MODEL TOTALNE PROFITABILNOSTI
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MODEL TOTALNE PROFITABILNOSTI
Osnove modela
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INTEGRALNA STRATEGIJA
• FINANSIJE– CILJEVI – profit, prinos, likvidnost– PROGRAM – mere i aktivnosti (upravljanje
cenama, maržama, troškovima, ...)
• MARKETING– CILJEVI – tržišno učešće, rast, novi SBU,
nova SBA– PROGRAM – marketing mix
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MEDJUZAVISNOST FINANSIJA I MARKETINGA
Upravljanje sredstvimaI kapitalom(AktivnostProduktiv.)
Neto prometUk. posl.sred.
Upravljanje maržom pf(profita-bilnost)
Neto profitNeto promet
Finansijsko upravljanje(Zaduživanje)
Neto profit x Uk.posl.sred. Uk. posl.sred. Sop.kapital
Neto profitSop.kapital
marketingfinansije
PRINOSTotalnaprofitabilnost
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RONW različitih trgovinskih branši91.96
52.34
34.72
16.936.05
17.9212.75 10.85
17.58 18.4715.36
22.1120.97
13.1815.68
17.28
-10.0020.0030.0040.0050.0060.0070.0080.0090.00
100.00
The
Lim
ited,
Inc.
Gap
, Inc
.
TJX
Bes
t Buy
Circ
uit C
ity
Wal
gree
n
CV
S
Rite
Aid
May
Dep
.Sto
res
Wal
Mar
t
Tar
get
Sea
rs
Nor
dstr
om
K M
art
Hom
eD
epot
Low
e's
Moda Elektronika Drugstores General Merchandise HomeImprovement
%
RONW
BENCHMARKING
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0
2
4
6
8
10
12
MayDep.Stores
Wal Mart Target Sears Nordstrom K Mart
Fin Lev
Obrt K
Neto pf'
STRATEGIJE OSTVARENJA PRINOSA
(STRUKTURA RONW KOD UNIVERZALNIH TRGOVACA)
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KAKO UPRAVLJATI PRINOSOM ?
• RAŠČLANITI BILANSE• ANALIZA I PLANIRANJE PROFITA (planiranje
BU – Income statement)• ANALIZA I PLANIRANJE AKTIVNOSTI
(planiranje odnosa prometa i aktive tj. imovine u BS)
• ANALIZA I PLANIRANJE ZADUŽENOSTI (planiranje pasive u BS)
• ANALIZA PRINOSA – BENCHMARKING• ANALIZA OSTALIH RACIO BROJEVA
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Osnovne bilansne veličine
• Aktiva =Sop.Kapital + Dug
• Sopstveni kapitalAkcije+ Zadržani profit
• DugDugoročni+ Kratkoročni
OsnovnaSredstva
Zalihe
Potraživanja
Gotovina
Sopstvenikapital
Dugoročnikredit
Kratkoročnidug
Aktiva Izvori (ukupni K)
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Osnovne veličineBilansa uspeha
• Ukupni prihod– Neposlovni prihod
• Bruto Promet (poslovni prihod)– Porez na dodatu vrednost
• Neto promet– NVPR
• Razlika u ceni– Operativni troškovi
• MASPUL
– Kamate
• Profit pre oporezivanja– Porez na dobit korporacija
• Neto profit
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Model totalne profitabilnosti
Neto profit
Sopstveni kapitalRONW =
Neto profit
Ukupni kapitalRONW =
Ukupni kapital
Sopstveni kapitalx
RONW = Return on Assets (ROA) x Financial LeverageRONW = ROA x L
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Model totalne profitabilnosti
Neto pfUk. kapital
RONW =Uk. kapital
Sop. kapitalx x
Neto promet
Neto promet
RONW = Profitna stopa x Obrt uk. Sredstava (K) x Fin. Leveridž
RONW = Pf’ x Ko x L
RONW = ROA x L
ROA = Pf’ x Ko
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Model profitabilnosti
Branša Trgovac Neto pf' Obrt K Fin Lev ROA RONW
Moda The Limited, Inc. 21.99 2.05 2.04 45.08 91.96 Gap, Inc. 9.11 2.28 2.52 20.77 52.34 TJX 5.34 2.89 2.25 15.43 34.72
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Model profitabilnostiBranša Trgovac Neto pf' Obrt K Fin Lev ROA RONW
General Merchandise May Dep.Stores 6.33 1.27 2.75 8.04 22.11 Wal Mart 3.18 2.83 2.33 9.00 20.97 Target 3.02 1.98 2.94 5.98 17.58 Sears 2.53 1.1 6.21 2.78 17.28 Nordstrom 4.11 1.61 2.37 6.62 15.68 K Mart 1.69 2.37 3.29 4.01 13.18
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2004.
Federated – 15.630 mln USD
May – 14.441 mln USD