Rubrique january february march april may june

CA 3 mois (fin 3) 12500 12500 18750 18750 18750 18750

CA 3 mois (début 4) 2500 2500 2500 3750 3750 3750
CA 2 mois (fin 2) 3750 5625 5625 5625 5625 5625
CA 3 mois (début 4) 6250 6250 6250 9375 9375 9375
CA Total 25000 26875 33125 37500 37500 37500
Remboursement du TVA 2750 4458.333 4158.333 4158.333 4158.333 4158.333
Placements 21000
Solde trésorerie positif
Emprunt 80000
Total ressources 107750 31333.333 58283.333 41658.333 41658.333 41658.333
Achat décaissé 18750 18750 18750 18750 18750 18750
CE 1875 1875 1875 1875 1875 1875
CP 11250 11250 11250 11250 11250 11250
I&T 750 750 750 750 750 750
Intérêt 3333.33 333.33 333.33 333.33 333.33 333.33
Remboursement du K
Solde trésorerie négatif 30000
Placements
TVA à versé 5000 5000 5375 6625 7500 7500
Total Emploi 70958.33 37958.33 38333.33 39583.33 40458.33 40458.33
TR - TE 36791.67 -6624.997 19950.003 2075.003 1200.003 1200.003
Cumul 36791.67 30166.673 50116.676 52191.679 53391.682 54591.685

Capital restant dû Amortisement Intérêt TVA Échéance

80000.00 333.33 33.33 366.67
80000.00 333.33 33.33 366.67
80000.00 333.33 33.33 366.67
80000.00 333.33 33.33 366.67
80000.00 333.33 33.33 366.67
80000.00 1025.64 333.33 33.33 366.67
78974.36 1025.64 329.06 32.91 361.97
77948.72 1025.64 324.79 32.48 357.26
76923.08 1025.64 320.51 32.05 352.56
75897.44 1025.64 316.24 31.62 347.86
74871.79 1025.64 311.97 31.20 343.16
73846.15 1025.64 307.69 30.77 338.46
72820.51 1025.64 303.42 30.34 333.76
71794.87 1025.64 299.15 29.91 329.06
70769.23 1025.64 294.87 29.49 324.36
69743.59 1025.64 290.60 29.06 319.66
68717.95 1025.64 286.32 28.63 314.96
67692.31 1025.64 282.05 28.21 310.26
66666.67 1025.64 277.78 27.78 305.56
65641.03 1025.64 273.50 27.35 300.85
64615.38 1025.64 269.23 26.92 296.15
63589.74 1025.64 264.96 26.50 291.45
62564.10 1025.64 260.68 26.07 286.75
61538.46 1025.64 256.41 25.64 282.05
60512.82 1025.64 252.14 25.21 277.35
59487.18 1025.64 247.86 24.79 272.65
58461.54 1025.64 243.59 24.36 267.95
57435.90 1025.64 239.32 23.93 263.25
56410.26 1025.64 235.04 23.50 258.55
55384.62 1025.64 230.77 23.08 253.85
54358.97 1025.64 226.50 22.65 249.15
53333.33 1025.64 222.22 22.22 244.44
52307.69 1025.64 217.95 21.79 239.74
51282.05 1025.64 213.68 21.37 235.04
50256.41 1025.64 209.40 20.94 230.34
49230.77 1025.64 205.13 20.51 225.64
48205.13 1025.64 200.85 20.09 220.94
47179.49 1025.64 196.58 19.66 216.24
46153.85 1025.64 192.31 19.23 211.54
45128.21 1025.64 188.03 18.80 206.84
44102.56 1025.64 183.76 18.38 202.14
43076.92 1025.64 179.49 17.95 197.44
42051.28 1025.64 175.21 17.52 192.74
41025.64 1025.64 170.94 17.09 188.03
40000.00 1025.64 166.67 16.67 183.33
38974.36 1025.64 162.39 16.24 178.63
37948.72 1025.64 158.12 15.81 173.93
36923.08 1025.64 153.85 15.38 169.23
35897.44 1025.64 149.57 14.96 164.53
34871.79 1025.64 145.30 14.53 159.83
33846.15 1025.64 141.03 14.10 155.13
32820.51 1025.64 136.75 13.68 150.43
31794.87 1025.64 132.48 13.25 145.73
30769.23 1025.64 128.21 12.82 141.03
29743.59 1025.64 123.93 12.39 136.32
28717.95 1025.64 119.66 11.97 131.62
27692.31 1025.64 115.38 11.54 126.92
26666.67 1025.64 111.11 11.11 122.22
25641.03 1025.64 106.84 10.68 117.52
24615.38 1025.64 102.56 10.26 112.82
23589.74 1025.64 98.29 9.83 108.12
22564.10 1025.64 94.02 9.40 103.42
21538.46 1025.64 89.74 8.97 98.72
20512.82 1025.64 85.47 8.55 94.02
19487.18 1025.64 81.20 8.12 89.32
18461.54 1025.64 76.92 7.69 84.62
17435.90 1025.64 72.65 7.26 79.91
16410.26 1025.64 68.38 6.84 75.21
15384.62 1025.64 64.10 6.41 70.51
14358.97 1025.64 59.83 5.98 65.81
13333.33 1025.64 55.56 5.56 61.11
12307.69 1025.64 51.28 5.13 56.41
11282.05 1025.64 47.01 4.70 51.71
10256.41 1025.64 42.74 4.27 47.01
9230.77 1025.64 38.46 3.85 42.31
8205.13 1025.64 34.19 3.42 37.61
7179.49 1025.64 29.91 2.99 32.91
6153.85 1025.64 25.64 2.56 28.21
5128.21 1025.64 21.37 2.14 23.50
4102.56 1025.64 17.09 1.71 18.80
3076.92 1025.64 12.82 1.28 14.10
2051.28 1025.64 8.55 0.85 9.40
1025.64 1025.64 4.27 0.43 4.70
0.00 1025.64 0.00 0.00 0.00
 july august september october november december
18750 18750 18750 18750 18750 18750
3750 3750 3750 3750 3750 3750
5625 5625 5625 5625 5625 5625
9375 0 18750 9375 9375 9375
37500 28125 46875 37500 37500 37500
4158.333 4157.90598 4157.47863 4157.05128 4156.62393 4156.19658

