Cursul 4 RENTABILITATEA I RISCUL UNEI AFACERI Cuprins:

1.Rentabilitatea unei afaceri 2. Determinarea algebric a pragului de rentabilitate la firmele monoproductive. 3. Construcia grafic a pragului de rentabilitate . Studiul de caz nr. 6 4. Determinarea algebric a pragului de rentabilitate la firmele multiproductive. Studiul de caz nr. 7

Course no. 4

THE PROFITABLENESS AND THE RISK OF A BUSINESS Contents:

1.The Profitableness of a Business 2. The Algebraic Determination of the Profitableness Threshold for Mono-productive Companies. 3. The Graphical Construction of the Profitableness Threshold. Case Study no. 6 4. The Algebraic Determination of the Profitableness Threshold for Multi-productive Companies. Case Study no. 7

1. Rentabilitatea unei afaceri 1. The Profitableness of a Business

Scopul oricrei afaceri care se deruleaz n sistemul economiei de pia este realizarea profitului. Profitul este diferena pozitiv dintre ncasrile obinute prin vnzarea produselor ( serviciilor) i costul lor. n cazul n care firma realizeaz o diferen negativ ntre ncasri i costuri atunci vorbim despre pierderi. Pentru a nelege procesul de rentabilitate este necesar definirea i reinerea urmtoarelor noiuni: pragul de rentabilitate (Pr), cifra de afaceri ( CA) , cifra de afaceri minim (Camin), costul fix (CF), costul variabil total (CVt), costul variabil pe un produs (serviciu) (CV1), preul de vnzare a unui produs (serviciu)(Pv), prducia fizic (Q), producia fizic corespunztoare pragului de rentabilitate(Qpr), veniturile totale (VT), profitul (Pf). The purpose of any business running in the market economy is to make profit. Profit is the positive difference between the revenues obtained by selling goods (services) and their cost. If the company makes a negative difference between income and costs, then there are losses. In order to understand the profitableness, the following notions shall be explained: Profitableness threshold (Pr), turnover (CA) , minimum turnover (Camin), fixed cost (CF), total variable cost (CVt), variable cost of a product (service) (CV1), sale price of a product (service) (Pv), physical production (Q), physical production corresponding to the profitableness threshold (Qpr), total revenues (VT), profit (Pf).

Pragul de rentabilitate Este punctul critic al afacerii. n acest punct veniturile sunt egale cu costurile. Dup acest prag activitatea devine rentabil. Pragul de rentabilitate se exprim n uniti fizice produse i vndute,
Pr CF Pv CV1

The Profitableness Threshold It is the critical point of the business. In this point, revenues equal costs. After this threshold, the activity becomes profitable. The profitableness threshold is expressed in produced and sold physical units,
Pr CF Pv CV1

Cifra de afaceri(CA) reprezinta ncasrile rezultate din activitatea proprie a firmei, pe o perioad de timp determinat( de regul, 1 an).
CA =Q x Pv (2)

Turnover (CA) represents the revenues resulted of the proper activity of the company, on a determined time period (regularly, of 1 year).
CA =Q x Pv (2)

Cifra de afaceri minim (CAmin) este cifra de afaceri corespunztoare pragului de rentabilitate

The minimum turnover (CAmin) is the turnover corresponding to the profitableness threshold

Camin = Qpr x Pv (3)

Costurile fixe (CF) reprezint cheltuielile organizaiei care nu depind, pe termen scurt (un an), de volumul produciei fizice. Pe termen mediu (3-5 ani) i lung(6-10 ani) costurile fixe pot fi influenate de cantitatea produciei fizice . n compunerea costurilor fixe intr: chiriile(impozitele imobiliare), salariile personalului administrativ i de conducere, cheltuielile cu utilitile (ntreinere cldiri, iluminat, nclzit etc.), valoarea dobnzilor aferente creditelor efectuate, asigurrile, amortizarea capitalului fix etc. Costul variabil total (CVt) reprezint cheltuielile organizaiei care depind de cantitatea produciei fizice (Q) realizate.

Camin = Qpr x Pv (3)

Fixed Costs (CF) represent the organizations costs that do not depend, on a short term (of an year) of the physical production volume. On a medium term (of 3-5 years) and on a long term (of 6-10 years), fixed costs can be influenced of the quantity of the physical production. Fixed costs consist of: rents (real estate taxes), administrative and management personnels wages , costs generated by utilities (building administration, lightening, heating, etc.), value of credit interest rates, insurance, fixed capital amortization, etc.

