4

A1$/,=$5(17$%,/,7
$ERUG

ULFRQFHSWXDOHSULYLQGUHQWDELOLWDWHDvQWUHSULQGHULL

5HQWDELOLWDWHDSRDWHILGHILQLW FDILLQG FDSDFLWDWHDXQHLvQWUHSULQGHUL

GH D RE LQH SURILW SULQ XWLOL]DUHD IDFWRULORU GH SURGXF LH L D FDSLWDOXULORU

inGLIHUHQWGHSURYHQLHQ DDFHVWRUD
Rentabilitatea este una din formele cele mai sintetice de exprimare a
HILFLHQ HLvQWUHJLLDFWLYLW LHFRQRPLFR-financiare a ntreprinderii, respectiv a
WXWXURU PLMORDFHORU GH SURGXF LH XWLOL]DWH L D IRU HL GH PXQF  GLQ toate
VWDGLLOHFLUFXLWXOXLHFRQRPLFDSURYL]LRQDUHSURGXF LHLYkQ]DUH
(ILFLHQ D HFRQRPLF  HVWH R FDWHJRULH HFRQRPLF  PDL FXSULQ] WRDUH
GHFkW UHQWDELOLWDWHD Q DFHVW VHQV PHQ LRQ P L XUP WRDUHD DILUPD LH
HILFLHQ 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, vnzare) sau economisirea

unor resurse (umane, materiale sau financiare) intrate sau neintrate n
circuitul economic)1.
3HQWUX H[SULPDUHD UHQWDELOLW

LL VH XWLOL]HD]  GRX  FDWHJRULL GH

LQGLFDWRULSURILWXOLUDWHOHGHUHQWDELOLWDWH0 ULPHDDEVROXW DUHQWDELOLW

LL

HVWH UHIOHFWDW  GH SURILW LDU JUDGXO vQ FDUH FDSLWDOXO VDX XWLOL]DUHD UHVXUVHORU

ntreprinderii

DGXF SURILW HVWH UHIOHFWDW GH UDWD UHQWDELOLW

P ULPLLUHODWLYHDUHQWDELOLW


  
      
-.  /   102234#


0 55

LL LQGLFDWRU DO

LL

aliza economico-

 
 
   "!    #  
   $ %&    (')  * +%& 
,   

4.2 Analiza profitului

Profitul, sub diversele sale forme, poate fi analizat din punct de
roduse.

YHGHUHVWUXFWXUDOLIDFWRULDOSHWRWDOvQWUHSULQGHUHLSHS

$QDOL]DVWUXFWXUDO

DSURILWXOXL

$QDOL]D VWUXFWXUDO  D SURILWXOXL XUP UHWH VWDELOLUHD FRQWULEX LHL

GLIHULWHORU WLSXUL GH UH]XOWDWH OD PRGLILFDUHD WRWDO  SUHFXP L SXQHUHD vQ
HYLGHQ

DVFKLPE ULORULQWHUYHQLWHSHHOHPHQWHFRPSRQHQWH

AQDOL]D VWUXFWXUDO

 D UH]XOWDWXOXL EUXW DO H[HUFL LXOXL SURILW EUXW VDX

SLHUGHUH VH SRDWH HIHFWXD SH ED]D JUXS ULL YHQLWXULORU L FKHOWXLHOLORU GXS 
QDWXU  VDX D JUXS ULL FKHOWXLHOLORU GXS  IXQF LD GHVWLQD LD ORU vQ FDGUXO

ntreprinderii.
Analiza struFWXUDO

 D UH]XOWDWXOXL EUXW DO H[HUFL LXOXL vQ IXQF LH GH

JUXSDUHD YHQLWXULORU L FKHOWXLHOLORU GXS  QDWXUD ORU VH SRDWH HIHFWXD GXS 
XUP WRDUHDVFKHP 

: ;  *     

cheltuielile variabile

678
   

9#
   

Venituri din exploatare

Cheltuieli variabile
de exploatare

Cheltuieli fixe de
exploatare

+
Venituri financiare
Rezultatul
brut al

 
exerci 

Rezultatul financiar

Cheltuieli financiare

+
Venituri extraordinare
Rezultatul extraordinar

Cheltuieli extraordinare

)LJ6FKHPDGHDQDOL]

VWUXFWXUDO

DUH]XOWDWXOXLEUXW

(modelul 1)

3HQWUX D VWDELOL FRQWULEX LD HOHPHQWHORU FRPSRQHQWH OD PRGLILFDUHD

rezultatuluiEUXWVHDSOLF

PHWRGDEDODQ LHU 

$FHVW PRGHO GH DQDOL]  VWUXFWXUDO  D UH]XOWDWXOXL EUXW SXQH vQ

HYLGHQ

 L XUP WRUXO DVSHFW HVHQ LDO L DQXPH GDF  PDUMD EUXW  ID

 GH

cheltuielile variabile permite acoperirea cheltuielilor fixe (n caz contrar

volumul GH DFWLYLWDWH HVWH LQIHULRU SUDJXOXL GH UHQWDELOLWDWH L D XQRU
UH]XOWDWHQHJDWLYHSLHUGHULGLQDFWLYLW

LOHILQDQFLDUHLH[WUDRUGLQDUHDVWIHO

vQFkWSHWRWDOILUP DFWLYLWDWHDV ILHUHQWDELO 

Cea de-D GRXD PHWRG

 GH DQDOL]  VWUXFWXUDO  D UH]XOWDWXO

ui brut al

H[HUFL LXOXL HVWH FXQRVFXW  FD PHWRGD FODVLILF ULL GXS  IXQF LD FKHOWXLHOLORU
VDX D FRVWXOXL YkQ] ULORU ,QIRUPD LLOH QHFHVDUH DQDOL]HL VH LPSXQ D IL

grupate astfel:
1. Cifra de afaceri
&RVWXOYkQ] ULORU
5H]XOWDWRSHUD LRQDOPDUMDEUXW 

2)

4. Alte venituri din exploatare

&RVWXULGHGLVWULEX LH

6. Cheltuieli administrative
7. Alte cheltuieli de exploatare
5H]XOWDWXOH[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]XOWDWXOEUXWDOH[HUFL LXOXL
$FHDVW  SUH]HQWDUH RIHU  XQHRUL LQIRUPD LL PDL UHOHYDQWH SHQWUX
XWLOL]DWRULGHFkWFODVLILFDUHDGXS QDWXU 
$OHJHUHD PHWRGHL GH DQDOL]  vQWUH PHWRGD FRVWXOXL YkQ] ULORU L
PHWRGDQDWXULLFKHOWXLHOLORUGHSLQGHDWkWGHIDFWRULLLVWRULFLL GHFHLDIHUHQ L
VHFWRUXOXL HFRQRPLF UHVSHFWLY FkW L 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 7RWXL GHRDUHFH LQIRUPD LLOH DVXSUD QDWXULL

cheltuielilor sunt utile la estimarea fluxurilor viitoare de numerar, se cere o

SUH]HQWDUH
YkQ] ULORU

VXSOLPHQWDU 

DWXQFL

FkQG

HVWH

XWLOL]DW 

PHWRGD

FRVWXOXL

4.2.2 Analiza soldurilor intermediare ale gestiunii (S.I.G.)

Prin solduri intermediare ale geVWLXQLL vQ HOHJHP SULQFLSDOLL
indicatori economico-ILQDQFLDULVWDELOL LSHED]DGDWHORUGLQ&RQWXOGHSURILW
L 3LHUGHUH FX DMXWRUXO F URUD VH FDUDFWHUL]HD]  PRGXO GH IRORVLUH D
UHVXUVHORUPDWHULDOHILQDQFLDUHLXPDQHDOHILUPHL

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 L

JHVWLXQLLILUPHLXQLLVH UHJ VHVFFDDWDUHvQ&RQWXOGH3URILWL 3LHUGHUHLDU

DO LLVHGHWHUPLQ vQVLWXD LD6,*

SoldurilHLQWHUPHGLDUHDOHJHVWLXQLLVHSUH]LQW
HVHQ

vQWU

-un tablou care, n

HVWHRDOW PRGDOLWDWHGHSUH]HQWDUHDFRQWXOXLGHUH]XOWDWH
7DEORXO VROGXULORU LQWHUPHGLDUH DOH JHVWLXQLL VXE IRUP  GH OLVW  VH

SUH]LQW DVWIHO

Nr.
crt.
1.
2.

Tabelul 4.1
ExeUFL LXOILQDQFLDU
precedent curent

Indicatori
9kQ] ULGHP UIXULFW
&RVWXOP UIXULORUYkQGXWHFW

3.
4.
5.
6.

0DUMDFRPHUFLDO

7.
8.

3URGXF LDH[HUFL LXOXL



-2)

3URGXF LDYkQGXW FWOD

9DULD LDSURGXF LHLVWRFDWHFW
9HQLWXULGLQSURGXF LDGHLPRELOL] ULFW

&RQVXPXULOH H[HUFL LXOXL SURYHQLQG GH OD WHU L JU  PDL
SX LQFWJUJU

9.
10.
11.
12.
13.
14.
15.
16.

9DORDUHDDG

XJDW

)
-8)



6XEYHQ LLGHH[SORDWDUH
&KHOWXLHOL FX

LPSR]LWH WD[H L

Y UV PLQWH DVLPLODWH

(gr. 63)
Cheltuieli cu personalul (gr. 64)
([FHGHQWXOGHILFLWXOEUXWDOH[SORDW

17.
18.
19.

