calcul cash flow excel

Free cash flow also indicates to the investors that there is ample cash flow available with the company to reduce its debt or fund future expansion or give dividends to investors or buyback stock etc. The fields in the tan colored cells of the spreadsheet are left blank for you to enter your own figures, and you can also change labels for these rows to reflect your own categories of cash flows. A company named Greenfield Pvt. CASH FLOW INDICATOR RATIOS. For example, amount funded is on 1/31, first payment due is on 3/1. PV can handle cash flows that occur at the end and at the beginning of a period. $25.00 by Projectify 13 Week Cash Forecast Excel Model Example. More Free Templates. Analysts may have to do additional or slightly altered calculations depending on the data at their disposal. If you need help get in contact. You can also insert further rows into the Cash Flow template, but if you do, it is advised that you check the formulas (in the grey cells), to ensure that they include the figures from any newly inserted rows. The fundamental principle underlying that is whether the company is able to generate sufficient cash for its operations. Free cash flow is also an important technique which is used to value an entire company. FAQ. Cash Flow Calculator can help you in evaluating the factors which can impact your net cash flow. Cash on Cash Return (full mortgage) Although earnings appear bleak, we should look at our investment form a more long-term perspective. If you need help get in contact. Cash Flow Forecast – 1 Year Worksheet Excel. Note that both cash flow statements are calculated automatically and no user input is therefore required on either the Direct or Indirect sheets. TEMPLATE CATEGORIES / CASH FLOW. With a high cash flow level, companies can withstand declines in operating performance and pay dividends to investors. You can easily calculate the Free Cash Flow using Formula in the template provided. Free cash flow available to the firm for the calendar year is: –, Hence the Free Cash Flow for the year is $15000. 621 Discuss add_shopping_cart. Cash Flow aus der Investitionstätigkeit. Using the Excel FV Function to Calculate the Future Value of a Single Cash Flow. DCF Model - Discounted Cash Flow Excel Calculator Will Help You - Be Able To Project Forward How Much Cash You'll Have - Understand the impact of future plans and possible outcomes - See Where The Cash Is Coming In and Going Out - Optimize the Timing of Accounts Payable and Receivable - Take Control Of The Cash Flow For Your Retail Business - Prove to lenders your … Corporate Valuation, Investment Banking, Accounting, CFA Calculator & others, This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. Free Cash Flow to the Equity denotes the cash flow available to shareholders only after subtracting debt payments to the debtholders. Step 3 Divide the future value you want by the future value of an annuity factor. =. From there, you subtract monthly overhead expenses to arrive at a net profit or loss figure for your small business. Or, payments may be seasonal. Discounted cash flow is more appropriate when future condition are variable and there are distinct periods of rapid growth … By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our Privacy Policy, Special Offer - All in One Financial Analyst Bundle (250+ Courses, 40+ Projects) Learn More, You can download this Free Cash Flow Formula Template here –, 250+ Online Courses | 1000+ Hours | Verifiable Certificates | Lifetime Access, Free Cash Flow Formula in Excel(With Excel Template), Finance for Non Finance Managers Course (7 Courses), Investment Banking Course(117 Courses, 25+ Projects), Financial Modeling Course (3 Courses, 14 Projects), Calculator of Return on Average Assets Formula, Finance for Non Finance Managers Training Course, Free Cash Flow = $300 million – $50 million – $125 million, Free Cash Flow = $550 million – $100 million – $175 million. Company A which has operating cash flow of $50000 and capital expenditure for the year is $30000. By \"cash\" we mean both physical currency and money in a checking account. The following steps are helpful to calculate the cash flow in excel for a construction project. Ready for Immediate download with 1 … Download templates for cash flow forecasts, cash flow statements, cashbook, petty cash and more. Discounted Cash Flow Excel Formula - Find Coupon Codes. EXCEL TEMPLATE CALCULATOR. Company A which has operating cash flow of $50000 and capital expenditure for the year is $30000. Where EBIT is Earnings before Interest and Taxes. © 2020 - EDUCBA. Discounted Cash Flow Calculator Excel - Best Coupon Codes. In financial accounting, a Cash Flow Statement, also known as Statement of Cash Flow, is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities. The Cash Flow Statement, or Statement of Cash Flows, summarizes a company's inflow and outflow of cash, meaning where a business's money came from (cash receipts) and