coût d'acquisition

Element (A) (B)

PAHT 5,000,000
DD 500,000
Transport et installation 500,000
coût d'acquisition 6,000,000

CHIFFRE D'AFFAIRES
ELEMENT 1 2 3 4
QTE VENDUES 5,000 5,500 6,050 6,655
PV UNITAIRE 2,000 2,000 2,000 2,000
CA HT 10,000,000 11,000,000 12,100,000 13,310,000

COUT VARIABLE ANNUEL

ELEMENT 1 2 3 4
QTE VENDUES 5,000 5,500 6,050 6,655
CV UNITAIRE 1,200 1,200 1,200 1,200
CV ANNUEL 6,000,000 6,600,000 7,260,000 7,986,000

PLAN D'AMORTISSEMENT
PERIODE BASE AMORT CUMUL AMORVNC
1 6,000,000 2,400,000 2,400,000 3,600,000
2 3,600,000 1,440,000 3,840,000 2,160,000
3 2,160,000 864,000 4,704,000 1,296,000
4 1,296,000 648,000 5,352,000 648,000
5 648,000 648,000 6,000,000 -

CAF
ELEMENT 1 2 3 4
CA HT 10,000,000 11,000,000 12,100,000 13,310,000
CV 6,000,000 6,600,000 7,260,000 7,986,000
CF 0 0 0 0
AMORT 2,400,000 1,440,000 864,000 648,000
RAI 1,600,000 2,960,000 3,976,000 4,676,000
IMPOT 480,000 888,000 1,192,800 1,402,800
RN 1,120,000 2,072,000 2,783,200 3,273,200
AMORT 2,400,000 1,440,000 864,000 648,000
CAF 3,520,000 3,512,000 3,647,200 3,921,200

VARIATION ET RECUPERATION DU BFR

ELEMENT 0 1 2 3
BFR 833,333 916,667 1,008,333
𝚫BFR 833,333 83,333 91,667 100,833
RECUPERATION DU BFR

VRN
ELEMENT MT
PC 400000
VNC 0
Taux is 30%
VRN 280,000

FLUX NETS DE TRESORERIE (FNT)

ELEMENT 0 1 2 3
CAF 3,520,000 3,512,000 3,647,200
VRN
RECUP BFR
FLUX ENTRANT 3,520,000 3,512,000 3,647,200

𝚫BFR
COUT ACQUISITION 6,000,000
833,333 83,333 91,667 100,833
COUT DEMANTELEMENT
FLUX SORTANT 6,833,333 83,333 91,667 100,833
FNT (6,833,333) 3,436,667 3,420,333 3,546,367
ACTUALISATION 1.00 0.91 0.83 0.75
FNTA (6,833,333) 3,124,242 2,826,722 2,664,438

VAN (A) 7,982,139 PROJET RENTABLE

TRI 46%

RISQUE DU PROJET
PERIODE FNTA CUMUL FNTA
1 3,124,242 3,124,242
2 2,826,722 5,950,964
DRCI 6,833,333
3 2,664,438 8,615,402
4 2,602,475 11,217,877
5 3,597,595 14,815,472
 5
7,321
2,000
14,641,000

5
7,321
1,200
8,784,600

TD TL
40% 20%
40% 25%
40% 33%
40% 50%
40% 100%

5
14,641,000
8,784,600
0
648,000
5,208,400
1,562,520
3,645,880
648,000
4,293,880

4 5
1,109,167 1,220,083
 110,917
1,220,083

4 5
3,921,200 4,293,880
280,000
1,220,083
3,921,200 5,793,963

110,917
-
110,917 -
3,810,283 5,793,963
0.68 0.62
2,602,475 3,597,595
coût d'acquisition
Element (B)
PAHT 4,000,000
DD 400,000
Transport et installation 600,000
coût d'acquisition 5,000,000

CHIFFRE D'AFFAIRES (B)

