5qJOHV GH VpFXULWp
/D VpFXULWp GH FHW DSSDUHLO HVW FRQIRUPH j OD UpJOHPHQWDWLRQ UHFRQQXH HQ PDWLqUH GH WHFKQLTXH DLQVL TX·DX[ SUH
VFULSWLRQV GH VpFXULWp DSSOLFDEOHV 1pDQPRLQV QRXV HVWLPRQV GHYRLU YRXV IDPLOLDULVHU DYHF OHV FRQVLJQHV GH VpFX
ULWp VXLYDQWHV
/·REVHUYDWLRQ GH FH PRGH G·HPSORL DLQVL TXH GHV LQVWUXFWLRQV G·LQVWDOODWLRQ HVW OD FRQGLWLRQ SUpDODEOH j QRWUH HQJD
JHPHQW GH JDUDQWLH
/·DSSDUHLO SHXW XQLTXHPHQW rWUH XWLOLVp SRXU XQ XVDJH GRPHVWLTXH QRUPDO
6pFXULWp pOHFWULTXH
/·DSSDUHLO GRLW rWUH UDFFRUGp SDU XQ LQVWDOODWHXU
pOHFWULFLHQ TXDOLILp 3RXU DVVXUHU OD VpFXULWp DX QL
YHDX pOHFWULTXH OHV DSSDUHLOV j HQFDVWUHU GRLYHQW
rWUH PRQWpV GDQV GHV DUPRLUHV SRXU pOpPHQWV j
HQFDVWUHUSODQV GH WUDYDLO DSSURSULpV HW FRQIRU
PHV DX[ QRUPHV
1·XWLOLVH] OD WDEOH GH FXLVVRQ TXH VHXOHPHQW ORUVTXH
FHOOHFL DXUD pWp LQVWDOOpH 9RXV VHUH] DLQVL DVVXUp GH
QH SDV WRXFKHU DFFLGHQWHOOHPHQW GHV FRPSRVDQWV
pOHFWULTXHV
,O Q·HVW SDV SHUPLV GH UDFFRUGHU GHV WDEOHV GH FXLVVRQ
HQGRPPDJpHV TXL SUpVHQWHQW GHV ILVVXUHV RX GHV
FDVVXUHV VXU OD VXUIDFH YLWURFpUDPLTXH
3RXU GHV UDLVRQV GH VpFXULWp OHV UpSDUDWLRQV VXU O·DS
SDUHLO HQ SDUWLFXOLHU VXU OHV pOpPHQWV FRQGXFWHXUV GH
FRXUDQW QH SHXYHQW rWUH HIIHFWXpHV TXH SDU GHV VSp
FLDOLVWHV pOHFWULFLHQV RX GHV WHFKQLFLHQV IRUPpV GX VHU
YLFH DSUqVYHQWH VLQRQ LO SRXUUDLW HQ UpVXOWHU GHV ULV
TXHV LPSRUWDQWV SRXU O·XWLOLVDWHXU (Q FDV GH
GpUDQJHPHQW DGUHVVH]YRXV GLUHFWHPHQW j QRWUH
VHUYLFH DSUqVYHQWH
6L XQH WDEOH YLWURFpUDPLTXH GRLW rWUH XWLOLVpH j SUR[L
PLWp LPPpGLDWH G·XQ pPHWWHXU GH UDGLR GH 79 RX G·XQH
DXWUH VWDWLRQ pPHWWULFH LO IDXW G·DERUG FRQWU{OHU VL OH
IRQFWLRQQHPHQW HVW DVVXUp
/·DSSDUHLO HVW VHXOHPHQW LVROp GX UpVHDX pOHFWULTXH
ORUVTXH OHV IXVLEOHV VRQW HQOHYpV RX TXH OD ILFKH HVW WL
UpH GH OD SULVH GH FRXUDQW
8WLOLVDWLRQ HW PDQLSXOD
WLRQ
(PSrFKH] TXH OHV SHWLWV HQIDQWV SXLVVHQW WRXFKHU OHV
]RQHV GH FXLVVRQ YLWURFpUDPLTXHV ORUVTXH FHOOHVFL
IRQFWLRQQHQW '·XQH PDQLqUH JpQpUDOH LOV GHYUDLHQW
rWUH WHQXV j O·pFDUW GHV IR\HUV DLQVL TXH GHV FDVVHUROHV
HW GHV SRrOHV /HV HQIDQWV SHXYHQW pJDOHPHQW VH
