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ANALIZĂ ECONOMICO-FINANCIARĂ Curs

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Page 1: ECTSMC3-41

ANALIZĂ ECONOMICO-FINANCIARĂ

Curs

Page 2: ECTSMC3-41

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

Page 3: ECTSMC3-41

)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

Page 4: ECTSMC3-41

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).

Page 5: ECTSMC3-41

����������&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�

Page 6: ECTSMC3-41

&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

Page 7: ECTSMC3-41

$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.)

Page 8: ECTSMC3-41

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�

Page 9: ECTSMC3-41

'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.

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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.

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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.

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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.

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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 ⋅

−=

∑∑ ∑ ,

Page 14: ECTSMC3-41

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�

Page 15: ECTSMC3-41

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 �

Page 16: ECTSMC3-41

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 −⋅=⋅−⋅⋅

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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 −=−

Page 18: ECTSMC3-41

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 −−

Page 19: ECTSMC3-41

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�.

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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�

VSHFLDO� ILQDQFLDUH� VH� RE LQ� GLQ� GRFXPHQWHOH� GH� VLQWH] �� ELODQ XO��FRQWXO� GH� SURILW� úL� SLHUGHUL� úL� DQH[H�� $OWH� VXUVH� LQWHUQH� VXQW��contabilitatea de gestiune, contractul de management, programele de IDEULFD LH��QRUPHle��OHJLVOD LD�ILVFDO �úL�HFRQRPLF etc.

2. Surse externe întreprinderii� �� FXP� DU� IL�� LQIRUPD LL� SULYLQG�FRQMXQFWXUD� SLH HL� LQWHUQH� úL� LQWHUQD LRQDOH� �UDWD� LQIOD LHL�� GLQDPLFD�

3�0�1LFXOHVFX���'LDJQRVWLF�JOREDO�VWUDWHJLF���(GLWXUD�(FRQRPLF ���%XFXUHúWL�������

Page 21: ECTSMC3-41

PIB, rata do-bânzii, SUH XO� UHVXUVHORU� HWF��� SHUIRUPDQ H� DOH�FRQFXUHQ HL��SURJUHVXO� WHKQLF� vQ�UDPXUD�UHVSHFWLY �� ,QIRUPD LLOH�VXQW�asigurate prin: � reviste, cotidiene, magazine, periodice; � FRORFYLL��FRQIHULQ H��FRQJUHVH� � VDORDQH��H[SR]L LL��WkUJXUL� � centre de documentare, breveWH�GH�LQYHQ LL� � RUJDQLVPH� IXUQL]RDUH� GH� LQIRUPD LL� GH� VLQWH] � �DJHQ LL� UHJLRQDOH�

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��

� YL]LWH��vQWkOQLUL��UHOD LL�FX�FOLHQ LL��IXUQL]RULL�úL�FRQFXUHQ LL� � FXPS UDUHD�úL�DQDOL]D�GH�HúDQWLRDQH� � UH HDXD�SURSULH�D�vQWUHSULQGHULL� &HULQ HOH�FDUH�WUHEXLH�V �ILH�UHVSHFWDWH�GH�LQIRUPD LH�VXQW��XWLOLWDWHD��

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.

Page 22: ECTSMC3-41

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.

Page 23: ECTSMC3-41

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.

Page 24: ECTSMC3-41

$1$/,=$�$&7,9,7 ,,�'(�352'8& ,(� ù,�&20(5&,$/,=$5(

����$QDOL]D�UDSRUWXOXL�VWDWLF�úL�GLQDPLF�GLQWUH�LQGLFDWRULL�YDORULFL

������&RQVLGHUD LL�JHQHUDOH

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

Page 25: ECTSMC3-41

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.

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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.

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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.

Page 28: ECTSMC3-41

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�

Qf

CAH[SULP �PRGLILFDUHD�VWRFXULORU�GH�SURGXVH�ILQLWH�úL�D�DOWRU�

YHQLWXUL� GLQ�DFWLYLWDWHD� GH� ED] �� 6LWXD LD� VH� FRQVLGHU � IDYRUDELO �

pentru 1Qf

CA ≥ .

• 5DSRUWXO� GLQWUH� YDORDUHD� SURGXF LHL� IDEULFDWH� úL� YDORDUHD�

SURGXF LHL�H[HUFL LXOXL�

Qe

QfFDUDFWHUL]HD] �HYROX LD�VWRFXULORU�GH�

SURGXF LH� QHWHUPLQDW � úL� D� FRQVXPXOXL� LQWHUQ�� 6LWXD LD� VH�

DSUHFLD] �FD�ILLQG�IDYRUDELO pentru 1Qe

Qf ≥ .