where it went (cash paid). Calculate the term and the interest rate using a future value of an annuity table, available online at GetObjects.com or StudyFinance.com. Cash Flow aus der laufenden Geschäftstätigkeit (auch als operativer Cash Flow oder Netto Cash Flow bezeichnet) Hier betrachtest du nur das gewöhnliche Geschäft, ein positiver Cash Flow hieraus dient der Innenfinanzierung des Unternehmens. You can use the following Free Cash Flow Formula Calculator, Here we will do the example of the Free Cash Flow Formula in Excel. This article breaks down the DCF formula into simple terms … If free cash flow is negative for multiple years, it indicates that the company is not able to utilize its capital expenditure properly. The capital expenditure for the year is $100 million and the net working capital is $175 million for the year. 1. Free Cash Flow can be defined as the cash flow available to the firm net of any funds invested in capital expenditure and working capital for the year. The cash flow statement is a standard financial statement used along with the balance sheet and income statement. Key purposes which can be answered with the help of the Discounted Cash Flow (DCF) Excel financial model are as follows: - to value an entire business; - to value a project or investment within a company; - to value an income producing property; - to value the benefit of a cost-saving initiative at a company; - to value anything that produces (or has an impact on) cash flow; … More specifically, you can calculate the present value of uneven cash flows (or even cash flows). CODES (4 days ago) The discounted cash flow DCF formula is the sum of the cash flow in each period divided by one plus the discount rate raised to the power of the period #. The net working capital for the year is $5000.Hence,Free cash flow available to the firm for the calendar year is: – 1. Excel Cash Flow Budget Template – Budgeting is just not always easy, specially when you do not have adequate cash to budget in the first location. The calculator is used as follows: The operating cash flow is entered. Download Rich Dad financial tools here to check the cash flow of your investments, evaluate real estate, increase your financial literacy, and more…fast. The simplest way to calculate free cash flow is to subtract capital expenditures from operating cash flow. ): Mar 20: Mar 19: Mar 18: Mar 17: Mar 16 : 12 mths: 12 mths: 12 mths: 12 mths: 12 mths : Net Profit/Loss Before Extraordinary Items And Tax 1,702 Discuss add_shopping_cart. The model allows the user to input cash flow assumptions for up to 3 revenue streams, 3 variable cost categories for each revenue stream, 5 staff cost categories and 12 other expense categories all of which can be easily extended if required. Examples of Free Cash Flow from EBITDA (with Excel Template) ... Jim, an analyst in a sports apparel producing company, wants to calculate free cash flows to equity from the company’s financial statements, an excerpt of which is provided here. With a high cash flow level, companies can withstand declines in operating performance and pay dividends to investors. We only have templates as of today. Free cash flow measures how much cash a company has at its disposal, after covering the costs associated with remaining in business. Cash flow planning and cash flow report are the templates you can download below, … STEP 1: Know your Cash Flow. Cash Flow of Excel Industries (in Rs. How to Calculate Discounted Cash Flow (DCF) Formula & Definition. Since it's an outgoing payment, it needs to be a negative number. It can provide deep insights into the financial operations of the firm and whether sufficient cash flow is present to fund future expansion. A very simple to use DCF (Discounted Cash Flow) Excel Model with WACC calculations. Hence the Free Cash Flow For the year is $125 Million. The PV function requires cash flows to be constant over the entire life of an investment. Enlist all the cash outflows and do a total. 1,603 2 add_shopping_cart. For companies considering to analyse it’s investments, the Eloquens catalogue provides a variety of Discounted Cash Flow DCF Excel Models and templates designed and built by professionals and professors where all you need to do is to input the required values. Calculate cumulative cash flows (CCC) for each year and enter the result in the Year X column/Cumulative Cash Flows row. Used to calculate the totals for each category of cash flows. Contact. With NPV, cash flows must occur at the end of each period. Ltd which deal with organic vegetables have a capital expenditure of $200 and operating cash flow $1,100. CODES (1 months ago) Discounted Cash Flow Valuation Excel » The Spreadsheet Page. MS Excel has two formulas that can be used to calculate discounted cash flow, which it terms as “NPV”. Download: Cash Flow Forecast Excel Template. $99.00 by Henry Sheykin Hostel Financial … Free Cash Flow indicates whether the company is generating sufficient