curs 5 aef

CAPI TOLUL 5 &,)5$'($)$&(5,,9$/2$5($$' 8*$7

5.1 ANALI ZA CI FREI DE AFACERI

Potrivit normelor contabile n vigoare indicatorul cifra de afaceri se GHWHUPLQ SHED]DIRUPXODUXOXLGHVLQWH] &RQWGHSURILWL pierderi prin vQVXPDUHDYkQ] ULORUGHP UIXULFXYDORDUHDSURGXF LHLYkQGXWH&RQWDELOLWDWHD

GHDQJDMDPHQW FDUH VHSUDFWLF vQ DUD QRDVWU LPSXQH LQFOXGHUHD vQ FDGUXO

DFHVWXL LQGLFDWRU D YDORULL IDFWXUDWH DP UIXULORU SURGXF LHL VDX VHUYLFLLORU vQ

FDX] LQGLIHUHQW GH JUDGXO GH vQFDVDUH D FRntravalorii acestora din partea FOLHQ LORUILUPHL

,PSRUWDQ D QLYHOXO DFHVWXL LQGLFDWRU HVWH vQ P VXU VD GHD R LPDJLQH

GHVSUH SR]L LD SH SLD D ILUPHL UHVSHFWLYH SULQ LQGLFDWRUXO VSHFLILF QXPLW

FRWDGHSLD GHVSUHIRU DSHFDUHRUHSUH]LQW ILUma n sectorul respectiv de activitate.

PDUHDPDMRULWDWHD ILUPHORU vLSURSXQFDRELHFWLYHGHRUGLQ

VWUDWHJLFDWLQJHUHDXQHLDQXPLWHSR]L LLSHSLD GHDGHYHQL OHDGHU ODQLYHO

JOREDOGHDGH LQHGLQSLD D VHJPHQWDW JHRJUDILFVDXGLQSLD DXQXL

produs etc.).

7UHEXLHIDFXW GLVWLQF LD vQWUHcifra de afaceriFDUHUHSUH]LQW XQ indicator de efect L profit care este un LQGLFDWRU GH HILFLHQ . Sunt frecvente FD]XULOH vQ FDUH YROXPXO ULGLFDW GH YkQ] UL vQUHJLVWUDW GH F WUH R ILUP HVWH

SO WLW SULQ Qiveluri minime de profitabilitate sau chiar prin pierderi din DFWLYLW LOHRSHUD LRQDOH

Utilizatori PDQDJHPHQWXOILUPHLFRPSDUWLPHQWXOGHYkQ] ULFRQWDELOLWDWHDILUPHLFRQFXUHQ LSRWHQ LDOLLQYHVWLWRULRUJDQLVPHILQDQ DWRDUHHWF

Analiza economico-financiara aprofundata - curs Master AAPA, anul I, semestrul 2

1

5.1.1. Analiza structural i dinamic a cifrei de afaceri Analiza de tip structural se realizeaz pe baza unui criteriu ce clasific vnzrile totale ale firmei realizate n cursul unei perioade de timp n funcie de clieni, produsele comercializate, pieele de desfacere etc. Informaiile furnizate de ctre acest tip de analiz sunt multiple, precum: modificarea ponderii deinute de diferite produse n totalul vnzrilor; ierarhizarea clientelei firmei n ordinea importanei; eficiena campaniilor de publicitate personalizate sau a reelelor de distribuie utilizate.

Metoda principal utilizat pentru realizarea analizei de tip structural este Metoda ABC (Pareto), care ierarhizeaz n ordine descresctoare vnzrile realizate ctre principalii clieni (sau pe zone geografice), determinnd ulterior valoarea cumulat a vnzrilor firmei. n esen, se urmrete punerea n eviden a trei zone majore, distinct delimitate, de grupare a clienilor, respectiv: zona A grupeaz clienii cei mai importani, care dein ponderea cea

mai mare n totalul vnzrilor firmei, respectiv o pondere numeric de cca 10-15% i o pondere valoric de cca 60-65%;

zona B concentreaz clienii medii, care dein o pondere numeric n totalul portofoliului de clieni al firmei de cca 20-25% i aproximativ aceeai pondere n totalul valoric al vnzrilor realizate;

zona C grupeaz clieni numeroi, dar care dein cumulat o pondere puin semnificativ n totalul cifrei de afaceri a firmei, respectiv o pondere numeric de cca 60% i o pondere valoric de cca 10-15%.