ULL-11-12)
Alte venituri din exploatare inclusiv cele din provizioane
Alte cheltuieli de exploatare
Cheltuieli de exploatarH SULYLQG DPRUWL]DUHD L
provizioanele
5H]XOWDWXOH[SORDW ULL-15-16)
Venituri financiare
Cheltuieli financiare

20.

5H]XOWDWXOFXUHQWDOH[HUFL LXOXL

-19)

Nr.
crt.
21.
22.

ExeUFL LXOILQDQFLDU
precedent curent

Indicatori
Venituri extraordinare
Cheltuieli extraordinare

23.
24.
25.

Impozit pe profit

26.

5H]XOWDWXOH[HUFL LXOXLSURILWQHWVDXSLHUGHUH

Re]XOWDWXOH[WUDRUGLQDUDOH[HUFL

LXOXL

-22)

5H]XOWDWXOEUXWDOH[HUFL LXOXL

-25)

Analiza soldurilor intermediare de gestiune, se poate realiza pe baza:

PRGLILF ULORUDEVROXWH

LQGLFLORUFXED] IL[ vQODQ LPHGLL

ULWPXULORUFXED] IL[ vQODQ LPHGLL

metodei ratelor;

PHWRGHLVXEVWLWX LLORUvQODQ HWF

Referitor la indicatorii din tabloul soldurilor intermediare ale

gestiunii, care nu au fost pUH]HQWD L L DQDOL]D L DQWHULRU VH LPSXQ XQHOH
SUHFL] ULLDQXPH

0DUMD FRPHUFLDO

 0F HVWH XQ LQGLFDWRU XWLOL]DW GH F WUH

ntreprinderile care vnd bunurile n starea n care au fost

FXPS UDWHILLQGVSHFLILFDFWLYLW

LLGHFRPHU 

$QDOL]DIDFWRULDO D PDUMHLFRPHUFLDOH SRDWH ILHIHFWXDW FXDMXWRUXO

XUP WRUXOXLPRGHO

DC
100
g
ici
C=
100
Mc =

n care:
D = UHSUH]LQW

 FLIUD GH DIDFHUL GLQ YkQ] UL GH P UIXUL VDX YDORDUHD

GHVIDFHULORUGHP UIXUL

C = rata medie a marjei comerciale sau cota medie de adaos comercial;

gi = VWUXFWXUDYkQ] ULORUSHJUXSHGHP UIXULVDXVHFWRDUHGHDFWLYLWDWH
ci = FRWDGHDGDRVFRPHUFLDOSHJUXSHGHP UIXULVDXVHFWRDUHGHDFWLYLWDWH

6LVWHPXOGHIDFWRULVHSUH]LQW DVWI

el:

D
Mc
gi
C

ci
([FHGHQWXOGHILFLWXO EUXW DO H[SORDW
SRWHQ LDO GH GLVSRQLELOLW

ULL (%( UHSUH]LQW  IOX[XO

L GHJDMDW GH FLFOXO GH H[SORDWDUH L VH GHWHUPLQ 

deducnd cheltuielile monetare din exploatare din veniturile monetare

DIHUHQWHDFHVWHLDFWLYLW

L

9HQLWXULOH PRQHWDUH GLQ H[SORDWDUH VXQW IRUPDWH GLQ YkQ] ULOH GH
P UIXUL SURGXF LD YkQGXW  L 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 L Y UV PLQWH DVLPLODWH L FKHOWXLHOL FX

personalul).
([FHGHQWXO EUXW DO H[SORDW ULL HVWH XWLOL]DW vQ SURFHVXO GH DQDOL] 
SHQWUX HIHFWXDUHD GH FRPSDUD LL vQ GLQDPLF  L vQ VSD LX FX UH]XOW

atele

ILUPHORUFDUHvLGHVI RDU DFWLYLWDWHDvQDFHODLGRPHQLX

&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 SUDFWLF

at, de politica de construire a

SURYL]LRDQHORU GH SROLWLFD ILQDQFLDU  JUDGXO GH vQGDWRUDUH L ILVFDO 

VLVWHPXO GH LPSR]LWDUH D SURILWXOXL SUHFXP L GH SROLWLFD GH GLVWULEXLUH D

dividendelor.
$QDOL]D H[FHGHQWXOXL EUXW DO H[SORDW ULL SRDWH IL DSURIXQGDW 

XWLOL]kQGXUP WRDUHOHUDWHGHVWUXFWXU UHSDUWL LH

a)

Ra =

Cheltuieli cu amortizarea
100
E.B.E

b)

Rp =

Cheltuieli cu provizioanele aferente exploatarii

100
E.B.E.

<>= ?A@ B C
D E FGB CHI JK@ L MN
OFP @ BMD OQ
L DF P R LP E M@ B S4H4T&U
@ P CR LTVB ONOWX@ B H1Y ZZ[H4\
M=][^=

c)
d)
e)

Cheltuieli cu dobanzile
100
E.B.E.
Impozit pe profit
100
Ri =
E.B.E.
Dividende
Rd =
100
E.B.E
Rcf =

n care:
Ra = UHSUH]LQW UDWDDPRUWL] ULL
Rp = rata provizioanelor;
Rcf = rata cheltuielilor financiare cu dobnzile;
Ri = rata impozitului pe profit;
Rd = rata dividendelor.

$QDOL]DIDFWRULDO

DSURILWXOXLODQLYHOGHvQWUHSULQGHUH

$QDOL]D SURILWXOXL VH LPSXQH D IL HIHFWXDW  L vQ IXQF

ie de factorii

GLUHF L L LQGLUHF L FDUH DF LRQHD]  OD QLYHOXO vQWUHSULQGHULL /XkQG vQ

FRQVLGHUDUHGLYHUVLWDWHDGHIRUPHVXEFDUHVHSUH]LQW SURILWXOQHWODQLYHOGH
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]XOWDWXOH[SORDW ULLLUH]XOWDWXODIHUHQWFLIUHLGHDIDFHUL

$QDOL]DIDFWRULDO

DUH]XOWDWXOXLEUXWDOH[HUFL LXOXL

5H]XOWDWXO EUXW DO H[HUFL LXOXL 5E VH GHWHUPLQ  FD GLIHUHQ

YHQLWXULOHWRWDOHLFKHOWXLHOLOHWRWDOH
0RGXOGHDQDOL] IDFWRULDO HVWH

Ct
Rb = Vt 1 = Vt prb,
Vt

unde :

prb =

gi prbi
100

n care:
prb =UHSUH]LQW UH]XOWDWXOSURILWXOPHGLXEUXWODOHXYHQLWXULWRWDOH
gi = structura veniturilor totale pe FDWHJRULLGHDFWLYLW L
prbi =SURILWXOEUXWODOHXYHQLWXULSHFDWHJRULLGHDFWLYLW L

 vQWUH

6LVWHPXOGHIDFWRULFDUHDF LRQHD] DVXSUDSURILWXOXLEUXWVHSUH]LQW 

astfel:
Vt
Prb
gi

prb
prbi
0 VXUDUHD LQIOXHQ HORU IDFWRULORU VH UHDOL]HD]  FX DMXWRUXO PHWRGHL

sXEVWLWXLULORUvQODQ 

$QDOL]DIDFWRULDO

DUH]XOWDWXOXLH[SORDW

ULL

5H]XOWDWXO H[SORDW ULL 5H VH FLUFXPVFULH OD QLYHOXO DFWLYLW

LL GH

ED]  D vQWUHSULQGHULL L FDUDFWHUL]HD]  vQ P ULPH DEVROXW  UHQWDELOLWDWHD

ciclului de exploatare. El se dHWHUPLQ

 FD GLIHUHQ

 vQWUH YHQLWXULOH GLQ

H[SORDWDUH9HLFKHOWXLHOLOHDIHUHQWHDFHVWRUD&HDVWIHO

Re = Ve Ce
$QDOL]DIDFWRULDO DUH]XOWDWXOXLH[SORDW ULLVHSRDWHHIHFWXDSHED]D
XUP WRDUHORUPRGHOH

a)
Ce
Re = Ve1
= Ve pre,
Ve

unde

pre =

gi prei ,
100

iar

prei = 1

cei
vei

unde:
gi = UHSUH]LQW VWUXFWXUDYHQLWXULORUGLQH[SORDWDUHSHWLSXULGHDFWLYLW L
prei = profitul sau pierderea la 1 leu venituri din exploatare pe tipuri de
activitate;
vei = VXPDYHQLWXULORUGLQH[SORDWDUHSHWLSXULGHDFWLYLW L
cei = suma cheltuieliORUGHH[SORDWDUHSHWLSXULGHDFWLYLW L
b) Re = Ae

Ve Re
Ae Ve

8WLOL]kQG SULPXO PRGHO GH DQDOL]  VLVWHPXO GH IDFWRUL VH SUH]LQW 

astfel:

Ns
T
t

Ve
wh

(Ve )

Re
gi
pre

prei
unde:
gi = UHSUH]LQW VWUXFWXUDYHQLWXULORUGLQH[SORDWDUHSHWLSXULGHDFWLYLW i;
prei = profitul sau pierderea la 1 leu venituri din exploatare pe tipuri de
DFWLYLW

L

Vei = VXPDYHQLWXULORUGLQH[SORDWDUHSHWLSXULGHDFWLYLW
cei = VXPDFKHOWXLHOLORUGHH[SORDWDUHSHWLSXULGHDFWLYLW

L
L

$FHVW PRGHO GH DQDOL]  DUH XQ F

aracter general valabil pentru toate

tipurile de ntreprinderi
Tabelul 4.2
mil. lei
Nr.
crt.
1.
2.
3.
4.
5.
6.

