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instrumente.ale analizei financiare.

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rezultat = venituri reale - cheltuieli reale.
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economic.
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calcula astfel:
Venituri "monetare" (susceptibile de a fi încasate)
–&KHOWXLHOLPRQHWDUHVXVFHSWLELOHGHDILSO WLWH
= Excedent brut din exploatare (surplus monetar)
9HQLWXULOHPRQHWDUHFRUHVSXQGYkQ] ULORUúLDOWRUYHQLWXULVXVFHSWLELOHGHDILvQFDV ULFXH[FOXGHUHD

WRWDO  D DFHORU YHQLWXUL FDUH QX DSDU FD vQFDV UL YLLWRDUH DOH vQWUHSULQGHULL $VWIHO DPRUWL] ULOH úL

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e în calculul surplusului monetar.
De asemenea, numai cheltuielile monetare sunt cuprinse în calculul EBE. Ele corespund tuturor
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izioanele.
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LQGHSHQGHQWGHP ULPHDDPRUWL] ULORUúLSURYL]LRDQHORU

5H]XOWDWHOHFDSDFLWDWHDGHILQDQ DUHúLOLFKLGLWDWHDvQW reprinderii

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- LHDGL LRQDO FDUHSRDWHIL

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- -úL ILQDQ H]H GH]YROWDUHD VD YLLWRDUH %LQHvQ HOHV
FRQWULEX LD ORU ULGLF  R SUREOHP  FRPSOH[  GH HYDOXDUH LQkQG FRQW GH FHOH trei niveluri de apreciere a
rezultatelor.
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RE LQXW ODVIkUúLWXOS
erioadei.
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de venituri monetare (susceptibile de a fi încasate) asupra cheltuielilor moneWDUHVXVFHSWLELOHGHDILSO WLWH

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DXWRILQDQ DUHDHIHFWLY 

ÌQ VIkUúLW la un al treilea nivel VH GHJDM  LQFLGHQ D DFHVWRU VXUSOXVXUL PRQHWDUH DVXSUD HFKLOLEUXOXL

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SULQFLSLXOUHOD LHLvQWUHVXUSOXVXOPRQHWDUúLOLFKLGLW LOHvQWUHSULQGHULL

&DSDFLWDWHGHDXWRILQDQ DUH&$) –

–9DULD LDQHYRLLGHIRQGGHUXOPHQW∆NFR) =
= Excedent de trezorerie global

3.3. RATELE DE APREC,(5($3(5)250$1 (/25ù,81(/(,1)/8(1 (

$6835$3(5)250$1 (/2R FINANCIARE ALE ÎNTREPRINDERII

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-
SDUWH vQWUHSULQGHUHD FRQVXP  UHVXUVHOH ILQDQFLDUH PDWHULDOH XPDQH D F URU XWLOL]DUH LPSOLF  XQ F ost. Este
GHFLQHFHVDUDYHULILFDGDF DFHVWHUHVXUVHVXQWXWLOL]DWHvQWU -un mod suficient de eficient pentru a compensa
úL MXVWLILFD FRVWXULOH SH FDUH OH RFD]LRQHD]  3H GH DOW  SDUWH UH]XOWDWHOH SHUPLW VD VH RE LQ  UHVXUVH FDUH

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interne sau externe.

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3.3.1.1. Ratele relative la capacitatea întreprinderii de a produce beneficii

&DSDFLWDWHDvQWUHSULQGHULLGHDJHQHUDUH]XOWDWHGLQSURGXF LDúLYkQ] ULOHVDOHVHSRDWHVWDELOLSULQWU -

o serie dHUDWHFDUHFRPSDU 
– un indicator al rezultatelor;
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În continuare se prezLQW DFHVWHUDWHFDOFXODWHSHQWUXVRFLHWDWHDFRPHUFLDO $/)$ 6$ODVIkUúLWXO

-
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P ULPLLDFHVWRULQGLFDWRULVHYDUHYHQLvQFDSLWROHOHXUPDWRD re.
Rezultatul din exploatare 1909933
R1 0,22
Vânzãri 8789202
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Rezultatul dupã impozitare 1050613

R2 0,12
Vânzãri 8789202
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Excedentul brut din exploatare 2028698

R3 0,23
Vânzãri 8789202
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rezultatului mai fiabil decât rezultatul din exploatare.

