUHL� GH�afaceri se înscriu într-R� HYROX LH� FUHVF WRDUH� �DWkW� vQ� UDSRUW� GH� UHDOL] ULOH�DQWHULRDUH�FkW�úL�SUHYHGHUL���vQ�FDUH�ULWPXO�ORU�GH�FUHúWHUH�HVWH�LQIHULRU�FHOXL�DO�veniturilor, fapt dovedit de indicele cheltuielilor la 1000 venituri, care este <100;
• S-DX� GLPLQXDW� FKHOWXLHOLOH� PDWHULDOH� úL� UHVSHFWLY� YHQLWXULOH�DIHUHQWH� SURGXF LHL� VWRFDWH� úL� LPRELOL]DWH� �GDU� QX� vQ� SURSRU LD� SUHY ]XW ���IDSW� FH� LPSOLF � HIHFWHOH� XQXL� DVHPHQHD� IHQRPHQ�� UHVSHFWLY�� PRGLILFDUHD�UH]XOWDWXOXL�H[SORDW Uii;
• Ponderea cheltuielilor materiale se circumscrie în limitele FDUDFWHULVWLFH�GRPHQLXOXL�vQ�FDUH�DFWLYHD] �VRFLHWDWHD�LDU�UHGXFHUHD�DFHVWHLD�este efectul sporirii celorlalte cheltuieli într-R�SURSRU LH�PDL�PDUH� 1RW : Într-R�DVHPHQHD�VLWXD LH�vQ�FDUH�SUHvederile sunt realizate, nu VH� LPSXQ�P VXUL� GH� FRUHF LH� FL�� SH� ED]D� LQIRUPD LHL� GH� VWDUH�� VH� FRQWLQX �activitatea potrivit programului stabilit. ÌQ�FHHD�FH�SULYHúWH�VWUXFWXUD�SH�SULQFLSDOHOH�HOHPHQWH�FRPSRQHQWH��VH�are în vedere încadrarea acesteia în limitele specifice domeniului de DFWLYLWDWH� SUHFXP� úL� H[HPSOLILFDUHD� DEDWHULORU� VHPQLILFDWLYH�� LDU� vQ� IXQF LH� GH�VLWXD LD�FRQFUHW ��VH�VWDELOHúWH�FDGUXO�RSHUD LRQDO�
��������0RGHOHOH�GH�DQDOL] �IDFWRULDO �D�FKHOWXLHOLORU�PDWHULDOH Cheltuielile materiale aIHUHQWH�H[SORDW ULL�SRW�IL�DQDOL]DWH�FD�QLYHO�OD�1000 lei venituri (Cm) pe baza modelului:
,100
giCmiCm
∑=
unde: gi = structura veniturilor; Cmi = cheltuielile materiale la 1000 lei pe categorii de venituri, care
UHSUH]LQW �úL�IDFWRUL�GLUHF L�GH�LQIOXHQ � (YLGHQ LHUHD� PRGLILF ULORU� LQWHUYHQLWH� vQ� VWUXFWXUD� YHQLWXULORU� HVWH�QHFHVDU �SHQWUX�DSUHFLHUHD�FRUHFW �D�VLWXD LHL��GDW�ILLQG�PRGXO�GH�IRUPDUH�D�YHQLWXULORU�GLQ�SURGXF LD�VWRFDW �úL�LPRELOL]DW � 0HWRGRORJLD�GH�GHWHUPLQDUH�D�FHORU�GRX � LQIOXHQ H�HVWH�VLPLODU �FX�FHD�SUH]HQWDW �vQ�SDUDJUDIHOH�DQWHULRDUH� &KHOWXLHOLOH� PDWHULDOH� OD� ����� OHL� FLIU � GH� DIDFHUL� �&P��� FDUH�FRQVWLWXLH�SDUWHD�SUHSRQGHUHQW �D�YHQLWXULORU�GLQ�H[SORDWDUH��VH�DQDOL]HD] �FX�ajutorul modelului:
,1000qp
cmqCm
∑∑ ⋅=
unde: cm = cheltuieli materiale pe produse. 3H� DFHDVW � ED] � SRW� IL� FRQVWUXLWH� úL� DSOLFDWH� GLIHULWH� VLVWHPH�IDFWRULDOH��$VWIHO��XQ�SULP�VLVWHP�DUH�vQ�FRPSRQHQ �FD�IDFWRUL�GLUHF L�
¾ VWUXFWXUD�SURGXF LHL�YkQGXWH��IDEULFDWH�� ¾ SUH XULOH�PHGLL�GH�YkQ]DUH� ¾ cheltuielile materiale pe unitate de produs.
([SOLFDUHD�úL�DSOLFDUHD�PHWRGRORJLHL� LPSOLF �XUP WRDUHOH� LQIRUPD LL�(Tabelul 3.15).
Tabelul 3.15 (mil. lei)
Nr. crt. Indicatori 3UHY ]XW Realizat
1 Cheltuieli materiale aferente cifrei de afaceri 2344 2546 2 Cheltuieli materiale aferente cifrei de afaceri, recalculate X 2450 3 Cifra de afaceri 4007 4375 4 &LIUD�GH�DIDFHUL�UHFDOFXODW X 4500 5 &KHOWXLHOL�PDWHULDOH�OD������OHL�FLIU �GH�DIDFHUL�- lei 585 582
1RW : Pentru recalcularea cheltuielilor materiale, o solu LH� R� SRDWH�constitui corectarea cheltuielilor materiale realizate cu indicele mediu al SUH XULORU�PDWHULDOHORU��,p���úL�UHVSHFWLY�DO�FRQVXPXULORU�VSHFLILFH��,cs).
∑×
∑=′ csp
1101 II
cmqcmq
0RGLILFDUHD�FKHOWXLHOLORU�PDWHULDOH�OD������OHL�FLIU �GH�DIDFHUL�(∆Cm) de –3 lei (582 –������VH�H[SOLF �SULQ�LQIOXHQ D� a) structurii cifrei de afaceri
=−=−∑∑
∑∑ 1000
40072344
100045002450
1000pq
cmq1000
pq
cmq
00
00
01
01
= 544,4 – 585 = – 40,6 lei E��SUH XULORU�PHGLL�GH�YkQ]DUH
=−=− ∑∑
∑∑ 4,5441000
43752450
1000pq
cmq1000
pq
cmq
01
01
11
01
= 560 – 544,4 = + 15,6 lei c) cheltuielile materiale pe produse
lei0,225605821000pq
cmq1000
pq
cmq
11
01
11
11 +=−=∑
∑−∑
∑
$QDOL]D�IDFWRULDO �SXQH� vQ�HYLGHQ �IDSWXO�F �UHGXFHUHD�FKHOWXLHOLORU�materiale la 1000 lei s-a realizat exclusiv pe seama structurii cifrei de DIDFHUL�� vQ� FDGUXO� F UHLD� V-D� P ULW� SRQGHUHD� SURGXVHORU� FX� PDQRSHU � PDL�mare, în�WLPS�FH�FKHOWXLHOLOH�PDWHULDOH�SH�SURGXVH�DX�FUHVFXW��ÌQ�FRQVHFLQ ��într-R�DVHPHQHD�VLWXD LH��VH�LPSXQH�VWDELOLUHD�FDX]HORU�FDUH�DX�GHWHUPLQDW-o úL�DGRSWDUHD�P VXULORU�FRUHVSXQ] WRDUH� 3.8.1.3 Analiza cheltuielilor cu materialele ÌQ� FRPSRQHQ D� FKHOWXielilor materiale, cele care privesc materiile SULPH� úL� PDWHULDOHOH� FRQVXPDELOH�� vQ� JHQHUDO�� GH LQ� SRQGHUHD� FHD� PDL�LPSRUWDQW ��UHSUH]HQWkQG�DVWIHO�SULQFLSDOXO�GRPHQLX�vQ�FDUH�VH�SRDWH�DF LRQD�SHQWUX�VSRULUHD�HILFLHQ HL�DFWLYLW LL� Analiza acestor cheltuieli se poate face pe baza indicatorului sintetic, FKHOWXLHOLOH�FX�PDWHULDOHOH�OD������OHL�YHQLWXUL�GLQ�H[SORDWDUH��UHVSHFWLY��FLIU �de afaceri, folosindu-se modelele prezentate anterior. *HVWLRQDUHD� FRUHVSXQ] WRDUH� D� UHVXUVHORU� PDWHULDOH�� LPSXQH�
efectuarHD�GH�DQDOL]H�RSHUDWLYH�SH�IHOXUL�úL�UHVSHFWLY�JUXSH�GH�PDWHULDOH��SH�produse sau locuri consumatoare de materiale. Astfel, pentru un material, VXPD�WRWDO �D�FRQVXPXOXL��FKP��VH�H[SULP �SULQ�UHOD LD��FKP� �T�× cs × p´, în care: q = SURGXF LD�IDEULFDW cs = consumul specific p´ = SUH XO�GH�LQFOXGHUH�vQ�FRVWXUL 5H]XOW � F � DEDWHUHD� ID � GH� R� ED] � GH� FRPSDUD LH� VH� H[SOLF � SULQ�LQIOXHQ D�
¾ SURGXF LHL�IDEULFDWH��HFDUWXO�GH�DFWLYLWDWH���T1 – q0)cs0 × p´0, ¾ consumului specific q1(cs1 – cs0)xp´0, ¾ SUH XOXL�PHGLX�GH includere în costuri q1 × cs1(p´1 - p´0).
7UHEXLH�UHPDUFDW�IDSWXO�F �SUH XO�PHGLX�GH�LQFOXGHUH�vQ�FRVWXUL�GLIHU �vQ� IXQF LH� GH� PHWRGD� GH� HYDOXDUH� IRORVLW �� UHVSHFWLY�� ÄFRVWXO� PHGLX�SRQGHUDW´�� PHWRGD� ÄSULPHL� LQWU UL-SULPHL� LHúLUL´� VDX� D� PHWRGHL� ÄXOWLPHL�iQWU UL-SULPHL�LHúLUL´� ÌQ�FD]XO�PDWHULDOHORU�RPRJHQH��YDORDUHD�WRWDO �D�FRQVXPXOXL��Σchm) VH�H[SULP �SULQ�UHOD LD�Σchm = Σ(Ct × p´), unde: &W� �FDQWLWDWHD�FRQVXPDW �GLQWU-un material (q × cs) &D� XUPDUH�� IDFWRULL� FDUH� GHWHUPLQ � PRGLILFDUHD� FKHOWXLHOLORU�materiale sunt:
� FDQWLWDWHD�FRQVXPDW
( ) 001 pCtCt ′×∑ ∑−
� structura materialelor consumate
( ) ( ) 0101 pCtpCt ′∑ ∑−′×
� SUH XO�PDWHULDOHORU
( ) ( )∑ ∑ ′×−′× 0111 pCtpCt
8Q� DVHPHQHD� PRGHO� GH� DQDOL] � HVWH� QHFHVDU� SHQWUX� DSUHFLHUHD�FRUHFW �D�HYROX LHL�FKHOWXLHlilor cu materialele pe centre de responsabilitate �RELHFWLYH�GH�FRQVWUXF LL��FDWHJRULL�GH�OXFU UL�HWF���
Exemplu: Tabelul 3.16
normat realizat Denumire material tone SUH
lei Total mii lei
tone SUH lei
Total mii lei
Recalculat col 4 u 2
A 100 57000 57000 95 57500 5460 5420 B 100 54000 54000 125 53900 6740 6750
TOTAL 200 55500 11100 220 X 12200 12170
0RGLILFDUHD� WRWDO � HVWH� GH� �����PLL� OHL� ������� – 11100) din care GDWRULW �
� FDQWLW LL�FRQVXPDWH (220 – 200) × 55500 = + 11100 mii lei
� structurii materialelor consumate 12170 – (220 × 55500) = -40 mii lei
� SUH XOXL�PDWHULDOHORU 12200 – 12170 = +30 mii lei ÌQWUXFkW�� GHS úLUHD� FKHOWXLHOLORU� HVWH� GHWHUPLQDW � DSURDSH� vQ�H[FOXVLYLWDWH�GH�FDQWLWDWHD�FRQVXPDW ��HVWH�QHFHVDU�V �VH�VWDELOHDVF �FkW�GLQ�DFHDVWD�VH�GDWRUHD] �SURGXF LHL�úL�FkW�FRQVXPXOXL�VSHFLILF��SHQWUX�D�VH�SXWHD�OXD�GH�F WUH�IDFWRULL�GH�U VSXQGHUH�P VXULOH�FRUHVSXQ] WRDUH� &X�WLWOX�GH�H[HPSOX��VH�SUH]LQW �XQ�PRGHO�GH�DQDOL] �D�FKHOWXLHOLORU�cu materialele, practicat în întreprinderile franceze (Tabelul 3.17)
Tabelul 3.17 (materialul X)
Nr. de produse fabricate
în perioada
Cantitatea de
materiale pe produs
Kg
Cantitatea *,+�-�. /�021�3
465,7
pe Kg F
485,7 /#9 materialelor consumate
Valorile compa- rabile
: +�;�< = < * 5 < - favorabile
+ nefavorabile
300 P1 6 1800 6 20400 6 - Elemente SUHY ]XWH 400 P2 4 1600
- Elemente constatate
330 P1 3700 5,5 20350 5,5
420 P2
Favorabile privind SUH XO�����
F - Modificare
WRWDO - 50
- Cost constant
3700 × 5,5 = 20350
Modificarea
SUH XOXL�– 1850 F
Costul prestabilit la consumul realizat
3700 × 6 = 22200
Costul prestabilit la consumul SUHY ]XW�aferent
330 6 1980 1680
Modificarea FDQWLW LL�FRQVXPDW
+ 240 F
Modificarea materialelor consumate - 1610 F
SURGXF LHL�realizate
420 4 3660 × 6 = 21960
&RVW�SUHY ]XW�OD�FRQVXP 20400 WRWDO�SUHY ]XW
Modificarea volumului de
activitate +1560F
$QDOL]D�PRGLILF
ULL�WRWDOH
Modificare WRWDO
- 50 F
ÌQ� DQDOL]D� FKHOWXLHOLORU� FX� PDWHULDOHOH�� R� SUREOHP � GHRVHELW� � GH LPSRUWDQW � R� SUH]LQW � HYDOXDUHD� P VXULORU� WHKQLFR-organizatorice de UHGXFHUH� D� DFHVWRUD�� 7UHEXLH� I FXW � SUHFL]DUHD� F � GLPHQVLRQDUHD� UD LRQDO ��HILFLHQW ��D�FRQVXPXULORU�VSHFLILFH�HVWH�vQ�SULPXO�UkQG�R�SUREOHP �WHKQLF �GH�SURLHFWDUH�úL�H[HFX LH�D�SURGXVXOXi.
$FHDVWD� QX� H[FOXGH� vQV � LPSRUWDQ D� EXQHL� JHVWLRQ UL� D� UHVXUVHORU�PDWHULDOH�� LQFOXVLY� GLQ� SXQFW� GH� YHGHUH� DO� DVLJXU ULL� LQWHJULW LL�patrimoniului.
3UDFWLFD�HFRQRPLF �RIHU �R�PXOWLWXGLQH�GH�SRVLELOLW L�GH�LQWHUYHQ LH�SHQWUX�D�PLFúRUD�FRQVXPXULOH�I U �a afecta competitivitatea produselor. 3.8.1.4 Analiza cheltuielilor cu amortizarea &KHOWXLHOLOH�FX�DPRUWL]DUHD��DYkQG�XQ�FDUDFWHU�FRQYHQ LRQDO�FRQVWDQW��vQ� OLPLWHOH� SUHFL]DWH��� VH� DQDOL]HD] � FD� QLYHO� OD� ����� OHL� YHQLWXUL� GLQ�H[SORDWDUH�VDX�FLIU �GH�DIaceri (Ca) pe baza modelului:
,1000CA
ACa =
în care: $� �VXPD�DQXDO �D�DPRUWL] ULL��LQFOXV �vQ�FRVWXUL
Dar, ,1000M
A
Ca
M1000
CA
A
f
f
×=
unde:
raportul ,CA
M f FDUDFWHUL]HD] �HILFLHQ D�XWLOL] ULL�DFWLYHORU�IL[H�
=MF
AFRWD� PHGLH� GH� DPRUWL]DUH� �FD�� vQ� FDUH� VH� VLQWHWL]HD] � VWUXFWXUD� SH�
FDWHJRULL�GH�DFWLYH�IL[H��FRWHOH�GH�DPRUWL]DUH�SH�ILHFDUH�FDWHJRULH��LQIOXHQ DWH�úL�GH�VLVWHPXO�GH�DPRUWL]DUH�SUDFWLFDW� ÌQ� FRQVHFLQ �� PRGLILFDUHD� FKHOWXLHOLORU� FX� DPRUWL]DUHD� OD� ����� Oei FLIU �GH�DIDFHUL��∆&D��HVWH�GHWHUPLQDW �GH�
� randamentul activelor fixe
1000caCA
M
CA
M
0
f
1
f 01 ⋅
−
� cota medie de amortizare
( ) 100cacaCA
M01
1
f0 ⋅−
GLQ�FDUH�LQIOXHQ D� • structurii pe categorii de active fixe
( ) 1000caacCA
M0
1
f1 ⋅−′
unde: ca´ = cota meGLH� UHFDOFXODW � vQ� IXQF LH� GH� VWUXFWXUD� HIHFWLY � D�PLMORDFHORU�
IL[H�FDOFXODW �SH�ED]D�YDORULORU�PHGLL�EUXWH�úL�FRWHOH�GH�DPRUWL]DUH�SH�categorii de active fixe; • cotele de amortizare pe categorii de active fixe
( ) 1000accaCA
M1
1
f1 ⋅′−
Metodologia prezenWDW � HVWH� XWLO � vQ� GLDJQRVWLFXO� VRFLHW LL�� vQ�H[SOLFDUHD�XQHL�VLWXD LL�GDWH�vQ�UDSRUW�GH�XQ�FULWHULX�FRQVLGHUDW��(VWH�HYLGHQW�IDSWXO�F ��vQ�DFWLYLWDWHD�SUDFWLF ��vQ�FRQGL LLOH�VSRULULL�vQ]HVWU ULL�WHKQLFH��PDL�EXQD� IRORVLUH� D� DFWLYHORU� IL[H� UHSUH]LQW � IDFtorul principal de reducere a FKHOWXLHOLORU� FX� DPRUWL]DUHD� SH� SURGXVH�� úL� UHVSHFWLY� OD� ����� OHL� FLIU � GH�afaceri. ÌQ�IXQF LH�GH�QHFHVLW L��DQDOL]D�SRDWH�IL�H[WLQV �OD�QLYHOXO�GLIHULWHORU�FDWHJRULL�GH�DFWLYH�IL[H��SHQWUX�D�HYLGHQ LD�LQIOXHQ D�SH�FDUH�R�DUe gradul de folosire al acestora asupra cheltuielilor cu amortizarea. Metodologia se ED]HD] �SH� IDSWXO� F �VXPD�DPRUWL] ULL� �OXQDU ��DQXDO ��HVWH� FRQVWDQW �� úL�R�VSRULUH� D� UDQGDPHQWXOXL� DFWLYHORU� IL[H�FRQGXFH� OD� UHGXFHUHD�DPRUWL] ULL� SH�produs sau lucrare. 3.9 Analiza cheltuielilor cu personalul ������$QDOL]D�VLWXD LHL�JHQHUDOH�D�FKHOWXLHOLORU�FX�SHUVRQDOXO ÌQ� FDGUXO� DFHVWHL� HWDSH�� VH� XUP UHúWH� FXQRDúWHUHD� HYROX LHL� úL�WHQGLQ HL�XQRU�DVHPHQHD�FDWHJRULL�GH�FKHOWXLHOL��vQ�UDSRUW�úL�GH�DF LXQHD�XQRU�factori conjuncturali, folosindu-se ca indicatori ponderea în totalul FKHOWXLHOLORU�úL�QLYHOXO�OD������OHL�YHQLWXUL�GLQ�H[SORDWDUH��UHVSHFWLY�FLIU �GH�afaceri. &kW� SULYHúWH� VWUXFWXUDUHa cheltuielilor cu personalul, aceasta poate
avea în vedere mai multe criterii, cum ar fi: ¾ elementele componente, salariile tarifare, respectiv, negociate,
VSRUXUL�DFRUGDWH��SH�FDWHJRULL���SUHPLL��WD[H�GH�SURWHF LH�VRFLDO ��LPSR]LWH� HWF��� SUH]LQW � LPSRUWDQ � vQ� GHOLPLWDUHD� FKHOWXLHOLORU�care sunt reglementate prin acte normative�úL�DVXSUD�F URUD�ILUPD�QX�SRDWH�DF LRQD�
¾ FDWHJRULLOH�GH�SHUVRQDO��PXQFLWRUL��LQJLQHUL��HFRQRPLúWL�HWF���VXQW�XWLOH� SHQWUX� PDUFDUHD� PXWD LLORU� FDUH� V-au produs în structura SHUVRQDOXOXL��SHQWUX�HYHQWXDOHOH�FRPSDUD LL�FX�ILUPH�VLPLODUH�
¾ formele de salarizarH� SUDFWLFDWH�� SHQWUX� D� FDUDFWHUL]D� HILFLHQ D�acestora;
¾ vQ� UDSRUW� GH� PRGXO� GH� LQFOXGHUH� vQ� FRVWXUL�� HVWH� QHFHVDU � vQ�ORFDOL]DUHD� UH]HUYHORU� H[LVWHQWH� SHQWUX� VSRULUHD� HILFLHQ HL�cheltuielilor cu salariile.
)LHFDUH�GLQ�DFHVWH�JUXS UL�úL�DOWHOH��VXQW�XWLOL]DWH�vQ�IXQF LH�GH�VFRSXO�XUP ULW� ������$QDOL]D�HILFLHQ HL�FKHOWXLHOLORU�FX�VDODULLOH (ILFLHQ D� FKHOWXLHOLORU� VDODULDOH� SRDWH� IL� DQDOL]DW � FX� DMXWRUXO�indicatorilor:
¾ cheltuieli salariale la 1000 lei venituri din exploatare; ¾ cheltuieli salariale la 1000 OHL�FLIU �GH�DIDFHUL� ¾ FKHOWXLHOL�VDODULDOH�OD������OHL�YDORDUH�DG XJDW �
ÌQ� WRDWH�FHOH� WUHL�VLWXD LL��SRW�IL�XWLOL]DWH� vQ�DQDOL] �DWkW�PRGHOHOH�GH�FRUHOD LH�FkW�úL�FHOH�PXOWiplicative. Astfel, în cazul cheltuielilor salariale la 1000 lei venituri din explRDWDUH��&V���PRGHOXO�GH�FRUHOD LH�HVWH
,1000Ve
FsCs =
unde: Fs = fondul de salarii (inclusiv elementele aferente) 'HFL��PRGLILFDUHD�FKHOWXLHOLORU�VDODULDOH�ID �GH�R�ED] �GH�FRPSDUD LH��&V��VH�H[SOLF �SULQ�LQIOXHQ D�
• sumei veniturilor
,CsIvCs
sau1000VeFs
VeFs
0e
0
0
0
1
0 −
−
unde: Ive = indicele veniturilor
• sumei cheltuielilor salariale
,Iv
CsCssau1000
Ve
Fs
Ve
Fs
e
01
1
0
1
1 −⋅
−
(YLGHQW�� ILLQG� XQ� PRGHO� GH� FRUHOD LH�� VXPD� YHQLWXULORU� WUHEXLH� V �vQUHJLVWUH]H�XQ�ULWP�GH�FUHúWHUH�VXSHULRU�FKHOWXLHOLORU�VDODULDOH� Ca model mulWLSOLFDWLY�SRDWH�IL�IRORVLW�XUP WRUXO�
,1000N
Fs
Ve
NCs ⋅
⋅=
în care: N = QXP UXO�GH�VDODULD L ÌQ�FRQVHFLQ �∆&V��VH�H[SOLF �SULQ�LQIOXHQ D�
¾ QXP UXOXL� GH� VDODULD L� OD� �� OHX� YHQLWXUL� �IRUP � LQYHUV � GH�H[SULPDUH�D�SURGXFWLYLW LL�PXQFLL�
00
0
1
1 Cs1000N
Fs
Ve
N−⋅
⋅
¾ FKHOWXLHOLOH�PHGLL�SH�R�SHUVRDQ
1000N
Fs
Ve
NCs
0
0
1
11 ⋅
⋅−
ùL� DFHVW� PRGHO� SXQH� vQ� HYLGHQ � FRUHOD LD� GLQWUH� FUHúWHUHD�SURGXFWLYLW LL�PXQFLL�úL�D�VDODULXOXL�PHGLX��FRUHOD LH�DEVROXW�QHFHVDU �SHQWUX�VSRULUHD�HILFLHQ HL�FKHOWXLHOLORU�VDODULDOH� 1RW :�0HWRGRORJLD�SUH]HQWDW �VH�DSOLF �VLPLODU�úL� vQ�FD]XO�FHORUODO L�LQGLFDWRUL��FX�GHRVHELUHD�F �VXPD�YHQLWXULORU�GLQ�H[SORDWDUH�VH�YD�vQORFXL�FX�FLIUD� GH� DIDFHUL�� UHVSHFWLY�� YDORDUHD� DG XJDW �� DYkQGX-se în vedere VHPQLILFD LD�DFHVWRUD� 7HRULD� úL� SUDFWLFD� HFRQRPLF � UHFRPDQG � SHQWUX� FDUDFWHUL]DUHD�VLWXD LHL� FRUHOD LHL� GLQWUH� GLQDPLFD� SURGXFWLYLW LL� úL� D� VDODULXOXL� PHGLX��FRHILFLHQWXO�FRUHOD LHL��.U���H[SULPDW�SULQ�UHOD LLOH�
,100Iw
100IsKr
−−= VH� DSOLF � GH� UHJXO � GDF � DPELL� LQGLFL� VXQW� !� ����
sau .Iw
IsKr =
Pentru exemplificare, se folosesc GDWHOH�XUP WRDUH���WDEHOXO�����):
Tabelul 3.18
Nr. crt.
Indicatori
1n
0
P
P
−
1n
n
P
P
−
0
n
P
P
1 Indicele salariului mediu 100 105 110,96 2 Indicele SURGXFWLYLW LL
(calculul pe baza cifrei de afaceri) 106 105,7 99,72
3 &RHILFLHQWXO�GH�FRUHOD LH
100Iw
100Is
−−
Iw
Is
0,6667 0,9811
0,8772 0,9934
X
X
4 Indicele cheltuielilor cu personalul la 1000 lei FLIU �GH�DIDFHUL
98,11 99,34 101,24
'DWHOH� SUH]HQWDWH� DUDW � F � V-D� UHVSHFWDW�� GH� SULQFLSLX�� FRUHOD LD�necesDU ��GDU�QX� OD�QLYHOXO�SUHY ]XW� �FRHILFLHQWXO�GH�FRUHOD LH�V-a majorat), FHHD�FH�DUH�FD�HIHFW�FUHúWHUHD�FKHOWXLHOLORU�FX�VDODULLOH�OD������OHL�YHQituri cu 1,24%. În raport de productivitatea muncii realizate, cu respectarea FRUHOD LHL�SUHY ]XWH��LQGLFHOH�VDODULXOXL�PHGLX�VH�GHWHUPLQ �SH�ED]D�UHOD LHL� Is = [(Iw – 1)Kr0] + 1 sau Is = Iw · Kr0��vQ�IXQF LH�GH�PRGXO�vQ�FDUH�este calculat Kr0 (ca raporW�DO�VSRUXULORU�VDX�FD�SURSRU LH�� Aplicând formula a doua Is = 1,057 × 0,9811 = 1,037022. ÌQ�FRQVHFLQ �� LQGLFHOH�VDODULXOXL�PHGLX� ID �GH�SUHYHGHUL� WUHEXLH�V �
fie ,9972,004,1
037022,1 = �DGLF �HJDO�FX�FHO�DO�SURGXFWLYLW LL�PXQFLL��FHHD�FH�DU�
fi condus�OD�vQFDGUDUHD�vQ�QLYHOXO�SUHY ]XW�DO�FKHOWXLHOLORU�FX�VDODULLOH�OD������lei venituri din exploatare. ÌQ�DFWLYLWDWHD�XQHL�VRFLHW L�FRPHUFLDOH�vQ�OHJ WXU �FX�VDODULLOH��SRW�V �DSDU �R�PXOWLWXGLQH�GH�DVSHFWH�FDUH�WUHEXLH�V �ILH�VROX LRQDWH�FRUHVSXQ] WRU��pHQWUX� D� GLPLQXD� SLHUGHULOH� GHWHUPLQDWH� GH� FRQIOLFWHOH� GH� PXQF �� ÌQWU-un DVHPHQHD� FRQWH[W�� SRDWH� IL� vQVFULV � úL� SUREOHPD�QHJRFLHULL� VDODULLORU� VDX�úL�VDWLVIDFHULL� XQRU� UHYHQGLF UL� VDODULDOH�� 3UDFWLF�� HVWH� QHFHVDU � VWDELOLUHD�XQHL�OLPLWH�PD[LPH�GH�FUHúWHUH�D salariilor.
Exemplu: 1. Cifra de afaceri 4000 mil. lei 2. Cheltuieli aferente 3200 mil. lei ���GLQ�FDUH�VDODULL�úL�HOHPHQWHOH�DIHUHQWH��)V� 900 mil. lei 4. Restul cheltuielilor (M) 2300 mil. lei ���5H]XOWDWXO�H[SORDW ULL��5(� 800 mil. lei 6. Capital propriu 2500 mil. lei 7. Profit net 375 mil. lei
0DMRUDUHD�VDODULLORU�SRDWH�IL�ÄDFRSHULW ´�GH�UH]XOWDWXO�H[SORDW ULL��FHHD�FH�YD�FRQGXFH�OD�GLPLQXDUHD�SURILWXOXL�QHW�FX�FRQVHFLQ HOH�FDUH�GHFXUJ�GH�DLFL�VDX�QHJRFLHUHD�SUH XULORU�GH�YkQ]DUH��SHQWUX�PHQ LQHUHD�SURILWXOXL�� ÌQ�SULPD�LSRWH] ��OLPLWD�PD[LP �GH�PDMRUDUH�D�VDODULLORU�R�FRQVWLWXLH�UH]XOWDWXO� H[SORDW ULL�� FHHD� FH�� vQ� SURFHQWH� vQVHDPQ �
%.89,88100900
800,respectiv100
Fs
RE =⋅⋅
$FHVW�OXFUX�VH�YHULILFD�SULQ�UHOD LD�
14000
8889,19002300
CA
Fs
RE1FsM
=×+=
++
'DF � VDODULLOH� VH� PDMRUHD] � FX� ����� UH]XOWDWXO� H[SORDW ULL� VH�PLFúRUHD] �FX�����PLO��OHL������×�������3HQWUX�D�VH�PHQ LQH�DFHODúL�UH]XOWDW�DO� H[SORDW ULL�� FLIUD� GH� DIDFHUL� WUHEXLH� V � FUHDVF � FX� XQ� DQXPLW� SURFHQW��GHWHUPLQDW�GH�FRWD�GH�PDMRUDUH�D�VDODULLORU�úL�SRQGHUHD�DFHVtora în cifra de
afaceri. În cazul dat %.5,4sau045,04000
90020,0 =×
6SRULUHD� FLIUHL� GH� DIDFHUL� FX� ������ UHSUH]LQW � ���� PLO�� OHL��HFKLYDOHQWXO�PDMRU ULL�VDODULLORU��ÌQ�DFHVWH�FRQGL LL��QX�VH�PRGLILF �UH]Xltatul H[SORDW ULL�úL�SURILWXO�QHW��FDUH�LQWHUHVHD] �SH�Sroprietarii capitalului. În ipoteza stabilirii unui prag minim de rentabilitate, de exemplu, ����ID �GH�FDSLWDOXO�SURSULX��OLPLWD�PD[LP �GH�PDMRUDUH�D�VDODULLORU��YD�IL�
%61100900
250800 =
−
ÌQORFXLQG�vQ�UHOD LD�SUHFHGHQW ��UH]XOW : ( )
,93725,04000
61,019002300 =++�GHFL�XQ�FRHILFLHQW�VXEXQLWDU��FHHD�FH�DUDW �
F �XQLWDWHD�HVWH�UHQWDELO ����������– 0,93725) = 250 mil. lei. ������$XWRFRQWUROXO�XWLOL] ULL�IRQGXOXL�GH�VDODULL ,QGLIHUHQW� GH� IRUPD� GH� SURSULHWDWH�� ILUPD� WUHEXLH� V � H[HUFLWH� XQ�autocontrol asupra PRGXOXL�vQ�FDUH�HYROXHD] �FKHOWXLHOLOH�FX�PDQRSHUD��FHHD�FH�� SUDFWLF�� vQVHDPQ � vQFDGUDUHD� vQ� DQXPLWH� OLPLWH� SUHVWDELOLWH� VDX�UHFRQVLGHUDWH��DVWIHO�vQFkW��V �VH�DVLJXUH�UHDOL]DUHD�LQGLFDWRULORU�GH�HILFLHQ �SUHY ]X L� Ca limite prestabilite „pot fi consideUDWH� QRUPHOH´� GH� PXQF �� vQ�YLJRDUH�OD�GDWD�UHVSHFWLY ��SUHFXP�úL�IRQGXO�GH�VDODULL�SUHY ]XW��SODQLILFDW���OD�QLYHOXO�ILUPHL�úL�VXEXQLW LORU�RUJDQL]DWRULFH��3UDFWLF��DFHDVWD�vQVHDPQ �F ��OXQDU��WULPHVWULDO�úL�OD�ILQHOH�DQXOXL��RGDW �FX�vQWRFPirea statelor GH�SODW ��V �VH� IDF � FRPSDUD LH� FX� IRQGXO planificat2, stabilindu-VH� DVWIHO� DúD-numita PRGLILFDUH�DEVROXW ��∆Fs). ∆Fs = Fs1 – Fs0 = -�HFRQRPLH�DEVROXW ����GHS úLUH�DEVROXW Exemplu:
Cazul (mil. lei) A B
1. Fond de salarii efectiv 2560 2734 2. Fond salarii planificat 2579 2579 ���'LIHUHQ ����– 2) -19 +155
$GPL kQG�F �GUHSWXULOH�GLQ�VWDWHOH�GH�VDODULL�VXQW�FDOFXODWH�vQ�UDSRUW�GH� PXQFD� SUHVWDW �� vQ� SULPD� VLWXD LH�� FD]XO� $�� FRQVLGHU P� F � IDFWRULL� GH�GHFL]LH�DL�XQLW LL�SRW�V �RUGRQDQ H]H�HIHFWXDUHD�SO LL� ÌQ� VLWXD LD� GHS úLULL� DEVROXWH�� FD]XO�%�� HVWH� QHFHVDU � UHFRQVLGHUDUHD�OLPLWHL�LQL LDOH�SULQ�UHFDOFXODUHD�DFHVWHLD� 2�DVHPHQHD�UHFDOFXODUH�HVWH�MXVWLILFDW ��SULQ�DFHHD�F ��vQWUH�YROXPXO�GH� DFWLYLWDWH� DO� vQWUHSULQGHULL� úL� GLQDPLFD� IRQGXOXL� GH� VDODULL�� H[LVW � R�OHJ WXU �GLUHFW ��vQ HOHDV �XQHRUL�úL�FD�R�FRUHOD LH�GH�SURSRU LRQDOLWDWH� 3UREOHPD� FDUH� VH� SXQH� HVWH� RS LXQHD� SHQWUX� FULWHULLOH� vQ� IXQF LH� GH�FDUH� SRDWH� IL� I FXW � UHFDOFXODUHD� IRQGXOXL� GH� VDODULL�� 'H� SULQFLSLX��
2 > ?A@ B�?C D EGF�EGH,C�I�J#BKLB�M N M D O"H,EPJI�O"@ I#K I�HQD�RQD�S�K O EPTS�U�EVF�EGC�I�N�J�S�M S D E�WXC�S�W%F�EVE!YE�NZJK B�W%M E�S�K D U M D K EVJ�E�M D I#S�F�E�DJ#M E�C�E�F#E�?#O E�W#@ I�?F#BK�F�E%M E�@ E�M D ? E�O C#[
FRQVLGHU P� F � WUHEXLH� V � VH� IRORVHDVF � DFHO� LQGLFDWRU� vQ� FDUH� VH� UHJ VHúWH�vQWUHJXO� FRQVXP� GH� PXQF � YLH�� FX� DFRSHULUH� PDWHULDO �� SURGXVH�� OXFU UL�executate, servicii etc., respectiv, veniturile din exploatare. 5H]XOWDWXO� FRPSDUD LHL� GLQWUH� IRQGXO� GH� VDODULL� VWDELOLW� �)V1�� úL� FHO�reFDOFXODW��)U��SRDUW �GHQXPLUHD�GH�PRGLILFDUH�UHODWLY � Fs1 – Fr = -HFRQRPLH�UHODWLY ���GHS úLUH�UHODWLY )RQGXO�GH�VDODULL�UHFDOFXODW�VH�SRDWH�GHWHUPLQD�SH�ED]D�UHOD LLORU�
I) ,100
IqFsFr 0 ⋅
=
unde: venituri din exploatare realizate Iq = YHQLWXUL�GLQ�H[SORDWDUH�SUHY ]XWH
LQkQG�VHDPD�GH�IDSWXO�F �úL�FKHOWXLHOLOH�FX�VDODULLOH�VH�SRW�vPS U L�vQ�YDULDELOH�úL�IL[H��VH�SRDWH�IRORVL�úL�UHOD LD�
II) ,10 Fc
100
IqFvFr +
⋅=
unde: Fv0� �PDQRSHUD�YDULDELO ��GH�UHJXO �GLUHFW � Fc1 = Fondul de salarii constant (fix) efectiv ÌQ� VLWXD LD� LQGH[ ULL� VDODULLORU�� UH]XOWDWXO� RE LQXW� VH� FRUHFWHD] � FX�coeficientul K luat în calcul la stabilirea drepturilor individuale în perioada UHVSHFWLY � 1RW ��5HFDOFXODUHD�VH�IDFH�SH�ED]D�GDWHORU�FXPulate, de la începutul SHULRDGHL��2S LXQHD�SHQWUX�R�YDULDQW �VDX�DOWD�HVWH�vQ�IXQF LH�GH�FRQGL LLOH�GH�VDODUL]DUH�VWDELOLWH�FX�IRUPD LLOH�GH�PXQF �� Exemplu:
Cazul (mil. lei) A B 1. Fond de salarii efectiv 2737 2737 2. din care: - variabile 2350 2350 3. - fixe 387 387 4. Fond de salarii planificat 2579 2579 5. din care: - variabile 2230 2230 6. Venituri din exploatare planificate 45400 45400 7. Venituri din exploatare realizate 48940 43500
8. Indicele de realizare a veniturilor (%) 107,8 96,12 9. Fond de salarii recalculat (rd. 4 × rd. 8)
2780 2479
����0RGLILFDUH�UHODWLY (rd. 1 – rd. 9)
-43 +258
11. Fond de salarii recalculat (II) (rd. 5 × rd. 8 + rd. 3)
2791 2530
12. ModificarH�UHODWLY (rd. 1 – rd. 11)
-54 +207
5H]XOW � F �� vQ� FD]XO� $�� vQ� DPEHOH� VLWXD LL�� V-D� RE LQXW� R� HFRQRPLH�UHODWLY �� FDUH� HVWH� XQ� HIHFW� DO� UHVSHFW ULL� FRUHOD LHL� GLQWUH� FUHúWHUHD�SURGXFWLYLW LL�úL�D�VDODULXOXL�PHGLX��ÌQ�FD]XO�%��VLWXD LD�HVWH�LQYHUV � &H� IDFH� FRQGXFHUHD� XQLW LL� "� ÌQ� DPEHOH� FD]XUL�� VWDWHOH� GH� SODW �vQVXPHD] ������PLO��OHL� Pentru cazul A:
ÌQWUHSULQGHUHD� VROLFLW � E QFLL� HOLEHUDUHD� IRQGXOXL� GH� VDODULL�UHVSHFWLY� úL� RQRUHD] � GUHSWXULOH� LQGLYLGXDOH�� $U� H[LVWD� úL�SRVLELOLWDWHD� V � ILH� VROLFLWDW� IRQGXO� UHFDOFXODW� úL�� GDF � QX� DX�LQWHUYHQLW�PRGLILF UL�GHRVHELWH�vQ�FRQGL LLOH�GH�PXQF ��HFRQRPLD�UHODWLY �SRDWH�IL� UHSDUWL]DW �VDODULD LORU� vQ� IXQF LH�GH�FRQWULEX LD�DGXV �OD�UHDOL]DUHD�SURJUDPXOXL�GH�SURGXF LH��'DF �DX�LQWHUYHQLW�DQXPLWH�FRQGL LL� QRL� �PHFDQL]DUHD� XQRU�RSHUD LL�� WHKQRORJLL� QRL�HWF���FDUH�DX�IDYRUL]DW�FUHúWHUHD�SURGXFWLYLW LL�PXQFLL��FD�HIHFW�DO�DFWLYLW LL� vQWUHSULQGHULL�� HFRQRPLD� VH� FRUHFWHD] � FX� LQIOD LD�DFHVWRUD�� XUPkQG� FD� QXPDL� GLIHUHQ D� V � ILH� UHSDUWL]DW �VDODULD LORU�
Pentru cazul B: 'DF � QX� VXQW� FRQGL LL� RELHFWLYH� GHRVHELWH�� VXPD� VROLFLWDW � GH�
E QFLL� YD� IL� WRW� OD� QLYHOXO� IRQGXOXL� UHFDOFXODW�� LDU� GHS úLUHD�UHODWLY � YD� IL� VXSRUWDW � GH� VXEXQLW LOH� FDUH� QX� úL-au realizat SURJUDPXO�GH�SURGXF LH�VWDELOLW�
1RW :�&RQVLGHU P�F �UHFDOFXODUHD�IRQGXOXL�GH�VDODULL�WUHEXLH�V �ILH�R�SUREOHP � H[FOXVLY � D� XQLW LL�� FKLDU� GDF � VH� VROLFLW � XQ� vPSUXPXW�� EDQFD�WUHEXLH� V � XUP UHDVF � GRDU� UHDOL]DUHD� FRQGL LLORU� VWDELOLWH� FX� GHELWRUXO��pentru rambursarea creditelor la termenul stabilit.
Un alt aspect al autocontrolului fondului de salarii, în special în XQLW LOH� GH� FRQVWUXF LL�� VH� UHIHU � OD� VWDELOLUHD� GUHSWXULORU� LQGLYLGXDOH�� vQ�IXQF LH� GH� YROXPXO� GH� OXFU UL� H[HFXWDWH� úL� LPSOLFLW� DO� WLPSXOXL� OXFUDW��(YLGHQW�� U VSXQGHUHD� GLUHFW � UHYLQH� úHILORU� GH� HFKLSH�� PDLúWULORU� úL�FRQGXF WRULORU� GH� úDQWLHUH�� SHQWUX� PRGXO� vQ� FDUH� VH� HIHFWXHD] � SRQWDMHOH��'LVSHUVDUHD�vQ�WHULWRULX�D�RELHFWLYHORU�GH�FRQVWUXF LH�vQJUHXQHD] �H[HUFLWDUHD�XQXL�FRQWURO�GLUHFW�OD�WRDWH�SXQFWHOH�GH�OXFUX�GH�F WUH�FRQGXF WRULL�DFWLYLW LL ILQDQFLDUH�D�ILUPHL��'H�DFHHD��HVWH�QHFHVDU�V �VH�IRORVHDVF �DQXPLWH�FRUHOD LL�GLQWUH�GLIHUL L�LQGLFDWRUL��SHQWUX�D�SXWHD�GHSLVWD�HYHQWXDOHOH�DEDWHUL�vQ�FHHD�FH�SULYHúWH� VXSUDHYDOXDUHD� XQRU� GUHSWXUL�� $VWIHO�� H[HFXWDUHD� XQHL� OXFU UL�� SH�OkQJ � PDQRSHU �� LPSOLF � úL� XQ� FRQVXP� GH� PDWHULDOH�� 'HFL�� GDF � OD� XQ�RELHFWLY� GH� FRQVWUXF LL� VH� FRQVWDW � GLVFUHSDQ H� vQWUH� DFHVWH� FDWHJRULL� GH�FKHOWXLHOL��vQVHDPQ �F �HVWH�QHFHVDU �R�DQDOL] �vQ�GHWDOLX�SHQWUX�FODULILFDUHD�VLWXD LHL� ÌQ� DFHODúL� FRQWH[W�� VH� vQVFULH� úL� XUP ULUHD� HYROX LHL� FKLULHL� SHQWUX�XWLODMHOH� GH� FRQVWUXF LL� �GH� H[HPSOX�� PDFDUDOH� WXUQ��� vQ� IXQF LXQH� OD� XQ�RELHFWLY�� FKHOWXLHOLOH� SHQWUX� EHWRDQH�� úDSH� úL� PRUWDUH�� FX� OXDUHD� vQ�FRQVLGHUDUH� D� VWDGLXOXL� IL]LF� GH� H[HFX LH� D� OXFU ULORU�� (YROX LD� DFHVWRU�cheltuieli poaWH� SXQH� vQ� HYLGHQ � DQXPLWH� HOHPHQWH� FDUH� V � FRQGXF � OD�FRQFOX]LD�F �PDQRSHUD�vQUHJLVWUDW �QX�VH�MXVWLILF �vQ�WRWDOLWDWH� ÌQ� LSRWH]D� F � DSDU� DVHPHQHD� VLWXD LL�� FRQGXFHUHD� XQLW LL� WUHEXLH� V �DF LRQH]H� SULQ� LQWHUPHGLXO� RUJDQLVPHORU� LQWHUQH� GH� VSHFLDOLWDWH� pentru UHFXSHUDUHD�VXPHORU�DFRUGDWH�QHMXVWLILFDW�úL�VDQF LRQDUHD�vQ�FRQIRUPLWDWH�FX�QRUPHOH�vQ�YLJRDUH�D�FHORU�YLQRYD L� 3.10 Analiza cheltuielilor cu dobânzile 3HQWUX� ILQDQ DUHD� DFWLYLW LL� GH� SURGXF LH� úL� LQYHVWL LL�� XQLW LOH� SRW�DSHOD� úL� OD� vPSUXPXWXUL� EDQFDUH�� SXUW WRDUH� GH� GREkQ]L�� ,QGLIHUHQW� GDF �DFHVWHD�VH�LQFOXG�VDX�QX�vQ�FRVWXUL��vQ�XOWLP �LQVWDQ ��DIHFWHD] �SURILWXO�QHW�DO�ILUPHL��ÌQ�SUHYL]LRQDUHD�QHFHVDUXOXL�GH�IRQGXUL�SHQWUX�R�DQXPLW �SHULRDG ��SULQ�EXJHWXO�GH�YHQLWXUL��GDF �HVWH�FD]XO��VH�VWDELOHúWH�úL�QHFHVDUXO�GH�FUHGLWH��UHVSHFWLY�� GREkQGD�DIHUHQW � �SULQ� DFWH� QRUPDWLYH� VH� SRW� SUHYHGHD�FDWHJRULL�GH� FUHGLWH� FDUH� VH� GLIHUHQ LD] � SULQ� SURFHQWXO� GH� GREkQG �� vQ� DFHODúL� WLPS��SHQWUX�GLVSRQLELOLW LOH�SURSULL�S VWUDWH�OD�EDQF ��VH�vQFDVHD] �XQ procent de GREkQG �� ÌQ�DQDOL]D�FKHOWXLHOLORU�FX�GREkQ]LOH�VH�XUP UHúWH�HYROX LD�DFHVWRUD��FRPSDUDWLY� FX� SHULRDGD� DQWHULRDU �� SUHFXP� úL� ID � GH� SUHYHGHUL��
explicându-VH� PRGLILFDUHD� ORU� SULQ� SULVPD� IDFWRULORU� FDUH� OH� GHWHUPLQ ��Obiectul analizei îl poate�FRQVWLWXL�DWkW�VXPD�DEVROXW ��6G���FkW�úL�QLYHOXO�ORU�OD������OHL�FLIU �GH�DIDFHUL��&G�� ÌQ�SULPXO�FD]�VH�IRORVHúWH�PRGHOXO�
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dKiSd
×=
unde: Ki = capitalul împrumutat; d = SURFHQWXO�PHGLX�GH�GREkQG �
3HQWUX� FUHGLWHOH� DIHUHQWH� DFWLYLW LL� GH� H[SORDWDUH�� VXPD� GREkQ]LL�SRDWH�IL�H[SULPDW �SULQ�UHOD LD�
,100
dKSmSd
2
⋅⋅=
unde: Sm = soldul mediu al activelor circulante; K = FRWD� SURFHQWXDO � GH� SDUWLFLSDUH� D� FUHGLWXOXL� OD� ILQDQ DUHD� DFWLYHORU�
circulante; d = procentul mediu de dobânG �
&D� QLYHO� OD� ����� OHL� FLIU � GH� DIDFHUL�� FKHOWXLHOLOH� FX� GREkQ]LOH� VH�DQDOL]HD] �FX�DMXWRUXO�UHOD LHL�
dKDz10T
1Cd ⋅⋅
⋅=
unde: T = perioada (360 zile); Dz = YLWH]D�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH�
)RUPXOD�DQWHULRDU �UH]XOW �GLQ�
1000100
12
⋅⋅⋅⋅
CA
dKDzT
CA
0RGLILFDUHD�VXPHL�DEVROXWH�D�GREkQ]LL�VH�H[SOLF �SULQ�LQIOXHQ D� � activelor circulante
( ) 00012dKSmSm
100
1 ⋅−
� cotei de participare a creditului
( ) 00112dKKSm
100
1 −
� SURFHQWXOXL�PHGLX�GH�GREkQG
( )01112ddKSm
100
1 −⋅
Care este semniILFD LD�LQIOXHQ HORU�UHVSHFWLYH?
��� 0DMRUDUHD� DFWLYHORU� FLUFXODQWH� HVWH� MXVWLILFDW � QXPDL� GDF � HVWH�XUPDUHD� FUHúWHULL� SURGXF LHL� vQ� FRQGL LLOH� PHQ LQHULL� YLWH]HL� GH� URWD LH�SUHY ]XW ��ÌQ�FD]�FRQWUDU��vQVHDPQ �R�LPRELOL]DUH�GH�IRQGXUL�úL�vQ�FRQVHFLQ �vPSUXPXWXUL� VXSOLPHQWDUH� SXUW WRDUH� GH� GREkQG � PDMRUDW � úL� GH� FRWD� GH�participare a creditului. ���0RGLILFDUHD�SURFHQWXOXL�GH�GREkQG �SRDWH�IL�H[SOLFDW �SULQ�
� VFKLPE UL� vQ�VWUXFWXUD�FUHGLWHORU��GDF �SURFHQWXO�HVWH�GLIHUHQ LDW�astfel;
� schimbarea proFHQWXOXL� GH� GREkQG � SULQ� UHJOHPHQW UL� OHJDOH��inclusiv indexarea acesteia.
&D� QLYHO� PHGLX� OD� ����� OHL� SURGXF LH�� FKHOWXLHOLOH� FX� GREkQ]LOH� VH�DQDOL]HD] �SULQ�LQWHUPHGLXO�IDFWRULORU� ���9LWH]D�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH
( ) 0001 dKDzDz10T
1 ⋅⋅−⋅
2. Cota de participare a creditului
( ) 0011 dKKDz10T
1 ⋅−⋅⋅
���3URFHQWXO�PHGLX�GH�GREkQG
( )0111 ddKDz10T
1 −⋅⋅⋅
0RGHOXO�SUH]HQWDW�SXQH� vQ� HYLGHQ � LPSRUWDQ D�GHRVHELW �SH�FDUH�R�DUH� DFFHOHUDUHD� YLWH]HL� GH� URWD LH� vQ� GLPLQXDUHD� HIHFWXOXL� SH� FDUH-l are FRQWUDFWDUHD�GH� vPSUXPXWXUL��PDL�DOHV� vQ�FRQGL LLOH� vQ�FDUH�GREkQGD�DUH�XQ�nivel ridicat.