• 5DSRUWXO� GLQWUH� YDORDUHD� DG XJDW � úL� YDORDUHD� SURGXF LHL�

H[HUFL LXOXL�

Qe

QaHYLGHQ LD] � PRGLILFDUHD� FRQVXPXULORU�

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

Page 29: ECTSMC3-41

&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.

Page 30: ECTSMC3-41

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 �

Page 31: ECTSMC3-41

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�

Page 32: ECTSMC3-41

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 �

Page 33: ECTSMC3-41

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

Page 34: ECTSMC3-41

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.

Page 35: ECTSMC3-41

������$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.

Page 36: ECTSMC3-41

���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

Page 37: ECTSMC3-41

���(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

Page 38: ECTSMC3-41

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).

Page 39: ECTSMC3-41

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 =⋅+⋅+⋅=⋅∑

=

Page 40: ECTSMC3-41

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

Page 41: ECTSMC3-41

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 �

Page 42: ECTSMC3-41

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 �¡��

Page 43: ECTSMC3-41

&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

Page 44: ECTSMC3-41

�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

Page 45: ECTSMC3-41

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

Page 46: ECTSMC3-41

- 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�

Page 47: ECTSMC3-41

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

Page 48: ECTSMC3-41

*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�

Page 49: ECTSMC3-41

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 -

Page 50: ECTSMC3-41

/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∆

Page 51: ECTSMC3-41

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�

Page 52: ECTSMC3-41

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

Page 53: ECTSMC3-41

����$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 �

Page 54: ECTSMC3-41

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�

Page 55: ECTSMC3-41

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).

Page 56: ECTSMC3-41

������$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

T

hW

sN

t

gi

aiϑ

Page 57: ECTSMC3-41

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

2.2.)�0RGLILF ULL�YDORULL�DG XJDWH�OD���OHX�SURGXF LH�SH�WLSXUL�

Page 58: ECTSMC3-41

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 �

Page 59: ECTSMC3-41

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�

Page 60: ECTSMC3-41

$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

Page 61: ECTSMC3-41

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).

Page 62: ECTSMC3-41

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

Page 63: ECTSMC3-41

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

Page 64: ECTSMC3-41

$1$/,=$�&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

Page 65: ECTSMC3-41

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�

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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

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ii

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ii cg

Csau

V

ch

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=⋅= ∑∑

=

=

în care: gi� �UHSUH]LQW �VWUXFWXUD�YHQLWXULORU�SH�FDWHJRULL� ci = cheltuieli la 1000 lei venituri pe categorii de venituri.

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'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

Page 68: ECTSMC3-41

���,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�

Page 69: ECTSMC3-41

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�

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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��

Page 71: ECTSMC3-41

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

Page 72: ECTSMC3-41

��� ,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�$��

Page 73: ECTSMC3-41

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�

Page 74: ECTSMC3-41

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).

Page 75: ECTSMC3-41

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;

Page 76: ECTSMC3-41

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�

Page 77: ECTSMC3-41

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��

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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����).

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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�

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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�

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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

Page 82: ECTSMC3-41

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

Page 83: ECTSMC3-41

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

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�

Page 84: ECTSMC3-41

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�

Page 85: ECTSMC3-41

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

Page 86: ECTSMC3-41

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 −−

Page 87: ECTSMC3-41

�(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�

Page 88: ECTSMC3-41

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.

Page 89: ECTSMC3-41

������ $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

Page 90: ECTSMC3-41

=−=−∑

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�

Page 91: ECTSMC3-41

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 += .

Page 92: ECTSMC3-41

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 =+=

Page 93: ECTSMC3-41

����(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 �������� ����� ������ ���� ��� ����! ��!�� � �"���� � �#��$��%��� & �#��� � C0 ���� ����� ���� ����� � ���! ' �"����� � �#��$��)(���� ���#

Page 94: ECTSMC3-41

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 =×−=−=

Page 95: ECTSMC3-41

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�

Page 96: ECTSMC3-41

�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

Page 97: ECTSMC3-41

• 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��

Page 98: ECTSMC3-41

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 =−=

Page 99: ECTSMC3-41

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 �

Page 100: ECTSMC3-41

• 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�����)

Page 101: ECTSMC3-41

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�

Page 102: ECTSMC3-41

��������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

Page 103: ECTSMC3-41

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�

Page 104: ECTSMC3-41

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���

Page 105: ECTSMC3-41

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)

Page 106: ECTSMC3-41

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.

