BCR

- BCR

. :.

. .

BCR

28 25

.2003

BCR

.




.

.
: .
:
... . :

1 250 2
500 .1
:
" "Micro entreprise 01 09. " "Petite entreprise 10 49.

28 25

.2003

BCR

"Moyenne entreprise 50 250. " "Grande entreprise 250. - " " Gante entreprise .

: - 500 .

500 . .

: :

%80 %20
2000
2600 )1995 (2000 1995
2900
.
2963
%64.74 .
:
:1 :

51.873

28

299.621

28.4

29.070

16

116.982

15.8

16.015

8.9

38.682

5.24

14.574

8.1

27.783

3.7

12.381

6.8

51.930

7.04

123.913

68.8

444.998

60.2

: .

:
%68




.

28 25

.2003

BCR

: :
- :

- :

:
:


.
:
" ". " ". .

) (





) (

" "Cautionnement
) (Cautionnement solidaire et indivisible
AVAL
.

28 25

.2003

BCR

:





.
.1 :











.2

crdit bail mobilier
crdit bail immobilier
" :


" " :




" .3



:
: ) ( .
. 10-2 20-15 .4

28 25

.2003

BCR

:
. ) ( out lease :

.5
. operation lease :

.6
. le crdit bail adoss :


8
.
. le crdit bail l'exportation :
)(
9
.
.2 :

.
. :
:
: 10


.
: : .

.11

28 25

.2003

BCR

- .

12

. :










:7
Rn

(1 + c )t

Li (1 + t ) + tAi

) (1 + c

= V0
i =1

V : L t I A
C Rn
.
. :14
:
. . . .
% 100
. % 80
. .
)( )(.
.
- .

28 25

.2003

BCR

:
. .
.
.
: :BCR
35

8





.


BCR

Van horne
Vizzavona, Di martino
location vente


) (

.
.1 :BCR



:

28 25

.2003

BCR

. : :
BIRD BCR .

. .
. . .
. :BCR

.
: AEFI BCR

.
: 02

:.

186.286.131

328.078.427

151.866.559

666.231.117

: BCR

: : % 10 10
) (
.

28 25

.2003

BCR

: 3 :

10000.

666.231

66.623

66.623

599.608

666.231

66.623

133.246

532.984

666.231

66.623

199.869

466.361

666.231

66.623

266.492

399.738

666.231

66.623

333.115

333.115

666.231

66.623

399.738

266.492

666.231

66.623

466.361

199.869

666.231

66.623

532.984

133.246

666.231

66.623

599.608

66.623

10

666.231

66.623

666.231

=/100

=10=10/100

10

=.66.623=(100/10)666.231
10:

%4
26.649

- : :
) VAN HORME (272
.
n 1

a
t = 0 (1+ i) t

=Vo

: V : : i
:t t=1...........n
%8.5 10
93.597 :
a
(1.085)t

666.231= t =0
9

1(1+i)
. 666.231= a+a i

). 666.231= a (1 + 6.11906
. a =666.231/7.11906 = 93.567KDA
n

28 25

.2003

BCR

11

):(BCR

) (
:
10 .%7.75 . %20 %30 .%50

-1
- .

:
935.970 = 10 93.597 :
26.649
+
962.619
666.231

296.388

-
%80
532.990
:4 532.990.

)(%7.75

532.990

41.307

53.299

94.606

479.691

37.176

53.299

90.475

426.392

33.045

53.299

86.344

373.093

28.915

53.299

82.214

319.794

24.784

53.299

78.083

266.495

20.653

53.299

73.952

213.196

16.523

53.299

69.822

159.897

12.392

53.299

65.691

106.598

8.261

53.299

61.560

53.299

4.131

53.299

57.430

532.990

760.177

1
2
3
4
5
6
7
8
9
10

=.53.299=10/530.990

277.187

227.187

28 25

.2003

BCR

12

-


.
* . :
a=199.870/7.11906=28.075
) 80.880= 199.870=(10 x28.075
333.116

:5 333.116.

