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Analyse financiére (bilan + ratios)

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Analyse financiére (bilan + ratios)

  1. 1. ANALYSE FINANCIERE BILAN ET RATIOS
  2. 2. Bilan analytique Actif PassifActif circulant Capitaux étrangers Liquidités Dettes à court terme Créances Dettes à long terme StockActif immobilisé Capitaux propres
  3. 3. RATIOS LiquiditésInvest. Bilan Financement Règles d’or
  4. 4. Liquidités Liquidités Dettes à court terme Liquidités 1 Actif Passif Cash ratio Actif circulant Capitaux étrangers Liquidités Dettes à court terme Créances Dettes à long terme Stocks Capitaux propres Actif immobilisé Liquidités Liquidités 3 Liquidités 2 Current ratio Quick ratio Actif circulant Liquidités + CréancesDettes à court terme Dettes à court terme
  5. 5. Structure de l’actif Actif circulant Actif immobilisé Actif Passif Actif circulant Capitaux étrangers Liquidités Dettes court terme Rapport d’ Créances Dettes à long terme investissement Stock Capitaux propres Actif immobilisé Investis- sements Intensité de Intensité de l’actif l’actif immobilisé circulantActif immobilisé Actif circulant Actif Actif
  6. 6. Structure du passif Dettes Actif Passif Capitaux propres Actif circulant Capitaux étrangers Liquidités Dettes court terme Créances Dettes à long terme Rapport de Capitaux propres Stock financement Capital actions Actif immobilisé Réserves et PP Degré de Capitaux propresDettes Degré d’ Financement financement endettement Passif proprePassif Degré d’ Auto- financement Capital de croissance Capitaux propres
  7. 7. Financement des immobilisations Capitaux propres Actif Passif Actifs immobilisés Actif circulant Capitaux étrangers – Liquidités Dettes court terme – Créances Dettes à long terme Couverture – Stock Capitaux propres 1 Actif immobilisé Capital actions Réserves et PP Financement des immob. Couverture 2Capitaux permanents Capitaux étrrangers à lt + Capitaux propres Actifs immobilisés Actifs immobilisés
  8. 8. Limites de l’analyse de bilan Tournée vers le passé Informations peu fiables Estimations parfois douteusesL’analyse de bilan reste malgré tout uninstrument de contrôle et de gestion
  9. 9. ANALYSE FINANCIERE Compte de résultat
  10. 10. RESULTAT Diverses présentations pour l’analyse du compte de résultat Ch.6 Ch. 2 Rentabilité des Taux de Capitaux investis marges Rentabilité des Fonds Points morts PropresVentes marchandises Ventes marchandises Produits./. Charges marchandises ./. Charges marchandises ./. Charges varialblesMarge brute Résultat brut Résultat brut./. Frais directs de vente ./. Frais Fixes ./. Frais fixes d’exploitation Frais fixes d’exploitation ./. AmortissementsMarge sur coûts variables Amortissements./. Frais Fixes Charges financières Résultat avant Intérêts (EBIT) Frais fixes d’exploitation ./. Charges financières Amortissements Résultat net Charges financières Résultat netMarge nette
  11. 11. Taux de marge Marge bruteTaux de marge brute Chiffre d’affaires Marge économique (EBIT)Taux de marge économique Chiffre d’affaires Marge netteTaux de marge nette Chiffre d’affaires
  12. 12. Seuil de rentabilité – Point mort Formules Méthode graphique CAN x FF 1400 MB 1200 CAN Charges 1000 totales FF 800 Charges variables Taux de marge brute 600 400 Charges fixes 200 PM 0 0 200 400 600 800 1000 1200 1400 Chiffre daffaires
  13. 13. ANALYSE FINANCIERE Gestion
  14. 14. Analyse de la gestion Gestion des stocks Achats Ventes(Charge) (Produits) Durée moyenne des stocks Durée moyenne Durée moyenne des créanciers des débiteurs Dépenses Recettes (Créanciers) (Débiteurs) « Cash Cycle » Source : Analyse du bilan et du résultat (Leimgruber – Prochinig)
  15. 15. ANALYSE DE LA GESTION Débiteurs Créanciers Stocks Ventes à crédit Achats à crédit PRAMV Cadence de rotation Ø Créances clients Ø Dettes fournisseurs Ø Stock moyen 360 360 360Durée moyenne en jours Cadence de rotation Cadence de rotation Cadence de rotation
  16. 16. ANALYSE FINANCIERE Le Cash Flow
  17. 17. Calcul du cash flow (méthode du « praticien ») Calcul direct Calcul indirect Compte de résultat Compte de résultatCharges à effet Produits à effet Charges à effet Produits à effetmonétaire (influence monétaire (influence monétaires (influence monétaire (influencesur les liquidités) sur les liquidités) sur les liquidités) sur les liquidités)Amortissement Amortissement Bénéfice net Bénéfice net ∑ Produits à effet monétaire Bénéfice net - ∑ Charges à effet monétaire +Amortissements = Cash Flow = Cash Flow
