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izioanele.
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reprinderii

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= Excedent de trezorerie global

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interne sau externe.

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R1

re.
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rezultatului mai fiabil dect rezultatul din exploatare.

R4 =

Capacitate de autofinantare 1201452

=
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Vnzri
8789202

$FHDVW  UDW  HVWH R DOW  IRUP  GH H[SULPDUH D HILFLHQ HL JOREDOH D vQWUHSULQGHULL QHILLQG LQIOXHQ DW  GH
SROLWLFDGHDPRUWL] ULLSURYL]LRDQH
QDIDU GHFDSDFLWDWHDvQWUHSULQGHULLGHDJHQHUDUH]XOWDWHGLQSUR GXF LDLYkQ] ULOHVDOHPHWRGDUDWHORU

SHUPLWHDSUHFLHUHDXWLOL] ULLHILFLHQWHDPLMORDFHORUHFRQRPLFHFDUHvLVXQWvQFUHGLQ DWHDGLF DDFWLYH

lor sale.

$FHVWHUDWHFDUHH[SULP UDQGDPHQWXODFWLYHORUFRPSDU 

- un indicator al rezultatelor;
- activele utilizate de ntreprindere.

R5 =

Rezultatul din exploatare 1909933

=
= 0 , 49
Active totale
3934919

$FHDVW  UDW  H[SULP  DSWLWXGLQHD vQWUHSULQGHULL GH D YDORUL]D PLMORDFHOH HFRQRPLFH vQ FDGUXO
DFWLYLW

LL VDOH GH ED]  3XWHP DYHD L YDULDQWD FDUH V  DLE  vQ YHGHUH QXPDL DFWLYHOH GH H[SORDWDUH L QX

ansamblul activelor.

R6

Rezultatul dup impozitare

Active totale

1050613
3934919

0,27

$FHDVW UDW H[SULP FDSDFLWDWHDvQWUHSULQGHULLGHDYDORUL]DDFWLYHOHVDOHSHDQVDPEOXODFWLYLW

Apropierea ratelor R2L56SHUPLWHV

FDUHRH[SULP 

Rezultatul dup impozitare

Vnzri

(R2)
Rata R7 LQWURGXFH P
7) .

Rezultatul dup impozitare Active totale

u
Active totale
Vnzri

(R6)

(R7)
spus, intensi-tatea cu care aceste active sunt
ULPHD UDWHL 52 apare ca produs al randamentului activelor (R6) cu

VXUD URWD LHL DFWLYHORU DOWIHO

XWLOL]DWH vQ DFWLYLWDWHD vQWUHSULQGHULL 0

ULWPXOORUGHURWD LH5

LORU

DSDU QR LXQHDIXQGDPHQWDO GHURWD LHDDFWLYHORULUDWD5

$SUHFLHUHDUHQWDELOLW

LLGLQSXQFWXOGHYHGHUHDOSURSULHWDUL

lor ntreprinderii

$F LRQDULL L vQ JHQHUDO SURSULHWDULL VDX DVRFLD LL XQHL vQWUHSULQGHUL DX DGXV XQ DSRUW OD FDSLWDOXO
SURSULX (L VH FRQVLGHU  GHFL LQYHVWLWRUL DYkQG GHSXVH vQ vQWUHSULQGHUH IRQGXUL GH OD FDUH DWHDSW  R

valorificare. Ratele de rentabLOLWDWHFDUHXUPHD]

lor.

R8 =

VXQWvQJHQHUDOIRUPXODWHSHQWUXDU VSXQGHSUHRFXS ULORU

Beneficiu
1050613
=
= 27680
Numr de actiuni
37955

6HPQLILFD LDDFHVWHLUDWHHVWHP ULPHDEHQHILFLXOXLSHQWUXILHFDUHDF LXQH

R9 =

Cursul actiunii
Beneficiu pe actiune

$FHDVW  UDW  P VRDU  DSUHFLHUHD SH FDUH SLD D EXUVLHU  R IRUPXOHD]  DVXSUD SHUVSHFWLYHORU GH
EHQHILFLL DOH vQWUHSULQGHULL FRWDW  OD EXUV  8Q UH]XOWDW ULGLFDW VHPQLILF  IRUPXODUHD GH F WUH SLD

 D XQRU

DQWLFLS ULIDYRUDELOHDVXSUDUH]XOWDWHORUYLLWRDUHLHVWHGHFLGLVSXV V DFKLWHLPHGLDWXQSUH ULGLFD

t n raport

cu nivelul beneficiilor actuale.