Capacitate de autofinantare 1201452
R4 = = = 0,14
Vânzãri 8789202
$FHDVW  UDW  HVWH R DOW  IRUP  GH H[SULPDUH D HILFLHQ HL JOREDOH D vQWUHSULQGHULL QHILLQG LQIOXHQ DW  GH

SROLWLFDGHDPRUWL] ULúLSURYL]LRDQH

ÌQDIDU GHFDSDFLWDWHDvQWUHSULQGHULLGHDJHQHUDUH]XOWDWHGLQSUR GXF LDúLYkQ] ULOHVDOHPHWRGDUDWHORU

-
SHUPLWHDSUHFLHUHDXWLOL] ULLHILFLHQWHDPLMORDFHORUHFRQRPLFHFDUHvLVXQWvQFUHGLQ DWHDGLF DDFWLYH lor sale.
$FHVWHUDWHFDUHH[SULP UDQGDPHQWXODFWLYHORUFRPSDU 

- un indicator al rezultatelor;
- activele utilizate de întreprindere.
Rezultatul din exploatare 1909933
R5 = = = 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 úL YDULDQWD FDUH V  DLE  vQ YHGHUH QXPDL DFWLYHOH GH H[SORDWDUH úL QX

ansamblul activelor.
Rezultatul dupã impozitare 1050613
R6 0,27
Active totale 3934919
$FHDVW UDW H[SULP FDSDFLWDWHDvQWUHSULQGHULLGHDYDORUL]DDFWLYHOHVDOHSHDQVDPEOXODFWLYLW LORU

Apropierea ratelor R2úL56SHUPLWHV DSDU QR LXQHDIXQGDPHQWDO GHURWD LHDDFWLYHORUúLUDWD5 7

FDUHRH[SULP 

Rezultatul dupã impozitare Rezultatul dupã impozitare Active totale

u
Vânzãri Active totale Vânzãri
(R2) (R6) (R7)
Rata R7 LQWURGXFH P VXUD URWD LHL DFWLYHORU DOWIHO
spus, intensi-tatea cu care aceste active sunt
XWLOL]DWH vQ DFWLYLWDWHD vQWUHSULQGHULL 0 ULPHD UDWHL 52 apare ca produs al randamentului activelor (R6) cu

ULWPXOORUGHURWD LH5 7) .
$SUHFLHUHDUHQWDELOLW LLGLQSXQFWXOGHYHGHUHDOSURSULHWDUL lor întreprinderii

$F LRQDULL úL 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 DúWHDSW  R

valorificare. Ratele de rentabLOLWDWHFDUHXUPHD] VXQWvQJHQHUDOIRUPXODWHSHQWUXDU VSXQGHSUHRFXS ULORU

lor.
Beneficiu 1050613
R8 = = = 27680
Numãr de actiuni 37955
6HPQLILFD LDDFHVWHLUDWHHVWHP ULPHDEHQHILFLXOXLSHQWUXILHFDUHDF LXQH

Cursul actiunii
R9 =
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]XOWDWHORUYLLWRDUHúLHVWHGHFLGLVSXV V DFKLWHLPHGLDWXQSUH ULGLFD t în raport

cu nivelul beneficiilor actuale.
L
Rezultatul dup impozitare
R10
Capitaluri proprii
(VWH UDWD GH UHQWDELOLWDWH D FDSLWDOXULORU SURSULL úL IXUQL]HD]  P VXUD FHD PDL FODVLF  D UHQWDELOLW LL

ILQDQFLDUHDvQWUHSULQGHULLIRUPXODW GLQSXQFWXOGHYHGHUHDOSURSULHWDULORUFDUHDXDGXVFDSLWDOXULSURSULL

Dividende pe ac]iune
R11
Curs ul ac]iunii
$FHDVW UDW P VRDU UDQGDPHQWXOHIHFWLYRE LQXWGHDF LRQDUL LQkQGFRQWGHGLYLGHQGHOHSULPLWHGH

