{"id":26452,"date":"2019-04-08T00:30:19","date_gmt":"2019-04-07T22:30:19","guid":{"rendered":"https:\/\/valoxy.org\/blog\/?p=26452"},"modified":"2024-06-13T16:06:32","modified_gmt":"2024-06-13T14:06:32","slug":"le-cash-flow","status":"publish","type":"post","link":"https:\/\/valoxy.org\/blog\/le-cash-flow\/","title":{"rendered":"Le cash-flow"},"content":{"rendered":"<p>Issue de la pr\u00e9sentation des comptes aux \u00c9tats-Unis, la notion de cash-flow, (litt\u00e9ralement\u00a0\u201cflux de liquidit\u00e9s\u201d), repr\u00e9sente un flux de tr\u00e9sorerie. L\u2019entreprise est en effet travers\u00e9e en permanence de multiples \u201cflux de liquidit\u00e9s\u201d.<\/p>\n<p>Il existe autant de d\u00e9finitions de cash-flows que de soci\u00e9t\u00e9s, mais la tendance est heureusement \u00e0 la normalisation. Qu\u2019il s\u2019agisse d\u2019un plan de financement. Ou que l\u2019entreprise cherche \u00e0 attirer de nouveaux associ\u00e9s. Ou encore qu\u2019elle souhaite pr\u00e9senter des comptes \u201c\u00e0 l\u2019anglo-saxonne\u201d. Les cash-flows (flux de liquidit\u00e9s) sont maintenant publi\u00e9s par la plupart des entreprises cot\u00e9es.<\/p>\n<p>Valoxy, cabinet d\u2019expertise comptable dans les Hauts de France, apporte dans cet article les d\u00e9finitions et les explications pour bien comprendre cet indicateur et l\u2019utiliser \u00e0 bon escient dans l\u2019entreprise.<\/p>\n<h2><\/h2>\n<h2><strong>Le cash-flow ou flux de tr\u00e9sorerie\u00a0: d\u00e9finition<\/strong><\/h2>\n<p>Le mot signifie en anglais \u00ab flux de liquidit\u00e9s \u00bb. Plus pr\u00e9cis\u00e9ment, c\u2019est un indicateur qui recense tous les flux de tr\u00e9sorerie de l\u2019entreprise. Il est tr\u00e8s utile lorsque vous r\u00e9alisez vos budgets (actuels et pr\u00e9visionnels) ou encore pour vos plans d\u2019investissements, et dans le cadre d\u2019une analyse financi\u00e8re. Le cash-flow permet aussi de <strong>calculer<\/strong><strong> la profitabilit<\/strong><strong>\u00e9 d&rsquo;une entreprise<\/strong> \u00e0 partir de ses \u201cflux de liquidit\u00e9s\u201d.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Comment l&rsquo;interpr\u00e9ter ?<\/strong><\/h2>\n<p>Il existe plusieurs m\u00e9thodes de calcul du cash-flow selon l\u2019angle sous lequel vous \u00e9tudiez les comptes de l\u2019entreprise\u00a0(exploitation, financier, etc.) :<\/p>\n<ul>\n<li>le \u201ccash-flow from operations\u201d, appel\u00e9 flux de tr\u00e9sorerie d\u2019exploitation, quant \u00e0 lui, montre les flux g\u00e9n\u00e9r\u00e9s par le cycle d\u2019exploitation. Il mesure la capacit\u00e9 de l\u2019entreprise \u00e0 financer ses investissements, et il est toujours pr\u00e9sent dans les comptes annuels am\u00e9ricains. Il s\u2019apparente \u00e0 notre Capacit\u00e9 d\u2019Autofinancement (CAF), \u00e0 la diff\u00e9rence qu\u2019il prend en compte les d\u00e9calages de tr\u00e9sorerie\u00a0(en incluant la variation du fonds de roulement dans son calcul), puisqu\u2019il neutralise l&rsquo;impact des charges non d\u00e9caiss\u00e9es et des produits non encaiss\u00e9s, mais aussi les frais financiers, d\u00e9j\u00e0 int\u00e9gr\u00e9s au r\u00e9sultat.<\/li>\n<li>le \u201cfree cash-flow\u201d, appel\u00e9 flux de tr\u00e9sorerie disponible, correspond aux flux de tr\u00e9sorerie g\u00e9n\u00e9r\u00e9s par l\u2019actif de l\u2019entreprise, apr\u00e8s investissements et\/ou d\u00e9sinvestissements.<\/li>\n<li>le \u201ccash-flow equity\u201d, ou cash-flow revenant aux pr\u00eateurs (ou cash-flow pour les pr\u00eateurs), estime les capitaux propres de l\u2019entreprise, et sert principalement dans le cadre d\u2019une ouverture du capital \u00e0 de nouveaux associ\u00e9s.