Total Variable Costs (CVt) represent the organizations expenses depending on the quantity of the realized physical production (Q).

Costul variabil pe un produs (serviciu) (CV1) se determin cu ajutorul relaiei

CV1 CVt Q

Variable cost of a product (service) (CV1) is determined according to the relation:

CV1 CVt Q

Preul de vnzare a unui produs (serviciu)(Pv) reprezint ncasrile obinute pentru fiecare unitate fizic vndut ctre clieni. Prducia fizic (Q) este indicatorul care exprim, sub form cantitativ totalitatea bunurilor (serviciilor) rezultate din activitatea economic a organizaiei pe termen scurt (un an). Producia fizic corespunztoare pragului de rentabilitate(Qpr) este indicatorul care semnific nivelul cantitativ al produciei fizice n punctul mort al afacerii, adic cantitatea de bunuri i servicii vndute necesar acoperirii costurilor totale (CT = CF + CVt). Veniturile totale (VT) sau ncasrile totale rezult din ncasrile bneti efectuate n urma vnzrii produselor sau serviciilor realizate de organizaie. Costurile totale (CT) rezult din suma CF i CVt. Profitul (Pf) este un indicator important al eficienei economice i definete acea diferen pozitiv dintre ncasrile totale obinute prin vnzarea bunurilor (serviciilor) realizate de organizaie i costul lor.

Sale price of a product (service) (Pv) represents the revenues obtained for each physical unit sold to clients. Physical production (Q) is the index expressing in a quantitative manner all the goods (services) resulting from the organizations economic activity on a short term (one year). Physical production corresponding to the profitableness threshold (Qpr) is the index expressing the quantitative level of the physical production in the dead point of the business, more precisely the quantity of sold goods and services necessary to cover the total costs (CT = CF + CVt). Total revenues (VT) or total income results from the money revenues corresponding to the sale of goods and services made by the organization. Total costs (CT) result from the sum of CF and CVt. Profit (Pf) is an important index of the economic efficiency defining the positive difference between total revenues obtained after selling goods (services) and their cost.

2. Determinarea algebric a pragului de rentabilitate la firmele monoproductive. Studiul de caz nr.5

Firma LUXOR SA cu sediul n oraul PLOIETI este monoproductiv i produce maini de splat. Conducerea este asigurat de trei acionari. Pentru anul 2009 ,firma are prevzute n Planul de afaceri urmtoarele date de baz: Q, producia fizic pe an 3000 uniti fizice; CF, costuri fixe600.000 euro; CV, costul variabil pentru un produs.500 euro P, preul de vnzare a unui produs.800 euro Se cere s rezolvai: a. Calculul algebric al pragul de rentabilitate a afacerii; b. Construcia grafic a pragului de rentabilitate.

2. The Algebraic Determination of the Profitableness Threshold for Monoproductive Companies

Case Study no. 5

The company LUXOR S.A. located in PLOIETI is a mono-productive company producing washing machines. It is managed by three shareholders. For 2009, the company established in its Business Plan the following data: Q, yearly physical production 3,000 physical units; CF, fixed costs 600,000 euros; CV, variable cost for a product .500 euros; P, sale price of a product .800 euros. You have to determine: a. the algebraic calculation of the profitableness rate of the business; b. the graphical construction of the profitableness threshold.

 Rezolvare:
Algebric, pragul de rentabilitate se determin cu relaia

Solution:
Algebraically, the profitableness rate is determined using the following relation:

CF Pr Pv CV1

CF Pr Pv CV1

600.000 Pr 2000 800 500

CA = CF +CVt (n acest caz rezultatul exploatrii este egal cu zero). CA = Pv.Q; CVt = CV1.Q; rezult Pv.Q = CF +V1.Q; deci, Pv.Q V1.Q = CF; Q(Pv-V1)= CF ; Pv-V1 reprezint marja brut de acumulare pe unitatea de produs i se noteaz cu MCV.

600.000 Pr 2000 800 500

CA = CF +CVt (in this case, the exploitation result equals to 0). CA = Pv.Q; CVt = CV1.Q; It results that Pv.Q = CF +V1.Q; thus, Pv.Q V1.Q = CF; Q(Pv-V1)= CF ; Pv-V1 represents the gross margin on a product unit and it is noted MCV.