ELEMENT 1 2 3 4 5
QTE VENDUES 4,000 4,200 4,400 4,600 4,800
PV UNITAIRE 1,500 1,500 1,500 1,500 1,500
CA HT 6,000,000 6,300,000 6,600,000 6,900,000 7,200,000

COUT VARIABLE ANNUEL

ELEMENT 1 2 3 4 5
QTE VENDUES 4,000 4,200 4,400 4,600 4,800
CV UNITAIRE 1,000 1,000 1,000 1,000 1,000
CV ANNUEL 4,000,000 4,200,000 4,400,000 4,600,000 4,800,000

PLAN D'AMORTISSEMENT
PERIODE BASE AMORT CUMUL AMOVNC TL
1 5,000,000 1,000,000 1,000,000 4,000,000 20%
2 5,000,000 1,000,000 2,000,000 3,000,000 20%
3 5,000,000 1,000,000 3,000,000 2,000,000 20%
4 5,000,000 1,000,000 4,000,000 1,000,000 20%
5 5,000,000 1,000,000 5,000,000 - 20%

CAF(B)
ELEMENT 1 2 3 4 5
CA HT 6,000,000 6,300,000 6,600,000 6,900,000 7,200,000
CV 4,000,000 4,200,000 4,400,000 4,600,000 4,800,000
CF 0 0 0 0 0
AMORT 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
RAI 1,000,000 1,100,000 1,200,000 1,300,000 1,400,000
IMPOT 300,000 330,000 360,000 390,000 420,000
RN 700,000 770,000 840,000 910,000 980,000
AMORT 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
CAF 1,700,000 1,770,000 1,840,000 1,910,000 1,980,000

VARIATION ET RECUPERATION DU BFR

ELEMENT 0 1 2 3 4
𝚫BFR
BFR 500,000 525,000 550,000 575,000
500,000 25,000 25,000 25,000 25,000
RECUPERATION DU BFR

VRN (B)
ELEMENT MT
PC 300,000
VNC -
Taux is 30%
VRN 210,000

FLUX NETS DE TRESORERIE (FNT) PROJET B

ELEMENT 0 1 2 3 4
CAF 1,700,000 1,770,000 1,840,000 1,910,000
VRN
RECUP BFR
FLUX ENTRANT 1,700,000 1,770,000 1,840,000 1,910,000

𝚫BFR
COUT ACQUISITION 5,000,000
500,000 25,000 25,000 25,000 25,000
COUT DEMANTELEMENT
FLUX SORTANT 5,500,000 25,000 25,000 25,000 25,000
FNT (5,500,000) 1,675,000 1,745,000 1,815,000 1,885,000
ACTUALISATION 1.00 0.91 0.83 0.75 0.68
FNTA (5,500,000) 1,522,727 1,442,149 1,363,636 1,287,480

VAN (B) 1,848,363

TRI 21.43%
RISQUE
PERIODE FNTA CUMUL FNTA
1 1,522,727 1,522,727
2 1,442,149 2,964,876
3 1,363,636 4,328,512
DRCI 5,500,000
4 1,287,480 5,615,993
5 1,732,370 7,348,363