Analiza de tip dinamic se realizeaz pe baza indicilor de variaie (cu baza fix sau cu baza n lan), precum i a mrimilor medii, trebuind a fi efectuat n uniti comparabile de valoare, mai ales dac firma respectiv activeaz n cadrul unui mediu economic inflaionist. Dac rata inflaiei a nregistrat valori mai mici de 100% n perioada

analizat, atunci rata real de variaie a cifrei de afaceri se obine astfel: RATA REAL = RATA NOMINAL RATA INFLAIEI


2

AdminLine

'DF vQ VFKLPE QLYHOXO LQIOD LHL D IRVW ULGLFDW SHVWH DWXQFL

determinarea ratei reale se va face utiliznd formula lui FI SHER:

RATA NOMI NAL 5$7$,1)/$ ,(,

5$7$5($/

5$7$,1)/$ ,(,

$VWIHO GDF vQ FXUVXO XQXL DQ GH ]LOH UDWD QRPLQDO GH FUHWHUH D FLIUHL GH

DIDFHULDXQHLILUPHDIRVWGHLDUUDWDLQIOD LHLDIRVWGHDWXQFL

UDWDGHFUHWHUHvQWHUPHQLrealiDLQGLFDWRUXOXLPHQ LRQDWQXDIRVWGHci numai de 15 %.

5.1.2 $QDOL]DIDFWRULDO

0RGHOHGHDQDOL]

1) CA = qvi x pvi -SHQWUXSURGXF LHHWHURJHQ

CA qvi

pvi

2) CA = Qv x pv -SHQWUXSURGXF LHRPRJHQ 2.1) pv = gi (%) x pvi pUH PHGLXGHYkQ]DUHGHWHUPLQDWFDPHGLHSRQGHUDW

CA Qv

Pv gi

pvi

3) CA = Qv x pv 3.1) Qv = Of x JUDGXOGHYDORULILFDUHDSURGXF LHLIDEULFDWH


3

3.2) 4I &GLVSRQLELO [JUDGXOGHXWLOL]DUHDFDSDFLW LLGHSURGXF LH

CA Qv Qf &GLVSRQLELO

pv gi

pvi

5.1.3 $QDOL]D FLIUHL GH DIDFHUL D SXQFWXOXL FULWLF DO UHQWDELOLW LL LJUDGXOXLGHXWLOL]DUHDFDSDFLW LLGHSURGXF LH

3 Determinarea pragului minim de rentabilitate n XQLW i fizice:

'DF YFKHOWXLDODYDULDELO XQLWDU SHSURGXV

Pv SUH XOXQLWDUGHFRPHUFLDOL]DUH

F suma cheltuielilor fixe

CA = vPv

F

3UHVXSXQHP F SUH XO XQLWDU GH YkQ]DUH este de 25.000 lei; suma cheltuielilor fixe este de 145.000.000 lei, iar FKHOWXLDOD YDULDELO XQLWDU de 15.000 lei. $WXQFL FLIUD GH DIDFHUL vQ XQLW L IL]LFH DIHUHQW SUDJXOXL PLQLP GH

rentabilitate va fi de:

CA = 0001500025

000145..

.

XQLW LIL]LFH


4

Presupunnd nivelul fizic al FDSDFLW LL GLVSRQLELOH DO ILUPHLUHVSHFWLYHGHXQLW L IL]LFH UH]XOW F HVWHQHFHVDUXQJUDG

GHXWLOL]DUHDFDSDFLW LLGHSURGXF LHGH

Exprimarea sub IRUP YDORULF VHSRDWHRE LQHDSOLFkQGIRUPXOD

CA =

pv,v1

F

DGLF n exemplul luat anterior,

CA = 40

000000145601000000145

,

..

,

..

=

= 362.500.000 lei.