Indicatori
Venituri din exploatare
Cheltuieli din exploatare
1XP UXOPHGLXGHVDODULD LSH

rs.)

5H]XOWDWXOH[SORDW ULL

-2)

)RQGXOWRWDOGHWLPSGHPXQF RUH

Timpul mediu pe un salariat (ore)

Simbol

Programat

Realizat

Ve
Che

75200
69184
800
6016
1504000
1880

84360
76345,8
760
8014,2
1406000
1850

Ns
Re
T

Nr.
crt.
7.
8.
9.

Indicatori

Simbol

3URGXFWLYLWDWHD PHGLH RUDU  VWDELOLW  SH

baza veniturilor din exploatare

Profitul mediu la 1 leu venituri din
exploatare (lei)
Profitul mediu recalculat la 1 leu venituri
din exploatare (lei)
0HWRGRORJLD

GH

DQDOL] 

wh

Programat

Realizat

50

60

0,08

0,095

0,082

(Ve )

pre
r

IDFWRULDO 

pre
L

UHVSHFWLY

FXDQWLILFDUHD

LQIOXHQ HORUIDFWRULORUSRWULYLWPRGHOXOXLDVHSUH]LQW DVWIHO

Re = Re1 Re0 = +1998,2 mil. lei

GLQFDUHGDWRULW 

1LQIOXHQ HLPRGLILF ULLYHQLWXULORUGLQH[SORDWDUH

Ve = (Ve1 Ve 0 )pre 0 = +732,8 mil. lei
GLQFDUHGDWRULW 
LQIOXHQ HLPRGLILF ULLIRQGXOXLWRWDOGHWLPSGHPXQF 

T = (T1 T0 )wh 0 pre 0 = 392 mil. lei

GLQFDUHGDWRULW 
LQIOXHQ HLPRGLILF ULLQXP UXOXLPHGLXGHVDODULD L

Ns = Ns1 Ns 0 t 0 wh 0 pre 0 = 300,8 mil. lei

LQIOXHQ HLPRGLILF ULLWLPSXOXLPHGLXSHXQVDODULDW

t = Ns1 t 1 t 0 wh 0 pre 0 = 91,2 mil. lei

LQIOXHQ HLSURGXFWLYLW

wh

(Ve )

LLPHGLLRUDUH

= T1 wh 1 wh 0 pre 0 = +1124,8 mil. lei

2 LQIOXHQ D PRGLILF ULL SURILWXOXL PHGLX OD 

exploatare:
pre = Ve1 pre1 pre 0 = +1265,4 mil. lei
din care, datorit 

OHX YHQLWXUL GLQ

 LQIOXHQ HL VWUXFWXULL YHQLWXULORU GLQ H[SORDWDUH SH WLSXUL GH
DFWLYLW

L

g i = Ve1 r pre1 pre 0 = +168,72 mil. lei

r

pre =

g i1pre i0
100

 LQIOXHQ HL SURILWXOXL OD  OHX YHQLWXUL GLQ H[SORDWDUH SH WLSXUL GH
DFWLYLW

L

pre i = Ve1 pre1 r pre = +1096,68 mil. lei

Se rePDUF

 GHS LUHD SURILWXOXL GH H[SORDWDUH SUHY ]XW FX 

PLO OHL UHVSHFWLY FX  GDWRUDW  vQ SURSRU LH GH  YHQLWXULORU GLQ
H[SORDWDUHLGHPDMRU ULLPDUMHLPHGLLGHSURILWEUXWODOHXYHQLWXUL

din exploatare.
$QDOL]kQG

LQIOXHQ HOH

actorilor care au generat modificarea

UH]XOWDWXOXLH[SORDW ULLFRQVWDW PXUP WRDUHOH

FUHWHUHD 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
GHPXQF GLQSXQFWGHYHGHUHH[WHQVLYFRQVWDWkQGX

-se folosirea

LQFRPSOHW DSRWHQ LDOXOXLXPDQ

marja medie de profit brut la 1 leu venituri din exploatare a

FUHVFXW FX  OHL UDWD UHQWDELOLW

s-D

LL YHQLWXULORU GLQ H[SORDWDUH

PDMRUDW FX  L D GHWHUPLQDW VSRULUHD UH]XOWDWXOXL

H[SORDW ULL FX  PLO OHL $SURIXQGkQG DFHDVW  LQIOXHQ

UH]XOW 

F 

GLQ

PRGLILFDUHD

vQUHJLVWUDW 



-a datorat

PRGLILF ULLVWUXFWXULLYHQLWXULORUGLQH[SORDWDUHLFUHWHULL

profitulXLEUXWODOHXYHQLWXULSHWLSXULGHDFWLYLW L
modificarea structurii veniturilor din exploatare n favoarea
WLSXULORU GH DFWLYLW
L OD FDUH V-D SUHY ]XW XQ SURILW EUXW OD  OHX
venituri mai mare dect profitul brut mediu programat pe
vQWUHSULQGHUH L vQ GHIDYRDUHD DFWLYLW LORU OD FDUH V-a programat
XQSURILWEUXWODOHXYHQLWXULPDLPLFGHFkWPHGLDSUHY ]XW D
DYXW FD HIHFW FUHWHUHD PDVHL SURILWXOXL GLQ H[SORDWDUH FX

168,72 mil. lei;

SURILWXO EUXW OD  OHX YHQLWXUL SH WLSXUL GH DFWLYLW

L D DYXW

WHQGLQ DGHFUHWHUHLDFRQGXVODPDMRUDUHDPDVHLSURILWXOXLGLQ
H[SORDWDUH

FX



PLO

OHL

$FHDVW 

VLWXD LH

D

IRVW

GHWHUPLQDW  GH FUHWHUHD 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 HLUHVXUVHORUFRQVXPDWHGHvQWUHSULQGHUH

&RQIRUP

PRGHOXOXL

GH

DQDOL] 

E

VLVWHPXO

GH

IDFWRUL

HVWH

XUP WRUXO

Ae

Ve
Ae

Re

gi
Re
Ve

prei
9DORDUHD

DFWLYHORU

GH

H[SORDWDUH

UHIOHFW 

YDORDUHD

DFWLYHORU

LPRELOL]DWH L D DFWLYHORU FLUFXODQWH DIHUHQWH FLFOXOXL GH H[SORDWDUH 'HFL

P ULPHD DFWLYHORU GH H[SORDWDUH GHWHUPLQ  P ULPHD SURGXF LHL H[HUFL LXOXL
DYHQLWXULORUGLQH[SORDWDUHLD

profitului din exploatare.

Ve
Indicatorul
, UHSUH]LQW  YHQLWXULOH PHGLL GLQ H[SORDWDUH OD  OHX
Ae

DFWLYH GH H[SORDWDUH L UHIOHFW  HILFLHQ D DFWLYHORU GH H[SORDWDUH &UHWHUHD

valorii acestui indicator se poate realiza prin accelerarea viWH]HL GH URWD LH D
DFWLYHORUFLUFXODQWHGHH[SORDWDUHvPEXQ W

LUHDFDOLW

LLSURGXVHORUHWF

4.2.3.3 Analiza profitului aferent cifrei de afaceri

QFD]XOILUPHORUFXDFWLYLWDWHGHSURGXF LHSHQWUXDQDOL]DIDFWRULDO D

profitului aferent cifrei de aIDFHULVHUHFRPDQG

a) Pr = q v p q v c

q vc
= CA pr
b) P r = q v p1
q v p

Mf CA Pr
c) Pr = T
T Mf CA

XUP WRDUHOHPRGHOH

$QDOL]D IDFWRULDO  D SURILWXOXL DIHUHQW FLIUHL GH DIDFHUL VH HIHFWXHD] 

utiliznd datele din tabelul de mai jos:

Tabelul 4.3
- mil. lei -

Nr.
crt.
1.
2.
3.
4.

Indicatori
&LIUD

GH DIDFHUL HYDOXDW 

vQ

SUH XUL

GH

vnzare exclusiv T.V.A.

Cheltuieli totale aferente cifrei de afaceri
9ROXPXO

HIHFWLY

DO

SURGXF LHL

evaluat nSUH XULPHGLLSUHY

9ROXPXO

HIHFWLY

DO

YkQGXWH

]XWH

SURGXF LHL

YkQGXWH

HYDOXDWSHED] GHFRVWXULSUHY ]XWH

Simbol

Programat

Realizat

qvp

42500

51000

qvc

39100

47379

qv1p0

46325

qv1c0

45254

5.

Suma profitului aferent cifrei de afaceri

Pr

3400

3621

6.

