{"text_format":"3","workbook":"xlsx","n_sheets":3,"sheets":["L'effet de levier","Calcul de l'effet de levier","Simulations"],"not_rendered":{"images":1,"defined_names":2},"read":"whole","date_system":"1900"}

{"sheet":"L'effet de levier","index":0,"n_rows":0,"n_cols":0,"rows_kept":0}

{"sheet":"Calcul de l'effet de levier","index":1,"n_rows":23,"n_cols":11,"rows_kept":23,"merged":[[1,1,1,6],[1,8,1,11],[4,9,4,10],[8,9,8,10],[12,9,12,10],[16,9,16,10],[19,9,20,9],[19,10,20,10]]}
[]
[null,"Données",{"$nulls":6},"Résultats"]
[]
[]
[null,null,"Capitaux propres",{"$nulls":6},"Rentabilité économique"]
[null,null,"Provisions pour risques et charges",{"$nulls":6},"Avant impôts","Après impôts"]
[null,null,"Total fonds propres",null,{"$f":"SUM(E5:E6)","v":0},{"$f":"IF(ISERROR(E7/E17),\" \",E7/E17)","v":" "},{"$nulls":3},{"$f":"IF(ISERROR(E21/E17),\" \",E21/E17)","v":" "},{"$f":"IF(ISERROR(J7*(1-$E$22)),\" \",J7*(1-$E$22))","v":" "}]
[null,null,"Emprunts obligataires convertibles"]
[null,null,"Autres emprunts obligataires",{"$nulls":6},"Coût de la dette"]
[null,null,"Dettes auprès des établissements de crédit",{"$nulls":6},"Avant impôts","Après impôts"]
[null,null,"Emprunts et dettes financières diverses",{"$nulls":6},{"$f":"IF(ISERROR(E20/E15),\" \",E20/E15)","v":" "},{"$f":"IF(ISERROR(J11*(1-$E$22)),\" \",J11*(1-$E$22))","v":" "}]
[null,null,"Effets escomptés non échus"]
[null,null,"- Valeurs mobilières de placement",{"$nulls":6},"Effet de levier"]
[null,null,"- Disponibilités",{"$nulls":6},"Avant impôts","Après impôts"]
[null,null,"Dettes financières nettes",null,{"$f":"SUM(E8:E14)","v":0},{"$f":"IF(ISERROR(E15/E17),\" \",E15/E17)","v":" "},{"$nulls":3},{"$f":"IF(ISERROR((J7-J11)*E16),\" \",(J7-J11)*E16)","v":" "},{"$f":"IF(ISERROR(J15*(1-$E$22)),\" \",J15*(1-$E$22))","v":" "}]
[null,null,"Taux d'endettement",null,{"$f":"IF(ISERROR(E15/(E5+E6)),\" \",E15/(E5+E6))","v":" "}]
[null,null,"Actif économique",null,{"$f":"E7+E15","v":0},{"$f":"IF(E17=0,\" \",100%)","v":" "},{"$nulls":3},"Rentabilité financière"]
[null,null,"Résultat courant avant impôts",{"$nulls":7},{"$f":"IF(ISERROR(K7+K15),\" \",K7+K15)","v":" "}]
[null,null,"Eléments exceptionnels"]
[null,null,"Charges nettes sur endettement",{"$nulls":6},"= Taux optimum d'endettement",{"$f":"IF(ISERROR(E22/((1-E22)*(1-(J11/J7)))),\" \",E22/((1-E22)*(1-(J11/J7))))","v":" "}]
[null,null,"Résultat économique",null,{"$f":"SUM(E18:E20)","v":0}]
[null,null,"Taux d'imposition sur les bénéfices (IS)",{"$nulls":6}," ˃ Capitaux propres ",{"$f":"IF(ISERROR(E17*(1-K20)),\" \",E17*(1-K20))","v":" "}]
[null,null,"Résultat net",null,{"$f":"(E21-E20)*(1-Tx_IS_A)","v":0},{"$nulls":4}," ˃ Dettes financières",{"$f":"IF(ISERROR(E17-K22),\" \",E17-K22)","v":" "}]

{"sheet":"Simulations","index":2,"n_rows":20,"n_cols":24,"rows_kept":20,"merged":[[3,6,3,7],[5,6,5,7]]}