QFD]XO ILUPHORUFDUHFRPHUFLDOL]HD] RJDP YDULDW GHSURGXVH UHOD LDGH

GHWHUPLQDUH D SUDJXOXL PLQLP DO UHQWDELOLW LL VDX SXQFWXO FULWLF DO

UHQWDELOLW LLGHYLQH

CA = Rv,1

F

n care Rv rata medie a cheltuielilor variabilePHGLHGHWHUPLQDW FDSULQSRQGHUDUHDGLIHULWHORUSURGXVHFDUHIRUPHD] FLIUDGHDIDFHULDILUPHLFX

valorile individuale ale ratelor cheltuielilor variabile.

I ndicatori Produs A Produs B Total

9kQ] UL&$ mii lei 250.000 250.000 500.000

6WUXFWXUDYkQ] ULORU 50 % 50 % 100 %

Cheltuieli variabile mii lei 225.000 100.000 325.000 Cheltuieli fixe mii lei X X 75.000 Rata cheltuielilor var. 90 % 40 % 65 %


5

3ULQ XUPDUH vQ H[HPSOXO OXDW QLYHOXO YkQ] ULORU DIHUHQWH SUDJXOXL PLQLP GH

UHQWDELOLWDWHVHGHWHUPLQ DVWIHO

CA = 350

00000075650100000075

,

..

,

..

=

= 214.285.710 lei

5.1.4 6WUDWHJLLvQGRPHQLXOFLIUHLGHDIDFHULLDSUH XOXLGe vnzare. $QDOL]DHODVWLFLW LL

&HL GRL IDFWRUL GH LPSRUWDQ VWUDWHJLF FH GHWHUPLQ QLYHOXO YkQ] ULORU XQHL

firme sunt: - FDQWLWDWHDFRPHUFLDOL]DW - Qv - SUH XOGHYkQ]DUH Pv

&DQWLWDWHDFRPHUFLDOL]DW HVWHFRQVHFLQ DPDQLIHVW ULLXQHLPXOWLWXGLQLGH

fDFWRULLDF LXQLvQWUHFDUHPHQ LRQ P FDQWLWDWHDIDEULFDW

nivelul stocurilor

volumul de ansamblu al cererii LQWHQVLWDWHDFRQFXUHQ LDO

campanii de publicitate politicile de promovare DOLDQ HOHVWUDWHJLFH

Q FHHD FH SULYHWHSUH XOGHYkQ]DUH se impune D IDFHPHQ LXQHD F vQUHDOLWDWHHVWHYRUEDGHXQSUH PHGLXGHYkQ]DUHFDOFXODWSHED]DXQXLDGLQ

FULWHULLOHXUP WRDUH SURGXVHFRPHUFLDOL]DWH FOLHQ LSHULRDGDGH WLPSSHQWUX

FDUHVHGHWHUPLQ HWF

0HWRGHGHVWDELOLUHDSUH XOXLGHYkQ]DUH

I NTERNE: ED]DWHSHFRVWXOGHSURGXF LH

EXTERNE: ED]DWHSHFRQFXUHQ L

bazate pe consumatori


6

Elasticitatea cererii ODYDULD LLOHGHSUH - VH GHWHUPLQ FX DMXWRUXO FRHILFLHQWXOXL GH HODVWLFLWDWH RE LQXW FD UDSRUW

vQWUHYDULD LDFDQWLW LLFRPHUFLDOL]DWHLFHDDSUH XOXLGHYkQ]DUH

Ec = - pvqv

'DF (F DWXQFLFHUHUHDHVWHSHUIHFWHODVWLF

'DF (F DWXQFLFHUHUHDHVWHSHUIHFWLQHODVWLF

Analiza pe baza cuplului cantitate SUH HVWHvQP VXU V UHOHYHVWUDWHJLLOHcomerciale ale firmei.

1. &DQWLWDWHYkQGXW ULGLFDW SUH XULFkWPDLDSURSLDWHGHFRVWXUL

3HQWUX UHDOL]DUHD XQXL YROXP ULGLFDW DO YkQ] ULORU PDL DOHV vQ VHFWRDUH GH

activitate caracterizate printr-XQJUDGULGLFDWGHFRQFXUHQ PXOWHILUPHDSOLF marje minime de profit pe produs. Sunt sectoarele n care cel mai adesea ILUPHOHGLVSXQGHFDSDFLW LLPSRUWDQWHGHSURGXF LHLvQFDUHVHPDQLIHVW L

HIHFWXO HFRQRPLLORU GH VFDU FDUDFWHUL]DWH SULQWU-R SRQGHUH ULGLFDW D

cheltuielilor fixe.

