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9. 193, 28 54, 00 6DLVLW OH SUHPLHU SDLHPHQW $IILFKH 3(5 HW OD SpULRGH GX SDLHPHQW DPRUWL $IILFKH 35, 1 HW OH SUHPLHU SDLHPHQW GH FDSLWDO $IILFKH , 17 HW OLQWpUrW $IILFKH %$/ HW OH VROGH GX SUrW DSUqV XQ SDLHPHQW 6DLVLW OH SDLHPHQW j DPRUWLU $IILFKH 3(5 HW OD SpULRGH GX SDLHPHQW DPRUWL $IILFKH 35, 1 HW OD SDUW GH FDSLWDO UHPERXUVpH SDU OH H SDLHPHQW $IILFKH , 17 HW OD SDUW GLQWpUrW SD\pH SDU OH H SDLHPHQW $IILFKH %$/ HW OH VROGH DSUqV OH H SDLHPHQW 6DLVLW OH SDLHPHQW j DPRUWLU 5: Calculs financiers sur des flux constants 73 B 1 1 1 54 54 290, 37 20, 05 1. 801, 57 $IILFKH 3(5 HW OD SpULRGH GX SDLHPHQW DPRUWL $IILFKH GH 35, 1 HW OD SDUW GH FDSLWDO UHPERXUVpH SDU OH H SDLHPHQW $IILFKH , 17 HW OD SDUW GLQWpUrW SD\pH SDU OH H SDLHPHQW $IILFKH %$/ HW OH VROGH DSUqV OH H SDLHPHQW Conversions de taux d'intrt /H PRGXOH GH FRQYHUVLRQ GHV WDX[ GLQWpUrW XWLOLVH WURLV WRXFKHV HW (OOHV HIIHFWXHQW OD FRQYHUVLRQ HQWUH WDX[ GLQWpUrW QRPLQDO HW WDX[ DQQXHO DFWXDULHO /HV WDX[ QRPLQDX[ HW DFWXDULHOV VRQW 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VXSSRVH TXH OHV SpULRGHV GH FRPSRVLWLRQ HW OHV SpULRGHV GH SDLHPHQW VRQW LGHQWLTXHV &HUWDLQV SDLHPHQW GH SUrW GpS{WV RX UHWUDLWV SHXYHQW QH SDV FRwQFLGHU DYHF OHV SpULRGHV GH FRPSRVLWLRQ GH OD EDQTXH 6L OD SpULRGH GH SDLHPHQW GLIIqUH GH OD SpULRGH GH FRPSRVLWLRQ DMXVWH] OH WDX[ GLQWpUrW SRXU TXLO FRUUHVSRQGH j OD SpULRGH GH SDLHPHQW DYDQW GH UpVRXGUH OH SUREOqPH 76 5: Calculs financiers sur des flux constants 3RXU DMXVWHU XQ WDX[ GLQWpUrW ORUVTXH OHV SpULRGHV GH SDLHPHQW HW GH FRPSRVLWLRQ GLIIqUHQW HIIHFWXH] OHV RSpUDWLRQV VXLYDQWHV 6DLVLVVH] OH WDX[ QRPLQDO HW DSSX\H] VXU 6DLVLVVH] OH QRPEUH GH SpULRGHV GH FRPSRVLWLRQ SDU DQQpH HW DSSX\H] VXU &DOFXOH] OH WDX[ HIIHFWLI HQ DSSX\DQW VXU 6DLVLVVH] OH QRPEUH GH SpULRGHV GH SDLHPHQW SDU DQQpH HW DSSX\H] VXU &DOFXOH] OH WDX[ QRPLQDO HQ DSSX\DQW VXU Exemple : paiements mensuels, composition journalire. $ SDUWLU GDXMRXUGKXL YRXV HIIHFWXH] GHV GpS{WV PHQVXHOV GH VXU XQ FRPSWH UDSSRUWDQW GLQWpUrW j FRPSRVLWLRQ MRXUQDOLqUH VXU EDVH GXQH DQQpH GH 