3.11 Analiza costului pe produse ÌQFDGUDUHD� vQ� DF LXQHD� DPSO � GH� VSRULUH� FRQWLQX � D� UHQWDELOLW Li, analiza costului pe produs constituie etapa de început care precede punerea în aplicare a� P VXULORU� WHKQLFR-RUJDQL]DWRULFH�� PHQLWH� V � FRQGXF � OD�economisirea resurselor consumate. 2UJDQL]DUHD� úL� GHVI úXUDUHD� SUDFWLFLL� GH� DQDOL] � D� FRVWXULORU� SH�SURGXVH��HVWH�FRQGL LRQDW �GH�PRGXO�GH�RUJDQL]DUH�D�HYLGHQ HL�FKHOWXielilor GH�SURGXF LH�úL�FDOFXO�DO�SUH XOXL�GH�FRVW��SUHFXP�úL�GH�FDUDFWHUXO�SURGXF LHL�úL�JUDGXO�GH�FRPSOH[LWDWH�DO�DFHVWXLD� $QDOL]D� FRVWXOXL� SH� SURGXV� XUP UHúWH� DEDWHUHD� DFHVWXLD� ID � GH� XQ�anumit criteriu (costul planificat, normat, sau din anul precedent), FDWHJRULLOH�GH�FKHOWXLHOL��DUWLFROH�GH�FDOFXOD LH��HOHPHQWH�SULPDUH��SH�VHDPD�F URUD�V-DX�SURGXV�PRGLILF UL��SUHFXP�úL�IDFWRULL�FDUH�DX�GHWHUPLQDW�DEDWHULOH�respective. 2�LPSRUWDQ �GHRVHELW �R�SUH]LQW �LGHQWLILFDUHD�UH]HUYHORU�H[LVWHQWH��care pot fL�PRELOL]DWH�vQ�SURFHVXO�GH�H[HFX LH�D�SURGXVXOXL�SHQWUX�UHGXFHUHD�FRQWLQX �D�FRVWXOXL�úL�PHQ LQHULL�VDX�FKLDU�vPEXQ W LULL�FDOLW LL�SURGXVXOXL��D�ILDELOLW LL�DFHVWXLD� 2UJDQL]DUHD� PXQFLL� GH� DQDOL] � D� FRVWXULORU� SH� SURGXVH� LPSOLF �SDUFXUJHUHD�XUP WRDUHlor etape:
a) 6WDELOLUHD� SURGXVHORU� FDUH� XUPHD] � D� IL� VXSXVH� DQDOL]HL�� 'H�UHJXO ��VXQW�FHUFHWDWH�FX�SULRULWDWH�SURGXVHOH�OD�FDUH�V-DX�GHS úLW�FRVWXULOH� DQWHFDOFXODWH� VDX� QRUPDWH�� $FHDVWD� QX� H[FOXGH� úL�produsele la care s-DX� RE LQXW� HFRQRPLL� SHQWUX� D� JHQHUDOL]a H[SHULHQ D�SR]LWLY �
b) ([SOLFDUHD� PRGLILF ULL� FRVWXOXL� SH� ILHFDUH� SURGXV� SULQ� SULVPD�categoriilor de cheltuieli (articole sau elemente), stabilindu-se FRQWULEX LD� DEVROXW � úL� SURFHQWXDO � D� ILHF UHL� FDWHJRULL� OD�PRGLILFDUHD�WRWDO �D�FRVWXOXL�SH�SURGXV�
c) AnalL]D�HOHPHQWHORU�GH�FKHOWXLHOL�SULQ�SULVPD�IDFWRULORU�GLUHF L�úL�LQGLUHF L� GH� LQIOXHQ �� $VWIHO�� PRGLILFDUHD� FKHOWXLHOLORU� FX�materiile prime, materialele directe (∆FKP��VH�H[SOLF �SULQ�
���,QIOXHQ D�FRQVXPXULORU�VSHFLILFH��FV� ( ) 001 pcscs ′− 2��,QIOXHQ D�SUH XOXL�PDWHULDOHORU��S�� ( )011 ppcs ′−′
Cheltuielile cu salariile directe sunt dependente de timpul de PXQF �FRQVXPDW�SH�XQLWDWH�GH�SURGXV��W��úL�salariul mediu pe unitate de timp (sh). Deci, ∆FKU�VH�H[SOLF �SULQ�LQIOXHQ D�
� timpXOXL�GH�PXQF
( ) 00
001 ChsIw
Chssaushtt −−
unde:
,Z� �LQGLFHOH�SURGXFWLYLW LL�PXQFLL�HVWH�FDOFXODW�SH�ED]D�UHOD LHL�1
0
t
t
� salariul mediu orar
( )Iw
ChsChssaushsht 0
1011 −−
Cheltuielile indirecte (chi), fiind reparWL]DWH� SH� ED] � GH� FKHL� GH�reparti LH��VH�YRU�DQDOL]D�SULQ�SULVPD�PRGLILF ULL�
� YROXPXOXL� SURGXF LHL�� LQIOXHQ D� F UXLD� VH� GHWHUPLQ � SH� ED]D�UHOD LHL�
00 Chi
Iq
Chi−
unde: 0
1
q
qIq =
� sumei absolute a cheltuielilor indirecte:
Iq
ChiChi 0
1 −
1RW �� ÌQ� FD]XO� FkQG� FRPSDUD LD� VH� IDFH� FX� FRVWXO� QRUPDW�� vQ� WRDWH�UHOD LLOH��FRVWXO�DQWHFDOFXODW�VH�YD�vQORFXL�FX�QLYHOXO�QRUPDW� ,GHQWLILFDUHD�XQRU�QRL�UH]HUYH�GH�UHGXFHUH�D�FRVWXULORU�WUHEXLH�I FXW �vQ� OHJ WXU � FX� SRQGHUHD�GLIHULWHORU�FDWHJRULL� GH�FKHOWXLHOL� úL�GH�GHSHQGHQ D�ORU�ID �GH�YROXPXO�SURGXF LHL��$VWIHO��SHQWUX�FKHOWXLHOLOH�IL[H�SH�XQLWDWH�GH�SURGXV��GHFL�YDULDELOH�vQ�VXP �DEVROXW ���PDWHULL�SULPH��VDODULL�GLUHFWH��HVWH�QHFHVDU �R�DQDOL] �WHKQLFR-HFRQRPLF �D�WXWXURU�FDWHJRULLORU�GH�FRQVXPXUL��ÌQ�ceea ce prLYHúWH� FKHOWXLHOLOH� LQGLUHFWH�� FDUH� vQ� JHQHUDO� VXQW� YDULDELOH� SH�XQLWDWH�GH�SURGXV��SRW�IL�PLFúRUDWH�SULQ�RSWLPL]DUHD�YROXPXOXL�GH�SURGXF LH��HYLGHQW� WUHEXLH� V � VH� LQ � VHDPD� GH�� H[LVWHQ D� UHVXUVHORU� PDWHULDOH��FDSDFLWDWHD�GH�SURGXF LH�úL�SRVLELOLW LOH�GH desfacere). ÌQ� WHRULD� úL� SUDFWLFD� HFRQRPLF �� SRDWH� IL� SXV � SUREOHPD� LQIOXHQ HL�YDULD LHL� YROXPXOXL� GH� DFWLYLWDWH� �JUDG� GH� IRORVLUH� D� FDSDFLW LL�� DVXSUD�
costului unitar. 3HQWUX� D� vQ HOHJH� DFHVW� PHFDQLVP�� VH� DUH� vQ� YHGHUH� XUP WRDUHD�VLWXD LH�
1. volumul� QRUPDO� GH� DFWLYLWDWH� �FDUH� DVLJXU � R� IRORVLUH� UD LRQDO � D�FDSDFLW LL�GH�SURGXF LH��–������EXF L�
2. cheltuieli fixe – 30000 mii lei; 3. cheltuieli variabile (20000 × 4000) = 80000 mii lei; 4. cheltuieli totale (2 + 3) = 110000 mii lei; 5. cost pe unitate lei (4 : 1) = 27500 lei. 6H�SUHVXSXQH�F ��GDWRULW �UHGXFHULL�FHUHULL��VH�PLFúRUHD] �YROXPXO�GH�DFWLYLWDWH�OD������EXF��ÌQ�DFHVWH�FRQGL LL��FRVWXO�SH�EXFDW �YD�IL�
lei285713500
3000020000 =+
ÌQ�FRQVHFLQ ��HIHFWXO� VF GHULL� YROXPXOXL�GH�DFWLYLWate este 28571 – 27500 = 1071 lei 'DF �SUH XO� GH� YkQ]DUH�HVWH� HVWLPDW� OD� ������ OHL�� UH]XOWDWXO� VFRQWDW�este: a)�vQ�FD]XO�DFWLYLW LL�QRUPDOH (50000 – 27500) 4000 = 90000 mii lei b)�vQ�FD]XO�VXEDFWLYLW LL� (50000 – 28571) 3500 = 75002 mii lei c) efHFWXO�VXEDFWLYLW LL��E�– a) = -14998 mii lei 3.12 Analiza costului produselor comparabile Produsele comparabile sunt acele produse care s-au fabricat în cadrul XQLW LL�úL� vQ�SHULRDGD�DQWHULRDU �FHOHL�SHQWUX�FDUH�VH�IDFH�DQDOL]D��7HRULD�úL�practica eFRQRPLF � HYLGHQ LD] � WRW� PDL� SUHJQDQW� QHFHVLWDWHD� XUP ULULL�HYROX LHL� XQRU� IHQRPHQH� HFRQRPLFH� úL� vQ� UDSRUW� FX� UHDOL] ULOH� SHULRDGHL�precedente. Într-R�DVHPHQHD�VLWXD LH�VH�DIO �úL�FKHOWXLHOLOH�DIHUHQWH�SURGXF LHL�FRPSDUDELOH�� SHQWUX� FDUH� VH� FRQVLGHU � F � HVWH� DEVROXW� QHFHVDU� V � VH�VWDELOHDVF �XQ�FRVW�DQWHFDOFXODW��SODQLILFDW��SURJUDPDW��FDUH�YD�IL�VLPEROL]DW�în continuare cu Cp), întrucât:
¾ WUHEXLH� V � ILH� OXDWH� vQ� FRQVLGHUDUH� QRLOH� FRQGL LL� vQ� FDUH� VH�GHVI úRDU � DFWLYLWDWHD� �HYROX LD� SUH XULORU� GH� FXPS UDUH�� a salariilor, sistemul de impozitare);
¾ HVWH� QHFHVDU� V � VH� VWDELOHDVF � ED]D� GH� FRQWURO� D� FKHOWXLHOLORU� pe centre generatoare;
¾ VH� LPSXQH� XQ� FRQWURO� DVXSUD� PRGXOXL� vQ� FDUH� VH� UHDOL]HD] �SURJUDPHOH� VWDELOLWH� SHQWUX� SHULRDGD� GH� JHVWLXQH� OXDW � vQ�considerare.
3HQWUX� HYROX LD� FRVWXULORU� DIHUHQWH� SURGXVHORU� FRPSDUDELOH� VH� YD�IRORVL�PRGLILFDUHD�DEVROXW ��0��úL�SURFHQWXDO ��0���D�FRVWXOXL�FDUH�DUH�XQ�QLYHO�SUHY ]XW��S��úL�XQXO�UHDOL]DW����� Astfel, pentru un produs: Mp = cp – c0 în care: c0 = costul perioadei precedente M1 = c1 – c0
1001c
csau100
c
cc%M
0
p
0
0pp
−
−=
1001c
csau100
c
cc%M
0
1
0
011
−
−=
'DF �UH]XOWDWXO�DUH�VHPQXO�PLQXV��-���vQVHDPQ �R�UHGXFHUH�D�FRVWXOXL��DEVROXW �VDX�SURFHQWXDO ��ID �GH�DQXO�SUHFHGHQW�� LDU�GDF �HVWH�VHPQXO�����VHPQLILF �R�PDMRUDUH� Pe baza daWHORU�GLQ�WDEHOXO�������UH]XOW �F �FHOH�WUHL�SURGXVH�IRORVLWH�SHQWUX�H[HPSOLILFDUH�SUH]LQW �VLWXD LL�GLIHULWH� Astfel: produsul A: s-D�SUHY ]XW�R�PDMRUDUH�D�FRVWXOXL�ID �GH�DQXO�SUHFHGHQW�úL�V-a UHDOL]DW�R�FUHúWHUH�PDL�PDUH� produsul B: s-D�SUHY ]XW�R�UHGXFHUH��UHDOL]DW �vQWU-R�SURSRU LH�PDL�PDUH� produsul C: s-D�SUHY ]XW�R�UHGXFHUH�úL�V-D�UHDOL]DW�R�FUHúWHUH�D�FRVWXOXL� ÌQ�WRDWH�FD]XULOH��PRGLILFDUHD��DEVROXW �úL�SURFHQWXDO ��UHDOL]DW �ID �GH�DFHHD�SUHY ]XW �HVWH�GHWHUPLQDW �GH�YDULD LD�FRVWXOXL�HIHFWLY� ID �GH�FHO�SUHY ]XW�
¾ PRGLILFDUHD�DEVROXW �F1 – cp;
¾ PRGLILFDUHD�SURFHQWXDO � 100c
cc
0
p1 −.
Astfel, pentru produsul A: � PRGLILFDUHD�DEVROXW � ������– 1250 = +1900 lei
c1 – cp = 71900 – 70000 = +1900 lei
� PRGLILFDUHD�SURFHQWXDO
%76,210068750
7000071900
c
cc
0
p1 +=−=−
Tabelul 3.19
Cost pe unitate de produs (lei
Modificare \�]�^Q_#` a�b (lei)
c _#d8e f e g�\�h�iLj8h�_#g�i�k�b a\�` (%)
j6h�l�g�a8h�i�k�b
Nr. crt.
Produs
Pr. j8h�i�g�i�d8i�k�b (c0)
j6h�i�m n�ab (cp)
realizat
(c1)
j6h�i�m n�ab (cp –c0)
realizat (c1-c0)
o�p q�r s�t�u 1001
c
c
0
p
−
realizat
1001c
c
0
1
−
1 A 68750 70000 71900 +1250 +3150 +1,82 +4,58 2 B 113000 105860 103750 -7140 -9250 -6,32 -8,19 3 C 789488 780000 802000 -9488 +12512 -1,20 +1,58
'LQ� SXQFW� GH� YHGHUH� SUDFWLF�� HVWH� QHFHVDU� V � ILH� VWDbilit efectul PRGLILF ULL� FRVWXULORU� SHQWUX� vQWUHDJD� SURGXF LH� FRPSDUDELO �� SHQWUX� D� IL�corelat cu venitul aferent acesteia, atât în faza de elaborare a bugetului de YHQLWXUL�úL�FKHOWXLHOL�FkW�úL�FHD�GH�H[HFX LH� Deci: ( )∑ ∑ −= 0ppp ccqM
( )∑ ∑ −= 0111 ccqM
1001cq
cq%M
0p
ppp
−
∑
∑=
1001cq
cq%M
01
111
−
∑∑=
3H� ED]D� FRVWXULORU� SH� SURGXVH� GLQ� WDEHOXO� ������ úL� D� FDQWLW LL�SUHY ]XWH�úL�UHDOL]DWH�VH�VWDELOHVF�XUP WRDUHOH�GDWH�VLQWHWLFH� ���3URGXF LD�FRPSDUDELO �SUHY ]XW ��H[SULPDW �vQ�
� cost din anul precedent: Σqpc0 = 25500 mil. lei
� FRVW�SUHY ]XW� Σqpcp = 25810 mil. lei ���3URGXF LD�FRPSDUDELO ��UHDOL]DW �H[SULPDW �vQ�
� costul din anul precedent: Σq1c0 = 26430 mil. lei
� FRVW�SUHY ]XW� Σq1cp = 26034 mil. lei
� cost realizat: Σq1c1 = 26266 mil. lei 'LQ�GDWHOH�PHQ LRQDWH��UH]XOW �
� PRGLILFDUHD�DEVROXW �SUHY ]XW ΣMp = 25810 – 25500 = +310 mil. lei
� PRGLILFDUHD�SURFHQWXDO �SUHY ]XW
%22,1100125500
25810%Mp +=
−=
� PRGLILFDUHD�DEVROXW �UHDOL]DW ΣM1 = 26266 – 26430 = -164 mil. lei
� modificarea procHQWXDO �UHDOL]DW
%62,0100126430
26266%M p −=
−=
ÌQ�VLWXD LD�GDW �� V-D�SUHY ]XW�R�FUHúWHUH�D�FRVWXULORU�FX�����PLO�� OHL��UHVSHFWLY�� ������� úL� V-a realizat o reducere de –164 mil. lei, respectiv –�������$FHVWH�UH]XOWDWH�WUHEXLH�V �ILH�DQDOL]DWH�SULQ�SULVPD�IDFWorilor care le GHWHUPLQ ��IDSW�FH�LPSOLF �R�WUDWDUH�VHSDUDW �D�ORU� $QDOL]D� PRGLILF ULL� SURFHQWXDOH� PHGLL� D� FRVWXOXL� SURGXVHORU�comparabile��)LLQG�R�P ULPH�PHGLH��PRGLILFDUHD�SURFHQWXDO �HVWH�HIHFWXO�D�GRL�IDFWRUL��UHVSHFWLY��VWUXFWXUD�SURGXF LHL��J��úL�PRGLILFDUHD�SURFHQWXDO �SH�fiecare produs (m%). Deci:
iar,100
%mg%M pp
p∑ ⋅
=
100
%mg%M 11
1∑ ⋅
=
3HQWUX�D�SXWHD�VWDELOL� LQIOXHQ D�VWUXFWXULL��HVWH�QHFHVDU �UHFDOFXODUHD�PRGLILF ULL� SURFHQWXDOH�� vQ� IXQF LH� GH� VWUXFWXUD� HIHFWLY � D� SURGXF LHL� úL�moGLILFDUHD�SURFHQWXDO �SH�SURGXVH��SUHY ]XW ��UHVSHFWLY�
100
%mg%M p1∑ ⋅
=′
FHHD�FH�HFKLYDOHD] �FX�
%50,1100126430
260341001
cq
cq
01
p1 −=
−=
−
∑
∑
ÌQ�FRQVHFLQ �
( ) %84,122,162,0%M −=+−−=∆ din care: LQIOXHQ D�VWUXFWXULL�–1,50 – 1,22 = -2,72% LQIOXHQ D�FRVWXULORU�SH�SURGXse –0,62 –(-1,50) = +0,88% 'DF � vQ� DQVDPEOXO� SURGXVHORU� FRPSDUDELOH� UH]XOW � R� UHGXFHUH� D�FRVWXULORU�� FD� HIHFW� DO� VWUXFWXULL� SURGXF LHL�� OD� QLYHOXO� SURGXVHORU� VH�vQUHJLVWUHD] �R�FUHúWHUH� D� FRVWXULORU��'HFL�� vQ� VSDWHOH�XQXL� UH]XOWDW�� DSDUHQW�pozitiv, se ascund rezultate negative. $QDOL]D� PRGLILF ULL� DEVROXWH� D� FRVWXULORU� DIHUHQWH� SURGXF LHL�comparabile.�ÌQ�FDGUXO�PRGLILF ULL�DEVROXWH��LQWHUYLQH�úL�YROXPXO�SURGXF LHL�FD� IDFWRU� GLPHQVLRQDO�� &D� DWDUH�� PRGLILFDUHD� DEVROXW � D� FRVWXULORU� HVWH�LQIOXHQ DW �GH�YROXPXO�SURGXF LHL��VWUXFWXUD�DFHVWHLD�úL�FRVWXO�SH�SURGXVH��ÌQ�exemplul dat:
∆M = -164 – (+310) = -474 mil. lei din care:
� IQIOXHQ D�YROXPXOXL�SURGXF LHL
( ) ( )
( ) ( ) lei.mil11)310(321255002581025500258102550026430
cqcqcqcqcq
cq0ppp0ppp
0p
01
+=+−+=−−−=
=−−− ∑∑∑∑∑∑
� ,QIOXHQ D�VWUXFWXULL
( ) ( )( ) ( ) lei.mil7173212643026034
cqcqcq
cqcqcq 0ppp
0p
0101p1
−=+−−
=∑ ∑−∑∑−∑ ∑−
� ,QIOXHQ D�FRVWXOXL ∑ +=−=∑− lei.mil2322603426266cqcq p111
ÌQ�FD]XO�PRGLILF ULL�DEVROXWH��VWUXFWXUD�SURGXF LHL�FRQVWLWXLH�IDFWRUXO�FDUH� D� FRQGXV� vQ� ILQDO� OD� UHDOL]DUHD� HFRQRPLLORU� DIHUHQWH� SURGXF LHL�FRPSDUDELOH��ÌQ�DFWLYLWDWHD�SUDFWLF ��WUHEXLH�V �VH�LGHQWLILFH�FRQGL LLOH�vQ�FDUH�s-a modificat structuUD� vQ� FRUHOD LH� GLUHFW � FX� VDWLVIDFHUHD� REOLJD LLORU�DVXPDWH�SULQ�FRQWUDFWH�úL� UHDOL]DUHD�YHQLWXULORU�SUHY ]XWH��'H�DVHPHQHD��VH�LGHQWLILF � SURGXVHOH� OD� FDUH� DX� FUHVFXW� FRVWXULOH�� FDX]HOH� FDUH� OH-au GHWHUPLQDW� vQ�YHGHUHD� IRUPXO ULL�P VXULORU� FDUH�VH� LPSXQ�a fi luate pentru SHULRDGD�XUP WRDUH�
În exemplul dat, s-D�DYXW�vQ�YHGHUH�XUP WRDUHD�VLWXD LH� ( )
∑ ∑ −=−−
−=−−
p1
p1
MM
%M%M $FHDVWD� vQVHDPQ � F � V-D� SUHY ]XW� R� FUHúWHUH� D�FRVWXOXL� ID � GH� DQXO� SUHFHGHQW� úL� V-a realizat o UHGXFHUH��DWkW�vQ�VXP �DEVROXW ��FkW�úL procentual.
3RW�IL�vQWkOQLWH�úL�DOWH�FD]XUL��FXP�DU�IL�
∑ ∑ +=−+=−
p1
p1
MM
%M%M
5H]XOW � F � V-D� SUHY ]XW� R� FUHúWHUH� D� FRVWXULORU�DIHUHQWH� SURGXF LHL�� FRPSDUDELO �� FDUH� V-a realizat într-R�SURSRU LH�PDL�PDUH�
∑ ∑ −=−+=−
p1
p1
MM
%M%M
Prevederile sunt similare cazului anterior, cu GHRVHELUHD� F � vQ�P ULPL� DEVROXWH�� FUHúWHUHD� D�IRVW� PDL� PLF �� GDWRULW � QHUHDOL] ULL� SURGXF LHL�SUHY ]XWH�
∑ ∑ +=−−−=−−
p1
p1
MM
%M%M
S-D� SUHY ]XW� R� FUHúWHUH� GH� FRVWXUL�� GDU� V-a realizat într-R�SURSRU LH�PDL�PLF �vQ�FRQGL LLOH�GHS úLULL�SURGXF LHL�SUHY ]XWH�
∑ ∑ −=−−
−=−−
p1
p1
MM
%M%M
S-D� SUHY ]XW� R� UHGXFHUH� D� FRVWXULORU� úL� V-a UHDOL]DW�vQ�SURSRU LH�PDL�PDUH�
( )∑ ∑ +=−−
−=−%M%M
%M%M
p1
p1
Se prevede reducerea costului, care se UHDOL]HD] � QXPDL� SURFHQWXDO�� 1HUHDOL]DUHD� vQ�VXP � DEVROXW � VH� GDWRUHD] � RE LQHULL� XQHL�SURGXF LL�VXE�FHD�SUHY ]XW �
∑ ∑ −=−−+=−
p1
p1
MM
%M%M
6LPLODU�VLWXD LHL�SUHFHGHQWH��vQ�FHHD�FH�SULYHúWH�prevederile, dar s-D� UHDOL]DW� R� FUHúWHUH� D�SURGXF LHL� FDUH� D� DQLKLODW� LQIOXHQ D�QHIDYRUDELO �D�VWUXFWXULL�úL�FRVWXOXL�
În ca]XO� vQWUHSULQGHULORU� GH� FRQVWUXF LL� VH� XWLOL]HD] � DFHHDúL�PHWRGRORJLH��FX�GHRVHELUHD�F �VH�DUH�vQ�YHGHUH�vQWUHDJD�SURGXF LH��LDU�FRVWXO�GLQ�SHULRDGD�SUHFHGHQW �HVWH�vQORFXLW�FX�costul de deviz.
3.13 Analiza costului marginal ÌQ�XQLW LOH�GLQ�VHFWRUXO�SULPDU��VH�UHFRPDQG �IRORVLUHD�vQ�DQDOL] �úL�D�costurilor marginale, care pot servi ca orientare în decizii privind folosirea FDSDFLW LL�GH�SURGXF LH�úL�vQ�FHOHODOWH�XQLW L� &RVWXO� PDUJLQDO�� GXS � FXP� VH� úWLH�� HVWH� FRVWXO� XQHL� XQLW L�DGL LRQDOH�GH�SURGXs. Nivelul costului marginal comparat cu cel mediu (deci al întregului volum al produsului) permite aprecierea punctului în care întreprinderea (cu OXDUHD� vQ� FRQVLGHUDUH� D� vQF UF ULL� FDSDFLW LL�� vúL� GHVI úRDU � DFWLYLWDWHD� FX�costurile cele mai mici. Un DVHPHQHD� JUDG� GH� vQF UFDUH� D� FDSDFLW LL� LQGLF � DSURSLHUHD� FHD�PDL�PDUH�D� FRVWXOXL�PDUJLQDO�GH�FRVWXO�PHGLX�úL�HFKLYDOHD] �FX�HFKLOLEUXO�relativ. Acceptarea zonei de degresie (când ambele costuri scad) sau zonei GH� SURJUHVLH� �FkQG� FRVWXO� PDUJLQDO� GHS úHúWH� FRVWXO� PHGLX�� VH� MXVWLILF �numai pe baza altor variabile ale deciziei. 3HQWUX�H[HPSOLILFDUH�VH�IRORVHVF�XUP WRDUHOH�GDWH�
Tabelul 3.20 Nr. crt.
Indicatori P0 P1
1 3URGXF LD�WRWDO ��vQ�WRQH� 150000 200000 2 &KHOWXLHOL� WRWDOH� GH� SURGXF LH� �PLO��
lei) 75000 103000
3 &RVW�PHGLX��PLL�OHL�WRQ � 500 515 4 3UH �GH�YkQ]DUH��PLL�OHL� 540 540 5 Profitul unitar (mii lei) 40 25 6 Profitul total (mil. lei) 6000 5000
5H]XOW � F �� ID �GH�ED]D�GH�FRPSDUD LH�� V-D� vQUHJLVWUDW�R�GHS úLUH� D�costului mediu cu 15 mii lHL�� (YLGHQW�� H[SOLFD LD� R� FRQVWLWXLH� VSRULUHD�cheltuielilor totale într-XQ�ULWP�PDL�PDUH�GHFkW�FHO�DO�YROXPXOXL�SURGXF LHL� Costul marginal (CM), potrivit literaturii de specialitate3�� VH� RE LQH�SH�ED]D�UHOD LHL�
leimii560150000200000
75000103000
ChCh
01
01 =−−=
−−
�WRQ
Comparativ FX� FRVWXO� PHGLX� SUHY ]XW�� FRVWXO� PDUJLQDO� HVWH� PDL�
3�*K��&kUVWHD��&��2SUHD��&DOFXOD LD�FRVWXULORU��('3�%XFXUHúWL��SDJ�����
PDUH�� IDSW� FH� D� GHWHUPLQDW� R� FUHúWHUH� D� FRVWXOXL�mediu efectiv cu 15 mii OHL�WRQ , ceea ce s-a reflectat în mod negativ atât asupra profitului unitar cât úL�WRWDO��GHFL�vQ�FD]XO�GH�ID �RELHFWLYXO�SULRULWDr l-D�FRQVWLWXLW�RE LQHUHD�XQHL�SURGXF LL�VXSOLPHQWDUH�� $FWLYLWDWHD� SUDFWLF � GH� DQDOL] � úL�� LPSOLFLW�� GH� FRQGXFHUH�� FHUH�VROX LRQDUHD� XQRU� SUREOHPH� FXP� DU� IL� GH� H[HPSOX�� GHWHUPLQDUHD� QLYHOXOXL�PD[LP� vQ� FDUH� SOXVXO� GH� SURGXF LH� QHFHVLW � FKHOWXLHOL� VXSOLPHntare sporite SHQWUX�FD�XQLWDWHD�V �UHDOL]H]H�SURILWXO�SUHY ]XW��VDX�SURILWXO�V �ILH�HJDO�FX�]HUR��DGLF �SXQFWXO�GH�HFKLOLEUX� 3HQWUX�FD�3� ����FRVWXO�PDUJLQDO�PD[LP�HVWH�GDW�GH�UHOD LD�
leimii660150000200000
500150000540200000
cqpq
01
0011 =−
×−×=−−
�WRQ
'HFL�� SkQ � OD� DFHVW� QLYHO� DO� FRVWXOXL marginal, întreprinderea este UHQWDELO �GDF �UHDOL]HD] �SURGXF LD�GH��������WRQH� 5HDOL]DUHD� LQWHJUDO � D� SURILWXOXL� SUHY ]XW� SUHVXSXQH� RE LQHUHD�SURGXF LHL�VXSOLPHQWDUH�FX�XQ�FRVW�LQIHULRU�FHOXL�VWDELOLW�DQWHULRU��FRVW�FDUH�VH�GHWHUPLQ �SH�ED]D�UHOD LHL�
( ) ( )leimii540
150000200000
6000500150000540200000
Pcqpq
01
00011 =−
+×−×=−
+− �WRQ
5H]XOW � F �� SHQWUX� D� VH� UHDOL]D� SURILWXO� SUHY ]XW�� FRVWXO� PDUJLQDO�WUHEXLH�V �ILH�LQIHULRU�SUH XOXL�GH�YkQ]DUH� &XQRDúWHUHD�DFHVWRU�HOHPHQWH�SUH]LQW �R�GHRVHELW �XWLOLWDWH�SUDFWLF �în determinarea unor bugete de cheltuieli SH�ORFXUL�GH�SURGXF LH��SUHFXP�úL�XUP ULUHD� PRGXOXL� GH� vQFDGUDUH� vQ� QLYHOXO� PD[LP� DO� FKHOWXLHOLORU� GH�SURGXF LH�� DVWIHO� vQFkW� SURGXF LD� VXSOLPHQWDU � RE LQXW � V � QX� FRQGXF � OD�intrarea în zona pierderilor. $F LXQHD� GH� UHGXFHUH� D� FRVWXULORU� WUHEXLH� vQFDGUDW � vQWU-R� DQXPLW �PHWRGRORJLH�SHQWUX�D�L�VH�DVLJXUD�ULJRDUHD�úWLLQ LILF �LPSXV �GH�VHPQLILFD LD�economico-VRFLDO �D�HFRQRPLVLULL�WXWXURU�FDWHJRULLORU�GH�UHVXUVH� ÌQ�DFHVW�VHQV��SRW�H[LVWD�XUP WRDUHOH�PRGDOLW L�GH�DF LXQH� ���ÌQ�FRQGL LLOH�XQXL�SUH �GH�Yknzare dat�VH�VWDELOHúWH�GUHSW�RELHFWLY�R� UHQWDELOLWDWH�� SURSXV � D� IL� UHDOL]DW �� IDSW� FH� LPSXQH� GHWHUPLQDUHD� QRXOXL�nivel al costului pe produs. 3HQWUX�DFHDVWD�VH�SRUQHúWH�GH�OD�UHOD LD�
,Rx
xp =−
unde: p = SUH XO�GH�YkQ]DUH R = rata renWDELOLW LL x = nivelul costului pe produs care va fi notat în continuare cu „c”.
3H�ED]D�UHOD LHL�SUHFHGHQWH�R1
px
+=
'DF ��GH�H[HPSOX�XQ�SURGXV�DUH�XUP WRDUHD�VLWXD LH� -�SUH XO�GH�YkQ]DUH �������OHL�WRQ -�FRVW�GH�SURGXF LH 400000 leL�WRQ - beneficiu 40000 lei - rentabilitate 10%
3HQWUX�FD�QLYHOXO� UHQWDELOLW LL� V � ILH�PLQLP������FRVWXO�SURGXVXOXL�
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FHHD�FH�vQVHDPQ �R�UHGXFHUH�GH������������–���������'HFL��SHQWUX�D�RE LQH�R�rentabilitate de 12% se impune o reducere a costului cu 1,79%. ÌQ� FRQWLQXDUH� WUHEXLH� SUHFL]DWH� F LOH� SULQ� FDUH� VH� SRDWH� UHDOL]D� R�DVHPHQHD� UHGXFHUH�� ùL� DLFL� SRW� IL� PDL� PXOWH� VROX LL�� FD� GH� H[HPSOX�GHWHUPLQDUHD�FRWHL�GH� UHGXFHUH�FDUH� VH�SRDWH�RE LQH�SH�VHDPD�FKHOWXLHOLORU�FRQYHQ LRQDOH-FRQVWDQWH� SULQ�PDMRUDUHD� SURGXF LHL� �GDF � H[LVW � FDSDFLWDWHD�
GLVSRQLELO ��IRORVLQGX-VH�UHOD LD� .gfIg
gf0
0 −
unde: gf0 = ponderea cheltuielilor fixe în costul produsului din perioada de
UHIHULQ � Iq = LQGLFHOH�SURGXF LHL�IL]LFH�SRVLELO�GH�UHDOL]DW� $VWIHO�� GDF �JI0 = 30%, iar Iq = 10%, atunci reducerea costului pe
seama cheltuielilor fixe va fi de
− 30
05,1
30%43,1 FHHD� FH� vQVHDPQ � F �
UHVWXO� FKHOWXLHOLORU� �FHOH� YDULDELOH�� WUHEXLH� V � DVLJXUH� GLIHUHQ D� SkQ � OD�������� IDSW� FH� LPSXQH� DQDOL]D� GHWDOLDW � D� ILHF UHL� FDWHJRULL� GH� FKHOWXLHOL��
ÌQ� DFHDVW � HWDS �� WUHEXLH� V � VH� DQDOL]H]H� FRQVXPXULOH� GH� PDWHULDOH� úL�manoper �GLUHFW �vQ�YHGHUHD�J VLULL�VROX LLORU�QHFHVDUH�SHQWUX� vQFDGUDUHD� vQ�UHGXFHUHD�VWDELOLW � ÌQ� LSRWH]D� F �� UHVWULF LLOH� PHQ LRQDWH� DQWHULRU�� QX� SHUPLW� VSRULUHD�SURGXF LHL�IL]LFH��DWXQFL��vQWUHDJD�UHGXFHUH�WUHEXLH�V �ILH�DVLJXUDW �QXPDL�SH�seama cheltuielilRU� YDULDELOH�� &RQVLGHU P� F � GH� UHJXO � DFFHQWXO� SULQFLSDO�trebuie pus tocmai pe aceste cheltuieli care la foarte multe produse din toate UDPXULOH�GH LQ�R�SRQGHUH�LPSRUWDQW � ���1X� VH� VWDELOHúWH� XQ� DQXPH� QLYHO� DO� UHQWDELOLW LL�� FL� vQ� FRQGL LLOH�SUH XOXL�GH�YkQ]DUH�VH�XUP UHúWH�UHDOL]DUHD�XQHL�UHGXFHUL�SRVLELOH�D�FRVWXOXL� $FHDVW �PRGDOLWDWH�SUHVXSXQH�DQDOL]D�ILHF UHL�FDWHJRULL�GH�FKHOWXLHOL��stabilindu-se rezervele interne care pot fi mobilizate. Astfel, în cazul FKHOWXLHOLORU� FX� PDWHULDOHOH� GLUHFWH� úL� PDWHULLOH� SULPH�� WUHEXLH� DQDOL]DW �HYROX LD� FRQVXPXULORU� VSHFLILFH�� D� WHKQRORJLHL� GH� IDEULFD LH� úL� HYHQWXDOD�posibilitate de înlocuire a unor materiale. 3H�DFHDVW �ED] �VH�GHWHUPLQ �VXPD�HFRQRPLLORU�OD�PDWHULDOHOH�GLUHFWH�
úL�PDWHULLOH�SULPH��(P��SH�XQLWDWH�GH�SURGXV��$SOLFkQG�UHOD LD�100
gmoEm 1⋅ 4,
VH�RE LQH�FRQWULEX LD�DFHVWRU�FKHOWXLHOL�OD�UHGXFHUHD�FRVWXOXL� 3HQWUX�FKHOWXLHOLOH�FX�VDODULLOH�GLUHFWH�VH�DUH�vQ�YHGHUH�FRUHOD LD�GLQWUH�SURGXFWLYLWDWHD� PXQFLL� H[SULPDW � SULQ� WLPSXO� FRQVXPDW� úL� VDODULul mediu orar. 5HGXFHUHD�FRVWXOXL�FD�HIHFW�DO� UHVSHFW ULL�FRUHOD LHL�VH�GHWHUPLQ �FX�
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Is0
−
unde: Ir = indicele salariilor directe; Iw = LQGLFHOH�SURGXFWLYLW LL�PXQFLL� gr0 = ponderea cheltuielilor cu salariile directe în costul produsului. 'DF � H[LVW � SRVLELOLW L� GH� VSRULUH� D� SURGXF LHL� �FD� vQ� FD]XO�SUHFHGHQW��� VH� GHWHUPLQ � FRQWULEX LD� FKHOWXLHOLORU� LQGLUHFWH� OD� UHGXFHUHD�costului. 3ULQ� vQVXPDUHD� UH]XOWDWHORU� VH� RE LQH� WRWDOXO� UHGXFHULL� FRVWXOXL�produsului respectLY�úL�QRXO�QLYHO�GH�UHQWDELOLWDWH� Atât într-XQ� FD]�� FkW� úL� vQ� DOWXO�� FHOH� SUH]HQWDWH� FRQVWLWXLH� GRDU� XQ�FDGUX�GH�DF LXQH�XUPkQG�FD�SULQ�UHDOL]DUHD�P VXULORU�WHKQLFR-organizatorice
4 v�wyx�z{�|�}�~�� ~��)����~�� � �� ~�� � � {������"w��!� ~�� � � � ~)z�� � w�~L�Q�#w���� ~�� � ��� ~�� ~)}�� � ~��!� ~%� |���{#� � ���z#� {#}��� �� �� �
V � VH� DWLQJ � RELHFWLYHOH� SUHFL]DWH� SHQWUX� R� DQXPLW � SHULRDG � OD� QLYHOXO�fiHF UXL�SURGXV��LDU�SULQ�FXPXODUH�SHQWUX�vQWUHDJD�SURGXF LH�PDUI �IDEULFDW � 0 VXUD� vQ� FDUH� DFHDVW � UHQWDELOLWDWH� SRWHQ LDO � VH� YD� PDWHULDOL]D��GHSLQGH� GH� QLYHOXO� FDOLW LL� SURGXF LHL� úL� GH� FRQFRUGDQ D� FX� FHUHUHD� SHQWUX�produsele respective. ÌQ� ED]D� UHOD LLORU� SUH]HQWDWH�� SRW� IL� IRUPXODWH� U VSXQVXUL� OD� XQHOH�SUREOHPH�FDUH�YL]HD] �HYROX LD�SUH XOXL�GH�YkQ]DUH�vQ�IXQF LH�GH�FRVWXUL�úL�QLYHOXO� UDWHL� UHQWDELOLW LL��$VWIHO�� GDF � VH�DGPLWH�R�FXQRDúWHUH�D�FRVWXULORU�FX�XQ�DQXPLW�SURFHQW��GDWRULW �XQRU�IDFWRUL�LQGHSHQGHQ L�GH�vQWUHSULQGHUH���SHQWUX� D� VH� PHQ LQH� QLYHOXO� UHQWDELOLW LL�� FDUH� WUHEXLH� V � ILH� SUH XO� GH�vânzare ? ÌQ�DFHVW�VFRS��VH�IRORVHúWH�UHOD LD� a) p = c0 (1 + R) sau b) p = c´0 (1 + R) ·Ic. 6H� DGPLWH� R� FUHúWHUH� D� FRVWXOXL� FX� ���� 3HQWUX� D� VH� PHQ LQH� � UDWD�UHQWDELOLW LL�GH������SUH XO�GH�YkQ]DUH�WUHEXLH�V �ILH�GH��������OHL��DúD�FXP�UH]XOW �GLQ�FDOFXOXO� c = 400000 × 1,05 = 420000 lei p = 420000 (1 + 0,10) = 462000 lei sau p = 400000 (1 + 0,10) × 1,05 = 462000 lei ÌQ� IXQF LH� GH� HYROX LD� UDSRUWXOXL� GLQWUH� FHUHUH� úL� RIHUW � GHSLQGH�UHDOL]DUHD�QRXOXL�SUH �
$SOLFD LL�úL�vQWUHE UL 1.�6 �VH�UHDOL]H]H�DQDOL]D�IDFWRULDO �D�Ä&KHOWXLHOLORU�OD������OHL�&$´�úL� V � VH� VWDELOHDVF � HIHFWHOH� DVXSUD� PRGLILF ULL� SULQFLSDOLORU� LQGLFDWRUL�economico-finanFLDUL��6 �VH�LQWHUSUHWH]H�UH]XOWDWHOH�
- mil lei - Nr. crt. Indicatori Simbol P0 P1
1 Cifra de afaceri Σqp 10800 12700 2 Cheltuieli aferente cifrei de afaceri Σqc 8600 9900 3 Profit aferent cifrei de afaceri Pr 2200 2800 4 Active de exploatare AE 15500 17400 5 Active fixe MF 8900 9200 6 Capital propriu Kp 16000 16500 7 1XP U�GH�VDODULD L��SHUVRDQH� N 220 215 8 &KHOWXLHOL�OD������OHL�FLIU �GH�DIDFHUL (lei) C 796,3 779,5
����� � Ip = 121%, Ic = 117% unde Ip �Q���6�Q����� �6� � ����� �#��� ���8�!� �6� ����� ��� � c este indicele
costurilor. 2.�6 �VH�LQWHUSUHWH]H�FD]XO�
ICA = 110% în care,
CA = cifra de afaceri
ICh = 108% Ch = cheltuieli totale aferente cifrei de afaceri
%109ICvh = Chv = cheltuieli variabile aferente cifrei
de afaceri 3.� 6 � VH� GHWHUPLQH� LQIOXHQ D� VWUXFWXULL� SURGXF LHL� YkQGXWH� DVXSUD�Ä&KHOWXLHOLORU� YDULDELOH� OD� ����� OHL� FLIU � GH� DIDFHUL´� úL� V � VH� LQWHUSUHWH]H�FD]XO�LQIOXHQ HL�FX�VHPQXO�Ä�– ”. 4.�6 �VH�LQWHUSUHWH]H�FD]XO�
ICA = 108% unde CF = suma cheltuielilor fixe ICF = 102% q =�YROXPXO�SURGXF LHL�YkQGXWH Iq = 107%
5. Ce este risFXO�GH�H[SORDWDUH��RSHUD LRQDO�? 6.�$QDOL]D�IDFWRULDO �D�Ä&KHOWXLHOLORU�FX�DPRUWL]DUHD�OD������OHL�FLIU �de afaceri” (Ca).
- mil lei - Nr. crt. Indicatori Simbol P0 P1
1 Cifra de afaceri CA 10500 11400 2 Suma cheltuielilor cu amortizarea A 420 399 3 Valoarea medie a mijloacelor fixe MF 4200 3562,5 4 ¡"¢ � �"£G����� ������£ ¢ � � � � �Q� �¥¤ ¦¨§ ca 10 11,2 5 ¡"¢ � �©£��#�8� �ª�8����£ ¢ � � � ����Q�y�!�#����� ���¥� ��� « �¬ �8��� � ���8�® � �,�¥��� �6�!���#¬Q�#��� � ¯ �y°²±´³��G� ¢ � �#� �µ�8�ª��£ ¢ � � � �����Q�y���
categorii de active fixe (%)
carec
- 10,75
6 Cheltuieli cu amortizarea la 1000 lei CA (lei) Ca 40 35
7.�6 �VH�LQWHUSUHWH]H�FD]XO� ICA = 112% unde aW �SURGXFWLYLWDWHD�DQXDO �D�PXQFLL
aWI = 109% aS = salariul mediu anual
aSI = 107%
8.�$QDOL]D�IDFWRULDO �D�Ä&KHOWXLHOLORU�FX�GREkQ]LOH� OD������OHL�&$´��,QWHUSUHWDUH�HFRQRPLF �
- mil lei - Nr. crt. Indicatori Simbol P0 P1
1 Cifra de afaceri CA 40500 44000 2 Active circulante AC 1687,5 1711,11 3 9LWH]D�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH��]LOH� Dz 15 14 4 Valoarea creditului împrumutat Ki 506,25 581,78 5 Ponderea creditelor în total active circulante
(%) K 30 34
6 Procentul (rata) mediu al dobânzii (%) d 40 37,5 7 Cheltuieli cu dobânzile Sd 202,5 218,17
¶�·8¸ ¹ T = 360 zile
9.�6 �VH�LQWHUSUHWH]H�FD]XO� ICA = 108% în care Ch = suma cheltuielilor totale
vChI = 109% Chd = suma cheltuielilor cu dobânzile
ICh = 107% Chv = suma cheltuielilor variabile
dChI = 101% Fs = fondul de salarii
IFs = 109% :D� �SURGXFWLYLWDWHD�PHGLH�DQXDO IWa = 105% CA = cifra de afaceri
10.� $QDOL]D� FRVWXULORU� DIHUHQWH� SURGXF LHL� PDUI � FRPSDUDELO ��PRGLILFDUH�DEVROXW �úL�SURFHQWXDO ���,QWHUSUHWDUH�HFRQRPLF �
mil lei Nr. crt. Indicatori Simbol Programat Realizat
1 3URGXF LD� PDUI � FRPSDUDELO � HYDOXDW � vQ�costurile perioadei curente
Σqc 7500 8200
2 3URGXF LD� PDUI � FRPSDUDELO � HYDOXDW � vQ�costurile perioadei precedente
Σqc0 7600 8450
3 Volumul efectiv DO� SURGXF LHL� PDUI �FRPSDUDELOH�H[SULPDWH�vQ�FRVWXUL�SUHY ]XWH
Σq1cp - 8380
A1$/,=$�5(17$%,/,7 ,I
����$ERUG UL�FRQFHSWXDOH�SULYLQG�UHQWDELOLWDWHD�vQWUHSULQGHULL 5HQWDELOLWDWHD�SRDWH�IL�GHILQLW �FD�ILLQG�FDSDFLWDWHD�XQHL�vQWUHSULQGHUL�GH� D� RE LQH� SURILW� SULQ� XWLOL]DUHD� IDFWRULORU� GH� SURGXF LH� úL� D� FDSLWDOXULORU��inGLIHUHQW�GH�SURYHQLHQ D�DFHVWRUD� Rentabilitatea este una din formele cele mai sintetice de exprimare a HILFLHQ HL�vQWUHJLL�DFWLYLW L�HFRQRPLFR-financiare a întreprinderii, respectiv a WXWXURU� PLMORDFHORU� GH� SURGXF LH� XWLOL]DWH� úL� D� IRU HL� GH� PXQF �� GLQ� toate VWDGLLOH�FLUFXLWXOXL�HFRQRPLF��DSURYL]LRQDUH��SURGXF LH�úL�YkQ]DUH� (ILFLHQ D� HFRQRPLF � HVWH� R� FDWHJRULH� HFRQRPLF �PDL� FXSULQ] WRDUH�GHFkW� UHQWDELOLWDWHD�� ÌQ� DFHVW� VHQV� PHQ LRQ P� úL� XUP WRDUHD� DILUPD LH�ÄHILFLHQ D� HFRQRPLF � UHSUH]LQW � FHD� PDL� JHQHUDO � FDWHJRULH� FDUH�FDUDFWHUL]HD] �UH]XOWDWHOH�FH�GHFXUJ�GLQ�GLIHULWH�YDULDQWH�SUHFRQL]DWH�SHQWUX�utilizarea (consum productiv, consum individual, vânzare) sau economisirea unor resurse (umane, materiale sau financiare) intrate sau neintrate în circuitul economic)”1. 3HQWUX� H[SULPDUHD� UHQWDELOLW LL� VH� XWLOL]HD] � GRX � FDWHJRULL� GH�LQGLFDWRUL��SURILWXO�úL�UDWHOH�GH�UHQWDELOLWDWH��0 ULPHD�DEVROXW �D�UHQWDELOLW LL�HVWH�UHIOHFWDW �GH�SURILW��LDU�JUDGXO�vQ�FDUH�FDSLWDOXO�VDX�XWLOL]DUHD�UHVXUVHORU�întreprinderii DGXF� SURILW� HVWH� UHIOHFWDW� GH� UDWD� UHQWDELOLW LL� �LQGLFDWRU� DO�P ULPLL�UHODWLYH�D�UHQWDELOLW LL��
1 ����� � ��� � ��������� ����� ������� � ��� �������
aliza economico- � � �� �� � ��� �"! ��� � � #�� � ������ � � $ ��%&� � � ��� �(')� � * �����+%&� �����, � � �-.������� � / � � �10�2�2�3��4#���0 5�5��
4
4.2 Analiza profitului Profitul, sub diversele sale forme, poate fi analizat din punct de YHGHUH�VWUXFWXUDO�úL�IDFWRULDO��SH�WRWDO�vQWUHSULQGHUH�úL�SH�Sroduse. ������$QDOL]D�VWUXFWXUDO �D�SURILWXOXL $QDOL]D� VWUXFWXUDO � D� SURILWXOXL� XUP UHúWH� VWDELOLUHD� FRQWULEX LHL�GLIHULWHORU� WLSXUL� GH� UH]XOWDWH� OD� PRGLILFDUHD� WRWDO �� SUHFXP� úL� SXQHUHD� vQ�HYLGHQ �D�VFKLPE ULORU�LQWHUYHQLWH�SH�HOHPHQWH�FRPSRQHQWH� AQDOL]D�VWUXFWXUDO �D�UH]XOWDWXOXL�EUXW�DO�H[HUFL LXOXL��SURILW�EUXW�VDX�SLHUGHUH���VH�SRDWH�HIHFWXD�SH�ED]D�JUXS ULL�YHQLWXULORU�úL�FKHOWXLHOLORU�GXS �QDWXU � VDX� D� JUXS ULL� FKHOWXLHOLORU� GXS � IXQF LD� �GHVWLQD LD�� ORU� vQ� FDGUXO�întreprinderii. Analiza struFWXUDO � D� UH]XOWDWXOXL� EUXW� DO� H[HUFL LXOXL� vQ� IXQF LH� GH�JUXSDUHD� YHQLWXULORU� úL� FKHOWXLHOLORU� GXS � QDWXUD� ORU� VH� SRDWH� HIHFWXD� GXS �XUP WRDUHD�VFKHP �
Rezultatul brut al
exerci � � � �
67��8�� � � � ���9�# ����� � � �
Rezultatul financiar
Rezultatul extraordinar
�:��� ; � * � ��� � � ���cheltuielile variabile
Venituri din exploatare
Cheltuieli variabile de exploatare
Cheltuieli fixe de exploatare
Cheltuieli financiare
Venituri financiare
Cheltuieli extraordinare
Venituri extraordinare
-
+
-
+
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)LJ������6FKHPD�GH�DQDOL] �VWUXFWXUDO �D�UH]XOWDWXOXL�EUXW (modelul 1)
3HQWUX� D� VWDELOL� FRQWULEX LD� HOHPHQWHORU� FRPSRQHQWH� OD�PRGLILFDUHD�rezultatului�EUXW�VH�DSOLF �PHWRGD�EDODQ LHU � $FHVW� PRGHO� GH� DQDOL] � VWUXFWXUDO � D� UH]XOWDWXOXL� EUXW� SXQH� vQ�HYLGHQ � úL� XUP WRUXO� DVSHFW� HVHQ LDO� úL� DQXPH� GDF � PDUMD� EUXW � ID � GH�cheltuielile variabile permite acoperirea cheltuielilor fixe (în caz contrar volumul GH� DFWLYLWDWH� HVWH� LQIHULRU� SUDJXOXL� GH� UHQWDELOLWDWH�� úL� D� XQRU�UH]XOWDWH�QHJDWLYH��SLHUGHUL��GLQ�DFWLYLW LOH�ILQDQFLDUH�úL�H[WUDRUGLQDUH��DVWIHO�vQFkW�SH�WRWDO�ILUP �DFWLYLWDWHD�V �ILH�UHQWDELO � Cea de-D� GRXD�PHWRG � GH� DQDOL] � VWUXFWXUDO � D� UH]XOWDWXOui brut al H[HUFL LXOXL� HVWH� FXQRVFXW � FD�PHWRGD�FODVLILF ULL� GXS � IXQF LD� FKHOWXLHOLORU�VDX� D� ÄFRVWXOXL� YkQ] ULORU´�� ,QIRUPD LLOH� QHFHVDUH� DQDOL]HL� VH� LPSXQ� D� IL�grupate astfel: 1. Cifra de afaceri ���&RVWXO�YkQ] ULORU ���5H]XOWDW�RSHUD LRQDO��PDUMD�EUXW �����– 2) 4. Alte venituri din exploatare ���&RVWXUL�GH�GLVWULEX LH 6. Cheltuieli administrative 7. Alte cheltuieli de exploatare ���5H]XOWDWXO�H[SORDW ULL�����-5-6-7) 9. Venituri financiare 10. Cheltuieli financiare 11. Rezultatul financiar (9 – 10) 12. Venituri extraordinare 13. Cheltuieli extraordinare 14. Rezultatul extraordinar (12 – 13) ����5H]XOWDWXO�EUXW�DO�H[HUFL LXOXL���������� $FHDVW � SUH]HQWDUH� RIHU � XQHRUL� LQIRUPD LL� PDL� UHOHYDQWH� SHQWUX�XWLOL]DWRUL�GHFkW�FODVLILFDUHD�GXS �QDWXU � $OHJHUHD� PHWRGHL� GH� DQDOL] � vQWUH� PHWRGD� FRVWXOXL� YkQ] ULORU� úL�PHWRGD�QDWXULL�FKHOWXLHOLORU�GHSLQGH�DWkW�GH�IDFWRULL�LVWRULFL�úL�GH�FHL�DIHUHQ L�VHFWRUXOXL� HFRQRPLF� UHVSHFWLY�� FkW� úL� GH� QDWXUD� vQWUHSULQGHULL�� 'HRDUHFH�ILHFDUH� PHWRG � GH� SUH]HQWDUH� DUH� avantaje pentru diferite tipuri de vQWUHSULQGHUL�� 6WDQGDUGXO� ,$6� �� �SDUDJUDIXO� ���� VROLFLW � R� RS LXQH� vQWUH�FODVLILF UL� vQ� IXQF LH� GH� FHD� FDUH� SUH]LQW � FHO� PDL� ILGHO� HOHPHQWHOH� GH�SHUIRUPDQ � DOH� vQWUHSULQGHULL�� 7RWXúL�� GHRDUHFH� LQIRUPD LLOH� DVXSUD� QDWXULL cheltuielilor sunt utile la estimarea fluxurilor viitoare de numerar, se cere o SUH]HQWDUH� VXSOLPHQWDU � DWXQFL� FkQG� HVWH� XWLOL]DW � PHWRGD� FRVWXOXL�YkQ] ULORU�
4.2.2 Analiza soldurilor intermediare ale gestiunii (S.I.G.) Prin solduri intermediare ale geVWLXQLL� vQ HOHJHP� SULQFLSDOLL�indicatori economico-ILQDQFLDUL�VWDELOL L�SH�ED]D�GDWHORU�GLQ�&RQWXO�GH�SURILW�úL� 3LHUGHUH�� FX� DMXWRUXO� F URUD� VH� FDUDFWHUL]HD] � PRGXO� GH� IRORVLUH� D�UHVXUVHORU�PDWHULDOH��ILQDQFLDUH�úL�XPDQH�DOH�ILUPHL� Un sold intermediar al� JHVWLXQLL� HVWH� GLIHUHQ D� GLQWUH� GRX � YDORUL��3ULQ�VF GHUL� VXFFHVLYH�VH�RE LQ� LQGLFDWRUL�GH�FDUDFWHUL]DUH�D� UHQWDELOLW LL� úL�JHVWLXQLL�ILUPHL��XQLL�VH�UHJ VHVF�FD�DWDUH�vQ�&RQWXO�GH�3URILW�úL�3LHUGHUH��LDU�DO LL�VH�GHWHUPLQ �vQ�VLWXD LD�6�,�*��� SoldurilH�LQWHUPHGLDUH�DOH�JHVWLXQLL�VH�SUH]LQW �vQWU-un tablou care, în HVHQ �HVWH�R�DOW �PRGDOLWDWH�GH�SUH]HQWDUH�D�FRQWXOXL�GH�UH]XOWDWH� 7DEORXO� VROGXULORU� LQWHUPHGLDUH� DOH� JHVWLXQLL�� VXE� IRUP � GH� OLVW � VH�SUH]LQW �DVWIHO�
Tabelul 4.1 ExeUFL LXO�ILQDQFLDU Nr.
crt. Indicatori
precedent curent 1. 2.
