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229.82 l59.724 219.32 m535 219.32 l59.724 208.82 m535 208.82 l59.724 198.32 m535 198.32 l59.724 187.82 m535 187.82 l59.724 177.32 m535 177.32 lS/GS2 gsBT7.5 0 0 7.5 367.9967 589.4449 Tm/Cs8 cs 1 scn0.0554 Tc3.694 Tw[(Notes)-10490.4(20)-27.8(03 20)-27.8(02)]TJ-41.1028 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 59.7254 568.4449 Tm0 0 0 1 k[(Chif)16.7(f)0.2(res d?af)16.7(faires)]TJ7.5 0 0 7.5 378.1231 568.4449 Tm[(4.)111.2(1)-9183.8(3)0(9)55.5(1)-166.9(426)-2665.2(384)-167(6)0(66)]TJ8.5 0 0 8.5 59.7254 557.9449 Tm(D?veloppements, installations et syst?mes activ?s)Tj7.5 0 0 7.5 377.2881 557.9449 Tm[(4.2)-9739.7(20)-166.9(966)-3332.4(1)55.6(7)-166.9(689)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 547.4449 Tm/Cs8 cs 1 scn0.0555 Tc-0.0001 Tw[(T)94.7(otal des produits d?exploitation)]TJ7.5 0 0 7.5 458.2565 547.4449 Tm0.0554 Tc0 Tw[(4)55.6(1)55.6(2)-166.9(392)-2665.2(402)-167(3)0(55)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 526.4449 Tm0 0 0 1 k(Charges de mati?res et de marchandises vendues)Tj7.5 0 0 7.5 377.2881 526.4449 Tm[(4.3)-8832.4(-1)55.5(57)-166.9(444)-2369.4(-1)55.5(52)-167(322)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 515.9449 Tm/Cs8 cs 1 scn(Marge sur mati?res et marchandises vendues)Tj7.5 0 0 7.5 457.4216 515.9449 Tm[(254)-167(948)-2665.2(250)-167(0)0(33)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 494.9449 Tm0 0 0 1 k(Charges de personnel)Tj7.5 0 0 7.5 377.2881 494.9449 Tm[(4.4)-8943.7(-1)55.5(3)55.6(1)-166.9(1)55.6(5)0(4)-2369.4(-)0(1)55.5(2)0(0)-167(3)0(85)]TJ8.5 0 0 8.5 59.7254 484.4449 Tm0.0555 Tc-0.0001 Tw(Charges d?exploitation)Tj7.5 0 0 7.5 377.2881 484.4449 Tm0.0554 Tc0 Tw[(4.5)-9388.2(-36)-166.9(923)-2925.3(-39)-167(9)0(56)]TJ8.5 0 0 8.5 59.7254 473.9449 Tm(Charges d?administration et de ventes)Tj7.5 0 0 7.5 377.2881 473.9449 Tm[(4.6)-9388.2(-47)-166.9(267)-3036.6(-43)-167(6)55.6(1)55.6(0)]TJ8.5 0 0 8.5 59.7254 463.4449 Tm(Charges non r?currentes d?exploitation \(r?organisation\))Tj7.5 0 0 7.5 377.2881 463.4449 Tm[(4.7)-11908.4(?)-2925.3(-)-0.1(22)-167(535)]TJ8.5 0 0 8.5 59.7254 452.9449 Tm[(V)72.2(ariation des provisions )]TJ7.5 0 0 7.5 464.1666 452.9449 Tm[(-7)-166.9(37)27.6(5)-2980.8(-)0(1)55.5(4)-166.9(939)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 442.4449 Tm/Cs8 cs 1 scn(R?sultat op?rationnel avant charges d?int?r?ts, )Tj0 -1.2353 TD(imp?ts et amortissements \(OIBDA\))Tj7.5 0 0 7.5 462.0078 431.9449 Tm[(32)-166.9(229)-3888.2(8)-166.9(6)0(08)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 410.9449 Tm0 0 0 1 k(Amortissements)Tj7.5 0 0 7.5 459.7891 410.9449 Tm[(-2)55.5(1)-166.9(923)-2953.1(-20)-166.9(7)27.7(22)]TJ8.5 0 0 8.5 59.7254 400.4449 Tm(Amortissements non planifi?s \(r?organisation\))Tj7.5 0 0 7.5 469.7948 400.4449 Tm0.0555 Tc[(-243)-2980.8(-1)55.6(9)-166.8(9)0.1(08)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 389.9449 Tm/Cs8 cs 1 scn(R?sultat d?exploitation \(EBIT\) )Tj7.5 0 0 7.5 462.4252 389.9449 Tm0.0554 Tc[(1)55.6(0)-166.9(063)-2925.3(-32)-167(0)0(22)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 368.9449 Tm0 0 0 1 k(Produits financiers)Tj7.5 0 0 7.5 377.2881 368.9449 Tm[(4.8)-9767.6(7)27.7(2)-166.9(690)-3276.8(85)-167(952)]TJ8.5 0 0 8.5 59.7254 358.4449 Tm(Charges financi?res)Tj7.5 0 0 7.5 377.2881 358.4449 Tm[(4.9)-9416.1(-40)-166.9(7)27.7(2)0(4)-2925.3(-)-0.1(42)-167(246)]TJ8.5 0 0 8.5 59.7254 347.9449 Tm(Produits extraordinaires)Tj7.5 0 0 7.5 373.9544 347.9449 Tm[(4.)111.1(1)55.6(0)-11908.3(?)-3888.2(3)-166.9(606)]TJ8.5 0 0 8.5 59.7254 337.4449 Tm(Charges extraordinaires)Tj7.5 0 0 7.5 373.9544 337.4449 Tm[(4.)111.1(1)55.6(0)-9999.7(-3)-167(208)-5445.4(?)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 326.9449 Tm/Cs8 cs 1 scn(R?sultat avant imp?ts et int?r?ts minoritaires)Tj7.5 0 0 7.5 462.4252 326.9449 Tm[(38)-167(82)55.5(1)-3332.3(1)55.6(5)-166.9(2)0(90)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 305.9449 Tm0 0 0 1 k(Imp?ts sur le b?n?fice)Tj7.5 0 0 7.5 374.3718 305.9449 Tm0.0001 Tw[(4.)111.1(1)111.2(1)-9999.7(-6)-167(824)-3442.4(-2 27)72.1(1)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 295.4449 Tm/Cs8 cs 1 scn0 Tw(B?n?fice du Groupe)Tj7.5 0 0 7.5 462.4252 295.4449 Tm-0.0002 Tc0.0556 Tw[(31)-222.5(9)-55.6(9)-55.6(7)-3332.7(13)-55.6( 019)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 274.4449 Tm0 0 0 1 k0.0554 Tc0 Tw(Int?r?ts minoritaires)Tj7.5 0 0 7.5 467.2202 274.4449 Tm[(1)-166.9(1)55.6(7)27.7(0)-3536.7(-2)-167(988)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 253.4449 Tm/Cs8 cs 1 scn(B?n?fice net de l?exercice)Tj7.5 0 0 7.5 462.4252 253.4449 Tm[(33)-167(1)55.6(6)0(7)-3388.1(1)55.6(0)-166.9(0)0(3)55.5(1)]TJ8.5 0 0 8.5 59.7254 232.4449 Tm(En pourcentage des produits d?exploitation)TjET/GS2 gsBT8.5 0 0 8.5 59.7254 221.9449 Tm0 0 0 1 k0.0555 Tc(R?sultat d?exploitation)Tj7.5 0 0 7.5 473.6864 221.9449 Tm[(2%)-4482.3(-8%)]TJ8.5 0 0 8.5 59.7254 211.4449 Tm0.0554 Tc(B?n?fice net de l?exercice)Tj7.5 0 0 7.5 473.6864 211.4449 Tm0.0555 Tc[(8%)-4833.8(2%)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 190.4449 Tm/Cs8 cs 1 scn0.0554 Tc(B?n?fice par action \(en CHF\))TjET/GS2 gsBT8.5 0 0 8.5 59.7254 179.9449 Tm0 0 0 1 k(B?n?fice de base)Tj7.5 0 0 7.5 373.9544 179.9449 Tm[(4.)111.1(1)55.6(2)-10796(0.65)-4333.1(0.20)]TJ8.5 0 0 8.5 59.7254 169.4449 Tm(B?n?fice dilu?)Tj7.5 0 0 7.5 373.9544 169.4449 Tm[(4.)111.1(1)55.6(2)-10796(0.64)-4333.1(0.20)]TJ8.5 0 0 8.5 960.5326 589.4449 Tm/Cs8 cs 1 scn(Notes)Tj7.5 0 0 7.5 1062.9133 589.4449 Tm3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(en kCHF)TjET/GS3 gsBT8.5 0 0 8.5 655.0009 568.4449 Tm0.0555 Tc-0.0001 Tw(Cash-flow op?rationnel)TjET/GS2 gsBT7.5 0 0 7.5 973.3987 568.4449 Tm0 0 0 1 k0.0553 Tc0 Tw[(5.)111(1)]TJET/GS3 gsBT7.5 0 0 7.5 1056.4509 568.4449 Tm/Cs8 cs 1 scn0.0555 Tc[(4)55.7(1)0( 337)-3348.9(47)-166.9(37)72.2(1)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 557.9449 Tm0 0 0 1 k0.0554 Tc(Int?r?ts pay?s)Tj7.5 0 0 7.5 1059.2334 557.9449 Tm[(-1)-167(096)-2980.9(-)0(1)55.4(3)-166.9(446)]TJ8.5 0 0 8.5 655.0009 547.4449 Tm(Int?r?ts re?us)Tj7.5 0 0 7.5 1061.8695 547.4449 Tm0.2223 Tc[(48)166.9(0)166.8(3)-3193.3(1)222.5(3)0(7)194.6(3)166.9(0)]TJ8.5 0 0 8.5 655.0009 536.9449 Tm0.0555 Tc(Imp?ts pay?s)Tj7.5 0 0 7.5 1059.2334 536.9449 Tm0.0554 Tc[(-5)-167(698)-2981.3(-)0(1)55.5(0)0( 0)55.5(1)111.2(1)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 515.9449 Tm/Cs8 cs 1 scn[(T)72.2(r?sorerie nette r?sultant de l?activit? d?exploitation)]TJ7.5 0 0 7.5 1057.2834 515.9449 Tm0.0555 Tc[(39)-166.9(346)-3276.6(3)0.1(7)-166.9(6)0.1(44)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 494.9449 Tm0 0 0 1 k0.0554 Tc(Investissement net en immobilisations incorporelles)Tj7.5 0 0 7.5 1055.0647 494.9449 Tm0.0555 Tc[(-1)55.6(9)-166.8(3)0.1(88)-2925.2(-23)-166.9(8)0.1(50)]TJ8.5 0 0 8.5 655.0009 484.4449 Tm0.0554 Tc(Investissement net en immobilisations corporelles)Tj7.5 0 0 7.5 1054.6472 484.4449 Tm0.0555 Tc[(-57)-166.9(8)0.1(35)-3036.5(-1)55.6(4)-166.8(3)0.1(3)55.6(1)]TJ8.5 0 0 8.5 655.0009 473.9449 Tm0.0554 Tc(Investissement net en immobilisations financi?res)Tj7.5 0 0 7.5 1054.856 473.9449 Tm0.0555 Tc[(-23)-166.9(3)0.1(7)27.7(0)-4314.8(-233)]TJ8.5 0 0 8.5 655.0009 463.4449 Tm0.0554 Tc(Acquisition/vente de filiales, nette des liquidit?s acquises/c?d?es)Tj7.5 0 0 7.5 972.5637 463.4449 Tm0.0555 Tc[(5.2)-8804.5(-366)-166.9(7)27.8(4)0.1(8)-4666.4(4)0.1(80)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 442.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(T)72.2(r?sorerie r?sultant de l?activit? d?investissement )]TJ7.5 0 0 7.5 1050.4785 442.4449 Tm0.0555 Tc[(-467)-166.9(34)55.6(1)-2925.1(-)0.1(37)-166.9(934)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 421.4449 Tm0 0 0 1 k0.0554 Tc[(V)72.2(ariation des dettes financi?res ? long terme)]TJ7.5 0 0 7.5 1059.2334 421.4449 Tm[(-5)-167(698)-3592.4(-)0(7)-167(4)0(9)55.5(1)]TJ8.5 0 0 8.5 655.0009 410.9449 Tm(Emission d?un emprunt obligataire convertible, net de frais)Tj7.5 0 0 7.5 1073.5481 410.9449 Tm2.7207 Tc[(?5)2665.3(4)2665.2(5)2498.3(5)2665.3(2)2665.2(2)]TJ8.5 0 0 8.5 655.0009 400.4449 Tm0.0554 Tc(Rachat emprunt obligataire convertible)Tj7.5 0 0 7.5 1053.9393 400.4449 Tm0.0555 Tc[(-54 37)72.2(1)-2925.1(-)0.1(83)-166.9(097)]TJ8.5 0 0 8.5 655.0009 389.9449 Tm0.0554 Tc(Int?r?ts pay?s sur emprunt obligataire convertible )Tj7.5 0 0 7.5 1060.0684 389.9449 Tm0.0555 Tc[(-6)-166.8(3)55.6(1)55.7(9)-3536.5(-)0.1(5)-166.9(6)0.1(85)]TJ8.5 0 0 8.5 655.0009 379.4449 Tm0.0554 Tc[(V)72.2(ersement des actionnaires minoritaires)]TJ7.5 0 0 7.5 1067.4996 379.4449 Tm[(20)-27.8(0)-5445.3(?)]TJ8.5 0 0 8.5 655.0009 368.9449 Tm(Dividende vers? aux actionnaires minoritaires)Tj7.5 0 0 7.5 1059.2334 368.9449 Tm[(-3)-167(982)-3481.6(-)0(1)-167(0)-27.7(0)-27.7(0)]TJ8.5 0 0 8.5 655.0009 358.4449 Tm(Achat de propres actions)Tj7.5 0 0 7.5 1065.0704 358.4449 Tm0.0555 Tc[(-380)-5445.2(?)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 337.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(T)72.2(r?sorerie r?sultant de l?activit? de financement)]TJ7.5 0 0 7.5 1054.856 337.4449 Tm0.0555 Tc[(-7)27.7(0)-166.8(5)0.1(50)-2665.2(448)-166.9(2)0.1(49)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 316.4449 Tm0 0 0 1 k0.0554 Tc[(Ef)16.7(fet net des variations de taux de change)]TJ7.5 0 0 7.5 1055.0647 316.4449 Tm[(-1)55.5(7)-166.9(4)0(30)-2508.6(-1)111.1(1)55.6(0)-166.9(7)27.7(3)0(4)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 295.4449 Tm/Cs8 cs 1 scn0.0555 Tc-0.0001 Tw[(V)72.3(a)0(riation des liquidit?s)]TJ7.5 0 0 7.5 1051.1047 295.4449 Tm0.0554 Tc0 Tw[(-5)55.5(1)55.6(5)-166.9(97)27.6(5)-2665.2(3)0(37)-167(225)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 274.4449 Tm0 0 0 1 k(Liquidit?s au d?but de l?exercice)Tj7.5 0 0 7.5 1052.906 274.4449 Tm-0.0002 Tc[(7)-27.8(5)-55.6(3)-222.6(0)-55.6(8)-55.7(2)-2832.2(415)-222.5(8)-55.6(5)-55.7(7)]TJ8.5 0 0 8.5 655.0009 263.9449 Tm0.0554 Tc(Liquidit?s ? la fin de l?exercice)Tj7.5 0 0 7.5 1053.1146 263.9449 Tm0.0555 Tc[(237)-166.9(1)55.7(0)0.1(7)-2693(7)27.9(53)-166.9(082)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 242.9449 Tm/Cs8 cs 1 scn-0.0001 Tw[(V)72.3(a)0(riation des liquidit?s)]TJ7.5 0 0 7.5 1051.1047 242.9449 Tm0.0554 Tc0 Tw[(-5)55.5(1)55.6(5)-166.9(97)27.6(5)-2665.2(3)0(37)-167(225)]TJETQendstreamendobj22 0 obj<>/ExtGState<>/ColorSpace<>>>endobj24 0 obj<>stream q0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf7.5 0 0 7.5 59.748 38.1949 Tm0 0 0 1 k0 Tc0 Tw(8)Tj79.3701 0 TD(9)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0276 Tc(Comptes consolid?s du Groupe Kudelski)Tj0 0 0 1 k0 -1.1484 TD-0.0001 Tw[(T)94.7(ableaux de variation des fonds propres consolid?s 20)-27.7(03 et 20)-27.7(02)]TJET/Cs10 cs 1 scn59.724 345.32 1070.553 220.5 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d/GS3 gs59.724 555.32 m1130.277 555.32 l59.724 544.82 m1130.277 544.82 l59.724 534.32 m1130.277 534.32 l59.724 523.82 m1130.277 523.82 l59.724 513.32 m1130.277 513.32 l59.724 502.82 m1130.277 502.82 l59.724 492.32 m1130.277 492.32 l59.724 481.82 m1130.277 481.82 l59.724 471.32 m1130.277 471.32 l59.724 460.82 m1130.277 460.82 l59.724 450.32 m1130.277 450.32 l59.724 439.82 m1130.277 439.82 l59.724 429.32 m1130.277 429.32 l59.724 418.82 m1130.277 418.82 l59.724 408.32 m1130.277 408.32 l59.724 397.82 m1130.277 397.82 l59.724 387.32 m1130.277 387.32 l59.724 366.32 m1130.277 366.32 l59.722 355.82 m1130.275 355.82 lS0 0 0 0 k535 284.945 199.211 338.625 ref376.577 284.945 79.212 338.625 ref813.423 284.945 79.211 338.625 ref971.845 284.945 79.212 338.625 ref/GS2 gsBT7.5 0 0 7.5 705.9492 589.4449 Tm/Cs8 cs 1 scn0.0555 Tc[(Reports)-16921.8(Goodwill)-3411.2(Fonds propres)]TJ-46.7195 -1.4 TD0.0554 Tc0 Tw[(Notes)-3337.3(Capital-actions)-2825.1(Primes ?mission)-17949.2(et autres r?serves)-3021.7(Propres actions)-4530.6(d?acquisition)-3315.9(part du groupe)-1161.4(Int?r?ts minoritaires)-3566.2(Fonds propr)]TJ102.1782 0 TD(es)Tj-141.6218 -1.4 TD(en kCHF)TjET/GS3 gsBT8.5 0 0 8.5 59.7254 557.9449 Tm(Au 1)Tj5.95 0 0 5.95 78.6194 560.7499 Tm0.0551 Tc(er)Tj8.5 0 0 8.5 87.1817 557.9449 Tm0.0554 Tc[(janvier 20)-27.8(02)]TJ7.5 0 0 7.5 427.9181 557.9449 Tm[(5)55.6(1)55.6(2)-166.9(94)55.5(1)-7405.3(4)0(9)-166.9(7)27.7(98)-22862.4(2)55.6(1)55.6(5)-166.9(7)27.8(3)0(6)-9500.8(?)-6529.7(-2)55.5(1)55.6(7)-166.9(545)-6573.3(560)-166.9(9)0(30)-7564.4(1)55.6(9)-166.9(92)55.5(1)-6783.8(5)0(80)-167(85)55.5(1)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 547.4449 Tm0 0 0 1 k(Augmentation du capital pour les employ?s )Tj7.5 0 0 7.5 441.675 547.4449 Tm0.0555 Tc(658)TjET/GS3 gsBT7.5 0 0 7.5 957.1553 547.4449 Tm/Cs8 cs 1 scn(658)TjET/GS2 gsBT7.5 0 0 7.5 1116.4624 547.4449 Tm0 0 0 1 k(658)Tj8.5 0 0 8.5 59.7254 536.9449 Tm0.0554 Tc(Modification du p?rim?tre de consolidation)Tj7.5 0 0 7.5 364.844 536.9449 Tm(5.2)Tj68.6217 0 TD0.0277 Tc(770)TjET/GS3 gsBT7.5 0 0 7.5 957.5728 536.9449 Tm/Cs8 cs 1 scn(770)TjET/GS2 gsBT7.5 0 0 7.5 1031.3971 536.9449 Tm0 0 0 1 k0.2223 Tc[(18)166.9(5)166.8(5)-7784.3(26)166.9(2)166.8(5)166.9( )]TJ8.5 0 0 8.5 59.7254 526.4449 Tm0.0554 Tc(Ajustement sur goodwill d?acquisition)Tj7.5 0 0 7.5 873.2522 526.4449 Tm0.0555 Tc[(7)-166.8(456)]TJET/GS3 gsBT7.5 0 0 7.5 951.3185 526.4449 Tm/Cs8 cs 1 scn0.2222 Tc[(74)166.8(5)166.7(6)]TJET/GS2 gsBT7.5 0 0 7.5 1110.6255 526.4449 Tm0 0 0 1 k[(74)166.9(5)166.8(6)]TJ8.5 0 0 8.5 59.7254 515.9449 Tm0.0554 Tc(Dividende vers? aux minoritaires)Tj7.5 0 0 7.5 962.9969 515.9449 Tm0.0831 Tc[(?)-7630.3(-)27.7(1)-139.3(000)-7516.8(-)27.7(1)-139.3(000)]TJ8.5 0 0 8.5 59.7254 505.4449 Tm0.0554 Tc(Ecart de conversion)Tj7.5 0 0 7.5 707.9442 505.4449 Tm[(-1)55.5(5)-166.9(0)0(7)27.7(3)]TJET/GS3 gsBT7.5 0 0 7.5 944.7223 505.4449 Tm/Cs8 cs 1 scn[(-1)55.5(5)-166.9(0)0(7)27.6(3)]TJET/GS2 gsBT7.5 0 0 7.5 1029.1785 505.4449 Tm0 0 0 1 k[(-3)-167(1)55.6(6)0(2)-7043.9(-)0(1)55.4(8)-166.9(235)]TJ8.5 0 0 8.5 59.7254 494.9449 Tm(Diminution de valeur des immobilisations financi?res )Tj7.5 0 0 7.5 364.844 494.9449 Tm(3.2)Tj46.2747 0 TD[(-4)-167(464)]TJET/GS3 gsBT7.5 0 0 7.5 948.6822 494.9449 Tm/Cs8 cs 1 scn[(-4)-167(464)]TJET/GS2 gsBT7.5 0 0 7.5 1107.9893 494.9449 Tm0 0 0 1 k[(-4)-167(464)]TJ8.5 0 0 8.5 59.7254 484.4449 Tm(R?sultat de l?exercice )Tj7.5 0 0 7.5 710.7892 484.4449 Tm-0.0002 Tc[(10)-222.5(0)-55.6(3)-0.1(1)]TJET/GS3 gsBT7.5 0 0 7.5 947.5671 484.4449 Tm/Cs8 cs 1 scn[(10)-222.4(0)-55.6(3)-0.1(1)]TJET/GS2 gsBT7.5 0 0 7.5 1031.3971 484.4449 Tm0 0 0 1 k0.2223 Tc[(29)166.9(8)166.8(8)-7339.8(1)222.5(3)0.1(0)222.4(1)222.5(9)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 473.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(Au 3)55.5(1)0( d?cembre 20)-27.8(02)]TJ7.5 0 0 7.5 427.5006 473.9449 Tm0.0555 Tc[(5)55.7(1)55.7(3)-166.7(599)-7405.3(4)0.1(9)-166.8(7)27.8(98)-22723.1(206)-166.9(2)0.1(30)-9500.7(?)-6529.6(-209)-166.8(3)55.7(1)55.7(9)-6573.1(560)-166.8(3)0.1(08)-7453(20)-166.9(602)-6839.5(5)0.1(80)-166.8(9)55.6(1)55.7(0)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 452.9449 Tm0 0 0 1 k0.0554 Tc(Augmentation du capital pour les employ?s)Tj7.5 0 0 7.5 441.8837 452.9449 Tm0.0277 Tc[(74)-27.7(6)]TJET/GS3 gsBT7.5 0 0 7.5 957.364 452.9449 Tm/Cs8 cs 1 scn[(74)-27.7(6)]TJET/GS2 gsBT7.5 0 0 7.5 1116.6711 452.9449 Tm0 0 0 1 k[(74)-27.7(6)]TJ8.5 0 0 8.5 59.7254 442.4449 Tm0.0554 Tc(Plan d?option pour les employ?s)Tj7.5 0 0 7.5 361.5103 442.4449 Tm[(3.)111.1(1)55.5(0)]TJ47.0985 0 TD0.2223 Tc[(27)194.7(2)166.9(0)]TJET/GS3 gsBT7.5 0 0 7.5 951.5271 442.4449 Tm/Cs8 cs 1 scn[(27)194.6(2)166.9(0)]TJET/GS2 gsBT7.5 0 0 7.5 1110.8342 442.4449 Tm0 0 0 1 k[(27)194.6(2)166.9(0)]TJ8.5 0 0 8.5 59.7254 431.9449 Tm0.0554 Tc(Emission d?actions pour l?acquisition de soci?t?s)Tj7.5 0 0 7.5 364.844 431.9449 Tm[(5.2)-8687.9(604)]TJET/GS3 gsBT7.5 0 0 7.5 957.1553 431.9449 Tm/Cs8 cs 1 scn0.0555 Tc(604)TjET/GS2 gsBT7.5 0 0 7.5 1116.4624 431.9449 Tm0 0 0 1 k(604)Tj8.5 0 0 8.5 59.7254 421.4449 Tm0.0554 Tc(Rachat de propres actions)Tj7.5 0 0 7.5 361.5103 421.4449 Tm[(3.)111.1(1)55.5(0)]TJ58.0537 0 TD0.0555 Tc(-380)TjET/GS3 gsBT7.5 0 0 7.5 954.5192 421.4449 Tm/Cs8 cs 1 scn(-380)TjET/GS2 gsBT7.5 0 0 7.5 1113.8264 421.4449 Tm0 0 0 1 k(-380)Tj8.5 0 0 8.5 59.7254 410.9449 Tm0.0554 Tc(Modification du p?rim?tre de consolidation)Tj7.5 0 0 7.5 364.844 410.9449 Tm(5.2)Tj66.269 0 TD0.0555 Tc[(-40)55.6(1)-166.8(697)]TJET/GS3 gsBT7.5 0 0 7.5 939.9272 410.9449 Tm/Cs8 cs 1 scn[(-40)55.6(1)-166.7(6)0.1(97)]TJET/GS2 gsBT7.5 0 0 7.5 1030.1472 410.9449 Tm0 0 0 1 k[(1,096)-6404.7(-40)-27.7(0)-166.8(60)55.6(1)]TJ8.5 0 0 8.5 59.7254 400.4449 Tm0.0554 Tc(Dividende vers? aux minoritaires)Tj7.5 0 0 7.5 962.9969 400.4449 Tm0.0555 Tc[(?)-7713(-)0.1(3)-166.9(9)0.1(82)-7599.6(-3)-166.9(982)]TJ8.5 0 0 8.5 59.7254 389.9449 Tm0.0554 Tc(Ecart de conversion)Tj7.5 0 0 7.5 708.1531 389.9449 Tm0.0555 Tc[(-1)111.2(1)-166.8(0)0.1(59)]TJET/GS3 gsBT7.5 0 0 7.5 944.931 389.9449 Tm/Cs8 cs 1 scn[(-1)111.2(1)-166.7(0)0.1(59)]TJET/GS2 gsBT7.5 0 0 7.5 1028.761 389.9449 Tm0 0 0 1 k0.0554 Tc[(-1)-167(352)-7210.9(-)0(1)55.5(2)-166.9(4)55.6(1)111.2(1)]TJ8.5 0 0 8.5 59.7254 379.4449 Tm[(T)72.2(ransfert au compte de r?sultat de la diminution )]TJ7.5 0 0 7.5 364.844 379.4449 Tm(3.2)Tj46.6262 0 TD0.2223 Tc[(62)166.9(5)166.8(0)]TJET/GS3 gsBT7.5 0 0 7.5 951.3185 379.4449 Tm/Cs8 cs 1 scn[(62)166.8(5)166.7(0)]TJET/GS2 gsBT7.5 0 0 7.5 1110.6255 379.4449 Tm0 0 0 1 k[(62)166.9(5)166.8(0)]TJ8.5 0 0 8.5 59.7254 368.9449 Tm0.0554 Tc(de valeur des immobilisations financi?res)Tj0 -1.2353 TD(R?sultat de l?exercice )Tj7.5 0 0 7.5 710.3717 358.4449 Tm[(33)-166.9(1)55.6(6)0(7)]TJET/GS3 gsBT7.5 0 0 7.5 947.1497 358.4449 Tm/Cs8 cs 1 scn[(33)-166.9(1)55.6(6)0(7)]TJET/GS2 gsBT7.5 0 0 7.5 1029.3872 358.4449 Tm0 0 0 1 k0.0555 Tc[(-1)-166.9(1)55.7(7)27.9(0)-7395.2(3)55.7(1)-166.8(9)0.1(97)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 347.