4

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

$ERUG ULFRQFHSWXDOHSULYLQGUHQWDELOLWDWHDvQWUHSULQGHULL

5HQWDELOLWDWHDSRDWHILGHILQLW FDILLQG FDSDFLWDWHDXQHLvQWUHSULQGHUL

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

inGLIHUHQWGHSURYHQLHQ DDFHVWRUD
Rentabilitatea este una din formele cele mai sintetice de exprimare a
HILFLHQ HLvQWUHJLLDFWLYLW LHFRQRPLFR-financiare a întreprinderii, respectiv a

WXWXURU PLMORDFHORU GH SURGXF LH XWLOL]DWH úL D IRU HL GH PXQF  GLQ toate

VWDGLLOHFLUFXLWXOXLHFRQRPLFDSURYL]LRQDUHSURGXF LHúLYkQ]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

LQGLFDWRULSURILWXOúLUDWHOHGHUHQWDELOLWDWH0 ULPHDDEVROXW DUHQWDELOLW 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 ULPLLUHODWLYHDUHQWDELOLW LL

1 
  
       aliza economico-  
 
   "!    #  
   $ %&    (')  * +%& 
,   
-.  /   102234#


0 55

 4.2 Analiza profitului

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

YHGHUHVWUXFWXUDOúLIDFWRULDOSHWRWDOvQWUHSULQGHUHúLSHS
roduse.

$QDOL]DVWUXFWXUDO DSURILWXOXL

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

GLIHULWHORU WLSXUL GH UH]XOWDWH OD PRGLILFDUHD WRWDO  SUHFXP úL 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 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 WRDUHDVFKHP 

: ;  *     
Venituri din exploatare
-
cheltuielile variabile
678
   

9#
    -
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  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]XOWDWHQHJDWLYHSLHUGHULGLQDFWLYLW LOHILQDQFLDUHúLH[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 ÄFRVWXOXL 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 úL

PHWRGDQDWXULLFKHOWXLHOLORUGHSLQGHDWkWGHIDFWRULLLVWRULFLúL GHFHLDIHUHQ L

VHFWRUXOXL HFRQRPLF UHVSHFWLY FkW úL GH QDWXUD vQWUHSULQGHULL 'HRDUHFH

ILHFDUH PHWRG  GH SUH]HQWDUH DUH avantaje pentru diferite tipuri de

vQWUHSULQGHUL 6WDQGDUGXO ,$6  SDUDJUDIXO  VROLFLW  R RS LXQH vQWUH

FODVLILF UL vQ IXQF LH GH FHD FDUH SUH]LQW  FHO PDL ILGHO HOHPHQWHOH GH

SHUIRUPDQ  DOH vQWUHSULQGHULL 7RWXúL GHRDUHFH LQIRUPD LLOH DVXSUD QDWXULL

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

SUH]HQWDUH VXSOLPHQWDU  DWXQFL FkQG HVWH XWLOL]DW  PHWRGD FRVWXOXL

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

Prin solduri intermediare ale geVWLXQLL vQ HOHJHP SULQFLSDOLL

indicatori economico-ILQDQFLDULVWDELOL LSHED]DGDWHORUGLQ&RQWXOGHSURILW
úL 3LHUGHUH FX DMXWRUXO F URUD VH FDUDFWHUL]HD]  PRGXO GH IRORVLUH D

UHVXUVHORUPDWHULDOHILQDQFLDUHúLXPDQHDOHILUPHL

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

JHVWLXQLLILUPHLXQLLVH UHJ VHVFFDDWDUHvQ&RQWXOGH3URILWúL 3LHUGHUHLDU

DO LLVHGHWHUPLQ vQVLWXD LD6,*

SoldurilHLQWHUPHGLDUHDOHJHVWLXQLLVHSUH]LQW vQWU -un tablou care, în

HVHQ HVWHRDOW PRGDOLWDWHGHSUH]HQWDUHDFRQWXOXLGHUH]XOWDWH

7DEORXO VROGXULORU LQWHUPHGLDUH DOH JHVWLXQLL VXE IRUP  GH OLVW  VH

SUH]LQW DVWIHO

Tabelul 4.1
Nr. ExeUFL LXOILQDQFLDU
Indicatori
crt. precedent curent
1. 9kQ] ULGHP UIXULFW

2. &RVWXOP UIXULORUYkQGXWHFW

3. 0DUMDFRPHUFLDO 
-2)
4. 3URGXF LDYkQGXW FWOD

5. 9DULD LDSURGXF LHLVWRFDWHFW

6. 9HQLWXULGLQSURGXF LDGHLPRELOL] ULFW

7. 3URGXF LDH[HUFL LXOXL

8. &RQVXPXULOH H[HUFL LXOXL SURYHQLQG GH OD WHU L JU  PDL

SX LQFWJUJU )
9. 9DORDUHDDG XJDW  -8)
10. 6XEYHQ LLGHH[SORDWDUH

11. &KHOWXLHOL FX LPSR]LWH WD[H úL Y UV PLQWH DVLPLODWH

(gr. 63)
12. Cheltuieli cu personalul (gr. 64)
13. ([FHGHQWXOGHILFLWXOEUXWDOH[SORDW ULL-11-12)

14. Alte venituri din exploatare inclusiv cele din provizioane

15. Alte cheltuieli de exploatare
16. Cheltuieli de exploatarH SULYLQG DPRUWL]DUHD úL
provizioanele
17. 5H]XOWDWXOH[SORDW ULL-15-16)

18. Venituri financiare

19. Cheltuieli financiare
20. 5H]XOWDWXOFXUHQWDOH[HUFL LXOXL -19)
 Nr. ExeUFL LXOILQDQFLDU
Indicatori
crt. precedent curent
21. Venituri extraordinare
22. Cheltuieli extraordinare
23. Re]XOWDWXOH[WUDRUGLQDUDOH[HUFL LXOXL
-22)
24. 5H]XOWDWXOEUXWDOH[HUFL LXOXL