DFHúWLD

3.3.2. Influenta structurii financiare a întreprinderii asupra performantelor

(efectul de levier financiar)

3ULQWUHIDFWRULLFDUHGHWHUPLQ QLYHOXOSHUIRUPDQ HORUWUHEXLHV DYHPvQYHGHUHVWUXFWXUDILQDQFLDU 

DvQWUHSULQGHULL 'HúL UROXO DFHVWHL VWUXFWXUL HVWHFRPSOH[ úLGLVFXWDELO 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 DvQWUHWRWDOXOSDVLYXOXLúLFDSLWDOXOSURSULX
6HSRDWHVFULHHJDOLWDWHDHYLGHQW $FWLY 3DVLY

(1) A = S+D
SH SRDWH SUHVXSXQH F  XWLOL]DUHD DFWLYHORU GHWHUPLQ  R UDW  D UDQGDPHQWXOXL H[SORDW ULL . DVWIHO F 

putem scrie:
M
Rezultatulexploat rii RExp
 2K
Activtotal A

'DF vQWUHSULQGHUHDXWLOL]HD] DFWLYHGHYDORDUH$UH]XOWDWXOH[SORDW ULL5 Exp va fi:

(3) RExp K˜ A
'LQ DFHDVW  VXP  5 Exp vQWUHSULQGHUHD DFKLW  GREkQ]L 'RE FDOFXODWH SH ED]D UDWHL G DSOLFDW  OD

datoriile D:

(4) Dob = d˜ D
 6ROGXO UH]XOWDWHORU GXS  VF GHUHD GREkQ]LORU FRUHVSXQGH XQXL UH]XOWDW FXUHQW vQDLQWHD LPSR]LW ULL 5 cîi
care, supus unei cote de impozitare t va fi repartizat între impozit asupra beneficiilor IabúLUH]XOWDWQHW5net.
Se poate atunci formula rata r de rentabilitate a capitalurilor proprii.

(1- t)(K ⋅ A - d ⋅ D)
(5) ⇒ r=
S
Dar A = S + D.
Se poate transforma expresia 5 astfel:
K ˜ A - d˜ D
r = (1- t)
S
S D D
(6) ⇒ r = (1- t)(K + K − d )
S S S
6HSRDWHH[SULPDSULQ/UDWD'6VDXUDWDVWUXFWXULLFDUHH[SULP VWUXFWXUDILQDQFLDU DSDVLYXOXLúL

UHGDW SULQUDSRUWXOvQWUHGDWRULLúLFDSLWDOXULSURSULL

(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 / úL U 7U
- ei cazuri
WUHEXLHV ILHGLIHUHQ LDWHvQDFHDVW VLWXD LH

1) K=d o r = (1- t)K

ÌQSULPXO FD] UDQGDPHQWXODFWLYHORUSHUPLWH D FRPSHQVDH[DFWFRVWXOGDWRULLORU9DULD LLOHVWUXFWXULL

GH ILQDQ DUH GHFL FHOH DOH UDWHL / QX DX QLFL R LQFLGHQ  DVXSUD UHQWDELOLW LL U ÌQ DFHVWH FRQGL LL VWUXFWXUD

ILQDQFLDU HVWHQHXWU vQGHWHUPLQDUHDUHQWDELOLW LLFDSLWDOXULORUSURSULL

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

ÌQ DFHVW DO GRLOHD FD] UHFXUJHUHD OD vPSUXPXWXUL SHUPLWH V  VH RE LQ  XQ EHQHILFLX DGL LRQDO SHQWUX

ILHFDUH VXP  VXSOLPHQWDU  vPSUX PXWDW  &UHúWHUHD UDWHL VWUXFWXULL / SHUPLWH V  VH vPEXQ W
- HDVF 

rentabilitatea capitalurilor proprii.

