ANALIZA PERF INTREPR PE BAZA
RENTABILITATII
Analiza structurala a rez:
Rez net fctie de rez brut si impozit. Rez brut
fctie de rez cur si rez extr. Rez cur fctie de rez
expl si rez fin.
Prin met balantiera
unde da = a1-a0; db = b1-b0; dc = - (c1-c0)
Pe baza TSIG se det: marja comerciala, prod
exer, VA, EBE
Marja com = Mc = D*C/1000 –fctie de D si C.
C fctie de g si c. unde D – vol desf mf, C – cota
medie de adios, g – struct desf mf, c – cota pe
grupe de mf
Prod ex = prod vand+prod stocat+prod
imobilizata
EBE = Vmon expl – CH mon expl; -infl de CAF
pondere Am = 100*ChAm/ABE
pondere proviz = 100*ChProvz expl/EBE
pondere Ch fin = 100*Ch fin/EBE
pondere dividende = 100*divid/EBE
RATE:
Rata marjei brute = 100*EBE/CA
Rata rent ec = 100*EBE/At
Rata rent Vexpl = 100*R expl/V expl
Rata V curente = 100*R cur/V cur
Analiza fact a prof operational
Pr = Sqp –Sqc = CA*pr/1 leuCA
= N* Of/N*CA/Qf*Pr/CA = N*W*B*Pr/CA
= T*Mf/T*Mf’/Mf*Qf/Mf’*CA/Qf*Pr/CA
Unde T = N*t
Ex
Mb = Mb1-Mb0
Pr = CA*pr/1 leu CA – functie de CA si rmb;
CA este functie de Dq si Dp; rmb este functie de
Ds, Dp, Dc
Ip = Sq1p1/Sq1p0; Ic = Sq1c1/Sq1c0;
Rmb = Mb/CA; rmb’ = 1 – Sq1c0/Sq1p0; rmb”
= 1- Sq1c0/Sq1p1
DCA = (CA1 – CA0)*rmb0 unde DQ = (Sq1p0
– Sq0p0)*rmb0 si Dp = (Sq1p1 – Sq1p0)*rmb0
Drmb = CA1*(rmb1 – rmb0) unde: Ds = CA1
(rmb’ – rmb0); Dp = CA1 (rmb” – rmb’);
Dc = CA1(rmb1 – rmb”)
Analiza prof aferent CA
Pr = Sqp – Sqc functie de Dq, Ds, Dc Dp
Pr = Sqp*pr/1 leu CA = N*W*B*pr/1 leu CA =
N*Mf/N*Mf’/Mf*CA/Mf’*Pr/CA
Ex
Pr = Sqp – Sqc
Dq = Pr0*Iq – Pr0; (Iq = Sq1p0/Sq0p0); Ds =
(Sq1p0 – Sq1c0) – pr0*Iq; Dc = (Sq1p0 –
Sq1c1) – (Sq1p0 – Sq1c0); Dp = (Sq1p1 –
Sq1c1) – (Sq1p0 – Sq1c1)
Pr = Sqp*pr/1leu CA
Se da: Sqp, Sq1po, Pr tot, Pr’/1leu CA, Pr”/1 leu
CA. Se cere: Pr/1leu = Pr tot/Sqp
DPr = Pr1 –Pr0
unde: DCA = (Sq1p1 – Sq0p0)*pr0/1 leu, unde
Dq = (Sq1p0 – Sq0p0)*Pr0/1 leu si Dp =
(Sq1p1 – Sq1p0)*Pr0/1 leu
DPr/1leu = Sq1p1 (Pr1/1leu – Pr0/1
leu) unde : Ds = Sq1p1(Pr’ – Pr0), Dp =
Sq1p1(Pr” – Pr’) si Dc = Sq1p1(Pr1/1 leu – Pr”)
Pr = N*W*B*Pr/1leu
Se da: N, Qf, CA, Pr tot, Pr’/1leu, Pr”/1leu. Se
cere: W,B, Pr/1leu
DPr = Pr1 – Pr0 unde: DN = (N1 – N0)
W0*B0*Pr0/1leu; DW = N1*(W1 –
W0)B0*Pr0/1leu
DB = N1*W1*(B1 – B0)*Pr0/1leu, DPr/1leu =
N1*W1*B1*(Pr1/1leu – Pr0/1leu) cu Ds, Dp,
Dc.