DRCI 3.909907162 3 ANS

10.91888594 10 MOIS
27.56657825 28 JOURS

DRCI= 3 ANS, 10 MOIS, 28 J RISQUE ELEVE

5
 600,000

600,000

5
1,980,000
210,000
600,000
2,790,000

-
-
2,790,000
0.62
1,732,370
 VAN TOTALE 19890000

N° VAN Année 1 Année 2 Année 3 Année 4 Année 5

1 10,800,000 1,800,000 2,400,000 2,400,000 1,800,000 1,500,000
2 4,800,000 1,200,000 1,800,000 2,400,000 600,000 500,000
3 3,200,000 1,200,000 1,000,000 - 480,000 -
4 4,440,000 1,400,000 1,400,000 1,200,000 1,200,000 1,200,000
5 12,250,000 1,600,000 2,100,000 2,500,000 2,000,000 1,800,000
BD 4,800,000 6,000,000 4,800,000 4,200,000 3,500,000
BC 4200000 4500000 3700000 3680000 3000000
PROJETS RETENUS
0
0
1
1
1
PLAN FINANCIER Remboursement constant
PERIODE DETTE VIVANTE INTERET REMB ANNUITE
1 50,000,000 2,500,000 10,000,000 12,500,000
2 40,000,000 2,000,000 10,000,000 12,000,000
3 30,000,000 1,500,000 10,000,000 11,500,000
4 20,000,000 1,000,000 10,000,000 11,000,000
5 10,000,000 500,000 10,000,000 10,500,000
7,500,000

TAUX REEL 15%

PERIODE DETTE VIVANTE INTERET REMB ANNUITE

1 DV1=E I1=DV1*i R1=A1-I1 A1
2 DV2=DV1-R1 I2=DV2*i R2=A2-I2 A2
3 DV3=DV2-R2 I3=DV3*i R3=A3-I3 A3
4 ….... ….. ….. ….
5 DV5=DV4-R4 I5=DV5*i R5=A5-I5 A5

PERIODE DETTE VIVANTE INTERET REMB ANNUITE

1 50,000,000 2,500,000 9,048,740 11,548,740
2 40,951,260 2,047,563 9,501,177 11,548,740
3 31,450,083 1,572,504 9,976,236 11,548,740
4 21,473,847 1,073,692 10,475,048 11,548,740
5 10,998,800 549,940 10,998,800 11,548,740

11,548,740

PLAN FINANCIER IN FINE

PERIODE DETTE VIVANTE INTERET REMB ANNUITE
1 DV1=E I1=DV1*i - A1=I1
2 DV2=E I2=DV2*i - A2=I2
3 DV3=E I3=DV3*i - A3=I3
4 DV4=E I4=DV4*i - A4=I4
5 DV5=E I5=DV5*i R5=E A5=I5+R5

PERIODE DETTE VIVANTE INTERET REMB ANNUITE

1 50,000,000 2,500,000 - 2,500,000
2 50,000,000 2,500,000 - 2,500,000
3 50,000,000 2,500,000 - 2,500,000
4 50,000,000 2,500,000 - 2,500,000
 5 50,000,000 2,500,000 50,000,000 52,500,000

PERIODE DETTE VIVANTE INTERET REMB ANNUITE

1 DV1=E - - -
2 DV2=DV1+I1 I2=DV2*i R2 A2=I2+R2
3 DV3=E I3=DV3*i R3 A3=I3+R3
4 DV4=E I4=DV4*i R4 A4=I4+R4
5 DV5=E I5=DV5*i R5 A5=I5+R5

R2=R3=R4=R5= (DV1+I1)/(n-1)

PERIODE DETTE VIVANTE INTERET REMB ANNUITE

1 60,000,000
2 63,000,000 3,150,000 15,750,000 18,900,000
3 47,250,000 2,362,500 15,750,000 18,112,500
4 31,500,000 1,575,000 15,750,000 17,325,000
5 15,750,000 787,500 15,750,000 16,537,500

EMPRUNT OBLIGATAIRE
OBLIGATIONS
PERODE INTERET REMB
VIVANTES AMORTIES
1 OV1=N OA1=N/n I1=C*OV1 R1=PR*OA1
2 OV2=OV1-OA1 OA2=N/n I2=C*OV2 R2=PR*OA2
3 OV3=OV2-OA2 OA3=N/n I3=C*OV3 R3=PR*OA3
4 OV4=OV3-OA3 OA4=N/n I4=C*OV4 R4=PR*OA4
n OV5=OV4-OA4 OA5=N/n I5=C*OV5 R5=PR*OA5