R10

L
Rezultatul dup impozitare
Capitaluri proprii

(VWH UDWD GH UHQWDELOLWDWH D FDSLWDOXULORU SURSULL L IXUQL]HD]  P VXUD FHD PDL FODVLF  D UHQWDELOLW

LL

ILQDQFLDUHDvQWUHSULQGHULLIRUPXODW GLQSXQFWXOGHYHGHUHDOSURSULHWDULORUFDUHDXDGXVFDSLWDOXULSURSULL

Dividende pe ac]iune
Curs ul ac]iunii

R11

$FHDVW UDW P VRDU UDQGDPHQWXOHIHFWLYRE LQXWGHDF LRQDUL LQkQGFRQWGHGLYLGHQGHOHSULPLWHGH

DFHWLD

3.3.2. Influenta structurii financiare a ntreprinderii asupra performantelor

(efectul de levier financiar)
3ULQWUHIDFWRULLFDUHGHWHUPLQ QLYHOXOSHUIRUPDQ HORUWUHEXLHV DYHPvQYHGHUHVWUXFWXUDILQDQFLDU 
DvQWUHSULQGHULL 'HL UROXO DFHVWHL VWUXFWXUL HVWHFRPSOH[ LGLVFXWDELO DQDOL]DHIHFWXOXLVWUXFWXULLILQDQFLDUH
QH SHUPLWH V  IDFHP R SULP  DSUHFLHUH D HIHFWXOXL DFHVWHLD DVXSUD SHUIRUPDQ HORU ILQDQFLDUH FX LPSOLFD LL
SHQWUXJHVWLXQHDILQDQFLDU 
(IHFWXO GH SkUJKLH ILQDQFLDU  DO VWUXFWXULL ILQDQFLDUH SRDWH IL UHGDW SH ED]D XQHL VFKHPDWL] UL D
ELODQ XOXLUHGXVODWUHLPDULS U LFDU

e ar fi:
activul total (A);
FDSLWDOXOSURSULX6FDUHUHSUH]LQW RSDUWHDSDVLYXOXL
GDWRULLOH'FDUHUHSUH]LQW GLIHUHQ DvQWUHWRWDOXOSDVLYXOXLLFDSLWDOXOSURSULX
6HSRDWHVFULHHJDOLWDWHDHYLGHQW $FWLY

(1)

A = S+D

SH SRDWH SUHVXSXQH F

putem scrie:


3DVLY

 XWLOL]DUHD DFWLYHORU GHWHUPLQ  R UDW  D UDQGDPHQWXOXL H[SORDW ULL . DVWIHO F 

M
Rezultatulexploat rii
Activtotal

2K

RExp
A

'DF vQWUHSULQGHUHDXWLOL]HD] DFWLYHGHYDORDUH$UH]XOWDWXOH[SORDW ULL5

(3)

RExp
'LQ DFHDVW  VXP  5

Exp vQWUHSULQGHUHD DFKLW

datoriile D:

(4)

Exp va fi:

K A

Dob = d D

 GREkQ]L 'RE FDOFXODWH SH ED]D UDWHL G DSOLFDW  OD

6ROGXO UH]XOWDWHORU GXS  VF GHUHD GREkQ]LORU FRUHVSXQGH XQXL UH]XOWDW FXUHQW vQDLQWHD LPSR]LW ULL 5

ci

care, supus unei cote de impozitare t va fi repartizat ntre impozit asupra beneficiilor IabLUH]XOWDWQHW5net.
Se poate atunci formula rata r de rentabilitate a capitalurilor proprii.

(5)

r=

(1- t)(K A - d D)
S

Dar A = S + D.
Se poate transforma expresia 5 astfel:

K A - d D
S
S
D
D
r = (1- t)(K + K d )
S
S
S
r = (1- t)

(6)

6HSRDWHH[SULPDSULQ/UDWD'6VDXUDWDVWUXFWXULLFDUHH[SULP VWUXFWXUDILQDQFLDU DSDVLYXOXLL

UHGDW SULQUDSRUWXOvQWUHGDWRULLLFDSLWDOXULSURSULL

(7 )

r = (1- t)[K + (K - d)L ]

6HFRQVWDW F UHQWDELOLWDWHDFDSLWDOXULORUSURSULLHVWHLQIOXHQ DW GH

rata impozitului t;
randamentul activelor K;
costul datoriilor d;
UDWDVWUXFWXULL/FDUHH[SULP

VWUXFWXUDGHILQDQ DUH

'LVFXWDUHD UHOD LHL  SHUPLWH D VXEOLQLD LPSRUWDQ D GLIHUHQ HL . G vQ UHOD LD GLQWUH / L U 7U

ei cazuri

WUHEXLHV ILHGLIHUHQ LDWHvQDFHDVW VLWXD LH

1)