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(Etat au 3)55.5(1)0( d?cembre 20)-27.8(03)]TJ7.5 0 0 7.5 427.5006 347.9449 Tm0.0555 Tc[(5)55.7(1)55.7(4)-166.7(949)-7405.3(4)0.1(9)-166.8(7)27.8(98)-22723.1(237)-166.9(3)0.1(08)-8370.4(-380)-6696.6(-6)55.6(1)111.3(1)-166.7(0)55.7(1)55.7(6)-6628.8(1)55.7(9)0.1(0)-166.9(6)0.1(59)-7564.3(1)55.7(5)-166.8(1)55.7(9)0.1(4)-6728.1(2)0.1(05)-166.9(853)]TJET/GS2 gsBT10 0 0 10 59.7254 316.4449 Tm0 0 0 1 k0.0554 Tc[(Ef)16.7(fet th?orique de l?activation du goodwill)]TJ8.5 0 0 8.5 59.7254 295.4449 Tm0.036 Tc-0.0001 Tw(La valeur totale du goodwill a ?t? port?e directement en diminution des r?serves conform?ment aux principes du Groupe.)Tj0 -2.4706 TD0.0554 Tc0 Tw[(Une activation du goodwill sur les p?riodes d?finies aurait entra?n? un amortissement suppl?mentaire de kCHF 8)-166.9(6)55.6(1)55.6(7)0.1( )]TJ0 -1.2353 TD[(int?gr? dans le compte de r?sultat 20)-27.7(03 \(20)-27.8(02: kCHF 1)55.5(0)-166.9(87)27.6(7\) ainsi qu?un amortissement non planifi? \(impairment\) )]TJT*[(de kCHF 0 \(20)-27.7(02: kCHF 9)55.5(1)-166.9(27)27.6(7\), tandis que les fonds propres, ainsi que le total du bilan, seraient augment?s )]TJT*[(de kCHF 494)-166.9(094 \(20)-27.8(02: kCHF 1)55.5(0)55.6(1)-166.9(0)55.6(1)55.6(5\). )]TJETQendstreamendobj25 0 obj<>/ExtGState<>/ColorSpace<>>>endobj27 0 obj<>stream q0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf7.5 0 0 7.5 59.748 38.1949 Tm0 0 0 1 k0.0554 Tc0 Tw(10)Tj79.3701 0 TD(11)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Comptes consolid?s du Groupe Kudelski)Tj0 0 0 1 k0 -1.1484 TD[(Annexes aux comptes consolid?s des exercices 20)-27.8(03 et 20)-27.8(02)]TJET/Cs10 cs 1 scn655 145.82 475.275 399 ref0 0 0 0 k/GS3 gs1057.515 110.962 36.364 436.485 ref984.789 110.962 36.364 436.485 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d655 534.32 m1130.275 534.32 l655 513.32 m1130.275 513.32 l655 502.82 m1130.275 502.82 l655 492.32 m1130.275 492.32 l655 481.82 m1130.275 481.82 l655 460.82 m1130.275 460.82 l655 439.82 m1130.275 439.82 l655 429.32 m1130.275 429.32 l655 418.82 m1130.275 418.82 l655 408.32 m1130.275 408.32 l655 387.32 m1130.275 387.32 l655 376.82 m1130.275 376.82 l655 355.82 m1130.275 355.82 l655 345.32 m1130.275 345.32 l655 324.32 m1130.275 324.32 l655 303.32 m1130.275 303.32 l655 282.32 m1130.275 282.32 l655 271.82 m1130.275 271.82 l655 261.32 m1130.275 261.32 l655 240.32 m1130.275 240.32 l655 229.82 m1130.275 229.82 l655 208.82 m1130.275 208.82 l655 198.32 m1130.275 198.32 l655 177.32 m1130.275 177.32 l655 166.82 m1130.275 166.82 lS/GS2 gsBT10 0 0 10 59.7244 589.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(1)111.2(.)0( G?n?ralit?s et principes de consolidation)]TJ8.5 0 0 8.5 59.7244 568.4449 Tm0 0 0 1 k(Les comptes consolid?s des exercices clos aux )Tj0 -1.2353 TD[(3)55.6(1)0( d?cembre 20)-27.8(03 et 20)-27.8(02 sont ?tablis en conformit?)]TJT*(avec les recommandations relatives ? la pr?sentation )TjT*0.0555 Tc-0.0001 Tw(des comptes \(Swiss GAAP RPC\) et donnent une image)TjT*0.0554 Tc0 Tw(fid?le \(true and fair view\) du patrimoine, de la situation)TjT*(financi?re et des r?sultats du Groupe.)Tj0 -2.4706 TD(Les comptes ont ?t? pr?par?s selon le principe des)Tj0 -1.2353 TD(co?ts historiques. Les exercices comptables sont d?limi-)TjT*(t?s selon la m?thode de la comptabilit? d?engagements.)TjT*[(T)94.6(outes les soci?t?s int?gr?es dans le p?rim?tre de)]TJT*[(consolidation arr?tent leurs comptes au 3)55.5(1)0( d?cembre. )]TJ0 -2.4706 TD(Les comptes consolid?s comprennent les comptes )Tj0 -1.2353 TD0.0555 Tc-0.0001 Tw[(de Kudelski SA, de ses soci?t?s af)16.9(fili?es, comprenant)]TJT*0.0554 Tc0 Tw(les joint-ventures, et de ses soci?t?s associ?es. )TjT*(Cet ensemble forme le Groupe.)Tj10 0 0 10 59.7244 368.9449 Tm(Soci?t?s consolid?es)Tj8.5 0 0 8.5 59.7244 347.9449 Tm0.0555 Tc-0.0001 Tw[(T)94.7(outes les soci?t?s dans lesquelles Kudelski SA exerce,)]TJT*0.0554 Tc0 Tw(directement ou indirectement, un contr?le exclusif ou)TjT*(majoritaire sont consolid?es selon la m?thode de l?int?-)TjT*0.0555 Tc-0.0001 Tw(gration globale.)Tj0 -2.4706 TD0.0554 Tc0 Tw(Leurs actifs et passifs, ainsi que les charges et produits,)Tj0 -1.2353 TD0.0555 Tc-0.0001 Tw[(sont comptabilis?s ? 1)55.6(0)-27.6(0% dans les ?tats financiers)]TJT*0.0554 Tc0 Tw(consolid?s. Les parts ?ventuelles des actionnaires mino-)TjT*(ritaires dans la situation nette et le r?sultat sont inscrits)TjT*0.0527 Tc-0.0001 Tw(s?par?ment au bilan et au compte de r?sultat consolid?s.)TjT*0.0554 Tc0 Tw(Selon la th?orie de l?unit?, la part des actionnaires )TjT*(minoritaires est contenue dans les fonds propres.)Tj0 -2.4706 TD(Les actifs et passifs, de m?me que les produits et les)Tj0 -1.2353 TD(charges internes au Groupe, sont ?limin?s dans le cadre)TjT*0.0555 Tc-0.0001 Tw(de la consolidation.)Tj0 -2.4706 TD0.0554 Tc0 Tw(Les soci?t?s nouvellement acquises sont consolid?es)Tj0 -1.2353 TD[(d?s la date ef)16.7(fective de l?acquisition selon la m?thode)]TJT*0.0555 Tc-0.0001 Tw(anglo-saxonne \(?purchase method?\). )Tj10 0 0 10 303.0314 589.4449 Tm0.0554 Tc0 Tw(Joint-ventures)Tj8.5 0 0 8.5 303.0314 568.4449 Tm0.0555 Tc-0.0001 Tw(Les soci?t?s d?tenues ? 50%, dont la gestion est )TjT*(enti?rement assur?e par Kudelski SA, sont consolid?es)TjT*0.0554 Tc0 Tw(selon la m?thode de l?int?gration globale.)Tj10 0 0 10 303.0314 515.9449 Tm0.0555 Tc(Soci?t?s associ?es)Tj8.5 0 0 8.5 303.0314 494.9449 Tm0.0388 Tc-0.0001 Tw(Les soci?t?s sur lesquelles le Groupe exerce une influence)TjT*0.0554 Tc0 Tw(d?terminante sans toutefois en exercer le contr?le, )TjT*(et d?tenues ? raison de 20% ou plus, sont prises en)TjT*(compte selon la m?thode de la mise en ?quivalence. )TjT*0.0555 Tc-0.0001 Tw(Les actifs nets et les r?sultats sont constat?s sur la base)TjT*0.0499 Tc0 Tw(des principes comptables propres aux soci?t?s associ?es)TjT*0.0554 Tc(lorsqu?il n?est pas possible de calculer les ajustements)TjT*(selon les principes comptables du Groupe.)Tj7.5 0 0 7.5 1001.9031 557.9449 Tm/Cs8 cs 1 scn2.0149 Tw[(20)-27.8(03 20)-27.8(02 )-134.3(20)-27.8(03 )-36(20)-27.8(02)]TJ8.5 0 0 8.5 655.0009 536.9449 Tm0 0 0 1 k0.0001 Tw[(Kudelski SA)-7857.9(CH)-475.1(Cheseaux)-3900.3(Holding)]TJ7.5 0 0 7.5 1012.5379 536.9449 Tm3.8217 Tc0 Tw[(??)-134.3(?)-36(?)]TJ8.5 0 0 8.5 655.0009 526.4449 Tm0.0554 Tc[(Nagravision SA)-6322.5(CH)-475.1(Cheseaux)-3900.3(Solutions pour TV num?rique )]TJ7.5 0 0 7.5 1006.9068 526.4449 Tm-0.0002 Tc[(10)-83.3(0)-3071(1)0(0)-83.3(0)-3827.8(I)-55.6(G)-3729.6(I)-55.5(G)]TJ8.5 0 0 8.5 861.9299 515.9449 Tm0.0555 Tc-0.0001 Tw(et produits audio )Tj-24.3446 -1.2353 TD0.0554 Tc0 Tw[(NagraCard SA)-6654.3(CH)-475.1(Cheseaux)-3900.3(Cartes ? puce s?curis?es)]TJ7.5 0 0 7.5 1006.9068 505.4449 Tm-0.0002 Tc[(10)-83.3(0)-3071(1)0(0)-83.3(0)-3827.8(I)-55.6(G)-3729.6(I)-55.5(G)]TJ8.5 0 0 8.5 655.0009 494.9449 Tm0.0555 Tc-0.0001 Tw[(Nagra Public Access AG)-1763.9(CH)-475(Zoug)-6142.1(Holding acc?s physique )]TJ7.5 0 0 7.5 1006.9068 494.9449 Tm-0.0002 Tc0 Tw[(10)-83.3(0)-3071(1)0(0)-83.3(0)-3827.8(I)-55.6(G)-3729.6(I)-55.5(G)]TJ8.5 0 0 8.5 655.0009 484.4449 Tm0.0555 Tc[(Nagra T)72.2(rading SA)-5169.7(CH)-475(Cheseaux)-3900.2(Sans activit?)]TJ7.5 0 0 7.5 1006.9068 484.4449 Tm-0.0002 Tc[(10)-83.3(0)-3071(1)0(0)-83.3(0)-3827.8(I)-55.6(G)-3729.6(I)-55.5(G)]TJ8.5 0 0 8.5 655.0009 473.9449 Tm0.0554 Tc[(Nagravision Iberica SL)-2804(ES)-697(Madrid)-5272.2(V)72.2(entes et support )]TJ7.5 0 0 7.5 1006.9068 473.9449 Tm-0.0002 Tc[(10)-83.3(0)-3071(1)0(0)-83.3(0)-3827.8(I)-55.6(G)-3729.6(I)-55.5(G)]TJ8.5 0 0 8.5 861.9299 463.4449 Tm0.0554 Tc(TV num?rique)Tj-24.3446 -1.2353 TD[(Nagra France S?rl)-4894.5(F)0.1(R)-715.1(Paris)-6160.6(Solutions pour TV num?rique )]TJ7.5 0 0 7.5 1006.9068 452.9449 Tm-0.0002 Tc[(10)-83.3(0)-3071(1)0(0)-83.3(0)-3827.8(I)-55.6(G)-3729.6(I)-55.5(G)]TJ8.5 0 0 8.5 861.9299 442.4449 Tm0.0555 Tc-0.0001 Tw(et produits audio)Tj-24.3446 -1.2353 TD[(Nagra Kudelski \(GB\) Ltd)-1838.2(GB)-475(St. Albans)-3622.1(V)72.3(entes et support)]TJ7.5 0 0 7.5 1006.9068 431.9449 Tm-0.0002 Tc0 Tw[(10)-83.3(0)-3071(1)0(0)-83.3(0)-3827.8(I)-55.6(G)-3729.6(I)-55.5(G)]TJ8.5 0 0 8.5 655.0009 421.4449 Tm0.0554 Tc[(Nagra Kudelski GmbH)-2987.1(DE)-660.1(Munich)-5141.6(V)72.2(entes et support)]TJ7.5 0 0 7.5 1006.9068 421.4449 Tm-0.0002 Tc[(10)-83.3(0)-3071(1)0(0)-83.3(0)-3827.8(I)-55.6(G)-3729.6(I)-55.5(G)]TJ8.5 0 0 8.5 655.0009 410.9449 Tm0.0554 Tc[(Nagra USA, Inc.)-5841.3(US)-624(Nashville)-4307.9(V)72.2(entes et support)]TJ7.5 0 0 7.5 1006.9068 410.9449 Tm-0.0002 Tc[(10)-83.3(0)-3071(1)0(0)-83.3(0)-3827.8(I)-55.6(G)-3729.6(I)-55.5(G)]TJ8.5 0 0 8.5 655.0009 400.4449 Tm0.0554 Tc[(NagraStar LLC)-6413(US)-624(Englewood)-3308.8(Cartes ? puce et )]TJ7.5 0 0 7.5 1011.2825 400.4449 Tm[(50)-3598.9(50)-3772.3(IG)-3674(IG)]TJ8.5 0 0 8.5 861.9299 389.9449 Tm(support TV num?rique)Tj-24.3446 -1.2353 TD0.0555 Tc[(Nagra Plus)-8413.4(CH)-475(Cheseaux)-3900.2(TV analogique)]TJ7.5 0 0 7.5 1011.2825 379.4449 Tm0.0554 Tc[(50)-3598.9(50)-3772.3(IG)-3674(IG)]TJ8.5 0 0 8.5 655.0009 368.9449 Tm[(Nagra-Futuris SA)-5376.8(CH)-475.1(Neuch?tel)-3806.1(Solutions pour dif)16.7(fusion )]TJ7.5 0 0 7.5 1011.2825 368.9449 Tm[(50)-3598.9(50)-3772.3(IG)-3674(IG)]TJ8.5 0 0 8.5 861.9299 358.4449 Tm(num?rique )Tj-24.3446 -1.2353 TD[(NagraID SA)-7970.3(CH)-475.1(Chaux-de-Fonds)-734.5(Production de cartes ? puces )]TJ7.5 0 0 7.5 1006.9068 347.9449 Tm-0.0002 Tc[(10)-83.3(0)-3071(1)0(0)-83.3(0)-3827.8(I)-55.6(G)-3729.6(I)-55.5(G)]TJ8.5 0 0 8.5 655.0009 337.4449 Tm0.0554 Tc[(Logiways)-9211.2(CH)-475.1(Cheseaux)-3900.3(Solutions logicielles pour)]TJ7.5 0 0 7.5 1006.9068 337.4449 Tm-0.0002 Tc[(10)-83.3(0)-3710.1(5)0(1)-3827.8(I)-55.6(G)-3729.6(I)-55.5(G)]TJ8.5 0 0 8.5 861.9299 326.9449 Tm0.0554 Tc(la TV num?rique )Tj-24.3446 -1.2353 TD[(Logiways France SA)-3802.7(FR)-715.1(Brive)-6124(D?veloppement et vente de)]TJ7.5 0 0 7.5 1006.9068 316.4449 Tm-0.0002 Tc[(10)-83.3(0)-3710.1(5)0(1)-3827.8(I)-55.6(G)-3729.6(I)-55.5(G)]TJ8.5 0 0 8.5 655.0009 305.9449 Tm0.0554 Tc[(\(anc. 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Ces)]TJT*(soci?t?s d?veloppent et commercialisent des solutions)TjT*(logicielles temps r?el compl?tes dans le domaine de )TjT*(la t?l?vision num?rique, ainsi que des outils logiciels)TjT*(de test dans le m?me domaine. )Tj-0.8671 -2.4706 TD[(?)-311.7(Nagra Public Access AG, Zoug, cr??e en d?cembre)]TJ0.8671 -1.2353 TD[(20)-27.8(02, est d?tenue ? 1)55.5(0)-27.7(0%. Cette soci?t? holding)]TJT*(d?tient les entit?s actives dans le domaine de l?acc?s)TjT*(public.)Tj-0.8671 -2.4706 TD(Le p?rim?tre de consolidation avait ?galement enregistr?)Tj0 -1.2353 TD(des modifications suite aux fusions entre NagraID )TjT*[(et Thermoplex F)127.8(.)0.1( Droz SA et entre Nagravision SA, )]TJT*0.0555 Tc-0.0001 Tw[(L)39.1(ysis International SA et L)39(ysis SA.)]TJ0 -2.4706 TD0.0554 Tc0 Tw(Par ailleurs, Nagra Italia Srl, Pr?cision Electronique)Tj0 -1.2353 TD0.0555 Tc-0.0001 Tw[(Precel SA et L)39(ysis Asia Pte Ltd ?taient sorties du p?ri-)]TJT*0.0554 Tc0 Tw[(m?tre de consolidation du groupe au 3)55.5(1)0( d?cembre 20)-27.8(02.)]TJ10 0 0 10 655.0009 358.4449 Tm0.0555 Tc(Consolidation du capital )Tj0 -1.05 TD0.0554 Tc[(T)72.2(raitement du goodwill)]TJ8.5 0 0 8.5 655.0009 326.9449 Tm0.0499 Tc(Les valeurs comptables des participations ont ?t? )Tj0 -1.2353 TD(?limin?es par compensation avec la quote-part des fonds)TjT*(propres des filiales, ?valu?s au moment de leur acqui-)TjT*[(sition ou cr?ation. La consolidation du capital est ef)16.4(fec-)]TJT*(tu?e selon la m?thode anglo-saxonne \(purchase method\).)Tj0 -2.4706 TD-0.0001 Tw[(L)111.3(Վcart entre le co?t d?acquisition et la juste valeur des)]TJ0 -1.2353 TD(actifs nets est imput? directement aux fonds propres du)TjT*[(Groupe ? la date de l?acquisition. Les dif)16.5(f?rents ?l?ments)]TJT*0 Tw(sont d?taill?s en note \(5.2\).)Tj0 -2.4706 TD(La note en pied de page du tableau de variation des)Tj0 -1.2353 TD(fonds propres consolid?s contient les informations )TjT*[(relatives aux ef)16.6(fets sur le bilan et le compte de r?sultat)]TJT*(d?une prise en compte th?orique du goodwill comme actif)TjT*(et de son amortissement pendant la dur?e d?utilisation)TjT*-0.0001 Tw(pr?vue, conform?ment aux directives contenues dans la)TjT*0 Tw(norme Swiss GAAP RPC 9.)Tj10 0 0 10 898.308 589.4449 Tm0.0554 Tc(Conversion des monnaies ?trang?res)Tj8.5 0 0 8.5 898.308 568.4449 Tm/Cs8 cs 1 scn(Conversion des ?tats financiers)Tj0 0 0 1 kT*0.0555 Tc-0.0001 Tw(Les ?tats financiers des soci?t?s du Groupe ?tablis dans)TjT*0.0554 Tc0 Tw[(une monnaie dif)16.7(f?rente du franc suisse \(CHF\) sont)]TJT*(convertis aux cours de fin d?ann?e pour les comptes de)TjT*(bilan et aux cours moyens de l?ann?e pour les comptes)TjT*[(de r?sultat \(m?thode du cours de cl?ture\). Les dif)16.7(f?-)]TJT*(rences r?sultant de l?application de la ?m?thode )TjT*(du cours de cl?ture? sont imput?es ? la r?serve de)TjT*(conversion incluse dans les fonds propres consolid?s.)Tj/Cs8 cs 1 scn0 -2.4706 TD[(T)72.2(ransactions en monnaies ?trang?res)]TJ0 0 0 1 k0 -1.2353 TD(Les transactions en monnaies ?trang?res sont converties)TjT*0.0555 Tc-0.0001 Tw(aux cours de change pr?valant ? la date de l?op?ration.)TjT*0.0554 Tc0 Tw(Les d?biteurs et cr?anciers divers exprim?s en monnaies)TjT*(?trang?res sont convertis aux cours de fin d?ann?e. )TjT*[(Les dif)16.7(f?rences de change sont comptabilis?es dans le)]TJT*(compte de r?sultat.)TjET/Cs10 cs 1 scn/GS3 gs898.307 292.816 231.968 52.501 ref/GS2 gsBT7.5 0 0 7.5 655.0236 38.1949 Tm0 0 0 1 k(15)Tj-79.3701 0 TD(14)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Comptes consolid?s du Groupe Kudelski)Tj0 0 0 1 k0 -1.1484 TD[(Annexes aux comptes consolid?s des exercices 20)-27.8(03 et 20)-27.8(02)]TJET0 0 0 0 k/GS3 gs1055.629 290.191 37.323 57.75 ref980.981 290.195 37.323 57.75 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d898.307 334.816 m1130.275 334.816 l898.307 324.316 m1130.275 324.316 l898.307 313.816 m1130.275 313.816 l898.307 303.316 m1130.275 303.316 lS/GS2 gsBT10 0 0 10 59.7244 589.4449 Tm0 0 0 1 k0.0554 Tc(Modification du p?rim?tre de consolidation)Tj8.5 0 0 8.5 59.7244 568.4449 Tm[(Lors de l?exercice 20)-27.8(03, la principale variation de )]TJ0 -1.2353 TD(p?rim?tre de consolidation concerne la transaction )TjT*0.0555 Tc(?Mediaguard?:)Tj0 -2.4706 TD0.0554 Tc[(?)-311.7(Dans le cadre de cette transaction, le Groupe Kudelski)]TJ0.8671 -1.2353 TD0.0555 Tc-0.0001 Tw(a acquis du Groupe Thomson, 50% de Canal+)TjT*0.0554 Tc0 Tw[(T)94.6(echnologies, Paris, soci?t? qui a pour nouvelle acti-)]TJT*(vit? la gestion de propri?t? intellectuelle. Nagra France)TjT*0.0555 Tc-0.0001 Tw[(S?rl a acquis de Canal+ T)94.7(echnologies par un apport)]TJT*0.0554 Tc0 Tw(partiel d?actifs, ses activit?s de d?veloppement et de)TjT*(mise en place de syst?mes de s?curit? pour la t?l?vi-)TjT*(sion num?rique \(ligne de produit ?Mediaguard?\). Pour)TjT*(cette acquisition, une nouvelle soci?t? holding a ?t?)TjT*0.0555 Tc-0.0001 Tw(constitu?e ? savoir Nagra France Holding SAS, Paris,)TjT*0.0554 Tc0 Tw[(d?tenue ? 1)55.5(0)-27.7(0% par le Groupe Kudelski. Ces soci?t?s)]TJT*(ont ?t? int?gr?es dans le p?rim?tre de consolidation ?)TjT*[(partir du 3)55.5(1)0( d?cembre 20)-27.8(03, d?s lors cette acquisition)]TJT*[(n?a pas d?impact sur le compte de r?sultat 20)-27.6(03.)]TJ-0.8671 -2.4706 TD(Le p?rim?tre de consolidation s?est ?galement accru de)Tj0 -1.2353 TD[(la mani?re suivante en 20)-27.8(03:)]TJ0 -2.4706 TD[(Le Groupe a acquis en 20)-27.7(03 le solde des int?r?ts )]TJ0 -1.2353 TD(minoritaires pour porter sa quote-part de participation )TjT*0.0555 Tc-0.0001 Tw[(? 1)55.6(0)-27.6(0% dans les soci?t?s suivantes:)]TJ0 -2.4706 TD0 Tw[(?)-311.6(Logiways, Cheseaux et Logiways France SA \(anc. Soft )]TJ0.8671 -1.2353 TD0.0415 Tc[(T)94.6(echnology SA\), Paris avec ef)16.7(fet au 30 septembre 20)-27.8(03.)]TJT*0.0554 Tc[(L)111.2(?ancienne quote-part de participation ?tait de 5)55.5(1%.)]TJ-0.8671 -2.4706 TD0.0443 Tc[(?)-11.1( )-11.3(SportAccess SA, Sion: of)16.8(fre dՎchange d?actions avec )]TJ0.8671 -1.2353 TD[(ef)16.7(fet au 25 ao?t 20)-27.7(03 \(note 3.9\). L)111.2(?ancienne quote-part)]TJT*[(de participation ?tait de 7)27.7(8%. Par cet achat, le Groupe)]TJT*[(Kudelski d?tient ?galement le 1)55.6(0)-27.7(0% du capital-actions)]TJT*(de SportAccess Kudelski SA en liquidation, Sion;)TjT*(SportAccess Kudelski AG, Bregenz, ainsi que les filiales)TjT*[(du groupe Systems T)16.7(icketing dont la quote-part de )]TJT*(participation ?tait pr?c?demment de 84%.)Tj-0.8671 -2.4706 TD0.0554 Tc[(L)111.2(?acquisition du solde des int?r?ts minoritaires des)]TJ0 -1.2353 TD(soci?t?s susmentionn?es a uniquement des incidences)TjT*(sur les int?r?ts minoritaires et sur les fonds propres)TjT*(\(Goodwill\) du Groupe, compte tenu que ces soci?t?s)TjT*(?taient d?j? consolid?es selon le principe de l?int?gration)TjT*0.0555 Tc(globale.)Tj28.6244 56.8235 TD0.0388 Tc-0.0001 Tw[(De plus, le Groupe a acquis en date du 3)55.4(1)0.1( d?cembre 20)-27.7(03)]TJ0 -1.2353 TD[(le 1)55.5(0)-27.6(0% du capital-actions de Labitzke Schaf)16.6(fner AG,)]TJT*0.0555 Tc(Adliswil, soci?t? active dans l?installation et le service de)TjT*0.0554 Tc0 Tw(syst?me de parkings et en date du 1)Tj5.95 0 0 5.95 451.0212 560.7499 Tm0.0551 Tc(er)Tj8.5 0 0 8.5 459.5835 557.9449 Tm0.0554 Tc[(septembre 20)-27.8(03,)]TJ-18.4179 -1.2353 TD0.0555 Tc-0.0001 Tw[(le 50% de T)94.7(ouristDataShop SA, Ollon, soci?t? exploitant)]TJT*0.0554 Tc0 Tw(un syst?me de r?servation de chambres d?h?tels utilisant)TjT*(un portail internet.)Tj0 -2.4706 TD(Le Groupe a ?galement augment? en date du )Tj0 -1.2353 TD0.0555 Tc-0.0001 Tw[(30 septembre 20)-27.7(03 sa quote-part de participation dans)]TJT*[(AccessArena AG, R?mlang pour la porter ? 90% \(4)55.6(1%)]TJT*0.0554 Tc0 Tw[(en 20)-27.8(02\). )]TJ0 -2.4706 TD(Par ailleurs, la participation du Groupe dans la soci?t?)Tj0 -1.2353 TD[(e-prica AG, L)38.9(yss, a ?t? reprise par le partenaire avec)]TJT*0.0001 Tw[(ef)16.7(fet au 1)]TJ5.95 0 0 5.95 341.6254 434.7499 Tm0.0551 Tc0 Tw(er)Tj8.5 0 0 8.5 350.1877 431.9449 Tm0.0554 Tc[(janvier 20)-27.8(03. )]TJ-5.5478 -2.4706 TD[(Les soci?t?s Lepanto T)94.6(echnologies AG, Gartenau,)]TJ0 -1.2353 TD0.0555 Tc-0.0001 Tw(Political Rights SA \(Polirights\) en liquidation et Systems)TjT*0.0499 Tc(Produktion AG sont sorties du p?rim?tre de consolidation)TjT*0.0554 Tc0 Tw[(au 3)55.5(1)0( d?cembre 20)-27.8(03 suite ? leur liquidation.)]TJ0 -2.4706 TD[(En 20)-27.8(02, le p?rim?tre de consolidation sՎtait accru des)]TJ0 -1.2353 TD(soci?t?s suivantes:)Tj0 -2.4706 TD0.0555 Tc-0.0001 Tw[(?)-311.6(K)0(udelski Financial Services Holding SCA, Kudelski)]TJ0.8671 -1.2353 TD(Luxembourg S?rl et Kud S?rl, toutes bas?es au)TjT*0.0554 Tc0 Tw[(Luxembourg ont ?t? constitu?es en janvier 20)-27.7(02. )]TJT*(Ces entit?s ont ?t? cr??es dans le cadre de lՎmission)TjT*(de l?emprunt convertible. Kudelski Financial Services)TjT*(Holding SCA est la soci?t? ?mettrice de cet emprunt)TjT*[(convertible. Elles sont toutes d?tenues ? 1)55.6(0)-27.7(0%.)]TJ-0.8671 -2.4706 TD[(?)-311.7(T)16.8(icketcorner GmbH, Bad Homburg est une )]TJ0.8671 -1.2353 TD[(soci?t? cr??e en juin 20)-27.7(02 et d?tenue ? 1)55.5(0)-27.7(0% par)]TJT*[(T)16.8(icketcorner SA. Cette soci?t? est active dans le )]TJT*(d?veloppement de logiciels et vente de billetterie )TjT*(en Allemagne.)Tj7.5 0 0 7.5 1107.8162 379.4449 Tm/Cs8 cs 1 scn(Cours)Tj8.5 0 0 8.5 898.307 368.9449 Tm(Cours de change)Tj7.5 0 0 7.5 1007.6681 368.9449 Tm[(Cours moyen)-3128.8(de fin d?ann?e)]TJ-1.0745 -1.4 TD2.1248 Tw[(20)-27.8(03 20)-27.8(02 )-101.6(20)-27.8(03 )18.2(20)-27.8(02)]TJ0 0 0 1 k-13.507 -2.8 TD0 Tw[(1)-333.5(USD)-10757.8(1)111.2(.34)-2875.2(1)111.2(.56)-2976.8(1)111.2(.24)-2857(1)111.2(.39)]TJ0 -1.4 TD[(1)-333.5(GBP)-10571.6(2.20)-2763.9(2.33)-2921.1(2.2)55.5(1)-2745.6(2.23)]TJT*[(1)-333.5(EUR)-10850.9(1)111.2(.52)-2875.2(1)111.2(.47)-2976.8(1)111.2(.56)-2857(1)111.2(.46)]TJT*-0.0002 Tc[(10)-83.3(0)-517(J)-55.7(P)-55.7(Y)-10065.6(1)55.6(.)55.7(16)-2930.7(1)55.6(.)