[]
[]
[null,null,"I - Existant",{"$nulls":6},"II - Simulations"]
[null,null," Capitaux propres",{"$f":"IF(ISERROR(E4/E8),\" \",E4/E8)","v":" "},{"$f":"'Calcul de l''effet de levier'!E5","v":0},null,"Hypothèses ",null,null," Capitaux propres",{"$f":"IF(ISERROR(L4/L8),\" \",L4/L8)","v":" "},{"$f":"L8-L6-L5","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(O4/O8),\" \",O4/O8)","v":" "},{"$f":"O8-O6-O5","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(R4/R8),\" \",R4/R8)","v":" "},{"$f":"R8-R6-R5","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(U4/U8),\" \",U4/U8)","v":" "},{"$f":"U8-U6-U5","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(X4/X8),\" \",X4/X8)","v":" "},{"$f":"X8-X6-X5","v":{"v":0,"d":"0 "}}]
[null,null," Provisions pour risques et charges",null,{"$f":"'Calcul de l''effet de levier'!E6","v":0}]
[null,null," Endettement financier net",{"$f":"IF(ISERROR(IF(E6/E8=0,\" \",E6/E8)),\" \",IF(E6/E8=0,\" \",E6/E8))","v":" "},{"$f":"'Calcul de l''effet de levier'!E15","v":0},null,"taux d'endettement ",null,null," Endettement financier net",null,{"$f":"IF(ISERROR(L8*K6),\" \",L8*K6)","v":{"v":0,"d":"0 "}},null,null,{"$f":"IF(ISERROR(O8*N6),\" \",O8*N6)","v":{"v":0,"d":"0 "}},null,null,{"$f":"IF(ISERROR(R8*Q6),\" \",R8*Q6)","v":{"v":0,"d":"0 "}},null,null,{"$f":"IF(ISERROR(U8*T6),\" \",U8*T6)","v":{"v":0,"d":"0 "}},null,null,{"$f":"IF(ISERROR(X8*W6),\" \",X8*W6)","v":{"v":0,"d":"0 "}}]
[null,null," Taux d'endettement",null,{"$f":"IF(ISERROR(E6/(E4+E5)),\" \",E6/(E4+E5))","v":" "},{"$nulls":4}," Taux d'endettement",null,{"$f":"IF(ISERROR(L6/(L4+L5)),\" \",L6/(L4+L5))","v":" "},null,null,{"$f":"IF(ISERROR(O6/(O4+O5)),\" \",O6/(O4+O5))","v":" "},null,null,{"$f":"IF(ISERROR(R6/(R4+R5)),\" \",R6/(R4+R5))","v":" "},null,null,{"$f":"IF(ISERROR(U6/(U4+U5)),\" \",U6/(U4+U5))","v":" "},null,null,{"$f":"IF(ISERROR(X6/(X4+X5)),\" \",X6/(X4+X5))","v":" "}]
[null,null," = Capital économique - AE",{"$f":"IF(E8=0,\" \",100%)","v":" "},{"$f":"'Calcul de l''effet de levier'!E17","v":0},{"$nulls":4}," Capital économique",{"$f":"IF(L8=0,\" \",100%)","v":" "},{"$f":"$E$8","v":{"v":0,"d":"0 "}},null,{"$f":"IF(O8=0,\" \",100%)","v":" "},{"$f":"$E$8","v":{"v":0,"d":"0 "}},null,{"$f":"IF(R8=0,\" \",100%)","v":" "},{"$f":"$E$8","v":{"v":0,"d":"0 "}},null,{"$f":"IF(U8=0,\" \",100%)","v":" "},{"$f":"$E$8","v":{"v":0,"d":"0 "}},null,{"$f":"IF(X8=0,\" \",100%)","v":" "},{"$f":"$E$8","v":{"v":0,"d":"0 "}}]
[]