Page 107: ECTSMC3-41

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 ⋅−

Page 108: ECTSMC3-41

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

Page 109: ECTSMC3-41

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 −

Page 110: ECTSMC3-41

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 =

Page 111: ECTSMC3-41

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.

Page 112: ECTSMC3-41

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 �

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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#[

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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

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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.

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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��

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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�

,100

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 ⋅−

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� 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.

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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 ′−′

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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�

Page 121: ECTSMC3-41

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);

Page 122: ECTSMC3-41

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

Page 123: ECTSMC3-41

� 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

Page 124: ECTSMC3-41

� 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 −=

−=

Page 125: ECTSMC3-41

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�

Page 126: ECTSMC3-41

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.

Page 127: ECTSMC3-41

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

qq

ChCh

01

01 =−−=

−−

�WRQ

Comparativ FX� FRVWXO� PHGLX� SUHY ]XW�� FRVWXO� PDUJLQDO� HVWH� PDL�

3�*K��&kUVWHD��&��2SUHD��&DOFXOD LD�FRVWXULORU��('3�%XFXUHúWL��SDJ�����

Page 128: ECTSMC3-41

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

qq

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( ) ( )leimii540

150000200000

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qq

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00011 =−

+×−×=−

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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

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Page 129: ECTSMC3-41

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

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'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�

VH�HVWLPHD] �OD� .12,01

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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��

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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,

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DMXWRUXO�UHOD LHL� ,gr1Iw

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#� {#}��� �� �� �

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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 �

Page 132: ECTSMC3-41

$SOLFD LL�úL�vQWUHE UL 1.�6 �VH�UHDOL]H]H�DQDOL]D�IDFWRULDO �D�Ä&KHOWXLHOLORU�OD������OHL�&$´�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

Page 133: ECTSMC3-41

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

Page 134: ECTSMC3-41

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

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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

-

+

-

+

-

-

)LJ������6FKHPD�GH�DQDOL] �VWUXFWXUDO �D�UH]XOWDWXOXL�EUXW (modelul 1)

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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�

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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)

Page 138: ECTSMC3-41

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�

Page 139: ECTSMC3-41

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

Page 140: ECTSMC3-41

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�

Page 141: ECTSMC3-41

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

Page 142: ECTSMC3-41

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

Page 143: ECTSMC3-41

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 ∑=

Page 144: ECTSMC3-41

�����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�

Page 145: ECTSMC3-41

&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

Page 146: ECTSMC3-41

$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

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∑∑

Pr

p

g

qv

c

Page 147: ECTSMC3-41

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��

Page 148: ECTSMC3-41

$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 +=⋅−=−=∆

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( ) ( ) lei.mil37408,04632551000prpqpqp 001v11v +=−=∑ ∑−=∆

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( ) lei.mil9,290108,00231,051000prprCA

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Page 149: ECTSMC3-41

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

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

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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�

Page 150: ECTSMC3-41

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

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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

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Page 151: ECTSMC3-41

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

Page 152: ECTSMC3-41

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.

Page 153: ECTSMC3-41

0RGHOHOH� XWLOL]DWH� vQ� DQDOL]D� IDFWRULDO � DOH� DFHVWHL� UDWH� VXQW�XUP WRDUHOH� a)

1001,100100Pr

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∑∑

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cqRsau

pq

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v

vc

v

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b) 1001,100

−== ∑

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ici

ciic

p

cr

rgR

în care: gi –�UHSUH]LQW �VWUXFWXUD�SURGXF LHL�YkQGXWH�SH�SURGXVH�

cir -�UDWD�UHQWDELOLW LL�FRPHUFLDOH�SH�SURGXVH�

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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

−−

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∑∑∑

���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

Page 154: ECTSMC3-41

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

Page 155: ECTSMC3-41

������$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�

Page 156: ECTSMC3-41

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 +=

+=

Page 157: ECTSMC3-41

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

Page 158: ECTSMC3-41

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

Page 159: ECTSMC3-41

���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�

Page 160: ECTSMC3-41

��������$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

Page 161: ECTSMC3-41

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�

Page 162: ECTSMC3-41

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

Page 163: ECTSMC3-41

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

Page 164: ECTSMC3-41

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 −−

−=∆

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Page 165: ECTSMC3-41

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omogene (un singur produs)

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mbv

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Page 166: ECTSMC3-41

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

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max

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în care: qmax –�UHSUH]LQW �FDSDFLWDWHD�PD[LP �GH�SURGXF LH�vQ�H[SUHVLH�IL]LF � G��3HULRDGD�FULWLF ��Scr):

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Page 167: ECTSMC3-41

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

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Page 168: ECTSMC3-41

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Page 169: ECTSMC3-41

5HOD LLOH�GH�FDOFXO�VXQW�

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Page 170: ECTSMC3-41

$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.