41658.333 32282.906 51032.4786 41657.0513 41656.6239 41656.1966

18750 18750 18750 18750 18750 18750
1875 1875 1875 1875 1875 1875
11250 11250 11250 11250 11250 11250
750 750 750 750 750 750
329.06 324.79 320.51 316.24 311.97 307.69
1025.64 1025.64 1025.64 1025.64 1025.64 1025.64

7500 7500 5625 9375 7500 7500

41479.7009 41475.4274 39596.1538 43341.8803 41462.6068 41458.3333
178.632145 -9192.52137 11436.3248 -1684.82906 194.017094 197.863248
54770.3171 45577.7958 57014.1206 55329.2915 55523.3086 55721.1718
 Rubrique january february march april
CA 2 mois (Début 3) 9250 9250 12000 12000
CA 3 mois (début 4) 6166.67 6166.67 6166.67 8000
CA 4 mois (Fin 4) 15416.67 15416.67 15416.67 20000
CA Total 30833.33 30833.33 33583.33 40000
Remboursement du TVA 2775 4000 4160 4000
Placements
Solde trésorerie positif
Emprunt
Total ressources 33608.33 34833.33 37743.33 44000
Achat décaissé 16000 16000 16000 16000
CE 4000 4000 4000 4000
CP 20000 20000 20000 20000
I&T 800 800 800 800
Intérêt 1600
Remboursement du K
Solde trésorerie négatif 50000
Placements
TVA à versé 6166.67 6166.67 6166.67 6716.67
Total Emploi 96966.67 48566.67 46966.67 47516.67
TR - TE -63358.33 -13733.33 -9223.33 -3516.67
Cumul -63358.33 -77091.67 -86315.00 -89831.67
 may june july august september october november
12000 12000 12000 12000 12000 12000 12000
8000 0 8000 16000 8000 8000 8000
20000 20000 20000 20000 20000 20000 20000
40000 32000 40000 48000 40000 40000 40000
4000 4000 4000 4000 4000 4000 4000
9540

