6&,$*( (1 75$9(56 6$16 6833257
(IIHFWXHU OD VXUFRXSH GDQV OH WLHUV GX GLDPqWUH
GH O
DUEUH
)DLUH URXOHU OD ELOOH HW WHUPLQHU XQH GHX[LqPH
VXUFRXSH
5(0$548( )DLUH DWWHQWLRQ DX[ ELOOHV TXL
SUpVHQWHQW XQ F{Wp GH FRPSUHVVLRQ DILQ
G
pYLWHU TXH OD VFLH VH FRLQFH
6&,$*( (1 75$9(56 ¬ /
$,'( '
81(
%,//( 28 '
81 6833257
(IIHFWXHU OD SUHPLqUH FRXSH GX F{Wp GH
FRPSUHVVLRQ GH OD ELOOH /D SUHPLqUH FRXSH GRLW
VH IDLUH VXU XQ WLHUV GX GLDPqWUH GH OD ELOOH
7HUPLQHU OD GHX[LqPH FRXSH
e%5$1&+$*( (7 e/$*$*(
$9(57,66(0(17 /
RSpUDWHXU GRLW YHLOOHU j
pYLWHU HW j VH SURWpJHU FRQWUH OHV HIIHWV GH
UHERQG 1H SDV ODLVVHU OD FKDvQH HQ
PRXYHPHQW HQWUHU HQ FRQWDFW DYHF G
DXWUHV
EUDQFKHV RX REMHWV j O
H[WUpPLWp GX JXLGH
FKDvQH ORUV GH O
pEUDQFKDJH RX O
pODJDJH 'H
WHOV FRQWDFWV SHXYHQW FDXVHU GHV EOHVVXUHV
JUDYHV
$9(57,66(0(17 1H MDPDLV PRQWHU GDQV XQ
DUEUH SRXU pEUDQFKHU RX pODJXHU 1H SDV VH
WHQLU VXU GHV pFKHOOHV GHV SODWHVIRUPHV XQH
ELOOH RX GDQV Q
LPSRUWH TXHOOH SRVLWLRQ TXL
SHXW IDLUH SHUGUH O
pTXLOLEUH RX OH FRQWU{OH GH
OD VFLH j O
RSpUDWHXU
32,176 ,03257$176
x 7UDYDLOOHU OHQWHPHQW HQ WHQDQW IHUPHPHQW OD VFLH
DYHF OHV GHX[ PDLQV *DUGHU XQ DSSXL HW XQ
pTXLOLEUH DGpTXDWV
x )DLUH DWWHQWLRQ DX[ EUDQFKHV UHFRXUEpHV VRXV
SUHVVLRQ /HV EUDQFKHV UHFRXUEpHV VRXV
SUHVVLRQ VRQW JpQpUDOHPHQW GH SHWLWHV EUDQFKHV
TXL SHXYHQW DWWUDSHU OD VFLH HW IRXHWWHU RX IDLUH
SHUGUH O
pTXLOLEUH j O
RSpUDWHXU )DLUH SUHXYH
G
XQH H[WUrPH SUXGHQFH ORUVTX
RQ FRXSH GH
SHWLWHV EUDQFKHV RX GH PLQFHV REMHWV
x ÇWUH DWWHQWLI DX ULVTXH G
HIIHW GH UHERQG 6H
PpILHU GHV EUDQFKHV WRUGXHV RX VRXV SUHVVLRQ
eYLWHU G
rWUH KHXUWp SDU XQH EUDQFKH RX OD VFLH
ORUVTX
XQH EUDQFKH j ILEUH OLJQHXVH OLEqUH GH OD
WHQVLRQ
x *DUGHU OD ]RQH GH WUDYDLO GpJDJpH 'pEDUUDVVHU
IUpTXHPPHQW OHV EUDQFKHV GX FKHPLQ SRXU
pYLWHU GH WUpEXFKHU
e%5$1&+$*(
7RXMRXUV pEUDQFKHU XQ DUEUH DSUqV O
DYRLU FRXSp
6HXOHPHQW DORUV O
RSpUDWHXU SHXW pEUDQFKHU
FRUUHFWHPHQW HW HQ WRXWH VpFXULWp
/DLVVHU OHV JURVVHV EUDQFKHV VRXV O
DUEUH DEDWWX
SRXU OH VRXWHQLU DX IXU HW j PHVXUH TXH O
RSpUDWHXU
WUDYDLOOH
&RPPHQFHU j OD EDVH GH O
DUEUH DEDWWX HW WUDYDLOOHU
YHUV OH KDXW SRXU FRXSHU OHV EUDQFKHV 5HWLUHU OHV
SHWLWHV EUDQFKHV DX PR\HQ G
XQH FRXSH
*DUGHU O
DUEUH HQWUH O
RSpUDWHXU HW OD FKDvQH
&RXSHU GX F{Wp GH O
DUEUH HQ IDFH GH OD EUDQFKH
TXH YRXV rWHV HQ WUDLQ GH FRXSHU
(QOHYHU OHV JURVVHV EUDQFKHV TXL VRXWLHQQHQW
O
DUEUH DEDWWX j O
DLGH GHV WHFKQLTXHV GH GpFRXSH
GpFULWHV GDQV OD VHFWLRQ 6&,$*( (1 75$9(56
6$16 6833257
7RXMRXUV XWLOLVHU XQH VXUFRXSH SRXU FRXSHU OHV
SHWLWHV EUDQFKHV HW OHV EUDQFKHV VXVSHQGXHV 8QH
VRXVFRXSH SHXW IDLUH WRPEHU GHV EUDQFKHV TXL
YRQW HQVXLWH FRLQFHU OD VFLH
e/$*$*(
$9(57,66(0(17 /LPLWHU O
pODJDJH DX[
EUDQFKHV j OD KDXWHXU GHV pSDXOHV RX HQ
GHVVRXV 1H SDV FRXSHU VL OHV EUDQFKHV
VRQW SOXV KDXWHV TXH OHV pSDXOHV &RQILHU
FHWWH WkFKH j XQ SURIHVVLRQQHO
50