UNIVERSITE P IERRE M END ES F RA NC E

F A C UL TE D ES SC IENC ES EC O NO M IQ UES
( TEL E ENSEIG NEM ENT)
D ESS D EF I

A n n e 2 0 0 1 -0 2

ANALYSE ET D C I SI O NS FI NANC I R ES
T r o is i m e d e v o ir

ETUDE DE CAS : SO CI T AUTO M O B I L E V

L a s
m a jo r ita ir e m
S AR L , l a s o c
c a p ita l r a lis
v e n te
v h ic u
c o n c u r
p r in c ip

L a
d e
le s
r e n
a le

o c i
e n t
i t
e p

t
p a
a
a r

s o c i t e
v o itu r e s
d e to u r is
c e d e la p
m e n t d e s

L e PD
a c q u r ir to u t
d a n t i c i p e r l
m a r q u e s . L e
p o u x S a n s -F
le u r s p a r ts d e
F ils (3 0 % ). L
0 1 /0 1 /2 0 0 0 .

AUTOMOBILE V
r M . J e a n D u Ga
t tr a n s fo r m e e
in c o r p o r a tio n d e

e s t
r a g e
n s o c
r e p o

s t i n s t a l l e l e s t
n e u v e s e t d o c c a s
m e e t u tilita ir e s .
a r t d e s c o n c e s s io
v o itu r e s d e p e tite

u n e
e t M
i t a
r t n

d e Pa r i
i o n , d h
El l e e s
n n a ir e s
e t m o y

S o c
. Pi
n o n
o u v

i t a n o n y m e a u c a p ita l d e 2 5 0 0 0 0 F d te n u
e r r e B e a u -F i l s . C r e e n 1 9 6 7 s o u s l a f o r m e d u n e
y m e c o u r a n t J u in 1 9 9 9 a p r s u n e a u g m e n ta tio n d e
e a u .

s e t a p o u r o b je t la
u i l e , d e s s e n c e e t
t c o n c e s s io n n a ir e
d e s a u tr e s m a r q u
e n n e g a m m e s .

r p a r
a c c e s
d e la
e s in s

a t
s o
m
ta

io n
ir e s
a r q
ll s

d a
, a
u e
d a

u to m
in s i
F ia t
n s le

o b
q u
e t
s e

ile s ,
e la
s u b
c te u

l a
lo
it
r .

c h a
c a ti
u n e
El l e

t e
o n
r
v

t la
d e
u d e
e n d

G ( M . D u Ga r a g e ) e s t i m e q u e l e s r s u l t a t s d e l e x e r c i c e 1 9 9 9 s o n t t r s b o n s e t s o u h a i t e
e s l e s p a r t s d u n c o n c e s s i o n n a i r e R e n a u l t s i t u n o n l o i n d e l AUTOMOBILE V a f i n
v o lu tio n p r o c h a in e d e la r g le m e n ta tio n q u i d e v r a it a u to r is e r le s c o n c e s s io n s m u ltig a r a g e v i s e s t u n e S AR L d n o m m e GPE ( GA R A G E PA R IS -ES T) e t d t e n u e p a r t l e s
i l s q u i s o u h a i t e n t p r e n d r e l e u r r e t r a i t e . C e s d e r n i e r s s o n t d a c c o r d p o u r c d e r t o u t e s
l a f a o n s u i v a n t e : l a S A AUTOMOBILE V ( 4 0 % ) , M . D u Ga r a g e ( 3 0 % ) e t M . B e a u a t r a n s a c t io n s e fe r a s u r la b a s e d e s c o m p t e s a r r t s a u 3 1 /1 2 /1 9 9 9 , a v e c e ffe t a u

Vo u s t r a v a i l l e z
r a l i s a t i o n d e l a c q u i s i t i o
l a S A AUTOMOBILE V ; ( 2
o p in io n s u r la r e n ta b ilit

d a n s
n e n v
) v a
d e l a

u
is
lu
c q

n
a g
e r
u is

C a
e .
la
iti

b i n e t d e c o n s e i l e t M . D u Ga r a g e v o u s c o n s u l t e a v a n t l a
Vo t r e m i s s i o n c o n s i s t e : ( 1 ) a p p r c i e r l a s o l i d i t f i n a n c i r e d e
v a l e u r d e s p a r t s s o c i a l e s d e l a S a r l GPE ; ( 3 ) d o n n e r v o t r e
o n .

