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9 Constantin Caruntu
9 Constantin Caruntu
2/2009
NTREPRINDERII
COMPANYS DEVELOPMENT
Introducere
Cnd dorim s evalum performana unei
afaceri cutm modaliti prin care s msurm
Introduction
When we try
to
evaluate
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the
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Rcurent
100
Kp
Rf =
Rbrut
100
Kp
Rf =
Rnet + D
100
Kp
(1)
(2)
(3)
capital.
The deductibility of the expenses
with interests, by introducing them in the
expenses of the company (as financial
expenses) and by the existence of the
effect of tax allowance.
The profitability of the company can
not be analyzed independently of the
aspects
concerning
the
financial
structure. For any company, it is
important to consider the financial
structure due to the fact that it helps
manage a profitable activity and know
the degree of debt that can be acquired,
without
negative
effects
over
profitability.
Not
following
this
restriction could lead to a financial
disequilibrium, in spite of a significant
economic profitability, which will be
consumed at the level of the financial
expenses generated by a high degree of
debt.
The profitability constitutes a base
indicator
which
characterizes
the
companies
performances,
indicator
which is under the incidence of the
commercial
policy
(commercial
profitability), of the fixed capital
(economic profitability) but also of the
financial policy of the company.
The profitability ratio can be
expressed
through
the
following
relations:
Rate of return of capital
(4)
unde:
Rf rata rentabilitii financiare;
Rcurent rezultatul curent al exerciiului;
Kp capital permanent;
Rbrut rezultatul brut;
Rnet rezultatul net al exerciiului;
Rf =
Rcurrent
100
Kp
Rf =
Rgross
100
Kp
Rf =
Rnet + D
100
Kp
(2)
(3)
Return On Equity:
Rf =
Rne
100
Kp
(4)
where:
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Dob - dobnzi;
Kpr capitaluri proprii.
Rf rate of return;
Rcurrent current result;
Kp capital;
La nivelul factorilor de influen, rata
Rgross- gross result;
rentabilitii financiare a capitalurilor proprii
Rnet net result;
poate fi analizat dup modelul urmtor:
D interest;
Kpr- owners equity.
Rne
At the level of the influencing
100
Rf =
Kp
factors, the rate of return of capital can
(5)
be analyzed by using the following
model:
Rne
n teoria de specialitate, n ceea ce privesc
Rf =
100
Kp
ratele de rentabilitate financiar, se regsesc
(5)
urmtoarele rate:
In the specialty theory, in what
Rata rentabilitii activelor totale (Return
regards the financial rates of return, we
on Total Assets ROA), calculat astfel:
find the following ratios:
Rne
Return on Total Assets, computed
ROA =
100
At
as:
(6)
Rne
ROA =
At
100
(6)
The Return on Total Assets can
have as a base the combination of two
indicators, total assets turnover ratio and
the commercial rate of return (computed
by using net result).
Rne
CA Rnet
100 =
100
At
At CA
ROA =
Rne
CA Rnet
100 =
100
At
At CA
(7)
(7)
Secondary
indicators
(assets
turnover and profit margin) will establish
if the variability of ROA is determined
by the changes in the efficiency of assets
or by/and the profit margin, facilitating a
thorough analysis. If the variability of
ROA has at the base modifications of the
profit margin, the analysis should focus
on the modalities of increasing products (
changing the mix of sales, volume, sales
price, the analysis of the elasticity
demand of a product) and of the expenses
( the management of the influence of
salaries, administrative costs,etc). The
analysis can be extended over other
indicators (fixed costs/sales). If the
variation of ROA is determined by the
variation of the turnover ratio than we
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indicatori.
Rata
(ROCE):
rentabilitii
ROCE =
capitalului
Rid
100
Kp
(8)
Rata rentabilitii financiare are n vedere
proveniena capitalurilor, fiind sensibil la
structura financiar a ntreprinderii i, n cea mai
mare msur, fiind influenat de gradul de
ndatorare al ntreprinderii.