SI RC: OA1=OA2=OA3=….Oan =N/n

COUPON C=VN*i
PR PRIX DE REMBOURSEMENT
OA OBLIGATION AMORTIE
OV OBLIGATION VIVANTE COUPON 400

REMBOURSEMENT CONSTANT
OBLIGATIONS
PERODE INTERET REMB
VIVANTES AMORTIES
1 200,000 40,000 80,000,000 480,000,000
2 160,000 40,000 64,000,000 480,000,000
3 120,000 40,000 48,000,000 480,000,000
4 80,000 40,000 32,000,000 480,000,000
 5 40,000 40,000 16,000,000 480,000,000

ANNUITE CONSTANTE
OBLIGATIONS
PERODE INTERET REMB
VIVANTES AMORTIES
1 OV1=N OA1=(A-I1)/PR I1=C*OV1 R1=PR*OA1
2 OV2=OV1-OA1 OA2=(A-I2)/PR I2=C*OV2 R2=PR*OA2
3 OV3=OV2-OA2 OA3=(A-I3)/PR I3=C*OV3 R3=PR*OA3
4 OV4=OV3-OA3 OA4=(A-I4)/PR I4=C*OV4 R3=PR*OA4
5 OV5=OV4-OA4 OA5=(A-I5)/PR I5=C*OV5 R5=PR*OA5

ANNUITE CONSTANTE
OBLIGATIONS
PERODE INTERET REMB
VIVANTES AMORTIES
1 200,000 37,421 80,000,000 449,052,000
2 162,579 38,668 65,031,600 464,016,000
3 123,911 39,957 49,564,400 479,484,000
4 83,954 41,289 33,581,600 495,468,000
5 42,665 42,665 17,066,000 511,980,000
200,000
i' 0.0333333333333333
a' 529,048,786 R4 495,467,186
R1 449,048,786 OA4 41,288.932
OA1 37,420.73
R2 464,017,186
OA2 38,668.099
R3 479,484,386
OA3 39,957.032
 ANNUITE

A1=I1+R1
A2=I2+R2
A3=I3+R3
A4=I4+R4
A5=I5+R5

ANNUITE

560,000,000
544,000,000
528,000,000
512,000,000
496,000,000

ANNUITE

A1=I1+R1
A2=I2+R2
A3=I3+R3
A4=I4+R4
A5=I5+R5

ANNUITE

529,052,000
529,047,600
529,048,400
529,049,600
ELEMENT 1 2 3 4
CA HT 100,000,000 110,000,000 121,000,000 133,100,000
CARBURANT 12,000,000 12,000,000 12,000,000 12,000,000
CHAUFFEUR 13,000,000 13,000,000 13,000,000 13,000,000
GARDIENS 9,000,000 9,000,000 9,000,000 9,000,000
ENTRETIEN 4,000,000 4,000,000 4,000,000 4,000,000
AMORT TRAIN 12,000,000 12,000,000 12,000,000 12,000,000
AMORT MATERIE 8,000,000 8,000,000 8,000,000 8,000,000
RAI 42,000,000 52,000,000 63,000,000 75,100,000
IMPOT 12,600,000 15,600,000 18,900,000 22,530,000
RN 29,400,000 36,400,000 44,100,000 52,570,000
AMORT 20,000,000 20,000,000 20,000,000 20,000,000
CAF 49,400,000 56,400,000 64,100,000 72,570,000

FNT
ELEMENT 0 1 2 3
CAF 49,400,000 56,400,000 64,100,000
VRN
FLUX ENTRANT 49,400,000 56,400,000 64,100,000
TRAIN 60,000,000
MATERIEL 40,000,000
FLUX SORTANT 100,000,000 - - -
FNT (100,000,000) 49,400,000 56,400,000 64,100,000
ACTUALISATION 1.00 0.90 0.81 0.73
FNTA (100,000,000) 44,504,505 45,775,505 46,869,368