K=d

r = (1- t)K

QSULPXO FD] UDQGDPHQWXODFWLYHORUSHUPLWH D FRPSHQVDH[DFWFRVWXOGDWRULLORU9DULD LLOHVWUXFWXULL

GH ILQDQ DUH GHFL FHOH DOH UDWHL / QX DX QLFL R LQFLGHQ
ILQDQFLDU HVWHQHXWU vQGHWHUPLQDUHDUHQWDELOLW

2)

K>d

 DVXSUD UHQWDELOLW

LL U Q DFHVWH FRQGL LL VWUXFWXUD

LLFDSLWDOXULORUSURSULL

(K - d) > 0, r > (1- t)K

Q DFHVW DO GRLOHD FD] UHFXUJHUHD OD vPSUXPXWXUL SHUPLWH V  VH RE LQ  XQ EHQHILFLX DGL LRQDO SHQWUX
ILHFDUH VXP  VXSOLPHQWDU  vPSUX PXWDW  &UHWHUHD UDWHL VWUXFWXULL / SHUPLWH V  VH vPEXQ W

HDVF 

rentabilitatea capitalurilor proprii.

5DWDUHVWHGHFLRIXQF LHFUHVF WRDUHDvQGDWRU ULLLvPSUXPXWXOH[HUFLW RLQIOXHQ
UHQWDELOLW

EHQHILF DVXSUD

LLJOREDOH

3)K  dK  d  0r  1 tK

Q DO WUHLOHD FD] UHFXUJHUHD OD vQGDWRUDUH SHQWUX D ILQDQ D DFWLYH VXSOLPHWDUH DGXFH XQ UDQGDPHQW

PDUJLQDO . FH QX HVWH VXILFLHQW SHQWUX D FRPSHQVD FRVWXO DGL LRQDO DO GDWRULHL G 'H DFHHD vQGDWRUDUHD
PLFRUHD] UHQWDELOLWDWHDFDSLWDOXULORUSURSULLLUHVWHRIXQF LHGHVFUHVF WRDUHDvQGDWRU ULL
QFHOHGLQXUP DQDOL]DHIHFWXOXLVWUXFWXULLILQDQFLDUHSHUPLWHV VHVXEOLQLH]HF vQGDWRUDUHDSRDWH
V  H[HUFLWH R LQIOXHQ

 GXEO  vQ IXQF LH GH UDSRUWXO vQWUH FRVWXO GDWRULLORU G L UDQGDPHQWXO DFWLYHORU .

%HQHILF  GDF  UDQGDPHQWXO DFWLYHORU HVWH VXILFLHQW vQGDWRUDUHD SRDWH GLQ FRQWU  V  VH GRYHGHDVF 
GHIDYRUDELO vQFD]XOvQFDUHFRVWXOV XQXSRDWHILFRPSHQVDWGHSHUVSHFWLYHOHXQXLUDQGDPHQWVXILFLHQW

,QIOXHQ DVWUXFWXULLFRVWXULORUDVXSUDSHUIRUPDQ HORU

6WUXFWXUD FRVWXULORU L vQ VSHFLDO UDSRUWXO vQWUH FKHOWXLHOLOH IL[H L FKHOWXLHOLOH YDULDELOH H[HUFLW  R
LQIOXHQ

PDUFDQW DVXSUDUHQWDELOLW

LL

5H]XOWDWXOH[SORDW ULLHVWHvQWRWGHDXQDFDOFXODWGXS SXQHUHDvQEDODQ

5H]XOWDWXOH[SORDW ULL


DGRX JUXSHGHFKHOWXLHOL

YkQ] UL
YkQ]

- cheltuieli totale =
UL- (cheltuieli fixe+cheltuieli variabile)

&KHOWXLHOLOH IL[H &) FRUHVSXQG FRQVXPXULORU D F URU P ULPH HVWH WRWDO LQGHSHQGHQW  GH QLYHOXO
SURGXF LHL(OHvQJOREHD] FKHOWXLHOLGHDGPLQLVWUDUHFKHOWXLHOLFXDPRUWL]DUHDHWF
&KHOWXLHOLOHYDULDELOH&9FRUHVSXQGHOHPHQWHORUDOF URUFRQVXPYDULD] FXQLYHOXO4DOSURGXF LHL
FKHOWXLHOL FD VDODULLOH GLUHFWH PDWHULDOH IXUQLWXUL 'HL DFHVWH FKHOWXLHOL YDULD]  VH YD SURSXQH R IRUPXODUH
VLPSOLILFDW GXS FDUHFKHOWXLHOLOHYDULDELOH&9VXQWVWULFWSURSRU LRQDOHFXFDQWLWDWHDGHSURGXVH