Rata rentabilitii financiare a capitalurilor
proprii evideniaz randamentul capitalurilor
proprii, respectiv a plasamentelor efectuate de
ctre acionarii unei ntreprinderi pentru a
cumpra aciunile societii. Profitul, surs
important de finanare a desfurrii activitii,
reprezint o parte a capitalurilor ntreprinderii i
remunereaz n special participarea acionarilor,
prin intermediul dividendelor. Creterea acestui
indicator evideniaz eficiena activitii din punct
de vedere al valorizrii capitalurilor proprii.
n determinarea ratei rentabilitii financiare
a capitalurilor personale se ine seama de
metodologia de calcul a amortizrilor i a
provizioanelor, cheltuielilor deductibile i
nedeductibile n determinarea bazei de calcul a
profitului impozabil.
Ratele de rentabilitate economic i ratele
de rentabilitate financiar sunt foarte importante
pentru utilizatori, dar exist multe dificulti n
cadrul utilizrii lor. Problemele de baz deriv din
forma rezultatului sau capitalului care este luat n
calcul. Interdependena celor trei forme de
rentabilitate (comercial, economic i financiar)
este urmtoare:
ROCE =
Rid
100
Kp
(8)
The return on assets has in
consideration the origin of capitals, being
sensitive at the financial structure of the
company and, mostly, being influenced
by the degree of debt of the company.
The return on equity shows the yield
of owners equity, respectively of the
placements made by the shareholders of
the company for buying the companys
shares. The profit, an important source of
financing the activity, represents a part
of the capital of the company and it
remunerates
the
participation
of
shareholders, by giving dividends. The
increase of this indicator shows the
efficiency of the activity by using
efficiently the equity.
In determining ROE we take into
account the methodology of computing
the depreciation and provisions, the
deductible expenses and non-deductible
in determining the base of computation
of the taxable profit.
The economic and financial ratios are
very important for users but we
encounter difficulties in using them. The
base problems come from the shape of
the result or of the capital which is taken
into account. The interdependence of the
3 forms of profitability (commercial,
economic and financial) is the following:
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Schema nr. 1
Relaia dintre rata rentabilitii comerciale, rata rentabilitii economice i
rata rentabilitii financiare
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Figure no. 1
The relationship between the commercial return on assets, the economic return on assets and
the financial return on assets
Ct despre profitul evideniat n
determinarea ratelor rentabilitii economice i
financiare, vom meniona:
n cazul n care se compar dou sau
mai multe ntreprinderi cu ajutorul acestor rate
de rentabilitate, politicile de care se ine cont
vor fi diferite i va trebui s se fac ajustri;
contabilitatea costurilor istorice tinde
s supraevalueze profitul pentru c deprecierea
se bazeaz pe costul istoric i nu pe valoarea
curent (prezent), i de asemenea ctigurile
latente asupra activelor sunt incluse n profitul
raportat;
profitul poate fi luat dup adugarea
elementelor extraordinare care afecteaz
realizarea comparaiilor.
n ceea ce privete deficienele ratele
rentabilitii economice i financiare generate
de capitalul utilizat n calcul, trebuie s se
precizeze urmtoarele:
dac se folosete costul contabil
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Schema nr. 2
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Figure no. 2
Financing sources of the companys activity
Rentabilitatea ca surs proprie a
finanrii se regsete i sub influena politicii
dividendelor ntreprinderii. n acelai timp,
politica
finanrii
ntreprinderii
face
rentabilitatea s varieze, prin natura i
eficiena utilizrii surselor de finanare.