[null,null," Rentabilité économique avant impôts",{"$f":"'Calcul de l''effet de levier'!J7","v":" "},{"$f":"'Calcul de l''effet de levier'!E21","v":0},null,"taux de rentabilité éco.",null,null," Rentabilité économique avant impôts",{"$f":"IF(ISERROR(L10/$E$8),\" \",L10/$E$8)","v":" "},{"$f":"IF($H$10=0,0,L8*$H$10)","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(O10/$E$8),\" \",O10/$E$8)","v":" "},{"$f":"IF($H$10=0,0,O8*$H$10)","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(R10/$E$8),\" \",R10/$E$8)","v":" "},{"$f":"IF($H$10=0,0,R8*$H$10)","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(U10/$E$8),\" \",U10/$E$8)","v":" "},{"$f":"IF($H$10=0,0,U8*$H$10)","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(X10/$E$8),\" \",X10/$E$8)","v":" "},{"$f":"IF($H$10=0,0,X8*$H$10)","v":{"v":0,"d":"0 "}}]
[null,null," Coût de la dette avant impôts",{"$f":"'Calcul de l''effet de levier'!J11","v":" "},{"$f":"'Calcul de l''effet de levier'!E20","v":0},null,"coût de la dette en %",null,null," Coût de la dette avant impôts",{"$f":"IF(ISERROR(L11/L6),\" \",L11/L6)","v":" "},{"$f":"IF($H$11=0,0,L6*$H$11)","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(O11/O6),\" \",O11/O6)","v":" "},{"$f":"IF($H$11=0,0,O6*$H$11)","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(R11/R6),\" \",R11/R6)","v":" "},{"$f":"IF($H$11=0,0,R6*$H$11)","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(U11/U6),\" \",U11/U6)","v":" "},{"$f":"IF($H$11=0,0,U6*$H$11)","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(X11/X6),\" \",X11/X6)","v":" "},{"$f":"IF($H$11=0,0,X6*$H$11)","v":{"v":0,"d":"0 "}}]
[null,null," Résultat avant impôts",{"$f":"IF(ISERROR(E12/E8),\" \",E12/E8)","v":" "},{"$f":"'Calcul de l''effet de levier'!E18","v":0},{"$nulls":4}," Résultat avant impôts",{"$f":"IF(ISERROR(L12/L8),\" \",L12/L8)","v":" "},{"$f":"L10-L11","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(O12/O8),\" \",O12/O8)","v":" "},{"$f":"O10-O11","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(R12/R8),\" \",R12/R8)","v":" "},{"$f":"R10-R11","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(U12/U8),\" \",U12/U8)","v":" "},{"$f":"U10-U11","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(X12/X8),\" \",X12/X8)","v":" "},{"$f":"X10-X11","v":{"v":0,"d":"0 "}}]
[null,null," Impôt sur les bénéfices (IS)",{"$f":"IF(ISBLANK(Tx_IS_A),\" \",Tx_IS_A)","v":" "},{"$f":"ROUND(E12*Tx_IS_A,0)","v":0},null,"taux d'IS",null,null," Impôt sur les bénéfices (IS)",{"$f":"IF(ISBLANK(Tx_IS_B),\" \",Tx_IS_B)","v":" "},{"$f":"ROUND((L10-L11)*Tx_IS_B,0)","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISBLANK(Tx_IS_B),\" \",Tx_IS_B)","v":" "},{"$f":"ROUND((O10-O11)*Tx_IS_B,0)","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISBLANK(Tx_IS_B),\" \",Tx_IS_B)","v":" "},{"$f":"ROUND((R10-R11)*Tx_IS_B,0)","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISBLANK(Tx_IS_B),\" \",Tx_IS_B)","v":" "},{"$f":"ROUND((U10-U11)*Tx_IS_B,0)","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISBLANK(Tx_IS_B),\" \",Tx_IS_B)","v":" "},{"$f":"ROUND((X10-X11)*Tx_IS_B,0)","v":{"v":0,"d":"0 "}}]
