Linking INCOME STATEMENT_ BALANCE SHEET AND CASH-FLOW STATEMENT in Excel

www.survivrelondres.co.uk THIS SPREADSHEET IS MEANT TO ILLUSTRUTE THREE ISSUES 1) HOW THE INCOME STATEMENT, BALANCE SHEET AND CASH-FLOW STATEMENT ARE LINKED IN EXCEL 2) HOW TO USE FINANCIAL RATIOS AND AMORTISATION, DEPRECIATION AND TAX EXPENSE SCHEDULES TO MAKE A ONE-YEAR FORECAST 3) USEFUL EXCEL FUNCTIONS: OFFSET( ), VLOOKUP( ), CONCATENATION, DROP-DOWN LISTS, CUSTOM MADE CELL FORMATS AND GROUPING This file contains three sheets: ''Template'' is a fully working model but contains no values. ''ExampleWithValues'' is identical to the template but with values. ''How to read model'' provides explanations about the not so obvious parts of the model. INCOME STATEMENT 2004AUDITED 2005AUDITED 2006FORECASTED BALANCE SHEET 2004AUDITED 2005AUDITED 2006FORECASTED CASH FLOW STATEMENT OPERATIONS CASH FLOW NET EARNINGS DEPRECIATION EXPENSE 2004AUDITED 2005AUDITED 2006FORECASTED SALES COST OF GOOD SOLD GROSS MARGIN 0 0 0 100 0 100 100 100 0 CASH ACCOUNTS RECEIVABLES INVENTORY TOTAL CURRENT ASSETS 0 0 0 0 50 0 0 50 50 0 0 50 0 0 50 0 0 0 CHANGE IN WORKING CAPITAL CHANGE IN ACCOUNTS RECEIVABLES 0 0 0 0 0 0 0 0 0 50 0 0 0 0 0 PAYROLL EXPENSE EBITDA INTEREST EXPENSE DEPRECIATION EXPENSE EARNINGS BEFORE TAXES TAX EXPENSE NET EARNINGS TOTAL EARNINGS START TOTAL EARNINGS END 0 0 0 0 0 0 0 0 0 0 100 0 0 100 50 50 0 50 0 0 0 0 0 0 0 50 50 BUILDING AND EQUIPMENT (NET) TOTAL LONG-TERM ASSETS TOTAL ASSETS ACCOUNT PAYABLES OVERDRAFT TOTAL CURRENT LIABILITIES LONG-TERM DEBT: BANK LOAN TOTAL LONG-TERM LIABILITIES TOTAL LIABILITIES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 50 0 0 0 0 0 0 0 50 50 50 0 0 0 50 0 0 0 0 0 0 0 50 50 50 0 CHANGE IN INVENTORY CHANGE IN ACCOUNT PAYABLES TOTAL OPERATION CASH FLOW INVESTMENT CASH FLOW CHANGE IN VALUE OF BUILDING/EQUIPMENT 0 0 0 0 0 0 TOTAL INVESTMENT CASH FLOW FINANCING CASH FLOW LONG-TERM DEBT: BANK LOAN EQUITY: SHARES TOTAL FINANCING CASH FLOW TOTAL CASH INFLOW (OUTFLOW) CASH BEGINNING OF THE YEAR CASH (OVERDRAFT) DROP-DOWN LIST ↓ CASE 1 SELECT 1 TO APPLY TAX RATE TO EARNINGS SELECT 2 TO INPUT EXPENSE MANUALLY 0 0 0 0 0 0 0 0 0 50 0 50 0 0 0 0 50 50 1 2 EQUITY: SHARES EQUITY: TOTAL EARNINGS END TOTAL EQUITY TOTAL LIABILITIES + EQUITY MODEL IS BALANCED BLUE MEANS INPUTTED BY HAND BLACK MEANS CALCULATED BY THE SPREADSHEET AMORTISATION, DEPRECIATION AND TAX EXPENSE SCHEDULES RATIO ANALYSIS PROFITABILITY SALES GROWTH GROSS MARGIN NET MARGIN EBITDA 2004AUDITED 2005AUDITED 2006FORECASTED FORECAST ASSUMPTION RATIOS 2006FORECASTED