-55.6(2)-55.6(4)-3199.4(1)55.6(.)55.7(16)-3079.5(1)55.6(.)55.7(17)]TJT*0.0554 Tc[(1)55.6(0)-27.7(0)-461.4(SEK)-8924.6(1)55.6(6.7)27.7(0)-2180.4(1)55.6(6.0)-27.8(0)-2309.6(1)55.6(7.20)-2189.8(1)55.6(5.90)]TJETQendstreamendobj34 0 obj<>/ExtGState<>/ColorSpace<>>>endobj36 0 obj<>stream q0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/Cs10 cs 1 scn/GS2 gs303.031 355.82 231.969 42 ref303.031 292.82 231.969 21 refQq0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf7.5 0 0 7.5 655.0236 38.1949 Tm0 0 0 1 k0.0554 Tc0 Tw(17)Tj-79.3701 0 TD(16)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Comptes consolid?s du Groupe Kudelski)Tj0 0 0 1 k0 -1.1484 TD[(Annexes aux comptes consolid?s des exercices 20)-27.8(03 et 20)-27.8(02)]TJET0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d/GS3 gs303.031 387.32 m535 387.32 l303.031 376.82 m535 376.82 l303.031 366.32 m535 366.32 l303.031 303.32 m535 303.32 lS/GS2 gsBT10 0 0 10 59.7254 589.4449 Tm/Cs8 cs 1 scn0.0443 Tc[(2. Principes)-311.3(comptables)-311.3(et)-311.2(m?thodes)-311.3(dՎvaluation)]TJ0 0 0 1 k0 -3.15 TD0.0554 Tc0.0001 Tw(Immobilisations incorporelles)Tj8.5 0 0 8.5 59.7254 536.9449 Tm0 Tw(Les nouveaux d?veloppements, men?s par le Groupe,)Tj0 -1.2353 TD(comprennent les co?ts internes qui leur sont directement)TjT*(imputables et sont activ?s pour autant qu?il soit )TjT*(vraisemblable que ceux-ci g?n?reront des avantages)TjT*(?conomiques futurs. Les amortissements sont calcul?s)TjT*(lin?airement sur une dur?e d?utilisation comprise entre )TjT*(4 et 5 ans ? partir de la premi?re facturation du )TjT*(d?veloppement dans une solution vendue ? des clients. )Tj0 -2.4706 TD(Les brevets et logiciels sont port?s ? l?actif du bilan )Tj0 -1.2353 TD(? leur co?t d?acquisition. Les amortissements sont )TjT*0.0499 Tc(calcul?s lin?airement sur une dur?e d?utilisation comprise)TjT*0.0554 Tc(entre 4 et 8 ans. )Tj0 -2.4706 TD(Le goodwill d?termin? est port? en diminution des fonds)Tj0 -1.2353 TD[(propres du Groupe ? la date d?acquisition et les ef)16.8(fets)]TJT*(d?une prise en compte th?orique du goodwill comme)TjT*(actif sont mentionn?s en pied de page du tableau )TjT*(de variation des fonds propres consolid?s. La p?riode)TjT*(d?amortissement th?orique du goodwill est d?finie lors)TjT*-0.0001 Tw[(de l?acquisition et varie en g?n?ral entre 1)55.5(0)-0.1( et 20 ans.)]TJT*0 Tw(En outre, un test de correctif de valeur \(impairment\) est)TjT*[(ef)16.7(fectu? selon la norme Swiss GAAP RPC 20.)]TJ10 0 0 10 59.7254 274.4449 Tm(Immobilisations financi?res)Tj8.5 0 0 8.5 59.7254 253.4449 Tm(Les immobilisations financi?res comprennent principale-)TjT*(ment des cr?ances ? long terme, ainsi que d?autres )TjT*(instruments financiers comme des participations et des)TjT*(investissements dans des soci?t?s sur lesquelles le)TjT*(Groupe n?exerce ni contr?le, ni influence d?terminante.)Tj0 -2.4706 TD(Ces immobilisations financi?res sont comptabilis?es )Tj0 -1.2353 TD0.0388 Tc(? leur valeur d?acquisition, d?duction faite des ajustements)TjT*0.0554 Tc(de valeur command?s par les circonstances. )Tj10 0 0 10 303.0324 589.4449 Tm(Immobilisations corporelles)Tj8.5 0 0 8.5 303.0324 568.4449 Tm(Les terrains et immeubles d?exploitation sont port?s )TjT*(au bilan ? leur valeur d?acquisition apr?s d?duction des)TjT*(amortissements. Les immeubles d?exploitation sont)TjT*(amortis lin?airement sur une dur?e de vie ?conomique )TjT*0.0555 Tc-0.0001 Tw(de 20 ? 33 ans. Les travaux d?am?nagement compris)TjT*0.0554 Tc0 Tw(sous cette rubrique sont amortis lin?airement sur une)TjT*(dur?e d?utilisation de 4 ? 8 ans.)Tj0 -2.4706 TD(Les autres immobilisations corporelles sont port?es )Tj0 -1.2353 TD(au bilan ? leur valeur d?acquisition. Les amortissements)TjT*(sont calcul?s lin?airement sur la base d?une dur?e de )TjT*[(vie ?conomique pour les dif)16.7(f?rentes cat?gories d?immo-)]TJT*0.0555 Tc(bilisations.)Tj7.5 0 0 7.5 489.8965 421.4449 Tm/Cs8 cs 1 scn0.0554 Tc(Dur?e de vie)Tj8.5 0 0 8.5 303.0324 410.9449 Tm(?quipements techniques et machines)Tj7.5 0 0 7.5 498.7845 410.9449 Tm(en ann?es)Tj8.5 0 0 8.5 303.0324 389.9449 Tm0 0 0 1 k[(Machines et instruments de mesure)-8129.6(4)0( - 7)]TJT*[(Mat?riel et installations num?riques)-8223(4 - 5)]TJT*[(Informatique et r?seau)-16002.1(4)]TJT*0.0555 Tc-0.0001 Tw[(Actifs mis ? disposition de clients)-8481.9(2)0.1( - 1)55.6(0)]TJ/Cs8 cs 1 scn0 -3.7059 TD0 Tw(Autres immobilisations)Tj0 0 0 1 k0 -2.4706 TD0.0554 Tc[(Mobilier de bureau et agencement)-8776.2(5 - 7)]TJ0 -1.2353 TD[(V?hicules)-22130.8(4)]TJ/Cs8 cs 1 scn0 -3.7059 TD0.0555 Tc-0.0001 Tw(Immobilisations en leasing \(cr?dit-bail\))Tj0 0 0 1 k0 -1.2353 TD0.0499 Tc0 Tw(Les immobilisations financ?es par des contrats de cr?dit-)TjT*0.0554 Tc(bail ? long terme figurent ? l?actif et sont amorties en)TjT*(accord avec les principes du Groupe. Les engagements)TjT*(financiers qui en d?coulent figurent dans les autres)TjT*(dettes ? court et ? long terme. Les co?ts de contrats )TjT*(de location sont comptabilis?s directement au compte )TjT*(de r?sultat.)Tj/Cs8 cs 1 scn0 -3.7059 TD0.0555 Tc(Immobilisations mises ? disposition de clients)Tj0 0 0 1 k0 -1.2353 TD-0.0001 Tw(Le Groupe met ? disposition de clients des installations)TjT*0.0554 Tc0 Tw(ainsi que des cartes ? puce dans le cadre de solutions)TjT*(compl?tes de s?curit?. Les actifs remis ? ces clients )TjT*(restent propri?t? du Groupe et sont ?valu?s ? leur co?t)TjT*(de revient et sont pr?sent?s ? l?actif sous la rubrique )TjT*(installations corporelles. )Tj0 -2.4706 TD0.0499 Tc-0.0001 Tw(Ces actifs sont amortis sur leur dur?e de vie ?conomique)Tj0 -1.2353 TD0.0554 Tc0 Tw(et la charge figure sous la rubrique amortissements.)Tj10 0 0 10 655 589.4449 Tm0.0555 Tc(Stocks)Tj8.5 0 0 8.5 655 568.4449 Tm-0.0001 Tw(Les stocks sont ?valu?s au plus bas du prix de revient)TjT*0.0554 Tc0 Tw(ou de la valeur de remplacement \(pour les mati?res )TjT*(premi?res\) ou de production \(pour les produits termin?s)TjT*(ou en fabrication\), sans toutefois exc?der la valeur de)TjT*0.0555 Tc(r?alisation.)Tj0 -2.4706 TD-0.0001 Tw[(L)111.3(?)0.1(?valuation des stocks dans le bilan se fonde g?n?rale-)]TJ0 -1.2353 TD0.0554 Tc0 Tw(ment sur un co?t standard qui se rapproche du co?t )TjT*(historique d?termin? selon la m?thode premier entr?/)TjT*0.0555 Tc-0.0001 Tw(premier sorti \(?FIFO?\).)Tj0 -2.4706 TD(Les produits en stock ne faisant plus partie des plans de)Tj0 -1.2353 TD0.0554 Tc0 Tw(production et de vente sont directement d?duits de la)TjT*(valeur brute des stocks. En outre, des abattements sont)TjT*(constitu?s pour les stocks pr?sentant une faible valeur)TjT*(de march? ou dont lՎcoulement est lent.)Tj10 0 0 10 655 379.4449 Tm[(T)72.2(ravaux en cours)]TJ8.5 0 0 8.5 655 358.4449 Tm(Les travaux en cours dans le cadre de contrats de)TjT*(longue dur?e sont port?s ? l?actif du bilan selon la)TjT*(m?thode du pourcentage d?avancement des travaux )TjT*(\(percentage of completion method\), sans toutefois )TjT*(exc?der la valeur de r?alisation.)Tj0 -2.4706 TD[(L)111.2(Վtat d?avancement des travaux est g?n?ralement cal-)]TJ0 -1.2353 TD(cul? en fonction des co?ts encourus et des heures de)TjT*[(travail ef)16.7(fectives ? la date crit?re. Il est d?termin? sur la)]TJT*0.0555 Tc-0.0001 Tw(base de dossiers sp?cifiques assurant le suivi des tra-)TjT*0.0554 Tc0 Tw[(vaux ef)16.7(fectu?s.)]TJ10 0 0 10 898.307 589.4449 Tm(D?biteurs clients)Tj8.5 0 0 8.5 898.307 568.4449 Tm(Les cr?ances envers les clients sont comptabilis?es )TjT*(? leur valeur de r?alisation nette anticip?e. )Tj0 -2.4706 TD[(Une estimation est ef)16.7(fectu?e r?guli?rement pour les)]TJ0 -1.2353 TD(cr?ances douteuses. Une provision est constitu?e )TjT*[(? cet ef)16.7(fet.)]TJ10 0 0 10 898.307 484.4449 Tm(Liquidit?s)Tj8.5 0 0 8.5 898.307 463.4449 Tm0.0555 Tc-0.0001 Tw(Les liquidit?s se composent des disponibilit?s en compte)TjT*0.0554 Tc0 Tw(courant et des placements ? court terme. Les disponibili-)TjT*(t?s en compte courant regroupent tous les fonds )TjT*(disponibles ? 48 heures; les placements ? court terme)TjT*(consistent en des d?p?ts bancaires et des placements )TjT*(? terme fixe dont lՎch?ance ? partir de la date )TjT*(d?acquisition est g?n?ralement ?gale ou inf?rieure ? trois)TjT*(mois.)Tj10 0 0 10 898.307 358.4449 Tm(Instruments financiers d?riv?s)Tj8.5 0 0 8.5 898.307 337.4449 Tm(Le Groupe utilise des instruments d?riv?s pour g?rer )TjT*(les risques de change auxquels il est confront? dans )TjT*0.0555 Tc-0.0001 Tw(le cadre de ses activit?s op?rationnelles ainsi que dans )TjT*0.0554 Tc0 Tw(le cadre de la politique d?acquisition de soci?t?s. )TjT*[(Par principe, le Groupe n?ef)16.7(fectue aucune op?ration )]TJT*(sp?culative au moyen d?instruments d?riv?s.)Tj0 -2.4706 TD(Les instruments utilis?s pendant l?ann?e comprennent)Tj0 -1.2353 TD0.0555 Tc-0.0001 Tw(des contrats de change ? terme, des swaps sur devises)TjT*0.0554 Tc0 Tw(ainsi que des strat?gies d?option ? co?t z?ro avec des)TjT*(?ch?ances d?une dur?e n?exc?dant pas six mois.)TjT*(Les instruments financiers d?riv?s sont utilis?s principa-)TjT*(lement pour la couverture des positions en devises)TjT*0.0499 Tc(?trang?res actives ou passives, qu?elles soient existantes)TjT*0.0554 Tc(ou anticip?es.)Tj0 -2.4706 TD0.0555 Tc-0.0001 Tw[(T)94.7(ous les produits d?riv?s sont ?valu?s ? la valeur du)]TJ0 -1.2353 TD0.0554 Tc0 Tw(march?, avec enregistrement des gains et des pertes)TjT*(r?alis?s et/ou non r?alis?s dans le compte de r?sultat.)TjT*(Ils sont contract?s aupr?s dՎtablissements financiers )TjT*(de premier ordre, selon des proc?dures d?autorisation,)TjT*(de limite et de contr?le sp?cifiques.)TjETQendstreamendobj37 0 obj<>/ExtGState<>/ColorSpace<>>>endobj39 0 obj<>stream q0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf7.5 0 0 7.5 655.0236 38.1949 Tm0 0 0 1 k0.0554 Tc0 Tw(19)Tj10 0 0 10 655 589.4449 Tm(Plan d?int?ressement du personnel )Tj0 -1.05 TD0.0555 Tc(\(stock option\))Tj8.5 0 0 8.5 655 557.9449 Tm-0.0001 Tw(Les options distribu?es aux collaborateurs font l?objet)Tj0 -1.2353 TD0.0499 Tc0 Tw(d?une ?valuation ? leur juste valeur \(fair value\) au moment)TjT*0.0554 Tc(de leur attribution \(grant date\). Cette juste valeur est)TjT*(d?termin?e conform?ment au mod?le Black & Scholes.)TjT*(La contre-valeur des options est prise int?gralement )TjT*(en charge par le compte de r?sultat au moment de leur)TjT*(attribution. Un facteur correspondant aux d?parts )TjT*(estim?s de collaborateurs qui ne pourront exercer leurs)TjT*0.0555 Tc-0.0001 Tw(options conform?ment aux dispositions du plan est pris)TjT*0.0554 Tc0 Tw(en consid?ration.)Tj0 -2.4706 TD(Le plan d?options mis en place par le Groupe comprend)Tj0 -1.2353 TD(des options avec une p?riode de blocage \(vesting )TjT*(period\) de 3, 4 et 5 ans et sont exer?ables durant une)TjT*(ann?e d?s la fin de la p?riode de blocage.)Tj10 0 0 10 655 379.4449 Tm0.0555 Tc(Propres actions)Tj8.5 0 0 8.5 655 358.4449 Tm0.0388 Tc-0.0001 Tw(Les propres actions sont ?valu?es ? leur co?t d?acquisition)TjT*0.0554 Tc0 Tw(et sont pr?sent?es en diminution des capitaux propres.)Tj10 0 0 10 655 316.4449 Tm[(Paiements dif)16.7(f?r?s dans le cadre d?acquisition)]TJ0 -1.05 TD0.0001 Tw(\(?deferred consideration?\).)Tj8.5 0 0 8.5 655 284.9449 Tm0 Tw(Dans le cadre d?acquisition de certaines soci?t?s, le prix)Tj0 -1.2353 TD(final d?achat est d?pendant des performances finan-)TjT*[(ci?res futures de la soci?t? \(?earn out?\). L)111.2(?engagement)]TJT*(est d?termin? en fonction des pr?visions de perfor-)TjT*(mances futures selon les estimations de la Direction)TjT*0.0555 Tc(\(?Best management estimate?\).)Tj0 -2.4706 TD-0.0001 Tw[(Ces paiements dif)16.8(f?r?s sont pr?sent?s dans les capitaux)]TJ0 -1.2353 TD0.0554 Tc0 Tw(?trangers ? court et long termes en fonction de leurs)TjT*(?ch?ances.)Tj7.5 0 0 7.5 59.748 38.1949 Tm(18)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Comptes consolid?s du Groupe Kudelski)Tj0 0 0 1 k0 -1.1484 TD[(Annexes aux comptes consolid?s des exercices 20)-27.8(03 et 20)-27.8(02)]TJ10 0 0 10 59.7244 589.4449 Tm0.0554 Tc(Emprunt obligataire convertible)Tj8.5 0 0 8.5 59.7244 568.4449 Tm[(L)111.2(?emprunt obligataire convertible est pr?sent? ? sa)]TJ0 -1.2353 TD(valeur nominale sous d?duction des frais dՎmission et)TjT*(apr?s prise en compte d?une reconstitution de la valeur)TjT*[(de remboursement. La dif)16.7(f?rence entre la valeur dՎmis-)]TJT*(sion et de remboursement ainsi que les frais dՎmission)TjT*[(sont r?partis sur la dur?e ef)16.7(fective de l?emprunt.)]TJ10 0 0 10 59.7244 484.4449 Tm0.0555 Tc(Provisions)Tj8.5 0 0 8.5 59.7244 463.4449 Tm0.0554 Tc(Les provisions sont comptabilis?es lorsque le Groupe )TjT*(a une obligation actuelle \(juridique ou implicite\) r?sultant)TjT*(dՎv?nements pass?s, qu?il est probable que des verse-)TjT*(ments seront n?cessaires pour r?gler cette obligation et)TjT*(qu?une estimation fiable du montant de l?obligation peut)TjT*-0.0001 Tw[(?tre ef)16.7(fectu?e.)]TJ0 -2.4706 TD0 Tw(Des provisions pour restructuration sont enregistr?es en)Tj0 -1.2353 TD(cas de r?organisation n?cessaire de secteurs d?activit?)TjT*(ou d?acquisitions de nouvelles filiales.)Tj10 0 0 10 59.7244 337.4449 Tm[(Imposition dif)16.7(f?r?e)]TJ8.5 0 0 8.5 59.7244 316.4449 Tm0.0555 Tc-0.0001 Tw(Certains retraitements apport?s aux comptes sociaux)TjT*(des soci?t?s pour les adapter aux principes comptables)TjT*0.0554 Tc0 Tw[(du Groupe cr?ent des dif)16.7(f?rences temporaires entre la)]TJT*[(base fiscale imposable et le r?sultat retrait?. Ces dif)16.7(f?-)]TJT*[(rences donnent lieu ? la constatation d?imp?ts dif)16.8(f?r?s)]TJT*(dans les comptes consolid?s selon la m?thode dite du)TjT*0.0555 Tc(report variable \(liability method\) sur la base des imp?ts)TjT*0.0554 Tc(attendus lors de la concr?tisation de la cr?ance ou de)TjT*[(l?engagement. T)94.6(out changement de taux d?imp?t est)]TJT*(enregistr? au compte de r?sultat.)Tj0 -2.4706 TD[(Des imp?ts dif)16.7(f?r?s actifs sont enregistr?s sur les )]TJ0 -1.2353 TD[(dif)16.7(f?rences temporaires d?ductibles dans la mesure o? )]TJT*0.0499 Tc(il est probable que de futurs b?n?fices imposables seront)TjT*0.0555 Tc-0.0001 Tw(disponibles. Le taux d?imposition retenu correspond au)TjT*0.0554 Tc0 Tw(taux d?imp?t actuel de la soci?t? pour laquelle l?actif est)TjT*(port? en compte.)Tj10 0 0 10 303.0314 589.4449 Tm(Plan de pr?voyance)Tj8.5 0 0 8.5 303.0314 568.4449 Tm(Dans tous les cas importants, l?engagement concernant)TjT*(des r?gimes ? prestations d?finies est calcul? annuelle-)TjT*(ment par des actuaires ind?pendants selon la m?thode)TjT*(des unit?s de cr?dit projet?es. La valeur actualis?e des)TjT*(obligations au titre des prestations d?finies est mesur?e)TjT*(sur la base de la valeur actualis?e des flux de tr?sorerie)TjT*(escompt?s. Comme les normes Swiss GAAP RPC )TjT*(l?autorisent, aucun actif provenant des institutions de)TjT*0.0443 Tc(pr?voyance n?a ?t? constat? au bilan. La charge th?orique)TjT*0.0554 Tc(pour de tels plans de pr?voyance, repr?sentant celle )TjT*(calcul?e en vertu de l?application de cette norme apr?s)TjT*(d?duction des contributions des employ?s, est d?taill?e)TjT*0.0555 Tc[(dans la note \(3.)111.3(1)55.7(5\).)]TJ10 0 0 10 303.0314 410.9449 Tm0.0554 Tc[(Chif)16.7(fre d?af)16.7(faires)]TJ8.5 0 0 8.5 303.0314 389.9449 Tm[(Le chif)16.7(fre d?af)16.7(faires est constitu? par les ventes de biens)]TJT*(et les prestations de services ? des tiers, d?duction )TjT*(faite des remises commerciales ainsi que des imp?ts sur)TjT*(les ventes. Le Groupe g?n?re des revenus de la vente)TjT*(de solutions int?gr?es hardware et software dans les)TjT*(domaines de la t?l?vision ? p?age et du contr?le d?acc?s)TjT*(physique. La vente de biens est enregistr?e dans le)TjT*(compte de r?sultat lorsque les risques et avantages)TjT*(importants inh?rents ? la propri?t? des biens sont trans-)TjT*[(f?r?s ? l?acheteur)94.6(. Les revenus sont reconnus selon )]TJT*(la m?thode du pourcentage d?avancement des travaux)TjT*(pour les solutions vendues sous licence incluant des )TjT*(services d?int?gration ainsi que pour les d?veloppements)TjT*(de logiciels. )Tj0 -2.4706 TD(Le Groupe fournit des solutions compl?tes de s?curit?)Tj0 -1.2353 TD0.0555 Tc-0.0001 Tw(sous la forme de la mise ? disposition d?actifs restant)TjT*0.0554 Tc0 Tw[(propri?t? du Groupe. Ce chif)16.7(fre d?af)16.7(faires est reconnu)]TJT*(mensuellement ? la facturation, sous forme de location.)TjETQendstreamendobj40 0 obj<>/ExtGState<>/ColorSpace<>>>endobj42 0 obj<>stream q0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/Cs10 cs 1 scn/GS2 gs655 229.82 475.275 63 ref655 356.193 475.275 188.627 ref0 0 0 0 k/GS3 gs1032.953 214.07 48.661 336 ref935.63 350.57 48.661 199.5 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d655 534.32 m1130.275 534.32 l655 523.82 m1130.275 523.82 l655 513.32 m1130.275 513.32 l655 502.82 m1130.275 502.82 l655 492.32 m1130.275 492.32 l655 481.82 m1130.275 481.82 l655 471.32 m1130.275 471.32 l655 460.82 m1130.275 460.82 l655 450.32 m1130.275 450.32 l655 439.82 m1130.275 439.82 l655 429.32 m1130.275 429.32 l655 418.82 m1130.275 418.82 l655 408.32 m1130.275 408.32 l655 397.82 m1130.275 397.82 l655 387.32 m1130.275 387.32 l655 376.82 m1130.275 376.82 l655 366.32 m1130.275 366.32 l655 292.82 m1130.275 292.82 l655 282.32 m1130.275 282.32 l655 271.82 m1130.275 271.82 l655 261.32 m1130.275 261.32 l655 250.82 m1130.275 250.82 l655 240.32 m1130.275 240.32 lSQq0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf8.5 0 0 8.5 655 589.4449 Tm/Cs8 cs 1 scn0.0554 Tc0 Tw[(3.3 T)94.5(e)0.2(rrains et immeubles)]TJ7.5 0 0 7.5 983.8188 578.9449 Tm0.0332 Tc(Am?nagement)Tj-10.1612 -1.4 TD0.0443 Tc[(T)94.7(e)0.3(rrains)-1490.2(Immeubles)-1500.7(des locaux)]TJ-33.6814 -1.4 TD0.0554 Tc[(Exercice clos au 3)55.5(1)0( d?cembre )]TJ54.3883 0 TD[(20)-27.8(03)-3951.8(20)-27.8(02)]TJ-54.3883 -1.4 TD(en kCHF)TjET/GS3 gsBT8.5 0 0 8.5 655 536.9449 Tm[(V)72.2(aleurs brutes au 1)]TJ5.95 0 0 5.95 733.5583 539.7499 Tm0.0551 Tc(er)Tj8.5 0 0 8.5 742.1206 536.9449 Tm0.0554 Tc(janvier )Tj7.5 0 0 7.5 915.8843 536.9449 Tm0.0555 Tc[(9)-166.8(8)0.1(06)-3276.6(29)-166.9(296)-3961.7(8)-166.8(8)55.7(1)55.7(4)-3387.9(47)-166.9(9)55.7(1)55.7(6)-3201(48)-166.9(964)]TJET/GS2 gsBT8.5 0 0 8.5 655 526.4449 Tm0 0 0 1 k0.0554 Tc(Investissements )Tj7.5 0 0 7.5 927.563 526.4449 Tm0.0555 Tc[(?)-3888.1(1)-166.8(343)-4628.6(620)-3888.1(1)-166.7(963)-3840.4(1)-166.7(97)27.7(3)]TJ8.5 0 0 8.5 655 515.9449 Tm0.0554 Tc(Cessions et sorties)Tj7.5 0 0 7.5 927.563 515.9449 Tm0.0555 Tc[(?)-5445.3(?)-4277.1(-808)-4314.9(-808)-3516.7(-1)-166.9(1)55.7(9)0.1(7)]TJ8.5 0 0 8.5 655 505.4449 Tm0.0554 Tc(Modification du p?rim?tre de consolidation)Tj7.5 0 0 7.5 927.563 505.4449 Tm5.5008 Tc[(??)37.8(??)1984.2(-)5445.4(1)5278.4(8)5445.3(3)5445.3(4)]TJ8.5 0 0 8.5 655 494.9449 Tm0.0554 Tc[(Dif)16.7(f?rence de conversion et autres)]TJ7.5 0 0 7.5 930.8937 494.9449 Tm0.0555 Tc[(1)-4666.3(659)-5500.1(-3)-4666.4(657)-5258(1)55.7(0)]TJET/GS3 gsBT8.5 0 0 8.5 655 484.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(Au 3)55.5(1)0( d?cembre )]TJ7.5 0 0 7.5 915.8843 484.4449 Tm0.0555 Tc[(9)-166.8(8)0.1(07)-3332.3(3)55.7(1)-166.8(298)-3850.3(8)-166.8(6)0.1(23)-3304.5(49)-166.9(7)27.8(2)0.1(8)-3312.4(4)0.1(7)-166.9(9)55.7(1)55.7(6)]TJ8.5 0 0 8.5 655 463.4449 Tm0.0554 Tc(Amortissements cumul?s au 1)Tj5.95 0 0 5.95 776.3621 466.2499 Tm0.0551 Tc(er)Tj8.5 0 0 8.5 784.9244 463.4449 Tm0.0554 Tc(janvier)Tj7.5 0 0 7.5 927.563 463.4449 Tm0.2223 Tc[(?)