<\/li>\n<\/ul>\n<h2><\/h2>\n<h2><strong>Comment calculer les cash-flow ?<\/strong><\/h2>\n<h3>Le cash-flow from operations (flux de tr\u00e9sorerie d\u2019exploitation)<\/h3>\n<p>= R\u00e9sultat net<\/p>\n<p>+ Dotations aux amortissements et aux provisions (comptes 68)<\/p>\n<p>\u2013 Reprises sur amortissements et provisions (comptes 78)<\/p>\n<p>\u2013 Plus-values de cession d\u2019actifs (comptes 775)<\/p>\n<p>+ Moins-values de cessions d\u2019actifs (comptes 675)<\/p>\n<p>+\/- Variation du besoin en fonds de roulement<\/p>\n<p>&nbsp;<\/p>\n<p>Le cash-flow from operations est principalement utilis\u00e9 dans le cadre d\u2019<strong>analyses financi\u00e8res<\/strong> et permet de mesurer l\u2019intensit\u00e9 des <strong>flux mon\u00e9taires g\u00e9n\u00e9r\u00e9s par l\u2019exploitation et les frais financiers.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<h3>Le free cash-flow (flux de tr\u00e9sorerie disponible, ou FTD)<\/h3>\n<p>= Exc\u00e9dent Brut d\u2019Exploitation (EBE)<\/p>\n<p>\u2013 Imp\u00f4t sur le r\u00e9sultat d\u2019exploitation<\/p>\n<p>+\/- Variation du besoin en fonds de roulement<\/p>\n<p>\u2013 Investissements<\/p>\n<p>+ Cession d\u2019immobilisations (d\u00e9sinvestissements)<\/p>\n<p>&nbsp;<\/p>\n<p>Il sert principalement \u00e0 l\u2019<strong>\u00e9valuation des entreprises<\/strong>. En actualisant les flux de tr\u00e9sorerie futurs, gr\u00e2ce \u00e0 la m\u00e9thode des \u201cdiscounted cash-flow\u201d (DCF), il permet de calculer le flux de tr\u00e9sorerie g\u00e9n\u00e9r\u00e9 par l\u2019actif \u00e9conomique. Le \u201ccash-flow disponible\u201d correspond \u00e0 la portion liquide de la CAF, non affect\u00e9e \u00e0 de nouveaux investissements.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Le cash-flow equity (flux de tr\u00e9sorerie revenant aux pr\u00eateurs)<\/strong><\/h2>\n<p>= Flux de tr\u00e9sorerie disponible (free cash-flow)<\/p>\n<p>\u2013 Frais financiers<\/p>\n<p>+ Produits financiers<\/p>\n<p>+\/- Variation de l\u2019endettement bancaire et financier<\/p>\n<p>&nbsp;<\/p>\n<p>Le cash-flow equity permet une estimation de<strong> la valeur des capitaux propres<\/strong> d\u2019une entreprise, par exemple dans le cadre d\u2019une prise de participation.<\/p>\n<p>En conclusion, le cash-flow est une notion tr\u00e8s appr\u00e9ci\u00e9e, car il prend en compte les <strong>d\u00e9calages de paiement, mais aussi le financement des investissements.<\/strong> Il refl\u00e8te donc la r\u00e9alit\u00e9 de fa\u00e7on plus concr\u00e8te et pratique que la Capacit\u00e9 d\u2019Autofinancement (CAF), la Marge Brute d\u2019Autofinancement (MBA), ou l\u2019Exc\u00e9dent Brut d\u2019Exploitation (EBE), les indicateurs fran\u00e7ais les plus approchants.<\/p>\n<p><em>\u201c<\/em><em>La CAF <\/em><em>n\u2019est en effet un cash-flow que si les clients et les fournisseurs paient et sont pay\u00e9s comptant et si les stocks sont nuls, (ou bien si ces trois postes sont constants au cours du temps, ce qui est bien rare !)\u201d<\/em><\/p>\n<p>En neutralisant l&rsquo;impact des charges non d\u00e9caiss\u00e9es, des produits non encaiss\u00e9s et des d\u00e9calages de tr\u00e9sorerie, <strong>le cash-flow permet de d\u00e9<\/strong><strong>terminer <\/strong><strong>la bonne sant\u00e9 financi\u00e8re d\u2019une entreprise.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Cet article vous a int\u00e9ress\u00e9 ? Dites le nous dans les commentaires ci-dessous ! Et retrouvez nos articles sur le blog de Valoxy :<\/p>\n<ul>\n<li><a href=\"https:\/\/valoxy.org\/blog\/le-bfr-quels-sont-ses-enjeux\/\">Qu&rsquo;est-ce que le BFR ?