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Page 1: Analiza Economico-Financiara
Page 2: Analiza Economico-Financiara

Toate drepturile asupra prezentei editii apartinEditurii Pro UniversitariaNici 0 parte din acest volum nu poate fi copiata tara acordulscris al Editurii Pro Universitaria

Descrierea CIP a BibJiotecii Nationale a RomanieiAnaliza economico-financiara : sinteze teoretice, apJicatii rezolvate

~i propuse, teste grila !Flavia Anghel, Luminita Horhota,Nicoleta Cristina Matei, Raluca Voicu; coord.: Marin Tole, DanielaZirra. -Bucure~ti : Pro Universitaria, 2006

ISBN (10) 973-8994-41-1 ; ISBN (13) 978-973-8994-41-6

1. Tole, Marin (coord.)ll. Zirra, Daniela (coord.)TIT. Anghel, FlaviaIV. Horhota, LuminitaV. Matei, Nicoleta CristinaVI. Voicu, Raluca

Capitolul IAnaliza activitatii de productie ~i comercializare 9, ,

Capitolul IIAnaliza cheltuielilor 45

Capitolul IIIAnaliza rentabilitatii 92

Capitolul IVAnaliza situatiei financiar-patrimoniale~i a utilizarii potentialului tehnic 117

Capitolul VTeste grila 132Raspunsuri 149

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Lucrarea de fata este destinata atat studentilor, cat ~imanagerilor ~i speciali~tilor in domeniul economic. Prin modulin care a fost conceputa, culegerea are un pronuntat caracterpragmatic, tinand seama ca toate notiunile teoretice ~imetodologice sunt imediat aplicate in practica prin intermediulunor aplicatii ample, elaborate astfel incat sa continaelementele necesare unor analize complexe.

In contextul schimbarilor frecvente din mediul economic ~isocial contemporan, speciali~tii in domeniu trebuie sa posedecuno~tinte diverse, pentru a fi capabili sa elaboreze undiagnostic bine structurat al organizatiei in cadrul careia i~idesfa~oara activitatea. Pe baza concluziilor formulate in acestestudii, managerii pot decide in cuno~tinta de cauza ~i, prinurmare, vor alege solutiile optime, care asigura cre~terearentabilitatii ~i a competitivitatii pe fondul dinamicii accentuateimpuse de economia cunoa~terii, de integrarea in UniuneaEuropeana ~i, nu in ultimul rand, de globalizare.

De asemenea, lucrarea are, prin excelenta, un caracterinvestigativ, metodologic ~i practic, deoarece pune accent peconcepte, principii ~i modele de analiza economico-financiaracu ajutorul carora sunt explicate mecanismele de influenta alefactorilor ~i a conexiunilor cauzale dintre diverse fenomene ~iprocese economice. Studiile de caz prezentate (utilizandu-seexprimarea valorilor financiar contabile in lei noi) au ca obiectde analiza 0 serie de indicatori economico-financiari cheie,insistandu-se indeosebi asupra laturii sistemice a diagnosticarii.

In consecinta, lucrarea are un rol esential in formareagandirii speciali~tilor ~i a managerilor, precum ~i in cre~tereacapacitatii acestora de a intelege mai exact complexitatea ~idialectic a fenomenelor cu care se confrunta. Diagnosticarea

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corect~ a .aspectelor economice ~i financiare permite elaborareaprofeslOmsta a strategiilor ~i a politicilor de gestionare aresurs~lor astfel incat sa se asigure dezvoltarea durabila aafacenlor.

!estele grila ~i aplicatiile propuse pentru rezolvare aumemrea sa completeze informatiile ~i sa favorizezeaprofundarea cuno~tintelor dobandite in domeniul analizeieconomico- financiare.

ANALIZA ACTIVITATII DE PRODUCTIE ~ICOMERCIALIZARE

Tema 1.1. Analiza situaliei generale pe baza indicatorilorvalorici

1.1.1. Analiza dinamicii activitatii de productie ~icomercializare pe baza indicatorilor valorici

1.1.2. Analiza raportului static ~i dinamic a indicatorilorvalorici

Tema 1.2. Analiza diagnostic a cifrei de afaceri1.2.1. Analiza dinamicii ~i structurii cifrei de afaceri1.2.2. Analiza factorial a a cifrei de afaceri1.2.2.1. Analiza factoriala a cifrei de afaceri in functie de

numarul de salariati (N), productivitatea muncii (QjN) ~igradul de valorificare a productiei fabricate (QjCa)