5DWDUHVWHGHFLRIXQF LHFUHVF WRDUHDvQGDWRU ULLúLvPSUXPXWXOH[HUFLW RLQIOXHQ EHQHILF DVXSUD

UHQWDELOLW LLJOREDOH

3)K  dŸK  d  0Ÿr  1 tK

ÌQ 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

PLFúRUHD] UHQWDELOLWDWHDFDSLWDOXULORUSURSULLúLUHVWHRIXQF LHGHVFUHVF WRDUHDvQGDWRU ULL

ÌQFHOHGLQXUP DQDOL]DHIHFWXOXLVWUXFWXULLILQDQFLDUHSHUPLWHV VHVXEOLQLH]HF vQGDWRUDUHDSRDWH

V  H[HUFLWH R LQIOXHQ  GXEO  vQ IXQF LH GH UDSRUWXO vQWUH FRVWXO GDWRULLORU G úL UDQGDPHQWXO DFWLYHORU .

%HQHILF  GDF  UDQGDPHQWXO DFWLYHORU HVWH VXILFLHQW vQGDWRUDUHD SRDWH GLQ FRQWU  V  VH GRYHGHDVF 

GHIDYRUDELO vQFD]XOvQFDUHFRVWXOV XQXSRDWHILFRPSHQVDWGHSHUVSHFWLYHOHXQXLUDQGDPHQWVXILFLHQW

,QIOXHQ DVWUXFWXULLFRVWXULORUDVXSUDSHUIRUPDQ HORU

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

LQIOXHQ PDUFDQW DVXSUDUHQWDELOLW LL

5H]XOWDWXOH[SORDW ULLHVWHvQWRWGHDXQDFDOFXODWGXS SXQHUHDvQEDODQ DGRX JUXSHGHFKHOWXLHOL

5H]XOWDWXOH[SORDW ULL YkQ] UL - cheltuieli totale =

 YkQ] 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 'HúL DFHVWH FKHOWXLHOL YDULD]  VH YD SURSXQH R IRUPXODUH

VLPSOLILFDW GXS FDUHFKHOWXLHOLOHYDULDELOH&9VXQWVWULFWSURSRU LRQDOHFXFDQWLWDWHDGHSURGXVH

CV = v ⋅ Q
ÌQDFHVWHFRQGL LLFKHOWXLHOLOHWRWDOH&7SRWILH[SULPDWHDVWIHO

CT = CF + CV ⇒ CT = CF + v ⋅ Q
&kQGFLIUDGHDIDFHUL&$HVWHGLUHFWSURSRU LRQDO FXFDQWLWDWHDGHSURGXVHúLGDF SUH XOGHYkQ]DUH

XQLWDUSU PkQHFRQVWDQWFkQGvQWUHSULQGHUHDP UHúWHRIHUWDVDGHSURGXVHSXWHPVFULH

CA = p ⋅ Q
&LIUDGHDIDFHULúLFRVWXOWRWDODSDUFDGRX 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  XQ QLYHO DO SURGXF LHL 4 0 pentru care cifra de afaceri
FRPSHQVHD]  VWULFW FRVW ul total. Q0 FRUHVSXQGH SXQFWXOXL PRUW DGLF  XQXL QLYHO DO SURGXF LHLSHQWUXFDUH

vQWUHSULQGHUHDQXRE LQHQLFLFkúWLJQLFLSLHUGHUH

$FHVWSXQFWPRUWFRUHVSXQGHXQXLSUDJGHUHQWDELOLWDWHPDUFKHD] RUXSWXU SHQWUXLQWHUYDOXOGHYDULD LL

SRVLELOHDOHQLYHOXOXLSURGXF LHL

Pentru Q<Q0FRVWXULOHGHS úHVFFLIUDGHDIDFHULúLvQWUHSULQGHUHDYDDYHDSLHUGHUL

Pentru Q>Q0FRVWXULOHVXQWFRPSHQVDWHGHYkQ] ULOHVXILFLHQWGHULGLFDWHúLVHRE LQEHQHILFLL
Deci Q0 PDUFKHD]  WUHFHUHD GLQ ]RQD GH SLHUGHUL vQ ]RQD GH EHQHILFLL FHHD FH MXVWLILF  DFHD

caracterizare de prag de rentabilitate.