25. Impozit pe profit

26. 5H]XOWDWXOH[HUFL LXOXLSURILWQHWVDXSLHUGHUH -25)

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

¾ PRGLILF ULORUDEVROXWH

¾ LQGLFLORUFXED] IL[ vQODQ úLPHGLL

¾ ULWPXULORUFXED] IL[ vQODQ úLPHGLL

¾ metodei ratelor;
¾ PHWRGHLVXEVWLWX LLORUvQODQ 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] ULúLDQXPH

• 0DUMD FRPHUFLDO  0F HVWH XQ LQGLFDWRU XWLOL]DW GH F WUH

întreprinderile care vând bunurile în starea în care au fost

FXPS UDWHILLQGVSHFLILFDFWLYLW LLGHFRPHU 

$QDOL]DIDFWRULDO D PDUMHLFRPHUFLDOH SRDWH ILHIHFWXDW FXDMXWRUXO

XUP WRUXOXLPRGHO

D⋅C
Mc =
100
∑ ici
g
C=
100

în 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 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

DIHUHQWHDFHVWHLDFWLYLW 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]XOW atele
ILUPHORUFDUHvúLGHVI úRDU DFWLYLWDWHDvQDFHODúLGRPHQLX

&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 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 
2
XWLOL]kQGXUP WRDUHOHUDWHGHVWUXFWXU UHSDUWL LH :
Cheltuieli cu amortizarea
a) Ra = 100
E.B.E

Cheltuieli cu provizioanele aferente exploatarii

b) Rp = 100
E.B.E.

2
<>= ?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=][^=
 Cheltuieli cu dobanzile
c) Rcf = 100
E.B.E.
Impozit pe profit
d) Ri = 100
E.B.E.
Dividende
e) Rd = 100
E.B.E
în care:
Ra = UHSUH]LQW UDWDDPRUWL] ULL
Rp = rata provizioanelor;
Rcf = rata cheltuielilor financiare cu dobânzile;
Ri = rata impozitului pe profit;
Rd = rata dividendelor.

$QDOL]DIDFWRULDO DSURILWXOXLODQLYHOGHvQWUHSULQGHUH

$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

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 ULLúLUH]XOWDWXODIHUHQWFLIUHLGHDIDFHUL

$QDOL]DIDFWRULDO DUH]XOWDWXOXLEUXWDOH[HUFL LXOXL

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

YHQLWXULOHWRWDOHúLFKHOWXLHOLOHWRWDOH

0RGXOGHDQDOL] IDFWRULDO HVWH

 Ct 
Rb = Vt 1 −  = Vt ⋅ prb, unde : prb =
∑ gi prbi
 Vt  100
în care:
prb =UHSUH]LQW UH]XOWDWXOSURILWXOPHGLXEUXWODOHXYHQLWXULWRWDOH
gi = structura veniturilor totale pe FDWHJRULLGHDFWLYLW L
prbi =SURILWXOEUXWODOHXYHQLWXULSHFDWHJRULLGHDFWLYLW L
 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 úL FDUDFWHUL]HD]  vQ P ULPH DEVROXW  UHQWDELOLWDWHD

ciclului de exploatare. El se dHWHUPLQ  FD GLIHUHQ  vQWUH YHQLWXULOH GLQ

H[SORDWDUH9HúLFKHOWXLHOLOHDIHUHQWHDFHVWRUD&HDVWIHO

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

XUP WRDUHORUPRGHOH

a)
 Ce 
Re = Ve1 −  = Ve ⋅ pre, unde pre =
∑ gi ⋅ prei , iar prei = 1 −
cei
 Ve  100 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

Ve Re
b) Re = Ae
Ae Ve
 8WLOL]kQG SULPXO PRGHO GH DQDOL]  VLVWHPXO GH IDFWRUL VH SUH]LQW 

astfel:

Ns
T
t

Ve

(Ve )
wh
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 L

cei = VXPDFKHOWXLHOLORUGHH[SORDWDUHSHWLSXULGHDFWLYLW L

$FHVW PRGHO GH DQDOL]  DUH XQ F aracter general valabil pentru toate
tipurile de întreprinderi
Tabelul 4.2
mil. lei
Nr.
Indicatori Simbol Programat Realizat
crt.
1. Venituri din exploatare Ve 75200 84360
2. Cheltuieli din exploatare Che 69184 76345,8
3. 1XP UXOPHGLXGHVDODULD LSH rs.) Ns 800 760
4. 5H]XOWDWXOH[SORDW ULL
-2) Re 6016 8014,2
5. )RQGXOWRWDOGHWLPSGHPXQF RUH T 1504000 1406000
6. Timpul mediu pe un salariat (ore) t 1880 1850
 Nr.
Indicatori Simbol Programat Realizat
crt.
7. 3URGXFWLYLWDWHD PHGLH RUDU  VWDELOLW  SH (Ve ) 50 60
baza veniturilor din exploatare wh
8. Profitul mediu la 1 leu venituri din
pre 0,08 0,095
exploatare (lei)
9. Profitul mediu recalculat la 1 leu venituri r
din exploatare (lei) pre x 0,082

0HWRGRORJLD GH DQDOL]  IDFWRULDO  úL UHVSHFWLY FXDQWLILFDUHD

LQIOXHQ HORUIDFWRULORUSRWULYLWPRGHOXOXLÄD´VHSUH]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 LLPHGLLRUDUH

∆ wh
(Ve )
( )
= T1 wh 1 − wh 0 pre 0 = +1124,8 mil. lei
2 LQIOXHQ D PRGLILF ULL SURILWXOXL PHGLX OD  OHX YHQLWXUL GLQ

exploatare:
( )
∆ pre = Ve1 pre1 − pre 0 = +1265,4 mil. lei
din care, datorit 
 LQIOXHQ HL VWUXFWXULL YHQLWXULORU GLQ H[SORDWDUH SH WLSXUL GH