9kQ] UL�GH�P UIXUL��FW������ &RVWXO�P UIXULORU�YkQGXWH��FW������
3. 0DUMD�FRPHUFLDO ���-2) 4. 5. 6.
3URGXF LD�YkQGXW ��FW������OD���� 9DULD LD�SURGXF LHL�VWRFDWH��FW������ 9HQLWXUL�GLQ�SURGXF LD�GH�LPRELOL] UL��FW�����������
7. 3URGXF LD�H[HUFL LXOXL�������� 8. &RQVXPXULOH�H[HUFL LXOXL�SURYHQLQG�GH�OD�WHU L��JU�����PDL�
SX LQ�FW�������JU������JU����)
9. 9DORDUHD�DG XJDW �����-8) 10. 11.
12.
6XEYHQ LL�GH�H[SORDWDUH &KHOWXLHOL� FX� LPSR]LWH�� WD[H� úL� Y UV PLQWH� DVLPLODWH� (gr. 63) Cheltuieli cu personalul (gr. 64)
13. ([FHGHQWXO��GHILFLWXO��EUXW�DO�H[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� úL�provizioanele
17. 5H]XOWDWXO�H[SORDW ULL�������-15-16) 18. 19.
Venituri financiare Cheltuieli financiare
20. 5H]XOWDWXO�FXUHQW�DO�H[HUFL LXOXL�������-19)
ExeUFL LXO�ILQDQFLDU Nr. crt. Indicatori
precedent curent 21. 22.
Venituri extraordinare Cheltuieli extraordinare
23. Re]XOWDWXO�H[WUDRUGLQDU�DO�H[HUFL LXOXL����-22) 24. 25.
5H]XOWDWXO�EUXW�DO�H[HUFL LXOXL�������� Impozit pe profit
26. 5H]XOWDWXO�H[HUFL LXOXL��SURILW�QHW�VDX�SLHUGHUH�����-25) Analiza soldurilor intermediare de gestiune, se poate realiza pe baza:
¾ PRGLILF ULORU�DEVROXWH� ¾ LQGLFLORU�FX�ED] �IL[ ��vQ�ODQ �úL�PHGLL� ¾ ULWPXULORU�FX�ED] �IL[ ��vQ�ODQ �úL�PHGLL� ¾ metodei ratelor; ¾ PHWRGHL�VXEVWLWX LLORU�vQ�ODQ �HWF�
Referitor la indicatorii din tabloul soldurilor intermediare ale gestiunii, care nu au fost pUH]HQWD L� úL� DQDOL]D L� DQWHULRU�� VH� LPSXQ� XQHOH�SUHFL] UL��úL�DQXPH�
• 0DUMD� FRPHUFLDO � �0F�� HVWH� XQ� LQGLFDWRU� XWLOL]DW� GH� F WUH�întreprinderile care vând bunurile în starea în care au fost FXPS UDWH��ILLQG�VSHFLILF�DFWLYLW LL�GH�FRPHU �
$QDOL]D�IDFWRULDO �D�PDUMHL�FRPHUFLDOH��SRDWH�IL�HIHFWXDW �FX�DMXWRUXO�XUP WRUXOXL�PRGHO�
100
CDMc
⋅=
100
cgC ii∑=
în care: D =� UHSUH]LQW � FLIUD� GH� DIDFHUL� GLQ� YkQ] UL� GH� P UIXUL� VDX� YDORDUHD�
GHVIDFHULORU�GH�P UIXUL�
C = rata medie a marjei comerciale sau cota medie de adaos comercial; gi = VWUXFWXUD�YkQ] ULORU�SH�JUXSH�GH�P UIXUL�VDX�VHFWRDUH�GH�DFWLYLWDWH� ci = FRWD�GH�DGDRV�FRPHUFLDO�SH�JUXSH�GH�P UIXUL�VDX�VHFWRDUH�GH�DFWLYLWDWH�
6LVWHPXO�GH�IDFWRUL�VH�SUH]LQW �DVWIel:
([FHGHQWXO�GHILFLWXO�� EUXW� DO� H[SORDW ULL� �(�%�(���� UHSUH]LQW � IOX[XO�SRWHQ LDO� GH� GLVSRQLELOLW L� GHJDMDW� GH� FLFOXO� GH� H[SORDWDUH� úL� VH� GHWHUPLQ �deducând cheltuielile monetare din exploatare din veniturile monetare DIHUHQWH�DFHVWHL�DFWLYLW L� 9HQLWXULOH� PRQHWDUH� GLQ� H[SORDWDUH� VXQW� IRUPDWH� GLQ� YkQ] ULOH� GH�P UIXUL�� SURGXF LD� YkQGXW � úL� VXEYHQ LLOH� GH� H[SORDWDUH�� vQ� WLPS� FH�cheltuielile monetare din exploatare cuprind acele categorii de cheltuieli FDUH� SUHVXSXQ� SO L� LPHGLDWH� VDX� OD� WHUPHQ� (consumurile provenind de la WHU L�� FKHOWXLHOL� FX� LPSR]LWH�� WD[H� úL� Y UV PLQWH� DVLPLODWH� úL� FKHOWXLHOL� FX�personalul). ([FHGHQWXO� EUXW� DO� H[SORDW ULL� HVWH� XWLOL]DW� vQ� SURFHVXO� GH� DQDOL] �SHQWUX� HIHFWXDUHD� GH� FRPSDUD LL�� vQ� GLQDPLF � úL� vQ� VSD LX�� FX� UH]XOWatele ILUPHORU�FDUH�vúL�GHVI úRDU �DFWLYLWDWHD�vQ�DFHODúL�GRPHQLX� &RPSDUDWLY� FX� FHLODO L� LQGLFDWRUL� XWLOL]D L� vQ� SURFHVXO� GH� DQDOL] � D�UH]XOWDWHORU�� H[FHGHQWXO� EUXW� DO� H[SORDW ULL� SUH]LQW � DYDQWDMXO� F � QX� HVWH�LQIOXHQ DW� GH� VLVWHPXO� GH� DPRUWL]DUH� SUDFWLFat, de politica de construire a SURYL]LRDQHORU�� GH� SROLWLFD� ILQDQFLDU � �JUDGXO� GH� vQGDWRUDUH�� úL� ILVFDO ��VLVWHPXO�GH� LPSR]LWDUH�D�SURILWXOXL���SUHFXP�úL�GH�SROLWLFD�GH�GLVWULEXLUH�D�dividendelor. $QDOL]D� H[FHGHQWXOXL� EUXW� DO� H[SORDW ULL�� SRDWH� IL� DSURIXQGDW �XWLOL]kQG�XUP WRDUHOH�UDWH�GH�VWUXFWXU ��UHSDUWL LH�2:
a) 100E.B.E
aamortizarecuCheltuieliRa =
b) 100...
iexploatari
EBE
aferenteeleprovizioancuCheltuieliRp =
2 <>= ?A@ B CD E FGB C�H�I JK@ L M�NO�F�P @ B�M�D O�QL D�F P R L�P E M�@ B S4H4T&U@ P C�R L�TVB O�N�O�WX@ B H1Y Z�Z�[�H4\M�=�]�[�^�=
D
gi
C
ci
Mc
c) 100.E.B.E
dobanzilecuCheltuieliRcf =
d) 100.E.B.E
profitpeImpozitRi =
e) 100E.B.E
DividendeRd =
în care: Ra = UHSUH]LQW �UDWD�DPRUWL] ULL�� Rp = rata provizioanelor; Rcf = rata cheltuielilor financiare cu dobânzile; Ri = rata impozitului pe profit; Rd = rata dividendelor. ������$QDOL]D�IDFWRULDO �D�SURILWXOXL�OD�QLYHO�GH�vQWUHSULQGHUH $QDOL]D� SURILWXOXL� VH� LPSXQH� D� IL� HIHFWXDW � úL� vQ� IXQF ie de factorii GLUHF L� úL� LQGLUHF L� FDUH� DF LRQHD] � OD� QLYHOXO� vQWUHSULQGHULL�� /XkQG� vQ�FRQVLGHUDUH�GLYHUVLWDWHD�GH�IRUPH�VXE�FDUH�VH�SUH]LQW �SURILWXO�QHW�OD�QLYHO�GH�vQWUHSULQGHUH�� DQDOL]D� IDFWRULDO � D� DFHVWXLD� SRDWH� IL� DSURIXQGDW � DYkQG� vQ�YHGHUH� XUP WRDUHOH� FDWHJRULL� GH� UH]XOWDWH�� UH]XOWDWXO� EUXW� DO� H[HUFL LXOXL��UH]XOWDWXO�H[SORDW ULL�úL�UH]XOWDWXO�DIHUHQW�FLIUHL�GH�DIDFHUL� ��������$QDOL]D�IDFWRULDO �D�UH]XOWDWXOXL�EUXW�DO�H[HUFL LXOXL 5H]XOWDWXO� EUXW� DO� H[HUFL LXOXL� �5E��� VH� GHWHUPLQ � FD� GLIHUHQ � vQWUH�YHQLWXULOH�WRWDOH�úL�FKHOWXLHOLOH�WRWDOH� 0RGXO�GH�DQDOL] �IDFWRULDO �HVWH�
100
prbgprb:unde,prbVt
VtCt
1VtRb ii∑=⋅=
−=
în care:
prb =�UHSUH]LQW �UH]XOWDWXO��SURILWXO��PHGLX�EUXW�OD���OHX�YHQLWXUL�WRWDOH� gi = structura veniturilor totale pe FDWHJRULL�GH�DFWLYLW L� prbi =�SURILWXO�EUXW�OD���OHX�YHQLWXUL�SH�FDWHJRULL�GH�DFWLYLW L�
6LVWHPXO�GH�IDFWRUL�FDUH�DF LRQHD] �DVXSUD�SURILWXOXL�EUXW��VH�SUH]LQW �astfel: 0 VXUDUHD� LQIOXHQ HORU� IDFWRULORU� VH� UHDOL]HD] � FX� DMXWRUXO� PHWRGHL�sXEVWLWXLULORU�vQ�ODQ � ��������$QDOL]D�IDFWRULDO �D�UH]XOWDWXOXL�H[SORDW ULL 5H]XOWDWXO� H[SORDW ULL� �5H�� VH� FLUFXPVFULH� OD� QLYHOXO� DFWLYLW LL� GH�ED] � D� vQWUHSULQGHULL� úL� FDUDFWHUL]HD] � vQ� P ULPH� DEVROXW � UHQWDELOLWDWHD�ciclului de exploatare. El se dHWHUPLQ � FD� GLIHUHQ � vQWUH� YHQLWXULOH� GLQ�H[SORDWDUH��9H��úL�FKHOWXLHOLOH�DIHUHQWH�DFHVWRUD��&H���DVWIHO� Re = Ve – Ce $QDOL]D�IDFWRULDO �D�UH]XOWDWXOXL�H[SORDW ULL��VH�SRDWH�HIHFWXD�SH�ED]D�XUP WRDUHORU�PRGHOH� a)
i
ii
ii
vece
1preiar,100
pregpreunde,preVe
VeCe
1VeRe −=⋅
=⋅=
−= ∑
unde: gi = UHSUH]LQW �VWUXFWXUD�YHQLWXULORU�GLQ�H[SORDWDUH�SH�WLSXUL�GH�DFWLYLW L� prei = profitul sau pierderea la 1 leu venituri din exploatare pe tipuri de
activitate; vei = VXPD�YHQLWXULORU�GLQ�H[SORDWDUH�SH�WLSXUL�GH�DFWLYLW L� cei = suma cheltuieliORU�GH�H[SORDWDUH�SH�WLSXUL�GH�DFWLYLW L�
b) Ve
Re
Ae
VeAeRe =
Vt
gi
prbi
Prb
prb
8WLOL]kQG� SULPXO� PRGHO� GH� DQDOL] �� VLVWHPXO� GH� IDFWRUL� VH� SUH]LQW �astfel: unde: gi = UHSUH]LQW �VWUXFWXUD�YHQLWXULORU�GLQ�H[SORDWDUH�SH�WLSXUL�GH�DFWLYLW i; prei = profitul sau pierderea la 1 leu venituri din exploatare pe tipuri de
DFWLYLW L� Vei = VXPD�YHQLWXULORU�GLQ�H[SORDWDUH�SH�WLSXUL�GH�DFWLYLW L� cei = �VXPD�FKHOWXLHOLORU�GH�H[SORDWDUH�SH�WLSXUL�GH�DFWLYLW L�
$FHVW�PRGHO�GH�DQDOL] �DUH�XQ�Faracter general valabil pentru toate tipurile de întreprinderi
Tabelul 4.2 mil. lei
Nr. crt.
Indicatori Simbol Programat Realizat
1. Venituri din exploatare Ve 75200 84360 2. Cheltuieli din exploatare Che 69184 76345,8
3. 1XP UXO�PHGLX�GH�VDODULD L��SHrs.) sN 800 760
4. 5H]XOWDWXO�H[SORDW ULL���-2) Re 6016 8014,2 5. )RQGXO�WRWDO�GH�WLPS�GH�PXQF ��RUH� T 1504000 1406000
6. Timpul mediu pe un salariat (ore) t 1880 1850
Ve
gi
prei
Re
T
Ns
t
( )Vewh
pre
Nr. crt. Indicatori Simbol Programat Realizat
7. 3URGXFWLYLWDWHD� PHGLH� RUDU �� VWDELOLW � SH�baza veniturilor din exploatare
( )Vewh 50 60
8. Profitul mediu la 1 leu venituri din exploatare (lei)
pre 0,08 0,095
9. Profitul mediu recalculat la 1 leu venituri din exploatare (lei) prer x 0,082
0HWRGRORJLD� GH� DQDOL] � IDFWRULDO � úL� UHVSHFWLY� FXDQWLILFDUHD�LQIOXHQ HORU�IDFWRULORU�SRWULYLW�PRGHOXOXL�ÄD´�VH�SUH]LQW �DVWIHO� ∆Re = Re1 – Re0 = +1998,2 mil. lei GLQ�FDUH��GDWRULW � 1��LQIOXHQ HL�PRGLILF ULL�YHQLWXULORU�GLQ�H[SORDWDUH�
( ) lei.mil8,732preVeVeVe 001 +=−=∆
GLQ�FDUH�GDWRULW � �����LQIOXHQ HL�PRGLILF ULL�IRQGXOXL�WRWDO�GH�WLPS�GH�PXQF �
( ) lei.mil392prewhTTT 0001 −=−=∆
GLQ�FDUH��GDWRULW � �������LQIOXHQ HL�PRGLILF ULL�QXP UXOXL�PHGLX�GH�VDODULD L�
( ) lei.mil8,300prewhtNsNsNs 00001 −=−=∆
�������LQIOXHQ HL�PRGLILF ULL�WLPSXOXL�PHGLX�SH�XQ�VDODULDW�
( ) lei.mil2,91prewhttNst 00011 −=−=∆
�����LQIOXHQ HL�SURGXFWLYLW LL�PHGLL�RUDUH�
( ) ( ) lei.mil8,1124prewhwhTwh 0011Ve
+=−=∆
2�� LQIOXHQ D� PRGLILF ULL� SURILWXOXL� PHGLX� OD� �� OHX� YHQLWXUL� GLQ�exploatare:
( ) lei.mil4,1265prepreVepre 011 +=−=∆
din care, datorit � ����� LQIOXHQ HL� VWUXFWXULL� YHQLWXULORU� GLQ� H[SORDWDUH� SH� WLSXUL� GH�DFWLYLW L�
( ) lei.mil72,168prepreVeg 01r
1i +=−=∆
100
pregpre 0i1ir ∑=
�����LQIOXHQ HL�SURILWXOXL�OD���OHX�YHQLWXUL�GLQ�H[SORDWDUH�SH�WLSXUL�GH�DFWLYLW L�
( ) lei.mil68,1096prepreVepre r11i +=−=∆
Se rePDUF � GHS úLUHD� SURILWXOXL� GH� H[SORDWDUH� SUHY ]XW� FX� �������PLO�� OHL�� UHVSHFWLY�FX��������GDWRUDW �vQ�SURSRU LH�GH�������YHQLWXULORU�GLQ�H[SORDWDUH�úL�GH�������PDMRU ULL�PDUMHL�PHGLL�GH�SURILW�EUXW�OD���OHX�YHQLWXUL�din exploatare. $QDOL]kQG� LQIOXHQ HOH� Iactorilor care au generat modificarea UH]XOWDWXOXL�H[SORDW ULL�FRQVWDW P�XUP WRDUHOH�
¾ FUHúWHUHD�YHQLWXULORU�GLQ�H[SORDWDUH�FX������PLO��OHL�D�FRQGXV�OD�PDMRUDUHD�PDVHL�SURILWXOXL� FX�������PLO�� OHL��$FHDVW � VLWXD LH� D�IRVW� GHWHUPLQDW � vQ� H[FOXVLYLWDWH� GH� XWLOL]DUHD� LQWHQVLY � D� IRU HL�GH�PXQF ��GLQ�SXQFW�GH�YHGHUH�H[WHQVLY�FRQVWDWkQGX-se folosirea LQFRPSOHW �D�SRWHQ LDOXOXL�XPDQ�
¾ marja medie de profit brut la 1 leu venituri din exploatare a FUHVFXW�FX�������OHL��UDWD�UHQWDELOLW LL�YHQLWXULORU�GLQ�H[SORDWDUH�s-D� PDMRUDW� FX� ������ úL� D� GHWHUPLQDW� VSRULUHD� UH]XOWDWXOXL�H[SORDW ULL� FX� ������� PLO�� OHL�� $SURIXQGkQG� DFHDVW � LQIOXHQ �UH]XOW � F � GLQ� PRGLILFDUHD� vQUHJLVWUDW � ������ V-a datorat PRGLILF ULL�VWUXFWXULL�YHQLWXULORU�GLQ�H[SORDWDUH�úL�������FUHúWHULL�profitulXL�EUXW�OD���OHX�YHQLWXUL�SH�WLSXUL�GH�DFWLYLW L�
¾ modificarea structurii veniturilor din exploatare în favoarea WLSXULORU�GH�DFWLYLW L�OD�FDUH�V-D�SUHY ]XW�XQ�SURILW�EUXW�OD���OHX�venituri mai mare decât profitul brut mediu programat pe vQWUHSULQGHUH�úL� vQ�GHIDYRDUHD�DFWLYLW LORU�OD�FDUH�V-a programat XQ�SURILW�EUXW�OD���OHX�YHQLWXUL�PDL�PLF�GHFkW�PHGLD�SUHY ]XW ��D�DYXW� FD� HIHFW� FUHúWHUHD� PDVHL� SURILWXOXL� GLQ� H[SORDWDUH� FX� 168,72 mil. lei;
¾ SURILWXO� EUXW� OD� �� OHX� YHQLWXUL� SH� WLSXUL� GH� DFWLYLW L� D� DYXW�WHQGLQ D�GH�FUHúWHUH�úL�D�FRQGXV�OD�PDMRUDUHD�PDVHL�SURILWXOXL�GLQ�H[SORDWDUH� FX� �������� PLO�� OHL�� $FHDVW � VLWXD LH� D� IRVW�GHWHUPLQDW �GH�FUHúWHUHD�PDL�UDSLG �D�YHQLWXULORU�GLQ�H[SORDWDUH�ID �GH�FHD� vQUHJLVWUDW � OD�QLYHOXO�FKHOWXLHOLORU�GH�H[SORDWDUH�� vQ�FD]XO� DFWLYLW LORU� FDUH� GH LQ� SRQGHUHD� PDMRULWDU � vQ� FDGUXO�veniturilor din exploatare (Ice1 < Ivei), respectiv de sporirea HILFLHQ HL�UHVXUVHORU�FRQVXPDWH�GH�vQWUHSULQGHUH�
&RQIRUP� PRGHOXOXL� GH� DQDOL] � ÄE´� VLVWHPXO� GH� IDFWRUL� HVWH�XUP WRUXO� 9DORDUHD� DFWLYHORU� GH� H[SORDWDUH�� UHIOHFW � YDORDUHD� DFWLYHORU�LPRELOL]DWH� úL� D� DFWLYHORU� FLUFXODQWH� DIHUHQWH� FLFOXOXL� GH� H[SORDWDUH�� 'HFL��P ULPHD�DFWLYHORU�GH�H[SORDWDUH�GHWHUPLQ �P ULPHD�SURGXF LHL�H[HUFL LXOXL��D�YHQLWXULORU�GLQ�H[SORDWDUH�úL�D profitului din exploatare.
Indicatorul ,Ae
VeUHSUH]LQW � YHQLWXULOH�PHGLL� GLQ� H[SORDWDUH� OD� �� OHX�
DFWLYH� GH� H[SORDWDUH� úL� UHIOHFW � HILFLHQ D� DFWLYHORU� GH� H[SORDWDUH��&UHúWHUHD�valorii acestui indicator se poate realiza prin accelerarea viWH]HL�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH�GH�H[SORDWDUH��vPEXQ W LUHD�FDOLW LL�SURGXVHORU�HWF� 4.2.3.3 Analiza profitului aferent cifrei de afaceri ÌQ�FD]XO�ILUPHORU�FX�DFWLYLWDWH�GH�SURGXF LH�SHQWUX�DQDOL]D�IDFWRULDO �D�profitului aferent cifrei de aIDFHUL��VH�UHFRPDQG �XUP WRDUHOH�PRGHOH� a) ∑ ∑−= cqpqPr vv
b) ∑ =
∑∑−= prCA
pq
cq1pqP
v
vvr
c) CA
Pr
Mf
CA
T
MfTPr =
Re
Ae
Ae
Ve
Ve
Re
gi
prei
$QDOL]D�IDFWRULDO �D�SURILWXOXL�DIHUHQW�FLIUHL�GH�DIDFHUL�VH�HIHFWXHD] �utilizând datele din tabelul de mai jos:
Tabelul 4.3 - mil. lei -
Nr.crt.
Indicatori Simbol Programat Realizat
1. &LIUD� GH� DIDFHUL� HYDOXDW � vQ� SUH XUL� GH�vânzare exclusiv T.V.A.
Σqvp 42500 51000
2. Cheltuieli totale aferente cifrei de afaceri Σqvc 39100 47379
3. 9ROXPXO� HIHFWLY� DO� SURGXF LHL� YkQGXWH�evaluat în�SUH XUL�PHGLL�SUHY ]XWH
Σqv1p0 x 46325
4. 9ROXPXO� HIHFWLY� DO� SURGXF LHL� YkQGXWH�HYDOXDW�SH�ED] �GH�FRVWXUL�SUHY ]XWH
Σqv1c0 x 45254
5. Suma profitului aferent cifrei de afaceri Pr 3400 3621
6. 3URILWXO�PHGLX�OD���OHX�FLIU �GH�DIDFHUL��OHL� pr 0,08 0,071
3RWULYLW�PRGHOXOXL�GH�DQDOL] �ÄD´��VLVWHPXO�GH�IDFWRUL�FDUH�DF LRQHD] �DVXSUD�SURILWXOXL�HVWH�XUP WRUXO� în care: qv =�UHSUH]LQW �YROXPXO�IL]LF�DO�SURGXF LHL�YkQGXWH� g =�VWUXFWXUD�SURGXF LHL�YkQGXWH�SH�SURGXVH� c = costurile complete unitare; p =�SUH XULOH�PHGLL�GH�YkQ]DUH�XQLWDUH��H[FOXVLY�7�9�$� $QDOL]D�IDFWRULDO �D�SURILWXOXL�DIHUHQW�FLIUHL�GH�DIDFHUL� VH� UHDOL]HD] �astfel: ∆PR = Pr1 – Pr0 = 3621 – 3400 = + 221 mil. lei GLQ�FDUH�GDWRULW � 1��LQIOXHQ HL�PRGLILF ULL�YROXPXOXL�IL]LF�DO�SURGXF LHL�YkQGXWH� ∆qv = Pr0Iqv – Pr0 = 3400 · 109% - 3400 = + 306 mil. lei
%10910042500
46325100
pq
pqIq
00v
01vv =⋅==
∑∑
Pr
p
g
qv
c
2��LQIOXHQ HL�PRGLILF ULL�VWUXFWXULL�SURGXF LHL�YkQGXWH�SH�SURGXVH� ∆g = (Σqv1p0 - Σqv1c0) – Pr0Iqv = (46325 – 45254) – 3400 · 109% = - - 2635 mil. lei 3��LQIOXHQ HL�PRGLILF ULL�FRPSOHWH�XQLWDUH� ∆c = (Σqv1p1 - Σqv1c1) – (Σqv1p0 - Σqv1c0) = -(Σqv1c1 - Σqv1c0) = - - (47379 – 45254) = -2125 mii lei 4��LQIOXHQ HL�PRGLILF ULL�SUH XULORU�PHGLL�GH�YkQ]DUH�XQLWDUH��H[FOXVLY�T.V.A.: ∆p = (Σqv1p1 - Σqv1c1) - (Σqv1p0 - Σqv1c1) = Σqv1p1 - Σqv1p0 = 51000 – - 46325 = + 4675 mil. lei /D� ILQHOH� SHULRDGHL� DQDOL]DWH�� FRPSDUDWLY� FX� QLYHOXO� SUHY ]XW� vQ�EXJHWXO�GH�YHQLWXUL�úL�FKHOWXLHOL��V-D�vQUHJLVWUDW�R�FUHúWHUH�D�SURILWXOXL�DIHUHQW�cifrei de afaFHUL� FX� ���� PLO�� OHL�� UHVSHFWLY� FX� ������ &UHúWHUHD� SURILWXOXL�DIHUHQW�FLIUHL�GH�DIDFHUL�LQIOXHQ HD] �SR]LWLY�UH]XOWDWXO�H[SORDW ULL��UH]XOWDWXO�EUXW� úL� UH]XOWDWXO�QHW�DO�H[HUFL LXOXL� úL� LQGLFDWRULL� GH�HILFLHQ �FRQVWLWXL L�SH�baza acestora. Analizând inflXHQ HOH�IDFWRULORU��VH�FRQVWDW �XUP WRDUHOH�
• FUHúWHUHD�YROXPXOXL�IL]LF�DO�SURGXF LHL�YkQGXWH�FX����D�DYXW�FD�HIHFW� VSRULUHD� SURILWXOXL� FX� ���� PLO�� OHL�� ,QIOXHQ D� YROXPXOXL�SURGXF LHL� YkQGXWH� UHOHY � IDSWXO� F � SHQWUX� SURGXF LD�vQWUHSULQGHULL�H[LVW �FHUHUH��UHVSHFWLY�SLD D�QX�HVWH�VDWXUDW �
• VWUXFWXUD�FLIUHL�GH�DIDFHUL�D�LQIOXHQ DW�SURILWXO�vQ�VHQVXO�VF GHULL�FX������PLO�� OHL�VLWXD LH�FH�VH�H[SOLF �SULQ�GLPLQXDUHD�SRQGHULL�produselor vândute la care s-DX� SUHY ]XW� UDWH� DOH� UHQWDELOLW LL�comerciale mai mari decâW� UDWD�PHGLH�FRPHUFLDO �SUHY ]XW � SH�WRWDO� vQWUHSULQGHUH� úL� FUHúWHUHD� SRQGHULL� SURGXVHORU� OD� FDUH� V-au SURJUDPDW� UDWH� GH� UHQWDELOLWDWH� SUHY ]XWH� PDL� PLFL� GHFkW� UDWD�PHGLH�FRPHUFLDO �SURJUDPDW �SH�vQWUHSULQGHUH�
• costurile complete unitare au exercitat o infOXHQ � QHJDWLY �DVXSUD�SURILWXOXL�GHWHUPLQkQG�VF GHUHD�DFHVWXLD�FX������PLO��OHL��VLWXD LH�GHWHUPLQDW � GH� GHS úLUHD�FRVWXULORU� SURGXVHORU� FH� GH LQ�SRQGHUHD�SULQFLSDO �vQ�WRWDOXO�YkQ] ULORU��,QIOXHQ D�FRVWXULORU�VH�DSUHFLD] �FD� MXVWLILFDW �FX�FRQGL LD�FD�HIRUWXO� VXSOLPHQWDU� I FXW�V �IL�IRVW�UHFXSHUDW�SH�VHDPD�SUH XULORU�GH�YkQ]DUH��FD�XUPDUH�D�RE LQHULL�XQRU�SURGXVH�VXSHULRDUH�GLQ�SXQFW�GH�YHGHUH�FDOLWDWLY�
• SUH XULOH�GH�YkQ]DUH�DX�IRVW�PDL�PDUL�ID �GH�QLYHOXO�SUHY ]XW�OD�VRUWLPHQWHOH�FDUH�GH LQ�SRQGHUHD�PDMRULWDU �vQ�FLIUD�GH�DIDFHUL�úL�DX� GHWHUPLQDW� FUHúWHUHD� PDVHL� SURILWXOXL� FX� ����� PLO�� OHL��
$FHDVW � VLWXD LH� SRDWH� IL� GHWHUPLQDW � GH� vPEXQ W LUHD� FDOLW LL�SURGXVHORU��FD]�vQ�FDUH�DSUHFLHUHD�HVWH�SR]LWLY �úL�VDX�FD�XUPDUH�D�DF LXQLL�IDFWRULORU�FRQMXQFWXUDOL��RIHUWD�PDL�PLF �GHFkW�FHUHUHD��LQIOD LH�HWF���
6LVWHPXO� GH� IDFWRUL� FDUH� DF LRQHD] � DVXSUD� SURILWXOXL� SRWULYLW��PRGHOXOXL�ÄE´��HVWH�XUP WRUXO� 0HWRGRORJLD�GH�DQDOL] �IDFWRULDO �D�SURILWXOXL�úL�FXDQWLILFDUHD�DF LXQLL�DFHVWRUD�VH�SUH]LQW �DVWIHl: ∆Pr = Pr1 – Pr0 = +221 mil. lei GLQ�FDUH��GDWRULW � ���LQIOXHQ HL�PRGLILF ULL�FLIUHL�GH�DIDFHUL�
( ) ( ) lei.mil68008,04250051000prCACACA 001 +=⋅−=−=∆
GLQ�FDUH��GDWRULW � �����LQIOXHQ HL�PRGLILF ULL�YROXPXOXL�IL]LF�DO�SURGXF LHL�YkQGXWH� ( ) ( ) lei.mil30608,04250046325prpqpqq 000v01vv +=−=−=∆ ∑ ∑
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( ) ( ) lei.mil37408,04632551000prpqpqp 001v11v +=−=∑ ∑−=∆
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( ) ( ) lei.mil45908,0071,051000prprCApr 011 −=−=−=∆
GLQ�FDUH��GDWRULW � �����LQIOXHQ HL�PRGLILF ULL�VWUXFWXULL�SURGXF LHL�YkQGXWH�SH�Sroduse:
( ) lei.mil9,290108,00231,051000prprCA
pq
cq1
pq
cq1CAg
01
00v
00v
01v
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−=−=
−
′=
=
−−
−=∆
∑∑
∑∑
Pr
pr
qv
CA
p
g
p
c
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( ) lei.mil6,45690231,01127,051000prprCA
pq
cq1
pq
cq1CAp
1
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01v
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+=−=
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−″
=
=
−−
−=∆
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( ) lei.mil7,21261127,0071,051000prprCA
pq
cq1
pq
cq1CAc
11
11v
01v
11v
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−=−=
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−=
=
−−
−=∆
∑∑
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&UHúWHUHD�SURILWXOXL�DIHUHQW�V-a datorat în exclusivitate sporirii cifrei GH� DIDFHUL�� PDUMD� PHGLH� GH� SURILW� OD� �� OHX� YkQ] UL� VF ]kQG� D� GHWHUPLQDW�diminuarea masei profitului. &LIUD�GH�DIDFHUL�D�FUHVFXW� ID �GH�QLYHOXO�SUHY ]XW�FX������PLO�� OHL��contribuind la sporirea profitului cu 680 mil. lei. Aprofundând influeQ D�FLIUHL�GH�DIDFHUL�SULQ�LQWHUPHGLXO�FHORU�GRL�IDFWRUL�GH�JUDGXO�,,��VH�FRQVWDW �F �YROXPXO� IL]LF� DO� SURGXF LHL� YkQGXWH� D� LQIOXHQ DW� SR]LWLY� vQ� VHQVXO� FUHúWHULL�SURILWXOXL�FX�����PLO�� OHL�� vQ�WLPS�FH�PDMRUDUHD�SUH XULORU�PHGLL�GH�YkQ]DUH�unitare a avut ca efect sporirea profitului cu 374 mil. lei. 6F GHUHD� SURILWXOXL� PHGLX� OD� �� OHX� YkQ] UL� FX� ������ OHL�� FHHD� FH�VHPQLILF � R� GLPLQXDUH� D� UDWHL� UHQWDELOLW LL� FRPHUFLDOH� OD� QLYHO� GH�vQWUHSULQGHUH�FX�������D�DYXW�FD�UH]XOWDW�PLFúRUDUHD�SURILWXOXL�DIHUHQW�FLIUHi GH� DIDFHUL� FX� ���� PLO�� OHL�� ,QIOXHQ HOH� IDFWRULORU� LQGLUHF L� FDUH� DF LRQHD] �DVXSUD�SURILWXOXL�SULQ� LQWHUPHGLXO�SURILWXOXL�PHGLX� OD��� OHX�FLIU �GH�DIDFHUL��VWUXFWXU �� SUH XUL�� FRVWXUL��� VH� LQWHUSUHWHD] � VLPLODU� PRGelului mai sus prezentat (modelul de anaOL] �ÄD´�� 0RGHOXO�ÄE´�DUH�R�YDORDUH� LQIRUPD LRQDO �VXSHULRDU �PRGHOXOXL�ÄD´�GHRDUHFH� SXQH� vQ� HYLGHQ �� SULQ� IDFWRULL� GH� JUDGXO� ��� FHOH� GRX � GLUHF LL�SULQFLSDOH� GH� FUHúWHUH� D� SURILWXOXL�� úL� DQXPH�� SULQ� VSRULUHD� UXODMXOXL�YkQ] ULORU�úL�PRGLILFDUHD�PDUMHL�PHGLL�GH�SURILW�OD���OHX�YkQ] UL�
3RWULYLW�PRGHOXOXL�GH�DQDOL] �ÄF´��VLVWHPXO�GH�IDFWRUL�HVWH�XUP WRUXO�
în care: T =�UHSUH]LQW �IRQGXO�WRWDO�GH�WLPS�GH�PXQF �
T
Mf =�JUDGXO�GH�vQ]HVWUDUH�WHKQLF �D�PXQFLL�
Mf
CA =�HILFLHQ D�XWLOL] ULL�PLMORDFHORU�IL[H��H[SULPDW �SULQ�YkQ] ULOH�FH�UHYLQ�
în medie la 1 leu mijloace fixe. $FHVW�PRGHO� SHUPLWH� SXQHUHD� vQ� HYLGHQ � vQ� SOXV� ID � GH�PRGHOHOH�SUHFHGHQWH�D�LQIOXHQ HORU�XWLOL] ULL�H[WHQVLYH�D�IDFWRUXOXL�XPDQ��Jradului de vQ]HVWUDUH� D� IRU HL� GH� PXQF � úL� HILFLHQ HL� IRORVLULL� PLMORDFHORU� IL[H� DVXSUD�masei profitului. ������$QDOL]D�IDFWRULDO �D�SURILWXOXL�SH�SURGXV Aprofundarea analizei profitului total al întreprinderii presupune studierea profitului principalHORU�SURGXVH�úL�VWDELOLUHD�LQIOXHQ HORU�IDFWRULORU�GLUHF L�úL�LQGLUHF L�FDUH�DF LRQHD] �DVXSUD�DFHVWRUD�
P
T
Mf
T
Mf
CA
prsauCA
P
g
p
c
Analiza profitului pe produs (Prp) se poate realiza pe baza modelului:
Prp = qv(p - c)
cicsdcmc ++=
∑= jjpcscm
shtcsd ⋅=
q
Cici =
în care:
cm =� UHSUH]LQW � FKHOWXLHOLOH� FX� PDWHULLOH� SULPH� úL� PDWHULDOHOH� GLUHFWH� SH�unitatea de produs;
csd =�FKHOWXLHOLOH�FX�PDQRSHUD�GLUHFW �SH�XQLWDWHD�GH�SURGXV�
ci = cheltuielile indirecte pe unitatea de produs; csj = FRQVXPXO�VSHFLILF�GLQ�UHVXUVD�PDWHULDO �ÄM´� pj = SUH XO�GH�DSURYL]LRQDUH�DO�UHVXUVHL�ÄM´� t = WLPSXO�GH�PXQF �SH�XQLWDWHD�GH�SURGXV�
sh = salariul mediu oUDU��LQFOXVLY�FRQWULEX LLOH�SHQWUX�DVLJXU UL�úL�SURWHF LH�VRFLDO ��
Ci = suma cheltuielilor indirecte; q = YROXPXO�IL]LF�DO�SURGXF LHL�RE LQXWH� 6LVWHPXO� GH� IDFWRUL�FDUH� DF LRQHD] �DVXSUD�PRGLILF ULL� SURILWXOXL� SH�SURGXV�VH�SUH]LQW ��DVWIHO� 0HWRGRORJLD� GH� DQDOL] � D� SURILWXOXL� SH� SURGXV�� SUHVXSXQH�FXDQWLILFDUHD�LQIOXHQ HORU�IDFWRULORU�PDL�VXV�SUH]HQWD L��GXS �FXP�XUPHD] � 1. ∆qv = (qv1 – qv0) (p0 – c0)
Prp csd
qv
csj
pj
p
c
cm
ci
t
sh
2. ∆c = -qv1 (c1 – c0) din care:
2.1. )cmcm(qcm 011v −−=∆
din care: 2.1.1. ∆csj = -qv1 (Σcsj1pj0 - Σcsj0pj0) 2.1.2. ( )∑ ⋅−⋅∑−=∆
01111 jjjjvj pcspcsqp
2.2. ( )01 csdcsdqcsd 1v −−=∆
din care:
2.2.1. ( ) 0011v shttqt −−=∆
2.2.2. ( )0111v shshtqsh −−=∆
2.3. ( )011v ciciqci −−=∆
3. ∆p = qv1 (p1 – p0) 4.3 Analiza ratelor de rentabilitate 5DWD� GH� UHQWDELOLWDWH� HVWH� XQ� UDSRUW� vQWUH� R� IRUP � GH� H[SULPDUH� D�SURILWXOXL� úL� DFWLYH� VDX� FDSLWDOXUL� �SURSULL�� SHUPDQHQWH�� VDX� XQ� IOX[� GH�activitate (cifra de afaceri, resurse consumate etc.). Diferitele forme de exprimare ale ratelor de rentabilitate au valori LQIRUPD LRQDOH� YDULDWH� úL� RJOLQGHVF� PXOWLSOHOH� ODWXUL� DOH� DFWLYLW LL�economico-financiare a firmei. 3ULQFLSDOHOH� UDWH� RSHUD LRQDOH� vQ� DQDOL]D� ILQDQFLDU � D� vQWUHSULQGHULL�VXQW�� UDWD� UHQWDELOLW LL� FRPHUFLDOH�� UDWD� UHQWDELOLW LL� UHVXUVHORU� FRQsumate, UDWD�UHQWDELOLW LL�HFRQRPLFH�úL�UDWD�UHQWDELOLW LL�ILQDQFLDUH� ������$QDOL]D�UDWHL�UHQWDELOLW LL�FRPHUFLDOH��5
c) 5DWD� UHQWDELOLW LL� FRPHUFLDOH� H[SULP � FRUHOD LD� GLQWUH� SURILWXO� WRWDO�DIHUHQW� YkQ] ULORU� úL� FLIUD� GH� DIDFHUL�� GkQG� H[SUHVLH� SRliticii comerciale a întreprinderii.
0RGHOHOH� XWLOL]DWH� vQ� DQDOL]D� IDFWRULDO � DOH� DFHVWHL� UDWH� VXQW�XUP WRDUHOH� a)
1001,100100Pr
−=
−==
∑∑
∑∑ ∑
∑ pq
cqRsau
pq
cqpq
pqR
v
vc
v
vv
v
c
b) 1001,100
−== ∑
i
ici
ciic
p
cr
rgR
în care: gi –�UHSUH]LQW �VWUXFWXUD�SURGXF LHL�YkQGXWH�SH�SURGXVH�
cir -�UDWD�UHQWDELOLW LL�FRPHUFLDOH�SH�SURGXVH�
3RWULYLW� PRGHOXOXL� ÄD´�� RUGLQHD� vQ� FDUH� IDFWRULL� DF LRQHD] � DVXSUD�UDWHL� UHQWDELOLW LL� FRPHUFLDOH�HVWH�XUP WRDUHD�� VWUXFWXUD�SURGXF LHL�YkQGXWH�SH�SURGXVH��SUH XULOH�PHGLL�GH�YkQ]DUH�XQLWDUH�úL�FRVWXULOe unitare. 0HWRGRORJLD�GH�FXDQWLILFDUH�D�LQIOXHQ HORU�IDFWRULORU�HVWH�XUP WRDUHD�
c0
c1
c RRR −=∆
GLQ�FDUH��GDWRULW � ���LQIOXHQ HL�PRGLILF ULL�VWUXFWXULL�SURGXF LHL�YkQGXWH�SH�SURGXVH�
100pq
cq1100
pq
cq1
0o
00v
01v
01v
−−
− ∑
∑∑∑
���LQIOXHQ HL�PRGLILF ULL�SUH XUilor medii de vânzare unitare:
1001100101
01
11
01
−−
−
∑∑
∑∑
pq
cq
pq
cq
v
v
v
v
GLQ�FDUH��GDWRULW � �����LQIOXHQ HL�LQIOD LHL�
1001100101
01
01
01
−−
−
∑∑
∑∑
pq
cq
Ipq
cq
v
v
pv
v
�����LQIOXHQ HL�DOWRU�IDFWRUL��GHFkW�LQIOD LD�
1001100101
01
11
01
−−
−
∑∑
∑∑
pv
v
v
v
Ipq
cq
pq
cq
în care: Ip =�UHSUH]LQW �LQGLFHOH�LQIOD LHL�ID �GH�ED]D�GH�FRPSDUD LH� ���LQIOXHQ HL�PRGLILF ULL�FRVWXULORU�XQLWDUH�
1001100111
01
11
11
−−
−
∑∑
∑∑
pq
cq
pq
cq
v
v
v
v
ÌQ� FD]XO� XWLOL] ULL� PRGHOXOXL� GH� DQDOL] � ÄE´�� VLVWHPXO� GH� IDFWRUL� VH�SUH]LQW �DVWIHO� 0HWRGRORJLD�GH�DQDOL] �IDFWRULDO �HVWH�XUP WRDUHD�
c0
c1
c RRR −=∆
GLQ�FDUH��GDWRULW � ���LQIOXHQ HL�PRGLILF ULL�VWUXFWXULL�SURGXF LHL�YkQGXWH�SH�SURGXVH�
c0
crc0i0i
c0i1i
RR100
rg
100
rg−=
∑−
∑
���LQIOXHQ HL�PRGLILF ULL�UDWHL�UHQWDELOLW LL�FRPHUFLDOH�SH�SURGXVH�
crc1
c0i1i
c1i1i
RR100
rg
100
rg−=
∑−
∑
GLQ�FDUH��GDWRULW � �����LQIOXHQ HL�PRGLILF ULL�SUH XULORU�PHGLL�GH�YkQ]DUH�XQLWDUH�
100
100p
c1g
100
100p
c1g
0i
0i1i
1i
0i1i ∑
−
−∑
−
�����LQIOXHQ HL�PRGLILF ULL�FRVWXULORU�XQLWDUH�
100
100p
c1g
100
100p
c1g
1i
0i1i
1i
1i1i ∑
−
−∑
−
gi
cir
ci
Rc
pi
������$QDOL]D�UDWHL�UHQWDELOLW LL�UHVXUVHORU�FRQVXPDWH��5rc)
5DWD� UHQWDELOLW LL� UHVXUVHORU� FRQVXPDWH� UHIOHFW � FRUHOD LD� GLQWUH�UH]XOWDWXO�DIHUHQW�FLIUHL�GH�DIDFHUL�úL�FRVWXULOH�WRWDOH�DIHUHQWH�YkQ] ULORU� 0RGHOXO�GH�FDOFXO�úL�DQDOL] �HVWH�XUP WRUXO�
100100Pr
∑∑ ∑
∑−
==cq
cqpq
cqR
v
vv
v
rc
)DFWRULL�GLUHF L�FDUH�LQIOXHQ HD] �DVXSUD�UDWHL�UHQWDELOLW LL�UHVXUVHORU�consumDWH� VXQW�� VWUXFWXUD� SURGXF LHL� YkQGXWH� SH� SURGXVH� �J��� FRVWXULOH�XQLWDUH��F��úL�SUH XULOH�PHGLL�GH�YkQ]DUH�XQLWDUH��H[FOXVLY�7�9�$���S�� 0HWRGRORJLD� GH� DQDOL] � IDFWRULDO � úL� FXDQWLILFDUHD� LQIOXHQ HORU�factorilor, utilizând datele din tabelul nr. 5.3. se pUH]LQW �DVWIHO�
%70,810039100
3910042500R rc
0 =⋅−=
%64,710047379
4737951000R rc
1 =⋅−=
%06,170,864,7RRR rc0
rc1
rc −=−=−=∆
GLQ�FDUH��GDWRULW � ���LQIOXHQ HL�PRGLILF ULL�VWUXFWXULL�SURGXF LHL�YkQGXWH�SH�SURGXVH�
%33,6R100cq
cgpqg rc
001v
01v01v −=−∑
∑ ∑−=∆
���LQIOXHQ HL�PRGLILF ULL�FRVWXULORU�XQLWDUH�
%82,2100cq
cgpq100
cq
cgpqc
01v
01v01v
11v
11v01v −=∑
∑ ∑−−
∑∑ ∑−
=∆
��� LQIOXHQ HL� PRGLILF ULL� SUH XULORU� PHGLL� GH� YkQ]DUH� XQLWDUH� SH�produse:
%09,8100cq
cgpq100
cq
cgpqp
11v
11v01v
11v
11v11v +=∑
∑ ∑−−
∑∑ ∑−
=∆
/D� ILQHOH� SHULRDGHL� DQDOL]DWH� VH� FRQVWDW � R� VF GHUH� D� UDWHL�UHQWDELOLW LL�UHVXUVHORU�FRQVXPDWH��FD�XUPDUH�D�GLPLQX ULL�UDWHL�GH�HILFLHQ �a costurilor totale aferente cifrei de afaceri (indicele profitului a fost mai mic decât indicele cheltuielilor totale aferente cifrei de afaceri, respectiv 106,5% ID �GH�������� 6F GHUHD�UDWHL�UHQWDELOLW LL�UHVXUVHORU�FRQVXPDWH�V-D�RE LQXW�FD�HIHFt DO� GHS úLULL� FRVWXULORU� SUHY ]XWH� SH� SURGXVH� úL� PRGLILF ULL� VWUXFWXULL�
YkQ] ULORU�� vQ� WLPS� FH� FUHúWHUHD� SUH XULORU� PHGLL� GH� YkQ]DUH� XQLWDUH� D�LQIOXHQ DW�vQ�VHQVXO�VSRULULL�UDWHL�UHQWDELOLW LL� $SUHFLHUHD� LQIOXHQ HORU� IDFWRULORU� HVWH� LGHQWLF � FX� FHD� SUH]HQWDW � OD�DQDOL]D�IDFWRULDO �D�SURILWXOXL�DIHUHQW�FLIUHL�GH�DIDFHUL� 7UHEXLH� UHPDUFDW� IDSWXO� F � DVXSUD� UDWHL� UHQWDELOLW LL� UHVXUVHORU�FRQVXPDWH� FRVWXO� H[HUFLW � R� GXEO � DF LXQH�� LQIOXHQ kQG� vQ� VHQVXUL� GLIHULWH�SULQ� QXP U WRUXO� úL� QXPLWRUXO� UDSRUWXOXL� �H[�� vQ� FD]XO� GHS úLULL� FRVWXULORU�XQLWDUH� SH� SURGXV�� QXP U WRUXO� �SURILWXO�� VH� UHGXFH�� LDU� QXPLWRUXO��FKHOWXLHOLOH�WRWDOH��FUHúWH��FHHD�FH�IDFH�FD�LQIOXHQ D�QHJDWLY �D�DFHVWXL�IDFWRU�DVXSUD� UDWHL� UHQWDELOLW LL� UHVXUVHORU� FRQVXPDWH� V � ILH� PXOW� PDL� SXWHUQLF � decât în cazul altor rate de rentabilitate). ÌQ� OLWHUDWXUD� GH� VSHFLDOLWDWH�� vQ� OHJ WXU � FX� QLYHOXO� DFHVWHL� UDWH� VXQW�RSLQLL�SRWULYLW�F URUD�DU�WUHEXL�V �ILH�FXSULQV �vQWUH���– 15%. ������$QDOL]D�UDWHL�UHQWDELOLW LL�HFRQRPLFH��5
e) 5DWD� UHQWDELOLW LL� HFRQRPLFH� UHIOHFW � FRUHOD LD� GLQWUH� XQ� UH]XOWDW�HFRQRPLF� úL� PLMORDFHOH� HFRQRPLFH� �FDSLWDOXO�� DQJDMDWH� SHQWUX� RE LQHUHD�DFHVWXLD�� ÌQ� FDOFXOXO� UDWHL� UHQWDELOLW LL� HFRQRPLFH�� OD� QXP U WRU� VH� SRDWH�XWLOL]D�UH]XOWDWXO�H[SORDW ULL��SURILWXO�DIHUHQW�FLIUHL�GH afaceri) sau excedentul brut din exploatare, iar la numitor mijloacele economice totale (activul total) sau o parte a acestora. 5DWD� UHQWDELOLW LL� HFRQRPLFH� HVWH� LQGHSHQGHQW � GH� VWUXFWXUD�ILQDQFLDU ��JUDGXO�GH�vQGDWRUDUH���SROLWLFD�ILVFDO �GH�LPSR]LWDUH a profitului, SUHFXP�úL�GH�HOHPHQWHOH�H[FHS LRQDOH� 5DWD�UHQWDELOLW LL�HFRQRPLFH��VH�SRDWH�VWDELOL�DVWIHO�
100At
.E.B.Esau100
At
Re
$QDOL]D�IDFWRULDO �D�UDWHL�UHQWDELOLW LL�HFRQRPLFH��VH�SRDWH�UHDOL]D�SH�ED]D�XUP WRDUHORU�PRGHOH�GH�DQDOL] �
a) 100CA
.E.B.E
At
CARsau100
CA
Re
At
CAR ee ==
b) AcAiAt;
Ac
CA1
Ai
CA1
RR
ce +=
+=
în care:
Rc =�UHSUH]LQW �UDWD�UHQWDELOLW LL�FRPHUFLDOH�
= 100
CA
ReR c ;
CA
.E.B.E=�H[FHGHQWXO�EUXW�GLQ�H[SORDWDUH�OD���OHX�FLIU �GH�DIDFHUL�
Ai = active imobilizate; Ac = active circulante;
At
CA=�YLWH]D�GH�URWD LH�D�DFWLYXOXL�WRWDO�H[SULPDW �FD�QXP U�GH�URWD LL�
3RWULYLW� SULPXOXL� PRGHO� GH� DQDOL] � VLVWHPXO� GH� IDFWRUL� FDUH�LQIOXHQ HD] �DVXSUD�UDWHL�UHQWDELOLW LL�HFRQRPLFH�HVWH�XUP WRUXO�
Modificarea ratei� UHQWDELOLW LL� HFRQRPLFH�� VH� H[SOLF � SULQ� SULVPD�FHORU� GRL� IDFWRUL� GLUHF L�� YLWH]D� GH� URWD LH� D� DFWLYXOXL� WRWDO� �&$�$W�� úL� UDWD�UHQWDELOLW LL�FRPHUFLDOH�VDX� UDWD�PDUMHL�EUXWH� OD��� OHX�YkQ] UL� �5c���D�F UHL�DQDOL] � SRDWH� IL� DSURIXQGDW � SULQ� LQWHUPHGLXO� FHORU� WUHL� IDFWRUL� LQGLUHF L��VWUXFWXUD�SURGXF LHL�YkQGXWH�SH�SURGXVH��SUH XULOH�PHGLL�GH�YkQ]DUH�XQLWDUH�úL�FRVWXULOH�XQLWDUH��
At
Ca
c
Re g
Rc p
At
Ca
Re sau
CA
.E.B.E
Utilizând cel de-DO� GRLOHD�PRGHO� GH� DQDOL] �� VLVWHPXO� GH� IDFWRUL� VH�SUH]LQW �DVWIHO� în care:
Ai
CA-�UHSUH]LQW �UDQGDPHQWXO�DFWLYHORU�LPRELOL]DWH��5��
Ac
CA-�YLWH]D�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH��H[SULPDW �FD�QXP U�GH�URWD LL�
(n). 0HWRGRORJLD� GH� DQDOL] � IDFWRULDO �� SRWULYLW� DFHVWXL� PRGHO�� HVWH�XUP WRDUHD�
e0
e1
e RRR −=∆
GLQ�FDUH��GDWRULW � ���LQIOXHQ HL�PRGLILF ULL�UDQGDPHQWXOXL�DFWLYHORU�LPRELOL]DWH�
00
c0
01
c0
n
1
R
1
R
n
1
R
1
RR
+−
+=∆
���LQIOXHQ HL�PRGLILF ULL�YLWH]HL�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH�
01
c0
11
c0
n
1
R
1
R
n
1
R
1
Rn
+−
+=∆
Re
Rc
c
g
p
Ac
CA
Ai
Ca
���LQIOXHQ D�PRGLILF ULL�UDWHL�UHQWDELOLW LL comerciale:
11
c0
c1c
n
1
R
1
RRR
+
−=∆
1RW P�11
1 n
1
R
1 +=α
$SURIXQGDUHD�IDFWRUXOXL�Ä�´�VH�UHDOL]HD] �DVWIHO� �����LQIOXHQ HL�PRGLILF ULL�VWUXFWXULL�SURGXF LHL�YkQGXWH�SH�SURGXVH�
1001’,’
01
01
1
0
−=
−=∆
∑∑
pq
cqRunde
RRg
v
vccc
α
�����LQIOXHQ HL�PRGLILF ULL�SUH XULORU medii de vânzare:
1001",’"
11
01
1
−=−=∆
∑∑
pq
cqRunde
RRp
v
vccc
α
�����LQIOXHQ HL�PRGLILF ULL�FRVWXULORU�XQLWDUH�
1
cc1 R"R
cα−
=∆
Cel de-DO�GRLOHD�PRGHO�GH�DQDOL] �HYLGHQ LD] �vQ�SOXV�ID �GH�SULPXO��HILFLHQ D�XWLOL] ULL�PLMORDFHORU�HFRQRPLFH�GH�QDWXUD�DFWLYHORU� LPRELOL]DWH�úL�FLUFXODQWH�� FDUH� UHSUH]LQW �R�FRQGL LH� HVHQ LDO �SHQWUX� VSRULUHD� UHQWDELOLW LL�economice. ������$QDOL]D�UDWHL�UHQWDELOLW LL�ILQDQFLDUH��5I� 5HQWDELOLWDWHD�ILQDQFLDU �H[SULP �FRUHOD LD�GLQWUH�SURILW�úL�FDSLWDOXUL�în calitatea lor de suUVH�GH�ILQDQ DUH�D�DFWLYLW LL� vQWUHSULQGHULL��&LUFXPVFULV�VIHUHL� GH� FXSULQGHUH� D� FDSLWDOXULORU�� SURSULL� úL� SHUPDQHQWH� DQDOL]D� UDWHL�UHQWDELOLW LL�ILQDQFLDUH�VH�DGDSWHD] �DFHVWHL�VWUXFWXUL�
��������$QDOL]D�UDWHL�UHQWDELOLW LL�ILQDQFLDUH�D�FDSLWDOXULORU proprii $FHVW� LQGLFDWRU� P VRDU �� vQ� P ULPH� UHODWLY �� UHPXQHUDUHD�FDSLWDOXULORU� DF LRQDULORU� DGXVH� FD� DSRUW�� VDX� D� SURILWXOXL� QHW� O VDW� OD�GLVSR]L LD�ILUPHL�SHQWUX�DXWRILQDQ DUH��5DWD�vQ�FDX] ��UHIOHFW �FRUHOD LD�GLQWUH�SURILWXO�QHW��FD�YHQLW�DO�DF LRQDULORU�úL�FDSLWDOXULOH�SURSULL�DOH�vQWUHSULQGHULL� 5DWD�UHQWDELOLW LL�ILQDQFLDUH�D�FDSLWDOXULORU�SURSULL��5I���VH�GHWHUPLQ �SH�ED]D�UHOD LHL�
100Kp
PnRf =
$QDOL]D� IDFWRULDO � D� UDWHL� UHQWDELOLW LL� ILQDQFLDUH� D� FDSLWDOXULORU�proprii, poate fi aSURIXQGDW �XWLOL]kQG�vQ�DFHVW�VHQV�XUP WRDUHOH�GRX �PRGHOH�PXOWLSOLFDWLYH�GH�DQDOL] �
a) 100Vt
Pn
Kp
At
At
VtRf =
b) 100Pb
Pn
Vt
Pb
Kp
VtRf =
ÌQ� FD]XO� SULPXOXL�PRGHO� GH� DQDOL] �� VLVWHPXO� GH� IDFWRUL� VH� SUH]LQW �astfel: în care:
At
Vt =�UHSUH]LQW �YLWH]D�GH�URWD LH�D�DFWLYXOXL�WRWDO��H[SULPDW �SULQ�QXP U�GH�
URWD LL�
At
Vt
Rf
Vt
Pn
Kp
At
Kp
At = factorul de multiplicare a capitalului propriu;
Vt
Pn =�UHQWDELOLWDWHD�QHW �D�YHQLWXULORU�WRWDOH�
Factorul de multipliFDUH� D� FDSLWDOXOXL� SURSULX� UHIOHFW � JUDGXO� GH�vQGDWRUDUH�D�ILUPHL��IDSW�GHPRQVWUDW�FX�DMXWRUXO�UHOD LHL�
Kp
D1
Kp
DKp
Kp
Pt
Kp
At +=+==
în care: Pt =�UHSUH]LQW �SDVLYXO�WRWDO� D = datoriile totale;
Kp
D =�JUDGXO�GH�vQGDWRUDUH��VDX�EUD Xl pârghiei financiare.
