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Annuités constantes
Cas de l'emprunt
Année 1 2 3 4 5
Remboursement de
l'emprunt -314,819 -352,598 -394,910 -442,299 -495,375
Intérêts -240,000 -202,222 -159,910 -112,521 -59,445
Economie d'impôt sur
Intérêt 60,000 50,555 39,977 28,130 14,861
Economie d'impôt sur
Dotation aux
Amortissement 100,000 100,000 100,000 100,000 100,000
Total Décaissement Réel -394,818 -404,262 -414,839 -426,685 -439,953
Total Décaissement Réel
Actualisés -372,470 -359,792 -348,307 -337,975 -328,759
Cumul Décaissement Réel
Actualisés -372,470 -732,262 -1,080,569 -1,418,544 -1,747,302
Année 1 2 3 4 5
Loyer -500,000 -500,000 -500,000 -500,000 -500,000
Paiement de l'option
d'achat -50,000
Economie d'Impôts sur
loyer 125,000 125,000 125,000 125,000 125,000
Perte d'Economie d'impôt
sur Dotations aux
amortissements -100,000 -100,000 -100,000 -100,000 -100,000
Total Décaissement Réel -475,000 -475,000 -475,000 -475,000 -525,000
Total Décaissement Réel
Actualisés -448,113 -422,748 -398,819 -376,244 -392,311
Cumul Décaissement Réel
Actualisés -448,113 -870,862 -1,269,681 -1,645,925 -2,038,236
Cas de l'autofinancement
0 1 2 3 4 5
Autofinancement -2,000,000
Economie d'impôt sur
Dotations au
Amortissements 100,000 100,000 100,000 100,000 100,000
Total Décaissement Réel -2,000,000 100,000 100,000 100,000 100,000 100,000
Total Décaissement Réel
Actualisés 94,340 89,000 83,962 79,209 74,726
Cumul Décaissement Réel
Actualisés -2,000,000 -1,905,660 -1,816,661 -1,732,699 -1,653,489 -1,578,764
Plan de Remboursement - Entreprise BETA
Annuités constantes
Cas de l'Emprunt
Année 1 2 3 4 5
Chiffres d'Affaires 7,000,000 9,000,000 11,000,000 10,000,000 8,000,000
Charges Variables 2,520,000 3,550,000 4,860,000 5,330,000 3,110,000
Charges Fixes 1,220,000 1,220,000 1,220,000 1,220,000 1,220,000
Résutat d'Exploitation 3,260,000 4,230,000 4,920,000 3,450,000 3,670,000
Intérêts 1,350,000 1,124,425 878,549 610,543 318,417
Dot aux Amortissements 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
Résutat avant Impôt -1,090,000 105,575 1,041,451 -160,543 351,583
Impôts sur les sociétés 26,394 260,363 87,896
Résultat Net -1,090,000 79,181 781,089 -160,543 263,687
Cash Flow 1,910,000 3,079,181 3,781,089 2,839,457 3,263,687
Rembousement de l'emprunt 2,506,387 2,731,962 2,977,838 3,245,844 3,537,970
Cash Flow Disponible -596,387 347,219 803,250 -406,387 -274,283
Cash Flow Actualisés -552,210 297,685 637,646 -298,706 -186,672
Cumul Cash Flow Actualisés -552,210 -254,525 383,121 84,414 -102,258
Cas de l'autofinancement
Année 0 1 2 3 4 5
Chiffres d'Affaires 7,000,000 9,000,000 11,000,000 10,000,000 8,000,000
Charges Variables 2,520,000 3,550,000 4,860,000 5,330,000 3,110,000
Charges Fixes 1,220,000 1,220,000 1,220,000 1,220,000 1,220,000
Résutat d'Exploitation 3,260,000 4,230,000 4,920,000 3,450,000 3,670,000
Dot aux Amortissements 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