CV = v Q
QDFHVWHFRQGL LLFKHOWXLHOLOHWRWDOH&7SRWILH[SULPDWHDVWIHO

CT = CF + CV CT = CF + v Q

&kQGFLIUDGHDIDFHUL&$HVWHGLUHFWSURSRU LRQDO FXFDQWLWDWHDGHSURGXVHLGDF SUH XOGHYkQ]DUH

XQLWDUSU PkQHFRQVWDQWFkQGvQWUHSULQGHUHDP UHWHRIHUWDVDGHSURGXVHSXWHPVFULH

CA = p Q

&LIUDGHDIDFHULLFRVWXOWRWDODSDUFDGRX IXQF LLDOHFDQWLW

LLGHSURGXVH4SUH]HQWDWHvQJUDILFXO

din fig.3.5.

NO PQRQ SQ$TUVWU

X<UY;Z [WU<[-PW[$\ O ] [CV;^;Y]Z ^_ ^O;`>aW:Z
$FHDVW  ILJXU  SHUPLWH D VH SXQH vQ HYLGHQ
FRPSHQVHD]  VWULFW FRVW

 XQ QLYHO DO SURGXF LHL 4

ul total. Q0 FRUHVSXQGH SXQFWXOXL PRUW DGLF

0 pentru care cifra de afaceri

 XQXL QLYHO DO SURGXF LHLSHQWUXFDUH

vQWUHSULQGHUHDQXRE LQHQLFLFkWLJQLFLSLHUGHUH

$FHVWSXQFWPRUWFRUHVSXQGHXQXLSUDJGHUHQWDELOLWDWHPDUFKHD] RUXSWXU SHQWUXLQWHUYDOXOGHYDULD LL

SRVLELOHDOHQLYHOXOXLSURGXF LHL

Pentru Q<Q0FRVWXULOHGHS HVFFLIUDGHDIDFHULLvQWUHSULQGHUHDYDDYHDSLHUGHUL

Pentru Q>Q0FRVWXULOHVXQWFRPSHQVDWHGHYkQ] ULOHVXILFLHQWGHULGLFDWHLVHRE LQEHQHILFLL
Deci Q0 PDUFKHD]  WUHFHUHD GLQ ]RQD GH SLHUGHUL vQ ]RQD GH EHQHILFLL FHHD FH MXVWLILF
caracterizare de prag de rentabilitate.

 DFHD

-XVWLILFDUHD SXQFWXOXL PRUW SRDWH IL FHUFHWDW  SULQ OXDUHD vQ FDOFXO D FKHOWXLHOLORU IL[H L D HIHFWXOXL

lor. ntr-DGHY

UFKHOWXLHOLOHIL[HWUHEXLHV ILHUHSDUWL]DWHDVXSUDDQVDPEOXOXLSURGXF LHL

'DF  YROXPXO SURGXF LHL HVWH UHGXV FKHOWXLHOLOH IL[H VXQW UHSDUWL]DWH DVXSUD XQXL QXP U OLPLWDW GH
SURGXVHLSUHVHD] GHFLSXWHUQLFDVXSUDFRVWXOXLXQLWDUSHSURGXV
Q DFHVWH FRQGL LL PRGHOXO SXQFWXOXL PRUW vPEUDF  R LPSRUWDQ
UHQWDELOLW

 PDMRU  vQ HYDOXDUHD LQFLGHQ HL DVXSUD

LL vQWUHSULQGHULL D RSHUD

- LXQLORU GH LQYHVWL LL VDX D GHFL]LLORU WHKQLFH VDX FRPHUFLDOH VXVFHSWLELOH V

LQIOXHQ H]H DVXSUD QLYHOXOXL GH DFWLYLWDWH GLPHQVLXQHD LQVWDOD LLORU FDSDFLW

LOH GH SURGXF LH VDX GH YkQ]DUH

structura costurilor)
3HQWUXRSURGXF LHHJDO FXSUDJXOGHUHQWDELOLWDWHFLIUDGHDIDFHULHVWHHJDO FXFRVWXOWRWDODOSURGXF LHL
FDUHHVWHIRUPDWGLQFRVWXULIL[HLFRVWXULYDULDELOH