Creterea sau reducerea volumului activitii
atrage n acelai timp creterea sau
diminuarea activelor i implicit sursele de
finanare a activelor. Ca urmare, rata de
cretere a ntreprinderii (R), dac se consider
c se bazeaz pe creterea activitii n afar
de investiii, poate fi transpus astfel:
R=
At Pt
=
At 0
Pt 0
(9)
At Pt
=
At 0
Pt 0
(9)
Dac,
desfurarea
Kpr0 + Datt0
(10)
(10)
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ntreprinderii, sursele proprii externe rmn and equity (KPR) remain constant, then the
neschimbate i rata datoriilor (D) i following relation results:
Dat t
capitalurilor
proprii (Kpr) se menine
D=
Dat t = D Kpr
Kpr
constant, atunci rezult urmtoarea relaie:
(11)
Datt
And the growth rate of the company
D=
Datt = D Kpr (11)
Kpr
will be:
R=
Kpr (1 + D) Kpr
=
Kpr0 (1 + D)
Kpr0
(12)
(12)
P
Deoarece variaia capitalurilor proprii
R = IR
Kpr
este dat de dimensiunea profitului curent
reinvestit (PIR), atunci:
(13)
PIR
(13)
By expressing the reinvested profit
R=
Kpr
depending on the net profit ( Pnet ) and average
Exprimnd profitul reinvestit n funcie dividends rate (d) we obtain the following
de profitul net (PNET) i rata medie de relation:
dividende (d) obinem urmtoarea relaie:
PIR = Pnet Dividends = Pnet (1 d )
(14) (14)
PIR = Pnet Dividende = Pnet (1 d )
P
R = net (1 d ) = Rf (1 d )
Eq0
Pnet
R=
(1 d ) = Rf (1 d ) (15)
(15)
Kpr
Therefore, the growth rate of the
Prin urmare, rata de cretere a enterprise is influenced by the evolution of
ntreprinderii este influenat de evoluia a two fundamental factors: the rate of financial
doi factori fundamentali: rata rentabilitii profitability and the dividend policy.
financiare i politica dividendelor.
0
Schema nr. 3
Influena ratei de cretere a ntreprinderii prin rata rentabilitii financiare i politica
dividendelor / The growth rate of the enterprise influence through the financial profitability
and dividend policy
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N+1
125%
110%
125%
N+2
139%
110%
128%
N+3
150%
110%
135%
Indicatori
Table no.1
N+1
N+2
125% 139%
110% 110%
125% 128%
N+3
150%
110%
135%
N+2
N+3
38.271,53
38.271,53
38.271,53
40.029,94
38.271,53
40.029,94
42.474,14
38.271,53
41.830,56
1.758,41
1.547,40
1.758,41
2.444,19
1.702,14
2.250,77
3.666,29
1.872,36
3.038,53
N+2 (%)
Tabelul nr.3
N+3 (%)
N+1 (%)
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Indicators
CAPITAL
Rising
Regression
Moderate growth
NET PROFIT
Rising
Regression
Moderate growth
6,11
4,45
5,62
8,63
4,89
7,26
0
100
20
0
100
30
6,11
0
4,50
8,63
0
5,08
N+1
N+2
Table no. 2
N+3
38.271,53
38.271,53
38.271,53
40.029,94
38.271,53
40.029,94
42.474,14
38.271,53
41.830,56
1.758,41
1.547,40
1.758,41
2.444,19
1.702,14
2.250,77
3.666,29
1.872,36
3.038,53
Indicators
N+1 (%) N+2 (%)
Rate of financial profitability
Rising
4,59
6,11
Regression
4,04
4,45
Moderate growth 4,59
5,62
Average rate of dividends
Rising
0
0
Regression
100
100
Moderate growth 0
20
Growth rate of the enterprise
Rising
4,59
6,11
Regression
0
0
Moderate growth 4,59
4,50
Concluzii
Pentru variant ascensiune, n care
rata medie a dividendelor este 0, rata de
cretere a ntreprinderii este egal cu rata
rentabilitii financiare.
Pentru varianta regresie, n care rata
medie a dividendelor este de 100%, rata de
cretere a ntreprinderii este practic nul
pentru ca acionarii beneficiaz n totalitate
de profitul net.
Varianta cretere moderat prezint o
rat de cretere de 4,59 % n N+1, de 4,50%
n N+2 (prin repartizarea a 20% din profitul
Table no. 3
N+3 (%)
8,63
4,89
7,26
0
100
30
8,63
0
5,08
Conclusions
For variant "rising", where the
average rate of dividends is 0, the growth
rate of the company is equal to the rate of
financial return.
For variant "regression", where the average
rate of dividends is 100%, the growth rate
of the company is practically null as the
shareholders fully benefit from net income.
Variant "moderate growth" has a growth
rate of 4.59% in N+1, 4.50% in N+2 (by
assigning 20% of net profit ), and 5.08% in
N+3 (when 30% of net profit is distributed).
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N +3
N +2
0,59%
-0,56%
1,15%
N +3
N +2
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