$%$775( 81 $5%5(
)5
23
24
25
24
5HFRPPDQGDWLRQ XQ XWLOLVDWHXU GpEXWDQW GRLW j WRXW OH
PRLQV FRXSHU GHV EFKHV VXU XQ FKHYDOHW GH VFLDJH RX XQ
DSSXL
$YDQW GH FRPPHQFHU j FRXSHU XQ DUEUH DVVXUH]YRXV GH FH
TXL VXLW
/D GLVWDQFH PLQLPDOH HQWUH OHV ]RQHV GH FRXSH HW
G¶DEDWWDJH R VRQW SUpVHQWHV GHX[ RX SOXVLHXUV SHUVRQQHV
HQ PrPH WHPSV HVW GH GHX[ IRLV OD KDXWHXU GH O¶DUEUH
DEDWWX
/¶RSpUDWLRQ QH GRLW SDV
&DXVHU GHV EOHVVXUHV FRUSRUHOOHV
)UDSSHU OHV OLJQHV GHV VHUYLFHV SXEOLFV 6L O
DUEUH
WRXFKH OHV OLJQHV GHV VHUYLFHV SXEOLFV DYHUWLVVH]
LPPpGLDWHPHQW OD FRPSDJQLH GH VHUYLFHV SXEOLFV
&DXVHU GHV SHUWHV PDWpULHOOHV
/
XWLOLVDWHXU QH VH WURXYH SDV GDQV OD ]RQH GDQJHUHXVH
SDU H[HPSOH GX F{Wp GHVFHQGDQW GH OD ]RQH
/HV FKHPLQV GH UHWUDLWH TXL V
pWHQGHQW HQ DUULqUH HW HQ
GLDJRQDOH GHUULqUH OD GLUHFWLRQ G
DEDWWDJH VRQW
GpJDJpHV /D GLUHFWLRQ GH O¶DEDWWDJH HVW FRQWU{OpH SDU
/
LQFOLQDLVRQ QDWXUHOOH GH O
DUEUH
/
HPSODFHPHQW GHV SOXV JUDQGHV EUDQFKHV
/D GLUHFWLRQ GX YHQW
$VVXUH]YRXV TX¶LO Q
\ D SDV GH VDOHWp GH SLHUUHV G
pFRUFH
GpWDFKpH GH FORXV HW G
DJUDIHV VXU O
DUEUH
26
2''(50mm)
29
27
(IIHFWXH] XQH FRXSH G
HQWDLOOH j XQ QLYHDX LQIpULHXU
9HLOOH] j FH TXH FHWWH FRXSH FRXYUH
D GX GLDPqWUH GH O
DUEUH
E 3HUSHQGLFXODLUH j OD GLUHFWLRQ GH OD FKXWH
)UDQoDLV
25
28
2''(50mm)
/H QLYHDX GH OD FRXSH G
HQWDLOOH SHUPHW G
pYLWHU OH
SLQFHPHQW GH OD FKDvQH RX GX JXLGHFKDvQH ORUVTXH YRXV
IDLWHV OD GHX[LqPH HQWDLOOH
(IIHFWXH] OD FRXSH G¶DEDWWDJH j DX PRLQV SR
PP RX j XQ QLYHDX VXSpULHXU j OD FRXSH
G
HQWDLOOH $VVXUH]YRXV TXH FHWWH FRXSH
D (VW SDUDOOqOH DX QLYHDX GH OD FRXSH G¶HQWDLOOH
E &RQVHUYH VXIILVDPPHQW GH ERLV SR PP RX
GX GLDPqWUH GH O¶DUEUH SRXU GHYHQLU XQH FKDUQLqUH
TXL HPSrFKH O¶DUEUH GH JDXFKLU HW GH V¶DEDWWUH
GDQV OD PDXYDLVH GLUHFWLRQ
/RUVTXH OD FRXSH G
DEDWWDJH V
DSSURFKH GH OD
FKDUQLqUH O
DUEUH WRPEH $UUrWH] O¶DEDWWDJH VL
O¶DUEUH
1H WRPEH SDV GDQV OD ERQQH GLUHFWLRQ RX
6H GpSODFH YHUV O
DUULqUH FH TXL IDLW TXH OD EDUUH GH
FRXSH HW OD FKDvQH UHVWHQW FRLQFpV GDQV OD FRXSH
2XYUH] OD FRXSH j O
DLGH G
XQH FDOH G
DEDWWDJH HW
ODLVVH] O
DUEUH WRPEHU GDQV OD ERQQH GLUHFWLRQ
/RUVTXH O¶DUEUH FRPPHQFH j WRPEHU
D 5HWLUH] OD VFLH j FKDvQH GH OD FRXSH
E $UUrWH] OD PDFKLQH
F 'pSRVH] OD PDFKLQH
G eORLJQH]YRXV GH O
DUEUH SDU OD YRLH GH UHWUDLWH
6XUYHLOOH] WRXMRXUV O¶DUEUH SRXU YRLU GDQV TXHOOH
GLUHFWLRQ LO WRPEH )DLWHV DWWHQWLRQ DX[ EUDQFKHV
DpULHQQHV HW j YRV SLHGV
e%5$1&+(5 81 $5%5(
30
31
/
pEUDQFKDJH FRQVLVWH j HQOHYHU OHV EUDQFKHV G
XQ DUEUH
WRPEp
/DLVVH] OHV JURVVHV EUDQFKHV LQIpULHXUHV TXL VRXWLHQQHQW
O¶DUEUH DILQ TXH FH GHUQLHU QH VRLW SDV GLUHFWHPHQW DX VRO
SHQGDQW OD FRXSH
&RXSH] OHV SHWLWHV EUDQFKHV HQ XQH VHXOH FRXSH
&RXSH] OHV EUDQFKHV VRXV WHQVLRQ j SDUWLU GX EDV
*DUGH] OHV JURVVHV EUDQFKHV LQIpULHXUHV FRPPH VXSSRUW
MXVTX
j FH TXH OD EFKH VRLW pEUDQFKpH
&283(5 81( %Ó&+(
/D FRXSH FRQVLVWH j FRXSHU XQH EFKH HQ ORQJXHXUV
$77(17,21