3URILWXOPHGLXODOHXFLIU GHDIDFHULOHL

pr

0,08

0,071

3RWULYLWPRGHOXOXLGHDQDOL] DVLVWHPXOGHIDFWRULFDUHDF LRQHD] 

DVXSUDSURILWXOXLHVWHXUP WRUXO

qv
g
Pr
c
p
n care:
qv =UHSUH]LQW YROXPXOIL]LFDOSURGXF LHLYkQGXWH
g =VWUXFWXUDSURGXF LHLYkQGXWHSHSURGXVH
c = costurile complete unitare;
p =SUH XULOHPHGLLGHYkQ]DUHXQLWDUHH[FOXVLY79$
$QDOL]D IDFWRULDO  D SURILWXOXL DIHUHQW FLIUHL GH DIDFHUL VH UHDOL]HD] 

astfel:

PR = Pr1 Pr0 = 3621 3400 = + 221 mil. lei

GLQFDUHGDWRULW 

1LQIOXHQ HLPRGLILF ULLYROXPXOXLIL]LFDOSURGXF LHLYkQGXWH

qv = Pr0Iqv Pr0 = 3400 109% - 3400 = + 306 mil. lei
Iq v =

q v1p 0 100 = 46325 100 = 109 %

42500
q v0p0

2LQIOXHQ HLPRGLILF ULLVWUXFWXULLSURGXF LHLYkQGXWHSHSURGXVH

g = (qv1p0 - qv1c0) Pr0Iqv = (46325 45254) 3400 109% = - 2635 mil. lei
3LQIOXHQ HLPRGLILF ULLFRPSOHWHXQLWDUH
c = (qv1p1 - qv1c1) (qv1p0 - qv1c0) = -(qv1c1 - qv1c0) = - (47379 45254) = -2125 mii lei
4LQIOXHQ HLPRGLILF ULLSUH XULORUPHGLLGHYkQ]DUHXQLWDUHH[FOXVLY
T.V.A.:
p = (qv1p1 - qv1c1) - (qv1p0 - qv1c1) = qv1p1 - qv1p0 = 51000
- 46325 = + 4675 mil. lei
/D ILQHOH SHULRDGHL DQDOL]DWH FRPSDUDWLY FX QLYHOXO SUHY ]XW vQ
EXJHWXOGHYHQLWXULLFKHOWXLHOLV DvQUHJLVWUDWRFUHWHUHDSURILWXOXLDIHUHQW

cifrei de afaFHUL FX  PLO OHL UHVSHFWLY FX  &UHWHUHD SURILWXOXL
DIHUHQWFLIUHLGHDIDFHULLQIOXHQ HD]  SR]LWLYUH]XOWDWXOH[SORDW ULLUH]XOWDWXO
EUXW L UH]XOWDWXO QHW DO H[HUFL LXOXL L LQGLFDWRULL GH HILFLHQ

 FRQVWLWXL L SH

baza acestora.
Analiznd inflXHQ HOHIDFWRULORUVHFRQVWDW XUP WRDUHOH
FUHWHUHD 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

vQWUHSULQGHULLH[LVW FHUHUHUHVSHFWLYSLD DQXHVWHVDWXUDW 

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 vndute la care s-DX SUHY ]XW UDWH DOH UHQWDELOLW LL
comerciale mai mari decW UDWD PHGLH FRPHUFLDO  SUHY ]XW  SH
WRWDO vQWUHSULQGHUH L FUHWHUHD SRQGHULL SURGXVHORU OD FDUH V-au
SURJUDPDW UDWH GH UHQWDELOLWDWH SUHY ]XWH PDL PLFL GHFkW UDWD
PHGLHFRPHUFLDO SURJUDPDW SHvQWUHSULQGHUH

costurile complete unitare au exercitat o infOXHQ

 QHJDWLY 

DVXSUDSURILWXOXLGHWHUPLQkQGVF GHUHDDFHVWXLDFXPLOOHL
VLWXD LH GHWHUPLQDW  GH GHS LUHD 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 LQHULLXQRUSURGXVHVXSHULRDUHGLQSXQFWGHYHGHUHFDOLWDWLY

SUH XULOH GH YkQ]DUH DXIRVW PDL PDUL ID

 GH QLYHOXO SUHY ]XW OD

VRUWLPHQWHOHFDUHGH LQSRQGHUHDPDMRULWDU vQFLIUD GHDIDFHULL

DX GHWHUPLQDW FUHWHUHD PDVHL SURILWXOXL FX  PLO OHL

$FHDVW  VLWXD LH SRDWH IL GHWHUPLQDW  GH vPEXQ W

LUHD FDOLW

LL

SURGXVHORUFD] vQ FDUHDSUHFLHUHD HVWH SR]LWLY  LVDX FD XUPDUH

DDF LXQLLIDFWRULORUFRQMXQFWXUDOLRIHUWDPDLPLF GHFkWFHUHUHD
LQIOD LHHWF
6LVWHPXO

GH IDFWRUL FDUH DF LRQHD]  DVXSUD SURILWXOXL SRWULYLW

PRGHOXOXLEHVWHXUP WRUXO

qv
CA
p
Pr
g
p

pr

c
0HWRGRORJLDGHDQDOL] IDFWRULDO DSURILWXOXLLFXDQWLILFDUHDDF LXQLL
DFHVWRUDVHSUH]LQW DVWIH

l:
Pr = Pr1 Pr0 = +221 mil. lei

GLQFDUHGDWRULW 
LQIOXHQ HLPRGLILF ULLFLIUHLGHDIDFHUL

CA = (CA1 CA 0 )pr 0 = (51000 42500 ) 0,08 = +680 mil. lei

GLQFDUHGDWRULW 
LQIOXHQ HLPRGLILF ULLYROXPXOXLIL]LFDOSURGXF LHLYkQGXWH

q v =

( q v1p0 q v0p0 )pr 0 = (46325 42500)0,08 = +306 mil. lei

LQIOXHQ HLPRGLILF ULLSUH XULORUPHGLLGHYkQ]DUHXQLWDUH

p = ( q v1p1 q v1p 0 )pr 0 = (51000 46325)0,08 = +374 mil. lei

LQIOXHQ HLPRGLILF ULLSURILWXOXLPHGLXODOHXFLIUHLGHDIDFHUL

pr = CA 1 pr 1 pr 0 = 51000(0,071 0,08) = 459 mil. lei

GLQFDUHGDWRULW 
LQIOXHQ HLPRGLILF ULLVWUXFWXULLSURGXF LHLYkQGXWHSHS

q v1c 0
q v 0 c 0
1
=
g = CA1 1
q v1p 0
q v 0 p 0

= CA1 pr pr 0 = 51000(0,0231 0,08) = 2901,9 mil. lei

roduse:

LQIOXHQ HLPRGLILF ULLSUH XULORUPHGLLGHYkQ]DUHXQLWDUH

q v1c 0
q v1c 0
1
=
p = CA1 1
q v1p1
q v1p 0

= CA1 pr pr = 51000(0,1127 0,0231) = +4569,6 mil. lei

LQIOXHQ HLPRGLILF ULLFRVWXULORUXQLWDUH

q v1c1
q v1c 0
1
=
c = CA1 1
q v1p1
q v1p1

= CA1 pr1 pr = 51000(0,071 0,1127 ) = 2126,7 mil. lei

&UHWHUHD SURILWXOXL DIHUHQW V

-a datorat n 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. Aprofundnd influeQ D

FLIUHLGHDIDFHULSULQLQWHUPHGLXOFHORUGRLIDFWRULGHJUDGXO,,VHFRQVWDW F 
YROXPXO IL]LF DO SURGXF LHL YkQGXWH D LQIOXHQ DW SR]LWLY vQ VHQVXO FUHWHULL
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 PLFRUDUHD SURILWXOXL DIHUHQW FLIUH

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 PRG

elului mai sus

prezentat (modelul de anaOL]

D

0RGHOXO E DUH R YDORDUH LQIRUPD LRQDO  VXSHULRDU  PRGHOXOXL D

GHRDUHFH SXQH vQ HYLGHQ

 SULQ IDFWRULL GH JUDGXO  FHOH GRX  GLUHF LL

SULQFLSDOH GH FUHWHUH D SURILWXOXL L DQXPH SULQ VSRULUHD UXODMXOXL

YkQ] ULORULPRGLILFDUHDPDUMHLPHGLLGHSURILWODOHXYkQ] UL

3RWULYLWPRGHOXOXLGHDQDOL] FVLVWHPXOGHIDFWRULHVWHXUP WRUXO

Mf
T
CA
P

Mf
g
P
sau pr
CA

n care:
T
=UHSUH]LQW

p
c

IRQGXOWRWDOGHWLPSGHPXQF 

Mf
=JUDGXOGHvQ]HVWUDUHWHKQLF DPXQFLL
T
CA
=HILFLHQ DXWLOL] ULLPLMORDFHORUIL[HH[SULPDW
Mf
n medie la 1 leu mijloace fixe.
$FHVW PRGHO SHUPLWH SXQHUHD vQ HYLGHQ

SULQYkQ] ULOHFHUHYLQ

 vQ SOXV ID

 GH PRGHOHOH

SUHFHGHQWH D LQIOXHQ HORU XWLOL] ULL H[WHQVLYH D IDFWRUXOXL XPDQ J

radului de

vQ]HVWUDUH D IRU HL GH PXQF  L HILFLHQ HL IRORVLULL PLMORDFHORU IL[H DVXSUD

masei profitului.