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

lor. Într-DGHY UFKHOWXLHOLOHIL[HWUHEXLHV ILHUHSDUWL]DWHDVXSUDDQVDPEOXOXLSURGXF LHL

'DF  YROXPXO SURGXF LHL HVWH UHGXV FKHOWXLHOLOH IL[H VXQW UHSDUWL]DWH DVXSUD XQXL QXP U OLPLWDW GH

SURGXVHúLSUHVHD] GHFLSXWHUQLFDVXSUDFRVWXOXLXQLWDUSHSURGXV

ÌQ DFHVWH FRQGL LL PRGHOXO SXQFWXOXL PRUW vPEUDF  R LPSRUWDQ  PDMRU  vQ HYDOXDUHD LQFLGHQ HL DVXSUD

UHQWDELOLW 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[HúLFRVWXULYDULDELOH
 Marja asupra costurilor variabile este deteUPLQDW  GH H[FHGHQWXO FLIUHL GH DIDFHUL DVXSUD FRVWXULORU

variabile.

Costul 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

CA × CF
P=
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 reprezentând 75%.

ÌQDFHVWHFRQGL 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

100000 × 20000
P= = 50000
40000
Pragul de UHQWDELOLWDWHVHSRDWHFDOFXODúLGXS UHOD LD

CF 20000
P= = = 50000
M% 40%
M% -UHSUH]LQW PDUMDDVXSUDFKHOWXLHOLORUYDULDELOHH[SULPDW SURFHQWXDO

5(=8/7$78/ù,)/8;85,/(3$75,021,$/(

(VWH QHFHVDU V  VH IDF  GLVWLQF LH vQWUH WUH]RUHULH úL 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 úL FKHOWXLHOLOH SO WLELOH SHQWUX H[SORDWDUH

UHSUH]LQW H[FHGHQWXOEUXWGLQH[SORDWDUH(%(

 În cursul ciclului de exploatare, întUHSULQGHUHD WUHEXLH V  FRQVWLWXLH VWRFXUL FDUH UHSUH]LQW  DFWLYH

$FHVWHD VXQW FKHOWXLHOL PRQHWDUH DPkQDWH D F URU LQIOXHQ  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 úL SURGXF LH vQ FXUV úL QLYHOXO FKHOWXLHOLORU GH H[SORDWDUH VH VFDG YDULD LLOH VWRFXULORU GH

PDWHULLSULPHúLP UIXULvQFRQWXOGHUH]XOWDWHDSDUHGLIHUHQ DGLQWUHYkQ] ULúLFRVWXOSURGXVHORUYkQGXWH

InvestL LLOH QX VH vQUHJLVWUHD]  QLFLRGDW  vQ FRQWXO GH UH]XOWDWH FL HOH PDMRUHD]  YDORDUHD DFWLYHORU

LPRELOL]DWHÌQVFKLPEHYDOXDUHDFRQWDELO DGLPLQX ULLYDORULLDFHVWRULQYHVWL LLVHUHIOHFW SULQvQUHJLVWUDUHD

FKHOWXLHOLORUFDOFXODWHDPRUWL]DUHúLSURY izioane pentru deprecierea activelor imobilizate).

5H]XOWDWXO GLQ H[SORDWDUH HVWH UH]XOWDWXO SURFHVHORU GH H[SORDWDUH úL GH LQYHVWL LL GLQWU XQ H[HUFL LX
-
ILQDQFLDU (O UHSUH]LQW  FRQFUHW UH]XOWDWXO JHQHUDW GH DSDUDWXO LQGXVWULDO úL FRPHUFLDO DO vQ treprinderii.
$FHVWDVHUHSDUWL]HD] vQWUH

- cheltuielile financiare: în contul de rezultate apar numai cheltuielile legate de împrumuturi;