Vo u s d i s p o s e z d e s a n n e x e s 1 7 p o u r e x c u t e r c e t t e m i s s i o n ( d o n n e s e n K F ) . T o u t e l i b e r t
v o u s e s t la is s e p o u r e ffe c tu e r le s r e tr a ite m e n ts q u e v o u s ju g e r e z u tile s . I l v o u s e s t p a r a ille u r s
p r c i s q u e l e s c o m p t e s c o u r a n t s d a s s o c i s n e s o n t p a s r m u n r s e t s o n t a s s i m i l a b l e s d e s f o n d s
p r o p r e s .
Travail d e m an d :
1. P r s e n t e z u n t a b l e a u c o m p a r a t i f d e s s o l d e s i n t e r m d i a i r e s d e g e s t i o n
c a p a c i t d a u t o f i n a n c e m e n t d e l a S A AUTOMOBILE V. ( 2 p o i n t s )

e t d te r m in e z la

2 . P r s e n t e z l e s b i l a n s f i n a n c i e r s c o m p a r a t i f s e t t u d i e z l v o l u t i o n d u F R , d u B F R
t r s o r e r i e d e l a S A AUTOMOBILE V. ( 2 p o i n t s )
3 . E t u d i e z l a i d e d e q u e l q u e s
S A AUTOMOBILE V. ( 1 p o i n t )

r a tio s

la

s tr u c tu r e

fin a n c i r e

e t

la

r e n ta b ilit

4 . P r s e n t e z l e t a b l e a u d e f i n a n c e m e n t 19 9 9 d e l a S A AUTOMOBILE V. ( 2 p o i n t s )
1

e t d e la
d e

la

5. Ap p r c i e z l a r e n t a b i l i t d e l a S a r l G P E . ( 1 p o i n t s )
6 . D t e r m in e z la v a le u r d e s p a r t s s o c ia le s d e la S a r l G P E a u 0 1 /0 1 /2 0 0 0 .(1 p o in t )
7 . D t e r m i n e z l e f o n d s d e r o u l e m e n t d e l a S A AUTOMOBILE V a p r s a c q u i s i t i o n d e s p a r t s d e
la S a r l G P E .(1 p o in t )
8 . D t e r m i n e z l a v a l e u r d e s p a r t s s o c i a l e s d e l a S a r l G P E a u 3 1 / 1 2 / 2 0 0 5. ( 1 p o i n t )
9 . Ap p r c i e z a u m o y e n d e l a v a l e u r a c t u e l l e n e t t e l a r e n t a b i l i t g l o b a l e d e l a c q u i s i t i o n p o u r
l e n s e m b l e d e s n o u v e a u x . ( 3 p o i n t s )
1 0 .R d i g e z v o t r e r a p p o r t l a t t e n t i o n d u P D G

d e l a S A AUTOMOBILE V. ( 6 p o i n t s )

Annexe 1 : B i l a n AUT

O M O B I L E

V a u 3 1 D c em b r e 19 9 9

ACTIF

B r u t 1 9 9 9

A&

P 1 9 9 9

N e t 1 9 9 9

N e t 1 9 9 8

Actif immobilis :
I m m o b ilis a tio n s in c o r p o r e lle s

0 .0

I m m o b ilis a tio n s c o r p o r e lle s

2 28 1 . 8

I m m o b ilis a tio n s fin a n c i r e s

S t o c k s e t e n -c o u r s

A v . e t a c . v e r s s s u r c o m m a n d e s
-C r a n c e s c lie n ts e t c o m p te s r a tta c h s

28 3 0 .2

24 . 3

28 0 5 .9

3 23 4 . 1

1 21 3 . 4

0 .0

1 21 3 . 4

7 0 9 .7

9 6 7 .7

0 .0

9 6 7 .7

-A u tr e s

23 7 9 .0

V a le u r s m o b ili r e s d e p la c e m e n t

7 9 4 0 .1

C r a n c e s d iv e r s e s
D is p o n ib ilit s

C h a r g e s c o n s t a t e s d a v a n c e ( 1 )

