&DOLEUDJH
$9(57,66(0(17 728-2856 )$,5( /(
&$/,%5$*( '( 9275( 38/9e5,6$7(85
$9(& '( /
($8 35235( 6(8/(0(17
3/86 3257(= '(6 9Ç7(0(176 '( 352
7(&7,21 3285 &$/,%5(5 9275(
38/9e5,6$7(85
3RXUTXRL IDLUH OH FDOLEUDJH G
XQ SXOYpULVDWHXU "
8Q WDEOHDX GH VpOHFWLRQ GH EXVHV YRXV LQGLTXHUD OH
WDX[ G
DSSOLFDWLRQ TXH YRXV GHYULH] DQWLFLSHU /HV
YDULDWLRQV DWWULEXpHV j O
XVXUH GHV EXVHV DX[ HUUHXUV
GH UpJODJH GH OD SUHVVLRQ HW j O
LQGLFDWHXU GH YLWHVVH
GX WUDFWHXU SHXYHQW FDXVHU XQH HUUHXU SRVVLEOH GX WDX[
G
DSSOLFDWLRQ
&RPPHQW FDOLEUHU XQ SXOYpULVDWHXU "
/HV NLWV GH FDOLEUDJH VRQW GLVSRQLEOHV FKH] +$5',
1R SRXU OHV JDOORQV DPpULFDLQV HW 1R
SRXU OH FDOLEUDJH PpWULTXH
9RLFL GHV VXJJHVWLRQV GRQW YRXV GHYH] YRXV VRXYHQLU
SRXU OD PpWKRGH GH FDOLEUDJH HQ XWLOLVDQW OH NLW
3RXU OD GpWHUPLQDWLRQ GX WHPSV UHTXLV SRXU FRQGXLUH
VXU OD GLVWDQFH UHFRPPDQGpH FRQGXLVH] HQ FRQGL
WLRQV UpHOOHV VXU OH FKDPS DYHF OH UpVHUYRLU j GHPL
UHPSOL
5pSpWH] FHW HVVDL j SOXVLHXUV UHSULVHV HQ pYLWDQW OHV
WUDFHV GH O
HVVDL SUpFpGHQW j FKDTXH IRLV )DLWHV OD
PR\HQQH GHV WHPSV HQUHJLVWUpV
/H FDOLEUDJH GX SXOYpULVDWHXU GHYUDLW rWUH FRPSOpWp
DX GpEXW GH OD VDLVRQ UpSpWp DSUqV RX MRXUQpHV
FRPSOqWHV GH SXOYpULVDWLRQ HW j FKDTXH IRLV TXH
YRXV PRGL¿ H] OH WDX[ GH YROXPH RX XWLOLVH] GH
QRXYHOOHV EXVHV
$YDQW GH IDLUH OH FDOLEUDJH YpUL¿ H] OH GpELW GH
FKDTXH EXVH 6L XQH EXVH pMHFWH SOXV GH
VRQ YROXPH RULJLQDO UHPSODFH]OD
&KRLVLVVH] YRWUH PpWKRGH GH FDOLEUDJH VRLW OD PpWKRGH
© 2QFH ª VRLW OD PpWKRGH © )RUPXOH ª 2EVHUYH] DORUV
OHV pWDSHV GpFULWHV FLGHVVRXV
0pWKRGH © 2QFH ª
'pWHUPLQH] FRPELHQ GH WHPSV LO YRXV IDXW SRXU
FRXYULU OD GLVWDQFH GH O
HVVDL 8WLOLVH] OH WDEOHDX
VXLYDQW SRXU GpWHUPLQHU OD ORQJXHXU GH YRWUH SLVWH
G
HVVDL /D ODUJHXU GH UDQJ SRXU O
DSSOLFDWLRQ j OD
YROpH HVW pJDOH j O
HVSDFHPHQW GH YRV EXVHV 3RXU
OD EXVH j JRXWWHV RX SRXU O
DSSOLFDWLRQ HQ EDQGH
XWLOLVH] O
HVSDFHPHQW GHV UDQJV
/DUJHXU GH UDQJ RX HVSDFHPHQW GHV EXVHV SR 'LVWDQFH SL
&DOLEUDJH
'(
0'
GH
0$18(/ '( /¶87,/,6$7(85 +$5',
/DUJHXU GH UDQJ RX HVSDFHPHQW GHV EXVHV SR 'LVWDQFH SL
0HVXUH] OD SpULRGH GH WHPSV UHTXLV SRXU YRXV
GpSODFHU VXU OD ORQJXHXU GH OD SLVWH G
HVVDL TXDQG
O
DFFpOpUDWHXU HVW UpJOp j OD YLWHVVH GH SXOYpULVDWLRQ
'DQV XQ FRQWHQDQW DYHF PHVXUHV HQ RQFHV
UpFXSpUH] OH OLTXLGH GH SXOYpULVDWLRQ j SDUWLU G
XQH
EXVH SRXU FHWWH SpULRGH GH WHPSV 3RXU OHV EXVHV
j JRXWWHV RX G
DSSOLFDWLRQ HQ EDQGH UpFXSpUH] OH
OLTXLGH GH SXOYpULVDWLRQ j SDUWLU GH WRXWHV OHV EXVHV
SRXU OD UDQJpH
/LVH] OH QRPEUH G
RQFHV VXU OH FRQWHQDQW &HFL
UHSUpVHQWH OH QRPEUH GH JDOORQV DPpULFDLQV G
DSSOL
FDWLRQ UpHOOH RQFHV *3+
0pWKRGH © )RUPXOH ª
9pUL¿ H] YRWUH YLWHVVH GH SXOYpULVDWLRQ 0HVXUH] XQH
SLVWH G
HVVDL G
DX PRLQV SLHGV O
LGpDO HVW GH
SLHGV &RQGXLVH] VXU OD GLVWDQFH j OD YLWHVVH TXH
YRXV GpVLUH] XWLOLVHU SRXU OD SXOYpULVDWLRQ HW HQUHJLV
WUH] OD SpULRGH GH WHPSV UHTXLVH SRXU YRXV GpSODFHU
VXU OD GLVWDQFH WRWDOH /LVH] OH WDEOHDX RX XWLOLVH]
OD IRUPXOH SRXU GpWHUPLQHU YRWUH YLWHVVH SUpFLVH GH
GpSODFHPHQW
7HPSV GH GpSODFHPHQW HQ VHFRQGHV
9LWHVVH HQ 03+
SLHGV
)RUPXOH
GLVWDQFH SL [
03+
VHFRQGHV
&DOFXOH] OH GpELW GH EXVH UHTXLV 8WLOLVH] VRLW OD URXH
GH OD EXVH VL O
HVSDFHPHQW HVW GH SRXFHV RX
FHWWH IRUPXOH
)RUPXOH
*3$ [ 03+ [ / SR
*30
1RWH /
(VSDFHPHQW GHV EXVHV HQ SRXFHV SRXU DSSOLFDWLRQ
j OD YROpH
(VSDFHPHQW GH UDQJV HQ SRXFHV GLYLVp SDU OH
QRPEUH GH EXVHV SDU UDQJ SRXU O
DSSOLFDWLRQ GH
EXVHV j JRXWWHV
/DUJHXU GH EDQGH SXOYpULVpH RX ODUJHXU
G
DQGDLQ HQ SRXFHV SRXU O
DSSOLFDWLRQ HQ EDQGH
GLYLVpH SDU OH QRPEUH GH EXVHV SDU EDQGH
1RWH] TXH VXU OD URXH GH OD EXVH /
&200$1'(5
0'
SLHGV
)RUPXOH
[ [
*30
*30
SRXFHV