$QDOL]DIDFWRULDO

DSURILWXOXLSHSURGXV

Aprofundarea analizei profitului total al ntreprinderii presupune

studierea profitului principalHORU SURGXVH L VWDELOLUHD LQIOXHQ HORU IDFWRULORU
GLUHF LLLQGLUHF LFDUHDF LRQHD] DVXSUDDFHVWRUD

Analiza profitului pe produs (Prp) se poate realiza pe baza

modelului:
Prp = qv(p - c)

c = cm + csd + ci
cm = cs j p j
csd = t sh
Ci
ci =
q

n care:
cm = UHSUH]LQW  FKHOWXLHOLOH FX PDWHULLOH SULPH L PDWHULDOHOH GLUHFWH SH
unitatea de produs;
csd =FKHOWXLHOLOHFXPDQRSHUDGLUHFW SHXQLWDWHDGHSURGXV
ci = cheltuielile indirecte pe unitatea de produs;
csj = FRQVXPXOVSHFLILFGLQUHVXUVDPDWHULDO M
pj = SUH XOGHDSURYL]LRQDUHDOUHVXUVHLM
t = WLPSXOGHPXQF SHXQLWDWHDGHSURGXV
sh = salariul mediu oUDULQFOXVLYFRQWULEX LLOHSHQWUXDVLJXU ULLSURWHF LH
VRFLDO 

Ci = suma cheltuielilor indirecte;

q = YROXPXOIL]LFDOSURGXF LHLRE LQXWH
6LVWHPXO GH IDFWRUL FDUH DF LRQHD]  DVXSUD PRGLILF ULL SURILWXOXL SH
SURGXVVHSUH]LQW DVWIHO

csj
qv
Prp

cm

pj
t

csd
sh

p
0HWRGRORJLD

GH

ci
DQDOL] 

D

SURILWXOXL

SH

SURGXV

SUHVXSXQH

FXDQWLILFDUHDLQIOXHQ HORUIDFWRULORUPDLVXVSUH]HQWD LGXS FXPXUPHD] 

1. qv = (qv1 qv0) (p0 c0)

2. c = -qv1 (c1 c0)

din care:
2.1. cm = q v1 (cm 1 cm 0 )
din care:
2.1.1. csj = -qv1 (csj1pj0 - csj0pj0)
2.1.2. p j = q v1 cs j1 p j1 cs j1 p j0

2.2. csd = q v1 csd 1 csd 0

din care:
2.2.1. t = q v1 (t 1 t 0 )sh 0

2.2.2. sh = q v1t 1 sh 1 sh 0

2.3. ci = q v1 ci1 ci 0
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 L 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

L

RJOLQGHVF

PXOWLSOHOH

ODWXUL

DOH

DFWLYLW

LL

economico-financiare a firmei.
3ULQFLSDOHOH UDWH RSHUD LRQDOH vQ DQDOL]D ILQDQFLDU  D vQWUHSULQGHULL
VXQW UDWD UHQWDELOLW
UDWDUHQWDELOLW

LL FRPHUFLDOH UDWD UHQWDELOLW

LLHFRQRPLFHLUDWDUHQWDELOLW

$QDOL]DUDWHLUHQWDELOLW
5DWD UHQWDELOLW

LL UHVXUVHORU FRQ

sumate,

LLILQDQFLDUH

LLFRPHUFLDOH5

LL FRPHUFLDOH H[SULP  FRUHOD LD GLQWUH SURILWXO WRWDO

DIHUHQW YkQ] ULORU L FLIUD GH DIDFHUL GkQG H[SUHVLH SR

liticii comerciale a

ntreprinderii.

0RGHOHOH

XWLOL]DWH

vQ

DQDOL]D

IDFWRULDO 

DOH

DFHVWHL

UDWH

VXQW

XUP WRDUHOH

a)
Rc =

Pr
100 =
qv p
b) R c =

n care:
gi UHSUH]LQW

qv p qv c 100, sau R c = 1 q v c 100

q p
qv p
v

g i ric , r c = 1 ci 100
100

p i

VWUXFWXUDSURGXF LHLYkQGXWHSHSURGXVH

ric -UDWDUHQWDELOLW

LLFRPHUFLDOHSHSURGXVH

3RWULYLW PRGHOXOXL D RUGLQHD vQ FDUH IDFWRULL DF LRQHD]  DVXSUD

UDWHL UHQWDELOLW

LL FRPHUFLDOH HVWH XUP WRDUHD VWUXFWXUD SURGXF LHL YkQGXWH

SHSURGXVHSUH XULOHPHGLLGHYkQ]DUHXQLWDUHLFRVWXULO

e unitare.

0HWRGRORJLDGHFXDQWLILFDUHDLQIOXHQ HORUIDFWRULORUHVWHXUP WRDUHD

R c = R 1c R c0

GLQFDUHGDWRULW 

LQIOXHQ HLPRGLILF ULLVWUXFWXULLSURGXF LHLYkQGXWHSHSURGXVH

q v1c0 100 1 q v0c0 100

q v1p0 qo p0

LQIOXHQ HLPRGLILF ULLSUH XU

ilor medii de vnzare unitare:

q c
q c
1 v1 0 100 1 v1 0 100

qv1 p1
qv1 p0

GLQFDUHGDWRULW 
LQIOXHQ HLLQIOD LHL

qv1c0 100 1 qv1c0 100

qv1 p0 I p
q v1 p 0

qv1c 0 100 1 q v1c0 100

qv1 p1
q v1 p 0 I p

LQIOXHQ HLDOWRUIDFWRULGHFkWLQIOD LD

n care:
Ip =UHSUH]LQW

LQGLFHOHLQIOD LHLID

GHED]DGHFRPSDUD LH

LQIOXHQ HLPRGLILF ULLFRVWXULORUXQLWDUH

qv1c1 100 1 qv1c 0 100

qv1 p1
qv1 p1

Q FD]XO XWLOL] ULL PRGHOXOXL GH DQDOL]  E VLVWHPXO GH IDFWRUL VH
SUH]LQW DVWIHO

gi

Rc

pi

ric

ci

0HWRGRORJLDGHDQDOL] IDFWRULDO HVWHXUP WRDUHD

R c = R 1c R c0

GLQFDUHGDWRULW 

LQIOXHQ HLPRGLILF ULLVWUXFWXULLSURGXF LHLYkQGXWHSHSURGXVH

g i1ri0
100

g i0 ri 0
100

= r R c R c0

LQIOXHQ HLPRGLILF ULLUDWHLUHQWDELOLW

g i1ri1
100

GLQFDUHGDWRULW 

c
g i1ri0

100

LLFRPHUFLDOHSHSURGXVH

= R 1c r R c

LQIOXHQ HLPRGLILF ULLSUH XULORUPHGLLGHYkQ]DUHXQLWDUH

c
c i0
100 g i1 1 i 0 100
g i1 1
p i0
p i1

100
100

LQIOXHQ HLPRGLILF ULLFRVWXULORUXQLWDUH

c i1
100 g i1 1 i0 100
g i1 1
p i1
p i1

100
100

$QDOL]DUDWHLUHQWDELOLW
5DWD UHQWDELOLW

rc

LLUHVXUVHORUFRQVXPDWH5

LL UHVXUVHORU FRQVXPDWH UHIOHFW  FRUHOD LD GLQWUH

UH]XOWDWXODIHUHQWFLIUHLGHDIDFHULLFRVWXULOHWRWDOHDIHUHQWHYkQ] ULORU
0RGHOXOGHFDOFXOLDQDOL] HVWHXUP WRUXO

R rc =

Pr
100 =
qv c

qv p q v c 100
qv c

)DFWRULL GLUHF L FDUH LQIOXHQ HD]  DVXSUD UDWHL UHQWDELOLW

consumDWH

LL UHVXUVHORU

VXQW VWUXFWXUD SURGXF LHL YkQGXWH SH SURGXVH J FRVWXULOH

XQLWDUHFLSUH XULOHPHGLLGHYkQ]DUHXQLWDUHH[FOXVLY79$S

0HWRGRORJLD

GH

DQDOL] 

IDFWRULDO 

L

FXDQWLILFDUHD

factorilor, utiliznd datele din tabelul nr. 5.3. se pUH]LQW

42500 39100
R 0rc =
100 = 8,70%
39100
51000 47379
R 1rc =
100 = 7,64%
47379

LQIOXHQ HORU

DVWIHO

R rc = R 1rc R 0rc = 7,64 8,70 = 1,06%

GLQFDUHGDWRULW 

LQIOXHQ HLPRGLILF ULLVWUXFWXULLSURGXF LHLYkQGXWHSHSURGXVH

g =

q v1p 0 g v1c 0
100 R 0rc = 6,33%
q v1c 0

LQIOXHQ HLPRGLILF ULLFRVWXULORUXQLWDUH

c =

q v1p 0 g v1c1
q v1p 0 g v1c 0
100
100 = 2,82%
q v1c1
q v1c 0

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

produse:

p =
/D
UHQWDELOLW

q v1p1 g v1c1
q v1p 0 g v1c1
100
100 = +8,09%
q v1c1
q v1c1

ILQHOH

SHULRDGHL

DQDOL]DWH

VH

FRQVWDW 

R

VF GHUH

D

UDWHL

LL UHVXUVHORU FRQVXPDWH FD XUPDUH D GLPLQX ULL UDWHL GH HILFLHQ

a costurilor totale aferente cifrei de afaceri (indicele profitului a fost mai mic
dect indicele cheltuielilor totale aferente cifrei de afaceri, respectiv 106,5%
ID

GH

DO

GHS LULL FRVWXULORU

6F GHUHDUDWHLUHQWDELOLW

LLUHVXUVHORUFRQVXPDWHV D RE LQXWFDHIHF

SUHY ]XWH

SH

SURGXVH

L

PRGLILF ULL

VWUXFWXULL

YkQ] ULORU vQ WLPS FH FUHWHUHD SUH XULORU PHGLL GH YkQ]DUH XQLWDUH D
LQIOXHQ DWvQVHQVXOVSRULULLUDWHLUHQWDELOLW

LL

$SUHFLHUHD LQIOXHQ HORU IDFWRULORU HVWH LGHQWLF  FX FHD SUH]HQWDW  OD
DQDOL]DIDFWRULDO DSURILWXOXLDIHUHQWFLIUHLGHDIDFHUL
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 L QXPLWRUXO UDSRUWXOXL H[ vQ FD]XO GHS LULL FRVWXULORU
XQLWDUH

SH

SURGXV

QXP U WRUXO

SURILWXO

VH

UHGXFH

LDU

QXPLWRUXO

FKHOWXLHOLOHWRWDOHFUHWHFHHDFHIDFHFDLQIOXHQ DQHJDWLY DDFHVWXLIDFWRU

DVXSUD UDWHL UHQWDELOLW

LL UHVXUVHORU FRQVXPDWH V  ILH PXOW PDL SXWHUQLF 

dect n cazul altor rate de rentabilitate).

