{"id":978,"date":"2014-06-30T08:02:56","date_gmt":"2014-06-30T06:02:56","guid":{"rendered":"http:\/\/www.cfppa.fr\/infocampus\/?page_id=978"},"modified":"2017-03-14T07:34:51","modified_gmt":"2017-03-14T06:34:51","slug":"evaluer-la-valeur-dune-exploitation","status":"publish","type":"page","link":"https:\/\/www.cfppa.fr\/infocampus\/evaluer-la-valeur-dune-exploitation\/","title":{"rendered":"Evaluer la valeur d’une exploitation ?"},"content":{"rendered":"

Trois approches ! \u00a0mais \u00a0ce sont les acheteurs qui donnent le prix r\u00e9el !\u00a0\"\"!!<\/p>\n

Pas d’acheteurs \u00a0pas de vente !<\/p>\n

Une premi\u00e8re approche : la valeur patrimoniale <\/span><\/strong><\/p>\n

elle consiste \u00e0 \u00e9valuer les biens de l’entreprise (actif) \u00e0 leurs valeurs v\u00e9nales estim\u00e9es par des experts<\/p>\n

 <\/p><\/blockquote>\n

Immobilisations :<\/span><\/strong><\/p>\n

Aides PAC\u00a0\u21d2<\/strong><\/p>\n

B\u00e2timents\u21d2<\/strong><\/p>\n

Mat\u00e9riels\u00a0\u21d2<\/strong><\/p>\n

Cheptel reproducteurs\u00a0\u21d2<\/strong><\/p>\n

Stocks\u00a0<\/span><\/strong><\/p>\n

Animaux et cultures et avances aux cultures\u00a0\u21d2<\/strong><\/p>\n

Cr\u00e9ances clients et disponibilit\u00e9s\u00a0<\/span><\/strong><\/p>\n

Cr\u00e9ances clients et disponibilit\u00e9s \u00a0\u21d2<\/strong><\/p>\n

Total actif :\u00a0<\/strong><\/span><\/p>\n

Dettes inscrites au passif\u00a0<\/span><\/strong><\/p>\n

Dettes financi\u00e8res \u00e0 long et moyen terme \u00a0:\u00a0\u21d2<\/strong><\/p>\n

Dettes financi\u00e8res \u00e0 court terme :\u00a0\u21d2<\/span><\/strong><\/p>\n

Dettes aux\u00a0fournisseurs :\u21d2<\/strong><\/p>\n

(Comptes courants associ\u00e9s cr\u00e9diteurs) \u00a0\u21d2<\/strong><\/p>\n

Passif \u00e0 d\u00e9duire :\u00a0<\/span><\/strong><\/p>\n

Selon la m\u00e9thode patrimoniale , l’entreprise vaudrait : total actif – dettes\u00a0<\/span><\/strong><\/p>\n

\n
\n

 <\/p>\n

Deuxi\u00e8me m\u00e9thode : La valeur de remboursement\u00a0<\/span><\/strong><\/p>\n

Cette m\u00e9thode se base sur la capacit\u00e9 de l’entreprise \u00e0 d\u00e9gager de la richesse. A partir de la capacit\u00e9 de remboursement (CIFI, CREN) , quel capital pourrait on emprunter pour racheter l’entreprise ?<\/p><\/blockquote>\n

On \u00e9value un EB<\/strong>E pr\u00e9visionnel \u00a0<\/span><\/strong>( analyse des EBE sur les cinq derni\u00e8res ann\u00e9es par exemple, ou un pr\u00e9visionnel)<\/p>\n

De cet EBE pr\u00e9visionnel \u00a0on d\u00e9duit les annuit\u00e9s pr\u00e9visionnelles<\/span><\/strong> (li\u00e9s aux investissements n\u00e9cessaires pour faire “tourner” l’entreprise<\/p>\n

Puis on d\u00e9duit “une r\u00e9mun\u00e9ration<\/span> <\/strong>des associ\u00e9es ou des chefs d’entreprise”. (mini 15 000\u20ac par associ\u00e9)<\/p>\n

Ce qui reste est la capacit\u00e9 de remboursement \u00a0<\/span><\/strong>pour rembourser de nouveaux emprunts<\/p>\n

!!<\/p>\n

Exemple:<\/p>\n

Soit un \u00a0EBE de 70 000\u20ac<\/p>\n

Annuit\u00e9s pr\u00e9visionnelles de 20 000\u20ac<\/p>\n

Il reste un revenu disponible pr\u00e9visionnel de 50 000\u20ac<\/p>\n

On enl\u00e8ve une r\u00e9mun\u00e9ration des agriculteurs : 15 000\u20ac<\/p>\n

Il reste donc une CIFI ou CREN (capacit\u00e9 \u00e0 rembourser des emprunts nouveaux )de 35 000\u20ac<\/p>\n

A cela il convient de garder une marge de s\u00e9curit\u00e9 pour les \u00e9l\u00e9ments non pr\u00e9vus disons 10% de l’EBE \u00a0soit 7000\u20ac<\/p>\n

On peut donc disposer de 28 000\u20ac pour rembourser des emprunts<\/p>\n

Avec une annuit\u00e9 potentielle \u00a0de 28 000\u20ac on peut \u00a0emprunter combien ?<\/strong>\u00a0\"no\"<\/p>\n

Pour une mensualit\u00e9 de 2 333\u20ac , un taux de 3% et une dur\u00e9e de 15 ans , on peut emprunter \u00a0300 000\u20ac ! \u00a0et sur 20 ans on peut emprunter \u00a0420 000\u20ac \u00a0!<\/p>\n

\n
\n

Troisi\u00e8me m\u00e9thode : la valeur de rendement\u00a0<\/span><\/strong><\/p>\n

\u00a0C’est la m\u00e9thode la plus difficile \u00e0 appr\u00e9hender. Elle est bas\u00e9e sur la rentabilit\u00e9 de l’entreprise et sur sa capacit\u00e9 \u00e0 r\u00e9mun\u00e9rer un capital<\/p>\n

 <\/p><\/blockquote>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Trois approches ! \u00a0mais \u00a0ce sont les acheteurs qui donnent le prix r\u00e9el !\u00a0!! Pas d’acheteurs \u00a0pas de vente ! 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