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Capitolul I Analiza activitatii , de productie , ~i comercializare Capitolul II Analiza cheltuielilor Capitolul III Analiza rentabilitatii Capitolul IV Analiza situatiei financiar-patrimoniale ~i a utilizarii potentialului tehnic Capitolul V Teste grila Raspunsuri
Descrierea CIP a BibJiotecii Nationale a Romaniei Analiza economico-financiara : sinteze teoretice, apJicatii rezolvate ~i propuse, teste grila ! Flavia Anghel, Luminita Horhota, Nicoleta Cristina Matei, Raluca Voicu; coord.: Marin Tole, Daniela Zirra. -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, Flavia IV. Horhota, Luminita V. Matei, Nicoleta Cristina VI. Voicu, Raluca
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Lucrarea de fata este destinata atat studentilor, cat ~i managerilor ~i speciali~tilor in domeniul economic. Prin modul in care a fost conceputa, culegerea are un pronuntat caracter pragmatic, tinand seama ca toate notiunile teoretice ~i metodologice sunt imediat aplicate in practica prin intermediul unor aplicatii ample, elaborate astfel incat sa contina elementele necesare unor analize complexe. In contextul schimbarilor frecvente din mediul economic ~i social contemporan, speciali~tii in domeniu trebuie sa posede cuno~tinte diverse, pentru a fi capabili sa elaboreze un diagnostic bine structurat al organizatiei in cadrul careia i~i desfa~oara activitatea. Pe baza concluziilor formulate in aceste studii, managerii pot decide in cuno~tinta de cauza ~i, prin urmare, vor alege solutiile optime, care asigura cre~terea rentabilitatii ~i a competitivitatii pe fondul dinamicii accentuate impuse de economia cunoa~terii, de integrarea in Uniunea Europeana ~i, nu in ultimul rand, de globalizare. De asemenea, lucrarea are, prin excelenta, un caracter investigativ, metodologic ~i practic, deoarece pune accent pe concepte, principii ~i modele de analiza economico-financiara cu ajutorul carora sunt explicate mecanismele de influenta ale factorilor ~i a conexiunilor cauzale dintre diverse fenomene ~i procese economice. Studiile de caz prezentate (utilizandu-se exprimarea valorilor financiar contabile in lei noi) au ca obiect de analiza 0 serie de indicatori economico-financiari cheie, insistandu-se indeosebi asupra laturii sistemice a diagnosticarii. In consecinta, lucrarea are un rol esential in formarea gandirii speciali~tilor ~i a managerilor, precum ~i in cre~terea capacitatii acestora de a intelege mai exact complexitatea ~i dialectic a fenomenelor cu care se confrunta. Diagnosticarea
corect~ a .aspectelor economice ~i financiare permite elaborarea profeslOmsta a strategiilor ~i a politicilor de gestionare a resurs~lor astfel incat sa se asigure dezvoltarea durabila a afacenlor. !estele grila ~i aplicatiile propuse pentru rezolvare au memrea sa completeze informatiile ~i sa favorizeze aprofundarea cuno~tintelor dobandite in domeniul analizei economico- financiare.
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Tema 1.1. Analiza situafiei generale a societafii comerciale pe baza indicatorilor valorici 1.1.1. Analiza dinamicii activitafii de producfie ~i comercializare pe baza indicatorilor valorici Pentru aprecierea modului in care evolueaza fenomenele ~i procesele economice se pot utiliza, printre alte metode, indicii (Ix), care pot fi exprimati fie ca raporturi simple intre valorile curente (realizate) ale indicatorilor economici (Xl) ~i valorile precedente (previlzute) ale acestora (Xo): Iv= Xl
Similar, se poate stabili evolutia indicatorilor luati in considerare (X) ~i daca se calculeaza indice1e sub forma raportului 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.