1.2.2.2. Analiza factoriala a cifrei de afaceri in functie devariatia cantitatii vandute ~i a pretului

1.2.3. Analiza cifrei de afaceri din activitatea de baza incorelatie cu capacitatea de productie ~i cererea piete

Tema 1.3. Analiza factoriala a valorii adaugateTema 1.4. Analiza realizarii programului de fabricatie pe

total ~i pe sortimenteTema 1.5. Analiza structurii produqieiTema 1.6. Analiza calitapi produselor

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Tema 1.1. Analiza situafiei generale a societafiicomerciale pe baza indicatorilor valorici

1.1.1. Analiza dinamicii activitafii de producfie ~icomercializare pe baza indicatorilor valorici

Pentru aprecierea modului in care evolueaza fenomenele ~iprocesele economice se pot utiliza, printre alte metode, indicii(Ix), care pot fi exprimati fie ca raporturi simple intre valorilecurente (realizate) ale indicatorilor economici (Xl) ~i valorileprecedente (previlzute) ale acestora (Xo):

Iv= Xl"' X o

fie sub forma raporturilor procentuale, respectiv raportulsimplu inmultit cu 100:

1 Xlx= -xIOO [%]Xo

Dupa calcularea indicilor sub fonna de raporturiprocentuale, evolutia indicatorilor analizati se apreciaza astfel:

• Ix > 100 arata ca X a crescut in perioada analizata cudiferenta dintre Ix ~i 100 (de exemplu, daca Ix = 125%,inseamna ca X a crescut cu 25% in perioada analizata, sau dacaIx = 300% atunci X a crescut cu 200%, respectiv s-a trip1at);

• Ix = 100 arata ca X a ramas constant in perioadaanalizata;

• Ix < 100 arata ca X a scazut in perioada analizata cudiferenta dintre 100 ~i Ix (de exemp1u, daca Ix = 85%,inseamna di X a scazut cu 15% in perioada analizata, sau dacaIx= 30% atunci X a scazut cu 70%).

Similar, se poate stabili evolutia indicatorilor luati inconsiderare (X) ~i daca se calculeaza indice1e sub formaraportului simplu, respectiv:

• Ix> 1 arata ca X a crescut in perioada analizata;• Ix = 1 arata ca X a ramas constant in perioada analizata;• Ix < 1 arata ca X a scazut in perioada analizata.

Tabelull.l-miiRON-

Perioada curenta ldiciNr. Indicatori

Perioada Prevazut/ Realizatl Realizat/Crt. precedenta prevazut realizat precedent precedent prevazut

ICifra de afaceri 1.520 1.532,5 1.535 100,8 100,98 100,16(Co)

2Produclia martT 1.596 1.607,5 1.618 100,72 101,38 100,65fabricata (Qr)

3Produetia 1.627,9 1.637,5 1.652 100,59 101,5 100,9exercitiului (0,)

4Valoarea 651.2 657,5 ~60 100,96 101,35 100,38adaugata (() 0)

CONCLUZII:Prognozarea activitatii in perioada actuala fata de perioada

precedenta a vizat cre~terea valorii tuturor i~dic.ilor, ceea ce s-a~i realizat. Dar, din punct de vedere cahtatlv, se pot faceurmatoarele precizari:

• in program s-a prevazut reducerea stocurilor de pro.dusefinite, dar in realitate acestea au crescut, deoarece productIa demarfa fabricata a crescut mai mult dedit Ca, de unde se poatededuce ca desfacerea nu a fost asigurata pentru tot surplusul deproduse. Ica < IQf pentru realizatlprecedent ~i pentrurealizat/prevazut in loc ca ICa > IQf;

• aceea~i situatie se constata ~i in cazul celorlalte douacorelatii IQf < IQe in loc ca IQf> IQe ~i chiar se constata ca lca <IQe;

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• se poate deci aprecia ca din lQf< lQe au crescut stocurilede productie netem1inata ~i consumul intermediar ~i a crescutponderea cheltuielilor materiale la nivel de firma.