LTD AMORTISATION FORECAST AMORTISATION PERIOD LONG-TERM DEBT: BANK LOAN INTEREST RATE INTEREST EXPENSE 5 YEARS 0 7.25% 0 INTEREST COVERAGE ABOVE 2005AUDITED 2006FORECASTED RISK FREE RATE EXPECTED INTEREST COVERAGE 5.00% 3.00x CORRESPONDING SPREAD 2.25% 2.00% EMPTY 0.00% 0.00% 0 0.00% 100.00% 50.00% 100 0.00% 0.00% 0.00% 0 SALES GROWTH GROSS MARGIN INVENTORY TURNOVER ACCOUNTS PAYABLE TURNOVER ACCOUNTS RECEIVABLES TURNOVER PAYROLL EXPENSE-TO-SALES 0.00% 0.00% 0 DAYS 0 DAYS 0 DAYS 0.00% 0 OFFICIAL RATING IF KNOWN ESTIMATED RATING BBB A- INTEREST COVERAGE EBITDA-TO-INTEREST EXPENSE LIQUIDITY CURRENT RATIO QUICK RATIO INVENTORY TURNOVER ACCOUNTS PAYABLE TURNOVER ACCOUNTS RECEIVABLES TURNOVER LEVERAGE TOTAL LIABILITIES-TO-TOTAL EQUITY INTEREST BEARING DEBT-TO-TOTAL EQUITY OTHER RATIOS NEEDED FOR FORECAST PAYROLL EXPENSE-TO-SALES BUILDING DEPRECIATION FORECAST STRAIGHT LINE DEPRECIATION PERIOD BUILDING AND EQUIPMENT (NET) DEPRECIATION EXPENSE TAX EXPENSE FORECAST CORPORATE TAX RATE TAX EXPENSES INPUTTED MANUALLY 50% 10 YEARS 2005AUDITED 2006FORECASTED BUT BELOW RATING SPREAD 0.00 times 0.00 times 0.00 times INPUTED BY HAND ON THE BASIS OF HISTORICAL PERFORMANCE, MARKET INSIGHTS … OR BECAUSE YOUR BOSS SAYS SO. 0 0 0 2006FORECASTED 50 7 0 7 0.00 times 0.00 times 0 DAYS 0 DAYS 0 DAYS 0.00 times 0.00 times 0 DAYS 0 DAYS 0 DAYS 0.00 times 0.00 times 0 DAYS 0 DAYS 0 DAYS 2005AUDITED 0.00 times 0.00 times 0.00 times 0.00 times 0.00 times 0.00 times -100000 0.2 0.65 0.8 1.25 1.5 1.75 2 2.5 3 4.25 5.5 6.5 8.50 0.199 0.649 0.799 1.249 1.499 1.749 1.999 2.499 2.999 4.249 5.499 6.499 8.499 100000 D C CC CCC BB B+ BB BBB AA A+ AA AAA 14.00% 12.70% 11.50% 10.00% 8.00% 6.50% 4.75% 3.50% 2.25% 2.00% 1.80% 1.50% 1.00% 0.75% 0.00% 0.00% 0.00% Example d'une projection CASH FLOW STATEMENT OPERATIONS CASH FLOW NET EARNINGS DEPRECIATION EXPENSE CHANGE IN WORKING CAPITAL CHANGE IN ACCOUNTS RECEIVABLES CHANGE IN INVENTORY CHANGE IN ACCOUNT PAYABLES 2004AUDITED 2005AUDITED 2006FORECASTED RATIO ANALYSIS PROFITABILITY SALES GROWTH GROSS MARGIN NET MARGIN EBITDA 2004AUDITED 2005AUDITED 15 0 -5 -15 -5 15 10 13 5 -20 -10 -5 -5 -3 11 10 9 16 -2 -6 30 EMPTY 60.00% 30.00% 25 100.00% 55.00% 12.50% 40 INTEREST COVERAGE EBITDA-TO-INTEREST EXPENSE LIQUIDITY CURRENT RATIO QUICK RATIO INVENTORY TURNOVER ACCOUNTS PAYABLE TURNOVER ACCOUNTS RECEIVABLES TURNOVER LEVERAGE TOTAL LIABILITIES-TO-TOTAL EQUITY INTEREST BEARING DEBT-TO-TOTAL EQUITY OTHER RATIOS NEEDED FOR FORECAST PAYROLL EXPENSE-TO-SALES 5.00 times 4.00 times TOTAL OPERATION CASH FLOW INVESTMENT