REMBOURSEMENT PAR AMORTISSEMENT CONSTANTE

OBLIGATIONS
PERIODE VIVANTES AMORTIS INTERETS REMB
1 10,000 2,000 12,000,000 22,000,000
2 8,000 2,000 9,600,000 22,000,000
3 6,000 2,000 7,200,000 22,000,000
4 4,000 2,000 4,800,000 22,000,000
5 2,000 2,000 2,400,000 22,000,000

REMBOURSEMENT PAR ANNUITE CONSTANTE

PERIODE VIVANTES AMORTIS INTERETS REMB

1 10,000 1,609 12,000,000 17,699,000
2 8,391 1,784 10,069,200 19,624,000
3 6,607 1,979 7,928,400 21,769,000
4 4,628 2,195 5,553,600 24,145,000
5 2,433 2,433 2,919,600 26,763,000

PERIODE VIVANTES AMORTIS INTERETS

1 10,000
2 10,000
3 10,000
4 10,000
5 10,000
- 12,000,000
- 12,000,000
- 12,000,000
- 12,000,000
10,000 12,000,000
 N=10000 i=12%
TE VN=10000 n=5ans
PE=10000 mode de remboursement=in fine
PR=11000
ANNUITE INTERET= COUPON*OBLIG VIVANTES
34,000,000 REMBOURSEMENT = PX REMB-PX D'EMISSION
31,600,000 AMORTISSEMENT= INTERETS+REMBOURSEMENT
29,200,000
26,800,000
24,400,000

ANNUITE
29,699,000 i'= 10.91%
29,693,200 n= 5
29,697,400 N*PR= 110,000,000
29,698,600
29,682,600 29,695,381.09

R1 17,695,381.09
OA1 1608.67
R2 19626181.09
OA2 1784.20

R3 21,766,981.09
OAT3 1,978.82

R4 24,141,781.09
OAT4 2194.71

REMBOURSEMENT "in fine"

REMB ANNUITE
- 12,000,000 interet=coupons*obl vivantes
- 12,000,000
- 12,000,000
- 12,000,000
110,000,000 122,000,000
*OBLIG VIVANTES
PX D'EMISSION
+REMBOURSEMENT

oupons*obl vivantes
voiture=10000000
n=4ans
redevances versées=3500000
levée d'option=500 000
determiner le TEE
etablir le plan d amortissemet financier 10000000

TEE=

PERIODE echeance interet

signature
1 3,500,000 1,634,230
2 3,500,000 1,329,320
3 3,500,000 974,581
4 3,500,000 561,869
4 500000 0
 -3500000 -3500000 -3500000 -4000000 on rajoute 500 000 a la derniere colonn

16.342%

plan d'amortissement financier

remboursement dette a payer

10,000,000
1,865,770 8,134,230
2,170,680 5,963,550
2,525,419 3,438,131
2,938,131 500,000
500000 0 pas d'interet sur la levée d'option
000 a la derniere colonne qui represente la levée d'option
 FONDS PROPRES

element 0
ENCAISSEMENT
economie d'impot/amt
valeur residuelle nette
TOTAL ENCAISSEMENT E0
DECAISSEMENT
cout d'acq c aq
total decaissement D0
EN-DEC E0-D0
actualisation
(E-D) actualise

element 0
ENCAISSEMENT
emprunt E
econ d'impot/amt
econ d'impot/int
VRN
encaisement E0
decaissement
cout acq E
remb
interet
DECAISSEMENT D0
E-D E0-D0
 critere du decaissement réel

1 2 3 4n

30% amt 30% amt 30% amt 30% amt 30% amt
VRN
E1 E2 E3 E4 En

D1 D2 D3 D4 Dn
E1-D1 E2-D2 E3-D3 E4-D4 EN-DN

emprunt indivis

1 2 3 4n

30%amt 30%amt 30%amt 30%amt 30%amt

30%I1 30%I2 30%I3 30%I4 30%In
VRN
E1 E2 E3 E4 En

R1 R2 R3 R4 Rn
I1 I2 I3 I4 In
D1 D2 D3 D4 Dn
E1-D1 E2-D2 En-Dn
 ELEMENT 0 1
CA 50,000,000
Marge sur cv 12,500,000
charges fixes 1,000,000
amortissement 4,600,000
RAI 6,900,000
IMPOT 2,070,000
RN 4,830,000
amortissement 4,600,000
CAF 9,430,000
VRN
FLUX ENTRANT 9,430,000
COUT D ACQUISITION 30000000
FLUX SORTANT 30000000
cash flow -30000000 9430000
actualisation (1+cc)^-i 1.00 0.89
CF nets actualisés - 30,000,000 8,419,643