C h . r p a r tir s u r p lu s ie u r s e x e r c ic e s
E c a r ts d e c o n v e r s io n A c tif
(1 )

S u r c h a r g e s d 'e x p l o i t a t i o n

0 .0

0 .0
0 .0

0 .0

23 7 9 .0

0 .0

0 .0

0 .0

0 .0

1 6 0 5 .8

0 .0

0 .0

R s e r v e s

1 5 .0

R e p o r t n o u v e a u

R s u l t a t d e l e x e r c i c e

P ro v is io ns p o ur ris q ue s e t ch arg e s :
P r o v is io n s p o u r r is q u e s

5 1 5 .8

1 5 0 .0

0 .0
0 .0

1 5 .0

7 3 25 . 1

7 29 1 . 6

0 .0

0 .0

1 1 4 3 .1

P r o v is io n s r g le m e n t e s

1 7 9 6 2. 8
M o n t. 1 9 9 8

25 0 . 0

E c a r ts d e r v a lu a tio n

1 21 4 . 3

0 .0

M o n t. 1 9 9 9

P r i m e d m i s s i o n , d e f u s i o n , d a p p o r t

6 3 3 .5

P r o v is io n s p o u r C h a r g e s

0 .0

0 .0

0 .0

E m p r u n ts o b lig a ta ir e s c o n v e r tib le s

0 .0

0 .0

E m p . e t d e tte s a u p r s d e s ts d e c r . (1 )

0 .0

D e tte s :

A u tr e s E m p r u n ts o b lig a ta ir e s

0 .0

E m p r u n t s e t d e t t e s f i n a n c i r e s d i v e r s ( 2)
A v . e t a c . r e u s s u r c o m m a n d e s

-D e tte s fo u r n . e t c o m p te s r a tta c h s

D e tte s d iv e r s e s

-D e tte s fis c a le s (im p ts s u r le s b n fic e s )

C o m p te s d e r g ularis atio n e t as s im il s :
- P r o d u i t s c o n s t a t s d 'a v a n c e ( 3 )

T o tal

D o n t c o m p t e s c o u r a n t s d 'a s s o c i s

21 6 4 .8

1 .2
0 .0

7 4 2. 7

1 7 0 .0

4 0 .0

1 7 9 6 2. 8

1 8 28 4 . 6

25 3 7 .5

29 1 6 .0

0 .0

0 .0

1 5 7 .0

25 . 5

8 5 0 .7
0 .9

-A u tr e s

S u r p r o d u i t s d 'e x p l o i t a t i o n

4 29 8 . 6

0 .0

-D e tte s s u r I m m . e t c o m p te s r a tta c h s

0 .1

3 9 9 0 .0
0 .0

-A u tr e s

0 .0
29 1 6 .0

1 6 7 9 .6

-D e tte s fis c a le s e t s o c ia le s

0 .0

25 3 7 .5
0 .9

D e t t e s d 'e x p l o i t a t i o n

(3 )

3 7 6 .7

7 5 .5

C a p ita l

D o n t c o n c o u r s b a n c a ir e s c o u r a n ts

8 4 1 .0

6 1 6 .4

C ap itaux p ro p re s :

(1 )

3 .7

6 1 6 .4

1 9 5 6 8 .6

-E c a r t s d e c o n v e r s io n P a s s if

1 1 8 .2

9 9 4 0 .1

0 .0

T o tal

1 25 . 7

7 9 4 0 .1

P A S S I F

( 2)

0 .0

1 21 4 . 3

C o m p te s d e r g ularis atio n e t as s im il s :

0 .0

7 8 2. 7

0 .0

C r a n c e s d 'e x p l o i t a t i o n

0 .0

7 0 0 .3

1 25 . 7

Actif circulant :

0 .0

1 5 8 1 .5

5 .6

0 .0
0 .1

3 5 .0

2 20 2. 9

0 .0

1 8 28 4 . 6

4 7 .3

Annexe 2 : T a b l ea u d es i m m o b i l i s a t i o ns AUTOMOBILE V 1 9 9 9
V a le u r b r u te

I m m o b ilis a tio n s

p a r v ir e m e n ts

p a r c e s s io n s

d e s im m o b il.