8WLOL]kQG� DFHVW� PRGHO� GH� DQDOL] �� FRQVLGHU P� FD� ILLQG� QHFHVDU� D�VXEOLQLD�XUP WRDUHOH�DVSHFWH�
• DFFHOHUDUHD� YLWH]HL� GH� URWD LH� D� DFWLYXOXL� WRWDO� UHSUH]LQW � R�FRQGL LH�HVHQ LDO �SHQWUX�VSRULUHD�UDWHL�UHQWDELOLW LL�ILQDQFLDUH�D�capitalurilor proprii;
• factorul de multiplicare a capitalului propriu, cu cât este mai PDUH�� FX� DWkW� FUHúWH� UHQWDELOLWDWHD� ILQDQFLDU �� ÌQ� SUDFWLFD�HFRQRPLF �vQV ��H[LVW �R�OLPLW �GH�vQGDWRUDUH�DFFHSWDW �GH�E QFL��8QHOH�E QFL�DSUHFLD] �FD�OLPLW �PD[LP �GH�vQGDWRrare 70% din VXUVHOH� WRWDOH� DOH� ILUPHL�� GHS úLUHD� DFHVWHL� OLPLWH� GH� vQGDWRUDUH�DWUDJH� SHQWUX� ILUPD� vQ� FDX] � GREkQ]L� PDL� PDUL� úL� JDUDQ LL�VXSOLPHQWDUH� VROLFLWDWH� GH� E QFL�� GHRDUHFH� ULVFXO� ILQDQFLDU� HVWH�mai mare (factorul de multiplicare fiind în acest caz
33,333
701 =+ );
• VSRULUHD� UHQWDELOLW LL� QHWH� D� YHQLWXULORU� WRWDOH� UHSUH]LQW �SULQFLSDOD�FDOH�GH�FUHúWHUH�D�SURILWXOXL�QHW�úL�HVWH�GHWHUPLQDW ��vQ�SULQFLSDO�GH�HILFLHQ D�DFWLYLW LL�GH�H[SORDWDUH�D�ILUPHL�
Potrivit celui de-al doilea model de DQDOL] ��VLVWHPXO�GH�IDFWRUL�HVWH�XUP WRUXO�� în care:
Kp
Vt =�UHSUH]LQW �YHQLWXO�PHGLX�OD���OHX�FDSLWDO�SURSULX�
Vt
Pb = profitul mediu brut la 1 leu venituri totale;
Pb
Pn = ponderea profitului net în profitul brut.
$FHVW� PRGHO� GH� DQDOL] � SXQH� vQ� HYLGHQ � HILFLHQ D� XWLOL] ULL�FDSLWDOXOXL� SURSULX�� UHQWDELOLWDWHD� EUXW � D� YHQLWXULORU� WRWDOH� úL� SRQGHUHD�SURILWXOXL� QHW� vQ� SURILWXO� EUXW� �UHIOHFW � HYROX LD� LPSR]LWXOXL� SH� SURILW�� D�elementelor nedHGXFWLELOH� GLQ� SXQFW� GH� YHGHUH� ILVFDO�� SUHFXP� úL� D�deducerilor fiscale).
��������$QDOL]D�UDWHL�UHQWDELOLW LL�ILQDQFLDUH�D�FDSLWDOXOXL�SHUPDQHQW 8WLOL]DUHD� UDWHL� UHQWDELOLW LL� ILQDQFLDUH� D� FDSLWDOXOXL� SHUPDQHQW� DUH�UROXO� GH� D� HYLGHQ LD� FRUHOD LD� GLQWUH� FDSLWDOXO� SHUPDQHQW� úL� SURILWXO� EUXW�vQDLQWHD� GHGXFHULL� FKHOWXLHOLORU� ILQDQFLDUH� FX� GREkQ]LOH� úL� D� LPSR]LWXOXL� SH�profit. 0RGHOXO�GH�DQDOL] �HVWH�XUP WRUXO�
100Kpr
PbRfp =
Kp
Vt
Rf
Pb
Pn
Vt
Pb
în care: Rfp –�UHSUH]LQW �UDWD�UHQWDELOLW LL�ILQDQFLDUH�D�FDSLWDOXOXL permanent; Pb –�SURILWXO�EUXW�vQDLQWHD�GHGXFHULL�FKHOWXLHOLORU�ILQDQFLDUH�FX�GREkQ]LOH�úL�D�impozitului pe profit; Kpr – capitalul permanent (este format din capitalurile proprii, provizioanele SHQWUX�ULVFXUL�úL�FKHOWXLHOL�úL�GDWRULLOH�SH�WHUPHQ�PHGLX�úL�lung). 0DL� SRDWH� IL� DYXW� vQ� YHGHUH� úL� XUP WRUXO�PRGHO� GH� DQDOL] � D� UDWHL�UHQWDELOLW LL�ILQDQFLDUH�D�FDSLWDOXOXL�SHUPDQHQW� în care:
Kpr
CA-�UHSUH]LQW �FLIUD�GH�DIDFHUL�PHGLH�OD���OHX�FDSLWDO�SHUPDQHQW�
CA
Pb- SURILWXO�PHGLX�EUXW�OD���OHX�FLIU �GH�DIDFHUL�
$FHVW� PRGHO� GH� DQDOL] � SXQH� vQ� HYLGHQ � HILFLHQ D� XWLOL] ULL�FDSLWDOXOXL�SHUPDQHQW�DO�vQWUHSULQGHULL��SULQ�LQWHUPHGLXO�YkQ] ULORU�PHGLL�OD���OHX� DFWLYH�� ILQDQ DWH� SH� VHDPD� FDSLWDOXULORU� SHUPDQHQWH� úL� D� PDUMHL medii EUXWH�FH�UHYLQH� OD��� OHX�YkQ] UL��0DUMD�EUXW �� WUHEXLH�V �DVLJXUH�DFRSHULUHD�FKHOWXLHOLORU� FX� GREkQ]LOH�� FD� IRUP � GH� UHPXQHUDUH� D� GDWRULLORU� SH� WHUPHQ�VFXUW�� PHGLX� úL� OXQJ�� FkW� úL� D� LPSR]LWXOXL� SH� SURILW�� DVWIHO� vQFkW� ILUPD� V �RE LQ �SURILW�QHW��FDUH�V �SHUPLW �UHPXQHUDUHD�DF LRQDULORU�V L� 4.3.5 Analiza ratelor de rentabilitate pe produs /D� QLYHO� GH� SURGXV� SRW� IL� GHWHUPLQDWH� GRX � WLSXUL� GH� UDWH�� UDWD�UHQWDELOLW LL�UHVXUVHORU�FRQVXPDWH�úL�UDWD�UHQWDELOLW LL�FRPHUFLDOH� a) Analiza ratei rentabLOLW LL�UHVXUVHORU�FRQVXPDWH�SH�SURGXV�
100CA
Pb
Kpr
CARfp =
Kpr
Ca
CA
Pb
0RGHOXO�GH�DQDOL] �HVWH� 0HWRGRORJLD� GH� DQDOL] � IDFWRULDO � D� UDWHL� UHQWDELOLW LL� UHVXUVHORU�FRQVXPDWH�SH�SURGXV��VH�SUH]LQW �DVWIHO�
rc0
rc1
rc rrr −=∆
GLQ�FDUH��GDWRULW � ���LQIOXHQ HL�PRGLILF ULL�FRVWXOXL�XQLWDU�
100c
cp100
c
cpc
0
00
1
10 −−
−=∆
���LQIOXHQ HL�PRGLILF ULL�SUH XOXL�GH�YkQ]DUH�DO�SURGXVXOXL�
100c
cp100
c
cpp
1
10
1
11 −−
−=∆
E��$QDOL]D�UDWHL�UHQWDELOLW LL�FRPHUFLDOH�SH�SURGXV 0RGHOXO�GH�DQDOL] �VH�SUH]LQW �DVWIHO� Metodologia de cuDQWLILFDUH�D�LQIOXHQ HORU�IDFWRULORU�HVWH�
c0
c1
c rrr −=∆
GLQ�FDUH��GDWRULW � ���LQIOXHQ HL�PRGLILF ULL�SUH XOXL�GH�YkQ]DUH�DO�SURGXVXOXL�
100p
c1100
p
c1p
0
0
1
0
−−
−=∆
100c
cpr rc ⋅−=
c
p
c 100
pc
1100p
cprc
−=−=
p
���LQIOXHQ HL�PRGLILF ULL�FRVWXOXL�XQLWDU�
1001p
c1100
p
c1c 0
1
1
−−
−=∆
InflueQ D� FRVWXOXL� XQLWDU� SRDWH� IL� DSURIXQGDW � vQ� IXQF LH� GH� IDFWRUii SUH]HQWD L� OD� SXQFWXO� ������� VDX� vQ� IXQF LH� GH� VSHFLILFXO� DFWLYLW LL� ILUPHL�analizate.
���� $QDOL]D� UHQWDELOLW LL� SH� ED]D� SXQFWXOXL� FULWLF� �SUDJXO�
UHQWDELOLW LL�
Punctul critic, denumit úL�SUDJ�GH�UHQWDELOLWDWH�VDX�SXQFW�GH�HFKLOLEUX��ÄSRLQW� PRUW´� vQ� IUDQFH] � VDX� ÄEUHDN-HYHQ´� vQ� HQJOH] ��� UHIOHFW � DFHD�GLPHQVLXQH�D�DFWLYLW LL�OD�FDUH�YHQLWXULOH�GLQ�YkQ]DUHD�EXQXULORU��OXFU ULORU��serviciilor etc. sunt egale cu cheltuielile (variabile aferente volumului de DFWLYLWDWH�úL�IL[H�WRWDOH���SURILWXO�ILLQG�QXO� În raport cu dinamica volumului de activitate elementele de FKHOWXLHOL� VH� JUXSHD] � vQ� YDULDELOH� úL� IL[H�� &KHOWXLHOLOH� YDULDELOH� VXQW�FRQVWDQWH� FD� P ULPH� SH� XQLWDWHD� GH� SURGXV� �VXPD� ORU� FUHúWH� GLUHFW�SURSRU LRQDO� FX� YROXPXO� DFWLYLW LL�� LDU� FKHOWXLHOLOH� IL[H� VXQW� YDULDELOH� SH�XQLWDWHD�GH�SURGXV��VXPD�ORU�WRWDO �ILLQG�FRQVWDQW ��vQVHDPQ �F �HOH�VH�UHGXF�RGDW �FX�VSRULUHD�YROXPXOXL�GH�DFWLYLWDWH�SULQ�FUHúWHUHD�JUDGXOXL�GH�IRORVLUH�D�FDSDFLW LL�GH�SURGXF LH�� $FHDVW � OHJ WXU �GLQWUH�VXPD�FKHOWXLHOLORU�GH�H[SORDWDUH� úL� YROXPXO�GH�DFWLYLWDWH�FH�WUHEXLH�RE LQXW��DVWIHO�vQFkW�YHQLWXULOH�GLQ�YkQ] UL�V �DFRSHUH�FKHOWXLHOLOH�HIHFWXDWH��HVWH�UHIOHFWDW �FX�DMXWRUXO�SUDJXOXL�UHQWDELOLW LL� Metodologia� GH� FDOFXO� úL� DQDOL] � D� SUDJXOXL� GH� UHQWDELOLWDWH� GLIHU �GXS �FXP�VWXGLXO�VH�HIHFWXHD] �SH�SURGXV�VDX�SH�WRWDO�vQWUHSULQGHUH�
������ $QDOL]D� SUDJXOXL� GH� UHQWDELOLWDWH� vQ� FD]XO� XQHL� DFWLYLW L�
omogene (un singur produs)
Pragul de rentabilitate, în cazul UHDOL] ULL�XQXL�VLQJXU�SURGXV��SRDWH�IL�P VXUDW�FX�DMXWRUXO�LQGLFDWRULORU� D��9ROXPXO�IL]LF�FULWLF�DO�SURGXF LHL��Tcr):
mbv
cf
cvp
cfqcr =
−=
în care: cf –�UHSUH]LQW �VXPD�FKHOWXLHOLORU�IL[H�SH�SURGXV� p –�SUH �GH�YkQ]DUH�XQLWDU� cv – cheltuieli variabile pe unitatea de produs; mbv –�PDUMD�EUXW �ID �GH�FKHOWXLHOLOH�YDULDELOH�SH�XQLWDWHD�GH�SURGXV� E��&LIUD�GH�DIDFHUL�FULWLF ��&$cr): CAcr = qcrp &LIUD�GH�DIDFHUL�FULWLF �UHIOHFW �YkQ] ULOH�ILUPHL�SHQWUX�FDUH�SURILWXO�este egal cu zero. c) Gradul cULWLF�GH�XWLOL]DUH�D�FDSDFLW LL�GH�SURGXF LH��*cr):
100q
qG
max
crcr =
în care: qmax –�UHSUH]LQW �FDSDFLWDWHD�PD[LP �GH�SURGXF LH�vQ�H[SUHVLH�IL]LF � G��3HULRDGD�FULWLF ��Scr):
T/CA
CAp cr
cr =
în care:
T
Ca- reprezint �YkQ] ULOH�PHGLL�SH�XQLWDWHD�GH�WLPS��]L��OXQ ��DQ��
3UDJXO� GH� UHQWDELOLWDWH� SRDWH� IL� GHWHUPLQDW� úL� SULQ� UHSUH]HQWDUH�JUDILF ��DVWIHO� în care: OX –�UHSUH]LQW �YROXPXO�IL]LF�DO�SURGXF 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� HVWH�latura 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
CA C
D
x
)LJ������5HSUH]HQWDUHD�JUDILF �D�SUDJXOXL�GH�UHQWDELOLWDWH�SH�SURGXV
2�DOW �PRGDOLWDWH�GH�UHSUH]HQWDUH�JUDILF �D�SUDJXOXL�GH�UHQWDELOLWDWH��HVWH�XUP WRDUHD� în care: OX –�UHSUH]LQW �YROXPXO�IL]LF�DO�SURGXF LHL� OY –�LQGLFDWRULL�YDORULFL��SUH ��FKHOWXLHOL�YDULDELOH�XQLWDUH��FRVW�XQLWDU�� &RVWXO�XQLWDU�VH�GHWHUPLQ �SRWULYLW�UHOD LHL�
q
cfcvc +=
3UDJXO�GH�UHQWDELOLWDWH��SRWULYLW�JUDILFXOXL�GH�PDL�VXV��PDUFKHD] �DFHD�GLPHQVLXQH�D�SURGXF LHL�vQ�FDUH�FRVWXO�XQLWDU�HVWH�HJDO�FX�SUH XO�GH�YkQ]DUH��profitul fiind zero. )RORVLQG�DFHHDúL�ORJLF ��FD�vQ�FD]XO�VWDELOLULL�SUDJXOXL�UHQWDELOLWDWH��VH�SRW� FRQVWLWXL� VFHQDULL� SULQ� FDUH� VH� HVWLPHD] � YROXPXO� IL]LF� DO� SURGXF LHL�vândute (q’), cifra de afaceri �&$¶��� JUDGXO� GH� XWLOL]DUH� D� FDSDFLW LL� GH�SURGXF LH��*¶��HWF���SHQWUX�GLIHULWH�YDORUL�DOH�SURILWXOXL�WRWDO�HVWLPDW��FXSULQVH�vQWUH�]HUR�úL�SURILWXO�PD[LP�
cv
Y
0
qcr qmax
p
X
)LJ������5HSUH]HQWDUHD�JUDILF �D�YROXPXOXL�IL]LF�FULWLF
5HOD LLOH�GH�FDOFXO�VXQW�
cvp
ePrCfq
−+=′
pqAC ⋅′=′
100q
qG
max⋅
′=′
T/CA
ACP
′=′
0 < Pre < Pr max unde: Pre – profitul total estimat. În cazul în care profitul este estimat pe unitatea de produs (pru), DWXQFL� YROXPXO� IL]LF� DO�SURGXF LHL� YkQGXWH� �T¶��� vQ� DFHVW� FD]�� VH� GHWHUPLQ �astfel:
prucvp
Cfq
−−=′
5HOD LLOH�GH�FDOFXO�DOH�LQGLFDWRULORU�&$¶��*¶�úL�S¶�VXQW�DFHOHDúL��FD�vQ�cazul profitului total estimat.
$SOLFD LL�úL�vQWUHE UL
1.� $QDOL]D� IDFWRULDO � D� SURILWXOXL� DIHUHQW� FLIUHL� GH� DIDFHUL��Interpretarea rezultatelor.
- mil lei - Nr. crt.
Indicatori Simbol P0 P1
1 &LIUD�GH�DIDFHUL�HYDOXDW � vQ�SUH XUL�GH�YkQ]DUH�(-TVA)
Σqvp 10400 12400
2 Cheltuieli totale aferente cifrei de afaceri Σqvc 9360 11284
3 9ROXPXO�HIHFWLY�DO�SURGXF LHL�HYDOXDW�vQ�SUH XUL�PHGLL�SUHY ]XWH� 0v pq
1⋅∑ - ?
4 9ROXPXO�HIHFWLY�DO�SURGXF LHL�YkQGXWH�HYDOXDW�vQ�FRVWXUL�SUHY ]XWH 0v cq
1⋅∑ - ?
5 Profitul aferent cifrei de afaceri Pr 10400 1116
1RW : Ip = 132%; Ic = 126% unde Ip�UHSUH]LQW �LQGLFHOH�SUH XULORU�GH�vânzare, Ic� �UHSUH]LQW �LQGLFHOH�FRVtului mediu pe produs.
2.� 3H� ED]D� GDWHORU� SUH]HQWDWH� OD� DSOLFD LD� QU�� �� V � VH� DQDOL]H]H�HYROX LD�UDWHL�UHQWDELOLW LL�FRPHUFLDOH��V �VH�GHWHUPLQH�LQIOXHQ D�IDFWRULORU�úL�V �VH�LQWHUSUHWH]H�UH]XOWDWHOH�
3.�6 �VH�LQWHUSUHWH]H�FD]XO� ICA = 108% unde: CA = cifra de afaceri ICh = 106% Ch = cheltuielile aferente cifrei de
afaceri
4.� $QDOL]D� IDFWRULDO � D� UDWHL� UHQWDELOLW LL� UHVXUVHORU� FRQVXPDWH��,QWHUSUHWDUHD�HFRQRPLF �D�UH]XOWDWHORU��'DWHOH�YRU�IL�SUHOXDWH�GH�OD�DSOLFD LD�nr. 1.
5. Ce este pragul de rentabilitate?
6. Ce sunt soldurile intermediare de gestiune?
7. Care sunt elementele componente ale rezultatului brut al H[HUFL LXOXL?
8.�6 �VH�GHWHUPLQH� LQIOXHQ D�VWUXFWXULL�YHQLWXULORU�GLQ�H[SORDWDUH�SH�WLSXUL� GH� DFWLYLW L� DVXSUD� UH]XOWDWXOXL� H[SORDW ULL�� ,QWHUSUHWDUH� HFRQRPLF �pentru „∆gi = - x mil lei”.
9.� 6 � VH� VWDELOHDVF � LQIOXHQ D� YROXPXOXL� IL]LF� DO� SURGXF LHL� YkQGXWH�DVXSUD�SURILWXOXL�DIHUHQW� FLIUHL�GH�DIDFHUL� úL� V � VH� LQWHUSUHWH]H�FD]XO�SHQWUX� Iq < 100.
10.�$QDOL]D� IDFWRULDO � D� UDWHL� UHQWDELOLW LL� HFRQRPLFH�� ,QWHUSUHWDUHD�rezultatelor.
Nr. crt. Indicatori Simbol P0 P1
1. Cifra de afaceri (-TVA) (mil lei) Σqp 30500 36000 2. _�` a b ced�f�c�aGc�g�f4b�`)bGf�g�c�h g4ijh c4k l mn` hjh f�` o Σq1p0 - 34400 3. p�c k cKbGf4q)k c4r)` h ` k ` `jg�sm:f4b g�` c�h fXl t"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. pef�u�ijh k c4k ijhVf�v�wjh s1c4k b ` `Vl m:` hjh f�` o RE 3050 4320 6. p�c k cKbGf4q)k c4r)` h ` k ` `jf�g�sqVsmn` g�f�l t+o Re 8 9 7. Cheltuieli aferente cifrei de afaceri (mil lei) Σqc 27450 31680
8. Cheltuieli aferente cifrei de afaceri recalculate (mil lei)
Σq1c0 - 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 �VH�UHDOL]H]H�DQDOL]D�IDFWRULDO �D�UDWHL� UHQWDELOLW LL�ILQDQFLDUH��XWLOL]kQG� GDWHOH� GLQ� WDEHOXO� GH� OD� DSOLFD LD� ���� ,QWHUSUHWDUHD� HFRQRPLF � D�rezultatelor.
12.�&H�HYLGHQ LD] �IDFWRUXO�GH�PXOtiplicare a capitalului propriu?
13.� 6 � VH� GHWHUPLQH� LQIOXHQ D� VWUXFWXULL� SURGXF LHL� YkQGXWH� DVXSUD�UDWHL�UHQWDELOLW LL�HFRQRPLFH�úL�V �VH�LQWHUSUHWH]H�FD]XO�Ä∆gi = - x %”. 14.�&H�HYLGHQ LD] �UDWD�UHQWDELOLW LL�HFRQRPLFH��5H��"
15.�6 �VH�GHWHUPLQH�LQIOXHQ D�JUDGXOXL�GH�vQ]HVWUDUH�WHKQLF �D�PXQFLL�DVXSUD�SURILWXOXL�DIHUHQW�FLIUHL�GH�DIDFHUL�úL�V �VH�LQWHUSUHWH]H�FD]XO�LQIOXHQ HL�cu semnul „ – ”.
16.�6 �VH�LQWHUSUHWH]H� ICA = 110% unde: CA = cifra de afaceri ICh = 111% Ch = cheltuieli aferente cifrei de afaceri Iq = 102% q �YROXPXO�IL]LF�DO�SURGXF LHL�YkQGXWH
17.� &H� HVWH� H[FHGHQWXO� EUXW� DO� H[SORDW ULL� �(%(�� úL� FXP� VH� GHWHUPLQ �"
18.�6 �VH�LQWHUSUHWH]H�FD]XO� IMC = 112% în
care: 0&� �PDUM �FRPHUFLDO
ICA = 115% CA = cifra de afaceri
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5
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Obiectivele principale ale analizei financiar-patrimoniale sunt: ¾ stabilirea patrimoniului net, respectiv a valorii contabile a averii
DF LRQDULORU� ¾ GHWHUPLQDUHD�V Q W LL�ILQDQFLDUH��UHVSHFWLY�GHWHFWDUHD�XQRU�HYHQWXDOH�
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financiare
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1. &RUHF LL�UHIHULWRDUH�OD�DFWLYXO�ELODQ XOXL� a) Activul imobilizat� VH� GLPLQXHD] � FX� YDORDUHD� DFWLYHORU� LPRELOL]DWH�
fictive sau nonvalori (principalele active de natura nonvalorilor sau fictive: cheltuielile de constituire, cheltuielile de repartizat asupra H[HUFL LLORU� ILQDQFLDUH� YLLWRDUH�� SULPHOH� SHQWUX� UDmbursarea REOLJD LXQLORU��GHELWRULL�GLQ�FDSLWDOul�VXEVFULV�úL�QHY UVDW��GLIHUHQ Hle de conversie de activ etc.), elemente care din punct de vedere al OLFKLGLW LL�QX�DX�QLFL�R�YDORDUH�GHRDUHFH�QX�GDX�QDúWHUH�XQXL�IOX[�GH�numerar. De asemenea, activului imRELOL]DW� VH�PDMRUHD] �FX�SDUWHD� DFWLYHORU�
FLUFXODQWH�FX�WHUPHQ�GH�OLFKLGLWDWH�!���DQ��'H�H[HPSOX��GDF �H[LVW �FUHDQ H�– FOLHQ L�VDX�FOLHQ L�–�FUHGLWRUL�FX�VFDGHQ H�!���DQ��DFHVWHD�YRU�IL�HOLPLQDWH�GH�OD�UXEULFD�UHVSHFWLY �úL�WUDQVIHUDWH�vQ�JUXSD��³$FWLY�LPobilizat“;
b) Activul circulant� VH� GLPLQXHD] � FX� YDORDUHD� DFWLYHORU� FLUFXODQWH�
DYkQG� WHUPHQ� GH� OLFKLGLWDWH� !� �� DQ� úL� VH� PDMRUHD] � FX� YDORDUHD�LPRELOL] ULORU�ILQDQFLDUH�FX�WHUPHQ�GH�OLFKLGLWDWH�����DQ�etc.
2. &RUHF LL�UHIHULWRDUH�OD�SDVLYXO�ELODQ XOXL� a) Capitalurile permanente� VH� GLPLQXHD] � FX� YDORDUHD� DFWLYHORU�
fictive (cheltuielile de constituire, debitorii din capitalul subscris úL�QHY UVDW��FKHOWXLHOLOH�GH�UHSDUWL]DW�DVXSUD�H[HUFL LLORU�ILQDQFLDUH�YLLWRDUH�úL�GLIHUHQ HOH�GH�FRQYHUVLH�DFWLY��VH�VFDG�GLQ�FDpitalurile SURSULL��LDU�SULPHOH�SULYLQG�UDPEXUVDUHD�REOLJD LXQLORU�VH�VFDG�GLQ�vPSUXPXWXULOH�úL�GDWRULLOH�DVLPLODWH�SH�WHUPHQ�PHGLX�úL� OXQJ���úL�FX� GLYLGHQGHOH� GH� SODW �� GH� DVHPHQHD�� DFHVWHD� VH� PDMRUHD] � FX�veniturile înregistrate în avans (apar inând grupei “Conturi de UHJXODUL]DUH�úL�DVLPLODWH�– Pasiv“ din bilan ul contabil) cu termen GH�H[LJLELOLWDWH�!���DQ�úL�FX�GLIHUHQ HOH�GH�FRQYHUVLH�SDVLY��DFHVWHD�ILLQG�FRQVLGHUDWH�SURILW�SRWHQ LDO�
b) Datoriile cu scadenta < 1 an� LQFOXG� REOLJD LLOH� QHILQDQFLDUH� úL�finDQFLDUH� �FUHGLWHORU�EDQFDUH�FXUHQWH���$FHVWHD� VH�PDMRUHD] �FX�SURYL]LRDQHOH� SHQWUX� ULVFXUL� úL� FKHOWXLHOL�� FX� WHUPHQ� GH�H[LJLELOLWDWH�����DQ��GLYLGHQGHOH�GH�SODW ��YHQLWXULOH�FRQVWDWDWH�vQ�DYDQV� �GLQ� JUXSD� ³&RQWXUL� GH� UHJXODUL]DUH� úL� DVLPLODWH�– Pasiv“ din ELODQ XO� FRQWDELO��� DYkQG� WHUPHQ� GH� H[LJLELOLWDWH� �� �� DQ��SUHFXP� úL�FX�GDWRULD� ILVFDO � ODWHQW �� DIHUHQW � VXEYHQ LLORU�SHQWUX�LQYHVWL LL�� SURYL]LRDQHORU� UHJOHPHQWDWH� úL� SURYL]LRDQHORU� SHQWUX�ULVFXUL�úL�FKHOWXLHOL��SUHFXP�úL�DOWRU�HOHPHQWH�GH�FDSLWDOXUL�SURSrii;
ÌQ� XUPD� FRUHF LLORU� PHQ LRQDWH� PDL� VXV�� ELODQ XO� ILQDQFLDU��SDWULPRQLDO�� YD� FRQ LQH� vQ� SDUWHD� GH� DFWLY� QHYRL� VDX� vQWUHEXLQ UL�permanente� �HOHPHQWHOH� FHOH� PDL� SX LQ� OLFKLGH� DGLF � LPRELOL] ULOH�QHFRUSRUDOH��FRUSRUDOH�úL�ILQDQFLDUH�,�úL�QHYRL�úL�vQWUHEXLQ UL�WHPSRUDUH, în care se includ activele circulante care au un grad de lichiditate mult mai PDUH� GHFkW� LPRELOL] ULOH�� 3DUWHD� GH� SDVLY� YD� IL� IRUPDW � GLQ� resurse sau capitaluri permanente�� DGLF � FDSLWDOXULOH� SURSULL�� UHLQYHQVWLUL� DOH�DFXPXO ULORU�DQWHULRDUH��UH]HUYH��SURILW�QHUHSDUWL]DW��úL�FDSLWDOXULle din surse SXEOLFH��VXEYHQ LL��SURYL]LRDQH�UHJOHPHQWDWH),�SUHFXP�úL�GDWRULLOH�SH�WHUPHQ�PHGLX�úL�OXQJ��FX�VFDGHQ �PDL�PDUH�GH�XQ�DQ���úL�GH�DVHPHQHD�GLQ�resurse temporare, DGLF � GDWRULLOH� FX� VFDGHQ � PDL� PLF � GH� XQ� DQ�� 3UHOXFUDUHD�GDWHORU�GLQ�ELODQ XO�FRQWDELO�YD�GHWHUPLQD�XUP WRDUHD�VWUXFWXU �D�ELODQ XOXL�financiar (fig.5.1).
/XkQG�vQ�FRQVLGHUDUH�XQ�DQXPLW�HFKLOLEUX�FDUH�WUHEXLH�V �H[LVWH�vQWUH�GXUDWD� XQHL� RSHUD LL� GH� ILQDQ DW� úL� GXUDWD� PLMORDFHORU� GH� ILQDQ DUH�FRUHVSXQ] WRDUH��ELODQ XO� ILQDQFLDU�SXQH� vQ� HYLGHQ �GRX � UHJXOL�SULQFLSDOH�DOH�ILQDQ ULL��UHVSHFWLY�QHYRLOH�SHUPDQHQWH�GH�ILQDQ DUH�YRU�IL�DFRSHULWH�GLQ�capitaluri permanente, îndeosebi din capitaluri proprii, iar nevoile temporare
YRU� IL� ILQDQ DWH, în special din resurse temporare. Nerespectarea acestor UHJXOL�GH�ILQDQ DUH�YD�GHWHUPLQD�R�VLWXD LH�GH�GH]HFKLOLEUX�ILQDQFLDU��
NEVOI = ACTIV RESURSE = PASIV
Activ imobilizat net ( > 1 an ) - LPRELOL] UL�QHFRUSRUDOH - LPRELOL] UL�FRUSRUDOH - LPRELOL] UL�ILQDnciare > 1 an - crean e > 1 an
Capitaluri permanente - capital social - rezerve - VXEYHQ LL - rezultat nerepartizat - provizioane > 1 an - GDWRULL� SH� WHUPHQ� PHGLX� úL� OXQJ�
(> 1 an) Activ circulant net (< 1 an)
- stocuri - FUHDQ H�–�FOLHQ L�����DQ - GLVSRQLELOLW L - LPRELOL] ri financiare < 1 an
Datorii pe termen scurt (< 1 an) - financiare (credite bancare curente) - nefinanciare
Provizioane < 1 an
)LJ������%LODQ �ILQDQFLDU��SDWULPRQLDO�
Exemplu: 7DEHOXO� GH� PDL� MRV� VLQWHWL]HD] � VLWXD LD� SDWULPRQLXOXL� vQWUHSULQGHULL� OD� 31 Dec��DQXO�1��VWDELOLW �SH�ED]D�ELODQ XOXL�FRQWDELO� 5HDOL]D L�FRQYHUVLD�ELODQ �FRQWDELO�–�ELODQ �SDWULPRQLDO��ILQDQFLDU��
Tabelul. 5.2 %,/$1 �&217$%,/�Ì1&+(,$7�/$��������DQXO�1
= mil lei = ACTIV PASIV
,PRELOL] UL�QHFRUSRUDOH������������������������������ ,PRELOL] UL�FRUSRUDOH����������������������������������� ,PRELOL] UL�ILQDQFLDUH��� �������������������������������� TOTAL ACTIVE IMOBILIZATE 83.300 Stocuri 63.700 &OLHQ L���� ��������������������������������������������������� $OWH�FUHDQ H�SH�WHUPHQ�VFXUW�������������������������� Titluri de plasament 11.750 'LVSRQLELOLW L���������������������� 650 TOTAL ACTIVE CIRCULANTE 148.230 Cheltuieli înregistrate în avans 3.500 CONTURI DE REGULARIZARE ù,�$6,0,/$7(�������� 3.500
Capital social 68.500 Rezerve 34.600 5H]XOWDWXO�H[HUFL LXOXL��� ��������� 6XEYHQ LL�SHQWUX�LQYHVWL LL�������������� TOTAL CAPITAL PROPRIU 116.510 Provizioane pentru ULVFXUL�úL�FKHOWXLHOL������������������������� Credite bancare (****) 44.600 Furnizori 40.220 Alte datorii pe termen scurt 29.500 TOTAL DATORII 114.320
TOTAL ACTIV 235.030 TOTAL PASIV 235.030
* din care < 1 an = 27 mil. lei; ** din care > 1 an = 15.200 mil. lei; *** din care: 8.410 mil. lei pentru fonduri proprii si 3.600 mil. lei pentru
dividende. **** din care credite bancare curente 14.000 mil. lei. Not :� VH� FRQVLGHU �F toate cheltuielile înregistrate în avans au termen de
lichiditate < 1 an. Rezolvare (vezi tabelul 5.3): 1. &RUHF LL�UHIHULWRDUH�OD�DFWLYXO�ELODQ XOXL�
� LPRELOL] ULOH� ILQDQFLDUH� GH� ��� PLO�� OHL� VH� YRU� GLPLQXD� FX� YDORDUHD�LPRELOL] ULORU� �� �� DQ� ���� PLO�� OHL�� úL� VH� YRU� PDMRUD� FX� YDORDUHD�FOLHQ LORU� FDUH� DX� R� OLFKLGLWDWH� !� �� DQ� �������� PLO�� OHL�, rezultând LPRELOL] Ui financiare de 15.223 mil. lei;
� YDORDUHD� FOLHQ LORU� GH� ������� PLO�� OHL� VH� YD� GLPLQXD� FX� YDORDUHD�clien ilor cu: termen de lichiGLWDWH�!���DQ� ���������PLO�� OHL� �� úL� VH�YD�majora cu valoarea LPRELOL] ULORU�ILQDQFLDUH�����DQ������PLO��OHL���úL�FX�valoarea cheltuielilor înregistrate în avans ( 3.500 mil lei ), rezultând un sold al clien ilor < 1 an de 58.827 mil. lei;
2. &RUHF LL�UHIHULWRDUH�OD�SDVLYXO�ELODQ XOXL��
capitalul social se va majora cu 8.410 mil. lei reprezentând profit net repartizat pentru constituirea fondurilor proprii, ajungând astfel la valoarea de 79.910 mil. lei; GDWRULLOH�ILQDQFLDUH�SH�WHUPHQ�OXQJ�UHSUH]LQW �����00 mil. lei, deoarece din suma total a creditelor bancare de 44.600 mil. lei , creditele bancare curente au o valoare de 14.000 mil. lei.
� GDWRULLOH� ILQDQFLDUH� SH� WHUPHQ� VFXUW� VH� PDMRUHD] � FX� YDORDUHD�dividentelor datorate ( 3.600 mil. lei ).
Tabelul 5.3
%,/$1 �3$75,021IAL (FINANCIAR) ÎNCHEIAT LA 31.12 anul N = mil.lei =
ACTIV PASIV Nevoi permanente 98.473 ��,PRELOL] UL�QHFRUSRUDOH���������������������� ��,PRELOL] UL�corporale 83.050 ��,PRELOL] UL�ILQDQFLDUH����������������������� Nevoi temporare 136.557 Stocuri 63.700 ��&UHDQ H��������������������������������������������� ��'LVSRQLELOLW L�úL������������������������������������� titluri de plasament 12.400
Capitaluri permanente 147.710 Capitaluri proprii 112.910 Proviz. pt. Riscuri úL�FKHOWXLHOL���������������������������������������� DaWRULL�SH�WHUP��PHGLX�úL�OXQJ���������� Resurse temporare 87.320 Datorii furnizori 40.220 Dividende datorate 3.600 Alte datorii pe termen scurt 29.500 Credite curente 14.000
TOTAL ACTIV 235.030 TOTAL PASIV 235.030
%LODQ XO� IXQF LRQDO�RIHU �R� LPDJLQH�DVXSUD�PRGXOXL�GH�IXQF LRQDUH�GLQ�SXQFW�GH�YHGHUH�HFRQRPLF�D�vQWUHSULQGHULL��HYLGHQ LLQG�DWkW�XWLOL] rile cât úL� VXUVHOH� FRUHVSXQ] WRDUH� ILHF UXL� FLFOX�� UHVSHFWLY� GH� LQYHVWL LL�� GH�H[SORDWDUH�úL�FHO�GH�ILQDQ DUH�úL�WUH]RUHULH�
&LFOXO� GH� LQYHVWL LL� FXSULQGH� DFKL]L LRQDUHD� GH� DFWLYH� LPRELOL]DWH��$VWIHO�� LPRELOL] ULOH� UHJUXSDWH� SULQ� IXQF LD� GH� LQYHVWL LH�� FRQVWLWXLH nevoi �DORF UL��VWDELOH��DFLFOLFH�, FDUH�VXQW�ILQDQ DWH�vQ�PRG�QHFHVDU�GLQ resursele durabile (aciclice) H[LVWHQWH�vQ�SDVLYXO�ELODQ XOXL��$FWLYHOH�FLUFXODQWH�FkW�úL�UHVXUVHOH�SHQWUX�ILQDQ DUHD�ORU�VXQW�FRQVLGHUDWH�FLFOLFH�GHRDUHFH�UHFXSHUDUHD�capitaluriloU� DORFDWH� úL� UHvQQRLUHD� VXUVHORU� VH� IDFH� GXS � vQFKHLHUHD� ILHF rui ciclu de exploatare.
Ciclul de exploatare�FXSULQGH� IOX[XULOH�GH�DSURYL]LRQDUH��SURGXF LH�úL� GLVWULEX LH� �YkQ] UL�� DWkW� VXE� IRUP � GH� IOX[XUL� IL]LFH� FkW� úL� ILQDQFLDUH��Posturile de activ legatH�GLUHFW�GH�RSHUD LLOH�FLFOXOXL�GH�H[SORDWDUH��VWRFXUL��FUHDQ H��FOLHQ L�� FKHOWXLHOL�GH�H[SORDWDUH�FRQVWDWDWH� vQ�DYDQV�etc.) constituie active circulante de exploatare,� FDUH� vQ� PRG� ILUHVF� WUHEXLH� ILQDQ DWH� GLQ�datoriile de exploatare��GDWRULL�IXUQL]RUL�úL�asimilate, venituri din exploatare constatate în avans etc.��� &HOHODOWH� SRVWXUL� GH� DFWLY� úL� SDVLY� FDUH� UHIOHFW �RSHUD LXQL� GLYHUVH� VXQW� UHJUXSDWH� vQ� FDWHJRULLOH� DFWLY� FLUFXODQW� vQ� DIDUD�H[SORDW ULL� úL� GDWRULL� vQ� DIDUD� H[SORDW ULL�� UHVSHFWLY� DFWLYXO� úL� SDVLvul de trezorerie.
Ciclul� GH� ILQDQ DUH� VH� UHIHU � OD� DQVDPEOXO� RSHUD LXQLORU� GLQWUH�vQWUHSULQGHUH�úL�SURSULHWDULL�GH�FDSLWDO��DF LRQDULL�úL�FUHGLWRULL�vQWUHSULQGHULL���Acesta regUXSHD] � SRVWXULOH� GH� FDSLWDOXUL� SURSULL� úL� GDWRULL� ILQDQFLDUH, indiferent de scaden D�ORU�� LDU�SURYL]LRDQHOH�SHQWUX�ULVFXUL�úL�FKHOWXLHOL�VXQW�DVLPLODWH�VXUVHORU�SURSULL��)OX[XO�GH�ILQDQ DUH�SHUPLWH�vQWUHSULQGHULL�V �IDF �ID � GHFDODMXOXL� GLQWUH� OLFKLGLW Lle� GH� LQWUDUH� úL� cele GH� LHúLUH, provocat de ciclul de exploatare.
Luând în coQVLGHUDUH� VHPQLILFD LLOH� DFHVWRU� WUHL� FLFOXUL�� IXQF LD� GH�LQYHVWL LH� HVWH� SODVDW � vQ� SDUWHD� GLQ� VWkQJD�� QLYHOXO� GH� VXV� DO� ELODQ XOXL��IXQF LD�GH�ILQDQ DUH�SRDWH�IL�UHSUH]HQWDW �vQ�SDUWHD�GLQ�GUHDSWD��QLYHOXO�GH�VXV�DO�ELODQ XOXL�� IXQF LD�GH�ILQDQ DUH�HVWH�pozi LRQDW �H[FOXVLY� vQ�SDUWHD�GH� MRV� D�ELODQ XOXL��fig. 5.4).
3ULQFLSLL�FDUH�VWDX�OD�ED]D�vQWRFPLULL�ELODQ XOXL�IXQF LRQDO1: a) DFWLYHOH�VXQW� OXDWH� vQ�FDOFXO� OD�YDORDUHD� ORU�EUXW ��DGLF �YDORDUHD�
de intrare în patrimoniu, iar în pasiv se iau în considerare DPRUWL] ULOH��UXODMXO�FUHGLWRU�DO�FRQWXOXL������úL�SURYL]LRDQHOH�
b) LPRELOL] ULOH� vQFKLULDWH�� GH LQXWH� vQ� OHDVLQJ� VDX� vQ� ORFD LH� GH�JHVWLXQH� VXQW� vQWHJUDWH� vQ� DFWLY� úL� FRUHVSXQ] WRU� vQ� SDVLY, la ³ÌPSUXPXWXUL� úL� GDWRULL� DVLPLODWH³� GHRDUHFH� HOH� VHUYHVF� FLFOXOXi de exploatare;
c) FRQFHSWXO�GH�DFWLY�ILFWLY�QX�PDL�HVWH�RSHUD LRQDO� d) FKHOWXLHOLOH� FDUH� SULYHVF� H[HUFL LLOH� ILQDQFLDUH� YLLWRDUH� VH�
DVLPLOHD] �DFWLYHORU�LPRELOL]DWH� e) HIHFWHOH�VFRQWDWH�QHDMXQVH� OD�VFDGHQ ��GHELWRULL�SULYLQG�FDSLWDOXO�
VXEVFULV�úL�QHY UVDW��SULPHOH�SULYLQG�UDPEXUVDUHD�REOLJD LXQLORU�úL�diIHUHQ HOH�GH�FRQYHUVLH�GH�DFWLY�úL�GH�SDVLY�VH�WUDWHD] �vQ�DFHODúL�PRG�FD�úL�OD�HODERUDUHD�ELODQ XOXL�SDWULPRQLDO�
f) DPRUWL]DUHD� úL� SURYL]LRDQHOH� VXQW� LQFOXVH� vQ� SDVLYXO� ELODQ XOXL�IXQF LRQDO� FD� VXUVH� DFLFOLFH� �FDUH� U PkQ� OD� GLVSR]L LD� ILUPHL� R�perioada mai mare de un an).
1 M. Niculescu/ Diagnostic global strategic/ Editura E ����������� � � ������� ��� � ���������
'LQ�SHUVSHFWLYD�ELODQ XOXL�IXQF LRQDO��UHDOL]DUHD�HFKLOLEUXOXL�ILQDQFLDU�DO�vQWUHSULQGHULL�QX�SUHVXSXQH�GRDU�H[LVWHQ D�XQXL�IRQG�GH�UXOPHQW�SR]LWLY��FL�a unui fond de rulment acoperitor nevoilor de finantare ale ciclului de H[SORDWDUH��VWRFXUL���FUHDQ H�GH�H[SORatare – datorii de exploatare).
5ROXO�ELODQ XOXL�IXQF LRQDO� vQ�DQDOL]D�ILQDQFLDU �HVWH�QX�QXPDL�GH�D�SHUPLWH� DSUHFLHUHD� YXOQHUDELOLW LL� VWUXFWXULL� ILQDQFLDUH� D� vQWUHSULQGHULL�UHIOHFWDW � GH� HYROX LD� WUH]RUHULHL� QHWH,� GDU� úL� GH� D� H[SULPD� FRUHOD LD� GLQWUH�VWUXFWXUD�ILQDQFLDU �D�ILUPHL�úL�QDWXUD�DFWLYLW LL�VDOH�
NEVOI = ACTIV SURSE = PASIV NEVOI ACICLICE ( STABILE )
- Activ imobilizat (brut) SURSE ACICLICE (DURABILE)
- capitaluri proprii - DPRUWL] UL�úL�SURYL]LRDQH - datorii financiare
NEVOI CICLICE - Activ circulant de exploatare (brut) -����$FWLY�FLUFXODQW�vQ�DIDUD�H[SORDW ULL��EUXW� - Active de trezorerie
SURSE CICLICE - Datorii de exploatare - 'DWRULL�vQ�DIDUD�H[SORDW ULL - Pasiv de trezorerie
)LJ������%LODQ �IXQF LRQDO
5.2.2 Analiza patrimoniului net
3DWULPRQLXO� UHSUH]LQW � WRWDOLWDWHD�GUHSWXULORU� úL�REOLJD LLORU�FH�SRW� IL�H[SULPDWH� vQ� EDQL�� DSDU LQkQG� XQHL� SHUVRDQH� IL]LFH� VDX� MXULGLFH� DOH� F URU�QHYRL� OH� VDWLVIDF�� SUHFXP� úL� EXQXULOH� OD� FDUH� VH� UHIHU �� ÌQ� FD]XO� XQHL�vQWUHSULQGHUL�� SDWULPRQLXO� VH� GHILQHúWH� FD� ILLQG� DFWLYHOH� vQWUHSULQGHULL�negrevate de datorii,� VDX� DYHUHD� DF LRQDULORU� VWDELOLW � SH� ED]D� ELODQ XOXL�patrimonial2.
Patrimoniul net sau activul net contabil se poate determina astfel: 1. FD� GLIHUHQ � GLQWUH� DFWLYXO� WRWDO� úL� GDWRULLOH� WRWDOH� �H[SULPDUH�
materiala a patrimoniului net); 2. FD�VXP �D�HOHPHQWHORU�FDSLWDOXOXL�SURSULX� 3DWULPRQLXO�QHW�HVWH�vQ�PRG�QRUPDO�SR]LWLY�úL�FUHVF WRU��FD�XUPDUH�D�
XQHL� JHVWLXQLL� V Q WRDVH�� $FHDVW � VLWXD LH� UHIOHFW � GH� IDSW� DWLQJHUHD�RELHFWLYXOXL� PDMRU� DO� ILUPHL� úL� DQXPH�PD[LPL]DUHD� YDORULL� SDWULPRQLDOH� D�acesteia. 2 V. Robu si N. Georgescu/ Analiza economico-financiara/ Editura OMNIA UNI S.A.S.T. S.R.L./Brasov 2000
Având în vedere prima modalitate de calcul a patrimoniului net, FUHúWHUHD� DFHVWXLD� VH� vQUHJLVWUHD] � DWXQFL� FkQG� ULWPXO� DFWLYHORU� WRWDOH�devansea] �ULWPXO�GDWRULLORU�WRWDOH��
$QDOL]kQG� HOHPHQWHOH� FDSLWDOXOXL� SURSULX�� vQ� SUDFWLFD� HFRQRPLF � VH�SRW� vQWkOQL� VLWXD LL� vQ� FDUH� GLQDPLFD� FHD� PDL� DFFHQWXDW � R� vQUHJLVWUHD] �VXUVHOH�FRQVWLWXLWH�SH�VHDPD�UHQWDELOLW LL�ILUPHL��UH]HUYHOH�OHJDOH��IRQGXULOH�proprii etc.�� &DSLWDOXO� VRFLDO� VH� PRGLILF � SULQ� QRL� DSRUWXUL� �DOH� YHFKLORU�DF LRQDUL� VDX� DOH� XQRUD� QRL�� úL� �VDX� SULQ� FRQYHUVLD� XQRU� GDWRULL� vQ� FDSLWDO�VRFLDO� �VWLQJHUHD� XQRU� GDWRULL� vQ� VFKLPEXO� XQXL� SDFKHW� GH� DF LXQL��� 'H�asemenea, rezultatul reportat poate fi pURILW�QHUHSDUWL]DW��FHHD�FH�GHWHUPLQ �FUHúWHUHD� SDWULPRQLXOXL� QHW�� VDX� SLHUGHUH� QHDFRSHULW � �FD]� vQ� FDUH�patrimoniul va fi diminuat).
ÌQ� FRQVHFLQ �� SDWULPRQLXO� QHW� SRDWH� V � FUHDVF � SH� VHDPD� VXUVHORU�LQWHUQH��UHQWDELOLWDWHD�vQWUHSULQGHULL��úL�SH�ED]D�XQRU�surse externe (aporturi, primirea cu titlu gratuit a unor active, conversia unor datorii în capital social etc.).
������ $QDOL]D� FRUHOD LHL� GLQWUH� IRQGXO� GH� UXOPHQW�� QHYRLD� GH� IRQG� GH�UXOPHQW�úL�WUH]RUHULD�QHW
Fondul de rulment� UHSUH]LQW � SDUWHD� GLQ� FDpitalul permanent
XWLOL]DW �SHQWUX�ILQDQ DUHD�DFWLYHORU�FLUFXODQWH�� LPSXV �GH�GLIHUHQ HOH�GLQWUH�VXPHOH�GH�vQFDVDW�úL�VXPHOH�GH�SO WLW��SUHFXP�úL�GH�GHFDODMXO�GLQWUH�WHUPHQXO�PHGLX�GH�WUDQVIRUPDUH�D�DFWLYHORU�FLUFXODQWH�vQ�OLFKLGLW L�úL�GXUDWD�PHGLH�vQ�care datoriile pe termen scurt devin exigibile.