Marja asupra costurilor variabile este deteUPLQDW

variabile.
Costul

 GH H[FHGHQWXO FLIUHL GH DIDFHUL DVXSUD FRVWXULORU

total

Beneficiu

Costuri variabile

Costuri fixe

Beneficiu

Costuri variabile

0DUM DVXSUD

cheltuielilor variabile

Cifra

de

afaceri

3HQWUXSUDJXOGHUHQWDELOLWDWHPDUMDDVXSUDFKHOWXLHOLORUYDULDELOHHVWHHJDO FXFRVWXULOHIL[H
3UDJXO GH UHQWDELOLWDWH DGLF  DFHD SURGXF LH SHQWUX FDUH UH]XOWDWXO EHQHILFLXO HVWH QXO VH SRDW

e calcula

GXS UHOD LD

P=

CA CF
M

6HPQLILFD LDVLPEROXULORUIRORVLWHHVWH

P - pragul de rentabilitate, exprimat valoric;

CA - cifra de afaceri;
CF - cheltuielile fixe;
M - marja asupra cheltuielilor variabile.
Exemplu:
9kQ] ULOH DQXDOH DOH XQHL vQWUHSULQGHUL VXQW GH   XP &RVWXO SURGXF LHL YkQGXW  HVWH GH  

u.m., cheltuielile variabile reprezentnd 75%.

QDFHVWHFRQGL LLDYHP

- beneficiu
= 100 000 - 80 000 = 20 000
- costuri variabile
= 80 000 x 75% = 60 000
- costuri fixe
= 80 000 - 60 000 = 20 000
- marja asupra cheltuielilor variabile = 100 000 - 60 000 = 40 000

P=

100000 20000
= 50000
40000

Pragul de UHQWDELOLWDWHVHSRDWHFDOFXODLGXS

P=

UHOD LD

CF
20000
=
= 50000
M%
40%

M% -UHSUH]LQW

PDUMDDVXSUDFKHOWXLHOLORUYDULDELOHH[SULPDW SURFHQWXDO

5(=8/7$78/,)/8;85,/(3$75,021,$/(

(VWH QHFHVDU V  VH IDF  GLVWLQF LH vQWUH WUH]RUHULH L ERJ

LH D SO WL R VXP  GH EDQL QX vQVHDPQ  vQ

PRG QHFHVDU D V U FL LDUDvQFDVDRVXP  GHEDQL QXDUHVHQVXOQHDS UDWDGHYHQL PDL ERJDW&UHDUHD VDX
FRQVXPXO GH ERJ

LH VH HYLGHQ LD]  vQ FRQWXO GH UH]XOWDWH HVWH VROGXO IOX[XULORU YHQLWXUL

cheltuieli) care

IDFV VHPRGLILFHYDORDUHDXQXLSDWULPRQLXvQWU RSHULRDG GDW 

'LIHUHQ D GLQWUH YHQLWXULOH vQFDVDELOH GLQ H[SORDWDUH L FKHOWXLHOLOH SO WLELOH SHQWUX H[SORDWDUH
UHSUH]LQW H[FHGHQWXOEUXWGLQH[SORDWDUH(%(

n cursul ciclului de exploatare, ntUHSULQGHUHD WUHEXLH V

$FHVWHD VXQW FKHOWXLHOL PRQHWDUH DPkQDWH D F URU LQIOXHQ

 FRQVWLWXLH VWRFXUL FDUH UHSUH]LQW  DFWLYH

 WUHEXLH FRUHFWDW  SHQWUX D VH FDOFXOD (%( vQ

FRQWXO GH UH]XOWDWH VH FRUHFWHD]  QLYHOXO YHQLWXULORU GLQ H[SORDWDUH SULQ DG XJDUHD YDULD LHL VWRFXULORU GH
SURGXVH ILQLWH L SURGXF LH vQ FXUV L QLYHOXO FKHOWXLHOLORU GH H[SORDWDUH VH VFDG YDULD LLOH VWRFXULORU GH
PDWHULLSULPHLP UIXULvQFRQWXOGHUH]XOWDWHDSDUHGLIHUHQ DGLQWUHYkQ] ULLFRVWXOSURGXVHORUYkQGXWH

InvestL LLOH QX VH vQUHJLVWUHD]

 QLFLRGDW  vQ FRQWXO GH UH]XOWDWH FL HOH PDMRUHD]  YDORDUHD DFWLYHORU

LPRELOL]DWHQVFKLPEHYDOXDUHDFRQWDELO DGLPLQX ULLYDORULLDFHVWRULQYHVWL LLVHUHIOHFW SULQvQUHJLVWUDUHD

FKHOWXLHOLORUFDOFXODWHDPRUWL]DUHLSURY

izioane pentru deprecierea activelor imobilizate).

5H]XOWDWXO GLQ H[SORDWDUH HVWH UH]XOWDWXO SURFHVHORU GH H[SORDWDUH L GH LQYHVWL LL GLQWU XQ H[HUFL LX

ILQDQFLDU (O UHSUH]LQW  FRQFUHW UH]XOWDWXO JHQHUDW GH DSDUDWXO LQGXVWULDO L FRPHUFLDO DO vQ

treprinderii.