VAN 22,319,011

periode Dette vivante

1 30000000
2 30000000
3 23722967
4 16692690
5 8818780

Decaissement reel de l

Elements 1
Encaissement
Emprunt 30000000
Eco d'impot interet
Ecoe d'impot Ammo
VNR
Total encaissement
Decaissement
Cout d'inv
Remb
interet
total decaissement
ENC-DECAISS
ACTUALISATION
FLUX ACTUA

Cas 2

periode Dette vivante

1 18000000
2 14400000
3 10800000
4 7200000
5 3600000

Elements 0
Encaissement
Vente OBLIGA 12,000,000
Emprunt 18,000,000
Eco IMP INTERET
Eco IMP Amor
RVR
ToTAL Encaisse 30,000,000

Decaissement
Cout D'inv 30,000,000
Revenu perdu
REMB
INTERET
Total decaisse 30,000,000
E -
ACTUALISATION 1
FLUX ACTUA -
 Elements 0
Encaissement
EMP equivalent
Eco impot interet
eco impot amor
caution de remboursement
VR nette
Decaissement
Si la caution remb est supp a la Cout d'inv
caution versé il faut enreigistré la
caution remb l'année qui suit la fin Redevances versées
du contrat levee d'option

AN

-30000000 8000000

ECHEANCES
Periode

Signature
1 8000000
2 8000000
3 8000000
4 8000000
LO 120000

Elements 0
Encaissement
EMP equivalent 30,000,000
caution remb
Eco impot interet
eco impot amor
VR nette
Decaissement
Cout d'inv 30,000,000
Caution versée 60,000
Redevances versées
levee d'option
 2 3 4 5
60,000,000 75,000,000 105,000,000 90,000,000
15,000,000 18,750,000 26,250,000 22,500,000
1,000,000 1,000,000 1,000,000 1,000,000
4,600,000 4,600,000 4,600,000 4,600,000
9,400,000 13,150,000 20,650,000 16,900,000
2,820,000 3,945,000 6,195,000 5,070,000
6,580,000 9,205,000 14,455,000 11,830,000
4,600,000 4,600,000 4,600,000 4,600,000
11,180,000 13,805,000 19,055,000 16,430,000
6,570,000
11,180,000 13,805,000 19,055,000 23,000,000

11180000 13805000 19055000 23000000

0.80 0.71 0.64 0.57
8,912,628 9,826,126 12,109,797 13,050,818

periodes cash flow actualisé cumul cash flow

1 8,419,643 8,419,643
2 8,912,628 17,332,270
3 9,826,126 27,158,397
DRCI - 30,000,000 DRCI=3ans2mois25jours
4 12,109,797 39,268,194
5 13050818 52319011

interet REMB ANUITEE

3600000 3600000
3600000 6277033 9877033
2846756.0292995 7030277 9877033
2003122.782115 7873910 9877033
1058253.5452683 8818780 9877033

Decaissement reel de lemprunt indivis

2 3 4 5

0
interet REMB ANUITEE
2160000 3600000 5760000
1728000 3600000 5328000
1296000 3600000 4896000
864000 3600000 4464000
432000 3600000 4032000

1 2 3 4 5

648,000 518,400 388,800 259,200 129,600

1,380,000 1,380,000 1,380,000 1,380,000 1,380,000
6,570,000
2,028,000 1,898,400 1,768,800 1,639,200 8,079,600

500,000 500,000 500,000 500,000 500,000

3,600,000 3,600,000 3,600,000 3,600,000 3,600,000
2,160,000 1,728,000 1,296,000 864,000 432,000
6,260,000 5,828,000 5,396,000 4,964,000 4,532,000
- 4,232,000 - 3,929,600 - 3,627,200 - 3,324,800 3,547,600

CAS credit bail

 1 2 3 4N

30%*l1 30%*l2 30%*l3 30%*l4 30%*lN

30%*A1 30%*A2 30%*A3 30%*A4 30%*AN

8000000 8000000 8120000

TEE 2.78%

REDEVANCES
dette a payer
INTERET REMB
30000000
834595 7165405 22834595
635254 7364746 15469849
430368 7569632 7900217
219783 7780217 120000
120000 0

1 2 3 4 5

67,000

8,000,000 8,000,000 8,000,000

120,000
 12%

vnc total=4000000+3000000 or prix de cession totale=2600000 donc une perte(pas d'impot)

DRCI=3ans2mois25jours