Analele Universitii Constantin Brncui din Trgu Jiu, Seria Economie, Nr.

3/2011

ASPECTE TEORETICE PRIVIND ANALIZA CIFREI DE AFACERI CRUNTU ROXANA CORINA Economist

THEORETICAL ASPECTS REGARDING THE TURNOVER ANALYSIS CARUNTU ROXANA CORINA Economist

ABSTRACT Nowadays, when the economic crisis seems not to be overcome by the authorities it is important for companies to see how they are performing, if their products are sold or not and if it is necessary to take measures according to the results obtained. The turnover expresses the total revenues obtained by a company from its current commercial activities, being one of the most important indicators of measuring the performance of the company. The aim of this paper is to stress the theoretical implications that turnover has over the economic activity of a company. In the chapters of the paper we will present theoretical notions regarding the concept of turnover analysis, meaning analysis of the turnovers dynamics, the structural analysis of turnover.

ABSTRACT Nowadays, when the economic crisis seems not to be overcome by the authorities it is important for companies to see how they are performing, if their products are sold or not and if it is necessary to take measures according to the results obtained. The turnover expresses the total revenues obtained by a company from its current commercial activities, being one of the most important indicators of measuring the performance of the company. The aim of this paper is to stress the theoretical implications that turnover has over the economic activity of a company. In the chapters of the paper we will present theoretical notions regarding the concept of turnover analysis, meaning analysis of the turnovers dynamics, the structural analysis of turnover.

KEY WORDS: turnover, break-even KEY WORDS: turnover, break-even point, marginal turnover, net turnover. JEL CLASSIFICATION: J63 point, marginal turnover, net turnover. JEL CLASSIFICATION: J63 - Turnover; Vacancies; Layoffs Turnover; Vacancies; Layoffs 1.Introducere In climatul economic actual influenat de criza economica si financiara, principalul scop al companiilor nu este doar sa supravieuiasc ci si sa realizeze o activitate productiva. In contextual actual, condiiile prezente in care managerii trebuie sa ia decizii nu sunt chiar satisfctoare: cunoaterea evenimentelor si a cauzelor evoluiei acestora este adesea pariala, iar mediul economic este influenat negative de o serie de factori. Muli manageri nativi trebuie sa-si redefineasc strategia companiei deoarece climatul economic s-a schimbat radical. Managerii companiei nu mai sunt preocupai cu managementul de cretere, ci trebuie sa-si 1. Introduction In the current economic climate being influenced by the economic and financial crisis, the main purpose of the companies is not only to survive but also to evolve a productive activity. In the current context, the actual conditions in which the managers make decisions are not ideal at all: knowing the events and the causes of their evolution is often partial, and the economic environment is disturbed by a multitude of factors. Many inborn managers have to redefine the companys strategy due to the fact that the economic environment has changed radically. The companys managers are not anymore concerned with the management of increasing,

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but they have to assess the business from the ground starting even with the benefits offered to clients. For developing a profitable activity, managers are obliged to make decisions and act rapidly in order to face the current economic and social constraints which have an impact over the companys progress. The turnover is considered to be a fundamental indicator of the volume of activity of a company and obviously it is always considered when evaluating a company. Using the turnover concept we have the possibility to draw different conclusions regarding: the market position of a company; information about the dynamics of the activity; about the chances of development or about the importance of the company in its sector of activity; the capacity of the company of auto financing itself, the capacity of the company to develop 2. Aspecte generale privind cifra de afaceri Conceptul de analiza a cifrei de afaceri poate profitable activities. fi abordat avnd in vedere urmtoarele rate: cifra de afaceri neta, cifra de afaceri medie, cifra de 2. General aspects regarding turnover afaceri marginala. The concept of turnover analysis can be Astfel, conceptul de analiza a cifrei de afaceri approached taking into consideration the presupune abordarea urmtoarelor rate following operational ratios: net turnover, average operaionale: turnover, marginal turnover. The concept of cifra de afaceri neta( CA ) reprezint un turnover analysis can be approached taking into indicator al contului de profit si pierdere, compus consideration the following operational ratios: din veniturile totale obinute din vnzarea net turnover( T ) represents an indicator produselor si serviciilor din activitatea curenta a of the Profit and Loss Account, formed by total companiei, incluznd subveniile din investiii, revenues obtained from the sale of goods and dup deducerea comerului cu reduceri. services from the current activity of the company, cifra de afaceri medie cunoscuta si ca including the subsidies from investments, after preul mediu de vnzare, reprezint venitul deducting the trade discounts. obinut din vnzarea unei uniti si se calculeaz average turnover also known as average selling price, represents the revenue obtained pe baza urmtoarei formule: from the sale of one unit of good or service and is CA CA = (1) computed using the following formula:

evalueze compania de la baza, ncepnd chiar cu beneficiile oferite clienilor. In vederea dezvoltrii unei activiti profitabile, managerii sunt obligai sa ia decizii si sa acioneze rapid pentru a face fata constrngerilor economice si sociale actuale care au un impact asupra progresului companiei. Cifra de afaceri este considerata a fi un indicator fundamental al volumului activitii unei companii si, in mod evident, este mereu luat in vedere atunci cnd se evalueaz o companie. Folosind conceptul de cifra de afaceri avem posibilitatea sa tragem diferite concluzii referitoare la : poziia pe piaa a companiei; informaii asupra dinamicii activitii; detalii despre ansele de dezvoltare sau despre importanta companiei in sectorul de activitate; capacitatea de autofinanare a firmei; capacitatea companiei de a dezvolta activiti profitabile;

unde: Q reprezint volumul fizic al vnzrilor T= (1) Q cifra de afaceri marginala ( CA m ) exprima variaia veniturilor din vnzri generate where: Q represents the physical volume of sales marginal turnover ( Tm ) expresses the de creterea cu o unitate a volumului fizic al vnzrilor si se calculeaz cu urmtoarea formula: variation of revenues from sale generated by the increase with one unit of the physical volume of CA CA1 CA0 (2) sales and is computed using the following CAm = = Q1 Q0 Q formula: pragul de rentabilitate ( BEP )
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reprezint nivelul de rentabilitate a companiei si este nivelul veniturilor din vnzri necesare pentru acoperirea totala a cheltuielilor operaionale. Formula de calcul pornete de la ideea de baza ca in momentul atingerii pragului de rentabilitate, profitul este 0 iar cheltuielile totale in comparaie cu volumul activitii sunt grupate in cheltuieli fixe si variabile.

Tm =

T T1 T0 = Q Q1 Q0

(2)

BEP =

FE

1 RVE

(3)

unde: FE reprezint cheltuielile fixe R VE - reprezint raportul cheltuielilor

break-even point ( BEP ) represents the profitability level of the company and is the level of the sale revenues necessary for the total covering of the operating expenses. The computation formula was established from the basic idea that in the moment of reaching the break-even point, the profit is null and the total expenses as compared with the volume of activity are grouped in fixed and variable expenses.

BEP =

FE

variabile, respectiv media cheltuielilor variabile la where: 1 RON cifra de afaceri, calculat folosind formula FE represents the fixed expenses; urmtoare: R VE - represents the ratio of variable VE RVE = (4) expenses, respectively the average variable CA expenses to 1 ROL turnover, computed using the Cifra de afaceri se calculeaz din veniturile following formula: totale obinute din livrarea bunurilor, furnizarea VE unor servicii si din venituri din alte operaii, mai RVE = (4) T puin rebuturile si reducerile oferite clienilor. The turnover is calculated as the total Poate fi detaliata pana la nivelul produsului, revenues obtained from the delivery of goods, grupurilor de produse sau categoriilor de activiti. Astfel compania poate si trebuie sa fie performing or providing some services and from interesata in cunoaterea produselor cele mai other revenues from operations, less the rebates or solicitate, ce contribuie au la venituri si care sunt other reductions offered to clients. It can be produsele cele mai profitabile. Creterea cifrei de detailed until the level of the product, groups of afaceri reprezint un obiectiv fundamental pentru products or categories of activities. In this way fiecare companie, obiectiv ce trebuie corelat cu the company can and has to be interested in knowing which of the products are more piaa, cu dimensiunile si cu nevoile companiei. demanded, what contribution they have in the revenues and which products are the most 3. Analiza dinamicii cifrei de afaceri Aprecierea dimensiunii activitii economice profitable. The increase of the turnover represents a a unei companii si modificarea acesteia in timp fundamental objective for any company, an sunt absolut necesare in atragerea si asigurarea resurselor necesare pentru ndeplinirea objective that has to be correlated with the obiectivelor dorite. Pentru a analiza pe deplin market, the dimensions and the needs of the activitatea unei companii, orice analiza a unui company. indicator trebuie sa includa o descriere dinamica a acestuia. Analiza evoluiei in timp a cifrei de 3. The analysis of the turnovers dynamics The appreciation of the dimension the afaceri poate fi realizata folosind modele statistice economic activity of a company and is clasice. Studiul trebuie sa conin informaii aferente modification in time is absolutely necessary for unei perioade de la 3 pana la 5 ani. Pe baza the procurement and assurance of necessary concluziei obinute in urma acestei analize pot fi resources needed for the accomplishment of the stabilite strategiile de dezvoltare ale companiei desired objectives. To fully analyze the activity of pentru urmtorii ani, avnd in vedere factorii care a company, any analysis of any indicator must include a dynamic description of this one. The pot influenta activitatea companiei. Analiza dinamicii cifrei de afaceri pentru o analysis of the time evolution of turnover can be done using the classical statistical models.
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(3)