curenta realizat 1.535 1.618 1.652 ~60 Prevazut/ precedent 100,8 100,72 100,59 100,96
"'
Xo
I 2 3 4
fie sub forma raporturilor procentuale, respectiv raportul simplu inmultit cu 100: Xl 1 x= -xIOO Xo
Produclia martT 1.596 fabricata (Qr) Produetia 1.627,9 exercitiului (0,) Valoarea 651.2 adaugata (() 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 face urmatoarele precizari: in program s-a prevazut reducerea stocurilor de pro.duse finite, dar in realitate acestea au crescut, deoarece productIa de marfa fabricata a crescut mai mult dedit Ca, de unde se poate deduce ca desfacerea nu a fost asigurata pentru tot surplusul de produse. Ica < IQf pentru realizatlprecedent ~i pentru realizat/prevazut in loc ca ICa > IQf; aceea~i situatie se constata ~i in cazul celorlalte doua corelatii IQf < IQe in loc ca IQf> IQe ~i chiar se constata ca lca < IQe;
Dupa calcularea indicilor sub fonna de raporturi procentuale, evolutia indicatorilor analizati se apreciaza astfel: Ix > 100 arata ca X a crescut in perioada analizata cu diferenta dintre Ix ~i 100 (de exemplu, daca Ix = 125%, inseamna ca X a crescut cu 25% in perioada analizata, sau daca Ix = 300% atunci X a crescut cu 200%, respectiv s-a trip1at); Ix = 100 arata ca X a ramas constant in perioada analizata; Ix < 100 arata ca X a scazut in perioada analizata cu diferenta dintre 100 ~i Ix (de exemp1u, daca Ix = 85%, inseamna di X a scazut cu 15% in perioada analizata, sau daca Ix= 30% atunci X a scazut cu 70%).
se poate deci aprecia ca din lQf< lQe au crescut stocurile de productie netem1inata ~i consumul intermediar ~i a crescut ponderea cheltuielilor materiale la nivel de firma. Analiza raportului static ~i dinamic a indicatorilor 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 precedentii (n-l) 0,9523 0,9804 0,4000 Perioada Previizut 0,9533 0,9817 0,4015 curentii n Realizat 0,9487 0,9794 0,3995
mult , valorile realizate sunt situate sub nivelul valorilor inregistrate in perioada precedenta pentru aceea~i categorie de indicatori. b. Raportul dinamic:
lea IIQf IQfIIQe IQallQe
Nr. Crt. 1 2 3 4
Perioada precedentii [%] (Pn -1) 100 100 100 100 1,0 1,0 1,0
Perioada Previizut / precedent 100,8 100,72 100,59 100,96 1,0008 1,0013 1,0037
curentii (Pn) Realizat / precedent 100,98 101,38 101,5 101,35 0,9961 0,9988 0,9985
CONCLUZII: Pentru perioada de previziune s-a urmarit cre~terea valorii celor trei raporturi. Ca urmare, s-a avut in vedere realizarea urmatoarelor obiective: scaderea stocurilor de productie neterminata; scaderea ponderii cheltuielilor materiale. ~ar, valorile realizate sunt sub nivelul prestabilit, fata de valonle prevazute (vezi ultima coloana) - evolutie necorespunzatoare a activitatii situatie nefavorabila. Mai
5 6 7
Indicele productiei marfa fabri cate (lor) Indicele productiei exercitiului (JOe) Indicele valorii adaugate (lOa) ICa / lor lOll JOe fOa / foe
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 in evolutia firmei.
1.2.1. Analiza dinamicii ~i structurii cifrei de afaceri Intr-un mediu economic instabil, fiecare firma dore~te sa supravietuiasca ~i sa se dezvolte. Pentru ca acest lucru sa fie po sibil ~i pentru ea firma sa poata actiona in aeeasta direetie, exista solutia diversificarii gamei de produse ~i/sau servicii oferite, realiziilldu-se astfel ~i 0 diversifieare a strueturii veniturilor. Pentru a stabili care sunt deciziile optime privind ere~terea veniturilor se pleaca de la situatia existenta in eadrul firmei privind veniturile realizate, evolutia lor ~i sursele de provenienta. Aeeasta modalitate de a analiza cifra de afaeeri permite evidentierea modului de evolutie a fieearei eategorii de venituri, contributia lor la formarea cifrei de afaceri, precum ~i modificarile care apar in privinta structurii eifrei de afaceri.
275
300
265
96,4
88,3
20,41
18,45
1445
1470
1435
99,3
97,6
100,00
100,00
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 ~l comerciale au crescut; Veniturile totale au seazut cu 0,7% fata de perioada precedenta, respectiv eu 2,4% ~ata de niv~lul prevazut, ceea ce arata 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.
Tabelull.4.
-miiRONPerioada Nr. SpecificatiE precedenti' Crt. (n-l) Previizut Venituri din 1 activitatea de baza Venituri din alte 2 activitati, din care: Venituri din 3 activitati industriale Perioada curentii (n) Realizat Indici (%) Structura (%) Realizat Realizat / Realiza / Previizut Previizut t IPreceden
850
825
.
810
95,3
98,2
56,12
56,46
595
645
625
105,04
96,9
43,88
43,54
320
345
360
112,5
104,3
23,47
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