$FHVWDVHUHSDUWL]HD] vQWUH

- cheltuielile financiare: n contul de rezultate apar numai cheltuielile legate de mprumuturi;

UDPEXUVDUHDvPSUXPXWXULORUQXUHSUH]LQW XQFRQVXPGHERJ

- impozitul pe profit;
- rezultatul net care se dLVWULEXLHVXEIRUP

LH

GHGLYLGHQGHVDXU PkQHODGLVSR]L LDvQWUHSULQGHULL

QDIDUDDFHVWRURSHUD LXQLPDLH[LVW LFHOHH[FHS LRQDOHFDUHJHQHUHD] UH]XOWDWXOH[FHS LRQDO

5H]XOWDWXO QHW H[SULP  vPERJ

LUHD VDX V U FLUHD vQWUHSULQGHULL vQ FXUVXO H[HUFL LXOXL FRQVLGHUDW (O

UHOHY  XQ FRQFHSW SDWULPRQLDO L QX XQXO GH WUH]RUHULH vQ DFHDVW  RSWLF  VH LD vQ FDOFXO L FRQVXPXO GH
ERJ

LHVXEIRUPDDPRUWL] ULLL SURYL]LRDQHORU5H]XOWDWXOQHW VHRE LQHGLQWU RFDVFDG DUH]XOWDWHORUFD

vQWDEHOXOFHXUPHD] 

Contul de rezultate (simplificat)

3URGXF LDYkQGXW YkQ] UL

Procesul de
exploatare

3URGXF LDVWRFDW

3URGXF LDH[HUFL LXOXL

Procesul de
investire

-&KHOWXLHOLGHH[SORDWDUHSO WLELOHPRQHWDUH

= EXCEDENTUL BRUT DIN EXPLOATARE
(EBE)
-$PRUWL]DUHDDFWLYHORULPRELOL]DWHLYDULD LD
SURYL]LRDQHORUSULYLQGLPRELOL] ULOH

= REZULTATUL DIN EXPLOATARE

- Cheltuieli financiare nete de venituri financiare
3URFHVXOGHILQDQ DUHL
LQIOXHQ DRSHUD LXQLORU
H[FHS LRQDOHLD
ILVFDOLW

LL

= REZULTATUL CURENT
5H]XOWDWXOH[FHS LRQDO

- Impozit pe profit
= REZULTATUL NET
- Dividende
= REZULTATUL NEDISTRIBUIT

Probleme rezolvate:
6RFLHWDWHDFRPHUFLDO /(;vLYDvQFHSHDFWLYLWDWHDODLDQXDULHDQXO1/DDFHDGDW VRFLHWDWHD
FRPHUFLDO  WUHEXLH V  FXPSHUH XQ XWLODM FDUH FRVW   PLOLDUGH 80 ILQDQ DW SDU LDO SULQWU

-un credit bancar

GH PLOLDUGH 80GLQFDUHVHUDPEXUVHD]  FkWHPLOLRDQH80ODGDWHOHGHLXOLHLLDQXDULHDOH

ILHF UXLDQWLPSGHDQL'REkQ]LOHVHSO WHVFVHPHVWULDOGXS FXPXUPHD] 

Anul N
Iunie Dec
200
180

N+1
Iunie Dec
160
140

N+2
Iunie Dec
120
100

N+3
Iunie
Dec
80
60

N+4
Iunie Dec
40
20

Profitul este scutit de impozit. Cifra de afaceri va fi de 2,4 PLOLRDQH 80 SH OXQ

 6H FRQVWLWXLH

VWRFXULGHSURGXVHILQLWHSHQWUXROXQ &OLHQ LLVHvQFDVHD] ODGH]LOHGHODYkQ]DUH

ntreprinderea, pentru a-LFRQVWLWXLXQVWRF GH PDWHULLSULPHSHQWUXROXQ vQDYDQVYDFXPS UDvQ

luna ianuarie a anului N, materii prime pentru 2 luni. Necesarul lunar de materii prime, normal, este de 800
PLOLRDQH80)XUQL]RULLDFRUG vQWUHSULQGHrii un credit de 90 zile. Celelalte cheltuieli sunt:
- cheltuieli de personal PLOLRDQH80SHOXQ 
-OXFU ULVHUYLFLLH[HFXWDWHGHWHU L PLOLRDQH80SHOXQ VHSO WHVFOD]LOH$FHVWHFKHOWXLHOL
DSDUvQF GHODLDQXDULHDQXO1