-3221.2(1)222.5(01)222.5(5)166.9(8)-3683.5(54)166.9(4)166.8(0)-3165.5(1)222.5(5)0.1(5)166.9(9)166.8(8)-3089.9(1)222.5(33)166.8(4)166.8(2)]TJET/GS2 gsBT8.5 0 0 8.5 655 452.9449 Tm0 0 0 1 k0.0554 Tc(Amortissement planifi? )Tj7.5 0 0 7.5 927.563 452.9449 Tm0.0555 Tc[(?)-3888.1(2)-166.8(082)-3878.2(1)-166.8(7)27.8(84)-3888.1(3)-166.7(8)0.1(66)-3840.4(2)-166.7(7)27.8(83)]TJ8.5 0 0 8.5 655 442.4449 Tm0.0554 Tc(Amortissement non planifi?)Tj7.5 0 0 7.5 927.563 442.4449 Tm5.5008 Tc[(??)37.8(??)826.7(7)5473.1(3)5445.4(0)]TJ8.5 0 0 8.5 655 431.9449 Tm0.0554 Tc(Reprise d?amortissement sur cessions et sorties)Tj7.5 0 0 7.5 927.563 431.9449 Tm0.0555 Tc[(?)-5445.3(?)-4277.1(-808)-4314.9(-808)-4239.3(-857)]TJ8.5 0 0 8.5 655 421.4449 Tm0.0554 Tc(Modification du p?rim?tre de consolidation)Tj7.5 0 0 7.5 927.563 421.4449 Tm5.5008 Tc[(??)37.8(??)1150.3(-)5445.4(1)5500.9(3)5445.4(6)]TJ8.5 0 0 8.5 655 410.9449 Tm0.0554 Tc[(Dif)16.7(f?rence de conversion et autres)]TJ7.5 0 0 7.5 927.563 410.9449 Tm0.0555 Tc[(?)-4666.4(433)-5500.1(-4)-4666.4(429)-4239.3(-264)]TJET/GS3 gsBT8.5 0 0 8.5 655 400.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(Au 3)55.5(1)0( d?cembre )]TJ7.5 0 0 7.5 927.563 400.4449 Tm-0.0002 Tc[(?)-3415.8(1)0(2)-222.4(6)-55.6(7)-28(3)-4017.3(6)-222.5(412)-3387.9(19)-222.4(0)-55.6(8)-55.7(5)-3312.4(1)0(5)-222.5(5)-55.7(9)-55.7(8)]TJ8.5 0 0 8.5 655 379.4449 Tm0.0554 Tc[(V)72.2(aleurs nettes au 3)55.5(1)0( d?cembre )]TJ7.5 0 0 7.5 915.8843 379.4449 Tm0.0555 Tc[(9)-166.8(8)0.1(07)-3332.3(1)55.7(8)-166.8(625)-4017.3(2)-166.8(2)55.7(1)111.4(1)-3276.6(30)-166.9(643)-3312.4(3)0.1(2)-166.9(3)55.7(1)55.7(8)]TJET/GS2 gsBT8.5 0 0 8.5 655 358.4449 Tm0 0 0 1 k0.0554 Tc(Dur?e de vie en ann?es)Tj7.5 0 0 7.5 963.2548 358.4449 Tm0.0555 Tc[(20-33)-4888.6(4-8)]TJ8.5 0 0 8.5 655 326.9449 Tm0.0554 Tc(Les terrains et immeubles en leasing inclus dans le tableau ci-avant se montent ?:)Tj7.5 0 0 7.5 1051.4506 305.9449 Tm/Cs8 cs 1 scn2.0901 Tw[(3)55.6(1)111.2(.)111.3(1)55.6(2.03 3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 655 284.9449 Tm0 0 0 1 k[(T)94.6(e)0.3(rrains et immeubles en leasing)]TJ7.5 0 0 7.5 1062.0773 284.9449 Tm0.2223 Tc[(87)194.6(9)166.9(4)-3645.7(82)166.8(3)166.8(0)]TJ8.5 0 0 8.5 655 274.4449 Tm0.0554 Tc(Amortissements cumul?s)Tj7.5 0 0 7.5 1060.0674 274.4449 Tm-0.0002 Tc[(-)-55.6(6)-222.6(018)-3628(-)-55.6(5)-222.6(212)]TJET/GS3 gsBT8.5 0 0 8.5 655 263.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(V)72.2(aleur nette )]TJ7.5 0 0 7.5 1062.2861 263.9449 Tm0.2223 Tc[(27)194.6(7)194.7(6)-3757(30)222.5(1)222.5(8)]TJET/GS2 gsBT8.5 0 0 8.5 655 242.9449 Tm0 0 0 1 k0.0554 Tc[(V)72.2(aleur d?assurance incendie des immeubles )]TJ7.5 0 0 7.5 1057.2823 242.9449 Tm0.0555 Tc[(50)-166.9(343)-3201.1(4)0.1(9)-166.9(527)]TJ8.5 0 0 8.5 655 232.4449 Tm0.0554 Tc(Immeubles du Groupe sur terrains d?tenus en droit de superficie distinct et permanent)Tj7.5 0 0 7.5 1061.8687 232.4449 Tm0.0555 Tc[(4)-166.7(3)0.1(62)-3812.6(4)-166.8(437)]TJET/Cs10 cs 1 scn59.724 166.82 475.276 73.5 ref0 0 0 0 k/GS3 gs437.677 164.195 48.661 78.75 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d59.724 229.82 m535 229.82 l59.724 219.32 m535 219.32 l59.724 208.82 m535 208.82 l59.724 198.32 m535 198.32 l59.724 187.82 m535 187.82 l59.724 177.32 m535 177.32 lS/GS2 gsBT7.5 0 0 7.5 59.748 38.1949 Tm0 0 0 1 k0.0554 Tc(20)Tj79.3701 0 TD(21)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Comptes consolid?s du Groupe Kudelski)Tj0 0 0 1 k0 -1.1484 TD[(Annexes aux comptes consolid?s des exercices 20)-27.8(03 et 20)-27.8(02)]TJET/Cs10 cs 1 scn59.724 334.848 475.276 188.972 ref0 0 0 0 k/GS3 gs437.677 332.195 48.661 194.25 ref340.354 332.195 48.662 194.25 ref59.724 513.32 m535 513.32 l59.724 502.82 m535 502.82 l59.724 492.32 m535 492.32 l59.724 481.82 m535 481.82 l59.724 471.32 m535 471.32 l59.724 460.82 m535 460.82 l59.724 450.32 m535 450.32 l59.724 439.82 m535 439.82 l59.724 429.32 m535 429.32 l59.724 418.82 m535 418.82 l59.724 408.32 m535 408.32 l59.724 397.82 m535 397.82 l59.724 387.32 m535 387.32 l59.724 376.82 m535 376.82 l59.724 366.32 m535 366.32 l59.724 355.82 m535 355.82 l59.724 345.32 m535 345.32 lS/GS2 gsBT10 0 0 10 59.7244 589.4449 Tm0 0 0 1 k(3. Notes sur les bilans consolid?s)Tj8.5 0 0 8.5 59.7244 568.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(3.)111.1(1 Immobilisations incorporelles)]TJ7.5 0 0 7.5 354.5228 568.4449 Tm[(Nouveaux)-2482.8(Brevets,)]TJ0.5181 -1.4 TD[(d?velop-)-2537.1(logiciels)]TJ-7.407 -1.4 TD1.9259 Tw[(Know-how)-2462.9(pements et )1925.9(autres )]TJ-32.4175 -1.4 TD0 Tw[(Exercice clos au 3)55.5(1)0( d?cembre)]TJ54.3883 0 TD[(20)-27.8(03)-4027.4(20)-27.8(02)]TJ-54.3883 -1.4 TD(en kCHF)TjET/GS3 gsBT8.5 0 0 8.5 59.7244 515.9449 Tm[(V)72.2(aleurs brutes au 1)]TJ5.95 0 0 5.95 138.2827 518.7499 Tm0.0551 Tc(er)Tj8.5 0 0 8.5 146.845 515.9449 Tm0.0554 Tc(janvier )Tj7.5 0 0 7.5 320.1949 515.9449 Tm[(5)-166.9(0)-27.7(0)-27.7(0)-3332.3(47)-167(1)55.6(5)0(2)-3366.9(1)55.6(7)-166.9(3)0(7)72.1(1)-3276.7(69)-166.9(523)-3349(7)72.2(1)-166.9(9)-0.1(28)]TJET/GS2 gsBT8.5 0 0 8.5 59.7244 505.4449 Tm0 0 0 1 k(Investissements )Tj7.5 0 0 7.5 332.2874 505.4449 Tm[(?)-3332.4(1)55.6(0)-166.9(8)-0.1(65)-3850.4(8)-166.9(9)-0.1(43)-3332.4(1)55.6(9)-166.9(808)-3276.7(2)0(3)-166.9(8)-0.1(50)]TJ8.5 0 0 8.5 59.7244 494.9449 Tm(Cessions et sorties)Tj7.5 0 0 7.5 332.2874 494.9449 Tm0.0555 Tc[(?)-5445.3(?)-4277.1(-420)-4314.9(-420)-2925.2(-27)-166.8(092)]TJ8.5 0 0 8.5 59.7244 484.4449 Tm0.0554 Tc(Modification du p?rim?tre de consolidation)Tj7.5 0 0 7.5 332.2874 484.4449 Tm0.0555 Tc[(?)-5445.3(?)-4628.6(203)-4666.4(2)0.1(03)-5445.3(?)]TJ8.5 0 0 8.5 59.7244 473.9449 Tm0.0554 Tc[(Dif)16.6(f?rence de conversion et autres)]TJ7.5 0 0 7.5 332.2874 473.9449 Tm-0.0002 Tc[(?)-5333.6(2)-55.6(5)-4740(1)0(8)-55.6(7)-4833.4(212)-4722(8)-55.7(3)-55.6(7)]TJET/GS3 gsBT8.5 0 0 8.5 59.7244 463.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(Au 3)55.5(1)0( d?cembre )]TJ7.5 0 0 7.5 320.1949 463.4449 Tm[(5)-166.9(0)-27.7(0)-27.7(0)-3276.7(58)-166.9(042)-3238.9(2)0(6)-167(2)-0.1(84)-3276.7(89)-166.9(326)-3276.7(6)0(9)-166.9(5)-0.1(23)]TJ8.5 0 0 8.5 59.7244 442.4449 Tm(Amortissements cumul?s au 1)Tj5.95 0 0 5.95 181.0865 445.2499 Tm0.0551 Tc(er)Tj8.5 0 0 8.5 189.6488 442.4449 Tm0.0554 Tc(janvier)Tj7.5 0 0 7.5 320.1949 442.4449 Tm[(5)-166.9(0)-27.7(0)-27.7(0)-3276.7(34)-166.9(954)-3850.4(6)-166.9(836)-3304.6(4)0(6)-167(7)27.7(90)-3404.7(47)-166.9(1)55.6(7)72.2(1)]TJET/GS2 gsBT8.5 0 0 8.5 59.7244 431.9449 Tm0 0 0 1 k(Amortissement planifi?)Tj7.5 0 0 7.5 332.2874 431.9449 Tm0.0555 Tc[(?)-3888.1(3)-166.8(024)-3850.3(4)-166.8(682)-3916(7)-166.8(7)27.8(0)0.1(6)-3721.4(7)-333.5(290)]TJ8.5 0 0 8.5 59.7244 421.4449 Tm0.0554 Tc(Amortissement non planifi?)Tj7.5 0 0 7.5 332.2874 421.4449 Tm-0.0002 Tc[(?)-5333.6(5)-55.6(7)-5463.2(?)-5333.6(5)-55.6(7)-3443.7(19)-222.4(15)-55.6(2)]TJ8.5 0 0 8.5 59.7244 410.9449 Tm0.0554 Tc(Reprise d?amortissement sur cessions et sorties)Tj7.5 0 0 7.5 332.2874 410.9449 Tm0.0555 Tc[(?)-5445.3(?)-4277.1(-382)-4314.9(-382)-2925.2(-27)-166.8(092)]TJ8.5 0 0 8.5 59.7244 400.4449 Tm0.0554 Tc(Modification du p?rim?tre de consolidation)Tj7.5 0 0 7.5 332.2874 400.4449 Tm5.5008 Tc[(??)37.8(???)]TJ8.5 0 0 8.5 59.7244 389.9449 Tm0.0554 Tc[(Dif)16.6(f?rence de conversion et autres)]TJ7.5 0 0 7.5 332.2874 389.9449 Tm0.0555 Tc[(?)-5889.4(2)-4628.5(238)-4666.4(2)0.1(40)-4666.4(269)]TJET/GS3 gsBT8.5 0 0 8.5 59.7244 379.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(Au 3)55.5(1)0( d?cembre )]TJ7.5 0 0 7.5 320.1949 379.4449 Tm[(5)-166.9(0)-27.7(0)-27.7(0)-3276.7(38)-166.9(037)-3378.1(1)111.2(1)-166.9(3)0(7)27.7(4)-3443.6(54)-167(4)55.6(1)111.2(1)-3304.5(4)0(6)-167(7)27.7(90)]TJ8.5 0 0 8.5 59.7244 358.4449 Tm[(V)72.2(aleurs nettes au 3)55.5(1)0( d?cembre)]TJ7.5 0 0 7.5 332.2874 358.4449 Tm-0.0002 Tc[(?)-3304.7(2)-55.6(0)-222.6(0)-83.3(0)-55.6(5)-3461.5(14)-222.5(910)-3443.6(3)-55.6(4)-222.5(915)-3360.1(2)-55.6(2)-222.6(7)-27.9(3)-55.6(3)]TJET/GS2 gsBT8.5 0 0 8.5 59.7244 337.4449 Tm0 0 0 1 k0.0554 Tc(Dur?e de vie en ann?es)Tj7.5 0 0 7.5 377.1517 337.4449 Tm[(4-5)-4888.7(4-8)]TJ8.5 0 0 8.5 59.7244 316.4449 Tm[(Les amortissements 20)-27.7(02 non planifi?s concernent des d?veloppements de nouveaux produits activ?s pour lesquels,)]TJ0 -1.2353 TD(dans le contexte de la restructuration, il a ?t? d?cid? que les ressources n?cessaires ? l?ach?vement de ces projets)TjT*0.0555 Tc(ne seraient pas mises ? disposition.)Tj/Cs8 cs 1 scn0 -3.7059 TD0.0554 Tc(3.2 Immobilisations financi?res)Tj7.5 0 0 7.5 456.175 253.4449 Tm[(3)55.6(1)111.2(.)111.3(1)55.6(2.03)-2499.2(3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD(en kCHF)Tj8.5 0 0 8.5 59.7244 232.4449 Tm0 0 0 1 k(Investissement \(Swiss International Air Lines Ltd\))Tj7.5 0 0 7.5 478.2716 232.4449 Tm3.9715 Tc[(?3)3749.2(7)3943.8(5)3916.1(0)]TJ8.5 0 0 8.5 59.7244 221.9449 Tm0.0555 Tc(Soci?t?s associ?es)Tj7.5 0 0 7.5 467.8454 221.9449 Tm0.2223 Tc[(51)278.1(1)222.5(9)-3721.2(46)166.8(9)166.9(3)]TJ8.5 0 0 8.5 59.7244 211.4449 Tm0.0554 Tc(Participations non consolid?es)Tj7.5 0 0 7.5 462.8418 211.4449 Tm-0.0002 Tc[(16)-222.5(7)-27.9(7)-27.8(2)-4749.8(3)-55.6(7)-28(9)]TJ8.5 0 0 8.5 59.7244 200.9449 Tm0.0554 Tc(Pr?ts)Tj7.5 0 0 7.5 467.428 200.9449 Tm-0.0002 Tc[(2)-222.5(815)-4055.1(1)-222.5(510)]TJ8.5 0 0 8.5 59.7244 190.4449 Tm0.0554 Tc(D?p?t de garantie)Tj7.5 0 0 7.5 466.593 190.4449 Tm0.2223 Tc[(75)166.9(4)166.8(6)]TJ8.5 0 0 8.5 526.0275 190.4449 Tm0 Tc(?)Tj-54.8592 -1.2353 TD0.0554 Tc(Autres immobilisations financi?res)Tj7.5 0 0 7.5 472.4299 179.9449 Tm[(535)-4666.5(5)-0.1(50)]TJET/GS3 gsBT7.5 0 0 7.5 462.2155 169.4449 Tm/Cs8 cs 1 scn[(32)-167(7)27.7(8)0(7)-3332.4(1)55.6(0)-166.9(8)-0.1(82)]TJET/GS2 gsBT8.5 0 0 8.5 59.7244 148.4449 Tm0 0 0 1 k[(Le Groupe a particip? en 20)-27.8(0)55.6(1)-0.1( ? l?augmentation de capital de Swiss International Air Lines Ltd pour un montant de)]TJT*[(kCHF 1)55.5(0)-166.9(0)-27.7(0)-27.7(0. Un montant de kCHF 6)-166.9(250, repr?sentant les ajustements de valeur de kCHF 4)-166.8(464 en 20)-27.8(02 et )]TJT*[(kCHF 1)-167(7)27.7(86 en 20)-27.8(0)55.6(1)0( avait ?t? enregistr? en d?duction des fonds propres. Un impairment int?gral a ?t? constat? sur)]TJT*(cette rubrique ? charge de l?exercice sous revue; les montants enregistr?s en d?duction des fonds propres ont ?t?)TjT*0.0388 Tc-0.0001 Tw[(ressortis par le compte de r?sultat. D?s lors la correction de valeur ? charge de l?exercice 20)-27.7(03 sՎl?ve ? kCHF 1)55.5(0)-166.8(0)-27.6(0)-27.6(0)0.2(.)]TJT*0.0554 Tc0 Tw(Les participations non consolid?es comprennent principalement un investissement dans la soci?t? IndusInd Media )TjT*(& Communication Ltd, Inde. 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disposition de clients g?n?rant des revenus)Tj0 -1.2353 TD(mensuels.)Tj/Cs8 cs 1 scn0 -3.7059 TD[(V)72.2(aleur d?assurance incendie)]TJ7.5 0 0 7.5 456.1759 274.4449 Tm2.1657 Tw[(3)55.6(1)111.2(.)111.3(1)55.6(2.03 3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 59.7254 253.4449 Tm0 0 0 1 k(Installations corporelles )Tj7.5 0 0 7.5 462.0078 253.4449 Tm[(46)-166.9(242)-3276.8(30)-167(686)]TJETQendstreamendobj48 0 obj<>/ExtGState<>/ColorSpace<>>>endobj50 0 obj<>stream q0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/Cs10 cs 1 scn/GS2 gs655 523.82 475.275 42 ref655 292.82 475.275 84 ref655.001 103.82 475.274 42 ref0 0 0 0 k/GS3 gs1032.953 95.945 48.661 554.885 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d655 555.32 m1130.275 555.32 l655 544.82 m1130.275 544.82 l655 534.32 m1130.275 534.32 lS1130.275 366.32 m655 366.32 l1130.275 355.82 m655 355.82 l1130.275 345.32 m655 345.32 l1130.275 334.82 m655 334.82 l1130.275 324.32 m655 324.32 l1130.275 313.82 m655 313.82 l1130.275 303.32 m655 303.32 lS0.5 w 654.998 135.044 m1130.273 135.281 l654.998 124.544 m1130.273 124.781 l654.998 114.044 m1130.273 114.282 lSQq0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf7.5 0 0 7.5 59.748 38.1949 Tm0 0 0 1 k0.0554 Tc0 Tw(24)Tj79.3701 0 TD(25)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Comptes consolid?s du Groupe Kudelski)Tj0 0 0 1 k0 -1.1484 TD[(Annexes aux comptes consolid?s des exercices 20)-27.8(03 et 20)-27.8(02)]TJET/Cs10 cs 1 scn59.724 345.32 475.276 42 ref59.724 523.82 475.276 31.5 ref0 0 0 0 k/GS3 gs437.677 332.201 48.661 225.573 ref340.354 332.208 48.662 68.243 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d59.724 544.82 m535 544.82 l59.724 534.32 m535 534.32 lS535 376.82 m59.724 376.82 l535 366.32 m59.724 366.32 l535 355.82 m59.724 355.82 lS/GS2 gsBT8.5 0 0 8.5 655 589.4449 Tm/Cs8 cs 1 scn0.0555 Tc-0.0001 Tw(Capital-actions conditionnel)Tj7.5 0 0 7.5 1062.9124 578.9449 Tm0.0554 Tc3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(en kCHF)TjET/GS3 gsBT8.5 0 0 8.5 655 557.9449 Tm0.0555 Tc-0.0001 Tw(Capital-actions conditionnel au 1)Tj5.95 0 0 5.95 788.4917 560.7499 Tm0.0551 Tc0 Tw(er)Tj8.5 0 0 8.5 797.054 557.9449 Tm0.0554 Tc(janvier)Tj7.5 0 0 7.5 1057.4912 557.9449 Tm[(69)-167(7)27.7(3)0(4)-3332.4(1)55.6(0)-166.8(3)-0.1(92)]TJET/GS2 gsBT8.5 0 0 8.5 655 547.4449 Tm0 0 0 1 k0.0555 Tc-0.0001 Tw[(Augmentation selon modification des statuts du 25 janvier 20)-27.5(02)]TJ7.5 0 0 7.5 1073.5472 547.4449 Tm0.0831 Tc0 Tw[(?)-3193.9(6)27.7(0)-139.3(000)]TJ8.5 0 0 8.5 655 536.9449 Tm0.0555 Tc-0.0001 Tw(Actions distribu?es aux collaborateurs)Tj7.5 0 0 7.5 1065.2781 536.9449 Tm0 Tw[(-7)27.7(46)-4314.9(-658)]TJET/GS3 gsBT8.5 0 0 8.5 655 526.4449 Tm/Cs8 cs 1 scn-0.0001 Tw[(Capital-actions conditionnel au 3)55.7(1)0.1( d?cembre)]TJ7.5 0 0 7.5 1057.2823 526.4449 Tm0.0554 Tc0 Tw[(68)-167(988)-3304.6(6)0(9)-167(7)27.7(34)]TJET/GS2 gsBT8.5 0 0 8.5 655 505.4449 Tm0 0 0 1 k(Pour permettre lՎmission d?obligations convertibles, les actionnaires de Kudelski SA, r?unis en Assembl?e g?n?rale)Tj0 -1.2353 TD[(extraordinaire le 25 janvier 20)-27.7(02, ont d?cid? 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SportAccess SA, Sion dans le but d?acqu?rir la totalit? du capital-actions.)Tj0 -2.4706 TD0.0554 Tc0 Tw(Le conseil d?administration est autoris? ? augmenter le capital-actions en une ou plusieurs ?tapes, jusqu?au )Tj0 -1.2353 TD[(24 mai 20)-27.8(04 en vue de l?acquisition d?entreprises, de parties d?entreprises ou du financement de l?acquisition entier)]TJT*(ou partiel d?autres soci?t?s. )Tj/Cs8 cs 1 scn0 -3.7059 TD(Actions propres)Tj7.5 0 0 7.5 1053.2749 179.9449 Tm(Nombre )Tj-0.6116 -1.4 TD3.2222 Tw[(d?actions V)72.2(aleur)]TJ-0.5551 -1.4 TD0 Tw[(au porteur)-1555.9(comptable)]TJET/GS3 gsBT8.5 0 0 8.5 655 137.9449 Tm0.0555 Tc-0.0001 Tw(Etat au 1)Tj5.95 0 0 5.95 691.5257 140.7499 Tm0.0551 Tc0 Tw(er)Tj8.5 0 0 8.5 700.088 137.9449 Tm0.0554 Tc[(janvier 20)-27.8(03)]TJ7.5 0 0 7.5 1073.5472 137.9449 Tm5.5008 Tc(??)TjET/GS2 gsBT8.5 0 0 8.5 655 127.4449 Tm0 0 0 1 k0.0554 Tc[(T)72.2(r)0(ansactions de l?exercice:)]TJ0 -1.2353 TD0.0555 Tc(? acquisitions)Tj7.5 0 0 7.5 1057.7 116.9449 Tm0.0554 Tc[(20)-167(1)55.6(5)0(5)-4666.5(3)-0.1(80)]TJET/GS3 gsBT8.5 0 0 8.5 655 106.4449 Tm/Cs8 cs 1 scn[(Etat au 3)55.5(1)0( d?cembre 20)-27.8(03)]TJ7.5 0 0 7.5 1057.7 106.4449 Tm[(20)-167(1)55.6(5)0(5)-4666.5(3)-0.1(80)]TJET/Cs10 cs 1 scn/GS2 gs59.724 229.82 475.276 31.5 ref/GS3 gs59.724 250.82 m535 250.82 l59.724 240.32 m535 240.32 lS0 0 0 0 k437.677 216.695 48.661 56.135 ref/GS2 gsBT8.5 0 0 8.5 59.7254 589.4449 Tm/Cs8 cs 1 scn(3.8 Liquidit?s )Tj7.5 0 0 7.5 456.1759 568.4449 Tm2.0901 Tw[(3)55.6(1)111.2(.)111.3(1)55.6(2.03 3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 59.7254 547.4449 Tm0 0 0 1 k(Liquidit?s)Tj7.5 0 0 7.5 462.0078 547.4449 Tm[(98)-166.9(360)-3229(7)27.7(2)-166.9(367)]TJ8.5 0 0 8.5 59.7254 536.9449 Tm(Placements ? court terme)Tj7.5 0 0 7.5 458.0478 536.9449 Tm[(1)55.6(3)0(8)-166.9(7)27.7(47)-2717.6(680)-166.9(7)72.2(1)55.6(5)]TJET/GS3 gsBT7.5 0 0 7.5 457.839 526.4449 Tm/Cs8 cs 1 scn[(237)-167(1)55.6(0)0(7)-2617.5(7)27.8(53)-167(082)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 505.4449 Tm(Instruments financiers d?riv?s)Tj0 0 0 1 k0 -1.2353 TD0.0527 Tc-0.0001 Tw(Les tableaux ci-apr?s pr?sentent les valeurs contractuelles ou nominales, ainsi que les justes valeurs des instruments)TjT*0.0554 Tc0 Tw[(financiers d?riv?s aux 3)55.5(1)0( d?cembre 20)-27.8(03 et 20)-27.8(02, analys?es par type de contrat. Les valeurs contractuelles ou )]TJT*[(les valeurs nominales indiquent le volume d?af)16.8(faires en cours ? la date du bilan mais non la valeur expos?e au risque.)]TJT*(Les justes valeurs repr?sentent le b?n?fice ou la perte que g?n?reraient ces contrats ? lՎch?ance sur la base )TjT*[(de la valeur du march? aux 3)55.5(1)0( d?cembre 20)-27.8(03 et 20)-27.8(02.)]TJ7.5 0 0 7.5 357.8618 431.9449 Tm/Cs8 cs 1 scn(Contrats )Tj-0.8373 -1.4 TD0.0002 Tw(de change)Tj1.391 -1.4 TD0 Tw[(? terme)-2686.9(Options)]TJ-40.3051 -1.4 TD[(Exercice clos au 3)55.5(1)0( d?cembre)]TJ54.3883 0 TD3.6184 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(en kCHF)TjET/GS3 gsBT8.5 0 0 8.5 59.7254 379.4449 Tm(Montant contractuel)Tj7.5 0 0 7.5 365.1969 379.4449 Tm[(2)55.6(1)-166.9(837)-3266.8(7)27.7(7)-166.8(0)-0.1(80)-3388.1(98)-166.9(9)55.6(1)55.6(7)-3201(97)-167(023)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 368.9449 Tm0 0 0 1 k[(V)72.2(aleur positive de remplacement)]TJ7.5 0 0 7.5 381.0442 368.9449 Tm[(?)-3850.5(2)-166.8(680)-3888.2(2)-166.9(680)-3868.3(3)-166.9(1)55.6(96)]TJ8.5 0 0 8.5 59.7254 358.4449 Tm[(V)72.2(aleur n?gative de remplacement)]TJ7.5 0 0 7.5 372.9839 358.4449 Tm[(-26)55.5(1)-5407.5(?)-4370.7(-26)55.5(1)-5369.7(?)