Analiza raportului static ~idinamic aindicatorilor valorici

a. Raportul static:1. Ca / Qf( cifra de afaceri / produetia marfa fabricata).2. Qf / Qe (productia marfa fabricata/ productia globala

respectiv productia exercitiului). '3. Qa / Qe (valoarea adaugata / productia globala sau

productia exercitiului)

REZOLVARE:Conform datelor din tabelul precedent (nr. 1.1.), obtinem:

Tabelul1.2.Perioada curentii n

Previizut Realizat0,9533 0,94870,9817 0,97940,4015 0,3995

Perioadaprecedentii (n-l)

0,95230,98040,4000

CONCLUZII:Pentru perioada de previziune s-a urmarit cre~terea valorii

celor trei raporturi. Ca urmare, s-a avut in vedere realizareaurmatoarelor obiective:

• scaderea stocurilor de productie neterminata;• scaderea ponderii cheltuielilor materiale.~ar, valorile realizate sunt sub nivelul prestabilit, fata de

valonle prevazute (vezi ultima coloana) - evolutienecorespunzatoare a activitatii situatie nefavorabila. Mai

mult valorile realizate sunt situate sub nivelul valorilor,inregistrate in perioada precedenta pentru aceea~i categorie deindicatori.

b. Raportul dinamic:

• lea IIQf• IQfIIQe

• IQallQeAcest raport arata evolutia comparativa a indicatorilor.

Perioada Perioada curentii (Pn)Nr.

Indicatori precedentiiPreviizut / Realizat /Crt. [%]precedent precedent(Pn -1)

1Indicele cifrei de afaceri

100 100,8 100,98(Tca)

2 Indicele productiei marfa100 100,72 101,38

fabri cate (lor)

3 Indicele productiei 100 100,59 101,5exercitiului (JOe)

4Indicele valorii adaugate

100 100,96 101,35(lOa)

5 ICa / lor 1,0 1,0008 0,99616 lOll JOe 1,0 1,0013 0,99887 fOa / foe 1,0 1,0037 0,9985

CONCLUZII:Si din situatia raportarilor curente se poate constata ca

evolutia indicatorilor nu a fost cea dorita. S-a prevazut 0

situatie favorabila ~i s-a realizat 0 situatie nefavorabila inevolutia firmei.

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1.2.1. Analiza dinamicii ~istructurii cifrei de afaceriIntr-un mediu economic instabil, fiecare firma dore~te sa

supravietuiasca ~i sa se dezvolte. Pentru ca acest lucru sa fiepo sibil ~i pentru ea firma sa poata actiona in aeeasta direetie,exista solutia diversificarii gamei de produse ~i/sau serviciioferite, realiziilldu-se astfel ~i 0 diversifieare a strueturiiveniturilor.

Pentru a stabili care sunt deciziile optime privind ere~tereaveniturilor se pleaca de la situatia existenta in eadrul firmeiprivind veniturile realizate, evolutia lor ~i sursele deprovenienta.

Aeeasta modalitate de a analiza cifra de afaeeri permiteevidentierea modului de evolutie a fieearei eategorii devenituri, contributia lor la formarea cifrei de afaceri, precum ~imodificarile care apar in privinta structurii eifrei de afaceri.

~icomerciale

Venituri

4din 275 300 265 96,4 88,3 20,41 18,45

prestariservicii

5Total 1445 1470 1435 99,3 I 97,6 100,00 100,00

venituri

Perioada curentiiIndici (%) Structura (%)Perioada (n)Nr.

SpecificatiE precedenti' RealizatCrt. Realizat / Realiza(n-l) Previizut Realizat /Previizut Previizut

tIPrecedenVenituri

1 din850 825 810 95,3 98,2 56,12 56,46activitatea

de baza .

Venituri

2 din alte595 645 625 105,04 96,9 43,88 43,54activitati,

din care:Venituri

3 din320 345 360 112,5 104,3 23,47 25,09activitati

industriale

Tabelull.4.-miiRON-

CONCLUZII: . .Din datele prezentate se poate constata urmatoarea sltuatle:• fata de perioada preeedenta, veniturile realiz~t~. din

activitatea de baza, ca ~i eele din prestarile de serVlell a~scazut, in timp ce veniturile din aetivitati industriale ~lcomerciale au crescut;

• Veniturile totale au seazut cu 0,7% fata de perioadaprecedenta, respectiv eu 2,4% ~ata de niv~lul prevazut, ceea cearata 0 evolutie negativa a eifrel de afacen;

• Situatia inregistrata se poate datora urmatoarelor eauze:• supraevaluarea cererii;• cre~terea concurentei;• nerealizarea productiei prevazute;• organizarea deficitara a activitatii;• reducerea productivitatii muncii, etc.

Page 8: Analiza Economico-Financiara

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Page 18: Analiza Economico-Financiara

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Page 20: Analiza Economico-Financiara

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Page 21: Analiza Economico-Financiara

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Page 22: Analiza Economico-Financiara

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