l'e x e r c ic e

p o s te s

p o s te s

m is e h o r s s e r v .

l'e x e r c ic e

F o n d s c o m m e r c ia l

T o ta l

I m m o b . c o r p o r e lle s e n c o u r s

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

6 .2

0 .0

9 1 .8

5 1 5 .6

4 6 .6

0 .0

0 .0

P a r tic ip a tio n s

0 .0

A u tr e s titr e s im m o b ilis s

0 .0

C r . r a tta c h e s d e s p a r tic ip a t

0 .0

P r ts

A u tr e s im m o b ilis a tio n s fin a n c .

T o ta l

1 4 0 3 .4

0 .0

5 0 .6

5 1 1 .6

0 .0

0 .0

0 .0

3 6 6 .8

0 .0

0 .0
0 .0

5 0 .6

2 2 8 1 .8

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

7 .5

1 1 8 .2

0 .0

0 .0

0 .0

0 .0

1 1 8 .2

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

1 4 4 .6

0 .0

0 .0

0 .0

1 3 1 1 .6

2 1 8 7 .8

F i na nci res

0 .0

0 .0

0 .0

T o ta l

la fin d e

0 .0

0 .0

3 6 0 .6

A u tr e s im m o b ilis a tio n s c o r p .

d e s tie r s o u

0 .0

0 .0

I n s t a l. t e c h n ., m a t . e t o u t . in d .

d e p o s te s

0 .0

0 .0

C o n s tr u c tio n s

A v . e t a c . s u r im m o b . c o r p .

e t v ir . d e p o s t.

0 .0

A u tr e s im m o b ilis a tio n s in c o r p .

T e r r a in s

V a le u r b r u te

c r a t , a p p o r ts

C o n c e s s io n s , b r e v e t s , lic ., e t c .

C orporelles

D im in u tio n s

d e s im m o b il.
a u d b u t d e

Incorporelles

A c q u is itio n s ,

0 .0

0 .0

7 .5

0 .0
0 .0

0 .0

0 .0

1 2 5 .7

0 .0

1 2 5 .7

Annexe 3 : T a b l ea u d es a m o r t i s s em ent s AUTOMOBILE V 1 9 9 9

I m m o b ilis a tio n s

a u g m e n ta t :

l'e x e r c ic e

l'e x e r c ic e

a u d b u t d e

Incorporelles

C o n c e s s io n s , b r e v e t s , lic ., e t c .
F o n d s c o m m e r c ia l

A u tr e s im m o b ilis a tio n s in c o r p .
C orporelles

A m o r tis s e m e n ts

c u m u l s

T o ta l

C o n s tr u c tio n s

I n s t a l. t e c h n ., m a t . e t o u t . in d .
A u tr e s im m o b ilis a tio n s c o r p .

T o ta l

d o ta tio n s d e

d im in u tio n s :

r e p r is e s e t a m .
s u r lts c d s

c u m u l s

la fin d e
l'e x e r c ic e

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0

0 .0
0 .0

7 4 9 .4

1 2 3 .7

0 .0

4 4 5 .4

5 0 .8

5 0 .6

2 1 0 .3

5 2 .5

1 4 0 5 .1

2 2 7 .0

0 .0

5 0 .6

0 .0
0 .0
8 7 3 .1
2 6 2 .8
4 4 5 .6

1 5 8 1 .5

Annexe 4 : T a b l ea u d es p r o v i s i o ns AUTOMOBILE V 1 9 9 9
N a tu r e d e s p r o v is io n s

M o n ta n t

A u g m e n ta t :

D im in u tio n s :

l'e x e r c ic e

l'e x e r c ic e

l'e x e r c ic e

a u d b u t d e

Provisions rglementes

P o u r h a u s s e d e s p r ix

d o ta tio n s d e

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

A m o r tis s e m e n ts d r o g a to ir e s

0. 0
0. 0

T o ta l

0. 0

Provisions p ou r risq u es

L itig e s , g a r . e t r is q u e s te c h n .