  18. 18. Chiffres clés Cash flow Indique dans quelle mesure l’entreprise est capable deRatio d’investissement financer ses Investissements nets* investissements. Cash flowMarge de cash flow Chiffre d’affaires Endettement effectif** Plus le ratio est faible, plus le financement deFacteur d’endettement l’entreprise est sûr pour les Cash flow créanciersFree cash flow Cash flow – Invest. nets * Investissements nets = Investissements – Désinvestissements **Endettement effectif = Fonds étrangers – Disponibilités - Créances
  19. 19. ANALYSE FINANCIERE Valeur ajoutée
  20. 20. Calcul de la valeur ajoutée (VA) Calcul direct Calcul indirect Compte de résultat Compte de résultatCharges marchandises Chiffre d’affaires Charges marchandises Chiffre d’affairesCharges externes Charges externesSalaires SalairesCharges financières Charges financièresImpôts ImpôtsDotations provision Dotations provisionAmortissements AmortissementsBénéfice net Bénéfice net VA = CA – Consommations intermédiaires VA = Salaires + Charges financières + Impôts + Dotation aux provisions + Amortissements + Bénéfice net
  21. 21. Répartition de la valeur ajoutéeCollaborateurs 820Pouvoirs publics 210Bailleurs de fonds 106Actionnaires 180 AutofinancementAutofinancement 220 14% Actionnaires 12% Bailleurs de fonds Collaboarateurs 7% 53% Pouvoirs publics 14%
  22. 22. ANALYSE FINANCIERE Rentabilité
  23. 23. RENTABILITES Rentabilité des capitaux investis (RCI) Return on Investment (ROI) BavIT EBITRCI = = Ø Actif Ø Actif Rentabilité des fonds propres (RFP) Return on Equity (ROE) BNRFP = Ø Fonds propres
  24. 24. Analyse de la RCI (i) Taux de marge Rotation de l’actif économique (Taux d’activité) BavIT BavIT CANRCI = = + Ø Actif CAN Ø Actif Taux de marge Rotation de l’actif ou RCI économique Taux d’activité Haut de gamme Bas de gamme
  25. 25. Analyse de la RCI (ii) CAN - EBIT Taux de / Marge EBIT FV CAN XRCI CAN Taux de Actifs rotation de / Circulants l’Actif + Actifs Actifs Immobilisés
  26. 26. Analyse de la RFP Effet de levier FERFP = RCI + (RCI – i) FP Aide pour le choix des moyens de financement Choix du mode de (RCI – i) > 0 (RCI – i) < 0 financement FE OUI NON FP NON OUI
  27. 27. ANALYSE FINANCIERE Tableaux de financement
  28. 28. Pourquoi un tableau de financement ?Le bilan montre l’état de la liquidité mais pas lescausesLe compte de résultat montre les causes, maispas l’état de la liquiditéLe tableau de financement montre les causes etl’état des liquidités.
  29. 29. Bilan – Compte de résultat – Tableau de financement Tableau de Bilan Compte de résultat financementActif circulant Fonds étrangers Coûts des Contrepartie des Recettes DépensesLiquidité A court terme Prestations PrestationsCréances A long terme fournies fourniesStocksActif immobilisé Fonds propresMobilierVéhicules
  30. 30. Types de fonds ACTIF CIRCULANT NET (ACN) BilanAvantages •Autrefois couramment utilisé Actif circulant Fonds étrangers à •Tableau de financement plus simple Liquidités court terme Créances Banque c/cInconvénients Actifs transitoires Fournisseurs Stocks Passifs transitoires •Flux de trésorerie incertains •Ne tient pas compte de léchéance des fonds ACN •Marge de manœuvre en matière dévaluation
  31. 31. Types de fonds FONDS DE LIQUIDITES BilanAvantages •Seul type de fonds admis par Swiss Gaap RPC 2007 Liquidités Banque c/c •Analyse des flux de fonds plus précise Caisse •Objectif (aucune marge de manœuvre pour évaluer) Poste Banque c/c Titres * Fonds de liquiditéInconvénients •Tableau de financement plus complexe à construireLes titres sont considérés comme des équivalents de trésoreriesi ils peuvent être cédés à tout moment (90j.) et sans risque notablede fluctuation de cours.
  32. 32. Tableau de financement : concepts METHODE METHODE DIRECTE INDIRECTESECTEUR EXPLOITATION ouSECTEUR INVESTISSEMENTSECTEUR FINANCEMENTVariation du fonds Montant final du fonds =./. Montant initial du fonds Variation du fonds
  33. 33. Tableau de financement : constructionSECTEUR EXPLOITATION Recettes issues de la vente de marchandises Produits marchandises - Augmentation des créances c. ou + Diminution des créances c../. Dépenses issues de lachat de marchandises Charges marchandises (PRAMV) + Augmentation de stock ou – Diminution du stock + Diminution des dettes f. ou – Augmentation des dettes f../. Autres dépenses dexploitation Paiement des salaires Paiement des ACESECTEUR INVESTISSEMENT + Désinvestissement - InvestissementSECTEUR FINANCEMENT + Augmentation de capital (y c. agios) + Emprunts à long terme - Remboursement demprunt - Paiement dividende N-1
  34. 34. Tableau de financement : ratios Flux du secteur exploitationMARGE DE CASH FLOW Chiffre daffaires Flux du secteur exploitationINDICES OPERATIONNELS Bénéfice de lexercice Investissements Utilisation du financementFACTEUR DE REINVESTISSEMENT interne pour les invest. Flux du secteur exploitation Endettement effectif Bon entre 1 et 3FACTEUR DENDETTEMENT Flux du secteur exploitation Insuffisant si > 5

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