Q OLWHUDWXUD GH VSHFLDOLWDWH vQ OHJ WXU  FX QLYHOXO DFHVWHL UDWH VXQW
RSLQLLSRWULYLWF URUDDUWUHEXLV ILHFXSULQV vQWUH

15%.

$QDOL]DUDWHLUHQWDELOLW
5DWD UHQWDELOLW

LLHFRQRPLFH5

LL HFRQRPLFH UHIOHFW  FRUHOD LD GLQWUH XQ UH]XOWDW

HFRQRPLF L PLMORDFHOH HFRQRPLFH FDSLWDOXO DQJDMDWH SHQWUX RE LQHUHD

DFHVWXLD Q FDOFXOXO UDWHL UHQWDELOLW

LL HFRQRPLFH OD QXP U WRU VH SRDWH

XWLOL]DUH]XOWDWXOH[SORDW ULLSURILWXODIHUHQWFLIUHLGH

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

ILQDQFLDU  JUDGXO GH vQGDWRUDUH SROLWLFD ILVFDO  GH LPSR]LWDUH

VWUXFWXUD

a profitului,

SUHFXPLGHHOHPHQWHOHH[FHS LRQDOH
5DWDUHQWDELOLW

LLHFRQRPLFHVHSRDWHVWDELOLDVWIHO

Re
E.B.E.
100 sau
100
At
At
$QDOL]DIDFWRULDO DUDWHLUHQWDELOLW

LLHFRQRPLFHVHSRDWHUHDOL]DSH

ED]DXUP WRDUHORUPRGHOHGHDQDOL] 

CA Re
CA E.B.E.
100 sau R e =
100
At CA
At CA
Rc
b) R e =
; At = Ai + Ac
1
1
+
CA CA
Ai
Ac
a) R e =

n care:
Rc =UHSUH]LQW

UDWDUHQWDELOLW

LLFRPHUFLDOH

c Re

100 ;
R =
CA

E.B.E.
=H[FHGHQWXOEUXWGLQH[SORDWDUHODOHXFLIU GHDIDFHUL
CA
Ai = active imobilizate;
Ac = active circulante;
CA
=YLWH]DGHURWD LHDDFWLYXOXLWRWDOH[SULPDW FDQXP UGHURWD LL
At
3RWULYLW

SULPXOXL

PRGHO

LQIOXHQ HD] DVXSUDUDWHLUHQWDELOLW

Ca
At

Re
Rc

GH

DQDOL] 

VLVWHPXO

GH

IDFWRUL

FDUH

LLHFRQRPLFHHVWHXUP WRUXO

Ca
At
g

sau

Re
E.B.E.
CA

p
c

Modificarea ratei UHQWDELOLW

LL HFRQRPLFH VH H[SOLF  SULQ SULVPD

FHORU GRL IDFWRUL GLUHF L YLWH]D GH URWD LH D DFWLYXOXL WRWDO &$$W L UDWD
UHQWDELOLW

LL FRPHUFLDOH VDX UDWD PDUMHL EUXWH OD  OHX YkQ] UL 5  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
LFRVWXULOHXQLWDUH

Utiliznd cel de-DO GRLOHD PRGHO GH DQDOL]

 VLVWHPXO GH IDFWRUL VH

SUH]LQW DVWIHO

Ca
Ai
CA
Ac

Re

g
Rc

c
n care:
CA
-UHSUH]LQW UDQGDPHQWXODFWLYHORULPRELOL]DWH5
Ai
CA
- YLWH]D GH URWD LH D DFWLYHORU FLUFXODQWH H[SULPDW
Ac
(n).

 FD QXP U GH URWD LL

0HWRGRORJLD GH DQDOL]  IDFWRULDO  SRWULYLW DFHVWXL PRGHO HVWH

XUP WRDUHD

R e = R 1e R e0

GLQFDUHGDWRULW 

LQIOXHQ HLPRGLILF ULLUDQGDPHQWXOXLDFWLYHORULPRELOL]DWH

R =

R c0
1
1
+
R1 n 0

R c0
1
1
+
R0 n0

LQIOXHQ HLPRGLILF ULLYLWH]HLGHURWD LHDDFWLYHORUFLUFXODQWH

n =

R c0
1
1
+
R 1 n1

R c0
1
1
+
R1 n 0

LQIOXHQ DPRGLILF ULLUDWHLUHQWDELOLW

R c =

1RW

R 1c

LL

comerciale:

R c0

1
1
+
R 1 n1
1
1
P =
+
1
R 1 n1

$SURIXQGDUHDIDFWRUXOXLVHUHDOL]HD] DVWIHO
LQIOXHQ HLPRGLILF ULLVWUXFWXULLSURGXF LHLYkQGXWHSHSURGXVH

g =

R c R0c
, unde R c = 1

qv1c0 100
qv1 p0

LQIOXHQ HLPRGLILF ULLSUH XULORU

p =

" R c R c
, unde " R c = 1

medii de vnzare:

q v1c0 100
qv1 p1

LQIOXHQ HLPRGLILF ULLFRVWXULORUXQLWDUH

c =

R 1c " R c
1

Cel de-DOGRLOHDPRGHOGHDQDOL]

HYLGHQ LD] vQSOXVID

GH SULPXO

HILFLHQ D XWLOL] ULL PLMORDFHORU HFRQRPLFH GH QDWXUD DFWLYHORU LPRELOL]DWH L

FLUFXODQWH FDUH UHSUH]LQW  R FRQGL LH HVHQ LDO  SHQWUX VSRULUHD UHQWDELOLW

LL

economice.

$QDOL]DUDWHLUHQWDELOLW

LLILQDQFLDUH5I

5HQWDELOLWDWHD ILQDQFLDU  H[SULP  FRUHOD LD GLQWUH SURILW L FDSLWDOXUL

n calitatea lor de suUVH GH ILQDQ DUH D DFWLYLW

LL vQWUHSULQGHULL &LUFXPVFULV

VIHUHL GH FXSULQGHUH D FDSLWDOXULORU SURSULL L SHUPDQHQWH DQDOL]D UDWHL

UHQWDELOLW

LLILQDQFLDUHVHDGDSWHD] DFHVWHLVWUXFWXUL

$QDOL]DUDWHLUHQWDELOLW
$FHVW

LQGLFDWRU

P VRDU 

LLILQDQFLDUHDFDSLWDOXULORU
vQ

P ULPH

UHODWLY 

proprii

UHPXQHUDUHD

FDSLWDOXULORU DF LRQDULORU DGXVH FD DSRUW VDX D SURILWXOXL QHW O VDW OD
GLVSR]L LDILUPHLSHQWUXDXWRILQDQ DUH5DWDvQFDX] UHIOHFW FRUHOD LDGLQWUH
SURILWXOQHWFDYHQLWDODF LRQDULORULFDSLWDOXULOHSURSULLDOHvQWUHSULQGHULL
5DWDUHQWDELOLW

LLILQDQFLDUHDFDSLWDOXULORUSURSULL5IVHGHWHUPLQ 

SHED]DUHOD LHL

Rf =

Pn
100
Kp

$QDOL]D IDFWRULDO  D UDWHL UHQWDELOLW

proprii, poate fi aSURIXQGDW

LL ILQDQFLDUH D FDSLWDOXULORU

XWLOL]kQGvQDFHVWVHQVXUP WRDUHOHGRX PRGHOH

PXOWLSOLFDWLYHGHDQDOL] 

a) Rf =

Vt At Pn
100
At Kp Vt

b) Rf =

Vt Pb Pn
100
Kp Vt Pb

Q FD]XO SULPXOXL PRGHO GH DQDOL]  VLVWHPXO GH IDFWRUL VH SUH]LQW 

astfel:
Vt
At

Rf

At
Kp
Pn
Vt

n care:
Vt
= UHSUH]LQW
At
URWD LL

 YLWH]D GH URWD LH DDFWLYXOXL WRWDO H[SULPDW  SULQ QXP U GH

At
= factorul de multiplicare a capitalului propriu;
Kp
Pn
=UHQWDELOLWDWHDQHW DYHQLWXULORUWRWDOH
Vt
Factorul de multipliFDUH D FDSLWDOXOXL SURSULX