VAN 133,549,433 PROJET RENTABLE

TRI 51%
RISQUE DU PROJET
PERIODE FNTA CUMUL FNTA
1 44,504,505 44,504,505
2 45,775,505 90,280,010
DRCI 100,000,000
3 46,869,368 137,149,377
4 47,804,107 184,953,484
5 48,595,949 233,549,433

DRCI 2.20738471138846 2 ans

 2.48861653666147 2 mois
14.6584960998441 15 jours
DRCI= 2 ans, 2 mois, 15 jours RISQUE ASSEZ MOYEN

CHOIX DU MEILLEUR FINANCEMENT

ELEMENT 0 1 2 ….
ENCAISSEMENT
Augmentation de capN*PE
Cession immobilisatiCI
ECO IMPOT AMORT 30%A1 30%A2 …
eco impot FE 30%FE
VRN
TOTAL ENCAISSEMENE0 E1 E2 …
DECAISSEMENT
Investissement I
DIVIDENDES Div1 Div2 ….
REVENU PERDU RP1 RP2 ….
Frais Emission FE
coût de Démantelement
TOTAL DECAISSEME D0 D1 D2 …
FLUX F0 F1 F2 …
ACTUALISATION (1+cc)^-0 (1+cc)^-1 (1+cc)^-2 ….
FLUX ACTUALISES FA0 FA1 FA2 …
 5
146,410,000
12,000,000
13,000,000
9,000,000
4,000,000
12,000,000
8,000,000
88,410,000
26,523,000
61,887,000
20,000,000
81,887,000

4 5
72,570,000 81,887,000
0
72,570,000 81,887,000

- -
72,570,000 81,887,000
0.66 0.59
47,804,107 48,595,949
 n OBS

1
2
30%An 3
4
VRN 5
En 6=1+2+3+4+5

7
Divn 8
RPn 9
10
CD 11
Dn 2=7+8+9+10+11
Fn 13=6-12
(1+cc)^-n 14
FAn 15=13*14
ELEMENT 0 1 2 3
ENCAISSEMENT
Augmentation de capital 100,000,000
ECO IMPOT AMORT 6,000,000 6,000,000 6,000,000
eco impot FE 150,000
VRN
TOTAL ENCAISSEMENT 100,000,000 6,150,000 6,000,000 6,000,000
DECAISSEMENT
Trains et Matériels 100,000,000
DIVIDENDES 22,050,000 27,300,000 33,075,000
Frais Emission 500,000
TOTAL DECAISSEMENT 100,500,000 22,050,000 27,300,000 33,075,000
FLUX (500,000) (15,900,000) (21,300,000) (27,075,000)
ACTUALISATION 1.00 0.90 0.81 0.73
FLUX ACTUALISES (500,000) (14,324,324) (17,287,558) (19,797,007)

DR FONDS PROPRES (97,913,102)

EMPRUNT INDIVIS
PLAN FINANCIER
PERIODE DETTE VIVANTE INTERET REMB ANNUITE
1 100,000,000 7,500,000 - 7,500,000
2 100,000,000 7,500,000 25,000,000 32,500,000
3 75,000,000 5,625,000 25,000,000 30,625,000
4 50,000,000 3,750,000 25,000,000 28,750,000
5 25,000,000 1,875,000 25,000,000 26,875,000

ELEMENT 0 1 2 3
ENCAISSEMENT
EMPRUNT 100,000,000
ECO IMPOT INTERET 2,250,000 2,250,000 1,687,500
ECO IMPOT AMORT 6,000,000 6,000,000 6,000,000
eco impot FA 60,000 60,000 45,000
VRN
TOTAL ENCAISSEMENT 100,000,000 8,310,000 8,310,000 7,732,500
DECAISSEMENT
Trains et Materiels 100,000,000
REMBOURSEMENT - 25,000,000 25,000,000
INTERET 7,500,000 7,500,000 5,625,000
Frais ASSURANCE (FA) 200,000 200,000 150,000 100,000
DEMANTELEMENT
TOTAL DECAISSEMENT 100,200,000 7,700,000 32,650,000 30,725,000
FLUX (200,000) 610,000 (24,340,000) (22,992,500)
ACTUALISATION 1.00 0.90 0.81 0.73
FLUX ACTUALISES (200,000) 549,550 (19,754,890) (16,811,918)