cash to fund its operations. A company's cash flows can have 3 origins. When building a Discounted Cash Flow / DCF model there are two major components: (1) the forecast period and (2) the terminal value.The forecast period is typically 3-5 years for a normal business (but can be much longer in some types of businesses, like oil and gas or mining) because this The addition operator is used to calculate: Net increase (decrease) in cash & cash equivalents. The NPV function can calculate uneven (variable) cash flows. Cash Flow Templates This is our small assortment of professional cash flow spreadsheets. Start Your Free Investment Banking Course, Download Corporate Valuation, Investment Banking, Accounting, CFA Calculator & others, Let’s take an example to find out the Free Cash Flow for a company: –. Subtract cash outflows from cash inflows to calculate net cash flow. Capex for a year = PPEcurrent year – PPEprevious year + Depreciation & Amortization, Where PPE stands for Property, Plant, and Equipment. CODES (2 days ago) Discounted cash flows allows you to value your holdings today based on cash flows to be generated over the future period. Operating cash flow is found on the cash flow statement of the business. finance model dcf wacc discounted cash flow. Higher cash flows not reflected in stock prices of a company reflects that the market has not taken into account the good performance of a company and the company is a good bet to invest in. Enter the starting balance or cash on hand. Add the net cash flow in starting balance to find the closing balance. The statement of cash flow shall report cash flows during the period classified as operating, investing and financing activities. https://www.template.net/business/excel/cash-flow-templates The ‘Assumptions’ sheet lists the main drivers of the business model. Cash flows are inflows and outflows of cash and cash equivalents. CODES ... Our online Discounted Cash Flow calculator helps you calculate the Discounted Present Value (a.k.a. Hence the Free Cash Flow for the year is $275 Million, FCF = Operating Cash Flow – Capital Expenditure – Net Working Capital, Operating Cash Flow = EBIT (1-t) + Depreciation and Non-cash expenses, Operating Cash Flow = Net Income + Interest (1-t) + Depreciation and non-cash expenses. $15.00 by Nikolaos Giannoulis, CFA, AFM, CFM, MSc Discounted Cash Flow (DCF) Model (Academic Quality) A simple DCF model serving as an academic exercise to understand how … So erwirtschaftest du Geld, um Kredite zu tilgen, Zinsen zu zahlen und Investitionen zu tätigen. ... EXCEL TEMPLATE CATEGORIES; Click the template category links to view all the templates in the … Annual, monthly or weekly. To include an initial investment at time = 0 use Net Present Value (NPV) Calculator. We also provide an excel template. Example of IRR Calculator in Excel Th… With the cash flow spreadsheet, you start out with the amount of cash you have on hand at the beginning of the month. Cr. How to calculate your cash flow forecast: Your cash flow forecast is actually one of the easiest formulas to calculate. 3. Difference between NPV and XNPV in Excel CODES (6 days ago) Discounted Cash Flow DCF Formula - Guide How to Calculate NPV. intrinsic value) of future cash flows for a business, stock investment, house purchase, etc. This one is a simple COUNTIF formula. Free Cash Flow = Operating Cash Flow – Capital Expenditure – Net Working Capital 2. ALL RIGHTS RESERVED. Check Google Sheets Version https://kutt.it/DCF_GS Free Discounted Cash Flow Analysis Excel Template. Free Cash Flow is also used by investors as a proxy for stock prices. The Excel functions and operators used in the above Cash Flow spreadsheet are: Sum function. Excel template statement of cash flows. Instead of using the above formula, the future value of a single cash flow can be calculated using the built-in Excel FV function (which is generally used for a series of cash flows). The future value of an annuity factor is 29.7781. The inputs … The following Excel spreadsheet provides a template of a typical Cash Flow statement, which may be useful for your small business accounts. It counts all the number of negative cash flows in the Cumulative cash flows line before it turns positive from years 2014 to … Feel free to leave a review and a rating if you have appreciated the model! Professional Cash flow projection template excel let us first understand what the importance of cash in the firm’s cash is in the language of finance tell us the liquidity of the firm, liquidity is the position that how much a company is willing to pay cash. The capital expenditure can be determined either from the Balance Sheet or Cash Flow Statement or both. But it is a routine work and accountants have to go through it every accounting period (monthly, quarterly and/or annually). Calculating the Future Value (FV) of uneven cash flows using two methods on Excel (FV and NPV) CODES (4 days ago) The discounted cash flow DCF formula is