UDPEXUVDUHDvPSUXPXWXULORUQXUHSUH]LQW XQFRQVXPGHERJ LH

- impozitul pe profit;
- rezultatul net care se dLVWULEXLHVXEIRUP GHGLYLGHQGHVDXU PkQHODGLVSR]L LDvQWUHSULQGHULL

ÌQDIDUDDFHVWRURSHUD LXQLPDLH[LVW úLFHOHH[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 úL QX XQXO GH WUH]RUHULH vQ DFHDVW  RSWLF  VH LD vQ FDOFXO úL FRQVXPXO GH

ERJ LHVXEIRUPDDPRUWL] ULLúL SURYL]LRDQHORU5H]XOWDWXOQHW VHRE LQHGLQWU RÄFDVFDG DUH]XOWDWHORU´FD

-
vQWDEHOXOFHXUPHD] 

Contul de rezultate (simplificat)

3URGXF LDYkQGXW YkQ] UL

Procesul de 3URGXF LDVWRFDW

exploatare
3URGXF LDH[HUFL LXOXL

-&KHOWXLHOLGHH[SORDWDUHSO WLELOHPRQHWDUH

= EXCEDENTUL BRUT DIN EXPLOATARE
(EBE)
Procesul de -$PRUWL]DUHDDFWLYHORULPRELOL]DWHúLYDULD LD
investire SURYL]LRDQHORUSULYLQGLPRELOL] ULOH

= REZULTATUL DIN EXPLOATARE

- Cheltuieli financiare nete de venituri financiare

3URFHVXOGHILQDQ DUHúL

LQIOXHQ DRSHUD LXQLORU

H[FHS LRQDOHúLD

ILVFDOLW LL

= REZULTATUL CURENT
5H]XOWDWXOH[FHS LRQDO

- Impozit pe profit
= REZULTATUL NET
- Dividende
= REZULTATUL NEDISTRIBUIT
 Probleme rezolvate:

6RFLHWDWHDFRPHUFLDO /(;vúLYDvQFHSHDFWLYLWDWHDODLDQXDULHDQXO1/DDFHDGDW VRFLHWDWHD

FRPHUFLDO  WUHEXLH V  FXPSHUH XQ XWLODM FDUH FRVW   PLOLDUGH 80 ILQDQ DW SDU LDO SULQWU
-un credit bancar
GH PLOLDUGH 80GLQFDUHVHUDPEXUVHD]  FkWHPLOLRDQH80ODGDWHOHGHLXOLHúLLDQXDULHDOH

ILHF UXLDQWLPSGHDQL'REkQ]LOHVHSO WHVFVHPHVWULDOGXS FXPXUPHD] 

Anul N N+1 N+2 N+3 N+4

Iunie Dec Iunie Dec Iunie Dec Iunie Dec Iunie Dec
200 180 160 140 120 100 80 60 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

Întreprinderea, pentru a-úLFRQVWLWXLXQVWRF 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]LRQDOSHQWUXDQLL1úL1

Rezolvare:
a) Ciclul de exploatare
• 9kQ] ULOH YRU IL GH  PLOLDUGH XP SH OXQ  vQFHSkQG FX OXQD IHEUXDULH DGLF   PLOLRDQH
u.m. în anul N.
• 3URGXF LD GLQ SULPD OXQ  YD VHUYL SHQWUX FRQVWLWXLUHD VWRFXULORU &RQVLGHU P VWRFXO HJDO FX 0
1
milioane u.m. (800 milioane u.m. materii prime + cheltuieli de personal, în ipoteza cheltuielilor directe de
2
personal de 400 milioane u.m. = 1200 milioane u.m.).
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milioane u.m. lunar.

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- Stoc final de materii prime 800 milioane u.m.
= Consum de materii prime în anul N 9600 milioane u.m.

a) Ciclul de investire
• Amortizarea în anul N = 1200 milioane u.m.
•
F&LFOXOGHILQDQ DUH

• Cheltuieli financiare în anul N = 380 milioane u.m.