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l'application Calculs financiers sur des flux variables 9RXV OXWLOLVHUH] SRXU UpVRXGUH OHV SUREOqPHV GH IOX[ ILQDQFLHUV D\DQW OLHX j LQWHUYDOOHV UpJXOLHUV PDLV GH PRQWDQWV YDULDEOHV 9RXV SRXYH] pJDOHPHQW OXWLOLVHU SRXU UpVRXGUH OHV SUREOqPHV GH IOX[ UpJXOLHUV GH PrPHV PRQWDQWV HW SpULRGLTXHV PDLV FHV FDV VRQW SOXV IDFLOHV j UpVRXGUH SDU ODSSOLFDWLRQ 790 9RLFL TXHOOHV VRQW HQ JpQpUDO OHV RSpUDWLRQV GH FDOFXO GH IOX[ ILQDQFLHUV DYHF OD FDOFXODWULFH +3 %, , (WDEOLVVH] XQH OLVWH GH FHV IOX[ VXU SDSLHU 8Q GLDJUDPPH HVW WRXMRXUV SOXV FODLU (IIDFH] OHV UHJLVWUHV 6DLVLVVH] OH QRPEUH GH SpULRGHV SDU DQ 6DLVLVVH] OH PRQWDQW GH OLQYHVWLVVHPHQW LQLWLDO 6DLVLVVH] OH PRQWDQW GX IOX[ VXLYDQW 6L OH PRQWDQW VDLVL j OpWDSH VH SURGXLW SOXVLHXUV IRLV FRQVpFXWLYHV VDLVLVVH] OH QRPEUH GH IRLV 5pSpWH] OHV pWDSHV HW SRXU FKDTXH IOX[ HW JURXSH 3RXU FDOFXOHU OD YDOHXU DFWXHOOH QHWWH VDLVLVVH] OH WDX[ GLQWpUrW DQQXHO HW DSSX\H] VXU SXLV DSSX\H] VXU 2X SRXU FDOFXOHU OH WDX[ GH UHYHQX LQWHUQH DQQXHO DSSX\H] VXU BW F Bx 79 6: Calculs financiers sur des flux variables Exemple : investissement court terme. /H GLDJUDPPH GH IOX[ YDULDEOHV FLGHVVRXV UHSUpVHQWH XQ LQYHVWLVVHPHQW ERXUVLHU HIIHFWXp VXU WURLV PRLV 'HV DFKDWV RQW OLHX DX GpEXW GH FKDTXH PRLV HW OHV DFWLRQV VRQW YHQGXHV j OD ILQ GX WURLVLqPH PRLV &DOFXOH] OH WDX[ GH UHYHQX LQWHUQH DQQXHO HW OH WDX[ GH UHYHQX PHQVXHO XXX 11 765, 29 Les flux reus sont positifs 1 2 -2 000, 00 3 Les flux pays sont ngatifs -4 000, 00 -5 000, 00 B8 B #@D Touches : Affichage : 0, 00 12, 00 5. 000, 00 Description : @D "@D %$# 'D BW d 1 80 2. 000, 00 4. 000, 00 11. 765, 29 38, 98 3, 25 (IIDFH WRXV OHV UHJLVWUHV (QUHJLVWUH OH QRPEUH GH SpULRGHV SDU DQ 6DLVLW OH IOX[ LQLWLDO $IILFKH OH QXPpUR GH JURXSH GX IOX[ YDULDEOH ORUV GH ODSSXL VXU 6DLVLW OH IOX[ VXLYDQW 6DLVLW OH IOX[ VXLYDQW 6DLVLW OH GHUQLHU IOX[ YDULDEOH &DOFXOH OH WDX[ GH UHQGHPHQW DQQXHO QRPLQDO 5HQGHPHQW PHQVXHO D 6: Calculs financiers sur des flux variables NPV et IRR/YR : flux discontinus /H FKDSLWUH D 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