the sum of the cash flow in each period divided by one plus the discount rate raised to the power of the period #. Create a basic cash flow forecast using excel. They are linked either to current activity, to investment operations, or to financing operations. It is very easy and simple. There aren’t any complex financial terms involved—it’s just a simple calculation of the cash you expect to bring in and spend over (typically) the next 30 or 90 days. Excel-Skills.com. Moreover, this template provides the cash flow from operating, investing, and financing activities. prepare a plan for the management of elements (sales, inventory). Discounted Cash Flow is a term used to describe what your future cash flow is worth in today's value. For example, if you use annual cash flows, the discount rate must be annual. The Excel free cash flow calculator, available for download below, is used to compute free cash flow by entering details relating to the operating cash flow and the capital expenditure. Creating a Cash Flow Statement: Creating a cash flow can be a tough job since there are two methods you can follow- the direct and the indirect methods. The cash flow ratios calculator helps users compare the company’s cash flows with other elements of the company’s financial statements. Free Cash Flow Formula = $1,100 – $200So, Free Cash Flow will be –FCF for a company is $… You may also look at the following articles to learn more – Examples of Net Cash Flow; Formula for Free Cash Flow; How to Calculate Cash Flow from Operations; Calculation for Levered Beta Using Excel 2007, how do I calculate a payment with uneven cash flows? It captures the cash flow originating from the core operations of the company including cash outflow from working capital requirement and adjusts all other non-operating expenses (interest) and non-cash items (depreciation). To make things clear, cash flow summary simply adds up cash inflows and outflows in a period to … These cash flows are then discounted using a discount rate, termed ‘cost of capital,’ to … Discounted Cash Flow (DCF) Excel Model Template aims to help you calculate the value of a business. 2. Taking an example of Schlumberger which has operating cash flow of $300 million. A lot of households… Categories template Tags cash flow budget template excel free, excel cash flow budget template, excel monthly cash flow budget spreadsheet, personal cash flow budget template excel Leave a comment. 100% UNIQUE EXCEL TEMPLATES. Cash Flow Templates in Excel. ... As a newbie to Excel she was looking for a solution which is easier and can make her assistant work on it. We only have templates as of today. Download an Excel Cash Flow Template Forecast, Diagrams, and Calculator Including Monthly and Daily Cash Flow Statements. The formula or function for calculating IRR in excel considers the initial investment as the first cash flow (negative Cash flow). Cash Flow Statement is a ready-to-use template in Excel, Google Sheet, and OpenOffice to prepare a detailed cash flow of the company for a specific period. The initial investment, which would be negative cash flow. Menu. Take into account that the discount rate period must correspond to the cash flows period. IRR is the acronym for Internal Rate Of Return.It is defined in the terms of NPV or Net Present Value.The IRR can be stated as the discount rate that makes the NPV of all cash flows ( both positive and negative cash flows) from a … Discounted Cash Flow Calculator Excel - Best Coupon Codes. There are two types of Free Cash Flows. The Excel functions and operators used in the above Cash Flow spreadsheet are: The addition operator is used to calculate: See also:     Excel Balance Sheet template  >> Excel Profit and Loss template  >>. Company WYZ has been operating in the manufacturing business for ages. It also signals that the company has the cash to reduce its debt or fund future expansion or pay dividends to its investors. Free Cash Flow Formula (Table of Contents). Cash Flow Templates This is our small assortment of professional cash flow spreadsheets. One is the Free Cash Flow to the Firm and the other is Free Cash Flow to the Equity. In the example, use 20 years at 4 percent interest. Calculate the present value (PV) of a series of future cash flows. The first step to calculate the NPV using Excel is to input all the cash flows of the investment project. financial projection model cash flow forecast. We also provide you with Free Cash Flow calculator along with downloadable excel template. About + Rich Dad; Rich Woman; Robert Kiyosaki; Kim Kiyosaki; Hot News; Rich Da Download my Cash Flow Forecast template for an example of how to create cash flow projections in Excel. About. Net working capital = Working CapitalCurrent year – Working Capitalprevious year, Working Capital in any year = Accounts Receivable + Inventory – Accounts Payable. We are presented with a value of $50 per month for Monthly Cash Flow. User-friendly Excel model for the preparation of a 12-month rolling cash flow forecast for a generic new or existing business. Net cash flow is the amount of money received and used in a business. Taking an example of Exxon Mobil which has operating cash flow of $550 million. Assuming you have been running business for six months and now you want to figure out the rate of return for your cash flow. Easy to do in T-Value or Supertrump, not so easy to figure out in Excel. Cash Flow Statement Calculations. 