CASH FLOW CHANGE IN VALUE OF BUILDING/EQUIPMENT -55 -55 0 0 0 0 TOTAL INVESTMENT CASH FLOW FINANCING CASH FLOW LONG-TERM DEBT: BANK LOAN EQUITY: SHARES TOTAL FINANCING CASH FLOW TOTAL CASH INFLOW (OUTFLOW) CASH BEGINNING OF THE YEAR CASH (OVERDRAFT) 3.33 times 2.00 times 91 DAYS 274 DAYS 110 DAYS 0.61 times 0.00 times 81 DAYS 81 DAYS 91 DAYS 35 40 75 30 0 30 -35 -40 -75 -78 30 -48 0 0 0 30 -48 -18 0.91 times 0.64 times 2.09 times 1.73 times 10.00% 15.00% Example d'une projection 2006FORECASTED 5.00% 50.00% 10.24% 31.5 0.00 times 0.92 times 0.00 times 80 DAYS 30 DAYS 30 DAYS 0.57 times 0.46 times 20.00% Example d'une projection INCOME STATEMENT 2004AUDITED 2005AUDITED 2006FORECASTED BALANCE SHEET 2004AUDITED 2005AUDITED 2006FORECASTED SALES COST OF GOOD SOLD GROSS MARGIN 50 20 30 100 45 55 105 53 53 CASH ACCOUNTS RECEIVABLES INVENTORY TOTAL CURRENT ASSETS 30 15 5 50 0 25 10 35 0 9 12 20 PAYROLL EXPENSE EBITDA INTEREST EXPENSE DEPRECIATION EXPENSE EARNINGS BEFORE TAXES TAX EXPENSE NET EARNINGS TOTAL EARNINGS START TOTAL EARNINGS END 5 25 5 0 20 5 15 0 15 15 40 10 5 25 13 13 15 28 21 32 0 10 22 11 11 28 38 BUILDING AND EQUIPMENT (NET) TOTAL LONG-TERM ASSETS TOTAL ASSETS ACCOUNT PAYABLES OVERDRAFT TOTAL CURRENT LIABILITIES LONG-TERM DEBT: BANK LOAN TOTAL LONG-TERM LIABILITIES TOTAL LIABILITIES 55 55 105 15 0 15 35 35 50 40 15 55 105 0 50 50 85 10 48 58 0 0 58 0 28 28 85 0 40 40 60 4 18 22 0 0 22 0 38 38 60 0 DROP-DOWN LIST ↓ CASE 1 SELECT 1 TO APPLY TAX RATE TO EARNINGS SELECT 2 TO INPUT EXPENSE MANUALLY 1 2 EQUITY: SHARES EQUITY: TOTAL EARNINGS END TOTAL EQUITY TOTAL LIABILITIES + EQUITY MODEL IS BALANCED BLUE MEANS INPUTTED BY HAND BLACK MEANS CALCULATED BY THE SPREADSHEET Example d'une projection FORECAST ASSUMPTION RATIOS 2006FORECASTED AMORTISATION, DEPRECIATION AND TAX EXPENSE SCHEDULES LTD AMORTISATION FORECAST 2005AUDITED 2006FORECASTED AMORTISATION PERIOD LONG-TERM DEBT: BANK LOAN INTEREST RATE INTEREST EXPENSE 5 YEARS 0 7.25% 0 0 SALES GROWTH GROSS MARGIN INVENTORY TURNOVER ACCOUNTS PAYABLE TURNOVER ACCOUNTS RECEIVABLES TURNOVER PAYROLL EXPENSE-TO-SALES INPUTED BY HAND ON THE BASIS OF HISTORICAL PERFORMANCE, MARKET INSIGHTS … OR BECAUSE YOUR BOSS SAYS SO. 5.00% 50.00% 80 DAYS 30 DAYS 30 DAYS 20.00% BUILDING DEPRECIATION FORECAST STRAIGHT LINE DEPRECIATION PERIOD BUILDING AND EQUIPMENT (NET) DEPRECIATION EXPENSE TAX EXPENSE FORECAST CORPORATE TAX RATE TAX EXPENSES INPUTTED MANUALLY 50% 5 YEARS 2005AUDITED 2006FORECASTED 50 40 10 2006FORECASTED 2005AUDITED 13 7 11 7 Example d'une projection RISK FREE RATE