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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

Page 172: ECTSMC3-41

$1$/,=$�6,78$ ,(,�),1$1&,$5�- PATRIMONIALE

A ÎNTREPRINDERII

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5

Page 173: ECTSMC3-41

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Page 174: ECTSMC3-41

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¾ WHRULD� ELODQ XOXL� IXQF LRQDO�� FRQIRUP� F UHLD� vQWUHSULQGHUHD�UHSUH]LQW � R� HQWLWDWH� HFRQRPLF � úL� ILQDQFLDU � DVLJXUkQG� UHDOL]DUHD�anumitor fuQF LL�FXP�DU�IL�IXQF LD�GH�SURGXF LH��IXQF LD�GH�LQYHVWLUH�úL�dezinvestire, prHFXP�úL�IXQF LD�GH�ILQDQ DUH�

%LODQ XO� SDWULPRQLDO� SUH]LQW � R� LPSRUWDQ � GHRVHELW � SHQWUX�

DF LRQDUL� �FDUH� VXQW� LQWHUHVD L� V � FXQRDVF � YDORDUHD� DYHULL� ORU�� úL� FUHGLWRUL�(pentru cDUH�SDWULPRQLXO� UHSUH]LQW � R� JDUDQ LH� SHQWUX� UHDOL]DUHD� GUHSWXULORU�ORU���$FHVW�WLS�GH�ELODQ �VH�RE LQH�vQ�XUPD�UHJUXS ULL�SRVWXULORU�GH�DFWLY�úL�GH�SDVLY�GXS �FULWHULLOH�GH�OLFKLGLWDWH�úL�H[LJLELOLWDWH�

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.

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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

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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

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* 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 ).

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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.

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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 ����������� � � ������� ��� � ���������

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'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

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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

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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 �

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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

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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

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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.

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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

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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

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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

Page 189: ECTSMC3-41

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

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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

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��������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.

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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

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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 �

Page 194: ECTSMC3-41

&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 =

Page 195: ECTSMC3-41

'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 =

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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 =

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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.

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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

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&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

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(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�

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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�

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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������

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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

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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.

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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

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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;

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� 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���������������������������������������������������������������

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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�

Page 209: ECTSMC3-41

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?

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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%.

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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

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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�

Page 213: ECTSMC3-41

%,/$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

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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%.

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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

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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):

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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.

Page 218: ECTSMC3-41

$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;

Page 219: ECTSMC3-41

♦ 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�

Page 220: ECTSMC3-41

� 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

Page 221: ECTSMC3-41

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 ⋅=

Page 222: ECTSMC3-41

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�

Page 223: ECTSMC3-41

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.

Page 224: ECTSMC3-41

�����$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

Page 225: ECTSMC3-41

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

Page 226: ECTSMC3-41

� 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.

Page 227: ECTSMC3-41

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 =∆

⋅∆=∆

=

Page 228: ECTSMC3-41

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’);

Page 229: ECTSMC3-41

’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 ⋅−⋅

Page 230: ECTSMC3-41

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.

Page 231: ECTSMC3-41

������$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�

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$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���´�

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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.

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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%

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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

Page 236: ECTSMC3-41

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

Page 237: ECTSMC3-41

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�

Page 238: ECTSMC3-41

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���

Page 239: ECTSMC3-41

����$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.

Page 240: ECTSMC3-41

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

hrtN

A

001

0

011

0 ×⋅⋅

−×⋅⋅

$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 =

Page 241: ECTSMC3-41

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�

Page 242: ECTSMC3-41

,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��

OLSV � SLHVH� GH� VFKLPE�� DSURYL]LRQDUHD� GHIHFWXRDV � FX� PDWHULL� SULPH��OLSV �HQHUJLH�HWF��

♦ 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.