DFWLYLW L

( )
∆g i = Ve1 r pre1 − pre 0 = +168,72 mil. lei
r ∑ g i1pre i0
pre =
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 úLUHD SURILWXOXL GH H[SORDWDUH SUHY ]XW FX 

PLO OHL UHVSHFWLY FX  GDWRUDW  vQ SURSRU LH GH  YHQLWXULORU GLQ

H[SORDWDUHúLGHPDMRU ULLPDUMHLPHGLLGHSURILWEUXWODOHXYHQLWXUL

din exploatare.
$QDOL]kQG LQIOXHQ HOH I
actorilor care au generat modificarea
UH]XOWDWXOXLH[SORDW ULLFRQVWDW PXUP 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

GHPXQF GLQSXQFWGHYHGHUHH[WHQVLYFRQVWDWkQGX -se folosirea

LQFRPSOHW DSRWHQ LDOXOXLXPDQ

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 ULLVWUXFWXULLYHQLWXULORUGLQH[SORDWDUHúLFUHúWHULL

profitulXLEUXWODOHXYHQLWXULSHWLSXULGHDFWLYLW 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

XQSURILWEUXWODOHXYHQLWXULPDLPLFGHFkWPHGLDSUHY ]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 DGHFUHúWHUHúLDFRQGXVODPDMRUDUHDPDVHLSURILWXOXLGLQ

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 HLUHVXUVHORUFRQVXPDWHGHvQWUHSULQGHUH
 &RQIRUP PRGHOXOXL GH DQDOL]  ÄE´ VLVWHPXO GH IDFWRUL HVWH

XUP WRUXO

Ae

Re Ve
Ae
gi

Re
Ve
prei

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

DYHQLWXULORUGLQH[SORDWDUHúLD
profitului din exploatare.
Ve
Indicatorul , UHSUH]LQW  YHQLWXULOH PHGLL GLQ H[SORDWDUH OD  OHX
Ae
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
DFWLYHORUFLUFXODQWHGHH[SORDWDUHvPEXQ W LUHDFDOLW LLSURGXVHORUHWF

4.2.3.3 Analiza profitului aferent cifrei de afaceri

ÌQFD]XOILUPHORUFXDFWLYLWDWHGHSURGXF LHSHQWUXDQDOL]DIDFWRULDO D

profitului aferent cifrei de aIDFHULVHUHFRPDQG XUP WRDUHOHPRGHOH

a) Pr = ∑ q v p − ∑ q v c
 ∑ q vc 
b) P r = ∑ q v p1 −  = CA pr
 ∑ q v p 
Mf CA Pr
c) Pr = T
T Mf CA
 $QDOL]D IDFWRULDO  D SURILWXOXL DIHUHQW FLIUHL GH DIDFHUL VH HIHFWXHD] 

utilizând datele din tabelul de mai jos:

Tabelul 4.3
- mil. lei -
Nr.
Indicatori Simbol Programat Realizat
crt.
&LIUD GH DIDFHUL HYDOXDW  vQ SUH XUL GH
1. Σqvp 42500 51000
vânzare exclusiv T.V.A.
2. Cheltuieli totale aferente cifrei de afaceri Σqvc 39100 47379
9ROXPXO HIHFWLY DO SURGXF LHL YkQGXWH
3. Σqv1p0 x 46325
evaluat înSUH XULPHGLLSUHY ]XWH

9ROXPXO HIHFWLY DO SURGXF LHL YkQGXWH

4. Σqv1c0 x 45254
HYDOXDWSHED] GHFRVWXULSUHY ]XWH

5. Suma profitului aferent cifrei de afaceri Pr 3400 3621

6. 3URILWXOPHGLXODOHXFLIU GHDIDFHULOHL pr 0,08 0,071

3RWULYLWPRGHOXOXLGHDQDOL] ÄD´VLVWHPXOGHIDFWRULFDUHDF LRQHD] 

DVXSUDSURILWXOXLHVWHXUP WRUXO

qv

g
Pr
c

p
în 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 %
∑ q v0p0 42500
 2LQIOXHQ HLPRGLILF ULLVWUXFWXULLSURGXF LHLYkQGXWHSHSURGXVH
∆g = (Σqv1p0 - Σqv1c0) – Pr0Iqv = (46325 – 45254) – 3400 · 109% = -
- 2635 mil. lei
3LQIOXHQ HLPRGLILF ULLFRPSOHWHXQLWDUH
∆c = (Σqv1p1 - Σqv1c1) – (Σqv1p0 - Σqv1c0) = -(Σqv1c1 - Σqv1c0) = -
- (47379 – 45254) = -2125 mii lei
4LQIOXHQ HLPRGLILF ULLSUH XULORUPHGLLGHYkQ]DUHXQLWDUHH[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

EXJHWXOGHYHQLWXULúLFKHOWXLHOLV DvQUHJLVWUDWRFUHúWHUHDSURILWXOXLDIHUHQW
-
cifrei de afaFHUL FX  PLO OHL UHVSHFWLY FX  &UHúWHUHD SURILWXOXL
DIHUHQWFLIUHLGHDIDFHULLQIOXHQ HD]  SR]LWLYUH]XOWDWXOH[SORDW ULLUH]XOWDWXO

EUXW úL UH]XOWDWXO QHW DO H[HUFL LXOXL úL LQGLFDWRULL GH HILFLHQ  FRQVWLWXL L SH

baza acestora.
Analizând inflXHQ HOHIDFWRULORUVHFRQVWDW 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

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 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