44000 36000 44000 52000 53540 44000 44000

16000 16000 16000 16000 16000 16000 16000
4000 4000 4000 4000 4000 4000 4000
20000 20000 20000 20000 20000 20000 20000
800 800 800 800 800 800 800

8000.00 8000.00 6400.00 8000.00 9600.00 8000.00 8000.00

48800.00 48800.00 47200.00 48800.00 50400.00 48800.00 48800.00
-4800.00 -12800.00 -3200.00 3200.00 3140.00 -4800.00 -4800.00
-94631.67 -107431.67 -110631.67 -107431.67 -104291.67 -109091.67 -113891.67
december
12000
8000
20000
40000
4000

44000
16000
4000
20000
800

8000.00
48800.00
-4800.00
-118691.67
 Rubrique january february march april may june
CA 2 mois (Début 3) 4625 4625 6000 6000 6000 6000
CA 3 mois (début 4) 3083.33 3083.33 3083.33 4000 4000 4000
CA 2 mois (Fin 2) 5395.83 7000.00 7000.00 7000.00 7000.00 0.00
CA 4 mois (Fin 4) 2312.50 2312.50 2312.50 3000 3000 3000
CA Total 15416.66 17020.83 18395.83 20000 20000 13000
Remboursement du TVA 770.83 1240 1160 1160 1160 1160
Placements 4770
Solde trésorerie positif
Emprunt
Total ressources 16187.49 18260.83 19555.83 21160 21160 18930
Achat décaissé 4000 4000 4000 4000 4000 4000
CE 1600 1600 1600 1600 1600 1600
CP 13000 13000 13000 13000 13000 13000
CF 400 400 400 400 400 400
I&T 400 400 400 400 400 400
Intérêt 800
Remboursement du K
Solde trésorerie négatif 25000
Placements
TVA à versé 3083.33 3083.33 3404.17 3679.17 4000.00 4000.00
Total Emploi 48283.33 22483.33 22804.17 23079.17 23400.00 23400.00
TR - TE -32095.84 -4222.50 -3248.34 -1919.17 -2240.00 -4470.00
Cumul -32095.84 -36318.34 -39566.68 -41485.84 -43725.84 -48195.84
 july august september october november december
6000 6000 6000 6000 6000 6000
4000 4000 4000 4000 4000 4000
7000.00 14000.00 7000.00 7000.00 7000.00 7000.00
3000 3000 3000 3000 3000 3000
20000 27000 20000 20000 20000 20000
1160 1160 1160 1160 1160 1160

21160 28160 21160 21160 21160 21160

4000 4000 4000 4000 4000 4000
1600 1600 1600 1600 1600 1600
13000 13000 13000 13000 13000 13000
400 400 400 400 400 400
400 400 400 400 400 400

2600.00 4000.00 5400.00 4000.00 4000.00 4000.00

22000.00 23400.00 24800.00 23400.00 23400.00 23400.00
-840.00 4760.00 -3640.00 -2240.00 -2240.00 -2240.00
-49035.84 -44275.84 -47915.84 -50155.84 -52395.84 -54635.84
 Exercice 3 :

Eément 0 1 2 3
Investissement 300,000,000.00 €
CA 75,000,000.00 € 100,000,000.00 € 125,000,000.00 €
Charges 24,000,000.00 € 32,000,000.00 € 40,000,000.00 €
Amortissement 60,000,000.00 € 60,000,000.00 € 60,000,000.00 €
Résultat avant impôt 9,000,000.00 € 8,000,000.00 € 25,000,000.00 €
Impôt 3,000,000.00 € 2,666,666.67 € 8,333,333.33 €
Résultat aprés impôt 6,000,000.00 € 5,333,333.33 € 16,666,666.67 €
Amortissement 60,000,000.00 € 60,000,000.00 € 60,000,000.00 €
CAF 54,000,000.00 € 65,333,333.33 € 76,666,666.67 €
BFR 12,500,000.00 € 4,166,666.67 € 4,166,666.67 € 6,250,000.00 €
Récuperation du BFR
Valeur résiduelle
Cash-flow 312,500,000.00 € 49,833,333.33 € 61,166,666.67 € 70,416,666.67 €
Cash-flow actualisé 45,303,030.30 € 50,550,964.19 € 52,905,083.90 €
Cumul du cash-flow act 45,303,030.30 € 95,853,994.49 € 148,759,078.39 €