Page 243: ECTSMC3-41

$QDOL]D� XWLOL] ULL� HILFLHQWH� D� VXSUDIH HORU� GH� SURGXF LH� VH� SRDWH�realiza folRVLQG�XUP WRDUHOH�PRGHOH�

I. S

rtN

S

Q 1 ⋅⋅=

&RQIRUP�DFHVWHL�UHOD LL��PRGHOXO�IDFWRULDO�VH�SUH]LQW �DVWIHO�

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

∆Q ∆N

t∆

r∆

∆N

t∆

r∆

S

N∆

t∆

r∆

Page 244: ECTSMC3-41

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 ⋅⋅−

Page 245: ECTSMC3-41

(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

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��

Page 246: ECTSMC3-41

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��

Page 247: ECTSMC3-41

$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´�

S

N� DVXSUD� XWLOL] ULL� HILFLHQWH� D� VXSUDIH HORU� GH� SURGXF LH�

S

Q.

Cazul inflXHQ HL�FX�VHPQXO�Ä���´� 6.� &XP� VH� GHWHUPLQ � JUDGXO� GH� IRORVLUH� D� IRQGXOXL� GH� WLPS� PD[LP�GLVSRQLELO�úL�FH�VHPQLILFD LL�DUH��*max)? 7.�&H�UHSUH]LQW �JUDGXO�GH�XWLOL]DUH�D�FDSDFLW LL�GH�SURGXF LH��&S�? 8.�6 �VH�GHWHUPLQH� LQIOXHQ D�PRGLILF ULL� UDQGDPHQWului mediu orar asupra YDORULL�SURGXF LHL��6 �VH�LQWHUSUHWH]H�FD]XO�LQIOXHQ HL�Ä∆ r = - x mil lei”.

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ANALIZA GESTIUNII RESURSELOR MATERIALE Într-R�HFRQRPLH� vQ�FDUH� WR L�SURGXF WRULL� VXQW� LQWHUHVD L� V � VDWLVIDF �FHUHUHD�� FHO� SX LQ� GLQ� SXQFW� GH� YHGHUH� WHRUHWLF�� QX� DU� WUHEXL� V � H[LVWH�SUREOHPH� vQ� FHHD� FH� SULYHúWH� DVLJXUDUHD� UHVXUVHORU� PDWHULDOH necesare. Practic, intervin o serie de factori (care nu sunt numai de ordin economic) FRQMXQFWXUDOL�� FXP� DU� IL� OLSVD� GLVSRQLELOLW LORU� E QHúWL� SHQWUX� RQRUDUHD�REOLJD LLORU� ID � GH� IXUQL]RUL�� FDUH� GDX� XQ� DQXPLW� JUDG� GH� FRPSOH[LWDWH�procesului general de gestionare a resurselor materiale. 3UREOHPDWLFD�DQDOL]HL�VH�VWUXFWXUHD] �vQ�IXQF LH�GH�VXELHFW�úL�VFRSXO�XUP ULW��$úD�GH�H[HPSOX��GDF �DQDOL]D�HVWH�HIHFWXDW �GH�FRPSDUWLPHQWHOH�GH�VSHFLDOLWDWH� DOH� ILUPHL�� vQ� VFRSXO� vPEXQ W LULL� DFWLYLW LL�� VH� YRU� DYHD� vQ vedere probleme referitoare la: oferta furnizorilor, pentru selectarea lor �SLD D�GH�DSURYL]LRQDUH���ULWPLFLWDWHD�DSURYL]LRQ ULL��IRUPDUHD�VWRFXULORU�HWF� ÌQ� FD]XO� XQRU� RSHUD LXQL� GH� DVRFLHUH�� FRRSHUDUH�� OLFLWD LH� HWF���LQWHUHVHD] � SRWHQ LDOXO� ILUPHL� GH� a se aproviziona cu resurse materiale, P ULPHD�VWRFXULORU��HILFLHQ D�IRORVLULL�DFHVWRUD�HWF� Atât într-XQ�FD]�FkW�úL�vQ�DOWXO�H[LVW �DQXPLWH�HOHPHQWH�PHWRGRORJLFH�FRPXQH��FDUH�YRU�IL�VXSXVH�DWHQ LHL��vQ�FRQWLQXDUH�

���� $QDOL]D� SLH HL� GH� DSURYL]LRQDUH� FX principalele resurse materiale

6FRSXO� XQHL� DVHPHQHD� DQDOL]H� HVWH� GH� D� SXQH� vQ� HYLGHQ �

SRVLELOLW LOH�SH�FDUH�Oe are firma de a-úL�DVLJXUD�SULQFLSDOHOH�PDWHULL�SULPH�FDUH� VH� FRQVXP � vQ� PRG� FXUHQW� vQ� FDGUXO� DFWLYLW LL� GH� ED] � úL� FDUH�

8

Page 249: ECTSMC3-41

FRQGL LRQHD] �UHDOL]DUHD�SURJUDPXOXL�GH�IDEULFD LH�úL�LPSOLFLW�GH�VDWLVIDFHUH�D�FHUHULL�FOLHQ LORU��(YLGHQW��ILHFDUH�DJHQW�HFRQRPLF��SH�SDUFXUVXO�DFWLYLW LL�VDOH� D� VWDELOLW� DQXPLWH� OHJ WXUL�� PRW� V � DSDU � vQV � DQXPL L� IDFWRUL� FDUH� V �vQWUHUXS � DVHPHQHD� UHOD LL� úL� vQ� FRQVHFLQ � V � VH� LYHDVF � JUHXW L� vQ�DSURYL]LRQDUH�� 2U�� vQ� DVHPHQHD� VLWXD LL�� RUJDQLVPHOH� GH� VSHFLDOLWDWH� DOH�ILUPHL�WUHEXLH�V �GLVSXQ �GH�R�³VROX LH�GH�UH]HUY ´��FDUH�vQ�RULFH�PRPHQW�V �SRDW �IL�DSOLFDW �

ÌQ� FDGUXO� DQDOL]HL� SLH HL� GH� DSURYL]LRQDUH� VH� XUP UHúWH�� VWructura VXUVHORU� GH� DSURYL]LRQDUH� SH� SLH H� úL� SULQFLSDOLL� IXUQL]RUL�� JUDGXO� GH�GHSHQGHQ �ID �GH�DQXPL L�IXUQL]RUL�

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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8Q� DOW� DVSHFW� FDUH� LQWHUHVHD] � vQ� FDGUXO� DQDOL]HL� SLH HL� GH�DSURYL]LRQDUH�� vO� UHSUH]LQW � RIHUWD� GH� UHVXUVH� PDWHULDOH�� SULQ� SULVPD� XQRU�FRQGL LL�FXP�DU�IL�

� 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

1RW ��&RORDQD�$�FXSULQGH�PDWHULDOHOH�úL�IXUQL]RULL 5H]XOW �F �WR L�RIHUWDQ LL�VROLFLW �XQ�SUH �VXSHULRU�FHOXL�PHGLX�UHDOL]DW�vQ�SHULRDGD�DQWHULRDU ��VLWXD LH�GHWHUPLQDW �GH�IDFWRUL�VSHFLILFL�SHULRDGHL��ÌQ�FRQVHFLQ �� RS LXQHD� SHQWUX� DQXPL L� IXUQL]RUL� VH� YD� ED]D� SH� FRUHODUHD�LQIRUPD LLORU� GLUHFWH� úL� D� FHORU� GHULYDWH� FD�� GH� H[HPSOX�� LQIOXHQ D� FDOLW LL�asupra consumului specific, cheltuielile de transport-aprovizionare, GLVIXQF LRQDOLW LOH�OLYU ULORU�HWF�

Page 251: ECTSMC3-41

����$QDOL]D�UHDOL] ULL�SURJUDPXOXL�GH�DSURYL]LRQDUH�úL�DVLJXUDUH�

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�

Într-R� UHWURVSHFWLY � DVXSUD� GHUXO ULL� SURFHVXOXL� GH� DSURYL]LRQDUH� VH�SRUQHúWH�GH�OD�VLWXD LD�H[LVWHQW �OD�vQFHSXWXO�LQWHUYDOXOXL�GLQ�SXQFW�GH�YHGHUH�DO�DFRSHULULL�FX�FRQWUDFWH�úL�PRGXO�FXP�D�HYROXDW�Se parcursul perioadei. În FRQGL LLOH� SUHOXFU ULL� DXWRPDWH� D� GDWHORU�� XUP ULUHD� SHUPDQHQW � D� DFHVWXL�SURFHV�� QX� QXPDL� F � HVWH� SRVLELO �� GDU� este DEVROXW� QHFHVDU �� vQ� VSHFLDO�SHQWUX�XQLW LOH�FX�DFWLYLWDWH�FRPSOH[ �

,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

�3H�WULPHVWUH�VH�SUH]LQW �FXPXODW�

Page 252: ECTSMC3-41

5H]XOW �F �SH�WRWDO��OD�vQFHSXWXO�WULPHVWUXOXL�,�HUD�FRQWUDFWDW�����GLQ�QHFHVDUXO� DQXDO�� vQ� WULPHVWUXO� ,,� DMXQJH� OD� ����� IDSW� FH� DWHVW � R� VLWXD LH�QRUPDO �� 3H� IHOXUL� GH�PDWHULDOH�� JUDGXO� GH� DFRSHULUH� FX� FRQWUDFWH� SUH]LQW �DVSHFWH� GLIHULWH�� FDUH�� vQ� DFWLYLWDWHD� SUDFWLF �� YRU� IL� DQDOL]DWH� vQ� UDSRUW� FX�elementele specifice.

ÌQ� FHHD�FH� SULYHúWH�DQDOL]D� UHDOL] ULL� SURJUDPXOXL� GH� DSURYL]LRQDUH��WUHEXLH�DYXWH�vQ�YHGHUH�GRX �DVSHFWH�LPSRUWDQWH�

� activitatea de aprovizionare nu treEXLH� FRQVLGHUDW � FD� VFRS� vQ�VLQH�� UHVSHFWLY�� QX� RULFH� QHUHDOL]DUH� VDX� GHS úLUH� D� SUHYHGHULORU�UHSUH]LQW �XQ�PLQXV�VDX�XQ�SOXV��FD�UH]XOWDW�

� DFWLYLWDWHD� GH� DSURYL]LRQDUH� HVWH� FRQGXV � GH� FRPSDUWLPHQWH�VSHFLDOL]DWH� úL� DFHVWHD� SRDUW � U VSXQGHUHD� UHDOL] ULL� RELectivelor stabilite.

&DUDFWHUL]DUHD� VLWXD LHL� JHQHUDOH� D� UHDOL] ULL� SURJUDPXOXL� GH�DSURYL]LRQDUH�SRDWH� IL� HIHFWXDW � VXE�DVSHFW�QXPHULF��SH�ED]D�SR]L LLORU�GLQ�SODQXO�GH�DSURYL]LRQDUH��HYLGHQW��QX�WRDWH�DX�DFHHDúL�LPSRUWDQ ���UHVSHFWLY�UDSRUWXO�GLQWUH�QXP UXO�GH�SR]L LL�OD�FDUH�V-DX�UHDOL]DW�SUHYHGHULOH�úL�WRWDOXO�SR]L LLORU��QRPHQFODWRUXO�GH�PDWHULDOH��

3H� vQWUHDJD� SHULRDG �� FRPSDUWLPHQWHOH� GH� VSHFLDOLWDWH� WUHEXLH� V �XUP UHDVF � GHUXODUHD� FRQWUDFWHORU� SH� IHOXUL� GH� PDWHULDOH� úL� IXUQL]RUL�� 'H�asemenea, este QHFHVDU �RUJDQL]DUHD�XQHL�HYLGHQ H�FDUH�vQ�RULFH�PRPHQW�V �SRDW �RIHUL�U VSXQVXUL�OD�vQWUHE UL�GH�JHQXO�

� care sunt materialele la care la data de ... nu s-au îndeplinit REOLJD LLOH�FRQWUDFWXDOH"

� care sunt furnizorii? � FH�FDQWLW L��YDORUL��GH�PDWHULDOH�VXQW restante? � FH�FDQWLW L�V-au livrat în plus? � FH�FDQWLW L��SH�IHOXUL�GH�PDWHULDOH��WUHEXLH�V �LQWUH�vQ�XUP WRDUHOH�

... zile? $VWIHO�GH�SUREOHPH�úL�DOWHOH�GH�DFHDVW �QDWXU �� IDF�RELHFWXO�DQDOL]HL�

RSHUDWLYH�� FDUH� R� UHDOL]HD] � UHVSRQVDELOLL� GLUHF L� DL� DFWLYLW LL� GH�aprovizionare.