PHGLHFRPHUFLDO SURJUDPDW SHvQWUHSULQGHUH

• costurile complete unitare au exercitat o infOXHQ  QHJDWLY 

DVXSUDSURILWXOXLGHWHUPLQkQGVF GHUHDDFHVWXLDFXPLOOHL

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 LQHULLXQRUSURGXVHVXSHULRDUHGLQSXQFWGHYHGHUHFDOLWDWLY

• SUH XULOH GH YkQ]DUH DXIRVW PDL PDUL ID  GH QLYHOXO SUHY ]XW OD

VRUWLPHQWHOHFDUHGH LQSRQGHUHDPDMRULWDU vQFLIUD GHDIDFHULúL

DX GHWHUPLQDW FUHúWHUHD PDVHL SURILWXOXL FX  PLO OHL

 $FHDVW  VLWXD LH SRDWH IL GHWHUPLQDW  GH vPEXQ W LUHD FDOLW LL

SURGXVHORUFD] vQ FDUHDSUHFLHUHD HVWH SR]LWLY  úLVDX FD XUPDUH

DDF LXQLLIDFWRULORUFRQMXQFWXUDOLRIHUWDPDLPLF GHFkWFHUHUHD

LQIOD LHHWF

6LVWHPXO GH IDFWRUL FDUH DF LRQHD]  DVXSUD SURILWXOXL SRWULYLW

PRGHOXOXLÄE´HVWHXUP WRUXO
qv
CA
p
Pr
g

pr p
c

0HWRGRORJLDGHDQDOL] IDFWRULDO DSURILWXOXLúLFXDQWLILFDUHDDF LXQLL

DFHVWRUDVHSUH]LQW DVWIHl:
∆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 roduse:


∆g = CA1 1 −
∑ q v1c 0  
 − 1 −∑q v 0 c 0 
 =
 ∑ q v1p 0   ∑q v 0 p 0 

 ′ 
= CA1  pr − pr 0  = 51000(0,0231 − 0,08) = −2901,9 mil. lei
 
 LQIOXHQ HLPRGLILF ULLSUH XULORUPHGLLGHYkQ]DUHXQLWDUH


∆p = CA1 1 −
∑ q v1c 0  
 − 1 − ∑
q v1c 0 
 =
 ∑ q v1p1   ∑
q v1p 0 

 ″ ′
= CA1  pr − pr  = 51000(0,1127 − 0,0231) = +4569,6 mil. lei
 
LQIOXHQ HLPRGLILF ULLFRVWXULORUXQLWDUH


∆c = CA1 1 −
∑ q v1c1  
 − 1 −∑q v1c 0 
 =
 ∑ q v1p1   ∑q v1p1 

 ″ 
= CA1  pr1 − pr  = 51000(0,071 − 0,1127 ) = −2126,7 mil. lei
 
&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

FLIUHLGHDIDFHULSULQLQWHUPHGLXOFHORUGRLIDFWRULGHJUDGXO,,VHFRQVWDW 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 FLIUH i
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] 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] ULORUúLPRGLILFDUHDPDUMHLPHGLLGHSURILWODOHXYkQ] UL

 3RWULYLWPRGHOXOXLGHDQDOL] ÄF´VLVWHPXOGHIDFWRULHVWHXUP WRUXO

Mf
T
CA
Mf
P g
P
sau pr p
CA
c

în care:
T =UHSUH]LQW IRQGXOWRWDOGHWLPSGHPXQF 

Mf
=JUDGXOGHvQ]HVWUDUHWHKQLF DPXQFLL
T
CA
=HILFLHQ DXWLOL] ULLPLMORDFHORUIL[HH[SULPDW SULQYkQ] ULOHFHUHYLQ
Mf
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 J radului de

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

masei profitului.

$QDOL]DIDFWRULDO DSURILWXOXLSHSURGXV

Aprofundarea analizei profitului total al întreprinderii presupune

studierea profitului principalHORU SURGXVH úL VWDELOLUHD LQIOXHQ HORU IDFWRULORU
GLUHF LúLLQGLUHF 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
în care:
cm = UHSUH]LQW  FKHOWXLHOLOH FX PDWHULLOH SULPH úL PDWHULDOHOH GLUHFWH SH
unitatea de produs;
csd =FKHOWXLHOLOHFXPDQRSHUDGLUHFW SHXQLWDWHDGHSURGXV
ci = cheltuielile indirecte pe unitatea de produs;
csj = FRQVXPXOVSHFLILFGLQUHVXUVDPDWHULDO ÄM´
pj = SUH XOGHDSURYL]LRQDUHDOUHVXUVHLÄM´
t = WLPSXOGHPXQF SHXQLWDWHDGHSURGXV
sh = salariul mediu oUDULQFOXVLYFRQWULEX LLOHSHQWUXDVLJXU ULúLSURWHF 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 cm
pj
t
Prp c csd
sh
p ci

0HWRGRORJLD GH 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 (Σcsj1pj0 - Σcsj0pj0)
(
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 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 FRQ sumate,
UDWDUHQWDELOLW LLHFRQRPLFHúLUDWDUHQWDELOLW LLILQDQFLDUH

c
$QDOL]DUDWHLUHQWDELOLW LLFRPHUFLDOH5 )

5DWD UHQWDELOLW LL FRPHUFLDOH H[SULP  FRUHOD LD GLQWUH SURILWXO WRWDO

DIHUHQW YkQ] ULORU úL FLIUD GH DIDFHUL GkQG H[SUHVLH SR liticii comerciale a
întreprinderii.
 0RGHOHOH XWLOL]DWH vQ DQDOL]D IDFWRULDO  DOH DFHVWHL UDWH VXQW

XUP WRDUHOH

a)

Rc =
Pr
100 =
∑ qv p − ∑ qv c 100, sau R c = 1 − ∑ q v c  100
∑ qv p ∑ qv p  ∑q p
 v 

b) R c =
∑ g i ric , r c = 1 − ci 100
i  p i 
100 
în care:
gi –UHSUH]LQW VWUXFWXUDSURGXF LHLYkQGXWHSHSURGXVH

ric -UDWDUHQWDELOLW LLFRPHUFLDOHSHSURGXVH

3RWULYLW PRGHOXOXL ÄD´ RUGLQHD vQ FDUH IDFWRULL DF LRQHD]  DVXSUD

UDWHL UHQWDELOLW LL FRPHUFLDOH HVWH XUP WRDUHD VWUXFWXUD SURGXF LHL YkQGXWH

SHSURGXVHSUH XULOHPHGLLGHYkQ]DUHXQLWDUHúLFRVWXULO e unitare.