2. &DQWLWDWH YkQGXW UHODWLY UHGXV SUH XUL FDUH LQFOXG PDUMH

ridicate de profit $FHDVW YDULDQW HVWH VSHFLILF XQHL VWUDWHJLL GH FRQFHQWUDUH SH DQXPLWH

VHJPHQWH GH SLD QLH vQ FDUH GHL YROXPXO FHUHULL QX HVWH ULGLFDW ILUPD

UHXHWH V RE LQ PDUMH LQWHUHVDQWH GH SURILW FD XUPDUH D DERUG ULL

GLIHUHQ LDWH D VHJPHQWXOXL UHVSHFWLY GH SLD (VWH FD]XO FHO PDL DGHVHD DO

produselor de lux.

NI VELUL 35( 8/8,

DE VNZARE

- costuri - marketing - strategie

- FRQFXUHQ L - distribuitori - consumatori - OHJLVOD LH


7

3. &DQWLWDWHYkQGXW ULGLFDW SUH XULPDUL $FHDVW SRVLELO FRPELQD LH D FHORU GRL IDFWRUL VH GDWRUHD] H[LVWHQ HL XQHL

cereri ridicate, dar cel mai aGHVHD HYROX LD GH DFHVW WLS HVWH FRQMXQFWXUDO QHSXWkQG IL OXDW vQ FRQVLGHUDUH SH WHUPHQ OXQJ (VWH FDUDFWHULVWLF

VHFWRDUHORU GH DFWLYLWDWH DIODWH vQ SULPHOH ID]H DOH FLFOXOXL GH YLD YH]L

A.D.Little).

4. &DQWLWDWHFRPHUFLDOL]DW UHGXV SUH XULGHYkQ]are minime &D]XOVHUHJ VHWHIUHFYHQWvQSUDFWLF LHVWHWLSLFILUPHORUGHGLPHQVLXQLPLFL

FDUHvQFHDUF V VXSUDYLH XLDVF FRQFXUHQ LORUGLQVHFWRUSULQSUDFWLFDUHDXQRU

SUH XUL VF ]XWH GH YkQ]DUH XQHRUL DFHVWHD ILLQG LQIHULRDUH FKLDU FRVWXULORU

unitarHDOHSURGXVHORUFRPHUFLDOL]DWHQPRGORJLFSURPRYDUHDSHRSHULRDG

OXQJ GHWLPSDDFHVWHLSROLWLFLHVWHGHQDWXU V FUHH]HVHULRDVHGLILFXOW LGH

QDWXU ILQDQFLDU ILUPHORUvQFDX] GDF DFHVWHDQXLDXP VXULGHUHGXFHUHD

costurilor (noi tehnologiL HWF VDX QX DSDU FX R LQRYD LH vQ GRPHQLXO GHactivitate.

Q FRQVHFLQ FLIUD GH DIDFHUL SUH]LQW R LPSRUWDQ GHRVHELW vQ FDGUXO

VLVWHPXOXL GH LQGLFDWRUL XWLOL]D L vQ DSUHFLHUHD DFWLYLW LL XQHL HQWLW L

PLFURHFRQRPLFHQLYHOXOV XLQIOXHQ kQG

IRU DFRQFXUHQ LDO DILUPHL

HFKLOLEUXO ILQDQFLDU DO ILUPHL SULQ LQIOXHQ D GLUHFW SH FDUH R

H[HUFLW DVXSUDQHFHVDUXOXLGHIRQGGHUXOPHQW

QLYHOXOUHQWDELOLW LLILUPHLFDHIHFWDOMRFXOXLSUH GHYkQ]DUH

cost unitar )