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perioada de timp (0,n) se face pe baza: The study must contain information afferent abaterile absolute cu baza fixa sau cu baza to a period of 3-5 years. On the basis of the in lan: conclusion drawn from this analysis, there can be CAFB = CAn CA0 (5) established the development strategies of the company for the following years, taking into sau account the factors that can influence the activity CACB = CAn CAn 1 (6) of the company. indicii cu baza fixa sau cu baza in lan: The analysis of the dynamics of the turnover CAn for a time period (0, n) is done on the basis of: 100 (7) I CA = Fixed- base (FB) or chained-base (CB) CA0 absolute changes: sau TFB = Tn T0 (5) CAn I CA = 100 (8) or CAn 1 TCB = Tn Tn 1 (6) ratele de cretere cu baza fixa sau in lat: Fixed or chained-based ratios: CAn RCA = 100 100 (9) T CA0 ITFB = n *100 (7) T0 sau CAn R = 100 100 (10) or
CA

CAn 1

ritmul mediu anual de cretere:

CA RCA = n 1 n 1 100 CA0

I TCB =
(11)

Tn * 100 Tn 1

(8)

Fixed or chained-based increase rate:

Analiza cifrei de afaceri pe o perioada lunga de timp ofer informaii asupra activitii unei companii si trendul acesteia. Cu scopul de a fi relevant in stabilirea strategiei de dezvoltare a companiei, dinamica firmei supuse analizei trebuie sa fie comparata cu dinamica pieei si cea a sectorului de activitate. In cazul in care piaa este mai dinamica dect compania, se va observa ca firma va pierde din cota de pia, fie din cauza creterii vnzrilor competiiei la un nivel ridicat, fie din cauza apariiei pe piaa a unor noi competitori. Pentru a realiza o analiza pertinenta a realitii este necesara ajustarea indicatorilor nominali cu rata inflaiei corespunztoare sectorului de activitate al companiei. Comparaia datelor in timp poate fi asigurata prin aplicarea procedurilor de inflaie si deflaie asupra indicatorilor. Deflaia implica exprimarea datelor din perioada analizata intr-o unitate monetara constanta, aferenta primului an, considerat ca baza. Ajustarea se face pe baza urmtoarele relaii:

R FB = I TFB 100
or

(9) (10)

RCB = I TCB 100

Annual average increase rate:

R = ( n 1

Tn 1) * 100 T0

(11)

CARn m =
unde:

CACn m I Pn m / o

The analysis of turnover over a long period of time gives information about the activity of the enterprise and its trend. In order to be relevant for the establishment of the development strategy of the company, the dynamics of the analyzed company should be compared to the dynamics of the market and of the activity sector. If the market is more dynamic than the company, it will be noticed that the company will loose market share, either due to the increase of the sales of the competitors at a higher pace, or due to the entrance in the market of new competitors. For a pertinent analysis of the reality it is necessary to adjust the nominal indicators with the inflation rate corresponding to the activity sector of the company. The comparability of the data in time can be (12) insured by deflating or inflating the indicators. Deflation- implies expressing the data of the analyzed period in constant monetary units,