0HWRGRORJLDGHFXDQWLILFDUHDLQIOXHQ HORUIDFWRULORUHVWHXUP WRDUHD

∆R c = R 1c − R c0
GLQFDUHGDWRULW 

LQIOXHQ HLPRGLILF ULLVWUXFWXULLSURGXF LHLYkQGXWHSHSURGXVH


1 − ∑ q v1c0 100 − 1 − ∑ q v0c0 100

 ∑ q v1p0   ∑ qo p0 
LQIOXHQ HLPRGLILF ULLSUH XU
ilor medii de vânzare unitare:

1 − ∑ v1 0  100 − 1 − ∑ v1 0  100
 q c   q c 

 ∑ qv1 p1 
 
 ∑ qv1 p0 
GLQFDUHGDWRULW 

LQIOXHQ HLLQIOD LHL


1 − ∑ qv1c0 100 − 1 − ∑ qv1c0 100

 ∑ qv1 p0 I p   ∑ q v1 p 0 
 
LQIOXHQ HLDOWRUIDFWRULGHFkWLQIOD LD


1 − ∑ qv1c 0  100 − 1 − ∑ q v1c0 100

 ∑ qv1 p1   ∑ q v1 p 0 I p 
 
în care:
Ip =UHSUH]LQW LQGLFHOHLQIOD LHLID GHED]DGHFRPSDUD LH

LQIOXHQ HLPRGLILF ULLFRVWXULORUXQLWDUH


1 − ∑ qv1c1 100 − 1 − ∑ qv1c 0  100

 ∑ qv1 p1  
 ∑ qv1 p1 
ÌQ FD]XO XWLOL] ULL PRGHOXOXL GH DQDOL]  ÄE´ 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

c c
∑ g i1ri0 ∑ g i0 ri 0
− = r R c − R c0
100 100
LQIOXHQ HLPRGLILF ULLUDWHLUHQWDELOLW LLFRPHUFLDOHSHSURGXVH

c c
∑ g i1ri1 ∑ g i1ri0
− = R 1c − r R c
100 100
GLQFDUHGDWRULW 

LQIOXHQ HLPRGLILF ULLSUH XULORUPHGLLGHYkQ]DUHXQLWDUH

 c i0   c 
∑ g i1 1 − 100 ∑ g i1 1 − i 0 100
 p i1 
−  p i0 
100 100
LQIOXHQ HLPRGLILF ULLFRVWXULORUXQLWDUH

 c i1   c 
∑ g i1 1 − 100 ∑ g i1 1 − i0 100
 p i1   p i1 
−
100 100
 rc
$QDOL]DUDWHLUHQWDELOLW LLUHVXUVHORUFRQVXPDWH5 )

5DWD UHQWDELOLW LL UHVXUVHORU FRQVXPDWH UHIOHFW  FRUHOD LD GLQWUH

UH]XOWDWXODIHUHQWFLIUHLGHDIDFHULúLFRVWXULOHWRWDOHDIHUHQWHYkQ] ULORU

0RGHOXOGHFDOFXOúLDQDOL] HVWHXUP WRUXO

R rc =
Pr
100 =
∑ qv p − ∑ q v c 100
∑ qv c ∑ qv c
)DFWRULL GLUHF L FDUH LQIOXHQ HD]  DVXSUD UDWHL UHQWDELOLW LL UHVXUVHORU

consumDWH VXQW VWUXFWXUD SURGXF LHL YkQGXWH SH SURGXVH J FRVWXULOH

XQLWDUHFúLSUH XULOHPHGLLGHYkQ]DUHXQLWDUHH[FOXVLY79$S

0HWRGRORJLD GH DQDOL]  IDFWRULDO  úL FXDQWLILFDUHD LQIOXHQ HORU

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

42500 − 39100
R 0rc = ⋅ 100 = 8,70%
39100
51000 − 47379
R 1rc = ⋅ 100 = 7,64%
47379
∆R rc = R 1rc − R 0rc = 7,64 − 8,70 = −1,06%
GLQFDUHGDWRULW 

LQIOXHQ HLPRGLILF ULLVWUXFWXULLSURGXF LHLYkQGXWHSHSURGXVH

∑ q v1p 0 − ∑ g v1c 0
∆g = 100 − R 0rc = −6,33%
∑ q v1c 0
LQIOXHQ HLPRGLILF ULLFRVWXULORUXQLWDUH

∑ q v1p 0 − ∑ g v1c1 ∑ q v1p 0 − ∑ g v1c 0

∆c = 100 − 100 = −2,82%
∑ q v1c1 ∑ q v1c 0
 LQIOXHQ HL PRGLILF ULL SUH XULORU PHGLL GH YkQ]DUH XQLWDUH SH

produse:
∑ q v1p1 − ∑ g v1c1 ∑ q v1p 0 − ∑ g v1c1
∆p = 100 − 100 = +8,09%
∑ q v1c1 ∑ q v1c1
/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 GHUHDUDWHLUHQWDELOLW LLUHVXUVHORUFRQVXPDWHV D RE LQXWFDHIHF

