Montant de l'investissement 10,000,000.

00
Durée 5 ans
Type d'amortissement Linéaire
Valeur résiduelle = 0
EBE 1 ere année 2,800,000.00
% d'augmentation de l'EBE 10%
BFR 350,000.00 12.5%
Récupération du BFR 100%
Taux IS 40%
Taux d'actualisation 10%

Crédit 5,000,000.00
Durée de crédit 5 ans
Taux d'emprunt 9%
Remboursemnt annuité constante

Crédit bail 5,000,000.00

Durée de crédit bail 5 ans
Montant des redevance 1,200,000.00
Rubriques 0 1 2
EBE 2,800,000.00 3,080,000.00
Amortissement 2,000,000.00 2,000,000.00
RCAI 800,000.00 1,080,000.00
IS 320,000.00 432,000.00
Résultat net 480,000.00 648,000.00
CAF 2,480,000.00 2,648,000.00

Rubrique 1 2
· CAF 2,480,000.00 2,648,000.00
· Récupération BFR (∆BFR<0)
· Valeur résiduelle
· Emprunt
Total ressources 0 2,480,000.00 2,648,000.00
· Investissement 10,000,000.00
· Variation de BFR (∆BFR>0) 350,000.00 35,000.00 38,500.00
· Remboursement de l’emprunt
Total emplois 10,350,000.00 35,000.00 38,500.00
Flux nets de trésorerie - 10,350,000.00 2,445,000.00 2,609,500.00

VAN économique = 509,902.14

 3 4 5
3,388,000.00 3,726,800.00 4,099,480.00 0.125
2,000,000.00 2,000,000.00 2,000,000.00
1,388,000.00 1,726,800.00 2,099,480.00
555,200.00 690,720.00 839,792.00 350,000.00
832,800.00 1,036,080.00 1,259,688.00 35,000.00
2,832,800.00 3,036,080.00 3,259,688.00
350000 35000
3 4 5
2,832,800.00 3,036,080.00 3,259,688.00
512,435.00
0

2,832,800.00 3,036,080.00 3,772,123.00

42,350.00 46,585.00

42,350.00 46,585.00 -
2,790,450.00 2,989,495.00 3,772,123.00
38500 42350 46585 0
Rubriques 0 1 2 3
EBE 2,800,000.00 3,080,000.00 3,388,000.00
Amortissement 2,000,000.00 2,000,000.00 2,000,000.00
Charges financières 450,000.00 374,808.39 292,849.54
RCAI 350,000.00 705,191.61 1,095,150.46
IS 140,000.00 282,076.64 438,060.18
Résultat net 210,000.00 423,114.96 657,090.27
CAF 2,210,000.00 2,423,114.96 2,657,090.27

Rubrique 1 2 3
· CAF 2,210,000.00 2,423,114.96 2,657,090.27
· Récupération BFR
(∆BFR<0)
· Valeur résiduelle
· Emprunt 5,000,000.00
Total ressources 5000000 2,210,000.00 2,423,114.96 2,657,090.27
· Investissement 10,000,000.00
· Variation de BFR
(∆BFR>0) 350,000.00 35,000.00 38,500.00 42,350.00
· Remboursement de
l’emprunt 835,462 910,654 992,613
Total emplois 10,350,000.00 870,462.28 949,153.89 1,034,962.74
Flux nets de trésorerie - 5,350,000.00 1,339,537.72 1,473,961.07 1,622,127.53

VAN Globale = 1,094,500.40

Tableau de remboursement d'emprunt

Période Cap_deb_periode
Intérêt Amortissement Annuité
1 5,000,000 450,000 835,462 1,285,462.28
2 4,164,538 374,808 910,654 1,285,462
3 3,253,884 292,850 992,613 1,285,462
4 2,261,271 203,514 1,081,948 1,285,462
5 1,179,323 106,139 1,179,323 1,285,462

FNT du crédit
Rubrique 1 2 3
Emprunt 5,000,000.00
Economie d'IS sur
180,000.00
charge d'intérêt 149,923.36 117,139.82
Total ressources 5,000,000.00 180,000.00 149,923.36 117,139.82
Remboursement de
l’emprunt 835,462 910,654 992,613
charges d'Intérêt 450,000 374,808 292,850
Total emplois 0 1,285,462 1,285,462 1,285,462
Flux nets de trésorerie 5,000,000.00 - 1,105,462.28 - 1,135,538.93 - 1,168,322.47

VAN de l'emprunt bancaire = 584,598.26

VAN Globale 1,094,500.40

Période Cap_deb_periode Intérêt Amortissement Annuité

1 5,000,000.00 450,000.00 835,462.28 1,285,462.28

2 4,164,537.72 374,808.39 910,653.89 1,285,462.28
3 3,253,883.82 292,849.54 992,612.74 1,285,462.28
4 2,261,271.08 203,514.40 1,081,947.89 1,285,462.28
5 1,179,323.20 106,139.09 1,179,323.20 1,285,462.28
 4 5
3,726,800.00 4,099,480.00
2,000,000.00 2,000,000.00
203,514.40 106,139.09
1,523,285.60 1,993,340.91
609,314.24 797,336.36
913,971.36 1,196,004.55
2,913,971.36 3,196,004.55

4 5
2,913,971.36 3,196,004.55
512,435.00
0

2,913,971.36 3,708,439.55

46,585.00

1,081,948 1,179,323
1,128,532.89 1,179,323.20
1,785,438.47 2,529,116.35

CRD
4,164,538
3,253,884
2,261,271
1,179,323
0

4 5

81,405.76 42,455.64
81,405.76 42,455.64

1,081,948 1,179,323
203,514 106,139
1,285,462 1,285,462
- 1,204,056.53 - 1,243,006.65

CRD

4,164,537.72
3,253,883.82
2,261,271.08
1,179,323.20
-
FNT du crédit bail
Rubrique 1 2
Montant du crédit bail 5,000,000.00
Economie d'IS sur loyer 480,000.00 480,000.00
Total ressources 5,000,000.00 480,000.00 480,000.00
Redevances ou loyer 1,200,000 1,200,000 1,200,000
Perte d'économie d'IS sur Amort 400,000 400,000
Total emplois 1,200,000 1,600,000 1,600,000
Flux nets de trésorerie 3,800,000.00 - 1,120,000.00 - 1,120,000.00

VAN crédit-bail = 299,424.41

 3 4 5

480,000.00 480,000.00 480,000.00 1200 X IS

480,000.00 480,000.00 480,000.00
1,200,000 1,200,000
400,000 400,000 400,000
1,600,000 1,600,000 400,000
- 1,120,000.00 - 1,120,000.00 80,000.00