8

5.2 $1$/,=$9$/25,,$' 8*$7(

,QGLFDWRUXO YDORDUH DG XJDW QX DSDUH HYLGHQ LDW FD DWDUH vQ FDGUXO

GRFXPHQWHORU FRQWDELOH VROLFLWDWH GH F WUH /HJHD &RQWDELOLW LL GLQ DUD

QRDVWU (O VH GHWHUPLQ FD GLIHUHQ vQWUH SURGXF LD H[HUFL LXOXL L YDORDUHD

FRQVXPXULORUGHSURYHQLHQ GHODWHU L

,QGLFDWRUXO SURGXF LD H[HUFL LXOXL VH UHJ VHWH vQ FDGUXO Contului de rezultateILLQGRE LQXWSULQvQVXPDUHDSURGXF LHLYkQGXWHSURGXF LHLVWRFDWe

LDSURGXF LHL LPRELOL]DWH(WHURJHQLWDWHDYDORULORU ODFDUHVXQWHYDOXDWHFHOH

WUHL HOHPHQWH PHQ LRQDWH DQWHULRU L DQXPH SUH XO GH YkQ]DUH vQ FD]XO

SURGXF LHLYkQGXWHLFRVWXOGHSURGXF LHvQFD]XOSURGXF LHLVWRFDWHLDFHOHL

imobilizate, impune tUDWDUHD FX SUXGHQ D LQGLFDWRUXOXL SURGXF LDH[HUFL LXOXL

&RQVXPXULOHGHSURYHQLHQ GHODWHU LVXQWIRUPDWHGLQ

Cheltuielile cu materii prime, materiale, semifabricate; &KHOWXLHOLOHFXFRPEXVWLELOLLXWLOLW LHQHUJLHHOHFWULF DS DEXUHWF

VaORDUHD OXFU ULORULVHUYLFLLORUSUHVWDWHGHF WUHWHU L UHSDUD LL WUDQVSRUW

etc.

9DORDUHDDG XJDW FXSULQGH 4 &KHOWXLHOLOHFXSHUVRQDOXOVDODULLDVLJXU ULSURWHF LHVRFLDO 4 Cheltuielile cu amortizarea; 4 &KHOWXLHOL UHSUH]HQWkQG LPSR]LWH L WD[H SH FO GLUL SH WHUHQ

WHOHFRPXQLFD LLHWF 4 Cheltuieli cu dobnzile; 4 Profitul.

'XS FXP VH UHPDUF YDORDUHD DG XJDW FXSULQGH UHPXQHUDUHD WXWXURU

IDFWRULORU FDUH SDUWLFLS OD SURFHVXO GH FUHDUH D YDORULL L DQXPH IRU D GH

PXQF , PLMORDFHOH GH SURGXF LH, statul (prin infrastructura pe care o SXQHODGLVSR]L LDILUPHLcreditorii, DF LRQDULL (pentru capitalul aportat).


9

,PSRUWDQ D YDORDUHDDG XJDW HYLGHQ LD] HIRUWXOSURSULXDOILUPHLUROXOHL

vQFDGUXOODQ XOXLGHFUHDUHDYDORULLILQDOHSHQWUXFRQVXP Wor (client). Spre deosebire de cifra de afaceri, care include efoturile tuturor firmelor din DPRQWH YDORDUHD DG XJDW QX LD vQ FRQVLGHUDUH GHFkW HIRUWXO ILUPHL

UHVSHFWLYH 3ULQ vQVXPDUHD YDORULORU DG XJDWH FUHDWH OD QLYHOXO UDPXULORU

HFRQRPLFHVHRE LQH Lndicatorul macroeconomic denumit PRODUS I NTERN BRUT.

6HSRDWHGHWHUPLQDLYDORDUHDDG XJDW QHW SHED]DUHOD LHL

9$1(7 9$%587 AMORTIZARE

5.2.1 $QDOL]DVWUXFWXUDO DYDORULLDG XJDWH

3H ED]D DQDOL]HL VWUXFWXUDOH VH SXQ vQ HYLGHQ PRGLILFarile care intervin n FXUVXOSHULRDGHLDQDOL]DWH vQUHPXQHUDUHDIDFWRULORUFDUHSDUWLFLS ODSURFHVXO

GHFUHDUHDYDORULLvQILUPDUHVSHFWLY

% Elemente componente N-1 N N+ 1 N+ 2

Cheltuieli salariale Amortizare 56879:; ;