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 347.9449 Tm/Cs8 cs 1 scn0.0555 Tc-0.0001 Tw(Juste valeur des actifs et passifs)Tj7.5 0 0 7.5 372.9839 347.9449 Tm0.0554 Tc0 Tw[(-26)55.5(1)-3850.4(2)-166.8(6)-0.1(80)-3999.6(2)-166.9(4)55.6(1)55.6(9)-3868.2(3)-166.9(1)55.6(96)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 305.9449 Tm(3.9 Fonds propres )Tj0 -2.4706 TD0.0555 Tc(Composition du capital-actions )Tj7.5 0 0 7.5 456.1759 274.4449 Tm0.0554 Tc2.1657 Tw[(3)55.6(1)111.2(.)111.3(1)55.6(2.03 3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 59.7254 253.4449 Tm0 0 0 1 k[(46)-167(864)-167(936 / 46)-166.9(7)27.7(2)0(9)-167(868 actions au porteur)94.5(, valeur nominale CHF 1)55.5(0)]TJ7.5 0 0 7.5 457.4216 253.4449 Tm[(468)-167(649)-2665.2(467)-167(2)0(99)]TJ8.5 0 0 8.5 59.7254 242.9449 Tm[(46)-167(30)-27.8(0)-166.9(0)-27.7(0)-27.7(0)0( / 46)-166.9(30)-27.8(0)-166.9(0)-27.7(0)-27.7(0)0( actions nominatives, valeur nominale CHF 1)]TJ7.5 0 0 7.5 461.8009 242.9449 Tm[(46)-166.9(30)-27.8(0)-3249.1(4)0(6)-167(3)0(0)-27.8(0)]TJET/GS3 gsBT7.5 0 0 7.5 458.2565 232.4449 Tm/Cs8 cs 1 scn-0.0002 Tc[(514)-222.5(9)-55.6(4)-55.6(9)-2832.2(513)-222.5(5)-55.6(9)-55.7(9)]TJETQendstreamendobj51 0 obj<>/ExtGState<>/ColorSpace<>>>endobj53 0 obj<>stream q0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/Cs10 cs 1 scn/GS2 gs59.724 145.82 475.276 84 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d/GS3 gs59.724 219.32 m535 219.32 lSQq0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf7.5 0 0 7.5 59.748 38.1949 Tm0 0 0 1 k0.0554 Tc0 Tw(26)Tj79.3701 0 TD(27)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Comptes consolid?s du Groupe Kudelski)Tj0 0 0 1 k0 -1.1484 TD[(Annexes aux comptes consolid?s des exercices 20)-27.8(03 et 20)-27.8(02)]TJET/Cs10 cs 1 scn655 481.82 475.275 84 ref655 166.82 475.275 63 ref0 0 0 0 k/GS3 gs1032.953 158.945 48.661 409.5 ref935.63 158.945 48.661 412.125 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d655 555.32 m1130.275 555.32 l655 544.82 m1130.275 544.82 l655 534.32 m1130.275 534.32 l655 523.82 m1130.275 523.82 l655 513.32 m1130.275 513.32 l655 502.82 m1130.275 502.82 l655 492.32 m1130.275 492.32 lS1130.275 219.32 m655 219.32 l1130.275 208.821 m655 208.821 l1130.275 198.321 m655 198.321 l1130.275 187.822 m655 187.822 l1130.275 177.321 m655 177.321 lS/Cs10 cs 1 scn/GS2 gs59.724 544.82 475.276 10.5 ref0 0 0 0 k/GS3 gs437.677 130.07 48.661 433.125 ref340.354 130.07 48.662 433.125 ref59.724 208.82 m535 208.82 l59.724 198.321 m535 198.321 l59.724 187.821 m535 187.821 l59.724 177.322 m535 177.322 l59.724 166.822 m535 166.822 l59.724 156.323 m535 156.323 lS/Cs10 cs 1 scn/GS2 gs59.724 366.32 475.276 31.5 ref/GS3 gs59.724 387.32 m535 387.32 l59.724 376.82 m535 376.82 lS/GS2 gsBT8.5 0 0 8.5 59.7254 589.4449 Tm/Cs8 cs 1 scn0.0554 Tc(Actionnaires importants)Tj7.5 0 0 7.5 391.057 578.9449 Tm(Droit de )Tj4.1847 0 TD0.0601 Tc0.0009 Tw[(vote)-2023.7(Capital-actions d?tenu)]TJ-8.466 -1.4 TD0.0554 Tc0 Tw[(3)55.6(1)111.2(.)111.3(1)55.6(2.03)-2461.4(3)55.6(1)111.2(.)111.3(1)55.6(2.02)-2499.1(3)55.6(1)111.2(.)111.3(1)55.6(2.03)-2456.5(3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ8.5 0 0 8.5 59.7254 547.4449 Tm0 0 0 1 k(Famille Kudelski)Tj7.5 0 0 7.5 371.8719 547.4449 Tm0.0555 Tc[(64%)-4184.5(64%)-4222.3(34%)-4179.6(34%)]TJ8.5 0 0 8.5 59.7254 515.9449 Tm/Cs8 cs 1 scn0.0554 Tc(Plan d?int?ressement du personnel \(Stock option\))Tj0 0 0 1 k0 -2.4706 TD[(Depuis avril 20)-27.7(03, le groupe Kudelski a mis en place un plan d?options pour certains collaborateurs. )]TJT*(Les modalit?s et les conditions de l?attribution des options ont ?t? d?termin?es par le conseil d?administration )Tj0 -1.2353 TD(et la direction. )Tj0 -2.4706 TD(Les options suivantes ont ?t? distribu?es:)Tj7.5 0 0 7.5 482.4474 421.4449 Tm/Cs8 cs 1 scn(Prix d?exercice)Tj-56.3629 -1.4 TD[(Ann?e d?attribution)-3554(Nombre d?options)-7081.1(V)72.2(esting)-5861.4(Expiration)-8101.5(Ratio)-6803.6(en CHF)]TJ0 0 0 1 k0 -2.8 TD[(20)-27.8(03)-14874.5(1)55.6(2)0(5)-167(0)-27.7(0)-27.7(0)-6311.8(1)111.2(.4.20)-27.8(06)-6311.9(1)111.2(.4.20)-27.8(07)-6064.1(1?pour?1)-9322.1(20)]TJ0 -1.4 TD[(20)-27.8(03)-14874.5(1)55.6(2)0(5)-167(0)-27.7(0)-27.7(0)-6311.8(1)111.2(.4.20)-27.8(07)-6311.9(1)111.2(.4.20)-27.8(08)-6064.1(1?pour?1)-9322.1(20)]TJT*[(20)-27.8(03)-14874.5(1)55.6(2)0(5)-167(0)-27.7(0)-27.7(0)-6311.8(1)111.2(.4.20)-27.8(08)-6311.9(1)111.2(.4.20)-27.8(09)-6064.1(1?pour?1)-9322.1(20)]TJ8.5 0 0 8.5 59.7254 347.9449 Tm[(Au total, 37)27.7(5)-166.8(0)-27.7(0)-27.7(0)0( options pour une valeur totale th?orique de kCHF 3)-166.8(023 ont ?t? attribu?es. Cette valeur a ?t? )]TJ0 -1.2353 TD(calcul?e et est pr?sent?e dans les ?tats financiers conform?ment aux principes comptables et m?thode dՎvaluation)TjT*(d?finis dans l?annexe.)Tj0 -3.7059 TD(Le tableau suivant r?sume les mouvements des options d?tenues par ces collaborateurs: )Tj7.5 0 0 7.5 360.772 263.9449 Tm/Cs8 cs 1 scn[(Nombre)-1260.6(Prix moyen)-2742.4(Nombre)-1255.7(Prix moyen)]TJ8.5 0 0 8.5 59.7254 253.4449 Tm[(T)94.6(ableau des mouvements)]TJ7.5 0 0 7.5 355.6376 253.4449 Tm[(d?options)-1536(d?exercice)-2057.8(d?options)-1531.1(d?exercice)]TJ1.9696 -1.4 TD[(20)-27.8(03)-3989.6(20)-27.8(03)-4027.4(20)-27.8(02)-3984.7(20)-27.8(02)]TJ-41.4245 -1.4 TD(en CHF)TjET/GS3 gsBT8.5 0 0 8.5 59.7254 221.9449 Tm(En circulation au 1)Tj5.95 0 0 5.95 135.6066 224.7499 Tm0.0551 Tc(er)Tj8.5 0 0 8.5 144.1689 221.9449 Tm0.0554 Tc(janvier)Tj7.5 0 0 7.5 381.0442 221.9449 Tm5.5008 Tc[(?)37.8(???)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 211.4449 Tm0 0 0 1 k0.0554 Tc(? dont exer?ables)Tj7.5 0 0 7.5 381.0442 211.4449 Tm5.5008 Tc[(?)37.8(???)]TJ8.5 0 0 8.5 59.7254 200.9449 Tm0.0554 Tc(Nouveau droit ?mis )Tj7.5 0 0 7.5 359.9881 200.9449 Tm0.0831 Tc4.8791 Tw[(3)27.7(7)55.3(5)-139.1(000)27.8( 2)27.7(0)-5417.7(?)-5417.7(?)]TJ8.5 0 0 8.5 59.7254 190.4449 Tm0.0554 Tc0 Tw(Droits exerc?s)Tj7.5 0 0 7.5 381.0442 190.4449 Tm5.5008 Tc[(?)37.8(???)]TJ8.5 0 0 8.5 59.7254 179.9449 Tm0.0555 Tc-0.0001 Tw(Droits annul?s/abandonn?s )Tj7.5 0 0 7.5 381.0442 179.9449 Tm5.5008 Tc0 Tw[(?)37.8(???)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 169.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(En circulation au 3)55.5(1)0( d?cembre)]TJ7.5 0 0 7.5 359.9881 169.4449 Tm5.112 Tw[(37)27.6(5)-166.8(0)-27.7(0)-27.7(0)-5240.1(20)-5445.4(? ? )]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 148.4449 Tm0 0 0 1 k0 Tw(? dont exer?ables)Tj7.5 0 0 7.5 381.0442 148.4449 Tm5.5008 Tc[(?)37.8(???)]TJ8.5 0 0 8.5 59.7254 127.4449 Tm0.0554 Tc[(La charge enregistr?e au compte de r?sultat pour l?exercice 20)-27.8(03 est de kCHF 2)-166.9(7)27.7(20. La charge enregistr?e prend)]TJ0 -1.2353 TD[(en consid?ration une moyenne pond?r?e attendue de 1)55.6(0% de b?n?ficiaires qui n?auront pas le droit d?exercer leurs)]TJT*0.0555 Tc-0.0001 Tw(options conform?ment aux dispositions du plan.)Tj/Cs8 cs 1 scn70.0323 56.8235 TD0.0554 Tc0 Tw[(3.)111.1(1)55.6(0)0( Emprunt obligataire convertible)]TJ7.5 0 0 7.5 965.6841 578.9449 Tm[(20)-27.8(03)-10490.4(20)-27.8(03)-4027.4(20)-27.8(02)]TJ-1.7666 -1.4 TD[(en kUSD)-8685.9(en kCHF)-2222.9(en kCHF)]TJ8.5 0 0 8.5 655 557.9449 Tm0 0 0 1 k0.0555 Tc(Solde au 1)Tj5.95 0 0 5.95 698.9252 560.7499 Tm0.0551 Tc(er)Tj8.5 0 0 8.5 707.4874 557.9449 Tm0.0554 Tc(janvier)Tj7.5 0 0 7.5 955.4678 557.9449 Tm0.0555 Tc[(232)-166.9(653)-9128.1(323)-166.8(3)0.1(88)-5445.3(?)]TJ8.5 0 0 8.5 655 547.4449 Tm0.0554 Tc(Emission)Tj7.5 0 0 7.5 976.319 547.4449 Tm11.9638 Tc[(??)9243.1(5)11908.3(5)11908.4(7)11741.4(2)11908.3(9)11908.4(6)]TJ8.5 0 0 8.5 655 536.9449 Tm0.0555 Tc-0.0001 Tw(Rachat et annulation partiels)Tj7.5 0 0 7.5 957.6267 536.9449 Tm0.0554 Tc0 Tw[(-59)-166.9(7)27.7(25)-9388.2(-80)-166.9(6)0(29)-2341.8(-1)55.5(43)-167(60)-27.8(0)]TJ8.5 0 0 8.5 655 526.4449 Tm[(Ef)16.7(fet de change)]TJ7.5 0 0 7.5 1054.6462 526.4449 Tm0.0555 Tc[(-28)-166.8(3)0.1(28)-2925.2(-90)-166.8(3)0(08)]TJET/GS3 gsBT8.5 0 0 8.5 655 515.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(Emprunt obligataire convertible au 3)55.5(1)0( d?cembre)]TJ7.5 0 0 7.5 956.0941 515.9449 Tm0.0555 Tc[(1)55.7(7)27.9(2)-166.8(928)-9295.1(2)55.6(1)55.7(4)-166.8(4)0.1(3)55.6(1)-2665.1(323)-166.9(3)0(88)]TJET/GS2 gsBT8.5 0 0 8.5 655 505.4449 Tm0 0 0 1 k0.0554 Tc(Frais dՎmission r?partis)Tj7.5 0 0 7.5 962.004 505.4449 Tm[(-2)-167(645)-9999.8(-3)-166.9(280)-3536.8(-)0(6)-167(4)-0.1(93)]TJ8.5 0 0 8.5 655 494.9449 Tm(Reconstitution de la valeur de remboursement)Tj7.5 0 0 7.5 965.8927 494.9449 Tm0.2222 Tc[(28)222.4(1)278(1)-10184.3(34)166.8(8)166.7(6)-3721.4(22)166.7(9)166.8(6)]TJET/GS3 gsBT8.5 0 0 8.5 655 484.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(Etat au 3)55.5(1)0( d?cembre)]TJ7.5 0 0 7.5 956.0941 484.4449 Tm-0.0002 Tc[(17)-27.8(3)-222.5(0)-55.7(9)-55.7(4)-9295.2(214)-222.4(6)-55.6(3)-55.7(7)-2943.5(319)-222.4(191)]TJET/GS2 gsBT8.5 0 0 8.5 655 463.4449 Tm0 0 0 1 k0.0555 Tc-0.0001 Tw[(A fin janvier 20)-27.7(02, Kudelski Financial Services Holding S.C.A., filiale ? 1)55.7(0)-27.6(0% de Kudelski SA, a ?mis un emprunt)]TJ0 -1.2353 TD0.0554 Tc0 Tw[(obligataire convertible de kUSD 325)-166.9(0)-27.7(0)-27.7(0)0( non subordonn?. Le prix de conversion a ?t? fix? initialement ? CHF 1)55.6(27.50)]TJT*[(par action ordinaire au porteur de Kudelski SA et a fait l?objet d?une modification en date du 3)55.7(1)0( juillet 20)-27.8(03 pour ?tre)]TJT*0.0555 Tc-0.0001 Tw[(port? ? CHF 1)55.6(0)-27.6(0.0)-27.7(0 conform?ment aux dispositions du prospectus dՎmission. Kudelski SA garantit cette ?mission)]TJT*0.0554 Tc0 Tw(de mani?re inconditionnelle et irr?vocable. )Tj0 -2.4706 TD0.0555 Tc-0.0001 Tw[(Le prix dՎmission par obligation de valeur nominale USD 1)-166.7(0)-27.6(0)-27.6(0)0.1( a ?t? de 1)55.6(0)-27.6(0%; le coupon annuel est de 2.25% )]TJ0 -1.2353 TD0.0554 Tc0 Tw[(calcul? sur le montant nominal de l?obligation et payable deux fois par an \(le 3)55.7(1)0( janvier et le 3)55.5(1)0( juillet\) d?s le )]TJT*[(3)55.6(1)0( juillet 20)-27.8(02. L)111.1(?int?r?t r?el calcul? sur une base bi-annuelle est de 3% par ann?e.)]TJ0 -2.4706 TD[(Le prix de remboursement des obligations est de 1)55.6(05,7)27.6(9% du montant principal ? maturit? au 3)55.6(1)0( janvier 20)-27.7(09. )]TJ0 -1.2353 TD[(Un remboursement anticip? peut intervenir apr?s le 3)55.5(1)0( janvier 20)-27.8(05 jusqu?au 3)55.5(1)0( janvier 20)-27.7(07. Dans le cadre de)]TJT*(lՎvaluation de la reconstitution de la valeur au remboursement dans les ?tats financiers, le prix de remboursement)TjT*[(consid?r? est de 1)55.5(04.0)55.5(1% correspondant ? la valeur de remboursement en cas de remboursement par anticipation)]TJT*[(au 3)55.5(1)0( janvier 20)-27.8(07.)]TJ/Cs8 cs 1 scn0 -3.7059 TD[(3.)111.1(1)111.2(1)0( Provisions)]TJ7.5 0 0 7.5 880.197 274.4449 Tm(Frais juridiques)Tj2.6487 -1.4 TD0.0002 Tw[(et risques)-3281.2(Imp?ts)]TJ-0.6845 -1.4 TD0 Tw[(de contrats)-3333.8(latents)-3352.6(Autres)]TJ-31.9905 -1.4 TD[(Exercice clos au 3)55.5(1)0( d?cembre)]TJ54.3883 0 TD[(20)-27.8(03)-4027.4(20)-27.8(02)]TJ-54.3883 -1.4 TD(en kCHF)TjET/GS3 gsBT8.5 0 0 8.5 655 221.9449 Tm[(V)72.2(aleurs au 1)]TJ5.95 0 0 5.95 705.0664 224.7499 Tm0.0551 Tc(er)Tj8.5 0 0 8.5 713.6287 221.9449 Tm0.0554 Tc(janvier)Tj7.5 0 0 7.5 911.7156 221.9449 Tm0.0555 Tc[(1)55.7(5)-166.8(539)-3888.1(2)-166.8(807)-3850.3(4)-166.8(2)0.1(02)-3276.6(22)-166.9(548)-3360.1(4)55.7(1)-166.7(2)0.1(7)27.7(6)]TJET/GS2 gsBT8.5 0 0 8.5 655 211.4449 Tm0 0 0 1 k0.0554 Tc(Allocation)Tj7.5 0 0 7.5 915.8843 211.4449 Tm0.0555 Tc[(2)-166.8(9)0.1(69)-4666.4(949)-4628.6(639)-3888.1(4)-166.7(557)-3916(5)-166.7(7)27.8(6)0.1(9)]TJ8.5 0 0 8.5 655 200.9449 Tm-0.0001 Tw(R?int?gration dans le goodwill)Tj7.5 0 0 7.5 927.563 200.9449 Tm5.5008 Tc0 Tw[(??)37.8(??)2519.7(-)5445.4(1)5500.8(0)5278.6(0)5417.7(0)5417.7(0)]TJ8.5 0 0 8.5 655 190.4449 Tm0.0554 Tc(Dissolution et utilisation)Tj7.5 0 0 7.5 927.563 190.4449 Tm[(?)-3592.4(-)0(2)-167(1)55.6(84)-3499(-2)-166.9(026)-3648.1(-)0(4)-167(2)55.6(1)55.6(0)-2980.8(-1)55.5(3)-166.8(2)-0.1(68)]TJ8.5 0 0 8.5 655 179.9449 Tm[(Dif)16.7(f?rence de conversion)]TJ7.5 0 0 7.5 919.0851 179.9449 Tm0.0555 Tc[(-550)-5537.9(-3)-5407.5(?)-4314.9(-553)-3536.6(-1)-166.9(229)]TJET/GS3 gsBT8.5 0 0 8.5 655 169.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(Au 3)55.5(1)0( d?cembre )]TJ7.5 0 0 7.5 911.7156 169.4449 Tm[(1)55.6(7)-166.9(958)-3888.2(1)-166.9(569)-3961.8(2)-166.9(8)55.6(1)55.6(5)-3276.7(22)-167(342)-3276.8(2)0(2)-167(5)-0.1(48)]TJET/GS2 gsBT8.5 0 0 8.5 655 137.9449 Tm0 0 0 1 k(La provision pour frais juridiques et risque de contrats couvre les frais relatifs aux actions en justice intent?es contre)Tj0 -1.2353 TD(les soci?t?s du Groupe, principalement aux Etats-Unis. Des commentaires sur les proc?dures juridiques et arbitrales)TjT*[(en cours figurent en note \(3.)111.2(1)55.6(7\).)]TJ0 -2.4706 TD[(La provision pour litiges de kCHF 1)55.6(0)-166.9(0)-27.7(0)-27.7(0)0( a ?t? dissoute durant l?exercice 20)-27.8(02 par r?int?gration dans le calcul du)]TJ0 -1.2353 TD(goodwill d?acquisition, ?tant donn? que le risque de litige n?existe plus.)TjETQendstreamendobj54 0 obj<>/ExtGState<>/ColorSpace<>>>endobj56 0 obj<>stream q0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/Cs10 cs 1 scn/GS2 gs655 481.82 475.275 73.5 ref655 145.82 475.275 94.5 ref0 0 0 0 k/GS3 gs1032.952 119.57 48.661 438.375 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d1130.275 544.82 m655 544.82 l1130.275 534.32 m655 534.32 l1130.275 523.82 m655 523.82 l1130.275 513.32 m655 513.32 l1130.275 502.82 m655 502.82 l1130.275 492.32 m655 492.32 lS655 229.82 m1130.275 229.82 l655 208.82 m1130.275 208.82 l655 198.32 m1130.275 198.32 l655 187.82 m1130.275 187.82 l655 177.32 m1130.275 177.32 l655 166.82 m1130.275 166.82 l655 156.32 m1130.275 156.32 l655 219.32 m1130.275 219.32 lSQq0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf8.5 0 0 8.5 655.0009 589.4449 Tm/Cs8 cs 1 scn0.0554 Tc0 Tw[(3.)111.1(1)55.6(4)0( Indications compl?mentaires)]TJ7.5 0 0 7.5 1051.4515 568.4449 Tm2.1657 Tw[(3)55.6(1)111.3(.)111.3(1)55.6(2.03 3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 655.0009 547.4449 Tm0 0 0 1 k(Engagements de garantie en faveur de tiers)Tj7.5 0 0 7.5 1063.1221 547.4449 Tm0.2222 Tc[(28)222.4(1)278(1)-3165.5(1)222.4(3)-0.1(5)166.8(5)166.7(6)]TJ8.5 0 0 8.5 655.0009 536.9449 Tm0.0554 Tc(Actifs circulants remis en gages de propres engagements)Tj7.5 0 0 7.5 1062.0782 536.9449 Tm0.2223 Tc[(27)194.6(4)166.9(7)-3721.3(24)166.9(4)166.8(0)]TJ8.5 0 0 8.5 655.0009 526.4449 Tm0.0554 Tc(Engagements envers les fonds de pr?voyance)Tj7.5 0 0 7.5 1061.8695 526.4449 Tm0.2223 Tc[(13)166.9(0)166.8(6)-4499.6(3)166.9(5)166.8(4)]TJ8.5 0 0 8.5 655.0009 515.9449 Tm0.0554 Tc(Engagements de leasing non port?s au bilan, ?chus ?:)Tj0 -1.2353 TD(? moins d?un an)Tj7.5 0 0 7.5 1061.8695 505.4449 Tm0.2223 Tc[(13)166.9(5)166.8(4)-4555.3(1)222.5(5)166.9(6)]TJ8.5 0 0 8.5 655.0009 494.9449 Tm0.0555 Tc-0.0001 Tw(? plus d?un an et moins de cinq ans)Tj7.5 0 0 7.5 1061.8695 494.9449 Tm0.2223 Tc0 Tw[(24)166.9(6)166.8(5)-4555.3(1)222.5(9)166.9(2)]TJ8.5 0 0 8.5 655.0009 484.4449 Tm0.0554 Tc(Nombre d?employ?s \(y compris Mediaguard\))Tj7.5 0 0 7.5 1061.6626 484.4449 Tm0.2223 Tc[(14)166.9(0)139.1(0)-3721.2(12)166.9(2)166.8(0)]TJ8.5 0 0 8.5 655.0009 452.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(3.)111.1(1)55.6(5)0( Pr?voyance du personnel)]TJ0 0 0 1 k0 -2.4706 TD0.0555 Tc-0.0001 Tw(En dehors des assurances sociales r?gies par la loi, il existe dans le Groupe en Suisse trois institutions de )Tj0 -1.2353 TD0.0554 Tc0 Tw(pr?voyance ind?pendantes.)Tj0 -2.4706 TD[(T)94.6(o)0(us les collaborateurs en Suisse sont couverts par des plans de pr?voyance en primaut? des prestations au sens)]TJ0 -1.2353 TD0.0555 Tc-0.0001 Tw[(de Swiss GAAP RPC 1)55.6(6. Les engagements ainsi que les capitaux correspondants sont revus p?riodiquement par )]TJT*0.0554 Tc0 Tw(un actuaire ind?pendant.)Tj0 -2.4706 TD[(A lՎtranger)94.6(, le Groupe n?a aucun engagement significatif r?sultant de plans en primaut? des prestations, except? )]TJ0 -1.2353 TD[(en Autriche. Ce plan a ?t? inclus dans les chif)16.8(fres ci-apr?s pour l?exercice 20)-27.8(03. Les engagements ainsi que les)]TJT*(capitaux correspondants ont ?t? revus par un actuaire ind?pendant.)Tj0 -2.4706 TD[(Pour l?application de la norme Swiss GAAP RPC 1)55.5(6, les actifs des plans ont ?t? ?valu?s ? leur valeur du march? )]TJ0 -1.2353 TD(et les engagements ont ?t? ?valu?s avec la m?thode ?Projected Unit Credit?.)Tj0 -2.4706 TD[(Le tableau suivant donne un aper?u de la situation financi?re des plans en primaut? des prestations au 3)55.5(1)0( d?cembre)]TJ0 -1.2353 TD[(20)-27.8(03, respectivement 20)-27.7(02, fond? sur les hypoth?ses actuarielles conformes ? Swiss GAAP RPC 1)55.5(6)0.1(:)]TJ7.5 0 0 7.5 1062.9133 253.4449 Tm/Cs8 cs 1 scn3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 655.0009 232.4449 Tm0 0 0 1 k[(V)72.2(aleur du march? des actifs)]TJ7.5 0 0 7.5 1058.1183 232.4449 Tm0.0555 Tc[(42)-166.8(0)55.6(1)55.7(0)-3276.5(3)0.1(7)-166.9(8)0.1(83)]TJ8.5 0 0 8.5 655.0009 221.9449 Tm0.0554 Tc[(V)72.2(aleur actualis?e des engagements pour les collaborateurs actifs et retrait?s)]TJ7.5 0 0 7.5 1054.6472 221.9449 Tm0.0555 Tc[(-38)-166.9(8)0.1(37)-2925.2(-43)-166.9(2)0.1(67)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 200.9449 Tm/Cs8 cs 1 scn0.0554 Tc(Couverture financi?re)Tj7.5 0 0 7.5 1062.4958 200.9449 Tm[(3)-166.8(1)55.6(7)27.7(3)-3536.6(-5)-167(384)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 179.9449 Tm0 0 0 1 k(Part de l?exc?dent initial non amortie)Tj7.5 0 0 7.5 1065.4878 179.9449 Tm0.0555 Tc[(-39)55.6(1)-4314.8(-426)]TJ8.5 0 0 8.5 655.0009 169.4449 Tm0.0554 Tc(Ecarts actuariels non reconnus)Tj7.5 0 0 7.5 1059.2334 169.4449 Tm[(-4)-167(666)-3943.9(6)-166.9(46)55.5(1)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 148.4449 Tm/Cs8 cs 1 scn0.0555 Tc-0.0001 Tw(\(Passif\)/actif net)Tj47.5154 0 TD0 Tc0 Tw(-)Tj7.5 0 0 7.5 1061.8695 148.4449 Tm0.2223 Tc[(18)166.9(8)166.8(4)-4555.3(6)166.9(5)222.4(1)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 127.4449 Tm0 0 0 1 k0.0554 Tc[(Le passif net port? au bilan est de kCHF 1)-166.9(884 au 3)55.5(1)111.2(.)111.3(1)55.6(2.20)-27.8(03.)]TJ7.5 0 0 7.5 59.748 38.1949 Tm(28)Tj79.3701 0 TD(29)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Comptes consolid?s du Groupe Kudelski)Tj0 0 0 1 k0 -1.1484 TD[(Annexes aux comptes consolid?s des exercices 20)-27.8(03 et 20)-27.8(02)]TJET/Cs10 cs 1 scn59.724 513.32 475.276 42 ref59.724 387.32 475.276 42 ref59.724 229.57 475.276 63 ref0 0 0 0 k/GS3 gs437.677 140.57 48.661 427.875 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d59.724 544.82 m535 544.82 l59.724 534.32 m535 534.32 l59.724 523.82 m535 523.82 l59.724 418.82 m535 418.82 l59.724 408.32 m535 408.32 l59.724 397.82 m535 397.82 lS535 292.57 m59.724 292.57 l535 282.07 m59.724 282.07 l535 271.57 m59.724 271.57 l535 261.07 m59.724 261.07 l535 250.57 m59.724 250.57 l535 240.07 m59.724 240.07 lS/GS2 gsBT8.5 0 0 8.5 59.7244 589.4449 Tm/Cs8 cs 1 scn0.0554 Tc(Provision pour imp?ts latents )Tj7.5 0 0 7.5 456.175 568.4449 Tm2.1657 Tw[(3)55.6(1)111.2(.)111.3(1)55.6(2.03 3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 59.7244 547.4449 Tm0 0 0 1 k0.0555 Tc-0.0001 Tw[(Imp?ts passifs par cat?gorie de dif)16.9(f?rences temporaires:)]TJ0 -1.2353 TD0.0554 Tc0 Tw(Investissements)Tj7.5 0 0 7.5 466.593 536.9449 Tm0.2223 Tc[(15)166.9(0)166.8(7)-3749.2(26)166.9(7)194.5(0)]TJ8.5 0 0 8.5 59.7244 526.4449 Tm0.0554 Tc(Immobilisations corporelles)Tj7.5 0 0 7.5 477.0161 526.4449 Tm[(62)-4722.1(1)55.6(3)0(7)]TJET/GS3 gsBT7.5 0 0 7.5 466.593 515.9449 Tm/Cs8 cs 1 scn0.2223 Tc[(15)166.9(6)166.8(9)-3721.3(28)166.8(0)166.9(7)]TJET/GS2 gsBT8.5 0 0 8.5 59.7244 484.4449 Tm0.0554 Tc-0.0001 Tw[(3.)111.1(1)55.6(2)0( Provisions ? 