2010

ROS =Benefice economique = 18.7318 = 8.46% Chiffre d’affaires 221.30

Benefice Economique : Benefice avant impots + frais financieres * (1- impots/benefice avant impots )
= 26.50+2.70 * (1- (9.50/26.50)= 18.7318

2011

ROS =Benefice economique = 8.54 = 3.35% Chiffre d’affaires 254.5 Benefice Economique : Benefice avant impots + frais financieres * (1- impots/benefice avant impots )
= 6.20+4.50 * (1-(1.25/6.20)= 8.54

2010
AT=Chiffre d’affaires = 221.30 =1.1250 aprox 1.13 Actifs economiques 196.7

Actifs economiques = FR (ACT-PCT)+ ALT=( 198.90- 151.10) + 148.90 = 196.7

2011

AT=Chiffre d’affaires = 254.5 = 0.7785 APROX 0.78 Actifs economiques 326.9

Actifs economiques = FR (ACT-PCT)+ ALT=( 322.40-148.10) + 152.60 = 326.9

ROA =ROS * AT

2010
8.46% *1.13 = 9.55%

2011

3.35% * 0.78 = 2.61%

2010
ROE

BENEFICE NET = 17.00 = 11.22%
CAPITAUX PROPRES 151.50

2011
BENEFICE NET = 4.95 = 2.069% APROX 2.07
CAPITAUX PROPRES 151.50

2010
KE= RF +B (RM-RF)

4.45% + 1.2 (10.80%-4.45%)= 12.07 %

2011
KE= RF +B (RM-RF) 5.00% +2.5 (8.90% - 5.00%) = 14.75%

VCI CAPITAUX PROPRES
2010

ROE/KE

11.22% / 12.07 % = 92.95%

2011
ROE/KE
2.07%/14.75%= 14.033%

CPCM
2010
[(CP/(CP+DLT))xKe]+[(DLT/CP+DLT)xKdm(1-t)]

((423.31/(423.31+45.20))*12.07%)+(45.20/423.31+45.20)*8.25%(1-35.84))= 11.41%

2011
[(CP/(CP+DLT))xKe]+[(DLT/CP+DLT)xKdm(1-t)]
((446.02/(446.02+87.66))*14.75%)+((87.66/446.02+446.02)*13.75%(1- 20.16)) = 49.11%

VCI ACTIFS
2010
ROA/ CPCM= 9.55%/11.41%=0.8369%

2011
ROA/CPCM = 2.61/49.11= 0.0531%

EVA
2010
(ROA - CPCM) x Actifs économiques.
(9.55 -11.41)*196.7= -3.6586

2011
(ROA - CPCM) x Actifs économiques.
(2.61- 49.11) * 326.9 = -152

M/B
2010
Nombre d’action * prix
(130.25 * 3.25) / 151.50 = 2.8%