Ancienne machine

0 1 2
Element Début de N+1 N+1 N+2
Investissement initial -
BFR
Total - - -
CA 15,000,000.00 15,000,000.00
Coût variable de
production 5,000,000.00 5,000,000.00

Coût fixe de production 800,000.00 800,000.00

Dotation d'amortissement 100,000.00 100,000.00

Résultat avant impôt 9,100,000.00 9,100,000.00

IS 2,730,000.00 2,730,000.00
Résultat Net 6,370,000.00 6,370,000.00

Dotation d'amortissement 100,000.00 100,000.00

CAF 6,470,000.00 6,470,000.00
Flux net de trésorerie - 6,470,000.00 6,470,000.00
FNT actualisé - 5,776,785.71 5,157,844.39

VAN 23,265,460.27

Situation combinée
0 1 2
Element Début de N+1 N+1 N+2
Investissement initial 685,000.00
BFR
Total 685,000.00 - -
CA 7,500,000.00 7,500,000.00
Coût variable de
production 2,300,000.00 2,300,000.00
Coût fixe de production 200,000.00 200,000.00

Dotation d'amortissement 70,000.00 70,000.00

Résultat avant impôt 4,930,000.00 4,930,000.00
IS 1,479,000.00 1,479,000.00
Résultat Net 3,451,000.00 3,451,000.00

Dotation d'amortissement 70,000.00 70,000.00

CAF 3,521,000.00 3,521,000.00
Valeur Résiduelle
Flux net de trésorerie 3,521,000.00 3,521,000.00
FNT actualisé - 685,000.00 3,143,750.00 2,806,919.64
 3 4 5
N+3 N+4 N+5

15,000,000.00 15,000,000.00 15,000,000.00

5,000,000.00 5,000,000.00 5,000,000.00

800,000.00 800,000.00 800,000.00

0 0 0

9,200,000.00 9,200,000.00 9,200,000.00

2,760,000.00 2,760,000.00 2,760,000.00
6,440,000.00 6,440,000.00 6,440,000.00

- - -
6,440,000.00 6,440,000.00 6,440,000.00
6,440,000.00 6,440,000.00 6,440,000.00
4,583,864.80 4,092,736.42 3,654,228.95

VAN Diff 12,121,601.45

3 4 5
N+3 N+4 N+5

7,500,000.00 7,500,000.00 7,500,000.00

2,300,000.00 2,300,000.00 2,300,000.00

200,000.00 200,000.00 200,000.00

170,000.00 170,000.00 170,000.00

4,830,000.00 4,830,000.00 4,830,000.00
1,449,000.00 1,449,000.00 1,449,000.00
3,381,000.00 3,381,000.00 3,381,000.00

170000 170000 170000

3,551,000.00 3,551,000.00 3,551,000.00
100,000.00
3,551,000.00 3,551,000.00 3,651,000.00
2,527,531.66 2,256,724.70 2,071,675.45

Van différentielle
suplémentaire 12,121,601.45
Nouvelle machine
0 1 2 3
Element Début de N+1 N+1 N+2 N+3
Investissement initial 685,000.00
BFR
Total 685,000.00 - - -
CA 22,500,000.00 22,500,000.00 22,500,000.00
Coût variable de
production 7,300,000.00 7,300,000.00 7,300,000.00

Coût fixe de production 1,000,000.00 1,000,000.00 1,000,000.00

Dotation d'amortissement 170,000.00 170,000.00 170,000.00

Résultat avant impôt 14,030,000.00 14,030,000.00 14,030,000.00

IS 4,209,000.00 4,209,000.00 4,209,000.00
Résultat Net 9,821,000.00 9,821,000.00 9,821,000.00

Dotation d'amortissement 170,000.00 170,000.00 170,000.00

CAF 9,991,000.00 9,991,000.00 9,991,000.00
VR
Flux net de trésorerie - 685,000.00 9,991,000.00 9,991,000.00 9,991,000.00
FNT actualisé - 685,000.00 8,920,535.71 7,964,764.03 7,111,396.46
VAN 35,387,061.72

-
 4 5
N+4 N+5

22,500,000.00 22,500,000.00

7,300,000.00 7,300,000.00

1,000,000.00 1,000,000.00

170,000.00 170,000.00

14,030,000.00 14,030,000.00
4,209,000.00 4,209,000.00
9,821,000.00 9,821,000.00

170,000.00 170,000.00
9,991,000.00 9,991,000.00
100000
9,991,000.00 10,091,000.00
6,349,461.12 5,725,904.40