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payer)Tj7.5 0 0 7.5 462.4243 274.4449 Tm0.0554 Tc0 Tw[(43)-167(58)55.5(1)-3276.7(2)0(3)-166.9(0)-0.1(87)]TJ8.5 0 0 8.5 59.7244 263.9449 Tm(Autres produits ? recevoir)Tj7.5 0 0 7.5 466.593 263.9449 Tm0.2223 Tc[(23)166.9(4)166.8(3)-4527.4(8)166.9(7)194.5(5)]TJ8.5 0 0 8.5 59.7244 253.4449 Tm0.0554 Tc(Cr?anciers divers)Tj7.5 0 0 7.5 462.0068 253.4449 Tm[(26)-166.9(465)-3360.2(1)55.6(6)-166.9(7)27.7(04)]TJ8.5 0 0 8.5 59.7244 242.9449 Tm[(Paiement dif)16.7(f?r? sur acquisition de soci?t? \(earn-out\))]TJ7.5 0 0 7.5 466.8017 242.9449 Tm0.2223 Tc[(34)166.9(7)194.6(2)-5278.4(?)]TJET/GS3 gsBT7.5 0 0 7.5 463.8855 232.4449 Tm/Cs8 cs 1 scn-0.0558 Tc[(7)-83.5(9)-278.1(111)-3387.9(4)-111.2(7)-278.1(0)-111.3(5)-111.2(3)]TJET/GS2 gsBT8.5 0 0 8.5 59.7244 211.4449 Tm0 0 0 1 k0.0554 Tc[(En 20)-27.8(03, les autres charges ? payer comprennent notamment le solde ? encourir pour les frais d?acquisition de)]TJ0 -1.2353 TD[(Mediaguard ? concurrence de kCHF 1)55.5(4)-166.9(07)27.6(0.)]TJETQendstreamendobj57 0 obj<>/ExtGState<>/ColorSpace<>>>endobj59 0 obj<>stream q0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf8.5 0 0 8.5 655 589.4449 Tm/Cs8 cs 1 scn0.0554 Tc0 Tw[(3.)111.1(1)55.6(7)0( Proc?dures judiciaires en cours)]TJ0 0 0 1 k0 -2.4706 TD(Le Groupe est partie ? trois litiges ? relatifs ? des droits de propri?t? intellectuelle ? devant les tribunaux am?ricains)Tj0 -1.2353 TD(et allemands. Les provisions n?cessaires sur les proc?dures judiciaires en cours sont comptabilis?es.)Tj0 -2.4706 TD(Le litige pendant entre IPPV Entreprise, LLC Maast Inc. et Echostar Communication Corp., Nagravision SA )Tj0 -1.2353 TD[(et Nagrastar LLC a ?t? transig? au cours du premier trimestre 20)-27.8(04. Le r?glement de ce litige n?a pas n?cessit? de)]TJT*(compl?ment de provision.)Tj7.5 0 0 7.5 59.748 38.1949 Tm(30)Tj79.3701 0 TD(31)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Comptes consolid?s du Groupe Kudelski)Tj0 0 0 1 k0 -1.1484 TD[(Annexes aux comptes consolid?s des exercices 20)-27.8(03 et 20)-27.8(02)]TJET/Cs10 cs 1 scn59.724 156.32 475.276 52.5 ref59.724 303.32 475.276 94.5 ref59.724 471.32 475.276 73.5 ref0 0 0 0 k/GS3 gs437.677 153.695 48.662 393.75 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d59.724 534.32 m535 534.32 l59.724 523.82 m535 523.82 l59.724 513.32 m535 513.32 l59.724 502.82 m535 502.82 l59.724 492.32 m535 492.32 l59.724 481.82 m535 481.82 lS535 387.32 m59.724 387.32 l535 376.82 m59.724 376.82 l535 366.32 m59.724 366.32 l535 355.82 m59.724 355.82 l535 345.32 m59.724 345.32 l535 334.82 m59.724 334.82 l535 324.32 m59.724 324.32 l535 313.82 m59.724 313.82 lS59.724 187.82 m535 187.82 l59.724 198.319 m535 198.319 l59.724 177.32 m535 177.32 l59.724 166.82 m535 166.82 lS/GS2 gsBT8.5 0 0 8.5 59.7254 589.4449 Tm0 0 0 1 k0.0554 Tc[(Les chif)16.7(fres suivants indiquent les principales hypoth?ses utilis?es pour les calculs des engagements de pr?voyance)]TJ0 -1.2353 TD[(au 3)55.5(1)0( d?cembre 20)-27.8(03:)]TJ7.5 0 0 7.5 462.1605 557.9449 Tm/Cs8 cs 1 scn2.0752 Tw(Suisse Etranger)Tj8.5 0 0 8.5 59.7254 536.9449 Tm0 0 0 1 k0.0555 Tc0 Tw[(T)94.7(aux d?actualisation)]TJ7.5 0 0 7.5 466.5996 536.9449 Tm[(4,5%)-3888.9(3,5%)]TJ8.5 0 0 8.5 59.7254 526.4449 Tm(Indexation des salaires )Tj7.5 0 0 7.5 466.5996 526.4449 Tm[(2,0%)-3888.9(1,5%)]TJ8.5 0 0 8.5 59.7254 515.9449 Tm0.0554 Tc(Indexation des rentes en cours de paiement)Tj7.5 0 0 7.5 466.5996 515.9449 Tm0.0555 Tc[(1,0%)-5445.3(?)]TJ8.5 0 0 8.5 59.7254 505.4449 Tm0.0554 Tc[(T)94.6(aux d?int?r?t cr?dit? sur les capitaux dՎpargne)]TJ7.5 0 0 7.5 462.0134 505.4449 Tm0.0555 Tc[(3,25%)-5445.3(?)]TJ8.5 0 0 8.5 59.7254 494.9449 Tm0.0554 Tc[(T)94.6(aux de rendement des actifs )]TJ7.5 0 0 7.5 466.5996 494.9449 Tm0.0555 Tc[(5,0%)-5445.3(?)]TJ8.5 0 0 8.5 59.7254 484.4449 Tm0.0554 Tc(Age de la retraite: hommes/femmes )Tj7.5 0 0 7.5 448.2694 484.4449 Tm0.0387 Tc(Selon r?glt)Tj6.5078 0 TD0.0554 Tc(65/60 )Tj8.5 0 0 8.5 520.8356 484.4449 Tm0.0555 Tc(ans)Tj-54.2483 -1.2353 TD0.0554 Tc(Probabilit? de d?part volontaire \(en moyenne\))Tj7.5 0 0 7.5 473.6864 473.9449 Tm0.0555 Tc[(5% )-3611.1(1)55.7(3% )]TJ8.5 0 0 8.5 59.7254 442.4449 Tm0.0554 Tc[(Selon la norme Swiss GAAP RPC 1)55.5(6, les mouvements suivants auraient d? ?tre saisis dans le compte de r?sultat)]TJT*[(pour l?exercice 20)-27.8(03, respectivement 20)-27.7(02:)]TJ7.5 0 0 7.5 467.6378 410.9449 Tm/Cs8 cs 1 scn3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 59.7254 389.9449 Tm0 0 0 1 k(Rendement attendu des actifs )Tj7.5 0 0 7.5 466.594 389.9449 Tm[(1)-166.9(894)-3888.2(2)-166.9(2)0(52)]TJ8.5 0 0 8.5 59.7254 379.4449 Tm(Co?t des services rendus )Tj7.5 0 0 7.5 464.7928 379.4449 Tm-0.0002 Tc[(-)-55.6(5)-222.6(212)-3703.6(-)-55.6(4)-222.6(817)]TJ8.5 0 0 8.5 59.7254 368.9449 Tm0.0554 Tc(Co?t financier )Tj7.5 0 0 7.5 464.7928 368.9449 Tm[(-2)-167(0)55.6(1)55.6(8)-3536.7(-2)-167(535)]TJ8.5 0 0 8.5 59.7254 358.4449 Tm[(Amortissement des gains)-55.7(/\(pertes\) actuariels)]TJ7.5 0 0 7.5 470.6297 358.4449 Tm0.0555 Tc[(-1)55.6(5)55.7(1)-4314.8(-342)]TJ8.5 0 0 8.5 59.7254 347.9449 Tm0.0554 Tc(Amortissement de l?exc?dent initial )Tj7.5 0 0 7.5 477.0171 347.9449 Tm[(34)-5278(34)]TJ8.5 0 0 8.5 59.7254 337.4449 Tm(Contributions des employ?s)Tj7.5 0 0 7.5 466.594 337.4449 Tm[(2)-166.9(355)-3888.2(2)-166.9(3)0(26)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 326.9449 Tm/Cs8 cs 1 scn(Produit / \(Charge\))Tj7.5 0 0 7.5 463.9578 326.9449 Tm[(-3)-167(098)-3536.7(-3)-167(082)]TJ8.5 0 0 8.5 59.7254 305.9449 Tm(Contributions de l?employeur \(charge\))Tj7.5 0 0 7.5 463.9578 305.9449 Tm[(-2)-167(663)-3592.4(-2)-167(7)27.8(7)27.7(7)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 284.9449 Tm0 0 0 1 k[(La charge de pr?voyance est de kCHF 3)-166.9(098 pour l?exercice 20)-27.8(03. A ce montant s?ajoute une charge de kCHF 64)]TJ0 -1.2353 TD[(pour les dif)16.7(f?rences de change li?es aux engagements ? lՎtranger)94.7(.)]TJ/Cs8 cs 1 scn0 -3.7059 TD[(3.)111.1(1)55.6(6)0( Parties li?es)]TJ7.5 0 0 7.5 467.6378 221.9449 Tm3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 59.7254 200.9449 Tm0 0 0 1 k[(V)72.2(ente de service:)]TJ0 -1.2353 TD0.0555 Tc-0.0001 Tw(SwissAccessGroup AG)Tj7.5 0 0 7.5 478.2726 190.4449 Tm4.7219 Tc0 Tw[(?2)4666.5(6)4666.4(4)]TJ8.5 0 0 8.5 59.7254 169.4449 Tm0.0554 Tc(Achats de mati?res et de marchandises: )TjT*(Digital Electronik GmbH)Tj7.5 0 0 7.5 462.0078 158.9449 Tm[(27)-166.9(568)-3332.4(3)55.6(1)-166.9(205)]TJ8.5 0 0 8.5 59.7254 137.9449 Tm0.0499 Tc-0.0001 Tw(Ces transactions ont ?t? enregistr?es avec des parties li?es du Groupe conform?ment aux prescriptions contenues)TjT*0 Tw[(dans la norme Swiss GAAP RPC 1)55.4(5. Digital Electronik GmbH est le fournisseur principal de mat?riel de contr?le)]TJT*[(d?acc?s du Groupe SkiData. Les transactions sont ef)16.5(fectu?es aux conditions habituelles du march?, ?at arm?)55.5(s length?.)]TJETQendstreamendobj60 0 obj<>/ExtGState<>/ColorSpace<>>>endobj62 0 obj<>stream q0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/Cs10 cs 1 scn/GS2 gs655 544.82 475.275 10.5 ref655 387.321 475.275 41.999 ref655 282.321 475.275 41.999 ref655 166.82 475.275 52.5 ref0 0 0 0 k/GS3 gs1031.535 161.57 50.005 396.375 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d655 418.813 m1130.275 418.813 l655 408.313 m1130.275 408.313 l655 397.813 m1130.275 397.813 lS1130.275 313.82 m655 313.82 l1130.275 303.32 m655 303.32 l1130.275 292.82 m655 292.82 lS655 208.82 m1130.275 208.82 l655 198.32 m1130.275 198.32 l655 187.82 m1130.275 187.82 l655 177.32 m1130.275 177.32 lSQq0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf8.5 0 0 8.5 655.0009 589.4449 Tm/Cs8 cs 1 scn0.0554 Tc0 Tw(4.4 Charges de personnel)Tj7.5 0 0 7.5 1062.9133 568.4449 Tm3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 655.0009 547.4449 Tm0 0 0 1 k(Charges de personnel)Tj7.5 0 0 7.5 1051.3135 547.4449 Tm-0.0002 Tc[(-)-55.6(1)-0.1(31)-222.5(15)-55.6(4)-2425(-)-55.6(12)-55.6(0)-222.6(3)-55.6(8)-55.7(5)]TJ8.5 0 0 8.5 655.0009 526.4449 Tm0.0554 Tc[(Le montant global des charges de personnel pour le groupe sՎl?ve ? kCHF 1)55.6(3)0(5)-167(425 pour l?ann?e 20)-27.8(03 \(20)-27.8(02:)]TJ0 -1.2353 TD[(kCHF 1)55.5(3)0(7)-167(5)0(26\) y compris les charges de personnel non r?currentes, lesquelles incluent les indemnit?s de d?part)]TJT*[(pr?vues dans le cadre de la restructuration. Le chif)16.7(fre 20)-27.8(03 comprend notamment les co?ts relatifs au stock option)]TJT*0.0555 Tc-0.0001 Tw(plan ainsi que les charges sociales y relatives. )Tj/Cs8 cs 1 scn0 -3.7059 TD(4.5 Charges d?exploitation)Tj7.5 0 0 7.5 1062.9133 442.4449 Tm0.0554 Tc3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 655.0009 421.4449 Tm0 0 0 1 k(Frais de projet ? honoraires externes)Tj7.5 0 0 7.5 1055.4822 421.4449 Tm[(-1)55.5(0)-166.9(1)55.6(04)-3008.8(-1)55.5(5)-166.9(2)0(7)27.6(7)]TJ8.5 0 0 8.5 655.0009 410.9449 Tm(Imp?ts sur le capital et autres taxes)Tj7.5 0 0 7.5 1065.2791 410.9449 Tm[(-37)27.6(6)-3536.6(-2)-167(202)]TJ8.5 0 0 8.5 655.0009 400.4449 Tm0.0555 Tc(Autres frais d?exploitation)Tj7.5 0 0 7.5 1054.6472 400.4449 Tm[(-26)-166.9(4)0.1(43)-2953(-22)-166.8(4)0.1(7)27.7(7)]TJET/GS3 gsBT7.5 0 0 7.5 1054.6472 389.9449 Tm/Cs8 cs 1 scn[(-36)-166.9(9)0.1(23)-2925.2(-39)-166.9(9)0.1(56)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 358.4449 Tm0.0554 Tc(4.6 Charges d?administration et de ventes)Tj7.5 0 0 7.5 1062.9133 337.4449 Tm3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 655.0009 316.4449 Tm0 0 0 1 k0.0555 Tc-0.0001 Tw(Frais g?n?raux d?administration)Tj7.5 0 0 7.5 1055.4822 316.4449 Tm0.0554 Tc0 Tw[(-1)55.5(0)-166.9(1)55.6(42)-2980.9(-1)55.4(2)-166.9(9)0(55)]TJ8.5 0 0 8.5 655.0009 305.9449 Tm(Frais de vente et promotion)Tj7.5 0 0 7.5 1054.6472 305.9449 Tm0.0555 Tc[(-23)-166.9(4)0.1(37)-3036.5(-2)55.6(1)-166.8(6)0.1(6)55.6(1)]TJ8.5 0 0 8.5 655.0009 295.4449 Tm0.0554 Tc(Honoraires de tiers et divers)Tj7.5 0 0 7.5 1055.0647 295.4449 Tm[(-1)55.5(3)-166.9(6)0(88)-3536.7(-8)-167(994)]TJET/GS3 gsBT7.5 0 0 7.5 1054.6472 284.9449 Tm/Cs8 cs 1 scn0.0555 Tc[(-47)-166.9(2)0.1(67)-3036.5(-43)-166.8(6)55.6(1)55.7(0)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 253.4449 Tm0.0554 Tc(4.7 Charges non r?currentes d?exploitation \(r?organisation\))Tj7.5 0 0 7.5 1062.9133 232.4449 Tm3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 655.0009 211.4449 Tm0 0 0 1 k(Charges de personnel non r?currentes)Tj7.5 0 0 7.5 1073.5481 211.4449 Tm3.5921 Tc[(?-)3536.7(9)3369.7(6)3536.7(8)3536.6(8)]TJ8.5 0 0 8.5 655.0009 200.9449 Tm0.0554 Tc(Charges d?exploitation non r?currentes)Tj7.5 0 0 7.5 1073.5481 200.9449 Tm3.62 Tc[(?-)3564.6(5)3397.6(9)3564.6(7)3592.2(6)]TJ8.5 0 0 8.5 655.0009 190.4449 Tm0.0554 Tc(Frais d?arr?t d?activit?s et de projets, r?organisation)Tj7.5 0 0 7.5 1073.5481 190.4449 Tm3.7035 Tc[(?-)3648.1(4)3481.2(1)3703.6(4)3703.7(1)]TJ8.5 0 0 8.5 655.0009 179.9449 Tm0.0554 Tc(Autres frais de restructuration)Tj7.5 0 0 7.5 1073.5481 179.9449 Tm3.62 Tc[(?-)3564.6(2)3397.6(7)3592.3(3)3564.6(0)]TJT*0 Tc(?)TjET/GS3 gsBT7.5 0 0 7.5 1103.4031 169.4449 Tm/Cs8 cs 1 scn0.0555 Tc[(-22)-166.9(5)0.1(35)]TJET/GS2 gsBT7.5 0 0 7.5 59.748 38.1949 Tm0 0 0 1 k0.0554 Tc(32)Tj79.3701 0 TD(33)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Comptes consolid?s du Groupe Kudelski)Tj0 0 0 1 k0 -1.1484 TD[(Annexes aux comptes consolid?s des exercices 20)-27.8(03 et 20)-27.8(02)]TJET/Cs10 cs 1 scn59.724 471.32 475.276 31.5 ref59.724 208.82 475.276 73.5 ref0 0 0 0 k/GS3 gs340.354 468.695 48.662 36.428 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d59.724 492.32 m535 492.32 l59.724 481.82 m535 481.82 lS/Cs10 cs 1 scn/GS2 gs59.724 124.82 475.276 31.5 ref/GS3 gs59.724 145.82 m535 145.82 l59.724 135.32 m535 135.32 lS/GS2 gs59.724 376.82 475.276 31.5 ref0 0 0 0 k/GS3 gs340.354 374.195 48.662 36.428 ref59.724 397.82 m535 397.82 l59.724 387.32 m535 387.32 l59.724 271.82 m535 271.82 l59.724 261.32 m535 261.32 l59.724 250.821 m535 250.821 l59.724 240.321 m535 240.321 l59.724 229.822 m535 229.822 l59.724 219.322 m535 219.322 l59.724 229.822 m535 229.822 lS437.677 57.661 48.661 447.784 ref/GS2 gsBT10 0 0 10 59.7254 589.4449 Tm0 0 0 1 k(4. Notes sur les comptes de r?sultats consolid?s)Tj8.5 0 0 8.5 59.7254 568.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(4.)111.1(1 Information sectorielle)]TJ0 0 0 1 k0 -2.4706 TD(La r?partition des ventes et des produits dans le cadre de contrats de longue dur?e par segment g?ographique )Tj0 -1.2353 TD[(et par cat?gories de produit est la suivante pour l?exercice 20)-27.8(03:)]TJ7.5 0 0 7.5 412.5702 526.4449 Tm/Cs8 cs 1 scn[(Asie et )-10078.2(T)94.6(o)0(tal)]TJ-13.0552 -1.4 TD[(Europe)-1981.6(Am?rique)-2481.1(Oc?anie)-3056(Afrique)-4027.4(20)-27.8(03)]TJ-33.9908 -1.4 TD(en kCHF)Tj8.5 0 0 8.5 59.7254 494.9449 Tm0 0 0 1 k(T?l?vision et internet ? large bande)Tj7.5 0 0 7.5 316.441 494.9449 Tm[(6)55.6(1)-166.9(504)-3276.7(9)0(4)-166.9(4)-0.1(52)-3239(62)-166.9(033)-4694.3(7)27.7(87)-2832.2(2)55.6(1)55.6(8)-166.9(7)27.8(7)27.7(6)]TJ8.5 0 0 8.5 59.7254 484.4449 Tm(Contr?le d?acc?s physique et acc?s aux donn?es)Tj7.5 0 0 7.5 311.8548 484.4449 Tm[(1)55.6(5)0(8)-166.9(8)0(02)-3888.2(7)-166.9(2)-0.1(22)-3850.5(6)-166.8(5)-0.1(97)-5278(29)-2748.8(1)55.6(7)27.7(2)-166.9(6)0(50)]TJET/GS3 gsBT7.5 0 0 7.5 311.4373 473.9449 Tm/Cs8 cs 1 scn[(220)-166.9(306)-2804.4(1)55.6(0)55.6(1)-166.9(67)27.7(4)-3238.9(6)0(8)-166.9(6)-0.1(30)-4777.8(8)55.6(1)55.6(6)-2720.8(39)55.5(1)-166.9(4)0(26)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 442.4449 Tm0 0 0 1 k[(et pour l?exercice 20)-27.8(02:)]TJ7.5 0 0 7.5 412.5702 431.9449 Tm/Cs8 cs 1 scn[(Asie et )-10078.2(T)94.6(o)0(tal)]TJ-13.0552 -1.4 TD[(Europe)-1981.6(Am?rique)-2481.1(Oc?anie)-3056(Afrique)-4027.4(20)-27.8(02)]TJ-33.9908 -1.4 TD(en kCHF)Tj8.5 0 0 8.5 59.7254 400.4449 Tm0 0 0 1 k(T?l?vision et internet ? large bande)Tj7.5 0 0 7.5 317.276 400.4449 Tm[(62)-166.9(6)55.6(1)111.2(1)-2832.2(1)111.2(1)55.6(6)-166.9(468)-3239(3)0(9)-166.9(6)-0.1(96)-3943.9(2)-166.9(0)0(3)55.5(1)-2665.2(220)-167(8)0(06)]TJ8.5 0 0 8.5 59.7254 389.9449 Tm(Contr?le d?acc?s physique et acc?s aux donn?es)Tj7.5 0 0 7.5 312.0635 389.9449 Tm-0.0002 Tc[(14)-55.6(7)-222.6(7)-27.9(2)-55.6(3)-3388(10)-222.5(9)-55.7(8)-55.6(7)-3906.1(4)-222.4(9)-55.7(2)-55.6(0)-4722.1(2)-55.6(3)-55.6(0)-2776.5(16)-55.6(3)-222.6(8)-55.6(6)-55.7(0)]TJET/GS3 gsBT7.5 0 0 7.5 312.2723 379.4449 Tm/Cs8 cs 1 scn[(210)-222.5(3)-55.6(3)-55.7(4)-2776.5(1)0(2)-55.6(7)-222.5(4)-55.7(5)-55.6(5)-3405.9(4)-55.6(4)-222.5(616)-3999.4(2)-222.5(2)-55.6(61)-2720.8(3)-55.7(8)-55.6(4)-222.6(6)-55.6(6)-55.7(6)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 347.9449 Tm0.0554 Tc(4.2 D?veloppements, installations et syst?mes activ?s )Tj0 0 0 1 k0 -2.4706 TD[(Ce poste enregistre les propres d?veloppements, installations et logiciels internes activ?s durant les exercices 20)-27.8(03)]TJ0 -1.2353 TD[(et 20)-27.8(02 et se d?taille comme suit: )]TJ7.5 0 0 7.5 467.6378 295.4449 Tm/Cs8 cs 1 scn3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 59.7254 274.4449 Tm0 0 0 1 k(Activation de projets g?n?riques au Groupe:)Tj0 -1.2353 TD(? d?veloppement interne de nouveaux produits)Tj7.5 0 0 7.5 462.4252 263.9449 Tm[(1)55.6(0)-166.9(865)-3415.9(1)111.2(1)-166.9(57)27.6(0)]TJ8.5 0 0 8.5 59.7254 253.4449 Tm(? d?veloppement confi? ? des tiers)Tj7.5 0 0 7.5 478.2726 253.4449 Tm4.1106 Tc[(?6)3888.3(1)4166.4(1)4110.8(9)]TJ8.5 0 0 8.5 59.7254 232.4449 Tm0.0554 Tc(D?veloppement interne d?un logiciel de ?ticketing?)Tj7.5 0 0 7.5 466.594 232.4449 Tm[(2)-166.9(668)-5445.4(?)]TJ8.5 0 0 8.5 59.7254 221.9449 Tm0.0555 Tc-0.0001 Tw(D?veloppement interne d?installations sp?cifiques mises ? disposition de clients)Tj7.5 0 0 7.5 466.594 221.9449 Tm0.0554 Tc0 Tw[(7)-166.9(433)-5445.4(?)]TJET/GS3 gsBT7.5 0 0 7.5 462.0078 211.4449 Tm/Cs8 cs 1 scn[(20)-166.9(966)-3332.4(1)55.6(7)-166.9(689)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 179.9449 Tm(4.3 Charges de mati?res et de marchandises)Tj7.5 0 0 7.5 467.6378 169.4449 Tm3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 59.7254 148.4449 Tm0 0 0 1 k(Achat de mati?res premi?res et 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20)-27.8(03 et 20)-27.8(02)]TJET/Cs10 cs 1 scn59.724 208.82 475.276 315 ref0 0 0 0 k/GS3 gs437.677 206.195 48.661 320.25 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d59.724 513.32 m535 513.32 l59.724 502.82 m535 502.82 l59.724 492.32 m535 492.32 l59.724 481.82 m535 481.82 l59.724 471.32 m535 471.32 l59.724 460.82 m535 460.82 l59.724 450.32 m535 450.32 l59.724 439.82 m535 439.82 l59.724 429.32 m535 429.32 l59.724 418.82 m535 418.82 l59.724 408.32 m535 408.32 l59.724 397.82 m535 397.82 l59.724 387.32 m535 387.32 l59.724 376.82 m535 376.82 l59.724 366.32 m535 366.32 l59.724 355.82 m535 355.82 l59.724 345.32 m535 345.32 l59.724 334.82 m535 334.82 l59.724 324.32 m535 324.32 l59.724 313.82 m535 313.82 l59.724 303.32 m535 303.32 l59.724 292.82 m535 292.82 l59.724 282.32 m535 282.32 l59.724 271.82 m535 271.82 l59.724 261.32 m535 261.32 l59.724 250.82 m535 250.82 l59.724 240.32 m535 240.32 l59.724 227.195 m535 227.195 l59.724 219.32 m535 219.32 lS/GS2 gsBT10 0 0 10 59.8643 589.4449 Tm0 0 0 1 k(5. Notes sur les tableaux de financement consolid?s)Tj8.5 0 0 8.5 59.8643 557.