1
2
3
4
5
6
7
8
9
10

)(%7.75

333.116

25.816

33.312

59.128

299.804

23.235

33.312

56.547

266.492

20.653

33.312

53.965

233.180

18.071

33.312

51.383

199.868

15.490

33.312

48.802

166.556

12.908

33.312

46.220

133.244

10.326

33.312

43.638

99.932

7.745

33.312

41.057

66.620

5.163

33.312

38.475

33.312

2.582

33.312

35.894

---

141.989

333.116

475.105

:
141.989

80.880

222.869

:
: 6 :

) 10(

296.388

227.187

22.869
4.318 )(%2

69.201 )(23%

73.519 )(%24

28 25

.2003

BCR

13

=



.


%80
%44 % 42
% 2
269.739 %40
%2 :

.


.

-2 :


- :
:
935.970

26.649

= 962.619

%38

:
404.300= ( 0.38-1) 962.619

- :
.:
666.231

227.187

= 893.418

28 25

.2003

BCR

14

375.236=(0.38-1) 893.418

- :
280750
=10 28075
:
141.989
:
466.361
)= ( 333116+ 133.245
= 889.100
=
:
373.422= (0.38-1)889.100

: 7

10

404.300

375.236

373.422

29.064 )(%7.2

1.841 ) (% 0.5

30.878 )(% 7.6

-3



40.000
.

28 25

.2003

BCR

15

-
:7

9
8
7
6
5
4
3
2
1
1
93.597 93.597 93.597 93.597 93.597 93.597 93.597 93.597 93.597 93.597

54.286 93.597

10

11

39.311 39.311 39.311 39.311 39.311 39.311 39.311 39.311 39.311 .39.311

11.193 26.649

40.000

15.200

54.286 54.286 54.286 54.286 54.286 54.286 54.286 54.286

35.993 12.662

533.516 :.

-
: 8 10.
1
10
9
8
7
6
5
4
3
2
1
27.982 27.982 27.982 27.982 27.982 27.982 27.982 27.982 27.982 27.982 133.241

8.674 10.409 12.144 13.879 15.614 17.349

6.940

3.482

5.205

1.375

57.340 61.560 65.691 69.822 73.952 78.083 82.214 86.344 90.475 94.606

30.096 32.504 34.900 37.296 39.692 42.088 44.483 46.879 49.275 133.241

2.913-

493.367-:

28 25

.2003

BCR

16

-
:9 .
1
10
9
8
7
6
5
4
3
2
1
133.241

- 46.220
35.894 38.475 41.057 43.638
48.802 51.383 53.965 56.547 59.128
1.084 2.168 3.253 4.337 5.421 6.506 7.590 8.674 9.759 10.842

19.587 19.587 19.587 19.587 19.587 19.587 19.587 19.587 19.887 19.587
28.075 28.075 28.075 28.075 28.075 28.075 28.075 28.075 28.075
11.792 11.792 11.792 11.792 11.792 11.792 11.792 11.792 11.792

11.792
40.000

33.003 34.500 35.997 37.495 38.992 40.489 41.487 43.484 44.982 161.316

15.200
21.369

490.876-:.
.
:10 .

533.516-

493.367-

40149)(%7.5
42.636

490.876-

2.487 )(%0.5

)(%8.0

28 25

.2003

BCR

17

%100









.

- 1
-2 . : . . 1985 . 443-440
3
-Depallens . G et Jobard.J.P : Gestion financire de lentreprise, 10 eme Ed, Serry, 1990, p 262.
P.CONSO : la gestion financire de l'entreprise 5eme dition. p33.
4
-Rouyer. G et Choinnel. A : la banque et lentreprise, 2 eme Ed, la revue banque diteur, 1991, p 151-153.
-5 : . . 2000 . .338
6 : .462
7
Solnik. B : OP.cit, p185. 12
- 8 09-96 1996/01/10 03 .1996

28 25

.2003

BCR

18

. 8 . : . . 1985 . 443-440
8
Depallens . G et Jobard. J. P : Gestion financire de lentreprise, 10 eme Ed, Serry, 1990, p 262.
P. CONSO : la gestion financire de l'entreprise 5eme dition p33.
Rouyer. G et Choinnel. A : la banque et lentreprise, 2 eme Ed, la revue banque diteur, 1991, p 151-153.
8 : . . 2000 . .338
8 : .462
Solnik. B : OP.cit, p185. 12 -13
8 09-96 1996/01/10 03 .1996

28 25

.2003