aroce.py

Created on June 23, 2025
1.47 KB
ROCE 
ROCE
(RENTABILITE CPX EMPLOYES)
FORMULE
ROCE =
EBIT / CPx employés
EBIT = REX + charges
financ. nettes
(souvent EBE si pas détail)
CPx EMPLOYES =
FP + dettes financières
LT + CT - trésorerie
DEFINITION
ROCE = rentab éco
des CPx employés
ANALYSE
ROCE ↗ = perf ↑
bon usage ressources
ROCE ↘ = perf ↓
ressources mal exploitées
ROCE > WACC =
création valeur
ROCE < WACC =
destruction valeur


DEFINITION
ROCE = rendement des
capitaux engagés avant
cout financement
FORMULE
re = resultat eco
/ capitaux employes
CALCUL RESULTAT ECO
Re = RN + D * rD * (1-IS)
AVEC
RN = resultat net
D = dette financiere
rD = cout moyen dette
IS = taux impot
ATTENTION
retirer quote part
MEQ du RN avant calcul
EXEMPLE N-1
RN = 1593 k€
cout endettement = 3094
Re = 1593 + 3094 * (1-0.333)
Re = 1593 + 3094 * 0.667
Re = 1593 + 2062.67
Re = 3655.67 k€
EXEMPLE N
RN = 5765 k€
quote part MEQ = 215
cout endettement = 3080
Re = (5765 - 215) +
3080 * (1 - 0.333)
Re = 5550 + 3080 * 0.667
Re = 5550 + 2054.64
Re = 7603.33 k€
CALCUL CAP EMPLOYES
cap employes = FP + DLT
+DCT - tresorerie active
EXEMPLE N-1
FP = 46644
DLT = 18853
DCT = 40915
tresorerie = (4214)
total = 46644 + 18853
•  40915 - 4214
= 102198
EXEMPLE N
FP = 51539
DLT = 14535
DCT = 50162
tresorerie = (2684)
total = 51539 + 14535
•  50162 - 2684
= 113552
CALCUL RENTAB ECO
re N-1 = 3655.67 / 102198
= 3.577 %
re N = 7603.33 / 113552
= 6.696 %
CONCLUSION
1 retirer MEQ du RN
2 ajouter dette nette
3 calculer cap employes
4 Re / cap employes = re