UHIOHFW  JUDGXO GH

vQGDWRUDUHDILUPHLIDSWGHPRQVWUDWFXDMXWRUXOUHOD LHL

At Pt Kp + D
D
=
=
=1+
Kp Kp
Kp
Kp

n care:
Pt =UHSUH]LQW SDVLYXOWRWDO
D = datoriile totale;
D
=JUDGXOGHvQGDWRUDUHVDXEUD Xl prghiei financiare.
Kp
8WLOL]kQG DFHVW PRGHO GH DQDOL]  FRQVLGHU P FD ILLQG QHFHVDU D
VXEOLQLDXUP WRDUHOHDVSHFWH

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 ct este mai
PDUH

FX

DWkW

FUHWH

UHQWDELOLWDWHD

ILQDQFLDU 

Q

SUDFWLFD

HFRQRPLF vQV H[LVW ROLPLW GHvQGDWRUDUHDFFHSWDW GHE QFL

8QHOH E QFL DSUHFLD]  FD OLPLW  PD[LP  GH vQGDWR

rare 70% din

VXUVHOH WRWDOH DOH ILUPHL GHS LUHD DFHVWHL OLPLWH GH vQGDWRUDUH
DWUDJH SHQWUX ILUPD vQ FDX]  GREkQ]L PDL PDUL L JDUDQ LL
VXSOLPHQWDUH VROLFLWDWH GH E QFL GHRDUHFH ULVFXO ILQDQFLDU HVWH

mai mare (factorul de multiplicare fiind n acest caz

70
1+
= 3,33 );
33
VSRULUHD

UHQWDELOLW

LL

QHWH

D

YHQLWXULORU

WRWDOH

UHSUH]LQW 

SULQFLSDODFDOHGHFUHWHUHDSURILWXOXLQHWLHVWHGHWHUPLQDW vQ
SULQFLSDOGHHILFLHQ DDFWLYLW

LLGHH[SORDWDUHDILUPHL

Potrivit celui de-al doilea model de

DQDOL]  VLVWHPXO GH IDFWRUL HVWH

XUP WRUXO

Vt
Kp
Pb
Vt

Rf

Pn
Pb

n care:
Vt
=UHSUH]LQW YHQLWXOPHGLXODOHXFDSLWDOSURSULX
Kp
Pb
= profitul mediu brut la 1 leu venituri totale;
Vt
Pn
= ponderea profitului net n profitul brut.
Pb
$FHVW

PRGHO

GH

DQDOL] 

SXQH

vQ

HYLGHQ

HILFLHQ D

XWLOL] ULL

FDSLWDOXOXL SURSULX UHQWDELOLWDWHD EUXW  D YHQLWXULORU WRWDOH L SRQGHUHD

SURILWXOXL QHW vQ SURILWXO EUXW UHIOHFW  HYROX LD LPSR]LWXOXL SH SURILW D

elementelor nedHGXFWLELOH
deducerilor fiscale).

GLQ

SXQFW

$QDOL]DUDWHLUHQWDELOLW
8WLOL]DUHD UDWHL UHQWDELOLW

GH

YHGHUH

ILVFDO

SUHFXP

L

D

LLILQDQFLDUHDFDSLWDOXOXLSHUPDQHQW

LL ILQDQFLDUH D FDSLWDOXOXL SHUPDQHQW DUH

UROXO GH D HYLGHQ LD FRUHOD LD GLQWUH FDSLWDOXO SHUPDQHQW L SURILWXO EUXW
vQDLQWHD GHGXFHULL FKHOWXLHOLORU ILQDQFLDUH FX GREkQ]LOH L D LPSR]LWXOXL SH

profit.
0RGHOXOGHDQDOL] HVWHXUP WRUXO

Rfp =

Pb
100
Kpr

n care:
Rfp UHSUH]LQW UDWDUHQWDELOLW LLILQDQFLDUHDFDSLWDOXOXL permanent;
Pb SURILWXOEUXWvQDLQWHDGHGXFHULLFKHOWXLHOLORUILQDQFLDUHFXGREkQ]LOHLD
impozitului pe profit;
Kpr capitalul permanent (este format din capitalurile proprii, provizioanele
SHQWUXULVFXULLFKHOWXLHOLLGDWRULLOHSHWHUPHQPHGLXLlung).
0DL SRDWH IL DYXW vQ YHGHUH L XUP WRUXO PRGHO GH DQDOL]  D UDWHL
UHQWDELOLW

LLILQDQFLDUHDFDSLWDOXOXLSHUPDQHQW

Ca
Kpr
Rfp =

CA Pb
100
Kpr CA

Pb
CA
n care:
CA
-UHSUH]LQW FLIUDGHDIDFHULPHGLHODOHXFDSLWDOSHUPDQHQW
Kpr
Pb
- SURILWXOPHGLXEUXWODOHXFLIU GHDIDFHUL
CA
$FHVW

PRGHO

GH

DQDOL] 

SXQH

vQ

HYLGHQ

HILFLHQ D

XWLOL] ULL

FDSLWDOXOXLSHUPDQHQWDOvQWUHSULQGHULLSULQLQWHUPHGLXOYkQ] ULORUPHGLLOD
OHX DFWLYH ILQDQ DWH SH VHDPD FDSLWDOXULORU SHUPDQHQWH L 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 L OXQJ FkW L D LPSR]LWXOXL SH SURILW DVWIHO vQFkW ILUPD V 
RE LQ SURILWQHWFDUHV SHUPLW UHPXQHUDUHDDF LRQDULORUV L

4.3.5 Analiza ratelor de rentabilitate pe produs

/D QLYHO GH SURGXV SRW IL GHWHUPLQDWH GRX  WLSXUL GH UDWH UDWD
UHQWDELOLW

LLUHVXUVHORUFRQVXPDWHLUDWDUHQWDELOLW

a) Analiza ratei rentabLOLW

LLFRPHUFLDOH

LLUHVXUVHORUFRQVXPDWHSHSURGXV

0RGHOXOGHDQDOL] HVWH

pc
r rc =
100
c

0HWRGRORJLD GH DQDOL]  IDFWRULDO  D UDWHL UHQWDELOLW

LL UHVXUVHORU

FRQVXPDWHSHSURGXVVHSUH]LQW DVWIHO

r rc = r1rc r0rc

GLQFDUHGDWRULW 

LQIOXHQ HLPRGLILF ULLFRVWXOXLXQLWDU

p c1
p c0
c = 0
100 0
100
c1
c0
LQIOXHQ HLPRGLILF ULLSUH XOXLGHYkQ]DUHDOSURGXVXOXL

p c1
p c1
100 0
p = 1
100
c1
c1

E$QDOL]DUDWHLUHQWDELOLW

LLFRPHUFLDOHSHSURGXV

0RGHOXOGHDQDOL] VHSUH]LQW DVWIHO

c
pc
r =
100 = 1 100
p
p

Metodologia de cuDQWLILFDUHDLQIOXHQ HORUIDFWRULORUHVWH

r c = r1c r0c

GLQFDUHGDWRULW 

LQIOXHQ HLPRGLILF ULLSUH XOXLGHYkQ]DUHDOSURGXVXOXL

c
c
p = 1 0 100 1 0 100
p1
p0

LQIOXHQ HLPRGLILF ULLFRVWXOXLXQLWDU

c
c
c = 1 1 100 1 0 100
p1

p1
InflueQ D FRVWXOXL XQLWDU SRDWH IL DSURIXQGDW

 vQ IXQF LH GH IDFWRU

SUH]HQWD L OD SXQFWXO  VDX vQ IXQF LH GH VSHFLILFXO DFWLYLW

ii

LL ILUPHL

analizate.


$QDOL]D

UHQWDELOLW

UHQWDELOLW

LL

SH

ED]D

SXQFWXOXL

FULWLF

SUDJXO

LL

Punctul critic, denumit LSUDJGHUHQWDELOLWDWHVDXSXQFWGHHFKLOLEUX

-

SRLQW PRUW vQ IUDQFH]  VDX EUHDN HYHQ vQ HQJOH]  UHIOHFW  DFHD
GLPHQVLXQH D DFWLYLW

LL OD FDUH YHQLWXULOH GLQ YkQ]DUHD EXQXULORU OXFU ULORU

serviciilor etc. sunt egale cu cheltuielile (variabile aferente volumului de

DFWLYLWDWHLIL[HWRWDOHSURILWXOILLQGQXO

n raport cu dinamica volumului de activitate elementele de

FKHOWXLHOL VH JUXSHD]  vQ YDULDELOH L IL[H &KHOWXLHOLOH YDULDELOH VXQW
FRQVWDQWH FD P ULPH SH XQLWDWHD GH SURGXV VXPD ORU FUHWH GLUHFW
SURSRU LRQDO FX YROXPXO DFWLYLW

LL LDU FKHOWXLHOLOH IL[H VXQW YDULDELOH SH

XQLWDWHDGHSURGXVVXPDORUWRWDO ILLQGFRQVWDQW vQVHDPQ F HOHVHUHGXF

RGDW  FX VSRULUHD YROXPXOXL GH DFWLYLWDWH SULQ FUHWHUHD JUDGXOXL GH IRORVLUH
DFDSDFLW

LLGHSURGXF LH

$FHDVW  OHJ WXU  GLQWUH VXPD FKHOWXLHOLORU GH H[SORDWDUH L YROXPXO

GHDFWLYLWDWHFHWUHEXLH RE LQXWDVWIHO vQFkWYHQLWXULOHGLQYkQ] ULV DFRSHUH
FKHOWXLHOLOHHIHFWXDWHHVWHUHIOHFWDW FXDMXWRUXOSUDJXOXLUHQWDELOLW