[null,null," Résultat net",{"$f":"IF(ISERROR(E14/E8),\" \",E14/E8)","v":" "},{"$f":"'Calcul de l''effet de levier'!E23","v":0},{"$nulls":4}," Résultat net",{"$f":"IF(ISERROR(L14/L8),\" \",L14/L8)","v":" "},{"$f":"L10-L11-L13","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(O14/O8),\" \",O14/O8)","v":" "},{"$f":"O10-O11-O13","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(R14/R8),\" \",R14/R8)","v":" "},{"$f":"R10-R11-R13","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(U14/U8),\" \",U14/U8)","v":" "},{"$f":"U10-U11-U13","v":{"v":0,"d":"0 "}},null,{"$f":"IF(ISERROR(X14/X8),\" \",X14/X8)","v":" "},{"$f":"X10-X11-X13","v":{"v":0,"d":"0 "}}]
[]
[null,null," Rentabilité économique après impôts",{"$f":"'Calcul de l''effet de levier'!K7","v":" "},"RE",{"$nulls":4}," Rentabilité économique après impôts","RE",{"$f":"IF($H$10=0,0,$H$10*(1-Tx_IS_B))","v":{"v":0,"d":"0.0%"}},null,"RE",{"$f":"IF($H$10=0,0,$H$10*(1-Tx_IS_B))","v":{"v":0,"d":"0.0%"}},null,"RE",{"$f":"IF($H$10=0,0,$H$10*(1-Tx_IS_B))","v":{"v":0,"d":"0.0%"}},null,"RE",{"$f":"IF($H$10=0,0,$H$10*(1-Tx_IS_B))","v":{"v":0,"d":"0.0%"}},null,"RE",{"$f":"IF($H$10=0,0,$H$10*(1-Tx_IS_B))","v":{"v":0,"d":"0.0%"}}]
[null,null," Rentabilité financière",{"$f":"'Calcul de l''effet de levier'!K18","v":" "},"RF",{"$nulls":4}," Rentabilité financière","RF",{"$f":"IF(ISERROR(L14/L4),0,L14/L4)","v":{"v":0,"d":"0.0%"}},null,"RF",{"$f":"IF(ISERROR(O14/O4),0,O14/O4)","v":{"v":0,"d":"0.0%"}},null,"RF",{"$f":"IF(ISERROR(R14/R4),0,R14/R4)","v":{"v":0,"d":"0.0%"}},null,"RF",{"$f":"IF(ISERROR(U14/U4),0,U14/U4)","v":{"v":0,"d":"0.0%"}},null,"RF",{"$f":"IF(ISERROR(X14/X4),0,X14/X4)","v":{"v":0,"d":"0.0%"}}]
[null,null," Effet de levier",{"$f":"'Calcul de l''effet de levier'!K15","v":" "},"EL",{"$nulls":4}," Effet de levier","EL",{"$f":"L17-L16","v":{"v":0,"d":"0.0%"}},null,"EL",{"$f":"O17-O16","v":{"v":0,"d":"0.0%"}},null,"EL",{"$f":"R17-R16","v":{"v":0,"d":"0.0%"}},null,"EL",{"$f":"U17-U16","v":{"v":0,"d":"0.0%"}},null,"EL",{"$f":"X17-X16","v":{"v":0,"d":"0.0%"}}]
[]
[{"$nulls":9}," D de la rentabilité financière =>",null,{"$f":"IF(ISERROR(IF(ISBLANK($H$10),\" \",(L17-$D$17)/$D$17)),\" \",IF(ISBLANK($H$10),\" \",(L17-$D$17)/$D$17))","v":" "},null,null,{"$f":"IF(ISERROR(IF(ISBLANK($H$10),\" \",(O17-$D$17)/$D$17)),\" \",IF(ISBLANK($H$10),\" \",(O17-$D$17)/$D$17))","v":" "},null,null,{"$f":"IF(ISERROR(IF(ISBLANK($H$10),\" \",(R17-$D$17)/$D$17)),\" \",IF(ISBLANK($H$10),\" \",(R17-$D$17)/$D$17))","v":" "},null,null,{"$f":"IF(ISERROR(IF(ISBLANK($H$10),\" \",(U17-$D$17)/$D$17)),\" \",IF(ISBLANK($H$10),\" \",(U17-$D$17)/$D$17))","v":" "},null,null,{"$f":"IF(ISERROR(IF(ISBLANK($H$10),\" \",(X17-$D$17)/$D$17)),\" \",IF(ISBLANK($H$10),\" \",(X17-$D$17)/$D$17))","v":" "}]