Pe baza acHVWXL PRGHO VH SRW SXQH vQ HYLGHQ LQWHUGHSHQGHQ HOH FDUH VHPDQLIHVW vQWUH

- LQGLFDWRULL GH WLS FDQWLWDWLY FXP DU IL QXP UXO PHGLX GH VDODULD L FDUH

OXFUHD] vQFDGUXOILUPHLUHVSHFWLYHVDXWLPSXOGHPXQF SHVDODULDW

- LQGLFDWRULLGHVWUXFWXU DF URULQIOXHQ HVWHJHQHUDW FDXUPDUHDIDSWXOXL

F ILUPDSURGXFHPDLPXOWHSURGXVH

- LQGLFDWRULL FDOLWDWLYL FD GH H[HPSOX SURGXFWLYLWDWHD RUDU D PXQFLL VDX

YDORDUHDDG XJDW PHGLHFHUHYLQHODOHXSURGXF LDH[HUFL LXOXLSHILHFDUH

produs n parte.

5.2.3 MecaQLVPHGHFUHDUHDYDORULLDG XJDWHla nivel microeconomic

1LYHOXOYDORULLDG XJDWHODVFDU PLFURHFRQRPLF GHSLQGHGHJUDGXO

GHLQWHJUDUHSHYHUWLFDO DSURFHVXOXLGHSURGXF LH

$VWIHOVHSRWHYLGHQ LDWUHLWLSXULGHILUPHvQIXQF LHGHIRUPDGHLQWHJUDUH

)LUPHFHDFWLYHD] vQWU-XQODQ GHLQWHJUDUHGHWLS9

QDFHVW FD] VXQW SX LQHPDWHULL SULPHFDUH VXQW WUDQVIRUPDWH vQXUP XQRU

procese caracterizate printr-XQJUDGULGLFDWGHVWDQGDUGL]DUHvQXUPDF URUDse RE LQH R JDP ODUJ GLYHUVLILFDW GH SURGXVH ILQLWH ([HPSOX PDWHULDOH

SODVWLFH VLGHUXUJLH UDILQDUHD L HLXOXL WH[WLOH HWF (VWH HYLGHQW GHFL F ILUPD

UHVSHFWLY YDFUHDRYDORDUHDG XJDW LPSRUWDQW

)LUPHFDUHDFWLYHD] vQWU-XQODQ GHLQWHJUare de tip A 5HSUH]LQW RSXVXO SULPHL VLWXD LL 8Q QXP U vQVHPQDW GH PDWHULL SULPH

VHPLIDEULFDWH L FRPSRQHQWH VXQW XWLOL]DWH vQ RE LQHUHD XQHL JDPH UHODWLY

UHGXVH GH SURGXVH ILQLWH ([HPSOX LQGXVWULD DHURVSD LDO FRQVWUXF LL GH

PDLQLHWFQDFHDVW VLWXD LHYDORDUHDDG XJDW YDDYHDRP ULPHUHGXV

)LUPHFDUHDFWLYHD] vQWU-XQODQ GHLQWHJUDUHGHWLS7

3URGXVXO ILQDO HVWH RE LQXW vQ XUPD XQRU SURFHVH GLIHULWH Se pot identifica GRX HWDSHSULQFLSDOHLDQXPH


11

3LHVHOHFRPSRQHQWHVXQWRE LQXte ntr-XQQXP UPLFGHILUPH $VDPEODUHD VH SURGXFH vQ PRGXUL GLIHULWH RE LQkQGX-se produsul

ILQDOGHGLIHULWHFXORULP ULPLHWF

([HPSOXLQGXVWULDVWLFOHLLFHUDPLFLL


12

Curs 5 scurt 1Completare curs 5Curs 5 scurtCAPITOLUL 55.1 ANALI ZA CIFREI DE AFACERI5.1.1 Analiza structurala si dinamica a cifrei de afaceri5.1.2 analiza factoriala5.1.3 Analiza cifrei de afaceri, a punctului critic al rentabilitatii aMD.'a%t4Bmk+5.1.4 Strategii in domeniul cifrei de afaceri si a pretului de vanzare

5.2 Analiza valorii adaugate5.2.1 Analiza structurala a valorii adaugate5.2.2 Analiza factoriala a valorii adaugate5.2.3 Mecanisme de creare a valorii la nivel microeconomic

curs 5 aef

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