EXPECTED INTEREST COVERAGE 5.00% 3.00x CORRESPONDING SPREAD 2.25% 2.00% OFFICIAL RATING IF KNOWN ESTIMATED RATING INTEREST COVERAGE ABOVE BBB A- BUT BELOW RATING SPREAD -100000 0.2 0.65 0.8 1.25 1.5 1.75 2 2.5 3 4.25 5.5 6.5 8.50 0.199 0.649 0.799 1.249 1.499 1.749 1.999 2.499 2.999 4.249 5.499 6.499 8.499 100000 D C CC CCC BB B+ BB BBB AA A+ AA AAA 14.00% 12.70% 11.50% 10.00% 8.00% 6.50% 4.75% 3.50% 2.25% 2.00% 1.80% 1.50% 1.00% 0.75% www.survivrelondres.co.uk HOW TO READ THIS MODEL NUMBERS IN BLUE ARE TO BE INPUTTED MANUALLY (E.G. FROM PREVIOUS AUDITED FINANCIAL STATEMENTS). NUMBERS IN BLACK ARE CALCULATED BY THE SPREASHEET (NOT TO BE ALTERED) CONNECTION BETWEEN INCOME STATEMENT (IS) AND BALANCE SHEET (BS) "BS - EQUITY: TOTAL EARNINGS END" COMES FROM "IS - TOTAL EARNINGS END". CONNECTION BETWEEN BALANCE SHEET (BS) AND CASH FLOW STATEMENT (CF) BOTH "BS - CASH" AND "BS - OVERDRAFT " COME FROM "CF- CASH (OVERDRAFT)". OVERDRAFT IS NEGATIVE CASH. NOTE ON DEPRECIATION DEPRECIATION IS AN USUAL ITEM IN THAT IT USED IN 4 ACCOUNTING ENTRIES (UNLIKE ALL OTHER ITEMS WHICH FOR ONLY 2) 1) DEPRECIATION IS EXPENSED IN THE INCOME STATEMENT 2) BUT DEPRECIATION IS THEN ADDED BACK TO OPERATION NET EARNINGS IN THE CASF FLOW STATEMENT SINCE IT IS A NON-CASH ITEM. 3) DEPRECIATION IS REMOVED FROM PHYSICAL ASSETS (E.G. BUILDING) IN THE BALANCE SHEET. 4) BUT DEPRECIATION IS THEN ADDED BACK TO "CF- CHANGE IN VALUE OF BUILDING/EQUIPMENT". (*SEE EXPLANATION) (*) IMAGINE THAT YOU BOUGHT A BUILDING FOR $30 AT THE START OF 2005. DEPRECIATION DURING 2005 WAS 6. AS THE BALANCE SHEET CARRIES ASSETS AT NET VALUE, THE BUILDING AT THE END OF 2005 IS 24. NOW CONSIDER THAT YOU MAKE NO FURTHER PURCHASES FOR BUILSING IN 2006. YOU WOULD THEREFORE EXPECT YOUR CF STATEMENT TO SHOW $0 UNDER "CF- CHANGE IN VALUE OF BUILDING/EQUIPMENT". HOWEVER, -(24-30)= +6 WHICH SUGGESTS THAT YOU SOLD $6 WORTH OF YOUR BUILDING (CASH COMES IN). BUT THIS NOT TRUE. THE BUILDING MERELY LOST $6 WORTH OF ITS VALUE, WHICH IS WHY THE EXCEL SHEET SHOW THAT DEPRECIATION - A NON CASH ITEM - IS ADDED BACK TO THE 2006 VALUE OF THE BUILDING. THUS THE CORRECT CF CALCULATION FOR CHANGE IN VALUE OF THE BUILDING IS -(24+6-30)= 0. FORECASTING - A RECIPE 1) CALCULATE FINANCIAL RATIOS FROM THE AUDITED PERIOD. THIS CAN SERVE AS A FIRST REFERENCE FOR YOUR FORECAST IN THAT ANYTHING SIGNIFICANTLY DIFFERENT FROM A FIRM'S HISTORICAL PERFORMANCE NEEDS TO BE JUSTIFIED. 