$PRUWL]DUHD DQXDO  OD VRFLHWDWHD FRPHUFLDO  /(; YD IL GH  PLOLDUGH XP 6  VH HODERUH]H FRQWXO GH
UH]XOWDWHSUHYL]LRQDOSHQWUXDQLL1L1

Rezolvare:
a) Ciclul de exploatare
9kQ] ULOH YRU IL GH  PLOLDUGH XP SH OXQ  vQFHSkQG FX OXQD IHEUXDULH DGLF   PLOLRDQH
u.m. n anul N.
3URGXF LD GLQ SULPD OXQ  YD VHUYL SHQWUX FRQVWLWXLUHD VWRFXULORU &RQVLGHU P VWRFXO HJDO FX 0
milioane u.m. (800 milioane u.m. materii prime +

1
cheltuieli de personal, n ipoteza cheltuielilor directe de
2

personal de 400 milioane u.m. = 1200 milioane u.m.).

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ULL ORU

SUHVXSXQHPF VHFRPSXQGLQPLOLRDQHXPFKHOWXLHOLGHSHUVRQDOPLOLRDQHXPFKHOWXLHOL

milioane u.m. lunar.

0DWHULLSULPHDFKL]L LRQDWHvQDQXO1

PLOLRDQHXP

6WRFLQL LDOGHPDWHULLSULPH

- Stoc final de materii prime

= Consum de materii prime n anul N
a)

0
800 milioane u.m.
9600 milioane u.m.

Ciclul de investire
Amortizarea n anul N = 1200 milioane u.m.

F&LFOXOGHILQDQ DUH

Cheltuieli financiare n anul N = 380 milioane u.m.

Contul de rezultate previzional
([SOLFD LL
3URGXF LDYkQGXW FLIUDGHDIDFHUL
3URGXF LDVWRFDW 6)

- SI)

3URGXF LDH[HUFL LXOXL

- Cheltuieli materiale
-&KHOWXLHOLFXOXFU ULVHUYLFLLH[HFXWDWHGHWHU L
- Cheltuieli cu personalul
= Excedentul brut din exploatare

milioane u.m.
N
N+1
26400
28800
1200
0
27600
28800
9600
9600
4800
4800
9600
9600
3600
4800



- Amortizare
= Rezultatul din exploatare (profit)
- Cheltuieli financiare
= Rezultatul curent (profit)
Rezultatul net

1200
3600
300
3300
3300

1200
2400
380
2020
2020

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UHYLVW OXQDU QXPHUHSHDQ3HQWUXSULPXODQV

-au elaborat preYL]LXQLOHXUP

WRDUH

vQ SULPD OXQ  VH YRU YLQGH  H[HPSODUH vQ D GRXD OXQ   H[HPSODUH LDU vQFHSkQG GLQ D
WUHLDOXQ H[HPSODUH

SUH XO XQHL UHYLVWH YD IL  OHL  OHL SUH XO GH YkQ]DUH FX DP QXQWXO GLQ FDUH  OHL

revin distribuitorilor);
n luna iunie se vor contracta 50000 abonamente anuale, pentru perioada iulie anul curent iunie
DQXOXUP WRUSUH XOXQXLDERQDPHQWYDILOHL

cheltuielile de exploatare pe exemplar sunt de 40000 lei, din care:

1. OHLSHQWUXWLS ULUHVHSO WHVFOD]LOH
2. OHLSHQWUXUHGDFWDUHVHSO WHVFvQILHFDUHOXQ 
contravaloarea exemplelor vndute se va ncasa de la distribuitori astfel: 50% la 30 zile de la
YkQ]DUHLOD]LOHGHODYkQ]DUH

- veniturile din publicitate vor fi de 85 miliarde lei anual, din care:

3 miliarde lei anual n trimestrul I, 6 miliarde lei lunar n trimestrul al II-OHDPLOLDUGHOHLOXQDUvQDXJXVWL
septembrie, 10 miliarde lei lunar n perioada octombrie GHFHPEULH$FHVWHYHQLWXULVHvQFDVHD] OD zile
de la publicare.
$X IRVW SUHY ]XWH FKHOWXLHOL GH ODQVDUH SH SLD

DUHYLVWHLSXEOLFLWDWHODUDGLRDILHvQVXP  GH 

miliarde lei, repartizate n mod egal n primele patru luni de activitate; plata se va efectua la 90 zile.
n cursul celui deal doilea an, o campanie de promovare a abonamentelor va duce la dublarea
DFHVWRUD FRQWUDFWDUHD VH IDFH vQ DFHHDL SHULRDG  FD vQ SULPXO DQ GDU YD GHWHUPLQD UHGXFHUHD YkQ] ULORU

lunare ca 25000 exemplare. Pentru aceasta se vor efectua cheltuieli de 30 miliarde lei, repartizate n mod
egal pe primele patru luni ale anului al doilea; plata se va efectua la 90 zile. Restul datelor din primul an
U PkQYDODELOHLSHQWUXDOGRLOHD