5. The cash flow ratios calculator helps users compare the company’s cash flows with other elements of the company’s financial statements. Classification by activity provides information that allows users to assess the impact of those activities on financial position of the entity and the amount of its cash and cash equivalent. Created by professionals with years of experience in handling private and professional finances, these free excel templates have been downloaded times since 2006. It was further reported that the firm has earned $100 million from operating activities, $-50 million from investing activities and $30 million from financing activities. https://www.vertex42.com/ExcelTemplates/cash-flow-statement.html All in One Financial Analyst Bundle (250+ Courses, 40+ Projects). Calculate IRR for monthly cash flows. This is also known as the present value (PV) of a future cash flow.. Basically, a discounted cash flow is the amount of future cash flow, minus the projected opportunity cost. You need to provide the three inputs i.e Operating Cash Flow, Capital Expenditure and Net Working Capital. This 13 Week Cash Forecast Tool is the first step to getting your cash flow under control. The formula for net cash flow can be derived by using the following steps: Step 1: Firstly, determine the cash flow generated from operating activities. The above screenshot gives you the formulae that I have used to determine the Payback period in Excel. As the name indicates, the Free Cash Flow to the Firm denotes the cash flow available to the entire firm which includes shareholders as well as debtholders. Cash flow ratios are an essential element of liquidity analysis of the company. The net working capital for the year is $5000. User-friendly 12-month rolling cash flow forecast model for a generic new or existing business. This article provides details of Excel template statement of cash flows that you can download now. COUPON (4 months ago) Discounted Cash Flow DCF Formula - Guide How to Calculate NPV. Templates. Based o… Monthly Rolling Cash Flow Projection Excel Model. 4. This is a very useful cash flow Excel template which can be used to calculate the inflow and outflow of cash for a company to calculate its net cash balance. This article breaks down the DCF formula into simple terms with examples and … 1 Click to Get It! For more resources, check out our business templates library to download numerous free Excel modeling, PowerPoint presentations, and Word document templates. The accountant of company WYZ wants to calculate net cash flow for the year ended. Example 1. The syntax of the FV function is: Step 2: Next, determine th… Free Cash Flow is majorly used by investors to estimate the health of any company. Finding IRR in Excel is very straightforward: Type the initial investment into some cell (B2 in our case). Discounted Cash Flow Calculator Excel - Find Coupon Codes. Hence if any particular company has high or improving cash flows over the years but its stock is sufficiently undervalued or if there is a disparity, then the company is worth investing in as the market has not taken into account the company’s good performance. Many financial analysts use liquidity ratios to check the liquidity of the firm, many investors invest in that company … + operator. Analysing future cash flow in Excel How businesses can calculate how much cash they really need today to not run out tomorrow. But it is a routine work and accountants have to go through it every accounting period (monthly, quarterly and/or annually). Before you get your small business on the road, you will need to know how to calculate net cash flow. Regular NPV formula: =NPV(discount rate, series of cash flows) This formula assumes that all cash flows received are spread over equal time periods, whether years, quarters, months, or otherwise. The best way to calculate the present value in Excel is with the XNPV function, which can account for unevenly spaced out cash flows (which are very common). The capital expenditure for the year is $50 million and the net working capital is $125 million for the year. Free Cash Flow = $15000Hence the Free Cash Flow for the … Step 1- The Calculation Net Cash Flow of Operational Activities. Since this calculation doesn't take into account any time value of money, it probably does make sense to measure the cash flow that occurs soonest after you make the investment. By Liam Bastick, FCMA, CGMA . Home » Excel-Templates » Cash-Flow-Statement. Net increase (decrease) in cash & cash equivalents. Here we discuss how to calculate Cash Flow along with practical examples. DCF MODEL - DISCOUNTED CASH FLOW EXCEL CALCULATOR Free DCF Model - Discounted Cash Flow Excel Calculator Template. 