0RGDOLW L�GH�FDOFXO�D�IRQGXOXL�GH�UXOPHQW�
1. Conform FRQFHS LHL� SDWULPRQLDOH, fondul de rulment se poate calcula astfel :
a) FR = Capital permanent – Active imobilizate ;
Fondul de rulment poate fi descompus în fond de rulment propriu
(FRp) úL împrumutat (FRi): FR = FRp + FRi FRp = Capitaluri proprii – Active imobilizate FRi �'DWRULL�SH�WHUPHQ�PHGLX�úL�OXQJ
b) FR = Active circulante – Datorii pe termen scurt
ÌQ� DFHDVW � VLWXD LH�� IRQGXO� GH� UXOPHQW� UHIOHFW � FRUHOD LD� GLQWUH�OLFKLGLWDWHD� DFWLYHORU� FLUFXODQWH� úL� H[LJLELOLWDWHD� GDWRULLORU� SH� WHUPHQ� VFXUW��$FHVWD�SUH]LQW �R�YDORDUH�LQIRUPDWLY �ULGLFDW ��DVLJXUkQG�OHJDWXUD�GLQWUH�FHOH�GRX � S U L� DOH� ELODQ XOXL� ILQDQFLDU�� &D� XUPDUH�� fondul de rulment este considerat ca fiind cel mai important indicator al echilibrului financiar lichiditate – exigibilitate, care permite aprecierea pe termen scurt a riscului GH�LQFDSDFLWDWH�GH�SODW �
2. Potrivit FRQFHS LHL�IXQF LRQDOH��IRQGXO�GH�UXOPHQW�IXQF LRnal sau fondul GH�UXOPHQW�QHW�JOREDO��)5*1��VH�GHWHUPLQ �DVWIHO�
a) FRNG = Surse aciclice – Active aciclice )RQGXO�GH�UXOPHQW�QHW�JOREDO�UHIOHFW �VXUSOXVXO�UHVXUVHORU�GXUDELOH�vQ�
raport cu valorile imobilizate.
b) FRNG = ( Nevoi ciclice + Nevoi de trezorerie ) – ( Resurse ciclice + Resurse de trezorerie ) = ( Active circulante de exploatare + Active circulante în afara exploat rii + Disponibilit i) – (Datorii de exploatare + Datorii în afar exploat rii + Credite bancare de trezorerie)
Luând în considerare foUPXOD�GH�FDOFXO�GH�PDL�VXV��GDF �IRQGXO�GH�UXOPHQW� HVWH� SR]LWLY� VDX� QHJDWLY�� ILUPD� DUH� OLFKLGLW L� VDX� GLPSRWULY este REOLJDW �V �DQJDMH]H�QRL�FUHGLWH�SHQWUX�ILQDQ DUHD�QHYRLORU�GH�H[SORDWDUH�
Nevoia de fond de rulment� UHSUH]LQW � GLIHUHQ D� GLQWUH� QHYRLOH�WHPSRUDUH� úL� VXUVHOH� WHPSRUDUH�� UHVSHFWLY� VXPD� QHFHVDU � ILQDQ ULL�GHFDODMHORU�� FDUH� VH� SURGXF� vQ� WLPS� vQWUH� IOX[XULOH� UHDOH� úL� IOX[XULOH� GH�trezorerie determinate în special de activitatea de exploatare. a) Pe baza bilan ului patrimonial, aceasta se stabileúte astfel:
NFR = (Active circulante –�'LVSRQLELOLW L� E QHúWL��– (Datoriile pe termen scurt – Creditele pe termen scurt) = (Active circulante –� 'LVSRQLELOLW L�E QHúWL��–�2EOLJD LL�SH�WHUPHQ�VFXUW
sau: NFR = (Stocuri + Crean e) – Credite pe termen scurt
1HYRLD�GH�IRQG�GH�UXOPHQW�VHPQLILF �vQ�HVHQ , activele circulante de QDWXUD�VWRFXULORU�úL�D�FUHDQ HORU�QHILQDQ DWH�SH�VHDPD�REOLJD LLORU�SH�WHUPHQ�VFXUW� �VXUVHORU� DWUDVH��� 2EOLJD LLOH� SH� WHUPHQ� VFXUW� GH� QDWXUa� FHORU� ID �
GH� IXUQL]RUL�� VDODULD L�� EXJHtul de stat etc.�� SkQ � vQ� PRPHQWXO� SO LL� ORU�UHSUH]LQW �R�VXUV �DWUDV �GH�ILQDQ DUH�D�DFWLYHORU�FLUFXODQWH� b) Pe baza ELODQ XOXL� IXQF LRQDO,� QHYRLD�GH� IRQG�GH� UXOPHQW� VH� GHWHUPLQ �astfel:
NFR = Nevoi ciclice – Resurse ciclice
În acest caz, nevoia� GH� IRQG� GH� UXOPHQW� HVWH� IRUPDW � GLQ� SDUWHD�SHQWUX�H[SORDWDUH��1)5(��úL�FHD�vQ�DIDUD�H[SORDW ULL��1)5$(��
NFR = NFRE + NFRAE
NFRE = $FWLYH�FLFOLFH�DIHUHQWH�H[SORDW ULL�– Surse ciclice aferente H[SORDW ULL
NFRAE = $FWLYH� FLFOLFH� GLQ� DIDUD� H[SORDW ULL� – Surse ciclice din afara H[SORDW ULL
0 ULPHD�QHYRL�GH�IRQG�GH�UXOPHQW�GLQ�H[SORDWDUH�HVWH�LQIOXHQ DW �GH�QDWXUD�DFWLYLW LL��GXUDWD�FLFOXOXL�GH�IDEULFD LH��YLWH]D�GH�URWD LH�D�VWRFXULORU�úL FUHDQ HORU��QLYHOXO�GH�DFWLYLWDWH�etc.
'DF �QHYRLD�GH�IRQG�GH�UXOPHQW�HVWH�SR]LWLY ��VLWXD LD�VH�FRQVLGHU �D�IL� QRUPDO � QXPDL� GDF � HVWH� UH]XOWDWXO� XQHL� SROLWLFL� GH� LQYHVWL LL� SULYLQG�FUHúWHUHD�QHYRLL�GH�ILQDQ DUH�D�FLFOXOXL�GH�H[SORDWDUH��$OWIHO��DFHDVWD�UHIOHFW �XQ� GHFDODM� QHIDYRUDELO� vQWUH� OLFKLGLWDWHD� VWRFXULORU� úL� FUHDQ HORU� úL�exigibilitatea datoriilor de exploatare.
'DF � GLPSRWULY ,� QHYRLD� GH� IRQG�GH� UXOPHQW� HVWH� QHJDWLY , aceasta VHPQLILF �XQ�VXUSOXV�GH�UHVXUVH�WHPSRUDUH�FRPSDUDWLY�FX�QHYRLOH�WHPSRUDUH��VLWXD LD�ILLQG�IDYRUDELO �GRDU�GDF �HVWH�UH]XOWDWXO�DFFHOHU ULL�URWD LHL�DFWLYHORU�FLUFXODQWH� úL� DOH� DQJDM ULL� GH� GDWRULL� FX� VFDGHQ H�PDL�PDUL�� ÌQ� FD]� FRQWUDU��VLWXD LD�HVWH�QHJDWLY �GHRDUHFH�HVWH�GHWHUPLQDW �GH�vQWUHUXSHUL�WHPSRUDUH�vQ�DSURYL]LRQDUHD�úL�UHvQQRLUHD�VWRFXULORU��VDX�vQ�DFWLYLWDWHD�GH�SURGXF LH�
TrezoUHULD�QHW �H[SULP �FRUHOD LD�GLQWUH�IRQGXO�GH�UXOPHQW�úL�QHYRLD�GH� IRQG� GH� UXOPHQW�� UHIOHFWkQG� VLWXD LD� ILQDQFLDU � D� ILUPHL�� DWkW� SH� WHUPHQ�PHGLX�úL�OXQJ�FkW�úL�SH�WHUPHQ�VFXUW�
a) Pe baza ELODQ XOXL�SDWULPRQLDO (financiar), DFHDVWD�VH�FDOFXOHD] �FX�XUP WRDUHD�IRUPXO �
TN = FR - NFR
b) 7UH]RUHULD�QHW �VH�SRDWH�FDOFXOD�SH�ED]D�ELODQ XOXL�IXQF LRQDO astfel:
TN = FRNG – NFR sau TN = TA – TP
TA = trezoreria de activ, respectiv soldurile debitoare ale conturilor de GLVSRQLELOLW L�úL�SODVDPHQWH�
TP = trezoreria de pasiv, respectiv soldurile creditoare ale conturilor de credite pe termen scurt.
7UH]RUHULD� QHW � SR]LWLY � VHPQLILF un excedent monetar al H[HUFL LXOXL� ILQDQFLDU� úL� GDF � DFHaVWD� VH� PHQ LQH� vQ� FDGUXO� PDL� PXOWRU�H[HUFL LL� ILQDQFLDUH� VXFFHVLYH�� DFHDVW � VLWXD LH� GHPRQVWUHD] � R� UHQWDELOLWDWH�HFRQRPLF � ULGLFDW � úL� SRVLELOLWDWHD� SODV ULL� UHQWDELOH� D� GLVSRQLELOLW LORU�E QHúWL� SHQWUX� vQW ULUHD� SR]L LHL� ILUPHL� SH� SLD �� 'DF � QHYRLD� GH� IRQG� GH�UXOPHQW� HVWH� FRQVWDQW ,� DWXQFL� WUH]RUHULD� QHW � SR]LWLY � este echivalentul profitului net, diminuat cu dividendHOH�SO WLWH�vQ�FXUVXO�DFHOHDúL�SHULRDGH��OD�care se adun �amortizarea.
'DF � vQ� FDOFXOXO� QHYRLL� IRQGXOXL� GH� UXOPHQW� QX� V-au luat în considerare creGLWHOH� SH� WHUPHQ� VFXUW�� WUH]RUHULD� QHW � QHJDWLY � UHIOHFW � XQ�GHILFLW�PRQHWDU��UHVSHFWLY�XQ�GH]HFKLOLEUX�ILQDQFLDU�OD�VIkUúLWXO�DQXOXL,�úL�FDUH�D�IRVW�DFRSHULW�SH�VHDPD�FUHGLWHORU�SH�WHUPHQ�VFXUW��'DF �QHYRLD�GH�IRQG�GH�UXOPHQW�HVWH�FRQVWDQW �� WUH]RUHULD�QHW �QHJDWLY �HVWH�HIHFWXO� vQUHJLVWU ULL�GH�pierderi. TotuúL,� DWXQFL� FkQG� vQWUHSULQGHUHD� UHDOL]HD] � SURGXVH� UHQWDELOH��GLVSXQH� GH� SLD � �GH� DSURYL]LRQDUH� úL� GH� GHVIDFHUH�,� GDU� vQUHJLVWUHD] � R�FUHúWHUH� D� QHYRLL� GH� IRQG� GH� UXOPHQW� FD� XUPDUH� D� GH]YROW ULL� DFWLYLW LL��H[LVWHQ D� XQHL� WUH]RUHULL� QHWH� QHJDWLYH� QX� VHPQLILF � R� VLWXDWLH� HFRQRPLFR-ILQDQFLDU �QHIDYRUDELO ��FL�vQUHJLVWUDUHD�XQXL�GHFDODM�vQWUH�WHUPHQXO�PHGLX�GH�WUDQVIRUPDUH� D� VWRFXULORU� úL� FUHDQ HORU� vQ� OLFKLGLW L� úL� GXUDWD� PHGLH� GH�RQRUDUH�D�REOLJD LLORU�SH�WHUPHQ�VFXUW��� Exemplu: Pe baza datelor din BILAN � 3$75,021,$/� �),1$1&,$5��ÎNCHEIAT LA 31.12 anul N (tabelul nr. 5.3���UH]XOW �XUP WRDUHOH� Determinarea FR, NFR SI TN:
FR = Capitaluri permanente – Nevoi permanente = 147.710 – 98.473 = = 49.237 mil. lei
sau: FR = Nevoi temporare – Resurse temporare = 136.557 – 87.320 =
= 49.237 mil. lei FRp = Capitaluri proprii – Nevoi permanente = ( 112.910 + 4.200 ) –
– 98.473 = 18.637 mil. lei FRi = FR – FRp = Datoriile pe termen mediu si lung = 30.600 mil. lei
NFR = (Nevoi temporare –�'LVSRQLE��E QHúWL�úL�SODVDPHQte) – (Resurse temporare – Credite curente) = (136.557 – 12.400) – (87.320 – – 14.000) = 50.837 mil. lei
TN = FR – NFR = 49.237 – 50.837 = – 1.600 mil. lei
Fondul de rulment� SR]LWLY� �������� PLO�� OHL�� LQGLF � H[FHGHQWXO�capitalurilor permanente în raport� FX� LPRELOL] ULOH� SH� FDUH� OH� ILQDQ HD] ��H[FHGHQW� FH� YD� IL� XWLOL]DW� SHQWUX� ILQDQ DUHD� DFWLYHORU� FLUFXODQWH�� 'H�DVHPHQHD��ILUPD�GLVSXQH�úL�GH�XQ�fond de rulment propriu pozitiv, ceea ce LQGLF � IDSWXO�F � LPRELOL] ULOH� VXQW� ILQDQ DWH� LQWHJUDO�GH�FDSLWDOXULOH�proprii. 3DUWHD� DFWLYHORU� FLUFXODQWH� QHILQDQ DW � GH� GDWRULLOH� SH� WHUPHQ� VFXUW� VH�UHJ VHúWH� VXE� IRUPD�nevoii de fond de rulment� SR]LWLY � ��������PLO�� OHL���$FHDVW �nevoie de fond de rulment� SR]LWLY � UHIOHFW � GHFDODMXO� QHIDYRUDELLO�dintre lichiditatea stocurLORU�úL�FUHDQ HORU�SH�GH�R�SDUWH����������PLO��OHL�,�úL�exigibilitatea datoriilor pe termen scurt (73.320 mil. lei) pe de alt parte.
'DU�VH�REVHUY �F fondul de rulment este mai mic decât nevoia de fond de rulment, deci se înregistreaz �o trezorerie net QHJDWLY �FDUH�LQGLF �XQ� GHILFLW� PRQHWDU� OD� VIkUúLWXOXL� DQXOXL�� GHFL� R� VLWXD LH� GH� GH]HFKLOLEUX�financiar.
5.2.4 Analiza structurii patrimoniale a întreprinderii
$QDOL]D�VWUXFWXULL�SDWULPRQLDOH�DUH�FD�RELHFWLY�VWDELOLUHD�úL�XUP ULUHD�HYROX LHL� SRQGHULL� GLIHULWHORU� HOHPHQWH� SDWULPRQLDOH� �GH� DFWLY� úL� GH� SDVLY���5DWHOH�GH� VWUXFWXU �SDWULPRQLDO �RIHU �SRVLELOLWDWHD�H[SULP ULL�ELODQ XOXL� vQ�SURFHQWH� úL� SHUPLWH� LGHQWLILFDUHD� FDUDFWHULVWLFLORU� PDMRUH� DOH� VWUXFWXULL�ELODQ XOXL�RIHULQG�GH�DVHPHQHD�SRVLELOLWDWHD�UHDOL] ULL�GH�DQDOL]H�FRPSDUDWLYH�vQ�WLPS�úL�VSD LX�
5.2.4.1 Ratele privind structura activului
Ratele de structur a activului, ca valoare, sunt influen ate de caracteristicele tehnice, economice úi juridice ale activit ii firmei.
Principalele rate de caracterizare a structurii activului sunt: a) Rata activelor imobilizate:
Active imobilizate Total activ
$FHDVW � UDW � UHIOHFW � SRQGHUHD� DFWLYHORU� LPRELOL]DWH� vQ� SDWULPRQLXO�total al întreprinderii. Diferitele elemente de active imobilizate MXVWLILF �utilizarea unor rate complementare:
a.1) RDWD�LPRELOL] ULORU�QHFRUSRUDOH:
I������� � ! "��$#�%�&���" '���"�(� % Total activ
0 ULPHD� DFHVWXL� LQGLFDWRU� UHIOHFW � SRQGHUHD� DFWLYHORU� LQWDQJLELOH��EUHYHWH��OLFHQ H��P UFL��IRQG�FRPHUFLDO�etc.) în activele totale ale firmei. În FD]XO�ILUPHORU�URPkQHúWL���YDORDUHD�DFHVWHL�UDWH�HVWH�IRDUWH�UHGXV ��vQ�WLPS�FH�vQ�DOWH� UL��FXP�DU� IL�68$��SRQGHUHD�DFWLYHORU�QHFRUSRUDOH�GHSDVHúWH�����din valoarea de înlocuire a firmelor.
a.2) RDWD�LPRELOL] ULORU�corporale:
I������� � ! "���&���")'���"�(� % Total activ
$FHDVW � UDW �UHIOHFW �SRQGHUHD�FDSLWDOXULORU�IL[H�vQ�SDWULPRQLXO� WRWDO�
DO�ILUPHL�úL�YDORDUHD�HL�GHSLQGH�GH�VSHFLILFXO�DFWLYLW LL�úL�GH�FDUDFWHULVWLFLOH�tehnice ale întreprinderii, înregistrânG�YDORUL�GLIHULWH�GH�OD�R�UDPXU �OD�DOWD��Astfel, aceasta are valori foarte mari în cazul firmelor care folosesc o LQIUDVWUXFWXU � LPSRUWDQW � VDX� HFKLSDPHQWH� FRVWLVLWRDUH� �SURGXFHUHD� úL�GLVWULEX LD� GH� HQHUJLH�� WUDQVSRUWXUL� etc.), industria grea sau exploata LLOH�agricole.
6SHFLDOLúWLL� DSUHFLD] � F � SHQWUX� vQWUHSULQGHUL� FRPSDUDELOH�� DFHaVW �UDW �VHPQLILF �FDSDFLWDWHD�ILUPHL�GH�D�UH]LVWD�XQHL�FUL]H�HFRQRPLFH��úWLLQGX-VH�IRDUWH�ELQH�F �R�LPRELOL]DUH�ULGLFDW �D�FDSLWDOXOXL�DWUDJH�GXS �VLQH�XQ�ULVF�mare al netransIRUP ULL�DFHVWRUD�vQ�OLFKLGLW L�
a.3) RDWD�LPRELOL] ULORU�ILQDQFLDUH:
I�*����� � ! "+��, � #-(�#�&�� (�"�% Total activ
× 100
× 100
× 100
× 100
Aceasta�UHIOHFW �LQWHQVLWDWHD�OHJ WXULORU�úL�UHOD LLORU�ILQDQFLDUH�SH�FDUH�ILUPD� UHVSHFWLY � OH-a stabilit cu alte firme cu ocazia operD LLORU�GH�FUHúWHUH�H[WHUQH� �SDUWLFLSD LL�� LQYHVWL LL�GH�SRUWRIROLX��FUHGLWH�DFRUGDWH�etc.). $FHDVW �UDW �DUH�YDORUL�PDUL�vQ�FD]XO�VRFLHW LORU�GH�LQYHVWL LL�ILQanFLDUH��VRFLHW L�GH�valori mobiliare, fonduri mutuale etc.. $FHDVWD� vQUHJLVWUHD] �YDORUL� VF ]ute vQ�FD]XO�ILUPHORU�PLFL�FDUH�QX�SRW�HIHFWXD�LQYHVWL LL�ILQDQFLDUH�
a.4) Rata activelor circulante:
Active circulante Total activ
$FHDVW � UDW � UHIOHFW � SRQGHUHD� DFWLYHORU� FLUFXODQWH� vQ� WRWDOXO�mijloacelor economice ale întreprinderii. Ca rate complementare, se UHFRPDQG �D�IL�XWLOL]DWH�
a.4.1) Rata stocurilor:
Stocuri Total activ
$FHVW� LQGLFDWRU� vQUHJLVWUHD] � YDORUL� PDUL� vQ� FD]XO� ILUPHORU� FX�DFWLYLWDWH�GH�SURGXF LH��FX�FLFOX�OXQJ�GH�IDEULFD LH��SUHFXP�úL�D�acelor firme cX�VSHFLILF�GH�GLVWULEX LH�GH�EXQXUL�PDWHULDOH��
a.4.2) RDWD�FUHDQ HORU�FRPHUFLDOH:
./ � %�# ��0���&���#21 34"+��(�5�� ��� (�1 % Total activ
5DWD�FUHDQ HORU�FRPHUFLDOH�HVWH�LQIOXHQ DW �GH�QDWXUD�FOLHQ LORU�úL�GH�WHUPHQXO�GH�SODW �SH�FDUH�ILUPD�vO�DFRUG �SDUWHQHULORU�V L��
a.4.3) RDWD�GLVSRQLELOLW LORU�E QHúWL�úL�D plasamentelor:
67� 5+'���#�� ��� � 1 �2� #�%�0+1 �48*9:� 1 34"���;2%<'4 (�5�(��=%�#41 Total activ
$SUHFLHUHD� DFHVWHL� UDWH� WUHEXLH� I FXW � FX� SUHFDX ie deoarece GLVSRQLELOLW LOH�SRW�VXIHUL�PRGLILF UL�vQVHPQDWH�SH�SHULRDGH�VFXUWH�GH�WLPS��ÌQ� DFHODúL� WLPS�� WUHEXLH� DYXW� vQ� YHGHUH� UDSRUWXO� GLQWUH� GLVSRQLELOLW L� úL�SODVDPHQWH�SUHFXP�úL�GHVWLQD LD�SODVDPHQWHORU�
× 100
× 100
× 100
× 100
5.2.4.2 Ratele privind structura pasivului
3ULQFLSDOHOH�UDWH�GH�VWUXFWXU �D�SDVLYXOXL�ELODQ XOXL�XWLOL]DWH�VXQW:
a) RDWD�VWDELOLW LL�ILQDQ ULL:
Capital permanent Total pasiv
$FHDVW � UDW � HVWH� XQ� LQGLFDWRU� JOREDO� DO� VWDELOLW LL� ILQDQ ULL� úL�UHIOHFW � SRQGHUHD� VXUVHORU� SH� FDUH� OH� DUH� vQWUHSULQGHUHD� SHQWUX� R� SHULRDG �mai mare de un an, în totalul surselor de acoperire a mijloacelor economice.
b) Rata autonomiei financiare:
Capital propriu Capital permanent
Rata autonomiei financiare� VHPQLILF � SRQGHUHD� VXUVHlor proprii în
ILQDQ DUHD�PLMORDFHORU�HFRQRPLFH�DOH�ILUPHL�úL�vQUHJLVWUHD] valori diferite în IXQF LH� GH� SROLWLFD� ILQDQFLDU � D� vQWUHSULQGHULL� úL� UHQWDELOLWDWHD� HL�� 6H�recomanG �FD�YDORDUHD�DFHVWHLD�V �ILH�> ½.
c) Rata datoriilor pe termen scurt: Datorii pe termen scurt Total pasiv
$FHDVW �UDW �VHPQLILF �SRQGHUHD�GDWRULLORU�FX�WHUPHQ�GH�H[LJLELOLWDWH�
mai mic de un an în totalul surselor întreprinderii.
d) Rata datoriilor totale:
Datorii totale Total pasiv
AceaVW � UDW � UHIOHFW � SRQGHUHD� GDWRULLORU� SH� WHUPHQ� OXQJ�� PHGLX� úL�scurt în patrimoniul întreprinderii.
Exemplu: Luând în considerare datele din tabelul 5.5 BILAN CONTABIL
AL ÎNTREPRINDERII A,� V � VH� FDOFXOH]H� úL� V � VH� LQWHUSUHWH]H� UDWHOH� GH� VWUXFWXU �DOH�DFWLYXOXL�úL�SDVLYXOXL�VRFLHW LL�FRPHUFLDOH�UHVSHFWLYH�
× 100
× 100
× 100
× 100
Tabelul 5.5
%,/$1 �&217$%,/�$/�Ì175(35,1'(5,,�A
ACTIV N N-1 PASIV N N-1
,PRELOL] UL necorporale
9550 9984 Capital social 300000 300000
,PRELOL] UL�corporale
574200 526400 Rezerve 97500 49200
,PRELOL] UL�financiare
730 730 Provizioane reglementate
42000 22750
Rezultatul H[HUFL LXOXL
55670 25425
ACTIVE IMOBILIZATE
584480 537114 CAPITAL PROPRIU
495170 397375
Stocuri 301640 309500 Datorii financiare (scaden > 1 an)
394850 354500
&OLHQ L 70120 120000 AvaQVXUL�úL�aconturi primite
4225 3750
$OWH�FUHDQ H 9050 25480
Valori mobiliare de plasament
41875 43620 )XUQL]RUL�úL�conturi asimilate 25840 95289
'LVSRQLELOLW L 12500 24700 Alte datorii pe termen scurt
99580 209500
ACTIVE CIRCULANTE
435185 523300 TOTAL DATORII
524495 663039
TOTAL ACTIV
1019665 1060414 TOTAL PASIV 1019665 1060414
ÌQ� FD]XO� vQWUHSULQGHULL� DQDOL]DWH�� UDWH� GH� VWUXFWXU � D� DFWLYXOXL� úL�SDVLYXOXL�VH�SUH]LQW �DVWIHO�
Tabelul 5.6 = mii lei =
5$7(�'(�6758&785 �������� N-1 N 1. Rata activelor imobilizate 57,32 50,65 ���5DWD�LPRELOL] ULORU�necorporale 0,94 0,94 3. 5DWD�LPRELOL] ULORU corporale 56,31 49,64 4. 5DWD�LPRELOL] ULORU�ILnanciare 0,07 0,07 5. Rata activelor circulante 42,68 50,65 6. Rata stocurilor de materii prime, ma-
teriale etc. 29,58 29,19
7. 5DWD�FUHDQ HORU 7,76 13,72 8. 5DWD� GLVSRQLELOLW LORU� E QHúWL� úL� SOD-
samentelor 5,33 6,44
9. 5DWD�VWDELOLW LL�ILQDQFLDUH 87,29 70,90 10. Rata autonomiei financiare 55,64 52,85 11. Rata datoriilor pe termen scurt 12,71 29,10 12. Rata datoriilor totale 51,44 62,53
Concluzii: 5H]XOW � F � vQWUHSULQGHUHD� DSDU LQH� VIHUHL� SURGXFWLYH��UHVSHFWLY� XQXL� VHFWRU� FDUH� QHFHVLW � R� GRWDUH� WHKQLF � VHPQLILFDWLY , fapt reflectat de ponderea mare a activelor imobilizate în total activ în ambele SHULRDGH�DQDOL]DWH��5DWD�LPRELOL] ULORU�FRUSRUDOH�HVWH�IRDUWH�DSURSLDW �GH�FHD�a activelor imobilizate,�FHHD�FH�GHPRVWUHD] �SUHSRQGHUHQ D�DFHVWXL�HOHPHnt vQ� WRWDOXO� LPRELOL] ULORU��9DORDUHD� UHGXV �D� UDWHORU� LPRELOL] ULORU�ILQDQFLDUH�úL�QHFRUSRUDOH� VHPQLILF �R� DFWLYLWDWH�GH� LQYHVWL LL� ILQDQFLDUH� UHVWUâQV � úL�GH�asemenea,�R�SRQGHUH�PLF �D�DFWLYHlor intangibile în total activ.
$FWLYHOH� FLUFXODQWH� GH LQ� R� SRndere de 42,68% în primul an, care FUHúWH�vQ�XUP WRUXO�DQ�SkQ �OD�YDORDUHD�GH���������$FHDVW �PDMRUDUH�D�UDWHL�activelor circulante s-D� UHDOL]DW� SUHSRQGHUHQW� SH� VHDPD�FUHDQ HORU,� DO�F URU�indice a fost de 183,76%. $FHVW � VLWXD LH�SRDWH� IL�GHWHUPLQDW �GH�FUHúWHUHD�YROXPXOXL� GH� DFWLYLWDWH�� GH� DFRUGDUHD� XQRU� WHUPHQH� GH� SODW � PDL�FRPIRUWDELOH� SHQWUX� FOLHQ L,� GDU� úL� GH� DSDUL LD� XQRU� FUHDQ H� LQFHUWH�� 6H�UHFRPDQG � DVWIHO� FRPSOHWDUHD� DFHVWHL� DQDOL]H� FX� LQIRUPD LL� UHIHULWoare la YROXPXO�GH�DFWLYLWDWH�úL�OD�VWUXFWXUD�FUHDQ HORU�GXS �QDWXUD�ORU��FHUWLWXGLQHD�UHDOL] ULL�DFHVWRUD�úL�WHUPHQXO�GH�UHDOL]DUH�
'LQ�SXQFW�GH�YHGHUH�DO�UDWHORU�GH�VWUXFWXU �D�SDVLYXOXL��vQWUHSULQGHUHD�SUH]LQW � R� VWDELOLWDWH� ILQDQFLDU � ULGLFDW � GDU� FDUH� V-a degradat în timp
��������vQ�DQXO�1�ID �de 87,29% în anul N-1). De asemenea, firma dispune GH�DXWRQRPLH�ILQDQFLDU ��SRQGHUHD�FDSLWDOXOXL�SURSULX�vQ�FDSLWDOXO�SHUPDQHQW�fiind de ��������GDU�vQ�DQXO�XUP WRU�DFHasta scade semnificativ, apropiindu-VH� GH� OLPLWD� PLQLP � DGPLV � ����� GLQ� FDSLWDOXO� SHUPDQent), ca urmare a VF GHULL� FDSLWDOXOXL� SURSULX,� GHFL� D� FUHúWHULL� GDWRULLORU� SH� WHUPHQ�PHGLX� úL�OXQJ��5DWD�GDWRULLORU�WRWDOH�D�FUHVFXW�VLP LWRU�SH�VHDPD�REOLJD LLORU�SH�WHUPHQ�scurt,�FHHD�FH�D�P ULW�JUDdul de îndatorare a firmei.
'HúL� ILUPD� GLVSXQH� GH� VWDELOLWDWH� úL� DXWRQRPLH� ILQDQFLDU �� VH�vQUHJLVWUHD] �WRWXúL�R�GHWHULRUDUH�D�VLWXD LHL�ILQDQFLDUH�vQ�DQXO�1�FRPSDUDWLY�cu anul N-1, ceea impune o reorientare a politicii financiare pe perioada XUP WRDUH�
������$QDOL]D�FRUHOD LHL�GLQWUH�FUHDQ H�úL�REOLJD LL
CUHDQ HOH UHIOHFW � DQJDMDPHQWH� FRQWUDFWDWH� GH� DQXPL L� SDUWHQHUL� DL�ILUPHL��FXP�VXQW�FOLHQ LL,�DOH�F URU�WHUPHQH�GH�SODW �DX�R�VFDGHQ �XOWHULRDU �OLYU ULL� EXQXULORU� úL� VHUYLFLLORU�� SUHFXP� úL� GHELWRULL� ILUPHL�� vQ� FDOLWDWH� GH�beneficiari ai unor împrumuturi pe care le vor rambursa ulterior împreun cu GREkQGD� DIHUHQW � DFHVWRUD�� 'LQ� SXQFW� GH� YHGHUH� FRQWDELO�� FUHDQ HOH� VXQW�IRUPDWH� GLQ� FOLHQ L�� IXUQL]RUL-GHELWRUL�� FUHDQ H� SULYLQG� SHUVRQDOXO� úL�DVLJXU ULOH�VRFLDOH��DOWH�FUHDQ H�SULYLQG�VWDWXO�úL� LQVWLWX LLOH�SXEOice, debitori diversi etc.
2EOLJD LLOH �GDWRULLOH� QHILQDQFLDUH� SH� WHUPHQ� VFXUW�� UHSUH]LQW � VXUVH�GH� ILQDQ DUH� DWUDVH� SH� R� GXUDW � PDL� PLF � GH� �� DQ�� H[FOXzând creditele EDQFDUH�� $FHVWHD� FRQ LQ� GDWRULLOH� F WUH� IXUQL]RUL�� SHUVRQDO�� VWDW�� DF LRQDUL��avansuri de�OD�FOLHQ L�etc.
&UHDQ HOH� úL� REOLJD LLOH� FRQVWLWXLH� SULQFLSDOHOH� HOHPHQWH� FDUH�LQIOXHQ HD] � IOX[XULOH� E QHúWL� DOH� vQWUHSULQGHULL�� ÌQ� FRQVHFLQ �� DFHVWHD�WUHEXLH�DQDOL]DWH�FRUHODW�GLQ�SXQFW�GH�YHGHUH�DO�VXPHORU�úL�DO�WHUPHQHORU�GH�vQFDVDUH�úL�GH�SODW ��,QGLFDWRULL�XWLOL]D L�vQ�DFHVW�VFRS�VXQW�
���'XUDWD�GH�LPRELOL]DUH�D�FUHDQ HORU��'L��
Di = Rd
360Sd ×
unde: 6G� �VROGXO�PHGLX�DO�FUHDQ HORU; 5G� �UXODMXO�GHELWRU�DO�FRQWXULORU�GH�FUHDQ H.
ÌQ�SUDFWLF �VH�XWLOL]HD] ��GH�UHJXO ��FLIUD�GH�DIDFHUL�GHRDUHFH�ELODQ XO�QX�IXUQL]HD] �LQIRUPD LL�UHIHULWRDUH�OD�UXODMXO�FRQWXULORU�UHVSHFWLYH�
1. Durata de folosire a surselor atrase (Df):
Df = Rc
360Sc ×
unde: 6F� �VROGXO�PHGLX�DO�FRQWXULORU�GH�REOLJD LL� Rc = rulajul creditor al conturilor respective.
&RUHOD LD� GLQWUH� VXPD� FUHDQ HORU� úL� D� REOLJD LLORU� SH� WHUPHQ� VFXUW��SUHFXP�úL�GLQWUH�'L�úL�'I�JHQHUHD] �IOX[XUL�E QHúWL�FDUH�LQIOXHQ HD] �SR]LWLY�VDX�QHJDWLY�GLVSRQLELOLW LOH�ILUPHL��Astfel:
a) 'DF �6G� �6F� úL�'L� �'I� ��DWXQFL� FHO�SX LQ�GLQ�SXQFW�Ge vedere WHRUHWLF��VH�SURGXFH�R�FRPSHQVDUH�vQWUH�FUHDQ H�úL�REOLJD LL�
b) 'DF � 6G� !� 6F� úL� 'L� � 'I�� DWXQFL� IOX[XO� GH� GLVSRQLELOLW L� HVWH�LQIOXHQ DW�SR]LWLY�GHRDUHFH�VXPD�vQFDV ULORU�HVWH�VXSHULRDU �VXPHL�SO LORU�SHQWUX�DFHODúL�LQWHUYDO�GH�WLPS�
([LVW �ELQHvQ HOHV�úL�PXOWH�DOWH�YDULDQWH�vQ�IXQF LH�GH�FHL���LQGLFDWRUL� &RUHOD LD� GLQWUH� FUHDQ H� úL� REOLJD LL� SRDWH� IL� VWXGLDW � úL� SH� ED]D�
EDODQ HL� DFHVWRUD� vQ� IXQF LH� GH� WHUPHQHOH� ORU� GH� YHFKLPH� úL� GH� SRQGHUHD�DFHVWRUD�vQ�FDGUXO�WRWDOXO�FUHDQ HORU�úL�D�REOLJD LLORU, astfel:
- Sub 30 zile - 30 - 60 zile - 60 - 90 zile - 90 - 180 zile
- 180 - 270 zile - 270 - 1 an. �������������ÌQ�SUDFWLF �VH�IRORVHVF�LQWHUYDOH�GH�YHFKLPH�PXOW�PDL�PDUL��SkQ �OD�90 zile, între 90 ]LOH�úL�XQ�DQ��SHVWH�XQ�DQ�
Exemplu: 6H�G �XUP WRDUHD�VLWXD LH�D�FUHDQ HORU�úL�D�REOLJD LLORU�ILUPHL�$�
Tabelul 5.7 Perioada
Nr. Crt. Indicatori N-2
mil lei % N-1
mil lei % N
mil.lei % 1. Cifra de afaceri 7.450 100 7.846 105,3 7.980 101,7
2. &UHDQ H 524 100 679 129,6 975 143,6
3. 2EOLJD LL 1.045 100 1.274 121,9 1.527 119,9
4. 5DSRUWXO�FUHDQ H�REOLJD LL 0,50 100 0,53 X 0,64 X
În perioada celor tUHL�DQL�DQDOL]D L��FUHDQ HOH�úL�REOLJD LLOH�DX�FUHVFXW�într-XQ�ULWP�VXSHULRU�FHOXL�DO�FLIUHL�GH�DIDFHUL��FHHD�FH� LQIOXHQ HD] �QHJDWLY�IOX[XO�GH�GLVSRQLELOLW L��$FHDVW �LQIOXHQW �HVWH�SDU LDO�GLPLQXDW �GH�UDSRUWXO�GLQWUH�FUHDQ H�úL�REOLJD LL��UDSRUW�FDUH�GHúL�DUH�R�GLQDPLF �FUHVF WRDUH��HO�HVWH�VXEXQLWDU��FHHD�FH�LQGLF �R�PDMRUDUH�D�JUDGXOXL�GH�LPRELOL]DUH�D�FDSLWDOXOXL�firmei.
Durata� GH� LPRELOL]DUH� D� FUHDQ HORU� �'L�� úL� GXUDWD� GH� IRORVLUH� D�VXUVHORU�DWUDVH��VH�SUH]LQW �DVWIHO�
Tabelul 5.8
= zile = Nr.crt. Indicatori N – 2 N – 1 N 1. 'XUDWD�GH�LPRELOL]DUH�D�FUHDQ HORU 25,3 31,2 44 2. Durata de folosire a surselor atrase 50,5 58,5 191,4
1LYHOXO�úL�HYROX LD�DFHVWRU�GRL�LQGLFDWRUL�FRQILUP �FRQFOX]LD�VWDELOLW �DQWHULRU�� DGLF � IDSWXO� F �� GHúL� FUHDQ HOH� vQUHJLVWUHD] � FUHúWHUL� VXEVWDQ LDOH��LPRELOL]DUHD� IRQGXOXL� GH� UXOPHQW� HVWH� VXSOLQLW � GH� VXUVHOH� DWUDVH�suplimentar.
'LQ�SXQFW�GH�YHGHUH�DO�JUDGXOXL�GH�YHFKLPH��VLWXD LD�FUHDQ HORU�úL�D�REOLJD LLORU�vQ�DQXO�1�VH�SUH]LQW �DVWIHO�
Tabelul 5.9
&UHDQ H 2EOLJD LL Nr. Crt. 6SHFLILFD ie
mil.lei % mil.lei % 1. 3kQ �OD����GH�]LOH 754 75,4 1.022 66,9 2. ÌQWUH����]LOH�úL���DQ 193 19,8 395 25,9 3. Peste 1 an 27 2,8 110 7,2 Total 974 100 1.527 100
5H]XOW � F � SRQGHUHD� FHD� PDL� PDUH� R� GH LQ� FUHDQ HOH� úL� REOLJD LLOH� FX� R�YHFKLPH�GH�SkQ �OD����]LOH��FHHD�FH�DVLJXU �R�IUHFYHQ �FRUHVSXQ] WRDUH�D�vQFDV ULORU�úL�SO LORU�
������$QDOL]D�OLFKLGLW LL�úL�VROYDELOLW LL�ILUPHL
Lichiditatea�UHSUH]LQW �SURSULHWDWHD�HOHPHQWHORU�SDWULPRQLDOH�GH�D�VH�transforma în bani.
Solvabilitatea este capacitatea întreprinderii de a-úL�RQRUD�REOLJD LLOH�GH�SODW �OD�VFDGHQ �
&DSDFLWDWHD� GH� SODW � VHPQLILF � VROYDELOLWDWHD� LPHGLDW �� UHVSHFWLY�H[SULP � FDSDFLWDWHD� PLMORDFHORU� EDQHúWL� OD� XQ� PRPHQW� GDW� VDX� SHQWUX� R�SHULRDG � VFXUW � GH� WLPS� �GH� RELFHL� SkQ � OD� ��� GH� ]LOH�, de a acoperi REOLJD LLOH�VFDGHQWH�SHQWUX�DFHODúL�LQWHUYDO�GH�WLPS�
Pentru caracterizarea OLFKLGLW LL unei firme VH�FRPSDU �SDVLYHOH�SH�WHUPHQ�VFXUW�FX�UHVXUVHOH�GLVSRQLELOH�SHQWUX�DFHHDúL�SHULRDG �
Cele mai utilizate rate de lichiditate sunt: 1. 5DWD�OLFKLGLW LL�JHQHUDOH:
Active circulante Datorii curente
'DWRULLOH�FXUHQWH�VXQW�IRUPDWH�GLQ�REOLJD LLOH�ID �GH�IXUnizori, cele ILVFDOH� úL� VDODULDOH�� FUHGLWHOH� SH� WHUPHQ� VFXUW� SUHFXP� úL� SDUWHD� GLQ�vPSUXPXWXULOH� SH� WHUPHQ� PHGLX� úL� OXQJ� D� F URU� VFDGHQ � � HVWH� vQ� FDGUXO�H[HUFL LXOXL�ILQDQFLDU�FXUHQW�
6H�DSUHFLD] �F �VLWXD LD�OLFKLGLW LL�JHQHUDOH�HVWH�VDWLVI F WRDUH��GXS �XQHOH� VXUVH�� vQ� FRQGL LLOH� vQFDGU ULL acestei rate în intervalul 1,2 si 1,8, iar GXS �DOWHOH��vQ�LQWHUYDOXO���VL�����
2. 5DWD�OLFKLGLW LL�FXUHQWH (intermediare):
Active circulante – Stocuri Datorii curente
Potrivit teoriei nord-amHULFDQH�� DFHDVW � UDW � HVWH� FXQRVFXW � úL� VXE�GHQXPLUHD�GH�³WHVWXO�DFLG³��$FHDVW �UDW �HVWH�GH�RELFHL�VXEXQLWDU ��,QWHUYDOXO�FRQVLGHUDW�FD�VDWLVI F WRU�SHQWUX�DFHDVW �UDW �HVWH�GH�����-1.
3. 5DWD�OLFKLGLW LL�LPHGLDWH:
'LVSRQLELOLW L�úL�SODVDPHQWH Datorii curente
ÌQ�WHRULD�HFRQRPLF ,�DFHDVW �UDW �HVWH�FXQRVFXW �úL�VXE�GHQXPLUHD�GH�UDWD� VROYDELOLW LL� LPHGLDWH�� Interpretarea acesteia� WUHEXLH� I FXW � FX� PDUH�JULM �� $VWIHO�� XQ� QLYHO� ULGLFDW� DO� DFHVWHLD� LQGLF o solvabilitate mare, dar poatH� IL� FRQVHFLQ D� XQHL� XWLOL] UL� PDL� SX LQ� SHUIRUPDQWH� D� UHVXUVHORU�GLVSRQLELOH��9DORDUHD� ULGLFDW � D� DFHVWHL� UDWH�QX�FRQVWLWXLH� vQ�DFHODúL� WLPS�R�JDUDQ LH�D�VROYDELOLW LL��GDF �UHVWXO�DFWLYHORU�FLUFXODQWH�DX�XQ�JUDG�UHGXV�GH�lichiditate.
Lg =
Lc =
Li =
'LQ� FRQWU �� R� YDORDUH� UHGXV � D� OLFKLGLW LL� LPHGLDWH� SRDWH� IL�FRPSDWLELO � FX� PHQ LQHUHD� HFKLOLEUXOXL� ILQDQFLDU�� GDF � vQWUHSULQGHUHD�PLQLPL]HD] � YDORDUHD� GLVSRQLELOLW LORU� VDOH�� GH LQkQG� vQ� VFKLPE, valori de plasament, creante, stocuri cu un grad mare de lichiditate etc.
Solvabilitatea se poate exprima cu ajutorul mai multor indicatori, GLQWUH�FDUH�FHL�PDL�LPSRUWDQ L�VXQW��
1. RatD�VROYDELOLW LL�SDWULPRQLDOH: Capital propriu Capital propriu + credite totale
9DORDUHD� PLQLP � D� UDWHL� VROYDELOLW LL� SDWULPRQLDOH� VH� DSUHFLD] � F �WUHEXLH� V � VH� vQFDGUH]H� vQ� OLPLWHOH� ���-����� LDU� SHVWH� ���� VLWXD LD� SRDWH� IL�FRQVLGHUDW �QRUPDO �
2. 5DWD�VROYDELOLW LL�JHQHUDOH:
Active totale Datorii totale
$FHDVW � UDW � LQGLF � vQ� FH� P VXU � GDWRULLOH� WRWDOe sunt acoperite de F WUH� DFWLYHOH� WRWDOH� DOH� vQWUHSULQGHULL� �DFWLYH� LPRELOL]DWH� úL� DFWLYH�FLUFXODQWH���&X�FkW�YDORDUHD�UDWHL�VROYDELOLW LL�JHQHUDOH�HVWH�PDL�PDUH�GHFkW����FX�DWkW�VLWXD LD�ILQDQFLDU �GH�DQVDPEOX�D�ILUPHL�HVWH�PDL�EXQ �
Pe baza datelor din Tabelul 5.5, BILAN CONTABIL AL ÎNTREPRINDERII A, VH�RE LQ�XUP WRDUHOH�YDORUL�DOH�UDWHORU�GH�OLFKLGLWDWH�úL�VROYDELOLWDWH�
Tabelul 5.10 Indicatori N-1 N
Rata lichidit ii generale 3,36 1,7 Rata lichidit ii curente ( intermediare ) 1,03 0,69 Rata lichidit ii imediate 0,42 0,22 Rata solvabilit ii patrimoniale 1,25 1,12 Rata solvabilit ii generale 1,94 1,6
ÌQ� DPEHOH� SHULRDGH�� QLYHOXO� DFHVWRU� UDWH� VH� vQFDGUHD] � vQ� OLPLWHOH�considerate normale,� FRQIRUP� VWDQGDUGHORU� LQWHUQD LRQDOH�� &D� WHQGLQ , se înrHJLVWUHD] � R� GLPLQXDUH� D� WXWXURU� LQGLFDWRULORU�� FHOH�PDL� DFFHQWXDWH� ILQG�FHOH�DOH� OLFKLGLW LL�FXUHQWH�úL�JHQHUDOH��FDUH� vQ�DQXO�1-��FRERDU �FKLDU�VXE�limita admis � ������� 'HúL� VLWXD LD� vQWUHSULQGHULL� QX� HVWH� DODUPDQW �� WUHEXLH�DGRSWDWH� P VXUL� SHQWUX� PHQ LQHUHD� úL� FKLDU� FUHúWHUHD� OLFKLGLW LL� úL�VROYDELOLW LL�DFHVWHLD�vQ�SHULRDGHOH�XUP WRDUH�
Sp =
Sg =
5.2.7 Analiza echilibrului economico-financiar
(FKLOLEUXO� ILQDQFLDU� DO� ILUPHL� UHSUH]LQW � XQ� VLVWHP�GH�FRUHOD LL, prin FDUH�VH�VWDELOHVF�DQXPLWH�SURSRU LRQDOLW L�vQ�FDGUXO�úL�vQWUH�GLIHULWHOH�IOX[XUL�financiare. Acestea UHSUH]LQW � R� SUHPLV � GDU� úL� R� FRQVHFLQ � D� XQHL�GHVI úXU UL� QRUPDOH� D� DFWLYLW LL� ILUPHL�� vQ� FRQIRUPLWDWH� FX� RELHFWXO� V u de DFWLYLWDWH�� &D� SUHPLV �� WUHEXLH� DYXWH� vQ� YHGHUH� FRUHOD LLOH� RELHFWLYH� GLQWUH QHFHVLW LOH�GH�UHVXUVH�PDWHULDOH�úL�SRVLELOLW LOH�GH�ILQDQ DUH��'H�PRGXO�FXP�VXQW� XWLOL]DWH� úL� YDORULILFDWH� DFHVWH� UHVXUVH� GHSLQGH� DVLJXUDUHD� HFKLOLEUXOXL�economico-financiar sau dereglarea acestuia.
3HQWUX� H[SULPDUHD� VLQWHWLF � D� PXOWLSOHORU� FRUHOD LL� Lmplicate de echiOLEUXO� ILQDQFLDU�� H[LVW � R� PXOWLWXGLQH� GH� LQGLFDWRUL�� ÌQ� SUDFWLF � VH�XWLOL]HD] �vQ�VSHFLDO�XUP WRULL�LQGLFDWRUL�
1. Rata autonomiei financiare:
Capital propriu Capital propriu + Capital împrumutat
2. 5DWD�GH�ILQDQ DUH�D�VWRFXULlor:
Fond de rulment Stocuri
3. 5DWD�GH�DXWRILQDQ DUH�D�DFWLYHORU:
Capital propriu Active fixe + Active circulante
4. Rata datoriilor;
Datorii totale Active totale
Utilizându-se datele din Tabelul 5.5, BILAN CONTABIL AL ÎNTREPRINDERII A, HYROX LD� LQGLFDWRULORU� GH� HFKLOLEUX� ILQDQFLDU� VH�SUH]LQW �DVWIHO�
Tabelul 5.11
Indicatori N-1 N Rata autonomiei financiare 0,56 0,53 Rata de finan are a stocurilor 1,01 0,69 Rata de autofinan are a activelor 0,49 0,37 Rata datoriilor 0,51 0,63
Raf =
Rfs =
Raa =
Rd =
La societatea analizat anterior, echilibrul economico-financiar vQUHJLVWUHD] � R� UHODWLY � GHJUDGDUH�� WRWXúL�� FD� úL� vQ� FD]XO� LQGLFDWRULORU� GH�OLFKLGLWDWH� úL� VROYDELOLWDWH�� DFHVWH� UDWH� VH� vQFDGUHD] în limitele considerate satisf c toare, ceea demonstreaz �IXQF LRQDUHD�FRUHVSXQ] WRDUH�D�DFHVWHLD�
������$QDOL]D�YLWH]HL�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH
9LWH]D� GH� URWD LH� D� DFWLYHORU� FLUFXODQWH� UHSUH]LQW � XQ� LQGLFDWRU� GH�HILFLHQ �FDUH�UHIOHFW �VFKLPE ULOH�LQWHUYHQLWH�vQ�DFWLYLWDWHD�vQWUHSULQGHULL��vQ�special în activitatea de exploatare: modificarea procesului de aprovizionare úL� SURGXF LH�� UHGXFHUHD� FRVWXULORU�� VFXUWDUHD� FLFOXOXL� GH� SURGXF LH� úL� D�SHULRDGHL� GH� GHVIDFHUH� úL� vQFDVDUH� D� SURGXF LHL� etc.). Volumul activelor circulante ale întreprinderii depindH�GH�GRL�IDFWRUL��úL�DQXPH��FLIUD�GH�DIDFHUL�úL� YLWH]D� GH� URWD LH� D� DFWLYHORU� FLUFXODQWH�� &X� FkW� DFWLYHOH� FLUFXODQWH� YRU�SDUFXUJH�PDL� UHSHGH� ILHFDUH� VWDGLX�DO� URWD LHL� FDSLWDOXOXL�� FX�DWkW�YLWH]D� GH�URWD LH�YD�IL�PDL�PDUH���LDU�QHFHVDUXO�GH�IRQG�GH�UXOPHQW mai mic pentru un YROXP�GDW�DO�SURGXF LHL��UHVSHFWLY�DO�FLIUHL�GH�DIDFHUL�
9LWH]D�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH�SRDWH�IL�H[SULPDW �vQ:
a) 1XP U�GH�URWD LL (n):
n = AC
CA
unde: $&� �VROGXO�PHGLX�DO�DFWLYHORU�FLUFXODQWH��I U �GLVSRQLELOLW L��
Acest indicator se poate calcula pentru fiecare element de active circulante utilizându-VH� IRUPXOD� GH� PDL� VXV�� 7RWXúL� DFHVWD� DUH� R� SXWHUH�LQIRUPDWLY � UHGXV � GLQ� SXQFW� GH� YHGHUH� DO� FRQ LQXWXOXL� GHRDUHFH� HVWH� R�P ULPH�DEVWUDFW �FDUH�QX�UHG �vQ�WHUPeni�FRQFUH L�UHDOLWDWHD�HFRQRPLF �
b) Durata în zile (Dz):
Dz = CA
TAc ×
unde: 7� �QXP UXO de zile ale perioadei analizate.
ÌQ� VFRSXO� LGHQWLILF ULL� DVSHFWHORU� IDYRUDELOH�� GDU� PDL� DOHV� D� FHORU�QHIDYRUDELOH�DOH�JHVWLRQ ULL�UHVXUVHORU��VH�UHFRPDQG �GHWHUPLQDUHD�YLWH]HL�GH�URWD LH�SH�ILHFDUH�HOHPHQW�DO�DFWLYHORU�FLUFXODQWH�úL�DO�VWDGLXOXL�vQ�FDUH�VH�DIO �în cadrul circuitului general, astfel:
b.1) 'XUDWD�GH�URWD LH�D�VWRFXULORU�GH�PDWHULL�SULPH�úL�PDWHULDOH:
6WRFXO�PHGLX�GH�PDWHULL�SULPH�úL�PDteriale Cheltuielile cu materialele
E����'XUDWD�GH�URWD LH�D�VWRFXULORU�GH�SURGXF LH�vQ�FXUV�GH�H[HFX LH�
6WRFXO�PHGLX�GH�SURGXF LH�vQ�FXUV�GH�H[HFX LH 3URGXF LD�H[HUFL LXOXL�H[SULPDW în costuri (cheltuieli aferente proGX LHL�H[HUFL LXOXi)
b.3) 'XUDWD�GH�URWD LH�D�VWRFXULORU�GH�SURGXVH�ILQLWH�úL�VHPLIDEULFDWH: 6WRFXO�PHGLX�GH�SURGXVH�ILQLWH�úL�VHPLIDEULFDWH Cheltuielile aferente veniturilor din exploatare
b.4) Durata de rota ie a crean elor (durata de încasare a crean elor): Stocul�PHGLX�DO�FUHDQ HORU Veniturilor din exploatare
$QDOL]D� IDFWRULDO � D� YLWH]HL� GH� URWD LH� SUHVXSXQH� XWLOL]DUHD�XUP WRUXOXL�PRGHO� CA
Dz = TCA
AC × AC(1)
AC AC(2)
AC(n)
unde: Dz = viteza de rotatie a activelor circulante în zile; CA = cifra de afaceri; AC = soldul mediu al activelor circulante; AC(1), AC(2),……AC(n) = categorii de active circulante (stocuri de materii
prime, materiale, produc ie în curs de execu ie, produse finite, crean e etc.)