A u tr e s p r o v is io n s p o u r r is q u e s
Provisions p ou r c h a rges

I n d e m n it s d e fin d e c a r r i r e s
A u t. p r o v is io n s p o u r c h a r g e s

Prov. p ou r d p rc ia tions

S u r im m o b ilis a t fin a n c i r e s

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

0. 0

T o ta l

0. 0

0. 0

0. 0

A u tr e s p r o v is io n s p o u r d p r c .

0. 0

0. 0

4 5 .5

S u r c r a n c e s d 'e x p l o i t a t i o n

0. 0

0. 0

0. 0

0. 0

S u r s to c k s e t e n c o u r s

0. 0

0. 0

0. 0

T o ta l

0. 0

0. 0

0. 0

T o ta l

l'e x e r c ic e

0. 0

0. 0

A u tr e s p r o v . r g le m e n t e s

M o n ta n t

la fin d e

0. 0

P o u r i n v e s t i s s . l ' t r a n g e r
P o u r c r a n c e s M T e x p o r t

r e p r is e s d e

4 5 .5

0. 0

0. 0

0. 0

0. 0

0. 0

2 4 .3

0. 0

4 5 .5

0. 0

2 4 .3

0. 0

0. 0

0. 0

0. 0

2 4 .3

0. 0

4 5 .5

2 4 .3

Annexe 5 : C o m p t es d e r s u l t a t AUTOMOBILE V 1 9 9 8 et 1 9 9 9
Charges

M o n t. 1 9 9 9

C h a rges d ' ex p loita tion

A c h a ts d e m a r c h a n d is e s

2 9 9 5 7 .6

V a r ia tio n d e s to c k

4 4 9 .4

A u tr e s a c h a ts e t c h a r g e s e x te r n e s

1 7 2 5 .1

S a la ir e s e t tr a ite m e n ts

3 5 7 6 .7

I m p ts , ta x e s e t v e r s . a s s im il s
C h a r g e s s o c ia le s

D o ta t. a u x a m o r tis s . e t a u x p r o v .
A u tr e s c h a r g e s

C h a rges f ina nc i res

D o ta t. a u x a m o r t. e t a u x p r o v is io n s
I n t r ts e t c h a r g e s a s s im il e s

D iff r e n c e s n g a tiv e s d e c h a n g e

C h a r g e s n e tte s s u r c e s s io n d e V M P
C h a rges ex c ep tionnelles
S u r o p r a tio n s d e g e s tio n

D o ta t. a u x a m o r t. e t a u x p r o v is io n s

R su lta t ( B nf ic e)

1 5 6 0. 6
2 5 1 .3

1 .2
0. 0

2 3 .3

0. 0

0. 0

2 06 . 1

S u r o p r a tio n s e n c a p ita l

I mp ts su r les b nf ic es

2 5 5 .3

T o ta l

T o ta l g n r a l

0. 0

0. 0

8 5 0. 7

3 8 8 5 7 .3
1 1 4 3 .1

4 0 000. 4

M o n t. 1 9 9 8

P ro d u i t s

M o n t. 1 9 9 9

Prod u its d ' ex p loita tion

2 4 5 5 7 .4 V e n t e s d e m a r c h a n d is e s

3 6 9 2 1 .0

-1 2 3 1 . 1 P r o d u c t i o n v e n d u e

2 6 9 8 .0

1 5 8 6 .5 P r o d u c t io n s t o c k e

0. 0

2 2 0. 6 P r o d u c t i o n i m m o b i l i s e

0. 0

3 1 8 6 . 7 S u b v e n t i o n s d 'e x p l o i t a t i o n

5 1 .6

1 2 9 4 .6 R e p r is e s s u r p r o v . e t a m o r t is s .

4 5 .5

2 6 6 .7 T r a n s fe r t s d e c h a r g e s

5 4 .5

1 5 .6 A u t r e s p r o d u it s

0. 0

Prod u its f ina nc iers

0. 0 D e p a r t i c i p a t i o n

5 . 7 D 'a u t . v a l . m o b . e t c r . d e l 'a c t i f
im m .
0. 0 A u t r e s i n t r t s e t p r o d u i t s a s s i m .
0. 0 R e p r . s u r p r o v . e t t r a n s f . d e
c h a r g e s
D iff r e n c e s p o s itiv e s d e c h a n g e