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CA R - reprezint cifra de afaceri reala sau afferent to the first year, considered the base. The adjustment will be made on the basis of the comparabila; following relation: CA C - reprezint cifra de afaceri curenta;
nm Ip n m / o reprezint indicele preului, reportat TRn m = (12) I Pn m / o la primul an din perioada analizata. Inflaia implica aducerea la zi a valorilor where: indicilor la ultimul an al perioadei analizate, TR represents the real or comparable folosind urmtoarea formula: turnover; CARn m = CACn m * I Pn / n m (13) T C - represents the current turnover; unde: Ip n m / o represents the price index, reported Ip n / m m - reprezint indicele preului, to the first year of the analyzed period. raportat la ultimul an al perioadei analizate Inflation implies the bringing out to date of the value indexes to the last year of the analyzed 4 . Analiza structurii cifrei de afaceri period, using the following formulas: n analiza economico-financiar, o T (13) Rn m = TC n m * I Pn / n m importan deosebit n determinarea cauzelor i a rezervelor de cretere a cifrei de afaceri o are where: Ip n / m m - represents the price index, reported studierea structurii vnzrilor. Structura cifrei de afaceri evideniaz to the last year of the analyzed period. ponderea pe care o au anumite elemente in vnzrile totale ale companiei. 4 .The structural analysis of turnover Din punct de vedere metodologic, analiza In the economic and financial analysis of structurii cifrei de afaceri se realizeaz prin: high importance in the determination of the 1. mrimi relative de structurse causes and reserves of the increase in turnover is utilizeaz la determinarea ponderii deinute de the study of the sale structure. diferite elemente (produse, mrfuri, servicii, The structure of the turnover emphasizes the activiti, secii etc.) n totalul cifrei de afaceri, weight of certain elements in the total sales of the utilizndu-se urmtoarea relaie: company. From the methodological point of view the ca (14) structural analysis of the turnover is realized gi = i 100 CA through: unde: Determination of the weight of different gi - ponderea deinut de categoria i n elements (products, merchandises, services, activities, departments, etc) in the total turnover, totalul cifrei de afaceri; cai - cifra de afaceri realizat de categoria by using the relative measurements of the structure: i; t CAcifra de afaceri total. (14) g i = i * 100 T 2. efectuarea de comparaii ale structurii activitii economice aferente mai multor exerciii where: g i - represents the weight of i category in financiare prin utilizarea coeficientul de concentrare Gini-Struck:: the total turnover; 2 n gi 1 t i - represents the turnover realized by i (15) G= category; n 1 T - represents the total turnover. unde: Making comparisons between the n numrul de termeni ai seriei; gi - ponderea produsului sau grupei se structures of the economic activity afferent to different financial periods, using the Gini-Struck mrfuri i n cifra de afaceri. structure coefficient: Coeficientul Gini-Struck poate lua valori in

TC

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intervalul [0, 1], avnd urmtoarea importanta: G--> arat c n structura vnzrilor sunt cteva produse care dau cea mai mare parte din cifra de afaceri, in alte cuvinte gradul de concentrare al activitii este ridicat; G--> semnific o distribuie relativ uniform a vnzrilor pe categoriile structurii activitii. metoda ABC este utilizat n principal pentru analiza structurii cifrei de afaceri pe produse, clieni, furnizori. Utilitatea metodei ABC const n definirea politicii de aprovizionare a firmei pe grupe (pentru comer) precum i a puterii de negociere n raport cu clienii/furnizorii (pentru toate domeniile). Produsele comercializate sunt cele care contribuie n proporii diferite la realizarea cifrei de afaceri. Analiza curbei teoretice permite identificarea, n totalul produselor fabricate sau comercializate, trei grupe cu caracteristici specifice, astfel: subgrup care cuprinde foarte puine produse sau mrfuri, dar care realizeaz o mare parte din cifra de afaceri; dou grupe care dau mai puin de jumtate din cifra de afaceri, dar care controleaz majoritatea produselor realizate i respectiv comercializate.
4. Concluzii Evaluarea dimensiunii activitii economice a comerciantului si schimbrile acesteia de-a lungul timpului sunt absolute necesare in vederea procurrii si furnizrii resurselor necesare pentru obinerea obiectivelor stabilite. In vederea ndeplinirii acestor aspecte, este necesara efectuarea unei analiza a evoluiei cifrei de afaceri. Cifra de afaceri reprezint un indicator capabil sa ofere o imagine asupra poziiei pe piaa a companiei, reprezentnd volumul veniturilor dintr-o activitate intr-o perioada de timp, colectrile realizndu-se la preul pieei. Acest tip de indicator msoar performanta companiei si se folosete des in calitate de criteriu pentru clasificarea companiilor pin funcie de importanta lor economica. Creterea cifrei de afaceri reprezint obiectivul fundamental al oricrei companii, un obiectiv ce trebuie corelat cu piaa, dimensiunile si nevoile companiei. 5. Bibliografie:

G=

n * g i2 1 n 1

(15)

where: n - represents the number of terms of the series; g i -represents the structure of sales on categories of activities, groups of products, operating units etc. The Gini-Struck coefficient can take value in the interval [0, 1], having the following significance: G--> means that in the structure of the activity of the company, a low number of the elements have an important weight in the turnover, or, in other words, the concentration degree of the activity is high. G--> means that the sales are spread rather even between the categories of structure of the activity. ABC methodis mostly used for the analysis of the structure of the turnover on products, clients, suppliers. The usefulness of the ABC method consists in defining the supply politics of the company on groups (for commerce) as well as the negotiation power in comparison with the clients/suppliers( for all the domains). The commercialized products are those which contribute in different proportions to the realization of the turnover. The analysis of the theoretical curve allows the identification, in the total of the manufactured and commercialized products, of three groups with specific characteristics, as fallows: a subgroup which contains very few products or goods, but which contributes a lot to the turnover; two groups which give less than a half of the turnover, but which control the majority of the made and, respectively, commercialized products. 5. Conclusion Assessing the dimensions of the traders economic activity and its changes over time is absolutely necessary in order to purchase and provide the resources necessary to accomplish the proposed objectives. In order to do this, it is compulsory an analysis of the turnover evolution. The turnover is an indicator able to provide an insight into a company's market position, representing the volume of revenues from an

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1. Buse Lucian Analiza economicofinanciara, Editura Economica, Bucuresti, 2005; 2. Cojocaru Constantin Analiza economico-financiara, Editura Economica, Bucuresti, 2004; 3. Dinu Eduard Rentabilitatea firmei in practica, All Beck, Bucuresti, 2004; 4. Ghic Gratiela, Grigorescu Carmen Judith Analiza economico-financiara, Editura Universitaria, Bucuresti, 2009; 5. Isfanescu Aurel, Robu Vasile, Hristea Ana Maria, Vasilescu Camelia Analiza economicofinanciara, Editura Ase, Bucuresti, 2002; 6. Petcu Monica Analiza economicofinanciara a intreprinderii, Editura Economica, Bucuresti, 2003; 7. Popescu Dan Dumitru Creating value through company analysis (An approach for Romanian companies), H'ART Publishing Science, Bucharest, 2007; 8. Popescu Dan Dumitru Ghid pentru analiza financiara a companiilor industriale, Editura Didactica si Pedagogica, Bucuresti,1986, HArt Publishing Science, Bucuresti , 2007; 9. Stefea Petru Analiza rezultatelor intreprinderii, Editura Mirton,Timisoara, 2002; 10. Valceanu Gheorghe, Robu Vasile, Dinu Eduard Analiza economica-financiara, Editura Economica, Bucuresti, 2005.

activity in a period of time, collections made at market price. This type of indicator measures the performance of a company and is regularly used as a criterion for classifying the companies based on their economic importance. The increase of the turnover represents a fundamental objective for any company, an objective that has to be correlated with the market, the dimensions and the needs of the company.
6. References: 1. Buse Lucian Analiza economicofinanciara, Editura Economica, Bucuresti, 2005; 2. Cojocaru Constantin Analiza economico-financiara, Editura Economica, Bucuresti, 2004; 3. Dinu Eduard Rentabilitatea firmei in practica, All Beck, Bucuresti, 2004; 4. Ghic Gratiela, Grigorescu Carmen Judith Analiza economico-financiara, Editura Universitaria, Bucuresti, 2009; 5. Isfanescu Aurel, Robu Vasile, Hristea Ana Maria, Vasilescu Camelia Analiza economicofinanciara, Editura Ase, Bucuresti, 2002; 6. Petcu Monica Analiza economicofinanciara a intreprinderii, Editura Economica, Bucuresti, 2003; 7. Popescu Dan Dumitru Creating value through company analysis (An approach for Romanian companies), H'ART Publishing Science, Bucharest, 2007; 8. Popescu Dan Dumitru Ghid pentru analiza financiara a companiilor industriale, Editura Didactica si Pedagogica, Bucuresti,1986, HArt Publishing Science, Bucuresti , 2007; 9. Stefea Petru Analiza rezultatelor intreprinderii, Editura Mirton,Timisoara, 2002; 10. Valceanu Gheorghe, Robu Vasile, Dinu Eduard Analiza economica-financiara, Editura Economica, Bucuresti, 2005.

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