× T
× T
× T
× T
&RQVHFLQ HOH� DFFHOHU ULL� VDX� vQFHWLQLULL� YLWH]HL� GH� URWD LH� VH�PDWHULDOL]HD] � vQ�HOLEHU UL�VDX� LPRELOL] UL�GH�DFWLYH�FLUFXODQWH��LQGLFDWRU�FH�VH�SRDWH�FDOFXOD�FX�DMXWRUXO�UHOD LHL�
E ( I ) = (Dz1 – Dz0) T
CA1×
Pentru exemplificare se folosesc urm toarele date: Tabelul 5.12
= mil lei = Nr. Crt.
INDICATORI N-1 N %
1. Cifra de afaceri 53400 61200 114,61 2. Soldul mediu al activelor circulante,
din care: – stocuri – FUHDQ H
11620
6480 5140
13400
7050 6350
115,32
108,80 123,54
3. 9LWH]D�GH�URWD LH���]LOH�� 78,34 78,82 100,61
Model de analiz :
Dz = TCA
CrStT
CAAC ×+=×
9DULD LD�YLWH]HL�GH�URWD LH�vQ�]LOH� 48,034,7882,78DzDzDz 01 +=−=−=∆ zile
0HWRGRORJLD�GH�DQDOL] �IDFWRULDO �D�YLWH]HL�GH� URWD LH�D�DFWLYHORU�FLUFXODQWH�HVWH�XUP WRDUHD�
1. ,QIOXHQ D�PRGLILF ULL�FLIUHL�GH�DIDFHUL�
99,934,7835,68TCA
ACT
CA
AC
0
0
1
0 −=−=×−× zile
2. ,QIOXHQ D�PRGLILF ULL�VROGXOXL�PHGLX�DO�DFWLYHORU�FLUFXODQWH�
=×−× TCA
ACT
CA
AC
1
0
1
1 78,82 – 68,35 = +10,47 zile
GLQ�FDUH�GDWRULW � ������,QIOXHQ HL�PRGLILF ULL�VWRFXULORU�PHGLL�
=×−× TCA
StT
CA
St
1
0
1
1 41,47 – 38,11 = +3,36 zile
�������,QIOXHQ HL�PRGLILF ULL�VROGXOXL�PHGLX�DO�FUHDQ HORU�
=×−× TCA
CrT
CA
Cr
1
0
1
1 37,35 – 30,24 = +7,11 zile
(IHFWXO�PRGLILF ULL�YLWH]HL�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH�poate fi o eliberare de capital� vQ�FD]XO�DFFHOHU ULL�YLWH]HL�GH�URWD LH, sau o imobilizare GH� FDSLWDO�� vQ� FD]XO� vQFHWLQLULL� DFHVWHLD�� ÌQ� VLWXD LD� DQDOL]DW � PDL� VXV�� VH�vQUHJLVWUHD] �R�LPRELOLzare de capital, respectiv:
I = ( 78,82 – 78,34 ) =×360
200.61 81,6 mil. lei
6H�FRQVWDW �R�vQFHWLQLUH�D�YLWH]HL�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH�GH�OD�������]LOH�vQ�SULPXO�DQ�OD�������]LOH�vQ�DQXO�XUP WRU��FHHD�FH�DUH�FD�HIHFW�R�imobilizare dH�FDSLWDO��ÌQFHWLQLUHD�YLWH]HL�GH�URWD LH�D�DFWLYHORU�FLUFXODQWH�V-a GDWRUDW�FUHúWHULL�VROGXOXL�PHGLX�DO�DFWLYHORU�FLUFXODQWH� vQWU-un ritm superior celui al cifrei de afaceri (115,32% > 114,61% ).
'LQ� SXQFW� GH� YHGHUH� DO� LQIOXHQ HORU� IDFWRULORU�� VH� FRQVWDW � F �PDMRUDUHD� FLIUHL� GH� DIDFHUL� FX� ������� vQ� FRQGL LLOH�PHQ LQHULL� FRQVWDQWH� D�VROGXOXL� PHGLX� DO� DFWLYHORU� FLUFXODQWH�� GHWHUPLQ � DFFHOHUDUHD� YLWH]HL� GH�URWD LH��DGLF �UHGXFHUHD�DFHVWHLD�FX������]LOH��
&UHúWHUHD� VROGXOXL� PHGLX� DO� DFWLYHORU� FLUFXODQWH� FX� ���32% a GHWHUPLQDW� vQFHWLQLUHD� YLWH]HL� GH� URWD LH�� UHVSHFWLY� PDMRUDUHD� DFHVWHLD� FX�10,47 zile. $FHDVW �VLWXD LH�V-D�GDWRUDW�DWkW�FUHúWHULL�YDORULL�FUHDQ HORU�FkW�úL�D�VWRFXULORU�� ,QIOXHQ D�VWRFXULORU� VH�DSUHFLD] �QRUPDO � � CASt II < ), dar cea a PDMRU ULL� FUHDQ HORU� QX� HVWH� MXVWLILFDW � vQ� WRWDOLWDWH� GH� FUHúWHUHD� YkQ] ULORU�( CACr II > ).
'HFL�� SHQWUX� DFFHOHUDUHD� YLWH]HL� GH� URWD LH� D� DFWLYHORU� FLUFXODQWH�WUHEXLH� UHGXV� VROGXO� PHGLX� DO� FUHDQ HORU�� SUHFXP� úL� D� YDORULL� FHORUODOWH�categorii GH� DFWLYH� FLUFXODQWH� SkQ � OD� OLPLWD� OD� FDUH� QX� DIHFWHD] � Euna desf úXUDUH�D�DFWLYLW LL�
& LOH� GH� DFFHOHUDUH� D� YLWH]HL� GH� URWD LH� D� DFWLYHORU� FLUFXODQWH� VXQW�YDULDWH�� HOH� ILLQG� VSHFLILFH� ILHF UXL� VWDGLX� DO� URWD LHL� FDSLWDOXOXL� LQYHVWLW��Astfel:
¾ în stadiul DSURYL]LRQ ULL��DSURYL]LRQDUHD�ULWPLF �FX�UHVXUVH�PDWHULDOH�GH�OD�FHOH�PDL�DSURSLDWH�VXUVH�úL�FX�PLMORDFHOH�GH�WUDQVSRUW�FHOH�PDL�economice, respectarea contractelor încheiate cu furnizorii, redu-FHUHD� OD� PD[LPXP� D� SHULVDELOLW LORU� OD� PDWHULDOH� SH� GXUDWD�WUDQVSRUWXOXL� úL� GHSR]LW ULL� SULQ� PHFDQL]DUHD�� DXWRPDWL]DUHD� RSH-UD LLORU�GH�PDQLSXODUH�D�DFHVWRUD��GLPHQVLRQDUHD�optim a stocurilor de materii prime, materiale, produse finite etc.;
¾ vQ� VWDGLXO� SURGXF LHL�� UHGXFHUHD� GXUDWHL� FLFOXOXL� GH� SURGXF LH� úL�diminXDUHD�FRQVXPXULORU�VSHFLILFH�GH�PDWHULL�SULPH�úL�PDWHULDOH�SULQ�
PRGHUQL]DUHD� WHKQRORJLLORU� GH� IDEULFD LH�� XWLOL]DUHD� LQWHJUDO � D�FDSDFLW LORU�GH�SURGXF LH�� IRORVLUHD�FRPSOHW �D� WLPSXOXL�GH�PXQF ��DSURYL]LRQDUHD� UD LRQDO � D� ORFXULORU� GH� PXQF �� FUHúWHUHD� FDOLILF ULL�SHUVRQDOXOXL��vPEXQ W LUHD�FDOLW LL�SURGXVHORU�
¾ vQ� VWDGLXO� YkQ] ULL�� FUHúWHUHD� ULWPXOXL� YkQ] ULORU� SULQ� vQFKHLHUHD� GH�FRQWUDFWH� IHUPH� GH� OLYUDUH� D� SURGXF LHL�� UHGXFHUHD� WLPSXOXL� GH�PDQLSXODUH� D� ORWXULORU� OLYUDELOH�� SUHFXP� úL� DFFHOHUDUHD� ULWPXOXi de vQFDVDUH� D� YkQ] ULORU� SULQ� DOHJHUHD� FHORU�PDL� DYDQWDMRDVH� IRUPH� GH�GHFRQWDUH�FX�FOLHQ LL��XUP ULUHD�RSHUDWLY �D�GHFRQW ULL�SURGXVHORU�etc.
5.2.9 Analiza fluxurilor de trezorerie
7RDWH� RSHUD LLOH� SH� FDUH� vQWUHSULQGHUHD� OH� GHVI úRDU � VH� UHJ VHVF�imedLDW�VDX�OD�WHUPHQ��VXE�IRUPD�IOX[XULORU�GH�WUH]RUHULH��$VWIHO��R�ILUP �vúL�DVLJXU � SHUHQLWDWHD� GRDU� GDF � SULQ� DFWLYLWDWHD� VD�GHJDM � vQ�PRG�SHUPDQHQW�trezorerie.
7UH]RUHULD� UHSUH]LQW � R� LQIRUPD LH� FKHLH�� FDUH� SHUPLWH� DSUHFLHUHD�SHUIRUPDQ HORU� vQWUHSULQGHULL�� DYkQG� úL� XQ� URO� VWUDWHJLF� vQ� FHHD� FH� SULYHúWH�QLYHOXO�V X�GH�IRUPDUH�FkW�úL�PRGXO�GH�XWLOL]DUH��Folosirea�DFHVWHL�LQIRUPD LL�FRQIHU �RELHFWLYLWDWH�vQ�JHVWLXQHD�úL�DQDOL]D�HFRQRPLFR�-�ILQDQFLDU �GHRDUHFH�spre deosebire de fondul de rulment, necesarul de fRQG� GH� UXOPHQW� úL�FDSDFLWDWHD� GH� DXWRILQDQ DUH�� WUH]RUHULD� QX� HVWH� XQ� FRQFHSW� GRPLQDW� GH�LQFLGHQ D�FRQYHQ LLORU�úL�SROLWLFLORU�FRQWDELOH�
([LVWHQ D� WUH]RUHULHL� UHIOHFW � SR]L LD� VWUDWHJLF � D� ILUPHL� vQ� UDSRUW� FX�SURGXVHOH�VDOH��SLH HOH�VDOH��FRQFXUHQ LL�V L�úL�factorii externi. De asemenea, aceasta�FRQVWLWXLH�JDMXO�IOH[LELOLW LL�ILUPHL�GHRDUHFH�SHUPLWH�PDQaJHULORU�V �realizeze obiectivele strategice ale firmei prin achizi ii de mijloace fixe sau SULQ�LQYHVWL LL�ILQDQFLDUH�
3ULYLQG�SUDFWLFD�LQWHUQD LRQDO ��SUimul model de tablou al fluxurilor GH�WUH]RUHULH�HVWH�SURSXV�SULQ�VWDQGDUGXO�FRQWDELO�DPHULFDQ�)$6�����������úL�prin aceaVW � QRUP �� GH� )$6%�� &X� FkWHYD� GLIHUHQ H�� GLQ� ����� DFHVWD� HVWH�UHFRPDQGDW� úL� vQ� )UDQ D�� $SRL�� ,$6&�� RUJDQLVPXO� LQWHUQD LRQDO� GH�normalizDUH�� HPLWH� úL� SXQH� vQ� DSOLFDUH� vQ� ����� QRUPD� �� �,$6� ��� SULYLQG�WDEORXO�GH�ILQDQ DUH��$VWIHO��GLQ�������FRPSDQLLOH�PDUL�GLQ� ULOH�GH]YROWDWH�WUHEXLH� V � SXEOLFH� FD� R� SDUWH� FRPSRQHQW � D� VLWXD LLORU� ORU� ILQDQFLDUH�� XQ�tablou al fluxurilor de trezorerie.
Tabloul fluxurilor de trezorerie furni]HD] � LQIRUPD LL�SULYLQG�PRGXO�vQ�FDUH�vQWUHSULQGHUHD�JHQHUHD] �úL�XWLOL]HD] �QXPHUDUXO�úL�HFKLYDOHQtele de QXPHUDU�� &RQIRUP� QRUPHL� LQWHUQD LRQDOH� ,$6� ��� IOX[XULOH� GH� WUH]RUHULH�
UHSUH]LQW �DQVDPEOXO�LQWU ULORU�úL�LHúLULORU�GH�OLFKLGLW L�VDX�GH�HFKLYDOHQWH�GH�OLFKLGLW L�� /LFKLGLW LOH� VHPnLILF � IRQGXULOH� GLVSRQLELOH� úL� GHSR]LWHOH� OD�vedere,�LDU�HFKLYDOHQWHOH�GH�OLFKLGLW L��SODVDPHQWHOH�SH�WHUPHQ�VFXUW��IRDUWH�OLFKLGH��FRQYHUWLELOH�FX�XúXULQ într-R�P ULPH�GHWHUPLQDW �GH�OLFKLGLW L�úL�D�F URU�YDORDUH�QX�ULVF �V �VH�VFKLPEH�vQ�PRG�VHPQLILFDWLY�
În cadrul tabloului fluxurilor de trezorerie, fluxurile sunt grupate în XUP WRDUHOH�WUHL�FDWHJRUL�
• IOX[XUL�JHQHUDWH�GH�DFWLYLW LOH�GH�H[SORDWDUH; • IOX[XUL�JHQHUDWH�GH�DFWLYLW LOH�GH�LQYHVWL LL; • IOX[XUL�JHQHUDWH�GH�DFWLYLW LOH�GH�ILQDQ DUH.
5H]XOWDQWD�ILQDO �D�FHORU�WUHL�FDWHJRULL�GH�IOX[XUL�HVWH�WUH]RUHULD�QHW �FDUH�SRDWH�IL�GHWHUPLQDW �DVWIHO�
• prin PHWRGD�GLUHFW ��FRQIRUP�F UHLD�VH�RSHUHD] �FX�vQFDV UL�úL�SO L�brute în numerar;
• prin PHWRGD�LQGLUHFW ��FRQIRUP�F UHLD�VH�SRUQHúWH�GH�OD�SURILWXO�QHW�FDUH�VH�FRUHFWHD] �FX�DFWLYHOH�QHPRQHWDUH��DOWH�HOHPHQWH�GH�YHQLWXUL�sau cheltuieli nelegate de exploatare etc. ,$6���UHFRPDQG �vQWUHSULQGHULORU�XWLOL]DUHD�PHWRGHL�GLUHFWH�GHRDUHFH�
aceasta SHUPLWH�RE LQHUHD�GH�LQIRUPD LL�QHFHVDUH�HVWLP ULL�IOX[XULORU�YLLWRDUH�GH� WUH]RUHULH�� 'HRVHELUHD� SULQFLSDO � vQWUH� FHOH� GRX � PHWRGH� FRQVW � vQ�structura fluxurilor de trezorerie relative referitoare la activit ile de exploatare.
Conform metodei directe, fluxurile monetare sunt grupate în diferite FDWHJRULL� GH� vQFDV UL� úL� SO L�� $FHVWHD� QX� VXQW� SUHFL]DWH� FX� H[DFWLWDWH� vQ�QRUPD� LQWHUQD LRQDO � GDU� SH� ED]D� H[HPSOHORr, se poate lua în considerare XUP WRDUHD�VWUXFWXU ��
)OX[XULOH� GH� WUH]RUHULH� UHODWLYH� OD� DFWLYLW LOH� GH� H[SORDWDUH��PHWRGD�GLUHFW �3:
ÌQFDV UL�JHQHUDWH�GH�UHOD LLOH�FX�FOLHQ LL - 3O L�vQ�IDYRDUHD�IXUQL]RULORU�úL�SHUVRQDOXOXL - Dobânzi úL�GLYLGHQGH�SO WLWH��� - 3O L�SULYLQG�LPSR]LWHOH�DVXSUD�EHQHILFLLORU��� - $OWH�SO L�JHQHUDWH�GH�H[SORDWDUH - -/+ Elemente extraordinare - = +/-�)OX[XO�QHW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH�GH�H[SORDWDUH
1) Aceste fluxuri ar putea fi incluse, de asemenea, în categoria fluxurilor de ILQDQ DUH
��� � $FHVW� IOX[� DU� SXWHD� IL� vPS U LW� vQWUH� DFWLYLW LOH� GH� H[SORDWDUH�� FHOH� GH investi LL�úL�FHOH�GH�ILQDQ DUH
3 1�)HOHDJ ��7UDWDW�GH�FRQWDELOLWDWH�ILQDQFLDU �–YRO�,��(GLWXUD�(FRQRPLF ��%XFXUHúWL������
ÌQ� FHHD� FH� SULYHúWH� PHWRGD� LQGLUHFW �� SUH]HQWDUHD� WLS� D� QRUPHL�LQWHUQD LRQDOH�YL]HD] �XUP WRDUHOH�FDWHJRULL�
+/-�5H]XOWDWXO�QHW�vQDLQWHD�LPSR]LW ULL�úL�HOHPHQWHORU�H[WUDRUGLQDUH
(OLPLQDUHD�YHQLWXULORU�úL�FKHOWXLHOLORU�I U �LQFLGHQ �DVXSUD�WUH]RUHULHL�
��&KHOWXLHOL�FX�DPRUWL] ULOH�úL�SURYL]LRDQHOH -��9HQLWXUL�GLQ�DPRUWL] UL�úL�SURYL]LRDQH
(OLPLQDUHD�YHQLWXULORU�úL�FKHOWXLHOLORU�QHOHJDWH�GH�H[SORDWDUH�
+/-�5H]XOWDWXO�FHVLXQLL�LPRELOL] ULORU�úL�SODVDPHQWHORU + Cheltuieli privind dobânzile - Venituri din plasamente _____________________________________________________________ = +/-�5H]XOWDWXO�GLQ�H[SORDWDUH�vQDLQWHD�YDULD LHL�QHFHVDUXOXL�GH�IRQG�GH rulment +/-�9DULD LD�VWRFXULORU +/-�9DULD LD�FRQWXULORU�FOLHQ L�a DOWRU�FUHDQ H�Gin exploatare +/-�9DULD LD�FRQWXULORU�IXUQL]RUL�úL�D�DOWRU�GDWRULL�GLQ�H[SORDWDUH -�'REkQ]L�úL�GLYLGHQGH�SO WLWH��� -�3O L�SULYLQG�LPSR]LWHOH�DVXSUD�SURILWXOXL��� +/- Elemente extraordinare _____________________________________________________________ = +/- )OX[XO�QHW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH de exploatare
1) Aceste fluxuri ar putea fi incluse, de asemenea, în categoria fluxurilor de ILQDQ DUH
2) $FHVW� IOX[� DU� SXWHD� IL� vPS U LW� vQWUH� DFWLYLW LOH� GH� H[SORDWDUH�� FHOH� GH�LQYHVWL LL�úL�FHOH�GH�ILQDQ Dre.
3ULYLQG� IOX[XULOH� GH� WUH]RUHULH� DOH� DFWLYLW LORU� GH� LQYHVWL LL�� ,$6� �� QX�specific �H[DFW�VWUXFWXUD�DFHVWRUD��WRWXúL�H[HPSOHOH�GLQ�DQH[D�QRUPHL�FRQGXF�OD�XUP WRDUHD�SUH]HQWDUH�WLS�
Fluxurile de trezorerie UHODWLYH�OD�DFWLYLW LOH�GH�LQYHVWL LL:
- AcKL]L LRQDUHD�ILOLDOHL�;���- ) trezoreria achizi LRQDW - Cesiunea filialei Y - $FKL]L LRQDUHD�GH�LPRELOL] UL - $FKL]L LRQDUHD�GH�SODVDPHQWH ����ÌQFDV ULOH�FH�UH]XOW �GLQ�FHVLXQHD�GH�LPRELOL] UL + Dobânzi încasate + Dividende primite (încasate) = +/- Flux neW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH�GH�LQYHVWL LL
De asemenea, ,$6� �� QX� VSHFLILF � H[DFW� VWUXFWXUD� fluxurilor de WUH]RUHULH� UHODWLYH� OD� DFWLYLW LOH� GH� ILQDQ DUH�� WRWXúL� H[HPSOHOH� GLQ� DQH[D�QRUPHL�FRQGXF�OD�XUP WRDUHD�SUH]HQWDUH�WLS�
Fluxurile de trezRUHULH�UHODWLYH�OD�DFWLYLW LOH�GH�ILQDQ DUH:
���&UHúWHUHD�GH�FDSLWDO��vQ�QXPHUDU - Rambursarea de capital, în numerar + Emisiunea (contractarea) de împrumuturi (altele decât cele de trezorerie) - Rambursarea de împrumuturi (altele decât cele de trezorerie) -���5DPEXUVDUHD�GH�GDWRULL�FH�UH]XOW �GLQ�FRQWUDFWHOH�GH�ORFD LH-ILQDQ DUH - 'REkQ]L�úL�GLYLGHQGH�SO WLWH���
= +/- Flux net de trezorerie relativ la activit ile de finan are
1) Aceste fluxuri ar putea s fie incluse, de asemenea, în categoria fluxurilor de exploatare.
Exemplu: 3H� ED]D� ELODQ XOXL� FRQWDELO� úL� D� FRQWXO� GH� SURILW� úL� SLHUGHUL� DOH� XQHL�vQWUHSULQGHUL� SUH]HQWDWH�PDL� MRV�� V � VH� DQDOL]HOH� IOX[XULOH� GH� WUH]RUHULH� DOH�acesteia.
Tabelul 5.13 %,/$1
- mil lei -
(OHPHQWH�ELODQ LHUH N-1 N 9DULD LD Elemente de activ ,PRELOL] UL�QHFRUSRUDOH ����$PRUWL] UL�LPRELOL] UL�necorporale ,PRELOL] UL�FRUSRUDOH ����$PRUWL]DUL�LPRELOL] UL�FRUSRUDOH ,PRELOL] UL�ILQDQFLDUH ����$PRUWL] UL�LPRELOL] UL�ILQDQFLDUH Stocuri &UHDQ H���� 'LVSRQLELOLW L Elemente de activ - total Elemente de pasiv Capital social Profit nerepartizat Datorii financiare pe termen lung Datorii furnizori 'DWRULL�ILVFDOH�úL�VRFLDOH Datorii diverse Elemente de pasiv – total ���6H�FRQVLGHU �F �WRDWH�FUHDQ HOH�VXQW�FUHDQ H�–FOLHQ L�DIHUHQWH�DFWLYLW LL�GH�exploatare
800 - 130 7000 - 2500 1500 - 250 2300 7000 900 16620
7000 700 4600 3200 720 400 16620
800 - 130 7220 - 2550 1500 - 250 3650 6950 350 17540
8220 800 3850 3700 700 270 17540
- -
+ 220 - 50
- -
+ 1350 - 50 - 550 + 920
+ 1220 + 100 - 750 + 500 - 20 - 130
+ 920
Tabelul 5.14 &2178/�'(�352),7�ù,�3,(5'(5(�/$��������$18/�1
- mil lei - INDICATORI N
Venituri din exploatare Venituri din vânzarea m UIXULORU 3URGXF LH�YkQGXW Cifra de afaceri 3URGXF LH�VWRFDW 3URGXF LH�LPRELOL]DW Cheltuieli de exploatare &KHOWXLHOL�SULYLQG�P UIXULOH Cheltuieli cu materiile prime &KHOWXLHOL�FX�HQHUJLD�úL�DSD &KHOWXLHOL�FX�OXFU UL�úL�VHUYLFLL�H[HFXWDWH Cheltuieli cu�LPSR]LWH�úL�WD[H Cheltuieli cu personalul &KHOWXLHOL�SULYLQG�DVLJXU ULOH�úL�SURWHFWLD�VRFLDO &KHOWXLHOL�FX�DPRUWL]DUHD�LPRELOL] ULORU Venituri financiare Venituri din dobânzi Alte venituri financiare Cheltuieli financiare Cheltuieli privind dobânzile Alte cheltuieli financiare 9HQLWXUL�H[FHS LRQDOH Venituri din cedarea activelor &KHOWXLHOL�H[FHS LRQDOH� Cheltuieli cu cedarea activelor Profit brut Impozit pe profit Profit net
14400 4000 10400 14400
- -
13900 1700 4100 350 600 420 2500 1300
2930
100 100
-
200 200
- - - - -
400 100 300
,QIRUPD LL�FRPSOHPHQWDUH� � FUHúWHUHD�FDSLWDOXOXL�D�DYXW�ORF�vQ�FXUVXO�DQXOXL�1��SULQ�DSRUW�GH�
QXPHUDU�DO�DF LRQDULORU� � VH�GLVWULEXLH�GLYLGHQGH�DF LRQDULORU�vQ�YDORDUe de 200 mil. lei;
� s-D�DFKL]L LRQDW�XQ�XWLODM� vQ�YDORDUH�GH������PLO�OHL��SO WLQGX-se în numerar întreaga contravaloare a acestuia;
� s-a rambursat un credit de 750 mil.lei.
Pe baza datelor de mai sus, tabloul fluxurilor de trezorerie pentru anul N se prezLQW �DVWIHO�
Tabelul 5.15 TABLOUL FLUXURILOR DE TREZORERIE PENTRU ANUL N
- mil lei -
)OX[XULOH�GH�WUH]RUHULH�UHIHULWRDUH�OD�DFWLYLW LOH�GH�H[SORDWDUH�
3URILWXO�QHW�vQDLQWHD�LPSR]LW ULL������������������������������������������������ 400
(OLPLQDUHD�YHQLWXULORU�úL�FKHOWXLHOLORU�I U �LQFLGHQ asupra trezoreriei:
��&UHúWHUHD�FKHOWXLHOLORU�SULYLQG�DPRUWL] ULOH�������������������� + 2930
Eliminarea veniturilor úL�a cheltuielilor nelegate de exploatare: __________________________________________________________________ �3URILWXO�GLQ�H[SORDWDUH�vQDLQWHD�YDULD LHL�QHFHVDrului de fond de rulment +3330 - &UHúWHUHD�VWRFXULORU������������������������������������������������������������� -1350 + 'LPLQXDUHD�VROGXULORU�FRQWXULORU�FOLHQ L�úL�DOWRU�FUHDQ H�din exploatare +50 + &UHúWHUHD�GDWRULLORU�ID �GH�IXUQL]RUL���������������� +500 - Diminuarea datoriilor fisFDOH�úL�VRFLDOH������ -20 - Diminuarea datoriilor diverse -130 - 3O L�SULYLQG�LPSR]LWHOH�DVXSUD�SURILWXOXL� -100 __________________________________________________________________ �)OX[XO�QHW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH�GH�H[SORDWDUH����$������������� +2280
)OX[XULOH�GH�WUH]RUHULH�UHIHULWRDUH�OD�DFWLYLW LOH�GH�LQYHVWL LL�
- Achizi ionarea unui utilaj 3100 __________________________________________________________________ �)OX[XO�QHW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH�GH�LQYHVWL ii ( B ) 3100
)OX[XULOH�GH�WUH]RUHULH�UHIHULWRDUH�OD�DFWLYLW LOH�GH�ILQDQ DUH�
��&UHúWHUHD�GH�FDSLWDO�vQ�QXPHUDU������������������������������������ 1220 - Rambursarea de împrumuturi 750 - 'LYLGHQGH�SO WLWH�������������������������������������������������������� 200
__________________________________________________________________ = Fluxul neW�GH�WUH]RUHULH�UHODWLY�OD�DFWLYLW LOH�GH�ILQDQ DUH���&����������������� + 270
'LPLQXDUHD�QHWD�D�OLFKLGLW LORU���$���%���&�� 550 ��/LFKLGLW L�OD�GHVFKLGHUHD�H[HUFL LXOXL�1����������������������������� +900
__________________________________________________________________ ��/LFKLGLW L�OD�vQFKLGHUHD�H[HUFL LXOXL�1���������������������������������������������������������������
Concluzie: 5H]XOW � F � vQ� DQXO� FXUHQW�1�� vQWUHSULQGHUHD� vQUHJLVWUHD] � OD� QLYHOXO�
IOX[XOXL�GH�H[SORDWDUH��$���OLFKLGLW L�vQ�YDORDUH�GH������PLO��OHL�FD�XUPDUH�D�DFWLYLW LL�UHQWDELOH�GHVI úXUDWH�
)OX[XO� GH� WUH]RUHULH� GLQ� RSHUD LLOH� GH� LQYHVWL LL� �%�� HYLGHQ LD] �necesarul de trezorerie (3100 mil. lei) geneUDW� GH� LQYHVWL LD� HIHFWXDW � GH�ILUP � SHQWUX� DFKL]L LRQDUHD� XQXL� XWLODM��'H� DVHPHQHD,� VH� FRQVWDW � F � DFHVW�necesar de trezorerie nu poate fi acoperit integral de fluxul de trezorerie GHJDMDW� GH�DFWLYLWDWHD� FXUHQW ��$VWIHO�� VH� DSHOHD] � OD� R�PDMRUDUH� GH� FDSLWal SULQ� DSRUWXO� YHFKLORU� DF LRQDUL, concomitent cu distribuirea de dividende F WUH� DFHúWLD�� 3HQWUX� D� VSRUL� vQFUHGHUHD� DF LRQDULORU� vQ� FDSDFLWDWHD� GH�dezvoltare viitoare a firmei, se fac eforturi pentru rambursarea creditelor bancare.
ÌQ� FRQFOX]LH�� GHúL� vQWUHSULQGHUHD� DUH� SHUIRUPDQ H� GHRVHELWH��WUH]RUHULD� GLQ� DFWLYLWDWHD� FXUHQW � HVWH� LQVXILFLHQW pentru acoperirea RSHUD LLORU�GH�LQYHVWL LL��DVWIHO�DFHasta este nevoit �V �DSHOH]H�OD�VXUVH�H[WHUQH�GH�ILQDQ DUH�RE LQXWH�SULQ�PDMRUDUH�GH�FDSLWDO��GHFL�I U �D�PRGifica structura DF LRQDULDWXOXL�úL�HYLWkQG�LQWHUYHQ LD�H[WHUQ �vQ�SURFHVXO�GH�OXDUH�D�GHFL]LLORU��
'DWRULW �VWUXFWXULL�úL�PHWRGRORJLHL�GH�vQWRFPLUH�D�WDEORXOXL�IOX[XULORU�GH�WUH]RUHULH��DFHVWD�SHUPLWH�XWLOL]DWRULORU�VLWXD LLORU�ILQDQFLDUH�XUP WRDUHOH�
¾ V � Hvalueze capacitatea întreprinderii de a deJDMD� OLFKLGLW L�� vQ�special din activitatea de exploatare;
¾ V �GHWHUPLQH�QHFHVLW LOH�GH�OLFKLGLW L� ¾ V �SUHYDG �VFaden HOH�úL�ULVFXO�vQFDV ULORU�YLLWRDUH� ¾ V � FRPSDUH� UH]XOWDWHOH� vQWUHSULQGHULL�� SULQ� HOLPLQDUHD� HIHctelor
utiliz rii diferitelor metode contabile (de amortizare etc.).
'HúL� WDEORXO� IOX[XULORU� GH� WUH]RUHULH� RIHU � LQIRUPD LL� XWLOH� GHVSUH�VROYDELOLWDWHD� úL� IOH[LELOLWDWHD� ILQDQFLDU � D� ILUPHL�� ILLQG� PXOW� PDL� UHOHYDQW�decât indicatorii de echilibru financiar, fondul de rulment, nevoia de fond de UXOPHQW�úL�WUH]RUHULD�QHW � acesta�SUH]LQW �DQXPLWH�OLPLWH�OHJDWH�GH�GHILQLUHD�úL� UROXO� WUH]RUHULHL�� FRQ LQXWXO� IXQF LHL� GH�H[SORDWaUH� úL�PRGXO� GH� FDOFXO� DO�IOX[XULORU� DVRFLDWH� DFHVWHLD�� HYDOXDUHD� SHUIRUPDQ HORU� SULQ� intermediul IOX[XULORU� GH� WUH]RUHULH�� SUHFXP� úL� vQ� LQVXILFLHQ D� DFHVWXLD� GH� D� DSUHFLD� úL�SUHYL]LRQD�HYROX LD�VLWXD LHL�ILQDQFLDUH�SH�WHUPHQ�OXQJ�D�XQHL�ILUPH�
Întreb UL�úL�DSOLFD LL
1. &DUH�HVWH�XWLOLWDWHD�ELODQ XOXL�SDWULPRQLDO��ILQDQFLDU��úL�D�FHOui�IXQF ional în analiza sitXD iei financiare a întreprinderii?
2. &DUH� VXQW� SULQFLSDOHOH� FRUHF LL� GH� DFWLY� úL� SDVLY� HIHFWXDWH� SHQWUX�RE LQHUHD�ELODQ XOXL�SDWULPRQLDO��ILQDQFLDU�?
3. &XP� VH� GHWHUPLQ � SDWULPRQLXO� QHW� úL� FDUH� VXQW� F LOH� GH� FUHúWHUH� D�acestuia?
4. 6 �VH�FDOFXOH]H�úL�V � VH� LQWHUSUHWH]H�HYROX LD�SDWULPRQLXOXL�QHW�SH�ED]D�XUP WRDUHORU�GDWH�
%,/$1
= mil. lei = ACTIV N-1 N PASIV N-1 N
Activ imobilizat net Stocuri &OLHQ L 'LVSRQLELOLW L
3800 1750 940 120
3550 2100 1700 340
Capital social Rezerve Rezultatul net nerepartizat Datorii financiare pe termen lung Datorii furnizori Credite bancare curente
3000 500 800
1500
1750 940
3000 600 850
2200
1900 860
TOTAL ACTIV 6610 7690 TOTAL PASIV 6610 7690 5. &XP�LQWHUSUHWD L�HYROX ia patrimoniului net în siWXD LD�vQ�FDUH�HOHPHQWHOH�
GH�DFWLY�VH�PDMRUHD] �Fu 7% iar datoriile totale cu 2%?
6. &XP�VH�GHWHUPLQ �LQGLFDWRULL�GH�HFKLOLEUX�ILQDQFLDU��IRQGXO�GH�UXOPHQW��QHYRLD�GH�IRQG�GH�UXOPHQW�úL�WUH]RUHULD�QHW ?
7. &DUH�VXQW�HOHPHQWHOH�FDUH�LQIOXHQ HD] �QHYRLD�GH�IRQG�GH�UXOPHQW�úL�FH�VHPQLILFD LH�HFRQRPLF �DUe un nivel constant al acesteia?
8. ÌQ� FH� FRQGL LL� QHYRLD� GH� IRQG� GH� UXOPHQW� úL� WUH]RUHULD� QHW � DX� YDORUL�QHJDWLYH�úL�FDUH�HVWH�VHPQiILFD LD�HFRQRPLF �D�DFHVWXL�IDSW?
9. /D�������DQXO�1��ELODQ XO�XQHL�vQWUHSULQGHUL�DUH�XUP WRDUHD�VWUXFWXU �
%,/$1 = mil. lei =
ACTIV N - 1 N PASIV N – 1 N ,PRELOL] UL�QHFRUSRUDOH ,PRELOL] UL�FRUSRUDOH ,PRELOL] UL�ILQDQFLDUH Stocuri &OLHQ L Efecte de încasat ,PSR]LWH� úL� WD[H� GH�încasat 'HELWRUL�GLYHUúL 'LVSRQLELOLW L
55 950 350 550 310 325
-
20 60
50 900 400 600 300 350 25
12 70
Capital social Rezerve Rezultatul exercitiului nerepartizat Provizioane pentru ULVFXUL�úL�FKHOWXLHOL Datorii financiare pe termen lung Datorii furnizori (IHFWH�GH�SODW 79$�GH�SODW CreditRUL�GLYHUúL Credite bancare curente
800 137 70 35
1005 400 110 40 8 15
800 140 85 40
1100 360 100 55 7 20
TOTAL ACTIV 2620 2707 TOTAL PASIV 2620 2707
6 �VH�FDOFXOH]H�úL�V �VH�LQWHUSUHWH]H�IRQGXO�GH�UXOPHQW�QHW global, nevoia GH�IRQG�GH�UXOPHQW�úL�WUH]RUHULH�QHW � 10. 3H�ED]D�GDWHORU�GH�OD�DSOLFDWLD����V �VH�GHWHUPLQH�FHOH�GRX �FRPSRQHQWH�
DOH�QHYRLL�GH�IRQG�GH�UXOPHQW��UHVSHFWLY�FHD�GH�H[SORDWDUH�úL�FHD�vQ�DIDUD�H[SORDW ULL�� úL� V � VH� H[SOLFH� FXP� HVWH� ILQDQ DW � QHYRia de fond de rulment.
����)RUPXOD L�SULQFLSDOHOH�FRQFOX]LL�SH�ED]D�XUP WRDUHORU�GDWH�
Indicele capitalui propriu = 116% Indicele capitalului permanent = 110% Indicele activelor imobilizate = 121%.
12. 3H� ED]D� GDWHORU� GLQ� ELODQ XO� XQHL� VRFLHW L� FRPHUFLDOH�� V � VH� DQDOL]H]H�
HYROX LD�VWUXFWXULL�SDWULPRQLDOH�úL�D�VXUVHORU�GH�ILQDQ DUH�
%,/$1 = mil.lei =
ACTIV
N -1
N PASIV
N - 1
N
> ?�@�A�B C B D E�B$F�G�H�@�E I�@�E�J�C G
> ?�@�A�B C B D E�B�H�@�E)I�@�E�J�C G
> ?�@�A�B C B D E�B�K)B F�J�F�H�B J�E+G
TOTAL ACTIVE
IMOBILIZATE
Stocuri
Clien i L C M GNH�E+G�J�F
e pe termen
scurt
Titluri de plasament O7B P+I�@�F�B A�B C B M B
TOTAL ACTIVE
CIRCULANTE
Cheltuieli înregistrate în
avans
CONTURI
DE REGULARIZARE Q > LSR > TU> V LXWZY
4.150
166.050
112.100
282.300
127.500
141.050
3.280
23.500
1.320
296.650
7.140
7.140
4700
235.300
80.000
320.000
130.500
118.140
3.360
22.400
5.600
280.000
7280
7280
Capital social
Rezerve
Rezultatul G�[�G�E+H�B B \�C \�B
nerepartizat R \4A4]�G�F B B^I�G�F4M E \B F2]�G�P+M B B B
TOTAL
CAPITAL
PROPRIU
Provizioane pentru E+B P�H�\4E�B�_�B�H�`
eltuieli
Credite bancare
Furnizori
Alte datorii pe
termen scurt
TOTAL
DATORII
150.000
70.000
24.050
2.740
249.790
70.450
125.250
80.500
60.100
265.850
150.000
72.500
25.250
2.500
250.250
66.800
147.230
85.000
58.000
290.230
TOTAL ACTIV 586.090 607.280 TOTAL PASIV 586.090 607.280
13. ([SOLFD L� vQ� FH� FRQVW � LPSRUWDQ D� DQDOL]HL� FRUHODWH� D� FUHDQ HORU� úL�REOLJD LLORU�XQHL�VRFLHW L�FRPHUFLDOH�
14. 6 � VH� DQDOL]H]H� SULQFLSDOHOH� DVSHFWH� SULYLQG� HYROX LD� FUHDQ HORU� úL�
oEOLJD LLORU�SH�ED]D�XUP toarelor date:
mil. lei – Perioada Nr.
Crt. Indicatori N-1 N
1. Cifra de afaceri 130.000 250.000 2. &UHDQ H��GLQ�FDUH
− FUHDQ H�����DQ − FUHDQ H�!���DQ
18.500 13.350 5.150
38.700 34.100 4.600
3. 2EOLJD LL��GLQ�FDUH − REOLJD LL���1 an − REOLJD LL�!���DQ
75.000 69.750 5.250
90.000 90.000
-
15. ,QWHUSUHWD L�XUP WRDUHD�VLWXD LH�
'XUDWD�GH�LPRELOL]DUH�D�FUHDQ HORU� ����]LOH Durata de folosire a surselor atrase = 34 zile.
16. &DUH�HVWH�VHPQLILFD LD�HFRQRPLF �D�HYROX LHL�LQGLFDWRULORU�
Indicele cifrei de afaceri = 114% ,QGLFHOH�VROGXOXL�PHGLX�DO�REOLJD LLORU�SH�WHUPHQ�VFXUW� �����
17. &H�UHIOHFW �OLFKLGLWDWHD�úL�VRlvabilitatea unei întreprinderi? 18. &DOFXOD L� úL� LQWHUSUHWD L� OLFKLGLWDWHD� úL� VROYDELOLWDWHD� XQHL� ILUPH�SH� ED]D�
GDWHORU�GLQ�ELODQ XO�GH�PDL�MRV��vQ�UDSRUW�FX�VWDQGDUGHOH�LQWHUQD LRQDOH�
%,/$1 - mil. lei -
ACTIV N-1 N PASIV N-1 N Active imobilizate Active circulante, din care: - Stocuri -�&UHDQ H -�'LVSRQLELOLW L�b QHúWL�úL�SODVDPHQWH
3.250
4.600 2.920 1.460
220
3.800
4.220 2.150 1.570
500
Capital propriu Împrumuturi pe WHUPHQ�PHGLX�úL�lung )XUQL]RUL�úL�DOWH�REOLJD LL�FXUHQWH Credite pe termen scurt
3.500
650
3.600
100
3.150 400 4.390 80
TOTAL ACTIV 7.850 8.020 TOTAL PASIV 7.850 8.020 19. 6 �VH�GHWHUPLQH�UDWD�VROYDELOLW LL�SDWULPRQLDOH��FXP�DSUHFLD L�VLWXD LD�vQ�
cazul în care aceasta este de 35%? 20. &XP�VH�GHWHUPLQ � UDWD� OLFKLGLW LL�JHQHUDOH�úL�FDUH�VXQW� OLPLWHOH� vQ�FDUH�
DFHDVWD�WUHEXLH�V �VH�vQFDGUH]H� 21. Care sunt principalele rate utilizate pentru analiza echilibrului
economico-financiar al firmei ? 22. 'HILQL L�YLWH]D�GH� URWD LH�D�DFWLYHORU�FLUFXODQWH�úL�PHQ LRQD L� LQGLFDWRULL�
FDUH�H[SULP �DFHVW�FRQFHSW�HFRQRPLF� 23. $QDOL]D L�YLWH]D�GH� URWD LH�D�DFWLYHORU�FLUFXODQWH� �vQ�]LOH�� úL�GHWHUPLQD L�
efectul modifiF ULL� DFHVWHLD� �HOLEHUDUH� VDX� LPRELOL]DUH� GH� FDSLWDO�FLUFXODQW��vQ�FXUVXO�D�GRX �H[HUFL LL�ILQDQFLDUH�FRQVHFXWLYH�
– mil. lei –
Perioada Nr. Crt. Indicatori
N-1 N 1. Cifra de afaceri 17.800 19.400 2. Soldul mediu al activelor circulante,
din care: − Stocuri − &UHDQ H − 'LVSRQLELOLW L�E QHúWL
2.350 1.260 1.050 40
3.070 1.550 1.430 90
24. 6FULH L� IRUPXOD� úL� LQWHUSUHWD L� LQIOXHQ D� FX� VHPQXO� ³–“ a activelor circulante asupra viWH]HL� GH� URWD LH� D� DFHVWRUD� �GXUDWD� vQ� ]LOH� D� XQHL�URWD Li).
25. ,QWHUSUHWD L� VLWXD LD� XQHL� vQWUHSULQGHUL� SH� ED]D� GLQDPLFLL� XUP WRULORU�
indicatori:
Indicele cifrei de afaceri = 104% Indicele activelor imobilizate = 102,5% Indicele activelor circulante = 107%.
ANALIZA GESTIUNII RESURSELOR UMANE Munca –� UHSUH]LQW � FD� IDFWRU� GH� SURGXF LH�� R� DFWLYLWDWH� VSHFLILF�XPDQ �GHVI úXUDW �vQ�VFRSXO�RE LQHULL�GH�EXQXUL�HFRQRPLFH� )XQF LRQDUHD� RULF UHL� DFWLYLW L� HFRQRPLFR-sociale este de QHFRQFHSXW�I U �SUH]HQ D�úL�LQWHUYHQ LD�RPXOXL��FDUH�HVWH�QX�QXPDL�SXUW WRUXO�XQRU�QHYRL�GH�FRQVXP�FL�úL�SRVHVRU�DO�XQRU�DELOLW L�FH-L�SHUPLW�V �DF LRQH]H�în scopul satisfacerii acestor nevoi. În analiza gestiunii resurselor umane la nivel microeconomic, se are în vedere faptuO�F �PXQFD�VH�PDQLIHVW �FD�IDFWRU�GH�SURGXF LH�QXPDL�vQ�VWDUH�DFWLY �úL�QX�VXE�IRUPD�XQHL�UHVXUVH�VWRFDWH��&D�DWDUH��SUREOHPDWLFD�DQDOL]HL�VH� FLUFXPVFULH� OD� DVLJXUDUHD� FDQWLWDWLY � úL� FDOLWDWLY � FX� UHVXUVH� XPDQH� úL�HILFLHQ D�XWLOL] ULL�DFHVWRUD��$VSHFWH�SULYLQG�SLD D�PXQFLL�–�FHUHUH�úL�RIHUW �– FRUHOD LD�GH]YROWDUH�–�SRSXOD LH��SUHJ WLUHD�IRU HL�GH�PXQF ��VXQW�DERUGDWH�OD�QLYHOXO�PDFURHFRQRPLF�úL�IDF�RELHFWXO�DOWRU�GRPHQLL�DOH�úWLLQ HL�HFRQRPLFH� ÌQ� FRQVHFLQ �� SULQFLSDOHOH� SUREOHPH� FDUH� IDF� RELHFWXO� DQDOL]ei gestiunii resurselor umane sunt:
����'LQDPLFD�HIHFWLYXOXL�GH�SHUVRQDO�SH�WRWDO�úL�FDWHJRULL
1HFHVDUXO�GH�SHUVRQDO�OD�QLYHOXO�vQWUHSULQGHULL�VH�VWDELOHúWH�vQ�IXQF LH�de criterii specifice pentru fiecare categorie1�� 'LPHQVLRQDUHD� UD LRQDO � D�QXP UXOXL� GH� SHUVRQDO� FRQVWLWXLH� R� SUREOHP � GHRVHELW� GH� LPSRUWDQW � vQ�
1 � ��� � � � ������� � ������� ��� ����������� � ��� � � ������� ������� � ��� � ������� ��� � ��� ��� �!� ��� � �����������"� � ����� � � ��� � ������� � ��� �����������������#� ���� � ������ $������ ��� ��� �%������ ����� � ���&� �� ��� ��� � ������� ������ � �'�&�(�&���(� ���� �%�����'����� ����� � � � ��� ���&����� ��� ���()
6
XWLOL]DUHD�HILFLHQW �úL�FUHDUHD�FRQGL LLORU�PDWHULDOH�SHQWUX�DF LXQHD�vQWUHJXOXL�FRPSOH[�GH�IDFWRUL�PRWLYD LRQDOL� 3HQWUX� GLPHQVLRQDUHD� UHVXUVHORU� XPDQH� VH� IRORVHVF� PDL� PXO L�indicatori, respectiv: ♦ QXP UXO� PD[LP� GH� VDODULD L�� DGLF � OLPLWD� VXSHULRDU � vQ� FDUH� VH� SRDWH�
vQVFULH�ILUPD�SHQWUX�XWLOL]DUHD�HILFLHQW �D�IDFWRUXOXL�PXQF �
100
INN q0
max
⋅= , în care Iq� UHSUH]LQW � ,CA sau Qa� SUHY ]XW � ID � GH�
SHULRDGD�SUHFHGHQW � ♦ QXP UXO� PHGLX� GH� VDODULD L� �FX� FRQWUDFW� GH� PXQF ��� �1RUPH�
metodologice MF 110-139/20.01.1998); ♦ QXP UXO�PHGLX�GH�SHUVRQDO�–�OD�LQGLFDWRUXO�SUHFHGHQW�VH�DGDXJ �FHL�FDUH�
OXFUHD] �SH�ED] �GH�FRQYHQ LH� ♦ efectivul scriptic de personal, care cuprinde totalitatea personalului
existent îQ�HYLGHQ D�XQLW LL�OD�XQ�PRPHQW�GDW� ♦ efectivul scriptic prezent la lucru într-un anumit moment. 1RW : N -�GH�UHJXO ��VH�FDOFXOHD] �SH�ED]D�HIHFWLYXOXL�VFULSWLF��6H�RSWHD] �úL�pentru varianta efectivului prezent. Dinamica efectivuluL�GH�SHUVRQDO�SH�WRWDO�úL�FDWHJRULL�DUH�PHQLUHD�GH�D� SXQH� vQ� HYLGHQ � GLPHQVLXQHD� SRWHQ LDOXOXL� WHKQLF-HFRQRPLF� OHJDW � GH�DFHVW� IDFWRU� GH� SURGXF LH�� vQ� UDSRUW� GH� UHDOL] ULOH� SHULRDGHORU� DQWHULRDUH� úL�QHFHVDUXO�SUHVWDELOLW��ÌQ�FRQVHFLQ ��VH�VWDELOHúWH�PRGLILFDUHD�DEVROXW ��∆N), SH�WRWDO�SHUVRQDO�úL�FDWHJRULL�
∆N = N1 – N0, în care:
N �QXP UXO�GH�SHUVRQDO��PHGLX�VDX�VFULSWLF�� UHDOL]DW� ���� úL�FHO�GLQ�ED]D�GH�FRPSDUD LH�����
3H� ED]D� GDWHORU� IXUQL]DWH� GH� GLUHF LD� GH� UHVXUVH� XPDQH� GLQ� FDGUXO�întreprinderii, LQIRUPD LLOH� QHFHVDUH� DQDOL]HL� SRW� IL� VWUXFWXUDWH� DVWIHO� (tabelul 6.1):
Tabelul 6.1.
3HULRDGD�FXUHQW 5HDOL] UL�
perioada SUHFHGHQW 3UHY ]XW Realizat
Nr. crt.
Categorii de personal
Nr. % Nr. % Nr. % 1. Muncitori, 840 80,8 645 77,7 710 83,2 din care: a. direct productivi 645 62,0 505 60,8 570 66,8 b. indirect productivi 112 10,8 80 9,6 78 9,1 c. GHVHUYLUH�JHQHUDO 83 8,0 60 7,3 62 7,3 2. 3HUVRQDO�WHKQLF�úL�GH�FHUFHWDUH� 130 12,5 125 15,1 85 10,0 din care: a. de cercetare 70 6,7 90 10,8 68 7,6
3. Personal de conducere úL�DGPLQLVWUD LH
70 6,7 60 7,2 58 6,8
4. TOTAL PERSONAL 1040 100 830 100 853 100
5. Cifra de afaceri – mil.lei �SUH XUL�FRPSDUDELOH�
8800 x 11440 x 11772 x
&RPSDUDWLY� FX� SHULRDGD� SUHFHGHQW �� VH� SUHYHGH� R� UHducere a SHUVRQDOXOXL�FX�SHVWH����������SHUVRDQH���vQ�FRQGL LLOH�HVWLP ULL�XQHL�FUHúWHUL�D� FLIUHL� GH� DIDFHUL� �vQ� SUH XUL� FRPSDUDELOH�� FX� ����� (YLGHQW�� R� DVHPHQHD�VLWXD LH� HVWH� XUPDUHD� XQRU� P VXUL� SUHFRQL]DWH� GH� VWUXFWXUDUH�� GH� VSRULUH� D�HILFLHQ HL�HFRQRPLFH��$FHVW�OXFUX�SRDWH�IL�SXV�vQ�HYLGHQ �úL�SULQ�PRGLILF ULOH�SUHY ]XWH� D� VH� SURGXFH� vQ� VWUXFWXUD� SHUVRQDOXOXL�� UHVSHFWLY�PHQ LQHUHD� XQHL�ponderi ridicate a muncitorilor direct productivi (în defavoarea celor indirect SURGXFWLYL�úL�GH�GHVHUYLUH�JHQHUDO ��úL�D�SHUVRQDOXOXL�WHKQLF�úL�GH�FHUFHWDUH��FX�R�LPSRUWDQW �VFKLPEDUH�vQ�VWUXFWXUD�DFHVWXLD� /D� VIkUúLWXO� H[HUFL LXOXL�� SUHYHGHULOH� VXQW� UHDOL]DWH� SDU LDO�� FX� XQHOH�DFFHQWH�QHJDWLYH�FXP�DU�IL�GH�H[HPSOX��VF GHUHD�FRQVLGHUDELO �D�SHUVRQDOXOXL�de cercetare. Într-R� DVHPHQHD� VLWXD LH�� vQ� DFWLYLWDWHD� SUDFWLF � GH� DQDOL] � VH�PHQ LRQHD] �FDX]HOH�FDUH�DX�FRQGXV�OD�QHUHDOL]DUHD�P VXULORU�SUHFRQL]DWH��FX�SUHFL]DUHD�JUDGXOXL�GH�LPSOLFDUH�GLUHFW �D�FRPSDUWLPHQWHORU�U VSXQ] WRDUH�vQ�YHGHUHD� vQWUHSULQGHULL�P VXULORU� FDUH� VH impun în cadrul gestiunii interne a întreprinderii. ÌQ�FD]XO�HIHFWX ULL�XQRU�VWXGLL��GH�VXELHF L�GLQ�DIDUD�XQLW LL��vQ�FDGUXO�DQDOL]HL�� VH� FRQVWDW � VLWXD LD� GDW �� I FkQGX-VH� vQV � FRPSDUD LL� FX� XQLW L�VLPLODUH� vQ� FHHD� FH� SULYHúWH� QXP UXO� úL� VWUXFWXUD� SHUVRQDOXOXL� úL� QLYHOXO� GH�productivitate.