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(5.)111.1(1 Cash-flow op?rationnel )]TJ7.5 0 0 7.5 467.7767 536.9449 Tm3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(en kCHF)TjET/GS3 gsBT8.5 0 0 8.5 59.8643 515.9449 Tm(R?sultat net, part du Groupe)Tj7.5 0 0 7.5 462.5641 515.9449 Tm[(33)-167(1)55.6(6)0(7)-3388.1(1)55.6(0)-166.9(0)0(3)55.5(1)]TJET/GS2 gsBT8.5 0 0 8.5 59.8643 494.9449 Tm0 0 0 1 k(Produits financiers)Tj7.5 0 0 7.5 459.7193 494.9449 Tm[(-29)-166.9(7)27.7(3)0(3)-2925.3(-)0(25)-166.9(449)]TJ8.5 0 0 8.5 59.8643 484.4449 Tm(Charges financi?res)Tj7.5 0 0 7.5 466.9416 484.4449 Tm[(8)-166.9(7)27.7(85)-3388.1(42)-167(3)55.6(1)55.6(0)]TJ8.5 0 0 8.5 59.8643 473.9449 Tm(Perte sur actions Swiss International Airlines)Tj7.5 0 0 7.5 462.1503 473.9449 Tm0.0831 Tc[(1)83.3(0)-139.2(000)-5417.6(?)]TJ8.5 0 0 8.5 59.8643 463.4449 Tm0.0554 Tc(B?n?fice sur rachat emprunt convertible)Tj7.5 0 0 7.5 459.928 463.4449 Tm[(-25)-166.9(66)55.5(1)-2925.2(-)0(60)-166.9(503)]TJ8.5 0 0 8.5 59.8643 452.9449 Tm(Amortissement frais et valeur de remboursement emprunt convertible)Tj7.5 0 0 7.5 466.7329 452.9449 Tm0.2223 Tc[(42)166.9(6)166.8(8)-3721.3(76)166.9(4)166.8(3)]TJ8.5 0 0 8.5 59.8643 442.4449 Tm0.0554 Tc(Imp?ts sur le b?n?fice)Tj7.5 0 0 7.5 466.7329 442.4449 Tm0.2223 Tc[(68)166.9(2)166.8(4)-3793.6(22)166.9(7)239(1)]TJ8.5 0 0 8.5 59.8643 431.9449 Tm0.0555 Tc-0.0001 Tw(Actions distribu?es aux collaborateurs )Tj7.5 0 0 7.5 472.7785 431.9449 Tm0.0277 Tc0 Tw[(74)-27.7(6)-4694.2(6)-27.7(5)-27.8(8)]TJ8.5 0 0 8.5 59.8643 421.4449 Tm0.0554 Tc(Options accord?es aux employ?s)Tj7.5 0 0 7.5 466.9416 421.4449 Tm0.2223 Tc[(27)194.6(2)166.9(0)-5278.5(?)]TJ8.5 0 0 8.5 59.8643 410.9449 Tm0.0554 Tc(Amortissements )Tj7.5 0 0 7.5 462.5641 410.9449 Tm-0.0002 Tc[(21)-222.5(9)-55.6(2)-55.7(3)-3360.2(2)-55.6(0)-222.5(8)-55.6(7)-28(0)]TJ8.5 0 0 8.5 59.8643 400.4449 Tm0.0554 Tc(Amortissements non planifi?s)Tj7.5 0 0 7.5 472.5698 400.4449 Tm0.0555 Tc[(243)-3332.3(1)55.7(9)-166.8(8)0.1(82)]TJ8.5 0 0 8.5 59.8643 389.9449 Tm0.0554 Tc[(V)72.2(ariation des provisions ? long terme )]TJ7.5 0 0 7.5 466.7329 389.9449 Tm0.0555 Tc[(1)-166.8(5)0.1(82)-3536.6(-9)-166.9(423)]TJ8.5 0 0 8.5 59.8643 379.4449 Tm0.0554 Tc[(V)72.2(ariation de la provision pour imp?ts latents)]TJ7.5 0 0 7.5 464.0967 379.4449 Tm[(-3)-167(643)-3943.9(2)-166.9(1)55.6(4)0(5)]TJ8.5 0 0 8.5 59.8643 368.9449 Tm(Utilisation de la provision pour restructuration)Tj7.5 0 0 7.5 464.3055 368.9449 Tm[(-8)-166.9(7)27.7(5)0(2)-2980.9(-)0(1)55.5(8)-166.9(835)]TJ8.5 0 0 8.5 59.8643 358.4449 Tm(Part des actionnaires minoritaires au r?sultat)Tj7.5 0 0 7.5 464.723 358.4449 Tm[(-1)-166.9(1)55.6(7)27.7(0)-3888.2(2)-166.9(988)]TJ8.5 0 0 8.5 59.8643 347.9449 Tm(R?sultat net des soci?t?s mise en ?quivalence)Tj7.5 0 0 7.5 469.9337 347.9449 Tm0.0555 Tc[(-334)-5445.3(?)]TJET/GS3 gsBT8.5 0 0 8.5 59.8643 326.9449 Tm/Cs8 cs 1 scn(Cash-flow)Tj7.5 0 0 7.5 462.1467 326.9449 Tm0.0554 Tc[(20)-166.9(965)-3648.1(-)0(5)-167(4)55.6(1)55.6(2)]TJET/GS2 gsBT8.5 0 0 8.5 59.8643 305.9449 Tm0 0 0 1 k0.0555 Tc[(V)72.3(ariation des stocks)]TJ7.5 0 0 7.5 467.1503 305.9449 Tm0.2223 Tc[(81)222.5(4)166.9(7)-3749.2(42)166.9(7)194.5(9)]TJ8.5 0 0 8.5 59.8643 295.4449 Tm0.0554 Tc[(V)72.2(ariation des travaux en cours)]TJ7.5 0 0 7.5 472.5698 295.4449 Tm0.0555 Tc[(280)-3536.6(-)0.1(7)-166.9(3)0.1(80)]TJ8.5 0 0 8.5 59.8643 284.9449 Tm0.0554 Tc[(V)72.2(ariation des d?biteurs clients)]TJ7.5 0 0 7.5 462.6887 284.9449 Tm-0.0168 Tc[(71)-239.1(4)-72.2(0)-72.3(7)-3404.6(7)-44.5(9)-239.1(0)-72.2(7)-44.6(4)]TJ8.5 0 0 8.5 59.8643 274.4449 Tm0.0554 Tc[(V)72.2(ariation des autres d?biteurs clients)]TJ7.5 0 0 7.5 478.4115 274.4449 Tm3.3321 Tc[(?3)3276.7(0)3109.8(8)3276.7(5)3276.6(7)]TJ8.5 0 0 8.5 59.8643 263.9449 Tm0.0554 Tc[(V)72.2(ariation des autres actifs)]TJ7.5 0 0 7.5 460.1368 263.9449 Tm[(-1)55.5(2)-166.9(8)0(7)27.6(5)-4342.8(-97)27.7(5)]TJ8.5 0 0 8.5 59.8643 253.4449 Tm[(V)72.2(ariation des fournisseurs)]TJ7.5 0 0 7.5 459.5105 253.4449 Tm[(-34)-166.9(364)-3536.7(-)0(8)-167(3)0(88)]TJ8.5 0 0 8.5 59.8643 242.9449 Tm0.0555 Tc-0.0001 Tw[(V)72.3(ariation des autres passifs)]TJ7.5 0 0 7.5 464.0967 242.9449 Tm0 Tw[(-8)-166.9(969)-2980.8(-)0.1(53)-166.9(7)27.9(7)27.8(3)]TJ8.5 0 0 8.5 59.8643 232.4449 Tm0.0554 Tc-0.0001 Tw[(V)72.2(ariation des provisions ? court terme)]TJ7.5 0 0 7.5 464.0967 232.4449 Tm0 Tw[(-3)-167(254)-3888.2(9)-166.9(089)]TJET/GS3 gsBT8.5 0 0 8.5 59.8643 211.4449 Tm/Cs8 cs 1 scn(Cash-flow op?rationnel)Tj7.5 0 0 7.5 462.5641 211.4449 Tm-0.0002 Tc[(41)-222.5(3)-55.6(3)-55.7(7)-3404.6(4)-55.6(7)-222.5(3)-55.6(7)16.5(1)]TJET/Cs10 cs 1 scn/GS2 gs655 135.32 475.275 336 ref0 0 0 0 k/GS3 gs1032.953 132.695 48.661 341.25 ref1130.275 460.82 m655 460.82 l1130.275 450.32 m655 450.32 l1130.275 429.32 m655 429.32 l1130.275 418.82 m655 418.82 l1130.275 408.32 m655 408.32 l1130.275 397.82 m655 397.82 l1130.275 387.32 m655 387.32 l1130.275 376.82 m655 376.82 l1130.275 366.32 m655 366.32 l1130.275 355.82 m655 355.82 l1130.275 345.32 m655 345.32 l1130.275 334.82 m655 334.82 l1130.275 324.32 m655 324.32 l1130.275 313.82 m655 313.82 l1130.275 303.32 m655 303.32 l1130.275 292.82 m655 292.82 l1130.275 282.32 m655 282.32 l1130.275 271.82 m655 271.82 l1130.275 261.32 m655 261.32 l1130.275 250.82 m655 250.82 l1130.275 240.32 m655 240.32 l1130.275 229.82 m655 229.82 l1130.275 219.32 m655 219.32 l1130.275 208.82 m655 208.82 l1130.275 198.32 m655 198.32 l1130.275 187.82 m655 187.82 l1130.275 177.32 m655 177.32 l1130.275 166.82 m655 166.82 l1130.275 156.32 m655 156.32 l1130.275 145.82 m655 145.82 lS/GS2 gsBT8.5 0 0 8.5 655.0009 589.4449 Tm/Cs8 cs 1 scn0.0554 Tc(5.2 Acquisition/vente de filiales, nette des liquidit?s acquises/c?d?es)Tj0 0 0 1 k0 -2.4706 TD(Le Groupe a acquis ou compl?t? des participations dans 6 soci?t?s ou groupes de soci?t?s au cours de l?exercice)Tj0 -1.2353 TD[(20)-27.8(03 pour un total de kCHF 37)27.7(4)-166.9(460 et c?d? une soci?t? pour kCHF 0.)]TJ0 -2.4706 TD[(Le Groupe a vendu 2 soci?t?s au cours de l?exercice 20)-27.8(02 pour un total de kCHF 480. )]TJT*0.0555 Tc-0.0001 Tw(Les justes valeurs des actifs acquis/vendus et des dettes reprises/c?d?es aux dates d?acquisition sont les suivantes:)Tj7.5 0 0 7.5 989.1459 494.9449 Tm/Cs8 cs 1 scn0 Tw[(Acquisitions)-2588.6(Cession)-2058.1(Cessions)]TJ3.3409 -1.4 TD0.0554 Tc3.6879 Tw[(20)-27.8(03 20)-27.8(03)-4027.4(20)-27.8(02)]TJ-47.8936 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 655.0009 463.4449 Tm0 0 0 1 k(Immobilisations incorporelles)Tj7.5 0 0 7.5 1018.9958 463.4449 Tm0.0555 Tc[(203)-5439.2(?)-5445.3(?)]TJ8.5 0 0 8.5 655.0009 452.9449 Tm0.0554 Tc(Immobilisations corporelles)Tj7.5 0 0 7.5 1013.159 452.9449 Tm0.0555 Tc[(3)-166.7(664)-4920.4(-65)-3536.6(-)0.1(2)-166.9(4)0.1(37)]TJ8.5 0 0 8.5 655.0009 442.4449 Tm0.0554 Tc[(Fonds de roulement net \(y compris paiement dif)16.8(f?r? ? court terme )]TJ7.5 0 0 7.5 1006.3541 442.4449 Tm0.0555 Tc[(-23)-166.8(1)55.7(4)0.1(8)-3993.4(1)-166.7(4)55.6(1)55.7(2)-3888(1)-166.8(997)]TJ8.5 0 0 8.5 655.0009 431.9449 Tm0.0554 Tc(et frais de restructuration projet?s\))Tj0 -1.2353 TD(Dettes ? long terme)Tj7.5 0 0 7.5 1006.1473 421.4449 Tm[(-1)55.5(8)-166.9(0)-27.7(03)-3827(1)-166.9(0)-27.7(0)-27.7(0)-4694.2(7)27.7(3)0(0)]TJ8.5 0 0 8.5 655.0009 410.9449 Tm(Liquidit?s )Tj7.5 0 0 7.5 1013.159 410.9449 Tm0.0555 Tc[(5)-166.7(483)-5531.8(-2)-5445.3(?)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 389.9449 Tm/Cs8 cs 1 scn0.0554 Tc(Justes valeurs acquises/c?d?es)Tj7.5 0 0 7.5 1006.7716 389.9449 Tm0.2223 Tc[(-)166.9(3)222.4(18)166.9(0)222.4(1)-3715.2(23)166.9(4)166.8(5)-4499.6(2)166.9(9)166.8(0)]TJ8.5 0 0 8.5 655.0009 368.9449 Tm0.0555 Tc(Goodwill )Tj7.5 0 0 7.5 1004.4042 368.9449 Tm[(40)55.6(1)-166.7(697)]TJET/GS2 gsBT7.5 0 0 7.5 1073.5481 368.9449 Tm0 0 0 1 k0 Tc(?)TjET/GS3 gsBT7.5 0 0 7.5 1114.2437 368.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(-7)27.6(7)27.8(0)]TJ8.5 0 0 8.5 655.0009 347.9449 Tm0.0555 Tc-0.0001 Tw(Co?t total des acquisitions/cessions)Tj7.5 0 0 7.5 1003.9866 347.9449 Tm0 Tw[(369)-166.8(896)-3882.1(2)-166.8(3)0.1(45)-4314.9(-480)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 326.9449 Tm0 0 0 1 k0.0554 Tc(Moins:)TjT*(Liquidit?s acquises/c?d?es)Tj7.5 0 0 7.5 1010.5228 316.4449 Tm0.0555 Tc[(-5)-166.9(483)-5883.3(2)-5445.2(?)]TJ8.5 0 0 8.5 655.0009 305.9449 Tm0.0554 Tc[(Ef)16.7(fet int?gration globale d?une soci?t? associ?e)]TJ7.5 0 0 7.5 1013.159 305.9449 Tm0.0555 Tc[(1)-166.7(688)-5439.2(?)-5445.3(?)]TJ8.5 0 0 8.5 655.0009 295.4449 Tm0.0554 Tc(Int?r?ts minoritaires acquis/c?d?s)Tj7.5 0 0 7.5 1013.159 295.4449 Tm0.0555 Tc[(1)-166.7(249)-3530.6(-2)-166.9(345)-5445.3(?)]TJ8.5 0 0 8.5 655.0009 284.9449 Tm0.0554 Tc(Actions remises)Tj7.5 0 0 7.5 1016.3599 284.9449 Tm0.0555 Tc[(-604)-5439.2(?)-5445.3(?)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 263.9449 Tm/Cs8 cs 1 scn-0.0001 Tw(Acquisitions/cessions de filiales, nette des liquidit?s acquises/c?d?es)Tj7.5 0 0 7.5 1004.1954 263.9449 Tm0 Tw[(366)-166.8(7)27.8(4)0.1(6)-5883.3(2)-4314.8(-480)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 242.9449 Tm0 0 0 1 k0.0554 Tc(D?tail du co?t d?acquisition:)TjT*0.0555 Tc-0.0001 Tw(Acquisitions/cessions de filiales, nette des liquidit?s acquises/c?d?es)Tj7.5 0 0 7.5 1004.1954 232.4449 Tm0 Tw[(366)-166.8(7)27.8(4)0.1(6)-5883.3(2)-5445.2(?)]TJ8.5 0 0 8.5 655.0009 221.9449 Tm0.0554 Tc(Liquidit?s acquises/c?d?es)Tj7.5 0 0 7.5 1013.159 221.9449 Tm0.0555 Tc[(5)-166.7(483)-5531.8(-2)-5445.3(?)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 200.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(T)72.2(r?sorerie)]TJ7.5 0 0 7.5 1004.1954 200.9449 Tm0.0555 Tc[(37)27.7(2)-166.7(229)-5439.2(?)-5445.3(?)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 179.9449 Tm0 0 0 1 k-0.0001 Tw(Actions remises \(? la valeur nominale\))Tj7.5 0 0 7.5 1018.9958 179.9449 Tm0 Tw[(604)-5439.2(?)-5445.3(?)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 158.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(T)94.6(otal)]TJ7.5 0 0 7.5 1004.1954 158.9449 Tm0.0555 Tc[(37)27.7(2)-166.7(833)]TJET/GS2 gsBT7.5 0 0 7.5 1073.5481 158.9449 Tm0 0 0 1 k5.5008 Tc(??)Tj8.5 0 0 8.5 655.0009 137.9449 Tm0.0554 Tc[(V)72.2(aleur moyenne de march? des actions remises)]TJ7.5 0 0 7.5 1013.5765 137.9449 Tm0.2223 Tc[(22)166.9(3)222.4(1)-5272.3(?)-5278.5(?)]TJETQendstreamendobj69 0 obj<>/ExtGState<>/ColorSpace<>>>endobj71 0 obj<>stream q0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf10 0 0 10 59.7244 589.4449 Tm/Cs8 cs 1 scn0.0554 Tc0 Tw(Rapport du r?viseur des comptes consolid?s )Tj0 -1.05 TD0.0001 Tw(? l?Assembl?e g?n?rale des actionnaires )TjT*0.0555 Tc0 Tw[(de Kudelski SA, Cheseaux-sur)72.3(-Lausanne)]TJ8.5 0 0 8.5 59.7244 536.9449 Tm0 0 0 1 k0.0554 Tc(En notre qualit? de r?viseur des comptes consolid?s,)Tj0 -1.2353 TD(nous avons v?rifi? les comptes consolid?s \(bilan, )TjT*(compte de r?sultat, tableau de financement, tableau )TjT*(de variation des fonds propres et annexe\) inclus aux)TjT*0.0555 Tc-0.0001 Tw(pages 4 ? 37 de Kudelski SA pour l?exercice arr?t? )TjT*0.0554 Tc0 Tw[(au 3)55.5(1)0( d?cembre 20)-27.8(03.)]TJ0 -2.4706 TD(La responsabilit? de lՎtablissement des comptes )Tj0 -1.2353 TD(consolid?s incombe au Conseil d?administration alors)TjT*(que notre mission consiste ? v?rifier ces comptes )TjT*(consolid?s et ? ?mettre une appr?ciation les concernant.)TjT*(Nous attestons que nous remplissons les exigences)TjT*(l?gales de qualification et d?ind?pendance.)Tj0 -2.4706 TD[(Notre r?vision a ?t? ef)16.7(fectu?e selon les normes de la)]TJ0 -1.2353 TD(profession en Suisse. Ces normes requi?rent de planifier)TjT*(et de r?aliser la v?rification de mani?re telle que des)TjT*0.0555 Tc(anomalies significatives dans les comptes consolid?s)TjT*0.0554 Tc(puissent ?tre constat?es avec une assurance raison-)TjT*0.0555 Tc-0.0001 Tw(nable. Nous avons r?vis? les postes des comptes )TjT*0.0554 Tc0 Tw(consolid?s et les indications figurant dans ceux-ci )TjT*0.0555 Tc-0.0001 Tw(en proc?dant ? des analyses et ? des examens par )TjT*0.0554 Tc0 Tw(sondages. En outre, nous avons appr?ci? la mani?re)TjT*(dont ont ?t? appliqu?es les r?gles relatives ? la pr?sen-)TjT*(tation des comptes, les d?cisions significatives en)TjT*(mati?re dՎvaluation, ainsi que la pr?sentation des)TjT*(comptes consolid?s dans leur ensemble. Nous estimons)TjT*[(que notre r?vision constitue une base suf)16.8(fisante pour)]TJT*(former notre opinion.)Tj28.6244 40.7647 TD(Selon notre appr?ciation, les comptes consolid?s )Tj0 -1.2353 TD(donnent une image fid?le du patrimoine, de la situation)TjT*(financi?re et des r?sultats, en conformit? avec les Swiss)TjT*0.0555 Tc-0.0001 Tw(GAAP RPC et sont conformes ? la loi suisse.)Tj0 -2.4706 TD0.0443 Tc0 Tw(Nous recommandons d?approuver les comptes consolid?s)Tj0 -1.2353 TD0.0554 Tc(qui vous sont soumis.)Tj0 -14.8235 TD[(F)128(.)0( Roth)-10443.8(Ph. Tzaud)]TJ0 -2.4706 TD[(Lausanne, le 1)111.2(1)-0.1( mars 20)-27.8(04)]TJ7.5 0 0 7.5 59.748 38.1949 Tm(38)Tj79.3701 0 TD(39)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Kudelski SA)Tj0 0 0 1 k0 -1.1484 TD(Rapport du r?viseur des comptes consolid?s)TjETQ0 0 0 1 k/GS3 gs1 i 321.254 504.022 m321.145 503.437 l320.998 502.888 l320.888 502.303 l320.779 501.754 l320.705 501.168 l320.486 499.997 l320.413 499.449 l320.303 498.863 l320.156 497.692 l320.083 497.143 l319.864 495.386 l319.791 494.837 l318.18 494.837 l318.217 494.837 l316.717 494.837 l316.57 495.094 l316.46 495.386 l316.314 495.643 l316.204 495.935 l315.765 496.813 l315.656 497.106 l315.217 497.985 l315.107 498.241 l314.96 498.497 l314.741 499.009 l314.631 499.229 l314.228 499.229 l314.192 498.973 l314.155 498.68 l314.119 498.424 l314.082 498.131 l314.045 497.875 l313.972 497.582 l313.935 497.326 l313.899 497.033 l313.863 496.777 l313.789 496.191 l313.753 495.935 l313.716 495.643 l313.679 495.386 l313.643 495.094 l313.606 494.837 l312.07 494.837 l312.143 495.277 l312.363 496.228 l312.435 496.667 l312.545 497.143 l312.691 498.094 l312.801 498.57 l312.874 499.009 l313.02 499.96 l313.057 500.436 l313.277 501.863 l313.313 502.303 l313.167 501.9 l312.728 501.168 l312.472 500.802 l312.179 500.473 l311.52 499.887 l311.155 499.631 l310.752 499.375 l310.313 499.156 l309.874 498.973 l309.398 498.826 l308.885 498.716 l308.374 498.607 l307.825 498.57 l307.276 498.534 l306.653 498.534 l306.544 498.57 l305.848 498.57 l305.629 497.143 l305.519 496.667 l305.482 496.191 l305.409 495.752 l305.336 495.277 l305.263 494.837 l305.19 494.362 l305.117 493.922 l305.044 493.447 l305.007 492.971 l304.934 492.532 l304.861 492.02 l304.714 491.068 l304.568 491.068 l304.531 491.105 l304.275 491.105 l304.165 491.141 l303.14 491.141 l303.067 491.105 l302.811 491.105 l303.031 492.093 l303.25 493.154 l303.47 494.179 l303.836 496.228 l304.019 497.289 l304.202 498.314 l304.348 499.375 l304.531 500.4 l304.678 501.424 l304.824 502.486 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G?n?ralit?s)]TJ8.5 0 0 8.5 655 568.4449 Tm0 0 0 1 k0.0555 Tc-0.0001 Tw(Kudelski SA est le holding fa?tier du Groupe Kudelski,)TjT*0.0554 Tc0 Tw[(lequel comprend des soci?t?s af)16.7(fili?es et associ?es. )]TJT*(Les comptes annuels sont dress?s conform?ment aux)TjT*0.0555 Tc(prescriptions du Code des Obligations Suisse \(CO\). )TjT*0.0554 Tc(En outre, ils sont ?tablis selon le principe des co?ts )TjT*(historiques et prennent en consid?ration les revenus )TjT*0.0555 Tc-0.0001 Tw(et charges non encore ?chus ? la date du bilan.)Tj10 0 0 10 655 473.9449 Tm/Cs8 cs 1 scn0.0554 Tc0.0001 Tw(2. Principes comptables)Tj0 0 0 1 k0 -2.1 TD0 Tw(Immobilisations financi?res)Tj8.5 0 0 8.5 655 431.9449 Tm0.0555 Tc-0.0001 Tw(Les participations ainsi que les pr?ts aux soci?t?s du)Tj0 -1.2353 TD0.0554 Tc0 Tw(Groupe sont port?s au bilan ? leur valeur d?acquisition,)TjT*(apr?s d?duction des corrections de valeur n?cessaires.)Tj10 0 0 10 655 379.4449 Tm(Liquidit?s)Tj8.5 0 0 8.5 655 358.4449 Tm(Les liquidit?s se composent des disponibilit?s en compte)TjT*(courant et des placements ? court terme. Les disponibili-)TjT*(t?s en compte courant regroupent tous les fonds )TjT*(disponibles ? 48 heures; les placements ? court terme)TjT*(consistent g?n?ralement en des d?p?ts bancaires et )TjT*(des placements ? terme fixe dont lՎch?ance ? partir de)TjT*(la date d?acquisition est ?gale ou inf?rieure ? trois mois.)Tj10 0 0 10 898.307 589.4449 Tm(Conversion des monnaies ?trang?res)Tj8.5 0 0 8.5 898.307 568.4449 Tm(Les transactions en monnaie ?trang?re sont converties)TjT*(en francs suisses au cours de change en vigueur au)TjT*[(moment o? elles sont ef)16.7(fectu?es. Les actifs et passifs )]TJT*(? court terme en monnaie ?trang?re sont convertis au)TjT*[(cours de change de fin d?ann?e. Les dif)16.8(f?rences de)]TJT*(change qui r?sultent des transactions sont inscrites dans)TjT*(les rubriques respectives du compte de r?sultat selon)TjT*[(leur nature; le montant net des dif)16.7(f?rences de change)]TJT*(non r?alis?es calcul? sur la dur?e des placements )TjT*(qui comprend ?galement les r?sultats non r?alis?s sur)TjT*(instruments de couverture, est charg? au compte de)TjT*(r?sultat s?il s?agit d?une perte; en cas de profit, celui-ci)TjT*(n?est pas reconnu et par cons?quent provisionn?.)TjETQendstreamendobj86 0 obj<>/ExtGState<>/ColorSpace<>>>endobj88 0 obj<>stream q0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf7.5 0 0 7.5 59.748 38.1949 Tm0 0 0 1 k0.0554 Tc0 Tw(46)Tj79.3701 0 TD(47)TjET/Cs10 cs 1 scn655 450.32 475.276 42 ref655 355.82 475.275 31.5 refBT16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Comptes statutaires de Kudelski SA)Tj0 0 0 1 k0 -1.1484 TD[(Annexes aux comptes annuels des exercices 20)-27.8(03 et 20)-27.8(02)]TJET0 0 0 0 k/GS3 gs1033.183 353.195 48.431 141.75 ref/Cs10 cs 1 scn/GS2 gs59.724 124.82 475.276 336 ref0 0 0 0 k/GS3 gs462.053 85.445 36.364 378.875 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d59.724 439.82 m535 439.82 l59.724 429.32 m535 429.32 l59.724 418.821 m535 418.821 l59.724 408.321 m535 408.321 l59.724 387.32 m535 387.32 l59.724 376.823 m535 376.823 l59.724 366.323 m535 366.323 l59.724 355.824 m535 355.824 l59.724 345.324 m535 345.324 l59.724 334.82 m535 334.82 l59.724 303.32 m535 303.32 l59.724 313.826 m535 313.826 l59.724 282.327 m535 282.327 l59.724 261.328 m535 261.328 l59.724 250.828 m535 250.828 l59.724 229.829 m535 229.829 l59.724 219.32 m535 219.32 l59.724 198.32 m535 198.32 l59.724 177.32 m535 177.32 l59.724 156.333 m535 156.333 l59.724 145.833 m535 145.833 l59.724 135.334 m535 135.334 lS0.5 w 655.003 481.552 m1130.279 481.79 l655.003 471.052 m1130.279 471.289 l655.002 460.552 m1130.278 460.789 lS0.5 w 655 376.547 m1130.275 376.547 l655 366.047 m1130.275 366.047 lS/GS2 gsBT7.5 0 0 7.5 479.9604 473.9449 Tm/Cs8 cs 1 scn0.0554 Tc1.9754 Tw[(20)-27.8(03 20)-27.8(02)]TJ8.5 0 0 8.5 59.7254 452.9449 Tm0 0 0 1 k0 Tw[(Nagravision SA)-6322.5(CH)-475.2(Cheseaux)-3900.2(Solutions pour TV num?rique)]TJ7.5 0 0 7.5 399.8827 452.9449 Tm[(kCHF)-2175.2(1)55.6(2)-166.9(0)-27.7(0)-27.7(0)-3149.7(1)55.6(0)-27.7(0)-2975.9(1)55.6(0)-27.7(0)]TJ8.5 0 0 8.5 266.6545 442.4449 Tm0.0555 Tc-0.0001 Tw(et produits audio )Tj-24.3446 -1.2353 TD0.0554 Tc0 Tw[(NagraCard SA)-6654.4(CH)-475.2(Cheseaux)-3900.2(Cartes ? puce s?curis?es)]TJ7.5 0 0 7.5 399.8827 431.9449 Tm[(kCHF)-3592.6(1)55.6(0)-27.7(0)-3149.7(1)55.6(0)-27.7(0)-2975.9(1)55.6(0)-27.7(0)]TJ8.5 0 0 8.5 59.7254 421.4449 Tm0.0555 Tc[(Nagra T)72.2(rading SA)-5169.7(CH)-475.1(Cheseaux)-3900.1(Sans activit?)]TJ7.5 0 0 7.5 399.8827 421.4449 Tm0.0554 Tc[(kCHF)-3592.6(1)55.6(0)-27.7(0)-3149.7(1)55.6(0)-27.7(0)-2975.9(1)55.6(0)-27.7(0)]TJ8.5 0 0 8.5 59.7254 410.9449 Tm[(Nagravision Iberica SL)-2804(ES)-697.2(Madrid)-5272.1(V)72.2(entes et support)-277.9(T)0.1(V)-278(num?rique)]TJ7.5 0 0 7.5 399.8827 410.9449 Tm0.0555 Tc[(kEUR)-4918.2(3)-3149.6(1)55.7(0)-27.6(0)-2975.8(1)55.7(0)-27.6(0)]TJ8.5 0 0 8.5 59.7254 400.4449 Tm0.0554 Tc[(Nagra France S?rl)-4894.4(FR)-715.2(Paris)-6160.4(Solutions pour)-278(TV)-278(num?rique)]TJ7.5 0 0 7.5 399.8827 400.4449 Tm0.0555 Tc[(kEUR)-4306.7(53)-3149.7(1)55.7(0)-27.6(0)-2975.8(1)55.7(0)-27.6(0)]TJ8.5 0 0 8.5 266.6545 389.9449 Tm-0.0001 Tw(et produits audio)Tj-24.3446 -1.2353 TD[(Nagra Kudelski \(GB\) Ltd)-1838.2(GB)-475.1(St. Albans)-3621.9(V)72.3(entes et support)]TJ7.5 0 0 7.5 399.8827 379.4449 Tm0 Tw[(kGBP)-4750.2(1)-3149.6(1)55.7(0)-27.6(0)-2975.8(1)55.7(0)-27.6(0)]TJ8.5 0 0 8.5 59.7254 368.9449 Tm0.0554 Tc[(Nagra Kudelski GmbH)-2987.1(DE)-660.3(Munich)-5141.5(V)72.2(entes et support)]TJ7.5 0 0 7.5 399.8827 368.9449 Tm0.0555 Tc[(kEUR)-4306.7(25)-3149.7(1)55.7(0)-27.6(0)-2975.8(1)55.7(0)-27.6(0)]TJ8.5 0 0 8.5 59.7254 358.4449 Tm0.0554 Tc[(Nagra USA, Inc.)