Contul de rezultate previzional
milioane u.m.
([SOLFD LL N N+1
3URGXF LDYkQGXW FLIUDGHDIDFHUL 26400 28800
3URGXF LDVWRFDW 6) - SI) 1200 0
3URGXF LDH[HUFL LXOXL 27600 28800
- Cheltuieli materiale 9600 9600
-&KHOWXLHOLFXOXFU ULVHUYLFLLH[HFXWDWHGHWHU L 4800 4800
- Cheltuieli cu personalul 9600 9600
= Excedentul brut din exploatare 3600 4800
 - Amortizare 1200 1200
= Rezultatul din exploatare (profit) 2400 3600
- Cheltuieli financiare 380 300
= Rezultatul curent (profit) 2020 3300
Rezultatul net 2020 3300

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revin distribuitorilor);
- în 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 vândute se va încasa de la distribuitori astfel: 50% la 30 zile de la
YkQ]DUHúLOD]LOHGHODYkQ]DUH

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

3 miliarde lei anual în trimestrul I, 6 miliarde lei lunar în trimestrul al II-OHDPLOLDUGHOHLOXQDUvQDXJXVWúL
septembrie, 10 miliarde lei lunar în perioada octombrie –GHFHPEULH$FHVWHYHQLWXULVHvQFDVHD] OD zile
de la publicare.
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miliarde lei, repartizate în mod egal în primele patru luni de activitate; plata se va efectua la 90 zile.
În cursul celui de–al doilea an, o campanie de promovare a abonamentelor va duce la dublarea
DFHVWRUD FRQWUDFWDUHD VH IDFH vQ DFHHDúL 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 în mod
egal pe primele patru luni ale anului al doilea; plata se va efectua la 90 zile. Restul datelor din primul an
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promovare a abonamentelor din al doilea an sunt considerate cheltuieli de exploatare.

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

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

Rezolvare:
• Cifra de afaceri din primul an cuprinde:
-YHQLWXULGLQYkQ] ULSULQGLVWULEXLWRUL = 82500 mil. lei
-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 = 85000 mil. lei
Total 218500 mil.

Contul de rezultate previzional (ipoteza a) Milioane lei

([SOLFD LL Anul 1 Anul 2
Cifra de afaceri 184500 218500
- FKHOWXLHOLGHWLS ULUH 58500 76500
- cheltuieli de redactare 19500 25500
- cheltuieli de publicitate 60000 30000
&KHOWXLHOLGHH[SORDWDUHSO WLELOH 138000 132000
Excedentul brut din exploatare 46500 86500
Amortizare - -
Rezultatul din exploatare (profit) 46500 86500
Impozit pe profit 11625 21625
Rezultatul net (profit) 34875 64875

Contul de rezultate previzional (ipoteza b)

Milioane lei
([SOLFD LL Anul 1 Anul 2
Cifra de afaceri 184500 218500
- FKHOWXLHOLGHWLS ULUH 58500 76500
- cheltuieli de redactare 19500 25500
- cheltuieli de publicitate 30000 30000
&KHOWXLHOLGHH[SORDWDUHSO WLELOH 108000 132000
Excedentul brut din exploatare 76500 86500
Amortizare 10000 10000
Rezultatul din exploatare (profit) 66500 76500
Impozit pe profit 16625 19125
Rezultatul net (profit) 49875 57375
Probleme propuse:

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împrumut.
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- cota impozitului pe profit 25%.

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Componente 3UH XOGH 6WRFLQL LDO Stoc final

FXPS UDUH - buc. - - buc. -
- mii lei -
&DUFDV $7; 870 5 13
3ODF ED] 4500 8 12
Procesor PENTIUM III 5940 4 11
Modem 54K 1050 6 4
Monitor 15” 6000 3 3
 Tastatur  450 1 13
Mouse 120 5 12
3ODF VXQHW 360 8 2
3ODF YLGHR 1770 8 2
Hard disk 20GB 5100 6 4

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-
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o În anul N, întreprinderea a contractat un împrumut de 350 milioane lei pe care îl va

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o Cota impozitului pe profit 25%.

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([SOLFD L LQIOXHQ D DFHVWRU RSHUD LXQL asupra excedentului brut din exploatare, rezultatului din
exploatare, rezultatului net.