$úD�� GH� H[HPSOX�� DQDOL]D� VWUXFWXULL� SHUVRQDOXOXL� SRDWH� YL]D� JUXSDUHD�DFHVWXLD� vQ� IXQF LH� GH�PHVHULH�� YkUVW �� YHFKLPHD� WRWDO � vQ�PXQF �� VWDJLXO� vQ�FDGUXO� vQWUHSULQGHULL� úL� DOWH� FULWHULL�� ILHFDUH� DYkQG� R� VHPQLILFD LH proprie în DSUHFLHUHD�VLWXD LHL�H[LVWHQWH�OD�XQ�PRPHQW�GDW� 3HQWUX� SHUVRQDOXO� SURGXFWLY� úL� GH� GHVHUYLUH� JHQHUDO �� GLQDPLFD�DFHVWXLD� SRDWH� IL� XUP ULW � vQ� FRUHOD LH� FX� HYROX LD� SURGXFWLYLW LL� PXQFLL��stabilindu-VH�DVWIHO�R�PRGLILFDUH�UHODWLY �SH�ED]D�UHOD LHL�
N - N x IQ $VWIHO��vQ�H[HPSOXO�GDW��FRPSDUDWLY�FX�SHULRDGD�SUHFHGHQW �V-a SUHY ]XW�
4478800
11440840645 −=⋅− persoane
5HDOL] ULOH�VXQW�XUP WRDUHOH�
4148800
11772840710 −=⋅− SHUVRDQH�ID �GH�SHULRDGD�SUHFHGHQW
4611441
11772645710 +=⋅− persoane, comparativ cu prevederile, ceea ce
vQVHDPQ � F � SURGXFWLYLWDWHD� PXQFLL� QX� D� FUHVFXW� vQ� FRQIRUPLWDWH� FX�SUHYHGHULOH��IDSW�FH�VH�UHIOHFW �QHJDWLY�vQ�FRVWXO�SURGXF LHL� ����$QDOL]D�VWDELOLW LL�SHUVRQDOXOXL ÌQ� OHJ WXU �GLUHFW �FX�GLQDPLFD�SHUVRQDOXOXL�HVWH�VWDELOLtatea acestuia vQ�FDGUXO�vQWUHSULQGHULL��FDUH�FRQVWLWXLH�R�FRQGL LH�LPSRUWDQW �SHQWUX�XWLOL]DUHD�HILFLHQW �D�IRU HL�GH�PXQF � 0RELOLWDWHD� IRU HL� GH�PXQF � DSDUH� DWkW� VXE� IRUPD� LQWU ULORU�� FkW� úL� D�LHúLULORU��LQGLIHUHQW�GH�FDX]D�JHQHUDWRDUH��7RWXúL��WUHEXLH�V �VH�IDF �GLVWLQF LH�vQWUH�FLUFXOD LH�úL�IOXFWXD LH� &LUFXOD LD�IRU HL�GH�PXQF �UHSUH]LQW �PLúFDUHD�SHUVRQDOXOXL� vQ�FXUVXO�XQHL� SHULRDGH� �LQWU UL� úL� LHúLUL�� GHWHUPLQDW � GH� FDX]H� VRFLDO-economice �SHQVLRQDUH��GHFHVH��WUDQVIHUXUL��UHVWUkQJHUHD�DFWLYLW LL etc.). Pentru caracterizarea acestui fenomen se folosesc indicatorii:
♦ FRHILFLHQWXO�LQWU ULORU� �personal demediu Numarul
perioadei cursulin Intrari;
♦ FRHILFLHQWXO�SOHF ULORU� �personal demediu Numar
perioadei cursulin Plecari;
♦ FRHILFLHQWXO�PLúF ULL�WRWDOH� �personal demediu Numar
IesiriIntrari +.
ÌQ�FDGUXO�SOHF ULORU�SRDWH�IL�UHPDUFDW �IOXFWXD LD�IRU HL�GH�PXQF ��FD�XQ�IHQRPHQ� QHQRUPDO�� UHSUH]HQWkQG� SOHF ULOH� GLQ� vQWUHSULQGHUL� I U � DSUREDUHD�FRQGXFHULL�vQWUHSULQGHULL�VDX�FD�XUPDUH�D�QHUHVSHFW ULL�OHJLVOD LHL�PXQFLL� &RHILFLHQWXO� GH� IOXFWXD LH� VH� VWDELOHúWH� FD� UDSRUW� vQWUH totalul celor SOHFD L�GLQ�FDX]HOH�PHQ LRQDWH�úL�QXP UXO�PHGLX�GH�SHUVRQDO�
Tabelul 6.2. N. crt.
Indicatori P0 P1
1. 2. 3.
4. 5.
6.
1XP U�PHGLX�GH�SHUVRQDO 1XP UXO�PHGLX�DO�LQWU ULORU 1XP UXO�PHGLX�DO�SOHF ULORU�
GLQ�FDUH��IOXFWXD LL &RHILFLHQWXO�LQWU Uilor &RHILFLHQWXO�SOHF ULORU�
GLQ�FDUH��IOXFWXD LL &RHILFLHQWXO�PLúF ULL�WRWDOH
1040 156 343 143 0,15 0,33 0,14 0,48
853 170 357 160 0,20 0,42 0,19 0,62
5H]XOW � F � GLQ� SXQFW� GH� YHGHUH� DO� VWDELOLW LL� VLWXD LD� V-D� vQU XW LW��vQWUXFkW�D�FUHVFXW�PLúFDUHD�WRWDO �úL�IOXFWXD LD� (IHFWXDUHD�XQRU�VWXGLL�FX�FDUDFWHU�VRFLRORJLF��SRW�SXQH�vQ�HYLGHQ �úL�DVSHFWH�SULYLQG�LQWHQ LLOH�SHUVRQDOXOXL�vQ�FHHD�FH�SULYHúWH�U PkQHUHD�VDX�QX�vQ�FDGUXO� vQWUHSULQGHULL�� FX� PRWLYD LD� UHVSHFWLY �� $VHPHQHD� DVSHFWH� WUHEXLH�cunoscute de conducerea întreprinderii, în formularea politicii de personal. ����$QDOL]D�FDOLILF ULL�IRU HL�GH�PXQF 1LYHOXO�GH�FDOLILFDUH�D�SHUVRQDOXOXL�UHSUH]LQW �R�SUREOHP �GHRVHELW�GH�LPSRUWDQW �vQ�GLPHQVLRQDUHD�SURGXF LHL�úL�HYROX LD�SURGXFWLYLW L�PXQFLL. $QDOL]D� FDOLILF ULL� IRU HL� GH� PXQF � YL]HD] � GRX � DVSHFWH� GH� ED] ��UHVSHFWLY�� FDUDFWHUL]DUHD� VLWXD LHL� FDOLILF ULL� OD� XQ� PRPHQW� GDW�� HYROX LD�DFHVWXLD�úL�PRGXO�vQ�FDUH�HVWH�XWLOL]DW �IRU D�GH�PXQF �FDOLILFDW � ÌQ� VROX LRQDUHD� SULPXOXL� DVSHFW�� VH� SRDWH� Dvea în vedere structura SHUVRQDOXOXL�SH�IRUPH�GH�SUHJ WLUH�úL�SHUIHF LRQDUHD�IRU HL�GH�PXQF �FDOLILFDW ��cum ar fi: � DEVROYHQ L�DL�úFROLORU�SURIHVLRQDOH� � XFHQLFL�OD�ORFXO�GH�PXQF � � DEVROYHQ L�DL�OLFHHORU�GH�VSHFLDOLWDWH�
� DEVROYHQ L�DL�vQY PkQWXOXL�VXSHULRr; � DEVROYHQ L�DL�XQRU�FXUVXUL�GH�VSHFLDOL]DUH�HWF� 3HQWUX�FDUDFWHUL]DUHD�VLQWHWLF �D�QLYHOXOXL�GH�FDOLILFDUH�D�SHUVRQDOXOXL�VH�XWLOL]HD] �FRHILFLHQWXO�FDOLILF ULL�PHGLL��.���VWDELOLW�SH�ED]D�UHOD LHL�
∑∑ ⋅
=n
)kn(K ,
în care: n �QXP UXO�GH�SHUVonal pe categorii de încadrare; k = categoria de încadrare (în cazul în care se folosesc denumiri de FDWHJRULH�VSHFLDO �VXSHULRDU �HWF��VH�SURFHGHD] �OD�R�FRGLILFDUH�D�DFHVWRUD�� ÌQ�FHHD�FH�SULYHúWH�PRGXO�GH�IRORVLUH�D�IRU HL�GH�PXQF �FDOLILFDW �VH�poate�XWLOL]D�FRHILFLHQWXO�GH�FRQFRUGDQ ��.F���FDOFXODW�SH�ED]D�UDSRUWXOXL�
Kl
KKc = ,
în care: Kl �FRHILFLHQWXO�GH�FRPSOH[LWDWH�DO�OXFU ULORU��VWDELOLW�FX�DMXWRUXO�UHOD LHL�
( )∑
∑ ⋅=
Nh
tNhKl ,
în care: 1K �QXP UXO�GH�RUH�QRUPDWH�UHDOL]Dte pe categorii de încadrare a
OXFU ULORU� t �FDWHJRULD�GH�vQFDGUDUH�D�OXFU ULORU� ([HPSOLILFDUHD�PHWRGRORJLHL�GH�DQDOL] �LPSOLF �XUP WRDUHOH�LQIRUPD LL��WDEHOXO������
Tabelul 6.3. Categoria de încadrare a personalului respectiv a
OXFU WRULORU
1XP U�PXncitori Ore normate realizate
P0 P1 P0 P1 I II III IV V VI VII TOTAL
207 161 213 191 40 24 4
840
209 129 168 148 32 19 5
645
66.053 87.084 70.069 26.110 11.558 3.782 1.580
266.236
46.080 69.015 48.840 21.160 9.600 3.040 2.000
200.035 Σ (n ⋅ k) 2.304 1.872 x x Σ (Nh ⋅ t) x x 646.410 496.710
17,148,2
9,2Kc13,1
43,2
74,2Kc
48,2200035
496710Kl9,2
645
1872K
43,2266236
646410Kl74,2
840
2304K
10
11
00
====
====
====
5H]XOW �F �vQWUHSULQGHUHD�DUH�XQ�VXUSOXV�GH�IRU �GH�PXQF �FDOLILFDW ��vQ�UDSRUW�GH�QLYHOXO�WHKQLF�DO�OXFU ULORU�FDUH�WUHEXLH�UHDOL]DWH��IDSW�FH�FRQGXFH�OD� R� FUHúWHUH� UHODWLY � D�FKHOWXLHOLORU� FX� VDODULLOH�� FX� HIHFWHOH� FRUHVSXQ] WRDUH�asupra întregului sistem de indicatori economico-financiari. ����$QDOL]D�XWLOL] ULL�WLPSXOXL�GH�PXQF 8WLOL]DUHD� LQWHJUDO � D� WLPSXOXL� GH�PXQF � UHSUH]LQW � XQD� GLQ� ODWXULOH�LPSRUWDQWH�DOH�IRORVLULL�HILFLHQWH�D�IDFWRUXOXL�PXQF � 5HDOL]DUHD� XQHL� SURGXF LL� FkW� PDL� PDUL� HVWH� QHPLMORFLW� OHJDW � GH�IRORVLUHD�FRPSOHW �FX�PD[LP �HILFLHQ �D�IRQGXOXL�GH�WLPS�GH�PXQF � (FRQRPLVLUHD�WLPSXOXL�GH�PXQF �vQ�FXUVXO�SURFHVXOXL�GH�SURGXF LH�VH�SRDWH�UHDOL]D�SH�GRX �F L� a) SH�FDOH�H[WHQVLY ��SULQ�UHGXFHUHD�SLHUGHULORU�GH�WLPS�vQ�]LOH�VDX�vQ�RUH; b) SH�FDOH�LQWHQVLY ��SULQ�UHGXFHUHD�FKHOWXLHOLORU�GH�WLPS�GH�PXQF �SH�XQLWDWH�
GH�SURGXV��FUHúWHUHD�SURGXFWLYLW LL�PXQFLL�� $QDOL]D�IRORVLULL�WLPSXOXL�GH�PXQF �XUP UHúWH�GHVFRSHULUHD�UH]HUYHORU�H[LVWHQWH� SH� OLQLD� XWLOL] ULL� FRPSOHWH� D� WLPSXOXL� GLVSRQLELO�� SUHFXP� úL� D�FDX]HORU� XWLOL] ULL� LQFRPSOHWH� D� DFHVWXLD�� HYLGHQ LLQG�HIHFWHOH� HFRQRPLFH� DOH�PRELOL] ULL�UH]HUYHORU�H[LVWHQWH� ÌQ� DFHVW� VFRS�� VH� DUH� vQ� YHGHUH� HYROX LD� SRQGHULL� WLPSXOXL� HIHFWLY� vQ�fondul de timp maxim disponibil, comparativ cu perioadele precedente sau cu DOWH�XQLW L��FDOFXOkQGX-se gradul de utilizare a fondului maxim disponibil (Guf) raportând timpul efectiv lucrat (Te) la fondul de timp maxim disponibil (Tmax).
100maxT
TeGuf ⋅=
Tabelul 6.4 - ore -
P0 P1 Nr. crt.
Indicatori ore % ore %
1. 2. 3.
Timp maxim disponibil Timp efectiv lucrat Timp nelucrat, din care: � concedii medicale � concedii maternitate � DFFLGHQWH�GH�PXQF � evenimente � DEVHQ H�QHPRWLYDWH � cauze independente de
VDODULD L��OLSV �PDWHULH�SULP ��RSULUL�DFFLGHQWDOH�etc.)
1.579.200 1.493.520
85.680
21.420 4.284 3.427 5.147
34.272 17.130
100 94,6 5,4
25 5 4 6
40 20
1.334.800 1.293.620
41.180
8.236 1.647
827 1.647
18.531 10.295
100 96,9 3,1
20 4
4 45 25
5H]XOW �R�FUHúWHUH�D�JUDGXOXL�GH�XWLOL]DUH�D�IRQGXOXL�PD[LP�GLVSonibil, ceea ce este un rezultat pozitiv. S-DX�SURGXV�VFKLPE UL�úL�vQ�VWUXFWXUD�WLPSXOXL�nelucrat, respectiv, sporirea timpului nelucrat din cauze independente, ceea ce GHQRW �GHILFLHQ H�GH�PDQDJHPHQW� În cadrul analizei, un accent deosebit se pune pe stabilitatea cauzelor FDUH�DX�GHWHUPLQDW�XWLOL]DUHD�LQFRPSOHW �D�WLPSXOXL�PD[LP�GLVSRQLELO��ÌQ�DFHVW�VHQV� VH� XUP UHúWH� VWUXFWXUD� WLPSXOXL� QHXWLOL]DW� SH� FDX]H� LQGHSHQGHQWH� GH�SHUVRQDO�úL�GHSHQGHQWH�GH�DFHVWD� În cadrul celei de-D�GRXD� JUXSH��R� DWHQ LH�GHRVHELW � WUHEXLH� DFRUGDW �WLPSXOXL� QHOXFUDW� GLQ� FDX]D� JUHYHORU� �FRQIOLFWHORU� GH� PXQF ��� VWDELOLQGX-se QXP UXO� PHGLX� GH� ]LOH� GH� JUHY �� 6F GHUHD� DFHVWXL� LQGLFDWRU�� PDUFKHD] � R�FUHúWHUH� D� JUDGXOXL� GH� VDWLVIDFHUH� D� UHYHQGLF ULORU� VLQGLFDOH� MXVWLILFDWH� úL� vQ�consecin �R� vPEXQ W LUH�D�FOLPDWXOXL�VRFLDO�GH�PXQF ��FX�HIHFWHOH�SR]LWLYH�care decurg. 0RGLILFDUHD� JUDGXOXL� GH� XWLOL]DUH� D� WLPSXOXL� GH� PXQF � VH� UHIOHFW �asupra: a) YDORULL�SURGXF LHL�H[HUFL LXOXL�
( ) 0011 whNhNhN − , unde: Nh0 �QXP UXO�PHGLX�GH�RUH�OXFUDWH� b) YDORULL�DG XJDWH�
( ) 00011 whNhNhN γ⋅− , în care: γ0 �YDORDUHD�DG XJDW �OD���OHX�SURGXF LH�D�H[HUFL LXOXL�
c) cifrei de afaceri
( )0
00011 Qe
CAwhNhNhN ⋅− .
d) UH]XOWDWXOXL�H[SORDW ULL� ( ) 00011 RwhNhNhN ⋅− ,
în care: R0 = profitul la 1 leu CA. e) cheltuielilRU�OD������OHL�SURGXF LH�SULQ�LQWHUPHGLXO�FKHOWXLHOLORU�IL[H�
1000whNhN
F1000
whNhN
F
001
0
011
0 ⋅⋅⋅
−⋅⋅⋅
3ULQ�LQWHUPHGLXO�DFHVWRU�LQGLFDWRUL��LQIOXHQ HOH�SRW�IL�H[WLQVH�úL�DVXSUD�altora, cum ar fi: � UDWD�UHQWDELOLW LL�ILQDQFLDUH�D�FDSLWDOXOXL�SHUPDQHQW�úL�SURSULX� � indicatorL�GH�HILFLHQ �D�HOHPHQWHORU�GH�DFWLY�HWF� (IHFWHOH� HFRQRPLFH� DVXSUD� LQGLFDWRULORU� PHQ LRQD L�� SRW� IL� VHSDUDWH�SH�ILHFDUH�FDX] �vQ�SDUWH�FDUH�D�GHWHUPLQDW�XWLOL]DUHD�LQFRPSOHW �D�WLPSXOXL�GH�PXQF � 8WLOL]DUHD� WLPSXOXL� GH� PXQF � HVWH� LQIOXHQ DW � úL� GH� gradul de conflictualitate�GLQWUH�VDODULD L��VLQGLFDWH��úL�FRQGXFHUH��3HQWUX�FDUDFWHUL]DUHD�XQHL�DVHPHQHD�VLWXD LL�VH�IRORVHVF�PDL�PXO L�LQGLFDWRUL��FXP�VXQW� � QXP U�GH�JUHYH��GLQ�FDUH�
- spontane; - de avertisment; - generale.
� QXP UXO� WRWDO� GH� ]LOH� JUHY � �GXUDWD� JUHvei ⋅� QXP UXO� GH� SDUWLFLSDQ L� ⋅ QXP UXO�GH�JUHYH��
� JUDGXO� GH� LPSRUWDQ � D� JUHYHL� OD� QLYHOXO� vQWUHSULQGHULL� �
=salariati de lNumar tota
grevisti de Numar.
3HQWUX�WRDW �SHULRDGD�VH�UHFRPDQG �UHOD LD�
disponibil maxim Timpul
greva zile de lNumar tota.
� QXP U�PHGLX�GH�RUH�JUHY �SH�XQ�JUHYLVW��UHVSHFWLY�Se un salariat. $JUDYDUHD�VW ULL�GH�FRQIOLFWXDOLWDWH�DUH�LPSOLFD LL�DVXSUD�UHOD LLORU�GH�
colaborare a firmei cu partenerii.
�����$QDOL]D�HILFLHQ HL�PXQFLL��XWLOL] ULL�UHVXUVHORU�XPDQH�
3HQWUX� FDUDFWHUL]DUHD� úL� DQDOL]D� HILFLHQ HL� PXQFLL� VH� IRORVHVF� PDL�mXO L�LQGLFDWRUL�GLQWUH�FDUH��vQ�SULQFLSDO��VH�XWLOL]HD] �
♦ productivitatea muncii; ♦ profitul pe salariat. 3URGXFWLYLWDWHD�PXQFLL� HVWH� GHILQLW � vQ� OLWHUDWXUD� GH� VSHFLDOLWDWH�� FD�
ILLQG� IRU D� SURGXFWLY � D� PXQFLL�� DGLF � DFHD� FDSDFLWDWH� �SRVLELOLWDWH�� D�factoruluL� PXQF � GH� D� FUHD�� vQWU-R� SHULRDG � GH� WLPS�� XQ� DQXPLW� YROXP� GH�EXQXUL�úL�GH�D�SUHVWD�DQXPLWH�VHUYLFLL�
ÌQ� XOWLP � LQVWDQ �� FDUDFWHUL]HD] � HILFLHQ D� FX� FDUH� HVWH� FKHOWXLW � R�DQXPLW �FDQWLWDWH�GH�PXQF �
ÌQ� FDGUXO� DQDOL]HL� SURGXFWLYLW LL� PXQFLL� SRW� IL� LQGLYLdualizate XUP WRDUHOH�SUREOHPH�
������$QDOL]D�SURGXFWLYLW LL�PXQFLL�SH�ED]D�LQGLFDWRULORU�YDORULFL�úL�
fizici
ÌQ�SUDFWLF ��SHQWUX�DQDOL]D�SURGXFWLYLW LL��VH�XWLOL]HD] �XQ�VLVWHP�GH�indicatori pULQ� FDUH� VH� H[SULP � ILH� FDQWLWDWHD� GH� SURGXVH� RE LQXWH� FX� R�DQXPLW � FKHOWXLDO � GH� PXQF �� ILH� FKHOWXLDOD� GH� PXQF � HIHFWXDW � SHQWUX�RE LQHUHD�XQHL�XQLW L�GH�SURGXV� ÌQ�SULPXO�FD]��SURGXFWLYLWDWHD�PXQFLL��:��VH�H[SULP �FD�UDSRUW�vQWUH�YROXPXO�SURGXF LHL��4��úL�FKHOWXLHOLOH�GH�PXQF ��7��HIHFWXDWH�
T
QW = , iar în cel de-DO�GRLOHD�FD]�VH�XWLOL]HD] �UDSRUWXO�LQYHUV��
Q
TW = .
Indicatori ai SURGXFWLYLW LL�
muncii
naturali
valorici (W)
FRPSOH L LQFRPSOH L
DQXDO ��:D�
]LOQLF ��:]�
RUDU ��:K�
3URGXF LD�H[HUFL LXOXL
Cifra de afaceri
9DORDUHD�DG XJDW
În raport de cheltuielile�GH�PXQF �GHRVHELP� � SURGXFWLYLWDWHD� DQXDO – când cheltuielile de munF � VXQW� H[SULPDWH�
SULQ�QXP UXO�PHGLX�VFULSWLF��WRWDO�SHUVRQDO�VDX�PXQFLWRUL��
T
QWa = ;
� SURGXFWLYLWDWHD� ]LOQLF –� FkQG� FKHOWXLHOLOH� GH� PXQF � VXQW� H[SULPDWH�prin consumul de timp om-zile:
)zileom(T
QzW
−= ;
� SURGXFWLYLWDWHD�RUDU – când FKHOWXLHOLOH�GH�PXQF �VXQW�H[SULPDWH�SULQ�consumul de timp în om-ore:
)oreom(T
QhW
−= .
3HQWUX�DQDOL]D�GLQDPLFLL�SURGXFWLYLW LL�PXQFLL�SH�ED]D�LQGLFDWRULORU�valoULFL�VXQW�QHFHVDUH�XUP WRDUHOH�date:
Tabelul 6.5 Nr. crt.
Indicatori *�+�,�- .�/10 Realizat %
1. 2. 3. 4. 5. 6. 7.
8.
9.
Cifra de afaceri – mil.lei – 2!354 67498�:�; 39<�=�> =�6 ; = ;
Total om-zile lucrate Total om-ore lucrate 2!354 6 3?>@4A8:@; 39:@8�B�; > 8�> 31C�6 =�D 8
Durata medie a zilei de lucru E16�F@:3GC�D ; H?; D =�D 8= =�I53?=�>
(Wa – mii lei) E16�F@:3GC�D ; H?; D =�D 8= B; > I?; C
(Wz – mii lei) E16�F@:3GC�D ; H?; D =�D 8= F�6�=�6
(Wh – mii lei)
11.440 830
190.900 1.489.020
230 7,8
13.783
59,23
7,59
11.772 853
191.925 1.381.860
225 7,2
13.800
61,33
8,52
102,9 102,8
x x
97,83 92,31
100,13
103,55
112,25
5H]XOW � F � WR L� LQGLFDWRULL� YDORULFL� vQUHJLVWUHD] � FUHúWHUL� ID � GH�QLYHOXO�SUHY ]XW��GDU�vQ�SURSRU LL�GLIHULWH��$VWIHO� IWa < IWz��FD�XUPDUH�D�VF GHULL�QXP UXOXL�PHGLX�GH�]LOH�OXFUDWH��LDU IWz < IWh��GDWRULW �PLFúRU ULL�GXUDWHL�PHGLL�D�]LOHL�GH�OXFUX� Efectul acestor fenomene asupra productivLW LL�DQXDOH��SRDWH�IL�SXV�vQ�HYLGHQ �SH�ED]D�UHOD LHL��:D� �1]�⋅ Nh ⋅ Wh. ÌQ�ED]D�GDWHORU�GLQ�WDEHOXO������VLWXD LD�VH�SUH]LQW �DVWIHO�
∆Wa = 13.800 – 13.783 = + 14 mii lei GLQ�FDUH�GDWRULW �PRGLILF ULL� � QXP UXOXL�PHGLX�GH�]LOH�OXFUDWH�
Nz1 ⋅ Nh0 ⋅ Wh0 – Wa0 = 225 ⋅ 7,8 ⋅ 7,59 – 13.783 = =13.320 – 13.783 = - 463 mii lei
� duratei medii a zilei de lucru: Nz1 ⋅ Nh1 ⋅ Wh0 – Nz1 ⋅ Nh0 ⋅ Wh0 = 225 ⋅ 7,2 ⋅ 7,59 – 13.320 =
= 12.296 –13.320 = - 1024 mii lei � SURGXFWLYLW LL�RUDUH�
Wa1 – Nz1 ⋅ Nh1 ⋅ Wh0 = 13.800 – 12.296 = + 1.504 mii lei 8WLOL]DUHD�LQFRPSOHW �D�WLPSXOXL�GH�PXQF ��LQFOXVLY�vQ�FDGUXO�]LOHL��D�FRQGXV� OD� GLPLQXDUHD� SURGXFWLYLW LL� DQXDOH� FX� ����� PLL� OHL� FHHD� FH�FRQVWLWXLH� R� UH]HUY � FDUH� WUHEXLH� V � ILH� SXV � vQ� YDORDUH� vQ� SHULRDGD�XUP WRDUH� Într-o FHUFHWDUH� vQ� GHWDOLX� SRDWH� IL� DERUGDW � úL� SUREOHPD� DQDOL]HL�SURGXFWLYLW LL� RUDUH�� ]LOQLFH�úL� DQXDOH�SULQ�SULVPD�VWUXFWXULL�SURGXF LHL� úL� D�SURGXFWLYLW LL�RUDUH�SH�SURGXVH�VDX�FDWHJRULL�GH�DFWLYLW L��ÌQ�DFHVW�VFRS�VXQW�QHFHVDUH�GDWHOH�GLQ�WDEHOXO�XUP WRU (tabelul 6.6.):
Tabelul 6.6
6WUXFWXUD�SURGXF LHL 3URGXFWLYLWDWHD�RUDU �
pe produse – mii lei - Nr. crt.
Produse (grupa
de produse) P0 P1 P0 P1
Productivitatea RUDU �
UHFDOFXODW �
(Wh’) 1. 2. 3. 4.
A B C D
20,5 18,0 30,0 31,5
15,0 21,0 25,0 39,0
20 28 40 55
38 27 43 52
3 5,88 10,00 21,45
TOTAL 100 100 38,47 42,40 40,33
127 : a) SURGXFWLYLWDWHD�RUDU �UHFDOFXODW �VH�VWDELOHúWH�SH�ED]D�VWUXFWXULL�HIHFWLYH�
úL�SURGXFWLYLWDWHD�RUDU �SH�SURGXVH� Ex. A = 0,15 ⋅ 20 = 3 mii lei b) 6WUXFWXUD�SURGXF LHL�VH�GHWHUPLQ �SH�ED]D�HYDOX ULL�SURGXF LHL�vQ�WLPS�GH�
PXQF �
Pentru P0, ∑=
00
000 tq
tqg ,
în care: t = timpul consumat pe produs; q �FDQWLWDWHD�IDEULFDW ��UHVSHFWLY�YkQGXW ��GDF �VH�RSHUHD] �FX�FLIUD�
de afaceri.
ÌQ�FRQVHFLQ ��PRGLILFDUHD�SURGXFWLYLW LL�RUare de 3,93 mii lei (42,4 –��������VH�H[SOLF �SULQ�LQIOXHQ D� � VWUXFWXULL�SURGXF LHL�
Wh’ – Wh0 = 40,33 – 38,47 = + 1,86 mii lei � SURGXFWLYLW LL�RUDUH�SH�SURGXVH�
Wh1 – Wh’ = 42,4 – 40,33 = + 2,07 mii lei 'DWHOH� DWHVW � IDSWXO� F � GRDU� ����GLQ�FUHúWHUHD� SURGXFWLYLW LL� RUDUH�HVWH� UH]XOWDWXO� VSRULULL� HILFLHQ HL� SH� SURGXVH�� UHVWXO� ILLQG� HIHFWXO� RULHQW ULL�VSUH� SURGXVH� FDUH� QHFHVLW � R� PDQRSHU � PDL� UHGXV �� ID � GH� PHGLD� SH�întreprindere. 1) 3HQWUX�SURGXFWLYLWDWHD�]LOQLF �VH�DUH�vQ�YHGHUH�UHOD LD�
Wz = Nh ⋅ Wh În coQVHFLQ ��IDFWRULL�GH�LQIOXHQ �VXQW� � durata medie a zilei de lucru
(Nh1 – Nh0) Wh0 � VWUXFWXUD�SURGXF LHL
Nh1 (Wh′ – Wh0) � SURGXFWLYLWDWHD�RUDU �SH�SURGXVH
Nh1 (Wh1 – Wh′) ,DU�OD�SURGXFWLYLWDWHD�DQXDO �VH�DQDOL]HD] �SH�ED]D�UHOD LHL�
Wa = Nz ⋅ Nh ⋅ Wh O asePHQHD� DSURIXQGDUH� D� FHUFHW ULL�� SHUPLWH� IRUPXODUHD� GH�FRQFOX]LL� úL� DVXSUD� PRGXOXL� GH� XWLOL]DUH� D� WLPSXOXL� GH� PXQF � vQ� FDGUXO�XQLW LL��vQ�ED]D�F URUD�V �VH�DGRSWH�GHFL]LLOH�FRUHVSXQ] WRDUH� /LWHUDWXUD� GH� VSHFLDOLWDWH� SUH]LQW � PRGDOLW L� GH� DQDOL] � SH� ED]D SURGXFWLYLW LL�PDUJLQDOH��:P���FDOFXODW �SH�ED]D�UHOD LHL�
T
QWm
∆∆=
ÌQ�DFHVW�IHO��VH�FXDQWLILF �VSRUXO�GH�SURGXF LH�RE LQXW�SH�VHDPD�XQHL�FDQWLW L�VXSOLPHQWDUH�GH�PXQF � &X� DMXWRUXO� SURGXFWLYLW LL� PDUJLQDOH�� VH� SRDWH� FDUDFWHUL]D�elastiFLWDWHD�SURGXF LHL��(���FDUH�UHIOHFW �FUHúWHUHD�SURFHQWXDO �D�SURGXF LHL�OD�R�PRGLILFDUH�FX�XQ�SURFHQW�D�IDFWRUXOXL�GH�PXQF �
W
Wm
T
T
Q
Q
T
TQ
Q
E =∆
⋅∆=∆
∆
=
3H�ED]D�XQXL�úLU�GH�GDWH�UH]XOWDWH�vQ�XUPD�XQRU�FHUFHW UL��VH�SRDWH�VWDELOL�zona în care productivitatea PDUJLQDO � DWLQJH� YDORDUHD�PD[LP �� GXS �FDUH�� R�VSRULUH�D�IDFWRUXOXL�PXQF ��FRQGXFH�OD�R�GLPLQXDUH�D�SURGXFWLYLW LL�PHGLL� $QDOL]D� SURGXFWLYLW LL� PXQFLL� SRDWH� IL� DERUGDW � úL� SULQ� SULVPD�UHOD LHL�GLQWUH�vQ]HVWUDUHD�WHKQLF �úL�HILFLHQ D�XWLOL] ULL�ED]HL�PDteriale. În acest scop pot fi folosite mai multe modele multiplicative:
a) Mf
CA
N
Mf
N
CA ⋅= ;
b) ’
’
Mf
CA
Nm
Mf
N
Nm
N
CA ⋅⋅= ;
c) ’
’
Mf
CA
Mf
Mf
Nm
Mf
Nm
CA ⋅⋅= ;
d) Qe
CA
’Mf
Qe
Mf
’Mf
N
Mf
N
CA ⋅⋅⋅= .
6HPQLILFD LD�UDSRDUWHORU�HVWH�XUP WRDUHD�
N
CA = productivitatea� DQXDO � FDOFXODW � SH� ED]D� FLIUHL� GH� DIDFHUL� vQ� QXP UXO�
PHGLX�GH�VDODULD L��1��
N
Mf � JUDGXO� GH� vQ]HVWUDUH� WHKQLF � FDOFXODW� SH� ED]D� YDORULL� PHGLL� DQXDOH� D�
mijloacelor fixe (Mf);
Mf
CA = randamentul mijloacelor fixe;
N
Nm �VWUXFWXUD�SHUVRQDOXOXL�vQ�IXQF LH�GH�QXP UXO�PHGLX�GH�PXQFLWRUL��1P��
úL�WRWDOXO�SHUVRQDOXOXL�
Nm
Mf ’
�JUDGXO�GH�vQ]HVWUDUH�WHKQLF �D�PXQFLWRULORU�vQ�IXQF LH�GH�PLMORDFHOH�IL[H�
active (Mf’);
’Mf
CA = randamentul mijloacelor fixe active;
Mf
Mf ’
�FRPSR]L LD�WHKQRORJLF �D�FDSLWDOXOXL�IL[�
6.5.2 Analiza efectelor economico-ILQDQFLDUH� DOH� PRGLILF ULL�
SURGXFWLYLW LL�PXQFLL�
0RGLILFDUHD� SURGXFWLYLW LL�PXQFLL� DUH� XQ� FRPSOH[� GH� Hfecte, care se HYDOXHD] �FX�DMXWRUXO�XQHL�PHWRGRORJLL�VWDELOLW � vQ�IXQF LH�GH�PRGXO�GH�FDOFXO� úL�H[SULPDUH�D�DFHVWXLD� $VWIHO�� vQ� FD]XO� GHWHUPLQ ULL� SH� ED]D� LQGLFDWRULORU� YDORULFL� �SURGXF LD�H[HUFL LXOXL���PRGLILFDUHD�SURGXFWLYLW LL�PXQFLL��VH�UHIOHFW �în: a) SURGXF LD�H[HUFL LXOXL�
T1(Wh1 – Wh0) b) YDORDUHD�DG XJDW �
T1(Wh1 – Wh0) ⋅ γ0 c) cifra de afaceri:
0
0011 Qe
CA)WhWh(T ⋅−
d) rezultatul aferent cifrei de afaceri:
00
0011 R
Qe
CA)WhWh(T ⋅⋅−
e) FKHOWXLHOLOH�FX�SHUVRQDOXO�OD������OHL�FLIU �GH�DIDFHUL��&V��
0W
0 CsI
Cs −
în care:
IW �VH�FDOFXOHD] �SH�ED]D�UHOD LHL� 100Wa
Wa
0
1 ⋅
f) FKHOWXLHOLOH�IL[H�OD������OHL�FLIU �GH�DIDFHUL�
1000WhT
F1000
WhT
F
01
0
11
0 ⋅−⋅
3ULQ� LQWHUPHGLXO� DFHVWRU� LQGLFDWRUL� VH� SRW� VWDELOL� úL� HIHFWHOH� SURSDJDWH�asupra altor indicatori economico-financiari. ([SULPDUHD� SURGXFWLYLW LL� PXQFLL� vQ� XQLW L� QDWXUDOH�� FD� GH� H[HPSOX�timpul consumat pe unitate de produs, se poate determina prin efectul asupra: a) costului pe unitate de produs:
0W
0 chsI
chs −
unde: chs0 = cheltuielile cu salariile;
IW �LQGLFHOH�SURGXFWLYLW LL�PXQFLL�VWDELOLW�SH�ED]D�UHOD LHL�1
0
t
t.
b) profitul aferent produsului
10W
0 qchsI
chs ⋅
−−
������$QDOL]D�HILFLHQ HL�UHVXUVHORU�XPDQH�SH�ED]D�SURILWXOXL�
pe salariat Profitul pe salariat, resSHFWLY� UH]XOWDWXO� GLQ� H[SORDWDUH�� UHSUH]LQW � XQ�LQGLFDWRU�VHPQLILFDWLY�SHQWUX�FDUDFWHUL]DUHD�HILFLHQ HL�PXQFLL�� vQWUXFkW�SXQH� vQ�HYLGHQ � OHJ WXUD� GLQWUH� vQ]HVWUDUHD� WHKQLF �� HILFLHQ D� XWLOL] ULL� DFHVWHLD� úL�productivitatea muncii. Literatura de specialitaWH�UHFRPDQG �PDL�PXOWH�PRGHOH�GH�DQDOL] ��$VWIHO�
a) CA
RE
N
CA
N
RE ⋅= �� $FHVW� PRGHO� H[SULP � FRUHOD LD� GLQWUH� SURGXFWLYLWDWHD�
PXQFLL�úL�UDWD�UHQWDELOLW LL�FRPHUFLDOH�
b) CA
RE
T
CA
N
T
N
RE ⋅⋅= ; T –�UHSUH]LQW �IRQGXO�GH�WLPS�H[SULPDW�vQ�RP-zile
sau om-ore;
c) CA
RE
Mf
CA
Mf
Mf
N
Mf
N
RE’
’
⋅⋅⋅=
ÌQ� ED]D� DFHVWRU� PRGHOH� SRDWH� IL� DQDOL]DW � HYROX LD� SURILWXOXL� GLQ�activitatea de exploatare pe salariat.
������$QDOL]D�SRVLELOLW LORU�GH�VSRULUH�D�SURGXFWLYLW LL�PXQFLL 3URGXFWLYLWDWHD�PXQFLL�HVWH� LQIOXHQ DW �GH�XQ�FRPSOH[ de factori, care SRW�IL�JUXSD L�vQ� a) factori privind introducerea progresului tehnic; b) factori privind impactul managementului performant; c) IDFWRUL�GH�QDWXU �ELR-psiho-VRFLRORJLF � ÌQ� FDGUXO� ILHF UHL� JUXSH� VH� LGHQWLILF � úL� FXDQWLILF � GLIHULWH� P VXUL�tehnice��RUJDQL]DWRULFH�úL�GH�DOW �QDWXU �FDUH�SRW��FRQWULEXL�OD�VSRULUHD�HILFLHQ HL�muncii. $úD�� GH� H[HPSOX�� vQ� FDGUXO� SULPHL� JUXSH� VH� FXDQWLILF � HIHFWXO�PHFDQL] ULL� úL� DXWRPDWL] ULL� DQXPLWRU� RSHUD LL� GLQ� IOX[XO� WHKQRORJLF� DVXSUD�QLYHOXOXL�SURGXFWLYLW LL�SH�SURGXVH�úL�VWUXFWXUD�RUJDQL]DWRULF � În cadrul celei de-a doua grupe se pune un accent deosebit pe motivarea VDODULD LORU��FD�IDFWRU�HVHQ LDO�DO�vPEXQ W LULL�SHUIRUPDQ HORU��ÌQ�DFHVW�VHQV�HVWH�QHFHVDU�V �ILH�XUP ULWH�FkWHYD�HOHPHQWH��FXP�VXQW� � HYROX LD�FRUHOD LHL�GLQWUH�GLQDPLFD�SURGXFWLYLW LL�PXQFLL�úL�D�FkúWLJXOXL�
(salariului); � GLQDPLFD�VDODULLORU�vQ�UDSRUW�GH�HYROX LD�SUH XULORU��EXQXULORU�GH�FRQVXP�
curent; � UDSRUWXO� GLQWUH� VDODULXO�PLQLP� úL�PD[LP� �vQ� P VXUD� vQ� FDUH� HVWH� I FXW�
public); � raportul dintre diferite forme de salarizare (acord, regie, mixt etc.); � UDSRUWXO� GLQWUH� SDUWHD� IL[ � úL� YDULDELO � D� VDODULXOXL� XQRU� FDWHJRULL� GH�
personal; � FRWD�GH�SDUWLFLSDUH�D�VDODULD LORU�OD�FDSLWDOXO�VRFLDO�DO�vQWUHSULQGHULL� (YROX LD�DFHVWRU�LQGLFDWRUL�HVWH�GH�QDWXU �V �SXQ �vQ�HYLGHQ �JUDGXO�GH�PRWLYD LH�DO�SHUVRQDOXOXL�SHQWUX�RE LQHUHD�XQRU�UH]XOWDWH�VXSHULRDUH� ÌQ�FHHD�FH� SULYHúWH� D� WUHLD� JUXS �� DFHDVWD� HVWH� FHD�PDL� FRPSOH[ � úL�GLILFLO� GH� FXDQWLILFDW�� 7RWXúL�� QXPHURDVH� VWXGLL� VRFLRORJLFH� DX� LGHQWLILFDW�VROX LL�SUDFWLFH�SHQWUX�YDORULILFDUHD�SRWHQ LDOXOXL�VDODULD LORU�vQ�DFWLYLWDWHD�SH�FDUH� R� GHVI úRDU �� 7UHEXLH� PHQ LRQDW� IDSWXO� F � DVXSUD� SURGXFWLYLW LL�LQGLYLGXOXL� LQIOXHQ HD] � IDFWRUL� GH� QDWXU � VRFLDO � FXP� DU� IL�� FRQGL LLOH� GH�YLD ��VRFLR-culturale, mediul familial,�FRQGL LLOH�GH�PXQF �HWF� $VLJXUDUHD� GH� F WUH� DQJDMDWRU� D� XQRU� FRQGL LL� QRUPDOH� GH� PXQF ��YHQLWXUL�FRUHVSXQ] WRDUH�DFWLYLW LL�GHSXVH��SUHFXP�úL�XQHOH�IDFLOLW L�VRFLDOH�VXQW�GH�QDWXU �V �VWLPXOH]H�DFWLYLWDWHD�ILHF UXL�DQJDMDW�
$SOLFD LL�úL�vQWUHE UL 1.�6 �VH�DQDOL]H]H�HYROX LD�VWDELOLW LL�SHUVRQDOXOXL�úWLLQG�F �
-persoane - Nr. crt.
Indicatori An
precedent An
curent 1. 1XP UXO�PHGLX�GH�SHUVRQDO 250 254 2. ,QWU UL�vQ�FXUVXO�SHULRDGHL 17 19 3. 3OHF UL��LHúLUL��vQ�FXUVXO�SHULRDGHL 54 21 3.1. 3OHF UL�GLQ�PRWLYH�QHMXVWLILFDWH��IOXFWXD LL� 21 5
2.� 6 � VH� GHWHUPLQH� FRQVHFLQ HOH� XWLOL] ULL� LQFRPSOHWH� D� WLPSXOXL� GH�PXQF � DVXSUD� SULQFLSDOLORU� LQGLFDWRUL� HFRQRPLFR� ILQDQFLDUL�� ,QWHUSUHWDUHD�rezultatelor.
Nr. crt.
Indicatori Simbol P0 P1
1 3URGXF LD�H[HUFL LXOXL��PLL�OHL� Qe 10.495.800 10.732.800 2 9DORDUHD�DG XJDW ��PLL�OHL� Qa 2.099.160 2.683.200 3 Cifra de afaceri (mii lei) CA 10.550.000 11.200.000 4 5H]XOWDWXO�H[SORDW ULL��PLL�OHL� RE 1.250.000 1.800.000 5 Suma cheltuielilor fixe (mii lei) F 3.200.000 3.600.000 6 1XP UXO�PHGLX�GH�VDODULD L��SHUV� Ns 210 215 7 1XP UXO�PHGLX�GH�RUH�OXFUDWH Nh 1960 1920 8 9DORDUHD�DG XJDW �OD���OHX�SURGXF LD�
H[HUFL LXOXL γ
9 3URILWXO�OD���OHX�FLIU �GH�DIDFHUL R 10 &KHOWXLHOL�IL[H�OD������OHL�SURGXF LD�
H[HUFL Lului (lei/1000) Cf1000
11 3URGXFWLYLWDWHD�PHGLH�RUDU �D�PXQFLL�FDOFXODW �SH�ED]D�SURGXF LHL�H[HUFL LXOXL�(mii lei)
Wh
3.� 6 � VH� GHWHUPLQH� LQIOXHQ D� SURGXFWLYLW LL� RUDUH� D� PXQFLL� DVXSUD�SURGXFWLYLW LL�PHGLL�DQXDOH�úL�V �VH�LQWHUSUHWH]H�FD]XO�LQIOXHQ HL�FX�VHPQXO�minus: „ leimiixWh −=∆ ”. 4.�6 �VH�GHWHUPLQH�LQIOXHQ D�JUDGXOXL�GH�vQ]HVWUDUH�WHKQLF �D�PXQFLL�DVXSUD�SURGXFWLYLW LL�DQXDOH��&D]XO�LQIOXHQ HL�FX�VHPQXO�Ä���´�
5.�&H�VHPQLILFD LH�Dre coeficientul de elasticitate? 6. Ce este prodXFWLYLWDWHD�PDUJLQDO " 7.� $QDOL]D� IDFWRULDO � D� SURGXFWLYLW LL� PXQFLL�� XWLOL]kQG� PRGHOHOH�PXOWLSOLFDWLYH��,QWHUSUHWDUHD�HFRQRPLF �D�UH]XOWDWHORU�
Nr. crt. Indicatori Simbol P0 P1
1 Cifra de afaceri (mil lei) CA 30500 34000 2 Valoarea medie a mijloacelor fixe (mil lei) MF 20400 22000 3 Valoarea mijloacelor fixe active (mil lei) MF′ 15300 17600 4 3URGXF LD�H[HUFL LXOXL��PLO�OHL� Qe 31000 33500 5 1XP UXO�PHGLX�GH�SHUVRQDO��SHUV� N 280 275 6 1XP UXO�PHGLX�GH�PXQFLWRUL��SHUV� Nm 210 198 7 FRQGXO�WRWDO�GH�WLPS�GH�PXQF ��RUH-om) T 514500 543400 8 3URGXFWLYLWDWHD�PHGLH�RUDU ��PLL�OHL� Wh 59,28 62,57 9 9DORDUHD�DG XJDW ��PLO�OHL� Qa 10850 10050
10 Profitul aferent cifrei de afaceri (mil lei) Pr 3050 4080 11 Cheltuieli cu personalul (mil lei) Cs 10080 10230 12 Cheltuieli fixe (mil lei) F 6750 8840
13 &RPSR]L LD�WHKQRORJLF �D�FDSLWDOXOXL�IL[ MF
FM ′
14 Cheltuieli cu personalul la 1000 lei CA (lei/1000)
Cs1000
15 Cheltuieli fixe la 1000 lei CA (lei/1000) CF1000
16 3URILWXO�OD���OHX�FLIU �GH�DIDFHUL CA
Pr
17 Profitul pe salariat (mil lei/pers) N
Pr
8.�3H�ED]D�GDWHORU�GLQ�WDEHOXO�GH� OD�DSOLFD LD�QU�����V �VH�VWDELOHDVF �PRGLILFDUHD� SURGXFWLYLW LL� RUDUH� vQ� SULQFLSDOLL� LQdicatori economico-ILQDQFLDUL�úL�V �VH�LQWHUSUHWH]H�LQIOXHQ HOH�DFHVWHLD� 9.�8WLOL]kQG�LQGLFDWRULL�SUH]HQWD L�vQ�WDEHOXO�GH�OD�DSOLFD LD�QU�����V �VH�DQDOL]H]H�IDFWRULDO�HILFLHQ D�UHVXUVHORU�XPDQH�SH�ED]D�SURILWXOXL�SH�VDODULDW��folosind modelele multiplicative.
10.�,QWHUSUHWD L�HFRQRPLF�XUP WRDUHOH�VLWXD LL� a) IWh = 112% unde: :K� �SURGXFWLYLWDWHD�RUDU �D�PXQFLL IT = 98% T �IRQGXO�WRWDO�GH�WLPS�GH�PXQF b) IN = 98% unde: N �QXP UXO�PHGLX�GH�SHUVRQDO IRE = 107% RE = rezultatul exploDW ULL c) ICA = 110% unde: CA = cifra de afaceri ICH = 107% CH = cheltuielile aferente cifrei de afaceri IN = 95% d) IWz = 104% unde: :]� �SURGXFWLYLWDWHD�PHGLH�]LOQLF �D�PXQFLL IWh = 107% e) IWa = 104% unde: Wa = productivitatea meGLH�DQXDO �D�PXQFLL IWh = 101% f) IImax = 98% unde: Tmax = timpul maxim disponibil ITe = 102% Te = timpul efectiv lucrat g) IKi = 104% unde: Ki �FRHILFLHQWXO�LQWU ULORU�GH�SHUVRQDO IKe = 103% Ke �FRHILFLHQWXO�SOHF ULORU�GH�SHUsonal h) INz = 94% unde: Nz = QXP UXO�PHGLX�GH�]LOH� OXFUDWH�GH�R�SHUVRDQ ��������
într-un an IWh = 108% IWa = 109%
ANALIZA GESTIUNII ACTIVELOR FIXE (ILFLHQ D� úL� YLDELOLWDWHD� XQHL� ILUPH� vQWU-R� HFRQRPLH� FRQFXUHQ LDO ��HVWH�DVLJXUDW �úL�GH�P VXUD�vQ�FDUH�DFHDVWD�GLVSXQH�GH�XQ�SRWHQ LDO�PDWHULDO�DO� F UXL� SDUDPHWUL� WHKQLFL� úL� IXQF LRQDOL� FRUHVSXQG� QRLORU� H[LJHQ H� DOH�HFRQRPLHL�GH�SLD � $FHDVWD�SUHVXSXQH�H[LVWHQ D�XQRU�PLMORDFH� WHKQLFH�FRUHVSXQ] WRDUH�FD�YROXP��VWUXFWXU ��FDOLWDWH��FDUH�V �RIHUH�ILUPHL�SRVLELOLWDWHD�UHDOL] ULL�XQHL�SURGXF LL�FDUH�V �DVLJXUH�QHYRLOH�SLH HL�LQWHUQH�úL�LQWHUQD LRQDOH��FRPSHWLWLYH úL�HILFLHQWH� 3ULQFLSDOHOH� SUREOHPH� DOH� DQDOL]HL� XWLOL] ULL� PLMORDFHORU� �DFWLYHORU��IL[H�VXQW�XUP WRDUHOH� � DQDOL]D� YROXPXOXL�� VWUXFWXULL� úL� FDOLW LL� SRWHQ LDOXOXL� WHKQLF� DO� ILUPHL�
�PDWHULDOL]DW� vQ� PLMORDFH� IL[H� SDWULPRQLDOH�� úL� D� UHIOHFW ULL� vQ�performaQ HOH�GH�ED] �DOH�ILUPHL�
� DQDOL]D� SRWHQ LDOXOXL� WHKQLF� �PLMORDFHORU� IL[H�� úL� D� UHIOHFW ULL� vQ�SHUIRUPDQ HOH�HFRQRPLF-financiare ale firmei;
� DQDOL]D�HILFLHQ HL�XWLOL] ULL�PLMORDFHORU�IL[H��FDSLWDOXOXL�IL[��
����$QDOL]D�GLQDPLFLL�úL�VWUXFWXULL�SRWHQ LDOXOXi tehnic Dinamica mijloacelor (activelor) fixe�VH�UHFRPDQG �D�IL�VWDELOLW �DWkW�
SH�ED]D�YDORULL�GH�LQYHQWDU��FkW�úL�SH�VHDPD�YDORULL�PHGLL�DQXDOH� $FHDVW �DQDOL] �HVWH�� vQ�JHQHUDO��R�SUREOHP �LQWHUQ �D� vQWUHSULQGHULL�
GDU�úL�D�FRQFXUHQ HL�FDUH�VHVL]HD] �SH�GH�R�SDUWH�PDWHULDOL]DUHD�LQYHVWL LLORU��LDU� SH� GH� DOW � SDUWH� OHJ WXUD� FX� GLQDPLFD� HIHFWHORU� SH� FDUH� OH� SURGXFH��
7
Aceasta presupune interesul agentului economic privind capacitatea de ILQDQ DUH�� YLV� D� YLV� GH� FRQFXUHQ LL� FHORUODO L� DJHQ L� HFRQRPLFL� FX� DFHODúL�SURILO�úL�GH�SHQHWUDUH�SH�SLD D�LQWHUQ �úL�H[WHUQ �D�SURGXVHORU�VDOH�
ÌQ�DQDOL]D�GLQDPLFLL�YDORULFH�D�PLMORDFHORU�IL[H�VH�DUH�vQ�YHGHUH��DúD�FXP�VH�SUHFL]D�DQWHULRU��DWkW�YDORDUHD�LQL LDO ���GH�LQYHQWDU���FkW�úL�YDORDUHD�medie, acestea fiind actualizate, întrucât efectele economice sunt supuse IOXFWXD LLORU�SUH XULORU��FD�HIHFW�DO�LQIOD LHL��
ÌQ� DQDOL]D� GLQDPLFLL� PLMORDFHORU� IL[H� VH� XUP UHúWH� HYROX LD� YDORULL�PHGLL� �VDX� D� YDORULL� GH� LQYHQWDU�� SH� R� DQXPLW � SHULRDG �� SH� WRWDO� úL� SH�principalele categorii dH�PLMORDFH� IL[H� �R�DWHQ LH�GHRVHELW � VH�YD�GD�DFHORU�FDWHJRULL� GH�PLMORDFH� IL[H� SURGXFWLYH�� GHFL� FDUH� SDUWLFLS � vQ�PRG� GLUHFW� OD�SURFHVXO�GH�SURGXF LH�
'H� SULQFLSLX� VH� UHFRPDQG � FD� GLQDPLFD� PLMORDFHORU� IL[H� V � ILH�FRUHODW �FX�HIHFWHOH�SH�FDUH�OH�SURGXFH��Foncretizate în indicatori de rezultate DL�vQWUHSULQGHULL��FD��FLIUD�GH�DIDFHUL��YDORDUHD�DG XJDW ��SURILWXO�EUXW�HWF�
&X� DMXWRUXO� IXQF LHL� GH� UHJUHVLH�� VH� SRDWH� IDFH� R� H[WUDSRODUH� D�HIHFWXOXL�� YDORDUHD� SUREDELO � VLWXkQGX-se într-R� ]RQ � FX� DPSOLWXGLQH� PDL�mDUH�VDX�PDL�PLF ��ID �GH�YDORDUHD�VHULHL�WHRUHWLFH�
Structura mijloacelor fixe� vQGHSOLQHúWH� R� IXQF LH� LPSRUWDQW � vQ�DQDOL]D�HILFLHQ HL�JHQHUDOH�D�DFHVWRUD��FkW�úL�D�DFWLYLW LL�WRWDOH��úL�DUH�UROXO�GH�D� RULHQWD� HIRUWXO� LQYHVWL LRQDO� F WUH� DFHOH� FDWHJRULL� de mijloace fixe ce SDUWLFLS � QHPLMORFLW� OD� RE LQHUHD� SURGXVHORU� ILQLWH�� D� OXFU ULORU�� VHUYLFLLORU�etc.