<\/a><\/li>\n<li><a href=\"https:\/\/valoxy.org\/blog\/lanalyse-du-bilan-fonctionnel\/\">L&rsquo;analyse du bilan fonctionnel<\/a><\/li>\n<li><a href=\"https:\/\/valoxy.org\/blog\/capacite-d-autofinancement-12092014avalsebhau1\/\">Qu\u2019est-ce que la Capacit\u00e9 d\u2019autofinancement ?<\/a><\/li>\n<li><a href=\"https:\/\/valoxy.org\/blog\/les-caracteristiques-generales-du-montage-lbo\/\">Les caract\u00e9ristiques g\u00e9n\u00e9rales du montage LBO<\/a><\/li>\n<li><a href=\"https:\/\/valoxy.org\/blog\/cout-moyen-pondere-du-capital\/\">Le Co\u00fbt Moyen Pond\u00e9r\u00e9 du Capital<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Issue de la pr\u00e9sentation des comptes aux \u00c9tats-Unis, la notion de cash-flow, (litt\u00e9ralement\u00a0\u201cflux de liquidit\u00e9s\u201d), repr\u00e9sente un flux de tr\u00e9sorerie. L\u2019entreprise est en effet travers\u00e9e en permanence de multiples \u201cflux de liquidit\u00e9s\u201d. Il existe autant de d\u00e9finitions de cash-flows que&#8230;<\/p>\n","protected":false},"author":1,"featured_media":26456,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-26452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gestion"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Le cash-flow | Blog Valoxy - Expertise comptable<\/title>\n<meta name=\"description\" content=\"Le cash-flow, (litt\u00e9ralement\u00a0\u201cflux de liquidit\u00e9s\u201d), est un indicateur qui recense tous les flux de tr\u00e9sorerie de l\u2019entreprise.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/valoxy.org\/blog\/le-cash-flow\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Le cash-flow | Blog Valoxy - Expertise comptable\" \/>\n<meta property=\"og:description\" content=\"Le cash-flow, (litt\u00e9ralement\u00a0\u201cflux de liquidit\u00e9s\u201d), est un indicateur qui recense tous les flux de tr\u00e9sorerie de l\u2019entreprise.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/valoxy.org\/blog\/le-cash-flow\/\" \/>\n<meta property=\"og:site_name\" content=\"Blog Valoxy - Expertise comptable\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Valoxy\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-07T22:30:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-13T14:06:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2019\/04\/cash-flow-e1620201192316-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"467\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Expert-comptable Valoxy\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Expert-comptable Valoxy\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/valoxy.org\/blog\/le-cash-flow\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/valoxy.org\/blog\/le-cash-flow\/\"},\"author\":{\"name\":\"Expert-comptable Valoxy\",\"@id\":\"https:\/\/valoxy.org\/blog\/#\/schema\/person\/d285f250195f45509ceac046366fcc4a\"},\"headline\":\"Le cash-flow\",\"datePublished\":\"2019-04-07T22:30:19+00:00\",\"dateModified\":\"2024-06-13T14:06:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/valoxy.org\/blog\/le-cash-flow\/\"},\"wordCount\":883,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/valoxy.org\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/valoxy.org\/blog\/le-cash-flow\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2019\/04\/cash-flow-e1620201192316-1.jpg\",\"articleSection\":[\"Gestion\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/valoxy.org\/blog\/le-cash-flow\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/valoxy.org\/blog\/le-cash-flow\/\",\"url\":\"https:\/\/valoxy.org\/blog\/le-cash-flow\/\",\"name\":\"Le cash-flow | Blog Valoxy - 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