Free Essay

Multinatinal, Enterprises

In:

Submitted By sianna79
Words 347
Pages 2
Exo2

(A) VAN total pour les deux inv. en Belgique : |

(2 * (9 * 5million – 5* 5million)/0,045 ) * (1-0,34) bénéfice taxé (pour les deux)
+
0,045/0,045 * 0,34 * 25million charge d’intérêts déductible
+
a * 0,34 (a = ((5million/0,045 )*(1-1/(1+0,045)^10) ) amortissements déductibles

* 50million Investissements

558,618,287 €

(B) |

-Production totale (nounours, drapeau, impression) pour le marché belge, en Belgique : 5million d’unité, vendus à 9, produit à 5.

* Production partielle pour le marché croate en Belgique : 5million (juste le nounours, pas le reste, vendus à 4,5 à la filiale croate, produit à 3,5)

* Réception de dividendes croate, taxé selon les RDT
[Finition des produits en Croatie pour un coût de 1,5 (drapeau + impression) + évidemment le prix d’achat 4,5]

* Amortissement de l’investissement belge déductible (25/10 + 15/10)

* Charges d’intérêt belge déductible (on a emprunté la moitié de l’investissement nécessaire en Belgique, à savoir 25+15/2 = 20million, le restant financé par émission d’action, ce qui n’influence pas la VAN)

* Investissement belge 25millions + 15millions

* Investissement croate (2/5 de 25million : 10millions)

VAN sans redevance: |

(9-5)/0,045 * 5million *(1-O,34) = 293,333,333

+
4,5-3,5/0,045 * 5million *(1-0,34) = 73,333,333

+
(1-0,05*0,34)[(1-0,25)*(9-4,5-1,5)/0,045*5million]= 245,750,000 +

a * 0,34 = 10,761,296 (a= dotation de 4million pendant 10 ans)
+
0,34*20millions = 6,800,000

* 25million – 10million – 15million

579,977,962 €

VAN avec redevance: |

(9-5)/0,045 * 5million *(1-O,34) = 293,333,333

+
4,5-3,5+1/0,045 * 5million *(1-0,34) = 146,666,666

+
(1-0,05*0,34)[(1-0,25)*(9-4,5-1,5-1)/0,045*5million]= 163,833,333 +

a * 0,34 = 10,761,296 (a= dotation de 4million pendant 10 ans)
+
0,34*20millions = 6,800,000

+ (1-0,2*0,34)*5million*1eur)/0,045 Brevet déduit à 0,8

* 25million – 10million -15million

674,950,183 €

CONCLUSION : solution B avec redevance est la meilleure

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