2� DVHPHQHD� VWUXFWXU � HVWH� GHILQLW � vQ� OLWHUDWXUD� GH� VSHFLDOLWDWH� FD�ILLQG�FRPSR]L LD�WHKQRORJLF �D�FDSLWDOXOXL�IL[�
ÌQWUH�FRPSR]L LD�WHKQRORJLF �D�FDSLWDOXOXL�IL[�úL�HIHFWHOH�GH�ED] �DOH�SHUIRUPDQ HL� vQWUHSULQGHULL��H[LVW � OHJ WXUL�DWkW�GH� WLS�GHWHUPLQLVW��FkW� úL�GH�tip aleatoriu.
Astfel, cu cât este mai mare ponderea mijloacelor fixe active, cu atât HVWH�PDL�SXWHUQLF �LQIOXHQ D�H[HUFLWDW �DVXSUD�XQRU�LQGLFDWRUL�GH�HILFLHQ �D�PLMORDFHORU� IL[H� �H[LVWkQG� GHVLJXU� R� OLPLW � GXS � FDUH� HILFLHQ D� vQFHSH� V �VFDG ��
&D�HIHFW�GHWHUPLQLVW��VH�SRDWH�IRORVL�XUP WRDUHD�UHOD LH�
⋅=
Mfa
Eg
100
1
Mf
E
sau
100
IaIsIr
⋅=
în care: g = ponderea mijloacelor fixe (productive);
E �HIHFWXO�XWLOL]DW�vQ�FDOFXOXO�GH�HILFLHQ ��YROXPXO�SURGXF LHL��YDORDUHD�DG XJDW ��SURILWXO�EUXW�HWF���
Mf = valoarea medie a mijloacelor fixe; Mfa = valoarea medie a mijloacelor fixe active; Ir �LQGLFHOH�HILFLHQ HL�PLMORDFHORU�IL[H� Is = indicele structurii mijloacelor fixe active; Ia = indicele randamentului mijloacelor fixe active. ([HPSOLILFDUHD�PHWRGRORJLF �LPSOLF �LQIRUPD LLOH�FXSULQVH�vQ�
tabelul 7.1.
Tabelul nr. 7.1
Nr. crt.
INDICATORI Perioada
SUHFHGHQW �
(0)
Perioada FXUHQW
(1) %
1. Cifra de afaceri (mil.lei) 1.800 2.295 +495 127,5 2. Valoarea medie a mijloacelor
fixe (mil.lei) 400 500 +100 125,0
3. - din care, productive (mil.lei) 320 420 +100 131,25 4. Ponderea mijloacelor fixe
productive (%) 80 84 +4 105
5. Cifra de afaceri la 1000 lei mijloace fixe – lei
4.500 4.590 +90 102
6. Randamentul mijloacelor fixe active – lei
5.625 5.464 -160,71 97.14
8WLOL]kQG�UHOD LD��100
IaIsIr
⋅= ��PRGLILFDUHD�HILFLHQ HL�PLMORDFHORU�IL[H�VH�
H[SOLF �DVWIHO� Ir – 100 = 102 – 100 = +2%, din care:
- LQIOXHQ D�VWUXFWXULL�PLMORDFHORU�IL[H�DFWLYH� �,V�– 100 = 105 – 100 = +5% - LQIOXHQ D�LQGLFHOXL�UDQGDPHQWXOXL�PLMORDFHORU�IL[H�SURGXFWLYH��DFWLYH�� �
%3105100
14,97105Is
100
IaIs −=−⋅=−⋅=
5H]XOW � F � VSRULUHD�FLIUHL� GH� DIDFHUL� FH� UHYLQH� OD������ OHL�PLMORDFH�fixH�FX����OHL��HVWH�UH]XOWDWXO��SH�GH�R�SDUWH�DO�FUHúWHULL�SRQGHULL�PLMORDFHORU�
IL[H� DFWLYH� GH� OD� ���� OD� ����� LQIOXHQ kQG� IDYRUDELO� HILFLHQ D� FX� ����OHL������� UHVSHFWLY� ���� LDU� SH� GH� DOW � SDUWH� LQIOXHQ HL� QHIDYRUDELOH� D�HILFLHQ HL�PLMORDFHORU� IL[H� DFWLYH�� FDre a determinat o reducere a cifrei de afaceri la 1000 lei mijloace fixe cu 135 lei, respectiv 3%. 'H� DLFL�� FRQFOX]LD� F � vQWUHSULQGHUHD� D� UHDOL]DW� R� vPEXQ W LUH� D�VWUXFWXULL� PLMORDFHORU� IL[H� SURGXFWLYH�� QX� SH� FDOHD� LQYHVWL LLORU� QRL�� FDUH�presupun active�IL[H�FX�UDQGDPHQWH�VXSHULRDUH��DWkW�FDQWLWDWLY�FkW�úL�FDOLWDWLY��FL�SH�FDOHD�XQRU�WUDQVIHUXUL��FRPDV UL��FDUH�LPSOLF �PLMORDFH�IL[H�FX�JUDG�GH�X]XU �PDUH� (VWH�RSRUWXQ��GLQ�SXQFW�GH�YHGHUH�DO�DQDOL]HL�úL�XUP ULUHD�VWUXFWXULL�PLMORDFHORU� IL[H� SH� YkUVW �� FDUH� HYLGHQ LD] � QLYHOXO� ED]HL� WHKQLFH� D�SURGXF LHL��GLQDPLFD�SURFHVXOXL�GH�vQORFXLUH��UHvQQRLUHD�úL�O UJLUH�D�HL� 'H� DVHPHQHD�� SUH]LQW � LQWHUHV� úL� VLWXD LD� PRGHUQL] ULL� XWLODMHORU�(utilaje modernizate, utilaje vechi, utilaje nemodernizate). Starea mijloacelor fixe� VH� DSUHFLD] � FX� DMXWRUXO� XUP WRULORU�indicatori: � JUDGXO�GH�X]XU ��FDUH�VH�VWDELOHúWH�SH�WRWDO�PLMORDFH�IL[H�úL�SH�FDWHJRULL��
OD�vQFHSXWXO�SHULRDGHL�úL�VIkUúLWXO�SHULRDGHL��FRQIRUP�UHOD LHL�
inventardevaloare
fixermijloaceloaamortizareuzurdegrad =
Cu cât valoarea gradului de uzXU �VH�UHGXFH��VWDUHD�PLMORDFHORU�IL[H�VH�vPEXQ W HúWH� � JUDGXO�GH�UHvQQRLUH��FDUH�VH�VWDELOHúWH�GXS �UHOD LD�
fixermijloaceloamedievaloarea
investitiiprinintratenoifixermijloacelovaloareareînnoiredegrad =
6WDUHD�PLMORDFHORU� IL[H��VH�DSUHFLD] �DWkW�SULQWU-R�DQDOL] �VHSDUDW �D�DFHVWRU� GRL� LQGLFL�� FkW� úL� SULQWU-R� DQDOL] � FRUHODW � D� DFHVWRUD� �GLQDPLFD�FRHILFLHQWXOXL�GH�UHvQQRLUH�V �ILH�FkW�PDL�DSURSLDW �GH�DFHHD�D�FRHILFLHQWXOXL�GH�X]XU �� 'H� UHJXO �� FRHILFLHQWXO� GH� UHvQQRLUH� HYLGHQ LD] � vQORFXLUHD�PLMORDFHORU� IL[H� YHFKL� FX� FHOH� QRL�� FDUH� SUHVXSXQ� SHUIRUPDQ H� VXSHULRDUH��Dar acest proces de reînnoire nu poate fi limitat numai la raportul valoric, ci WUHEXLH�vQWUHJLW�FX�DVSHFWH�OHJDWH�GH�SHUIRUPDQ H�FDUH�LQIOXHQ HD] �FDQWLWDWLY�úL�FDOLWDWLY�vQWUHDJD�DFWLYLWDWH�HFRQRPLF �D�vQWUHSULQGHULL��UDQGDPHQW��GXUDW �GH�IXQF LRQDUH��VDWLVIDFHUHD�FHULQ HORU�HFRQRPLFH�HWF���
����$QDOL]D�XWLOL] ULL�SRWHQ LDOXOXL�WHKQLF��PLMORDFHORU�IL[H� 2� DVHPHQHD� DQDOL] � YL]HD] � XWLOL]DUHD� H[WHQVLY � úL� LQWHQVLY � D�PLMORDFHORU�IL[H�FRUSRUDOH�SH�GH�R�SDUWH�úL�UHIOHFWDUHD�DFHVWRUD�vQ�LQGLFDWRULL�GH�SHUIRUPDQ �DL�vQWUHSULQGHULL��SH�GH�DOW �SDUWH� ÌQ� DQDOL]D� SHQWUX� DSUHFLHUHD� XWLOL] ULL� WLPSXOXL� GH� OXFUX� DO�HFKLSDPHQWXOXL�LQGXVWULDO��VH�IRORVHVF�XUP WRULL�LQGLFDWRUL� � JUDGXO�GH�SURJUDPDUH�úL�IRORVLUH�D�IRQGXOXL�GH�WLPS�FDOHQGDULVWLF� � gradul de utilizare a fondului de timp maxim disponibil.
,QGLFDWRULL�DPLQWL L�VH�GHWHUPLQ ��GXS �XUP WRDUHOH�UHOD LL� � gradul de programare:
0
max
T
TGp =
� gradul de folosire a fondului de timp maxim disponibil:
max
1
T
TmaxG =
� gradul de folosire a fondului de timp disponibil:
0
1
T
TGf =
Acest lucru se poate analiza la nivelul echipamentului industrial, pe JUXSH�GH�XWLODMH�VDX�OD�QLYHOXO�ILHF UXL�XWLODM�LQGXVWULDO� ÌQ� FRQGL LLOH� SUHOXFU ULL� DXWRPDWH� D� GDWHORU�� VH� FUHHD] � SRVLELOLWDWHD�ca centrele de suprDYHJKHUH�úL�UHJODUH�V �RIHUH�LQIRUPD LL�LPHGLDWH�úL�H[DFWH�D� DFHVWRU� LQGLFDWRUL� úL� FDX]HOH� FDUH� DX� GHWHUPLQDW� QHvQFDGUDUHD� IRORVLULL�WLPSXOXL�GH�OXFUX�DO�XWLODMHORU�vQ�SDUDPHWULL�VWDELOL L� &HULQ D�HVWH�FD�JUDGXO�GH�IRORVLUH�D�WLPSXOXL�GH�OXFUX�V �ILH�FkW mai aproape de cel maxim disponibil, întrucât se va concretiza favorabil în YROXPXO�SURGXF LHL�H[HFXWDWH�DWkW�FDQWLWDWLY�FkW�úL�VXE�UDSRUWXO�FDOLWDWLY� &DX]HOH�IUHFYHQWH�FDUH�GHWHUPLQ �XWLOL]DUHD�LQFRPSOHW �D�IRQGXOXL�GH�timp maxim disponibil sunt: defecWHOH� PHFDQLFH� úL� HOHFWULFH�� OLSVD� GH�PDWHULDOH��OLSVD�GH�FRPHQ]L��SUHOXQJLUHD�WLPSXOXL�SHQWUX�UHSDUD LL�HWF� )RORVLUHD� H[WHQVLY � D� PLMORDFHORU� IL[H� FRUSRUDOH� SUHVXSXQH� úL�UHVSHFWDUHD�UHJLPXOXL�VFKLPE ULORU�vQ�VWDELOLUHD�F UXLD� WUHEXLH�V �VH�DLE � vQ�vedere� UHVWULF LLOH� OHJDWH� GH� GHVI úXUDUHD� SURGXF LHL�� GH� UDQGDPHQW�� GH�economicitate în consumul energiei etc. 'H� DVHPHQHD�� VH� XUP UHVF� DVSHFWHOH� OHJDWH� GH� JUDGXO� GH� IRORVLUH� D�parcului inventar.
3HQWUX� D� HYDOXD� PDL� FRUHFW� LPSRUWDQ D� XWLOL] ULL� H[WHQVLYH� HVWH QHFHVDU � R� FXDQWLILFDUH� D� IRORVLULL� WLPSXOXL� GH� OXFUX�� XWLODMHORU� DVXSUD�SULQFLSDOLORU� LQGLFDWRUL� DL� SHUIRUPDQ HORU� HFRQRPLFR-financiare, utilizând XUP WRDUHOH�UHOD LL� 1. –�DVXSUD�PRGLILF ULL�YDORULL�SURGXF LHL�PDUI �IDEULFDW ��RE LQXW ��GHVWLQDW �
OLYU Uii):
( ) 0011 hrttN ⋅− , unde: N �QXP UXO�GH�XWLODMH� t �QXP UXO�GH�RUH�XWLODM� r h = randamentul mediu orar. 2. –�DVXSUD�PRGLILF ULL�YDORULL�DG XJDWH�DIHUHQWH�SURGXF LHL�IDEULFDWH�
( )0
00011 Qf
QahrttN ⋅⋅−
3. – asupra modifiF ULL�FLIUHL�GH�DIDFHUL�DIHUHQWH�DFWLYLW LL�GH�ED] �
( )0
00011 Qf
CAhrttN ⋅⋅−
4. – asupra sumei profitului brut
( ) 0
0
00011 r
Qf
CAhrttN ⋅⋅⋅− ,
în care: 0
00
CA
Pbr =
5. –�DVXSUD�FKHOWXLHOLORU�FX�DPRUWL]DUHD�OD������OHL�SURGXF LH�PDUI �IDEULFDW �
1000hrtN
A1000
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0 ×⋅⋅
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$QDOL]D�XWLOL] ULL� LQWHQVLYH�D�PLMORDFHORU� IL[H��SRDWH� IL�FDUDFWHUL]DW �FX�DMXWRUXO�XUP WRULORU�LQGLFDWRUL� (a) JUDGXO�GH�XWLOL]DUH�D�FDSDFLW LL�GH�SURGXF LH��FDUH�VH�GHWHUPLQ �FD� UDSRUW� vQWUH� SURGXF LD� SUHY ]XW � úL� UHVSHFWLY� RE LQXW � úL� FHD� PD[LP ��FRQIRUP�UHOD LHL�
maxQ
QCp =
6H�GHWHUPLQ �XQ�JUDG�GH�XWLOL]DUH�SURJUDPDW�
maxQ
Q0 �úL�XQ�JUDG�GH�
utilizare efectiv
maxQ
Q1 ��GHRDUHFH�IRORVLUHD� LQWHJUDO � VH�FRQFUHWL]HD] � vQ�
LQGLFDWRULL�GH�SHUIRUPDQ �DL�vQWUHSULQGHULL� (b) LQGLFHOH�GH�XWLOL]DUH�LQWHQVLY ��FDUH�VH�GHWHUPLQ �FRQIRUP�UHOD LHL�
TK
QIn ⋅
=
unde: In �LQGLFHOH�GH�XWLOL]DUH�LQWHQVLY � Q = volumul SURGXF LHL� K �FDUDFWHULVWLFD�GLPHQVLRQDO �D�XWLODMXOXL� T �WLPSXO�GH�IXQF LRQDUH�D�XWLODMXOXL� 'H�DVHPHQHD��VH�GHWHUPLQ �XQ�LQGLFH�GH�XWLOL]DUH�LQWHQVLY �SURJUDPDW�úL�XQXO�HIHFWLY��SHQWUX�D�VHVL]D�FDUH�VXQW�UH]HUYHOH�IRORVLULL�FRPSOHWH�D�FDSDFLW LL��HYLGHQW� LQkQGX-VH�VHDPD�GH�FHUHUHD�SH�SLD �D�SURGXF LHL���FDUH�VH�UHIHU �OD� � H[LVWHQ D�XQRU�ORFXUL�vQJXVWH� � IRORVLUHD�FDSDFLW LORU�QRL�LQWUDWH�vQ�IXQF LXQH� � H[LVWHQ D�XQRU�GHIHF LXQL�vQ�DSURYL]LRQDUHD�FX�PDWHULDOH� � GHS úLUHD�WHUPHQXOXL�DIHUHQW�UHSDUD Lilor etc.
$FHVW�LQGLFDWRU�VHVL]HD] �IDSWXO�GDF �XWLODMXO�UHVSHFWLY�IXQF LRQHD] �OD� SDUDPHWULL� SURLHFWD L�� GDF � WLPSXO� GH� IXQF LRQDUH� DO� XWLODMXOXL� VH�vQFDGUHD] � vQ� OLPLWHOH� SUHY ]XWH� úL� FDX]HOH� FH� DX� GHWHUPLQDW� DFHDVW �neîncadrare etc, lucru foarte importaQW��vQWUXFkW�DFHDVW �XWLOL]DUH�LQWHQVLY �VH�UHIOHFW �vQ�FDQWLWDWHD�úL�FDOLWDWHD�SURGXF LHL�RE LQXWH�
(c) randamentul utilajelor�� FDUH� UHSUH]LQW � FDQWLWDWHD� �IL]LF � VDX�YDORULF ��GH�SURGXF LH�SH�XQLWDWH�D�IDFWRUXOXL��XWLOL]DW��FDUH�SRDWH�IL�H[SULPDW�fie în QXP UXO�GH�HFKLSDPHQWH��XWLODMH��ILH�SULQ�WLPSXO�GH�OXFUX�DO�DFHVWRUD��
5HOD LD�GH�GHWHUPLQDUH�D�UDQGDPHQWXOXL�XWLODMHORU�HVWH�
T
Qsau
N
Qr =
în care: r = randamentul mediu (anual sau pe unitate de timp); Q �YDORDUHD�SURGXF LHL� N �QXP UXO�Ge utilaje; T �WLPSXO�GH�IXQF LRQDUH�DO�XWLODMHORU�
,QHJDOLWDWHD� GLQWUH� UDQGDPHQWXO� HIHFWLY� úL� FHO� SURJUDPDW� �VDX� FHO� DO�SHULRDGHL� SUHFHGHQWH��� H[SULP � HILFLHQ D� XWLOL] ULL� HFKLSDPHQWHORU�� LDU� vQ�cazul randamentului valoric intervine modificarea structurLL�SURGXF LHL� úL� D�SUH XULORU� �DWXQFL� FkQG� QX� HVWH� DVLJXUDW � R� FRPSDUDELOLWDWH� D� SUH XULORU�IRORVLWH�vQ�H[SULPDUHD�SURGXF LHL�� 6H� SRDWH� GHWHUPLQD� úL� UDQGDPHQWXO� PDUJLQDO� FDUH� HVWH� HJDO� FX�UDSRUWXO�GLQWUH�YDULD LD�SURGXF LHL��4��úL�YDULD LD�IDFWRUXOXL�XWLlizat (X), care are mai mult caracter conceptual –�PDQDJHULDO�úL�PDL�SX LQ�IRORVLUH�SUDFWLF �ULJXURDV � /HJ WXUD� GLQWUH� PRGXO� GH� XWLOL]DUH� H[WHQVLY � úL� LQWHQVLY � HVWH�UHSUH]HQWDW � SULQ� YDORDUHD� SURGXF LHL�� H[SULPDW � vQ� IXQF LH� GH� QXP UXO� GH�utilaje, timpuO�PHGLX�OXFUDW�GH�XQ�XWLODM�úL�UDQGDPHQWXO�PHGLX�
8WLOL]kQG�UHOD LD�� rtNQ ⋅⋅= ��PRGLILFDUHD�YDORULL�SURGXF LHL��FD�HIHFW�DO�XWLOL] ULL�H[WHQVLYH�úL�LQWHQVLYH��VH�H[SOLF �DVWIHO�
Q1 – Q0 = 135615,36 ⋅ 615,36 – 150.000 = -14.384,64 mil.lei � infOXHQ D�QXP UXOXL�GH�XWLODMH�
( ) ( ) 000.12000.500000.65046rtNN 0001 −=⋅⋅−=⋅− mil.lei � LQIOXHQ D�QXP UXOXL�PHGLX�de ore utilaj pe utilaj:
( ) ( ) 840.1000.500000.6920.546rttN 0011 −=⋅−=⋅− mil lei � LQIOXHQ D�UDQGDPHQWXOXL�PHGLX�SH�RU �
( ) ( ) 640.544000.500000.498920.546rrtN 0111 −=−⋅=−⋅ mil.lei 6H� FRQVWDW � F � VXQW� UH]HUYH� QHIRORVLWH� DWât din punct de vedere al XWLOL] ULL�H[WHQVLYH��FkW�úL�GLQ�SXQFW�GH�YHGHUH�LQWHQVLY� &DX]HOH�FDUH�SRW�GHWHUPLQD�DVHPHQHD�VLWXD LL��SRW�IL� ♦ QHPRQWDUHD� XWLODMHORU� H[LVWHQWH� úL� UHVSHFWLY� QHIXQF LRQDUHD� FHORU�
instalate; ♦ GHS úLUHD� WHUPHQXOXL� GH� H[HFXWDUH� D� LQYHVWL LLORU� QHFHVDUH� DIHUHQWH�
KDOHORU�vQ�FDUH�WUHEXLHVF�LQVWDODWH�XWLODMHOH�DFKL]L LRQDWH� ♦ IRORVLUHD�LQFRPSOHW �D�WLPSXOXL�GH�OXFUX�DO�XWLODMHORU�GLQ�GLIHULWH�FDX]H��
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♦ folRVLUHD� QHUD LRQDO � D� XWLODMHORU� FX� UHSHUFXVLXQL� QHJDWLYH� DVXSUD�randamentului mediu etc.;
2� SUREOHP � LPSRUWDQW � R� FRQVWLWXLH� úL� XWLOL]DUHD� HILFLHQW � D�
VXSUDIH HORU�GH�SURGXF LH.
$QDOL]D� XWLOL] ULL� HILFLHQWH� D� VXSUDIH HORU� GH� SURGXF LH� VH� SRDWH�realiza folRVLQG�XUP WRDUHOH�PRGHOH�
I. S
rtN
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Q 1 ⋅⋅=
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S
Q∆
II. rtS
N
T
Q
N
T
S
N
S
Q ⋅⋅=⋅⋅=
în care:
S
N� � JUDGXO� GH� vQF UFDUH� DO� VXSUDIH HORU� GH� SURGXF LH� �QXP UXO� GH�
utilaje ce revin la 100 sau 1000 m2). 0RGHOXO�IDFWRULDO�VH�SUH]LQW �DVWIHO�
S
Q∆
'H� PHQ LRQDW� F � XQ� DVHPHQHD� PRGHO� VHVL]HD] � QX� QXPDL� GDF �vQWUHSULQGHUHD� D� UHVSHFWDW� JUDGXO� GH� XWLOL]DUH� DO� VXSUDIH HORU� GH� SURGXF LH��JUDG�FDUH�LPSOLF �SH�OkQJ �UHVSHFWDUHD�SDUDPHWULORU�SURLHFWD L�úL�UHVSHFWDUHD�UHJXOLORU� SULYLQG� SURWHF LD� ORFXOXL� GH� PXQF �� FL� úL� LPSOLFD LLOH� DFHVWRU�QHUHVSHFW UL� DVXSUD� FDQWLW LL� úL� FDOLW LL� SURGXF LHL� RE LQXWH�� FD� IDFWRU� FX�DF LXQH� GLUHFW � FkW� úL� LQIOXHQ D� LQGLUHFW � �R� QHUHVSHFWDUH� D� JUDGXOXL� GH�vQF UFDUH�D�VXSUDIH HORU�GH�SURGXF LH�DUH�LPSOLFD LL�DVXSUD�QXP UXOXL�PHGLX�GH� RUH� SH� XWLODM�� DVXSUD� UDQGDPHQWXOXL� PHGLX�� DVXSUD� FDOLW LL� SURGXF LHL�RE LQXWH��
∆S
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t∆
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t∆
r∆
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N∆
t∆
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0RGLILFDUHD� �FUHúWHUHD� VDX� VF GHUHD�� UDQGamentului mediu al XWLODMHORU�� VH� UHIOHFW � vQ� XUP WRULL� LQGLFDWRUL� HFRQRPLFR-financiari ai întreprinderii:
(1) $VXSUD�YDORULL�SURGXF LHL�IDEULFDWH ( )011 rrT −
(2) $VXSUD�YDORULL�DG XJDWH�DIHUHQWH�SURGXF LHL�PDUI �IDEULFDW
( )0
0011 Qf
QarrT ⋅− sau în mod direct:
T1(r1 – r0), în care:
T
Qar =
(3) $VXSUD�FLIUHL�GH�DIDFHUL�DIHUHQWH�DFWLYLW LL�GH�ED] �
( )0
0011 Qf
CArrT ⋅−
(4) $VXSUD�SURILWXOXL�DIHUHQW�SRWHQ LDO� (a) SULQ�YDORDUHD�SURGXF LHL�PDUI �
( ) 0011 prrrT ⋅− în care:
∑∑−=
00
000 pq
cq1pr
(b) prin intermediul cheltuielilor cu amortizarea:
1101
0
11
0 pqrT
A
rT
A ∑⋅
−−
(5) $VXSUD�FRVWXULORU�FX�DPRUWL]DUHD�OD������OHL�SURGXF LH�PDUI �
1000rT
A
rT
A
01
0
11
0 ⋅
−
(6) Asupra profitului brut aferent cifrei de afaceri din activitatea de ED] �
(a) prin valoarea cifrei de afaceri
( ) 00
0011 pr
Qf
CArrT ⋅⋅−
(b) SULQ�LQWHUPHGLXO�FKHOWXLHOLORU�OD���OHX�FLIU �GH�DIDFHUL
∑∑∑ ⋅
−− 11
01
00
11
00 pqrT
cq
rT
cq
în care:
T
qpr ∑=
(c) prin costurile cu amortizarea
0
00
01
0
11
0
Qf
CAQf
rT
A
rT
A ⋅⋅
−
����$QDOL]D�HILFLHQ HL�XWLOL] ULL�DFWLYHORU fixe 3HQWUX�FDUDFWHUL]DUHD�HILFLHQ HL�XWLOL] ULL�PLMORDFHORU� IL[H� �FDSLWDOXUL�IL[H��VH�XWLOL]HD] �XQ�VLVWHP�GH�LQGLFDWRUL��FDUH�VXUSULQG�PXOWLSOH�HIHFWH�DOH�XWLOL] ULL�HILFLHQWH�D�PLMORDFHORU�IL[H��úL�DQXPH� D�� YDORDUHD� SURGXF LHL� IDEULFDWH� FH� UHYLQH� Oa 1000 lei mijloace fixe �LQGLFDWRU�FH�VH�FRUHOHD] �FX�FDSDFLWDWHD�GH�SURGXF LH��FDUH�VH�GHWHUPLQ �SH�ED]D�UHOD LHL�
1000M
Qf
f
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E�� YDORDUHD� DG XJDW � FH� UHYLQH� OD� ����� OHL� PLMORDFH� IL[H�� FRQIRUP�UHOD LHL�
1000Mf
Qa ⋅ , indicator ce UHIOHFW � OHJ WXUD� GLQWUH� FDSDFLWDWHD� IDFWRULORU�
SURGXF LHL�GH�D�FUHD�úL�DG XJD��YDORDUH�EXQXULORU�úL�VHUYLFLLORU� F�� FLIUD� GH� DIDFHUL� DIHUHQW � DFWLYLW LL� GH� ED] � FH� UHYLQH� OD������ OHL�mijloace fixe:
1000Mf
CA ⋅ ��FDUH�HYLGHQ LD] �OHJ WXUD�GLQWUH�XWLOL]DUHD�HILFLHQW �D�PLMORDFHORU�
IL[H�úL�UH]XOWDWHOH�ILQDOH�DOH�DFWLYLW LL�GH�SURGXF LH��GHFL�QX�QXPDL�FRUHOD LD�GLQWUH� XWLOL]DUHD� PLMORDFHORU� IL[H� vQ� FDSDFLWDWHD� GH� SURGXF LH�� FL� úL� DVXSUD�DVSHFWHORU� FDOLWDWLYH� DOH� SURGXF LHL�� FRQFUHWL]DWH� vQ� UHGXFHrea soldurilor IDFWXUL��HPLVH�úL�QHvQFDVDWH��
d) profitul brut ce revine la 1000 lei mijloace fixe:
1000Mf
Pr ⋅ � � LQGLFDWRUL� FDUH� UHIOHFW � PRGXO� vQ� FDUH� HILFLHQ D� XWLOL] ULL�
PLMORDFHORU� IL[H� VH� FRQFUHWL]HD] � vQ� FUHúWHUHD� FLIUHL� GH� DIDFHUL�� Ueducerea FRVWXULORU� SH� SURGXV� úL� vPEXQ W LUHD� FDOLW LL� SURGXF LHL�� DVLJXUkQG� R�VWUXFWXU �D�FLIUHL�GH�DIDFHUL�FX�UDSRUWXO�FHUHUH-RIHUW � $QDOL]D� HILFLHQ HL� XWLOL] ULL� PLMORDFHORU� IL[H� SH� ED]D� DFHVWRU�indicatori, se poate realiza separat, modificarea�P ULmii�ILHF UXL�LQGLFDWRU�GH�HILFLHQ � fiind� UH]XOWDWXO� QHUHVSHFW ULL� FRUHOD LHL� GLQWUH� ULWPXO� GH� FUHúWHUH� D�LQGLFDWRUXOXL� FDUH� H[SULP � HIHFWXO� XWLOL] ULL� PLMORDFHORU� IL[H� �YDORDUHD�DG XJDW �� FLIUD� GH� DIDFHUL� úL� SURILWXO� EUXW�� úL� ULWPXO� GH� FUHúWHUH� D� YDORULL�PLMORDFHORU�IL[H��FDUH�UHSUH]LQW �HIRUWXO�DJHQWXO�HFRQRPLF��
$SOLFD LL�úL�vQWUHE UL 1.� 6 � VH� FXDQWLILFH� XWLOL]DUHD� WLPSXOXL� GH� OXFUX� DO� XWLODMHORU� DVXSUD�principalilor indicatori economico-ILQDQFLDUL�úL�V �VH�LQWHUSUHWH]H�LQIOXHQ HOH�
Nr. crt.
Indicatori Simbol P0 P1
1. 1XP UXO�GH�XWLODMH N 124 132 2. 1XP UXO�GH�RUH�SH�XWLODM��RUH� t 14200 15700 3. Randamentul mediu orar (lei) rh0 1200 1260 4. 3URGXF LD�IDEULFDW ��PLO�OHL� Qf 2112,96 2611,224
5. 9DORDUHD� DG XJDW � DIHUHQW � SURGXF LHL�fabricate (mil lei)
Qa 845 1175
6. Cifra de afaceri (mil lei) CA 2400 2680 7. Suma profitului (mil lei) Pb 480 482,4 8. 3URILWXO�OD���OHX�FLIU �GH�DIDFHUL r 0,2 0,18
9. Cheltuieli cu amortizarea la 1000 lei SURGXF LH�PDUI �IDEULFDW ��OHL�����)
Ca1000 5 4
10. 6XSUDID D�GH�SURGXF LH��P2) S 6000 6500
2.� 8WLOL]kQG� GDWHOH� GLQ� WDEHOXO� SUHFHGHQW�� V � VH� GHWHUPLQH� PRGLILFDUHD�YDORULL�SURGXF LHL�IDEULFDWH��FD�HIHFW�DO�XWLOL] ULL�H[WHQVLYH�úL�LQWHQVLYH�D�PLMORDFHORU�IL[H��6 �VH�LQWHUSUHWH]H�HFRQRPLF�UH]XOWDWHOH�RE LQXWH� 3.� 6 � VH� HIHFWXH]H� DQDOL]D� XWLOL] ULL� VXSUDIH HORU� GH� SURGXF LH� SH� ED]D�GDWHORU�GLQ�WDEHOXO�SUHFHGHQW��,QWHUSUHWDUHD�HFRQRPLF �D�UH]XOWDWHORU� 4.�6 �VH�VWDELOHDVF �LQIOXHQ D�PRGLILF ULL�UDQGDPHQWXOXL�PHGLX�DO�XWLODMHORU�în principalii indicatori economico-financiari (tabelul precedent). 5.� 6 � VH� GHWHUPLQH� LQIOXHQ D� ÄJUDGXOXL� GH� vQF UFDUH� D� VXSUDIH HORU� GH�
SURGXF LH´�
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8
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3HQWUX� VROX LRQDUHD� XQRU� DVHPHQHD� DVSHFWH� GDWHOH� IRORVLWH� SRW� IL�VWUXFWXUDWH�GXS �XUP WRUXO model prezentat în tabelul 8.1
Tabelul 8.1 din care:
din care: Nr. crt.
Denumirea principa-
lelor materii prime
U/M
Aprovi-zionat în
peri-oada ..
import export F1 F2 F3
0 X Z 1 2 3 4 5 6 1 2 3 4 5
A B C D E
to to to to to
2.700 1.140
150 1.126
145
700 1.110
10 1
15
2.000 30
140 1.125
130
1.800 30
140 -
120
150 - -
1.100 10
50 - -
25 -
6 Total to 5.261 1.836 3.425 2.090 1.260 75
Din datele respective rezult � � LPSRUWXO� UHSUH]LQW � SHVWH� ���� GLQ� WRWDOXO� DSURYL]LRQ ULORU�� FHHD� FH�
vQVHDPQ �GHSHQGHQ D�ID �GH�DFHDVW �SLD � � SLD D� LQWHUQ �HVWH�VHJPHQWDW �SH�PDL�PXO L�IXUQL]RUL�� ILHFDUH�GH LQkQG�R�
DQXPLW �SRQGHUH�vQ�DSURYL]LRQDUHD�PDWHULDOHORU� � pentru fiecare materiDO�H[LVW �PDL�PXOWH�VXUVH�GH�DSURYL]LRQDUH��FHHD�FH�
FRQVWLWXLH� R� DQXPLW � JDUDQ LH� vQ� SRVLELOLWDWHD� DVLJXU ULL� UHVXUVHORU�materiale.
ÌQ�DFWLYLWDWHD�SUDFWLF �R�DVHPHQHD�VLWXD LH�SRDWH�IL� vQWRFPLW �SHQWUX�
“evaluarea necesarului de aprovizionat” într-un interval de timp (col.1) iar coloanele 2-��V �FXSULQG �FDQWLW LOH�FRQWractate sau posibile de contractat. 3ULQ�DFHDVWD��vQ�FDGUXO�VWXGLLORU�GH�IH]DELOLWDWH��GH�H[HPSOX���VH�HYLGHQ LD] �SRVLELOLW LOH� GH� DVLJXUDUH� D� UHVXUVHORU� PDWHULDOH� QHFHVDUH� UHDOL] ULL�obiectivelor strategice.
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� FDQWLWDWHD�SRVLELO �GH�OLYUDW�vQWU-un interval de timp; � FDOLWDWHD� �FDUDFWHUL]DW prin elemente specifice� GRPHQLXOXL� úL�
materialelor); � FRQGL LLOH�GH�WUDQVSRUW�úL�SODW � � HYHQWXDOHOH�ERQLILFD LL�HWF� &RPSDUWLPHQWXO� GH� VSHFLDOLWDWH�� vQ�PRG� QRUPDO�� WUHEXLH� V � GLVSXQ �
GH� R� ED] � GH� GDWH� FDUH� V � FXSULQG � WR L� IXUQL]RULL� SRWHQ LDOL� FDUH� SRW� IL DERUGD L��&X� DMXWRUXO� FDOFXODWRUXOXL� VH� SRDWH� SUH]HQWD�R� OLVW � D� IXUQL]RULORU�SHQWUX�ILHFDUH�PDWHULDO��VWUXFWXUDW �vQ�WDEHOXO�����
Tabelul 8.2 Cantitatea ������� ��� � �
livrat într-un lot
Nr. crt.
� ��� �� � � �� �
��� ���mediu
realizat - lei -
��� ���solicitat
de furnizori
min. max.
Mode de ��� ���
Calitate în raport de necesar
� ���� ��� � � �
0 A 1 2 3 4 5 6 7 1. material A 800.000
F1 F2
... Fn
900.000 850.000
... 870.000
100 200
... 50
4.500 8.000
... 6.000
Cec virament
... Cec sau
dispo ��� � �� �! #" $&%
superior corespunde
... inferior
transp. CFR transp.
CFR+ + auto
...
transp.
CFR + auto
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a necesarului de consum 'HVI úXUDUHD� QRUPDO � D� SURFHVXOXL� GH� DSURYL]LRQDUH� QX� VH� SRDWH�UHDOL]D� I U � XQ� SURJUDP�� XQ� SODQ� GH� DSURYL]LRQDUH�� FDUH� V � SUHYDG �DVLJXUDUHD�QHFHVDUXOXL�FHO�SX LQ�SHQWUX�XQ�DQ��HYLGHQW�� vQ�FRQGL LLOH� vQ�FDUH�VH�FXQRDúWH� FH�VH�YD�SURGXFH���'H�PRGXO� vQ� FDUH� VH�GHUXOHD] �SURFHVXO�GH�DSURYL]LRQDUH� GHSLQGH� FRQVWLWXLUHD� UH]HUYHORU� PDWHULDOH� úL� ULWPLFLWDWHD�SURGXF Lei. $QDOL]D�GHVI úXU ULL�SURFHVXOXL�GH�DSURYL]LRQDUH�SRDWH�IL�VWUXFWXUDW �pe mai multe probleme, cum ar fi: � acoperirea cu contracte a necesarului de aprovizionat; � UHDOL]DUHD� SURJUDPXOXL� GH� DSURYL]LRQDUH� SH� WRWDO� úL� SH� SULQFLSDOHOH�
resurse materiale; � asiguUDUHD�QHFHVDUXOXL�SHQWUX�SURGXF LH�
Activitatea de vânzare-FXPS UDUH� WUHEXLH� V � VH�GHVI úRDUH� vQ�� úL� SH�ED]D�XQXL�FDGUX�MXULGLF��vQ�FDUH�FRQWUDFWXO�WUHEXLH�V �FRQVWLWXLH�XQ�LQVWUXPHQW�SULQFLSDO�� 'H� DFHHD�� FRQWUDFWDUHD� QHFHVDUXOXL� GH� DSURYL]LRQDW� UHSUH]LQW o SUHPLV �HVHQ LDO �D�DVLJXU ULL�UHVXUVHORU�PDWHULDOH�
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,QIRUPD LLOH� GLQ� ED]D� GH� GDWH� �FDUH� VH� DFWXDOL]HD] � vQ� PRPHQWXO�SURGXFHULL�XQHL�PRGLILF UL��SHUPLW�XWLOL]DWRUXOXL�VWUXFWXUDUHD�ORU�vQ�UDSRUW�GH�FHULQ H�� $VWIHO�� SHQWUX� D� XUP UL� HYROX LD� SURFHVXOXL� GH� FRQWUDFWDUH� D�necesarului de resurse, datele pot fi prezentate potrivit modelului din tabelul 8.3.
Tabelul 8.3 Contractat la începutul* Nr.
crt.
Denumirea materialelor principale
U/M Necesar de aprovizionat Tr. I Tr.II Tr.III Tr.IV
1. 2. 3. 4. 5.
A B C D E
to to to to to
2.000 130 40
120 50
1.500 35 40 30
-
2.000 125 40
130 40
2.000 125
40 130 40
2.000 125 60
150 40
6. Total to 2.340 1.605 2.230 2.335 2.375
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Denumire material: A Tabelul 8.4
Asigurarea necesarului
Stoc Nr. crt.
,QWU UL U/M Data &DQWLW L zile FDQWLW L LQL LDO final
1. 2. 3. 4.
- I II III
kg. kg. kg. kg.
- 5
18 28
- 400 400 600
3 10 10 2
120 400 400 80
120 - - -
- - -
520 5. x 1.400 25 1.000 120 520
1RW : Necesar lunar 1.200 Kg; necesar zilnic 40 kg; perioada (luna, WULPHVWUXO�� SHQWUX� FDUH� VH� IDFH� DQDOL]D� VH� DOHJH� vQ� IXQF LH� GH� IUHFYHQ D�FRQVXPXOXL�úL�LQWHUYDOXO�PHGLX�vQWUH�GRX �DSURYL]LRQ UL� 'LQ�DFHVW�H[HPSOX�UH]XOW �IDSWXO�F �GHúL�FDQWLWDWHD�LQWUDW �GHS úHúWH�QHFHVDUXO�OXQDU�FX�SHVWH����������.J���DFHVWD�D�IRVW�DVLJXUDW�vQ�SURSRU LH�GH�numai 83% (1000/1200 ×�������FHHD�FH�D�FRQGXV�OD�FUHúWHUHD�VWRFXOXL�ILQDO�GH�SHVWH���RUL��2�DVHPHQHD�VLWXD LH�HVWH�HIHFWXO�QHULWPLFLW LL�DSURYL]LRQ ULL��respectiv a nereVSHFW ULL� GH� F WUH� IXUQL]RUL� D� WHUPHQHORU� GH� OLYUDUH�� 2U�� vQ�FRQGL LLOH�vQ�FDUH�DVWIHO�GH�IHQRPHQH�DX�R�H[WLQGHUH�vQ�PDL�PXOWH�SHULRDGH��IDFWRULL� GH� GHFL]LH� WUHEXLH� V � DF LRQH]H� SHQWUX� HOLPLQDUHD� FDX]HORU� FDUH� DX�SURGXV�GHUHJO UL� 8.3 Analiza stocurilor de materiale 3ULQ� QDWXUD� OXL�� RULFH� VWRF� GH�PDWHULDOH� UHSUH]LQW � R� LPRELOL]DUH� GH�YDORUL�� GH� FDSLWDO�� )XQF LLOH� SH� FDUH� OH� vQGHSOLQHVF� vQ� SURFHVXO� FLUFXOD LHL�FDSLWDOXOXL��GHWHUPLQ �SROLWLFD�SH�FDUH�R�DGRSW �ILUPD��vQ�JHVWLXQHD�VWRFXULORU�de materiale, vQ�FDUH�GLPHQVLXQHD�DFHVWRUD�SUH]LQW �R�LPSRUWDQ �GHRVHELW � Analiza stocurilor de materiale în cadrul dat al unei firme, sub aspect PHWRGRORJLF�YL]HD] �PDL�PXOWH�DVSHFWH��$VWIHO��R�SULP �SUREOHP �VH�UHIHU �OD� HYROX LD� VWRFXULORU� FRPSDUDWLY� FX� FLIUD� GH� DIDFHUL�� DúD� GXS � FXP� VH�SUH]LQW �vQ�WDEHOXO�����
Tabelul 8.5 Indici
Anii Cifra de afaceri
Stocuri de
materiale Cifra de afaceri
Stocuri CA.Ind
Stocuri.Ind
5RWD LD�
stocurilor
1 2 3 4 5
4.800 4.830 4.820 4.860 5.000
1.584 1.689 1.928 1.748 1.597
100 100,63 99,80
100,83 102,88
100 106,63 114,15 90,66 91,36
1 1,06 1,14 0,90 0,89
3,03 2,86 2,50 2,78 3,13
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Tabelul 8.6 Abateri + Abateri -
Nr. crt.
Denumire material
U/M Cantitate mii lei %
Cantitate
mii lei %
1. 2. 3.
A B C
to m2 buc.
1.000 500
-
70.000 80.000
-
5 7,5
-
- -
100
- -
60.000
- -
20 Total x 130.000 15 x 80.000 12 Sold x 50.000 3 x - -
5H]XOW � F � vQ� PRPHQWXO� GDW�� vQ� XQLWDWH� H[LVW � VWRFXUL� SHVWH� FHOH�SUHY ]XWH�� vQ�YDORDUH�GH����PLOLRDQH� OHL��FHHD�FH� UHSUH]LQW ����GLQ� WRWDOXO�stocurilor. Într-R�DVHPHQHD�VLWXD LH�VH�LPSXQH�FHUFHWDUHD�ILHF UXL�FD]�vQ�SDUWH�úL�DGRSWDUHD�P VXULORU�QHFHVDUH� Al treilea DVSHFW�FDUH�VH�UHFRPDQG �vQ�DQDOL]D�VWRFXULORU�VH�UHIHU �OD�gradul de imobilizare, procedându-se la gruparea lor în stocuri normale, VWRFXUL�FX�PLúFDUH�OHQW ��VWRFXUL�I U �PLúFDUH�úL�VWRFXUL�GLVSRQLELOH� Încadrarea într-R� JUXS � VDX� DOWD� VH� IDFH� vQ� IXQF LH� GH� IUHFYHQ D�consumului, calculându-se durata de imobilizare a stocului (Di) în zile pe ED]D�UHOD LHL�
E
360SDi
⋅=
unde: S = stocul mediu anual; E �LHúLULOH�GLQ�PDJD]LH� ÌQ�UDSRUW�FX�DFHDVW �P ULPH�FDOFXODW �SHQWUX�SHUioadele anterioare, se VWDELOHúWH� FRQYH LRQDO�� LQWHUYDOXO� vQ� ]LOH�SHQWUX� ILHFDUH�JUXS ��'H�H[HPSOX��GDF �GXUDWD�PHGLH�GH�VWRFDUH�HVWH�GH����]LOH��PDWHULDOHOH�FDUH�DX�XQ�WLPS�GH�VWRFDUH�PDL�PLF�GHFkW�DFHDVW �GXUDW ��LQWU �vQ�JUXSD�VWRFXULORU�QRUPDOH��vQWUH�30 -� ��� ]LOH�� UHSUH]LQW � VWRFXULOH� FX� PLúFDUH� OHQW �� LDU� SHVWH� ��� ]LOH� I U �PLúFDUH��$VWIHO��GDF �OD�XQ�PDWHULDO�'L� ����]LOH��LDU�GH�OD�XOWLPD�PRGLILFDUH��LHúLUH��DX�WUHFXW����GH�]LOH��LQWU �vQ�JUXSH�VWRFXULOH�FX�PLúFDUH�OHQW � ÌQ� FHHD� FH� SULYHúWH� VWRFXULOH� GLVSRQLELOH�� DFHVWHD� VH� LGHQWLILF � GXS �DOWH�FULWHULL��UHVSHFWLY�SRVLELOLW LOH�GH�XWLOL]DUH�vQ�FDGUXO�ILUPHL� Actualizând permanent baza de date privind stocurile, la anumite LQWHUYDOH�SRW�IL�RE LQXWH�LQIRUPD LLOH�VWUXFWXUDWH�vQ�WDEHOXO�����
Tabelul 8.7 Valoarea stocurilor de materiale – mii lei -
Nr. crt.
Date de identificare normale
FX�PLúFDUH�
OHQW I U �
PLúFDUH disponibile
1 2 3 ... n
A B C ...
Total
30.000 - - ...
150.000
- 15.000
- ...
45.000
- -
10.000 ...
30.000
- -
10.000 ...
20.000 RH]XOW � F � GLQ� YDORDUHD� WRWDO � D� VWRFXULORU� GH� ����PLOLRDQH�� ������VXQW� FX�PLúFDUH� OHQW �� ���� I U �PLúFDUH�� LDU� DSURDSH���� VXQW�GLVSRQLELOH��
6LWXD LD� GDW � VH� FRPSDU � FX� SHULRDGHOH� DQWHULRDUH� SHQWUX� D� YHGHD�PRGLILF ULOH�LQWHUYHQLWH��DF LRQkQGX-se în consecin � 6WRFXULOH�WUHEXLH�V �DVLJXUH�FRQWLQXLWDWHD�SURFHVXOXL�GH�SURGXF LH��&D�XUPDUH��R�DOW �SUREOHP �vQ�DQDOL]D�DFHVWRUD�VH�UHIHU �OD�UH]HUYD�vQ�]LOH��5]��FDUH�VH�VWDELOHúWH�SH�ED]D�UHOD LHL�
cz
SRz 1= ,
unde: S1 = stocul efectiv la un moment dat; cz = consumul mediu zilnic. 'DF �VH�IRUPHD] �úL�VWRFXO�GH�VLJXUDQ ��UH]HUYD�vQ�]LOH�VH�GHWHUPLQ �astfel:
cz
)czt(SRz 1 ⋅−= ,
vQ�FDUH�W�UHSUH]LQW �HFKLYDOHQWXO�vQ�]LOH�D�VWRFXOXL�GH�VLJXUDQ � Pentru exemplificare se folosesc datele din tabelul 8.8.
Tabelul 8.8
Nr. crt.
Denumirea materialului
U/M
Stoc la
data de ...
Consum zilnic
Rezerva în zile
Intervalul ' (*)�+�,.-0/213�4 +�/#5*6 7#6 /2( +�6
Nr. de zile 408 ( 9 3:4 +�6 ; 3aprovizionare
1. 2. 3.
A B C
Kg. Kg. Kg.
4.000 240 400
100 24 80
40 10 5
35 20 40
30 8
15
5H]XOW � F � VLWXD LD� FHORU� WUHL� PDWHULDOH� HVWH� GLIHULW �� $VWIHO�� GDF �PDWHULDOHOH� $� úL� %� SRW� DVLJXUD� FRQWLQXLWDWHD� SURFHVXOXL� GH� SURGXF LH�� vQ�VFKLPE�SHQWUX�PDWHULDOXO�&�VH�LPSXQ�P VXUL�XUJHQWH�vQ�YHGHUHD�FRPSOHW ULL�stocului de materiale.
8.4 Anali]D� UHIOHFW ULL� XWLOL] ULL� UHVXUVHORU� PDWHULDOH� în principalii indicatori economico-financiari
În analiza folosirii resurselor materiale se pot folosi: Indicatori analitici: � FRQVXPXO�VSHFLILF��FV���UHVSHFWLY�FDQWLWDWHD�GH�PDWHULH�SULP �FRQVXPDW �
pentru RE LQHUHD�XQHL�XQLW L�GH�SURGXV�
� FRQVXPXO� SH� FDUDFWHULVWLF � IXQF LRQDO � D� SURGXVXOXL�� VSHFLILF� SHQWUX�anumite produse. De exemplu, consumul de cauciuc natural la 1000 km UXOD L�FX�R�DQYHORS �
� SRQGHUHD�XQXL�DQXPLW�PDWHULDO�vQ�JUHXWDWHD�QHW �D�SURGXVXOXL� � cRHILFLHQWXO� GH� IRORVLQ � VDX� UDQGDPHQW�� RIHU � SRVLELOLWDWHD� DSUHFLHULL�
modului în care sunt utilizate materialele sub raport fizic. Lista poate continua cu indicatorii specifici ai unor ramuri. Indicatori sintetici: ♦ gradul de valorificare a resurselor materiale:
consumat material de cantitatea
produsului valoarea;
♦ YDORDUHD�SURGXF LHL�OD���OHX�UHVXUVH�PDWHULDOH�
consumate ormaterialel valoarea
productiei valoarea;
consumate ormaterialel valoarea
adaugata valoarea;
♦ profitul brut din exploatare 1 leu resurse materiale:
consumate ormaterialel valoarea
iexploatari rezultatul;
8WLOL]DUHD�UHVXUVHORU�PDWHULDOH�VH�UHIOHFW �GLUHFW�úL�LQGLUHFW�vQ�QLYHOXO�vQWUHJXOXL�VLVWHP�GH�LQGLFDWRUL��$VWIHO��GDF �VH�IRORVHúWH�FRQVXPXO�VSHFLILF��PRGLILFDUHD�DFHVWXLD�LQIOXHQ HD]D�
♦ YROXPXO�SURGXF LHL�
0
1
1
1
cs
Ct
cs
Ct − ,
în care Ct1�UHSUH]LQW �FRQVXPXO�WRWDO�GLQWU-un material; ♦ valoarea prodXF LHL�
00
1
1
1 pcs
Ct
cs
Ct ⋅
− ,
în care p0�UHSUH]LQW �SUH XO�SURGXVXOXL� ♦ FRVWXO�SURGXVXOXL��LQIOXHQ D�GLUHFW ��
( ) 001 ’pcscs ⋅− , în care p’0�UHSUH]LQW �SUH XO�PDWHULDOXOXL�
♦ FRVWXO�SURGXVXOXL��LQIOXHQ D�LQGLUHFW ��
00 Cf
Iq
Cf − ,
în care Cf0�UHSUH]LQW �FRVWXO�IL[��LDU�
0
0
q
qqIq
+=
♦ profitul unitar:
001 p)cscs( ′−− ♦ UDWD�UHQWDELOLW LL�SURGXVXOXL�
00010
00100 r100p)cscs(c
p)cscs(cp−⋅
−+′−+−
3ULQ�FXPXODUH��SH�WRDWH�SURGXVHOH��VH�SRW�GHWHUPLQD�LQIOXHQ HOH�WRWDOH�la nivelul firmei. Gestiunea rHVXUVHORU�PDWHULDOH�FRQVWLWXLH�R�SUREOHP �IXQGDPHQWDO �D�PDQDJHPHQWXOXL� LQWHUQ� DO� vQWUHSULQGHULL�� SUHPLV � HVHQ LDO � D� SHUIRUPDQ HL�economico-financiare a acesteia.
$SOLFD LL�úL�vQWUHE UL 1.�6 �VH�DQDOL]H]H�HFRQRPLF�HYROX LD�VWRFXULORU�vQ�FRUHOD LH�FX�FLfra de afaceri pe baza datelor:
Indici Indicele stocuri
Anii
Stocuri de
materiale (mil lei)
Cifra de afaceri (mil lei) CA Stocuri Indicele CA
5RWD LD�
S
CA
stocurilor �URWD LL�
N – 4 8200 24400 N – 3 8750 26300 N – 2 9300 28700 N – 1 9000 32000
N 12000 37500 2.� &XP� VH� GHWHUPLQ � JUDGXO� GH� LPRELOL]DUH� D� VWRFXULORU� úi ce VHPQLILFD LH�HFRQRPLF �DUH?
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$QDOL]D� HFRQRPLFR� ILQDQFLDU �� Editura (FRQRPLF ��%XFXUHúWL������
2. ROBU V.,
GEORGESCU N. $QDOL] �HFRQRPLFR-ILQDQFLDU � ASE, 2001
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Analiza economico-ILQDQFLDU � D�întreprinderii, 7ULEXQD�(FRQRPLF ��%XFXUHúWL�1994
5. 0 5*8/(6&8�'�� NICULESCU M., ROBU V.
Diagnostic economico-financiar, Editura 5RPFDUW��%XFXUHúWL������
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Evaluarea întreprinderii, Editura Tribuna (FRQRPLF ��%XFXUHúWL������
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Analiza economico-ILQDQFLDU ��Editura Oscar 3ULQW��%XFXUHúWL������
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