Elément 0 1 2 3
CA 75,000,000.00 € 100,000,000.00 € 125,000,000.00 €
BFR 12,500,000.00 € 16,666,666.67 € 20,833,333.33 €
∆ BFR 12,500,000.00 € 4,166,666.67 € 4,166,666.67 € 6,250,000.00 €

VAN 27,001,532.42 €
TIR 12.665%
 4 5 6 7

162,500,000.00 € 150,000,000.00 € 125,000,000.00 € 75,000,000.00 €

52,000,000.00 € 48,000,000.00 € 40,000,000.00 € 24,000,000.00 €
60,000,000.00 € 60,000,000.00 €
50,500,000.00 € 42,000,000.00 € 85,000,000.00 € 51,000,000.00 €
16,833,333.33 € 14,000,000.00 € 28,333,333.33 € 17,000,000.00 €
33,666,666.67 € 28,000,000.00 € 56,666,666.67 € 34,000,000.00 €
60,000,000.00 € 60,000,000.00 €
93,666,666.67 € 88,000,000.00 € 56,666,666.67 € 34,000,000.00 €
2,083,333.33 € 4,166,666.67 € 8,333,333.33 € 0.00 €
12,500,000.00 €
20,000,000.00 €
95,750,000.00 € 92,166,666.67 € 65,000,000.00 € 66,500,000.00 €
65,398,538.35 € 57,228,248.61 € 36,690,805.45 € 34,125,014.86 €
214,157,616.74 € 271,385,865.35 € 308,076,670.80 € 342,201,685.66 €

4 5 6 7
162,500,000.00 € 150,000,000.00 € 125,000,000.00 € 75,000,000.00 €
27,083,333.33 € 25,000,000.00 € 20,833,333.33 € 12,500,000.00 €
2,083,333.33 € 4,166,666.67 € 8,333,333.33 €
 Exercice 4 :

Eément 0 1 2 3
Investissement 400,000.00 €
CA 700,000.00 € 700,000.00 € 700,000.00 €
Charges variable 500,000.00 € 500,000.00 € 500,000.00 €
Amortissement 80,000.00 € 80,000.00 € 80,000.00 €
Résultat avant impôt 120,000.00 € 120,000.00 € 120,000.00 €
Impôt 40,000.00 € 40,000.00 € 40,000.00 €
Résultat aprés impôt 80,000.00 € 80,000.00 € 80,000.00 €
Amortissement 80,000.00 € 80,000.00 € 80,000.00 €
CAF 160,000.00 € 160,000.00 € 160,000.00 €
BFR
Récuperation du BFR
Valeur résiduelle
Cash-flow 400,000.00 € 160,000.00 € 160,000.00 € 160,000.00 €
Cash-flow actualisé 145,454.55 € 132,231.40 € 120,210.37 €
Cumul du cash-flow act 145,454.55 € 277,685.95 € 397,896.32 €

Eément 0 1 2 3
Investissement 500,000.00 €
CA 700,000.00 € 700,000.00 € 700,000.00 €
Charges variable 420,000.00 € 420,000.00 € 420,000.00 €
Amortissement 100,000.00 € 100,000.00 € 100,000.00 €
Résultat avant impôt 180,000.00 € 180,000.00 € 180,000.00 €
Impôt 60,000.00 € 60,000.00 € 60,000.00 €
Résultat aprés impôt 120,000.00 € 120,000.00 € 120,000.00 €
Amortissement 100,000.00 € 100,000.00 € 100,000.00 €
CAF 220,000.00 € 220,000.00 € 220,000.00 €
BFR
Récuperation du BFR
Valeur résiduelle
Cash-flow 500,000.00 € 220,000.00 € 220,000.00 € 220,000.00 €
Cash-flow actualisé 200,000.00 € 181,818.18 € 165,289.26 €
Cumul du cash-flow act 200,000.00 € 381,818.18 € 547,107.44 €
 4 5