3. Construcia grafic a pragului de rentabilitate . Studiul de caz nr.6

Construcia grafic a pragului de rentabilitate se realizeaz dup urmtorul algoritm: se traseaz axele OX i OY i se reprezint Q i VT (CT); se traseaz valoarea costurilor fixe; se traseaz valoarea costurilor variabile i CT(CF + CVt); se traseaz valoarea ncasrilor totale; se coboar o perpendicular din punctul de intersecie a costurilor totale cu veniturile totale, pe axa OX; Punctul care reprezint piciorul perpendicularei pe axa OX indic punctul mort al afacerii sau pragul de rentabilitate.

3. The Graphical Construction of the Profitableness Threshold. Case Study no. 6

The graphical construction of the profitableness threshold is made according to the following algorithm: The axes OX and OY are drawn and Q and VT (CT) are represented; The value of the fixed costs is drawn; The values of the variable costs and CT (CF + CVt) are drawn; The value of total revenues is drawn; A perpendicular is drawn from the crossroads point of total costs and total revenues, on the axis OX; The point representing the foot of the perpendicular on OX indicates the dead point of the business or the profitableness threshold.
VT (CT) mil.

VT (CT) mil. 3 3 2 1 1 2 VT = 2.400.000 CV = 1.500.000 CF = 600.000 Q producia 3 Fig. M1.U3.1. Reprezentarea graficfizic(mii) a pragului de rentabilitate

VT = 2.400.000 CV = 1.500.000 CF = 600.000 1 2 Q producion 3 fizic(mii) Fig. M1.U3.1. The graphycal representation of the profitableness threshold

2
1

4. Determinarea algebric a pragului de rentabilitate la firmele multiproductive. Studiul de caz nr.7 Determinarea algebric a pragului de rentabilitate valoric la organizaiile care produc i comercializeaz o gam variat de produse. n acest caz, pentru determinarea pragului de rentabilitate valoric se aplic relaia
CApr CF MCV%

4. The Algebraic Determination of the Profitableness Threshold for Multiproductive Companies. Case Study no. 7 The algebraic determination of the profitableness threshold value for organizations producing and selling a wide range of products. In this case, in order to determine the profitableness threshold value, we use the relation:
CApr CF MCV%

unde, CF sunt costurile fixe, iar MCV% reprezint rata marjei asupra cheltuielilor. variabile totale.

where, CF are fixed costs whereas MCV% represents the margin rate on total variable costs.

O firm produce 3 tipuri de produse X1, X2, X3. Parametrii celor trei produse sunt: Pentru X1: Pv1 = 6; CV1 = 2; rezult MCV = 6-2 = 4; Pentru X2: Pv2 = 10; CV2 = 3; rezult MCV = 10-3 = 7; Pentru X3: Pv3 = 14; CV3 = 7; rezult MCV = 14-7 = 7; Costurile fixe = 200.000 n cazul nostru, 6 10 14 477 10 MCV 6 Pv 3 3 MCV% reprezint rata marjei asupra cheltuielilor variabile, se noteaz cu Rmcv i se calculeaz cu ajutorul relaiei,

A company produces three types of products X1, X2, X3. The parameters of the three products are: For X1: Pv1 = 6; CV1 = 2; it results that MCV = 6-2 = 4; For X2: Pv2 = 10; CV2 = 3; it results that MCV = 10-3 = 7; For X3: Pv3 = 14; CV3 = 7; it results that MCV = 14-7 = 7; Fixed costs = 200,000 In our case,

477 MCV 6 3

Pv

6 10 14 10 3

Rmcv

MCV.100 6.100 60%(0,60) Pv 10

MCV% represents the margin rate on variable costs, it is noted with Rmcv and calculated according to the following relation:

Rmcv

CApr

CF 200.000 333.333 MCV% 0,60

MCV.100 6.100 60%(0.60) Pv 10

reprezint expresia valoric a pragului de rentabilitate a organizaiei ( firmei) multiproductive (3 tipuri de produse).

CApr

CF 200,000 333.333 MCV% 0.60

represents the value of the profitableness threshold of the multi-productive organization (company) for three types of products.