)LQDOLWDWHD�DFWXOXL�GH�DSURYL]LRQDUH�vO�UHSUH]LQW �DVLJXUDUHD�QHFHVDUXOXL�SHQWUX� SURGXF LH�� GLQ� SXQFW� GH� YHGHUH� FDQWLWDWLY�� FDOLWDWLY� úL� OD� WHUPHQ�� 6XE�DVSHFW�PHWRGRORJLF��SHQWUX�PDWHULDOHOH�FDUH�VH�FRQVXP �FXUHQW�R�UHWURVSHFWLY �D�dHUXO ULL�DSURYL]LRQ ULL�SRDWH�IL�SUH]HQWDW �FD�vQ�WDEHOXO�����

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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�����

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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

5H]XOW � F � vQ� DFHVW� LQWHUYDO� GH� WLPS�� VWRFXULOH� DX� DYXW� R� HYROX LH�GLIHULW ��$VWIHO��vQ�SULPLL�GRL�DQL��D�H[LVWDW�WHQGLQ D�GH�FUHúWHUH��UHGXFkQdu-se YLWH]D�ORU�GH�URWD LH��LDU�VSUH�VIkUúLWXO�LQWHUYDOXOXL��DVLVW P�OD�R�DFFHOHUDUH�D�URWD LHL��FHHD�FH�VH�FRQFUHWL]HD] � vQWU-R�GLPLQXDUH�D� LPRELOL] ULORU�� ÌQ�PRG�QRUPDO��vQ�FRQGL LL�GH�VWDELOLWDWH�HFRQRPLF ��VWRFXULOH�GH�PDWHULDOH�WUHEXLH�V �evolueze, îQ�SDUDOHO�FX�SURGXF LD��UHVSHFWLY�FX�FLIUD�GH�DIDFHUL��ÌQ�DFWLYLWDWHD�SUDFWLF � GH� DQDOL] � VH� UHFRPDQG � FD� SH� P VXUD� SRVLELOLW LORU� V � VH� IDF �FRPSDUD LL�úL�FX�VLWXD LD�ILUPHORU�FRQFXUHQWH� $O�GRLOHD�DVSHFW�vQ�DQDOL]D�VWRFXULORU�VH�UHIHU �OD�HYROX LD�ORU�ID �GH�XQ�QLYHO�FRQVLGHUDW� �DO�DFHVWRUD� �VWRF�QRUPDW��PHGLX��PD[LP�VDX�RULFH�DOW �FDWHJRULH���&RQWLQXLWDWHD�SURFHVXOXL�GH�SURGXF LH�LPSXQH�H[LVWHQ D�VWRFXULORU�GH�PDWHULDOH��'H�DFHHD��ILUPD�WUHEXLH�V -úL�VWDELOHDVF �OLPLWD�VWRFXULORU�úL�V �XUP UHDVF �UHVSectarea acesteia. 6LVWHPHOH� DFWXDOH� GH� HYLGHQ � SHUPLW� FD� vQ� RULFH� PRPHQW� V � ILH�LGHQWLILFDWH�PDWHULDOHOH�VDX�JUXSHOH�GH�PDWHULDOH�FDUH�SUH]LQW �DEDWHUL�ID �GH�OLPLWD� VWDELOLW �� 6H� UHFRPDQG � V � VH� RSHUH]H� FX� SULQFLSLXO� H[FHS LHL�� LDU�vQVFULHUHD�vQ�OLVW ��VDX�YL]XDOL]DUHD�SH�HFUDQXO�FDOFXODWRUXOXL��V �VH�IDF �GXS �XQ� FULWHULX� �vQ� RUGLQH� FUHVF WRDUH� VDX� GHVFUHVF WRDUH�� vQ� RUGLQHD� FRGXULORU�HWF����&X�WLWOX�GH�H[HPSOX��VH�SUH]LQW �XUP WRDUHD�PRGDOLWDWH�GH�VWUXFWXUDUH�D�LQIRUPD LHL�vQ�WDEHOXO�����

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 - -

Page 255: ECTSMC3-41

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��

Page 256: ECTSMC3-41

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�

Page 257: ECTSMC3-41

� 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 − ,

Page 258: ECTSMC3-41

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.

Page 259: ECTSMC3-41

$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?

Page 260: ECTSMC3-41

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$QDOL]D� HFRQRPLFR� ILQDQFLDU �� Editura (FRQRPLF ��%XFXUHúWL������

2. ROBU V.,

GEORGESCU N. $QDOL] �HFRQRPLFR-ILQDQFLDU � ASE, 2001

3. NICULESCU M. Diagnostic global strategic, Editura (FRQRPLF ��%XFXUHúWL������

4. 0 5*8/(6&8�'� (coordonator)

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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12. ,ù) 1(6&8�$� *KLG� SUDFWLF� GH� DQDOL] � HFRQRPLFR� – ILQDQFLDU �� (GLWXUD� 7ULEXQD� (FRQRPLF ��%XFXUHúWL������