2. Now calculate the Free cash flow for the company.In below-given template is the data for the calculation of free cash flow equation.So, the calculation of free cash flow will be-i.e. Free Cash Flow is calculated by taking net income and adding back any non-cash expenses and subtracting capital expenditure and any changes in working capital in that year. The Integer. The cash flows are divided into three categories, operational, financial, and investment. A cash flow statement template is usually an Excel spreadsheet with specific formatting and formula. Create a basic cash flow forecast using excel. The file contains sheets described in each step of this tutorial: assumptions, cash flow model calculations, and summaries. • About us ... cash flow statement cashflow statement of cash flows cash flow forecasting cash flow calculator. The syntax of the FV function is: This has been a guide to Free Cash Flow Formula, here we discuss its uses along with practical examples. Professional Cash flow projection template excel let us first understand what the importance of cash in the firm’s cash is in the language of finance tell us the liquidity of the firm, liquidity is the position that how much a company is willing to pay cash. Few days back I was approached with similar problem where data of cash paid in (cash inflow) and paid out (cash outflow) is recorded on separate worksheet for each month. This is a guide to Cash Flow Formula. Using the Excel FV Function to Calculate the Future Value of a Single Cash Flow. Usually, the flows are calculated annually, but you can use months also. Instead of using the above formula, the future value of a single cash flow can be calculated using the built-in Excel FV function (which is generally used for a series of cash flows). THE CERTIFICATION NAMES ARE THE TRADEMARKS OF THEIR RESPECTIVE OWNERS. Alternative it may also mean that working capital is not managed properly which is impacting sales and hence the bottom line. Thanks! Although you can calculate the cash-on-cash return based on projections for any future year, investors tend to look at this measurement as it relates to the expected cash flow in the first year of ownership. The cash flow value for each period. Download Rich Dad financial tools here to check the cash flow of your investments, evaluate real estate, increase your financial literacy, and more…fast. Home. You then calculate sales, cost of goods, and gross profit. Cash flow summaries are scary because of piles of data. Used to calculate the totals for each category of cash flows. Enlist all the cash inflows and do a total. It deals with the amount of cash flow accessible for a business to use for expansion, a projection of future cash flows. Looks like our dreams of Excel YouTuber stardom will have to wait a bit longer. https://templates.office.com/en-us/Cash-flow-statement-TM00000055 Also, comment on the performance of the company visible from the required calculations. Testimonials. The company reported $34 million as the opening cash balance. Created by professionals with years of experience in handling private and professional finances, these free excel templates have been downloaded times since 2006. Free Cash Flow is used in the various number of ways primarily by investors to gain insights on the health of a company and also to value the company as a whole. The Discounted Cash Flow method uses Free Cash Flow for a set number of years either 5, 10 or so on and then discounts those cash flows using the Weighted Average Cost of Capital to reach a certain valuation for the company. Free Cash Flow = $50000 – $30000 – $5000 3. Essentially, the cash flow statement is concerned with the flow of cash in … Input each figure into the same column and instruct Excel to compute the IRR by using the following IRR Excel formula: Input this number into the cell directly below the column with your cash flow numbers. (adsbygoogle = window.adsbygoogle || []).push({}); Excel template for a Cash Flow Statement, with formulas to calculate totals for user-supplied figures. This section of the instructions provides more information on the calculations which are performed for each line item on the cash flow statements. Cash flow summaries are scary because of piles of data. How to calculate IRR (Internal Rate Of Return) in Excel. It can also provide insights into trends such as whether the accounts receivable and accounts payable are being managed efficiently.
Maison Miniature à Construire En Brique, Tonifier La Rate, Nicoletta Fio Maravilla, Ampoule Led E27 150w, Docteur Jivago Zone Telechargement, Appareil Agricole Mots Fléchés, Sac à Dos Rose Fille, Walibi Rhône-alpes Tarif, Porte Bonheur Pour Avoir De Largent, Lagune De Lagos, Sujet Bac Stl Cbsv Corrigé 2015,