- t
DO GHS úLULL FRVWXULORU SUHY ]XWH SH SURGXVH úL PRGLILF ULL VWUXFWXULL
YkQ] ULORU vQ WLPS FH FUHúWHUHD SUH XULORU PHGLL GH YkQ]DUH XQLWDUH D

LQIOXHQ 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 úL QXPLWRUXO UDSRUWXOXL H[ vQ FD]XO GHS úLULL FRVWXULORU

XQLWDUH SH SURGXV QXP U WRUXO SURILWXO VH UHGXFH LDU QXPLWRUXO

FKHOWXLHOLOHWRWDOHFUHúWHFHHDFHIDFHFDLQIOXHQ DQHJDWLY DDFHVWXLIDFWRU

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

RSLQLLSRWULYLWF URUDDUWUHEXLV ILHFXSULQV vQWUH – 15%.

e
$QDOL]DUDWHLUHQWDELOLW LLHFRQRPLFH5 )

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]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 VWUXFWXUD

ILQDQFLDU  JUDGXO GH vQGDWRUDUH SROLWLFD ILVFDO  GH LPSR]LWDUH a profitului,

SUHFXPúLGHHOHPHQWHOHH[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.
a) R e = 100 sau R e = 100
At CA At CA
Rc
b) R e = ; At = Ai + Ac
1 1
+
CA CA
Ai Ac
în care:
 c Re 
Rc =UHSUH]LQW UDWDUHQWDELOLW LLFRPHUFLDOH R = 100  ;
 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 GH DQDOL]  VLVWHPXO GH IDFWRUL FDUH

LQIOXHQ HD] DVXSUDUDWHLUHQWDELOLW LLHFRQRPLFHHVWHXUP WRUXO

Ca
Ca At
At sau Re
Re g
E.B.E.
Rc p
CA
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 úL UDWD
c
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

úLFRVWXULOHXQLWDUH
 Utilizând cel de-DO GRLOHD PRGHO GH DQDOL]  VLVWHPXO GH IDFWRUL VH

SUH]LQW DVWIHO

Ca
Ai

CA
Re
Ac
g
Rc p
c
în care:
CA
-UHSUH]LQW UDQGDPHQWXODFWLYHORULPRELOL]DWH5
Ai
CA
- YLWH]D GH URWD LH D DFWLYHORU FLUFXODQWH H[SULPDW  FD QXP U GH URWD LL
Ac
(n).
0HWRGRORJLD GH DQDOL]  IDFWRULDO  SRWULYLW DFHVWXL PRGHO HVWH

XUP WRDUHD

∆R e = R 1e − R e0
GLQFDUHGDWRULW 

LQIOXHQ HLPRGLILF ULLUDQGDPHQWXOXLDFWLYHORULPRELOL]DWH

R c0 R c0
∆R = −
1 1 1 1
+ +
R1 n 0 R0 n0

LQIOXHQ HLPRGLILF ULLYLWH]HLGHURWD LHDDFWLYHORUFLUFXODQWH

R c0 R c0
∆n = −
1 1 1 1
+ +
R 1 n1 R1 n 0
 LQIOXHQ DPRGLILF ULLUDWHLUHQWDELOLW LL comerciale:
R 1c − R c0
∆R c =
1 1
+
R 1 n1
1 1
1RW P α = +
1
R 1 n1
$SURIXQGDUHDIDFWRUXOXLÄ´VHUHDOL]HD] DVWIHO

LQIOXHQ HLPRGLILF ULLVWUXFWXULLSURGXF LHLYkQGXWHSHSURGXVH

∆g =
’R c − R0c 
, unde ’R c = 1 −
∑ qv1c0  100
α1 
 ∑ qv1 p0 
LQIOXHQ HLPRGLILF ULLSUH XULORU medii de vânzare:

∆p =
" R c − ’R c 
, unde " R c = 1 −
∑ q v1c0 100
α1 
 ∑ qv1 p1 
LQIOXHQ HLPRGLILF ULLFRVWXULORUXQLWDUH

R 1c −" R c
∆c =
α1

Cel de-DOGRLOHDPRGHOGHDQDOL] HYLGHQ LD] vQSOXVID 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]DUDWHLUHQWDELOLW LLILQDQFLDUH5I

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 LLILQDQFLDUHVHDGDSWHD] DFHVWHLVWUXFWXUL

 $QDOL]DUDWHLUHQWDELOLW LLILQDQFLDUHDFDSLWDOXULORU 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 LDILUPHLSHQWUXDXWRILQDQ DUH5DWDvQFDX] UHIOHFW FRUHOD LDGLQWUH

SURILWXOQHWFDYHQLWDODF LRQDULORUúLFDSLWDOXULOHSURSULLDOHvQWUHSULQGHULL

5DWDUHQWDELOLW LLILQDQFLDUHDFDSLWDOXULORUSURSULL5IVHGHWHUPLQ 

SHED]DUHOD LHL

Pn
Rf = 100
Kp
$QDOL]D IDFWRULDO  D UDWHL UHQWDELOLW LL ILQDQFLDUH D FDSLWDOXULORU

proprii, poate fi aSURIXQGDW XWLOL]kQGvQDFHVWVHQVXUP WRDUHOHGRX PRGHOH

PXOWLSOLFDWLYHGHDQDOL] 

Vt At Pn
a) Rf = 100
At Kp Vt

Vt Pb Pn
b) Rf = 100
Kp Vt Pb
ÌQ FD]XO SULPXOXL PRGHO GH DQDOL]  VLVWHPXO GH IDFWRUL VH SUH]LQW 

astfel:

Vt
At

At
Rf
Kp

Pn
Vt

în care:
Vt
= UHSUH]LQW  YLWH]D GH URWD LH DDFWLYXOXL WRWDO H[SULPDW  SULQ QXP U GH
At
URWD LL
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
în care:
Pt =UHSUH]LQW SDVLYXOWRWDO
D = datoriile totale;
D
=JUDGXOGHvQGDWRUDUHVDXEUD Xl pârghiei 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 cât este mai
PDUH FX DWkW FUHúWH UHQWDELOLWDWHD ILQDQFLDU  ÌQ 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 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

70
1+ = 3,33 );
33
• VSRULUHD UHQWDELOLW LL QHWH D YHQLWXULORU WRWDOH UHSUH]LQW 

SULQFLSDODFDOHGHFUHúWHUHDSURILWXOXLQHWúLHVWHGHWHUPLQDW vQ

SULQFLSDOGHHILFLHQ DDFWLYLW LLGHH[SORDWDUHDILUPHL

 Potrivit celui de-al doilea model de DQDOL]  VLVWHPXO GH IDFWRUL HVWH

XUP WRUXO

Vt
Kp

Pb
Rf
Vt

Pn
Pb

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

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.
0RGHOXOGHDQDOL] HVWHXUP WRUXO

Pb
Rfp = 100
Kpr
în care:
Rfp –UHSUH]LQW UDWDUHQWDELOLW LLILQDQFLDUHDFDSLWDOXOXL permanent;
Pb –SURILWXOEUXWvQDLQWHDGHGXFHULLFKHOWXLHOLORUILQDQFLDUHFXGREkQ]LOHúLD
impozitului pe profit;
Kpr – capitalul permanent (este format din capitalurile proprii, provizioanele
SHQWUXULVFXULúLFKHOWXLHOLúLGDWRULLOHSHWHUPHQPHGLXúLlung).

0DL SRDWH IL DYXW vQ YHGHUH úL XUP WRUXO PRGHO GH DQDOL]  D UDWHL

UHQWDELOLW LLILQDQFLDUHDFDSLWDOXOXLSHUPDQHQW

Ca
Kpr

CA Pb
Rfp = 100
Kpr CA
Pb
CA
în 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 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 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 LLUHVXUVHORUFRQVXPDWHúLUDWDUHQWDELOLW LLFRPHUFLDOH

a) Analiza ratei rentabLOLW LLUHVXUVHORUFRQVXPDWHSHSURGXV

 0RGHOXOGHDQDOL] HVWH

c
p−c
r rc = ⋅ 100
c
p

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
∆p = 1 100 − 0 100
c1 c1
E$QDOL]DUDWHLUHQWDELOLW LLFRPHUFLDOHSHSURGXV

0RGHOXOGHDQDOL] VHSUH]LQW DVWIHO

p
p−c  c
r =
c
100 = 1 − 100
p  p c

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

analizate.

 $QDOL]D UHQWDELOLW LL SH ED]D SXQFWXOXL FULWLF SUDJXO

UHQWDELOLW LL

Punctul critic, denumit úLSUDJGHUHQWDELOLWDWHVDXSXQFWGHHFKLOLEUX

ÄSRLQW PRUW´ vQ IUDQFH]  VDX ÄEUHDN HYHQ´ vQ HQJOH]  UHIOHFW  DFHD
-
GLPHQVLXQH D DFWLYLW LL OD FDUH YHQLWXULOH GLQ YkQ]DUHD EXQXULORU OXFU ULORU

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

DFWLYLWDWHúLIL[HWRWDOHSURILWXOILLQGQXO

În raport cu dinamica volumului de activitate elementele de

FKHOWXLHOL VH JUXSHD]  vQ YDULDELOH úL IL[H &KHOWXLHOLOH YDULDELOH VXQW

FRQVWDQWH FD P ULPH SH XQLWDWHD GH SURGXV VXPD ORU FUHúWH GLUHFW

SURSRU LRQDO FX YROXPXO DFWLYLW LL LDU FKHOWXLHOLOH IL[H VXQW YDULDELOH SH

XQLWDWHDGHSURGXVVXPDORUWRWDO ILLQGFRQVWDQW vQVHDPQ F HOHVHUHGXF

RGDW  FX VSRULUHD YROXPXOXL GH DFWLYLWDWH SULQ FUHúWHUHD JUDGXOXL GH IRORVLUH

DFDSDFLW LLGHSURGXF LH

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

GHDFWLYLWDWHFHWUHEXLH RE LQXWDVWIHO vQFkWYHQLWXULOHGLQYkQ] ULV DFRSHUH

FKHOWXLHOLOHHIHFWXDWHHVWHUHIOHFWDW FXDMXWRUXOSUDJXOXLUHQWDELOLW LL

Metodologia GH FDOFXO úL DQDOL]  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, în cazul UHDOL] ULLXQXLVLQJXUSURGXVSRDWHIL

P VXUDWFXDMXWRUXOLQGLFDWRULORU

D9ROXPXOIL]LFFULWLFDOSURGXF LHLTcr ):

cf cf
q cr = =
p − cv mbv
în 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 LLGHSURGXF LH*cr ):

q cr
G cr =
q max 100
în care:
qmax –UHSUH]LQW FDSDFLWDWHDPD[LP GHSURGXF LHvQH[SUHVLHIL]LF 

G3HULRDGDFULWLF Scr ):

CA cr
p cr =
CA / T
în care:
Ca
- reprezint YkQ] ULOHPHGLLSHXQLWDWHDGHWLPS]LOXQ DQ
T
 3UDJXO GH UHQWDELOLWDWH SRDWH IL GHWHUPLQDW úL SULQ UHSUH]HQWDUH

JUDILF DVWIHO

CA
y C

ct

D
B
cv
CAcr

A cf

O qcr qmax x

)LJ5HSUH]HQWDUHDJUDILF DSUDJXOXLGHUHQWDELOLWDWHSHSURGXV

în 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

0 qcr qmax X
)LJ5HSUH]HQWDUHDJUDILF DYROXPXOXLIL]LFFULWLF

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

cf
c = cv +
q
3UDJXOGHUHQWDELOLWDWHSRWULYLWJUDILFXOXLGHPDLVXVPDUFKHD] DFHD

GLPHQVLXQHDSURGXF LHLvQFDUHFRVWXOXQLWDUHVWHHJDOFX SUH XOGHYkQ]DUH

profitul fiind zero.