2 6 .7 P r o d u it s n e t s d e c e s s io n d e V M P
0. 0 Prod u its ex c ep tionnels

1 1 1 .5 S u r o p r a t io n s d e g e s t io n

3 1 4 1 7 .1

0. 0

2 1 4 .6

0. 0

0. 0

0. 0

1 0. 1

7 4 2 .7 S u r o p r a t io n s e n c a p it a l

3 07 8 3 .6 R e p r . s u r p r o v . e t t r a n s f. d e
c h a r g e s
6 3 3 .5

0. 0

5 .1

0. 0

M o n t. 1 9 9 8
2 7 4 9 0. 8

3 2 9 9 .4

0. 0

1 0. 6

3 5 .0
3 9 .3

0. 0
0. 0
0. 0

1 2 .1
5 2 6 .9

0. 0
0. 0
0. 0
3 .0
0. 0
0. 0

T o ta l

4 0 000. 4

3 1 4 1 7 .1

T o ta l g n r a l

4 0 000. 4

3 1 4 1 7 .1

Annexe 6 : R ens ei g nem ent s f i na nc i er s s u r l a S AR L

G P E

BILANS FONCTIONNELS GPE

ACTIF

1 9 9 9

Ac t i f i m m o b i l i s

St o c k s e t e n -c o u r s
Au t r e s c r a n c e s d ' e x p l o i t a t i o n
Tr s o r e r i e a c t i f

1 1 2 5 .0

1 3 0 0 .0 D e t t e s fo u r n is s e u r s

2 6 9 3 .0

3 2 0 0 .0

3 0 0 0 .0

8 7 5 .0

7 5 9 .0 D e t t e s h o r s e x p lo it a t io n

2 9 .0

1 0 . 0 Tr s o r e r i e p a s s i f

8 570.0

8 4 6 0.0

1 9 9 8

2 8 3 5 .0

1 2 5 0 .0

6 5 6 . 0 Au t r e s d e t t e s d ' e x p l o i t a t i o n

8 5 4 .0

Total

1 9 9 9

2 7 5 0 .0 D e t t e s fin a n c i r e s

7 0 2 .0

Cr a n c e s h o r s e x p l o i t a t i o n

P AS S IF

2 9 8 5 . 0 Ca p i t a u x p r o p r e s ( * )

2 8 7 5 .0

Cr a n c e s c l i e n t s

S I G

1 9 9 8

2 9 8 5 .0

2 5 5 .0
Total

(* ) D o n t a m o r t is s .e t p r o v is io n s

1 5 5 .0

8 570.0
875.0

1 5 0 0 .0
8 2 5 .0
3 1 2 .0
1 3 0 .0

8 4 6 0.0

72 5.0

R E S U M E S D E L A S O C I E T E G P E

Elments

1 9 9 9

V e n te s d e m a r c h a n d is e s

C o t d 'a c h a t d e s m a r c h a n d i s e s v e n d u e s

C o n s o m m a tio n s e x te r n e s

3 2 00.0

3 700.0

-500.0

-1 3 .51 %

-74 0.0

-1 2 .55%

-52 0.0

-3 0.1 4 %

2 9 75.0

R s u ltat d ' e x p loi tati on

1 2 05.0

1 72 5.0

2 3 05.0

P R E V I S I O N S D 'E X P L O I T A T I O N
A nnes

-6 80.0

1 575.0

-5.0

-4 72 .0

0.3

785.0

-5.3

9 9 8.0

9 3 5.0

( * ) I l n 'y a p a s d e p r o d u c t i o n s t o c k e n i i m m o b i l i s e

-1 1 5.0

2 9 85.0

1 1 03 .0

R s u ltat d e l' e x e r c i c e

-1 2 5.0

-780.0

5 89 5.0

C ap ac i t d ' au tof i n an c e m e n t

-2 1 3 .0

1 1 58.0

-2 2 3 .0

D E L A S O C I E T E G P E

R su lta t net

D o ta ti o ns

C A F

2 000

79 5.0

1 50.0

9 4 5.0

2 002

81 4 .0

1 59 .0

9 73 .0

2 001
2 003
2 004

2 005

805.0
82 5.0
83 2 .0
84 5.0

4 9 1 6 .0

8.57%

-1 6 2 5.0

-89 5.0

R s u ltat e x c e p ti on n e l

V a r i a ti o n en %

-1 4 52 5.0

5 1 55.0

R s u ltat c ou r an t av an t i m p t

1 500.0

-1 6 1 50.0

V ale u r aj ou t e

E x c d e n t b r u t d ' e x p loi tati on

T o ta u x

V a r i a ti o n

1 7 500.0

2 850.0

M ar g e c om m e r c i ale

P r o d u c t i o n d e l 'e x e r c i c e ( * )