6 VH HODERUH]H FRQWXOGHUH]XOWDWH SUHYL]LRQDODOVRFLHW

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promovare a abonamentelor din al doilea an sunt considerate cheltuieli de exploatare.

b) CheltuiHOLOH GH SXEOLFLWDWH GLQ OXQLOH LDQXDULH L IHEUXDULH DOH SULPXOXL DQ VXQW FRQVLGHUDWH
LQYHVWL LLFDUHVHDPRUWL]HD] vQDQLFkWHPLOLRDQHXPvQSULPXODOGRLOHDLDOWUHLOHDDQ

n ambele cazuri, cota impozitului pe profit este 25%.

Rezolvare:
Cifra de afaceri din primul an cuprinde:
= 82500 mil. lei
-YHQLWXULGLQYkQ] ULSULQGLVWULEXLWRUL
-YHQLWXULGLQDERQDPHQWHvQFDV ULOHGLQDERQDPHQWH
VHWUDWHD] FDYHQLWXULvQUHJLVWUDWHvQDYDQV
= 17000 mil. lei
- venituri din publicitate
= 85000 mil. lei
Total
184500 mil. lei
Cifra de afaceri din al doilea an cuprinde:
- YHQLWXULGLQYkQ] ULSULQGLVWULEXLWRUL
(47500 sem I + 37500 sem II)
= 82500 mil. lei
- venituri din abonamente
(17000 sem I + 34000 sem II)
= 51000 mil. lei

venituri din publicitate

Total

= 85000 mil. lei

218500 mil.

Contul de rezultate previzional (ipoteza a)

([SOLFD LL

Cifra de afaceri
- FKHOWXLHOLGHWLS ULUH
- cheltuieli de redactare
- cheltuieli de publicitate
&KHOWXLHOLGHH[SORDWDUHSO WLELOH

Excedentul brut din exploatare

Amortizare
Rezultatul din exploatare (profit)
Impozit pe profit
Rezultatul net (profit)

Milioane lei
Anul 1
Anul 2
184500
218500
58500
76500
19500
25500
60000
30000
138000
132000
46500
86500
46500
86500
11625
21625
34875
64875

Contul de rezultate previzional (ipoteza b)

Milioane lei
([SOLFD LL

Cifra de afaceri
- FKHOWXLHOLGHWLS ULUH
- cheltuieli de redactare
- cheltuieli de publicitate
&KHOWXLHOLGHH[SORDWDUHSO WLELOH

Excedentul brut din exploatare

Amortizare
Rezultatul din exploatare (profit)
Impozit pe profit
Rezultatul net (profit)
Probleme propuse:
 6RFLHWDWHDFRPHUFLDO '$&,$

Anul 1
184500
58500
19500
30000
108000
76500
10000
66500
16625
49875

 6$ vQ IXQF LXQHUHDOL]HD]

Anul 2
218500
76500
25500
30000
132000
86500
10000
76500
19125
57375

R FLIU GHDIDFHULGH PLOLRDQH

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-un

mprumut.
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cota impozitului pe profit 25%.

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pentru anul N+1)

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o

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WDEHOXOXUP WRU

Componente
&DUFDV $7;
3ODF ED]

Procesor PENTIUM III

Modem 54K
Monitor 15

3UH XOGH

6WRFLQL LDO

FXPS UDUH

- buc. -

Stoc final
- buc. -

- mii lei 870

4500
5940
1050
6000

5
8
4
6
3

13
12
11
4
3

Tastatur
Mouse

450
120
360
1770
5100

3ODF VXQHW
3ODF YLGHR

Hard disk 20GB

o

1
5
8
8
6

13
12
2
2
4

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n anul N, ntreprinderea a contractat un mprumut de 350 milioane lei pe care l va

e lunar; rata dobnzii 50%;
Cota impozitului pe profit 25%.

UDPEXUVDLQWHJUDOODILQHOHDQXOXL1'REkQGDVHSO WHW

5H]ROYD LSUREOHPDvQXUP WRDUHDVLWXD LH

/DvQFHSXWXOOXQLLLDQXDULH1VDYDYLQGHFO GLUHDILUPHLFXSUH XOGHPLOLRDQHOHL6XPDVH
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WHUPLF VHHVWLPHD] ODPLOLRDQHOHL
([SOLFD L LQIOXHQ D DFHVWRU RSHUD LXQL

exploatare, rezultatului net.

asupra excedentului brut din exploatare, rezultatului din