2) YOU DECIDE ON PLAUSSIBLE RATIOS FOR THE FIRM'S FUTURE. YOU GUIDE YOUR DECISION USING THE FIRM'S HISTORICAL RATIOS, SECTOR TRENDS (e.g. FROM BLOOMBERG) FROM REPORTS WITH SECTOR ANALYSTS OR YOUR BOSS' SECTOR INSIGHT 3) YOU APPLY THESE RATIOS TO SALES, GROSS MARGIN, PAYROLL EXPENSE, A/R, INVENTORY AND A/P FOR THE FORECASTED IS, BS AND CF STATEMENTS. 4) CREATE AMORTISATION, DEPRECIATION SCHEDULES AND TAX SCHEDULES (ALSO FORECASTS) USING THE NOTES FROM FINANCIAL STATEMENTS. 5) SINCE ALL THE SPREASHEET STATEMENTS ARE CONNECTED, YOU ARE NOW DONE AS ALL EMPTY CELLS SHOULD NOW CONTAIN FORECASTED VALUES. ERRORS TO AVOID IN THE CASH-FLOW STATEMENT 1) DO CALCULATE CHANGED IN CASH OR OVERDRAFT POSITIONS SINCE THESE ARE THE FIGURES BEING CALCULATED IN THE STATEMENT. 2) DO NOT CALCULATE CHANGES IN RETAINED EARNING IN "FINANCING CASH FLOW " SINCE THIS IS ALREADY TAKEN INTO ACCOUNT IN "OPERATIONS CF." 3) DO NOT FORGET TO ADD BACK DEPRECIATION TO NET ASSETS. ÉTAT DE REVENUS ET DÉPENSES 2004VÉRIFIÉ 2005VÉRIFIÉ 2006PRÉVISIONNEL BILAN 2004VÉRIFIÉ 2005VÉRIFIÉ 2006PRÉVISIONNEL ÉTAT DES FLUX DE TRÉSORERIE 2004VÉRIFIÉ 2005VÉRIFIÉ 2006PRÉVISIONNEL FLUX DES ACTIVITÉS D'EXPLOITATION VENTES COÛT DE VENTE MARGE BÉNÉFICAIRE BRUTE 0 0 0 0 0 0 0 0 0 ENCAISSE COMPTES RECEVABLES STOCKS ACTIF TOTAL À COURT TERME FRAIS DE PERSONNEL RÉSULTAT AVANT INTÉRÊTS, IMPÔTS ET AMORTISSEMENTS (EBITDA) 0 0 0 0 0 0 0 0 0 0 0 0 MARGE BÉNÉFICAIRE NETTE AMORTISSEMENTS 0 0 0 0 0 0 VARIATION TOTALE DES FONDS DE ROULEMENT VARIATIONS DES COMPTES RECEVABLES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 IMMEUBLES ET ÉQUIPEMENTS (NET) ACTIF TOTAL À LONG TERME 0 0 0 0 0 0 VARIATIONS DES STOCKS VARIATIONS DES COMPTES PAYABLES FRAIS EN INTÉRÊTS AMORTISSEMENTS 0 0 0 0 0 0 ACTIF TOCAL 0 0 0 FLUX TOTAL DES ACTIVITÉS D'EXPLOITATION 0 0 0 BÉNÉFICES AVANT IMPÔTS IMPÔTS MARGE BÉNÉFICAIRE NETTE BÉNÉFICE CUMULÉ DÉBUT BÉNÉFICE CUMULÉ FIN 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 COMPTES PAYABLES DÉCOUVERT PASSIF TOTAL À COURT TERME 0 0 0 0 0 0 0 0 0 FLUX DES ACTIVITÉS D'INVESTISSEMENT VARIATIONS DES IMMEUBLES ET ÉQUIPEMENT 0 0 0 FLUX TOTAL DES ACTIVITÉS D'INVESTISSEMENT DETTE À LONG TERME: PRÊTS BANCAIRES PASSIF TOTAL À LONG TERME 0 0 0 0 0 0 FLUX DES ACTIVITÉS DE FINANCEMENT DETTE À LONG TERME: PRÊTS BANCAIRES 0 0 0 0 0 0 0 0 0 LISTE DÉROULANTE ↓ CAS 1 PASSIF TOTAL 1 2 CAPITAL PROPRE: ACTIONS CAPITAL PROPRE: BÉNÉFICE CUMULÉ FIN CAPITAL PROPRE TOTAL 0 0 0 CAPITAL PROPRE: ACTIONS CHOISIR LE CAS 1 POUR APPLIQUER L'IMPÔT CORPORATIF AUX BÉNÉFICES CHOISIR LE CAS 2 POUR ESTIMER L'IMPÔT DANS LA SECTION CALENDRIER 0 0 0 0 0 0 0 0 0 FLUX TOTAL DES ACTIVITÉS DE FINANCEMENT 0 0 0 ENTRÉE DE FONDS (SORTIE) ENCAISSE AU DÉBUT DE L'EXERCICE 0 0 0 0 0 0 0 0 0 LE BLEUE DÉSIGNE LES VALEURS INSCRITTES MANUELLEMENT. LE NOIR DÉSIGNE LES VALEURS GÉNÉRÉES PAR LE TABLEUR PASSIF ET CAPITAL PROPRE 0 0 0 ENCAISSE (DÉCOUVERT) LE MODÈLE EST EN ÉQUILIBRE 0 0 0 CALENDRIER D'AMORTISATION, DE DÉPRÉCIATION ET D'IMPÔTS ANALYSE DE RATIOS 2004 2005 2006 RATIOS PRÉVISIONNELS 2006 CALENDRIER D'AMORTISATION DE LA DETTE À LONG TERME 2005VÉRIFIÉ 2006PRÉVISIONNEL TAUX HORS RISQUE COUVERTURE DES INTÉRÊTS PRÉVUE 5.00% 3.00x PROFITABILITÉ CROISSANCE DES VENTES MARGE BÉNÉFICAIRE BRUTE MARGE BÉNÉFICAIRE NETTE RÉSULTAT AVANT INTÉRÊTS, IMPÔTS ET AMORTISSEMENTS (EBITDA) PÉRIODE D'AMORTISATION VIDE 0.00% 0.00% 0 0.00% 0.00% 0.00% 0 0.00% 0.00% 0.00% 0 CROISSANCE DES VENTES MARGE BÉNÉFICAIRE BRUTE ROTATION DES STOCKS ROTATION DES COMPTES PAYABLES ROTATION DES COMPTES RECEVABLES 0.00% 10.00% 0 JOURS 0 JOURS 0 JOURS 0.00% CALENDRIER DE DÉPRÉCIATION IMMEUBLES ET ÉQUIPEMENT DETTE À LONG TERME: PRÊTS BANCAIRES TAUX D'INTÉRÊT FRAIS EN INTÉRÊTS 5 ANS 0 7.25% 0 COUVERTURE DES INTÉRÊTS 0 COTE OFFICIELLE SI CONNUE COTE ESTIMÉE ÉCART CORRESPONDANT BBB A2.25% 2.00% COUVERTURE DES INTÉRÊTS EBITDA-SUR-FRAIS EN INTÉRÊTS 0.00x 0.00x 0.00x FRAIS DE PERSONNEL-SUR-VENTES LES RATIOS PRÉVISIONNELS SONT INSCRITS MANUELLEMENT POUR ÉVITER TOUTE RELATION CIRCULAIRE. QUANT AU CHOIX DES VALEURS, CECI DOIT TENIR COMPTE DES TENDANCES DE L'INDUSTRIE D'OPÉRATION ET LA PERFORMANCE HISTORIQUE DE LA COMPAGNIE EN QUESTION. 2005VÉRIFIÉ 2006PRÉVISIONNEL SUPÉRIEURE À INFÉRIEURE À COTE ÉCART -100000 PÉRIODE DE DÉPRÉCIATION (MÉTHODE LINÉAIRE) IMMEUBLES ET ÉQUIPEMENTS (NET) AMORTISSEMENTS 10 ANS 0 0 0 0.2 0.65 0.8 1.25 IMPÔTS PAYABLES PRÉVUS 2005VÉRIFIÉ 2006PRÉVISIONNEL 1.5 1.75 TAUX D'IMPOSITION CORPORATIF SOMME D'IMPÔTS PRÉVUS INSCRITE MANUELLEMENT 50% 0 7 0 7 2 2.5 3 0.199 0.649 0.799 1.249 1.499 1.749 1.999 2.499 2.999 4.249 5.499 6.499 8.499 100000 D C CC CCC BB B+ BB BBB AA A+ AA AAA 14.00% 12.70% 11.50% 10.00% 8.00% 6.50% 4.75% 3.50% 2.25% 2.00% 1.80% 1.50% 1.00% 0.75% LIQUIDITÉ RATIO DE FONDS DE ROULEMENT RATIO DE LIQUIDITÉ RELATIVE ROTATION DES STOCKS ROTATION DES COMPTES PAYABLES ROTATION DES COMPTES RECEVABLES 0.00x 0.00x 0 JOURS 0 JOURS 0 JOURS 0.00x 0.00x 0 JOURS 0 JOURS 0 JOURS 0.00x 0.00x 0 JOURS 0 JOURS 0 JOURS EFFET DE LEVIER PASSIF TOTAL-SUR-CAPITAL PROPRE TOTAL PASSIFS PORTEURS D'INTÉRÊTS-SUR-CAPITAL PROPRE TOTAL 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 4.25 5.5 6.5 AUTRES RATIOS NÉCESSAIRES AUX PROJECTIONS FRAIS DE PERSONNEL-SUR-VENTES 0.00% 0.00% 0.00% 8.50