Résutat avant Impôt 260,000 1,230,000 1,920,000 450,000 670,000
Impôts sur les sociétés 65,000 307,500 480,000 112,500 167,500
Résultat Net -15,000,000 195,000 922,500 1,440,000 337,500 502,500
Cash Flow 3,195,000 3,922,500 4,440,000 3,337,500 3,502,500
Cash Flow Actualisés -15000000 2,958,333 3,362,912 3,524,615 2,453,162 2,383,743
Cumul Cash Flow Actualisés -15000000 -12,041,667 -8,678,755 -5,154,140 -2,700,978 -317,235
Annuités constantes
Projet Alpha
Projet Bêta
Projet Beta
1 2
Chiffres d'affaires 8,400,000 10,008,700
Charges Variables 4,200,000 5,204,524
Charges fixes 1,008,000 1,201,044
Résutat d'exploitation 3,192,000 3,603,132
Dotations aux amortissements 3,689,200 3,689,200
Résutat Net avant Impôt -497,200 -86,068
Impôts sur les soiétés
Résutat Net -497,200 -86,068
Valeur Résiduelle
Récuperation du BFR
Cash-Flow CA 3,192,000 3,603,132
Cash-Flow Résutat 3,192,000 3,603,132
Cash-Flow Actualisés 2,901,818 2,977,795
Cumul des Cash-Flow Actualisés 2,901,818 5,879,613
VAN -5,142,82
DR
IP 0.72
Interêt Annuités
553,380 2,556,337
453,232 2,556,337
348,077 2,556,337
237,664 2,556,337
121,730 2,556,337
s Cash- Flow
3 4 5
46,923,800 53,023,894 59,917,000
18,769,520 21,209,558 23,966,800
3,753,904 4,241,912 4,793,360
24,400,376 27,572,425 31,156,840
5,689,295 5,689,295 5,689,295
18,711,081 21,883,130 25,467,545
4,677,770 5,470,782 6,366,886
14,033,311 16,412,347 19,100,659
2,503,525
344,060
19,722,606 22,101,642 27,637,539
19,722,606 22,101,642 27,637,539
15,656,440 16,245,367 18,809,645
50,524,448 66,769,815 85,579,460
54,285,400
1 ans 9 mois et 14 jours
2.73
3 4 5
12,740,600 6,780,000 9,490,500
6,752,518 2,983,200 4,840,155
1,528,872 813,600 1,138,860
4,459,210 2,983,200 3,511,485
3,689,200 3,689,200 3,689,200
770,010 -706,000 -177,715
192,503
577,508 -706,000 -177,715
0.72
il
3 4 5
7,590,000 7,590,000 7,590,000
700,000
-1,897,500 -1,897,500 -1,897,500
x de liquidités
mixte
2 3 4 5
42,658,000 46,923,800 53,023,894 59,917,000
14,930,300 18,769,520 21,209,558 23,966,800
3,412,640 3,753,904 4,241,912 4,793,360
24,315,060 24,400,376 27,572,425 31,156,840
1,642,099 1,283,023 891,631 465,013
5,689,295 5,689,295 5,689,295 5,689,295
16,983,666 17,428,058 20,991,499 25,002,532
4,245,917 4,357,014 5,247,875 6,250,633
12,737,750 13,071,043 15,743,624 18,751,899
2,503,525
344,060
18,427,045 18,760,338 21,432,919 27,288,779
3,989,728 4,348,804 4,740,196 5,166,814
14,437,317 14,411,535 16,692,723 22,121,965
12,377,672 11,440,341 12,269,650 15,055,838
16,245,088 27,685,429 39,955,079 55,010,917
il
3 4 5
46,923,800 53,023,894 59,917,000
18,769,520 21,209,558 23,966,800
3,753,904 4,241,912 4,793,360
24,400,376 27,572,425 31,156,840
7,590,000 7,590,000 7,590,000
16,810,376 19,982,425 23,566,840
4,202,594 4,995,606 5,891,710
12,607,782 14,986,819 17,675,130
344,060
12,607,782 14,986,819 18,019,190
700,000
12,607,782 14,986,819 17,319,190
10,008,464 11,015,759 11,787,150
32,188,857 43,204,616 54,991,766
31,294,060
2,503,525
28,446,475
18,446,000