700,000.00 € 700,000.00 €
500,000.00 € 500,000.00 €
80,000.00 € 80,000.00 € VAN 187,750.80 €
120,000.00 € 120,000.00 € TIR 28.65%
40,000.00 € 40,000.00 €
80,000.00 € 80,000.00 €
80,000.00 € 80,000.00 €
160,000.00 € 160,000.00 €

160,000.00 € 160,000.00 €
109,282.15 € 99,347.41 €
507,178.47 € 606,525.88 €

4 5

700,000.00 € 700,000.00 €
420,000.00 € 420,000.00 €
100,000.00 € 100,000.00 € VAN 303,611.90 €
180,000.00 € 180,000.00 € TIR 33.70%
60,000.00 € 60,000.00 €
120,000.00 € 120,000.00 €
100,000.00 € 100,000.00 €
220,000.00 € 220,000.00 €

220,000.00 € 220,000.00 €
150,262.96 € 136,602.69 €
697,370.40 € 833,973.09 €
 Eément 0 1 2 3 4 5
Investissement 37,085,000.00 €
CA 108,570,000.00 € 141,141,000.00 € 124,855,500.00 €109,655,700.00 € 97,713,000.00 € 231000 300300 345345 348798.45 313918.605
Charges Variable 88,935,000.00 € 115,037,422.50 € 101,252,497.50 €88,926,106.50 € 79,241,085.00 €
Charges Fixes 3,215,000.00 € 3,215,000.00 € 3,215,000.00 € 3,215,000.00 € 3,215,000.00 €
Amortissement 7,417,000.00 € 7,417,000.00 € 7,417,000.00 € 7,417,000.00 € 7,417,000.00 €
Résultat avant impôt 9,003,000.00 € 15,471,577.50 € 12,971,002.50 €10,097,593.50 € 7,839,915.00 €
Impôt 3,001,000.00 € 5,157,192.50 € 4,323,667.50 € 3,365,864.50 € 2,613,305.00 €
Résultat aprés impôt 6,002,000.00 € 10,314,385.00 € 8,647,335.00 € 6,731,729.00 € 5,226,610.00 €
Amortissement 7,417,000.00 € 7,417,000.00 € 7,417,000.00 € 7,417,000.00 € 7,417,000.00 €
CAF 13,419,000.00 € 17,731,385.00 € 16,064,335.00 €14,148,729.00 € 12,643,610.00 €
BFR 22,618,750.00 € 6,785,625.00 € 3,392,812.50 € 3,166,625.00 € 2,488,062.50 € 0.00 €
Récuperation du BFR 20,356,875.00 €
Valeur résiduelle 2,706,000.00 €
Cash-flow 59,703,750.00 € 6,633,375.00 € 21,124,197.50 € 19,230,960.00 € 16,636,791.50 € 35,706,485.00 €
Cash-flow actualisé 5,669,551.28 € 15,431,512.53 € 12,007,245.20 € 8,878,224.59 € 16,286,126.02 € Cash-flow actualisé 6,087,899.23 € 17,792,871.00 € 14,866,190.06 € 11,803,238.85 € 23,249,393.44 €
Cumul du cash-flow act 5,669,551.28 € 21,101,063.81 € 33,108,309.01 € 41,986,533.59 € 58,272,659.61 € Cumul du cash-flow act 6,087,899.23 € 23,880,770.23 € 38,746,960.29 € 50,550,199.14 € 73,799,592.58 €

Elément 0 1 2 3 4 5 VAN 12,936,713.08 €

CA 108,570,000.00 € 141,141,000.00 € 124,855,500.00 € 109,655,700.00 € 97,713,000.00 € TIR 16.132%
BFR 22,618,750.00 € 29,404,375.00 € 26,011,562.50 € 22,844,937.50 € 20,356,875.00 €
∆ BFR 22,618,750.00 € 6,785,625.00 € 3,392,812.50 € 3,166,625.00 € 2,488,062.50 €

VAN 1,223,154.18 €
TIR 16.132%