Analyse de la structure financière d'une entreprise de télécommunication. Cas de la société Alink telecom niger s.a.

ABSTRACT

According to COHEN (1997), financial analysis is «a set of concepts, methods and instruments which allow an assessment on the financial situation of the company to the risks that affect it, the levels and the quality of its performance''. It aims the company financial policy: choice of investments and financing needs, cash management, relations with lenders.

Financial analysis meets two concerns: on one hand, for the managers who seek profitability and the performance, on other hand the company's owners who seek a good return on their investments.

ALINK TELECOM NIGER, a telecommunication company established in Niger in 2000, which, the performance quest is the primary goal for its competitiveness in a volatile, complex and highly competitive environment.

At this point in time we were therefore interested about this company where our preoccupation is to wonder about its financial performances of this company across from its serious competitors of the telecommunication sector through the topic: "Financial structure analysis of the telecommunication company: case of the ALINK TELECOM NIGER S.A».

The main objective of our study is to formulate a value judgment on the financial situation of the company through a financial analysis based on the study of the main key elements of the financial statements in order to appreciate the financial balance, the solvency and the profitability of this company.

For our study, we asked the main question attached to the problem: does ALINK TELECOM NIGER dispose a financial structure which enabling it to achieve its profitability, its self-financing and its performance?

Also, in order to respond to our question, we have made the following hypothesis:

H1: The financial balance of ALINK TELECOM NIGER is not respected.

H2: The activities of ALINK TELECOM NIGER are not profitable.

H3: ALINK TELECOM NIGER is unable to honor its commitments towards creditors.

Thus, we have from the financial statements of ALINK TELECOM NIGER processed to the analysis of the financial balances, the profitability and the solvency of this company in order to assess its financial structure. Where, the study of the financial balance allowed us to see that the orthodoxy in front of fixed resource is not respected. In addition, the liquidity of the company is declining and its net cash position is not satisfactory.

The activity and profitability analysis noted that the result of this company is in deficits over the study period and that this situation reflects on its profitability.

Thus, the financial situation of ALINK TELECOM NIGER is unsatisfactory. Measures have therefore been proposed to correct the identified deficiencies which will allow contributing the better management of the financial resources of this company.

Note however that the financial analysis is not an end in itself because all the difficulties encountered in businesses are not only financial.

SOMMAIRE

INTRODUCTION 1

CHAPITRE I: CADRE THEORIQUE DE L 'ETUDE 2

SECTION I : CADRE THÉORIQUE DE L'ÉTUDE 2

PARAGRAPHE 1 : PROBLÉMATIQUE ET INTÉRÊT DE L'ÉTUDE 2

I- Problématique de la recherche 2

II- Intérêt de l'étude 3

PARAGRAPHE 2 : LES HYPOTHÈSES ET OBJECTIFS DE LA RECHERCHE 4

I- Les hypothèses de la recherche 4

II- Les objectifs de l'étude 4

SECTION 2 : REVUE DE LA LITTÉRATURE 5

PARAGRAPHE 1 : REVUE DE LA LITTÉRATURE 5

I- Clarification conceptuelle 5

I- Les fondements théoriques de l'étude 8

II- Fondements empiriques de l'étude 9

CHAPITRE 2 : CADRE MÉTHODOLOGIE PRATIQUE DE LA RECHERCHE 12

SECTION I : METHODOLOGIE DE LA RECHERCHE 12

PARAGRAPHE I : STRATEGIE DE RECUEIL ET DE TRAITEMENTS DES DONNEES COLLECTEES 12

I- Stratégie de vérification des hypothèses 12

II- Stratégies de collecte de données fiables 15

SECTION 2 : METHODE DE L'ANALYSE FINANCIERE 16

PARAGRAPHE 1 : METHODE D'APPRECIATION DE L'EQUILIBRE FINANCIER 16

I- Méthodologie d'analyse à partir du bilan 16

II- Méthode d'analyse à partir des ratios 23

PARAGRAPHE 2 :METHODE D'APPRECIATION DE LA RENTABILITE FINANCIERE 25

I- Analyse à partir du compte de résultat 25

II- Analyse de la rentabilité à travers les ratios 29

PARAGRAPHE 3 : ANALYSE A PARTIR DU TABLEAU FINANCIER DES RESSOURCES ET DES EMPLOIS (TAFIRE) 31

CHAPITRE III : CADRE CONTEXTUEL DE L'ETUDE 35

I- PRESENTATION DE LA SOCIETE 35

II- LES DIFFERENTES TYPES DE PRESTATION 37

III- LES MOYENS HUMAINS ET LOGISTIQUES 38

CHAPITRE IV : CADRE EMPIRIQUE DE L'ETUDE 40

SECTION I : ANALYSE DE L'EQUILIBRE FINANCIER 40

DE LA SOCIETE ALINK TELECOM NIGER 40

PARAGRAPHE I : ANALYSE DE L'EQUILIBRE FINANCIER 40

I- Analyse à partir du bilan 40

II- Analyse à partir des ratios 42

PARAGRAPHE 2 : ANALYSE DE LA RENTABILITE FINANCIERE 44

I- Analyse à partir du compte de résultat 44

II- Analyse de la rentabilité à partir des ratios 45

PARAGRAPHE 3 : ANALYSE DE L'ÉVOLUTION DE QUELQUES GRANDEURS D'APPRÉCIATION DE L'ACTIVITÉ DE L'ENTREPRISE 47

I- Analyse à partir du TAFIRE 47

SECTION 2 : SYNTHESE DES ANALYSES, VERIFICATION DES HYPOTHESES ET SUGGESTIONS 48

PARAGRAPHE 1 : SYNTHESE DES ANALYSES ET VERIFICATION DES HYPOTHESES 48

I- SYNTHESE DES ANALYSES 48

II- ANALYSES ET VERIFICATION DES HYPOTHESES 50

PARAGRAPHE 2 : SUGGESTIONS 51

I- FORCES ET FAIBLESSES DE LA SOCIÉTÉ ALINK TELECOM NIGER 51

II- Suggestions pour l'amélioration de la situation financière de ALINK TELECOM NIGER 52