Metodologia GH FDOFXO L DQDOL]

LL

 D SUDJXOXL GH UHQWDELOLWDWH GLIHU 

GXS FXPVWXGLXOVHHIHFWXHD] SHSURGXVVDXSHWRWDOvQWUHSULQGHUH

 $QDOL]D SUDJXOXL GH UHQWDELOLWDWH vQ FD]XO XQHL DFWLYLW

L

omogene (un singur produs)

Pragul de rentabilitate, n cazul UHDOL]

ULLXQXLVLQJXUSURGXVSRDWHIL

P VXUDWFXDMXWRUXOLQGLFDWRULORU
D9ROXPXOIL]LFFULWLFDOSURGXF LHLTcr

q cr =

cf
cf
=
p cv mbv

):

n care:
cf UHSUH]LQW VXPDFKHOWXLHOLORUIL[HSHSURGXV
p SUH GHYkQ]DUHXQLWDU
cv cheltuieli variabile pe unitatea de produs;
mbv PDUMDEUXW ID GHFKHOWXLHOLOHYDULDELOHSHXQLWDWHDGHSURGXV
E&LIUDGHDIDFHULFULWLF

&$cr

):

CAcr = qcrp
&LIUD GH DIDFHUL FULWLF  UHIOHFW  YkQ] ULOH ILUPHL SHQWUX FDUH SURILWXO

este egal cu zero.

c) Gradul cULWLFGHXWLOL]DUHDFDSDFLW
q cr
q max 100

G cr =

n care:
qmax UHSUH]LQW

FDSDFLWDWHDPD[LP GHSURGXF LHvQH[SUHVLHIL]LF 

G3HULRDGDFULWLF

p cr =

LLGHSURGXF LH*cr

Scr

):

CA cr
CA / T

n care:
Ca
- reprezint
T

YkQ] ULOHPHGLLSHXQLWDWHDGHWLPS]LOXQ DQ

):

3UDJXO GH UHQWDELOLWDWH SRDWH IL GHWHUPLQDW L SULQ UHSUH]HQWDUH

JUDILF DVWIHO

CA

ct
D
B

cv

CAcr

cf

qcr

)LJ5HSUH]HQWDUHDJUDILF

qmax

DSUDJXOXLGHUHQWDELOLWDWHSHSURGXV

n care:
OX UHSUH]LQW YROXPXOIL]LFDOSURGXF 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

2 DOW  PRGDOLWDWH GH UHSUH]HQWDUH JUDILF  D SUDJXOXL GH UHQWDELOLWDWH

HVWHXUP WRDUHD

cv

qcr

qmax

)LJ5HSUH]HQWDUHDJUDILF

DYROXPXOXLIL]LFFULWLF

n care:
OX UHSUH]LQW YROXPXOIL]LFDOSURGXF LHL
OY LQGLFDWRULLYDORULFLSUH FKHOWXLHOLYDULDELOHXQLWDUHFRVWXQLWDU
&RVWXOXQLWDUVHGHWHUPLQ SRWULYLWUHOD LHL

c = cv +

cf
q

3UDJXOGHUHQWDELOLWDWHSRWULYLWJUDILFXOXLGHPDLVXVPDUFKHD] DFHD
GLPHQVLXQHDSURGXF LHLvQFDUHFRVWXOXQLWDUHVWHHJDOFX SUH XOGHYkQ]DUH

profitul fiind zero.

)RORVLQGDFHHDLORJLF FDvQFD]XOVWDELOLULLSUDJXOXLUHQWDELOLWDWHVH
SRW FRQVWLWXL VFHQDULL SULQ FDUH VH HVWLPHD]  YROXPXO IL]LF DO SURGXF LHL

vndute (q), cifra de afaceri

&$ JUDGXO GH XWLOL]DUH D FDSDFLW

LL GH

SURGXF LH*HWFSHQWUXGLIHULWHYDORULDOHSURILWXOXLWRWDOHVWLPDWFXSULQVH

vQWUH]HURLSURILWXOPD[LP

5HOD LLOHGHFDOFXOVXQW

Cf + Pr e
p cv
CA = q p
q
G =
100
q max
CA
P =
CA / T
0 < Pre < Pr max
q =

unde:
Pre profitul total estimat.
n cazul n care profitul este estimat pe unitatea de produs (pru),
DWXQFL YROXPXO IL]LF DO SURGXF LHL YkQGXWH T vQ DFHVW FD] VH GHWHUPLQ 

astfel:
q =

Cf
p cv pru

5HOD LLOHGHFDOFXO DOHLQGLFDWRULORU&$ * LSVXQWDFHOHDLFDvQ

cazul profitului total estimat.

$SOLFD LLLvQWUHE

1. $QDOL]D IDFWRULDO

Interpretarea rezultatelor.

D

SURILWXOXL

UL
DIHUHQW

FLIUHL

GH

DIDFHUL

- mil lei Nr.

crt.
1
2
3
4
5

Indicatori
&LIUD GH DIDFHUL HYDOXDW  vQ SUH XUL GH YkQ]DUH

(-TVA)
Cheltuieli totale aferente cifrei de afaceri
9ROXPXOHIHFWLYDOSURGXF LHLHYDOXDWvQSUH XUL
PHGLLSUHY ]XWH
9ROXPXO HIHFWLY DO SURGXF LHL YkQGXWH HYDOXDW
vQFRVWXULSUHY ]XWH

1RW

P0

P1

qvp

10400

12400

qvc

9360

11284

q v1 p 0

q v1 c 0

Pr

10400

1116

Profitul aferent cifrei de afaceri

vnzare, Ic

Simbol

: Ip = 132%; Ic = 126% unde IpUHSUH]LQW LQGLFHOHSUH XULORUGH

tului mediu pe produs.

UHSUH]LQW LQGLFHOHFRV

2. 3H

ED]D GDWHORU SUH]HQWDWH OD DSOLFD LD QU  V  VH DQDOL]H]H

HYROX LDUDWHLUHQWDELOLW

LLFRPHUFLDOHV VHGHWHUPLQHLQIOXHQ DIDFWRULORUL

V VHLQWHUSUHWH]HUH]XOWDWHOH

3.6 VHLQWHUSUHWH]HFD]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 L V  VH LQWHUSUHWH]H FD]XO SHQWUX

Iq < 100.

10. $QDOL]D IDFWRULDO

rezultatelor.
Nr.
crt.
1.
2.
3.
4.
4.1.
4.2.
5.
6.
7.
8.
9.
10.
11.
12.

 D UDWHL UHQWDELOLW

LL HFRQRPLFH ,QWHUSUHWDUHD

Indicatori
Cifra de afaceri (-TVA) (mil lei)

_ ` a b cedfcaGcgf4b`)bGfgch g4ijh c4k l mn` hjh f` o

pc k cKbGf4q)k c4r)` h ` k ` `jgs
m:f4b g` ch fXl t"o

Active totale: din care (mil lei)

Active imobilizate (mil lei)
Active circulante (mil lei)

pefuijh k c4k ijhVfvwjh s1c4k b ` `Vl m:` hjh f` o

pc k cKbGf4q)k c4r)` h ` k ` `jfgs
qVs
mn` gfl t+o

Cheltuieli aferente cifrei de afaceri (mil lei)

Cheltuieli aferente cifrei de afaceri
(mil lei)
Venituri totale (mil lei)
Capital propriu (mil lei)
Profit net
Profit brut

11. 6

recalculate

Simbol

P0

P1

qp
q1p0
Rc
AT
AI
AC
RE
Re
qc

30500
10
38125
22875
15250
3050
8
27450

36000
34400
12
48000
26400
21600
4320
9
31680

q1c0

29800

Vt
Kp
Pn
Pb

42500
27450
3900
5200

50600
35520
5700
7600

 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.&HHYLGHQ LD]
13. 6

UDWHLUHQWDELOLW

tiplicare a capitalului propriu?

 VH GHWHUPLQH LQIOXHQ D VWUXFWXULL SURGXF LHL YkQGXWH DVXSUD

LLHFRQRPLFHLV VHLQWHUSUHWH]HFD]XO

14.&HHYLGHQ LD]

15.6

IDFWRUXOGHPXO

UDWDUHQWDELOLW

gi = - x %.

LLHFRQRPLFH5H"

VHGHWHUPLQHLQIOXHQ DJUDGXOXLGHvQ]HVWUDUHWHKQLF DPXQFLL

DVXSUDSURILWXOXLDIHUHQWFLIUHLGHDIDFHULLV VHLQWHUSUHWH]HFD]XOLQIOXHQ HL

cu semnul .
16.6 VHLQWHUSUHWH]H
ICA = 110%
unde:
ICh = 111%
Iq = 102%
17.

GHWHUPLQ "

CA = cifra de afaceri
Ch = cheltuieli aferente cifrei de afaceri
q
YROXPXOIL]LFDOSURGXF LHLYkQGXWH

&H HVWH H[FHGHQWXO EUXW DO H[SORDW ULL (%( L FXP VH

18.6 VHLQWHUSUHWH]HFD]XO
IMC = 112%
n
0& PDUM FRPHUFLDO
care:
ICA = 115%
CA = cifra de afaceri