1 9 9 8

1 9 000.0

1 51 .0
1 55.0
1 55.0
1 54 .0
9 2 4 .0

9 56 .0
9 80.0
9 87.0
9 9 9 .0

5 84 0.0

-4 .2 0%

-2 2 .78%
-2 9 .9 7%
-2 1 .3 4 %
-1 9 .2 6 %

Annexe 7 : R ens ei g nem ent s d i v er s

1.

L a S a r l G P E a u n c a p it a l d e 10 0 0 0 0 0 F c o n s t it u d e 2 5 0 0 p a r t s .

2 .
L e f o n d s d e c o m m e r c e d e l a S a r l G P E p e u t t r e v a l u a u 0 1/ 0 1/ 2 0 0 0 10 % d u c h i f f r e
d a f f a i r e s m o y e n d e s d e u x d e r n i e r s e x e r c i c e s . O n p e u t c o n s i d r e r q u e s o n t a u x a n n u e l d e
r v a l u a t i o n e s t g a l a u t a u x d e l i n f l a t i o n q u i d e v r a i t s e s i t u e r a u x e n v i r o n s d e 1.7 5 % d e 2 0 0 0
2 0 0 5 .
3 .
L e s p o u x S a n s -F i l s e t l e s a c t i o n n a i r e s d e l AUTOMOBILE V o n t d c i d d v a l u e r l e s
p a r t s d e l a S a r l G P E d a p r s l a m t h o d e d e l a c t i f n e t ( a v e c p r i s e e n c o m p t e d u f o n d s d e c o m m e r c e ) .
C e tte v a lu a tio n s e r a r e te n u e c o m m e p r ix d e c e s s io n .
4 .
M . D u G a r a g e p e n s e q u u n t i e r s d e s r s u l t a t s
d i s t r i b u s s o u s f o r m e d e d i v i d e n d e s j u s q u e n l a n 2 0 0 5 .
5 .
O
d o p p o r t u n i t s u
AUTOMOBILE V
r e tir e r o n t d e le u
d e le u r s p a r ts (3
6 .

n
p p
(4 0
r s
0 %

v o u
o r t
% )
c o m
c h a

s p r
p a r
le s e
p te s
c u n )

c is e
le s
r o n
c o u
.

q u e
a c q u
t p a r
r a n ts

le c
r e u
p r
d a n

o
r s
l
s

a n n u e ls

t d e f i n a n c e m e n t d e l a c q
p o u r r a l i s e r l o p r a t i o n
v e m e n t s u r la tr s o r e r ie
l a S A AUTOMOBILE V l a s

u i
. L
. M
o m

s it
e s
M
m

d e

la

io n
p a
.B
e n

e s t
r ts
e a u
c e s

U n e x t r a i t d e t a b l e f i n a n c i r e v o u s e s t f o u r n i c i -a p r s :
EXTRAIT DE TABLE FINANCIERE (1+i)-n
n
1
2
3
4
5
6

i= 8 %
0 . 9 26
0 . 8 57
0 .7 9 4
0 . 7 35
0 . 68 1
0 . 630

i= 9 %
0 . 9 17
0 . 8 42
0 .7 7 2
0 .7 0 8
0 . 650
0 . 59 6

i=
0
0
0
0
0
0

10 %
.9 0 9
. 8 26
. 7 51
. 68 3
. 621
. 564

i=
0
0
0
0
0
0

11%
.9 0 1
. 8 12
. 7 31
. 659
. 59 3
. 535

S a r l G P E
q u i
a c q u
-F i l s
s a ir e

v a le n t
is e s p a
e t D u
l a c q

s e r o n t
a u c o t
r la S A
G a r a g e
u is itio n