Analiza ratelor de rentabilitate
1. an ratei comerciale: Rc = 100*(Sqp –
Sqc)/Sqp
DRc = Rc1 – Rc0 unde Ds = 100(Sq1p0 –
Sq1c0)/Sq1p1 – 100*(Sq0p0 –
Sq0c0)/Sq0p0
Dp = 100*(Sq1p1 – Sq1co)/Sq1p1 –
100*(Sq1po – Sq1c0)/Sq1po
Dc = 100*(Sq1p1 – Sq1c1)/Sq1p1 –
100*(Sq1p1 – Sq1c0)/Sq1p1
2. an ratei res consummate Rrc =
100*(Sqp – Sqc)/Sqc
DRrc = Rrc1 –Rrc0 unde Ds, Dc, Dp
R = Sg*r/100 cu Dg si Dr unde r = rate
rent com sau rata res consummate si g =
structura Ds
rc =100* p/(p –c) si rrc = 100*c/(p – c) cu
Dg = Sq1r0/100 – Sq0r0/100 si Dr =
Sq1r1/100 – Sq1r0/100
3. rata rent ec Rre = 100*Rexpl/Aexpl =
100*EBE/At = 100*Pr brut/At =
100*CA/At*Pr/CA
Ex
Se da: CA, At, AI, AC, Pr brut tot, Pr’/1leu,
Pr”/1leu. Se cere: Rre, rand active (CA/At) CA/1
leu AC, CA/ 1leuAI
DRre = Rre1 – Rre0 cu DCA/At = (CA1/At1 –
CA0/At0)*100*Pr0/CA0 si DPr/1leuCA =
DPr/CA = CA1/At1*100*(Pr1/CA1 – Pr0/CA0)
cu : Ds = CA1/At1*100*(Pr’ – Pr0); Dp =
CA1/At1*100*(Pr” – Pr’) si Dc =
CA1/At1*100*(Pr1 – Pr”)
Analiza ratei rent financiare
Rf = 100*Pr net/CP unde CP =K
Rf = CA/K*100*Prn/CA =
100*Vt/At8At/K*Prn/Vt =
100*CA/At*At/K*Prn/CA unde: Vt/At – viteze
rot At; At/K – fact multiplic CP mediu= brat
pirghie fin
Ex
Se da: Vt, At, K,Pr n. Nr rot(Vt/At). Se cere:
At/K, Pr n/Vt, Rf.
DRf = Rf1 – Rf0 unde:
DVt/At = (Vt1/At1 –
Vt0/At0)*100*At0/K0*Prn0/Vt0
D At/K = Vt1/At1 (At1/K1 – At0?
k0)*100*Prn0/Vt0
D Prn/Vt = Vt1/At1*At1/K1*100*(Prn1/Vt1 –
Prn0/Vt0)
Rf>re cazul risc – profit => majorarea remun
actionari
Rf<re cazul risc – pierdere
Analiza COST – VOLUM – PROFIT
= AN PRG RENTAB = AN RISC EXPL
a) An prag rent/produs
Indicatori:
Vol critic al produc = Qcr = CF/(p-cv)
CAcr = Qcr*p
Grad cr de utilize a cap de prod = gcr =
100*Qcr/Qmax
Perioada cr = Tcr = CAcr*T/CA
Vol prod vand pt obt profit estimate ca suma
globala(P) qp = CF+Pr estim/(p –cv) unde p- cv
= marja bruta unitata asupra cost vanz
Vol prod vand pt obt de profit estimate pe unit
de prod (pru’) = q’ = CF/(p – cv- pru’) unde pru’
apartine (0;mbv)
Profit maxim Pmax = Qmax(p – cv)-CF
b) analiza prag rentab la niv Intrpr
CAcr = CF/1 –(CV/CA)
Gcr = 100*CAcr/Qmax
Tcr = CAcr*T/CA
c) An riscului de expl si fianciar al firmei
In plus mai avem:
 Indicatori de pozitie x = CA1 – CAcr
(absolut) si x = 100*(CA1 –
CAcr)/CAcr (relative)
 Coef de elasticitate e =
DR/R*CA/DCA
Cand R = 0 => e = Ca1/(CA1 – Cacr); cu cat vol
prod > prod cr cu atat escade si x creste . cand x
creste => risc exploatere mic
Inglobare risc finance => risc global
CAcrg = (CF + Ch dob)/[1– (Cv/CA)]
Gcrg = 100*CAcr/Qmax
Analiza rentab pe baza indicat bursieri
Indicatori bursiei la nivel de actiune
 Pr/actiune = Pr n al act ordinare/Nr de
act ordinare in circ
Unde nr act ordinare = nr act la incep per + nr
act emise in per stidiata – nr act rasc
 vanz/act = CA sau Vt sau Vexpl/Nr act
ordinare in circ
 Divid/act = Divid platite/Nr act emise
si in circ la mom inreg
Ratele bursiere = multiplii de piata
 Randam divid = Div pe act/Pr cur pe
act
 Rata prêt p even din vanz/act = Curs
bursier al act/ven vanz act
 Lichid act = Nr act tranz in per/Nr tot
act