)RORVLQGDFHHDúLORJLF FDvQFD]XOVWDELOLULLSUDJXOXLUHQWDELOLWDWHVH

SRW FRQVWLWXL VFHQDULL SULQ FDUH VH HVWLPHD]  YROXPXO IL]LF DO SURGXF LHL

vândute (q’), cifra de afaceri &$¶ JUDGXO GH XWLOL]DUH D FDSDFLW LL GH

SURGXF LH*¶HWFSHQWUXGLIHULWHYDORULDOHSURILWXOXLWRWDOHVWLPDWFXSULQVH

vQWUH]HURúLSURILWXOPD[LP
 5HOD LLOHGHFDOFXOVXQW

Cf + Pr e
q′ =
p − cv
CA ′ = q ′ ⋅ p
q′
G′ = ⋅ 100
q max
CA ′
P′ =
CA / T
0 < Pre < Pr max
unde:
Pre – profitul total estimat.
În cazul în care profitul este estimat pe unitatea de produs (pru),
DWXQFL YROXPXO IL]LF DO SURGXF LHL YkQGXWH T¶ vQ DFHVW FD] VH GHWHUPLQ 

astfel:
Cf
q′ =
p − cv − pru
5HOD LLOHGHFDOFXO DOHLQGLFDWRULORU&$¶ *¶ úLS¶VXQWDFHOHDúLFDvQ

cazul profitului total estimat.

 $SOLFD LLúLvQWUHE UL

1. $QDOL]D IDFWRULDO  D SURILWXOXL DIHUHQW FLIUHL GH DIDFHUL

Interpretarea rezultatelor.
- mil lei -
Nr.
Indicatori Simbol P0 P1
crt.
&LIUD GH DIDFHUL HYDOXDW  vQ SUH XUL GH YkQ]DUH
1 Σqvp 10400 12400
(-TVA)
2 Cheltuieli totale aferente cifrei de afaceri Σqvc 9360 11284
9ROXPXOHIHFWLYDOSURGXF LHLHYDOXDWvQSUH XUL
3 ∑ q v1 ⋅ p 0 - ?
PHGLLSUHY ]XWH

9ROXPXO HIHFWLY DO SURGXF LHL YkQGXWH HYDOXDW

4 ∑ q v1 ⋅ c 0 - ?
vQFRVWXULSUHY ]XWH

5 Profitul aferent cifrei de afaceri Pr 10400 1116

1RW : Ip = 132%; Ic = 126% unde IpUHSUH]LQW LQGLFHOHSUH XULORUGH
vânzare, Ic UHSUH]LQW LQGLFHOHFRV
tului mediu pe produs.
2. 3H ED]D GDWHORU SUH]HQWDWH OD DSOLFD LD QU  V  VH DQDOL]H]H

HYROX LDUDWHLUHQWDELOLW LLFRPHUFLDOHV VHGHWHUPLQHLQIOXHQ DIDFWRULORUúL

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 úL V  VH LQWHUSUHWH]H FD]XO SHQWUX

Iq < 100.
 10. $QDOL]D IDFWRULDO  D UDWHL UHQWDELOLW LL HFRQRPLFH ,QWHUSUHWDUHD

rezultatelor.
Nr.
Indicatori Simbol P0 P1
crt.
1. Cifra de afaceri (-TVA) (mil lei) Σqp 30500 36000
2. _ ` a b cedfcaGcgf4b`)bGfgch g4ijh c4k l mn` hjh f` o Σq1p0 - 34400
3. pc k cKbGf4q)k c4r)` h ` k ` `jgs
m:f4b g` ch 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. pefuijh k c4k ijhVfvwjh s1c4k b ` `Vl m:` hjh f` o RE 3050 4320
6. pc k cKbGf4q)k c4r)` h ` k ` `jfgs
qVs
mn` gfl t+o Re 8 9
7. Cheltuieli aferente cifrei de afaceri (mil lei) Σqc 27450 31680
Cheltuieli aferente cifrei de afaceri recalculate
8. Σq1c0 - 29800
(mil lei)
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.&HHYLGHQ LD] IDFWRUXOGHPXO tiplicare a capitalului propriu?
13. 6  VH GHWHUPLQH LQIOXHQ D VWUXFWXULL SURGXF LHL YkQGXWH DVXSUD

UDWHLUHQWDELOLW LLHFRQRPLFHúLV VHLQWHUSUHWH]HFD]XOÄ ∆gi = - x %”.

14.&HHYLGHQ LD] UDWDUHQWDELOLW LLHFRQRPLFH5H"

15.6 VHGHWHUPLQHLQIOXHQ DJUDGXOXLGHvQ]HVWUDUHWHKQLF DPXQFLL

DVXSUDSURILWXOXLDIHUHQWFLIUHLGHDIDFHULúLV VHLQWHUSUHWH]HFD]XOLQIOXHQ HL

cu semnul „ – ”.
16.6 VHLQWHUSUHWH]H
ICA = 110% unde: CA = cifra de afaceri
ICh = 111% Ch = cheltuieli aferente cifrei de afaceri
Iq = 102% q YROXPXOIL]LFDOSURGXF LHLYkQGXWH

17. &H HVWH H[FHGHQWXO EUXW DO H[SORDW ULL (%( úL FXP VH

GHWHUPLQ "

18.6 VHLQWHUSUHWH]HFD]XO
IMC = 112% în 0& PDUM FRPHUFLDO

care:
ICA = 115% CA = cifra de afaceri