DR EMPRUNT INDIVIS (62,521,069)

EMPRUNT OBLIGATAIRE
OBLIGATIONS
PERIODE INTERET REMB
VIVANTES AMORTIES
1 10,000 1,801 5,500,000 18,910,500
2 8,199 1,895 4,509,450 19,897,500
3 6,304 1,995 3,467,200 20,947,500
4 4,309 2,099 2,369,950 22,039,500
5 2,210 2,210 1,215,500 23,205,000

ELEMENT 0 1 2 3
ENCAISSEMENT
EMPRUNT OBLIGATAIRE 100,000,000
Eco Impôt Amort 6,000,000 6,000,000 6,000,000
Eco Impôt Interêt 1,650,000 1,352,835 1,040,160
Eco impot FE 45,000
ECO Impôt Prime 270,150 284,250 299,250
VRN
TOTAL ENCAISSEMENT 100,000,000 7,965,150 7,637,085 7,339,410
DECAISSEMENT
TRAINS ET MAT 100,000,000
REMBOURSEMENT 18,910,500 19,897,500 20,947,500
INTERET 5,500,000 4,509,450 3,467,200
FRAIS D'EMISSION (FE) 150,000
Coût démantèlement
TOTAL DECAISSEMENT 100,150,000 24,410,500 24,406,950 24,414,700
FLUX (150,000) (16,445,350) (16,769,865) (17,075,290)
Actualisation 1.00 0.90 0.81 0.73
Flux Actualisés (150,000) (14,815,631) (13,610,799) (12,485,305)
DR EMPRUNT OBLIGATAIRE (63,031,399)

RESUME
FINANCEMENT DR CHOIX
FONDS PROPRES (97,913,102)
EMPRUNT INDIVIS (62,521,069) XXXXXX
EMPRUNT OBLIGATAIRE (63,031,399)
 4 5 OBS

1
6,000,000 6,000,000 3
4
0 5
6,000,000 6,000,000 6=1+2+3+4+5

7
39,427,500 46,415,250 8
10
39,427,500 46,415,250 12=7+8+9+10+11
(33,427,500) (40,415,250) 13=6-12
0.66 0.59 14
(22,019,730) (23,984,484) 15=13*14

Frais Assurance
200,000
200,000
150,000
100,000
50,000

4 5 OBS

1
1,125,000 562,500 2
6,000,000 6,000,000 3
30,000 15,000 4
0 5
7,155,000 6,577,500 6=1+2+3+4+5

7
25,000,000 25,000,000 8
3,750,000 1,875,000 9
 50,000 10
0 11
28,800,000 26,875,000 12=7+8+9+10+11
(21,645,000) (20,297,500) 13=6-12
0.66 0.59 14
(14,258,232) (12,045,578) 15=13*14

COUPON =VN*i 550

ANNUITE PRIME
PR 10,500
24,410,500 900,500 i' 0.052380952
24,406,950 947,500 a' 24,412,195
24,414,700 997,500
24,409,450 1,049,500 RT1 18,912,195
24,420,500 1,105,000 OA1 1,801.161
RT2 19,902,745
OA2 1,895.4995
RT3 20,944,995
OA3 1994.7614
RT4 22,042,245
OA4 2099.2614
4 5

6,000,000 6,000,000
710,985 364,650

314,850 331,500
0
7,025,835 6,696,150

22,039,500 23,205,000
2,369,950 1,215,500

0
24,409,450 24,420,500
(17,383,615) (17,724,350)
0.66 0.59
(11,451,126) (10,518,539)