-5841.3(US)-624.2(Nashville)-4307.7(V)72.2(entes et support)]TJ7.5 0 0 7.5 399.8827 358.4449 Tm0.0555 Tc[(kUSD)-4269.4(1)55.7(0)-3149.6(1)55.7(0)-27.6(0)-2975.8(1)55.7(0)-27.6(0)]TJ8.5 0 0 8.5 59.7254 347.9449 Tm-0.0001 Tw[(Nagra Public Access AG)-1763.9(CH)-475.1(Zoug)-6142(Holding acc?s physique)]TJ7.5 0 0 7.5 399.8827 347.9449 Tm0.0554 Tc0 Tw[(kCHF)-2175.2(1)55.6(5)-166.9(0)-27.7(0)-27.7(0)-3149.7(1)55.6(0)-27.7(0)-2975.9(1)55.6(0)-27.7(0)]TJ8.5 0 0 8.5 59.7254 337.4449 Tm0.0555 Tc[(Nagra Plus)-8413.4(CH)-475.1(Cheseaux)-3900.1(TV analogique)]TJ7.5 0 0 7.5 399.8827 337.4449 Tm0.0554 Tc[(kCHF)-2731(2)-166.9(0)-27.7(0)-27.7(0)-3733.1(50)-3559.4(50)]TJ8.5 0 0 8.5 59.7254 326.9449 Tm[(Nagra-Futuris SA)-5376.8(CH)-475.2(Neuch?tel)-3806(Solutions pour )]TJ7.5 0 0 7.5 399.8827 326.9449 Tm[(kCHF)-2731(1)-166.9(0)-27.7(0)-27.7(0)-3733.1(50)-3559.4(50)]TJ8.5 0 0 8.5 266.6545 316.4449 Tm[(dif)16.7(fusion num?rique )]TJ-24.3446 -1.2353 TD[(NagraID SA)-7970.3(CH)-475.2(Chaux-de-Fonds)-734.4(Production de cartes ? puces )]TJ7.5 0 0 7.5 399.8827 305.9449 Tm[(kCHF)-2731(4)-166.9(0)-27.7(0)-27.7(0)-3149.7(1)55.6(0)-27.7(0)-2975.9(1)55.6(0)-27.7(0)]TJ8.5 0 0 8.5 59.7254 295.4449 Tm[(MediaCrypt AG)-6211.3(CH)-475.2(Zurich)-5548.5(T)94.6(echnologie fondamentale )]TJ7.5 0 0 7.5 399.8827 295.4449 Tm[(kCHF)-2731(3)-166.9(0)-27.7(0)-27.7(0)-3733.1(50)-3559.4(50)]TJ8.5 0 0 8.5 266.6545 284.9449 Tm(de cryptage)Tj-24.3446 -1.2353 TD[(Kudelski Financial )-4689.5(LU)-735.3(Luxembourg)-2752.3(Finance)]TJ7.5 0 0 7.5 399.8827 274.4449 Tm0.0555 Tc[(kUSD)-2184.9(32)-166.8(50)-27.7(0)-3149.6(1)55.7(0)-27.6(0)-2975.8(1)55.7(0)-27.6(0)]TJ8.5 0 0 8.5 59.7254 263.9449 Tm-0.0001 Tw(Services Holding SCA)TjT*0.0554 Tc0 Tw[(Kudelski Luxembourg S?rl)-1191.2(LU)-735.3(Luxembourg)-2752.3(Finance)]TJ7.5 0 0 7.5 399.8827 253.4449 Tm0.0555 Tc[(kEUR)-4362.4(1)55.7(3)-3149.6(1)55.7(0)-27.6(0)-2975.8(1)55.7(0)-27.6(0)]TJ8.5 0 0 8.5 59.7254 242.9449 Tm-0.0001 Tw[(Political Rights SA )-4430.8(CH)-475.1(Gen?ve)-4918.2(Sans activit? )]TJ7.5 0 0 7.5 399.8827 242.9449 Tm0.0554 Tc0 Tw[(kCHF)-3564.5(450)-4344.7(L)-3559.3(66)]TJ8.5 0 0 8.5 59.7254 232.4449 Tm(\(Polirights\) en liquidation)TjT*[(e-prica AG)-8450.6(CH)-475.2(L)39(yss)-6440.9(Cartes sant? )]TJ7.5 0 0 7.5 399.8827 221.9449 Tm[(kCHF)-3536.9(50)-27.8(0)-3900.5(?)-3559.4(50)]TJ8.5 0 0 8.5 59.7254 211.4449 Tm[(Livewire )-9376.3(US )-290.7(Gainesville)-3362.8(Logiciels pour d?codeurs)]TJ7.5 0 0 7.5 399.8827 211.4449 Tm0.0555 Tc[(kUSD)-4825.2(1)-4344.5(T)-2975.8(1)55.7(0)-27.6(0)]TJ8.5 0 0 8.5 59.7254 200.9449 Tm0.0554 Tc(Communications Inc.)TjT*[(Leman Consulting SA)-3282.5(CH)-475.2(Nyon)-6161.1(Conseils en propri?t? )]TJ7.5 0 0 7.5 399.8827 190.4449 Tm[(kCHF)-3592.6(1)55.6(0)-27.7(0)-3149.7(1)55.6(0)-27.7(0)-2975.9(1)55.6(0)-27.7(0)]TJ8.5 0 0 8.5 266.6545 179.9449 Tm(intellectuelle)Tj-24.3446 -1.2353 TD[(Logiways)-9211.2(CH)-475.2(Cheseaux)-3900.2(Solutions logicielles pour )]TJ7.5 0 0 7.5 399.8827 169.4449 Tm[(kCHF)-2914.1(3)-166.9(7)72.2(1)55.6(0)-3149.7(1)55.6(0)-27.7(0)-3614.9(5)55.6(1)]TJ8.5 0 0 8.5 266.6545 158.9449 Tm(la TV num?rique)Tj-24.3446 -1.2353 TD[(AccessArena AG)-5469.7(CH)-475.2(R?mlang)-4454.5(Destination management)]TJ7.5 0 0 7.5 399.8827 148.4449 Tm[(kCHF)-2731(2)-166.9(0)-27.7(0)-27.7(0)-4344.6(T)-3614.9(4)55.6(1)]TJ8.5 0 0 8.5 59.7254 137.9449 Tm[(Pay TV SA)-8562.8(CH)-475.2(Lausanne)-4029.1(Op?rateur de TV )]TJ7.5 0 0 7.5 399.8827 137.9449 Tm[(kCHF)-3564.5(490)-4344.7(6)-4170.8(6)]TJ8.5 0 0 8.5 59.7254 127.4449 Tm[(Nagra T)72.1(ravel S?rl)-5393.5(CH)-475.2(Cheseaux)-3900.2(Agence de voyages)]TJ7.5 0 0 7.5 399.8827 127.4449 Tm[(kCHF)-4176(50)-3149.8(1)55.6(0)-27.7(0)-2975.9(1)55.6(0)-27.7(0)]TJ8.5 0 0 8.5 59.7254 106.4449 Tm[(\(T)94.5(: T)72.1(ransf?r?es ? d?autres soci?t?s du groupe\))]TJT*(\(L: Liquid?e\))Tj10 0 0 10 59.7244 589.4449 Tm0.0332 Tc(3. Notes sur le bilan)Tj8.5 0 0 8.5 59.7244 557.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(3.)111.1(1 Immobilisations incorporelles)]TJ0 0 0 1 k0 -2.4706 TD(Ce poste comprend les marques d?pos?es par le Groupe ainsi que l?activation de licences informatiques.)Tj/Cs8 cs 1 scn0 -3.7059 TD(3.2 Participations)Tj7.5 0 0 7.5 495.501 494.9449 Tm(Quote-part )Tj-58.1036 -1.4 TD[(Soci?t?)-11866.2(Si?ge social)-6242.1(Activit?s)-14699.3(Capital-actions)-2311.3(de participation)]TJ8.5 0 0 8.5 655.0009 589.4449 Tm(3.3 Autres placements ? long terme)Tj0 0 0 1 k0 -2.4706 TD(Il s?agit d?un placement en actions dans Swiss International Air Lines Ltd. Un impairment int?gral sur cette position )Tj0 -1.2353 TD[(a ?t? constat? ? charge de l?exercice 20)-27.8(03 \(kCHF 3)-166.9(7)27.7(50\).)]TJ/Cs8 cs 1 scn0 -3.7059 TD(3.4 D?biteurs divers)Tj7.5 0 0 7.5 1051.4515 505.4449 Tm2.1657 Tw[(3)55.6(1)111.3(.)111.3(1)55.6(2.03 3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 655.0009 484.4449 Tm0 0 0 1 k(Autres d?biteurs)Tj7.5 0 0 7.5 1062.0782 484.4449 Tm0.2223 Tc[(97)194.6(9)166.9(0)-3721.3(32)166.9(5)166.8(7)]TJ8.5 0 0 8.5 655.0009 473.9449 Tm0.0554 Tc(Comptes de r?gularisation)Tj7.5 0 0 7.5 1067.7065 473.9449 Tm0.0555 Tc[(433)-4833.4(1)111.3(1)55.7(5)]TJ8.5 0 0 8.5 655.0009 463.4449 Tm0.0554 Tc(Imp?t anticip? ? r?cup?rer )Tj7.5 0 0 7.5 1061.8695 463.4449 Tm0.2223 Tc[(60)166.9(4)166.8(9)-5278.5(?)]TJET/GS3 gsBT7.5 0 0 7.5 1057.9094 452.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(1)55.6(6)-166.9(27)27.6(2)-3916(3)-166.9(37)27.6(2)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 421.4449 Tm0.0555 Tc-0.0001 Tw(3.5 Liquidit?s)Tj7.5 0 0 7.5 1051.4515 400.4449 Tm0.0554 Tc2.1657 Tw[(3)55.6(1)111.3(.)111.3(1)55.6(2.03 3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(en kCHF)Tj8.5 0 0 8.5 655.0009 379.4449 Tm0 0 0 1 k0.0555 Tc(Disponibilit?s)Tj7.5 0 0 7.5 1057.9094 379.4449 Tm-0.0002 Tc[(17)-222.5(7)-27.9(6)-55.6(8)-3943.8(1)-222.5(6)-55.6(5)-55.7(6)]TJ8.5 0 0 8.5 655.0009 368.9449 Tm0.0554 Tc(Placements ? court terme)Tj7.5 0 0 7.5 1053.9496 368.9449 Tm-0.0558 Tc[(11)-55.6(5)-278.1(9)-111.2(4)-111.3(4)-2860(1)-55.6(9)-111.2(9)-278.2(9)-111.2(7)-83.6(9)]TJET/GS3 gsBT7.5 0 0 7.5 1054.0741 358.4449 Tm/Cs8 cs 1 scn-0.0002 Tc[(13)-55.6(3)-222.6(7)16.6(12)-2776.4(2)-55.6(0)-0.1(1)-222.5(6)-55.6(3)-55.7(5)]TJETQendstreamendobj89 0 obj<>/ExtGState<>/ColorSpace<>>>endobj91 0 obj<>stream q0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/Cs10 cs 1 scn/GS2 gs59.724 93.32 475.276 31.5 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d/GS3 gs59.724 114.32 m535 114.32 l59.724 103.82 m535 103.82 lS/GS2 gs59.724 240.32 475.276 62.75 refQq0.2 i -8.78 849.949 1207.56 -858.898 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf7.5 0 0 7.5 59.748 38.1949 Tm0 0 0 1 k0.0554 Tc0 Tw(48)Tj79.3701 0 TD(49)TjET/Cs10 cs 1 scn59.724 376.82 475.276 147 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d/GS3 gs59.724 513.32 m535 513.32 l59.724 502.82 m535 502.82 l59.724 492.32 m535 492.32 l59.724 481.82 m535 481.82 l59.724 471.32 m535 471.32 l59.724 460.82 m535 460.82 l59.724 450.32 m535 450.32 l59.724 439.82 m535 439.82 l59.724 429.32 m535 429.32 l59.724 418.82 m535 418.82 l59.724 408.32 m535 408.32 l59.724 397.82 m535 397.82 l59.724 387.32 m535 387.32 l59.724 303.07 m535 303.07 l59.724 292.57 m535 292.57 l59.724 282.07 m535 282.07 l59.724 271.57 m535 271.57 l59.724 261.07 m535 261.07 l59.724 250.57 m535 250.57 lS/GS2 gsBT16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Comptes statutaires de Kudelski SA)Tj0 0 0 1 k0 -1.1484 TD[(Annexes aux comptes annuels des exercices 20)-27.8(03 et 20)-27.8(02)]TJET0 0 0 0 k/GS3 gs437.677 82.82 48.661 475.125 ref340.354 370.894 48.662 187.051 ref/GS2 gsBT8.5 0 0 8.5 59.7254 589.4449 Tm/Cs8 cs 1 scn0.0554 Tc(3.6 Mouvement des fonds propres)Tj7.5 0 0 7.5 408.4082 568.4449 Tm(R?serve)Tj1.7043 -1.4 TD10.4117 Tw[(pour T)94.6(o)0(tal)]TJ-14.5579 -1.4 TD0 Tw[(Capital-)-2630.9(R?serve)-2761.1(propres)-2295.8(B?n?fice)-1797.8(des fonds)]TJ0.3346 -1.4 TD0.0001 Tw[(actions)-2388.6(g?n?rale)-3037.9(actions)-2777.2(au bilan)-2798.9(p)0.1(ropres)]TJ-33.9721 -1.4 TD0 Tw(en kCHF)TjET/GS3 gsBT8.5 0 0 8.5 59.7254 515.9449 Tm[(Etat au 3)55.5(1)0( d?cembre 20)-27.8(0)55.6(1)]TJ7.5 0 0 7.5 312.6898 515.9449 Tm[(5)55.6(1)55.6(2)-166.9(94)55.5(1)-3276.7(5)0(3)-166.9(5)-0.1(89)-5407.6(?)-2720.9(1)55.6(40)-166.9(040)-2720.9(7)27.7(0)0(6)-166.9(5)0(7)27.6(0)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 494.9449 Tm0 0 0 1 k(Attribution ? la r?serve g?n?rale)Tj7.5 0 0 7.5 369.7831 494.9449 Tm[(4)-166.8(1)55.6(30)-10055.4(-4)-167(1)55.6(3)0(0)-5445.4(?)]TJ8.5 0 0 8.5 59.7254 484.4449 Tm(Augmentation du capital)Tj7.5 0 0 7.5 326.4466 484.4449 Tm0.0555 Tc[(658)-24131(6)0.1(58)]TJ8.5 0 0 8.5 59.7254 473.9449 Tm0.0554 Tc(R?sultat de l?exercice)Tj7.5 0 0 7.5 462.0078 473.9449 Tm[(25)-166.9(055)-3276.8(25)-167(055)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 452.9449 Tm/Cs8 cs 1 scn[(Etat au 3)55.5(1)0( d?cembre 20)-27.8(02)]TJ7.5 0 0 7.5 312.2723 452.9449 Tm[(5)55.6(1)55.6(3)-166.9(599)-3404.7(5)0(7)-166.9(7)72.2(1)55.6(9)-5407.5(?)-2720.9(1)55.6(60)-166.9(965)-2693.1(7)27.7(3)0(2)-167(2)0(83)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 431.9449 Tm0 0 0 1 k(Attribution ? la r?serve g?n?rale)Tj7.5 0 0 7.5 369.7831 431.9449 Tm[(1)-166.8(2)0(8)55.5(1)-10055.3(-1)-167(28)55.5(1)-5445.3(?)]TJ8.5 0 0 8.5 59.7254 421.4449 Tm(Augmentation du capital)Tj7.5 0 0 7.5 320.6097 421.4449 Tm0.2223 Tc[(13)166.9(5)166.8(0)-23185.9(13)166.9(5)166.8(0)]TJ8.5 0 0 8.5 59.7254 410.9449 Tm0.0554 Tc(Acquisition de propres actions)Tj7.5 0 0 7.5 423.675 410.9449 Tm0.0555 Tc[(380)-4314.9(-380)-5445.3(?)]TJ8.5 0 0 8.5 59.7254 400.4449 Tm0.0554 Tc(R?sultat de l?exercice)Tj7.5 0 0 7.5 466.8027 400.4449 Tm[(2)-166.8(7)27.7(32)-3916.1(2)-166.9(7)27.7(32)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 379.4449 Tm/Cs8 cs 1 scn[(Etat au 3)55.5(1)0( d?cembre 20)-27.8(03 )]TJ7.5 0 0 7.5 312.2723 379.4449 Tm[(5)55.6(1)55.6(4)-166.9(949)-3221.6(5)0(9)-166.9(0)-27.7(0)-27.7(0)-4628.6(380)-2720.9(1)55.6(62)-166.9(036)-2693.1(7)27.7(3)0(6)-167(3)0(65)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 347.9449 Tm(Propres actions)Tj7.5 0 0 7.5 458.0003 337.4449 Tm-0.0001 Tw(Nombre )Tj-0.6116 -1.4 TD0 Tw[(d?actions)-3555.6(V)72.2(aleur)]TJ-0.5551 -1.4 TD[(au porteur)-1555.9(comptable)]TJ-51.9366 -1.4 TD(en kCHF)TjET/GS3 gsBT8.5 0 0 8.5 59.7254 295.4449 Tm(Etat au 1)Tj5.95 0 0 5.95 96.251 298.2499 Tm0.0551 Tc(er)Tj8.5 0 0 8.5 104.8133 295.4449 Tm0.0554 Tc[(janvier 20)-27.8(03)]TJET/GS2 gsBT7.5 0 0 7.5 478.2726 284.9449 Tm0 0 0 1 k5.5008 Tc(??)Tj8.5 0 0 8.5 59.7254 274.4449 Tm0.0554 Tc[(T)72.2(ransactions de l?exercice:)]TJ0 -1.2353 TD0.0555 Tc(? acquisitions)Tj7.5 0 0 7.5 462.4252 263.9449 Tm[(20)-166.9(1)55.7(5)0.1(5)-4666.4(3)0.1(80)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 242.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(Etat au 3)55.5(1)0( d?cembre 20)-27.8(03)]TJ7.5 0 0 7.5 462.4252 242.9449 Tm0.0555 Tc[(20)-166.9(1)55.7(5)0.1(5)-4666.4(3)0.1(80)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 211.4449 Tm0 0 0 1 k-0.0001 Tw(Les propres actions sont ?valu?es ? l?actif ? la valeur la plus basse du co?t d?acquisition ou du cours de bourse.)Tj0 -2.4706 TD0.0554 Tc0 Tw[(Conform?ment ? l?article 659 a al. 2 CO, la soci?t? a af)16.8(fect? ? une r?serve s?par?e un montant correspondant )]TJ0 -1.2353 TD(? la valeur d?acquisition des propres actions.)Tj/Cs8 cs 1 scn0 -3.7059 TD0.0555 Tc-0.0001 Tw(Composition du capital-actions)Tj7.5 0 0 7.5 446.7966 137.9449 Tm0.0554 Tc0.841 Tw[(3)55.6(1)111.2(.)111.3(1)55.6(2.20)-27.8(03 3)55.6(1)111.2(.)111.3(1)55.6(2.20)-27.8(0)]TJ8.5 0 0 8.5 529.8033 137.9449 Tm0 Tc0 Tw(2)Tj0 0 0 1 k-55.3033 -2.4706 TD0.0554 Tc[(46)-167(864)-167(936 / 46)-166.9(7)27.7(2)0(9)-167(868 actions au porteur)94.5(, valeur nominale CHF 1)55.5(0)]TJ7.5 0 0 7.5 457.4216 116.9449 Tm[(468)-167(649)-2665.2(467)-167(2)0(99)]TJ8.5 0 0 8.5 59.7254 106.4449 Tm[(46)-167(30)-27.8(0)-166.9(0)-27.7(0)-27.7(0)0( / 46)-166.9(30)-27.8(0)-166.9(0)-27.7(0)-27.7(0)0( actions nominatives, valeur nominale CHF 1)]TJ7.5 0 0 7.5 461.8009 106.4449 Tm[(46)-166.9(30)-27.8(0)-3249.1(4)0(6)-167(3)0(0)-27.8(0)]TJET/GS3 gsBT7.5 0 0 7.5 458.2565 95.9449 Tm/Cs8 cs 1 scn-0.0002 Tc[(514)-222.5(9)-55.6(4)-55.6(9)-2832.2(513)-222.5(5)-55.6(9)-55.7(9)]TJET/Cs10 cs 1 scn/GS2 gs655 261.32 475.275 73.25 ref655 502.82 475.275 52.5 ref/GS3 gs655 544.82 m1130.275 544.82 l655 523.82 m1130.275 523.82 l655 513.32 m1130.275 513.32 l655 324.07 m1130.275 324.07 l655 313.57 m1130.275 313.57 l655 303.07 m1130.275 303.07 l655 292.57 m1130.275 292.57 l655 282.07 m1130.275 282.07 l655 271.571 m1130.275 271.571 lS0 0 0 0 k1032.953 82.82 48.661 475.125 ref/GS2 gsBT8.5 0 0 8.5 655.0009 589.4449 Tm/Cs8 cs 1 scn0.0555 Tc-0.0001 Tw(Capital-actions conditionnel \(selon article 6 des statuts\))Tj7.5 0 0 7.5 1062.9133 568.4449 Tm0.0554 Tc0 Tw[(20)-27.8(03)-4027.4(20)-27.8(02)]TJ-54.3883 -1.4 TD(en kCHF)Tj8.5 0 0 8.5 655.0009 547.4449 Tm0 0 0 1 k0.0555 Tc-0.0001 Tw(Capital-actions conditionnel au 1)Tj5.95 0 0 5.95 788.4927 550.2499 Tm0.0551 Tc0 Tw(er)Tj8.5 0 0 8.5 797.055 547.4449 Tm0.0554 Tc(janvier)Tj7.5 0 0 7.5 1057.4921 547.4449 Tm0.0555 Tc[(69)-166.9(7)27.8(3)0.1(4)-3332.3(1)55.7(0)-166.8(3)0.1(92)]TJ8.5 0 0 8.5 655.0009 536.9449 Tm-0.0001 Tw[(Augmentation selon modification des statuts du 25 janvier 20)-27.5(02 )]TJ7.5 0 0 7.5 1073.5481 536.9449 Tm0.0831 Tc0 Tw[(?)-3193.8(6)27.7(0)-139.3(000)]TJ8.5 0 0 8.5 655.0009 526.4449 Tm0.0554 Tc(r?serv?e pour l?emprunt convertible)Tj0 -1.2353 TD0.0555 Tc-0.0001 Tw(Actions distribu?es aux collaborateurs)Tj7.5 0 0 7.5 1065.2791 515.9449 Tm0 Tw[(-7)27.7(46)-4314.9(-658)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 505.4449 Tm/Cs8 cs 1 scn-0.0001 Tw[(Capital-actions conditionnel au 3)55.7(1)0.1( d?cembre)]TJ7.5 0 0 7.5 1057.2834 505.4449 Tm0.0554 Tc0 Tw[(68)-167(988)-3304.6(6)0(9)-167(7)27.7(34)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 473.9449 Tm0 0 0 1 k(Pour permettre lՎmission d?obligations convertibles, les actionnaires de Kudelski SA r?unis en Assembl?e g?n?rale)TjT*[(extraordinaire le 25 janvier 20)-27.7(02 ont d?cid? d?une augmentation du capital-actions conditionnel de kCHF 60)-166.7(0)-27.7(0)-27.7(0)0.1( )]TJT*[(par lՎmission de 6)-166.9(0)-27.7(0)-27.7(0)-166.9(0)-27.7(0)-27.7(0)-0.1( d?actions au porteur d?une valeur nominale de CHF 1)55.6(0, ? lib?rer au fur et ? mesure )]TJT*0.0499 Tc-0.0001 Tw(de l?exercice des droits de conversion li?s ? des obligations d?emprunt de la soci?t? ou de ses filiales. Les conditions)TjT*0.0554 Tc0 Tw[(de l?emprunt convertible ?mis ? fin janvier 20)-27.7(02 par le Groupe Kudelski sont d?taill?es en note \(3.)111.3(1)55.6(0)-0.1(\) des comptes)]TJT*(consolid?s.)Tj0 -2.4706 TD0.0499 Tc-0.0001 Tw(Le solde du capital conditionnel est r?serv? conform?ment aux dispositions statutaires ? l?exercice de droits d?options)Tj0 -1.2353 TD0.0555 Tc(attribu?s aux collaborateurs.)Tj/Cs8 cs 1 scn0 -3.7059 TD0 Tw(Capital-actions autoris? \(selon article 7 des statuts\))Tj7.5 0 0 7.5 1062.9133 347.9449 Tm0.0554 Tc3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ8.5 0 0 8.5 655.0009 326.9449 Tm0 0 0 1 k0 Tw[(3)-166.9(7)27.7(68)-167(1)55.6(64 / 3)-167(8)-0.1(28)-167(632 actions au porteur)94.5(, valeur nominale CHF 1)55.5(0)]TJ7.5 0 0 7.5 1057.2834 326.9449 Tm0.0555 Tc[(37)-166.9(682)-3276.6(3)0.1(8)-166.9(2)0.1(86)]TJ8.5 0 0 8.5 655.0009 316.4449 Tm0.0554 Tc[(3)-166.9(2)0(0)-27.8(0)-166.9(0)-27.7(0)-27.7(0)0( / 3)-167(2)0(0)-27.8(0)-166.9(0)-27.7(0)-27.7(0)0( actions nominatives, valeur nominale CHF 1)]TJ7.5 0 0 7.5 1061.6626 316.4449 Tm0.2223 Tc[(32)166.9(0)139.1(0)-3693.6(32)166.9(0)139.1(0)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 305.9449 Tm/Cs8 cs 1 scn0.0555 Tc-0.0001 Tw[(Capital-actions autoris? au 3)55.6(1)0.1( d?cembre)]TJ7.5 0 0 7.5 1057.2834 305.9449 Tm0 Tw[(40)-166.9(882)-3332.3(4)55.7(1)-166.8(4)0.1(86)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 295.4449 Tm0 0 0 1 k0.0554 Tc(Le mouvement du capital autoris? a ?t? le suivant: )TjET/GS3 gsBT8.5 0 0 8.5 655.0009 284.9449 Tm/Cs8 cs 1 scn0.0555 Tc(Capital-actions autoris? au 1)Tj5.95 0 0 5.95 771.7942 287.7499 Tm0.0551 Tc(er)Tj8.5 0 0 8.5 780.3565 284.9449 Tm0.0554 Tc(janvier)Tj7.5 0 0 7.5 1057.7008 284.9449 Tm-0.0002 Tc[(41)-222.5(4)-55.6(8)-55.7(6)-3388(4)0(1)-222.5(4)-55.6(8)-55.7(6)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 274.4449 Tm0 0 0 1 k0.0555 Tc-0.0001 Tw(Actions remises dans le cadre d?acquisitions)Tj7.5 0 0 7.5 1065.0704 274.4449 Tm0 Tw[(-604)-5445.2(?)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 263.9449 Tm/Cs8 cs 1 scn-0.0001 Tw[(Capital-actions autoris? au 3)55.6(1)0.1( d?cembre)]TJ7.5 0 0 7.5 1057.2834 263.9449 Tm0 Tw[(40)-166.9(882)-3332.3(4)55.7(1)-166.8(4)0.1(86)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 232.4449 Tm0 0 0 1 k0.0554 Tc[(Dans le cadre d?une of)16.7(fre dՎchange, 60)-166.9(468 actions au porteur de Kudelski SA ont ?t? remises aux actionnaires)]TJ0 -1.2353 TD0.0555 Tc-0.0001 Tw(minoritaires de la soci?t? 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Engagements hors bilan)Tj7.5 0 0 7.5 1051.4515 347.9449 Tm/Cs8 cs 1 scn2.1657 Tw[(3)55.6(1)111.3(.)111.3(1)55.6(2.03 3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(en kCHF)TjET/GS3 gsBT8.5 0 0 8.5 655.0009 326.9449 Tm(Engagements de garantie)TjET/GS2 gsBT8.5 0 0 8.5 655.0009 316.4449 Tm0 0 0 1 k(Garanties pour le remboursement du capital et des int?r?ts )Tj7.5 0 0 7.5 1053.9496 316.4449 Tm0.0555 Tc[(2)55.7(1)55.7(4)-166.8(43)55.6(1)-2665.1(3)0.1(23)-166.9(388)]TJ8.5 0 0 8.5 655.0009 305.9449 Tm0.0554 Tc(de l?emprunt obligataire convertible)Tj0 -1.2353 TD(Cautions et garanties remises en faveur de tiers)Tj7.5 0 0 7.5 1062.7045 295.4449 Tm0.2223 Tc[(35)222.4(1)222.5(7)-3721.2(43)166.9(8)166.8(8)]TJET/GS3 gsBT7.5 0 0 7.5 1053.5321 284.9449 Tm/Cs8 cs 1 scn-0.0002 Tc[(217)-222.5(9)-55.6(4)-55.7(8)-2776.5(3)-55.6(2)-55.7(7)-222.6(7)-27.9(7)-27.8(6)]TJ8.5 0 0 8.5 655.0009 263.9449 Tm0.0554 Tc(Engagements divers)TjET/GS2 gsBT8.5 0 0 8.5 655.0009 253.4449 Tm0 0 0 1 k[(Risque de p?nalit?s pour non-accomplissement de contrats)-19769.2(p.m.)-3624.4(p.m.)]TJT*[(Pr?ts postpos?s en faveur de soci?t?s du Groupe)-24254.5(p.m.)-3624.4(p.m.)]TJT*[(Lettres de soutien sign?es en faveur de soci?t?s du Groupe)-19380.2(p.m.)-3624.4(p.m.)]TJET0 0 0 0 k/GS3 gs340.354 531.695 48.662 28.875 ref/GS2 gsBT8.5 0 0 8.5 59.7254 589.4449 Tm/Cs8 cs 1 scn(Actionnaires importants)Tj7.5 0 0 7.5 391.057 578.9449 Tm(Droit de )Tj4.1847 0 TD0.0517 Tc-0.0007 Tw[(vote)-2320(Capital-actions d?tenu)]TJ-8.466 -1.4 TD0.0554 Tc2.1279 Tw[(3)55.6(1)111.2(.)111.3(1)55.6(2.03 3)55.6(1)111.2(.)111.3(1)55.6(2.02)-2499.1(3)55.6(1)111.2(.)111.3(1)55.6(2.03 )-37.8(3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ8.5 0 0 8.5 59.7254 547.4449 Tm0 0 0 1 k0 Tw(Famille Kudelski)TjET/GS3 gsBT7.5 0 0 7.5 371.8719 547.4449 Tm/Cs8 cs 1 scn0.0555 Tc(64%)TjET/GS2 gsBT7.5 0 0 7.5 420.3443 547.4449 Tm0 0 0 1 k(64%)TjET/GS3 gsBT7.5 0 0 7.5 469.1002 547.4449 Tm/Cs8 cs 1 scn(34%)TjET/GS2 gsBT7.5 0 0 7.5 517.8561 547.4449 Tm0 0 0 1 k(34%)Tj8.5 0 0 8.5 59.7254 515.9449 Tm/Cs8 cs 1 scn-0.0001 Tw(3.7 Provisions)Tj0 0 0 1 k0 -2.4706 TD0.0554 Tc0 Tw(La provision sur la vente d?une participation consiste en une r?serve non impos?e fiscalement li?e au gain r?alis? )Tj0 -1.2353 TD0.0555 Tc-0.0001 Tw(sur la cession de la participation dans NagraStar LLC ? 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Ces normes requi?rent de planifier)TjT*(et de r?aliser la v?rification de mani?re telle que des)TjT*0.0555 Tc-0.0001 Tw(anomalies significatives dans les comptes annuels puis-)TjT*0.0554 Tc0 Tw(sent ?tre constat?es avec une assurance raisonnable.)TjT*(Nous avons r?vis? les postes des comptes annuels et les)TjT*(indications fournies dans ceux-ci en proc?dant ? des)TjT*0.0555 Tc-0.0001 Tw(analyses et ? des examens par sondages. 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