EUOHU HQ IDLVDQW WRPEHU XQH FDVVHUROH RX XQH SRrOH
/HV FKDPSV GH FXLVVRQ GHYLHQQHQW UDSLGHPHQW
FKDXGV GqV TX·LOV VRQW DOOXPpV &·HVW SRXUTXRL YRXV QH
GHYH] OHV HQFOHQFKHU TX·DSUqV DYRLU PLV GHVVXV XQ
UpFLSLHQW GH FXLVVRQ $LQVL YRXV pYLWH] pJDOHPHQW GH
JDVSLOOHU GH O·pQHUJLH
(Q FDV GH PDQRHXYUHV LQDWWHQWLYHV LO \ D ULVTXH GH
EUOXUH VXU OHV ]RQHV GH FXLVVRQ
/·LQGLFDWHXU GH FKDOHXU UpVLGXHOOH LQWpJUp GDQV O·pOHF
WURQLTXH YRXV LQGLTXH VL XQ IR\HU HVW HQFOHQFKp RX HQ
FRUH FKDXG
6L YRXV DYH] HQFRUH GHV DOLPHQWV VXU XQH ]RQH GH
FXLVVRQ PLVH KRUV VHUYLFH LO VH SHXW TXH OD ]RQH GH
FXLVVRQ VRLW HQFRUH FKDXGH DSUqV O·H[WLQFWLRQ GH O·LQGL
FDWHXU GH FKDOHXU UpVLGXHOOH GX IDLW GH OD FKDOHXU
UD\RQQpH SDU OH UpFLSLHQW GH FXLVVRQ
(Q FDV GH FRXSXUH GH FRXUDQW WRXV OHV UpJODJHV HW DIIL
FKHXUV VRQW HIIDFpV 'qV TXH OH FRXUDQW HVW UHYHQX OD
SUXGHQFH V·LPSRVH FDU OHV SODTXHV FKDXIIpHV DYDQW OD
SDQQH GH FRXUDQW QH VRQW SOXV VDLVLHV SDU O·DIILFKHXU
6L YRXV XWLOLVH] XQH SULVH GH FRXUDQW j SUR[LPLWp GX
FKDPS GH FXLVVRQ YHLOOH] j FH TXH OH FkEOH GH O·DSSD
UHLO pOHFWULTXH QH YLHQQH SDV WRXFKHU OH IR\HU
1·HQFOHQFKH] OHV ]RQHV GH FXLVVRQ TXH ORUVTX·XQH
FDVVHUROH RX XQH SRrOH VH WURXYH GHVVXV /HV UpFL
SLHQWV GH FXLVVRQ HW OHV IRQGV GH UpFLSLHQW GH FXLVVRQ
GRLYHQW rWUH VHFV HW SURSUHV
/HV ]RQHV GH FXLVVRQ VH GpWpULRUHQW VL HOOHV VRQW XWL
OLVpHV VDQV UpFLSLHQW GH FXLVVRQ RX DYHF UpFLSLHQW YLGH
RX VL RQ XWLOLVH GHV UpFLSLHQWV LQDSSURSULpV SDU H[
DYHF XQ IRQG GpIRUPp RX D\DQW XQ WURS SHWLW GLDPqWUH
1H SDV FRQVHUYHU GH SURGXLWV VHQVLEOHV j OD WHPSpUD
WXUH RX LQIODPPDEOHV SDU H[ SURGXLWV GH QHWWR\DJH
ERPEHV GH VSUD\ GDQV OH WLURLU RX OHV FDVLHUV VLWXpV
VRXV O·DSSDUHLO j HQFDVWUHU
/H SODQ GH FXLVVRQ QH GRLW SDV rWUH XWLOLVp FRPPH VXU
IDFH GH GpS{W RX GH WUDYDLO
/RUVTXH YRXV WUDYDLOOH] DYHF GHV KXLOHV RX GHV JUDLV
VHV LO QH IDXGUDLW SDV ODLVVHU OH FKDPS GH FXLVVRQ VDQV
VXUYHLOODQFH HQ UDLVRQ GX ULVTXH G·LQFHQGLH
1·XWLOLVH] SDV GH UpFLSLHQWV HQ PDWLqUH V\QWKpWLTXH RX
HQ IHXLOOH G·DOXPLQLXP &HX[FL IRQGHUDLHQW DX[
WHPSpUDWXUHV pOHYpHV HW SRXUUDLHQW HQGRPPDJHU OD
SODTXH YLWURFpUDPLTXH